REG - Woodbois Limited - Half Year Results
30/09/2024 07:00
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RNS Number : 1603G Woodbois Limited 30 September 2024
Woodbois Limited
("Woodbois", the "Group" or the "Company")
Half-year results for the six months to 30 June 2024 (unaudited)
Outlook for second half of 2024
Woodbois the African focused sustainable forestry, reforestation, carbon
Sequestration, and timber trading company, announces its unaudited results for
the half year ended 30 June 2024 and H2 Update
Highlights Financial
H1 2024 EBITDAS(1,2) $ (0.6)m versus H1 2023 $ (2.8m)
H1 2024 Group Gross Profit $ 1.8m versus H1 2023 $ 0.5m
H1 2024 Revenue : $ 3.64m versus H1 2023 $ 4.8m
H1 2024 working capital(1,3) $ 2.5m versus H1 2023 $ 9.0m
H1 2024 Group borrowing $ 4.1m versus H1 2023 $ 5.6m
Cash balance $ 0.7m as at 30 June 2024
Highlights Operations
H1 2024 sawn timber production 5,040 m3 versus H1 2023 3,700 m3
H1 2024 veneer production 1,840 m3 versus H1 2023 2,000 m3
Our veneer production suffered operational setbacks at the start of the year
which caused the lower veneer production however these are now resolved and we
are operating at a consistent and higher rate having addressed all previous
issues.
Comment from Group CFO, Johannes Bloemen
"The first half of 2024 has been a period of continued transformation and
operational restructuring for Woodbois. Despite the challenges we've faced,
our financial performance reflects the progress made in stabilizing our
operations and laying the groundwork for future growth."
Comment from Guido Theuns, CEO and Executive Chair:
"We are pleased to see the positive results of our restructuring efforts and
cost-saving measures reflected in the first half of 2024. The turnaround in
our financial performance demonstrates that we have successfully managed to
'turn the ship' and are now heading in the right direction. With the Company
back on a stable footing, we are confident in our path towards profitability
as we continue to optimize operations and drive growth across all divisions."
Enquiries:
Woodbois Limited
Guido Theuns, Executive Chair & CEO + 44 (0)20 7099 1940
Johannes Bloemen, CFO
Canaccord Genuity (Nominated Advisor and Broker) + 44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
Harry Pardoe
Novum Securities (Joint Broker) +44 (0) 20 7399 9427
Colin Rowbury, Jon Bellis
Axis Capital Markets Limited (Joint Broker) +44 (0) 203 026 0449
Ben Tadd, Lewis Jones
Financial Review:
· EBITDAS: Most notably, we achieved an improved EBITDAS of
$(0.6)m, a significant turnaround from the $2.8m loss in H1 2023. This
improvement reflects the success of our restructuring efforts and focus on
enhancing margins, while also factoring in the proceeds from the sale of our
Mozambique operations, as announced in our RNS of 13th March 2024 and 10th
September 2024.
· Gross Profit: Our gross profit improved to $1.8m from $0.5m in H1
2023, reflecting the effectiveness of our cost management and operational
efficiency initiatives.
· Revenue: Revenue for H1 2024 was $3.64m, compared to $4.8m in the
same period last year We continue to restructure and optimize our operations.
The improvements we have made so far are expected to drive better results in
the second half of the year. Production levels and the corresponding revenue
generation typically follow with a delay, as revenue is only recognized once
the production is invoiced, which often occurs after the completion and
delivery of the goods. Recognized revenue in H1 2024 includes $1.0m from the
sale of Mozambique concessions.
· Working Capital: Working capital declined to $2.5m in H1 2024
from $9.0m in H1 2023, driven by our efforts to reduce inventory levels and
improve collections on receivables, while carefully managing payables. It is
important to note, however, that the comparison with H1 2023 provides an
imperfect view, as the working capital at that time included new funds from a
recent capital raise, and a large portion of bank debt was classified as
non-current. We continue to commit to control costs and streamline
operations amid a lower revenue environment. We remain confident that these
measures will contribute to long-term stability.
· Borrowings: Our focus on reducing debt has paid off, with Group
borrowings decreasing by 27% to $4.1m, down from $5.6m in H1 2023. This
reduction is a testament to our commitment to deleveraging and building a
stronger financial foundation for the future.
· Cash Management: We maintained a cash balance of $0.7m at the end
of H1 2024, demonstrating our disciplined approach to managing liquidity
during this transitional period.
One of the biggest challenges during this transformation has been
restructuring our finance organization, which was previously spread across
four different countries, each operating with stand-alone systems and software
packages. We believe we are now on the right path, as our financial systems
are being implemented on a unified platform and fully integrated. This
integration will ensure better transparency and financial control across the
organization.
The board believe these results signal that Woodbois is on the right path. Our
strategic emphasis on sustainability, operational efficiency, and financial
discipline will continue to guide us as we move into the second half of the
year, with stronger foundations for future growth and profitability.
Strategic Reorganization and Focus on Core Operations
2024 marked a decisive turning point for Woodbois as we executed a thorough
reorganization of the Group. A key part of this has been the divestment of
non-core assets, such as our Mozambique operations, which were sold in June.
This sale enables us to concentrate on our core business in Gabon, where we
continue to refine and optimize our production capabilities. By consolidating
our administrative functions in Guernsey, Dubai, and Gabon, we have reduced
overhead costs and positioned the Group for sustainable, long-term growth.
The restructuring of our Gabon operations has also been instrumental. We
implemented a new management team and real-time controls, increasing
operational efficiency and laying the groundwork for higher production outputs
in the second half of 2024. We are pleased to report that despite these
changes, we have maintained daily production levels comparable to the first
half of 2023 and are on track to deliver significantly increased production
outputs by year-end.
Financial Milestones and Trade Finance Facility
In June, we secured a $5 million trade finance facility from a family office
in Dubai, which strengthens our trading capabilities and positions us to take
advantage of new opportunities in the hardwood sector. This facility will
allow us to expand trading volumes, enhance supply chain efficiencies, and
commit to larger, more frequent transactions-key components in our strategy to
drive profitability. However, as set out in our update earlier in September,
we are taking a cautious approach to third party trading, under stricter
controls, therefore the finance facility remains in place but currently
substantially undrawn at present.
We also raised £2 million through the exercise of warrants in February, a
move that not only strengthened our cash position but also demonstrated
shareholder's confidence in our future prospects. These funds have been fully
received and directed toward scaling up production and further improving
operational efficiencies.
Board and Leadership Changes
Our leadership team has seen significant changes during the first half of
2024.
We are pleased to announce the appointment of Mr. Adriaan Roecoert as
Non-Executive Chair of the Company, effective immediately. Mr. Roecoert, who
previously served as a Non-Executive Director (as announced on 27th June
2024), brings extensive expertise in international mergers and acquisitions.
His experience is expected to significantly contribute to Woodbois' ongoing
growth and strategic expansion.
During the Company's transition, the roles of CEO and Executive Chair were
combined. However, as Woodbois moves into its next phase, focused on scaling
up through organic growth while actively seeking merger and acquisition
opportunities, separating these roles is seen as a strategic move to better
serve the company's future objectives. Mr. Guido Theuns will continue in his
role as CEO, focusing on operational leadership.
The complementary expertise of Mr. Roecoert and Mr. Theuns will empower
Woodbois to accelerate its expansion plans and create value. Their combined
leadership will provide the Company with sharper strategic focus and enhanced
operational execution.
The Board believes that this development will strengthen governance and
performance, further supporting Woodbois' growth ambitions.
We said farewell to Carnel Geddes (CFO) and Graeme Thomson (Independent
Non-executive Director), who stepped down after years of dedicated service to
Woodbois. Both have remained available for the handover as we bring in new
talent to help drive our strategic objectives.
Johannes Bloemen was appointed CFO in August. He has been with the Group
heading up and reorganising the Gabon finance function since early January
2024 and more recently has been assuming increasingly wider responsibility for
the Group's finance function. Johannes has had a long career in senior
financial positions in various complex municipalities, as well as providing
accountancy and tax advice to other clients.
We are currently in the process of recruiting two additional Non-Executive
Directors to complete and strengthen the Board, ensuring a balanced and
diverse range of expertise to support the Company's strategic goals.
Operational Enhancements and Market Opportunities
Our focus on optimizing production and operational efficiency is already
yielding results. In the first half of 2024, step by step we ramped up our
production in Gabon, supported by investments in new machinery and an expanded
workforce. With demand for our products remaining high, we have secured
forward orders for timber and veneer, with key markets in the Middle East and
Asia committed to purchasing all we can produce.
Additionally, we are doubling our drying capacity by installing new kilns and
adding saw lines to boost output. These improvements, combined with
renegotiated payment terms with customers, have enhanced our cash flow
management and will further stabilize our financial position.
Carbon Credits
Woodbois' commitment to expanding its carbon credit initiatives, including our
afforestation-project of 50,000 hectares (as announced 11th April 2023),
presents a significant opportunity, particularly within the framework of
Gabon's vast forest resources.
Woodbois, with its extensive existing forest concessions in Gabon, is uniquely
positioned to leverage this opportunity. The process of registering these
forest areas for carbon credits has already begun, and the Company expects to
complete this within the next six months.
Outlook for the Second Half of 2024
Woodbois Limited expects a stronger performance for the full year ending 31
December 2024, driven by improved revenue in the second half, operational
efficiency, and cost-saving measures. The Company anticipates maintaining
profitability following an improved EBITDAS in H1, supported by increased
production. Additionally, the completion of carbon credit registration will
provide a new revenue stream for 2025, aligning with our sustainability goals.
Overall, Woodbois is on track for solid financial results and continued growth
by year-end.
Looking ahead, we have secured agreements that ensure all of our increasing
production will be sold at normal market prices for the remainder of the year.
This strategic alignment will help to reduce the cost of sales, allowing us to
improve our margins and further enhance profitability.
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").
(1)Non-IFRS measures
The Company uses certain measures to assess the financial performance of the
company. These terms may be defined as "non-IFRS measures" as they exclude
amounts that are included in, or include amounts that are excluded from, the
most directly comparable measure calculated and presented in accordance with
IFRS. They also may not be calculated using financial measures that are in
accordance with IFRS. These non-IFRS measures include the Company's EBITDAS.
The Company uses such measures to measure and monitor performance and
liquidity, in presentations to the Board and as a basis for strategic planning
and forecasting. The directors believe that these and similar measures are
used widely by market participants, stakeholders, and other interested parties
as supplemental measures of performance and liquidity.
The non-IFRS measures may not be directly comparable to other similarly titled
measures used by other companies and may have limited use as an analytical
tool. This should not be considered in isolation or as a substitute for
analysis of the Company's operating results as reported under IFRS.
(2) Earnings before interest, tax, depreciation, amortization, share based
payments & other non-cash items
(3)Working capital comprises cash and cash equivalents, trade & other
receivables, inventory less trade & other payable and provisions
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the six months ended 30 June 2024
Six months to 30 June Six months to 30 June Year to 31 December 2023
2024 2023 (Unaudited) (Audited)
Notes (Unaudited) $'000 $'000
$'000
Turnover 3,637 4,853 7,940
Cost of sales (1,846) (4,363) (6,528)
Gross profit 1,791 490 1,411
Other income - 1,399 1,434
Operating costs (2,287) (3,496) (7,267)
Administrative expenses (470) (490) (878)
Depreciation (1,033) (972) (2,076)
Share based payment expense (59) 37 (165)
Operating (2,058) (3,032) (7,210)
profit/(loss)
Elimination of negative equity (sale of Argento Mozambique) 997 - -
Reclassification of FCTR 1,349 - -
Foreign exchange gain/(loss) - 317 137
Finance costs 4 (248) (636) (809)
(Loss)/profit before tax 40 (3,351) (7,882)
Taxation 5 - (13) (243)
(Loss)/profit for the period 40 (3,364) (8,125)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Revaluation of land and buildings, net of tax - - -
Items that may be reclassified subsequently to profit or loss
Currency translation differences (1,005) (1,448) -
Reclassification of FCTR 1 (#_ftn1) on deregistered entities 15 (1,349) - (311)
Total comprehensive (loss)/income for the period (2,314) (4,812) (8,436)
Basic (loss)/earnings per share (cents) 6 (0.06) (0.13) (0.24)
Diluted (loss)/earnings per share (cents) (0.06) (0.13) (0.24)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
Notes 30 June 2024 30 June 2023 31 December 2023
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
ASSETS
Non-current assets
Biological assets 179,642 179,815 179,815
Property, plant and equipment 28,023 31,339 30,194
Total non-current assets 207,665 211,154 210,009
Current assets
Trade and other receivables 7 5,724 5,016 5,399
Inventory 3,852 2,074 1,771
Cash and cash equivalents 666 6,088 527
Total current assets 10,242 13,178 7,697
TOTAL ASSETS 217,907 224,332 217,706
LIABILITIES
Non-current liabilities
Borrowings 9 (221) (3,201) (292)
Deferred tax 5 (58,680) (58,680) (58,680)
Total non-current liabilities (58.901) (61,881) (58,972)
Current liabilities
Trade and other payables 8 (3,903) (4,007) (3,205)
Borrowings 9 (3,881) (1,560) (3,562)
Provisions - (130) -
Convertible bonds - host liability 10 - (763) -
Total current liabilities (7,784) (6,460) (6,767)
TOTAL LIABILITIES (66,685) (68,341) (65,739)
NET ASSETS 151,222 155,991 151,968
EQUITY
Share capital 11 35,876 35,799 35,842
Share premium 12 77,844 75,310 75,020
Convertible bonds - equity component 10 - 24 -
Foreign exchange reserve (11,071) (9,854) (8,717)
Share based payment reserve 696 765 638
Revaluation reserve 6,254 6,254 6,254
Retained earnings 41,623 47,693 42,932
TOTAL EQUITY 151,222 155,991 151,968
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2024
2024
Share capital Share premium Foreign exchange reserve Share based payment reserve Retained
Earnings Total equity
Convertible bonds Revaluation reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2023 32,625 65,549 24 (8,406) 802 6,254 51,057 147,904
Loss for the period - - - - - - (3,364) (3,364)
Other comprehensive income - - - (1,448) - - - (1,448)
Total comprehensive loss for the period - - - (1,448) - - (3,364) (4,811)
Transactions with owners:
Issue of ordinary shares 3,174 9,761 (28) - - - - 12,935
Share based payment expense - - - - (37) - - (37)
Balance at 30 June 2023 35,799 75,310 24 (9,854) 765 6,254 47,693 155,991
Loss for the period - - - 1,137 - - (4,763) (3,626)
Total comprehensive loss for the period - - - 1,137 - - (4,763) (3,626)
Transactions with owners:
Issue of ordinary shares 43 (290) - - - - - (247)
Redemption of CB's - - (24) - - - - (24)
Share based payment expense - - - - (128) - - (128)
Balance at 31 December 2023 35,842 75,020 - (8,717) 637 6,254 42,932 151,968
Loss for the period - - - - - - 40 40
Other comprehensive income - - - (2,354) - - - (2,354)
Reclassification of FCTR - - - - - (1,349) (1,349)
Total comprehensive loss for the period - - - (2,354) - - (1,309) (3,663)
Transactions with owners:
Issue of ordinary shares 34 2,824 - - - - - 2,858
Share based payment expense - - - - 59 - - 59
Balance at 30 June 2024 35,876 77,844 - (11,071) 696 6,254 41,623 151,222
CONDENSED CONSOLIDATED STATEMENT CASH FLOWS
For the six months ended 30 June 2024
Six months to 30 June 2024 Six months to 30 June Year to 31 December 2023
(Unaudited) 2023 (Audited)
(Unaudited)
Cash flows from operating activities $'000 $'000 $'000
Profit / (Loss) before taxation 40 (3,351) (7,882)
Adjustment for:
Foreign exchange - (317) (137)
Depreciation of property, plant and equipment 1,462 1,364 2,641
Fair value adjustment of biological asset - - -
Transaction costs deducted from equity - (638) -
Share based payment expense 59 (37) (165)
Provision for bad debts - - 452
Elimination of negative equity (sale of Argento Mozambique ) (997) - -
Reclassification of FCTR (1,349) - -
Finance costs 248 636 809
Accrued expense - 91 -
Other income - (1,399) (1,434)
Decrease/(increase) in trade and other receivables (325) 1,314 558
Increase/(decrease) in trade and other payables 698 460 (1,177)
Decrease/(increase) in inventory (2,081) 2,532 2,345
Cash inflow from operations (2,245) 655 (3,990)
Income taxes paid - (2) (152)
Finance cost paid (175) (253) (592)
Net cash inflow/(outflow) from operating activities (2,420) (400) (4,734)
Cash flows from investing activities
Expenditure on property, plant and equipment (29) (477) (319)
Settlement of deferred consideration - - -
Investment in acquired subsidiary - - -
Net cash outflow from investing activities (29) (477) (319)
Cash flows from financing activities
Proceeds from loans and borrowings 244 180 (6,929)
Repayment of loans and borrowings (111) (7,284) -
Repayments of convertible bonds - - (763)
Proceeds from the issue of ordinary shares 1,957 10,973 10,976
Net cash inflow from financing activities 2,090 3,869 3,284
Net increase in cash and cash equivalents 139 3,792 (1,769)
Cash and cash equivalents at the start of period 527 2,296 2,296
Cash and cash equivalents at the end of the period 666 6,088 527
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2024
1. BASIS OF PREPARATION
The condensed consolidated interim financial statements ('interim financial
statements') for the six months ended 30 June 2024 have been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Group has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The interim financial statements
should be read in conjunction with the annual financial statements for the
year ended 31 December 2023, which have been prepared in accordance with
international accounting standards in accordance with the requirements of the
Companies (Guernsey) Law 2008 applicable to Companies reporting under IFRS as
adopted by the United Kingdom (UK). The interim financial statements have been
prepared under the historical cost convention except for biological assets and
certain financial assets and liabilities, which have been measured at fair
value.
The interim financial statements of Woodbois Limited are unaudited financial
statements for the six months ended 30 June 2024. These include unaudited
comparatives for the six-month ended 30 June 2023 together with audited
comparatives for the year to 31 December 2023. The condensed financial
statements do not constitute statutory accounts, as defined under section 244
of the Companies (Guernsey) Law 2008. The statutory accounts for the period to
31 December 2023, which were approved by the Board of Directors on 28 June
2024, have been reported on by the Group's auditors and have been delivered to
the Guernsey Registrar of Companies. The report of the auditors on those
financial statements was unqualified.
The accounting policies applied in preparing these financial statements are in
terms of IFRS and are consistent with those applied in the previous annual
financial statements for the year ended 31 December 2023.
The interim financial statements for the six months ended 30 June 2024 were
approved by the Board of Directors on 23 September 2024.
Going Concern:
The interim financial statements have been prepared assuming that the Group
will continue as a going concern in accordance with the recognition and
measurement criteria of IFRS.
Under this assumption, an entity is ordinarily viewed as continuing in
business for the foreseeable future with neither the intention nor necessity
of liquidation, ceasing trading or seeking protection from creditors for at
least 12 months from the date of the signing of the financial statements.
An assessment of going concern is made by the Directors at the date they
Directors approve the interim financial statements, taking into account the
relevant facts and circumstances at that date including:
• The current state of the Group's life cycle;
• Review of profit and cash flow forecasts;
• Review of actual results against forecast;
• Timing of cash flows and expected availability of capital including trade
finance;
• Financial or operational risks; and
•The current impact of the coup in Gabon in August 2023
The Directors have a reasonable expectation that the Group has or will have
adequate resources to continue in operational existence for the foreseeable
future, being 12 months from the date of approval of these interim financial
statements and have therefore adopted the going concern basis of preparation
in the interim financial statements.
2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions concerning the future. It also
requires management to exercise judgment in applying the Company's accounting
policies and the reported amounts of assets and liabilities, revenue and
expenses, and related disclosures.
Estimates and judgments are continually evaluated and are based on current
facts, historical experience and other factors, including expectations of
future events that are believed are reasonable under the circumstances.
Accounting estimates will, by definition, seldom equal the actual results.
Except for the additional disclosure as noted above, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those described in
the last annual report.
3. SEGMENT REPORTING
Segmental information is presented on the basis of the information provided to
the Chief Operating Decision Maker ("CODM"), which is the Executive
Board.
The Group is currently focused on Forestry, Timber Trading and Carbon
Solutions. These are the Group's primary reporting segments, operating in
Gabon, Denmark, London, and Guernsey. Certain support services are performed
in the UK.
The Group's CEO and CFO review the internal management reports of each
division at least weekly, and the Board monthly.
There are varying levels of integration between the Forestry and Trading
segments. This integration includes transfers of sawn timber and veneer,
respectively. Inter-segment pricing is determined on an arm's length basis.
Information relating to each reportable segment is set out below. Segment
profit/(loss) before tax is used to measure performance, because management
believes that this information is the most relevant in evaluating the results
of the respective segments relative to other entities that operate in the same
industry. All amounts are disclosed after taking into account any
intra-segment and intra-group eliminations.
The following table shows the segment analysis of the Group's loss before tax
for the six months period and net assets as at 30 June 2024:
Forestry Trading Carbon Solutions Total
$000 $000 $000 $000
INCOME STATEMENT
Turnover 2,999 638 - 3,637
Cost of Sales (1,254) (592) - (1,846)
Gross profit 1.745 46 - 1.791
Other income - - - -
Operating costs (1,392) (797) (98) (2,287)
Administrative expenses (206) (157) (107) (470)
Depreciation (987) (46) - (1,033)
Share based payment expense (30) (17) (12) (59)
Elimination of negative equity (sale of Argento Mozambique) 997 - - 997
Reclassification of FCTR 1,349 - - 1,349
Segment operating (loss)/profit 1,476 (971 (217) 288
Finance costs (160) (88) - (248)
(Loss)/profit before taxation 1,316 (1,059) (217) 40
Taxation expense - - - -
(Loss)/profit for the period 1,316 (1,059) (217) 40
NET ASSETS
Assets: 214,447 3,460 - 217,907
Liabilities: (3,279) (4,726) - (8,005)
Deferred tax liability (58,680) - - (58,680)
Net assets 152,488 (1,266) - 151,222
The following table shows the segment analysis of the Group's loss before tax
for the six months period and net assets as at 30 June 2023:
Forestry Trading Carbon Solutions Total
$000 $000 $000 $000
INCOME STATEMENT
Turnover 4,456 397 - 4,853
Cost of Sales (3,960) (403) - (4,363)
Gross profit 496 (6) - 490
Other income - 1,399 - 1,399
Operating costs (2,662) (641) (193) (3,496)
Administrative expenses (138) (176) (176) (490)
Depreciation (909) (63) - (972)
Share based payment expense 15 11 11 37
Segment operating (loss)/profit (3,198) 524 (358) (3,032)
Foreign exchange 291 26 - 317
Finance costs (351) (285) - (636)
(Loss)/profit before taxation (3,258) 265 (358) (3,351)
Taxation expense (13) - - (13)
(Loss)/profit for the period (3,271) 265 (358) (3,364)
NET ASSETS
Assets: 218,024 6,308 - 224,332
Liabilities: (4,957) (4,704) - (9,661)
Deferred tax liability (58,680) - - (58,680)
Net assets 154,387 1,604 - 155,991
4. FINANCE COST
6 months to 30 June 2024 6 months to 30 June 2023 Year to
(Unaudited) (Unaudited) 31 December
2023
(Audited)
$'000 $'000 $'000
Interest on bank facilities 239 492 516
Working capital facility interest 9 128 278
Interest on convertible bonds - 16 15
Total 248 636 809
5. TAXATION
The prevailing tax rates in the geographies here the Group operates range
between 3% and 32%. A rate of 19% best represents the weighted average tax
rate experienced by the Group. As at 31 December 2023, the Group had estimated
losses of $34 million (2022: $26 million) available to carry forward against
future taxable profits. No deferred tax asset has been raised on these
estimated losses.
The Group has recognised a net deferred tax liability of $58.7 million at 30
June 2024 (30 June 2023: $58.7 million, 31 December 2023 : $58.7 million) and
which mainly arose on the revaluation of biological assets and owner occupied
land and buildings. This would only be payable on the sale of these assets at
their book value.
6. EARNINGS PER SHARE
6 months to 6 months to
30 June 2024 30 June 2023
(Unaudited) (Unaudited)
$'000 $'000
Loss attributable to equity shareholders (2,314) (3,364)
Weighted average number of ordinary shares in issue ('000) 3,454,412 2,651,565
Basic and diluted loss per share (cents) (0.07) (0.13)
The Company has incurred a loss in the six-month period to 30 June 2024, and
therefore the diluted earnings per share is the same as the basic loss per
share as the loss has an anti-dilutive effect.
Reconciliation of shares in issue to weighted average number of ordinary
shares:
6 months 30 June 2024
(Unaudited)
6 months
30 June
2023
(Unaudited)
$'000 $'000
Shares in issue at beginning of period 4,289,989 2,489,989
Shares issued during the period weighted for period in issue (note 11) 260,000 145,836
Weighted average number of ordinary shares in issue for the period 4,549,989 2,635,825
7. TRADE AND OTHER RECEIVABLES
30 June 30 June 31 December
2024
2023
2023
(Unaudited)
(Audited)
(Unaudited)
$'000 $'000 $'000
Trade receivables 4,568 3,571 3,794
Other receivables 310 12 337
Deposits 288 123 372
Current tax receivable - 15 16
VAT receivable 308 286 379
Prepayments 254 1,009 502
Total 5,724 5,016 5,400
The Directors consider that the carrying amount of trade and other receivables
approximates to their fair value.
8. TRADE AND OTHER PAYABLES
30 June 30 June 2023 31 December
2024
2023
(Unaudited)
(Unaudited) (Audited)
$'000 $'000 $'000
Trade payables 1,370 2,288 1,145
Contract liabilities (prepayments received) 429 508 750
Accruals 723 493 1,039
Current tax payable 147 379 132
Tax liabilities and other payables Gabon 1,214 - -
Other payables 7 326 7
Debt due to concession holders 13 13 1
Total 3,903 4,007 3,074
The Directors consider that the carrying amount of trade and other payables
approximates to their fair value.
9. BORROWINGS
30 June 2024 (Unaudited) 30 June 31 December
2023
2023
(Unaudited) (Audited)
$'000 $'000 $'000
Non-current liabilities
Business loans 137 528 292
Bank facility - - -
Working capital facility 84 2,673 -
221 3,201 292
Current liabilities
Business loans 1,581 770 1,529
Bank facility 390 80
387
Working capital facility 1,913 400 1,954
3,881 1,560 3,563
Total borrowings 4,102 4,761 3,855
The increase in borrowings in the six months to 30 June 2024 when compared to
31 December 2023 is mainly due to an extension of the BGFI current account
credit.
The Nykredit/EKF loan has been classified as a current liability due to the
obligation to repay this facility within the next 12 months. While this is a
scheduled repayment, we remain confident that an agreement with Nykredit will
be finalized, allowing us to reimburse the loan through incoming revenues.
Discussions are ongoing, and we expect to secure terms that align with the
Company's financial strategy.
10. CONVERTIBLE BONDS
30 June 30 June 31 December
2023
2024 2023
(Audited)
(Unaudited) (Unaudited)
$'000 $'000 $'000
Convertible bonds: Liability component - 739 -
Convertible bonds: Equity component - 24 -
Total - 763 -
Convertible bond liability - 477 -
Interest accrued - 262 -
Total - 739 -
The Bonds were repaid on 5 July 2023.
11. SHARE CAPITAL
Number $'000
Authorised:
Ordinary shares of 0.01p pence each* Unlimited Unlimited*
Allotted, issued and fully paid:
Ordinary shares of 0.01p each*
At 1 January 2023 2,489,988,873 32,625
Shares issued 1,800,000,000 3,217
At 31 December 2023 4,289,988,873 35,842
Issued in the period 260,000000 34
At 30 June 2024 4,549,988,873 35,876
* See note below: nominal value of ordinary shares reduced from 1.0p in June
2023 to 0.01p and a deferred share of 0.99p. The deferred shares were redeemed
at no cost by the Company.
Balances classified as share capital represent the nominal value on issue of
the Company's equity share capital, comprising ordinary shares of 1p each.
The total number of Ordinary Shares in issue as at the date of this report is
4,549,988,873, which consists of 3,945,850,726 Voting Ordinary Shares,
19,138,147 Treasury Shares and 585,000,000 Non-Voting Ordinary Shares.
ORDINARY SHARES
The Company has issued 260 million new ordinary shares of 0.01p nominal value
each ("New Ordinary Shares")
12. SHARE
PREMIUM
$'000
At 1 January 2023 65,549
Issued in the period 9,471
At 31 December 2023 75,020
Issued in the period 2,824
At 30 June 2024 77,844
Balances classified as share premium include the net proceeds in excess of the
nominal share capital on issue of the Company's equity share capital.
13. OTHER INCOME
Other income represents settlement gains realised on termination of banking
and other facilities.
14. INTERIM FINANCIAL STATEMENTS
A copy of this interim report as well as the full Annual Report for the year
ended 31 December 2023 can be found on the Company's website at
www.woodbois.com (http://www.woodbois.com) .
1 (#_ftnref1) Foreign Currency Translation Reserve
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