TIDMAEP
RNS Number : 2047B
Anglo-Eastern Plantations PLC
28 February 2014
28 February 2014
Anglo-Eastern Plantations Plc
("AEP", "Group" or "Company")
Restatement of Prior Year Results
Anglo-Eastern Plantations Plc and its subsidiaries, which owns,
operates and develops plantations in Indonesia and Malaysia,
amounting to some 128,000 hectares producing mainly palm oil and
some rubber of which approximately 61,000 hectares are planted.
The 2012 accounts stated that the Company was in the process of
resolving a query from the Financial Reporting Council ("FRC")
concerning the measurement of the notional rent used in the
valuation of the Group's biological assets.
AEP has applied a notional rent equivalent to 9% of the value of
planted land in the valuation of their biological assets and this
has resulted in a reduction in the value of its biological assets
at 31 December 2012 by $37 million (2011: $38 million) from $245
million (2011: $235 million) to $208 million (2011: $197 million),
although the profit before biological asset adjustment of the Group
remains unchanged. The Group's profit after biological asset
adjustment for the years ended 31 December 2012 and 2011 were
reduced by $1.6 million and $4.0 million respectively as a result
of the restatement. The effect of these prior year adjustments has
no impact on the cash flows of the Group. As a result of this
change, the FRC has confirmed that it regards its enquiries into
the Company's annual report and accounts for the year ended 31
December 2010 as concluded.
Financial Highlights
Restated Restated
2012 2011
$ m $ m
Revenue 237.4 259.0
Profit before tax
- before biological asset ("BA")
adjustment 88.6 101.9
- after BA adjustment 81.9 117.7
EPS before BA adjustment 133.99cts 154.15cts
EPS after BA adjustment 119.41cts 186.35cts
Dividend (cents) 4.5cts 6.0cts
The restated results for the financial years ended 31 December
2012 and 31 December 2011 are enclosed with this announcement.
For further enquiry, contact:
Anglo-Eastern Plantations Plc
Dato' John Lim Ewe Chuan +44 (0)20 7216 4621
Charles Stanley Securities
Russell Cook
Karri Vuori +44 (0)20 7149 6000
Consolidated income statement
for the year ended 31 December 2012
(Restated) (Restated)
2012 2011
Result Result
before before
Continuing BA BA BA BA
operations Notes adjustment adjustment Total adjustment adjustment Total
$000 $000 $000 $000 $000 $000
--------------------------- -------------- -------------- ----------- -------------- -------------- -----------
Revenue 237,352 - 237,352 259,037 - 259,037
Cost of sales (142,755) - (142,755) (155,147) - (155,147)
---------------------------- -------------- -------------- ----------- -------------- -------------- -----------
Gross profit 94,597 - 94,597 103,890 - 103,890
Biological asset
revaluation movement - (6,729) (6,729) - 15,763 15,763
Administration
expenses (9,201) - (9,201) (5,372) - (5,372)
---------------------------- -------------- -------------- ----------- -------------- -------------- -----------
Operating profit 85,396 (6,729) 78,667 98,518 15,763 114,281
Exchange profits (24) - (24) 213 - 213
Finance income 3,336 - 3,336 3,891 - 3,891
Finance expense (117) - (117) (707) - (707)
---------------------------- -------------- -------------- ----------- -------------- -------------- -----------
Profit before tax 88,591 (6,729) 81,862 101,915 15,763 117,678
Tax expense (22,476) 1,682 (20,794) (26,809) (3,940) (30,749)
---------------------------- -------------- -------------- ----------- -------------- -------------- -----------
Profit for the
year 66,115 (5,047) 61,068 75,106 11,823 86,929
---------------------------- -------------- -------------- ----------- -------------- -------------- -----------
Attributable to:
- Owners of the
parent 53,108 (5,777) 47,331 60,949 12,732 73,681
- Non-controlling
interests 13,007 730 13,737 14,157 (909) 13,248
---------------------------- -------------- -------------- ----------- -------------- -------------- -----------
66,115 (5,047) 61,068 75,106 11,823 86,929
--------------------------- -------------- -------------- ----------- -------------- -------------- -----------
Earnings per share
for profit attributable
to the owners of
the parent during
the year
3 119.41cts 186.35
* basic cts
3 119.27cts 185.69
* diluted cts
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2012
(Restated) (Restated)
2012 2011
$000 $000
-------------------------------------------- ------------ --- ------------
Profit for the year 61,068 86,929
-------------------------------------------- ------------ --- ------------
Other comprehensive income:
Unrealised loss on revaluation of land (4,064) (48,932)
Loss on exchange translation of foreign
operations (25,337) (4,959)
Deferred tax on revaluation 1,015 12,233
Other comprehensive expenses for the year (28,386) (41,658)
Total comprehensive income for the year 32,682 45,271
Attributable to:
- Owners of the parent 23,172 41,805
- Non-controlling interests 9,510 3,466
-------------------------------------------- ------------ --- ------------
32,682 45,271
-------------------------------------------- ------------ --- ------------
Consolidated Statement of Financial Position
As at 31 December 2012
(Restated) (Restated) (Restated)
2012 2011 2010
Notes $000 $000 $000
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Non-current assets
Biological assets 4 207,679 197,410 153,915
Property, plant and equipment 4 212,177 214,840 249,610
Receivables 5,033 1,551 1,494
424,889 413,801 405,019
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Current assets
Inventories 6,075 9,439 6,820
Tax receivables 4,734 5,098 7,342
Trade and other receivables 7,419 4,877 3,356
Cash and cash equivalents 116,250 90,482 70,871
134,478 109,896 88,389
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Current liabilities
Loans and borrowings (52) (6,465) (15,650)
Trade and other payables (15,635) (20,878) (15,170)
Tax liabilities (6,996) (11,019) (5,130)
(22,683) (38,362) (35,950)
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Net current assets 111,795 71,534 52,439
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Non- current liabilities
Loans and borrowings (25,026) (58) (6,438)
Deferred tax liabilities (37,236) (43,098) (50,982)
Retirement benefits - net liabilities (3,057) (1,593) (2,305)
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Net assets 471,365 440,586 397,733
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Issued capital and reserves
attributable to owners of the
parent
Share capital 15,504 15,504 15,504
Treasury shares (1,171) (1,507) (1,507)
Share premium 23,935 23,935 23,935
Capital redemption reserve 1,087 1,087 1,087
Revaluation reserves 36,799 39,480 67,303
Exchange reserves (88,838) (67,360) (63,307)
Retained earnings 401,006 355,914 284,165
---------------------------------------- ------- ------------ ---- ------------ --- ------------
388,322 367,053 327,180
Non-controlling interests 83,043 73,533 70,553
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Total equity 471,365 440,586 397,733
---------------------------------------- ------- ------------ ---- ------------ --- ------------
Consolidated Statement of Changes in Equity
For the year ended 31 December 2012
Capital Foreign
Share Treasury Share redemption Revaluation exchange Retained Non-controlling Total
capital shares premium reserve reserve reserve earnings Total interests equity
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance as at
31 December
2010 15,504 (1,507) 23,935 1,087 67,303 (63,307) 305,683 348,698 73,665 422,363
Restatement
(note 2) - - - - - - (21,518) (21,518) (3,112) (24,630)
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Balance at 31
December 2010
after
restatement 15,504 (1,507) 23,935 1,087 67,303 (63,307) 284,165 327,180 70,553 397,733
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Items of other
comprehensive
income
-Unrealised
gain on
revaluation
of land - - - - (37,097) - - (37,097) (11,835) (48,932)
-Deferred tax
on
revaluation
of assets - - - - 9,274 - - 9,274 2,959 12,233
-Loss on
exchange
translation - - - - - (4,053) - (4,053) (906) (4,959)
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Net loss
recognised
directly
in equity - - - - (27,823) (4,053) - (31,876) (9,782) (41,658)
Profit for
year - - - - - - 73,681 73,681 13,248 86,929
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Total
comprehensive
income and
expense for
the year - - - - (27,823) (4,053) 73,681 41,805 3,466 45,271
Issue of
subsidiary
shares to
minority
shareholder - - - - - - - - 2,054 2,054
Share options
exercised /
Share
based payment
expense - - - - - - 45 45 - 45
Dividends paid - - - - - - (1,977) (1,977) (2,540) (4,517)
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Balance at 31
December 2011
after
restatement 15,504 (1,507) 23,935 1,087 39,480 (67,360) 355,914 367,053 73,533 440,586
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Consolidated Statement of Changes in Equity
For the year ended 31 December 2012
Capital Foreign
Share Treasury Share redemption Revaluation exchange Retained Non-controlling Total
capital shares premium reserve reserve reserve earnings Total interests equity
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance as at
31 December
2011 15,504 (1,507) 23,935 1,087 39,480 (67,602) 380,633 391,530 77,369 468,899
Restatement
(note 2) - - - - - 242 (24,719) (24,477) (3,836) (28,313)
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Balance at 31
December 2011
after
restatement 15,504 (1,507) 23,935 1,087 39,480 (67,360) 355,914 367,053 73,533 440,586
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Items of other
comprehensive
income
-Unrealised
loss on
revaluation
of land - - - - (3,574) - - (3,574) (490) (4,064)
-Deferred tax
on
revaluation
of assets - - - - 893 - - 893 122 1,015
-Loss on
exchange
translation - - - - - (21,478) - (21,478) (3,859) (25,337)
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Total other
comprehensive
income - - - - (2,681) (21,478) - (24,159) (4,227) (28,386)
Profit for
year - - - - - - 47,331 47,331 13,737 61,068
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Total
comprehensive
income and
expense for
the year - - - - (2,681) (21,478) 47,331 23,172 9.510 32,682
Share option
exercised - 336 - - - - 133 469 - 469
Dividends paid - - - - - - (2,372) (2,372) - (2,372)
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Balance at 31
December 2012
after
restatement 15,504 (1,171) 23,935 1,087 36,799 (88,838) 401,006 388,322 83,043 471,365
---------------- --------- ---------- --------- ------------ ------------- ---------- ---------- ---------- ----------------- ----------
Notes
1. Accounting policies
Anglo-Eastern Plantations Plc ("AEP") is a company incorporated
in the United Kingdom under the Companies Act 2006 and is listed on
the London Stock Exchange. The registered office of AEP is located
at Quadrant House, 6(th) Floor, 4 Thomas More Square, London E1W
1YW, United Kingdom. The principal activity of the Group is
plantation agriculture.
Basis of preparation
The annual financial statements of Anglo-Eastern Plantations Plc
are prepared in accordance with IFRSs as adopted by the European
Union. The financial information for the year ended 31 December
2012 included within this report does not constitute the full
statutory accounts for that period. The statutory Annual Report and
Financial Statements for 2012 have been filed with the Registrar of
Companies. The Independent Auditors' Report on that Annual Report
and Financial Statement for 2012 was qualified on the basis of a
limitation in scope, did not draw attention to any matters by way
of emphasis, and contained statements under 498(2) or 498(3) of the
Companies Act 2006.
Except for the measurement of notional rent, the same accounting
policies, presentation and methods of computation are followed in
these restated consolidated financial statements as were applied in
the Group's annual audited financial statements. The Company's
accounting policy for biological assets, set out below, is
unchanged.
The 2012 Annual Report stated that the Company was in the
process of resolving a query from the Financial Reporting Council
("FRC") concerning the measurement of the notional rent used in the
valuation of the Group's biological assets. Following further
discussion with the FRC, the Group has changed the determination of
notional rent, one of the assumptions used in the valuation of the
Group's biological assets in accordance with its stated policy to
reflect current market data in the estimate of the cost for the use
of the land. The change in measurement of the notional rent has
significant impact on the carrying amount of biological asset and
thus the accounts for years ended 31 December 2012 and 2011 were
restated. The restatements and related adjustments are disclosed in
these accounts in note 2.
Biological assets
Biological assets comprise oil palm trees and nurseries. The
biological process commences with the initial preparation of land
and planting of seedlings and ceases with the delivery of crop in
the form of fresh fruit bunches ("FFB") to the manufacturing
process in which crude palm oil and palm kernel are extracted from
the FFB.
Biological assets are carried at fair value less costs to sell
determined on the basis of the net present value of cash flows
arising in producing FFB. No account is taken in the valuation of
future replanting. Biological assets are valued at each accounting
date based upon a valuation of the planted areas using a discounted
cash flow method by reference to the FFB expected to be harvested
over the full remaining productive life of the trees up to 20
years. Areas are included in the valuation once they are planted.
However oil palm which are not yet mature at the accounting date,
and hence are not producing FFB, are valued on a similar basis but
with the discounted value of the estimated cost to complete
planting and to maintain the assets to maturity being deducted from
the discounted FFB value. Movement in valuation surplus of
biological assets is charged or credited to the income statement
for the relevant period (BA adjustment).
2. Prior year restatement
The 2012 Annual Report stated that the Company was in the
process of resolving a query from the Financial Reporting Council
("FRC") concerning the measurement of the notional rent used in the
valuation of the Group's biological assets. In October 2013, the
Group engaged a professional valuer in the United Kingdom ('UK
valuer') for an independent opinion on the measurement of the
notional rent. As a result, the Group has adopted a notional rent
equivalent to 9% of the value of planted land value as proposed by
the UK valuer in valuing its biological asset. This resulted in the
accounts for the years ended 31 December 2012 and 2011 being
restated and the closure of discussions with the FRC. The effect of
the restatements is summarised below.
The impact of these prior year adjustments:-
(Restated) (Restated)
2012 2011
$000 $000
After Biological Assets
-------------------------------------------------- ------------- ----- -------------
Profit for the year before restatement 62,703 90,898
Effect of change in restatement:
------------- -------------
Biological asset revaluation movement (2,180) (5,293)
Tax 545 1,324
------------- -------------
(1,635) 3,969
Profit for the year after restatement 61,068 86,929
------------- -------------
Other comprehensive income for the year
before restatement (30,108) (41,944)
Effect of change in restatement:
Profit/(loss) on exchange translation of
foreign operations 1,722 286
-------------
Other comprehensive income for the year
after restatement (28,386) (41,658)
------------- -------------
The effect of these prior year adjustments had a negative impact
on the earnings per share of 3.69cts (2011: 8.10cts) for the year
to 31 December 2012.
The following table summarises the impact of these prior year
adjustments on the Consolidated Statement of Financial
Position:-
Deferred
Biological tax Exchange Retained Non-controlling
assets liabilities reserve earnings interest
$000 $000 $000 $000 $000
Balance as reported 1 January 2011 186,755 (59,192) (63,307) 305,683 73,665
Effect of restatement (32,840) 8,210 - (21,518) (3,112)
Restated balance as at 1 January
2011 153,915 (50,982) (63,307) 284,165 70,553
------------ ------------- ---------- ------------- -------------------
Balance as reported 31 December
2011 235,158 (52,533) (67,602) 380,633 77,369
Effect of restatement up to 1 January
2011 (32,840) 8,210 - (21,518) (3,112)
Effect of restatement during the
year (4,908) 1,225 242 (3,201) (724)
Restated balance as at 31 December
2011 197,410 (43,098) (67,360) 355,914 73,533
------------ ------------- ---------- ------------- -------------------
Balance as reported 31 December
2012 245,313 (46,644) (90,571) 427,186 86,822
Effect of restatement up to 1 January
2012 (37,748) 9,435 242 (24,719) (3,836)
Effect of restatement during the
year 114 (27) 1,491 (1,461) 57
Restated balance as at 31 December
2012 207,679 (37,236) (88,838) 401,006 83,043
---------- ---------- ---------- ---------- ---------
3 Earning per ordinary share (EPS)
(Restated) (Restated)
2012 2011
$000 $000
Profit for the year attributable to owners
of the Company before BA adjustment 53,108 60,949
Net BA adjustment (5,777) 12,732
------------ ------------
Earnings used in basic and diluted EPS 47,331 73,681
------------ ------------
Number Number
'000 '000
Weighted average number of shares in issue
in year
- used in basic EPS 39,636 39,539
- dilutive effect of outstanding share options 48 141
------------ ------------
- used in diluted EPS 39,684 39,680
------------ ------------
Basic EPS before BA adjustment 133.99cts 154.15cts
Basic EPS after BA adjustment 119.41cts 186.35cts
Dilutive EPS before BA adjustment 133.83cts 153.60cts
Dilutive EPS after BA adjustment 119.27cts 185.69cts
4 Biological assets, property, plant and equipment
Biological Estate Office PPE
assets plant, plant, Total
equipment equipment Construction
Mill Land Buildings & vehicle & vehicle in progress Total
$000 $000 $000 $000 $000 $000 $000 $000 $000
Cost or valuation
At 1 January 2011
(restated) 153,915 39,080 200,977 15,859 11,883 1,212 2,114 271,125 425,040
Exchange
translations (2,601) (354) (308) (370) (15) (24) (44) (1,115) (3,716)
Decrease due to
harvest (14,905) - - - - - - - (14,905)
Revaluations 30,668 - (48,932) - - - - (48,932) (18,264)
Additions 10,437 3,404 2,637 6,142 2,357 163 693 15,396 25,833
Development costs
capitalised 19,896 - 3,016 966 248 - 216 4,446 24,342
Disposals - (243) - (23) (222) - - (488) (488)
------------ --------- ---------- ----------- ----------- ----------- -------------- ---------- ----------
At 31 December
2011 (restated) 197,410 41,887 157,390 22,574 14,251 1,351 2,979 240,432 437,842
Exchange
translations (11,531) (2,546) (8,643) (1,527) (769) (30) (156) (13,671) (25,202)
Reclassification 848 - (848) 4,350 - - (4,350) (848) -
Decrease due to
harvest (20,522) - - - - - - - (20,522)
Revaluations 13,793 - (4,064) - - - - (4,064) 9,729
Additions 3,749 2,509 4,246 7,674 2,571 81 2,165 19,246 22,995
Development costs
capitalised 23,932 - - - - - 2,151 2,151 26,083
Disposals - (97) - (142) (462) (2) (690) (1,393) (1,393)
------------ ----------
At 31 December
2012 207,679 41,753 148,081 32,929 15,591 1,400 2,099 241,853 449,532
------------ --------- ---------- ----------- ----------- ----------- -------------- ---------- ----------
Accumulated
depreciation
and impairment
At 1 January 2011
(restated) - 8,951 - 4,575 7,411 578 - 21,515 21,515
Exchange
translations - (123) - (88) (640) (13) - (864) (864)
Charge for the
year - 2,167 - 1,112 1,666 179 - 5,124 5,124
Disposal - (183) - - - - - (183) (183)
------------ --------- ---------- ----------- ----------- ----------- -------------- ---------- ----------
At 31 December
2011 (restated) - 10,812 - 5,599 8,437 744 - 25,592 25,592
Exchange
translations - (704) - (305) (431) (23) - (1,463) (1,463)
Charge for the
year - 2,344 - 1,640 1,963 188 - 6,135 6,135
Disposal - (77) - (102) (408) (1) - (588) (588)
At 31 December
2012 - 12,375 - 6,832 9,561 908 - 29,676 29,676
------------ --------- ---------- ----------- ----------- ----------- -------------- ---------- ----------
Carrying amount
At 31 December
2010 (restated) 153,915 30,129 200,977 11,284 4,472 634 2,114 249,610 403,525
At 31 December
2011 (restated) 197,410 31,075 157,390 16,975 5,814 607 2,979 214,840 412,250
At 31 December
2012 207,679 29,378 148,081 26,097 6,030 492 2,099 212,177 419,856
Net (loss)/gain
arising
from changes in
fair value
of biological
assets
At 31 December
2011 (restated) 15,763 - - - - - - - 15,763
At 31 December
2012 (6,729) - - - - - - - (6,729)
--------- ---------- ----------- ----------- ----------- --------------
The fair value less costs to sell of FFB harvested during the
period, determined at the point of harvest is exhibited below:
2012 2011
Fair value of FFB
Crop production and yield - FFB (mt) 783,000 707,000
Fair value of FFB ($000) 128,750 131,987
Fair value of FFB less costs to sell ($000) 122,783 124,373
The fair value of FFB at the point of harvest is recognised in
the income statement within the biological asset revaluation. A
reconciliation of the amount included within the income statement
and the biological asset has been included below:
(Restated) (Restated)
2012 2011
$000 $000
Harvest included in the biological asset
valuation from estimated production and
pricing assumptions less costs to sell
in the prior year 20,522 14,905
Gain from actual production and pricing 102,261 109,468
-------------- --------------
Fair value of FFB harvested from own production 122,783 124,373
-------------- --------------
The decrease due to harvest of $20,522,000 (2011: $14,905,000)
is the amount included within the prior year valuation for the
current year and is therefore deducted from biological asset
valuation in the current year as the FFB is harvested. The actual
fair value of harvested FFB varies to that forecast due to the
changes in; actual production, actual FFB price and actual costs
incurred. The gain on fair value of the harvested FFB is written
off as the FFB is processed in to CPO.
The biological asset revaluation movement included within the
income statement is calculated as follows:
(Restated) (Restated)
2012 2011
$000 $000
Decrease due to harvest (20,522) (14,905)
Revaluations 13,793 30,668
------------ ------------
Net (loss)/gain arising in the income
statement from changes in fair value of
biological assets (6,729) 15,763
------------ ------------
The carrying amount of the Group's biological assets was based
on independent valuations undertaken by independent valuers, Doli
Siregar & Rekan which its head office is located in Jakarta,
Indonesia except for an adjustment on discount rate and the
measurement of the notional rent which is determined by the
directors and the UK valuer respectively. Both firms have the
appropriate professional qualifications and recent experience in
the location and category of the properties being valued. Further
information of the Indonesian firm can be obtained from
'www.ds-r.co.id'. The Group's land as at 31 December 2012 has been
valued by directors with the last independent valuation undertaken
as at 31 December 2011.
The methodology of the valuations undertaken was using
discounted cash flow over the expected 20-year economic life of the
asset. The assumption applied in the valuation were, inter alia, an
assumed CPO selling price of $675/mt (2011: $625/mt), discount rate
of 17.5% (2011: 16.5%) and notional rent equivalent to 9% (2011:
9%) of the value of planted land value. The discount rates were
determined by the directors based on their assessment of various
risks including financial, business and country risk of where the
plantations are located as well as taking into account the
Company's weighted average cost of capital. The CPO price is taken
to be the 10-year average (2011: 10-year average) based on
historical widely-quoted commodity price for CPO and represents the
directors' best estimate of the price sustainable over the longer
term. The CPO price assumed is revised to reflect a price which is
closer to the market price of $810/mt as at 31 December 2012. The
notional rent charge is based on key capital market and property
indicators in the countries and regions of operations.
The following table exhibits the sensitivity of the Group's
biological assets to the fluctuation in CPO price and discount
rate:
(Restated)
2012
$000
A change of $50 in the price assumption for CPO
-$50 in the price assumption (43,991)
+$50 in the price assumption 45,273
A change of 1% in the discount rate
-1% in the discount rate 12,079
+1% in the discount rate (11,084)
A change of notional rent equivalent to 1% of
the value of planted land
-1% of the value of planted land 4,840
+1% of the value of planted land (4,716)
The estates include nil (2011: $14) of interest and $9,308,000
(2011: $6,074,000) of overheads capitalised during the year in
respect of expenditure on estates under development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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