TIDMCMB
RNS Number : 1475C
Cambria Africa PLC
16 June 2021
Cambria Africa Plc
("Cambria" or the "Company")
Audited FY 2020 Results ("the Results"):
Loss per Share of (0.07) US cents and NAV of 1.18 US cents
Cambria Africa PLC ( AIM: CMB ) ("Cambria" or the "Company")
announces its audited results for FY 2020. Audited Financial
Statements are available on the Company's website (
www.cambriaafrica.com ) and will be sent to shareholders
tomorrow.
As a result of the publication of the Audited Financial
Statements the Company's ordinary shares will be restored to
trading on AIM at 7.30 a.m. on 17 June 2021.
A Loss Attributable to Cambria Shareholders of $408,000 (0.07 US
cents per share) was recorded for FY 2020. The Company's
subsidiaries in Zimbabwe continued to operate above breakeven in
both EBITDA and accounting profit despite the significant shrinkage
in its revenue footprint by 74% from US $4.99 million in 2019 to US
$1.32 million 2020. The Company's subsidiaries are expected to
continue reporting at breakeven levels in FY 2021. The bulk of the
Company's FY 2020 consolidated losses stem from Central Costs of
USD $224,000 (4% above 2019 levels), the impact of foreign currency
translation losses on monetary assets, and a drop in the value of
marketable securities.
Net Equity (NAV) fell by 13% from US $7.39 million in FY 2019 to
$6.4 million FY 2020 (1.18 US cents per share). The bulk of this
loss was attributable to foreign currency translation losses of
$511,000, and impairment to the carrying value of Radar Holdings
Limited and Old Mutual Limited shares.
FY 2020 Results highlights:
12 Months (US$'000) 20 20 20 19 Change
------------------------------------------------ --------- -------- --------
Group:
( 7
- Revenue 1,319 4,996 4%)
( 61
- Operating Costs 845 2,155 %)
- Consolidated EBITDA (before exceptional ( 92
items) 160 2,047 %)
- Consolidated (Loss)/Profit after tax (470) 1,662 (>100%)
- (Loss)/Profit after tax attributable
to shareholders (excluding minority interest) (408) 1,405 (>100%)
- Central costs 224 216 4%
( >100%
- (Loss)/Earnings per share - cents ( 0. 07) 0. 26 )
(13
- Net Asset Value (NAV) 6,423 7,390 %)
1. 3 (13
- NAV per share - cents 1. 18 6 %)
Weighted average shares in issue ('000) 544.576 544,576 -
Shares in issue at year-end ('000) 544,576 544,576 -
Divisional:
- Payserv - consolidated profit after tax ( 98
("PAT") 34 1,702 %)
( 89%
- Payserv - consolidated EBITDA 222 2,030 )
- Millchem - EBITDA 140 190 (29%)
- Group Highlights:
-- Net Equity (NAV) decreased by 13% from US $7.39 million (1.36
US cents per share) to US $6.4 million (1.18 US cents per
share).
-- Group Finance costs rose by 17.6% to $60,000 in FY 2020 from
$51,000 in FY 2019 after falling 80% from $252,000 in FY 2018.
Finance costs are expected to decrease significantly in FY 2021
following the reduction of loans outstanding by over $400,000 after
the end of the reporting period.
-- Revenues declined by 74% to $1.32 million while operating
costs declined by 61% to $845,000. As a result of careful cost
management, the Company has managed to avoid significant losses
from the shrinkage of its revenue as a consequence of COVID and its
inability to regain traction for its bulk payment and clearing
software for banks.
-- Cambria's Attributable PAT (Profit After Tax) turned negative
at $408,000 (0.07 cents per share) as operations edged towards
breakeven and Central Costs associated with its listing and
interest expense rose marginally by 4% from $216,000 to $224,000.
The balance of the loss was associated with hyperinflationary
adjustments, and foreign currency translation, the loss of value in
marketable securities (Old Mutual Limited) and a fair value
adjustment to our investment in Radar Holdings Limited.
-- Consolidated EBITDA before fair value adjustments to
investments and marketable securities remained in positive
territory at $160,000 but declined by 92% from $2.05 million in FY
2019.
-- Cambria's central costs increased by $8,000 to $224,000 in FY
2020. Cambria's CEO and Directors rendered services to Cambria
without compensation during FY 2020.
-- The Statement of Comprehensive Income includes a foreign
currency translation adjustment (loss) of $5 11 ,000 attributable
to Cambria.
- Divisional Highlights
-- Payserv Africa's subsidiary, Paynet Zimbabwe, attempted to
recover from its dispute with Zimbabwe banks by providing services
to EcoCash. Paynet withdrew its services to EcoCash when it became
apparent that transaction charges had diminished to an uneconomic
level. Subsequent and unrelated to Paynet's withdrawal, EcoCash and
other mobile payment operators were barred by the authorities from
participation in bulk payments.
-- Tradanet (Pvt) Ltd, Paynet Zimbabwe's 51% held subsidiary,
continued to provide loan management services to CABS, the
country's largest building society. Due to the devaluation of the
country's currency from ZWL10.71/USD on 31 August 2019 to ZWL
83.4/USD on 31 August 2020, the salary-based loans and the income
from loans, revenues and profits while above breakeven, fell to
negligible values in US dollar terms.
-- Autopay, Paynet Zimbabwe's payroll processing division, while
mending fences with one of its primary suppliers Paywell South
Africa, and maintaining profitability, saw a significant shrinkage
in its revenue base during the COVID pandemic and lost customers to
former employees who had been granted Paywell licensing rights.
Subsequent to the end of the Fiscal Year, Autopay has hired a new
management team with extensive payroll experience and established
an independent contract relationship with payroll managers on a
pure profit share basis.
-- Millchem exited the industrial chemical sector and focused on
the sanitizer sector. While its anticipated penetration in this
market through a joint venture with Merken was not as lucrative as
hoped, the new focus remains marginally profitable.
Net Equity (Net Asset Value)
Given the lag between the publication of these results as a
result of the impact of COVID and the continued and significant
shrinkage of the Company's subsidiary operations, the balance of
the RNS will focus on discussing prospects for its subsidiaries in
FY 2021 and changes in the Company's NAV since FY 2019 and the
expected impact on NAV into FY 2021.
Components of Loss to NAV in 2020
The Group reported a drop of $9 67 ,000 in NAV to $6.4 million
(1.18 US cents per share) in August 20, compared to $7.39 million
(1.36 U S cents per share) at 31 August 2019.
This decrease has been caused by the following material
factors:
- Fair value adjustment to the indirect investment in Radar from
40 US cents to 35 US cents per share resulting in a $229,000
reduction to NAV net of minority interests.
- Reduction in the carry value of Old Mutual Limited shares by
$50,000 which were suspended on the Zimbabwe Stock Exchange
(ZSE).
- Foreign Currency Translation loss of $5 11 ,000 from the
deterioration of the official bank rate from ZWL 10.71/USD on 31
August 2019 to 83.4/USD on 31 August 2020. The components are as
follows:
-- $,200,000 translation loss by applying IAS 29 (Financial
Accounting in Hyperinflationary Economies) - This adjustment
effectively reduced subsidiary profits of US $133,000 to a loss of
US $67,000 when the monetary assets generated were translated at
ZWL 83.4/USD.
-- $255,000 translation loss against ZWL denominated monetary
assets carried forward from the FY 2019 Statement of Financial
Position.
-- $56,000 translation loss against funds deposited with the
Reserve Bank of Zimbabwe (RBZ) and denominated in ZWL at parity to
the US dollar against a time-indeterminate receivable of US $1.39
million from the RBZ.
-- A reduction of $74,000 caused by application of IFRS 10,
paragraph 23 on the additional interest acquired in Radar.
-- Central costs of US $224,000 including interest charges of
US$ 47,000 and listing related expenses of US$103,000. The CEO and
Directors continue to serve the company without compensation and to
reduce interest costs, the majority of loans outstanding to VAL
have been repaid (US$ 400,000) subsequent to the end of the Fiscal
Year.
Components of NAV at 31 August 2020
The Group NAV of $6.4 million as at the end of FY 2020 consists
of the following tangible and intangible assets:
Building and properties valued at $2.5 million. Management
believes this is a realizable value in US dollars for the Paynet
office headquarters building and the prominently positioned plot
adjacent to it. Management believes this valuation remains valid
and realizable as at the date of this publication
Indirect shareholding of 9.74% of Radar Holdings Limited (4.98
million shares) valued at US $1.743 million (net of minority
interests) or 35 US cents per share. Radar announced a NAV per
share as at the end 30 June 2020 of ZWL 3,821. As at 30 June, 67 US
cents at the official rate of 57.3582 ZWL/USD and 38.21 US cents
per share at the parallel rate of 100 prevailing on that date
according marketwatch.co.zw archives. Based on explanation of the
adverse audit opinion issued by PWC in respect of the Radar June
2020 Financial Statements, we believe the most accurate valuation
of Radar's NAV in USD is to divide by the official rate of ZWL/USD
since the official rate was used to obtain the ZWL rates in the
Radar Statement of Financial Position. Either way, the per share
valuation of 35 US cents on Cambria's Statement of Financial
Position is conservative. An excerpt from PWC adverse opinion on
the Radar's June 2020 Financial Statement follows (emphasis
added):
Valuations rely on historical market evidence for calculation
inputs. ...market evidence for inputs on buildings including
transaction prices for comparable properties, rentals, and costs of
construction were available in US$ at 30 June 2019 when the
independent valuer performed the valuation. The directors performed
the valuation as at 30 June 2020 and used the same USD inputs. In
order to determine the ZWL$ values of the property and equipment
and investment property as at 30 June 2020, US$ inputs were used
and then translated into ZWL$ using the closing interbank exchange
rate . The application of a conversion rate to US$ valuation inputs
to calculate ZWL$ property value is not an accurate reflection of
market dynamics as the risks associated with currency trading do
not reflect the risks associated with property trading. In
addition, as at 30 June 2020 the US$ inputs for valuation were
translated using the interbank rate which is not considered an
appropriate spot rate for translation as required by IAS 21. It was
not practicable to quantify the financial effects of this matter on
the financial statements.
While the above is cryptic, management's conclusion is that the
valuation started in US dollars and was converted at an inflated
value for ZWL - hence should be converted back by the same inflated
value (57.3582 ZWL/USD) yielding a maximum possible value of
Cambria's indirectly held Radar Shares of US $3.34 million. This
optimistic valuation should be tempered by the fact that Cambria
remains a minority shareholder in Hinshaw. Management believes that
this valuation continues to be realizable as at the publication of
this annual report.
USD Cash and Cash Equivalents - cash net of liabilities outside
Zimbabwe totalled $1.4 million at the end of FY 2020 and this
number is $1.3 million as at the 31 May 2021. A further US $50,000
was held in cash and US dollar denominated accounts in Zimbabwe.
The reduction of debt to VAL by $400,000 after the end of the
financial year will significantly reduce interest costs and protect
the remaining cash balances outside Zimbabwe. The liquidation of
various assets which commenced at the beginning of FY 2021 should
net the company a minimum of US $130,000. In valuing the Company's
realizable NAV, we are placing a zero value on the remaining net
monetary assets in Zimbabwe whose value will be to finance the
majority of the subsidiary working capital.
Old Mutual Limited shares - the Company holds 204,047 Old Mutual
Limited common shares suspended on the Zimbabwe Stock Exchange
(ZSE) and valued on its FY 2020 Statement of Financial Position at
US $200,000 based on the closing price of Old Mutual Limited on the
ZSE at suspension. Should the Company be able to repatriate these
shares to Johannesburg Stock Exchange where it purchased them or UK
where these shares continue to trade, their value as at 28 May 2021
based on 73.34 p (LSE) per share is the equivalent of US $211,500.
The Company has expressed its displeasure with the lack of
proactive shareholder support on the part of Old Mutual Limited
(OMU) to reverse the probably illegal suspension of Old Mutual
shares on the ZSE which has been tantamount to the confiscation of
Cambria's funds. The Company has also approached the Zimbabwe
Ministry of Finance and the Reserve Bank of Zimbabwe to request
that it be allowed to repatriate the shares it brought into the
country to guarantee its intentions to increase its direct and
indirect shareholding of Radar Holdings.
Blocked/Legacy funds of US $1.39 million. This asset sits on the
books at approximately $16,000 due to the official devaluation of
the ZWL from parity to 10.71/USD to the current level of 85/USD.
Management successfully negotiated with the Reserve Bank of
Zimbabwe the payment at parity of $1.25 million and carried the
same on its books at the end of FY 2019 because Cambria had a time
determinate commitment from the Reserve Bank Governor, Dr. John
Mangudya, which was honoured in full during FY 2020. Hence there is
reason to believe that the appropriate and conservative approach of
converting these blocked funds at the prevailing exchange rate may
be a significant underestimate of their realizable value. The
Company intends to negotiate with the RBZ to achieve a win-win
outcome.
Goodwill of US $717,000. The Company has a goodwill value of
$717,000 on its Statement of Financial Position at the current
time. The Company believes this is a fair assessment of its
intangible assets. Despite the shrinkage of Paynet's operations, it
continues to maintain turnaround opportunities in Tradanet and
Autopay when salary levels and market penetration recovers.
Further, it has been apparent that Paynet's technology which was
deployed by the majority of the country's banks to process bulk
salary and merchant payments as well as to clear large transactions
between banks on a gross settlement basis, is yet to be substituted
by a robust inter-platform technology. This FinTech which processed
close to 25 million transactions annually and produced revenues of
over $7 million per annum remains the most cost-effective solution
for the banking industry. The Board of Paynet has approved
licensing an unlabelled version of the product if favourable
transaction terms can be established with a reputable licensor.
The above analysis results in an estimated $6,756,000 (1.24 US
cents per share) in NAV and $6,039,000 (1.11 US cents per share) in
tangible NAV ((excluding Goodwill). This estimate can be adversely
or positively impacted by the following factors:
- Central costs including interest expenses. These costs will
fall in FY 2021 by at least $50,000 from current levels of $224,000
in FY 2020.
- Commercial Property Values in Zimbabwe. Currently property
values in US dollars have been buoyant and this may well not be
reflected in the Company's property valuations. Much will depend on
government's economic and political policies post-COVID
lockdowns.
- Recovery of Legacy/Blocked Funds at or near parity - this
could add 10 US cents per share to NAV.
- The value of Radar shares. The Company believes that 35 US
cents is a fair realizable value for Radar shares but as this is
highly corelated to residential property values and activity - much
of which is fuelled by diaspora funds - post COVID these values can
increase dramatically.
- Monetizing of Payserv Africa's intellectual property through licensing or equity transfer.
Based on the above analysis the Company believes its tangible,
intangible and realizable NAV are not subject to significant
negative shocks and probably the beneficiary of some positive
outcomes.
Chief Executive's Report
I would like to use this opportunity to reflect on the history
of VAL's investment in Cambria, the outlook for Zimbabwe's economy
where a significant part of Cambria's assets are held, and finally
what I believe that Cambria's shareholders can look forward to.
With the benefit of hindsight it is still hard to know if the
loss of business and shareholder value that Cambria has suffered
since the introduction of a local currency in February 2019 could
have been avoided. I have personally and beneficially invested US
$5.5 million in Cambria Africa since VAL's subscription in 2015 and
I know many shareholders have also increased their shareholdings
during my tenure in tandem. Today the market capitalization of the
Company barely hovers around US $2.5 million despite a NAV that is
more than double that figure.
Cambria remains with some hard assets and cash, as well as what
I believe continues to be valuable intellectual property. While I
continue to believe we have a cause for legal action for the events
which eliminated us from direct participation in Zimbabwe's
payments market, the cost-benefit given our financial resources
must be questioned without the benefit of litigation finance.
The original intention of VAL subscribing to Cambria's shares
was to leverage an expected resurgence in Zimbabwe's economy,
buoyed by the prospects of economic and political reform in 2017.
Personally, I remain the beneficial owner of a number of
properties, one of which is Leopard Rock Hotel - all these
properties are in Zimbabwe. My cash resources have fallen to six
figures. The point is not despair. The point is that having never
taken compensation from Cambria, my interests have always been and
continue to be aligned with all Cambria shareholders.
With COVID impacting employees and businesses across the world,
Zimbabwe was no exception. On the other hand nothing that convinced
me of the potential that Zimbabwe holds for an explosive economic
recovery has changed. The country's natural and human resources are
beyond description. If the correct economic prescription is
applied, its potential will certainly be realized. On a personal
note, I have always felt this would only start to happen once
Zimbabwe is invited to and accepts to join the Southern African
Common Customs Union (as opposed to free trade pacts). The
investment benefits to Zimbabwe would far outweigh the costs of
such an outcome, which I hope would be an eventuality. Further,
truly embracing market economics and preventing anti-competitive
behaviour, such as those which put Paynet out of payments business
despite its clear advantages for the industry and the consumer,
would go a long way in re-establishing long-term investor
confidence as opposed to short term opportunism.
I have always remained optimistic that the correct economic
solutions will prevail. Unfortunately, the gulf between the market
value of Zimbabwe's recently adopted currency, the ZWL and the
"auction rate" has perpetuated. The auction rate has
unrealistically been managed at a less than 2% variance since the
end of Cambria's FY 2020 while the market rate has risen by 25% (an
achievement in itself). An auction is meant to allocate resources
through a market mechanism and by definition should have minimal
regulation or interference with the process. Clearly, the "auction
rate" is an allocation at a fixed band based on established
priorities as opposed to a market clearing mechanism which would
bring the needed efficiencies to trade and finance. Recent
legislation limiting the ability of merchants to price goods in US
dollars at a rate other than the "auction rate" only emphasizes
this incongruity and will exacerbate it.
In my last report, I stated, "As long as Zimbabwe is unable to
allow market forces to determine optimal economic allocation,
foreign direct investment will elude most sectors of the economy
which are not export oriented." This statement remains as valid now
as it was then. The special interests which skew this allocation
are not justification enough for holding off the prosperity of this
otherwise thriving and productive nation.
Despite the failure to leverage market forces to strengthen its
economy, Zimbabwe has achieved an admirable record for combatting
COVID as the virus devastated its neighbour, South Africa. It has
been a leader on the continent in making vaccinations available to
its citizens and residents. The country remains in many ways a star
of Africa, with agriculture and mining resurging. But for the twist
of fate that COVID brought, tourism would also have become an ever
stronger pillar of the nation's economy. Agriculture and Mining
have contributed significantly to aggregate demand and created new
opportunities in the market.
In this context, while it may be too late to impact the earning
potential of its subsidiaries, Cambria may well succeed in
realizing better values for its assets, while finding opportunities
to increase shareholder value and liquidity. This would be a
consequence of possible mergers, licensing, joint ventures, and
investments which are still within the realm of possibilities.
Since the end of FY 2019 the focus has been to stop the downsizing
from causing a haemorrhage of expenses. We have successfully - very
successfully achieved that objective considering the magnitude of
the drop in our revenues. We remain with substantial cash and near
cash assets and depending on the opportunities which present
themselves, we can invest these assets and more.
I am mindful that realizing our NAV and distributing it might be
an option, but I'm personally loathe to removing the potential
liquidity and access to investment that a public listing holds. As
the Chief Executive of the Company and its largest beneficial
shareholder, I fully intend to exhaust all avenues to create value
for all shareholders while remaining listed. I intend to work
closely with our board which has seen Cambria beat back years of
losses and emerge into profitability. To this day Cambria remains
EBITDA profitable - a feat it simply never achieved before VAL's
involvement. The Company intends to jealously guard and monetize
its remaining asset base while exhaustively searching for possible
investments which dislocations and disruptions create.
So while we have significantly downsized, because we have had
to, and we have emphasized the Company's NAV in this report, we
have neither withdrawn from, nor do we intend to withdraw from
actively pursuing investments and value maximizing strategies. As
fellow shareholders, we remain with real and realizable value and
many windows of opportunity which can arise from our cash
holdings.
Samir Shasha
16 June 2021
Contacts
Cambria Africa Plc www.cambriaafrica.com
Samir Shasha +44 (0)20 3287 8814
WH Ireland Limited https://www.whirelandplc.com/
James Joyce / Matthew Chan +44 (0) 20 7220 1666
Cambria Africa Plc
Audited consolidated income statement
For the year ended 31 August 20 20
Audited Audited
31-Aug- 31-Aug-
20 19
US$'000 US$'000
--------------------------------------------------- ----------------- -----------------
Revenue 1,319 4,996
( 983
Cost of sales ( 519 ) )
---------------------------------------------------- ----------------- -----------------
Gross profit 800 4,013
Operating costs ( 845 ) ( 2,155)
Other income 55 66
Exceptionals ( 375 ) ( 72
---------------------------------------------------- ----------------- -----------------
Operating profit/(loss) (365) 1,852
Finance income 1 11
Finance costs ( 60 ) ( 51 )
( 40
Net finance costs ( 59 ) )
---------------------------------------------------- ----------------- -----------------
Profit/(loss) before tax (424) 1,852
( 150
Income tax ( 46 ) )
---------------------------------------------------- ----------------- -----------------
Profit / (loss) for the year (470) 1,662
==================================================== ================= =================
Attributable to:
Owners of the company (408) 1,405
Non-controlling Interests (62) 257
Profit / (loss) for the year (470) 1,662
==================================================== ================= =================
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share ( 0. 07 0. 26
(cents) c ) c
Earnings/(loss) per share - continuing operations
Basic and diluted earnings/(loss) per share ( 0. 07
(cents) c ) 0.26 c
Weighted average number of shares 544,576 544,576
Cambria Africa Plc
Audited consolidated statement of comprehensive income
For the year ended 31 August 20 20
Audited Audited
31-Aug- 31-Aug-1
20 9
US$'000 US$'000
-------------------------------------------------- -------- ---------
Profit / (loss) for the year (470) 1,662
Other comprehensive income
Items that will not be reclassified to Statement
of Profit or Loss:
Revaluation of property, plant and equipment - -
Related deferred tax adjustment - -
Increase in investment in subsidiary - impact
on equity ( 74 ) (164)
Foreign currency translation differences for
overseas operations (511) 251
Total comprehensive (loss) / profit for the
year (1,055) 1,749
=================================================== ======== =========
Attributable to:
Owners (993) 1,492
Non-controlling interests (62) 257
Total comprehensive (loss) / profit for the
year (1,055) 1,749
=================================================== ======== =========
Cambria Africa Plc
Audited consolidated statement of changes in equity
For the year ended 31 August 20 20
Foreign
Share Share Revaluation Exchange Accumulated Non-controlling
US$'000 Capital Premium Reserve Reserve Losses NDR Total Interest Total
------------------ -------- -------- ------------ ----------- ------------ ------ ------ ---------------- --------
(7
Balance at 1 (10, 5 ,
September 201 8 77 8 8,459 602 645 ) 109) 2,371 5,755 991 6,746
Profit for the
period - - - - 1,405 - 1,405 257 1,662
Increase in
investment in
subsidiary
- impact on
equity - - - - (164) (164) (235) (399)
Transfer between
reserves - IAS 29
application - - (602) - 602 - - - -
Foreign currency
translation
differences
for overseas
operations - - - 251 - - 251 - 251
Foreign currency
translation
differences
for overseas
operations - NCI - - - 143 - - 143 (143) -
-------- -------- ------------ ----------- ------------ ------ ------ ---------------- --------
Total
comprehensive
profit for the 1,8
year - - (602) 394 43 - 1,635 (121) 1,514
Contributions
by/distributions
to
owners of the
Company
recognised
directly in
equity -
Deferred tax
adjustment - - - - - - - -
Issue of ordinary
shares (net of
share issue
costs) - - - - - - - -
Transfers between
reserves - - - - - - - - -
Dividends paid to ( 123
minorities - - - - - - - ) ( 123)
NCI on purchase
of A F Philip &
Company - - - - - - - - -
Total
contributions by
and distributions
to owners of the
Company - - - - - - - (123) (123)
(7
Balance at 31 (10, 3,266
August 201 9 77 88,459 - 251 ) ) 2,371 7,390 747 8,137
=================== ======== ======== ============ =========== ============ ====== ====== ================ ========
Foreign
Exchange
Reserve
Share Share Revaluation Continuing Accumulated Non-controlling
US$'000 Capital Premium Reserve Operations Losses NDR Total Interest Total
------------------ -------- -------- ------------ ----------- ------------ ------ ------ ---------------- --------
(
Balance at 1 (10, 73,266
September 201 9 77 88,459 - 251) ) 2,371 7,390 747 8,137
-------- -------- ------------ ----------- ------------ ------ ------ ---------------- --------
Profit for the
period - - - - (408) - (408) (62) (470)
Increase in
investment in
subsidiary
- impact on ( 74 ( 7 ( 211
equity - - - - ) 4) (137) )
Transfer between
reserves - IAS 29
application - - - - - - - - -
Foreign currency
translation
differences
for overseas
operations - - - (511) - (511) - (511)
Foreign currency
translation
differences
for overseas
operations - NCI - - - 26 - 26 (26 ) -
-------- -------- ------------ ----------- ------------ ------ ------ ---------------- --------
Total
comprehensive
profit for the ( 225
year - - - (485) (482) - (967) ) (1,192)
Contributions
by/distributions
to
owners of the
Company
recognised
directly in
equity -
Dividends paid to ( 26 ( 26
minorities - - - - - - - ) )
Total
contributions by
and distributions
to owners of the ( 26 ( 26
Company - - - - - - - ) )
(73,
Balance at 31 (10, 748
August 20 20 77 88,459 - 736) ) 2,371 6,423 496 6,919
=================== ======== ======== ============ =========== ============ ====== ====== ================ ========
Cambria Africa Plc
Audited consolidated and company Statements of Financial
Position
As at 31 August 20 20
Audited Audited
Group Group
31-Aug- 31-Aug-
20 19
US$'000 US$'000
----------------------------------------------- --------- ---------
Property, plant and equipment 2, 604 2,757
Goodwill 717 717
Intangible assets 1 2
Investments in subsidiaries and investments
at fair value 2, 228 2,546
Financial assets at fair value through profit
and loss 201 -
Total non-current assets 5,751 6, 022
------------------------------------------------ --------- ---------
Inventories 102 2 86
Financial assets at fair value through profit
and loss 16 496
Trade and other receivables 151 481
Cash and cash equivalents 1, 896 1,920
Total current assets 2,165 3,183
------------------------------------------------ --------- ---------
Total assets 7,916 9,205
================================================ ========= =========
Equity
Issued share capital 77 77
Share premium account 88,459 88,459
Revaluation reserve - -
Share based payment reserve - -
(10, 736
Foreign exchange reserve ) (10, 251
Non- distributable reserves 2,371 2,371
(7 3 , (7 3 ,
Retained losses 748) 266)
------------------------------------------------ --------- ---------
Equity attributable to owners of the company 6,423 7,390
Non-controlling interests 496 747
Total equity 6,919 8,137
================================================ ========= =========
Liabilities
Loans and borrowings - 49
Trade and other payables 22 1 8
Provisions 1 8
Deferred tax liabilities 193 2 04
Total non-current liabilities 216 279
------------------------------------------------ --------- ---------
Current tax liabilities 38 2 4
Loans and borrowings 509 503
Trade and other payables 234 262
------------------------------------------------ --------- ---------
Total current liabilities 781 789
------------------------------------------------ --------- ---------
Total liabilities 997 1,068
================================================ ========= =========
Total equity and liabilities 7,916 9,205
================================================ ========= =========
Cambria Africa Plc
Audited consolidated statement of cash flows
For the year ended 31 August 20 20
Audited Audited
31-Aug- 31-Aug-
20 19
USS'000 USS'000
---------------------------------------------------- -------- --------
Cash from/(utilized in) operations 605 70
Taxation paid ( 43 ) (6 21 )
----------------------------------------------------- -------- --------
Cash from/(used in) operating activities 562 (551)
----------------------------------------------------- -------- --------
Cash flows from investing activities
Proceeds on disposal of property, plant and
equipment 37 53
Purchase of property, plant and equipment - ( 18 )
Net proceeds from marketable securities 226
Other investing activities ( 210) ( 844 )
Interest received 1 11
----------------------------------------------------- -------- --------
Net cash generated/(utilized in) investing
activities 54 ( 798 )
----------------------------------------------------- -------- --------
Cash flows from financing activities
Dividends paid to non-controlling interests ( 26 ) ( 123 )
Interest paid ( 60 ) (51)
Proceeds from issue of share capital - -
Loans repaid (88) (2 77 )
Loans raised 45 210
----------------------------------------------------- -------- --------
Net cash (utilized in) / from financing activities ( 129 ) ( 241 )
----------------------------------------------------- -------- --------
Net increase / (decrease) in cash and cash
equivalents 487 (1,590)
Cash and cash equivalents at the beginning
of the Period 1,920 3,259
Foreign exchange (511) 251
Net cash and cash equivalents at 31 August 1, 896 1,920
===================================================== ======== ========
Cash and cash equivalents as above comprise
the following
Cash and cash equivalents attributable to
continuing operations 1, 896 1,920
Net cash and cash equivalents at 31 August 1, 896 1,920
===================================================== ======== ========
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END
FR DKABQQBKDQAD
(END) Dow Jones Newswires
June 16, 2021 11:30 ET (15:30 GMT)
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