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 directors are responsible for preparing the annual report and the ?nancial statements in accordance with applicable law and regulations.
The current directors of the company and their respective functions are set out in the Board of directors section of the annual report.
2023 2022 USD'm USD'm Sales by geographical destination: Indonesia 175.3 206.6 175.3 206.6 4. Administrative expenses The reorganisation of subsidiaries is in respect of the steps taken during 2023 to simplify the structure of the group and thereby reduce administrative costs. The REA Kaltim sub-group acquired the 5 per cent third party interests in its previously 95 per cent held subsidiaries such that these are all now wholly owned by REA Kaltim with the exception of SYB which completed in January 2024. Concurrently, two subsidiaries, KKP and KKS, in the latter case with its subsidiary, PBJ2, were divested.
While the dividends on the preference shares were more than six months in arrear, the company was not permitted to pay dividends on its ordinary shares but with the payment in full of the outstanding arrears of preference dividend that is no longer the case. Nevertheless, in view of the results for the year, no dividend in respect of the ordinary shares has been paid in respect of 2023 or is proposed.
The amount carried forward at 31 December 2023 represents HGU costs only, the group's remaining Izin Lokasi were part of the transfer to assets held for sale. The interest rate on the bank loans and working capital facilities at 31 December 2023 is 8.0 per cent . The short term revolving borrowings have an interest rate of 3.0 per cent which is 0.5 per cent above the deposit interest rate applicable to cash deposits. The weighted average interest rate on all bank borrowings for 2023 was 7.7 per cent .
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