NAMOI COTTON LIMITED Rule 4.7B
For personal use only
ASX RELEASE
20 December 2021
QUARTERLY ACTIVITY REPORT AND APPENDIX 4C -
NAMOI COTTON LIMITED (ASX: NAM)
Namoi Cotton Limited ('Namoi' or the 'Company') is pleased to provide its Appendix 4C cash flow statement for the quarter ended 30 November 2021 ('Q3-22'), along with the following update.
Business activities in the Third Quarter (Q3-22)
There was no material change in the activities of the Company during Q3-22.
The ginning season is now complete with our ginning volumes reaching 492,989 bales. This is in line with our investor presentation to the market on 29 October 2021 and compares with 124,000 bales last season.
The Company's Q3-22 cashflow covers the beginning of maintenance in preparation for the coming season together with receipts from customers for by-products.
Net cash outflow from operating activities in Q3-22 totalled $9.0 million (Q3-21: net cash inflows $1.9
million). Receipts from customers totalled $59.3 million during Q3-22(Q3-21: $14.4 million) and compare to product manufacturing and operating costs of $64.6 million for the same period (Q3-21: $9.8 million), reflecting increased ginning volumes versus the same period last year.
Staff plus other administration and corporate costs totalled $3.2m in Q3-22(Q3-21: $3.0 million).
Payments to related parties represent payments made to Grower Directors for the supply of cotton lint, by-products, and services less the cost of ginning cotton. These payments are included within product manufacturing and operating costs and were made in the ordinary course of business.
Material Developments
The Company released its Half Year Report and Accounts, together with an Investor Presentation on 29 October 2021 in which it announced:
- the outlook for Australian cotton production to be 4.6m bales1 for the 2022 season;
- renewal and expansion of the Company's debt facilities to 31 October 2024; and
- a continuation in the Company's 4PP Strategy and gin-ready program.
Cotton growing areas in NSW and QLD have experienced flooding in November and December which may result in a loss of crops in areas that do not have the protection of levees and may result in a revision in early 2022 to the forecast Australian cotton production for the 2022 season.
1 ABARES forecast (September 2021)
ASX Listing Rules Appendix 4C (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
This announcement was approved by the Board of Namoi Cotton.
For further information, please contact:
Namoi Cotton Limited John Stevenson Chief Executive Officer (07) 4631-6104
ASX Listing Rules Appendix 4C (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
Namoi Cotton Limited | |
ABN | Quarter ended ("current quarter") |
76 010 485 588 | 30 November 2021 |
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (9 months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | 59,254 | 279,352 | |
1.2 | Payments for | |||
(a) | research and development | |||
(b) | product manufacturing and operating | (64,600) | (268,816) | |
costs | ||||
(c) | advertising and marketing | |||
(d) | leased assets | |||
(e) | staff costs | (2,982) | (11,664) | |
(f) | administration and corporate costs | (255) | (1,409) | |
1.3 | Dividends received (see note 3) | |||
1.4 | Interest received | 5 | ||
1.5 | Interest and other costs of finance paid | (380) | (1,062) | |
1.6 | Income taxes paid | |||
1.7 | Government grants and tax incentives | 237 | ||
1.8 | Other (provide details if material) | |||
1.9 | Net cash from / (used in) operating | (8,963) | (3,357) | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | |||
(b) | businesses | |||
(c) | property, plant and equipment | (1,006) | (2,008) | |
(d) | investments | |||
(e) | intellectual property | |||
(f) other non-current assets |
ASX Listing Rules Appendix 4C (17/07/20) | Page 3 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (9 months) | |||
$A'000 | ||||
2.2 | Proceeds from disposal of: | |||
(a) | entities | |||
(b) | businesses | |||
(c) | property, plant and equipment | 22 | 416 | |
(d) | investments | |||
(e) | intellectual property | |||
(f) | other non-current assets | |||
2.3 | Cash flows from loans to other entities | |||
2.4 | Dividends received (see note 3) | |||
2.5 | Other (provide details if material) | (13) | 455 | |
2.6 | Net cash from / (used in) investing | (997) | (1,137) | |
activities |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | 10,640 |
3.2 Proceeds from issue of convertible debt securities
3.3 | Proceeds from exercise of options | ||
3.4 | Transaction costs related to issues of | (295) | |
equity securities or convertible debt | |||
securities | |||
3.5 | Proceeds from borrowings | 4,100 | |
3.6 | Repayment of borrowings | (207) | (8,635) |
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if material)
3.10 Net cash from / (used in) financing | (207) | 5,810 |
activities |
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period | 11,753 | 270 | |
4.2 | Net cash from / (used in) operating | (8,963) | (3,357) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | (997) | (1,137) |
(item 2.6 above) |
ASX Listing Rules Appendix 4C (17/07/20) | Page 4 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B
For personal use only
Consolidated statement of cash flows | Current quarter | Year to date | |
$A'000 | (9 months) | ||
$A'000 | |||
4.4 | Net cash from / (used in) financing activities | (207) | 5,810 |
(item 3.10 above) |
4.5 Effect of movement in exchange rates on cash held
4.6 | Cash and cash equivalents at end of | 1,586 | 1,586 |
period |
5. | Reconciliation of cash and cash | Current quarter | Previous quarter |
equivalents | $A'000 | $A'000 | |
at the end of the quarter (as shown in the | |||
consolidated statement of cash flows) to the | |||
related items in the accounts | |||
5.1 | Bank balances | 1,586 | 11,753 |
5.2 | Call deposits | ||
5.3 | Bank overdrafts | ||
5.4 | Other (provide details) | ||
5.5 | Cash and cash equivalents at end of | 1,586 | 11,753 |
quarter (should equal item 4.6 above) |
6. | Payments to related parties of the entity and their | Current quarter |
associates | $A'000 | |
6.1 | Aggregate amount of payments to related parties and their | 185 |
associates included in item 1 | ||
6.2 | Aggregate amount of payments to related parties and their | 0 |
associates included in item 2 |
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
ASX Listing Rules Appendix 4C (17/07/20) | Page 5 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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Namoi Cotton Co-operative Limited published this content on 20 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2021 23:39:09 UTC.
