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DJ AfriAg Global Plc Audited Results to 31 December 2018

 
TIDMAFRI 
 
AfriAg Global plc 
 
                      ("AfriAg Global" or the "Company") 
 
 
           Audited Final Results for the Year Ended 31 December 2018 
 
Chairman's report (incorporating the strategic report) 
 
AfriAg Global PLC (NEX: AFRI), the London listed global agri-logistics 
specialists, today presents its Annual Report for year ended 31 December 2018. 
 
In a very significant move this financial year, the Company became one of the 
very few listed in London that was authorised by its shareholders to invest in 
the exciting global medicinal cannabis sector. 
 
David Lenigas, Executive Chairman of AfriAg Global, commented: 
 
"I am particularly excited about the shareholder approval gained in 2018 to 
allow the Company to invest in the fast-growing globally expanding legal 
medical cannabis space. There are very few companies listed in London and 
indeed in Europe that are actually allowed to pursue investments in this 
sector, and we plan to leverage this unique ability. We as a board have a 
number of near-term initiatives that we are pursuing that will hopefully, if 
closed, add significant value to the Company." 
 
Investment policy change to include Medical Cannabis investments: 
 
On 12 September 2018, shareholder approval was obtained at a general meeting 
for the expansion of the Company's investment strategy to include medicinal 
cannabis. The Company has now expanded its existing investment strategy to also 
include investments in companies, projects or products that are progressing 
research in and development of medicinal cannabis and its derivatives, 
producing or cultivating medicinal cannabis, producing or supplying products 
derived from or related to cannabis (including, but not limited to, hemp and 
cannabidiol products); and/or commercialising or marketing medicinal cannabis 
and its derivatives. The Company sees tremendous opportunities in the sector. 
 
Going forward, the Company is likely to be an active investor within this legal 
medical cannabis sector and look to acquire control of certain target 
companies, although it may also consider acquiring non-controlling 
shareholdings in legal medical cannabis companies. The proposed investments to 
be made by the Company may be in either quoted or unquoted securities and made 
by direct acquisition of an interest in companies, partnerships or joint 
ventures, or direct interests in projects and these investments can be at any 
stage of development. Accordingly, the Company's proposed future equity 
interests in proposed investments may range from a minority position all the 
way up to 100 percent ownership. The Directors primary objective is to achieve 
the best possible value over time for Shareholders, primarily through capital 
growth. 
 
Agriculture Investments: 
 
Sadly, the market has not considered what has been achieved with our 
investments in the agricultural sector well, even though these investments 
continue to perform in a difficult global environment. We, as a Company, will 
assess whether further or continued investments in the sector is warranted, as 
we move towards the medical cannabis focus. 
 
Our investment in AfriAg Marketing Pty Ltd (100% owned by AfriAg Global Plc): 
 
AfriAg Marketing had revenues during the period of GBP2.24 million (2017: GBP3.12 
million). During this year, the business has been focusing on consolidating our 
core activities of exporting, distribution and trading of a wide range of fruit 
and vegetable perishable food lines, including blueberry, passion fruit, 
pineapple, apple, strawberry, butternut, peas, fine beans, mange tout, sugar 
snap, baby corn, chillies, baby veg, and herbs to name our top product lines. 
Foreign exchange management, with the wild fluctuations in global currency 
rates, always proves challenging and contributed to the loss during the period 
of ZAR 2.628million (GBP149,000) (2017 profit: ZAR 0.343 million (GBP20,000)). 
 
Our investment in AfriAg (Pty) Limited (40% owned by AfriAg Global Plc): 
 
AfriAg (Pty) Limited, the South African registered agri-logistics and trading 
company,  reported revenues during the 10-month period to 31 December 2018 of GBP 
9.016 million (12 months to 31 December 2017: GBP14.746 million); and a net 
profit for the 10 months to 31 December 2018 of GBP227,000 (12 months to 3 
December 2017: GBP179,000). The Company has equity-accounted for its 40% share of 
this profit for 2018, being GBP97,000 (2017: GBP72,000). 
 
Financial Results: 
 
During the period, the Group had revenues of GBP2.24 m (2017: GBP3.12 m) and made a 
gross profit of GBP66,000 (2017: GBP280,000). The total comprehensive loss for the 
period attributable to equity holders of the parent was GBP347,000 (2017: GBP27 
000) 
 
There was a weighted loss per share of 0.017 p (2017: loss per share of 0.003 
p). 
 
Current assets at 31 December 2018 amounted to GBP1,056,000 (2017: GBP1,293,000). 
 
Outlook: 
 
We have a very unique ability, being one of the few companies listed in London 
and indeed Europe, to actually undertake investments in the fast-growing legal 
medical cannabis sector. It has taken a great deal of management and legal work 
to achieve this, and this will be a big focus for the management over the 
coming year. 
 
The Board would like to take this opportunity to thank our shareholders, staff 
and consultants for their continued support and I look forward to reporting 
further significant progress over the next period and beyond. 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
David Lenigas 
 
Executive Chairman 
 
10 May 2019 
 
For further information on AfriAg Global please visit the www.afriagglobal.com 
 or please contact; 
 
AfriAg Global Plc: 
 
 
David Lenigas (Executive Chairman) 
 
+44 (0)20 7440 0640 
 
Peterhouse Capital 
Limited 
 +44 (0)20 7469 0930 
 
Guy Miller 
 
Fungai Ndoro 
 
Consolidated statement of comprehensive income for the period to 31 December 
2018 
 
__________________________________________________________________________________________ 
 
                                                             Year ended      Year ended 
                                                            31 December     31 December 
                                                                   2018            2017 
 
                                                  Note            GBP'000           GBP'000 
 
Revenue                                             4             2,236           3,122 
 
Cost of sales                                                   (2,170)         (2,842) 
 
Gross Profit                                                         66             280 
 
Administration expenses                                           (430)           (378) 
 
Share Based Payment Charge                                            -               - 
 
Operating (loss)                                    5             (364)            (98) 
 
Share of associate result                          13                97              72 
 
Investment income                                   7              (51)            (11) 
 
Finance costs                                       8                 -             (1) 
 
(Loss) before taxation                                            (318)            (38) 
 
Taxation                                            9                 -               - 
 
(Loss) for the period attributable to equity                      (318)            (38) 
holders of the parent 
 
Other comprehensive income 
 
Transfer to income statement                                         22              14 
 
Translation exchange (loss)                                        (51)             (3) 
 
Other comprehensive income for the period net of                   (29)              11 
taxation 
 
Total comprehensive income for the year                           (347)            (27) 
attributable to equity holders of the parent 
 
Loss per share 
 
Basic and diluted (pence)                          10           (0.017)         (0.003) 
 
 
The accompanying accounting policies and notes form part of these financial 
statements. 
 
Consolidated statement of financial position at 31 December 2018 
 
__________________________________________________________________________________________ 
 
                                                            31 December     31 December 
 
                                                                   2018            2017 
 
                                                  Note            GBP'000           GBP'000 
 
Non-current assets 
 
Property, plant & equipment                        11                 5               5 
 
Investments in associates                          13             1,687           1,590 
 
                                                                  1,692           1,595 
 
Current assets 
 
Inventory                                          15                 -               3 
 
Trade and other receivables                        16               925             846 
 
Available for sale assets                          14                30               1 
 
Cash and cash equivalents                                           101             443 
 
                                                                  1,056           1,293 
 
Total assets                                                      2,748           2,888 
 
Current liabilities 
 
Trade and other payables                           17             (844)           (919) 
 
                                                                  (844)           (919) 
 
Net current assets                                                  213             374 
 
Net assets                                                        1,904           1,969 
 
Equity 
 
Share capital                                      18             1,761           1,461 
 
Share premium account                                             8,630           8,648 
 

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DJ AfriAg Global Plc Audited Results to 31 December -2-

Share based payment reserve                                         279             279 
 
Revaluation reserves                                                  -            (22) 
 
Foreign currency reserve                                           (17)              34 
 
Retained earnings                                                (8,749         (8,431) 
 
                                                                  1,904           1,969 
 
The financial statements of AfriAg Global plc (registered number 002845V) were 
approved by the Board of Directors and authorised for issue on 10 May 2019 and 
were signed on its behalf by: 
 
David 
Lenigas 
Donald Strang 
 
Chairman 
Director 
 
The accompanying accounting policies and notes form part of these financial 
statements. 
 
Company statement of financial position at 31 December 2018 
 
__________________________________________________________________________________________ 
 
                                                            31 December     31 December 
 
                                                                   2018            2017 
 
                                                  Note            GBP'000           GBP'000 
 
Non-current assets 
 
Investments in subsidiary undertakings             12                 -               - 
 
Trade and other receivables                        16             1,836           1,836 
 
                                                                  1,836           1,836 
 
Current assets 
 
Trade and other receivables                        16               134               8 
 
Available for sale assets                          14                30               1 
 
Cash and cash equivalents                                            81             123 
 
                                                                    245             132 
 
Total assets                                                      2,081           1,968 
 
Current liabilities 
 
Trade and other payables                           17             (458)           (385) 
 
                                                                  (458)           (385) 
 
Net current (liabilities)                                         (213)           (253) 
 
Net assets                                                        1,623           1,583 
 
Equity 
 
Share capital                                      18             1,761           1,461 
 
Share premium account                                             8,630           8,648 
 
Share based payment reserve                                         279             279 
 
Revaluation reserves                                                  -            (22) 
 
Retained earnings                                               (9,047)         (8,783) 
 
                                                                  1,623           1,583 
 
The financial statements of AfriAg Global plc (registered number 002845V) were 
approved by the Board of Directors and authorised for issue on 10 May 2019 and 
were signed on its behalf by: 
 
David 
Lenigas 
Donald Strang 
 
Chairman 
Director 
 
The accompanying accounting policies and notes form part of these financial 
statements. 
 
Consolidated statement of changes in equity for the period to 31 December 2018 
 
_______________________________________________________________________________________________________________________________________________________ 
 
                                  Share   Share   Share  Foreign  Revaluation Retained  Total 
                                 capital premium  based  currency  reserves   earnings 
                                                 payment reserve 
                                                 reserve 
 
                                   GBP'000   GBP'000   GBP'000    GBP'000       GBP'000    GBP'000   GBP'000 
 
At 31 December 2016                1,381   8,528     279       37        (36)  (8,393)   1,796 
 
(Loss) for the period                  -       -       -        -           -     (38)    (38) 
 
Currency translation gain              -       -       -      (3)           -        -     (3) 
 
Gain on revaluation of available       -       -       -        -           -        -       - 
for sale investments 
 
Transfer to income statement           -       -       -        -          14        -      14 
 
Total Comprehensive Income             -       -       -      (3)          14     (38)    (27) 
 
Shares issued                         80     120       -        -           -        -     200 
 
Share based payment charge             -       -       -        -           -        -       - 
 
Total contributions by and            80     120       -        -           -        -     200 
distributions to owners of the 
Company 
 
At 31 December 2017                1,461   8,648     279       34        (22)  (8,431)   1,969 
 
(Loss) for the period                  -       -       -        -           -    (318)   (318) 
 
Currency translation gain              -       -       -     (51)           -        -    (51) 
 
Transfer to income statement           -       -       -        -          22        -      22 
 
Total Comprehensive Income             -       -       -     (51)          22    (318)   (347) 
 
Shares issued                        300       -       -        -           -        -     300 
 
Share Issue cost                       -    (18)       -        -           -        -    (18) 
 
Share based payment charge             -       -       -        -           -        -       - 
 
Total contributions by and           300    (18)       -        -           -        -     282 
distributions to owners of the 
Company 
 
At 31 December 2018                1,761   8,630     279     (17)           -  (8,749)   1,904 
 
The accompanying accounting policies and notes form part of these financial 
statements. 
 
Company statement of changes in equity for the period to 31 December 2018 
 
_______________________________________________________________________________________________________________________________________________________ 
 
                                     Share   Share   Share  Revaluation Retained  Total 
                                    capital premium  based   reserves   earnings 
                                                    payment 
                                                    reserve 
 
                                      GBP'000   GBP'000   GBP'000       GBP'000    GBP'000   GBP'000 
 
At 31 December 2016                   1,381   8,528     279        (36)  (8,675)   1,477 
 
(Loss) for the period                     -       -       -           -    (108)   (108) 
 
Transfer to income statement              -       -       -          14        -      14 
 
Total Comprehensive Income                -       -       -          14    (108)      94 
 
Shares issued                            80     120       -           -        -     200 
 
Share issue costs                         -       -       -           -        -       - 
 
Total contributions by and               80     120       -           -        -     200 
distributions to owners of the 
Company 
 
At 31 December 2017                   1,461   8,648     279        (22)  (8,783)   1,583 
 
(Loss) for the period                     -       -       -           -    (264)   (264) 
 
Transfer to income statement              -       -       -          22        -      22 
 
Total Comprehensive Income                -       -       -          22    (264)   (242) 
 
Shares issued                           300       -       -           -        -     300 
 
Share issue costs                         -    (18)       -           -        -    (18) 
 
Total contributions by and              300    (18)       -           -        -     282 
distributions to owners of the 
Company 
 
At 31 December 2018                   1,761   8,630     279           -  (9,047)   1,623 
 
The accompanying accounting policies and notes form part of these financial 
statements. 
 
Consolidated statement of cash flows for the period ended 31 December 2018 
 
__________________________________________________________________________________________ 
 
                                                             Year ended      Year ended 
 
                                                            31 Dec 2018     31 Dec 2017 
 
                                                                  GBP'000           GBP'000 
 
Cash flows from operating activities 
 
Operating (loss)                                                  (364)            (98) 
 
Decrease in inventory                                                 3               6 
 
Decrease in trade and other receivables                              38             130 
 
(Decrease) in trade and other payables                             (75)            (68) 
 
Depreciation                                                          3               4 
 
Share option charge                                                   -               - 
 
Net cash outflow in operating activities                          (395)            (26) 
 
Investing activities 
 
Investment income                                                     3               2 
 
Finance costs                                                         -             (1) 
 
Loan advanced to related party company                            (117)               - 
 
Receipts on sale of AFS investments                                   1              35 
 
Payments on purchase of AFS investments                            (62)               - 
 
Payments for PPE assets                                             (3)             (4) 
 
Net cash (out)/inflow in investing activities                     (178)              32 
 
Financing activities 
 
Issue of share capital                                              300             200 
 
Issue costs                                                        (18)               - 
 

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DJ AfriAg Global Plc Audited Results to 31 December -3-

Net cash inflow from financing activities                           282             200 
 
Net (decrease)/increase in cash and cash                          (291)             206 
equivalents 
 
Cash and cash equivalents at beginning of period                    443             240 
 
Effect of foreign exchange on cash and cash                        (51)             (3) 
equivalents 
 
Cash and cash equivalents at end of period                          101             443 
 
 
The accompanying accounting policies and notes form part of these financial 
statements. 
 
Company statement of cash flows for the period ended 31 December 2018 
 
__________________________________________________________________________________________ 
 
                                                             Year ended      Year ended 
 
                                                            31 Dec 2018     31 Dec 2017 
 
                                                                  GBP'000           GBP'000 
 
Cash flows from operating activities 
 
Operating (loss)                                                  (210)            (95) 
 
(Increase) in trade and other receivables                           (9)             (1) 
 
Increase/(decrease) in trade and other payables                      73            (59) 
 
Share option charge                                                   -               - 
 
Net cash outflow in operating activities                          (146)           (155) 
 
Investing activities 
 
Investment income                                                     -               - 
 
Loan advanced to related party company                            (117)               - 
 
Receipts on sale of AFS investments                                   1              35 
 
Payments on purchase of AFS investments                            (62)               - 
 
Net cash (out)/inflow in investing activities                     (178)              35 
 
Financing activities 
 
Issue of share capital                                              300             200 
 
Issue costs                                                        (18)               - 
 
Net cash inflow from financing activities                           282             200 
 
Net (decrease)/increase in cash and cash                           (42)              80 
equivalents 
 
Cash and cash equivalents at beginning of period                    123              43 
 
Cash and cash equivalents at end of period                           81             123 
 
 
The accompanying accounting policies and notes form part of these financial 
statements. 
 
Notes to the financial statements 
 
__________________________________________________________________________________________ 
 
1   General information 
 
    AfriAg Global plc is a company incorporated in the Isle of Man under the Isle 
    of Man Companies Act 2006.  The address of its registered office is 34 North 
    Quay, Douglas, Isle of Man, IM1 4LB. The Company's ordinary shares are traded 
    on the NEX Exchange Growth Market as operated by NEX Exchange Ltd ("NEX"). 
 
    The financial statements of Afriag Global plc for the year ended 31 December 
    2018 were authorised for issue by the Board on 10 May 2019 and the statements 
    of financial position signed on the Board's behalf by Mr. David Lenigas and Mr 
    Donald Strang. 
 
    Investing policy 
 
    The Company's investment strategy focuses on acquisitions of direct and/or 
    indirect interests in the agricultural and medicinal cannabis sectors. 
 
    Agriculture 
    The Board intend to seek acquisitions of direct and/or indirect interests in 
    businesses involved in agriculture generally and the production, processing, 
    logistics and distribution of agricultural produce. The Company will focus on 
    opportunities in this sector in Europe, Africa and the Middle East, but will 
    consider possible opportunities anywhere in the world. 
 
    Medicinal Cannabis 
    The Board intend to seek investments in companies, projects or products that 
    are: 
 
    The Company will seek investments in companies and projects in jurisdictions 
    which have well-developed and reputable laws and regulations for the research 
    and production of medicinal cannabis and in jurisdictions that are signatories 
    to the United Nation's conventions on narcotics. 
 
    Types of Investments 
    The Company is likely to be an active investor within these sectors and acquire 
    control of certain target companies although it may also consider acquiring 
    non-controlling shareholdings. The proposed investments to be made by the 
    Company may be in either quoted or unquoted securities and made by direct 
    acquisition of an interest in companies, partnerships or joint ventures, or 
    direct interests in projects and can be at any stage of development. 
    Accordingly, the Company's equity interest in a proposed investment may range 
    from a minority position to 100 per cent. ownership and a controlling interest. 
    The Directors' primary objective is to achieve the best possible value over 
    time for Shareholders, primarily through capital growth. 
 
    If the Company takes a controlling stake, the acquisition could trigger a 
    Reverse Takeover under Rule 58 of the NEX Exchange Rules. 
 
    The Board intend to acquire one or more investments in quoted or unquoted 
    businesses or companies (in whole or in part) thereby creating a platform for 
    further investments. There is no limit on the number of companies, projects or 
    products that the Company may invest in with the agricultural and medicinal 
    cannabis sectors. The Company may need to raise additional funds for these 
    purposes and may use both debt and/or equity. 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
    Investing policy (continued) 
 
    The Board believes that their collective experience, together with their 
    extensive network of contacts and the Company's Technical Committee, will 
    assist them in the identification, evaluation and funding of appropriate 
    investment opportunities within the medicinal cannabis sector. When necessary, 
    other external professionals will be engaged to assist in the due diligence on 
    prospective targets and their management teams. The Directors will also 
    consider appointing additional directors and/or advisors with relevant 
    experience if the need arises. 
 
    It is anticipated that there may be opportunities to spin out businesses 
    privately or by initial public offerings where Shareholders may be able to be 
    benefit through distributions of cash and/or shares and/or rights to subscribe 
    in listings. Given the nature of the investment strategy, the Company does not 
    intend to make additional regular and periodic disclosures or calculations of 
    net asset value outside of the requirements for a NEX Exchange Growth Market 
    traded company. It is anticipated that the Company will hold investments for 
    the medium to long term, although where opportunities exist for shorter term 
    investments, the Company may undertake advantage of such opportunities. 
 
    The Directors intend to review the investment strategy on an annual basis and, 
    subject to their review and in the absence of unforeseen circumstances, the 
    Directors intend to adhere to the investment strategy. Changes to the 
    investment strategy may be prompted, inter alia, by changes in government 
    policies or economic conditions which alter or introduce additional investment 
    opportunities. It is the intention of the Directors to invest the Company's 
    cash resources, as far as practicable, in accordance with the investment 
    strategy. However, due to market and other investment considerations, it may 
    take some time before the cash resources of the Company are fully invested. 
 
    It is intended that the funds currently available to the Company will be used 
    to meet general working capital requirements, to undertake due diligence on 
    potential target acquisitions and to make investments in accordance with the 
    investment guidelines described above. 
 
    Statement of compliance with IFRS 
 
    The financial statements have been prepared in accordance with International 
    Financial Reporting Standards (IFRS) as adopted by the European Union and as 
    applied in accordance with the provisions of the Companies Act 2006. The 
    principal accounting policies adopted by the Company are set out below. 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
    New standards, amendments and interpretations adopted by the Company 
    No new and/or revised Standards and Interpretations have been required to be 
    adopted, and/or are applicable in the current year by/to the Company, as 
    standards, amendments and interpretations which are effective for the financial 
    year beginning on 1 January 2017 are not material to the Company. 
 
    New standards, amendments and interpretations not yet adopted 
    At the date of authorisation of these financial statements, the following 
    Standards and Interpretations which have not been applied in these financial 
    statements, were in issue but not yet effective for the year presented: 
 
    - IFRS 16 in respect of Leases which will be effective for accounting periods 
    beginning on or after 1 January 2019. 
    - IFRS 17 in respect of Insurance Contracts will be effective for accounting 
    periods beginning on or after 1 January 2021 
 
    There are no other IFRSs or IFRIC interpretations that are not yet effective 
    that would be expected to have a material impact on the Company. 
 
    Going Concern 
 
    The Directors noted the losses that the Group has made for the Year Ended 31 
    December 2018.  The Directors have prepared cash flow forecasts for the period 

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DJ AfriAg Global Plc Audited Results to 31 December -4-

    ending 31 May 2020 which take account of the current cost and operational 
    structure of the Group. 
 
    The cost structure of the Group and Parent Company comprises a high proportion 
    of discretionary spend and therefore in the event that cash flows become 
    constrained, costs can be quickly reduced to enable the Group and Parent 
    Company to operate within its available funding. 
 
    These forecasts demonstrate that the Group has sufficient cash funds available 
    to allow it to continue in business for a period of at least twelve months from 
    the date of approval of these financial statements.  Accordingly, the financial 
    statements have been prepared on a going concern basis. 
 
    It is the prime responsibility of the Board to ensure the Group and Parent 
    Company remains as going concerns. At 31 December 2017, the Group had cash and 
    cash equivalents of GBP101,000 and borrowings of GBPnil. The Group and Parent 
    Company has minimal contractual expenditure commitments and the Board considers 
    the present funds sufficient to maintain the working capital of the Group and 
    Parent Company for a period of at least 12 months from the date of signing the 
    Annual Report and Financial Statements. For these reasons the Directors adopt 
    the going concern basis in the preparation of the Financial Statements. 
 
    Basis of preparation 
 
    The consolidated financial statements have been prepared on the historical cost 
    basis, except for the measurement to fair value of assets and financial 
    instruments as described in the accounting policies below, and on a going 
    concern basis. 
 
    The financial report is presented in Pound Sterling (GBP) and all values are 
    rounded to the nearest thousand pounds (GBP'000) unless otherwise stated. 
 
 
Notes to the financial statements (continued) 
 
_________________________________________________________________________________________ 
 
2     Significant accounting policies 
 
      Basis of Consolidation 
 
      The Group financial statements consolidate those of the Company and all of its 
      subsidiary undertakings drawn up to the balance sheet date.  Subsidiaries are 
      entities over which the Company has the power to control, directly or 
      indirectly, the financial and operating policies so as to obtain benefits from 
      their activities.  The Company obtains and exercises control through voting 
      rights.  Subsidiaries are fully consolidated from the date at which control is 
      transferred to the Company.  They are deconsolidated from the date that control 
      ceases. 
 
      Unrealised gains on transactions between the Company and its subsidiaries are 
      eliminated.  Unrealised losses are also eliminated unless the transaction 
      provides evidence of an impairment of the asset transferred.  Amounts reported 
      in the financial statements of subsidiaries have been adjusted where necessary 
      to ensure consistency with the accounting policies adopted by the Group. 
 
      Acquisitions of subsidiaries are dealt with by the acquisition method.  The 
      acquisition method involves the recognition at fair value of all identifiable 
      assets and liabilities, including contingent liabilities of the subsidiary, at 
      the acquisition date, regardless of whether or not they were recorded in the 
      financial statements of the subsidiary prior to acquisition.  On initial 
      recognition, the assets and liabilities of the subsidiary are included in the 
      consolidated balance sheet at their fair values, which are also used as the 
      bases for subsequent measurement in accordance with the Group accounting 
      policies.  Goodwill is stated after separating out identifiable intangible 
      assets.  Goodwill represents the excess of acquisition cost over the fair value 
      of the Group's share of the identifiable net assets of the acquired subsidiary 
      at the date of acquisition.  Acquisition costs are written off as incurred. 
 
      Investments in associates are initially recognised at cost and subsequently 
      accounted for using the equity method. Any goodwill or fair value adjustment 
      attributable to the Group's share in the associate is not recognised separately 
      and is included in the amount recognised as investment in associate. The 
      carrying amount of the investment in associates is increased or decreased to 
      recognise the Group's share of the profit or loss and other comprehensive 
      income of the associate, adjusted where necessary to ensure consistency with 
      the accounting policies of the Group. Unrealised gains and losses on 
      transactions between the Group and its associates are eliminated to the extent 
      of the Group's interest in those entities. Where unrealised losses are 
      eliminated, the underlying asset is also tested for impairment 
 
      Revenue recognition 
 
      Revenue is measured at the fair value of the consideration received or 
      receivable and represents amounts from the sales of goods provided in the 
      normal course of business, net of value added tax and discounts, and is 
      recognised when the significant risks and rewards of ownership of the product 
      have been transferred to a third party.  In the case of sale or return 
      transactions, revenue is only recognised when, and only to the level that, 
      risks and rewards are transferred. 
 
      Revenue is the invoiced value of goods and services supplied and excludes VAT 
      and other sales-based taxes. 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
2     Significant accounting policies (continued) 
 
      Finance costs / investment revenue 
 
      Borrowing costs are recognised as an expense when incurred. 
 
      Investment revenue is recognised as the Group becomes entitled to such 
      revenue.  Dividends are accounted for on receipt thereof. 
 
      Property, plant and equipment - General 
 
      Plant and equipment is stated at cost less accumulated depreciation and any 
      accumulated impairment losses. 
      Depreciation is provided on all tangible assets to write off the cost less 
      estimated residual value of each asset over its expected useful economic life 
      on a straight-line basis at the following annual rates: 
      All assets are subject to annual impairment reviews. 
 
      Inventories 
 
      Inventories are stated at the lower of cost and net realisable value. 
 
      Financial instruments 
 
      Financial assets and financial liabilities are recognised on the Group and 
      Company's statement of financial position when the Group or Company becomes a 
      party to the contractual provisions of the instrument. 
 
      The Company's activities give rise to some exposure to the financial risks of 
      changes in interest rates and foreign currency exchange rates.  The Company has 
      no borrowings and is principally funded by equity, maintaining all its funds in 
      bank accounts. 
 
      Financial assets 
 
      Financial assets are classified into the following specified categories; 
      financial assets "at fair value through profit or loss" (FVTPL), "held to 
      maturity" investments, "available for sale" (AFS) financial assets and "loans 
      and receivables".  The classification depends on the nature and purpose of the 
      financial assets and is determined at the time of initial recognition. 
 
      Available for sale financial assets 
 
      Available-for-sale financial assets are non-derivative financial assets that 
      are either designated to this category or do not qualify for inclusion in any 
      of the other categories of financial assets. The Group's available-for-sale 
      financial assets include listed securities. These available-for-sale financial 
      assets are measured at fair value. Realised Gains and losses are recognised in 
      the income statement and unrealised gains and losses in other comprehensive 
      income and reported within the available-for-sale reserve within equity, except 
      for permanent impairment losses and foreign exchange differences, which are 
      recognised in the income statement. When the asset is disposed of or is 
      determined to be impaired, the cumulative gain or loss recognised in other 
      comprehensive income is reclassified from the equity reserve to the income 
      statement and presented as a reclassification adjustment within other 
      comprehensive income. Interest calculated using the effective interest method 
      and dividends are recognised in the income statement within investment income. 
 
      Reversals of impairment losses are recognised in other comprehensive income. 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
2     Significant accounting policies (continued) 
 
      Equity 
 
      Share capital is determined using the nominal value of shares that have been 
      issued. 
 
      The share premium account represents premiums received on the initial issuing 
      of the share capital.  Any transaction costs associated with the issuing of 
      shares are deducted from share premium, net of any related income tax benefits. 
 
      The share-based payment reserve represents the cumulative amount which has been 
      expensed in the income statement in connection with share based payments, less 
      any amounts transferred to retained earnings on the exercise of share options. 
 
      Foreign currency reserve represents the exchange translation gains/(losses) on 
      converting overseas subsidiaries. 
 
      Revaluation reserve represents the unrealised gain or loss on fair/market value 
      movement on available for sale investments and other assets which are valued at 
      their fair value at the balance sheet date. 
 

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DJ AfriAg Global Plc Audited Results to 31 December -5-

      Retained earnings include all current and prior period results as disclosed in 
      the income statement. 
 
      Cash and cash equivalents 
 
      Cash and cash equivalents includes cash in hand, deposits held at call with 
      banks, and bank overdrafts.  Bank overdrafts are shown within current 
      liabilities on the balance sheet. 
 
      Financial liabilities 
 
      Financial liabilities are obligations to pay cash or other financial assets and 
      are recognised when the Group becomes a party to the contractual provisions of 
      the instrument. 
 
      All financial liabilities initially recognised at fair value less transaction 
      costs and thereafter carried at amortised cost using the effective interest 
      method, with interest-related charges recognised as an expense in finance cost 
      in the income statement.  A financial liability is derecognised only when the 
      obligation is extinguished, that is, when the obligation is discharged or 
      cancelled or expires. 
 
      Trade payables 
 
      Trade payables are non-interest-bearing and are initially measured at fair 
      value and thereafter at amortised cost using the effective interest rate. 
 
      Taxation 
 
      The tax expense represents the sum of the tax currently payable and deferred 
      tax. 
 
      The tax currently payable is based on taxable profit for the period.  Taxable 
      profit differs from the net profit as reported in the income statement because 
      it excludes items of income or expense that are taxable or deductible in other 
      periods and it further excludes items that are never taxable or deductible. 
      The Group's liability for current tax is calculated using tax rates that have 
      been enacted or substantively enacted by the balance sheet date. 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
2     Significant accounting policies (continued) 
 
      Provisions 
 
      Provisions are recognised when the Group has a present obligation as a result 
      of a past event, it is probable that the Group will be required to settle that 
      obligation and a reliable estimate can be made of the amount of the 
      obligation.  The amount recognised as a provision is the best estimate of the 
      consideration required to settle the present obligation at the balance sheet 
      date, taking into account the risks and uncertainties surrounding the 
      obligation 
 
      Share based payments 
 
      The Company issues equity-settled share-based benefits to employees.  All 
      equity-settled share-based payments are ultimately recognised as an expense in 
      profit or loss with a corresponding credit to reserves. 
 
      Share-based payments relating to the subsidiary company increase the carrying 
      value of the investment in the subsidiary and are included in the loss on 
      disposal of the subsidiary. 
 
      If vesting periods or other non-market vesting conditions apply, the expense is 
      allocated over the vesting period, based on the best available estimate of the 
      number of share options expected to vest.  Estimates are subsequently revised 
      if there is any indication that the number of share options expected to vest 
      differs from previous estimates.  Any cumulative adjustment prior to vesting is 
      recognised in the current period.  No adjustment is made to any expense 
      recognised in prior periods if share options ultimately exercised are different 
      to that estimated on vesting. 
 
      Upon exercise of any share options the proceeds received net of attributable 
      transaction costs are credited to share capital, and where appropriate share 
      premium. 
 
3     Critical accounting judgements and key sources of estimation uncertainty 
 
      In the process of applying the Group's accounting policies, as described in 
      note 2, management has made the following judgements that have the most 
      significant effect on the amounts recognised in the financial statements. 
 
      Valuation of share-based payments to employees 
 
      The Company estimates the expected value of share-based payments to employees 
      and this is charged through the income statement over the vesting period.  The 
      fair value is estimated using the Black Scholes valuation model which requires 
      a number of assumptions to be made such as level of share vesting, time of 
      exercise, expected length of service and employee turnover and share price 
      volatility.  This method of estimating the value of share-based payments is 
      intended to ensure that the actual value transferred to employees is provided 
      for by the time such payments are made. 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
4     Segmental information 
 
      An operating segment is a distinguishable component of the Group that engages 
      in business activities from which it may earn revenues and incur expenses, 
      whose operating results are regularly reviewed by the Group's chief operating 
      decision maker to make decisions about the allocation of resources and 
      assessment of performance and about which discrete financial information is 
      available. 
 
      The chief operating decision maker has defined that the Group's only reportable 
      operating segments during the period are the agriculture and logistics sector, 
      and the parent company/investment. 
 
      Subject to further acquisitions the Group expects to further review its 
      segmental information during the forthcoming financial year. 
 
      The Group has generated revenues from external customers during the period of GBP 
      2,236,000 (2017: GBP3,122,000), and GBPnil (2017: GBPnil) revenue is from management 
      fees to the associate company. 
 
      In respect of the total assets of GBP2,748,000 (2017: GBP2,888,000), GBP128,000 
      (2017: GBP132,000) arise in the parent company, and GBP2,620,000 (2017: GBP2,756,000) 
      arise in South Africa. 
 
5     Operating loss 
                                                                    Year to 31    Year to 31 
 
                                                                      Dec 2018      Dec 2017 
 
                                                                         GBP'000         GBP'000 
 
      Operating loss is stated after charging: 
 
      Wages and salaries                                                    27            20 
 
      Depreciation                                                           3             4 
 
      Currency losses                                                        1            26 
 
      Audit fees                                                            12            12 
 
      Included in share options is GBPnil (2017 - GBPnil) relating to directors. 
 
      In addition to auditors' remuneration shown above, the auditors received the 
      following fees for non-audit services. 
 
                                                                        2018            2017 
 
                                                                       GBP'000           GBP'000 
 
      Other financial advisory services                                    -               - 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
6     Directors' emoluments                                       2018         2017 
 
                                                                 GBP'000        GBP'000 
 
      Fees and benefits                                            114           24 
 
      The Parent Company has no other directly employed personnel. 
 
                                      Fees and       Share based 
 
                                      salaries          payments              Total 
 
      2018                               GBP'000             GBP'000              GBP'000 
 
      D Lenigas                             36                 -                 36 
 
      A Samaha                               6                 -                  6 
 
      D Strang                              36                 -                 36 
 
      H Harris                              36                 -                 36 
 
                                           114                 -                114 
 
      2017                               GBP'000             GBP'000              GBP'000 
 
      D Lenigas                              6                 -                  6 
 
      A Samaha                               6                 -                  6 
 
      D Strang                               6                 -                  6 
 
      H Harris                               6                 -                  6 
 
                                            24                 -                 24 
 
      The Directors' fees totalling GBP428,000 that have been accrued and remain 
      unpaid as at 31 December 2018 all relate to the current and previous years 
      unpaid fees. (2017: GBP337,000). 
 
7     Investment income                                       Year to 31 Year to 31 
 
                                                                Dec 2018   Dec 2017 
 
                                                                   GBP'000      GBP'000 
 
      Interest received                                                3          2 
 
      (Loss) on sale of AFS investments                             (22)       (13) 
 
      (Loss) on market value revaluation at 31 December             (32)          - 
 
      Total investment income                                       (51)       (11) 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 

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DJ AfriAg Global Plc Audited Results to 31 December -6-

8    Finance costs                                      Year to 31 Year to 31 
 
                                                          Dec 2018   Dec 2017 
 
     Interest paid                                               -          1 
 
9    Taxation                                           Year to 31 Year to 31 
 
                                                          Dec 2018   Dec 2017 
 
                                                             GBP'000      GBP'000 
 
     Total current tax                                           -          - 
 
     The actual tax charges for the period differs from the standard rate 
     applicable in the UK of 19% (2017 - 19/20%) for the reasons set out in 
     the following reconciliation: 
 
                                                              2018       2017 
 
                                                             GBP'000      GBP'000 
 
     Loss on ordinary activities before tax                  (318)       (38) 
 
     Tax thereon @ rates above                                (60)        (7) 
 
     Factors affecting charge for the period: 
 
     Losses arising in territories where no tax is              60          7 
     charged 
 
     Current tax charge for the period                           -          - 
 
10   Loss per share 
 
                                                              2018       2017 
 
     The calculation of loss per share is based on the       GBP'000      GBP'000 
     loss after taxation divided by the weighted 
     average number of shares in issue during the 
     period: 
 
 
     Net loss after taxation (GBP000's)                        (318)       (38) 
 
     Number of shares 
 
     Weighted average number of ordinary shares for the 
     purposes of basic loss per share (millions)          1,592.51   1,405.11 
 
     Basic and diluted loss per share (expressed in        (0.017)    (0.003) 
     pence) 
 
     As inclusion of the potential ordinary shares would result in a decrease 
     in the earnings per share they are considered to be anti-dilutive, as 
     such, a diluted earnings per share is not included. 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
11    Property, plant & equipment - Group                                     Total PPE 
 
                                                                                  GBP'000 
 
      Costs 
 
      At 1 January 2017                                                               5 
 
      Additions                                                                       4 
 
      At 31 December 2017                                                             9 
 
      At 1 January 2018                                                               9 
 
      Additions                                                                       3 
 
      At 31 December 2018                                                            12 
 
      Depreciation & impairment 
 
      At 1 January 2017                                                               - 
 
      Additions                                                                       4 
 
      At 31 December 2017                                                             4 
 
      At 1 January 2018                                                               4 
 
      Additions                                                                       3 
 
      At 31 December 2018                                                             7 
 
      Net Book Values 
 
      At 31 December 2017                                                             5 
 
      At 31 December 2018                                                             5 
 
      Impairment Review 
      At 31 December 2018, the directors have carried out an impairment review and 
      have considered that no impairment is required.  The depreciation charge is 
      immaterial currently in respect of disclosure within the table above, and 
      therefore not disclosed. 
 
 
 
12     Investments in subsidiaries - Company 
 
                                                                     31 December  31 December 
 
                                                                            2018         2017 
 
                                                                           GBP'000        GBP'000 
 
       Cost and net book value 
 
       At 1 January                                                            -            - 
 
       Additions                                                               -            - 
 
       Disposal                                                                -            - 
 
       At 31 December                                                          -            - 
 
       The following were subsidiary undertakings held directly or indirectly by the 
       Company at the end of the year: 
 
       Name                  Country of           Proportion of voting  Nature of business 
                             incorporation        rights and ordinary 
                                                  share capital held 
                                                  voting right 
 
       AfriAg Limited        England              100%                  Holding Company 
 
       Afriag International  England              100%                  Dormant Company 
       Limited 
 
       AfriAg Limited        BVI                  100%                  Dormant Company 
 
       Afriag Holdings (Pty) South Africa         100%                  Holding Company 
       Limited 
 
       Afriag Marketing      South Africa         100%                  Marketing Company 
       (Pty) Limited 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
13    Investment in associate - Group                              31 December     31 December 
 
                                                                          2018            2017 
 
                                                                         GBP'000           GBP'000 
 
      At 1 January                                                       1,590           1,518 
 
      Addition at cost                                                       -               - 
 
      Share of associate result                                             97              72 
 
      Carrying value at 31 December                                      1,687           1,590 
 
      The Group's share of results of its associate, which is unlisted, and its 
      aggregated assets and liabilities, is as follows: 
 
      Name       Country of      Assets    Liabilities   Revenues   Profit/(Loss)   % interest 
                 incorporation                                                            held 
 
                               As at 31 December 2018   10 months to 31 December 2018 
 
      AfriAg     South Africa   GBP3,488,000  GBP1,273,000   GBP9,016,000      GBP227,000           40 
      (Pty) Ltd 
 
      AfriAg (Pty) Limited's year end is 28 February. 
 
 
 
 
14   Available-for-sale investments - Group & Company  31 December 31 December 
 
                                                              2018        2017 
 
     Current Assets - Listed investments                     GBP'000       GBP'000 
 
     At 1 January - market value                                 1          35 
 
     Disposals during the period                               (1)        (35) 
 
     Purchases during the period                                62           - 
 
     (Loss) on disposal of investments                        (22)        (13) 
 
     Transfers to income statement                              22          14 
 
     Movement in market value                                 (32)           - 
 
     At 31 December - market value                              30           1 
 
     Available-for-sale investments comprise investments in listed securities 
     which are traded on stock markets throughout the world, and are held by 
     the Group as a mix of strategic and short term investments. 
 
     Income from these investments was GBPnil for dividends received for the 
     year to 31 December 2018. (2017: GBPnil) 
 
 
 
15    Inventories - Group                                      31 December  31 December 
 
                                                                      2018         2017 
 
                                                                     GBP'000        GBP'000 
 
      Goods & Packaging                                                  -            3 
 
      Total                                                              -            3 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
16   Trade and other receivables                   31 December 2018     31 December 2017 
 
                                                   Group    Company     Group    Company 
                                                   GBP'000      GBP'000     GBP'000      GBP'000 
 
     Current trade and other receivables 
 
     Trade receivables                               219          3       280          3 
 
     Other debtors                                   585         10       562          1 
 
     Loan to related party company                   117        117         -          - 
 
     Prepayments & accrued income                      4          4         4          4 
 
     Total                                           925        134       846          8 
 
 
     Non-Current trade and other receivables 
 
     Loans due from subsidiaries                       -      1,836         -      1,836 
 
     Total                                             -      1,836         -      1,836 
 
 

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DJ AfriAg Global Plc Audited Results to 31 December -7-

     Loans outstanding and due from subsidiaries, are interest free and repayable on 
     demand. 
 
 
 
17   Trade and other payables 
 
                                        31 December 2018      31 December 2017 
 
                                        Group    Company      Group    Company 
                                        GBP'000      GBP'000      GBP'000      GBP'000 
 
     Current trade and other 
     payables 
 
     Trade creditors                      215          9        309          5 
 
     Other creditors                      152          3        188         26 
 
     Accruals                             477        446        422        354 
 
     Total                                844        458        919        385 
 
 
 
18    Share capital                                             31 December  31 December 
 
                                                                       2018         2017 
 
                                                                      GBP'000        GBP'000 
 
      Allotted, issued and fully paid 
 
      1,761,001,037 (2017 - 1,461,001,037) ordinary shares            1,761        1,461 
      of GBP0.001 each 
 
      Shares issued during the year ended 31 December 2017: 
      300 million shares were issued by the Company, by way of a placing on 12 July 
      2018 for cash at a price of 0.1p per share during the year to 31 December 2018 
      (2017: 80 million for cash at 0.25p per share on 12 September 2017). 
 
      Warrants in issue 
 
      As at 31 December 2018, nil warrants (2017: nil) remain outstanding. No 
      warrants were issued, exercised, or lapsed during the year ended 31 December 
      2018 (2017: nil). 
 
      Share Options 
 
      The Company has as at 31 December 2018, 129,000,000 (2017: 129,000,000) share 
      options issued through its share schemes. During the year nil options were 
      issued (2017: nil), no options were exercised (2017: nil) and nil options were 
      cancelled or lapsed (2017: nil). 
 
 
Notes to the financial statements (continued) 
 
_________________________________________________________________________________________ 
 
18    Share capital (continued) 
 
      Employment Benefit Trust ("EBT") 
 
      The Company established on 3 October 2014 a share incentive plan ("SIP") and 
      effective as of 3 October 2014. The purpose of the SIP is to incentivise 
      officers, employees and consultants of the Company by the award of ordinary 
      shares in the capital of the Company ("Ordinary Shares") for no cost. Ordinary 
      Shares under this plan will not exceed 10 per cent of the Company's issued 
      share capital from time to time without the prior approval of shareholders of 
      the Company. 
 
      The Company also established on 3 October 2014, an employee benefit trust 
      called the AfriAg Employee Benefit Trust ("EBT") to implement the use of the 
      SIP. The EBT is a discretionary trust for the benefit of directors, employees 
      and consultants of the Company and its subsidiaries. 
 
      Accordingly, the trustees of the EBT subscribed for 118,000,000 new ordinary 
      shares of 0.1p each in the Company, at par value per share at an aggregate cost 
      to the Company of GBP118,000, such shares representing 9% of the so enlarged 
      issued share capital of the Company at the time.  The shares held in the EBT 
      are intended to be used to satisfy future awards made by the Company's 
      Remuneration Committee under the SIP. It is intended that any individual awards 
      under the scheme will be subject to vesting and performance conditions.  There 
      have been no further subscriptions during the year ended 31 December 2018(2017 
      : nil).  On 1 August 2017, the Company awarded the remaining 18 million EBT 
      shares to various consultants (2017:18 million), leaving nil shares held by the 
      EBT which was wound up during the year ended 31 December 2017. 
 
 
 
19   Share based payments 
 
     A modified Black-Scholes model has been used to determine the fair value of the 
     share options on the date of grant.  The fair value is expensed to the income 
     statement on a straight-line basis over the vesting period, which is determined 
     annually.  The model assesses a number of factors in calculating the fair 
     value.  These include the market price on the date of grant, the exercise price 
     of the share options, the expected share price volatility of the Company's 
     share price, the expected life of the options, the risk- free rate of interest 
     and the expected level of dividends in future periods. 
     As disclosed in note 5 the share option charge for the period was GBPnil (2017- GBP 
     nil) 
 
     The options currently in issue are detailed below: 
 
     Exercise Grant     Expiry    31 December  Granted     Expired     31 December Weighted 
     Price    Date      Date         2017                                 2018     average 
                                                                                   exercise 
                                                                                    price 
 
     Summary of options 
 
     GBP0.001   07/12/    31/12/     69,000,000         -              -  69,000,000  GBP0.0010 
              2012      2020 
 
     GBP0.0025  01/07/    31/12/     50,000,000         -              -  50,000,000  GBP0.0025 
              2016      2020 
 
     GBP0.0030  12/08/    31/12/     10,000,000         -              -  10,000,000  GBP0.0030 
              2016      2019 
 
                                  129,000,000         -              - 129,000,000  GBP0.0021 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
20    Financial instruments 
 
      The Group's financial instruments comprise cash at bank and payables which 
      arise in the normal course of business.  It is, and has been throughout the 
      period under review, the Group's policy that no speculative trading in 
      financial instruments shall be undertaken.  The Group has been solely equity 
      funded during the period.  As a result, the main risk arising from the Group's 
      financial instruments is currency risk. 
 
      Details of the significant accounting policies and methods adopted, including 
      the criteria for recognition, the basis of measurement and the basis on which 
      income and expenses are recognised, in respect of each class of financial 
      asset, financial liability and equity instrument are disclosed in note 2 of the 
      accounts. 
 
                                                                          2018         2017 
 
                                                                         GBP'000        GBP'000 
 
      Financial assets (current) 
 
      Trade receivables                                                    219          280 
 
      Cash and cash equivalents                                            101          443 
 
      Financial liabilities (current) 
 
      Trade payables                                                       215          309 
 
      Interest rate risk and liquidity risk 
      The Group is funded by equity, maintaining all its funds in bank accounts.  The 
      Group's policy throughout the period has been to minimise the risk of placing 
      available funds on short term deposit.  The short-term deposits are placed with 
      banks for periods up to 1 month according to funding requirements. 
 
      The Group had no undrawn committed borrowing facilities at any time during the 
      period. 
 
      Currency risk 
      The group is directly exposed to currency risk of its subsidiaries, as they are 
      based in South Africa, and exposed to movement against the South African Rand 
      as their assets, liabilities, revenue and expenditure are denominated therein. 
      The parent company is denominated in pound sterling. 
 
      Market risk 
      The group and company's current exposure to market risk in relation to its AFS 
      investments, which are listed on stock markets throughout the world. 
 
      Fair values 
      Cash and cash equivalents (which are presented as a single class of assets on 
      the face of the balance sheet) comprise cash held by the company with an 
      original maturity of three months or less.  The carrying amount of these assets 
      approximates their fair value. 
 
      The directors consider there to be no material difference between the book 
      value of financial instruments and their values at the balance sheet date. 
 
 
Notes to the financial statements (continued) 
 
__________________________________________________________________________________________ 
 
21      Related party transactions 
 
        Transactions between the Company and its subsidiaries, which are related 
        parties, have been eliminated on consolidation and are not disclosed in this 
        note. Transactions between other related parties are discussed below. 
 
        During the period, the parent company granted an interest free, repayable on 
        demand loan of GBP117,00 to Afriag Global (Pty) Ltd, a South African company 
        related to the parent by virtue of common Directors' (with the group's 
        subsidiaries) in South Africa.  This loan remains outstanding at 31 December 
        2018. (2017: no transactions to disclose) 
 
        Remuneration of Key Management Personnel 
 
        The remuneration of the Directors and other key management personnel of the 
        Group are set out below in aggregate for each of the categories specified in 
        IAS24 Related party Disclosures. 
 
                                                                                   2018          2017 
 
                                                                                  GBP'000         GBP'000 
 
        Short-term employee benefits                                                114            24 
 

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DJ AfriAg Global Plc Audited Results to 31 December -8-

        Share-based payments                                                          -             - 
 
                                                                                    114            24 
 
22      Capital Commitments & Contingent Liabilities 
 
 
        There are no non-cancellable capital commitments as at the balance sheet date. 
        The Group has no contingent liabilities at the balance sheet date. 
 
23      Ultimate control 
 
 
        The Company has no individual controlling party. 
 
24      Events after the end of reporting period 
 
 
        There are no events after the end of the reporting period to disclose. 
 
25      Profit and loss account of the parent company 
 
 
        As permitted by s408 of the Companies Act 2006, the profit and loss account of 
        the parent company has not been separately presented in these accounts. The 
        parent company loss for the year was GBP264,000 (2017: GBP108,000). 
 
 
 
 
END 
 

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