TIDMAEP
RNS Number : 3651K
Anglo-Eastern Plantations PLC
24 August 2023
Anglo-Eastern Plantations Plc
("AEP", "Group" or "Company")
Announcement of interim results for the six months ended 30 June
2023
The group, comprising Anglo-Eastern Plantations Plc and its
subsidiaries (the "Group"), is a major producer of palm oil and
rubber with plantations across Indonesia and Malaysia, has today
released its results for the six months ended 30 June 2023.
Financial Highlights
2023 2022 2022
6 months 6 months 12 months
to 30 June to 30 to 31 December
June
$m $m $m
Continuing operations (unaudited) (unaudited) (audited)
Revenue 173.4 249.2 447.6
Profit before tax
- before biological assets
("BA") movement 32.2 94.8 138.7
- after BA movement 32.5 89.5 132.9
Basic Earnings per ordinary
share ("EPS")
- before BA movement 50.27cts 153.51cts 221.86cts
- after BA movement 50.73cts 144.73cts 212.34cts
Enquiries:
Anglo-Eastern Plantations Plc
Dato' John Lim Ewe Chuan +44 (0)20 7216 4621
Panmure Gordon (UK) Limited
Dominic Morley / Amrit Mahbubani +44 (0)20 7886 2500
Chairman's Interim Statement
The interim results for the Group for the six months to 30 June
2023 are as follows:
Revenue from continuing operations for the six months to 30 June
2023 was $173.4 million, 30% lower than $249.2 million reported for
the same period of 2022. The Group's gross profit from continuing
operations was $33.2 million compared to $90.3 million for the
first six months of 2022. Overall profit before tax, after
biological assets ("BA") movement, from continuing operations for
the first half of 2023 was 64% lower at $32.5 million against $89.5
million for the corresponding period in 2022. There was no reversal
of impairment losses for the first half of 2023 compared to a net
reversal of impairment losses of $0.2 million for the first half of
2022. The BA movement adjustment from continuing operations for the
first half of 2023 was a credit of $0.3 million as compared to a
debit of $5.3 million for the same period last year. The lower
profit was mainly attributed to lower Crude Palm Oil ("CPO")
prices, as well as lower crop productions in Bengkulu and North
Sumatra and lower third party crops.
Fresh Fruit Bunches ("FFB") production from continuing
operations for the first half of 2023 was 5% lower at 522,700mt
compared to 550,800mt for the same period in the previous year due
to lower production in Bengkulu and North Sumatera regions. The
harvest in Bengkulu was lower by 16% due primarily to the reduction
of almost 1,300ha of matured area of which 985ha was replanted in
2022 while another 682ha was cleared for replanting in the first
half of 2023. Production in Kalimantan continued to recover by
registering a 10% increase in harvest with 500ha coming to maturity
in the first half of 2023. Bought-in crops for the first half of
2023 decreased by 10% to 501,400mt from 557,600mt for the same
period last year. The 20% increase in third party crops in
Kalimantan could not off-set a 14% decrease in bought in crops in
Bengkulu and North Sumatera. Lower crop trend faced by our estates
in North Sumatera and Bengkulu was also experienced by local
smallholders and farmers.
Operational and financial performance
For the six months ended 30 June 2023, gross profit margin from
continuing operations decreased to 19.2% from 36.2% as the Group
experienced lower CPO and palm kernel prices.
CPO price ex-Rotterdam averaged $991/mt for the first six months
to 30 June 2023, 40% lower than $1,640/mt over the same period in
2022. The rally in the first three months of 2022 was built upon;
speculation of unfavourable weather conditions in prime
soybean-producing countries which have adversely affected the
supply of soybean oil (of which CPO is the closest substitute), the
gradual re-opening of the world economy after the ravage of
Covid-19 and the disruption to supplies because of the
Russia-Ukraine conflict. As a result, the Group's average ex-mill
price was lower by 27% at $751/mt for the same period (H2 2022:
$1,035/mt). The ex-mill prices are normally at a discount to
ex-Rotterdam prices as buyers factor in logistic charges and
Indonesian CPO tax and levy, which they have to bear. Palm kernel
prices were also lower by 55% at the average price of $361/mt
against $808/mt in the same period last year.
Profit after tax from continuing operations for the six months
ended 30 June 2023 was 65% lower at $24.1 million, compared to a
profit after tax from continuing operations of $68.8 million for
the first six months of 2022.
The resulting basic earnings per share from continuing
operations for the period was 50.73cts (H1 2022: 144.73cts).
The Group's balance sheet remains strong with no outstanding
bank loans. Net assets as at 30 June 2023 were $605.5 million
compared to $585.3 million as at 30 June 2022 and $573.0 million as
at 31 December 2022. The increase in net assets from the last
interim report was attributed to profit during the period. The
Indonesian Rupiah has appreciated by 4% against the US dollar in
the first half of 2023.
As at 30 June 2023, the Group had cash and cash equivalents
including short-term investments known as fixed deposits with banks
of $261.3 million (H1 2022: $246.8 million, 31 December 2022:
$277.0 million). The Group remitted in advance about $10 million to
the Company's Registrar for payment of a dividend resulting in
lower cash position at 30 June 2023 compared to 31 December
2022.
Operating costs
Operating costs for the Indonesian operations were lower in the
first half of 2023 compared to the same period in 2022 mainly due
to lower volume and prices paid for third party crops. This helped
to offset higher maintenance costs in plantations and mills and
also higher harvesting costs arising from the increase in newly
matured area. Fertiliser costs rose sharply by 7.5% in the first
half of 2023 to $17.0 million from $15.8 million for the
corresponding period in 2022. We have recently concluded a tender
to purchase fertilisers for the second half of 2023 and we are
pleased to report that prices of fertiliser have corrected sharply
by as much as 40% since peaking in the first half of 2023.
Transport costs have also increased significantly by 54% to $4.3
million from $2.8 million for the corresponding period in 2022 due
to increases in diesel prices.
Production and Sales
2023 2022 2022
6 months 6 months Year
to 30 June to 30 June to 31 December
mt mt mt
Oil palm production
FFB
- all estates from continuing
operations 522,700 550,800 1,124,400
- estates from discontinued
operations 15,700 21,500 46,300
- bought-in from third parties 501,400 557,600 1,080,300
Saleable CPO 210,900 227,800 455,600
Saleable palm kernels 48,600 54,400 106,200
Oil palm sales
CPO 201,800 200,000 449,800
Palm kernels 47,400 48,900 105,700
FFB sold outside 24,200 17,800 42,800
Rubber production 250 168 440
The Group's six mills processed a total of 1,015,600mt in FFB
for the first half of 2023, a 9% decrease compared to 1,112,100mt
for the same period last year.
Overall CPO produced for the first half of 2023 was 7% lower at
210,900mt from 227,800mt for the corresponding period in 2022. The
oil extraction rate for the first half of 2023 was 20.8%, slight
improvement compared to 20.5% for the same period last year.
Commodity prices
The CPO price ex-Rotterdam for the first half of 2023 averaged
$991/mt, 40% lower than last year (H1 2022: $1,640/mt). CPO price
started the year at $1,060/mt and generally traded within a 12%
range peaking at $1,100/mt in early January and March 2023 before
dropping to a low of $860/mt in late May 2023. CPO price recovered
slightly to close at $955/mt at 30 June 2023. The trend of CPO
price in the first half of 2023 reflected the increase in inventory
of soft oils amidst reports of a slowdown in global demand.
Rubber price averaged $1,307/mt, 22% lower than H1 2022 at
$1,670/mt.
Development
The Group's planted areas at 30 June 2023 comprised:
Total Mature Immature
Continuing operations Ha ha Ha
North Sumatera 19,093 18,699 394
Bengkulu 16,742 13,568 3,174
Riau 4,816 4,816 -
Kalimantan 18,068 15,389 2,679
Bangka 2,647 1,716 931
Plasma 3,761 2,629 1,132
------- ------- ---------
Indonesia 65,127 56,817 8,310
Malaysia 3,453 3,453 -
------- ------- ---------
68,580 60,270 8,310
------- ------- ---------
Discontinued operations
South Sumatera 6,681 6,288 393
Plasma 1,068 1,043 25
------- ------- ---------
7,749 7,331 418
------- ------- ---------
Total: 30 June 2023 76,329 67,601 8,728
------- ------- ---------
Total: 31 December 2022 76,095 66,694 9,401
------- ------- ---------
Total: 30 June 2022 75,239 67,358 7,881
------- ------- ---------
The Group's new planting and replanting for the first six months
of 2023 totalled 987ha compared to 439ha for the same period last
year . In addition, Plasma planting for the period was 89ha (H1
2022: 152ha).
The Group remains optimistic that it will meet substantially its
planting target of 2,500ha (including replanting) in 2023. The
Group's total landholding from its continuing operations comprises
some 90,670ha, of which the planted area stands at around 68,580ha
(H1 2022: 67,512ha) with a balance of estimated plantable land at
9,500ha (H1 2022: 10,850ha).
The seventh mill in North Sumatera which was earmarked for
completion in the first half of 2023 has been delayed because of
the tragic explosion, as previously announced on 9 May 2023,
resulting in a loss of lives of 4 employees of the contractor
whilst conducting final trials and tests before handing over. The
police recently completed their investigation and the contractor is
now allowed access to the area to assess the damages and to
determine the extent of repairs required. We do not expect the mill
be in commercial operation until early next year.
The environment impact assessment study ("EIA") for the eighth
mill in Kalimantan has been completed. The earthworks however
cannot commence until the relevant government ministry has approved
the EIA report. The backlog of companies seeking approval of their
EIA reports is expected to set back the commencement of earthworks
by a few months.
Dividend
The final dividend of 25.0 cents per share in respect of the
year ended 31 December 2022 was paid on 7 July 2023.
As you are aware AEP has not been paying Interim dividend for a
number years, however, the Board is pleased to declare an interim
dividend of 15.0 cents per share in respect of the year ending 31
December 2023. The interim dividend will be paid on 6 October 2023
to those shareholders on the register on 8 September 2023.
Outlook
Despite a traditionally more robust FFB production in the second
half of the year, which would increase supply, CPO price is
expected to perform better due to a projected drop in soybean
production in the United States as farmers planted more corns at
the expense of soybeans. The Indonesian government strong
commitment for the B35 biodiesel mandate is expected to strengthen
local demand and should augur well for the CPO price. Russia's
recent pull out from the Black Sea Grain deal which allowed for the
secure passage of agricultural products from Ukraine's ports in the
Black Sea would also have some impact on sunflower oil and CPO
prices. We do not expect the drought induced by El Nino weather
phenomenon to have a significant effect on yield for the second
half of 2023. The effect, if any would be more prominent in
2024.
Principal risks and uncertainties
The principal risks and uncertainties, including the risks due
to the Covid-19 and other contagious diseases, have broadly
remained the same since the publication of the annual report for
the year ended 31 December 2022.
A more detailed explanation of the risks relevant to the Group
is on pages 31 to 36 and from pages 139 to 144 of the 2022 annual
report which is available at https:// www.angloeastern.co.uk /
.
Subsequent events
The disposal of the three non-performing plantations in South
Sumatera, namely PT Riau Agrindo Agung, PT Karya Kencana Sentosa
Tiga and PT Empat Lawang Agro Perkasa, to Mrs Lina (also known as
Liena Efendy) and Miss Lenny Nurimba on 5 July 2023 for a total
cash consideration of $8.5 million had been completed. Since the
Group is no longer in control of the subsidiaries, all the assets
and liabilities of the subsidiaries will be derecognised from July
2023 onwards.
In July 2023, the Group also completed the acquisition of 25% of
the issued share capital of PT United Kingdom Indonesia Plantations
and the 10% of the issued share capital of PT Mitra Puding Mas,
from PT. Canadianty Corporindo, the minority shareholder in
Indonesia, for a total cash consideration of $25.2million,
increasing the Group ownership interest to 100%.
Mr Jonathan Law Ngee Song
Chairman
24 August 2023
Responsibility Statements
We confirm that to the best of our knowledge:
a) The unaudited interim financial statements have been prepared
in accordance with International Accounting Standards ("IAS") 34:
Interim Financial Reporting as adopted by the European Union;
b) The Chairman's interim statement includes a fair review of
the information required by Disclosure and Transparency Rule
("DTR") 4.2.7R (an indication of important events during the first
six months and a description of the principal risks and
uncertainties for the remaining six months of the year); and
c) The interim financial statements include a fair review of the
information required by DTR 4.2.8R ( material related party
transactions in the six months ended 30 June 2023 and any material
changes in the related party transactions described in the last
Annual Report) of the DTR of the United Kingdom Financial Conduct
Authority.
By order of the Board
Dato' John Lim Ewe Chuan
Executive Director
24 August 2023
Condensed Consolidated Income Statement
2023 2022 2022
6 months to 30 June 6 months to 30 June Year to 31 December
(unaudited) (unaudited) (audited)
---------------------------------- ---------------------------------- --------------------------------
Notes Result
Result before Result
before BA BA BA BA before BA BA
movement* movement Total movement* movement Total movement* movement Total
$000 $000 $000 $000 $000 $000 $000 $000 $000
----------------- ------- ---------- --------- ---------- --------- ----------- ---------- --------- -------------
Continuing
operations
Revenue 3 173,449 - 173,449 249,229 - 249,229 447,619 - 447,619
Cost of sales (140,496) 291 (140,205) (153,633) (5,314) (158,947) (304,424) (5,792) (310,216)
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
Gross profit 32,953 291 33,244 95,596 (5,314) 90,282 143,195 (5,792) 137,403
Administration
expenses (4,224) - (4,224) (3,021) - (3,021) (9,683) - (9,683)
Reversal of
impairment - - - 622 - 622 - - -
Impairment losses - - - (366) - (366) (617) - (617)
Operating profit 28,729 291 29,020 92,831 (5,314) 87,517 132,895 (5,792) 127,103
Exchange (losses)
/ gains (493) - (493) 311 - 311 991 - 991
Finance income 4 3,990 - 3,990 1,714 - 1,714 4,859 - 4,859
Finance expense 4 (15) - (15) (8) - (8) (12) - (12)
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
Profit before tax 5 32,211 291 32,502 94,848 (5,314) 89,534 138,733 (5,792) 132,941
Tax expense 6 (8,349) (65) (8,414) (21,865) 1,169 (20,696) (32,737) 1,276 (31,461)
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
Profit for the
period
from continuing
operations 23,862 226 24,088 72,983 (4,145) 68,838 105,996 (4,516) 101,480
( Loss) / Gain on
discontinued
operations,
net of tax (2,542) 67 (2,475) (297) (75) (372) (5,684) (139) (5,823)
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
21,320 293 21,613 72,686 (4,220) 68,466 100,312 (4,655) 95,657
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
Profit for the
period
attributable to:
- Owners of the
parent 17,795 248 18,043 60,582 (3,551) 57,031 83,548 (3,904) 79,644
- Non-controlling
interests 3,525 45 3,570 12,104 (669) 11,435 16,764 (751) 16,013
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
21,320 293 21,613 72,686 (4,220) 68,466 100,312 (4,655) 95,657
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
Profit for the
period
from continuing
operations
attributable to:
- Owners of the
parent 19,924 184 20,108 60,845 (3,480) 57,365 87,937 (3,772) 84,165
- Non-controlling
interests 3,938 42 3,980 12,138 (665) 11,473 18,059 (744) 17,315
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
23,862 226 24,088 72,983 (4,145) 68,838 105,996 (4,516) 101,480
------------------ ------ ---------- --------- ----------- ---------- --------- ----------- ---------- --------- -------------
Earnings per
share
attributable to
the
owners of the
parent
during the
period
Profit
- basic and 8 45.52cts 143.89cts 200.94cts
diluted
Profit from
continuing
operations
- basic and 8 50.73cts 144.73cts 212.34cts
diluted
* The total column represents the IFRS figures and the result
before BA movement is an Alternative Performance Measure ("APM")
which reflects the Group's results before the movement in fair
value of biological assets has been applied. We have opted to
additionally disclose this APM as the management do not use the
fair value of BA movement in assessing business performance.
Condensed Consolidated Statement of Comprehensive Income
2023 2022 2022
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
------------------------------------------------------------ ------------ ------------ ---------------
Profit for the period 21,613 68,466 95,657
------------------------------------------------------------ ------------ ------------ ---------------
Other comprehensive income / (expenses):
Items may be reclassified to profit or loss:
Profit / (Loss) on exchange translation of foreign
operations 25,971 (22,933) (54,975)
------------------------------------------------------------ ------------ ------------ ---------------
Net other comprehensive income / (expenses)
may be reclassified to profit or loss 25,971 (22,933) (54,975)
------------------------------------------------------------ ------------ ------------ ---------------
Items not to be reclassified to profit or loss:
Remeasurement of retirement benefits plan, net
of tax - - 177
------------------------------------------------------------ ------------ ------------ ---------------
Net other comprehensive income not being reclassified
to profit or loss - - 177
------------------------------------------------------------ ------------ ------------ ---------------
Total other comprehensive income / (expenses)
for the period, net of tax 25,971 (22,933) (54,798)
Total comprehensive income for the period 47,584 45,533 40,859
Attributable to:
- Owners of the parent 39,100 38,570 34,343
- Non-controlling interests 8,484 6,963 6,516
------------------------------------------------------------ ------------ ------------ ---------------
47,584 45,533 40,859
------------------------------------------------------------ ------------ ------------ ---------------
Condensed Consolidated Statement of Financial Position
2023 2022 2022
as at 30 June as at 30 June as at 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
------------------------------------------ -------------- -------------- ------------------
Non-current assets
Property, plant and equipment 273,024 259,545 252,414
Investment 27 49 42
Receivables 20,142 22,591 18,963
Deferred tax assets 2,310 1,674 1,832
------------------------------------------- -------------- -------------- ------------------
295,503 283,859 273,251
------------------------------------------ -------------- -------------- ------------------
Current assets
Inventories 23,468 41,012 19,590
Income tax receivables 8,198 4,766 4,122
Other tax receivables 40,327 52,054 37,576
Biological assets 6,735 7,133 6,161
Trade and other receivables 17,591 4,457 3,468
Short-term investments 39,040 59,495 55,566
Cash and cash equivalents 222,286 187,339 221,476
------------------------------------------- -------------- -------------- ------------------
357,645 356,256 347,959
Assets in disposal groups classified
as held for sale 8,500 13,000 9,000
------------------------------------------- -------------- -------------- ------------------
366,145 369,256 356,959
------------------------------------------ -------------- -------------- ------------------
Current liabilities
Trade and other payables (29,909) (40,175) (33,966)
Income tax liabilities (1,501) (11,474) (10,230)
Other tax liabilities (1,976) (566) (1,221)
Dividend payables (9,941) (2,007) (32)
Lease liabilities (124) (152) (73)
------------------------------------------- -------------- -------------- ------------------
(43,451) (54,374) (45,522)
------------------------------------------ -------------- -------------- ------------------
Net current assets 322,694 314,882 311,437
------------------------------------------- -------------- -------------- ------------------
Non-current liabilities
Deferred tax liabilities (783) (1,259) (805)
Retirement benefits - net liabilities (11,563) (12,089) (10,874)
Lease liabilities (311) (68) (31)
------------------------------------------- -------------- -------------- ------------------
(12,657) (13,416) (11,710)
------------------------------------------ -------------- -------------- ------------------
Net assets 605,540 585,325 572,978
------------------------------------------- -------------- -------------- ------------------
Issued capital and reserves attributable
to owners of the parent
Share capital 15,504 15,504 15,504
Treasury shares (1,171) (1,171) (1,171)
Share premium 23,935 23,935 23,935
Capital redemption reserve 1,087 1,087 1,087
Exchange reserves (267,990) (260,368) (288,891)
Retained earnings 718,721 697,631 712,919
------------------------------------------- -------------- -------------- ------------------
490,086 476,618 463,383
Non-controlling interests 115,454 108,707 109,595
------------------------------------------- -------------- -------------- ------------------
Total equity 605,540 585,325 572,978
------------------------------------------- -------------- -------------- ------------------
Condensed Consolidated Statement of Changes in Equity
Attributable to owners of the parent
Capital Non-controlling
Share Treasury Share redemption Exchange Retained interests Total
capital shares premium reserve Reserves earnings Total equity
Note $000 $000 $000 $000 $000 $000 $000 $000 $000
---------------------------------------------------------- ----- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Balance at 31 December 2021 15,504 (1,171) 23,935 1,087 (241,907) 642,582 440,030 102,078 542,108
Items of other comprehensive
income:
* Remeasurement of retirement benefits plan, net of
tax - - - - - 144 144 33 177
* Loss on exchange translation of foreign operations - - - - (45,445) - (45,445) (9,530) (54,975)
---------------------------------------------------------- ----- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- -----------
Total other comprehensive
(expenses) / income - - - - (45,445) 144 (45,301) (9,497) (54,798)
Profit for the year - - - - - 79,644 79,644 16,013 95,657
---------------------------------------------------------- ----- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- -----------
Total comprehensive (expenses)
/ income for the year - - - - (45,445) 79,788 34,343 6,516 40,859
Acquisition of non-controlling
interests - - - - (1,539) (7,469) (9,008) 3,175 (5,833)
Dividends paid - - - - - (1,982) (1,982) (2,174) (4,156)
----------------------------------------------------------
Balance at 31 December
2022 15,504 (1,171) 23,935 1,087 (288,891) 712,919 463,383 109,595 572,978
----- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- -----------
Items of other comprehensive
income:
-Remeasurement of retirement
benefits plan, net of tax - - - - - - - - -
-Profit on exchange translation
of foreign operations - - - - 21,057 - 21,057 4,914 25,971
---------------------------------------------------------- ----- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- -----------
Total other comprehensive
income - - - - 21,057 - 21,057 4,914 25,971
Profit for the period - - - - - 18,043 18,043 3,570 21,613
---------------------------------------------------------- ----- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- -----------
Total comprehensive income
for the period - - - 21,057 18,043 39,100 8,484 47,584
Acquisition of non-controlling
interests 10 - - - - (156) (2,332) (2,488) (120) (2,608)
Dividends payable - - - - - (9,909) (9,909) (2,505) (12,414)
Balance at 30 June 2023 15,504 (1,171) 23,935 1,087 (267,990) 718,721 490,086 115,454 605,540
---------------------------------------------------------- ----- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- -----------
Attributable to owners of the parent
Capital Non-controlling
Share Treasury Share redemption Exchange Retained interests Total
capital shares premium reserve reserves earnings Total Equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
---------------------------------------------------------- --------- ---------- --------- ----------- ---------- ---------- --------- ---------------- ---------
Balance at 31 December
2021 15,504 (1,171) 23,935 1,087 (241,907) 642,582 440,030 102,078 542,108
Items of other comprehensive
income:
* Loss on exchange translation of foreign operations - - - - (18,461) - (18,461) (4,472) (22,933)
---------------------------------------------------------- --------- ----------- -------- ----------- ---------- ---------- --------- ---------------- ---------
Total other comprehensive
expenses - - - - (18,461) - (18,461) (4,472) (22,933)
Profit for the period - - - - - 57,031 57,031 11,435 68,466
---------------------------------------------------------- --------- ----------- -------- ----------- ---------- ---------- --------- ---------------- ---------
Total comprehensive (expenses)
/ income for the period - - - - (18,461) 57,031 38,570 6,963 45,533
Dividends payable - - - - - (1,982) (1,982) (334) (2,316)
Balance at 30 June 2022 15,504 (1,171) 23,935 1,087 (260,368) 697,631 476,618 108,707 585,325
---------------------------------------------------------- --------- ----------- -------- ----------- ---------- ---------- --------- ---------------- ---------
Condensed Consolidated Statement of Cash Flows
2023 2022 2022
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
----------------------------------- ------------ ------------ ---------------
Cash flows from operating
activities
Profit before tax from continuing
operations 32,502 89,534 132,941
Adjustments for:
Biological assets movement (291) 5,314 5,792
Gain on disposal of property,
plant and equipment (26) (49) (91)
Depreciation 8,116 8,370 16,724
Retirement benefit provisions 386 1,100 1,157
Net finance income (3,975) (1,706) (4,847)
Unrealised loss / (gain)
in foreign exchange 493 (311) (991)
Property, plant and equipment
written off 28 80 134
(Reversal of impairment)
/ impairment of losses - (256) 617
Provision for expected credit
loss 20 6 1,665
Operating cash flows before
changes in working capital 37,253 102,082 153,101
Increase in inventories (2,871) (27,157) (6,291)
(Increase) / Decrease in
non-current, trade and other
receivables (15,582) 584 (896)
(Decrease) / Increase in
trade and other payables (5,804) 8,849 4,035
----------------------------------- ------------ ------------ ---------------
Cash inflows from operations 12,996 84,358 149,949
Retirement benefits paid (301) (137) (612)
Overseas tax paid (22,172) (28,935) (27,495)
----------------------------------- ------------ ------------ ---------------
Operating cash flows (used
in) / from continuing operations (9,477) 55,286 121,842
Operating cash flows used
in discontinued operations (850) (850) (1,331)
----------------------------------- ------------ ------------ ---------------
Net cash flows (used in)
/ from operating activities (10,327) 54,436 120,511
Investing activities
Property, plant and equipment
* purchases (17,110) (17,763) (34,026)
* sales 155 51 111
Interest received 3,990 1,714 4,859
Increase in receivables from
cooperatives under plasma
scheme (1,473) (1,395) (2,570)
Placement of fixed deposits
with original maturity of
more than three months (39,040) (59,495) (55,566)
Withdrawal of fixed deposits
with original maturity of
more than three months 55,566 1,439 1,439
----------------------------------- ------------ ------------ ---------------
Cash from / (used in) investing
activities from continuing
operations 2,088 (75,449) (85,753)
Cash used in investing activities
from discontinued operations (935) (887) (1,865)
----------------------------------- ------------ ------------ ---------------
Net cash from / (used in)
investing activities 1,153 (76,336) (87,618)
----------------------------------- ------------ ------------ ---------------
Financing activities
Dividends paid to the holders
of the parent - - (1,975)
Dividends paid to non-controlling
interests (2,505) (334) (2,174)
Repayment of lease liabilities
- principal (102) (112) (220)
Repayment of lease liabilities
- interest (15) (8) (12)
Acquisition of non-controlling
interests - - (5,142)
----------------------------------- ------------ ------------ ---------------
Cash used in financing activities
from continuing operations (2,622) (454) (9,523)
Cash used in financing activities
from discontinued operations - - -
----------------------------------- ------------ ------------ ---------------
Net cash used in financing
activities (2,622) (454) (9,523)
----------------------------------- ------------ ------------ ---------------
Net (decrease) / increase
in cash and cash equivalents (11,796) (22,354) 23,370
Cash and cash equivalents
At beginning of period 221,476 218,249 218,249
Exchange gain / (loss) 12,606 (8,556) (20,143)
----------------------------------- ------------ ------------ ---------------
At end of period 222,286 187,339 221,476
----------------------------------- ------------ ------------ ---------------
Comprising:
Cash at end of period 222,286 187,339 221,476
----------------------------------- ------------ ------------ ---------------
Notes to the interim statements
1. Basis of preparation of interim financial statements
These interim consolidated financial statements have been
prepared in accordance with IAS 34, "Interim Financial Reporting".
They do not include all disclosures that would otherwise be
required in a complete set of financial statements and should be
read in conjunction with the 2022 Annual Report. The financial
information for the half years ended 30 June 2023 and 30 June 2022
does not constitute statutory accounts within the meaning of
Section 434(3) of the Companies Act 2006 and has been neither
audited nor reviewed pursuant to guidance issued by the Auditing
Practices Board.
Basis of preparation
The annual financial statements of Anglo-Eastern Plantations Plc
are prepared in accordance with UK adopted International Accounting
Standards. The comparative financial information for the year ended
31 December 2022 included within this report does not constitute
the full statutory accounts for that period. The statutory Annual
Report and Financial Statements for 2022 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the
Annual Report and Financial Statements for 2022 was unqualified,
did not draw attention to any matters by way of emphasis, and did
not contain a statement under Sections 498(2) or 498(3) of the
Companies Act 2006.
The Directors have a reasonable expectation, having made the
appropriate enquiries, that the Group has control of the monthly
cashflows and that the Group has sufficient cash resources to cover
the fixed cashflows for a period of at least 12 months from the
date of approval of this interim report. For these reasons, the
Directors adopted a going concern basis in the preparation of the
interim report. The Directors have made this assessment after
consideration of the Group's budgeted cash flows and related
assumptions including appropriate stress testing of identified
uncertainties, specifically on the potential shut down of the
entire operations if all the plantations are infected with
Coronavirus as well as the impact on the demand for palm oil due to
the Coronavirus pandemic. Stress testing of other identified
uncertainties was undertaken on primarily commodity prices and
currency exchange rates.
Changes in accounting standards
The same accounting policies, presentation and methods of
computation are followed in these condensed consolidated financial
statements as were applied in the Group's latest annual audited
financial statements.
2. Foreign exchange
2023 2022 2022
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
Closing exchange rates
Rp : $ 15,026 14,848 15,731
$ : GBP 1.27 1.21 1.20
RM : $ 4.67 4.41 4.41
Average exchange rates
Rp : $ 15,071 14,445 14,810
$ : GBP 1.23 1.30 1.24
RM : $ 4.46 4.27 4.40
3. Revenue
Disaggregation of Revenue
The Group has disaggregated revenue into various categories in
the following table which is intended to:
-- Depict how the nature, amount and uncertainty of revenue and
cash flows are affected by timing of revenue recognition; and
-- Enable users to understand the relationship with revenue
segment information provided in note 5.
There is no right of return and warranty provided to the
customers on the sale of products and services rendered.
CPO, palm
6 months to 30 June kernel Rubber Shell Biomass Biogas Others
2023 and FFB nut products products Total
$000 $000 $000 $000 $000 $000 $000
Contract counterparties
Government - - - - 550 - 550
Non-government
- Wholesalers 169,920 327 2,337 - - 315 172,899
---------- --------- -------- ---------- ---------- --------- ----------
169,920 327 2,337 - 550 315 173,449
---------- --------- -------- ---------- ---------- --------- ----------
Timing of transfer
of goods
Delivery to customer
premises 3,339 327 - - - - 3,666
Delivery to port of
departure - - - - - - -
Customer collect from
our mills / estates 166,581 - 2,337 - - - 168,918
Upon generation /
others - - - - 550 315 865
---------- --------- -------- ---------- ---------- --------- ----------
169,920 327 2,337 - 550 315 173,449
---------- --------- -------- ---------- ---------- --------- ----------
CPO, palm
6 months to 30 June kernel Rubber Shell Biomass Biogas Others
2022 and FFB nut products products Total
$000 $000 $000 $000 $000 $000 $000
Contract counterparties
Government - - - - 540 - 540
Non-government
- Wholesalers 245,456 280 2,605 24 - 324 248,689
245,456 280 2,605 24 540 324 249,229
---------- --------- -------- ---------- ---------- --------- ----------
Timing of transfer
of goods
Delivery to customer
premises 3,569 280 - - - - 3,849
Delivery to port of
departure - - - 24 - - 24
Customer collect from
our mills / estates 241,887 - 2,605 - - - 244,492
Upon generation / others - - - - 540 324 864
245,456 280 2,605 24 540 324 249,229
---------- --------- -------- ---------- ---------- --------- ----------
CPO, palm
Year to 31 December kernel Rubber Shell Biomass Biogas Others
2022 and FFB nut products products Total
$000 $000 $000 $000 $000 $000 $000
Contract counterparties
Government - - - - 1,160 - 1,160
Non-government
- Wholesalers 437,247 630 5,438 24 - 3,120 446,459
---------- --------- -------- ---------- ---------- --------- ----------
437,247 630 5,438 24 1,160 3,120 447,619
---------- --------- -------- ---------- ---------- --------- ----------
Timing of transfer
of goods
Delivery to customer
premises 5,359 630 - - - - 5,989
Delivery to port of
departure - - - 24 - - 24
Customer collect from
our mills / estates 431,888 - 5,438 - - - 437,326
Upon generation / others - - - - 1,160 3,120 4,280
---------- --------- -------- ---------- ---------- --------- ----------
437,247 630 5,438 24 1,160 3,120 447,619
---------- --------- -------- ---------- ---------- --------- ----------
4. Finance income and expense
2023 2022 2022
6 months 6 months Year
to 30
June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Finance income
Interest receivable on:
Credit bank balances and time
deposits 3,990 1,714 4,859
Finance expense
Interest payable on:
Interest expense on lease liabilities (15) (8) (12)
------------ ------------ ---------------
(15) (8) (12)
------------ ------------ ---------------
Net finance income recognised
in income statement 3,975 1,706 4,847
------------ ------------ ---------------
5. Segment information
North Total South*
Sumatera Bengkulu Riau Bangka Kalimantan Indonesia Malaysia UK Total Sumatera
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
6 months to 30 June 2023
(unaudited)
Total sales revenue
(all
external)
* CPO, palm kernel
and FFB 57,802 46,763 22,485 1,679 40,169 168,898 1,022 - 169,920 2,789
* Rubber 327 - - - - 327 - - 327 -
* Shell nut 1,171 337 785 - 44 2,337 - - 2,337 -
* Biomass products - - - - - - - - - -
* Biogas products 168 187 - - 195 550 - - 550 -
* Others 213 58 - 20 14 305 8 2 315 69
Total revenue 59,681 47,345 23,270 1,699 40,422 172,417 1,030 2 173,449 2,858
--------- --------- -------- ------- ----------- ---------- --------- -------- -------- ---------
Profit / (loss)
before
tax 11,795 6,734 5,747 (67) 8,973 33,182 (513) (458) 32,211 (696)
BA movement 366 (1) (77) 30 (76) 242 49 - 291 86
--------- --------- -------- ------- ----------- ---------- --------- -------- -------- ---------
Profit / (loss) for
the
period before tax
per consolidated
income statement 12,161 6,733 5,670 (37) 8,897 33,424 (464) (458) 32,502 (610)
--------- --------- -------- ------- ----------- ---------- --------- -------- -------- ---------
Interest income 2,164 1,267 501 - 21 3,953 36 1 3,990 2
Interest expense (13) - - - - (13) (2) - (15) -
Depreciation (2,571) (1,749) (419) (239) (3,054) (8,032) (84) - (8,116) -
Provision of
expected
credit loss (4) (8) - - (7) (19) - (1) (20) (9)
Inter-segment
transactions 2,046 (945) (270) (146) (996) (311) 301 10 - -
Inter-segmental
revenue 16,269 3,540 - - 5,230 25,039 - - 25,039 2,023
Tax expense (3,093) (1,299) (1,200) 44 (1,554) (7,102) (96) (1,216) (8,414) 471
Total assets 261,948 141,814 51,847 19,054 155,488 630,151 10,342 11,677 652,170 9,478
Non-current assets 86,369 46,374 8,145 16,399 108,633 265,920 7,104 - 273,024 -
Non-current assets
- additions 6,104 5,102 377 1,036 5,162 17,781 12 - 17,793 137
* South Sumatera represents the operations which have been
discontinued and have therefore been separated from the continuing
operations.
North Total South*
Sumatera Bengkulu Riau Bangka Kalimantan Indonesia Malaysia UK Total Sumatera
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
6 months to 30 June 2022
(unaudited)
Total sales revenue
(all
external)
* CPO, palm kernel
and FFB 82,911 70,778 42,666 1,662 45,875 243,892 1,564 - 245,456 5,290
* Rubber 280 - - - - 280 - - 280 -
* Shell nut 1,017 614 909 - 65 2,605 - - 2,605 -
* Biomass products 24 - - - - 24 - - 24 -
* Biogas products 149 241 - - 150 540 - - 540 -
* Others 110 49 36 20 106 321 3 - 324 63
Total revenue 84,491 71,682 43,611 1,682 46,196 247,662 1,567 - 249,229 5,353
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- -----------
Profit / (loss)
before
tax 35,009 23,688 14,233 484 22,156 95,570 (87) (635) 94,848 401
BA movement (1,523) (1,176) (872) (114) (1,645) (5,330) 16 - (5,314) (96)
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- -----------
Profit / (loss) for
the
period before tax
per consolidated
income statement 33,486 22,512 13,361 370 20,511 90,240 (71) (635) 89,534 305
--------- --------- -------- ------- ----------- ---------- --------- ------ --------- -----------
Interest income 1,180 429 85 - 17 1,711 3 - 1,714 2
Interest expense (4) - - - - (4) (4) - (8) -
Depreciation (2,669) (1,969) (411) (196) (2,963) (8,208) (162) - (8,370) -
Reversal of
impairment - - - - 622 622 - - 622 -
Impairment losses - - - - - - (366) - (366) -
(Provision) /
Reversal
of expected credit
loss (10) (1) - 1 2 (8) - 2 (6) (9)
Inter-segment
transactions 2,503 (988) (283) (149) (1,004) 79 299 10 388 (388)
Inter-segmental
revenue 25,434 580 - - 5,527 31,541 - - 31,541 4,608
Tax expense (8,617) (4,864) (2,873) (52) (3,998) (20,404) (119) (173) (20,696) 339
Total assets 273,345 135,559 42,725 17,045 151,209 619,883 12,735 6,613 639,231 13,884
Non-current assets 81,387 41,272 8,206 14,938 105,917 251,720 7,825 - 259,545 4,726
Non-current assets
- additions 10,146 2,897 201 773 3,707 17,724 39 - 17,763 367
* South Sumatera represents the operations which have been
discontinued and have therefore been separated from the continuing
operations.
North Total South*
Sumatera Bengkulu Riau Bangka Kalimantan Indonesia Malaysia UK Total Sumatera
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Year to 31 December 2022 (audited)
Total sales revenue
(all
external)
* CPO, palm kernel
and FFB 146,044 124,480 77,688 2,554 84,198 434,964 2,283 - 437,247 9,192
* Rubber 630 - - - - 630 - - 630 -
* Shell nut 2,056 1,197 2,067 - 118 5,438 - - 5,438 -
* Biomass products 24 - - - - 24 - - 24 -
* Biogas products 354 475 - - 331 1,160 - - 1,160 -
* Others 141 - 2,662 33 264 3,100 20 - 3,120 114
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Total revenue 149,249 126,152 82,417 2,587 84,911 445,316 2,303 - 447,619 9,306
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Profit / (loss)
before
tax 51,210 35,809 26,166 433 29,079 142,697 (721) (3,243) 138,733 (1,105)
BA movement (1,845) (1,571) (846) (106) (1,354) (5,722) (70) - (5,792) (178)
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Profit / (loss) for
the
year before tax
per consolidated
income statement 49,365 34,238 25,320 327 27,725 136,975 (791) (3,243) 132,941 (1,283)
--------- --------- --------- ------- ----------- ---------- --------- ---------- --------- ------------
Interest income 3,149 1,321 320 - 31 4,821 38 - 4,859 4
Interest expense (5) - - - - (5) (7) - (12) -
Depreciation (5,295) (3,942) (813) (374) (5,922) (16,346) (378) - (16,724) -
Impairment losses - - - - (185) (185) (432) - (617) -
(Provision) /
Reversal
for expected
credit loss (169) (57) - - 12 (214) - (1,451) (1,665) 91
Inter-segment
transactions 4,654 (1,927) (551) (291) (1,960) (75) 589 53 567 (567)
Inter-segmental
revenue 44,080 2,711 - - 9,628 56,419 - - 56,419 7,305
Tax expense (12,022) (7,262) (5,499) (26) (5,414) (30,223) (98) (1,140) (31,461) 494
Total assets 258,237 138,272 52,321 17,469 139,914 606,213 11,540 2,602 620,355 9,855
Non-current assets 79,119 41,193 7,820 14,901 101,780 244,813 7,601 - 252,414 5,704
Non-current assets
-
additions 15,007 7,283 709 1,788 9,376 34,163 107 - 34,270 793
* South Sumatera represents the operations which have been
discontinued and have therefore been separated from the continuing
operations.
In the 6 months to 30 June 2023, revenue from 4 customers of the
Indonesian segment represent approximately $85.8m (H1 2022:
$156.8m) of the Group's total revenue. In the year 2022, revenue
from 4 customers of the Indonesian segment represent approximately
$263.0m of the Group's total revenue for continuing operations. An
analysis of this revenue is provided below. Although Customers 1 to
3 each contribute over 10% of the Group's total revenue, there was
no over reliance on these Customers as tenders were performed on a
weekly basis. Three of the top four customers were the same as in
the year to 31 December 2022.
2023 2022 2022
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$m % $m % $m %
Major Customers
Customer 1 27.9 16.1 89.7 36.0 146.4 32.6
Customer 2 23.1 13.3 31.0 12.4 55.9 12.5
Customer 3 17.7 10.2 18.5 7.4 33.1 7.4
Customer 4 17.1 9.9 17.6 7.0 27.6 6.2
------------------ --------- --------- ---------- -------- -------- --------
Total 85.8 49.5 156.8 62.8 263.0 58.7
------------------ --------- --------- ---------- -------- -------- --------
6. Tax expense
2023 2022 2022
6 months 6 months Year
to 30
June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Foreign corporation tax
- current year 8,843 18,224 29,727
Foreign corporation tax
- prior year - (57) 7
Deferred tax adjustment
- origination and reversal
of temporary differences (429) 2,529 832
Deferred tax - prior year - - 895
8,414 20,696 31,461
------------ ------------ ---------------
Corporation tax rate in Indonesia is at 22% (H1 2022: 22%, 2022:
22%) whereas Malaysia is at 24% (H1 2022: 24%, 2022: 24%). The
standard rate of corporation tax in the UK for the current year is
19% (H1 2022: 19%, 2022: 19%).
7. Dividend
The final and only dividend in respect of 2022, amounting to
25.0 cents per share, or $9,909,093 was paid on 7 July 2023 (2021:
5.0 cents per share, or $1,981,819 paid on 15 July 2022).
The interim dividend of 15.0 cents per share, or $5,945,456 in
respect of the year ending 31 December 2023 will be paid on 6
October 2023 to those shareholders on the register on 8 September
2023.
8. Earnings per ordinary share ("EPS")
2023 2022 2022
6 months 6 months Year
to 30
June to 30 June to 31 December
(unaudited) (unaudited) (audited)
$000 $000 $000
Total operations
Profit for the period attributable
to owners of the Company before
BA movement 17,795 60,582 83,548
BA movement 248 (3,551) (3,904)
------------ ------------ ---------------
Earnings used in basic and
diluted EPS 18,043 57,031 79,644
------------ ------------ ---------------
Continuing operations
Profit for the period attributable
to owners of the Company before
BA movement 19,924 60,845 87,937
BA movement 184 (3,480) (3,772)
------------ ------------ ---------------
Earnings used in basic and
diluted EPS 20,108 57,365 84,165
------------ ------------ ---------------
Discontinued operations
Loss for the period attributable
to owners of the Company before
BA movement (2,129) (263) (4,389)
BA movement 64 (71) (132)
------------ ------------ ---------------
Earnings used in basic and
diluted EPS (2,065) (334) (4,521)
------------ ------------ ---------------
Number Number Number
'000 '000 '000
Weighted average number of
shares in issue in the period
- used in basic EPS 39,636 39,636 39,636
- dilutive effect of outstanding
share options - - -
------------ ------------ ---------------
- used in diluted EPS 39,636 39,636 39,636
------------ ------------ ---------------
Total operations
- Basic and diluted EPS before
BA movement 44.90cts 152.85cts 210.79cts
- Basic and diluted EPS after
BA movement 45.52cts 143.89cts 200.94cts
Continuing operations
- Basic and diluted EPS before
BA movement 50.27cts 153.51cts 221.86cts
- Basic and diluted EPS after
BA movement 50.73cts 144.73cts 212.34cts
Discontinued operations
- Basic and diluted EPS before
BA movement (5.37)cts (0.66)cts (11.07)cts
- Basic and diluted EPS after
BA movement (5.21)cts (0.84)cts (11.41)cts
9. Fair value measurement of financial instruments
The carrying amounts and fair values of the financial
instruments which are not recognised at fair value in the Statement
of Financial Position are exhibited below:
2023 2022 2022
6 months 6 months Year
to 30 June to 30 June to 31 December
(unaudited) (unaudited) (audited)
Carrying Fair Carrying Fair Carrying Fair
amount value amount value amount value
$000 $000 $000 $000 $000 $000
Non-current
receivables
Due from non-controlling
interests 434 434 5,345 3,016 1,549 797
Due from cooperatives
under Plasma
scheme 19,708 13,390 17,246 12,373 17,414 11,729
--------- ------- --------- ------- --------- -------
20,142 13,824 22,591 15,389 18,963 12,526
--------- ------- --------- ------- --------- -------
Financial instruments not measured at fair value include cash
and cash equivalents, trade and other receivables, trade and other
payables, and borrowings due within one year.
Due to their short-term nature, the carrying value of cash and
cash equivalents, trade and other receivables, trade and other
payables and borrowings due within one year approximates their fair
value.
All non-current assets, non-current receivables and long-term
loan are classified as Level 3 in the fair value hierarchy.
The valuation techniques and significant unobservable inputs
used in determining the fair value measurement of non-current
receivables and borrowings due after one year, as well as the
inter-relationship between key unobservable inputs and fair value,
are set out in the table below:
Item Valuation approach Inputs Inter-relationship
used between key unobservable
inputs and fair
value
----------------- -------------------------- --------- ---------------------------
Non-current receivables
Due from Based on cash flows Discount The higher the
non-controlling discounted using rate discount rate,
interests current lending rate the lower the
of 6% (H1 2022 and fair value.
2022: 6%).
Due from Based on cash flows Discount The higher the
cooperatives discounted using rate discount rate,
under Plasma an estimated current the lower the
scheme lending rate of 10.25% fair value.
(H1 2022: 7.00%,
2022: 8.50%).
10. Acquisition of non-controlling interests
In June 2023, the Group also acquired some additional 0.4% and
4.5% interest in the voting shares of PT Sawit Graha Manunggal
("SGM") and PT Kahayan Agro Plantation ("KAP"), respectively,
increasing the Group ownership interest to almost 100% with a
consideration of $2.6 million. The following is the schedule of
additional interest acquired in SGM and KAP:
$000
Consideration paid to non-controlling shareholders 2,608
Carrying value of the additional interest (120)
------
Difference recognised in retained earnings 2,488
------
11. Subsequent events
The disposal of the three non-performing plantations in South
Sumatera, namely PT Riau Agrindo Agung, PT Karya Kencana Sentosa
Tiga and PT Empat Lawang Agro Perkasa, to Mrs Lina (also known as
Liena Efendy) and Miss Lenny Nurimba on 5 July 2023 for a total
cash consideration of $8.5 million had been completed. Since the
Group is no longer in control of the subsidiaries, all the assets
and liabilities of the subsidiaries will be derecognised from July
2023 onwards.
In July 2023, the Group also completed the acquisition of 25% of
the issued share capital of PT United Kingdom Indonesia Plantations
and the 10% of the issued share capital of PT Mitra Puding Mas,
from PT Canadianty Corporindo, the minority shareholder in
Indonesia, for a total cash consideration of $25.2million,
increasing the Group ownership interest to 100%.
12. Report and financial information
Copies of the interim report for the Group for the period ended
30 June 2023 are available on the AEP website at
https://www.angloeastern.co.uk/.
This information is provided by RNS, the news service of the
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END
IR PPUBURUPWGUC
(END) Dow Jones Newswires
August 24, 2023 06:15 ET (10:15 GMT)
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