Half Yearly Report

AfriAg PLC

("AfriAg" or the "Company")

(AIM ticker AFRI)

Unaudited interim results

AfriAg (AIM: AFRI), the AIM-listed agricultural value chain investing company, today announces its unaudited interim results for the 6 month period ended 30 June 2013.

Key Events

· During the period, the Company's name and investing policy was changed and David Lenigas was appointed Executive Chairman

· Since the period end, the Company has:

- Completed the purchase of a 40% equity interest in agri-logistics company AfriAg SA.

- Completed a £600,000 placing and equity swap at 2.06p per share, a prevailing 10% premium to the share price.

- AfriAg SA secured a number of key exclusive logistics contracts.

- Made IAG Cargo, the owners of British Airways and Iberia, its air carrier of choice.

David Lenigas, Executive Chairman of AfriAg, commented:

"The Company's new investment in southern Africa has started well. AfriAg SA has secured its first logistics contracts and is involved in numerous discussions on new contracts, some of which are at an advanced stage.

We are confident that AfriAg has the ability to grow rapidly and profitably and we continue to seek out additional investment opportunities in related agriculturally-based activities."

For further information please contact:

AfriAg plc: +44 (0) 20 7440 0640

David Lenigas

Donald Strang

Nominated Adviser and Broker:

Allenby Capital Limited +44 (0) 20 3328 5656

Nick Harriss/Nick Athanas/

Michael McNeilly

Public Relations:

Square1 Consulting +44 (0) 20 7929 5599

David Bick

Chairman's Statement

Your board of directors is now focused on transforming the Company in to one of the leading agri-logistics businesses in Africa.

AfriAg's vision for the future is to build a series of partnerships and alliances with specialist companies operating in agri-logistics throughout Africa to create the first truly pan-African agri-logistics conglomerate with offices and representative offices across Africa. We are confident that our first investment in 40% AfriAg SA (collectively with the Company, the "AfriAg Group"), headed up by Mr Paul de Robillard, is the first of many partnerships we will create throughout the continent. The aim is to provide each customer with a bespoke 'field-to-fork' service at the right value, at the right time and at the right quality.

AfriAg SA has, in just a short period of time, already secured key contracts transporting perishable goods from Zambia, Zimbabwe, Mozambique and South Africa to Europe and Asia.

The AfriAg Group has now chosen IAG Cargo as its freight carrier of choice. IAG Cargo, which represents the combined network of British Airways and Iberia in South Africa, started carrying freight for AfriAg SA several months ago. IAG Cargo will transport freight to Europe for several of AfriAg SA's key existing contracts and it is also the intention of the AfriAg Group that IAG Cargo will transport freight to Europe for prospective contracts.

 IAG Cargo operates a state-of-the-art holding and movement facility at OR Tambo International. Across their 17 flights a week to Johannesburg and 14 flights a week to Cape Town services, IAG Cargo offers a weekly cargo uplift of over 600 tonnes, which can reach any of its 350 worldwide destinations.

On 24 April 2013, the adoption of the Company's new investing policy was approved by shareholders of the Company. This enabled the Company to focus on investments in businesses involved in agriculture generally and the production, processing, logistics and distribution of agricultural produce. Following this meeting, I was appointed as Executive Chairman of the Company on 24 April 2013 and on 30 April 2013 the Company changed its name from 3D Resources Plc to AfriAg plc

On 30 July 2013 AfriAg announced that it had signed the sale and purchase agreement to acquire a 40% shareholding in South African company AfriAg (Pty) Ltd. The Company announced on 6 September 2013 that it had completed this investment and confirmed that as per the previous announcements all necessary approvals had been obtained. The Board believe that this investment marks an exciting development for the Company, and one they are confident will produce good results.

On 12 September 2013, the Company announced that it had successfully entered into a £600,000 Placing and Equity Swap Agreement with YA Global Master SPV, Ltd. at 2.06p per share, a 10% premium to the prior day's closing mid-market price. The Board believes that this will enable them to further develop the Company.

Financial Results

During the period, the Company made a loss before taxation of £80,000 (6 months ended 30 June 2012: loss £305,000, 12 months ended 31 December 2012: loss £4,775,000). There was a weighted loss per share of 0.01p (30 June 2012: loss per share 0.04p, 31 December 2012: loss per share 0.58p). 

Cash and cash equivalents at 30 June 2013 amounted to £76,000 (30 June 2012: £225,000; 31 December 2012:£172,000). As at 27 September 2013, the Company had cash at bank and cash equivalents of £300,000.

Outlook

The current Board considers this to be an exciting period for the Company and is confident that the investments made by the Company are both encouraging and potentially rewarding. We will look to realise this potential over the future years in addition to continuing to review other investment opportunities.

The Board would like to take this opportunity to thank our shareholders, staff and consultants for their continued support

I look forward to reporting further progress over the next period and beyond.

David Lenigas

Executive Chairman

27 September 2013

Income Statement (unaudited)

For the 6 months ended 30 June 2013

All of the revenues and loss above is derived from continuing operations.

There is no other income for this period, and therefore no separate statement of comprehensive income has been presented.

Statement of Changes in Equity (unaudited)

For the 6 months ended 30 June 2013

Statement of Financial Position (unaudited)

At 30 June 2013

Statement of Cash Flows (unaudited)

For the 6 months ended 30 June 2013

Notes to the Interim Financial Information (unaudited)

1. General Information

The condensed financial information for the 6 months to 30 June 2013 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.

The condensed financial information in respect of the 18 months ended 31 December 2012 has been produced using extracts from the statutory accounts for this period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the 18 months ended 31 December 2012, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.

The Report was approved by the Directors on 27 September 2013 and will be available shortly on the Company's website at www.afriag.com.

2. Accounting Policies

Basis of preparation

The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.

Basis of accounting

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2012 annual financial statements.

3. Loss Per Share

IAS 33 "Earnings per share" requires presentation of diluted earnings / (loss) per share when a company could be called upon to issue shares that would decrease profit or increase loss per share. For a loss making company with outstanding share options, loss per share would only be increased by the exercise of out of money options. Since it seems appropriate to assume that option holders would not exercise out of money options, no adjustment has been made to calculate the diluted loss per share on out of money share options.

Basic and diluted loss per share is calculated on the loss of the Company attributable to equity holders of the parent. 

4. Subsequent events

There have been no significant events after the balance sheet date which have not already been disclosed to the market or disclosed in the Chairman's Statement.