ZAMBEEF | Release of 2017 Full Year Results and Annual report
November 15th, 2017
Zambeef Products plc
(“Zambeef” or the “Group”)
Audited Results for the Year Ended 30 September 2017
Zambeef (AIM: ZAM), the fully integrated cold chain foods and agri-business with operations in Zambia, Nigeria and Ghana, today announces its final audited results for the year ended 30 September 2017.
Key Financial Points:
- Turnover increased by 2.5 per cent. in ZMW from ZMW2,376 to ZMW2,435 million (16.6 per cent. in USD from USD219.4 to USD255.8 million), while gross profit margins reduced from 36.9 per cent. to 32.8 per cent., resulting in gross profit reducing by 8.8 per cent. in ZMW from ZMW876 million to ZMW799 million (increasing by 3.7 per cent. in USD from USD80.9 million to USD83.9 million).
- Operating profit decreased by 53.7 per cent. in ZMW from ZMW188 million to ZMW87 million (47.4 per cent. in USD from USD17.3 million to USD9.1 million).
- Adjusted Profit Before Tax from continuing operations (after adjusting for unrealised exchange gains and losses, and losses arising from price adjustments in fair value of biological assets) of ZMW4.5 million (USD0.5 million) compared with an Adjusted Profit Before Tax of ZMW92.7 million (USD8.6 million) in the previous year.
- Profit After Tax of ZMW3.3 million (USD0.3 million), compared with Profit After Tax of ZMW157.4 million (USD14.5 million) for the same period last year.
- EBITDA decreased to ZMW173.6 million (USD18.2 million), versus a prior year comparative of ZMW316.6 million (USD29.2 million). EBITDA margin reduced from 13.3 per cent. to 7.1 per cent.
- Group net debt at year end was ZMW620 million (USD64.1 million), versus a prior year comparative of ZMW483 million (USD48.3 million).
- The Group had undrawn headroom of over USD28 million in its working capital limits at year-end.
- Gearing reduced from 25.7 per cent. (2016) to 21.4 per cent. (2017).
- Debt-to-EBITDA deteriorated from 1.6 (2016) to 3.5 (2017).
