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Meikles Ld (MIK)

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Monday 11 June, 2012

Meikles Ld

Abridged Audited Financial Results for the y/e ...





Shareholders were advised in November 2011 that the Group made a loss in the
first six months of the year under review of $5 million after taxation. The
results of the second six months have reduced this loss to $3.4 million for the
year as a whole.

Your board decided that the results for the year be determined on a very
conservative basis with full provision for all known and anticipated costs that
may have an impact on the Group financials. Most of these expenses were
incurred in the second half of the year and they include compensation for loss
of office, legal and professional fees, a write off of certain receivables and
advances, and the impairment of property, plant and equipment. Certain
provisions have been provided deliberately on a worse case basis and there may
well be some recovery in the future. The sum of these exceptional expenses
amounted to $6.3 million.

Regrettably the Group's agricultural division suffered from a severe frost last
winter and an unusual adverse weather pattern in the summer. Losses that arose
and were accounted for in the second half of the year as a direct result of the
adverse weather amounted to $2.9 million in direct revenue and $2.3 million
loss of profit.

The first half of the year saw senior management changes at both Group level
and in certain of the operating companies. These changes did destabilise our
operations when they occurred, but new structures have since been put in place.
Furthermore, the Group has had to contend with stock write-offs and reduced

Finance costs were $4.3 million and $4.2 million in the first half and second
half of the year respectively. These sums have been significant in their impact
on Group performance, for the year under review.

The Group's successes have been substantial. Management is committed to the
task of improving ongoing divisional performance, and the second half of the
year has resulted in an improvement, but efforts continue to progress
performance with urgency.

The Pick n Pay investment in TM Supermarkets was finally consummated, although
very late in the year.

The Group's indigenisation status has been established, making it more
attractive to foreign investors as we pursue future growth projects. These
opportunities will be pursued together with Mentor and with other potential

Group borrowings, net of the additional Pick n Pay investment, did increase,
but these were largely incurred by the agricultural division where a
substantial expansion project is underway.

Your board has developed a sound policy for Group funding:

  * The Group will no longer use short-term local borrowings to fund medium
    term expansion projects. Term funding, shareholder funding, or minority
    shareholder funding, will be sought for these projects.
  * Funding for partly owned subsidiaries or associates will only be provided
    in proportion to the Group's percentage shareholding, and will be provided
    with the co-operation and participation of other shareholders in these
  * The Group will continue to fund its investment in Retail Store debtors from
    borrowings or from the sale of the debtors book to a third party.
  * The Group will retain minimal and inexpensive short-term borrowings from
    local banking institutions.
Progress on the implementation of this policy is well advanced:

  * The two Zimbabwe based hotels have arranged term funding from external
    sources at favourable rates to fund renovations, which are now in progress.
  * The Retail Store debtors are now funded on a dedicated basis. Interest
    received from debtors will exceed the cost of funding.
  * Efforts are in progress to raise dedicated funding, either term or
    shareholder or a combination of both, to fund Tanganda's expansion and to
    eliminate excess short-term borrowings. This funding is expected to be in
    place by September 2012. Substantial interest in Tanganda is already
The Group is in negotiation with various financiers regarding the injection of
significant funding. In addition, the discussions with RBZ are continuing for
the freeing of funds held on deposit. These initiatives will retire all Group
borrowings other than those identified above, will leave substantial credit
balances with the Group's bankers, and will provide funding for expansion

The full implementation of this financial policy will result in a reduction in
finance costs as well as securing a sound balance sheet structure for the
Group. These factors, together with the improving performance in the divisions,
and further profits from the region, will enable the resumption of dividend
payments to Group shareholders.

Subject to regulatory approvals, the Group has a potential project that may
commence shortly. The sum involved amounts to $150 million. This amount will
not be raised at Holding Company level but will be injected directly into the
project itself. The project is still subject to a confidentiality constraint
and shareholders will be updated when appropriate.

Your board is of the opinion that the present market capitalisation of the
Group fails to recognise the Group's performance, prospects for the future and
the underlying asset values. These factors do restrain the Group's ability from
a funding view-point, to take full advantage of opportunities that are on
offer. Your board will assess these implications and will consider strategies
that may be implemented to optimise the future growth of the Group.

Mentor and the Cape Grace

With effect from 1st April 2012, the Group will take up a shareholding in
Mentor Africa Limited (Mentor) and will merge the Cape Grace into Mentor and
the funds which were being held by Mentor on behalf of the Cape Grace will be
converted into equity in Mentor. This transaction conforms with past
communications to shareholders.

The respective assets are being valued and reviewed by appropriate
professionals, and when complete, it is estimated that the Group will have a
35% shareholding in these regional activities.

The transaction will allow the Group to unlock further value in its foreign
investments by providing access to assets, which have greater growth prospects
than the Cape Grace Hotel in isolation. The Cape Grace Hotel is well run and
the Group is satisfied with its performance, but it is a mature asset and its
prospects for growth are limited and less than those of the Mentor assets.

Mentor has a growing and diversified portfolio of investments in South Africa,

  * a joint venture with dnata, the fourth largest air services provider in the
    world with operations at 76 airports in 38 countries and a member of the
    Emirates Group, in Wings Inflight Services, an airline catering business
    which provides inflight catering services to major international airlines
    operating to/from South Africa, including Emirates Airline, British Airways
    (international) and Singapore Airlines, on long term contracts;
  * an interest in the market-leading provider in South Africa of energy
    efficient, low wattage, high output, industrial, retail and commercial
    electronic fittings and safety approved retro-fit lighting products; and
  * minority interests and new opportunities in the financial services,
    resources and mining sectors.
Mentor's deal-flow pipeline is strong with good upside potential. The merger of
these interests will enable the Group to enhance the value of its regional
assets. Group management will now be in a position to focus on growth
opportunities in Zimbabwe and work with Mentor management to grow the regional

The Board remains confident that the strategic investment in Mentor will
produce significant high growth opportunities, similar to those which the
Meikles Group derived from its previous investment in Rebhold/Mvelaphanda, in
the medium to long term.



A major plantation development program is in progress. On completion Tanganda
will have planted 450 hectares of avocado, 300 hectares of coffee and 700
hectares of macadamia. This project will be completed by March 2014. On
maturity this project will contribute substantially to Tanganda's profits.

Management is focusing on increasing tea yields and quality. There is evidence
that there is a growing demand for tea in the world and Tanganda's tea
prospects remain promising.

Tanganda is enhancing and updating its manufacturing capacity of packeted teas.
There is a growing demand for packeted teas in the region.

The water bottling plant was commissioned during the last quarter of the
financial year and has resulted in increased production of water to 2.1 million
liters (2011: 1.2 million liters). A second water plant is being explored.

The additional investment in all these activities will amount to $15 million.


Refurbishment of Meikles Hotel has commenced. The works are expected to be
completed by December 2012. The Victoria Falls Hotel is also being refurbished,
and work will be completed before the UNWTO conference scheduled for August

The Hospitality division has successfully negotiated a lease agreement to
operate a business style hotel in Lusaka, which is fast becoming a regional hub
for travel. The hotel will be part of a mixed-use retail scheme being developed
close to the airport by one of Africa's leading real estate companies. This
project is expected to be the first of similar hotel projects in appropriate
regional destinations. Shareholders will be updated with more information at
the opportune time.

TM Supermarkets

The capital injection of $13 million through Pick n Pay's increased
shareholding in TM Supermarkets is being utilised in the branch refurbishment.
The Kamfinsa branch which has been reconstructed will be reopened in the last
week of June 2012 as a Pick n Pay store including the Pick n Pay clothing and
liquor outlets. Refurbishment of the Borrowdale branch has started. A total of
6 branches have been earmarked for refurbishment in the new financial year and
will incorporate rebranding of some stores to "Pick n Pay" on completion. These
stores are located in Harare, Bulawayo, Mutare and Gweru. All these initiatives
which are well supported by Pick n Pay will help in restoring TM Supermarkets
to its previous market leadership position.

Thomas Meikle Stores

The stores operate from well-placed locations in most urban centers in
Zimbabwe. Once further evidence of growth in the economy and in the spending
power of the people becomes evident, the stores will be in a position to
provide a variety of merchandise in selected and focused ranges. There has been
a branding adjustment in recent months and the stores will no longer attempt to
operate the full range of departments that they have had in the past.

Merchandise is now being more carefully selected, with a view to securing good
stock turns and controlled investment in stock. The customers will be provided
with competitive values and credit will be granted where appropriate. The
division currently has 44,000 credit customers.

This division still has a remaining legacy issue. Certain merchandise, although
saleable, can only be sold at reduced margins. The quantum of merchandise
affected is greatly reduced, relative to the quantum that the division had to
contend with during the past financial year.

The stores will not immediately return to their full potential, but
improvements, presently underway, are making a difference.


The resolution of a number of issues amongst them the granting of the
indigenisation status and the approval for the Pick n Pay investment was
achieved through support from the relevant regulatory authorities to whom our
appreciation is once again extended. The continued support from shareholders
and staff is acknowledged and the anticipated turnaround in the coming year
will be just reward for these stakeholders.

For and on behalf of the Board

JRT Moxon
1 June 2012

FOR THE YEAR ENDED 31 MARCH 2012                                            
                                                          Audited    Audited
                                                     12 months to  15 months
                                                    31 March 2012   31 March
                                                          US$ 000    US$ 000
CONTINUING OPERATIONS                                                       
Revenue                                                   354,102    330,437
Net operating costs                                     (361,103)  (336,485)
Operating loss                                            (7,001)    (6,048)
Investment revenue                                          2,011      3,593
Finance costs                                             (8,453)    (7,590)
Net exchange gains / ( losses)                              1,183      (229)
Fair value adjustments                                      3,792      1,398
Reinstatement of funds earmarked for future                     -     11,737
(Loss) / profit before tax                                (8,468)      2,861
Income tax credit                                           2,544        793
(Loss) / profit for the period from continuing            (5,924)      3,654
DISCONTINUED OPERATIONS                                                     
Profit for the period from discontinued operations          2,480      2,474
(LOSS) / PROFIT FOR THE PERIOD                            (3,444)      6,128
Other comprehensive (loss) / income                                         
Exchange differences on translating foreign               (1,992)      1,889
Other comprehensive (loss) / income for the period,       (1,992)      1,889
net of tax                                                                  
(Loss) / profit attributable to:                                            
Owners of the parent                                      (3,537)      6,690
Non-controlling interests                                      93      (562)
                                                          (3,444)      6,128
Total comprehensive (loss) /profit attributable to:                         
Owners of the parent                                      (5,529)      8,579
Non-controlling interests                                      93      (562)
                                                          (5,436)      8,017
(Loss) / earnings per share                                                 
Basic (loss) / earnings from continuing and                (1.44)       2.73
discontinued operations (cents per share)                                   
Basic (loss) / earnings from continuing operations         (2.45)       1.72
(cents per share)                                                           

AS AT 31 MARCH 2012                                                         
                                                          Audited    Audited
                                                    31 March 2012   31 March
                                                          US$ 000    US$ 000
Non-current assets                                                          
Property, plant and equipment                              86,122     84,280
Investment property                                            43         44
Biological assets                                          11,770      7,661
Other financial assets                                     18,370     16,600
Intangible assets - trademarks                                124        124
Balances with Reserve Bank of Zimbabwe                     38,627     36,825
Deferred tax                                                1,888      2,356
Total non-current assets                                  156,944    147,890
Current assets                                                              
Inventories                                                39,633     40,713
Trade and other receivables                                17,642     16,153
Other financial assets                                      1,085          -
Cash and bank balances                                      8,427      3,286
                                                           66,787     60,152
Assets held for sale                                       37,871     41,440
Total current assets                                      104,658    101,592
Total assets                                              261,602    249,482
EQUITY AND LIABILITIES                                                      
Capital and reserves                                                        
Share capital                                               2,538      2,454
Share premium                                               1,316          -
Non-distributable reserves                                  6,233      2,627
Retained earnings                                         105,750    111,207
Capital and reserves relating to assets                    19,644     18,083
classified as held for sale                                                 
Equity attributable to equity holders of the parent       135,481    134,371
Non-controlling interests                                   8,618        764
Total equity                                              144,099    135,135
Non-current liabilities                                                     
Borrowings                                                  4,786      3,749
Deferred tax                                               12,919     15,996
Total non-current liabilities                              17,705     19,745
Current liabilities                                                         
Trade and other payables                                   38,371     30,493
Borrowings                                                 47,199     49,031
                                                           85,570     79,524
Liabilities relating to assets classified as held          14,228     15,078
for sale                                                                    
Total current liabilities                                  99,798     94,602
Total liabilities                                         117,503    114,347
Total equity and liabilities                              261,602    249,482


                                      Share     Share Non-distributable  Retained
                                    capital   premium          reserves  earnings
                                    US$ 000   US$ 000           US$ 000   US$ 000
Balance at 1April 2011                2,454         -             2,627   111,207
Loss for the year                         -         -                 -   (6,017)
Change in ownership interests             -         -             4,679       728
in a subsidiary without loss                                                     
of control                                                                       
Other comprehensive loss for              -         -           (1,073)         -
the year                                                                         
Issue of shares for cash                 84     1,316                 -         -
Transfer on disinvestment of              -         -                 -     (168)
non controlling interest in a                                                    
Balance at 31 March 2012              2,538     1,316             6,233   105,750
Balance at 1 January 2010                 -         -           109,984  (21,325)
Profit for the period                     -         -                 -     4,216
Transfer within reserves and              -         -         (109,851)   146,859
on disposal of subsidiaries                                                      
Other comprehensive income for            -         -               856         -
the period                                                                       
Share capital redenomination          2,454         -           (2,454)         -
Transfer in respect of assets             -         -             4,092   (4,019)
classified as held for sale                                                      
Dividend in specie                        -         -                 -  (14,524)
Balance at 31 March 2011              2,454         -             2,627   111,207


                                   Disposal   Attributable         Non    Total
                                      group   to owners of controlling         
                                    capital         parent   interests         
                                    US$ 000        US$ 000     US$ 000  US$ 000
Balance at 1April 2011               18,083        134,371         764  135,135
Loss for the year                     2,480        (3,537)          93  (3,444)
Change in ownership interests in          -          5,407       7,593   13,000
a subsidiary without loss of                                                   
Other comprehensive loss for the      (919)        (1,992)           -  (1,992)
Issue of shares for cash                  -          1,400           -    1,400
Transfer on disinvestment of non          -          (168)         168        -
controlling interest in a                                                      
Balance at 31 March 2012             19,644        135,481       8,618  144,099
Balance at 1 January 2010            51,657        140,316       1,326  141,642
Profit for the period                 2,474          6,690       (562)    6,128
Transfer within reserves and on    (37,008)              -           -        -
disposal of subsidiaries                                                       
Other comprehensive income for        1,033          1,889           -    1,889
the period                                                                     
Share capital redenomination              -              -           -        -
Transfer in respect of assets          (73)              -           -        -
classified as held for sale                                                    
Dividend in specie                        -       (14,524)           - (14,524)
Balance at 31 March 2011             18,083        134,371         764  135,135

CONSOLIDATED STATEMENT OF CASH FLOWS                                  
FOR THE YEAR ENDED 31 MARCH 2012                   Audited     Audited
                                              12 months to   15 months
                                                  31 March    31 March
                                                      2012        2011
Continuing and discontinued operations             US$ 000     US$ 000
Cash flows from operating activities                                  
(Loss) / profit before tax from                    (5,616)       6,638
continuing and discontinued operations                                
Adjustments for:                                                      
- Depreciation and impairment                        4,834       5,388
- Net interest                                       6,371       4,921
- Dividend received                                      -     (1,471)
- Net exchange (gains) / losses                    (1,342)         423
- Loss on disposal of subsidiaries                       -       3,842
- Fair value adjustments                           (3,681)       1,978
- Share of profits of associates                         -       (666)
- (Profit) / loss on disposal of                      (69)         787
property, plant and equipment                                         
- Reinstatement of funds earmarked for                   -    (11,737)
Operating cash flow before working                     497      10,103
capital changes                                                       
Decrease / (increase) in inventories                 1,196    (23,642)
Increase in trade and other receivables            (3,252)    (71,807)
Increase in trade and other payables                 7,675      56,278
Cash generated from / (used in)                      6,116    (29,068)
Income taxes paid                                      (9)     (2,019)
Net cash generated from /(used in)                   6,107    (31,087)
operating activities                                                  
Cash flows from investing activities                                  
Payment for property, plant and                    (6,839)    (11,439)
Proceeds from disposal of property,                  1,503       1,789
plant and equipment                                                   
Change in ownership interests in a                  13,000           -
subsidiary without loss of control                                    
Net movement in service assets                        (21)        (65)
Dividends received                                       -       1,471
Payment for other investments                        (250)       (152)
Net expenditure on biological assets                 (497)       (206)
Net outflow on disposal of subsidiary                    -    (16,434)
Investment income                                      251         250
Net cash generated from / (used in)                  7,147    (24,786)
investing activities                                                  
Cash flows from financing activities                                  
Net increase in interest bearing                         6      44,017
Proceeds from issue of shares                        1,400           -
Finance costs                                      (8,454)     (7,601)
Net cash (used in) / generated from                (7,048)      36,416
financing activities                                                  
Net increase / (decrease) in cash and                6,206    (19,457)
bank balances                                                         
Cash and bank balances at the beginning              4,785      25,509
of the period                                                         
Net effect of exchange rate changes on                 606       (436)
cash and bank balances                                                
Translation of foreign entities                      (313)       (831)
Cash and bank balances at the end of the            11,284       4,785


1.        Accounting policies                                             
Accounting policies and methods of computation are consistent, in all material 
respects, with those used in the prior period with no significant impact       
arising from new and revised International Financial Reporting Standards       
(IFRSs) applicable for the year ended 31 March 2012. The financial information 
presented has been extracted from IFRS compliant financial statements.         
2.        Profit for the period from discontinued operations                                                                     
In March 2008, a binding put and call option agreement for the sale of the Cape
Grace Hotel to Mentor was entered into between Meikles, Cape Grace Hotel       
Limited (BVI) and its subsidiaries which own the Cape Grace Hotel on the one   
hand, and Mentor on the other. In November 2008, a notice to exercise the      
option for the purchase of Meikles Group's interests in the Cape Grace Group   
was sent from Mentor to Meikles, and receipt thereof was acknowledged by       
Meikles. This resulted in a legally binding agreement for the purchase by      
Mentor of the Cape Grace Hotel. The consummation and implementation of this    
transaction was delayed as a consequence of the litigation initiated by Meikles
against Mentor, which litigation has now been settled and withdrawn. Following 
the settlement and withdrawal of the aforementioned litigation, the sale of    
Meikles Group's interest in the Cape Grace Hotel to Mentor has been concluded  
with effect from 1 April 2012.                                                 
                                                             Audited    Audited
                                                        12 months to  15 months
                                                       31 March 2012   31 March
                                                             US$ 000    US$ 000
Revenue                                                       16,163     21,137
Net interest                                                       -      6,519
Fees and commissions                                               -     18,271
Other gains                                                      619      4,712
Total income                                                  16,782     50,639
Expenses*                                                   (13,930)   (43,017)
Profit before tax                                              2,852      7,622
Income tax                                                     (372)    (1,306)
Profit for the period from discontinued operations             2,480      6,316
Loss on disposal of subsidiaries                                   -    (3,842)
Profit for the period from discontinued operations             2,480      2,474
(attributable to owners of the parent)                                         
Other comprehensive income                                                     
Exchange differences on translating foreign entities           (919)      1,033
Other comprehensive income for the period, net of              (919)      1,033
Total comprehensive profit for the period                      1,561      3,507
*The expenses exclude depreciation expense of                                  
US$1,806,054 (2011: US$3,220,794) which has been                               
written back in line with the requirements of IFRS                             
The 31 March 2011 comparatives include Kingdom                                 
Financial Holdings Limited and Cotton Printers                                 
(Private) Limited.                                                             
Cash flows from discontinued operations                                        
Net cash flows from operating activities                       (131)    (3,502)
Net cash flows from investing activities                         128        305
Net cash flows from financing activities                         801      (614)
Net cash inflows / (outflows)                                    798    (3,811)
3.        Assets classified as held for sale                                   
                                                          Audited      Audited 
Comprising                                          31 March 2012     31 March 
                                                          US$ 000      US$ 000 
Assets held for sale:                                                          
Cape Grace Hotel group of companies                        37,871       39,977 
Motor vehicles1                                                 -        1,463 
Total assets held for sale                                 37,871       41,440 
Liabilities relating to assets held for sale:                                  
Cape Grace Hotel group of companies                        14,228       15,078 
Total liabilities relating to held for sale                14,228       15,078 
Net assets held for sale                                   23,643       26,362 
Equity relating to assets held for sale:                                       
Cape Grace Hotel group of companies                        19,644       18,083 
Total equity relating to assets classified as held         19,644       18,083 
for sale                                                                       
1The Group disposed of certain motor vehicles to                               
staff effective 1 April 2011.                                                  
4. Segment information                                    Audited      Audited 
                                                     12 months to 15 months to 
Revenue                                             31 March 2012     31 March 
                                                           US$000       US$000 
Continuing operations                                                          
Supermarkets                                              296,403      274,277 
Hotels                                                     15,397       15,893 
Agriculture                                                19,978       22,498 
Stores                                                     24,061       19,610 
Intergroup sales                                          (1,737)      (1,841) 
                                                          354,102      330,437 
Disposal group and discontinued operation                                      
Hotels                                                     16,163       21,137 
                                                           16,163       21,137 
Continuing operations                                                          
Supermarkets                                                5,976        2,404 
Hotels                                                      1,425          972 
Agriculture                                               (3,891)        1,171 
Stores                                                      (874)      (1,482) 
Corporate                                                 (5,732)      (7,738) 
                                                          (3,096)      (4,673) 
Disposal group                                                                 
Hotels                                                      2,623        3,509 
                                                            2,623        3,509 
4. Segment information (continued)                        Audited      Audited 
                                                    31 March 2012     31 March 
                                                          US$ 000      US$ 000 
Segment assets                                                                 
Continuing operations                                                          
Supermarkets                                               50,523       43,860 
Agriculture                                                43,004       37,778 
Hotels                                                     29,878       28,216 
Stores                                                     57,872       64,334 
Corporate                                                  42,454       33,855 
                                                          223,731      208,043 
Assets classified as held for sale                                             
Hotels - Cape Grace Hotel                                  37,871       39,977 
Motor vehicles to be disposed to staff                          -        1,463 
                                                           37,871       41,440 
Total assets                                              261,602      249,483 
Segment liabilities                                                            
Continuing operations                                                          
Supermarkets                                               32,520       40,133 
Agriculture                                                19,538       17,160 
Hotels                                                      8,720        7,081 
Stores                                                     45,317       50,234 
Corporate                                                 (2,820)     (15,338) 
                                                          103,275       99,270 
Classified as held for sale                                                    
Hotels - liabilities classified as held for sale           14,228       15,078 
(Cape Grace Hotel)                                                             
                                                           14,228       15,078 
Total liabilities                                         117,503      114,348 
Intercompany balances and transactions have been                               
eliminated from the Corporate figures.                                         
5.      Supplementary information                                              
Presented below are the segment results for the comparable 12                  
month periods ended 31 March.                                                  
                                                          Audited    Unaudited 
                                                    31 March 2012     31 March 
Revenue                                                   US$ 000      US$ 000 
Continuing operations                                                          
Supermarkets                                              296,403      228,947 
Hotels                                                     15,397       13,369 
Agriculture                                                19,978       17,564 
Stores                                                     24,061       17,400 
Intragroup sales                                          (1,737)      (1,841) 
                                                          354,102      275,439 
Disposal group                                                                 
Hotels                                                     16,163       16,581 
                                                           16,163       16,581 
Continuing operations                                                          
Supermarkets                                                5,976        3,909 
Hotels                                                      1,425        1,596 
Agriculture                                               (3,891)          502 
Stores                                                      (874)         (15) 
Corporate                                                 (5,732)      (4,978) 
                                                          (3,096)        1,014 
Included in the EBITDA figures above are the                                   
following exceptional expenses:                                                
Compensation for loss of office                           (2,713)        (400) 
Legal and professional fees                               (1,905)      (1,893) 
Write off of other receivables and advances                 (824)            - 
Impairment of property, plant and equipment                 (898)            - 
                                                          (6,340)      (2,293) 
Excluding these items, the EBITDA figures would                                
have been as follows:                                                          
Continuing operations                                                          
Supermarkets                                                7,309        4,119 
Hotels                                                      2,376        1,652 
Agriculture                                               (1,907)          502 
Stores                                                      (379)          197 
Corporate                                                 (4,155)      (3,163) 
                                                            3,244        3,307 
6. Other information                                                           
                                                    31 March 2012     31 March 
                                                          US$ 000      US$ 000 
Continuing operations                                                          
Capital expenditure for the year                            6,560       10,022 
Depreciation and impairment of property, plant and          4,834        4,595 
Borrowings net of cash and cash equivalents                43,558       49,494 
Capital commitments authorised but not yet                 22,814       25,795 
7. Exchange rates                                                              
Statement of financial position rates                                          
South African Rand                                         7.6962       6.8045 
British Pound                                              1.6018         1.61 
Average transaction rates                                                      
South African Rand                                         7.4396       7.2488 
British Pound                                              1.5981       1.5552 
For further information contact Onias Makamba on +263-4-252068/78              
or [email protected]

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