INDUSTRIAL DEVELOPMENT CORPORATION OF ZIMBABWE LIMITED

CONSOLIDATED INCOME STATEMENT

FOR THE THREE(3) MONTHS ENDED 31 MARCH 2023
FULL YEAR For 3 Months to 31/03/2023 FULL YEAR
Original APRIL- DEC Revised YTD
BUDGET BUDGET ACTUAL Variance FORECAST FORECAST MARCH 2022
ZWL$ ZWL$ ZWL$ ZWL$ ZWL$ ZWL$ ZWL$

Revenue-Export 3,380,469,000 845,117,250 191,069,361 (654,047,889) 2,535,351,750 2,726,421,111 191,867,204

-Local 74,423,507,367 18,605,876,842 9,869,204,095 (8,736,672,747) 55,817,630,525 65,686,834,620 2,880,731,067
Total Revenue 77,803,976,367 19,450,994,092 10,060,273,456 (9,390,720,636) 58,352,982,275 68,413,255,731 3,072,598,271

Cost of Sales (55,219,517,299) (13,804,879,325) (5,218,490,358) 8,586,388,967 (41,414,637,974) (46,633,128,332) (1,959,914,659)

Other Production Overheads (3,659,620,618) - (3,659,620,618) (1,484,509,495)
Staff Costs (1,558,869,740) - (1,558,869,740) (475,405,164)

Gross Profit/(Loss) 22,584,459,068 5,646,114,767 4,841,783,098 (804,331,669) 16,938,344,301 21,780,127,399 1,112,683,612

Other Income/(expenses) 1,610,559,124 402,639,781 508,520,036 105,880,255 1,207,919,343 1,716,439,379 358,271,545

Selling & distribution costs (1,238,479,646) (309,619,912) (371,562,739) (61,942,828) (928,859,735) (1,300,422,474) (65,037,091)
Administration expenses (3,956,425,073) (989,106,268) (3,591,189,263) (2,602,082,995) (2,967,318,805) (6,558,508,068) (419,903,756)
Staff Costs (10,679,610,860) (2,669,902,715) (2,051,200,073) 618,702,642 (8,009,708,145) (10,060,908,218) (189,537,821)
Operating Profit/(loss) 8,320,502,613 2,080,125,653 (663,648,940) (2,743,774,594) 6,240,376,960 5,576,728,020 796,476,489
Finance income 5,780,615,280 1,445,153,820 521,462,777 (923,691,043) 4,335,461,460 4,856,924,237 15,945,255
Finance costs (1,935,390,984) (483,847,746) (1,045,560,248) (561,712,502) (1,451,543,238) (2,497,103,486) (157,731,495)
Profit/(Loss) before exceptional items 12,165,726,909 3,041,431,727 (1,187,746,411) (4,229,178,139) 9,124,295,182 7,936,548,771 654,690,249
Fair value adjustment - - - - - -
Impairment of assets - - - - - -
Impairment of investment - - - - - -
Exceptional item - - - - - -
Share of associate (loss)/income 1,759,643,839 439,910,960 (373,054,581) (812,965,541) 1,319,732,879 946,678,298 (149,800,998)
Profit/(Loss) before exchange gains/(losses) 13,925,370,748 3,481,342,687 (1,560,800,992) (5,042,143,679) 10,444,028,061 8,883,227,069 504,889,251
Loss from discontinued operations - - - - -
Exchange Gain/(loss) 125,942,927 31,485,732 6,039,508,462 6,008,022,730 - 6,039,508,462 244,119,710
Profit/(Loss) before taxation 14,051,313,675 3,512,828,419 4,478,707,470 965,879,051 10,444,028,061 14,922,735,531 749,008,961

Gross Profit % 29% 29% 48% 29% 32% 36%

Overhead Costs as % of GP 70% 70% 124% 70% 82% 61%
Overheads as % of Revenue 20% 20% 60% 20% 26% 22%
Net Profit % 16% 16% 37% 16% 19% 20%
 INDUSTRIAL DEVELOPMENT CORPORATION OF ZIMBABWE LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

MARCH 2023 UNAUDITED 'DEC 2022 DEC 2021 DEC 2020

ZWL$ ZWL$ ZWL$ ZWL$

ASSETS
Non-current assets
Property plant and equipment 79,615,180,142 19,929,427,124 15,370,959,096 7,122,192,294
Investment properties 3,870,831,367 1,647,939,794 570,288,090 343,574,490
Intangible assets 355,233 303,871 153,758 250,977
Non-current portion of land held for sale 19,230,980 21,718,389 21,354,903 22,663,611
Investments - associates 2,507,151,602 3,056,684,672 1,661,651,907 967,130,305
Right of Use of Asset 194,229,464 194,229,464 6,942,398 13,188,482
Deferred Tax - - - -
Loans receivable 45,743,989 54,166,666 3,882,007 -
Available for sale financial assets @ FVTOCI 8,006,293 7,916,098 10,351,647 68,037,117
86,260,729,070 24,912,386,078 17,645,583,806 8,537,037,276
Current Assets
Inventories 2,244,244,112 3,126,162,018 1,614,928,346 432,303,611
Trade and other receivables 18,999,884,767 12,644,686,285 4,442,190,082 1,353,367,835
Loans receivable 507,329,035 406,909,321 210,236,804 59,749,665
Right of Use of Aset - - - -
Assets held for sale 1,419,326,496 91,927,674 44,563,187 44,187,616
Cash and short term deposits 9,124,977,250 5,501,528,329 1,403,406,314 980,178,356
32,295,761,660 21,771,213,627 7,715,324,733 2,869,787,083

TOTAL ASSETS 118,556,490,730 46,683,599,705 25,360,908,539 11,406,824,359

EQUITY AND LIABILITIES

CAPITAL RESERVES
Issued capital 2,910,498,828 2,910,498,828 1,560,498,828 100,000,000
Non distributable reserve 0.00 - - -
Revaluation reserve 53,314,072,666 16,825,941,317 13,237,505,225 5,986,697,783
Mark to market reserve 6,903,475 6,903,475 6,903,475 64,861,979
Accumulated losses 15,093,502,969 11,094,308,625 2,499,818,761 653,725,729
71,324,977,939 30,837,652,245 17,304,726,289 6,805,285,491

Non controlling interest 17,337,914,662 3,625,118,000 1,368,323,243 982,065,380

Total equity 88,662,892,601 34,462,770,245 18,673,049,532 7,787,350,871
.
Non-current Liabilities
Interest bearing loans and borrowings 330,924,675 585,158,582 15,396,694 312,130,512
Finance Lease Liability 179,564,916 194,961,916 2,849,780 11,972,144
Deferred taxation 7,351,067,195 1,582,283,180 1,522,215,836 877,963,339
7,861,556,786 2,362,403,678 1,540,462,310 1,202,065,995

Current Liabilities
Trade and other payables 18,710,486,262 7,955,860,305 3,148,047,095 1,328,366,425
Liabilities held for sale 390,918,991 - 5,637,732 5,350,000
Interest bearing loans and borrowings 688,908,558 493,601,784 1,416,191,780 716,940,872
Bank overdrafts 20,059,027 75,576,253 46,764,952 295,969
Finance Lease Liability 13,968,235 13,968,235 9,246,802 12,051,822
Income tax payable 2,207,700,271 1,319,419,205 521,508,336 354,402,405

Total Liabilities 22,032,041,344 9,858,425,782 5,147,396,697 2,417,407,493

TOTAL EQUITY AND LIABILITIES 118,556,490,730 46,683,599,705 25,360,908,539 11,406,824,359

- - - -
Accounting Solvency 88,662,892,601 34,462,770,245 18,673,049,532 7,787,350,871
Technical Solvency 10263720316.35 11912787845 2567928036 452379590
Liquidity Ratio-Acid Test 1.36399151940967 1.89128082122838 1.18514207202165 1.00830475584201