TIDMWBI
RNS Number : 7391Y
Woodbois Limited
13 May 2019
13 May 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Woodbois Limited
("Woodbois", the "Group" or the "Company")
(AIM: WBI)
Final Results FY 2018
-- Revenue $13.4 million versus 2017 revenue of $7.9 million
-- Gross profit of $2.1 million versus 2017 gross profit of $453 thousand
-- Pre-tax loss of $5.6 million versus 2017 loss of $7.3 million
-- Net assets of Group $129.5 million versus $135.2 million in 2017
-- Total assets $228.1 million versus $222.1 million in 2017
-- Disposal of agriculture assets in Tanzania
-- Buy-out of minorities, streamlining of Group structure
-- Veneer factory opened and fully operational
-- Additional $10m of trade finance funding committed post-year end
To read the results in full go to
https://woodbois.com/investors
Woodbois Limited
Miles Pelham - Chairman
Paul Dolan - CEO
www.woodbois.com +44 (0)20 7099 1940
Arden Partners Plc (Nominated adviser and broker)
Tom Price
Maria Gomez de Olea +44 (0)20 7614 5900
CHAIRMAN'S STATEMENT
I am pleased to present the Annual Report and consolidated
financial statements for Woodbois Limited (formerly known as Obtala
Limited) (the "Company" and its subsidiaries the "Group") for the
year ended 31 December 2018.
Business Performance
The Group continued its transformative path in 2018, registering
strong revenue growth in both timber trading and production
divisions. Revenues increased by 70% year over year from $7.9m to
$13.4m with gross profit for the 2018 year increasing to $2.1m from
$0.5m in 2017 and pre-tax loss for the 2018 year of $5.6m, down
from a loss of $7.3m in 2017.
The growth plan initiated in 2018 emphasised the requirement to
attract trade finance funding to capitalise on the valuable
commercial IP, developed over the last three decades, within our
trading division. Despite only modest trade finance inflows being
secured during 2018, the demonstrable track record generated by the
trading team in deploying the Internal Trading Fund (ITF) has led
to a total of $10m in additional trade finance funding being
committed during the first quarter of 2019. This development
signifies a landmark breakthrough for this area of the
business.
Strategy
Corporate restructuring
At the half year we announced that a strategic review of the
Group's East African operations would be undertaken, following
which a decision was made to narrow our focus to timber related
businesses only, and to dispose of the Group's agricultural assets
in Tanzania for a consideration of US$2,500,000 (the "Tanzanian
Disposal").
By the year-end, Woodbois had concluded negotiations with our
long-standing partner in Tanzania, Envision, for them to purchase
our business interests in Tanzania. The businesses were sold,
inclusive of the fixed assets and inventory at a small premium to
the net book value of those businesses as at 31(st) December 2018,
generating a profit to the Group of $176,000. The Group's net
investment over the past 6 years has been approximately $8m.
Further information on the sale can be found in note 10 of the
Annual Report.
Woodbois also entered into a share purchase agreement to acquire
the 25% of Montara Continental Limited that it did not previously
own (the "Montara Continental Consolidation") from Africa Resource
Investment Limited ("ARI") for a total consideration of $5m. This
buy-out of minorities further simplified the group structure and
being at a favourable price to shareholders, resulted in a total
gain of $14.4m, which is recorded in other comprehensive
income.
The transactions above conclude the reorganisation of the group,
and in changing our name in March 2019, from Obtala Ltd ("Obtala")
to Woodbois Ltd, we signalled the completion of a transition for
the original Obtala, from a diversified, African resources play, to
a business focused on the production, processing, manufacture and
supply of sustainable African hardwood and hardwood products, and
on the supply into Africa (and across the globe) of sustainable
softwood, hardwood and related products.
Outlook
The name change is appropriate given the evolution of the group
and its future ambitions, the strength of the Woodbois brand
globally and the elevation to the main board of the three founding
partners and business principals within the original Woodbois
International; Zahid Abbas, Jacob Hansen and Hadi Ghossein.
The impact of the Basel 3 accord, due to be implemented this
year, and the resulting trend of de-risking by international banks
continues to cut Africa off from traditional sources of
international finance. In trade finance alone the African
Development Bank estimates an annual shortfall of US$120bln. Given
the growth backdrop of the continent however, significant
opportunities exist for those capable of delivering funding
solutions while carefully managing credit risk. Achieving this is
fundamental to our strategy and I'm delighted that the time and
effort invested by management throughout 2018 has encouraged
commitments of $10 million in trade finance loans since the start
of 2019.
These commitments represent a major milestone for the Group on
its pathway to becoming a leading player in African timber trading.
This additional capital will enable the trading team to add
significant scale to their business during 2019. In line with the
rapid growth of urban populations across Sub-Saharan Africa, we
will seek to develop our intra-African trading and supply chains,
as well as expanding the established Woodbois business of supplying
sustainable African hardwood and hardwood products to clients
around the globe. The additional funding will allow us to service
the needs of our end buyers through the securing of valuable
supplier agreements. We are excited to embrace this immediate
opportunity for growth and see it as another key milestone towards
building a position of leadership within the marketplace.
Perhaps due to the rapid growth of the business, several
approaches were received during 2018 regarding potential joint
ventures and acquisition possibilities. For the time being we are
focussed on organic growth and maximising returns from existing
assets, but we remain open to all avenues leading to profitable,
sustainable, growth.
During the period, I increased my holding of Obtala's ordinary
shares from 18,457,754 to 30,000,000, and my holding in Argento
Preference shares from 7,072 to 54,358 (72.5% of outstanding),
demonstrating my confidence in management's ability to deliver on
our long-term vision of achieving a position of leadership in the
sector.
Africa is widely forecasted to exhibit the highest rates of
population and economic growth on the planet for at least the next
two decades. Identifying, hiring, training, empowering and
providing financial capital for African talent is therefore likely
to yield above average returns on investment. In my experience,
attracting capital is the most difficult of these objectives, so
having started to crack this very hard nut, we find ourselves
incrementally well positioned to significantly increase shareholder
value.
I wish to thank all of you, our shareholders, for your continued
support.
Miles Pelham
Chairman
7 May 2019
CHIEF EXECUTIVE OFFICER'S REVIEW
The high-level objective for 2018 was to maintain the rapid
growth of the business by increasing production from existing
facilities, commissioning a new veneer factory and improving
margins. Further objectives included increasing sales, sourcing
trade finance funding, reducing administration costs and generating
improved performance at an operating level.
2018 financial performance overview
Year-on-year revenue grew by 70% in 2018, driven by 93% growth
in Forestry division revenues from our own production assets, and
57% growth in trading revenues. 2018 gross profit margin improved
dramatically to 15.8%, from 5.7% in 2017.
As expected, and in line with the Group's growth, current assets
and current liabilities also increased.
-- Trade and other receivables increased year-on-year by 72%,
with much of the growth attributable to revenue expansion. However,
one-off items such as the current portion of the consideration due
for the sale of the Tanzanian businesses, also had an impact
-- Inventory increased by 23% year-on-year. This was largely
attributable to the increase in timber production in Gabon
-- Payables increased by 43% year over year, slightly below the growth in cost of goods sold.
Working capital requirements increased by $2.0m year-over-year,
also in line with management's expectations given the growth rate
of the overall business. Working capital requirements will continue
to grow as the business expands, hence the emphasis on attracting
trade finance funding.
Forestry & related capex
The forestry division contributed significantly to overall
margin expansion, recording a 21% gross profit for the year versus
12% in 2017. The sawmill in Gabon achieved an average recovery rate
of lumber from logs of 34%. New machinery to be purchased in 2019
should improve this recovery rate, and alongside the installation
of new kilns is expected to drive further margin expansion. The new
sawmilling equipment will also improve the finished quality of our
sawn lumber which will in turn open new export markets for our own
production, enhancing our status with clients as we move towards
our objective of becoming industry leaders.
Thorough research and rigorous cost benefit analysis was
conducted during 2018 prior to making capex commitments. As a
result of this analysis, we are confident that the additional
equipment scheduled for installation during 2019 will lead to
further margin improvement.
Capex during 2018 was committed to strengthening core
infrastructure to underpin increased, consistent future profit
margins via:
-- increased harvesting capacity - 2 new Komatsu bulldozers, 3 new MAN trucks
-- terminating outsourcing of kiln drying for sawn timber in
Gabon - New kilns are being installed in 2019 from Chinese company
Techdry with 2000m(3) monthly capacity for drying Okoume
-- repair and upgrade to kilns at rented facility in Abidjan,
Ivory Coast with monthly capacity of 1400m(3) , species
dependent.
-- reconditioning of container crane at the same facility to
allow quicker and more efficient movement of containers, a key
development as trading volumes grow
-- full commissioning of veneer factory including additional
machinery to reduce some manually intensive production and
post-production processes.
Veneer factory
The highest production-related priority for 2018 was to fully
commission the veneer factory in Gabon. The emptying of 10
containers full of second-hand industrial equipment and its
assembly and integration with new custom-built boilers and
generators into a functioning factory was a remarkable feat to
witness. Hats off to the Moroccan engineering team for delivering a
state of the art, Cremona equipped factory within the forecast
budget.
As the factory became fully functional towards the end of 2018,
Mr Driss Farissi joined to take overall charge of the facility with
the objective of scaling up production of high-quality product. Mr
Farissi is a Moroccan national with more than 25 years of
experience in veneer production and factory management and is
familiar with Gabon having spent 9 years there previously.
As with the equipment upgrades planned for the sawmill, output
from our impressive veneer facility will enhance our product mix
and reputation with clients around the world as we move up the
value chain.
Upgrade of logistics team
Monetising the forestry division's scaled up levels of
production is dependent on close communication with the logistics
team, and the performance of this critical hub. Anne Laure Boichot,
a French national who joined us in April 2018, has proved an
invaluable addition to the leadership team in Libreville and merits
a special mention in this report. Anne Laure's team dovetailed and
kept pace as production increased during 2018, shipping a total of
299 containers from Libreville, creating a step change for the
business and for our cashflow.
Trading
The trading division delivered a gross profit margin of 12%,
consistent with management observations throughout the year. The
division had to exercise patience during 2018 with financial
capacity to trade being tightly restricted since investment was
focused on the production units, where higher levels of operating
expenditure were required as production increased. The $10m of
funding committed after the year end in early 2019 will be drawn
down as the trading team activates relationships with suppliers
with whom they have multi-year track-records as well as with new
suppliers. Our trading team, while ramping up activity, will remain
mindful of the global economic outlook, including any signs of
continued slowdown in China, a large player in the tropical timber
market. Having sold into more than 40 different countries in the
last two years, we have the luxury of a diversified customer mix,
with no dependence on any single geography. China remains an
opportunity for the group since it was the destination for only 4%
of our total sales during 2018.
Cost management and internal controls
Internal control and financial monitoring capabilities have
continued to evolve and improve throughout 2018 under the guidance
of CFO Carnel Geddes.
We migrated to new web-based accounting software allowing for
round the clock access by group management and minimising risk of
loss of data. Some subsidiary accounting functions were also
centralised. A system of monitoring controls for the ITF was
designed and implemented and is checked daily at board level. New
weekly reports for group sales and profit margins were also
initiated, as well as stock levels in Gabon and Ivory Coast which
are reviewed at executive board level together with Group cash
flow. In 2019 this has been further extended to also track
harvesting and shipping data against budgets.
During 2018, turnover increased by 70% while combined operating
and administration costs increased by only 26%.
Operationally, the Libreville office houses our management and
logistics teams handling the day-to-day aspects of the production
business as well as timber exports from Gabon. The offices in Ivory
Coast and Denmark are trading and back-office hubs. All three are
scalable platforms and can support a significant increase in levels
of business.
At the half-year, I had noted that administration and
operational costs appeared high in the context of current levels of
profitability and targeted a 10% cost reduction for administration
expenses during the second half of 2018. The administration cost
reduction target was exceeded with administrative expenses falling
from a total of $3.9m in 2017 to $2.11m in 2018.
Operating costs increased by $3.4m over the same period as the
Woodbois business was only consolidated for six months of 2017
following its acquisition in the latter half of 2017. The disposal
of the Tanzanian business will remove $1.5m in operating costs in
the current year. Mozambique was responsible for 20% of the total
operating cost base of the Company but provided less than 2% of
revenues. Reflecting the prevailing business climate, the cost
reduction measures carried out in the second-half of 2018 will
ensure that the operational cost base for Mozambique in 2019 falls
much more closely into line with its contribution.
Mozambique
Due to issues documented in quarterly updates throughout the
year, largely related to export restrictions, we elected to perform
a very limited harvest in Mozambique during 2018, which was sold
mainly into the domestic market.
Given the high value of Mozambican hardwood species, research is
underway into broadening the 'finished product' mix from air dried
sawn timber, including the cost and availability of the additional
machinery and skills required.
We have first class facilities, equipment and people in
Mozambique and look forward to increasing activity in the future
when, but not before, the clarity required for us to re-allocate
meaningful levels of operating capital, has been provided by the
relevant government ministries.
I must make a special mention of Adriano Rafael, a Mozambican
national, who with the support of the local leadership team, and in
particular the vastly experienced Ivan Muir, has stepped seamlessly
into the important role of company administrator in Mozambique.
Adriano's elevation to this role from data administrator at our
bush mill in 2016, speaks volumes of his drive and application, and
demonstrates the ability for smart dedicated people to thrive
within the Woodbois working environment.
Social impact and sustainability
In pursuit of our social impact objectives, in 2018 we have
continued to engage with high-level representatives from
international organisations, such as the African Development Bank,
the World Bank, local governments, heads of local communities,
certification bodies and academic institutions. We also solicited
the views of and initiated discussions with local and international
platforms, the New Partnership for Africa's Development (NEPAD) and
the World Economic Forum as well as multiple African banks and
investment specialists.
We continue to align our sustainability strategy with the United
Nations Sustainable Development Goals (SDGs) which sets out a
vision for ending poverty, hunger, inequality and protecting the
Earth's natural resources. Through our operations we aim to
contribute to Africa's economic transformation with positive
impact, social development and strong environmental management.
Sustainably commercial considerations and alignment with these
goals will continue to shape decision making internally, in
alignment with our mission statement, which equally sets out our
growth ambitions while acknowledging the responsibility we carry
for the communities in which we operate. With the ambition to
become a market leader, the Company has continued to recruit high
quality personnel and to train its staff to the highest
standards.
A full sustainability report for 2018, detailing the various
initiatives carried out by the Company is currently in production
and is scheduled to be released shortly.
Sector Leadership
Last year's annual report reflected upon the fact that the
integration period in the latter half of 2017 for two businesses
(Obtala and Woodbois) with operations and management teams in 9
different countries had been relatively smooth. Combining
businesses with different histories, cultures and working practices
is a process rather than an event, and it was of course necessary
to continue to manage this process closely throughout 2018. The
common bond of partnership which is reinforced by the shareholdings
of board members, has continued to strengthen, most noticeably as
team objectives have been achieved. As the teams in different
geographies have deepened their respective relationships, committed
leadership is fostering a competitive spirit and a collaborative
culture. The diverse combination of skillsets within our leadership
team is a genuine differentiator for us in this industry, and
supports our ambition to become the leading producer and global
supplier of sustainable African hardwood and hardwood products to
the rest of the world.
It only remains for me to thank the board and all of our staff
for demonstrating their care for each other and for the Company as
well as their incredible commitment in 2018; it is a privilege to
lead this team.
For and on behalf of the Board.
Paul Dolan
Chief Executive Officer
7 May 2019
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND TOTAL COMPREHENSIVE
INCOME
Notes 2018 2017
Continuing operations $000 $000
Turnover 2 13,448 7,892
Cost of sales 2 (11,334) (7,439)
----------------------------------------------------------------------------------------- ----- --------- ---------
Gross profit 2,114 453
----------------------------------------------------------------------------------------- ----- --------- ---------
Other income 5 160 131
Gain / (loss) on fair value of Biological assets 13 1,611 (35,327)
Operating costs (5,356) (2,103)
Administrative expenses (2,106) (3,918)
Depreciation (474) (515)
Share based payment expense 25 (658) (809)
Operating loss 3 (4,709) (42,088)
Contingent acquisition expense 24 (860) (574)
Gain on bargain purchase 24 - 37,525
Gain on disposal of Tanzanian business 10 176 -
Preference share liability expense 20 - (1,604)
Foreign exchange gain 263 261
Finance income 6 - 20
Finance costs 7 (444) (810)
----------------------------------------------------------------------------------------- ----- --------- ---------
(Loss) / Profit before taxation (5,574) (7,270)
----------------------------------------------------------------------------------------- ----- --------- ---------
Taxation 8 (951) 12,173
----------------------------------------------------------------------------------------- ----- --------- ---------
(Loss) / Profit for the year from continuing operations (6,525) 4,903
----------------------------------------------------------------------------------------- ----- --------- ---------
Discontinued operations
Loss from discontinued operations, net of tax:
- Owners of the parent
- Non-controlling interests 10 (1,446) (2,803)
----------------------------------------------------------------------------------------- ----- --------- ---------
(Loss) / Profit for the year (7,971) 2,100
(Loss) / Profit attributable to:
- Owners of the parent 9 (6,736) 9,861
- Non-controlling interests 26 (1,235) (7,761)
----------------------------------------------------------------------------------------- ----- --------- ---------
(7,971) 2,100
----------------------------------------------------------------------------------------- ----- --------- ---------
Other comprehensive income:
Gain on buy-out of minorities 26 14,373 -
Currency translation differences, net of tax (798) (2,299)
----------------------------------------------------------------------------------------- ----- --------- ---------
Total comprehensive income for the year 5,604 (199)
----------------------------------------------------------------------------------------- ----- --------- ---------
Total comprehensive income attributable to:
Owners of the parent 6,839 7,562
Non-controlling interests 26 (1,235) (7,761)
----------------------------------------------------------------------------------------- ----- --------- ---------
Total comprehensive loss for the year 5,604 (199)
----------------------------------------------------------------------------------------- ----- --------- ---------
Total comprehensive (loss) / income attributable to equity shareholders arises from:
- Continuing operations 8,285 9,640
- Discontinued operations 10 (1,446) (2,803)
----------------------------------------------------------------------------------------- ----- --------- ---------
6,839 7,562
----------------------------------------------------------------------------------------- ----- --------- ---------
Earnings per share from continuing and discontinued operations attributable to the owners
of the parent during the year (cents per share)
----------------------------------------------------------------------------------------- ----- --------- ---------
Basic earnings per share
From continuing operations (cents) 10 (1.44) 1.72
From discontinued operations (cents) (0.32) (0.98)
----------------------------------------------------------------------------------------- ----- --------- ---------
From (loss) / profit for the year (1.76) 0.74
----------------------------------------------------------------------------------------- ----- --------- ---------
Diluted earnings per share
----------------------------------------------------------------------------------------- ----- --------- ---------
From continuing operations (cents) 10 (1.11) 1.17
----------------------------------------------------------------------------------------- ----- --------- ---------
From discontinued operations (cents) (0.25) (0.67)
----------------------------------------------------------------------------------------- ----- --------- ---------
From (loss) / profit for the year (1.36) 0.50
----------------------------------------------------------------------------------------- ----- --------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the owners of the
parent
Preference Share
share Foreign based
Merger capital exchange payment
Share Share reserve reserve reserve Retained Non-controlling Total
capital premium (note 22) * (note 25) earnings Total interests equity
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
--------------- -------- -------- ---------- ------------ --------- ---------- ------------- -------- ---------------- ---------
At 1 JANUARY
2017 4,240 17,968 44,487 - (1,619) 1,398 20,582 87,056 28,369 115,425
Profit /
(Loss) for
the year - - - - - 9,861 9,861 (7,761) 2,100
Other
comprehensive
income:
Currency
translation
differences - - - - (2,299) - - (2,299) - (2,299)
Total
comprehensive
income for
the year - - - - (2,299) - 9,861 7,562 (7,761) (199)
Transactions
with owners:
Issue of
preference
shares - - - 14,318 - - - 14,318 - 14,318
Issue of
ordinary
shares 260 4,372 - - - - - 4,632 - 4,632
Share based
payment
expense - - - - - 979 - 979 - 979
Reserve
transfer - - - - - (1,398) 1,398 - - -
At 31 December
2017 4,500 22,340 44,487 14,318 (3,918) 979 31,841 114,547 20,608 135,155
--------------- -------- -------- ---------- ------------ --------- ---------- ------------- -------- ---------------- ---------
Profit /
(Loss) for
the year - - - - - - (6,736) (6,736) (1,235) (7,971)
Other
comprehensive
income:
Gain on
minority
buy-out (note
24) 14,373 14,373 (19,373) (5,000)
Currency
translation
differences - - - - (798) - - (798) - (798)
Total
comprehensive
income for
the year - - - - (798) - 7,637 6,839 (20,608) (13,769)
Transactions
with owners:
Issue of
ordinary
shares 1,117 7,614 - - - - - 8,731 - 8,731
Share options
forfeited - - - - - (679) 679 - - -
Share based
payment
expense - - - - - 712 - 712 - 712
Preference
share
dividend - - - - - - (1,313) (1,313) (1,313)
At 31 December
2018 5,617 29,954 44,487 14,318 (4,716) 1,012 38,844 129,516 - 129,516
--------------- -------- -------- ---------- ------------ --------- ---------- ------------- -------- ---------------- ---------
* Exchange differences arising on translation of the foreign
controlled entities are recognised in other comprehensive income
and accumulated in a separate reserve within equity.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2018 2017
Notes $000 $000
------------------------------------------------ ----- ------------ ------------
ASSETS
Non-current assets
Assets under construction 12 - 883
Consideration receivable 10 1,841 -
Biological assets 13 194,708 192,501
Property, plant and equipment 11 17,081 17,741
------------------------------------------------ ----- ------------ ------------
Total non-current assets 213,630 211,125
Current assets
Trade and other receivables 10/14 5,924 3,441
Inventory 15 6,738 5,484
Cash and cash equivalents 16 1,910 2,089
------------------------------------------------ ----- ------------ ------------
Total current assets 14,572 11,014
------------------------------------------------ ----- ------------ ------------
TOTAL ASSETS 228,202 222,139
------------------------------------------------ ----- ------------ ------------
LIABILITIES
Current liabilities
Trade and other payables 17 (5,751) (4,017)
Borrowings 18 (5,024) (6,472)
Consideration payable 25 (5,000) -
Contingent acquisition liability 25 (1,269) (574)
TOTAL CURRENT LIABILITIES (17,044) (11,063)
NON-CURRENT LIABILITIES
Borrowings 18 (5,086) (742)
Deferred tax 8 (62,655) (61,728)
Preference share liability 19 (13,901) (12,588)
Other related party payables 27 - (863)
Total non-current liabilities (81,642) (75,921)
TOTAL LIABILITIES (98,686) (86,984)
------------------------------------------------ ----- ------------ ------------
NET ASSETS 129,516 135,155
------------------------------------------------ ----- ------------ ------------
EQUITY
Share capital 20 5,617 4,500
Share premium 21 29,954 22,340
Merger reserve 22 44,487 44,487
Preference share capital 19 14,318 14,318
Foreign exchange reserve (4,716) (3,918)
Share based payment reserve 25 1,012 979
Retained earnings 38,844 31,841
------------------------------------------------ ----- ------------ ------------
Equity attributable to the owners of the parent 129,516 114,547
Non-controlling interests 26 - 20,608
TOTAL EQUITY 129,516 135,155
------------------------------------------------ ----- ------------ ------------
CONSOLIDATED STATEMENT OF CASH FLOWS
2018 2017
Notes $000 $000
----------------------------------------------------- ----- ------------------- --------
CASH GENERATED FROM OPERATIONS
(Loss) before taxation - continuing operations (5,574) (7,270)
Loss before taxation - discontinued operations 10 (1,446) (2,803)
----------------------------------------------------- ----- ------------------- --------
(loss) before taxation (7,020) (10,073)
Adjustment for:
Depreciation of property, plant and equipment 11 1,625 926
Fair value adjustment of biological asset 13 (1,611) 35,327
Inventory losses 3 295 977
Foreign exchange (263) (2,553)
Contingent acquisition expense 25 695 574
Non-cash consideration on acquisition of subsidiary 25 - (3,683)
Preference share liability - 1,604
Share based payments 658 419
Finance income - (20)
Finance costs 7 444 810
Gain on disposal of Tanzanian assets 10 (176) -
Gain on bargain purchase 24 - (37,525)
(Increase) / decrease in trade and other receivables (1,852) 521
Increase / (decrease) in trade and other payables 1,708 (9,857)
Increase in inventory (1,764) (2,884)
CASH FLOWS FROM OPERATIONS (7,261) (25,437)
Finance costs paid (257) (154)
Finance income received - 20
Income taxes paid 8 (52) -
----------------------------------------------------- ----- ------------------- --------
cash FLOWS from operatiNG ACTIVITIES (7,570) (25,571)
----------------------------------------------------- ----- ------------------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash outflow from acquisition of subsidiary 24 - (3,000)
Expenditure on assets under construction 12 (420) (883)
Expenditure on property, plant and equipment 11 (2,825) (4,040)
cash FLOWS from investing activities (3,245) (7,923)
----------------------------------------------------- ----- ------------------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from receipts loans and borrowings (1,771) 5,129
Proceeds from ITF 3,676 698
Proceeds from the issue of ordinary shares 8,731 1,056
Proceeds from the issue of preference shares - 25,302
----------------------------------------------------- ----- ------------------- --------
cash fLOWS from financing activities 10,636 32,185
----------------------------------------------------- ----- ------------------- --------
NET (DECREASE) / IN CASH AND CASH EQUIVALENTS (179) (1,309)
Cash and cash equivalents at beginning of year 2,089 3,398
CASH AND CASH EQUIVALENTS AT end of YEAR 1,910 2,089
----------------------------------------------------- ----- ------------------- --------
Reconciliation of liabilities arising from financing actives
2017 Cash flow Non-cash 2018
changes
$000 $000 $000 $000
------------------- ------- ---------- --------- -------
Borrowings 8,077 2,033 - 10,110
Ordinary shares 26,840 8,731 - 35,571
Preference shares 14,318 - - 14,318
------------------- ------- ---------- --------- -------
49,235 10,764 - 59,999
------------------- ------- ---------- --------- -------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR LLFFDERIILIA
(END) Dow Jones Newswires
May 13, 2019 02:00 ET (06:00 GMT)
Woodbois (LSE:WBI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Woodbois (LSE:WBI)
Historical Stock Chart
From Jul 2023 to Jul 2024