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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) (17 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

Seed Co

SEED.ZW · Zimbabwe Stock Exchange · Company statements

On this page
Company details
Legal name
Seed Co Limited
Listing
SEED.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009011504 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 March

Overview

Year ended 31 March 2026 · annual report, signed / final · source

Read with these figures

  • Adverse audit opinion. FY to 31 Mar 2026: Basis: (a) Inaccurate application of change in functional currency; (b) Inappropriate use of internally generated exchange rates; (c) Inconsistent application of equity-accounted investee (PDF p47). Details below.
Full wording and sources

  • Auditor's report, year to 2026-03-31: adverse opinion

    The auditor gives an adverse opinion: it states that these financial statements do not present fairly the financial position and results. Figures are shown as printed, but the auditor considers the statements materially misstated as a whole. The auditor (KPMG, Zimbabwe) gave an adverse opinion on Seed Co Limited's financial statements for the year ended 31 March 2026: it states they do not present fairly the company's financial position, performance and cash flows under IFRS. The reasons: on the 2024 change of functional currency from ZWL to US dollars, property, plant and equipment, inventory and deferred tax were translated in a way that departs from IAS 21; an internally generated exchange rate was used in 2023 for seed inventory; and the associate Quton Zimbabwe was not aligned with the company's accounting policies (IAS 28). The auditor did not determine the effects, which it says touch many elements and the comparability of both years. The figures shown are as published and should not be read as a fair presentation. (auditor's report, PDF p47; verified on the page images 2026-10-08)

    Source: Seed Co Limited 2026 Annual Report, p47 (dated 2026-06-30)

  • Auditor's report, year to 2025-03-31: adverse opinion

    The auditor gives an adverse opinion: it states that these financial statements do not present fairly the financial position and results. Figures are shown as printed, but the auditor considers the statements materially misstated as a whole. Basis for adverse opinion: (1) Non-compliance with IAS 21 — use of an alternative method for the US$ opening balances of non-monetary items at the 1 April 2024 change of functional currency from ZWL to US$ (property, plant and equipment from US$ valuations, inventory from underlying US$ costs, deferred tax remeasured), with effects including revaluation of PPE overstated by US$7,833,663, depreciation understated by US$927,352, deferred tax in income tax expense understated by US$18,740,073 and the asset revaluation reserve overstated by US$971,791; (2) prior-year non-compliance: an internally generated exchange rate used for seed purchases from growers and input sales, not restated, affecting opening inventories, cost of sales and exchange gains (not quantified); (3) prior-year non-compliance: manual split of realised and unrealised exchange gains; the opinion is further modified for comparability (note 6.1.1); (4) non-compliance with IAS 28: the associate Quton Zimbabwe's cost-model PPE not aligned to the company's revaluation policy (not quantified). All items are considered material and pervasive (PDF p44, page image).

    Source: Seed Co Limited 2025 Annual Report, p44 (dated 2025-06-30)

  • Revenue

    USD 51.5 million

    51,490,209 USD units · p50

    Change not shown.

  • Operating profit / (loss)

    USD 9.57 million

    9,565,390 USD units · p50

    Change not shown.

  • Profit / (loss) for the year

    USD 8.01 million

    8,012,067 USD units · p50

    Change not shown.

  • Total assets

    USD 184 million

    184,304,894 USD units · p50

    Change not shown.

  • Total equity

    USD 141 million

    140,931,373 USD units · p50

    Change not shown.

  • Cash from operations

    USD 7.78 million

    7,781,536 USD units · p52

    Change not shown.

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.

No change rate is shown: the auditor's report on the 2026 statements gives an adverse opinion.

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 2026 — annual report, signed / final; reported for the year · source
  • FY to 31 Mar 2025 — annual report, signed / final; comparative in the FY to 31 Mar 2026 filing · source
    • Auditor's report, year to 2025-03-31: adverse opinion. The auditor gives an adverse opinion: it states that these financial statements do not present fairly the financial position and results. Figures are shown as printed, but the auditor considers the statements materially misstated as a whole. Basis for adverse opinion: (1) Non-compliance with IAS 21 — use of an alternative method for the US$ opening balances of non-monetary items at the 1 April 2024 change of functional currency from ZWL to US$ (property, plant and equipment from US$ valuations, inventory from underlying US$ costs, deferred tax remeasured), with effects including revaluation of PPE overstated by US$7,833,663, depreciation understated by US$927,352, deferred tax in income tax expense understated by US$18,740,073 and the asset revaluation reserve overstated by US$971,791; (2) prior-year non-compliance: an internally generated exchange rate used for seed purchases from growers and input sales, not restated, affecting opening inventories, cost of sales and exchange gains (not quantified); (3) prior-year non-compliance: manual split of realised and unrealised exchange gains; the opinion is further modified for comparability (note 6.1.1); (4) non-compliance with IAS 28: the associate Quton Zimbabwe's cost-model PPE not aligned to the company's revaluation policy (not quantified). All items are considered material and pervasive (PDF p44, page image).
  • FY to 31 Mar 2024 — annual report, signed / final; comparative in the FY to 31 Mar 2025 filing · source

Income statement

Income statement, USD units. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), comparative reported in the annual report for 2026; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportcomparative in FY to 31 Mar 2026 filingsource limitationsFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Revenue from contracts with customers 51,490,209 71,206,732 36,891,596
Cost of sales (25,694,663) (30,464,324) (22,107,722)
Gross profit 25,795,546 40,742,408 14,783,874
Other income 5,553,819 6,088,630 56,645,391
Operating expenses (21,783,975) (26,158,302) (22,414,026)
Sales and marketing costs1 (4,807,467) (5,124,225) (2,569,212)
General and administrative costs2 (11,539,389) (12,247,307) (10,815,771)
Research costs3 (5,948,914) (7,348,754) (4,351,261)
Movement in expected credit losses 511,795 (1,438,016) (4,677,782)
Operating profit 9,565,390 20,672,736 49,015,238
Finance income 713,943 516,774 3,112
Finance costs (4,039,383) (3,464,538) (4,767,946)
Share of profit from associates and joint venture 3,929,151 3,750,551 1,168,663
Profit before tax 10,169,101 21,475,523 31,425,544
Income tax expense (2,157,034) (3,947,597) (10,240,390)
Profit for the year 8,012,067 17,527,926 21,185,154
Other comprehensive income for the year, net of tax 5,143,501 7,791,982 (4,694,508)
Total comprehensive income for the year 13,155,568 25,319,908 16,490,646
Depreciation of PPE 2,670,431 2,409,511 2,232,658
Monetary loss4 Not reported in this filing5 Not reported in this filing76 (13,993,523)
Notes and alternative reported figures (7)
  1. “Sales and marketing costs” is an issuer-specific line, not mapped to a shared definition: Component of printed 'Operating expenses' (note 6.2).
  2. “General and administrative costs” is an issuer-specific line, not mapped to a shared definition: Component of printed 'Operating expenses' (note 6.2).
  3. “Research costs” is an issuer-specific line, not mapped to a shared definition: Component of printed 'Operating expenses' (note 6.2).
  4. “Monetary loss” is an issuer-specific line, not mapped to a shared definition: IAS 29 net monetary loss (comparative year, hyperinflation accounting in ZWL before translation to US$).
  5. Not reported in this filing: Not printed: the FY2026 statement of comprehensive income (p50), checked on the page image, has no 'Monetary loss' line in either column; between 'Operating profit' and 'Profit before tax' it prints only 'Finance income', 'Finance costs' and 'Share of profit from associates and joint venture'.
  6. Annual report dated 2025-06-30 presents this line for this year: - (p46). Not shown in this column, which follows one filing's presentation.
  7. Not reported in this filing: Not printed: the FY2026 statement of comprehensive income (p50), checked on the page image, has no 'Monetary loss' line in either column; between 'Operating profit' and 'Profit before tax' it prints only 'Finance income', 'Finance costs' and 'Share of profit from associates and joint venture'. (The FY2025 report printed '-' for 2025; this cell is settled from the FY2026 document.)

Balance sheet

Balance sheet, USD units. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), comparative reported in the annual report for 2026; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportcomparative in FY to 31 Mar 2026 filingsource limitationsFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Property, plant & equipment 45,384,259 44,904,505 39,908,229
Investment in associates & joint venture 40,483,926 31,877,064 26,601,041
Non-current financial assets1 3,571,618 128,020 2,148,496
Non-current assets (subtotal) 89,439,803 76,909,589 68,657,766
Inventories 23,978,634 25,691,875 28,922,281
Trade and other receivables 57,078,298 52,103,746 39,289,134
Amount due from related entities2 10,982,347 14,873,580 9,790,430
Other current financial assets3 300,000 2,142,856 714,286
Cash and cash equivalents 2,525,812 310,475 288,896
Current assets (subtotal) 94,865,091 95,122,532 79,005,027
Total assets 184,304,894 172,032,121 147,662,793
Share capital 531,780 527,852 527,612
Share premium 7,766,533 7,766,533 7,766,533
Share based payments reserve4 1,055,233 675,289 459,803
Asset revaluation reserve 32,593,376 34,367,548 26,976,671
Foreign currency translation reserve 33,639,549 27,839,298 27,438,193
Retained earnings 65,344,902 58,589,892 41,060,508
Total equity 140,931,373 129,766,412 104,229,320
Long-term borrowings 1,198,366 5,581,998 8,751,414
Deferred tax liability 7,324,303 7,656,852 8,267,785
Non-current liabilities (subtotal) 8,522,669 13,238,850 17,019,199
Short-term borrowings 25,567,320 16,452,839 11,149,653
Bank Overdraft5 1,472,970 2,330,789 1,926,434
Trade and other payables 2,392,083 3,135,417 8,420,993
Amount due to related entities6 2,565,110 38,488 –7
Provisions 2,733,976 3,083,678 1,939,624
Current tax liability8 119,393 3,985,648 2,977,570
Current liabilities (subtotal) 34,850,852 29,026,859 26,414,274
Total liabilities 43,373,521 42,265,709 43,433,473
Total equity and liabilities 184,304,894 172,032,121 147,662,793
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (7)
  1. “Non-current financial assets” is an issuer-specific line, not mapped to a shared definition: Note 12.
  2. “Amount due from related entities” is an issuer-specific line, not mapped to a shared definition: Note 13.1 (current).
  3. “Other current financial assets” is an issuer-specific line, not mapped to a shared definition: Note 12.
  4. “Share based payments reserve” is an issuer-specific line, not mapped to a shared definition: Note 16.1.
  5. Printed under different labels across filings: “Bank Overdraft”; “^Bank Overdraft”.
  6. “Amount due to related entities” is an issuer-specific line, not mapped to a shared definition: Note 19 (current).
  7. Printed under different labels across filings: “Current tax liability”; “Income tax payable”.

Cash flow

Cash flow, USD units. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), comparative reported in the annual report for 2026; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportcomparative in FY to 31 Mar 2026 filingsource limitationsFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Profit before tax1 10,169,101 21,475,523 31,425,544
Impairment of PPE2 –3 162,180 –3
Loss on disposal of PPE45 179,659 328,409 165,335
Share based payment6 299,074 102,854 335,446
Increase in provisions7 (349,702) 1,144,054 141,613
Finance income8 (713,943) (516,774) (3,112)
Finance costs9 4,039,383 3,464,538 4,767,946
Dividend income10 (27,772) –3 Not reported in this filing11
Unrealised exchange gains /(losses)12 514 (2,361,020) 12,709,551
Share of profit from associates and JV13 (3,929,151) (3,750,551) (1,168,663)
Operating cash flows before working capital changes14 12,337,594 22,458,724 5,730,165
Inventories15 1,713,241 3,230,406 (33,840,845)
Trade and other receivables16 (4,950,881) (12,814,612) 6,225,913
Related party receivables17 3,908,339 (4,968,822) 2,541,958
Trade and other payables18 (1,084,243) (5,588,479) (560,935)
Related party payables19 2,526,622 38,488 –20
Decrease in working capital21 2,113,078 (20,103,019) (25,633,909)
Income tax paid (6,669,136) (3,436,067) (1,531,076)
Net cash flows from operating activities 7,781,536 (1,080,362) (21,434,820)
Proceeds from disposal of PPE 242,790 100,206 71,566
Purchase of PPE (3,572,634) (2,179,797) (2,345,358)
Proceeds from financial assets22 2,134,921 861,970 1,189,048
Purchase financial assets23 (3,735,663) (337,585) –24
Dividends received25 806,611 335,341 248,692
Interest received26 690,272 516,774 3,112
Net cash flows from investing activities (3,433,703) (703,091) (832,940)
Proceeds from bank overdrafts27 3,791,103 1,446,099 10,121,887
Repayment of bank overdrafts28 (4,648,922) (1,041,745) –29
Proceeds from borrowings 28,410,769 15,309,919 48,128,050
Repayment of borrowings (23,680,187) (10,747,606) (32,346,790)
Dividend paid (2,306,786) –29 Not reported in this filing30
Interest paid31 (3,698,474) (3,161,635) (3,855,549)
Net cash flows generated from financing activities (2,132,496) 1,805,032 22,047,598
Net cash flows during the year 2,215,337 21,578 (220,162)
Effects of exchange rate movement –32 1 (286,975)
Net changes in cash and cash equivalents33 2,215,337 21,579 (507,137)
Opening cash and cash equivalents 310,475 288,896 796,033
Closing cash and cash equivalents 2,525,812 310,475 288,896
Bad debts written off34 Not reported in this filing35 Not reported in this filing3736 52,826
Effects of inflation restatement38 Not reported in this filing39 Not reported in this filing4036 (44,928,979)
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_fsda9tj75v8v.cf_op_before_wc.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_fsda9tj75v8v.cf_working_capital_change.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  4. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  5. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_fsda9tj75v8v.net_change_incl_fx.
Notes and alternative reported figures (35)
  1. “Profit before tax” is an issuer-specific line, not mapped to a shared definition: Opening line of the indirect-method reconciliation; the same figure as the income statement's profit before tax.
  2. “Impairment of PPE” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax.
  3. “Loss on disposal of PPE” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax.
  4. Printed under different labels across filings: “Loss on disposal of PPE”; “Loss/(Profit) on disposal of PPE”.
  5. “Share based payment” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax.
  6. “Increase in provisions” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax (label as printed; negative in 2026).
  7. “Finance income” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax (reversal of finance income).
  8. “Finance costs” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax (add-back of finance costs).
  9. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax.
  10. Not reported in this filing: Not printed: the FY2025 statement of cash flows (p48), checked on the page image, has no 'Dividend income' adjustment line in either column; its adjustments are Depreciation of PPE, Impairment of PPE, Loss/(Profit) on disposal of PPE, Share based payment, Increase in provisions, Finance income, Finance costs, Bad debts written off, Unrealised exchange gains/(losses), Share of profit from associates and JV and Effects of inflation restatement.
  11. “Unrealised exchange gains /(losses)” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax.
  12. “Share of profit from associates and JV” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax (reversal).
  13. “Operating cash flows before working capital changes” is an issuer-specific line, not mapped to a shared definition: Indirect method: profit before tax plus adjustments.
  14. “Inventories” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  15. “Trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  16. “Related party receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  17. “Trade and other payables” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  18. “Related party payables” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  19. “Decrease in working capital” is an issuer-specific line, not mapped to a shared definition: Total working-capital change (label as printed; a decrease in 2026, an increase in 2025).
  20. “Proceeds from financial assets” is an issuer-specific line, not mapped to a shared definition: Note 12; investing activities.
  21. “Purchase financial assets” is an issuer-specific line, not mapped to a shared definition: Note 12; investing activities.
  22. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Note 21.1; investing activities.
  23. “Interest received” is an issuer-specific line, not mapped to a shared definition: Presented in investing activities.
  24. “Proceeds from bank overdrafts” is an issuer-specific line, not mapped to a shared definition: Note 17.2; financing activities.
  25. “Repayment of bank overdrafts” is an issuer-specific line, not mapped to a shared definition: Note 17.2; financing activities.
  26. Not reported in this filing: Not printed: the FY2025 statement of cash flows (p48), checked on the page image, has no dividend-paid line in either column; its financing section prints Proceeds from bank overdrafts, Repayment of bank overdrafts, Proceeds from borrowings, Repayment of borrowings and Interest paid only.
  27. “Interest paid” is an issuer-specific line, not mapped to a shared definition: Note 17; presented in financing activities.
  28. “Net changes in cash and cash equivalents” is an issuer-specific line, not mapped to a shared definition: Net cash flows during the year plus the effect of exchange-rate movement.
  29. “Bad debts written off” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax.
  30. Not reported in this filing: Not printed: the FY2026 statement of cash flows (p52), checked on the page image, has no 'Bad debts written off' line in either column. Its adjustments are Depreciation of PPE, Impairment of PPE, Loss on disposal of PPE, Share based payment, Increase in provisions, Finance income, Finance costs, Dividend income, Unrealised exchange gains/(losses) and Share of profit from associates and JV.
  31. Annual report dated 2025-06-30 presents this line for this year: - (p48). Not shown in this column, which follows one filing's presentation.
  32. Not reported in this filing: Not printed: the FY2026 statement of cash flows (p52), checked on the page image, has no 'Bad debts written off' line in either column (the FY2025 report printed '-' for 2025; settled from the FY2026 document). Its adjustments are Depreciation of PPE, Impairment of PPE, Loss on disposal of PPE, Share based payment, Increase in provisions, Finance income, Finance costs, Dividend income, Unrealised exchange gains/(losses) and Share of profit from associates and JV.
  33. “Effects of inflation restatement” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax (IAS 29, comparative year).
  34. Not reported in this filing: Not printed: the FY2026 statement of cash flows (p52), checked on the page image, has no 'Effects of inflation restatement' line in either column. Its adjustments are Depreciation of PPE, Impairment of PPE, Loss on disposal of PPE, Share based payment, Increase in provisions, Finance income, Finance costs, Dividend income, Unrealised exchange gains/(losses) and Share of profit from associates and JV.
  35. Not reported in this filing: Not printed: the FY2026 statement of cash flows (p52), checked on the page image, has no 'Effects of inflation restatement' line in either column (the FY2025 report printed '-' for 2025; settled from the FY2026 document). Its adjustments are Depreciation of PPE, Impairment of PPE, Loss on disposal of PPE, Share based payment, Increase in provisions, Finance income, Finance costs, Dividend income, Unrealised exchange gains/(losses) and Share of profit from associates and JV.

Per share and shares

Per share and shares. Columns: FY to 31 Mar 2026 — annual report (signed / final), as reported for the year; FY to 31 Mar 2025 — annual report (signed / final), comparative reported in the annual report for 2026; FY to 31 Mar 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 Mar 2026Annual reportreported for the yearFY to 31 Mar 2025Annual reportcomparative in FY to 31 Mar 2026 filingsource limitationsFY to 31 Mar 2024Annual reportcomparative in FY to 31 Mar 2025 filing
Earnings / (loss) per share (per share)51 0.03162 0.06933 Not yet collected from the source4
Profit / (loss) attributable to shareholders (USD units)6 8,012,067 17,527,926 21,185,154
  1. Printed as 3.16 cents; value converted to USD at 100 cents = 1 USD.
  2. Printed as 6.93 cents; value converted to USD at 100 cents = 1 USD.
Notes and alternative reported figures (4)
  1. “Basic earnings per share attributable to equity holders of the parent”: mapping to a shared definition is uncertain. Basic EPS (US cents); diluted EPS is printed separately and differs (2.96; 2025: 6.49), kept as native eps_diluted.
  2. Not yet collected from the source: Printed 0.07 (2024: 0.08) under 'Earnings per share - cents'; the unit as printed is doubtful (see note); not transcribed.
  3. Earnings / (loss) per share: printed as “Basic earnings per share attributable to equity holders of the parent”.
  4. Profit / (loss) attributable to shareholders: printed as “Equity holders of the parent”.

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.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Mar 2026 Dividends paid (cash flow statement) Dividend paid (2,306,786) USD units Annual report, p52
31 Mar 2025 Dividends paid (cash flow statement) Dividend paid 0printed “–”, read as nil USD units Annual report, p52

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.

  • Seed Co Limited 2026 Annual Report

    Year ended 31 March 2026 · Annual report · signed / final

    Audit: KPMG Chartered Accountants (Zimbabwe), adverse opinion · signed

    Auditor's sign-off: KPMG Chartered Accountants (Zimbabwe), Vinay Ramabhai, Registered Auditor (PAAB 0569)

    Final status: Independent auditors' report (adverse opinion, PDF p47) closed with KPMG's firm signature as a hand-lettered image (not in the text layer) above the name of Vinay Ramabhai, Registered Auditor (PAAB 0569), dated 30 June 2026, for and on behalf of KPMG Chartered Accountants (Zimbabwe) (PDF p49, page image). Company financial statements approved by the board and signed (handwritten signatures) by the Chairman and the CEO on 26 June 2026 (PDF p46, page image). The audit report covers these statements, but its opinion is that they do NOT present fairly; the report as reproduced cites 'pages 9 to 54' (the pagination of the separate audited statements booklet), not the annual report's pages 86 to 147.

    Document date
    30 Jun 2026
    Auditor's report
    30 Jun 2026
    Board approval
    26 Jun 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2026, FY to 31 Mar 2025
    Basis
    company statements · USD units (printed “US$”)
    • The auditor (KPMG, Zimbabwe) gave an adverse opinion on Seed Co Limited's financial statements for the year ended 31 March 2026: it states they do not present fairly the company's financial position, performance and cash flows under IFRS. The reasons: on the 2024 change of functional currency from ZWL to US dollars, property, plant and equipment, inventory and deferred tax were translated in a way that departs from IAS 21; an internally generated exchange rate was used in 2023 for seed inventory; and the associate Quton Zimbabwe was not aligned with the company's accounting policies (IAS 28). The auditor did not determine the effects, which it says touch many elements and the comparability of both years. The figures shown are as published and should not be read as a fair presentation. (auditor's report, PDF p47; verified on the page images 2026-10-08)
    • Basis: (a) Inaccurate application of change in functional currency; (b) Inappropriate use of internally generated exchange rates; (c) Inconsistent application of equity-accounted investee (PDF p47).
    • ADVERSE opinion (PDF p47): (a) alternative approaches, departing from IAS 21, used to translate property, plant and equipment, inventory and deferred tax at the April 2024 change of functional currency from ZWL to US$; (b) an internally generated exchange rate used in 2023 for seed inventory from growers; (c) equity accounting for Quton Zimbabwe without aligning its cost-model PPE to the company's revaluation policy. Effects not determined. The prior year's opinion (30 June 2025) was modified for the same matters.
    • Comparative net cash flows: operating (1,080,362), investing (703,091) and financing 1,805,032 add to 21,579, against 'Net cash flows during the year' printed 21,578 and an 'Effects of exchange rate movement' of 1 bringing the net change to 21,579 (p52).
    • Earnings per share is printed in US cents (basic 3.16, diluted 2.96; 2025: 6.93 and 6.49; headline basic 2.45, diluted 2.29; 2025: 6.49 and 6.08). Dividend declared for the year 0.68 US cents (2025: 0.91), directors' report p46 (not transcribed as a fact).
    • Interest received is presented in investing activities and interest paid in financing activities (p52).
    Technical details
    File
    81 pages, with a text layer
    SHA-256
    dd2ff97c6412db23a360d46b9a2c2102d35df05a02f3d7496082fa1cc97c8c02
    Entity as printed
    Seed Co Limited (the Company)
    Issuer copy
    retrieved 2026-10-08T20:38:27Z

  • Seed Co Limited 2025 Annual Report

    Year ended 31 March 2025 · Annual report · signed / final

    Audit: KPMG Chartered Accountants (Zimbabwe), adverse opinion · signed

    Auditor's sign-off: KPMG Chartered Accountants (Zimbabwe), Vinay Ramabhai, Registered Auditor (PAAB 0569)

    Final status: Independent auditors' report (ADVERSE opinion, PDF p44) closed with KPMG's firm signature as a hand-lettered image above the name of Vinay Ramabhai, Registered Auditor (PAAB 0569), dated 30 June 2025, for and on behalf of KPMG Chartered Accountants (Zimbabwe) (PDF p45, page image). The directors' approval of the company financial statements is signed (handwritten signatures) by the Chairman, Pearson Gowero, and the CEO, Morgan Nzwere, but no approval date is printed (PDF p42, page image). The audit report covers these statements, but its opinion is that they do NOT present fairly.

    Document date
    30 Jun 2025
    Auditor's report
    30 Jun 2025
    Board approval
    date left blank in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2024
    Basis
    company statements · USD units (printed “US$”)
    • Basis for adverse opinion: (1) Non-compliance with IAS 21 — use of an alternative method for the US$ opening balances of non-monetary items at the 1 April 2024 change of functional currency from ZWL to US$ (property, plant and equipment from US$ valuations, inventory from underlying US$ costs, deferred tax remeasured), with effects including revaluation of PPE overstated by US$7,833,663, depreciation understated by US$927,352, deferred tax in income tax expense understated by US$18,740,073 and the asset revaluation reserve overstated by US$971,791; (2) prior-year non-compliance: an internally generated exchange rate used for seed purchases from growers and input sales, not restated, affecting opening inventories, cost of sales and exchange gains (not quantified); (3) prior-year non-compliance: manual split of realised and unrealised exchange gains; the opinion is further modified for comparability (note 6.1.1); (4) non-compliance with IAS 28: the associate Quton Zimbabwe's cost-model PPE not aligned to the company's revaluation policy (not quantified). All items are considered material and pervasive (PDF p44, page image).
    • Basis: (a) IAS 21 alternative method for US$ opening balances at the change of functional currency; (b) internally generated exchange rate (prior year); (c) manual realised/unrealised exchange gain split (prior year); (d) IAS 28 inconsistent policies for Quton Zimbabwe (PDF p44).
    • Net cash flows 2025: operating (1,080,362), investing (703,091) and financing 1,805,032 add to 21,579, against 'Net cash flows during the year' printed 21,578; with 'Effects of exchange rate movement' 1 the net change is printed 21,579 (p48).
    • Earnings per share NOT transcribed: the statement prints 'Earnings per share - cents' with basic 0.07 (2024: 0.08), diluted 0.06 (0.08) and headline 0.06 (0.07) (PDF p46, render checked). With profit of US$17.5 million these figures are consistent with US dollars, not cents, and the FY2026 report prints the 2025 basic EPS as 6.93 cents; the unit as printed is therefore doubtful and the figures are left for review.
    • Hidden text: the text layer of PDF p2 (table of contents) also carries the table of contents of the Seed Co International Limited 2025 annual report (group statements on pages 111-122), which is not on the rendered page; the rendered contents list only Seed Co Limited's company statements (pp89-94). No figures are in that hidden text. The text layer of some report pages (e.g. PDF pp42-44) also lacks lines that are printed on the page; the statement pages read here match their renders.
    • Interest received is presented in investing activities and interest paid in financing activities (p48). The statement of financial position also prints a 31 March 2023 column (not read).
    • All 2024 columns are headed '*31 March 2024 Restated': initially presented in ZWL, inflation-adjusted under IAS 29, then translated into US$ (note 2.1.2). Bank overdrafts were reclassified from short-term borrowings, applied to the prior year (^, p47-48).
    Technical details
    File
    70 pages, with a text layer
    SHA-256
    e9d92ed60ecbc8721ed3ce25aaede77bb3394391775659a8ffcd186e1ea15578
    Entity as printed
    Seed Co Limited (the Company)
    Issuer copy
    retrieved 2026-10-08T20:38:33Z

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