We are pleased to present the annual report of Axia Corporation Limited, a company listed on the Zimbabwe Stock Exchange for the year ended 30 June 2017. This report is targeted at a broad range of our stakeholders with the aim of presenting a balanced review of material issues and performance from our operations. The report also outlines the Group’s goal and ambition, to move towards sustainable business practices, accountability, transparency and international best practices. REPORTING FRAMEWORKS This annual report is structured to reflect our transition towards aligning with sustainability reporting standards of the Global Reporting Initiatives (GRI). The non-financial section of this report is prepared using the applicable GRI-G4 performance indicators. Our financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and audited by Ernst & Young Chartered Accountants (Zimbabwe) in accordance with International Standards on Auditing (ISA). An independent auditors’ report on the f inancial statements is contained on Pages 30-34.
AXIA Annual Report 2017
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The operating environment presented a mix of challenges and opportunities for the specialty retail and distribution businesses. Government initiatives and efforts to stabilize exchange rates in the last quarter of the financial year provided a supportive platform for volume growth. However, persistent foreign currency shortages and competition from informal markets required adaptive strategies to sustain growth and profitability. The ongoing shift towards a more informal economy has impacted demand for some of our FMCG products in the modern trade, as certain segments of the market are able to access those products in the informal market at lower prices regardless of quality. Nonetheless, the Group has been proactively addressing this challenge and is making significant strides in reclaiming market share.
