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R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Annual Report in respect of 2017
27-Apr-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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R.E.A. HOLDINGS PLC (the "company")
ANNUAL FINANCIAL REPORT
The company's annual report for the year ended 31 December 2017 (including
notice of the annual general meeting to be held on 13 June 2018) (the "annual
report") will shortly be available for downloading from the company's web site
at 1 www.rea.co.uk.
Upon completion of bulk printing, copies of the annual report will be despatched
to persons entitled thereto and will be submitted to the National Storage
Mechanism to be made available for inspection at 2 www.hemscott.com/nsm.do
The sections below entitled "Chairman's statement", "Dividends", "Risks and
uncertainties", "Viability statement", "Going concern" and "Directors'
confirmation of responsibility" have been extracted without material adjustment
from the annual report. The basis of presentation of the financial information
set out below is detailed in note 1 of the notes to the financial statements
below.
HIGHLIGHTS
Overview
• Production and revenue saw a progressive improvement in 2017, which is
continuing into 2018
• Significant plantation disposal recently announced
Financial
• Revenue up 26 per cent to $100.2 million (2016: $79.3 million) reflecting
initial impact of operational improvements to restore yields to historic
norms
• Cost of sales increased to $86.3 million (2016: $71.8 million) primarily due
to expenditure on rehabilitation of the mature estates and increased cost
and volume of third party fruit purchases
• Pre-tax losses of $21.9 million (2016: $9.3 million), mainly due to increase
in the value of the group's sterling notes arising from exchange
fluctuations, resulting in a charge of $4.8 million in 2017 (2016: credit of
$10.5)
• Balance of 2017 dollar notes ($20.2 million) and 2017 sterling notes (£8.0
million) repaid
• Sale of 2022 dollar notes held in treasury and placing of preference shares
together raising $18.0 million
Agricultural operations
• Increased production of 530,565 tonnes of FFB, up 13 per cent (2016: 468,371
tonnes), benefiting from improvements in harvesting, infrastructure and
field management practices
• Increase in third party FFB purchased to 114,005 tonnes (2016: 98,052
tonnes)
• Consistently improved CPO extraction rates averaging 23 per cent
• 1,248 hectares of extension planting
Sale of subsidiary
• Agreement reached on 25 April 2018 for sale of REA Kaltim's 95 per cent
shareholding in PBJ to Kuala Lumpur Kepong Berhad; proceeds estimated at $85
million gross or approximately $57 million net of external debt repayments
and selling expenses
• Divestment serves to benefit capital structure by reducing indebtedness and
by relieving the group of the further investment that would be required to
take the PBJ estates to full maturity; it will also defer for at least
three years the need for a further group oil mill
• No material negative impact on group's immediate profit outlook as the
majority of the plantings at PBJ are immature
Stone and coal operations
• Plans to reopen coal concession at Kota Bangun progressed with conclusion of
arrangements to acquire loading point and conveyor with permitting now in
hand to allow mining operations to recommence
• Limestone quarry operations commenced
• Discussions regarding the development of the andesite stone concession
continuing
Organisational changes
• Appointment of Carol Gysin as group managing director in February 2017 and
several senior management changes implemented
• Completion of relocation of Indonesian administrative offices to a single
location in Balikpapan
Outlook
• The recovery seen in 2017 anticipated to strengthen further in 2018 with
crop levels and yields returning closer to historic norms
• FFB for the four months to April 2018 expected to be around 200,000 (2017:
159,706)
• Divestment of PBJ to enable group to concentrate operations on the remaining
plantation areas in near contiguous locations
• Coal activities expected to provide cash flows going forward
CHAIRMAN'S STATEMENT
2017 saw the beginnings of a much needed recovery in the group's operations.
Following changes to staffing and staff responsibilities in both estates and
mills and with the estates beginning to benefit from the enhanced fertiliser
programmes initiated in 2016, harvesting, field management practices, mill
efficiency and road maintenance all progressively improved over the course of
the year.
Total revenue for the year increased to $100.2 million from $79.3 million in
2016. Operating losses were reduced to $2.2 million compared with $5.0 million
in 2016. Although the loss before tax increased to $21.9 million compared with
$9.3 million for 2016, this was principally the result of a negative swing from
year to year of $15.3 million in mark to market movements on the group's foreign
currency liabilities, with a charge to profits of $4.8 million in 2017 compared
with a credit of $10.5 million in 2016. In addition, and as previously reported,
a one off charge of $1.1 million was incurred in 2017 as a result of staff
changes arising from the reorganisation of the group's Indonesian offices. By
contrast, the results for 2016 benefited from a one off receipt of $1.1 million
received in respect of tax refunds.
Fresh fruit bunches ("FFB") harvested increased by 13 per cent in 2017 to some
530,000 tonnes, compared with 468,000 tonnes in 2016. This reflected an 8 per
cent increase in mature estate hectarage and an improvement in FFB yields to
15.6 tonnes per mature hectare in 2017 from 14.9 tonnes in 2016. There was a
similar increase in the volume of purchases of FFB from smallholders and other
third parties: 114,000 tonnes in 2017 compared with 98,000 tonnes in the
previous year. Crude palm oil ("CPO") production in 2017 totalled 144,000
tonnes, compared with 128,000 tonnes in 2016, with CPO extraction in the latter
part of 2017 running at consistently higher average rates than in 2016 and the
early months of 2017. The better performance reflected recent mill
refurbishment works, a rigorous maintenance programme, as well as an improvement
in the quality of FFB being processed. CPO and crude palm kernel oil ("CPKO")
yields of, respectively, 3.6 and 0.3 tonnes per mature hectare were achieved
during 2017 compared with, respectively, 3.4 tonnes and 0.3 tonnes per hectare
in 2016.
The CPO price, CIF Rotterdam, had a strong start to the year rising from $790
per tonne at the beginning of January to a high of $857 per tonne on the back of
generally lower production before declining to a low of $640 per tonne
reflecting increasing stock levels and expectations of significant production
growth in the second half of the year. The price closed at the end of the year
at $670 per tonne and has traded in the range $640 to $710 per tonne in 2018 to
date. Prices are currently at $640 per tonne. Consumption growth and weaker
soybean production in South America appears likely to support prices around
these levels.
Progress with development of both PT Putra Bongan Jaya ("PBJ") and PT Cipta
Davia Mandiri ("CDM") was slower than expected in 2017. Weather conditions
throughout the year hampered extension planting in PBJ and a review of the
programme for CDM resulted in a decision to cancel planting of some 1,000
hectares that had been originally planned so as to concentrate on larger, near
contiguous blocks as well as to reconsider the status of the conservation
reserves. Planting in PBJ and CDM combined amounted to some 1,161 hectares in
2017, with the balance of the targeted 3,000 hectares carried over to 2018.
Plans to reopen the group's coal concession at Kota Bangun were progressed
during 2017 leading to the conclusion by the group, in April 2018, of
arrangements to acquire an established loading point on the Mahakam River,
together with a coal conveyor that crosses the group's concession and runs to
the loading point. This acquisition is an essential prerequisite to efficient
evacuation of coal from the Kota Bangun concession. With it concluded, the
group is applying for the requisite permits to recommence mining operations and
to sell the previously mined coal currently held in stockpile. Discussions
regarding the development of the group's andesite stone concession continue.
The group further addressed its funding arrangements during 2017, raising monies
from the sale of the $7.2 million of 2022 dollar notes held in treasury, the
issue of 8.4 million new £1 cumulative preference shares and the completion of
the arrangements agreed with the group's new local partner in 2016. In
addition, revolving working capital facilities were rolled over for a further 12
months at the end of July 2017. All of the outstanding $20.2 million of 2017
dollar notes and the outstanding £8.0 million of 2017 sterling notes were repaid
in June and December 2017 respectively.
Further to the statement in the group's half yearly report published in
September 2017 regarding a potential divestment of certain outlying plantation
assets, the group reached an agreement on 25 April 2018 for the sale of its PBJ
subsidiary. Completion of the sale, which is subject to shareholder approval,
is expected to take place later in 2018 and will result in group indebtedness
being reduced by the bank borrowings in PBJ and a cash inflow to the group
provisionally estimated at $57 million. The PBJ estate is located some distance
from the group's principal estates and would, in the near future, have required
the construction of a new mill and other infrastructure for harvesting and
processing crop. Divestment of PBJ will therefore both reduce the funding
required for the group's immediate development programme and permit the group's
management to focus on a geographically more compact area of operations.
The proceeds from the divestment of PBJ will principally be applied in reducing
group indebtedness. Coupled with the funding actions taken over the last two
years, this divestment leaves the group in a stronger financial position. It
will permit the group to operate with significantly reduced indebtedness and, at
the same time, to proceed quickly to develop suitable areas of its remaining
undeveloped land bank. Following the completion in 2017 of the agreements for
the transfer to SYB of fully titled land areas held by PU, the remaining
developable land bank following the sale of PBJ is currently estimated at about
10,000 hectares. The immediate impact on production of the sale of PBJ will be
immaterial as the majority of this estate is not yet mature.
In view of the results for 2017, the directors have concluded that they should
not declare or recommend the payment of any ordinary dividend in respect of the
year.
The recovery in group operations that began in 2017 has continued into 2018,
with production in March demonstrating a noticeable upturn, against a background
of generally poorer cropping in East Kalimantan. The positive trend has
continued into April, with daily cropping rates suggesting an FFB crop for the
month approaching 60,000 tonnes (2016: 32,070 tonnes). Higher production
combined with increases in mill efficiency should result in further progress in
the group's operational performance during the current year.
The improvements to the group's balance sheet that will follow from the
divestment of PBJ and a resumption of coal revenues should help the group
accelerate development of its land bank. With CPO prices expected to remain
around current levels, the prospects for the group are more encouraging than
they have been for some years.
DIVIDENDS
The fixed semi-annual dividends on the 9 per cent cumulative preference shares
that fell due on 30 June and 31 December 2017 were duly paid. In line with
previous indications and in view of the financial performance during 2017, the
directors have concluded that, as previously announced, they should not declare
or recommend the payment of any dividend on the ordinary shares in respect of
2017.
As previously indicated, if crops continue to recover as expected, prices for
the group's palm products are maintained at around current levels, the sale of
PBJ is successfully completed and the coal operations start to generate suitable
returns, the directors intend to resume the payment of ordinary dividends.
However, the programme of development of the group's land bank remains ongoing
and will require further significant capital expenditure. The need to fund
such expenditure will necessarily influence the rates at which the directors
feel that they can prudently declare, or recommend the payment of, ordinary
dividends over the next few years.
ANNUAL GENERAL MEETING
The fifty-eighth annual general meeting of R.E.A. Holdings plc will be held at
the London office of Ashurst LLP at Broadwalk House, 5 Appold Street, London
EC2A 2HA on 13 June 2018 at 10.00 am.
RISKS AND UNCERTAINTIES
The group's business involves risks and uncertainties. Identification,
assessment, management and mitigation of the risks associated with
environmental, social and governance matters forms part of the group's system of
internal control for which the board of the company has ultimate
responsibility. The board discharges that responsibility as described in
"Corporate governance" in the annual report.
Those risks and uncertainties that the directors currently consider to be
material are described below. There are or may be other risks and uncertainties
faced by the group that the directors currently deem immaterial, or of which
they are unaware, that may have a material adverse impact on the group.
Material risks, related policies and the group's successes and failures with
respect to environmental, social and governance matters and the measures taken
in response to any failures are described in more detail under "Sustainability"
in the annual report.
Where risks are reasonably capable of mitigation, the group seeks to mitigate
them. Beyond that, the directors endeavour to manage the group's finances on a
basis that leaves the group with some capacity to withstand adverse impacts from
identified areas of risk but such management cannot provide insurance against
every possible eventuality.
Risks assessed by the directors as being of particular significance are those
detailed below under climatic and other operational factors, produce prices and
funding. In the case of climatic and other operational factors and produce
prices, the directors' assessment reflects the negative impact on revenues that
could be caused by adverse climatic conditions or operational circumstances and,
in the case of funding, the considerations referred to in the "Viability
statement" in the "Directors' report" in the annual report.
Mitigating or other
Risk Potential impact relevant
considerations
Agricultural operations
Climatic factors
A loss of crop or reduction
Material variations from in the quality of harvest Over a long period,
the norm in climatic resulting in loss of crop levels should be
conditions potential revenue reasonably predictable
A reduction in subsequent
crop levels resulting in loss Operations are located
Unusually low levels of of potential revenue; in an area of high
rainfall that lead to a rainfall.
water availability below the reduction is likely to be Notwithstanding some
the minimum required for broadly proportional to the seasonal variations,
the normal development of cumulative size of annual rainfall is
the oil palm usually adequate for
the water deficit normal development
Normal sunshine hours
in the location of the
Delayed crop formation operations are well
Overcast conditions resulting in loss of suited to the
potential revenue cultivation of oil
palm
The group has
established a
permanent downstream
loading facility,
where the river is
tidal. In addition,
road access (currently
requiring repair)
between the ports of
Samarinda and
Low levels of rainfall Inability to obtain delivery Balikpapan and the
disrupting river transport of estate supplies or to estates when available
or, in an extreme evacuate CPO and CPKO offers a viable
situation, bringing it to a (possibly leading to alternative route for
standstill suspension of harvesting) transport with any
associated additional
cost more than
outweighed by the
potential negative
impact of disruption
to the business cycle
by any delay in
evacuating CPO
Cultivation risks
A loss of crop or reduction
in the quality of harvest The group adopts best
Pest and disease damage to resulting in loss of agricultural practice
oil palms and growing crops potential revenue to limit pests and
diseases
Other operational factors
The group maintains
stocks of necessary
inputs to provide
Shortages of necessary Disruption of operations or resilience and has
inputs to the operations, increased input costs leading established biogas
such as fuel and fertiliser to reduced profit margins plants to improve its
self-reliance in
relation to fuel
The group endeavours
FFB crops becoming rotten or to maintain resilience
over-ripe leading either to a in its palm oil mills
loss of CPO production (and with each of the mills
A hiatus in collection or hence revenue) or to the operating separately
processing of FFB crops production of CPO that has an and some ability
above average free fatty acid within each mill to
content and is saleable only switch from steam
at a discount to normal based to biogas or
market prices diesel based
electricity generation
The group's bulk
storage facilities
have substantial
Disruptions to river The requirement for CPO and capacity and further
transport between the main CPKO storage exceeding storage facilities are
area of operations and the available capacity and afforded by the fleet
Port of Samarinda or delays forcing a temporary cessation of barges. Together,
in collection of CPO and in FFB harvesting or these have hitherto
CPKO from the transhipment processing with a resultant always proved adequate
terminal loss of crop resulting in a to meet the group's
loss of potential revenue requirements for CPO
and CPKO storage
Occurrence of an uninsured
or inadequately insured The group maintains
adverse event; certain insurance at levels
risks (such as crop loss that it considers
through fire or other reasonable against
perils), for which Material loss of potential those risks that can
insurance cover is either revenues or claims against be economically
not available or is the group insured and mitigates
considered uninsured risks to the
disproportionately extent reasonably
expensive, are not insured feasible by management
practices
Produce prices
Price swings should be
moderated by the fact
that the annual
Volatility of CPO and CPKO oilseed crops account
prices which as primary for the major
commodities may be affected proportion of world
by levels of world economic Reduced revenue from the sale vegetable oil
activity and factors of CPO and CPKO production production and
affecting the world and a consequent reduction in producers of such
economy, including levels cash flow and profit crops can reduce or
of inflation and interest increase their
rates production within a
relatively short time
frame
The Indonesian
government allows the
free export of CPO and
CPKO but applies a
Restriction on sale of the sliding scale of
group's CPO and CPKO at duties on exports
world market prices which allows producers
including restrictions on Reduced revenue from the sale economic margins. The
Indonesian exports of palm of CPO and CPKO production extension of this
products and imposition of and a consequent reduction in sliding scale to
high export duties (as has cash flow and profit incorporate a $50 per
occurred in the past for tonne export levy to
short periods) fund biodiesel
subsidies is designed
to support the local
price of CPO and CPKO
The imposition of
Distortion of world markets controls or taxes on
for CPO and CPKO by the CPO or CPKO in one
imposition of import Depression of selling prices area can be expected
controls or taxes in for CPO and CPKO if arbitrage to result in greater
consuming countries, for between markets for competing consumption of
example, by imposition of vegetable oils proves alternative vegetable
reciprocal trade barriers insufficient to compensate oils within that area
or tariffs between major for the market distortion and the substitution
economies created outside that area of
CPO and CPKO for other
vegetable oils
Expansion
The group holds
substantial fully
titled or allocated
land areas suitable
for planting. It
Failure to secure in full, Inability to complete, or works continuously to
or delays in securing, the delays in completing, the obtain and maintain up
land or funding required planned extension planting to date permits for
for the group's planned programme with a the planting of these
extension planting consequential reduction in areas and aims to
programme the group's prospective manage its finances to
growth ensure, in so far as
practicable, that it
will be able to fund
the planned extension
planting programme
A shortfall in achieving
the group's planned The group maintains
extension planting A possible adverse effect on flexibility in its
programme impacting market perceptions as to the planting programme to
negatively the continued value of the company's be able to respond to
growth of the group securities changes in
circumstances
Environmental, social and
governance practices
The group has
established standard
practices designed to
ensure that it meets
Failure by the agricultural its obligations,
operations to meet the monitors performance
standards expected of them against those
as a large employer of Reputational and financial practices and
significant economic damage investigates
importance to local thoroughly and takes
communities action to prevent
recurrence in respect
of any failures
identified
The group is committed
to sustainable
development of oil
palm and has obtained
RSPO certification for
most of its current
Criticism of the group's operations. All group
environmental practices by oil palm plantings are
conservation organisations on land areas that
scrutinising land areas have been previously
that fall within a region Reputational and financial logged and zoned by
that in places includes damage the Indonesian
substantial areas of authorities as
unspoilt primary rain appropriate for
forest inhabited by diverse agricultural
flora and fauna development. The
group maintains
substantial
conservation reserves
that safeguard
landscape level
biodiversity
Community relations
The group seeks to
foster mutually
beneficial economic
and social interaction
between the local
villages and the
agricultural
operations. In
particular, the group
Disruption of operations, gives priority to
A material breakdown in including blockages applications for
relations between the group restricting access to oil employment from
and the host population in palm plantings and mills, members of the local
the area of the resulting in reduced and population, encourages
agricultural operations poorer quality CPO and CPKO local farmers and
production tradesmen to act as
suppliers to the
group, its employees
and their dependents
and promotes
smallholder
development of oil
palm plantings
The group has
established standard
procedures to ensure
fair and transparent
Disputes over compensation compensation
payable for land areas negotiations and
allocated to the group that Disruption of operations, encourages the local
were previously used by including blockages authorities, with whom
local communities for the restricting access to the the group has
cultivation of crops or as area the subject of the developed good
respects which local disputed compensation relations and who are
communities otherwise have therefore generally
rights supportive of the
group, to assist in
mediating settlements
Where claims from
individuals in
relation to
compensation
agreements are found
Disruption of operations, to have a valid basis
Individuals party to a including blockages the group seeks to
compensation agreement restricting access to the agree a new
subsequently denying or areas the subject of the compensation
disputing aspects of the compensation disputed by the arrangement; where
agreement affected individuals such claims are found
to be falsely based
the group encourages
appropriate action by
the local authorities
Stone and coal operations
Operational factors
The group endeavours
to use experienced
contractors, to
Failure by external supervise them closely
contractors to achieve and to take care to
agreed production volumes Loss of prospective revenue ensure that they have
with optimal stripping equipment of capacity
values or extraction rates appropriate for the
planned production
volumes
External factors, in Deliveries are not
particular weather, normally time critical
delaying or preventing and adverse external
delivery of extracted stone Delays to receipt or loss of factors would not
and coal revenue normally have a
continuing impact for
more than a limited
period
The group seeks to
ensure the accuracy of
Geological assessments, Unforeseen extraction geological assessments
which are extrapolations complications causing cost of any extraction
based on statistical overruns and production programme and takes
sampling, proving delays or failure to achieve expert geological
inaccurate projected production advice on the results
Prices
There are currently no
other stone quarries
in the vicinity of the
group's deposits and
Local competition reducing the cost of
stone prices and volatility transporting stone
of international coal Reduced revenue and a should restrict
prices consequent reduction in cash competition. In
flow and profit relation to coal, the
high quality of the
coal in the group's
main coal concession
may limit volatility
The Indonesian
government has not to
date imposed measures
Imposition of additional Reduced revenue and a that would seriously
royalties or duties on the consequent reduction in cash affect the viability
extraction of stone or coal flow and profit of Indonesian stone
quarrying or coal
mining operations
Geological assessments
ahead of commencement
Inability to supply product of extraction
Unforeseen variations in within the specifications operations should have
quality of deposits that are, at any particular identified any
time, in demand with material variations in
consequent loss of revenue quality
Environmental, social and
governance practices
The area of the stone
and coal concessions
are relatively small
and should not be
difficult to
supervise. The group
is committed to
Failure by the stone and international
coal operations to meet the Reputational and financial standards of best
expected standards damage environmental and
social practice and,
in particular, to
proper management of
waste water and
reinstatement of
quarried and mined
areas on completion of
extraction operations
General
Currency
As respects costs and
sterling denominated
shareholder capital,
the group considers
that this risk is
inherent in the
group's business and
structure and must
Adverse exchange movements on simply be accepted.
those components of group As respects
Strengthening of sterling costs and funding that arise borrowings, where
or the Indonesian rupiah in Indonesian rupiah or efficient the group
against the dollar sterling and are not hedged seeks to borrow in
against the dollar dollars but, when
borrowing in another
currency, considers it
better to accept the
resultant currency
risk than to hedge
that risk with hedging
instruments
Funding
The group maintains
good relations with
its bankers and other
holders of debt who
Bank debt repayment have generally been
instalments and other debt receptive to
maturities coincide with reasonable requests to
periods of adverse trading moderate debt profiles
and negotiations with when circumstances
bankers and investors are Inability to meet liabilities require; moreover, the
not successful in as they fall due directors believe that
rescheduling instalments, the fundamentals of
extending maturities or the group's business
otherwise concluding will facilitate
satisfactory refinancing divestment of assets
arrangements or procurement of
additional equity
capital should this
prove necessary
Counterparty risk
The group maintains
strict controls over
its financial
exposures which
include regular
reviews of the
creditworthiness of
Default by a supplier, Loss of any prepayment, counterparties and
customer or financial unpaid sales proceeds or limits on exposures to
institution deposit counterparties.
Export sales are made
either against letters
of credit or on the
basis of cash against
documents
Regulatory exposure
The directors are not
aware of any specific
planned changes that
New, and changes to, laws would adversely affect
and regulations that affect the group to a
the group (including, in Restriction on the group's material extent;
particular, laws and ability to retain its current current regulations
regulations relating to structure or to continue restricting the size
land tenure, work permits operating as currently of oil palm growers in
for expatriate staff and Indonesia will not
taxation) impact the group for
the foreseeable future
Breach of the various The group endeavours
continuing conditions to ensure compliance
attaching to the group's with the continuing
land rights and the stone conditions attaching
quarry concession to its land rights and
(including conditions Civil sanctions and, in an concessions and that
requiring utilisation of extreme case, loss of the activities are
the rights and concessions) affected rights or conducted within the
or failure to maintain all concessions terms of the licences
permits and licences and permits that are
required for the group's held and that licences
operations and permits are
obtained and renewed
as necessary
The group has
traditionally had, and
continues to maintain,
strong controls in
this area because
Indonesia, where all
Failure by the group to of the group's
meet the standards expected Reputational damage and operations are
in relation to bribery and criminal sanctions located, has been
corruption classified as
relatively high risk
by the International
Transparency
Corruption Perceptions
Index
Restrictions on foreign
investment in Indonesian Maintenance of good
mining concessions, relations with local
limiting the effectiveness Constraints on the group's partners to ensure
of co-investment ability to earn an equity that returns
arrangements with local return on its investment appropriately reflect
partners agreed arrangements
System access and controls
Weakness in IT controls and Likelihood of error or The group obtains
financial reporting system misstatement in financial professional advice to
statements ensure best practice
Country exposure
In the recent past,
Indonesia has been
stable and the
Indonesian economy has
continued to grow but,
in the late 1990s,
Indonesia experienced
severe economic
turbulence and there
Difficulties in maintaining have been subsequent
Deterioration in the operational standards occasional instances
political or economic particularly if there was a of civil unrest, often
situation in Indonesia consequential deterioration attributed to ethnic
in the security situation tensions, in certain
parts of Indonesia.
The group has never,
since the inception of
its East Kalimantan
operations in 1989,
been adversely
affected by regional
security problems
The directors are not
aware of any
circumstances that
Restriction on the transfer would lead them to
of profits from Indonesia to believe that, under
Introduction of exchange the UK with potential current political
controls or other consequential negative conditions, any
restrictions on foreign implications for the Indonesian government
owned operations in servicing of UK obligations authority would impose
Indonesia and payment of dividends; exchange controls or
loss of effective management otherwise seek to
control restrict the group's
freedom to manage its
operations
The group accepts
there is a significant
possibility that
foreign owners may be
required over time to
partially divest
ownership of
Mandatory reduction of Indonesian oil palm
foreign ownership of Forced divestment of operations but has no
Indonesian plantation interests in Indonesia at reason to believe that
operations below market values with such divestment would
consequential loss of value be at anything other
than market value.
Moreover, the group
has recently increased
local participation by
a transaction with a
local investor
Miscellaneous relationships
The group appreciates
its material
dependence upon its
staff and employees
and endeavours to
manage this dependence
Disputes with staff and Disruption of operations and in accordance with
employees consequent loss of revenues international
employment standards
as detailed under
"Employees" in
"Sustainability" of
the annual report
Reliance on the Indonesian
courts for enforcement of the
agreements governing its The group endeavours
arrangements with local to maintain cordial
partners with the relations with its
uncertainties that any local investors by
Breakdown in relationships juridical process involves seeking their support
with the local shareholders and with any failure of for decisions
in the company's Indonesian enforcement likely to have a affecting their
subsidiaries material negative impact on interests and
the value of the stone and responding
coal operations because the constructively to any
concessions are at the moment concerns that they may
legally owned by the group's have
local partners
The directors have monitored the impact of the decision to terminate membership
of the European Union on its operations. So far, the impact has been limited to
fluctuations of sterling against the US dollar and the Indonesian rupiah (see
"General" "Currency" risk above). The directors do not at present see further
significant risk to the group's operations from this decision. Any reduction in
UK interest rates may negatively impact the level of the technical provisions of
the REA Pension Scheme but, given the Scheme's estimated funding position, the
directors do not expect that the impact will be material in the context of the
group.
Viability statement
The group's business activities, together with the factors likely to affect its
future development, performance and position are described in the "Strategic
report" which also provides (under the heading "Finance") a description of the
group's cash flow, liquidity and financing adequacy and treasury policies. In
addition, note 23 to the consolidated financial statements includes information
as to the group's policy, objectives and processes for managing capital, its
financial risk management objectives, details of financial instruments and
hedging policies and exposures to credit and liquidity risks. The "Risks and
uncertainties" section of the Strategic report describes the material risks
faced by the group and actions taken to mitigate those risks. In particular,
there are risks associated with the group's local operating environment and the
group is materially dependent upon selling prices for crude palm oil ("CPO") and
crude palm kernel oil over which it has no control.
As respects funding risk, the group has material indebtedness, in the form of
bank loans and listed notes. Some $5.1 million (excluding $1.1 million of bank
loans to PBJ that will be discharged upon completion of the sale of PBJ as
referred to below) of bank term indebtedness falls due for repayment during
2018. A further $22.0 million of revolving working capital lines fall due for
renewal during the same period. A further £31.9 million ($42.8 million) sterling
notes will become repayable in August 2020. In view of the material proportion
of the group's indebtedness falling due in the period to 31 December 2020, as
described above, the directors have chosen this period for their assessment of
the long-term viability of the group.
As announced on 25 April 2018, the group has entered into a conditional
agreement for the sale of PBJ. The sale is expected to realise gross proceeds
of approximately $85 million and net proceeds of approximately $57 million after
repayment of external borrowings and net of selling expenses. The proceeds of
the sale of the PBJ shares and the repayment of monies owed by PBJ to other
group companies will be applied in reduction of group indebtedness. Completion
is not expected to occur before 31 August 2018 and the sale agreement will lapse
if the conditions have not been satisfied by 31 January 2019. The purchaser has
deposited with the group the sum of $8 million by way of a pre-completion
advance; should completion not occur then such sum will be repayable. PBJ is a
recently planted property but is not currently profitable. Accordingly, its
sale will not have a material negative impact on the immediate profit outlook
for the group.
In the meanwhile, the group is continuing discussions to refinance with longer
term debt indebtedness falling due in 2018 and 2019, although the directors have
no reason to believe that the revolving working capital facilities falling due
in 2018 and 2019 will not be rolled over when they fall due for renewal (all
revolving working capital facilities having previously been substantially rolled
over on past renewals).
In 2020 consideration will be given to the submission of proposals to the
holders of the sterling notes to refinance these with securities of longer
tenor.
With the improvement in crops now being seen and CPO prices projected to remain
at remunerative levels, the group's plantation operations can be expected to
generate increasing cash flows going forward. In addition, the group is
currently finalising arrangements to recommence operations at the group's
principal coal concession and this can be expected to result in increasing cash
flow. The group's ongoing extension planting programme will continue to require
material capital expenditure but the group has flexibility as to the rate of
development. Moreover, successful completion of the divestment of PBJ referred
to above will defer for some years the group's requirement for a fourth palm oil
mill.
The directors fully expect that the divestment and financing initiatives
currently being pursued, coupled with the improving outlook for the group's
internally generated cash flows, will refinance, or permit the group to repay,
the group indebtedness falling due for repayment during the period of
assessment. However, should funding be required pending completion of these
initiatives, the group will seek to issue for cash a limited number of new
shares, authority for which will be sought as and when appropriate.
Based on the foregoing and after making enquiries, the directors therefore have
a reasonable expectation that the company and the group have adequate resources
to continue in operational existence for the period to 31 December 2020 and to
remain viable during that period.
Going concern
Material risks faced by the group are set out in the "Risks and uncertainties"
section of the "Strategic report" with an indication of those risks regarded by
the directors as potentially significant together with mitigating and other
relevant considerations for the management of risks. Financing policies are
described on pages 33 and 34 of the Strategic report and 2017 developments
relating to capital structure are detailed in the "Finance" section of the
Strategic report under "Capital structure". The directors have set out their
assessment of liquidity and financing adequacy on pages 32 and 33 of the
Strategic report including the actions either in progress or contemplated in
order to ensure adequate liquidity for the next twelve months.
Based on the foregoing, having made due enquiries, the directors reasonably
expect that the company and the group have adequate resources to continue in
operational existence for at least twelve months from the date of approval of
the financial statements, and therefore they continue to adopt the going concern
basis of accounting in preparing the financial statements.
DIRECTORS' CONFIRMATION OF RESPONSIBILITY
The directors are responsible for the preparation of the annual report.
To the best of the knowledge of each of the directors:
* the financial statements, prepared in accordance with International Financial
Reporting Standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the company and the undertakings
included in the consolidation taken as a whole;
* the "Strategic report" section of the annual report includes a fair review of
the development and performance of the business and the position of the company
and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face; and
* the annual report and financial statements, taken as a whole, are fair,
balanced and understandable and provide the information necessary for
shareholders to assess the company's performance, business model and strategy.
The current directors of the company and their respective functions are set out
in the "Board of directors" section of the annual report.
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2017
2017 2016
$'000 $'000
Revenue 100,241 79,265
Net (loss)/gain arising from changes in fair value
of agricultural produce inventory
(1,069) 632
Cost of sales:
Depreciation and amortisation (22,215) (20,959)
Other costs (64,062) (50,868)
_______ _______
Gross profit 12,895 8,070
Other operating income - 1
Distribution costs (1,378) (1,110)
Administrative expenses (13,681) (11,987)
_______ _______
Operating loss (2,164) (5,026)
Investment revenues 1,072 1,742
Finance costs (20,770) (6,005)
_______ _______
Loss before tax (21,862) (9,289)
Tax (3,039) (2,019)
_______ _______
Loss for the year (24,901) (11,308)
_______ _______
Attributable to:
Ordinary shareholders (27,408) (17,800)
Preference shareholders 7,777 7,402
Non-controlling interests (5,270) (910)
_______ _______
(24,901) (11,308)
_______ _______
Basic and diluted loss per 25p ordinary share (67.0 cents) (48.2 cents)
All operations for both years are continuing
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2017
2017 2016
$'000 $'000
Non-current assets
Goodwill 12,578 12,578
Intangible assets 3,477 4,176
Property, plant and equipment 482,341 471,922
Land titles 35,178 34,230
Stone and coal interests 37,877 37,208
Deferred tax assets 9,867 12,781
Non-current receivables 4,996 3,136
_______ _______
Total non-current assets 586,314 576,031
_______ _______
Current assets
Inventories 11,497 15,767
Biological assets 1,927 2,037
Investments 2,730 9,880
Trade and other receivables 39,280 42,554
Cash and cash equivalents 5,543 24,593
_______ _______
Total current assets 60,977 94,831
_______ _______
Total assets 647,291 670,862
_______ _______
Current liabilities
Trade and other payables (62,212) (43,426)
Current tax liabilities (11) (317)
Bank loans (28,140) (28,628)
Sterling notes - (10,103)
US dollar notes - (20,048)
Other loans and payables (10,469) (519)
_______ _______
Total current liabilities (100,832) (103,041)
_______ _______
Non-current liabilities
Bank loans (96,991) (97,771)
Sterling notes (41,364) (37,037)
US dollar notes (23,649) (23,646)
Deferred tax liabilities (79,600) (80,830)
Other loans and payables (28,120) (18,987)
_______ _______
Total non-current liabilities (269,724) (258,271)
_______ _______
Total liabilities (370,556) (361,312)
_______ _______
Net assets 276,735 309,550
_______ _______
Equity
Share capital 132,528 121,426
Share premium account 42,401 42,585
Translation reserve (50,897) (39,127)
Retained earnings 135,074 161,839
_______ _______
259,106 286,723
Non-controlling interests 17,629 22,827
_______ _______
Total equity 276,735 309,550
_______ _______
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
2017 2016
$'000 $'000
Loss for the year (24,901) (11,308)
_______ _______
Other comprehensive income
Items that may be reclassified to profit or loss:
Actuarial losses (205) (569)
Deferred tax on actuarial losses 41 143
_______ _______
(164) (426)
Items that will not be reclassified to profit or loss:
instrument
Exchange differences on translation of foreign operations (11,419) 5,222
Exchange differences on deferred tax (279) 2,617
_______ _______
(11,862) 7,413
_______ _______
Total comprehensive income for the year (36,763) (3,895)
_______ _______
Attributable to:
Ordinary shareholders (39,270) (10,387)
Preference shareholders 7,777 7,402
Non-controlling interests (5,270) (910)
_______ _______
(36,763) (3,895)
_______ _______
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
Share Share Translation Retained Sub Non- Total
capital premium reserve earnings total controlling Equity
interests
$'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 120,288 30,683 (46,282) 187,481 292,170 1,652 293,822
2016
Total
comprehensive
income - - 7,155 (10,824) (3,669) (226) (3,895)
Sale of
shareholding
in sub-group - - - (7,416) (7,416) 21,401 13,985
Issue of new
ordinary
shares (cash) 1,138 11,902 - - 13,040 - 13,040
Dividends to
preference
shareholders
- - - (7,402) (7,402) - (7,402)
_____ _____ _____ _____ _____ _____ _____
At 31 121,426 42,585 (39,127) 161,839 286,723 22,827 309,550
December 2016
Total
comprehensive
income - - (11,770) (19,795) (31,565) (5,198) (36,763)
Sale of
shareholding
in sub-group - - - 807 807 . 807
Issue of new
preference
shares (cash) 11,102 (184) - - 10,918 - 10,918
Dividends to
preference
shareholders
- - - (7,777) (7,777) - (7,777)
_____ _____ _____ _____ _____ _____ _____
At 31 132,528 42,401 (50,897) 135,074 259,106 17,629 276,735
December 2017
_____ _____ _____ _____ _____ _____ _____
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2017
2017 2016
$'000 $'000
Net cash from operating activities 19,670 2,598
_______ _______
Investing activities
Interest received 29 1,742
Proceeds from disposal of property, plant and equipment - 61
Purchases of property, plant and equipment (31,960) (31,137)
Purchases of intangible assets (112) -
Expenditure on land titles (949) (367)
Investment in stone and coal interests (669) (1,860)
_______ _______
Net cash used in investing activities (33,661) (31,561)
_______ _______
Financing activities
Preference dividends paid (7,777) (7,402)
Repayment of borrowings (6,754) (11,004)
Repayment of borrowings from related party (7,400) -
Proceeds of issue of ordinary shares, less costs of issue - 13,040
Proceeds of issue of preference shares, less costs of 10,918 -
issue
Proceeds of issue of 2022 dollar notes, less costs of - (44)
issue
Redemption of 2017 dollar notes (20,156) (45)
Redemption of 2017 sterling notes (11,154) -
Proceeds of issue/sale of sterling notes, less costs of - 1,922
issue
Proceeds of sale of investments 7,078 -
Proceeds of sale of shareholding in subsidiary - 13,985
New borrowings from non-controlling shareholder and
related party
23,986 12,446
New bank borrowings drawn 6,356 14,939
_______ _______
Net cash from financing activities (4,903) 37,837
_______ _______
Cash and cash equivalents
Net (decrease)/increase in cash and cash equivalents (18,894) 8,874
Cash and cash equivalents at beginning of year 24,593 15,758
Effect of exchange rate changes (156) (39)
_______ _______
Cash and cash equivalents at end of year 5,543 24,593
_______ _______
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The accompanying financial statements and notes 1 to 14 below (together the
"accompanying financial information") have been extracted without material
adjustment from the financial statements of the group for the year ended 31
December 2017 (the "2017 financial statements"). The auditor has reported on
those accounts; the reports were unqualified and did not contain statements
under sections 498(2) or (3) of the Companies Act 2006. Copies of the 2017
financial statements will be filed in the near future with the Registrar of
Companies. The accompanying financial information does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006 of the
company.
Whilst the 2017 financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by the European
Union as at the date of authorisation of those accounts, the accompanying
financial information does not itself contain sufficient information to comply
with IFRS.
The 2017 financial statements and the accompanying financial information were
approved by the board of directors on 27 April 2018.
2. Revenue
2017 2016
$'000 $'000
Sales of goods 99,956 77,642
Revenue from services 285 1,623
_______ _______
100,241 79,265
Other operating income - 1
Investment revenue 1,072 1,742
_______ _______
Total revenue 101,313 81,008
_______ _______
3. Segment information
In the table below, the group's sales of goods are analysed by geographical
destination and the carrying amount of net assets is analysed by geographical
area of asset location. The group operates in two segments: the cultivation of
oil palms and stone and coal operations. In 2017 and 2016, the latter did not
meet the quantitative thresholds set out in IFRS 8 "Operating segments" and,
accordingly, no analyses are provided by business segment.
2017 2016
$'m $'m
Sales by geographical location:
Indonesia 100.2 79.3
Rest of World - -
_______ _______
100.2 79.3
_______ _______
Carrying amount of net assets by geographical area of asset
location:
UK, Continental Europe and Singapore 58.0 56.0
Indonesia 218.7 253.6
_______ _______
276.7 309.6
_______ _______
4. Agricultural produce inventory movement
The net (loss)/gain arising from changes in fair value of agricultural produce
inventory represents the movement in the fair value of that inventory less the
amount of the movement in such inventory at historic cost (which is included in
cost of sales).
5. Administrative expenses
2017 2016
$'000 $'000
Net foreign exchange losses - 1,290
Loss on disposal of property, plant and equipment - 12
Indonesian operations 14,685 12,756
Head office 5,665 5,377
_______ _______
20,350 19,435
Amount included as additions to property, plant and (6,669) (7,448)
equipment
_______ _______
13,681 11,987
_______ _______
6. Finance costs
2017 2016
$'000 $'000
Interest on bank loans and overdrafts 15,665 12,617
Interest on dollar notes 2,669 2,899
Interest on sterling notes 5,184 5,184
Interest on other loans 1,896 273
Change in value of sterling notes arising from exchange
fluctuations
4,800 (10,470)
Change in value of loans arising from exchange fluctuations
(1,190) 1,378
Other finance charges 817 251
_______ _______
29,841 12,132
Amount included as additions to property, plant and
equipment
(9,071) (6,127)
_______ _______
20,770 6,005
_______ _______
Amounts included as additions to property, plant and equipment and construction
in progress arose on borrowings applicable to the Indonesian operations and
reflected a capitalisation rate of 23.5 per cent (2016: 22.0 per cent); there is
no directly related tax relief.
7. Tax
2017 2016
$'000 $'000
Current tax:
UK corporation tax 28 1
Overseas withholding tax 1,538 1,604
Foreign tax 27 38
Foreign tax - prior year - 3
_______ _______
Total current tax 1,593 1,646
_______ _______
Deferred tax:
Current year (794) 373
Prior year 2,240 -
_______ _______
Total deferred tax 1,446 373
_______ _______
Total tax 3,039 2,019
_______ _______
Taxation is provided at the rates prevailing for the relevant jurisdiction. For
Indonesia, the current and deferred taxation provision is based on a tax rate of
25 per cent (2016: 25 per cent) and for the United Kingdom, the taxation
provision reflects a corporation tax rate of 19.25 per cent (2016: 20 per cent)
and a deferred tax rate of 19 per cent (2016: 19 per cent).
The rate of corporation tax reduced from 20 per cent to 19 per cent from 1 April
2017 and will reduce from 19 per cent to 17 per cent from 1 April 2020.
8. Dividends
2017 2016
$'000 $'000
Amounts recognised as distributions to equity holders:
Preference dividends of 9p per share (2016: 9p per share) 7,777 7,402
_______ _______
7,777 7,402
_______ _______
9. Loss per share
2017 2016
$'000 $'000
Basic and diluted loss for the purpose of calculating loss
per share* (27,408)
(17,800)
_______ _______
'000 '000
Weighted average number of ordinary shares for the purposes
of basic and diluted loss per share
40,510 36,950
_______ _______
* being net loss attributable to ordinary shareholders
10. Property, plant and equipment
Plantings Buildings Plant, Construction Total
and equipment in progress
structures and vehicles
$'000 $'000 $'000 $'000 $'000
Cost:
At 1 January 2016 178,921 239,799 110,043 9,931 538,694
Additions 7,104 18,082 2,173 3,778 31,137
Exchange differences - - (63) - (63)
Disposals (24) (16) (439) - (479)
Transfers to/(from) - 1,008 82 (1,090) -
construction in progress
Transfers to intangible - - (124) (3,999) (4,123)
assets
Transfers to deferred - - - (3,025) (3,025)
charges
Transfers to current (4) - - - (4)
receivables
Transfers to income (141) - - - (141)
statement
__ ___ __ ___ __ ___ __ ___ _ ____
At 31 December 2016 185,856 258,873 111,672 5,595 561,996
Opening balance 3,966 (3,966) - - -
reclassification
Additions 11,547 17,605 1,008 1,678 31,838
Transfers to/(from) - 2,128 69 (2,197) -
construction in progress
__ ___ __ ___ __ ___ __ ___ _ ____
At 31 December 2017 201,369 274,640 112,749 5,076 593,834
__ ___ __ ___ __ ___ ___ __ __ ___
Accumulated
depreciation:
At 1 January 2016 8,689 22,033 39,122 - 69,844
Charge for year 9,082 5,076 6,608 - 20,766
Transfers to intangible - - (124) - (124)
assets
Disposals - (11) (401) - (412)
__ ___ __ ___ __ ___ __ ___ _ ____
At 31 December 2016 17,771 27,098 45,205 - 90,074
Charge for year 9,190 5,281 6,948 - 21,419
_____ ____ _ _____ _____ _____
At 31 December 2017 26,961 32,379 52,153 - 111,493
_____ _____ _____ _____ _____
Carrying amount:
At 31 December 2017 174,408 242,261 60,596 5,076 482,341
_____ _____ _____ _____ _____
At 31 December 2016 168,085 231,775 66,467 5,595 471,922
_____ _____ _____ _____ _____
The depreciation charge for the year includes $15,000 (2016: $313,000) which has
been capitalised as part of additions to plantings.
At the balance sheet date, the book value of finance leases included in
property, plant and equipment was $nil (2016: $nil).
At the balance sheet date, the group had entered into contractual commitments
for the acquisition of property, plant and equipment amounting to $8.2 million
(2016: $1.4 million).
At the balance sheet date, property, plant and equipment of $328.5 million
(2016: $298.6 million) had been charged as security for bank loans.
11. Share capital
Changes in share capital:
* On 16 October 2017, 8,358,768 preference shares were issued, fully paid, by
way of a placing at £1 per share to qualified investors (total consideration
£8,359,000 - $11,102,000). The middle market price at close of business on 9
October 2017 (being the date at which the terms of issue were fixed) was £1.045.
There have been no changes in ordinary shares held in treasury during the year.
12. Movement in net borrowings
2017 2016
$'000 $'000
Change in net borrowings resulting from cash flows:
(Decrease) / increase in cash and cash equivalents (19,050) 8,874
Net decrease / (increase) in bank borrowings 398 (3,935)
Increase in related party borrowings (16,586) (12,469)
_______ _______
(35,238) (7,530)
Redemption of 2017 sterling notes 11,154 -
Redemption of 2017 dollar notes 20,156 -
Issue of 2022 dollar notes - (345)
Amortisation of sterling note issue expenses (537) (318)
Amortisation of dollar notes issue expenses (111) (266)
_______ _______
(4,576) (8,459)
Currency translation differences (4,780) 2,036
Net borrowings at beginning of year (205,109) (198,686)
_______ _______
Net borrowings at end of year (214,465) (205,109)
_______ _______
13. Related party transactions
Transactions between the company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note. Transactions between the company and its subsidiaries are dealt with in
the company's individual financial statements. The remuneration of the
directors, who are the key management personnel of the group, is set out below
in aggregate for each of the categories specified in IAS 24 "Related party
disclosures".
2017 2016
$'000 $'000
Short term benefits 1,364 1,405
Termination benefits 258 -
_______ _______
1,622 1,405
_______ _______
During the year, REA Trading Limited, a related party, made unsecured loans to
the company on commercial terms. The maximum amount was $7.4 million, all of
which had been repaid by 31 December. This disclosure also complies with the
requirements of the Listing Rule 9.8.4.
14. Events after the reporting period
On 25 April 2018 the company announced the sale of PT REA Kaltim Plantation's
shareholding in PT Putra Bongan Jaya ("PBJ"), its 95 per cent subsidiary. The
sale is conditional, inter alia, upon approval by the company's shareholders and
necessary consents of the Indonesian regulatory authorities. The gross sale
proceeds are estimated to amount to approximately $85 million, from which are to
be deducted borrowings from PBJ's bankers projected at $26.0 million at
completion. As a result, the net proceeds to the group are expected to amount,
net of expenses, to approximately $57 million. Such net proceeds will be
applied substantially in the reduction of group indebtedness.
Completion is not expected to occur before 31 August 2018 and the sale agreement
will lapse if the conditions have not been satisfied by 31 January 2019. The
purchaser has deposited with the group, by way of an advance of the purchase
price, the sum of $8 million. Should the agreement for the sale of PBJ not
become unconditional, such amount will be repayable.
The estimated sums disclosed above in relation to the gross and net sale
proceeds will be recalculated immediately prior to completion. Based on current
projections, the tax impact of the eventual sale is expected to be minimal.
The PBJ plantation is a recently planted property but is not currently
profitable. Accordingly, its sale will not have a material negative impact on
the immediate profit outlook for the group.
Otherwise there have been no material post balance sheet events that would
require disclosure in, or adjustment to, the financial statements.
Press enquiries to:
R.E.A. Holdings plc
Tel: 020 7436 7877
════════════════════════════════════════════════════════════════════════════════
ISIN: GB0002349065
Category Code: ACS
TIDM: RE.
LEI Code: 213800YXL94R94RYG150
Sequence No.: 5472
EQS News ID: 680063
End of Announcement EQS News Service
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