CHOBE HOLDINGS LIMITED CHOBE HOLDINGS LIMITED
("the Group" or "the Company")
Incorporated in the Republic of Botswana (Registration Number BW00001487283)
CONDENSED AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended | Year ended | ||
28/02/2023 | 28/02/2022 | ||
P'000's | P'000's | ||
Audited | Audited | ||
Revenue | 410 917 | 118 336 | |
Other operating income | 17 070 | 7 134 | |
Amortisation of intangible assets | (4 015) | (5 638) | |
Depreciation | (34 048) | (34 171) | |
Other operating expenses | (250 043) | (132 789) | |
Operating profit/ (loss) | 139 881 | (47 128) | |
Finance income | 923 | 130 | |
Finance cost | (4 238) | (3 862) | |
Share of net loss of associates accounted for using equity method | (935) | (969) | |
Profit / (loss) before income tax | 135 631 | (51 829) | |
Income tax (expense) / credit | (31 045) | 9 380 | |
Profit / (Loss) for the period | 104 586 | (42 449) | |
Other comprehensive income | |||
Exchange difference on translation of foreign operations | (335) | 216 | |
Other comprehensive income for the period | (335) | 216 | |
Total comprehensive income / (loss) for the period | 104 251 | (42 233) | |
Attributable to | |||
Owners of the parent | 104 278 | (42 135) | |
Non-controlling interest | (27) | (98) | |
104 251 | (42 233) | ||
Earnings / (loss) per share (thebe) - basic | 116.96 | (47.35) | |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | As at | As at | |
28/02/2023 | 28/02/2022 | ||
P'000's | P'000's | ||
Audited | Audited | ||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 216 573 | 213 482 | |
Right of use assets | 28 087 | 32 502 | |
Goodwill | 67 963 | 54 227 | |
Land lease rights | 59 778 | 63 487 | |
Other intangible assets | 932 | 1 238 | |
Investment in associate | - | 935 | |
Deferred income tax assets | 8 228 | 24 061 | |
381 561 | 389 932 |
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended | Year ended | ||||||||||||||||||
28/02/2023 | 28/02/2022 | ||||||||||||||||||
P'000's | P'000's | ||||||||||||||||||
Audited | Audited | ||||||||||||||||||
Operating activities | |||||||||||||||||||
Cash generated from operations | 179 898 | 6 778 | |||||||||||||||||
Interest paid | (1 041) | ( 416) | |||||||||||||||||
Income tax paid | (2 020) | (5 693) | |||||||||||||||||
Cash generated from operating activities | 176 837 | 669 | |||||||||||||||||
Investing activities | |||||||||||||||||||
Purchase of property, plant and equipment | (28 179) | (6 790) | |||||||||||||||||
Proceeds on sale of property, plant and equipment | 1 434 | 2 459 | |||||||||||||||||
Payment for acquisition of a subsidiary | (17 770) | - | |||||||||||||||||
Proceeds from sale of assets held for disposal | - | 11 251 | |||||||||||||||||
Interest received | 923 | 130 | |||||||||||||||||
Net cash (used in) / generated from investing activities | (43 592) | 7 050 | |||||||||||||||||
Financing activities | |||||||||||||||||||
Lease rental paid | (7 442) | (7 032) | |||||||||||||||||
Net borrowings | 190 | - | |||||||||||||||||
Net cash used in financing activities | (7 252) | (7 032) | |||||||||||||||||
Net increase in cash and cash equivalents | |||||||||||||||||||
125 993 | 687 | ||||||||||||||||||
Movement in cash and cash equivalents | |||||||||||||||||||
At beginning of period | 5 016 | 4 329 | |||||||||||||||||
Increase in the period | 125 993 | 687 | |||||||||||||||||
At end of period | 131 009 | 5 016 | |||||||||||||||||
Represented by: | |||||||||||||||||||
Cash and cash equivalents | 131 009 | 5 016 | |||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||
Attributable to owners of the parent | |||||||||||||||||||
Foreign | Non- | ||||||||||||||||||
Stated | Retained | currency | Other | ||||||||||||||||
translation | controlling | Total | |||||||||||||||||
capital | earnings | reserve | reserves | interest | |||||||||||||||
P'000's | P'000's | P'000's | P'000's | P'000s | P'000's | ||||||||||||||
Balance at 1 March 2022 | 102 899 | 156 240 | (1 106) | 5 486 | 761 | 264 280 | |||||||||||||
Profit for the year | - | 104 613 | - | - | ( 27) | 104 586 | |||||||||||||
Other comprehensive income | - | - | ( 335) | - | - | ( 335) | |||||||||||||
Transfer to other reserves | - | (1 809) | - | 1 809 | - | - | |||||||||||||
Balance at 28 February 2023 | 102 899 | 259 044 | (1 441) | 7 295 | 734 | 368 531 | |||||||||||||
Current assets | |||||||||||||||||||
Inventory | 12 168 | 11 142 | |||||||||||||||||
Trade and other receivables | 23 276 | 9 393 | |||||||||||||||||
Assets classified as held for sale | - | - | |||||||||||||||||
Current income tax receivable | 2 747 | 3 613 | |||||||||||||||||
Cash and cash equivalents | 131 009 | 17 535 | |||||||||||||||||
169 200 | 41 683 | ||||||||||||||||||
Total assets | 550 761 | 431 615 | |||||||||||||||||
EQUITY AND LIABILITIES | |||||||||||||||||||
Equity | |||||||||||||||||||
Stated capital | 102 899 | 102 899 | |||||||||||||||||
Foreign currency translation reserve | (1 441) | (1 106) | |||||||||||||||||
Other reserves | 7 295 | 5 486 | |||||||||||||||||
Retained income | 259 044 | 156 240 | |||||||||||||||||
367 797 | 263 519 | ||||||||||||||||||
Non-controlling interest | 734 | 761 | |||||||||||||||||
Total equity | 368 531 | 264 280 | |||||||||||||||||
Liabilities | |||||||||||||||||||
Non-current liabilities | |||||||||||||||||||
Deferred income tax liabilities | 18 147 | 14 639 | |||||||||||||||||
Lease liability | 42 060 | 46 594 | |||||||||||||||||
60 207 | 61 233 | ||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current income tax payable | 9 340 | 515 | |||||||||||||||||
Bank overdraft | - | 12 519 | |||||||||||||||||
Borrowings | 190 | - | |||||||||||||||||
Advance travel receipts | 57 813 | 52 850 | |||||||||||||||||
Lease liability | 4 461 | 4 037 | |||||||||||||||||
Trade and other payables | 50 219 | 36 181 | |||||||||||||||||
122 023 | 106 102 | ||||||||||||||||||
Total liabilities | 182 230 | 167 335 | |||||||||||||||||
TOTAL EQUITY AND LIABILITIES | 550 761 | 431 615 | |||||||||||||||||
Directors | |||||||||||||||||||
M.T. Sekgororoane (Chair), J.M. Gibson (Deputy Chairman), J.K. Gibson | |||||||||||||||||||
(British) (CEO), L. Odumetse (Managing Director), J.A. Bescoby (British), | |||||||||||||||||||
A.C. Dambe, S.D.S. Fernando (Sri Lankan), B.D. Flatt, K. Ledimo, | |||||||||||||||||||
J.M. Nganunu-Macharia, D.S. Ter Haar, A.M. Whitehouse (Australian) | |||||||||||||||||||
Empowering Botswana | |||||||||||||||||||
Through Tourism | |||||||||||||||||||
Registered Office | Postal Address | Transfer Secretaries | Independent Auditors | ||||||||||||||||
Plot 28892, Twin Towers, West Wing, | PO Box 32, Kasane | DPS Consulting Services Proprietary Limited | PricewaterhouseCoopers | ||||||||||||||||
First Floor, Fairgrounds, Gaborone | www.chobeholdings.co.bw | PO Box 1453 Gaborone | PO Box 294 Gaborone | ||||||||||||||||
HIGHLIGHTS
- A 138% increase in occupancy levels.
- A 247% increase in revenue.
- A BWP 187 million increase in operating profits resulting BWP 140 million operat- ing profit against BWP 47 million operating loss in last year.
- Cash and cash equivalents of BWP 131 million.
BASIS OF PREPARATION
The audited financial statements for the year ended 28 February 2023 have been prepared based on accounting policies which comply with International Financial Reporting Standards ("IFRS"). The accounting policies applied are consistent with those of the annual financial statements for the year ended 28 February 2022, as described in those annual financial statements, save for new standards that became effective during this financial year, the impact of those being immaterial.
This summarized financial information has been extracted from the audited financial statements. The Group's external auditors, PricewaterhouseCoopers ('PwC'), have issued an un-qualified audit opinion on the consolidated and separate financial statements of the Group and Company (respectively) for the year ended 28 February 2023. This summary has not been audited or reviewed by PwC.
FINANCIAL RESULTS
This reporting period has been characterized by the rapid dismantling of COVID-19 restrictions across the globe and the
resumption of international travel. Chobe has seen a significant improvement in trading with a strong recovery across all our brands. Both revenue and comprehensive income have exceeded that experienced pre- COVID-19.
Throughout COVID-19 Chobe worked closely with all stakeholders to mitigate the impact of the pandemic. We did this by protecting both our people and business partners, ensuring our mutual resilience and ensuring that we emerged from the pandemic stronger together.
We have continued to invest in our people and remain committed to ensuring that our people receive an industry-leading remuneration package including health, welfare and pension benefits.
Chobe's marketing teams continue to explore new opportunities both geographically and within specific targeted niches. These efforts serve to grow our agent base, improving yield and occupancies throughout the year.
The effects of global inflation, particularly with respect to food and energy, have been seen across the Group, but these are mitigated by the strengthening of the United States Dollar against the Botswana Pula.
FUTURE OUTLOOK
Despite the headwinds international demand for travel remains robust particularly, in the Group's traditional source markets. This strong demand can be seen in the Group's forward bookings for Financial Year 2023/24.
The dividend policy guideline remains to pay a dividend that is at least twice covered by attributable fully taxed earnings subject to the prudent ongoing liquidity requirements of the Group. Advanced Travel Receipts should be segmented and not paid as dividends.
The Group's strong cash position provides us with the opportunity to take advantage of any expansion opportunities that may arise with capital expenditure historically funded by internally generated cashflows.
Chobe, through its listing on the Botswana Stock Exchange, continues to provide an important mechanism for citizens to invest in the tourism sector.
DIVIDENDS
In keeping with the Company's dividend distribution policy and the solvency requirements of the Companies Act, 2003, your Directors have declared a net dividend of 60 thebe per share, payable to shareholders registered at the close of business on 15 June 2023, with an ex-dividend date of 13 June 2023, for payment on 27 June 2023.
UNCLAIMED DIVIDENDS
The Directors wish to bring to the notice of shareholders that there are certain amounts of unclaimed dividends in the Company's records. Shareholders are reminded to contact the Transfer Secretaries to claim their outstanding dividends.
By order of the Board of Directors John K Gibson, Chief Executive Officer 25 May 2023
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Disclaimer
Chobe Holdings Limited published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2023 14:50:15 UTC.
