OPERATING AND FINANCIAL REVIEW

Performance for the year
The results of the Company's operations for the year are set out on page 10.

Operating review
During the year, Swala committed to entering Years 3 and 4 exploration phase of the Initial Exploration Term in both its Pangani and Kilosa – Kilombero PSAs licence areas. The work commitment in each licence during this period includes additional 2D seismic acquisition in the third contract year and drilling of one exploration well in the fourth contract year.

During the period the Company completed the seismic acquisition programmes in the Kilosa-Kilombero and Pangani licenses onshore Tanzania. The work undertaken in these licenses was in satisfaction of the exploration work commitment programme for the third contract year and a total of 630 km of 2D seismic data was acquired over both licenses allowing the Company to fulfill the minimum work program for the first three contract years as stipulated in the PSAs.The Company’s application for the Eyasi licence was terminated by the Tanzania Petroleum Development Corporation (‘’TPDC’’) following the withdrawal of its joint bidding partner. TPDC declared that the licence would be re-issued for tender and the Company has stated its intention to re-apply.
Swala Oil and Gas ( Tanzania) plc Financial Statements for the year ended 31 December 2014
Directors Report (continued)

Financial review
During the year the Company raised $4 million (before costs and expenses) by way of an Initial Public Offering (IPO) in June 2014. The Company used the funds raised from the IPO in a manner consistent with its business objectives. Prior to the IPO the Company raised $1.2 millions (before costs and expenses) by way of convertible notes issued in February 2014. These Convertible Notes were converted into shares of the Company at IPO. Following successful initial Public Offer (IPO), the Company was accepted and listed onto the Dar es Salaam Stock Exchange (“DSE”) in Tanzania on Monday 11th August 2014.

FUTURE DEVELOPMENT PLANS
The Company will continue with its work commitments for the fourth contract year of the Initial Exploration Term in the Kilosa- Kilombero and Pangani Licences areas and continue with business development by applying for other licences in Tanzania and elsewhere.
DIVIDEND
There were no dividends paid during the period

Please refer to the link below for further details

http://dse.co.tz/sites/default/files/dsefiles/SWALA%202014%20Audited%20FS.pdf

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Kindly be informed that at it 62nd Board of Directors meeting of Tanzania Cigarette Company Limited held on March 12, 2015, among others, it declared a final gross dividend of TZS 400 per share for the year ended December 31, 2014.

The last day of trading cum dividend will be held on April 1, 2015, and shares will start trading ex- dividend on April 2, 2015. The register of shareholders will close on April 09, 2015. Final gross dividend will be paid on or about May 07, 2015.

Your Sincerely
Tanzania Cigarette Company Limited.

http://dse.co.tz/sites/default/files/dsefiles/DIVIDEND%20PAYMENTS%202015.pdf

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COMPANY & BUSINESS
Sector: Bank

Proposed:  Exchange Enterprise Growth Market –The Dar es Salaam Stock Exchange (Tanzania)

Shares in Issue: 50,000,000.00

IPO Price per share: TZS 500

Offer Opening Date: 23-March-2015

Offer Closing Date: 4-May-2015

Expected Listing Date: 8-June-2015

Mwalimu Commercial Bank (MCB) has been sponsored and promoted by the Tanzania
Teacher’s Union (TTU), a Trade Union established under the Employment and Labour
Relations Act 2004. It is an umbrella trade union of teachers in Tanzania solely owned
by the teachers. With over 200,000 members across all regions in Tanzania, it is
expected to own 16% of the bank’s issued and fully paid up capital. It has also decided
to work with its economic wing, the Teacher’s Development Company Limited (TDCL)
which was registered on 7th April 2003. TDCL will take 4 % of MCB PLC’s issued and
fully paid up capital. The rest 80% will be available for the general public.

MCB PLC will be established as a commercial bank, supervised and regulated by the
Bank of Tanzania under its prudential regulatory regime. It will supply the normal
banking products, with provision that it will spread its footprints as quickly as possible
to reach TTU members; other teachers and workers; and the public in general.
Given the current financial market in Tanzania, in which some institutions offer costly
products, teachers are aspiring to establish a financial institution that enables them to
access affordable bank products or service. The establishment of the bank shall also
enable teachers to overcome economic hardships, improve standard of living and
contribute to national development

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The DSE SCHOLAR INVESTMENT CHALLENGE

An edutainment initiative with a goal of developing a culture of saving and investment among Higher learning Students

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STATEMENT BY THE CEO OF THE DAR ES SALAAM STOCK EXCHANGE MR. MOREMI MARWA ON THE LISTING O MKOMBOZI BANK (TANZANIA) LIMITED AT THE DAR ES SALAAM STOCK EXCHANGE ON 29th DECEMBER  2014

Guest of Honour, Mr. Gaudence Temu

Chairman, Mkombozi Commercial Bank PLC; Mr. Masha Kashomba

Directors, Mkombozi Commercial Bank PLC;

Acting CEO, Mkombozi Commercial Bank; Mr. Bartazar Mbilinyi

CEO, Capital Markets and Securitues Authority Mrs. Nasama Massinda

Members of the media,

Distinguished invited Guests,

Ladies and Gentlemen, good morning:

On behalf of the Dar es Salaam Stock Exchange and on my own behalf, I take this opportunity to thank you all for joining us as we officially welcome Mkombozi Commercial Bank  PLC on its listing at the Dar es Salaam Stock Exchange (DSE).

Let me also extend a very special welcome and thanks to you Guest of Honor, for accepting the invitation and joining us at this important occasion which marks another milestone in the existence of DSE.

Guest of Honour and Invited Guests, in October of last year, the DSE introduced the Enterprise Growth Market (EGM) segment, a junior market (or a second tier market) whose main objective is to enable Small and Medium Sized enterprizes to access the capital market for their long term growth capital raising and listing into the Exchange. In November last year, the first company, Maendeleo Commercial Bank was listed in the EGM. Since then, we have witnessed an increased interest from entrepreneurs, business owners and potential investors on DSE's EGM. Swala Oil & Gas became the second company to list on the EGM in August this year, listing of Mkombozi Commercial Bank today makes companies listed in the EGM into three within a period of one year.

As we know, listing into the Exchange results into among others: increased efficiencies via better allocation of resources; efficient process of capital raising; improves company's good corporate governance, increases transparency and accountability, results into more productive utilization of savings within the economy; results into development of the private sector and growth of companies; its enables expansion of investor base into the company for liquidity purposes and future capital raising and it also enlarges the pace and diversity of resources flow within the economy.

As for a specific company, listing into the Exchange results into more publicity, increased opportunities for future capital raising, in being more efficiency, increased transparency, attracting good talent, benefiting from tax incentives, and becoming more socially and economically responsible to the community. Mkombozi has therefore made the right choice to join the family of companies so it can benefit from being listed.

We at DSE, at the capital markets at large, are generally  proud of our history and performance of listed companies. The 20 listed companies have a total market capitalization of TZS 21.8 trillion, 13 of which are domestic listed companies whose market capitalization is TZS. 9.6 trillion. Listing of MKOMBOZI today will increase our market capitalization by TZS 20.6 billion and the number of listings to 21 in total, 14 domestic and 7 cross listed -- all these companies are fairly responsible to their shareholders. We believe that rules and regulations, oversight and procedures whose ultimate goal of protecting both investors and issuers have served the DSE, the capital market and the Tanzanian economy well.

Guest of Honour & Invited Guests, with those few remarks, may I take this opportunity again to thank you and all of the invited guests for celebrating this achievement with us.

Thank you

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In its regular Board Meeting No. 3/F15, the Board approved the payment of Tsh.250/= per share as the 2ndinterim dividend in F15.

Pursuant to the dividend payment declaration, the Share Register details shall remain as follows:

Closure of the Members Register          :           27th November, 2014

Trading of Shares cum Dividend            :           5th November, 2014 to 24st
November, 2014

Trading of shares Ex Dividend                :           25th November, 2014

Dividend Payment on or by                    :           19th December, 2014

Dividend will be paid directly to the Shareholder’s bank account for those who have instructed so, or through the dividend cheques issued and payables by our Transfer Secretaries, the CRDB Bank at their Branches and in areas where they do not operate, the Tanzania Postal Corporations shall make such payments on their behalf.

For the encashment of the money, the shareholders shall be required to produce their identity cards, and the original share certificates or the Dar es Salaam Stock Exchange depository receipts.

BY ORDER OF THE BOARD

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DSE Release 29th September 2014

Kilombero Seismic Showing Evidence of Multiple Structures
Swala Energy Limited ("Swala" or "the Company") is pleased to announce that the seismic survey it is
carrying out in the Kilombero Basin has provided the first evidence of multiple structures - a ‘string of
pearls’- along the western basin boundary fault. Swala has a 50% net interest in the Kilosa-Kilombero
licence in central Tanzania.

The seismic survey was planned after the 2013 seismic survey suggested structural similarities between

the Kilombero Basin and the Lokichar Basin in Kenya, where Tullow Oil (LSE:TLW) and Africa Oil

(AOI:TX) have made a significant number of discoveries. The 2013 seismic survey also identified the

Kito Prospect. As per the Company’s press release of the 11th December 2013, the Kito Prospect could

contain P50 Best Estimate contingent resources of 60.4mmbbls net to Swala.

Read more through the link below

http://dse.co.tz/sites/default/files/dsefiles/Swala%20announcement.pdf

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ABG THREE MONTHS RESULTS (SEPT, 2014)

Results for the three months ended 30 September 2014 (Unaudited)

Based on IFRS and expressed in US Dollars (US$)

African Barrick Gold plc (“ABG’’) reports third quarter results
“We are pleased to announce production of 190,986 ounces in the quarter, up 16% on Q3 2013, providing further evidence that the changes we are implementing at our operations continue to improve performance”, said Brad Gordon, CEO of African Barrick Gold. “As a result we have delivered our eighth successive quarterly reduction in all-in sustaining costs (AISC). During the quarter we generated US$17 million in net cash flow and have now increased our cash balance year to date, after returning US$14 million in dividends to our shareholders and continuing to invest in growth. The optimisation of our assets continues with good progress made during the quarter on the projects at both Bulyanhulu and North Mara and we are looking forward to setting out our longer term plan for the business at our Investor Day on 27 November.”

Operational Highlights
 Gold production of 190,986 ounces, up 16% on Q3 2013

 Gold sales of 178,490 ounces, 11% higher than Q3 2013

 AISC1,2 of US$1,098 per ounce sold, 14% lower than Q3 2013 and 1% lower than Q2 2014

 Cash costs1,2 of US$679 per ounce sold, 7% lower than both Q3 2013 and Q2 2014

 Bulyanhulu CIL Expansion produced 5,097 ounces, with commissioning due for completion in Q4 2014

 Bulyanhulu run of mine head grade increased to 8.8 grams per tonne as underground development progressed well

 Full year production guidance reiterated of upwards of 700,000 ounces with cost guidance tightened to around US$740 and
around US$1,100 per ounce sold, for cash costs and AISC respectively (previously US$740-790 and US$1,100-1,175)

Financial Highlights
 Cash position increased by US$17 million to stand at US$287 million at 30 September 2014

 Revenue of US$241 million, 9% up on Q3 2013, as higher sales volumes more than offset lower average realised gold prices

 EBITDA1,3 of US$76 million, 17% higher than Q3 2013, due to increased revenue and lower cash costs

 Net earnings1,3 of US$28 million (US6.9 cents per share), 60% higher than Q3 2013

 Operational cash flow of US$101 million (155% higher than Q3 2013), driven by increased EBITDA and indirect tax refunds

 Capital expenditure of US$81 million was in line with Q3 2013

 Remain on track to exceed the planned US$185 million of cost savings as

Refer to a link below for
http://dse.co.tz/content/abg-three-months-results-sept-2014 

more comprehensive report

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Whilst our volume grew by 5.2% in the first half of 2014; financial performance to June
30, 2014 was lower than the corresponding period in 2013.

The moderate 2.4% increase in gross turnover (TZS 224.0 billion compared to TZS 218.8
billion in the corresponding period in 2013) was not enough to shield profitability.

Gross and net profit declined by 10% to TZS 86.8 billion (June 30, 2013: TZS 96.9 billion)
and by 20% to TZS 35.3 billion (June 30, 2013: TZS 44.3 billion) respectively.

The cumulative impact of high excise tax increases since July 2012, inflation adjusted
products costs and operating expenses, negatively impacted results to June 30. Excessive
excise tax increases triggered massive consumers down-trading to more affordable low
margin brands. The latter was the main catalyst behind profitability erosion.

The Company generated TZS 59.5 billion in cash flow, of which TZS 18.2 billion was used
to pay corporate tax to June 30, 2014 and a final gross dividend of TZS 45.0 billion for the
year ended December 31, 2013.

Prospects to December 31, 2014
The 25% excise tax increase effective July 1, 2014, will put further pressure on
profitability in the second half of the year. To partially mitigate the tax impact on
consumer affordability and profitability, the Company took marginal pricing in July.
Going forward, we will continue driving our strategy to prevent further down-trading,
improve our operating margin and sustain our profitability.

Dividend
The Board of Directors declared for the six months ended June 30, an interim gross
dividend of TZS 250 per share (June 30, 2013: TZS 300). The Register of Members will
close on October 24, 2014. The last day of trading cum dividend will be October 21, 2014.
The gross interim dividend is subject to a 5% withholding tax and will be paid
to all shareholders on or about November 20, 2014.

I wish to thank the board, management, employees, customers, consumers and all
stakeholders for their continued support to TCC. I look forward to updating shareholders
on the full year performance in early 2015.

Majd Abdou
Chairman & CEO

For further details refer to the link below

http://dse.co.tz/sites/default/files/dsefiles/UNAUDITED%20FINANCIAL%20RESULTS%20JUNE%2030%202014.pdf

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Effectively from 19^th September 2014 a foreign investor may purchase the securities
of a listed company or an issuer in respect of which the issuer is making a public offer.

For further details you can refer to this link: 

http://dse.co.tz/sites/default/files/dsefiles/Foreign%20Investors%20Regulations_0.pdf

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The Directors submit their annual report together with the audited financial statements for the year ended 31 March 2014, which disclose the state of affairs of Tanzania Breweries Limited (the “Company”) and its subsidiaries, Tanzania Distilleries Limited, Darbrew Limited and Kibo Breweries Limited, (together the ‘’Group’’).
 
OPERATING AND FINANCIAL REVIEW
Market overview
The beer industry in Tanzania and in East Africa in general is becoming more competitive with more choices becoming available for the consumers. The business environment in Tanzania remained challenging with interrupted electricity supply hampering production and general infrastructure shortcomings causing challenges in delivering our products. Despite these challenges, the Company still managed to record moderate volume growth during the year.
 
Performance for the year
The Group is pleased to report a solid set of results for the year despite inflationary cost increases, market liquidity pressures and lower consumer disposable income.
 
Revenue of TShs 979,651 million represents a growth of 10% on prior year and is attributable to volume growth as well as inflationary price increases, improved efficiencies and focused cost saving initiatives. These initiatives led to 15% growth in the trading profit compared to prior year and resulted in the increase in profit for the year to TShs 203,707 million from TShs 177,128 million in 2013.
 
A total of TShs 101.9 billion was invested in capital investment compared to TShs 102.2 billion in the prior year.

Despite increased operational cost pressures resulting from a combination of rising fuel, energy and raw materials prices, the group’s cash generated from operations was TShs 313 billion reflecting a 6% increase on prior year. Of this amount, TShs 86 billion was utilised to pay corporate income tax and the remaining amount funded capital expenditure, repayment of bank borrowings, interest expenses and dividends paid to shareholders.
 
Future development
The level of business and the year-end position is satisfactory. The Company will continue with its expansion and facility upgrade programme. The Directors consider that the future prospects of the Company and the Group are promising.
 
DIVIDEND
The Board of Directors approved payment of the first, second and third interim dividend for the year ended 31 March 2014 of TShs 450 per share amounting to TShs 132,718 million (2013: TShs 300 per share amounting to TShs 88,749 million). The Directors do not recommend the payment of a final dividend.


Full Report can found in PDF version on http://dse.co.tz/content/company-announcements 

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Over the past one-year or so there has been a steady appreciation of stock prices at our stock market which has boosted the valuation of some counters that has made investors in these companies multi-millionaires.

Our domestic market capitalization has increased by more than TZS 6.5 trillion (from TZS 3.5 trillion in June 2013 to TZS 10.4 trillion this September) – if this increment in wealth was to be distributed equally among the 200,000 CDS accounts at the Exchange, each investor would have increased their wealth by TZS 32.5 million more. But we know that this can’t be distributed equally among investors as some have invested more than others, some have invested in most profitable and more price appreciating companies than others, etc – but in general that is how much wealth the stock exchange has created to its investors (i.e. pensions schemes, corporate entities, insurers, and private individuals through their savings investments either invested directly or through their asset managers). And our price-earning ratio (PER) has also almost doubled to 20 times relative to less than 10 times a year ago.

The DSE total market capitalization has increased by more than TZS 8.4 trillion (from TZS 13.7 trillion to TZS 22.1 trillion). Our indices (both total and domestic) has also reflected the same levels of increment – where the TSI index has increased by about 190 percent and DSEI has increased by more than 60 percent.

Trading turnover has also increased significantly to more than TZS 350 in the past 15 months – this is more than the past seven years trading turnover combined. Liquidity ratio is now at around 3 percent from levels of less than 1 percent during the same period.

Despite these recent significant growths in our stock market activities in terms of depth, breadth and liquidity – we still have a lot of work cut out for us. Our domestic market capitalization is still at about 20 percent of Gross Domestic Product (GDP) and liquidity ratio of 3 percent. For us to be able to improve from these levels we need to have more companies raising long-term capital and get listed into the Exchange and we need to see more trading activities in the market. In short we need to develop our capital market so it can facilitate mobilizing our local and foreign financial resources and put them into use in productive projects such as infrastructure, powers, energy, agriculture, finance extractive sector of our economy, etc.
Development of the capital market is key to the economic development of the country. As it stands, there is a strong need to deepen our capital market – and, for this to be achieved, it requires a combined effort by all parties and stakeholders -- the Government (through privatization policies for state-owned entities, local empowerment policies, implementing legislative actions meant to develop the local capital market, etc) – it is of every possible necessity that a country should focus in growing its capital market, as it facilitates implementation of its key economic policies – both fiscal and monetary. If the government takes a lead, as it is in most countries, the private sector will generally follow this lead, for capital raising purpose to sustainably finance their enterprises, for investors’ exit purposes, for better pricing of their assets, for proper valuation of their investments, etc.

Empirical evidence from other markets (especially emerging markets) indicates that development of capital markets has been driven to a great extent by offering of state owned entities (SOEs), with large-scale privatization programs typically being followed by substantial market capitalization and liquidity as well as strengthening of regulatory and corporate governance frameworks.

Secondary markets are created mainly to provide an exit route for investors and facilitate price discovery – the accurate valuation of instruments that ensures issuers are paying an appropriate price for their access to finance and investors are adequately compensated for the risk they take in providing it. Liquidity providers are crucial to this latter function, as they
take advantage of their superior expertise and information in order to arbitrage away inconsistencies in valuations as well as differences in risk appetites between investors.
There are a number of interesting relationships between market liquidity and the effect on capital market development on growth, this relationship is magnitude and very relevant.

Investors in capital markets need exit opportunities, usually through secondary markets, in order to match the maturity of available securities to their own preferred portfolios. This requires the function of market institutions, key being stock brokers and dealers willing to build inventories of financial instruments and, while sometimes these key market intermediaries are frequently denounced as mere speculative in their dealings with investors, their function is essential. In fact, insufficient liquidity is very often cited as the primary barrier to capital markets growth and development.

Evidence demonstrate that liquidity providers are generally attracted to critical mass of investors (including security borrowers and lenders) but equally they need a set of rules governing trading that are not unduly restrictive. They also benefit from trading mechanisms, including supporting clearing and settlement systems, which do not impose prohibitive transaction costs. To minimize learning costs, liquidity providers tend to require relatively large issue sizes and frequent and/or regular issuance or, alternatively, long maturities. Finally, liquidity providers rely on the existence of financial instruments whose risk profiles incorporate mostly or exclusively market risk as opposed to plethora of different risks; alternatively, other instruments through which market risks can, at least in theory, be isolated (e.g. by hedging all other sources of risk).

When market rules and trading conditions are much more benign for liquidity providers than for other investors, a market can accumulate liquidity in good times, sometimes from overseas, whose presence in the market is relatively volatile. Such excess liquidity during booms may be associated with the rapid loss of market liquidity that several developed markets saw during the financial crisis of 2008-9 and the sovereign debt crisis of 2010-12 in many developed countries. In fact, such phenomena could prove to be self-reinforcing as fear that liquidity may drain from the market at short notice is likely to drive investors away.

The strength of the disclosure system (disclosure rules, monitoring and enforcement and information dissemination) is positively correlated with stock market liquidity. The timely and credible disclosure of company information tends to not only to promote investor confidence and encourage more active participation in the market, but also to attract additional listings, thus broadening the benefits to the domestic economy. On top of mandatory disclosures, voluntary disclosures have also been shown to increase stock market liquidity by reducing bid-ask spreads. Disclosures also have an indirect effect on emerging bonds market liquidity.

It is however important to note that overall market liquidity is not an end in itself. Investors normally demands a premium from smaller firms listed in small stock markets above and beyond what would be justified by market liquidity. Thus, there is case for policies that ensures that capital markets not only attract liquidity, but also direct it towards the most productive firms, regardless of size.

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OVERVIEW

Despite slowed global economic growth, the Eastern African region’s real GDP growth accelerated from 5.3% in 2012 to 6.2% in 2013 with all countries in the region registering growth. However the growth was partly adversely affected
by spill-over effects of the March 2013 general elections in Kenya, incidents of insecurity mainly attributed to terrorism across East Africa, high bank borrowing rates, Euro debt related challenges, and challenges pertinent to transition to the
new constitutional dispensation in Kenya, and insufficient rains in calendar year 2013. Though there was a general decline in inflation in the East African economies, the rate was still high and this translated in to lower unit consumption.

Uchumi Group achieved cross listing in the stocks and securities exchanges in Nairobi-Kenya, Kigali-Rwanda; Kampala-Uganda during the year with listing in Dar es Salaam Tanzania being effected in August 2014. Uchumi shares are now trading in Kenya,
Rwanda, Uganda and Tanzania, making us a truly Eastern African company

GROWTH
Uchumi continued actualizing the Growth phase of the then Rescue Plan. During the 2013/14 financial year, 8 new branches opened in green sites, that is – Mombasa Moi Avenue branch-October 2013, Juja branch-Dec 2013, Mbale (Eastern Uganda)-Jan 2014, Kisumu and Maua branch- March 2014, Segerea in Dar es Salaam-April
2014 Makumbusho in Dar es Salaam in May 2014 and Shekilango - June 2014. By the close of the financial year 2013/14, our total branch network stood at 37 (i.e. 27 in Kenya, 4 in Tanzania and 6 in Uganda).

PERFORMANCE
The Uchumi Group has continued to record growth and profits for the eighth consecutive year since reopening. The economic and social environments were negatively impacted by challenges like the Euro debt crisis, general elections
(effect in Uganda and Kenya), freezing of public spending and effect of devolution in Kenya, high cost of living and borrowing affecting infrastructural development and customer propensity to spend among others. Total Group sales registered a marginal growth of 1% mainly due to the drop during the year in the Uganda subsidiary by 12% mainly attributed to competition, supply chain challenges and some locations becoming untenable due to infrastructural and tenancy mix challenges which may lead to our divestiture and relocation to already identified more promising locations in the coming financial year.  Tanzania sales on the other hand grew by 10% versus prior year while Kenya registered a 2% growth in sales. Gross profits grew by 2% from Kshs.2.77 billion in 2012/13 to Kshs 2.81 billion in 2013/14 as a result of initiatives aimed at maximization of trading margins. Annual customer numbers increased by 13% in 2013/14 relative to 2013/14. Operating costs also grew in line with operations as well as a result of runaway inflation. Finance costs increased to Kshs 64 million from Kshs 16 million as a result of new loan facilities in the year from ICDC and KCB. Consequently, the Group net profits before tax came down by 6.8% from Kshs 486 million in 2012/13 to Kshs 453 million in 2013/14 mainly attributed to inordinate losses in the Uganda subsidiary due to the challenges mentioned above, and the effect of investment in new branches in Kenya and Tanzania, which are yet to mature. The statement of financial position grew by 24% (or Kshs.1,311 Million), from Kshs.5,574 Million in 2012/13 to Kshs. 6,885 Million in the year 2013/14.The Government of Kenya loan advanced during Receivership for purposes of reviving Uchumi in 2006 was fully settled upon paying the last installment of Kshs. 31 million on 30th June 2014.

DIVIDENDS
Due to the expected sustained future growth in profits, the Board of Directors is recommending for approval by the shareholders a first and final dividend of Kshs 0.30 per ordinary share.

CLOSURE OF REGISTER AND DATE OF PAYMENT
The register of members will be closed on Monday 29th September 2014.  If approved, the dividend will be paid, net of with-holding tax where applicable, within three month of approval by shareholders at the next Annual General Meeting to the members whose names appear in the Register at the close of business on Friday 26th September 2014.

OUTLOOK
The Uchumi Group is expected to continue to grow in performance and business base as the new outlets mature and we have adopted cautious strategic growth approach in the Eastern African region, an initiative that will be fully supported by the impending Rights Issue and the positive effect of Cross Listing in the EAC countries. Uchumi shares are now trading in Kenya, Rwanda, Uganda and Tanzania, making us a truly Eastern African company. 


By order of the Board
Ms. KHADIJA MIRE                                   DR. JONATHAN CIANO, MBS
CHAIRPERSON                                        CHIEF EXECUTIVE OFFICER

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Commentary
The Board of Directors of Swissport Tanzania Plc is pleased to present company’s un-audited financial results for six months ended on 30th June 2014. During this period, the number of flights handled increase by 15% while the volume of cargo handled decreased by 1% when compared to the same period last year. On the other hand, total revenue increased by 17% while operating costs increased by 8%. Profit before tax increased by 38% from TZS 5,051M to TZS 6,963M. This good result is due to increase in frequencies and the use of bigger aircraft by our customer airlines, good performance of Swissport Executive Aviation Unit, enhanced operational efficiency and control of operating costs.
The construction of a new warehouse at JNIA commenced at November 2013 and is expected to be completed in March 2015. The new cargo facility will improve capacity as well as service delivery and efficiency. In addition, the new facility is designed to accommodate administration offices for the Company and provide office space for lease to our cargo customers.

Dividend
The Board is delighted to announce an interim dividend of TZS 3,926M or TZS 109.07 per issued and fully paid share (2013–TZS 2,818M or TZS78.29pershare). Pursuant to this declaration, the share register will be closed on 12th September 2013 and the last day of trading cum dividend shall be on 9th September, 2013. The interim dividend will be paid out on or about 11thNovember, 2014.

Future outlook
Our airline customers are performing well and further growth of frequencies is expected to the end of the year. Cargo volumes are expected to remain constant or increase slightly at the year end. In view of this, we are optimistic that the Company’s performance for the second half of the year will remain to be satisfactory.
By Juan Andres Alvez
Board Chairman

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Tanzania Portland Cement Company (TPCC) recorded revenues of TZS 115bn in the first half of 2014. This is an increase of 13% compared with the same period in 2013. The increase in revenue is mainly a result of increased sales volumes and overall improved performance.
The Operating Profit for the period increased by 38% compared to the same period last year, primary as a result of reduced production costs.

Prospects
The Company expects continued good results in the second half of the year. With the completion of the investment in Cement Mill 5, TPCC will be better position to take advantage of the expected increase in demand for building materials.

Dividend 
The directors declare an interim dividend of TZS 70 per share (2013: Nil) which will be paid on or about 31 October 2014.
The register of the members will close on 8th September 2014. The last day of trading cum dividend will be 3rd September 2014.

By Jean-Marc Junon
Chairman of the Board

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Introduction 
Tanga Cement Company Limited (TCCL) posted a strong performance during the first six months of the 2014 financial year. Despite the challenges presented by the prevailing market conditions that have resulted in a small decline in sales volumes, the Group managed to increase overall profitability through significant cost optimisation over the past 12 months.

Macro-Economic Overview 
The overall macro-economic conditions continue to stimulate economic growth, with both the exchange rate and inflation remaining stable. This, together with the continuous socio-economic development of the country, has stimulated new entrants to the cement manufacturing industry as well as an increase in cement imports.

The increased competition has not only placed downward pressure on cement prices, but has also made achieving the budgeted sales volumes more challenging. The growth in the domestic and export cement markets and TCCL’s reputation as a leading supplier of superior quality cement has, however, enabled the Group to be well on track to achieve its budgeted sales volumes for the full year. Despite 2014 sales revenue being 6% below the results achieved by the end of June 2013, the reduction in cost of sales resulted in the gross margin increasing to 27.9% (2013: 25.2%), a 10.7% improvement over the previous year.

Operational Overview 
Following an extensive cost optimisation programme over the past 12 months, the company has seen this positively reflected in the financial performance, with cost of sales decreasing by 9% year-on-year. Similarly, selling and administration expenses have been well contained.

Due to its cost optimisation efforts, the Group has reduced the impact of increases in input costs such as the 40% rise in the cost of electricity, enabling it to maintain stable product prices to the benefit of its customers.

The establishment of a second kiln line at Tanga is progressing well. The construction phase of this project is currently underway and is well on track to be completed, as planned, in the last quarter of 2015.
During the year the Group increased its shareholding in its sales and distribution business, Cement Distributors East Africa Limited (CDEAL), which became a wholly-owned subsidiary. A decision was made to impair the goodwill in CDEAL following the integration of parts of its business into the Tanga Cement Company Limited. The write-off amounts to Tzs 6.87bn. Excluding this write-off, net profit from operations would have amounted to Tzs 22bn, a 37.7% improvement over the same period in 2013.

Dividends 
The board has recommended an interim dividend of Tzs 55 per share (2013: Tzs 50), amounting to a total interim dividend of Tzs 3.5 billion.

Closure of the Share Register 
The register of members will close 23 September 2014. The last day of trading cum-dividend will be 18 September 2014 . The final dividend will be paid on or about 31 October 2014.

Conclusion 
Tanga Cement Company Limited remains optimistic about the future growth of the region and the implications thereof for the company. The competitive landscape will remain challenging, but we expect that the playing fields will be levelled somewhat following the Government’s removal of cement from the list of deemed capital goods for the purposes of assessing duties on imported cement. With its strong competitive advantage, leading brand and capable workforce, Tanga Cement Company Limited is well positioned to take advantage of the growth opportunities in the market.

Mr. Lawrence Masha
Chairperson of the Board

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Afisa mtendaji mkuu wa Dar es Salaam Stock Exchange akiongea na wanafunzi walioshiriki katika shindano la uwekezaji “DSE Scholar Investment Challenge 2014” wakati wa hafla ya kuwatambua wanafunzi hamsini bora na uandaaji wa mchakato wa kutafuta washindi watatu bora wa shindano hilo.

Katikati ni bwana George Kivaria  mwakilishi benki ya NMB (wadhamini wa mashindano) kushoto ni Sosthenes Kewe  Mkurugenzi wa taasisi ya uendelezaji wa huduma za fedha.

Baadhi ya wanafunzi hamsini bora wakikabidhiwa vyeti vyao na wageni rasmi, wa kwanza kotoka kushoto ni George Kivaria mkuu wa kitengo cha huduma mbadala Benki ya NMB, wapili Sosthenes 

Kewe Mtendaji mkuu taasisi ya uendelezaji wa huduma za fedha.

Wanafunzi wa vyuoni wakijiandaa kujibu maswali (kuhojiwa) katika mchakato wa kumtafuta mshindi wa shindano la uzekezaji “DSE Scholar Investment Challenge 2014”

Majaji wakifatilia majibu ya wanafunzi jinsi namna walivyofanya maamuzi ya uwekezaji katika shindano la uwekezakaji “DSE Scholar Investment Challenge”

wadau wa soko wa soko la hisa la Dar es Salam “Dar es Salaam Stock Exchange” wakifuatilia mchakato wa kutafuta washindi watatu bora.

Mshindi wakwanza wa shindano la uwekezaji “DSE Scholar Investment Challenge 2014” Laurent Dyanko kutoka chou kikuu cha kilimo, Sokoine University of Agriculture (SUA) akikabidhiwa zawadi wa shilingi milioni moja na cheti cha ushindi.

Laurent Dyanko aliweza kutumia mtaji wa milioni moja (mtaji aliogewa baada ya kujisajili katika mashindano) na kuwekeza Soko la hisa la Dar es Salaam na kuweza kuuongeza thamani kufikia takribani shilingi milioni nne na laki moja ndani ya mienzi minne.

Mshindi wapili wa shindano la uwekezaji “DSE Scholar Investment Challenge 2014” George Firimini kutoka chuo cha usimaniza wa fedha, Institute of Finance Management (IFM) akikabidhiwa zawadi wa shilingi laki sita na cheti cha ushindi

 Mshindi watatu wa shindano la uwekezaji “DSE Scholar Investment Challenge 2014” Godlove Kellya kutoka chuo kikuu cha Dar es Salaam akikabidhiwa zawadi ya shilingi laki nne na cheti cha ushindi

Mshindi watatu wa shindano la uwekezaji “DSE Scholar Investment Challenge 2014” Godlove Kellya kutoka chuo kikuu cha Dar es Salaam akikabidhiwa zawadi ya shilingi laki nne na cheti cha ushindi

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