TIDMCMB
RNS Number : 6938L
Cambria Africa PLC
20 April 2018
Cambria Africa Plc
("Cambria" or the "Company")
Interim Results (the "Results")
PBT Quadruples; EPS 0.27 US cents
for 6 Months ended 28 February 2018
Cambria Africa PLC (AIM:CMB) ("Cambria" or the "Company") is
pleased to announce its interim results for the six months ended 28
February 2018 (the "Period"). A copy of this announcement is
available on the Company's website (www.cambriaafrica.com). This
announcement follows the FY 2017 results and trading update
published on 27 February 2018.
The Results and their comparatives have been restated to treat
the closure of Payserv Zambia as discontinued operations.
Therefore, Payserv Zambia's loss of $121,000 has been excluded from
continuing operations for the same period in 2017.
Results Highlights for the Period:
The company has achieved significant improvements in
profitability and EBITDA as a result of improved performance, the
end of litigation expenses, and costs related to discontinued
operations which were expensed in FY 2017.
*All results for FY 2017 are restated to exclude losses
attributable to the discontinued operations of Payserv Zambia:
6 months ended 28 February 2018 * Restated
(US$'000) 2018 2017 Change
----------------------------------- ------ ----------- -------
- Consolidated EBITDA 1,666 663 151 %
- Consolidated EBITDA - excluding
legal expenses 1,666 1,065 56 %
- Operating cashflow 1,664 550 202 %
- Central costs - excluding legal
expenses 56 118 (53 %)
- Payserv - profit after tax 1,106 926 19 %
- Payserv - EBITDA 1,552 1,321 17 %
- Millchem - EBITDA 110 (138) 180 %
- Profit before tax 1,436 368 290 %
- Profit / (loss) after tax 1,102 76 1,350%
For the 6 months ended 28 February 2018 (the "Period"):
-- A record Profit after Tax (PAT) of $1.10 million was achieved
for the Period - an increase of $1.03 million in profitability
compared to $76,000 for the same period in 2017. This near fourteen
fold increase in after-tax profitability was achieved despite a 14%
($42,000) increase in taxes from $292,000 to $334,000.
-- Profit before Tax (PBT) was up 290% to $1.44 million from
$368,000 for the same period in 2017.
-- EBITDA from continuing operations more than doubled (up 151%)
to $1.67 million from $663,000 for the same period in 2017.
-- Excluding legal costs, EBITDA increased $601,000 to $1.67
million, a 56% increase from $1.07 million in 2017. All known legal
costs associated with the Consilium Dispute have been accrued in FY
2017 leaving no carryover of associated legal costs to the
Period.
-- Cambria's central expenses (excluding legal costs) were
halved to $56,000 from $118,000, representing 1.23% of revenues for
the Period.
-- Borrowings, which include capitalised interest, fell by
$474,000 (13%) to $3.05 million from $3.53 million in 2017. Net
finance costs were accordingly reduced by $83,000 (38%) to $134,000
from $217,000 for the same period in 2017.
-- Payserv Africa achieved record profitability through a:
o 16% increase in revenues to $3.66 million,
o 17% increase in consolidated EBITDA to $1.55 million,
o 16% increase in PBT to $1.44 million,
o 16% increase in PAT and after minority interests of
$949,000.
-- Millchem achieved its first profit in more than 4 years resulting in:
o Positive cash flows from operations,
o 53% reduction in overheads,
o $248,000 turnaround in EBITDA to $110,000 from a loss of
$152,000 for the same period in 2017.
12 Month Trailing Results
Set out below are the Trailing Results for the 12 months ended
28 February 2018. These are presented to allow an enhanced
perspective and analysis of Cambria's comparative financial
performance over the 12 months ended 28 February 2018:
Trailing 12 Months to Six month period to
28 February 2018 28 February 2018
* Restated * Restated Unaudited * Restated
Unaudited Unaudited Unaudited
28-Feb-18 28-Feb-17 28-Feb-18 28-Feb-17
US$'000 US$'000 Change US$'000 US$'000 Change
----------------------------------- ----------- ----------- --------- ---------- ----------- ---------
Revenue 8,639 8,808 (1.9%) 4,555 4,514 0.9%
Cost of sales (1,821) (2,831) (35.7%) (944) (1,356) (30.4%)
----------------------------------- ----------- ----------- --------- ---------- ----------- ---------
Gross profit 6,818 5,977 14.1% 3,611 3,158 14.3%
Operating costs (4,834) (4,971) (2.8%) (2,101) (2,574) (18.4%)
Other income 73 13 - 60 1 -
Profit / (loss) on disposal - - - - - -
and impairment of assets
----------------------------------- ----------- ----------- --------- ---------- ----------- ---------
Operating profit 2,057 1,019 101.9% 1,570 585 168.4%
Finance income 20 13 53.8% 9 4 125.0%
Finance costs (293) (528) (44.5%) (143) (221) (35.3%)
----------- -----------
Net finance costs (273) (515) (47.0%) (134) (217) (38.2%)
----------------------------------- ----------- ----------- --------- ---------- ----------- ---------
Profit before tax 1,784 504 254.0% 1,436 368 290.2%
Income tax (702) (458) 53.3% (334) (292) 14.4%
----------------------------------- ----------- ----------- --------- ---------- ----------- ---------
Profit from continuing operations 1,082 46 2252.2% 1,102 76 1350.0%
Discontinued operations:
Loss from discontinued operations (34) (237) - (119)
----------- -----------
Profit / (loss) for the period 1,048 (191) $ 1,239 1,102 (43) $ 1,145
=================================== =========== =========== ========= ========== =========== =========
Trailing 12 Months to Six month period to
28 February 2018 28 February 2018
* Restated * Restated Unaudited * Restated
Unaudited Unaudited Unaudited
28-Feb-18 28-Feb-17 28-Feb-18 28-Feb-17
US$'000 US$'000 Change US$'000 US$'000 Change
----------------------------------- ----------- ----------- --------- ---------- ----------- ---------
Attributable to:
Owners of the company 750 (441) $ 1,191 945 (154) $ 1,099
Non-controlling interests 298 250 19.2% 157 111 41.4%
----------- ----------- ---------- -----------
Profit / (loss) for the period 1,048 (191) $ 1,239 1,102 (43) $ 1,145
=================================== =========== =========== ========= ========== =========== =========
Earnings / (loss) per share
Basic and diluted earnings
/ (loss) per share (cents) 0.22c (0.21c) 0.43c 0.27c (0.07c) 0.30c
Earnings / (loss) per share - continuing
operations
Basic and diluted earnings
/ (loss) per share (cents) 0.23c (0.10c) 0.33c 0.27c (0.02c) 0.29c
Loss per share - discontinued
operations
Basic and diluted loss per
share (cents) (0.01c) (0.11c) 0.10c 0.00c (0.05c) 0.05c
Highlights for the 12 Months Trailing Period:
-- Profit After Tax from continuing operations significantly
increased by $1.04 million to $1.08 million from $46,000 for the
same 12 month period in 2017.
-- Profit Before Tax more than tripled to $1.78 million from $504,000.
-- Operating Profit more than doubled to $2.06 million from
$1.02 million despite a 2% decrease in Revenue as a result of
Millchem closing down unprofitable lines.
-- Net Finance costs for the Trailing 12-month period were
almost halved to $273,000 from $515,000
Other notable events:
Notable events during the Period include:
Settlement of Consilium Dispute in October 2017.
-- Both parties agreed to settle all claims against each other;
-- Cambria paid Consilium $223,000 ("the Settlement Amount");
-- The security for costs previously lodged was released back to Cambria;
-- All related legal costs, including the Settlement Amount have
already been included in the financial results of FY 2017 with no
roll-over to the Period ended 28 February 2018.
Appointment of Sibert Dube as Payserv Zimbabwe CEO.
Mr. Dube has identified the following areas of growth for
Cambria's largest subsidiary by revenue and profit:
-- Penetrating the consumer market where Payserv's market share
is minimal compared to its commanding position (90% market share)
in the corporate trade and salary payments;
-- Capitalising on distributed ledger and other leading technologies to enhance its services
-- Providing facilitation services to major players for
distribution of inward international remittances;
-- Expanding Tradanet's payroll-based loan processing to also
include insurance sales and loan origination.
Prospects
The Company believes that new dispensation in Zimbabwe following
the inauguration of President Emmerson Mnangagwa will result in a
favourable business and investment climate. President Mnangagwa has
announced and taken action on new business-friendly policies which
are intended to attract investment, protect investment, and bring
with it international balance of payments support. These
developments vindicate 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:
I am pleased to report on Cambria's strong performance over the
6 months ended 28 February 2018. These results not only reflect the
end of litigation expenses and discontinuing of unprofitable
operations in Zambia, they are also testament to the considerable
time, effort and resources invested since Cambria's management
change in August 2015. I have repeatedly expressed my conviction
that for Cambria, "Zimbabwe provides the best regional opportunity
for successful investment and growth in the short to medium term."
The Results are testimony to the soundness of our investment
philosophy.
-- EBITDA from continuing operations more than doubled to $1.67
million while PBT increased by $1.07 million to $1.44 million from
$368,000 for the same period in 2017.
-- Cambria achieved a record after-tax profit of $1.10 million -
a 14-fold increase from $76,000 from continuing operations in 2017.
Discontinued operations had no impact on interim results.
-- The Consilium dispute was settled in October 2017 allowing
more productive allocation of management resources. All related
costs have been included in the FY 2017 results with no associated
costs in this Period.
-- Central costs for the Period were more than halved to $56,000
from $118,000 for the same period in 2017. Central costs were 1.23%
of revenues.
-- Debt levels, interest expense, shareholder equity & cash
flows continued to show significant improvement during the
Period.
Divisional Review
Payserv Africa Group
The Payserv Africa Group continued to achieve record revenues
and profits for the Period.
Payserv Africa Divisional Results (*restated)
6 months ended 28 February 2018 (US$ '000) 2018 2017 Change
-------------------------------------------- -------- -------- -------
Revenues 3,656 3,142 16 %
-------------------------------------------- -------- -------- -------
Gross profit 3,334 2,938 13 %
Gross margin 91% 94% (3 %)
Overheads (1,782) (1,617) 10 %
-------------------------------------------- -------- -------- -------
EBITDA 1,552 1,321 17 %
============================================ ======== ======== =======
Profit before interest and tax 1,463 1,257 16 %
Interest (23) (39) (41 %)
-------------------------------------------- -------- -------- -------
Profit before tax 1,440 1,218 18 %
-------------------------------------------- -------- -------- -------
Profit after tax 1,106 926 19 %
-------------------------------------------- -------- -------- -------
PAT (excluding minority interests) 949 815 16 %
============================================ ======== ======== =======
Payserv's consolidated EBITDA increased by 17% for the six
months ended 28 February 2018 to $1.55 million from $1.32 million
compared to the same period in 2017. Profit before tax increased by
18% to $1.44 million from $1.22 million and consolidated PAT
increased by 19% to $1.11 million from $926,000 in 2017. This was
achieved on the back of a 16% increase in revenues to $3.66 million
from $3.14 million. All these figures exclude the results of the
discontinued operations of Payserv Zambia.
Overheads represent 49% of Revenues (52% in 2017). The company
is identifying opportunities to improve profitability by reducing
overheads and investing the savings in improving its
technology.
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 has historically
been from corporate clients, where Paynet has an estimated market
share of 90 - 95%, significant growth opportunities are being
targeted 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
Payserv Zambia was discontinued in FY 2017. In line with
International Financial Reporting Standards, Payserv Zambia's
performance for the Period ended 28 February 2017 is 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 for the six
months ended 28 February 2017 instead of a small loss. Payserv
Zambia had no impact on the Results for the Period.
Autopay Zimbabwe
We continue to believe that Autopay is not achieving its full
potential in the market. Nevertheless, and despite a lack of
marketing and innovation, the division has maintained
profitability.
This division continues to be 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.
Management is continuing the process of realigning Autopay's
strategy to increase its penetration into the SME market where it
has historically been 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
Tradanet's recovery in loan volumes continued by a modest 5% to
$63.3 million during the Period mainly as a result of the
reinstatement of Credit Partners and the introduction of other new
products, particularly Flexicredit, a card based loan product,
which increased 924% as it replaced CPS loan product (a straight
line of credit) which dropped by 82%. Credit partners' loans which
were reinstated by CABS in 2017, have now grown to about 11% of
total advances.
Tradanet also expects to increase its revenues through other new
products it has received or is seeking approval from CABS:
-- Flexicredit Hybrid - a product directed at employees of
larger publicly held corporates which can be evaluated by reliance
on publicly disclosed information;
-- Insurance Premium Financing;
-- Automobile ownership financing.
Millchem Zimbabwe
6 months ended 28 February 2018 (US$ '000) 2018 2017 Growth
-------------------------------------------- ------ ------ -------
Revenues 899 1,372 (34 %)
-------------------------------------------- ------ ------ -------
Gross profit 277 220 26 %
Gross margin 31 % 16 % 94 %
Overheads (167) (358) (53 %)
-------------------------------------------- ------ ------ -------
EBITDA 110 (138) 180 %
-------------------------------------------- ------ ------ -------
Profit/(loss) after tax 102 (152) 167 %
============================================ ====== ====== =======
Millchem has recorded an after-tax profit during the 6 months
ended 28 February 2018, its first profit in more than four years.
This result was helped in no small part by the cooperation of our
bankers who provided the needed remittances to import raw
materials.
-- $899,000 in revenues reduced by 34% to achieve a more profitable product mix,
-- 31% gross profit margin - a nearly 2-fold increase from 16% in 2017,
-- $248,000 turnaround in EBITDA to $110,000 from a loss of $138,000,
-- $254,000 turnaround in PAT to $102,000 from a loss of $152,000,
-- $191,000 reduction (53%) in administrative expenses from $358,000 to $167,000.
Consilium Dispute
The Consilium Dispute was settled during the Period, in October
2017. 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 did not during the Period,
and 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 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 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
finalised and will be announced in due course.
I expect to continue serving the Company without compensation in
FY 2018.
Intended VAL Loan Conversion and Open Offer
Cambria and VAL have entered into discussions regarding the
intended conversion by VAL of a substantial portion of its loans
into Cambria ordinary shares. It is further intended that an Open
Offer will be extended to shareholders once any such conversion is
finalised to afford them the right to match any such conversion on
the same terms and conditions in proportion to their shareholding.
The Open Offer will also allow shareholders of record to apply for
unallocated shares over and above their own allocation. An
appropriate announcement will be made in due course as soon as the
related terms have been finalised.
Samir Shasha
Chief Executive Officer
20(th) April 2018
Cambria Africa Plc
Interim consolidated income statement
For the six month period ended 28 February 2018
* Restated
Unaudited Unaudited Audited
6 months 6 months
to to Year to
28-Feb-18 28-Feb-17 31-Aug-17
US$'000 US$'000 US$'000
------------------------------------------ ---------- ----------- ----------
Revenue 4,555 4,514 8,598
Cost of sales (944) (1,356) (2,233)
---------- ----------- ----------
Gross profit 3,611 3,158 6,365
Operating costs (2,101) (2,574) (5,307)
Other income 60 1 23
Profit / (loss) on disposal and
impairment of assets - - (9)
---------- ----------- ----------
Operating profit 1,570 585 1,072
---------- ----------- ----------
Finance income 9 4 15
Finance costs (143) (221) (371)
---------- ----------- ----------
Net finance costs (134) (217) (356)
---------- ----------- ----------
Profit before tax 1,436 368 716
Income tax (334) (292) (660)
---------- ----------- ----------
Profit for the period from continuing
operations 1,102 76 56
Discontinued operations:
Loss from discontinued operations - (119) (153)
---------- ----------- ----------
Profit / (loss) for the period 1,102 (43) (97)
========== =========== ==========
Attributable to:
Owners of the company 945 (154) (349)
Non-controlling interests 157 111 252
---------- ----------- ----------
Profit / (loss) for the period 1,102 (43) (97)
========== =========== ==========
Earnings / (loss) per share
Basic and diluted earnings / (loss)
per share (cents) 0.27c (0.07c) (0.12c)
Earnings / (loss) per share - continuing
operations
Basic and diluted earnings / (loss)
per share (cents) 0.27c (0.02c) (0.07c)
Loss per share - discontinued operations
Basic and diluted loss per share
(cents) 0.00c (0.05c) (0.05c)
*Amounts have been restated due to the discontinued operation of
Payserv Zambia Ltd
Cambria Africa Plc
Interim consolidated statement of comprehensive income
For the six month period ended 28 February 2018
Unaudited Unaudited Audited
6 months 6 months
to to Year to
28-Feb-18 29-Feb-17 31-Aug-17
US$'000 US$'000 US$'000
------------------------------------------ ---------- ---------- ----------
Profit / (loss) for the period 1,102 (43) (97)
Other comprehensive income
Items that will not be reclassified
to income statement:
Foreign currency translation differences
for overseas operations 2 (16) 1
Total comprehensive profit / (loss)
for the period 1,104 (59) (96)
========== ========== ==========
Attributable to:
Owners 947 (170) (348)
Non-controlling interests 157 111 252
Total comprehensive profit / (loss)
for the period 1,104 (59) (96)
========== ========== ==========
Cambria Africa Plc
Interim consolidated statement of financial position
As at 28 February 2018
* Restated
Unaudited Unaudited Audited
Group Group Group
28-Feb-18 28-Feb-17 31-Aug-17
US$'000 US$'000 US$'000
----------------------------------------- ---------- ----------- ----------
Assets
Property, plant and equipment 2,802 2,689 2,727
Goodwill 717 717 717
Intangible assets 20 36 27
---------- ----------- ----------
Total non-current assets 3,539 3,442 3,471
---------- ----------- ----------
Inventories 225 315 233
Financial assets at fair value through
profit and loss 99 53 86
Trade and other receivables 1,004 1,692 1,730
Cash and cash equivalents 1,518 984 1,045
Assets for discontinued operations 2 29 29
---------- ----------- ----------
Total current assets 2,848 3,073 3,123
Total assets 6,387 6,515 6,594
========== =========== ==========
Equity
Issued share capital 51 51 51
Share premium account 85,686 85,656 85,686
Revaluation reserve 438 438 438
Share based payment reserve - 43 -
Foreign exchange reserve (10,625) (10,644) (10,627)
Non-distributable reserves 1,905 1,900 1,905
Retained losses (75,613) (76,401) (76,558)
---------- ----------- ----------
Equity attributable to owners of
the company 1,842 1,043 895
Non-controlling interests 60 (6) 99
---------- ----------- ----------
Total equity 1,902 1,037 994
---------- ----------- ----------
Liabilities
Loans and borrowing 1,554 2,119 1,849
Provisions 195 212 186
Deferred tax liabilities 184 152 184
---------- ----------- ----------
Total non-current liabilities 1,933 2,483 2,219
---------- ----------- ----------
Current tax liabilities 313 269 397
Loans and borrowings 1,500 1,409 1,556
Trade and other payables 714 1,263 1,374
Liabilities for discontinued operations 25 54 54
---------- ----------- ----------
Total current liabilities 2,552 2,995 3,381
---------- ----------- ----------
Total liabilities 4,485 5,478 5,600
---------- ----------- ----------
Total equity and liabilities 6,387 6,515 6,594
========== =========== ==========
Cambria Africa Plc
Interim consolidated statement of changes in equity
For the six month period ended 28 February 2018
Share
Foreign Based
Share Share Revaluation Exchange Payment Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
Balance at 31
August 2017 51 85,686 438 (10,627) - (76,558) 1,905 895 99 994
-------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
Profit for the
period - - - - - 945 - 945 157 1,102
Foreign currency
translation
differences for
overseas
operations - - - 2 - - - 2 - 2
-------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
Total
comprehensive
loss for
the year - - - 2 - 945 - 947 157 1,104
-------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
Contributions
by/distributions
to owners of the
Company
recognised
directly in
equity
Dividends paid - - - - - - - - (196) (196)
-------- ------
Total
contributions by
and
distributions to
owners of
the Company - - - - - - - - (196) (196)
Balance at 28
February 2018 51 85,686 438 (10,625) - (75,613) 1,905 1,842 60 1,902
======== ======== ============ ========= ======== ========= ================== ====== ================ ======
For the six month period ended 28 February 2017
Share
Foreign Based
Share Share Revaluation Exchange Payment Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
Balance at 31
August 2016 34 83,950 438 (10,628) 43 (76,247) 1,900 (510) (4) (514)
-------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
(Loss)/profit for
the period - - - - - (154) - (154) 111 (43)
Foreign currency
translation
differences for
overseas
operations - - - (16) - - - (16) - (16)
-------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
Total
comprehensive
loss for
the year - - - (16) - (154) - (170) 111 (59)
-------- -------- ------------ --------- -------- --------- ------------------ ------ ---------------- ------
Contributions
by/distributions
to owners of the
Company
recognised
directly in
equity
Issue of ordinary
shares 17 1,706 - - - - - 1,723 - 1,723
Dividends paid - - - - - - - - (113) (113)
-------- ------
Total
contributions by
and distributions
to owners of the
Company 17 1,706 - - - - - 1,723 (113) 1,610
Balance at 28
February 2017 51 85,656 438 (10,644) 43 (76,401) 1,900 1,043 (6) 1,037
======== ======== ============ ========= ======== ========= ================== ====== ================ ======
Cambria Africa Plc
Interim consolidated statement of cash flows
For the six month period ended 28 February 2018
Unaudited Unaudited Audited
6 months 6 months
to to Year to
28-Feb-18 28-Feb-17 31-Aug-17
Note US$'000 US$'000 US$'000
------------------------------------------ ------ ---------- ---------- ----------
Operating cash flow before movements
in working capital 1,664 550 1,006
Net working capital movement 52 (198) (46)
---------- ---------- ----------
Cash from operations* 3 1,716 352 960
Taxation paid (418) (330) (539)
---------- ---------- ----------
Cash from operating activities 1,298 22 421
---------- ---------- ----------
Cash flows from investing activities
Proceeds on disposal of property,
plant and equipment - - 21
Purchase of property, plant and
equipment (169) (173) (291)
Other investing activities - - (2)
Interest received 9 4 15
---------- ---------- ----------
Net cash (used in)/from investing
activities (160) (169) (257)
---------- ---------- ----------
Cash flows from financing activities
Dividends paid to non-controlling
interests (196) (113) (149)
Interest paid (33) (2) (85)
Proceeds from issue of share
capital - 1,723 1,753
Loans repaid (509) (2,368) (2,660)
Loans raised 48 1,230 1,344
---------- ---------- ----------
Net cash from/(used in) financing
activities (690) 470 203
---------- ---------- ----------
Net increase in cash and cash
equivalents 448 323 367
Cash and cash equivalents at
the beginning of the period 1,069 701 701
Foreign exchange 2 (16) 1
Net cash and cash equivalents
at the end of the period 1,519 1,008 1,069
========== ========== ==========
Cash and cash equivalents as
above comprise the following
Cash and cash equivalents - continuing
operations 1,518 1,008 1,045
Cash and cash equivalents - discontinued
operations 1 - 24
Net cash and cash equivalents 1,519 1,008 1,069
========== ========== ==========
* Amounts include both continuing and discontinued operations.
The cash flow effect from the discontinued operations of Payserv
Zambia Ltd was a $23 outflow in HY 2018 ($55 outflow in FY
2017).
Cambria Africa Plc
Notes to the interim consolidated financial statements
1. Reporting Entity
Cambria Africa Plc is a public limited company which is quoted
on the AIM London Stock Exchange and is incorporated in the Isle of
Man under the Isle of Man Companies Act 2006.
2. Basis of preparation
The condensed interim consolidated financial information for the
six months ended 28 February 2018 has been prepared in accordance
with the accounting policies that are expected to be adopted in the
Group's full financial statements for the year ending 31 August
2018 and are not expected to be significantly different to those
set out in the Group's audited financial statements for the year
ended 31 August 2017.
The financial information for the half years ended 28 February
2018 and 28 February 2017 are neither audited nor reviewed. They do
not include all of the information normally required for full
annual financial statements and should be read in conjunction with
the consolidated financial statements of the Group as at and for
the period ended 31 August 2017, which are available upon request
from the Company's registered office at Peregrine Corporate
Services Ltd, Burleigh Manor, Peel Road, Douglas, Isle of Man IM1
5EP or at www.cambriaafrica.com.
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing these condensed interim consolidated financial
statements.
3. Note to the cash flow statement
Unaudited Unaudited Audited
6 months 6 months
to to Year to
28-Feb-18 28-Feb-17 31-Aug-17
US$'000 US$'000 US$'000
--------------------------------------- ---------- ---------- ----------
Profit / (Loss) for the period 1,102 (43) (97)
Adjusted for:
Amortisation of intangible assets 7 3 14
Depreciation of property, plant
and equipment 94 75 154
Loss/(Profit) on sale of property,
plant and equipment - - (19)
Valuation adjustments to inventories,
receivables and other assets (13) (1) (46)
Finance income (9) (4) (15)
Finance expense 143 221 371
Increase in provisions 6 7 (16)
Income tax charge 334 292 660
---------- ---------- ----------
Operating cash flows before movements
in working capital 1,664 550 1,006
Net working capital movement 52 (198) (46)
----------
Decrease / (increase) in inventories 8 94 174
Decrease / (increase) in trade
and other receivables 729 (385) (421)
Increase / (decrease) in trade
and other payables (685) 93 201
---------- ---------- ----------
Cash from operations 1,716 352 960
========== ========== ==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEAFMSFASELL
(END) Dow Jones Newswires
April 20, 2018 12:52 ET (16:52 GMT)
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