TIDMCMB
RNS Number : 3678V
Cambria Africa PLC
27 January 2017
Cambria Africa Plc
("Cambria" or the "Company")
FY 2016 Audited Results and Trading Update
EBITDA up $2.16m from Continuing Operations; Largest Subsidiary
YTD PBT up 131%
Cambria Africa PLC (AIM:CMB) ("Cambria" or the "Company") is
pleased to announce its audited results for the year ending 31
August 2016 and provide a trading update. Audited Financial
Statements are available on the Company's website
(www.cambriaafrica.com) and will be sent to shareholders on
Monday.
FY 2015 results have been restated to separately disclose the
once-off settlement proceeds from the Company's Jet Claims as
discontinued operations.
Results highlights:
-- Cambria's EBITDA from continuing operations increased by
$2.16 million to $430,000 from a loss of $1.73 million in FY
2015.
-- Excluding legal costs, EBITDA from continuing operations
increased by almost $3 million to $1.24 million from a loss of
$1.73 million in FY 2015.
-- Cambria's cash flow from operations increased by $6.56
million to $3.63 million from a net cash outflow of $2.93 million
in FY 2015.
-- Cambria slashed central costs by almost half to $1.1 million
from $2.0 million in FY 2015 (down 45%).
-- Excluding legal costs of $820,000, central overheads
decreased by 86% to $280,000 from $2 million in FY 2015.
-- Cambria reduced consolidated borrowings to $4.4 million from
$7 million in FY 2015, a 37% decrease. Post-VAL Loan Conversion
(discussed under Subsequent Events below) borrowings will drop to
$2.9 million, a 59% decrease from FY 2015 levels.
-- $390,000 in annual interest savings is expected from the
reduction in borrowings and the VAL Loan Conversion. Compared to FY
2015, which reflects a full year of interest costs on previous
borrowings, the annual interest savings will be $480,000.
-- Payserv, Cambria's largest subsidiary by revenue and profit,
achieved a 100% increase in profit after tax ("PAT") to $1.0
million. Excluding minority interest, PAT increased by 248% to
$740,000. Revenues for the period increased 7% to $5.36 million.
Consolidated EBITDA increased by 43.1% to $1.76 million.
-- Millchem pared its EBITDA loss by 76% to $230,000 in FY 2016 from $950,000 in FY 2015.
-- Excluding legal expenses of $820,000, Cambria achieved a
consolidated profit of $70,000 from continuing operations compared
to a loss of $2.9 million in FY 2015. Including legal expenses,
Cambria reduced its consolidated loss from continuing operations by
$2.16 million to a loss of $740,000.
Trading update:
After Fiscal Year-End 2016, unaudited management accounts for
the 4 months ended 31 December 2016 reflect an acceleration of the
performance gains achieved in FY 2016. In comparison to the same
period in FY 2016, the salient results are as follows:
Payserv:
-- PBT increased by 131% to $660,000 from $286,000,
-- EBITDA increased by 51.8% to $850,000 from $560,000,
-- Revenues increased by 23.4% to $2.16 million from $1.75 million,
-- Paynet's EDI volumes up by 46.3%,
-- Tradanet loan volumes down 35.4%.
The significant increase in EDI volumes is believed to be
attributable to an increase in electronic payments as a result of
the cash shortages in Zimbabwe and multiple salary payments during
the same month by employers. Tradanet loans fell as a result of a
temporary discontinuation in the credit partner loan program. This
program is expected to be reinstated in early 2017 and will result
in a restoration of loans to FY 2016 levels.
Although the current record EDI volumes may abate in future
should current conditions change, Paynet's management expects
normalisation of Tradanet loan volumes to mitigate any such
reduction.
Millchem:
-- Revenues flat at $1.2 million,
-- EBITDA loss further reduced by 30% to $38,000 from a loss of $55,000,
-- Pre-tax loss reduced by 27.7% to $47,000 from a loss of $65,000.
Central:
-- Central costs, excluding legal expenses, continue to track
the improved levels reported in FY 2016.
Subsequent events:
After Fiscal Year-End 2016 other notable events include:
-- Open Offer: Open Offer to Cambria shareholders at 1p per
share, enabling Cambria shareholders the opportunity to match the
terms of VAL's Loan Conversion (discussed below). The Open Offer is
currently due to expire on Wednesday, 1 February 2017. The Board is
considering extending this deadline to allow shareholders to
consider audited FY 2016 results and the Trading update in their
investment decisions, and will announce any extension.
-- VAL Loan Conversion: Conversion of GBP1.25 million of VAL's
loan at 1p per share into 125 million Cambria ordinary shares will
increase net equity by $1.55 million and equity per share by 0.46
US cents per share (0.36 UK pence) and will reduce annual interest
costs by $130,000.
-- Increased Net Equity: Following the VAL Loan Conversion,
Cambria's net equity per share will approximate 0.31 U.S. cents.
Despite the increase, this number, in the opinion of the Directors,
significantly underestimates the fair value of the company's
investments and proprietary technologies. By way of illustration,
the balance sheet only reflects the goodwill attributable to
Payserv which is carried at $720,000 - less than half its
consolidated EBITDA of $1.76 million for FY 2016.
-- New Loan Facilities: A $1.2 million loan facility was
established by Paynet Zimbabwe (Pvt) Limited with Central Africa
Building Society (CABS) of which $1.0 million has been accessed to
date.
-- $1.8 million Counterclaim against Consilium and Security for
Costs: In respect of Cambria's $1.8 million counterclaim against
Consilium in the English courts, the company has lodged security
for costs of GBP380,000 and paid a related costs order of
GBP30,000.
Changes to the Board
The Company's Board of Directors remains unchanged.
About Cambria Africa Plc
Cambria Africa Plc, quoted on the AIM market of the London Stock
Exchange, is a long-term, active investment company, investing
primarily in Zimbabwe.
Contacts
Cambria Africa Plc www.cambriaafrica.com
+44 (0) 207
Samir Shasha 669 0115
WH Ireland Limited www.wh-ireland.co.uk
James Joyce / Nick +44 (0) 20 7220
Prowting 1666
Chief Executive's Review
Introduction
I am pleased to report a significant improvement in our results
and financial position. Despite the distractions of the Consilium
dispute, we have started to see the positive results from the
efforts invested by the new
management of the Company. In fact, the improvements are dramatic:
- Cambria's EBITDA from continuing operations increased by $2.16
million to $430,000 from a loss of $1.73 million in FY 2015.
- Excluding legal costs, EBITDA from continuing operations
increased by almost $3 million to $1.24 million from a loss of
$1.73 million in FY 2015.
- Cambria's cash flow from operations in FY 2016 increased by
$6.56 million to $3.63 million from a net cash outflow of $2.93
million in FY 2015.
- Cambria reduced central costs by almost half to $1.1 million
from $2.0 million last year in FY 2015 (down 45%).
The timely repayment of $5 million to Consilium and $2 million
to Nurture towards the end of FY 2016 removed a significant
financial burden and risk to the Company. Cambria and Payserv's
internal resources of almost $4 million substantially contributed
to this repayment. The balance was refinanced by a VAL Loan of
$1.78 million and a revolving VAL Bridging Facility of $1.45
million. The VAL Bridging Facility has been reduced to $700,000 by
accessing a $1.2 million credit line granted to Paynet Zimbabwe by
a local bank (CABS).
After the end of the financial year, the Company's balance sheet
will be further strengthened by the conversion of $1.55 million of
VAL Loans into 125 million Cambria ordinary shares at 1p per share.
Shareholders have been given the right to match this investment and
avoid dilution through an Open Offer due to expire on 1 February
2017. As the ultimate beneficial owner of VAL, these loans and
conversion are a strong expression of my confidence in the future
of Cambria.
Following the VAL Loan Conversion, borrowings will be cut by
half to $2.9 million from $7.0 million prior to repayment of the
Consilium ($5 million) and Nurture ($2 million) loans in May and
July 2016, respectively. The reduced borrowings will result in
annual interest savings of $480,000 compared to the cost of a full
year of servicing the Consilium and Nurture debts.
Given the unique positioning of Payserv and its technology
platforms in Zimbabwe and the sharp reduction central and operating
company costs, Cambria is poised for continued profitability
despite of, and possibly because of, the economic challenges faced
by Zimbabwe.
Legal Expenses
The Board believes that adjusting for legal fees associated with
the Consilium dispute will provide shareholders with a more
accurate reflection of the Group's operating performance, its
turnaround and improved cash generation. The current state of the
litigation to which these expenses relate, is discussed under
"Consilium Dispute" below.
Operating results for the year
Consolidated results
Cambria's Cash flow from operations was $3.63 million compared
to a net cash outflow of $2.93 million in FY 2015.
Excluding legal expenses, the Company achieved a consolidated
profit from continuing operations of $70,000. Including legal
expenses of $820,000 Cambria's improved operating performance more
than halved its consolidated loss from continuing operations to
$740,000 from a loss of $2.9 million in FY 2015.
Cambria's EBITDA from continuing operations increased by $2.16
million to $430,000 from a loss of $1.73 million in FY 2015.
Excluding legal costs, EBITDA from continuing operations
increased by almost $3 million to $1.24 million from a loss of
$1.73 million in FY 2015.
We cut central costs by almost half to $1.1 million from $2.0
million in 2015 and by two thirds from $3.1 million in FY 2015.
Excluding legal costs of $820,000, central overheads decreased by
86% to $280,000. We are committed to remaining diligent in
containing central costs.
As the CEO of Cambria, I have not collected any compensation nor
benefits and will not do so until the cash flow from the Company's
underlying investments supports it. Similarly, since their
appointment, my fellow directors have served the company without
compensation or benefits.
Operating Division Results
Payserv's consolidated EBITDA increased by 43.1% to $1.76
million from $1.23 million in FY 2015 while PBT increased by 81.8%
to $1.4 million from $770,000 in FY 2015. PBT excluding minority
interests increased by 186% to $1.06 million from $370,000 in FY
2015. This stellar performance was achieved on the back of only a
7% increase in revenues to $5.36 million from $5.01 million in FY
2015.
After Fiscal Year-End 2016, unaudited Year-to-Date (YTD)
management accounts confirm the continuing trend of profitability
at Payserv. For the four months ended 31 December 2016 PBT
increased by 131% to $660,000 and EBIDTA increased by 51.8% to
$850,000 compared to the same period in FY 2016. Payserv achieved
these stellar results on the back of a 23.4% increase in revenues
and despite a decline of 35.5% in Tradanet loan volumes.
It is expected that Payserv will be able to capitalise on
several growth opportunities in the ensuing financial years,
including:
- Application of its technology platform in the consumer market
where it has a very small market share compared to its 95% plus
share of the corporate and interbank payments market;
- Acquiring a money-transfer license and introduction of
innovative money-transfer facilities through its technology
platform;
- Increasing Tradanet revenues, which are currently derived from
processing payroll-based loans originated through an exclusive
relationship with the Central African Banking Society (CABS)
through direct origination on behalf of CABS, selling of insurance
products, and at-risk microfinance loans with high margins and
risk-mitigated by access to payroll deduction.
Millchem reported positive cash flow from operations as a result
of a significant improvement in the management of inventory and
trade receivables. Millchem's EBITDA loss improved by 75.8% to a
loss of $230,000 from an EBITDA loss of $950,000 in FY 2015, while
its loss before tax improved by 74.5% to a loss of $260,000 from a
loss of $1.02 million in 2015. The reduction in losses is also
attributable to discontinuing of unprofitable operations in Malawi
and Zambia. As a result of these closures, revenue decreased by
39.7% to $3.19 million from $5.29 million in FY 2015.
It is expected that Millchem will pursue a number of strategic
partnerships within the Zimbabwe market to mitigate the scarcity of
currency allocation for raw material imports.
Divisional reviews
Central costs
Cambria's central costs decreased by 45% to $1.1 million from
$2.0 million in the previous year. Excluding legal costs of
$820,000, central overheads decreased by 86% to $280,000 from $2.0
million in FY 2015.
Payserv Africa
Payserv provides EDI switching services (Paynet), 'payslip'
processing (Autopay), and payroll based microfinance loan
processing (Tradanet).
(US$ '000) 2016 2015 Growth
Revenues 5,360 5,012 7.0%
Gross profit 5,065 4,745 6.7%
Gross margin 94% 95% (1.1%)
Overheads (3,307) (3,519) (6%)
------------------------------------ -------- -------- --------
EBITDA 1,758 1,226 43.3%
Profit before interest and tax 1,653 1,072 54.2%
Interest (250) (300) (16.7%)
Profit before tax ("PBT") 1,403 772 81.7%
Minority interests in PBT (358) (406) (11.8%)
------------------------------------ -------- -------- --------
PBT (excluding minority interests) 1,055 366 188.2%
------------------------------------ -------- -------- --------
Profit after tax ("PAT") 1,007 504 99.8%
------------------------------------ -------- -------- --------
PAT (excluding minority interests) 741 213 247.8%
------------------------------------ -------- -------- --------
Paynet provides Electronic Data Interchange (EDI) services to
all the banks and building societies in Zimbabwe, as well as to
over 1,500 corporate clients. Paynet processed 19.2 million
transactions (FY 2015: 17.3 million) during the period under
review, an 11% increase. Electronic transfers have become a
preferred payment method in Zimbabwe as a result of the local cash
shortages.
Autopay provides payroll services to more than 150 customers and
processed approximately 330,000 pay slips (FY 2015: 345,000) during
the period under review, a decrease of 4.3%. The decrease was
mainly caused by a general downsizing of payroll sizes in Zimbabwe
and a reduction in employment levels. Autopay managed to offset the
full impact of this with the addition of new clients.
Tradanet processed approximately 78,000 (FY 2015: 134,000) loans
during the period, representing a value of $143 million (FY 2015:
$176 million), a decrease of 42% and 18.8% respectively. At the end
of the period the loan book under management stood at $124 million
(FY 2015: $139 million), a decrease of 10.8%.
During the year under review, Payserv continued to invest in its
entry into the Zambian market which generated an EBITDA loss of
$205,000 (FY 2015: $271,000). This investment has not been
capitalised and has therefore directly impacted the income
statement during the year under review. The Board is in the process
of reviewing the continuation of this investment against prospects
for profitability. Payserv's board has concluded that as of
December 2016 it will not continue to subsidize the Zambian
operation and it will have to reach profitability on its own
merits. As expenses related to the Zambian operation were not
capitalized, a discontinuation of this operation is not expected to
impact Payserv's profitability.
Millchem Holdings
Millchem is a value-added chemicals distributor in Zimbabwe.
US$ '000 2016 2015 Growth
Revenues 3,193 5,294 (39.7%)
Gross profit 525 892 (41.1%)
Gross margin 16.4% 16.8% (2.3%)
SG&A (758) (1,846) (58.9%)
----------------- ------ -------- --------
EBITDA (233) (954) (75.6%)
----------------- ------ -------- --------
Loss before tax (264) (1,020) (74.1%)
The decrease in revenue and gross profit is a result of the
discontinuance of unprofitable subsidiaries Millchem Zambia and
Millchem Malawi. Despite the reduction in revenue and gross profit,
EBITDA improved by 74.1% as a result of the significant reduction
in overheads caused by the closure of these two operations.
Despite the improved performance, restoring Millchem Zimbabwe
(the only remaining Millchem operating subsidiary) to profitability
is a key focus for the executive team.
Events subsequent to Fiscal Year-end 2016
VAL Loan Conversion and Open Offer
On 14 December 2016 the Company extended an Open Offer for up to
125 million new ordinary shares to the remaining Cambria
shareholders on terms equal to that of the VAL Loan Conversion
explained below ("Open Offer"). This Open Offer is intended to give
shareholders an opportunity to avoid dilution and participate in
the company's equity in an orderly fashion and at a fixed price of
1p per share.
On 28 November 2016, the Company announced that it reached an
agreement with VAL regarding the conversion of GBP1.25 million or
approximately $1.55 million of its loans to Cambria into 125
million ordinary shares of Cambria, or at 1p per share. The price
of the VAL Loan Conversion was set at 1p per Cambria share ("the
Issue Price"), representing a premium of 11% to the 10 day volume
weighted average price of 0.90p for the 10 days up to 24 November
2016.
Shareholders have concomitantly received an Open Offer to
subscribe for shares in equal proportion to their holdings and can
simultaneously apply for a further allocation to the extent that
other shareholders don't participate.
The VAL Loan Conversion will significantly strengthen Cambria's
balance sheet and further aligns my interests with that of fellow
Cambria shareholders. The Board believes that the Issue Price for
the conversion and the Open Offer is underpinned by the value of
Cambria's underlying subsidiaries. It will also result in less
dilution for Shareholders at any level of the Open Offer
participation.
Currently the Open Offer is open for acceptance until Wednesday,
1 February 2017. This deadline may be extended to give shareholders
a chance to consider the impact of these results on their
investment decision. An appropriate extension announcement will be
made. Open Offer proceeds will be utilised to further strengthen
the balance sheet and fund growth in Cambria's core subsidiaries in
Zimbabwe.
The Company intends to issue the shares in relation to the VAL
Loan Conversion together with the issue of shares as a result of
the Open Offer.
New CABS Loan
The Company announced on 18 October 2016 the conclusion by
Payserv's wholly owned subsidiary Paynet, of a $1.2 million loan
facility agreement with CABS. The CABS Loan bears interest at 11%
per annum, an annual renewal fee of 1%, and is subject to an
establishment fee of 2%. The loan is repayable over 24 months. As
security, a mortgage has been registered in favour of CABS over one
of two properties owned by Le Har (Pvt) Ltd, a wholly owned
subsidiary of the Company. The remaining property remains
unencumbered.
Consilium dispute
Shortly after I was named the CEO of Cambria and appointed to
the Board in July 2015, we reached a substantive settlement with
Lonrho for $4.752 million of which approximately $900,000 was paid
to outstanding legal fees which the previous management had left
unpaid. A further $500,000 was paid for consultancy, accounting and
other expenses.
Immediately thereafter, I was stunned that Consilium Corporate
Recovery Master Fund ("Consilium") claimed in September 2015 that
the change of control as a result of VAL's subscription constituted
an event of default under the Credit Facility Agreement (CFA)
between Cambria and Consilium. Consilium's management had been
closely involved in procuring VAL's investment in Cambria in April
2015 and negotiating the terms upon which VAL would support the
Lonrho litigation, I note that on 26 March 2015, Cambria's then
Chairman and concurrently a Director of Consilium, Ian Perkins,
issued a letter which accompanied a circular to shareholders.
Neither the letter nor the circular contained any reference to the
change of control provisions or the associated risks when
recommending the approval of the proposed share subscription by
VAL.
Consilium also sought unsuccessfully to wind-up Cambria in Isle
of Man Courts in an attempt to recover its loan, to the detriment
of the Company and all its shareholders. As a result of Consilium's
actions, Cambria was, amongst other matters, denied access to the
Lonrho settlement funds and suffered greatly from its inability to
access these funds or even refinance its obligations. Consilium
endeavoured to control these activities in reliance on the
contractual terms of the CFA and related Debenture which were put
in place by the previous CEO, Edzo Wisman. Edzo Wisman and Ian
Perkins were appointed as directors of Consilium in December 2014
and February 2012 respectively - the very company which tried to
damage Cambria by prematurely and unlawfully demanding repayment of
its debt and seeking to wind up the Company.
The legal fees relating to defending Cambria from Consilium's
claims and actions and pursuing the consequent counterclaim,
amounted to $820,000 in FY 2016. Subsequent to the repayment of its
loan in full and on time, Consilium amended its claim in the
English Courts to claim that it is entitled to be indemnified for
what we believe to be the unreasonable and unnecessary costs
associated with the premature and predatory attempts to be repaid
over six months before the loans were due and appropriate the
proceeds of the Lonrho settlement. Cambria has counterclaimed for a
total of $1.8 million against Consilium for losses and legal fees
it has incurred as a result.
With respect to this counterclaim in December 2016 the Company
lodged security for costs of GBP380,000 and was ordered to pay
costs of GBP30,000 to Consilium.
Acquisition Strategy
The Board will continue its search for appropriate
value-creating acquisition opportunities primarily through the use
of equity subscriptions. We will continue to focus on Zimbabwe,
which we believe provides the best opportunity for successful
investment and growth in the short- to medium-term.
Mr Samir Shasha
Chief Executive Officer
27 January 2017
Cambria Africa Plc
Audited consolidated income statement
For the year ended 31 August 2016
Audited Audited
*Restated
31-Aug-16 31-Aug-15
US$'000 US$'000
-------------------------------------- ---------- -----------
Revenue 8,552 10,306
Cost of sales (2,962) (4,670)
--------------------------------------- ---------- -----------
Gross profit 5,590 5,636
Operating costs (5,302) (7,766)
Other income - 7
Profit on disposal and impairment
of assets 5 199
--------------------------------------- ---------- -----------
Operating profit/(loss) 293 (1,924)
Finance income 16 10
Finance costs (657) (740)
--------------------------------------- ---------- -----------
Net finance costs (641) (730)
Loss before tax (348) (2,654)
Income tax (396) (271)
--------------------------------------- ---------- -----------
Loss for the period from continuing
operations (744) (2,925)
Discontinued operations:
Profit from discontinued operations - 3,380
(Loss)/profit for the year (744) 455
======================================= ========== ===========
Attributable to:
Owners of the company (1,010) 164
Non-controlling Interests 266 291
(Loss)/profit for the year (744) 455
(Loss)/earnings per share
Basic and diluted (loss)/earnings
per share (cents) (0.5c) 0.1c
Loss per share-continuing operations
Basic and diluted loss per share
(cents) (0.5c) (2.3c)
*Amounts have been restated due to classification of litigation
settlement proceeds on the Company's Jet Claims as discontinued
operations.
Cambria Africa Plc
Audited consolidated statement of comprehensive income
For the year ended 31 August 2016
31-Aug-16 31-Aug-15
US$'000 US$'000
-------------------------------------------- ---------- ----------
(Loss)/profit for the year (744) 455
Other comprehensive income
Items that will not be reclassified
to income statement:
Foreign currency translation differences
for overseas operations 9 97
Total comprehensive (loss)/profit
for the year (735) 552
============================================= ========== ==========
Attributable to:
Owners (1,001) 261
Non-controlling interests 266 291
Total comprehensive (loss)/profit
for the year (735) 552
============================================= ========== ==========
Cambria Africa Plc
Audited consolidated statement of changes in equity
For the year ended 31 August 2016
Share
Foreign Based
Share Share Revaluation Exchange Payment Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- --------
Balance at 1
September 2014 18 82,487 438 (10,629) 86 (75,890) 2,241 (1,249) 9 (1,240)
Profit for the
period - - - - - 164 - 164 291 455
Foreign currency
translation
differences for
overseas
operations - - - 97 - - - 97 - 97
-------------------
Total
comprehensive
profit
for the year - - - 97 - 164 - 261 291 552
Contributions
by/distributions
to owners of the
Company
recognised
directly in
equity
Disposal of
subsidiary - - - - - 341 (341) - - -
Dividends paid - - - - - - - - (235) (235)
Issue of ordinary
shares
(net of share
issue costs) 15 1,463 - - - - - 1,479 - 1,479
-------------------
Total
contributions by
and
distributions 15 1,463 - - - 341 (341) 1,479 (235) 1,244
Balance at 31
August 2015 34 83,950 438 (10,532) 86 (75,385) 1,900 491 65 556
=================== ======== ======== ============ ========= ======== ========= ================== ======== ================ ========
Share
Foreign Based
Share Share Revaluation Exchange Payment Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- -------- --------- ------------------ -------- ---------------- --------
Balance at 1
September 2015 34 83,950 438 (10,532) 86 (75,385) 1,900 491 65 556
(Loss)/profit for
the period - - - - - (1,010) - (1,010) 266 (744)
Foreign currency
translation
differences for
overseas
operations - - - 9 - - - 9 - 9
-------------------
Total
comprehensive
(loss)/profit
for the year - - - 9 - (1,010) - (1,001) 266 (735)
Contributions
by/distributions
to owners of the
Company
recognised
directly in
equity
Disposal of
subsidiary - - - (105) - 105 - - - -
Expiry of share
options (43) 43 - -
Dividends paid - - - - - - - - (335) (335)
-------------------
Total
contributions by
and
distributions to
owners of
the Company - - - (105) (43) 148 - - (335) (335)
Balance at 31
August 2016 34 83,950 438 (10,628) 43 (76,247) 1,900 (510) (4) (514)
=================== ======== ======== ============ ========= ======== ========= ================== ======== ================ ========
Cambria Africa Plc
Audited consolidated and company statements of financial
position
As at 31 August 2016
Audited Audited Audited Audited
Group Company Group Company
31-Aug-16 31-Aug-16 31-Aug-15 31-Aug-15
US$'000 US$'000 US$'000 US$'000
---------------------------------------- ---------- ---------- ---------- ----------
Property, plant and equipment 2,594 - 2,594 -
Goodwill 717 - 717 -
Intangible assets 39 - 2 -
Investment in subsidiaries - - - -
---------------------------------------- ---------- ---------- ---------- ----------
Total non-current assets 3,350 - 3,313 -
Inventories 407 - 761 -
Financial assets at fair value through
profit and loss 40 - 50 -
Trade and other receivables 1,311 6,374 1,241 8,383
Cash and cash equivalents 701 - 645 50
Assets for discontinued operation
(litigation settlement - Jet Claims) - - 4,752 -
---------------------------------------- ---------- ---------- ---------- ----------
Total current assets 2,459 6,374 7,449 8,433
Total assets 5,809 6,374 10,762 8,433
========================================= ========== ========== ========== ==========
Equity
Issued share capital 34 34 34 34
Share premium account 83,950 83,950 83,950 83,950
Revaluation reserve 438 - 438 -
Share based payment reserve 43 43 86 86
Foreign exchange reserve (10,628) (13,186) (10,532) (13,186)
Non distributable reserves 1,900 - 1,900 -
Retained losses (76,247) (71,765) (75,385) (70,270)
----------------------------------------- ---------- ---------- ---------- ----------
Equity attributable to owners of
the company (510) (924) 491 614
Non-controlling interests (4) - 65 -
Total equity (514) (924) 556 614
========================================= ========== ========== ========== ==========
Liabilities
Loans and borrowing 2,965 2,929 45 -
Provisions 207 - 183 -
Deferred tax liabilities 152 - 177 -
----------------------------------------- ---------- ---------- ---------- ----------
Total non-current liabilities 3,324 2,929 405 -
Current tax liabilities 308 - 200 -
Loans and borrowings 1,469 1,469 6,877 4,812
Trade and other payables 1,222 2,900 1,446 3,007
Liabilities for discontinued operation
(litigation settlement - Jet Claims) - - 1,278 -
---------------------------------------- ---------- ---------- ---------- ----------
Total current liabilities 2,999 4,369 9,801 7,819
Total liabilities 6,323 7,298 10,206 7,819
========================================= ========== ========== ========== ==========
Total equity and liabilities 5,809 6,374 10,762 8,433
========================================= ========== ========== ========== ==========
Cambria Africa Plc
Audited consolidated statement of cash flows
For the year ended 31 August 2016
Audited Audited
31-Aug-16 31-Aug-15
USS'000 USS'000
----------------------------------------------- ---------- ----------
Cash from/(used in) operations* 3,944 (2,590)
Taxation paid (313) (342)
------------------------------------------------ ---------- ----------
Cash from/(used in) operating activities 3,631 (2,932)
Cash flows from investing activities
Proceeds on disposal of property, plant
and equipment 20 126
Purchase of property, plant and equipment (170) (88)
Net proceeds on disposal of subsidiary 60 2,445
Other investing activities (40) -
Interest received 16 10
------------------------------------------------ ---------- ----------
Net cash (used in)/from investing activities (113) 2,493
Cash flows from financing activities
Dividends paid to non-controlling interests (335) (235)
Interest paid (267) (363)
Proceeds from issue of share capital - 1,479
Loans repaid (7,146) (595)
Loans raised 4,277 62
------------------------------------------------ ---------- ----------
Net cash (used in)/from financing activities (3,471) 348
Net increase/(decrease) in cash and cash
equivalents 47 (91)
Cash and cash equivalents at the beginning
of the Period 645 639
Foreign exchange 9 97
Net cash and cash equivalents at the end
of the Period 701 645
================================================ ========== ==========
* All amounts include both continuing and discontinued
operations. Cash flow from discontinued operations the effect of
which was $3.4 million inflow in 2016 and $1.03 million utilised in
2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRMITMBJTBLR
(END) Dow Jones Newswires
January 27, 2017 09:45 ET (14:45 GMT)
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