R.E.A. HOLDINGS PLC Having regard to the foregoing, based on the group's forecasts and projections (taking into account reasonable possible changes in trading performance and other uncertainties) and having regard to the group's cash position and available borrowings, the directors expect that, whether or not the current proposals for the replacement of the existing Mandiri loans are agreed, the group should be able to operate within its available borrowings for at least 12 months from the date of approval of the financial statements.
For these reasons, the directors have concluded that it is appropriate to prepare the ?nancial statements on a going concern basis.
DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
To the best of the knowledge of each of the directors, they confirm that: ? the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and
fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings
included in the consolidation taken as a whole; ? the "Strategic report" section of the annual report includes a fair review of the development and performance of
the business and the position of the company and the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties that they face; and ? the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the
information necessary for shareholders to assess the company's position, performance, business model and strategy.
The current directors of the company and their respective functions are set out in the "Board of directors" section of the annual report.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
2020 2019
USD'000 USD'000
Revenue 139,088 124,986
Net (loss) / gain arising from changes in fair value of agricultural produce inventory (777) 5,127
Cost of sales:
Depreciation and amortisation (27,969) (27,287)
Other costs (82,215) (94,495)
Gross profit 28,127 8,331
Distribution costs (2,835) (1,348)
Administrative expenses (16,486) (16,097)
Operating profit / (loss) 8,806 (9,114)
Investment revenues 525 595
Impairments and similar charges (9,483) (3,267)
Finance costs (23,098) (31,890)
Loss before tax (23,250) (43,676)
Tax 7,336 22,303
Loss for the year (15,914) (21,373)
Attributable to:
Equity shareholders (13,183) (17,814)
Non-controlling interests (2,731) (3,559)
(15,914) (21,373)
Loss per 25p ordinary share (US cents) (30.0) (43.1) The company is exempt from preparing and disclosing its pro?t and loss account. All operations for both years are continuing.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
2020 2019
USD'000 USD'000
Loss for the year (15,914) (21,373)
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations (3,504) 59
Deferred tax on exchange differences 1,769 1,589
(1,735) 1,648
Items that will not be reclassified to profit or loss:
Actuarial gains / (losses) 1,835 (316)
Deferred tax on actuarial (gains) / losses (367) 79
1,468 (237)
Total comprehensive income for the year (16,181) (19,962)
Attributable to:
Equity shareholders (13,450) (16,403)
Non-controlling interests (2,731) (3,559)
(16,181) (19,962) CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2020
2020 2019
USD'000 USD'000
Non-current assets
Goodwill 12,578 12,578
Intangible assets 1,098 2,135
Property, plant and equipment 376,551 394,356
Land 39,879 38,598
Financial assets: stone and coal interests 57,548 50,329
Deferred tax assets 8,931 12,642
Non-current receivables 5,302 3,889
Total non-current assets 501,887 514,527
Current assets
Inventories 16,069 18,565
Biological assets 2,953 2,764
Trade and other receivables 41,059 53,760
Cash and cash equivalents 11,805 9,528
Total current assets 71,886 84,617
Total assets 573,773 599,144
Current liabilities
Trade and other payables (51,644) (63,452)
Bank loans (54,148) (19,168)
Sterling notes - (38,996)
Other loans and payables (7,321) (14,457)
Total current liabilities (113,113) (136,073)
Non-current liabilities
Trade and other payables (20,712) -
Bank loans (56,062) (107,757)
Sterling notes (42,908) -
Dollar notes (26,891) (26,804)
Deferred tax liabilities (39,581) (51,941)
Other loans and payables (28,690) (23,879)
Total non-current liabilities (214,844) (210,381)
Total liabilities (327,957) (346,454)
Net assets 245,816 252,690
Equity
Share capital 133,586 133,586
Share premium account 47,358 47,358
Translation reserve (25,833) (26,032)
Retained earnings 70,693 84,779
225,804 239,691
Non-controlling interests 20,012 12,999
Total equity 245,816 252,690 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
Share Share Translation Retained Sub Non- Total
capital premium reserve earnings total controlling Equity
interests
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2019 132,528 42,401 (42,470) 114,360 246,819 14,455 261,274
Loss for the year - - - (17,814) (17,814) (3,559) (21,373)
Other comprehensive income for the year - - 987 (179) 808 603 1,411
Adjustment in respect of deferred tax provision - - 15,451 (11,588) 3,863 - 3,863
release
Issue of new ordinary shares (cash) 1,058 5,079 - - 6,137 - 6,137
Costs of issue - (122) - - (122) - (122)
New equity from non-controlling interests - - - - - 1,500 1,500
At 31 December 2019 133,586 47,358 (26,032) 84,779 239,691 12,999 252,690
Loss for the year - - - (13,183) (13,183) (2,731) (15,914)
Reserve adjustment relating to warrant issue - - - 1,133 1,133 - 1,133
Other comprehensive income for the year - - 199 (2,036) (1,837) (200) (2,037)
New equity from non-controlling interests - - - - - 9,944 9,944
At 31 December 2020 133,586 47,358 (25,833) 70,693 225,804 20,012 245,816 CONSOLIDATED CASH FLOW STATEMENT
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