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HIPPO VALLEY ESTATES LIMITED ANNUAL REPORT 2020 Contents Pages Directorate, Management and Administration 2 Consolidated Financial Summary 3 Statistical Summary 4 Chairman’s Statement and Chief Executive’s Review 5 - 6 Sustainability Report 7 - 11 Corporate Governance 12 - 13 Statement of Directors’ Responsibility for Financial Reporting 14 Directors’ Report 15 -16 Independent Auditor’s Report 17 -21 Consolidated Statement of Financial Position 22 Consolidated Statement of Prot or Loss and Other Comprehensive Income 23 Consolidated Statement of Changes in Equity 24 - 25 Consolidated Statement of Cash Flows 26 Summary of Signicant Accounting Policies 27 - 39 Notes to the Consolidated Financial Statements 40 - 81 Company Statement of Financial Position 82 Company Statement of Prot or Loss and Other Comprehensive Income 83 Company Statement of Changes in Equity 84 Company Statement of Cash Flows 85 Denition of Terms 86 Analysis of Shareholders 87 Note: Unless otherwise stated, all nancial amounts are expressed in Zimbabwean dollar (ZWL). 1 Hippo Valley Estates Limited Directorate, Management and Administration Remunerations Audit and Nominations Board Committee Committee attendance attendance attendance (9 meetings) (4 meetings) (1 meeting) Directorate D L Marokane^ Non-executive Chairman 9 - 1 R D Aitken* (appointed on 01.02.19) Non-executive Director 8 2 - S Harvey^(appointed on 29.07.19) Non-executive Director 7 - 1 A Mhere (appointed on 01.12.19) Chief Executive Ocer 7 - - L R Bruce* Independent Non-executive Director 6 2 - O H Manasah (appointed on 01.05.20) Finance Director - - - N Kudenga* Independent Non-executive Director 9 4 - J P Maposa^ Independent Non-executive Director 7 - 1 C F Dube (appointed 01.08.20) Independent Non-executive Director - - - R J Moyo (appointed 01.08.20) Independent Non-executive Director - - - G Sweto (appointed 01.08.20) Independent Non-executive Director - - - J G Hudson (appointed 01.08.20) Non-executive Director - - - J E Chibwe (resigned on 12.02.20) Finance Director - - - G Nhari (resigned on 12.02.20) Non-executive Director - - - * Member of the Audit Committee ^ Member of the Remunerations and Nominations Committee Management and Administration Senior Management Transfer Secretaries General Manager - Agriculture Operations T Mudambanuki First Transfer Secretaries (Private) Limited General Manager - Manufacturing Operations A Mugadhi 1 Armagh Road General Manager - Industry Aairs and Business Dev. U Chinhuru Eastlea Human Resources Director and Company Secretary T F Makoni Harare Supply Chain Executive W Jemwa Corporate Aairs Executive A Chikunguru Independent Auditors Technical Executive C A S Kubara Deloitte & Touche Corporate Medical Ocer T A Mukwewa (Dr) West Block, Borrowdale Oce Park, SHE Manager C Mhoshiwa Harare Bankers Stanbic Bank Zimbabwe Limited First Capital Bank Zimbabwe Limited African Banking Corporation of Zimbabwe Limited (BancABC) CBZ Bank Limited Central Africa Building Society (CABS) Standard Chartered Bank Zimbabwe Limited Legal Practitioners Scanlen and Holderness CABS Centre 74 Jason Moyo Avenue Harare Estate and Registered Oce Telephone : +263 231 231 5151/6 Hippo Valley Estates Mobile : +263 779 559 966 P O Box 1 Email : [email protected] Chiredzi 2 Hippo Valley Estates Limited Consolidated Financial Summary INFLATION ADJUSTED HISTORICAL COST Year Year Year Year ended ended ended ended 31.03.20 31.03.19 31.03.20 31.03.19 ZWL’000 ZWL’000 ZWL’000 ZWL’000 Revenue 3 672 042 2 522 540 1 682 340 244 890 Operating prot 1 562 219 906 767 1 573 521 113 612 Prot before tax 1 151 992 762 399 1 583 441 108 491 Prot for the year 758 405 551 045 1 178 287 73 776 Adjusted EBITDA* 1 229 283 366 637 474 062 32 140 Net cash generated from operations 622 212 370 526 235 919 17 924 Net cash inow from operating activities 378 390 279 633 176 675 7 341 Capital expenditure 46 648 109 601 27 079 9 818 Net asset value 3 108 993 2 385 633 1 682 714 233 361 Market capitalization at year end 1 038 541 2 262 201 1 038 541 291 461 ZWL cents ZWL cents ZWL cents ZWL cents Basic and diluted earnings per share 393 286 610 38 Net asset value per share 1 611 1 236 872 121 Price per share at year end 538 1 172 538 151 *Adjusted EBITDA is operating prot adjusted to exclude depreciation, amortisation, any impairment (or reversal thereof) and fair value adjustments relating to biological assets. 3 Hippo Valley Estates Limited Statistical Summary The following statistical summary reects the Group’s operational performance for the past 5 years: 2015/16 2016/17 2017/18 2018/19 2019/20 Total sugar production for the season (tons) 203 865 228 683 197 217 238 965 212 004 Molasses production (tons) 59 703 64 673 51 024 64 390 60 873 Total industry sugar sales (tons) 414 000 419 000 407 000 483 000 413 000 Local market 316 000 301 000 349 000 371 000 324 000 Export market 98 000 118 000 58 000 112 000 89 000 Hippo Valley Estates Sharing Ratio 49.46% 50.39% 50.31% 52.67% 48.03% Sugar cane Area under cane at year end (hectares) Hippo Valley Estates 12 272 12 603 12 708 10 941 10 590 Private farmers 9 800 9 483 10 023 10 907 11 747 22 072 22 086 22 731 21 848 22 337 Area harvested for milling during the year (hectares) Hippo Valley Estates 11 737 12 137 11 222 9 806 9 440 Private farmers 9 414 9 613 9 345 11 045 10,581 21 151 21 750 20 567 20 851 20 021 Sugar cane harvested for milling (tons) Hippo Valley Estates 1 028 879 1 028 973 875 305 1 068 164 1 008 870 Private farmers 631 099 700 730 659 100 730 039 687 472 Diversions from Triangle and Green fuel - - - 63 829 - Total cane milled at Hippo Valley Estates 1 659 978 1 729 703 1 534 405 1 862 032 1 696 342 Sugar cane yield per hectare (tons) Hippo Valley Estates 87.70 84.78 78.00 108.93 106.87 Private farmers 67.00 72.90 70.60 67.80 69.00 Mill performance Season started 22-Apr-15 17-May-16 30-May-17 08-May-18 07-May-19 Season completed 26-Nov-15 24-Dec-16 16-Dec-17 29-Dec-18 18-Dec-19 Number of crushing days 218 221 200 235 225 Throughput –tons cane per hour 339.30 348.92 336.14 419.22 335.76 Extraction (%) 97.08 96.96 97.06 96.49 96.84 Boiling house recovery (%) 90.40 89.91 90.85 90.48 90.40 Overall recovery (%) 87.76 87.18 88.18 87.30 87.54 4 Hippo Valley Estates Limited Chairman’s Statement and Chief Executive’s Review SALIENT FEATURES (INFLATION ADJUSTED) Marketing Total industry sales in the local market decreased by 13% to • Sugar production of 212 004 tons (2019: 238 965 tons) -11% 324 000 tons (2019: 371 000 tons) as a result of a decline in • Sugar sales of 413 000 tons (2019: 483 000 tons) -14% demand due to erosion of disposable incomes. Timely adjustments of local sugar prices in line with ination have • Revenue of ZWL3,7 billion (2019: ZWL2,5 billion) +48% been successful in maintaining margins, minimizing • Operating prot of ZWL1,6 billion (2019: ZWL0,9 billion) speculative trading and illegal exports to neighbouring +77% countries, practices historically common in hyperinationary • Adjusted EBITDA* of ZWL1,2 billion(2019: ZWL0,4 billion) environments. Due to infrastructural damage and other +200% logistical challenges occasioned by Cyclone Idai which impacted exports via Beira, industry export volumes • Prot for the period of ZWL0,8 billion (2019: ZWL0,6 billion) decreased to 89 000 tons compared to 112 000 tons +33% exported in prior year, representing 22% of total sales *Adjusted EBITDA is operating prot adjusted to exclude volumes (2019: 23%). Prices on both regional and depreciation, amortisation, any impairment (or reversal international export markets were on average 17% higher thereof) and fair value adjustments relating to biological than prices achieved in prior year. assets. Financial Results COMMENTARY The nancial results of the Group have been ination Introduction adjusted in compliance with the requirements of IAS 29 and Results for the year ended 31 March 2020 were achieved in a the historical numbers have been disclosed as challenging economic environment following the supplementary information. Users are however cautioned re-introduction of the local currency in February 2019, the that in hyperinationary environments certain inherent abandonment of the multi-currency system in June 2019 and economic distortions may inuence the out turn of nancial its subsequent return in March 2020 as part of economic results. measures to combat the COVID-19 pandemic. Zimbabwe’s ination accelerated substantially to 676% by March 2020 Total revenue for the year amounted to ZWL3,7 billion (2019: (2019: 67%) as the local currency continued to devalue ZWL2,5 billion), an increase of 48% despite a 14% decrease in against the major currencies. Accordingly, the Public sales volumes. This was due mainly to the the industry Accountants and Auditors Board (PAAB) pronounced successfully optimizing the market mix in the local market Zimbabwe a hyperinationary economy, eective for and better realisations from export markets. As a result reporting periods ended on or after 1 July 2019. The protability improved by 200% and 77% at adjusted EBITDA requirements of IAS 29 Financial Reporting in and operating prot levels respectively. Hyperinationary Economies (“IAS 29”) have therefore been applied to the nancial results for the year ended 31 March Net operating cash ow after interest, tax and working 2020.
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