Summary Final Results of Operating Company

Essentially Group PLC

30 June 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. 

30 June 2023 

Essentially Group PLC  

 (the "Company" or "Essentially") 

  Summary Final Results of Operating Company

Essentially Group PLC, a leading health food company in the UAE delivering high quality nutrition (wellness shots, functional juices, lemonades, nut milks, single origin fruit juices and healthy snacks) to its customers, is pleased to announce a summary of the final results for its operating company, Essentially Juices manufacturing LLC ("EJM") for the year ended 31 December 2022. Furthermore, the Company confirms that it has changed its year end to 31 December as per the announcement on 15 June 2023.

Raja Wail Abuljebain, Chief Executive Officer of Essentially, commented: "The annual results demonstrate our ability to capitalize on the UAE's thriving consumer economy and the increasing demand for nutritious juices and snacks. With the country's continued economic growth, a booming tourism industry, and the expanding presence of Western companies in the region, we are poised to seize even greater opportunities. We remain committed to innovation, strategic partnerships, and continuous improvement, as we strive to further expand our product offerings, enhance our market presence, and deliver exceptional value to our customers. The future holds immense promise, and we are energized and determined to realize the full potential of Essentially as a leading player in the UAE's dynamic business landscape."

The Directors accept responsibility for this announcement. 

- end -

For further information, please contact: 

Essentially Group Plc
Raja W Abuljebain, CEO	Tel: [phone]
	https://essentiallyplc.com
AQSE Exchange Corporate Adviser
Alfred Henry Corporate Finance Ltd
Nick Michaels	Tel: [phone]
	www.alfredhenry.com
Broker
Clear Capital Markets Ltd
Andrew Blaylock	Tel: [phone]
	https://clearcapitalmarkets.co.uk

 

Summary of Final Results for EJM

ESSENTIALLY JUICES MANUFACTURING L.L.C
Dubai - United Arab Emirates
Statement of financial position
As at December 31, 2022
	2022			2021
ASSETS	AED			AED
Current assets
Cash and cash equivalents	124,444			146,734
Trade receivables	683,721			492,411
Other receivables	309,984			255,879
Inventories	99,489             73,241
Total current assets			1,217,638	968,265
Non-current assets
Property and equipment			4,193,309	1,953,536
Right-of-use asset			665,721	1,109,533
Intangible assets			5,790	26,541
Total non-current assets			4,864,820	3,089,610
TOTAL ASSETS			6,082,458	4,057,875
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables			1,304,129	721,844
Interest bearing loans and borrowings			145,546	115,530
Lease liabilities			456,635	396,971
			1,906,310	1,234,345
Non-current liabilities
Loan from Shareholder			3,150,000
Interest bearing loans and borrowings			200,608	344,255
Lease liabilities			253,444	710,078
Employees· end-of-service benefits			87,556	30,734
			3,691,608	1,085,067
Total liabilities			5,597,918	2,319,412
Equity
Share capital			300,000	300,000
(Accumulated losses)			(8,437,072)	(6,479,244)
Total equity			(8,137,072)	(6,179,244)
Shareholder's account			8,621,612	7,917,707
Total Shareholders' funds			484,540	1,738,463
TOTAL LIABILITIES AND EQUITY			6,082,458	4,057,875

Statement of comprehensive income For the year ended December 31, 2022
		2022 AED	2021 AED
Revenue		4,665,305	3,311,901
Cost of goods sold		(2,747,790)	(1,839,008)
Gross profit		1,917,515	1,472,893
Other income		4,166
General, administrative and selling expenses		(3,513,053)	(2,583,879)
Finance costs		(366,456)	(164,061)
(Loss) for the year		(1,957,828)	(1,275,047)
Other comprehensive income
Total comprehensive (loss) for the year		(1,957,828)	(1,275,047)

Statement of cash flows

For the year ended December 31, 2022

Cash flows from operating activities		2022 AED	2021 AED
(Loss) for the year
Adjustments for:		(1,957,828)	(1,275,047)
Depreciation of property and equipment		480,007	178,296
Provision for employees· end-of-services benefits		91,311	31,510
Depreciation of right-of-use asset		443,812	221,906
Amortisation of intangible assets		20,751	26,322
Finance costs		366,456	164,061
Operating (loss) before working capital changes		(555,491)	(652,952)
(Increase) in trade receivables		(191,310)	(76,645)
(Increase) in other receivables		(54,105)	(70,841)
(Increase) in inventories		(26,248)	(7,603)
Increase in trade and other payables		450,244	119,720
Cash (used in) operations		(376,910)	(688,321)
Employees· end-of-services benefits paid		(34,489)	(57,779)
Finance costs paid		(97,255)	(121,386)
Net cash (used in) operating activities		(508,654)	(867,486)
Cash flows from investing activities
Acquisition of property and equipment		(2,719,780)	(1,487,385)
Net cash (used in) investing activities		(2,719,780)	(1,487,385)
Cash flows from financing activities
Loan from Shareholder		3,150,000
Movement in Shareholder's account		703,905	2,333,047
Net movement in interest-bearing loans and borrowings		(113,631)	274,893
Lease payments		(534,130)	(267,065)
Net cash generated from financing activities		3,206,144	2,340,875
Net (decrease) in cash and cash equivalents		(22,290)	(13,996)
Cash and cash equivalents at the beginning of the year		146,734	160,730
Cash and cash equivalents at the end of the year		124,444	146,734
Non-cash transactions:
Interest on loan from shareholder included in accruals and other payables		132,041
Right-of-use asset capitalized and lease liability recognised			1,331,439

 

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