A N N U A L R E P O R T 2 0 2 1
Leading Agro-industrial Company Since 1947.
Leading Agro-industrial Company Since 1947.
Contents
Corporate Structure | 02 | |
Financial Highlights | 03 | |
Directorate And Administration | 04 | |
Chairman's Statement | 05 - 06 | |
Group Operational Overview | 07 | - 08 |
Report Of The Directors | 09 | |
Directors' Responsibility for Financial Reporting | 10 | |
Corporate Governance | 11 - 13 | |
IndependentAuditor's Report | 14 - 20 | |
Statement of Profit or Loss | 21 | |
Statements Of Financial Position | 22 - 23 | |
Statements Of Changes in Equity | 24 - 25 | |
Statement Of Cashflows | 26 - 27 | |
Notes to the Financial Statements | 28 - 86 | |
Shareholders' Profile | 87 - 88 | |
Notice To Members | 89 - 90 |
Corporate Structure
100% | 100% | 100% | 100% | 100% | 50% |
ARISTON | CLAREMONT | SOUTHDOWN | CLEARWATER TEA | ROSCOMMON | CLAREMONT |
MANAGEMENT | ORCHARDS 1988 | HOLDINGS | MANUFACTURING | DEVELOPMENT | ORCHARDS |
(PRIVATE) LIMITED | (PRIVATE) LIMITED | COMPANY (PRIVATE) | COMPANY | ||
SERVICES | HOLDINGS | ||||
Agriculture | Property owning | LIMITED | (PRIVATE) LIMITED | ||
(PRIVATE) LIMITED | (PRIVATE) LIMITED | ||||
Property owning | Property owning | ||||
company | |||||
company | company |
100%
A division of
Ariston Management Services
(Private) Limited
100%
A division of
Ariston Management Services
(Private) Limited
100%
A division of Ariston Management Services (Private) Limited
55% CLAREMONT POWER STATION Joint venture with Goldsaif (Private) Limited
50% MOMBE SHOMA FARMING (PRIVATE) LIMITED Joint venture with Family van Leenhoff
This is a property owning company. During the year, Ariston Holdings disposed 50% of its shareholding to a Netherlands based private company, Tuinbouw Zonder Grenzen B.V. The company is now a Joint Venture in the Group.
This estate was situated in the Nyanga area on the Claremont Orchards Holdings (Private) Limited property. Its unique micro climate made it suitable for horticultural production. During the year, the estate was transformed into a joint venture.
Comprises three estates in the picturesque Chipinge and Chimanimani areas of Zimbabwe with 1,200 hectares of tea, 450 hectares of macadamia nuts, 60 hectares of bananas and 12 hectares of avocados. This division is also involved in the packaging of tea for the domestic market. Infrastructural development includes tea factories, a macadamia drying facility, schools, clinics and workers' housing.
The estate is situated in Norton. It produces irrigated crops and dry land crops, and over one million broilers a year.
A joint venture between Ariston Management Services (Private) Limited and Goldsaif (Private) Limited engaged in electricity generation at the micro-hydro facility located at Claremont Orchards Holdings (Private) Limited.
A joint venture between Ariston Management Services (Private) Limited and Family van Leenhoff engaged in Commercial Cattle ranching at Kent Estate.
2
Financial Highlights
For the year ended 30 September 2021
Inflation Adjusted | Historical Cost | |||
2021 | 2020 | 2021 | 2020 | |
GROUP SUMMARY (ZWL) | ||||
Revenue | 1,231,443,337 | 938,910,329 | 1,030,219,824 | 339,581,572 |
Earnings before interest, tax, | ||||
depreciation and amortisation (EBITDA) | ||||
excluding fair value adjustments | 244,170,166 | 191,086,277 | 201,059,769 | 67,837,467 |
Finance costs | (42,356,488) | (34,197,524) | (35,886,644) | (14,293,212) |
(Loss)/ profit before taxation | (286,009,952) | 77,699,460 | 387,583,621 | 167,774,322 |
(Loss)/ profit attributable to shareholders | (19,752,513) | 217,018,554 | 338,749,227 | 135,850,588 |
Cash generated from/ (utilised | ||||
in) operating activities | 97,101,680 | 301,715,887 | (53,071,682) | (132,842,775) |
Capital expenditure | (125,999,231) | (121,908,015) | (83,694,405) | (33,491,783) |
Cash resources net of short-term borrowings | ||||
and short-term lease liabilities | (98,028,061) | 16,651,050 | (98,028,061) | 10,987,236 |
Total assets employed | 2,601,865,974 | 2,966,764,175 | 1,262,764,622 | 708,455,479 |
ORDINARY SHARE PERFORMANCE | ||||
Number of ordinary shares in issue | 1,627,395,595 | 1,627,395,595 | 1,627,395,595 | 1,627,395,595 |
Weighted average number of shares in issue | 1,627,395,595 | 1,627,395,595 | 1,627,395,595 | 1,627,395,595 |
Basic earnings per ordinary share (ZWL dollars) | (0.0121) | 0.1334 | 0.2082 | 0.0835 |
Ordinary shareholders' equity per ordinary | ||||
share (ZWL dollars) | 1.0550 | 1.0680 | 0.3170 | 0.1090 |
Market price per ordinary share | ||||
at year end (ZWL dollars) | 3.80 | 1.37 | 3.80 | 1.37 |
FINANCIAL STATISTICS | ||||
Interest cover (times) | (5.75) | 3.27 | 11.80 | 12.74 |
Ordinary shareholders' equity to total assets (%) | 66.01 | 58.56 | 40.87 | 25.04 |
Return on shareholders equity (%) | (1.15) | 12.49 | 65.63 | 76.58 |
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Ariston Holdings Ltd. published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 06:48:00 UTC.