TIDMAGTA
RNS Number : 6852J
Agriterra Ltd
14 December 2022
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Agriterra Limited / Ticker: AGTA / Index: AIM / Sector:
Agriculture
Agriterra Limited ('Agriterra' or the 'Company')
Interim Results
Agriterra Limited, the AIM listed African agricultural company,
announces its unaudited results for the six months ended 30
September 2022.
Chair's Statement
I am pleased to provide an update on our performance in the
first half of the 2023 financial year ('HY-2023'). These results
will be made available on the Company's website.
Operational update
Grain division
The Grain division commenced the period with more than 7,000
tons of maize in silos valued at MZN 87.5 million (US$ 1.4 million)
which was not milled in the prior year due to low sales volumes
caused by cheap raw maize imports flooding the informal market.
Grain strategy was revised with the main objective being to
reduce the level of debt, thus allowing grain division to break
even by:
-- Reducing finance costs,
-- Further cost reductions amounting to MZN 3m (US$ 47,000) per month.
-- Building on prior year operating initiatives such as:
o Buying cheap maize during the harvest period.
o Ensuring maize meal extraction rates remain above 78%.
o Milling from Compagri which has access to cheaper maize.
In August 2022, Grain division bank debt was refinanced with a
shareholder loan amounting US$ 6.1 million which reduced finance
costs by MZN 6 million (US$ 90 000) per month. In addition, the
Grain division managed to cut MZN 2 million (US$ 31,000)
operational costs of the targeted MZN 3 million (US$ 47,000) by
September 2022.
Grain division sales volumes were in line with the prior year at
7,947 tons (HY-2022: 7,981 tonnes) generating revenue of US$ 3.6
million (HY-2022: US$ 3.6 million). Meal sales volume were ahead of
the budget of 7,563 tons (HY-2022: 12,530 tons). Budgeted volumes
have been reduced, as compared to prior period, to avoid
unnecessary interest and stock holding expenses.
An additional US$ 1.5m shareholder loan was secured, to fund
maize working capital for the season. The business, as at 30
September 2022, has in silo a total stock of 7,444 tons of maize
(HY-2022: 18,942 tons), which will be rolled over continuously to
fund maize requirements through to April 2023. This will
necessitate the purchase of a further 5,000 tons to meet the
milling requirements until the next harvest.
Operating costs decreased by US$ 0.2m to US$ 0.5m following a
further aggressive cost cutting exercise. EBITDA decreased to US$
0.1m (HY-2022: EBITDA of US$ 0.2m) due to a higher cost of maize as
compared to the prior year. Average cost of maize is 19% higher
than prior year at US$ 227 per ton (HY-2022: US$ 191 per ton).
Finance costs increased to US$ 0.8m (HY-2022: US$ 0.7m) and
depreciation cost remained constant at US$ 0.25m. Grain incurred a
loss of US$ 0.87m for the 6 months period ending 30 September 2022
(HY-2022: Loss US$ 0.75m).
In response to the shrinking margins, Grain division is
evaluating alternative ways of sourcing maize and increasing other
milling revenues. The following mitigating actions have been
implemented:
-- Reduce finance costs and stock holding costs by borrowing
less and rolling over maize inventories equivalent to US$ 1.5
million;
-- Sourcing milling services from non-governmental
organisations. As at 30 September, Grain division won a contract to
mill 600 tons of maize for World Food Programme (WFP); and
-- Further extend the service milling to commercial customers.
Beef division
Improvement in the performance of the Beef division has been
limited by a shortage of animals in the feedlot due to a lack of
working capital. At the beginning of the period, the feedlot had
1,334 animals operating at 44% of the feedlot capacity.
The number of animals dropped to 961 by July 2022 in response to
stronger customer demand. In August 2022, Beef division received an
advance amounting to US$ 300,000 as working capital funding for the
purchase of animals. The advance enabled Beef division to purchase
1,000 animals and sales volumes are expected to increase within 90
days, and this will enable Beef division to be profitable
thereafter.
As at 30 September 2022, Beef division had 1,513 animals and
cash resources which can buy an additional 400 animals. With the
additional funding, Beef division will be able to operate at 64% of
the feedlot capacity.
Beef division generated US$ 1.7m revenue resulting in an
increase of US$ 0.2m as compared to same period last year. 455 tons
of beef were sold during the period (HY-2022: 452 tons) compared to
a budget of 653 tons. Cumulative gross profit of 23.49% was
achieved (Budget: gross profit of 25.24%). This is the second year
Beef division has achieved gross profit above 20% due to the
following measures which were implemented:
-- Effective monitoring of animal travel mass losses;
-- Careful selection and purchase of healthy animals with high
growth potential by the farm manager;
-- Aggressive pricing to meet customer demand;
-- Consistent monitoring animal meat dress out ratio to achieve
a minimum of 52% of the animal weight;
-- Streamlining processes and reducing costs.
Operational loss for the period decreased from US$ 0.276 million
to US$ 0.264 million as compared to prior year. Finance costs
decreased to US$ 27,000 (HY-2022: US$ 29,000) and the loss after
tax decreased to US$ 0.272m (HY-2022: loss US$ 0.284m).
Beef division is creating several revenue streams by
diversifying and/or creating new markets. The following initiatives
are increasing revenue for the Beef division:
-- Diversifying into the supply of goat meat. The challenge
being faced is to secure sustainable supply of goats to meet
customer demand. Management is searching for new areas to buy goats
to meet the demand.
-- Pushing more carcass sales to supermarkets in northern
Mozambique, where the imported South African meat cannot be
supplied at competitive rates.
-- Offering of a new economy cut stewing meat package for
retailers to purchase and sell in smaller portions in the informal
markets. This is proving to be very popular, and the sales are
increasing rapidly each month, driving up the value attributed to
each carcass.
-- Commenced the production of free-range pigs at the farms to
improve farm productivity and reduce cost per kg. As at 30
September 2022, Mozbife has 162 pigs. Beef division is targeting to
slaughter 40 pigs per month which will produce 5 tons of pork per
month from April 23 onwards.
Snax Division
The Snax division has seen strong market penetration reflecting
a superior quality product and has been operating above 75% of the
installed plant capacity. In August 2022, Snax division purchased a
new extruder to increase the production capacity from 110 000 bales
to 150 000 bales per month. The new extruder has been funded by
internally generated funds and Snax division has plans to expand
into new geographical markets in Mozambique.
Snax division generated US$ 1.3m revenue (HY-2022: US$ 0.7m).
Mozambique has not been immune to global price pressures which have
affected the cost of cooking oil, fuel and packaging materials.
Consequently, gross margin decreased from 32% to 19.60% as compared
to prior year. However, due to significant increase in sales
volumes, gross profit increased from US$ 206,629 to US$ 250,165.
Operating expenses increased by US$ 63,925 due to a 5% management
fee payable to Grain division. DECA Snax is a joint venture and
based on International Financial Reporting Standards, revenue is
not consolidated but the profit portion attributable to the group
is included as share of profit in equity accounted investee in the
Consolidated Income Statement.
Deca Snax reported a profit of US$ 70,000 (HY-22: US$ 94,000)
and the group's share of profit in equity accounted investee is US$
35,000 (HY-22: US$ 47,000).
Group Results
Group revenue for the half-year ended 30 September 2022
increased by 2% to US$ 5.0m (HY-2022: US$ 4.9m). As a result of
increase in the cost of fuel and packaging in all divisions, gross
profit decreased to US$ 1.1m (HY-2022: US$ 1.3m) achieving a group
gross margin of 22% (HY-2022: Gross margin of 27%). Aggressive cost
cutting in Grain and Beef division decreased operating expenses
from US$ 1.9m to US$ 1.6m as compared to prior period. Decrease in
the operating expenses mitigated the decrease in gross profit and
operating loss decreased to US$ 466,000 from US$ 510,000.
Finance costs increased by 28% to US$ 0.918m (HY-2022: US$
0.715m). Significant decrease in finance cost is expected from
October 2022 to March 2023 resulting from the refinancing of
external bank debt with the shareholder loans amounting in total to
US$ 7.9m. At least a US$ 0.5 million saving is expected by year
end.
During the period, inventories have decreased by US$ 0.051m to
US$ 2.125m as compared to 31 March 2022. Grain division is keeping
low inventory levels as a result of the revised strategy to reduce
stock holding cost and finance cost in Grain division. Net debt at
30 September 2022 was US$ 10.9m (31 March 2022: US$ 10.7m).
Outlook for H2-2023
The Grain business is entering H2-2023 with over 7,000 tons of
grain in silo which is not sufficient to take us to the next
harvest and the strategy is to rollover the working capital until
we link to the next grain buying season. This will reduce finance
cost for the group as well as stock holding expenses. On the other
hand, Beef division has already set the platform for ramping up
operations and will increase feedlot capacity utilisation to 64%.
All divisions have been striving to be self-sustaining at
low-capacity utilisation and now are expanding into profitable
operations as volumes increase after rightsizing. Management will
continuously monitor operations for profitability and seize new
market opportunities creating a group basket of products to
effectively lower overheads per product in the medium to long
term.
Grain remains the core group business and management will seek
to add value by creating additional product lines building on the
success of Deca Snax. Additionally, for the FY-23 period, we are
working on a financing programme to rebuild the beef stocks and to
improve our overall distribution of products for Deca Snax and
Mozbife.
CSO Havers
Chair
14 December 2022
For further information please VISIT www.agriterra-ltd.com or
contact:
Agriterra Limited Strand Hanson Limited
Caroline Havers caroline@agriterra-ltd.com Ritchie Balmer / James Tel: +44 (0)
Spinney / David Asquith 207 409 3494
--------------------------- --------------------------------- ---------------
Peterhouse Capital Limited
--------------------------------- ---------------
Eran Zucker/Lucy Williams/Duncan Tel: +44 (0)
Vasey 207 7469 0934
--------------------------------- ---------------
Consolidated statement of profit or loss and other comprehensive
income
Consolidated income statement
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
Note $000 $000 $000
CONTINUING OPERATIONS
Revenue 2 4,964 4,869 10,277
Cost of sales (3,883) (3,512) (7,715)
(Decrease)/Increase in fair value of
biological assets - (32) 1
Gross profit 1,081 1,325 2,563
Operating expenses (1,603) (1,900) (3,490)
Other income 56 57 86
Profit on disposal of property, plant
and equipment - 8 20
--------------
Operating loss (466) (510) (821)
Net finance costs 3 (918) (715) (1,627)
Share of profit in equity-accounted
investees, net of tax 35 47 55
--------------
Loss before taxation (1,349) (1,178) (2,393)
Taxation - - 123
-------------- -------------- ----------
Loss for the period 2 (1,349) (1,178) (2,270)
Loss for the period attributable to
owners of the Company (1,349) (1,178) (2,270)
============== ============== ==========
LOSS PER SHARE
Basic and diluted loss per share - US
Cents 4 (6.35) (5.54) (10.70)
============== ============== ==========
Consolidated Statement of comprehensive income
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
$000 $000 $000
Loss for the period (1,349) (1,178) (2,270)
Items that may be reclassified subsequently
to profit or loss:
Foreign exchange translation differences (490) 711 932
Items that will not be reclassified
to profit or loss
Revaluation of Property, plant and
equipment - - -
Other comprehensive (loss)/income for
the period (490) 711 932
-------------- -------------- ----------
Total comprehensive (loss)/income
for the period attributable to owners
of the Company (1,839) (467) (1,338)
============== ============== ==========
Consolidated statement of financial position
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
Note $000 $000 $000
Non-current assets
Property, plant and equipment 24,682 25,464 25,051
Intangible assets 10 40 18
Equity-accounted investees 91 47 56
24,783 25,551 25,125
------------- ------------- ----------
Current assets
Biological assets 421 436 463
Inventories 2,125 4,380 2,176
Trade and other receivables 1,190 1,595 824
Cash and cash equivalents 350 283 107
4,086 6,694 3,570
------------- ------------- ----------
Total assets 28,869 32,245 28,695
------------- ------------- ----------
Current liabilities
Borrowings 5 4,287 8,575 8,809
Trade and other payables 1,530 2,330 960
5,817 10,905 9,769
------------- ------------- ----------
Net current liabilities (1,731) (4,211) (6,199)
------------- ------------- ----------
Non-current liabilities
Borrowings 5 6,968 2,418 1,003
Deferred tax liability 6,243 6,371 6,243
------------- ------------- ----------
13,211 8,789 7,246
------------- ------------- ----------
Total liabilities 19,028 19,694 17,015
------------- ------------- ----------
Net assets 9,841 12,551 11,680
============= ============= ==========
Share capital 6 3,373 3,373 3,373
Share premium 151,442 151,442 151,442
Share based payments reserve 67 87 67
Revaluation reserve 12,186 12,563 12,312
Translation reserve (16,498) (16,229) (16,008)
Accumulated losses (140,729) (138,685) (139,506)
------------- ------------- ----------
Equity attributable to equity holders of the parent 9,841 12,551 11,680
============= ============= ==========
The unaudited condensed consolidated financial statements of
Agriterra Limited for the six months ended 30 September 2022 were
approved by the Board of Directors and authorised for issue on 14
December 2022.
Signed on behalf of the Board of Directors:
CSO Havers
Chair
Consolidated statement of changes in equity
Share
based
Share Share payment Translation Revaluation Accumulated Total
capital premium reserve reserve reserve losses Equity
Note US$000 US$000 US$000 US$000 US$000 US$000 US$000
-------- -------- -------- ------------ ------------ ------------ --------
Balance at 1
April 2021 3,373 151,442 87 (16,940) 12,563 (137,507) 13,018
Loss for the period - - - - - (1,178) (1,178)
Other
comprehensive
income:
Exchange translation
gain on foreign
operations
restated - - - 711 - - 711
-------- -------- -------- ------------ ------------ ------------ --------
Total comprehensive
loss for the period - - - 711 - (1,178) (467)
Transactions
with owners
Share based - - - - - - -
payments
------------
Total transactions - - - - - - -
with owners for the
period
------------
Balance at
30 September
2021 3,373 151,442 87 (16,229) 12,563 (138,685) 12,551
Loss for the
period - - - - - (1,092) (1,092)
Other
comprehensive
income:
Exchange translation
gain on foreign
operations - - - 221 - - 221
------------
Total comprehensive
income for the
period - - - 221 - (1,092) (871)
Transactions
with owners
Share based
payments - - (20) - - 20 -
Revaluation
surplus realised - - - - (251) 251 -
-------- -------- -------- ------------ ------------ ------------ --------
Total transactions
with owners for the
period - - (20) - (251) 271 -
------------
Balance at 31 March
2022 3,373 151,442 67 (16,008) 12,312 (139,506) 11,680
Loss for the period - - - - - (1,349) (1,349)
Other comprehensive
income:
Exchange translation
(loss) on foreign
operations - - - (490) - - (490)
------------
Total comprehensive
loss for the period - - - (490) - (1,349) (1,839)
Transactions with
owners
Share based payments - - - - - - -
Revaluation surplus
realised - - - - (126) 126 -
------------
Total transactions
with owners for the
period - - - - (126) 126 -
------------
Balance at
30 September
2022 3,373 151,442 67 (16,498) 12,186 (140,729) 9,841
======== ======== ======== ============ ============ ============ ========
Consolidated cash flow statement
Year
6 months ended 6 months ended ended
30 September 30 September 31 March
2022 2021 2022
Note Unaudited Unaudited Audited
$000 $000 $000
Loss before tax for the period (1,349) (1,178) (2,393)
Adjustments for:
Amortisation and depreciation 2 435 425 874
Profit on disposal of property, plant and equipment - (8) (20)
Foreign exchange (loss)/gain (493) 226 162
Decrease / (increase) in value of biological assets - 32 (1)
Net decrease / (increase) in biological assets 42 15 (12)
Share of profit in associate (35) (47) (55)
Net Finance costs 918 715 1,627
Operating cash flows before movements in working capital (482) 180 182
Decrease / (increase) in inventories 51 (3,447) (1,243)
(Increase) / decrease in trade and other receivables (366) 157 928
Increase / (decrease) in trade and other payables 570 284 (1,086)
Cash used in operating activities (227) (2,826) (1,219)
Corporation tax paid - - -
Interest received - - -
Net cash used in operating activities (227) (2,826) (1,219)
--------------- --------------- ----------
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment,
net of expenses incurred - 48 20
Acquisition of property, plant and equipment (58) (368) (79)
Acquisition of intangible assets - (3) -
Net cash used in investing activities (58) (323) (59)
--------------- --------------- ----------
Cash flow from financing activities
Finance costs 3 (918) (715) (1,627)
Net (repayment) / drawdown of overdrafts 5 (6,255) 4,087 2,236
Net drawdown / (repayment) of loans and finance leases 5 7,701 (171) 545
Net cash generated from/(used in) financing activities 528 3,201 1,154
--------------- --------------- ----------
Net increase/(decrease) in cash and cash equivalents 243 52 (124)
Effect of exchange rates on cash and cash equivalents - - -
--------------- --------------- ----------
Cash and cash equivalents at beginning of period 107 231 231
--------------- --------------- ----------
Cash and cash equivalents at end of period 350 283 107
=============== =============== ==========
General information
Agriterra Limited ('Agriterra' or the 'Company') and its
subsidiaries (together the 'Group') is focussed on the agricultural
sector in Africa. Agriterra is a non-cellular company limited by
shares incorporated and domiciled in Guernsey, Channel Islands. The
address of its registered office is Connaught House, St Julian's
Avenue, St Peter Port, Guernsey GY1 1GZ.
The Company's Ordinary Shares are quoted on the AIM Market of
the London Stock Exchange ('AIM').
The unaudited condensed consolidated financial statements have
been prepared in US Dollars ('US$' or '$') as this is the currency
of the primary economic environment in which the Group
operates.
1. Basis of preparation
The condensed consolidated financial statements of the Group for
the 6 months ended 30 September 2022 (the 'H1-2023 financial
statements'), which are unaudited and have not been reviewed by the
Company's Auditor, have been prepared in accordance with the
International Financial Reporting Standards ('IFRS'). The
accounting policies adopted by the Group are set out in the annual
report for the year ended 31 March 2022 (available at
www.agriterra-ltd.com). The Group does not anticipate any
significant change in these accounting policies for the year ended
31 March 2023.
This interim report has been prepared to comply with the
requirements of the AIM Rules of the London Stock Exchange (the
'AIM Rules'). In preparing this report, the Group has adopted the
guidance in the AIM Rules for interim accounts which do not require
that the interim condensed consolidated financial statements are
prepared in accordance with IAS 34, 'Interim financial reporting' .
Whilst the financial figures included in this report have been
computed in accordance with IFRSs applicable to interim periods,
this report does not contain sufficient information to constitute
an interim financial report as that term is defined in IFRSs.
The financial information contained in this report also does not
constitute statutory accounts under the Companies (Guernsey) Law
2008, as amended. The financial information for the year ended 31
March 2022 is based on the statutory accounts for the year then
ended. The Auditors reported on those accounts. Their report was
unqualified and referred to going concern as a key audit matter.
The Auditors drew attention to note 3 to the financial statements
concerning the Group's ability to continue as a going concern which
shows that the Group will need to renew its overdraft facilities,
maintain its current borrowings and raise further finance in order
to continue as a going concern.
The H1-2023 financial statements have been prepared in
accordance with the IFRS principles applicable to a going concern,
which contemplate the realisation of assets and liquidation of
liabilities during the normal course of operations. Having carried
out a going concern review in preparing the H1-2023 financial
statements, the Directors have concluded that there is a reasonable
basis to adopt the going concern principle.
2. Segment information
The Board considers that the Group's operating activities during
the period comprised the segments of Grain, Beef and Snax,
undertaken in Mozambique. In addition, the Group has certain other
unallocated expenditure, assets and liabilities.
The following is an analysis of the Group's revenue and results
by operating segment:
6 months ended 30 September 2022 - Grain Beef Snax Unallo-cated Elimina-tions Total
Unaudited
$000 $000 $000 $000 $000 $000
------ ------ ----- ------------- -------------- --------
Revenue
External sales(2) 3,309 1,655 - - - 4,964
Inter-segment sales(1) 245 - - - (245) -
------ ------ ----- ------------- -------------- --------
3,554 1,655 - - (245) 4,964
------ ------ ----- ------------- -------------- --------
Segment results
- Operating loss (141) (264) - (127) - (532)
- Interest expense (776) (27) - (115) - (918)
- Share of profit in equity accounted
investees - - 35 - - 35
- Other gains and losses 47 19 - - - 66
-----
(Loss)/Profit before tax (870) (272) 35 (242) - (1,349)
Income tax - - - - - -
------ ------ ----- ------------- -------------- --------
(Loss)/Profit for the period (870) (272) 35 (242) - (1,349)
====== ====== ===== ============= ============== ========
6 months ended 30 September 2021 - Grain Beef Snax Unallo-cated Elimina-tions Total
Unaudited
$000 $000 $000 $000 $000 $000
------ ------ ----- ------------- -------------- --------
Revenue
External sales(2) 3,361 1,508 - - - 4,869
Inter-segment sales(1) 247 - - - (247) -
------ ------ ----- ------------- -------------- --------
3,608 1,508 - - (247) 4,869
------ ------ ----- ------------- -------------- --------
Segment results
- Operating loss (121) (276) - (188) - (585)
- Interest expense (686) (29) - - - (715)
- Share of profit in equity accounted
investees - - 47 - - 47
- Other gains and losses 54 21 - - 75
-----
(Loss)/Profit before tax (753) (284) 47 (188) - (1,178)
Income tax - - - - - -
------ ------ ----- ------------- -------------- --------
(Loss)/Profit for the period (753) (284) 47 (188) - (1,178)
====== ====== ===== ============= ============== ========
Year ended 31 March 2022 - Audited Grain Beef Snax(1) Unallo-cated Elimina-tions Total
US$000 US$000 US$000 US$000 US$000 US$000
-------- ------- -------- ------------- -------------- --------
Revenue
External sales(2) 7,118 3,159 - - - 10,277
Inter-segment sales(1) 226 - - - (226) -
-------- ------- -------- ------------- -------------- --------
7,344 3,159 - - (226) 10,277
-------- ------- -------- ------------- -------------- --------
Segment results
- Operating loss (55) (444) - (429) - (928)
- Interest expense (1,548) (79) - - - (1,627)
- Other gains and losses 88 19 - - - 107
-Share of profit in equity-accounted
investees - - 55 - - 55
-------- ------- -------- ------------- -------------- --------
(Loss)/Profit before tax (1,515) (504) 55 (429) - (2,393)
-------- ------- -------- ------------- -------------- --------
Income tax 111 12 - - - 123
-------- ------- -------- ------------- -------------- --------
(Loss)/Profit after tax (1,404) (492) 55 (429) - (2,270)
======== ======= ======== ============= ============== ========
(1) Inter-segment sales are charged at prevailing market prices
(2) Revenue represents sales to external customer and is
recorded in the country of domicile of the Company making the
sales. Sales from the Grain and the Beef divisions are principally
for supply to the Mozambique market.
The segment items included within continuing operations in the
consolidated income statement for the periods are as follows:
Grain Beef Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000
------ ----- ------------- -------------- ------
6 months ended 30 September 2022 - Unaudited
Depreciation and amortisation 257 178 - - 435
====== ===== ============= ============== ======
6 months ended 30 September 2021 - Unaudited
Depreciation and amortisation 247 178 - - 425
==== ==== ====
Year ended 31 March 2022 - Audited
Depreciation and amortisation 502 359 13 - 874
==== ==== === ====
3. NET FINANCE COSTS
6 months ended 6 months ended Year
30 September 30 September ended
2022 2021 31 March
Unaudited Unaudited 2022
Audited
$000 $000 $000
--------------- --------------- ----------
Interest expense:
Bank loans, overdrafts and finance leases 918 715 1,627
Interest income:
Bank deposits - - -
--------------- --------------- ----------
918 715 1,627
=============== =============== ==========
4. LOSS per share
The calculation of the basic and diluted loss per share is based on the following data:
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
US$000 US$000 US$000
------------- ------------- -----------
Loss for the period/year for the purposes of basic and diluted
earnings per share attributable
to equity holders of the Company (1,349) (1,178) (2,270)
============= ============= ===========
Weighted average number of Ordinary Shares for the purposes of basic
and diluted loss per
share 21,240,618 21,240,618 21,240,618
============= ============= ===========
Basic and diluted loss per share - US cents (6.35) (5.54) (10.70)
============= ============= ===========
The Company has issued options over ordinary shares which could
potentially dilute basic loss per share in the future. There is no
difference between basic loss per share and diluted loss per share
as the potential ordinary shares are anti-dilutive.
5. Borrowings
30 September 2022 30 September 2021 31 March
2022
Unaudited Unaudited Audited
$000 $000 $000
------------------ ------------------ ---------
Non-current
Shareholder loan 6,215 - -
Bank loans 595 2,148 783
Leases 158 270 220
------------------ ------------------ ---------
6,968 2,418 1,003
Current
Shareholder loan 1,800 - -
Bank loans 2,377 288 2,438
Leases 110 105 115
Bank overdrafts - 8,182 6,256
4,287 8,575 8,809
------------------ ------------------ ---------
11,255 10,993 9,812
================== ================== =========
Group
During the period, Agriterra Limited secured shareholder loans
amounting to US$ 7.9 million from Magister Investments Limited at
an interest rate of SOFR+3% to reduce the finance cost which has
been increasing over the years and has been used to pay commercial
borrowing in Mozambique which were charged interest above 18% per
annum. The Group will save more than US$ 792,000 per annum. The
shareholder loans are made up of:
-- US$ 6.1m convertible loan facility with a 3-year tenure maturing August 2025.
-- US$ 1.8m convertible loan facility with a 12-month tenure maturing in August 2023.
Grain division
Grain division has two outstanding commercial bank loans
amounting to US$ 2.9 million. Bank loan with an outstanding balance
of US$ 2.2 million was issued in May 2019. The loan facility which
was originally issued as an overdraft facility has been
restructured several times and now is a term loan incurring an
interest rate of Bank's prime lending rate less 1.75% and matures
in July 2023. The second debt facility with an outstanding balance
of US$ 0.7 million is a 5-year term loan maturing on 31 December
2026. The facility was restructured into a term loan on 1 December
2021 with an interest of prime lending rate plus 1.5%. The
above-mentioned facilities are secured by land and buildings.
In addition, Grain division has a finance lease for 6 vehicles
maturing on 05 December 2023 with an outstanding balance amounting
to MZN 4.7m (US$ 73,587). Grain division incurs interest of 18.6%
on this facility. During the period MZN 4.2m (US$ 65,876) of the
outstanding balance was repaid.
Beef division
The outstanding balance on agricultural equipment finance lease
is MZN 12.3m (US$ 0.194m). During the period, MZN 6.8 million (US$
106,431) of the principal balance was repaid. The finance lease is
repayable over 5 years maturing in July 2024 and is secured against
certain agricultural equipment.
Reconciliation to cash flow statement
At 31 Cash flow Foreign At 30
March Exchange September
2022 2022
US$000 US$000 US$000 US$000
Non-current shareholder loan - 6,215 - 6,215
Non-current bank loans 783 (188) (1) 594
Non-current finance leases 220 (61) - 159
Current shareholder loan - 1,800 - 1,800
Current bank loans 2,438 (60) (1) 2,377
Current finance leases 115 (5) - 110
Overdrafts 6,256 (6,255) (1) -
9,812 1,446 (3) 11,255
======= ========== ========== ===========
6. Share capital
Authorised Allotted and fully paid
Number Number US$000
------------ ------------------------ -------
At 31 March 2022, 30 September 2022 and 2021 23,450,000 21,240,618 3,135
At 31 March 2022, 30 September 2022 and 2021
Deferred shares of 0.1p each 155,000,000 155,000,000 238
Total share capital 178,450,000 176,240,618 3,373
============ ======================== =======
The Company has one class of ordinary share which carries no
right to fixed income.
The deferred shares carry no right to any dividend; no right to
receive notice, attend, speak or vote at any general meeting of the
Company; and on a return of capital on liquidation or otherwise,
the holders of the deferred shares are entitled to receive the
nominal amount paid up after the repayment of GBP1,000,000 per
ordinary share. The deferred shares may be converted into ordinary
shares by resolution of the Board.
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END
IR EANALFLKAFEA
(END) Dow Jones Newswires
December 14, 2022 05:00 ET (10:00 GMT)
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