DJ R.E.A. Holdings plc: Annual report in respect of 2023 R.E.A. Holdings plc (RE.) R.E.A.
R.E.A. Holdings plc R.E.A. Holdings plc: Annual report in respect of 2023 25-Apr-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- R.E.A. HOLDINGS PLC ANNUAL FINANCIAL REPORT 2023 The company's annual report for the year ended 31 December 2023 will shortly be available for downloading from www.rea.co.uk/investors/financial-reports.
The group's present level of indebtedness re?ects a number of challenges that have confronted the group in recent years. Over the period 2015 to 2017, group crops fell considerably short of the levels that had been expected. The reasons for this were successfully identi?ed and addressed but, as crops recovered to better levels, the group had to contend with falling CPO prices.
Outstanding arrears of dividends on the preference shares at 31 December 2023 amounted to 11.5p per share with dividends accruing at the rate of 9p per share per annum and were fully paid on 15 April 2024. The total arrears were equivalent to USD10.4 million and at the current exchange rate of GBP1=USD1.24 the overall cost of the annual accrual of further dividends will amount to USD8.0 million per annum.
Whilst commodity prices can be volatile, there is a reasonable expectation that CPO and CPKO prices will remain at remunerative levels for the foreseeable future and that the group will progressively achieve increasing sustainability premia on its oil sales.
As at 31 December 2023, the group had cash and cash equivalents of USD14.2 million, and borrowings of USD192.4 million . The total borrowings repayable by the group in the period to 30 April 2025 amount to the equivalent of USD43.0 million. - the company financial statements, prepared in accordance with UK Accounting Standards, comprising FRS 101 Reduced Disclosure Framework, give a true and fair view of the company's assets, liabilities, and financial position of the company;
Whilst the 2023 financial statements have been prepared in accordance with UK adopted IFRS and with the CA 2006, as at the date of authorisation of those accounts the accompanying financial information does not itself contain sufficient information to comply with IFRS. 2023 2022 USD'000 USD'000 Loss on disposal of PPE 1,055 218 Indonesian operations 14,895 14,221 Head office 3,436 3,428 19,386 17,867 Amount included as additions to PPE 17,372 17,319 5. Interest income
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