Half Yearly Report

RNS Number : 5348E

Cambria Africa PLC

31 May 2012

 



Cambria Africa plc

("Cambria" or the "Company")

Results for the six months ending 29 February 2012

Cambria Africa Plc (AIM:CMB) is pleased to announce its six months results for the period ending 29 February 2012.

Cambria Africa plc is a long term, active investment company, building a portfolio of investments primarily in Zimbabwe.  The name of the Company is inspired by the Cambrian period in the earth's development, also referred to as the "Cambrian explosion".  It represents an anticipated period of rapid development and a promising new era for the Company, its shareholders and employees - alongside the current economic renaissance of Zimbabwe.

Cambria has been listed on the AIM market of the London Stock Exchange since 2007.

·     Cambria's Annual General Meeting February 24^th 2012 saw substantial changes to the Board of Directors

·     Focused on five core investments:  Payserv, Leopard Rock Hotel, Millchem, Celsys and CES

·     During the six months ending February 2012 these core investments organically grew revenues and gross profit by 39% and 64% year-on-year, respectively

·     High organic growth rates by our investments are an indication of their solid position in Zimbabwe and their strong growth potential

·     Operating loss for the period under review was US$ 1.4 million, when adjusted for costs, losses and gains which Cambria does not anticipate incurring in future periods

·     To better align actual valuations with book values, significant write-offs related to intangible assets, goodwill and non-core investments have been taken during the period under review

·     Write-offs led to end of period net assets of US$ 36.2 million, a reduction of 36% when compared to August 31^st 2011

·     Cambria traded at a discount to net assets at the end of the period under review of 55%

·     Approximately 94% (US$ 40.3 million) of total assets are now tangible.  The Board believes this increased transparency will assure information provided by Cambria more fully reflects the Company's position

·     Write offs had a US$ 10.8 million one-off impact on operating profit for the period under review

Contacts
Cambria Africa plc	www.cambriaafrica.com
Ian Perkins	[phone]
Edzo Wisman	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
James Joyce / Nick Field	[phone]

 

Chief Executive Officer's Statement

The first half of the current 2012 financial year was a year of significant change for Cambria Africa plc ("Cambria" or the "Company"). 

The Annual General Meeting (AGM) of the Company held on February 24^th, 2012, resulted in an almost entirely new Board of Directors, with four new Directors replacing the five Directors representing Lonrho plc (Lonrho). 

Arrival of the new Board commenced an exciting new era for Cambria.  In line with the launch of this promising new period the Company was renamed Cambria Africa plc, a name invoking a period of growth and renewal.

The transition away from Lonrho signaled the cessation of significant costs borne by the Company resulting from the Lonrho Management Services Agreement. 

The change in governance permits an accelerated further focusing of the Company on its five core investments:  Payserv, the Leopard Rock Hotel, Millchem, Celsys and CES.

Furthermore, the new Board decided to take a more prudent view of the value of the various assets on the Company's balance sheet.  This review has resulted in significant additional write-offs in Operating Losses amounting to US$ 10.8 million, with the vast majority relating to intangible assets primarily concerning the Celsys and FMNA investments. 

In the interim, barring the first few months of 2012, Zimbabwe's economic growth continued at a pace well-beyond the growth of many of its peers in Sub-Saharan Africa, a region itself already growing faster than most other parts of the world. 

Zimbabwe Gross Domestic Product (GDP) growth is estimated at 9.3% for 2011 (Source: Ministry of Finance of Zimbabwe), ranking it the 11^th fastest growing economy in the world (Source: IMF).  Forecast GDP growth for 2012 is 9.4% (Source: Ministry of Finance of Zimbabwe). 

Importantly, during this period of high GDP growth Zimbabwe's inflation remained low at an estimate annualized 4.4% for the period under review, comparing well with inflation levels in, for example, the U.S. (3.3%) and South Africa (6.2%).    

Results for the Period

During the period under review revenues and gross profit of Cambria grew to US$ 6.4 million (2011 US $4.8 million) and US$ 3.6 million (2011 US $ 2.5 million) respectively, representing corresponding growth of 32% and 42% to the equivalent prior period.

Combined gross profit of Cambria's five core companies was US$ 3.5 million during the period under review, compared to US$ 2.1 million last year, representing an increase of 64%.

Operating loss, prior to accelerated write-offs of intangibles and goodwill for the period under review was US$ 4.2 million.  Adjusted for costs associated with (i) Forget Me Not Africa (US$ 776K); (ii) the Lonrho Management Agreement; Non-Compete Agreement and various related charges (US$ 1.8 million); (iii) ZSE Listing Preparation Fees (US$ 350K); and, (iv) 'one-off' charges associated with the transition away from Lonrho (US$ 439K); as well as, (v) a one off gain on divestment (US$ 575K), this operating loss becomes US$ 1.4 million.

As at February 29^th, 2012, the Company had net assets of US$ 36.2 million (2011 US$ 52.1 million) and a market capitalization of US$ 16.4 million.  Cambria's assets, following the various write-offs undertaken during the period under review, are almost entirely tangible (US$ 40.3 million or 94%).   

On 16 September 2011 the Company raised US$ 1.4 million gross by way of a placing with institutions of 3,988,439 new ordinary par value shares of £0.0001 each at 23p per share. 

The Financial Statements are prepared in accordance with the Directors decision announced in the Chief Executives Review in the accounts of 31 August 2011, to change the functional currency of the Company from Pounds Sterling to US Dollars.

Operational Review Core Investments

Consolidated results of core investments

Cambria's core portfolio consists of the Payserv, Leopard Rock Hotel, Millchem, Celsys and CES.  These investments jointly had a consolidated revenue and gross profit performance as per the following table:

(US$ '000)	H1 2012	H1 2011	Growth
Revenues	6,097	4,402	39%
Gross profit	3,525	2,147	64%
Gross margin	58%	49%	19%

Payserv, Millchem, Celsys and CES generated positive operating profit between them, compared to an operating loss during the equivalent period last year.

The Leopard Rock Hotel, despite significant growth in occupancies and average room rate, generated increased, rather than decreased operating losses when compared to the equivalent period last year.

Lanuarna Enterprises (Pvt) Limited (t/a "Payserv") (100% holding)

Payserv, previously trading as Paynet Group, provides EDI switching services (Paynet), 'payslip' processing (Autopay), and payroll based microfinance loan processing (Tradanet (51% holding))

(US$ '000)	H1 2012	H1 2011	Growth
Revenues	1,925	1,405	37%
Gross profit	1,748	973	80%
Gross margin	91%	69%	31%

Paynet continues to provide Electronic Data Interchange (EDI) services to all 25 banks and building societies in Zimbabwe, as well as to over 1,000 corporates.  Paynet processed 6.0 million transactions (2011: 3.4 million) during the period under review, or a 73% increase.

Autopay, providing payroll services to 160 customers, processed over 1.4 million pay slips (2011: 1.1 million) during the period under review, or a 25% increase. 

Tradanet has seen significant growth in the volume and value of loans processed, which grew from 32,000 (2011: 25,064) and US$ 63.2 million (2011: US$ 25.5 million) respectively, representing 28% and 148% increases respectively.  At the end of the period the loan book under management stood at US$ 73 million (2011: US$ 20 million), an increase of 265% when compared to last year.

Leopard Rock Hotel Company (Pvt) Limited (Leopard Rock Hotel) (100% holding)

The Leopard Rock Hotel is a four star hotel and resort located in the Eastern Highlands of Zimbabwe.  It boasts a world-class golf course, noted as one of the finest in Africa, a family-friendly game park, a casino and some of the finest food in Zimbabwe.

(US$ '000)	H1 2012	H1 2011	Growth
Revenues	1,393	1,091	28%
Gross profit	1,089	941	16%
Gross margin	78%	86%	(9%)

When compared to last year, the Leopard Rock Hotel saw occupancies of 64% (2011: 46%), an increase of 39%.  Average room rates decreased by 4% to US$ 113 (2011: US$ 118). 

During the period under review a key issue for the Leopard Rock Hotel, which is managed by Lonrho Hotels under a Hotels Management Agreement, was the dramatic increase in operating costs, which increased 45% when compared to the equivalent period last year. 

Cambria has actively taken an interest in resolving this issue and has expressed serious concerns to Lonrho Hotels regarding the disappointing operating results.  If the operating issues are not swiftly under control Cambria will review various alternatives to lift performance of the Leopard Rock Hotel. 

Celsys Limited ("Celsys") (60% holding)

After significant investment by Cambria, Celsys has become arguably the best equipped printer in Zimbabwe.  As a result, it now commands leading market positions in security and commercial printing.

(US$ '000)	H1 2012	H1 2011	Growth
Revenues	957	492	94%
Gross profit	291	89	227%
Gross margin	30%	18%	68%

Figures relate to continuing businesses Print and ATM leasing only

Celsys has become focused on its print division and has made significant strides turning an undercapitalized, 'sub-scale' printer into one of the industry leaders in Zimbabwe. 

Cambria intends to continue investing in Celsys' print operations.  At the appropriate time additional finishing equipment, more advanced printing presses, as well as entry into additional segments of the print industry will be reviewed. 

Transactions processed through Celsys' legacy ATM division continue to grow.  Transactions during the period under review, which directly relate to revenue, were 822k (2011: 423k), an increase of 94%.  With Celsys' core business being printing, Cambria does not intend any further investment in the ATM division.

Cambria does not believe the significant goodwill associated with its shareholding in Celsys reflects the true value of this shareholding.  The Board therefore made the decision to write off the goodwill associated with the shareholding in Celsys resulting in a write-off of US$ 6.8 million.

Gardoserve (Pvt) Limited (t/a "Millchem") (100% holding)

Millchem, previously trading as Millpal, is a value-added chemicals distributor with leading market positions in Zimbabwe in solvents and metal treatment products.  It recently started distributing mining chemicals and alkyds. 

US$ '000	H1 2012	H1 2011	Growth
Revenues	1,421	637	123%
Gross profit	304	147	107%
Gross margin	21%	23%	(7%)

Gross profit growth was achieved through continued expansion of Millchem's solvent business, by sourcing product at much improved terms including entry into bulk markets, and through introduction of mining chemicals to Millchem's offering.

During the period under review Millchem became the only African member of the National Association of Chemicals Distributors (NACD), the U.S. industry association for value added chemicals distributors, making it a natural partner in the future for U.S. chemicals producers seeking distribution in Zimbabwe.

Diospyros Investments (Private) Limited (t/a "CES Zimbabwe") (CES) (100% holding)

CES, launched in January 2011 in partnership with a leading regional IT services company, provides a wide range of IT products and services. CES is the Dell Partner for Zimbabwe.  It also has the highest supplier accreditations for Zimbabwe for Microsoft, Cisco, Avaya, Riverbed and other products. 

US $'000	H1 2012	H1 2011	Growth
Revenues	403	N/A	N/A
Gross profit	94	N/A	N/A
Gross margin	23%	N/A	N/A

CES achieved a promising operating and financial performance during the period under review.  It effectively started selling products and services by July 2011 and has since achieved sales growth in line with expectations. 

Current CES revenues are still mainly related to the provision of hardware.  CES' aim is to augment this business in the coming periods with higher margin services business.

Other and corporate overheads

Aldeamento Turistico de Macuti SARL (ATdM) (80% holding)

On 30 September 2011 Cambria sold its 80% stake in ATdM, a Mozambique entity holding the rights to a significant coastal property in Beira, Mozambique, for US$ 5.1 million payable over 60 months, carrying 7% interest per annum. This transaction generated a book profit on sale of US$ 575k.  As part of the transaction the buyer also agreed to repay Cambria a shareholder loan which was provided to ATdM.  This loan will be repaid over 24 months carrying a 7% interest per annum.

ForgetMeNot Africa Limited (FMNA) (51% holding)

FMNA's messaging technology has now been deployed at 9 networks across Africa, reaching over 60 million subscribers continent wide, of which 1.2 million subscribers have registered to date with FMNA. 

Despite successful deployment of the technology, revenues generated by FMNA have been deeply disappointing and significant operating losses continue month-on-month. 

As a result FMNA generated US$ 776k (2011: US$ 470k) in operating losses during the period under review, an increase of 65%.  

A new revenue model is currently being tested in certain markets, which Cambria's joint venture partner in FMNA, Forget Me Not Software (FMN), believes might positively alter FMNA's revenue generating capacity.

At the same Cambria is, together with FMN, actively exploring strategic alternatives for Cambria's stake in FMNA. 

Cambria can no longer be confident that any of its investment will be recovered and the Board has hence decided to write off Cambria's FMNA's shareholder loans, as well any goodwill associated with Cambria's shareholding in FMNA.  Cambria's share of total write offs in the period under review associated with FMNA are US$ 3.4 million.

LonZim Air (B.V.I.) Limited (100% holding)

Cambria continues to own two aircraft through its subsidiary LonZim Air (B.V.I.) Limited: a Fokker F27-500 Cargo (F27) and an ATR 42-320 (ATR).  The F27 was leased to 540 (Uganda) Limited in September 2008 and the ATR was leased to Five Forty Aviation Limited in July 2009.  Both entities (collectively "540") are, or are understood to be subsidiaries of Lonrho.  A third aircraft leased by 540 was destroyed in an accident in January 2011.  

A number of disputes have arisen in relation to these aircraft and associated contracts.  These disputes relate, inter alia, to the payment of insurance proceeds, outstanding lease payments, maintenance reserves and the condition of the two remaining aircraft.  Cambria considers that substantial sums are due from 540.  540 contends that no sums are due to Cambria and/or its associated companies and that, overall, it is owed approximately US$ 829K in relation to the aircraft, although the basis for this has not yet been set out. 

Taking these matters into account Cambria has recognized a contingent asset of US$ 2.9 million in relation to the aircraft and sums due from 540.

In addition, Cambria's short term debtors include US$ 1.3 million recorded in the books of Lonzim Air (B.V.I.) Limited in relation to the above issues up to 31 August 2011.     

Corporate overheads

In the period under review, costs associated with the Lonrho Management Services Agreement relating to Cambria were still being carried by the Company.

Moneys paid to Lonrho in relation with this management agreement, as well as other fees, (re-)charges and reimbursements paid to Lonrho during the period under review amounted to US$ 796K million.  This amount excludes moneys paid to Lonrho Hotels under the Hotel Management Agreement associated with the Leopard Rock Hotel. 

At the beginning of the period under review Cambria also carried a US$ 3.8 million intangible asset associated with a non-compete agreement with Lonrho.  The Board does not believe there is value associated with this non-compete agreement and has therefore written this off entirely. 

The vast majority, if not all of the costs, fees and other charges related to Cambria's prior relationship with Lonrho will in the opinion of Cambria's Board no longer be incurred from the end of February 2012 onwards.

One-off expenses incurred during the period under review associated with Cambria's transition away from Lonhro are approximately US$ 440k.  These are, amongst others, costs associated with legal advice and professional fees.

Events following end of period under review

Following the end of the period under review, and following Cambria's recent AGM, Cambria has undertaken a number of corporate actions:

o  On 9 March 2012, through its second largest shareholder Consilium Investment Management, Cambria obtained a combined US$ 3.0 million shareholder loan;

o  On 14 March 2012, Cambria acquired the Castle at Leopard Rock for EUR550K (US$ 722K);

o  On 23 March 2012, Cambria appointed Mr Roy Meiring as CEO of its hotels division;

o  On 3 April 2012, Cambria appointed Mrs Tania Sanders as Director and Chief Financial Officer;

o  On 8 May 2012, Cambria announced its intention to take Celsys private, while also listing Cambria shares on the Zimbabwe Stock Exchange; and,

o  On 29 May 2012, Celsys' shareholders approved their takeover by Cambria.         

Suffice to say the above actions are only the beginning of the ongoing transition of Cambria, as its Board pursues profitability, scale and efficiency. 

Shareholders can be assured that during this transition as well as during the ongoing growth of the Company, the Board of Directors of Cambria has one clear objective:  To relentlessly pursue value for Cambria shareholders.

Edzo Wisman

Chief Executive Officer

31 May 2012

Consolidated Income Statement

For the period ended 29 February 2012

	Unaudited 6 months to 29 February 2012	Unaudited 6 months to 28 February 2011	Audited 12 months to 31 August 2011
	US$'000	US$'000	US$'000
Revenue	6,373	4,839	9,587
Cost of Sales	(2,823)	(2,330)	(4,219)
GROSS PROFIT	3,550	2,509	5,368
Operating Costs	(7,853)	(5,987)	(14,420)
Accelerated Write-off of Intangibles and Goodwill Impairment	(10,799)	-	(528)
OPERATING LOSS	(15,102)	(3,478)	(9,580)
Finance Income	222	8	299
Finance Expense	(174)	(786)	(963)
NET FINANCE (EXPENSE)/INCOME	48	(778)	(664)
LOSS BEFORE TAX	(15,054)	(4,256)	(10,244)
Income Tax Charge	68	(34)	69
LOSS FOR THE PERIOD	(14,986)	(4,290)	(10,175)
ATTRIBUTABLE TO:
Owners of the Company	(16,541)	(3,854)	(9,195)
Non-controlling Interests	1,555	(436)	(980)
LOSS FOR THE PERIOD	(14,986)	(4,290)	(10,175)
Basic and diluted loss per share (US Cents)	(28.6c)	(9.1c)	(19.1c)
Basic and diluted loss per share before Accelerated Write-offs (US Cents)	(10.7c)	(9.1c)	(18.0c)
The Company changed its functional currency from GBP to USD with effect from 1 September 2011.  Prior year numbers are restated accordingly.

Consolidated Interim Statement of Financial Position

For the period ended 29 February 2012

	Unaudited 6 months to 29 February 2012	Unaudited 6 months to 28 February 2011	Audited 12 months to 31 August 2011
	US$'000	US$'000	US$'000
ASSETS
Property, plant and equipment	24,474	31,391	32,694
Goodwill	717	8,080	8,332
Other intangible assets	1,837	7,508	6,825
Longterm Receivables	5,754	1,391	1,488
Deferred tax assets	676	1,312	1,304
TOTAL NON-CURRENT ASSETS	33,458	49,682	50,643
Assets held for sale	3,451	4,585	3,451
Other Investments	103	153	109
Inventories	1,185	549	814
Trade and other receivables	4,323	3,506	3,026
Cash and cash equivalents	345	4,139	1,076
TOTAL CURRENT ASSETS	9,407	12,932	8,476
TOTAL  ASSETS	42,865	62,614	59,119
EQUITY
Issued share capital	11	10	10
Share premium account	77,398	75,951	75,951
Revaluation reserve	3,719	3,943	6,263
Share based payment reserve	261	267	270
Foreign exchange reserve	(12,565)	(11,434)	(12,535)
Accumulated losses	(30,936)	(13,799)	(17,150)
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS  OF THE COMPANY	37,888	54,938	52,809
NON CONTROLLING INTERESTS	(1,729)	890	(740)
TOTAL  EQUITY	36,159	55,828	52,069
LIABILITIES
Provisions	914	1,384	1,024
Deferred Tax	636	1,509	1,332
TOTAL NON-CURRENT LIABILITIES	1,550	2,893	2,356
Bank overdraft	155	0	47
Current tax liabilities	258	94	262
Interest bearing loans	1,633	1,499	1,500
Trade and other payables	3,110	2,300	2,885
TOTAL CURRENT LIABILITIES	5,156	3,893	4,694
TOTAL  LIABILITIES	6,706	6,786	7,050
TOTAL  EQUITY AND LIABILITIES	42,865	62,614	59,119
The Company changed its functional currency from GBP to USD with effect from 1 September 2011.  Prior year numbers are restated accordingly.

Consolidated Interim Statement of Comprehensive Income

For the period ended 29 February 2012

	Unaudited 6 months to 29 February 2012	Unaudited 6 months to 28 February 2011	Audited 12 months to 31 August 2011
	US$'000	US$'000	US$'000
LOSS FOR THE PERIOD	(4,187)	(4,290)	(10,175)
OTHER COMPREHENSIVE INCOME
Foreign currency translation differences for overseas operations	113	(172)	(170)
Revaluation of property, plant and equipment	-	-	2,122
Accelerated Write-off of Intangibles and Goodwill Impairment	(10,799)	-	-
TOTAL COMPREHENSIVE LOSS FOR THE YEAR	(14,873)	(4,462)	(8,223)
ATTRIBUTABLE TO
Owners of the company	(15,798)	(4,982)	(7,326)
Non-controlling interest	925	520	(897)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR	(14,873)	(4,462)	(8,223)
The Company changed its functional currency from GBP to USD with effect from 1 September 2011.  Prior year numbers are restated accordingly.

Consolidated Interim Statement of Changes in Equity

For the period ended 29 February 2012

	Owners of the Company	Non- controlling interests	Total
	US$'000	US$'000	US$'000
AUDITED
Balance at 1 September 2010	52,487	157	52,644
Loss for the period	(7,326)	(897)	(8,223)
Issue of shares	7,646		7,646
BALANCE AT 31 AUGUST 2011	52,807	(740)	52,067
UNAUDITED
Balance at 1 September 2010	52,487	157	52,644
Loss for the period	(4,982)	520	(4,462)
Issue of shares	7,646	-	7,646
BALANCE AT 28 FEBRUARY 2011	55,151	677	55,828
UNAUDITED
Balance at 1 September 2011	52,807	(740)	52,067
Loss for the period	(4,999)	(989)	(5,988)
Issue of shares	1,448	-	1,448
Accelerated Write-off of Intangibles and Goodwill Impairment	(10,799)	-	(10,799)
Foreign exchange translation differences	(569)	-	(569)
BALANCE AT 29 FEBRUARY 2012	37,888	(1,729)	36,159
The Company changed its functional currency from GBP to USD with effect from 1 September 2011.  Prior year numbers are restated accordingly

Consolidated Interim Cash Flow Statement

For the period ended 29 February 2012

	Unaudited 6 months to 29 February 2012	Unaudited 6 months to 28 February 2011	Audited 12 months to 31 August 2011
	US$'000	US$'000	US$'000
CASH FLOWS UTILISED IN OPERATING ACTIVITES	(3,514)	(2,012)	(5,438)
(Increase) / decrease in inventories	(371)	3	(260)
(Increase) / decrease in cash due from customers	(2,207)	(78)	265
Increase / (decrease) in cash due to suppliers	225	(640)	(240)
CASH UTILISED IN OPERATIONS	(5,867)	(2,727)	(5,674)
Interest Paid	(174)	(144)	(241)
Interest Received	147	-	300
Tax Paid	(63)	(6)	-
NET CASH UTILISED IN OPERATING ACTIVITIES	(5,957)	(2,877)	(5,615)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of property, plant and equipment	61	995	1,108
Purchase of property, plant and equipment	(565)	(1,985)	(1,655)
Purchase of intangibles	-	(92)	(1,082)
Proceeds from sale of investments	682	-	142
Acquisition of investments	-	-	(61)
NET CASH GENERATED BY ( UTILISED ) IN INVESTING ACTIVITIES	178	(1,082)	(1,547)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of share capital	1,448	7,872	7,872
Transaction costs of issue of shares	-	(226)	(226)
Proceeds from /(repayment) of  loans	382	-	(75)
NET CASH FROM FINANCINGS ACTIVITIES	1,830	7,646	7,571
Net (decrease) / increase in cash and cash equivalents	(3,949)	3,687	409
Cash and cash equivalents at 1 September	4,139	451	451
Foreign exchange movements	-	-	169
CASH AND CASH EQUIVALENTS AT 29 FEBRUARY / 31 AUGUST	190	4,139	1,029
The Company changed its functional currency from GBP to USD with effect from 1 September 2011.  Prior year numbers are restated accordingly

Notes to the Interim Financial Statements

For the period ended 29 February 2012

Intangibles and Goodwill

	Original Cost	Unaudited 6 months to 29 February 2012	Unaudited 6 months to 28 February 2011	Audited 12 months to 31 August 2011
	US$'000	US$'000	US$'000	US$'000
Leopard Rock Hotel Brand Name	1,129	814	930	873
Leopard Rock Hotel Casino Licence	1,000	445	643	544
Payserv Sofware Licences	1,425	578	864	655
Sol Aviation Licence	405	-	249	-
Non Compete Agreement	14,854	-	4,822	3,792
FMNA Software Licence	961	-	-	961
TOTAL INTANGIBLES	19,774	1,837	7,508	6,825
Payserv	969	717	717	969
Celsys	6,779	-	6,779	6,779
FMNA	584	-	584	584
ATdM	240	-	-	-
TOTAL GOODWILL	8,572	717	8,080	8,332
TOTAL INTANGIBLES AND GOODWILL	28,346	2,554	15,588	15,157

Notes to the Interim Financial Statements continued

For the period ended 29 February 2012

Contingent Asset

The company has recognised a Contingent Asset relating to Amounts payable by 540 (Uganda) Limited and Five Forty Aviation Limited (Kenya), collectively ("540")
		Unaudited 6 months to 29 February 2012
		US$'000
CONTINGENT ASSET NOT BROUGHT TO ACCOUNT COMPRISES
F27  Lease and Maintenance Reserve Payments, and Related Interest		527
F27 Insurance Proceeds and Related Interest		148
ATR  Lease and Maintenance Reserve Payments, including Interest		2,259
		2,934

 

END

 

 

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