REG - Zambeef Products PLC - Interim Results
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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 (http://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 Share premium Preference share capital Foreign currency translation reserve Revaluation reserve Retained earnings Total attributable to owners of parent entity Non-controlling interests Total
Capital
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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