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2019 Annual Report 2019 / Press Corporation PLC | 5 FIVE YEAR GROUP FINANCIAL REVIEW

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2019 Annual Report 2019 / Press Corporation PLC | 5 FIVE YEAR GROUP FINANCIAL REVIEW P R E C S L S P CO N RPORATIO ANNUAL REPORT 2019 CONTENTS The Group is Strategic Report Financial Statements determined to - Financial Highlights 4 - Directors’ Report 52 - Five Year Group Financial Review 6 - Statement of Directors’ Responsibilities 58 - Vision, Mission Statement, Core Values 7 - Independent Auditor’s Report 59 spread its wings - Chairman’s Report 8 - Consolidated and Separate - Group Chief Executive’s Report 12 Statements of Financial Position 66 across the borders - Business Review 16 - Consolidated and Separate- Statements of Comprehensive Income 68 in its expansion Corporate Social Responsibility 37 - Consolidated and Separate Statements of Changes in Equity 69 drive Corporate Governance - Consolidated and Separate Statements of Cash Flows 71 - Board of Directors 40 - Notes to the Consolidated and - Board Committees 41 Separate Financial Statements 72 - 170 - Internal Audit, Integrity and Diversity 42 - Profile of Directors 44 On the Malawi Stock Exchange 171 - Profile of Management 48 Administration 172 FINANCIAL HIGHLIGHTS (CONTINUED) FINANCIAL HIGHLIGHTS Malawi Kwacha US Dollars PROFIT ORDINARY ATTRIBUTABLE On the Malawi Stock Exchange On the Malawi Stock Exchange TURNOVER 2019 2018 Change % 2019 2018 Change % TO ORDINARY SHAREHOLDERS’ SHAREHOLDERS FUNDS Group Summary (in millions) Turnover 220,066 214,420 2.63 300 295 1.69 Attributable earnings 8,157 18,373 (55.60) 11 25 (55.94) Financial Statements Financial Statements Shareholders’ equity 157,027 150,912 4.05 213 207 2.89 Share performance Basic earnings per share 67.86 152.85 (55.60) 0.09 0.21 (55.94) Cash retained from operations per share 209.82 161.74 29.73 0.28 0.22 28.51 Net asset value per share (shareholders’ Corporate Governance Corporate Governance equity per share) 1,959 1,823 7.46 2.66 2.50 6.47 Dividend per share 26.01 26.01 0.00 0.04 0.04 (0.94) Market price per share 1,400.00 1,140.00 22.81 1.90 1.56 21.66 Price earnings ratio 20.63 7.5 175.07 20.53 7.44 176.11 Number of shares in issue (in millions) 120.20 120.2 0.00 Volume of shares traded (in thousands) 13,125.00 4,409.00 197.69 Strategic Report Strategic Report Value of shares trades (in MK miilions) 15,341.00 4,725.00 224.68 20.92 6.49 222.22 Financial statistics Exchange rate (MK/US$) 2015 2016 2017 2018 2019 After tax return on equity 15.77 24.33 (35.19) 0.02 0.03 (35.80) Gearing 16% 18% 11.11 Average monthly exchange rates 570.10 694.90 725.50 727.70 733.25 Year end exchange rates 664.40 725.40 725.60 729.80 736.70 Average monthly exchange rates 733.25 727.70 Year end exchange rates 736.70 729.80 4 | Press Corporation PLC / Annual Report 2019 Annual Report 2019 / Press Corporation PLC | 5 FIVE YEAR GROUP FINANCIAL REVIEW 2019 2018 2017 2016 2015 VISION MK’m MK’m MK’m MK’m MK’m Restated To be Malawi’s premier holding company CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME MISSION STATEMENT Turnover 220,066 214,420 200,480 188,857 161,136 Profit before income tax and share of profit of equity-accounted investees 38,853 47,302 49,269 24,194 19,488 To create significant viable businesses and contribute Share of profit of equity-accounted investees to the socio-economic development of Malawi and the region net of income tax 3,415 4,995 4,842 5,543 4,284 Profit before income tax 42,268 52,297 54,111 29,737 23,772 Income tax expense (17,510) (15,584) (14,438) (14,418) (11,528) CORE VALUES Profit after income tax 24,758 36,713 39,673 15,319 12,244 Attributable to non-controlling interests (16,601) (18,340) (15,756) (10,410) (8,047) We have adopted the acronym PRISE for our core values Attributable to owners of the company 8,157 18,373 23,917 4,909 4,197 Dividend paid to ordinary shareholders (3,127) (3,127) (2,104) (1,022) (1,563) in the conduct of our business: Retained profit 5,030 15,246 21,813 3,887 2,634 Basic earnings per share (MK) 67.86 152.85 198.98 40.84 34.92 Dividend per share (MK) 26.01 26.01 17.50 8.50 13.00 On the Malawi Stock Exchange On the Malawi Stock Exchange People Centred Responsibility Integrity CONSOLIDATED STATEMENTS We treat our employees We believe in Ubuntu We commit to conduct OF FINANCIAL POSITION and all our partners philosophy that states our business in a Right of use assets, Property, plant and equipment 132,402 113,574 105,908 93,453 89,820 with dignity, fairness “I am because we are”. transparent and ethical Investment properties 9,592 7,810 6,564 5,360 4,783 and respect, fostering We therefore commit to manner and pledge to Investment in equity accounted investees 48,694 49,112 40,687 39,627 32,835 an environment where share our success with be accountable to all our Other non-current assets 188,242 126,916 85,523 68,568 64,579 people can contribute, communities and sustain stakeholders Net current liabilities (93,705) (26,250) (15,780) (36,246) (49,726) innovate and excel. the environment we Financial Statements Financial Statements Total employment of capital 285,225 271,162 222,902 170,762 142,291 operate in. Ordinary shareholders’ funds 157,027 150,912 125,557 101,311 91,698 Non-controlling interest 78,436 68,163 56,287 46,214 38,710 Lease liabilities, Loans and borrowings 44,122 47,386 38,248 20,246 10,150 Stakeholder Value Excellence Provisions - - 70 - - We strive to surpass the expectations of our We pursue excellence Deferred revenue 119 141 - - - stakeholders both internally and externally. through efficiency, Deferred tax liabilities 5,521 4,560 2,740 2,991 1,733 We are therefore committed to enable our effectiveness and Total capital employed 285,225 271,162 222,902 170,762 142,291 stakeholders excel by: creating long-term outstanding quality. sustainable businesses and relationships; Corporate Governance Corporate Governance CONSOLIDATED STATEMENTS being responsive and relevant; and OF CASH FLOWS delivering value consistently. OPERATING ACTIVITIES Cash generated from operations 47,398 40,889 44,643 42,486 32,308 Interest and tax paid (22,178) (21,448) (24,764) (20,698) (23,333) Cashflows from operating activities 25,220 19,441 19,879 21,788 8,975 INVESTING ACTIVITIES Strategic Report Strategic Report Interest/Dividend received 5,078 4,840 3,239 4,072 4,103 Capital expenditure (27,979) (27,830) (26,908) (19,420) (17,248) (Acquisition) /Disposal of subsidiaries net of cash - - 17,216 (26) (575) Proceeds from sale of property, plant and equipment and investment properties 2,117 4,686 1,617 1,585 1172 Cashflows (used in) investing activities (20,784) (18,304) (4,836) (13,789) (12,548) FINANCING ACTIVITIES Proceeds from issue of shares - - - - - Dividends paid to non-controlling shareholders (8,111) (8,537) (7,209) (5,079) (5,040) Dividends paid to shareholders of the company (3,127) (3,127) (2,104) (1,022) (1,563) Increase/(decrease) in borrowings and lease liability (619) (3,462) 16,297 (2,529) (455) Cashflows from/(used in) financing activities (11,857) (15,126) 6,984 (8,630) (7,058) NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS (7,421) (13,989) 22,027 (631) (10,631) 6 | Press Corporation PLC / Annual Report 2019 Annual Report 2019 / Press Corporation PLC | 7 CHAIRMAN’S REPORT CHAIRMAN’S REPORT PCL is the first Company to work with Global Reporting Initiative (GRI) in Malawi and EthCo is one of just two manufacturing companies in Africa to fully report in ........................................................ accordance with GRI. Our priority is to create, grow Profit after tax and diversify revenue streams K24.76 and control costs to run a billion financially sustainable investment management operation. The nominal stability of the Kwacha and relatively decisions, including turnaround and repositioning The Group’s ........................................................ low real interest rates translated into the Kwacha strategies for some of our entities. In particular the post- On the Malawi Stock Exchange On the Malawi Stock Exchange balance sheet Real Effective Exchange Rate (REER) appreciating, election stalemate that ensued, significantly affected grew by10% contributing to the worsening of the already fragile demand for goods and services and hence affected terms of trade. REER appreciation also caused general business growth prospects. Consequently, currency availability challenges as imports became focus was concentrated on resilient and stabilizing relatively cheaper with time, increasing the propensity initiatives and market defensive strategies. of the country to gravitate more towards being a predominantly importing and trading economy than a GROUP PERFORMANCE Financial Statements Financial Statements producing and exporting one. Despite the operating environment, the Group has remained resilient and enhanced shareholder value. Foreign currency reserves at US$1,170.62 million as The share price for your company increased by 27% THE GENERAL OPERATING at 31 December 2019, were seemingly at comfortable from K1,100 to K1,400 per share. Once again, our ENVIRONMENT levels, representing 5.6 months’ worth of import cover, management team demonstrated remarkable flexibility The operating environment was a challenging a level which has held steadily throughout the year. This and professionalism in how they adjusted the operating one in spite of stable and sometimes notwithstanding, the foreign exchange market failed strategies to suit the post-election environment which Corporate Governance Corporate Governance seemingly improving macro-economic to clear as arrears started building up in the banking was unprecedented in the country’s history.
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