Interim Results
09/12/2024 07:00
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RNS Number : 2347P Agriterra Ltd 09 December 2024
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 2024.
Chair's Statement
I am pleased to provide an update on our performance in the first half of the
2025 financial year ('HY-2025'). These results are available on the Company's
website.
Operational update
Grain division
The Grain division commenced the season with a well mapped strategy targeting
to improve operational efficiency as well as securing grain as early as
possible in response to the El Nino induced drought in Southern Africa. Grain
supply was low, and prices of maize and mealie meal increased significantly.
The division had to buy grain with a high moisture content and dry to store in
silo to be able to achieve 14,700 tons meal sales volume budgeted for the
current financial year.
The division signed a commodity trading agreement valued at US$ 2.7 million
(MZN 200 million) in May 2024 with a local Mozambican company to purchase
maize for the year. In addition, the division secured a US$ 1.2 million
prepayment from one of their major trading customers to supply 2,500 tons of
mealie meal rateably from August 2024 to February 2025.
The division bought 15,635 tons of maize at an average price of US$324 per ton
during the period to 30 September 2024. The division had 10,938 tons in stock
at 30 September 2024 and milled 4,697 tons of maize producing 3,582 tons of
mealie meal at an extraction of 76%. The division sold 4,651 tons in the
period ended 30 September 2024 (HY-2024: 4,188 tons), including 1,069 tons of
imported mealie meal. The division generated US$ 3 million revenue during the
6 months ended 30 September 2024 (HY-2024: US$ 2.2 million).
The Grain division expects to produce 8,203 tons of mealie meal in H2-2025
from 10,938 tons of maize in silo and would require an additional 1,000 tons
to achieve the forecasted sales budget of 14,700 tons of meal for the year
ending 31 March 2025. Management is planning to import 1,000 tons of meal and
will continue purchasing maize.
The replacement of old equipment generated operating efficiencies helping to
reduce operating costs by US$ 0.1 million to US$ 0.5 million. The division is
reporting an unchanged EBITDA loss of US$ 0.2 million (HY-2024: EBITDA loss of
US$ 0.2 million) mainly due to lower volumes and margins in the first quarter.
Finance costs decreased to US$ 0.1 million (HY-2024: US$ 0.2 million).
Depreciation cost remained constant at US$ 0.24 million. The Grain division
incurred a loss of US$ 0.5 million for the 6-month period ended 30 September
2024 (HY-2024: Loss US$ 0.7 million).
Beef division
The Beef division commenced the year with objective of turning around the
business and enabling the division to breakeven on a monthly basis. Based on
the strategy session held in February 2024, emphasis was on improving
operational efficiencies and building on the gains achieved in prior year.
The premium market is supplied from the feedlot and farm, whilst the mass
market is now supplied from cattle bought in and sent directly to the
abattoir. Consequently, the number of animals at the farm decreased to 539
head at 30 September 2024 (30 September 2023; 723 head), being the estimated
demand of the premium market for the next three months. The direct slaughter
program has been a success and has enabled the division to reduce the cost of
transporting animals and other animal handling overheads. On average the
division is purchasing 300 animals per month for direct slaughter.
Beef division generated US$ 1.5 million revenue over the 6 months period ended
30 September 2024 (HY-2024: US$ 1.5 million). 345 tons of beef were sold
during the period (HY-2024: 430 tons of beef). A gross profit of 22.04% was
achieved (HY-2024: 20.67%). The division is looking to increase volume and
introduce further operational efficiencies to improve the Gross margin.
Operating expenses for the period amounted to US$ 0.4 million (HY-2024: US$
0.5 million). The Beef division incurred a loss of US$ 0.2 million for the
6-month period ended 30 September 2024 (HY-2024: Loss US$ 0.4 million).
Snax Division
Tough macroeconomic conditions, together with the El Nino induced drought, has
led to pressure on the disposable income of the local population. This has had
a significant effect on demand for the division's products. Nonetheless
despite facing stiff price competition, the division's superior quality is
helping to maintain market share.
Snax division generated revenue amounting to US$ 0.6 million (HY-2024: US$
1.03 million) over the period with a gross profit of 14.95% (HY-2024: 20.17%).
Loss for the period was US$ 0.06 million (HY-2024: Profit US$ 0.30 million).
Operating expenses for the 6 months period amounted to US$ 0.1 million
(HY-2024: US$ 0.1 million).
The Group acquired control of DECA Snax Limitada in the prior year.
Consequently, the Group is consolidating the performance of Snax division and
recognising the non-controlling interest in the Group's financial statements.
The comparatives have been restated accordingly.
Group Results
Group revenue for the half-year ended 30 September 2024 increased by 5% to US$
4.8 million (HY-2024 (restated): US$ 4.6 million) due to;
· US$ 0.8 million increase in Grain division revenue resulting from
high selling prices even though volume remained constant.
· Decline in Snax revenue of $ 0.5m.
Gross profit remained constant at US$ 0.7 million (HY-2024: US$ 0.7 million)
achieving a Group gross margin of 14% (HY-2024: Gross margin of 16%). Decrease
in gross margin is resulting from high cost of maize which reduced Grain
division margins to 9%. Group operating expenses decreased from US$ 1.9
million to US$ 1.5 million.
Finance costs increased by 55% to US$ 0.85 million (HY-2024: US$ 0.55 million)
as a result of the additional shareholder loans received in the prior year for
maize buying which were not repaid and the additional shareholder loan for the
procurement of the biscuit factory. Finance cost is mainly incurred on
shareholder loans at SOFR+6%.
During the period, inventories have increased by US$ 4.1 million to US$ 4.7
million as compared to 31 March 2024 (HY-2024: US$ 2.9 million). The Grain
division's inventory is expected to be used within the next 6 months.
Outlook for H2-2025
The Grain business is entering H2-2025 with 10,938 tons of grain in silo which
is not sufficient to take us to the next harvest. The division is
supplementing this by importing 1,000 tons of mealie meal from South Africa
and rolling to the extent possible, maize sold during the period. The price of
meal in the market is expected to increase in H2-2025 in line with an increase
in seasonal demand and the Grain division is well positioned to capitalize on
this and boost its revenue and margins. The Beef division's sales revenue is
expected to improve in H2-2025.
During H1-2025, the Biscuit division commenced trading and is expected to
contribute to increased revenue in H2-2025.
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.
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.
CSO Havers
Chair
9 December 2024
For further information please VISIT www.agriterra-ltd.com or contact:
Agriterra Limited Strand Hanson Limited
Caroline Havers caroline@agriterra-ltd.com (mailto:caroline@agriterra-ltd.com) Ritchie Balmer / James Spinney / David Asquith Tel: +44 (0) 207 409 3494
Peterhouse Capital Limited
Duncan Vasey / Eran Zucker Tel: +44 (0) 207 469 0930
C
Consolidated income statement
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2024 2023 2024
Unaudited Unaudited Audited
Restated
Note US$000 US$000 US$000
CONTINUING OPERATIONS
Revenue 2 4,841 4,607 10,393
Cost of sales (4,147) (3,878) (8,124)
Decrease in fair value of biological assets - - (437)
Gross profit 694 729 1,832
Operating expenses (1,471) (1,892) (3,988)
Other income 73 129 273
Profit on disposal of property, plant and equipment 80 1 30
Operating loss (624) (1,033) (1,853)
Net finance costs 3 (853) (550) (1,488)
Loss before taxation (1,477) (1,583) (3,341)
Taxation - - 127
Loss for the period 2 (1,477) (1,583) (3,214)
Loss for the period attributable to owners of the Company (1,477) (1,583) (3,214)
other comprehensive income
Loss for the period (1,477) (1,583) (3,214)
Items that will not be reclassified to profit or loss
Revaluation of property, plant and equipment - - (141)
Related tax - - 45
- - (96)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange translation differences 292 (780) 5
Other comprehensive income/(loss) for the period 292 (780) (91)
Total comprehensive loss for the period (1,185) (2,363) (3,305)
Loss Attributable to:
Owners of the company (1,448) (1,598) (3,225)
Non-controlling interest (29) 15 11
(1,477) (1,583) (3,214)
Total Comprehensive loss attributable to:
Owners of the company (1,156) (2,378) (3,316)
N
Non-controlling interest (29) 15 11
(1,185) (2,363) (3,305)
Earnings per Share
Basic and diluted earnings per share (US Cents) 4 (2.02) (2.22) (4.49)
Consolidated statement of financial position
30 September 30 September 31 March
2024 2023 2024
Unaudited Unaudited Audited
Restated
Note US$000 US$000 US$000
Non-current assets
Property, plant and equipment 24,719 24,382 24,968
Intangible assets - 1 -
24,719 24,383 24,968
Current assets
Biological assets 31 292 245
Inventories 4,722 2,857 616
Trade and other receivables 308 1,632 1,949
Cash and cash equivalents 500 352 439
5,561 5,133 3,249
Total assets 30,280 29,516 28,217
Current liabilities
Borrowings 5 130 1,179 130
Trade and other payables 3,883 2,665 1,217
4,013 3,844 1,347
Net current assets 1,548 1,289 1,902
Non-current liabilities
Borrowings 5 14,721 11,820 14,138
Deferred tax liability 5,936 6,115 5,937
20,657 17,935 20,075
Total liabilities 24,670 21,779 21,422
Net assets 5,610 7,737 6,795
Share capital 6 56,694 63,343 56,694
Share premium 6 - - -
Share based payments reserve 67 67 67
Revaluation reserve 11,588 11,935 11,714
Translation reserve (15,872) (16,981) (16,164)
Accumulated losses (46,942) (50,735) (45,620)
Non-controlling interest 75 108 104
Equity attributable to equity holders of the parent 5,610 7,737 6,795
The unaudited condensed consolidated financial statements of Agriterra Limited
for the six months ended 30 September 2024 were approved by the Board of
Directors and authorised for issue on 9 December 2024.
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 Non-Controlling Interest Total
losses
capital Equity
Note US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
Balance at 1 April 2023 3,993 151,419 67 (16,169) 12,061 (141,364) - 10,007
Loss for the period - - - - - (1,598) 15 (1,583)
Other comprehensive income:
Exchange translation loss on foreign operations restated - - - (780) - - - (780)
Total comprehensive loss for the period - - - (780) - (1,598) (2,363)
15
Transactions with owners
Acquisition of subsidiary with NCI - - - - - - 93
93
Reclassification 59,350 (151,419) - - - 92,069 - -
Revaluation surplus realised - - - (126) 126 -
- -
Total transaction with owners for the period 59,350 (151,419) - - (126) 92,195 93
93
Balance at 30 September 2023 63,343 - 67 (16,949) 11,935 (50,767) 108 7,737
Loss for the period - - - - - (1,627) (4) (1,631)
Other comprehensive income: - - - - (96) - - (96)
Revaluation of property, plant and equipment (net)
Exchange translation gain on foreign operations - - - 785 - - - 785
Total comprehensive loss for the period - - - 785 (96) (1,627) (4) (942)
Transactions with owners
Reclassification (6,649) - - - - 6,649 - -
Revaluation surplus realised - - - - (125) 125 -
-
Total transactions with owners for the period (6,649) - - - (125) 6,774 -
-
Balance at 31 March 2024 56,694 - 67 (16,164) 11,714 (45,620) 6,795
104
Loss for the period - - - - - (1,448) (29) (1,477)
Other comprehensive income: - - - 292 - - - 292
Exchange translation gain on foreign operations
Total comprehensive loss for the period - - - 292 - (1,448) (1,185)
(29)
Transactions with owners
Revaluation surplus realised - - - - (126) 126 - -
Total transactions with owners for the period - - - - (126) 126 -
-
Balance at 30 September 2024 56,694 - 67 (15,872) 11,588 (46,942) 75 5,610
Consolidated cash flow statement
Note 6 months ended 6 months ended Year
30 September 30 September ended
2024 2023 31 March
Unaudited Unaudited 2024
Audited
Restated
US$000 US$000 US$000
Loss before tax for the period (1,477) (1,583) (3,341)
Adjustments for:
Amortisation and depreciation 2 396 434 871
Profit on disposal of property, plant and equipment (80) - (30)
Impairment of goodwill on acquisition - - 12
Foreign exchange loss/(gain) 279 (622) (48)
Changes in value of biological assets - 437
-
Net Finance costs 853 550 1,488
Operating cash flows before movements in working capital (29) (1,221) (611)
Decrease/(increase) in biological assets 214 204 (186)
(Increase)/decrease in inventories (4,106) (2,307) 389
Decrease/(increase) in trade and other receivables 1,641 (582) (956)
Increase/(decrease) in trade and other payables 2,666 2,007 (155)
Net Cash generated from/ (used in) operating activities 386 (1,899) (1,519)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment net of expenses 80 1 30
incurred
Acquisition of property, plant and equipment (135) (511) (1,271)
Acquisition of subsidiary net of cash acquired - - 48
Net cash used in investing activities (55) (510) (1,193)
Cash flow from financing activities
Finance costs 3 (180) (167) (485)
Net repayment of loans 5 (90) (146) (940)
Net repayment of leases 5 - - (198)
Net drawdown of shareholder loans - 2,900 4,600
Net cash (used in)/ generated from financing activities (270) 2,587 2,977
Net increase in cash and cash equivalents 61 178 265
Effect of exchange rates on cash and cash equivalents - - -
Cash and cash equivalents at beginning of period 439 174 174
Cash and cash equivalents at end of period 500 352 439
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 St. Peter's House, Rue des Brehauts, St. Pierre du Bois, Guernsey GY7 9RT.
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 United States Dollars ('US$' or 'US$') 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 2024 (the 'H1-2025 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 2024 (available at
www.agriterra-ltd.com). The Group does not anticipate any significant change
in these accounting policies for the year ended 31 March 2025.
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 2024 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 31 March 2024
financial statements concerning the Group's ability to continue as a going
concern which shows that the Group needs to achieve its operating targets and
is reliant on the continued support from the largest shareholder in order to
continue as a going concern.
The H1-2025 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
H1-2025 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 2024 - Unaudited Grain Beef Snax Unallo-cated Elimina-tions Total
US$000 US$000 US$000 US$000 US$000 US$000
Revenue
External sales ((2)) 2,786 1,483 572 - - 4,841
Inter-segment sales ((1)) 197 - - - (197) -
2,983 1,483 572 - (197) 4,841
Segment results
- Operating loss (468) (80) (58) (91) - (697)
- Interest income 77 - - - (77) -
- Interest expense (180) (77) - (673) 77 (853)
- Other gains and losses 73 - - - - 73
Loss before tax (498) (157) (58) (764) - (1,477)
Income tax - - - - - -
Loss for the period (498) (157) (58) (764) - (1,477)
6 months ended 30 September 2023 - Unaudited Grain Beef Snax Unallo-cated Elimina-tions Total
Restated
US$000 US$000 US$000 US$000 US$000 US$000
Revenue
External sales ((2)) 2,066 1,509 1,032 - - 4,607
Inter-segment sales ((1)) 117 - - (117) -
2,183 1,509 1,032 - (117) 4,607
Segment results
- Operating loss (620) (316) 30 (256) - (1,162)
- Interest expense (184) (70) - (296) - (550)
- Other gains and losses 128 1 - - - 129
(Loss)/Profit before tax (676) (385) 30 (552) - (1,583)
Income tax - - - - - -
(Loss)/Profit for the period (676) (385) 30 (552) - (1,583)
The results for the half year to 30 September 2023 have been restated to
reflect that the Company took control of DECA Snax with effect from 1 April
2023 and accordingly the financial statements of DECA Snax have been
consolidated into the Group accounts for the period.
Year ended 31 March 2024 - Audited Grain Beef Snax Unallo-cated Elimina-tions Total
US$000 US$000 US$000 US$000 US$000 US$000
Revenue
External sales ((2)) 5,354 2,967 2,072 - - 10,393
Inter-segment sales ((1)) 816 - - - (816) -
6,170 2,967 2,072 - (816) 10,393
Segment results
- Operating loss (728) (963) 5 (440) - (2,126)
- Interest expense (292) (193) - (1,003) - (1,488)
- Other gains and losses 237 4 18 14 - 273
- Share of profit in equity-accounted investees - - - - - -
(Loss)/Profit before tax (783) (1,152) 23 (1,429) - (3,341)
Income tax 115 12 - - - 127
(Loss)/Profit after tax (668) (1,140) 23 (1,429) - (3,214)
(1) Inter-segment sales are charged at prevailing market prices
(2) Revenue represents sales to external customers and is
recorded in the country of domicile of the Company making the sales. Sales
from the Grain, Beef and Snax 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 Snax Unallo-cated Elimina-tions Total
US$000 US$000 US$000 US$000 US$000 US$000
6 months ended 30 September 2024 - Unaudited
Depreciation and amortisation 235 121 40 - - 396
6 months ended 30 September 2023 - Unaudited
Depreciation and amortisation 236 160 38 - - 434
Year ended 31 March 2024 - Audited
Depreciation and amortisation 470 326 75 - - 871
3. NET FINANCE COSTS
6 months ended 6 months ended Year
30 September 30 September ended
2024 2023 31 March
Unaudited Unaudited 2024
Audited
US$000 US$000 US$000
Interest expense:
Bank loans, overdrafts and finance leases 180 166 485
Shareholder loans 673 384 1,003
Interest income:
Bank deposits - - -
853 550 1,488
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
2024 2023 2024
Unaudited Unaudited Audited
US$000 US$000 US$000
Loss for the period/year for the purposes of basic and diluted earnings per (1,448) (1,598) (3,225)
share attributable to equity holders of the Company
Weighted average number of Ordinary Shares for the purposes of basic and 71,829,007
diluted loss per share
71,829,007 71,829,007
Basic and diluted loss per share - US cents (2.02) (2.22) (4.49)
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 2024 30 September 2023 31 March
2024
Unaudited Unaudited Audited
US$000 US$000 US$000
Non-current
Shareholder loans 14,310 11,317 13,637
Bank loans 411 503 501
Leases - - -
14,721 11,820 14,138
Current
Overdrafts - - -
Bank loans 130 1,058 130
Leases - 121 -
130 1,179 130
14,851 12,999 14,268
Group
During the period, Agriterra Limited secured shareholder loans amounting to
$Nil (2024: US$4.6 million) from Chepstow Investments Limited at an interest
rate of SOFR+6%. A portion of these loans was used to repay commercial
borrowings in Mozambique which were charged interest above 18% per annum. The
shareholder loans are made up of:
· US$ 6.1m convertible loan facility with a 3-year tenure maturing
in July 2025.
· US$ 1.8m convertible loan facility with a 12-month tenure
maturing in July 2023, which was renewed for the same period in July 2024 and
renewed again for the same period after year end to July 2025.
· US$ 2.0m convertible loan facility with a 12-month tenure
maturing in August 2024 and was renewed for the same period after year end to
August 2025.
· US$ 1.7m loan facility with a 12-month tenure maturing in
November 2024, with the option to renew for a further 12-month period at that
date.
· US$ 0.9m loan facility maturing on 31 March 2026, with the option
to extend for a further 12-month period at that date.
In the event of default or at the option of the lender, the outstanding
principal and interest may be converted into new ordinary shares at the
prevailing market price of the Company`s shares at such time. The market price
is determined by the 10-day VWAP. The difference between the 10-day VWAP and
the closing market price is a derivative liability the value of which is not
considered to be material. Accordingly, the principal of the convertible loans
has been recorded in full as a financial liability.
All shareholder loans have been classified as non-current as they are
subordinated to bank loans and would not be repaid before the bank loans have
been repaid. In addition, the shareholder loans can be renewed for further
periods based on a request from the Company at the time of maturity.
Grain division
At 30 September 2024, the Grain division has one outstanding commercial bank
loan amounting to US$ 0.54 million secured by land and buildings valued at US$
6.1 million.
Beef division
Beef division does not have any finance facilities as at 30 September 2024.
Reconciliation to cash flow statement
At 31 Cash flow Interest accrued Foreign Exchange At 30 September 2024
March
2024
US$000 US$000 US$000 US$000 US$000
Non-current shareholder loans 13,637 - 673 - 14,310
Non-current bank loans 501 (90) - - 411
Current bank loans 130 - - - 130
14,268 (90) 673 - 14,851
6. Share capital
Authorised Allotted and fully paid
Number Number US$000
Ordinary Shares
At 30 September 2023 74,038,389 71,829,007 63,105
Reclassification - - (6,649)
31 March 2024 and 30 September 2024 74,038,389 71,829,007 56,456
Deferred shares of 0.1p each
At 30 September 2023, 31 March 2024 and 30 September 2024 155,000,000 155,000,000 238
Total Share Capital 229,038,389 226,829,007 56,694
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.
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