REG - Agriterra Ltd - Interim Results
14/12/2022 10:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221214:nRSN6852Ja&default-theme=true
RNS Number : 6852J Agriterra Ltd 14 December 2022
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
Agriterra Limited / Ticker: AGTA / Index: AIM / Sector: Agriculture
Agriterra Limited ('Agriterra' or the 'Company')
Interim Results
Agriterra Limited, the AIM listed African agricultural company, announces its
unaudited results for the six months ended 30 September 2022.
Chair's Statement
I am pleased to provide an update on our performance in the first half of the
2023 financial year ('HY-2023'). These results will be made available on the
Company's website.
Operational update
Grain division
The Grain division commenced the period with more than 7,000 tons of maize in
silos valued at MZN 87.5 million (US$ 1.4 million) which was not milled in the
prior year due to low sales volumes caused by cheap raw maize imports flooding
the informal market.
Grain strategy was revised with the main objective being to reduce the level
of debt, thus allowing grain division to break even by:
· Reducing finance costs,
· Further cost reductions amounting to MZN 3m (US$ 47,000) per
month.
· Building on prior year operating initiatives such as:
o Buying cheap maize during the harvest period.
o Ensuring maize meal extraction rates remain above 78%.
o Milling from Compagri which has access to cheaper maize.
In August 2022, Grain division bank debt was refinanced with a shareholder
loan amounting US$ 6.1 million which reduced finance costs by MZN 6 million
(US$ 90 000) per month. In addition, the Grain division managed to cut MZN 2
million (US$ 31,000) operational costs of the targeted MZN 3 million (US$
47,000) by September 2022.
Grain division sales volumes were in line with the prior year at 7,947 tons
(HY-2022: 7,981 tonnes) generating revenue of US$ 3.6 million (HY-2022: US$
3.6 million). Meal sales volume were ahead of the budget of 7,563 tons
(HY-2022: 12,530 tons). Budgeted volumes have been reduced, as compared to
prior period, to avoid unnecessary interest and stock holding expenses.
An additional US$ 1.5m shareholder loan was secured, to fund maize working
capital for the season. The business, as at 30 September 2022, has in silo a
total stock of 7,444 tons of maize (HY-2022: 18,942 tons), which will be
rolled over continuously to fund maize requirements through to April 2023.
This will necessitate the purchase of a further 5,000 tons to meet the milling
requirements until the next harvest.
Operating costs decreased by US$ 0.2m to US$ 0.5m following a further
aggressive cost cutting exercise. EBITDA decreased to US$ 0.1m (HY-2022:
EBITDA of US$ 0.2m) due to a higher cost of maize as compared to the prior
year. Average cost of maize is 19% higher than prior year at US$ 227 per ton
(HY-2022: US$ 191 per ton). Finance costs increased to US$ 0.8m (HY-2022: US$
0.7m) and depreciation cost remained constant at US$ 0.25m. Grain incurred a
loss of US$ 0.87m for the 6 months period ending 30 September 2022 (HY-2022:
Loss US$ 0.75m).
In response to the shrinking margins, Grain division is evaluating alternative
ways of sourcing maize and increasing other milling revenues. The following
mitigating actions have been implemented:
· Reduce finance costs and stock holding costs by borrowing less
and rolling over maize inventories equivalent to US$ 1.5 million;
· Sourcing milling services from non-governmental organisations. As
at 30 September, Grain division won a contract to mill 600 tons of maize for
World Food Programme (WFP); and
· Further extend the service milling to commercial customers.
Beef division
Improvement in the performance of the Beef division has been limited by a
shortage of animals in the feedlot due to a lack of working capital. At the
beginning of the period, the feedlot had 1,334 animals operating at 44% of the
feedlot capacity.
The number of animals dropped to 961 by July 2022 in response to stronger
customer demand. In August 2022, Beef division received an advance amounting
to US$ 300,000 as working capital funding for the purchase of animals. The
advance enabled Beef division to purchase 1,000 animals and sales volumes are
expected to increase within 90 days, and this will enable Beef division to be
profitable thereafter.
As at 30 September 2022, Beef division had 1,513 animals and cash resources
which can buy an additional 400 animals. With the additional funding, Beef
division will be able to operate at 64% of the feedlot capacity.
Beef division generated US$ 1.7m revenue resulting in an increase of US$ 0.2m
as compared to same period last year. 455 tons of beef were sold during the
period (HY-2022: 452 tons) compared to a budget of 653 tons. Cumulative gross
profit of 23.49% was achieved (Budget: gross profit of 25.24%). This is the
second year Beef division has achieved gross profit above 20% due to the
following measures which were implemented:
· Effective monitoring of animal travel mass losses;
· Careful selection and purchase of healthy animals with high
growth potential by the farm manager;
· Aggressive pricing to meet customer demand;
· Consistent monitoring animal meat dress out ratio to achieve a
minimum of 52% of the animal weight;
· Streamlining processes and reducing costs.
Operational loss for the period decreased from US$ 0.276 million to US$ 0.264
million as compared to prior year. Finance costs decreased to US$ 27,000
(HY-2022: US$ 29,000) and the loss after tax decreased to US$ 0.272m (HY-2022:
loss US$ 0.284m).
Beef division is creating several revenue streams by diversifying and/or
creating new markets. The following initiatives are increasing revenue for the
Beef division:
· Diversifying into the supply of goat meat. The challenge being
faced is to secure sustainable supply of goats to meet customer demand.
Management is searching for new areas to buy goats to meet the demand.
· Pushing more carcass sales to supermarkets in northern
Mozambique, where the imported South African meat cannot be supplied at
competitive rates.
· Offering of a new economy cut stewing meat package for retailers
to purchase and sell in smaller portions in the informal markets. This is
proving to be very popular, and the sales are increasing rapidly each month,
driving up the value attributed to each carcass.
· Commenced the production of free-range pigs at the farms to
improve farm productivity and reduce cost per kg. As at 30 September 2022,
Mozbife has 162 pigs. Beef division is targeting to slaughter 40 pigs per
month which will produce 5 tons of pork per month from April 23 onwards.
Snax Division
The Snax division has seen strong market penetration reflecting a superior
quality product and has been operating above 75% of the installed plant
capacity. In August 2022, Snax division purchased a new extruder to increase
the production capacity from 110 000 bales to 150 000 bales per month. The new
extruder has been funded by internally generated funds and Snax division has
plans to expand into new geographical markets in Mozambique.
Snax division generated US$ 1.3m revenue (HY-2022: US$ 0.7m). Mozambique has
not been immune to global price pressures which have affected the cost of
cooking oil, fuel and packaging materials. Consequently, gross margin
decreased from 32% to 19.60% as compared to prior year. However, due to
significant increase in sales volumes, gross profit increased from US$ 206,629
to US$ 250,165. Operating expenses increased by US$ 63,925 due to a 5%
management fee payable to Grain division. DECA Snax is a joint venture and
based on International Financial Reporting Standards, revenue is not
consolidated but the profit portion attributable to the group is included as
share of profit in equity accounted investee in the Consolidated Income
Statement.
Deca Snax reported a profit of US$ 70,000 (HY-22: US$ 94,000) and the group's
share of profit in equity accounted investee is US$ 35,000 (HY-22: US$
47,000).
Group Results
Group revenue for the half-year ended 30 September 2022 increased by 2% to US$
5.0m (HY-2022: US$ 4.9m). As a result of increase in the cost of fuel and
packaging in all divisions, gross profit decreased to US$ 1.1m (HY-2022: US$
1.3m) achieving a group gross margin of 22% (HY-2022: Gross margin of 27%).
Aggressive cost cutting in Grain and Beef division decreased operating
expenses from US$ 1.9m to US$ 1.6m as compared to prior period. Decrease in
the operating expenses mitigated the decrease in gross profit and operating
loss decreased to US$ 466,000 from US$ 510,000.
Finance costs increased by 28% to US$ 0.918m (HY-2022: US$ 0.715m).
Significant decrease in finance cost is expected from October 2022 to March
2023 resulting from the refinancing of external bank debt with the shareholder
loans amounting in total to US$ 7.9m. At least a US$ 0.5 million saving is
expected by year end.
During the period, inventories have decreased by US$ 0.051m to US$ 2.125m as
compared to 31 March 2022. Grain division is keeping low inventory levels as a
result of the revised strategy to reduce stock holding cost and finance cost
in Grain division. Net debt at 30 September 2022 was US$ 10.9m (31 March 2022:
US$ 10.7m).
Outlook for H2-2023
The Grain business is entering H2-2023 with over 7,000 tons of grain in silo
which is not sufficient to take us to the next harvest and the strategy is to
rollover the working capital until we link to the next grain buying season.
This will reduce finance cost for the group as well as stock holding expenses.
On the other hand, Beef division has already set the platform for ramping up
operations and will increase feedlot capacity utilisation to 64%. All
divisions have been striving to be self-sustaining at low-capacity utilisation
and now are expanding into profitable operations as volumes increase after
rightsizing. Management will continuously monitor operations for profitability
and seize new market opportunities creating a group basket of products to
effectively lower overheads per product in the medium to long term.
Grain remains the core group business and management will seek to add value by
creating additional product lines building on the success of Deca Snax.
Additionally, for the FY-23 period, we are working on a financing programme to
rebuild the beef stocks and to improve our overall distribution of products
for Deca Snax and Mozbife.
CSO Havers
Chair
14 December 2022
For further information please VISIT www.agriterra-ltd.com or contact:
Agriterra Limited Strand Hanson Limited
Caroline Havers caroline@agriterra-ltd.com Ritchie Balmer / James Spinney / David Asquith Tel: +44 (0) 207 409 3494
Peterhouse Capital Limited
Eran Zucker/Lucy Williams/Duncan Vasey Tel: +44 (0) 207 7469 0934
Consolidated statement of profit or loss and other comprehensive income
Consolidated income statement
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
Note $000 $000 $000
CONTINUING OPERATIONS
Revenue 2 4,964 4,869 10,277
Cost of sales (3,883) (3,512) (7,715)
(Decrease)/Increase in fair value of biological assets - (32) 1
Gross profit 1,081 1,325 2,563
Operating expenses (1,603) (1,900) (3,490)
Other income 56 57 86
Profit on disposal of property, plant and equipment - 8 20
Operating loss (466) (510) (821)
Net finance costs 3 (918) (715) (1,627)
Share of profit in equity-accounted investees, net of tax 35 47 55
Loss before taxation (1,349) (1,178) (2,393)
Taxation - - 123
Loss for the period 2 (1,349) (1,178) (2,270)
Loss for the period attributable to owners of the Company (1,349) (1,178) (2,270)
LOSS PER SHARE
Basic and diluted loss per share - US Cents 4 (6.35) (5.54) (10.70)
Consolidated Statement of comprehensive income
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
$000 $000 $000
Loss for the period (1,349) (1,178) (2,270)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange translation differences (490) 711 932
Items that will not be reclassified to profit or loss
Revaluation of Property, plant and equipment - - -
Other comprehensive (loss)/income for the period (490) 711 932
Total comprehensive (loss)/income for the period attributable to owners of the (1,839) (467) (1,338)
Company
Consolidated statement of financial position
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
Note $000 $000 $000
Non-current assets
Property, plant and equipment 24,682 25,464 25,051
Intangible assets 10 40 18
Equity-accounted investees 91 47 56
24,783 25,551 25,125
Current assets
Biological assets 421 436 463
Inventories 2,125 4,380 2,176
Trade and other receivables 1,190 1,595 824
Cash and cash equivalents 350 283 107
4,086 6,694 3,570
Total assets 28,869 32,245 28,695
Current liabilities
Borrowings 5 4,287 8,575 8,809
Trade and other payables 1,530 2,330 960
5,817 10,905 9,769
Net current liabilities (1,731) (4,211) (6,199)
Non-current liabilities
Borrowings 5 6,968 2,418 1,003
Deferred tax liability 6,243 6,371 6,243
13,211 8,789 7,246
Total liabilities 19,028 19,694 17,015
Net assets 9,841 12,551 11,680
Share capital 6 3,373 3,373 3,373
Share premium 151,442 151,442 151,442
Share based payments reserve 67 87 67
Revaluation reserve 12,186 12,563 12,312
Translation reserve (16,498) (16,229) (16,008)
Accumulated losses (140,729) (138,685) (139,506)
Equity attributable to equity holders of the parent 9,841 12,551 11,680
The unaudited condensed consolidated financial statements of Agriterra Limited
for the six months ended 30 September 2022 were approved by the Board of
Directors and authorised for issue on 14 December 2022.
Signed on behalf of the Board of Directors:
CSO Havers
Chair
Consolidated statement of changes in equity
Share Share premium Share based payment reserve Translation reserve Revaluation reserve Accumulated Total
losses
capital Equity
Note US$000 US$000 US$000 US$000 US$000 US$000 US$000
Balance at 1 April 2021 3,373 151,442 87 (16,940) 12,563 (137,507) 13,018
Loss for the period - - - - - (1,178) (1,178)
Other comprehensive income:
Exchange translation gain on foreign operations restated - - - 711 - - 711
Total comprehensive loss for the period - - - 711 - (1,178) (467)
Transactions with owners
Share based payments - - - - - - -
Total transactions with owners for the period - - - - - - -
Balance at 30 September 2021 3,373 151,442 87 (16,229) 12,563 (138,685) 12,551
Loss for the period - - - - - (1,092) (1,092)
Other comprehensive income:
Exchange translation gain on foreign operations - - - 221 - - 221
Total comprehensive income for the period - - - 221 - (1,092) (871)
Transactions with owners
Share based payments - - (20) - - 20 -
Revaluation surplus realised - - - - (251) 251 -
Total transactions with owners for the period - - (20) - (251) 271 -
Balance at 31 March 2022 3,373 151,442 67 (16,008) 12,312 (139,506) 11,680
Loss for the period - - - - - (1,349) (1,349)
Other comprehensive income:
Exchange translation (loss) on foreign operations - - - (490) - - (490)
Total comprehensive loss for the period - - - (490) - (1,349) (1,839)
Transactions with owners
Share based payments - - - - - - -
Revaluation surplus realised - - - - (126) 126 -
Total transactions with owners for the period - - - - (126) 126 -
Balance at 30 September 2022 3,373 151,442 67 (16,498) 12,186 (140,729) 9,841
Consolidated cash flow statement
Note 6 months ended 6 months ended Year
30 September 30 September ended
2022 2021 31 March
Unaudited Unaudited 2022
Audited
$000 $000 $000
Loss before tax for the period (1,349) (1,178) (2,393)
Adjustments for:
Amortisation and depreciation 2 435 425 874
Profit on disposal of property, plant and equipment - (8) (20)
Foreign exchange (loss)/gain (493) 226 162
Decrease / (increase) in value of biological assets - 32 (1)
Net decrease / (increase) in biological assets 42 15 (12)
Share of profit in associate (35) (47) (55)
Net Finance costs 918 715 1,627
Operating cash flows before movements in working capital (482) 180 182
Decrease / (increase) in inventories 51 (3,447) (1,243)
(Increase) / decrease in trade and other receivables (366) 157 928
Increase / (decrease) in trade and other payables 570 284 (1,086)
Cash used in operating activities (227) (2,826) (1,219)
Corporation tax paid - - -
Interest received - - -
Net cash used in operating activities (227) (2,826) (1,219)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment, net of expenses - 48 20
incurred
Acquisition of property, plant and equipment (58) (368) (79)
Acquisition of intangible assets - (3) -
Net cash used in investing activities (58) (323) (59)
Cash flow from financing activities
Finance costs 3 (918) (715) (1,627)
Net (repayment) / drawdown of overdrafts 5 (6,255) 4,087 2,236
Net drawdown / (repayment) of loans and finance leases 5 7,701 (171) 545
Net cash generated from/(used in) financing activities 528 3,201 1,154
Net increase/(decrease) in cash and cash equivalents 243 52 (124)
Effect of exchange rates on cash and cash equivalents - - -
Cash and cash equivalents at beginning of period 107 231 231
Cash and cash equivalents at end of period 350 283 107
General information
Agriterra Limited ('Agriterra' or the 'Company') and its subsidiaries
(together the 'Group') is focussed on the agricultural sector in Africa.
Agriterra is a non-cellular company limited by shares incorporated and
domiciled in Guernsey, Channel Islands. The address of its registered office
is Connaught House, St Julian's Avenue, St Peter Port, Guernsey GY1 1GZ.
The Company's Ordinary Shares are quoted on the AIM Market of the London Stock
Exchange ('AIM').
The unaudited condensed consolidated financial statements have been prepared
in US Dollars ('US$' or '$') as this is the currency of the primary economic
environment in which the Group operates.
1. Basis of preparation
The condensed consolidated financial statements of the Group for the 6 months
ended 30 September 2022 (the 'H1-2023 financial statements'), which are
unaudited and have not been reviewed by the Company's Auditor, have been
prepared in accordance with the International Financial Reporting Standards
('IFRS'). The accounting policies adopted by the Group are set out in the
annual report for the year ended 31 March 2022 (available at
www.agriterra-ltd.com). The Group does not anticipate any significant change
in these accounting policies for the year ended 31 March 2023.
This interim report has been prepared to comply with the requirements of the
AIM Rules of the London Stock Exchange (the 'AIM Rules'). In preparing this
report, the Group has adopted the guidance in the AIM Rules for interim
accounts which do not require that the interim condensed consolidated
financial statements are prepared in accordance with IAS 34, 'Interim
financial reporting'. Whilst the financial figures included in this report
have been computed in accordance with IFRSs applicable to interim periods,
this report does not contain sufficient information to constitute an interim
financial report as that term is defined in IFRSs.
The financial information contained in this report also does not constitute
statutory accounts under the Companies (Guernsey) Law 2008, as amended. The
financial information for the year ended 31 March 2022 is based on the
statutory accounts for the year then ended. The Auditors reported on those
accounts. Their report was unqualified and referred to going concern as a key
audit matter. The Auditors drew attention to note 3 to the financial
statements concerning the Group's ability to continue as a going concern which
shows that the Group will need to renew its overdraft facilities, maintain its
current borrowings and raise further finance in order to continue as a going
concern.
The H1-2023 financial statements have been prepared in accordance with the
IFRS principles applicable to a going concern, which contemplate the
realisation of assets and liquidation of liabilities during the normal course
of operations. Having carried out a going concern review in preparing the
H1-2023 financial statements, the Directors have concluded that there is a
reasonable basis to adopt the going concern principle.
2. Segment information
The Board considers that the Group's operating activities during the period
comprised the segments of Grain, Beef and Snax, undertaken in Mozambique. In
addition, the Group has certain other unallocated expenditure, assets and
liabilities.
The following is an analysis of the Group's revenue and results by operating
segment:
6 months ended 30 September 2022 - Unaudited Grain Beef Snax Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000 $000
Revenue
External sales((2)) 3,309 1,655 - - - 4,964
Inter-segment sales((1)) 245 - - - (245) -
3,554 1,655 - - (245) 4,964
Segment results
- Operating loss (141) (264) - (127) - (532)
- Interest expense (776) (27) - (115) - (918)
- Share of profit in equity accounted investees - - 35 - - 35
- Other gains and losses 47 19 - - - 66
(Loss)/Profit before tax (870) (272) 35 (242) - (1,349)
Income tax - - - - - -
(Loss)/Profit for the period (870) (272) 35 (242) - (1,349)
6 months ended 30 September 2021 - Unaudited Grain Beef Snax Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000 $000
Revenue
External sales((2)) 3,361 1,508 - - - 4,869
Inter-segment sales((1)) 247 - - - (247) -
3,608 1,508 - - (247) 4,869
Segment results
- Operating loss (121) (276) - (188) - (585)
- Interest expense (686) (29) - - - (715)
- Share of profit in equity accounted investees - - 47 - - 47
- Other gains and losses 54 21 - - 75
(Loss)/Profit before tax (753) (284) 47 (188) - (1,178)
Income tax - - - - - -
(Loss)/Profit for the period (753) (284) 47 (188) - (1,178)
Year ended 31 March 2022 - Audited Grain Beef Snax(1) Unallo-cated Elimina-tions Total
US$000 US$000 US$000 US$000 US$000 US$000
Revenue
External sales((2)) 7,118 3,159 - - - 10,277
Inter-segment sales((1)) 226 - - - (226) -
7,344 3,159 - - (226) 10,277
Segment results
- Operating loss (55) (444) - (429) - (928)
- Interest expense (1,548) (79) - - - (1,627)
- Other gains and losses 88 19 - - - 107
-Share of profit in equity-accounted investees - - 55 - - 55
(Loss)/Profit before tax (1,515) (504) 55 (429) - (2,393)
Income tax 111 12 - - - 123
(Loss)/Profit after tax (1,404) (492) 55 (429) - (2,270)
(1) Inter-segment sales are charged at prevailing market prices
(2) Revenue represents sales to external customer and is
recorded in the country of domicile of the Company making the sales. Sales
from the Grain and the Beef divisions are principally for supply to the
Mozambique market.
The segment items included within continuing operations in the consolidated
income statement for the periods are as follows:
Grain Beef Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000
6 months ended 30 September 2022 - Unaudited
Depreciation and amortisation 257 178 - - 435
6 months ended 30 September 2021 - Unaudited
Depreciation and amortisation 247 178 - - 425
Year ended 31 March 2022 - Audited
Depreciation and amortisation 502 359 13 - 874
3. NET FINANCE COSTS
6 months ended 6 months ended Year
30 September 30 September ended
2022 2021 31 March
Unaudited Unaudited 2022
Audited
$000 $000 $000
Interest expense:
Bank loans, overdrafts and finance leases 918 715 1,627
Interest income:
Bank deposits - - -
918 715 1,627
4. LOSS per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
US$000 US$000 US$000
Loss for the period/year for the purposes of basic and diluted earnings per (1,349) (1,178) (2,270)
share attributable to equity holders of the Company
Weighted average number of Ordinary Shares for the purposes of basic and 21,240,618
diluted loss per share
21,240,618 21,240,618
Basic and diluted loss per share - US cents (6.35) (5.54) (10.70)
The Company has issued options over ordinary shares which could potentially
dilute basic loss per share in the future. There is no difference between
basic loss per share and diluted loss per share as the potential ordinary
shares are anti-dilutive.
5. Borrowings
30 September 2022 30 September 2021 31 March
2022
Unaudited Unaudited Audited
$000 $000 $000
Non-current
Shareholder loan 6,215 - -
Bank loans 595 2,148 783
Leases 158 270 220
6,968 2,418 1,003
Current
Shareholder loan 1,800 - -
Bank loans 2,377 288 2,438
Leases 110 105 115
Bank overdrafts - 8,182 6,256
4,287 8,575 8,809
11,255 10,993 9,812
Group
During the period, Agriterra Limited secured shareholder loans amounting to
US$ 7.9 million from Magister Investments Limited at an interest rate of
SOFR+3% to reduce the finance cost which has been increasing over the years
and has been used to pay commercial borrowing in Mozambique which were charged
interest above 18% per annum. The Group will save more than US$ 792,000 per
annum. The shareholder loans are made up of:
· US$ 6.1m convertible loan facility with a 3-year tenure maturing
August 2025.
· US$ 1.8m convertible loan facility with a 12-month tenure
maturing in August 2023.
Grain division
Grain division has two outstanding commercial bank loans amounting to US$ 2.9
million. Bank loan with an outstanding balance of US$ 2.2 million was issued
in May 2019. The loan facility which was originally issued as an overdraft
facility has been restructured several times and now is a term loan incurring
an interest rate of Bank's prime lending rate less 1.75% and matures in July
2023. The second debt facility with an outstanding balance of US$ 0.7 million
is a 5-year term loan maturing on 31 December 2026. The facility was
restructured into a term loan on 1 December 2021 with an interest of prime
lending rate plus 1.5%. The above-mentioned facilities are secured by land and
buildings.
In addition, Grain division has a finance lease for 6 vehicles maturing on 05
December 2023 with an outstanding balance amounting to MZN 4.7m (US$ 73,587).
Grain division incurs interest of 18.6% on this facility. During the period
MZN 4.2m (US$ 65,876) of the outstanding balance was repaid.
Beef division
The outstanding balance on agricultural equipment finance lease is MZN 12.3m
(US$ 0.194m). During the period, MZN 6.8 million (US$ 106,431) of the
principal balance was repaid. The finance lease is repayable over 5 years
maturing in July 2024 and is secured against certain agricultural equipment.
Reconciliation to cash flow statement
At 31 Cash flow Foreign Exchange At 30 September 2022
March
2022
US$000 US$000 US$000 US$000
Non-current shareholder loan - 6,215 - 6,215
Non-current bank loans 783 (188) (1) 594
Non-current finance leases 220 (61) - 159
Current shareholder loan - 1,800 - 1,800
Current bank loans 2,438 (60) (1) 2,377
Current finance leases 115 (5) - 110
Overdrafts 6,256 (6,255) (1) -
9,812 1,446 (3) 11,255
6. Share capital
Authorised Allotted and fully paid
Number Number US$000
23,450,000 21,240,618 3,135
At 31 March 2022, 30 September 2022 and 2021
At 31 March 2022, 30 September 2022 and 2021
Deferred shares of 0.1p each 155,000,000 155,000,000 238
Total share capital 178,450,000 176,240,618 3,373
The Company has one class of ordinary share which carries no right to fixed
income.
The deferred shares carry no right to any dividend; no right to receive
notice, attend, speak or vote at any general meeting of the Company; and on a
return of capital on liquidation or otherwise, the holders of the deferred
shares are entitled to receive the nominal amount paid up after the repayment
of £1,000,000 per ordinary share. The deferred shares may be converted into
ordinary shares by resolution of the Board.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR EANALFLKAFEARecent news on Agriterra
See all newsREG - Agriterra Ltd - Result of AGM
AnnouncementREG - Agriterra Ltd - Half-year Report
AnnouncementREG - Agriterra Ltd - Notice of Annual General Meeting
AnnouncementREG - Agriterra Ltd - 2023 Annual Results and Trading Restoration
AnnouncementREG - AIM Agriterra Ltd - Restoration - Agriterra Limted
Announcement