Final Results

Meikles Africa Ld
30 May 2007






                AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2007
                              FINANCIAL HIGHLIGHTS



Historical Cost                                               Inflation Adjusted

  $1,13 trillion   Attributable profit:                           $1,04 trillion

          $6 914   Headline earnings per share:                           $6 366

  2 828% to $357   Turnover increased by:                                 42% to  
         billion                                                    $956 billion

  6 213% to $127   Operating profit increased by:                        108% to
         billion                                                     $90 billion

     $87 billion   Funds generated from operations:                 $240 billion

                   Dividend
                   Final dividend per share amounts to $163,
                   bringing the total for the year to $170,
                   amounting to $27,8 billion (historical cost).




CHAIRMAN'S STATEMENT

The significance of the Group's foreign assets makes it appropriate to adopt an
exchange rate which discloses values that are more aligned to market forces.  In
an effort to more fairly present real value to its shareholders, the Group has
applied the Old Mutual implied rate (OMIR) in the translation to local currency
of net foreign assets and operations.

Local operations continued to focus on strategies which ensured operating profit
exceeded inflation.


Retail

•  Stock procurement and pricing were managed so that the competitive advantage 
   of these businesses was enhanced.

•  Working capital management responded rapidly to interest and exchange rate 
   movements.

•  Cash flows were fine tuned to strike a balance between cash availability and 
   ideal stock holdings.

•  Markets were evaluated with a view to developing new units in areas where 
   opportunities arise.



Hotels

•  Product standards were maintained in all areas of service delivery 
   commensurate with Leading Hotels of the World.

•  Pricing of goods and services ensured that a competitive edge was maintained 
   locally and internationally.



Results (commentary is on inflation adjusted figures)

Foreign Investments and Funds

•  The fair value gains on foreign investments amounted to $466 billion.

•  The exchange gains on funds deposited with the Reserve Bank of Zimbabwe 
   amounted to $517 billion.

Other Investments

•  The Group's share of profit in Kingdom Financial Holdings and Meikles
   Financial Services amounted to $10,2 billion.  The market value at 31 March 
   2007 of our investment in Kingdom was $94,7 billion and subsequent to the 
   year-end further significant gains have been recorded.

Retail

•  Turnover increased by 29% to $797 billion.

•  Margins were reduced because of competition in the market and price controls, 
   coupled with awareness of increasing limitations of customer disposable 
   incomes.

•  Expenses were above official inflation driven by increases in staff costs, 
   utility charges and general maintenance expenditure.

•  A new TM Supermarket branch was opened at Kariba and others are in progress.

•  Improved stock turns were achieved in both TM and the Department Stores.

•  Divisional rationalisation of Clicks created considerable cost savings.

•  Profit before tax at $61 billion was 31% above last year.

Hotels

•  The lease for The Victoria Falls Hotel has been renewed for a further twenty 
   five years, enabling the partnership with Zimbabwe Sun Limited to embark on 
   capital projects to enhance the traditional product.

•  Some refurbishment of the Cape Grace Hotel has taken place and more is 
   planned in the forthcoming year in order to enhance the hotel in an
   increasingly competitive international market.

•  Growth in occupancies was 13% bringing Group occupancy to 36% with all hotels
   showing improvement.

•  Turnover increased by 189% to $159 billion and contributed to an operating 
   profit which was 472% above 2006.

•  There was a substantial increase in profit before tax to $57 billion, well
   above last year, driven to a large extent by OMIR and the translated results
   of Cape Grace Hotel.



Outlook

The Group will continue to manage trading conditions in the local market to best
advantage.  Focus on working capital management will be maintained.

The Group's foreign investments will continue to grow in hard currency terms.
External investments will continue to be developed when opportunities arise.


Social responsibility

The Group continues to be mindful of the plight of the aged and other vulnerable
groups and contributes to the homes and care centres across Zimbabwe in an
effort to assist in the welfare of our country's senior citizens.



J.R.T. MOXON
CHAIRMAN



FINAL DIVIDEND ANNOUNCEMENT

On the 24th of May 2007, the Board approved a final dividend Number 75 of $163
per share on 163,656,787 shares payable to members registered in the books of
the Company at the close of business on 15 June 2007.  Shareholders will be
given the option to elect whether to take their dividend in cash or in shares in
the Company at the last selling price of the shares on the 28th of May 2007.

The Transfer Books and Register of Members will be closed from 16 June 2007 to
18 June 2007.  Dividend warrants will be posted or direct and cheque payments
made to shareholders on or about 11 July 2007.  The dividends payable to
non-resident shareholders will be paid in accordance with Exchange Control
Regulations.  Shareholders' withholding tax will be deducted where applicable.



By order of the Board


A.P. LANE-MITCHELL
SECRETARY

28 May 2007

All current financial, operational and structural information on Meikles Africa
Limited can be obtained by visiting Meikles Africa Limited's website at :
http:/www.meiklesafrica.co.zw

Directors : J R T Moxon (Chairman), M A Masunda, D W Mills, D E Stephens, 
C B Thorn, M S Wilson.



AUDITED CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2007
                                                                 INFLATION ADJUSTED          HISTORICAL COST

                                                                               Restated                  Restated
(all amounts in millions of dollars)                              31 March     31 March     31 March     31 March
                                                                      2007         2006         2007         2006

Revenue                                                            956,181      672,909      356,960       12,191

Operating (loss) / profit before monetary adjustment and                       
exchange gains                                                    (42,177)     (22,328)       79,546        1,893


Net monetary gain from operating activities                        113,038       63,223            -            -
Exchange gains on net current assets                                19,548        2,472       47,541          120


Operating profit                                                    90,409       43,367      127,087        2,013

Investment income                                                   30,419       16,903       15,266          362
Finance costs                                                     (11,666)      (7,321)      (4,563)        (105)
Net exchange gains                                                 850,585       37,643    1,017,810        4,111
Increase in value of quoted investment                             133,042        8,586      147,537          631
Net monetary gain from financing activities                        110,568          735            -            -
Share of profits of associates                                      10,189      (4,426)        6,784           79
Loss on disposal of subsidiaries                                         -      (1,791)            -            -

Profit before tax                                                1,213,546       93,696    1,309,921        7,091

Income tax expense                                               (162,789)     (23,129)    (168,598)      (1,160)

Profit for the year                                              1,050,757       70,567    1,141,323        5,931

Attributable to:
Equity holders of the parent                                     1,042,253       63,019    1,132,161        5,652
Minority interest                                                    8,504        7,548        9,162          279
                                                                 1,050,757       70,567    1,141,323        5,931

Basic earnings per share ($)                                         6,369          385        6,918           35
IIMR Headline earnings per share ($)                                 6,366          388        6,914           34
Weighted average number of shares                              163,656,787  163,656,787  163,656,787  163,656,787



AUDITED CONSOLIDATED BALANCE SHEET
At 31 March 2007
                                                                  INFLATION ADJUSTED        HISTORICAL COST

                                                                               Restated                 Restated
(all amounts in millions of dollars)                                     At          At          At           At
                                                                   31 March    31 March    31 March     31 March
                                                                       2007        2006        2007         2006

ASSETS

Property, plant & equipment                                         454,192     122,152     372,055        2,273
Investment in associates                                             38,716      15,488       8,509          143
Other financial assets                                              483,783      48,709     483,350        2,099
Goodwill                                                             24,915      24,915           2            2
Current assets                                                    1,080,519     199,258   1,057,441        8,193

Total assets                                                      2,082,125     410,522   1,921,357       12,710


EQUITY AND LIABILITIES

Attributable to equity holders of the parent                      1,390,195     230,610   1,266,415        6,381
Minority interest                                                    15,708       9,776       8,938          246
Deferred tax                                                        137,278      40,244     107,060          435
Other non-current liabilities                                       164,777      36,127     164,777        1,571
Current liabilities                                                 374,167      93,765     374,167        4,077

Total equity and liabilities                                      2,082,125     410,522   1,921,357       12,710


AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2007


                                                                  INFLATION ADJUSTED        HISTORICAL COST

(all amounts in millions of dollars)                                           Restated                 Restated
                                                                   31 March    31 March     31 March    31 March
                                                                       2007        2006         2007        2006
                                                                               

Profit for the year                                               1,042,253      63,019    1,132,161       5,652
Cape Grace Hotel - translation of foreign entity                    120,585       (242)      127,752         383
Share of reserves of associate                                        6,315       1,025        1,594          13

Share of prior year adjustment of associates' reserves                  -           370            -         (2)

Dividend - prior year final                                         (4,858)     (5,724)        (327)        (25)
Dividend-current year interim                                       (4,710)     (3,025)       (1,146)       (61)

Attributable to equity holders of parent                          1,159,585      55,423    1,260,034       5,960
Minorities                                                            5,932       4,296        8,692         237

Shareholders' equity at the beginning of the year                   240,386     180,667        6,627         430
Shareholders' equity at the end of the year                       1,405,903     240,386    1,275,353       6,627



AUDITED CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2007


                                                                 INFLATION ADJUSTED         HISTORICAL COST

                                                                              Restated                  Restated
(all amounts in millions of dollars)                            31 March      31 March     31 March     31 March
                                                                    2007          2006         2007         2006


Cash flows from operating activities
Profit before tax                                                1,213,546      93,696    1,309,921        7,091
Adjustments for:
  Non-operating cash flow                                        (899,328)    (42,497)  (1,083,480)      (4,584)
  Non-cash items                                                  (79,454)      13,217    (142,603)        (569)

Operating cash flow before working capital changes                 234,764      64,416       83,838        1,938
Working capital changes                                              4,816    (30,561)        3,525        (403)

Cash generated from operations                                     239,580      33,855       87,363        1,535
Income taxes paid                                                 (16,776)    (17,235)      (4,815)         (97)

Net cash generated from operating activities                       222,804      16,620       82,548        1,438


Net cash used in investing activities                             (10,337)     (3,292)      (7,185)        (318)

Net cash used in financing activities                             (24,357)    (50,617)        (436)        (312)

Net increase / (decrease) in cash and cash equivalents             188,110    (37,289)       74,927          808

Cash and cash equivalents at beginning of year                      99,196      87,686        4,313          376

Net effect of exchange rate changes on cash and cash equivalents   538,668      40,115      733,885        4,231
Translation of foreign entity                                      (6,562)       8,684        6,287      (1,102)

Cash and cash equivalents at end of year                           819,412      99,196      819,412        4,313



AUDITED SEGMENT INFORMATION
                                                                 INFLATION ADJUSTED         HISTORICAL COST

                                                                              Restated                  Restated
(all amounts in millions of dollars)                              31 March    31 March    31 March      31 March 
                                                                      2007        2006        2007          2006

Revenue
Hotels                                                             159,242      55,053      73,062         1,184
Retail                                                             796,939     617,856     283,898        11,007
                                                                   956,181     672,909     356,960        12,191
Operating profit / (loss)
Hotels                                                              59,076      10,329      51,974           391
Retail                                                              47,871      35,737      60,436         1,576
Corporate                                                         (16,538)     (2,699)      14,677            46
                                                                    90,409      43,367     127,087         2,013
Segment assets
Hotels                                                             575,330     120,508     544,882         3,052
Retail                                                             298,834     164,702     229,632         4,852
Corporate                                                        1,207,961     125,312   1,146,843         4,806
                                                                 2,082,125     410,522   1,921,357        12,710




SUPPLEMENTARY INFORMATION                                            INFLATION ADJUSTED     HISTORICAL COST

(all amounts in millions of dollars)                               31 March    31 March    31 March    31 March
                                                                       2007        2006        2007        2006

Capital expenditure                                                  35,918      10,662      23,353         256
Capital commitments authorised but not yet contracted for           390,196      64,097     390,196       2,787
Depreciation and impairment                                          20,177       7,445       4,934          62
Market value of investments
       - Associate - Kingdom Financial Holdings Limited              94,736       6,211      94,736         270
       - Investment - Mvelaphanda Group                             148,179      15,154     148,179         659
Borrowings                                                           76,090      13,901      76,090         605
Finance and operating lease commitments                             124,883      23,992     124,883       1,043
Guarantees                                                           67,953      12,821      67,953         557



Accounting policies

The International Accounting Standards Board has released a number of new
accounting standards and made amendments to existing standards. The impact of
these changes has been assessed and applied.


Prior year adjustments

Reinstatement of share premium

A difference arose between the Group and Company share premium figures at the
time of the original listing. A reinstatement to equalise the Group and the
Company share premium has been done at Group level in the current year.

Treatment of the operating lease payments and finance lease cost adjustments

Past practice, whereby operating lease payments were expensed on a payment
basis, was based on an interpretation that was generally accepted. This
interpretation recognised the contractual payment basis as the most
representative of the time pattern of the company's benefit obtained from the
leased property. The company is obliged to adopt a straight line basis of
accounting for all lease payments required to be made over the entire lease
period. This has therefore been adjusted with immediate effect in terms of IAS
17. Comparative figures have been restated accordingly.

The adjustments to the finance lease arose from a treatment in the initial
recognition of additional costs to the finance lease asset and the finance lease
liability. Comparative figures have also been restated accordingly.

The effect of these prior year adjustments are fully disclosed in the annual
report.




Note to inflation adjusted financial statements

The consumer price indices used to restate the financial statements at 31 March
2007 are as follows:
                                                Index                    Factor
31 March 2007                            16,221,182.2                       1.0
31 March 2006                               705,209.4                      23.0
31 March 2005                                69,577.2                     233.1



For further information contact Bryan Thorn [phone]/78






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