REG-R.E.A. Holdings plc R.E.A. Holdings plc: Annual report in respect of 2025
Wed 07:02
============
R.E.A. Holdings plc (RE)
R.E.A. Holdings plc: Annual report in respect of 2025
22-Apr-2026 / 07:00 GMT/BST
═══════════════════════════════════════════════════════════════════════════════════
R.E.A. HOLDINGS PLC (the company)
ANNUAL FINANCIAL REPORT 2025
The company's annual report for the year ended 31 December 2025 (including notice
of the AGM to be held on 10 June 2026) (the annual report) will shortly be
available for downloading from 1 www.rea.co.uk/investors/financial-reports.
A copy of the notice of AGM will also be available to download from
2 www.rea.co.uk/investors/calendar.
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
3 https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The sections below entitled Chairman's statement, Dividends, Principal risks and
uncertainties, Longer-term viability statement, Going concern and Directors'
responsibilities 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 to the financial statements below.
HIGHLIGHTS
Overview
• Successful completion of initiatives improving the group’s financial position,
including CDM sale
• Increased profitability in the core agricultural operations
Financial
• Revenue increased 3.7 per cent to $194.9 million (2024: $187.9 million), with
higher average selling prices offsetting lower CPO sales volumes
• Average selling prices for CPO up 4.2 per cent at $853 per tonne (2024: $819 per
tonne) and for CPKO up 48.9 per cent at $1,629 per tonne (2024: $1,094 per tonne)
• EBITDA up 9.5 per cent to $67.4 million (2024: $61.6 million) reflecting higher
selling prices
• Profit before tax of $24.0 million, after net non-routine losses of $3.8 million
(2024: $38.9 million, after net non-routine gains of $17.0 million)
• Net indebtedness reduced by $7.0 million to $152.3 million at 31 December 2025
(31 December 2024: $159.3 million) with an improved maturity profile
• Indonesian bank loans repackaged and increased, partially refinancing maturing
indebtedness
• Redemption in August 2025 of the outstanding £21.4 million nominal of sterling
notes at 104 per cent
• Redemption of not less than $17.6 million nominal of the outstanding $27.0
million dollar notes postponed from 30 June 2026 to 31 December 2028
Agricultural operations
• FFB harvested by the continuing group (ex CDM) 620,508 tonnes (2024: 636,826
tonnes) from mature hectarage again reduced by replanting
• CPO extraction rate maintained above 22 per cent
• Oil losses consistently better than industry standards
Stone and sand operations
• ATP stone moving into production and confirming contracts for some 1 million
tonnes in 2026–2027
• Sand washing plant upgraded to improve the purity and increase sales potential
of the silica sand; evidence of good demand
• Both ATP and MCU now under direct control of the group
Sustainability and climate
• 100 per cent of the group’s own plantations now RSPO certified
• ZSL SPOTT score improved to 97.1 per cent (2024: 91.5 per cent), ranking REA
second out of 100 companies assessed
• NDPE verification assessed the group’s supply base as ‘delivering’ 100 per cent
and fully compliant with NDPE commitments
• Programmes to promote sustainable development and climate action for both the
group and smallholders continuing to expand
Outlook
• Steady increase in crops and extraction rates expected as immature areas coming
into production substitute for replanted mature areas
• Current CPO prices comfortably above 2025 average level with supply and demand
balance for CPO maintaining prices at rewarding levels; effects of the Middle East
conflict likely to underpin prices
• Continuing replanting and extension planting programme improving the quality and
lowering the average age of the group's estates
• Outlook encouraging for increasing returns from the agricultural operations,
augmented by contributions from stone and silica sand
CHAIRMAN'S STATEMENT
Operating profit for 2025 was 15.2 per cent higher than in the previous year at
$40.3 million (2024: $35.0 million). Higher sales prices for both CPO and CPKO more
than offset both the reduction in mature hectarage available for harvesting and the
delays in cropping and crop ripening resulting from unseasonal climate conditions
in the second half of the year.
Total revenue for the year, including sales of stone, was 3.7 per cent higher than
in 2024 at $194.9 million (2024: $187.9 million). EBITDA was up 9.5 per cent at
$67.4 million (2024: $61.6 million).
FFB harvested during the year totalled 620,508 tonnes (excluding CDM), 16,318
tonnes lower than in 2024 reflecting the reduction of mature plantings due to the
ongoing replanting programme. Additionally, the sale in mid 2025 of the subsidiary
company CDM reduced harvested crop year on year by 34,520. High rainfall during the
year also resulted in lower than expected crop levels during the second half of
2025.
Mill operations continued to operate satisfactorily through the year, with oil
losses again remaining better than industry standards. Extraction rates were again
at respectable levels, notwithstanding the impact on fruit quality caused by
adverse weather conditions. Production of CPO, CPKO and palm kernels totalled,
respectively, 189,215 tonnes (2024: 190,235 tonnes), 17,461 tonnes (2024: 18,086
tonnes) and 43,798 tonnes (2024: 44,286 tonnes).
Replanting during the year continued on schedule with approximately 1,400 hectares
completed, whilst extension planting at PU totalled approximately 800 hectares.
Both programmes are planned to continue through 2026 and beyond, but new plantings
are expected to be undertaken at a slower pace with a target programme of 700
hectares against the 1,000 hectares originally planned.
The group remains committed to ensuring that sustainability remains at the centre
of all areas of activity. Following the sale of the subsidiary CDM, 100 per cent of
the group’s plantations are now RSPO certified and all three mills have retained
their certification. The group continues to encourage and assist smallholders in
achieving RSPO certification and EU regulatory compliance. A number of new
programmes were launched during the year to support independent smallholders in
this endeavour, with the group providing training and facilitating the building of
long-term partnerships.
The group’s status as a leading sustainable palm oil producer was reinforced by the
achievement of a ZSL SPOTT score of 97.1 per cent (2024: 91.5 per cent), ranking
the group second out of the 100 companies assessed.
The anticipated scaling up of the development and commercialisation of the group’s
stone operation was hampered by adverse weather conditions in the first half of the
year. Blasting commenced in September and the production capacity has steadily
increased. Crushed stone production totalled some 187,000 tonnes during the year,
of which some 104,000 tonnes were sold to third parties, the balance being utilised
by the group for road hardening. Demand for stone from neighbouring coal companies
remains strong but actual offtake to date has been slower than originally
anticipated largely due to regulatory factors.
The upgraded sand washing plant that was installed during 2025 is now being
commissioned. The enhancements to the plant are designed to improve the purity of
the silica sand produced and increase its sales potential. Demand for silica sand
appears to be strong and, if translated into firm orders, the sand operation will
be well placed to move rapidly to large scale production.
CPO and CPKO prices, CIF Rotterdam remained consistently above $1,000 per tonne and
$1,500 per tonne respectively, largely as a consequence of generally slower growth
in production and increased demand. The Indonesian government’s B40 (40 per cent
biofuel diesel blend) mandatory requirement, introduced in January 2025, added to
this demand. The CIF Rotterdam prices currently stand at $1,555 per tonne for CPO
and $2,220 per tonne for CPKO. The average selling prices for the group’s CPO and
CPKO during 2025, including premia for oil with certified sustainability
credentials, net of export duty and levy, adjusted to FOB Samarinda were,
respectively, $853 per tonne (2024: $819 per tonne) and $1,629 per tonne (2024:
$1,094 per tonne).
Profit before tax for 2025 amounted to $24.0 million compared with $38.9 million in
2024. Excluding the losses and gains on the disposal of subsidiaries and similar
charges, foreign exchange movements and other non-routine items, profit before tax
would have amounted to $27.8 million comfortably ahead of the $21.9 million
equivalent in 2024. Cost of sales for 2025 totalled $136.5 million, unchanged from
2024, and administrative expenses were also broadly in line with those of the
previous year. Losses on the disposal of subsidiaries comprised a $5.7 million loss
on the sale of CDM and a $0.6 million loss on the dissolution of REAF. Other gains
and losses during the year related to exchange movements on borrowings. Finance
costs for 2025 amounted to $13.4 million (2024: $16.4 million), the decrease being
principally a result of the lower average level of borrowings during the year.
The semi-annual dividends arising on the preference shares in June and December
were paid on their due dates.
Several initiatives to improve the group’s financial position were undertaken
during the year. In addition to the sale of CDM, a number of existing loan
facilities provided by Bank Mandiri were repackaged and increased with extended
final maturities. New loan facilities were also arranged to fund a proportion of
the costs of extension planting at PU and the replanting programme at REA Kaltim.
In August 2025, the group redeemed the outstanding £21.4 million nominal of
sterling loan notes. Later in the year, arrangements were agreed to extend the
redemption date from June 2026 to December 2028 of not less than $17.6 million
nominal of dollar loan notes.
As a result, total group net indebtedness at 31 December 2025 was $152.3 million,
$7.0 million lower than at 31 December 2024 and with a more extended maturity
profile. It remains the group’s intention to reduce net debt as prudently and
quickly as possible. Nevertheless, debt reduction needs to be balanced with the
requirements of both maintaining and enhancing operations.
As reported previously, the Indonesian government initiated a review during 2025 of
regulatory compliance by the Indonesian oil palm industry. The inspection of the
group’s operations, conducted as part of this review, did not identify any areas of
non-compliance within the group’s own oil palm plantings. However, three small
areas, owned by local cooperatives and smallholders but managed by the group, were
subject to further investigation. The group does not believe that it should have
any liability in relation to these areas. As far as is known, there will be no
further assessments of the group pursuant to the Indonesian government’s review of
regulatory compliance by oil palm companies. Nevertheless, given this highlighted
focus on regulatory compliance, the group intends to proceed earlier than
originally planned with the renewal of its land titles that are due to expire
between 2028 and 2029. Concurrently, the group is also reviewing or formalising
other key titles.
Looking ahead, harvested crops should steadily increase as immature areas coming
into production begin to more than substitute for crops lost as a result of
replanting. Oil extraction rates can also be expected to improve as those younger
areas mature.
The increasingly tight balance between supply and demand experienced in recent
months coupled with the knock on effects of rising petroleum oil prices following
the conflict in the Middle East have caused CPO prices, adjusted to FOB Samarinda,
to rise to above $900 per tonne and are likely to maintain CPO prices at rewarding
levels for quite a while. However, this conflict is also likely to cause a
significant increase in the cost of fuel and fertiliser. As a consequence, the
group will adopt a prudent approach to incurring capital expenditure in 2026. As
stated earlier, the extension planting programme has been scaled back by some 30
per cent and purchases of capital equipment that are not time critical will be
deferred.
While the offtake of crushed stone was slower than expected during 2025, the group
is confirming contracts for delivery of in excess of 1 million tonnes during 2026
and 2027 which should make a significant contribution to group revenues. This
contribution should be progressively augmented by sales of silica sand for which
demand appears to be strong.
With the prospect of CPO and CPKO prices remaining at current or better levels,
notwithstanding probable higher fuel and fertiliser costs, and with the addition of
significant contributions from stone and silica sand sales, the outlook is
encouraging.
Following on from the changes to the board of directors in early 2026, three of the
company’s longest serving non-executive directors, John Oakley, Michael St.
Clair-George and Richard Robinow will retire at the conclusion of the annual
general meeting to be held in June 2026. On behalf of the board, I would like to
express our sincere appreciation and thanks to all of them.
John joined the company in 1983, was appointed managing director in 2002, and
following his retirement from that position in 2016, remained on the board as a
non-executive director. Michael joined the board in 2016 as a non-executive
director and subsequently was appointed as the senior independent director and
chairman of the audit committee.
Richard was instrumental in shaping the current REA group at the end of the 1980s,
laying the foundation for the company’s first oil palm operations in 1992. An
astute investor with a flair for commercial opportunity, coupled with a keen sense
of responsibility, Richard has consistently driven REA’s growth and developed the
operations to create an enduring legacy that will benefit generations to come. A
truly outstanding accomplishment.
David J BLACKETT
Chairman
DIVIDENDS
The fixed semi-annual dividends that fell due on the preference shares in June 2025
and December 2025 were paid on their due dates. 2024 payments included arrears of
dividend which amounted in aggregate to 11.5p per preference share as at 31
December 2023.
ANNUAL GENERAL MEETING
The sixty sixth annual general meeting (AGM) of R.E.A. Holdings plc to be held at
the London office of Ashurst LLP at London Fruit & Wool Exchange, 1 Duval Square,
London E1 6PW on 10 June 2026 at 10.00 am.
Attendance
To help manage the number of people in attendance, it is requested that only
shareholders or their duly nominated proxies or corporate representatives attend
the AGM in person. Anyone who is not a shareholder or a duly nominated proxy or
corporate representative of a shareholder should not attend the AGM unless
arrangements have been made in advance with the company secretary by emailing
company.secretary@rea.co.uk.
Shareholders are strongly encouraged to submit a proxy vote on each of the
resolutions in the notice in advance of the meeting:
(i) by visiting Computershare’s electronic proxy service
www.investorcentre.co.uk/eproxy (and so that the appointment is received by the
service by no later than 10.00 a.m. on 8 June 2026);
(ii) via the CREST electronic proxy appointment service;
(iii) by completing, signing and returning a form of proxy to the company’s
registrar, Computershare Investor Services PLC, The Pavilions, Bridgwater Road,
Bristol BS99 6ZY as soon as possible and, in any event, so as to arrive by no later
than 10.00 a.m. on 8 June 2026; or
(iv) in the case of an institutional investor, by using the Proxymity platform
(for more information see Notice).
The company will publish updates, if any, about the meeting at
www.rea.co.uk/investors/regulatory-news and on the website's home page.
Shareholders are accordingly requested to visit the group’s website for any such
updates.
The directors and the chairman of the AGM, and any person so authorised by the
directors, reserve the right, as set out in article 67 in the company’s articles of
association, to take such action as they think fit for securing the safety of
people at the AGM and promoting the orderly conduct of business at the meeting.
PRINCIPAL RISKS AND UNCERTAINTIES
The group’s business involves risks and uncertainties. Risks and uncertainties that
the directors currently consider to be material or prospectively material are
described below, together with climate-related risks and the opportunities that
these may provide. There are or may be further risks and uncertainties faced by the
group (such as future natural disasters or acts of God) that the directors
currently deem immaterial, or of which they are unaware, that may have a material
adverse impact on the group.
Identification, assessment, management and mitigation of the risks associated with
sustainability matters forms part of the group’s system of internal control for
which the board has ultimate responsibility. The board discharges that
responsibility as described in Corporate governance in the annual report. Material
risks, related policies and measures taken by the group to address sustainability
matters as respects the agricultural operations are described in more detail in
Climate-related risks and opportunities below. This does not include information as
respects the stone and sand operations due to the low level of these operations
during 2025 and to date. The stone (ATP) and sand (MCU) companies became group
companies in, respectively, July 2024 and August 2025 as described in the Strategic
report under Stone and sand operations in the annual report. The group expects to
report on these matters for both ATP and MCU from 2026 onwards.
Geopolitical uncertainty, such as may be caused by wars, can lead to pricing
volatility and shortages of the necessary inputs to the group’s operations, such as
fuel and fertiliser, inflating group costs and negatively impacting the group’s
production volumes. The impact of input shortages, however, may be offset by a
consequential benefit to prices of the group’s outputs.
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 both
identified and unidentified areas of risk, but such management cannot provide
insurance against every possible eventuality.
Risks assessed by the directors as currently being of particular significance are
those detailed below under:
• Agricultural operations – Produce prices
• Agricultural operations – Other operational factors
• Stone and sand operations – Sales
• General – Funding
The directors’ assessment, as respects the above risks, reflects both the key
importance of those risks in relation to the matters considered in the Longer-term
viability statement below and more generally the extent of the negative impact that
could result from adverse incidence of such risks.
Risk Potential impact Mitigating or other relevant
considerations
Agricultural operations
Cultivation risks
A reduction in harvested The group has adopted standard
Failure to achieve optimal crop resulting in loss operating practices designed
upkeep standards of potential revenue to achieve required upkeep
standards
A loss of crop or
Pest and disease damage to reduction in the quality The group adopts best
oil palms and growing crops of harvest resulting in agricultural practice to limit
loss of potential pests and diseases
revenue
Other operational factors
Disruption of The group maintains stocks of
operations, including an necessary inputs to provide
inability to collect resilience and has established
Shortages of necessary harvested crop, biogas plants to improve its
inputs to the operations, resulting in a loss of self-reliance in relation to
such as fuel and fertiliser potential revenue or fuel. Construction of a
increased input costs further biogas plant in due
leading to reduced course would increase
profit margins self-reliance and reduce costs
as well as GHG emissions
The group endeavours to employ
a sufficient complement of
FFB crops becoming harvesters within its
rotten or over ripe workforce to harvest expected
leading either to a loss crops, to provide its
High levels of rainfall or of CPO production (and transport fleet with
other factors restricting hence potential revenue) sufficient capacity to collect
or preventing harvesting, or to the production of expected crops under likely
collection or processing of CPO that has an above weather conditions and to
FFB crops average free fatty acid maintain resilience in its
content and is saleable palm oil mills with each of
only at a discount to the mills operating separately
normal market prices and some ability within each
mill to switch from steam
based to biogas or diesel
based electricity generation
The requirement for CPO The group’s bulk storage
and CPKO storage facilities have sufficient
Disruptions to river exceeding available capacity for expected
transport between the main capacity and forcing a production volumes and,
area of operations and the temporary cessation in together with the further
Port of Samarinda or delays FFB harvesting or storage facilities afforded by
in collection of CPO and processing with a the group’s fleet of barges,
CPKO from the transhipment resultant loss of crop have hitherto always proved
terminal and consequential loss adequate to meet the group’s
of potential revenue requirements for CPO and CPKO
storage
Occurrence of an uninsured
or inadequately insured The group maintains insurance
adverse event; certain at levels that it considers
risks (such as crop loss reasonable against those risks
through fire or other Material loss of that can be economically
perils), for which potential revenues or insured and mitigates
insurance cover is either claims against the group uninsured risks to the extent
not available or is reasonably feasible by
considered management practices
disproportionately
expensive, are not insured
Produce prices
Volatility of CPO and CPKO Swings in CPO and CPKO prices
prices which as primary should be moderated by the
commodities may be affected fact that the annual oilseed
by levels of world economic Reduced revenue from the crops account for the major
activity and factors sale of CPO and CPKO and proportion of world vegetable
affecting the world a consequent reduction oil production and producers
economy, including in cash flow of such crops can reduce or
geopolitical uncertainties, increase their production
levels of inflation and within a relatively short time
interest rates frame
The Indonesian government
applies sliding scales of
charges on exports of CPO and
CPKO, which are varied from
time to time in response to
prevailing prices, and has, on
Restriction on sale of the occasions, placed temporary
group’s CPO and CPKO at restrictions on the export of
world market prices Reduced revenue from the CPO and CPKO; several such
including restrictions on sale of CPO and CPKO and measures were introduced in
Indonesian exports of palm a consequent reduction 2022 in response to generally
products and imposition of in cash flow rising prices precipitated by
high export charges the war in the Ukraine but,
whilst impacting prices in the
short term, were subsequently
modified to afford producers
economic margins. The export
levy charge funds biodiesel
subsidies and thus supports
the local price of CPO
Depression of selling The imposition of controls,
prices for CPO and CPKO tariffs or taxes on CPO or
Disruption of world markets if arbitrage between CPKO in one area can be
for CPO and CPKO by the markets for competing expected to result in greater
imposition of import vegetable oils proves consumption of alternative
controls, tariffs or taxes insufficient to vegetable oils within that
in consuming countries compensate for the area and the substitution
market disruption outside that area of CPO and
created CPKO for other vegetable oils
Expansion
The group holds sufficient
fully titled or allocated land
areas suitable for planting to
Inability to complete, enable it to complete its
Failure to secure in full, or delays in completing, immediately planned extension
or delays in securing, the the planned extension planting. It works
land or funding required planting programme with continuously to maintain
for the group’s planned a consequential permits for the planting of
extension planting reduction in the group’s these areas and aims to manage
programme prospective growth its finances to ensure, in so
far as practicable, that it
will be able to fund any
planned extension planting
programme
A shortfall in achieving A possible adverse The group maintains
the group’s planned effect on market flexibility in its planting
extension planting perceptions as to the programme to be able to
programme negatively value of the group’s respond to changes in
impacting the continued securities circumstances
growth of the group
Sustainable practices
The group has established
Failure by the agricultural standard practices designed to
operations to meet the ensure that it meets its
standards expected of them Reputational and obligations, monitors
as a large employer of financial damage performance against those
significant economic practices and investigates
importance to local thoroughly and takes action to
communities prevent recurrence in respect
of any failures identified
The group is committed to
sustainable development of oil
palm and has obtained RSPO
certification for all of the
group’s current operations and
Criticism of the group’s is supporting a growing
environmental practices by proportion of its third party
conservation organisations FFB suppliers to also obtain
scrutinising land areas RSPO certification. All group
that fall within a region Reputational and oil palm plantings are on land
that in places includes financial damage areas from which trees have
substantial areas of previously been extracted by
unspoilt primary rainforest logging companies and which
inhabited by diverse flora have subsequently been zoned
and fauna by the Indonesian authorities
as appropriate for
agricultural development. The
group maintains substantial
conservation reserves that
safeguard landscape level
biodiversity
Community relations
The group seeks to foster
mutually beneficial economic
Disruption of and social interaction between
operations, including the local villages and the
blockages restricting agricultural operations. In
A material breakdown in access to oil palm particular, the group gives
relations between the group plantings and mills, priority to applications for
and the host population in resulting in reduced and employment from members of the
the area of the poorer quality CPO and local population, encourages
agricultural operations CPKO production and local farmers and tradesmen to
consequential loss of act as suppliers to the group,
potential revenue its employees and their
dependents and promotes
smallholder development of oil
palm plantings
The group has established
Disputes over compensation standard procedures to ensure
payable for land areas Disruption of fair and transparent
allocated to the group that operations, including compensation negotiations and
were previously used by blockages restricting encourages the local
local communities for the access to the area the authorities, with whom the
cultivation of crops or as subject of the disputed group has developed good
respects which local compensation relations and who are
communities otherwise have therefore generally supportive
rights of the group, to assist in
mediating settlements
Where claims from individuals
Disruption of in relation to compensation
Individuals party to a operations, including agreements are found to have a
compensation agreement blockages restricting valid basis, the group seeks
subsequently denying or access to the areas the to agree a new compensation
disputing aspects of the subject of the arrangement; where such claims
agreement compensation disputed by are found to be falsely based
the affected individuals the group encourages
appropriate action by the
local authorities
Stone and sand operations
Production
The stone and sand companies
Failure by external endeavour to use experienced
contractors to achieve contractors, to supervise them
agreed production volumes Reduction in revenue closely and to take care to
with optimal extraction ensure that they have
rates equipment of capacity
appropriate for the planned
production volumes
External factors, in Adverse external factors would
particular weather, Reduced production and not normally have a continuing
delaying or preventing consequent loss of impact for more than a limited
delivery of extracted stone potential revenue period
and sand
Unforeseen extraction
complications causing
Geological assessments, cost overruns and
which are extrapolations production delays or The stone and sand companies
based on statistical failure to achieve seek to ensure the accuracy of
sampling, proving projected production geological assessments of any
inaccurate resulting in loss of extraction programme
potential revenue and
reduced operating
margins
Sales
The group aims to secure
forward sales offtake
agreements for stone and sand
and to set its production
targets to align with the
expected offtake. Reported
reductions by the Indonesian
government in 2026 coal
Inadequate demand reducing Reduction in revenue and production quotas below the
sales volumes profits levels granted in 2025 could
result in the group's stone
customers postponing planned
2026 purchases to 2027
(although recent purchase
orders suggest that this is
now unlikely). The group does
not expect that annual coal
production quotas will be
permanently reduced
For the stone operations, the
group has established
transport corridors to east
Failure to meet and west of the main stone
Transport constraints contractual sale deposit and intends that
delaying deliveries or obligations with loss of regular maintenance will
reducing delivered volumes revenue and possible ensure that these corridors
consequential costs remain fit for purpose; the
sand company is adjacent to
the Mahakam River and barges
are readily available to
effect sand deliveries
There are no other stone
quarries in the vicinity of
the group's stone operations
currently producing stone of
quality or in volumes similar
to that of the group's stone
operation and the cost of
transporting stone should
restrict competition from more
distant stone quarries. The
Local competition reducing Reduction in revenue and sand deposits comprise silica
stone and sand prices operating margins sand that is suitable for
premium uses (for example
glass, solar panels and
technological components) and,
given the relatively low cost
of production and delivery as
the deposits lie close to the
surface in an area adjacent to
a major river, the directors
do not consider product prices
to represent a material risk
Imposition of additional The Indonesian government has
royalties or duties on the not to date imposed measures
extraction of stone or sand Reduction in revenue that would seriously affect
or imposition of export the viability of Indonesian
restrictions stone and sand quarrying
operations
Sustainable practices
The areas of the stone and
sand companies are relatively
small and should not be
difficult to supervise. The
companies are committed to
Failure by the stone and Reputational and international standards of
sand operations to meet the financial damage best environmental and social
standards expected of them practice and, in particular,
to proper management of waste
water and reinstatement of
quarried and mined areas on
completion of extraction
operations
General
IT security
The group’s IT controls and
financial reporting systems
and procedures are
independently audited and
tested annually and
recommendations for corrective
IT related fraud including Losses as a result of actions to enhance controls
cyber attacks that are disruption of control are implemented. Several
becoming increasingly systems and theft upgrades to firewalls and
prevalent and sophisticated other anti-malware protections
have been installed in recent
years and a disaster recovery
plan has been fully tested and
implemented. Cyber security
reviews are conducted
periodically
The group has in place a
Unauthorised data mandatory policy and
exposure or losses, governance framework regarding
including financial AI use to ensure transparency,
Use of AI losses, resulting from appropriate usage (including
inappropriate use or internal protocols and
lack of monitoring of AI monitoring) and alignment with
tools regulatory expectations and
best practice
Currency
As respects costs and sterling
denominated shareholder
capital, the group considers
Adverse exchange that the risk of adverse
movements on those exchange movements is inherent
Strengthening of sterling components of group in the group’s business and
or the rupiah against the costs and funding that structure and must simply be
dollar arise in rupiah or accepted. As respects any
sterling rupiah borrowings, the group
considers it better to accept
the resultant currency risk
than to hedge that risk with
hedging instruments
Cost inflation
For each of the group’s
products, cost inflation is
Increased costs as a result likely to have a broadly equal
of worldwide economic impact on all producers of
factors or shortages of Reduction in operating that product and may be
required inputs (such as margins expected to restrict supply if
shortages of fuel or production of the product
fertiliser arising from the becomes uneconomic. Cost
wars) inflation can only be
mitigated by improved
operating efficiency
Funding
The group maintains good
relations with its bankers and
other holders of debt who have
generally been receptive to
Bank debt repayment reasonable requests to
instalments and other debt moderate debt profiles or
maturities coincide with waive covenants when
periods of adverse trading circumstances require. Such
and negotiations with Inability to meet was the case, for example,
bankers and investors are liabilities as they fall when certain breaches of bank
not successful in due loan covenants by group
rescheduling instalments, companies at 31 December 2020
extending maturities or and 2023 were waived.
otherwise concluding Moreover, the directors
satisfactory refinancing believe that the fundamentals
arrangements of the group’s business will
normally facilitate
procurement of additional
equity capital should this
prove necessary
Counterparty risk
The group maintains strict
controls over its financial
exposures which include
Default by a supplier, Loss of any prepayment, regular reviews of the
customer or financial unpaid sales proceeds or creditworthiness of
institution deposit counterparties and limits on
exposures to counterparties.
In addition, 90 per cent of
sales revenue is receivable in
advance of product delivery
Regulatory exposure
The directors are not aware of
New, and changes to, laws Restriction on the any planned changes that would
and regulations that affect group’s ability to affect the group to a material
the group (including, in retain its current extent. However, the group is
particular, laws and structure or to continue proceeding earlier than
regulations relating to operating as currently planned with renewals of
land tenure, work permits or to renew or obtain certain titles given the
for expatriate staff and permits heightened focus on regulatory
taxation) compliance in the oil palm
sector
The group endeavours to ensure
compliance with the continuing
conditions attaching to its
land rights, that its
activities, and the activities
Breach of the various of the stone and sand
continuing conditions companies, are conducted
attaching to the group’s within the terms of the
land rights and the stone licences and permits that are
and sand companies held and that licences and
(including conditions Civil sanctions and, in permits are obtained and
requiring utilisation of an extreme case, loss of renewed as necessary. A
the rights) or failure to the affected rights recently initiated government
maintain or renew all review of regulatory
permits and licences compliance in the palm oil
required for the group’s industry did not identify any
operations areas of non-compliance within
the group’s own oil palm
plantings and queries arising
from certain findings in
respect of local smallholder
plantings have not resulted in
any liability for the group
The group has traditionally
had, and continues to
Failure by the group to maintain, strong controls in
meet the standards expected this area because Indonesia,
in relation to human Reputational damage and where all of the group’s
rights, slavery, criminal sanctions operations are located, has
anti-bribery and corruption been classified as relatively
high risk by the International
Transparency Corruption
Perceptions Index
Restrictions on foreign The group endeavours to
investment in Indonesian maintain good relations with
mining companies, limiting Constraints on the the local partners in the
the effectiveness of group’s ability to group’s mining operations so
co-investment arrangements recover its investment as to ensure that returns
with local partners appropriately reflect agreed
arrangements
Country exposure
Indonesia currently appears
stable and the Indonesian
economy has continued to grow
but, in the late 1990s,
Difficulties in Indonesia experienced severe
maintaining operational economic turbulence and there
Deterioration in the standards particularly have been subsequent
political or economic if there was a occasional instances of civil
situation in Indonesia consequential unrest, often attributed to
deterioration in the ethnic tensions, in certain
security situation parts of Indonesia. The group
has never, since the inception
of its East Kalimantan
operations in 1989, been
adversely affected by regional
security problems
Restriction on the The directors are not aware of
transfer of fees, any circumstances that would
interest and dividends lead them to believe that,
Introduction of exchange from Indonesia to the UK under current political
controls or other with potential conditions, any Indonesian
restrictions on foreign consequential negative government authority would
owned operations in implications for the impose restrictions on
Indonesia servicing of the group's legitimate exchange transfers
UK obligations and or otherwise seek to restrict
payment of dividends; the group’s freedom to manage
loss of effective its operations
management control
The group accepts there is a
possibility that foreign
owners may be required over
time to divest partially
ownership of Indonesian oil
palm operations and there are
Mandatory reduction of Forced divestment of existing regulations that may
foreign ownership of interests in Indonesia result in a requirement to
Indonesian plantation or at below market values divest over an extended period
mining operations with consequential loss part of the group's
of value substantial economic
participations in its stone
and sand operations but the
group has no reason to believe
that any divestment would be
at anything other than market
value
Miscellaneous relationships
The group appreciates its
material dependence upon its
staff and employees and
Disruption of operations endeavours to manage this
Disputes with staff and and consequent loss of dependence in accordance with
employees revenues international employment
standards as detailed under
Employees in the
Sustainability and climate
report in the annual report
Reliance on the
Indonesian courts for
enforcement of the
agreements governing its
arrangements with local
partners with the
uncertainties that any The group endeavours to
juridical process maintain cordial relations
Breakdown in relationships involves and with any with its local investors by
with local investors in the failure of enforcement seeking their support for
group’s Indonesian likely to have, in decisions affecting their
subsidiaries particular, a material interests and responding
negative impact on the constructively to any concerns
value of the stone and that they may have
sand operations because
ownership of those
companies currently
remains registered in
the name of the group’s
local partners
Climate-related risks and opportunities
S Short term (1-3 years; acute)
M Medium term (3-5 years)
L Long term (5-15 years; chronic)
These time horizons are aligned with the group’s targets, with 2023 as the
baseline, 2030 the mid-term milestone, and 2050 the long-term target.
Risk Impact Mitigation Opportunity
Transition
risks
- Maintaining future
access for the group’s
CPO and CPKO to EU
markets
- Earning premia on
- Preparing for EUDR sales of EUDR
compliance by compliant CPO and CPKO
engaging Control to the EU from
Union Malaysia for an December 2026,
independent readiness additional to premia
- Increased investment assessment (and for RSPO certification
and costs of developing a due
compliance, including diligence system to - Encouraging local
mapping land use, mitigate smallholders to sell
enhancing traceability deforestation risks FFB to the group to
systems, and verifying obtain the benefit of
supply chains - Investing in a sustainability premia
Regulatory robust traceability for their FFB
compliance - Constraints on system to track FFB
(EUDR, RSPO, sourcing external FFB to its origin and in - Facilitating
ISCC) S as stricter infrastructure to increased group
regulations may enable physical purchases of
disproportionately segregation of sustainable FFB by
affect independent (external) FFB progressing the
smallholders supplies and CPO and implementation of
CPKO production from SHINES, supporting
those supplies independent
smallholders in
- Increasing RSPO meeting RSPO standards
certification of the and national
group’s own estates regulations
to 100 per cent
(2024: 84.4 per cent) - Following recent
RSPO enhanced
certification of COM,
making sales of RSPO
identity preserved CPO
as market demand
increases
- Adhering to an NDPE
policy and strictly
applying this policy
to all suppliers
through due diligence
onboarding and
monitoring (an
Independent NDPE IRF
verification assessed
the group as
“delivering” 100 per
cent across its
supply base in 2025) - Strengthening
stakeholder
- Establishing relationships through
grievance action a proactive engagement
- Negative impact on processes (GREAT) in strategy
revenue, market support of
Reputational access, and long-term transparency and - Improving brand
risk from sustainability accountability, and a reputation through
deforestation strategy due to structured approach communication and
concerns S-M increased regulatory to addressing sharing of success
compliance costs and stakeholder concerns stories in social
negative perception of media
group - Redefining
community and - Partnering with RSPO
stakeholder on communication
engagement strategy initiatives
to improve long-term
community
relationships
- Implementing
internal
communication and
social media strategy
- Enhancing
disclosures through
regular website
updates
- Adopting the
international GHG
- Potential costs Protocol Corporate
associated with carbon Standard for carbon
taxation and emission footprint assessment - Improving the
caps upon alignment and group’s standing and
publication of the enhancing the value of
Carbon pricing - Possible adverse RSPO PalmGHG v5 its CPO and CPKO
and emissions Impacts from toolkit (expected production by
regulation M implementation of the during 2026) developing verified
EU Omnibus Directive baseline, short,
(which is designed to - Improving carbon medium and long-term
simplify and footprint monitoring targets for emission
streamline EU reduction
regulations on carbon) - Monitoring industry
and market trends on
carbon related
requirements
- Expanding - Improving
- Climate variability smallholder livelihoods and
resulting in declining programmes, including increasing sustainable
economic returns from providing support, FFB sourced from
smallholder capacity for, and independent
cultivation of oil promoting, RSPO smallholders through
palms thereby causing certification for SHINES and other
disaffection in local smallholders, smallholder
communities providing polygon partnership programmes
Community and mapping and offering (including Reforma
smallholder - Evolving regulatory legitimacy through Agraria Land Object
resilience M-L requirements reducing registration with the (so called TORA))
the volume of external eSTDB platforms
FFB available to the managed by the - Enhancing
group if smallholders Indonesian government landscape-level
are unable to meet partnerships, best
compliance standards - Scaling up sustainable
and must be excluded structured engagement agricultural practices
from the group’s with cooperatives and and economic
supply base villages through development for
partnership-based communities through
programmes SPACE
- Achieving 100 per
cent RSPO
- Shifting demand certification for
towards sustainable plantations and mills - Increasing market
palm oil share in responsible
- Continuing supply chains through
- Shifting market compliance with brand differentiation
demand away from RSPO various national and
Market and mass balanced (MB) oil international - Realising premia for
consumer towards RSPO sustainability EUDR compliant oil,
preferences S-M segregated (SG) oil, standards embodied in additional to existing
with physical certification schemes RSPO premia, starting
segregation (RSPO, ISPO, ISCC) in December 2026
increasingly viewed as (postponed by EU from
a way to ensure - Maintaining a 2025)
deforestation-free robust traceability
supply chains system
- Being EUDR ready
Physical risks
- Conducting
hydrology assessment
of estates
- Intense rainfall - Improving overall
leading to seasonal - Improving drainage operational resilience
flooding of low lying systems
Extreme weather estate areas, thereby - Adapting to climate
events damaging palms, Stoning roads to variability by
(flooding, conservation areas and provide all-weather innovation and
droughts) S infrastructure, and access adoption of
disrupting supply technology-assisted
chains - Training tools
smallholders on
sustainable best
agricultural
practices
- Water scarcity and - Developing - Exploring the use of
Changing inconsistent weather facilities to capture mill organic
rainfall affecting FFB yields rainwater by-products to enhance
patterns S-M soil moisture and
- Reduced production - Improving nutrient retention
impacting revenue irrigation techniques
- Ensuring strict
NDPE policy
enforcement
- Ecosystem imbalances - Protecting forests
Biodiversity reducing resilience to and maintaining - Establishing
loss and natural disturbances conservation areas stronger
habitat and possibly leading collaborations with
degradation M-L to degrading of land - Partnering with conservation bodies
resources and NGOs, educational for mutual benefits
political conflicts institutions and
local governments on
research and actions
- Adhering to TNFD
LONGER-TERM VIABILITY STATEMENT
The group’s business activities, together with the factors likely to affect its
future development, performance and financial position are described in the
Strategic report of the annual report which also provides (under the heading
Finance) a description of the group’s cash flow, liquidity and financing development
and treasury policies. In addition, note 26 to the group 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.
Principal risks and uncertainties section above 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 CPO and CPKO over which it has no
control.
The group has material indebtedness in the form of bank loans and listed dollar
notes. At 31 December 2025, over half of this indebtedness was due for repayment in
the three year period to 31 December 2028 which is also the date of redemption of
the 7.5 per cent dollar notes 2028. For this reason, the directors have chosen that
period for their assessment of the longer-term viability of the group.
Total group indebtedness at 31 December 2025, as detailed in Capital structure in
the Strategic report of the annual report, amounted to $175.5 million, comprising
Indonesian rupiah denominated term bank loans equivalent in total to $144.9
million, drawings under Indonesian rupiah denominated working capital facilities
equivalent to $3.9 million and $27.0 million nominal of 7.5 per cent dollar notes
2028. The total borrowings repayable in the period to 31 December 2028 (based on
exchange rates ruling at 31 December 2025) amounted to the equivalent of $96.9
million of which, assuming that the maximum possible amount of $9.4 million falls
due for payment in June 2026 in respect of the group’s dollar notes, a total of
$33.2 million will fall due in 2026, $21.7 million in 2027 and $42.0 million in
2028.
In addition to the cash required for debt repayments, the group also faces
substantial demands on cash to fund capital expenditure and dividends on the
company’s preference shares.
Whilst the group has some flexibility in determining its annual levels of capital
expenditure, the directors will continue to balance the need for significant
reductions in the group’s net debt against capital expenditure on maintaining and
enhancing the value of the group's assets. To this end, in 2026, the group aims to
continue its extension and replanting programmes but with a slightly reduced
extension planting programme of 700 hectares (scaled back from the 1,000 hectares
originally planned) and a maintained replanting programme of some 1,400 hectares.
Other reductions in previously planned capital expenditure to accommodate the
additional expenditure that will be required to renew HGU titles over 16,332
hectares of existing land holdings (as discussed under Agricultural operations in
the annual report) will be achieved by temporarily deferring purchases of capital
equipment that are not time critical and where deferral is unlikely to have any
material effect on the group's performance.
After the substantial investments already made in the stone and sand operations,
capital expenditure within those operations should be limited going forward.
In January 2026, an additional replanting loan was agreed by REA Kaltim with Bank
Mandiri. The total loan is the equivalent of $20.6 million and is split into three
tranches, each tranche providing financing for a certain number of hectares that
are being replanted. The loan will be drawn down in instalments with $7.2 million
expected to be drawn down in 2026 (of which $2.2 million has already been drawn),
$6.1 million in 2027 and the balance in subsequent years but by the end of 2032.
Repayments of each tranche will occur over 8 years commencing 3.5 years after the
last withdrawal within each tranche. The additional replanting loan carries
interest at 8.25 per cent per annum and is secured similarly to the existing Bank
Mandiri loans to REA Kaltim.
Additionally, in March 2026, Bank Mandiri provided a loan equivalent to $5.9
million to a smallholder cooperative (plasma) scheme managed by the group. The loan
has been guaranteed by REA Kaltim. The proceeds of the loan were applied in
repaying monies previously borrowed by the scheme from REA Kaltim and resulted in a
cash inflow to the group of $5.9 million.
REA Kaltim is currently in discussions with Bank Mandiri in respect of a new term
loan of $20.0 million, to be drawn between 2026 and 2028. The initial drawing will
principally be used to finance the dollar note repayments in 2026 of up to $9.4
million, although the making of these repayments is not dependent on the approval
of this term loan.
Due to current conflicts in the Middle East and Eastern Europe, global commodity
markets are experiencing significant volatility and the group is particularly
affected by price increases in fuel and fertiliser, which it is seeking to minimise
by stockpiling in the case of fuel and agreeing forward contracts in the case of
fertiliser. However, the group expects that CPO and CPKO prices will remain at
remunerative levels for the immediate future and that improved operating
efficiencies, facilitated by the substantial investments of recent years in roads,
factories and equipment, will limit other cost increases. With financing costs
continuing to reduce as net debt falls, the group’s plantation operations should
generate cash flows at good levels. Stone is not yet in full production but
indications are that it will provide a significant addition to group cash flows in
2026. Positive cash flows from sand are also likely to make a useful contribution.
Taking account of the cash and deposits already held by the group at 31 December
2025 of $23.2 million, the expected cash inflow from the new Bank Mandiri loans
($40.6 million) and plasma refinancing ($5.9 million) and projected cash flow from
the group’s operations, the group should be well placed to meet its obligations
from 2026 to 2028.
Based on the foregoing, the directors have a reasonable expectation that the
company and the group have adequate resources to continue in operational existence
for the period to 31 December 2028 and to remain viable during that period.
GOING CONCERN
Factors likely to affect the group’s future development, performance and financial
position are described in the Strategic report of the annual report. The directors
have carefully considered those factors, together with the principal risks and
uncertainties faced by the group which are set out in the Principal risks and
uncertainties section above and have reviewed key sensitivities which could impact
on the liquidity of the group.
As at 31 December 2025, the group had cash and deposits of $23.2 million, and
borrowings of $175.5 million (in both cases as set out in note 26 to the group
financial statements). The total borrowings repayable by the group in the period to
30 April 2027 (based on exchange rates ruling at 31 December 2025) amounted to the
equivalent of $34.7 million.
In addition to the cash required for debt repayments, the group also requires cash
in the period to 30 April 2027 to fund capital expenditure and preference dividends
as referred to in the Longer-term viability statement above. That statement also
notes the cash inflows from new bank loans and the group’s expectations regarding
positive cash flows from its various operations.
Having regard to the foregoing, based on the group’s forecasts and projections
(taking into account reasonable possible changes in trading performance and other
uncertainties) and having regard to the group’s cash position and available
borrowings, the directors expect that the group should be able to operate within
its available borrowings for at least 12 months from the date of approval of the
financial statements.
On that basis, the directors have concluded that it is appropriate to prepare the
financial statements on a going concern basis.
DIRECTORS’ RESPONSIBILITIES
The directors are responsible for preparing the annual report and the financial
statements in accordance with applicable law and regulations.
To the best of the knowledge of each of the directors, they confirm that:
• the group financial statements, prepared in accordance with UK adopted IFRS,
give a true and fair view of the assets, liabilities, financial position, and
profit or loss of the company and the subsidiary undertakings included in the
consolidation taken as a whole;
• the company financial statements, prepared in accordance with UK Accounting
Standards, comprising FRS 101 Reduced Disclosure Framework, give a true and fair
view of the company’s assets, liabilities, and financial position of the company;
• the Strategic report and Directors' report of the annual report include 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 group's and the company’s position, 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 2025
2025 2024
$’000 $’000
Revenue 194,944 187,943
Net (loss) / gain arising from changes in fair value of (730) 9
biological assets
Cost of sales (136,513) (136,495)
Gross profit 57,701 51,457
Distribution costs (1,185) (1,281)
Administrative expenses (16,229) (15,208)
Operating profit 40,287 34,968
Interest income 995 3,369
Reversal of provision – 6,622
(Losses) / gains on disposals of subsidiaries and similar (6,280) 3,051
charges
Other gains and losses 2,460 7,317
Finance costs (13,430) (16,430)
Profit before tax 24,032 38,897
Tax (9,754) (8,434)
Profit for the year 14,278 30,463
Attributable to:
Equity shareholders 8,483 26,447
Non-controlling interests 5,795 4,016
14,278 30,463
(Loss) / profit per 25p ordinary share (US cents)
Basic (0.7) 41.6
Diluted (0.7) 41.6
All operations for both years are continuing.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
$’000 $’000
Profit for the year 14,278 30,463
Other comprehensive income / (losses)
Items that may be reclassified to profit or loss:
Foreign exchange on new subsidiary – (712)
Foreign exchange differences on translation of foreign operations 5 –
Foreign exchange differences on disposal of group companies 871 (1,204)
Loss arising on sale of non-controlling interests taken to equity – (580)
Loss arising on purchase of non-controlling interests taken to – (668)
equity
876 (3,164)
Items that will not be reclassified to profit or loss:
Actuarial gain / (loss) 119 (113)
Deferred tax on actuarial gain / loss (26) 22
93 (91)
Total other comprehensive income / (losses) 969 (3,255)
Total comprehensive income for the year 15,247 27,208
Attributable to:
Equity shareholders 9,420 23,219
Non-controlling interests 5,827 3,989
15,247 27,208
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
2025 2024
$’000 $’000
Non-current assets
Goodwill 11,144 11,144
Intangible assets 2,147 2,684
Property, plant and equipment 395,114 386,997
Land 51,951 58,098
Financial assets 10,308 26,735
Non-financial assets 11,030 –
Deferred tax assets 13,878 21,278
Total non-current assets 495,572 506,936
Current assets
Inventories 19,212 18,393
Biological assets 2,608 3,338
Trade and other receivables 35,965 31,312
Current tax asset 2,215 228
Restricted cash at bank 4,267 5,832
Cash and cash equivalents 18,973 33,005
Total current assets 83,240 92,108
Total assets 578,812 599,044
Current liabilities
Trade and other payables (40,583) (44,715)
Bank loans (22,894) (20,012)
Sterling notes – (28,167)
Dollar notes (9,430) –
Other loans and payables (1,832) (2,707)
Total current liabilities (74,739) (95,601)
Non-current liabilities
Bank loans (125,952) (114,417)
Dollar notes (17,221) (26,746)
Deferred tax liabilities (49,821) (47,404)
Other loans and payables (9,816) (19,897)
Total non-current liabilities (202,810) (208,464)
Total liabilities (277,549) (304,065)
Net assets 301,263 294,979
Equity
Share capital 133,590 133,590
Share premium account 27,193 47,374
Translation reserve (40,909) (26,332)
Retained earnings 105,041 69,826
224,915 224,458
Non-controlling interests 76,348 70,521
Total equity 301,263 294,979
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share Share Translation Retained Subtotal Non- Total
capital premium reserve earnings controlling equity
interests
$’000 $’000 $’000 $’000 $’000 $’000 $’000
At 1 January 133,590 47,374 (24,416) 63,267 219,815 14,304 234,119
2024
Profit for the – – – 26,447 26,447 4,016 30,463
year
Other
comprehensive – – (1,916) (1,312) (3,228) (27) (3,255)
losses
Total
comprehensive – – (1,916) 25,135 23,219 3,989 27,208
(loss) / income
for the year
Reorganisation – – – – – (854) (854)
of subsidiaries
Capital from
non-controlling – – – – – 53,082 53,082
interest
Dividends to
preference – – – (18,576) (18,576) – (18,576)
shareholders
At 31 December 133,590 47,374 (26,332) 69,826 224,458 70,521 294,979
2024
Profit for the – – – 8,483 8,483 5,795 14,278
year
Other
comprehensive – – (14,577) 15,514 937 32 969
(losses) /
income
Total
comprehensive – – (14,577) 23,997 9,420 5,827 15,247
(loss) / income
for the year
Capital – (20,181) – 20,000 (181) – (181)
reduction
Dividends to
preference – – – (8,782) (8,782) – (8,782)
shareholders
At 31 December 133,590 27,193 (40,909) 105,041 224,915 76,348 301,263
2025
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024*
$’000 $’000
Net cash from operating activities 41,648 31,751
Investing activities
Interest received 995 1,069
Proceeds on disposal of PPE 1,056 4,179
Purchases of intangible assets and PPE (34,394) (34,621)
Expenditure on land (1,489) (4,530)
Net investment stone and coal interests – (3,610)
Investment sand interest (1,132) (4,413)
Net cash movement on acquisition of new subsidiary (1,956) 259
Net proceeds on disposal of group company 7,993 –
Cash reclassified from asset held for sale – 9
Cash received from non-current receivables – 1,258
Prepayments in respect of non-current assets (10,889) –
Net cash used in investing activities (39,816) (40,400)
Financing activities
Preference dividends paid (8,782) (18,576)
Repayment of bank borrowings (19,660) (36,862)
New bank borrowings drawn 53,651 64,342
Decrease in restricted cash at bank 1,565 277
Purchase of sterling notes for cancellation (381) (11,606)
Redemption of sterling notes (30,009) –
Repayment of borrowings from non-controlling shareholder (8,750) (12,234)
New equity from non-controlling interests – 53,580
Cost of non-controlling interest transaction – (1,078)
Cost of capital reduction (181) –
Purchase of non-controlling interest – (2,726)
Repayment of lease liabilities (3,075) (2,724)
Net cash (used in) / from financing activities (15,622) 32,393
Cash and cash equivalents
Net (decrease) / increase in cash and cash equivalents (13,790) 23,744
Cash and cash equivalents at beginning of year 33,005 8,086
Effect of exchange rate changes (242) 1,175
Cash and cash equivalents at end of year 18,973 33,005
* Restated for restricted cash at bank
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated financial statements and notes 1 to 24 below (together the
financial information) have been extracted without material adjustment from the
consolidated financial statements of the group for the year ended 31 December 2025
(the 2025 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 (CA 2006). Copies of the 2025 financial statements
will be filed in the near future with the Registrar of Companies. The accompanying
financial information does not constitute statutory accounts of the company within
the meaning of section 434 of the CA 2006.
Whilst the 2025 financial statements have been prepared in accordance with UK
adopted IFRS and with the requirements of the CA 2006, as applicable to companies
reporting under IFRS. As at the date of authorisation of those accounts the
accompanying financial information does not itself contain sufficient information
to comply with IFRS.
The 2025 financial statements and the accompanying financial information were
approved by the board of directors on 21 April 2026.
2. Revenue and cost of sales
2025 2024
$’000 $’000
Revenue
Sales of palm product 192,196 185,919
Revenue from management services 806 941
Sales of stone 1,942 1,083
194,944 187,943
Cost of sales
Depreciation and amortisation (net of capitalisation) (27,126) (26,612)
Other costs (109,387) (109,883)
(136,513) (136,495)
3. Segment information
The group operates in two segments: the cultivation of oil palms and stone and sand
operations (2024: oil palms and stone operation and sand interest). In 2025 the
latter met the quantitative thresholds set out in IFRS 8: Operating segments and,
accordingly, analyses are provided by business segment.
Segment revenue Segment profit
2025 2024 2025 2024
$’m $’m $’m $’m
Plantations 193.0 186.8 44.0 31.9
Stone and sand operations (2024: stone operation and 1.9 1.1 (1.6) 0.4
sand interest)
Other – – (2.1) 2.7
194.9 187.9 40.3 35.0
Interest income 1.0 3.4
Reversal of provision – 6.6
(Losses) / gains on disposals of subsidiaries and (6.3) 3.0
similar charges
Other gains 2.4 7.3
Finance costs (13.4) (16.4)
Profit before tax 24.0 38.9
4. Administrative expenses
2025 2024
$’000 $’000
Loss on disposal of PPE 416 310
Indonesian operations 16,217 16,030
Head office 3,966 3,204
20,599 19,544
Amount included as additions to PPE (4,370) (4,336)
16,229 15,208
5. Interest income and reversal of provision
2025 2024
$’000 $’000
Interest on bank deposits 532 281
Other interest income 463 3,088
Interest income 995 3,369
Reversal of provision in respect of interest on stone loan – 6,622
Other interest income in 2025 included $0.4 million interest receivable in respect
of the sand loan, representing interest receivable in the period prior to the
borrowing company becoming a subsidiary (see note 19) (2024: $2.3 million interest
receivable in respect of stone, sand and coal loans. Interest from stone
represented interest receivable in the period prior to the borrowing company
becoming a subsidiary).
The provision of $6.6 million reversed in 2024 was in respect of past interest due
from the stone company which commenced commercial production and sales.
6. (Losses) / gains on disposals of subsidiaries and similar charges
2025 2024
$’000 $’000
Loss on divestment of CDM (5,723) –
Loss on dissolution of REAF (557) –
Release of impairment provision on sale of non-current assets – 3,051
(6,280) 3,051
During the period REA Kaltim sold its wholly owned subsidiary CDM, generating a
loss on disposal of $5.7 million (see note 20). As part of this disposal, $338,000
was reclassified from the translation reserve to the profit and loss account.
Following the redemption and cancellation on 31 August 2025 of all of the
outstanding sterling notes issued by the company’s wholly owned subsidiary, REAF,
REAF was put into liquidation. Its net assets were distributed to the company and
on 23 December 2025 REAF was formally dissolved resulting in a loss of $0.6
million.
In 2024 the $3.1 million release of impairment provision on the sale of non-current
assets was the amount receivable for the transfer of hectarage to plasma schemes by
CDM, the carrying value of which had been fully impaired.
7. Other gains / (losses)
2025 2024
$’000 $’000
Change in value of other monetary assets and liabilities arising from 4,469 265
exchange fluctuations
Change in value of sterling notes arising from exchange fluctuations (2,165) 6,350
(Loss) / gain on acquisition of sterling notes for cancellation (9) 702
Gain on extension of dollar notes 165 –
2,460 7,317
8. Finance costs
2025 2024
$’000 $’000
Interest on bank loans and overdrafts 12,696 9,240
Interest on dollar notes 2,028 2,028
Interest on sterling notes 1,711 3,231
Interest on other loans 306 1,086
Interest on lease liabilities 529 374
Other finance charges 940 3,136
18,210 19,095
Amount included as additions to PPE (4,780) (2,665)
13,430 16,430
Other finance charges comprise bank charges and fees and amortised bank loan and
loan note issue expenses.
Amounts included as additions to PPE arose on borrowings applicable to the
Indonesian operations and reflected a capitalisation rate of 29.0 per cent (2024:
17.1 per cent). There is no directly related tax relief.
9. Tax
2025 2024
$’000 $’000
Current tax:
UK corporation tax – –
Overseas withholding tax 418 696
Foreign tax 1,683 6,883
Foreign tax – prior year 295 (536)
Total current tax charge 2,396 7,043
Deferred tax:
Current year 3,044 3,079
Prior year 4,314 (1,688)
Total deferred tax charge 7,358 1,391
Total tax charge 9,754 8,434
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 22
per cent (2024: 22 per cent) and for the UK, the taxation provision reflects a
corporation tax rate of 25 per cent (2024: 25 per cent) and a deferred tax rate of
25 per cent (2024: 25 per cent).
10. Dividends
2025 2024
$’000 $’000
Amounts recognised as distributions to preference shareholders:
Dividends on 9 per cent cumulative preference shares 8,782 18,576
The fixed semi-annual dividends that fell due on the preference shares in June 2025
and December 2025 were paid on their due dates. 2024 payments included arrears of
dividend which amounted in aggregate to 11.5p per preference share as at 31
December 2023.
11. (Loss) / profit per ordinary share
2025 2024
$’000 $’000
Profit attributable to equity shareholders 8,483 26,447
Preference dividends paid relating to current year (8,782) (8,172)
(Loss) / profit for the purpose of calculating (loss) / profit per (299) 18,275
share
’000 ’000
Weighted average number of ordinary shares for the purpose of:
Basic (loss) / profit per ordinary share 43,964 43,964
Diluted (loss) / profit per ordinary share 43,964 43,964
12. Property, plant and equipment
Plantings Mining Buildings Plant, Construction Total
assets and equipment in progress
structures and
vehicles
$’000 $’000 $’000 $’000 $’000 $’000
Cost:
At 1 January 2024 157,911 – 229,282 141,534 2,887 531,614
Additions 7,315 1,059 15,090 2,066 7,801 33,331
Reclassifications and – 1,330 2,220 124 (3,674) –
adjustments
Disposals (6,906) – (7,740) (3,545) – (18,191)
Acquired with new – 66,841 – 1,602 153 68,596
subsidiary
Transferred from assets 18,092 – 35,435 1,099 88 54,714
held for sale
At 31 December 2024 176,412 69,230 274,287 142,880 7,255 670,064
Additions 8,303 2,125 16,290 2,848 7,271 36,837
Reclassifications and – 3,722 4,027 2,833 (7,413) 3,169
adjustments
Disposals (3,671) – (1,140) (2,578) – (7,389)
Acquired with new
subsidiary (see note – 13,437 – 14 – 13,451
19)
Disposal of subsidiary (14,111) – (29,333) (984) – (44,428)
(see note 20)
At 31 December 2025 166,933 88,514 264,131 145,013 7,113 671,704
Accumulated
depreciation:
At 1 January 2024 79,180 – 67,972 87,207 – 234,359
Charge for year 8,510 – 7,303 10,413 – 26,226
Disposals (5,248) – (5,012) (1,850) – (12,110)
Release of impairment (1,007) – (2,044) – – (3,051)
Acquired with new – – – 164 – 164
subsidiary
Transferred from assets 13,946 – 22,728 805 – 37,479
held for sale
At 31 December 2024 95,381 – 90,947 96,739 – 283,067
Charge for year 8,365 350 7,621 10,712 – 27,048
Disposals (3,401) – (429) (2,087) – (5,917)
Disposal of subsidiary (10,393) – (16,425) (790) – (27,608)
(see note 20)
At 31 December 2025 89,952 350 81,714 104,574 – 276,590
Carrying amount:
At 31 December 2025 76,981 88,164 182,417 40,439 7,113 395,114
At 31 December 2024 81,031 69,230 183,340 46,141 7,255 386,997
The depreciation charge for the year includes $637,000 (2024: $376,000) which has
been capitalised as part of additions to plantings and buildings and structures.
At the balance sheet date, the group had entered into $3.6 million contractual
commitments for the acquisition of PPE (2024: $3.7 million).
At the balance sheet date, PPE of $124.2 million (2024: $131.8 million) had been
charged as security for bank loans (see note 15).
Additions to PPE include $1,985,000 of new right-of-use assets which are not
included in purchases of PPE within the consolidated cash flow statement.
13. Land
2025 2024
$’000 $’000
Cost:
Beginning of year 60,915 48,832
Additions 1,489 4,530
Acquired with new subsidiary – 3,086
Transferred from assets held for sale – 4,467
Reclassifications (3,169) –
Disposal of subsidiary (4,467) –
End of year 54,768 60,915
Accumulated amortisation:
Beginning and end of year 2,817 2,817
Carrying amount:
End of year 51,951 58,098
Beginning of year 58,098 46,015
Balances classified as land represent amounts invested in land utilised for the
purpose of the plantation operations in Indonesia.
There are two types of plantation cost, one relating to the acquisition of HGUs and
the other relating to the acquisition of Izin Lokasi.
At 31 December 2025, certificates of HGU had been obtained in respect of areas
covering 53,833 hectares (2024: 63,617 hectares). An HGU is effectively a
government certification entitling the holder to utilise the land for agricultural
and related purposes. Retention of an HGU is subject to payment of annual land
taxes in accordance with prevailing tax regulations. HGUs are normally granted for
periods of up to 35 years and are renewable on expiry of such term.
The other cost relates to the acquisition of Izin Lokasi, each of which is an
allocation of Indonesian state land granted by the Indonesian local authority
responsible for administering the land area to which the allocation relates. Such
allocations are preliminary to the process of fully titling an area of land and
obtaining an HGU in respect of it. Izin Lokasi are normally valid for periods of
between one and three years but may be extended if steps have been taken towards
obtaining full titles.
At the balance sheet date, land titles of $38.2 million (2024: $36.9 million) had
been charged as security for bank loans (see note 15).
14. Financial and non-financial assets
2025 2024
$’000 $’000
Sand interest – 8,405
Coal interests 875 3,478
Provision against loan to coal interests – (2,550)
875 9,333
Plasma advances 7,490 15,406
Other non-current receivables 1,943 1,996
9,433 17,402
Total financial assets 10,308 26,735
Prepayments in respect of non-current assets 11,030 –
Total non-financial assets 11,030 –
Sand interest at 31 December 2024 comprised monies owed to group companies by MCU
which holds a silica sand concession in East Kalimantan. It was agreed in 2022
that, once all licences required for mining had been secured, the group would
subscribe for new shares in MCU so as to provide it with a 49 per cent
participation in MCU. This agreement was amended on 27 March 2025 to provide for
the group’s economic interest in MCU to be increased by 46 per cent to 95 per cent
for a consideration of $2.0 million. The monies owed to group companies by MCU
comprised loans to finance pre-production costs. On 1 August 2025, the group
assumed management and control of MCU’s operations and MCU has been consolidated as
a group company with effect from that date with balances owed by MCU to group
companies thereafter treated as intercompany balances and eliminated on
consolidation.
Coal interests comprise monies owed to group companies by IPA and connected persons
and at 31 December 2024 also monies owed to group companies by PSS. Both IPA and
PSS hold coal concessions in East Kalimantan. Concurrently with the agreement to
acquire the 95 per cent economic interest in ATP, the group relinquished its
interest in PSS on terms that ATP would meet the repayment of the monies owed to
group companies by PSS (which ATP had guaranteed). Accordingly, since 1 July 2024
$9.7 million of the group loans to PSS have been reconstituted as intercompany
balances owed by ATP.
Regulations governing foreign ownership of mining rights in Indonesia are complex.
The group had planned to take legal ownership of its interests in ATP and MCU and
for legal ownership of 95 per cent of IPA to be acquired by MCU (since the
concessions held by MCU and IPA overlap). This plan is now under review following
legal advice that it may not provide the optimal legal structure for the group’s
mining interests. Pending conclusion of such review, the group is confident that
agreements already in place are effective in securing the group’s financial
interests in ATP, MCU and IPA.
Prepayments in respect of non-current assets comprise legal fees and direct renewal
charges incurred during non-current asset license renewal processes. These costs
are transferred to the relevant non-current asset category when the renewal process
is complete.
Plasma advances are discussed under Credit risk in note 26 of the annual report.
Other non-current receivables is a participation advance to a third party formerly
holding a five per cent non-controlling interest in a group subsidiary.
15. Bank loans
2025 2024
$’000 $’000
Bank loans 148,846 134,429
The bank loans are repayable as follows:
On demand or within one year 22,894 20,012
Between one and two years 21,444 19,348
Between two and five years 57,704 56,489
After five years 46,804 38,580
148,846 134,429
Amount due for settlement within 12 months 22,894 20,012
Amount due for settlement after 12 months 125,952 114,417
148,846 134,429
All bank loans are denominated in rupiah and are stated above net of unamortised
issuance costs of $2.2 million (2024: $2.3 million). The bank loans repayable
within one year include $3.9 million drawings under working capital facilities
(2024: $2.8 million).
The bank loans at 31 December 2025 and 31 December 2024 carry interest rates of
8.25 or 8.5 per cent and the working capital facilities 8.25 per cent . The
weighted average interest rate on all bank borrowings for 2025 was 8.3 per cent
(2024: 8.3 per cent).
The gross bank loans of $151.0 million (2024: $136.8 million) are secured on
certain land titles, PPE and cash assets held by REA Kaltim, SYB, KMS and PU having
an aggregate book value of $166.7 million (2024: assets held by REA Kaltim, SYB,
KMS and CDM with a book value of $177.5 million), and are the subject of an
unsecured guarantee by the company. The banks are entitled to have recourse to
their security on usual banking terms.
REA Kaltim, SYB and KMS have agreed certain financial covenants under the terms of
the bank facilities relating to debt service coverage, debt equity ratio, EBITDA
margin and the maintenance of positive net income and positive equity; such
covenants are tested annually upon delivery to Bank Mandiri of the audited
financial statements in respect of each year by reference to the consolidated
results for that year, and consolidated closing financial position as at the year
end, of REA Kaltim and its subsidiaries. The covenants have been complied with for
2025 and 2024. PU covenants are tested on a standalone basis, until 2028 the only
covenant is the maintenance of positive equity which has been complied with for
2025.
Under the terms of their bank facilities, certain plantation subsidiaries are
restricted to an extent in the payment of interest on borrowings from, and on the
payment of dividends to, other group companies. The directors do not believe that
the applicable covenants will affect the ability of the company to meet its cash
obligations.
At the balance sheet date, the group had no undrawn rupiah denominated facilities
(2024: nil).
16. Sterling notes
The sterling notes at 31 December 2024 comprised £21.7 million nominal of 8.75 per
cent guaranteed 2025 sterling notes issued by the company’s subsidiary, REAF. The
repayment obligation in respect of the sterling notes was carried on the balance
sheet at $28.2 million which included the amortised premium to date. The sterling
notes were guaranteed by the company and another wholly owned subsidiary of the
company, REAS, and were secured principally on unsecured loans made by REAS to an
Indonesian plantation operating subsidiary of the company.
In January 2025 £0.3 million nominal of notes were purchased for cancellation. With
effect from 31 August 2025 all of the £21.4 million nominal outstanding sterling
notes were redeemed at 104 per cent of their principal amount (that is, at a
premium of £0.04 per £1 nominal of sterling notes) in accordance with the terms of
the Trust Deed constituting the sterling notes. All of the sterling notes have now
been cancelled.
17. Dollar notes
2025 2024
$’000 $’000
Dollar notes – repayable 2026 9,430 26,746
Dollar notes – repayable 2028 17,221 –
26,651 26,746
The dollar notes at 31 December 2025 and 2024 comprise $27.0 million nominal of 7.5
per cent dollar notes and are stated net of the unamortised balance of the note
issuance costs.
On 4 September 2025 the proposal to extend the repayment date for the dollar notes
from 30 June 2026 to 31 December 2028 was approved at a meeting of the noteholders.
The dollar notes are thus now due for repayment on 31 December 2028.
In conjunction with the proposal to extend the redemption date for the dollar
notes, the company has put in place arrangements whereby any noteholder who wishes
to realise their holding of dollar notes by the previous redemption date of 30 June
2026 is offered the opportunity to do so. The company has undertaken to procure
that REAS purchases at par, on 30 June 2026, the dollar notes held by any
noteholder who has indicated by no later than 29 May 2026 that they do not wish to
retain their notes beyond 30 June 2026 and for which the company's brokers have
been unable to arrange buyers on terms acceptable to such noteholder. REAS may seek
to re-sell, over time, any dollar notes so acquired by it.
There are currently $27.0 million nominal of dollar notes in issue. The group has
received an irrevocable undertaking from an existing holder of $17.6 million
nominal of the notes that it will retain that holding.
The company will pay on 30 June 2026 to those noteholders who have not elected to
take advantage of the sale facility a roll-over fee in an amount equal to:
(1% + 2A) × B
where A is the percentage amount (if any) by which the 180 day average Secured
Overnight Financing Rate published by the Federal Reserve Bank of New York on 23
June 2026 exceeds 4.5 per cent (and nil if such rate does not exceed 4.5 per cent);
and B is the nominal amount of dollar notes held by the qualifying noteholder at
6.00 pm on 3 September 2025.
18. Other loans and payables
2025 2024
$’000 $’000
Indonesian retirement benefit obligations 8,802 9,572
Lease liabilities 2,846 3,546
Loan from non-controlling shareholder – 8,750
Payable under settlement agreement – 736
11,648 22,604
Repayable as follows:
On demand or within one year (shown under current liabilities) 1,832 2,707
Between one and two years 534 1,898
Between two and five years 1,582 9,728
After five years 7,700 8,271
Amount due for settlement after one year 9,816 19,897
11,648 22,604
The loan from non-controlling shareholder at 31 December 2024 comprised an $8.7
million interest bearing loan which was repaid in April 2025.
The directors estimate that the fair value of other loans and payables approximates
their carrying value.
19. Acquisition of subsidiary
As previously discussed (see note 14), pending completion of the formalities of the
ownership structure, the sand company, MCU, is being managed and controlled by the
group and has therefore been consolidated from 1 August 2025. Consideration of $2.0
million was paid in 2025 in respect of the agreement to increase the group’s
economic interest in MCU by 46 per cent to 95 per cent and there are no transaction
costs.
The net assets of MCU at the date of assumption of control were as follows:
2025
$’000
PPE (see note 12) 13,451
Financial assets 88
Deferred tax asset 51
Current assets 78
Cash 44
13,712
Current liabilities (642)
Deferred tax liability (1,533)
Loan from group (9,537)
Total net assets 2,000
The assets and liabilities were valued at fair value at the date of acquisition of
control. This resulted in a fair value adjustment of $7.0 million to the mining
assets acquired (included within PPE) that management considers appropriate in view
of future cash flows and the long-term value to the group. At acquisition the
non-controlling interest of 5 per cent amounts to $nil.
20. Disposal of subsidiary
In November 2023 the company reached an agreement with DSN for a further investment
by the DSN group in REA Kaltim and, in conjunction with that agreement, granted the
DSN group a priority right, for a limited period, to acquire CDM on an agreed
basis. Accordingly, at 31 December 2023, the assets of CDM with were treated as
assets held for sale. However, DSN concluded, and confirmed in June 2024, that it
would not exercise its priority right. Following that decision, the company sought
alternative offers for CDM but the one offer received was at a price that the
directors considered too low. The decision was made to retain CDM and CDM was
therefore reconsolidated and its assets and liabilities were reclassified from held
for sale as at 31 December 2024.
Subsequently the group was able to reach agreement with TPA for the sale of CDM on
terms that valued the business of CDM at close to the value that was reflected in
the priority right granted to DSN.
On 13 June 2025 the group completed the sale of CDM to TPA, all conditions pursuant
to the sale agreement dated 22 April 2025 having been satisfied. The disposal of
CDM's assets and liabilities has generated a loss of $5.7 million, calculated as
follows.
June
2025
$’000
PPE (see note 12) 16,820
Land 4,467
Deferred tax 952
Inventories 1,098
Plasma advances 4,785
Trade and other receivables 714
Cash and bank balances 372
29,208
Trade payables (280)
Other loans and payables (15,178)
Net assets 13,750
Translation reserve 338
14,088
Net consideration received 8,365
Loss on disposal (5,723)
Total cash movement on disposal of CDM was $8.0 million being net consideration
less cash divested.
21. Movement in net borrowings
2025 2024
$’000 $’000
Change in net borrowings resulting from cash flows:
(Decrease) / increase in cash and cash equivalents, after (14,032) 24,919
exchange rate effects
Decrease in restricted cash at bank (1,565) (277)
Net increase in bank borrowings (33,991) (27,480)
Purchase of sterling notes for cancellation 381 11,606
Redemption of sterling notes 30,009 –
Decrease in borrowings from non-controlling shareholder 8,750 12,234
Borrowings divested with disposal of subsidiary 15,178 –
Transfer of borrowings from assets held for sale – (7,401)
4,730 13,601
Amortisation of sterling note issue expenses and premium (58) 566
Gain on dollar note extension 165 –
Amortisation of dollar note issue expenses (70) (174)
Amortisation of bank loan expenses (562) (1,884)
4,205 12,109
Currency translation differences 2,793 6,820
Net borrowings at beginning of year (159,255) (178,184)
Net borrowings at end of year (152,257) (159,255)
22. 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.
Remuneration of key management personnel
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. Further information about the remuneration of, and
fees paid in respect of services provided by, individual directors is provided in
the audited part of the Directors’ remuneration report.
2025 2024
$’000 $’000
Short-term benefits 1,598 1,450
23. Rates of exchange
2025 2025 2024 2024
Closing Average Closing Average
Indonesian rupiah to US dollar 16,782 16,504 16,162 15,906
US dollar to pounds sterling 1.3451 1.3240 1.2529 1.2783
24. Events after the reporting period
There have been no material post balance sheet events that would require disclosure
in, or adjustment to, these financial statements.
References to group operating companies in Indonesia are as listed under the map on
page 5 of the annual report.
The terms FFB, CPO and CPKO mean, respectively, fresh fruit bunches, crude palm oil
and crude palm kernel oil.
References to dollars and $ are to the lawful currency of the United States of
America.
References to rupiah and Rp are to the lawful currency of Indonesia.
References to sterling, pounds sterling and £ are to the lawful currency of the
United Kingdom.
Other terms are listed in the glossary of the annual report.
Press enquiries to:
R.E.A. Holdings plc
Tel: 020 7436 7877
═══════════════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement that contains inside information in
accordance with the Market Abuse Regulation (MAR), transmitted by 4 EQS Group.
The issuer is solely responsible for the content of this announcement.
View original content: 5 EQS News
═══════════════════════════════════════════════════════════════════════════════════
ISIN: GB0002349065
Category Code: ACS
TIDM: RE
LEI Code: 213800YXL94R94RYG150
Sequence No.: 424625
EQS News ID: 2312452
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
References
Visible links
1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=ceeda9248fe53a29063ef279bea8008e&application_id=2312452&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news
2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=43804c93b93fe1af2a5a0f7dc3c368d2&application_id=2312452&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news
3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=1e84eb6c3310c93f7fb161c09372521b&application_id=2312452&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news
4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2312452&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news
5. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6aab4ad09a956a31d53211d7d51ee90e&application_id=2312452&site_id=reuters~~~6aa99418-46f7-48b9-89fd-959a8d2e4912&application_name=news
============Recent news on R E A Holdings
See all newsREG-R.E.A. Holdings plc R.E.A. Holdings plc: Annual report in respect of 2025
AnnouncementREG-R.E.A. Holdings plc R.E.A. Holdings plc: Notification of Major Holdings
AnnouncementREG-R.E.A. Holdings plc R.E.A. Holdings plc: Trading update
AnnouncementREG-R.E.A. Holdings plc R.E.A. Holdings plc: Notification of Major Holdings
AnnouncementREG-R.E.A. Holdings plc R.E.A. Holdings plc: Notification of Major Holdings
Announcement