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2021 Annual Report About the Seed Co Annual Report

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2021 Annual Report About the Seed Co Annual Report Seed Co International 2021 Annual Report About the Seed Co Annual Report Seed Co International Limited, which is listed on Welcome to the home the Botswana Stock Exchange (BSE) and Zimbabwe Stock Exchange (ZSE), is the leading of bumper harvests producer and marketer of certified crop seeds in Africa. We believe that our annual report can help our stakeholders make better informed Our Vision decisions about our business. To dominate the Agro industry in Africa. This report, which is our primary report to stakeholders, covers the period 1 April 2020 to Our Mission 31 March 2021. The scope of this report includes the Seed Co group’s operations, We breed seed, feed and lead in Africa. projects and the key functions over which we exercise control. Our Brands For ease of reference we have used Seed Co or Specially bred for Africa hence assuring farmers the group to represent the company and its group entities. All our subsidiaries, business highest yield. divisions and products are referred to by their branded names. With respect to comparability, all items are reported on a like-for-like basis with Core Values no major restatements. Any restatements are Farmer Centricity: Putting customers at the centre noted and explained. People Our Pride: Results through people with passion Reporting frameworks Knowledge: Information advantage Our report conforms to the requirements of local Teamwork: Work and win together and international reporting frameworks, including those of the Victoria Falls Stock Exchange Quality Focused: Drive for quality and value Listings Requirements. We have used the Innovation: Learning and applying International Integrated Reporting Framework to guide us in structuring our report to show the connectivity between material information on our strategy, governance, performance and prospects and how our strategy affects and is affected by environmental, social and financial matters. We have been guided by the Global Reporting Initiative’s (GRI) 3.1 indicators. Contents About the Seed Co Performance Highlights 3 Annual Report Chairman’s Letter 4 Group Chief Executive’s Review 6 Welcome to the home Governance Statement 22 Seed Co International Limited, which is listed on Report of the Directors 29 the Botswana Stock Exchange (BSE) and Corporate Social Investment 34 Zimbabwe Stock Exchange (ZSE), is the leading of bumper harvests producer and marketer of certified crop seeds in Independent Auditor’s Report 40 Africa. We believe that our annual report can Directors’ Approval of Group Financial Statements 45 help our stakeholders make better informed Our Vision decisions about our business. To dominate the Agro industry in Africa. Income Statements 46 Statements Of Comprehensive Income 46 This report, which is our primary report to Statements Of Financial Position 47 stakeholders, covers the period 1 April 2020 to Our Mission 31 March 2021. The scope of this report Statement Of Changes In Equity includes the Seed Co group’s operations, We breed seed, feed and lead in Africa. Statements Of Cash Flows 48 projects and the key functions over which we Notes To The Financial Statements 49 exercise control. 50 Notice to Shareholders Our Brands 82 For ease of reference we have used Seed Co or Specially bred for Africa hence assuring farmers Group Administration the group to represent the company and its 83 group entities. All our subsidiaries, business highest yield. divisions and products are referred to by their branded names. With respect to comparability, The Seed Co International Limited Annual Report comprises of: all items are reported on a like-for-like basis with Core Values no major restatements. Any restatements are Farmer Centricity: Putting customers at the centre Audited consolidated and company financial statements of Seed Co International Limited set noted and explained. out on pages 44 to 79 which comprise the group and company statements of financial position People Our Pride: Results through people with passion as at 31 March 2021. Reporting frameworks Knowledge: Information advantage The Annual Report includes notes to the financial statements, including a summary of Our report conforms to the requirements of local Teamwork: Work and win together significant accounting policies. and international reporting frameworks, including Quality Focused: Drive for quality and value those of the Victoria Falls Stock Exchange Seed Co International Limited AGM Notice and Proxy Form Listings Requirements. We have used the Innovation: Learning and applying International Integrated Reporting Framework to guide us in structuring our report to show the connectivity between material information on our strategy, governance, performance and prospects and how our strategy affects and is affected by environmental, social and financial matters. We have been guided by the Global Reporting Initiative’s (GRI) 3.1 indicators. International 2021 Annual Report Overview Our teams across Africa combine their local knowledge with our assets and expertise, tailoring solutions that create value for farmers. Research and development Production Processing Your Company possess a strong An important component of seed Seed processing is a vital part of the in-house R&D base, keeping pace production is ensuring the desired total technology involved in making with world class scientific progress. genetic identity of the subsequent available high quality seed. It Being Africa’s largest seed Company, generation. Key practice is assures the end users, seeds of the focus centres on the combined maintaining genetic purity. Most of high quality. In Agriculture, the term use of conventional breeding our annual crops are established seed processing includes cleaning, techniques and biotechnology, to each season under optimum drying, seed treatment, packaging consistently improve and stabilize conditions and processed with and storage. the yield for maximum potential. state-of-the-art technologies. Sale and Marketing Support Services Product Development Seed sales and marketing aims to Seed Co explores the ever changing Product development is the complete satisfy the farmer's demand for role of agricultural extension services process of delivering a new product reliable supply of a range of seed especially to the smallholder farmer or improving an existing one for varieties with assured quality at an in Africa. Focus is to equip farmers customers. The department acceptable price. Operational with knowledge and skills to run their coordinates complex activities of the activities include sales and farms as a sustainable business. Company which requires careful distribution, marketing service Starting with the right seed and attention to detail. Ongoing product activities, advertising, promotions helping farmers apply good agronomic management ensures the product is and market research. practises is key to raising incomes and subject to continuous upgrades and livelihoods. improvement. 2 International 2021 Annual Report Performance Highlights Strong sales volume and revenue growth was achieved due to heightened seed demand on the back of favourable weather conditions. REVENUE 26% $70.1m $88.53m 2021 2020 EBITDA 20.9% $17.1m $20.7m 2021 2020 MAIZE SEED SALES 24.7% VOLUMES 30.7Kmt 38.3Kmt 2021 2020 NET DEBT 20.2% $28.1m $22.4m 2021 2020 3 International 2021 Annual Report Chairman’s Letter I would like to take this opportunity to express my sincere gratitude to my fellow Board Members for the wise counsel, guidance and support to Management and staff. D.E.B Long - Chairman Dear Stakeholders I have the pleasure to present the annual report for the financial year ended 31 March 2021. The year was characterised by the COVID-19 pandemic which disrupted economic and business activities globally. The global response to the pandemic included national lockdowns and health guidelines which restricted movement of people and commercial activities. Despite these developments, the Group accomplished phenomenal results. Operating Environment The agricultural season experienced average to above average rainfall across regions, presenting opportunities for good crop yields. The business environment was characterised by disruptions and macroeconomic challenges in some countries which prompted us to activate business continuity plans to strengthen our resilience and respond to COVID-19 effects; Zimbabwe, Nigeria and Ethiopia however presented opportunities for business development. Financial Performance The Group posted turnover of USD$89m which was 26% above prior year (USD$70m) driven by 35% volumes growth. PBT of USD$15m increased by 47% while PAT of USD$11m was almost double last year. The Group maintained a strong financial position to sustain growth and operations. Production and Quality The Group maintained an adequate 3-year cover stock of parent seed. The total maize seed that was available of 66 623mt was adequate to meet demand and to leave a surplus for the next season. Seed production for other crops remained in a satisfactory position. Despite COVID-19 impacts on the last farming season, we expect a strong production from good rainfalls experienced across regions. Seed quality test for the year produced satisfactory results to anchor our brands. Research and Development The Group continues to develop new seed varieties resilient and adaptive to climate change. New maize, wheat, sorghum, pearl millet, rice and sunflower seed varieties were tested while some were piloted for production. Upgrading and modernization of our research facilities were strategic to enhance our
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