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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Panther Metals Plc | LSE:PALM | London | Ordinary Share | IM00BRF2WV49 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 90.50 | 88.00 | 93.00 | 90.50 | 90.50 | 90.50 | 1,890 | 08:00:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -953k | -0.2355 | -3.84 | 3.66M |
From Jul 2019 to Jul 2024
TIDMPALM
RNS Number : 1880N
Asian Plantations Limited
26 September 2012
26 September 2012
Asian Plantations Limited
("APL" or the "Company")
Interim Results for the Six Months ended 30 June 2012
The directors of Asian Plantations Limited (LSE: PALM) (the "Board"), a palm oil plantation company with operations in Malaysia, are pleased to announce its unaudited interim results for the six month period ended 30 June 2012.
Highlights
-- Sale of 6,065 tonnes fresh fruit bunches ("FFB"), a 391 per cent. increase compared to the first half 2011, sold at an average price of RM603 (circa. US$196) per tonne.
-- Issuance of nine and ten year maturity bonds totalling RM100 million (circa. US$ 32.5 million) on 10 May 2012 further strengthening the Company's capital structure.
-- Cash position of US$35.6 million compared with US$28.0 million on 30 June 2011; -- Closing of the 5,000 ha Dulit acquisition on 28 February 2012;
-- Total Assets position of US$175.2 million compared with US$112.6 million on 31 December 2011;
-- Early conversion of the US$1 million Convertible Bond due 2014 outstanding into equity on 1 June 2012 thereby raising the equity invested in the Company to in excess of US$71 million; and,
-- The Company's mill on-track to be operational by year-end.
Tan Sri Datuk Linggi, Non-Executive Chairman of APL, commented:
"We are now into our fifth year of significant investment and land development. Three of our four estates are now revenue producing. Next year, all four of our estates will be generating revenue. We expect to finish calendar year 2012 with approximately 20,000 tonnes of FFB produced rising to approximately 55,000 tonnes produced in 2013. We expect FFB production to rise consistently each year over the next decade as the estates mature.
"Our state-of-the-art vertical sterilizer crushing mill is scheduled to be operational in December of this year. 2012 will be our last year of selling FFB, as in January 2013, we will be delivering Crude Palm Oil (CPO) to the Bintulu refineries. We have also been approached by other independent palm oil estates seeking to sell their FFB output to our mill, which would further enhance our mill's production volumes in 2013 and 2014.
"As at end June 2012, we had 11,049 hectares planted (excluding roads and common areas) compared with year-end 2011 which saw the Company finish the year with 9,322 hectares planted. We currently have sufficient seedlings maturing and contractors on-site, which gives me the confidence that we will finish this year with 14,200 hectares planted.
"I believe that there is an increasing scarcity for Malaysian titled land, a relative tightness in global edible oil inventories and rising global awareness about the importance of palm oil in the global food supply chain. Coupling these trends with a healthy edible oil price environment, the Board believes that its strategy of assembling properly titled, land parcels in Malaysia, an investment grade rated country, will generate substantial value for the Company's shareholders and I look forward to providing shareholders with further updates regarding our progress during the remainder of the calendar year."
For further information contact:
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Asian Plantations Limited
Graeme Brown, Co-Founder & Joint Chief Tel: +65 6325 0970
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Dennis Melka, Co-Founder & Joint Chief
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James Harris Tel: +44 (0) 20 7409
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Steve Baldwin Tel: +44 (0) 203
Dan Iacopetti 037 2000
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Tom Nicholson Tel: +65 6824 8204
Callum Stewart Tel: +44 (0) 20 7459
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Simon Rothschild Tel: +44 (0) 20 7367
8871
Unaudited Interim Condensed Consolidated Income Statement
for the six-month period ended 30 June 2012
Note Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Revenue 6 1,186 274
Cost of sales (515) (167)
Gross profit 671 107
Other operating income 7 279 141
Administrative expenses 8 (2,761) (1,296)
Other operating expenses 9 (1,009) (1,334)
Operating loss (2,820) (2,382)
Finance costs 10 (1,528) (802)
Loss before tax (4,348) (3,184)
Income tax benefit 11 104 209
Loss for the period (4,244) (2,975)
Attributable to :
Owners of the Company (4,244) (2,975)
=========== ===========
Loss per share attributable
to owners of the Company
(cents per share)
Basic 12 (9.18) (7.75)
Diluted 12 (9.18) (7.75)
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Unaudited Interim Condensed Consolidated Statement of Comprehensive Income
for the six-month period ended 30 June 2012
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Loss for the period (4,244) (2,975)
Other comprehensive income:
Foreign currency translation adjustments (2) 764
Total comprehensive income for
the period (4,246) (2,211)
Total comprehensive income attributable
to:
Owners of the Company (4,246) (2,211)
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Unaudited Interim Condensed Consolidated Statement of Financial Position as at 30 June 2012
Note 30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
ASSETS
Non-current assets
Property, plant and equipment 13 28,140 15,600
Biological assets 14 43,525 22,811
Land use rights 15 51,284 32,158
Goodwill on consolidation 7,304 7,335
130,253 77,904
Current assets
Inventories 626 345
Trade and other receivables 6,077 4,780
Income tax recoverable 15 7
Prepayments 2,617 1,575
Cash and bank balances 16 35,668 28,052
45,003 34,759
Total assets 175,256 112,663
EQUITY AND LIABILITIES
Equity
Issued capital 17 88,594 87,321
Accumulated losses (21,011) (16,769)
Other reserves 18 (10,467) (11,430)
Equity attributable to owners
of the Company 57,116 59,122
Non-controlling interests (2) -
Total equity 57,114 59,122
Non-current liabilities
Loans and borrowings 19 93,433 38,942
Convertible bonds 20 1,869 2,681
Deferred tax liabilities 6,199 6,325
101,501 47,948
Unaudited Interim Condensed Consolidated Statement of Financial Position as at 30 June 2012 (cont'd)
Note 30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
Current liabilities
Trade and other payables 2,747 1,271
Other current financial liabilities 1,344 1,086
Loans and borrowings 19 12,413 2,719
Derivative financial instruments 20 137 517
---------- -----------
16,641 5,593
-----------
Total liabilities 118,142 53,541
Total equity and liabilities 175,256 112,663
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Unaudited Interim Condensed Consolidated Statement of Changes in Equity
for the six-month period ended 30 June 2012
Attributable to the owners
of the Company
-----------------------------------------
Share Other Accumulated Non-controlling
capital reserves losses Total interests Total equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
For the six months ended 30.6.2012
Unaudited
At 1 January 2012 87,321 (11,430) (16,769) 59,122 - 59,122
Loss for the period - - (4,244) (4,244) - (4,244)
Other comprehensive income
Foreign currency translation adjustments - (2) - (2) - (2)
Total comprehensive income for the period - (2) (4,244) (4,246) - (4,246)
Issuance of ordinary shares pursuant to
share-based
payment plans 97 (67) - 30 - 30
Share-based payment transactions (Note 21) - 1,032 - 1,032 - 1,032
Issuance of ordinary shares pursuant to
conversion
of convertible bond 1,176 - - 1,176 - 1,176
Accretion from change in equity held in
subsidiary - - 2 2 (2) -
At 30 June 2012 88,594 (10,467) (21,011) 57,116 (2) 57,114
Unaudited Interim Condensed Consolidated Statement of Changes in Equity
for the six-month period ended 30 June 2012 (cont'd)
Attributable to the owners
of the Company
Share Other Accumulated Non-controlling
capital reserves losses Total interests Total equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
For the six months ended 30.6.2011
Unaudited
At 1 January 2011 42,211 (18,995) (5,214) 18,002 - 18,002
Loss for the period - - (2,975) (2,975) - (2,975)
Other comprehensive income
Foreign currency translation adjustments - 764 - 764 - 764
Total comprehensive income for the period - 764 (2,975) (2,211) - (2,211)
Issuance of ordinary shares for cash 25,752 - - 25,752 - 25,752
Share issuance expenses (1,007) - - (1,007) - (1,007)
-------- --------- ----------- ------- --------------- ------------
At 30 June 2011 66,956 (18,231) (8,189) 40,536 - 40,536
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Unaudited Interim Condensed Consolidated Statement of Cash Flows
for the six-month period ended 30 June 2012
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Operating activities
Loss before tax (4,348) (3,184)
Non-cash adjustment to reconcile loss before
tax to
net cash flows:
Amortisation of land use rights 544 315
Depreciation of property, plant and equipment 82 68
Loss/(gain) on disposal of property, plant and
equipment 1 (1)
(Gain)/loss arising from changes in fair value
of convertible bonds (162) 299
Interest income (106) (59)
Interest expense 1,528 802
Unrealised gain on foreign exchange (75) (51)
Share-based payment transaction expense 949 -
Working capital adjustments:
Increase in inventories (282) (114)
Increase in trade and other receivables and prepayments (2,361) (793)
Increase in trade and other payables 1,742 268
(2,488) (2,450)
Income taxes paid (8) -
Income taxes refund, net of paid - 20
Interest received 106 59
Interest paid (1,362) (1,346)
Net cash flows used in operating activities (3,752) (3,717)
Investing activities
Proceeds from disposal of property, plant and
equipment 20 3
Purchase of property, plant and equipment (13,012) (2,074)
Additions to land use rights (19,784) -
Additions to biological assets (20,931) (2,204)
Net cash flows used in investing activities (53,707) (4,275)
Unaudited Interim Condensed Consolidated Statement of Cash Flows
for the six-month period ended 30 June 2012 (cont'd)
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Financing activities
Proceeds from issuance of ordinary shares 30 25,752
Share issuance expenses - (1,007)
Proceeds from issuance of convertible
bonds - 1,000
Repayment of term loan (3) (3)
Drawdown of term loans 32,531 3,268
Drawdown of bank guaranteed medium term
notes programme 30,616 -
Repayment of finance lease liabilities (162) (49)
Net cash flows from financing activities 63,012 28,961
Net increase in cash and cash equivalents 5,553 20,969
Net foreign exchange difference 1,311 450
Cash and cash equivalents at 1 January 27,474 1,019
Cash and cash equivalents at 30 June
(Note 16) 34,338 22,438
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
1. Corporate information
The interim condensed consolidated financial statements for the six months ended 30 June 2012 were authorised for issue in accordance with a resolution of the directors on 26 September 2012.
Asian Plantations Limited (the "Company") is a limited liability company incorporated and domiciled in the Republic of Singapore and listed on the Alternative Investment Market ("AIM") of the London Stock Exchange.
The registered office of the Company is located at No.14 Ann Siang Road, #02-01, Singapore 069694.
The principal activity of the Company is that of investment holding. The principal activities of the subsidiaries are development of oil palm plantation.
During the financial period, the Group incorporated a new subsidiary in Singapore under the name APL II Pte Ltd. The principal activity of this subsidiary is dormant.
During the financial period, an indirect subsidiary, Jubilant Paradise Sdn. Bhd. was diluted from 100% to 60% equity interest pursuant to a Shareholders' Agreement with a Malaysian entity to mutually develop oil palm plantation land.
2. Basis of preparation and changes to the Group's accounting policies
Basis of preparation
The interim condensed consolidated financial statements for the six months ended 30 June 2012 have been prepared in accordance with IAS 34 Interim Financial Reporting.
The interim condensed consolidated financial statements are unaudited and do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2011.
The interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
The financial statements are presented in United States Dollars ("USD") to facilitate the comparison of financial results with companies in the oil-palm industry and all values are rounded to the nearest thousand ("USD'000") except when otherwise indicated.
New standards, interpretations and amendments thereof, adopted by the Group
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2011.
2. Basis of preparation and changes to the Group's accounting policies (cont'd)
New standards, interpretations and amendments thereof, adopted by the Group (cont'd)
The following amendments to the IFRSs standards did not have any impact on the accounting policies, financial position or performance of the Group:
-- IAS - 12Deferred Tax: Recovery of Underlying Assets (Amendment)
This amendment to IAS 12 includes a rebuttable presumption that the carrying amount of investment property measured using the fair value model in IAS 40 will be recovered through sale and, accordingly, that any related deferred tax should be measured on a sale basis. The presumption is rebutted if the investment property is depreciable and it is held within a business model whose objective is to consume substantially all of the economic benefits in the investment property over time, rather than through sale. Specifically, IAS 12 will require that deferred tax arising from a non-depreciable asset measured using the revaluation model in IAS 16 should always reflect the tax consequences of recovering the carrying amount of the underlying asset through sale. Effective implementation date is for annual periods beginning on or after 1 January 2012.
The Group does not have any investment properties nor assets under IAS 16 valued under the revaluation model, hence there is no impact on the financial statements of the Group.
-- IFRS - 7 Disclosures - Transfer of Financial Assets (Amendment)
The IASB issued an amendment to IFRS 7 that enhances disclosures for financial assets. These disclosures relate to assets transferred (as defined under IAS 39). If the assets transferred are not derecognised entirely in the financial statements, an entity has to disclose information that enables users of financial statements to understand the relationship between those assets which are not derecognised and their associated liabilities. If those assets are derecognised entirely, but the entity retains a continuing involvement, disclosures have to be provided that enable users of financial statements to evaluate the nature of, and risks associated with, the entity's continuing involvement in those derecognised assets. Effective implementation date is for annual periods beginning on or after 1 July 2011 with no comparative requirements.
-- IFRS - 1 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendment)
When an entity's date of transition to IFRS is on or after the functional currency normalisation date, the entity may elect to measure all assets and liabilities held before the functional currency normalisation date, at fair value on the date of transition to IFRS. This fair value may be used as the deemed cost of those assets and liabilities in the opening IFRS statement of financial position. However, this exemption may only be applied to assets and liabilities that were subject to severe hyperinflation. Effective implementation date is for annual periods beginning on or after 1 July 2011 with early adoption permitted.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
3. Significant accounting judgements and estimates
The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future period.
3.1 Judgements made in applying accounting policies
In the process of applying the Group's accounting policies, management has made the following judgements, apart from those involving estimations, which has the most significant effect on the amounts recognised in the consolidated financial statements:
(a) Determination of functional currency
The Group continues to determine its functional currencies to be Ringgit Malaysia ("RM") based on management's assessment of the economic environment in which the entities operate and the entities' process of determining sales prices.
(b) Fair value of biological assets (nursery)
The biological assets are stated at fair value. Management made the judgement that cost approximates fair value of the biological asset for nursery because little biological transformation has taken place since its initial cost incurrence. The carrying amount of nursery as at 30 June 2012 is USD1,417,000 (31 December 2011: USD1,053,000).
3.2 Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
(a) Useful lives of property, plant and equipment
There are no changes to the estimated economic useful life of property, plant and equipment of within 5 to 60 years.
(b) Impairment of non-financial assets
An impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm's length transaction of similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from projected net cash flows over a period of 25 productive years of oil palms from financial budgets approved by management and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset's performance of the cash generating unit being tested. Based on management's analysis, goodwill is not impaired as at 30 June 2012.
3. Significant accounting judgements and estimates (cont'd) 3.2 Estimates and assumptions (cont'd) (c) Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Group establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective counties in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective company's domicile. As the Group assesses the probability for litigation and subsequent cash outflow with respect to taxes as remote, no contingent liability has been recognised.
The carrying amount of income tax recoverable at 30 June 2012 was USD7,000 (31 December 2011: USD7,000).
Deferred tax assets are recognised for all unused tax losses, unabsorbed capital and agricultural allowances to the extent that it is probable that taxable profit will be available against which the losses, unabsorbed capital and agricultural allowances can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
(d) Share-based payment transactions
The Group measures the cost of equity-settled transactions with directors, employees and consultants by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them.
4. Seasonality of operations
The Group's plantation operations are affected by seasonal crop production, weather conditions and fluctuating commodity prices. As a result, the comparison of half-year to half-year results may not be a good indicator of the overall trend of the Group's plantation operations or of the results for the whole of the financial period.
5. Operating segment information
The Group continues to be organised as one segment and the Chief Operating Decision Makers review the profit or loss of the entity as a whole, which is the plantation segment and in one geographical location, Malaysia. Accordingly, no segmental information is prepared based on business segment or on geographical distribution as it is not meaningful.
6. Revenue
Revenue represents sale of fresh fruit bunches.
7. Other operating income
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Short term deposits interest income 106 60
Sale of seedlings 11 81
Gain arising from changes in fair
value of embedded derivative of the
convertible bonds 162 -
279 141
8. Administrative expenses
Included in administrative expenses are audit, tax, legal and other professional fees amounting to USD608,000 (six months ended 30 June 2011: USD345,000) and share-based payment transaction expense of USD949,000 (six months ended 30 June 2011: Nil) related to the Company's share option scheme (Note 21).
9. Other operating expenses
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Loss arising from changes in fair
value of embedded derivative of the
convertible bond - 299
Net foreign exchange loss 384 493
Repair and maintenance 73 164
Motor vehicle running expenses - 1
Amortisation of land use rights 544 315
Cost of seedlings sold 8 62
1,009 1,334
10. Finance expenses
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Interest expense on loans and borrowings 1,318 726
Interest expense on convertible bond 44 9
Accretion of interest on the convertible
bond 166 67
1,528 802
11. Income tax benefit
The major components of income tax benefit in the interim consolidated income statement are:
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Over provision of income tax expense
in prior period - (11)
Deferred income tax expense related
to origination and reversal of deferred
taxes (156) (198)
Under provision of deferred tax expense
in prior period 52 -
Total income tax benefit (104) (209)
12. Loss per share
Basic loss per share amounts are calculated by dividing loss for the period, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial period.
Diluted loss per share amounts are calculated by dividing loss for the period, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial period plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. There is no dilutive potential ordinary share as at period ended 30 June 2012 and 2011.
12. Loss per share (cont'd)
The following tables reflect the loss and share data used in the computation of basic loss and diluted per share for the periods ended 30 June:
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Loss, net of tax, attributable to
owners of the Company (4,244) (2,975)
-
============= =============
No. of shares No. of shares
'000 '000
Weighted average number of ordinary
shares for basic and diluted loss
per share computation* 46,252 38,387
-
============= =============
* The weighted average number of ordinary shares takes into account the weighted average effect of changes in ordinary shares transactions during the period.
The potential ordinary shares from unsecured convertible bonds and options granted pursuant to the Company's share option scheme have not been included in the calculation of diluted loss per share because they are anti-dilutive.
13. Property, plant and equipment
30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
At 1 January 15,600 9,576
Additions 13,632 7,338
Disposal (21) (14)
Depreciation (646) (833)
Exchange differences (425) (467)
At 30 June / 31 December 28,140 15,600
Depreciation of property, plant and
equipment capitalised to biological
assets: 564 693
Assets pledged for banking facilities
A building of the Group with net carrying amount of USD227,000 (31 December 2011: USD229,000) is pledged for banking facilities as disclosed in Note 19.
14. Biological assets
30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
At fair value
At 1 January 22,811 11,022
Additions 21,578 9,011
Gain arising from changes in fair
value - 3,499
Exchange differences (864) (721)
At 30 June / 31 December 43,525 22,811
Represented by:
Mature plantation 20,857 1,628
Immature plantation 21,251 20,130
Nursery 1,417 1,053
At 30 June / 31 December 43,525 22,811
There is no gain or loss arising from changes in fair value less estimated costs to sell during the financial period ended 30 June 2012 (31 December 2011: USD3,499,000) as the Group has adopted the practice of determining the fair value of its biological assets on an annual basis. Management is of the view that there are no significant changes to the basis and assumptions used in the previous valuation of the biological assets.
30.6.2012 31.12.2011
Hectares Hectares
Planted area:
Mature plantation 2,983 230
Immature plantation 3,985 4,180
Total 6,968 4,410
15. Land use rights
30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
At 1 January 32,158 33,546
Additions 19,784 196
Amortisation charge (544) (624)
Exchange differences (114) (960)
At 30 June / 31 December 51,284 32,158
On 28 February 2012, the Group completed the acquisition of 5,000 hectares of semi-developed plantation land for a total consideration of RM102 million (USD34.4 million).
Land use rights of the Group are pledged for banking facilities as disclosed in Note 19.
16. Cash and bank balances
For the purpose of the interim condensed consolidated statement of cash flows, cash and cash equivalents comprise:
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Cash on hand and at banks 6,793 18,051
Short-term deposits 28,875 4,387
Total cash and short-term deposits 35,668 22,438
Bank overdraft (1,330) -
Cash and cash equivalents 34,338 22,438
17. Issued capital
30.6.2012 31.12.2011
No. of No. of
shares shares
'000 USD'000 '000 USD'000
Unaudited Unaudited Audited Audited
At 1 January 2012 / 1 January
2011 46,175 87,321 33,445 42,211
Issuance during the period/year 336 1,273 12,730 46,252
Share issuance expense - - - (1,142)
At 30 June 2012 / 31 December
2011 46,511 88,594 46,175 87,321
- - - -
17. Issued capital (cont'd)
Issuance of shares
On 16 April 2012, the Board approved the allotment of 23,000 shares pursuant to the exercise of share options granted in accordance with the Company's share option scheme and these shares were subsequently listed on AIM on 30 April 2012.
On 28 May 2012, the Board approved the conversion of the convertible bond with face value of USD1,000,000 to 313,383 ordinary shares of the Company and these shares were subsequently listed on AIM on 7 June 2012.
18. Other reserves
The composition of other components of other reserves is as follows:
30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
Merger reserve (20,256) (20,256)
Foreign currency translation reserve (708) (717)
Share-based payment transaction reserve
(Note 21) 10,497 9,543
(10,467) (11,430)
19. Loans and borrowings
30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
Current
Bank overdraft 1,330 578
Short term revolving credit 1,881 1,889
Term loans 8,840 5
Obligation under finance leases 362 247
12,413 2,719
Non-current
Bank Guaranteed Medium Term Notes
Programme 30,616 -
Term loans 61,538 38,002
Obligation under finance leases 1,279 940
93,433 38,942
Total loans and borrowings 105,846 41,661
19. Loans and borrowings (cont'd)
During the period, the Group completed the issuance of bank guaranteed medium term notes programme ("MTN Programme") of up to RM255 million (USD85 million) in nominal value and bank guarantee facility of RM255 million from Malayan Banking Berhad to BJ Corporation Sdn. Bhd., a wholly-owned subsidiary, to guarantee the full principal redemption of the MTN Programme of up to RM255 million and one semi-annual coupon payment. The proceeds from this programme will be utilised towards the construction of the Group's first vertical steriliser oil palm mill, refinancing of the Group's certain loans and borrowings that are due for repayment, and to also finance the plantation development expenditure including working capital requirements for a subsidiary, BJ Corporation Sdn. Bhd.
As at 30 June 2012, the Group has drawn down the first tranche of the MTN Programme amounting to RM100 million (USD33 million). The second tranche totaling RM155 million (USD52 million) is expected to be drawn down early 2013.
Of the first tranche of the MTN Programme, RM35 million (USD12 million) bears a coupon rate of 4.35% per annum, while the balance of RM65 million (USD22 million) bears a coupon rate of 4.45% per annum. Tenure of the MTN Programme is up to 10 years from the date of the first issuance and repayment is to commence 5 years from the date of first issue.
The Group has also drawn down term loan of RM71.4 million (USD24 million) for the acquisition of a semi-developed plantation land as disclosed in Note 15. This term loan bears interest rate at Base Lending Rate plus 1.00% per annum and is repayable 3 years from the date of first drawdown.
Loans and borrowings of the Group are secured either by a charge over the leased assets or leasehold land of the Group in which it has prepaid the rights to use the land as disclosed in Note 15.
20. Convertible bonds
30.6.2012 31.12.2011
Maturity USD'000 USD'000
Unaudited Audited
18 November
USD1.0 million 2014 - 926
USD2.1 million 8 August 2015 1,869 1,755
1,869 2,681
On 28 May 2012, the unsecured convertible bond of USD1 million was converted to 313,383 ordinary shares of the Company.
20. Convertible bonds (cont'd)
The carrying amount of liability component of the convertible bond at end of reporting period is follows:
30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
Liability component at 1 January 2,681 -
Add: At Initial recognition - 2,467
Less: Conversion of convertible bond (960) -
Add: Accretion of interests on the
convertible bonds 148 214
At 30 June / 31 December 1,869 2,681
Embedded derivative relating to the conversion option of the convertible bond is recorded as a "fair value through profit or loss" financial instrument with a balance of USD137,000 as at 30 June 2012 (31 December 2011: USD517,000).
21. Share-based payment plans
There has been no cancellation or modification to the Scheme during the period ended 30 June 2012.
Expense recognised for this equity-settled share-based payment transaction during the financial period amount to USD1,032,000 (30 June 2011: Nil), of which USD83,000 has been capitalised to biological assets.
Movements during the period/year
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the period/year:
30.06.2012 30.06.2012 31.12.2011 31.12.2011
Number WAEP Number WAEP
USD USD
Outstanding at 1 January 3,747,000 1.83 - -
Granted during the period/year 220,000 2.41 3,747,000 1.83
Exercised during the
period/year (23,000) 1.23 - -
Outstanding at 30 June
/
31 December 3,944,000 1.84 3,747,000 1.83
Exercisable at 30 June
/
31 December 1,538,500 2.65 761,500 1.19
21. Share-based payment plans (cont'd)
The fair value of options granted during the six months ended 30 June 2012 was estimated on the date of grant using the following assumptions:
Dividend yield (%) 0 Expected volatility (%) 36.98 Risk-free rate * Expected life of share options (years) 10 Share price (pence) 247
* Based on GBP Libor rates and Swap rates at valuation date.
The expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not necessarily be the actual outcome.
22. Fair value of financial instruments
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly
Level 3: techniques that use inputs that have a significant effect on the recorded fair value
that are not based on observable market data
As at 30 June, the Group held the following financial instruments carried at fair value in the statements of financial position:
(a) Fair value of financial instruments that are carried at fair value
The Group does not have any financial instruments carried at fair value other than the derivative component of the unquoted convertible bonds. Fair value of the derivative component is valued using a binomial model based on observable market data (level 2).
(b) Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value
Trade and other receivables, Cash and bank balances, Trade and other payables, Other liabilities and Loans and borrowings (excluding obligations under finance leases).
The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values, either due to their short-term nature or they are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.
22. Fair value of financial instruments (cont'd)
(c) Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value
The fair value of financial assets and liabilities by classes that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value are as follows:
Carrying Amount Fair Value
30.6.2012 31.12.2011 30.6.2012 31.12.2011
USD'000 USD'000 USD'000 USD'000
Financial liabilities:
- Obligations under
finance leases 1,641 1,187 1,560 1,194
- Convertible bonds 1,869 2,681 * *
* It is not practicable and cost outweighs benefits to determine the fair value of the unquoted convertible bonds.
23. Commitments and contingencies (a) Capital commitments
Capital commitments contracted for at the end of the reporting period but not recognised in the financial statements are as follows:
30.6.2012 31.12.2011
USD'000 USD'000
Unaudited Audited
Approved and contracted for:
* property, plant and equipment 24,176 3,526
Approved and not contracted
for:
* property, plant and equipment 11,467 40,910
* biological assets 5,750 7,975
41,393 52,411
(b) Contingencies
The Group does not have contingent liabilities as at 30 June 2012 and 31 December 2011.
(c) Operating lease commitments
As lessee
In addition to the land use rights disclosed in Note 15, the Group has no other operating leases.
23. Commitments and contingencies (cont'd) (d) Finance leases
As lessee
The Group has finance leases for certain property, plant and equipment. These leases have terms of renewal but no purchase options and escalation clauses. Renewals are at the option of the specific entity that holds the lease.
Future minimum lease payments under finance leases together with the present value of the net minimum lease payments are as follows:
30.6.2012 31.12.2011
Present Present
value of value of
Minimum minimum Minimum minimum
lease payments lease payments lease payments lease payments
USD'000 USD'000 USD'000 USD'000
Not later than
one year 456 362 318 248
Later than one
year but not more
than five years 1,268 1,145 952 844
More than five
years 150 134 99 95
Total minimum lease
payments 1,874 1,641 1,369 1,187
Less: Amount representing
finance charges (233) - (182) -
Present value of
minimum lease payments 1,641 1,641 1,187 1,187
24. Related party disclosures
The following are the significant transactions between the Group and related parties (who are not members of the Group) that took place during the financial period ended 30 June 2012 and 30 June 2011 at the terms agreed between the parties, which are conducted at arm's length.
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Transactions with related parties
- Rental charged 14 19
- Construction of estate housing - 186
- Administrative costs charged 79 68
93 273
Related parties represent companies in which certain directors of the Group have financial interest and are also directors of these companies.
Compensation of key management personnel
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Directors' salaries 238 254
Directors' fees 93 97
Short term employee benefits 181 76
Contribution to defined contribution
plans 30 9
Share-based payment transactions
(Note 21) 982 -
1,524 436
24. Related party disclosures (cont'd)
Compensation of key management personnel (cont'd)
Six Months Six Months
Ended Ended
30.6.2012 30.6.2011
USD'000 USD'000
Unaudited Unaudited
Compensation comprise
Amounts paid to:
- Directors of the Company 328 348
- Directors of a subsidiary company 3 3
- Other key management personnel 211 85
542 436
Share-based payment transactions
expense:
- Directors of the Company 947 -
- Other key management personnel 35 -
982 -
1,524 436
The amounts disclosed above are the amounts recognised as an expense during the reporting period related to key management personnel.
Share option scheme
Directors' and other key management personnel interest in the Company's share option scheme ("the Scheme") (Note 21):
Share options held by directors and other key management personnel under the Scheme have the following expiry dates and exercise price:
Expiry date Exercise price Number outstanding
Directors 30.6.2012 31.12.2011
Issue date:
- 2011 2021 USD1.22 2,850,000 2,850,000
- 2011 2016 USD3.98 800,000 800,000
Other key management
personnel
Issue date:
- 2011 2021 USD1.22 32,000 32,000
- 2012 2022 USD3.84 100,000 -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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