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PZ Cussons Ghana Limited Annual Report & Accounts 2013

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PZ Cussons Ghana Limited Annual Report & Accounts 2013 PZ Cussons Ghana Limited Annual Report & Accounts 2013 Our History Patterson Zochonis (PZ) was formed in Ghana (then objective of the change was to unify the Group further Gold Coast) in 1934. Paterson Zochonis Ghana became under one identity and to refresh and modernize our A Public Company on 1976, and was listed on the Ghana corporate image. Stock Exchange within 12 months of its inception, in 1990. With a solid product portfolio that includes a number of well established brands such as Camel Antiseptic, From the early activities of importing, exporting and Imperial Leather, Nunu Milk, Haier Thermocool, Carex, general trading, an industrial base was established in Duck, Drastin, Premier, Robb, Cussons Baby, PZ 1969. Cussons can look at the future with great confidence. Consequent to the Economic recovery Programme instituted by the Government at that time, opportunity Our vision is driven by our commitment to continue to was taken in the late 80’s and 90’s to rejuvenate PZ’s expand our business through providing the consumers industrial potential, concentrating on Health Care and with goods of the highest quality standards at affordable Beauty products. prices, while making reasonable profit and maintaining our strong family values and respect for the environment Effective 1st June, 2002, the group underwent change in which we operate. in name ,from Patterson Zochonis to PZ Cusssons. The ... makes things better ...makes better things PZ Cussons Ghana Limited 3 Annual Report & Accounts, 31 May, 2013 » ... makes things better ...makes better things » PZ Cussons Ghana Limited Annual Report & Accounts, 31 May, 2013 P Z CUSSONS GHANA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2013 ... makes things better ...makes better things PZ Cussons Ghana Limited Annual Report & Accounts, 31 May, 2013 » Contents Page Corporate information 1 Notice of meeting 2 Chairman’s statement 3 Financial highlights 4 Corporate governance 5 Directors’ report 6 Statement of directors’ responsibilities 7 Independent auditor’s report 8 Financial statements: Statement of financial position 10 Statement of comprehensive income 11 Statement of changes in equity 12 Statement of cash flows 13 Notes 16 Shareholders’ information 45 ... makes things better ...makes better things PZ Cussons Ghana Limited 1 Annual Report & Accounts, 31 May, 2013 » Corporate Information Directors Paul K. Pepera (Chairman) James Berkeley Judson (Managing Director) Philip William Davies Charles B. Janney Helena Adu-Gyamfi Christopher Davis Secretary Accra Nominees Limited 2nd Floor, Cedar House 13 Samora Machel Road Asylum Down P. O. Box GP242 Accra -Ghana Registered office Plot 27/3-27/7 Sanyo Road Tema Heavy Industrial Area P. O. Box 628 Tema, Ghana Auditor PricewaterhouseCoopers Chartered Accountants No.12, Airport City UNA Home 3rd Floor PMB CT 42 Cantonments Accra Solicitors Minka-Premo & Co P O Box 14951 Accra Legal Ink (Lawyers and Notaries) No. F89/7 Emmaus Road Off 2nd Labone Street PMB 24 Kanda Accra Bankers Access Bank Ghana Limited Barclays Bank of Ghana Limited Ecobank Ghana Limited Ghana Commercial Bank Limited Guarantee Trust Bank (Ghana) Limited Standard Chartered Bank Ghana Limited Zenith Bank (Ghana) Limited Registrars Merchant Bank (Ghana) Limited ... makes things better ...makes better things » 2 PZ Cussons Ghana Limited Annual Report & Accounts, 31 May, 2013 Notice of Meeting NOTICE is hereby given that the 55th Annual General Meeting of the Shareholders of PZ Cussons Ghana Limited will be held at the Ghana-India Kofi Annan Centre for Excellence in ICT, Ringway Estates, Accra (near the Ghana Institute of Journalism) on Friday September 27, 2013 at 11 O’clock in the forenoon to transact the following: AGENDA ORDINARY BUSINESS 1. To receive and consider the Reports of the Directors, Auditors and the Audited Financial Statements for the year ended May 31, 2013. 2. To declare dividend 3. To re-elect Directors. 4. To fix the remuneration of the Directors. 5. To authorise the Directors to fix the remuneration of the Auditors for the ensuing year. Dated this 17th day of July, 2013 By order of the Board ACCRA NOMINEES LIMITED COMPANY SECRETARIES Note: A member of the company entitled to attend and vote may appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the company. Completed proxy forms should be deposited at the offices of the Registrars, Merchant Bank (Ghana) Limited, Ridge, Accra not less than 48 hours before the appointed time of the meeting. Failure to submit the forms before the 48 hour deadline will result in the Proxy not being admitted to, or participating in, the meeting. A Form of Proxy is provided in the Annual Report. ... makes things better ...makes better things PZ Cussons Ghana Limited 3 Annual Report & Accounts, 31 May, 2013 » Chairman’s Statement The Global economy continues to slowly recover after a number of years of contraction. Within Ghana we see a generally positive outlook and the economy delivered a strong 6.5% GDP growth in 2012 calendar year (excluding any impact for oil). A number of challenges have however emerged – with rapid Ghana Cedi devaluation, creeping inflation (now 10.9% - May 2013) and falling prices for our major export commodities of Cocoa and Gold. At PZ Cussons Ghana, we have maintained our record of The benefits from this closure of the manufacturing strong growth during the period, with total sales revenues facility in Tema have already begun to be evident and increasing by over 16% and Sales to 3rd Parties growing with this in mind, the Board proposes to pay a dividend 27%. Strong gains continue to be recorded for all our of GH¢0.0046 per share (2012:nil). focus brands, which have all recorded ‘double digit’ growth. Our Camel, Cussons Baby, Robb and Carex The outlook for our business is that 2013/2014 will brands continue to enjoy strong No 1 positions in their continue to be influenced by the challenging global respective categories. economic environment and the continued weakening of the Ghana Cedi. We do however anticipate profitable In the year, we have also seen record market shares for growth as the effects of our on-going investment in our Imperial Leather, Premier, and Nunu. Haier-Thermocool brands, our distribution, our supply chain and our people continues to grow strongly and we are pleased to and processes continue to deliver improved results. confirm that in Financial Year 2013 we opened our 5th ‘Coolworld’ Retail Showroom in Kumasi to complete our We are committed to further increasing shareholder nationwide presence. value from our focus on delivering quality, value and innovation through our products and services to our Much of this growth is the result of our continued Ghanaian consumers, whilst ensuring we continue to investment in distribution and brand equity building fulfil our corporate and social responsibilities. activities for our focus brands. Our brand activation activity continues to grow and this is resulting in growth At this point, I would like to extend my thanks and in our brand awareness and market shares. appreciation to our Management and Staff whose hard work, commitment and continuous focus on As announced in March 2012, we completed the closure improvement and change have been the major driving of our manufacturing operations in Ghana as part of the force in delivering this year’s successes. group wide initiative to optimise our supply chain around the world. As a result of the closure, we have made an additional provision in this year’s results for exceptional cost of GH¢0.5mln (PY GH¢7.6mln) associated with closing the manufacturing facility at our Tema site. PAUL KWABENA PEPERA ... makes things better ...makes better things » 4 PZ Cussons Ghana Limited Annual Report & Accounts, 31 May, 2013 Financial Highlights 2013 2012 % Change GH¢ GH¢ Revenue 95,742,084 82,322,463 16.3 Operating profit before exceptional item 10,494,452 8,281,356 26.7 Operating profit after exceptional item 10,013,235 616,356 1524.6 Profit after income tax 7,861,160 763,610 929.5 Cash generated from operating activities 127,768 7,571,435 (98.3) Shareholders’ funds 39,188,851 31,327,691 25.1 Basic earnings per share (GH¢) 0.0468 0.0063 643 PBT Margin (%) 10.5 0.7 1,400 PAT Margin (%) 8.2 0.9 811 ... makes things better ...makes better things PZ Cussons Ghana Limited 5 Annual Report & Accounts, 31 May, 2013 » Corporate Governance Introduction PZ Cussons Ghana Limited recognises the importance of good corporate governance as a means of sustained long term viability of the business and therefore always seeks to align the attainment of the business objectives with good corporate behaviour. In line with the framework, mission, values and business principles mandated through the PZ Cussons Group corporate accountability committee, planning takes place and resources are allocated toward achievement of accountability, compliance and reporting standard. The business adopts standard accounting practices and ensures sound internal controls to facilitate transparency in the disclosure of information and to give assurance to the reliability of the financial statements. Board of Directors Health and Safety The Board is responsible for the Company’s strategic PZ Cussons Ghana Limited, continues to ensure that development, monitoring of its business objectives and business activities are undertaken in a responsible maintaining a system of effective corporate governance. manner and in accordance with relevant statutory legislation and that employees at all levels participate in Audit Committee the development, promotion and maintenance of a safe and healthy working environment. The Audit Committee reviews the financial performance, risk management, compliance with policies and Environment legislation, internal and external audit reports and business practices. PZ Cussons Ghana Limited ensures that manufacturing processes, facilities, distribution practices and products The Audit committee comprises two non-executive are designed to minimise the effect on the environment.
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