TIDMGUS
RNS Number : 9472A
Gusbourne PLC
07 June 2021
7 June 2021
Gusbourne Plc
("Gusbourne", the "Company" or the "Group")
Results for the year ended 31 December 2020
The Board of Gusbourne Plc (AIM: GUS) is pleased to announce its
audited results for the year ended 31 December 2020.
2020 Highlights:
-- Net revenue* up by 28% to GBP2.11m (2019: GBP1.65m)
-- A five-year CAGR (compound annual growth rate) of 35% in net revenue (2019: 31%)
-- Shift in distribution channel performance with
Direct-to-Consumer sales (including online sales) representing 30%
of net wine revenue, up from 20% in 2019 and International sales
representing 33%, up from 19% in 2019. UK Trade sales at 37%, down
from 61% in 2019
-- Increase in gross profit margin to 58.3% from 55.5% in 2019
-- Ongoing success in international wine competitions, receiving
a further 40 medals in 2020 including fourteen gold medals, four
trophies, and the Judges Selection Medal in the prestigious Texsom
awards in the United States
*Net revenue represents Revenue after deducting excise
duties
Chairman's statement
It would be impossible to reflect on our performance in 2020
without talking about the tragedy of COVID-19, a pandemic which
also brought much of the hospitality industry to its knees and
forced so many F&B businesses to face the most challenging
trading conditions in modern times.
We were two months into the financial year when it became clear
the ramifications of Coronavirus were going to be serious, and
barely a month later before every hotel, restaurant and
non-essential retailer in the UK had been ordered to close its
doors, and we were under the same intense pressure as every other
company to contain costs and furlough staff. We responded quickly
to focus on Direct to Consumer sales, expanded our reach in the
Off-Trade including the placement of our first exclusive product
with a premium supermarket chain, and increased our International
sales.
Our strategy delivered net revenues for the year of
GBP2.,109,000 (2019: GBP1,653,000), an increase of 28% (2019: 31%)
over the prior year, as we expanded our customer base both at home
and overseas, and won over 40 industry awards in national and
international competitions against some of the finest wine
producers in the world. Other international highlights included
significant export success in the Nordics, increased demand and
recognition across Asia with plans to invest more into the region,
and continued progress in the US which remains one of the largest
opportunities ahead of us but where we are garnering increased
recognition including winning the Judges Selection Medal in the
prestigious Texsom awards.
Mid-year we entered into a GBP10.5 million asset-based lending
facility with PNC Financial Services UK Ltd ("PNC"). The new
facility has been used to provide additional liquidity and
long-term working capital finance for the Company at a competitive
rate. We will continue to work with PNC to ensure the Company makes
best use of this facility, particularly as the value of our assets
grow in line with expectations after another successful harvest. We
expect to maintain our robust investment strategy into our
vineyards, property, equipment and of course wine inventory
including several new releases, some of which have already been
launched to notable critical acclaim.
I am particularly pleased with the way the Company strove to
support our On-Trade clients throughout the year, many of whom,
like us, engaged with their customers in new ways including
enhanced social media campaigns, direct marketing, and valued-added
home delivery rather than in a face-to-face environment through
which so many of our businesses ordinarily thrive. For Gusbourne,
this resulted in a significant increase in Direct to Consumer (DTC)
Sales, now representing 30% of net wine revenue compared to 20% in
2019. We plan to maintain our focus on DTC going forward as
spending habits continue to reward businesses prepared to invest
and innovate in this space.
We also took the opportunity to increase capacity at The Nest -
the Company's retail, tour and wine tasting operation at our
headquarters in Appledore, Kent - which will continue to be an
essential means for us to connect with new visitors and customers
post lockdown and thereafter. The Company's Customer Experience
team have worked tirelessly to demonstrate the integrity and
importance of The Nest as part of our long-term growth, and I am in
no doubt that we should strive to replicate this approach at our
other vineyards in West Sussex when it is prudent to do so. There's
also more we can do to make certain Gusbourne provides the most
luxurious visitor experience in the sector, and we will continue to
explore ways of expanding the breadth and depth of our cellar door
offerings in the years ahead.
As we emerge from a third UK lockdown, the Company is already
seeing a return to more normalised trading conditions with DTC
sales and future bookings for The Nest currently trading ahead of
expectations.
Most importantly, I cannot tell you how proud I am of all our
employees, not least Gusbourne's CEO and Chief Winemaker, Charlie
Holland, who, along with the Executive Team, faced a testing year
with unfailing calm and relentless application to deliver an
outstanding set of financial results whilst also developing new
products, distribution channels, and existing business revenue
lines. My gratitude similarly extends to our loyal shareholders and
wider board of directors who stood shoulder-to-shoulder with us
throughout the pandemic, and of course to our growing army of
customers who remain our most valued ambassadors worldwide.
Jim Ormonde
Chairman
Chief Executive's review
In spite of the challenges and disruption caused by the onset of
the COVID-19 pandemic I am pleased to report that 2020 has been
another year of successful performance for Gusbourne. Net revenues
are up 28% on the prior year (2019: 31%) as we continue to widen
our distribution channels and grow the Gusbourne brand both in the
UK and overseas. These achievements are a testament to the
resilience and tenacity of the Gusbourne team who have demonstrated
great agility in adapting to a quickly changing environment.
The continued growth of our Direct to Consumer (DTC) sales has
been particularly pleasing, representing 30% (2019: 20%) of the
Group's net wine revenue. Online sales grew by c.400% (2019:
c.200%) reflecting our ongoing investment in digital marketing
through the creation of rich and engaging content, compelling wine
offers and new and exciting product releases. We plan to invest
further in our online and digital presence in the coming few
years.
2020 marked our third full year of operations at The Nest, which
provides Gusbourne's cellar door sales facilities, tours and wine
tasting operations. Situated amongst our vineyards and winery
operations in Kent this facility allows us to fully engage with our
customers, encouraging them to enjoy the vineyards, visit the
winery and taste our wines in a beautiful setting. We continue to
improve and expand our offering, providing visitors with a unique
and unforgettable experience.
International sales have continued to flourish representing 33%
(2019: 19%) of net wine revenue. Gusbourne is now distributed to 21
countries around the world as we grow our global brand. Continued
investment in sales and marketing has enabled us to develop and
grow existing markets and expand into exciting new territories with
significant growth potential.
Activities
Gusbourne's vintage English sparkling wines are positioned at
the top tier of the English sparkling wine market and we are
committed to maintaining that premium position, which reflects the
quality of our products and their luxury status. We are one of
England's most awarded producers and continue to win prestigious
awards at some of the world's most discerning wine
competitions.
The Gusbourne business was founded in 2004 by Andrew Weeber with
the first vineyard plantings at Appledore in Kent. The first wines
were released in 2010 to critical acclaim. Following additional
vineyard plantings in 2013 and 2015 in both Kent and West Sussex,
Gusbourne now has 231 acres of mature vineyards. The NEST visitor
centre was opened next to the winery in Appledore in 2017,
providing tours, tastings and a direct outlet for our wines.
Right from the beginning, Gusbourne's intention has always been
to produce the finest English sparkling wines. Starting with
carefully chosen sites, we use best practice in establishing and
maintaining the vineyards and conduct green harvests to ensure we
achieve the highest quality grapes for each vintage. A quest for
excellence is at the heart of everything we do. We blind taste
hundreds of samples before finalising our blends and even after the
wines are bottled, they spend extended time on their lees to add
depth and flavour. Once disgorged, extra cork ageing further
enhances complexity. Our winemaking process remains traditional,
but one that is open to innovation where appropriate. It takes four
years to bring a vineyard into full production and a further four
years to transform those grapes into Gusbourne's premium sparkling
wine.
We also produce a limited quantity of premium vintage English
still wines which have also won a number of prestigious
international awards.
Recent awards
We have continued our success in major wine competitions winning
over 46 medals at national and international competitions, where we
are judged against some of the finest wines from around the world.
Awards received during the year include:
-- 4 gold medals and trophies for 'Best still red wine' and
'Best still rosé wine' at the UK-based Wine GB Awards in August
2020.
-- 2 gold medals and 'Best in Class' at the London-based
Champagne and Sparkling Wine World Championships in December
2020
-- A Platinum medal and 'Judges Selection Medal' awarded the
prestigious Texsom based in the US held in February 2020
-- 2 gold medals at the Japan Wine Awards in Tokyo held in February 2020
-- A gold medal at the Global Pinot Noir Masters held in London during May 2020
-- A gold medal at the Asian Sparkling Masters in Hong Kong held in June 2020
-- A gold medal at the Global Sparkling Wine Masters held in London during June 2020
-- A gold medal at the Global Rosé Masters held in London during June 2020
Group vision and growth strategy
The Group's vision is to continue to produce premium quality
vintage wines from grapes grown in its own vineyards and to promote
Gusbourne as a luxury brand which is reflected by the premium
quality and premium market positioning of its products.
The Group's growth strategy is to:
-- Support the continuing strong growth in DTC sales with online
sales and marketing investment, and offline with planned further
investment in Gusbourne's cellar door operations in Kent and
potential new investment in a West Sussex cellar door operation.
These operations enable us to meet our customers in person and
showcase our operations and products on site, whilst promoting a
closer and more direct relationship with our customers which is a
strategic objective of our growth strategy.
-- Invest in the further growth of UK Trade and International sales
-- Maintain and further develop the Gusbourne's brands luxury
status and ensure that the Group's premium quality and premium
market positioning of its products are maintained as a key part of
this growth strategy.
-- Continue to innovate in all areas of the business including
planned new product development in respect of Gusbourne's vintage
premium wines.
2020 Harvest The 2020 harvest at Gusbourne has continued the
precedent set in recent years, with yet another vintage of
outstanding high quality and record quantity. Conditions throughout
the growing season were generally good, in particular during
flowering in June and the critical ripening months of July and
August.
The 2020 harvest started in September and produced near perfect
ripeness with excellent balance between natural sugar levels and
acidity across all three grape varieties - Chardonnay, Pinot Noir
and Meunier.
In accordance with our strict parameters to only produce the
best wines, rigorous selection of the best fruit from our
self-imposed detailed-focussed techniques in the vineyards, the
team began choosing the best quality fruit during the green harvest
towards the latter part of the growing season. This was followed by
rigorously selecting only the finest fruit from each vine during
harvest, which ultimately ensured that all of the grapes, which
were chosen for pressing, were suitably rich, ripe and pure.
Desired levels of natural sugar and acidity were present across all
three of the grape varieties that Gusbourne grow - Chardonnay,
Pinot Noir and Pinot Meunier. Despite less favourable weather
conditions towards the end of the year the team were able to pick a
healthy and ripe crop.
The resulting wine production has added further to our inventory
levels for sale in future years. Early indications of the resulting
wine quality are high.
Results for the year Net revenue for the year amounted to
GBP2,109,000 (2019: GBP1,653,000), an increase of 28% over the
prior year. This reflects continuing like for like growth in the
sale of Gusbourne wines since 2013 and a 5-year compound annual
growth rate of 35%. Gross profit represents net revenue less cost
of sales (cost of wine sold and direct selling costs). Over the
last 5 years the gross profit margin has increased from 31% in 2015
to 58% in 2020 (2019: 56%) reflecting economies of scale in respect
of the Group's increased production volumes and a shift in
distribution mix more recently to DTC sales.
It should be noted that the cost of sales relating to the wine
sold in the current year is primarily the cost of wine produced
from the 2015 and 2016 harvests when production levels were lower,
and the benefit of the production economies of scale at gross
margin level will continue for some time to trail current year
sales. Operating expenses of GBP3,198,000 (2019: GBP2,902,000),
included depreciation of GBP647,000 (2019: GBP699,000) as well as
planned increased expenditure on sales and marketing costs of
GBP1,478,000 reflecting continuing investment in the growth of the
business and its sales beyond the current financial year. Sales and
marketing costs, which are largely discretionary, continue to
represent a relatively high proportion of net revenues during this
planned growth phase of the business. Adjusted EBITDA (profit from
operations/(loss from operations) before fair value movement in
biological produce, interest, tax, depreciation and amortisation)
for the year was a loss of GBP1,321,000 (2019: GBP1,285,000). The
operating loss for the year after depreciation and amortisation was
GBP2,189,000 (2019: GBP2,156,000). The loss before tax was
GBP3,066,000 (2019: GBP2,601,000) after net finance costs of
GBP877,000 (2019: GBP445,000). These losses continue to be in line
with expectations and the long-term growth strategy of the Group
which is based on continuing sales growth of Gusbourne wines,
supported by sales and marketing expenditure and increasing wine
stocks whilst maintaining Gusbourne's premium quality and premium
market positioning in the market. This is planned to provide a
positive cashflow during the course of the next few years.
Balance Sheet
The Group's balance sheet reflects ongoing investment in the
growth of the Group's business. The production of premium quality
wine from new vineyards is, by its very nature, a long-term project
of at least ten years. It takes around two years to select and
prepare optimal vineyard sites and order the appropriate vines for
planting. It takes a further four years from planting to bring a
vineyard into full production and a further four years to transform
these grapes into Gusbourne's premium sparkling wine. This requires
capital expenditure on vineyards and related property, plant and
equipment as well as significant working capital to support
inventories over the long production cycle. Total assets at 31
December 2020 of GBP24,294,000 (2019: GBP23,507,000) include
freehold land and buildings of GBP6,263,000 (2019: GBP6,383,000),
231 acres of mature vineyards at GBP3,004,000 (2019: GBP3,144,000),
plant, machinery and motor vehicles of GBP1,476,000 (2019:
GBP1,604,000) and right of use assets of GBP2,022,000 (2019:
GBP2,068,000). Note these are carried at cost, less depreciation
where applicable, and do not reflect any potential upside from
valuation adjustments. The carrying value of inventories of wine
stocks at 31 December 2020 at cost amounted to GBP9,325,000 (2019:
GBP7,463,000). These inventories represent wine in its various
stages of production from wine in tank from the last harvest to the
finished products which take around four years to produce from the
time of harvest. These additional four years reflect the time it
takes to transform our high quality grapes into Gusbourne's premium
sparkling wine. An important point to note is that these wine
inventories already include the wine (at its various stages of
production) to support sales planned for the next four years. The
anticipated underlying surplus of net realisable value over the
cost of these wine inventories, which is not reflected in these
accounts will become an increasingly significant factor of the
Group's asset base as these inventories continue to grow.
Intangible assets of GBP1,007,000 (2019: GBP1,007,000) arose on the
acquisition of the Gusbourne Estate business on 27 September 2013.
Intangible assets, which includes the Gusbourne brand itself,
remain unimpaired at their historical amount and in accordance with
the relevant accounting standards. No account has been taken with
regards to any potential fair value uplift that may be
appropriate.
Financing The Group's activities are financed by shareholder's
equity and debt which comprises loans, lease liabilities, other
borrowings and deep discount bonds. At 31 December 2020 debt
amounted to GBP14,397,000 (2019: GBP10,561,000). Excluding the
impact of IFRS 16 and the resulting right of use asset and lease
liability, debt amounted to GBP12,289,000 (2019: GBP8,405,000).
On 1 June 2020, Gusbourne announced that its subsidiary
Gusbourne Estate Limited entered into an agreement with PNC
Business Credit, a trading style of PNC Financial Services UK Ltd,
for up to GBP10.5m of asset-based lending facilities (the "PNC
Facilities"). The PNC Facilities are primarily used to finance the
Group's working capital, which consists largely of inventories. The
PNC Facilities are provided on a revolving basis over a minimum
period of 5 years and allow flexible drawdown and repayments in
line with the Company's working capital requirements. The interest
rate is at the annual rate of 3 per cent over the Bank of England
Base Rate. The facilities are secured by way of first priority
charges over the Company's inventory, receivables and freehold
property as well as an all assets debenture.
On completion on 1 June 2020, approximately GBP4.6m of the PNC
Facilities was drawn down by Gusbourne Estate Limited with
approximately GBP2.1m being used to repay the existing secured
Barclays bank facilities in full, GBP1.3m was used to part repay
the existing short term loans to Franove Holdings Limited and a
company controlled by Lord Ashcroft KCMG PC. The balance of GBP1.2m
was used for working capital. Following further drawdowns during
the year, the group had GBP3.7m of unused facilities at 31 December
2020.
Of the GBP1.3m drawdown at completion to part repay existing
short-term loans, GBP0.8m was used to part repay a short-term loan
of GBP1.25m received on 23 December 2019 from Franove Holdings
Limited. GBP0.5m was used to part repay a short-term loan of
GBP2.0m received on 31 May 2019 from a company controlled by Lord
Ashcroft. Following these repayments Franove Holdings Limited
agreed to extend the repayment date of its outstanding loan of
GBP0.5m to 15 August 2021, at the same 15% rate of interest, with
the loan becoming secured behind PNC at the same ranking as the
existing outstanding deep discount bonds issued by the Company.
Gusbourne Estate Limited has also agreed with Franove that in the
event it seeks to repay its loans (excluding its PNC facilities)
further, the repayment of the Franove Holdings Limited loan will
take priority. The remaining Lord Ashcroft loan of GBP1.7m was
refinanced, by a company controlled by him, with a new deep
discount bond maturing on 15 August 2021 and with a coupon of 15%
per annum rolled quarterly and secured behind PNC at the same
ranking as the existing outstanding bonds issued by the
Company.
Going concern The directors have considered the cash available
from committed facilities to continue operations for at least 12
months from the date these financial statements were approved and
in addition, whether any of its key covenants may be breached
during this period in assessing whether the going concern
assumption is appropriate.
In coming to their conclusion, the directors have considered the
Group's profit and cash flow plans for the coming period, and in
the light of the residual uncertainty due to COVID-19 have run
various downside "stress test" scenarios. These scenarios assess
the continuing potential impact of COVID-19 on the Group over the
next 12 months and in particular on the Group's sales through its
key distribution channels. These stress tests indicate the Group
can withstand any ongoing adverse impact on revenues and cashflow
for at least the next 12 months but only if the short-term loan and
deep discounted bonds are refinanced or deferred. While initial
forecasts are based on board-approved budgets, the Group has
considered a scenario in which forecast revenues are restricted to
those achieved in the year ended 31 December 2020 when the business
was impacted by Covid-19 on UK on-trade and off-trade sales
channels. Under this scenario the directors have modelled the
impact certain cost mitigation actions, in relation to variable and
discretionary costs and believe that there are sufficient cost
savings which could be achieved from sales and marketing,
administrative, winery and vineyard costs to enable the Group to
continue as a going concern for the next 12 months.
In these stress test scenarios, the directors assessed the
Group's potential cash requirements together with the availability
of undrawn funds from the Group's GBP10.5m asset-based lending
facility, of which GBP2.4m is undrawn on the date on which these
financial statements were approved. The stress test scenarios show
that the Group does not require more funds than the current undrawn
facilities, assuming that the short-term loan and deep discounted
bonds will be refinanced or deferred. Furthermore, the scenarios
that the Group remains in compliance with its key monthly covenant
tests which commenced on 31 December 2020. Under these significant
stress test scenarios, the Group could withstand a material and
prolonged adverse impact on revenues, in line with those in 2020
and continue to operate within the available lending facilities. In
each of the stress test scenarios, the directors have assumed that
the short-term loan and deep discounted bonds will be refinanced or
deferred. The directors have also assessed the ability of the Group
to repay its short-term loan and deep discounted bonds (GBP0.5m and
GBP5.1m respectively at 31 December 2020) which are due for
repayment on 15 August 2021. The total amount due on 15 August 2021
to satisfy these obligations will amount to GBP6.1m. Of this amount
GBP1.5m is due to directors of the Group, GBP3.8m is due to the
major shareholder of the Group and GBP0.8m due to third parties.
The directors believe that the Group will be able to raise further
equity and/or debt funds to repay or refinance this short term debt
as well as providing additional funds for the further development
of the Group. The Group has shown an ability in the past to raise
capital and/or debt funds, and it believes that it will be able to
raise such funds in the future. Furthermore, those directors and
the major shareholder who hold over 85% of this short term debt
obligation have confirmed in writing in June 2021 that they do not
intend to call their debt should doing so cause the Group to be
unable to satisfy its creditors as they fall due. However, there is
no guarantee that the Group will be able to raise further equity
and/or debt funds to repay or refinance this short term debt. The
Group does not currently have sufficient cash or other financing
available to settle this obligation and has no contractual
agreement that would enable the Group to refinance or defer payment
of the short-term loan and deep discounted bonds. This condition
indicates the existence of a material uncertainty as at the date of
approval of these financial statements, which may cast significant
doubt on the Group's ability to continue as a going concern. The
financial statements do not include the adjustments that would be
required should the going concern basis of preparation no longer be
appropriate.
Current trading and outlook The Company experienced a slower
than normal start to trading in the first three months of the year
as a result of ongoing COVID-19 lockdown restrictions on UK trade
sales in particular. However it is pleasing to note that our
continuing growth in Direct to Consumer and International sales
have continued to mitigate this impact on overall sales. With the
gradual reopening of hospitality, the Group remains confident about
future sales growth and remains excited about its future prospects
as the business continues to focus on its strategic growth plans.
The achievement of the Group's long-term growth strategy will
depend on the raising of further equity and/or debt funds to
achieve those goals.
On the production side, both vineyard and winery operations
continued to work through the various lockdowns with appropriate
safety protocols. The Group furloughed a number of staff members,
particularly in the sales function and various steps were taken to
reduce costs. We are pleased to report that all staff have now
returned from furlough and are now focussed on delivering the
Group's business targets. Finally, I would like to thank all our
dedicated and hard working employees for their outstanding response
to the challenges over the past year. Their energy, focus, and
creativity has been impressive to witness and provides me with
great confidence for the future.
Charlie Holland
Chief Executive
Key Performance Indicators
Net revenue and adjusted EBITDA - 5 year summary
Years ended 2016 2017 2018 2019 2020
31 December GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net revenue* 640 998 1,261 1,653 2,109
Cost of sales (423) (381) (560) (735) (879)
Gross profit 217 617 701 918 1,230
Sales and
marketing
expenses (345) (560) (914) (1,389) (1,478)
Administration
expenses ** (683) (720) (694) (814) (1,073)
Adjusted EBITDA
(loss)/profit*** (811) (663) (907) (1,285) (1,321)
Fair value
movement in
biological
produce 9 (27) 125 (172) (221)
EBITDA**** (802) (690) (782) (1,457) (1,542)
Gross profit
% 33.9% 61.8% 55.6% 55.5% 58.3%
Net revenue
annual growth
% 35.3% 55.9% 26.4% 31.1% 27.6%
Net revenue 5 year CAGR 30.7% 34.8%
* Net revenue represents Revenue after deducting excise duties
** Excluding depreciation
** Adjusted EBITDA means profit from operations/(loss from operations)
before fair value movement in biological produce, interest, tax, depreciation
and amortisation
**** EBITDA means profit from operations/(loss from operations) before
interest, tax, depreciation and amortisation.
Net revenue by distribution channel - 5 year summary
Years ended 2016 2017 2018 2019 2020
31 December GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net revenue in GBP'000
Direct to
Consumer (DTC) 55 74 144 299 586
UK Trade 498 607 827 934 721
International 87 251 179 292 634
Net wine sales 640 932 1,150 1,525 1,941
Other Income - 66 111 128 168
Total net
revenue 640 998 1,261 1,653 2,109
Percentages of net wine sales
Direct to
Consumer (DTC) 8.6% 7.9% 12.5% 19.6% 30.2%
UK Trade 77.8% 65.1% 71.9% 61.2% 37.1%
International 13.6% 26.9% 15.6% 19.1% 32.7%
Total 100.0% 100.0% 100.0% 100.0% 100.0%
Balance Sheet assets* - 5 year summary
Years ended 2016 2017 2018 2019 2020
31 December GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets
Freehold land
and buildings 5,543 6,539 6,488 6,383 6,263
Right of use
assets** - - - 2,068 2,022
Vineyards 3,256 3,260 3,289 3,144 3,004
Plant, machinery
and other
equipment 1,131 1,431 1,757 1,636 1,504
Other receivables 97 90 38
Total non
current assets 9,930 11,230 11,631 13,321 12,831
Inventories 2,247 3,484 5,282 7,463 9,325
Trade and
other receivables 314 281 496 707 869
Trade and
other payables (252) (358) (483) (752) (769)
Working capital 2,309 3,407 5,295 7,418 9,425
Total operating
assets 12,239 14,637 16,926 20,739 22,256
Cash 1,123 1,464 1,311 1,009 262
Goodwill 1,007 1,007 1,007 1,007 1,007
Total assets 14,369 17,108 19,244 22,755 23,525
* Net of trade and other payables
** per IFRS 16
Balance Sheet liabilities and equity*
Years ended 2016 2017 2018 2019 2020
31 December GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Debt
PNC Business Credit
(Asset finance facilities) - - - - 6,613
Other bank
debt 2,342 2,256 2,173 2,058 -
Deep discount
bonds 4,195 2,522 2,761 3,001 5,132
Short term
debt - - - 3,379 544
Lease liabilities** - - - 2,123 2,108
Total debt 6,537 4,778 4,934 10,561 14,397
Equity 7,832 12,330 14,310 12,194 9,128
Total liabilities
and equity 14,369 17,108 19,244 22,755 23,525
* Excluding trade and other payables
** per IFRS 16
Annual General Meeting
The Company's annual report and accounts for the year ended 31
December 2020 will be posted to shareholders on Monday 7 June 2021,
together with notice of the Annual General Meeting to be held at
11am on Wednesday 30 June 2021 at the offices of Fieldfisher LLP at
Riverbank House, 2 Swan Lane, London EC4R 3TT.
Enquiries:
Gusbourne Plc
Charlie Holland +44 (0)12 3375 8666
Canaccord Genuity Limited (Nomad and Joint Broker)
Bobbie Hilliam +44 (0)20 7523 8000
Georgina McCooke
Panmure Gordon (UK) Limited (Joint Broker)
Oliver Cardigan + 44 (0)20 7886 2500
Hugh Rich
Joanna Langley
Note: This and other press releases are available at the
Company's website: www.gusbourneplc.com
Note to Editors
Gusbourne produces and distributes a range of high quality and
award winning vintage English sparkling wines from grapes grown in
its own vineyards in Kent and West Sussex.
The Gusbourne business was founded by Andrew Weeber in 2004 with
the first vineyard plantings at Appledore in Kent. The first wines
were released in 2010 to critical acclaim. Following additional
vineyard plantings in 2013 and 2015 in both Kent and West Sussex,
Gusbourne now has 231 acres of mature vineyards. The NEST visitor
centre was opened next to the winery in Appledore in 2017,
providing tours, tastings and a direct outlet for our wines.
Right from the beginning, Gusbourne's intention has always been
to produce the finest English sparkling wines. Starting with
carefully chosen sites, we use best practice in establishing and
maintaining the vineyards and conduct green harvests to ensure we
achieve the highest quality grapes for each vintage. A quest for
excellence is at the heart of everything we do. We blind taste
hundreds of samples before finalising our blends and even after the
wines are bottled, they spend extended time on their lees to add
depth and flavour. Once disgorged, extra cork ageing further
enhances complexity. Our winemaking process remains traditional,
but one that is open to innovation where appropriate. It takes four
years to bring a vineyard into full production and a further four
years to transform those grapes into Gusbourne's premium sparkling
wine.
We are one of England's most awarded wine producers. Highlights
include:
-- Three times winner of the International Wine & Spirits
Challenge (IWSC) English Wine Producer of the Year, having won the
award in 2013, 2015 and 2017- a unique achievement
-- Highest rated English sparkling wine by the Wine Enthusiast in 2020
-- Trophy for best English Still Red Wine at Wine GB awards for past 3 years
-- Best in Class trophies at the Champagne & Sparkling World
Championships in both 2018 and 2019
-- 'Best English Sparkling Wine' as well as overall 'IWC China
Champion Sparkling Wine 2019' at the International Wine Challenge
held in Shanghai
Consolidated statement of comprehensive income for the year
ended 31 December 2020
Year ended Year ended
============================================
31 December 31 December
2020 2019
Note GBP'000 GBP'000
============================================ ==== =========== ===========
Revenue 2,294 1,845
============================================ ==== =========== ===========
Excise duties (185) (192)
============================================ ==== =========== ===========
Net revenue 2,109 1,653
============================================ ==== =========== ===========
Cost of sales (879) (735)
============================================ ==== =========== ===========
Gross profit 1,230 918
============================================ ==== =========== ===========
Fair value movement in biological produce (221) (172)
============================================ ==== =========== ===========
Administrative expenses (3,198) (2,902)
============================================ ==== =========== ===========
Loss from operations (2,189) (2,156)
============================================ ==== =========== ===========
Finance expenses (877) (445)
============================================ ==== =========== ===========
Loss before tax (3,066) (2,601)
============================================ ==== =========== ===========
Tax expense - -
============================================ ==== =========== ===========
Loss and total comprehensive for the year
attributable to owners of the parent (3,066) (2,601)
============================================ ==== =========== ===========
Loss per share attributable to the ordinary
equity holders of the parent:
============================================ ==== =========== ===========
Basic (pence) 4 (6.60) (5.67)
============================================ ==== =========== ===========
Diluted (pence) 4 (6.60) (5.67)
============================================ ==== =========== ===========
Consolidated statement of financial position at 31 December
2020
31 December 31 December
2020 2019
Note GBP'000 GBP'000
============================== ====== =========== ===========
Assets
============================== ====== =========== ===========
Non-current assets
============================== ====== =========== ===========
Intangibles 1,007 1,007
============================== ====== =========== ===========
Property, plant and equipment 5 12,793 13,231
============================== ====== =========== ===========
Other receivables 38 90
============================== ====== =========== ===========
13,838 14,328
============================== ====== =========== ===========
Current assets
============================== ====== =========== ===========
Biological Produce 6 - -
============================== ====== =========== ===========
Inventories 7 9,325 7,463
============================== ====== =========== ===========
Trade and other receivables 869 707
============================== ====== =========== ===========
Cash and cash equivalents 262 1,009
============================== ====== =========== ===========
10,456 9,179
============================== ====== =========== ===========
Total assets 24,294 23,507
============================== ====== =========== ===========
Liabilities
============================== ====== =========== ===========
Current liabilities
============================== ====== =========== ===========
Trade and other payables (769) (752)
============================== ====== =========== ===========
Loans and borrowings 8 (5,676) (3,379)
============================== ====== =========== ===========
Lease liabilities 9 (92) (123)
============================== ====== =========== ===========
(6,537) (4,254)
============================== ====== =========== ===========
Non-current liabilities
============================== ====== =========== ===========
Loans and borrowings 8 (6,613) (5,026)
============================== ====== =========== ===========
Lease liabilities 9 (2,016) (2,033)
============================== ====== =========== ===========
(8,629) (7,059)
============================== ====== =========== ===========
Total liabilities (15,166) (11,313)
============================== ====== =========== ===========
Net assets 9,128 12,194
============================== ====== =========== ===========
Issued capital and reserves attributable to owners of the parent
=======================================================================
Share capital 10 12,048 12,048
================================= ==== ============== ==============
Share premium 10,915 10,915
================================= ==== ============== ==============
Merger reserve (13) (13)
================================= ==== ============== ==============
Retained earnings (13,822) (10,756)
================================= ==== ============== ==============
Total equity 9,128 12,194
================================= ==== ============== ==============
Consolidated statement of cash flows for the year ended 31
December 2020
31 December 31 December
2020 2019
Note GBP'000 GBP'000
============================================== ====== =========== ===========
Cash flows from operating activities
============================================== ====== =========== ===========
Loss for the year before tax (3,066) (2,601)
============================================== ====== =========== ===========
Adjustments for:
============================================== ====== =========== ===========
Depreciation of property, plant and equipment 5 647 699
============================================== ====== =========== ===========
Finance expense 877 445
============================================== ====== =========== ===========
Fair value movement in biological produce 6 221 172
============================================== ====== =========== ===========
(Increase) in trade and other receivables (143) (209)
============================================== ====== =========== ===========
Increase in inventories (1,978) (2,220)
============================================== ====== =========== ===========
Increase in trade and other payables 17 269
============================================== ====== =========== ===========
Cash outflow from operations (3,425) (3,445)
============================================== ====== =========== ===========
Investing activities
============================================== ====== =========== ===========
Purchases of property, plant and equipment,
excluding vineyard establishment 5 (254) (339)
============================================== ====== =========== ===========
Sale of property, plant and equipment - 11
============================================== ====== =========== ===========
Net cash from investing activities (254) (328)
============================================== ====== =========== ===========
Financing activities
============================================== ====== =========== ===========
Capital loan repayments (3,253) (34)
============================================== ====== =========== ===========
New loans issued 6,796 3,250
============================================== ====== =========== ===========
Repayment of lease liabilities (142) (125)
============================================== ====== =========== ===========
Interest paid (281) (90)
============================================== ====== =========== ===========
Loan issue costs (188) (15)
============================================== ====== =========== ===========
Issue of ordinary shares 10 - 485
============================================== ====== =========== ===========
Net cash from financing activities 2,932 3,471
============================================== ====== =========== ===========
Net increase/(decrease) in cash and cash
equivalents (747) (302)
============================================== ====== =========== ===========
Cash and cash equivalents at the beginning
of the year 1,009 1,311
============================================== ====== =========== ===========
Cash and cash equivalents at the end
of the year 262 1,009
============================================== ====== =========== ===========
Consolidated statement of changes in equity for the year ended
31 December 2020
Total attributable
to equity
holders of
Share Share premium Merger Retained parent
capital GBP'000 reserve earnings GBP'000
GBP'000 GBP'000 GBP'000
========================== =========== =============== ========= ============ ===================
1 January 2019 12,040 10,438 (13) (8,155) 14,310
========================== =========== =============== ========= ============ ===================
Comprehensive loss for
the year - - - (2,601) (2,601)
========================== =========== =============== ========= ============ ===================
Contributions by and
distributions to owners:
========================== =========== =============== ========= ============ ===================
Share issue 8 477 - - 485
========================== =========== =============== ========= ============ ===================
Share issue expenses - (36) - - (36)
========================== =========== =============== ========= ============ ===================
31 December 2019 12,048 10,915 (13) (10,756) 12,194
========================== =========== =============== ========= ============ ===================
1 January 2020 12,048 10,915 (13) (10,756) 12,194
=================== ====== ====== ==== ======== =======
Comprehensive loss
for the year - - - (3,066) (3,066)
=================== ====== ====== ==== ======== =======
31 December 2020 12,048 10,915 (13) (13,822) 9,128
=================== ====== ====== ==== ======== =======
1 Accounting policies
Gusbourne PLC (the "Company") is a company incorporated and
domiciled in the United Kingdom and quoted on the London Stock
Exchange's AIM market. The consolidated financial statements of the
Group for the year ended 31 December 2020 comprise the Company and
its subsidiaries (together referred to as the "Group").
Basis of preparation
The financial information does not constitute the Group's
financial statements for the years ended 31 December 2019 or 31
December 2020 but is derived from those financial statements.
Financial statements for the year ended 31 December 2019 have been
delivered to the Registrar of Companies and those for the year
ended 31 December 2020 will be delivered following the Company's
Annual General Meeting. The auditors' reports on both the 31
December 2019 and 31 December 2020 financial statements were
unqualified and did not contain statements under section 498 (2) or
(3) of the Companies Act 2006. The report for the year ended 31
December 2020 did include a paragraph drawing attention to the
material uncertainty as regards the ability of the entity to
continue as a going concern. The opinion was not modified in
respect of this matter.
The Group's consolidated financial statements and the Company's
financial statements have been prepared in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006.
The following accounting policies have been applied consistently
in dealing with items which are considered material in relation to
the Group's financial statements.
The financial statements are presented in pounds sterling. They
have been prepared on the historical cost basis except that
biological produce is stated at fair value.
Going concern
The directors have considered the cash available from committed
facilities to continue operations for at least 12 months from the
date these financial statements were approved and in addition,
whether any of its key covenants may be breached during this period
in assessing whether the going concern assumption is
appropriate.
In coming to their conclusion, the directors have considered the
Group's profit and cash flow plans for the coming period, and in
the light of the residual uncertainty due to COVID-19 have run
various downside "stress test" scenarios. These scenarios assess
the continuing potential impact of COVID-19 on the Group over the
next 12 months and in particular on the Group's sales through its
key distribution channels. These stress tests indicate the Group
can withstand any ongoing adverse impact on revenues and cashflow
for at least the next 12 months but only if the short-term loan and
deep discounted bonds are refinanced or deferred.
While initial forecasts are based on board-approved budgets, the
Group has considered a scenario in which forecast revenues are
restricted to those achieved in the year ended 31 December 2020
when the business was impacted by Covid-19 on UK on-trade and
off-trade sales channels. Under this scenario the directors have
modelled the impact certain cost mitigation actions, in relation to
variable and discretionary costs and believe that there are
sufficient cost savings which could be achieved from sales and
marketing, administrative, winery and vineyard costs to enable the
Group to continue as a going concern for the next 12 months.
In these stress test scenarios, the directors assessed the
Group's potential cash requirements together with the availability
of undrawn funds from the Group's GBP10.5m asset-based lending
facility, of which GBP2.4m is undrawn on the date on which these
financial statements were approved. The stress test scenarios show
that the Group does not require more funds than the current undrawn
facilities, assuming that the short-term loan and deep discounted
bonds will be refinanced or deferred. Furthermore, the scenarios
that the Group remains in compliance with its key monthly covenant
tests which commenced on 31 December 2020.
Under these significant stress test scenarios, the Group could
withstand a material and prolonged adverse impact on revenues, in
line with those in 2020 and continue to operate within the
available lending facilities. In each of the stress test scenarios,
the directors have assumed that the short-term loan and deep
discounted bonds will be refinanced or deferred.
The directors have also assessed the ability of the Group to
repay its short-term loan and deep discounted bonds (GBP0.5m and
GBP5.1m respectively at 31 December 2020) which are due for
repayment on 15 August 2021. The total amount due on 15 August 2021
to satisfy these obligations will amount to GBP6.1m. Of this amount
GBP1.5m is due to directors of the Group, GBP3.8m is due to the
major shareholder of the Group and GBP0.8m due to third parties.
The directors believes that the Group will be able to raise further
equity and/or debt funds to repay or refinance this short term debt
as well as providing additional funds for the further development
of the Group. The Group has shown an ability in the past to raise
capital and/or debt funds, and it believes that it will be able to
raise such funds in the future. Furthermore, those directors and
major shareholder who hold over 85% of this short term debt
obligation have confirmed in writing in June 2021 that they do not
intend to call their debt should doing so cause the Group to be
unable to satisfy its creditors as they fall due.
However, there is no guarantee that the Group will be able to
raise further equity and/or debt funds to repay or refinance this
short term debt. The Group does not currently have sufficient cash
or other financing available to settle this obligation and has no
contractual agreement that would enable the Group to refinance or
defer payment of the short-term loan of and deep discounted
bonds.
This condition indicates the existence of a material uncertainty
as at the date of approval of these financial statements, which may
cast significant doubt on the Group's ability to continue as a
going concern. The financial statements do not include the
adjustments that would be required should the going concern basis
of preparation no longer be appropriate.
IFRS 16 Leases
The Group has entered into a number of long term leases in
respect of land and buildings in West Sussex on which the Group has
planted vineyards. The leases have a remaining life of 42 and 49
years. During the year ended 31 December 2019, the Group had
assessed the leases under IFRS 16 and a right of use asset and
lease liability were recognised in the consolidated statement of
financial position for the first time in respect of its current
operating leases. The Group having reviewed its leases, decided to
account for IFRS 16 on the modified retrospective approach using a
single discount rate for leases with similar characteristics.
Lease liabilities are measured at the present value of the
contractual payments due to the lessor over the lease term, with
the discount rate determined by reference to the rate inherent in
the lease unless this is not readily determinable, in which case
The Group's incremental borrowing rate on commencement of the lease
is used. Variable lease payments are only included in the
measurement of the lease liability if they depend on an index or
rate. In such cases, the initial measurement of the lease liability
assumes the variable element will remain unchanged throughout the
lease term. Other variable lease payments are expensed in the
period to which they relate.
Right-of-use assets are initially measured at the amount of the
lease liability.
Subsequent to initial measurement lease liabilities increase as
a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made. Right-of-use
assets are amortised on a straight-line basis over the remaining
term of the leases. When the Group revises its estimate of the term
of any lease (because, for example, it reassesses the probability
of a lessee extension or termination option being exercised), it
adjusts the carrying amount of the lease liability to reflect the
payments to make over the revised term, which are discounted at the
same discount rate that applied on lease commencement. The carrying
value of lease liabilities is similarly revised when the variable
element of future lease payments dependent on a rate or index is
revised. In both cases an equivalent adjustment is made to the
carrying value of the right-of-use asset, with the revised carrying
amount being amortised over the remaining (revised) lease term.
Basis of consolidation
The Group's financial statements consolidate the financial
statements of the Company and its subsidiary undertakings.
Subsidiaries are entities controlled by the Company. Control exists
when the Company has the power, directly or indirectly, to govern
the financial and operating policies of an entity so as to obtain
benefits from its activities and the ability to use its power over
the investee to affect the amounts of the Group's returns and which
generally accompanies interest of more than one half of the voting
rights. In assessing control, potential voting rights that
presently are exercisable or convertible are taken into account.
The results of any subsidiaries sold or acquired are included in
the Group income statement up to, or from, the date control passes.
Intra-Group sales and profits are eliminated fully on
consolidation.
On acquisition of a subsidiary, all of the subsidiary's
separable, identifiable assets and liabilities existing at the date
of acquisition are recorded at their fair values reflecting their
condition at that date. On disposal of a subsidiary, the
consideration received is compared with the carrying cost at the
date of disposal and the gain or loss is recognised in the income
statement. The excess of the cost of acquisition over the fair
value of the Group's share of the identifiable net assets is
recorded as goodwill. Intercompany transactions, balances and
unrealised gains on transactions between group companies are
eliminated. Subsidiaries' results are amended where necessary to
ensure consistency with the policies adopted by the Group.
Revenue
The majority of the group's revenue is derived from selling
goods with revenue recognised at a point in time when control of
the goods has transferred to the customer. This is generally when
the goods are delivered to the customer. However, for export sales,
control might also be transferred when the goods are dispatched by
the Group or delivered either to the port of departure or port of
arrival, depending on specific terms of the contract with a
customer. There is limited judgement needed in identifying the
point control passes: once physical delivery of the products to the
agreed location has occurred, the group no longer has physical
possession, usually will have a present right to payment and
retains none of the significant risks and rewards of the goods in
question.
All of the Group's revenue is derived from fixed price contracts
and therefore the amount of revenue to be earned from each contract
is determined by reference to those fixed prices.
For all contracts there is a fixed unit price for each product
sold. Therefore, there is no judgement involved allocating the
contract price to each unit ordered in such contracts (it is the
number of units multiplied by the fixed unit price for each product
sold). Where a customer orders more than one product line, the
Group is able to determine the split of the total contract price
between each product line by reference to each product's standalone
selling prices (all product lines are capable of being, and are,
sold separately).
Revenue from vineyard tours and tastings is recognised on the
date on which the tour or tasting takes place.
Net revenue is revenue less excise duties. The Group incurs
excise duties in the United Kingdom and is a production tax which
becomes payable once the Group's products are removed from bonded
premises and are not directly related to the value of revenue. It
is not included as a separate item on invoices issued to customers.
Where a customer fails to pay for the Group's products the Group
cannot reclaim the excise duty. The Group therefore recognises
excise duty as a cost of the Group.
Government grants
Government grants are recognised against expenses in the period
in which they are intended to compensate. Grants are only
recognised when there is reasonable assurance that any conditions
attached to the grant will be complied with and that the grant will
be received
Financial assets
Debt instruments at amortised cost
These assets are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They
arise principally through the provision of goods to customers (e.g.
trade receivables), but also incorporate other types of contractual
monetary asset. They are initially recognised at fair value plus
transaction costs that are directly attributable to their
acquisition or issue, and are subsequently carried at amortised
cost using the effective interest rate method, less provision for
impairment. The financial assets meet the SPPI test and are held in
a 'hold to collect' business model and therefore classified at
amortised cost.
Impairment provisions for current and non-current trade
receivables are recognised based on the simplified approach within
IFRS 9 using a provision matrix in the determination of the
lifetime expected credit losses. During this process the
probability of the non-payment of the trade receivables is
assessed. This probability is then multiplied by the amount of the
expected loss arising from default to determine the lifetime
expected credit loss for trade receivables. The historical loss
rates are adjusted for current and forward looking information
relevant to the Group's customers.
For trade receivables, which are reported net, such expected
credit losses are recognised within administrative expenses in the
consolidated statement of comprehensive income. On confirmation
that the trade receivable will not be collectable, the gross
carrying value of the asset is written off against the associated
provision
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held
at call with banks, other short term highly liquid investments with
original maturities of three months or less.
Financial liabilities
Borrowings
Borrowings are initially recognised at fair value net of any
transaction costs directly attributable to the loan. They are
subsequently measured at amortised cost with interest charged to
the statement of comprehensive income based on the effective
interest rate of the borrowings.
Deep discount bonds
Deep discount bonds are redeemable at their nominal price at
maturity. The discount is charged over the life of the bond to the
statement of comprehensive income and included within finance
expenses.
Warrants
Warrants issued to shareholders as part of an equity fund raise
are accounted for as equity instruments. Details of Warrants are
shown in note 10.
Trade and other payables
Comprises trade payables and other short-term monetary
liabilities, which are initially recognised at fair value and
subsequently carried at amortised cost using the effective interest
method.
Share capital
Financial instruments issued by the Group are classified as
equity only to the extent that they do not meet the definition of a
financial liability.
The Group's ordinary shares are classified as equity
instruments.
Deferred taxation
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the consolidated
statement of financial position differs from its tax base, except
for differences arising on:
-- the initial recognition of goodwill;
-- the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of
the transaction affects neither accounting or taxable profit;
and
-- investments in subsidiaries and jointly controlled entities
where the Group is able to control the timing of the reversal of
the difference and it is probable that the difference will not
reverse in the foreseeable future.
Recognition of deferred tax assets is restricted to those
instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the deferred tax
liabilities/(assets) are settled/ (recovered).
Deferred tax assets and liabilities are offset when the Group
has a legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate to
taxes levied by the same tax authority on either:
-- the same taxable group company; or
-- different group entities which intend either to settle
current tax assets and liabilities on a net basis, or to realise
the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax assets
or liabilities are expected to be settled or recovered.
Intangible Assets
Goodwill
Goodwill arises where a business is acquired and a higher amount
is paid for that business than the fair value of the assets and
liabilities acquired. Transaction costs attributable to
acquisitions are expensed to the income statement.
Goodwill is recognised as an asset in the statement of financial
position and is not amortised but is subject to an annual
impairment review. Impairment occurs when the carrying value of
goodwill is greater than the recoverable amount which is the higher
of the value in use and fair value less disposal costs. The present
value of the estimated future cash flows from the separately
identifiable assets, termed a 'cash generating unit' is used to
determine the fair value less cost of disposal to calculate the
recoverable amount. The Group prepares and approves formal long
term business plans for its operations which are used in these
calculations.
Brand
Brand names acquired as part of acquisitions of businesses are
capitalised separately from goodwill as intangible assets if their
value can be measured reliably on initial recognition and it is
probable that the expected future economic benefits that are
attributable to the asset will flow to the Group.
Brand names have been assessed as having an indefinite life and
are not amortised but are subject to an annual impairment review.
Impairment occurs when the carrying value of the brand name is
greater than the present value of the estimated future cash
flows.
Property, plant and equipment
Items of property, plant and equipment are initially recognised
at cost. As well as the purchase price, cost includes directly
attributable costs.
Freehold land is not depreciated.
Vineyard establishment represents the expenditure incurred to
plant and maintain new vineyards until the vines reach
productivity. Once the vineyards are productive the accumulated
cost is transferred to mature vineyards and depreciated over the
expected useful economic life of the vineyard. Vineyard
establishment is not depreciated.
Depreciation is provided on all other items of property, plant
and equipment so as to write off their carrying value over their
expected useful economic lives. It is provided at the following
rates:
Freehold buildings 4% per annum straight line
Plant, machinery and motor vehicles 5-25% per annum straight
line
Computer equipment 33% per annum straight line
Mature vineyards 4% per annum straight line
The carrying value of property, plant and equipment is reviewed
for impairment when events or changes in circumstances indicate
that the carrying value may not be recoverable.
Biological assets and produce
Agricultural produce is accounted for under IAS 41 Agriculture.
Harvesting of the grape crop is ordinarily carried out in October.
The grapes are therefore measured at fair value less costs to sell
in accordance with IAS 41 with any fair value gain or loss shown in
the consolidated statement of comprehensive income. The fair value
of grapes is determined by reference to estimated market prices at
the time of harvest. Generally there is no readily obtainable
market price for the Group's grapes because they are not sold on
the open market, therefore management set the values based on their
experience and knowledge of the sector including past purchase
transactions. This measurement of fair value less costs to sell is
the deemed cost of the grapes that is transferred into inventory
upon harvest.
Under IAS 41, the agricultural produce is also valued at the end
of each reporting period, with any fair value gain or loss shown in
the consolidated statement of comprehensive income. Bearer plants
are accounted for under IAS 16 and are held at cost.
Inventories
Inventories are initially recognised at cost, and subsequently
at the lower of cost and net realisable value. Cost comprises all
costs of purchase, costs of conversion and other costs, including
depreciation on right of use assets and interest on lease
liabilities, incurred in bringing the inventories to their present
location and condition. Grapes grown in the Group's vineyards are
included in inventory at fair value less costs to sell at the point
of harvest which is the deemed cost for the grapes.
Weighted average cost is used to determine the cost of
ordinarily interchangeable items.
Leased assets
All leases are accounted for by recognising a right-of-use asset
and a lease liability except for leases of low value assets and
leases with an expected full term of 12 months or less.
Lease liabilities are measured at the present value of the
unpaid contractual payments over the expected lease term, with the
discount rate determined by reference to the rate inherent in the
lease unless (as is typically the case) this is not readily
determinable, in which case the Group's incremental borrowing rate
on commencement of the lease is used.
On initial recognition, the carrying value of the lease
liability also includes amounts expected to be payable under any
residual value guarantee; the exercise price of any purchase option
granted in favour of the Group if it is reasonably certain to
exercise that option; and any penalties payable for terminating the
lease, if the term of the lease has been estimated on the basis of
termination option being exercised.
Right-of-use assets are initially measured at the amount of the
lease liability, reduced for any lease incentives received, and
increased for lease payments made at or before commencement of the
lease and initial direct costs incurred.
Subsequent to initial measurement, lease liabilities increase as
a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made. Right-of-use
assets are amortised on a straight-line basis over the remaining
term of the lease or over the remaining economic life of the asset
if this is judged to be shorter than the lease term.
When the Group revises its estimate of the term of any lease, it
adjusts the carrying amount of the lease liability to reflect the
payments to make over the revised term, which are discounted at a
revised discount rate that is implicit in the lease for the
remainder of the lease term. The carrying value of lease
liabilities is similarly revised if any variable element of future
lease payments dependent on a rate or index is revised. In both
cases, an equivalent adjustment is made to the carrying value of
the right-of-use asset, with the revised carrying amount being
amortised over the remaining lease term.
Right-of-use assets are reviewed regularly to ensure that the
useful economic life of the asset is still appropriate based on the
usage of the asset. Where the asset has reduced in value the Group
considers the situation on an asset-by-asset basis and either
treats the reduction as an acceleration of depreciation or as an
impairment under IAS 36 'Impairment of Assets'. An acceleration of
depreciation occurs in those cases where there is no opportunity or
intention to utilise the asset before the end of the lease.
2 Critical accounting policies
Estimates and judgements
The Group makes certain estimates and judgements regarding the
future. Estimates and judgements are continually evaluated based on
historical experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. In the future, actual experience may differ from
these estimates. The estimates and judgements that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year
relate are set out below.
There were no areas of judgement in the year. Where estimates
and assumptions have been used these are outlined below.
Fair value of biological produce
The Group's biological produce is measured at fair value less
costs to sell at the point of harvest. The fair value of grapes is
determined by reference to estimated market prices at the time of
harvest. Generally there is no readily obtainable market price for
the Group's grapes because they are not sold on the open market,
therefore management set the values based on their experience and
knowledge of the sector including past purchase transactions.
Impairment reviews
The Group is required to test annually whether goodwill and
brand names have suffered any impairment. The recoverable amount is
determined based on fair value less costs of disposal calculations,
which requires the estimation of the value and timing of future
cash flows and the determination of a discount rate to calculate
the present value of the cash flows. Management does not believe
that any reasonably possible change in a key assumption would
result in impairment.
Fair value measurement
A number of assets and liabilities included in the Group's
financial statements require measurement at, and/or disclosure of,
fair value.
The fair value measurement of the Group's financial and
non-financial assets and liabilities utilises market observable
inputs and data as far as possible. Inputs used in determining fair
value measurements are categorised into different levels based on
how observable the inputs used in the valuation technique utilised
are (the 'fair value hierarchy'):
-- Level 1: Quoted prices in active markets for identical items (unadjusted)
-- Level 2: Observable direct or indirect inputs other than Level 1 inputs
-- Level 3: Unobservable inputs (i.e. not derived from market data).
The classification of an item into the above levels is based on
the lowest level of the inputs used that has a significant effect
on the fair value measurement of the item. Transfers of items
between levels are recognised in the period they occur.
-- Biological Produce (Note 6)
For more detailed information in relation to the fair value
measurement of the items above, please refer to the applicable
notes.
3 Financial instruments - risk management
The Group is exposed to risks that arise from its use of
financial instruments. This note describes the Group's objectives,
policies and processes for managing those risks and the methods
used to measure them. Further quantitative information in respect
of these risks is presented throughout these financial
statements.
There have been no substantive changes in the Group's exposure
to financial instrument risks, its objectives, policies and
processes for managing those risks or the methods used to measure
them from previous periods unless otherwise stated in this
note.
Principal financial instruments
The principal financial instruments used by the Group, from
which financial instrument risk arises, are as follows:
Bank loans
Deep discount bonds
Other loans
Trade receivables
Cash and cash equivalents
Finance leases
Trade and other payables
In addition, at the Company level: Intercompany loans.
The carrying amounts are a reasonable estimate of fair values
because of the short maturity of such instruments or their interest
bearing nature.
Liquidity risk
Liquidity risk arises from the Group's management of working
capital and the finance charges and principal repayments on its
debt instruments. It is the risk that the Group will encounter
difficulty in meeting its financial obligations as they fall
due.
The Group's policy is to ensure that it will always have
sufficient cash to allow it to meet its liabilities when they
become due. The liquidity risk of the Group is managed centrally by
the group treasury function. Budgets are set and agreed by the
board in advance, enabling the Group's cash requirements to be
anticipated.
The following table sets out the contractual maturities
(representing undiscounted contractual cash flows) of financial
liabilities:
Between Between Between
Up to 3 3 and 1 and 2 and 5 Over 5
months 12 months 2 years years years Total
At 31 December 2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
========================= ============ =============== ========== ========== ============ =========
Trade and other payables 436 250 - - - 686
========================= ============ =============== ========== ========== ============ =========
Other borrowings 12 15 6 - 33
========================= ============ =============== ========== ========== ============ =========
Loans and borrowings 2,190 1,539 2,082 - - 5,811
========================= ============ =============== ========== ========== ============ =========
Deep discount bonds - - 3,390 - - 3,390
========================= ============ =============== ========== ========== ============ =========
Lease liabilities 25 75 100 298 4,185 4,683
========================= ============ =============== ========== ========== ============ =========
Total 2,663 1,879 5,578 298 4,185 14,603
========================= ============ =============== ========== ========== ============ =========
Between Between Between
Up to 3 3 and 1 and 2 and 5 Over 5
months 12 months 2 years years years Total
At 31 December 2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
========================= ============ =============== ========== ========== ============ =========
Trade and other payables 426 288 - - - 714
========================= ============ =============== ========== ========== ============ =========
Loans and borrowings 51 748 205 7,126 - 8,130
========================= ============ =============== ========== ========== ============ =========
Deep discount bonds - 5,458 - - - 5,458
========================= ============ =============== ========== ========== ============ =========
Lease liabilities 25 75 101 297 4,086 4,584
========================= ============ =============== ========== ========== ============ =========
Total 502 6,569 306 7,423 4,086 18,886
========================= ============ =============== ========== ========== ============ =========
Capital risk management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. In order to maintain or adjust the capital
structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares and
increase or decrease debt.
Credit risk
Credit risk arises from cash and cash equivalents and deposits
with banks and financial institutions and the risk of default by
these institutions. The Group reviews the creditworthiness of such
financial institutions on a regular basis to satisfy itself that
such risks are mitigated. The Group's exposure to credit risk
arises from default of the counterparty, with a maximum exposure
equal to the carrying amount of the cash and cash equivalents as
shown in the consolidated statement of financial position.
Credit risk also arises from credit exposure to trade customers
included in trade and other receivables.
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses using a lifetime expected credit loss
provision for trade receivables. The expected loss rates are based
on the Group's historical credit losses experienced over the
three-year period to the period end. Trade receivable balances are
monitored on an ongoing basis to ensure that the Group's bad debts
are kept to a minimum. The maximum trade credit risk exposure at 31
December 2020 in respect of trade receivables is GBP213,000 (2019:
GBP317,000) and due to the prompt payment cycle of these trade
receivables, the expected credit loss is negligible at GBP31,000
(2019: GBP13,000).
Interest rate risk
The Group's main debt is exposed to interest rate fluctuations.
The Group considers that the risk is not significant in the context
of its business plans. Should there be a 0.5% increase in the
bank's lending rate, the finance charge in the statement of
comprehensive income would increase by GBP34,000.
4 Loss per share
Basic earnings per ordinary share are based on a loss of
GBP3,066,000 (December 2019: GBP2,601,000) and ordinary shares
46,478,619 (December 2019: 45,848,874) of 1 pence each, being the
weighted average number of shares in issue during the year.
Weighted
average number Loss per
Loss of Ordinary
GBP'000 shares share pence
============================ ========= ================== ==================
Year ended 31 December 2020 (3,066) 46,478,619 (6.60)
============================ ========= ================== ==================
Year ended 31 December 2019 (2,601) 45,848,874 (5.67)
============================ ========= ================== ==================
Diluted earnings per share are based on a loss of GBP3,606,000
and ordinary shares of 46,478,619 and no dilutive warrant
options.
Diluted number Loss per
Loss of Ordinary
GBP'000 shares share pence
============================ ========= ====================== =================
Year ended 31 December 2020 (3,066) 46,478,619 (6.60)
============================ ========= ====================== =================
Year ended 31 December 2019 (2,601) 45,848,874 (5.67)
============================ ========= ====================== =================
5 Property, plant and equipment
Freehold Plant,
Land machinery Right
and and motor of use Mature Computer
Buildings vehicles asset Vineyards equipment Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January
2019 6,866 2,911 - 3,637 84 13,498
Additions
- adoption
of IFRS 16 - - 1,488 - - 1,488
Additions 22 310 626 - 7 965
Disposals - (23) - - (1) (24)
--------------- ---------- ---------- --------- ---------- ---------- --------
At 31 December
2019 6,888 3,198 2,114 3,637 90 15,927
--------------- ---------- ---------- --------- ---------- ---------- --------
At 1 January
2020 6,888 3,198 2,114 3,637 90 15,927
---------
Additions 8 234 - - 12 254
Disposals - - - - - -
--------------- ---------- ---------- --------- ---------- ---------- --------
At 31 December
2020 6,896 3,432 2,114 3,637 102 16,181
--------------- ---------- ---------- --------- ---------- ---------- --------
Plant,
Freehold Machinery
land and and motor Right of Mature Computer
buildings Vehicles use asset vineyards equipment Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Accumulated
depreciation
At 1 January
2019 378 1,195 - 348 43 1,964
Depreciation
charge for
the year 127 412 46 145 15 745
Depreciation
on disposals - (13) - - - (13)
--------------- ---------- ----------- ----------- ---------- ---------- ---------
At 31 December
2019 505 1,594 46 493 58 2,696
--------------- ---------- ----------- ----------- ---------- ---------- ---------
At 1 January
2020 505 1,594 46 493 58 2,696
-----------
Depreciation
charge for
the year 128 362 46 140 16 692
Depreciation
on disposals - - - - - -
--------------- ---------- ----------- ----------- ---------- ---------- ---------
At 31 December
2020 633 1,956 92 633 74 3,388
--------------- ---------- ----------- ----------- ---------- ---------- ---------
Net book value
At 31 December
2019 6,383 1,604 2,068 3,144 32 13,231
--------------- ---------- ----------- ----------- ---------- ---------- ---------
At 31 December
2020 6,263 1,476 2,022 3,004 28 12,793
--------------- ---------- ----------- ----------- ---------- ---------- ---------
Within property, plant and equipment are assets with a carrying
value of GBPnil (2019: GBP27,000) held under finance leases.
Right of use assets comprise land leases on which vines have
been planted and property leases from which vineyard operations are
carried out. These assets have been created under IFRS 16 -
Leases.
6 Biological produce
The fair value of biological produce was:
December December
2020 2019
GBP'000 GBP'000
=============================================== ======== ========
At 1 January - -
=============================================== ======== ========
Crop growing costs 1,421 1,510
=============================================== ======== ========
Fair value of grapes harvested and transferred
to inventory (1,200) (1,338)
=============================================== ======== ========
Fair value movement in biological produce ) (172)
=============================================== ======== ========
At 31 December - -
=============================================== ======== ========
The fair value of grapes harvested is determined by reference to
estimated market prices less cost to sell at the time of harvest.
The estimated market price for grapes used in respect of the 2020
harvest is GBP2,300 per tonne (2019: GBP2,300 per tonne).
A 10% increase in the estimated market price of grapes to
GBP2,530 per tonne would result in an increase of GBP126,000 (2019:
GBP134,000) in the fair value of the grapes harvested in the year.
A 10% decrease in the estimated market price of grapes to GBP2,070
per tonne would result in a decrease of GBP126,000 (2019:
GBP134,000) in the fair value of the grapes harvested in the
year.
A fair value loss of GBP221,000 (2019: GBP172,000 gain) was
recorded during the year and included within the consolidated
statement of comprehensive income. This measurement of fair value
less costs to sell is the deemed cost of the grapes that is
transferred into inventory upon harvest.
7 Inventories
December December
2020 2019
GBP'000 GBP'000
Finished goods 687 440
Work in progress 8,638 7,023
------------------ -------- --------
Total inventories 9,325 7,463
------------------ -------- --------
During the year GBP649,000 (December 2019: GBP547,000) was
transferred to cost of sales.
8 Loans and borrowings
December December
2020 2019
GBP'000 GBP'000
Current liabilities:
Bank loans - 34
Other loans 544 3,345
Deep Discount Bonds 5,132 -
----------------------------------- -------- --------
5,676 3,379
----------------------------------- -------- --------
Non-current liabilities
Bank loans 6,796 2,025
Unamortised bank transaction costs (183) -
Deep Discount Bonds - 3,001
----------------------------------- -------- --------
Total loans and borrowings 6,613 5,026
----------------------------------- -------- --------
The bank loan of GBP6,613,000 shown above is net of transaction
costs of GBP183,000 which are being amortised over the life of the
loan.
On 1 June 2020 Gusbourne Estate Ltd entered into an agreement
with PNC Business Credit for up to GBP10,500,000 of asset-based
lending facilities. The PNC facilities are provided on a revolving
basis over a minimum period of 5 years and allow flexible drawdown
and repayments in line with the Company's working capital
requirements. The interest rate is at the annual rate of 3 per cent
over the Bank of England Base Rate. The facilities are secured by
way of first priority charges over the Company's inventory,
receivables and freehold property as well as an all assets
debenture.
On completion approximately GBP4.6m of the PNC Facilities was
drawn down by Gusbourne Estate Limited with approximately GBP2.1m
being used to repay the existing secured Barclays bank facilities
in full and GBP1.3m used to part repay existing short term loans.
The balance of GBP1.2m was drawn down for working capital
purposes.
Of the GBP1.3m drawdown at completion to part repay existing
short-term loans, GBP0.8m was used to part repay a short-term loan
of GBP1.25m received on 23 December 2019 from Franove Holdings
Limited. GBP0.5m was used to part repay a short-term loan of
GBP2.0m received on 31 May 2019 from a company controlled by Lord
Ashcroft. Following these repayments Franove Holdings Limited has
agreed to extend the repayment date of its outstanding loan of
GBP0.5m to 15 August 2021, at the same 15% rate of interest, with
the loan becoming secured behind PNC at the same ranking as the
existing outstanding deep discount bonds issued by the Company.
Gusbourne Estate Limited has also agreed with Franove that in the
event it seeks to repay its loans (excluding its PNC facilities)
further, the repayment of the Franove Holdings Limited loan will
take priority.
The remaining Lord Ashcroft loan of GBP1.7m has been refinanced,
by a company controlled by him, with a new deep discount bond
maturing on 15 August 2021 and with a coupon of 15% per annum
rolled quarterly and secured behind PNC at the same ranking as the
existing outstanding bonds issued by the Company.
An analysis of the maturity of loans and borrowings is given
below:
December December
2020 2019
GBP'000 GBP'000
====================== ======== ========
Bank and other loans:
====================== ======== ========
Within 1 year 544 3,379
====================== ======== ========
1-2 years - 2,025
====================== ======== ========
2-5 years 6,613 -
====================== ======== ========
Deep Discount Bonds:
====================== ======== ========
Within 1 year 5,132 -
====================== ======== ========
1-2 years - 3,001
====================== ======== ========
2-5 years - -
====================== ======== ========
9 Lease liability
During the period the Group accounted for six leases under IFRS
16. The lease contracts provide for payments to increase each year
by inflation or at a fixed rate and on others to be reset
periodically to market rental rates. The leases also have
provisions for early termination. The weighted average Incremental
Borrowing Rate used to calculate the lease liability was 4.25%.
Plant, machinery
Land and motor vehicles Total
GBP'000 GBP'000 GBP'000
================================= ============ ============================ ==============
Net carrying value - 1 January
2020 2,123 33 2,156
================================= ============ ============================ ==============
Additions - - -
================================= ============ ============================ ==============
Interest 85 9 94
================================= ============ ============================ ==============
Payments (100) (42) (142)
================================= ============ ============================ ==============
Net carrying value - 31 December
2020 2,108 - 2,108
================================= ============ ============================ ==============
December December
2020 2019
GBP'000 GBP'000
=================================== ======== ========
The lease payments under long term
leases liabilities fall due as
follows:
=================================== ======== ========
Current lease liabilities 92 123
=================================== ======== ========
Non current lease liabilities 2,016 2,033
=================================== ======== ========
Total liabilities 2,108 2,156
=================================== ======== ========
During the period an interest charge of GBP85,000 (2019:
GBP87,000) arose on the lease liability in respect of land leases.
This interest cost has been added to growing crop costs on the
basis that the lease liability solely relates to the production of
grapes.
The Groups leases include break clauses. On a case-by-case
basis, The Group will consider whether the absence of a break
clause exposes the Group to excessive risk. Typically factors
considered in deciding to negotiate a break clause include:
-- The length of the lease term;
-- The economic stability of the environment in which the property is located; and
-- Whether the location represents a new area of operations for the Group.
At both 31 December 2020 and 2019 the carrying amounts of lease
liabilities are not reduced by the amount of payments that would be
avoided from exercising break clauses because on both dates it was
considered reasonably certain that the Group would not exercise its
right to exercise any right to break the lease.
10 Share capital
Deferred Ordinary
shares of shares
49p each of 1p each
Number Number GBP'000
Issued and fully paid
At 1 January 2019 23,639,762 45,671,683 12,040
----------------------------- ----------- ------------ ---------
Issued for cash during the
year - 806,936 8
----------------------------- ----------- ------------ ---------
At 31 December 2019 23,639,762 46,478,619 12,048
----------------------------- ----------- ------------ ---------
Issued for cash during the
year - - -
---------------------------- ----------- ------------ ---------
At 31 December 2020 23,639,762 46,478,619 12,048
----------------------------- ----------- ------------ ---------
The Deferred shares of 49 pence each have no rights attached to
them.
Gusbourne PLC has Warrants to subscribe for 2,036,517 Ordinary
shares of 1 pence each in issue. These Warrants are exercisable at
any time by the Warrant Holder, with an exercise price of 75 pence
per share until 31 July 2021. The Warrants are accounted for as a
derivative financial liability measured on inception at fair value
through profit or loss. On inception, the fair value of the
warrants was deemed to be GBPnil and thus no fair value was
recognised.
Unexercised Warrants as at 31 December 2020 amount to 2,036,517
Ordinary Shares of 1 pence each.
11 Related party transactions
Deacon Street Partners Limited is considered a related party by
virtue of the fact that Lord Ashcroft KCMG PC, the Company's
ultimate controlling party, is also the ultimate controlling party
of Deacon Street Partners Limited. During the year Deacon Street
Partners Limited charged the Company GBP70,000 (December 2019 -
GBP84,000) in relation to management services. There was GBP21,000
due to Deacon Street Partners Limited as at 31 December 2020
(December 2019 - GBP84,000).
Devonshire Club Limited is considered a related party by virtue
of the fact that Lord Ashcroft KCMG PC, the Company's ultimate
controlling party, was also the ultimate controlling party of
Devonshire Club Limited. During the year the Company sold wine to
Devonshire Club Limited amounting to GBPnil (December 2019 -
GBP4,537). No amounts were due from Devonshire Club Limited at the
year end (2019: GBPnil).
On 18 June 2018, the company lent GBP50,000 to a director as an
interest free loan, repayable by instalments from July 2019. The
loan will be repaid in full by May 2024. The balance due from the
director as at 31 December 2020 was GBP44,000 (December 2019 -
GBP47,500).
On 2 September 2016, the Company issued deep discount bonds with
a subscription price of GBP4,073,034 together with 2,036,517
separable warrants to subscribe for Ordinary shares at an exercise
price of 75 pence per share. On 30 June 2017 the Company offered
Bondholders the opportunity to convert their bonds into new
Ordinary shares at an Issue price of 40p. The company announced, on
1 August 2017, that it received final acceptances of 5,136,662
Conversion Offer Shares, raising GBP2,055,000 and resulting in a
reduction of the final redemption amount of the deep discount bonds
to GBP3,390,000. During the year further bonds were issued
resulting in the final redemption amount of all deep discount bonds
increasing to GBP5,455,000.
Details of related parties who subscribed for the deep discount
bonds and warrants are shown in the table below:
Deep discount
bonds
Accrued Subscription Accrued
Balance discount Balance price as discount Balance
as to 31 as at 31 at to 31 as at 31
at 31 December December 1 June December December
Name December 2019 2019 2020 2020 2020
2018
================ =============== ================ ============== =============== ================ ==============
Lord Ashcroft
KCMG
PC 1,383,306 120,037 1,503,343 1,729,349 282,620 3,515,312
================ =============== ================ ============== =============== ================ ==============
A Weeber 751,935 65,249 817,184 - 65,421 882,605
================ =============== ================ ============== =============== ================ ==============
2,135,241 185,286 2,320,527 1,729,349 348,041 4,397,917
================ =============== ================ ============== =============== ================ ==============
Warrants exercisable at
75 pence each
Held as at 31 December Held as at
2020 31 December
Number 2019
Name Number
========================= ================================================ =================
Lord Ashcroft KCMG PC 1,311,517 1,311,517
========================= ================================================ =================
A Weeber 300,000 300,000
========================= ================================================ =================
I Robinson 50,000 50,000
========================= ================================================ =================
Lord Arbuthnot PC 5,000 5,000
========================= ================================================ =================
M Paul 5,000 5,000
========================= ================================================ =================
M Clapp 5,000 5,000
========================= ================================================ =================
1,676,517 1,676,517
========================= ================================================ =================
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