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Zambeef Products PLC Annual Report 2015 Our Profile the ing Na d ti e o e n Feeding a Growing F Products PLC Continent Zambeef Products PLC Annual Report 2015 Our profile Zambeef Products PLC (“Zambeef”, the “Company”, or, together with its subsidiaries the “Group”) is one of the largest integrated agribusinesses in Zambia. The Zambeef Group is one of the largest integrated agri-businesses in Zambia, in- volved in the primary production, processing, distribution and retailing of beef, chick- ens, pork, milk, eggs, dairy products, fish, flour and stock feed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana. The Group is also one of the largest cereal row cropping operations in Zambia, with a total of 24,174 hectares planted during FY2015 comprising a mix of approximately [two growing seasons] of 8,120 Ha of irrigated land and one growing season of approximately 8,480 Ha of rain-fed/dry land, available for planting each year. Overview Strategic Corporate Financial report governance statements Overview 1 Highlights 3 Challenges 4 Zambeef at a glance 5 Feeding a growing continent Strategic report 10 Chairman’s report 14 Joint Chief Executives’ review 18 Operational and financial review Cropping Beef Chicken and eggs Pork Milk and dairy Fish Stockfeed Edible oils Mill Leather and shoes West Africa 24 Sustainability report Corporate governance 30 Corporate governance 34 Board of directors 36 Report of the directors 41 Statement of directors’ responsi- bilities Financial statements 44 Report of the independent audi- tors 45 Statement of comprehensive income 46 Consolidated statement of changes in equity 48 Company statement of changes in equity 50 Consolidated statement of finan- cial position 51 Company statement of financial position 52 Consolidated statement of cash flows 53 Company statement of cash flows 54 Notes to the financial statements 108 Notice of AGM and agenda Our vision and strategy 109 Proxy form Our vision is to be one of the most accessible and affordable quality protein provider in the Southern Africa region, delivered through the Group’s extensive retail and distribution network. Zambeef Products PLC Annual Report 2015 1 Highlights Revenue 4% (USD) 25% (ZMW) 2015: USD220 million 2015: ZMW1,555 million Profit before tax excluding exchange losses 590% (USD) 728% (ZMW) 2015: USD15 million 2015: ZMW107 million Gross profit margin 7% (USD) 7% (ZMW) Net cash inflow from operating activities 171% (USD) 223% (ZMW) Core cold Conversion chain food of a product significant Successful divisions amount of divestment of performed US Dollar debt Zamanita edible particularly well, into Kwacha to oils division to with gross profits mitigate future Cargill. up 29.1% in Kwacha currency exchange terms. risks. 2 Zambeef Products PLC Annual Report 2015 Overview Strategic Corporate Financial report governance statements Challenges Exchange losses 20m loss (USD) 142m loss (ZMW) 2014: USD3.9m loss 2014: ZMW22.6m loss Profit before tax 5m loss (USD) 35.6m loss (ZMW) 2014: USD1.7m loss 2014: ZMW9.8m loss Exchange National losses for the electricity year of USD20 Significant deficit resulted million have macro-economic in load-shedding reduced a pre-tax challenges. and impacted on profit of USD15.1 production. million into a pre-tax loss of USD5 million. Zambeef Products PLC Annual Report 2015 3 Zambeef at a glance Robust business model of vertical integration Retail and cold chain Key facts • Concessionary Agreement with Shoprite to manage the Shoprite butcheries throughout Zambia, Nigeria and Ghana. • Currently 86 retail outlets, four macro outlets, three wholesale centres, six fast food outlets and 26 Shoprite butcheries in Zambia. • West Africa provides an exciting opportunity for the Zambeef Group, in partnership with Shoprite. • Currently 19 Shoprite butcheries, six self-operated stores and two processing plants in West Africa. Strategic fit • Majority of Zambeef products retailed directly to end consumer, in a value added form, through the Group’s extensive retail and wholesale distribution network. • Zambeef also operates one of the largest transport and trucking fleets in Zambia and has its own workshop to service and maintain its vehicle fleet. • Gives the Group control over logistics and distribution. Manufacturing and processing Key facts • One of the leading stock feed producers in Zambia, with a capacity of 13,750 M.T. p.m. • Wheat mill with a capacity to mill 30,000 M.T. of wheat p.a. • One of the largest tanneries in Zambia, with a processing capacity of 100,000 hides p.a. • One of the largest shoe plants in Zambia with a processing capacity of 80,000 pairs p.a. • Meat processing plants with a capacity to process over 700 M.T. of processed meats p.m. Strategic fit • Meat and dairy processing plants add value in producing yoghurt, drinking yoghurt, cheese, butter, milk based juices and processed meat products. • Wheat mill adds value to the wheat from the Zambeef farms, producing flour. • Tannery and shoe plant adds value to the by-product of the beef abattoir division (cattle hides); producing leather, industrial footwear and protective leather clothing. 4 Zambeef Products PLC Annual Report 2015 Overview Strategic Corporate Financial report governance statements Meat and dairy Key facts • One of the largest suppliers of beef in Zambia. • Five beef abattoirs and three feedlots located throughout Zambia with a capacity to slaughter 100,000 cattle p.a. and a capacity to feedlot 24,000 grain fed cattle p.a. • One of the largest chicken and egg producers in Zambia currently processing 6.7 million chickens p.a. and producing over 39 million eggs p.a. • One of the largest piggeries, pig abattoir and pork processing plants in Zambia with a capacity to slaughter 100,000 pigs p.a. • Dairy farm with approximately 2,600 dairy cattle, with over 900 lactating and currently producing over 7.4 million litres of milk p.a. Strategic fit • Meat and dairy divisions provide raw materials input for further value add processing within the Group. Farming Key facts • One of the largest irrigated row cropping operations in Zambia. • Approximately 8,120 Ha irrigated and approximately 8,480 Ha rainfed, arable, developed land available for planting each year. • Double cropping of irrigated land means Zambeef can plant 24,720 Ha p.a. • Crop production focused on soya beans during summer and wheat during winter. • Capacity to produce 40,000 M.T. of soya beans, 45,000 M.T. of wheat and 21,000 M.T. of maize p.a. • 125,000 M.T. storage capacity. Strategic fit • Farming division provides raw materials input (wheat, soya, and maize) for further value add processing within the Group. Zambeef Products PLC Annual Report 2015 5 Feeding a growing continent A market driven food company 6 Zambeef Products PLC Annual Report 2015 Overview Strategic Corporate Financial report governance statements Zambia Nigeria Ghana • 84 Zambeef Outlets • 6 Master Meats Nigeria • 5 Shoprite Butcheries • 4 Zambeef Macro Outlets Outlets • 2 Zambeef Excellent Meat • 14 Shoprite Butcheries Outlets • 6 Zamchick Inns • 3 Wholesale Outlets • 26 Shoprite Butcheries Real progress has been made by putting the full range of cold chain food products into the Democratic Republic of Congo. Exports have also taken place into Malawi, Zimbabwe, Angola and Botswana. Zambeef also sees Tete Province in Mozambique as a market with significant potential. Zambeef Products PLC Annual Report 2015 7 8 Zambeef Products PLC Annual Report 2015 Overview Strategic Corporate Financial report governance statements Strategic report Zambeef Products PLC Annual Report 2015 9 Chairman’s report Despite significant macro-economic challenges, the Group’s performance was commendable, particularly in our core cold chain food products division Macro-economic background Zambeef performance The Group’s financial and trading Despite the above macro-economic performance must be seen within the challenges, Zambeef has had a context of the Zambian economy, which is commendable year. currently facing significant challenges. Operating profits was ZMW162.1 million The slowdown in the Chinese economy, as (USD23.0 million), up from operating well as the general strengthening of the US profits of ZMW56.2 million (USD9.6 Dollar has put an enormous strain on the million) in 2014, while cash generated Zambian Kwacha (ZMW), compounded by from operations increased from ZMW81.6 power rationing, adverse developments in million to ZMW263.8 million (USD13.8 the mining sector (prospects of job losses million to USD37.4 million). and scaling down of operations), fiscal and current account deficits; and weak general Our immediate strategic priorities continue performance of the economy and therefore to include: slowed GDP growth. 1) A focus on the retailing of core cold chain food products business The Zambian economy remains heavily 2) Realising cash from the disposal of dependent on copper mining and therefore non-core assets the rapid drop in the copper price and the 3) Reducing debt/gearing in the business resulting decrease in production have 4) Forging strategic alliances and resulted in a rapid depreciation of the partnerships with acknowledged Zambian Kwacha against the US Dollar, industry players. from ZMW6.27/USD to ZMW12.02/USD over the year. 1) Retailing of core cold chain food products Extensive power rationing since June 2015 It is pleasing to report that the core (8-10 hours per day) has necessitated the cold chain food products divisions use of more expensive power from diesel (beef, chickens, pork, milk and dairy, generators, resulting in higher costs of eggs, and fish) performed well, with production and lower production volumes. gross profits increasing by 29.1 per cent. (ZMW) and 7.6 per cent. (USD). Inflation has increased significantly from around 7.8 per cent. in September 2014 2) Realising cash from the disposal of to 14.3 per cent. in October 2015, largely non-core assets attributed to the pass-through from the sharp The successful completion of the sale depreciation of the ZMW/USD exchange of Zamanita Limited to Cargill Holdings rate, increase in pump prices of refined BV for a cash consideration of USD27.0 petroleum products and the high production million on 1 June 2015 has reduced the costs induced by increased power rationing.
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