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Meikles Africa Ld (MIK)

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Monday 22 November, 2004

Meikles Africa Ld

Interim Results

Meikles Africa Ld
22 November 2004


Meikles Africa Limited

UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004


Financial Highlights -                   Financial Highlights -
Inflation Adjusted                       Historical Cost
                                                                                                           
•   Net turnover of $761.0 billion,      •   Net turnover of $657.1 billion, 
    (2003 $644.8 billion)                    (2003 $126.5 billion)

•   Operating loss of  $64.1 billion,    •   Operating profit of $27.5 billion, 
    (2003 $47.9  billion)                    (2003 $19.3 billion)

•   Exchange loss of $16 billion,        •   Exchange gain of $58.6 billion, 
    (2003 gain of $291.1 billion)            (2003  $59.5 billion)
  
•   Share of associates $22.1 billion    •   Share of associates of $22.1
    (2003 $21.5 billion)                      billion (2003 $3.3 billion)

•   Attributable loss of $57.5 billion,  •   Attributable profit of $75.3 
    (2003 $16.1 billion)                     billion, (2003 $83.6 billion)
                                                            
•   Headline loss per share of $337.16   •   Headline profit per share of    
    (2003  $36.85)                           $458.50 (2003 -  $512.85)

•   Interim dividend of $50.00           •   Interim dividend of $50.00 
    (2003  $87.90)                           (2003  $25.00)

•   Net cash and cash equivalents of     •   Net cash and cash equivalents of 
    $138 billion, (2003 $53 billion)         $138 billion (2003 $15 billion)

________________________________________________________________________________
               Average year on year inflation for the period - 355%
               Year on year inflation at 30 September 2004 - 251%
               Movement in foreign exchange rates since 31st March 2004 - 28%
               Increase in consumer price index since 31st March 2004 - 48%
________________________________________________________________________________

CHAIRMAN'S STATEMENT

Unless otherwise stated, comments are in respect of historical cost figures.
Turnover for the half year to 30 September 2004 was $657.1 billion, an increase
of 420% against average inflation for the period of 355%. Attributable profit
was $75.3 billion compared to $83.6 billion last year.  Factors affecting the
operating results were reduced gross margins as inflation dropped, and the
continuing rise above inflation of operating expenses such as utilities and
wages.  Interest rates remained high and the Supermarkets and Retail division
focused on improving liquidity by reducing stock levels.  The managed exchange
rate has resulted in lower than anticipated exchange gains on the Group's
foreign assets and has reduced turnover.

TM SUPERMARKETS

Net turnover in TM increased by 480% from $89.2 billion to $518.1 billion.  The
impact of shrinkage, lower inflation and sales mix have combined to reduce
margins.  Lower disposable income has increased demand for basic commodities
such as sugar, mealie meal and cooking oil and this has resulted in lower
margins, although better supply of these products has maintained sales growth.
There has been real growth in bakery turnover although the margin has been
affected by a move away from confectionery products to the basic loaf  which has
been maintained at a competitive price.  Despite these factors, TM turned in a
good performance at the operating profit level compared to the previous year.
More effective working capital management has resulted in a substantial
improvement in interest income.  A major refurbishment at Avondale TM will be
finished by the end of November, in time for Christmas.  Further refurbishments
will be undertaken during the rest of the year.

RETAIL DIVISION

Net turnover increased by 316% from $22.8 billion to $94.9 billion. Gross
margins have been affected by the successful clearance sales which were
necessary to reduce stock levels and improve liquidity.  Stocks are now at
planned levels and ranges are in place for Christmas.  The division has
concentrated on cutting costs, improving procurement and adjusting to higher
interest rates.  The credit operation of the division has been well managed, and
Meikles Financial Services has made a significant contribution to profits.

HOTEL DIVISION

Zimbabwe

Although Zimbabwe tourism and business arrivals continue to suffer from the poor
image of the country, both hotels have remained cash positive and made a
contribution to profits during a quiet first half of the year.  Occupancies have
averaged 21.6% for the period but have shown signs of improvement from August.

South Africa

The Cape Grace has achieved turnover growth in rand terms over the same period
last year reflecting steady occupancies and a higher room rate despite the
strong rand.  The hotel continues to achieve the highest average room rate and
the highest revenue per available room in the Cape, and has won further awards
this half year both for the hotel itself and for 'one.waterfront', the hotel
restaurant.  Forward bookings for the season are strong and should result in a
good profit contribution for the year.

SOCIAL RESPONSIBILITY

The Group has acknowledged its social responsibility to the community by making
donations of food vouchers and cash to the value of $300 million in the 6 months
under review, with particular focus on old age homes.

RESULTS - INFLATION ADJUSTED

The impact of the Reserve Bank of Zimbabwe monetary policy is clearly noticed in
the inflation adjusted accounts.  One of the objectives of the policy is to
reduce inflation and interest rates, and to stabilise exchange rates.  Interest
rates remain negative although the gap is closing, and the exchange rate
movement is less than inflation.  These factors distort the presentation of the
inflation adjusted figures and reflect the difficulties being experienced by
exporters.  The Group falls into this category of business through export
earnings from hotel operations and its foreign denominated investments.

STRATEGY

The proposed merger between Rebserve and Mvela Holdings in South Africa is still
subject to the satisfactory conclusion of various conditions precedent.  Once
these issues have been resolved, we will be in a better position to determine
our future participation in New Mvela.

INTERIM DIVIDEND ANNOUNCEMENT

On the 18 November 2004, the Board approved an interim dividend Number 70 of
$50.00 per share on 163,656,787 shares payable to members registered in the
books of the Company at the close of business on 10th December 2004.  The
Transfer Books and Register of Members will be closed from 13th December 2004 to
24th December 2004.  Dividend cheques will be mailed to shareholders on or about
28th December 2004.  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

18 November 2004


CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2004


                                                              INFLATION ADJUSTED                HISTORICAL COST
                                                           Unaudited     Unaudited         Unaudited     Unaudited
(all amounts in millions of dollars)                     6 months to   6 months to       6 months to   6 months to
                                                             30 Sept       30 Sept           30 Sept       30 Sept
                                                                2004          2003              2004          2003
___________________________________________________________________________________________________________________

Turnover                                                     761,035       644,834           657,081       126,468

Cost of sales                                               (656,032)     (556,210)         (492,000)      (82,938)
___________________________________________________________________________________________________________________

Gross profit                                                 105,003        88,624           165,081        43,530


Operating expenses                                          (173,675)     (143,357)         (141,528)      (25,665)
                                                                                             
Other income                                                   4,534         6,816             3,962         1,422
___________________________________________________________________________________________________________________
Operating (loss) / profit                                    (64,138)      (47,917)           27,515        19,287


Net interest                                                 (22,793)      (18,220)          (18,610)       (3,846)
Net exchange (loss) / gain                                   (15,957)      291,059            58,591        59,541
(Decrease) / increase in value of quoted                      (1,067)       51,749             9,842        19,466
investment
Share of result of associates                                 22,064        21,471            22,126         3,260
Fair value adjustment on associate                                 -        (4,788)                -             -
Net monetary gain / (loss)                                    29,603      (252,374)                -             -
___________________________________________________________________________________________________________________

(Loss) / profit before taxation                              (52,288)       40,980            99,464        97,708

Taxation                                                      (2,332)      (47,295)          (17,975)      (11,972)
___________________________________________________________________________________________________________________
(Loss) / profit after taxation                               (54,620)       (6,315)           81,489        85,736

Minority interest                                             (2,902)       (9,822)           (6,140)       (2,176)
___________________________________________________________________________________________________________________
Net (loss) / profit attributable to shareholders             (57,522)      (16,137)           75,349        83,560


Basic (loss) / earnings per share ($)                        (351.47)       (99.14)           460.41        513.35
 
IIMR Headline (loss) / earnings per share ($)                (337.16)       (36.85)           458.50        512.85


CONSOLIDATED BALANCE SHEET
At 30 September 2004

________________________________________________________________________________________________________________
                                                    INFLATION ADJUSTED                      HISTORICAL COST
                                             Unaudited              Audited          Unaudited          Audited
                                                    at                   at                 at               at
                                          30 Sept 2004        31 March 2004       30 Sept 2004    31 March 2004
________________________________________________________________________________________________________________

ASSETS
Non-current assets                             497,858              520,837            189,356          142,308
Current assets                                 527,482              606,879            512,494          388,622
________________________________________________________________________________________________________________
Total assets                                 1,025,340            1,127,716            701,850          530,930
________________________________________________________________________________________________________________

EQUITY AND LIABILITIES
Capital and reserves                           567,436              629,988            323,589          253,112
Minority interest                               23,795               20,893              9,470            3,330
Non-current liabilities                        253,312              298,085            187,994          153,754
Current liabilities                            180,797              178,750            180,797          120,734
________________________________________________________________________________________________________________
Total equity and liabilities                 1,025,340            1,127,716            701,850          530,930
________________________________________________________________________________________________________________


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2004

INFLATION ADJUSTED -Unaudited
___________________________________________________________________________________________________________________
                                                                                          Retained   
                                                                          Non-        Earnings and
                                         Share         Share     Distributable        Shareholders                   
                                       Capital       Premium          Reserves        for Dividend            Total
___________________________________________________________________________________________________________________

Balance at 1 April 2004                  5,472       389,254           213,978              21,284          629,988
Net loss attributable to                     -             -                 -             (57,522)         (57,522)
shareholders
Translation of foreign entity -              -             -             4,660                   -            4,660
Cape Grace Hotel
Dividend for 2004 - final                    -             -                 -              (9,690)          (9,690)
___________________________________________________________________________________________________________________
Balance at 30 September 2004             5,472       389,254           218,638             (45,928)         567,436

Balance at 1 April 2003                  5,472       388,925           149,811             255,503          799,711
Net loss attributable to                     -             -                 -             (16,137)         (16,137)
shareholders
Translation of foreign entity -              -             -            45,226                   -           45,226
Cape Grace Hotel
Share options exercised                      -            70                 -                   -               70
Dividend for 2003 - final                    -             -                 -             (19,144)         (19,144)
___________________________________________________________________________________________________________________

Balance at 30 September 2003             5,472       388,995           195,037             220,222          809,726
___________________________________________________________________________________________________________________

HISTORICAL COST - Unaudited
___________________________________________________________________________________________________________________
                                                                                          Retained    
                                                                          Non-        Earnings and
                                         Share         Share     Distributable        Shareholders                   
                                       Capital       Premium          Reserves        for Dividend            Total
___________________________________________________________________________________________________________________

Balance at 1 April 2004                     16         5,356            16,853             230,887          253,112
Net profit attributable to                   -             -                 -              75,349           75,349
shareholders
Translation of foreign entity -              -             -             1,670                   -            1,670
Cape Grace Hotel
Dividend for 2004 - final                    -             -                 -              (6,542)          (6,542)
___________________________________________________________________________________________________________________
                                            16         5,356            18,523             299,694          323,589
___________________________________________________________________________________________________________________

Balance at 30 September 2004

Balance at 1 April 2003                     16         5,305               505              51,112           56,938
Net profit attributable to                   -             -                 -              83,560           83,560
shareholders
Translation of foreign entity -              -             -            10,268                   -           10,268
Cape Grace Hotel
Share options exercised                      -            24                 -                   -               24
Dividend for 2003 - final                    -             -                 -              (1,890)          (1,890)
___________________________________________________________________________________________________________________
                                                    
Balance at 30 September 2003                16         5,329            10,773             132,782          148,900     
___________________________________________________________________________________________________________________
               


CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2004

______________________________________________________________________________________________________________________
                                                             INFLATION ADJUSTED                HISTORICAL COST
                                                          Unaudited      Unaudited           Unaudited      Unaudited
                                                        6 months to    6 months to         6 months to    6 months to
                                                            30 Sept        30 Sept             30 Sept        30 Sept
                                                               2004           2003                2004           2003
Cash flows from operating activities

(Loss) / profit before taxation                            (52,288)         40,980              99,464         97,708
Adjustment for:
  Non-operating cash flow                                   38,605        (272,287)            (40,396)       (55,994)
  Non-cash items                                               644          (5,142)            (30,565)       (11,123)
______________________________________________________________________________________________________________________
Operating cash flow before working capital changes         (13,039)       (236,449)             28,503         30,591
Generated from /(used in) working capital changes           59,123         (31,001)             17,136        (13,176)
______________________________________________________________________________________________________________________
Operating cash flow                                         46,084        (267,450)             45,639         17,415
Income tax paid                                             (7,983)        (35,659)               (836)        (2,474)
______________________________________________________________________________________________________________________
Net cash generated from / (used in) operating               38,101        (303,109)             44,803         14,941
activities
______________________________________________________________________________________________________________________

Net cash used in investing activities                       (2,264)        (12,177)             (8,906)        (2,470)
______________________________________________________________________________________________________________________

Net cash used in financing activities                      (77,499)        (73,965)            (35,770)        (1,178)
______________________________________________________________________________________________________________________

Net effect of exchange rate changes
on cash and cash  equivalents                              (15,957)        291,059              58,591         59,541
______________________________________________________________________________________________________________________

Net (decrease) / increase in cash and cash                 (57,619)        (98,192)             58,718         70,834
equivalents

Cash and cash equivalents at 31 March 2004                 358,441         531,902             242,104         52,544
______________________________________________________________________________________________________________________

Cash and cash equivalents at 30 September 2004             300,822         433,710             300,822        123,378
______________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________

Turnover
Hotel                                                       51,674          72,865              44,117         14,425
Supermarkets                                               599,214         457,241             518,079         89,248
Retail                                                     110,147         114,728              94,885         22,795
______________________________________________________________________________________________________________________
                                                           761,035         644,834             657,081        126,468
______________________________________________________________________________________________________________________

Operating (loss) /  profit
Hotel                                                       (5,539)         (6,955)                815            684
Supermarkets                                               (14,575)        (34,632)             20,119         11,620
Retail                                                     (36,923)            (92)              8,023          7,196
Corporate and other                                         (7,101)         (6,238)             (1,442)          (213)
______________________________________________________________________________________________________________________
                                                           (64,138)        (47,917)             27,515         19,287
______________________________________________________________________________________________________________________

Total assets
Hotel                                                      295,160         571,600             145,980        125,768
Supermarkets                                               227,283         236,955             161,309         43,376
Retail                                                     209,237         276,239             123,806         46,118
Corporate and other                                        293,660         477,134             270,755        117,303
______________________________________________________________________________________________________________________
                                                         1,025,340       1,561,928             701,850        332,565
______________________________________________________________________________________________________________________

SUPLEMENTARY INFORMATION
______________________________________________________________________________________________________________________

Capital expenditure                                          7,225          31,856               6,594          5,275
Depreciation                                                 8,727          13,963               4,263          1,413


Accounting policies

The accounting policies are the same as those used in preparing the 31st March
2004 annual financial statements.

Note to inflation adjusted financial statements

The consumer price indices used to restate the financial statements at 30
September 2004 are as follows:

30 September 2003                                  13,099.4
31 March 2004                                      31,102.7
30 September 2004                                  46,048.2


For further information contact  either:

Zimbabwe                Christopher Parvin +263-4-252068/78
                        Roy Franklin +263-4-252068/78
                        Bryan Thorn +263-4-252068/78

United Kingdom          Corinna Dorward +44-20-7-4572020

Directors:              JRT Moxon (Chairman), ACL Parvin (Chief Executive)
                        MA Masunda , DE Stephens, CB Thorn, , MS Wilson


                                Website address
                          http://www.meiklesafrica.com

--------------------------------------------------------------------------------


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