RNS Number : 1218W
Infinity Bio-Energy Ltd
06 June 2008
Infinity Bio-Energy Ltd.
("Infinity" or the "Company")
Publication of Directors Report and Accounts for the Fiscal Year ended March 31, 2008
Infinity Bio-Energy Ltd. (AIM: IBI.L) is pleased to announce the results for the fiscal year ended March 31, 2008. Our complete version
of the Directors Report and Accounts is available on our website at www.infinitybio.com and has been posted to shareholders.
HIGHLIGHTS
- Infinity recorded revenue of US$141.74 million in the fiscal year ended
March 31, 2008, compared to US$35.05 million for the previous year.
- In addition to scaling the production of existing facilities, the Company
successfully accomplished the acquisition of three mills and the Disa
group, which will increase the full industrial crushing capacity to 9.5
million tons for the current harvest.
- EBITDA for the year adjusted for non-cash and non-operating expenses
related to fair value of stock options was US$6.8 million.
- EBITDA plus the results of hedging, non-operating expenses and results
contained in final product inventory, was US$21.5 million.
COMMENTS ON RESULTS
Results for the reporting year ended March 31, 2008 were impacted by market prices during the year for ethanol and sugar significantly
lower than the previous year. The primary reasons for this decline in prices included:
Commenting on the results, Sergio Thompson-Flores, CEO, said:
"Infinity is very pleased with the execution of its business plan and growth strategy in terms of the capacity expansion of existing
assets, the consummation of strategic acquisitions and its operating performance, despite the difficult pricing environment which we
experienced during the financial year ended 31 March 2008. The Company has also completed all of the expansion of its existing capacity to
operate at its intended levels for the current year."
For further information, please contact:
Infinity Bio-Energy
Sergio Thompson-Flores, CEO +55 11 3525-9921
Rodrigo Aguiar, Investor Relations Officer +55 11 3525-9922
Collins Stewart Europe Limited
Adrian Hadden / Adam Cowen +44 (0) 20 7523 8350
Consolidated Statement of Earnings Before Interests, Taxes, Depreciation and Amortization - EBITDA
Year ended
March 31, 2008
US$*000
Operating loss for the year (29,372)
Depreciation 15,137
Intangible amortization 367
Biological assets amortization 7,390
EBITDA for the year (6,478)
Share based payments(1) 13,258
EBITDA before share based payments for the year 6,780
Other Results:
Hedging Transactions (2) 7,179
Ethanol and Sugar Inventory at the end of period (3) 3,102
Expenses not related to Operations (4) 4,439
EBITDA before share based payments adding Other Results above 21,500
Comments on Adjustments to EBITDA:
(1) As identified in note 31 of the Financial Statements, our results are
impacted by a non-cash expense related to the fair value assessment of
the management's stock option plan in the value of US$13.26 million. As
stated in note 18 of the Financial Statements, the methodology utilized
for this fair value determination was: "Where equity settled share
options are awarded to employees, the fair value of the options at the
date of grant is charged to the consolidated income statement over the
vesting period. Non-market vesting conditions are taken into account by
adjusting the number of equity instruments expected to vest at each
balance sheet date so that, ultimately, the cumulative amount
recognized over the vesting period is based on the number of options
that eventually vest. Market vesting conditions are factored into the
fair value of the options granted. As long as all other vesting
conditions are satisfied, a charge is made irrespective of whether the
market vesting conditions are satisfied. The cumulat
(2) The Company generated approximately US$7.1 million in profit with
hedging positions which were accounted for below the Operating Results
line in our P&L.
(3)` The Company carried a significant amount of inventory beyond March 2008
of approximately 11.2 thousand tons of sugar and 15.7 million liters of
ethanol, which at the average prices during the end of the month of
March 2008, would have generated additional EBITDA of approximately
US$3.1 million. This inventory which in the normal course of business
would have been sold by the end of March 2008 was carried for a longer
period expecting that prices would increase in April, which effectively
occurred.
(4) The Company�s results were also impacted by expenses that are not
related to operations, principally related to acquisitions in excess of
US$4.4 million.
Business Review
New Acquisitions
The Company announced the acquisition of three mills "Paraiso", "Ibiralcool" and "Agromar" in September 2007. The total consideration
for these operations was approximately US$ 109.8 million. Paraiso and Ibiralcool were acquisitions of companies; Agromar was a purchase of
assets.
The acquisitions include two mills that, respectively, have started and will start operations in the 2008/09 harvest - Central Energica
Parao ("Paraiso") and Destilaria de �lcool IbirapuLtda. ("Ibircool") - both dedicated exclusively to producing ethanol. The Company also
announced the acquisition of an existing mill - Agro Industrial Marcoalhado Ltda. ("Agromar") - that has already been disassembled and will
be rebuilt at one of Infinity's future greenfield sites in the state of Mato Grosso do Sul. Agromar will also produce only ethanol. It is
scheduled to begin operations in the 2009/10 harvest.
Finally, the Company announced in February 2008 the acquisition of the DISA group. Included in the group are:
- Disa Destilaria Itaunas SA(*Disa*), a sugarcane mill that produces sugar
and ethanol, located in the Espito Santo state of Brazil, with a an
expected capacity after additional investment of 1.8 million tons per
year.
- Montasais a brownfield project to be developed to produce only ethanol,
which is located approximately 50 miles from the Disa facility. The mill
is scheduled to begin operations in the 2010/11 harvest and is expected to
reach an installed capacity of approximately 1.5 million tons of
sugarcane.
- Infisais a company which owns the agricultural equipment and
infra-structure used for the planting, maintenance and harvesting of
sugarcane for Disa, as well as approximately 940,000 tons of sugarcane
plantations.
- Ceisais a company developed to build a biomass co-generation plant that
will utilize the sugarcane bagasse from the Disa facility, which has been
awarded a Power Purchase Agreement by Eletrobr, a Brazilian Government
energy company.
Operational Overview
Usinavi
In 2007/08 Usinavi crushed 2.21 million tons of sugarcane, producing 128.51 thousand tons of sugar and 104.9 million liters of hydrous
ethanol. This represented significant growth over the 2006/07 harvest, crushing approximately 2.05 million tons of sugarcane. Industrial
efficiency in 2007/08 was approximately 86%.
In 2008/09 Usinavi is expected to crush approximately 2.65 million tons of sugarcane. Total installed effective capacity is 3.2 million
tons per year.
Alcana
In 2007/08 Alcana crushed 904 thousand tons of sugarcane, producing 50.3 million liters of hydrous ethanol, 934 thousand liters of
anhydrous ethanol and 44.02 thousand tons of sugar. This represented a significant growth over the 2006/07 harvest in which the mill crushed
approximately 554 thousand tons of sugarcane. Industrial efficiency was approximately 85% in 2007/08.
In 2008/09 Alcana is expected to crush approximately 1.47 million tons of sugarcane. Total installed effective capacity is 1.5 million
tons per year.
Cridasa
In 2007/08 Cridasa crushed just over 723 thousand tons of sugarcane compared to 410 thousand tons in the 2006/07 harvest. Cridasa
produced approximately 36.16 million liters of hydrous ethanol and 23.83 million liters of anhydrous ethanol. The industrial efficiency in
2007 was approximately 86%.
In 2008/09 Cridasa is expected to crush approximately 1 million tons of sugarcane. Total installed effective capacity is 1.5 million
tons per year.
Disa
In 2008/09 Disa is expected to crush approximately 1 million tons of sugarcane out of a total capacity of 1.8 million tons, which is
expected to be reached by the 2011/12 harvest.
Parao
Paraiso is expected to crush approximately 634 thousand tons of sugarcane in the 2008/09 harvest. The total effective capacity when
fully expanded is approximately 2 million tons, which is expected to occur by the 2012/13harvest.
Ibircool
Ibiralcool mill is expected to crush approximately 666 thousand tons of sugarcane in the 2008/09 harvest out of a total projected
capacity of 1.5 million tons to be achieved by 2010/11.
Laranja(Agromar)
It is expected that the Laranjaproject will crush approximately 830 million tons of sugarcane in the 2009/10 harvest and could achieve a
full capacity of 1.5 million tons by the 2011/12 harvest.
Iguatemi
Iguatemi is a Greenfield project, for which the Company is currently focused on planting sugarcane for this project which is designed to
reach a total capacity of 3.4 million tons of sugarcane per harvest as well as have integrated co-generation capacity. Infinity intends to
contract all the equipment through an EPC turn-key. The project already has a LP (Initial Environmental License). The operations are
expected to start in 2010/11.
Montasa
The Montasa project is expected to crush in its first year of operations (2010/11) approximately 1 million ton of sugarcane and reach
full capacity of 1.5 million tons in the 2012/13 harvest.
Improving Performance
The Company is committed to improvement in the management of both its agricultural and industrial operations. In its first year of
operations it increased the volume of sugarcane processed by over 26%. This has led to an increase of capacity utilization from less than
50% in 2006/07 to 62% in 2007/08, and the Company expects to increase capacity utilization of these assets to above 78% in 2008/09. This
increase in capacity utilization, as well as the improvements underway in productivity, is expected to generate significant improvement in
operating margins as the Company begins to use its economies of scale.
Inventory Management
To capitalize on the historical seasonal price volatility, in which prices are at their lowest during the harvest period and peak in the
inter-crop period, the Company implemented as planned its inventory management policy. This policy resulted in more than 28% of the
Company's total 2007/08 production of sugar and 38% of ethanol during the harvest months of May to the end of December to be carried in as
inventory. This inventory was expected to be sold in the inter-crop period at a premium over the price during the harvest period. The
Company held over 80 million liters of ethanol and 63.9 thousand tons of sugar in inventory at 31 December 2007.
Postponing sales and increasing inventory had the effect of postponing revenues and realization of operating margins, therefore reducing
the Company's results in the six- month period ended 30 September 2007. The inventory management policy was expected to generate
significantly better results for the year ended on 31 March 2008, particularly considering that ethanol prices were expected to increase in
the inter-crop period.
However, in the inter-crop months until 31 March 2008, neither ethanol nor sugar prices increased to the levels expected by the Company
and by the sector. These lower prices affected the whole sector including Infinity. This was compounded by the low utilization of the
Company's mills operating at 62% of their 6.2 million tons installed capacity, crushing 3.8 million tons of sugarcane. Therefore, the
results for the period ended 31 March 2008 were lower than expected.
The impact of volatility and low prices in 2007/08 does not change the Company's conviction in either the potential of ethanol both in
the internal Brazilian market and in the international market.
Ethanol Emphasis and Focus on Other Clean Energy Products
Infinity continues as a core part of its strategy to place emphasis on ethanol rather than sugar, Infinity's production during the year
was 66% ethanol and 34% sugar compared to an average market mix of 54% ethanol and 46% sugar.
The Company has also advanced in the development of planned investments in co-generation and in the production of bagasse pellets, a
"green coal" manufactured from the residue of the cane crushing process, which it intends to sell to industrial companies as a substitute
for mineral coal and other fossil fuels.
The Company worked with a large European industrial supplier to develop the most appropriate solution for large scale production of
pellets from bagasse. Infinity expects to start operating a pilot plant producing pelletized bagasse towards the end of 2008. The plant will
be located next to Usinavi and will process 5 tons of bagasse per hour. Immediately after the pilot phase in Usinavi, the Company expects to
implement pelletization facilities in its other mills.
International Expansion
There is a continued emphasis on global expansion for the Company. This year, Infinity signed its first tolling contract for ethanol
dehydration services in the Caribbean region to allow it to export ethanol to the US market. The Company is also actively exploring other
alternatives in the Caribbean and the Central American region which would allow it to take advantage of the US Export Preference Agreements
through the Caribbean Basin Initiative (CBI). The main projects for this purpose are:
- Dominican Republic:The Dominican Republic Project involves the
construction of the Caucedo Dehydration Facility and the Boca Chica
Ethanol Mill and Farm. The Caucedo Dehydration Facility has the objective
of processing Brazilian hydrous ethanol in order to gain access to fuel
ethanol for sale on the international market. Infinity will have the
exclusive right to market and sell the product within the European Union,
the United States of America and any other market. A due diligence effort
has already been completed and a non-binding Memorandum of Understanding
was signed with Consorcio Tecno-Deah SA in which the objective is to build
a dehydration facility.
- Jamaica:Infinityhas been selected as the preferred bidder for the
acquisition of the Government-owned assets of the Jamaican Sugarcane
Industry. The Company has been engaged in negotiations with the Jamaican
Government since March, 2008.
Although the Company is advancing with both transactions there can be no assurance that either will be executed.
Ethanol Exports
The Company initiated last year its program to export ethanol to the US market through an export operation involving the acquisition of
third party hydrous ethanol and the dehydration of this ethanol in Costa Rica before shipping it to the US, thus taking advantage of the
Caribbean Basin Initiative scheme.
Logistics
Infinity continues to develop solutions to reduce its logistical cost for supply to both the Brazilian and the international markets.
The most notable progress in this area was the signature of a "take-or-pay" agreement with a terminal in the port of Vitoria which will
give the Company the ability to significantly reduce its cost of exporting ethanol. This operation is expected to start in August, 2008.
Pricing Discipline for Acquired Assets
The Company has maintained discipline in terms of the price it is willing to pay for industrial and agricultural assets - both the
initial acquisition cost and, more importantly, for the total cost which includes the capital expenditure required to take the acquired
mills to full capacity.
Its strategy in this respect has and continues to be focused on the total installed capacity when fully expanded. As such, more
important to the Company than the volume of sugarcane crushed at the time of acquisition is the potential to expand capacity at a marginal
cost. Therefore, the Company has and intends to continue to acquire assets that will enable it to continue its growth strategy and that will
result in carrying on its balance sheet assets that will result in crushing and revenue one or two years after acquisition.
New Issue of Shares
- The Company has issued 14,423,077 new Common Shares for US$5.20 per share,
which was acquired by Infinity Ranch, LLC for a total investment of
approximately US$75 million. Infinity Ranch has also received an option
exercisable on the earlier of (i) 24 months or (ii) a public offering in
Brazil to acquire an additional 6,603,774 shares for US$5.30 per share.
The shares acquired by Infinity Ranch are subject to an 18 month lock-in
agreement subject to certain exceptions.
Aligned with the Inventory Management strategy, Infinity and Ranch Capital entered into an agreement in which Ranch Capital invested
US$25 million of equity finance and Infinity invested up to US$ 8 million in an inventory management facility operated through a special
purpose company, Boniek. As part of this transaction Infinity issued and deposited in an escrow account for the benefit of Infinity Ranch,
LLC 3 Million shares which shall be transferred to Infinity Ranch, LLC.
- The Company has also issued 6,972,203 new Common Shares to institutional
investors and as part of the vendor consideration related to the Disa
acquisition.
Redemption of Warrants
The Company offered to a limited number of its holders of outstanding warrants the opportunity to sell warrants to the Company. As a
result of this private offer, the Company agreed to redeem 19,910,475 warrants. Infinity may continue to purchase warrants in the market
from time to time.
Sustainability
- Infinity Bio-Energy is committed to developing its activities with an
emphasis on the reduction of the use of natural resources, and in
particular fossil fuels and electricity from the grid as well as water,
also striving to minimize the environmental impact caused by the operation
of the mills. The Company believes that a manufacturer of ethanol, a
source of renewable energy, has to continually seek to improve the already
inherent environmental quality of its products by developing and improving
its production process in ways that further reduce its direct and indirect
emission of greenhouse gases. In this context, the Company is preparing to
implement controls before the end of this reporting year that will allow
its shareholders and the market to monitor improvements in this field.
- As part of the Company*s commitment to improving the environment, Infinity
has become a sponsor of the Clinton Global Initiative, which is a project
of the William J. Clinton Foundation and is a non-partisan catalyst for
action bringing together a community of global leaders to devise and
implement innovative solutions to some of the world*s most pressing
challenges.
- Infinity sponsored the first motorcycle rally team in the world to use
ethanol as fuel in a Rally. The debut of the team was in the 2007 edition
of the *Rally dos Sert*, the largest rally of Latin America. The team
received a special prize for this green initiative. The Company will
remain sponsoring the team in the 2008 edition of the *Rally dos Sert*.
Corporate Governance
Effective corporate governance is a priority of the Board and outlined below are details of how the Company has applied general
principles of corporate governance. Under the rules of the Alternative Investment Market ("AIM") the Company is not required to comply with
the Combined Code on Corporate Governance which is generally adopted by companies listed on the London Stock Exchange. The Board fully
supports the principles on which the Combined Code is based and considers that the Company has acted in accordance with a number of key
requirements. This statement outlines the main corporate governance practices which comply with the Corporate Governance regime of its place
of incorporation (Bermuda). The Company also intends to follow (as far as applicable) the Corporate Governance Guidelines for AIM listed
entities as published by the Quoted Companies Alliance (''QCA''). These Corporate Governance Guidelines state that ''the purpose of good
corporate governance is to ensure that the company is managed in an efficient, effective and entrepreneurial manner for the benefit of all shareholders over the longer term''.
In line with market requirements and the best practices adopted, Infinity seeks to increasingly improve its corporate governance
policies. Based on ethical and transparency principles, the Company has implemented the following structures to ensure management
efficiency:
Board of Directors
The Board's primary role is the protection and enhancement of long-term shareholder value. To fulfill this role, the Board is
responsible for the overall corporate governance of the Company formulating its strategic direction, approving and monitoring capital
expenditure, setting remuneration, appointing, removing and creating succession policies for Directors and senior management, establishing
goals for management, monitoring the achievement of these goals, and ensuring the integrity of internal control and management information
systems. It is also responsible for approving and monitoring financial and other reports.
The Board is the Company's primary authority in terms of internal control systems, as well as the guarantee of business risks and holds
a meeting at least once every three months to resolve on the Company's commercial strategies, approve relevant acquisitions and determine
budget planning. The Board is also responsible for arrangements for the election of the members of the Board of Executive Officers.
Structure of the Board of Directors
Andrew Lipman - Chairman of the Board
William Kidd - Board Member
Sergio Thompson-Flores - Board Member and CEO
Martin Escobari - Independent Director
John R. Walter - Independent Director
Lawrence Hershfield - Independent Director
Domenic DiMarco - Independent Director
Eduardo Bom ngelo - Independent Director (Appointed by the Board. Subject to AGM approval)
Corporate Governance Initiatives
Infinity has established its Audit, Compensation and Nominating Committees. The members of the Audit Committee are Dominic DiMarco,
Chairman, John Walter and William Kidd. Mr. Alberto Tepedino, CFO of Infinity's Brazilian subsidiary, shall also join the Audit Committee in
an Attendee's capacity. The members of the Compensation Committee are Andrew Lipman, Chairman, Martin Escobari and Dominic DiMarco. The
members of the Nominating Committee are Larry Hershfield, Chairman, Sergio Thompson-Flores, and William Kidd.
External Auditors
The Executive Directors review the performance of the external auditors on an annual basis and normally meet with them during the year
to:
- Discuss the external audit plans, identifying any significant changes in
structure, operations, and internal controls or accounting policies likely
to impact on the financial statements and to review the fees proposed for
the audit work to be performed.
- Review the periodic reports prior to lodgment and release, any significant
adjustments required as a result of the auditor*s findings, and to
recommend Board approval of these documents, prior to the announcement of
results.
- Review the results and findings of the auditor, the adequacy of accounting
and financial controls, and to monitor the implementation of any
recommendations made.
- Review the draft financial report and recommend Board approval of the
financial report.
- As required, to organize, review and report on any special reviews or
investigations deemed necessary by the Board of Directors.
Comments on Results
Results for the period of one year ended March 31, 2008 were impacted by the low market prices during the year of ethanol and sugar.
After the year of 2006, when international prices for these commodities were significantly higher, prices during 2007 were approximately 50%
lower than last year. The main reasons for this decline in prices were:
- During 2006, ethanol prices in the US, which were impacted by the banishment of
MTBE and also by the Katrina hurricane, increased significantly with the price of
the product in the international market reaching a peak of US$560 per cubic
meter;
- Since January 2007, the lack of clarity about the supply and demand ratio in the
US market has led to increased volatility in the prices of ethanol and lower
average prices. During last year prices in the US went as low as US$1.50 per
gallon. Over the last months these prices have already increased to beyond
US$2.50 per gallon, opening again the window for direct anhydrous exports from
Brazil to the USA. This trend was further reinforced by the increase of the
mandated blend level adopted by the US Government for 2008 to 9,000,000,000
gallons and strong support to increase of ethanol blending.
- A similar dynamic occurred in Brazil where during the harvest period there was a
concern that there might be oversupply due to the increase in production and a
reduction of exports, in particular to the US. While, more recent data has shown
that Brazilian consumption outpaced the increase in production and this
ultimately led to a recovery of ethanol prices, during a relevant part of last
year the slump in US prices and lack of clarity in Brazilian demand to supply
dynamics led to lower prices than the market developed.
- Sugar prices, after having peaked at US$18 cents/pound in 2006, went as low as
US$9 cents/pound. Prices for this year have recovered significantly and prices in
future markets for the next 2 years are on average above approximately US$14
cents/pound.
- At 62% of capacity utilization the price impact was much more significant. In
effect, even with the low prices in both sugar and ethanol had the company been
operating at a higher rate of utilization the operating results would have been
significantly higher.
- Other relevant issues concerning the Company*s results:
- As identified in note 31 of the Financial Statements, our
results are impacted by a non-cash expense related to the
fair value assessment of the management*s stock option plan
in the value of US$13.26 million
- Foreign Exchange Variation impact: The Real significantly
valued against the US$. This however did not as
significantly affect the Company because of its relevant
foreign exchange hedging positions which generated
approximately US$7.1 million in profit which were accounted
for below the Operating Results line in our P&L.
- Furthermore, the Company carried a significant amount of
inventory beyond March 2008 of approximately 11.2 thousand
tons of sugar and 15.7 million liters of ethanol, which at
the average prices during the end of the month of March
2008, would have generated additional EBITDA of
approximately US$3.1 million. In effect, prices in April
did increase
- Finally, the results of the Company were impacted by
expenses that are not related to operations, principally
related to acquisitions in excess of US$4.4 million.
Seasonality
The seasonality in the ethanol business originates from the fact that all manufacturing occurs over a period of approximately 8 months,
for most mills in the Center-South region from April to November, while consumption is distributed over 12 months. In the Brazilian domestic
market, the seasonality can be clearly observed with prices that tend to be lower during the crop period when supply increases. During the
inter-crop periods, prices tend to be higher due to a supply decrease. The graphic of this pattern is illustrated in the complete report on
our website.
The price volatility resulting from this seasonality led the Company to establish an inventory management strategy, where the Company
limited sales during the harvest period in order to increase sales at higher prices during the inter-crop period. However, as mentioned
before, in the 2007/2008 harvest, the prices have not increased as expected.
Future Outlook
Infinity will operate this year with three new mills - Parao, Ibircool and Disa and is expected to significantly increase the capacity
utilization of the existent mills. The Company will continuously seek new growth opportunities through new acquisitions, international
expansion and development of new sources of revenues such as co-generation plants and bagasse pellets.
Sergio Thompson-Flores
Chief Executive Officer
Financial Statements
The Notes to the Financial Statements can be found on the complete document at the Company's website.
Consolidated Income Statement for the year ended March 31, 2008
Year ended Period endedMarch 31, 2007
March 31, 2008
Notes US$*000 US$*000 US$*000 US$*000
Revenue 2 141,736 35,051
Cost of sales (140,833) (33,340)
Gross profit 903 1,711
Movement in fair value of 13 11,914 5,742
biological assets
Administration expenses
Stock option benefits expenses (13,258) -
Other administration costs (28,931) (13,185)
Total administration costs 4 (42,189) (13,185)
Other operating expenses 5 - (3,157)
Operating loss (29,372) (8,889)
Financial income 6 51,631 10,031
Financial expense 6 (66,172) (5,906)
Loss before tax (43,913) (4,764)
Taxation (change) / income 7 (7,210) 662
Net loss for the year (51,123) (4,102)
Attributable to:
Equity holders of the parent (51,059) (1,683)
Minority interest (64) (2,419)
Net loss for the year (51,123) (4,102)
Loss per share - US$: (58.07)
9
Basic * cents (6.13)
Diluted * cents (58.07) (6.13)
Consolidated Statement of Recognised Income and Expense for the year ended March 31, 2008
Year ended Period ended
March 31, 2008 March 31, 2007
US$'000 US$'000
Net loss for the year (51,123) (4,102)
Exchange differences 48,362 12,222
Total recognised income and expense (2,761) 8,120
relating to the period
Attributable to:
Equity holders of the parent (2,697) 10,539
Minority interest (64) (2,419)
(2,761) 8,120
Consolidated Balance Sheet at March 31, 2008
Notes 31 March 2008 31 March 2007
ASSETS US$' 000 US$' 000
Non Current assets
Property, plant and equipment 10 324,607 130,354
Goodwill 11 322,316 126,314
Other intangible assets 12 3,733 3,539
Deferred tax assets 21 14,689 12,744
Biological assets 13 49,210 32,807
Trade and other receivables 16 8,595 3,667
Other financial assets 14 11,607 4,428
Total non-current assets 734,757 313,853
Current assets
Inventories 15 21,098 10,972
Biological Assets 13 7,383 6,091
Other financial assets 14 12,657 3,413
Trade and other receivables 16 72,218 28,712
Cash and cash equivalents 17 34,598 19,953
Total current assets 147,954 69,141
TOTAL ASSETS 882,711 382,994
EQUITY AND LIABILITIES
Equity attributable to equity
holders of parent company
Issued capital 19 156 118
Share Premium 19 320,662 221,305
Capital redemption reserve 19 64 64
Warrant Reserve 19 36,130 45,972
Foreign currency translation 19 60,584 12,222
reserve
Share option reserve 19 10,236 -
Equity reserve 19, 24 42,020 -
Retained deficit 19 (50,312) (1,683)
Total equity attributable to 419,540 277,998
equity holders of the parent
company
Minority interest 18,023 1,842
Total equity 437,563 279,840
Non-Current Liabilities
Trade and other payables 20 39,004 28,879
Interest-bearing loans and 22 179,409 3,537
borrowings
Provisions 23 15,907 4,900
Deferred tax liabilities 21 30,405 4,271
Total non-current liabilities 264,725 41,587
Current Liabilities
Trade and other payables 20 87,418 37,732
Other financial Liabilities 22 2,733 2,363
Interest-bearing loans and 22 90,272 18,467
borrowings
Provisions - 3,005
Total current liabilities 180,423 61,567
Total liabilities 445,148 103,154
TOTAL EQUITY AND LIABILITIES 882,711 382,994
Consolidated Cash Flow Statement for the year ended March 31, 2008
Year ended Period ended
March 31, 2008 March 31, 2007
Notes US$'000 US$'000 US$'000 US$'000
Cash flows from operating
activities
Loss before tax for the year (43,913) (4,764)
Adjustments for:
Depreciation 10 18,596 5,819
Amortisation of biological 13 7,390 859
assets
Amortisation of intangible 12 367 46
assets
Movement in fair value of 13 (11,914) (5,742)
biological assets
Share based payment expense 18 13,258
Financial income 6 (51,631) (10,031)
Financial expense 6 66,172 5,906
Non cash movements on (33,766)
financial expenses
Operating profit before (35,441) (7,907)
changes in working capital and
provisions
Increase in trade and other (42,075) (18,406)
receivables
Decrease in inventories 471 6,352
Increase /(decrease) in trade 120,871 (7,116)
and other payables
Increase in value of (11,914) (5,742)
biological assets
Increase in provision 21,875 7,573
89,228 (18,666)
Cash generated from operations 53,787 (26,573)
Investing activities
Acquisition of subsidiaries 3/29 (157,761) (185,189)
net of cash acquired
Purchases of plant property 10 (85,983) (5,839)
and equipment
Purchase of biological assets 13 (16,787) (31,127)
Purchases of other intangibles - (2,711)
Purchases of financial assets - (191)
Interest received 6 51,631 10,031
Total cash outflow from (208,900) (215,026)
investing activities
Financing activities
Issue of ordinary shares 19 99,395 392,592
Issue of warrants 19 - 86,000
Issue of share options 19 10,236 -
Purchase of ordinary shares 19 - (218,313)
for cancellation
Repurchase of warrants 19 (20,668) (19,497)
Exercise of warrants 19 - 26,676
Issue of convertible loan 24 129,000
notes
Advances on financial assets 14 (15,799) (1,327)
Interest paid (32,406) (5,906)
Total cash inflow from 169,758 261,552
financing activities
Increase in cash and cash 17 19,953
equivalents 14,645
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Infinity Bio-energy (LSE:IBI)
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Infinity Bio-energy (LSE:IBI)
過去 株価チャート
から 5 2023 まで 5 2024