Meikles : 2022 Annual Report

ANNUAL REPORT 2022

MEIKLES LIMITED ANNUAL REPORT 31 MARCH 2022

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ABOUT OUR REPORT

Meikles Limited, a public company listed on the Zimbabwe Stock Exchange ("ZSE") and London Stock Exchange ("LSE"), is pleased to present the annual report for the year ended 31 March 2022. This report integrates both financial and non-financialinformation.

SCOPE OF THE REPORT

This report contains information for Meikles Limited which is incorporated and domiciled in Zimbabwe. In this report, unless otherwise stated, references to "our", "we", "us", "the Group", "Meikles Ltd" refers to Meikles Limited and its subsidiaries that includes TM Supermarkets (Pvt) Ltd; Meikles Guard Services (Pvt) Ltd; Thomas Meikle Properties (Pvt) Ltd and Meikles Hospitality (Pvt) Ltd. The report excludes Tanganda Tea Company Limited which was unbundled and separately listed on the ZSE during the financial year.

REPORTING FRAMEWORKS

This report was prepared with due consideration of the following reporting requirements:

• The Companies and Other Business Entities Act [Chapter 24:31].
• Statutory Instrument ("SI") 134 of 2019 Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules, 2019.
• International Financial Reporting Standards ("IFRS").
• Global Reporting Initiative ("GRI") Standards.

SUSTAINABILITY DATA

This report was prepared using both quantitative and qualitative data extracted from company records, policies and persons responsible in the Key Results Areas ("KRA") of sustainability impacts for the Group. In some cases, assumptions are made and confirmed for consistency with business activities. Where data has not been provided by all subsidiaries, it is indicated under each table. The Group continues to review its measurement systems on sustainability data and ensure consistency across subsidiary operations.

ASSURANCE

The consolidated financial statements were audited by Deloitte & Touche (Zimbabwe) in accordance with the International Standards of Auditing ("ISA"). The independent auditor's report is found on pages 37 to 40. Non-financial information and data used for sustainability reporting were internally validated by the Group Internal Audit Department. The report was verified for compliance with GRI Standards by the Institute for Sustainability Africa ("INSAF") as subject matter experts. A GRI Content Index is presented on pages 94 to 97. Management validated the report for consistency with business operations before publication.

REINSTATEMENTS

Meikles Ltd made restatements to prior year sustainability data by excluding Tanganda Tea Company which was unbundled from the Group.

REPORT DECLARATION

The Board of Directors and Management confirm that this report has been prepared in accordance with GRI Standards - 'Core' option.

BOARD APPROVAL

The Board recognises its accountability for ensuring the integrity of this annual report. In the Board's opinion, the annual report fairly presents the overall performance of the Group and therefore approved it.

FORWARD LOOKING STATEMENTS

This report may contain forward looking statements. These statements are estimates and projections by Meikles Limited based on current available information. Forward looking statements are not statements of historical fact and may contain the terms "may", "will", "should", "continue", "aims", "estimates", "projects", "believes", "intends", "expects", "plans", "seeks" or "anticipates", or words of similar meaning. Forward looking statements are not guarantees of future developments and results outlined therein. These are dependent on several factors which may involve various risks and uncertainties, and they are based on assumptions beyond our control. Readers are cautioned not to place undue reliance on forward looking statements.

FEEDBACK ON THE REPORT

The Group values opinions and comments from all stakeholders which may assist in improving our reporting. We welcome your feedback on this report and any suggestions you may have. For feedback, please contact Tabani Mpofu (Mr), Company Secretary, email: investorrelations@ meikles.com .

J.R.T. Moxon

Chairman

21 November 2022

MEIKLES LIMITED ANNUAL REPORT 31 MARCH 2022

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CONTENTS

MEIKLES LTD AT A GLANCE	Page	DIRECTORS RESPONSIBILITY AND	Page
		GROUP FINANCIAL STATEMENTS
Our Journey	4
Group Structure	5	Report of the Directors	35
Meikles Group Footprint	6	Directors' Responsibility for Financial Reporting	36
Our Business Value Systems	7	Independent Auditor's Report	37
Group Performance Highlights	8	Consolidated Statement of Profit or Loss
		and Other Comprehensive Income	41
STRATEGIC REVIEW		Consolidated Statement of Financial Position	42
		Consolidated Statement of Changes in Equity	43
Chairman's Statement	9	Consolidated Statement of Cash Flows	44
Overview of Major Subsidiaries	11	Notes to the Financial Statements	45
CORPORATE GOVERNANCE		COMPANY FINANCIAL STATEMENTS
Group Governance	13	Company Statement of Profit or Loss
Board Structure	13	and Other Comprehensive Income	89
Directorate	14	Company Statement of Financial Position	90
Directors and Senior Management	16	Company Abridged Notes to the Financial Statements	91
Compliance	17
Risk Management	17	ANNEXURES
CORPORATE SUSTAINABILITY		Key Performance Measures	92
		Shareholder Information	93
Corporate Sustainability	18	GRI Index	94
Stakeholder Relations and Engagements	19	Corporate Information	98
Our Business Context	20	Notice of Meeting	99
Sustainability Impacts	21	Form of Proxy	101
Our Customers	21	Instructions for signing and lodging form of Proxy	102
Our Employees	22
Responsible Operations	27
Climate Action	30
Economic Contributions	31
Investing in our community	32
Contribution to Sustainable Development Goals	34

MEIKLES LIMITED ANNUAL REPORT 31 MARCH 2022

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MEIKLES LTD AT A GLANCE

OUR JOURNEY OF OVER 100 YEARS

1892 John, Stewart and Thomas Meikle, brothers who migrated from Scotland to Southern Africa, opening trading business in Fort Victoria (now Masvingo) in now Zimbabwe

Business spread to Bulawayo, Umtali (Mutare) and Salisbury (Harare)

1915 Thomas Meikle opens hotel business in now present day Harare

1920s Tanganda Tea Estate established

1978 TM Supermarkets ('TMSM") established

1996 Meikles family businesses are listed on the Zimbabwe Stock Exchange and London Stock Exchange under Meikles Africa Limited

Pick n Pay South Africa acquires 25% of TM Supermarkets.

1998 Meikles Limited purchases 50% of The Victoria Falls Hotel lease and operations

1999 Meikles Limited purchases 50% of the Cape Grace Hotel business and property

2001 Meikles Limited purchases the remaining 50% of the Cape Grace Hotel business and property

2007 Merger of Meikles Limited, Tanganda Tea Company Limited, Cotton Printers (Private) Limited, and Kingdom Financial Holdings Limited.

2010 Demerger of Kingdom Financial Holdings Limited from Meikles Limited.

2012 Meikles Limited acquires 35% shareholding in Mentor Africa (Pty) Limited ("Mentor") through a merger of the Cape Grace Hotel into Mentor.

2013 Pick 'n' Pay South Africa increases shareholding in TMSM to 49%

2014 Meikles Guard Services (Private) Limited formed as a wholly owned subsidiary company

2019 Closure of Departmental Stores trading as Meikles Stores, Barbours and Greatermans

2020 Meikles Limited disposes Meikles Hotel in Harare.

2022 Tanganda Tea Company unbundled.

Disposal of 35% shareholding in Mentor.

The Group still operates businesses in the following sectors:

1.	Retail	TM Supermarkets trading as TM Pick 'n' Pay
2.	Hospitality	The Victoria Falls Hotel (Operated in partnership with African Sun Limited)
3.	Real Estate and Property	Thomas Meikle Properties
4.	Security Services	Meikles Guard Services

MEIKLES LIMITED ANNUAL REPORT 31 MARCH 2022

49%

51%

70%

74%

Pick n Pay

TM Supermarkets

(Private) Limited

(See note below)

Mopani Property

Development

(Private)

Limited

Ringsmoke

Investment

(Private)

Limited

Meikles Hospitality

(Private) Limited

100% (incorporating 50% partnership in The

Victoria Falls Hotel)

Cape Grace

100% Investments

Limited

MEIKLES

LIMITED

100%	Greatermans Stores	100%	Meikles Guard
(1979) (Private)	Services (Private)
	Limited		(Department		Limited
			Stores)

Thomas Meikles

100% Properties (Private)

Limited

100%	Ninety Speke
(Private) Limited

STRUCTURE GROUP	AT LTD MEIKLES
	(continued) GLANCE A

Note: TM Supermarkets (Private) Limited has the following 100% owned subsidiaries: Ebony Properties (Private) Limited, Osterland Investments (Private) Limited and Petria Properties (Private)

Limited. Dormant companies have been excluded.

MEIKLES LIMITED ANNUAL REPORT 31 MARCH 2022

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