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Financial Results Audited AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018 Partners For Success cbzholdings BANKING | INSURANCE | ASSET MANAGEMENT | PROPERTY INVESTMENT | MORTGAGE FINANCE @cbzholdings @cbzholdings CHOOSE THE RIGHT PARTNER FOR GROWTH @cbzholdings @cbzholdings cbzholdings CHOOSE THE RIGHT PARTNER FOR GROWTH Compliance with Local Legislation These financial results comply with the Companies Act (Chapter 24.03), Banking Act (Chapter 24:20), Insurance Act (Chapter 24:07); CHAIRMAN’S STATEMENT the Building Societies Act (Chapter 24:02), Securities Act (Chapter 24:25), Asset Management Act, and Statutory Instruments (SI 33/99, SI 62/99). Further, these financial results have been prepared to comply with the Statutory Instrument 33 of 2019, issued on 22 February 2019 and the guidance issued by the Public Accountants and Auditors Board (PAAB). Mainly, Statutory Instrument 33 of 2019 specified, among other things, that for accounting and other purposes, all assets and liabilities that were immediately before the effective date I am pleased to present the financial results for CBZ Holdings Limited and its subsidiaries, for the year ended 31 December 2018. valued in United States Dollars (other than assets and liabilities referred to in section 44C (2) of the Reserve Bank of Zimbabwe Act), shall on and after the effective date, (22 February 2019) be deemed to be values in RTGS dollars at a rate of one-to-one to the United Environment States Dollar. This Statutory Instrument, based on the Directors interpretation, prescribes parity between the US Dollar and local According to the International Monetary Fund, global economic growth eased from 3.8% in 2017 to 3.7% in 2018 and growth in the currency as at 31 December 2018. Sub-Saharan Africa region was estimated to have remained unchanged at 2.9% over the same period. Compliance with IFRS On the domestic scene, the economy was estimated to grow by 4.0% in 2018, up from 3.7% in 2017, driven by the agriculture, mining The financial results are based on statutory records that are maintained under the historical cost convention as modified by the and manufacturing sectors. In the manufacturing sector, capacity utilisation is estimated to have slightly increased from 45.1% in 2017 revaluation of property, equipment, investment property and certain financial instruments stated at fair value. These results are prepared to 48.2% in 2018, driven by a number of Government interventions in support of the local manufacturers. in order to comply with International Financial Reporting Statements (IFRS), (promulgated by the International Accounting Standards Board (IASB), which include standards and interpretations approved by the IASB as well as International Accounting Standards (IAS) Despite the marginal improvements in the economic indicators, the country’s full growth potential continued to be limited by weak and Standing Interpretations Committee (SIC) interpretations issued under previous constitutions). In the previous reporting periods, sectoral linkages, shortages of foreign currency and general macroeconomic uncertainties. To address these challenges and unlock the Group’s financial results have complied in full with IFRSs, however, in 2018, only partial compliance has been achieved due to the broad based growth, the Government embarked on macroeconomic reforms during the second half of 2018 through the launch of need to comply with local legislation, specifically Statutory Instrument 33 of 2019. The Directors are of the view that the requirement Transitional Stabilisation Program (TSP), which runs for the period October 2018 to December 2020. The TSP seeks to enhance fiscal to comply with the Statutory Instrument has created inconsistencies with International Accounting Standard (IAS) 21 (The Effects of prudence, curtail money supply growth and foster a market driven exchange rate framework. Changes in Foreign Exchange Rates) as well as with the principles embedded in the IFRS Conceptual Framework (see also guidance issued by the Public Accountants and Auditors Board on 21 March 2019). This has resulted in the accounting treatment adopted in The official rate of inflation, year on year, increased noticeably from 3.5% to 42.1% with increased acceleration during the second half the 2018 Financial results being different from that which the Directors would have adopted if the Group had been able to fully comply of the year. This was largely driven by currency weaknesses experienced during the same period. The year-on-year rate of inflation with IFRSs. closed at record level of 42.1%, resulting in the average annual inflation rising from 0.9% in 2017 to 10.5% in 2018. Going concern The average lending rates prevailing in the financial sector for individuals and corporates marginally increased from averages of The Directors have assessed the ability of the Group to continue operating as a going concern and believe that the preparation of 9.42% and 6.91% in 2017 to 9.50% and 7.12% in 2018 respectively. On the other hand, 1-month and 3-month deposit rates trended these financial results on a going concern basis is still appropriate. The Directors have engaged themselves to continuously assess the downwards, reflecting the generally high levels of local liquidity on the money market. ability of the Group to continue to operate as a going concern and to determine the continued appropriateness of the going concern assumption that has been applied in the preparation of these financial results. The Directors have provided in note 37 a sensitivity Despite the multicurrency system, the country continued to experience foreign currency shortages during the year with the Reserve analysis on how different exchange rates would have impacted the financial results and therefore the Group’s going concen status as Bank maintaining the foreign currency allocation system as part of measures to ensure that critical sectors and services received at 31 December 2018. foreign currency for their import requirements. In October 2018, the Central Bank laid the roadmap for currency reforms by separating Nostro FCAs and RTGS FCAs, and eliminated commingling of funds. By order of the Board Activity on the real estate market remained subdued, characterized by stagnant rentals, high rental arrears as well as rising construction and maintenance costs. In addition, due to currency uncertainties, property sellers either withdrew their properties from the market or reduced their preferred settlement methods. The insurance sector experienced price disparities with sharp increases in premiums as insurers tried to keep up with the vulnerabilities ................................. ................................. in the economic environment. N.M MATIMBA DR B.MUDAVANHU GROUP CHAIRMAN GROUP CEO On the equities market, the all share index advanced by 46.2% to end the year at 146.24. The CBZH stock trended in line with the overall market, as reflected below. 25 April 2019 25 April 2019 AUDITOR’S STATEMENT These financial results should be read in conjunction with the full set of financial statements for the year ended 31 December 2018, which have been audited by Ernst & Young. An adverse opinion was issued thereon because of non-compliance with International Accounting Standard 21 (The Effects of Changes in Foreign Exchange Rates). The directors have performed a sensitivity analysis on how different exchange rates would have impacted the consolidated and separate financial statements as at 31 December 2018 and disclosed this in note 37. The auditor’s report on these financial statements is available for inspection at the Company’s registered office. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018 Source: ZSE AUDITED AUDITED 31 DEC 2018 31 DEC 2017 Governance & Directorate Notes US$ US$ The primary role of the Board is to bring an independent view and provide oversight on the company. The Board also gives direction and sets targets for management whilst ensuring that a robust governance structure is in place and is effective. CBZ Holdings’ and its Interest income 2 128 054 100 152 949 238 Subsidiaries’ Boards operated with adequate membership and benefited from the diversity of its Directors. Interest expense 2 (45 970 412) (77 390 065) Mr Tafadzwa Nyamayi and Ms Tsitsi Mutasa were retired from the Board on 31 January 2018 and 1 June 2018 respectively. The Board Net interest income 82 083 688 75 559 173 wishes to express its utmost gratitude for their contributions. Two Independent Non-Executive Directors, Mr John Matorofa and Mr Net non-interest income 3 108 129 808 91 398 386 Malcolm John Hollingworth were appointed to the Board on 1 June 2018 and 1 September 2018 respectively. Net underwriting income 4 9 237 535 8 076 286 Total income 199 451 031 175 033 845 Dr Blessing Mudavanhu also joined the Board as an Executive Director following his appointment as the Group Chief Executive Officer Operating expenditure 5 (119 057 345) (111 905 039) on 1 July 2018. I take this opportunity to wish him well as he leads the management team in taking the Group to the next level of growth. Operating income 80 393 686 63 128 806 Corporate Social Responsibility Transfer to annuity reserve (31 526) - The Group is committed to integrating social responsibility and environmental concerns in its business operations. During the period Credit loss expense 14.1 2 727 967 (36 011 671) under review, key strides were achieved through the youth entrepreneurial programme and the CBZ International
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