DOCSLIB.ORG

Malawi-Economic-Monitor-Charting-A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Malawi-Economic-Monitor-Charting-A Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized MALAWI ECONOMIC MONITOR JUNE 2019 CHARTING A NEW COURSE World Bank Office Malawi Mulanje House Capital City, PO Box 30557 Lilongwe 3, Malawi +265 (0) 1 770 611 www.worldbank.org/mw Acknowledgements This edition of the Malawi Economic Monitor was prepared by Priscilla Kandoole (Country Economist); Patrick Hettinger (Senior Country Economist); Angela Zeleza (Consultant); Sunganani Kalemba (Consultant); Efrem Chilima (Senior Private Sector Specialist); Laston Manja (Consultant); and William Mwanza (Consultant). Time Fatch (Senior Agriculture Economist); Habtamu Fuje (Economist); Francis Nkoka (Senior Disaster Risk Management Specialist); Deborah Isser (Lead Governance Specialist); Michael Roscitt (Public Sector Specialist); Innocent Mulindwa (Senior Education Specialist); Salman Asim (Senior Economist); Miriam Schneidman (Lead Health Specialist); Chipo Msowoya (Social Protection Specialist); Kagaba Paul Mukiibi (Energy Specialist); Josses Mugabi (Senior Water Supply and Sanitation Specialist); Colin Andrews (Program Manager); Boban Paul (Young Professional); Ross Hughes (Senior Natural Resource Management Specialist) and Simon Croxton (Consultant) provided additional contributions. Abebe Adugna (Practice Manager, Macroeconomics, Trade and Investment); Greg Toulmin (Country Manager, Malawi); and Bella Bird (Country Director, Malawi) provided overall guidance. The team wishes to thank Yutaka Yoshino (Program Leader); William Battaile (Lead Economist); and peer reviewers Richard Record (Lead Economist); Samson Kwalingana (Senior Economist); Muna Meky (Program Leader); and Michael Stevens (External Peer Reviewer) for their constructive inputs. This report benefited from fruitful discussions, comments and information provided by representatives of the Ministry of Finance, Economic Planning and Development; the Reserve Bank of Malawi; the National Statistical Office; the Malawi Revenue Authority; and a number of other Government Ministries, Departments and Agencies. The team would also like to thank representatives of the private sector in Lilongwe and Blantyre for their helpful contributions. Zeria Banda (Communications Officer); Andrew Massa (Consultant); Gloria Chinguo (Team Assistant); and Tinyade Kumsinda (Team Assistant) provided assistance with external communications, design and additional production support. Irfan Kortschak (Consultant) provided editorial support. The findings, interpretations, and conclusions expressed in this publication do not necessarily reflect the views of the World Bank’s Executive Directors or the countries they represent. The report is based on information current as of May 2019. The World Bank team welcomes feedback on the structure and content of the Malawi Economic Monitor. Please send comments to Priscilla Kandoole ([email protected]) and/or Patrick Hettinger ([email protected]). Cover Photo Credit: NALI Foods Factory in Luchenza Cover Design: Deguzman Kaminjolo, Hi Resolution Graphix, Blantyre. TABLE OF CONTENTS 1. Economic Developments ............................................................................................................................................. 5 1.1 Recent Developments ................................................................................................................................................... 5 Sub-Saharan Africa set to recover despite weak global economy ............................................................................ 5 Malawi poised for economic recovery despite destruction from Cyclone Idai ........................................................ 7 Malawi continues to be stuck in a poverty trap .............................................................................................................. 8 The FY2018/19 mid-year fiscal deficit target was missed ............................................................................................. 10 Domestic debt continues on an upward trend ............................................................................................................. 15 Inflation remained stable aided by a steady exchange rate .................................................................................... 16 RBM interventions helped support exchange rate and price stability ...................................................................... 17 The banking sector is resilient as industry wide capital and liquidity improves ........................................................ 17 Government borrowing continues to outpace private sector credit ........................................................................ 18 Malawi’s export base remains heavily dependent on tobacco ................................................................................ 20 1.2 Macroeconomic Outlook and Risks .......................................................................................................................... 21 Diversify the economy and increase fiscal restraint to reduce vulnerability to shocks .......................................... 21 Risks remain high, as the economy remains vulnerable to external and domestic shocks ................................... 22 Policy and institutional actions are needed to change the patterns of growth ..................................................... 22 2. Special Topic: Charting a New Course ..................................................................................................................... 23 Theme 1: Establish the foundations for growth with supportive macroeconomic policies and a results- oriented public service ....................................................................................................................................................... 23 Strengthen macroeconomic and fiscal policies ...................................................................................................... 24 Strengthening institutions to deliver results ................................................................................................................ 25 Theme 2: Transform the economy and increase growth to create jobs and ensure food security .................... 27 Unlocking the potential of the private sector ........................................................................................................... 27 Increasing agricultural productivity and diversification .......................................................................................... 29 Improving access and quality of energy & water services .................................................................................... 31 Theme 3: Strengthening human capital ......................................................................................................................... 33 Improving education access, quality, and equity ................................................................................................... 34 Addressing an unfinished fertility and stunting agenda ......................................................................................... 35 Theme 4: Developing systems to increase resilience to shocks ................................................................................. 38 Realizing the potential of safety nets in Malawi ....................................................................................................... 38 Breaking the cycle of environmental degradation and increasing resilience ................................................... 39 What will it take to chart a new course towards a vibrant economy and jobs? .................................................... 41 Data .................................................................................................................................................................................... 43 References ......................................................................................................................................................................... 44 MALAWI ECONOMIC MONITOR JUNE 2019 BOXES Box 1: Impact of Tropical Cyclone Idai on Malawi ............................................................................................................... 6 Box 2: Cost Implications of a Universal Fertilizer Subsidy in Malawi .................................................................................. 12 Box 3: Digital systems in Malawi’s financial architecture ................................................................................................... 19 FIGURES Figure 1: Share of Disaster Recovery Needs across Sectors in USD million ........................................................................ 6 Figure 2: Stronger growth is anticipated as all sectors recover…....................................................................................... 7 Figure 3:… maize production resilient despite the devastation caused by Cyclone Idai ............................................. 7 Figure 4: The impact of Cyclone Idai has been the highest on districts with the poorest populations ....................... 9 Figure 5: Change in Poverty after Cyclone Idai .................................................................................................................. 10 Figure 6: Revenue collection has mostly met targets ........................................................................................................ 11
Load more

Recommended publications
  • The World Bank for OFFICIAL USE ONLY
    Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: 59793-MW PROJECT APPRAISAL DOCUMENT ON A PROPOSED CREDIT IN THE AMOUNT OF SDR 18.1 MILLION Public Disclosure Authorized (US$28.2 MILLION EQUIVALENT) TO THE THE REPUBLIC OF MALAWI FOR THE FINANCIAL SECTOR TECHNICAL ASSISTANCE PROJECT (FSTAP) Public Disclosure Authorized February 28, 2011 Finance and Private Sector Development East and Southern Africa Africa Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective January 31, 2011) Currency Unit = Malawi Kawacha (MK) US$1 = MK 150.77 US$1 = SDR 0.640229 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS ACH Automated Clearing House AfDB African Development Bank AFRITAC African Technical Assistance Center ATS Automated Transfer System BAM Bankers’ Association of Malawi BESTAP Business Environment Strengthening Technical Assistance Project BSD Banking Supervision Department CAS Country Assistance Strategy CEM Country Economic Memorandum CSC Credit and Savings Co-operatives CSD Central Securities Depository DEMAT Development of Malawi Trader’s Trust DFID UK Department of International Development EFT Electronic Funds Transfer FIMA The Financial Inclusion in Malawi FIRST Financial Sector Reform and Strengthening Initiative FMP Financial Management Plan FSAP Financial Sector
    [Show full text]
  • Malawi Stock Exchange Old Reserve Bank Building, Victoria Avenue, P/Bag 270, Blantyre, Malawi, Central Africa Phone (+265) 01 824 233, Fax
    Malawi Stock Exchange Old Reserve Bank Building, Victoria Avenue, P/Bag 270, Blantyre, Malawi, Central Africa Phone (+265) 01 824 233, Fax. (+265) 01 823 636, E-mail: [email protected] Website: www.mse.co.mw Listed Share Information th 11 December, 2015 Weekly Last This P/E P/BV Market After No. Of Range Week’s week’s Dividend Earnings Capitalisation Tax Shares in issue VWAP VWAP MKmn Profit MKmn High (t) Low MSE Buy (t) Sell (t) Price(t) Price (t) Volume Net Yield Yield Ratio Ratio (t) Code (t) (%) (%) Domestic - - BHL CA 960 - 960 - - 60.00 6.25 12.95 7.72 0.35 1,240.25 160.653 129,192,416 - - FMB 1300 1400 1400 - - 100.00 7.14 15.89 6.29 1.53 32,707.50 5,197.00 2,336,250,000 23000 23000 ILLOVO - 23000 24500 23000 435 750.00 3.26 8.25 12.13 3.92 164,092.21 13,531.000 713,444,391 850 820 MPICO CA - 820 900 820 234,373 4.00 0.49 23.34 4.28 0.52 9,421.99 2,199.146 1,149,023,730 25800 25800 NBM CA - 25800 25800 25800 1,946 1535.00 5.95 12.06 8.29 2.73 120,468.39 14,529.000 466,931,738 - - NBS - 2300 2550 - - 55.00 2.16 14.51 6.89 1.58 18,554.91 2,692.518 727,643,339 2800 2800 NICO - 2800 2800 2800 1,743 85.00 3.04 25.12 3.98 0.99 29,205.15 7,335.000 1,043,041,096 - - NITL - 5500 5500 - - 165.00 3.00 29.73 3.36 1.00 7,425.00 2,207.710 135,000,000 - - PCL - 53500 53500 - - 1250.00 2.34 34.40 2.91 0.86 64,336.86 22,134.00 120,255,820 - - REAL 170 200 200 - - 0.00 0.00 22.16 4.51 0.82 500.00 110.808 250,000,000 - - Standard - 44000 44000 - - 1281.00 2.91 11.90 8.40 2.78 103,253.99 12,289.00 234,668,162 - - SUNBIRD - 2300 2209 - - 22.00 1.00 12.03
    [Show full text]
  • Malawi RISK & COMPLIANCE REPORT DATE: March 2018
    Malawi RISK & COMPLIANCE REPORT DATE: March 2018 KNOWYOURCOUNTRY.COM Executive Summary - Malawi Sanctions: None FAFT list of AML No Deficient Countries Not on EU White list equivalent jurisdictions Higher Risk Areas: Corruption Index (Transparency International & W.G.I.) Failed States Index (Political Issues)(Average Score) Non - Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: World Governance Indicators (Average Score) Major Investment Areas: Agriculture - products: tobacco, sugarcane, cotton, tea, corn, potatoes, cassava (tapioca), sorghum, pulses, groundnuts, Macadamia nuts; cattle, goats Industries: tobacco, tea, sugar, sawmill products, cement, consumer goods Exports - commodities: tobacco 53%, tea, sugar, cotton, coffee, peanuts, wood products, apparel Exports - partners: Canada 9.8%, Zimbabwe 9.5%, Germany 6.7%, South Africa 6.3%, Russia 6%, US 5.7%, Egypt 5.3% (2012) Imports - commodities: food, petroleum products, semi-manufactures, consumer goods, transportation equipment Imports - partners: South Africa 26.5%, China 16.2%, Zambia 9.1%, India 8.5%, Tanzania 5.5%, US 4.1% (2012) Investment Restrictions: 1 The government encourages both domestic and foreign investment in most sectors of the economy without restrictions on ownership, size of investment, source of funds, or the destination of the final product. There is no government screening of foreign investment in Malawi. Apart from the privatization program, the government's overall economic and industrial policy does not have discriminatory effects on foreign investors. Since industrial licensing in Malawi applies to both domestic and foreign investment, and is only restricted to a short list of products, it does not limit competition, protect domestic interests, or discriminate against foreign investors at any stage of investment.
    [Show full text]
  • English Common Law Tradition
    Report on the Observance of Standards and Codes (ROSC) Corporate Governance Public Disclosure Authorized Corporate Governance Public Disclosure Authorized Country Assessment Malawi June 2007 Public Disclosure Authorized Public Disclosure Authorized Overview of the Corporate Governance ROSC Program WHAT IS CORPORATE GOVERNANCE? THE CORPORATE GOVERNANCE ROSC ASSESSMENTS Corporate governance refers to the structures and processes for the direction and control of com - Corporate governance has been adopted as one panies. Corporate governance concerns the relation - of twelve core best-practice standards by the inter - ships among the management, Board of Directors, national financial community. The World Bank is the controlling shareholders, minority shareholders and assessor for the application of the OECD Principles of other stakeholders. Good corporate governance con - Corporate Governance. Its assessments are part of tributes to sustainable economic development by the World Bank and International Monetary Fund enhancing the performance of companies and (IMF) program on Reports on the Observance of increasing their access to outside capital. Standards and Codes (ROSC). The OECD Principles of Corporate Governance The goal of the ROSC initiative is to identify provide the framework for the work of the World weaknesses that may contribute to a country’s eco - Bank Group in this area, identifying the key practical nomic and financial vulnerability. Each Corporate issues: the rights and equitable treatment of share - Governance ROSC assessment reviews the legal and holders and other financial stakeholders, the role of regulatory framework, as well as practices and com - non-financial stakeholders, disclosure and trans - pliance of listed firms, and assesses the framework parency, and the responsibilities of the Board of relative to an internationally accepted benchmark.
    [Show full text]
  • Malawi-Financial-Sector-Technical
    Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: ICR00004184 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IDA-48970) ON A CREDIT IN THE AMOUNT OF SDR 18.1 MILLION Public Disclosure Authorized (US$28.2 MILLION EQUIVALENT) TO THE THE REPUBLIC OF MALAWI MINISTRY OF FINANCE, ECONOMY AND DEVELOMENT FOR THE MALAWI - FINANCIAL SECTOR TECHNICAL ASSISTANCE PROJECT (P122616) Public Disclosure Authorized May 29, 2019 Finance, Competitiveness and Innovation Global Practice Africa Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective Currency Unit = Malawi Kwacha (MK) MK 726.35 = US$1 US$1 = SDR 0.71 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS ACH Automated Clearing House ADR Alternative Dispute Resolution ATM Automated Teller Machine ATS Automated Transfer System CAS Country Assistance Strategy CSD Central Securities Deposit CDS Central Depository System CPFL Consumer Protection and Financial Literacy DFID U.K. Department for International Development EFT Electronic Funds Transfer FIU Financial Intelligence Unit FM Financial Management FSAP Financial Sector Assessment Program FSDT Financial Sector Deepening Trust FSPU Financial Sector Policy Unit FSTAP Financial Sector Technical Assistance Project GCI Global Competitiveness Index GDP Gross Domestic Product GoM Government
    [Show full text]
  • Bridgepath-Capital-Financial-Market-Update-30-April-2021
    Financial Market Update I Week ending 30 April 2021 Financial market highlights for the week ending 30 April 2021 The following highlights compare the week ending 30 April 2021 to the week ending 23 April 2021: Government securities market (Source: RBM) Equity market (Source: MSE) • A total of K200.94 million was allotted in the TB auctions held • The stock market was bullish this week as the MASI this week. increased to 33,380.63 points from 33,327.20 points in the • There were nil rejections during the TB auctions. previous week. This was due to share price gains for Airtel • The 364-days TB was not allotted during this week’s auction. (to K31.00 from K30.47), NBM (to K650.06 from K650.05) and NICO (to K51.92 from K51.72) which offset share price losses for NBS (to K23.00 from K24.00), FDH bank (to Currency market (Source: RBM) K16.47 from K16.48) and TNM (to K16.36 from K16.38), during the period under review. • Based on middle rates, the Malawi Kwacha marginally • The year-to-date return of the MASI was 3.05% at the close depreciated against the USD by 0.44% to K798.78 per USD of this week. It was negative 4.61% in the previous year, from K795.28 per USD in the previous week. during the same period. • Based on middle rates, the Kwacha depreciated against the GBP (K1,165.33 per GBP from K1,155.99 per GBP), and • According to their audited summary consolidated financial EUR (K1,039.97 per EUR from K1,015.03 per EUR) and ZAR statements for the year ended 31 December 2020: (K60.13 per ZAR from K58.84 per ZAR) during the period o FMB Capital Holdings Plc closed the year with a profit under review.
    [Show full text]
  • 2019 Annual Report 2019 / Press Corporation PLC | 5 FIVE YEAR GROUP FINANCIAL REVIEW
    P R E C S L S P CO N RPORATIO ANNUAL REPORT 2019 CONTENTS The Group is Strategic Report Financial Statements determined to - Financial Highlights 4 - Directors’ Report 52 - Five Year Group Financial Review 6 - Statement of Directors’ Responsibilities 58 - Vision, Mission Statement, Core Values 7 - Independent Auditor’s Report 59 spread its wings - Chairman’s Report 8 - Consolidated and Separate - Group Chief Executive’s Report 12 Statements of Financial Position 66 across the borders - Business Review 16 - Consolidated and Separate- Statements of Comprehensive Income 68 in its expansion Corporate Social Responsibility 37 - Consolidated and Separate Statements of Changes in Equity 69 drive Corporate Governance - Consolidated and Separate Statements of Cash Flows 71 - Board of Directors 40 - Notes to the Consolidated and - Board Committees 41 Separate Financial Statements 72 - 170 - Internal Audit, Integrity and Diversity 42 - Profile of Directors 44 On the Malawi Stock Exchange 171 - Profile of Management 48 Administration 172 FINANCIAL HIGHLIGHTS (CONTINUED) FINANCIAL HIGHLIGHTS Malawi Kwacha US Dollars PROFIT ORDINARY ATTRIBUTABLE On the Malawi Stock Exchange On the Malawi Stock Exchange TURNOVER 2019 2018 Change % 2019 2018 Change % TO ORDINARY SHAREHOLDERS’ SHAREHOLDERS FUNDS Group Summary (in millions) Turnover 220,066 214,420 2.63 300 295 1.69 Attributable earnings 8,157 18,373 (55.60) 11 25 (55.94) Financial Statements Financial Statements Shareholders’ equity 157,027 150,912 4.05 213 207 2.89 Share performance Basic earnings per
    [Show full text]
  • Malawi Stock Exchange Old Reserve Bank Building, Victoria Avenue, P/Bag 270, Blantyre, Malawi, Central Africa Phone (+265) 01 824 233, Fax
    Malawi Stock Exchange Old Reserve Bank Building, Victoria Avenue, P/Bag 270, Blantyre, Malawi, Central Africa Phone (+265) 01 824 233, Fax. (+265) 01 823 636, E-mail: [email protected] Website: www.mse.co.mw Listed Share Information th 8 April, 2016 Weekly Last This P/E P/BV Market After No. Of Range Week’s week’s Dividend Earnings Capitalisation Tax Shares in issue VWAP VWAP MKmn Profit MKmn High (t) Low MSE Buy (t) Sell (t) Price(t) Price (t) Volume Net Yield Yield Ratio Ratio (t) Code (t) (%) (%) Domestic - - BHL CD 850 - 980 - - 80.00 8.16 14.44 6.93 0.34 1,266.09 182.777 129,192,416 200 200 BRITAM - - 200 200 16,660 0.00 0.00 22.16 4.51 0.82 500.00 110.808 250,000,000 - - FMB 960 1300 960 - - 100.00 10.42 23.17 4.32 1.05 22,428.00 5,197.00 2,336,250,000 - - ILLOVO 17000 18000 20000 - - 750.00 3.75 9.48 10.55 3.41 142,688.88 13,531.000 713,444,391 - - MPICO 700 780 780 - - 4.00 0.51 24.54 4.08 0.50 8,962.39 2,199.146 1,149,023,730 - - NBM CD - 25800 25800 - - 1007.00 3.90 11.10 9.01 2.24 120,468.39 13,369.00 466,931,738 - - NBS 1550 1800 1800 - - 55.00 3.06 20.56 4.86 1.12 13,097.58 2,692.518 727,643,339 2400 2400 NICO - 2400 2400 2400 1,000 85.00 3.54 29.30 3.41 0.85 25,032.99 7,335.000 1,043,041,096 4600 4600 NITL CD - 4600 5000 4600 2,000 140.00 3.04 8.82 11.33 0.80 6,210.00 548.014 135,000,000 PCL CD - - 53500 - - 1250.00 2.34 19.03 5.25 0.80 64,336.86 12,244.00 120,255,820 44000 44000 Standard CD - 44000 44000 44000 100 1495.00 3.40 12.93 7.73 2.20 103,253.99 13,353.000 234,668,162 3000 3000 SUNBIRD - 3450 3000 3000 10,000 22.00
    [Show full text]
  • AIRTEL | Application Form
    APPLICATION FORM Submit the form to any Receiving Bank branch or agency as set out in Annexure 2 of the Prospectus. Please refer to the instructions on the reverse side of this form and Annexure 2 before completing this form. To the Directors of Airtel Malawi PLC: Regarding the public offer of 2,200,000,000 shares (“the Offer”) at an offer price of MWK12.69 per ordinary share: I/We, the undersigned, have read the Prospectus and I/We understand the Investment Considerations outlined in Section 5. I/We have full legal capacity to contract and subject to Airtel Malawi Plc’s (hereinafter referred to as Airtel) memorandum and articles of association, apply for and request you to accept my/our application for the undermentioned Airtel shares, or any lesser number that may in your sole and absolute discretion, be allocated to me/us. I/We understand that the Offer and this application for the offer shares in terms of the Prospectus is conditional upon the admission of Airtel’s ordinary share capital to listing on the Malawi Stock Exchange. I/We declare that the application made hereby is made solely on behalf of the applicant(s). A. CSD ACCOUNT NUMBER If applicant does not have a CSD account, please complete CSD Form 1 enclosed. B. APPLICATION DETAILS Number of shares applied for Amount payable Multiplied by MWK12.69 C. APPLICANT DETAILS Please tick appropriate Title(s), or insert in other if not listed Mr Mrs Ms Dr Rev Trustee Corporate body Other Surname or names of corporate body applying for shares (separate names by one box) First name/s in full, of individual applicant(s) (separate names by one box) Nationality or Country of registration of corporate body Identity number from attached copy of ID D.
    [Show full text]
  • Selected Issues
    IMF Country Report No. 15/346 MALAWI SELECTED ISSUES December 2015 This Selected Issues paper on Malawi was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with Malawi. It is based on the information available at the time it was completed on November 30, 2015. Copies of this report are available to the public from International Monetary Fund Publication Services PO Box 92780 Washington, D.C. 20090 Telephone: (202) 623-7430 Fax: (202) 623-7201 E-mail: [email protected] Web: http://www.imf.org Price: $18.00 per printed copy International Monetary Fund Washington, D.C. © 2015 International Monetary Fund ©International Monetary Fund. Not for Redistribution MALAWI SELECTED ISSUES November 30, 2015 Approved By Prepared by the team led by Fabien Nsengiyumva The African Department and Adrian Peralta-Alva, including, Nils Maehle, Sandra Lizarazo Ruiz, Frank Wu and Steven Banda with support from Luiz Felipe Almeida and Estanislao Rengifo. CONTENTS REFORMING THE FARM INPUT SUBSIDY PROGRAM _____________________________________ 3 A. Introduction _______________________________________________________________________________ 3 B. Macroeconomic and Distributional Implications of Reforming FISP—A Model–Based Approach ____________________________________________________________________________________ 3 BOX 1. General Structure of the Model ___________________________________________________________ 5 FIGURE 1. Impact of Reforms to the Farm Input Subsidy Program ___________________________________
    [Show full text]
  • 2016 Annual Report
    Strategic Report | Corporate Governance Financial Statements On the Malawi Stock Exchange Annual Report 2016 1 | PRESS CORPORATION LIMITED | Annual Report 2016 CONTENTS Strategic Report Strategic Report Financial Highlights 1 Corporate Social Responsibility 2 Vision, Mission Statement, Core Values 5 Chairman’s Report 6 | Corporate Governance Group Chief Executive’s Report 8 Business Overview 11 Corporate Governance Risk Management 32 Profile of Directors 34 Financial Statements Profile of Management 41 Five Year Group Financial Review 42 Financial Statements On the Malawi Stock Exchange Directors’ Report 44 Statement of Directors’ Responsibilities 45 Independent Auditors’ Report 46 Consolidated and Separate Statements of Financial Position 53 Consolidated and Separate Statements of Comprehensive Income 54 Consolidated Statements of Changes in Equity 55 Consolidated and Separate Statements of Cash Flows 57 Notes to the Consolidated and Separate Statements 58 - 149 On the Malawi Stock Exchange 150 Administration 151 Annual Report 2016 Cover photo by Billy Mphande, owner of Shire Camp Safaris in Liwonde PRESS CORPORATION LIMITED | Annual Report 2016 | 2 FINANCIAL HIGHLIGHTS Malawi Kwacha US Dollars Group Summary (in millions) 2016 2015 Change % 2016 2015 Change % Turnover 188,857 161,136 17.20 272 283 (3.85) Attributable earnings 6,804 4,197 62.12 10 7 33.00 Shareholders' equity 103,206 91,698 12.55 142 138 3.09 Share performance Basic earnings per share 56.61 34.92 62.12 0.08 0.06 33.00 Cash retained from operations per share 186.73 74.67
    [Show full text]
  • 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...........................................................
    [Show full text]