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The CEO of the Zimbabwe Stock Exchange (ZSE), Justin Bgoni, has stated that companies listed on the exchange can choose to prepare their financial statements in US dollars. This is due to the US dollar’s prominent role in the country’s economy. However, such a switch would require approval from the directors and shareholders of the companies. Justin Bgoni said:
<blockquote>
It’s a multi-currency environment, so they can report in US dollars.
</blockquote>
Recently, Zimbabwe <a href="https://www.pindula.co.zw/2023/10/27/zimbabwe-has-allowed-the-use-of-foreign-currency-until-2030/">extended the use of the US dollar as legal tender until 2030</a>. The authorities believe that this move will provide policy certainty to the market, which has been disrupted by changes to currency regulations in the past. The <a href="https://www.pindula.co.zw/2019/06/24/breaking-rbz-si-142-bans-use-of-all-foreign-currencies-with-effect-from-24-june-2019/">Zimbabwe dollar was reintroduced in 2019</a> after a decade-long hiatus, but bouts of instability have meant that most citizens try to avoid using it for payments.
Companies in Zimbabwe have had to grapple with a volatile exchange rate and a widening gap between the official and parallel market value of the currency.<a href="https://www.pindula.co.zw/2023/11/07/zimbabwe-dollar-official-rate-moves-to-5-738-per-us1/"> The Zimbabwe dollar has weakened by 89%</a> against the US dollar on the official market so far this year. As a result, many companies listed on the Zimbabwe Stock Exchange (ZSE) are opting to switch to reporting their financial statements in US dollars.
For instance, Proplastics recently reported its half-year results in US dollars, while Delta, the country’s biggest beverage company, announced during a recent analyst briefing that it is considering switching to US dollar results for its full-year report. Delta highlighted that more than 80% of its revenue is in US dollars.
Other companies, such as property company Masholand Holdings and Dairibord, the country’s largest dairy producer, have already presented their most recent trading updates in US dollars, according to <a href="https://newzwire.live/zse-says-listed-companies-are-free-to-report-results-in-usd/">newZWire</a>. Dairibord stated that 93% of its sales in the quarter ending in September were in USD, a significant increase from the average of 39% in the first half of the previous year. This shift to reporting in US dollars is seen as a response to the instability and uncertainty surrounding the Zimbabwe dollar.
Given the prevalence of the US dollar in the economy and the benefits of using a stable and widely accepted currency, companies are finding it more prudent to report in US dollars. It not only provides transparency and consistency but also helps them navigate the challenges posed by the fluctuating exchange rate.
According to Imara Asset Management, using US dollars for company earnings will provide investors with a clearer understanding of true profitability. The brokerage, which oversees more than US$100 million, believes that reporting in Zimbabwe dollars can hide financial issues and give a misleading impression of profitability. 
Furthermore, the Reserve Bank of Zimbabwe reports that nearly all bank loans, approximately 94%, are now in USD. This shift occurred as authorities aimed to limit the circulation of Zimbabwe dollars in order to control inflation. The increased use of the US dollar for sales, loans, and financial reporting reflects the preference for a more stable and widely accepted currency in Zimbabwe’s business environment.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Zimbabwe Stock Exchange Companies Allowed To Prepare Financial Statements In US dollars

Delta Corporation says it has spent US$70 million on its projects as it seeks to boost capacity to increase production.
Last week, the company commissioned three projects, which include the Southerton Chibuku Super factory, soft drinks PET line and a high-tech lager beer packaging line.
President Emmerson Mnangagwa officially commissioned the three projects.
Speaking at the commissioning ceremony last Thursday, Delta CEO Matlhogonolo Valela said:
<blockquote>
Apart from the three new projects that you [President Emmerson Mnangagwa] are commissioning today, I am pleased to advise that we installed yet another line at our subsidiary, AfDIS bringing the total investment in capital expenditure to US$70 million.
These projects, your Excellency, will all be in full production within four months of each other, a record rapid investment programme never experienced before in our business.
</blockquote>
President Mnangagwa said the investment by Delta shows business has confidence in the economic policies of his government. He said:
<blockquote>
This investment by Delta Corporation, which has been operating in the country for 125 years, demonstrates the confidence of players in the manufacturing industry in the business-friendly policies being ushered by the Second Republic.
</blockquote>
Valela said if consumer spending responds, there is an opportunity for all value chain partners to increase output.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Delta Corporation Injects US$70 Million On Projects

Six armed robbers attacked security guards and workers at a Delta Beverages depot in Chipinge before robbing the company of over US$20 000 and R18 000 in cash.
In a post on their Twitter page, the Police said the suspects, who are still at large, robbed the Delta Beverages depot on 22 May this year. Reads the post:
<blockquote>
The ZRP is investigating a case of robbery which occurred at Delta Beverage Depot, Chipinge on 22/05/23.
Six unknown suspects armed with unidentified pistols attacked security guards, a truck driver, and a cashier before stealing US$20 965 and ZAR 18 750 cash.
Anyone with information to report at any nearest Police Station.
</blockquote>
Armed robberies are on the increase in Zimbabwe as a lot of people now prefer storing value in US dollars often stocked away from formal banking institutions for fear of losing them.
According to the Zimbabwe National Statistics Agency, Zimbabwe recorded 1 120 armed robberies in 2021, compared with 931 in the previous year.
In 2022, in a bid to reduce robberies and rampant gun crime in Zimbabwe, Mnangagwa extended a gun amnesty that allowed Zimbabweans illegally in possession of firearms to surrender them to the police with no questions asked.
Here are some <a href="https://dev.concordparking.com/security-prevention/prevent-robbery/">robbery prevention tips</a> for businesses:
<ul>
<li>Stay Alert: Be aware of what is happening inside and around your business at all times.</li>
<li>Train Your Staff: It’s important to share robbery prevention and response guidelines with your staff so that they are informed.</li>
<li>Ensure Visibility: Make sure your business is well-lit on the inside and outside, especially key areas which include all entryways and windows.</li>
<li>Cash registers should not store large amounts of cash. Bank deposits should be made often, only during business hours and never at routine times.</li>
<li>Alarm systems and security cameras should be installed and announced using signage.</li>
<li>Inform potential robbers of the measures that your business has taken to deter robbery.</li>
<li>Entrances should be outfitted with deadbolt locks. Windows and doors should have metal crossbars.</li>
<li>Befriend your neighbours and agree to keep an eye out for each other’s establishments.</li>
<li>Hire real, live security personnel, that is, security guards.</li>
</ul>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Delta Beverages Depot Robbed Of US$20 000, R18 000

Zimbabwe’s largest beverage producer, Delta, has turned down professional advice from the multinational auditing firm, Ernst &amp;Young (EY), to apply foreign currency auction system exchange rates in the preparation of financial statements.
Delta said EY’s counsel was out of touch with reality.
Delta said at the weekend that foreign currency auction system rates, which have traded at about US$1:$85 most of 2021, did not reflect the real value of the Zimbabwe dollar.
This was after EY argued that by determining its own exchange rate during the preparation of financial statements for the period ended September 30, 2021, Delta failed to adhere to International Financial Reporting Standards.
But the beverage manufacturer made an executive decision to work with estimates, which is allowed under International Accounting Standard (IAS) 21.
IAS 21 gives guidance relating to the effects of changes in foreign exchange rates in volatile markets. Delta chairperson Stanford Moyo said in a commentary to the financial statements:
<blockquote>
The directors and management disagree with the professional conclusion of our auditors on the application of IAS 21.
The independent auditors, EY have issued a modified review opinion for the period ended 30 September 2021 as they believe that the determination of an estimate exchange rate is not compliant with International Financial Reporting Standards. The auditors believe that the auction exchange rate is the appropriate spot exchange rate…This is contrary to the circumstances applicable to the entity … There are varying views on the matter and we urge the Public Accountants and Auditors Board to provide appropriate guidance to the market.
</blockquote>
Officially, the country has an exchange rate that is determined weekly at the foreign currency auction at the Reserve Bank of Zimbabwe (RBZ). 
Most goods and services in the country are charged at parallel market rates, as the official platform has mostly run out of liquidity to fund allotted bids.

Delta Defies Ernst & Young On Exchange Rate

Delta Beverages has announced the completion of the deal which expands its soft drinks footprint and extends the distribution network to cover Manicaland.
This comes after Delta Beverages’ agreement with Mutare Bottling Company has been approved by the Zimbabwe Competition and Tariff Commission.
The Coca-Cola Company has extended its sparkling beverages franchise arrangements to cover Manicaland Province as it will operate assets of Mutare Bottling Company. Delta said in a statement:
<blockquote>This transaction provides an opportunity for the Group to provide its range of products across the entire Zimbabwean market.
Our customers and consumers in Manicaland will have access to the wide range of The Coca-Cola Company’s brands and packs.
This also allows the optimal utilisation of the existing assets, including the Mutare bottling plant, and the distribution footprint.
The transaction will not result in any job losses.
The transaction has received the requisite regulatory approvals.</blockquote>
Delta Corporation is involved, through its principal subsidiary Delta Beverages, in the brewing of lager and traditional beer and the bottling of soft drinks under licence from the Coca Cola Company.  
It operates one of the largest distribution network of depots and delivery fleets in Zimbabwe. It has recently bought UNB, SA, a traditional beer company. 
The Company has a significant interest in  Schweppes Zimbabwe which manufactures still and juice drinks under the Coca-Cola franchise.  
Delta Beverages is the country’s leading brewer with more than 15 beer brands and some 4,000+  employees across the country. 
The group’s portfolio includes Castle, Carling Black Label, Chibuku,  Chibuku Super, Castle Lite, Redd’s and Castle Milk Stout as well as leading local brands such as  Golden Pilsener and Zambezi.
 Its associate entity African Distillers is the leading producer of wines, spirits and ciders. It is the majority shareholder in Natbrew Plc, the LuSE listed traditional beer business in Zambia. 
Delta Corporation is an associate of AB InBev, the world’s largest beer company.

Delta Beverages Acquires Mutare Bottling Company

The biggest alcoholic beverage brewery in the country, <a href="https://www.pindula.co.zw/Delta_Beverages">Delta</a> has seen a decline in lager beer sales for the quarter leading to 30 September 2019 ZTN News reports.
According to the publication:
<blockquote>The company said lager beer volumes for the quarter were down 40 percent compared to last year. Usually a good performer, sorghum beer also recorded a 29 percent decline in volume for the quarter with consumers migrating to lower priced alternatives.</blockquote>
Delta is on record saying it had to increase their prices frequently but modestly to keep up with the inflation according to ZTN.
More: <a href="https://ztn.co.zw/stream/2019/11/zim-imbibers-feel-economic-pinch/">ZTN</a>

Delta Lager Beer Sales Plummets By 40% In 2019's Second Quarter- Report

While the whole country is lamenting the rapid depreciation of the RTGS Dollar, Market analysts at Morgan &amp; Co have said there is room for Zimbabweans to benefit from a weaker currency The Sunday Mail reports.
The analysts reportedly said:
<blockquote>The weaker Zimbabwe dollar poses several implications for Zimbabwe, chief among them being a possible advantage in the region. The AfCFTA that was signed in 2017 by 54 African countries opens Zimbabwe to a US$3,4 trillion market on the continent.
Further, South Africa is Zimbabwe’s major trade partner. The weaker currency will make Zimbabwe’s goods cheaper and push demand for its goods in South Africa and other regional economies with stronger currencies.
We opine that the currency depreciation is set to create a competitive advantage for exporting companies in Zimbabwe. Exporters that we have identified on the Zimbabwe Stock Exchange include Padenga and Ariston. We are also bullish on companies with a regional presence such as Seed-Co International, <a href="https://www.pindula.co.zw/Delta_Corporation">Delta</a> and <a href="https://www.pindula.co.zw/Simbisa_Brands">Simbisa Brands</a>.</blockquote>
The RTGS when it was introduced in February 2019 traded <a href="https://news.pindula.co.zw/2019/06/12/rtgs-dollar-falls-by-140-in-4-months/">at $2.5 per US$1 before depreciating to $15.5 per $1</a> as of Friday 25 October 2019.
More: <a href="https://www.sundaymail.co.zw/zim-set-to-gain-from-depreciating-currency">The Sunday Mail </a>

How Zimbabweans Can Benefit From A Depreciating Currency

The economy is growing significantly, RBZ governor John Mangudya has said, pointing to “impressive” financial results by listed companies.
Mangudya is quoted by the Sunday Mail:
<blockquote>A number of firms such as Delta, Econet, OK, Proplastics, Edgars, Seed  Co and others recorded impressive results that were released in the past few weeks. 
Such excellent results could not have been achieved if the economy was not expanding. Business confidence has also significantly improved during the past six months as is evidenced by the increase in consumer spending, including the increase in the demand for fuel of around 30 percent
Exports have responded very positively to the export incentive scheme; more so, given the firmness of the US dollar.
Foreign currency receipts went up by 15 percent to $2,8 billion during the period January to May 2018 compared to the same period last year, with the bulk ($1,8 billion) being exports, $470 million loan proceeds and $500 million Diaspora and international remittances</blockquote>
More: <a href="http://www.sundaymail.co.zw/economy-in-remarkable-growth-forex-receipts-up-to-28bn-gold-production-rises-65pc/">Sunday Mail</a>

Economy Growing Significantly - Mangudya Points To Company Results

According to an analysis carried out by Old Mutual Securities (OMSEC), Delta Corporation is likely to lose part of its beverages market share to Pepsi. This follows the opening of a $30 million Pepsi plant in Zimbabwe this year. Said OMSEC,
<blockquote>Going forward, we expect a decline in the company’s overall market share (83 percent) for the sparkling beverage segment as well as margin compression as the Pepsi branded products are currently being sold at cheaper price points than Delta’s competing product offerings.
A one-off surge in demand may arise from election spending through various political party campaigns. An improvement in tourism arising from significant infrastructure upgrades in airports coupled with the opening up of the skies to new airlines is expected to improve beverage spending in city and resort hotels where Delta will benefit.</blockquote>
More: <a href="http://www.financialgazette.co.zw/pepsi-set-to-eat-into-delta-market-share/" rel="noopener" target="_blank">Financial Gazette</a>

Delta To Lose Market Share To Pepsi Over Pricing: Old Mutual Securities

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