Business
Restatement of Prior Year Results
Restatement of Prior Year Results.
About this update from Aep Plantations Plc
[{"type":"text","content":"\n \nRNS Number : 2047B Anglo-Eastern Plantations PLC 28 February 2014 \n \n\n28 February 2014\nAnglo-Eastern Plantations Plc\n(\"AEP\", \"Group\" or \"Company\")\n \nRestatement of Prior Year Results\n \nAnglo-Eastern Plantations Plc and its subsidiaries, which owns, operates and develops plantations in Indonesia and Malaysia, amounting to some 128,000 hectares producing mainly palm oil and some rubber of which approximately 61,000 hectares are planted. \n \nThe 2012 accounts stated that the Company was in the process of resolving a query from the Financial Reporting Council (\"FRC\") concerning the measurement of the notional rent used in the valuation of the Group's biological assets. \n \nAEP has applied a notional rent equivalent to 9% of the value of planted land in the valuation of their biological assets and this has resulted in a reduction in the value of its biological assets at 31 December 2012 by $37 million (2011: $38 million) from $245 million (2011: $235 million) to $208 million (2011: $197 million), although the profit before biological asset adjustment of the Group remains unchanged. The Group's profit after biological asset adjustment for the years ended 31 December 2012 and 2011 were reduced by $1.6 million and $4.0 million respectively as a result of the restatement. The effect of these prior year adjustments has no impact on the cash flows of the Group. As a result of this change, the FRC has confirmed that it regards its enquiries into the Company's annual report and accounts for the year ended 31 December 2010 as concluded.\n \nFinancial Highlights\n \n\n\n\n\n\n\n\nRestated\n2012\n$ m\n\n\n\n\n\nRestated\n2011\n$ m\n\n\n\n\nRevenue\n\n\n237.4\n\n\n\n\n\n259.0\n\n\n\n\nProfit before tax\n\n\n\n\n\n\n\n\n\n\n\n\n\n- before biological asset (\"BA\") adjustment\n\n\n88.6\n\n\n\n\n\n101.9\n\n\n\n\n- after BA adjustment\n\n\n81.9\n\n\n\n\n\n117.7\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEPS before BA adjustment\n\n\n133.99cts\n\n\n\n\n\n154.15cts\n\n\n\n\nEPS after BA adjustment\n\n\n119.41cts\n\n\n\n\n\n186.35cts\n\n\n\n\nDividend (cents)\n\n\n4.5cts\n\n\n\n\n\n6.0cts\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n\n\n \n \nThe restated results for the financial years ended 31 December 2012 and 31 December 2011 are enclosed...