BALANCE SHEET - 31 March 1993
|
|
Notes |
1993 |
1992 |
|
FUNDS EMPLOYED |
|
|
|
|
LOAN CAPITAL |
|
|
|
|
Government |
2 |
110 977 |
68 007 |
|
REDEEMABLE LOANS |
|
|
|
|
Building Societies |
3 |
23 |
72 |
|
FINANCE PROVIDED FROM OTHER SOURCES |
|
|
|
|
Capital Reserve |
4 |
57 442 |
54 525 |
|
TRADING SURPLUS |
|
35 646 |
1 672 |
|
TOTAL FUNDS EMPLOYED |
|
204 088 |
124 276 |
|
EMPLOYMENT OF FUNDS |
|
|
|
|
FIXED ASSETS |
5 |
159 742 |
92 786 |
|
CURRENT ASSETS |
|
|
|
|
Stocks and Stores |
6 |
600 217 |
203 049 |
|
Debtors |
7 |
161 219 |
130 044 |
|
Cash on hand |
|
- |
48 |
|
Bank balance |
|
11 484 |
10 096 |
|
Total current assets |
|
772 920 |
343 237 |
|
CURRENT LIABILITIES |
|
|
|
|
Short-term advances |
|
873 020 |
317 850 |
|
Creditors |
8 |
372 662 |
207 492 |
|
Total current liabilities |
|
1 245 682 |
52 5342 |
|
Net current liabilities |
|
(472 762) |
(182 105) |
|
GOVERNMENT |
|
|
|
|
Trading deficit |
|
517 108 |
171 500 |
|
Maize meal subsidy |
|
- |
42 095 |
|
TOTAL EMPLOYMENT OF FUNDS |
|
204 088 |
124 276 |
MAIZE TRADING ACCOUNT- for the year ended 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
92 291 |
230 |
Export realisation |
1 |
464 |
|
(405) |
|
Cost of transport |
|
|
|
(3 431) |
|
Other export costs |
|
(186) |
|
88 455 |
|
|
|
278 |
|
440 962 |
1 049 |
Local realisations |
1 654 |
1 499 830 |
|
529 417 |
1 279 |
Total sales. |
1 655 |
1 500 108 |
|
|
|
COST OF SALES |
|
|
|
170 664 |
644 |
Stock at 31/3/92 |
65 |
27 608 |
|
|
|
Purchases after out-turn adjustments |
|
|
|
176 647 |
617 |
- local |
12 |
7 515 |
|
83 808 |
83 |
- imports |
1 845 |
2 245 113 |
|
431 119 |
1 344 |
|
1 922 |
2 280 236 |
|
27 608 |
65 |
Stock at 31/3/93 |
267 |
235 588 |
|
403 511 |
1 279 |
Total cost of sales |
1 655 |
2 044 648 |
|
125 906 |
|
GROSS SURPLUS/(DEFICIT) |
|
(544 540) |
|
|
|
FINANCE CHARGES |
|
|
|
18 751 |
|
Short term loan interest |
|
40 562 |
|
107 155 |
|
SURPLUS/(DEFICIT) AFTER FINANCE CHARGES |
|
(585 502) |
|
|
|
BOARD COSTS |
|
|
|
238 |
|
Collection |
|
|
|
35 090 |
|
Handling |
|
94 366 |
|
39 305 |
|
Internal transport |
|
50 408 |
|
7 535 |
|
Storage and capital loan interest |
|
2 265 |
|
18 796 |
|
Administration |
|
33 263 |
|
100 964 |
|
Total board costs |
|
180 302 |
|
6 187 |
|
NET SURPLUS/(DEFICIT) |
|
(765 804) |
BALANCE SHEET- 31 March, 1993
|
|
Notes |
1993 |
1992 |
|
$000's |
$000's |
||
|
FUNDS EMPLOYED |
|
|
|
|
LOAN CAPITAL |
|
|
|
|
Government |
2 |
110 977 |
68 007 |
|
REDEEMABLE LOANS |
|
|
|
|
Building Societies |
3 |
23 |
72 |
|
FINANCE PROVIDED FROM OTHER SOURCES |
|
|
|
|
Capital Reserve |
4 |
57 442 |
54 525 |
|
TRADING SURPLUS |
|
35 646 |
1 672 |
|
TOTAL FUNDS EMPLOYED |
|
204 088 |
124 276 |
|
EMPLOYMENT OF FUNDS |
|
|
|
|
FIXED ASSETS |
5 |
159 742 |
92 786 |
|
CURRENT ASSETS |
|
|
|
|
Stocks and Stores |
6 |
600 217 |
203 049 |
|
Debtors |
7 |
161 219 |
130 044 |
|
Cash on hand |
|
- |
48 |
|
Bank balance |
|
11 484 |
10 096 |
|
Total current assets |
|
772 920 |
343237 |
|
CURRENT LIABILITIES |
|
|
|
|
Short-term advances |
|
873 020 |
317 850 |
|
Creditors |
8 |
372 662 |
207 492 |
|
Total current liabilities |
|
1 245 682 |
525 342 |
|
Net current liabilities |
|
(472 762) |
(182 105) |
|
GOVERNMENT |
|
|
|
|
Trading deficit |
|
517 108 |
171 500 |
|
Maize meal subsidy" |
|
- |
42 095 |
|
TOTAL EMPLOYMENT OF FUNDS |
|
204 088 |
124 276 |
MAIZE TRADING ACCOUNT - for the year ended 31 March. 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
92291 |
230 |
Export realisation |
1 |
464 |
|
(405) |
|
Coat of transport |
|
|
|
(3431) |
|
Other export costs |
|
(186) |
|
88 455 |
|
|
|
278 |
|
440 962 |
1 049 |
Local realisations |
1 654 |
1 499 830 |
|
529 417 |
1 279 |
Total sales |
1 655 |
1 500 108 |
|
|
|
COST OF SALES |
|
|
|
170 664 |
644 |
Stock at 31/3/92 |
65 |
27 608 |
|
|
|
Purchases after out-turn adjustments |
|
|
|
176 647 |
617 |
- local |
12 |
7 515 |
|
83 808 |
83 |
- imports |
1 845 |
2 245 113 |
|
431 119 |
1 344 |
|
1 922 |
2 280 236 |
|
27 608 |
65 |
Stock at 31/3/93 |
267 |
235 588 |
|
403 511 |
1 279 |
Total cost of sales |
1 655 |
2 044 648 |
|
125 906 |
|
GROSS SURPLUS/(DEFICIT) |
|
(544 540) |
|
|
|
FINANCE CHARGES |
|
|
|
18751 |
|
Short term loan interest |
|
40 562 |
|
107 155 |
|
SURPLUS/(DEFICIT) AFTER FINANCE CHARGES |
|
(585 502) |
|
|
|
BOARD COSTS |
|
|
|
233 |
|
Collection |
|
- |
|
35 090 |
|
Handling |
|
94 366 |
|
39 305 |
|
Internal transport |
|
50 408 |
|
7 535 |
|
Storage and capital loan interest |
|
2 265 |
|
18 796 |
|
Administration |
|
33 263 |
|
100 964 |
|
Total board costs |
|
180 302 |
|
6 187 |
|
NET SURPLUS/(DEFICIT) |
|
(765 804) |
WHEAT TRADING ACCOUNT - For the year ended 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
137 |
1 |
Export realisations |
- |
- |
|
216 661 |
349 |
Local realisations |
344 |
397 674 |
|
216 798 |
350 |
Total sales |
344 |
397 674 |
|
|
|
COST OF SALES |
|
|
|
131 721 |
258 |
Stock; at 31/3/92 |
178 |
102 515 |
|
- |
10 |
Prior year adjustment |
|
|
|
|
|
Purchases after out-turn adjustments |
|
|
|
137 798 |
260 |
- local |
58 |
57 142 |
|
575 |
- |
- imports |
201 |
262 090 |
|
270 094 |
528 |
|
437 |
421 747 |
|
102 515 |
178 |
Stock at 31/3/93 |
93 |
122 462 |
|
167 579 |
350 |
Total cost of sales |
344 |
299 285 |
|
49 219 |
|
GROSS SURPLUS |
|
98 389 |
|
|
|
FINANCE CHARGES |
|
|
|
15 440 |
|
Short term loan interest |
|
28 039 |
|
33 779 |
|
SURPLUS AFTER FINANCE CHARGES |
|
70 350 |
|
|
|
BOARD COSTS |
|
|
|
9 800 |
|
Handling |
|
15 543 |
|
11 891 |
|
Internal transport |
|
10 647 |
|
3 843 |
|
Storage and capital loan interest |
|
1 854 |
|
5 591 |
|
Administration |
|
5 545 |
|
31 125 |
|
Total board costs |
|
33 589 |
|
2 654 |
|
NET SURPLUS |
|
36 761 |
RAPOKO TRADING ACCOUNT - for the year coded 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
1 610 |
7 |
Export realisation |
- |
|
|
(486) |
|
Cost of transport |
- |
- |
|
1 124 |
|
|
|
|
|
136 |
1 |
Local realisations |
- |
41 |
|
1 260 |
8 |
Total sales |
- |
41 |
|
|
|
COST OF SALES |
|
|
|
1 403 |
10 |
Stock at 31/3/92 |
- |
1 |
|
|
(2) |
Prior year adjustment |
|
|
|
|
|
Purchases after out-turn adjustments |
|
|
|
84 |
- |
- local |
- |
- |
|
1 487 |
8 |
|
- |
1 |
|
1 |
- |
Stock at 31/3/93 |
- |
- |
|
1 486 |
8 |
Total cost of sales |
- |
1 |
|
(226) |
|
GROSS (DEFICIT/SURPLUS) |
|
40 |
|
|
|
FINANCE CHARGES |
|
|
|
118 |
|
Short term loan interest |
|
- |
|
(344) |
|
SURPLUS AFTER FINANCE CHARGES |
|
40 |
|
|
|
BOARD COSTS |
|
|
|
97 |
|
Handling |
|
1 |
|
9 |
|
Internal transport |
|
6 |
|
102 |
|
Storage and capital loan interest |
|
1 |
|
61 |
|
Administration |
|
- |
|
269 |
|
Total board costs |
|
8 |
|
(613) |
|
NET (DEFICIT/SURPLUS) |
|
32 |
WHEAT TRADING ACCOUNT - for the year ended 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
137 |
1 |
Export realisations |
- |
- |
|
216 661 |
349 |
Local realisations |
344 |
397 674 |
|
216 798 |
350 |
Total sales |
344 |
397 674 |
|
|
|
COST OF SALES |
|
|
|
131 721 |
258 |
Stock at 31/3/92 |
178 |
102 515 |
|
|
10 |
Prior year adjustment |
|
|
|
|
|
Purchases after out-turn adjustments |
|
|
|
137 798 |
260 |
- local |
58 |
57 142 |
|
575 |
|
- imports |
201 |
262 090 |
|
270 094 |
528 |
|
437 |
421 747 |
|
102 515 |
178 |
Stock at 31/3/93 |
93 |
122 462 |
|
167 579 |
350 |
Total cost of sales |
344 |
299 285 |
|
49 219 |
|
GROSS SURPLUS |
|
98 389 |
|
|
|
FINANCE CHARGES |
|
|
|
15 440 |
|
Short term loan interest |
|
28 039 |
|
33 779 |
|
SURPLUS AFTER FINANCE CHARGES |
|
70 350 |
|
|
|
BOARD COSTS |
|
|
|
9 800 |
|
Handling |
|
15 543 |
|
11 891 |
|
Internal transport |
|
10 647 |
|
3 843 |
|
Storage and capital loan interest |
|
1 854 |
|
5 591 |
|
Administration |
|
5 545 |
|
31 125 |
|
Total board costs |
|
33 589 |
|
2 654 |
|
NET SURPLUS |
|
36 761 |
RAPOKO TRADING ACCOUNT - for the year ended 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
1 610 |
7 |
Export realisation |
- |
|
|
(486) |
|
Cost of transport |
- |
- |
|
1 124 |
|
|
|
|
|
136 |
1 |
Local realisations |
- |
41 |
|
1 260 |
8 |
Total sales |
- |
41 |
|
|
|
COST OF SALES |
|
|
|
1 403 |
10 |
Stock at 31/3/92 |
- |
1 |
|
|
(2) |
Prior year adjustment |
|
|
|
|
|
Purchases after out-turn adjustments |
|
|
|
84 |
- |
- local |
- |
- |
|
1 487 |
8 |
|
- |
1 |
|
1 |
- |
Stock at 31/3/93 |
- |
- |
|
1 486 |
8 |
Total cost of sales |
- |
1 |
|
(226) |
|
GROSS (DEFICIT/SURPLUS) |
|
40 |
|
|
|
FINANCE CHARGES |
|
|
|
118 |
|
Short term loan interest |
|
- |
|
(344) |
|
SURPLUS AFTER FINANCE CHARGES |
|
40 |
|
|
|
BOARD COSTS |
|
|
|
97 |
|
Handling |
|
1 |
|
9 |
|
Internal transport |
|
6 |
|
102 |
|
Storage and capital loan interest |
|
1 |
|
61 |
|
Administration |
|
- |
|
269 |
|
Total board costs |
|
8 |
|
(613) |
|
NET (DEFICIT/SURPLUS) |
|
32 |
SOYABEAN TRADING ACCOUNT - for the year ended 31 March 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
75 751 |
112 |
Local realisations |
90 |
137 209 |
|
75 751 |
112 |
Total sales |
90 |
137 209 |
|
|
|
COST OF SALES |
|
|
|
781 |
2 |
Stock at 31/3/92 |
1 |
651 |
|
|
|
Purchases after out-turn adjustments |
|
|
|
63 244 |
111 |
- local |
43 |
40 458 |
|
- |
- |
- imports |
159 |
234 830 |
|
64 025 |
113 |
|
203 |
275 939 |
|
651 |
1 |
Stock at 31/3/93 |
113 |
170 626 |
|
63 374 |
112 |
Total cost of sales |
90 |
105 313 |
|
12 377 |
|
GROSS SURPLUS |
|
31 896 |
|
|
|
FINANCE CHANGES |
|
|
|
4 610 |
|
Short term loan interest |
|
29 289 |
|
7 767 |
|
SURPLUS AFTER FINANCE CHARGES |
|
2 607 |
|
|
|
BOARD COSTS |
|
|
|
47 |
|
Collection |
|
- |
|
3 460 |
|
Handling |
|
7 428 |
|
2 502 |
|
Internal transport |
|
3 805 |
|
1 058 |
|
Storage and capital loan interest |
|
1 374 |
|
2 011 |
|
Administration |
|
2 664 |
|
9 078 |
|
Total board costs |
|
15 271 |
|
(1 311) |
|
NET DEFICIT |
|
(12 664) |
COFFEE TRADING ACCOUNT - for the year ended 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
83 182 |
12 |
Export realisation |
7 |
44 599 |
|
(1 540) |
|
Cost of transport |
|
(989) |
|
(144) |
|
Other export costs |
|
(302) |
|
81 498 |
|
|
|
43 308 |
|
1 537 |
1 |
Local realisations |
- |
1 415 |
|
83 035 |
13 |
Total sales |
7 |
44 723 |
|
|
|
COST OF SALES |
|
|
|
26 677 |
7 |
Stock at 31/3/92 |
6 |
35 355 |
|
|
|
Purchases after out-turn adjustments |
|
|
|
89 281 |
12 |
- local |
5 |
18 364 |
|
115 958 |
19 |
|
11 |
53 719 |
|
35 355 |
6 |
Stock at 31/3/93 |
4 |
12 005 |
|
80 603 |
13 |
Total cost of sales |
7 |
41 714 |
|
2 432 |
|
GROSS SURPLUS |
|
3 009 |
|
|
|
FINANCE CHARGES |
|
|
|
6 174 |
|
Short term loan interest |
|
6 283 |
|
(3 742) |
|
DEFICIT AFTER FINANCE CHARGES |
|
(3 274) |
|
|
|
BOARD COSTS |
|
|
|
4359 |
|
Handling |
|
3 474 |
|
575 |
|
Internal transport |
|
280 |
|
99 |
|
Storage and capital loan interest |
|
179 |
|
1 070 |
|
Administration |
|
190 |
|
6 103 |
|
Total board costs |
|
4 123 |
|
(9 845) |
|
NET DEFICIT |
|
(7 397) |
SOYABEAN TRADING ACCOUNT - for the year ended 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
75 751 |
112 |
Local realisations |
90 |
137 209 |
|
75 751 |
112 |
Total sales |
90 |
137 209 |
|
|
|
COST OF SALES |
|
|
|
781 |
2 |
Stock at 31/3/92 |
1 |
651 |
|
|
|
Purchases after out-turn adjustments |
|
|
|
63 244 |
111 |
-local |
43 |
40 458 |
|
- |
- |
-imports |
159 |
234 830 |
|
64 025 |
113 |
|
203 |
275 939 |
|
651 |
1 |
Stock at 31/3/93 |
113 |
170 626 |
|
63 374 |
112 |
Total cost of sales |
90 |
105 313 |
|
12 377 |
|
GROSS SURPLUS |
|
31 896 |
|
|
|
FINANCE CHANGES |
|
|
|
4 610 |
|
Short term loan interest |
|
29 289 |
|
7 767 |
|
SURPLUS AFTER FINANCE CHARGES |
|
2 607 |
|
|
|
BOARD COSTS |
|
|
|
47 |
|
Collection |
|
- |
|
3 460 |
|
Handling |
|
7 428 |
|
2 502 |
|
Internal transport |
|
3 805 |
|
1 058 |
|
Storage and capital loan interest |
|
1 374 |
|
2 011 |
|
Administration |
|
2 664 |
|
9 078 |
|
Total board costs |
|
15 271 |
|
(1 311) |
|
NET DEFICIT |
|
(12 664) |
COFFEE TRADING ACCOUNT - for the year ended 31 March, 1993
|
1992 |
|
1993 |
||
|
000's |
000's |
000's |
000's |
|
|
|
|
SALES |
|
|
|
83 182 |
12 |
Export realisation |
7 |
44 599 |
|
(1 540) |
|
Cost of transport |
|
(989) |
|
(144) |
|
Other export costs |
|
(302) |
|
81 498 |
|
|
|
43 308 |
|
1 537 |
1 |
Local realisations |
- |
1 415 |
|
83 035 |
13 |
Total sales |
7 |
44 723 |
|
|
|
COST OF SALES |
|
|
|
26 677 |
7 |
Stock at 31/3/92 |
6 |
35 355 |
|
|
|
Purchases after out-turn adjustments |
|
|
|
89 281 |
12 |
- local |
5 |
18 364 |
|
115 958 |
19 |
|
11 |
53 719 |
|
35 355 |
6 |
Stock at 31/3/93 |
4 |
12 005 |
|
80 603 |
13 |
Total cost of sales |
7 |
41 714 |
|
2 432 |
|
GROSS SURPLUS |
|
3 009 |
|
|
|
FINANCE CHARGES |
|
|
|
6 174 |
|
Short term loan interest |
|
6 283 |
|
(3 742) |
|
DEFICIT AFTER FINANCE CHARGES |
|
(3 274) |
|
|
|
BOARD COSTS |
|
|
|
4359 |
|
Handling |
|
3 474 |
|
575 |
|
Internal transport |
|
280 |
|
99 |
|
Storage and capital loan interest |
|
179 |
|
1 070 |
|
Administration |
|
190 |
|
6 103 |
|
Total board costs |
|
4 123 |
|
(9 845) |
|
NET DEFICIT |
|
(7 397) |
STATEMENT OF SOURCE AND APPLICATION OF FUNDS - for the year ended 31 March 1993
|
|
1993 |
1992 |
|
|
$000's |
$000's |
||
|
SOURCE OF FUNDS |
|
|
|
|
Government loans |
42 970 |
11 125 |
|
|
Donor aid - silo projects |
533 |
2 501 |
|
|
|
- other |
2 176 |
1 202 |
|
Trading deficit recovered from Government |
213 595 |
79 900 |
|
|
Proceeds on disposal of fixed assets |
208 |
125 |
|
|
Total source of funds |
259 482 |
94 853 |
|
|
APPLICATION OF FUNDS |
|
|
|
|
Deficit on trading (including subsidies) |
472 968 |
38 325 |
|
|
Interest on accumulated deficits |
- |
24 791 |
|
|
Adjustment for items not involving the movement of funds: |
|
|
|
|
|
- Depreciation |
(7 751) |
(6 909) |
|
Net deficit from operations |
465 210 |
56 207 |
|
|
Exchange losses |
10 165 |
64 247 |
|
|
Repayment of redeemable loans |
|
|
|
|
|
- Building Societies |
49 |
29 |
|
Purchase of fixed assets |
74 714 |
13 238 |
|
|
Total application of funds |
550 138 |
133 721 |
|
|
(DECREASE)/IN CREASE in working capital |
(290 656) |
(38 868) |
|
|
Represented by: |
|
|
|
|
|
Increase/(Decrease) in stocks and stores |
397 168 |
(185 207) |
|
|
(Increase)/Decrease in short term borrowings |
(555 169) |
182 850 |
|
|
Increase in creditors |
(165 170) |
(55 889) |
|
|
Increase m debtors, cash, and bank balances |
32 515 |
19 378 |
|
|
(290 556) |
(38 868) |
|
NOTES TO THE FINANCIAL STATEMENTS - for the year ended 31 March, 1993
|
|
1993 |
1992 |
|
|
$000's |
$000's |
||
|
6. STOCKS AND STORES |
|
|
|
|
Grain |
559 016 |
168 669 |
|
|
Stores - new sacks |
20 916 |
14 595 |
|
|
|
- used sacks |
5 612 |
9 578 |
|
|
- tarpaulins and dunnage |
2 849 |
1 295 |
|
|
- other |
11 824 |
8 912 |
|
|
600 217 |
203 049 |
|
|
7. DEBTORS |
|
|
|
|
Trade |
138 183 |
86 568 |
|
|
Coffee Producers' Trading Deficit |
12 713 |
||