We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Infinity Regs | LSE:IBI | London | Ordinary Share | BMG4770S1017 | COM SHS USD0.0015 (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 1218W Infinity Bio-Energy Ltd 06 June 2008 Infinity Bio-Energy Ltd. ("Infinity" or the "Company") Publication of Directors Report and Accounts for the Fiscal Year ended March 31, 2008 Infinity Bio-Energy Ltd. (AIM: IBI.L) is pleased to announce the results for the fiscal year ended March 31, 2008. Our complete version of the Directors Report and Accounts is available on our website at www.infinitybio.com and has been posted to shareholders. HIGHLIGHTS - Infinity recorded revenue of US$141.74 million in the fiscal year ended March 31, 2008, compared to US$35.05 million for the previous year. - In addition to scaling the production of existing facilities, the Company successfully accomplished the acquisition of three mills and the Disa group, which will increase the full industrial crushing capacity to 9.5 million tons for the current harvest. - EBITDA for the year adjusted for non-cash and non-operating expenses related to fair value of stock options was US$6.8 million. - EBITDA plus the results of hedging, non-operating expenses and results contained in final product inventory, was US$21.5 million. COMMENTS ON RESULTS Results for the reporting year ended March 31, 2008 were impacted by market prices during the year for ethanol and sugar significantly lower than the previous year. The primary reasons for this decline in prices included: Commenting on the results, Sergio Thompson-Flores, CEO, said: "Infinity is very pleased with the execution of its business plan and growth strategy in terms of the capacity expansion of existing assets, the consummation of strategic acquisitions and its operating performance, despite the difficult pricing environment which we experienced during the financial year ended 31 March 2008. The Company has also completed all of the expansion of its existing capacity to operate at its intended levels for the current year." For further information, please contact: Infinity Bio-Energy Sergio Thompson-Flores, CEO +55 11 3525-9921 Rodrigo Aguiar, Investor Relations Officer +55 11 3525-9922 Collins Stewart Europe Limited Adrian Hadden / Adam Cowen +44 (0) 20 7523 8350 Consolidated Statement of Earnings Before Interests, Taxes, Depreciation and Amortization - EBITDA Year ended March 31, 2008 US$*000 Operating loss for the year (29,372) Depreciation 15,137 Intangible amortization 367 Biological assets amortization 7,390 EBITDA for the year (6,478) Share based payments(1) 13,258 EBITDA before share based payments for the year 6,780 Other Results: Hedging Transactions (2) 7,179 Ethanol and Sugar Inventory at the end of period (3) 3,102 Expenses not related to Operations (4) 4,439 EBITDA before share based payments adding Other Results above 21,500 Comments on Adjustments to EBITDA: (1) As identified in note 31 of the Financial Statements, our results are impacted by a non-cash expense related to the fair value assessment of the management's stock option plan in the value of US$13.26 million. As stated in note 18 of the Financial Statements, the methodology utilized for this fair value determination was: "Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulat (2) The Company generated approximately US$7.1 million in profit with hedging positions which were accounted for below the Operating Results line in our P&L. (3)` The Company carried a significant amount of inventory beyond March 2008 of approximately 11.2 thousand tons of sugar and 15.7 million liters of ethanol, which at the average prices during the end of the month of March 2008, would have generated additional EBITDA of approximately US$3.1 million. This inventory which in the normal course of business would have been sold by the end of March 2008 was carried for a longer period expecting that prices would increase in April, which effectively occurred. (4) The Company´s results were also impacted by expenses that are not related to operations, principally related to acquisitions in excess of US$4.4 million. Business Review New Acquisitions The Company announced the acquisition of three mills "Paraiso", "Ibiralcool" and "Agromar" in September 2007. The total consideration for these operations was approximately US$ 109.8 million. Paraiso and Ibiralcool were acquisitions of companies; Agromar was a purchase of assets. The acquisitions include two mills that, respectively, have started and will start operations in the 2008/09 harvest - Central Energica Parao ("Paraiso") and Destilaria de Álcool IbirapuLtda. ("Ibircool") - both dedicated exclusively to producing ethanol. The Company also announced the acquisition of an existing mill - Agro Industrial Marcoalhado Ltda. ("Agromar") - that has already been disassembled and will be rebuilt at one of Infinity's future greenfield sites in the state of Mato Grosso do Sul. Agromar will also produce only ethanol. It is scheduled to begin operations in the 2009/10 harvest. Finally, the Company announced in February 2008 the acquisition of the DISA group. Included in the group are: - Disa Destilaria Itaunas SA(*Disa*), a sugarcane mill that produces sugar and ethanol, located in the Espito Santo state of Brazil, with a an expected capacity after additional investment of 1.8 million tons per year. - Montasais a brownfield project to be developed to produce only ethanol, which is located approximately 50 miles from the Disa facility. The mill is scheduled to begin operations in the 2010/11 harvest and is expected to reach an installed capacity of approximately 1.5 million tons of sugarcane. - Infisais a company which owns the agricultural equipment and infra-structure used for the planting, maintenance and harvesting of sugarcane for Disa, as well as approximately 940,000 tons of sugarcane plantations. - Ceisais a company developed to build a biomass co-generation plant that will utilize the sugarcane bagasse from the Disa facility, which has been awarded a Power Purchase Agreement by Eletrobr, a Brazilian Government energy company. Operational Overview Usinavi In 2007/08 Usinavi crushed 2.21 million tons of sugarcane, producing 128.51 thousand tons of sugar and 104.9 million liters of hydrous ethanol. This represented significant growth over the 2006/07 harvest, crushing approximately 2.05 million tons of sugarcane. Industrial efficiency in 2007/08 was approximately 86%. In 2008/09 Usinavi is expected to crush approximately 2.65 million tons of sugarcane. Total installed effective capacity is 3.2 million tons per year. Alcana In 2007/08 Alcana crushed 904 thousand tons of sugarcane, producing 50.3 million liters of hydrous ethanol, 934 thousand liters of anhydrous ethanol and 44.02 thousand tons of sugar. This represented a significant growth over the 2006/07 harvest in which the mill crushed approximately 554 thousand tons of sugarcane. Industrial efficiency was approximately 85% in 2007/08. In 2008/09 Alcana is expected to crush approximately 1.47 million tons of sugarcane. Total installed effective capacity is 1.5 million tons per year. Cridasa In 2007/08 Cridasa crushed just over 723 thousand tons of sugarcane compared to 410 thousand tons in the 2006/07 harvest. Cridasa produced approximately 36.16 million liters of hydrous ethanol and 23.83 million liters of anhydrous ethanol. The industrial efficiency in 2007 was approximately 86%. In 2008/09 Cridasa is expected to crush approximately 1 million tons of sugarcane. Total installed effective capacity is 1.5 million tons per year. Disa In 2008/09 Disa is expected to crush approximately 1 million tons of sugarcane out of a total capacity of 1.8 million tons, which is expected to be reached by the 2011/12 harvest. Parao Paraiso is expected to crush approximately 634 thousand tons of sugarcane in the 2008/09 harvest. The total effective capacity when fully expanded is approximately 2 million tons, which is expected to occur by the 2012/13harvest. Ibircool Ibiralcool mill is expected to crush approximately 666 thousand tons of sugarcane in the 2008/09 harvest out of a total projected capacity of 1.5 million tons to be achieved by 2010/11. Laranja(Agromar) It is expected that the Laranjaproject will crush approximately 830 million tons of sugarcane in the 2009/10 harvest and could achieve a full capacity of 1.5 million tons by the 2011/12 harvest. Iguatemi Iguatemi is a Greenfield project, for which the Company is currently focused on planting sugarcane for this project which is designed to reach a total capacity of 3.4 million tons of sugarcane per harvest as well as have integrated co-generation capacity. Infinity intends to contract all the equipment through an EPC turn-key. The project already has a LP (Initial Environmental License). The operations are expected to start in 2010/11. Montasa The Montasa project is expected to crush in its first year of operations (2010/11) approximately 1 million ton of sugarcane and reach full capacity of 1.5 million tons in the 2012/13 harvest. Improving Performance The Company is committed to improvement in the management of both its agricultural and industrial operations. In its first year of operations it increased the volume of sugarcane processed by over 26%. This has led to an increase of capacity utilization from less than 50% in 2006/07 to 62% in 2007/08, and the Company expects to increase capacity utilization of these assets to above 78% in 2008/09. This increase in capacity utilization, as well as the improvements underway in productivity, is expected to generate significant improvement in operating margins as the Company begins to use its economies of scale. Inventory Management To capitalize on the historical seasonal price volatility, in which prices are at their lowest during the harvest period and peak in the inter-crop period, the Company implemented as planned its inventory management policy. This policy resulted in more than 28% of the Company's total 2007/08 production of sugar and 38% of ethanol during the harvest months of May to the end of December to be carried in as inventory. This inventory was expected to be sold in the inter-crop period at a premium over the price during the harvest period. The Company held over 80 million liters of ethanol and 63.9 thousand tons of sugar in inventory at 31 December 2007. Postponing sales and increasing inventory had the effect of postponing revenues and realization of operating margins, therefore reducing the Company's results in the six- month period ended 30 September 2007. The inventory management policy was expected to generate significantly better results for the year ended on 31 March 2008, particularly considering that ethanol prices were expected to increase in the inter-crop period. However, in the inter-crop months until 31 March 2008, neither ethanol nor sugar prices increased to the levels expected by the Company and by the sector. These lower prices affected the whole sector including Infinity. This was compounded by the low utilization of the Company's mills operating at 62% of their 6.2 million tons installed capacity, crushing 3.8 million tons of sugarcane. Therefore, the results for the period ended 31 March 2008 were lower than expected. The impact of volatility and low prices in 2007/08 does not change the Company's conviction in either the potential of ethanol both in the internal Brazilian market and in the international market. Ethanol Emphasis and Focus on Other Clean Energy Products Infinity continues as a core part of its strategy to place emphasis on ethanol rather than sugar, Infinity's production during the year was 66% ethanol and 34% sugar compared to an average market mix of 54% ethanol and 46% sugar. The Company has also advanced in the development of planned investments in co-generation and in the production of bagasse pellets, a "green coal" manufactured from the residue of the cane crushing process, which it intends to sell to industrial companies as a substitute for mineral coal and other fossil fuels. The Company worked with a large European industrial supplier to develop the most appropriate solution for large scale production of pellets from bagasse. Infinity expects to start operating a pilot plant producing pelletized bagasse towards the end of 2008. The plant will be located next to Usinavi and will process 5 tons of bagasse per hour. Immediately after the pilot phase in Usinavi, the Company expects to implement pelletization facilities in its other mills. International Expansion There is a continued emphasis on global expansion for the Company. This year, Infinity signed its first tolling contract for ethanol dehydration services in the Caribbean region to allow it to export ethanol to the US market. The Company is also actively exploring other alternatives in the Caribbean and the Central American region which would allow it to take advantage of the US Export Preference Agreements through the Caribbean Basin Initiative (CBI). The main projects for this purpose are: - Dominican Republic:The Dominican Republic Project involves the construction of the Caucedo Dehydration Facility and the Boca Chica Ethanol Mill and Farm. The Caucedo Dehydration Facility has the objective of processing Brazilian hydrous ethanol in order to gain access to fuel ethanol for sale on the international market. Infinity will have the exclusive right to market and sell the product within the European Union, the United States of America and any other market. A due diligence effort has already been completed and a non-binding Memorandum of Understanding was signed with Consorcio Tecno-Deah SA in which the objective is to build a dehydration facility. - Jamaica:Infinityhas been selected as the preferred bidder for the acquisition of the Government-owned assets of the Jamaican Sugarcane Industry. The Company has been engaged in negotiations with the Jamaican Government since March, 2008. Although the Company is advancing with both transactions there can be no assurance that either will be executed. Ethanol Exports The Company initiated last year its program to export ethanol to the US market through an export operation involving the acquisition of third party hydrous ethanol and the dehydration of this ethanol in Costa Rica before shipping it to the US, thus taking advantage of the Caribbean Basin Initiative scheme. Logistics Infinity continues to develop solutions to reduce its logistical cost for supply to both the Brazilian and the international markets. The most notable progress in this area was the signature of a "take-or-pay" agreement with a terminal in the port of Vitoria which will give the Company the ability to significantly reduce its cost of exporting ethanol. This operation is expected to start in August, 2008. Pricing Discipline for Acquired Assets The Company has maintained discipline in terms of the price it is willing to pay for industrial and agricultural assets - both the initial acquisition cost and, more importantly, for the total cost which includes the capital expenditure required to take the acquired mills to full capacity. Its strategy in this respect has and continues to be focused on the total installed capacity when fully expanded. As such, more important to the Company than the volume of sugarcane crushed at the time of acquisition is the potential to expand capacity at a marginal cost. Therefore, the Company has and intends to continue to acquire assets that will enable it to continue its growth strategy and that will result in carrying on its balance sheet assets that will result in crushing and revenue one or two years after acquisition. New Issue of Shares - The Company has issued 14,423,077 new Common Shares for US$5.20 per share, which was acquired by Infinity Ranch, LLC for a total investment of approximately US$75 million. Infinity Ranch has also received an option exercisable on the earlier of (i) 24 months or (ii) a public offering in Brazil to acquire an additional 6,603,774 shares for US$5.30 per share. The shares acquired by Infinity Ranch are subject to an 18 month lock-in agreement subject to certain exceptions. Aligned with the Inventory Management strategy, Infinity and Ranch Capital entered into an agreement in which Ranch Capital invested US$25 million of equity finance and Infinity invested up to US$ 8 million in an inventory management facility operated through a special purpose company, Boniek. As part of this transaction Infinity issued and deposited in an escrow account for the benefit of Infinity Ranch, LLC 3 Million shares which shall be transferred to Infinity Ranch, LLC. - The Company has also issued 6,972,203 new Common Shares to institutional investors and as part of the vendor consideration related to the Disa acquisition. Redemption of Warrants The Company offered to a limited number of its holders of outstanding warrants the opportunity to sell warrants to the Company. As a result of this private offer, the Company agreed to redeem 19,910,475 warrants. Infinity may continue to purchase warrants in the market from time to time. Sustainability - Infinity Bio-Energy is committed to developing its activities with an emphasis on the reduction of the use of natural resources, and in particular fossil fuels and electricity from the grid as well as water, also striving to minimize the environmental impact caused by the operation of the mills. The Company believes that a manufacturer of ethanol, a source of renewable energy, has to continually seek to improve the already inherent environmental quality of its products by developing and improving its production process in ways that further reduce its direct and indirect emission of greenhouse gases. In this context, the Company is preparing to implement controls before the end of this reporting year that will allow its shareholders and the market to monitor improvements in this field. - As part of the Company*s commitment to improving the environment, Infinity has become a sponsor of the Clinton Global Initiative, which is a project of the William J. Clinton Foundation and is a non-partisan catalyst for action bringing together a community of global leaders to devise and implement innovative solutions to some of the world*s most pressing challenges. - Infinity sponsored the first motorcycle rally team in the world to use ethanol as fuel in a Rally. The debut of the team was in the 2007 edition of the *Rally dos Sert*, the largest rally of Latin America. The team received a special prize for this green initiative. The Company will remain sponsoring the team in the 2008 edition of the *Rally dos Sert*. Corporate Governance Effective corporate governance is a priority of the Board and outlined below are details of how the Company has applied general principles of corporate governance. Under the rules of the Alternative Investment Market ("AIM") the Company is not required to comply with the Combined Code on Corporate Governance which is generally adopted by companies listed on the London Stock Exchange. The Board fully supports the principles on which the Combined Code is based and considers that the Company has acted in accordance with a number of key requirements. This statement outlines the main corporate governance practices which comply with the Corporate Governance regime of its place of incorporation (Bermuda). The Company also intends to follow (as far as applicable) the Corporate Governance Guidelines for AIM listed entities as published by the Quoted Companies Alliance (''QCA''). These Corporate Governance Guidelines state that ''the purpose of good corporate governance is to ensure that the company is managed in an efficient, effective and entrepreneurial manner for the benefit of all shareholders over the longer term''. In line with market requirements and the best practices adopted, Infinity seeks to increasingly improve its corporate governance policies. Based on ethical and transparency principles, the Company has implemented the following structures to ensure management efficiency: Board of Directors The Board's primary role is the protection and enhancement of long-term shareholder value. To fulfill this role, the Board is responsible for the overall corporate governance of the Company formulating its strategic direction, approving and monitoring capital expenditure, setting remuneration, appointing, removing and creating succession policies for Directors and senior management, establishing goals for management, monitoring the achievement of these goals, and ensuring the integrity of internal control and management information systems. It is also responsible for approving and monitoring financial and other reports. The Board is the Company's primary authority in terms of internal control systems, as well as the guarantee of business risks and holds a meeting at least once every three months to resolve on the Company's commercial strategies, approve relevant acquisitions and determine budget planning. The Board is also responsible for arrangements for the election of the members of the Board of Executive Officers. Structure of the Board of Directors Andrew Lipman - Chairman of the Board William Kidd - Board Member Sergio Thompson-Flores - Board Member and CEO Martin Escobari - Independent Director John R. Walter - Independent Director Lawrence Hershfield - Independent Director Domenic DiMarco - Independent Director Eduardo Bom ngelo - Independent Director (Appointed by the Board. Subject to AGM approval) Corporate Governance Initiatives Infinity has established its Audit, Compensation and Nominating Committees. The members of the Audit Committee are Dominic DiMarco, Chairman, John Walter and William Kidd. Mr. Alberto Tepedino, CFO of Infinity's Brazilian subsidiary, shall also join the Audit Committee in an Attendee's capacity. The members of the Compensation Committee are Andrew Lipman, Chairman, Martin Escobari and Dominic DiMarco. The members of the Nominating Committee are Larry Hershfield, Chairman, Sergio Thompson-Flores, and William Kidd. External Auditors The Executive Directors review the performance of the external auditors on an annual basis and normally meet with them during the year to: - Discuss the external audit plans, identifying any significant changes in structure, operations, and internal controls or accounting policies likely to impact on the financial statements and to review the fees proposed for the audit work to be performed. - Review the periodic reports prior to lodgment and release, any significant adjustments required as a result of the auditor*s findings, and to recommend Board approval of these documents, prior to the announcement of results. - Review the results and findings of the auditor, the adequacy of accounting and financial controls, and to monitor the implementation of any recommendations made. - Review the draft financial report and recommend Board approval of the financial report. - As required, to organize, review and report on any special reviews or investigations deemed necessary by the Board of Directors. Comments on Results Results for the period of one year ended March 31, 2008 were impacted by the low market prices during the year of ethanol and sugar. After the year of 2006, when international prices for these commodities were significantly higher, prices during 2007 were approximately 50% lower than last year. The main reasons for this decline in prices were: - During 2006, ethanol prices in the US, which were impacted by the banishment of MTBE and also by the Katrina hurricane, increased significantly with the price of the product in the international market reaching a peak of US$560 per cubic meter; - Since January 2007, the lack of clarity about the supply and demand ratio in the US market has led to increased volatility in the prices of ethanol and lower average prices. During last year prices in the US went as low as US$1.50 per gallon. Over the last months these prices have already increased to beyond US$2.50 per gallon, opening again the window for direct anhydrous exports from Brazil to the USA. This trend was further reinforced by the increase of the mandated blend level adopted by the US Government for 2008 to 9,000,000,000 gallons and strong support to increase of ethanol blending. - A similar dynamic occurred in Brazil where during the harvest period there was a concern that there might be oversupply due to the increase in production and a reduction of exports, in particular to the US. While, more recent data has shown that Brazilian consumption outpaced the increase in production and this ultimately led to a recovery of ethanol prices, during a relevant part of last year the slump in US prices and lack of clarity in Brazilian demand to supply dynamics led to lower prices than the market developed. - Sugar prices, after having peaked at US$18 cents/pound in 2006, went as low as US$9 cents/pound. Prices for this year have recovered significantly and prices in future markets for the next 2 years are on average above approximately US$14 cents/pound. - At 62% of capacity utilization the price impact was much more significant. In effect, even with the low prices in both sugar and ethanol had the company been operating at a higher rate of utilization the operating results would have been significantly higher. - Other relevant issues concerning the Company*s results: - As identified in note 31 of the Financial Statements, our results are impacted by a non-cash expense related to the fair value assessment of the management*s stock option plan in the value of US$13.26 million - Foreign Exchange Variation impact: The Real significantly valued against the US$. This however did not as significantly affect the Company because of its relevant foreign exchange hedging positions which generated approximately US$7.1 million in profit which were accounted for below the Operating Results line in our P&L. - Furthermore, the Company carried a significant amount of inventory beyond March 2008 of approximately 11.2 thousand tons of sugar and 15.7 million liters of ethanol, which at the average prices during the end of the month of March 2008, would have generated additional EBITDA of approximately US$3.1 million. In effect, prices in April did increase - Finally, the results of the Company were impacted by expenses that are not related to operations, principally related to acquisitions in excess of US$4.4 million. Seasonality The seasonality in the ethanol business originates from the fact that all manufacturing occurs over a period of approximately 8 months, for most mills in the Center-South region from April to November, while consumption is distributed over 12 months. In the Brazilian domestic market, the seasonality can be clearly observed with prices that tend to be lower during the crop period when supply increases. During the inter-crop periods, prices tend to be higher due to a supply decrease. The graphic of this pattern is illustrated in the complete report on our website. The price volatility resulting from this seasonality led the Company to establish an inventory management strategy, where the Company limited sales during the harvest period in order to increase sales at higher prices during the inter-crop period. However, as mentioned before, in the 2007/2008 harvest, the prices have not increased as expected. Future Outlook Infinity will operate this year with three new mills - Parao, Ibircool and Disa and is expected to significantly increase the capacity utilization of the existent mills. The Company will continuously seek new growth opportunities through new acquisitions, international expansion and development of new sources of revenues such as co-generation plants and bagasse pellets. Sergio Thompson-Flores Chief Executive Officer Financial Statements The Notes to the Financial Statements can be found on the complete document at the Company's website. Consolidated Income Statement for the year ended March 31, 2008 Year ended Period endedMarch 31, 2007 March 31, 2008 Notes US$*000 US$*000 US$*000 US$*000 Revenue 2 141,736 35,051 Cost of sales (140,833) (33,340) Gross profit 903 1,711 Movement in fair value of 13 11,914 5,742 biological assets Administration expenses Stock option benefits expenses (13,258) - Other administration costs (28,931) (13,185) Total administration costs 4 (42,189) (13,185) Other operating expenses 5 - (3,157) Operating loss (29,372) (8,889) Financial income 6 51,631 10,031 Financial expense 6 (66,172) (5,906) Loss before tax (43,913) (4,764) Taxation (change) / income 7 (7,210) 662 Net loss for the year (51,123) (4,102) Attributable to: Equity holders of the parent (51,059) (1,683) Minority interest (64) (2,419) Net loss for the year (51,123) (4,102) Loss per share - US$: (58.07) 9 Basic * cents (6.13) Diluted * cents (58.07) (6.13) Consolidated Statement of Recognised Income and Expense for the year ended March 31, 2008 Year ended Period ended March 31, 2008 March 31, 2007 US$'000 US$'000 Net loss for the year (51,123) (4,102) Exchange differences 48,362 12,222 Total recognised income and expense (2,761) 8,120 relating to the period Attributable to: Equity holders of the parent (2,697) 10,539 Minority interest (64) (2,419) (2,761) 8,120 Consolidated Balance Sheet at March 31, 2008 Notes 31 March 2008 31 March 2007 ASSETS US$' 000 US$' 000 Non Current assets Property, plant and equipment 10 324,607 130,354 Goodwill 11 322,316 126,314 Other intangible assets 12 3,733 3,539 Deferred tax assets 21 14,689 12,744 Biological assets 13 49,210 32,807 Trade and other receivables 16 8,595 3,667 Other financial assets 14 11,607 4,428 Total non-current assets 734,757 313,853 Current assets Inventories 15 21,098 10,972 Biological Assets 13 7,383 6,091 Other financial assets 14 12,657 3,413 Trade and other receivables 16 72,218 28,712 Cash and cash equivalents 17 34,598 19,953 Total current assets 147,954 69,141 TOTAL ASSETS 882,711 382,994 EQUITY AND LIABILITIES Equity attributable to equity holders of parent company Issued capital 19 156 118 Share Premium 19 320,662 221,305 Capital redemption reserve 19 64 64 Warrant Reserve 19 36,130 45,972 Foreign currency translation 19 60,584 12,222 reserve Share option reserve 19 10,236 - Equity reserve 19, 24 42,020 - Retained deficit 19 (50,312) (1,683) Total equity attributable to 419,540 277,998 equity holders of the parent company Minority interest 18,023 1,842 Total equity 437,563 279,840 Non-Current Liabilities Trade and other payables 20 39,004 28,879 Interest-bearing loans and 22 179,409 3,537 borrowings Provisions 23 15,907 4,900 Deferred tax liabilities 21 30,405 4,271 Total non-current liabilities 264,725 41,587 Current Liabilities Trade and other payables 20 87,418 37,732 Other financial Liabilities 22 2,733 2,363 Interest-bearing loans and 22 90,272 18,467 borrowings Provisions - 3,005 Total current liabilities 180,423 61,567 Total liabilities 445,148 103,154 TOTAL EQUITY AND LIABILITIES 882,711 382,994 Consolidated Cash Flow Statement for the year ended March 31, 2008 Year ended Period ended March 31, 2008 March 31, 2007 Notes US$'000 US$'000 US$'000 US$'000 Cash flows from operating activities Loss before tax for the year (43,913) (4,764) Adjustments for: Depreciation 10 18,596 5,819 Amortisation of biological 13 7,390 859 assets Amortisation of intangible 12 367 46 assets Movement in fair value of 13 (11,914) (5,742) biological assets Share based payment expense 18 13,258 Financial income 6 (51,631) (10,031) Financial expense 6 66,172 5,906 Non cash movements on (33,766) financial expenses Operating profit before (35,441) (7,907) changes in working capital and provisions Increase in trade and other (42,075) (18,406) receivables Decrease in inventories 471 6,352 Increase /(decrease) in trade 120,871 (7,116) and other payables Increase in value of (11,914) (5,742) biological assets Increase in provision 21,875 7,573 89,228 (18,666) Cash generated from operations 53,787 (26,573) Investing activities Acquisition of subsidiaries 3/29 (157,761) (185,189) net of cash acquired Purchases of plant property 10 (85,983) (5,839) and equipment Purchase of biological assets 13 (16,787) (31,127) Purchases of other intangibles - (2,711) Purchases of financial assets - (191) Interest received 6 51,631 10,031 Total cash outflow from (208,900) (215,026) investing activities Financing activities Issue of ordinary shares 19 99,395 392,592 Issue of warrants 19 - 86,000 Issue of share options 19 10,236 - Purchase of ordinary shares 19 - (218,313) for cancellation Repurchase of warrants 19 (20,668) (19,497) Exercise of warrants 19 - 26,676 Issue of convertible loan 24 129,000 notes Advances on financial assets 14 (15,799) (1,327) Interest paid (32,406) (5,906) Total cash inflow from 169,758 261,552 financing activities Increase in cash and cash 17 19,953 equivalents 14,645 This information is provided by RNS The company news service from the London Stock Exchange END FR UVSRRWURNRUR
1 Year Infinity Bio-energy Chart |
1 Month Infinity Bio-energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions