FORACO INTERNATIONAL SA FORACO INTERNATIONAL S.A.
Unaudited Condensed Interim Consolidated Financial Statements
Three‐month and six‐month periods ended
June 30, 2023
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Foraco International S.A.
Unaudited condensed interim consolidated financial statements as of June 30, 2023
Table of Contents
Unaudited condensed interim consolidated balance sheet ‐ Assets | 3 | |
Unaudited condensed interim consolidated balance sheet - Equity and Liabilities | 4 | |
Unaudited condensed interim consolidated income statement | 5 | |
Unaudited condensed interim consolidated statement of changes in equity | 6 | |
Selected notes to the unaudited condensed interim consolidated financial statements | 8 | |
1. | Basis of preparation | 8 |
2. | Selected notes on critical accounting policies and new accounting pronouncements | 8 |
3. | Financial risk management | 10 |
4. | Segment information | 10 |
5. | Property, plant and equipment | 12 |
6. | Goodwill | 12 |
7. | Inventories | 13 |
8. | Financial debt and lease obligations | 13 |
9. | Provisions | 14 |
10. Share capital and change in equity | 14 | |
11. | Expenses by nature | 15 |
12. | Income tax expense | 15 |
13. | Commitments and contingencies | 15 |
14. | Related‐party transactions | 16 |
15. Earnings per share calculation | 16 | |
16. Post balance sheet events | 16 |
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Foraco International S.A.
Unaudited condensed interim consolidated financial statements as of June 30, 2023
Unaudited condensed interim consolidated balance sheet ‐ Assets
in thousands of US$ | Note | June 30, | December 31, |
2023 | 2022 | ||
ASSETS | |||
Non‐current assets | |||
Property, plant and equipment | (5) | 47,668 | 39,536 |
Goodwill | (6) | 66,906 | 64,055 |
Deferred income tax assets | 21,454 | 18,791 | |
Other non‐current assets | 1,037 | 1,053 |
137,065 | 123,435 | ||
Current assets | |||
Inventories, net | (7) | 45,389 | 44,030 |
Trade receivables, net | 60,201 | 42,439 | |
Other current assets | 12,733 | 10,232 | |
Cash and cash equivalents | 34,890 | 29,409 | |
153,213 | 126,110 | ||
Total assets | 290,278 | 249,545 |
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Foraco International S.A.
Unaudited condensed interim consolidated financial statements as of June 30, 2023
Unaudited condensed interim consolidated balance sheet - Equity and Liabilities
in thousands of US$ | Note | June 30, | December 31, |
2023 | 2022 | ||
EQUITY | |||
Capital and reserves attributable to the Company's | |||
equity holders | |||
Share capital | 2,499 | 2,499 | |
Share premium, reserves and retained earnings | 80,349 | 62,688 | |
82,848 | 65,187 | ||
Non‐controlling interests | 10,928 | 10,305 | |
Total equity | 93,776 | 75,492 | |
LIABILITIES | |||
Non‐current liabilities | |||
Borrowings ‐ Non‐current portion of long‐term debt | (8) | 86,168 | 84,771 |
Lease obligations - Non current portion | (8) | 4,513 | 3,276 |
Deferred income tax liabilities | 2,274 | 2,292 | |
Provisions for other liabilities and charges | (9) | 623 | 563 |
Current liabilities | |||
Trade payables | 32,024 | 28,717 | |
Other payables | 36,010 | 30,243 | |
Current income tax liabilities | 10,070 | 6,524 | |
Borrowings ‐ Current portion of long‐term debt | (8) | 13,731 | 13,166 |
Borrowings ‐ Current portion of drawn credit lines | (8) | 8,283 | 2,323 |
Lease obligations ‐ Current portion | (8) | 2,642 | 2,032 |
Provisions for other liabilities and charges | (9) | 163 | 144 |
Total liabilities | 196,502 | 174,053 | |
Total equity and liabilities | 290,278 | 249,545 | |
Net debt including operating lease obligations under IFRS 16 | 80,448 | 76,161 |
Net debt including operating lease obligations is a non IFRS measure and corresponds to the current and non‐ current portion of borrowings, net of cash and cash equivalents
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Foraco International S.A.
Unaudited condensed interim consolidated financial statements as of June 30, 2023
Unaudited condensed interim consolidated income statement
In thousands of US$ | Three‐month period ended | ||
June 30, | |||
Note | 2023 | 2022 | |
Revenue | (4) | 100,066 | 86,498 |
Cost of sales | (11) | (74,102) | (67,711) |
Gross profit | 25,964 | 18,787 | |
Selling, general and administrative expenses | (11) | (7,107) | (6,170) |
Other operating income / (expense), net | ‐ | ‐ | |
Operating profit | 18,857 | 12,617 | |
Finance costs | (3,484) | (2,778) | |
Profit before income tax | 15,373 | 9,839 | |
Income tax (expense) / profit | (12) | (4,319) | (2,675) |
Net profit for the period | 11,054 | 7,164 | |
Attributable to: | |||
Equity holders of the Company | 8,814 | 5,059 | |
Non‐controlling interests | 2,240 | 2,105 | |
Earnings per share for profit attributable to the equity holders of the | |||
Company during the period (expressed in US cents per share): | |||
‐ basic | (15) | 8.92 | 5.12 |
‐ diluted | (15) | 8.73 | 4.99 |
Operating profit before depreciation, amortization and non‐cash | 23,812 | 17,867 | |
share based compensation expenses | |||
Six‐month period ended
June 30,
20232022
188,444 | 154,239 |
(141,362) | (125,891) |
47,082 | 28,348 |
(14,011) | (12,121) |
‐ | ‐ |
33,071 | 16,227 |
(7,052) | (5,354) |
26,019 | 10,872 |
(6,964) | (2,930) |
19,055 | 7,942 |
15,449 | 4,887 |
3,606 | 3,055 |
- 4.95
- 4.82
42,943 26,394
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Foraco International SA published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 12:03:16 UTC.
