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7/29/2019 ZIMP Unaudited results for HY ended 30 Jun 13.pdf
http://slidepdf.com/reader/full/zimp-unaudited-results-for-hy-ended-30-jun-13pdf 1/1
1 .Overvi ew
I t g i v e s m e g r e at p l e as u r e t o p r e s e n t t h e u n a ud i t e d f i n an c i a l r e s ul t s o f
Zim ba bw eNews pa pers ( 1 9 8 0 ) L t d ( Zim papers ) f or t heha lf y ea r ended 3 0
J u n e 2 0 1 3 . T h e f i r st h a l f o f 2 01 3 c o n ti n u e d t o e nj o y r e l at i v e e c o n o m ic
s t ab i l i ty w h i ch w a s b r o u gh t b y t h e i n t ro d u c ti o n o f t h e m u l ti - c ur r e n cy
s y s t em in 2 0 0 9 . H owev er, the ec onom y s t ill f a c es s om e c ha llenges whic h
inc lude low indust ry c a pa c it y ut ilis a t ion, c om pa ny c los ures , low f orm a l
em ploy m ent a nd a ls o unrelia blepower a nd wa t er supplies . Des pit e t hes e
c ha llenges , t heec onom y is es t im a t ed t o grow by 3 . 4 % in 2 0 1 3 , whiley ea r
on y ea r inf la t ion dec lined t o 1 . 8 7 % in June2 0 1 3 f rom 2 . 9 1 % in Dec em ber
2 0 1 2 . The low lev els of inf lat ion w ere la rgely a t t ribut ed t o t he genera lly
wea ker Sout h Af ric a n rand, whic h m a deim port s int o t hec ount ry c hea per,a nd low dem a nd a s a res ult of limit ed levels of liquidity c ha ra c t erist ic of
t heec onom y s inc e dolla riz a t ion.
h e l i q u id i t y c o n st r a in t s h a v e c o n ti n u e d to a f fe c t t h e m a r ke t ' s a b i li t y t o b u y n e w sp a p e rs o r p l ac e
dv ert s . Ca pa c it y ut ilis a t ion of m os t c om pa nies ha s rem a ined low t hereby a f f ec t ing t heir c ont ribut ion
o c irc ula tion a nd a dv ertis ing rev enue. H ow ev er, s ec t ors lik eret a il a re perf orm ing relat iv ely well a nd
rec ont ribut ing s ignif ic a nt ly t o t he m edia indus t ry in t erm s of c irc ula t ion a nd a dv ert ising rev enue.
M e d ia i n d u s tr y o p e r a t in g e n v i r o nm e n t
het ra dit iona l print news pa per is under t hreat f rom t heef f ec t s of t ec hnology a dv a nc em ent s . Thereis a
e c hn o l o gi c a l sh i f t t h a t h a s r e s ul t e d i n mo r e u s a ge o f d i g it a l p l at f or m s w h i ch a r e c h e ap e r a n d
o n ve n i e nt . T h e r e a r e n o w m o r e a l t e rn a t iv e s o u rc e s o f i n f o rm a t io n r a n g in g f r o m s o c ia l m e d i a
la t f orm s t o on- linewebs it es . Adv ert is ing pla tf orm s a rea ls o inc rea s ing res ult ing in m orepla y ers in t he
ndus t ry. Sec t or ma ga z ines , e- m a il adv ert is ing, a nd on- line a dv ert is ing a re s om e of t he em erging
roduc t s .
o mp e ti t io n
om pet it ion in t heda ily a nd weekly new s pa pers is inc rea s ing. Des pit et he c om pet it ion, Zim pa pers s t ill
m a int a ins it s m a rket lea ders hip es pec ially a s it is now a n int egra t ed m edia hous e.
m pa pers ha s been evolv ing it s new s pa per bus ines s m odel t o inc orpora t em ult iple print a nd digit a l
u b l is h i ng p r o d u c ts t o r e a c h n e w a u d ie n c e s a n d b e t te r s a t i sf y t h e n e e d s o f a d e m an d i n g m e di a
udienc ewhos e a ppet it ef or t he t ra dit iona l print ed newspa per ha s been dwindling whilet he dem a nd
or new print a nd digit a l f orm a t s ha s been inc rea s ing.
order t o rem ain relev a nt a nd grow t hem edia bus ines s , t heZim pa pers bus ines s m odel ha s ev olv ed t o
nc lude popula r ta bloids , m a ga z ines , ra dio a nd digita l m edia ba s ed on a c onv ergenc e polic y t ha t
ha nnels news c ont ent a c ros s a ll it s pla t f orm s.
p er a ti on s R e vi e w
a p it a l is a t io n
heins t a lla t ion of t he Group’ s new print ing pres s , a nd produc t ion a nd a c c ount ing s y st em a reon c ours e,
wit h t hec om m is s ioning of t he pres s expec t ed a t t he end of Sept ember 2 0 1 3 . The rec a pit a lisa t ion ha s
e e n a m i l e st o n e a c h ie v e me n t i n th e h i s to r y o f th e G r o up c on s i d er i n g t h e i l l i qu i d o p e ra t i n g
nv ironm ent obt a ining in t hem a rket . The rec a pit a lis a t ion is expec t ed t o im prove c a pa c it y ut ilis a t ion,
pera t iona l ef fic ienc y a nd produc t ion of qua lit y produc t s t o t he benef it of rea ders a nd a dv ert is ers .
i gi tal Pro d u c ts
heGroup is c ont inuous ly f oc us ing on developing digit a l produc t s c om pa t iblewit h m obiledev ic es s uc h
s s m ar t p h o n es , t a b le t s , an d a n d ro i d d e v ic e s a s w e l l a s i n t ro d u ci n g o n - li n e p r o du c t s l i k e o n l i ne
la s s if ied a dvert s , e- m a il adv ert is ing, a nd a ls o c om ing up w it h adv ert is ing product s t ha t s uit t he
nf orm a l sec t or. Zim pa pers is a ls o f ocus ing on m obile a nd s ubs c ription produc t s like brea king news ,
m obilec la s s if ieds , a nd m obiles port s upda t es .
n an c i al P e r f o r ma n c e
v e r al l
he Group recorded revenue of $ 2 2 .4 m illion during t he f irs t ha lf period c om pa red t o $ 1 9. 6 m illion
uring t hes a m eperiod la s t y ea r, w hic h is a 1 4 % growt h. The gros s prof it a ls o inc rea s ed t o $ 16 . 5 m illion
r o m $ 1 3. 5 m i l li o n d u r i n g t h e s a m e p e r i od l a s t y e a r. T h e i n c r e a s e i s m a i nl y a t t ri b u t ab l e t o e f fi c i e nt
urc ha s ing of c rit ic a l ra w m a t eria ls es pec ia lly news print a nd ink s .
heGroup a ls o rec orded a prof it bef oret a x of $ 5 03 4 7 1 c om pa red to a los s of $ 9 8 8 2 9 3 during t hes a m e
eriod la st y ea r. The prof it a bility is m a inly a t t ribut ed t o t he ef f ec t ive im plem ent a tion of s t ra t egies of
ev enuegrowt h a nd c os t c ont a inm ent t ha t t hec om pa ny em ba rked on.
ow ev er t he Group experienc ed a n inc rea s e in fina nc e c os t s of $ 1 3 5 8 2 4 f rom $ 3 8 7 8 3 4 during the
a m eperiod la s t y ea r to $5 2 3 6 5 8 . The inc rea s ein f ina nce c os t s is a ref lec t ion of t heexpens iv e na t ure
f s hort - t erm borrowings t ha t t he Group us ed t o f ina nce it s m uc h needed rec a pita lis a t ion. The Boa rd
a s r e s o l v e d t o d i s p os e o f n o n - c or e a s s et s a s a w a y o f m i t i g a ti n g a g a in s t h u g e b o r r ow i n g c o st s a n d
es t ruc t ureit s ba la nc es heet .
Newsp ap erDi vi si o n
he news pa per divis ion rec orded an opera t ing prof it of $ 3 . 1 m illion bef ore f ina nc ec os t s c om pa red to
1 . 8 m illion t hes a m e period la s t y ea r. The div is ion c ontinues t o perf orm well des pit et he c om pet it ion.
he div is ion is a dopt ing new t ec hnology t o f ully exploit opport unit ies being of f ered by new m edia in
rder t o m it iga te t hem igra t ion of rea ders f rom print t o digit a l pla t f orm s . The div is ion ha s a ls o rec ent ly
a u n ch e d a n e w p r o d u ct c a l le d B H 2 4 . B H 24 i s a n e w sl e t te r w h i c h p r o v i de s p r e mi u m b u s i n es s n e w s
a rget ing loc a l bus ines s exec ut iv es w it h inf orm a t ion t o m a ke c rit ic a l bus ines s dec is ions . BH 2 4 is
v a ila blea s a m obilea pplic a t ion or a s a PDFf ile s ent v ia e- m a il.
o mmerc i al Pri n ti n g Di vi si o n
heCom m erc ia l print ing div is ion reduc ed it s opera t ing los s t o $ 5 1 6 5 4 f rom $ 6 1 3 5 4 0 t he prev ious y ea r.
he c om m erc ial print ing div ision c ont inues t o benega t iv ely a f f ec t ed by a nt iqua t ed equipm ent a nd
m it ed c a pa c it y, a nd a ls o hugeov erhea ds a nd debt ov erha ng whic h need t o be liquida t ed.
o w ev e r t h e d i v i s i o n c o n ti n u e s t o h o l d o n t o i t s m a r ke t s h a r e d e s p it e t h e c h a ll e n g es . T h e d i v i s i o n i s
m a na ging t o s erv ic e it s v a lued c us t om ers t ha t inc lude bev era ge m a nuf a c t urers , f ood proc es s ors ,
ublis hers , a nd m a nuf ac t uring c om pa nies . The Boa rd is now look ing int o buy ing new m a c hinery f or t he
iv is ion, a s it ha s now m a na ged t o rec a pit a lis ebot h t he news pa per a nd broa dc a s ting div is ions .
ro ad c astin g Di vi si on
hebroa dc a s t ing div is ion rec orded a n opera t ing loss of $ 1 0 4 2 4 4 f or t heha lf y ea r period. Thediv is ion' s
erf orm a nc eis im prov ing s t ea dily a s it c ont inues t o es t a blis h it s bra nd in t hera dio m a rket . The div is ion
a s s inc e ins t a lled new t ra ns m it ters t hroughout t he c ount ry in a n ef f ort t o ens urena t ionwidec ov era ge.
h e i m p ro v e me n t i n c o v e ra g e i s e x p e ct e d t o a tt r a ct i n c re a s ed a d v e r ti s i n g t he r e b y i m p ro v e t h eiv is ion' s rev enues a nd prof it a bilit y.
o r p or a t e g o v e rn a n ce
o i ng C o n c er n
h e d i r e ct o r s h a v e a s s es s e d t h e a b i l i t y o f t h e G r o u p t o c o nt i n u e o p e r a t in g a s a g o i n g c o nc e r n a n d
eliev e t ha t t he prepa ra t ion of t hec ons olida t ed f ina nc ia l s t a t ement s on a going c onc ern ba s is is s t ill
ppropria t e. The Group pos ted a prof it bef oret a x of $ 5 0 3 4 7 1 ( 2 0 12 :los s of $ 9 8 8 2 9 3 ) for t heha lf y ea r
nded 3 0 June 2 0 1 3 . H owev er, as of t ha t da t eit s c urrent lia bilit ies exc eeded its c urrent a s s et s by $ 9 0 7 3
6 3 ( Dec em ber 20 1 2 :$ 8 4 7 1 2 3 0 ) . The gea ring rat io s t ood a t 9 9 . 8 % ( Dec em ber 2 0 1 2 :1 0 3 %) , wit h a
g n if i c an t p a r t o f t he b o r r ow i n g s b e i n g s h o rt t e r m an d e x pe n s iv e . T h e b o r r ow i n g s w e r e u s e d to
urc ha s ea new print ing pres s a nd a new produc t ion a nd a c c ount ing s ys t em in order t o repla c et he old
quipm ent c urrent ly in us e. Thenew equipm ent w ill be c om m is s ioned by end of Sept em ber 2 01 3 . The
roup is purs uing wa y s of res t ruc t uring it s debt f rom s hort t erm t o m edium t erm in order t o reduc ec os t
f f unds . The Group is in t he proc es s of ident if y ing for dis posa l, nonc ore a s s et s in order t o liquida t e
om eof t he pres s ing s t a tut ory obliga t ions a nd a ls o enha nc ew orking c a pit a l. Thes einit ia t iv es , c oupled
wit h new rev enues t rea m s a nd opera t iona l ef f ic ienc y t o be a c hiev ed f rom the equipm ent , will ens ure
heGroup a c hiev es growt h in rev enuea nd prof it a bilit y in 2 0 1 3 . I t is on t ha t ba s is t ha t t he c ons olida t edna nc ia l s t a t em ent s ha v ebeen prepa red on a going c onc ern ba s is .
CHAIRMAN'S STATEMENT The Boa rd of Direc t ors a nd M a nagem ent rem a in c omm it t ed to high s ta nda rds of good c orpora t e
g o v er n a n ce . T h e G r o up ' s A u d i t a n d F i na n c e C o m mi t t ee , a n d o th e r c o mm i t te e s , me t r e g u la r l y
t hroughout t he period under rev iew t o a s s ess opera t ions a nd a dequa c y of s y s t em s a nd proc edures t ha t
s a f egua rd t hec om pa ny ' s a s s et s .
7 . C o r p or a t e a n d S o c ia l i n v e st m e n t
The Group undert ook v a rious c orpora t es oc ia l inves t m ent a c t iv it ies during t he period under rev iew.
Som eof t he c om m unit ies whic h benef it ed f rom t heprogra m a reRobert M uga beOrpha na ge in M ut a re,
M a u ng w a C o m mu n i t y i n M a s vi n g o , Z o r or a i O l d P e op l e ’s H o m e i n M u t a re a n d M e l fo r t F a r m O ld
People’ s H om ein M a rondera . The Group rem a ins c om m it ted t o giv ing ba ckt o t he c om m unit y a s it f eels
it ha s a role t o pla y in im prov ing and t ouc hing ot her people' s liv es .
8 . D iv id en d
T h e D i r e c t or s s a w i t p r u d en t n o t t o d e c l a r e a d i v id e n d i n o r d e r t o p r e s e r ve t h e a v a i l ab l e r e s o u r ce s f o r
working c a pita l, liquida t ing t hedebt , a nd a ls o t o c om plet eit s rec a pit a lisa t ion progra mm e t o ens ure
t ha t t he Group is properly repos it ioned f or t hef ut ure.
9 . O ut lo ok
T h e B o a r d a n d M a n ag e m en t a r e u p b e at a b o ut t h e f u t u r e p e r f o rm a n ce o f t h e G r o u p e s p e c i al l y o n t h e
ba c kdrop of therec a pit a lis a t ion t ha t is t a king pla c eliket he new print ing pres s. The new print ing press is
expec t ed t o us her in new rev enue s t rea m s , a nd a ls o bring com pet it iv e a dv a nt a ge of t he Group’ s
produc t s t hrough ef f ic ienc y a nd qua lit y .
1 0 . A p p re c i at i o n
I would liket o expres s m y gra t it udet o our c us t om ers , a dv ert is ers , rea ders , lis t eners a nd a ll s t a keholders
f or t heir support during t he period under review. I would a ls o liket o t a ket his opport unit y t o t ha nkm y
f ellow Direc t ors, t he Group Chief Exec ut iv e, M r. J. M . M ut a s a , his m a na gem ent t ea m , a nd a ll m em bers
of s t a f f , f or t heir c ont inued dedic a t ion a nd c om m it m ent t o t hes uc c es s of t he c om pa ny.
Dr. P. Chimedza
OU TGOING CHAIRMAN
Reven u e 22 ,364, 204 19, 555, 858
Cost of sales 5 ,890, 753 5, 993, 781
Gro ssp ro fi t 16 ,473, 451 13, 562, 077
Ot her operat ing income 793, 825 244, 551
Operating expenses 16,241,867 1 4,363,738
Selling and distribut ion expenses 3 ,340, 525 3, 269, 138
Administration expenses 12 ,901, 342 11, 094, 600
Profi t/ (l oss) from operations 1,025,409 (557,11 0)
Net fina nc e cost ( 523, 658) ( 387,8 34)
Exc ha nge gain/(loss) 1, 720 ( 43,3 49)
Profit/ (loss) before tax 503, 471 ( 988,2 93)
Tax expense ( 145, 875) ( 305,7 18)
Profi t /(l oss) for the period 357,596 (1,294,01 1)
Oth er c omp rehensive income - -
Total compre hensi ve income for the perio d 357,596 (1,294,01 1)
Num ber of s ha res in issue(000 s) 576, 000 576, 000
Bas ic ea rnings/ (los s) per share (c ent s) 0. 06 (0. 22)
Diluted ea rnings/ (loss) per share (cents ) 0. 06 (0. 22)
ASSETS
Non- c urrent a s s et s
Property, plant and equipment 20 ,408, 464 19, 769, 577
Intangible assets 56, 599 57, 484
Long t erm invest ment 500, 000 553, 462
Tota l non current assets 20, 965, 063 20, 380, 523
Cu rren tassets
Inventories 1, 449, 889 1, 330, 561
Ac counts rec eivable 3 8, 260, 764 7, 303, 530
Invest ment s at fair value through prof it or los s 28, 936 22, 841
Bank and cash balances 236, 551 54, 974
9, 976, 140 8, 711, 906
Total assets 30,941,203 2 9,092,429
EQ U ITYAND L IABIL ITIES
C a p it a l a n d r e s e rv e s
Share c apital 57, 600 57, 600
Non dis tributable reserve 10, 963, 423 10, 963, 423
Ac cumula ted loss (2, 875, 762) (3, 233,3 58)
8, 145, 261 7, 787, 665
No n - c u rrent l i ab i l i ti es
Long t erm loans 871, 691 1, 392, 454
Deferred tax 2, 875, 049 2, 729, 174
3, 746, 740 4, 121, 628
Cu rren tl i ab i l i tes
Ac counts payable 4 7, 009, 809 6, 471, 647
Short term loans 4, 477, 443 4, 396, 166
Related party balanc es 5 4, 781, 399 4, 103, 341
Bank overdraf t 2, 780, 551 2, 211, 982
19, 049, 202 17, 183, 136
To tal l i ab i l i ti es 22, 795, 942 21, 304, 764
Total eq uity and liabi lities 30,941,203 2 9,092,429
Unaudited Unaudited
6 months 6 monthsto June 20 13 to June 20 12
US$ US$
30 June 20 13 31 Dec 20 12
US$ US$
Unaudited Audi ted
Consolidated statement of c omprehensive inc omef o r t h e h a l f ye a r e n d ed 3 0 J u n e 20 1 3
C o n so l i da t e d s t a t e me n t o f f i n a n ci a l p o s i ti o nA s a t 3 0 J u n e 2 01 3
Abridged Consolidated statement of c ash flowsf o r t h e h a l f y ea r e n d e d 3 0 J u n e 2 01 3
Business segment reportf o r t h e h a l f ye a r e n d ed 3 0 J u n e 20 1 3
N o t es t o t h e c o n s o l i d at e d u n a ud i t ed f i n a n ci a l s t a te m e n tsf o r t h e h a l f y ea r e n d ed 3 0 J u n e 20 1 3
C o n so l i d at e d s t a t e me n t o f c h a n g e s i n e q u i ty f o r t h e h a l f y ea r e n d e d 3 0 J u n e 2 01 3
Directors:D r P a ul C h im e dz a* ( Chairman) , Mr Chakanyuka G. K arase (Vice Chairperson) , Mr Justin M. Mutasa ( Group Chief Executive) , Dr. Charl es M. B. Utete, Dr. Munyarad zi K ereke,
Brig -Gen Epmarcus K anhang a ( Rtd ) *, Dr. Nyasha Mad zing ira, Mr. Joseph S. Mand izha, Mr. Rung amo J. Mb ire, Mr. Del ma Lupepe, Mr A l exand er K aneng oni
Z I MPA PE R S ( 19 8 0) L I MI T EDU N AU D IT E D R ES U LT S F O R T H E HA L F Y EA R E N DE D 3 0 J UN E 2 013U N AU D IT E D R ES U LT S F O R T H E HA L F Y EA R E N D ED 3 0 J U NE 2 013
Dr. P. Chimedza
H-Metro
B-Metro zimtravelBridalMagazine ridalMagazine
S uperbrand of the Y ear2012P ri nt Medi a
S uperbrand of the Y ear2012P ri nt Medi a
Superbrand of the Year201 2Print Media
S uperbrand of the Y ear2012R unner-up P ri nt Medi a
Unaudi ted Unaudited
6 mont hs 6 months
t o Ju ne 201 3 to Ju ne 2012
US $ US$
No n
d is t ri bu t ab l e A c cu m ul a te d
Share c ap ital reserve loss Total
US$ US$ US$ US$
N e ws p ap e rs C o mm e rc i al B r oa d ca st i ng C o rp or a te C o ns o li d at e d
Printin g P rinting
US$ US$ U S$ US$ US$
Unaudited Unaudited
6 mont hs 6 months
to Ju ne 2013 to Ju ne 2012
US$ US$
Net cash flows from operat ions 1,2 13,2 10 53 8,42 2
Net cash us ed in investing a ctivities ( 1,160 ,714 ) (1 ,038, 207)
Net cash (used in)/ from financing ac tivities (439 ,488 ) 9 7,68 2
NET DECREASE IN CASH AND CASH EQUI VAL ENTS (386,992) (4 02,103)
C A SH A N D C A SH E QU I VA L EN T S A T TH E B E G IN N IN G O F TH E P E R I OD ( 2, 15 7 ,0 08 ) ( 1 ,1 5 7, 8 50 )
C AS H AN D CA SH EQ UI VA LE NT S AT T HE E ND O F TH E P ER IO D ( 2, 54 4, 00 0) ( 1, 55 9, 95 3)
Balance at 1 January, 2012 57, 600 11, 398, 823 (3, 730, 944) 7,72 5,479
To ta l c om pr eh en si ve i n co me f o r t he p e r io d - - ( 1, 11 2, 17 1) ( 1, 11 2, 17 1)
Clas sification to reta ined ea rnings - (4 00,0 00) 400, 000 -
Balance at 30 June, 2012 57, 600 10, 998, 823 (4, 443, 115) 6,61 3,308
Balance a t 31 Dec em ber, 2012 57,6 00 10, 963, 423 (3, 233, 358) 7,78 7,665
To ta l co mp re he ns iv e i nco me f or t he p e ri od - - 3 57 ,5 96 3 57 ,5 96
Balance at 30 June, 2013 57,6 00 10, 963, 423 (2, 875, 762) 8,14 5,261
The c om m erc ial print ing s egm ent is inv olv ed in t heprint ing of book s , la bels , s ec urit y doc um ent s , dia ries ,
c a lenda rs a nd of f ering of origina t ion s erv ices . The news pa per s egm ent is inv olv ed in newspa per a nd
m a ga z ineprint ing a nd publis hing. The broa dc a st ing s egm ent is a c om m erc ial f ree- t o- a ir ra dio s t at ion.
The c orpora t es egm ent c om pris es H ea d Of f ic ea dm inis t ra t iv eopera t ions .
Reven u e 19, 105, 827 1, 835, 777 1,42 2,60 0 - 2 2,36 4,204
Resu l ts
Segment ( loss )/ p rofit 1, 772, 309 (15 1,58 4) (179, 778) (41 7,463 ) 1,023 ,484
Net finance cost (523, 658)
Profit on sa le of fixed ass et s 1 ,925
Exchange gain 1 ,720
Tax expense (145, 875)
Profit for the period 357 ,596
Oth er i n fo rmati on
Segment as set s 20, 236, 640 7, 375,2 75 1,74 6,499 1,5 82,7 89 3 0,941 ,203
Segment l iabilities 13, 109, 855 4, 098,4 20 82 0,940 1,8 91,6 78 1 9,920 ,893
Deferred t ax liabilit y 2,875 ,049
Capita l expendit ure 1, 185, 519 - 53 ,389 - 1,238 ,908
Depreciation 419, 703 1 08,9 96 67 ,562 - 596 ,261
1 . GENERAL INFORMATION
1 .1 Natu re o f b u si ness
Zim ba bweNews pa pers ( 1 9 8 0 ) L im it ed a nd it s s ubs idia ries a re inc orpora t ed in Zim ba bwe. The Group' s
m a in bus ines s is t ha t of news paper propriet ors , print ers a nd publis hers . The regis t ra t ion num ber of the
c om pa ny is 6 0 0 /B2 8 0.
1 .2 Cu rren c y
The Group' s f unc t iona l a nd pres ent a t ion c urrenc y is t he Unit ed Sta t es dolla r ( "US$ ")
2 . ACCOU NTING POL ICIES
2 .1 Basi s o f p rep arati o n
This int erim report c om plies wit h the requirem ent s of I AS 3 4 . The s a m ea c c ount ing polic ies a nd m et hods
of m ea s urem ent a nd rec ognition a s t hos e a pplied in the 2 0 1 2 a nnua l f ina nc ia l st a t em ents ha v e been
f ollowed in prepa ring t his int erim report .
3 . ACCOU NTSRECEIVABL E
Trade rec eivables 5,86 5,51 5 4,964 ,804
Other receivables 2,65 2,02 0 2,601 ,015
less: allowance for credit los ses (256, 771) (262, 289)
8,26 0,76 4 7,303 ,530
4. ACCOUNTSPAYABLE
Trade 43 5,03 0 685 ,974
Other 6,57 4,77 9 5 ,785 ,673
7,00 9,80 9 6 ,471 ,647
5. RELATED PARTY PAYABLES
R e la t ed p a rt y N a tu r e o f r e la t io n sh i p B a la n ce s d u e t o r e la te d p a rt i es
Zimpapers Medical Aid Soc iet y Guarantor 1 ,223 ,522 315, 165
Zimpapers Pension Fund Member 3 ,557 ,877 3, 788, 176
4 ,781 ,399 4, 103, 341
Ad o l f AMajo me (Mr)
(Co mp an y Sec retary)
*OutgoingDirectors