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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Bindura Nickel

BIND.VX · Victoria Falls Stock Exchange · Consolidated statements

On this page
Company details
Legal name
Bindura Nickel Corporation Limited
Listing
BIND.VX on the Victoria Falls Stock Exchange, active (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 March

Overview

Year ended 31 March 2023 · annual report, signed / final · source

Read with these figures

  • Going-concern warning. The auditor's report for the year ended 31 March 2023 states a material uncertainty about whether the company can continue as a going concern, in a separate paragraph that does not modify the opinion. The opinion is qualified on another basis (below).
  • Qualified audit opinion. FY to 31 Mar 2023: Basis: Non-compliance with International Accounting Standard (IAS) 21 - The Effect of Changes in Foreign Exchange Rates in the prior financial years and International Accounting Standard (IAS) 8 – Accounting Policies, Changes in Accounting Estimates and Errors (PDF p45). Details below.
Full wording and sources

  • Auditor's report, year to 2023-03-31: material uncertainty related to going concern (a separate paragraph that does not modify the opinion; the opinion is qualified on another basis, shown below)

    Material Uncertainty Related to Going Concern: We draw attention to note 34 to the Group financial statements which indicates that the Group incurred an operating loss before tax of USD 24 192 436 for the year ended 31 March 2023, and as at that date, the Group's current liabilities exceeded its current assets by USD 13 375 451. This indicates that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter. (PDF p45)

    Source: Bindura Nickel Corporation Limited Annual Report 2023, p45 (dated 2023-06-29)

  • Auditor's report, year to 2023-03-31: qualified opinion ('except for')

    The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. The auditor (Grant Thornton, Zimbabwe) gave a qualified opinion on Bindura Nickel Corporation Limited's Group and Company financial statements for the year ended 31 March 2023. Except for one matter, the auditor found they present fairly. The matter: in earlier years foreign-currency amounts were translated at rates that did not meet IAS 21, and those errors were never corrected, so retained earnings may be misstated. The auditor also drew attention to a material uncertainty about the Group's ability to continue as a going concern: an operating loss before tax of USD 24 192 436 and current liabilities exceeding current assets by USD 13 375 451. Figures are shown as published. (auditor's report, PDF p45; verified on the page images 2026-10-08)

    Source: Bindura Nickel Corporation Limited Annual Report 2023, p45 (dated 2023-06-29)

  • Revenue

    USD 49.5 million

    49,516,639 USD units · p47

    −33.3% vs 2022

  • Operating profit / (loss)

    −USD 21.8 million

    (21,795,206) USD units · p47

    Moved from profit to loss (FY to 31 Mar 2022: 11 945 565 USD units)

  • Profit / (loss) for the year

    Not reported in this filing

  • Total assets

    USD 111 million

    110,874,159 USD units · p47

    −7.9% vs 2022

  • Total equity

    USD 41.6 million

    41,636,629 USD units · p47

    −30.7% vs 2022

  • Cash from operations

    USD 2.29 million

    2,289,551 USD units · p48

    +372.8% vs 2022

Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 31 Mar 2023 — annual report, signed / final; reported for the year · source
  • FY to 31 Mar 2022 — annual report, signed / final; comparative in the FY to 31 Mar 2023 filing · source

Income statement

Income statement, USD units. Columns: FY to 31 Mar 2023 — annual report (signed / final), as reported for the year; FY to 31 Mar 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Mar 2023Annual reportreported for the yearFY to 31 Mar 2022Annual reportcomparative in FY to 31 Mar 2023 filing
Revenue 49,516,639 74,209,630
Cost of sales (60,528,323) (51,419,892)
Gross (loss)/profit (11,011,684) 22,789,738
Other income 402,406 211,294
Distribution costs (1,547,245) (2,295,380)
Administrative expenses (7,118,533) (7,911,659)
Net exchange loss1 (2,520,150) (848,428)
(Loss)/profit from operating activities (21,795,206) 11,945,565
Net finance costs2 (2,397,230) (940,757)
(Loss)/ profit before taxation (24,192,436) 11,004,808
Income tax credit/(expense) 5,709,777 (2,942,563)
Total comprehensive (loss)/income for the year (18,482,659) 8,062,245
Notes and alternative reported figures (2)
  1. “Net exchange loss” is an issuer-specific line, not mapped to a shared definition: Printed within operating activities, before the operating result.
  2. “Net finance costs” is an issuer-specific line, not mapped to a shared definition: Note 9: finance costs net of finance income.

Balance sheet

Balance sheet, USD units. Columns: FY to 31 Mar 2023 — annual report (signed / final), as reported for the year; FY to 31 Mar 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Mar 2023Annual reportreported for the yearFY to 31 Mar 2022Annual reportcomparative in FY to 31 Mar 2023 filing
Property, plant and equipment 85,032,563 86,073,427
Loans1 433,858 125,100
Non-current assets (unlabelled subtotal) 85,466,421 86,198,527
Inventories 11,074,850 14,671,960
Trade and other receivables 12,356,402 19,240,767
Cash and short-term deposits 676,486 226,750
Financial assets2 1,300,000 –3
Current assets (unlabelled subtotal) 25,407,738 34,139,477
Total assets 110,874,159 120,338,004
Share capital 13,309 13,289
Share premium 32,345,781 32,345,476
Capital contribution4 2,631,877 2,631,877
Retained earnings 6,645,662 25,128,321
Capital and reserves (unlabelled subtotal) 41,636,629 60,118,963
Interest bearing borrowings 6,100,659 1,073,568
Environmental rehabilitation provision5 10,595,985 13,901,936
Deferred tax liability 13,740,657 19,450,434
Lease liability 17,040 50,486
Non-current liabilities (unlabelled subtotal) 30,454,341 34,476,424
Trade and other payables 29,809,892 21,276,687
Provisions 2,898 12,654
Provisional income tax 1,308,724 1,315,652
Lease liability 48,572 22,486
Interest bearing loans and borrowings6 7,613,103 3,115,138
Current liabilities (unlabelled subtotal) 38,783,189 25,742,617
Total equity and liabilities 110,874,159 120,338,004
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
Notes and alternative reported figures (5)
  1. “Loans” is an issuer-specific line, not mapped to a shared definition: Note 14: staff loans, non-current.
  2. “Financial assets”: mapping to a shared definition is uncertain. Printed 'Financial assets' (current): treasury bills pledged as security (note 18); 2022 printed as a dash.
  3. “Capital contribution” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
  4. “Environmental rehabilitation provision” is an issuer-specific line, not mapped to a shared definition: Note 21, non-current.
  5. “Interest bearing loans and borrowings”: mapping to a shared definition is uncertain. Printed 'Interest bearing loans and borrowings' (current, note 20.2); includes the bank overdraft (note 17).

Cash flow

Cash flow, USD units. Columns: FY to 31 Mar 2023 — annual report (signed / final), as reported for the year; FY to 31 Mar 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Mar 2023Annual reportreported for the yearFY to 31 Mar 2022Annual reportcomparative in FY to 31 Mar 2023 filing
Operating cash flow before working capital changes1 (12,050,338) 17,530,081
Decrease/(increase) in inventories2 1,589,743 (5,592,981)
Decrease/(increase) in trade and other receivables3 6,376,211 (12,577,164)
Increase in trade and other payables4 8,533,205 1,963,588
Cash generated from operations (unlabelled subtotal)5 4,448,821 1,323,524
Interest received 56,716 12,641
Interest paid6 (2,209,058) (851,949)
Tax paid (6,928) –7
Net cash flows from operating activities 2,289,551 484,216
Purchase of property, plant and equipment (8,344,174) (6,470,414)
Purchase of treasury bills8 (1,300,000) –9
Staff loans issued10 (575,283) (151,920)
Staff loans repaid11 113,696 –9
Net cash flows from investing activities (10,105,761) (6,622,334)
Net cash flows before financing activities12 (7,816,210) (6,138,118)
Issue of shares13 325 6,398
Interest bearing borrowings repaid (3,047,560) (2,984,595)
Interest bearing borrowings received 10,900,000 5,633,295
Principal paid on lease liability (7,360) (15,482)
Net cash flows from financing activities 7,845,405 2,639,616
Increase/(decrease) in cash and cash equivalents 29,195 (3,498,502)
Net foreign exchange differences on cash and cash equivalents (408,364) 248,147
Cash and cash equivalents at the beginning of the year (1,313,257) 1,937,098
Cash and cash equivalents at the end of the year (1,692,426) (1,313,257)
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (11)
  1. “Operating cash flow before working capital changes” is an issuer-specific line, not mapped to a shared definition: Printed subtotal (indirect method).
  2. “Decrease/(increase) in inventories” is an issuer-specific line, not mapped to a shared definition: Working-capital change (indirect method).
  3. “Decrease/(increase) in trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change (indirect method).
  4. “Increase in trade and other payables” is an issuer-specific line, not mapped to a shared definition: Working-capital change (indirect method).
  5. “Cash generated from operations (unlabelled subtotal)”: mapping to a shared definition is uncertain. Unlabelled subtotal after working-capital changes, before interest and tax.
  6. “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in operating activities; the statement does not say whether lease interest is included.
  7. “Purchase of treasury bills” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Staff loans issued” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  9. “Staff loans repaid” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  10. “Net cash flows before financing activities” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of operating and investing cash flows.
  11. “Issue of shares” is an issuer-specific line, not mapped to a shared definition: Financing activities: proceeds from shares issued.

Per share and shares

Per share and shares. Columns: FY to 31 Mar 2023 — annual report (signed / final), as reported for the year; FY to 31 Mar 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Mar 2023Annual reportreported for the yearFY to 31 Mar 2022Annual reportcomparative in FY to 31 Mar 2023 filing
Earnings / (loss) per share (per share)41 (0.01432)2 0.006313
  1. Printed as (1.432) cents; value converted to USD at 100 cents = 1 USD.
  2. Printed as 0.631 cents; value converted to USD at 100 cents = 1 USD.
Notes and alternative reported figures (2)
  1. “Basic (loss)/earnings per ordinary share (cents)”: mapping to a shared definition is uncertain. Basic (loss)/earnings per ordinary share; diluted is printed separately and differs (native eps_diluted).
  2. Earnings / (loss) per share: printed as “Basic (loss)/earnings per ordinary share (cents)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Bindura Nickel Corporation Limited Annual Report 2023

    Year ended 31 March 2023 · Annual report · signed / final

    Audit: Grant Thornton Chartered Accountants (Zimbabwe), qualified opinion · signed · includes a material-uncertainty paragraph

    Auditor's sign-off: Trevor Mungwazi, Partner, Registered Public Auditor (PAAB No: 0622), for Grant Thornton

    Final status: Independent auditor's report (qualified opinion, PDF p45) carries a handwritten 'Grant Thornton' firm signature above the typeset name of Trevor Mungwazi, Partner, Registered Public Auditor (PAAB No: 0622), dated 29 June 2023 (PDF p46, printed p89, page image). The Group statement of financial position carries handwritten signatures of M A Masundo (Board Chairman) and T Lusiyano (Managing Director), dated 27 June 2023 (PDF p47, printed p91, page image).

    Document date
    29 Jun 2023
    Auditor's report
    29 Jun 2023
    Board approval
    27 Jun 2023
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2023, FY to 31 Mar 2022
    Basis
    consolidated statements · USD units (printed “US$”)
    • The auditor (Grant Thornton, Zimbabwe) gave a qualified opinion on Bindura Nickel Corporation Limited's Group and Company financial statements for the year ended 31 March 2023. Except for one matter, the auditor found they present fairly. The matter: in earlier years foreign-currency amounts were translated at rates that did not meet IAS 21, and those errors were never corrected, so retained earnings may be misstated. The auditor also drew attention to a material uncertainty about the Group's ability to continue as a going concern: an operating loss before tax of USD 24 192 436 and current liabilities exceeding current assets by USD 13 375 451. Figures are shown as published. (auditor's report, PDF p45; verified on the page images 2026-10-08)
    • Basis: Non-compliance with International Accounting Standard (IAS) 21 - The Effect of Changes in Foreign Exchange Rates in the prior financial years and International Accounting Standard (IAS) 8 – Accounting Policies, Changes in Accounting Estimates and Errors (PDF p45).
    • No total-liabilities line is printed on the statement of financial position (p47).
    • The statement of profit or loss prints no separate profit-for-the-year line: income tax is followed directly by 'Total comprehensive (loss)/income for the year' ((18 482 659); 2022: 8 062 245) (p47); no other comprehensive income is printed. Profit for the year is recorded as not reported.
    • Audit opinion qualified: residual effects of prior-year non-compliance with IAS 21 on retained earnings (not restated under IAS 8); material uncertainty related to going concern (note 34) (PDF p45).
    • Earnings per share is printed in US cents (basic (1.432); 2022: 0.631; diluted (1.407); 2022: 0.619; headline (1.432); 2022: 0.631, p47); stored in dollars (÷100) with the printed figure and unit kept.
    Technical details
    File
    75 pages, with a text layer
    SHA-256
    ee9383f2b097503357ac2616f69148a4a088695694b0730b30065a03063ceaef
    Entity as printed
    Bindura Nickel Corporation Limited (the Company) and its subsidiaries (the Group)
    Exchange copy
    retrieved 2026-10-08T18:05:22Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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