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Annual Report 2015 Financial Statements on the Malawi Stock Exchange

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Annual Report 2015 Financial Statements on the Malawi Stock Exchange Strategic Report Corporate Governance Annual Report 2015 Financial Statements On the Malawi Stock Exchange Press Corporation Limited Annual Report 2015 1 Dominant . Strong . Agile ANNUAL REPORT 2015 CONTENTS Strategic Report Financial Highlights ....................................................................................... 3 Corporate Social Responsibility..................................................................... 4 Vision, Mission Statement, Core Values........................................................ 7 Chairman’s Report.......................................................................................... 8 Group Chief Executive’s Report..................................................................... 11 Business Overview......................................................................................... 13 Five Year Group Financial Review.................................................................. 26 Corporate Governance Risk Overview..................................................................................................... 27 Profle of Directors.............................................................................................. 28 Profle of Management................................................................................... 32 Financial Statements Directors’ Report................................................................................................ 36 Statement of Directors’ Responsibilities............................................................ 37 Independent Auditors’ Report............................................................................ 38 Consolidated and Separate Statements of Financial Position.......................... 39 Consolidated and Separate Statements of Comprehensive Income................ 40 Statements of Changes in Equity....................................................................... 41 Consolidated and Separate Statements of Cashfows...................................... 43 Notes to the Consolidated and Separate Financial Statements....................... 44 On the Malawi Stock Exchange.................................................................... 126 Administration................................................................................................. 127 FINANCIAL HIGHLIGHTS Malawi Kwacha Millions US Dollars Millions 2015 2014 Change % 2015 2014 Change % Strategic Report Group Summary (in millions) Turnover 161,136 136,787 17.80 283 301 (6.10) Attributable earnings 4,197 10,734 (60.90) 7 24 (68.83) Shareholders’ equity 91,698 74,731 22.70 138 157 (12.13) Share performance Basic earnings per share 34.92 89.30 (60.90) 0.06 0.20 (68.83) Cash retained from operations per share 340.87 268.68 26.87 0.51 0.56 (9.14) Net asset value per share (shareholders’ equity per share) 1085 889 22.03 1.63 1.87 (12.61) Dividend paid per share 13.00 10.51 23.75 0.02 0.02 (11.38) Corporate Governance Market price per share 535.00 453.10 18.08 0.81 0.95 (15.44) Price earnings ratio 15.3 5.1 201.98 13.15 4.85 171.30 Number of shares in issue (in millions) 120.2 120.2 0.00 Volume of shares traded (in thousands) 2,117 1,244 70.18 Value of shares trades (in MK millions) 1,085 454 138.99 1.90 1.00 90.51 Financial statistics After tax return on equity 13.35 28.93 (53.85) 0.02 0.06 (66.95) Gearing 7% 14% 48.41 Average monthly exchange rates 570.10 454.45 Year end exchange rates 664.40 475.80 Financial Statements TURNOVER PROFIT ATTRIBUTABLE ORDINARY TO ORDINARY SHAREHOLDERS SHAREHOLDERS’ FUNDS MK US$ Millions Millions 180,000 350 MK US$ MK US$ Millions Millions Millions Millions 160,000 300 12,000 35 100,000 250 140,000 90,000 On the Malawi Stock Exchange 250 10,000 25 120,000 80,000 200 200 70,000 100,000 8,000 20 60,000 150 80,000 150 6,000 15 50,000 60,000 40,000 100 100 4,000 10 30,000 40,000 20,000 50 50 20,000 2,000 5 10,000 0 0 0 0 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 PROFIT ATTRIBUTABLE TO ORDINARY TURNOVER SHAREHOLDERSMK Millions US$ Millions ORDINARY SHAREHOLDERS’ FUNDS 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 n MK’m 35,305 74,544 113,717 136,787 161,136 n MK’m 3,469 6,340 9,372 10,734 4,197 n MK’m 31,532 41,977 57,090 74,731 91,698 n US$’m 224 295 293 301 283 n US$’m 22 25 24 24 7 n US$’m 193 123 132 157 138 Exchange rate (MK/US$) 2011 2012 2013 2014 2015 Average monthly exchange rates 157.30 252.93 387.58 454.45 570.10 Year end exchange rates 163.80 342.06 433.10 475.80 664.40 Press Corporation Limited Annual Report 2015 53 Strategic Report CORPORATE SOCIAL RESPONSIBILITY Press Corporation Limited is a member of the UN Global Compact Network Corporate Governance and, by signing up, has endorsed the Global Compact Principles in terms of the Group’s operations. race, colour, creed, gender, or any other criterion unrelated to Financial Statements INTEGRITY one’s capacity to do the job. Press Corporation Limited is committed to conducting its business in a transparent and Employees have the right to work in an environment which is ethical manner and pledges to be accountable free from any form of harassment or unlawful discrimination with to its customers, shareholders and society. As respect to race, colour, creed, gender, place of origin, political such, Press Corporation Limited expects all its persuasion, marital, family status or disability. employees to share its commitment to high moral, ethical and legal standards. Furthermore, Press Corporation Limited and its subsidiary companies have an HIV/AIDS Policy whose core objective is to Press Corporation Limited has an established multi- promote the Company’s responsibility for providing a healthy and departmental procurement committee and a procurement equitable work environment for all employees, including those On the Malawi Stock Exchange manual which is in line with procurement best practice. Press with HIV/AIDS. Corporation Limited conducts all procurement processes in a transparent, accountable, fair and competitive manner. Our To this end, Press Corporation Limited has a fully equipped clinic suppliers are bound by the rules of this manual which prevents to provide free anti-retroviral therapy to employees of the Group them from being engaged in corrupt and fraudulent practises and on a nominal fee, to the general public. The members of as well as collusion. The manual also acts as a guide to staff staff at the clinic have been trained to provide the appropriate members to maintain the integrity of the Company by acting counselling to employees who are diagnosed with the HIV virus. fairly when dealing with suppliers. EnVirOnMEntal ManaGEMEnt EMPlOyMEnt EqUity anD HiV/aiDS POlicy Press Corporation Limited and its subsidiaries are committed to developing operational policies to Press Corporation Limited’s employment policy address the environmental impact of its business is based on a system of opportunities for all. activities by integrating pollution control, waste Employment equity seeks to identify, develop and management and rehabilitation activities into reward each employee who demonstrates the operating procedures. qualities of individual initiative, enterprise, hard work and loyalty in their jobs. Members of staff are encouraged to “reduce, re-use and re- cycle” paper. All waste paper is shredded and donated to a local Recruitment is on the basis of merit rather than an individual’s re-cycling organisation. Press Corporation Limited Annual Report 2015 4 CORPORATECORPORATE SOC SOCIALIAL RESPONS RESPONSIBILITYIBILITY Strategic Report Corporate Governance Carlsberg Malawi embraces pollution control and waste any possible leakage of fuel from damaging the environment. Financial Statements management by treating and returning waste water to the environment. The aim is to return 100% of the water used During the year, Press Corporation Limited through its in its processes. The Company constructed a waste water subsidiaries, continued to plant thousands of trees across the treatment plant in its new soft drink plant which treats all liquid Country in an attempt to reverse the effects of deforestation waste to acceptable limits before being discharged back to the which results in loss of soil fertility, change in rainfall patterns and environment. foods. Carlsberg Malawi also has an ozone protection program in place which ensures that the Company does not use ozone depleting cOMMUnity EnGaGEMEnt substances in its operations which include cooling systems, solvents and refrigeration gases. All ozone depleting gases e.g. As a responsible corporate citizen,the Group R22, R12 were replaced by other ozone friendly gases, e.g. 134a. aims to give back to the communities in which On the Malawi Stock Exchange we operate. As a way of managing waste, both our ethanol producing Companies, Ethanol Company Limited (ETHCO) and Presscane In the frst quarter of the year, the Country was Limited use ponds to withhold effuent from the ethanol hit by devastating foods due to heavy rains production. This byproduct called vinnase is naturally evaporated which left over 121,000 people homeless and without food and the remaining sludge is used as a fertilizer supplement resulting in Malawi being declared a state of national disaster because of its richness in potassium. Part of this supplement is on 14 January 2015. In response, Press Corporation through it’s taken back to the sugar making Company (and applied in the Subsidiary and Associate Companies, donated assorted relief sugarcane
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