Interim Results
Meikles Africa Ld
13 November 2000
MEIKLES AFRICA LIMITED
Interim results for the six months ended 30 September 2000
Meikles Africa Limited ('Meikles Africa'), the Southern
African hotel and retail group, which is listed on the
Zimbabwe and London Stock Exchanges, announces its interim
results for the six months ended 30 September 2000, which
show increases in turnover and attributable profits.
* Turnover Z$4.084 million, up 38%
* Operating profit steady at Z$363 million
* Finance income of Z$300 million (1999 finance cost of Z$78m)
* Attributable profit of Z$525 million, up 167%
* Operating cash flow of Z$342 million, up 11%
* Interim dividend 70 cents
* The group has adjusted its accounts for hyperinflation as required by
international accounting standards. For comparative purposes management
have used historical accounting.
(Z$1 = £0.012706 as at 10 November 2000)
Chris Parvin, Chief Executive, commented:
'Owing to the poor trading environment in Zimbabwe
operating performance is unexciting, but at least steady.
Although the Group is well-positioned to limit the impact
of the economic downturn, we are taking a cautious view of
the short term outlook for trading.'
Enquiries:
Meikles Africa Tel: + 263 4 252 068
Chris Parvin, Chief Executive
Charles Golding, Finance Director
College Hill Tel: + 44 20 7457 2020
Corinna Dorward
Matthew Gregorowski
CHAIRMAN'S STATEMENT
INTRODUCTION
The social and political problems of Zimbabwe continue to
affect all sectors of the economy. The first six months of
our financial year included the election in June, pre-and
post-election violence, farm occupations, fuel shortages,
foreign exchange shortages, fluctuating interest rates and
finally a sliding devaluation. The Group's results at an
operating level reflect the difficult trading conditions
although TM Supermarkets has been less affected than the
other divisions. The Hotel Division suffered from reduced
occupancies following a major downturn in the number of
visitors to Zimbabwe. Revenue growth has been considerably
lower in the Retail Division due to the erosion in
disposable income.
The Group has prepared current cost accounts in line with
International Accounting Standards although it should be
noted that the commentary which follows relates to the
historical cost accounts to allow comparison with past
announcements. A comment explaining the differences
between the different treatments has been included at the
end of the Results section.
RESULTS
Group turnover increased 38% over the same period last year
with the two retail divisions improving their margins.
Although Hotels maintained their margins, the Group gross
profit margin decreased slightly from 28% to 26,6% as a
result of a change in sales mix brought about by the
decline in Hotel turnover. The operating profit of $363
million is marginally above the same period last year.
Pre-tax performance was boosted by an exchange gain of $623
million resulting in net finance income of $300 million
(1999 net finance cost: $78 million) which justifies our
decision to maintain our US dollar deposits whilst
borrowing locally. In addition we had an $83 million
contribution from our associate company, Kingdom Financial
Holdings Limited.
The Group tax charge has increased, largely due to a
deferred tax charge of $46 million (1999 - tax credit of $4
million) and to the inclusion of our share of Kingdom's tax
charge of $29 million.
Net profit attributable to shareholders of $525 million
represents a 166% increase over the same period last year
whilst headline earnings per share of 353 cents are 161%
ahead. Operating cashflow of $341 million is 10% ahead of
the comparative period.
In view of the uncertainties surrounding the economy and
the environment, the Board have decided to be prudent and
declare an interim dividend of 70 cents per share, the same
level as last year.
The major difference between the historical cost operating
profit and the current cost operating profit is the
adjustment to cost of sales and the increase in
depreciation and amortisation resulting from the
revaluation to current cost, of fixed assets and
investments.
HOTELS
Meikles Hotel revenue of $175 million declined by 7% whilst
the Victoria Falls Hotel revenue of $164 million declined
by 27% over the same period last year, due to the
significant drop in room occupancies. The results of the
Cape Grace Hotel for the first six months reflect the Cape
Town low season (winter months) and were in line with
expectations with sales of $95 million.
Profits have dropped significantly for the period under
review mainly due to the negative international perception
of Zimbabwe in both the commercial and tourist markets.
For the six months, Meikles Hotel and the group's 50% share
of the Victoria Falls Hotel and the Cape Grace, produced an
operating profit of $4 million. The profit for the
comparative period in 1999 was $120 million excluding the
Cape Grace Hotel which was only acquired in October of that
year.
Whilst both Meikles Hotel and the Victoria Falls Hotel
continue to win awards for excellence, the Cape Grace Hotel
was voted the Best Hotel in the World for 2000 by the
prestigious Conde Nast magazine. Meikles Hotel was
recently voted 9 th best hotel in the world by The Daily
Telegraph readers in the United Kingdom.
RETAIL
Sales at $636 million grew only 22% over the same period
last year, less than the rate of inflation. However
operating profit of $154 million grew 71% largely as a
result of the 144% increase in debtors income. Sales of
clothing and footwear have been relatively strong whilst
demand for consumer durables, household appliances,
furniture and Clicks products has reduced. The impact of
currency devaluation and significantly higher interest
rates contributed to the slow down in these categories.
Inventories have been managed downwards and at the end of
September were below the previous year's level despite the
53% inflation experienced by this sector. Expenses are
being closely monitored and controlled. New Clicks outlets
were opened in Kadoma and Masvingo during the period under
review.
TM SUPERMARKETS
Sales for the six months ending 30 September of $3.1
billion are 47% up on the same period last year, and
operating profit at $219 million is 43% up on last year.
The slightly lower profit growth is due to costs increasing
at a slightly greater rate than turnover. This factor has
been more than offset by interest income of $74 million.
Turnover has been affected by a marked reduction in
spending power as a direct result of inflation and the
economic hardships being experienced throughout the
country.
Efforts continue to be made to grow market share through
competitive pricing and quality of service. Cost
structures are being addressed wherever possible and
management are focusing on enhancing efficiencies and
productivity.
The new Bradfield branch opened in September with sales to
date exceeding expectations. New units at Ruwa, Sakubva
and Budiriro are expected to commence trading shortly.
Notwithstanding the present downturn in the economy, the
Group continues to develop its medium term plans for market
penetration through new units in Borrowdale and Zengeza,
whilst five other opportunities are being reviewed.
OUTLOOK
Traditionally the Group performs better at operating level
in the second six months of the financial year. However,
the inability of Government to address the root causes of
the deteriorating economic fundamentals will inevitably
result in further economic decline. Diminishing foreign
investment, fuel shortages, safety concerns and the
destruction of the environment will continue to deter
tourists and business people from visiting Zimbabwe. High
wage demands, increasing fuel and services costs, foreign
currency shortages as well as shrinking disposable incomes
are likely to affect both the Retail Division and TM
Supermarkets. All three divisions are at risk from further
social unrest and industrial action. The Group has
implemented contingency plans and cost saving measures,
which should reduce the effect of any downturn on the
Group's performance.
The future prosperity of Zimbabwe lies in the immediate
resolution of all the political and social problems, which
have caused the current severe economic decline. The Board
looks forward to a return to pragmatic economic policies
and requisite remedial measures being properly and urgently
implemented.
Financial Highlights
HISTORICAL COST CURRENT COST
6months 6months 12 Months 6months 6 months 12 Months
to to to to to to
30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
2000 1999 2000 2000 1999 2000
Group turnover (Z$m) 4,084 2,954 6,661 4,551 5,159 10,493
Group operating
(loss)/profit (Z$m) 363 358 790 13 264 486
Operating cashflow per
share (Zcents) 223 202 548 26 155 69
Operating (loss)/earnings
per share (Z cents) 237 234 516 9 173 318
Headline earnings/(loss)
per share (Zcents) 354 135 233 57 (204) (457)
Dividends (Zcents)
70 70 170 70 113 215
Dividend cover (times)
4.9 1.8 1.3 0.4 (2.0) (2.2)
Capital expenditure (Z$m)
119 69 193 119 157 383
Dividend Announcement
On the 9th November 2000, the Board approved an interim dividend Number 62 of
70cents per share on 153,370,305 shares payable to members registered in the
books of the company at the close of business on 1 December, 2000. The
Transfer Books and Register of Members will be closed from 2 December,2000
to 10 December,2000. Dividend cheques will be mailed to shareholders on or
about 11 December, 2000. 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
Company Secretary
9 November, 2000
All current financial, operational and structural information on Meikles
Africa
Limited can be obtained as changes in these areas occur by visiting Meikles
Africa's website at : http://www.meiklesafrica.com
Consolidated Income Statement
for the six months ended 30 September 2000
HISTORICAL COST CURRENT COST
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
6 months 6 months Year 6 months 6 months Year
to to ended to to ended
Notes 30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
2000 1999 2000 2000 1999 2000
Turnover
4,084,215 2,954,435 6,660,524 4,550,942 5,159,486 10,492,914
Cost of sales
(2,996,989)(2,126,316)(4,782,446)(3,592,708)(3,964,239)(8,036,913)
Gross profit
1,087,226 828,119 1,878,078 958,234 1,195,247 2,456,001
Employee costs
(434,224) (254,445) (590,261) (483,737) (445,689) (924,278)
Occupancy costs
(104,915) (74,468) (168,278) (117,032) (130,157) (265,361)
Other operating costs
(413,497) (246,732) (635,146) (597,909)(540,167)(1,249,951)
Other income
228,260 105,922 305,275 253,516 184,854 470,046
Operating profit
362,850 358,396 789,668 13,072 264,088 486,457
Finance costs 2
300,088 (77,576) (302,396) 308,651 (136,183) (450,758)
Share of result of associate
83,084 - - 41,945 - -
Net monetary loss
- - - (218,990) (275,007) (661,864)
Profit/(loss) before taxation
746,022 280,820 487,272 144,678 (147,102) (626,165)
Taxation 3
(171,949) (51,674) (79,409) (45,671) (59,429) 27,464
Profit after taxation
574,073 229,146 407,863 99,007 (206,531) (598,701)
Minority interest
(49,127) (32,475) (76,024) (56,743) (134,262) (200,841)
Net profit/(loss) attributable to shareholders
524,946 196,671 331,839 42,264 (340,793) (799,542)
Basicearnings/(loss) 4
per share (cents)
343 129 217 28 (223) (523)
IIMR Headline 4
earnings/(loss) per share (cents)
354 135 233 57 (204) (457)
Consolidated Balance Sheets
at 30 September 2000
HISTORICAL COST CURRENT COST
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
6 months 6 months Year 6 months 6 months Year ended
to to ended to to
Notes 30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
2000 1999 2000 2000 1999 2000
ASSETS
Non-current assets
Property, plant and equipment
1,352,973 697,666 1,190,159 3,128,253 2,709,064 3,188,027
Investments 5
803,506 366,994 696,344 899,133 601,317 946,841
Goodwill 490,247 408,010 504,938 1,345,041 1,243,308 1,385,912
Long term debtors
251,476 171,531 215,761 251,476 277,850 272,799
2,898,202 1,644,201 2,607,202 5,623,903 4,831,539 5,793,579
Current assets
Stocks 895,108 701,773 789,798 989,191 1,193,672 1,119,233
Debtors and prepayments
691,160 425,555 604,259 691,160 689,324 763,998
Cash and cash equivalents
2,484,095 2,048,373 1,947,005 2,484,095 3,318,004 2,461,705
4,070,363 3,175,701 3,341,062 4,164,446 5,201,000 4,344,936
Total assets
6,968,565 4,819,902 5,948,264 9,788,349 10,032,539 10,138,515
EQUITY AND LIABILITIES
Capital and
reserves
Equity capital
15,337 15,289 15,291 159,559 159,507 159,509
Non-distributable reserves
1,061,18 1,048,366 1,040,728 4,567,3034 4,555,723 4,546,122
Retained earnings
2,200,029 1,688,845 1,717,412 671,385 1,239,353 667,042
Shareholders for dividend
107,359 107,027 152,915 107,359 173,365 193,339
3,383,911 2,859,529 2,926,342 5,505,606 6,127,948 5,566,012
Minority interest 6
51,242 28,080 38,960 125,569 80,397 105,672
Non-current liabilities
Interest bearing borrowings
1,999,83 751,0282 1,650,033 1,999,832 1,216,533 2,086,226
Deferred taxation
255,072 253,980 208,219 878,834 1,105,622 958,572
Other financial liabilities
120,027 29,628 25,520 120,027 47,992 32,266
2,374,931 1,034,636 1,883,772 2,998,693 2,370,147 3,077,064
Current liabilities
Creditors
997,042 785,336 926,748 997,042 1,272,106 1,171,739
Interest bearing borrowings
40,848 32,047 48,127 40,848 51,911 60,850
Other financial liabilities
113,076 80,274 124,315 113,076 130,030 157,178
Shareholders fordividend
7,515 - - 7,515 - -
1,158,48 897,6571 1,099,190 1,158,481 1,454,047 1,389,767
Total equity and liabilities
6,968,565 4,819,902 5,948,264 9,788,349 10,032,539 10,138,515
Consolidated Statement of Changes of Equity
HISTORICAL COST
Share Share Non- Retained Total
Capital Premium distributable Earnings
Reserves and
Shareholders
for
dividend
$000 $000 $000 $000 $000
Balance at 1 April 2000
15,291 895,533 145,191 1,870,327 2,926,342
Currency translation difference for Cape Grace Hotel
- - 13,018 - 13,018
Increase in valuation of quoted investments
- - - 65,030 65,030
Net gains not recognised in income statement
- - 13,018 65,030 78,048
Share options exercised
46 7,444 - - 7,490
Net profit
- - - 524,946 524,946
- - - (152,915) (152,915)
Balance at 30 September 2000
15,337 902,977 158,209 2,307,388 3,383,911
Balance at 1 April 1999
15,289 894,975 153,393 1,906,534 2,970,191
Decrease in valuation of quoted investments
- - - (154,438) (154,438)
Net profit
- - - 196,671 196,671
Dividend for 1999 - final
- - - (152,895) (152,895)
Balance at 30 September 1999
15,289 894,975 153,393 1,795,872 2,859,529
CURRENT COST Share Share Non- Retained Total
Capital Premium distributable Earnings
Reserves and
Shareholders
for
dividend
$000 $000 $000 $000 $000
Balance at 1 April 2000
159,509 3,889,917 656,205 860,381 5,566,012
Currency translation difference for Cape Grace Hotel
- - 13,018 - 13,018
Increase in valuation of quoted investments
- - - 69,438 69,438
Net gains not recognised in income statement
- - 13,018 69,438 82,456
Share options exercised
50 8,163 - - 8,213
Net profit - - - 42,264 42,264
Dividend for 2000 - final
- - - (193,339) (193,339)
Balance at 30 September 2000
159,559 3,898,080 669,223 778,744 5,505,606
Balance at 1 April 1999
159,507 3,889,148 666,575 2,311,136 7,026,366
Decrease in valuation of quoted investments
- - - (266,112) (266,112)
Net profit - - - (340,793) (340,793)
Dividend for 1999 - final
- - - (291,513) (291,513)
Balance at 30 September 1999
159,507 3,889,148 666,575 1,412,718 6,127,948
Consolidated Cash Flow Statement
for the six months ended 30 September 2000
HISTORICAL COST CURRENT COST
Unaudited Unaudited Audited Unaudited Unaudited Unaudited
6 months 6 months Year 6 months 6 months Year
to to ended to to ended
30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
Notes 2000 1999 2000 1999 2000 2000
Cash flows from operating activities
Operating cash flow before working capital changes 7
418,154 406,507 894,672 24,857 182,453 254,680
Decrease/(Increase) in stocks
(104,731) (188,151) (274,071) 129,487 (87,924) (10,824)
Decrease/(increase) in non-interest bearing debtors
(34,796) 35,346 74,954 61,152 152,009 3,434
(Decrease)/increase in creditors
63,263 55,414 142,369 (174,992) (10,291) (141,962)
Operating cash flow
341,890 309,116 837,924 40,504 236,247 105,328
Income tax paid
(18,014) (18,350) (71,608) (49,301) (43,829)(122,743)
Net cash (used in)/generated from operating activities
323,876 290,766 766,316 (8,797) 192,418 (17,415)
Cash flows from investing activities
Purchase of property, plant and equipment - expansion
(49,974) (13,631) (81,361) (50,241) (30,993) (127,691)
Purchase of property, plant and equipment - replacement
(68,670) (55,220) (162,766) (69,038) (125,553) (225,451)
Proceeds of property, plant and equipment
5,429 4,156 14,743 6,345 9,571 22,830
Purchase of 50% joint venture in Cape Grace Hotel
- (205,225) - - (298,351)
Purchase of 25% of Kingdom Financial Holdings Limited
- (266,039) - - (395,901)
Dividends received
13,397 - 48 13,397 - 266
Purchase of investments
(177) - (110) (177) - (154)
Monetary loss on investments
117,981 144,782 305,998
Decrease/(increse) in interest-bearing debtors
(51,964) (93,599) (284,610) 33,211 (91,834) 3,746
Interest received
101,563 84,336 207,637 114,032 147,224 323,432
Net cash generated from / (used in) investing activities
(50,396) (73,958) (777,683) 165,510 53,197 (421,276)
Consolidated Cash Flow Statement
for the six months ended 30 September 2000 (cont'd)
HISTORICAL COST CURRENT COST
Unaudited Unaudited Audited Unaudited Unaudited Unaudited
6 months 6 months Year 6 months 6 months Year
to to ended to to ended
30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
Notes 2000 1999 2000 1999 2000 2000
Cash flows from financing activities
Proceeds from interest bearing borrowings
279,212 188,394 882,758 190,130 765,723
Repayment of interest bearing borrowings
(91,382) (42,284) (111,433) (110,026)(136,136) (199,598)
Interest paid
(387,994) (98,410) (472,805) (477,438)(272,182) (759,876)
Proceeds on issue of shares
7,489 560 8,212 - 771
Dividends paid - Ordinary shareholders
(145,400)(152,895) (259,922) (185,824) (291,513) (458,883)
- Minorities (32,669) (19,293) (43,649) (41,305) (147,925) (187,376)
Net cash used in financing activities
(370,744) (124,488) (4,491) (806,381) (657,626) (839,239)
Net effect of exchange rate changes on cash and cash equivalents
634,354 (6,183) (9,425) 672,058 (11,225) (14,314)
Net increase/(decrease) in cash and cash equivalents
537,090 86,137 (25,283) 22,390 (423,236) (1,292,244)
Cash and cash equivalents at 31 March 2000
1,947,005 1,962,236 1,962,236 2,461,705 3,741,240 3,741,240
Cash acquired with joint venture
- - 10,052 - - 12,709
Cash and cash equivalents at 30 September 2000
2,484,095 2,048,373 1,947,005 2,484,093 3,318,005 2,461,704
Notes to the Financial Statements
1 Accounting policies
The Financial Statements have been prepared in accordance with
International Accounting Standard 29 'Financial Reporting in
Hyperinflationary Economies'. The accounting policies in all other respects are
the same as those used in preparing the 31 March 2000 Annual Financial
Statements.
HISTORICAL COST CURRENT COST
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
6 monthsto 6 monthsto Year 6 months to 6 months to Year
ended ended
30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
2000 1999 2000 2000 1999 2000
2 Net finance income
Interest receivable
101,563 84,336 207,637 114,032 147,224 323,432
Interest payable:
Long term borrowings
(317,326) (152,345)(418,638) (358,689) (262,403) (643,622)
Overdrafts and short term borrowings
(20,386) (1,839) (15,065) (23,113) (5,811) (22,483)
Finance lease (14,837) - (11,580) (14,837) - (14,641)
Related parties (72,034) (1,545) (56,123) (80,800) (3,968) (79,130)
(424,583) (155,729) (501,406) (477,439) (272,182) (759,876)
Net interest (323,020) (71,393) (293,769) (363,407) (124,958) (436,444)
Net exchange gains/(losses)
623,108 (6,183) (8,627) 672,058 (11,225) (14,314)
Net finance income
300,088 (77,576) (302,396) 308,651 (136,183) (450,758)
3 Taxation
Income tax -current
94,505 49,644 121,297 94,505 80,419 153,362
-prior year under provision
- - 3,838 - - 4,853
-deferred 45,588 (4,475) (61,638) (81,004) (31,941) (207,312)
Withholding tax on interest
2,600 6,505 15,912 2,914 10,951 21,633
Share of tax of associate
29,256 - - 29,256 - -
171,949 51,674 79,409 45,671 59,429 (27,464)
4 Earnings per share - basic
Basic earnings per share have been calculated by dividing the net profit for
the period attributable to shareholders by the number of shares in issue.
A calculation of diluted earnings per share has not been shown as the
difference to basic earnings per share is insignificant
IIMR Headline earnings per share
Net profit/(loss) for the period attributable to shareholders
524,946 196,671 331,839 42,264 (340,793) (799,542)
Amortisation of goodwill
14,691 9,769 22,275 40,871 30,229 64,890
Loss/(profit) on disposal of fixed assets
1,282 (58) 2,432 3,464 (777) 36,585
540,919 206,382 356,546 86,599 (311,341) (698,067)
Weighted average number of shares in issue
153,007,042 152,895,305 152,915,305 153,007,042 152,895,305 152,915,305
Notes to the Financial Statements
HISTORICAL COST CURRENT COST
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
6 months 6 months Year 6 months 6 months Year
to to ended to to ended
30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
2000 1999 2000 2000 1999 2000
5 Investments
Associate
306,471 - 266,039 395,194 - 395,901
Quoted at cost
18,286 13,609 18,286 18,286 22,044 23,120
Other
1,449 97 1,015 8,353 7,009 8,164
Revaluation surplus
477,300 353,288 411,004 477,300 572,264 519,656
803,506 366,994 696,344 899,133 601,317 946,841
6 Minority interest
At 1 April 2000
38,960 19,961 19,961 105,672 96,728 96,728
Share of net profit of subsidiary
49,127 32,475 76,024 56,743 134,262 200,841
Share of dividends paid and proposed
(36,845) (24,356) (57,025) (36,846) (150,593)(191,897)
At September 2000
51,242 28,080 38,960 125,569 80,397 105,672
7 Cash flows from operating activities
Profit/(loss) before taxation
746,022 280,820 487,272 144,678 (147,102) (626,165)
Adjustments for:
Amortisation of goodwill
14,691 9,769 22,275 40,871 30,229 64,890
Depreciation
58,663 38,400 85,635 173,814 163,920 338,265
Net interest
323,020 71,393 293,769 363,407 124,958 436,444
Exchange (gains)/losses
(623,108) 6,183 8,627 (672,058) 11,225 14,314
Dividends received
- (48) - - (266)
Scrip dividend received
- (4,674) - - (7,576)
Share of result of associate
(83,084) - - (41,945) - -
Translation of foreign entity
(19,332) - (598) 12,626 - (1,811)
Profit on sale of shares
(18) - - -
(Loss)/profit on disposal of plant,
property and equipment
1,282 (58) 2,432 3,464 (777) 36,585
418,154 406,507 894,672 24,857 182,453 254,680
Notes to the Financial Statements
HISTORICAL COST CURRENT COST
Unaudited Unaudited Audited Unaudited Unaudited Unaudited
6 months 6 months Year 6 months 6 months Year
to to ended to to ended
30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
2000 1999 2000 2000 1999 2000
8 Segment information
By industry segment:
Turnover
Hotel 303,282 300,920 651,248 334,747 525,765 1,019,145
Supermarkets 3,144,903 2,133,895 4,812,221 3,504,570 3,725,722 7,586,368
Retail 636,030 519,620 1,197,055 711,625 907,999 1,887,401
Corporate and other
- - - - -
4,084,215 2,954,435 6,660,524 4,550,942 5,159,486 10,492,914
Operating profit
Hotel 3,695 119,619 224,201 (77,579) 146,583 214,354
Supermarkets 219,172 153,270 333,344 98,264 131,963 209,419
Retail 154,490 90,839 248,390 8,646 (5,094) 88,700
Corporate and other
(14,507) (5,332) (16,267) (16,259) (9,364) (26,016)
362,850 358,396 789,668 13,072 264,088 486,457
Total assets
Hotel 1,745,672 985,925 1,689,860 2,726,097 2,238,750 2,850,832
Supermarkets
1,337,086 801,314 1,086,280 1,444,454 1,671,303 1,621,415
Retail 1,470,011 1,143,607 1,891,920 2,020,307 2,284,238 2,234,620
Corporate and other
2,415,796 1,889,056 1,280,204 3,597,491 3,838,248 3,431,648
6,968,565 4,819,902 5,948,264 9,788,349 10,032,539 10,138,515
9 Foreign exchange rates
The principal foreign exchange rates used in the financial statements are as
follows:
(shown as the Zimbabwe dollar equivalent of one foreign currency unit).
Average transaction Balance sheet
rate rate
30 Sept 30 Sept 31 March 30 Sept 30 Sept 31 March
2000 1999 2000 2000 1999 2000
Britain 63,33 61,14 61,31 77,45 62,39 60,40
United States 42,19 38,04 37,99 53,00 37,95 37,95
Germany 19,83 20,53 20,13 23,95 20,66 18,65
Switzerland 24,97 25,09 24,56 30,71 25,22 22,87
Japan 0,40 0,33 0,34 0,49 0,36 0,36
South Africa 6,17 6,26 6,21 7,43 6,35 5,85
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