TIDMCMB

RNS Number : 8332G

Cambria Africa PLC

31 March 2022

Cambria Africa Plc

("Cambria" or the "Company")

Audited FY 2021 Results ("the Results"):

Earnings per Share of 0.02 US cents and NAV of 1.16 US cents (0.89p GBP)

Cambria Africa Plc ( AIM: CMB ) ("Cambria" or the "Company") announces its audited results for the year ended 31 August 2021 ("FY 2021"). Audited Financial Statements are available on the Company's website ( www.cambriaafrica.com ) and will be sent to shareholders tomorrow.

Profit Attributable to Cambria Shareholders of $82,000 (0.02 US cents per share) was recorded for FY 2021. The Company's subsidiaries in Zimbabwe continued to operate above breakeven in both EBITDA and accounting profit despite shrinkage in its revenue footprint by 8% from US $1.32 million in 2020 to US $1.22 million in 2021. Based on the current trajectory, the Company's subsidiaries are expected to continue reporting at breakeven levels in FY 2022. The Company's FY 2021 consolidated profits stem mainly from Payserv revenues of US$1.13 million. Net Asset Value (NAV) fell by 1.63% from US $6.42 million in FY 2020 to $6.32 million FY 2021 (1.16 US cents per share). The reduction in NAV was attributable in part to a $200,000 downward adjustment in the valuation of its commercial property conducted by Hollands Harare Estate Agents (Hollands). The Company's property was valued by Hollands at $2.3 million as of January 2022.

NAV was further impacted by the change in the closing value of the Company's Old Mutual Limited shares on the Johannesburg Stock Exchange (JSE) compared to the last closing price on the Zimbabwe Stock Exchange (ZSE).

In its efforts to realize its NAV, the Company is actively pursuing avenues to sell its property and its indirect interest in Radar Holdings Limited ("Radar") shares. While we believe there is firm interest in our investment, the Company will only sell such investments if it can achieve value at the holding level.

FY 2021 Results highlights:

 
 12 Months Ended 31 August (US$'000)             2021       2020    Change 
-------------------------------------------  --------  ---------  -------- 
 Group: 
 - Revenue                                      1,216      1,319      (8%) 
 - Operating Costs                                838        845        1% 
 - Consolidated EBITDA (before exceptional 
  items)                                          369        160      131% 
 - Consolidated Profit /(Loss) after tax          181      (470)      139% 
 - Profit/(Loss) after tax attributable to 
  shareholders (excluding minorities)              82      (408)      120% 
 - Central costs                                  151        224       33% 
 
                                                                       120 
 - Earnings/(Loss) per share - cents             0.02   ( 0. 07)         % 
 - Net Asset Value (NAV) (Attributable to 
  shareholders excluding minorities)            6,317     6,4 23     (2 %) 
 - NAV per share - cents                         1.16      1. 18     (2 %) 
 
 Weighted average shares in issue ('000)      544,576    544,576         - 
 Shares in issue at year-end ('000)           544,576    544,576         - 
 
 
   Divisional: 
 - Payserv - consolidated profit after tax 
  ("PAT")                                         652         34    1,818% 
 - Payserv - consolidated EBITDA                  484      (103)      568% 
 - Millchem - EBITDA                               11        140     (92%) 
 
 

Group Highlights:

-- NAV decreased by 1.63% from US $6.42 million (1.18 US cents per share) to US $6.32 million (1.16 US cents per share).

-- Group Finance costs dropped by 63% to $22,000 in FY 2021 from $60,000 in FY 2020 after rising 17.6% from $51,000 in FY 2019. Finance costs are expected to decrease significantly in FY 2022.

-- Revenues declined by 8% to $1.22 million while operating costs declined by 0.8% to $838,000. As a result of careful cost management, such as line item cost control and orderly reductions in staffing, the Company has managed to avoid significant losses from the shrinkage of its revenue as a consequence of the impact of the COVID-19 pandemic and its inability to regain traction for its bulk payment and clearing software for banks.

-- Cambria's Attributable PAT was positive at $82,000 (0.02 cents per share) as operations edged above breakeven. Central Costs associated with listing and interest expense dropped by 33% to $151,000 from $224,000. The balance of Central Costs was associated with hyperinflationary adjustments, foreign currency translation and the loss of value in the shares of Old Mutual Limited.

-- Consolidated EBITDA before fair value adjustments to investments and marketable securities increased by 131% to $369,000 from $160,000 in FY 2020. FY 2020 EBITDA was negatively impacted by the fair value adjustment of the Company's indirect holding of Radar Holdings Limited shares from 40 US cents to 35 US cents.

-- Cambria's central costs dropped by 33% to $151,000 in FY 2021. Cambria's CEO and Directors continued to render their services to Cambria without compensation during FY 2021.

-- The Statement of Comprehensive Income includes a small foreign currency translation adjustment (loss) of $4,000 attributable to Cambria.

Divisional Highlights:

-- Tradanet (Pvt) Ltd, Paynet Zimbabwe's 51% held subsidiary, continued to provide loan management services to Central African Building Society (CABS), the country's largest building society. The continued devaluation of the country's currency led to a slight increase in salary-based loans.

-- Autopay, Paynet Zimbabwe's payroll processing division, saw an increase in its revenue base due to a new management team with extensive payroll experience and established an independent contract relationship with payroll managers on a pure profit share basis.

-- Millchem, through its partnership with Merken (Pvt) Ltd. still sees profitability, though diminishing, in the sanitizer sector.

Net Equity (Net Asset Value):

Components of Loss to NAV in 2021

The Group reported a slight drop of $106,000 in NAV to $6.32 million (1.16 US cents per share) in August 2021, compared to $6.42 million (1.18 US cents per share) at 31 August 2020. This marginal decrease was caused by the following material factors:

-- Downward adjustment of $200,000 in the valuation of Company's Mt. Pleasant Business Park commercial property by Hollands from $2.5 million to $2.3 million. Hollands cited business and economic conditions for the change in their valuation.

-- Reduction of $16,000 in the carrying value of Old Mutual Limited shares which were suspended from trading on the Zimbabwe Stock Exchange (ZSE) on 31 July 2020.

-- Foreign Currency Translation loss of $4,000 from the deterioration of the official bank rate from ZWL 83.4/USD on 31 August 2020 to 85.91/USD on 31 August 2021. The foreign currency translation loss was nominal in FY 2021 due to less cash held in Zimbabwe dollars compared to FY 2020.

Components of NAV at 31 August 2021

The Group NAV of $6.32 million as at the end of FY 2021 consists of the following tangible and intangible assets:

Building and properties valued at $2.3 million - This number, down $200,000 from the prior valuation, was prepared by Hollands Harare Estate Agents in February 2022. Holland conducted the previous valuations of this prominently located commercial office space and its equally well-positioned vacant plot in Harare's Mount Pleasant Business Park.

Indirect shareholding of 9.74% of Radar Holdings Limited - (4.98 million shares) valued at US $1.743 million (net of minority interests) based on 35 US cents per equivalent Radar share.

USD Cash and Cash Equivalents - US dollar cash net of liabilities Zimbabwe totalled $1.34 million at the end of FY 2021.

Old Mutual Limited shares - the Company holds 204,047 Old Mutual Limited common shares that were suspended on the Zimbabwe Stock Exchange (ZSE) on 31 July 2020 and valued on its FY 2021 Statement of Financial Position at US $184,000 based on the closing price of Old Mutual Limited on the JSE at year end. The value of Old Mutual shares closed at US $196,000 on the JSE on 29 March 2022.

Goodwill - The Company has a goodwill value of $717,000 on its Statement of Financial Position. The Company believes this is a fair assessment of its intangible assets. Despite the shrinkage of Paynet's operations, it continues to maintain turnaround opportunities particularly in Tradanet and Autopay as real salaries catch up with inflation. The Company continues to believe that the Paynet's intellectual property has value and the amalgamation of the above should exceed the book value of its goodwill.

The Company therefore believes its tangible, intangible and realizable NAV are not subject to significant negative shocks and will probably benefit from any positive events.

Chief Executive's Report

Cambria Africa earned 0.02 US cents per share during the 2021 financial year compared to a loss of 0.07 US cents per share in the 2020 financial year. The Company continues to rationalise its operations by reducing staff costs and ensuring a more effective model to realise earnings from its intellectual property and cash holdings.

At this point in time, the Company's investment attraction is realizable NAV within the constructs of Zimbabwe's current economic policy and its outlook. It is important to consider the components of NAV and efforts of the Company to ensure that any disposal is realized at the holding level. The Company's investment in Zimbabwe since its establishment has been over $100 million. Almost $6 million of this investment was my direct contribution to this investment since taking the helm of Cambria when it was at the brink of bankruptcy.

Strategy

The strategic goals of the Company have been and continue to be:

-- Conserving cash resources of US$1.65 million as at 31 August 2021 (US$1.56 million at 28 Feb 2022)

-- Realizing value for US $1.35 million held by the Reserve Bank of Zimbabwe (RBZ) as "Legacy Debts" or "Blocked Funds" and owed to the Company. This asset has been depreciated in our accounts to the official value until such time as the RBZ honours this commitment. Therefore its contribution to NAV is practically zero but remains a legal obligation of the RBZ to Cambria Africa plc.

-- Achieving value for US $196,000 of Old Mutual shares (based on JSE closing price on 29 March 2022) through repatriation of these shares to the South African register.

-- Maximizing value at the holding level for disposals of about $4 million in marketable securities and property.

-- Achieving value for the Company's intellectual property both in current and future operations.

NAV Discussion

As announced, despite the turnaround in earnings, NAV declined by US$106,000 from 1.18 US cents per share to 1.16 US cents per share. I would like to further discuss and analyse the components of Cambria's realizable NAV at the holding level.

Commercial Property - One component of this drop was the change in Hollands Harare Estate Agents valuation of our prominently located Mt. Pleasant Business Park Commercial Property from $2.5 million in FY 2020 to $2.3 million as of January 2022. I believe this is a conservative valuation.

Old Mutual Shares - NAV, was marginally impacted by the change in the closing value of the Company's Old Mutual Limited shares on the JSE compared to the last closing price on the Zimbabwe Stock Exchange (ZSE). On 31 July 2020, the ZSE, under pressure from the government of Zimbabwe, halted trading in dual listed shares. In March 2020, the Government of Zimbabwe had already blocked the fungibility of dual listed in either direction and applied this rule to foreign and local investors alike, regardless of the Exchange where the shares were originally purchased. The suspension of fungibility was extended for 12 months to March 2022 and will likely be extended again by the Government of Zimbabwe.

We continue to appeal to the Government of Zimbabwe to allow repatriation of Old Mutual shares by foreign investors to the foreign exchange where the shares were originally purchased before transfer to the Zimbabwe register. Old Mutual shares have an intrinsic international value and we will continue to work towards achieving this value despite not being able to hedge the market value of the shares.

Radar Holdings Limited - Another component of the Company NAV is its indirect shareholding in Radar having failed in our bid to exercise constructive control. The Company is actively pursuing avenues to sell its interest in Radar. If successful, such a sale will earn the Company about $1.7 million less costs. The Company will only sell its investment if it can achieve value at the holding level. The investment is robust and if a sale is not achievable in this fiscal year, the Company is confident that the holding will preserve its value.

Goodwill - Another component of NAV is the Company's goodwill (intellectual property). Currently, intellectual property is driving the earnings in Tradanet - the largest contributor to the Company's earnings. This 51% owned subsidiary of Paynet processes microloans on behalf of CABS, Zimbabwe's largest Building Society. At their peak in in 2019, these microloans comprised about a third of the bank's assets and the Directors believe that a return to those levels is fully conceivable.

Almost three years has passed since banks collectively blocked the use of Paynet's payment technology, claiming varying levels of ability to pay in foreign currency and immediate availability of locally priced solutions. Recently, Paynet's technology has been displaced at least in part by ZeePay. ZeePay's payment technology is operated by ZimSwitch and developed by Bankserv. ZimSwitch, which is headed by Cyril Nyatanza (formerly Bankserv's Business Development manager), now effectively controls 99% of national payment in Zimbabwe

The Company understands that ZeePay is charging banks 16 US cents in foreign currency, which is the same price banks collectively refused to pay Payserv Africa in 2019. Transaction costs for the consumer have catapulted by several hundred percent since the banking fraternity ousted Paynet from competition. The Company believes that its technology, which processed close to 25 million transactions annually before June 2019 with revenues of over $7 million, remains the most cost-effective solution for the banking industry and would promote competition. Moreover, in its agreement with the RBZ Governor in 2019, Paynet had committed to repatriate 70% of its transaction revenue to Zimbabwe. The Board of Paynet approved licensing an unlabelled version of the product if favourable transaction terms can be established with a reputable licensor.

Continuing Operations

Tradanet - As mentioned in the discussion of our goodwill above, Tradanet, the 51%-owned subsidiary of Paynet Zimbabwe, is now the company's most profitable operation. With the impact of Zimbabwe dollar inflation, this saw a rise in the loan book administered by the business. However, this is watered down in real US dollar value terms. The value of the Zimbabwe dollar to the US dollar fell by 2% since the prior trading year according to the official foreign currency auction. The RBZ auction rate however belies the significant rate of inflation and the concomitant decline in the purchasing power of the Zimbabwe Dollar. Cambria applies hyperinflationary accounting rules which are meant to adjust for such idiosyncrasies.

Autopay - The company's payroll operation saw its revenues decline as Paywell granted non-exclusive licenses to multiple competitors in the market including former employees. During the year, the company reached a management agreement with Propay (Pvt) Ltd and established former account executives as independent contractors. This has resulted in cost containment and aligned the incentives of the payroll executives to that of Autopay.

Millchem - Millchem remains with its sanitizer business. The sanitiser market has been characterized by many small players and competition which drove prices down and sadly the quality and reliability of the competing products.. Our joint venture with Merken (Pvt) Ltd in the production of sanitizer products remains cash flow positive, but will likely wind down by the end of this fiscal year if demand does not improve.

Cambria's Board of Directors and I have continued to serve the Company without compensation since 2015, fighting to return value to shareholders. Despite the unfavourable economic factors leading to the abandonment of parity to the US dollar and its huge impact on the Company, we hold on jealously to our cash, our liabilities are negligible, and our remaining operations are profitable. We still see value in our listing, having disposed of most of the Company's depreciating assets and used the proceeds to bring remaining liabilities down to their current negligible values.

We remain cautiously optimistic about achieving full value for the Company's assets beyond its NAV. At this point in time, we hope to increase shareholder value through appreciation of the Company's share price to reflect at the very least, net equity per share. This would bring our market valuation closer to the Company's current NAV of 1.16 US cents per share which is 3.5 times the closing price of 0.36 US cents per share (GBP0.275) on 28 March 2022.

Samir Shasha

Chief Executive Officer

31 March 2022

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 
 Contacts 
 
 Cambria Africa Plc        www.cambriaafrica.com 
 Samir Shasha              +44 (0)20 3287 8814 
 
 WH Ireland Limited        https://www.whirelandplc.com/ 
 James Joyce / Ben Good    +44 (0) 20 7220 1666 
 
 
Cambria Africa Plc 
 
 Audited consolidated income statement 
 For the year ended 31 August 2021 
                                            Audited           Audited 
                                          31-Aug-21         31-Aug-20 
                                            US$'000           US$'000 
---------------------------------------  ----------  ---------------- 
Revenue                                       1,216             1,319 
Cost of sales                                 (138)             (519) 
---------------------------------------  ----------  ---------------- 
Gross profit                                  1,078               800 
Operating costs                               (838)             (845) 
Other income                                     79                55 
Exceptionals                                   (21)             (375) 
---------------------------------------  ----------  ---------------- 
Operating P rofit / (Loss)                      298             (365) 
Finance income                                    -                 1 
Finance costs                                  (22)              (60) 
---------------------------------------  ----------  ---------------- 
 Net finance costs                             (22)              (59) 
---------------------------------------  ----------  ---------------- 
 P rofit/ ( Loss ) before tax                   276             (424) 
Income tax                                     (95)              (46) 
---------------------------------------  ----------  ---------------- 
Profit/ ( Loss ) for the year                   181             (470) 
=======================================  ==========  ================ 
 
Attributable to: 
Owners of the company                            82             (408) 
Non-controlling Interests                        99              (62) 
---------------------------------------  ----------  ---------------- 
Profit/ ( Loss ) for the year                   181             (470) 
=======================================  ==========  ================ 
 
  Earnings/ ( Loss ) per share 
Basic and diluted earnings / ( loss ) 
 per share (cents)                            0.02c           (0.07c) 
 
Earnings/(Loss) per share - continuing 
 operations 
Basic and diluted earnings / ( loss ) 
 per share (cents)                            0.02c           (0.07c) 
 
Weighted average number of shares           544,576           544,576 
 
 
 
 
  Cambria Africa Plc 
 
  Audited consolidated statement of comprehensive 
  income 
  For the year ended 31 August 2021 
---------------------------------------------------------------------------  --------------------------------------------- 
                                                                                                                   Audited 
                                                                                    Audited                        31-Aug- 
                                                                                 31-Aug- 21                             20 
                                                                                    US$'000                        US$'000 
---------------------------------------------------------------------------  --------------  ----------------------------- 
 
  Profit/(Loss) for the year                                                            181                          (470) 
Other comprehensive income 
Items that will not be reclassified to Statement 
 of Profit or Loss: 
Increase in investment in subsidiary - impact 
 on equity                                                                                -                           (74) 
Foreign currency translation differences for 
 overseas operations                                                                    (4)                          (511) 
---------------------------------------------------------------------------  --------------  ----------------------------- 
Total comprehensive profit/ (loss) for the year                                         177                        (1,055) 
===========================================================================  ==============  ============================= 
 
  Attributable to: 
Owners of the company                                                                    78                          (993) 
Non-controlling interest                                                                 99                           (62) 
---------------------------------------------------------------------------  --------------  ----------------------------- 
Total comprehensive profit/ (loss) for the year                                         177                        (1,055) 
===========================================================================  ==============  ============================= 
 
  Cambria Africa Plc 
 
  Audited consolidated statement of changes in 
  equity 
  For the year ended 31 August 2021 
 
                                                    Foreign 
                    Share     Share    Revaluation  exchange    Accumulated                    Non-Controlling 
US$000              Capital   premium   reserve     reserve        losses      NDR    Total       interests         Total 
-----------------  --------  --------  -----------  --------    -----------  -------  -----  -----------------  ------------ 
 
  Balance at 1 
  September                                            (10,7                            6,4 
  2020                   77    88,459            -      36 )       (73,748)    2,371     23                496       6,919 
                   --------  --------  -----------  --------   ------------  -------  -----  -----------------  ---------- 
Profit for the 
 year                     -         -            -         -             82        -     82                 99         181 
Increase in 
investment 
in subsidiary - 
Revaluation of 
 investment 
 property held at 
 fair 
 value                                       (190)                                    (190)                          (190) 
Foreign currency 
translation 
differences 
for overseas 
 operations               -         -            -       (4)              -        -    (4)                  -         (4) 
Foreign currency 
 translation 
 differences for 
 overseas 
 operations - NCI         -         -            -         6                       -      6                (6)           - 
                   --------  --------  -----------  --------   ------------  -------  -----  -----------------  ---------- 
Total 
 comprehensive 
 income for the 
 year                    77    88,459        (190)  (10,734)       (73,666)    2,371  6,317                589       6,906 
Contributions 
by/distributions 
to owners of 
the Company 
recognised 
directly in 
equity 
Dividends paid to 
 minorities               -         -            -         -              -        -      -              (112)       (112) 
                   --------  --------  -----------  --------   ------------  -------  -----  -----------------  ---------- 
Total 
 contributions 
 by and 
 distributions 
 to owners of the 
 Company                  -         -            -         -              -             - -              (112)       (112) 
-----------------  --------  --------  -----------  --------   ------------  -------  -----  -----------------  ---------- 
Balance at 31 
 August 
 2021                    77    88,459            -  (10,734)       (73,666)    2,371  6,317                477       6,794 
=================  ========  ========  ===========  ========   ============  =======  =====  =================  ========== 
 
 
 
                                                             Foreign 
                        Share      Share      Revaluation   exchange  Accumulated                 Non-Controlling 
US$000                Capital    premium          reserve    reserve       losses    NDR  Total         interests         Total 
-----------------  ----------  ---------  ---------------  ---------  -----------  -----  -----  ----------------  ------------ 
Balance at 1 
 September 
 2019                      77     88,459                -   (10,251)     (73,266)  2,371  7,390               747         8,137 
                   ----------  ---------  ---------------  ---------  -----------  -----  -----  ----------------  ------------ 
Loss for the year           -          -                -          -        (408)      -  (408)              (62)         (470) 
Increase in 
 investment 
 in subsidiaries            -          -                -          -         (74)      -   (74)             (137)         (211) 
Foreign currency 
 translation 
 differences for 
 overseas 
 operations                 -          -                -      (511)            -      -  (511)                 -         (511) 
Foreign currency 
 translation 
 differences for 
 overseas 
 operations -                                                                                                ( 26 
 (NCI)                      -          -                -         26                   -     26                 )             - 
                   ----------  ---------  ---------------  ---------  -----------  -----  -----  ----------------  ------------ 
Total 
 comprehensive 
 profit for the                                                ( 485                      (9 67             ( 225 
 year                      77     88,459                -          )        (482)  2,371      )                 )       (1,192) 
Contributions 
by/distributions 
to owners of the 
Company 
recognised 
directly 
in equity 
Dividends paid to 
 minorities                 -          -                -          -            -      -      -              (26)          (26) 
                   ----------  ---------  ---------------  ---------  -----------  -----  -----  ----------------  ------------ 
Total 
 contributions 
 by and 
 distributions 
 to owners of the 
 Company                    -          -                -          -            -      -      -             (123)         (123) 
-----------------  ----------  ---------  ---------------  ---------  -----------  -----  -----  ----------------  ------------ 
Balance at 31 
 August                                                        (10,7                        6,4 
 20 20                     77     88,459                -       36 )     (73,748)  2,371     23               496         6,919 
=================  ==========  =========  ===============  =========  ===========  =====  =====  ================  ============ 
 

Cambria Africa Plc

Audited consolidated statement of financial position

As at 31 August 2021

 
                                       Audited                       Audited 
                                         Group                         Group 
                                     31-Aug-21                     31-Aug-20 
                                       US$'000                       US$'000 
-------------------------------     ----------  ---------------------------- 
Property, plant and equipment            2,317                         2,604 
Goodwill                                   717                           717 
Intangible assets                            1                             1 
Investments in subsidiaries 
 and investments at f air v 
 alue                                    2,228                         2,228 
Financial assets at fair value 
 through profit and loss                   184                           201 
----------------------------------  ----------  ---------------------------- 
Total non-current assets                 5,447                         5,751 
----------------------------------  ----------  ---------------------------- 
Inventories                                158                           102 
Financial assets at fair value 
 through profit and loss                    75                            16 
Trade and other receivables                155                           151 
Cash and cash equivalents                1,656                         1,896 
----------------------------------  ----------  ---------------------------- 
Total current assets                     2,044                         2,165 
----------------------------------  ----------  ---------------------------- 
Total assets                             7,491                         7,916 
==================================  ==========  ============================ 
Equity 
Issued share capital                        77                            77 
Share premium account                   88,459                        88,459 
Revaluation reserve                      (190)                             - 
                                                                       (10,7 
Foreign exchange reserve              (10,734)                          36 ) 
Non-distributable reserves               2,371                         2,371 
Accumulated losses                    (73,666)                      (73,748) 
----------------------------------  ----------  ---------------------------- 
Equity attributable to owners                                           6,42 
 of the company                          6,317                             3 
Non-controlling interests                  477                           496 
----------------------------------  ----------  ---------------------------- 
Total equity                             6,794                         6,919 
==================================  ==========  ============================ 
Liabilities 
Loans and b borrowings                       -                             - 
Trade and other payables                    90                            22 
Provisions                                   -                             1 
Deferred tax liabilities                   189                           193 
----------------------------------  ----------  ---------------------------- 
Total non-current liabilities              279                           216 
----------------------------------  ----------  ---------------------------- 
Current tax liabilities                    107                            38 
Loans and borrowings                       101                          50 9 
Trade and other payables                   210                          2 34 
----------------------------------  ----------  ---------------------------- 
Total current liabilities                  418                           781 
----------------------------------  ----------  ---------------------------- 
Total liabilities                          697                           997 
==================================  ==========  ============================ 
Total equity and liabilities             7,491                         7,916 
==================================  ==========  ============================ 
 
 

Cambria Africa Plc

Audited consolidated statement of cash flows

As at 31 August 2021

 
                                                      Audited     Audited 
                                                    31-Aug-21   31-Aug-20 
                                                      US$'000     US$'000 
----------------------------------------------   ------------  ---------- 
Cash generated from operations                            294         605 
Taxation (paid)                                          (31)      ( 43 ) 
-----------------------------------------------  ------------  ---------- 
Cash generated from operating activities              263          562 
-----------------------------------------------  ------------  ---------- 
Cash flows from investing activities 
 Proceeds on disposal of property, plant 
 and equipment                                            144          37 
Purchase of property, plant and equipment                   -           - 
Net proceeds from marketable securities                     -         226 
Other investing activities                              (210)       (210) 
Interest received                                           -           1 
-----------------------------------------------  ------------  ---------- 
Net cash (utilized in)/ generated investing 
 activities                                          (66)          54 
-----------------------------------------------  ------------  ---------- 
Cash flows from financing activities 
 Dividends paid to non-controlling interests            (112)        (26) 
Interest paid                                            (22)        (60) 
Proceeds from issue of share capital                        -           - 
Loans repaid                                            (299)        (88) 
Proceeds from drawdown of loans                             -          45 
-----------------------------------------------  ------------  ---------- 
Net cash (utilized) by financing activities          (433)        (129) 
-----------------------------------------------  ------------  ---------- 
 
  Net (decrease)/ increase in cash and cash 
  equivalents                                           (236)         487 
Cash and cash equivalents at the beginning 
 of the Period                                          1,896       1,920 
Foreign exchange                                          (4)       (511) 
-----------------------------------------------  ------------  ---------- 
Net cash and cash equivalents at 31 August             1 ,656       1,896 
===============================================  ============  ========== 
 
  Cash and cash equivalents as above comprise 
  the following 
  Cash and cash equivalents attributable 
  to continuing operations                             1, 656      1, 896 
-----------------------------------------------  ------------  ---------- 
Net cash and cash equivalents at 31 August              1,656       1,896 
===============================================  ============  ========== 
 

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March 31, 2022 11:25 ET (15:25 GMT)

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