onlyWingara AG Limited
ACN 009 087 469
useAnnual Report - 31 March 2022 personalFor
Wingara AG Limited
Contents
31 March 2022
Corporate directory Directors' report
Auditor's independence declaration
Consolidated statement of profit or loss and other comprehensive income onlyConsolidated statement of financial position
Consolidated statement of changes in equity Consolidated statement of cash flows
Notes to the consolidated financial statements Directors' declaration
I dependent auditor's report to the members of Wingara AG Limited
For usepersonal
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Wingara AG Limited Corporate directory 31 March 2022
Directors
onlyChief Executive Officer Chief Financial Officer Company secretary Registered office
usePrincipal place of business
Share and debenture register
personalAuditor
St ck exchange listing
Website
For
Mr David Christie (Non-Executive Chairman)
Mr Brendan York (Non-Executive Director)
Mr Marcello Diamante (Non-Executive Director)
Mr James Whiteside
Mr Jae Tan
Ms Natalie Climo
Suite 11, 13 Church Street
Hawthorn
VIC 3122
Australia
Suite 11, 13 Church Street
Hawthorn
VIC 3122
Australia
Computershare Investor Services Pty Ltd Level 11, 172 St Georges Terrace Perth 6000
Australia
1300 55 70 10 (within Australia)
+61 8 9323 2000 (overseas)
William Buck
Level 20, 181 William Street
Melbourne Victoria 3000
Wingara AG Limited shares are listed on the Australian Securities Exchange (ASX code: WNR)
www.wingaraag.com.au
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Wingara AG Limited Directors' report 31 March 2022
The directors present their report, together with the financial statements, on the consolidated entity, consisting of Wingara AG Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled (together referred to hereafter as the 'Consolidated Entity') at the end of, or during, the year ended 31 March 2022.
onlyDirectors
The following persons were directors of Wingara AG Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:
Mr David Christie - Non-Executive Chairman
Mr Jeral D'Souza - Non-Executive Director (resigned 21 October 2021)
Mr Steven Chaur - Non-Executive Director (resigned 1 April 2022)
Mr Brendan York - Non-Executive Director (appointed 23 September 2021)
Mr Marcello Diamante - Non-Executive Director (appointed 1 April 2022)
usePrincipal activities
During the year, the principal continuing activities of the Consolidated Entity consist of acting as product processor and marketer of agricultural products, and also acting as service provider, providing temperature controlled facilities, blast freezing, storage and distribution.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of results and operations1
personalWingara AG Limited is an owner and operator of value-added,mid-stream assets specialising in the processing, storage and m rketing of agricultural products for export markets.
The 2022 financial year (FY22) saw significant improvements in business performance but was impacted by a number of macroeconomic and social impacts well beyond the control of the business. These negative impacts included:
•
• The impact of COVID-19 throughout the year and in particular the arrival of the Omicron variant has created labour shortages at both JC Tanloden and Austco Polar. For the JC Tanloden business, significant plant downtime in the last four months of the financial year was caused by staff unable to come to work. This also impacted critical preventative maintenance activities and the commissioning of new equipment to lift plant performance. The Austco Polar business had a number of its key customers (particularly abattoirs) interrupted by labour shortages, which substantially impacted our blast freezing volumes and plant throughput; and
•
ForNotwithstanding these complexities, the new management team lead by CEO James Whiteside (who commenced on 1 July 2021) has, in a short period of time, strengthened the commercial position of the company by focusing on supplier and customer relationships, resetting operating processes and controls and steadily improving its reporting transparency.
Key achievements in FY22 include:
•
1 Throughout this report, certain financial information is presented which is not prescribed by Australian Accounting Standards ('AAS'), such as EBITDA and EBIT. Earnings before interest and income tax (EBIT) reflects profit for the year prior to including the effect of net finance costs, income taxes and loss from operations held for sale. Earnings before interest, income tax expense, depreciation and amortisation (EBITDA) reflects profits for the year prior to including the effect of net finance costs, income taxes, depreciation and amortisation and loss from operations held for sale. The individual components of EBITDA and EBIT are included as line items in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. Reference to results before significant items excludes the financial impacts of capital raise and share placement costs, share- based payment expenses, project related costs, loss on disposal of property, plant and equipment, impairment of receivables and one-off legal fees. The Directors consider that
these measures are useful in gaining an understanding of the performance of the entity, consistent with internal reporting.
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Wingara AG Limited Directors' report 31 March 2022
• Continued focus on margins and operating processes has resulted in growth across all financial performance
metrics in our Continuing Operations (excluding Austco Polar, see next paragraph) before significant items including Revenue (up 43%), Gross Profit (up 75%), EBITDA (up 74%) and EBIT loss (down 470%). only
• Strong working capital management resulting in year-on-year reduction in Net Debt, ending the year on $6,284,066 (FY21: $8,861,157).
In addition, during the first half of FY22 management announced that it had completed a strategic review of Austco Polar Cold Storage and determined that this business is non-core to the Company's future growth strategy given the substantial growth opportunities available through JC Tanloden. Accordingly, a business broker has been engaged to run a sale process to realise the business' value. Austco Polar's results from operations for the twelve months ended 31 March 2022 and 2021 have therefore been re-presented as results from operations held for sale.
Summary of financial results
useRevenue Gross profit
EBITDA before significant items EBIT before significant items NLAT before significant items
personalOperations held for sale before significant items Significant items
Net loss attributable to shareholders
Summary of significant items
From continuing operations
Equity settled share-based payments
L ss on disposal of property, plant and equipment Pr ject expenses
Legal fees
Impairment of receivables
Re tructure costs
Fo feiture of deposit
Mark-to-market inventory adjustment
From operations held for sale
Loss on disposal of property, plant and equipment Restructure costs
Project expenses
31 March | 31 March | |
2022 | 2021 | Change |
$ | $ | |
39,346,244 | 27,608,403 | 43% |
16,071,803 | 9,186,341 | 75% |
1,721,262 | 987,512 | 74% |
328,054 | (88,825) | (469%) |
(2,484,148) | (1,371,897) | 81% |
(1,380,855) | (1,798,975) | (23%) |
(5,831,897) | (3,061,937) | 90% |
(9,696,900) | (6,232,809) | 56% |
(53,849) | 99,000 | (154%) |
(2,931,870) | (149,658) | 1859% |
(90,161) | (129,758) | (31%) |
(140,337) | - | (100%) |
- | (977,288) | 100% |
- | (299,000) | 100% |
- | (268,000) | 100% |
- | (661,000) | 100% |
(3,216,217) | (2,385,704) | 35% |
(2,559,340) | (358,531) | 614% |
- | (197,000) | (100%) |
(56,340) | (120,702) | (53%) |
(2,615,680) | (676,233) | 287% |
For | |||
Total | (5,831,897) (3,061,937) | 90% |
The Consolidated Entity's total revenues from continuing operations increased by 43% to $39,346,244 (FY21: $27,608,403) reflecting a strong revenue result from JC Tanloden. This was driven by higher production volumes for the year of 96,581 MT (FY21: 63,912 MT) as a result of higher machinery uptime and increasing daily production hours.
Gross profit ended the year on $16,071,803 (FY21: $9,186,341) representing an increase on prior comparative period of $6,885,462, or 75%.
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Wingara AG Ltd. published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 23:23:07 UTC.