18:00 Fri 21 Dec 2018
Agriterra Ltd - Half-year Report
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Interim Results
Chair's Statement
I am pleased to provide an update on our performance in the first half of the 2019 financial year ('H1-2019'). As previously advised, over the past year the Group has focussed its efforts on its core revenue generating businesses, the Grain and Beef divisions based in
The board believe, following several years of political and economic instability, that the outlook for the
Review
Grain
Following a second successive good harvest, H1-2019 has again seen subdued demand and pricing for the division's maize flour, reflecting the relative abundance of maize in the informal sector. Nonetheless, sales volumes of maize flour rose slightly to 5,100 tonnes (H1-2018: c.4,800 tonnes) and c.9,000 tonnes of all maize products (H1-2018: c.7,700 tonnes) reflecting increased sales of animal feed to Mozbife. These higher volumes generated increased revenue in metical terms to MZN 115.8m (H1-2018: MZN 111.5m) and in US$ terms to
The executive management team based in Chimoio took steps during the period to improve the yield and quality of maize meal. These measures have been well received in the market and, together with a traditional seasonal increase in volumes in the second half of the year, the board believe the benefits will begin to be reflected in the current second half of the year and thereafter.
During the period, a series of rationalisation measures were also taken to realign the division's cost base with the lower levels of demand. These measures carried some upfront cost, which together with additional executive management now based in Chimoio, led to an increase in operating costs for the division. The combination of these factors resulted in an increased operating loss of
Historically the cycle of maize purchases following the harvest leads to a significant working capital requirement for the Grain division in the first half of the year which unwinds in the second half. The division finances this requirement using local borrowing facilities. On
Beef
The outbreak of foot and mouth in
Notwithstanding the impact of the outbreak, revenue for the period increased to
Results
Group revenue for the half-year ended
Outlook
The cash investment from
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CSO Havers |
Chair
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For further information please VISIT www.agriterra-ltd.com or contact:
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Tel: +44 (0) 20 7894 7000 |
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Consolidated statement of profit or loss and other comprehensive income
Consolidated income statement
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6 months ended 30 September 2018 |
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6 months ended 30 September 2017 |
` |
Year ended 31 March 2018 |
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Unaudited |
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Unaudited |
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Audited |
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Note |
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CONTINUING OPERATIONS |
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Revenue |
3 |
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4,134 |
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3,781 |
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9,222 |
Cost of sales |
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(3,424) |
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(3,194) |
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(8,184) |
Gross profit |
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710 |
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587 |
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1,038 |
Increase in value of biological assets |
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262 |
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306 |
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510 |
Operating expenses |
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(1,705) |
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(3,017) |
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(5,506) |
Operating loss |
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(733) |
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(2,124) |
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(3,958) |
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Net finance costs |
4 |
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(519) |
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(495) |
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(1,084) |
Loss before taxation |
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(1,252) |
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(2,619) |
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(5,042) |
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Taxation |
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- |
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(4) |
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(4) |
Loss for the period from continuing operations |
3 |
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(1,252) |
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(2,623) |
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(5,046) |
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DISCONTINUED OPERATIONS |
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Loss for the period from discontinued operations |
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- |
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(35) |
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(38) |
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Loss for the period attributable to owners of the Company |
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(1,252) |
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(2,658) |
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(5,084) |
LOSS PER SHARE |
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Basic and diluted loss per share from continuing operations - US Cents |
5 |
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(5.9) |
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(22.8) |
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(30.9) |
Basic and diluted loss per share from continuing and discontinued operations - US Cents |
5 |
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(5.9) |
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(23.1) |
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(31.1) |
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Consolidated Statement of comprehensive income
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6 months ended 30 September 2018 Unaudited |
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6 months ended 30 September 2017 Unaudited |
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Year ended 31 March 2018 Audited |
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Loss for the period |
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(1,252) |
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(2,658) |
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(5,084) |
Items that may be reclassified subsequently to profit or loss: |
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Foreign exchange translation differences |
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157 |
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543 |
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764 |
Items reclassified to profit or loss in the period: |
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Foreign exchange differences on disposal, liquidation or winding-up of subsidiary companies |
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- |
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158 |
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- |
Other comprehensive income for the period |
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157 |
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701 |
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764 |
Total comprehensive income for the period attributable to owners of the Company |
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(1,095) |
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(1,957) |
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(4,320) |
Consolidated statement of financial position
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30 September 2018 Unaudited |
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30 November 2017 Unaudited |
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31 March 2018 Audited |
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Note |
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Non-current assets |
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Property, plant and equipment |
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6,436 |
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6,381 |
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6,315 |
Interests in associates |
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- |
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4 |
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- |
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6,436 |
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6,385 |
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6,315 |
Current assets |
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Biological assets |
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818 |
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1,048 |
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1,137 |
Inventories |
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1,690 |
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3,187 |
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938 |
Trade and other receivables |
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1,268 |
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828 |
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1,096 |
Assets classified as held for sale |
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- |
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19 |
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19 |
Cash and cash equivalents |
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2,818 |
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4,447 |
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3,541 |
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6,594 |
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9,529 |
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6,731 |
Total assets |
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13,030 |
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15,914 |
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13,046 |
Current liabilities |
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Borrowings |
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6 |
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2,367 |
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4,673 |
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4,235 |
Trade and other payables |
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376 |
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536 |
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469 |
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2,743 |
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5,209 |
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4,704 |
Net current assets |
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3,851 |
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4,320 |
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2,027 |
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Non-current liabilities |
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Borrowings |
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6 |
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3,040 |
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- |
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- |
Total liabilities |
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5,783 |
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5,209 |
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4,704 |
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Net assets |
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7,247 |
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10,705 |
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8,342 |
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Share capital |
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7 |
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3,373 |
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3,373 |
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3,373 |
Share premium |
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151,442 |
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151,442 |
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151,442 |
Share based payments reserve |
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1,988 |
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1,988 |
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1,988 |
Translation reserve |
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(16,580) |
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(16,800) |
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(16,737) |
Accumulated losses |
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(132,976) |
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(129,298) |
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(131,724) |
Equity attributable to equity holders of the parent |
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7,247 |
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10,705 |
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8,342 |
The unaudited condensed consolidated financial statements of
CSO Havers Chair |
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Consolidated cash flow statement
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Note |
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6 months ended 30 September 2018 Unaudited |
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6 months ended 30 September 2017 Unaudited |
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10 months ended 31 March 2018 Audited |
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Loss before tax for the period from continuing operations |
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(1,252) |
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(2,619) |
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(5,042) |
Adjustments for: |
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Depreciation |
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178 |
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247 |
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490 |
Profit on disposal of property, plant and equipment |
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(122) |
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(79) |
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(87) |
Share based payment expense |
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- |
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3 |
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3 |
Foreign exchange loss |
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(188) |
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79 |
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(181) |
Increase in value of biological assets |
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(262) |
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(306) |
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(510) |
Net decrease in biological assets held for slaughter purposes |
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599 |
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53 |
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194 |
Finance costs |
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467 |
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501 |
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1,097 |
Interest received |
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- |
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(6) |
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(13) |
Impairment of non-current asset |
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- |
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- |
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4 |
Operating cash flows before movements in working capital |
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(580) |
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(2,127) |
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(4,045) |
(Increase) / decrease in inventories |
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(765) |
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(1,829) |
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481 |
(Increase) / decrease in trade and other receivables |
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(86) |
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824 |
|
772 |
Decrease in trade and other payables |
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(61) |
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(180) |
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(297) |
Cash used in operating activities by continuing operations |
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(1,492) |
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(3,312) |
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(3,089) |
Corporation tax paid |
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- |
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(4) |
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(4) |
Interest received |
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- |
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6 |
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13 |
Net cash used in operating activities by continuing operations |
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(1,492) |
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(3,310) |
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(3,080) |
Net cash used in operating activities by discontinued operations |
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- |
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(47) |
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(38) |
Net cash used by operating activities |
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(1,492) |
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(3,357) |
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(3,118) |
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Cash flows from investing activities |
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Proceeds from disposal of subsidiaries net of costs and cash balances disposed of |
. |
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- |
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474 |
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476 |
Proceeds from disposal of property, plant and equipment, net of expenses incurred |
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142 |
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223 |
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232 |
Acquisition of property, plant and equipment |
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(47) |
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(11) |
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(116) |
Net cash from investing activities |
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95 |
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686 |
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592 |
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Cash flow from financing activities |
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Proceeds from the issue of new Ordinary Shares net of expenses |
7 |
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- |
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4,233 |
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4,233 |
Finance costs |
4 |
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(467) |
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(501) |
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(1,097) |
Net (repayment) / draw down of overdraft |
6 |
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(2,821) |
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1,765 |
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1,506 |
Net drawdown / (repayment) of term loans |
6 |
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3,958 |
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(851) |
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(1,035) |
Net cash from financing activities from continuing operations |
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670 |
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4,646 |
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3,607 |
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Net (decrease) / increase in cash and cash equivalents |
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(727) |
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1,975 |
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1,081 |
Effect of exchange rates on cash and cash equivalents including discontinued operations |
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4 |
|
47 |
|
35 |
Cash and cash equivalents at beginning of period |
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3,541 |
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2,425 |
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2,425 |
Cash and cash equivalents at end of period |
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2,818 |
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4,447 |
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3,541 |
1. General information
The Company's Ordinary Shares are quoted on the AIM Market of the
The unaudited condensed consolidated financial statements have been prepared in US Dollars ('US$' or '$') as this is the currency of the primary economic environment in which the Group operates.
2. Basis of preparation
The condensed consolidated financial statements of the Group for the 6 months ended
This interim report has been prepared to comply with the requirements of the AIM Rules of the
The financial information contained in this report also does not constitute statutory accounts under the Companies (
The H1-2019 financial statements have been prepared in accordance with the IFRS principles applicable to a going concern, which contemplate the realisation of assets and liquidation of liabilities during the normal course of operations. Having carried out a going concern review in preparing the H1-2018 financial statements, the Directors have concluded that there is a reasonable basis to adopt the going concern principle.
3. Segment information
The board consider that the Group's operating activities during the period comprised the segments of Grain and Beef, undertaken in
The following is an analysis of the Group's revenue and results by operating segment:
6 months ended
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Grain |
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Beef |
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Unallo-cated |
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Elimina-tions |
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Total |
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Revenue |
|
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External sales(2) |
1,549 |
|
2,585 |
|
- |
|
- |
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4,134 |
Inter-segment sales(1) |
385 |
|
- |
|
- |
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(385) |
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- |
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1,934 |
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2,585 |
|
- |
|
(385) |
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4,134 |
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|
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|
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Segment results |
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- Operating loss |
(322) |
|
(89) |
|
(322) |
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- |
|
(733) |
- Interest expense |
(467) |
|
(52) |
|
- |
|
- |
|
(519) |
Loss before tax |
(789) |
|
(141) |
|
(322) |
|
- |
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(1,252) |
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|
|
|
|
|
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Income tax |
- |
|
- |
|
- |
|
- |
|
- |
Loss for the period from continuing operations |
(789) |
|
(141) |
|
(322) |
|
- |
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(1,252) |
6 months ended
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Grain |
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Beef |
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Cocoa |
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Unallo-cated |
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Discon-tinued(3) |
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Elimina-tions |
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Total |
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Revenue |
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|
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External sales(2) |
1,520 |
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2,261 |
|
9 |
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- |
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(9) |
|
- |
|
3,781 |
Inter-segment sales(1) |
289 |
|
- |
|
- |
|
- |
|
- |
|
(289) |
|
- |
|
1,809 |
|
2,261 |
|
9 |
|
- |
|
(9) |
|
(289) |
|
3,781 |
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|
|
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|
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|
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Segment results |
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- Operating (loss) / profit |
(194) |
|
(777) |
|
13 |
|
(1,153) |
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(13) |
|
- |
|
(2,124) |
- Interest (expense) / income |
(404) |
|
(95) |
|
- |
|
4 |
|
- |
|
- |
|
(495) |
(Loss) / profit before tax |
(598) |
|
(872) |
|
13 |
|
(1,149) |
|
(13) |
|
- |
|
(2,619) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
(2) |
|
(2) |
|
- |
|
- |
|
- |
|
- |
|
(4) |
(Loss) / profit for the period from continuing operations |
(600) |
|
(874) |
|
13 |
|
(1,149) |
|
(13) |
|
- |
|
(2,623) |
Year ended |
Grain |
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Beef |
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Cocoa |
|
Unallo-cated |
|
Discon-tinued(3) |
|
Elimina-tions |
|
Total |
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|
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|
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|
|
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Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
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External sales(2) |
4,519 |
|
4,703 |
|
- |
|
- |
|
- |
|
- |
|
9,222 |
Inter-segment sales(1) |
680 |
|
- |
|
- |
|
- |
|
- |
|
(680) |
|
- |
|
5,199 |
|
4,703 |
|
- |
|
- |
|
- |
|
(680) |
|
9,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment results |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Operating (loss) / profit |
(747) |
|
(1,588) |
|
(31) |
|
(1,630) |
|
38 |
|
- |
|
(3,958) |
- Interest (expense) / income |
(951) |
|
(140) |
|
- |
|
7 |
|
- |
|
- |
|
(1,084) |
(Loss) / profit before tax |
(1,698) |
|
(1,728) |
|
(31) |
|
(1,623) |
|
38 |
|
- |
|
(5,042) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
(2) |
|
(2) |
|
- |
|
- |
|
- |
|
- |
|
(4) |
(Loss) / profit for the period from continuing operations |
(1,700) |
|
(1,730) |
|
(31) |
|
(1,623) |
|
38 |
|
- |
|
(5,046) |
(1) |
Inter-segment sales are charged at prevailing market prices. |
(2) |
Revenue represents sales to external customers. Sales from the Grain and Beef divisions are principally for supply to the Mozambican market. |
(3) |
Amounts reclassified to discontinued operations in the comparative periods relate to the Cocoa division activities and the rationalization of certain Group entities. |
The segment items included within continuing operations in the consolidated income statement for the periods are as follows:
6 months ended |
Grain |
|
Beef |
|
Unallo-cated |
|
Elimina-tions |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
21 |
|
156 |
|
- |
|
- |
|
177 |
6 months ended |
Grain |
|
Beef |
|
Cocoa |
|
Unallo-cated |
|
Discon-tinued |
|
Elimina-tions |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
79 |
|
168 |
|
- |
|
- |
|
- |
|
- |
|
247 |
Year ended |
Grain |
|
Beef |
|
Cocoa |
|
Unallo-cated |
|
Discon-tinued |
|
Elimina-tions |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
152 |
|
338 |
|
- |
|
- |
|
- |
|
- |
|
490 |
4. Finance Costs
|
|
6 months ended 30 September 2018 Unaudited |
|
6 months ended 30 September 2017 Unaudited |
|
Year ended 31 March 2018 Audited |
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
Bank borrowings |
|
519 |
|
495 |
|
1,084 |
|
|
|
|
|
|
|
5. LOSS per share
The calculation of the basic and diluted loss per share is based on the following data: |
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|
|
|
6 months ended |
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Year ended |
|
|
|
30 September |
|
30 September |
|
31 March |
|
|
|
2018 |
|
2017 |
|
2018 |
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year / period for the purposes of basic and diluted earnings per share from continuing activities |
|
(1,252) |
|
(2,658) |
|
(5,046) |
|
Loss for the year / period for the purposes of basic and diluted earnings per share from discontinued activities |
|
- |
|
(35) |
|
(38) |
|
Loss for the year / period for the purposes of basic and diluted earnings per share attributable to equity holders of the Company |
|
(1,252) |
|
(2,658) |
|
(5,084) |
|
|
|
|
|
|
|
|
|
Weighted average number of Ordinary Shares for the purposes of basic and diluted loss per share |
|
21,240,618 |
|
11,488,876 |
|
16,351,388 |
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share - US cents |
|
(5.9) |
|
(23.1) |
|
(31.1) |
|
Basic and diluted loss per share from continuing activities - US cents |
|
(5.9) |
|
(22.8) |
|
(30.9) |
|
Basic and diluted loss per share from discontinued activities - US cents |
|
- |
|
(0.3) |
|
(0.2) |
At the Annual General Meeting held on
The Company has issued options over ordinary shares which could potentially dilute basic loss per share in the future. There is no difference between basic loss per share and diluted loss per share as the potential ordinary shares are anti-dilutive.
6. Borrowings
|
|
|
|
|
31 March 2018 |
|
Unaudited |
|
Unaudited |
|
Audited |
|
$000 |
|
$000 |
|
$000 |
|
|
|
|
|
|
Non-current |
|
|
|
|
|
Bank loans |
3,040 |
|
- |
|
- |
|
3,040 |
|
- |
|
- |
Current |
|
|
|
|
|
Bank loans |
793 |
|
208 |
|
50 |
Bank overdraft |
1,574 |
|
4,465 |
|
4,185 |
|
2,367 |
|
4,673 |
|
4,235 |
|
|
|
|
|
|
|
5,407 |
|
4,673 |
|
4,235 |
Grain division
As at 30 September 2017 and 31 March 2018, the division had an overdraft facility of 300,000,000 Metical (being approximately $4,893,000 at 31 March 2018 Metical to US$ exchange rate) to provide working capital funding for its grain operations in Mozambique, principally for the purchase of maize and related operating expenditure. It is secured by a fixed charge against certain of the Group's property, plant and equipment, and a floating charge against all of the maize inventory and finished maize products, and trade receivables.
On 25 May 2018 the facility was restructured into a 240 million Metical ($3.91m) 5 year term loan with an interest rate of the Bank's prime lending rate +0.25% and a 12 month 60 million Metical ($0.98m) overdraft facility at the Bank's prime lending rate less 1.75%. At 30m September 2018 the prime lending rate was 21.75% (30 September 2017: 27.5%).
Unless it is cancelled by either party, the overdraft facility is renewable on 25 May 2019.
As at 30 September the Group had undrawn overdraft borrowing facilities for the Grain division of $104,000 (2017: $560,000).
Beef division
As at 31 March 2018 and 30 September 2017, the Group had an amortising term loan of $50,000 and $208,000 respectively, together with a 30,000,000 Metical overdraft. The term loans carried interest at the bank's prime lending rate plus 0.25% and the overdraft is at the bank's prime rate. The lending facilities were secured by a fixed charge against the Group's abattoir in Chimoio and by a floating change over all cattle and meat inventories, and trade receivables.
As at 30 September 2018, the Group had undrawn overdraft borrowing facilities for the Beef division of $75,000 (2017: $375,000).
Reconciliation to cash flow statement
|
At 31 March 2018 |
|
Cash flow |
|
Foreign Exchange |
|
At 30 September 2018 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
Non-current bank loan |
- |
|
3,179 |
|
(139) |
|
3,040 |
Current bank loan |
50 |
|
779 |
|
(36) |
|
793 |
Overdrafts |
4,185 |
|
(2,821) |
|
210 |
|
1,574 |
|
4,235 |
|
1,137 |
|
35 |
|
5,407 |
|
|
|
|
|
|
|
|
7. Share capital
|
|
Authorised |
|
Allotted and fully paid |
|
|
|
|
Number |
|
Number |
|
US$000 |
At 1 April 2017 |
|
|
|
|
|
|
Ordinary shares of 0.1p each |
|
2,345,000,000 |
|
1,061,818,478 |
|
1,722 |
Issue of shares |
|
- |
|
1,062,243,291 |
|
1,413 |
At 30 November 2017 |
|
2,345,000,000 |
|
2,124,061,769 |
|
3,135 |
Consolidation 1 new ordinary share of 10p each for 100 ordinary shares of 0.1p each |
|
(2,321,550,000) |
|
(2,102,821,151) |
|
- |
At 31 March 2018 and 30 September 2018 |
|
23,450,000 |
|
21,240,618 |
|
3,135 |
|
|
|
|
|
|
|
At 31 March 2018, 30 September 2017 and 2018 |
|
|
|
|
|
|
Deferred shares of 0.1p each |
|
155,000,000 |
|
155,000,000 |
|
238 |
|
|
|
|
|
|
|
Total share capital |
|
178,450,000 |
|
176,240,618 |
|
3,373 |
The Company has one class of ordinary share which carries no right to fixed income.
On 30 November 2017, the shareholders approved a resolution to consolidate 100 existing ordinary shares of 0.1p each ("Existing Ordinary Share") into one new ordinary share of 10p each ("New Ordinary Share"). All references to the number of shares in issue at 31 March 2018 and 30 September 2018 and in the comparative periods relate to New Ordinary Shares.
The deferred shares carry no right to any dividend; no right to receive notice, attend, speak or vote at any general meeting of the Company; and on a return of capital on liquidation or otherwise, the holders of the deferred shares are entitled to receive the nominal amount paid up after the repayment of £1,000,000 per ordinary share. The deferred shares may be converted into ordinary shares by resolution of the Board.
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