Report of the Directors  ~ 2003

 The directors have pleasure in presenting their report on the activities of the company for the year ended 30 September 2003.

 1. Principal activities

The company's major activities comprise feedlotting, poultry, dairy, cropping, slaughtering and retailing of meat products as well as running a tannery and shoe plant.

2. The company

The company was a wholly owned subsidiary of Zambezi Ranching and Cropping Limited until 2 January 2003. 
The company floated on the Lusaka Stock Exchange on 14 February 2003 when it became a public listed company. 
The company is incorporated and domiciled in Zambia.

Business Address

Plot 1164, Nkanchibaya Road       

Rhodes Park          
Lusaka      
ZAMBIA                                          

Postal Address

Private Bag 17
Woodlands
Lusaka
Zambia

 

3. Share capital

The company quoted all of its 114,669,450 ordinary shares on 14 February 2003 on the Lusaka Stock Exchange.  Details of the authorised and issued share capital of the company appear in note 15 to the financial statements.

4. Results

The profit for the year after taxation amounted to K15,559 million compared to K8,992 million in the previous year.
 

5. Dividends

During the year an interim dividend of K1,436 million  was paid to the shareholders.  A final dividend of K4,800 million was proposed.

 

6. Management

             The Senior Management team comprise the following:

 

             Carl Irwin ~  Joint Managing Director     

             Francis Grogan ~  Joint Managing Director     

             Murray Moore ~  General Manager – Meat   

             Dawid Mynhardt ~  General Manager – Farming                  

             Richard Dubler ~ General Manager – Transport   

             David Ng’ambi ~ Human Resource Manager 

             Eddie Tembo ~ Security Manager              

             Naga Subudhi ~ General Manager – Tannery     

             Willem van Delft ~ General Manager – Shoe Plant  

             Craig Harris ~ Financial Controller            

             Ebraham Israel ~ National Retailing Manager

 

 

7. Directors and Secretary

The directors who served during the financial year and at the date of this report were as follows:

             J Mwanza  ~  Chairman (appointed 21 January 2003)

             R Clyde Anderson                                                                          

             C Irwin                                                                        

             F Grogan

             H Duckworth

             J Rabb

             L Sikutwa

             D Phiri

             I Muyenga ~ (appointed 11 September 2003)            

             D Ihmann  ~ Secretary
 

 

8.Directors’ interests

The directors held the following interests in the company’s ordinary shares
at the balance sheet date:

 

  Beneficial     Non-beneficial
J Mwanza
R. Clyde Anderson   
C Irwin
F Grogan
H Duckworth
J Rabb
D Phiri
L Sikutwa
I Muyenga   		45,000
4,494,963 

  
682,200

19,086,694
19,086,657
20,095,235
17,910,977
  5,222,163

76,179,563

 

9.Employees

The group employs 1,060 full time employees (2002 – 1,051) and total salaries and wages were K9,467 million for the year ended 30 September 2003 (2002 – K7,775 million). The company employs 484 full time employees and total salaries and wages were K4,871 million (2002 – K4,888 million).

The average number of staff for each month in the year was as follows:

  • October            1,071                                       

  • November         1,059                           

  • December         1,070                           

  • January            1,066                           

  • February           1,056                           

  • March               1,046

  • April                 1,051

  • May                  1,048

  • June                 1,069

  • July                  1,059

  • August              1,065

  • September        1,060

10. Gifts and donations

The group makes regular donations to a number of activities which includes Kasisi Orphanage, Cheshire Homes, Kaoma Orphanage, Liteta Invalid Compound, Mother of Mary Hospice, Jon Hospice and Kabwe High Security Prison.

11. Export sales

The group made exports of US$1.3 million during the year (2002 – US$1.35 million).

12. Fixed assets

                                   The group’s fixed assets were revalued at 31 December 2002. This resulted in the fixed assets being presented in the financial statements at more realistic values than the historical cost at which they were presented. The return on capital employed ratio is therefore more representative of the financial position of the group. Additions totalling K8,598,164,000 were purchased during the year.

13.Other material facts, circumstances and events

The directors are not aware of any material fact, circumstances or event which occurred between the accounting date and the date of this report which might influence an assessment of the company’s financial position or the results of its operations.

14. Annual financial statements

The annual financial statements set out on pages 9 to 25  have been approved by the directors.

15.Auditors         

In accordance with the provisions of the Articles of Association of the company the auditors, Messrs Grant Thornton, will retire as auditors of the company at the forthcoming Annual General Meeting, and having expressed their willingness to continue in office a resolution for their re-appointment will be proposed at the Annual General Meeting.

 

By order of the Board

 

 

 

 

Company Secretary

 

Date 

 

 

 
   

© Zambeef Products PLC  2006