REG-R.E.A. Holdings plc R.E.A. Holdings plc: Annual reports and accounts 2018
29/04/2019 07:05
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R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Annual reports and accounts 2018
29-Apr-2019 / 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 2018 (including
notice of the annual general meeting to be held on 20 June 2019) (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
• Second year of operational recovery, with record crop production in 2018 and
further increase expected in 2019
• Improved operational performance not reflected in financial results due to
material decline in the CPO price during 2018
• Sale of 95 per cent interest in PBJ to KLK group completed
Financial
• Revenue up 5.3 per cent to $105.5 million (2017: $100.2 million), as reduced
CPO and CPKO prices largely offset the production gains
• Cost of sales increased to $99.6 million (2017: $86.3 million) reflecting
greater purchases of external FFB and increased estate operating costs due
to higher volumes, costs of remedial upkeep and an unusually high
requirement for downstream loading; nevertheless, estate operating costs
increased at a lower rate than FFB volumes
• Pre-tax loss of $5.5 million (2017: loss $21.9 million) after reflecting a
gain on the disposal of PBJ of $10.4 million
• Net indebtedness at $189.5 million (2017: $211.7 million), with existing
bank facilities repaid and replaced in 2018 with new longer dated facilities
to align better with projected future cash flows
• Further discussions with Indonesian bankers to refinance bank loan
repayments falling due in 2019 and reduce interest costs through partial
conversion of rupiah loans to dollars
• Provision for deferred tax increased by $9.5 million resulting in tax charge
of $12.7 million (2017: $3.0 million)
Agricultural operations
• 51 per cent increase in FFB production to 800,050 tonnes (2017: 530,565
tonnes), reflecting the benefit of close focus on field disciplines and
supervision
• Increase in third party FFB purchased to 191,228 tonnes (2017: 114,005
tonnes)
• Extraction rates generally stable despite some logistical challenges
associated with sudden crop increase, CPO averaging 22.5 per cent (2017:
22.8 per cent)
• Yields grew by 48 per cent to 23.1 tonnes per mature hectare (2017: 15.6
tonnes per mature hectare)
• 2018 extension planting largely concentrated on PBJ to maximise proceeds
from PBJ disposal
Coal operations
• Access to and licensing of the loading point on the Mahakam River secured in
preparation for mining at the Kota Bangun concession
• Existing coal stockpile of 16,000 tonnes from previous mining operations
sold
• Dewatering recently completed giving access to the Kota Bangun northern pit
Outlook
• Record production in 2018 expected to be followed by a further increase in
2019 to some 900,000 tonnes of FFB, with 166,000 tonnes in first quarter
(2017: 135,000)
• Indications that the CPO price recovery will continue through 2019 and
beyond as global consumption of palm oil increases, production reduces and
restocking continues
• Undeveloped land bank of 6,000 hectares immediately available for extension
planting but programme on hold pending further recovery in CPO price
• Capacity of the third oil mill to be increased to 80 tonnes per hour to meet
rising crop levels, with work expected to be completed in second half of
2019 in time for peak cropping period
• Discussions advanced with potential partners and third party contractors for
the resumption of coal mining at Kota Bangun
CHAIRMAN'S STATEMENT
While 2018 saw continued improvement in crop production and yields, the
financial results were dominated by the marked fall in crude palm oil ("CPO")
prices, particularly during the second half of the year, and the consequent
impact on profitability. Foreign exchange gains which positively impacted
results in the first half of the year, principally as a result of the decline in
the value of the Indonesian rupiah against the US dollar, were partly reversed
during the second half of the year. As a consequence, the group's overall
financial performance for the year was less than might have been expected.
Total revenue for 2018 amounted to $105.5 million, compared with $100.2 million
in 2017, reflecting the impact of weak CPO prices on production that increased
by more than 50 per cent on the previous year. While CPO prices have recovered
significantly since the year end, they have not yet rallied to the levels seen
at the beginning of 2018.
The loss before tax for 2018 was $5.5 million. This included a profit on
disposal of PT Putra Bongan Jaya ("PBJ") of $10.4 million. The latter figure
differs from the loss of $8.0 million estimated by the group in its announcement
of 11 February 2019 because of two technical adjustments involving the release
of deferred tax liabilities and prior year translation gains relating to PBJ.
Fresh fruit bunches ("FFB") harvested amounted to some 800,000 tonnes, compared
with 530,000 tonnes in 2017, surpassing the group's previous highest production
and producing a yield per mature hectare of 23 tonnes compared with 16 tonnes in
2017. These yields take account of the PBJ sale which led to slight decrease in
mature hectarage from 34,076 hectares to 33,292 hectares in 2018. FFB purchases
from smallholders and other third parties also increased significantly to some
191,000 tonnes compared with 114,000 tonnes in 2017.
CPO production totalled 218,000 tonnes in 2018, compared with the 144,000 tonnes
in 2017. Notwithstanding a more rigorous maintenance programme, the rapid
escalation of throughput in the second half of the year with consequent pressure
on evacuation and increased equipment wear and tear restricted overall CPO
extraction rates which decreased to 22.5 per cent compared with 22.8 per cent in
2017. Crude palm kernel oil ("CPKO") extraction rates however, improved to 40.2
per cent compared with 38.0 per cent in 2017. Overall yields for CPO and CPKO
were, respectively 5.4 and 0.4 tonnes per mature hectare compared with,
respectively 3.6 and 0.3 tonnes per hectare in 2017.
Changes to work programmes and new incentive targets for harvesters contributed
to steady improvements in efficiencies in the field through the year and
contributed to effective management of the sudden upsurge in crop. With crop
levels continuing to increase, the group is pushing ahead with the expansion of
the group's newest mill to almost double its capacity to 80 tonnes per hour to
ensure adequate processing capacity going forward. These works are expected to
be completed in time for the peak cropping period in the second half of the
year.
The CPO price, CIF Rotterdam, fell sharply over 2018 from $677 per tonne to a
low in mid November of $439 per tonne on the back of considerably higher levels
of CPO production in Indonesia and Malaysia and increasing stocks of CPO and
other vegetable oils worldwide. Prices started to recover towards the end of the
year, closing the year at $506 per tonne, and this trend has continued, albeit
with some intermittent volatility, into 2019 as the supply surplus has started
to reduce. The CPO price currently stands at $536 per tonne. Indications are
that prices will recover further during 2019 and beyond as consumption
increases, fuelled by restocking and the expansion of biodiesel usage, and stock
levels at origin gradually reduce with the seasonal slowdown in production in
the first half of the year.
CPKO prices were similarly affected by a supply surplus, opening at $1260 per
tonne, CIF Rotterdam, in 2018, declining to $651 per tonne in November and
closing the year at $783 per tonne. The CPKO price, CIF Rotterdam is currently
at $594 per tonne.
The group has an undeveloped land bank with some 6,000 hectares immediately
available for extension planting. While nursery areas have been established to
ensure availability of seedlings for later development, the directors have
decided to wait for further recovery in the CPO price before recommencing any
expansion.
Preparations to reopen the mine at the group's principal coal concession
interest at Kota Bangun are progressing with dewatering of the site recently
completed. Having secured access to a loading point on the Mahakam River and a
licence to export coal, the group disposed of the existing stockpile of some
16,000 tonnes during 2018. Refurbishment of the port, loading point and
conveyor acquired during 2018 should be completed in the next few months.
Discussions with potential third party contractors are reaching an advanced
stage.
The group continues to be financed by a combination of debt and equity. Total
equity (including preference share capital) amounted to $261.3 million as at 31
December 2018 compared to $276.7 million as at 31 December 2017. Net
indebtedness at 31 December 2018 amounted to $189.5 million compared with $211.7
million as at 31 December 2017. In August 2018, two new rupiah bank facilities,
equivalent in total to some $32.2 million, were arranged and drawn and certain
existing facilities, amounting to $10.3 million, were repaid. Subsequently, to
align better the repayment profile of the group's bank loans with projected
future cash flows, two further new rupiah loans, equivalent to some $82.2
million, were arranged and drawn and existing, shorter dated facilities of some
$59.4 million, were repaid.
In view of the financial performance of the group in 2018, the directors have
not declared or recommended the payment of any ordinary dividend in respect of
the year.
Production in the first months of 2019 was well ahead of the levels achieved in
the same period in 2018, with group FFB to the end of March of 166,000 tonnes
(2018: 135,000 tonnes). Some slowdown in production can be expected through to
the middle of the year in line with the normal monthly phasing of crops but
indications are that production for the year overall will be comfortably ahead
of 2018 with a budgeted FFB crop of some 900,000 tonnes.
While the directors remain optimistic about the operations and the prospects for
the group, there remains much to be done this year to ensure that the group
realises its full potential. It will be particularly important to maximise FFB
collection and optimise evacuation and processing. To this end, capital
expenditure will be focused on works that will ensure resilience and
availability of sufficient capacity in the group's mills. With current CPO
prices still at depressed levels (albeit that prices are significantly ahead of
those of the last quarter of 2018), measures are also in hand to reduce costs
particularly in administrative and support departments. It should also be
possible to reduce the employment of temporary workers for remedial upkeep as
the work being undertaken is progressively completed.
To ensure the availability of sufficient funding to meet the costs of the third
mill extension and planned enhancements to the group's other mills, the group is
in discussion with its Indonesian bankers regarding a further facility of some
$11 million. There are also continuing discussions aimed at reducing interest
costs by conversion of a proportion of the group's rupiah loans to dollar loans.
Looking ahead, CPO prices are expected to increase further with continued growth
in consumption and a general slowdown in CPO production with fewer new plantings
in both Indonesia and Malaysia. Subject to this proving the case, further
improvements in operating performance are expected to translate into an
improvement in underlying profitability and cash flows through 2019 and
thereafter.
Finally, I would like to welcome Rizal Satar who joined the board in December
2018 as an independent non-executive director. Rizal was educated in the United
States and Belgium, where he majored in computer science, accounting and
finance, and worked for 20 years for PricewaterhouseCoopers, Indonesia, as a
senior partner in their advisory services business.
DAVID J BLACKETT
Chairman
DIVIDENDS
The fixed semi-annual dividends on the 9 per cent cumulative preference shares
that fell due on 30 June and 31 December were duly paid. In view of the results
reported for 2018, the directors have concluded that they should not declare or
recommend the payment of any dividend on the ordinary shares in respect of 2018.
ANNUAL GENERAL MEETING
The fifty-ninth annual general meeting of R.E.A. Holdings plc will be held at
the London office of Ashurst LLP at 1 Duval Square, London Fruit and Wool
Exchange, London E1 6PW on 20 June 2019 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.
The risks detailed below as relating to "Agricultural operations - Expansion"
and "Coal and stone operations" are prospective rather than immediate material
risks because the group is currently not expanding its agricultural operations
and not mining its coal and stone concessions. However, such risks will apply
when, as is contemplated, expansion and mining are resumed. The effect of an
adverse incident relating to the coal and stone operations, as referred to
below, could impact the ability of the coal and stone companies to repay their
loans.
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.
The directors have carefully reviewed the potential impact on its operations of
the various possible outcomes to the current discussions on the termination of
UK membership of the European Union ("Brexit"). The directors expect that
certain outcomes may result in a movement in sterling against the US dollar and
Indonesian rupiah with consequential impact on the group dollar translation of
its sterling costs and sterling liabilities. The directors do not believe that
such impact (which could be positive or negative) would be material in the
overall context of the group. Were there to be an outcome that resulted in a
reduction in UK interest rates, this 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 this impact would be material
in the overall context of the group. Beyond this, and considering that the
group's entire operations are in Indonesia, the directors do not see Brexit as
posing a significant risk to the group.
The directors have considered the potential impact on the group of global
climate change. Between 5 and 10 per cent of the group's existing plantings are
in areas that are low lying and prone to flooding if not protected by bunding.
Were climate change to cause an increase in water levels in the rivers running
though the estates, this could be expected to increase the requirement for
bunding or, if the increase was so extreme that bunding became impossible, could
lead to the loss of low lying plantings, the percentage of which could be
expected to increase. Changes to levels and regularity of rainfall and sunlight
hours could also adversely affect production. However, it seems likely that any
climate change impact negatively affecting group production would similarly
affect many other oil palm growers in South East Asia leading to a reduction in
CPO and CPKO supply. This would be likely to result in higher prices for CPO
and CPKO which should provide at least some offset against reduced production.
Risks assessed by the directors as being of particular significance are those
detailed below under:
* "Agricultural operations - Produce prices"
* "General - Funding"
* "Agricultural operations - Climatic factors"
* "Agricultural operations - Other operational factors".
The directors' assessment, as respects produce prices and funding, reflects the
key importance of those risks in relation to the matters considered in the
"Viability statement" in the "Directors' report" below and, as respects climatic
and other factors, the negative impact that could result from adverse incidence
of such risks.
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 the water annual rainfall is
the oil palm deficit usually adequate for
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 between
the ports of Samarinda
Low levels of rainfall Inability to obtain delivery and Balikpapan and the
disrupting river transport of estate supplies or to estates offers a
or, in an extreme evacuate CPO and CPKO viable alternative
situation, bringing it to a (possibly leading to route for transport
standstill suspension of harvesting) 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
The group has adopted
standard operating
Failure to achieve optimal A reduction in harvested crop practices designed to
upkeep standards resulting in loss of achieve required
potential revenue upkeep standards
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
to maintain a
sufficient complement
of harvesters within
FFB crops becoming rotten or its workforce to
over-ripe leading either to a harvest expected crops
loss of CPO production (and and to maintain
A hiatus in harvesting, hence revenue) or to the resilience in its palm
collection or processing of production of CPO that has an oil mills with each of
FFB crops above average free fatty acid the mills operating
content and is saleable only separately and some
at a discount to normal ability within each
market prices mill to switch from
steam based to biogas
or diesel based
electricity generation
The group's bulk
storage facilities
have substantial
capacity and further
storage facilities are
Disruptions to river The requirement for CPO and afforded by the fleet
transport between the main CPKO storage exceeding of barges. Together,
area of operations and the available capacity and these have hitherto
Port of Samarinda or delays forcing a temporary cessation always proved adequate
in collection of CPO and in FFB harvesting or to meet the group's
CPKO from the transhipment processing with a resultant requirements for CPO
terminal loss of crop resulting in a and CPKO storage and
loss of potential revenue may be expanded to
accommodate
anticipated increases
in production
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 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
sliding scale of
duties on exports,
Restriction on sale of the which is varied from
group's CPO and CPKO at time to time in
world market prices Reduced revenue from the sale response to prevailing
including restrictions on of CPO and CPKO production prices, to allow
Indonesian exports of palm and a consequent reduction in producers economic
products and imposition of cash flow margins. The extension
high export duties (as has of this sliding scale
occurred in the past for to incorporate an
short periods) export levy to 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
significant fully
titled or allocated
land areas suitable
for planting. It works
Failure to secure in full, Inability to complete, or continuously to
or delays in securing, the delays in completing, the maintain up to date
land or funding required planned extension planting permits for the
for the group's planned programme with a 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
any 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
Coal and stone 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 coal Delays to receipt or loss of factors would not
and stone revenue normally have a
continuing impact for
more than a limited
period
Unforeseen extraction The group seeks to
Geological assessments, complications causing cost ensure the accuracy of
which are extrapolations overruns and production geological assessments
based on statistical delays or failure to achieve of any extraction
sampling, proving projected production programme
inaccurate
Prices
The high quality of
the coal in the
group's main coal
concession may limit
volatility. There are
Volatility of international currently no other
coal prices and local Reduced revenue and a stone quarries in the
competition reducing stone consequent reduction in cash vicinity of the
prices flow and profit group's deposits and
the cost of
transporting stone
should restrict
competition
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 areas of the coal
and stone concessions
are relatively small
and should not be
difficult to
supervise. The group
is committed to
international
Failure by the coal and standards of best
stone operations to meet Reputational and financial environmental and
the expected standards damage 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. As
Strengthening of sterling those components of group respects borrowings,
or the Indonesian rupiah costs and funding that arise where practicable the
against the dollar in Indonesian rupiah or group seeks to borrow
sterling in 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 procurement of
arrangements additional equity
capital should this
prove necessary
Counterparty risk
The group maintains
strict controls over
its financial
exposures which
include regular
reviews of the
Default by a supplier, Loss of any prepayment, creditworthiness of
customer or financial unpaid sales proceeds or counterparties and
institution deposit limits on exposures to
counterparties. Sales
are generally made 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 coal conditions attaching
and stone quarry to its land rights and
concessions (including Civil sanctions and, in an concessions and that
conditions requiring extreme case, loss of the activities are
utilisation of the rights affected rights or conducted within the
and concessions) or failure concessions terms of the licences
to maintain all permits and and permits that are
licences required for the held and that licences
group's 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, criminal sanctions located, has been
corruption and slavery 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
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 fees, interest and believe that, under
Introduction of exchange dividends from Indonesia to current political
controls or other the UK with potential conditions, any
restrictions on foreign consequential negative Indonesian government
owned operations in implications for the authority would impose
Indonesia servicing of UK obligations exchange controls or
and payment of dividends; otherwise seek to
loss of effective management restrict the group's
control freedom to manage its
operations
The group accepts
there is a significant
possibility that
foreign owners may be
required over time to
divest partially
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 local
participation in all
its Indonesian
subsidiaries
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 The group endeavours
agreements governing its to maintain cordial
arrangements with local relations with its
partners with the local investors by
Breakdown in relationships uncertainties that any seeking their support
with the local shareholders juridical process involves for decisions
in the company's Indonesian and with any failure of affecting their
subsidiaries enforcement likely to have a interests and
material negative impact on responding
the value of the coal and constructively to any
stone operations because the concerns that they may
concessions are at the moment have
legally owned by the group's
local partners
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" above 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 24 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 ("CPKO") 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 $9.1 million of bank indebtedness falls due
for repayment during 2019 and a further $52.3 million over the period 2020 to
2022. In addition, £30.9 million ($39.1 million) of 8.75 per cent guaranteed
sterling notes 2020 (the "sterling notes") will become repayable in August 2020
and $24.0 million of 7.5 per cent dollar notes 2022 (the "dollar notes") will
become repayable in June 2022. In view of the material component of the group's
indebtedness falling due in the period to 31 December 2022, as described above,
the directors have chosen this period for their assessment of the long-term
viability of the group.
With the improvement in operating performance and CPO prices firming since 2018,
the group's plantation operations can be expected to generate increasing cash
flows going forward. In addition, the arrangements to recommence operations at
the group's principal coal concession can be expected to enhance future cash
flow. Whilst the group hopes to resume its extension planting programme when
funding permits, for the moment this is on hold. Moreover, the successful
completion of the divestment of PT Putra Bongan Jaya in 2018 and the extension
of the group's third mill to almost double its capacity in 2019 means that the
group is unlikely to require an additional mill for several years, if at all.
Accordingly, the group can reasonably expect that from 2020 onwards a much
greater proportion of operational cash flows will be available to reduce debt
than has been the case for many years.
In 2019, the group will still incur significant capital expenditure on the third
mill extension, necessary enhancements to the other mills and upkeep of existing
immature areas. To ensure the availability of sufficient funding for these
purposes, the group is at an advanced stage in discussions to refinance the bank
indebtedness falling due in 2019 with longer term bank indebtedness. Following
completion of this refinancing, the group will resume discussions with its
Indonesian bankers on reduction of interest costs by conversion of a proportion
of the group's rupiah loans to dollar loans.
The directors expect that the improving outlook for the group's internally
generated cash flows will permit the group to repay the group indebtedness
falling due for repayment during the period of assessment other than a
proportion of the sterling notes falling due for repayment in 2020 which the
directors would expect to be able to refinance with new notes. However, should
this not prove the case, or should additional funding otherwise be required, the
group will seek to raise additional capital by an issue of shares or of a share
linked instrument.
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 2022 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 2018 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.
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 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:
• 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 this 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 2018
2018 2017
$'000 $'000
Revenue 105,479 100,241
Net gain / (loss) arising from changes in fair value of
agricultural produce inventory
305 (1,069)
Cost of sales:
Depreciation and amortisation (23,014) (22,215)
Other costs (76,571) (64,062)
_______ _______
Gross profit 6,199 12,895
Distribution costs (1,258) (1,378)
Administrative expenses (15,668) (13,681)
_______ _______
Operating loss (10,727) (2,164)
Investment revenues 292 1,072
Profit on disposal of subsidiary 10,373 -
Finance costs (5,412) (20,770)
_______ _______
Loss before tax (5,474) (21,862)
Tax (12,734) (3,039)
_______ _______
Loss for the year (18,208) (24,901)
_______ _______
Attributable to:
Ordinary shareholders (22,021) (27,408)
Preference shareholders 8,353 7,777
Non-controlling interests (4,540) (5,270)
_______ _______
(18,208) (24,901)
_______ _______
Basic and diluted loss per 25p ordinary share (US cents)
(54.4) (67.0)
All operations for both years are continuing
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2018
2018 2017
$'000 $'000
Non-current assets
Goodwill 12,578 12,578
Intangible assets 2,581 3,477
Property, plant and equipment 407,164 482,341
Land titles 35,890 35,178
Coal and stone interests 46,011 37,877
Deferred tax assets 10,088 9,867
Non-current receivables 7,544 4,996
_______ _______
Total non-current assets 521,856 586,314
_______ _______
Current assets
Inventories 22,637 11,497
Biological assets 2,589 1,927
Investments - 2,730
Trade and other receivables 50,714 39,280
Cash and cash equivalents 26,279 5,543
_______ _______
Total current assets 102,219 60,977
_______ _______
Total assets 624,075 647,291
_______ _______
Current liabilities
Trade and other payables (59,779) (62,212)
Current tax liabilities - (11)
Bank loans (13,966) (28,140)
Other loans and payables (718) (10,469)
_______ _______
Total current liabilities (74,463) (100,832)
_______ _______
Non-current liabilities
Bank loans (117,008) (96,991)
Sterling notes (38,213) (41,364)
Dollar notes (23,724) (23,649)
Deferred tax liabilities (79,247) (79,600)
Other loans and payables (30,146) (28,120)
_______ _______
Total non-current liabilities (288,338) (269,724)
_______ _______
Total liabilities (362,801) (370,556)
_______ _______
Net assets 261,274 276,735
_______ _______
Equity
Share capital 132,528 132,528
Share premium account 42,401 42,401
Translation reserve (42,470) (50,897)
Retained earnings 114,360 135,074
_______ _______
246,819 259,106
Non-controlling interests 14,455 17,629
_______ _______
Total equity 261,274 276,735
_______ _______
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
2018 2017
$'000 $'000
Loss for the year (18,208) (24,901)
_______ _______
Other comprehensive income
Items that may be reclassified to profit or loss:
Actuarial gains / (losses) 1,732 (205)
Deferred tax on actuarial (gains) / losses (425) 41
_______ _______
1,307 (164)
Items that will not be reclassified to profit or loss:
instrument
Exchange differences on translation of foreign operations 14,087 (11,419)
Exchange differences on deferred tax 3,110 (279)
_______ _______
18,504 (11,862)
_______ _______
Total comprehensive income for the year 296 (36,763)
_______ _______
Attributable to:
Ordinary shareholders (3,517) (39,270)
Preference shareholders 8,353 7,777
Non-controlling interests (4,540) (5,270)
_______ _______
296 (36,763)
_______ _______
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
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 121,426 42,585 (39,127) 161,839 286,723 22,827 309,550
2017
Total
comprehensive - - (11,770) (19,795) (31,565) (5,198) (36,763)
income
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
Total
comprehensive - - 15,831 (12,361) 3,470 (3,174) 296
income
Disposal of - - (7,404) - (7,404) - (7,404)
subsidiary
Dividends to
preference
shareholders - - - (8,353) (8,353) - (8,353)
_____ _____ _____ _____ _____ _____ _____
At 31 132,528 42,401 (42,470) 114,360 246,819 14,455 261,274
December 2018
_____ _____ _____ _____ _____ _____ _____
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
2018 2017
$'000 $'000
Net cash (used in) / from operating activities (26,861) 19,670
_______ _______
Investing activities
Interest received 94 29
Purchases of property, plant and equipment (23,793) (31,960)
Purchases of intangible assets (33) (112)
Expenditure on land titles (1,005) (949)
Investment in coal and stone interests (5,593) (669)
Proceeds of disposal of subsidiary 2,793 -
_______ _______
Net cash used in investing activities (27,537) (33,661)
_______ _______
Financing activities
Preference dividends paid (8,353) (7,777)
Repayment of bank borrowings (105,768) (6,754)
New bank borrowings drawn 119,847 6,356
New borrowings from related party 13,440 7,400
Repayment of borrowings from related party (13,440) (7,400)
-
Repayment of borrowings from non-controlling shareholder (6,469)
23,986
New borrowings from non-controlling shareholder - 16,586
Proceeds of issue of preference shares, less costs of -
issue 10,918
Redemption of 2017 dollar notes - (20,156)
Redemption of 2017 sterling notes - (11,154)
Redemption of 2020 sterling notes (1,307) -
Proceeds of sale of investments 2,730 7,078
Repayment of balances from divested subsidiary 50,027 -
Settlement of bank loan by purchaser of subsidiary 24,748 -
_______ _______
Net cash from / (used in) financing activities 75,455 (4,903)
_______ _______
Cash and cash equivalents
Net increase / (decrease) in cash and cash equivalents 21,057 (18,894)
Cash and cash equivalents at beginning of year 5,543 24,593
Effect of exchange rate changes (321) (156)
_______ _______
Cash and cash equivalents at end of year 26,279 5,543
_______ _______
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 2018 (the "2018 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 2018
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 2018 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 2018 financial statements and the accompanying financial information were
approved by the board of directors on 26 April 2019.
2. Revenue
2018 2017
$'000 $'000
Sales of goods 105,297 99,956
Revenue from services 182 285
_______ _______
105,479 100,241
Investment revenue 292 1,072
_______ _______
Total revenue 105,771 101,313
_______ _______
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 coal and stone operations. In 2018 and 2017, the latter did not
meet the quantitative thresholds set out in IFRS 8 "Operating segments" and,
accordingly, no analyses are provided by business segment.
2018 2017
$'m $'m
Sales by geographical location:
Indonesia 105.5 100.2
Rest of World - -
_______ _______
105.5 100.2
_______ _______
Carrying amount of net assets by geographical area of asset
location:
UK, Continental Europe and Singapore 26.4 58.0
Indonesia 234.9 218.7
_______ _______
261.3 276.7
_______ _______
4. Agricultural produce inventory movement
The net gain / (loss) 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
2018 2017
$'000 $'000
Loss on disposal of property, plant and equipment 10 -
Indonesian operations 14,728 14,685
Head office 5,696 5,665
_______ _______
20,434 20,350
Amount included as additions to property, plant and
equipment
(4,766) (6,669)
_______ _______
15,668 13,681
_______ _______
6. Finance costs
2018 2017
$'000 $'000
Interest on bank loans and overdrafts 15,485 15,665
Interest on dollar notes 1,877 2,669
Interest on sterling notes 4,085 5,184
Interest on other loans 2,549 1,896
Change in value of sterling notes arising from exchange
fluctuations
(2,297) 4,800
Change in value of loans arising from exchange fluctuations (12,547) (1,190)
Other finance charges 1,022 817
_______ _______
10,174 29,841
Amount included as additions to property, plant and
equipment
(4,762) (9,071)
_______ _______
5,412 20,770
_______ _______
Amounts included as additions to property, plant and equipment arose on
borrowings applicable to the Indonesian operations and reflected a capitalisation
rate of 15.9 per cent (2017: 23.5 per cent); there is no directly related tax
relief.
7. Tax
2018 2017
$'000 $'000
Current tax:
UK corporation tax - 28
Overseas withholding tax 1,552 1,538
Foreign tax 9 27
_______ _______
Total current tax 1,561 1,593
_______ _______
Deferred tax:
Current year 10,628 (794)
Prior year 545 2,240
_______ _______
Total deferred tax 11,173 1,446
_______ _______
Total tax 12,734 3,039
_______ _______
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 (2017: 25 per cent) and for the United Kingdom, the taxation
provision reflects a corporation tax rate of 19 per cent (2017: 19.25 per cent)
and a deferred tax rate of 19 per cent (2017: 19 per cent).
The rate of corporation tax will reduce from 19 per cent to 17 per cent from 1
April 2020.
8. Dividends
2018 2017
$'000 $'000
Amounts recognised as distributions to equity holders:
Preference dividends of 9p per share (2016: 9p per share) 8,353 7,777
_______ _______
8,353 7,777
_______ _______
9. Loss per share
2018 2017
$'000 $'000
(22,021)
Basic and diluted loss for the purpose of calculating loss
per share*
(27,408)
_______ _______
'000 '000
Weighted average number of ordinary shares for the purpose
of basic and diluted loss per share 40,510
40,510
_______ _______
* Being net loss attributable to ordinary shareholders
10. Property, plant and equipment
Plantings Buildings Plant, Construction Total
and equipment in progress
structures and vehicles
vehicles
$'000 $'000 $'000 $'000 $'000
Cost:
At 1 January 2017 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
Additions 7,617 12,228 2,545 6,165 28,555
Disposals - property, - (6,000) (258) - (6,258)
plant and equipment
Disposal of subsidiary (26,437) (47,075) (1,730) (1,487) (76,729)
Transfers to/(from) - 2,494 18 (2,512) -
construction in progress
__ ___ __ ___ __ ___ ___ __ __ ___
At 31 December 2018 182,549 236,287 113,324 7,242 539,402
__ ___ __ ___ __ ___ ___ __ __ ___
Accumulated
depreciation:
At 1 January 2017 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
Charge for year 9,861 5,651 6,499 - 22,011
Disposals - property, - - (249) - (249)
plant and equipment
Disposal of subsidiary (257) (209) (551) - (1,017)
_____ ____ _ _____ _____ _____
At 31 December 2018 36,565 37,821 57,852 - 132,238
_____ _____ _____ _____ _____
Carrying amount:
At 31 December 2018 145,984 198,466 55,472 7,242 407,164
__ ___ __ ___ __ ___ ___ __ __ ___
At 31 December 2017 174,408 242,261 60,596 5,076 482,341
__ ___ __ ___ __ ___ ___ __ __ ___
The depreciation charge for the year includes $103,000 (2017: $15,000) which has
been capitalised as part of additions to plantings and buildings and structures.
At the balance sheet date, the book value of finance leases included in property,
plant and equipment was $nil (2017: $nil).
At the balance sheet date, the group had entered into contractual commitments
for the acquisition of property, plant and equipment amounting to $1.1 million
(2017: $8.2 million).
At the balance sheet date, property, plant and equipment of $153.0 million
(2017: $328.5 million) had been charged as security for bank loans.
11. Share capital
There have been no changes in share capital or ordinary shares held in treasury
during the year.
12. Movement in net borrowings
2018 2017
$'000 $'000
Change in net borrowings resulting from cash flows:
Increase / (decrease) in cash and cash equivalents,
after exchange rate effects
20,736 (19,050)
Net (increase) / decrease in bank borrowings (14,079) 398
Net decrease / (increase) in related party borrowings 6,469 (16,586)
_______ _______
13,126 (35,238)
Redemption of 2017 sterling notes - 11,154
Redemption of 2017 dollar notes - 20,156
Redemption of 2020 sterling notes 1,307 -
Amortisation of sterling note issue expenses (497) (537)
Amortisation of dollar notes issue expenses (75) (111)
_______ _______
13,861 (4,576)
Currency translation differences 11,053 (4,780)
Net borrowings at beginning of year (214,465) (205,109)
_______ _______
Net borrowings at end of year (189,551) (214,465)
_______ _______
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".
2018 2017
$'000 $'000
Short term benefits 1,564 1,364
Termination benefits - 258
_______ _______
1,564 1,622
_______ _______
During the year, R.E.A. Trading Limited ("REAT"), a related party, made
unsecured loans to the company on commercial terms. REAT is owned by Richard
Robinow (a director of the company) and his brother who, with members of their
family, also own Emba Holdings Limited, a substantial shareholder in the
company. The maximum amount loaned was $13.4 million, all of which had been
repaid by 31 December (2017: $7.4 million). Total interest paid during the year
was $243,000 (2017: $97,000). This disclosure is also made in compliance with
the requirements of Listing Rule 9.8.4.
14. 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.
Press enquiries to:
R.E.A. Holdings plc
Tel: 020 7436 7877
════════════════════════════════════════════════════════════════════════════════
ISIN: GB0002349065
Category Code: ACS
TIDM: RE.
LEI Code: 213800YXL94R94RYG150
Sequence No.: 8406
EQS News ID: 804213
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
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