REG-New Britain Palm Oil NBPO Interim Results - Part 2Released: 06/08/2009
Part 2 : For preceding part double-click [nRn1F9672W]
Development Buildings Equipment WIP
USD'000 USD'000 USD'000 USD'000 USD'000
As at 30 June 2009
Opening net book amount 87,666 124,138 54,472 60,541 326,817
Additions 8,528 - 2,690 31,521 42,739
Disposals - - - - -
Transfers - 5,978 19,878 (25,856) -
Exchange differences (760) 3,125 1,135 (3,895) (395)
Depreciation (2,129) (1,716) (7,489) - (11,334)
Closing net book amount 93,305 131,525 70,686 62,311 357,827
At cost 122,418 133,027 150,760 62,311 468,516
At valuation - 22,007 - - 22,007
Accumulated depreciation (29,113) (23,509) (80,074) - (132,696)
93,305 131,525 70,686 62,311 357,827
As at 31 December 2008
Opening net book amount 63,738 56,169 41,625 20,645 182,177
Additions 13,456 - 407 51,762 65,625
Acquisition of subsidiary 12,147 63,286 17,591 785 93,809
Disposals - (851) (25) - (876)
Transfers - 6,749 7,967 (14,716) -
Exchange differences 2,517 1,242 401 2,065 6,225
Depreciation (4,192) (2,457) (13,494) - (20,143)
Closing net book amount 87,666 124,138 54,472 60,541 326,817
At cost 114,650 123,924 127,057 60,541 426,172
At valuation - 22,007 - - 22,007
Accumulated depreciation (26,984) (21,793) (72,585) - (121,362)
87,666 124,138 54,472 60,541 326,817
As at 30 June 2008
Opening net book amount 63,738 56,169 41,625 20,645 182,177
Additions 2,684 - 1,511 18,919 23,114
Disposals - (132) (146) - (278)
Transfers - 4,016 310 (4,326) -
Exchange differences 1,023 2,420 2,366 792 6,601
Depreciation (2,051) (1,244) (5,678) - (8,973)
Closing net book amount 65,394 61,229 39,988 36,030 202,641
At cost 90,237 81,809 104,757 36,030 312,833
Accumulated depreciation (24,843) (20,580) (64,769) - (110,192)
65,394 61,229 39,988 36,030 202,641
4. BIOLOGICAL ASSETS
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2009 2008 2008
USD'000 USD'000 USD'000
Oil palm trees
Balance at the beginning of the year 64,228 134,143 134,143
Increases due to expenditure to planted areas 297 402 697
Gain (loss)arising from changes in fair value 84,004 66,433 (22,971)
Decreases due to harvest (37,424) (58,248) (56,321)
Increases resulting from acquisition of subsidiary - - 3,767
Exchange differences 2,960 1,272 4,913
Balance at the end of the year 114,065 144,002 64,228
Livestock
Balance at the beginning of the year 5,790 138 138
Increases due to expenditure on livestock 38 - 1,125
Gain (loss)arising from changes in fair value 2,626 - 2,304
Decreases due to sales (1,819) - (1,439)
Increases resulting from acquisition of subsidiary - - 3,919
Exchange differences 18 8 (257)
Balance at the end of the year 6,653 146 5,790
Growing cane
Balance at the beginning of the year 8,020 - -
Increases due to expenditure on growing cane - - -
Gain (loss)arising from changes in fair value 8,751 - 951
Decreases due to harvest (3,233) - -
Increases resulting from acquisition of subsidiary - - 7,069
Exchange differences 349 - -
Balance at the end of the year 13,887 - 8,020
Total
Balance at the beginning of the year 78,038 134,281 134,281
Increases due to expenditure 334 402 1,822
Gain (loss)arising from changes in fair value 95,381 66,433 (19,716)
Decreases due to harvest and sales (42,476) (58,248) (57,760)
Increases resulting from acquisition of subsidiary - - 14,756
Exchange differences 3,327 1,280 4,656
Balance at the end of the year 134,604 144,148 78,038
Classifed as:
Current 17,213 146 10,306
Non Current 117,391 144,002 67,732
134,604 144,148 78,038
Net (loss) gain arising from changes in fair value of 52,905 8,185 (77,476)
biological assets
5. CASH AND CASH EQUIVALENTS
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2009 2008 2008
USD'000 USD'000 USD'000
Cash and bank balances 11,650 10,430 5,808
Short term deposits 36,633 137,315 58,774
48,283 147,745 64,582
For the purposes of the statement of cash flows, the following balances comprise cash and cash
equivalents at the end of the period:
Cash and bank balances 11,650 10,430 5,808
Short term deposits 36,633 137,315 58,774
Bank overdraft (note 6) (8,323) (3,088) (9,719)
39,960 144,657 54,863
6. BORROWINGS
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2009 2008 2008
USD'000 USD'000 USD'000
Non-Current
Secured
Bank borrowings 45,745 14,528 45,322
Current
Secured
Bank overdraft 8,323 3,088 9,719
Bank borrowings 2,405 513 3,386
10,728 3,601 13,105
Total borrowings 56,473 18,129 58,427
7. DERIVATIVE FINANCIAL INSTRUMENTS
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2009 2008 2008
USD'000 USD'000 USD'000
Current assets
- Forward contracts - - 15,905
Current liabilities
- Forward contracts 307 16,226 -
Non Current liabilities
- Forward contracts 166 10,093 -
Tonnes Average price US$/tonne
As at 30 June As at 30 June As at 31 December As at 30 June As at 30 June As at 31 December
2009 2008 2008 2009 2008 2008
CPO (sell) 90,000 112,500 46,750 694 960 948
CPO (buy) 44,250 51,500 27,250 689 1,189 837
PKO (sell) 4,000 1,000 2,500 767 1,224 1,090
PKO (buy) 1,000 - 2,000 815 - 533
RDBOL (sell) 62,500 20,500 13,500 630 1,080 1,017
RDBOL (buy) 28,000 17,500 17,500 647 1,214 722
8. DIVIDENDS DECLARED
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2009 2008 2008
USD'000 USD'000 USD'000
Dividends declared 20,147 20,132 39,993
Number of shares ('000) 144,799 144,799 144,799
$US per share 0.14 0.14 0.28
9. EARNINGS PER SHARE
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months to
30 June 2009 30 June 2008 31 December 2008
USD'000 USD'000 USD'000
Net profit attributable to ordinary shareholders used in 66,823 54,204 21,245
basic and diluted EPS
Net (gain)/loss arising from changes in fair value of (36,129) (3,136) 53,590
biological assets attributable to ordinary shareholders,
net of tax (*)
Net profit attributable to ordinary shareholders before 30,694 51,068 74,835
changes in fair value of biological assets
Weighted average number of ordinary shares ('000) used in 144,799 144,799 144,799
basic and diluted EPS
Basic EPS (USD/share) 0.461 0.374 0.147
Basic EPS before changes in fair value of biological 0.212 0.353 0.517
assets (USD/share)
There is no difference between basic and diluted EPS.
* The net (gain)/loss arising from changes in fair value of biological assets attributable to ordinary shareholders, net of tax is reconciled to the
income statement as follows:
Net (gain)/loss arising from changes in fair value of (52,905) (8,185) 77,476
biological assets
Income tax expense/(credit) 15,872 2,456 (23,243)
(37,033) (5,729) 54,233
Attributable to:
Ordinary shareholders (36,129) (3,136) 53,590
Minority interest (904) (2,593) 643
(37,033) (5,729) 54,233
10. SEGMENT INFORMATION
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2009 2008 2008
USD'000 USD'000 USD'000
Sales revenue
Papua New Guinea 151,389 160,298 323,573
Solomon Islands 10,114 15,609 28,646
161,503 175,907 352,219
Total assets
Papua New Guinea 568,965 534,935 547,331
Solomon Islands 45,837 47,345 40,954
United Kingdom 34,189 - 6,383
Indonesia 4,955 4,398 1,930
Singapore 1,357 751 4,027
Australia 3,305 5,864 3,288
658,608 593,293 603,913
Acquisitions of segment assets
Papua New Guinea 33,125 19,388 56,467
Solomon Islands 592 2,489 7,050
United Kingdom 9,022 1,807
Singapore - - 300
42,739 21,877 65,624
11. POST BALANCE SHEET EVENTS
The Group has no reportable post balance sheet events.
This information is provided by RNS
The company news service from the London Stock Exchange
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