Table of Contents CORPORATE INFORMATION DIRECTORATE AND MANAGEMENT BOARD OF DIRECTORS ORGANISATIONAL VISION FINANCIAL HIGHLIGHT
Corporate Information REGISTERED OFFICE OK HOUSE 7 Ramon Road Graniteside P.O. Box 3081 Harare Zimbabwe Telephone: Telefax: AUD
Directorate and Management BOARD OF DIRECTORS Chairman Chief Executive Officer Chief Operating Officer Finance Director D.B. La
Board of Directors D. B. Lake - CHAIRMAN V. W. Zireva - CHIEF EXECUTIVE OFFICER A. R. Katsande - CHIEF OPERATING OFFICER A. E.
Organisational Vision CORE VALUES Discipline, honesty and integrity We believe in discipline, honesty and integrity. Our action
page 6 2010 annual report www.okziminvestor.com
Financial Highlights Revenue EBITDA Profit before tax Profit for the year Headline earnings Total assets Market capitalisation
Chairman’s Statement attributable to a civil servants strike in the first part of 2010 and a general tightening of liquidity in
Chairman’s Statement (cont’d) enhancement. Management and staff will spare no effort in the drive to ensure the shrinkage scour
Chief Executive’s Report The Company had short-term borrowings amounting to $7,122,221 at the end of the financial year. After
Chief Executive’s Report (cont’d) HUMAN RESOURCES During the difficult operating environment immediately preceding the new econ
Chief Executive’s Report (cont’d) generally accepted standards of good corporate governance. Our current practices are consiste
Company Profile HISTORICAL BACKGROUND OK Zimbabwe Limited was first incorporated as Springmaster Corporation in 1953. In 1984,
Report of the Directors The Directors have pleasure in presenting their ninth Annual Report and the Audited Financial Statement
Corporate Governance INTRODUCTION The Board is committed to principles of corporate governance and best practices which endorse
Corporate Governance (cont’d) ETHICS Directors and employees are required to observe the highest ethical standards ensuring tha
Accounting Philosophy ACCOUNTING PHILOSOPHY OK Zimbabwe is dedicated to achieving meaningful and responsible reporting through
Directors’ Responsibility for Financial Reporting DIRECTORS' RESPONSIBILITY FOR FINANCIAL REPORTING OK Zimbabwe Limited's direc
Report of the Independent Auditors to the members of OK Zimbabwe Limited Report on the financial statements We have audited the
Report of the Independent Auditors to the members of OK Zimbabwe Limited (cont’d) • the inability to reliably measure inflation
Consolidated Statement of Comprehensive Income For the year ended 31 March 2010 NOTE Revenue Changes in trade inventories Merch
Consolidated Statement of Financial Position As at 31 March 2010 MARCH2010 US$ NOTE Assets Non-current assets Property, plant a
Consolidated Statement of Changes in Shareholder’s Equity For the year ended 31 March 2010 NOTE Shareholders' equity at the beg
Consolidated Statement of Cash Flows For the year ended 31 March 2010 NOTE Cash flows from operating activities Cash generated
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 1. General information OK Zimbabwe Limited is a
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 Improvements to IFRSs (2008) Amendments to IFRS
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 IFRIC 14 Amendment to IFRIC 14: IAS 19 The limi
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 3.4 Business combinations Acquisitions of subsi
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 When a group entity transacts with a jointly co
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 Freehold property Leasehold improvements Plant
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 3.12 Taxation Income tax expense represents the
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 3.14 Provisions Provisions are recognised when
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 Where an impairment subsequently reverses, the
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 US$ 5 Revenue Sales Lease and sub-lease revenue
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 US$ 7 Taxation 7.1 Taxation charge Income tax C
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 US$ 8.2 Shares under option Subscription Price
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 MARCH 2010 US$ 9 Property, plant and equipment
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 US$ 9 Property, plant and equipment (continued)
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 MARCH 2010 US$ 11 Inventories Consumable stores
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 MARCH 2010 US$ 15 Trade and other payables Trad
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 US$ 18 Prior period errors This is a correction
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 US$ 22 Retirement benefit costs OK Zimbabwe Pen
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 25.4 Liquidity risk management The Group has no
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 30 Contingent liabilities • The Group had guara
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 33 Composition of equity on the statement of fi
Notes to the Consolidated Financial Statements For the year ended 31 March 2010 MARCH 2010 US$ 34 Company statement of financia
Shareholder Analysis SHAREHOLDER DISTRIBUTION Number of sharehoders 27,299 361 296 158 105 147 34 65 28,465 % 95.90 1.27 1.04 0
Notice to Members NOTICE IS HEREBY GIVEN THAT the Ninth Annual General Meeting of Members of OK Zimbabwe Limited will be held a
Notice to Members (cont’d) EXPLANATORY NOTES 1. Share Option Scheme - 2010 Article 3 of the Company's Articles of Association s
Shareholder’s Calendar NINTH ANNUAL GENERAL MEETING FINANCIAL YEAR END ANTICIPATED DATES INTERIM REPORTS FOR 2011 6 MONTHS TO 3
Shareholder’s Notes www.okziminvestor.com 2010 annual report page 51
ZIMBABWE LIMITED www.okziminvestor.com
Page 1:
ZIMBABWE LIMITED
Page 2:
Table of Contents CORPORATE INFORMATION DIRECTORATE AND MANAGEM
Page 3:
Corporate Information REGISTERED OFFICE OK HOUSE 7 Ramon Road G
Page 4:
Directorate and Management BOARD OF DIRECTORS Chairman Chief Ex
Page 5:
Board of Directors D. B. Lake - CHAIRMAN V. W. Zireva - CHIEF E
Page 6:
Organisational Vision CORE VALUES Discipline, honesty and integ
Page 7:
page 6 2010 annual repo
Page 8:
Financial Highlights Revenue EBITDA Profit before tax Profit fo
Page 9:
Chairman’s Statement attributable to a civil servants strike in
Page 10:
Chairman’s Statement (cont’d) enhancement. Management and staff
Page 11:
Chief Executive’s Report The Company had short-term borrowings
Page 12:
Chief Executive’s Report (cont’d) HUMAN RESOURCES During the di
Page 13:
Chief Executive’s Report (cont’d) generally accepted standards
Page 14:
Company Profile HISTORICAL BACKGROUND OK Zimbabwe Limited was f
Page 15:
Report of the Directors The Directors have pleasure in presenti
Page 16:
Corporate Governance INTRODUCTION The Board is committed to pri
Page 17:
Corporate Governance (cont’d) ETHICS Directors and employees ar
Page 18:
Accounting Philosophy ACCOUNTING PHILOSOPHY OK Zimbabwe is dedi
Page 19:
Directors’ Responsibility for Financial Reporting DIRECTORS' RE
Page 20:
Report of the Independent Auditors to the members of OK Zimbabw
Page 21:
Report of the Independent Auditors to the members of OK Zimbabw
Page 22:
Consolidated Statement of Comprehensive Income For the year end
Page 23:
Consolidated Statement of Financial Position As at 31 March 201
Page 24:
Consolidated Statement of Changes in Shareholder’s Equity For t
Page 25:
Consolidated Statement of Cash Flows For the year ended 31 Marc
Page 26:
Notes to the Consolidated Financial Statements For the year end
Page 27:
Notes to the Consolidated Financial Statements For the year end
Page 28:
Notes to the Consolidated Financial Statements For the year end
Page 29:
Notes to the Consolidated Financial Statements For the year end
Page 30:
Notes to the Consolidated Financial Statements For the year end
Page 31:
Notes to the Consolidated Financial Statements For the year end
Page 32:
Notes to the Consolidated Financial Statements For the year end
Page 33:
Notes to the Consolidated Financial Statements For the year end
Page 34:
Notes to the Consolidated Financial Statements For the year end
Page 35:
Notes to the Consolidated Financial Statements For the year end
Page 36:
Notes to the Consolidated Financial Statements For the year end
Page 37:
Notes to the Consolidated Financial Statements For the year end
Page 38:
Notes to the Consolidated Financial Statements For the year end
Page 39:
Notes to the Consolidated Financial Statements For the year end
Page 40:
Notes to the Consolidated Financial Statements For the year end
Page 41:
Notes to the Consolidated Financial Statements For the year end
Page 42:
Notes to the Consolidated Financial Statements For the year end
Page 43:
Notes to the Consolidated Financial Statements For the year end
Page 44:
Notes to the Consolidated Financial Statements For the year end
Page 45:
Notes to the Consolidated Financial Statements For the year end
Page 46:
Notes to the Consolidated Financial Statements For the year end
Page 47:
Notes to the Consolidated Financial Statements For the year end
Page 48:
Shareholder Analysis SHAREHOLDER DISTRIBUTION Number of shareho
Page 49:
Notice to Members NOTICE IS HEREBY GIVEN THAT the Ninth Annual
Page 50:
Notice to Members (cont’d) EXPLANATORY NOTES 1. Share Option Sc
Page 51:
Shareholder’s Calendar NINTH ANNUAL GENERAL MEETING FINANCIAL Y
Page 52:
Shareholder’s Notes www.okziminves
Page 53:
ZIMBABWE LIMITED ww
African Annual Reports
Click here to download the catalog as a PDF file.
To view this site you need Adobe Flash Player and your browser must allow javaScripts.
Go here to get the latest Flash Player.