Complete 2012 Annual Report - Agra

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Report of the chairman Agra (Co-operative) Limited and its subsidiaries Annual Financial Statements for the year ended 31 July 2012 Report of the chairman As far as market-and price fluctuations are concerned, Namibia is not isolated from international tendencies. The financial crisis in certain countries has a negative effect on especially the hunting and tourism industry. The below average production conditions in certain stock farming areas of South Africa resulted in forced marketing. The increasing grain prices place the profitability of feedlots under pressure. The impact of the above mentioned factors caused a drastic decrease in prices of livestock at the beginning of 2012. Prices for swakara pelts, charcoal and agronomy products are high while dairy producers’ profit margins are under pressure due to high input costs. In addition to producer prices, market access and the factors affecting it, are equally important. The animal health status of Namibia is absolutely crucial. During the year under review Agra has redefined its reason for existence by means of the following purpose statement: To create prosperity and improve quality of life is a noble purpose if: - we contributes towards socio-economic quality of life - we cares for the environment - we creates conditions for people to succeed and - we builds innovative and sustainable businesses There is huge potential in the agricultural sector which can be explored and developed to create employment and reduce poverty. Because 70% of Namibia’s population is directly or indirectly dependent on agriculture for their survival, this sector needs to be acknowledged and supported. Undeveloped and underdeveloped areas need to be a priority, integrated rural development programmes need to be implemented, natural resources need to be used sustainably and certainty with regard to land ownership and rights need to be created. Safety and security is a prerequisite for peace and stability and earns the trust of potential investors to invest locally. The Namibian Government has a huge responsibility to provide transparent investment policies and create a well regulated environment in which the private sector can do business. Verslag van die Voorsitter Ten opsigte van mark- en prysskommelings is Namibië nie geïsoleer van internasionale tendense nie. Die finansiële krisis in sekere lande het ‘n negatiewe invloed op veral die jag- en toerismebedryf. Die ondergemiddelde produksie-omstandighede in sekere veeboerderystreke van Suid-Afrika het drukbemarking tot gevolg gehad. Die stygende graanpryse plaas die winsgewendheid van voerkrale onder druk. Die impak van bogenoemde faktore het ‘n drastiese daling in lewende hawepryse aan die begin van 2012 tot gevolg gehad. Pryse vir Swakara pelse, houtskool- en akkerbouprodukte is hoog terwyl suiwel`-produsente se winsmarges as gevolg van hoë insetkostes onder druk verkeer. Behalwe vir pryse is marktoegang en die faktore wat dit beïnvloed net so belangrik. Die dieregesondheidstatus van Namibië is ononderhandelbaar. Agra het gedurende die afgelope jaar die rede vir sy bestaan herformuleer en stel sy doel: Om welvaart te skep en lewenskwaliteit te verbeter. Dit is ‘n edel doel as ons: - bydra tot sosio-ekonomiese lewenskwaliteit - die omgewing in ag neem - omstandighede skep vir mense om sukses te behaal en - innoverende en volhoubare besighede bou. Daar is baie potensiaal in die landbousektor wat ontwikkel en ontgin kan word om werk te skep en armoede te verlig. Omdat 70% van Namibië se bevolking direk of indirek afhanklik is van landbou vir hul voortbestaan, moet die sektor erkenning en ondersteuning kry. On- en onderontwikkelde gebiede behoort ‘n prioriteit te wees, geïntegreerde landelike ontwikkelingsprogramme moet implementeer word, natuurlike hulpbronne moet volhoubaar benut word en sekerheid oor grondeienaarskap en regte moet uitgeklaar word. Veiligheid en sekuriteit is ‘n voorvereiste vir vrede en stabiliteit en skep vertroue by potensiële beleggers om te investeer. Die Namibiese regering het ‘n groot verantwoordelikheid om deursigtige beleggingsbeleide te voorsien en ‘n goed gereguleerde omgewing te skep waarbinne die privaatsektor besigheid kan doen. 5
Agra (Co-operative) Limited and its subsidiaries Annual Financial Statements for the year ended 31 July 2012 Report of the chairman Agra converts to a public company on 1 February 2013. Agra will continue to invest in the Namibian Agriculture sector and will also continue its efforts to improve the knowledge and skills in the various agricultural disciplines by providing training, assistance and support through our Professional Services Division and our support of agricultural projects and initiatives. The opening of the Oshivelo retail branch on 3 August 2012 was a huge milestone in the history of Agra. This shows Agra’s confidence of investing into the rural areas of Namibia and its endeavours to create opportunities for the community to benefit from both the availability of products as well as advice and expertise regarding the optimal use of the various products. Agra is an important partner in the Namibian economy to create employment, offer training, support projects and provide products and services to clients in order to create prosperity. We are however aware that agriculture is of a cyclic nature due to the climate, prices and input costs. Our producers must, in the good years such as the past number of year, make provision for the more difficult times. Agra must position itself strategically for this. Thank you very much to my co-directors and members of the supervisory committee for your sincerity and dedication to make Agra a successful business. Thank you to all loyal clients who conducted business with Agra. The board of directors takes pride in the financial results of the past year. It was a challenging budget, which could only have been achieved as a result of a motivated and focused team. I would like to congratulate Mr. Peter Kazmaier, Chief Executive Officer, the management team and staff of Agra, with the excellent financial results. We are proud of the contribution of each employee to the success of Agra. R VAN DER MERWE CHAIRMAN OF THE BOARD OF DIRECTORS (VOORSITTER VAN DIE RAAD VAN DIREKTEURE) Agra omskep op 1 Februarie 2013 in ‘n openbare maatskappy. Agra sal voortgaan om in die Namibiese landbousektor te belê en ons sal ook ons pogings voortsit om die kennis en vaardighede van verskeie landboudissiplines te verbeter deur opleiding, leiding en ondersteuning te verskaf deur middel van ons Professionele Dienste Afdeling en ons ondersteuning aan landbouprojekte en inisiatiewe Die opening van Oshivelo handelstak op 3 Augustus 2012 is a groot mylpaal in die geskiedenis van Agra. Dit is ‘n bewys van Agra se vertroue om in die landelike gebiede van Namibië te belê en Agra se pogings om geleenthede te skep vir gemeenskappe om toegang te hê tot produkte sowel as raad en kundigheid vir die optimale gebruik van die onderskeie produkte. Agra is ‘n belangrike vennoot in die namibiese ekonomie om werk te skep, opleiding te verskaf, projekte te ondersteun en ‘n diens en produkte te verskaf aan kliënte om sodoende welvaart te skep. Ons is egter bewus dat landbou as gevolg van die klimaat, pryse en insetkostes, siklies van aard is. Ons produsente moet in goeie jare soos die afgelope paar jaar, voorsiening maak vir moeiliker tye. Agra moet homself hiervoor strategies posisioneer. Baie dankie aan die mededirekteure en lede van die toesighoudende komitee vir die toegewydheid en erns om van Agra ‘n suksesvolle besigheid te maak. Dankie aan lojale kliente wat met Agra besigheid gedoen het. Die direksie is trots op die afgelope jaar se finansiële resultate.Dit was ‘n uitdagende begroting wat slegs bereik kon word deur ‘n gemotiveerde span wat gefokus is. Ek wil namens die direksie vir mnr. Peter Kazmaier, Hoof Uitvoerende Beampte, die bestuurspan en personeel gelukwens met die puik finansiële resultate. Ons is trots op die bydrae van elke werknemer tot Agra se sukses. 6
Page 1 and 2: Agra (CO-OPERATIVE) LTD ANNUAL REPO
Page 3 and 4: Agra (Co-operative) Limited and its
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Page 13 and 14: 6. FINANCIAL RESULTS Agra (Co-opera
Page 15 and 16: 7.1.3 Current assets Inventories: A
Page 19 and 20: Profit before finance charges Agra
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Page 25 and 26: 5. Directors Agra (Co-operative) Li
Page 27 and 28: Liabilities Agra (Co-operative) Lim
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Page 33 and 34: 1.1 Consolidation (continued) Agra
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Financial Instrument Analysis: Agra
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Financial Instrument Analysis: Agra
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Fair value estimation Agra (Co-oper
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Agra (Co-operative) Limited and its
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5. Property, plant and equipment Ag
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6. Intangible assets (continued) Ag
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10. Retirement benefits (continued)
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17. Borrowings Agra (Co-operative)
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20. Bonus share Agra (Co-operative)
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24. Investment income Agra (Co-oper
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31. Commitments Authorised capital
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32. Related parties (continued) Pen
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Complete 2012 Annual Report - Agra

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