Last checked at 21 Aug 2009 09:30
21 August 2009
Anglo-Eastern Plantations PLC ("AEP" or "Company")
Interim Results for the six months ended 30 June 2009
Anglo-Eastern Plantations PLC, which owns approximately 132,000 hectares of plantation land, primarily in Indonesia, is pleased to announce the interims results for the six months to 30 June 2009.
Financial Highlights
Revenue of $57.4m (H1 2008: $100.2m)
Operating profit for the period was $23.5m ( H1 2008: $43.8m)
Profit before tax decreased to $24m from $44.4m in the first half of 2008
Basic earnings per share were 35.6cts (H1 2008: 61.6cts)
Net cash at 30 June 2009 was $24.6m compared with $33.8m at the year end and $35.7m at 30 June 2008
Commercial Highlights
The market average price for crude palm oil for the period was $650 a fall of 80% on the average of $1,169 for the first half of 2008
Total own crop production was 283,366 tonnes an increase of 7% on June 2008
Planting of 7,400 ha of new areas to begin by the year end
Construction of 40/60mt oil mill at Sumindo estate in Bengkulu is under progress and is expected to be completed in Q1 2010.
For further information, contact:
| Anglo-Eastern Plantations plc | |
| Donald Low | Tel 020 7216 4600 / +603 2715 0118 |
| Charles Stanley Securities | |
| Russell Cook / Jen Boorer | Tel 020 7149 6000 |
Chairman's interim statement
Operational and financial performance
For the first half-year ended 30 June 2009, revenue was $57.4 million compared to $100.2 million for the same period in 2008. This generated an operating profit of $23.5 million (H1 2008: $43.8 million), a decrease of 46%. Profit before tax was $24.0 million, compared to $44.4 million in the same period in 2008.
The decrease in revenue and operating profit is due to market corrections in the Rotterdam CIF crude palm oil (CPO) price, in line with other commodities' prices, from the exceptional levels reached during the first half of 2008. In the year 2008, CPO prices rose sharply and peaked in March at $1,420 and ended around $500 in December, registering an average price of $950. In the first half of 2009, the average CPO price has been around $650.
With a net cash position, the group's balance sheet remains strong while cash flow remains positive. As at 30 June 2009 the Group's total cash balance was $57.9 million with total borrowings of $33.3 million, giving a net cash position of $24.6 million, down from $33.8 million recorded at 31 December 2008, as a result of higher capital expenditure and repayment of some tranches of long term loan that were due. There were no new borrowings.
Earnings per share were 35.6cts (2008: 61.6cts).
No new acquisition during the period
The Group made no further acquisitions in the first 6 months of the financial year, following 3 major acquisitions in the year of 2008 totalling 45,100 ha of plantation lands in the region of South Sumatra.
Operating costs
Even though the Indonesian government removed some fuel subsidies and fertiliser prices doubled in 2008, the Group was able to contain rising input costs in H1 2009 through careful planning on the usage of fertilisers and planting schedules.
Production and Sales
| 2009 | 2008 | 2008 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| mt | mt | mt | ||
| Oil palm production | ||||
| FFB | ||||
| - all estates | 283,366 | 265,508 | 566,540 | |
| - bought-in or processed for third parties | 224,463 | 206,979 | 443,274 | |
| Saleable CPO | 102,852 | 95,549 | 203,728 | |
| Saleable palm kernels | 25,152 | 22,368 | 47,971 | |
| Oil palm sales | ||||
| CPO | 97,609 | 93,008 | 206,059 | |
| Palm kernels | 25,762 | 22,304 | 46,943 | |
| FFB sold outside | 14,303 | 16,402 | 40,185 | |
| Rubber production | 352 | 416 | 950 |
Production was higher than last year, up marginally in the older North Sumatra estates, up 24% in Riau and up 11% in Bengkulu. Underlying yield improvements are consistent with the average age of the palms.
The higher CPO production volume was due to a better utilisation rate of the Group's four mills, with higher bought-in fresh fruit bunches ('FFB') volume and relatively higher internal crop. Total own crop processed in H1 2009 was 283,366 tonnes, 7% higher than H1 2008.
Bought-in crops for the period were 224,463 tonnes, 8.5% higher than last year. Outside fruit continues to be available at prices which allow positive contributions to profit.
Commodity prices
The CPO price, which ended in December 2008 at around $500/mt, has continued its recovery trend since, reaching a high of about $800/mt, and averaging $650/mt for the six months ended 30 June 2009. The rise in CPO price since December 2008, as witnessed in other competing vegetable oils, is attributable to the recovery in fundamental demand as well as to the tighter inventory level of global oil seeds production. As reported in our 2008 Annual Report, the industry generally feels that the long term sustainable price is $600 to $700/mt as the underlying demand from the traditional edible oil markets such as India and China remains strong.
Rubber prices averaged around $1,330/mt (2008: $2,750/mt).
Development
The Group's planted areas at 30 June 2009 were:-
| Total | Mature | Immature | ||
| ha | ha | ha | ||
| North Sumatra | 20,924 | 11,311 | 9,613 | |
| Bengkulu | 16,499 | 13,248 | 3,251 | |
| Riau | 4,960 | 4,943 | 17 | |
| Indonesia | 42,383 | 29,502 | 12,881 | |
| Malaysia | 3,696 | 3,425 | 271 | |
| Total at 30 June 2009 | 46,079 | 32,927 | 13,152 | |
| Total at 31 December 2008 | 40,264 | 32,977 | 7,287 | |
| Total at 30 June 2008 | 39,584 | 33,543 | 6,041 |
The Group's development is on schedule, with 2,045 ha already planted with oil palm seedlings during the first half-year of 2009.
The Group targets to commence planting in another 7,400 ha of new areas in Bengkulu, North Sumatra and Kalimantan by the year end. In addition, land preparation, which involves compensation negotiation with local villagers and land clearing for 1,500 ha of land in the newly acquired region of South Sumatra and Bangka, is targeted for completion by the end of the year. The Group has sufficient seedlings available to plant up 10,000 hectares.
Out of the Group's total landholding of 132,000 ha, the planted area now stands at 46,000 ha (2008: 40,000) with 58,000 ha available for planting.
The construction of a 40/60mt oil mill located at Sumindo estate in Bengkulu is under progress and the mill is expected to be commissioned by the first quarter of 2010.
Dividend
As in previous years no interim dividend has been declared. A final dividend of 5.0 cents per share in respect of the year to 31 December 2008 was paid on 7 August 2009.
Risks and Uncertainties
The principal risks facing the business are as set out on page 10 of the 2008 annual report, and there have been no changes this year.
Outlook
Although production has grown as planned and commodity prices have remained generally stable throughout the period, the global recessionary market sentiment does create some uncertainty going forward.
Despite the unfavourable economic outlook demand for the Group's products remains strong. The board remains cautiously confident of reporting a satisfactory profit level and cash flow for the second half of 2009.
Chan Teik Huat 21 August 2009
Chairman
Responsibility Statements
We confirm that to the best of our knowledge:
a) The interim financial statements have been prepared in accordance with IAS34; Interim Reporting as adopted by the European Union:
b) The Chairman's statement includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) The interim financial statements include a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Donald Han Low 21 August 2009
Consolidated income statement
| 2009 6 months to 30 June (unaudited) | 2008 6 months to 30 June (unaudited) | 2008 year to 31 December (audited) | ||||||||
| Continuing operations | Notes | Result before BA adjustment $000 | BA adjustment $000 | Total $000 | Result before BA adjustment $000 | BA adjustment $000 | Total $000 | Result before BA adjustment $000 | BA adjustment $000 | Total $000 |
| Revenue | 57,361 | - | 57,361 | 100,179 | - | 100,179 | 174,684 | - | 174,684 | |
| Cost of sales | (32,714) | - | (32,714) | (54,777) | - | (54,777) | (96,812) | - | (96,812) | |
| Gross profit | 24,647 | - | 24,647 | 45,402 | - | 45,402 | 77,872 | - | 77,872 | |
| Biological asset revaluation movement (BA adjustment) | 2 | - | 417 | 417 | - | 489 | 489 | - | 1,347 | 1,347 |
| Other income | 278 | - | 278 | 151 | - | 151 | - | - | - | |
| Administration expenses | (1,871) | - | (1,871) | (2,234) | - | (2,234) | (3,808) | - | (3,808) | |
| Operating profit | 23,054 | 417 | 23,471 | 43,319 | 489 | 43,808 | 74,064 | 1,347 | 75,411 | |
| Exchange profit/(losses) | 3 | 252 | - | 252 | 618 | - | 618 | 1,503 | - | 1,503 |
| Finance income | 1,532 | - | 1,532 | 1,254 | - | 1,254 | 3,645 | - | 3,645 | |
| Finance costs | 4 | (1,220) | - | (1,220) | (1,237) | - | (1,237) | (2,686) | - | (2,686) |
| Profit before tax | 5 | 23,618 | 417 | 24,035 | 43,954 | 489 | 44,443 | 76,526 | 1,347 | 77,873 |
| Tax | 6 | ( 7,029) | (117) | (7,146) | (14,567) | (140) | (14,707) | (25,487) | (404) | (25,891) |
| Profit for the period | 16,589 | 300 | 16,889 | 29,387 | 349 | 29,736 | 51,039 | 943 | 51,982 | |
| Attributable to: | ||||||||||
| - equity holders of the parent | 13,857 | 198 | 14,055 | 24,019 | 275 | 24,294 | 41,182 | 819 | 42,001 | |
| - minority interests | 2,732 | 102 | 2,834 | 5,368 | 74 | 5,442 | 9,857 | 124 | 9,981 | |
| 16,589 | 300 | 16,889 | 29,387 | 349 | 29,736 | 51,039 | 943 | 51,982 | ||
| Earnings per share | ||||||||||
| - basic | 35.6cts | 61.6cts | 105.1cts | |||||||
| - diluted | 35.6cts | 61.5cts | 104.8cts | |||||||
Consolidated statement of comprehensive income and expenses
| 2009 | 2008 | 2008 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| Notes | $000 | $000 | $000 | |
| Profit for the period | 10 | 16,889 | 29,736 | 51,982 |
| Other comprehensive income: | ||||
| Unrealised (deficit)/surplus on revaluation of the estates | 10 | 3,672 | (2,110) | 5,302 |
| Profit/(loss) on exchange translation of foreign operations | 10 | 5,827 | 4,575 | (29,944) |
| Deferred tax on revaluation | 10 | 108 | 374 | (1,128) |
| Other comprehensive income/(expense) for the period | 9,607 | 2,839 | (25,770) | |
| Total comprehensive income for the period | 26,496 | 32,575 | 26,212 | |
| Attributable to: | ||||
| - equity holders of the parent | 10 | 21,550 | 26,663 | 19,872 |
| - minority interest | 10 | 4,946 | 5,912 | 6,340 |
| 26,496 | 32,575 | 26,212 |
Consolidated balance sheet
| 2009 | 2008 | 2008 | ||
| as at 30 June | as at 30 June | as at 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| Notes | $000 | $000 | $000 | |
| Non-current assets | ||||
| Biological assets | 2 | 38,373 | 41,204 | 38,843 |
| Property, plant and equipment | 181,393 | 159,219 | 160,012 | |
| Receivables | 1,677 | 1,677 | 1,677 | |
| 221,443 | 202,100 | 200,532 | ||
| Current assets | ||||
| Inventories | 6,343 | 7,775 | 4,196 | |
| Tax receivables | 1,864 | 912 | 761 | |
| Trade and other receivables | 2,892 | 5,178 | 4,143 | |
| Cash and cash equivalents | 57,878 | 78,009 | 69,442 | |
| 68,977 | 91,874 | 78,542 | ||
| Current liabilities | ||||
| Bank loans and other financial liabilities | (9,032) | (9,827) | (8,639) | |
| Trade and other payables | (6,317) | (10,973) | (10,749) | |
| Tax liabilities | (2,053) | (8,656) | (10,428) | |
| (17,402) | (29,456) | (29,816) | ||
| Net current assets | 51,575 | 62,418 | 48,726 | |
| Non-current liabilities | ||||
| Bank loans and other financial liabilities | (24,223) | (32,504) | (27,025) | |
| Deferred tax liabilities | (28,290) | (23,035) | (28,450) | |
| Retirement benefit, net liabilities | (1,679) | (1,483) | (1,494) | |
| Net assets | 218,826 | 207,496 | 192,289 | |
| Equity | ||||
| Share capital | 15,504 | 15,504 | 15,504 | |
| Treasury shares | (1,744) | (1,785) | (1,785) | |
| Share premium reserve | 10 | 23,935 | 23,935 | 23,935 |
| Share capital redemption reserve | 10 | 1,087 | 1,087 | 1,087 |
| Revaluation and exchange reserves | 10 | (14,588) | 2,415 | (22,083) |
| Retained earnings | 10 | 158,128 | 131,478 | 144,073 |
| Equity attributable to equity holders of the parent | 182,322 | 172,634 | 160,731 | |
| Minority interests | 10 | 36,504 | 34,862 | 31,558 |
| Total equity | 218,826 | 207,496 | 192,289 |
Consolidated cash flow statement
| Cash flows from operating activities | 2009 | 2008 | 2008 | |
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Profit before tax | 24,035 | 44,443 | 77,873 | |
| Adjustments for: | ||||
| Biological asset adjustment | (417) | (489) | (1,347) | |
| Net profit on disposal of fixed and current asset investments | - | (5) | - | |
| Loss/(profit) on disposal of tangible fixed assets | 12 | - | (53) | |
| Depreciation | 2,214 | 2,423 | 4,902 | |
| Share-based remuneration expense | - | 40 | - | |
| Retirement benefit provisions | 185 | (51) | 40 | |
| Net finance income | 312 | (17) | (959) | |
| Operating cash flow before changes in working capital | 26,341 | 46,344 | 80,456 | |
| (Increase)/decrease in inventories | (2,147) | (2,865) | 712 | |
| (Increase)/decrease in trade and other receivables | 148 | (3,716) | (2,730) | |
| (Decrease)/increase in trade and other payables | (4,432) | (1,424) | (3,935) | |
| Cash flow from operations | 19,910 | 38,339 | 74,503 | |
| Interest paid | (1,220) | (1,237) | (2,728) | |
| Overseas tax paid | (10,428) | (12,789) | (17,898) | |
| Net cash flow from operations | 8,262 | 24,313 | 53,877 | |
| Investing activities | ||||
| Acquisition of subsidiaries | - | (3,982) | (11,363) | |
| Property, plant and equipment | ||||
| - purchase | (15,110) | (9,317) | (19,738) | |
| - sale | 28 | 26 | 489 | |
| Interest received | 1,532 | 1,254 | 3,645 | |
| Net cash used in investing activities | (13,550) | (12,019) | (26,967) | |
| Financing activities | ||||
| Dividends paid by parent company | - | - | (5,112) | |
| Share options exercised | 32 | - | - | |
| Repayment of existing long term loans | (4,320) | (684) | (4,237) | |
| Finance lease (repayment)/drawdown | (9) | (2) | (110) | |
| Dividends paid to minority shareholders | - | (575) | (2,378) | |
| Repayment of loan by minority shareholder | - | - | 48 | |
| Net cash used in financing activities | (4,297) | (1,261) | (11,789) | |
| (Decrease)/Increase in cash and cash equivalents | (9,585) | 11,033 | 15,121 | |
| Cash and cash equivalents less overdrafts | ||||
| At beginning of period | 69,442 | 63,357 | 63,357 | |
| Foreign exchange | (1,979) | 618 | (9,036) | |
| At end of period | 57,878 | 75,008 | 69,442 | |
| Comprising: | ||||
| Cash at end of period | 57,878 | 78,009 | 69,442 | |
| Overdraft at end of period | - | (3,001) | - | |
| 57,878 | 75,008 | 69,442 |
Notes to the interim statements
1. Basis of preparation of interim financial statements
This interim report does not constitute the company's statutory accounts. The information presented in relation to 31 December 2008 is extracted from the statutory financial statements for the year then ended and which have been delivered to the Registrar of Companies. The auditors report on the statutory financial statements for the year ended 31 December 2008 was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report(s) and did not contain statements under S237(2) or (3) of the Companies Act 1985
The interim statements for the six months ended 30 June 2009 and 30 June 2008 have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. Those for the six months ended 30 June 2009 were approved by the board on 21 August 2009. The same accounting policies have been followed as in the last set of statutory accounts except for the adoption of IAS 1 revised and IFRS 8 which will be applied in the full annual financial statements. These new policies affect presentation only. These interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU, the requirements of the Disclosure and Transparency Rules issued by the Financial Services Authority and the accounting policies, and methods of computation as applied in the group's 2008 Annual Report and Accounts. The comparative figures for the year ended 31 December 2008 are an extract from the audited financial statements for the year. All comparative figures have been restated for the change in presentation as a result of the adoption of IAS 1 revised and IFRS 8.
2. Biological assets
Group fixed assets are valued in total on the same "value in use" basis as disclosed in the group's accounting policies within the annual financial statements. Within this total, the value of biological assets has been estimated separately and, as required by IAS41, the movement in valuation surplus of biological assets has been charged or credited (BA adjustment) to the income statement for the relevant period.
3. Foreign exchange
| 2009 | 2008 | 2008 | |||
| 6 months | 6 months | Year | |||
| to 30 June | to 30 June | to 31 Dec | |||
| (unaudited) | (unaudited) | (audited) | |||
| Average exchange rates | |||||
| Rp : $ | 11,000 | 9,254 | 9,735 | ||
| $ : £ | 1.51 | 1.97 | 1.84 | ||
| RM : $ | 3.59 | 3.22 | 3.34 | ||
| Closing exchange rates | |||||
| Rp : $ | 10,208 | 9,220 | 10,950 | ||
| $ : £ | 1.65 | 1.99 | 1.41 | ||
| RM : $ | 3.52 | 3.27 | 3.48 | ||
4. Finance costs
| 2009 | 2008 | 2008 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Payable | 1,220 | 1,237 | 2,728 | |
| Capitalised | - | - | (42) | |
| 1,220 | 1,237 | 2,686 |
5. Segment information
| Revenues | ||||
| 2009 | 2008 | 2008 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| North Sumatra | 30,737 | 45,896 | 83,022 | |
| Bengkulu | 19,491 | 35,129 | 53,378 | |
| South Sumatra | - | - | - | |
| Riau | 5,364 | 15,566 | 31,280 | |
| Bangka | - | - | - | |
| Kalimantan | - | - | - | |
| Total Indonesia | 55,592 | 96,591 | 167,680 | |
| Malaysia | 1,769 | 3,588 | 7,004 | |
| UK | - | - | - | |
| Total | 57,361 | 100,179 | 174,684 | |
| Profit/(loss) before tax | ||||
| 2009 | 2008 | 2008 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| North Sumatra | 12,458 | 23,386 | 46,788 | |
| Bengkulu | 8,265 | 14,629 | 16,355 | |
| South Sumatra | - | - | - | |
| Riau | 5,222 | 5,504 | 13,266 | |
| Bangka | - | - | - | |
| Kalimantan | - | - | - | |
| Total Indonesia | 25,945 | 43,519 | 76,409 | |
| Malaysia | 320 | 1,739 | 2,553 | |
| UK | (2,230) | (815) | (1,089) | |
| Total | 24,035 | 44,443 | 77,873 | |
| Total assets | ||||
| 2009 | 2008 | 2008 | ||
| 30 June | 30 June | 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| North Sumatra | 128,991 | 126,717 | 113,332 | |
| Bengkulu | 39,072 | 40,461 | 43,379 | |
| South Sumatra | 14,155 | - | 13,392 | |
| Riau | 25,829 | 26,166 | 24,545 | |
| Bangka | 1,443 | 2,071 | 1,342 | |
| Kalimantan | 9,901 | 8,219 | 7,202 | |
| Total Indonesia | 219,391 | 203,634 | 203,192 | |
| Malaysia | 24,986 | 25,925 | 26,434 | |
| UK | 4,792 | 9,628 | 1,541 | |
| Total | 249,169 | 239,187 | 231,167 | |
6. Tax
| 2009 | 2008 | 2008 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Foreign corporation tax | 6,773 | 12,645 | 20,552 | |
| Foreign withholding tax | - | 1,664 | 4,550 | |
| Deferred tax adjustment | 373 | 398 | 789 | |
| 7,146 | 14,707 | 25,891 |
7. Dividend
The final and only dividend in respect of 2008, amounting to 5.0cts per share, or $1,973,514, was paid on 7 August 2009 (2007: 14.0cts per share, or $5,531,000, paid on 9 September 2008). In common with previous years no interim dividend has been declared.
8. Earnings per share
| 2009 | 2008 | 2008 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 Dec | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Earnings before BA adjustment | 13,857 | 24,019 | 41,182 | |
| Net BA adjustment | 198 | 275 | 819 | |
| Earnings after BA adjustment | 14,055 | 24,294 | 42,001 | |
| Number | Number | Number | ||
| 000 | 000 | 000 | ||
| Weighted average number of shares in issue in period | ||||
| - used in basic EPS | 39,470 | 39,458 | 39,976 | |
| - dilutive effect of outstanding share options | 34 | 63 | 101 | |
| - used in diluted EPS | 39,504 | 39,521 | 40,077 | |
| Shares in issue at period end excluding 506,000 shares held in treasury | 39,470 | 39,458 | 39,976 | |
| Basic earnings per share before BA adjustment | 35.1cts | 60.9cts | 103.0cts | |
| Basic earnings per share after BA adjustment | 35.6cts | 61.6cts | 105.1cts |
9 Post balance sheet events
No major events or transactions occurred between the balance sheet and the date of this report.
10. Reserves and minority interests
| Attributable to equity holders of the parent | ||||||||||
|
| Share capital | Treasury shares | Share premium | Share capital redemption reserve | Revaluation Reserve | Foreign exchange reserve | Retained earnings | Total | Minority interests | Total equity |
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
| Balance at 31 December 2007 | 15,504 | (1,785) | 23,935 | 1,087 | 76,445 | (76,399) | 107,184 | 145,971 | 32,367 | 178,338 |
| Direct changes in equity for 2007 | ||||||||||
| Unrealised surplus on revaluation of estates | - | - | - | - | 3,670 | - | - | 3,670 | 1,632 | 5,302 |
| Deferred tax on revaluation | - | - | - | - | (533) | (375) | - | (908) | (220) | (1,128) |
| (Loss) on exchange translation | - | - | - | - | - | (24,891) | - | (24,891) | (5,053) | (29,944) |
| Net income and expense recognised directly in equity | - | - | - | - | 3,137 | (25,266) | - | (22,129) | (3,641) | (25,770) |
| Profit for year | - | - | - | - | - | - | 42,001 | 42,001 | 9,981 | 51,982 |
| Total comprehensive income and expense for the year | - | - | - | - | 3,137 | (25,266) | 42,001 | 19,872 | 6,340 | 26,212 |
| Dividends paid | - | - | - | - | - | - | (5,112) | (5,112) | (7,747) | (12,859) |
| Interest in subsidiaries acquired | - | - | - | - | - | - | - | - | 598 | 598 |
| Balance at 31 December 2008 | 15,504 | (1,785) | 23,935 | 1,087 | 79,582 | (101,665) | 144,073 | 160,731 | 31,558 | 192,289 |
| Direct changes in equity for six months to 30 June 2009 | ||||||||||
| Unrealised surplus on revaluation of estates | - | - | - | - | 2,985 | - | - | 2,985 | 687 | 3,672 |
| Deferred tax on revaluation | - | - | - | - | (295) | 372 | - | 77 | 31 | 108 |
| Profit on exchange translation | - | - | - | - | - | 4,433 | - | 4,433 | 1,394 | 5,827 |
| Net income and expense recognised directly in equity | - | - | - | - | 2,690 | 4,805 | - | 7,495 | 2,112 | 9,607 |
| Profit for period | - | - | - | - | - | - | 14,055 | 14,055 | 2,834 | 16,889 |
| Total comprehensive income and expense for the period | - | - | - | - | 2,690 | 4,805 | 14,055 | 21,550 | 4,946 | 26,496 |
| Share option exercised | - | 41 | - | - | - | - | - | 41 | - | 41 |
| Balance at 30 June 2009 | 15,504 | (1,744) | 23,935 | 1,087 | 82,272 | (96,860) | 158,128 | 182,322 | 36,504 | 218,826 |
| Attributable to equity holders of the parent | ||||||||||
|
| Share capital | Treasury shares | Share premium | Share capital redemption reserve | Revaluation Reserve | Foreign exchange reserve | Retained earnings | Total | Minority interests | Total equity |
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
| Balance at 31 December 2007 | 15,504 | (1,785) | 23,935 | 1,087 | 76,445 | (76,399) | 107,184 | 145,971 | 32,367 | 178,338 |
| Direct changes in equity for six months to 30 June 2008 | ||||||||||
| Unrealised surplus on revaluation of estates | - | - | - | - | (1,787) | - | - | (1,787) | (323) | (2,110) |
| Deferred tax on revaluation | - | - | - | - | 368 | - | - | 368 | 6 | 374 |
| Profit on exchange translation | - | - | - | - | - | 3,788 | - | 3,788 | 787 | 4,575 |
| Net income and expense recognised directly in equity | - | - | - | - | (1,419) | 3,788 | - | 2,369 | 470 | 2,839 |
| Profit for period | - | - | - | - | - | - | 24,294 | 24,294 | 5,442 | 29,736 |
| Total recognised income and expense for the period | - | - | - | - | (1,419) | 3,788 | 24,294 | 26,663 | 5,912 | 32,575 |
| Dividends paid | - | - | - | - | - | - | - | - | (3,620) | (3,620) |
| Interest in subsidiaries acquired | - | - | - | - | - | - | - | - | 203 | 203 |
| Balance at 30 June 2008 | 15,504 | (1,785) | 23,935 | 1,087 | 75,026 | (72,611) | 131,478 | 172,634 | 34,862 | 207,496 |
11 Report and Financial Information
Copies of the interim report for the Company for the period ended 30 June 2009 are to be made available on the Company's website.