Published: 07 August 2013

RioZim half year to June 30 2013 (US$)

Income statement
Revenue - $56.80million vs $30.97 million
Gross Profit - $12.01 million vs $11.69 million
Operating profit-$2.166 million vs $1.472 million
Net Finance cost-$4.426 million vs $6.304 million
Loss before Taxation- $2.895 million vs $4.893 million
Loss for the period- $2.311million vs $4.893 million

Balance sheet
Total non-current assets- $56.48 million vs $58.37 million
Current assets- $65.37 million vs $60.14 million
Total assets- $121.8 million vs $118.5 million
Total equity- $20.78 million vs $23.09 million
Total non-current liabilities-$22.29 million vs $17.67 million
Total current liabilities- $78.78 million vs $77.75 million
Total equity and liabilities- $121.8 million vs $118.5 million

Chairman's Statement
Group revenue grew by 83% over the comparative period last year on the back of ENR revenue growth of 204%. Growth in ENR revenue was largely due to the change in the business model from toll-refining to matte purchase and sale of own production. Bank debt continued to decrease albeit at a slower rate than planned.

The group succeeded in restructuring some of the debt to slightly longer maturities and further negotiations are still in progress. Finance costs of $4.4 million decreased by 30% from the 2012 first half costs of $6.3 million. Overall the Group's net loss of $2.3 million was a reduction of 53% from last year's net loss of 44.9 million.

RioZim half year to June 30 2013.pdf

- RioZim

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