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Meikles Africa Ld (MIK)

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Monday 13 November, 2000

Meikles Africa Ld

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