Woodbois
Limited
("Woodbois", the "Group" or the "Company")
Half-year
results for the six months to 30 June 2024 (unaudited)
Outlook for second half of
2024
Woodbois the African focused
sustainable forestry, reforestation, carbon Sequestration, and
timber trading company, announces its unaudited results for the
half year ended 30 June 2024 and H2 Update
Highlights Financial
H1 2024 EBITDAS1,2 $
(0.6)m versus H1 2023 $ (2.8m)
H1 2024 Group Gross Profit $
1.8m versus H1 2023 $ 0.5m
H1 2024 Revenue : $ 3.64m versus H1
2023 $ 4.8m
H1 2024 working capital1,3
$ 2.5m versus H1 2023 $ 9.0m
H1 2024 Group borrowing $ 4.1m versus
H1 2023 $ 5.6m
Cash balance $ 0.7m
as at 30 June 2024
Highlights Operations
H1 2024 sawn timber production 5,040
m3 versus H1 2023 3,700 m3
H1 2024 veneer production 1,840 m3
versus H1 2023 2,000 m3
Our veneer production suffered
operational setbacks at the start of the year which caused the
lower veneer production however these are now resolved and we are
operating at a consistent and higher rate having addressed all
previous issues.
Comment from Group CFO, Johannes Bloemen
"The first half of 2024 has been a
period of continued transformation and operational restructuring
for Woodbois. Despite the challenges we've faced, our financial
performance reflects the progress made in stabilizing our
operations and laying the groundwork for future growth."
Comment from Guido Theuns, CEO and Executive
Chair:
"We are pleased to see the positive
results of our restructuring efforts and cost-saving measures
reflected in the first half of 2024. The turnaround in our
financial performance demonstrates that we have successfully
managed to 'turn the ship' and are now heading in the right
direction. With the Company back on a stable footing, we are
confident in our path towards profitability as we continue to
optimize operations and drive growth across all
divisions."
Enquiries:
|
Woodbois Limited
Guido Theuns, Executive Chair &
CEO
Johannes Bloemen, CFO
|
+ 44 (0)20 7099 1940
|
|
|
|
|
Canaccord Genuity (Nominated Advisor and
Broker)
Henry Fitzgerald-O'Connor
Harry Pardoe
|
+ 44 (0)20 7523 8000
|
|
|
|
|
Novum Securities (Joint Broker)
Colin Rowbury, Jon Bellis
|
+44 (0) 20 7399 9427
|
|
|
|
|
Axis Capital Markets Limited (Joint Broker)
Ben Tadd, Lewis Jones
|
+44 (0) 203 026 0449
|
Financial Review:
· EBITDAS: Most notably, we
achieved an improved EBITDAS of $(0.6)m, a significant turnaround
from the $2.8m loss in H1 2023. This improvement reflects the
success of our restructuring efforts and focus on enhancing
margins, while also factoring in the proceeds from the sale of our
Mozambique operations, as announced in our RNS of 13th March 2024
and 10th September 2024.
· Gross
Profit: Our gross profit improved to
$1.8m from $0.5m in H1 2023, reflecting the effectiveness of our
cost management and operational efficiency initiatives.
· Revenue: Revenue for H1 2024
was $3.64m, compared to $4.8m in the same period last year We
continue to restructure and optimize our operations. The
improvements we have made so far are expected to drive better
results in the second half of the year. Production levels and the
corresponding revenue generation typically follow with a delay, as
revenue is only recognized once the production is invoiced, which
often occurs after the completion and delivery of the goods.
Recognized revenue in H1 2024 includes $1.0m from the sale of
Mozambique concessions.
· Working
Capital:
Working capital declined to
$2.5m in H1 2024 from $9.0m in H1 2023, driven by our efforts to
reduce inventory levels and improve collections on receivables,
while carefully managing payables. It is important to note,
however, that the comparison with H1 2023 provides an imperfect
view, as the working capital at that time included new funds from a
recent capital raise, and a large portion of bank debt was
classified as non-current. We continue to commit to control
costs and streamline operations amid a lower revenue
environment. We remain confident that these measures will
contribute to long-term stability.
· Borrowings: Our focus on
reducing debt has paid off, with Group borrowings decreasing by 27%
to $4.1m, down from $5.6m in H1 2023. This reduction is a testament
to our commitment to deleveraging and building a stronger financial
foundation for the future.
· Cash
Management: We maintained a cash
balance of $0.7m at the end of H1 2024, demonstrating our
disciplined approach to managing liquidity during this transitional
period.
One of the biggest challenges during
this transformation has been restructuring our finance
organization, which was previously spread across four different
countries, each operating with stand-alone systems and software
packages. We believe we are now on the right path, as our financial
systems are being implemented on a unified platform and fully
integrated. This integration will ensure better transparency and
financial control across the organization.
The board believe these results
signal that Woodbois is on the right path. Our strategic emphasis
on sustainability, operational efficiency, and financial discipline
will continue to guide us as we move into the second half of the
year, with stronger foundations for future growth and
profitability.
Strategic Reorganization and Focus on Core
Operations
2024 marked a decisive turning point
for Woodbois as we executed a thorough reorganization of the Group.
A key part of this has been the divestment of non-core assets, such
as our Mozambique operations, which were sold in June. This sale
enables us to concentrate on our core business in Gabon, where we
continue to refine and optimize our production capabilities. By
consolidating our administrative functions in Guernsey, Dubai, and
Gabon, we have reduced overhead costs and positioned the Group for
sustainable, long-term growth.
The restructuring of our Gabon
operations has also been instrumental. We implemented a new
management team and real-time controls, increasing operational
efficiency and laying the groundwork for higher production outputs
in the second half of 2024. We are pleased to report that despite
these changes, we have maintained daily production levels
comparable to the first half of 2023 and are on track to deliver
significantly increased production outputs by year-end.
Financial Milestones and Trade Finance
Facility
In June, we secured a $5 million
trade finance facility from a family office in Dubai, which
strengthens our trading capabilities and positions us to take
advantage of new opportunities in the hardwood sector. This
facility will allow us to expand trading volumes, enhance supply
chain efficiencies, and commit to larger, more frequent
transactions-key components in our strategy to drive
profitability​. However, as set out in our update earlier in
September, we are taking a cautious approach to third party
trading, under stricter controls, therefore the finance facility
remains in place but currently substantially undrawn at
present.
We also raised £2 million through the
exercise of warrants in February, a move that not only strengthened
our cash position but also demonstrated shareholder's confidence in
our future prospects. These funds have been fully received and
directed toward scaling up production and further improving
operational efficiencies.
Board and Leadership Changes
Our leadership team has seen
significant changes during the first half of 2024.
We are pleased to announce the
appointment of Mr. Adriaan Roecoert as Non-Executive Chair of the
Company, effective immediately. Mr. Roecoert, who previously served
as a Non-Executive Director (as announced on 27th June 2024),
brings extensive expertise in international mergers and
acquisitions. His experience is expected to significantly
contribute to Woodbois' ongoing growth and strategic
expansion.
During the Company's transition, the
roles of CEO and Executive Chair were combined. However, as
Woodbois moves into its next phase, focused on scaling up through
organic growth while actively seeking merger and acquisition
opportunities, separating these roles is seen as a strategic move
to better serve the company's future objectives. Mr. Guido Theuns
will continue in his role as CEO, focusing on operational
leadership.
The complementary expertise of Mr.
Roecoert and Mr. Theuns will empower Woodbois to accelerate its
expansion plans and create value. Their combined leadership will
provide the Company with sharper strategic focus and enhanced
operational execution.
The Board believes that this
development will strengthen governance and performance, further
supporting Woodbois' growth ambitions.
We said farewell to Carnel Geddes
(CFO) and Graeme Thomson (Independent Non-executive Director), who
stepped down after years of dedicated service to Woodbois. Both
have remained available for the handover as we bring in new talent
to help drive our strategic objectives.
Johannes Bloemen was appointed CFO in
August. He has been with the Group heading up and reorganising the
Gabon finance function since early January 2024 and more recently
has been assuming increasingly wider responsibility for the Group's
finance function. Johannes has had a long career in senior
financial positions in various complex municipalities, as well as
providing accountancy and tax advice to other clients.
We are currently in the process of
recruiting two additional Non-Executive Directors to complete and
strengthen the Board, ensuring a balanced and diverse range of
expertise to support the Company's strategic goals.
Operational Enhancements and Market
Opportunities
Our focus on optimizing production
and operational efficiency is already yielding results. In the
first half of 2024, step by step we ramped up our production in
Gabon, supported by investments in new machinery and an expanded
workforce. With demand for our products remaining high, we have
secured forward orders for timber and veneer, with key markets in
the Middle East and Asia committed to purchasing all we can
produce.
Additionally, we are doubling our
drying capacity by installing new kilns and adding saw lines to
boost output. These improvements, combined with renegotiated
payment terms with customers, have enhanced our cash flow
management and will further stabilize our financial
position.
Carbon Credits
Woodbois' commitment to expanding its
carbon credit initiatives, including our afforestation-project of
50,000 hectares (as announced 11th April 2023), presents a
significant opportunity, particularly within the framework of
Gabon's vast forest resources.
Woodbois, with its extensive existing
forest concessions in Gabon, is uniquely positioned to leverage
this opportunity. The process of registering these forest areas for
carbon credits has already begun, and the Company expects to
complete this within the next six months.
Outlook for the Second Half of 2024
Woodbois Limited expects a stronger
performance for the full year ending 31 December 2024, driven by
improved revenue in the second half, operational efficiency, and
cost-saving measures. The Company anticipates maintaining
profitability following an improved EBITDAS in H1, supported by
increased production. Additionally, the completion of carbon credit
registration will provide a new revenue stream for 2025, aligning
with our sustainability goals. Overall, Woodbois is on track for
solid financial results and continued growth by
year-end.
Looking ahead, we have secured
agreements that ensure all of our increasing production will be
sold at normal market prices for the remainder of the year. This
strategic alignment will help to reduce the cost of sales, allowing
us to improve our margins and further enhance
profitability.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which forms part of UK
law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
1Non-IFRS
measures
The Company uses certain measures to
assess the financial performance of the company. These terms may be
defined as "non-IFRS measures" as they exclude amounts that are
included in, or include amounts that are excluded from, the most
directly comparable measure calculated and presented in accordance
with IFRS. They also may not be calculated using financial measures
that are in accordance with IFRS. These non-IFRS measures include
the Company's EBITDAS.
The Company uses such measures to
measure and monitor performance and liquidity, in presentations to
the Board and as a basis for strategic planning and forecasting.
The directors believe that these and similar measures are used
widely by market participants, stakeholders, and other interested
parties as supplemental measures of performance and
liquidity.
The non-IFRS measures may not be
directly comparable to other similarly titled measures used by
other companies and may have limited use as an analytical tool.
This should not be considered in isolation or as a substitute for
analysis of the Company's operating results as reported under
IFRS.
2 Earnings before interest, tax, depreciation, amortization,
share based payments & other non-cash items
3Working capital comprises cash and cash equivalents, trade
& other receivables, inventory less trade & other payable
and provisions
NOTES TO THE CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June
2024
1. BASIS OF
PREPARATION
The condensed consolidated interim
financial statements ('interim financial statements') for the six
months ended 30 June 2024 have been prepared in accordance with the
requirements of the AIM Rules for
Companies. As permitted, the Group has chosen not to adopt IAS 34
"Interim Financial Statements" in preparing this interim financial
information. The interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 December 2023, which have been prepared in accordance with
international accounting standards in accordance with the
requirements of the Companies (Guernsey) Law 2008 applicable to
Companies reporting under IFRS as adopted by the United Kingdom
(UK). The interim financial statements have been prepared under the
historical cost convention except for biological assets and certain
financial assets and liabilities, which have been measured at fair
value.
The interim financial statements of
Woodbois Limited are unaudited financial statements for the six
months ended 30 June 2024. These include unaudited comparatives for
the six-month ended 30 June 2023 together with audited comparatives
for the year to 31 December 2023. The condensed financial
statements do not constitute statutory accounts, as defined under
section 244 of the Companies (Guernsey) Law 2008. The statutory
accounts for the period to 31 December 2023, which were approved by
the Board of Directors on 28 June 2024, have been reported on by
the Group's auditors and have been delivered to the Guernsey
Registrar of Companies. The report of the auditors on those
financial statements was unqualified.
The accounting policies applied in
preparing these financial statements are in terms of IFRS and are
consistent with those applied in the previous annual financial
statements for the year ended 31 December 2023.
The interim financial statements for
the six months ended 30 June 2024 were approved by the Board of
Directors on 23 September 2024.
Going Concern:
The interim financial statements
have been prepared assuming that the Group will continue as a going
concern in accordance with the recognition and measurement criteria
of IFRS.
Under this assumption, an entity is
ordinarily viewed as continuing in business for the foreseeable
future with neither the intention nor necessity of liquidation,
ceasing trading or seeking protection from creditors for at least
12 months from the date of the signing of the financial
statements.
An assessment of going concern is
made by the Directors at the date they Directors approve the
interim financial statements, taking into account the relevant
facts and circumstances at that date
including:
• The current state of the Group's
life cycle;
• Review of profit and cash flow
forecasts;
• Review of actual results against
forecast;
• Timing of cash flows and expected
availability of capital including trade finance;
• Financial or operational risks;
and
•The current impact of the coup in
Gabon in August 2023
The Directors have a reasonable
expectation that the Group has or will have adequate resources to
continue in operational existence for the foreseeable future, being
12 months from the date of approval of these interim financial
statements and have therefore adopted the going concern basis of
preparation in the interim financial statements.
2. CRITICAL ACCOUNTING ESTIMATES AND
AREAS OF JUDGEMENT
The preparation of financial
statements in conformity with IFRS requires management to make
estimates and assumptions concerning the future. It also requires
management to exercise judgment in applying the Company's
accounting policies and the reported amounts of assets and
liabilities, revenue and expenses, and related
disclosures.
Estimates and judgments are
continually evaluated and are based on current facts, historical
experience and other factors, including expectations of future
events that are believed are reasonable under the circumstances.
Accounting estimates will, by definition, seldom equal the actual
results.
Except for the additional disclosure
as noted above, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those described in the last
annual report.
3. SEGMENT
REPORTING
Segmental information is presented
on the basis of the information provided to the Chief Operating
Decision Maker ("CODM"), which is the Executive Board.
The Group is currently focused on
Forestry, Timber Trading and Carbon Solutions. These are the
Group's primary reporting segments, operating in Gabon, Denmark,
London, and Guernsey. Certain support services are performed
in the UK.
The Group's CEO and CFO review the
internal management reports of each division at least weekly, and
the Board monthly.
There are varying levels of
integration between the Forestry and Trading segments. This
integration includes transfers of sawn timber and veneer,
respectively. Inter-segment pricing is determined on an arm's
length basis.
Information relating to each
reportable segment is set out below. Segment profit/(loss) before
tax is used to measure performance, because management believes
that this information is the most relevant in evaluating the
results of the respective segments relative to other entities that
operate in the same industry. All amounts are disclosed after
taking into account any intra-segment and intra-group
eliminations.
The following table shows the
segment analysis of the Group's loss before tax for the six months
period and net assets as at 30 June 2024:
|
|
Forestry
|
Trading
|
Carbon
Solutions
|
Total
|
|
|
$000
|
$000
|
$000
|
$000
|
|
INCOME STATEMENT
|
|
|
|
|
|
Turnover
|
2,999
|
638
|
-
|
3,637
|
|
Cost of Sales
|
(1,254)
|
(592)
|
-
|
(1,846)
|
|
Gross profit
|
1.745
|
46
|
-
|
1.791
|
|
Other income
|
-
|
-
|
-
|
-
|
|
Operating costs
|
(1,392)
|
(797)
|
(98)
|
(2,287)
|
|
Administrative expenses
|
(206)
|
(157)
|
(107)
|
(470)
|
|
Depreciation
|
(987)
|
(46)
|
-
|
(1,033)
|
|
Share based payment
expense
|
(30)
|
(17)
|
(12)
|
(59)
|
|
Elimination of negative equity
(sale of Argento Mozambique)
|
997
|
-
|
-
|
997
|
|
Reclassification of FCTR
|
1,349
|
-
|
-
|
1,349
|
|
Segment operating (loss)/profit
|
1,476
|
(971
|
(217)
|
288
|
|
Finance costs
|
(160)
|
(88)
|
-
|
(248)
|
|
(Loss)/profit before taxation
|
1,316
|
(1,059)
|
(217)
|
40
|
|
Taxation expense
|
-
|
-
|
-
|
-
|
|
(Loss)/profit for the period
|
1,316
|
(1,059)
|
(217)
|
40
|
|
NET
ASSETS
|
|
|
|
|
|
Assets:
|
214,447
|
3,460
|
-
|
217,907
|
|
Liabilities:
|
(3,279)
|
(4,726)
|
-
|
(8,005)
|
|
Deferred tax liability
|
(58,680)
|
-
|
-
|
(58,680)
|
|
Net
assets
|
152,488
|
(1,266)
|
-
|
151,222
|
The following table shows the
segment analysis of the Group's loss before tax for the six months
period and net assets as at 30 June 2023:
|
|
Forestry
|
Trading
|
Carbon
Solutions
|
Total
|
|
|
$000
|
$000
|
$000
|
$000
|
|
INCOME STATEMENT
|
|
|
|
|
|
Turnover
|
4,456
|
397
|
-
|
4,853
|
|
Cost of Sales
|
(3,960)
|
(403)
|
-
|
(4,363)
|
|
Gross profit
|
496
|
(6)
|
-
|
490
|
|
Other income
|
-
|
1,399
|
-
|
1,399
|
|
Operating costs
|
(2,662)
|
(641)
|
(193)
|
(3,496)
|
|
Administrative expenses
|
(138)
|
(176)
|
(176)
|
(490)
|
|
Depreciation
|
(909)
|
(63)
|
-
|
(972)
|
|
Share based payment
expense
|
15
|
11
|
11
|
37
|
|
Segment operating (loss)/profit
|
(3,198)
|
524
|
(358)
|
(3,032)
|
|
Foreign exchange
|
291
|
26
|
-
|
317
|
|
Finance costs
|
(351)
|
(285)
|
-
|
(636)
|
|
(Loss)/profit before taxation
|
(3,258)
|
265
|
(358)
|
(3,351)
|
|
Taxation expense
|
(13)
|
-
|
-
|
(13)
|
|
(Loss)/profit for the period
|
(3,271)
|
265
|
(358)
|
(3,364)
|
|
NET
ASSETS
|
|
|
|
|
|
Assets:
|
218,024
|
6,308
|
-
|
224,332
|
|
Liabilities:
|
(4,957)
|
(4,704)
|
-
|
(9,661)
|
|
Deferred tax liability
|
(58,680)
|
-
|
-
|
(58,680)
|
|
Net
assets
|
154,387
|
1,604
|
-
|
155,991
|
4. FINANCE COST
|
|
6 months
to 30 June 2024
(Unaudited)
|
6 months
to 30 June 2023
(Unaudited)
|
Year
to
31
December
2023
(Audited)
|
|
|
$'000
|
$'000
|
$'000
|
|
Interest on bank
facilities
|
239
|
492
|
516
|
|
Working capital facility
interest
|
9
|
128
|
278
|
|
Interest on convertible
bonds
|
-
|
16
|
15
|
|
Total
|
248
|
636
|
809
|
5. TAXATION
The prevailing tax rates in the
geographies here the Group operates range between 3% and 32%. A
rate of 19% best represents the weighted average tax rate
experienced by the Group. As at 31 December 2023, the Group had
estimated losses of $34 million (2022: $26 million) available to
carry forward against future taxable profits. No deferred tax asset
has been raised on these estimated losses.
The Group has recognised a net
deferred tax liability of $58.7 million at 30 June 2024 (30 June
2023: $58.7 million, 31 December 2023 : $58.7 million) and which
mainly arose on the revaluation of biological assets and owner
occupied land and buildings. This would only be payable on the sale
of these assets at their book value.
6. EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
6 months
to
30 June
2024
(Unaudited)
|
6 months
to
30
June 2023
(Unaudited)
|
|
|
|
|
$'000
|
$'000
|
|
Loss attributable to equity
shareholders
|
|
|
(2,314)
|
(3,364)
|
|
Weighted average number of ordinary
shares in issue ('000)
|
|
|
3,454,412
|
2,651,565
|
|
Basic and diluted loss per share (cents)
|
|
|
(0.07)
|
(0.13)
|
The Company has incurred a loss in
the six-month period to 30 June 2024, and therefore the diluted
earnings per share is the same as the basic loss per share as the
loss has an anti-dilutive effect.
Reconciliation of shares in issue to
weighted average number of ordinary shares:
|
|
|
6 months
30 June 2024
(Unaudited)
|
6
months
30
June
2023
(Unaudited)
|
|
|
|
$'000
|
$'000
|
|
Shares in issue at beginning of
period
|
|
4,289,989
|
2,489,989
|
|
Shares issued during the period
weighted for period in issue (note 11)
|
|
260,000
|
145,836
|
|
Weighted average number of ordinary shares in issue for the
period
|
|
4,549,989
|
2,635,825
|
7.
TRADE AND OTHER RECEIVABLES
|
|
30
June
2024
(Unaudited)
|
30
June
2023
(Unaudited)
|
31
December
2023
(Audited)
|
|
|
$'000
|
$'000
|
$'000
|
|
Trade receivables
|
4,568
|
3,571
|
3,794
|
|
Other receivables
|
310
|
12
|
337
|
|
Deposits
|
288
|
123
|
372
|
|
Current tax receivable
|
-
|
15
|
16
|
|
VAT receivable
|
308
|
286
|
379
|
|
Prepayments
|
254
|
1,009
|
502
|
|
Total
|
5,724
|
5,016
|
5,400
|
The Directors consider that the
carrying amount of trade and other receivables approximates to
their fair value.
8.
TRADE AND OTHER PAYABLES
|
|
30
June
2024
(Unaudited)
|
30 June
2023
(Unaudited)
|
31
December
2023
(Audited)
|
|
|
$'000
|
$'000
|
$'000
|
|
Trade payables
|
1,370
|
2,288
|
1,145
|
|
Contract liabilities (prepayments
received)
|
429
|
508
|
750
|
|
Accruals
|
723
|
493
|
1,039
|
|
Current tax payable
|
147
|
379
|
132
|
|
Tax liabilities and other payables
Gabon
|
1,214
|
-
|
-
|
|
Other payables
|
7
|
326
|
7
|
|
Debt due to concession
holders
|
13
|
13
|
1
|
|
Total
|
3,903
|
4,007
|
3,074
|
The Directors consider that the
carrying amount of trade and other payables approximates to their
fair value.
9. BORROWINGS
|
|
30 June
2024 (Unaudited)
|
30
June
2023
(Unaudited)
|
31
December
2023
(Audited)
|
|
|
$'000
|
$'000
|
$'000
|
|
Non-current liabilities
|
|
|
|
|
Business loans
|
137
|
528
|
292
|
|
Bank facility
|
-
|
-
|
-
|
|
Working capital facility
|
84
|
2,673
|
-
|
|
|
221
|
3,201
|
292
|
|
Current liabilities
|
|
|
|
|
Business loans
|
1,581
|
770
|
1,529
|
|
Bank facility
|
387
|
390
|
80
|
|
Working capital facility
|
1,913
|
400
|
1,954
|
|
|
3,881
|
1,560
|
3,563
|
|
Total borrowings
|
4,102
|
4,761
|
3,855
|
The increase in borrowings in the
six months to 30 June 2024 when compared to 31 December 2023 is
mainly due to an extension of the BGFI current account
credit.
The Nykredit/EKF loan has been
classified as a current liability due to the obligation to repay
this facility within the next 12 months. While this is a scheduled
repayment, we remain confident that an agreement with Nykredit will
be finalized, allowing us to reimburse the loan through incoming
revenues. Discussions are ongoing, and we expect to secure terms
that align with the Company's financial strategy.
10.
CONVERTIBLE BONDS
|
|
30
June
2024
(Unaudited)
|
30
June
2023
(Unaudited)
|
31
December
2023
(Audited)
|
|
|
$'000
|
$'000
|
$'000
|
|
Convertible bonds: Liability
component
|
-
|
739
|
-
|
|
Convertible bonds: Equity
component
|
-
|
24
|
-
|
|
Total
|
-
|
763
|
-
|
|
|
|
|
|
|
Convertible bond
liability
|
-
|
477
|
-
|
|
Interest accrued
|
-
|
262
|
-
|
|
Total
|
-
|
739
|
-
|
The Bonds were repaid on 5 July
2023.
11.
SHARE CAPITAL
|
|
Number
|
$'000
|
|
Authorised:
|
|
|
|
Ordinary shares of 0.01p pence
each*
|
Unlimited
|
Unlimited*
|
|
Allotted, issued and fully
paid:
Ordinary shares of 0.01p
each*
|
|
|
|
At
1 January 2023
|
2,489,988,873
|
32,625
|
|
Shares issued
|
1,800,000,000
|
3,217
|
|
At
31 December 2023
|
4,289,988,873
|
35,842
|
|
Issued in the period
|
260,000000
|
34
|
|
At
30 June 2024
|
4,549,988,873
|
35,876
|
* See note below: nominal value of
ordinary shares reduced from 1.0p in June 2023 to 0.01p and a
deferred share of 0.99p. The deferred shares were redeemed at no
cost by the Company.
Balances classified as share capital
represent the nominal value on issue of the Company's equity share
capital, comprising ordinary shares of 1p
each.
The total number of Ordinary Shares
in issue as at the date of this report is 4,549,988,873, which
consists of 3,945,850,726 Voting Ordinary Shares, 19,138,147
Treasury Shares and 585,000,000 Non-Voting Ordinary
Shares.
ORDINARY SHARES
The Company has issued 260 million
new ordinary shares of 0.01p nominal value each ("New Ordinary
Shares")
12.
SHARE
PREMIUM
|
|
|
$'000
|
|
At
1 January 2023
|
|
65,549
|
|
Issued in the period
|
|
9,471
|
|
At
31 December 2023
|
|
75,020
|
|
Issued in the period
|
|
2,824
|
|
At
30 June 2024
|
|
77,844
|
Balances classified as share premium
include the net proceeds in excess of the nominal share capital on
issue of the Company's equity share capital.
13. OTHER INCOME
Other income represents settlement
gains realised on termination of banking and other
facilities.
14. INTERIM FINANCIAL STATEMENTS
A copy of this interim report as
well as the full Annual Report for the year ended 31 December 2023
can be found on the Company's website
at www.woodbois.com.