MEIKLES
LIMITED
ABRIDGED AUDITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
MARCH 2018
CHAIRMAN’S STATEMENT
It gives me pleasure to present the Chairman’s Report for the
financial year ended 31 March
2018.
FINANCIAL OVERVIEW
The abridged financial statements are now audited. The Company
has decided not to account for sums due from the Government of
Zimbabwe in the year under
review. The history of this matter speaks to the unilateral
acquisition of Meikles Limited funds by the Reserve Bank of
Zimbabwe in 1998.
Government has committed itself to pay the amount due to the
Company and the sums will be included in the financial statements
when the final receipt is confirmed. The settlement will include an
agreement on interest to be paid to the Company and will provide
for payment to be made progressively in tranches. It is believed
the total payment will be received by the end of March 2019. The receipt of funds from Government
will be material to the future direction of the entire Group.
GROUP FINANCIAL RESULTS
The Group performed well during the year under review.
Due to the late release of the audited financial results for
reasons explained to Shareholders, it is considered appropriate to
provide Shareholders with information on Group performance for the
first four months in the financial year to 31 March 2019.
This information is included in the section of this report headed
“Outlook”.
Group earnings before interest, taxation, depreciation and
amortisation (“EBITDA”) have grown from US$12.2 million in the financial year to
31 March 2016 to US$24.8 million in the financial year to
31 March 2017 to US$41.1 million in the year under review.
Revenue has grown from US$453.6
million in 2016 to US$457.6
million in 2017 to US$534.9
million in the year under review.
Segmental contributions to Revenue and EBITDA are set out in
Note 5.
Profit before taxation has grown by 225 percent to US$19.2 million (2017 US$5.9 million).
REVIEW OF OPERATIONS
Supermarkets - trading as TM and Pick
n Pay
EBITDA grew by 45 percent to US$34.5
million. The segment traded in 55 stores. In the
forthcoming financial year, the segment plans to open a number of
new stores and there will be further upgrades of existing stores.
Consistent growth is anticipated in the coming year.
The segment has no borrowings and has the resources to implement
future growth.
Agriculture
EBITDA grew to US$10.3 million
from US$6.1 million in the previous
year.
The quantum of tea harvested on the Tanganda Estates was an
all-time record on a calculated comparative basis. Selling prices
for tea, avocados and macadamias were greater than in the previous
year.
The avocado and macadamia areas planted over the last years are
significant in size, but remain largely immature. Although volumes
of both crops were significantly greater in the year under review
than in the previous year, the process to maturity on the existing
plantations will take another three years.
Once maturity is reached, production in these areas will exceed
current production levels by a very significant tonnage. Sales and
profit contribution are expected to grow over the next three years
to a level where the historic dependence on tea, both in bulk and
in packeted form, will be diminished, not in terms of a reducing
tea performance, which is expected to continue to grow in
contribution, but by enhanced overall performance following
the impact of the new agricultural products.
Tanganda invested in certification by Rainforest Alliance of 706
small scale tea growers. This development will benefit small scale
farmers with improved revenues. The development will assist in the
conservation of biodiversity and natural resources for the benefit
of both present and future generations.
Hospitality
EBITDA increased to US$4.1 million
in the current year from US$1.8
million in the previous year.
Sales and profits include the entire results of Meikles Hotel
and only 50 percent of The Victoria Falls Hotel, where the segment
is in equal partnership with a third party.
A refurbishment programme for The Victoria Falls Hotel will
commence before the end of 2018. However, of greater significance a
project to enlarge the hotel with additional accommodation is
currently in the initial stages of planning, and implementation is
to be expedited.
Both hotels are benefiting from a growth in occupancy during the
first months of the new financial year.
Retail and properties
The EBITDA loss in retail at US$4.2
million was almost identical to the loss of US$ 4.1 million in the previous year.
This segment was badly affected throughout the year by the
absence of funds due to the Group from Government, a position which
is still prevalent in the early months of the new financial year.
All Mega Market and M stores have
been permanently closed, partly in the latter months of the year
under review and partly in the early months of the new financial
year.
Management has successfully reduced expenditures, so going
forward losses are reducing.
With the knowledge that funding is to be forthcoming, the
segment will focus on a retail offering that is compatible with the
forward requirements of a smaller but more specialised retail
offering.
The commercial real estate properties owned by the Group are
very well located in the major city centres. These buildings are
currently being analysed for redevelopment along a similar concept
to that achieved at Village Walk, Borrowdale. It is anticipated
that these projects, when completed will generate substantial
rental revenue for the Group, together with growth in capital
values.
Financial Services
In order to focus on the activities of our main segments, the
financial services operation was sold at a profit during the year
under review.
Security Services
Meikles Guard Services continue to provide guard services to
both Group companies and to certain third parties. It is
anticipated that further third party contracts will be secured.
MEIKLES FOUNDATION
The Meikles Foundation continued to focus its attention and
energy helping the under privileged and disadvantaged. The
Foundation has worked closely with both Roundtable and TM Pick n
Pay in efforts to raise funds, supply food, blankets, clothing and
medication to the needy. An annual fund raising golf championship
partnering TM Pick n Pay resulted in funding to the Rainbow
Children’s Home, KidzCan Zimbabwe, Cleveland Dam residents feeding programme,
Island Hospice and Healthcare and the Arcadia Baptist Church
feeding programme. In recognition of World Water Day, the Meikles
Foundation, in collaboration with the Embassy of Italy, was part of an initiative to raise
awareness of the importance of sustainable water consumption and
management.
The Meikles Foundation was involved in the renovation and
completion of a space at the Thomas Meikle Property, Robert Mugabe
Road in Harare, for a dance hub
run by Afrikera Arts Space who provide an internationally
recognised three year diploma in all forms of dance and basic
business studies. The Thomas Meikle Library at National Gallery
remains a project close to the heart of the Foundation.
The strategy of the Meikles Foundation is to partner like-minded
organisations who are prepared to work and achieve their project
goals and to source funding both locally and internationally for
all projects.
OUTLOOK
Financial performance for the first four months of the financial
year to 31 March 2019 have resulted
in a growth in turnover of 27 percent to US$213.2 million (previous year US$168.2 million), an improvement in EBITDA of
113 percent to US$20.4 million
(previous year US$9.6 million) and an
increase in profit before taxation to US$14.1 million (previous year US$3.0 million).
Overall borrowings net of cash and bank balances as at
31 July 2018 were US$21.1 million (31 March
2018 US$39.1 million).
Negotiations are in progress with a banking institution to
convert present short term borrowings to medium term loans. This
will result in a rationalisation of our relationships with banking
institutions. The process is expected to be completed by the end of
December 2018.
With anticipated receipt of funds from Government, the Group
will be in a position of financial strength. However, the Company
may in addition seek funding from further cash generating
opportunities, which will become be available in the future
months.
DIVIDEND
The Board resolved not to declare a dividend for the year.
APPRECIATION
I would like to extend my appreciation to our customers for
their continued support and to our shareholders and regulatory
authorities for their support and guidance. I would also like to
extend my thanks and appreciation to fellow Board members,
management and staff for their dedication and commitment.
JRT Moxon
Executive Chairman
27 September 2018
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2018
|
|
31
March 2018 |
31 March
2017 |
|
|
US$
000 |
US$
000 |
CONTINUING
OPERATIONS |
|
|
|
Revenue |
|
534,930 |
457,626 |
Net operating
costs |
|
(508,197) |
(443,908) |
|
|
|
|
Operating
profit |
|
26,733 |
13,718 |
Investment income |
|
271 |
2,121 |
Finance costs |
|
(8,640) |
(9,143) |
Net exchange
losses |
|
(468) |
(161) |
Loss recognised on
discounting Treasury Bills |
|
(6) |
(1,429) |
Fair value adjustments
on biological assets |
|
1,336 |
789 |
Profit before
tax |
|
19,226 |
5,895 |
Income tax
expense |
|
(11,533) |
(6,249) |
Profit / (loss) for
the year from continuing operations |
|
7,693 |
(354) |
Profit / (loss) for
the year from discontinued operation |
|
501 |
(392) |
Profit / (loss) for
the period |
|
8,194 |
(746) |
|
|
|
|
Other comprehensive
income, net of tax |
|
|
|
Items that may be
reclassified subsequently to profit or loss: |
|
|
|
Reclassification
adjustments relating to available-for-sale financial assets
disposed of in the current year |
|
47 |
441 |
Fair value adjustments
on available-for-sale financial assets |
|
- |
653 |
Other comprehensive
income for the year, net of tax |
|
47 |
1,094 |
|
|
|
|
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
|
8,241 |
348 |
|
|
|
|
(Loss) / profit for
the year attributable to: |
|
|
|
Owners of the parent |
|
(829) |
(6,719) |
Non-controlling interests |
|
9,023 |
5,973 |
|
|
8,194 |
(746) |
Total comprehensive
(loss) / income attributable to: |
|
|
|
Owners of the parent |
|
(782) |
(5,625) |
Non-controlling interests |
|
9,023 |
5,973 |
|
|
8,241 |
348 |
(Loss) / earnings
per share (cents) |
|
|
|
Basic |
|
(0.32) |
(2.65) |
|
|
|
|
Diluted |
|
(0.31) |
(2.46) |
|
|
|
|
Headline earnings /
(loss) per share (cents) |
|
0.08 |
(2.00) |
|
|
|
|
Diluted headline
earnings / (loss) per share (cents) |
|
0.08 |
(1.86) |
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS AT 31 MARCH
2018
|
|
|
31
March 2018 |
31 March
2017 |
|
|
|
US$
000 |
US$
000 |
ASSETS |
|
|
|
|
Non-current
assets |
|
|
|
|
Property, plant and
equipment |
|
|
175,267 |
172,664 |
Investment
property |
|
|
239 |
243 |
Investment in Mentor
Africa Limited |
|
|
20,046 |
20,046 |
Biological assets |
|
|
1,299 |
1,147 |
Intangible assets |
|
|
124 |
124 |
Other financial
assets |
|
|
11,815 |
11,901 |
Deferred tax |
|
|
121 |
3,427 |
Total non-current
assets |
|
|
208,911 |
209,552 |
|
|
|
|
|
Current
assets |
|
|
|
|
Treasury Bills |
|
|
- |
3,024 |
Inventories |
|
|
43,870 |
34,467 |
Trade and other
receivables |
|
|
17,341 |
13,969 |
Biological assets –
produce on bearer plants |
|
|
2,810 |
1,867 |
Other financial
assets |
|
|
3,383 |
4,134 |
Cash and bank
balances |
|
|
34,175 |
15,637 |
Total current
assets |
|
|
101,579 |
73,098 |
|
|
|
|
|
Total
assets |
|
|
310,490 |
282,650 |
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
Capital and
reserves |
|
|
|
|
Share capital |
|
|
2,562 |
2,538 |
Share premium |
|
|
1,469 |
1,316 |
Other reserves |
|
|
12,559 |
12,512 |
Retained earnings |
|
|
82,854 |
83,683 |
Equity attributable to
equity holders of the parent |
|
|
99,444 |
100,049 |
Non-controlling
interests |
|
|
36,241 |
28,591 |
Total
equity |
|
|
135,685 |
128,640 |
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
Borrowings |
|
|
17,309 |
9,241 |
Deferred tax |
|
|
19,189 |
17,637 |
Total non-current
liabilities |
|
|
36,498 |
26,878 |
|
|
|
|
|
Current
liabilities |
|
|
|
|
Trade and other
payables |
|
|
82,334 |
70,155 |
Borrowings |
|
|
55,973 |
56,977 |
Total current
liabilities |
|
|
138,307 |
127,132 |
|
|
|
|
|
Total liabilities |
|
|
174,805 |
154,010 |
|
|
|
|
|
Total equity and
liabilities |
|
|
310,490 |
282,650 |
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
|
Share
capital |
Share
premium |
Non-distributable reserves |
Investments revaluation |
Retained earnings |
Attributable to owners of parent |
Non-controlling
interests |
Total |
|
US$ 000 |
US$ 000 |
US$ 000 |
US$
000 |
US$
000 |
US$ 000 |
US$ 000 |
US$ 000 |
2018 |
|
|
|
|
|
|
|
|
Balance at 1 April
2017 |
2,538 |
1,316 |
12,559 |
(47) |
83,683 |
100,049 |
28,591 |
128,640 |
(Loss) / profit for
the year |
- |
- |
- |
- |
(829) |
(829) |
9,023 |
8,194 |
Issue of shares |
24 |
153 |
- |
- |
- |
177 |
- |
177 |
Other comprehensive
income for the year |
- |
- |
- |
47 |
- |
47 |
- |
47 |
Dividend paid –
minority shareholders |
- |
- |
- |
- |
- |
- |
(1,715) |
(1,715) |
Non-controlling
interests arising from Mopani Property Development (Private)
Limited |
- |
- |
- |
- |
- |
- |
342 |
342 |
Balance at 31 March
2018 |
2,562 |
1,469 |
12,559 |
- |
82,854 |
99,444 |
36,241 |
135,685 |
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
Balance at 1 April
2016 |
2,538 |
1,316 |
12,559 |
(1,141) |
90,402 |
105,674 |
21,182 |
126,856 |
(Loss) / profit for
the year |
- |
- |
- |
- |
(6,719) |
(6,719) |
5,973 |
(746) |
Other comprehensive
income for the year |
- |
- |
- |
1,094 |
- |
1,094 |
- |
1,094 |
Non-controlling
interests arising from Mopani Property Development (Private)
Limited |
- |
- |
- |
- |
- |
- |
1,436 |
1,436 |
Balance at 31 March
2017 |
2,538 |
1,316 |
12,559 |
(47) |
83,683 |
100,049 |
28,591 |
128,640 |
CONSOLIDATED
STATEMENT OF CASHFLOWS |
|
|
|
FOR THE YEAR ENDED
31 MARCH 2018 |
|
|
|
|
|
31
March 2018 |
31 March
2017 |
|
|
US$ 000 |
US$
000 |
CONTINUING AND
DISCONTINUED OPERATIONS |
|
|
|
Cash flows from
operating activities |
|
|
|
Profit / (loss) before
tax – continuing operations |
|
19,226 |
5,895 |
–
discontinued operation |
|
554 |
(551) |
|
|
19,780 |
5,344 |
Adjustments for: |
|
|
|
- Depreciation and
impairment of property, plant and equipment, investment property
and biological assets |
|
13,311 |
11,801 |
- Net interest |
|
8,415 |
8,022 |
|
|
(53) |
(992) |
- Net exchange
losses |
|
468 |
161 |
- Profit on disposal
of operation |
|
(768) |
- |
- Fair value
adjustments on biological assets |
|
(1,336) |
(789) |
- Loss recognised on discounting Treasury Bills
|
|
6 |
1,429 |
- Loss on disposal of
property, plant and equipment |
|
1,545 |
123 |
Operating cash flow
before working capital changes |
|
41,368 |
25,099 |
|
|
|
|
Increase in
inventories |
|
(9,403) |
(1,076) |
(Increase) / decrease
in trade and other receivables |
|
(3,627) |
1,317 |
Increase in trade and
other payables |
|
11,895 |
8,986 |
Cash generated from
operations |
|
40,233 |
34,326 |
Income taxes paid |
|
(6,447) |
(3,520) |
Net cash generated
from operating activities |
|
33,786 |
30,806 |
|
|
|
|
Cash flows from
investing activities |
|
|
|
Payment for property,
plant and equipment |
|
(17,717) |
(14,229) |
Proceeds from disposal
of property, plant and equipment |
|
350 |
230 |
Proceeds from sale of
Treasury Bills and coupon interest |
|
3,075 |
8,809 |
Net movement in
service assets |
|
(89) |
37 |
Net movement in
other investments |
|
847 |
(515) |
Net expenditure on
biological assets |
|
241 |
(374) |
Net cash flow on
disposal of subsidiary |
|
1,060 |
- |
Investment income |
|
208 |
56 |
Net cash used in
investing activities |
|
(12,025) |
(5,986) |
|
|
|
|
Cash flows from
financing activities |
|
|
|
Net increase /
(decrease) in interest bearing borrowings |
|
7,064 |
(11,745) |
Non-controlling
interests arising from Mopani Property Development (Private)
Limited |
|
519 |
1,436 |
Finance costs |
|
(8,640) |
(9,163) |
Dividend paid –
minority shareholders |
|
(1,715) |
- |
Net cash used in
financing activities |
|
(2,772) |
(19,472) |
|
|
|
|
Net increase in cash
and bank balances |
|
18,989 |
5,348 |
Cash and bank balances
at the beginning of the year |
|
15,637 |
10,494 |
Net effect of exchange
rate changes on cash and bank balances |
|
(451) |
(205) |
Cash and bank
balances at the end of the year |
|
34,175 |
15,637 |
NOTES TO THE ABRIDGED AUDITED
FINANCIAL STATEMENTS
1. Basis of preparation
The abridged audited financial statements are prepared from
statutory records that are maintained under the historical cost
basis except for biological assets and certain financial
instruments which are measured at fair value. Historical cost is
generally based on the fair value of the consideration given in
exchange for assets. These abridged financial statements are
presented in United States of
America dollars (US$), which is the Group’s functional
currency. In the current environment the determination of
functional currency is a significant judgement area. The country’s
Accounting Profession reviewed the requirements of the accounting
standards and concluded that the US$ was still the appropriate
functional currency.
2. Statement of compliance
The Group’s abridged audited financial statements have been
extracted from financial statements prepared in accordance with
International Financial Reporting Standards and the Companies Act
(Chapter 24.03) and relevant statutory instruments (SI33/99 and
SI62/96). These abridged set of financial results should be read in
conjunction with the complete set of financial statements for the
year ended 31 March 2018, which have
been audited by Deloitte & Touche Chartered Accountants
(Zimbabwe) and an unmodified audit
opinion issued thereon. The auditors have included a section on key
audit matters. The key audit matters were on material uncertainty
related to going concern and contingent assets and liabilities. The
auditor’s report is available for inspection at the Company’s
registered address.
3. Accounting policies
Accounting policies and methods of computation applied in the
preparation of these abridged financial statements are consistent,
in all material respects, with those used in the prior year.
4. Going concern
The Directors assess the ability of the Group to continue in
operational existence in the foreseeable future at each reporting
date. As at 31 March 2018, the
Directors have assessed the Group’s ability to continue operating
as a going concern and believe that the preparation of these
financial statements on a going concern basis is still
appropriate.
5. Segment information
|
31
March 2018 |
31 March
2017 |
Revenue |
US$
000 |
US$
000 |
Supermarkets |
487,822 |
413,997 |
Agriculture |
28,847 |
21,173 |
Hotels |
17,646 |
14,667 |
Departmental
stores |
1,881 |
4,640 |
Wholesaling |
224 |
4,432 |
Corporate* |
(1,490) |
(1,283) |
|
534,930 |
457,626 |
EBITDA |
|
|
Supermarkets |
34,514 |
23,807 |
Agriculture? |
10,289 |
6,096 |
Hotels |
4,063 |
1,814 |
Departmental
stores |
(2,218) |
(1,333) |
Wholesaling |
(1,998) |
(2,797) |
Corporate* |
(3,570) |
(2,779) |
|
41,080 |
24,808 |
The EBITDA figures are
before Group management fees. |
|
|
|
|
|
Segment
assets |
|
|
Supermarkets |
126,701 |
98,532 |
Agriculture |
85,582 |
76,038 |
Hotels |
46,966 |
46,460 |
Departmental
stores |
23,446 |
26,899 |
Wholesaling |
1,071 |
4,196 |
Corporate* |
26,724 |
30,525 |
|
310,490 |
282,650 |
Segment
liabilities |
|
|
Supermarkets |
56,148 |
43,314 |
Agriculture |
32,779 |
30,944 |
Hotels |
23,515 |
22,782 |
Departmental
stores |
18,999 |
17,286 |
Wholesaling |
10,032 |
8,690 |
Corporate* |
33,332 |
30,994 |
|
174,805 |
154,010 |
*Intercompany transactions and balances have been eliminated
from the corporate amounts. Corporate also includes other
subsidiaries that are immaterial to warrant separate
disclosure.
?Current year EBITDA is after adding back US$1.25
million loss on disposal of coffee bearer plants, which were
uprooted to pave way for macadamia trees. |
NOTES TO THE ABRIDGED AUDITED
FINANCIAL STATEMENTS (continued)
|
31 March
2018 |
31 March 2017 |
6. Other information |
US$ 000 |
US$ 000 |
Capital commitments authorised by
the Directors but not contracted for |
23,583 |
13,500 |
Group’s share of capital commitments
of joint operations |
3,000 |
- |
|
|
|
7.1 Net borrowings |
|
|
Non-current borrowings |
17,309 |
9,241 |
Current borrowings |
55,973 |
56,977 |
Total borrowings |
73,282 |
66,218 |
Cash and cash equivalents |
(34,175) |
(15,637) |
Net borrowings |
39,107 |
50,581 |
|
|
|
Comprising: |
|
|
Secured |
57,505 |
55,773 |
Unsecured |
15,777 |
10,445 |
|
73,282 |
66,218 |
The
weighted average cost of borrowings for the year was 13.39% per
annum (2017: 13.63% per annum).
The Group has issued cross company guarantees worth US$42.1 million
(2017: US$29.8 million) for Group borrowing facilities. |
7.2 Breach of loan
covenants
During the current year, the Group was in default on some of its
loan covenants with financial institutions. Details of loans in
default as at 31 March 2018 are as
follows:
-
US$4.6 million (2017: US$3.9 million) unsecured borrowing, carrying
interest at 18% p.a. The loan expired on 31
October 2017 and is now subject of litigation. The loan is
from a Government related financial institution.
-
US$432,678 (2017: US$3.6 million) unsecured borrowing, carrying
interest at 15% p.a. The loan expired on 23
July 2017 and is now subject of litigation. The loan is from
a Government related financial institution.
-
US$16.1 million (2017:
US$14.7 million) partially secured
borrowing, carrying interest at 12% p.a. The loan is currently on
overdraft and negotiations to extend the tenure are underway.
-
Loan instalments and interest amounting to US$1.1 million were in arrears as at 31 March 2018 for a loan of US$2.1 million (2017: US$2.7 million) expiring on 31 January 2019.
-
Loan instalments and interest amounting to US$673,000 were in arrears as at 31 March 2018 for a loan of US$3.4 million (2017: US$nil) expiring on
31 May 2018. Loan instalments
amounting to US$373,000 were in
arrears for a loan of US$4.7 million
(2017: US$5.9 million) expiring on
31 July 2021.
-
Interest payments amounting to US$151,000 were in arrears as at 31 March 2018 for a loan of US$3.2 million (2017: US$0.9 million) expiring on 31 December 2019.
NOTES TO THE ABRIDGED AUDITED
FINANCIAL STATEMENTS (continued)
8. Discontinued operation
On 31 August 2017, the Company
signed an agreement to dispose of Tuscarora Investments (Private)
Limited (trading as Meikles Financial Services), which carried out
the Group’s financial services operations to Veritran (Private)
Limited. Proceeds received were used in financing working capital
requirements of the Group. The proceeds of sale exceeded the
carrying amount of the related net assets and, accordingly, no
impairment losses were recognised. The disposal of the financial
services operations is consistent with the Group’s long-term policy
to focus its activities on its main segments, namely retail,
agriculture, hospitality and security services. The results of the
discontinued operation included in profit for the period are as set
out below. The comparative profit and cash flows from discontinued
operation have been re-presented to include the operation
classified as discontinued in the current period.
|
31 March
2018 |
31 March 2017 |
|
US$ 000 |
US$ 000 |
Profit / (loss) for the period
from discontinued operation |
|
|
Net fees and commission income |
297 |
583 |
Net operating costs |
(518) |
(1,125) |
Operating loss |
(221) |
(542) |
Investment income |
11 |
11 |
Interest expense |
(4) |
(20) |
Profit on disposal of operation |
768 |
- |
Profit / (loss) before
tax |
554 |
(551) |
Taxation |
(53) |
159 |
Profit / (loss) for the period
from discontinued operation |
501 |
(392) |
|
|
|
Cash flows from discontinued
operation |
|
|
Net cash outflows from operating
activities |
(98) |
(298) |
Net cash flows from investing
activities |
1 |
(127) |
Net cash inflows from financing
activities |
168 |
404 |
Net cash flows from discontinued
operation |
71 |
(21) |
|
|
|
Analysis of assets and
liabilities over which control was lost |
|
31 March
2018 |
|
|
US$ 000 |
Property, plant and equipment |
|
(197) |
Deferred tax asset |
|
(216) |
Inventory |
|
(7) |
Other financial assets |
|
(1,156) |
Trade and other receivables |
|
(255) |
Cash and cash equivalents |
|
(224) |
Trade and other payables |
|
1,763 |
Net assets disposed off |
|
(292) |
Proceeds on disposal |
|
1,060 |
Profit on disposal of
operation |
|
768 |
Meikles Limited Website :
www.meiklesltd.com