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Zambeef - 2009 abridged financial results
 

Zambeef - 2009 abridged financial results

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Turnover was ZK697 billion

Turnover was ZK697 billion
Gross profit was ZK219 billion
Net profit after tax was ZK16 billio

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Zambeef - 2009 abridged financial results Zambeef - 2009 abridged financial results Document Transcript

  • Zambeef Products PLC Final Results for the year ended 30th September 2009 The Directors of Zambeef Products PLC take pleasure in announcing the audited consolidated results of the group for the year ended 30th September 2009. K' million K' million Turnover 697,317 492,697 Gross Profit 219,176 190,880 Non operating Income 1,742 736 Profit on the sale of Nanga Farms PLC 65,789 Administrative expenses (202,740) (142,937) Forex (loss)/Gain (66,519) 3,533 Finance cost (13,595) (8,018) Net profit before taxation 3,853 44,194 Taxation 12,164 (5,918) Net profit after taxation 16,017 38,276 Profit attributable to minority interest (347) (908) Profit attributable to shareholders of Zambeef Products PLC 15,670 37,368 Dividend paid/(proposed) - (13,600) Transfer from revaluation reserve (3,510) 2,538 Retained profit for the period 12,160 26,306 Retained profit at October 1, 2008 102,951 76,645 Retained profit at September 30, 2009 115,111 102,951 Number of shares in issue at period end 158,706,045 158,706,045 Weighted Earnings per share (Kwacha) 98.74 270.92 Final Dividend per share (Kwacha) - 85.69 Notes Turnover 800 697 1. Results Billions This has been a challenging year for the Zambeef Products PLC Group of 600 493 Companies (“Zambeef”) with profit after tax decreasing from K37.5bn in 2008 to 400 224 292 197 K16.0bn in 2009 and the EBITDA decreasing from K65.0bn to K22.4bn. Despite 200 this decrease in profits, Zambeef remains cash generating having generated - K15.7bn from operating activities for the year. 2005 2006 2007 2008 2009 The key reasons for the decrease in margins were: (1) Substantial depreciation of the Zambian Kwacha, resulting in an exchange loss of K67bn for the year, Gross Profit 250 219 most of which is unrealized. (2) Crops planted at a time of high input costs but 191 Billions grain prices crashed subsequently. (3) Significant losses on forward crude oil 200 128 150 100 and soya contracts entered into a time of high commodity prices which 86 08 08 subsequently collapsed. (4) Lifting of the ban on the movement of cattle out of 100 08 50 Southern Province resulted in the market being flooded with traditional cattle - and beef prices reducing significantly. 2005 2006 2007 2008 2009 Against the background of a global recession, financial crisis and unexpected Profit after Taxation trading conditions, Zambeef can be satisfied with its performance. Trading conditions and margins are normalizing and the Zambian Kwacha has 50 38 Billions appreciated, reversing some of the unrealized exchange losses. 40 30 20 24 17 16 s The Board of Directors do not propose the payment of a dividend. It is expected 20 that Zambeef’s normal dividend policy will be resumed next year following the 10 return to normal trading conditions. 0 2005 2006 2007 2008 2009 Zambeef’s future outlook is positive. Over the next year, Zambeef will be: (1) Expanding its Nigeria operations (abattoir, processing plant and retail outlets). EBITDA (2) Commissioning of the new modern state of the art stock feed plant. (3) 80 65 Billions Expansion of the piggery. (4) Expansion and upgrading of the retail outlets. 60 43 40 29 32 By order of the Board 22 20 Danny Museteka - 2005 2006 2007 2008 2009