30th Sep 2010 07:00
30 September 2010
Asian Plantations Limited
("APL" or the "Company")
Interim Results for the six months ended 30 June 2010
Asian Plantations Limited (LSE: PALM), a palm oil plantation company with operations in Malaysia, is pleased to announce its unaudited interim results for the six month period ending 30 June 2010.
Highlights
·; First revenue reported from the sale of fresh fruit bunches ("FFB").
·; Fundraise of £4.25 million (circa. US$6.6 million) on 16 August 2010, via a Company sponsored institutional placing at 110 pence per share, representing a 46.7 per cent. premium to the Company's admission price of 75 pence per share on 30 November 2009. Concurrently, the Company secured a new RM24.7 million (circa. US$7.8 million) nine year debt facility from a local bank in Malaysia.
·; Aggressive planting program underway, with the Company on track to complete the planting of its first estate, BJ Corporation, by 2011, and Incosetia by 2012.
·; Acquisition of the Fortune estate provides additional important scale to the Company's operations and is expected to be fully planted by 2013. All planting targets are subject to the availability of the required working capital.
·; Up-sizing of the Company's milling plans, from 90 tonnes per hour to 120 tonnes per hour, based on the current land resource owned by the Company and third party crop in the area. The Company's mill is expected to be operational in 2012 and will utilize advanced vertical sterilizer technology with methane recapture.
Datuk Linggi, Non-Executive Chairman of APL, commented:
"We are now into our third year of significant investment and land development. Based on the current planting schedule, we expect to harvest over 20,000 tonnes of FFB in 2012, with a target of up to 375,000 tonnes per annum, as all three existing fields fully mature.
The Fortune acquisition is consistent with our previously stated strategy to achieve a land resource of titled, Malaysian agricultural land in excess of 20,000 hectares by year-end 2011. Equally important, the acquired land is in close proximity to our existing estates, thereby allowing one mill to service the entire area.
All indicators point to increased scarcity for Malaysian titled land, a continued slow-down of palm oil exports from Malaysia and rising global awareness about the importance of palm oil in the global food supply chain. Coupling these trends with a rising edible oil price environment, the board of APL believes that its strategy of assembling wholly owned, properly titled, land parcels in Malaysia, an investment grade rated country, will generate substantial value for the Company's shareholders."
For further information contact:
|
Asian Plantations Limited Dennis Melka, Joint Chief Executive Officer Graeme Brown, Joint Chief Executive Officer
|
Tel: +65 9878 4171 Tel: +60 19 856 0221
|
|
Strand Hanson Limited James Harris Paul Cocker Liam Buswell
|
Tel: +44 (0)20 7409 3494 |
|
Panmure Gordon (UK) Limited Tom Nicholson Edward Farmer
|
Tel: +44 (0) 20 7459 3600 |
|
Bankside Consultants Simon Rothschild Louise Mason
|
Tel: +44 (0) 20 7367 8871 Tel: +44 (0 )20 7367 8872 |
Asian Plantations Limited and its Subsidiaries
Unaudited interim results for the six month period ending 30 June 2010
Consolidated Income Statement
For the six months ended 30 June 2010
|
|
Note |
|
Six Months Ended 30.6.2010 |
|
Six Months Ended 30.6.2009 |
|
Year Ended 31.12.2009 |
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
101 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
(78) |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
23 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
18 |
|
- |
|
48 |
|
|
|
|
|
|
|
|
|
|
Other items of expenses |
|
|
|
|
|
|
|
|
Administrative expenses |
3 |
|
(942) |
|
(24) |
|
(1,306) |
|
Other expenses |
4 |
|
(543) |
|
(52) |
|
(107) |
|
Finance expenses |
|
|
(565) |
|
- |
|
(22) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxation |
|
|
(2,009) |
|
(76) |
|
(1,387) |
|
Income tax expense |
|
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period/year |
|
|
(2,009) |
|
(76) |
|
(1,387) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
|
|
(2,009) |
|
(72) |
|
(1,371) |
|
Non-controlling interest |
|
|
- |
|
(4) |
|
(16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,009) |
|
(76) |
|
(1,387) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to owners of the parent (cents per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
5 |
|
(6.8) |
|
(0.4) |
|
(6.8) |
|
|
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2010
|
|
Six Months Ended 30.6.2010 |
|
Six Months Ended 30.6.2009 |
|
Year Ended 31.12.2009 |
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
Loss for the period/year |
(2,009) |
|
(76) |
|
(1,387) |
|
|
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
|
Foreign currency translation adjustments |
612 |
|
(100) |
|
(203) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period/year |
(1,397) |
|
(176) |
|
(1,590) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
(1,397) |
|
(165) |
|
(1,580) |
|
Non-controlling interest |
- |
|
(11) |
|
(10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,397) |
|
(176) |
|
(1,590) |
|
|
|
|
|
|
|
Consolidated Statement of Financial Position as at 30 June 2010
|
|
|
Note |
|
30.6.2010 |
|
30.6.2009 |
|
31.12.2009 |
|
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
6 |
|
6,369 |
|
1,262 |
|
5,063 |
|
Biological assets |
|
7 |
|
7,925 |
|
1,902 |
|
6,093 |
|
Land use rights |
|
8 |
|
21,824 |
|
6,023 |
|
20,950 |
|
Goodwill on consolidation |
|
|
|
561 |
|
189 |
|
534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
|
36,679 |
|
9,376 |
|
32,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
|
83 |
|
68 |
|
45 |
|
Trade and other receivables |
|
|
|
179 |
|
100 |
|
180 |
|
Prepaid operating expenses |
|
|
|
133 |
|
- |
|
82 |
|
Cash and cash equivalents |
|
|
|
1,736 |
|
92 |
|
4,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
|
2,131 |
|
260 |
|
4,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
38,810 |
|
9,636 |
|
37,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
|
1,108 |
|
688 |
|
1,383 |
|
Loans and borrowings |
|
9 |
|
1,901 |
|
1,711 |
|
2,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
3,009 |
|
2,399 |
|
3,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liability |
|
|
|
|
|
|
|
|
|
Loans and borrowings |
|
9 |
|
23,939 |
|
1,431 |
|
19,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
|
23,939 |
|
1,431 |
|
19,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
26,948 |
|
3,830 |
|
23,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
11,862 |
|
5,806 |
|
13,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Financial Position as at 30 June 2010 (cont'd)
|
|
|
|
|
30.6.2010 |
|
30.6.2009 |
|
31.12.2009 |
|
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
Attributable to owners of the parent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
10 |
|
35,459 |
|
5,849 |
|
35,459 |
|
Other reserves |
|
|
|
(19,714) |
|
(246) |
|
(20,452) |
|
Accumulated losses |
|
|
|
(3,883) |
|
(283) |
|
(1,748) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,862 |
|
5,320 |
|
13,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
- |
|
486 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
|
11,862 |
|
5,806 |
|
13,259 |
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2010
|
|
Attributable to owners of the parent |
|
|
|
||||||||
|
|
Share Capital |
|
Other reserves |
|
Accumu-lated losses |
|
Total share capital and reserves |
|
Non-controlling interests |
|
Total equity |
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
30.6.2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2010 |
35,459 |
|
(20,452) |
|
(1,748) |
|
13,259 |
|
- |
|
13,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
|
- |
|
(2,009) |
|
(2,009) |
|
- |
|
(2,009) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period |
- |
|
738 |
|
(126) |
|
612 |
|
- |
|
612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
- |
|
738 |
|
(2,135) |
|
(1,397) |
|
- |
|
(1,397) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2010 |
35,459 |
|
(19,714) |
|
(3,883) |
|
11,862 |
|
- |
|
11,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
30.6.2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2009 |
5,849 |
|
13 |
|
(377) |
|
5,485 |
|
497 |
|
5,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
|
- |
|
(72) |
|
(72) |
|
(4) |
|
(76) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period |
- |
|
(259) |
|
166 |
|
(93) |
|
(7) |
|
(100) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
- |
|
(259) |
|
94 |
|
(165) |
|
(11) |
|
(176) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2009 |
5,849 |
|
(246) |
|
(283) |
|
5,320 |
|
486 |
|
5,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2010 (cont'd)
|
|
Attributable to owners of the parent |
|
|
|
|
||||||||||
|
|
Share Capital |
|
Other reserves |
|
Accumu-lated losses |
|
Total share capital and reserves |
|
Non-controlling interests |
|
Total equity |
||||
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
For the year ended |
|
|
|
|
|
|
|
|
|
|
|
||||
|
31.12.2009 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
||||
|
At 1 January 2009 |
5,849 |
|
13 |
|
(377) |
|
5,485 |
|
497 |
|
5,982 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss for the period |
- |
|
- |
|
(1,371) |
|
(1,371) |
|
(16) |
|
(1,387) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other comprehensive income for the year |
- |
|
(209) |
|
- |
|
(209) |
|
6 |
|
(203) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total comprehensive income for the year |
- |
|
(209) |
|
(1,371) |
|
(1,580) |
|
(10) |
|
(1,590) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Share issuance expense |
(160) |
|
- |
|
- |
|
(160) |
|
- |
|
(160) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Issuance of ordinary shares for cash |
8,714 |
|
- |
|
- |
|
8,714 |
|
- |
|
8,714 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Issuance of new shares as consideration for acquisition of a subsidiary company |
26,905 |
|
- |
|
- |
|
26,905 |
|
- |
|
26,905 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjustment due to pooling of interest method |
(5,849) |
|
(20,256) |
|
- |
|
(26,105) |
|
- |
|
(26,105) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Acquisition of minority interest in a subsidiary |
- |
|
- |
|
- |
|
- |
|
(487) |
|
(487) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
At 31 December 2009 |
35,459 |
|
(20,452) |
|
(1,748) |
|
13,259 |
|
- |
|
13,259 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Statement of Cash Flow
For the six months ended 30 June 2010
|
|
Six Months Ended 30.6.2010 |
|
Six Months Ended 30.6.2009 |
|
Year Ended 31.12.2009 |
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Loss before taxation |
(2,009) |
|
(76) |
|
(1,387) |
|
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
Amortisation of land use rights |
198 |
|
51 |
|
88 |
|
Depreciation of property, plant and equipment |
22 |
|
20 |
|
2 |
|
Gain arising from changes in fair value of biological assets |
- |
|
(828) |
|
- |
|
Interest expense |
565 |
|
- |
|
22 |
|
Currency realignment |
(38) |
|
1 |
|
303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flows before changes in working capital |
(1,262) |
|
(832) |
|
(972) |
|
|
|
|
|
|
|
|
Increase in inventories |
(38) |
|
(37) |
|
(13) |
|
Decrease/(Increase) in trade and other receivables |
1 |
|
8 |
|
(69) |
|
Increase in prepaid operating expenses |
(51) |
|
- |
|
(24) |
|
(Decrease)/Increase in trade and other payables |
(316) |
|
394 |
|
(6,884) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operations |
(1,666) |
|
(467) |
|
(7,962) |
|
|
|
|
|
|
|
|
Interest paid |
(638) |
|
(54) |
|
(165) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities |
(2,304) |
|
(521) |
|
(8,127) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Net cash outflow arising from the acquisition of a subsidiary |
- |
|
- |
|
(12,021) |
|
Purchase of property, plant and equipment |
(1,169) |
|
(828) |
|
(2,474) |
|
Addition to biological assets |
(1,387) |
|
- |
|
(1,919) |
|
Acquisition of minority interest in a subsidiary |
- |
|
- |
|
(487) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
(2,556) |
|
(828) |
|
(16,901) |
|
|
|
|
|
|
|
Consolidated Statement of Cash Flow
For the six months ended 30 June 2010 (cont'd)
|
|
Six Months Ended 30.6.2010 |
|
Six Months Ended 30.6.2009 |
|
Year Ended 31.12.2009 |
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from issuance of ordinary shares |
- |
|
- |
|
8,714 |
|
Share issuance expenses |
- |
|
- |
|
(160) |
|
Drawdown of term loans |
2,226 |
|
1,370 |
|
20,581 |
|
Repayment of finance lease |
(18) |
|
(2) |
|
(9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from financing activities |
2,208 |
|
1,368 |
|
29,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
(2,652) |
|
19 |
|
4,098 |
|
Effect of exchange rates on cash and cash equivalents |
214 |
|
(1) |
|
2 |
|
Cash and cash equivalents, beginning balance |
4,174 |
|
74 |
|
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, ending balance |
1,736 |
|
92 |
|
4,174 |
|
|
|
|
|
|
|
Notes on Financial Statements - 30 June 2010
1. General Information
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.
2. Basis of preparation and accounting polices
The consolidated financial statements for the six months ended 30 June 2010 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 2009.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
The accounting policies, presentation and methods of computation have been followed in these unaudited financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2009.
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.
The consolidated financial statements for the six months ended 30 June 2010 was approved by the Directors on 28 September 2010.
Foreign currency
The functional currencies of the entities in the Group have been determined to be Ringgit Malaysia ("RM"), and the unaudited interim consolidated financial information of the subsidiary undertakings have been drawn up in RM.
The results and financial position of the Group have been translated from its functional currency to its presentation currency for the respective year/periods at the following rates:
|
|
30.6.2010 |
|
30.6.2009 |
|
31.12.2009 |
|
|
|
|
|
|
|
|
RM/USD |
|
|
|
|
|
|
Assets and liabilities |
3.2575 |
|
3.5225 |
|
3.4245 |
|
Income and expenses |
3.2993 |
|
3.5898 |
|
3.5233 |
3. Administrative expenses
Included in administrative expenses are audit, tax, legal and other professional fees amounting to USD464,000 (Year ended 31.12.2009: USD759,000; six months ended 30.6.2009: USD11,000).
4. Other expenses
Included in other expenses are costs associated with the acquisition of subsidiaries amounting to USD212,000 (Year ended 31.12.2009: USD38,000; six months ended 30.6.2009: Nil).
5. Loss per share
The basic loss per share amounts are calculated by dividing the loss for the period attributable to owners of the parent by the weighted average number of ordinary shares outstanding during the period.
The following tables reflect the loss and share data used in the computation of basic loss per share for the respective periods:
|
|
|
Six Months Ended 30.6.2010 |
|
Six Months Ended 30.6.2009 |
|
Year Ended 31.12.2009 |
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
Loss attributable to owners of the parent |
|
(2,009) |
|
(72) |
|
(1,371) |
|
|
|
|
|
|
|
|
|
|
|
Number of shares |
|
Number of shares |
|
Number of shares |
|
|
|
'000 |
|
'000 |
|
'000 |
|
Weighted average number of ordinary shares outstanding |
|
29,577 |
|
20,019 |
|
20,019 |
|
|
|
|
|
|
|
|
For the purpose of basic loss per share computation, the weighted average number of ordinary shares outstanding is assumed to be 20,019,000 for the period ended 30 June 2009 for comparative purpose.
The Group does not have any diluted loss per share as there is no dilutive potential ordinary share during the current and previous periods.
6. Property, plant and equipment
|
|
|
|
30.6.2010 |
|
30.6.2009 |
|
31.12.2009 |
|
||||
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
||||
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
At cost |
|
|
|
|
|
|
|
|
||||
|
At 1 January |
|
|
5,063 |
|
401 |
|
401 |
|
||||
|
Additions |
|
|
1,169 |
|
871 |
|
2,624 |
|
||||
|
Acquisition of subsidiaries |
|
|
- |
|
- |
|
2,016 |
|
||||
|
Depreciation |
|
|
(135) |
|
(20) |
|
(55) |
|
||||
|
Exchange differences |
|
|
272 |
|
10 |
|
77 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
6,369 |
|
1,262 |
|
5,063 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
Depreciation of property, plant and equipment capitalized to biological assets: |
|
|
113 |
|
- |
|
53 |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
7. Biological assets
|
|
|
|
30.6.2010 |
|
30.6.2009 |
|
31.12.2009 |
|||||
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|||||
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
At fair value |
|
|
|
|
|
|
|
|||||
|
At 1 January |
|
|
6,093 |
|
1,019 |
|
1,019 |
|||||
|
Additions |
|
|
1,501 |
|
882 |
|
2,062 |
|||||
|
Acquisition of subsidiaries |
|
|
- |
|
- |
|
2,941 |
|||||
|
Exchange differences |
|
|
331 |
|
1 |
|
71 |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
7,925 |
|
1,902 |
|
6,093 |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
Represented by: |
|
|
|
|
|
|
|
|||||
|
Mature plantation |
|
|
890 |
|
- |
|
847 |
|||||
|
Immature plantation |
|
|
5,996 |
|
1,274 |
|
4,537 |
|||||
|
Nursery |
|
|
1,039 |
|
628 |
|
709 |
|||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
7,925 |
|
1,902 |
|
6,093 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Mature oil palm trees produce fresh fruit bunches("FFBs") which are used to produce Crude Palm Oil ("CPO"). The fair values of oil palm plantations are determined by using the discounted future cash flows of the underlying plantations. The expected future cash flows of the oil palm plantations are determined using the projected selling prices of CPO in the market.
Significant assumptions made in determining the fair values of the mature oil palm plantations, using a discounted cash flow model, are as follows:
(a) no new planting or re-planting activities are assumed;
(b) oil palm trees have an average life that ranges from 28 years (31.12.2009: 28 years; 30.6.2009: 28 years), with the first three years as immature and the remaining years as mature;
(c) discount rate used for the Group's plantation operations which is applied in the discounted future cash flows calculation is 8.9% (31.12.2009: 8.9%; 30.6.2009: 8.9%);
(d) FFB price is derived by applying the oil extraction rate to the estimated CPO price of USD715 (31.12.2009: USD584; 30.6.2009: USD568) per metric tonne; and
(e) yield per hectare of oil palm trees is based on the standard yield profile of the industry.
8. Land use rights
|
|
|
|
30.6.2010 |
|
30.6.2009 |
|
31.12.2009 |
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
At cost |
|
|
|
|
|
|
|
|
At 1 January |
|
|
20,950 |
|
6,178 |
|
6,178 |
|
Acquisition of subsidiaries |
|
|
- |
|
- |
|
14,808 |
|
Amortisation charge |
|
|
(198) |
|
(51) |
|
(105) |
|
Exchange differences |
|
|
1,072 |
|
(104) |
|
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,824 |
|
6,023 |
|
20,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Loans and borrowings
|
|
|
|
30.6.2010 |
|
30.6.2009 |
|
31.12.2009 |
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
|
Short term revolving credit |
|
|
1,841 |
|
1,703 |
|
1,752 |
|
Term loans |
|
|
- |
|
- |
|
765 |
|
Obligation under finance leases |
|
|
60 |
|
8 |
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,901 |
|
1,711 |
|
2,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current |
|
|
|
|
|
|
|
|
Term loans |
|
|
23,668 |
|
1,396 |
|
19,817 |
|
Obligation under finance leases |
|
|
271 |
|
35 |
|
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,939 |
|
1,431 |
|
19,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and borrowings |
|
|
|
|
|
|
|
|
Short term revolving credit |
|
|
1,841 |
|
1,703 |
|
1,752 |
|
Term loans |
|
|
23,668 |
|
1,396 |
|
20,582 |
|
Obligation under finance leases |
|
|
331 |
|
43 |
|
145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,840 |
|
3,142 |
|
22,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity of borrowings (excluding obligations under finance leases) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Within one year |
|
|
1,841 |
|
1,703 |
|
2,517 |
|
After one year but not more than five years |
|
|
9,840 |
|
1,396 |
|
13,496 |
|
More than five years |
|
|
13,828 |
|
- |
|
6,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,509 |
|
3,099 |
|
22,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term revolving credit and term loans
The short term revolving credit is denominated in RM and bears interest at the rate of the bank's cost of fund plus 1.75%. It is repayable on demand and has a six months' rollover period upon maturity.
The term loans are denominated in RM and bear interest ranging from the rate of the bank's cost of fund plus 1.75% per annum to base lending rate plus 1% per annum. They are repayable over 6 years, after the grace period of 3 to 4 years.
The short term revolving credit and term loans are secured by 1st and 3rd parties legal charges over the rights to use a long term leasehold land of which the Group has prepaid the lease payments relating to the land as disclosed in Note 8 and is also supported by corporate guarantees from the Company and a director related company.
For all the BJ Corporation Sdn Bhd Banking Facilities, it is further supported by a Joint and Several Guarantee from Datuk Linggi, Dennis Melka and Graeme Brown. For Asian Plantations (Sarawak) Sdn Bhd Banking Facility of RM55 million is further supported by a Joint and Several Guarantee from Datuk Linggi, Dennis Melka, Graeme Brown and Gerald Baring Linggi.
10. Share capital
|
|
Six Months ended 30.6.2010 |
|
Six Months ended 30.6.2010 |
|
Six Months ended 30.6.2009 |
|
Six Months ended 30.6.2009 |
|
Year ended 31.12.2009 |
|
Year ended 31.12.2009 |
|
|
No. of shares |
|
|
|
No. of shares |
|
|
|
No. of shares |
|
|
|
|
'000 |
|
USD'000 |
|
'000 |
|
USD'000 |
|
'000 |
|
USD'000 |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Audited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January |
29,577 |
|
35,459 |
|
20,260 |
|
5,849 |
|
20,260 |
|
5,849 |
|
Adjustment due to pooling of interest method |
- |
|
- |
|
- |
|
- |
|
(20,260) |
|
(5,849) |
|
Issuance of new shares as consideration for acquisition of a subsidiary company |
- |
|
- |
|
- |
|
- |
|
22,500 |
|
26,905 |
|
Addition during the period/year |
- |
|
- |
|
- |
|
- |
|
7,077 |
|
8,714 |
|
Share issuance expense |
- |
|
- |
|
- |
|
- |
|
- |
|
(160) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,577 |
|
35,459 |
|
20,260 |
|
5,849 |
|
29,577 |
|
35,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
11. Related party disclosure
The Group had the following transactions with a related party during the periods:
|
|
|
Six Months Ended 30.6.2010 |
|
Six Months Ended 30.6.2009 |
|
Year Ended 31.12.2009 |
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
Transactions with Director: - Repayment of advances from a Director of a subsidiary |
|
- |
|
- |
|
103 |
|
|
|
|
|
|
|
|
12. Subsequent events
On 16 August 2010, the Company announced that it has entered into subscription agreements with a number of institutional investors for a total of 3,868,083 new ordinary shares at a subscription price of 110 pence per share (the "Subscription"). The Subscription raised approximately £4.25 million (equivalent to USD6.6 million), before expenses.
The Company has entered into a conditional agreement dated 1 September 2010 to acquire the entire issued share capital of Fortune (the "Proposed Acquisition"), which owns a partly developed palm oil plantation totaling approximately 5,000 hectares in Sarawak, Malaysia.
The total consideration for the Proposed Acquisition, which is subject to a number of conditions, is RM38.7 million (equivalent to USD12.2 million) and is payable in two tranches. The initial non-refundable tranche of RM3.9 million (equivalent to USD1.2 million) was settled on 1 September 2010 and a further tranche of RM34.8 million (equivalent to USD11.0 million) is to be paid by 29 November 2010.
Related Shares:
Panther Metals