ZIMRE HOLDINGS LIMITED AUDITED ABRIDGED GROUP
FINANCIAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2021
SHORT-FORM FINANCIALANNOUNCEMENT
Issued in terms of pracce Note 13 of the Zimbabwe Stock Exchange (ZSE)
This Short-Form Financial Announcement is the responsibility of the Directors of ZHL and is only a summary of the informaon contained in the full announcement and does not contain full or complete details. Any investment decisions by investors or shareholders should be based on consideraon of the full announcement.
The full announcement is available on the Zimbabwe Stock Exchange Website: www.zse.co.zw and the Company
website: www.zhl.co.zw
A copy of the full announcement will also be available for inspec‰on at the Company's registered office at 2nd Floor, Block D, Smatsatsa Office Complex, Borrowdale, Harare or via email request to: zhl@zimre.co.zw or the office of its transfer secretaries, ZB Transfer Secretaries 21 Natal Road, Avondale or via email at: rmutakwa@zb.co.zw
Dividend
In line with the Group's dividend policy and aer careful consideraon of the Group's level of profitability and reserves, economic downturn as a result of the Covid-19 Pandemic and associated risks to business growth, the Directors have found it prudent to declare a total dividend payable of ZWL102.6million or 5.64 Zimbabwe cents per share (2020: ZWL30 million). Although the dividend is below the Group's expected dividend policy of two and half mes cover, the Directors recognize the need for frequent dividend distribuons as a culture of mutual support and confidence between the Company and its shareholders.
Independent Auditor's Statement
This short-form financial announcement should be read in conjuncon with the full set of the audited consolidated financial statements of Zimre Holdings Limited and its subsidiaries for the year ended 31 December 2021, which have been audited by Independent External Auditors, Messrs Grant Thornton Chartered Accountants (Zimbabwe). The audit opinion on the Group Financial Statements is an adverse opinion because of noncompliance with Internaonal Accounng Standard (IAS) 21 - The Effects of Changes in Foreign Exchange Rates, non-compliance with Internaonal Accounng Standard (IAS) 29 - Financial Reporng in Hyper-inflaonary Economies and inclusion of the unaudited financial statements of Fidelity Life Assurance of Zimbabwe Limited. The Independent External Auditor's report on the Group Financial Statements is available for inspec‰on at the company's registered office.
B. N. Kumalo
Independent Non-Executive Chairman 13 May 2022.
AUDITED ABRIDGED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
A vision with action makes a powerful reality
CHAIRMAN'S STATEMENT FOR THE FINANCIAL YEAR
ENDED 31 DECEMBER 2021
Dear Members
It is my pleasure to present the Zimre Holdings Limited (ZHL) Group Financial Results for the year ended 31 December 2021. In 2020 we spoke of the impact of the COVID-19 pandemic unaware of the depth and length of the resultant economic downturn. Although, ZHL successfully consolidated its heartland investments in 2020, it was
not immune to the grim global outlook of 2021. Accordingly, ZHL took
2021 as a reflective year to ensure that its new consolidated Group structure could withstand and respond to the new normal being forged by the pandemic.
BUSINESS ENVIRONMENT
Following the easing of lockdown restrictions and the increase in vaccine uptake, especially in the 2nd Half of 2021, the operating environment in Zimbabwe was fairly stable, registering economic growthof7.8%largelyanchoredbyAgriculture,Mining,Manufacturing,
Construction, Accommodation and Food Services. The growth was also supported by a sustained reduction in year-on-year inflation with consumer inflation closing the year at 60.7% compared to 348.6% as
at 31 December 2020. Additionally, the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction Trading System recorded a 33% depreciation of the local currency, closing the year at USD1:ZWL108.7.
The Botswana economy grew by 9% in 2021 despite being faced with rising inflation like its regional neighbours. The country's economy
remains heavily reliant on the sale diamonds which rebounded in 2021 whilst the tourism sector remained depressed due to travel restrictions.
The Malawi Government outlined that the economy remained depressed due to the COVID-19 pandemic and has put in place a 10 year plan in order to revive the economy with the main pillar being Agriculture. The economy grew by 3% in 2021.
The new government of Zambia which was ushered in 2021, projected a 3.3% GDP growth in 2021 due to favourable performance in the Agriculture, Energy, Construction, and Information and Communication
Technology sectors. The country recorded reduced Copper earnings by the end of December 2021 which remains the country's main foreign
exchange earner.
Following an economic contraction like its regional counterparts in
2020, Mozambique resumed its economic growth to 2.2% in 2021.
The government's fight against jihadists in the gas-rich Cabo Delgado province posed as downside risk to exploration projects and prospects slowed down in 2021.
DIRECTORS RESPONSIBILITY
The Directors of ZHL are responsible for the preparation and presentation of the Group's Consolidated Financial Statements. The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"), except for non- compliance with International Accounting Standard ("IAS")21, 'The
Effects of changes in Foreign Exchange rates and consequently IAS 29, 'Financial Reporting In Hyper-Inflationary Economies'.
Notwithstanding, the ZHL Financial Statements are compliant with the Companies and Other Business Entities Act [Chapter 24:31] and the Zimbabwe Stock Exchange ("ZSE") Listing Requirements. There
were no changes to the principal accounting policies of the Group compared to those applied in the previous years. The Board, therefore,
advises users to exercise caution in the interpretation of these financial statements.
Inflation adjusted financial performance
As a result of the new Group structure, the ZHL Group was able to generate ZWL10.6 billion in total income, a 137% growth from the prior year. Gross Premium Written (GPW) increased from ZWL3.4
billion to ZWL5.2 billion, a 53% growth from prior year. Rental income contributed 3% of the Group's total income at ZWL294 million from ZWL144.1 million in the prior year. The increase was in spite of
disparities in growth of investment property values and rental income as well as a direct consequence of the anticipated cost saving from de-listingthe Group's property arm.
In its year of reflection, concerted effort was given to implementing
appropriate responses to the pandemic. These responses included
robust initiatives to investments, resulting in notable growth in investment income of 269% to ZWL171.6 million. Also among the key
responses was prudent and tough decisions on costs given both the pandemic and inflation in Zimbabwe. Total Expenses were therefore ZWL6.44 billion being a 186% increase from prior year and the cost to income ratio dropped from 50% to 41%, a creditable performance
given the circumstances.
The Group recorded a profit of ZWL2.8 billion (2020:ZWL1.6 billion) despite insurance benefits and claims increasing by 107%
and operating and administrative expenses growing by 502%,
a demonstration of the resilience of the Group's strategy and
resourcefulness of its team.
Review of Operations
The year 2021 saw the ZHL Group begin the process of restructuring and repositioning itself to include wealth creation and management both for its shareholders and the communities within which it operates. This included the integration and reorganisation of Fidelity
Life Assurance of Zimbabwe Limited to ensure the business focuses on core business, business acquisition and innovation. The Group also
embarked on restructuring its property portfolio and initiating new strategies to ensure portfolio optimisation.
IMPACT OF COVID-19 PANDEMIC
2 years into the COVID-19 pandemic, the Group has maintained a zero fatality record through a comprehensive business continuity plan, adherence to safety protocols and practices as issued by the Ministry of Health and Child Welfare and World Health Organization ("WHO"). In addition, locally, through Fidelity Life Medical Aid Society
(FLIMAS), the Group rolled out an effective vaccination programme.
As at 31 December 2021, 90% of Group employees were vaccinated.
Nevertheless the Group's thoughts and prayers were and continue to be with those that have suffered more significantly and/or personally
as a result of the pandemic. Going forward, the Group intends to be more proactive as opposed to reactive to the effects of COVID-19,to ensure the Group's financial health for the benefit of all its
stakeholders.
DIRECTORATE
During the year under review, there were no changes to the ZHL Board of Directors.
DIVIDEND
In line with the Group's dividend policy and after careful consideration of the Group's level of profitability and reserves, economic down
turn as a result of the COVID-19 pandemic and associated risks to
business growth, the Directors have found it prudent to declare a total dividend payable of ZWL102.6 million or ZWL5.64 cents per share (2020: ZWL30 million). Although the dividend of ZWL102.6 is below the Group's expected dividend policy of two and half times cover, the Directors' recognise the need for frequent dividend distributions as a culture of mutual support and confidence between the Company and
its shareholders. A separate dividend notice was published on 1 June
2022 in accordance with the Company's Articles of Association and the ZSE Listing Requirements.
OUTLOOK AND STRATEGY
The Group acknowledges the difficult operating environment. Notwithstanding, the Group will continue to pursue its new DNA of being a Financial Services Group with core competencies in Insurance, Property and Wealth Management. The strategy will be anchored by robust investment initiatives, continued consolidation of operations to capitalise on economies of scale while eliminating duplication of costs, and exploring strategic partnerships both locally and regionally to enhance its market presence.
Following the consolidation of the Group's heartland investments, the Group will be developing an over arching and formalised policy to Environmental, Social Responsibility and Corporate Governance. The policy will encourage the sharing of ideas to ensure that best practices are implemented in a coordinated manner across all the operations to create sustainable economic value.
The new consolidated structure has also made culture a real focus of the Group. The Group, has therefore adopted a uniform culture that builds on the opportunities of 2020, to align the organisational
purpose, strategic values and leadership behaviours. The culture transformation is expected to result in a positive effect on the Group
employees and in turn its success.
APPRECIATION
Having reflected on the 2021 financial performance of ZHL, it is evident that the positive performance is as a result of the adaptability, effort
and hard work of the ZHL teams across the Group, which I appreciate.
I wish to extend my thanks and gratitude to the Group's shareholders and investor community for their continued support and confidence
evidenced by the accolades received by the various Group companies and employees.
Finally, I wish to thank my fellow Board Members for their invaluable contributions and commitment to the business.
B. N. Kumalo
CHAIRMAN
13 May, 2022
BOARD OF DIRECTORS: Benjamin N Kumalo (Chairperson), Mark Haken, Jean Maguranyanga, Desmond Matete, Ignatius Mvere, | 1 |
Hamish BW Rudland, Cron von Seidel, Edwin Zvandasara, Stanley Kudenga (Group Chief Executive) |
AUDITED ABRIDGED GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
INFLATION ADJUSTED | HISTORICAL COST | ||||
Group | Group | Group | Group | ||
2021 | 2020 | 2021 | 2020 | ||
ASSETS | Notes | ZWL | ZWL | ZWL | ZWL |
Property and equipment | 4 | 1 329 301 365 | 1 191 741 863 | 1 234 202 897 | 664 736 728 |
Right of use assets | 35 796 654 | 74 378 837 | 35 655 046 | 40 192 019 | |
Investment properties | 5 | 13 296 162 925 | 9 961 829 594 | 13 296 162 925 | 6 197 588 803 |
Intangible assets | 6 | 110 476 592 | 217 037 492 | 94 635 809 | 200 907 041 |
Investment in associates | 1 401 705 029 | 1 571 721 593 | 1 156 317 343 | 693 976 146 | |
Deferred tax assets | 52 842 266 | 138 659 401 | 32 384 017 | 79 871 904 | |
Inventories | 148 713 286 | 243 995 791 | 8 987 278 | 6 707 535 | |
Trade and other receivables | 7 | 2 263 741 001 | 2 008 719 017 | 2 228 652 160 | 1 245 214 247 |
Life reassurance contract asset | 26 102 000 | 20 948 877 | 26 102 000 | 13 033 000 | |
Current income tax assets | 74 265 157 | 75 822 053 | 74 265 157 | 47 171 446 | |
Deferred acquisition costs | 242 747 213 | 167 325 455 | 176 792 016 | 85 927 557 | |
Financial assets: | |||||
- at amortised cost | 8.1 | 874 160 186 | 712 122 276 | 874 160 186 | 443 035 188 |
- at fair value through profit or loss | 8.2 | 1 319 718 775 | 1 184 303 083 | 1 319 718 775 | 736 794 728 |
- at fair value through other comprehensive income | 8.3 | 655 347 019 | 581 334 514 | 655 347 019 | 361 667 728 |
Cash and cash equivalents | 1 631 281 977 | 1 902 615 895 | 1 631 281 977 | 1 183 681 256 | |
Total assets | 23 462 361 445 | 20 052 555 741 | 22 844 664 605 | 12 000 505 326 | |
EQUITY AND LIABILITIES | |||||
EQUITY | |||||
Equity attributable to equity holders of the parent | |||||
Share capital | 821 991 552 | 821 991 552 | 18 175 447 | 18 175 447 | |
Share premium | 1 857 057 001 | 1 857 057 001 | 787 722 112 | 787 722 112 | |
Treasury shares | (3 023 289) | (2 504 488) | (1 412 619) | (1 023 081) | |
Revaluation reserve | 841 258 052 | 757 610 666 | 903 666 649 | 465 230 460 | |
Financial assets at fair value through other comprehensive | 186 895 596 | 147 739 785 | 88 304 391 | ||
income reserve | 230 897 029 | ||||
Foreign currency translation reserve | 1 336 492 858 | 1 393 511 358 | 583 552 452 | 528 713 948 | |
Change in ownership reserve | 720 381 606 | 720 381 606 | 334 501 014 | 334 501 014 | |
Retained earnings | 4 606 429 134 | 2 425 203 471 | 7 105 586 920 | 2 351 969 692 | |
Total equity attributable to equity holders of the parent | |||||
10 411 483 943 | 8 160 146 762 | 9 879 531 760 | 4 573 593 983 | ||
Non-controlling interest | 818 310 466 | 1 084 893 294 | 853 922 597 | 803 620 028 | |
Total equity | 11 229 794 409 | 9 245 040 056 | 10 733 454 357 | 5 377 214 011 | |
LIABILITIES | |||||
Deferred tax liabilities | 651 276 072 | 385 117 603 | 702 008 883 | 192 647 632 | |
Short term insurance contract liabilities | 12 | 1 383 486 621 | 1 143 379 350 | 1 211 397 022 | 657 854 452 |
Insurance contract liabilities and investment contract | 6 859 887 711 | 6 859 887 711 | 3 722 269 955 | ||
liabilities with discretionary participation features | 5 983 071 832 | ||||
Investment contracts without discretionary participation | 951 149 833 | 638 880 441 | 951 149 833 | 397 468 982 | |
features | |||||
Life reassurance contract liabilities | 139 890 000 | 57 831 631 | 139 890 000 | 35 979 000 | |
Borrowings | 9 | 125 733 818 | 119 692 444 | 125 733 818 | 74 464 690 |
Lease liabilities | 32 719 877 | 69 692 363 | 32 719 877 | 43 357 960 | |
Other provisions | 63 758 624 | 83 127 818 | 63 758 624 | 51 716 608 | |
Trade and other payables | 11 | 1 867 872 170 | 2 275 747 198 | 1 867 872 170 | 1 415 818 773 |
Current income tax payable | 156 792 310 | 50 505 760 | 156 792 310 | 31 421 330 | |
Bank overdraft | - | 469 245 | - | 291 933 | |
Total liabilities | 12 232 567 036 | 10 807 515 685 | 12 111 210 248 | 6 623 291 315 | |
TOTAL EQUITY AND LIABILITIES | 23 462 361 445 | 20 052 555 741 | 22 844 664 605 | 12 000 505 326 | |
B. N. Kumalo | S.Kudenga |
Chairman | Group Chief Executive |
Balanced
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Through industry leading expertise and innovative approaches, we transform your risks into opportunities for your business to grow.
Block D, 2nd Floor, Smatsatsa Office Park
Stand Number 10667, Borrowdale, Harare, Zimbabwe
Tel: +263 24 2870 762-8 | Website: www.emeritus.com
BOARD OF DIRECTORS: Benjamin N Kumalo (Chairperson), Mark Haken, Jean Maguranyanga, Desmond Matete, Ignatius Mvere, | 2 |
Hamish BW Rudland, Cron von Seidel, Edwin Zvandasara, Stanley Kudenga (Group Chief Executive) |
AUDITED ABRIDGED GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
INFLATION ADJUSTED | HISTORICAL COST | ||||
Group | Group | Group | Group | ||
2021 | 2020 | 2021 | 2020 | ||
INCOME | Notes | ZWL | ZWL | ZWL | ZWL |
Gross written premium | 5 236 731 307 | 3 423 112 425 | 4 636 790 891 | 1 767 071 823 | |
Retrocession premium | (1 224 594 485) | (969 845 276) | (1 113 239 489) | (578 231 795) | |
Net premium written | |||||
4 012 136 822 | 2 453 267 149 | 3 523 551 402 | 1 188 840 028 | ||
Change in unearned premium reserve | (201 476 917) | (193 491 051) | (174 597 449) | (74 718 917) | |
Net premium earned | |||||
3 810 659 905 | 2 259 776 098 | 3 348 953 953 | 1 114 121 111 | ||
Brokerage commission and fees | 433 685 897 | 205 323 366 | 401 101 209 | 129 505 241 | |
Total insurance income | |||||
4 244 345 802 | 2 465 099 464 | 3 750 055 162 | 1 243 626 352 | ||
Rental income from investment property | 294 311 561 | 144 079 567 | 253 330 511 | 73 977 410 | |
Fair value adjustments on investment property | 5 | 3 797 934 830 | 1 307 014 578 | 7 352 760 127 | 2 671 608 387 |
Net property income | 37 615 642 | 47 109 633 | (295 216) | 36 088 998 | |
Bargain on purchase | 467 904 412 | - | 409 565 344 | - | |
Investments income | 171 639 673 | 46 348 872 | 169 606 527 | 26 660 775 | |
Other income | 14 | 1 525 337 887 | 448 657 716 | 1 398 476 467 | 313 865 556 |
Total income | |||||
10 555 786 564 | 4 458 309 830 | 13 333 498 922 | 4 365 827 478 | ||
EXPENDITURE | |||||
Insurance benefits and claims | |||||
Non-life insurance claims | (1 351 503 626) | (1 302 098 136) | (1 008 995 955) | (602 672 890) | |
Life reassurance benefits and claims | (758 131 900) | (121 347 637) | (664 591 103) | (65 767 717) | |
Movement in life reassurance contract liabilities | (112 557 374) | (45 070 114) | (90 842 000) | (17 893 300) | |
Claims ceded to reinsurers | 405 521 681 | 591 805 291 | 362 228 893 | 301 004 582 | |
(1 816 671 219) | (876 710 596) | (1 402 200 165) | (385 329 325) | ||
Gross change in insurance and investment contract liabilities | (1 291 984 504) | (78 581 354) | (3 143 094 417) | (163 125 389) | |
Net property operating costs | (95 544 180) | (16 344 491) | (37 086 916) | (18 226 772) | |
Commission and acquisition expenses | (1 020 807 896) | (733 608 135) | (910 349 314) | (391 603 684) | |
Operating and administrative expenses | 13 | (1 944 493 116) | (323 144 177) | (1 836 031 749) | (403 859 485) |
Allowance for expected credit losses on receivables | (215 051 726) | (202 615 356) | (182 353 895) | (146 541 931) | |
Finance costs | (56 681 540) | (19 271 517) | (48 042 338) | (9 509 571) | |
Total expenses | |||||
(6 441 234 181) | (2 250 275 626) | (7 559 158 794) | (1 518 196 157) | ||
Net monetary loss | (865 064 018) | (680 579 464) | - | - | |
Profit before share of profit of associates accounted for using | |||||
the equity method | 3 249 488 365 | 1 527 454 740 | 5 774 340 128 | 2 847 631 321 | |
Share of (loss)/profit of associates | (146 210 823) | 157 605 755 | 92 517 053 | 121 600 187 | |
Profit before income tax | |||||
3 103 277 542 | 1 685 060 495 | 5 866 857 181 | 2 969 231 508 | ||
Income tax expense | (289 253 399) | (104 764 932) | (471 305 890) | (97 592 579) | |
Profit for the year | |||||
2 814 024 143 | 1 580 295 563 | 5 395 551 291 | 2 871 638 929 | ||
OTHER COMPREHENSIVE INCOME | |||||
Items that will not be reclassified to profit or loss: | - | - | |||
Property revaluation surplus/(loss) | 4 | 210 265 940 | (10 124 076) | 477 386 819 | 115 915 441 |
Share of other comprehensive income of associates | |||||
accounted for using the equity method | 36 878 235 | 5 936 696 | 352 551 093 | 482 915 734 | |
Gross change in insurance liabilities through other | (5 367 386) | (339 097 687) | (20 785 361) | ||
comprehensive income | (173 050 519) | ||||
Income tax relating to components of other comprehensive | (2 507 645) | (10 108 415) | (1 560 090) | ||
income | (378 915) | ||||
73 714 741 | (12 062 411) | 480 731 810 | 576 485 724 | ||
Items that may be reclassified to profit or loss: | |||||
Exchange gains on translation of foreign operations | (41 480 844) | 716 071 273 | 70 376 161 | 455 178 868 | |
Changes in fair value of financial assets at FVOCI | 44 445 892 | (101 751 907) | 60 035 752 | 36 659 604 | |
Income tax relating to components of other comprehensive | (444 459) | 4 350 188 | (600 358) | (5 613 328) | |
income | |||||
2 520 590 | 618 669 554 | 129 811 555 | 486 225 144 | ||
Other comprehensive income for the year net of tax | |||||
76 235 332 | 606 607 143 | 610 543 365 | 1 062 710 868 | ||
Total comprehensive income for the year | |||||
2 890 259 475 | 2 186 902 706 | 6 006 094 657 | 3 934 349 797 | ||
Profit attributable to: | |||||
Equity holders of Zimre Holdings Limited | 2 685 525 636 | 897 316 129 | 5 193 182 572 | 2 015 543 197 | |
Non-controlling interests | 128 498 507 | 682 979 434 | 202 368 720 | 856 095 732 | |
2 814 024 143 | 1 580 295 563 | 5 395 551 292 | 2 871 638 929 | ||
Total comprehensive income attributable to: | |||||
Equity holders of Zimre Holdings Limited | 2 756 155 954 | 1 452 450 802 | 5 745 892 659 | 2 888 641 224 | |
Non-controlling interests | 134 103 521 | 734 451 904 | 260 201 998 | 1 045 708 573 | |
2 890 259 475 | 2 186 902 706 | 6 006 094 657 | 3 934 349 797 | ||
Earnings per share attributable to owners of Zimre Holdings Limited | |||||
Basic and diluted earnings per share (ZWL cents): | 147.70 | 57.63 | 285.62 | 129.44 | |
Headline earnings per share (ZWL cents): | 115.26 | 50.29 | 257.07 | 123.21 |
BOARD OF DIRECTORS: Benjamin N Kumalo (Chairperson), Mark Haken, Jean Maguranyanga, Desmond Matete, Ignatius Mvere, | 3 |
Hamish BW Rudland, Cron von Seidel, Edwin Zvandasara, Stanley Kudenga (Group Chief Executive) |
AUDITED ABRIDGED GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
INFLATION ADJUSTED
Financial | ||||||||||
assets at fair | Foreign | |||||||||
value through | ||||||||||
other | currency | Change in | Attributable | Non- | ||||||
Share | Share | Treasury | Revaluation | comprehensive | translation | ownership | Retained | equity holders | controlling | |
capital | premium | shares | reserve | income reserve | reserve | reserve | earnings | of parent | interest | Total equity |
ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL |
Year ended 31 December 2020
Balance as at 1 January 2020
Total comprehensive income for the year
Profit for the year
Other comprehensive income for the year net of tax
Write back of impairment associate
No-controlling interests on acquisition of
subsidiary
Transactions with owners in their capacity as owners
Dividend declared and paid
Issue of shares
Issue of shares transaction costs Share buy-back
Change in ownership percentage
Balance as at 31 December 2020
Year ended 31 December 2021 Balance as at 1 January 2021
Total comprehensive income for the year
Profit for the year
Other comprehensive income for the year net of tax
Bargain on purchase
Non-controlling interests on acquisition of subsidiary
Transactions with owners in their capacity as owners
Divident declared and paid
Share buy-back
Balance as at 31 December 2021
Year ended 31 December 2020 Balance as at 1 January 2020
Total comprehensive income for the year
Profit for the year
Other comprehensive income for the year net of tax
Write back of impairement associate
Non-controlling interests on acquisition
of subsidiary
Transactions with owners in their capacity as owners
Dividend declared and paid
Issue of shares
Issue of shares transaction costs Share buy-back
Change in ownership percentage
Balance as at 31 December 2020
Year ended 31 December 2021 Balance as at 1 January 2021
Total comprehensive income for the year
Profit for the year
Other comprehensive income for the year net of tax
Burgain on purchase
Non-controlling interests on acquisition
of subsidiary
Transactions with owners in their capacity as owners
Dividend declared and paid
Share buy-back
817 412 473 | 609 262 169 | (834 429) | 768 703 301 | 284 297 313 | 729 882 332 | 36 458 605 | 881 490 618 | 4 126 672 383 | 1 169 789 785 | 5 296 462 168 |
- | - | - | (11 092 635) | (97 401 717) | 663 629 026 | - | 897 316 129 | 1 452 450 802 | 734 451 904 | 2 186 902 706 |
- | - | - | - | - | - | - | 897 316 129 | 897 316 129 | 682 979 434 | 1 580 295 563 |
- | - | - | (11 092 635) | (97 401 717) | 663 629 026 | - | - | 555 134 673 | 51 472 470 | 606 607 143 |
- | - | - | - | - | - | - | 654 928 433 | 654 928 433 | - | 654 928 433 |
- | - | - | - | - | - | - | - | - | 864 705 379 | 864 705 379 |
4 579 078 | 1247 794 832 | (1 670 059) | - | - | - | 683 923 001 | (8 531 708) | 1 926 095 144 | (1 684 053 774) | 242 041 370 |
- | - | - | - | - | - | - | (8 531 708) | (8 531 708) | (2 350 885) | (10 882 593) |
4 579 078 | 1 289 010 574 | - | - | - | - | - | - | 1 293 589 652 | - | 1 293 589 652 |
- | (41 215 742) | - | - | - | - | - | - | (41 215 742) | - | (41 215 742) |
- | - | (1 670 059) | - | - | - | - | - | (1 670 059) | - | (1 670 059) |
- | - | - | - | - | - | 683 923 001 | - | 683 923 001 | (1 681 702 889) | (997 779 888) |
821 991 552 | 1 857 057 001 | (2 504 488) | 757 610 666 | 186 895 596 | 1 393 511 358 | 720 381 606 | 2 425 203 471 | 8 160 146 762 | 1 084 893 294 | 9 245 040 056 |
821 991 552 | 1857 057 001 | (2 504 488) | 757 610 666 | 186 895 596 | 1 393 511 358 | 720 381 606 | 2 425 203 471 | 8 160 146 762 | 1 084 893 294 | 9 245 040 056 |
- | - | - | 83 647 386 | 44 001 433 | (57 018 500) | - | 2 685 525 636 | 2 756 155 955 | 134 103 520 | 2 890 259 475 |
- | - | - | - | - | - | - | 2 685 525 636 | 2 685 525 636 | 128 498 507 | 2 814 024 143 |
- | - | - | 83 647 386 | 44 001 433 | (57 018 500) | - | - | 70 630 319 | 5 605 013 | 76 235 332 |
- | - | - | - | - | - | - | (465 342 643) | (465 342 643) | - | (465 342 643) |
- | - | - | - | - | - | - | - | - | (400 686 348) | (400 686 348) |
- | - | (518 801) | - | - | - | - | (38 957 330) | (39 476 131) | - | (39 476 131) |
- | - | - | - | - | - | - | (38 957 330) | (38 957 330) | - | (38 957 330) |
- | - | (518 801) | - | - | - | - | - | (518 801) | - | (518 801) |
821 991 552 | 1 857 057 001 | (3 023 289) | 841 258 052 | 230 897 029 | 1 336 492 858 | 720 381 606 | 4 606 429 134 | 10 411 483 943 | 818 310 466 | 11 229 794 409 |
HISTORICAL COST | ||||||||||
Financial | ||||||||||
assets at fair | ||||||||||
value through | Foreign | |||||||||
other | currency | Change in | Attributable | Non- | ||||||
Share | Treasury | Revaluation | comprehensive | translation | ownership | Retained | equity holders | controlling | ||
Share capital | premium | shares | reserve | income reserve | reserve | reserve | earnings | of parent | interest | Total equity |
ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL | ZWL |
15 326 649 | 11 427 034 | (25 932) | 46 318 339 | 57 258 115 | 105 574 318 | 814 869 | 290 497 468 | 527 190 860 | 179 612 441 | 706 803 301 |
- | - | - | 418 912 121 | 31 046 276 | 423 139 630 | - | 2 015 543 197 | 2 888 641 224 | 1 045 708 573 | 3 934 349 797 |
- | - | - | - | - | - | - | 2 015 543 197 | 2 015 543 197 | 856 095 732 | 2 871 638 929 |
- | - | - | 418 912 121 | 31 046 276 | 423 139 630 | - | - | 873 098 027 | 189 612 841 | 1 062 710 868 |
- | - | - | - | - | - | - | 49 029 027 | 49 029 027 | - | 49 029 027 |
- | - | - | - | - | - | - | - | - | 533 591 839 | 533 591 839 |
2 848 798 | 776 295 078 | (997 149) | - | - | - | 333 686 145 | (3 100 000) | 1 108 732 873 | (955 292 825) | 153 440 047 |
- | (3 100 000) | (3 100 000) | (854 296) | (3 954 296) | ||||||
2 848 798 | 801 936 775 | - | - | - | - | - | - | 804 785 573 | 804 785 573 | |
- | (25 641 697) | (25 641 697) | (25 641 697) | |||||||
- | - | (997 149) | - | - | - | - | - | (997 149) | - | (997 149) |
- | - | - | - | - | - | 333 686 145 | - | 333 686 145 | (954 438 529) | (620 752 384) |
18 175 447 | 787 722 112 | (1 023 081) | 465 230 460 | 88 304 391 | 528 713 948 | 334 501 014 | 2 351 969 692 | 4 573 593 983 | 803 620 028 | 5 377 214 011 |
18 175 447 | 787 722 112 | (1 023 081) | 465 230 460 | 88 304 391 | 528 713 948 | 334 501 014 | 2 351 969 692 | 4 573 593 983 | 803 620 028 | 5 377 214 011 |
- | - | - | 438 436 189 | 59 435 394 | 54 838 504 | - | 5 193 182 572 | 5 745 892 659 | 260 201 998 | 6 006 094 657 |
- | - | - | - | - | - | - | 5 193 182 572 | 5 193 182 572 | 202 368 720 | 5 395 551 292 |
- | - | - | 438 436 189 | 59 435 394 | 54 838 504 | - | - | 552 710 087 | 57 833 278 | 610 543 365 |
- | - | - | - | - | - | - | (409 565 344) | (409 565 344) | - | (409 565 344) |
- | - | - | - | - | - | - | - | (209 899 429) | (209 899 429) | |
- | - | (389 538) | - | - | - | - | (30 000 000) | (30 389 538) | - | (30 389 538) |
- | (30 000 000) | (30 000 000) | - | (30 000 000) | ||||||
- | - | (389 538) | - | - | - | - | - | (389 538) | - | (389 538) |
Balance as at 31 December 2021 | 18 175 447 | 787 722 112 | (1 412 619) | 903 666 649 | 147 739 785 | 583 552 452 | 334 501 014 | 7 105 586 920 | 9 879 531 760 | 853 922 597 10 733 454 357 |
BOARD OF DIRECTORS: Benjamin N Kumalo (Chairperson), Mark Haken, Jean Maguranyanga, Desmond Matete, Ignatius Mvere, | 4 |
Hamish BW Rudland, Cron von Seidel, Edwin Zvandasara, Stanley Kudenga (Group Chief Executive) |
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Zimre Holdings Ltd. published this content on 07 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2022 07:01:02 UTC.
