Sie sind auf Seite 1von 2

CHAIRMAN'SREPORT

Overviewof the Group's operations andperformance


The Group continued with its rationalisation exercise in the
period under review. Overall capacity utilisation remained lowas
marginal operations were scaled down. This resulted in the
Groups turnover declining by 13% to US$41.8 million in the
current period. Of the total turnover, Poultry Division
contributed 32% (2013 H1 - 23%), Specialised Division 6%
(2013H1- 26%) andRetail Division 62%(2013H1- 26%).
Rationalisation costs, working capital constraints, overall low
capacity utilisation and heavy financing costs weighed down the
business performance in the period. The business posted a loss
for the period of US$5.5 million compared to US$1.76 million
incurredin prior period.
The Group invested US$0.15 million (2013 H1: US$0.26 million)
in property, plant and equipment in the current period. The
Group's total borrowings decreased by a marginal US$0.3 million
relative toprior year, closing the year at $16.1million.
POULTRYDIVISION
AGRIFOODS
The period was characterized by steep escalations in the prices of
maize and soya meal. Intermittent availability of maize and soya
coupled with s by working capital constraints awvolume declining
39% compared to the prior period. The business has however
remainedsatisfactorily profitable.
The business has exciting growth potential going forward given
the favourable 2013/2014 agricultural season that the country has
had.
AGRIMIX
Agrimix volumes declined by 43% relative to prior year. The
business however managed to maintain margins and profitability
despite the volume decline.
HUBBARDZIMBABWE
Hubbardhada difficult half year trading periodowing toincreased
sales volatility and collapse of demand day old chicks for
particularly in December 2013 and January 2014 periods. Power
outages remain a major concern at the entity given obvious its
impact of increasing the cost of production. The business was
streamlined in o deal with increased volatility and reduced order t
internal placements.
GLENARAESTATES
The farm has continued to consistently contribute towards food
security andpoultry breeding in the country.
Glenara Estates cropped 709 hectares with maize, maize seed,
soya-beans and sorghum during the period under review. The
cropping season has been goodwith above average yields.
CRESTBREEDERSINTERNATIONAL
The business rationalized in the current period Crest was .
operations will be affected by the proposed land for debt swap
with financial institutions, and hence the need for advance
preparations for relocating the business elsewhere.
The Group initiated discussions on the land for debt swap in the
second quarter of its financial year and plans are toconclude these
before end of June 2014. The Group is also in discussions with
Government on modalities for compensation arising from its
intention to acquire 1057 hectares of its urban land in respect of
the Saturday Retreat Estate.
SUNCRESTCHICKENS
The Suncrest abattoir was put under care and maintenance since
end of November 2013 given the unsustainable operational
inefficiencies that were being incurred by the business. As a result
114 employees during the period. The Group were retrenched
has been reliant on toll slaughters to maintain market presence.
The Board and management remain committed to resolving the
production bottlenecks at Suncrest in order to restore
sustainability andviability in the poultry value addition chain.
SPECIALISEDDIVISION
VICTORIAFOODS
The equity transaction Victoria Foods fell through in respect of
during the period. negatively impacted the business' This
production planning processes resulting in a constrained
performance during the period. Due diligences by other
interested entities are at various stages of execution and we
remain hopeful that a sustainable solution will soon be found for
the business.
MAITLANDSZIMBABWE
There was little progress on the joint venture projects due to the
continued unavailability of long-term funds for development
projects.
RETAIL DIVISION
FARM&CITY
Turnover grew by 1 % relative to the prior year, spurred by 6
increased demand for agro-inputs given the good agricultural
season the country enjoyed and participation n some NGO i
projects. Farm&City continued to invest in upgrading its point of
sale system and technologically linking its branch network in
order to improve availability of accurate, real time information
andenhancing internal controls.
RECAPITALISATIONUPDATEANDOUTLOOK
The Group owns 834 hectares held by Crest Breeders which was
scoped into the Greater Harare municipal boundaries in July
2012. Independent valuations of the land were undertaken in
pursuance of a debt securitization plan and land for debt swap in
terms of a Memorandum of Understanding (MOU) agreed to
with financial institutions exposed to the Group e Group . Th
hopes to conclude the swap arrangements in the third quarter,
thus rationalizing its gearing to levels commensurate with the
streamlined operations for the Group. This should favo rably u
impact on the recapitalisation requirements the Group. of
Beyondthis, the Groupintends tovalue addthe residual landbank
through undertaking residential development projects. The
Group is also in the process of concluding the disposal of its
investment in Windmill (Private) Limited and is targeting
finalization before endof quarter. third
ACKNOWLEDGEMENTS
On behalf of the Board and Shareholders, l would like to extend
my sincere appreciation to our valued customers, suppliers,
financiers, other stakeholders and management and stafffor their
support and commitment in seeing through the Group's
restructuring initiatives.
S.J. Chihambakwe
GROUPCHAIRMAN
DIVIDENDDECLARATION
In view of the loss incurred by the Group and the need to raise
equity capital, the Board considers it inappropriate to declare a
dividendfor the half-year ended31March 2014.
P. Hare
COMPANYSECRETARY
BYORDEROF THEBOARD
30May 2014
Financial report to shareholders for the half year ended 31 March 2014
U
n
i
q
u
e

B
r
a
n
d
s
:

C
F
I
/
/
1
0

1
4
/
1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
UNAUDITED AUDITED UN AUDITED
SIX MONTHS IX MONTH S S YEAR TO
Notes 31.03.1 30.0 .1 4 3 3 30.09.13
US$ US$ US$
Sales 41 796 590 47 987 367 87 187 838
Change in fair value of biological assets (3 597) 59 824 41 145
Revenue 41 792 993 48 047 191 87 228 983
Operating (loss) profit before depreciation, impairment and financing costs (3 703 081) 553 297 (2 160 905)
Retrenchment costs (995 564) - -
Depreciation expense 2.1 (1 105 169) (1 230 015) (2 432 377)
Impairment of property, plant and equipment - (19 709) (377 436)
Finance costs (1 686 735) (1 694 217) (3 896 817)
Loss before tax (7 490 549) (2 390 644) (8 867 535)
Income tax credit 2.2 1 985 409 626 567 2 284 363
Loss for the period (5 505 140) (1 764 077) (6 583 172)
Other comprehensive (loss) income, net of income tax
Items that will not be reclassified subsequently to profit or loss
Gains on revaluation of properties 48,056,767 - -
Deferred tax on revaluation of properties (4,109,986) - -
- - 43,946,781
Items that may be reclassified subsequently to profit or loss
Fair value loss on available-for-sale investments (782 508) (709 589) (1 380 000)
Deferred capital gains tax on investments 3 803 - 69 000
(778 705) (709 589) (1 311 000)
Other comprehensive (loss) income for the period, net of tax (778 705) (709 589) 42 635 781
Total comprehensive (loss) income (6 283 845) (2 473 666) 36 052 609
Loss attributable to:
Equity holders of the parent (5 501 140) (1 764 077) (6 583 172)
Total comprehensive (loss) income attributable to:
Equity holders of the parent (6 283 845) (2 473 666) 36 052 609
Basic loss per share (US cents) (5,22) (1,67) (6,24)
Net asset value per share (US cents) 71,01 40,44 76,96
Shares in issue 105 500 875 105 500 875 105 500 875
Weighted shares in issue 105 500 875 105 500 875 105 500 875
D
i
r
e
c
t
o
r
s
:

S
.

J
.

C
h
i
h
a
m
b
a
k
w
e

(
C
h
a
i
r
m
a
n
)
,

M
r
s
.

G
.

M
u
r
a
d
z
i
k
w
a

(
D
e
p
u
t
y

C
h
a
i
r
m
a
n
)
,

S

P

K
u
i
p
a

(
G
r
o
u
p

C
E
O
)
*
,

M
r
s
.

A
.

R
.

C
h
i
n
a
m
o

(
F
i
n
a
n
c
i
a
l

D
i
r
e
c
t
o
r
)
*
,

M
r
s
.

P
.

S

B
w
e
r
i
n
o
f
a
,

B
.
D

M
o
t
h
o
b
i
,

A
.

J
.

N
d
u
n
a
,

G

G

N
h
e
m
a
c
h
e
n
a
,

T

N
y
i
k
a
.

*
E
x
e
c
u
t
i
v
e

D
i
r
e
c
t
o
r
s
F
i
n
a
n
c
i
a
l

r
e
p
o
r
t

t
o

s
h
a
r
e
h
o
l
d
e
r
s

f
o
r

t
h
e

h
a
l
f

y
e
a
r

e
n
d
e
d

3
1

M
a
r
c
h

2
0
1
4
U n i q u e B r a n d s : C F I / /1 0 1 4 / 2
C
O
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T

O
F

F
I
N
A
N
C
I
A
L

P
O
S
I
T
I
O
N
U
N
A
U
D
I
T
E
D
U
N
A
U
D
I
T
E
D
A
U
D
I
T
E
D
3
1
.
0
3
.
1
3
0
.
.
1
4
3
1
.
0
3
.
1
3
0
9
3
N
o
t
e
s
U
S
$
U
S
$
U
S
$
N
o
n
-
c
u
r
r
e
n
t

a
s
s
e
t
s
P
r
o
p
e
r
t
y
,

p
l
a
n
t

a
n
d

e
q
u
i
p
m
e
n
t
1
0
5

2
5
1

3
6
7
6
0

0
2
6

6
4
4
1
0
6

3
3
6

2
2
3
D
e
f
e
r
r
e
d

t
a
x

a
s
s
e
t
s
5

3
3
8

6
7
0
-
3

2
3
2

8
8
1
I
n
v
e
s
t
m
e
n
t
s
1

8
7
3

9
3
4
3

2
8
6

4
4
2
2

6
5
6

4
4
3
T
o
t
a
l

n
o
n
-
c
u
r
r
e
n
t

a
s
s
e
t
s
1
1
2

4
6
3

9
7
1
6
3

3
1
3

0
8
6
1
1
2

2
2
5

5
4
7
C
u
r
r
e
n
t

a
s
s
e
t
s
I
n
v
e
n
t
o
r
i
e
s

a
n
d

b
i
o
l
o
g
i
c
a
l

a
s
s
e
t
s
2
.
3
1
1

3
3
0

5
5
3
1
5

3
7
6

2
6
1
1
5

2
7
3

1
8
6
T
r
a
d
e

a
n
d

o
t
h
e
r

r
e
c
e
i
v
a
b
l
e
s
2
.
4
4

9
1
0

4
4
0
6

1
5
2

7
5
7
4

3
5
1

3
8
3
I
n
v
e
s
t
m
e
n
t
s
-
2
5
7

2
1
9
6

8
1
3
C
a
s
h

a
n
d

b
a
n
k

b
a
l
a
n
c
e
s
4
0
1

9
5
1
5
9
4

8
6
4
7
2
5

4
8
1
T
o
t
a
l

c
u
r
r
e
n
t

a
s
s
e
t
s
1
6

6
4
2

9
4
4
2
2

3
8
1

1
0
1
2
0

3
5
6

8
6
3
T
O
T
A
L

A
S
S
E
T
S
1
2
9

1
0
6

9
1
5
8
5

6
9
4

1
8
7
1
3
2

5
8
2

4
1
0
E
Q
U
I
T
Y

A
N
D

L
I
A
B
I
L
I
T
I
E
S
E
q
u
i
t
y

a
t
t
r
i
b
u
t
a
b
l
e

t
o

o
w
n
e
r
s

o
f

t
h
e

p
a
r
e
n
t
7
4

9
0
8

0
2
3
4
2

6
6
5

5
9
3
8
1

1
9
1

8
6
8
T
o
t
a
l

e
q
u
i
t
y
7
4

9
0
8

0
2
3
4
2

6
6
5

5
9
3
8
1

1
9
1

8
6
8
N
o
n
-
c
u
r
r
e
n
t

l
i
a
b
i
l
i
t
i
e
s
L
o
n
g

t
e
r
m

b
o
r
r
o
w
i
n
g
s
2
.
5
1

1
5
6

2
4
0
2

6
9
5

2
7
7
1

9
4
1

2
7
8
D
e
f
e
r
r
e
d

t
a
x

l
i
a
b
i
l
i
t
i
e
s
1
0

8
8
9

8
7
0
5

1
2
9

1
2
4
1
0

9
0
8

3
4
0
T
o
t
a
l

n
o
n
-
c
u
r
r
e
n
t

l
i
a
b
i
l
i
t
i
e
s
1
2

0
4
6

1
1
0
7

8
2
4

4
0
1
1
2

8
4
9

6
1
8
C
u
r
r
e
n
t

l
i
a
b
i
l
i
t
i
e
s
T
r
a
d
e

a
n
d

o
t
h
e
r

p
a
y
a
b
l
e
s
2
6

6
5
2

3
9
0
2
0

9
5
3

0
3
2
2
3

8
3
3

2
1
2
S
h
o
r
t

t
e
r
m

b
o
r
r
o
w
i
n
g
s
2
.
5
1
4

8
9
4

0
5
5
1
2

6
7
0

1
6
5
1
1

8
9
1

8
4
4
B
a
n
k

o
v
e
r
d
r
a
f
t
2
9
4

9
2
0
1

1
7
3

4
9
7
2

5
8
3

9
1
9
C
u
r
r
e
n
t

t
a
x

l
i
a
b
i
l
i
t
i
e
s
3
1
1

4
1
7
4
0
7

4
9
9
2
3
1

9
4
9
T
o
t
a
l

c
u
r
r
e
n
t

l
i
a
b
i
l
i
t
i
e
s
4
2

1
5
2

7
8
2
3
5

2
0
4

1
9
3
3
8

5
4
0

9
2
4
T
O
T
A
L

E
Q
U
I
T
Y

A
N
D

L
I
A
B
I
L
I
T
I
E
S
1
2
9

1
0
6

9
1
5
8
5

6
9
4

1
8
7
1
3
2

5
8
2

4
1
0
C
N
U
N
A
O
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T

O
F

C
A
S
H

F
L
O
W
S
U
A
U
D
I
T
E
D
U
D
I
T
E
D
A
U
D
I
T
E
D
3
1
.
0
3
.
1
3
0
.
0
9
.
1
4
3
1
.
0
3
.
1
3
3
U
S
$
U
S
$
U
S
$
C
A
S
H

F
L
O
W
S

F
R
O
M

O
P
E
R
A
T
I
N
G

A
C
T
I
V
I
T
I
E
S
C
A
S
H

O
U
T
F
L
O
W
S

B
E
F
O
R
E

W
O
R
K
I
N
G

C
A
P
I
T
A
L

C
H
A
N
G
E
S
(
4

6
2
4

4
8
7
)
8
3
0

4
6
0
(
1

9
7
6

1
6
0
)
C
a
s
h

g
e
n
e
r
a
t
e
d

f
r
o
m

w
o
r
k
i
n
g

c
a
p
i
t
a
l

c
h
a
n
g
e
s
6

1
9
9

1
6
6
(
4
6
3

0
4
7
)
4

3
0
2

9
1
0
C
A
S
H

G
E
N
E
R
A
T
E
D

F
R
O
M

O
P
E
R
A
T
I
O
N
S
1

5
7
4

6
7
9
3
6
7

4
1
3
2

3
2
6

7
5
0
N
e
t

i
n
t
e
r
e
s
t

p
a
i
d
(
1

6
8
6

7
3
5
)
(
1

6
9
4

2
1
7
)
(
3

8
9
6

8
1
7
)
I
n
c
o
m
e

t
a
x
e
s

p
a
i
d
(
5
5

5
7
8
)
(
1
9

0
1
4
)
(
7
1

8
4
2
)
N
E
T

C
A
S
H

U
T
I
L
I
S
E
D

I
N

O
P
E
R
A
T
I
N
G

A
C
T
I
V
I
T
I
E
S
(
1
6
7

6
3
4
)
(
1

3
4
5

8
1
8
)
(
1

6
4
1

9
0
9
)
C
A
S
H

F
L
O
W
S

F
R
O
M

I
N
V
E
S
T
I
N
G

A
C
T
I
V
I
T
I
E
S
P
r
o
c
e
e
d
s

f
r
o
m

d
i
s
p
o
s
a
l

o
f

l
i
s
t
e
d

i
n
v
e
s
t
m
e
n
t
s
5

6
9
1
-
2
4
0

8
1
5
P
u
r
c
h
a
s
e

o
f

p
r
o
p
e
r
t
y
,

p
l
a
n
t

a
n
d

e
q
u
i
p
m
e
n
t
(
1
4
4

6
4
6
)
(
2
6
1

6
4
0
)
(
4
0
5

9
4
1
)
P
r
o
c
e
e
d
s

f
r
o
m

d
i
s
p
o
s
a
l

o
f

p
r
o
p
e
r
t
y
,

p
l
a
n
t

a
n
d

e
q
u
i
p
m
e
n
t
5
4

8
8
5
2
1
5

1
6
3
6
6
7

2
5
5
N
(
8
4

0
7
0
)
(
4
6

4
7
7
)
5
0
2

1
2
9
E
T

C
A
S
H

(
U
T
I
L
I
S
E
D
)

G
E
N
E
R
A
T
E
D

F
R
O
M

I
N
V
E
S
T
I
N
G

A
C
T
I
V
I
T
I
E
S
C
A
S
H

F
L
O
W
S

F
R
O
M

F
I
N
A
N
C
I
N
G

A
C
T
I
V
I
T
I
E
S
L
o
n
g

t
e
r
m

l
o
a
n
s

p
a
i
d
(
7
8
5

0
3
8
)
-
(
7
5
3

9
9
9
)
N
e
t

s
h
o
r
t

t
e
r
m

l
o
a
n
s

r
a
i
s
e
d

(
p
a
i
d
)
3

0
0
2

2
1
1
(
4
3
7

7
8
6
)
(
1

2
1
6

1
0
7
)
N
E
T

C
A
S
H

G
E
N
E
R
A
T
E
D

(
O
U
T
F
L
O
W
S
)

F
R
O
M

F
I
N
A
N
C
I
N
G

A
C
T
I
V
I
T
I
E
S
2

2
1
7

1
7
3
(
4
3
7

7
8
6
)
(
1

9
7
0

1
0
6
)
N
E
T

I
N
C
R
E
A
S
E

(
D
E
C
R
E
A
S
E
)

I
N

C
A
S
H

A
N
D

C
A
S
H

E
Q
U
I
V
A
L
E
N
T
S
1

9
6
5

4
6
9
(
1

8
3
0

0
8
1
)
(
3

1
0
9

8
8
6
)
C
A
S
H

A
N
D

C
A
S
H

E
Q
U
I
V
A
L
E
N
T
S

A
T

B
E
G
I
N
N
I
N
G

O
F

P
E
R
I
O
D
(
1

8
5
8

4
3
8
)
1

2
5
1

4
4
8
1

2
5
1

4
4
8
C
A
S
H

A
N
D

C
A
S
H

E
Q
U
I
V
A
L
E
N
T
S

A
T

E
N
D

O
F

P
E
R
I
O
D
1
0
7

0
3
1
(
5
7
8

6
3
3
)
(
1

8
5
8

4
3
8
)
C
O
N
S
O
L
I
D
A
T
E
D

S
T
A
T
E
M
E
N
T

O
F

C
H
A
N
G
E
S

I
N

E
Q
U
I
T
Y
A
T
T
R
I
B
U
T
A
B
L
E

T
O
E
Q
U
I
T
Y

H
O
L
D
E
R
S

O
F

T
H
E

P
A
R
E
N
T
N
O
N
-
C
A
P
I
T
A
L
R
E
T
A
I
N
E
D
C
O
N
T
R
O
L
L
I
N
G
T
O
T
A
L
R
E
S
E
R
V
E
S
L
O
S
S
E
S
T
O
T
A
L
I
N
T
E
R
E
S
T
S
E
Q
U
I
T
Y
U
S
$
U
S
$
U
S
$
U
S
$
U
S
$
B
a
l
a
n
c
e

a
t

3
0

S
e
p
t
e
m
b
e
r

2
0
1
2
5
5

5
2
3

5
2
1
(
1
0

3
8
4

2
6
2
)
4
5

1
3
9

2
5
9
-
4
5

1
3
9

2
5
9
L
o
s
s

f
o
r

t
h
e

p
e
r
io
d
-
(
6

5
8
3

1
7
2
)
(
6

5
8
3

1
7
2
)
-
(
6

5
8
3

1
7
2
)
O
t
h
e
r

c
o
m
p
r
e
h
e
n
s
iv
e

in
c
o
m
e

f
o
r

t
h
e

p
e
r
io
d
4
2

6
3
5

7
8
1
-
4
2

6
3
5

7
8
1
-
4
2

6
3
5

7
8
1
B
a
l
a
n
c
e

a
t

3
0

S
e
p
t
e
m
b
e
r

2
0
1
3
9
8

1
5
9

3
0
2
(
1
6

9
6
7

4
3
4
)
8
1

1
9
1

8
6
8
-
8
1

1
9
1

8
6
8
L
o
s
s

f
o
r

t
h
e

p
e
r
io
d
-
(
5

5
0
5

1
4
0
)
(
5

5
0
5

1
4
0
)
-
(
5

5
0
5

1
4
0
)
O
t
h
e
r

c
o
m
p
r
e
h
e
n
s
iv
e

in
c
o
m
e

f
o
r

t
h
e

p
e
r
io
d
(
7
7
8

7
0
5
)
-
(
7
7
8

7
0
5
)
-
(
7
7
8

7
0
5
)
B
a
l
a
n
c
e

a
t

3
1

M
a
r
c
h

2
0
1
4
9
7

3
8
0

5
9
7
(
2
2

4
7
2

5
7
4
)
7
4

9
0
8

0
2
3
-
7
4

9
0
8

0
2
3
N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
1
.
0
G
e
n
e
r
a
l

i
n
f
o
r
m
a
t
i
o
n
T
h
e

p
r
in
c
ip
a
l
a
c
t
iv
it
ie
s

o
f

t
h
e

C
o
m
p
a
n
y
,

it
s

s
u
b
s
id
ia
r
ie
s

a
n
d

jo
in
t

v
e
n
t
u
r
e

(
t
h
e

G
r
o
u
p
)

is

t
h
e

h
o
ld
in
g

o
f

in
v
e
s
t
m
e
n
t
s
,

t
h
e

le
t
t
in
g

o
f

p
r
o
p
e
r
t
ie
s
,

t
h
e

p
r
o
d
u
c
t
io
n

a
n
d

s
a
le

o
f

f
r
e
s
h

p
r
o
d
u
c
e
,

t
h
e
w
h
o
le
s
a
lin
g

a
n
d

r
e
t
a
ilin
g

o
f

c
o
n
s
u
m
e
r

g
o
o
d
s
,

t
h
e

m
a
n
u
f
a
c
t
u
r
e

o
f

s
t
o
c
k

f
e
e
d
s
,

t
h
e

p
r
o
v
is
io
n

o
f

a
n
im
a
l
h
e
a
lt
h

r
e
q
u
is
it
e
s
,

t
h
e

o
p
e
r
a
t
io
n

o
f

m
a
iz
e

a
n
d

w
h
e
a
t

m
ills
,

p
o
u
lt
r
y

b
r
e
e
d
in
g
,

p
r
o
d
u
c
t
io
n
,
p
r
o
c
e
s
s
in
g

a
n
d

s
e
llin
g
,

a
n
d

t
h
e

d
e
v
e
lo
p
m
e
n
t

a
n
d

m
a
n
a
g
e
m
e
n
t

o
f

r
e
a
l
e
s
t
a
t
e
.
C
u
r
r
e
n
c
y

o
f

r
e
p
o
r
t
i
n
g
T
h
e
s
e

f
in
a
n
c
ia
l
s
t
a
t
e
m
e
n
t
s

a
r
e

p
r
e
s
e
n
t
e
d

in

U
n
it
e
d

S
t
a
t
e
s

D
o
lla
r
s

(
U
S
$
)

b
e
in
g

t
h
e

c
u
r
r
e
n
c
y

o
f

t
h
e

p
r
im
a
r
y

e
c
o
n
o
m
ic

e
n
v
ir
o
n
m
e
n
t

in

w
h
ic
h

t
h
e

G
r
o
u
p

o
p
e
r
a
t
e
s
.
1
.
1
B
a
s
i
s

o
f

p
r
e
p
a
r
a
t
i
o
n
T
h
e

f
in
a
n
c
ia
l
s
t
a
t
e
m
e
n
t
s

h
a
v
e

b
e
e
n

p
r
e
s
e
n
t
e
d

o
n

t
h
e

h
is
t
o
r
ic
a
l
c
o
s
t

b
a
s
is

e
x
c
e
p
t

f
o
r

p
r
o
p
e
r
t
y
,

p
la
n
t

a
n
d

e
q
u
ip
m
e
n
t

a
n
d

in
v
e
s
t
m
e
n
t
s

t
h
a
t

a
r
e

m
e
a
s
u
r
e
d

a
t

r
e
v
a
lu
e
d

a
m
o
u
n
t
s

o
r

f
a
ir

v
a
lu
e
s
.
1
.
2
S
t
a
t
e
m
e
n
t

o
f

C
o
m
p
l
i
a
n
c
e
T
h
e

f
in
a
n
c
ia
l
s
t
a
t
e
m
e
n
t
s

h
a
v
e

b
e
e
n

p
r
e
p
a
r
e
d

in

a
c
c
o
r
d
a
n
c
e

w
it
h

I
n
t
e
r
n
a
t
io
n
a
l
F
in
a
n
c
ia
l
R
e
p
o
r
t
in
g

S
t
a
n
d
a
r
d
s

(
I
F
R
S
)

a
n
d

in

t
h
e

m
a
n
n
e
r

r
e
q
u
ir
e
d

b
y

t
h
e

C
o
m
p
a
n
ie
s

A
c
t

(
C
h
a
p
t
e
r

2
4
:
0
3
)
.
1
.
3
S
i
g
n
i
f
i
c
a
n
t

a
c
c
o
u
n
t
i
n
g

p
o
l
i
c
i
e
s
T
h
e

p
r
in
c
ip
a
l
a
c
c
o
u
n
t
in
g

p
o
lic
ie
s

o
f

t
h
e

C
o
m
p
a
n
y

a
r
e

c
o
n
s
is
t
e
n
t

in

a
ll
m
a
t
e
r
ia
l
r
e
s
p
e
c
t
s

w
it
h

t
h
o
s
e

a
d
o
p
t
e
d

in

t
h
e

p
r
e
v
io
u
s

y
e
a
r
.
2
.
0
S
u
p
p
l
i
m
e
n
t
a
r
y

i
n
f
o
r
m
a
t
i
o
n
U
N
A
U
D
I
T
E
D
U
N
A
U
D
I
T
E
D
A
U
D
I
T
E
D
S
I
X
M
O
N
T
H
S
T
O
S
I
X
M
O
N
T
H
S
T
O
Y
E
A
R
T
O
2
.
1
T
a
x

c
r
e
d
i
t
3
1
.
0
3
.
1
4
3
1
.
0
3
.
1
3
3
0
.
0
9
.
1
3
U
S
$
U
S
$
U
S
$
2
.
1
P
r
o
p
e
r
t
y
,

p
l
a
n
t

a
n
d

e
q
u
i
p
m
e
n
t
M
o
v
e
m
e
n
t

in

t
h
e

p
r
o
p
e
r
t
y
,

p
la
n
t

a
n
d

e
q
u
ip
m
e
n
t

b
a
la
n
c
e

f
o
r

t
h
e

p
e
r
io
d
:
B
a
la
n
c
e

a
t

t
h
e

b
e
g
in
n
in
g

o
f

t
h
e

p
e
r
io
d
1
0
6

3
3
6

2
2
3
6
1

5
6
4

4
8
5
6
1

5
6
4

4
8
5
C
a
p
it
a
l
e
x
p
e
n
d
it
u
r
e
1
4
4

6
4
6
2
6
1

6
4
0
4
0
5

9
4
1
D
e
p
r
e
c
ia
t
io
n
(
1

1
0
5

1
6
9
)
(
1

2
3
0

0
1
5
)
(
2

4
3
2

3
7
7
)
R
e
v
a
lu
a
t
io
n
-
-
4
8

0
5
6

7
6
7
I
m
p
a
ir
m
e
n
t
s
-
(
1
9

7
0
9
)
(
3
7
7

4
2
6
)
D
is
p
o
s
a
ls
(
1
2
4

3
3
3
)
(
5
4
9

7
5
7
)
(
8
8
1

1
6
7
)
B
a
l
a
n
c
e

a
t

t
h
e

e
n
d

o
f

t
h
e

p
e
r
i
o
d
1
0
5

2
5
1

3
6
7
6
0

0
2
6

6
4
4
1
0
6

3
3
6

2
2
3
I
n
c
lu
d
e
d

in

t
h
e

p
r
io
r

y
e
a
r

r
e
v
a
lu
a
t
io
n

(
2
0
1
3

H
2
)

is

U
S
$
4
0

m
illio
n

r
e
la
t
in
g

t
o

t
h
e

r
e
c
o
g
n
it
io
n

o
f

t
h
e

C
r
e
s
t

B
r
e
e
d
e
r
s

la
n
d

f
o
llo
w
in
g

t
h
e

in
c
o
r
p
o
r
a
t
io
n

o
f

t
h
e

f
a
r
m

in
t
o

t
h
e

H
a
r
a
r
e

m
u
n
ic
ip
a
l
b
o
u
n
d
a
r
ie
s

a
n
d

U
S
$
8

m
illio
n

r
e
la
t
in
g

t
o

r
e
v
a
lu
a
t
io
n

o
f

m
illin
g

a
s
s
e
t
s

b
y

in
d
e
p
e
n
d
e
n
t

p
r
o
f
e
s
s
io
n
a
l
v
a
lu
e
r
s

a
s

a
t

3
0

S
e
p
t
e
m
b
e
r

2
0
1
3
2
.
2
T
a
x

c
r
e
d
i
t
C
u
r
r
e
n
t
1
3
0

8
8
3
2
5
7

9
9
4
1
1
3

7
0
4
P
r
io
r

y
e
a
r

u
n
d
e
r

p
r
o
v
is
io
n
5
7
2
-
-
C
a
p
it
a
l
g
a
in
s

t
a
x
-
-
2
8

5
0
0
W
it
h
h
o
ld
in
g

t
a
x
a
t
io
n
3

5
9
0
2
8
2
5
D
e
f
e
r
r
e
d

t
a
x

c
r
e
d
it

r
e
la
t
in
g

t
o

c
u
r
r
e
n
t

t
e
m
p
o
r
a
r
y

d
if
f
e
r
e
n
c
e
s
(
2

1
2
0

4
5
4
)
(
8
8
4

5
8
9
)
(
2

4
2
6

5
9
2
)
(
1

9
8
5

4
0
9
)
(
6
2
6

5
6
7
)
(
2

2
8
4

3
6
3
)
.
2
.
3
B
i
o
l
o
g
i
c
a
l

a
s
s
e
t
s

i
n
c
l
u
d
e
d

i
n

i
n
v
e
n
t
o
r
i
e
s

a
n
d

b
i
o
l
o
g
i
c
a
l

a
s
s
e
t
s
1

2
6
3

9
7
5
3

6
8
2

0
0
7
2

7
0
2

9
2
4
2
.
4
A
c
c
o
u
n
t
s

r
e
c
e
i
v
a
b
l
e
s
T
r
a
d
e

r
e
c
e
iv
a
b
le
s
3

5
6
8

4
2
7
5

7
0
1

4
4
1
4


4
2
7

5
6
8
O
t
h
e
r
2

5
4
2

5
0
9
1

9
8
1

4
1
7
2

1
6
7

7
7
8
6

1
1
0

9
3
6
7

6
8
2

8
5
8
6

5
9
5

3
4
6
A
llo
w
a
n
c
e

f
o
r

d
o
u
b
t
f
u
l
d
e
b
t
s
(
1

2
0
0

4
9
6
)
(
1

5
3
0

1
0
1
(
2

2
4
3

9
6
3
)
4

9
1
0

4
4
0
6

1
5
2

7
5
7
4

3
5
1

3
8
3
T
h
e
C
o
m
p
a
n
y
p
r
o
v
id
e
s
f
o
r
r
e
c
e
iv
a
b
le
s
a
g
e
d
a
b
o
v
e
9
0
d
a
y
s
,
o
n
a
c
a
s
e
b
y
c
a
s
e
b
a
s
is
w
h
e
r
e
s
u
b
s
e
q
u
e
n
t
d
e
v
e
lo
p
m
e
n
t
s
s
u
g
g
e
s
t
t
h
a
t
r
e
c
o
v
e
r
y
o
f
t
h
e
a
m
o
u
n
t
is
in
d
o
u
b
t
,
e
x
c
e
p
t
f
o
r
t
h
o
s
e
t
h
a
t
a
r
e
s
e
c
u
r
it
is
e
d
a
n
d
t
h
o
s
e
t
h
a
t
h
a
v
e
a
c
c
e
p
t
a
b
le
p
a
y
m
e
n
t
p
la
n
s
o
r
a
r
e
p
e
r
f
o
m
in
g
in
lin
e
w
it
h
s
u
c
h
p
la
n
s
.
2
.
5
T
h
e
lo
n
g
t
e
r
m
b
o
r
r
o
w
in
g
s
a
t
y
e
a
r
r
e
la
t
e
t
o
t
h
e
P
T
A
o
f
f
s
h
o
r
e
lo
a
n
w
it
h
a
t
e
n
u
r
e
o
f
5
y
e
a
r
s
d
r
a
w
n
a
t
a
n
e
f
f
e
c
t
iv
e
in
t
e
r
e
s
t
r
a
t
e
o
f
1
0
.
5
%
p
.
a
.
T
h
e
t
o
t
a
l
f
a
c
ilit
y
o
f
t
h
e
lo
a
n
is
U
S
$
3
.
8
m
illio
n
a
n
d
is
h
a
lf
s
e
c
u
r
e
d
b
y
a
m
o
r
t
g
a
g
e
b
o
n
d
o
v
e
r
a
p
r
o
p
e
r
t
y
in
t
h
e
R
e
t
a
il
D
iv
is
io
n
w
it
h
a
c
a
r
r
y
in
g
a
m
o
u
n
t
o
f
U
S
$
6
.
9
m
illio
n
(
2
0
1
3
-
U
S
$
6
.
9
m
illio
n
)
.
T
h
e
s
h
o
r
t
t
e
r
m
b
o
r
r
o
w
in
g
s
w
h
ic
h
in
c
lu
d
e
b
a
n
k
o
v
e
r
d
r
a
f
t
s
o
u
t
s
t
a
n
d
in
g
a
t
h
a
lf
y
e
a
r
h
a
d
t
e
n
u
r
e
s
n
o
t
e
x
c
e
e
d
in
g
1
8
0
d
a
y
s
a
n
d
w
e
r
e
a
t
e
f
f
e
c
t
iv
e
in
t
e
r
e
s
t
r
a
t
e
s
r
a
n
g
in
g
f
r
o
m
1
0
.
5
%
p
.
a
.
t
o
2
3
%
p
.
a
.
A
ll
t
h
e
lo
c
a
l
b
o
r
r
o
w
in
g
s
w
e
r
e
s
e
c
u
r
e
d
b
y
a
m
o
r
t
g
a
g
e
b
o
n
d
o
v
e
r
a
p
r
o
p
e
r
t
y
o
w
n
e
d
b
y
C
r
e
s
t
B
r
e
e
d
e
r
s
I
n
t
e
r
n
a
t
io
n
a
l,
a
s
u
b
s
id
ia
r
y
c
o
m
p
a
n
y
o
f
C
F
I
H
o
ld
in
g
s
L
im
it
e
d
in
A
p
r
il
2
0
1
4
.
2
.
6
C
o
n
t
i
g
e
n
t

l
i
a
b
i
l
i
t
i
e
s

a
t

r
e
p
o
r
t
i
n
g

d
a
t
e

i
n

r
e
s
p
e
c
t

o
f

g
u
a
r
a
n
t
e
e
s

g
i
v
e
n

t
o

t
r
a
d
e

c
r
e
d
i
t
o
r
s
1

3
5
0

0
0
0
-
1

0
5
0

0
0
0
2
.
7
C
a
p
i
t
a
l

c
o
m
m
i
t
m
e
n
t
s
C
o
n
t
r
a
c
t
e
d
7
9

0
0
0
-
7
9

0
0
0
A
u
t
h
o
r
is
e
d

b
u
t

n
o
t

y
e
t

c
o
n
t
r
a
c
t
e
d
1

0
0
7

2
0
6
3

2
9
9

6
4
5
1

0
0
7

2
0
6
1

0
8
6

2
0
6
3

2
9
9

6
4
5
1

0
8
6

2
0
6
T
h
e

c
a
p
it
a
l
e
x
p
e
n
d
it
u
r
e

w
ill
b
e

f
in
a
n
c
e
d

f
r
o
m

t
h
e

C
o
m
p
a
n
y
's

o
w
n

r
e
s
o
u
r
c
e
s

a
n
d

e
x
is
t
in
g

b
o
r
r
o
w
in
g

f
a
c
ilit
ie
s
.
2
.
8
E
v
e
n
t
s

a
f
t
e
r

t
h
e

r
e
p
o
r
t
i
n
g

p
e
r
i
o
d
T
h
e
r
e

w
e
r
e

n
o

s
ig
n
if
ic
a
n
t

a
d
ju
s
t
in
g

o
r

n
o
n
-
a
d
ju
s
t
in
g

e
v
e
n
t
s

a
f
t
e
r

t
h
e

r
e
p
o
r
t
in
g

d
a
t
e

a
t

t
h
e

t
im
e

o
f

is
s
u
in
g

t
h
is

p
r
e
s
s

r
e
le
a
s
e

Das könnte Ihnen auch gefallen