TIDMPALM
RNS Number : 5582T
Asian Plantations Limited
30 September 2010
30 September 2010
Asian Plantations Limited
("APL" or the "Company")
Interim Results for the six months ended 30 June 2010
Asian Plantations Limited (LSE: PALM), a palm oil plantation company with
operations in Malaysia, is pleased to announce its unaudited interim results for
the six month period ending 30 June 2010.
Highlights
· First revenue reported from the sale of fresh fruit bunches ("FFB").
· Fundraise of GBP4.25 million (circa. US$6.6 million) on 16 August 2010,
via a Company sponsored institutional placing at 110 pence per share,
representing a 46.7 per cent. premium to the Company's admission price of 75
pence per share on 30 November 2009. Concurrently, the Company secured a new
RM24.7 million (circa. US$7.8 million) nine year debt facility from a local bank
in Malaysia.
· Aggressive planting program underway, with the Company on track to
complete the planting of its first estate, BJ Corporation, by 2011, and
Incosetia by 2012.
· Acquisition of the Fortune estate provides additional important scale to
the Company's operations and is expected to be fully planted by 2013. All
planting targets are subject to the availability of the required working
capital.
· Up-sizing of the Company's milling plans, from 90 tonnes per hour to 120
tonnes per hour, based on the current land resource owned by the Company and
third party crop in the area. The Company's mill is expected to be operational
in 2012 and will utilize advanced vertical sterilizer technology with methane
recapture.
Datuk Linggi, Non-Executive Chairman of APL, commented:
"We are now into our third year of significant investment and land development.
Based on the current planting schedule, we expect to harvest over 20,000 tonnes
of FFB in 2012, with a target of up to 375,000 tonnes per annum, as all three
existing fields fully mature.
The Fortune acquisition is consistent with our previously stated strategy to
achieve a land resource of titled, Malaysian agricultural land in excess of
20,000 hectares by year-end 2011. Equally important, the acquired land is in
close proximity to our existing estates, thereby allowing one mill to service
the entire area.
All indicators point to increased scarcity for Malaysian titled land, a
continued slow-down of palm oil exports from Malaysia and rising global
awareness about the importance of palm oil in the global food supply chain.
Coupling these trends with a rising edible oil price environment, the board of
APL believes that its strategy of assembling wholly owned, properly titled, land
parcels in Malaysia, an investment grade rated country, will generate
substantial value for the Company's shareholders."
For further information contact:
+---------------------------------+---------------------------+
| Asian Plantations Limited | |
| Dennis Melka, Joint Chief | Tel: +65 9878 4171 |
| Executive Officer | Tel: +60 19 856 0221 |
| Graeme Brown, Joint Chief | |
| Executive Officer | |
| | |
+---------------------------------+---------------------------+
| Strand Hanson Limited | |
| James Harris | Tel: +44 (0)20 7409 3494 |
| Paul Cocker | |
| Liam Buswell | |
| | |
+---------------------------------+---------------------------+
| Panmure Gordon (UK) Limited | |
| Tom Nicholson | Tel: +44 (0) 20 7459 3600 |
| Edward Farmer | |
| | |
+---------------------------------+---------------------------+
| Bankside Consultants | |
| Simon Rothschild | Tel: +44 (0) 20 7367 8871 |
| Louise Mason | Tel: +44 (0 )20 7367 8872 |
| | |
+---------------------------------+---------------------------+
Asian Plantations Limited and its Subsidiaries
Unaudited interim results for the six month period ending 30 June 2010
Consolidated Income Statement
For the six months ended 30 June 2010
+------------------------------+------+--+-----------+--+-----------+--+------------+
| |Note | | Six | | Six | | Year |
| | | | Months | | Months | | Ended |
| | | | Ended | | Ended | |31.12.2009 |
| | | |30.6.2010 | |30.6.2009 | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | USD'000 | | USD'000 | | USD'000 |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | |Unaudited | |Unaudited | | Audited |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Revenue | | | 101 | | - | | - |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Cost of sales | | | (78) | | - | | - |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Gross profit | | | 23 | | - | | - |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Other income | | | 18 | | - | | 48 |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Other items of expenses | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Administrative expenses | 3 | | (942) | | (24) | | (1,306) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Other expenses | 4 | | (543) | | (52) | | (107) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Finance expenses | | | (565) | | - | | (22) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Loss before taxation | | | (2,009) | | (76) | | (1,387) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Income tax expense | | | - | | - | | - |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Loss for the period/year | | | (2,009) | | (76) | | (1,387) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Loss attributable to : | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Owners of the parent | | | (2,009) | | (72) | | (1,371) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Non-controlling interest | | | - | | (4) | | (16) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | (2,009) | | (76) | | (1,387) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Loss per share attributable | | | | | | | |
| to owners of the parent | | | | | | | |
| (cents per share) | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| Basic | 5 | | (6.8) | | (0.4) | | (6.8) |
+------------------------------+------+--+-----------+--+-----------+--+------------+
| | | | | | | | |
+------------------------------+------+--+-----------+--+-----------+--+------------+
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2010
+------------------------------------+-----------+--+-----------+--+------------+
| | Six | | Six | | Year |
| | Months | | Months | | Ended |
| | Ended | | Ended | |31.12.2009 |
| |30.6.2010 | |30.6.2009 | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | USD'000 | | USD'000 | | USD'000 |
+------------------------------------+-----------+--+-----------+--+------------+
| |Unaudited | |Unaudited | | Audited |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Loss for the period/year | (2,009) | | (76) | | (1,387) |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Other comprehensive income: | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Foreign currency translation | 612 | | (100) | | (203) |
| adjustments | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Total comprehensive income for the | (1,397) | | (176) | | (1,590) |
| period/year | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Total comprehensive income | | | | | |
| attributable to: | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Owners of the parent | (1,397) | | (165) | | (1,580) |
+------------------------------------+-----------+--+-----------+--+------------+
| Non-controlling interest | - | | (11) | | (10) |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | (1,397) | | (176) | | (1,590) |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
Consolidated Statement of Financial Position as at 30 June 2010
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | |Note | |30.6.2010 | |30.6.2009 | |31.12.2009 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | USD'000 | | USD'000 | | USD'000 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | |Unaudited | |Unaudited | | Audited |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Non-current assets | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Property, plant and equipment | | 6 | | 6,369 | | 1,262 | | 5,063 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Biological assets | | 7 | | 7,925 | | 1,902 | | 6,093 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Land use rights | | 8 | | 21,824 | | 6,023 | | 20,950 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Goodwill on consolidation | | | | 561 | | 189 | | 534 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Total non-current assets | | | | 36,679 | | 9,376 | | 32,640 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Current assets | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Inventories | | | | 83 | | 68 | | 45 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Trade and other receivables | | | | 179 | | 100 | | 180 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Prepaid operating expenses | | | | 133 | | - | | 82 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Cash and cash equivalents | | | | 1,736 | | 92 | | 4,174 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Total current assets | | | | 2,131 | | 260 | | 4,481 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Total assets | | | | 38,810 | | 9,636 | | 37,121 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Current liabilities | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Trade and other payables | | | | 1,108 | | 688 | | 1,383 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Loans and borrowings | | 9 | | 1,901 | | 1,711 | | 2,544 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Total current liabilities | | | | 3,009 | | 2,399 | | 3,927 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Non-current liability | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Loans and borrowings | | 9 | | 23,939 | | 1,431 | | 19,935 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Total non-current liabilities | | | | 23,939 | | 1,431 | | 19,935 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Total liabilities | | | | 26,948 | | 3,830 | | 23,862 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Net assets | | | | 11,862 | | 5,806 | | 13,259 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
Consolidated Statement of Financial Position as at 30 June 2010 (cont'd)
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | |30.6.2010 | |30.6.2009 | |31.12.2009 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | USD'000 | | USD'000 | | USD'000 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | |Unaudited | |Unaudited | | Audited |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Attributable to owners of the | | | | | | | | |
| parent | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Share capital | | 10 | | 35,459 | | 5,849 | | 35,459 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Other reserves | | | | (19,714) | | (246) | | (20,452) |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Accumulated losses | | | | (3,883) | | (283) | | (1,748) |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | 11,862 | | 5,320 | | 13,259 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Non-controlling interests | | | | - | | 486 | | - |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| Total equity | | | | 11,862 | | 5,806 | | 13,259 |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
| | | | | | | | | |
+-------------------------------+-+------+-+-----------+-+-----------+-+------------+
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2010
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+--------------+--+----------+---------+
| | Attributable to owners of the parent | | | |
+---------------------+-------------------------------------------------------------------------------+-------------------------+--+--------------------+
| | Share | | Other | |Accumu-lated | | Total | |Non-controlling | | Total |
| |Capital | |reserves | | losses | | share | | interests | | equity |
| | | | | | | | capital | | | | |
| | | | | | | | and | | | | |
| | | | | | | |reserves | | | | |
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| |USD'000 | | USD'000 | | USD'000 | | USD'000 | | USD'000 | |USD'000 |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| For the six months | | | | | | | | | | | |
| ended | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| 30.6.2010 | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Unaudited | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| At 1 January 2010 | 35,459 | | (20,452) | | (1,748) | | 13,259 | | - | | 13,259 |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Loss for the period | - | | - | | (2,009) | | (2,009) | | - | | (2,009) |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Other comprehensive | - | | 738 | | (126) | | 612 | | - | | 612 |
| income for the | | | | | | | | | | | |
| period | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Total comprehensive | - | | 738 | | (2,135) | | (1,397) | | - | | (1,397) |
| income for the | | | | | | | | | | | |
| period | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| At 30 June 2010 | 35,459 | | (19,714) | | (3,883) | | 11,862 | | - | | 11,862 |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| For the six months | | | | | | | | | | | |
| ended | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| 30.6.2009 | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Unaudited | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| At 1 January 2009 | 5,849 | | 13 | | (377) | | 5,485 | | 497 | | 5,982 |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Loss for the period | - | | - | | (72) | | (72) | | (4) | | (76) |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Other comprehensive | - | | (259) | | 166 | | (93) | | (7) | | (100) |
| income for the | | | | | | | | | | | |
| period | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| Total comprehensive | - | | (259) | | 94 | | (165) | | (11) | | (176) |
| income for the | | | | | | | | | | | |
| period | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| At 30 June 2009 | 5,849 | | (246) | | (283) | | 5,320 | | 486 | | 5,806 |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+-----------------+----------+---------+
| | | | | | | | | | | | | |
+---------------------+---------+----------+----------+----------+--------------+----------+----------+----------+--------------+--+----------+---------+
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2010 (cont'd)
+---------------------+---------+-+----------+----------+--------------+----------+-------+--+----------+--------------+--+----------+----+--+--+
| | Attributable to owners of the parent | | | | |
+---------------------+-------------------------------------------------------------------+----------------------------+------------------+--+--+
| | Share | | Other | |Accumu-lated | | Total | |Non-controlling | | Total |
| |Capital | |reserves | | losses | | share | | interests | | equity |
| | | | | | | | capital | | | | |
| | | | | | | | and | | | | |
| | | | | | | |reserves | | | | |
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| |USD'000 | | USD'000 | | USD'000 | | USD'000 | | USD'000 | | USD'000 |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| For the year ended | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| 31.12.2009 | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Audited | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| At 1 January 2009 | 5,849 | | 13 | | (377) | | 5,485 | | 497 | | 5,982 |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Loss for the period | - | | - | | (1,371) | | (1,371) | | (16) | | (1,387) |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Other comprehensive | - | | (209) | | - | | (209) | | 6 | | (203) |
| income for the year | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Total comprehensive | - | | (209) | | (1,371) | | (1,580) | | (10) | | (1,590) |
| income for the year | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Share issuance | (160) | | - | | - | | (160) | | - | | (160) |
| expense | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Issuance of | 8,714 | | - | | - | | 8,714 | | - | | 8,714 |
| ordinary shares for | | | | | | | | | | | |
| cash | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Issuance of new | 26,905 | | - | | - | | 26,905 | | - | | 26,905 |
| shares as | | | | | | | | | | | |
| consideration for | | | | | | | | | | | |
| acquisition of a | | | | | | | | | | | |
| subsidiary company | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Adjustment due to | (5,849) | | (20,256) | | - | | (26,105) | | - | | (26,105) |
| pooling of interest | | | | | | | | | | | |
| method | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| Acquisition of | - | | - | | - | | - | | (487) | | (487) |
| minority interest | | | | | | | | | | | |
| in a subsidiary | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| At 31 December 2009 | 35,459 | | (20,452) | | (1,748) | | 13,259 | | - | | 13,259 |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+----------+----------+-----------------+----------+----------+
| | | | | | | | | | | | | | | | |
+---------------------+---------+-+----------+----------+--------------+----------+-------+--+----------+--------------+--+----------+----+--+--+
Consolidated Statement of Cash Flow
For the six months ended 30 June 2010
+------------------------------------+-----------+--+-----------+--+------------+
| | Six | | Six | | Year |
| | Months | | Months | | Ended |
| | Ended | | Ended | |31.12.2009 |
| |30.6.2010 | |30.6.2009 | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | USD'000 | | USD'000 | | USD'000 |
+------------------------------------+-----------+--+-----------+--+------------+
| |Unaudited | |Unaudited | | Audited |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Loss before taxation | (2,009) | | (76) | | (1,387) |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Adjustments for: | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Amortisation of land use rights | 198 | | 51 | | 88 |
+------------------------------------+-----------+--+-----------+--+------------+
| Depreciation of property, plant | 22 | | 20 | | 2 |
| and equipment | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Gain arising from changes in fair | | | (828) | | - |
| value of biological assets | - | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Interest expense | 565 | | - | | 22 |
+------------------------------------+-----------+--+-----------+--+------------+
| Currency realignment | (38) | | 1 | | 303 |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Operating cash flows before | | | (832) | | (972) |
| changes in working capital | (1,262) | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Increase in inventories | (38) | | (37) | | (13) |
+------------------------------------+-----------+--+-----------+--+------------+
| Decrease/(Increase) in trade and | 1 | | 8 | | (69) |
| other receivables | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Increase in prepaid operating | (51) | | - | | (24) |
| expenses | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| (Decrease)/Increase in trade and | (316) | | 394 | | (6,884) |
| other payables | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Cash flows from operations | (1,666) | | (467) | | (7,962) |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Interest paid | (638) | | (54) | | (165) |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Net cash used in operating | (2,304) | | (521) | | (8,127) |
| activities | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Net cash outflow arising from the | | | - | | (12,021) |
| acquisition of a subsidiary | - | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Purchase of property, plant and | (1,169) | | (828) | | (2,474) |
| equipment | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Addition to biological assets | (1,387) | | - | | (1,919) |
+------------------------------------+-----------+--+-----------+--+------------+
| Acquisition of minority interest | - | | - | | (487) |
| in a subsidiary | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| Net cash used in investing | (2,556) | | (828) | | (16,901) |
| activities | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+------------------------------------+-----------+--+-----------+--+------------+
Consolidated Statement of Cash Flow
For the six months ended 30 June 2010 (cont'd)
+-----------------------------------+-----------+--+-----------+--+------------+
| | Six | | Six | | Year |
| | Months | | Months | | Ended |
| | Ended | | Ended | |31.12.2009 |
| |30.6.2010 | |30.6.2009 | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| | USD'000 | | USD'000 | | USD'000 |
+-----------------------------------+-----------+--+-----------+--+------------+
| |Unaudited | |Unaudited | | Audited |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Cash flows from financing | | | | | |
| activities | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Proceeds from issuance of | - | | - | | 8,714 |
| ordinary shares | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Share issuance expenses | - | | - | | (160) |
+-----------------------------------+-----------+--+-----------+--+------------+
| Drawdown of term loans | 2,226 | | 1,370 | | 20,581 |
+-----------------------------------+-----------+--+-----------+--+------------+
| Repayment of finance lease | (18) | | (2) | | (9) |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Net cash generated from financing | 2,208 | | 1,368 | | 29,126 |
| activities | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Net (decrease)/increase in cash | | | 19 | | 4,098 |
| and cash equivalents | (2,652) | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Effect of exchange rates on cash | | | | | 2 |
| and cash equivalents | 214 | | (1) | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Cash and cash equivalents, | 4,174 | | 74 | | 74 |
| beginning balance | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| Cash and cash equivalents, ending | 1,736 | | 92 | | 4,174 |
| balance | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
| | | | | | |
+-----------------------------------+-----------+--+-----------+--+------------+
Notes on Financial Statements - 30 June 2010
1. General Information
Asian Plantations Limited (the "Company") is a limited liability company
incorporated and domiciled in the Republic of Singapore and listed on the
Alternative Investment Market ("AIM") of the London Stock Exchange.
The registered office of the Company is located at No.14 Ann Siang Road, #02-01,
Singapore 069694.
The principal activity of the Company is that of investment holding. The
principal activities of the subsidiaries are development of oil palm plantation.
2. Basis of preparation and accounting polices
The consolidated financial statements for the six months ended 30 June 2010 are
unaudited and do not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with the Group's
annual financial statements as at 31 December 2009.
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board ("IASB").
The accounting policies, presentation and methods of computation have been
followed in these unaudited financial statements as were applied in the
preparation of the Group's annual financial statements for the year ended 31
December 2009.
The financial statements are presented in United States Dollars ("USD") to
facilitate the comparison of financial results with companies in the Oil-palm
industry and all values are rounded to the nearest thousand ("USD'000") except
when otherwise indicated.
The consolidated financial statements for the six months ended 30 June 2010 was
approved by the Directors on 28 September 2010.
Foreign currency
The functional currencies of the entities in the Group have been determined to
be Ringgit Malaysia ("RM"), and the unaudited interim consolidated financial
information of the subsidiary undertakings have been drawn up in RM.
The results and financial position of the Group have been translated from its
functional currency to its presentation currency for the respective year/periods
at the following rates:
+-----------------------+-----------+----------+-----------+----------+------------+
| |30.6.2010 | |30.6.2009 | |31.12.2009 |
+-----------------------+-----------+----------+-----------+----------+------------+
| | | | | | |
+-----------------------+-----------+----------+-----------+----------+------------+
| RM/USD | | | | | |
+-----------------------+-----------+----------+-----------+----------+------------+
| Assets and | 3.2575 | | 3.5225 | | 3.4245 |
| liabilities | | | | | |
+-----------------------+-----------+----------+-----------+----------+------------+
| Income and expenses | 3.2993 | | 3.5898 | | 3.5233 |
+-----------------------+-----------+----------+-----------+----------+------------+
3. Administrative expenses
Included in administrative expenses are audit, tax, legal and other professional
fees amounting to USD464,000 (Year ended 31.12.2009: USD759,000; six months
ended 30.6.2009: USD11,000).
4. Other expenses
Included in other expenses are costs associated with the acquisition of
subsidiaries amounting to USD212,000 (Year ended 31.12.2009: USD38,000; six
months ended 30.6.2009: Nil).
5. Loss per share
The basic loss per share amounts are calculated by dividing the loss for the
period attributable to owners of the parent by the weighted average number of
ordinary shares outstanding during the period.
The following tables reflect the loss and share data used in the computation of
basic loss per share for the respective periods:
+------------------------+--+-----------+--+-----------+--+------------+
| | | Six | | Six | | Year |
| | | Months | | Months | | Ended |
| | | Ended | | Ended | |31.12.2009 |
| | |30.6.2010 | |30.6.2009 | | |
+------------------------+--+-----------+--+-----------+--+------------+
| | | USD'000 | | USD'000 | | USD'000 |
+------------------------+--+-----------+--+-----------+--+------------+
| | |Unaudited | |Unaudited | | Audited |
+------------------------+--+-----------+--+-----------+--+------------+
| | | | | | | |
+------------------------+--+-----------+--+-----------+--+------------+
| Loss attributable to | | (2,009) | | (72) | | (1,371) |
| owners of the parent | | | | | | |
+------------------------+--+-----------+--+-----------+--+------------+
| | | | | | | |
+------------------------+--+-----------+--+-----------+--+------------+
| | | Number | | Number | | Number |
| | | of | | of | | of |
| | | shares | | shares | | shares |
+------------------------+--+-----------+--+-----------+--+------------+
| | | '000 | | '000 | | '000 |
+------------------------+--+-----------+--+-----------+--+------------+
| Weighted average | | 29,577 | | 20,019 | | 20,019 |
| number of ordinary | | | | | | |
| shares outstanding | | | | | | |
+------------------------+--+-----------+--+-----------+--+------------+
| | | | | | | |
+------------------------+--+-----------+--+-----------+--+------------+
For the purpose of basic loss per share computation, the weighted average number
of ordinary shares outstanding is assumed to be 20,019,000 for the period ended
30 June 2009 for comparative purpose.
The Group does not have any diluted loss per share as there is no dilutive
potential ordinary share during the current and previous periods.
6. Property, plant and equipment
+--------------------------+-+---+-----------+-+--------+----------+-+----------+----------+--------+-+----------+
| | | |30.6.2010 | | 30.6.2009 | | 31.12.2009 | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | | USD'000 | | USD'000 | | USD'000 | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | |Unaudited | | Unaudited | | Audited | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| At cost | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| At 1 January | | | 5,063 | | 401 | | 401 | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| Additions | | | 1,169 | | 871 | | 2,624 | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| Acquisition of | | | - | | - | | 2,016 | |
| subsidiaries | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| Depreciation | | | (135) | | (20) | | (55) | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| Exchange differences | | | 272 | | 10 | | 77 | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | | 6,369 | | 1,262 | | 5,063 | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+---------------------+----------+
| Depreciation of | | | 113 | | - | | 53 |
| property, plant and | | | | | | | |
| equipment capitalized to | | | | | | | |
| biological assets: | | | | | | | |
+--------------------------+-+---+-----------+-+--------+----------------------------------+---------------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+--------+----------------------------------+---------------------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+--------+------------+------------------------------+------------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+--------+------------+------------------------------+------------+
| | | | | | | | | | | | | |
+--------------------------+-+---+-----------+-+--------+----------+-+----------+----------+--------+-+----------+
7. Biological assets
+--------------------------+-+---+-----------+-+--------+----------+-+----------+----------+--------+-+----------+
| | | |30.6.2010 | | 30.6.2009 | | 31.12.2009 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | USD'000 | | USD'000 | | USD'000 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | |Unaudited | | Unaudited | | Audited |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| At fair value | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| At 1 January | | | 6,093 | | 1,019 | | 1,019 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| Additions | | | 1,501 | | 882 | | 2,062 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| Acquisition of | | | - | | - | | 2,941 |
| subsidiaries | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| Exchange differences | | | 331 | | 1 | | 71 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | 7,925 | | 1,902 | | 6,093 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| Represented by: | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| Mature plantation | | | 890 | | - | | 847 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| Immature plantation | | | 5,996 | | 1,274 | | 4,537 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| Nursery | | | 1,039 | | 628 | | 709 |
+--------------------------+-+---+-----------+-+-------------------+------------+--------------------------------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+-----------------------+----------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+-----------------------+----------+----------+
| | | | 7,925 | | 1,902 | | 6,093 | |
+--------------------------+-+---+-----------+-+-------------------+-----------------------+----------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+-----------------------+----------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+-------------------+-----------------------+----------+----------+
| | | | | | | | | |
+--------------------------+-+---+-----------+-+--------+------------+------------------------------+------------+
| | | | | | | | | | | | | |
+--------------------------+-+---+-----------+-+--------+----------+-+----------+----------+--------+-+----------+
Mature oil palm trees produce fresh fruit bunches("FFBs") which are used to
produce Crude Palm Oil ("CPO"). The fair values of oil palm plantations are
determined by using the discounted future cash flows of the underlying
plantations. The expected future cash flows of the oil palm plantations are
determined using the projected selling prices of CPO in the market.
Significant assumptions made in determining the fair values of the mature oil
palm plantations, using a discounted cash flow model, are as follows:
(a) no new planting or re-planting activities are assumed;
(b) oil palm trees have an average life that ranges from 28 years
(31.12.2009: 28 years; 30.6.2009: 28 years), with the first three years as
immature and the remaining years as mature;
(c) discount rate used for the Group's plantation operations which is
applied in the discounted future cash flows calculation is 8.9% (31.12.2009:
8.9%; 30.6.2009: 8.9%);
(d) FFB price is derived by applying the oil extraction rate to the
estimated CPO price of USD715 (31.12.2009: USD584; 30.6.2009: USD568) per metric
tonne; and
(e) yield per hectare of oil palm trees is based on the standard yield
profile of the industry.
8. Land use rights
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | |30.6.2010 | |30.6.2009 | |31.12.2009 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | USD'000 | | USD'000 | | USD'000 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | |Unaudited | |Unaudited | | Audited |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| At cost | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| At 1 January | | | 20,950 | | 6,178 | | 6,178 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Acquisition of | | | - | | - | | 14,808 |
| subsidiaries | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Amortisation charge | | | (198) | | (51) | | (105) |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Exchange differences | | | 1,072 | | (104) | | 69 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | 21,824 | | 6,023 | | 20,950 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
9. Loans and borrowings
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | |30.6.2010 | |30.6.2009 | |31.12.2009 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | USD'000 | | USD'000 | | USD'000 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | |Unaudited | |Unaudited | | Audited |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Current | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Short term revolving | | | 1,841 | | 1,703 | | 1,752 |
| credit | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Term loans | | | - | | - | | 765 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Obligation under finance | | | 60 | | 8 | | 27 |
| leases | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | 1,901 | | 1,711 | | 2,544 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Non-Current | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Term loans | | | 23,668 | | 1,396 | | 19,817 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Obligation under finance | | | 271 | | 35 | | 118 |
| leases | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | 23,939 | | 1,431 | | 19,935 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Total loans and | | | | | | | |
| borrowings | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Short term revolving | | | 1,841 | | 1,703 | | 1,752 |
| credit | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Term loans | | | 23,668 | | 1,396 | | 20,582 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Obligation under finance | | | 331 | | 43 | | 145 |
| leases | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | 25,840 | | 3,142 | | 22,479 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Maturity of borrowings | | | | | | | |
| (excluding obligations | | | | | | | |
| under finance leases) | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| Within one year | | | 1,841 | | 1,703 | | 2,517 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| After one year but not | | | | | | | |
| more than five | | | 9,840 | | 1,396 | | 13,496 |
| years | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| More than five years | | | 13,828 | | - | | 6,321 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | 25,509 | | 3,099 | | 22,334 |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
| | | | | | | | |
+--------------------------+-+---+-----------+-+-----------+-+------------+
Short-term revolving credit and term loans
The short term revolving credit is denominated in RM and bears interest at the
rate of the bank's cost of fund plus 1.75%. It is repayable on demand and has a
six months' rollover period upon maturity.
The term loans are denominated in RM and bear interest ranging from the rate of
the bank's cost of fund plus 1.75% per annum to base lending rate plus 1% per
annum. They are repayable over 6 years, after the grace period of 3 to 4 years.
The short term revolving credit and term loans are secured by 1st and 3rd
parties legal charges over the rights to use a long term leasehold land of which
the Group has prepaid the lease payments relating to the land as disclosed in
Note 8 and is also supported by corporate guarantees from the Company and a
director related company.
For all the BJ Corporation Sdn Bhd Banking Facilities, it is further supported
by a Joint and Several Guarantee from Datuk Linggi, Dennis Melka and Graeme
Brown.
For Asian Plantations (Sarawak) Sdn Bhd Banking Facility of RM55
million is further supported by a Joint and Several Guarantee from Datuk Linggi,
Dennis Melka, Graeme Brown and Gerald Baring Linggi.
10. Share capital
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | Six | | Six | | Six | | Six | | Year | | Year |
| | Months | | Months | | Months | | Months | | ended | | ended |
| | ended | | ended | | ended | | ended | |31.12.2009 | |31.12.2009 |
| |30.6.2010 | |30.6.2010 | |30.6.2009 | |30.6.2009 | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | No. of | | | | No. of | | | | No. of | | |
| | shares | | | | shares | | | | shares | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | '000 | | USD'000 | | '000 | | USD'000 | | '000 | | USD'000 |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| |Unaudited | |Unaudited | |Unaudited | |Unaudited | | Audited | | Audited |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| At 1 January | 29,577 | | 35,459 | | 20,260 | | 5,849 | | 20,260 | | 5,849 |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| Adjustment | - | | | | - | | | | | | (5,849) |
| due to | | | | | | | | | | | |
| pooling of | | | - | | | | - | | (20,260) | | |
| interest | | | | | | | | | | | |
| method | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| Issuance of | - | | | | - | | | | 22,500 | | 26,905 |
| new shares | | | | | | | | | | | |
| as | | | | | | | | | | | |
| consideration | | | | | | | | | | | |
| for | | | | | | | | | | | |
| acquisition | | | - | | | | - | | | | |
| of a | | | | | | | | | | | |
| subsidiary | | | | | | | | | | | |
| company | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| Addition | - | | | | - | | | | 7,077 | | 8,714 |
| during the | | | - | | | | - | | | | |
| period/year | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| Share | - | | | | - | | | | | | (160) |
| issuance | | | - | | | | - | | - | | |
| expense | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | 29,577 | | 35,459 | | 20,260 | | 5,849 | | 29,577 | | 35,459 |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | | | | | | | | | | | |
+---------------+-----------+----------+-----------+----------+-----------+----------+-----------+----------+------------+----------+------------+
11. Related party disclosure
The Group had the following transactions with a related party during the
periods:
+----------------------------+--+-----------+--+-----------+--+------------+
| | | Six | | Six | | Year |
| | | Months | | Months | | Ended |
| | | Ended | | Ended | |31.12.2009 |
| | |30.6.2010 | |30.6.2009 | | |
+----------------------------+--+-----------+--+-----------+--+------------+
| | | USD'000 | | USD'000 | | USD'000 |
+----------------------------+--+-----------+--+-----------+--+------------+
| | |Unaudited | |Unaudited | | Audited |
+----------------------------+--+-----------+--+-----------+--+------------+
| | | | | | | |
+----------------------------+--+-----------+--+-----------+--+------------+
| Transactions with | | - | | - | | 103 |
| Director: | | | | | | |
| - Repayment of advances | | | | | | |
| from a Director of a | | | | | | |
| subsidiary | | | | | | |
+----------------------------+--+-----------+--+-----------+--+------------+
| | | | | | | |
+----------------------------+--+-----------+--+-----------+--+------------+
12. Subsequent events
On 16 August 2010, the Company announced that it has entered into subscription
agreements with a number of institutional investors for a total of 3,868,083 new
ordinary shares at a subscription price of 110 pence per share (the
"Subscription"). The Subscription raised approximately GBP4.25 million
(equivalent to USD6.6 million), before expenses.
The Company has entered into a conditional agreement dated 1 September 2010 to
acquire the entire issued share capital of Fortune (the "Proposed Acquisition"),
which owns a partly developed palm oil plantation totaling approximately 5,000
hectares in Sarawak, Malaysia.
The total consideration for the Proposed Acquisition, which is subject to a
number of conditions, is RM38.7 million (equivalent to USD12.2 million) and is
payable in two tranches. The initial non-refundable tranche of RM3.9 million
(equivalent to USD1.2 million) was settled on 1 September 2010 and a further
tranche of RM34.8 million (equivalent to USD11.0 million) is to be paid by 29
November 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFVDAIIAFII
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