TIDMCMB
RNS Number : 9847F
Cambria Africa PLC
27 February 2018
Cambria Africa Plc
("Cambria" or the "Company")
Audited FY 2017 Results (the "Results") and Trading Update:
From Continuing Operations:
PBT $716,000 up $856,000 from FY 2016 Loss of $140,000;
EBITDA $1,245,000 up 97%.
Following the trading update published on 23(rd) October 2017,
Cambria Africa PLC (AIM:CMB) ("Cambria" or the "Company") is
pleased to announce its audited results for the year ending 31
August 2017. Audited Financial Statements are available on the
Company's website (www.cambriaafrica.com) and will be sent to
shareholders by 28 February 2018.
The Results and their comparatives have been restated to treat
the closure of Payserv Zambia as discontinued operations.
Therefore, Payserv Zambia's losses of $218,000 in FY 2016 and
$153,000 in FY 2017 have been excluded from continuing operations.
This has resulted in reporting increased earnings for FY 2016 and
FY 2017 from continuing operations.
Paynet Zimbabwe fully utilised its tax-loss carry-forward during
FY 2016 and, for the first time since dollarisation in FY 2009, the
Company has paid significant corporate taxes. As a result, after
tax profits were significantly impacted by a 66% increase in Group
consolidated tax expenses from $397,000 in FY 2016 to $660,000 in
FY 2017.
FY 2017 Results Highlights
All results below refer to Continuing Operations and exclude
losses attributable to the discontinued operations of Payserv
Zambia:
-- EBITDA from continuing operations nearly doubled, increasing
by 97% to $1,245,000 from $632,000 in FY 2016. This increase
included legal costs of $957,000 - comprising of the Consilium
settlement of $223,000 and associated legal fees of $734,000 (FY
2016: $816,000).
-- Excluding legal costs, EBITDA increased by 52% or $750,000 to
$2.20 million from $1.45 million in 2016. All known legal costs
associated with the Consilium Dispute have been accrued in FY 2017
leaving little or no carryover of associated legal costs to FY
2018.
-- Following on from a significant rationalisation and reduction
in 2016 which slashed non-legal central costs by 86% from $2
million to $280,000, Cambria's central costs (excluding legal
costs) have stabilised at $311,000.
-- Profit before Tax (PBT) increased by $856,000 to $716,000
from a loss of $140,000 in FY 2016
-- Profit after Tax (PAT) found itself in positive territory
reaching $56,000 - a $593,000 increase in profitability compared to
a loss of $537,000 in FY 2016. This increase in after-tax
profitability was achieved despite a 66% ($263,000) increase in
taxes to $660,000 from $397,000 in FY 2016.
-- Borrowings, which include capitalised interest, fell by $1.02
million (23%) to $3.41 million from $4.43 million in FY 2016.
-- Net finance costs were accordingly reduced by $285,000 (44%)
to $356,000 from $641,000 in FY 2016. This was primarily a result
of the VAL Loan Conversion and pay down of the CABS loan by Paynet
Zimbabwe.
-- Payserv Africa, Cambria's largest subsidiary by revenue and profit, achieved a
o 20% increase in revenues to $6.37 million,
o 35% increase in Consolidated EBITDA to $2.65 million,
o 51% increase in profit before tax to $2.43 million,
o 61% increase in profit after tax and after minority interests
of $1.52 million.
-- Millchem, following the closure of its unprofitable
subsidiaries in Malawi and Zambia, achieved
o Positive cash flows from operations
o Significant reductions in overheads
o EBITDA loss paired by 39% to $143,000 from a loss of $234,000
in 2016.
Trading Update
The unaudited FY 2018 management accounts for the 4 months ended
31 December 2017 continue to exceed expectations compared to the
same period in FY 2017:
-- Payserv
o 18% increase in revenues to $2.54 million
o 71% increase in cash flow to $706,000 from $413,000
o 23% increase in EBITDA to $1,052,000 from $855,000
-- Millchem has begun to trade profitably after years of losses
o $650,000 in revenues - a reduction of 45% to achieve a more
profitable product mix
o 30% gross profit margin - a nearly two-fold increase from 16%
gross profit margin
o $130,000 turnaround in EBITDA to $90,000 from a loss of
$40,000
o $123,000 reduction (53%) in administrative expenses from
$230,000 to $107,000
o $131,000 turnaround in Profit After Tax to $84,000 from a loss
of $47,000
Subsequent events
Subsequent to the end of the financial year notable events
include:
Settlement of Consilium Dispute in October 2017.
-- Both parties agreed to settle all claims against each other;
-- Cambria paid Consilium $223,000;
-- The security for costs previously lodged was released back to Cambria.
Appointment of Sibert Dube as Payserv Zimbabwe CEO.
Mr. Dube identified the following areas of growth for Cambria's
largest subsidiary by revenue and profit:
-- Entry into the consumer market where its market share is
minimal compared to its commanding position (90% market share) in
the corporate trade and salary payments;
-- Providing facilitation services to major players for
distribution of inward international remittances;
-- Capitalising on distributed ledger and other leading technologies to enhance its services
-- Expanding Tradanet's payroll-based loan processing to also
include insurance sales and loan origination.
Prospects
The Company believes that the resignation of President Robert
Mugabe and the inauguration of President Emmerson Mnangagwa will
result in a favourable business and investment climate. President
Mnangagwa has announced new business-friendly policies which are
intended to attract investment, protect investment, and bring with
it international balance of payments support. These developments
support Cambria's focus on Zimbabwe as providing the best
investment opportunities and returns in the region.
Changes to the board
The board remains unchanged.
About Cambria Africa Plc
Cambria Africa Plc, quoted on the AIM market of the London Stock
Exchange, is a long term, active investment company, investing
primarily in Southern Africa.
Contacts
Cambria Africa Plc www.cambriaafrica.com
+44 (0) 207 669
Samir Shasha 0115
WH Ireland Limited www.wh-ireland.co.uk
+44 (0) 20 7220
James Joyce / Alex Bond 1666
Chief Executive's Report
Introduction:
FY 2017 and subsequent, systematic and non-systematic events
have ushered in a new dawn for Zimbabwe and Cambria.
Since I took over as CEO in August 2015, I have extricated the
group companies from loss-making regional operations in Malawi and
Zambia. I have repeatedly expressed my conviction that "Zimbabwe
provides the best regional opportunity for successful investment
and growth in the short to medium term." The performance of Payserv
and Millchem are testimony to the soundness of our investment
philosophy.
-- EBITDA from continuing operations have doubled to $1.25
million while PBT increased by nearly $856,000 to $716,000 from a
prior year loss of $140,000.
-- Despite an increase of 66% in taxes, Cambria achieved an
after tax profit of $56,000 - a $593,000 increase in profitability
compared to a loss of $537,000 in FY 2016.
-- Cambria settled with Consilium and accrued the cost of that
settlement and associated legal fees in FY 2017. There should be
little or no associated costs from this litigation in FY 2018 which
should commensurately flow a savings of approximately $900,000 to
Cambria's bottom line.
-- Excluding legal costs, after slashing central costs by 80% in
FY 2016 from $2 million to $280,000, these costs have stabilised at
that level increasing modestly in FY 2017 to $311,000.
-- Debt levels, interest expense, shareholder equity & cash
flows, have all improved and have continued to improve subsequent
to end of FY 2017.
Divisional Review
Payserv Africa Group
The Payserv Africa Group continued to achieve record revenues
and profits in FY 2017.
Payserv Africa Divisional Results (*restated)
US$ '000's 2017 2016* Growth
------------------------------------ -------- -------- -------
Revenues 6,370 5,319 20%
------------------------------------ -------- -------- -------
Gross profit 5,958 5,028 18%
Gross margin 94% 95% (2%)
Overheads (3,310) (3,066) 8%
------------------------------------ -------- -------- -------
EBITDA 2,648 1,962 35%
------------------------------------ -------- -------- -------
Profit before interest and tax 2,499 1,855 35%
Interest (71) (250) 72%
------------------------------------ -------- -------- -------
Profit before tax 2,428 1,605 51%
Minority interests in PBT (340) (348) (2%)
------------------------------------ -------- -------- -------
PBT (excluding minority interests) 2,088 1,257 66%
==================================== ======== ======== =======
Paynet Zimbabwe
Paynet Zimbabwe is actively present in, transacting with and
contributing to, the profitability of all financial institutions in
Zimbabwe.
Whilst 80% of Paynet Zimbabwe's revenue growth in FY 2017 was
from existing corporate clients, where Paynet has an estimated
market share of 90 - 95%, significant growth opportunities remain
from new initiatives. These include:
-- Leveraging our technology and position of trust with
financial institutions into the consumer market where Paynet's
market share is minimal;
-- Exploring distributed ledger technologies to enhance
transaction security and reduce transaction costs;
-- Developing non-transactional EDI products for the Insurance and Securities Industries;
-- Establishing our foothold as a last-mile service provider to
multiple international remittance operations by improving their
distribution channels and value addition;
-- Establishing stronger cost controls on Paynet overheads to
maximise the impact of increases in transaction volume and minimise
the impact of possible reversals in transaction volume as a result
of competition, economic downturns, or a cut in public sector
employment;
-- Increasing revenues by rationalising transaction pricing
which remains among the lowest in the industry, despite the
commanding market position in our sector.
Payserv Zambia operations discontinued
In line with the closure of Millchem's unprofitable subsidiaries
in Zambia and Malawi in FY 2016, Payserv Africa closed its
unprofitable Payserv Zambia subsidiary in FY 2017. After years of
losses and unsuccessful bids for contracts and the reversal of
successful bids by various actors, the Board decided if Zambia
cannot sustain a cash flow positive operation it must be
discontinued.
This decision was consistent with Cambria's announced strategy
to focus on Zimbabwe and signaled the end of Cambria's costly
strategy of regional expansion where the Company had little if any
strategic or competitive advantage. In line with International
Financial Reporting Standards, Payserv Zambia's performance in FY
2016 and FY 2017 are reflected separately as a "discontinued
operation" and excluded from the balance of Payserv's &
Cambria's continuing operations. This resulted in showing a profit
from continuing operations in FY 2017 and narrowing Cambria's
losses from continuing operations in FY 2016.
Autopay Zimbabwe
Autopay has not achieved its full potential in the market.
Nevertheless, and despite a lack of marketing and innovation, the
division has maintained profitability. Payserv will be preparing
segment reporting in the future to better identify the earning
contribution of group company divisions.
Despite standing on Paywell's robust payroll software, Autopay
has been plagued by declining private sector employment and
increasing numbers of contract workers paid through wallets. The
segments of Autopay consist of 1) full service Payroll Bureau; 2)
Software and licensing to major corporates and 3) Online SME
payroll process.
Autopay is in the process of realigning its strategy to increase
its penetration into the SME market where it is poorly represented,
leveraging its integral relations with Paynet's payment services
and Tradanet's loan services, and the possible acquisition and
development of its supporting software architecture.
Tradanet
Until her resignation on 8 March 2017, Frances Pickering,
representing the minority shareholder of Tradanet with a 49%
interest, was the Managing Director of Tradanet, which is Paynet's
majority-held subsidiary. When Mrs. Pickering resigned as Managing
Director and subsequently as a Director of Tradanet, Cambria and
Paynet took operational control of Tradanet. I was appointed as the
Managing Director in March 2017 and nominated Manfred Chaniwa, a
veteran of the financial industry, to replace the outgoing general
manager in July 2017. Tradanet's performance improvements have
since accelerated.
There has been a recovery of loan volumes issued from the lows
experienced mainly as a result of the termination of the Credit
Partners program in April 2015. Since the reinstatement of Credit
Partners in February 2017 and the introduction of other new
products, particularly Flexicredit, loan volumes have recovered
from $119 million in 2016 to $138 million in 2017. The recovery in
volumes can be attributed 73% to Flexicredit, 12% to CPS and 10% to
Retail Credit. Credit partner's loans currently represent just 20%
of their peak of $30 million in 2014. Further improvements in loan
volumes are expected as the Credit Partner program recovers from
its current level of $6,283,000 per annum.
Tradanet also expects to increase its revenues through other new
products it has received or is seeking approval from CABS:
-- Flexicredit Hybrid - a product directed at employees of
larger publicly held corporates which can be evaluated by reliance
on publicly disclosed information;
-- Insurance Premium Financing;
-- Automobile ownership financing.
Millchem Zimbabwe
Following the resignations of Millchem's Managing Director and
Operations Manager, as Cambria's CEO, I took an active and direct
role in controlling the operations of Millchem and deployed the
services of Ambrose Consulting to oversee day-to-day activities and
imports and manufacturing.
Millchem Holdings Divisional Results
US$ '000's 2017 2016 Growth
----------------- ------ ------ -------
Revenues 2,228 3,193 (30%)
----------------- ------ ------ -------
Gross profit 407 525 (22%)
Gross margin 18% 16% 11%
Overheads (552) (758) (27%)
----------------- ------ ------ -------
EBITDA (145) (233) 38%
----------------- ------ ------ -------
Loss before tax (169) (264) 36%
================= ====== ====== =======
For the first time in four years, Millchem has recorded an
after-tax profit during the first four months of FY 2018 ending 31
December 2017. This result was helped in no small part by the
cooperation of our bankers who provided the needed remittances to
import raw materials. The results for the first four months of FY
2018 support a sustained recovery of Millchem:
-- $650,000 in revenues reduced by 45% to achieve a more profitable product mix,
-- 30% gross profit margin - a nearly 2 fold increase from 16% gross profit margin,
-- $128,000 turnaround in EBITDA to $90,000 from a loss of $40,000,
-- $131,000 turnaround in Profit After Tax to $84,000 from a loss of $230,000,
-- $123,000 reduction (53%) in administrative expenses from $230,000 to $112,000.
Consilium Dispute
The Consilium Dispute was settled in October 2017 subsequent to
the financial year-end. However, all the settlement and legal costs
directly associated with the dispute were accounted for in FY 2017.
As this was a full and final settlement, Cambria will not be
incurring any further costs in relation to this matter in FY 2018.
With the distraction of a major legal dispute and associated
expenses behind us, we can direct our exclusive focus on investing
in the "new Zimbabwe" by exploring organic and acquisitive
opportunities.
Board of Directors and Compensation
Cambria's Directors and Payserv's Executives have supported my
role as CEO providing direction and management support without
compensation since my appointment in July 2015. As the ultimate
beneficiary of over 66% of Cambria shares, I continue to serve
without compensation. It is my intention that in FY 2018 we should
begin compensating those who have dedicated themselves with
extraordinary conviction to Cambria. Proposals for the use of
Cambria shares as compensation are being considered and will be
presented in the near future.
I expect to continue serving the Company without compensation in
FY 2018.
Inauguration of President Emmerson Dambudzo Mnangagwa
The most significant and material development for shareholders
of Cambria subsequent to the end of FY 2017, was the inauguration
of Zimbabwe's new President, Emmerson Dambudzo Mnangagwa, on 21
November 2017 following the resignation of former President Robert
Mugabe.
President Mnangagwa has announced new business-friendly policies
which are intended to attract investment, protect investment, and
bring with it international balance of payments support. It
vindicates management's focus on Zimbabwe as providing the best
investment opportunities and returns in the region.
During the lead up to the change in government and following the
change, I was interviewed by CNBC Europe, Al Jazeera, and CNBC
Online. In these interviews I expressed my confidence and optimism
in Zimbabwe's future, and made the following salient points:
-- Positive changes will come but they will not be overnight;
-- Investors are well-advised to have patience and give the new
government time to visualise and implement sound economic
policies;
-- Indigenisation laws would be rationalised - These laws
required indigenisation of 51% of ownership in most industries and
they significantly hindered investment. The President of Zimbabwe
has since announced that this policy will only apply to natural
resource based investments;
-- Zimbabwe should seek to join the Southern African Customs
Union (SACU) and the Common Monetary Area (CMA) which includes its
largest trading partner, South Africa, to bring about investor
confidence and align its economy and competitive advantages with
its largest neighbor while earning customs tariff revenue in a
convertible currency;
-- Tourism and agricultural are the most promising sectors for
greenfield foreign investment given President Mnangagwa's policy
initiatives.
If Zimbabwe meets the standards of a free, fair, and transparent
election in July, significant international balance of payments
support will be forthcoming.
What is good for Zimbabwe is good for Cambria
We believe that the new dispensation will provide a growing
market for our current investments and investment opportunities
which we are uniquely positioned to identify and act on. Cambria
will soon be announcing an Open Offer to shareholders to capitalise
on opportunities for expanding our current business units in
Zimbabwe and the acquisition of new businesses. An Open Offer will
give shareholders the right to match any debt-equity swaps or new
subscriptions on the same terms and conditions in proportion to
their shareholding. It will also allow shareholders of record to
apply for unallocated shares over and above their own
allocation.
Samir Shasha
Chief Executive Officer
26(th) February 2018
Cambria Africa Plc
Audited consolidated income statement
For the year ended 31 August 2017
Audited Audited
*Restated
31-Aug-17 31-Aug-16
US$'000 US$'000
---------------------------------------------- ---------- -----------
Revenue 8,598 8,512
Cost of sales (2,233) (2,958)
----------------------------------------------- ---------- -----------
Gross profit 6,365 5,554
Operating costs (5,307) (5,056)
Other income 23 (2)
Profit on disposal and impairment of assets (9) 5
----------------------------------------------- ---------- -----------
Operating profit 1,072 501
Finance income 15 16
Finance costs (371) (657)
----------------------------------------------- ---------- -----------
Net finance costs (356) (641)
----------------------------------------------- ---------- -----------
Profit/(loss) before tax 716 (140)
Income tax (660) (397)
----------------------------------------------- ---------- -----------
Profit/(loss) for the period from continuing
operations 56 (537)
Discontinued operations:
Loss from discontinued operations (153) (207)
Loss for the year (97) (744)
=============================================== ========== ===========
Attributable to:
Owners of the company (349) (1,010)
Non-controlling Interests 252 266
----------------------------------------------- ---------- -----------
Loss for the year (97) (744)
=============================================== ========== ===========
Loss per share
Basic and diluted loss per share (cents) (0.12c) (0.49c)
Loss per share - continuing operations
Basic and diluted loss per share (cents) (0.07c) (0.39c)
Loss per share - discontinued operations
Basic and diluted loss per share (cents) (0.05c) (0.10c)
*Amounts have been restated due to the discontinued operations
of Payserv Zambia Limited.
Cambria Africa Plc
Audited consolidated statement of comprehensive income
For the year ended 31 August 2017
*Restated
31-Aug-17 31-Aug-16
US$'000 US$'000
------------------------------------------------ ---------- -----------
Loss for the year (97) (744)
Other comprehensive income
Items that will not be reclassified to income
statement:
Foreign currency translation differences for
overseas operations 1 9
Total comprehensive loss for the year (96) (735)
================================================= ========== ===========
Attributable to:
Owners (348) (1,001)
Non-controlling interests 252 266
Total comprehensive loss for the year (96) (735)
================================================= ========== ===========
Cambria Africa Plc
Audited consolidated statement of changes in equity
For the year ended 31 August 2017
Share
Foreign Based
Share Share Revaluation Exchange Payment Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Balance at 1
September 2015 34 83,950 438 (10,532) 86 (75,385) 1,900 491 65 556
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
(Loss)/profit for
the period - - - - - (1,010) - (1,010) 266 (744)
Foreign currency
translation
differences
for overseas
operations - - - 9 - - - 9 - 9
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Total
comprehensive
(loss)/profit
for the year - - - 9 - (1,010) - (1,001) 266 (735)
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Contributions
by/distributions
to
owners of the
Company
recognised
directly in
equity
Disposal of
subsidiary - - - (105) - 105 - - - -
Expiry of share
options - - - - (43) 43 - - - -
Dividends paid - - - - - - - - (335) (335)
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Total
contributions by
and distributions
to owners of the
Company - - - (105) (43) 148 - - (335) (335)
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Balance at 31
August 2016 34 83,950 438 (10,628) 43 (76,247) 1,900 (510) (4) (514)
=================== ======== ======== ============ ========= ======== ========= ================== ======== ================ ======
Share
Foreign Based
Share Share Revaluation Exchange Payment Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Balance at 1
September 2016 34 83,950 438 (10,628) 43 (76,247) 1,900 (510) (4) (514)
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
(Loss)/profit for
the period - - - - - (349) - (349) 252 (97)
Foreign currency
translation
differences
for overseas
operations - - - 1 - - - 1 - 1
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Total
comprehensive
(loss)/profit
for the year - - - 1 - (349) - (348) 252 (96)
------------------- -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- ------
Contributions
by/distributions
to
owners of the
Company
recognised
directly in
equity
Issue of ordinary
shares 17 1,736 - - - (5) 5 1,753 - 1,753
Expiry of share
options - - - - (43) 43 - - - -
Dividends paid - - - - - - - - (149) (149)
-------------------
Total
contributions by
and distributions
to owners of the
Company 17 1,736 - - (43) 38 5 1,753 (149) 1,604
Balance at 31
August 2017 51 85,686 438 (10,627) - (76,558) 1,905 895 99 994
=================== ======== ======== ============ ========= ======== ========= ================== ======== ================ ======
Cambria Africa Plc
Audited consolidated and company statements of financial
position
As at 31 August 2017
Audited Audited Audited Audited
Group Company Group Company
*Restated
31-Aug-17 31-Aug-17 31-Aug-16 31-Aug-16
US$'000 US$'000 US$'000 US$'000
---------------------------------------- ---------- ---------- ----------- ----------
Property, plant and equipment 2,727 - 2,591 -
Goodwill 717 - 717 -
Intangible assets 27 - 39 -
Investment in subsidiaries - - - -
---------------------------------------- ---------- ---------- ----------- ----------
Total non-current assets 3,471 - 3,347 -
----------------------------------------- ---------- ---------- ----------- ----------
Inventories 233 - 407 -
Financial assets at fair value
through profit and loss 86 - 40 -
Trade and other receivables 1,730 4,322 1,297 6,374
Cash and cash equivalents 1,045 143 698 -
Assets for discontinued operation 29 - 20 -
----------------------------------------- ---------- ---------- ----------- ----------
Total current assets 3,123 4,465 2,462 6,374
Total assets 6,594 4,465 5,809 6,374
========================================= ========== ========== =========== ==========
Equity
Issued share capital 51 51 34 34
Share premium account 85,686 85,686 83,950 83,950
Revaluation reserve 438 - 438 -
Share based payment reserve - - 43 43
Foreign exchange reserve (10,627) (13,186) (10,628) (13,186)
Non distributable reserves 1,905 - 1,900 -
Retained losses (76,558) (73,243) (76,247) (71,765)
----------------------------------------- ---------- ---------- ----------- ----------
Equity attributable to owners
of the company 895 (692) (510) (924)
Non-controlling interests 99 - (4) -
Total equity 994 (692) (514) (924)
========================================= ========== ========== =========== ==========
Liabilities
Loans and borrowing 1,849 1,565 2,965 2,929
Provisions 186 - 193 -
Deferred tax liabilities 184 - 152 -
----------------------------------------- ---------- ---------- ----------- ----------
Total non-current liabilities 2,219 1,565 3,310 2,929
----------------------------------------- ---------- ---------- ----------- ----------
Current tax liabilities 397 - 308 -
Loans and borrowings 1,556 926 1,469 1,469
Trade and other payables 1,374 2,666 1,210 2,900
Liabilities for discontinued operation 54 - 26 -
----------------------------------------- ---------- ---------- ----------- ----------
Total current liabilities 3,381 3,592 3,013 4,369
----------------------------------------- ---------- ---------- ----------- ----------
Total liabilities 5,600 5,157 6,323 7,298
----------------------------------------- ---------- ---------- ----------- ----------
Total equity and liabilities 6,594 4,465 5,809 6,374
========================================= ========== ========== =========== ==========
Cambria Africa Plc
Audited consolidated statement of cash flows
For the year ended 31 August 2017
Audited Audited
31-Aug-17 31-Aug-16
US$'000 US$'000
--------------------------------------------------------- ---------- ----------
Cash from operations* 960 3,944
Taxation paid (539) (313)
---------------------------------------------------------- ---------- ----------
Cash from operating activities 421 3,631
---------------------------------------------------------- ---------- ----------
Cash flows from investing activities
Proceeds on disposal of property, plant and equipment 21 20
Purchase of property, plant and equipment (291) (170)
Net proceeds on disposal of subsidiary - 60
Other investing activities (2) (40)
Interest received 15 16
---------------------------------------------------------- ---------- ----------
Net cash used in investing activities (257) (113)
---------------------------------------------------------- ---------- ----------
Cash flows from financing activities
Dividends paid to non-controlling interests (149) (335)
Interest paid (85) (267)
Proceeds from issue of share capital 1,753 -
Loans repaid (2,660) (7,146)
Loans raised 1,344 4,277
---------------------------------------------------------- ---------- ----------
Net cash from/(used in) financing activities 203 (3,471)
---------------------------------------------------------- ---------- ----------
Net increase in cash and cash equivalents 367 47
Cash and cash equivalents at the beginning of
the Period 701 645
Foreign exchange 1 9
Net cash and cash equivalents at the end of the
Period 1,069 701
========================================================== ========== ==========
* All amounts include both continuing and discontinued
operations. Cash flow from discontinued operations the effect of
which were cash utilised of $55 in 2017 and $ 235 in 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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