Topic Page • • • • • • • • • • • • • • • • • • • • Group Profile Group Structure Mission and Core Values Directorate and Manage
Group Profile Dawn Properties Limited (Dawn Properties), formerly a wholly owned subsidiary of African Sun Limited (Afrisun), w
Dawn Properties LId (listed on the ZSE) - CBRE (Pty) LId Va CBRE Regional (100%) Laclede Investments PfL I Cafpine Investments
Mission and Core Values Quality To create sustainable value for stakeholders, which is in line with the industrial index. This
Directorate and Management Chairman F. Rwodzi Executive Director M. Manyika Remuneration Committee E. 1.Manikai - Chairman M. M
Chairman's Statement Introduction The period under review was characterised by political uncertainty that threatened the near c
The group made an operating loss of USD303 578 mainly because of the depressed economic environment characterised by low hotel
Dawn Properties accepts and oomplies with the principles of the Code of Corporate Practicesas enunciated in the King Report The
Corporate Governance (continuation) Remuneration committee The remuneration committee comprises two non-executive Directors and
Report of the Directors The directors have pleasure in presenting their report with the audited financial statements of the Gro
Auditfees Members will be asked to approve the remuneration of the auditors for the financial year ended 31 March 2009 and to a
The directors of the Group are required by the Companies Act (Chapter 24:03) to maintain adequate accounting records and to pre
To the members of Dawn Properties Limited We have audited the accompanying consolidated financial statements of Dawn Properties
Independent Auditor's Report (continuation) Basis for adverse opinion As explained in note 2.5 to financial statements, the fun
Emphasis of matter Without further qualifying our opinion, we draw your attention to notes 2.2 and 3 (c), which along with othe
Revenue Operating expenses 6 1,044,652 (1,348,230) Fair value adjustment Operating loss Fair value adjustment to investment pro
, 2009 2008 US$ I US$ Investment property Property, plant and equipment Financial asset available for sale Goodwill 69,300,000
Consolidated Statement of Changes in Equity for the year ended 31 March 2009 Ordinary share capital At the beginning of the yea
Consolidated Cash Flow Statement [or the year ended 31 March 2009 Cash generated from operations Profit before income tax Adjus
Company Balance Sheet •• Group company loans Investment in subsidiaries 680 680 16,214,100 16,214,780 16,214,100 16,214,780 Equ
1 GENERAL INFORMATION The principal business of the group is that of investing in investment property and property management.
Accounting Policies All non - owner changes will be required to be shown in a performance statement, but entities can choose wh
Accounting Policies *lAS 1 (Amendment), 'Presentation of financial statements' (effective from 1 January 2009). The amendment i
Accounting Policies Theamendmentwillhavean impacton the group's operationsas it holds investment property, and will be applied
Accounting Policies *IAS 36 (Amendment), 'Impairment of assets' (effective from 1 January 2009). *IAS 38 (Amendment), 'Intangib
Accounting Policies In these circumstances, inflation adjusted financial statements are not prepared as required by the Interna
Accounting Policies Intercompany transactions, balances and unrealised gains on transactions between Group companies are elimin
Accounting Policies Share capital, share premium and debentures were derived by translating the historical balances at the ruli
Accounting Policies Investment property comprises freehold land and freehold buildings which are used principally for hotel ope
Accounting Policies a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or l
Accounting Policies Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transacti
Accounting Policies Rental income Revenue includes rental income, service charges and management charges from properties, and i
Accounting Policies At each balance sheet date, the entity revises its estimates of the number of options that are expected to
Accounting Policies Thismethod considerscurrent prices in an active market for similar property in the same location and condit
Accounting Policies a) Market risk 1) Price risk The Group is exposed to property price and property rentals risk. The rental r
Accounting Policies During the period under review the Zimbabwe operating environment continued to deteriorate, driven by chron
6 Revenue Rental Commission • 1,044,652 277,391 767,261 The group leases out all its investment property under operating leases
Reconciliation of current tax charge Current rate of tax Utilised tax losses Other permanent differences Fair value adjustment
Land and Buildings Cost At beginning of the year Additions during the year Revaluation and currency adjustment Transfer to nonc
2009 US$ 13 Goodwill Opening net book amount Goodwill on acquisition Closing net book value 14 Trade and other receivables Trad
2009 US$ 16 Share capital Authorised 4,000,000,000 ordinary shares of a nominal value of Z$.OOOO1each (at time of issue) Issued
The debentures bear interest at such rate as is determined by and at the sole discretion of the Directors. There are no repayme
21.1 Rentals Year end balances arising from rentals Receivables 22 Group loans The group loan relates to an amount owing by Nha
National Social Security Authority Scheme The Group and its employees contribute to the National Social Security Authority. Thi
Number of Issued Shareholders 1 5,001 10,001 25,001 50,001 100,001 500,001 Above Total to to to to to to to 1,000,000 5,000 10,
Analysis of Shareholders as at 31 March 2008 Top 20 Shareholders Rank Shareholder Issued shares % 17.15% 9.23% 9.12% 8.71% 8.04
NOTICE IS HEREBY GIVEN that the Sixth Annual General Meeting of members which was scheduled to be held on Wednesday 26hof Augus
____________ . --"N~O'.1t~esL_========== 1L'I---------AA:flnrnn"iiu;l"alfiRR"ejep;(o;;rtt 2i20OtOJS9'----------
8 th Floor Beverley Court, 100 Nelson Mandela, Harare. 263-4-733633/4 263-4-730774/5 - 733647/624 - 730764 Mrs N.M.Tome nora@da
. _--
as my/our proxy to Yote for me/ us on my/our behalf at the annual general meeting of the company to be held on the 30th day of
8t~ Floor Beverley Coort, 100 Nelso. M.•• del. Ave•• e, Box CY 1618, C.osew.y, H.rare P~o.e., 263 .•. 733633/ .•, 733647/624, 2
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Topic Page • • • • • • • • • • • • • • • • • • • • Group Profil
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Group Profile Dawn Properties Limited (Dawn Properties), former
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Dawn Properties LId (listed on the ZSE) - CBRE (Pty) LId Va CBR
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Mission and Core Values Quality To create sustainable value for
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Directorate and Management Chairman F. Rwodzi Executive Directo
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Chairman's Statement Introduction The period under review was c
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The group made an operating loss of USD303 578 mainly because o
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Dawn Properties accepts and oomplies with the principles of the
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Corporate Governance (continuation) Remuneration committee The
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Report of the Directors The directors have pleasure in presenti
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Auditfees Members will be asked to approve the remuneration of
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The directors of the Group are required by the Companies Act (C
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To the members of Dawn Properties Limited We have audited the a
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Independent Auditor's Report (continuation) Basis for adverse o
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Emphasis of matter Without further qualifying our opinion, we d
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Revenue Operating expenses 6 1,044,652 (1,348,230) Fair value a
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, 2009 2008 US$ I US$ Investment property Property, plant and e
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Consolidated Statement of Changes in Equity for the year ended
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Consolidated Cash Flow Statement [or the year ended 31 March 20
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Company Balance Sheet •• Group company loans Investment in subs
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1 GENERAL INFORMATION The principal business of the group is th
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Accounting Policies All non - owner changes will be required to
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Accounting Policies *lAS 1 (Amendment), 'Presentation of financ
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Accounting Policies Theamendmentwillhavean impacton the group's
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Accounting Policies *IAS 36 (Amendment), 'Impairment of assets'
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Accounting Policies In these circumstances, inflation adjusted
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Accounting Policies Intercompany transactions, balances and unr
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Accounting Policies Share capital, share premium and debentures
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Accounting Policies Investment property comprises freehold land
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Accounting Policies a) Financial assets at fair value through p
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Accounting Policies Borrowings are subsequently stated at amort
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Accounting Policies Rental income Revenue includes rental incom
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Accounting Policies At each balance sheet date, the entity revi
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Accounting Policies Thismethod considerscurrent prices in an ac
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Accounting Policies a) Market risk 1) Price risk The Group is e
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Accounting Policies During the period under review the Zimbabwe
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6 Revenue Rental Commission • 1,044,652 277,391 767,261 The gro
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Reconciliation of current tax charge Current rate of tax Utilis
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Land and Buildings Cost At beginning of the year Additions duri
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2009 US$ 13 Goodwill Opening net book amount Goodwill on acquis
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2009 US$ 16 Share capital Authorised 4,000,000,000 ordinary sha
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The debentures bear interest at such rate as is determined by a
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21.1 Rentals Year end balances arising from rentals Receivables
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National Social Security Authority Scheme The Group and its emp
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Number of Issued Shareholders 1 5,001 10,001 25,001 50,001 100,
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Analysis of Shareholders as at 31 March 2008 Top 20 Shareholder
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NOTICE IS HEREBY GIVEN that the Sixth Annual General Meeting of
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____________ . --"N~O'.1t~esL_========== 1L'I---------A
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8 th Floor Beverley Court, 100 Nelson Mandela, Harare. 263-4-73
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.
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as my/our proxy to Yote for me/ us on my/our behalf at the annu
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8t~ Floor Beverley Coort, 100 Nelso. M.•• del. Ave•• e, Box CY
African Annual Reports
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