Contents INDEX Page No 2 3 4 5 7 7 8 9 11 12 14 16 25 26 27 28 29 44 53 54 Notice of Annual General Meeting Group Financial Hig
Notice of Annual General Meeting Time Date Place 9 00 am Friday 27th November 2009 Radar Holdings Limited,4th Floor, Tanganyika
Group Financial Highlights 2009 US$ Statement of Comprehensive Income Turnover Operating profit Net interest paid Profit before
Statutory Information DIRECTORS P W T Chipudhla K R R Schofield J Gadzikwa C Amira P Nyemba L Nyathi H B A J von Pezold R von P
Statement of Corporate Governance General Principles The Board affirms its commitment to the principles of openness, integrity
Statement of Corporate Governance (cont) The Audit Committee The Audit Committee, having a majority of non-executive directors,
Directors’ Responsibility for the Annual Financial Statements The directors are responsible for the maintenance of adequate acc
Directors’ Report The activities and results of the Group are summarised in the Operational and Financial reviews. In addition
Chairmans’ Report Dear Shareholder’ The utterly disgusting actions that took place in the early part of this Company's financia
Chairmans’ Report (Cont) Illegal Settlement on Border Property There continues to be illegal settlement on Border property. The
Operational Report OVERVIEW The year under review was characterised by a multitude of challenges. Hyperinflation, foreign curre
Finance Report Introduction The uncertainties in the adverse Zimbabwean economic environment during the year have resulted in l
Finance Report (cont) Shareholder funds Shareholder funds of US$112 800 million are mainly comprised of revaluation surpluses o
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BORDER TIMBERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BORDER TIM
Independent Auditor’s Report (cont) Adverse opinion on non-compliance with International Financial Reporting Standards on the s
Significant Accounting Policies 1. Corporate Information The financial statements of Border Timbers Limited Group and Company f
Significant Accounting Policies (cont) Basis of Consolidation (continued) Where the Group's interests in the subsidiary underta
Significant Accounting Policies (cont) IAS 23 Borrowing Costs (Revised) The IASB issued an amendment to IAS 23 in April 2007. T
Significant Accounting Policies (cont) Goodwill (continued) Following initial recognition, goodwill is measured at cost, less a
Significant Accounting Policies (cont) Property, plant and equipment (continued) Repairs and maintenance are included in the gr
Significant Accounting Policies (cont) Net realisable value is the estimated selling price in the ordinary course of the busine
Significant Accounting Policies (cont) Short term benefits (continued) The expected cost of short term accumulating compensated
Significant Accounting Policies (cont) 16. Financial Instruments (Continued) Financial liabilities at fair value through profit
Significant Accounting Policies (cont) Financial Assets (continued) flows in full without material delay to a third party under
Consolidated Statement of Accounting Comprehensive Income CONSOLIDATED STATEMENT OF COMPREHESIVE INCOME 2009 US$ Notes TURNOVER
Consolidated Statement of Financial Position EQUITY AND LIABILITIES Share Capital Reserves Notes 10 11 2009 US$ 112 762 927 TOT
Group Statement of Changes in Equity Issued capital (Note 10) US$ Share premium US$ NonDistributable Reserves US$ Distributable
Group Statement of Cash Flows 2009 US$ Notes CASH FLOWS FROM OPERATING ACTIVITIES Profit before interest and tax Non-cash items
Notes to the Group Financial Statements 1. SEGMENT INFORMATION YEAR ENDED 30 June 2009 Forestry Manufacturing US$ US$ Revenue T
Notes to the Group Financial Statements (cont) 3. RELATED PARTY DISCLOSURES The group trades with various fellow subsidiary and
Notes to the Group Financial Statements (cont) 2009 US$ 4.1 Other Income Profit on disposal of property, plant & equipment Fair
Notes to the Group Financial Statements (cont) 2009 US$ 7. TAXATION Company taxation Deferred (Note 12) 691 932 691 932 Tax Rec
Notes to the Group Financial Statements (cont) 11. RESERVES Deemed balances at 1 July 2008 Loss for the year Arising from chang
Notes to the Group Financial Statements (cont) 14. PROPERTY, PLANT & EQUIPMENT - US$ LAND AND BUILDINGS PLANT AND MACHINERY MOT
Notes to the Group Financial Statements (cont) 14 14.1 PROPERTY, PLANT & EQUIPMENT (continued) Encumbered Assets There are no e
Notes to the Group Financial Statements (cont) 2009 US$ 16. OPERATING LEASE COMMITMENT Within one year Within two to five years
Notes to The Group Financial Statements (cont) Current assets (continued) For the year ended 30 June 2009, the Group has not re
Notes to the Group Financial Statements (cont) Provision for bonus The provision consists of an annual bonus and a performance
Notes to the Group Financial Statements (cont) 21.5 Credit Risk Management The Group trades only with recognised creditworthy t
Notes to the Group Financial Statements (cont) 21.9 Asset Insurance Assets are insured on a reinstatement basis. The sums insur
Notes to the Group Financial Statements (cont) 23 23.2 NON-COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (CONTINU
Notes to the Group Financial Statements (cont) 26. LIMITATIONS OF FINANCIAL REPORTING IN THE GENERAL ENVIRONMENT PREVAILING (CO
Notes to The Group Financial Statements (cont) 2009 US$ Notes TURNOVER COST OF SALES GROSS PROFIT OTHER OPERATING INCOME DISTRI
Company Statement of Financial Position COMPANY STATEMENT OF FINANCIAL POSITION Notes EQUITY AND LIABILITIES Share capital Rese
Company Statement of Cash Flow CASH FLOWS FROM OPERATING ACTIVITIES Income before interest Non-cash items: - Depreciation - Fai
Notes to the Company Financial Statements 1 Turnover Sale of goods 2009 US$ 7 037 345 2 SIGNIFICANT INTER-GROUP TRANSACTION Nat
Notes to the Company Financial Statements (cont) 4 PROFIT BEFORE TAXATION (CONTINUED) US$ 2009 1 749 857 1 657 328 35 117 10 07
Notes to the Company Financial Statements (cont) 7 RESERVES Non- Distributable distributable reserve reserves US$ US$ Deemed ba
Notes to the Company Financial Statements (cont) 10. PROPERTY, PLANT & EQUIPMENT - US$ LAND AND BUILDINGS PLANT AND MACHINERY M
Notes to the Company Financial Statements (cont) 11. BIOLOGICAL ASSETS Deemed opening balance Expenditure for the period Fair v
Notes to the Company Financial Statements (cont) 12 CURRENT ASSETS (CONTINUED) Trade and Other Receivables Trade and other rece
Notes to the Company Financial Statements (cont) 14 RELATED PARTY DISCLOSURES a) Key Management Personnel Remuneration and othe
Annual Performance Analysis ANNUAL PERFORMANCE ANALYSIS 2009 US$ TURNOVER Income before taxation Taxation Retained Income for t
Analysis of Shareholders 30 June 2009 0 1 001 5 001 10 000 Over 50 000 1 000 5 000 10 000 50 000 Holders 117 34 8 15 12 186 200
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Contents INDEX Page No 2 3 4 5 7 7 8 9 11 12 14 16 25 26 27 28
Page 3:
Notice of Annual General Meeting Time Date Place 9 00 am Friday
Page 4:
Group Financial Highlights 2009 US$ Statement of Comprehensive
Page 5:
Statutory Information DIRECTORS P W T Chipudhla K R R Schofield
Page 6:
Statement of Corporate Governance General Principles The Board
Page 7:
Statement of Corporate Governance (cont) The Audit Committee Th
Page 8:
Directors’ Responsibility for the Annual Financial Statements T
Page 9:
Directors’ Report The activities and results of the Group are s
Page 10:
Chairmans’ Report Dear Shareholder’ The utterly disgusting acti
Page 11:
Chairmans’ Report (Cont) Illegal Settlement on Border Property
Page 12:
Operational Report OVERVIEW The year under review was character
Page 13:
Finance Report Introduction The uncertainties in the adverse Zi
Page 14:
Finance Report (cont) Shareholder funds Shareholder funds of US
Page 15:
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BORDER TIMBERS L
Page 16:
Independent Auditor’s Report (cont) Adverse opinion on non-comp
Page 17:
Significant Accounting Policies 1. Corporate Information The fi
Page 18:
Significant Accounting Policies (cont) Basis of Consolidation (
Page 19:
Significant Accounting Policies (cont) IAS 23 Borrowing Costs (
Page 20:
Significant Accounting Policies (cont) Goodwill (continued) Fol
Page 21:
Significant Accounting Policies (cont) Property, plant and equi
Page 22:
Significant Accounting Policies (cont) Net realisable value is
Page 23:
Significant Accounting Policies (cont) Short term benefits (con
Page 24:
Significant Accounting Policies (cont) 16. Financial Instrument
Page 25:
Significant Accounting Policies (cont) Financial Assets (contin
Page 26:
Consolidated Statement of Accounting Comprehensive Income CONSO
Page 27:
Consolidated Statement of Financial Position EQUITY AND LIABILI
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Group Statement of Changes in Equity Issued capital (Note 10) U
Page 29:
Group Statement of Cash Flows 2009 US$ Notes CASH FLOWS FROM OP
Page 30:
Notes to the Group Financial Statements 1. SEGMENT INFORMATION
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Notes to the Group Financial Statements (cont) 3. RELATED PARTY
Page 32:
Notes to the Group Financial Statements (cont) 2009 US$ 4.1 Oth
Page 33:
Notes to the Group Financial Statements (cont) 2009 US$ 7. TAXA
Page 34:
Notes to the Group Financial Statements (cont) 11. RESERVES Dee
Page 35:
Notes to the Group Financial Statements (cont) 14. PROPERTY, PL
Page 36:
Notes to the Group Financial Statements (cont) 14 14.1 PROPERTY
Page 37:
Notes to the Group Financial Statements (cont) 2009 US$ 16. OPE
Page 38:
Notes to The Group Financial Statements (cont) Current assets (
Page 39:
Notes to the Group Financial Statements (cont) Provision for bo
Page 40:
Notes to the Group Financial Statements (cont) 21.5 Credit Risk
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Notes to the Group Financial Statements (cont) 21.9 Asset Insur
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Notes to the Group Financial Statements (cont) 23 23.2 NON-COMP
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Notes to the Group Financial Statements (cont) 26. LIMITATIONS
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Notes to The Group Financial Statements (cont) 2009 US$ Notes T
Page 45:
Company Statement of Financial Position COMPANY STATEMENT OF FI
Page 46:
Company Statement of Cash Flow CASH FLOWS FROM OPERATING ACTIVI
Page 47:
Notes to the Company Financial Statements 1 Turnover Sale of go
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Notes to the Company Financial Statements (cont) 4 PROFIT BEFOR
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Notes to the Company Financial Statements (cont) 7 RESERVES Non
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Notes to the Company Financial Statements (cont) 10. PROPERTY,
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Notes to the Company Financial Statements (cont) 11. BIOLOGICAL
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Notes to the Company Financial Statements (cont) 12 CURRENT ASS
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Notes to the Company Financial Statements (cont) 14 RELATED PAR
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Annual Performance Analysis ANNUAL PERFORMANCE ANALYSIS 2009 US
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Analysis of Shareholders 30 June 2009 0 1 001 5 001 10 000 Over
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