TIDMRMA
RNS Number : 0799Q
Rasmala PLC
01 June 2018
Rasmala plc
Results for the year ended 31 December 2017
The Board of Rasmala plc ("Rasmala", the "Group" or the
"Company") announces its audited results for the year ended 31
December 2017.
A copy of the Annual Report for the year ended 31 December 2017,
together with the Notice of Annual General Meeting to be held at 12
Hay Hill, Mayfair, London W1J 8NR on 25 June 2018 at 10.30 a.m.,
has been posted to shareholders and is available on the Company's
website, https://rasmala.com/aim-rule-26/
2017 HIGHLIGHTS
Our year at a glance
-- At the end of the year, assets under management stood at
approximately GBP1.343 billion (US$ 1.747 billion) (2016: GBP775
million (US$ 956 million)), an increase of 83 percent from the
previous year.
-- The underlying business continued to strengthen for the third
consecutive year with fees and commissions rising 31 percent from
GBP7.1 million in 2016 to GBP9.3 million.
-- Flagship Funds continued long-standing track record of investment success.
-- Rasmala strengthened its reputation as a provider of
high-quality real estate investment opportunities. During the year,
we completed real estate transactions in the UK, Germany and the
UAE.
-- Rasmala Trade Finance Fund received significant investor
interest on the back of strong performance. It has delivered 12
consecutive months of positive returns generating an annualised
return of 5.05 percent for investors since inception.
-- We acquired the remaining shares in our subsidiary Rasmala
Holdings Limited ("RHL") from RHL minority shareholders. As a
result, our total shareholding in RHL increased from 76.3 percent
to 100 percent.
-- The results include the first full-year consolidation of Red
Apartment Limited ("RAL"), a serviced apartment provider we
acquired in December 2016.
How we performed
-- Total operating income of GBP12.1 million (2016: GBP3.6 million)
-- Loss before tax from continuing operations of GBP1.4 million (2016: GBP8.1 million).
-- Loss to equity holders of GBP1.6 million (2016: GBP8.0
million), after tax expense of GBP0.2 million (2016: GBP0.3
million) and loss on discontinued operations of GBP0.1 million
(2016: GBP0.1 million)
-- Loss per share of 5.11p (2016: 25.97p)
-- Staff costs of GBP8.1 million (2016: GBP7.0 million) and
other operating expenses of GBP5.3 million (2016: GBP4.6
million)
-- Net Asset Value per share at the year end of 396.18p (2016: 295.96p)
Enquiries:
Rasmala plc Tel: +44 (0)20 7847 9900
Zak Hydari, CEO
Stockdale Securities Tel: +44 (0)20 7601 6100
Antonio Bossi / David
Coaten
Chairman's Statement
2017 was a more stable year in which we developed significant
momentum in our underlying business. Fee income was significantly
increased and our assets under management surged. However, we did
report a small loss in the year which included one-off
restructuring and incentive costs.
Performance
The business delivered another year of strong growth in fee and
commission income in addition to asset management based revenue.
Our investment performance was strong across various asset classes
and we closed real estate transactions in the UK, UAE and
Germany.
The highlight of the year was the substantial increase in our
assets under management from US$956 million to over US$1.747
billion. This reflects our ongoing investment in our platform and
new product development as well as our shift into alternative
assets and real estate.
Whilst costs have increased, this largely reflects a first full
year consolidation of our investment in RAL, as well as one-off
restructuring and incentive costs.
We continue to maintain a strong balance sheet and cost control
measures, therefore positioning ourselves to support our business
and any new opportunities that may arise.
Market Developments
It was another year of disappointing economic performance for
the GCC economies in 2017 with the region managing growth of just
0.5 percent down from 2.5 percent the previous year. This was due
to lower oil production, tighter fiscal policy and the impact on
the non-oil sector. External debt issuance rose during the year to
help finance large fiscal deficits.
Corporate Governance
We maintain our commitment to the highest standards of corporate
governance and regularly assess our independence and skills to
ensure board effectiveness. The company adheres to the 2013 Quoted
Companies Alliance Corporate Governance Code for Small and Mid-size
Quoted Companies (the "QCA" Code). During the year the Company
undertook an annual evaluation of the performance of the Board, its
committees and its Directors. The evaluation was led by the
Chairman of the Nomination and Remuneration Committee ("NRC").
Board members were also required to complete a skills matrix to
identify relative strengths and weaknesses across many skill sets
that the Board considers integral to its performance.
Based on the evaluation, the Company provided a number of
training sessions to Board members. Some of these sessions were led
by external experts whereas others were led by members of the
Company's Risk and Compliance teams.
Corporate Developments
During the year we took further steps to reorganize our business
in line with our strategic objectives.
The Board decided to further simplify our business by
relinquishing our UK FCA permissions. Following a consultation
process with all relevant stakeholders, we took necessary steps to
implement this decision in a careful and considered manner.
In October we launched a tender offer in the amount of GBP35
million (US$46 million) with only GBP23.4 million (US$30 million)
being taken up. We also increased our shareholding in Rasmala
Holdings Limited to 100%. These two corporate actions reduced our
net assets during the year. The total amount distributed to
shareholders over the last five years by the Company amounts to an
aggregate of GBP43.4 million. During the last five years, the
Company undertook a major acquisition, restructured the combined
business and reduced debt by approximately US$45 million.
Outlook
Economic growth is expected to improve in 2018 driven by a
recovery in oil prices, the end of oil production cuts after 2018
and an easing of fiscal austerity. We are also likely to see a
corresponding increase in investors' risk appetite and are well
positioned to take advantage of the opportunities that are likely
to arise. We are now in growth mode and on the lookout for
expansion opportunities whilst maintaining focus on our current
strategy.
Chief executive's strategic review
On behalf of the Directors, I am pleased to present my review of
2017 as part of our Strategic Report.
Results
Rasmala delivered satisfactory performance in its core
businesses in the period up to 31 December 2017.
Total operating income was GBP12.1 million (2016: GBP3.6
million). Total expenses for the year were GBP13.5 million (2016:
GBP11.7 million). The resulting operating loss for the period was
GBP1.4 million (2016: GBP8.1 million).
These results consolidate Red Apartments Limited ("RAL"), a
serviced apartment provider we acquired in December 2016. Looking
at our results on a like for like basis (excluding RAL) total
operating income for the period was GBP11.1 million (2016: GBP3.6
million) and expenses for the period were GBP12.0 million (2016:
GBP11.7 million).
The underlying business continued to strengthen for the third
consecutive year with fees and commissions rising 31 percent from
GBP7.1 million in 2016 to GBP9.3 million. This performance reflects
a more diversified product offering and confidence from our clients
in our new initiatives. We expect this trend to continue in
2018.
The Asset Management business performed well, with assets under
management surging 83 percent and investment performance remaining
strong. This growth was driven by adding new regional and global
distribution partners whilst offering new innovative investment
solutions to our investors.
The Investment Banking business strengthened its reputation as a
provider of high-quality real estate investment opportunities.
During the year, we completed real estate transactions in the UK,
Germany and the UAE.
We managed our cost base carefully and continued to look for
efficiencies wherever possible. Our expenses for the year include
restructuring costs as well as a discretionary award to executive
management, covering the last five-year period.
We maintain the financial resources required to support our
business with strong capital and liquidity positions. As of 31st
December 2017, Rasmala had total capital of GBP59.6 million on a
consolidated basis, which is post the tender offer and our full
acquisition of RHL. The total capital of the Company on a
stand-alone basis was GBP75.5 million.
Asset Management
Our investment performance during the period was positive across
most funds and client portfolios. We have seen significant interest
in our product offerings with strong gross inflows of US$801
million during the year. This was very encouraging with diversified
flows continuing across our product offering. As at 31 December
2017 our AuM increased 83 percent from US$ 956 million in 2016 to
US$1.747 billion.
The business continued to expand its product offering in
alternative investments, providing clients with greater choice and
enhancing our ability to retain and grow assets in volatile
conditions.
Some performance highlights of the year included; Rasmala Trade
Finance Fund, which generated a net return for investors of 5.05
percent and Rasmala Leasing Funds 1 and 2, which have to date paid
average annual cash distributions of 5.56 percent and 5.93 percent
respectively.
We also saw strong performances from Rasmala Global Sukuk Fund
and ABC Fund. Both received acknowledgement from the MENA Fund
Manager Performance Awards and continued to perform well against
strong market headwinds.
The Rasmala Trade Finance Fund received significant investor
interest on the back of strong performance. The fund specialises in
providing short-term structured and/or asset-backed liquidity to
companies trading real assets in the real economy and has delivered
12 consecutive months of positive returns generating an annualised
return of 5.05 percent for investors since inception. The fund has
seen interest from regional and international institutional
investors as well as family offices, corporates and high net worth
investors. The Rasmala Trade Finance Fund invested US$461 million
in 831 transactions and generated a net return of 15.72 percent
since inception.
Investment Banking
Our Investment Banking team led our Group's efforts to further
expand into real estate.
In the first half of the year, the Investment Banking team
successfully originated and structured the acquisition of Amazon's
largest distribution warehouse in the UK for GBP61 million (US$77
million). The acquired property is leased to Amazon with an
unexpired term of fifteen years. The investment generates an annual
cash dividend yield of 6.5 percent per annum. The property extends
over an area of more than one million square feet.
Rasmala also originated and structured the acquisition of 48
warehouses in Dubai covering over 500,000 square feet (BUA) for
approximately US$63 million (AED234 million) in partnership with a
UAE bank and other leading Gulf investors.
The warehouses are located in Dubai Investments Park (DIP), a
mixed-use industrial, commercial and residential complex to the
east of Jebel Ali Free Zone (JAFZA), a major regional sea port and
business hub in Dubai. The acquisition was through a sale and
leaseback arrangement with a large UAE conglomerate by way of a
triple net lease for a term of seven years. These properties are
sub-let to a diverse group of high quality tenants operating across
different sectors. The transaction was financed through a
combination of equity and a Sharia compliant financing facility,
with a UAE bank participating as a strategic seed investor and sole
financier. This transaction follows the previous acquisition of 72
warehouses so that Rasmala has now originated and structured for
its clients 120 warehouses in DIP covering 1.2 million square
feet.
In December we also originated and structured the acquisition of
a major new million-square foot logistics facility for US$146
million (EUR122 million) in Dortmund Westfalenhutte, Germany and
let to Amazon Logistik Dortmund GmbH and Amazon Logistik
Westfalenhutte GmbH.
We simultaneously originated and structured the acquisition of a
second facility for US$40 million (EUR33.3 million) in Dortmund
Westfalenhutte, let to DD Logistik Vertriebs Gmbh (Decathlon) a
subsidiary of Decathlon S.A, the largest sporting goods retailer in
the world.
Apart from our focus on Real Estate opportunities in the UK,
Europe and the UAE, we are now looking at opportunities in the
United States.
Principal Investments and Treasury
Principal Investments (PI) is primarily focused on providing
seed capital for new Asset Management products, underwriting
Investment Banking transactions and making direct investments. PI
is also responsible for day-to-day management of group liquidity,
foreign exchange, capital and balance sheet management.
During the year we acquired the remaining shares of our
subsidiary Rasmala Holdings Limited ("RHL") from the existing RHL
minority shareholders. As a result of these acquisitions our total
shareholding in RHL increased from 76.3 percent to 100 percent, in
line with our stated objective.
We acquired a controlling interest in Orchard Apartments Limited
in December 2016. The business operates in the expanding corporate
serviced apartments sector and gives us a foothold in a market with
significant growth potential. In our first full year of ownership,
we saw year on year increases in revenue (up 30 percent), occupancy
rates (up 7 percent) and number of units (up 14 percent).
There were no further exits from our legacy portfolio in
2017.
Market Outlook
Global growth is forecast at 3.9 percent in 2018 compared to 3.7
percent in 2017, per the International Monetary Fund ("IMF"). The
more positive global growth environment should support somewhat
stronger oil demand.
Growth in the GCC is expected to reach 2.7 percent by 2020,
supported by easing fiscal adjustments, infrastructure investments
such as Dubai Expo 2020 and reforms to promote non-oil sector
activity.
Fiscal balances are expected to improve further from 2018 to
2020, reflecting plans for reducing subsidies and introducing taxes
in many economies, as well as the effects of somewhat higher oil
prices on revenues among oil exporters.
The reform programme in Saudi Arabia is gathering pace and the
expected inclusion of Saudi Arabia into the MSCI Emerging Markets
Index will increase the weight of the GCC region to around 4
percent to 6 percent of the total allowing the region to finally
claim a permanent allocation into any emerging markets
portfolio.
Corporate Developments
In 2017 it was decided to further simplify our business by
relinquishing our UK FCA permissions. Following a consultation
process with all relevant stakeholders, the Board took necessary
steps to implement this decision in a careful and considered
manner. The FCA approved our application to relinquish our UK
permissions and although our parent company is no longer regulated
we continue to operate regulated subsidiaries. The Board is
currently evaluating options for further strengthening our
corporate governance structure throughout the Group.
The Board concluded that the business was in a stronger position
to access debt and equity capital when required, and accordingly
decided to make further capital distribution to our shareholders.
We returned capital to shareholders through a tender offer of
GBP23.4 million (US$30 million). Upon completing the tender offer
the total amount distributed to Shareholders over the last five
years by the Company would amount to an aggregate of GBP43.4
million.
A number of other steps were taken to achieve our strategic
milestones, including increasing our shareholding in Rasmala
Holdings Limited to 100 percent, which was mentioned earlier, and
removing the restriction to conduct all business in a Sharia
compliant manner. The full acquisition of RHL will allow us to
further simplify and strengthen the governance structure of the
Group.
Outlook
Although market conditions remain volatile we have a positive
outlook for 2018. We plan to build on the asset growth achieved in
2017 with stable and resilient strategies that will capture
investor interest.
Rasmala will continue to enhance our product platform, develop
our team and strengthen our distribution capability and will be on
the lookout for growth opportunities.
Consolidated statement of other comprehensive income
2017 2016
GBP'000 GBP'000
------------------------------------------- --------- ----------
Income
Income from financing and investing
activities 558 1,550
Finance costs (335) (160)
------------------------------------------- --------- ----------
Net margin 223 1,390
------------------------------------------- --------- ----------
Fees and commission income 9,272 7,063
Net gain from financial assets measured
at fair value through profit or loss 1,138 542
Gain/(loss) on private equity investments
designated at fair value through profit
or loss 315 (5,715)
Fair value (loss)/gain on investment
property - (98)
Other operating income 1,141 395
------------------------------------------- --------- ----------
Total operating income 12,089 3,577
------------------------------------------- --------- ----------
Expenses
------------------------------------------- --------- ----------
Staff costs (8,065) (6,957)
Depreciation and amortisation (116) (85)
Other operating expenses (5,326) (4,617)
------------------------------------------- --------- ----------
Total expenses (13,507) (11,659)
------------------------------------------- --------- ----------
Operating loss before tax (1,418) (8,082)
Income tax (186) (178)
Deferred tax - (135)
------------------------------------------- --------- ----------
Loss from continuing operations (1,604) (8,395)
------------------------------------------- --------- ----------
Loss after tax from discontinuing
operations (60) (82)
Loss for the year (1,664) (8,477)
------------------------------------------- --------- ----------
Loss attributable to:
Owners of the parent (1,550) (7,968)
Non-controlling interest (114) (509)
------------------------------------------- --------- ----------
(1,664) (8,477)
------------------------------------------- --------- ----------
Earnings per share from continuing
operations attributable to the owners
of the parent
- Basic (5.11p) (25.97p)
- Diluted (5.11p) (25.97p)
Earnings per share from discontinuing
operations attributable to the owners
of the parent
- Basic (0.21p) (0.21p)
- Diluted (0.21p) (0.21p)
------------------------------------------- --------- ----------
Earnings per share from total profit
or loss attributable to the owners
of the parent
- Basic (5.32p) (26.17p)
- Diluted (5.32p) (26.17p)
-------------------------------------- -------- ---------
Consolidated statement of other comprehensive income
2017 2016
GBP'000 GBP'000
--------------------------------------------- -------- ---------
Loss for the year (1,664) (8,477)
Items that may be reclassified subsequently
to profit or loss:
Gain on fair value of available-for-sale
securities 221 181
Loss on fair value of available-for-sale
securities - (251)
Exchange loss on net investment in
foreign operations (1,791) (2,843)
Total comprehensive loss for the year (3,234) (11,390)
--------------------------------------------- -------- ---------
Total comprehensive loss attributable
to:
Owners of the parent (3,116) (10,940)
Non-controlling interest (118) (450)
--------------------------------------------- -------- ---------
(3,234) (11,390)
--------------------------------------------- -------- ---------
Consolidated and company statement of financial position
Group Company
-------------------- --------------------
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- --------- --------- --------- ---------
Assets
Cash and cash equivalents 6,778 14,319 2,864 10,753
Financial assets measured
at fair value through
profit or loss 33,540 27,679 29,549 22,659
Available-for-sale securities - 24,959 - 24,959
Financial assets measured
at amortised cost 1,745 4,931 7,622 10,389
Other assets 12,005 12,790 3,272 5,597
Investment property 5,375 5,375 - -
Property and equipment 273 309 3 4
Investments in subsidiaries - - 34,784 27,439
Intangible assets 33 13 33 13
Goodwill 14,755 16,091 - -
74,504 106,466 78,127 101,813
Assets classified as
held for sale 42 45 - -
Total assets 74,546 106,511 78,127 101,813
-------------------------------- --------- --------- --------- ---------
Liabilities
Financial liabilities
measured at fair value
through profit or loss - 1,447 - 1,447
Financial liabilities
measured at amortised
cost 6,359 5,400 1,414 -
Income tax payable 180 110 - -
Deferred tax payable 313 319 - -
Other liabilities 8,081 5,385 1,194 1,703
14,933 12,661 2,608 3,150
Liabilities associated
with asset held for sale 11 12 - -
Total liabilities 14,944 12,673 2,608 3,150
-------------------------------- --------- --------- --------- ---------
Net assets 59,602 93,838 75,519 98,663
-------------------------------- --------- --------- --------- ---------
Capital and reserves
Share capital 7,907 15,721 7,907 15,721
Other reserves 82,967 103,386 88,668 104,297
Fair value reserve on
available-for-sale securities - (221) - (221)
Foreign exchange reserve (5,982) (4,195) - -
Accumulated losses (26,186) (24,574) (21,056) (21,134)
-------------------------------- --------- --------- --------- ---------
Equity attributable to
owners of parent 58,706 90,117 75,519 98,663
-------------------------------- --------- --------- --------- ---------
Non-controlling interest 896 3,721 - -
-------------------------------- --------- --------- --------- ---------
Total equity 59,602 93,838 75,519 98,663
-------------------------------- --------- --------- --------- ---------
Consolidated statement of changes in equity
For the year ended 31 December 2017
Fair
value
reserve
on Equity
available- Foreign attributable
Share Other for-sale exchange Accumulated to owners Non-controlling Total
capital reserves securities reserve losses of parent interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- --------- --------- ----------- --------- ------------ ------------- ---------------- ---------
Balance at 1
January
2016 15,721 103,386 (151) (1,293) (16,606) 101,057 3,199 104,256
Comprehensive
income
for the year
Profit for the year - - - - (7,968) (7,968) (509) (8,477)
Net change in fair
value
of
available-for-sale
securities - - (70) - - (70) - (70)
Foreign exchange
loss
on conversion of
foreign
operations - - - (2,902) - (2,902) 59 (2,843)
--------- --------- ----------- --------- ------------ ------------- ---------------- ---------
Total comprehensive
income - - (70) (2,902) (7,968) (10,940) (450) (11,390)
Contributions by
and
distributions to
owners
Acquisition made by
a
subsidiary - - - - - - 972 972
Balance at 31
December
2016 15,721 103,386 (221) (4,195) (24,574) 90,117 3,721 93,838
-------------------- --------- --------- ----------- --------- ------------ ------------- ---------------- ---------
Comprehensive
income
for the year
Loss for the year - - - - (1,550) (1,550) (114) (1,664)
Net change in fair
value
of
available-for-sale
securities - - 221 - - 221 - 221
Foreign exchange
loss
on conversion of
foreign
operations - - - (1,787) - (1,787) (4) (1,791)
--------- --------- ----------- --------- ------------ ------------- ---------------- ---------
Total comprehensive
income 221 (1,787) (1,550) (3,116) (118) (3,234)
Contributions by
and
distributions to
owners
Acquisition of a
subsidiary - (4,790) - - - (4,790) (2,707) (7,497)
Distribution made
by
a subsidiary - - - - (62) (62) - (62)
Tender Offer (7,814) (15,629) - - - (23,443) - (23,443)
Balance at 31
December
2017 7,907 82,967 - (5,982) (26,186) 58,706 896 59,602
-------------------- --------- --------- ----------- --------- ------------ ------------- ---------------- ---------
Company statement of changes in equity
Fair value
reserve
Share Other on available-for-sale Accumulated Total
capital reserves securities losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- ---------- ----------------------- ------------ ---------
Balance at 1 January
2016 15,721 104,297 (151) (14,776) 105,091
Comprehensive income
for the year
Loss for the year - - - (6,358) (6,358)
Net change in fair
value of available-for-sale
securities - - (70) - (70)
Total comprehensive
income - - (70) (6,358) (6,428)
Contributions by and
distributions to owners - - - - -
Tender offer - - - - -
--------- ---------- ----------------------- ------------ ---------
Balance at 31 December
2016 15,721 104,297 (221) (21,134) 98,663
------------------------------- --------- ---------- ----------------------- ------------ ---------
Comprehensive income
for the year
Profit for the year - - - 78 78
Net change in fair
value of available-for-sale
securities - - 221 - 221
Total comprehensive
income - - 221 78 299
Contributions by and
distributions to owners
Tender offer (7,814) (15,629) - - (23,443)
------------------------------- --------- ---------- ----------------------- ------------ ---------
Balance at 31 December
2017 7,907 88,668 - (21,056) 75,519
------------------------------- --------- ---------- ----------------------- ------------ ---------
Consolidated and Company statement of cash flows
Group Company
-------------------- -------------------
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------- --------- --------- --------- --------
Cash flows from operating activities
Operating (loss)/profit for the period (1,418) (8,082) 78 (6,358)
Operating loss on discontinued operations (60) (82) - -
Adjusted for:
Unrealised loss from financial assets
measured at fair value through profit
or loss (543) (462) (533) (462)
Unrealised gain on private equity investments
designated at Fair value through profit
or loss (58) 5,765 (58) 5,966
Exchange differences on financial assets
measured at fair value through profit
and loss 256 - 256 -
Loss from investment in subsidiaries - - - 5,856
Depreciation and amortization 116 85 17 9
Available-for-sale securities 25,180 (3,294) 25,180 (3,294)
Other assets 785 (7,232) 2,326 (7,475)
Financial liabilities measured at fair
value through profit or loss - (34) - (34)
Assets classified as held for sale - 64 - -
Other liabilities 2,696 (2,718) (508) 28
Liabilities associated with asset held - (33) - -
for sale
Cash used in operating activities 26,954 (16,023) 26,758 (5,764)
Tax paid (116) (360) - -
----------------------------------------------- --------- --------- --------- --------
Net cash generated from operating activities 26,838 (16,383) 26,758 (5,764)
----------------------------------------------- --------- --------- --------- --------
Cash flow from investing activities
Payment on acquisition of a subsidiary
net of cash acquired (7,497) (1,318) (7,497) (1,680)
Financial asset measured at amortised
cost 2,731 19,809 2,767 19,324
Investment property - 1,194 - -
Sale proceeds on disposal of investments 25,629 15,399 24,623 1,620
Purchase of investments (33,017) (5,715) (32,625) (5,966)
Disposal of a subsidiary net of cash
disposed of 150 - 150 -
Purchase of property and equipment (123) (2) (36) (22)
----------------------------------------------- --------- --------- --------- --------
Net cash (outflows)/inflows from investing
activities (12,127) 29,367 (12,618) 13,276
----------------------------------------------- --------- --------- --------- --------
Cash flow from financing activity
Tender offer (23,443) - (23,443) -
Proceeds from debt financing 5,411 - 5,543 -
Repayment of debt financing (4,252) (3,022) (4,129) -
Net cash used in investing activity (22,284) (3,022) (22,029) -
----------------------------------------------- --------- --------- --------- --------
Net increase/(decrease) in cash and
cash equivalents (7,573) 9,962 (7,889) 7,512
Cash and cash equivalents at the beginning
of year 14,319 5,406 10,753 3,241
Foreign exchange difference on cash
and cash equivalents 32 (1,049) - -
Cash and cash equivalents at the end
of the year 6,778 14,319 2,864 10,753
----------------------------------------------- --------- --------- --------- --------
Group Company
Net Debt Net Debt
Reconciliation 2017 2016 Reconciliation 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
------------------ ----------------- --------- ------------------ ----------------------- --------
Cash and cash Cash and cash
equivalents 6,778 14,319 equivalents 2,864 10,753
Liquid Liquid
investments investments
(i) 8,414 1,271 (i) 8,037 1,271
Borrow repayable Borrow repayable
within 1 year (3,437) (6,847) within 1 year (1,414) (1,447)
Borrow repayable Borrow repayable
after 1 year (2,922) - after 1 year - -
Net
Net Debt 8,833 8,743 Debt 9,487 10,577
------------------ ----------------- --------- ----------------- ----------------------- --------
Cash and liquid Cash and liquid
investments 15,192 15,590 investments 10,901 12,024
Gross debt - Gross debt -
fixed interest fixed interest
rates (6,359) (6,847) rates (1,414) (1,447)
Net
Net Debt 8,833 8,743 Debt 9,487 10,577
------------------ ----------------- --------- ----------------- ----------------------- --------
Group
Borrow
less Borrow
Liquid than after
Cash investments 1 year 1 year Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- ------------- -------- -------- --------
Net Debt as at
31 December 2016 14,319 1,271 (6,847) - 8,743
Cashflows (6,985) 7,143 3,410 (2,922) 646
Foreign exchange (556) - - - (556)
Net Debt as at
31 December 2017 6,778 8,414 (3,437) (2,922) 8,833
-------- ------------- -------- -------- --------
Company
Borrow
less Borrow
Liquid than after
Cash investments 1 year 1 year Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- ------------- -------- -------- --------
Net Debt as at
31 December 2016 10,753 1,271 (1,447) - 10,577
Cashflows (7,889) 6,766 33 - (1,090)
Foreign exchange - - - - -
Net Debt as at
31 December 2017 2,864 8,037 (1,414) - 9,487
-------- ------------- -------- -------- --------
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END
FR LLFLSRVILIIT
(END) Dow Jones Newswires
June 01, 2018 10:16 ET (14:16 GMT)
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