RNS Number : 5573O
Zambeef Products PLC
26 June 2025
26 June 2025
Zambeef Products plc
("Zambeef" or the "Group")
Interim results for the half-year ended 31 March 2025
Zambeef (AIM: ZAM), the fully integrated cold chain food products ("CCFP") and retail business with operations in Zambia, Nigeria and Ghana, today announces its results for the half-year ended 31 March 2025.
Financial Highlights
Figures in 000's
2025
2024
%
2025
2024
%
ZMW
ZMW
USD
USD
Revenue
3,840,668
3,413,329
12.5%
139,661
144,144
-3.1%
Change in fair value of biological assets
876,122
768,623
14.0%
31,859
32,459
-1.8%
Cost of sales
(3,308,655)
(3,066,356)
7.5%
(120,315)
(129,491)
-7.1%
Gross profit
1,408,135
1,115,596
26.2%
51,205
47,111
8.7%
Administrative expenses
(976,336)
(757,446)
28.9%
(35,503)
(31,987)
11.0%
Distribution Expenses
(155,168)
(78,634)
97.3%
(5,642)
(3,321)
69.9%
Net impairment losses on financial assets
(2,136)
(280)
662.9%
(78)
(12)
-
Other income/(expenses)
(26,751)
(86,122)
-68.9%
(973)
(3,637)
-73.2%
Operating profit
247,744
193,114
28.3%
9,009
8,155
10.5%
Share of loss equity accounted investment
-
(17,000)
-
-
(718)
-100.0%
Finance costs
(195,305)
(108,251)
80.4%
(7,102)
(4,571)
55.4%
Profit before taxation
52,439
67,863
-22.7%
1,907
2,866
-33.5%
Taxation charge
(17,943)
(7,263)
147.0%
(652)
(307)
112.4%
Group income for the year from continuing operations
34,496
60,600
-43.1%
1,255
2,559
-51.0%
Profit/(Loss) from asset held for sale after tax
-
-
0.00%
-
-
0.00%
Group income for the period
34,496
60,600
-43.1%
1,255
2,559
-51.0%
EBITDA
364,521
297,172
22.7%
13,256
12,549
5.6%
Gross Profit Margin
36.7%
32.7%
36.7%
32.7%
EBITDA Margin
9.5%
8.7%
9.5%
8.7%
Debt/Equity (Gearing)
44.5%
39.7%
44.5%
39.7%
Debt-To-EBITDA
6.1
6.3
-3.8%
6.0
6.4
-8.28%
PERFORMANCE OVERVIEW
Zambeef delivered a resilient performance in the first half of FY25, demonstrating the strength of its core operations and the successful execution of its strategic priorities. This performance was achieved despite an operating environment marked by reduced consumer spending, rising input costs, currency depreciation, and persistent power supply challenges. Revenue increased by 12.5% in local currency, underpinned by pricing and volume growth, while gross profit rose by 26.2%, reflecting operational optimisation and a favourable product mix. However, when measured in US dollar terms, there was a year-on-year decrease of 3.1% in revenue, while gross profit increased by 8.7%.
The increase in EBITDA and Operating Profit further highlights the focus on protecting margins and enhancing productivity. Our core divisions continue to anchor the Group's financial strength, with strategic investments across key segments delivering positive returns. Our diversified and vertically integrated model remains a key differentiator, providing resilience and agility in navigating macroeconomic headwinds.
The decline in Group income for the half is primarily attributed to a significant increase in financing costs, driven by the debt levels and an escalation in the monetary policy rate, as well as increased income tax charges. These factors eclipsed the growth in operating profit recorded during the period.
OUTLOOK
Looking ahead, a forecast bumper harvest and improved summer crop yields will enhance the profitability of the Cropping division, while also injecting liquidity into the economy through increased earnings by small-scale farmers. Furthermore, improved rainfall is expected to support better electricity supply, offering a marginally improved economic outlook compared to the first half.
The Interim Report for the six-month period ended 31 March 2025 will be available today on the Group's website.
For further information, please visit www.zambeefplc.com or contact:
Zambeef Products plc
Tel: +260 (0) 211 369003
Faith Mukutu, Chief Executive Officer
Patrick Kalifungwa, Chief Financial Officer
Cavendish Capital Markets Ltd (Nominated Adviser and Broker)
Tel: +44 (0) 20 7220 0500
Ed Frisby/Isaac Hooper (Corporate Finance)
Tim Redfern (ECM)
Autus Securities Limited
Tel: +260 (0) 761 002 002
Mataka Nkhoma, Sponsoring Broker
About Zambeef Products PLC
Zambeef Products plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana.
It has 250 retail outlets throughout Zambia and West Africa.
The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and three feedlots are located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken producers in Zambia, with a capacity of 10.6 million broilers and 31.2 million day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 75,000 pigs a year, while its dairy has a capacity of 120,000 litres per day.
The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,787 hectares of row crops under irrigation, which are planted twice a year, and a further 8,694 hectares of rainfed/dry-land crops available for planting. www.zambeefplc.com
CHAIRMAN'S REVIEW
'
Dear Shareholder,
The Company's performance for the half-year period ending on March 31, 2025, was positive, despite Zambia's challenging macroeconomic conditions, which included high inflation and significant pressure on the local currency's exchange rate. Although the rainy season was relatively favourable, the expected benefits, particularly a reduction in grain prices, are anticipated to be realised in the second half of the year.
The depreciation of the Kwacha, combined with the widespread effects of the 2023/24 El Niño event, has increased the cost of essential inputs such as energy, grain, and imported materials. This rise in costs has put significant pressure on operating margins. To combat inflation and stabilize the exchange rate, the Bank of Zambia has maintained a tight monetary policy. While this approach is necessary, it continues to strain consumer spending and raise borrowing costs,
Despite this, Zambia's economy has demonstrated resilience, with a rebound expected to be supported by recovery in the mining and agriculture sectors, as well as policy reforms and infrastructure investments.
Resilient Performance in a Challenging Environment
Despite the challenges we faced, the Group stayed committed to its strategic objectives. By effectively implementing initiatives focused on maximising revenue, optimising costs, and enhancing operational efficiency, the Group achieved growth in operating profitability compared to the previous year. This performance highlights our resilience and demonstrates the strength of our vertically integrated business model, which continues to generate long-term value for our shareholders.
Strategy
The Board remains steadfast in its commitment to achieving the Group's strategic objectives, undeterred by seasonal market dynamics and economic fluctuations. Our five-year strategy is centered on the following key pillars:
§ Strengthening our core business: We are dedicated to bolstering our core business through targeted investments aimed at expanding our market share and solidifying our position in key sectors.
§ Human Capital Development: We recognise the importance of our workforce in driving organisational success. Thus, we are crafting a tailored human capital strategy to align with our organisational needs, ensuring that our employees are equipped with the skills and resources necessary to thrive in a dynamic environment.
§ Enhancing Strategic Partnerships: Strategic partnerships play a vital role in enhancing our competitive edge and market position. We are committed to strengthening these partnerships to capitalise on synergies and opportunities for growth.
§ Divestiture of Non-Core Assets: To optimise resource allocation and focus on our core business areas, we are actively pursuing the divestiture of non-core assets.
Progress on our $100 million expansion program, announced in 2022, is making significant strides. The expansion of the Mpongwe row cropping capacity has yielded positive results, with the third winter crop set to be planted in the upcoming winter season. The milling and hatchery facilities were successfully commissioned in October 2024, while the new cheese plant was completed and commissioned in April 2025.
Outlook
Zambia's macroeconomic outlook is cautiously optimistic. Key factors supporting growth include progress in sovereign debt restructuring, an anticipated easing of inflation starting in July 2025, improved rainfall, and increased trade activity. Additionally, initiatives for energy diversification, such as new investments in solar and coal, suggest improved supply stability in the medium term.
With our strong brand presence and integrated business model, the Group is well-positioned to capitalise on emerging growth opportunities and adapt to changing consumer dynamics.
We remain focused on strengthening the balance sheet, enhancing cash flow, and delivering long-term shareholder value.
British International Investment plc (BII)
BII is the Company's largest ordinary shareholder with 52.6 million ordinary shares and also 100,057,658 convertible redeemable preference shares ("Preference Shares") in Zambeef Products plc. The Company has the right to redeem all or part of the Preference Shares at the redemption price, which would give BII a 12% compounded annual return on their investment, subject to a minimum of USD 0.77 per share (less dividends received). However, the likelihood of such a repayment by the Company in this financial year, or in the medium term, is currently considered by the Board to be uncertain. The eighth anniversary (16 September 2024) of BII's investment in the Company materially increased BII's conversion rights on their Preference Shares from one-for-one new ordinary share, to one for 3.0833 (recurring) new ordinary shares.
Acknowledgement
Despite the challenges faced, we are confident in the Group's ability to navigate uncertainty. Our trusted brands, vertically integrated value chain, and prudent management position the Group well to seize emerging opportunities.
I would like to thank my fellow Board members for their dedicated leadership during the first half of the year. I also sincerely appreciate our hardworking management and staff for their continued commendable performance.
As we progress, we remain dedicated to sustainable growth, operational excellence, and providing value to our shareholders.
Patrick Wanjelani
Chairman
Chief Executive Officer's Report
Overview
For the half-year ended 31 March 2025, the Group achieved solid financial results, showcasing its resilience and adaptability in the face of ongoing economic challenges. Although volume growth did not meet expectations, overall operating profitability improved compared to the previous year. This positive outcome reflects the effective implementation of revenue management strategies, along with successful pricing and cost containment measures.
Our performance reflects the strength of our workforce and the trust we have built with customers, suppliers, and local communities. By emphasising commercial discipline, operational excellence, and efficiency, we are continually reinforcing our competitive position in key market segments.
Financial Performance
Despite facing a challenging trading environment marked by reduced consumer spending and strict monetary policies, the Group achieved strong results for the half-year period ending on March 31, 2025. Rising costs of essential inputs and commodities, including fuel, imported materials, and grain, have led to increased expenses for our production divisions. Additionally, machine downtime and frequent power outages have negatively affected volume growth in some key divisions.
The Group reported a revenue of ZMW 3.8 billion (equivalent to USD 139.7 million), along with a gross profit of ZMW 1.4 billion (USD 51.2 million). This marks a year-on-year increase of 12.5% in revenue and 26.2% in gross profit in kwacha terms. However, when measured in US dollar terms, there was a year-on-year decrease of 3.1% in revenue, while gross profit increased by 8.7%.
The Group achieved an operating profit of ZMW 247.7 million (USD 9 million), reflecting a year-on-year increase of 28% in kwacha terms and 10% in dollar terms, compared to ZMW 193.1 million (USD 8.2 million) in the previous year. This performance showcases the strength of the successful execution of some of our strategic expansion initiatives.
The Group is dedicated to enhancing its brand equity and consistently providing high-quality products to our customers. By utilising our diversified and vertically integrated business model, along with a portfolio of established brands and a strong, experienced management team, we are strategically positioned to capitalise on emerging growth opportunities and effectively manage potential risks. This solid foundation allows us to respond with resilience and agility in a changing market landscape.
Strategic focus
Our strategic priorities focus on optimizing the use of our existing assets, improving returns, and driving sustained profitability. We remain dedicated to our core business segments, where we aim to achieve top-tier performance. Continued investments in high-impact strategic assets, along with the divestment of non-core operations, are expected to enhance cash generation and improve overall profitability. This approach will ultimately support long-term value creation for our shareholders.
Our $100 million medium-term expansion program is on track, featuring significant investments in Cropping, Milling, Stockfeed, Dairy, and Poultry. These projects are anticipated to unlock additional capacity, enhance efficiencies, and support sustained profitability.
Divisional Performance
Table 1 (ZMW) and Table 2 (USD) below provide a summary of the consolidated performance of the key business divisions reported at an operating profit level.
Table 1: Divisional financial summary in ZMW'000
Table 2: Divisional financial summary in USD'000
Retailing & Cold Chain Food Products
In the 2025 financial year, we observed volume growth in most key segments although this was partially offset by declines in others. This performance was achieved in a highly competitive and financially constrained environment. Our emphasis on disciplined sales execution and strategic price optimization enabled us to maintain and increase volumes, ultimately contributing to topline growth (in ZMW).
The division achieved gross profit growth of 31% in kwacha terms and 13% in dollar terms year-on-year. This improvement was largely driven by volume growth in key categories and price optimisation and enhanced operational efficiency
Cropping and Milling
The division's performance improved mainly due to the cropping segment, which achieved better yields than the previous year. This improvement was attributed to a favourable rainfall season and enhanced operational efficiencies, resulting in significant growth in gross profit. However, substantial energy costs from ongoing load shedding and the need for power supply mitigation measures negatively impacted overall profitability. Despite the impressive gains from the cropping segment, these challenges ultimately hindered the division's financial performance.
The Milling segment experienced a decline in volumes during the period, mainly due to high prices for feed and flour. These increased costs were driven by ongoing rises in raw material prices, a consequence of the lingering effects of last year's drought. Consequently, the higher feed prices became less accessible to customers, particularly small to medium-sized farmers, which ultimately impacted overall demand.
Outlook
Looking ahead, our strong brand presence will continue to serve as a cornerstone in maintaining customer loyalty. Additionally, our vertically integrated business model positions us favourably, ensuring a dependable supply chain and market for our products. Zambia's economic outlook is showing signs of stabilization, supported by significant progress in debt restructuring.
Our ongoing commitment to consolidating our balance sheet through the disposal of non-core assets, optimising existing assets and the expansion of capacity remains a central focus. These measures are geared towards enhancing shareholder value, a goal we remain dedicated to achieving. By fortifying our financial foundation and strengthening our operational capabilities, we are poised for sustained growth and prosperity in the years ahead.
Acknowledgements
I want to express my gratitude to our Board of Directors for their guidance and support. I am also grateful to all our dedicated staff and partners for their invaluable contributions to the ongoing success of the Group.
Faith Mukutu
Chief Executive Officer
Consolidated statement of profit or loss and other comprehensive income
31 Mar 2025
31 Mar 2024
30 Sept 2024
K'000
K'000
K'000
Revenue from contracts with customers
3,840,668
3,413,329
7,315,845
Change in fair value of biological assets
876,122
768,623
1,005,832
Cost of sales
(3,308,655)
(3,066,356)
(5,846,559)
Gross profit
1,408,135
1,115,596
2,475,118
Other (expenses)/ income
22,568
3,369
34,940
Other gains/(losses) - net
(49,319)
(89,491)
(96,072)
Net impairment losses on financial assets
(2,136)
(280)
(1,264)
Impairment of investment in associate
-
-
(34,370)
Distribution expenses
(155,168)
(78,634)
(208,395)
Administrative expenses
(976,336)
(757,446)
(1,682,765)
Operating profit
247,744
193,114
487,192
Finance income
5,333
3,563
-
Finance costs
(200,638)
(111,814)
(294,531)
Share of loss from equity investment
-
(17,000)
-
Profit before income tax
52,439
67,863
192,661
Income tax expense - continuing operations
(17,943)
(7,263)
(12,565)
Profit/(loss) from continuing operations
34,496
60,600
180,096
Profit for the period
34,496
60,600
180,096
Profit attributable to:
Owners of Zambeef Products PLC
34,365
60,255
179,840
Non-controlling interests
131
345
256
34,496
60,600
180,096
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation differences - foreign operations
(11,576)
(23,318)
(35,821)
Items not reclassified to profit or loss
Revaluation surplus
-
-
5,734
Actuarial remeasurement losses
-
-
(2,523)
Deferred income tax
2,453
24,265
133,328
Other comprehensive loss for the period
(9,123)
947
100,718
Total comprehensive income for the period
25,373
61,547
280,814
Consolidated statement of profit or loss and other comprehensive income (continued)
31 Mar 2025
31 Mar 2024
30 Sept 2024
K'000
K'000
K'000
Total comprehensive income for the period is attributable to:
Owners of Zambeef Products Plc
25,242
68,871
286,575
Non-controlling interests
131
(7,324)
(5,761)
25,373
61,547
280,814
Basic earnings per share
Ngwee
Ngwee
Ngwee
Continued operations
11.43
20.05
59.83
Discontinued operations
-
-
-
Total basic earnings per share
11.43
20.05
59.83
Diluted earnings per share
Continued operations
8.58
15.04
44.89
Discontinued operations
-
-
-
Total diluted earnings per share
8.58
15.04
44.89
Consolidated statement of financial position as at 31 March 2025
31 Mar 2025
31 March 2024
30 Sept 2024
ASSETS
K'000
K'000
K'000
Non-current assets
Property, plant and equipment
5,692,081
5,199,319
5,577,265
Goodwill
25,015
25,015
25,015
Investment in associate
-
17,369
-
Biological assets
155,315
133,293
143,972
5,872,411
5,374,996
5,746,252
Current assets
Biological assets
848,034
643,843
296,923
Inventories
1,624,409
1,398,748
2,088,778
Trade and other receivables
450,930
388,148
346,130
Cash and cash equivalents
178,084
227,952
334,415
3,101,457
2,658,691
3,066,246
Total assets
8,973,868
8,033,687
8,812,498
EQUITY
Share capital
3,006
3,006
3,006
Share premium
1,125,012
1,125,012
1,125,012
Preference share capital
1,000
1,000
1,000
Foreign currency translation reserve
623,443
644,741
633,440
Revaluation reserve
2,032,013
1,939,293
2,054,090
Retained earnings
1,215,532
1,039,575
1,156,637
Attributable to owners of parent entity
5,000,006
4,752,627
4,973,185
Non-controlling interests (NCI)
(16,693)
(13,954)
(15,245)
4,983,313
4,738,673
4,957,940
LIABILITIES
Non-current liabilities
Lease liabilities
11,948
19,891
13,350
Borrowings
602,318
1,055,716
856,362
Deferred income tax
162,380
274,817
154,586
Defined benefit obligations
1,843
82
1,835
778,489
1,350,506
1,026,133
Current liabilities
Lease liabilities
16,369
6,407
8,578
Borrowings
1,765,266
1,024,895
1,525,671
Trade and other payables
1,144,860
805,355
917,674
Contract liabilities
272,435
93,142
357,999
Current income tax
13,136
14,709
18,503
3,212,066
1,944,508
2,828,425
Total equity and liabilities
8,973,868
8,033,687
8,812,498
Consolidated statement of changes in equity
Share Capital
Share premium
Preference share capital
Foreign currency translation reserve
Revaluation reserve
Retained earnings
Total attributable to owners of parent entity
Non-controlling interests
Total
K'000
K'000
K'000
K'000
K'000
K'000
K'000
K'000
K'000
6 months ended 31 March 2024
At start of year
3,006
1,125,012
1,000
660,390
1,964,087
930,261
4,683,756
(6,630)
4,677,126
Profit for the period
-
-
-
-
-
60,255
60,255
345
60,600
Other comprehensive income:
Transfer of excess depreciation
-
-
-
-
(49,059)
49,059
-
-
-
Deferred income tax
-
-
-
-
24,265
-
24,265
-
24,265
Translation differences
-
-
-
(15,649)
-
-
(15,649)
(7,669)
(23,318)
-
-
-
(15,649)
(24,794)
49,059
8,616
(7,669)
947
Total comprehensive income for the year
-
-
-
(15,649)
(24,794)
109,314
68,871
(7,324)
61,547
As at 31 March 2024
3,006
1,125,012
1,000
644,741
1,939,293
1,039,575
4,752,627
(13,954)
4,738,673
6 months ended 30 September 2024
At start of period
3,006
1,125,012
1,000
644,741
1,939,293
1,039,575
4,752,627
(13,954)
4,738,673
Profit for the period
-
-
-
-
-
119,585
119,585
(89)
119,496
Other comprehensive income:
Revaluation surplus
-
-
-
-
5,734
-
5,734
-
5,734
Deferred income tax
-
-
-
-
109,063
-
109,063
-
109,063
Actuarial remeasurement losses
-
-
-
-
-
(2,523)
(2,523)
-
(2,523)
Translation differences
-
-
-
(11,301)
-
-
(11,301)
(1,202)
(12,503)
-
-
-
(11,301)
114,797
(2,523)
100,973
(1,202)
99,771
Total comprehensive income for the year
-
-
-
(11,301)
114,797
117,062
220,558
(1,291)
219,267
As at 30 September 2024
3,006
1,125,012
1,000
633,440
2,054,090
1,156,637
4,973,185
(15,245)
4,957,940
6 months ended 31 March 2025
At start of year
3,006
1,125,012
1,000
633,440
2,054,090
1,156,637
4,973,185
(15,245)
4,957,940
Profit for the year
-
-
-
-
-
34,365
34,365
131
34,496
Other comprehensive income:
Transfer of excess depreciation
-
-
-
-
(24,530)
24,530
-
-
-
Deferred income tax
-
-
-
-
2,453
-
2,453
-
2,453
Translation differences
-
-
-
(9,997)
-
-
(9,997)
(1,579)
(11,576)
-
-
-
(9,997)
(22,077)
24,530
(9,997)
(1,579)
(9,123)
Total comprehensive income for the year
-
-
-
(9,997)
(22,077)
58,895
26,821
(1,448)
25,373
At half-year end
3,006
1,125,012
1,000
623,443
2,032,013
1,215,532
5,000,006
(16,693)
4,983,313
Consolidated statement of cash flows
31 Mar 2025
31 Mar 2024
30 Sept 2024
K'000
K'000
K'000
Cash flows from operating activities
Cash generated from operations
345,331
(41,197)
562,827
Interest paid on borrowings
(147,298)
(41,672)
(211,132)
Interest paid on bank overdrafts
(72,447)
(118,669)
Interest paid on leases
(2,032)
(1,467)
(3,437)
Benefits paid
(350)
(1,549)
(2,597)
Income tax paid
(13,064)
(36,360)
(49,036)
Net cash (outflow)/inflow from operating activities
110,140
(122,245)
177,956
Cash flows from investing activities
Purchase of property, plant and equipment
(235,874)
(334,181)
(821,886)
Proceeds from disposal assets
126
5,200
9,309
Net cash outflow from investing activities
(235,748)
(328,981)
(812,577)
Cash flows from financing activities
Proceeds from borrowings
293,615
789,866
1,369,057
Principal repayments of borrowings
(392,389)
(325,562)
(739,519)
Principal elements of lease payments
(6,197)
(4,150)
(7,441)
Net cash in/(out)flow from financing activities
(104,971)
460,154
622,097
Net increase/(decrease) for the year
(230,579)
8,928
(12,524)
Movement in cash and cash equivalents
At start of year
(387,865)
(380,467)
(380,467)
Net increase /(decrease)
(230,579)
8,928
(12,524)
Exchange differences
-
-
5,126
At period end
(618,444)
(371,539)
(387,865)
Consolidated statement of profit or loss and other comprehensive income
6 months to 6 months to Year to
31 Mar 2025
31 Mar 2024
30 Sept 2024
US$'000
US$'000
US$'000
Revenue from contracts with customers
139,661
144,144
295,113
Change in fair value of biological assets
31,859
32,459
40,574
Cost of sales
(120,315)
(129,491)
(235,844)
Gross profit
51,205
47,112
99,843
Other income/(expenses)
(973)
(3,637)
(2,466)
Net impairment losses on financial assets
(78)
(12)
(51)
Impairment of investment in associate
-
-
(1,386)
Distribution expenses
(5,642)
(3,321)
(8,406)
Administrative expenses
(35,503)
(31,987)
(67,881)
Operating profit
9,009
8,155
19,653
Net finance costs and income
(7,102)
(4,571)
(11,881)
Share of loss from equity investment
-
(718)
-
Profit before income tax
1,907
2,866
7,772
Income tax expense
(652)
(307)
(407)
Profit from continuing operation
1,255
2,559
7,365
Loss from discontinued operations after tax
-
-
-
Profit for the period
1,255
2,559
7,365
Profit attributable to:
Owners of Zambeef Products PLC
1,250
2,545
7,355
Non-controlling interests
5
14
10
1,255
2,559
7,365
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation losses on foreign operations
(421)
(985)
(1,445)
Items not reclassified to profit or loss
Revaluation surplus
-
-
231
Actuarial remeasurement losses
-
-
(102)
Deferred income tax
89
1,025
5,378
Other comprehensive (loss)/income for the period
(332)
40
4,062
Total comprehensive income/(loss) for the period
923
2,599
11,427
The supplementary information presented does not form part of the financial statements.
Consolidated statement of profit or loss and other comprehensive income (continued)
31 Mar 2025
31 Mar 2024
30 Sept 2024
US$'000
US$'000
US$'000
Total comprehensive income for the period is attributable to:
Owners of Zambeef Products Plc
975
2,908
11,659
Non-controlling interests
(52)
(309)
(232)
923
2,599
11,427
Basic earnings per share
Continued operations
0.42
0.85
2.41
Discontinued operations
-
-
-
Total basic earnings per share
0.42
0.85
2.41
Diluted earnings per share
Continued operations
0.31
0.64
1.81
Discontinued operations
-
-
-
Total diluted earnings per share
0.31
0.64
1.81
The supplementary information presented does not form part of the financial statements.
Consolidated statement of financial position
31 Mar 2025
31 Mar 2024
30 Sept 2024
ASSETS
US$'000
US$'000
US$'000
Non-current assets
Property, plant and equipment
202,709
208,808
210,147
Goodwill
891
1,005
943
Investment in associate
-
698
-
Biological assets
5,531
5,353
5,424
209,131
215,864
216,514
Current assets
Biological assets
30,201
25,857
11,188
Inventories
57,849
56,175
78,703
Trade and other receivables
16,059
15,588
13,042
Cash and cash equivalents
6,342
9,155
12,600
Assets classified as held for sale
-
-
-
Current income tax asset
-
-
-
110,451
106,775
115,533
Total assets
319,582
322,639
332,047
EQUITY
Share capital
449
449
449
Share premium
185,095
185,095
185,095
Preference share capital
100
100
100
Foreign currency translation reserve
22,202
25,893
23,867
Revaluation reserve
72,365
77,883
77,395
Retained earnings
(102,149)
(98,552)
(99,522)
Attributable to owners of parent entity
178,062
190,868
187,384
Non-controlling interests
(594)
(560)
(574)
177,468
190,308
186,810
LIABILITIES
Non-current liabilities
Borrowings
21,450
42,398
32,267
Lease liabilities
425
799
503
Deferred income tax
5,783
11,037
5,825
Defined benefit obligations
66
3
69
27,724
54,237
38,664
Current liabilities
Borrowings
62,866
41,160
57,486
Lease liabilities
583
257
323
Trade and other payables
40,771
32,345
34,578
Contract liabilities
9,702
3,741
13,489
Current income tax
468
591
697
114,390
78,094
106,573
Total equity and liabilities
319,582
322,639
332,047
The supplementary information presented does not form part of the financial statements.
Consolidated statement of cash flows
31 Mar 2025
31 Mar 2024
30 Sept 2024
US$'000
US$'000
US$'000
Cash flows from operating activities
Cash generated from operations
12,557
(1,805)
22,704
Interest paid on borrowings
(5,356)
(1,760)
(8,517)
Interest paid on bank overdrafts
(2,634)
-
(4,787)
Interest paid on leases
(74)
(62)
(139)
Benefits paid
(13)
-
(105)
Income tax paid
(475)
(1,535)
(1,978)
Net cash outflow/inflow from operating activities
4,005
(5,162)
7,179
Cash flows from investing activities
Purchase of property, plant and equipment
(8,577)
(14,112)
(33,154)
Proceeds from disposal assets
5
220
376
Net cash outflow from investing activities
(8,572)
(13,892)
(32,778)
Cash flows from financing activities
Proceeds from borrowings
10,677
33,356
55,226
Principal repayments of borrowings
(14,269)
(13,748)
(29,831)
Principal elements of lease payments
(225)
(175)
(300)
Net cash in/(out)flow from financing activities
(3,817)
19,433
25,095
Net (decrease)/increase for the year
(8,384)
379
(505)
Movement in cash and cash equivalents
At start of year
(14,614)
(18,100)
(15,348)
Net increase /(decrease)
(8,384)
379
(505)
Exchange differences
-
-
207
Translating Presentational Currency
974
2,800
1,032
At period end
(22,024)
(14,921)
(14,614)
The supplementary information presented does not form part of the financial statements.
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