TIDMZAM

RNS Number : 6363I

Zambeef Products PLC

05 December 2022

Zambeef Products plc

("Zambeef", the "Company" or the "Group")

Full-year results for the year ended 30 September 2022

Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, today announces its audited results for the year ended 30 September 2022.

Financial Highlights

 
 Figures in 000's                 2022          2021         %       2022        2021        % 
                                   ZMW           ZMW                  USD         USD 
                              ------------  ------------          ----------  ---------- 
 Revenue                        5,394,761     4,974,351     8%      314,014     235,528     33% 
 Cost of sales                 (3,761,575)   (3,503,635)    7%     (218,951)   (165,891)    32% 
 Gross profit                   1,633,186     1,470,716     11%     95,063      69,637      37% 
 Administrative expenses       (1,234,271)   (1,154,163)    7%     (71,843)    (54,648)     31% 
 Distribution Expenses          (65,596)      (66,848)      -2%     (3,818)     (3,165)     21% 
 Impairment of goodwill         (141,786)         -        100%     (8,253)        -       100% 
 Net impairment losses 
  on financial assets           (17,869)       (3,306)     441%     (1,040)      (156)     564% 
 Operating profit                173,664       246,399     -30%     10,108      11,667     -34% 
 Share of loss equity 
  accounted investment           (3,503)       (3,358)      4%       (204)       (160)      28% 
 Net finance costs              (114,997)     (71,019)      62%     (6,694)     (3,363)     99% 
 Profit before taxation          55,164        172,022     -68%      3,210       8,145     -61% 
 Taxation charge                (63,283)      (31,953)      98%     (3,684)     (1,513)    143% 
 Group income for 
  the year from continuing 
  operations                     (8,119)       140,069     -106%     (474)       6,481     -107% 
 Profit/(Loss) from 
  discontinued operations*       39,697        28,754       38%      2,311       1,364      70% 
 Group income for 
  the year                       31,578        168,823     -81%      1,837       7,994     -77% 
 
 Normalised EBITDA**             514,791       456,619      13%     29,965      21,620      39% 
 Gross Profit Margin             30.27%        29.57%               30.27%      29.57% 
 EBITDA Margin                    9.54%         9.18%                9.54%       9.18% 
 Debt/Equity (Gearing)           20.18%        19.39%               20.18%      19.39% 
 Debt-To-EBITDA                    1.45         1.56        -7%       1.57        1.97     -20% 
----------------------------  ------------  ------------  ------  ----------  ----------  ------ 
 
 

*Profit from discontinued operations relate to profits from the Chiawa farm assets that are currently held for held forsale

** Normalised EBITDA is defined as Earnings before interest, tax, depreciation, amortisation, fair value adjustments, loss from equity accounted investments, loss on disposal and net unrealised foreign exchange losses.

PERFORMANCE OVERVIEW

The financial year ended 30 September 2022 saw macroeconomic fundamentals stabilise. The exchange rate remained largely stable and the inflation rate steadily reduced. However, constrained consumer spending negatively impacted volume growth in our Retail and Cold Chain Food Products, particularly in the first half of the financial year. In addition, the period saw the outbreaks of animal diseases such as contagious bovine pleuropneumonia(CBPP) and african swine fever(ASF), which respectively impacted our beef and pork divisions.

Despite these headwinds, performance in Cropping, Milling, and Stockfeed enabled the Group to achieve normalised EBITDA** in line with market expectations. This was mainly due to high grain prices, market share gains, and cost containment. The Group's performance demonstrates its ability to remain resilient in the evolving market and illustrates the strengths of its vertically integrated business model which is key to creating sustainable long-term shareholder value.

Despite the myriad of country and global deterrents directly affecting the business, through resilient financial and operational performance, Zambeef established itself, once again, as a dependable asset for our shareholders.

The Group remains committed to its strategic imperatives of focussing on core business and divestment from non-core assets to free up resources. As such, the Group exited pig and layer farming during the financial year.

KEY FINANCIAL HIGHLIGHTS

Revenue and gross profit increased by 8.5% and 11% respectively, in Kwacha. The marginal top line growth was mainly on account of volume pressures in Retail and cold chain food products.

The period saw a rise in input commodity prices, particularly crude oil, fertilisers and grain, escalated as a consequence of the Russia - Ukraine conflict. The resultant increase in input costs in the Cold chain business was offset by higher grain prices in Cropping. The higher grain prices in Cropping coupled with strong margins in the Stockfeed business drove the Group's performance.

The Group delivered a profit before tax of ZMW55 million (USD3 million), representing a decline of 68% in Kwacha (61% in US dollar terms), compared to ZMW172 million (USD8 million) in the prior year. The above results posted are after the recognition of goodwill impairment amounting to ZMW141.8 million on the fair value of Zamchick Limited's asset. Adjusting for this non-cash impairment, the Group delivered a profit before tax of ZMW197 million (USD11.5 million) representing a growth of 15%.

A higher tax expense and goodwill impairment loss resulted in profit after tax being K31.5 million (2021: K168.8 million).

STRATEGY

The Board remains committed to achieving the Group's strategic priorities while navigating the seasonal market and economic challenges. The following are the pillars on which the five-year strategy is underpinned:

-- Focus and strengthen our core business by investing in capacity and growing market share

-- Divestiture of non-core assets to free up resources

-- Develop a human capital strategy that aligns with business objectives

-- Strengthen our strategic partnerships

-- Enhancement of shareholders' value

Copies of Zambeef's Annual Report and Accounts for the year ended 30 September 2022 and Notice of AGM are now being sent to those shareholders registered to receive hard copies, and will also shortly today be available on the Group's website. The AGM will be held virtually on Tuesday 27 December 2022 at 10:00 a.m. CAT. The Notice of AGM includes instructions for virtual attendance at the meeting.

 
 
   For further information, please visit www.zambeefplc.com or 
   contact: Zambeef Products plc                      Tel: +260 (0) 211 369003 
    Faith Mukutu , Chief Executive Officer 
    M'boo Mumba, Chief Financial Officer 
 
    finnCap Ltd (Nominated Adviser           Tel: +44 (0) 20 7220 0500 
     and Broker) 
    Ed Frisby/Abigail Kelly (Corporate 
     Finance) 
    Tim Redfern/Barney Hayward (ECM) 
    Autus Securities Limited                     Tel: +260 (0) 761 002 
                                                                   002 
    Mataka Nkhoma 
 
 

About Zambeef Products PLC

Zambeef Products plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana.

It has 236 retail outlets throughout Zambia and West Africa.

The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and three feedlots are located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken producers in Zambia, with a capacity of 8.8m broilers and 22.4 million-day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 75,000 pigs a year, while its dairy has a capacity of 120,000 litres per day.

The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,787 hectares of row crops under irrigation, which are planted twice a year, and a further 8,694 hectares of rainfed/dry-land crops available for planting each year.

CHAIRMAN'S REVIEW

Dear Shareholder,

I have the pleasure of presenting my report to you for the financial year ending 30(th) September 2022.

The financial year saw an improvement in economic sentiment following the successful holding of the general election in August 2021 and the peaceful transition of government. The Kwacha appreciated significantly and remained stable during the period. However, global economic headwinds contributed to the disruption of an otherwise positive trajectory for Zambia's macroeconomic environment. T he spill - over effects of the Covid -19 pandemic related supply disruptions on international trade , added layers of production complexities to the business as lead times for imported goods increased . C ommodity prices, particularly crude oil, fertilisers and grain, escalated as a result of the Russia - Ukraine conflict. In addition, the period saw the outbreak of animal diseases such as, the African Swine Fever and Contagious Bovine Pleuropneumonia (CBPP) which respectively impacted our pork and beef businesses.

Despite the headwinds, management worked tirelessly to keep the business performing by focusing on enhanced bio-security risk, cost management, revenue maximisation and market share growth. As a result, the business posted positive financial results and is well-positioned on the path to actualising its short to medium-term strategy.

The Group's performance demonstrates its ability to remain resilient in the evolving market and illustrates the strengths of its vertically integrated business model, which is key to creating sustainable long-term shareholder value.

Strategy

T he Group's medium-term strategy is centred around optimising existing assets and investing in capacity for the future. It is with this in mind that the Group announced a US$100 million expansion programme during the year. This investment strategy is expected to increase the Groups various value chain capacities, and deliver developmental impact to the Zambian economy through job creation, increased tax revenue and supporting ancillary businesses such as small-scale farmers and small to medium-sized businesses. The expansion is expected to double the Mpongwe Farm row cropping capacity, and also to deliver significantly improved production efficiency and capacity through the downstream food value chains. The first crop from the expanded cropping operations is expected to be planted in the 2023/2024 financial with capacity upgrades to milling and processing facilities being run in parallel.

As part of the $100m expansion plan, we remain committed to maintaining a responsible business by building on the Environmental, Social and Governance (ESG) agenda. Therefore, the investment will see an improvement in the Group's carbon footprint and livestock health and welfare.

As part of the divesture of non-core and low-returning assets, the Group exited from pig farming, pullet rearing and egg production during the year. Chiawa farm remains an asset held for sale. These divestitures will enable the business to focus on becoming best in class and improve the Group's profitability.

The Board remains committed to achieving the Group's strategic priorities while navigating the seasonal market and economic challenges. The following are the pillars on which the five-year strategy is underpinned:

-- Focus and strengthen our core business by investing in capacity and growing market share

-- Divestiture of non-core assets to free up resources

-- Develop a human capital strategy that aligns with business objectives

-- Strengthen our strategic partnerships

-- Enhancement of shareholders' value

The Economic Environment

Despite the year 2022 being the second year since the outbreak of Covid-19, its impact on the economy compared to the prior year reduced tremendously due to the success of governments vaccination campaigns and the public's adherence to public health measures.

The economy rallied in comparison to the corresponding period under review and saw stability in macroeconomic fundamentals. The ZMW/USD exchange rate averaged 17.18 down by 19% compared to 21.12 averaged in the previous corresponding period. The local currency has seen a steady appreciation since the start of the financial year despite moments of volatility. A tight monetary policy which saw the Monetary Policy Rate remain stable at 9%, relatively high copper prices and market confidence arising from the peaceful transition of power have been key in keeping the currency stable.

Inflation reduced significantly during the period under review, closing at 9.9% compared to 22.1% in the previous year. This drop came as a result of currency appreciation and a reduction in food inflation despite the escalation in diesel and petrol pump prices. Customers disposable income remained under stress as the effect of stable macroeconomic fundamentals had not yet fully trickled down to the consumers. Inflation for the period under review averaged 13.4% compared to 21.7% for the previous corresponding period.

Outlook

We anticipate macro-economic stability to continue, supported by improved investor sentiment leading to increased foreign direct investment. The Kwacha is also expected to remain stable across the 2023 financial year. The copper prices, which is a major foreign exchange earner for the country, is expected to stabilise at current levels as the worst effects of the manufacturing slowdown have tapered off. The inflation rate is expected to remain stable, although the outcome of the Russia - Ukrainian tensions could lead to further rises in global food and energy prices which still pose a risk of higher inflation locally. Of key concern is the emergence of escalating cost of funding as foreign currency liquidity migrates to the United States of America and the United Kingdom, where interest rates are rising.

Executive Management Changes

I am pleased to advise that on 1 July 2022, Ms Faith Mukutu was appointed Chief Executive Officer. She succeeded Mr Walter Roodt who served as Chief Executive Officer since January 2020. Mr Roodt will continue full-time with the Company focussing on Large livestock and Strategic Projects in an executive capacity to support the expansion programme referred to above. To ensure a smooth transition, Walter remained on the Board until 1(st) December, 2022.

The appointment of Faith represents the confidence the Board has in her ability to lead the business through the new phase. Since joining the Group in September 2019, as the Chief Financial Officer, Faith has been instrumental in driving the realisation of commercial value from our business having introduced a cost control culture, restructuring the group balance sheet and streamlining finance operations and reporting.

I am delighted that at the date of this report, the Board had announced the appointment of M'boo John Mumba as Chief Financial Officer, Mboo has also been appointed as an Executive Director of the Board.

M'boo takes on the role, following the promotion of Faith Mukutu, to Chief Executive Officer (CEO) on 1 July 2022. He joined the Zambeef Group in May 2020 as Project Manager before he took up the role of Group Head of Treasury and Administration. He has brought to the Company skills which combine industry, financial and banking experience of more than 16 years. His established professional background and valuable expertise is an asset to the Group.

Acknowledgement

On behalf of the Company and the Board, I would like to express my sincere gratitude to Messrs; Yollard Kachinda and Frank Braeken who resigned from the board on 14 April 2022 and 27 May 2022, respectively. Their dedication and contributions to the business during the period they served as Directors will be greatly missed. I am also indebted to Walter Roodt who, after his reassignment to a new role remained on the Board for a smooth transition. He has played a significant role in the Group and we all wish him all the very best in his new role.

I also thank my fellow board members for steering the Group through the year and positioning it for the next phase of growth. To our management and staff, I express my gratitude for another solid performance, dedicated efforts, and resilience in the face of challenges. I am proud of our achievements to date and I am excited by the potential opportunities upon which we will build our future progress.

Michael M Mundashi

Chairman

CHIEF EXECUTIVE OFFICER'S REVIEW

Overview

It is my pleasure to give my inaugural report as Chief Executive Officer, to you, our esteemed shareholders. I wish to thank the Board for their confidence in my abilities to lead your Company through the next exciting phase of our growth strategy. I also wish to thank Mr Walter Roodt, my predecessor, for steering the Group through the challenging times of the last two years.

Without a doubt, this was another challenging year characterised by a difficult trading environment driven largely by reduced consumer spending and increased production and input costs, despite the stabilisation of the macroeconomic environment. Notwithstanding the headwinds, the Group's results exceeded market expectations, particularly the outstanding performance in the Cropping and Milling division.

Pressure on volumes and margins in the Retail and Cold Chain Food Products (CCFP) division on the back of reduced consumer spending negatively impacted performance, particularly in the first half of the year. An increase in raw material input costs, such as soya beans, precipitated a rise in feed prices, which affected production costs in our livestock business. In addition, the outbreak of African Swine Fever, over six weeks in Lusaka and in other parts of the country, affected the pork business negatively. Further, the outbreak of Contagious Bovine Pleuropneumonia (CBPP), a disease affecting cattle negatively affected our Beef business; with a cost to Company of K20.7 million.

The second half of the year saw volume recovery in volumes in the Retail and CCFP segments driven by price moderation. This coupled with cost control, enabled a recovery from the subdued first-half year performance.

Despite the challenges noted above, the Group posted strong results during the year in line with expectations mainly due to buoyed performance in our Cropping and Milling division.

The Group delivered a profit before tax of ZMW55 million (USD3 million), representing a decline of 68% in Kwacha (61% in US dollar terms), compared to ZMW172 million (USD8 million) in the prior year. The above results posted are after the recognition of goodwill impairment amounting to ZMW142 million (USD8.3m) on the fair value of Zamchick Limited assets. Adjusting for this non-cash impairment, the Group delivered a profit before tax of ZMW197 million (USD11.5 million) representing a growth of 15%.

The Group generated revenue of ZMW5.4 billion (USD314 million) and achieved a gross profit of ZMW1.6 billion (USD95 million), representing 8% and 11% above the prior year in kwacha terms, and up by 33% and 37% in US dollars, respectively.

Our diversified and vertically integrated business with strong brands, supportive partners and an experienced management team helped deliver encouraging results.

Strategic focus

Our strategic focus is to optimise existing assets and invest in the future. We remain committed to our strategy of focussing on our core businesses, in which we strive to be the best in class. The continued divestiture of non-core assets enables us to free up cash to invest in core businesses and therefore, deliver shareholder value. As part of delivering on our strategic imperatives and as announced during the financial year under review, our $100M expansion strategy will see increased profitability in the medium to long term, thus delivering increased value to our shareholders and positively impacting the communities in which we operate. As of 30(th) September 2022, a total of $7.3m out the $100m expansion plan was either spent or committed by the business.

Outlook

Our strong brands will help us maintain customer loyalty while the vertically integrated business model positions us well to secure both supply and a market for our products. The anticipated future recovery in the economy and a strong management team have positioned us well for shareholder value maximisation in the coming years. The Group will capitalise on the positive economic outlook and invest for the future in anticipation of improved consumer spending.

The Russia-Ukraine conflict poses risks but at the same time presents opportunities for our business. The consequent rise in input costs such as fertiliser and energy could negatively impact our profitability while the rise in commodity prices, such as wheat and soya, will benefit our Cropping and Milling division. Higher soya and maize prices would translate into higher stock feed costs which would negatively impact the profitability of our Retail and Cold Chain Food products business.

Consolidating our balance sheet through disposals of low-returning assets and expanding capacity remains a key focus to enhance shareholder value. In the coming years, the Group is set to make significant strides in our US$100 million expansion program with the Cropping and Milling segment set for expansion in the 2022/2023 financial year.

Divisional Performance

Table 1 (ZMW) and Table 2 (USD) below provide a summary of the consolidated performance of the key business divisions reported at an operating profit level.

Table 1: Divisional financial summary in ZMW'000

Table 2: Divisional financial summary in USD'000

Taking the performance of each of our key business areas in turn:

Retail and Cold Chain Food Products (CCFP)

Sales volumes came under pressure on the back of reduced consumer spending on proteins and oils, resulting from the trading down to cheaper nutritional alternatives. A price moderation strategy across all protein categories led to volume recovery in the second half of the year. The period saw the outbreak of African Swine Fever in Lusaka and other Provinces, which resulted in our pork processing operation being shut down and consequently impacted operations during the period of the animal movement ban. The year also saw the outbreak of CBPP which negatively impacted our beef business. Chicken sales volumes struggled as the price of chicken products remained relatively high compared with other proteins due to sustained high stock feed prices.

Given the above challenges, the Retail and CCFP business registered a revenue decline of 4% compared to the prior year. Higher input prices, particularly feed and fuel, resulted in a reduction of gross profit by 13% from the prior year.

The Retail and CCFP division generated an EBIT margin of 2.8% which decreased by 6.6% from the previous financial year to ZMW88 million (2021: ZMW216 million) in Kwacha terms.

Cropping and Milling (Cropping, Stockfeed, and Wheat Milling)

The division registered strong results owing to growth in stock feed revenues and higher grain prices in Cropping, despite lower soya bean yields across the country due to sporadic rainfall patterns.

The stockfeed business registered good growth due to improved supply chain planning. The export ban that existed in the first quarter of the year impacted export sales with an increase in demand for feed being noticeable in the period after the lifting of the ban.

The Cropping business saw margins improve on the back of higher grain prices despite an escalation in input costs, particularly fertiliser.

Revenue in the Cropping and Milling division grew by 18% in Kwacha terms and 46% in USD terms, while the operating profit grew by 70% to ZMW 449 million (2021: ZMW265 million) and by over 100% to USD26 million (2021: USD13 million) in dollar terms.

Finally, I would like to thank our Board of Directors and all staff and partners of Zambeef for their contribution to the continued success of the Group. I look forward to what we will be able to achieve in the coming year as we continue to implement our growth strategy.

Faith Mukutu

Chief Executive Officer

Zambeef Products Plc and its Subsidiaries

Statement of profit or loss and other comprehensive income

 
                                        Notes              Group                      Company 
                                                        2022          2021          2022          2021 
                                                       K'000         K'000         K'000         K'000 
 Revenue from contracts with 
  customers                             5(ii)      5,394,761     4,974,351     3,361,428     2,880,062 
 Change in fair value of biological 
  assets                                  16         349,462       828,361       338,052       545,343 
 Cost of sales of goods                   7      (4,111,037)   (4,331,996)   (2,826,242)   (2,630,914) 
                                                ------------  ------------  ------------  ------------ 
 
 Gross profit                                      1,633,186     1,470,716       873,238       794,491 
 
 Other income/(expenses)                  6            2,491       (8,445)        17,325      (10,410) 
 Net impairment losses on financial 
  assets                                 4(b)       (17,869)       (3,306)       (7,876)       (1,188) 
 Impairment of goodwill                   13       (141,786)             -             -             - 
 Impairment of investment in 
  subsidiary                            14(a)              -             -     (141,786)             - 
 Distribution expenses                    7         (65,596)      (66,848)      (67,118)             - 
 Administrative expenses                  7      (1,236,762)   (1,145,718)     (658,635)     (636,152) 
                                                ------------  ------------  ------------  ------------ 
 
 Operating profit                                    173,664       246,399        15,148       146,741 
 
 Share of loss from equity 
  investment                            15(ii)       (3,503)       (3,358)       (3,503)       (3,358) 
 Finance income                           8            3,541        45,897         3,534        56,792 
 Finance costs                            8        (118,538)     (116,916)      (91,009)      (84,980) 
                                                ------------  ------------  ------------  ------------ 
 
 Profit/(loss) before income 
  tax                                                 55,164       172,022      (75,830)       115,195 
 
 Income tax expense - continuing 
  operations                              10        (63,283)      (31,953)      (27,799)      (12,600) 
                                                ------------  ------------  ------------  ------------ 
 
 (Loss)/profit from continuing 
  operations                                         (8,119)       140,069     (103,629)       102,595 
 Profit from discontinued operations 
  after tax                             20(i)         39,697        28,754        39,697        28,754 
 
 Profit/(loss) for the year                           31,578       168,823      (63,932)       131,349 
 
 Profit/(loss) attributable 
  to: 
 Owners of Zambeef Products 
  PLC                                                 29,152       167,980      (63,932)       131,349 
 Non-controlling interests                             2,426           843             -             - 
                                                ------------  ------------  ------------  ------------ 
                                                      31,578       168,823      (63,932)       131,349 
                                                ------------  ------------  ------------  ------------ 
 Other comprehensive income: 
 Items that maybe reclassified 
  to profit or loss 
 Translation differences - 
  foreign operations                      22        (16,320)      (14,710)             -             - 
 Translation differences - 
  Mpongwe Farms                           22        (10,847)     (271,935)      (10,847)     (271,935) 
 Items not reclassified to 
  profit or loss 
 Revaluation surplus                      23               -       192,403             -        40,125 
 Actuarial remeasurement losses         26(i)        (3,150)       (2,813)       (1,058)       (1,408) 
 Deferred income tax*                     25           6,394        21,199         3,018           826 
                                                ------------  ------------ 
 Other comprehensive income 
  for the year                                      (23,923)      (75,856)       (8,887)     (232,392) 
                                                ------------  ------------  ------------  ------------ 
 
 Total comprehensive income 
  for the year                                         7,655        92,967      (72,819)     (101,043) 
                                                ============  ============  ============  ============ 
 

Zambeef Products Plc and its Subsidiaries

Statement of profit or loss and other comprehensive income

 
                                    Notes        Group               Company 
                                              2022      2021       2022       2021 
                                             K'000     K'000      K'000      K'000 
 Total comprehensive income 
  for the period is attributable 
  to: 
 Owners of Zambeef Products 
  Plc                                        4,970    95,066   (72,819)   (73,849) 
 Non-controlling interests                   2,685   (2,099)          -          - 
                                           -------  --------  ---------  --------- 
                                             7,655    92,967   (72,819)   (73,849) 
                                           -------  --------  ---------  --------- 
 
 Basic earnings per share                    Ngwee     Ngwee      Ngwee      Ngwee 
 Continued operations                30     (3.51)     46.60    (34.46)      34.13 
 Discontinued operations             30      13.21      9.57      13.21       9.57 
                                           -------  --------  ---------  --------- 
 Total basic earnings per share               9.70     56.17    (21.25)      43.70 
                                           -------  --------  ---------  --------- 
 
 Diluted earnings per share 
 Continued operations                30     (2.63)     34.96    (25.85)      25.61 
 Discontinued operations             30       9.91      7.18       9.91       7.18 
                                           -------  --------  ---------  --------- 
 Total diluted earnings per 
  share                                       7.28     42.14    (15.94)      32.79 
                                           -------  --------  ---------  --------- 
 

Zambeef Products Plc and its Subsidiaries

Consolidated Statement of financial position

 
                                            30-Sept-22   Restated:30-Sept-21   Restated:1-Oct-20 
 ASSETS                            Notes         K'000                 K'000               K'000 
 Non-current assets 
 Property, plant and equipment      11       3,134,611             3,071,735           3,213,319 
 Right of use assets               12(a)        32,389                43,283              51,186 
 Goodwill                           13          25,015               166,801             166,801 
 Investment in associate            15          36,965                40,468              43,826 
 Biological assets                  16          86,592                71,365              62,380 
                                           -----------  --------------------  ------------------ 
                                             3,315,572             3,393,652           3,537,512 
                                           -----------  --------------------  ------------------ 
 Current assets 
 Biological assets                  16         234,104               287,632             113,925 
 Inventories                        17       1,441,912             1,197,846           1,103,640 
 Trade and other receivables        18         289,300               238,278             142,005 
 Cash and cash equivalents          19         223,972               201,539             111,136 
 Assets classified as held 
  for sale                        20(iii)      170,091               170,550             175,654 
 Current income tax asset           10               -                     -               1,743 
                                           -----------  --------------------  ------------------ 
                                             2,359,379             2,095,845           1,648,103 
                                           -----------  --------------------  ------------------ 
 Total assets                                5,674,951             5,489,497           5,185,615 
                                           ===========  ====================  ================== 
 
 EQUITY 
 Share capital                      21           3,006                 3,006               3,006 
 Share premium                      21       1,125,012             1,125,012           1,125,012 
 Preference share capital           21           1,000                 1,000               1,000 
 Foreign currency translation 
  reserve                           22         692,705               720,131           1,003,834 
 Revaluation reserve*               23       1,113,119             1,160,653           1,034,388 
 Retained earnings*                            758,489               678,559             468,453 
                                           -----------  --------------------  ------------------ 
 Attributable to owners 
  of parent entity                           3,693,331             3,688,361           3,635,693 
 Non-controlling interests 
  (NCI)                                             66               (2,619)               (520) 
                                           -----------  --------------------  ------------------ 
                                             3,693,397             3,685,742           3,635,173 
                                           -----------  --------------------  ------------------ 
 LIBILITIES 
 Non-current liabilities 
 Lease liabilities                 12(b)        12,597                 7,253              19,750 
 Borrowings                         24         426,222               195,555             190,218 
 Deferred income tax*               25         223,217               235,250             195,444 
 Defined benefit obligations        26           3,654                 8,891              11,389 
                                               665,690               446,949             416,801 
                                           -----------  --------------------  ------------------ 
 Current liabilities 
 Lease liabilities                 12(b)         5,046                12,418              23,259 
 Borrowings                         24         525,325               700,913             674,944 
 Trade and other payables           27         649,573               514,205             337,766 
 Contract liabilities               28          97,400               119,206              97,672 
 Current income tax                 10          38,520                10,064                   - 
                                           -----------  --------------------  ------------------ 
                                             1,315,864             1,356,806           1,133,641 
                                           -----------  --------------------  ------------------ 
 Total equity and liabilities                5,674,951             5,489,497           5,185,615 
                                           ===========  ====================  ================== 
 

Zambeef Products Plc and its Subsidiaries

Company statement of financial position

 
                                            30-Sept-22   Restated:30-Sept-21   Restated:1-Oct-20 
 ASSETS                            Notes         K'000                 K'000               K'000 
 Non-current assets 
 Property, plant and equipment      11       2,158,021             2,143,680           2,453,920 
 Right of use assets               12(a)        23,591                22,803              22,474 
 Investment in subsidiaries         14         104,020               245,807             245,807 
 Investment in associate            15          36,965                40,468              43,826 
 Biological assets                  16          86,592                71,365              62,380 
                                           -----------  --------------------  ------------------ 
                                             2,409,189             2,524,123           2,828,407 
                                           -----------  --------------------  ------------------ 
 Current assets 
 Biological assets                  16         183,061               236,583              77,121 
 Inventories                        17         977,667               772,972             814,081 
 Trade and other receivables        18         786,517               872,256           1,370,672 
 Cash and cash equivalents          19         136,149               113,193              12,645 
 Assets classified as held 
  for sale                        20(iii)      170,091               170,550             175,654 
 Current income tax asset           10               -                 2,520                 565 
                                           -----------  --------------------  ------------------ 
                                             2,253,485             2,168,074           2,450,738 
                                           -----------  --------------------  ------------------ 
 Total assets                                4,662,674             4,692,197           5,279,145 
                                           ===========  ====================  ================== 
 
 EQUITY 
 Share capital                      21           3,006                 3,006               3,006 
 Share premium                      21       1,125,012             1,125,012           1,125,012 
 Preference share capital           21           1,000                 1,000               1,000 
 Foreign currency translation 
  reserve                           22         687,048               697,895             969,830 
 Revaluation reserve                23         712,279               739,522             745,684 
 Retained earnings                             739,665               774,394             597,340 
                                           -----------  --------------------  ------------------ 
                                             3,268,010             3,340,829           3,441,872 
                                           -----------  --------------------  ------------------ 
 
 LIABILITIES 
 Non-current liabilities 
 Lease liabilities                 12(b)         5,354                 1,873               8,172 
 Borrowings                         24         426,222               195,555             190,218 
 Deferred income tax                25         140,280               138,117             124,190 
 Defined benefit obligations        26             366                 2,124               3,356 
                                               572,222               337,669             325,936 
                                           -----------  --------------------  ------------------ 
 Current liabilities 
 Lease liabilities                 12(b)         4,878                 6,597              14,461 
 Borrowings                         24         337,669               517,126             497,721 
 Trade and other payables           27         367,814               395,491             906,879 
 Contract liabilities               28          97,400                94,485              92,276 
 Current income tax                 10          14,681                     -                   - 
                                           -----------  --------------------  ------------------ 
                                               822,442             1,013,699           1,511,337 
                                           -----------  --------------------  ------------------ 
 Total equity and liabilities                4,662,674             4,692,197           5,279,145 
                                           ===========  ====================  ================== 
 

Zambeef Products Plc and its Subsidiaries

Consolidated statement of changes in equity

 
                                                                                                   Total 
                                                         Foreign                            attributable 
                                        Preference      currency                               to owners 
                    Share       Share        share   translation   Revaluation   Retained      of parent   Non-controlling 
                  Capital     premium      capital       reserve       reserve   earnings         entity         interests       Total 
 Year ended 30      K'000       K'000        K'000         K'000         K'000      K'000          K'000             K'000 
 September 
 2021 
 As previously 
  presented         3,006   1,125,012        1,000     1,003,834     1,167,713    470,174      3,770,739             (520)   3,770,219 
 Correction of 
  error (Note 
  32)                   -           -            -             -     (133,325)    (1,721)      (135,046)                 -   (135,046) 
                 --------  ----------  -----------  ------------  ------------  ---------  -------------  ----------------  ---------- 
 At start of 
  year - 
  restated          3,006   1,125,012        1,000     1,003,834     1,034,388    468,453      3,635,693             (520)   3,635,173 
 Profit for the 
  year                  -           -            -             -             -    167,980        167,980               843     168,823 
 Other 
 comprehensive 
 income: 
 Revaluation 
  surplus               -           -            -             -       192,403          -        192,403                 -     192,403 
 Transfer of 
  excess 
  depreciation          -           -            -             -      (44,377)     44,377              -                 -           - 
 Actuarial 
  remeasurement 
  losses                -           -            -             -             -    (2,813)        (2,813)                 -     (2,813) 
 Deferred 
  income tax 
  (Note 
  25)                   -           -            -             -      (21,761)        562       (21,199)                 -    (21,199) 
 Translation 
  differences 
  (Note 22)             -           -            -     (283,703)             -          -      (283,703)           (2,942)   (286,645) 
                 --------  ----------  -----------  ------------  ------------  ---------  -------------  ----------------  ---------- 
                        -           -            -     (283,703)       126,265     42,126      (115,312)           (2,942)   (118,254) 
                 --------  ----------  -----------  ------------  ------------  ---------  -------------  ----------------  ---------- 
 Total 
  comprehensive 
  income 
  for the year          -           -            -     (283,703)       126,265    210,106         52,668           (2,099)      50,569 
 
 At start of 
  year              3,006   1,125,012        1,000       720,131     1,160,653    678,559      3,688,361           (2,619)   3,685,742 
                 ========  ==========  ===========  ============  ============  =========  =============  ================  ========== 
 
 Year ended 30 
 September 
 2022 
 At start of 
  year              3,006   1,125,012        1,000       720,131     1,160,653    678,559      3,688,361           (2,619)   3,685,742 
 Profit for the 
  year                  -           -            -             -             -     29,152         29,152             2,426      31,578 
 Other 
 comprehensive 
 income: 
 Transfer of 
  excess 
  depreciation          -           -            -             -      (53,928)    53,92g8              -                 -           - 
 Actuarial 
  remeasurement 
  losses                -           -            -             -             -    (3,150)        (3,150)                 -     (3,150) 
 Deferred 
  income tax 
  (Note 
  25)                   -           -            -             -         6,394          -          6,394                 -       6,394 
 Translation 
  differences 
  (Note 22)             -           -            -      (27,426)             -          -       (27,426)               259    (27,167) 
                 --------  ----------  -----------  ------------  ------------  ---------  -------------  ----------------  ---------- 
                        -           -            -      (27,426)      (47,534)     50,778       (24,182)               259    (23,923) 
 Total 
  comprehensive 
  income 
  for the year          -           -            -      (27,426)      (47,534)     79,930          4,970             2,685       7,655 
 
 At year end        3,006   1,125,012        1,000       692,705     1,113,119    758,489      3,693,331                66   3,693,397 
                 ========  ==========  ===========  ============  ============  =========  =============  ================  ========== 
 

Company statement of changes in equity

 
                                                                         Foreign 
                                                                        currency 
                               Share       Share       Preference    translation   Revaluation    Retained 
                             Capital     premium    share capital        reserve       reserve    earnings       Total 
                               K'000       K'000            K'000          K'000         K'000       K'000 
 Year ended 30 September 
 2021 
 As previously presented       3,006   1,125,012            1,000        969,830       828,538     597,524   3,524,910 
 Correction of error 
  (Note 32)                        -           -                -              -      (82,854)       (184)    (83,038) 
                           ---------  ----------  ---------------  -------------  ------------  ----------  ---------- 
 At start of year - 
  restated                     3,006   1,125,012            1,000        969,830       745,684     597,340   3,441,872 
 Profit for the year               -           -                -              -             -     131,349     131,349 
 Other comprehensive 
 income: 
 Revaluation surplus               -           -                -              -        40,125           -      40,125 
 Transfer of excess 
  depreciation                     -           -                -              -      (46,972)      46,972           - 
 Actuarial remeasurement 
  losses                           -           -                -              -             -     (1,408)     (1,408) 
 Deferred income tax 
  (Note 25)                        -           -                -              -           685         141         826 
 Translation losses on 
  Mpongwe 
  farms (Note 22)                  -           -                -      (271,935)             -           -   (271,935) 
                           ---------  ----------  ---------------  -------------  ------------  ----------  ---------- 
                                   -           -                -      (271,935)       (6,162)      45,705   (232,392) 
                           ---------  ----------  ---------------  -------------  ------------  ----------  ---------- 
 Total comprehensive 
  income for 
  the year                         -           -                -      (271,935)       (6,162)     177,054   (101,043) 
                           ---------  ----------  ---------------  -------------  ------------  ----------  ---------- 
 
 At start of year              3,006   1,125,012            1,000        697,895       739,522     774,394   3,340,829 
                           =========  ==========  ===============  =============  ============  ==========  ========== 
 
 Year ended 30 September 
 2022 
 At start of year              3,006   1,125,012            1,000        697,895       739,522     774,394   3,340,829 
 Profit for the year               -           -                -              -             -    (63,932)    (63,932) 
 Other comprehensive 
 income: 
 Transfer of excess 
  depreciation                     -           -                -              -      (30,155)      30,155           - 
 Actuarial remeasurement 
  losses                           -           -                -              -             -     (1,058)     (1,058) 
 Deferred income tax 
  (Note 25)                        -           -                -              -         2,912         106       3,018 
 Translation losses on 
  Mpongwe 
  farms (Note 22)                  -           -                -       (10,847)             -           -    (10,847) 
                           ---------  ----------  ---------------  -------------  ------------  ----------  ---------- 
                                   -           -                -       (10,847)      (27,243)      29,203     (8,887) 
 Total comprehensive 
  income for 
  the year                         -           -                -       (10,847)      (27,243)    (34,729)    (72,819) 
 
 At year end                   3,006   1,125,012            1,000        687,048       712,279     739,665   3,268,010 
                           =========  ==========  ===============  =============  ============  ==========  ========== 
 

Consolidated statement of cash flows

 
                                                        Group                  Company 
                                                     2022        2021        2022        2021 
                                       Notes        K'000       K'000       K'000       K'000 
 
 
 Cash generated from operations        29(i)      308,323     206,761     153,025     119,664 
 Interest paid on borrowings           29(ii)    (53,473)    (38,998)    (53,473)    (35,380) 
 Interest paid on leases               29(ii)     (1,813)     (3,268)       (784)     (1,634) 
                                                  ( 9,672 
 Benefits paid                         26(i)            )     (6,970)     (3,247)     (3,472) 
                                                 (44,8 77                 (9 ,828 
 Income tax paid                         10             )     (4,734)           )     (2,997) 
                                                           ---------- 
 
 Net cash inflow from operating 
  activities                                      198,488     152,791      85,693      76,181 
                                               ----------  ----------  ----------  ---------- 
 
 Cash flows from investing 
  activities 
 Purchase of property, plant                    (22 2,135 
  and equipment                          11             )   (103,051)   (109,858)    (37,394) 
 Proceeds from disposal assets                      2,819           -           -         124 
                                                           ---------- 
 
 Net cash outflow from investing 
  activities                                    (219,316)   (103,051)   (109,858)    (37,270) 
                                               ----------  ----------  ----------  ---------- 
 
 Cash flows from financing 
  activities 
 Proceeds from borrowings              29(ii)     722,995     669,619     722,995     669,619 
 Principal repayments of borrowings    29(ii)   (526,205)   (740,611)   (526,205)   (740,611) 
 Principal elements of lease 
  payments                             29(ii)    (14,965)    (30,879)     (7,322)    (14,163) 
                                                           ---------- 
 
 Net cash in/(out)flow from 
  financing activities                            181,825   (101,871)    189,46 8    (85,155) 
                                               ----------  ----------  ----------  ---------- 
 
 Net increase/(decrease) for 
  the year                                        160,997    (52,131)     165,303    (46,244) 
                                               ----------  ----------  ----------  ---------- 
 
 Movement in cash and cash 
  equivalents 
 At start of year                               (288,665)   (236,909)   (193,224)   (158,177) 
 Net increase /(decrease)                         160,997    (52,131)    1 65,303    (46,244) 
 Exchange differences                                (40)         375          45      11,197 
                                                           ---------- 
 
 At year end                             19     (127,708)   (288,665)    (27,876)   (193,224) 
                                               ==========  ==========  ==========  ========== 
 

Extracted from the Supplementary Information within the 2022 Annual Report. This information presented in USD does not form part of the Financial Statements and is therefore unaudited

Statement of profit or loss and other comprehensive income

 
                                               Group                  Company 
                                            2022        2021        2022        2021 
                                         US$'000     US$'000     US$'000     US$'000 
 Revenue from contracts with 
  customers                              314,014     235,528     195,659     136,367 
 Change in fair value of biological 
  assets                                  18,567      39,222      17,903      25,821 
 Cost of sales of providing 
  goods                                (237,518)   (205,113)   (162,734)   (124,570) 
                                      ----------  ----------  ----------  ---------- 
 
 Gross profit                             95,063      69,637      50,828      37,618 
 
 Other income/(expenses)                     145       (400)       1,008       (493) 
 Net impairment losses on financial 
  assets                                 (1,040)       (556)       (458)        (56) 
 Impairment of goodwill                  (8,253)           -     (8,253)           - 
 Distribution expenses                   (3,818)     (3,165)     (3,907)           - 
 Administrative expenses                (71,989)    (54,248)    (38,337)    (30,121) 
                                      ----------  ----------  ----------  ---------- 
 
 Operating profit                         10,108      11,667         881       6,948 
 
 Share of loss from equity 
  investment                               (204)       (160)       (204)       (160) 
 Finance income                              206       2,173         206       2,689 
 Finance costs                           (6,900)     (5,536)     (5,297)     (4,024) 
 
 Profit before income tax                  3,210       8,145     (4,414)       5,453 
 
 Income tax expense                      (3,684)     (1,664)     (1,618)       (597) 
                                      ----------  ----------  ----------  ---------- 
 
 (Loss)/profit from continuing 
  operation                                (474)       6,481     (6,032)       4,858 
 Profit from asset held for 
  sale                                     2,311       1,513       2,311       1,360 
                                      ----------  ----------  ----------  ---------- 
 Profit for the year                       1,837       7,994     (3,721)       6,218 
 
 Profit attributable to: 
 Owners of Zambeef Products 
  PLC                                      1,696       7,954     (3,721)       6,218 
 Non-controlling interests                   141          40           -           - 
                                      ----------  ----------  ----------  ---------- 
                                           1,837       7,994     (3,721)       6,218 
                                      ----------  ----------  ----------  ---------- 
 Other comprehensive income: 
 Items that maybe reclassified 
  to profit or loss 
 Translation losses on foreign 
  operations                               (946)       (696)           -           - 
 Translation losses on Mpongwe 
  Farms                                    (631)    (12,876)       (631)    (12,876) 
 Items not reclassified to 
  profit or loss 
 Revaluation surplus                           -       9,110           -       1,900 
 Actuarial remeasurement losses            (183)       (133)        (62)        (67) 
 Deferred income tax                         368     (1,004)         176          39 
                                      ----------  ---------- 
 Other comprehensive income 
  for the year                           (1,392)     (5,599)       (517)    (11,004) 
                                      ----------  ----------  ----------  ---------- 
 
 Total comprehensive income 
  for the year                               445       2,395     (4,238)     (4,784) 
                                      ==========  ==========  ==========  ========== 
 

Statement of profit or loss and other comprehensive income (continued)

 
                                          Group              Company 
                                       2022      2021      2022      2021 
                                    US$'000   US$'000   US$'000   US$'000 
 Total comprehensive income 
  for the period is attributable 
  to: 
 Owners of Zambeef Products 
  Plc                                   289     2,494   (4,238)   (4,784) 
 Non-controlling interests              156      (99)         -         - 
                                   --------  --------  --------  -------- 
                                        445     2,395   (4,238)   (4,784) 
                                   --------  --------  --------  -------- 
 
 Basic earnings per share 
 Continued operations                (0.19)      2.14    (2.01)      1.57 
 Discontinued operations               0.77      0.50      0.77      0.50 
                                   --------  --------  --------  -------- 
 Total basic earnings per share        0.58      2.64    (1.24)      2.07 
                                   --------  --------  --------  -------- 
 
 Diluted earnings per share 
 Continued operations                (0.15)      1.61    (1.50)      1.17 
 Discontinued operations               0.58      0.38      0.58      0.38 
                                   --------  --------  --------  -------- 
 Total diluted earnings per 
  share                                0.43      1.99    (0.92)      1.55 
                                   --------  --------  --------  -------- 
 

Consolidated statement of financial position

 
                                  30-Sept-22   Restated:1-Oct-21   Restated:1-Oct-20 
 ASSETS                              US$'000             US$'000             US$'000 
 Non-current assets 
 Property, plant and equipment       198,393             183,497             159,549 
 Right of use assets                   2,050               2,586               2,542 
 Goodwill                              1,583               9,964               8,282 
 Investment in associate               2,340               2,417               2,176 
 Biological assets                     5,480               4,263               3,097 
                                 -----------  ------------------  ------------------ 
                                     209,846             202,727             175,646 
                                 -----------  ------------------  ------------------ 
 Current assets 
 Biological assets                    14,817              17,182               5,657 
 Inventories                          91,260              71,556              54,798 
 Trade and other receivables          18,310              14,235               7,052 
 Cash and cash equivalents            14,175              12,039               5,518 
 Assets classified as held 
  for sale                            10,765              10,188               8,722 
 Current income tax asset                  -                   -                  87 
                                 -----------  ------------------  ------------------ 
                                     149,327             125,200              81,834 
                                 -----------  ------------------  ------------------ 
 Total assets                        359,173             327,927             257,480 
                                 ===========  ==================  ================== 
 
 EQUITY 
 Share capital                           449                 449                 449 
 Share premium                       185,095             185,095             185,095 
 Preference share capital                100                 100                 100 
 Foreign currency translation 
  reserve                             42,945              38,850              45,027 
 Revaluation reserve                  65,256              69,334              51,360 
 Retained earnings                  (60,091)            (77,664)           (106,325) 
                                 -----------  ------------------  ------------------ 
 Attributable to owners 
  of parent entity                   233,754             216,164             175,706 
 Non-controlling interests                 4               (156)                (26) 
                                 -----------  ------------------  ------------------ 
                                     233,758             216,008             175,680 
                                 -----------  ------------------  ------------------ 
 LIBILITIES 
 Non-current liabilities 
 Borrowings                           26,976              11,682               9,445 
 Lease liabilities                       797                 433                 981 
 Deferred income tax                  14,128              18,222              14,520 
 Defined benefit obligations             231                 531                 565 
                                      42,132              30,868              25,511 
                                 -----------  ------------------  ------------------ 
 Current liabilities 
 Borrowings                           33,248              41,871              33,513 
 Lease liabilities                       319                 742               1,155 
 Trade and other payables             41,113              30,716              16,771 
 Contract liabilities                  6,165               7,121               4,850 
 Current income tax                    2,438                 601                   - 
                                 -----------  ------------------  ------------------ 
                                      83,283              81,051              56,289 
                                 -----------  ------------------  ------------------ 
 Total equity and liabilities        359,173             327,927             257,480 
                                 ===========  ==================  ================== 
 

Company statement of financial position

 
                                  30-Sept-22   Restated:1-Oct-21   Restated:1-Oct-20 
 ASSETS                              US$'000             US$'000             US$'000 
 Non-current assets 
 Property, plant and equipment       136,584             128,057             121,843 
 Right of use assets                   1,493               1,362               1,116 
 Investment in subsidiaries            6,584              14,684              12,205 
 Investment in associate               2,340               2,417               2,176 
 Biological assets                     5,481               4,263               3,097 
                                 -----------  ------------------  ------------------ 
                                     152,482             150,783             140,437 
                                 -----------  ------------------  ------------------ 
 Current assets 
 Biological assets                    11,586              14,133               3,829 
 Inventories                          61,878              46,175              40,421 
 Trade and other receivables          49,780              52,107              68,057 
 Cash and cash equivalents             8,617               6,762                 628 
 Assets classified as held 
  for sale                            10,765              10,188               8,722 
 Current income tax asset                  -                 151                  28 
                                 -----------  ------------------  ------------------ 
                                     142,626             129,516             121,685 
                                 -----------  ------------------  ------------------ 
 Total assets                        295,108             280,299             262,122 
                                 ===========  ==================  ================== 
 
 EQUITY 
 Share capital                           449                 449                 449 
 Share premium                       185,095             185,095             185,095 
 Preference share capital                100                 100                 100 
 Foreign currency translation 
  reserve                             39,096              37,521              43,339 
 Revaluation reserve                  45,081              44,177              37,025 
 Retained earnings                  (62,986)            (71,939)            (99,926) 
                                 -----------  ------------------  ------------------ 
                                     206,835             195,403             166,082 
                                 -----------  ------------------  ------------------ 
 
 LIBILITIES 
 Non-current liabilities 
 Lease liabilities                       339                 112                 406 
 Borrowings                           26,976              11,682               9,445 
 Deferred income tax                   8,879              12,420              10,982 
 Defined benefit obligations              23                 126                 166 
                                      36,217              24,340              20,999 
                                 -----------  ------------------  ------------------ 
 Current liabilities 
 Lease liabilities                       309                 394                 718 
 Borrowings                           21,371              30,892              24,713 
 Trade and other payables             23,282              23,626              45,028 
 Contract liabilities                  6,165               5,644               4,582 
 Current income tax                      929                   -                   - 
                                 -----------  ------------------  ------------------ 
                                      52,056              60,556              75,041 
                                 -----------  ------------------  ------------------ 
 Total equity and liabilities        295,108             280,299             262,122 
                                 ===========  ==================  ================== 
 

Consolidated statement of cash flows

 
                                                Group            Company 
                                             2022        2021        2022        2021 
                                            $'000       $'000       $'000       $'000 
 
 Cash generated from operations            17,947       9,790       8,907       5,666 
 Interest paid on borrowings              (3,113)     (1,846)     (3,113)     (1,675) 
 Interest paid on leases                    (106)       (155)        (46)        (77) 
 Benefits paid                              (563)       (330)       (189)       (164) 
 Income tax paid                          (2,612)       (224)       (572)       (142) 
                                                   ---------- 
 
 Net cash inflow from operating 
  activities                               11,553       7,234       4,988       3,607 
                                       ----------  ----------  ----------  ---------- 
 
 Cash flows from investing 
  activities 
 Purchase of property, plant 
  and equipment                          (12,930)     (4,879)     (6,395)     (1,771) 
 Proceeds from disposal assets                164           -           -           6 
                                                   ---------- 
 
 Net cash outflow from investing 
  activities                             (12,766)     (4,879)     (6,395)     (1,765) 
                                       ----------  ----------  ----------  ---------- 
 
 Cash flows from financing 
  activities 
 Proceeds from borrowings                  42,084      31,705      42,084      31,705 
 Principal repayments of borrowings      (30,629)    (35,067)    (30,629)    (35,067) 
 Principal elements of lease 
  payments                                  (871)     (1,462)       (426)       (671) 
                                                   ---------- 
 
 Net cash in/(out)flow from 
  financing activities                     10,584     (4,823)      11,028     (4,032) 
                                       ----------  ----------  ----------  ---------- 
 
 Net increase/(decrease) for 
  the year                                  9,371     (2,468)       9,622     (2,190) 
                                       ----------  ----------  ----------  ---------- 
 
 Movement in cash and cash 
  equivalents 
 At start of year                        (17,244)    (11,763)    (11,543)     (7,854) 
 Net increase /(decrease)                   9,371     (2,468)       9,622     (2,190) 
 Exchange differences                    (15,956)     (3,013)       3,685     (1,499) 
                                                   ---------- 
 
 At year end                              (7,434)    (17,244)     (1,764)    (11,543) 
                                       ==========  ==========  ==========  ========== 
 
 

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December 05, 2022 10:00 ET (15:00 GMT)

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