TIDMCMB
RNS Number : 4069C
Cambria Africa PLC
16 April 2013
Cambria Africa plc
("Cambria" or the "Company")
Results for the six months ending 28 February 2013
Cambria Africa Plc (AIM:CMB) is pleased to announce its six
months results for the period ending 28 February 2013.
Cambria Africa Plc is a diversified AIM listed turnaround
investment specialist. We take active control of companies in
Zimbabwe that have untapped growth potential with the right
strategic investment. As active on the ground investors, with a
presence in Harare and London, we offer investors a gateway to
African growth and the Zimbabwean turnaround opportunity.
Highlights for the period
(All comparisons relate to the equivalent period last year,
results for the six months ending 29 February 2012, unless stated
otherwise)
-- Cambria's four main investments Payserv, Leopard Rock Hotel,
Millchem and Celsys organically increased EBITDA by 166% to US$
117k, compared to US$ 44k for the equivalent period last year
-- Central costs were reduced by 67%
-- Group operating losses significantly reduced to US$ 1.8
million, from US$15.1 million, an 88% reduction year on year
-- Net assets of US$ 21.8 million at 28 February 2013 represent
approximately a 135% premium to the current market capitalization.
Approximately 94% (US$ 33.2 million) of total assets are
tangible
-- Loss per share for the period contained at 3.7c, a decrease
of 87% when compared to 28.6c loss per share for the same period
last year
-- Millchem and Celsys grew gross profits year on year by 44%
and 17%, respectively. The Leopard Rock Hotel, however, posted a
16% reduction, significantly impacting overall portfolio gross
profit growth
-- Payserv and Millchem each generated positive EBITDA for the
period under review of US$ 451k and US$ 28k respectively. The
Leopard Rock Hotel and Celsys continued to trade at an EBITDA
loss
-- The positive impact of Cambria's strategic overhaul to ensure
transparency, create value and pave the way to profitability, is
clearly visible in the significantly improved results generated for
this period year-on-year
Contacts
Cambria Africa plc www.cambriaafrica.com
Ian Perkins +44 (0) 7831 674 585
Edzo Wisman +263 (0) 4 852 434
WH Ireland Limited www.wh-ireland.co.uk
James Joyce / Nick Field +44 (0) 20 7220 1666
Chief Executive Officer's Statement
It has been a positive first half of the 2013 financial year.
Our companies are now in a position to build on the solid
foundations laid in 2012 and realize their growth potential.
Revenues and gross profit are on a growth trajectory, EBITDA has
taken a significant leap, operating losses have been dramatically
reduced, the impact of cutting central costs is evident in the
bottom line and share price depreciation has been stemmed.
Complacency is never an option. In growth businesses there are
always fresh challenges, new areas to focus on and areas to
improve. We are pushing forward with regional expansion and
additional product lines for Millchem and Payserv and expect to see
the impact on profitability in the coming periods. We remain
conscious of the discount between our Net Assets and our market
capitalization, and continue to look at prudent opportunities to
unlock value for the benefit of shareholders.
Irrespective of country, election years always bring uncertainty
in the run up to the anticipated election, as consumers hesitate
and investors wait. Zimbabwe is no different. During the period
under review, Zimbabwe experienced bursts of liquidity shortages,
resulting in cautious consumer spending which directly contracted
growth within our portfolio.
Following the credible electoral process witnessed in the recent
constitutional referendum, Zimbabwe is moving towards harmonised
presidential and parliamentary elections later this year. The
country remains attractive in terms of strong fundamentals,
positive GDP growth, a steady increase in FDI inflows and low
inflation levels (2.91% in 2012) compared with neighbouring
countries.
Following the agreement of a new constitution, investor interest
in Zimbabwe continues to strengthen, as evidenced by the Zimbabwe
High Level Investment Conference in Johannesburg this month. Senior
Government officials from both parties presented to an audience of
investors and there is parity across the board, and political will
to continue to encourage and support investment in the country.
Results for the Period
During the period under review, revenues and gross profit of
Cambria grew to US$ 6.5 million (2012 US$ 6.4 million) and US$ 3.62
million (2012 US$ 3.55 million) respectively, representing
corresponding growth of 1.98% and 2.06% compared to the same period
in 2012.
Consolidated revenue and gross profit of Cambria's four main
investments was US$ 6.5 million and US$ 3.6 million during the
period under review, compared to US$ 5.7 and US$ 3.4 million last
year, representing an increase of 14.0% and 5.3%, respectively.
Gross profit growth was significantly impacted by year-on-year
shrinkage at the Leopard Rock Hotel, where gross profits decreased
by 16%.
Operating loss for the period under review was US$ 1.8 million,
compared to US$ 15.1 million for the equivalent period last year, a
considerable decrease of 88%. Cambria's loss per share for the
period was 3.7c, compared to 28.6c for the same period last year
representing a decrease of 87%.
As at February 28, 2013, the Company had net assets of US$ 21.8
million (2012 US$ 36.2 million), representing a 135% premium to its
current market capitalization of US$ 9.25 million. Cambria's
assets, following the various write-offs undertaken in the period
ending 31 August 2012 are almost entirely tangible (US$ 33.2
million or 94%).
As indicated in the Annual Report for FY2012, the Board is
cognisant of the disparity between the value of the Company's net
assets and its market capitalization on the AIM market, especially
given the growth rates of its investments, and its increasingly
attractive outlook towards group wide profitability. As such, and
as long as this position continues, the Board will continue to
review strategic alternatives for all of its investments to unlock
(and/or make more apparent) some of the value built-up within its
underlying investments. The outcome of this review may lead to, but
may not be limited to, a potential sale of certain assets.
On 1 October 2012 the Company raised US$ 1.4 million gross by
way of a placing with institutions of 8,615,115 new ordinary par
value shares of GBP0.0001 each at 10p per share.
Operational Review Main Investments
Consolidated results of main investments
Cambria's main investments consist of Payserv, The Leopard Rock
Hotel, Millchem and Celsys. These investments jointly had a
consolidated performance as per the following table:
(US$ '000) H1 2013 H1 2012 Growth
Revenues 6,499 5,704 14%
Gross profit 3,623 3,440 5%
Gross margin 56% 60% (8%)
SG&A 3,506 3,396 3%
EBITDA 117 44 166%
EBITDA margin 2% 1% 133%
Payserv and Millchem generated positive EBITDA each, whereas
Celsys and The Leopard Rock Hotel traded at an EBITDA loss. Growth
in gross profits was significantly impacted by a 16% decrease in
gross profits generated by the Leopard Rock Hotel.
Payserv (100% holding)
Payserv, previously trading as Paynet Group, provides EDI
switching services (Paynet), 'payslip' processing (Autopay), and
payroll based microfinance loan processing (Tradanet (51%
holding))
(US$ '000) H1 2013 H1 2012 Growth
Revenues 2,137 1,925 11%
Gross profit 1,918 1,748 10%
Gross margin 90% 91% (1%)
SG&A 1,467 1,161 26%
EBITDA 451 587 (23%)
EBITDA margin 21% 30% (31%)
Paynet continues to provide Electronic Data Interchange (EDI)
services to all 22 banks and building societies in Zimbabwe, as
well as to over 1,500 corporates. Paynet processed 7.2 million
transactions (2012: 6.0 million) during the period under review, a
20% increase.
Autopay provides payroll services to 150 customers and processed
over 143k pay slips (2012: 140k) during the period under review, or
a 0.2% increase.
Tradanet has seen growth in the volume and value of loans
processed, which grew to 35,826 (2012: 32,000) and US$ 69.5 million
(2011: US$ 63.2 million) respectively, representing 12% and 10%
increases respectively. At the end of the period the loan book
under management stood at US$ 103 million (2012: US$ 73 million),
an increase of 41% when compared to last year.
Payserv has invested significant capital into product upgrades,
new product applications and offerings, as well as entry into the
Zambian market. Conservatively, these investments have not yet been
capitalized and therefore directly impacted the income statement
during the period under review by approximately US$ 230k.
Had this investment made over the period under review been
capitalized, Payserv would have achieved a 16% increase in EBITDA,
compared to a reported decrease of 23%. The positive effects of
this investment should come through in the coming periods through
enhanced revenue growth as well as diversification of revenue
streams.
Leopard Rock Hotel Company (Pvt) Limited (Leopard Rock Hotel)
(100% holding)
The Leopard Rock Hotel is a four star hotel and resort located
in the Eastern Highlands of Zimbabwe. Its world-class golf course
has been noted as one of the finest in Africa. It also has a
family-friendly game park, casino and some of the finest food in
Zimbabwe.
(US$ '000) H1 2013 H1 2012 Growth
Revenues 1,198 1,402 (15%)
Gross profit 926 1,098 (16%)
Gross margin 77% 78% (1%)
SG&A 1,156 1,326 (13%)
EBITDA (230) (228) (1%)
EBITDA margin (19%) (16%) (18%)
The Leopard Rock Hotel is managed by Lonrho Hotels under a Hotel
Management Agreement.
When compared to last year, the Leopard Rock Hotel saw
occupancies of 54% (2012: 64 %), a decrease of 16%. Average room
rates decreased by 23% to US$ 87 (2012: US$ 113). RevPar for the
period was US$ 47, when compared to US$ 72 for the same period last
year.
The Hotel continues to operate at a loss and Cambria has
repeatedly expressed its dissatisfaction about the performance of
the Hotel to Lonrho Hotels. If the operating issues do not improve
over the coming periods, Cambria will review further strategic and
operating alternatives, which may lift performance of its
investment the Leopard Rock Hotel.
Millchem (100% holding)
Millchem, previously trading as Millpal, is a value-added
chemicals distributor with leading market positions in Zimbabwe in
solvents and metal treatment products. It recently started
distributing mining chemicals and alkyds.
US$ '000 H1 2013 H1 2012 Growth
Revenues 2,154 1,421 52%
Gross profit 438 304 44%
Gross margin 20% 21% (5%)
SG&A 410 399 3%
EBITDA 28 (95) NA
EBITDA margin 1% (7%) NA
The significant gross profit growth achieved by Millchem over
the period resulted from continued expansion of Millchem's core
solvent business, increased diversification into new, more
specialized product lines (e.g. alkyd resins, mining chemicals,
other), entry into new market sectors, and through sourcing product
at much improved terms including entry into bulk markets.
Millchem has been able to make initial sales into Zambia and
Malawi and will continue to actively pursue regional expansion.
Millchem is the only African member of the National Association
of Chemicals Distributors (NACD), the U.S. industry association for
value added chemicals distributors, making it a natural partner in
the future for U.S. chemicals producers seeking distribution in
Zimbabwe.
Celsys (60% holding)
Celsys is arguably one of the best-equipped printers in
Zimbabwe. As a result, it commands leading market positions in
security and commercial printing.
(US$ '000) H1 2013 H1 2012 Growth
Revenues 1,009 957 6%
Gross profit 341 291 17%
Gross margin 34% 30% 11%
SG&A 473 510 (7%)
EBITDA (132) (220) 40%
EBITDA margin (13%) (23%) 43%
Celsys has become focused on its print division and has made
significant strides turning an undercapitalized, 'sub-scale'
printer into one of the industry leaders in Zimbabwe. Significant
further investment into Celsys will be required by Cambria to bring
Celsys to the next level, a sustainably profitable multi-line print
concern.
Transactions processed through Celsys' legacy ATM division
continue to grow. Transactions during the period under review,
which directly relate to revenue, were 968k (2012: 822k), an
increase of 18%. With Celsys' core business being printing, Cambria
does not intend any further investment in the ATM division.
On 8 May 2012 Cambria stated its intention to acquire the
remaining 40% of Celsys' shares not already owned by the Company.
On 29 May 2012, Celsys' shareholders approved their takeover by
Cambria. This completion of this process is subject to Cambria
listing on the Zimbabwe Stock Exchange (ZSE).
Cambria previously announced on 31 August 2012 that its proposed
listing on the (ZSE) had been rescheduled to take place following
the publication of its audited results for the year ended 31 August
2012. In the interim, Celsys Limited has been suspended from
trading on the ZSE, effective from 28 August 2012 subject to and
until the proposed ZSE listing of Cambria. Cambria advises that it
continues to engage the ZSE with regard to the proposed listing and
will provide a further update in due course.
Other and corporate overheads
ForgetMeNot Africa Limited (FMNA) (51% holding)
On February 14, 2013, Cambria announced the completion of the
sale of its 51% stake in FMNA, a mobile phone technology venture,
to ForgetMeNot Software Limited (FMN), its joint venture partner in
FMNA. Proceeds of the sale of US$ 250k, which are payable on
achieving certain milestones or at latest 24 months from completion
of the sale, have been accounted for as a contingent asset.
FMNA generated US$ 17k (2012: US$ 1.6 million) in operating
losses during the period under review.
Diospyros Investments (Private) Limited (t/a "CES Zimbabwe")
(CES) (100% holding)
CES Zimbabwe, which provides IT services, is jointly managed by
Cambria and Complete Enterprise Solutions Mauritius (CES Mauritius)
through a franchise agreement between CES Mauritius and Cambria
sharing investment, risk and profits in CES.
On August 24, 2012, Cambria announced it had executed agreements
related to the conditional sale of its shares in Diospyros
Investments (Pvt) Ltd (Diospyros) to CES Mauritius. Under this
agreement, Cambria is to receive US$ 0.2 million from CES Mauritius
for the shares, completion of which is conditional on certain
regulatory approvals being obtained. As of the date of this report
these regulatory approvals had not yet been received.
CES Zimbabwe generated US$ 98k (2012: US$ 90k) in operating
losses during the period under review.
LonZim Air (B.V.I.) Limited (100% holding)
LonZim Air incurred US$ 104k in operating losses for the period
under review, largely related to legal expenses related to the
various disputes it has with 540 (Uganda) Limited and Five Forty
Aviation Limited (jointly "540") related to three aircraft which
were previously owned by LonZim Air and leased to 540.
Corporate overheads
Cambria incurred US$ 1.2 million in central costs for the period
under review, compared to US$ 3.6 million last year, a reduction of
67%.
Closing statement
In 2012 Cambria had a clear vision of what needed to be done to
strengthen the portfolio. 2013 is a time for patience and tenacity
as we allow the strategic measures implemented to do what they were
designed to do. Moreover, 2013 is a time for exploring regional
opportunities to capitalize on the success built in Zimbabwe.
As in the past our objective remains the same: To relentlessly
pursue value for our shareholders.
Edzo Wisman
Chief Executive Officer
15 April 2013
Consolidated Interim Income Statement
For the period ended 28 February 2013
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
28 February 29 February 31 August
2013 2012 2012
US$'000 US$'000 US$'000
--------------------------------------------- ------------------------- ------------------------------- -----------
Revenue 6,499 6,373 11,988
Cost of Sales (2,876) (2,823) (5,200)
--------------------------------------------- ------------------------- ------------------------------- -----------
Gross profit 3,623 3,550 6,788
Operating Costs (5,441) (7,853) (13,158)
Accelerated Write-off of Intangibles
and Goodwill Impairment - (9,955) (10,618)
Net losses on Disposal of Investments
and Impairment of Assets (25) (844) (1,621)
--------------------------------------------- ------------------------- ------------------------------- -----------
Results from operating activities before
net finance costs (1,843) (15,102) (18,609)
Finance Income 160 222 312
Finance Expense (480) (174) (674)
--------------------------------------------- ------------------------- ------------------------------- -----------
Net finance costs (320) 48 (362)
--------------------------------------------- ------------------------- ------------------------------- -----------
Loss before tax (2,163) (15,054) (18,971)
Income tax (164) 68 (496)
--------------------------------------------- ------------------------- ------------------------------- -----------
Loss of the period from continuing
operations (2,327) (14,986) (19,467)
--------------------------------------------- ------------------------- ------------------------------- -----------
Discontinued Operations
Loss for the period from discontinued
operations (229) - (6,221)
--------------------------------------------- ------------------------- ------------------------------- -----------
Loss for the period (2,556) (14,986) (25,688)
--------------------------------------------- ------------------------- ------------------------------- -----------
Attributable to
Owners of the Company (2,610) (16,541) (27,271)
Non-controlling Interests 54 1,555 1,583
--------------------------------------------- ------------------------- ------------------------------- -----------
Loss for the period (2,556) (14,986) (25,688)
--------------------------------------------- ------------------------- ------------------------------- -----------
Earnings per share
--------------------------------------------- ------------------------- ------------------------------- -----------
Basic and diluted loss per share (US
Cents) (3.7c) (28.6c) (47.1c)
--------------------------------------------- ------------------------- ------------------------------- -----------
Earnings per share - continuing operations
--------------------------------------------- ------------------------- ------------------------------- -----------
Basic and diluted loss per share (US
Cents) (3.4c) (28.6c) (36.6c)
--------------------------------------------- ------------------------- ------------------------------- -----------
Consolidated Interim Statement of Comprehensive Income
For the period ended 28 February 2013
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
28 February 29 February 31 August
2013 2012 2012
US$'000 US$'000 US$'000
------------------------------------------ ---------------------------- ------------------------------ -----------
Loss for the period (2,556) (14,986) (25,688)
Other comprehensive income
Foreign currency translation differences
for overseas operations - - (1,601)
Deferred tax adjustment - (2,839) (2,839)
Revaluation of property, plant and
equipment - - 273
------------------------------------------ ---------------------------- ------------------------------ -----------
Total comprehensive loss for the period (2,556) (17,825) (29,855)
------------------------------------------ ---------------------------- ------------------------------ -----------
Attributable to
Owners of the company (2,610) (19,380) (28,562)
Non-controlling interest 54 1,555 (1,293)
------------------------------------------ ---------------------------- ------------------------------ -----------
Total comprehensive loss for the period (2,556) (17,825) (29,855)
------------------------------------------ ---------------------------- ------------------------------ -----------
Consolidated Interim Statement of Financial Position
For the period ended 28 February 2013
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
28 February 29 February 31 August
2013 2012 2012
US$'000 US$'000 US$'000
------------------------------- ------------------------------ ------------------------- --------------------------
Assets
Property, plant and equipment 24,671 24,474 25,250
Biological Assets 86 85 83
Goodwill 717 717 717
Intangible assets 1,365 1,837 1,551
Long-term receivables 2,635 5,754 3,229
Deferred tax assets - 676 -
------------------------------- ------------------------------ ------------------------- --------------------------
Total non-current assets 29,474 33,543 30,830
------------------------------- ------------------------------ ------------------------- --------------------------
Inventories 1,080 1,100 936
Other Investments 60 103 42
Trade and other receivables 2,807 4,323 2,625
Cash and cash equivalents 1,548 345 468
Assets held for sale 316 3,451 361
------------------------------- ------------------------------ ------------------------- --------------------------
Total current assets 5,811 9,322 4,432
------------------------------- ------------------------------ ------------------------- --------------------------
Total assets 35,285 42,865 35,262
------------------------------- ------------------------------ ------------------------- --------------------------
Equity
Issued share capital 12 11 11
Share premium account 78,798 77,399 77,399
Revaluation reserve 3,046 3,718 3,124
Share based payment reserve 86 261 355
Foreign exchange reserve (10,624) (14,693) (10,629)
Non-distributable reserves 2,128 2,128 2,128
Accumulated losses (49,845) (30,936) (47,312)
------------------------------- ------------------------------ ------------------------- --------------------------
Equity attributable to the
owners
of the company 23,601 37,888 25,076
Non-controlling interests (1,789) (1,729) (1,785)
------------------------------- ------------------------------ ------------------------- --------------------------
Total equity 21,812 36,159 23,291
------------------------------- ------------------------------ ------------------------- --------------------------
Liabilities
Loans and borrowings 4,553 - 2,054
Provisions 415 914 161
Deferred tax liabilities 4,182 636 4,108
------------------------------- ------------------------------ ------------------------- --------------------------
Total non-current liabilities 9,150 1,550 6,323
------------------------------- ------------------------------ ------------------------- --------------------------
Bank overdrafts 535 155 337
Current tax liabilities 211 258 284
Loans and borrowings 948 1,633 1,692
Trade and other payables 2,150 3,110 2,825
Liabilities held for sale 479 - 510
------------------------------- ------------------------------ ------------------------- --------------------------
Total current liabilities 4,323 5,156 5,648
------------------------------- ------------------------------ ------------------------- --------------------------
Total liabilities 13,473 6,706 11,971
------------------------------- ------------------------------ ------------------------- --------------------------
Total equity and liabilities 35,285 42,865 35,262
------------------------------- ------------------------------ ------------------------- --------------------------
Consolidated Interim Statement of Changes in Equity
For the period ended 28 February 2013
Attributable to owners of the Company
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Share Share Re- Foreign Share Retained NDR Total Non- Total
Capital Premium valuation exchange based earnings controlling Equity
reserve reserve payment interests
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
AUDITED
Balance at 31
August
2011 10 75,854 6,327 (12,276) 270 (20,676) 3,044 52,553 (492) 52,061
Loss for the year - - - - - (27,271) - (27,271) 1,583 (25,688)
Revaluation of
property - - 273 - - - - 273 - 273
Deferred tax
adjustment - - (2,839) - - - - (2,839) - (2,839)
Foreign currency
translation
differences
for overseas
operations - - (394) 1,626 - (2,833) - (1,601) - (1,601)
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Total
comprehensive
loss for the
year - - (2,960) 1,626 - (30,104) - (31,438) 1,583 (29,855)
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Contributions by
and distributions
to owners
Reclassification
of reserves - - (243) 21 - 3,468 (916) 2,330 (2,330) -
Dividends paid - - - - - - - - (546) (546)
Issue of shares 1 1,545 - - - - - 1,546 - 1,546
Share based
payment
transactions - - - - 85 - - 85 - 85
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Total
contributions
by and
distributions
to owners 1 1,545 (243) 21 85 3,468 (916) 3,961 (2,876) 1,085
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
BALANCE AT 31
AUGUST
2012 11 77,399 3,124 (10,629) 355 (47,312) 2,128 25,076 (1,785) 23,291
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
UNAUDITED
Balance at 31
August
2011 10 75,854 6,327 (12,276) 270 (20,676) 3,044 52,553 (492) 52,061
Loss for the
period - - - - - (16,541) - (16,541) 1,555 (14,986)
Deferred tax
adjustment - - (2,839) - - - - (2,839) - (2,839)
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Total
comprehensive
loss for the
period - - (2,839) - - (16,541) - (19,380) 1,555 (17,825)
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Contributions by
and distributions
to owners
Reclassification
of reserves - - 230 (2,417) (9) 6,281 (916) 3,169 (2,330) 839
Dividends paid - - - - - - - - (462) (462)
Issue of shares 1 1,545 - - - - - 1,546 - 1,546
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Total
contributions
by and
distributions
to owners 1 1,545 230 (2,417) (9) 6,281 (916) 4,715 (2,792) 1,923
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
BALANCE AT 28
FEBRUARY
2012 11 77,399 3,718 (14,693) 261 (30,936) 2,128 37,888 (1,729) 36,159
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
UNAUDITED
Balance at 31
August
2012 11 77,399 3,124 (10,629) 355 (47,312) 2,128 25,076 (1,785) 23,291
Loss for the
period - - - - - (2,610) - (2,610) 54 (2,556)
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Total
comprehensive
loss for the
period - - - - - (2,610) - (2,610) 54 (2,556)
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Contributions by
and distributions
to owners
Reclassification
of reserves - - (78) - - 29 - (49) - (49)
Disposal of
Entity - - - 5 - 48 - 53 52 105
Dividends paid - - - - - - - - (110) (110)
Issue of shares 1 1,399 - - - - - 1,400 - 1,400
Share based
payment
transactions - - - - (269) - (269) - (269)
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Total
contributions
by and
distributions
to owners 1 1,399 (78) 5 (269) 77 0 1,135 (58) 1,077
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
BALANCE AT 28
FEBRUARY
2013 12 78,798 3,046 (10,624) 86 (49,845) 2,128 23,601 (1,789) 21,812
------------------ --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------- --------------------- -----------------
Consolidated Interim Cash Flow Statement
For the period
ended 28
February
2013
Unaudited Audited
Unaudited 6 months 12 months
6 months to to to
28 February 29 February 31 August
2013 2012 2012
US$'000 US$'000 US$'000
----------------- ----------------------------------- ---------------------------- --------------------------------
Cash flows from
operating
activities (1,187) (2,941) (5,908)
Increase in
inventories (149) (371) (204)
(Increase)
decrease in
cash due
from customers (182) 191 (1,751)
(Decrease)
Increase in
cash due
to suppliers (678) 431 (71)
----------------- ----------------------------------- ---------------------------- --------------------------------
Cash utilised in
operations (2,196) (2,690) (7,934)
Interest paid (491) (174) (707)
Interest
received 161 147 326
Dividends paid (110) (165) (323)
Tax Paid (228) (63) (509)
----------------- ----------------------------------- ---------------------------- --------------------------------
Net cash
utilised in
operating
activities (2,864) (2,945) (9,147)
Cash flows from
investing
activities
Proceeds on
disposal of
property,
plant and
equipment 11 61 312
Purchase of
property, plant
and
equipment - (565) (1,473)
Proceeds from
sale of
investments - 682 1,197
Write down of
investments - - 4,418
----------------- ----------------------------------- ---------------------------- --------------------------------
Net cash
generated by
investing
activities 11 178 4,454
Cash flows from
financing
activities
Proceeds from
the issue of
share
capital 1,400 1,546 1,546
Transaction - - -
costs of issue
of shares
Proceeds from
loans 2,335 382 2,249
----------------- ----------------------------------- ---------------------------- --------------------------------
Net cash
generated by
financing
activities 3,735 1,928 3,795
Net increase
(decrease) in
cash
and
cash
equivalents 882 (839) (898)
----------------- ----------------------------------- ---------------------------- --------------------------------
Cash and cash
equivalents at
1
September 131 1,029 1,029
Cash and cash
equivalents at
28 February and
31 August 1,013 190 131
----------------- ----------------------------------- ---------------------------- --------------------------------
Cash and cash
equivalents
comprise
the following
Cash and cash
equivalents 1,548 345 468
Bank Overdraft (535) (155) (337)
----------------- ----------------------------------- ---------------------------- --------------------------------
Net cash and
cash
equivalents at
the end of the
period 1,013 190 131
----------------- ----------------------------------- ---------------------------- --------------------------------
NOTES TO THE STATEMENT OF CASH FLOWS
For the period ended 28 February 2013
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
28 February 29 February 31 August
2013 2012 2012
US$'000 US$'000 US$'000
---------------------------------------- ------------------------ ------------------------ ------------------------
Loss for the period / year (2,556) (14,986) (25,688)
Amortisation of intangible assets 310 7,363 2,019
Impairment of Goodwill - 4,988 7,363
Depreciation of property, plant and
equipment 516 676 1,217
Finance Income (161) (147) (312)
Finance Costs 491 174 674
Share Based Payment Reserve (270) - 85
Fair Value Adjustment Biological Assets (3) - -
Fair Value Adjustment on investments (18) 6 7
Fair Value Adjustment Intangibles - - 3,428
Impairment of Current Assets - (29) 3,301
Impairment non-Group Shareholder Loan - - (863)
(Loss) Profit on sale of property,
plant
and equipment (11) - 3,243
Foreign exchange 58 (850) 507
Increase (decrease) in Provisions 316 (136) (889)
Other non-cashflow items 141 - -
---------------------------------------- ------------------------ ------------------------ ------------------------
Operating cash flows before movements
in working capital: (1,187) (2,941) (5,908)
Increase in inventories (149) (371) (204)
(Increase) decrease in receivables (182) 191 (1,751)
(Decrease) Increase in payables (678) 431 (71)
---------------------------------------- ------------------------ ------------------------ ------------------------
Cash used in operations (2,196) (2,690) (7,934)
Interest paid (491) (174) (707)
Interest received 161 147 326
Dividends paid (110) (165) (323)
Tax paid (228) (63) (509)
---------------------------------------- ------------------------ ------------------------ ------------------------
Net cash used in operating activities (2,864) (2,945) (9,147)
---------------------------------------- ------------------------ ------------------------ ------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUAGCUPWGMA
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