Business
Annual Financial Report
Annual Financial Report.
About this update from R.e.a. Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1376W R.E.A.Hldgs PLC 25 April 2016 \n\nR.E.A. HOLDINGS PLC (the \"company\")\n \nANNUAL FINANCIAL REPORT\n \nThe company's annual report for the year ended 31 December 2015 (including notice of the annual general meeting to be held on 6 June 2016) (the \"annual report\") will shortly be available for downloading from the company's web site at www.rea.co.uk.\n \nUpon completion of bulk printing, copies of the annual report will be despatched to persons entitled thereto and will be submitted to the National Storage Mechanism to be made available for inspection at www.hemscott.com/nsm.do\n \nThe sections below entitled \"Chairman's statement\", \"Dividends\", \"Risks and uncertainties\", \"Viability statement\", \"Going concern\" and \"Directors' confirmation of responsibility\" have been extracted without material adjustment from the annual report. The basis of presentation of the financial information set out below is detailed in note 1 of the notes to the financial statements below.\n \nHIGHLIGHTS\n \nFinancial\n• Revenues of $90.5 million (2014: $125.9 million)\n• Operating profit of $17.2 million (2014: $32.1 million),reflecting lower revenues partly offset by significant cost savings\n• Profit before tax of $11.5 million (2014: $23.7 million)\n• Net new investment of $34.8 million (2014: $38.2 million)\n• 4.2 million preference shares issued by way of a cash placing raised $7.8 million net of expenses\n• 1.8 million ordinary shares issued by way of a cash placing raised $6.8 million net of expenses\n• Redemption date of £26.2 million nominal of 2015/2017 sterling notes extended to 2020, by way of an exchange offer and placing to raise $4.1 million net of expenses\n• 2 new bank facilities arranged in Indonesia totalling $22.4 million\n \nAgricultural operations\n• Crop of fresh fruit bunches (\"FFB\") 609,389 tonnes (2014: 631,728 tonnes) and crude palm oil (\"CPO\") 163,880 tonnes (2014: 169,466 tonnes)\n• Steady and continuous improvement in CPO extraction rates and now averaging close to 24 per cent\n• Over 4,200 hectares of new land developed of which over 2,200 hectares planted\n• Completion of the perimeter bunding and water gates to control flooding at PBJ; installation of water pumping equipment now being i...