Professional Documents
Culture Documents
27 SEPTEMBER, 2010
J.A. Jere 1 Managing Director
HISTORY
Turnall Holdings Limited, formerly the Building and Construction division of TH Zimbabwe Limited, operates through two divisions
Turnall Building Products Turnall Piping Products
- 1943 - 1972
Hastt Corporation Limited Hastt Discs (Private) Limited Tractor and Equipment (Pvt) Ltd
OUR VISION
Turnall Holdings serves its Zimbabwe & Export Customer needs as the leading brand and manufacturer of quality shelter and pipe products. We will continue to grow and sustain our profitability to satisfy Stakeholders and ourselves by demonstrating our real commitment to our values, environment and the community.
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DIRECTORATE
H. Nkala J.P. Mutizwa J Jere R.S Dube J. Mushayavanhu R. Likukuma C.E Dhlembeu L. Manyenga P.C.C Moyo C. M. Gadzikwa -Non Executive Chairman -Non Executive Deputy Chairman -Executive -Executive -Non Executive -Non Executive -Non Executive -Non Executive -Non Executive -Non Executive
EXECUTIVE MANAGEMENT
John A. Jere - Managing Director Robert S. Dube - Finance Director Elizabeth Mamukwa - HR Director Edwin Kondo - Marketing Director Francis Chigwedere - Technical Director
BUILDING PRODUCTS
Leaders in Quality Domestic and Industrial Roofing
Building Products
Endurite Trafford Tile, Pantile Flat Sheet Slates Reeded Roof Tiles Fascia, Barge Boards, Tapboard Curved Huts Accessories , Rainwater Goods
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PANTILE
Endurite Roofing
Low Cost Market
Trafford Tile
Low / Medium Income Market
Turnallware
Office/Home Market
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PIPING PRODUCTS
Pipes
Pressure Sewer
(66%) (34%)
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RAW MATERIALS
Cement
Circle Cement P.P.C. Sino-Cement Imports
(70%)
(Harare) (Bulawayo) (Gweru)
RAW MATERIALS
Cement (70%)
Chrysotile Fibre
Importation Brazil Russia High world demand
(10%)
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MANUFACTURING
Factories:
Harare - 2 sheeting lines Bulawayo - 1 sheeting line - 1 pipe plant
Personnel:
Permanent (500)
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TOTAL QUALITY
Quality Products (SABS / SAZ)
SAZ 113:1987
SABS 1223:2000 (Pipes) 819:1985 (Sewers) SABS 685:1998 (Sheets) 803:1995 (Boards)
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MARKETS
Local (94% of Sales) Building Products
B2B B2C
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MARKETS
Pipe Projects
Pressure Sewer Pipes
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MARKETS
Export
South Africa Namibia Botswana Mozambique Malawi / Angola U.S.A.
(6% of Sales)
(10%) (90%)
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HOWEVER NO MAJOR SIGNS OF FDI MARKET STILL EXPERIENCING TIGHT LIQUIDITY AS REFLECTED IN THE HIGH BORROWING RATES FOCUS IS ON SURVIVAL ISSUES FOOD, FEES ETC.
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OPERATING ENVIRONMENT
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OPERATING ENVIRONMENT ON THE POSITIVE SIDE AND UNDERPINNING THE VOLUME SALES ACHIEVED THIS FAR WERE
PROCEEDS FROM TOBACCO 120M KG SOLD THIS FAR COTTON AND MAIZE WHICH HAVE SHOWN GROWTH USD SALARIES WHICH ARE DRIVING PRIVATE HOME CONSTRUCTION LOCAL AUTHORITIES UPGRADE OF SEWER AND WATER RETICULATION
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28 677
23 093
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EXPORT VOLUMES
ASBESTOS BAN OF JULY 2008 IN SOUTH AFRICA AND THE DOMINO EFFECT IN OTHER REGIONAL MARKETS -NEGATIVE IMPACT DIVERTED VOLUMES INTO MOZAMBIQUE AND BOTSWANA
LIMITED DISTRIBUTION CAPACITY (IN GROWTH PHASE) STRAIGHT SHEETING PRODUCT LINE IS LOW MARGIN MET STIFF COMPETITION FROM OTHER SUPPLIERS ( EFFECTS OF THE GLOBAL DOWNTURN)
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FINANCIAL HIGHLIGHTS
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INCOME STATEMENT
Continuing operations Revenue - local Turnover -export
HISTORICAL
Six months ended 30.06.2010 US$ 13,103,464 474,150 13,577,614 (9,314,812) 4,262,802 18,735 (718,056) (1,882,152) (203,664) 1,477,665 9,016 (103,309) 1,383,372 (398,846) (255,517) (143,329) 984,526 984,526 483,945 0.2034 Six months ended 30.06.2009 US$ 3,368,526 555,827 3,924,353 (1,932,566) 1,991,787 13,715 (239,090) (711,334) (50,035) 1,005,043 1,010 (114,164) 891,889 (585,680) (430,423) (155,257) 306,209 306,209 483,945 0.0633 Audited year ended 31.12.2009 US$ 15,481,191 1,012,090 16,493,281 (10,402,926) 6,090,355 15,662 (860,613) (2,425,249) (247,399) 2,572,756 4,030 (189,256) 2,387,530 (851,874) (1,245,805) 393,931 1,535,656 6,582,675 6,582,675 8,118,331 483,945 0.3173
Cost of sales Gross profit Other income Selling and distribution expenses Adminstrative expenses Management fees Profit from continuing operations Finance income Finance costs Profit before taxation Taxation Current Deferred Profit for the year from continuing operations attributable to equity holders Other comprehensive income for the year, after tax: Revaluation Net change in offair property, value of plant available-for-sale and equipment financial assets Other comprehensive income for the period, net of tax Total comprehensive income for the year Number of shares in issue (000s) Basic earnings per share (cents)
Audited year ended 31.12.2009 US$ 25,159,958 25,159,958 3,392,815 24,708 2,912,978 306,997 996,746 7,634,244 32,794,202
ASSETS Non- current assets Property, plant and equipment Current assets Inventories Short term investments Trade and other receivables Prepayments Cash and cash equivalents Total current assets Total assets EQUITY Capital and reserves Share capital Non- distributable reserve Revaluation reserve Reserve for share option granted Retained earnings Total capital and reserves LIABILITIES Non-current liabilities Loans and borrowings Deffered tax liability Total non-current liabilities Current liabilities Loans and borrowings Trade and other payables Provisions Taxation Bank overdraft Total current liabilities Total liabilities Total equity and liabilities
1,156,716 6,866,499 8,023,215 940,282 4,630,509 502,359 1,500,815 49,988 7,623,953 15,647,167 37,270,984
629,545 6,723,170 7,352,715 201,141 2,882,446 299,066 1,245,806 200,010 4,828,469 12,181,184 32,794,203
DIVIDENDS
The Board, considering the current economic environment and the need to conserve cash for working capital purposes, resolved not to declare an interim dividend for the half year to 30 June, 2010.
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OUTLOOK PERIOD
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FIBRE SUPPLY
PERTINENT TO HIGHLIGHT THAT THE THREAT ON THE BUSINESS DUE TO FIBRE SUPPLIES HAS BEEN DEALT WITH SECURED ADEQUATE SUPPLIES OF IMPORTED FIBRE REPRESENTING 6 MONTHS COVER. IMPACT THOUGH IS ON GROSS MARGINS GIVEN THAT IMPORTS ARE AT USD 1200/T AGAINST A LOCAL COST OF USD 690/T
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-TECHNOLOGY TO ALLOW TURNALL TO PENETRATE THE LUCRATIVE SA & BOTSWANA MARKET AND OFFER A FULL RANGE OF FIBRE CEMENT PRODUCTS. - SEE A RETURN TO 20%-30% EXPORT VOLUME CONTRIBUTION
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BACKLO G
367
1 530
1 710
1 758
1 800
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QUESTIONS
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