REG - Dekel Agri-Vision - 2025 Interim Results
26/09/2025 07:00
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RNS Number : 9131A Dekel Agri-Vision PLC 26 September 2025
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.
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers
26 September 2025
Dekel Agri-Vision Plc
('Dekel', the 'Company' or the 'Group')
2025 Interim Results
Dekel Agri-Vision Plc (AIM: DKL), the West African agribusiness company
focused on building a portfolio of sustainable and diversified projects, is
pleased to announce its unaudited interim results for the six months ended 30
June 2025.
Financial Highlights
Dekel Group
· The significant improvement in the Cashew Operation, combined
with the steady performance of the Palm Oil Operation, delivered a stronger
Group result for H1 2025 compared to H1 2024. Group revenue increased by
24.5%, EBITDA increased by 10.7%, and the business reported a break-even Net
Profit, compared to a Net Loss of €0.7m in H1 2024.
· In June 2025, the Group also undertook an equity raise and debt
restructure:
o Successfully raised c.£2.33m at 0.55p per share, alongside the conversion
of a £1m loan from CEO Youval Rasin into equity at the same price.
o Agreed revised terms with NSIA Bank, BIDC and AgDevCo on existing lending
facilities.
Advanced negotiations with bondholders to restructure on similar terms, with
completion expected in Q4 2025.
Palm Oil Operation
· Revenues up 20.4% to €22.4m in H1 2025 (H1 2024: €18.6m),
driven primarily by a 25.1% increase in Crude Palm Oil ("CPO") prices, which
more than offset a 5.3% decline in CPO sales volumes. In addition, Palm Kernel
Oil ("PKO") prices also rose 57.7% year-on-year. Revenue includes sales of
CPO, PKO, Palm Kernel Cake ("PKC") and nursery plants.
· Gross margin percentage decreased 16.7% compared to H1 2024,
reflecting weaker harvesting conditions which led to heightened competition
for Fresh Fruit Bunches ("FFB") and higher FFB procurement costs.
· EBITDA decreased by 10.8% to €3.3m (H1 2024: €3.7m), impacted
by the lower gross margin percentage and a modest increase in overheads.
Cashew Operation
· Revenues increased by 150% in H1 2025, reflecting a substantial
uplift in processing volumes for cashew and improved efficiencies following
the successful implementation of supplementary shelling and peeling equipment.
· EBITDA loss narrowed to €0.2m (H1 2024: €0.9m). The operation
continues to show strong momentum post-period end, and FY 2025 EBITDA is
expected to be positive for the first time.
Six months ended 30 June H1 2025 H1 2024 % Change
Palm Oil Operation
Revenue €22.4m €18.6m 20.4%
Gross Margin €3.8m €3.8m nil
Gross Margin % 17.0% 20.4% -16.7%
EBITDA €3.3m €3.7m -10.8%
Cashew Operation
Revenue €1.5m €0.6m 150%
EBITDA (€0.2m) (€0.9m) 350%
Dekel Group
Revenue €23.9m €19.2m 24.5%
EBITDA €3.1m €2.8m 10.7%
Net Profit/(Loss) €0.0m (€0.7m) n/a
Operational Highlights - Palm Oil Operation
· CPO Production: 21,128 tonnes, a decrease of 9.0% compared to H1
2024, reflecting a modest harvesting season and low FFB availability
throughout the region.
· CPO Extraction Rate: Remained steady at 21.9% and in line with
historical levels.
· CPO Sales Volume: A decrease of 5.3%, reflecting the decrease in
CPO production. Local demand remained strong, with all H1 2025 CPO production
sold.
· CPO Sales Price: Increased by 25.1% to €963 per tonne.
International CPO prices remain above historical levels which has fed through
to increasing local CPO prices.
· PKO Sales Price: PKO prices increased 57.7%, as international
pricing gains began to flow into local markets during H1 2025. PKO revenue
provided an important EBITDA contribution, partially offsetting margin
pressure from increased competition associated with lower FFB availability.
H1-2025 H1-2024 Change
Fresh Fruit Bunch ('FFB') processed (tonnes) 96,518 105,444 -8.5%
CPO Extraction Rate 21.9% 22.0% -0.05%
CPO production (tonnes) 21,128 23,236 -9.1%
CPO Sales (tonnes) 21,168 22,360 -5.3%
Average CPO price per tonne €963 €770 25.1%
Palm Kernel Oil ('PKO') production (tonnes) 1,474 1,367 7.8%
PKO Sales (tonnes) 1,220 1,333 -8.5%
Average PKO price per tonne €1,266 €803 57.7%
Operational Highlights: Cashew Operation
The Cashew Operation has turned the corner over the past 6 months, with all
key operational metrics significantly increasing as a result of the successful
implementation of supplementary equipment notably in the shelling and peeling
sections. As a result:
o RCN ('Raw Cashew Nut') processed increased by 269.4%
o Cashew production rose by 353.0%
o Cashew sales prices increased by 67.7%, supported by a rebound in
international markets as oversupply in Southeast Asia and export restrictions
eased, including those implemented in Côte d'Ivoire, which reduced global
supply.
o Additional equipment, primarily shelling and peeling equipment now being
installed should provide a further step up in production levels in Q4 2025.
o On track to record maiden EBITDA positive result for 2025
· RCN Purchasing: Inventory increased 67.9%, supported by the
improved performance of the Cashew Operation, which has enabled more confident
forward purchasing. Buying activity continues as the business looks forward
with more confidence.
· RCN Processing: Volumes increased 269.4%, including third-party
RCN processed into a new specialised unpeeled product, which has proven to be
a successful initiative, particularly whilst we restored our internal stock
levels. This product line is delivering margins comparable to our own in-house
RCN processing.
· Processing Efficiency: Key improvements included:
o Better whole-to-broken nut ratios
o Enhanced peeling performance
o Improved extraction rates - while the headline rate of 23.8% includes
unpeeled cashews, the normalised rate of 21-22% for internal RCN marks a clear
improvement compared to Q1 2024.
· Production & Sales: Higher processing volumes are translating
directly into output and sales:
o Cashew production increased 353%
o Cashew sales volumes increased 125.6%
· Sales Prices: Prices for peeled cashews in H1 2025 increased by
67.7% compared to H1 2024. Cashew prices softened during the back half of H1
2025 but are expected to remain well above the low pricing environment seen
in 2024.
H1-2025 H1-2024 Change
RCN Inventory
Opening RCN Inventory (tonnes) 742 1,751 -57.6%
RCN Purchased (tonnes) 4,087 419 875.4%
RCN Processed (tonnes) 2,172 588 269.4%
Closing RCN Inventory (tonnes) 2,657 1,582 68.0%
Cashew Processing
Opening Cashews (tonnes) 79 154 -48.7%
RCN Processed (tonnes) 2,172 588 269.4%
Cashew Extraction Rate 23.8% 19.6% 21.4%
Cashew Produced (tonnes) 521 115 353.0%
Cashew Sales (tonnes) 485 215 125.6%
Closing Cashews (tonnes) 115 54 113.0%
Average Sales prices per tonne
- Peeled Cashews (including mixed) €5,200 €3,100 67.7%
Lincoln Moore, Dekel's Executive Director, said: "H1 2025 has been a period of
operational momentum for Dekel Group. Our Palm Oil Operation delivered a 20.4%
increase in revenues, supported by higher CPO and PKO prices partially offset
by weaker FFB volumes, while our Cashew Operation achieved a 150% revenue
uplift and significantly reduced its EBITDA loss. Collectively, these
improvements drove a 24.5% increase in Group revenue and a 10.7% rise in
EBITDA, resulting in a break-even Net Profit compared to a loss in H1 2024.
Strategic initiatives, including a successful equity raise and debt
restructuring, further strengthen our financial foundation as we seek to
continue to improve our Balance Sheet position. With the Palm Oil Operation
performing steadily and with the Cashew Operation gaining real momentum, we
are confident in delivering improved full-year results for 2025".
For further information please visit the Company's website
www.dekelagrivision.com or contact:
Dekel Agri-Vision Plc +44 (0) 207 236 1177
Youval Rasin
Shai Kol
Lincoln Moore
Zeus Capital Ltd (Nomad and Joint Broker) +44 (0) 203 829 5000
James Joyce
Darshan Patel
John Moran
Notes:
Dekel Agri-Vision Plc is a multi-project, multi-commodity agriculture company
focused on West Africa. It has a portfolio of projects in Côte d'Ivoire at
various stages of development: a fully operational palm oil project in
Ayenouan where fruit produced by local smallholders is processed at the
Company's 60,000tpa capacity crude palm oil mill and a cashew processing
project in Tiebissou, which is currently transitioning to full commercial
production.
CHAIRMAN'S STATEMENT
Palm Oil Operation
The Palm Oil Operation delivered a resilient performance in H1 2025, supported
by strong Crude Palm Oil ("CPO") and Palm Kernel Oil ("PKO") pricing. While
CPO production of 21,128 tonnes represented a 9.0% decrease compared to H1
2024, robust local demand ensured that all output was sold. The mill continued
to perform steadily with an extraction rate of 21.9%, broadly in line with
last year. Recent FFB volumes have been soft, albeit in the low season.
Typically, we would expect to see an uptick in FFB volumes in October and
November before entering the high season again early next year.
Sales prices were a key driver of performance: the average CPO price increased
25.1% to €963 per tonne, reflecting ongoing strength in international
markets feeding into local prices. PKO performance was particularly strong,
with prices rising 57.7% to €1,266 per tonne. These favourable market
conditions, combined with disciplined operational management largely offset
lower FFB volumes resulting a weaker regional harvesting period and provided a
solid foundation for the first half of 2025.
Cashew Operation
The Cashew Operation has delivered a much-improved performance over the first
half of 2025. Processing and production metrics improved significantly, with
Raw Cashew Nut ("RCN") processed up 269.4% and cashew production up 353%
compared to H1 2024. Cashew sales volumes rose 125.6%, and average sales
prices increased by 67.7% to €5,200 per tonne. Importantly, efficiency gains
- including better whole-to-broken nut ratios, improved peeling, and higher
extraction rates - underpinned this step change in performance. In addition
to processing our own RCN, the successful introduction of third-party RCN
processing has proven to be an important initiative, delivering margins
comparable to internal production.
The integration of additional shelling and peeling equipment in Q4 2025 is
expected to further lift daily processing capacity and support higher output
levels. With these improvements, the Cashew Operation is firmly on track to
deliver its maiden EBITDA-positive result in 2025, positioning the business as
a key driver of the Group's future growth.
Group Equity Raise and Debt Restructure
During the period, the Company reached agreements with its key lenders - NSIA
Bank, BIDC, and AgDevCo - on revised terms to restructure existing debt to
better align repayments with projected cash flows. Discussions with Hudson
regarding the bond facilities (approximately €13.6m) are also advancing well
and we expect these debt restructures can be concluded on similar terms in Q4
2025.
Key revised terms include:
· NSIA Bank (€2.7m) has agreed to restructure its facility into a
six-year term loan, incorporating a two-year principal grace period, backdated
by twelve months.
· AgDevCo (€3.6m) has agreed to restructure its facility into a
seven-year term loan with a 24-month grace period commencing in August 2025,
interest rate to be set at 9% (or 9.75% if the Hudson bond is not restructured
by the end of 2025) and a €600k payment towards the loan will be made
upfront.
· BIDC (€4.4m) has agreed, commencing on 30 June 2025, that the
facility shall be restructured as a six-year term loan with an 18-month grace
period with interest remaining at 8.5%, being the level previously agreed.
To support the debt restructuring and enhance the Group's liquidity position,
the Company secured £2.33m through an equity raise, alongside a £1m
debt-to-equity conversion from the CEO, Youval Rasin. This capital injection
is designed to complement the revised debt arrangements, providing more
financial stability as the Cashew Operation continues to grow.
Other Projects
Whilst we have further expansion plans, including the processing of a third
commodity in addition to clean energy aspirations, these projects are on hold
as we focus on enhancing the Cashew Operation and improving the Group Balance
Sheet.
Group Financial
A summary of the financial performance for H1 2025, in addition to the
comparatives for the previous 5 years, is outlined in the table below.
H1 2025 H1 2024 H1 2023 H1 2022 H1 2021 H1 2020
CPO production (tonnes) 21,128 23,236 25,166 16,893 26,515 23,882
Average CPO price per tonne €963 €770 €934 €1,013 €817 €602
Total Revenue (all products) €23.9m €19.2m €21.3m €19.7m €21.7m €15.4m
Gross Margin €3.4m €2.2m €3.4m €5.0m €4.9m €2.6m
Gross Margin % 14.2% 11.5% 15.5% 25.4% 22.6% 16.9%
Overheads (€1.8m) (€1.5m) (€1.8m) (€1.7m) (€1.7m) (€1.4m)
EBITDA €3.1m €2.8m €2.5m €4.0m €3.9m €1.9m
Net Profit / (Loss) After Tax €0.0m (€0.7m) €0.4m €2.3m €2.0m €0.5m
Dekel reported H1 2025 EBITDA of €3.1m, compared to €2.8m in H1 2024. The
€0.3m year-on-year increase in EBITDA was driven by:
· A €0.4m decrease in the EBITDA contribution from the Palm Oil
Operation as higher than typical competition for FFB due to a weak seasonal
harvest impacted gross margins.
· A significant improvement in the Cashew Operation, where the
ramp-up in production volumes, improved processing efficiencies, and higher
sales prices contributed to a €0.7m improvement in EBITDA compared to H1
2024.
Dekel reported a break-even Net Profit after Tax for H1 2025, compared to a
Net Loss of €0.7m in H1 2024. The return to break-even reflects:
· The €0.3m increase in Group EBITDA, as outlined above.
· A €0.4m decrease in Group Depreciation due to a correction of
the term of depreciation on the Cashew Operation.
Overall, the results demonstrate a steady performance from the Palm Oil
Operation and a clear turnaround in the Cashew Operation, putting the Group
firmly on track to deliver a stronger financial performance in 2025, including
the potential to achieve its first ever full-year positive EBITDA from the
Cashew Operation.
Outlook
Looking ahead, the Palm Oil Operation is expected to remain a reliable
contributor to the Group's financial performance. However, the key catalyst
for enhanced overall results lies in the ongoing turnaround of the Cashew
Operation. Following the successful integration of new processing equipment in
late 2024, we are already seeing a meaningful uplift in volumes and
efficiencies in 2025.
Further momentum is anticipated with the imminent arrival of additional
equipment, representing only a modest capital outlay but expected to deliver a
step-change in production capacity. This expansion positions the Cashew
Operation to achieve its first full-year positive EBITDA performance in 2025 -
a milestone that would mark a significant step forward for Dekel, creating two
EBITDA-generating operations and a more diversified, resilient earnings base.
In addition, the recent debt restructure and equity raising, as well as the
proposed restructure of the Hudson bonds in Q4 2025 will provide the Group
with additional cash resources and flexibility to sensibly reduce debt over
the coming years.
Following my investment in the recent capital raise and my appointment to the
Board of the Company, I am committed to working together with the board and
senior management team to drive a period of sustained growth of operations and
drive the continued work to strengthen the Company's Balance Sheet. On
behalf of the Board, I would like to extend my thanks to shareholders for
their ongoing support and we look forward to rewarding their loyalty over the
period ahead.
Jonathan Johnson-Watts
Non-Executive
Chairman
Date: 25 September 2025
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
30 June 31 December
2025 2024
Unaudited Audited
Euros in thousands
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,252 276
Trade receivables 753 513
Inventory 4,102 2,954
Bank deposits - restricted 1,901 1,553
Other accounts receivable 1,290 387
Total current assets 9,298 5,683
NON-CURRENT ASSETS:
Bank deposits - restricted 1,102 1,045
Property and equipment, net 38,621 39,895
Total non-current assets 39,723 40,940
Total assets 49,021 46,623
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term loans and current maturities of long-term loans 10,501 9,718
Trade payables 3,809 1,620
Advances from customers 361 1,537
Other accounts payable 4,109 2,701
Total current liabilities 18,780 15,576
NON-CURRENT LIABILITIES:
Long-term lease liabilities 128 128
Accrued severance pay, net 57 52
Loans from shareholders 760 1,889
Long-term loans 21,804 21,507
Total non-current liabilities 22,749 23,576
Total liabilities 41,529 39,152
EQUITY:
Share capital 178 178
Additional paid-in capital 40,843 40,843
Accumulated deficit (26,746) (26,767)
Capital reserve 2,532 2,532
Capital reserve from transactions with non-controlling interests (9,315) (9,315)
Total equity 7,492 7,471
Total liabilities and equity 49,021 46,623
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
25 September 2025
Date of approval of the financial statements Youval Rasin Yehoshua Shai Kol Director and Chief Finance Officer Lincoln John Moore Executive Director
Director and Chief Executive Officer
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Six months ended Year ended
30 June 31 December
2025 2024 2024
Unaudited Audited
Euros in thousands
(except per share amounts)
Revenues 23,903 19,193 29,961
Cost of revenues (20,537) (16,955) (27,193)
Gross profit 3,366 2,238 2,768
General and administrative (1,785) (1,449) (3,783)
Operating profit (loss) 1,581 789 (1,015)
Finance cost (1,494) (1,405) (2,573)
Income (loss) before taxes on income 87 (616) (3,588)
Tax benefit (taxes on income) (66) (85) 83
Net income (loss) and total comprehensive income (loss) 21 (701) (3,505)
Income (loss) per share attributable to equity holders of the Company (in
Euros):
Basic and diluted income (loss) per share 0.00 (0.00) )0.01)
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share Additional paid-in capital Accumulated deficit Capital reserve Capital reserve from transactions with non-controlling interests Total
capital equity
Euros in thousands
Balance as of 1 January 2025 (audited) 178 40,843 (26,767) 2,532 (9,315) 7,471
Net income and total comprehensive income - - 21 - - 21
Balance as of 30 June 2025 (unaudited) 178 40,843 (26,746) 2,532 (9,315) 7,492
Share Additional paid-in capital Accumulated deficit Capital reserve Capital reserve from transactions with non-controlling interests Total
capital equity
Euros in thousands
Balance as of 1 January 2024 (audited) 178 40,817 (23,262) 2,532 (9,315) 10,950
Net loss and total comprehensive loss - - (701) - - (701)
Issue of shares for services provided 3 - - - 3
Balance as of 30 June 2024 (unaudited) 178 40,820 (23,963) 2,532 (9,315) 10,252
Share Additional paid-in capital Accumulated deficit Capital reserve Capital reserve from transactions with non-controlling interests Total
capital equity
Euros in thousands
Balance as of 1 January 2024 (audited) 178 40,817 (23,262) 2,532 (9,315) 10,950
Net loss and total comprehensive loss - - (3,505) - - (3,505)
Issue of shares for services provided - 26 - - - 26
Balance as of 31 December 2024 (audited) 178 40,843 (26,767) 2,532 (9,315) 7,471
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended Year ended
30 June 31 December
2025 2024 2024
Unaudited Audited
Euros in thousands
Cash flows from operating activities:
Net income (loss) 21 (701) (3,505)
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Adjustments to the profit or loss items:
Depreciation 1,555 1,985 3,567
Share-based payment - - 26
Accrued interest on long-term loans and non-current liabilities 1,387 1,093 2,069
Change in employee benefit liabilities, net 5 12 (20)
Changes in asset and liability items:
Decrease (increase) in accounts receivable (240) 442 1,058
Decrease (increase) in inventories (1,148) (260) 83
Decrease (increase) in other accounts receivable (903) 35 686
Increase (decrease) in trade payables 2,189 (1,355) (1,175)
Increase (decrease) in advance from customers (1,176) 743 1,038
Increase (decrease) in accrued expenses and other accounts payable 444 1,025 (750)
2,113 3,720 6,582
Cash paid during the period for:
Income taxes - (37) (56)
Interest (1,025) (1,122) (1,864)
(1,025) (1,159) (1,920)
Net cash provided by operating activities 1,109 1,860 1,157
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended Year ended
30 June 31 December
2025 2024 2024
Unaudited Audited
Euros in thousands
Cash flows from investing activities:
Increase in deposits (395) (2,170) (880)
Purchase of property and equipment (281) (552) (378)
Net cash used in investing activities (676) (2,722) (1,258)
Cash flows from financing activities:
Receipt of short-term loans, net 1,758 1,314 1,179
Receipt of long-term loan from Shareholder - - 1,982
Repayment of long-term loan from Shareholder - - (870)
Repayment of long-term loans (1,215) (585) (2,123)
Net cash provided by financing activities 543 729 168
Increase (Decrease) in cash and cash equivalents 976 (133) 67
Cash and cash equivalents at beginning of period 276 209 209
Cash and cash equivalents at end of period 1,252 76 276
Supplemental disclosure of non-cash activities:
Issuance of shares to director and service providers - 3 -
- - -
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
NOTE 1:- GENERAL
a. These financial statements have been prepared in a
condensed format as of 30 June 2025, and for the six months then ended
("interim consolidated financial statements"). These financial statements
should be read in conjunction with the Company's annual financial statements
as of 31 December 2024 and for the year then ended and accompanying notes
("annual consolidated financial statements").
b. Dekel Agri-Vision PLC (the "Company") is a public limited
company incorporated in Cyprus on 24 October 2007. The Company's Ordinary
shares are admitted for trading on the AIM, a market operated by the London
Stock Exchange. The Company is engaged through its subsidiaries in developing
and cultivating palm oil plantations in Cote d'Ivoire for the purpose of
producing and marketing Crude Palm Oil ("CPO"), as well as operating a Raw
Cashew Nut ("RCN") processing plant, which is currently ramping up its
production. The Company's registered office is in Limassol, Cyprus.
c. CS DekelOil Siva Ltd. ("DekelOil Siva") a company
incorporated in Cyprus, is a wholly-owned subsidiary of the Company. DekelOil
CI SA, a subsidiary in Cote d'Ivoire currently held 99.85% by DekelOil Siva,
is engaged in developing and cultivating palm oil plantations for the purpose
of producing and marketing CPO. DekelOil CI SA constructed and is currently
operating its palm oil mill.
d. Pearlside Holdings Ltd. ("Pearlside") a company
incorporated in Cyprus, is a wholly-owned subsidiary of the Company. Pearlside
has a wholly-owned subsidiary in Cote d'Ivoire, Capro CI SA ("Capro"). Capro
is currently operating and ramping up its production of its RCN processing
plant in Cote d'Ivoire near the village of Tiebissou.
e. DekelOil Consulting Ltd. a company located in Israel and a
wholly-owned subsidiary of DekelOil Siva, is engaged in providing services
to the Company and its subsidiaries.
f. Cash flow from operations and working capital deficiency.
As of 30 June 2025, the Group has a working capital deficiency of €9.5
million (€10 million as of 31 December 2024), an amount of €1.2 million of
the current liability was converted to equity post balance sheet date. The
Group generated a positive cash flow from operations of €1.1 million for the
six-month period ended 30 June 2025 (€1.9 million for the six-month period
ended 30 June 2024). The Palm Oil operation is performing well, recording
profit before tax of €1.9 million (net of depreciation of €0.7 million)
for the 6 months ending 30 June 2025 (see also Note 3, Operating Segments).
This profit was offset mainly by a loss at the cashew segment for the period
amounting to €1.3 million (including depreciation of €0.8 millions). The
Cashew operation is gradually increasing daily production and is forecast to
deliver positive operating cash flows in the coming months.
During the period the Group rescheduled two long-term loans in addition to the
rescheduled NSIA debt. The EBID loan was restructured to an additional 6 years
with 1.5 years grace on principal payments starting from 30 June 2025 at the
same interest rate. The Agdevco loan was restructured to an additional 7 years
with 2 years grace on principal payments starting from 30 June 2025 at the
same interest rate (the interest may increase to 9.75% if the Hudson loan will
not be reschedule as well during 2025).
In addition, on 27 June 2025 the Company completed a placing on the AIM, a
market operated by the London Stock Exchange ("the AIM"), by issuing
425,909,086 Ordinary shares at a price of £0.0055 per share for total
consideration of €2.747 thousand (£2.343 thousand), net proceeds of
approximately €2,605 thousand (£2,221 thousand). The shares were issued and
the funds were received post balance sheet date therefor it was not reflected
in the reported period.
The Group has prepared detailed forecasted cash flows through the end of
2026, which indicate that the Group should have positive cash flows from its
Group operations. However, the operations of the Group are subject to various
market conditions, including quantity and quality of fruit harvests and market
prices that are not under the Group's control that could have an adverse
effect on the Group's future cash flows.
Based on the above, the Company's management believes it will have sufficient
funds necessary to continue its operations and to meet its obligations as they
become due for at least a period of twelve months from the date of approval of
the financial statements.
NOTE 2:- ACCOUNTING POLICIES
a. Basis of preparation of the interim consolidated financial
statements:
The interim consolidated financial statements have been prepared in accordance
with IAS 34, "Interim Financial Reporting". The accounting policies applied
in the preparation of the interim consolidated financial statements are
consistent with those followed in the preparation of the annual consolidated
financial statements for the year ended 31 December 2024.
b. Fair value of financial instruments:
The carrying amounts of the Company's financial instruments approximate their
fair value.
NOTE 3:- OPERATING SEGMENTS
a. General:
The operating segments are identified based on information that is reviewed by
the Company's management to make decisions about resources to be allocated and
assess its performance. Accordingly, for management purposes, the Group is
organized into two operating segments based on the two business units the
Group has. The two business units are incorporated under two separate
subsidiaries of the Company, the CPO production unit is incorporated under CS
DekelOil Siva Ltd and its subsidiary and the RCN processing plant in initial
production phase is incorporated under Pearlside Holdings Ltd and its
subsidiary.
Segment performance (segment income (loss)) and the segment assets and
liabilities are derived from the financial statements of each separate group
of entities as described above. Unallocated items are mainly the Group's
headquarter costs.
b. Reporting operating segments:
Crude palm oil Raw cashew nut Unallocated Total
Euros in thousands
Six months ended 30 June 2025 (unaudited):
Revenues - external customers 22,398 1,505 23,903
Segment operating profit (loss) 2,952 (902) (496) 1,581
Finance cost (1,067) (418) (9) (1,494)
Profit (loss) before taxes on income 1,885 (1,320) (478) 87
Depreciation 712 828 14 1,555
Crude palm oil Raw cashew nut Unallocated Total
Euros in thousands
Six months ended 30 June 2024 (unaudited):
Revenues - external customers 18,540 653 19,193
Segment operating profit (loss) 3,114 (1,907) (418) 789
Finance cost (992) (407) (6) (1.405)
Profit (loss) before taxes on income 2,122 (2,314) (424) (616)
Depreciation 728 1,242 15 1,985
Crude palm oil Raw cashew nut Unallocated Total
Euros in thousands
Year ended 31 December 2024 (audited):
Revenues-external customers 28,221 1,740 29,961
Segment operating profit (loss) 2,871 (2,968) (918) (1,015)
Finance cost (1,593) (969) (11) (2,573)
Profit (loss) before taxes on income 1,278 (3,937) (929) (3,588)
Depreciation 1,447 2,089 31 3,567
Crude palm oil Raw cashew nut Unallocated Total
Euros in thousands
As of 30 June 2025 (unaudited):
Segment assets 33,231 15,646 144 49,021
Segment liabilities 28,523 12,234 772 41,529
As of 31 December 2024 (audited):
Segment assets 33,063 13,430 130 46,623
Segment liabilities 28,465 10,154 533 39,152
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