TIDMAFRI
RNS Number : 0240A
AfriAg PLC
24 September 2015
For immediate release 24 September 2015
AfriAg PLC
("AfriAg" or the "Company")
(AIM ticker AFRI)
Unaudited Interim Results for the six months to 30 June 2015
AfriAg (AIM: AFRI), the AIM-listed agricultural value chain
investing company, today announces its unaudited interim results
for the six month period ended 30 June 2015.
AfriAg reports strong growth for the half year period to 30 June
2015 for perishable trucking agri-logistics with the awarding of
the Gatsby Foundation's Vanduzi exclusive agri-logistics contract
and a 40% increase in perishable airfreight logistics compared to
the similar period last year, from South Africa to Europe and Asia
from AfriAg's 40% owned specialist African agri-logistics group
AfriAg SA (Pty) Ltd ("AfriAg SA").
As at today's date, AfriAg Plc is also pleased to report that
has now acquired, through its 100% owned marketing division AfriAg
Marketing Pty Ltd ("AfriAg Marketing"), four diesel Mercedes trucks
and three refrigerated 15.2m (30 pallet) trailers painted in AfriAg
colours and have ordered a further three trailers to be delivered
and in operation by the end of September 2015. The new fleet is
currently servicing clients transporting fresh produce from
Zimbabwe, Zambia, Malawi and Mozambique to Johannesburg for
domestic distribution there and for airfreight and seafreight to
global markets.
The total AfriAg Plc and AfriAg SA trucking fleet is expected to
grow to 31 by the end of September 2015 and we plan to add
significantly to the fleet over the coming period due to the
ever-increasing demand for our bespoke refrigerated agri-logistics
solutions in southern Africa.
Gatsby Foundations, Vanduzi Contract - Update:
On 5 February 2015, AfriAg announced that AfriAg SA was awarded
a 2 year renewable contract to transport fresh produce farmed by
Vanduzi, part of the Gatsby Foundation's sizeable Mozfoods (SA)
operations in Mozambique, to countries such as RSA, UK, Holland,
and potential future markets including the UAE. The majority of
Vanduzi's fresh produce ends up on UK and European supermarket
shelves such as Sainsbury, Tesco, M&S, Aldi and Asda.
725,000 kg of perishables were transported southbound from
Vanduzi in Mozambique to the domestic southern African market and
to Johannesburg for the European export markets, by AfriAg SA's
refrigerated trucks, for the six month period from 1 January to 30
June 2015. This included the trial period for the 5 weeks from 1
January to the commencement of the 2 year renewable contract on the
5 February 2015.
Airfreight Logistics - Update:
As announced on 4 August 2015, a total of approximately 907,000
kg of perishable produce was air freighted by AfriAg SA for the
second six month period from 1 January to 30 June 2015. This
represents a 40 % increase over the 650,000 kg airfreighted for the
corresponding period last year. The low oil prices and sustained
weakness in the Rand against the Pound and the Euro are having a
continued positive effect on AfriAg's export business.
These perishable goods were trucked by AfriAg's modern fleet of
refrigerated trucks from farming and fishing operations in southern
Africa and exported by airfreight from Johannesburg to Europe and
Asia from Johannesburg and Cape Town international airports.
Outlook:
The next period to 31 December 2015 is our busy season with
southern Africa gearing up to globally export specialist varieties
of fruits. AfriAg expects to be very busy this season with trucking
and airfreight of blueberries, pineapples, stone fruits (mainly
peaches, plums, nectarines and lychees) to Europe, the Middle East
and Asia.
In addition, AfriAg Marketing, our 100% owned marketing
division, is seeing a big increase in trading and transportation of
fresh fruit and vegetables back in to Zambia and Mozambique from
South Africa, hence the need to continuously increase the logistics
fleet.
Another area of growth anticipated for the period ahead is the
expected start of the export of fresh Lucerne (alfalfa grass) from
South Africa to the Middle East for the growing dairy industry,
camel and goat feed markets. AfriAg SA is gearing up for exports to
start from the Northern Cape area in September 2015, with an
estimated 20,000 tonnes of exports expected from September 2015 to
the end of the Lucerne season around April 2016. All of this
product will be transported from the Orange River to Durban by
truck and sea freighted to customers in the Middle East.
David Lenigas, Executive Chairman of AfriAg, commented:
"The first six months of the financial year are typically the
quietest period for agricultural exports from southern Africa. We
see a stronger second half in front of us, as the majority of
airfreighted perishable goods are harvested and exported during
this period due to the seasonal differences between southern Africa
and the northern hemisphere."
"We can now see the business approaching critical mass and the
board of directors are now focused on turning this business
profitable."
Financial Results:
During the period, the Company increased revenues to GBP537,000
(six months ended 30 June 2014: nil) and made a gross profit of
GBP49,000 (30 June 2014: nil). The operating loss for the period
was GBP154,000 (six months ended 30 June 2014: loss GBP58,000). The
total comprehensive loss for the period attributable to equity
holders of the parent was GBP169,000 (6 months ended 30 June 2014:
loss GBP154,000).
There was a weighted loss per share of 0.01p (30 June 2014: loss
per share 0.05p).
Current assets at 30 June 2015 amounted to GBP977,000 (30 June
2014: GBP585,000).
The Board would like to take this opportunity to thank our
shareholders, staff and consultants for their continued support and
I look forward to reporting further progress over the next period
and beyond.
David Lenigas
Executive Chairman
24 September 2015
For further information please contact:
AfriAg plc: +44 (0) 20 7440 0640
David Lenigas/Donald Strang
Nominated Adviser and Broker:
Cairn Financial Advisers LLP +44 (0) 20 7148 7900
James Caithie/Jo Turner
Public Relations:
Square1 Consulting +44 (0) 20 7929 5599
David Bick
Condensed Consolidated Statement of Comprehensive Income
(unaudited)
for the 6 months ended 30 June 2015
6 months to 6 months to Year ended
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Revenue 537 - 391
Cost of sales (488) - (335)
Gross Profit 49 - 56
Administration expenses (203) (58) (436)
Share Based Payment Charge - - (32)
Operating loss (154) (58) (412)
Realised loss on settlement of derivative financial instrument - (430) (430)
Share of associate result (19) 33 4
Investment income 5 1 3
Loss before tax (168) (454) (835)
Tax - - -
------------ ------------ ------------
Retained Loss for the period (168) (454) (835)
------------ ------------ ------------
Other comprehensive income
Gain/(loss) on revaluation of available for sale investments 32 - (25)
Transfer to income statement - 300 300
Translation exchange (loss) (33) - (21)
------------ ------------ ------------
Total comprehensive income (1) 300 254
Total comprehensive loss for the period attributable to equity
holders of the parent (169) (154) (581)
Loss per share (p) 2
Basic and diluted (0.01) (0.05) (0.07)
All of the revenues and loss above derived from continuing
operations.
Condensed Consolidated Statement of Financial Position
(unaudited)
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At 30 June 2015
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant &
equipment 1 - -
Investments in associates 1,314 1,362 1,333
Total non-current
assets 1,315 1,362 1,333
Current assets
Inventory 61 - -
Trade and other receivables 571 7 292
Available for sale
assets 218 211 186
Derivative financial
instrument - - -
Cash and cash equivalents 127 367 467
------------------------------ ---------- ---------- ------------
Total current assets 977 585 945
Total assets 2,292 1,947 2,278
------------------------------ ---------- ---------- ------------
Current liabilities
Trade and other payables (675) (170) (492)
Total current liabilities (675) (170) (492)
Net current assets 302 415 453
------------------------------ ---------- ---------- ------------
Net assets 1,617 1,777 1,786
------------------------------ ---------- ---------- ------------
Equity
Share capital 1,381 1,188 1,381
Share premium account 8,548 8,337 8,548
Share based payment
reserve 213 181 213
Revaluation reserves 17 10 (15)
Foreign currency reserve (54) - (21)
Retained earnings (8,488) (7,939) (8,320)
------------------------------ ---------- ---------- ------------
Total equity 1,617 1,777 1,786
------------------------------ ---------- ---------- ------------
Condensed Consolidated Statement of Changes in Equity
(unaudited)
for the 6 months ended 30 June 2015
Share-based Foreign
Share Share Payments currency Revaluation Retained
Capital Premium Reserve reserve reserves Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2014 1,055 7,963 181 - (290) (7,485) 1,424
Loss for the period - - - - - (835) (835)
Currency translation (loss) - - - (21) - - (21)
(Loss) on revaluation of available
for sale investments - - - - (25) - (25)
Transfer to income statement - - - - 300 - 300
Total Comprehensive Income - - - (21) 275 (835) (581)
Shares issued (net of expenses) 326 585 - - - - 911
Share based payment charge - - 32 - - - 32
-------------------------------------- -------- -------- ------------ --------- ------------ --------- --------
Total contributions by and
distributions to owners of the
Company 326 585 32 - - - 943
At 31 December 2014 1,381 8,548 213 (21) (15) (8,320) 1,786
Loss for the period - - - - - (168) (168)
Gain on revaluation of available for
sale investments - - - - 32 - 32
Currency translation (loss) - - - (33) - - (33)
Total Comprehensive Income - - - (33) 32 (168) (169)
Shares issued (net of expenses) - - - - - - -
Share based payment charge - - - - - - -
-------------------------------------- -------- -------- ------------ --------- ------------ --------- --------
Total contributions by and - - - - - - -
distributions to owners of the
Company
At 30 June 2015 1,381 8,548 213 (54) 17 (8,488) 1,617
-------------------------------------- -------- -------- ------------ --------- ------------ --------- --------
Condensed Consolidated Statement of Cash Flows (unaudited)
for the 6 months ended 30 June 2015
6 months 6 months
to to Year ended
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operations
Operating loss (154) (58) (412)
(Increase) in inventories (61) - -
(Increase)/decrease
in trade & other receivables (279) 15 (272)
(Decrease) in trade
& other payables 183 23 344
Share option charge - - 32
Net cash used in operating
activities (311) (20) (308)
------------------------------- ---------- ---------- ------------
Investing activities
Investment Revenue 5 1 3
Net cash from investing
activities 5 1 3
------------------------------- ---------- ---------- ------------
Financing activities
Issue of share capital - 400 818
Issue costs - (26) (37)
Net cash from financing
activities - 374 781
------------------------------- ---------- ---------- ------------
Net (decrease)/increase
in cash and cash equivalents (306) 355 476
Cash and cash equivalents
at the beginning of
period 467 12 12
Effect of foreign exchange
on cash and cash equivalents (34) - (21)
------------------------------- ---------- ---------- ------------
Cash and cash equivalents
at the end of period 127 367 467
Notes to the Condensed Consolidated Interim Financial
Information (unaudited)
1. General information
The condensed consolidated interim financial information for the
period ended 30 June 2015 has not been audited or reviewed in
accordance with the International Standard on Review Engagements
2410 issued by the Auditing Practices Board. The figures were
prepared using applicable accounting policies and practices
consistent with those adopted in the statutory accounts for the
period ended 31 December 2014. The figures for the period ended 31
December 2014 have been extracted from these accounts, which
contained an unqualified audit report.
The condensed consolidated interim financial information
contained in this document does not constitute statutory accounts.
In the opinion of the directors the financial information for this
period fairly presents the financial position, result of operations
and cash flows for this period.
The Condensed Consolidated Interim Financial Information was
approved by the Board of Directors on 24 September 2015.
Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union with the
exception of International Accounting Standard ('IAS') 34 - Interim
Financial Reporting. Accordingly the interim financial statements
do not include all of the information or disclosures required in
the annual financial statements and should be read in conjunction
with the Group's 2014 annual financial statements.
2. Loss per share
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