Decrease/(increase) in inventories 65 (1,366)
Increase in trade and other receivables
and prepayments (60) (2,417)
Increase in trade and other payables 3,780 6,822
Cash flows used in operating activities (1,931) (970)
Income taxes refund/(paid), net of refund 48 (89)
Interest received 245 280
Interest paid (5,540) (3,190)
Net cash flows used in operating activities (7,178) (3,969)
Investing activities
Purchase of property, plant and equipment (17,357) (37,056)
Proceeds from sale of property, plant and
equipment 7 20
Purchase of land use rights (870) (21,044)
Additions to biological assets (10,979) (27,912)
Acquisition of a subsidiary (Note 1(b)) (3,301) (3)
Net cash flows used in investing activities (32,500) (85,995)
Financing activities
Proceeds from exercise of share options 311 30
Repayment of term loan (38,611) (5)
Proceeds from term loans 12,284 45,349
Repayment of short-term revolving credit (1,828) -
Proceeds from Bank Guaranteed Medium Term
Notes Programme 46,675 31,954
Short-term deposit pledged for a banking
facility and supply of goods 76 (888)
Payment of finance lease liabilities (539) (380)
Proceeds from issuance of convertible bonds 14,981 -
Issuance expense on liability component
of convertible bonds (544) -
Net cash flows from financing activities 32,805 76,060
Net decrease in cash and cash equivalents (6,873) (13,904)
Net foreign exchange difference 158 714
Cash and cash equivalents at 1 January 14,188 27,378
Cash and cash equivalents at 31 December
(Note 22) 7,473 14,188
The accompanying accounting policies and explanatory notes form
an integral part of the financial statements.
1. General
(a) Corporate 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 as
disclosed in Note 1(b).
(b) Subsidiaries
As of 31 December 2013, the details of subsidiaries are as
follows:
Proportion
of ownership
interest
-----------------
Country
Subsidiaries of incorporation Activities 2013 2012
---------------------------------- ------------------ ------------ ------ -----
% %
Asian Plantations (Sarawak) Investment
Sdn. Bhd. ("APS") (1) Malaysia holding 100 100
Asian Plantations (Sarawak)
II Sdn. Bhd. ("APS II") Investment
(1) Malaysia holding 100 100
Asian Plantations (Sarawak)
III Sdn. Bhd. ("APS III") Investment
(1) Malaysia holding 100 100
South Asian Farms Sdn.
Bhd. Malaysia Dormant - 100
("SAF") (1) (2)
Held through APS:
BJ Corporation Sdn. Bhd. Oil-palm
("BJ") (1) Malaysia plantation 100 100
Incosetia Sdn. Bhd. ("Incosetia") Oil-palm
(1) Malaysia plantation 100 100
Fortune Plantation Sdn. Oil-palm
Bhd. Malaysia plantation 100 100
("Fortune") (1)
Asian Plantations Milling Oil-palm
Sdn. Bhd. ("APM") (1) Malaysia milling 100 100
Held through Incosetia
:
South Asian Farms Sdn.
Bhd. (1) (2) Malaysia Dormant 100 -
Proportion
of ownership
interest
Country
Subsidiaries of incorporation Activities 2013 2012
------- ------
% %
Held through APS II :
Kronos Plantation Sdn. Oil-palm
Bhd. ("KP") (1) Malaysia plantation 100 100
Grand Performance Sdn. Oil-palm
Bhd. ("GP") (1) Malaysia plantation 100 -
Held through APS III
:
Jubilant Paradise Sdn. Oil-palm
Bhd. ("JP") (1) Malaysia plantation 60 60
(1) Audited by member firm of Ernst & Young Global in
Malaysia.
(2) During the year, the ownership of SAF has been transferred
from the Company to Incosetia.
Acquisition in 2013
Acquisition of Grand Performance Sdn. Bhd.
On 19 August 2013, the Group acquired 100% equity interest in a
new subsidiary, GP, which has land use rights over 3,852 hectares
of agricultural land, for a purchase consideration of RM25.7
million (or approximately USD7,808,000), to be satisfied by cash.
The acquisition of this subsidiary increased the Group's
agricultural land bank at time of increasing scarcity of
agricultural land in Malaysia. At date of acquisition, GP has yet
to commence any planting activities or operations, and hence this
acquisition represents purchase of assets by the Group with no
goodwill arising on acquisition.
Assets acquired and liabilities assumed:
The fair values of the identifiable assets and liabilities of GP
at the date of the acquisition were:
USD'000
Assets
Land use rights 8,228
Cash at bank 303
8,531
Liabilities
Other payables (723)
Total identifiable net assets at fair
value 7,808
Purchase consideration transferred
Cash paid 3,604
Remaining consideration payable in
cash 4,204
7,808
Effect of the acquisition on cash flows
Net cash acquired with the subsidiary 303
Cash paid (3,604)
Net cash outflow on acquisition (3,301)
Transaction costs of USD68,000 have been expensed and are
included in administrative expenses.
Acquisitions in 2012
Acquisition of South Asian Farms Sdn. Bhd.
On 24 September 2012, the Group acquired a new subsidiary, SAF,
which was a dormant company, and therefore does not have a material
effect on the financial results and financial position of the
Group. There were no acquisition related expenses arising from the
acquisition of this subsidiary. As SAF is a dormant company, there
was no fair value adjustment to be recognised. At the date of
acquisition of SAF, the only identifiable assets and liabilities
are payables of USD2,000. Goodwill arising on initial recognition
of USD5,000 was subsequently impaired in view of the inactivity of
this company. The purchase consideration for the acquisition of SAF
amounted to USD3,000.
2. Fundamental accounting concept
For the financial year ended 31 December 2013, the Group
incurred a loss of USD10,401,000, and as at that date, the Group's
current liabilities exceeded its current assets by USD1,301,000.
These factors indicate the existence of a material uncertainty
which may cast doubt about the Group's ability to operate as a
going concern.
Nevertheless, these financial statements are prepared on a going
concern basis because of the following assumptions and measures
undertaken:
a) The Group will be able to generate adequate cash flows from operations in the future
b) The drawn and undrawn borrowing facilities from banks will
continue to be available to the Group. As at 31 December 2013, the
Group has available existing undrawn committed credit facilities
amounting to USD17,261,000;
c) Certain major shareholders have indicated its willingness to
provide financial support to the Group to meet its obligations as
and when required; and
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