turnall h1 2010
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HALF YEAR RESULTSHALF YEAR RESULTS
JANUARYJANUARY -- JUNE 2010JUNE 201027 SEPTEMBER, 2010 J.A. JereManaging Director
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TurnallTurnall Holdings Limited,Holdings Limited, formerly theformerly theBuilding and Construction division of Building and Construction division of
TH Zimbabwe Limited,TH Zimbabwe Limited, operates through two divisionsoperates through two divisions
TurnallTurnall Building ProductsBuilding Products -- 19431943
TurnallTurnall Piping ProductsPiping Products -- 19721972
Sole shareholder of four dormant companiesSole shareholder of four dormant companiesnamelynamely Acacia Holdings Limited Acacia Holdings Limited
HasttHastt
Corporation LimitedCorporation Limited
HasttHastt Discs (Private) LimitedDiscs (Private) Limited
Tractor and Equipment (Tractor and Equipment ( PvtPvt ) Ltd) Ltd
HISTORYHISTORY
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Turnall Holdings serves its Zimbabwe & Export
Customer needs as the leading brand andmanufacturer of quality shelterand pipe products.
We will continue to grow and sustain our
profitability to satisfy Stakeholders and ourselvesby demonstrating our real commitment to ourvalues, environment and the community.
OUR VISIONOUR VISIONOUR VISION
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H.H. NkalaNkala --Non Executive ChairmanNon Executive ChairmanJ.P.J.P. MutizwaMutizwa --Non Executive Deputy ChairmanNon Executive Deputy ChairmanJJ JereJere --ExecutiveExecutiveR.SR.S DubeDube --ExecutiveExecutiveJ.J. MushayavanhuMushayavanhu --Non ExecutiveNon ExecutiveR.R. LikukumaLikukuma --Non ExecutiveNon ExecutiveC.EC.E DhlembeuDhlembeu --Non ExecutiveNon ExecutiveL.L. ManyengaManyenga --Non ExecutiveNon ExecutiveP.C.CP.C.C MoyoMoyo --Non ExecutiveNon ExecutiveC. M.C. M. GadzikwaGadzikwa --Non ExecutiveNon Executive
DIRECTORATEDIRECTORATE
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EXECUTIVE MANAGEMENTEXECUTIVE MANAGEMENT
J ohn A. J ohn A. J ere J ere -- Managing DirectorManaging DirectorRobert S.Robert S. DubeDube -- Finance DirectorFinance Director
ElizabethElizabeth MamukwaMamukwa -- HR DirectorHR DirectorEdwin KondoEdwin Kondo -- Marketing DirectorMarketing Director
FrancisFrancis ChigwedereChigwedere -- Technical Director Technical Director
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BUILDING PRODUCTSBUILDING PRODUCTSLeaders in Quality Domestic and IndustrialLeaders in Quality Domestic and IndustrialRoofingRoofing
Building ProductsBuilding ProductsEnduriteEndurite
Trafford Tile,Trafford Tile, PantilePantile
Flat Sheet SlatesFlat Sheet Slates
ReededReeded Roof TilesRoof TilesFascia, Barge Boards,Fascia, Barge Boards, TapboardTapboard
Curved HutsCurved Huts
Accessories , Rainwater Goods Accessories , Rainwater Goods
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PANTILEPANTILE
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EnduriteEndurite RoofingRoofingLow CostMarket
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Trafford TileTrafford TileLow / MediumIncome Market
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TurnallwareTurnallwareOffice/Home
Market
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PIPING PRODUCTSPIPING PRODUCTSPipesPipes
PressurePressure
(66%)(66%)
Sewer Sewer (34%)(34%)
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RAW MATERIALSRAW MATERIALS
Cement (70%)Cement (70%)Circle CementCircle Cement (Harare)(Harare)
P.P.C.P.P.C. ((BulawayoBulawayo ))
SinoSino --CementCement ((GweruGweru ))
ImportsImports
Erratic supply of Erratic supply of fibrefibre
Regional PricingRegional Pricing
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RAW MATERIALSRAW MATERIALSCementCement (70%)(70%)
ChrysotileChrysotile FibreFibre (10%)(10%)ImportationImportation
BrazilBrazilRussiaRussia
High world demandHigh world demand
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MANUFACTURINGMANUFACTURING
Factories:Factories: HarareHarare -- 2 sheeting lines2 sheeting lines BulawayoBulawayo -- 1 sheeting line1 sheeting line
-- 1 pipe plant1 pipe plantPersonnel:Personnel:
Permanent (500)Permanent (500)
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TOTAL QUALITYTOTAL QUALITYQuality Products (SABS / SAZ)Quality Products (SABS / SAZ)
SAZ 113:1987 (Pipes) 195:1976 (Sewers)SAZ 113:1987 (Pipes) 195:1976 (Sewers)
SABS 1223:2000 (Pipes) 819:1985 (Sewers)SABS 1223:2000 (Pipes) 819:1985 (Sewers)
SABS 685:1998 (Sheets) 803:1995 (Boards)SABS 685:1998 (Sheets) 803:1995 (Boards)
IS0 9000:2000IS0 9000:2000 -- QualityQuality
ISO 14001ISO 14001 -- EnvironmentalEnvironmentalISO 18000ISO 18000 -- Health and SafetyHealth and Safety
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MARKETSMARKETS
Local (94% of Sales)Local (94% of Sales)Building ProductsBuilding Products
B2BB2B B2CB2C
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MARKETSMARKETS
Pipe ProjectsPipe Projects
PressurePressure Sewer PipesSewer Pipes
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Export (6% of Sales)Export (6% of Sales)South AfricaSouth AfricaNamibiaNamibia
Botswana (10%)Botswana (10%)MozambiqueMozambique (90%)(90%)Malawi / AngolaMalawi / AngolaU.S.A.U.S.A.
MARKETS
O O OC O GOVERVIEW OF LOCAL OPERATING
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OVERVIEW OF LOCAL OPERATINGOVERVIEW OF LOCAL OPERATINGENVIRONMENTENVIRONMENT
FAIRLY STABLE POLITICAL AND ECONOMIC ENVIRONMENTFAIRLY STABLE POLITICAL AND ECONOMIC ENVIRONMENTWHEN COMPARED TO 2008 & PRIOR YEARS.WHEN COMPARED TO 2008 & PRIOR YEARS.
INTRODUCTION OF A MULTI CURRENCY REGIME & PRICE STABILITYINTRODUCTION OF A MULTI CURRENCY REGIME & PRICE STABILITY
NECESSARY CONDITIONS ARE CREATED FOR ECONOMIC RECOVERYNECESSARY CONDITIONS ARE CREATED FOR ECONOMIC RECOVERY
ECONOMY TO GROW 7.7%, 5.4% AND NOW 8.1%ECONOMY TO GROW 7.7%, 5.4% AND NOW 8.1%
HOWEVER NO MAJOR SIGNS OF FDIHOWEVER NO MAJOR SIGNS OF FDI
MARKET STILL EXPERIENCING TIGHT LIQUIDITY ASMARKET STILL EXPERIENCING TIGHT LIQUIDITY ASREFLECTED IN THE HIGH BORROWING RATESREFLECTED IN THE HIGH BORROWING RATES
FOCUS IS ON SURVIVALFOCUS IS ON SURVIVAL ISSUESISSUES FOOD, FEES ETC.FOOD, FEES ETC.
OPERATING ENVIRONMENTOPERATING ENVIRONMENT
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OPERATING ENVIRONMENTOPERATING ENVIRONMENT
IMPACT OF SLUGGISH GROWTH FELT AT THE LEVEL OFIMPACT OF SLUGGISH GROWTH FELT AT THE LEVEL OF MORTGAGES,MORTGAGES,
CAPCITY UTILIZATION LEVELSCAPCITY UTILIZATION LEVELS
GENERAL SPENDING POWERGENERAL SPENDING POWER
NO SIGN OF DONOR MONEY FOR THE LARGE INFRANO SIGN OF DONOR MONEY FOR THE LARGE INFRA --
STRUCTURAL PROJECTS DURING FIRST HALF 2010STRUCTURAL PROJECTS DURING FIRST HALF 2010
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OPERATING ENVIRONMENTOPERATING ENVIRONMENT
ON THE POSITIVE SIDE AND UNDERPINNINGON THE POSITIVE SIDE AND UNDERPINNING THE VOLUME SALES ACHIEVED THIS FAR THE VOLUME SALES ACHIEVED THIS FARWEREWERE PROCEEDS FROM TOBACCO 120M KG SOLD THISPROCEEDS FROM TOBACCO 120M KG SOLD THIS
FARFAR
COTTON AND MAIZE WHICH HAVE SHOWNCOTTON AND MAIZE WHICH HAVE SHOWNGROWTHGROWTH
USD SALARIES WHICH ARE DRIVING PRIVATEUSD SALARIES WHICH ARE DRIVING PRIVATEHOME CONSTRUCTIONHOME CONSTRUCTION
LOCAL AUTHORITIES UPGRADE OF SEWER ANDLOCAL AUTHORITIES UPGRADE OF SEWER ANDWATER RETICULATIONWATER RETICULATION
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SALES VOLUMES (T)SALES VOLUMES (T)
EXPORT LOCAL TOTAL
JAN-JUNE 10 1 853 26 824 28 677
JAN-JUNE 09 2 059 8 735
JAN- JUNE 08 4 496 18 597 23 093
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SALES VOLUME COMMENTARYSALES VOLUME COMMENTARY TOTAL VOLUMES AT 28 677 T ARE 167% AHEAD OF TOTAL VOLUMES AT 28 677 T ARE 167% AHEAD OFSAME PERIOD LAST YEAR.SAME PERIOD LAST YEAR.
90% OF THESE CAME FROM LOCAL BUILDING90% OF THESE CAME FROM LOCAL BUILDINGPRODUCTS ( ENDURITE/CORRUGATED SHEETS)PRODUCTS ( ENDURITE/CORRUGATED SHEETS)
PIPES DID NOT FEATURE STRONGLY DURING FIRSTPIPES DID NOT FEATURE STRONGLY DURING FIRSTHALF (MTSHABEZI PIPE LINE)HALF (MTSHABEZI PIPE LINE)
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O O S
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EXPORT VOLUMESEXPORT VOLUMES
ASBESTOS BAN OF JULY 2008 IN SOUTH ASBESTOS BAN OF JULY 2008 IN SOUTH AFRICA AND THE DOMINO EFFECT IN OTHER AFRICA AND THE DOMINO EFFECT IN OTHERREGIONAL MARKETSREGIONAL MARKETS --NEGATIVE IMPACTNEGATIVE IMPACT
DIVERTED VOLUMES INTO MOZAMBIQUE ANDDIVERTED VOLUMES INTO MOZAMBIQUE ANDBOTSWANABOTSWANA
LIMITED DISTRIBUTION CAPACITY (IN GROWTHLIMITED DISTRIBUTION CAPACITY (IN GROWTHPHASE)PHASE)
STRAIGHT SHEETING PRODUCT LINE IS LOWSTRAIGHT SHEETING PRODUCT LINE IS LOWMARGINMARGIN MET STIFF COMPETITION FROM OTHER SUPPLIERSMET STIFF COMPETITION FROM OTHER SUPPLIERS
( EFFECTS OF THE GLOBAL DOWNTURN)( EFFECTS OF THE GLOBAL DOWNTURN)
COMPETITION FROM ALTERNATIVESCOMPETITION FROM ALTERNATIVES
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FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
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FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTSHistorical costHistorical cost
Turnover = $13.6 million Turnover = $13.6 millionExports = $ 0.5 million [ 4% of T/O].Exports = $ 0.5 million [ 4% of T/O].
Admin. Expenses = $2.1 million [ 15.3% of T/O].Admin. Expenses = $2.1 million [ 15.3% of T/O].Selling & Distribution Expenses = $0.72 million [5.3%]Selling & Distribution Expenses = $0.72 million [5.3%]Profit from operations = $1.5 million [ 11 % return].Profit from operations = $1.5 million [ 11 % return].Attributable profit = $ 0.98 million.Attributable profit = $ 0.98 million.
Earnings per share = 0.20 centsEarnings per share = 0.20 cents
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FINANCIAL POSITIONFINANCIAL POSITIONHistorical figuresHistorical figures
Capital employed = $32.2 million.Capital employed = $32.2 million.$ 1.4 million invested in Property, Plant and$ 1.4 million invested in Property, Plant andEquipment.Equipment.Stock days = 57 days.Stock days = 57 days.Debtors days = 43 daysDebtors days = 43 days
CashCash = $866 226= $866 226ShortShort --term borrowings = $940 282term borrowings = $940 282
INCOME STATEMENT HISTORICALNCOME STATEMENT HISTORICAL
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Sixmonths Six months Audited year
ended ended ended30.06.2010 30.06.2009 31.12.2009
Continuing operations US$ US$ US$
Revenue - local 13,103,464 3,368,526 15,481,191Turnover -export 474,150 555,827 1,012,090
13,577,614 3,924,353 16,493,281
Cost of sales (9,314,812) (1,932,566) (10,402,926)
Gross profit 4,262,802 1,991,787 6,090,355Other income 18,735 13,715 15,662Selling and distribution expenses (718,056) (239,090) (860,613)
Admins trative expenses (1,882,152) (711,334) (2,425,249)Management fees (203,664) (50,035) (247,399)
Profit from continuing operations 1,477,665 1,005,043 2,572,756
Finance income 9,016 1,010 4,030Finance costs (103,309) (114,164) (189,256)
Profit before taxation 1,383,372 891,889 2,387,530Taxation (398,846) (585,680) (851,874)Current (255,517) (430,423) (1,245,805)Deferred (143,329) (155,257) 393,931
Profit for the year from continuing operationsattr ibutable to equi ty holders 984,526 306,209 1,535,656Other comprehensive income for the year, after tax:Revaluation of property, plant and equipment - - 6,582,675Net change in fair value of available-for-sale financialassetsOther comprehensive income for t he period, net of tax - - 6,582,675Total comprehensive income for the year 984,526 306,209 8,118,331
Number of shares in issue (000s) 483,945 483,945 483,945Basic earnings per share (cents) 0.2034 0.0633 0.3173
CONSOLIDATED STATEMENT of FINANCIAL POSITIONCONSOLIDATED STATEMENT of FINANCIAL POSITIONSi h d d Six months ended A di d d d
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Six months ended30.06.2010
US$
Six months ended30.06.2009
US$Audited year ended
31.12.2009US$
ASSETSNon- current assets 25,722,275 18,733,332 25,159,958Property, plant and equipment 25,722,275 18,733,332 25,159,958Current assetsInventories 3,971,278 2,890,321 3,392,815Short term investments 20,982 25,583 24,708Trade and other receivables 4,149,495 1,846,669 2,912,978Prepayments 1,550,458 131,241 306,997
Cash and cash equivalents 1,856,496 406,645 996,746Total current assets 11,548,709 5,300,459 7,634,244
37,270,984 24,033,791 32,794,202Total assetsEQUITYCapital and reserves
Share capital 4,839,4490
0Non- distributable reserve 7,708,510 15,106,292 12,494,688Revaluation reserve 6,582,675 0 6,582,675Reserve for share option granted (27,000) 0 0Retained earnings 2,520,182 306,210 1,535,656Total capital and reserves 21,623,816 15,412,502 20,613,019LIABILITIESNon-current liabilitiesLoans and borrowings 1,156,716 0 629,545Deffered tax liability 6,866,499 5,977,514 6,723,170Total non-current liabili ties 8,023,215 5,977,514 7,352,715Current liabilitiesLoans and borrowings 940,282 0 201,141Trade and other payables 4,630,509 1,787,541 2,882,446Provisions 502,359 247,614 299,066Taxation 1,500,815 408,620 1,245,806Bank overdraft 49,988 200,000 200,010Total current liabilities 7,623,953 2,643,775 4,828,469Total liabili ties 15,647,167 8,621,289 12,181,184Total equity and liabil ities 37,270,984 24,033,791 32,794,203
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DIVIDENDSDIVIDENDS
The Board, considering the current economicThe Board, considering the current economicenvironment and the need to conserve cash forenvironment and the need to conserve cash forworking capital purposes, resolved not to declareworking capital purposes, resolved not to declarean interim dividend for the half year to 30 June,an interim dividend for the half year to 30 June,2010.2010.
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OUTLOOK PERIODOUTLOOK PERIOD
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LOCAL DEMAND OUTLOOK 2010LOCAL DEMAND OUTLOOK 2010
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LOCAL DEMAND OUTLOOK 2010LOCAL DEMAND OUTLOOK 2010
WE ARE OPTIMISTIC THE CURRENT VOLUMEWE ARE OPTIMISTIC THE CURRENT VOLUMETRENDS WILL CONTINUE TO YEAR END.TRENDS WILL CONTINUE TO YEAR END.
YTD SEPTEMBER SALES ARE AT 45 000TYTD SEPTEMBER SALES ARE AT 45 000T AGAINST FULL YEAR PLAN OF 50 000T AGAINST FULL YEAR PLAN OF 50 000T
WE CONTINUE TO BENEFIT FROM TOBACCOWE CONTINUE TO BENEFIT FROM TOBACCOPROCEEDSPROCEEDS -- 120M KGs TOBACCO & COTTON120M KGs TOBACCO & COTTON
AND MAIZE. AND MAIZE.
LOCAL AUTHORITIES PROJECTS FOR SEWERLOCAL AUTHORITIES PROJECTS FOR SEWER AND WATER HAVE KICKED OFF AND WATER HAVE KICKED OFF
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LOCAL DEMAND OUTLOOK contLOCAL DEMAND OUTLOOK cont ..
CAPACITY UTILIZATION NOW STANDS ATCAPACITY UTILIZATION NOW STANDS AT
AROUND 75% FROM A FIRST HALF LEVELAROUND 75% FROM A FIRST HALF LEVELOF 50OF 50 --60%60%PIPE ORDER BOOK FULL ON THE BACK PIPE ORDER BOOK FULL ON THE BACK OF LOCAL AUTHORITY PIPE DEMANDOF LOCAL AUTHORITY PIPE DEMANDPIPE PLANT ON CARE AND MAINTENANCEPIPE PLANT ON CARE AND MAINTENANCEFOR TWO YEARS NOW RUNNING.FOR TWO YEARS NOW RUNNING.
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FIBRE SUPPLYFIBRE SUPPLYPERTINENT TO HIGHLIGHT THAT THEPERTINENT TO HIGHLIGHT THAT THE
THREAT ON THE BUSINESS DUE TO THREAT ON THE BUSINESS DUE TOFIBRE SUPPLIES HAS BEEN DEALT WITHFIBRE SUPPLIES HAS BEEN DEALT WITH
SECURED ADEQUATE SUPPLIES OFSECURED ADEQUATE SUPPLIES OFIMPORTED FIBRE REPRESENTING 6IMPORTED FIBRE REPRESENTING 6
MONTHS COVER.MONTHS COVER.IMPACT THOUGH IS ON GROSS MARGINSIMPACT THOUGH IS ON GROSS MARGINSGIVEN THAT IMPORTS ARE AT USD 1200/TGIVEN THAT IMPORTS ARE AT USD 1200/TAGAINST A LOCAL COST OF USD 690/TAGAINST A LOCAL COST OF USD 690/T
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EXPORT VOLUME OUTLOOKEXPORT VOLUME OUTLOOK
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EXPORT VOLUME OUTLOOKEXPORT VOLUME OUTLOOK
EXPORT VOLUME GROWTH WILL BE KEY BEYONDEXPORT VOLUME GROWTH WILL BE KEY BEYOND20102010
-- THETHE NON ASBESTOS PLANT IS BEING DELIVEREDNON ASBESTOS PLANT IS BEING DELIVERED AND COMMISSIONING WILL BE IN DECEMBER 2010. AND COMMISSIONING WILL BE IN DECEMBER 2010.
--TECHNOLOGY TO ALLOW TURNALL TO PENETRATETECHNOLOGY TO ALLOW TURNALL TO PENETRATETHE LUCRATIVE SA & BOTSWANA MARKET ANDTHE LUCRATIVE SA & BOTSWANA MARKET ANDOFFER A FULL RANGE OF FIBRE CEMENT PRODUCTSOFFER A FULL RANGE OF FIBRE CEMENT PRODUCTS.
-- SEE A RETURN TO 20%SEE A RETURN TO 20% --30% EXPORT VOLUME30% EXPORT VOLUMECONTRIBUTIONCONTRIBUTION
3 CHALLENGES3 CHALLENGES
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3 CHALLENGES3 CHALLENGES
FORFOR DEVELOPING COUNTRIESDEVELOPING COUNTRIESFOR OUR PEOPLE:FOR OUR PEOPLE:
Affordable Affordable HousingHousingSafe shelter Safe shelter
Access to Access to Safe Drinking Water Safe Drinking Water About 30% of developing nations About 30% of developing nationspopulation do not have accesspopulation do not have access
EffectiveEffective SanitationSanitationLess than 50% of developing nations population haveLess than 50% of developing nations population haveaccessaccess
VOLUMEVOLUME OUTLOOK BEYOND 2010OUTLOOK BEYOND 2010
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VOLUMEVOLUME OUTLOOK BEYOND 2010OUTLOOK BEYOND 2010
WATER AND SANITATIONWATER AND SANITATION BACKLOG INBACKLOG INZIMBABWEZIMBABWE
LAND REDISTRIBUTIONLAND REDISTRIBUTION --INFRASTRUCTUREINFRASTRUCTURE
BUILDING SOCIETY HOUSING DELIVERYBUILDING SOCIETY HOUSING DELIVERYSCHEMES ( USAID)SCHEMES ( USAID)
THESE IN THE LIGHT OF MILLENIUMTHESE IN THE LIGHT OF MILLENIUMDEVELOPMENTAL GOALS; MDGDEVELOPMENTAL GOALS; MDG s ( WSSD ,RIO,s ( WSSD ,RIO,JHB,DOHA)JHB,DOHA)
LOW COST HOUSING DEMAND PROFILELOW COST HOUSING DEMAND PROFILE
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LOW COST HOUSING DEMAND PROFILELOW COST HOUSING DEMAND PROFILE
BACKLOG
( UNITS)
5 YEAR PERIODSPREAD2011* 2010 2011 2012 2013
HIGHDENSITY
488
367
85000 95000 97673 100
000
111
367
TOTAL
DEMAND TILES (000)
8 790 1 530 1 710 1 758 1 800 2 004
TOTALDEMAND
TONNES
398741
69 400 77 565 79 748 81 648 90 928
3838Extract from The National Housing Policy Document 2009
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QUESTIONSQUESTIONS
??