REG - Cambria Africa PLC - Audited FY 2022 Results
14/09/2023 17:00
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RNS Number : 5100M Cambria Africa PLC 14 September 2023
Cambria Africa Plc
("Cambria" or the "Company")
Audited FY 2022 Results ("the Results"):
Loss per Share of 0.03 US cents and NAV of 1.06 US cents (0.85p GBP)
Cambria Africa Plc (AIM: CMB (AIM%3ACMB) ) ("Cambria" or the "Company")
announces its audited results for the year ended 31 August 2022 ("FY 2022").
The Audited Financial Statements are available on the Company's website
(www.cambriaafrica.com (http://www.cambriaafrica.com) ) and will be sent to
shareholders tomorrow. With the publishing of the Group`s FY 2022 and HY 2023
results, the suspension of the Company`s shares on the AIM is expected to be
lifted at 7.30am on 15 September 2023.
A loss attributable to Cambria Shareholders of $178,306 (0.03 US cents per
share) was recorded for FY 2022. Before inventory impairments, the Company's
subsidiaries in Zimbabwe continued to operate above or near breakeven EBITDA,
despite a revenue decline of 24% to US $920,077 in FY 2022 from US $1.22
million in FY 2021. The Company's subsidiaries are expected to continue to
report at breakeven levels in FY 2023. The Company's FY 2022 consolidated
profits stem mainly from Tradanet, the 51% owned subsidiary of Paynet Zimbabwe
with revenues of US$654,824.
Net Equity (NAV) fell by 9% from US $6.32 million (1.16 US cents per share) in
FY 2021 to $5.75 million FY 2022 (1.06 US cents per share) is mainly
attributable to foreign currency translation adjustments of $394,000,
inventory impairments in Millchem of $150,000, and mark-to-market adjustments
of the Company`s listed share investments.
FY 2022 Results highlights:
12 Months Ended 31 August (US$'000) 2022 2021 Change
Group:
- Revenue 1,216 (24%)
920
- Operating costs 623 838 26%
- Consolidated EBITDA (before exceptional items) 344 385 (11%)
- Consolidated (Loss)/profit after tax (5) 181 (103%)
- (Loss)/profit after tax attributable to owners of the Company (178) 82 (317%)
- Central costs 127 130 2%
- (Loss)/Earnings per share - cents (0.03) 0.02 (250%)
- Net Asset Value (NAV) attributable to owners of the Company 6,317 (9%)
5,745
- NAV per share - cents 1.06 1.16 (9%)
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 ("PAT") 652 (54%)
300
- Payserv - consolidated EBITDA 433 505 (14%)
- Millchem - EBITDA (3) 11 (127%)
Group Highlights:
· Net Equity (NAV) decreased by 9% from US $6.32 million (1.16 US
cents per share) to US $5.75 million (1.06 US cents per share)
· Revenues declined by 24% to $920,077 while operating costs
decreased by 26% to $623,000. As a result of careful cost management, the
Company has managed to scale operations in accordance with revenue declines
· Cambria recorded a loss for the year of $4,588 as operations
edged around breakeven.
· Consolidated EBITDA before fair value adjustments to investments
and marketable securities decreased by 11% to $344,000 from $385,000 in FY
2021.
· Cambria's central costs associated with listing and associated
operational expense decreased by 2% to $127,004. The balance of the
Company`s operating costs comprises hyperinflationary adjustments, foreign
currency translation and mark-to-market adjustments of its listed investments.
Cambria's CEO and Directors continued to render services to Cambria without
compensation during FY 2022.
Divisional Highlights:
· Tradanet (Pvt) Ltd, Paynet Zimbabwe's 51% held subsidiary,
continued to provide loan management services to CABS, the country's largest
building society. The persistent devaluation of the country's currency led
to an increase in salary-based loans. However, due to liquidity constraints in
the banking sector, this increase was not in proportion to the depreciation of
the currency.
· Autopay, Paynet Zimbabwe's payroll processing division saw an
increase in its revenue base due to a new management team with extensive
payroll experience. Autopay established an independent contract relationship
with payroll managers on a pure profit share basis
Net Equity (Net Asset Value):
Components to the decrease of NAV in 2022
The Group reported a decrease of $570,000 in NAV to $5.75 million (1.06 US
cents per share) at 31 August 2022, compared to $6.32 million (1.16 US cents
per share) at 31 August 2021. This decrease was due to the following material
factors:
· Foreign currency translation adjustments of $394,000;
· Inventory impairments of $150,000 related to raw materials and
packaging held by Millchem;
· Reduction of $30,000 in the carrying value of listed share
investments.
Components of NAV at 31 August 2022
The Group NAV of $5.75 million as at the end of FY 2022 includes the following
material tangible and intangible assets:
Building and properties valued at $2.3 million - The valuation was prepared by
Hollands Harare Estate Agents in January 2022. Holland conducted the previous
valuations of the prominently located commercial office space and its equally
well-positioned vacant plot in Harare's Mount Pleasant Business Park.
Investment in Radar Holdings Limited - 9.74% or 4.98 million shares valued
at US $1.743 million (net of minority interests) based on 35 US cents per
equivalent Radar share. In the post balance sheet period, the Company
conditionally agreed to sell its 78.2% shareholding in A.F. Philips (Pvt)
Ltd ("AFP") for a sum of US $1.743 million
(35 US cents per equivalent Radar Share) in cash. The sale is subject to
conditions precedent which the Company has reasonable cause to believe will be
met and that the full purchase price will be realized at the holding Company
level.
USD Cash and Cash Equivalents - US dollar cash totalling $1.26 million at the
end of FY 2022.
Old Mutual and Nedbank shares - the Company holds 204,047 Old Mutual Limited
common shares that were suspended on the Zimbabwe Stock Exchange (ZSE) on 31
July 2020 and valued on its FY 2022 Statement of Financial Position at US
$122,820 based on the closing price of Old Mutual Limited on the Johannesburg
Stock Exchange (JSE) at the year end. By way of an unbundling by Old Mutual
in November 2021, the Company received 2,692 Nedbank shares, which are
retained in Zimbabwe.
Goodwill - The Company has a goodwill value of $717,000 on its Statement of
Financial Position relating to its investment in the Payserv group of
Companies. The Company believes this is a fair assessment of the intangible
asset despite the impact of the decisions made by Zimbabwe`s banking
institutions against using its payment platforms. Turnaround opportunities are
being explored and are more recently evidenced by the granting to Multi-Pay
Solutions (Pvt) Ltd (Multi-Pay Solutions) the exclusive rights to use,
distribute, and operate Paynet Software in the Southern African Development
Community (SADC). Payserv Africa will continue to operate Paynet outside of
the SADC. Tradanet, in which the Company holds an effective 51% interest, is
the largest contributor to the Company's earnings in FY 2022. Tradanet
processes microloans on behalf of CABS, Zimbabwe's largest Building Society.
At their peak in 2019, these microloans comprised about a third of the banks
assets and the Directors believe that a return to those levels is fully
conceivable. Accordingly, the Company continues to believe that Payserv's
intellectual property value and the amalgamation of the above exceeds the book
value of the goodwill.
Chief Executive's Report
At this point in time, the Company's investment proposition is underpinned by
its realizable Net asset value ("NAV") within the constructs of Zimbabwe's
current economic policy and its outlook. It is important to consider the
components of NAV and efforts by the Company to ensure that any disposal is
realized at the holding Company level. Investors might find value in
examining our estimate of realizable NAV at US $7.5 million (1.4 US cents per
share). Our estimate draws from the following actual and anticipated
components:
· Cash: As at the 2022 financial year end, the Group held cash
reserves of US$1.3 million. As at 31 August 2023, in addition to
Zimbabwe-held US dollar-denominated cash, shares and gold coins , the
Company holds a Fixed Deposit of $1.4 million in Mauritius, yielding 5% per
annum.
· Commercial Property: This is represented by the prominently
located Mt. Pleasant Business Park Commercial Property valued annually by
Hollands Harare Estate Agents at $2.3 million.
· Recovery of Legacy Debts: The Company is actively pursuing the
recovery of "Legacy Debts" or "Blocked Funds" owed by our Zimbabwe
subsidiaries to the holding companies. As at 31 August 2023, we've
successfully recovered US$407,350, leaving an outstanding balance of $1.2
million held by the Ministry of Finance. These funds, initially held by the
Reserve Bank in ZWL on a one-to-one basis with the USD, were marked down to a
negligible value in the FY 2021 accounts based on the official exchange rate.
However, post-FY 2022, the Ministry of Finance began repaying these debts and
assures us of the balance, as funds become available. As a result, our NAV
after the financial year-end will see an increase, accounting for the
recovered debts.
· Listed Portfolio Value: We aim to realise the value of the
204,047 Old Mutual shares and 2,692 Nedbank shares by transferring these
shares to the South African register. The total value of this portfolio was
$168,120 based on the Johannesburg Stock Exchange (JSE) closing price`s as at
11 September 2023. These shares were originally purchased on the JSE and
subsequently transferred to the ZSE. However, before their fungibility could
be realized, trading was suspended by the Zimbabwean government. We
persistently urge the Government of Zimbabwe to reinstate fungibility and
permit foreign investors to repatriate Old Mutual and Nedbank shares to the
JSE.
· Sale of Radar: The Company has conditionally agreed to sell its
78.2% shareholding in A.F. Philips (Pvt) Ltd ("AFP") for a sum of US $1.74
million in cash. This amount is equivalent to the book value of its
shareholding in AFP at 31 August 2022. The Company made its initial
investment in August 2018, and through the holding, has an effective 9.74%
interest in a property development and bricks manufacturing business. The sale
is subject to conditions precedent which the Company has reasonable cause to
believe will be met and that the full purchase price will be realized at the
holding company level. The Company will provide a further update once the sale
has completed.
· Intellectual Property Value: The Board is committed to deriving
maximum value from our intellectual property, both in our current operations
and future endeavours. The Company's Statement of Financial Position lists a
goodwill value of $717,000. Our assessment is that this represents the
baseline value of the Company's intellectual property, considering Tradanet's
historical profitability and Paynet's potential profits from its proposed
agreement with Multi-Pay
These estimates, culminating in a projected NAV of US $7.5 million, come with
the following considerations:
1. Maintenance of stable commercial real estate prices in Harare and
successful sales realization at the holding Company level.
2. Successful completion of the Radar Sale agreement.
3. Repayment of US $1.2 million in Legacy Debts.
4. Effective utilization of intellectual properties for profit.
5. Resumption of Fungibility of dual-listed shares.
Continuing Operations
Tradanet - As mentioned in the discussion of our goodwill above, Tradanet, the
51%-owned subsidiary of Paynet Zimbabwe remains the Company's most profitable
operation. With greater reliance on the US Dollar for remuneration, Tradanet
expects its ZWL earnings to transition to USD.
Other operations: Autopay and Millchem - These companies provide a modest
revenue to the group, primarily in ZWL. Their operations are beneficial in
offsetting local expenses.
Cambria's Board of Directors have continued to serve the Company without
compensation since 2015, fighting to return value to shareholders. Despite
the unfavourable economic factors leading to the abandonment of parity to the
US dollar and its huge impact on the Company, we hold on jealously to our
cash, our liabilities are negligible, and our remaining operations are
profitable. While we still see value in our listing, the Board is considering
whether to maintain the listing.
With the publishing the Group`s FY 2022 and HY 2023 results, the suspension of
the Company`s shares on the AIM will be lifted. This should enable
shareholders to trade with a comprehensive understanding of the investment
landscape confronting Cambria. At the time of suspension, Cambria shares were
valued at 0.027p, contrasting with a book NAV of 0.084p and our estimate of
1.35 US cents per share or 1.04p per share. Shareholders must determine
whether the market has aptly gauged the discount to the Company's book NAV and
management's estimates of realizable NAV, which we are committed to achieving.
We remain cautiously optimistic about achieving full value for the Company's
assets beyond its NAV.
Samir Shasha
12 September 2023
Report of the Independent Auditors
For the year ended 31 August 2022
Report of the Independent Auditors, Baker Tilly Isle of Man LLC, to the
members of Cambria Africa Plc
OPINION
We have audited the financial statements of Cambria Africa Plc (the 'Parent
company') and its subsidiaries (the 'Group') for the year ended 31 August 2022
which comprise the Consolidated and Company Statements of Profit or Loss, the
Consolidated and Company Statements of Comprehensive Income, the Consolidated
and Company Statements of Changes in Equity, the Consolidated and Company
Statements of Financial Position, the Consolidated and Company Statements of
Cash Flows and related notes to the financial statements, including a summary
of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
In our opinion the financial statements:
• give a true and fair view of the state of the Group's and the Parent
Company's affairs as at 31 August 2022, and of the results for the year then
ended; and
• have been properly prepared in accordance with IFRSs as adopted by
the United Kingdom.
•
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing
(UK) (ISAs (UK)) and applicable law. Our responsibilities under those
standards are further described in the 'Auditor's responsibilities for the
audit of the financial statements' section of our report. We are independent
of the group in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the FRC's Ethical
Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
EMPHASIS OF MATTER
We draw attention to the "Functional and Presentational Currency and the
effect of Hyperinflation" section of Note 2 of the financial statements which
describes the effects of the change in functional currency of a number of the
Group entities and the subsequent hyperinflationary conditions which have
prevailed during the financial year. Our opinion is not modified in relation
to these matters.
We note the disclosure made by the Directors in relation to the goodwill value
that is recognised in the Consolidated Statement of Financial Position. We
draw attention to Note 12 in relation to this issue. The model used by
management in relation to the assessment for impairment is based upon the
audited financial statements of Paynet Zimbabwe and Tradanet for the year
ended 31 August 2022. If the Group does not achieve the levels of
profitability predicted, then the need for an impairment of this figure may
arise. Our opinion is not modified in relation to this matter.
CONCLUSIONS RELATING TO GOING CONCERN
We have nothing to report in respect of the following matters in relation to
which the ISAs (UK) require us to report to you where:
• the directors' use of the going concern basis of accounting in the
preparation of the financial statements is not appropriate; or
• the directors have not disclosed in the financial statements any
identified material uncertainties that may cast significant doubt about the
Group's or the Parent Company's ability to continue to adopt the going concern
basis of accounting for a period of at least twelve months from the date when
the financial statements are authorised for issue.
OTHER INFORMATION
The directors are responsible for the other information. The other information
comprises the information included in the annual report, other than the
financial statements and our auditor's report thereon. Our opinion on the
financial statements does not cover the other information and, except to the
extent otherwise explicitly stated in our report, we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the
other information. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the Group and Parent
Company and its environment obtained in the course of the audit, we have not
identified material misstatements in the Chief Executive's Report and the
Directors' Report.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors' Responsibilities Statement set out
on page 6, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and
for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for
assessing the Group's and Parent Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to
liquidate the Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in
order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
Group's internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by the
directors.
• Conclude on the appropriateness of the directors' use of the going
concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group's and the Parent Company's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group to express
an opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we
identify during our audit.
CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES, INCLUDING FRAUD
Our approach to identifying and assessing the risks of material misstatement
in respect of irregularities, including fraud and non-compliance with laws and
regulations, was as follows:
• we identified the laws and regulations applicable to the Company
through discussions with Directors and other management, and from our
commercial knowledge and experience of the sector;
• we made specific requests of component auditors within the Group to
determine their approach to detecting irregularities, including fraud and
non-compliance with laws and regulations, and considered their findings as
part of our approach;
• we focused on specific laws and regulations which we considered may
have a direct material effect on the financial statements or the operations of
the Company, including company law, taxation legislation, anti-bribery,
environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations
identified above through making enquiries of management and inspecting legal
correspondence; and
• identified laws and regulations were communicated within the audit
team regularly and the team remained alert to instances of non-compliance
throughout the audit.
We assessed the susceptibility of the Company's financial statements to
material misstatement, including obtaining an understanding of how fraud might
occur, by:
• making enquiries of management as to where they considered there was
susceptibility to fraud, their knowledge of actual, suspected and alleged
fraud;
• considering the internal controls in place to mitigate risks of
fraud and non-compliance with laws and regulations; and
• understanding the design of the Company's remuneration policies.
To address the risk of fraud through management bias and override of controls,
we:
• performed analytical procedures to identify any unusual or
unexpected relationships;
• we tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the
accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual
transactions.
In response to the risk of irregularities and non-compliance with laws and
regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting
documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and
claims; and
• reviewing correspondence with tax authorities, relevant regulators
and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The
more removed that laws and regulations are from financial transactions, the
less likely it is that we would become aware of non-compliance. Auditing
standards also limit the audit procedures required to identify non-compliance
with laws and regulations to enquiry of the Directors and other management and
the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than
those that arise from error as they may involve deliberate concealment or
collusion.
USE OF OUR REPORT
This report is made solely to the Company's members, as a body, in accordance
with the terms of our engagement letter dated 21 January 2021. Our audit work
has been undertaken so that we might state to the Company's members those
matters we are required to state to them in an auditor's report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the Company's
members as a body, for our audit work, for this report, or for the opinions we
have formed.
BAKER TILLY ISLE OF MAN LLC, CHARTERED ACCOUNTANTS,
2A LORD STREET, DOUGLAS, ISLE OF MAN, IM1 2BD
12 SEPTEMBER 2023
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
Contacts
Cambria Africa Plc www.cambriaafrica.com (http://www.cambriaafrica.com)
Samir Shasha +44 (0)20 3287 8814
WH Ireland Limited https://www.whirelandplc.com/ (https://www.whirelandplc.com/)
James Joyce / Sarah Mather +44 (0) 20 7220 1666
Cambria Africa Plc
Audited consolidated income statement
For the year ended 31 August 2022
Audited Audited
31-Aug-22 31-Aug-21
US$'000 US$'000
Revenue 920 1,216
Cost of sales (22) (138)
Gross profit 898 1,078
Operating costs (623) (838)
Other income 69 79
Exceptionals (212) (21)
Operating Profit 132 298
Finance income 12 -
Finance costs (5) (22)
Net finance income/(costs) 7 (22)
Profit before tax 139 276
Income tax (144) (95)
(Loss)/profit for the year (5) 181
Attributable to:
Owners of the company (178) 82
Non-controlling Interests 173 99
(Loss)/profit for the year (5) 181
(Loss)/Earnings per share
Basic and diluted (loss)/earnings per share (cents) (0.03c) 0.02c
(Loss)/Earnings per share - continuing operations
Basic and diluted (loss)/earnings per share (cents) (0.03c) 0.02c
Weighted average number of shares 544,576 544,576
Cambria Africa Plc
Audited consolidated statement of comprehensive income
For the year ended 31 August 2022
Audited 31-Aug-22 Audited 31-Aug-21
US$'000 US$'000
(5) 181
(Loss)/profit for the year
Other comprehensive income
Items that will not be reclassified to Statement of Profit or Loss:
Increase in investment in subsidiary - impact on equity - -
Foreign currency translation differences for overseas operations (424) (4)
Total comprehensive (loss)/profit for the year (429) 177
Attributable to:
Owners of the company (602) 78
Non-controlling interest 173 99
Total comprehensive (loss)/profit for the year (429) 177
Cambria Africa Plc
Audited consolidated statement of changes in equity
For the year ended 31 August 2022
US$000 Share Capital Share premium Revaluation reserve Foreign exchange reserve Accumulated losses NDR Total Non-Controlling interests Total
Balance at 1 September 2021 77 88,459 (190) (10,734) (73,666) 2,371 6,317 477 6,794
(Loss)/Profit for the year - - - - (178) - (178) 173 (5)
Increase in investment in subsidiary -
Foreign currency translation differences
for overseas operations - - - (424) - - (424) - (424)
Foreign currency translation differences for overseas operations - NCI
- - - 30 - 30 (30) -
Total comprehensive income for the year 77 88,459 (190) (11,128) (73,844) 2,371 5,745 620 6,365
Contributions by/distributions to owners of
the Company recognised directly in equity
Dividends paid to minorities - - - - - - - (195) (195)
Total contributions by and distributions to owners of the Company
- - - - - - - (195) (195)
Balance at 31 August 2022 77 88,459 (190) (11,128) (73,844) 2,371 5,745 425 6,170
US$000 Share Capital Share premium Revaluation reserve Foreign exchange reserve Accumulated losses NDR Total Non-Controlling interests Total
Balance at 1 September 2020 77 88,459 - (10,736) (73,748) 2,371 6,423 496 6,919
Profit for the year - - - - 82 - 82 99 181
Increase in investment in subsidiary -
Revaluation of investment property held at fair value (190) (190) (190)
Foreign currency translation differences
for overseas operations - - - (4) - - (4) - (4)
Foreign currency translation differences for overseas operations - NCI
- - - 6 - 6 (6) -
Total comprehensive income for the year 77 88,459 (190) (10,734) (73,666) 2,371 6,317 589 6,906
Contributions by/distributions to owners of
the Company recognised directly in equity
Dividends paid to minorities - - - - - - - (112) (112)
Total contributions by and distributions to owners of the Company
- - - - - - - (112) (112)
Balance at 31 August 2021 77 88,459 (190) (10,734) (73,666) 2,371 6,317 477 6,794
Cambria Africa Plc
Audited consolidated Statement of Financial Position
As at 31 August 2022
Audited Group 31-Aug-22 US$'000 Audited Group 31-Aug-21 US$'000
Restated
Property, plant and equipment 2306 2,317
Goodwill 717 717
Intangible assets - 1
Investments in subsidiaries and investments at fair value - -
Financial assets at fair value through profit and loss 155 184
Total non-current assets 3,178 3,219
Inventories 8 158
Financial assets at fair value through profit and loss 28 75
Trade and other receivables 142 155
Cash and cash equivalents 1,263 1,656
Total current assets 1,441 2,044
Assets classified as held for sale 2,228 2,228
Total assets 6,847 7,491
Equity
Issued share capital 77 77
Share premium account 88,459 88,459
Revaluation reserve (190) (190)
Foreign exchange reserve (11,128) (10,734)
Non-distributable reserves 2,371 2,371
Accumulated losses (73,844) (73,666)
Equity attributable to owners of the company 5,745 6,317
Non-controlling interests 425 477
Total equity 6,170 6,794
Liabilities
Loans and borrowings - -
Trade and other payables - 90
Provisions - -
Deferred tax liabilities 188 189
Total non-current liabilities 188 279
Current tax liabilities 141 107
Loans and borrowings - 101
Trade and other payables 348 210
Liabilities directly associated with assets classified as held for sale
- -
Total current liabilities 489 418
Total liabilities 677 697
Total equity and liabilities 6,847 7,491
Cambria Africa Plc
Audited consolidated statement of cash flows
As at 31 August 2022
Audited 31-Aug-22 US$'000 Audited 31-Aug-21 US$'000
Cash generated from operations 495 202
Taxation paid (111) (31)
Cash generated from operating activities 384 171
Cash flows from investing activities 17 134
Proceeds on disposal of property, plant and equipment
Purchase of property, plant and equipment (6) -
Interest received 12 -
Non-cash proceeds from scrip dividend (33) -
Net cash (utilized in)/ generated by investing activities (10) 134
Cash flows from financing activities (195) (112)
Dividends paid to non-controlling interests
Interest paid (5) (22)
Loans repaid (100) (407)
Net cash utilized by financing activities (300) (541)
74 (236)
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the Period 1,656 1,896
Foreign exchange (467) (4)
Net cash and cash equivalents at 31 August 1,263 1,656
1,263 1,656
Cash and cash equivalents as above comprise the following
Cash and cash equivalents attributable to continuing operations
Net cash and cash equivalents at 31 August 1,263 1,656
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