TIDMCMB
RNS Number : 5100M
Cambria Africa PLC
14 September 2023
Cambria Africa Plc
("Cambria" or the "Company")
Audited FY 2022 Results ("the Results"):
Loss per Share of 0.03 US cents and NAV of 1.06 US cents (0.85p
GBP)
Cambria Africa Plc ( AIM: CMB ) ("Cambria" or the "Company")
announces its audited results for the year ended 31 August 2022
("FY 2022"). The Audited Financial Statements are available on the
Company's website ( www.cambriaafrica.com ) and will be sent to
shareholders tomorrow. With the publishing of the Group`s FY 2022
and HY 2023 results, the suspension of the Company`s shares on the
AIM is expected to be lifted at 7.30am on 15 September 2023.
A loss attributable to Cambria Shareholders of $178,306 (0.03 US
cents per share) was recorded for FY 2022. Before inventory
impairments, the Company's subsidiaries in Zimbabwe continued to
operate above or near breakeven EBITDA, despite a revenue decline
of 24% to US $920,077 in FY 2022 from US $1.22 million in FY 2021.
The Company's subsidiaries are expected to continue to report at
breakeven levels in FY 2023. The Company's FY 2022 consolidated
profits stem mainly from Tradanet, the 51% owned subsidiary of
Paynet Zimbabwe with revenues of US$654,824.
Net Equity (NAV) fell by 9% from US $6.32 million (1.16 US cents
per share) in FY 2021 to $5.75 million FY 2022 (1.06 US cents per
share) is mainly attributable to foreign currency translation
adjustments of $394,000, inventory impairments in Millchem of
$150,000, and mark-to-market adjustments of the Company`s listed
share investments.
FY 2022 Results highlights:
12 Months Ended 31 August (US$'000) 2022 2021 Change
------------------------------------------- ---------- -------- --------
Group:
- Revenue 920 1,216 (24%)
- Operating costs 623 838 26%
- Consolidated EBITDA (before exceptional
items) 344 385 (11%)
- Consolidated (Loss)/p rofit after tax (5) 181 (103%)
- (Loss)/profit after tax attributable to
owners of the Company (178) 82 (317%)
- Central costs 127 130 2%
- (Loss)/Earnings per share - cents (0.03) 0.02 (250%)
- Net Asset Value (NAV) attributable to
owners of the Company 5,745 6,317 (9%)
- NAV per share - cents 1.06 1.16 (9%)
Weighted average shares in issue ('000) 544,576 544,576 -
Shares in issue at year-end ('000) 544,576 544,576 -
Divisional:
- Payserv - consolidated profit after tax
("PAT") 300 652 (54%)
- Payserv - consolidated EBITDA 433 505 (14%)
- Millchem - EBITDA (3) 11 (127%)
Group Highlights:
-- Net Equity (NAV) decreased by 9% from US $6.32 million (1.16
US cents per share) to US $5.75 million (1.06 US cents per
share)
-- Revenues declined by 24% to $920,077 while operating costs
decreased by 26% to $623,000. As a result of careful cost
management, the Company has managed to scale operations in
accordance with revenue declines
-- Cambria recorded a loss for the year of $4,588 as operations edged around breakeven.
-- Consolidated EBITDA before fair value adjustments to
investments and marketable securities decreased by 11% to $344,000
from $385,000 in FY 2021.
-- Cambria's central costs associated with listing and
associated operational expense decreased by 2% to $127,004. The
balance of the Company`s operating costs comprises
hyperinflationary adjustments, foreign currency translation and
mark-to-market adjustments of its listed investments. Cambria's CEO
and Directors continued to render services to Cambria without
compensation during FY 2022.
Divisional Highlights:
-- Tradanet (Pvt) Ltd, Paynet Zimbabwe's 51% held subsidiary,
continued to provide loan management services to CABS, the
country's largest building society. The persistent devaluation of
the country's currency led to an increase in salary-based loans.
However, due to liquidity constraints in the banking sector, this
increase was not in proportion to the depreciation of the
currency.
-- Autopay, Paynet Zimbabwe's payroll processing division saw an
increase in its revenue base due to a new management team with
extensive payroll experience. Autopay established an independent
contract relationship with payroll managers on a pure profit share
basis
Net Equity (Net Asset Value):
Components to the decrease of NAV in 2022
The Group reported a decrease of $570,000 in NAV to $5.75
million (1.06 US cents per share) at 31 August 2022, compared to
$6.32 million (1.16 US cents per share) at 31 August 2021. This
decrease was due to the following material factors:
-- Foreign currency translation adjustments of $394,000;
-- Inventory impairments of $150,000 related to raw materials and packaging held by Millchem;
-- Reduction of $30,000 in the carrying value of listed share investments.
Components of NAV at 31 August 2022
The Group NAV of $5.75 million as at the end of FY 2022 includes
the following material tangible and intangible assets:
Building and properties valued at $2.3 million - The valuation
was prepared by Hollands Harare Estate Agents in January 2022.
Holland conducted the previous valuations of the prominently
located commercial office space and its equally well-positioned
vacant plot in Harare's Mount Pleasant Business Park.
Investment in Radar Holdings Limited - 9.74% or 4.98 million
shares valued at US $1.743 million (net of minority interests)
based on 35 US cents per equivalent Radar share. In the post
balance sheet period, the Company conditionally agreed to sell its
78.2% shareholding in A.F. Philips (Pvt) Ltd ("AFP") for a sum of
US $1.743 million
(35 US cents per equivalent Radar Share) in cash. The sale is
subject to conditions precedent which the Company has reasonable
cause to believe will be met and that the full purchase price will
be realized at the holding Company level.
USD Cash and Cash Equivalents - US dollar cash totalling $1.26
million at the end of FY 2022.
Old Mutual and Nedbank shares - the Company holds 204,047 Old
Mutual Limited common shares that were suspended on the Zimbabwe
Stock Exchange (ZSE) on 31 July 2020 and valued on its FY 2022
Statement of Financial Position at US $122,820 based on the closing
price of Old Mutual Limited on the Johannesburg Stock Exchange
(JSE) at the year end. By way of an unbundling by Old Mutual in
November 2021, the Company received 2,692 Nedbank shares, which are
retained in Zimbabwe.
Goodwill - The Company has a goodwill value of $717,000 on its
Statement of Financial Position relating to its investment in the
Payserv group of Companies. The Company believes this is a fair
assessment of the intangible asset despite the impact of the
decisions made by Zimbabwe`s banking institutions against using its
payment platforms. Turnaround opportunities are being explored and
are more recently evidenced by the granting to Multi-Pay Solutions
(Pvt) Ltd (Multi-Pay Solutions) the exclusive rights to use,
distribute, and operate Paynet Software in the Southern African
Development Community (SADC). Payserv Africa will continue to
operate Paynet outside of the SADC. Tradanet, in which the Company
holds an effective 51% interest, is the largest contributor to the
Company's earnings in FY 2022. Tradanet processes microloans on
behalf of CABS, Zimbabwe's largest Building Society. At their peak
in 2019, these microloans comprised about a third of the banks
assets and the Directors believe that a return to those levels is
fully conceivable. Accordingly, the Company continues to believe
that Payserv's intellectual property value and the amalgamation of
the above exceeds the book value of the goodwill.
Chief Executive's Report
At this point in time, the Company's investment proposition is
underpinned by its realizable Net asset value ("NAV") within the
constructs of Zimbabwe's current economic policy and its outlook.
It is important to consider the components of NAV and efforts by
the Company to ensure that any disposal is realized at the holding
Company level. Investors might find value in examining our estimate
of realizable NAV at US $7.5 million (1.4 US cents per share). Our
estimate draws from the following actual and anticipated
components:
-- Cash : As at the 2022 financial year end, the Group held cash
reserves of US$1.3 million. As at 31 August 2023, in addition to
Zimbabwe-held US dollar-denominated cash, shares and gold coins ,
the Company holds a Fixed Deposit of $1.4 million in Mauritius,
yielding 5% per annum.
-- Commercial Property: This is represented by the prominently
located Mt. Pleasant Business Park Commercial Property valued
annually by Hollands Harare Estate Agents at $2.3 million.
-- Recovery of Legacy Debts : The Company is actively pursuing
the recovery of "Legacy Debts" or "Blocked Funds" owed by our
Zimbabwe subsidiaries to the holding companies. As at 31 August
2023, we've successfully recovered US$407,350, leaving an
outstanding balance of $1.2 million held by the Ministry of
Finance. These funds, initially held by the Reserve Bank in ZWL on
a one-to-one basis with the USD, were marked down to a negligible
value in the FY 2021 accounts based on the official exchange rate.
However, post-FY 2022, the Ministry of Finance began repaying these
debts and assures us of the balance, as funds become available. As
a result, our NAV after the financial year-end will see an
increase, accounting for the recovered debts.
-- Listed Portfolio Value : We aim to realise the value of the
204,047 Old Mutual shares and 2,692 Nedbank shares by transferring
these shares to the South African register. The total value of this
portfolio was
$168,120 based on the Johannesburg Stock Exchange (JSE) closing
price`s as at 11 September 2023. These shares were originally
purchased on the JSE and subsequently transferred to the ZSE.
However, before their fungibility could be realized, trading was
suspended by the Zimbabwean government. We persistently urge the
Government of Zimbabwe to reinstate fungibility and permit foreign
investors to repatriate Old Mutual and Nedbank shares to the
JSE.
-- Sale of Radar : The Company has conditionally agreed to sell
its 78.2% shareholding in A.F. Philips (Pvt) Ltd ("AFP") for a sum
of US $1.74 million in cash. This amount is equivalent to the book
value of its shareholding in AFP at 31 August 2022. The Company
made its initial investment in August 2018, and through the
holding, has an effective 9.74% interest in a property development
and bricks manufacturing business. The sale is subject to
conditions precedent which the Company has reasonable cause to
believe will be met and that the full purchase price will be
realized at the holding company level. The Company will provide a
further update once the sale has completed.
-- Intellectual Property Value : The Board is committed to
deriving maximum value from our intellectual property, both in our
current operations and future endeavours. The Company's Statement
of Financial Position lists a goodwill value of $717,000. Our
assessment is that this represents the baseline value of the
Company's intellectual property, considering Tradanet's historical
profitability and Paynet's potential profits from its proposed
agreement with Multi-Pay
These estimates, culminating in a projected NAV of US $7.5
million, come with the following considerations:
1. Maintenance of stable commercial real estate prices in Harare
and successful sales realization at the holding Company level.
2. Successful completion of the Radar Sale agreement.
3. Repayment of US $1.2 million in Legacy Debts.
4. Effective utilization of intellectual properties for
profit.
5. Resumption of Fungibility of dual-listed shares.
Continuing Operations
Tradanet - As mentioned in the discussion of our goodwill above,
Tradanet, the 51%-owned subsidiary of Paynet Zimbabwe remains the
Company's most profitable operation. With greater reliance on the
US Dollar for remuneration, Tradanet expects its ZWL earnings to
transition to USD.
Other operations: Autopay and Millchem - These companies provide
a modest revenue to the group, primarily in ZWL. Their operations
are beneficial in offsetting local expenses.
Cambria's Board of Directors have continued to serve the Company
without compensation since 2015, fighting to return value to
shareholders. Despite the unfavourable economic factors leading to
the abandonment of parity to the US dollar and its huge impact on
the Company, we hold on jealously to our cash, our liabilities are
negligible, and our remaining operations are profitable. While we
still see value in our listing, the Board is considering whether to
maintain the listing.
With the publishing the Group`s FY 2022 and HY 2023 results, the
suspension of the Company`s shares on the AIM will be lifted. This
should enable shareholders to trade with a comprehensive
understanding of the investment landscape confronting Cambria. At
the time of suspension, Cambria shares were valued at 0.027p,
contrasting with a book NAV of 0.084p and our estimate of 1.35 US
cents per share or 1.04p per share. Shareholders must determine
whether the market has aptly gauged the discount to the Company's
book NAV and management's estimates of realizable NAV, which we are
committed to achieving.
We remain cautiously optimistic about achieving full value for
the Company's assets beyond its NAV.
Samir Shasha
12 September 2023
Report of the Independent Auditors
For the year ended 31 August 2022
Report of the Independent Auditors, Baker Tilly Isle of Man LLC,
to the members of Cambria Africa Plc
OPINION
We have audited the financial statements of Cambria Africa Plc
(the 'Parent company') and its subsidiaries (the 'Group') for the
year ended 31 August 2022 which comprise the Consolidated and
Company Statements of Profit or Loss, the Consolidated and Company
Statements of Comprehensive Income, the Consolidated and Company
Statements of Changes in Equity, the Consolidated and Company
Statements of Financial Position, the Consolidated and Company
Statements of Cash Flows and related notes to the financial
statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the United Kingdom.
In our opinion the financial statements:
-- give a true and fair view of the state of the Group's and the
Parent Company's affairs as at 31 August 2022, and of the results
for the year then ended; and
-- have been properly prepared in accordance with IFRSs as adopted by the United Kingdom.
--
BASIS FOR OPINION
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
'Auditor's responsibilities for the audit of the financial
statements' section of our report. We are independent of the group
in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
FRC's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
EMPHASIS OF MATTER
We draw attention to the "Functional and Presentational Currency
and the effect of Hyperinflation" section of Note 2 of the
financial statements which describes the effects of the change in
functional currency of a number of the Group entities and the
subsequent hyperinflationary conditions which have prevailed during
the financial year. Our opinion is not modified in relation to
these matters.
We note the disclosure made by the Directors in relation to the
goodwill value that is recognised in the Consolidated Statement of
Financial Position. We draw attention to Note 12 in relation to
this issue. The model used by management in relation to the
assessment for impairment is based upon the audited financial
statements of Paynet Zimbabwe and Tradanet for the year ended 31
August 2022. If the Group does not achieve the levels of
profitability predicted, then the need for an impairment of this
figure may arise. Our opinion is not modified in relation to this
matter.
CONCLUSIONS RELATING TO GOING CONCERN
We have nothing to report in respect of the following matters in
relation to which the ISAs (UK) require us to report to you
where:
-- the directors' use of the going concern basis of accounting
in the preparation of the financial statements is not appropriate;
or
-- the directors have not disclosed in the financial statements
any identified material uncertainties that may cast significant
doubt about the Group's or the Parent Company's ability to continue
to adopt the going concern basis of accounting for a period of at
least twelve months from the date when the financial statements are
authorised for issue.
OTHER INFORMATION
The directors are responsible for the other information. The
other information comprises the information included in the annual
report, other than the financial statements and our auditor's
report thereon. Our opinion on the financial statements does not
cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a
material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we
have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We
have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the Group and
Parent Company and its environment obtained in the course of the
audit, we have not identified material misstatements in the Chief
Executive's Report and the Directors' Report.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors' Responsibilities
Statement set out on page 6, the directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view, and for such internal control
as the directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the Group's and Parent Company's ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise
professional judgment and maintain professional scepticism
throughout the audit. We also:
-- Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal
control.
-- Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Group's internal control.
-- Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclosures
made by the directors.
-- Conclude on the appropriateness of the directors' use of the
going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group's and
the Parent Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures
in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However,
future events or conditions may cause the Group to cease to
continue as a going concern.
-- Evaluate the overall presentation, structure and content of
the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
-- Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for
our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES, INCLUDING
FRAUD
Our approach to identifying and assessing the risks of material
misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, was as follows:
-- we identified the laws and regulations applicable to the
Company through discussions with Directors and other management,
and from our commercial knowledge and experience of the sector;
-- we made specific requests of component auditors within the
Group to determine their approach to detecting irregularities,
including fraud and non-compliance with laws and regulations, and
considered their findings as part of our approach;
-- we focused on specific laws and regulations which we
considered may have a direct material effect on the financial
statements or the operations of the Company, including company law,
taxation legislation, anti-bribery, environmental and health and
safety legislation;
-- we assessed the extent of compliance with the laws and
regulations identified above through making enquiries of management
and inspecting legal correspondence; and
-- identified laws and regulations were communicated within the
audit team regularly and the team remained alert to instances of
non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial
statements to material misstatement, including obtaining an
understanding of how fraud might occur, by:
-- making enquiries of management as to where they considered
there was susceptibility to fraud, their knowledge of actual,
suspected and alleged fraud;
-- considering the internal controls in place to mitigate risks
of fraud and non-compliance with laws and regulations; and
-- understanding the design of the Company's remuneration policies.
To address the risk of fraud through management bias and
override of controls, we:
-- performed analytical procedures to identify any unusual or unexpected relationships;
-- we tested journal entries to identify unusual transactions;
-- assessed whether judgements and assumptions made in
determining the accounting estimates were indicative of potential
bias; and
-- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance
with laws and regulations, we designed procedures which included,
but were not limited to:
-- agreeing financial statement disclosures to underlying supporting documentation;
-- reading the minutes of meetings of those charged with governance;
-- enquiring of management as to actual and potential litigation and claims; and
-- reviewing correspondence with tax authorities, relevant
regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described
above. The more removed that laws and regulations are from
financial transactions, the less likely it is that we would become
aware of non-compliance. Auditing standards also limit the audit
procedures required to identify non-compliance with laws and
regulations to enquiry of the Directors and other management and
the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to
detect than those that arise from error as they may involve
deliberate concealment or collusion.
USE OF OUR REPORT
This report is made solely to the Company's members, as a body,
in accordance with the terms of our engagement letter dated 21
January 2021. Our audit work has been undertaken so that we might
state to the Company's members those matters we are required to
state to them in an auditor's report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company's
members as a body, for our audit work, for this report, or for the
opinions we have formed.
BAKER TILLY ISLE OF MAN LLC, CHARTERED ACCOUNTANTS,
2A LORD STREET, DOUGLAS, ISLE OF MAN, IM1 2BD
12 SEPTEMBER 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Contacts
Cambria Africa Plc www.cambriaafrica.com
Samir Shasha +44 (0)20 3287 8814
WH Ireland Limited https://www.whirelandplc.com/
James Joyce / Sarah Mather +44 (0) 20 7220 1666
Cambria Africa Plc
Audited consolidated income statement
For the year ended 31 August 2022
Audited Audited
31-Aug-22 31-Aug-21
US$'000 US$'000
--------------------------------------- ---------- ----------------
Revenue 920 1,216
Cost of sales (22) (138)
--------------------------------------- ---------- ----------------
Gross profit 898 1,078
Operating costs (623) (838)
Other income 69 79
Exceptionals (212) (21)
--------------------------------------- ---------- ----------------
Operating P rofit 132 298
Finance income 12 -
Finance costs (5) (22)
--------------------------------------- ---------- ----------------
Net finance income/(costs) 7 (22)
--------------------------------------- ---------- ----------------
P rofit before tax 139 276
Income tax (144) (95)
--------------------------------------- ---------- ----------------
(Loss)/profit for the year (5) 181
======================================= ========== ================
Attributable to:
Owners of the company (178) 82
Non-controlling Interests 173 99
--------------------------------------- ---------- ----------------
(Loss)/profit for the year (5) 181
======================================= ========== ================
(Loss)/Earnings per share
Basic and diluted (loss)/earnings per
share (cents) (0.03c) 0.02c
(Loss)/Earnings per share - continuing
operations
Basic and diluted (loss)/earnings per
share (cents) (0.03c) 0.02c
Weighted average number of shares 544,576 544,576
Cambria Africa Plc
Audited consolidated statement of comprehensive
income
For the year ended 31 August 2022
---------------------------------------------------------------------------- -----------------------------------------------
Audited
Audited 31-Aug- 31-Aug-
22 21
US$'000 US$'000
---------------------------------------------------------------------------- ---------------- -----------------------------
(Loss)/profit for the year (5) 181
Other comprehensive income
Items that will not be reclassified to Statement
of Profit or Loss:
Increase in investment in subsidiary - impact
on equity - -
Foreign currency translation differences for
overseas operations (424) (4)
---------------------------------------------------------------------------- ---------------- -----------------------------
Total comprehensive (loss)/ profit for the year (429) 177
============================================================================ ================ =============================
Attributable to:
Owners of the company (602) 78
Non-controlling interest 173 99
---------------------------------------------------------------------------- ---------------- -----------------------------
Total comprehensive (loss)/profit for the year (429) 177
============================================================================ ================ =============================
Cambria Africa Plc
Audited consolidated statement of changes in
equity
For the year ended 31 August 2022
Foreign
Share Share Revaluation exchange Accumulated Non-Controlling
US$000 Capital premium reserve reserve losses NDR Total interests Total
----------------- -------- -------- ----------- --------- ----------- ------- ------- ----------------- ------------
Balance at 1
September (10,7
2021 77 88,459 (190) 34 ) (73,666) 2,371 6,317 477 6,794
-------- -------- ----------- --------- ------------ ------- ------- ----------------- ----------
(Loss)/Profit for
the
year - - - - (178) - (178) 173 (5)
Increase in
investment
in subsidiary -
Foreign currency
translation
differences
for overseas
operations - - - (424) - - (424) - (424)
Foreign currency
translation
differences for
overseas
operations - NCI - - - 30 - 30 (30) -
-------- -------- ----------- --------- ------------ ------- ------- ----------------- ----------
Total
comprehensive
income for the
year 77 88,459 (190) (11,128) (73,844) 2,371 5,745 620 6,365
Contributions
by/distributions
to owners of
the Company
recognised
directly in
equity
Dividends paid to
minorities - - - - - - - (195) (195)
-------- -------- ----------- --------- ------------ ------- ------- ----------------- ----------
Total
contributions
by and
distributions
to owners of the
Company - - - - - - - (195) (195)
----------------- -------- -------- ----------- --------- ------------ ------- ------- ----------------- ----------
Balance at 31
August
2022 77 88,459 (190) (11,128) (73,844) 2,371 5,745 425 6,170
================= ======== ======== =========== ========= ============ ======= ======= ================= ==========
Foreign
Share Share Revaluation exchange Accumulated Non-Controlling
US$000 Capital premium reserve reserve losses NDR Total interests Total
----------------- -------- -------- ----------- -------- ----------- ------- ----- ----------------- ------------
Balance at 1
September (10,7 6,4
2020 77 88,459 - 36 ) (73,748) 2,371 23 496 6,919
-------- -------- ----------- -------- ------------ ------- ----- ----------------- ----------
Profit for the
year - - - - 82 - 82 99 181
Increase in
investment
in subsidiary -
Revaluation of
investment
property held at
fair
value (190) (190) (190)
Foreign currency
translation
differences
for overseas
operations - - - (4) - - (4) - (4)
Foreign currency
translation
differences for
overseas
operations - NCI - - - 6 - 6 (6) -
-------- -------- ----------- -------- ------------ ------- ----- ----------------- ----------
Total
comprehensive
income for the
year 77 88,459 (190) (10,734) (73,666) 2,371 6,317 589 6,906
Contributions
by/distributions
to owners of
the Company
recognised
directly in
equity
Dividends paid to
minorities - - - - - - - (112) (112)
-------- -------- ----------- -------- ------------ ------- ----- ----------------- ----------
Total
contributions
by and
distributions
to owners of the
Company - - - - - - - (112) (112)
----------------- -------- -------- ----------- -------- ------------ ------- ----- ----------------- ----------
Balance at 31
August
2021 77 88,459 (190) (10,734) (73,666) 2,371 6,317 477 6,794
================= ======== ======== =========== ======== ============ ======= ===== ================= ==========
Cambria Africa Plc
Audited consolidated Statement of Financial Position
As at 31 August 2022
Audited Audited
Group Group
31-Aug-22 31-Aug-21
US$'000 US$'000
Restated
-------------------------------- ---------- ----------
Property, plant and equipment 2306 2,317
Goodwill 717 717
Intangible assets - 1
Investments in subsidiaries - -
and investments at f air v
alue
Financial assets at fair value
through profit and loss 155 184
----------------------------------- ---------- ----------
Total non-current assets 3,178 3,219
----------------------------------- ---------- ----------
Inventories 8 158
Financial assets at fair value
through profit and loss 28 75
Trade and other receivables 142 155
Cash and cash equivalents 1,263 1,656
----------------------------------- ---------- ----------
Total current assets 1,441 2,044
----------------------------------- ---------- ----------
Assets classified as held
for sale 2,228 2,228
----------------------------------- ---------- ----------
Total assets 6,847 7,491
=================================== ========== ==========
Equity
Issued share capital 77 77
Share premium account 88,459 88,459
Revaluation reserve (190) (190)
Foreign exchange reserve (11,128) (10,734)
Non-distributable reserves 2,371 2,371
Accumulated losses (73,844) (73,666)
----------------------------------- ---------- ----------
Equity attributable to owners
of the company 5,745 6,317
Non-controlling interests 425 477
----------------------------------- ---------- ----------
Total equity 6,170 6,794
=================================== ========== ==========
Liabilities
Loans and b orrowings - -
Trade and other payables - 90
Provisions - -
Deferred tax liabilities 188 189
----------------------------------- ---------- ----------
Total non-current liabilities 188 279
----------------------------------- ---------- ----------
Current tax liabilities 141 107
Loans and borrowings - 101
Trade and other payables 348 210
----------------------------------- ---------- ----------
Liabilities directly associated
with assets classified as held - -
for sale
-------------------------------- ---------- ----------
Total current liabilities 489 418
----------------------------------- ---------- ----------
Total liabilities 677 697
=================================== ========== ==========
Total equity and liabilities 6,847 7,491
=================================== ========== ==========
Cambria Africa Plc
Audited consolidated statement of cash flows
As at 31 August 2022
Audited Audited
31-Aug-22 31-Aug-21
US$'000 US$'000
----------------------------------------------- ------------ ----------
Cash generated from operations 495 202
Taxation paid (111) (31)
------------------------------------------------ ------------ ----------
Cash generated from operating activities 384 171
------------------------------------------------ ------------ ----------
Cash flows from investing activities
Proceeds on disposal of property, plant
and equipment 17 134
Purchase of property, plant and equipment (6) -
Interest received 12 -
Non-cash proceeds from scrip dividend (33) -
------------------------------------------------ ------------ ----------
Net cash (utilized in)/ generated by investing
activities (10) 134
------------------------------------------------ ------------ ----------
Cash flows from financing activities
Dividends paid to non-controlling interests (195) (112)
Interest paid (5) (22)
Loans repaid (100) (407)
Net cash utilized by financing activities (300) (541)
------------------------------------------------ ------------ ----------
Net decrease in cash and cash equivalents 74 (236)
Cash and cash equivalents at the beginning
of the Period 1,656 1,896
Foreign exchange (467) (4)
------------------------------------------------ ------------ ----------
Net cash and cash equivalents at 31 August 1 ,263 1 ,656
================================================ ============ ==========
Cash and cash equivalents as above comprise
the following
Cash and cash equivalents attributable
to continuing operations 1, 263 1, 656
------------------------------------------------ ------------ ----------
Net cash and cash equivalents at 31 August 1,263 1,656
================================================ ============ ==========
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END
FR NKQBPPBKDBCD
(END) Dow Jones Newswires
September 14, 2023 12:00 ET (16:00 GMT)
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