WINGARA AG LIMITED

WNR
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Wingara : Full Year Statutory Accounts

07/06/2022 | 07:24pm

onlyWingara AG Limited

ACN 009 087 469

useAnnual Report - 31 March 2022 personalFor

Wingara AG Limited

Contents

31 March 2022

Corporate directory Directors' report

Auditor's independence declaration

Consolidated statement of profit or loss and other comprehensive income onlyConsolidated statement of financial position

Consolidated statement of changes in equity Consolidated statement of cash flows

Notes to the consolidated financial statements Directors' declaration

I dependent auditor's report to the members of Wingara AG Limited

For usepersonal

2

3

20

21

23

24

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57

58

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Wingara AG Limited Corporate directory 31 March 2022

Directors

onlyChief Executive Officer Chief Financial Officer Company secretary Registered office

usePrincipal place of business

Share and debenture register

personalAuditor

St ck exchange listing

Website

For

Mr David Christie (Non-Executive Chairman)

Mr Brendan York (Non-Executive Director)

Mr Marcello Diamante (Non-Executive Director)

Mr James Whiteside

Mr Jae Tan

Ms Natalie Climo

Suite 11, 13 Church Street

Hawthorn

VIC 3122

Australia

Suite 11, 13 Church Street

Hawthorn

VIC 3122

Australia

Computershare Investor Services Pty Ltd Level 11, 172 St Georges Terrace Perth 6000

Australia

1300 55 70 10 (within Australia)

+61 8 9323 2000 (overseas)

William Buck

Level 20, 181 William Street

Melbourne Victoria 3000

Wingara AG Limited shares are listed on the Australian Securities Exchange (ASX code: WNR)

www.wingaraag.com.au

2

Consolidated revenue growth of 32% ending the year on $50,064,218 (FY21: $38,009,411) driven by the JC Tanloden business with hay production volumes up 51% on FY21 and ending the year with sales of 96,581 tonnes (FY21: 63,912).
A number of unfavourable contracts entered into by previous management including high priced hay contracts and out-of-the-moneyforeign exchange positions.
The strengthening of commodity and other prices that began in FY21 accelerated substantially in FY22. Domestic hay prices increased in line with all soft commodities and the significant interruptions to global supply chains resulted in sea freight cost increases of 87% per tonne when compared to FY21. Passing these higher prices onto customers in Asian markets has been challenging and largely achieved, though has come with the risk of some demand destruction.

Wingara AG Limited Directors' report 31 March 2022

The directors present their report, together with the financial statements, on the consolidated entity, consisting of Wingara AG Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled (together referred to hereafter as the 'Consolidated Entity') at the end of, or during, the year ended 31 March 2022.

onlyDirectors

The following persons were directors of Wingara AG Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:

Mr David Christie - Non-Executive Chairman

Mr Jeral D'Souza - Non-Executive Director (resigned 21 October 2021)

Mr Steven Chaur - Non-Executive Director (resigned 1 April 2022)

Mr Brendan York - Non-Executive Director (appointed 23 September 2021)

Mr Marcello Diamante - Non-Executive Director (appointed 1 April 2022)

usePrincipal activities

During the year, the principal continuing activities of the Consolidated Entity consist of acting as product processor and marketer of agricultural products, and also acting as service provider, providing temperature controlled facilities, blast freezing, storage and distribution.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Review of results and operations1

personalWingara AG Limited is an owner and operator of value-added,mid-stream assets specialising in the processing, storage and m rketing of agricultural products for export markets.

The 2022 financial year (FY22) saw significant improvements in business performance but was impacted by a number of macroeconomic and social impacts well beyond the control of the business. These negative impacts included:

The impact of COVID-19 throughout the year and in particular the arrival of the Omicron variant has created labour shortages at both JC Tanloden and Austco Polar. For the JC Tanloden business, significant plant downtime in the last four months of the financial year was caused by staff unable to come to work. This also impacted critical preventative maintenance activities and the commissioning of new equipment to lift plant performance. The Austco Polar business had a number of its key customers (particularly abattoirs) interrupted by labour shortages, which substantially impacted our blast freezing volumes and plant throughput; and

ForNotwithstanding these complexities, the new management team lead by CEO James Whiteside (who commenced on 1 July 2021) has, in a short period of time, strengthened the commercial position of the company by focusing on supplier and customer relationships, resetting operating processes and controls and steadily improving its reporting transparency.

Key achievements in FY22 include:

1 Throughout this report, certain financial information is presented which is not prescribed by Australian Accounting Standards ('AAS'), such as EBITDA and EBIT. Earnings before interest and income tax (EBIT) reflects profit for the year prior to including the effect of net finance costs, income taxes and loss from operations held for sale. Earnings before interest, income tax expense, depreciation and amortisation (EBITDA) reflects profits for the year prior to including the effect of net finance costs, income taxes, depreciation and amortisation and loss from operations held for sale. The individual components of EBITDA and EBIT are included as line items in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. Reference to results before significant items excludes the financial impacts of capital raise and share placement costs, share- based payment expenses, project related costs, loss on disposal of property, plant and equipment, impairment of receivables and one-off legal fees. The Directors consider that

these measures are useful in gaining an understanding of the performance of the entity, consistent with internal reporting.

3

Wingara AG Limited Directors' report 31 March 2022

Continued focus on margins and operating processes has resulted in growth across all financial performance

metrics in our Continuing Operations (excluding Austco Polar, see next paragraph) before significant items including Revenue (up 43%), Gross Profit (up 75%), EBITDA (up 74%) and EBIT loss (down 470%). only

Strong working capital management resulting in year-on-year reduction in Net Debt, ending the year on $6,284,066 (FY21: $8,861,157).

In addition, during the first half of FY22 management announced that it had completed a strategic review of Austco Polar Cold Storage and determined that this business is non-core to the Company's future growth strategy given the substantial growth opportunities available through JC Tanloden. Accordingly, a business broker has been engaged to run a sale process to realise the business' value. Austco Polar's results from operations for the twelve months ended 31 March 2022 and 2021 have therefore been re-presented as results from operations held for sale.

Summary of financial results

useRevenue Gross profit

EBITDA before significant items EBIT before significant items NLAT before significant items

personalOperations held for sale before significant items Significant items

Net loss attributable to shareholders

Summary of significant items

From continuing operations

Equity settled share-based payments

L ss on disposal of property, plant and equipment Pr ject expenses

Legal fees

Impairment of receivables

Re tructure costs

Fo feiture of deposit

Mark-to-market inventory adjustment

From operations held for sale

Loss on disposal of property, plant and equipment Restructure costs

Project expenses

31 March

31 March

2022

2021

Change

$

$

39,346,244

27,608,403

43%

16,071,803

9,186,341

75%

1,721,262

987,512

74%

328,054

(88,825)

(469%)

(2,484,148)

(1,371,897)

81%

(1,380,855)

(1,798,975)

(23%)

(5,831,897)

(3,061,937)

90%

(9,696,900)

(6,232,809)

56%

(53,849)

99,000

(154%)

(2,931,870)

(149,658)

1859%

(90,161)

(129,758)

(31%)

(140,337)

-

(100%)

-

(977,288)

100%

-

(299,000)

100%

-

(268,000)

100%

-

(661,000)

100%

(3,216,217)

(2,385,704)

35%

(2,559,340)

(358,531)

614%

-

(197,000)

(100%)

(56,340)

(120,702)

(53%)

(2,615,680)

(676,233)

287%

For

Total

(5,831,897) (3,061,937)

90%

The Consolidated Entity's total revenues from continuing operations increased by 43% to $39,346,244 (FY21: $27,608,403) reflecting a strong revenue result from JC Tanloden. This was driven by higher production volumes for the year of 96,581 MT (FY21: 63,912 MT) as a result of higher machinery uptime and increasing daily production hours.

Gross profit ended the year on $16,071,803 (FY21: $9,186,341) representing an increase on prior comparative period of $6,885,462, or 75%.

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Wingara AG Ltd. published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 23:23:07 UTC.

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