SHAREHOLDERS’ UPDATE
Shareholders will recall that an update to shareholders was
released on 8 March 2016.
Shareholders were advised in that update that a basis on which
funds are to be recovered from Government, in terms of the Reserve
Bank of Zimbabwe Debt Assumption Bill of July 2015, had been agreed.
Documentation in support of the agreement has still not been
completed by Government. The Company has stressed the urgency
of this matter with Government. This documentation is crucial
to the release of the Company’s audited financials for the current
year.
The Company has obtained from the Zimbabwe Stock Exchange
approval to delay the release of its audited financials until the
end of July 2016.
Shareholders will note from comments made in the Chairman’s
Statement in the previous year’s financials that disclosure of sums
relating to the debt will only be made when the Company is in
receipt of the appropriate documentation.
Trading Update
Group turnover for the year to 31 March
2016 increased by 10% relative to the previous year.
With the exception of Hospitality, all segments of the Group
contributed to the increase. The total Group turnover for the
year was $454 million.
Operating income increased by 14%.
Expenditure driven primarily by a growth in occupancy costs,
resulting from expansion, increased by only 1% relative to the
previous year. This increase represents an effective decline
relative to the growth in turnover.
EBITDA increased by $11.5 million
relative to the previous year.
The financial implications of the agreement with Government will
be included in the annual results for the year to 31 March 2016.
The Board regrets the delay in the release of the audited
financials.
BY ORDER OF THE BOARD
12 July 2016