Cambria Africa PLC FY 2016 Audited Results and Trading Update (3678V)

TIDMCMB

RNS Number : 3678V

Cambria Africa PLC

27 January 2017

Cambria Africa Plc

("Cambria" or the "Company")

FY 2016 Audited Results and Trading Update

EBITDA up $2.16m from Continuing Operations; Largest Subsidiary YTD PBT up 131%

Cambria Africa PLC (AIM:CMB) ("Cambria" or the "Company") is pleased to announce its audited results for the year ending 31 August 2016 and provide a trading update. Audited Financial Statements are available on the Company's website (www.cambriaafrica.com) and will be sent to shareholders on Monday.

FY 2015 results have been restated to separately disclose the once-off settlement proceeds from the Company's Jet Claims as discontinued operations.

Results highlights:

-- Cambria's EBITDA from continuing operations increased by $2.16 million to $430,000 from a loss of $1.73 million in FY 2015.

-- Excluding legal costs, EBITDA from continuing operations increased by almost $3 million to $1.24 million from a loss of $1.73 million in FY 2015.

-- Cambria's cash flow from operations increased by $6.56 million to $3.63 million from a net cash outflow of $2.93 million in FY 2015.

-- Cambria slashed central costs by almost half to $1.1 million from $2.0 million in FY 2015 (down 45%).

-- Excluding legal costs of $820,000, central overheads decreased by 86% to $280,000 from $2 million in FY 2015.

-- Cambria reduced consolidated borrowings to $4.4 million from $7 million in FY 2015, a 37% decrease. Post-VAL Loan Conversion (discussed under Subsequent Events below) borrowings will drop to $2.9 million, a 59% decrease from FY 2015 levels.

-- $390,000 in annual interest savings is expected from the reduction in borrowings and the VAL Loan Conversion. Compared to FY 2015, which reflects a full year of interest costs on previous borrowings, the annual interest savings will be $480,000.

-- Payserv, Cambria's largest subsidiary by revenue and profit, achieved a 100% increase in profit after tax ("PAT") to $1.0 million. Excluding minority interest, PAT increased by 248% to $740,000. Revenues for the period increased 7% to $5.36 million. Consolidated EBITDA increased by 43.1% to $1.76 million.

   --      Millchem pared its EBITDA loss by 76% to $230,000 in FY 2016 from $950,000 in FY 2015. 

-- Excluding legal expenses of $820,000, Cambria achieved a consolidated profit of $70,000 from continuing operations compared to a loss of $2.9 million in FY 2015. Including legal expenses, Cambria reduced its consolidated loss from continuing operations by $2.16 million to a loss of $740,000.

Trading update:

After Fiscal Year-End 2016, unaudited management accounts for the 4 months ended 31 December 2016 reflect an acceleration of the performance gains achieved in FY 2016. In comparison to the same period in FY 2016, the salient results are as follows:

Payserv:

   --      PBT increased by 131% to $660,000 from $286,000, 
   --      EBITDA increased by 51.8% to $850,000 from $560,000, 
   --      Revenues increased by 23.4% to $2.16 million from $1.75 million, 
   --      Paynet's EDI volumes up by 46.3%, 
   --      Tradanet loan volumes down 35.4%. 

The significant increase in EDI volumes is believed to be attributable to an increase in electronic payments as a result of the cash shortages in Zimbabwe and multiple salary payments during the same month by employers. Tradanet loans fell as a result of a temporary discontinuation in the credit partner loan program. This program is expected to be reinstated in early 2017 and will result in a restoration of loans to FY 2016 levels.

Although the current record EDI volumes may abate in future should current conditions change, Paynet's management expects normalisation of Tradanet loan volumes to mitigate any such reduction.

Millchem:

   --      Revenues flat at $1.2 million, 
   --      EBITDA loss further reduced by 30% to $38,000 from a loss of $55,000, 
   --      Pre-tax loss reduced by 27.7% to $47,000 from a loss of $65,000. 

Central:

-- Central costs, excluding legal expenses, continue to track the improved levels reported in FY 2016.

Subsequent events:

After Fiscal Year-End 2016 other notable events include:

-- Open Offer: Open Offer to Cambria shareholders at 1p per share, enabling Cambria shareholders the opportunity to match the terms of VAL's Loan Conversion (discussed below). The Open Offer is currently due to expire on Wednesday, 1 February 2017. The Board is considering extending this deadline to allow shareholders to consider audited FY 2016 results and the Trading update in their investment decisions, and will announce any extension.

-- VAL Loan Conversion: Conversion of GBP1.25 million of VAL's loan at 1p per share into 125 million Cambria ordinary shares will increase net equity by $1.55 million and equity per share by 0.46 US cents per share (0.36 UK pence) and will reduce annual interest costs by $130,000.

-- Increased Net Equity: Following the VAL Loan Conversion, Cambria's net equity per share will approximate 0.31 U.S. cents. Despite the increase, this number, in the opinion of the Directors, significantly underestimates the fair value of the company's investments and proprietary technologies. By way of illustration, the balance sheet only reflects the goodwill attributable to Payserv which is carried at $720,000 - less than half its consolidated EBITDA of $1.76 million for FY 2016.

-- New Loan Facilities: A $1.2 million loan facility was established by Paynet Zimbabwe (Pvt) Limited with Central Africa Building Society (CABS) of which $1.0 million has been accessed to date.

-- $1.8 million Counterclaim against Consilium and Security for Costs: In respect of Cambria's $1.8 million counterclaim against Consilium in the English courts, the company has lodged security for costs of GBP380,000 and paid a related costs order of GBP30,000.

Changes to the Board

The Company's Board of Directors remains unchanged.

About Cambria Africa Plc

Cambria Africa Plc, quoted on the AIM market of the London Stock Exchange, is a long-term, active investment company, investing primarily in Zimbabwe.

 
 Contacts 
 
 Cambria Africa Plc    www.cambriaafrica.com 
                       +44 (0) 207 
 Samir Shasha           669 0115 
 
 WH Ireland Limited    www.wh-ireland.co.uk 
 James Joyce / Nick    [phone] 
  Prowting              1666 
 

Chief Executive's Review

Introduction

I am pleased to report a significant improvement in our results and financial position. Despite the distractions of the Consilium dispute, we have started to see the positive results from the efforts invested by the new

management of the Company.   In fact, the improvements are dramatic: 

- Cambria's EBITDA from continuing operations increased by $2.16 million to $430,000 from a loss of $1.73 million in FY 2015.

- Excluding legal costs, EBITDA from continuing operations increased by almost $3 million to $1.24 million from a loss of $1.73 million in FY 2015.

- Cambria's cash flow from operations in FY 2016 increased by $6.56 million to $3.63 million from a net cash outflow of $2.93 million in FY 2015.

- Cambria reduced central costs by almost half to $1.1 million from $2.0 million last year in FY 2015 (down 45%).

The timely repayment of $5 million to Consilium and $2 million to Nurture towards the end of FY 2016 removed a significant financial burden and risk to the Company. Cambria and Payserv's internal resources of almost $4 million substantially contributed to this repayment. The balance was refinanced by a VAL Loan of $1.78 million and a revolving VAL Bridging Facility of $1.45 million. The VAL Bridging Facility has been reduced to $700,000 by accessing a $1.2 million credit line granted to Paynet Zimbabwe by a local bank (CABS).

After the end of the financial year, the Company's balance sheet will be further strengthened by the conversion of $1.55 million of VAL Loans into 125 million Cambria ordinary shares at 1p per share. Shareholders have been given the right to match this investment and avoid dilution through an Open Offer due to expire on 1 February 2017. As the ultimate beneficial owner of VAL, these loans and conversion are a strong expression of my confidence in the future of Cambria.

Following the VAL Loan Conversion, borrowings will be cut by half to $2.9 million from $7.0 million prior to repayment of the Consilium ($5 million) and Nurture ($2 million) loans in May and July 2016, respectively. The reduced borrowings will result in annual interest savings of $480,000 compared to the cost of a full year of servicing the Consilium and Nurture debts.

Given the unique positioning of Payserv and its technology platforms in Zimbabwe and the sharp reduction central and operating company costs, Cambria is poised for continued profitability despite of, and possibly because of, the economic challenges faced by Zimbabwe.

Legal Expenses

The Board believes that adjusting for legal fees associated with the Consilium dispute will provide shareholders with a more accurate reflection of the Group's operating performance, its turnaround and improved cash generation. The current state of the litigation to which these expenses relate, is discussed under "Consilium Dispute" below.

Operating results for the year

Consolidated results

Cambria's Cash flow from operations was $3.63 million compared to a net cash outflow of $2.93 million in FY 2015.

Excluding legal expenses, the Company achieved a consolidated profit from continuing operations of $70,000. Including legal expenses of $820,000 Cambria's improved operating performance more than halved its consolidated loss from continuing operations to $740,000 from a loss of $2.9 million in FY 2015.

Cambria's EBITDA from continuing operations increased by $2.16 million to $430,000 from a loss of $1.73 million in FY 2015.

Excluding legal costs, EBITDA from continuing operations increased by almost $3 million to $1.24 million from a loss of $1.73 million in FY 2015.

We cut central costs by almost half to $1.1 million from $2.0 million in 2015 and by two thirds from $3.1 million in FY 2015. Excluding legal costs of $820,000, central overheads decreased by 86% to $280,000. We are committed to remaining diligent in containing central costs.

As the CEO of Cambria, I have not collected any compensation nor benefits and will not do so until the cash flow from the Company's underlying investments supports it. Similarly, since their appointment, my fellow directors have served the company without compensation or benefits.

Operating Division Results

Payserv's consolidated EBITDA increased by 43.1% to $1.76 million from $1.23 million in FY 2015 while PBT increased by 81.8% to $1.4 million from $770,000 in FY 2015. PBT excluding minority interests increased by 186% to $1.06 million from $370,000 in FY 2015. This stellar performance was achieved on the back of only a 7% increase in revenues to $5.36 million from $5.01 million in FY 2015.

After Fiscal Year-End 2016, unaudited Year-to-Date (YTD) management accounts confirm the continuing trend of profitability at Payserv. For the four months ended 31 December 2016 PBT increased by 131% to $660,000 and EBIDTA increased by 51.8% to $850,000 compared to the same period in FY 2016. Payserv achieved these stellar results on the back of a 23.4% increase in revenues and despite a decline of 35.5% in Tradanet loan volumes.

It is expected that Payserv will be able to capitalise on several growth opportunities in the ensuing financial years, including:

- Application of its technology platform in the consumer market where it has a very small market share compared to its 95% plus share of the corporate and interbank payments market;

- Acquiring a money-transfer license and introduction of innovative money-transfer facilities through its technology platform;

- Increasing Tradanet revenues, which are currently derived from processing payroll-based loans originated through an exclusive relationship with the Central African Banking Society (CABS) through direct origination on behalf of CABS, selling of insurance products, and at-risk microfinance loans with high margins and risk-mitigated by access to payroll deduction.

Millchem reported positive cash flow from operations as a result of a significant improvement in the management of inventory and trade receivables. Millchem's EBITDA loss improved by 75.8% to a loss of $230,000 from an EBITDA loss of $950,000 in FY 2015, while its loss before tax improved by 74.5% to a loss of $260,000 from a loss of $1.02 million in 2015. The reduction in losses is also attributable to discontinuing of unprofitable operations in Malawi and Zambia. As a result of these closures, revenue decreased by 39.7% to $3.19 million from $5.29 million in FY 2015.

It is expected that Millchem will pursue a number of strategic partnerships within the Zimbabwe market to mitigate the scarcity of currency allocation for raw material imports.

Divisional reviews

Central costs

Cambria's central costs decreased by 45% to $1.1 million from $2.0 million in the previous year. Excluding legal costs of $820,000, central overheads decreased by 86% to $280,000 from $2.0 million in FY 2015.

Payserv Africa

Payserv provides EDI switching services (Paynet), 'payslip' processing (Autopay), and payroll based microfinance loan processing (Tradanet).

 
 (US$ '000)                               2016      2015    Growth 
 Revenues                                5,360     5,012      7.0% 
 Gross profit                            5,065     4,745      6.7% 
 Gross margin                              94%       95%    (1.1%) 
 Overheads                             (3,307)   (3,519)      (6%) 
------------------------------------  --------  --------  -------- 
 EBITDA                                  1,758     1,226     43.3% 
 Profit before interest and tax          1,653     1,072     54.2% 
 Interest                                (250)     (300)   (16.7%) 
 Profit before tax ("PBT")               1,403       772     81.7% 
 Minority interests in PBT               (358)     (406)   (11.8%) 
------------------------------------  --------  --------  -------- 
 PBT (excluding minority interests)      1,055       366    188.2% 
------------------------------------  --------  --------  -------- 
 Profit after tax ("PAT")                1,007       504     99.8% 
------------------------------------  --------  --------  -------- 
 PAT (excluding minority interests)        741       213    247.8% 
------------------------------------  --------  --------  -------- 
 

Paynet provides Electronic Data Interchange (EDI) services to all the banks and building societies in Zimbabwe, as well as to over 1,500 corporate clients. Paynet processed 19.2 million transactions (FY 2015: 17.3 million) during the period under review, an 11% increase. Electronic transfers have become a preferred payment method in Zimbabwe as a result of the local cash shortages.

Autopay provides payroll services to more than 150 customers and processed approximately 330,000 pay slips (FY 2015: 345,000) during the period under review, a decrease of 4.3%. The decrease was mainly caused by a general downsizing of payroll sizes in Zimbabwe and a reduction in employment levels. Autopay managed to offset the full impact of this with the addition of new clients.

Tradanet processed approximately 78,000 (FY 2015: 134,000) loans during the period, representing a value of $143 million (FY 2015: $176 million), a decrease of 42% and 18.8% respectively. At the end of the period the loan book under management stood at $124 million (FY 2015: $139 million), a decrease of 10.8%.

During the year under review, Payserv continued to invest in its entry into the Zambian market which generated an EBITDA loss of $205,000 (FY 2015: $271,000). This investment has not been capitalised and has therefore directly impacted the income statement during the year under review. The Board is in the process of reviewing the continuation of this investment against prospects for profitability. Payserv's board has concluded that as of December 2016 it will not continue to subsidize the Zambian operation and it will have to reach profitability on its own merits. As expenses related to the Zambian operation were not capitalized, a discontinuation of this operation is not expected to impact Payserv's profitability.

Millchem Holdings

Millchem is a value-added chemicals distributor in Zimbabwe.

 
 US$ '000            2016      2015    Growth 
 Revenues           3,193     5,294   (39.7%) 
 Gross profit         525       892   (41.1%) 
 Gross margin       16.4%     16.8%    (2.3%) 
 SG&A               (758)   (1,846)   (58.9%) 
-----------------  ------  --------  -------- 
 EBITDA             (233)     (954)   (75.6%) 
-----------------  ------  --------  -------- 
 Loss before tax    (264)   (1,020)   (74.1%) 
 

The decrease in revenue and gross profit is a result of the discontinuance of unprofitable subsidiaries Millchem Zambia and Millchem Malawi. Despite the reduction in revenue and gross profit, EBITDA improved by 74.1% as a result of the significant reduction in overheads caused by the closure of these two operations.

Despite the improved performance, restoring Millchem Zimbabwe (the only remaining Millchem operating subsidiary) to profitability is a key focus for the executive team.

Events subsequent to Fiscal Year-end 2016

VAL Loan Conversion and Open Offer

On 14 December 2016 the Company extended an Open Offer for up to 125 million new ordinary shares to the remaining Cambria shareholders on terms equal to that of the VAL Loan Conversion explained below ("Open Offer"). This Open Offer is intended to give shareholders an opportunity to avoid dilution and participate in the company's equity in an orderly fashion and at a fixed price of 1p per share.

On 28 November 2016, the Company announced that it reached an agreement with VAL regarding the conversion of GBP1.25 million or approximately $1.55 million of its loans to Cambria into 125 million ordinary shares of Cambria, or at 1p per share. The price of the VAL Loan Conversion was set at 1p per Cambria share ("the Issue Price"), representing a premium of 11% to the 10 day volume weighted average price of 0.90p for the 10 days up to 24 November 2016.

Shareholders have concomitantly received an Open Offer to subscribe for shares in equal proportion to their holdings and can simultaneously apply for a further allocation to the extent that other shareholders don't participate.

The VAL Loan Conversion will significantly strengthen Cambria's balance sheet and further aligns my interests with that of fellow Cambria shareholders. The Board believes that the Issue Price for the conversion and the Open Offer is underpinned by the value of Cambria's underlying subsidiaries. It will also result in less dilution for Shareholders at any level of the Open Offer participation.

Currently the Open Offer is open for acceptance until Wednesday, 1 February 2017. This deadline may be extended to give shareholders a chance to consider the impact of these results on their investment decision. An appropriate extension announcement will be made. Open Offer proceeds will be utilised to further strengthen the balance sheet and fund growth in Cambria's core subsidiaries in Zimbabwe.

The Company intends to issue the shares in relation to the VAL Loan Conversion together with the issue of shares as a result of the Open Offer.

New CABS Loan

The Company announced on 18 October 2016 the conclusion by Payserv's wholly owned subsidiary Paynet, of a $1.2 million loan facility agreement with CABS. The CABS Loan bears interest at 11% per annum, an annual renewal fee of 1%, and is subject to an establishment fee of 2%. The loan is repayable over 24 months. As security, a mortgage has been registered in favour of CABS over one of two properties owned by Le Har (Pvt) Ltd, a wholly owned subsidiary of the Company. The remaining property remains unencumbered.

Consilium dispute

Shortly after I was named the CEO of Cambria and appointed to the Board in July 2015, we reached a substantive settlement with Lonrho for $4.752 million of which approximately $900,000 was paid to outstanding legal fees which the previous management had left unpaid. A further $500,000 was paid for consultancy, accounting and other expenses.

Immediately thereafter, I was stunned that Consilium Corporate Recovery Master Fund ("Consilium") claimed in September 2015 that the change of control as a result of VAL's subscription constituted an event of default under the Credit Facility Agreement (CFA) between Cambria and Consilium. Consilium's management had been closely involved in procuring VAL's investment in Cambria in April 2015 and negotiating the terms upon which VAL would support the Lonrho litigation, I note that on 26 March 2015, Cambria's then Chairman and concurrently a Director of Consilium, Ian Perkins, issued a letter which accompanied a circular to shareholders. Neither the letter nor the circular contained any reference to the change of control provisions or the associated risks when recommending the approval of the proposed share subscription by VAL.

Consilium also sought unsuccessfully to wind-up Cambria in Isle of Man Courts in an attempt to recover its loan, to the detriment of the Company and all its shareholders. As a result of Consilium's actions, Cambria was, amongst other matters, denied access to the Lonrho settlement funds and suffered greatly from its inability to access these funds or even refinance its obligations. Consilium endeavoured to control these activities in reliance on the contractual terms of the CFA and related Debenture which were put in place by the previous CEO, Edzo Wisman. Edzo Wisman and Ian Perkins were appointed as directors of Consilium in December 2014 and February 2012 respectively - the very company which tried to damage Cambria by prematurely and unlawfully demanding repayment of its debt and seeking to wind up the Company.

The legal fees relating to defending Cambria from Consilium's claims and actions and pursuing the consequent counterclaim, amounted to $820,000 in FY 2016. Subsequent to the repayment of its loan in full and on time, Consilium amended its claim in the English Courts to claim that it is entitled to be indemnified for what we believe to be the unreasonable and unnecessary costs associated with the premature and predatory attempts to be repaid over six months before the loans were due and appropriate the proceeds of the Lonrho settlement. Cambria has counterclaimed for a total of $1.8 million against Consilium for losses and legal fees it has incurred as a result.

With respect to this counterclaim in December 2016 the Company lodged security for costs of GBP380,000 and was ordered to pay costs of GBP30,000 to Consilium.

Acquisition Strategy

The Board will continue its search for appropriate value-creating acquisition opportunities primarily through the use of equity subscriptions. We will continue to focus on Zimbabwe, which we believe provides the best opportunity for successful investment and growth in the short- to medium-term.

Mr Samir Shasha

Chief Executive Officer

27 January 2017

Cambria Africa Plc

Audited consolidated income statement

For the year ended 31 August 2016

 
                                            Audited      Audited 
                                                       *Restated 
                                          31-Aug-16    31-Aug-15 
                                            US$'000      US$'000 
--------------------------------------   ----------  ----------- 
 
 Revenue                                      8,552       10,306 
 Cost of sales                              (2,962)      (4,670) 
---------------------------------------  ----------  ----------- 
 Gross profit                                 5,590        5,636 
 Operating costs                            (5,302)      (7,766) 
 Other income                                     -            7 
 Profit on disposal and impairment 
  of assets                                       5          199 
---------------------------------------  ----------  ----------- 
 Operating profit/(loss)                        293      (1,924) 
 Finance income                                  16           10 
 Finance costs                                (657)        (740) 
---------------------------------------  ----------  ----------- 
 Net finance costs                            (641)        (730) 
 Loss before tax                              (348)      (2,654) 
 Income tax                                   (396)        (271) 
---------------------------------------  ----------  ----------- 
 Loss for the period from continuing 
  operations                                  (744)      (2,925) 
 Discontinued operations: 
 Profit from discontinued operations              -        3,380 
 (Loss)/profit for the year                   (744)          455 
=======================================  ==========  =========== 
 
 Attributable to: 
 Owners of the company                      (1,010)          164 
 Non-controlling Interests                      266          291 
 (Loss)/profit for the year                   (744)          455 
 
 (Loss)/earnings per share 
 Basic and diluted (loss)/earnings 
  per share (cents)                          (0.5c)         0.1c 
 
 Loss per share-continuing operations 
 Basic and diluted loss per share 
  (cents)                                    (0.5c)       (2.3c) 
 
 

*Amounts have been restated due to classification of litigation settlement proceeds on the Company's Jet Claims as discontinued operations.

Cambria Africa Plc

Audited consolidated statement of comprehensive income

For the year ended 31 August 2016

 
                                                31-Aug-16   31-Aug-15 
                                                  US$'000     US$'000 
--------------------------------------------   ----------  ---------- 
 
 (Loss)/profit for the year                         (744)         455 
 Other comprehensive income 
 Items that will not be reclassified 
  to income statement: 
   Foreign currency translation differences 
    for overseas operations                             9          97 
 Total comprehensive (loss)/profit 
  for the year                                      (735)         552 
=============================================  ==========  ========== 
 
 Attributable to: 
 Owners                                           (1,001)         261 
 Non-controlling interests                            266         291 
 Total comprehensive (loss)/profit 
  for the year                                      (735)         552 
=============================================  ==========  ========== 
 

Cambria Africa Plc

Audited consolidated statement of changes in equity

For the year ended 31 August 2016

 
                                                                     Share 
                                                         Foreign     Based 
                        Share     Share   Revaluation   Exchange   Payment   Retained   Non-distributable             Non-controlling 
 US$'000              Capital   Premium       Reserve    Reserve   Reserve   Earnings             Reserve     Total          Interest     Total 
------------------   --------  --------  ------------  ---------  --------  ---------  ------------------  --------  ----------------  -------- 
 
 
 Balance at 1 
  September 2014           18    82,487           438   (10,629)        86   (75,890)               2,241   (1,249)                 9   (1,240) 
 Profit for the 
  period                    -         -             -          -         -        164                   -       164               291       455 
 Foreign currency 
  translation 
  differences for 
  overseas 
  operations                -         -             -         97         -          -                   -        97                 -        97 
------------------- 
 Total 
  comprehensive 
  profit 
  for the year              -         -             -         97         -        164                   -       261               291       552 
 Contributions 
 by/distributions 
 to owners of the 
 Company 
 recognised 
 directly in 
 equity 
 Disposal of 
  subsidiary                -         -             -          -         -        341               (341)   -                       -         - 
 Dividends paid             -         -             -          -         -          -                   -         -             (235)     (235) 
 Issue of ordinary 
  shares 
  (net of share 
  issue costs)             15     1,463             -          -         -          -                   -     1,479                 -     1,479 
------------------- 
 Total 
  contributions by 
  and 
  distributions            15     1,463             -          -         -        341               (341)     1,479             (235)     1,244 
 Balance at 31 
  August 2015              34    83,950           438   (10,532)        86   (75,385)               1,900       491                65       556 
===================  ========  ========  ============  =========  ========  =========  ==================  ========  ================  ======== 
 
 
                                                                     Share 
                                                         Foreign     Based 
                        Share     Share   Revaluation   Exchange   Payment   Retained   Non-distributable             Non-controlling 
 US$'000              Capital   Premium       Reserve    Reserve   Reserve   Earnings             Reserve     Total          Interest     Total 
------------------   --------  --------  ------------  ---------  --------  ---------  ------------------  --------  ----------------  -------- 
 
 
 Balance at 1 
  September 2015           34    83,950           438   (10,532)        86   (75,385)               1,900       491                65       556 
 (Loss)/profit for 

  the period                -         -             -          -         -    (1,010)                   -   (1,010)               266     (744) 
 Foreign currency 
  translation 
  differences for 
  overseas 
  operations                -         -             -          9         -          -                   -         9                 -         9 
------------------- 
 Total 
  comprehensive 
  (loss)/profit 
  for the year              -         -             -          9         -    (1,010)                   -   (1,001)               266     (735) 
 Contributions 
 by/distributions 
 to owners of the 
 Company 
 recognised 
 directly in 
 equity 
 Disposal of 
  subsidiary                -         -             -      (105)         -        105                   -         -                 -         - 
 Expiry of share 
  options                                                             (43)         43                             -                           - 
 Dividends paid             -         -             -          -         -          -                   -         -             (335)     (335) 
------------------- 
 Total 
  contributions by 
  and 
  distributions to 
  owners of 
  the Company               -         -             -      (105)      (43)        148                   -         -             (335)     (335) 
 Balance at 31 
  August 2016              34    83,950           438   (10,628)        43   (76,247)               1,900     (510)               (4)     (514) 
===================  ========  ========  ============  =========  ========  =========  ==================  ========  ================  ======== 
 

Cambria Africa Plc

Audited consolidated and company statements of financial position

As at 31 August 2016

 
                                              Audited     Audited     Audited     Audited 
                                                Group     Company       Group     Company 
                                            31-Aug-16   31-Aug-16   31-Aug-15   31-Aug-15 
                                              US$'000     US$'000     US$'000     US$'000 
----------------------------------------   ----------  ----------  ----------  ---------- 
 
 Property, plant and equipment                  2,594           -       2,594           - 
 Goodwill                                         717           -         717           - 
 Intangible assets                                 39           -           2           - 
 Investment in subsidiaries                         -           -           -           - 
----------------------------------------   ----------  ----------  ----------  ---------- 
 Total non-current assets                       3,350           -       3,313           - 
 Inventories                                      407           -         761           - 
 Financial assets at fair value through 
  profit and loss                                  40           -          50           - 
 Trade and other receivables                    1,311       6,374       1,241       8,383 
 Cash and cash equivalents                        701           -         645          50 
 Assets for discontinued operation 
  (litigation settlement - Jet Claims)              -           -       4,752           - 
----------------------------------------   ----------  ----------  ----------  ---------- 
 Total current assets                           2,459       6,374       7,449       8,433 
 Total assets                                   5,809       6,374      10,762       8,433 
=========================================  ==========  ==========  ==========  ========== 
 Equity 
 Issued share capital                              34          34          34          34 
 Share premium account                         83,950      83,950      83,950      83,950 
 Revaluation reserve                              438           -         438           - 
 Share based payment reserve                       43          43          86          86 
 Foreign exchange reserve                    (10,628)    (13,186)    (10,532)    (13,186) 
 Non distributable reserves                     1,900           -       1,900           - 
 Retained losses                             (76,247)    (71,765)    (75,385)    (70,270) 
-----------------------------------------  ----------  ----------  ----------  ---------- 
 Equity attributable to owners of 
  the company                                   (510)       (924)         491         614 
 Non-controlling interests                        (4)           -          65           - 
 Total equity                                   (514)       (924)         556         614 
=========================================  ==========  ==========  ==========  ========== 
 Liabilities 
 Loans and borrowing                            2,965       2,929          45           - 
 Provisions                                       207           -         183           - 
 Deferred tax liabilities                         152           -         177           - 
-----------------------------------------  ----------  ----------  ----------  ---------- 
 Total non-current liabilities                  3,324       2,929         405           - 
 Current tax liabilities                          308           -         200           - 
 Loans and borrowings                           1,469       1,469       6,877       4,812 
 Trade and other payables                       1,222       2,900       1,446       3,007 
 Liabilities for discontinued operation 
  (litigation settlement - Jet Claims)              -           -       1,278           - 
----------------------------------------   ----------  ----------  ----------  ---------- 
 Total current liabilities                      2,999       4,369       9,801       7,819 
 Total liabilities                              6,323       7,298      10,206       7,819 
=========================================  ==========  ==========  ==========  ========== 
 Total equity and liabilities                   5,809       6,374      10,762       8,433 
=========================================  ==========  ==========  ==========  ========== 
 

Cambria Africa Plc

Audited consolidated statement of cash flows

For the year ended 31 August 2016

 
                                                     Audited     Audited 
                                                   31-Aug-16   31-Aug-15 
                                                     USS'000     USS'000 
-----------------------------------------------   ----------  ---------- 
 
 Cash from/(used in) operations*                       3,944     (2,590) 
 Taxation paid                                         (313)       (342) 
------------------------------------------------  ----------  ---------- 
 Cash from/(used in) operating activities              3,631     (2,932) 
 
 Cash flows from investing activities 
   Proceeds on disposal of property, plant 
    and equipment                                         20         126 
   Purchase of property, plant and equipment           (170)        (88) 
   Net proceeds on disposal of subsidiary                 60       2,445 
   Other investing activities                           (40)           - 
   Interest received                                      16          10 
------------------------------------------------  ----------  ---------- 
 Net cash (used in)/from investing activities          (113)       2,493 
 
 Cash flows from financing activities 
   Dividends paid to non-controlling interests         (335)       (235) 
   Interest paid                                       (267)       (363) 
   Proceeds from issue of share capital                    -       1,479 
   Loans repaid                                      (7,146)       (595) 
   Loans raised                                        4,277          62 
------------------------------------------------  ----------  ---------- 
 Net cash (used in)/from financing activities        (3,471)         348 
 
 Net increase/(decrease) in cash and cash 
  equivalents                                             47        (91) 
   Cash and cash equivalents at the beginning 
    of the Period                                        645         639 
   Foreign exchange                                        9          97 
 Net cash and cash equivalents at the end 
  of the Period                                          701         645 
================================================  ==========  ========== 
 

* All amounts include both continuing and discontinued operations. Cash flow from discontinued operations the effect of which was $3.4 million inflow in 2016 and $1.03 million utilised in 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 27, 2017 09:45 ET (14:45 GMT)