TIDMCMB
RNS Number : 2920N
Cambria Africa PLC
30 May 2022
Cambria Africa Plc
Interim Results (the "Results")
EPS of 0. 0084 US cents and NAV 1.16 US cents
For the 6 Months ended 28 February 20 22
Cambria Africa Plc ( AIM:CMB ) ("Cambria", the "Company" or
together with its subsidiaries the "Group") is pleased to announce
its interim results for the six months ended 28 February 20 22 (the
"Period" or "H1 2022"). A copy of this announcement is available on
the Company's website ( www.cambriaafrica.com ).
Profit after Tax increased by 158% to $245,000 for the Period
compared to $95,000 achieved in the same period in 2021 ("H1
2021"). This was mostly due to increased revenue from Tradanet, the
Company's 51% owned subsidiary. Revenues rose to $540,000 in H1
2022 compared to $137,000 in H1 2021. The Company's Net Asset Value
dropped 2% or $149,000 to $6.32 million (1.16 US cents per share)
as at 28 February 2022 compared to H1 2021.
Excluding minority interests, Profit Attributable to Cambria
Shareholders was $46,000 (0.01 US cents per share) for H1 2022,
down from $72,000 in H1 2021. The Company's subsidiaries in
Zimbabwe continued to operate above break-even; Millchem Zimbabwe's
product sales in its joint venture with Merken, have slowed down
significantly as predicted in prior communications.
Half Year 2022 Results Highlights
----------------------------------------------- --------- -------- --------
6 months ended 28 February 20 22 (US$'000) 20 22 20 21 Change
----------------------------------------------- --------- -------- --------
Group:
- Revenue 724 526 38%
- Operating costs 448 358 25%
- Consolidated EBITDA 299 205 46%
- Consolidated Profit after tax (PAT) 2 40 95 153%
- PAT attributable to shareholders (excluding
minority interests) 46 72 ( 36 %)
- Central costs 13 5 1 (75%)
- EPS - cents 0. 0084 0. 0132 (36%)
- NAV 6,319 6,468 (2%)
- NAV per share - cents 1.16 1.19 (2%)
- Weighted average of shares in issue 544,576 544,576 -
- Shares in issue at year end 544,576 544,576 -
Divisional:
- Payserv - consolidated PAT 251 1 36 85%
- Payserv - consolidated EBITDA 305 228 34%
- Millchem - EBITDA 3 28 (89%)
----------------------------------------------- --------- -------- --------
Group Highlights H1 2022:
Net Asset Value ("NAV") decreased by 2% from $6.468 million
(1.19 US cents per share) in H1 2021 to $6.319 million (1.16 US
cents per share) in H1 2022.
l Group Finance costs decreased to $7,000 in H1 2022 compared to
$13,000 in H1 2021. Finance costs will continue to fall as the
Group's outstanding debt nears zero. Current debt owing to Ventures
Africa Limited ("VAL") stands at $106,000 which will be repaid in
full by the end of the 2022 financial year.
l Group revenue recovered by 38% compared to prior year. This is
due to Tradanet revenue increasing significantly as loans advanced
by Central Africa Building Society, a subsidiary of Old Mutual
Zimbabwe, increased in line with inflationary pressures, leading to
higher salaries in the market.
l Cambria's Profit After Tax increased 153%, driven by asset
sales and above break-even operations, to $240,000 in H1 2022
compared to $95,000 in H1 2021.
l Consolidated EBITDA was 46% higher in H1 2022 at $299,000
compared to $205,000 in H1 2021.
l Cambria's central costs decreased by 75% to $13,000 compared
to $51,000 in H1 2021. Cambria's CEO and Directors continued to
render services to Cambria without compensation during H1 2022.
l Foreign currency translation losses of $194,000 and losses
attributable to hyperinflationary accounting in this period were
due to the depreciation of the Zimbabwean currency against the US
Dollar from ZWL83.89 to the US Dollar as at 28 February 2021 to
ZWL124.02 as at 28 February 2022.
Net Asset Value
The Company's net asset value reduced by 2% from $6.468 million
in H1 2021 to $6.313 million (1.19 US cents per share) in H1 2022.
This was due to the downward revaluation of the Company's business
premises by $200,000 during the 2021 year-end audit.
Components of NAV as at 28 February 2022
The Group's NAV of $6.313 million as at the end of H1 2022
consists of the following tangible and intangible assets:
Building and properties valued at $2.3 million - T his
valuation, down $200,000 from the prior valuation, was prepared by
Hollands Harare Estate Agents ("Holland") in on the 27(th) of
January 2022. Holland also conducted the previous valuations of
this prominently located commercial office space and its equally
well-positioned vacant plot in Harare's Mount Pleasant Business
Park.
Indirect shareholding of 9.74% of Radar Holdings Limited Valued
at $1.743 million (net of minority interests) or 35 US cents per
share.
USD Cash and Cash Equivalents of $1.4 million - Cash net of
liabilities outside Zimbabwe totalled $1.4 million as at 27 May
2021.
Old Mutual Limited shares - T he Company holds 204,047 Old
Mutual Limited common shares that were suspended on the Zimbabwe
Stock Exchange ("ZSE") on 31 July 2020 and valued on its FY 2021
Consolidated Statement of Financial Position at $184,000 based on
the closing price of Old Mutual Limited on the Johannesburg Stock
Exchange ("JSE") at year end. The value of Old Mutual shares closed
at $1 63,342 on the JSE on 27 May 2022.
Goodwill - The Company has a goodwill value of $717,000 as at 28
February 2022. The Company believes this is a fair assessment of
its intangible assets. Despite the shrinkage of Paynet's
operations, Cambria continues to maintain turnaround opportunities
particularly in Tradanet and Autopay as real salaries catch up with
inflation. The Company continues to believe that the Paynet's
intellectual property has value and the amalgamation of the above
should exceed the book value of its goodwill.
Based on the above analysis, the Company believes its tangible,
intangible and realizable NAV are not subject to significant
negative shocks and may be the beneficiary of potential positive
outcomes.
Chief Executive's Report
The Company released its annual report for the financial year
ended 31 August 2021 on the 31 of March 2022. In the two months
since that report, the most significant event subsequent has been a
government pronouncement intended on halting inflation. One
measure, that of stopping all lending, was reversed soon after its
intended implementation. Another measure was to bring convergence
between the so-called "interbank rate" and the "auction rate" which
are reference rates for the Reserve Bank of Zimbabwe's official
exchange rates. The net effect has been a doubling of the
functional exchange rate to ZWL300 against the US dollar. At this
time, our best indication is that this rate still lags the parallel
market rate by almost 30%.
The impact of these movements in the exchange rates should be
taken into account when analyzing the Company's earnings in ZWL. To
the extent we can, we will be investing excess funds into a
diversified portfolio on the Zimbabwe Stock Exchange to preserve
value. Regardless, we anticipate slower growth in the US dollar
value of Tradanet's loan processing portfolio as a consequence of
inflation and devaluation. Similarly, we expect a decline in the
real value of our Payroll processing revenues. However, both
operations should continue to trade at cashflow break-even levels.
As mentioned in my CEO report at the end of FY2021, Cambria's story
is now focused on realizing its NAV - which remains at 3.3x its
trading price as of 27 May 2022. I remain optimistic that this is a
realistic and realizable goal.
Samir Shasha
30 May 2022
Contacts
Cambria Africa Plc www.cambriaafrica.com
Samir Shasha +44 (0)20 3287 8814
WH Ireland Limited
James Joyce / Ben Good +44 (0) 20 7220 1666
Cambria Africa Plc
Interim consolidated income statement
For the six month period ended 28 February 2022
Unaudited Unaudited Audited
6 months 6 months
to to Year to
28-Feb- 28-Feb- 31-Aug-
22 21 21
US$'000 US$'000 US$'000
-------------------------------------- ---------- ---------- --------
Revenue 724 526 1,216
Cost of sales ( 64) (78) (138)
---------- ---------- --------
Gross profit 660 448 1,078
Operating costs ( 448) ( 358) (838)
Other income 39 6 9 79
Exceptionals (12) (13) (21)
---------- ---------- --------
Operating profit 2 39 1 46 298
---------- ---------- --------
Finance income 8 1 -
Finance costs ( 7) (1 3) (22)
---------- ---------- --------
Net finance costs (1 ) (1 2) (22)
---------- ---------- --------
Profit before tax 2 40 1 34 276
Income tax - ( 39) (95)
---------- ---------- --------
Profit / (loss) for the Period 240 95 181
Attributable to:
Owners of the Company 46 72 82
Non-controlling interests 1 94 23 99
---------- ---------- --------
Profit for the period 240 95 181
========== ========== ========
Earnings per share ("EPS")
Basic and diluted earnings per share
(cents) 0. 01 0. 01 0.0 2
Weighted average number of shares
for EPS ('000) 544,576 544,576 544,576
Cambria Africa Plc
Interim consolidated statement of comprehensive income
For the six month period ended 28 February 2022
Unaudited Unaudited Audited
6 months 6 months
to to Year to
28-Feb- 28-Feb- 31-Aug-
22 21 21
US$'000 US$'000 US$'000
------------------------------------------ ---------- ---------- --------
Profit for the period 240 (15) 2,247
Other comprehensive income
Items that will not be reclassified
to income statement:
Revaluation of investments held
at fair value - - 200
Related deferred tax adjustment - - (36)
Foreign currency translation differences
for overseas operations (194) - 3
Foreign currency translation impact
on non-controlling interests - -
Total comprehensive (loss) / profit
for the period 46 (15) 2,414
========== ========== ========
Attributable to:
Owners (148) (15) 2,064
Non-controlling interests 194 - 350
Total comprehensive (loss) / profit
for the period 46 (15) 2,414
========== ========== ========
Cambria Africa Plc
Interim consolidated statement of financial position
As at 28 February 20 22
Unaudited Unaudited Audited
Group Group Group
28-Feb- 28-Feb- 31-Aug-
22 21 21
US$'000 US$'000 US$'000
----------------------------------------- ---------- ----------- ---------
Assets
Property, plant and equipment 2,311 2,558 2,317
Goodwill 717 717 717
Intangible assets 1 1 1
Investments at fair value 2,228 2,228 2,228
---------- ----------- ---------
Total non-current assets 5,257 5,504 259
---------- ----------- ---------
Inventories 160 75 5,522
Financial assets at fair value through
profit and loss 219 251 158
Trade and other receivables 348 219 155
Cash and cash equivalents 1,574 1,540 1,656
Assets for discontinued operations - - -
---------- ----------- ---------
Total current assets 2,301 2,085 1,969
Total assets 7,558 7,589 7,491
========== =========== =========
Equity
Issued share capital 77 77 77
Share premium account 88,459 88,459 88,459
Revaluation reserve (190) - (190)
Foreign exchange reserve (10,983) (10,763) (10,734)
Non-distributable reserves 2,371 2,371 2,371
Retained losses (73,421) (73,676) (73,665)
---------- ----------- ---------
Equity attributable to owners of
the Company 6,313 6,468 6,318
Non-controlling interests 600 506 477
---------- ----------- ---------
Total equity 6,913 6,974 6,795
---------- ----------- ---------
Liabilities
Loans and borrowing 106 - 101
Trade and other payables 89 65 90
Provisions - 2 -
Deferred tax liabilities 189 193 189
---------- ----------- ---------
Total non-current liabilities 384 260 380
---------- ----------- ---------
Current tax liabilities (1) 75 106
Loans and borrowings - 45 -
Trade and other payables 261 235 209
Liabilities for discontinued operations - - -
---------- ----------- ---------
Total current liabilities 260 355 315
---------- ----------- ---------
Total liabilities 644 615 695
---------- ----------- ---------
Total equity and liabilities 7,557 7,589 7,490
========== =========== =========
Cambria Africa Plc
Interim consolidated statement of changes in equity
For the six month period ended 28 February 2022
Foreign
Share Share Revaluation Exchange Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Balance at 31
August 20 20 77 88,459 - (10,736) (73,748) 2,371 6,423 496 6,919
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
(Loss)/profit for
the period - - - - 72 - 72 23 95
Foreign currency
translation
differences for
overseas
operations - - - (28) - - (28) - (28)
Foreign currency
translation
differences for
overseas
operations
-NCI 1 1 (1) -
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Total
comprehensive
loss for
the year - - - (27) 72 - 45 22 67
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Contributions
by/distributions
to owners of the
Company
recognised
directly in
equity
(1 2 (1 2
Dividends paid - - - - - - - ) )
-------- ------
Total
contributions by
and
distributions to
owners of the (1 2 (1 2
Company - - - - - - - ) )
(7
Balance at 28 (10, 3,676
February 20 21 51 8 8,459 - 763) ) 2,371 6,468 506 6,974
======== ======== ============ ========= ========= ================== ====== ================ ======
Foreign
Share Share Revaluation Exchange Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Balance at 31
August 20 20 77 88,459 - (10,736) (73,748) 2,371 6,423 496 6,919
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Profit for the
period - - - - 82 - 82 99 181
Revaluation of
investments
held at fair
value - - (190) - - - (190) - (190)
Related deferred
tax adjustment - - - - - - - - -
Transfer of
translation
reserve
to discontinued
operation -
prior year - - - - - - - - -
Foreign currency
translation
differences for
overseas
operations - - - (4) - - (4) - (4)
Foreign currency
translation
differences for
overseas
operations
- NCI - - - 6 - - 6 (6) -
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Total
comprehensive
loss for
the year 77 88,459 (190) (10,734) (73,666) 2,371 6,317 589 6,906
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Contributions
by/distributions
to owners of the
Company
recognised
directly in
equity
NCI on further
investment in
A F Philip &
Company - - - - - - - - -
Dividends paid to
minorities - - - - - - - (112) (112)
-------- ------
Total
contributions by
and
distributions to
owners of
the Company - - - - - - - (112) (112)
Balance at 31
August 20 21 77 88,459 (190) (10,734) (73,666) 2,371 6,317 477 6,794
======== ======== ============ ========= ========= ================== ====== ================ ======
Foreign
Share Share Revaluation Exchange Retained Non-distributable Non-controlling
US$'000 Capital Premium Reserve Reserve Earnings Reserve Total Interest Total
------------------ -------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Balance at 31 (73,66 6,31 6,79
August 20 21 77 88,459 (190) (10,734) 5 ) 2,371 8 477 5
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
(Loss)/profit for
the period - - - - 244 - 244 1 94 438
Foreign currency
translation
differences for
overseas
operations - - - (249) - - (249) - (249)
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Total
comprehensive
loss for
the year - - - (249) 244 - (5) 1 94 1 89
-------- -------- ------------ --------- --------- ------------------ ------ ---------------- ------
Contributions
by/distributions
to owners of the
Company
recognised
directly in
equity
( 71
Dividends paid - - - - - - - ) ( 71)
-------- ------
Total
contributions by
and
distributions to
owners of the ( 71 ( 71
Company - - - - - - - ) )
(7
Balance at 28 (10, 3,421
February 20 22 51 8 8,459 (190) 983 ) ) 2,371 6,313 60 0 6,913
======== ======== ============ ========= ========= ================== ====== ================ ======
Cambria Africa Plc
Interim consolidated statement of cash flows
For the six month period ended 28 February 20 22
Unaudited Unaudited Audited
28-Feb-22 28-Feb-21 31-Aug-21
US$'000 US$'000 US$'000
----------------------------------------- ---------- ---------- ------------
Cash generated from operations 144 90 294
Taxation (paid) (105) (2) (31)
------------------------------------------ ---------- ---------- ------------
Cash generated from operating
activities (39) 88 263
------------------------------------------ ---------- ---------- ------------
Cash flows from investing activities
Proceeds on disposal of property,
plant and equipment 15 72 144
Purchase of property, plant - -
and equipment -
Net proceeds from marketable - -
securities -
Other investing activities - - (210)
Interest received 8 1 -
------------------------------------------ ---------- ---------- ------------
Net cash (utilized in)/ generated
investing activities 23 73 (66)
------------------------------------------ ---------- ---------- ------------
Cash flows from financing activities
Dividends paid to non-controlling
interests (71) (12 ) (112)
Interest paid (7) ( 13 ) (22)
Proceeds from issue of share - -
capital -
Loans repaid - ( 464) (299)
Proceeds from drawdown of loans - - -
----------------------------------------- ---------- ---------- ------------
Net cash (utilized) by financing
activities (78) ( 489 ) (433)
------------------------------------------ ---------- ---------- ------------
Net (decrease)/ increase in
cash and cash equivalents (128) (328) (236)
Cash and cash equivalents at
the beginning of the Period 1,656 1, 896 1,896
Foreign exchange (194) ( 28 ) (4)
------------------------------------------ ---------- ---------- ------------
Net cash and cash equivalents
at 31 August 1,574 1, 540 1 ,656
========================================== ========== ========== ============
Cash and cash equivalents as
above comprise the following
Cash and cash equivalents attributable
to continuing operations 1,574 1,540 1, 656
------------------------------------------ ---------- ---------- ------------
Net cash and cash equivalents
at 31 August 1,574 1, 540 1,656
========================================== ========== ========== ============
* A mounts include both continuing and discontinued
operations.
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END
IR SDWFISEESEEI
(END) Dow Jones Newswires
May 30, 2022 11:28 ET (15:28 GMT)
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