2 Annual Report 2008 MPICO
Contents The Chairman’s Statement Corporate Governance Report of the Directors Statement of Directors’ Responsibilities Report o
MPICO The Chairman’s Statement During the year under review, management spent a significant amount of time realigning the busine
Continued infrastructural development in Malawi’s major cities has helped boost urban property values. This is a view of the soo
MPICO Annual Report 2008 OPERATIONS The company continued with its rehabilitation work on a number of its buildings and this is
It is anticipated that there will continue to be real growth in rental income as demand for office space continues to rise. As i
MPICO Corporate Governance MPICO endorses the code of corporate practices and conduct recommended in the King report on Corporat
is invested within the Capital City area, a reflection of its key, historic, role in the development of Lilongwe as Malawi’s cap
MPICO Annual Report 2008 10 Of MPICO’s properties, nearly a tenth of the total let area is leased to retail businesses in the ma
Report of the Directors For the year ended 31st December 2008 The directors have pleasure in presenting the consolidated Financi
MPICO Annual Report 2008 DIRECTORS The following directors, appointed in terms of the company’s Articles of Association, served
Statement of Directors’ Responsibilities The Companies Act, 1984, requires the directors to prepare financial statements for eac
MPICO Report of the Independent Auditors For the year ended 31 December 2008 P.O Box 30364 Capital City Lilongwe 3 Malawi Public
Balance Sheets 31 December 2008 Group Notes ASSETS NON-CURRENT ASSETS Investment properties Property, plant and equipment Capita
MPICO Income Statements For the year ended 31 December 2008 Group Notes INCOME Rental income Increase in fair value of investmen
Statements of Changes in Equity For the year ended 31 December 2008 Attributable NonShare capital MK’000 Group For the year ende
MPICO Statements of Changes in Equity For the year ended 31 December 2008 NonShare Distributable capital MK’000 Company For the
Group 2008 MK’000 SHARE CAPITAL Authorised: 1,200,000,000 Ordinary shares of 5t each (2007: 1,200,000,000 Ordinary Shares of 5t
MPICO Cash Flow Statements For the year ended 31 December 2008 Group Notes Cash flows from operating activities Net cash inflow
Notes to the Financial Statements For the year ended 31 December 2008 1. General information The main business of the Group, whi
MPICO Notes to the Financial Statements For the year ended 31 December 2008 3. Significant accounting policies (continued) Conso
Property, plant and equipment are shown at cost, less related depreciation. Property, plant and equipment are depreciated on the
MPICO Notes to the Financial Statements For the year ended 31 December 2008 3. Significant accounting policies (continued) 3.7 T
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated rebates and
MPICO Notes to the Financial Statements For the year ended 31 December 2008 3. Significant accounting policies (continued) 3.12
Impairment of financial assets Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each ba
MPICO Notes to the Financial Statements For the year ended 31 December 2008 3. Significant accounting policies (continued) 3.13
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether th
MPICO Notes to the Financial Statements For the year ended 31 December 2008 3. Significant accounting policies (continued) 3.16
The Group’s major source of revenue is from rental of property situated in the major cities and other places in Malawi. The foll
MPICO Notes to the Financial Statements For the year ended 31 December 2008 Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 (c
Included in the investment properties balance as at 31 December 2008 were properties encumbered as follows: 1. Lingadzi House va
MPICO Notes to the Financial Statements For the year ended 31 December 2008 7. Plant and equipment (continued) Consolidated Fina
COMPANY Fixture & Fittings MK’000 COST At 1 January 2007 Additions At 31 December 2007 7,039 4,634 11,673 18,123 18,123 4,621 4,
MPICO Notes to the Financial Statements For the year ended 31 December 2008 8. Subsidiary companies 2008 % Wholly owned subsidia
Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 2007 MK’000 10. Receivables Rental and service charges Prepaid property expens
MPICO Notes to the Financial Statements For the year ended 31 December 2008 11. Related party transactions (continued) Consolida
Amount receivable from Old Mutual SA relates to overpayment made by MPICO to Old Mutual during the rehabilitation of MPICO Group
MPICO Notes to the Financial Statements For the year ended 31 December 2008 Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 (c
Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 2007 MK’000 15. Cash and cash equivalents as stated in the balance sheet Funds
MPICO Notes to the Financial Statements For the year ended 31 December 2008 Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 (c
Group 2007 MK’000 2006 MK’000 Company 2007 MK’000 2006 MK’000 20. Dividends declared The annual general meeting held on 28 June
MPICO Notes to the Financial Statements For the year ended 31 December 2008 22. Financial instruments (Continued) (b) Significan
Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 2007 MK’000 24. Contingent liabilities The Group is currently contesting vario
MPICO APPPENDIX 1 Detailed Income Statement For the year ended 31 December 2008 (Company only) Consolidated Financial Statements
Company 2008 MK’000 EXPENDITURE Salaries and benefits Maintenance of properties Administration costs Security Rates Listing, tra
48 Consolidated Financial Statements 2008 MPICO
Page 1:
M LP I C O IMITED
Page 2:
2 Annual Repo
Page 3:
Contents The Chairman’s Statement Corporate Governance Report of
Page 4:
MPICO The Chairman’s Statement During the year under review, man
Page 5:
Continued infrastructural development in Malawi’s major cities h
Page 6:
MPICO Annual Report 2008 OPERATIONS The company continued with i
Page 7:
It is anticipated that there will continue to be real growth in
Page 8:
MPICO Corporate Governance MPICO endorses the code of corporate
Page 9:
is invested within the Capital City area, a reflection of its ke
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MPICO Annual Report 2008 10 Of MPICO’s properties, nearly a tent
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Report of the Directors For the year ended 31st December 2008 Th
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MPICO Annual Report 2008 DIRECTORS The following directors, appo
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Statement of Directors’ Responsibilities The Companies Act, 1984
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MPICO Report of the Independent Auditors For the year ended 31 D
Page 15:
Balance Sheets 31 December 2008 Group Notes ASSETS NON-CURRENT A
Page 16:
MPICO Income Statements For the year ended 31 December 2008 Grou
Page 17:
Statements of Changes in Equity For the year ended 31 December 2
Page 18:
MPICO Statements of Changes in Equity For the year ended 31 Dece
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Group 2008 MK’000 SHARE CAPITAL Authorised: 1,200,000,000 Ordina
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MPICO Cash Flow Statements For the year ended 31 December 2008 G
Page 21:
Notes to the Financial Statements For the year ended 31 December
Page 22:
MPICO Notes to the Financial Statements For the year ended 31 De
Page 23:
Property, plant and equipment are shown at cost, less related de
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MPICO Notes to the Financial Statements For the year ended 31 De
Page 25:
Revenue is measured at the fair value of the consideration recei
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MPICO Notes to the Financial Statements For the year ended 31 De
Page 27:
Impairment of financial assets Financial assets, other than thos
Page 28:
MPICO Notes to the Financial Statements For the year ended 31 De
Page 29:
At each balance sheet date, the Group reviews the carrying amoun
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MPICO Notes to the Financial Statements For the year ended 31 De
Page 31:
The Group’s major source of revenue is from rental of property s
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MPICO Notes to the Financial Statements For the year ended 31 De
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Included in the investment properties balance as at 31 December
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MPICO Notes to the Financial Statements For the year ended 31 De
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COMPANY Fixture & Fittings MK’000 COST At 1 January 2007 Additio
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MPICO Notes to the Financial Statements For the year ended 31 De
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Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 2007 MK’000 10
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MPICO Notes to the Financial Statements For the year ended 31 De
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Amount receivable from Old Mutual SA relates to overpayment made
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MPICO Notes to the Financial Statements For the year ended 31 De
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Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 2007 MK’000 15
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MPICO Notes to the Financial Statements For the year ended 31 De
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Group 2007 MK’000 2006 MK’000 Company 2007 MK’000 2006 MK’000 20
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MPICO Notes to the Financial Statements For the year ended 31 De
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Group 2008 MK’000 2007 MK’000 Company 2008 MK’000 2007 MK’000 24
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MPICO APPPENDIX 1 Detailed Income Statement For the year ended 3
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Company 2008 MK’000 EXPENDITURE Salaries and benefits Maintenanc
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48 Consolidated Financi
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