TIDMAEP
RNS Number : 2433X
Anglo-Eastern Plantations PLC
25 August 2022
Anglo-Eastern Plantations Plc
("AEP", "Group" or "Company")
Announcement of interim results for the six months ended 30 June
2022
The group, comprising Anglo-Eastern Plantations Plc and its
subsidiaries (the "Group"), is a major producer of palm oil and
rubber with plantations across Indonesia and Malaysia, has today
released its results for the six months ended 30 June 2022.
Financial Highlights
2021
2022 6 months 2021
6 months to 30 12 months
June (restated)
to 30 June $m to 31 December
$m (unaudited) $m
Continuing operations (unaudited) (audited)
Revenue 249.2 197.7 433.4
Profit before tax
- before biological assets
("BA") movement 94.8 56.4 132.7
- after BA movement 89.5 60.2 137.1
Basic Earnings per ordinary
share ("EPS")
- before BA movement 153.51cts 93.76cts 235.25cts
- after BA movement 144.73cts 100.11cts 242.34cts
Enquiries:
Anglo-Eastern Plantations Plc
Dato' John Lim Ewe Chuan +44 (0)20 7216 4621
Panmure Gordon (UK) Limited
Dominic Morley +44 (0)20 7886 2954
Chairman's Interim Statement
The interim results for the Group for the six months to 30 June
2022 are as follows:
Revenue from continuing operations for the six months to 30 June
2022 was $249.2 million, 26% higher than $197.7 million reported
for the same period of 2021. The Group's gross profit from
continuing operations was $90.3 million compared to $61.8 million
for the first six months of 2021. Overall profit before tax, after
biological assets ("BA") movement, from continuing operations for
the first half of 2022 was 49% higher at $89.5 million against
$60.2 million for the corresponding period in 2021. The overall
profit from continuing operations includes a net reversal of
impairment losses of $0.2 million for the first half of 2022
compared to a reversal of impairment loss of $0.1 million for the
first half of 2021. The BA movement adjustment from continuing
operations for the first half of 2022 was a debit of $5.3 million
compared to a credit of $3.9 million in the last period. The higher
profit was attributed to the higher Crude Palm Oil ("CPO")
prices.
Fresh Fruit Bunches ("FFB") production from continuing
operations for the first half of 2022 was 3% lower at 550,800mt
compared to 569,100mt for the same period in the prior year due to
lower production in Bengkulu and Kalimantan regions. The harvest in
Bengkulu was lower by 13% primarily due to a reduction of almost
1,000ha of matured area of which 428ha was replanted in the second
half of 2021 while another 551ha was cleared for replanting in the
first half of 2022. During 1Q 2022 the public roads in Kurun
township were closed for a month because of extremely bad weather
which affected the transportation of crops and in turn caused a 9%
decline in the harvest in Central Kalimantan. Younger palms in
North Sumatera continue to out-performed the rest of the regions by
registering a growth of 6% against last year. Bought-in crops for
the first half of 2022 also decreased by 4% to 557,600mt from
583,400mt. The increased purchase of outside crops in North
Sumatera (6%) and Kalimantan (9%) could not off-set a 19% decrease
in crop purchase in the Bengkulu region. The significant decrease
in the Bengkulu region is caused by the reopening of a mill of one
of the suppliers following a shutdown for maintenance in 2021. In
addition, some of AEP's mills had to reduce external crop purchases
due to the CPO storage tanks reaching their maximum storage
capacities as inventory built-up during the export ban.
Operational and financial performance
For the six months ended 30 June 2022, gross profit margin from
continuing operations increased to 36.2% from 31.3% as the Group
experienced higher CPO and palm kernel prices.
CPO price ex-Rotterdam averaged $1,640/mt for the first six
months to 30 June 2022, 46% higher than $1,122/mt over the same
period in 2021. As a result, the Group's average ex-mill price was
higher by 47% at $1,035/mt for the same period (H1 2021: $706/mt).
The ex-mill prices are normally at a discount to ex-Rotterdam
prices as buyers are required to pay logistic charges and
Indonesian CPO tax and levy. The Group also benefited from higher
palm kernel prices which was 66% higher at the average price of
$808/mt against $486/mt last year.
Profit after tax from continuing operations for the six months
ended 30 June 2022 was 45% higher at $68.8 million, compared to a
profit after tax from continuing operations of $47.3 million for
the first six months of 2021.
The resulting basic earnings per share from continuing
operations for the period was 144.73cts (H1 2021: 100.11cts).
The Group's balance sheet remains strong with no outstanding
bank loans. Net assets as at 30 June 2022 were $585.3 million
compared to $496.6 million as at 30 June 2021 and $542.1 million as
at 31 December 2021. The increase in net assets from the last
interim report was attributed to higher profit and higher
inventories. Inventories, comprising mainly of CPO, built up to $41
million against $15 million as at 30 June 2021 due to the CPO
export ban in Indonesia which is explained in more detail under
commodity prices below. The Indonesian Rupiah has depreciated by 4%
against the US dollar in the first half of 2022.
As at 30 June 2022, the Group had cash and cash equivalents
including all fixed deposits with banks of $246.8 million (H1 2021:
$160.7 million, 31 December 2021: $219.7 million).
Operating costs
Operating costs for the Indonesian operations were higher in the
first half of 2022 compared to the same period in 2021 mainly due
to higher prices paid for third party crops, higher costs of
maintaining plantations and mills and higher harvesting costs
arising from the increased matured area. Fertiliser costs rose
sharply by 80% in the first half of 2022 to $15.8 million from $8.8
million for the corresponding period last year. Transport costs
have also increased significantly by 56% to $2.8 million from $1.8
million for the corresponding period last year as diesel prices
have increased.
Production and Sales
2022 2021 2021
6 months 6 months Year
to 30 June to 30 June to 31 December
mt mt mt
Oil palm production
FFB
- all estates from continuing
operations 550,800 569,100 1,152,400
- estates from discontinued
operations 21,500 17,400 37,200
- bought-in from third parties 557,600 583,400 1,142,200
Saleable CPO 227,800 238,700 473,200
Saleable palm kernels 54,400 57,100 97,100
Oil palm sales
CPO 200,000 237,900 477,600
Palm kernels 48,900 55,400 113,400
FFB sold outside 17,800 13,400 29,400
Rubber production 168 206 425
The Group's six mills processed a total of 1,112,100mt in FFB
for the first half of 2022, a 4% decrease compared to 1,156,500mt
for the same period last year.
Overall CPO produced for the first half of 2022 was 5% lower at
227,800mt from 238,700mt. The oil extraction rate for the first
half of 2022 was 20.5% compared to 20.6% in the same period last
year.
Commodity prices
The CPO price ex-Rotterdam for the first half of 2022 averaged
$1,640/mt, 46% higher than last year (H1 2021: $1,122/mt). The CPO
price started the year at $1,350/mt, gradually trending upwards to
peak in March 2022 at $2,000/mt before dropping to $1,420/mt
towards the middle of June, before recovering to close at $1,500/mt
at 30 June 2022. The rally in the first three months of 2022 was
built upon; speculation of unfavourable weather conditions in prime
soybean-producing countries which have adversely affected the
supply of soybean oil (of which CPO is the closest substitute), the
gradual re-opening of the world economy after the ravage of
Covid-19 and the disruption to supplies because of the
Russia-Ukraine conflict. The Indonesian government's move to ban
the export of CPO and refined palm oil from 28 April 2022 to 22 May
2022 added further volatility to global edible oil prices. CPO
prices have since retracted to lower levels due to high inventory
of CPO built up during the export ban. The Indonesian government is
constantly refining its policies to accelerate exports of CPO as
well as to contain the price of domestic cooking oil which could
trigger more volatility in prices.
Rubber price averaged $1,670/mt, 4% lower than H1 2021 at
$1,734/mt.
Development
The Group's planted areas at 30 June 2022 comprised:
Total Mature Immature
Continuing operations Ha ha Ha
North Sumatera 19,107 18,851 256
Bengkulu 16,557 14,912 1,645
Riau 4,836 4,836 -
Kalimantan 17,409 14,889 2,520
Bangka 2,564 1,065 1,499
Plasma 3,586 2,268 1,318
------- ------- ---------
Indonesia 64,059 56,821 7,238
Malaysia 3,453 3,453 -
------- ------- ---------
67,512 60,274 7,238
------- ------- ---------
Discontinued operations
South Sumatera 6,662 6,064 598
Plasma 1,065 1,020 45
------- ------- ---------
7,727 7,084 643
------- ------- ---------
Total: 30 June 2022 75,239 67,358 7,881
------- ------- ---------
Total: 31 December 2021 75,204 65,921 9,283
------- ------- ---------
Total: 30 June 2021 74,131 66,204 7,927
------- ------- ---------
The Group's new planting and replanting for the first six months
of 2022 totalled 439ha compared to 1,025ha for the same period last
year . In addition, Plasma planting for the period was 152ha (H1
2021: 187ha).
The Group remains optimistic that it will meet substantially its
reduced total planting target of 1,900ha (including replanting) in
2022. The Group's total landholding from its continuing operations
comprises some 90,690ha, of which the planted area stands at around
67,512ha (H1 2021: 66,623ha) with the balance of estimated
plantable land at 10,850ha (H1 2021: 11,590ha).
The construction of the seventh mill in North Sumatera, which
has been delayed by the frequent lockdowns caused by the pandemic
in the country, is nearing completion. It is making good progress
as most machineries have been prefabricated and are being assembled
on site. Some items like the steam turbine and decanter have
arrived at the local port and are awaiting delivery to the
construction site. The mill is expected to be completed before the
year end. The costs of construction have reached about $22 million
against an earlier estimate of $19 million.
In the meantime, an external consultant has been appointed to
undertake an environmental study to advise compliance criteria to
apply for the necessary permits to build the eighth mill in
Kalimantan.
Dividend
As in previous years, no interim dividend has been declared. A
final dividend of 5.0 cents per share in respect of the year ended
31 December 2021 was paid on 15 July 2022.
Outlook
CPO prices are expected to weaken in the second half of 2022 as
the industry enters into the high production season. In addition,
the Indonesian government's decision to waive the export levy until
the end of August 2022 in its effort to flush out and reduce its
stockpile of palm oil could push prices even lower. An agreement
between Ukraine and Russia to reopen the ports in the Black Sea to
allow the export of commodities, including sunflower oil, from the
region would also negatively impact on palm oil prices. Economists
fear that inflationary pressure arising from higher commodity
prices could trigger a worldwide recession in the coming months
which could dampen demand for CPO. It is increasingly apparent that
2022 will be a year of two halves, with record CPO prices in the
first half of 2022 and much lower prices in the second half. On a
positive note, the Indonesian government's determination to develop
and increase the biodiesel blending to B35 and B40 from B30 in the
near future would help enhance the domestic consumption and absorb
a higher production of CPO.
Tribute
The Board has previously announced its profound sadness of the
passing of our ex-Chairman, Madam Lim Siew Kim on 14 July 2022.
Madam Lim joined the Board in 1993 and was the Non-Executive
Chairman from 2011 until her recent retirement. During her tenure,
the Group grew in profitability and the business expanded to what
it is today. The Board of Directors had conveyed their condolences
to the family members at the time and would like to formally record
their appreciation and thanks for Madam Lim's invaluable guidance
and advice during her tenure on the Board.
Principal risks and uncertainties
The principal risks and uncertainties, including the risks due
to the Coronavirus pandemic, have broadly remained the same since
the publication of the annual report for the year ended 31 December
2021.
A more detailed explanation of the risks relevant to the Group
is on pages 42 to 47 and from pages 130 to 135 of the 2021 annual
report which is available at https:// www.angloeastern.co.uk /
.
Mr Jonathan Law Ngee Song
Chairman
25 August 2022
Responsibility Statements
We confirm that to the best of our knowledge:
a) The unaudited interim financial statements have been prepared
in accordance with International Accounting Standards ("IAS") 34:
Interim Financial Reporting as adopted by the European Union;
b) The Chairman's interim statement includes a fair review of
the information required by Disclosure and Transparency Rule
("DTR") 4.2.7R (an indication of important events during the first
six months and a description of the principal risks and
uncertainties for the remaining six months of the year); and
c) The interim financial statements include a fair review of the
information required by DTR 4.2.8R ( material related party
transactions in the six months ended 30 June 2022 and any material
changes in the related party transactions described in the last
Annual Report) of the DTR of the United Kingdom Financial Conduct
Authority.
By order of the Board
Dato' John Lim Ewe Chuan
Executive Director, Corporate Finance and Corporate Affairs
25 August 2022
Condensed Consolidated Income Statement
2022 2021 2021
6 months to 30 June 6 months to 30 June (restated) Year to 31 December
(unaudited) (unaudited) (audited)
---------------------------------- ------------------------------------- --------------------------------
Notes Result
Result before Result
before BA BA BA BA before BA BA
movement* movement Total movement* movement Total movement* movement Total
$000 $000 $000 $000 $000 $000 $000 $000 $000
----------------- ------- ---------- --------- ------------ ---------- ----------- ---------- --------- -------------
Continuing
operations
Revenue 4 249,229 - 249,229 197,678 - 197,678 433,421 - 433,421
Cost of sales (153,633) (5,314) (158,947) (139,743) 3,865 (135,878) (300,354) 4,349 (296,005)
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Gross profit 95,596 (5,314) 90,282 57,935 3,865 61,800 133,067 4,349 137,416
Administration
expenses (3,015) - (3,015) (3,317) - (3,317) (8,764) - (8,764)
Reversal of
impairment 622 - 622 133 - 133 5,437 - 5,437
Impairment losses (366) - (366) - - - (585) - (585)
(Provision) /
Reversal
for expected
credit
loss (6) - (6) (1) - (1) 177 - 177
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Operating profit 92,831 (5,314) 87,517 54,750 3,865 58,615 129,332 4,349 133,681
Exchange gains 311 - 311 298 - 298 212 - 212
Finance income 5 1,714 - 1,714 1,331 - 1,331 3,214 - 3,214
Finance expense 5 (8) - (8) (12) - (12) (24) - (24)
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Profit before tax 6 94,848 (5,314) 89,534 56,367 3,865 60,232 132,734 4,349 137,083
Tax expense 7 (21,865) 1,169 (20,696) (12,128) (854) (12,982) (24,784) (958) (25,742)
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Profit for the
period
from continuing
operations 72,983 (4,145) 68,838 44,239 3,011 47,250 107,950 3,391 111,341
( Loss) / gain on
discontinued
operations,
net of tax (297) (75) (372) (1,512) 67 (1,445) (28,471) 50 (28,421)
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
72,686 (4,220) 68,466 42,727 3,078 45,805 79,479 3,441 82,920
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Profit for the
period
attributable to:
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
- Owners of the
parent 60,582 (3,551) 57,031 35,746 2,581 38,327 65,485 2,856 68,341
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
- Non-controlling
interests 12,104 (669) 11,435 6,981 497 7,478 13,994 585 14,579
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
72,686 (4,220) 68,466 42,727 3,078 45,805 79,479 3,441 82,920
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Profit for the
period
from continuing
operations
attributable to:
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
- Owners of the
parent 60,845 (3,480) 57,365 37,163 2,517 39,680 93,245 2,809 96,054
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
- Non-controlling
interests 12,138 (665) 11,473 7,076 494 7,570 14,705 582 15,287
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
72,983 (4,145) 68,838 44,239 3,011 47,250 107,950 3,391 111,341
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Earnings per
share
attributable to
the
owners of the
parent
during the
period
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Profit
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
- basic and 9 143.89cts 96.70cts 172.42cts
diluted
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
Profit from
continuing
operations
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
- basic and 9 144.73cts 100.11cts 242.34cts
diluted
------------------ ------ ---------- --------- ----------- ------------ ---------- ----------- ---------- --------- -------------
* The total column represents the IFRS figures and the result
before BA movement is an Alternative Performance Measure ("APM")
which reflects the Group's results before the movement in fair
value of biological assets has been applied. We have opted to
additionally disclose this APM as the BA movement is considered to
be a fair value calculation which does not appropriately represent
the Group's result for the year.
Condensed Consolidated Statement of Comprehensive Income
2022 2021 2021
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
------------------------------------------------------------ ------------ ------------ ---------------
Profit for the period 68,466 45,805 82,920
------------------------------------------------------------ ------------ ------------ ---------------
Other comprehensive expenses:
Items may be reclassified to profit or loss:
Loss on exchange translation of foreign operations (22,933) (13,110) (5,429)
------------------------------------------------------------ ------------ ------------ ---------------
Net other comprehensive expenses may be reclassified
to profit or loss (22,933) (13,110) (5,429)
------------------------------------------------------------ ------------ ------------ ---------------
Items not to be reclassified to profit or loss:
Remeasurement of retirement benefits plan, net
of tax - - 1,086
------------------------------------------------------------ ------------ ------------ ---------------
Net other comprehensive income not being reclassified
to profit or loss - - 1,086
------------------------------------------------------------ ------------ ------------ ---------------
Total other comprehensive expenses for the period,
net of tax (22,933) (13,110) (4,343)
Total comprehensive income for the period 45,533 32,695 78,577
Attributable to:
- Owners of the parent 38,570 27,815 64,993
- Non-controlling interests 6,963 4,880 13,584
------------------------------------------------------------ ------------ ------------ ---------------
45,533 32,695 78,577
------------------------------------------------------------ ------------ ------------ ---------------
Condensed Consolidated Statement of Financial Position
2022 2021 2021
as at 30 June as at 30 June as at 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
------------------------------------------ -------------- -------------- ------------------
Non-current assets
Property, plant and equipment 259,545 275,177 260,532
Investment 49 - 49
Receivables 22,591 24,153 22,000
Deferred tax assets 1,674 14,730 4,324
------------------------------------------- -------------- -------------- ------------------
283,859 314,060 286,905
------------------------------------------ -------------- -------------- ------------------
Current assets
Inventories 41,012 15,038 14,316
Income tax receivables 4,766 10,034 5,072
Other tax receivables 52,054 34,717 45,423
Biological assets 7,133 12,443 12,803
Trade and other receivables 4,457 5,492 5,182
Short-term investments 59,495 1,539 1,439
Cash and cash equivalents 187,339 159,140 218,249
------------------------------------------- -------------- -------------- ------------------
356,256 238,403 302,484
Assets in disposal groups classified
as held for sale 13,000 - 13,210
------------------------------------------- -------------- -------------- ------------------
369,256 238,403 315,694
------------------------------------------ -------------- -------------- ------------------
Current liabilities
Trade and other payables (40,175) (27,223) (32,533)
Income tax liabilities (11,474) (11,863) (13,139)
Other tax liabilities (566) (1,171) (1,615)
Dividend payables (2,007) (420) (25)
Lease liabilities (152) (244) (240)
------------------------------------------- -------------- -------------- ------------------
(54,374) (40,921) (47,552)
------------------------------------------ -------------- -------------- ------------------
Net current assets 314,882 197,482 268,142
------------------------------------------- -------------- -------------- ------------------
Non-current liabilities
Deferred tax liabilities (1,259) (625) (1,330)
Retirement benefits - net liabilities (12,089) (14,220) (11,499)
Lease liabilities (68) (90) (110)
------------------------------------------- -------------- -------------- ------------------
(13,416) (14,935) (12,939)
------------------------------------------ -------------- -------------- ------------------
Net assets 585,325 496,607 542,108
------------------------------------------- -------------- -------------- ------------------
Issued capital and reserves attributable
to owners of the parent
Share capital 15,504 15,504 15,504
Treasury shares (1,171) (1,171) (1,171)
Share premium 23,935 23,935 23,935
Capital redemption reserve 1,087 1,087 1,087
Exchange reserves (260,368) (248,111) (241,907)
Retained earnings 697,631 611,608 642,582
------------------------------------------- -------------- -------------- ------------------
476,618 402,852 440,030
Non-controlling interests 108,707 93,755 102,078
------------------------------------------- -------------- -------------- ------------------
Total equity 585,325 496,607 542,108
------------------------------------------- -------------- -------------- ------------------
Condensed Consolidated Statement of Changes in Equity
Attributable to owners of the parent
Capital Non-controlling
Share Treasury Share redemption Exchange Retained interests Total
capital shares premium reserve Reserves earnings Total equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- --------
Balance at 31 December 2020 15,504 (1,171) 23,935 1,087 (237,599) 573,677 375,433 88,875 464,308
Items of other comprehensive
income:
* Remeasurement of retirement benefits plan, net of
tax - - - - - 960 960 126 1,086
* Loss on exchange translation of foreign operations - - - - (4,308) - (4,308) (1,121) (5,429)
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Total other comprehensive
(expenses) / income - - - - (4,308) 960 (3,348) (995) (4,343)
Profit for the year - - - - - 68,341 68,341 14,579 82,920
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Total comprehensive (expenses)
/ income for the year - - - - (4,308) 69,301 64,993 13,584 78,577
Dividends paid - - - - - (396) (396) (381) (777)
----------------------------------------------------------
Balance at 31 December
2021 15,504 (1,171) 23,935 1,087 (241,907) 642,582 440,030 102,078 542,108
--------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Items of other comprehensive
income:
-Remeasurement of retirement
benefits plan, net of tax - - - - - - - - -
-Loss on exchange translation
of foreign operations - - - - (18,461) - (18,461) (4,472) (22,933)
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Total other comprehensive
(expenses) / income - - - - (18,461) - (18,461) (4,472) (22,933)
Profit for the period - - - - - 57,031 57,031 11,435 68,466
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Total comprehensive (expenses)
/ income for the period - - - (18,461) 57,031 38,570 6,963 45,533
Dividends payable - - - - - (1,982) (1,982) (334) (2,316)
Balance at 30 June 2022 15,504 (1,171) 23,935 1,087 (260,368) 697,631 476,618 108,707 585,325
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Attributable to owners of the parent
Capital Non-controlling
Share Treasury Share redemption Exchange Retained interests Total
capital shares premium reserve reserves earnings Total Equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Balance at 31 December
2020 15,504 (1,171) 23,935 1,087 (237,599) 573,677 375,433 88,875 464,308
Items of other comprehensive
income:
* Loss on exchange translation of foreign operations - - - - (10,512) - (10,512) (2,598) (13,110)
---------------------------------------------------------- --------- ----------- -------- ----------- ---------- ---------- --------- ---------------- ---------
Total other comprehensive
expenses - - - - (10,512) - (10,512) (2,598) (13,110)
Profit for the period - - - - - 38,327 38,327 7,478 45,805
---------------------------------------------------------- --------- ----------- -------- ----------- ---------- ---------- --------- ---------------- ---------
Total comprehensive (expenses)
/ income for the period - - - - (10,512) 38,327 27,815 4,880 32,695
Dividends payable - - - - - (396) (396) - (396)
Balance at 30 June 2021
(after restatement) 15,504 (1,171) 23,935 1,087 (248,111) 611,608 402,852 93,755 496,607
---------------------------------------------------------- --------- ----------- -------- ----------- ---------- ---------- --------- ---------------- ---------
Condensed Consolidated Statement of Cash Flows
2022 2021 2021
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
-------------------------------------- ------------ ------------ ---------------
Cash flows from operating
activities
Profit before tax 89,534 60,232 137,083
Adjustments for:
Biological assets movement 5,314 (3,865) (4,349)
(Gain) / Loss on disposal
of property, plant and equipment (49) (1) 24
Depreciation 8,370 8,460 16,994
Retirement benefit provisions 1,100 1,222 103
Net finance income (1,706) (1,319) (3,190)
Unrealised gain in foreign
exchange (311) (298) (212)
Property, plant and equipment
written off 80 169 72
Reversal of impairment (256) (133) (4,852)
Provision / (Reversal) for
expected credit loss 6 1 (177)
Operating cash flows before
changes in working capital 102,082 64,468 141,496
(Increase) in inventories (27,157) (2,579) (2,649)
Decrease / (Increase) in
non-current, trade and other
receivables 584 (3,322) (517)
Increase in trade and other
payables 8,849 1,039 6,683
-------------------------------------- ------------ ------------ ---------------
Cash inflows from operations 84,358 59,606 145,013
Retirement benefits paid (137) (132) (487)
Overseas tax paid (28,935) (1,286) (12,359)
-------------------------------------- ------------ ------------ ---------------
Operating cash flows from
continuing operations 55,286 58,188 132,167
Operating cash flows (used
in) / from discontinued
operations (850) 2,884 (821)
-------------------------------------- ------------ ------------ ---------------
Net cash flows from operating
activities 54,436 61,072 131,346
Investing activities
Property, plant and equipment
* purchases (17,763) (10,592) (26,374)
* sales 51 1 413
Interest received 1,714 1,331 3,214
Increase in receivables
from cooperatives under
plasma scheme (1,395) (2,032) (1,985)
Investment in share equity - - (49)
Placement of fixed deposits
with original maturity of
more than three months (59,495) - (1,439)
Withdrawal of fixed deposits
with original maturity of
more than three months 1,439 418 1,957
-------------------------------------- ------------ ------------ ---------------
Cash used in investing activities
from continuing operations (75,449) (10,874) (24,263)
Cash used in investing activities
from discontinued operations (887) (2,988) (1,594)
-------------------------------------- ------------ ------------ ---------------
Net cash used in investing
activities (76,336) (13,862) (25,857)
-------------------------------------- ------------ ------------ ---------------
Financing activities
Dividends paid to the holders
of the parent - - (395)
Dividends paid to non-controlling
interests (334) - (381)
Repayment of lease liabilities
- principal (112) (106) (228)
Repayment of lease liabilities
- interest (8) (12) (24)
-------------------------------------- ------------ ------------ ---------------
Cash used in financing activities
from continuing operations (454) (118) (1,028)
Cash used in financing activities
from discontinued operations - - -
-------------------------------------- ------------ ------------ ---------------
Net cash used in financing
activities (454) (118) (1,028)
-------------------------------------- ------------ ------------ ---------------
Net (decrease) / increase
in cash and cash equivalents (22,354) 47,092 104,461
Cash and cash equivalents
At beginning of period 218,249 115,211 115,211
Exchange losses (8,556) (3,163) (1,423)
-------------------------------------- ------------ ------------ ---------------
At end of period 187,339 159,140 218,249
-------------------------------------- ------------ ------------ ---------------
Comprising:
Cash at end of period 187,339 159,140 218,249
-------------------------------------- ------------ ------------ ---------------
Notes to the interim statements
1. Basis of preparation of interim financial statements
These interim consolidated financial statements have been
prepared in accordance with IAS 34, "Interim Financial Reporting".
They do not include all disclosures that would otherwise be
required in a complete set of financial statements and should be
read in conjunction with the 2021 Annual Report. The financial
information for the half years ended 30 June 2022 and 30 June 2021
does not constitute statutory accounts within the meaning of
Section 434(3) of the Companies Act 2006 and has been neither
audited nor reviewed pursuant to guidance issued by the Auditing
Practices Board.
Basis of preparation
The annual financial statements of Anglo-Eastern Plantations Plc
are prepared in accordance with UK adopted International Accounting
Standards. The comparative financial information for the year ended
31 December 2021 included within this report does not constitute
the full statutory accounts for that period. The statutory Annual
Report and Financial Statements for 2021 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the
Annual Report and Financial Statements for 2021 was unqualified,
did not draw attention to any matters by way of emphasis, and did
not contain a statement under Sections 498(2) or 498(3) of the
Companies Act 2006.
The Directors have a reasonable expectation, having made the
appropriate enquiries, that the Group has control of the monthly
cashflows and that the Group has sufficient cash resources to cover
the fixed cashflows for a period of at least 12 months from the
date of approval of this interim report. For these reasons, the
Directors adopted a going concern basis in the preparation of the
interim report. The Directors have made this assessment after
consideration of the Group's budgeted cash flows and related
assumptions including appropriate stress testing of identified
uncertainties, specifically on the potential shut down of the
entire operations if all the plantations are infected with
Coronavirus as well as the impact on the demand for palm oil due to
the Coronavirus pandemic. Stress testing of other identified
uncertainties was undertaken on primarily commodity prices and
currency exchange rates.
Changes in accounting standards
The same accounting policies, presentation and methods of
computation are followed in these condensed consolidated financial
statements as were applied in the Group's latest annual audited
financial statements.
2. Foreign exchange
2022 2021 2021
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
Closing exchange rates
Rp : $ 14,848 14,496 14,269
$ : GBP 1.21 1.38 1.35
RM : $ 4.41 4.15 4.17
Average exchange rates
Rp : $ 14,445 14,298 14,312
$ : GBP 1.30 1.39 1.38
RM : $ 4.27 4.10 4.15
3. Prior year restatement
With effect from 31 December 2021 and applied retrospectively,
the Group have opted for a change in accounting policy in respect
of the treatment of land in the Group's financial statements which
is accounted for in accordance with IAS 16 Property, Plant and
Equipment. The Group has historically recognised land under the
revaluation model however, following an analysis of the Group's
peers in the UK, it was apparent that the majority reported their
land at historical cost and therefore the decision was made to
change the accounting policy to make the financial information more
comparable and provide a more relevant result. Land has always been
recognised in the local Indonesian financial statements at
historical cost. The Group now recognises land at cost initially
and is not depreciated except for the land in Malaysia as the
possibility to renew the leasehold land in Malaysia is minimal.
The effects of the restatements are summarised as follows:
6 months to 30
June 2021
$000
Impact on consolidated income statement
Profit for the year before restatement 45,869
-----------------------
Effect of change in restatement:
Cost of sales (64)
------------------------------------------------------ ----------------------
(64)
---------------------------
Profit for the year after restatement 45,805
------------------------------------------------------ ----------------------
The effect of the prior year adjustments had a negative impact
on the earnings per share before BA of 0.08cts and a negative
impact on the earnings per share after BA of 0 .09 cts for the
period to 30 June 2021.
6 months to 30 June
2021
$000
Impact on consolidated statement of comprehensive income
Other comprehensive expenses for the year
before restatement (15,893)
-------------------------------------------------- ------------------------
Effect of change in restatement:
Unrealised gain on revaluation of leasehold
land, net of tax 1,014
Gain on exchange translation of foreign
operations 1,769
2,783
-------------------------------------------------- ------------------------
Other comprehensive expenses for the year
after restatement (13,110)
-------------------------------------------------- ------------------------
The following table summarises the impact of this prior year
restatement on the Consolidated Statement of Financial
Position:
Balance as Restated
reported balance
at
30 June 2021 30 June
2021
$000 Effect of $000
restatement
$000
Impact on consolidated statement
of financial position
Property, plant and equipment 356,170 (80,993) 275,177
Deferred tax assets 9,317 5,413 14,730
Deferred tax liabilities (14,659) 14,034 (625)
Revaluation reserves 48,465 (48,465) -
Exchange reserves (245,502) (2,609) (248,111)
Retained earnings 611,459 149 611,608
Non-controlling interests 104,376 (10,621) 93,755
The restatement of land from fair value to historical cost has
decreased the value of the property, plant and equipment and
eliminated the revaluation reserves. Deferred tax liabilities
previously recognised on the revaluation of land have been reversed
resulting in a decrease in deferred tax liabilities, but also an
increase in deferred tax assets where individual entities have
moved from a net deferred tax liability position to a net deferred
tax asset position. Depreciation of the land in Malaysia recognised
retrospectively and the reversal of the deferred tax liabilities
previously recognised has resulted in a small increase in retained
earnings. All entities for which these adjustments relate have
non-controlling interests and therefore the impact on those
non-controlling interests has also been recognised.
4. Revenue
Disaggregation of Revenue
The Group has disaggregated revenue into various categories in
the following table which is intended to:
-- Depict how the nature, amount and uncertainty of revenue and
cash flows are affected by timing of revenue recognition; and
-- Enable users to understand the relationship with revenue
segment information provided in note 6.
There is no right of return and warranty provided to the
customers on the sale of products and services rendered.
CPO, palm
6 months to 30 June kernel Rubber Shell Biomass Biogas Others
2022 and FFB nut products products Total
$000 $000 $000 $000 $000 $000 $000
Contract counterparties
Government - - - - 540 - 540
Non-government
- Wholesalers 245,456 280 2,605 24 - 324 248,689
---------- --------- -------- ---------- ---------- --------- ----------
245,456 280 2,605 24 540 324 249,229
---------- --------- -------- ---------- ---------- --------- ----------
Timing of transfer
of goods
Delivery to customer
premises 3,569 280 - - - - 3,849
Delivery to port of
departure - - - 24 - - 24
Customer collect from
our mills / estates 241,887 - 2,605 - - - 244,492
Upon generation /
others - - - - 540 324 864
---------- --------- -------- ---------- ---------- --------- ----------
245,456 280 2,605 24 540 324 249,229
---------- --------- -------- ---------- ---------- --------- ----------
CPO, palm
6 months to 30 June kernel Rubber Shell Biomass Biogas Others
2021 and FFB nut products products Total
$000 $000 $000 $000 $000 $000 $000
Contract counterparties
Government - - - - 423 - 423
Non-government
- Wholesalers 194,213 356 2,187 218 - 281 197,255
194,213 356 2,187 218 423 281 197,678
---------- --------- -------- ---------- ---------- --------- ----------
Timing of transfer
of goods
Delivery to customer
premises 2,304 356 - - - - 2,660
Delivery to port of
departure - - - 218 - - 218
Customer collect from
our mills / estates 191,909 - 2,187 - - - 194,096
Upon generation / others - - - - 423 281 704
194,213 356 2,187 218 423 281 197,678
---------- --------- -------- ---------- ---------- --------- ----------
CPO, palm
Year to 31 December kernel Rubber Shell Biomass Biogas Others
2021 and FFB nut products products Total
$000 $000 $000 $000 $000 $000 $000
Contract counterparties
Government - - - - 999 - 999
Non-government
- Wholesalers 426,436 695 4,036 336 - 919 432,422
---------- --------- -------- ---------- ---------- --------- ----------
426,436 695 4,036 336 999 919 433,421
---------- --------- -------- ---------- ---------- --------- ----------
Timing of transfer
of goods
Delivery to customer
premises 4,995 695 - - - - 5,690
Delivery to port of
departure - - - 336 - - 336
Customer collect from
our mills / estates 421,441 - 4,036 - - - 425,477
Upon generation / others - - - - 999 919 1,918
---------- --------- -------- ---------- ---------- --------- ----------
426,436 695 4,036 336 999 919 433,421
---------- --------- -------- ---------- ---------- --------- ----------
5. Finance income and expense
2022 2021 2021
6 months 6 months Year
to 30
June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Finance income
Interest receivable on:
Credit bank balances and time
deposits 1,714 1,331 3,214
Finance expense
Interest payable on:
Interest expense on lease liabilities (8) (12) (24)
------------ ------------ ---------------
(8) (12) (24)
------------ ------------ ---------------
Net finance income recognized
in income statement 1,706 1,319 3,190
------------ ------------ ---------------
6. Segment information
North Total South*
Sumatera Bengkulu Riau Bangka Kalimantan Indonesia Malaysia UK Total Sumatera
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
6 months to 30 June 2022
(unaudited)
Total sales revenue
(all
external)
* CPO, palm kernel
and FFB 82,911 70,778 42,666 1,662 45,875 243,892 1,564 - 245,456 5,290
* Rubber 280 - - - - 280 - - 280 -
* Shell nut 1,017 614 909 - 65 2,605 - - 2,605 -
* Biomass products 24 - - - - 24 - - 24 -
* Biogas products 149 241 - - 150 540 - - 540 -
* Others 110 49 36 20 106 321 3 - 324 63
Total revenue 84,491 71,682 43,611 1,682 46,196 247,662 1,567 - 249,229 5,353
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- ---------
Profit / (loss)
before
tax 35,009 23,688 14,233 484 22,156 95,570 (87) (635) 94,848 401
BA movement (1,523) (1,176) (872) (114) (1,645) (5,330) 16 - (5,314) (96)
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- ---------
Profit / (loss) for
the
period before tax
per consolidated
income statement 33,486 22,512 13,361 370 20,511 90,240 (71) (635) 89,534 305
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- ---------
Interest income 1,180 429 85 - 17 1,711 3 - 1,714 2
Interest expense (4) - - - - (4) (4) - (8) -
Depreciation (2,669) (1,969) (411) (196) (2,963) (8,208) (162) - (8,370) -
Reversal of
impairment - - - - 622 622 - - 622 -
Impairment losses - - - - - - (366) - (366) -
(Provision) /
Reversal
of expected credit
loss (10) (1) - 1 2 (8) - 2 (6) (9)
Inter-segment
transactions 2,503 (988) (283) (149) (1,004) 79 299 10 388 (388)
Inter-segmental
revenue 25,434 580 - - 5,527 31,541 - - 31,541 4,608
Tax expense (8,617) (4,864) (2,873) (52) (3,998) (20,404) (119) (173) (20,696) 339
Total assets 273,345 135,559 42,725 17,045 151,209 619,883 12,735 6,613 639,231 13,884
Property, plant and
equipment 81,387 41,272 8,206 14,938 105,917 251,720 7,825 - 259,545 4,726
Non-current assets
- additions 10,146 2,897 201 773 3,707 17,724 39 - 17,763 367
* South Sumatera represents the operations which have been
discontinued and have therefore been separated from the continuing
operations.
North Total South*
Sumatera Bengkulu Riau Bangka Kalimantan Indonesia Malaysia UK Total Sumatera
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
6 months to 30 June 2021
(unaudited)
Total sales revenue
(all
external)
* CPO, palm kernel
and FFB 57,451 66,910 31,239 925 36,442 192,967 1,246 - 194,213 3,339
* Rubber 356 - - - - 356 - - 356 -
* Shell nut 663 648 746 - 130 2,187 - - 2,187 -
* Biomass products 218 - - - - 218 - - 218 -
* Biogas products - 220 - - 203 423 - - 423 -
* Others 45 48 21 11 143 268 13 - 281 88
Total revenue 58,733 67,826 32,006 936 36,918 196,419 1,259 - 197,678 3,427
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- -----------
Profit / (loss)
before
tax 16,480 16,640 8,441 131 15,503 57,195 (232) (596) 56,367 (2,198)
BA movement 1,550 770 206 54 1,132 3,712 153 - 3,865 86
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- -----------
Profit / (loss) for
the
period before tax
per consolidated
income statement 18,030 17,410 8,647 185 16,635 60,907 (79) (596) 60,232 (2,112)
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- -----------
Interest income 969 297 52 - 10 1,328 3 - 1,331 2
Interest expense (9) - - - - (9) (3) - (12) -
Depreciation (2,601) (2,075) (452) (172) (2,829) (8,129) (331) - (8,460) (982)
Reversal of
impairment - - - - 133 133 - - 133 -
Impairment losses - - - - - - - - - (79)
(Provision) /
Reversal
of expected credit
loss - (1) - - (1) (2) - 1 (1) 1
Inter-segment
transactions 2,549 (1,002) (288) (141) (968) 150 218 10 378 (378)
Inter-segmental
revenue 18,561 637 - - 4,075 23,273 - - 23,273 3,140
Tax expense (4,484) (3,402) (1,800) (17) (3,153) (12,856) (127) (1) (12,984) 670
Total assets 213,172 97,145 28,481 16,227 138,868 493,893 13,746 6,846 514,485 37,978
Property, plant and
equipment 73,013 41,130 8,875 14,245 102,175 239,438 9,137 - 248,575 26,602
Non-current assets
- additions 2,683 2,285 391 930 3,949 10,238 370 - 10,608 1,308
* South Sumatera represents the operations which have been
discontinued and have therefore been separated from the continuing
operations.
North Total South*
Sumatera Bengkulu Riau Bangka Kalimantan Indonesia Malaysia UK Total Sumatera
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Year to 31 December 2021 (audited)
Total sales revenue
(all
external)
* CPO, palm kernel
and FFB 127,216 141,070 73,827 2,178 79,470 423,761 2,675 - 426,436 7,999
* Rubber 695 - - - - 695 - - 695 -
* Shell nut 1,173 1,191 1,440 - 232 4,036 - - 4,036 -
* Biomass products 336 - - - - 336 - - 336 -
* Biogas products 114 485 - - 400 999 - - 999 -
* Others 93 20 89 16 583 801 27 91 919 270
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Total revenue 129,627 142,766 75,356 2,194 80,685 430,628 2,702 91 433,421 8,269
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Profit / (loss)
before
tax 40,160 35,769 20,555 553 37,539 134,576 (517) (1,325) 132,734 (4,786)
BA movement 1,660 700 574 111 1,273 4,318 31 - 4,349 64
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Profit / (loss) for
the
year before tax
per consolidated
income statement 41,820 36,469 21,129 664 38,812 138,894 (486) (1,325) 137,083 (4,722)
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Interest income 2,323 720 133 1 22 3,199 15 - 3,214 5
Interest expense (15) - - - - (15) (9) - (24) -
Depreciation (5,270) (4,132) (905) (356) (5,660) (16,323) (671) - (16,994) (1,978)
Reversal of
impairment - - - - 5,437 5,437 - - 5,437 -
Impairment losses - - - - (452) (452) (133) - (585) (716)
(Provision) /
Reversal
for expected
credit loss (4) - - - 180 176 - 1 177 (1,231)
Inter-segment
transactions 902 (2,001) (11,754) (282) (1,934) (15,069) 476 74 (14,519) 14,519
Inter-segmental
revenue 42,566 2,641 - - 9,431 54,638 - - 54,638 7,438
Tax expense (8,939) (7,831) (2,153) (109) (6,379) (25,411) (112) (219) (25,742) (1,927)
Total assets 252,633 117,748 34,580 17,095 145,578 567,634 13,758 7,152 588,544 14,055
Property, plant and
equipment 77,170 42,027 8,751 14,960 108,844 251,752 8,780 - 260,532 5,653
Non-current assets
-
additions 8,490 4,727 608 1,600 7,072 22,497 517 - 23,014 3,424
* South Sumatera represents the operations which have been
discontinued and have therefore been separated from the continuing
operations.
In the 6 months to 30 June 2022, revenue from 4 customers of the
Indonesian segment represent approximately $156.8m (H1 2021:
$112.6m) of the Group's total revenue. In the year 2021, revenue
from 4 customers of the Indonesian segment represent approximately
$266.3m of the Group's total revenue. An analysis of this revenue
is provided below. Although Customers 1 to 2 each contribute over
10% of the Group's total revenue, there was no over reliance on
these Customers as tenders were performed on a weekly basis. Three
of the top four customers were the same as in the year to 31
December 2021.
2022 2021 2021
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$m % $m % $m %
Major Customers
Customer 1 89.7 36.0 53.7 27.2 120.9 27.8
Customer 2 31.0 12.4 23.5 11.9 50.8 11.8
Customer 3 18.5 7.4 18.4 9.3 48.3 11.2
Customer 4 17.6 7.0 17.0 8.6 46.3 10.7
------------------ --------- --------- ---------- -------- -------- --------
Total 156.8 62.8 112.6 57.0 266.3 61.5
------------------ --------- --------- ---------- -------- -------- --------
7. Tax expense
2022 2021 2021
6 months 6 months Year
to 30
June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Foreign corporation tax
- current year 18,224 13,194 20,404
Foreign corporation tax
- prior year (57) - 258
Deferred tax adjustment
- origination and reversal
of temporary differences 2,529 (212) 5,080
Recognition of previously
unrecognised deferred tax -
assets - -
20,696 12,982 25,742
------------ ------------ ---------------
Corporation tax rate in Indonesia is at 22% (H1 2021: 22%, 2021:
22%) whereas Malaysia is at 24% (H1 2021: 24%, 2021: 24%). The
standard rate of corporation tax in the UK for the current year is
19% (H1 2021: 19%, 2021: 19%).
8. Dividend
The final and only dividend in respect of 2021, amounting to 5.0
cents per share, or $1,981,819 was paid on 15 July 2022 (2020: 1.0
cents per share, or $396,364, paid on 16 July 2021). As in previous
years, no interim dividend has been declared.
9. Earnings per ordinary share ("EPS")
2022 2021 2021
6 months 6 months Year
to 30
June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Total operations
Profit for the period attributable
to owners of the Company before
BA movement 60,582 35,746 65,485
BA movement (3,551) 2,581 2,856
------------ ------------ ---------------
Earnings used in basic and
diluted EPS 57,031 38,327 68,341
------------ ------------ ---------------
Continuing operations
Profit for the period attributable
to owners of the Company before
BA movement 60,845 37,163 93,245
BA movement (3,480) 2,517 2,809
------------ ------------ ---------------
Earnings used in basic and
diluted EPS 57,365 39,680 96,054
------------ ------------ ---------------
Discontinued operations
Profit for the period attributable
to owners of the Company before
BA movement (263) (1,417) (27,760)
BA movement (71) 64 47
------------ ------------ ---------------
Earnings used in basic and
diluted EPS (334) (1,353) (27,713)
------------ ------------ ---------------
Number Number Number
'000 '000 '000
Weighted average number of
shares in issue in the period
- used in basic EPS 39,636 39,636 39,636
- dilutive effect of outstanding
share options - - -
------------ ------------ ---------------
- used in diluted EPS 39,636 39,636 39,636
------------ ------------ ---------------
Total operations
- Basic and diluted EPS before
BA movement 152.85cts 90.19cts 165.22cts
- Basic and diluted EPS after
BA movement 143.89cts 96.70cts 172.42cts
Continuing operations
- Basic and diluted EPS before
BA movement 153.51cts 93.76cts 235.25cts
- Basic and diluted EPS after
BA movement 144.73cts 100.11cts 242.34cts
Discontinued operations
- Basic and diluted EPS before
BA movement (0.66)cts (3.58)cts (70.04)cts
- Basic and diluted EPS after
BA movement (0.84)cts (3.41)cts (69.92)cts
10. Fair value measurement of financial instruments
The carrying amounts and fair values of the financial
instruments which are not recognised at fair value in the Statement
of Financial Position are exhibited below:
2022 2021 2021
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
Carrying Fair Carrying Fair Carrying Fair
amount value amount value amount value
$000 $000 $000 $000 $000 $000
Non-current
receivables
Due from non-controlling
interests 5,345 3,016 5,413 3,032 5,459 3,042
Due from cooperatives
under Plasma
scheme 17,246 12,373 18,740 17,061 19,879 13,122
--------- ------- --------- ------- ---------- ----------
22,591 15,389 24,153 20,093 25,338 16,164
Transfer to assets
held for sale - - - - (3,338) (2,079)
--------- ------- --------- ------- ---------- ----------
22,591 15,389 24,153 20,093 22,000 14,085
--------- ------- --------- ------- ---------- ----------
Financial instruments not measured at fair value include cash
and cash equivalents, trade and other receivables, trade and other
payables, and borrowings due within one year.
Due to their short-term nature, the carrying value of cash and
cash equivalents, trade and other receivables, trade and other
payables and borrowings due within one year approximates their fair
value.
All non-current assets, non-current receivables and long-term
loan are classified as Level 3 in the fair value hierarchy.
The valuation techniques and significant unobservable inputs
used in determining the fair value measurement of non-current
receivables and borrowings due after one year, as well as the
inter-relationship between key unobservable inputs and fair value,
are set out in the table below:
Item Valuation approach Inputs Inter-relationship
used between key unobservable
inputs and fair
value
----------------- ------------------------- --------- ---------------------------
Non-current receivables
Due from Based on cash flows Discount The higher the
non-controlling discounted using rate discount rate,
interests current lending rate the lower the
of 6% (H1 2021 and fair value.
2021: 6%).
Due from Based on cash flows Discount The higher the
cooperatives discounted using rate discount rate,
under Plasma an estimated current the lower the
scheme lending rate of 7.00% fair value.
(H1 2021: 6.75%,
2021: 7.00%).
11. Report and financial information
Copies of the interim report for the Group for the period ended
30 June 2022 are available on the AEP website at
https://www.angloeastern.co.uk/.
This information is provided by RNS, the news service of the
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END
IR PPUCURUPPGUA
(END) Dow Jones Newswires
August 25, 2022 06:06 ET (10:06 GMT)
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