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2020 Annual Report.Cdr 2020 ANNUAL REPORT 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT TABLE OF CONTENTS OVERVIEW Mission Statement 3 Financial Highlights 4 CORPORATE GOVERNANCE Group Structure 6 Operating Units and Management 7 Chairman's Statement 8 Group Managing Director's Report 9 Directors, Group Management and Administration 10 Statement of Corporate Governance and 11 Directors' Responsibility view Directors’ Report 13 FINANCIAL INFORMATION Statistics 15 Independent Auditor’s Report 16 over Preparer of the Annual Financial Statements 21 Consolidated Statement of Profit or Loss and 22 Other Comprehensive Loss or Income Consolidated Statement of Financial Position 23 Consolidated Statement of Changes in Equity 24 Consolidated Statement of Cash Flows 25 Notes to the Financial Statements 26 Independent Auditor’s Report on the Company 69 Company Statement of Profit or Loss and 71 Other Comprehensive Loss or Income Company Statement of Financial Position 72 Company Statement of Changes in Equity 75 Company Statement of Cash Flows 76 SUPPLEMENTARY INFORMATION Shareholders' Diary 78 Notice to Members 79 Shareholders' Analysis 80 1 2 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT TABLE OF CONTENTS OVERVIEW Mission Statement 3 Financial Highlights 4 CORPORATE GOVERNANCE Group Structure 6 Operating Units and Management 7 Chairman's Statement 8 Group Managing Director's Report 9 Directors, Group Management and Administration 10 Statement of Corporate Governance and 11 Directors' Responsibility view Directors’ Report 13 FINANCIAL INFORMATION Statistics 15 Independent Auditor’s Report 16 over Preparer of the Annual Financial Statements 21 Consolidated Statement of Profit or Loss and 22 Other Comprehensive Loss or Income Consolidated Statement of Financial Position 23 Consolidated Statement of Changes in Equity 24 Consolidated Statement of Cash Flows 25 Notes to the Financial Statements 26 Independent Auditor’s Report on the Company 69 Company Statement of Profit or Loss and 71 Other Comprehensive Loss or Income Company Statement of Financial Position 72 Company Statement of Changes in Equity 75 Company Statement of Cash Flows 76 SUPPLEMENTARY INFORMATION Shareholders' Diary 78 Notice to Members 79 Shareholders' Analysis 80 1 2 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT MISSION STATEMENT FINANCIAL HIGHLIGHTS To deliver sustainable value to stakeholders INFLATION ADJUSTED HISTORICAL as a responsible corporate citizen and 2020 2019 % 2020 2019 % leader in packaging in Zimbabwe. ZWL 000 ZWL 000 Change ZWL 000 ZWL 000 Change Revenue 5 086 623 5 059 937 1% 2 688 328 377 368 612% Trading income 828 130 1 129 117 (27%) 1 028 008 117 620 774% (Loss) / profit for the year (658 582) (6 253 034) (89%) 776 146 (789 075) 198% CORE VALUES (Loss) / earnings per ordinary share (cents) (87.15) (827.51) (89%) 102.71 (104.42) 198% Safety, Responsibility, Teamwork, Integrity Headline (loss) / earnings per ordinary share (cents) (39.89) 231.65 (117%) 105.67 (1.20) 8 905% and Excellence. Market capitalisation (based on year-end market prices) 756 026 3 204 888 (76%) 756 026 422 029 180% 5 Total shareholders equity 2 285 242 (3 679 587) 162% 1 006 184 (710 452) 242% EXCELLENCE 1 SAFETY We strive for distinction in all we do. We are accountable for a safe workplace, our safety and the safety of others. 2 RESPONSIBILITY 4 We are accountable for INTEGRITY our people, processes and products. Our integrity is paramount. 3 TEAMWORK We recognise that a team’s contribution is greater than an individual’s. 3 4 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT MISSION STATEMENT FINANCIAL HIGHLIGHTS To deliver sustainable value to stakeholders INFLATION ADJUSTED HISTORICAL as a responsible corporate citizen and 2020 2019 % 2020 2019 % leader in packaging in Zimbabwe. ZWL 000 ZWL 000 Change ZWL 000 ZWL 000 Change Revenue 5 086 623 5 059 937 1% 2 688 328 377 368 612% Trading income 828 130 1 129 117 (27%) 1 028 008 117 620 774% (Loss) / profit for the year (658 582) (6 253 034) (89%) 776 146 (789 075) 198% CORE VALUES (Loss) / earnings per ordinary share (cents) (87.15) (827.51) (89%) 102.71 (104.42) 198% Safety, Responsibility, Teamwork, Integrity Headline (loss) / earnings per ordinary share (cents) (39.89) 231.65 (117%) 105.67 (1.20) 8 905% and Excellence. Market capitalisation (based on year-end market prices) 756 026 3 204 888 (76%) 756 026 422 029 180% 5 Total shareholders equity 2 285 242 (3 679 587) 162% 1 006 184 (710 452) 242% EXCELLENCE 1 SAFETY We strive for distinction in all we do. We are accountable for a safe workplace, our safety and the safety of others. 2 RESPONSIBILITY 4 We are accountable for INTEGRITY our people, processes and products. Our integrity is paramount. 3 TEAMWORK We recognise that a team’s contribution is greater than an individual’s. 3 4 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT GROUP STRUCTURE MEGA PAK Zimbabwe HUNYANI FORESTS HUNYANI PROPERTIES LIMITED LIMITED nance 50% 100% 100% 100% 100% 100% corporate gover 5 6 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT GROUP STRUCTURE MEGA PAK Zimbabwe HUNYANI FORESTS HUNYANI PROPERTIES LIMITED LIMITED nance 50% 100% 100% 100% 100% 100% corporate gover 5 6 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT OPERATING UNITS AND MANAGEMENT CHAIRMAN’S REPORT TRADING ENVIRONMENT DIRECTORATE OPERATIONS MANAGEMENT The year under review has been overshadowed by the world-wide With regard to directors who resigned during the year under review, I coronavirus pandemic. Although the impact in Zimbabwe was less wish to thank Mrs. Chido Chetsanga who served for a brief period PRINTING AND CONVERTING SEGMENT severe than in some neighbouring countries, and certainly countries prior to an external transfer. I also thank Mr. Robert Morris who served overseas, there was a substantial knock-on effect within our own on the Board for many years. Newly appointed directors whom we Hunyani Paper and Packaging (1997) (Private) Limited business environment. Fortunately, Government classified the Group's welcomed to the Board were Mr. Kenneth Langley, Mr. Quinton Swart Manufacturer of paper packaging products through its operating A. P. J. Lowe - (Managing) operating entities as essential service industries for packaging and Mr. Peter Crause. divisions Hunyani Corrugated Products and Hunyani Cartons, Joined in 1976 supplies. This allowed our factories to continue operating, albeit Labels and Sacks. M. Matafeni - ACMA , MBA (UZ), AMCT - (Finance) under certain COVID-19 measures. The measures included additional DIVIDEND Joined in 1991 safety and protective protocols implemented to safeguard the health The need to retain sufficient reserves to cover the working capital Hunyani Corrugated Products Division of the workforce. Travel restrictions adversely affected employee requirements of the business remains paramount, as does the need for Manufactures corrugated containers to suit a wide variety of attendance at work and factory shifts were occasionally curtailed, capital expenditure to upgrade and replace aging plant. Under these commercial packaging requirements; specialised packaging with essential orders being prioritised. The Group assisted with circumstances, which also include economic uncertainty, the Directors covering the tobacco, horticulture, floriculture and citrus sectors for transport arrangements to improve attendance. Raw material imports have decided not to declare a dividend. (2019: Nil). local and export markets. Key supplier of the large double-wall were affected by border clearance bottlenecks. board cases for tobacco exports. OUTLOOK During the year, inflation, the depreciation of the Zimbabwe dollar, Whilst some positive strides have been made, the economic climate Hunyani Cartons, Labels and Sacks Division foreign exchange shortages and the erosion of disposable incomes remains fragile. We hope that the authorities will continue to address Manufactures folding cartons, laminate cartons, paper sacks, self reduced consumer demand. During the 4th quarter, these difficulties underlying macro-economic issues in order to stabilise the longer term opening bags, open mouth sacks and high quality labels, mainly eased to a large extent and the Group ended the financial year on a future which requires recognition of the market realities. for the cigarette, detergent, foodstuff, fast foods, pharmaceutical positive note. The introduction of the foreign exchange auction and beverage industries. trading system from 23 June 2020 has assisted our subsidiaries in APPRECIATION obtaining reasonably regular access to foreign exchange for raw I wish to thank my fellow directors for their advice and support during Hunyani Forests Limited material imports. However, the foreign exchange availability remains the year. On their behalf, I once again express my appreciation to Commercial leasing of biological assets and timber processing A. K. Nicholson - B.Sc. Econ (Hons) - (Administration) less than the amounts needed for normal operations. management and all employees of the Group for their loyalty and plant. Joined in 2009 dedication which resulted in positive performances during what has K. Chamboko - B.Sc. (Hons) Applied Acc, FCCA, MBA (UK) - PERFORMANCE been another difficult year. (Finance). Joined in 2001 Group revenue increased by 1% compared to the prior year
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