Alterra Declared Half-Yearly Results; EBITDA up by 182.9%

Alterra Limited (ASX: 1AG), is a company from the industrials sector and is engaged in the agri-forestry and dairy operations in Australia.

On 2 June 2019, 1AG notified the market about the change of its addresses, the company’s registered office and principal place of business will be now be located at 144 Northwood Street, West Leederville, WA 6007. The company’s postal address would be PO Box 1384, West Leederville, WA 6901.

On 30 May 2019, Alterra released its half-yearly results for the period ended 31 March 2019. During the period, the revenue from the ordinary activities declined by 24.4% to $1.025 million. The company incurred a loss of A$0.163 million from the continuing operations, down by 241.7% as compared to the previous corresponding period. The profit before income tax from discontinued operations during the period was up by 713.2% to $2.212 million. The EBITDA during 1H FY2019 was $2.198 million, up by 182.9% on the prior corresponding period. The profit after tax attributable to members of the company for the period stood at $2.049 million.

During the period, the company successfully completed the demerger of the Carbon Business on 31 December 2018. The Board, along with the management, got transformed with the appointment of new Managing Director Mr Oliver Barnes. After the demerger, the company retained the services contract for the Carbon Business to provide the necessary skills and expertise to manage the Carbon Business on behalf of CCIL.

The company is receiving ~ $460,000 p.a. excluding GST for providing various services. Apart from that, the company at present generates $210,000 (excl GST) in lease income p.a. It further expects to receive around $160,000 p.a.  in shareholder distributions from CCIL starting from May 2019. Besides, on 5 April 2019, the company had announced the appointment of John Poynton AO as Chairman of the Alterra Advisory Board. On 30 April 2019, the company signed a Technical Partner Agreement with Mr Tyson Bennett.

Further, the balance sheet of the company witnessed a significant fall in the net asset from $11,173,486 in 2H FY2018 to $7,498,569 in the 1H FY2019. The total shareholders’ equity for the period was $7,498,569.

During the period, the company reported an increase in the cash inflow from the operating activities of the company. In the 2H FY2018, the net cash inflow from the operating activities of the company was $569,823, which reached $755,557 in 1H FY2019. The primary source of cash inflow was in the form of a receipt from the customer, along with interest received.

The company reported a net cash inflow of $12,122 from its investing activities. The primary source of cash inflow was through the sale of land.

The net cash used in the financing activities was $900,486. The primary drivers of cash outflow were in the form of Issue of loan to associate as well as the issue of employee loans.

During the period, the company reported a net fall in the cash and cash equivalent worth $132,807. By the end of the 1H FY2019, the net cash and cash equivalent with Alterra Limited was $2,263,363.

The shares of the company, last traded on 31 May 2019, at a price of A$0.047.


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