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ANGLO AFRICAN AGRICULTURE PLC - Final Results for the period ended 31 March 2013

Friday, July 19, 2013 5:10 AM


ANGLO AFRICAN AGRICULTURE PLC - Final Results for the period ended 31 March 2013

ANGLO AFRICAN AGRICULTURE PLC
FINAL RESULTS FOR THE PERIOD 17 JANUARY 2012 TO 31 MARCH 2013
The Board is pleased to present the results for the Company for the period 17
January 2012 to 31 March 2013.
CHAIRMAN'S STATEMENT
Anglo African Agriculture plc ("AAA" or "the Company") was established as a
means to invest in or acquire companies engaged in the agriculture sector in
Africa. The Directors intend to use their collective experience to identify
appropriate investment opportunities in the production, transportation and
trading of food products, including the acquisition of land for food
production.
AAA was successfully floated on the ISDX Growth Market on 6 September 2012 and
during the period has raised GBP607,000 in equity.
We have reviewed many potential investments and acquisitions in the
agricultural sector throughout sub Saharan Africa and we have established and
developed contacts with many potential introducers of businesses in the region.
On 28th March 2013, AAA made an investment of 19% in Dynamic Intertrade (Pty)
Limited ("Dynamic") and subsequently provided a secured loan facility of
GBP500,000 to the company. Dynamic is an agro processing company based in
Brits, South Africa, involved in the manufacture, import, trading and
distribution of herbs, spices, seasonings and confectionary products.
We have an option to acquire the remaining share capital of dynamic and we lent
the company GBP500,000 to enable the business to develop.
We see the investment in Dynamic as an exciting opportunity to build a platform
to enable AAA to fulfil its investment objectives and build a significant
agricultural presence in Africa. Your board continues to evaluate other
opportunities that will be complementary to Dynamic.
The Directors are very conscious of the need to keep running costs of the
Company to a minimum. The costs during the period under review amounted to
GBP119,876. Of this amount, approximately GBP50,000 was incurred to list the
Company on the ISDX Growth Market and approximately GBP30,000 was incurred to
make the investment in Dynamic. These costs were one off and so would not be
expected to recur unless further acquisitions were made.
Our objective will be to make further investments and acquisitions and in due
course, to float the company on AIM.
Andrew Monk
Chairman
17 July 2013
The audited full accounts are available on the Company's website at
www.aaaplc.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Anglo African Agriculture plc
Andrew Monk
Tel: +44 (0) 20 3005 5001
VSA Capital Limited
Andrew Raca
Tel +44 (0) 20 3005 5004
Alfred Henry Corporate Finance Limited
Jon Isaacs
Tel: +44 (0) 20 7251 3762
Zeus Capital Limited
Ross Andrews
Tel +44 (0)161 831 1512
Tim Blythe
Blythe Weigh Communications
Tel: + 44 (0) 207 138 3204

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 17 JANUARY 2012 TO 31 MARCH 2013
                                                     Notes       Period ended
                                                                 31 March 2013
                                                                       GBP
Turnover                                                                -
Administrative expenses                                          (119,876)
                                                                  -------
Operating loss                                                   (119,876)
Bank Interest                                                           -
                                                                  -------
Loss on ordinary activities before taxation                      (119,876)
Tax on loss on ordinary activities                                      -
                                                                  -------
Loss for the period                                              (119,876)
                                                                  =======
Basic and diluted earnings per share                 4             (0.28p)
                                                                  -------
Since there is no other comprehensive loss, the loss for the period is the same
as the total comprehensive loss for the period attributable to the owners of
the Company.

STATEMENT OF THE FINANCIAL POSITION
AT 31 MARCH 2013
                                                                   2013
                                                                    GBP
Assets
Non-current assets
Investment                                                       84,915
Current assets
Cash at bank and in hand                                        546,998
                                                                -------
Total assets                                                    631,913
                                                                =======
Equity and Liabilities
Called up share capital                                          68,515
Share premium account                                           624,916
Share-based payments reserve                                     16,906
Profit & loss account                                          (119,876)
                                                                -------
Total equity                                                    590,461
                                                                -------
Current liabilities
Creditors: amounts falling due within one                        41,452
year                                                            -------
Total liabilities                                                41,452
                                                                -------
Total equity and liabilities                                    631,913
                                                                =======

CASH FLOW STATEMENT
FOR THE PERIOD FROM 17 JANUARY TO 31 MARCH 2013
                                                                   2013
                                                                    GBP
Cash flows from operating activities
Operating loss                                                 (119,876)
Movement in the share based payment reserve                      16,906
Adjustments for:
Changes in working Capital
Trade and other payables                                          41,452
                                                                 -------
Net cash flows used in operating activities                      (61,518)
Cash flows from financing activities:
Net proceeds from issue of shares                                608,516
                                                                 -------
Cash at 31 March 2013                                            546,998
                                                                 =======

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2013
1.    General Information
      Anglo African Agriculture plc is a company incorporated in the United
      Kingdom. Details of the registered office, the officers and advisers to
      the Company are presented on the Directors and Advisers page at the
      beginning of this report. The Company is listed on the ISDX Growth
      Market.
      The financial information contained in this statement has been extracted
      from the audited full accounts of the Company and is presented using the
      same accounting policies. The audited full accounts which have been filed
      with the Registrar of companies include an unqualified report on 17 July
      2013 from the auditors.
2.    Summary significant accounting policies
      The principal accounting policies applied in the preparation of these
      financial statements are set out below.
      2.1   Basis of preparation
            The financial statements have been prepared in accordance with
            International Financial Reporting Standards (IFRS) and with those
            parts of the Companies Act 2006 applicable to companies reporting
            under IFRS. IFRS comprises of standards issued by the International
            Accounting Standards Board (IASB) and the interpretations issued by
            the International Financial Reporting Interpretations Committee
            (IFRIC) as adopted by the European Union (EU).
            Preparation of financial statements
            The preparation of financial statements in conformity with IFRS
            requires the use of certain critical accounting estimates. It also
            requires management to exercise its judgment in the process of
            applying the Company's accounting policies. The areas involving a
            higher degree of judgment or complexity, or areas where assumptions
            and estimates are significant to the financial statements are
            disclosed in Note 3.
            Issued International Financial Reporting Standards (IFRS's) and I
            nterpretations (IFRICS) relevant to company operations
            There are no IFRS or IFRIC interpretations that are effective for
            the first time in this financial period that would be expected to
            have a material impact on the Company.
            Standards, interpretations and amendments to published standards
            that are not yet effective
            There are no other IFRS or IFRIC interpretations that are not yet
            effective that would be expected to have a material impact on the
            Company.
      2.2   Going concern
            The financial statements have been prepared on a going concern
            basis.
            The company made a loss for the period 17 January 2012 to 31 March
            2013 of GBP119,876. The directors have formed a judgement, at the
            time of approving the financial statements, that it is appropriate
            to adopt the going concern basis in preparing the financial
            statements. These financial statements do not include any
            adjustments that would arise if the Group was unable to continue to
            trade.
      2.3   Compliance with accounting standards
            The financial statements are prepared in accordance with applicable
            accounting standards.
      2.4   Investments
            Investments are stated at cost less provision for any impairment in
            value.
      2.5   Receivables
            Receivables are recognised and stated at fair value less any
            allowances for doubtful debts
      2.6   Trade payables
            Trade payables are recognised initially at fair value and
            subsequently measured at amortised cost using the effective
            interest method.
      2.7   Share Capital
            Ordinary shares are classified as equity. Incremental costs
            directly attributable to the issue of new shares or options are
            shown in equity as a deduction, net of tax, from the proceeds.
      2.8   Share premium
            Share premium represents the excess of the amount subscribed for
            share capital over the nominal value of these shares net of share
            issue expenses.
      2.7   Fair values
            The carrying amounts of the financial assets and liabilities such
            as cash and cash equivalents, receivables and payables of the
            company at the statement of financial position date approximated
            their fair values, due to relatively short term nature of these
            financial instruments.
      2.8   Foreign currency translation
            Monetary assets and liabilities denominated in foreign currencies
            are translated into sterling at the rates of exchange ruling at the
            balance sheet date. Transactions in foreign currencies are recorded
            at the rate ruling at the date of the transaction. All differences
            are taken to profit and loss account.
      2.9   Taxation
            Tax on profit the profit or loss for the year comprises current and
            deferred tax. Tax is recognised in the income statement except to
            the extent that it relates to items recognised directly in equity,
            in which case it is recognised in equity.
            Current tax is the expected tax payable on the taxable income for
            the year, using tax rates enacted or substantively enacted at the
            balance sheet date together with any adjustment to tax payable in
            respect of previous years.
            Deferred tax is provided on temporary differences between the
            carrying amounts of assets and liabilities for financial reporting
            purposes and the amounts used for taxation purposes. The following
            temporary differences are not provided for: the initial recognition
            of assets or liabilities that affect neither accounting nor taxable
            profit other than in a business combination, and differences
            relating to investments in subsidiaries to the extent that they
            will probably not reverse in the foreseeable future. The amount of
            deferred tax provided is based on the expected manner of
            realisation or settlement of the carrying amount of assets and
            liabilities, using tax rates enacted or substantively enacted at
            the balance sheet date.
      2.10  Share-based compensation
            The fair value of the employee and suppliers services received in
            exchange for the grant of the options is recognised as an expense.
            The total amount to be expensed over the vesting year is determined
            by reference to the fair value of the options granted, excluding
            the impact of any non-market vesting conditions (for example,
            profitability and sales growth targets). Non-market vesting
            conditions are included in assumptions about the number of options
            that are expected to vest. At each statement of financial position
            date, the entity revises its estimates of the number of options
            that are expected to vest. It recognises the impact of the revision
            to original estimates, if any, in the income statement, with a
            corresponding adjustment to equity.
            The proceeds received net of any directly attributable transaction
            costs are credited to share capital (nominal value) and share
            premium when the options are exercised.
            The fair value of share-based payments recognised in the income
            statement is measured by use of the Black Scholes model, which
            takes into account conditions attached to the vesting and exercise
            of the equity instruments. The expected life used in the model is
            adjusted; based on management's best estimate, for the effects of
            non-transferability, exercise restrictions and behavioural
            considerations. The share price volatility percentage factor used
            in the calculation is based on management's best estimate of future
            share price behaviour and is selected based on past experience,
            future expectations and benchmarked against peer companies in the
            industry.
3.    Critical accounting estimates and judgements
      The Company makes certain estimated and assumptions regarding the future.
      Estimates and judgements are continually evaluated based on historical
      experience and other factors, including expectations of future events
      that are believed to be reasonable under the circumstances. In the future
      actual experience may differ from these estimates and assumptions. The
      estimates and assumptions that have a significant risk of causing a
      material adjustment to the carrying amounts of assets and liabilities
      within the next financial year are discussed below.
      Estimates and assumptions
      Share-based payments
      The fair value of share-based payments recognised in the income statement
      is measured by use of the Black Scholes model, which takes into account
      conditions attached to the vesting and exercise of the equity
      instruments. The expected life used in the model is adjusted; based on
      management's best estimate, for the effects of non-transferability,
      exercise restrictions and behavioural considerations. The share price
      volatility percentage factor used in the calculation is based on
      management's best estimate of future share price behaviour based on past
      experience, future expectations and benchmarked against peer companies in
      the industry.
4.    Loss per share
      Basic loss per share is calculated by dividing the loss attributable to
      equity shareholders by the weighted average number of ordinary shares
      in issue during the period:
                                                                       2013
                                                                        GBP
      Loss after tax                                               (119,876)
      Weighted average number of ordinary shares in issue        42,072,239
      Basic and diluted loss per share (pence)                        0.28p
      Basic and diluted earnings per share are the same, since where a loss
      is incurred the effect of outstanding share options and warrants is
      considered anti-dilutive and is ignored for the purpose of the loss per
      share calculation. As at 31 March 2013 there were 57,737,930
      outstanding share options and 5,517,138 outstanding share warrants,
      both are potentially dilutive.
(Source: PR Newswire )
(Source: Quotemedia)

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