LAFARGE CEMENTREVIEWEDZIMBABWEABRIDGEDLIMITED REVIEWEDFINANCIALABRIDGEDRESULTSFINANCIAL RESULTS
for the half year ended 30 June 2022
LG109
CHAIRMAN'S STATEMENT
INTRODUCTION
I hereby present the business performance update for Lafarge Cement Zimbabwe Limited (the Company) for the six months period covering January to June 2022.
TRADING ENVIRONMENT
The operating environment for the 6-months period was characterised by an acceleration of annual ination from 60.6% in January 2022 to 191.6 % in June 2022 (Source: Zimbabwe National Statistics). The environment, therefore, remained hyper inationary with signicant increases in the price of fuel and other basic commodities.
The ongoing Government-driven infrastructure projects have presented business growth opportunities. Global supply chain disruptions and attendant costs were worsened by the Russia/Ukraine war during the period, resulting in escalation of costs of raw materials, fertilisers and some agricultural commodities such as wheat.
Further relaxation of Covid-19 induced restrictions were instituted by the government, making way for full resumption of normal business activity across the country. The Company, however, continues to observe the Covid-19 protocols with a focus on creating an enabling workplace adjusted to the changes necessitated by prolonged periods of remote working.
STRATEGIC AGENDA
We continue to pursue our business targets in line with the Holcim 2025 Vision - Accelerating Green Growth. Focus has been streamlined on ve key strategic pillars of health and safety, industrial performance, commercial growth, nancial growth and people development.
HEALTH, SAFETY AND ENVIRONMENT
The Company continues to uphold the highest standards of health and safety through a robust cocktail of policies and programs tailored to achieve zero harm in its operations. In the context of the Covid-19 pandemic, the Company implemented a business resilience program, prioritising employee wellness and business continuity.
In addition to Health and Safety, the Company is committed to sustainable environmental practices and subscribes to the Net Zero Pledge to reduce carbon emissions by 2030 as part of the Holcim Group global commitment. There is no letting up on continuous improvement to reduce dust emissions and other environmental impacts.
No fatalities or serious injuries were recorded at any of the Company's operations or projects during the period under review.
The Company has a zero-tolerance attitude towards injuries in the workplace. Health, Safety, Environment and quality systems are continually being upgraded and improved, in line with the Holcim Group standards, to enhance performance in accordance with the Company's Zero Harm policy.
INFLATION ADJUSTED FINANCIAL PERFORMANCE
The volume of cement sold declined by 56% versus the same period last year. This was necessary, as per the rst half budget, to decommission one of the existing cement ball mills to make way for the installation of the new Vertical Cement Mill (VCM), eectively doubling Lafarge Cement Zimbabwe (LCZ) capacity. The new VCM is anticipated to be fully operational by Q4 2022.
As cement productivity is the main contributor for Dry Mortar Operations (DMO), the volumes from the dry mortar units reduced by 26% versus prior year. Despite start up challenges associated with the newly commissioned VCM, the Company has already noted an improvement in cement availability since the end of June 2022 and is condent that volumes will continue to grow in the second half of the year in line with our strategic objectives.
The decommissioning of cement mill 1 to make way for the VCM, the mill house roof collapse in Q4 2021 and the commissioning phase of the VCM adversely aected cement volumes. This resulted in the Company's ination adjusted revenue reducing by 23% to ZWL 6.6 billion (2021, ZWL 8.5 billion). The gross prot margin fell by 21% to 37.1% (2021:58.1%) as the Company resorted to selling clinker, an intermediary product for sustenance. For the period under review, the combination of the reduction in sales revenue, squeezed gross margins, increased operating costs and an increase in foreign exchange losses resulted in the Company posting an operating loss of ZWL 7.8 billion compared to a prot of ZWL 1.4 billion for the same period in 2021. However, the EBITDA performance for H1 2022 of ZWL 0.47 billion remains above the half year budget for 2022. In light of the local currency depreciation over the six months period, there has been signicant increase in Other Gains and Losses to ZWL 6.8 bn (2021, ZWL 226 mn) driven by exchange losses due to the company's net foreign currency exposure. This is mainly linked to the Holcim Group loan to LCZ representing 72% of the exchange losses. The operating loss was oset by a net monetary gain of ZWL 4.7 bn (2021, ZWL 323 mn) which diluted the loss before tax to ZWL 3.6 bn (2021, ZWL1.3 bn prot).
CAPITAL EXPENDITURE
The business continues with the implementation of the previously announced US$25 million capital expansion programme. Following the successful installation of alternative power infrastructure in 2020 and the successful completion of the automated Dry Mortars (DMO) Plant in 2021, the new Vertical Cement Mill (VCM) commissioning started in Q2 2022. Additionally, there is the refurbishment of silos which will help to increase the storage capacity of cement and to solve the dispatch bottle necks. These investments are expected to double the Company's cement production capacity and improve raw material availability to the new DMO plant.
SIGNIFICANT TRANSACTION UPDATE
As of the 27th of June 2022, shareholders and members of the investing public were advised that Associated International Cement Limited, a member of the Holcim Group, had entered into a binding agreement for the sale of its 76.45% stake in Lafarge Cement Zimbabwe Limited to Fossil Mines (Private) Limited. As advised on the 7th of October 2022, the parties are still working towards consummation of the Sale and Purchase Agreement. Accordingly, shareholders and members of the investing public are advised to exercise caution when dealing in the Company securities until further notice.
DIVIDEND
Due to the uncertainties that prevail in the economic environment and the desire to ensure that adequate working capital is maintained in the business, the Directors have not declared an interim dividend.
OUTLOOK
The commissioning process of the new VCM started in Q2 2022. The Company will essentially double its cement production capacity and improve raw material availability to the new DMO plant. The launch of the new VCM will reposition the Company on a growth path into the future. This will have a positive eect on the Company's revenue generation and protability.
Binastore and Aggregates as with Dry Motors are anticipated to post good growth in H2. The overall market demand continues to grow driven by the individual home builders' segment as well as the ongoing major Government infrastructure development projects.
The Company is hopeful that continued collaborative dialogue between government and industry will continue in order to safeguard business condence, preserve value and macro-economic stability.
APPRECIATION
I would like to take this opportunity to thank our valued stakeholders for their continued support as the business has been concerned with gradual recovery from the impact of the loss of business following the roof collapse in October 2021. The business looks forward to a protable future and all stakeholders - employees, customers, suppliers, communities and the government are pivotal in building this business into the future.
By Order of the Board
________________
K. C. Katsande
Chairman of the Board of Directors
27 October 2022
ABRIDGED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
for the half year ended 30 June 2022
Ination Adjusted | *Historical Cost | |||||
Notes | **Restated | **Restated | ||||
Reviewed | reviewed | Unreviewed | unreviewed | |||
six months | six months | six months | six months | |||
ended | ended | ended | ended | |||
30.06.2022 | 30.06.2021 | 30.06.2022 | 30.06.2021 | |||
ZWL`000 | ZWL`000 | ZWL`000 | ZWL`000 | |||
Revenue | 5 | 6,561,636 | 8,534,541 | 4,424,897 | 2,751,588 | |
Cost of sales | (4,127,002) | (3,572,170) | (2,248,739) | (1,124,363) | ||
Gross prot | 2,434,634 | 4,962,371 | 2,176,158 | 1,627,225 | ||
Other gains and losses | 12 | (6,793,976) | (225,691) | (6,736,207) | (62,694) | |
Quarry rehabilitation movement | 18,227 | - | 12,123 | - | ||
Distribution expenses | (245,788) | (427,315) | (155,006) | (137,295) | ||
Administration expenses | (3,265,846) | (2,944,554) | (2,138,214) | (947,910) | ||
Restructuring costs | (5,217) | (24,272) | (4,550) | (7,778) | ||
Other income | 10,534 | 9,646 | 6,715 | 3,095 | ||
(Loss)/prot before interest and tax | (7,847,432) | 1,350,185 | (6,838,981) | 474,643 | ||
Finance costs | (467,375) | (374,178) | (335,729) | (120,261) | ||
Net monetary gain on ination adjustment | 4,723,995 | 323,438 | - | - | ||
(Loss)/prot before tax | (3,590,812) | 1,299,445 | (7,174,710) | 354,382 | ||
Income tax (expense) /credit | 8 | (272,600) | (187,404) | 1,698,619 | (122,848) | |
(Loss)/prot for the year | (3,863,412) | 1,112,041 | (5,476,091) | 231,534 | ||
Other comprehensive income, net of tax | - | - | - | - | ||
Total comprehensive (loss)/income for the half year | (3,863,412) | 1,112,041 | (5,476,091) | 231,534 | ||
Earnings per share | ||||||
Number of shares in issue | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||
Basic and diluted (loss)/earnings per share | 6 | (48.29) | 13.90 | (68.45) | 2.89 | |
Headline (loss)/earnings per share | 6 | (48.23) | 14.20 | (68.39) | 2.99 |
- Income tax credits as at 30 June 2021 restated to correct a prior period error on deferred tax computation. Refer to Note 13 for details.
ABRIDGED STATEMENT OF FINANCIAL POSITION
as at 30 June 2022
Ination Adjusted | *Historical Cost | |||||
** Restated | ** Restated | |||||
Reviewed | audited | Unreviewed | unaudited | |||
as at | as at | as at | as at | |||
Notes | 30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | ||
ZWL`000 | ZWL`000 | ZWL`000 | ZWL`000 | |||
ASSETS | ||||||
Non-current assets | ||||||
Property, plant and equipment | 10 | 13,404,031 | 14,147,705 | 5,617,732 | 5,748,717 | |
Statutory receivable | 8,372,618 | 5,663,670 | 8,372,618 | 2,587,126 | ||
Deferred taxation | - | - | 1,709,005 | - | ||
Total non-current assets | 21,776,649 | 19,811,375 | 15,699,355 | 8,335,843 | ||
Current assets | ||||||
Inventories | 5,036,168 | 4,095,479 | 2,531,725 | 1,577,348 | ||
Prepayments and deposits | 830,340 | 967,706 | 489,754 | 349,223 | ||
Trade and other receivables | 878,528 | 635,544 | 878,528 | 290,312 | ||
Related party receivables | 167,266 | 94,646 | 167,266 | 43,234 | ||
Cash and cash equivalents | 10,773 | 222,108 | 10,773 | 101,457 | ||
Total current assets | 6,923,075 | 6,015,483 | 4,078,046 | 2,361,574 | ||
Total assets | 28,699,724 | 25,826,858 | 19,777,401 | 10,697,417 | ||
Capital and reserves | ||||||
Issued capital | 78,412 | 78,412 | 800 | 800 | ||
Revaluation reserve | 7,610,487 | 7,610,487 | 3,820,411 | 3,820,410 | ||
(Accumulated losses)/retained earnings | (1,372,317) | 2,491,095 | (5,389,167) | 86,924 | ||
Total equity/(decit) | 6,316,582 | 10,179,994 | (1,567,956) | 3,908,134 | ||
Non-current liabilities | ||||||
Long term borrowings | 11 | 12,576,345 | 7,938,083 | 12,576,345 | 3,626,062 | |
Deferred taxation | 793,718 | 626,655 | - | 42,864 | ||
Provision for quarry rehabilitation | 412,432 | 289,377 | 412,432 | 132,185 | ||
Total non-current liabilities | 13,782,495 | 8,854,115 | 12,988,777 | 3,801,111 | ||
Current liabilities | ||||||
Trade and other payables | 3,290,341 | 3,003,917 | 3,046,274 | 1,257,459 | ||
Related party payables | 7 | 4,863,608 | 3,363,784 | 4,863,608 | 1,536,554 | |
Provisions | 188,703 | 198,149 | 188,703 | 90,513 | ||
Borrowings | 125,000 | - | 125,000 | - | ||
Current tax payable | 132,995 | 226,899 | 132,995 | 103,646 | ||
Total current liabilities | 8,600,647 | 6,792,749 | 8,356,580 | 2,988,172 | ||
Total equity and liabilities | 28,699,724 | 25,826,858 | 19,777,401 | 10,697,417 |
K. C. Katsande | G Ndugwa |
Chairman | Chief Executive Ocer |
27 October 2022 | 27 October 2022 |
*Historical gures were not reviewed. We have included historical information as supplementary information
- Retained earnings and deferred taxation as at 31 December 2021 restated to correct a prior year computation error. Refer to Note 13 for details.
LAFARGE CEMENT ZIMBABWE LIMITED
Directors: K. C. Katsande (Chairman); M. A. Masunda; S. M. Mutangadura; G. E. Zvaravanhu; S. Shoniwa; | Manresa Works, Arcturus Road, P.O. Box GD 160, Greendale, Harare. |
J. W. Stull (Alternate: V. Darbo); G. Ndugwa* (Chief Executive Ocer) A.E.A Mowafy* (Chief Financial Ocer) *EXECUTIVE | Tel: +263 86772 1500 / 8688005000, zim.sales@lafargeholcim.com. www.lafargeholcim.com |
REVIEWED ABRIDGED FINANCIAL RESULTS
for the half year ended 30 June 2022
LG109
ABRIDGED STATEMENT OF CHANGES IN EQUITY
for the half year ended 30 June 2022
Ination Adjusted | **Restated | |||
Share | Revaluation | Retained | Total | |
capital | reserve | earnings | equity | |
ZW$`000 | ZW$`000 | ZW$`000 | ZW$`000 | |
Balance at 1 January 2021 | 78,412 | 4,895,987 | 3,687,629 | 8,662,028 |
Total comprehensive income for the period | - | - | 1,112,041 | 1,112,041 |
Balance at 30 June 2021 | 78,412 | 4,895,987 | 4,799,670 | 9,774,069 |
Balance at 1 January 2022 | 78,412 | 7,610,487 | 2,491,095 | 10,179,994 |
Total comprehensive loss for the period | - | - | (3,863,412) | (3,863,412) |
Balance at 30 June 2022 | 78,412 | 7,610,487 | (1,372,317) | 6,316,582 |
*Historical | **Restated | |||
Share | Revaluation | Retained | Total | |
capital | reserve | earnings | equity | |
ZW$`000 | ZW$`000 | ZW$`000 | ZW$`000 | |
Balance at 1 January 2021 | 800 | 1,589,902 | 485,662 | 2,076,364 |
Total comprehensive income for the period | - | - | 231,534 | 231,534 |
Balance at 30 June 2021 | 800 | 1,589,902 | 717,196 | 2,307,898 |
Balance at 1 January 2022 | 800 | 3,820,410 | 86,924 | 3,908,134 |
Total comprehensive loss for the period | - | - | (5,476,091) | (5,476,091) |
Balance at 30 June 2022 | 800 | 3,820,410 | (5,389,167) | (1,567,957) |
**Restated retained earnings as at 1 January 2022 & 2021 to correct a prior period error arising from deferred tax computations. Refer to Note 13 for details.
ABRIDGED STATEMENT OF CASH FLOWS
for the half year ended 30 June 2022
Ination Adjusted | *Historical Cost | ||||
** Restated | **Restated | ||||
Reviewed | Reviewed | Unreviewed | Unreviewed | ||
six months | six months | six months | six months | ||
ended | ended | ended | ended | ||
30.06.2022 | 30.06.2021 | 30.06.2022 | 30.06.2021 | ||
ZWL`000 | ZWL`000 | ZWL`000 | ZWL`000 | ||
Net (loss)/prot for the period | (3,863,412) | 1,112,041 | (5,476,091) | 231,534 | |
Adjustments: | |||||
Income tax expense/(credit) | 272,600 | 187,404 | (1,698,619) | 122,848 | |
Finance costs recognised in prot/loss | 467,375 | 374,178 | 335,729 | 120,261 | |
Depreciation, amortisation and impairment charges | 1,530,639 | 803,579 | 660,528 | 253,986 | |
Quarry rehabilitation movement | (18,227) | - | (12,123) | - | |
Unrealised foreign exchange gains and losses | 6,574,205 | 225,691 | 6,574,205 | 62,694 | |
Inationary movements | (4,717,104) | 654,911 | - | - | |
Net cash from operations before working capital changes | 246,076 | 3,357,804 | 383,629 | 791,323 | |
Movements in working capital | |||||
Increase in inventories | (940,690) | (1,356,731) | (954,377) | (564,416) | |
Increase in trade, related party and other receivables | (315,605) | (70,453) | (712,248) | (104,996) | |
Decrease/(increase) in prepayments and deposits | 137,367 | 209,403 | (140,530) | (23,672) | |
Increase in trade, related party and other payables | 1,786,247 | 439,119 | 1,650,826 | 406,889 | |
Increase in provisions | 113,607 | 357,389 | 378,435 | 132,706 | |
Cash generated from operations | 1,027,002 | 2,936,531 | 605,735 | 637,834 | |
Finance costs paid | (171,420) | (164,918) | (122,632) | (48,489) | |
Income taxes paid | (37,789) | (666,477) | (23,900) | (168,850) | |
Net cash generated by operating activities | 817,793 | 2,105,136 | 459,203 | 420,495 | |
Cash ow from investing activities | |||||
Purchase of property, plant and equipment | (786,965) | (787,525) | (529,543) | (208,155) | |
Total net cash used in investing activities | (786,965) | (787,525) | (529,543) | (208,155) | |
Cash ow from nancing activities | |||||
Proceeds from long-term liabilities | - | 90,708 | - | 25,777 | |
Proceeds/(repayments) of short-term liabilities | 125,000 | (135,824) | 125,000 | (36,743) | |
Total net cash used in nancing activities | 125,000 | (45,116) | 125,000 | (10,966) | |
Ination eects on cash | (186,776) | (762,258) | - | - | |
Total net increase(+) / decrease(-) in liquid funds | (30,948) | 510,237 | 54,660 | 201,374 | |
Cash and cash equivalents at the beginning of the period | 222,107 | 448,578 | 101,457 | 127,480 | |
Eect of movement in exchange rates | (180,386) | - | (145,344) | - | |
Cash and cash equivalents at the end of the period | 10,773 | 958,815 | 10,773 | 328,854 |
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
-
GENERAL INFORMATION
Lafarge Cement Zimbabwe Limited ("the Company") is incorporated in Zimbabwe and is engaged in the manufacture and distribution of cement and allied products. Its ultimate holding Company is Holcim Limited, a Swiss Company which is listed on the Euronext and Swiss stock exchanges. The address of its registered oce and principal business is Manresa Works, Arcturus Road, Greendale, Harare, Zimbabwe.
The Company's nancial statements are presented in Zimbabwe dollar (ZWL). Amounts have been rounded to the nearest thousand dollars (ZWL '000'). The historical cost amounts have been presented as supplementary information and the auditors have not expressed any opinion on those numbers. - APPROVAL OF ABRIDGED FINANCIAL STATEMENTS
The underlying nancial statements to the abridged nancial results were approved by the Board on 27 October 2022. Subsequent to the reporting period date there were no material adjusting or non-adjusting events warranting disclosure in the underlying nancial statements, nor these abridged nancial results. - BASIS OF PREPARATION
The abridged nancial statements for the half-year reporting period ended 30 June 2022 have been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. The nancial statements have been prepared from the statutory records that are maintained under the historical cost basis except for certain property, plant and equipment items that are measured at revalued amounts, and certain nancial instruments measured at amortised cost. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The interim report does not include all the notes of the type normally included in an annual nancial report. However, selected explanatory notes are included to explain events and transactions that are signicant to an understanding of the changes in the Company's nancial position and performance since the last annual nancial statements. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2021 and any public announcements made by Lafarge Cement Zimbabwe Limited during the interim reporting period.
IAS 29 Financial reporting in Hyperinationary Economies requires that nancial statements be prepared in the currency of a hyperinationary economy and be stated in terms of the measuring unit current at the balance sheet date and that corresponding gures for previous period be restated in the same terms. The restatement was calculated by means of conversion factors derived from the Zimbabwe Consumer Price Index (CPI) issued by the Zimbabwe National Statistics Agency (ZIMSTAT). The indices and conversion factors used to restate the accompanying nancial statements at 30 June 2022, are as follows:
Dates | Indices | Conversion Factor |
CPI as at 30 June 2022 | 8,707.4 | 1.0000 |
CPI as at 31 December 2021 | 3,977.5 | 2.19 |
CPI as at 30 June 2021 | 2,986.4 | 2.92 |
CPI as at 31 December 2020 | 2,474.5 | 3.52 |
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS (continued)
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE COMPANY
The accounting policies adopted in the preparation of the interim abridged nancial statements are consistent with those followed in the preparation of the Company's annual nancial statements for the year ended 31 December 2021. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet eective.
4. GOING CONCERN
As at the reporting date, the Company's current liabilities exceeded current assets by ZWL 1,677,572,000 (December 2021: ZWL 777,266,000) and the Company reported a net comprehensive loss for the period of ZWL 3,863,412,000 (June 2021: net comprehensive income of ZWL 1,112,041,000) and accumulated loss of ZWL 1,372,317,000 (December 2021: ZWL 2,491,095,000 retained earnings). The Company's performance was mainly aected by the roof collapse in 2021 which halted production and resulted in low revenues and also foreign currency exchange losses incurred on the related party borrowing of USD $32 million and related party payables. As a result, the Company has not been able to generate sucient cash ows to settle short-term borrowings due to external parties.
The major shareholder of the Company Associated International Cement Limited, a member of the Holcim Group, has entered into a binding agreement for the sale of its 76.45% stake in Lafarge Cement Zimbabwe Limited to a third party; this transaction has not been concluded as at the reporting date, pending regulatory approvals; which when concluded may impact the timing of the settlement of the related party borrowings. In the event that the transaction is not successfully concluded the company will enter into negotiations with the Holcim Group to restructure the repayment terms. Management is aware of the following conditions as at the reporting date:
- That the Company has not been able to generate sucient cashows to settle the interest portion of the long-term related party borrowing and it remains uncertain whether it will be able to settle this borrowing if required to be settled immediately or by the current due date should the sale not take place;
- That there is no clarity on how and whether the debt may be restructured by the new shareholder, and whether the Company will be able to meet those payment obligations;
- Furthermore, in the continuing economic environment characterised by a disparity between the ocial exchange rate and parallel exchange rate, costs continue to increase exerting pressure on the Company's cash ows, and resultantly aecting settlement of borrowings mostly associated with related parties and other creditors.
The above factors indicate the existence of a material uncertainty on the Company's ability to continue as a going concern and that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Management have taken mitigation plans as described in detail below, to restore the positive results in terms of earnings before interest and tax (EBIT) and cash generation.
- The net loss and negative working capital position were mainly driven by the collapse of the cement mill roof that occurred in October 2021, however, one of the cement mills was restored in February 2022. Lafarge Cement Zimbabwe is gradually restoring its ability to sell cement in the market and furthermore a Design Safety of Construction Quality Program was developed to ensure the sustainability of all the buildings within the Company's premises.
- The partial restoration of one of the cement mills indicated above impacted the sales volume of cement positively from February 2022 after the full stoppage of cement sales from October 2021 to January 2022. This trend will continue to improve and it is anticipated that signicantly higher volumes will be achieved in Q4 2022. Full restoration of one of the cement mills and the operation of the new VCM is expected to improve the overall Company performance.
- The newly installed VCM which will be fully implemented by Q4 2022 will enable Lafarge Cement Zimbabwe to double its cement production capacity and this will improve the supply of cement to the new Dry Mortar plant for optimal operation. This will be directly reected through the Company's ability to generate cash to meet its commitments and to enhance its protability.
- The two major capex projects which are the VCM installation, and the silos refurbishment are expected to be completed and capitalised during Q4 2022 and this development will increase the Company's asset base by approximately USD 16 mn. The refurbishment of the silos will help to increase the storage capacity of cement, which will solve the dispatch bottle necks further enhancing protability.
- The related party borrowings have been part of the discussions between the Holcim Group and the prospective buyer. Management believe that if the deal is successfully concluded between both parties, then restructuring or a settlement of the loan may be part of the new shareholders plan. As a result, management anticipates that this will resolve the net liability position.
The Directors therefore believe that the preparation of the nancial statements on a going concern basis is still appropriate. This basis assumes that the realisation of assets and settlement of liabilities will occur in the ordinary course of business.
5. REVENUE FROM CONTRACTS WITH CUSTOMERS
Ination Adjusted | *Historical cost | ||||
Reviewed | Reviewed | Unreviewed | Unreviewed | ||
six months | six months | six months | six months | ||
ended | ended | ended | ended | ||
30.06.2022 | 30.06.2021 | 30.06.2022 | 30.06.2021 | ||
ZW$ 000 | ZW$ 000 | ZW$ 000 | ZW$ 000 | ||
Cement | 4,376,810 | 7,732,447 | 2,951,540 | 2,492,988 | |
Clincker | 1,496,250 | - | 1,009,010 | - | |
Aggregates | 57,815 | 67,929 | 38,988 | 21,901 | |
Dry mortars | 567,402 | 552,090 | 382,633 | 177,997 | |
Other solutions and products- Binastore | 49,799 | 168,641 | 33,582 | 54,371 | |
Transportation services | 13,560 | 13,434 | 9,144 | 4,331 | |
Total | 6,561,636 | 8,534,541 | 4,424,897 | 2,751,588 | |
Revenue performance was impacted on by volume performance that went down 56% comparing the rst 6 months of 2021 and those of 2022. There were no clincker sales in the comparative period as the Company only started selling clincker after the cement mill roof breakdown in October 2021.
6. EARNINGS PER SHARE | |||||
Ination Adjusted | *Historical cost | ||||
** Restated | ** Restated | ||||
Reviewed | reviewed | Unreviewed | unreviewed | ||
six months | six months | six months | six months | ||
ended | ended | ended | ended | ||
30.06.2022 | 30.06.2021 | 30.06.2022 | 30.06.2021 | ||
ZW$ 000 | ZW$ 000 | ZW$ 000 | ZW$ 000 | ||
Basic and diluted (loss)/earnings per share | (48.29) | 13.90 | (68.45) | 2.89 | |
Headline (loss)/earnings per share | (48.23) | 14.20 | (68.39) | 2.99 | |
The calculation of basic and diluted earnings per share is based on the following data: | |||||
(Loss)/earnings used in the calculation | |||||
of basic and diluted loss/earnings per share | (3,863,412) | 1,112,041 | (5,476,091) | 231,534 | |
(Loss)/earnings used in the calculation | |||||
of headline loss/earnings per share | (3,858,195) | 1,136,313 | (5,471,541) | 239,312 | |
Number of shares (thousands): | (000) | (000) | (000) | (000) | |
Weighted average number of shares | |||||
for the purpose of basic earnings per share | 80,000 | 80,000 | 80,000 | 80,000 | |
Weighted average number of shares | |||||
for the purpose of diluted earnings per share | 80,000 | 80,000 | 80,000 | 80,000 |
*Historical gures were not reviewed. We have included historical information as supplementary information
- Restated to reect changes in earnings after correcting a prior period error on the deferred tax computation. Refer to Note 13 for details.
LAFARGE CEMENT ZIMBABWE LIMITED
Directors: K. C. Katsande (Chairman); M. A. Masunda; S. M. Mutangadura; G. E. Zvaravanhu; S. Shoniwa; | Manresa Works, Arcturus Road, P.O. Box GD 160, Greendale, Harare. |
J. W. Stull (Alternate: V. Darbo); G. Ndugwa* (Chief Executive Ocer) A.E.A Mowafy* (Chief Financial Ocer) *EXECUTIVE | Tel: +263 86772 1500 / 8688005000, zim.sales@lafargeholcim.com. www.lafargeholcim.com |
REVIEWED ABRIDGED FINANCIAL RESULTS
for the half year ended 30 June 2022
LG109
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS (continued)
7. | RELATED PARTY TRANSACTIONS AND BALANCES | ||||||
Ination Adjusted | *Historical cost | ||||||
Reviewed | Audited | Unreviewed | Unaudited | ||||
as at | as at | as at | as at | ||||
30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | ||||
ZW$ 000 | ZW$ 000 | ZW$ 000 | ZW$ 000 | ||||
Balances at the end of the period | |||||||
Balances owed to related parties | 4,863,608 | 3,363,784 | 4,863,608 | 1,536,554 | |||
Balances receivable from related parties | |||||||
for goods and services | 167,266 | 94,646 | 167,266 | 43,234 | |||
Ination Adjusted | *Historical cost | ||||||
Reviewed | Reviewed | Unreviewed | Unaudited | ||||
six months | six months | six months | six months | ||||
ended | ended | ended | ended | ||||
30.06.2022 | 30.06.2021 | 30.06.2022 | 30.06.2021 | ||||
ZW$ 000 | ZW$ 000 | ZW$ 000 | ZW$ 000 | ||||
Transactions during the period | |||||||
Purchases of goods & services from related parties | 315,503 | 1,998,488 | 210,950 | 743,642 | |||
**This note excludes a group loan reported under Note 12** | |||||||
8. | INCOME TAX EXPENSE | ||||||
Ination Adjusted | *Historical cost | ||||||
**Restated | **Restated | ||||||
Reviewed | unreviewed | Unreviewed | unreviewed | ||||
six months | six months | six months | six months | ||||
ended | ended | ended | ended | ||||
30.06.2022 | 30.06.21 | 30.06.22 | 30.06.21 | ||||
ZW$ 000 | ZW$ 000 | ZW$ 000 | ZW$ 000 | ||||
Current tax expense | 105,536 | 608,138 | 53,250 | 206,370 | |||
Deferred tax expense/(income) | 167,064 | (420,734) | (1,751,869) | (83,522) | |||
Total income tax expense /(credit) | |||||||
recognised during the period | 272,600 | 187,404 | (1,698,619) | 122,848 |
- Restated to reect changes after correcting an error on deferred tax computation. Refer to Note 13 for details.
9. PROFIT AND LOSS INFORMATION
Ination Adjusted | *Historical cost | ||||||
Prot for the year has been arrived | Reviewed | Reviewed | Unreviewed | Unreviewed | |||
after charging the following | six months | six months | six months | six months | |||
ended | ended | ended | ended | ||||
30.06.2022 | 30.06.21 | 30.06.22 | 30.06.21 | ||||
ZW$ 000 | ZW$ 000 | ZW$ 000 | ZW$ 000 | ||||
Auditor's remuneration | 39,730 | 2,905 | 30,600 | 2,711 | |||
Depreciation, amortisation and impairment charges | 1,530,639 | 803,579 | 660,528 | 253,986 | |||
-Cost of sales | 1,469,262 | 771,003 | 634,024 | 243,690 | |||
-Administration | 61,190 | 32,124 | 26,418 | 10,154 | |||
-Amortisation of quarry | 187 | 452 | 86 | 142 | |||
Directors' fees | 5,454 | 5,465 | 4,341 | 1,875 | |||
Expected credit losses - statutory receivables | 84,339 | 56,677 | 84,339 | 25,890 | |||
Expected credit losses - other receivables | 21,087 | 44,462 | 21,087 | 20,310 | |||
Technical fees expense | 44,720 | 888,685 | 23,024 | 304,801 | |||
Employee benets expense: | 1,802,945 | 365,898 | 1,219,019 | 421,205 | |||
Post employment benets | 72,571 | 59,581 | 48,212 | 20,435 | |||
Short term employment benets | 1,725,157 | 283,638 | 1,166,257 | 392,992 | |||
Termination benets | 5,217 | 22,679 | 4,550 | 7,778 | |||
10. PROPERTY PLANT AND EQUIPMENT | |||||||
Ination Adjusted | *Historical cost | ||||||
Cost | Reviewed | Unreviewed | |||||
ZW$'000 | ZW$'000 | ||||||
Balance at 1 January 2021 | 10,784,004 | 2,490,875 | |||||
Capital expenditures | 2,124,381 | 721,400 | |||||
Revaluation increase | 3,623,153 | 2,967,860 | |||||
Disposals | (3,236) | (1,186) | |||||
Assets derecognised | (21,776) | (8,159) | |||||
Accumulated depreciation on revaluation | (1,450,605) | (412,507) | |||||
Balance at 31 December 2021 | 15,055,921 | 5,758,283 | |||||
Capital expenditures | 786,965 | 529,543 | |||||
Balance at 30 June 2022 | 15,842,886 | 6,287,826 | |||||
Accumulated Depreciation | |||||||
Balance at 1 January 2021 | 907,397 | 9,280 | |||||
Depreciation and amortisation expense | 907,430 | 414,420 | |||||
Eliminated at revaluation | (903,050) | (412,507) | |||||
Eliminated on disposals | (2,596) | (1,186) | |||||
Elimination on impairment | (965) | (441) | |||||
Balance at 31 December 2021 | 908,216 | 9,566 | |||||
Depreciation and amortisation expense | 1,530,639 | 660,528 | |||||
Balance at 30 June 2022 | 2,438,855 | 670,094 | |||||
Carrying Amounts | |||||||
Balance at 1 January 2021 | 9,876,607 | 2,481,595 | |||||
As at 31 December 2021 | 14,147,705 | 5,748,717 | |||||
As at 30 June 2022 | 13,404,031 | 5,617,732 | |||||
11. LONG TERM BORROWINGS | |||||||
Ination Adjusted | *Historical cost | ||||||
Unreviewed | |||||||
Reviewed | Audited | Unreviewed | Unaudited | ||||
as at | as at | as at | as at | ||||
30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | ||||
ZW$ 000 | ZW$ 000 | ZW$ 000 | ZW$ 000 | ||||
Inter-Group Loan | 12,576,345 | 7,938,083 | 12,576,345 | 3,626,062 |
The Company did not obtain any new borrowings during the period under review. The movement in the loan balance is a restatement to reect the closing rate. The Company has a an outstanding related party loan of US$32 Million with an interest rate of 6 months LIBOR plus 5%. The Company obtained this long term unsecured loan facility from the Holcim Group through a subsidiary Cemasco B.V. The loan is repayable at the option of the borrower but must be settled in full by at least 1 August 2023.
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS (continued)
12. OTHER LOSSES AND (GAINS)
Foreign exchange losses are coming from translations of outstanding foreign obligations due to related parties including the intergroup loan of US$ 32 Million. The foreign exchange gain is coming from restatement of the statutory receivable at closing rate being part of the legacy debt held the Reserve Bank of Zimbabwe under the blocked funds and legacy debt arrangements.
Ination Adjusted | *Historical cost | ||||
Reviewed | Reviewed | Unreviewed | Unreviewed | ||
six months | six months | six months | six months | ||
ended | ended | ended | ended | ||
30.06.2022 | 30.06.21 | 30.06.22 | 30.06.21 | ||
ZWL`000 | ZWL`000 | ZWL`000 | ZWL`000 | ||
Net foreign exchange losses | 6,793,976 | 225,691 | 6,736,207 | 62,694 | |
Unrealised foreign exchange losses | 12,360,654 | 513,290 | 12,360,654 | 161,335 | |
Unrealised foreign exchange gains - blocked funds | (5,786,449) | (286,825) | (5,786,449) | (98,375) | |
Realised foreign exchange losses | 400,157 | - | 307,347 | - | |
Realised foreign exchanges losses on | |||||
restatement of bank balances | (180,386) | (774) | (145,345) | (266) | |
Total unrealised | 6,574,205 | 225,691 | 6,574,205 | 62,694 | |
Total realised | 219,771 | - | 162,003 | - | |
13. RESTATEMENT OF PREVIOUSLY REPORTED NUMBERS AS A RESULT OF PRIOR PERIOD ERRORS
13.1 Restatement of the Statement of Comprehensive Income for the period ended 30 June 2021 and the Statement of Financial Position as at 31 December 2021
A correction was made to the calculation of deferred tax for periods that ended 31 December 2020, 30 June 2021 and 31 December 2021 which led to restatement of the previously reported numbers. The correction was to align tax bases for foreign denominated obligations with the original values booked when these obligations were initially recognised for all open obligations that remained unpaid as at the reporting date. In the previous computations only current period exchange losses were being included in the deferred tax computation resulting in understatement of deferred tax with respect to unrealised foreign exchange losses.
Statement of Comprehensive Income | Ination Adjusted | *Historical Cost | |||
for the period ended 30 June 2021 | Reviewed | Unreviewed | |||
As Previously | As Previously | ||||
Reported | Restated | Reported | Restated | ||
ZWL'000 | ZWL'000 | ZWL'000 | ZWL'000 | ||
Prot before tax | 1,299,445 | 1,299,445 | 354,382 | 354,382 | |
Income tax expense | (478,332) | (187,404) | (187,396) | (122,848) | |
Prot for the year | 821,113 | 1,112,041 | 166,986 | 231,534 | |
Impact on basic earnings per share | 10.26 | 13.90 | 2.09 | 2.89 | |
Impact on diluted earnings per share | 9.96 | 14.20 | 1.99 | 2.99 | |
Statement of Financial Position | Ination Adjusted | *Historical Cost | |||
as at 31 December 2021 | Reviewed | Unreviewed | |||
As Previously | As Previously | ||||
Reported | Restated | Reported | Restated | ||
ZWL'000 | ZWL'000 | ZWL'000 | ZWL'000 | ||
Retained earnings/(accumulated losses) | 813,436 | 2,491,095 | (510,765) | 86,924 | |
Total equity | 8,502,333 | 10,179,994 | 3,310,445 | 3,908,134 | |
Deferred tax liabilities | 2,304,313 | 626,655 | 640,551 | 42,864 | |
Total non current liabilities | 10,531,772 | 8,854,114 | 4,398,798 | 3,801,111 | |
Impact of changes on opening balances | |||||
as at 1 January 2021 | |||||
Retained earnings/accumulated losses) | 2,334,333 | 3,687,629 | (40,335) | 485,662 | |
Total equity | 7,308,731 | 8,662,028 | 1,550,367 | 2,076,364 |
13.2 Restatement of the Statement of Cash Flow for the six months ended 30 June 2021
For the period ended 30 June 2021, no inationary adjustment was made to the proceeds from long term borrowings and the eects of ination on cash balances was not disclosed. The restatement done was to align current period numbers with numbers reported in the prior period for comparability and in compliance with IAS 29 by taking into account ination eect on both proceeds from long term borrowings and cash. This correction had a positive impact on the net cash from operations before working capital changes but no impact on total liquid funds.
Statement of Cash Flow | Ination Adjusted | |
or the six months ended 30 June 2021 | Reviewed | |
As Previously | Restated | |
Reported | ZWL'000 | |
ZWL'000 | ||
Inationary movements | 85,662 | 654,911 |
Net cash from operations | ||
before working capital changes | 2,788,554 | 3,357,804 |
Cash ow from nancing activities | ||
(Repayments) / proceeds from long term borrowings | (102,301) | 90,708 |
Repayments of short-term borrowings | (135,824) | (135,824) |
Total net cash used in nancing activities | (238,125) | (45,116) |
Ination eects on cash | - | (762,258) |
Net increase in cash and cash equivalents | 510,237 | 510,237 |
*Historical gures were not reviewed. We have included historical information as supplementary information
LAFARGE CEMENT ZIMBABWE LIMITED
Directors: K. C. Katsande (Chairman); M. A. Masunda; S. M. Mutangadura; G. E. Zvaravanhu; S. Shoniwa; | Manresa Works, Arcturus Road, P.O. Box GD 160, Greendale, Harare. |
J. W. Stull (Alternate: V. Darbo); G. Ndugwa* (Chief Executive Ocer) A.E.A Mowafy* (Chief Financial Ocer) *EXECUTIVE | Tel: +263 86772 1500 / 8688005000, zim.sales@lafargeholcim.com. www.lafargeholcim.com |
LG109
REVIEWED ABRIDGED FINANCIAL RESULTS
for the half year ended 30 June 2022
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS (continued)
14. Financial Instruments
Set out below is an overview of nancial assets held by the company. | |||||
Ination Adjusted | *Historical Cost | ||||
Financial assets | Reviewed | Audited | Unreviewed | Unaudited | |
as at | as at | as at | as at | ||
30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | ||
AMORTISED COST | ZWL`000 | ZWL`000 | ZWL`000 | ZWL`000 | |
Cash and cash equivalents | 10,773 | 222,108 | 10,773 | 101,457 | |
Trade receivables | 832,366 | 231,360 | 832,366 | 105,684 | |
Sta loans and advances | 8,306 | 6,259 | 8,306 | 2,859 | |
Other receivables | 37,856 | 397,924 | 37,856 | 181,769 | |
Related party receivables | 167,266 | 94,646 | 167,266 | 43,234 | |
Statutory receivable - blocked funds | 8,372,618 | 5,663,670 | 8,372,618 | 2,587,126 | |
Total | 9,429,185 | 6,615,967 | 9,429,185 | 3,022,129 | |
Financial liabilities | |||||
AMORTISED COST | |||||
Borrowings - long term | 12,576,345 | 7,938,083 | 12,576,345 | 3,626,062 | |
Borrowings - short term | 125,000 | - | 125,000 | - | |
Trade payables | 2,554,596 | 1,128,962 | 2,554,596 | 515,702 | |
Accrued expenses | 188,703 | 463,954 | 188,703 | 211,931 | |
Related party payables | 4,863,608 | 3,363,784 | 4,863,608 | 1,536,554 | |
Total | 20,308,252 | 12,894,783 | 20,308,252 | 5,890,249 |
Registration & Recognition of Blocked Funds
In April of 2020, the Company successfully registered, with the Reserve Bank of Zimbabwe ("RBZ"), blocked funds amounting to US$31 million. These blocked funds are in respect of outstanding amounts towards Holcim Group loan, capex and other foreign supplier payments. The registration is consistent with the blocked funds guidelines provided in the Exchange Control Directive RU28 dated 21 February 2020 and Exchange Control Circular No. 8 of 24 July 2020. Following this registration, the Company obtained assurance that the RBZ will provide the required foreign currency at 1:1. The RBZ availed this funding in two structures as follows:
The rst was for the capital projects for US$15 million where Lafarge Cement Zimbabwe received the conrmation for the registration of the capex line, which came through a letter dated 10 October 2019 from RBZ stating that settlement shall be done at 1:1 and the Company would be reimbursed for any realised exchange losses in ZWL.
The second was for foreign suppliers'payments and mainly to repay Holcim Group loan both together coming to a total of US$16 million. This conrmation came through on the 11th of March 2022 for the purpose of the 2021 year end audit conrmation for the contractual agreement between the Company and RBZ, the approval letter was detailed as follows:
INV/SBICZWHX/2020/Registration of Blocked Funds #0000027 for USD 14,064,000.00,
INV/SBICZWHX/2019/Registration of Blocked Funds #000398 for USD 1,005,882.00
IMP/SBICZWHX/2019/009410 for USD 1,114,981.94.
The Company has recognised this support as a foreign currency receivable as the Directors believe the amounts will be received since some have already been disbursed. The carrying amount at the reporting date is determined after an allowance of 1% for expected credit losses (ECL) as a sovereign debt which is regarded as low risk in the Zimbabwean market that is supported by statutory instruments. The table below summarises the position of these balances.
Ination Adjusted | *Historical Cost | ||||
Reviewed | Audited | Unreviewed | Unaudited | ||
as at | as at | as at | as at | ||
30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | ||
ZWL`000 | ZWL`000 | ZWL`000 | ZWL`000 | ||
Amounts registered | 31,226 | 68,359 | 31,226 | 31,226 | |
Amounts drawn down | (7,306) | (15,717) | (7,306) | (7,180) | |
Excess unutilised capex | (831) | - | (831) | - | |
Balance at the end of the period | 23,089 | 52,642 | 23,089 | 24,046 | |
Unrealised exchange dierence | 8,433,868 | 5,667,705 | 8,433,868 | 2,588,970 | |
Impairment of RBZ statutory receivable | (84,339) | (56,677) | (84,339) | (25,890) | |
Carrying amount in ZWL | 8,372,618 | 5,663,670 | 8,372,618 | 2,587,126 | |
*Historical gures were not reviewed. We have included historical information as supplementary information
-
SUBSEQUENT EVENTS
There are no reportable events after the reporting date. - REVIEW CONCLUSION
The ination adjusted nancial results from which this abridged version has been extracted have been reviewed by Ernst and Young Chartered Accountants (Zimbabwe). A qualied review conclusion has been issued thereon as a result of non-compliance with the requirements of International Accounting Standard (IAS) 21, "The Eects of Changes in Foreign Exchange Rates" and International Accounting Standard (IAS) 8 -" Accounting Polices, Changes in Accounting Estimates and Errors" , International Accounting Standard (IAS )16 "Property, Plant and Equipment and the consequential impact of applying International Accounting Standard (IAS) 29 - "Financial Reporting in Hyperinationary Economies" on incorrect base numbers. The review conclusion also includes an emphasis of matter with regards a Material Uncertainty Related to Going Concern.
The auditor's review conclusion is available for inspection at the Company's registered oce. The partner of this engagement was Fungai Kuipa (PAAB Practising certicate number 335).
LAFARGE CEMENT ZIMBABWE LIMITED
Directors: K. C. Katsande (Chairman); M. A. Masunda; S. M. Mutangadura; G. E. Zvaravanhu; S. Shoniwa; | Manresa Works, Arcturus Road, P.O. Box GD 160, Greendale, Harare. |
J. W. Stull (Alternate: V. Darbo); G. Ndugwa* (Chief Executive Ocer) A.E.A Mowafy* (Chief Financial Ocer) *EXECUTIVE | Tel: +263 86772 1500 / 8688005000, zim.sales@lafargeholcim.com. www.lafargeholcim.com |
Ernst & Young | Tel: +263 24 2750905-14 or 2750979-83 |
Chartered Accountants (Zimbabwe) | Fax: +263 24 2750707 or 2773842 |
Registered Public Auditors | Email: admin@zw.ey.com |
Angwa City | www.ey.com |
Cnr Julius Nyerere Way / | |
Kwame Nkrumah Avenue | |
P O Box 62 or 702 | |
Harare | |
Zimbabwe |
To t he Shareholders of Lafarge Cement Zimbabwe Limit ed
Report on t he Review of t he Financial St at ement s
Int roduct ions
We have reviewed t he accompanying inflat ion adjust ed interim Abridged financial st at ement s of Lafarge Cement Zimbabwe Limited, which comprise t he inflat ion adjust ed int erim Abridged st at ement of financial posit ion as at 30 June 2022 and t he related inflat ion adjust ed int erim Abridged st at ement of profit or loss and ot her comprehensive income, t he inflat ion adjust ed int erim Abridged st at ement of changes in equit y and t he int erim st at ement of cash flows for t he six-mont h period then ended and explanatory not es.
Management is responsible for t he preparation and presentat ion of this inflat ion adjust ed int erim Abridged financial st at ement s in accordance wit h the Int ernat ional Financial Report ing St andards. Our responsibilit y is t o express a review conclusion on the inflat ion adjust ed int erim Abridged financial st at ement s based on our review.
Scope of review
We conducted our review in accordance wit h Internat ional St andard on Review Engagement s 2410,
- Review of Interim Financial Informat ion Performed by the Independent Audit or of t he Entit y" . A review of inflat ion adjust ed int erim Abridged financial st at ements consist s of making inquiries, primarily of persons responsible for financial and accounting matt ers, and applying analyt ical and ot her review procedures. A review is subst ant ially less in scope t han an audit conduct ed in accordance wit h Internat ional St andards on Auditing and consequent ly does not enable us t o obt ain assurance t hat we would become aware of all significant mat t ers t hat might be ident ified in an audit . Accordingly, we do not express an audit opinion.
Basis for qualified review conclusion
Mat t er 1 : Impact of prior year modificat ion on current period
As explained in not e 3 to t he inflat ion adjusted abridged financial st at ements, Lafarge Cement Zimbabwe Limit ed's funct ional and presentat ion currency is t he Zimbabwean Dollar (ZWL).
For the year ended 31 December 2021, the predecessor audit or issued a disclaimer of opinion due t o various mat t ers impact ing t he inflat ion adjust ed financial st at ement s as follows:
The company applied inappropriate exchange rat es to t ranslat e USD denominat ed t ransact ions to ZWL funct ional currency cont rary t o t he requirement s of International Account ing St andard (IAS) 21 -The Effect s of Changes in Foreign Exchange Rat es.
Furt her, the following mat t ers which arose in 2020, alt hough resolved in 2021, had a cont inuing possible impact on performance and cash flows for t he year ended 31 December 2021:
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Lafarge Cement Ltd. published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 07:42:01 UTC.