DJ R.E.A. Holdings plc: Annual report in respect of 2023 R.E.A. Holdings plc (RE.) R.E.A.
R.E.A. Holdings plc R.E.A. Holdings plc: Annual report in respect of 2023 25-Apr-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- R.E.A. HOLDINGS PLC ANNUAL FINANCIAL REPORT 2023 The company's annual report for the year ended 31 December 2023 will shortly be available for downloading from www.rea.co.uk/investors/financial-reports.
The group's present level of indebtedness re?ects a number of challenges that have confronted the group in recent years. Over the period 2015 to 2017, group crops fell considerably short of the levels that had been expected. The reasons for this were successfully identi?ed and addressed but, as crops recovered to better levels, the group had to contend with falling CPO prices.
Outstanding arrears of dividends on the preference shares at 31 December 2023 amounted to 11.5p per share with dividends accruing at the rate of 9p per share per annum and were fully paid on 15 April 2024. The total arrears were equivalent to USD10.4 million and at the current exchange rate of GBP1=USD1.24 the overall cost of the annual accrual of further dividends will amount to USD8.0 million per annum.
Whilst commodity prices can be volatile, there is a reasonable expectation that CPO and CPKO prices will remain at remunerative levels for the foreseeable future and that the group will progressively achieve increasing sustainability premia on its oil sales.
As at 31 December 2023, the group had cash and cash equivalents of USD14.2 million, and borrowings of USD192.4 million . The total borrowings repayable by the group in the period to 30 April 2025 amount to the equivalent of USD43.0 million. - the company financial statements, prepared in accordance with UK Accounting Standards, comprising FRS 101 Reduced Disclosure Framework, give a true and fair view of the company's assets, liabilities, and financial position of the company;
Whilst the 2023 financial statements have been prepared in accordance with UK adopted IFRS and with the CA 2006, as at the date of authorisation of those accounts the accompanying financial information does not itself contain sufficient information to comply with IFRS. 2023 2022 USD'000 USD'000 Loss on disposal of PPE 1,055 218 Indonesian operations 14,895 14,221 Head office 3,436 3,428 19,386 17,867 Amount included as additions to PPE 17,372 17,319 5. Interest income
2023 2022 USD'000 USD'000 Interest on bank loans and overdrafts 9,623 10,814 Interest on dollar notes 1,708 1,707 Interest on sterling notes 3,412 3,263 Interest on other loans 1,319 851 Interest on lease liabilities 529 377 Other finance charges 1,961 2,527 18,552 19,539 Amount included as additions to PPE 17,460 19,313 The interest on dollar notes is net of interest in respect of the USD8.
At the balance sheet date, the group had entered into no contractual commitments for the acquisition of PPE .Additions to PPE include USD651,000 of new right-of-use assets which are not included in purchases of PPE within the consolidated cash flow statement.
At the balance sheet date, land titles of USD30.9 million had been charged as security for bank loans .
The gross bank loans of USD115.6 million are secured on certain land titles, PPE, biological assets and cash assets held by REA Kaltim, KMS and SYB having an aggregate book value of USD158.1 million , and are the subject of an unsecured guarantee by the company. The banks are entitled to have recourse to their security on usual banking terms.
The sterling notes are due for repayment on 31 August 2025. A premium of 4p per GBP1 nominal of sterling notes will be paid on redemption of the sterling notes on 31 August 2025 or on surrender of the sterling notes in satisfaction, in whole or in part, of the subscription price payable on exercise of the warrants held by sterling note holders on or before the ?nal subscription date .
Holders of USD14.8 million nominal dollar notes elected to take advantage of the sale facility. USD6.0 million nominal of such dollar notes were resold and REAS acquired the unsold balance of USD8.8 million nominal of dollar notes. A further USD248,000 nominal of dollar notes was then resold at par for settlement on 30 June 2022. Accordingly, the total net amount of dollar notes purchased from divesting noteholders and held by REAS at 31 December 2022 was USD8.6 million.
Based on the above, at 31 December 2023 the additional capital contribution required under is a negative figure of USD3.2 million and the net repayment to the group under is USD19.6 million giving a fair value of USD16.4 million. Costs to sell are expected to be minimal.
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