AGRIA CORP

CIK:0001413257|SEC Filings

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenue	$ 860,652	$ 822,215	$ 807,679
Cost of sales	(610,788)	(586,484)	(585,312)
Gross profit	249,864	235,731	222,367
Other income	81	334	547
Selling, general and administrative expense	(226,378)	(214,059)	(192,142)
Impairment of goodwill	(3,070)	0	0
Research and development	(4,624)	(4,445)	(4,311)
Equity in earnings/(losses) of investees	(7,874)	1,783	(164)
Operating profit	7,999	19,344	26,297
Non-operating income	1,338	5,930	3,225
Profit before financial income/expenses and income taxes	9,337	25,274	29,522
Finance income	199	1,089	1,589
Finance expenses	(15,573)	(10,622)	(14,906)
(Loss)/profit before income taxes	(6,037)	15,741	16,205
Income taxes	(8,613)	(8,992)	(6,962)
(Loss)/profit for the year	(14,650)	6,749	9,243
Attributable to:
Equity holders of the Company	(17,833)	(10,303)	(6,300)
Non-controlling interests	3,183	17,052	15,543
Profit (loss)	$ (14,650)	$ 6,749	$ 9,243
Earnings/(loss) per ordinary share:
Basic	$ (0.16)	$ (0.09)	$ (0.06)
Diluted	$ (0.16)	$ (0.09)	$ (0.06)
No. of ordinary shares outstanding (Basic)	110,115,854	110,322,214	110,766,600
No. of ordinary shares outstanding (Diluted)	110,115,854	110,322,214	110,766,600

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
(Loss) / Profit before tax	$ (6,037)	$ 15,741	$ 16,205
Adjustments for:
Interest expense	12,346	9,988	12,885
Equity in losses (earnings) of investees	7,874	(1,783)	164
Deferred income taxes	(793)	(578)	(1,341)
Share-based payment expenses	1,885	1,885	1,476
Gain on disposal of assets and investment	(1,253)	(6,868)	(3,564)
Depreciation and amortization expense	11,839	9,308	7,259
Impairment of goodwill, tangible assets, intangible assets and other investments	6,483	0	0
Bad debt expense	1,355	3,673	1,492
Write-downs / (reversals) for inventories obsolescence	1,898	1,275	(355)
Pension contributions (operating cash) not expensed through profit and loss	(2,024)	(5,386)	0
Fair value (gain)/loss	37	300	155
Other non-cash items	0	(16)	(880)
Changes in:
Accounts receivable and other receivables	(34,989)	(5,921)	(8,353)
Inventories	(7,617)	(8,659)	2,770
Income tax payable	2,368	1,538	(967)
Accounts payable and other payables	8,645	8,897	13,982
Transfer of fixed assets to held for sale	0	0	(3,414)
Derivative assets and liabilities	3,813	(165)	(2,370)
Other	0	(2,335)	(391)
Adjustments to reconcile profit (loss)	5,830	20,894	34,753
Interest paid	(8,890)	(6,597)	(8,448)
Income tax paid	(8,863)	(7,425)	(9,321)
Net cash provided by/(used in) operating activities	(11,923)	6,872	16,984
Cash flows from investing activities:
Cash paid for purchase of investments	(865)	(1,978)	(7,853)
Prepayment to non-controlling interest	0	0	(12,297)
Proceeds from finance receivables	0	0	723
Acquisition of property, plant and equipment and other assets	(11,342)	(9,251)	(21,154)
Acquisition of intangible assets	(6,163)	(3,926)	(2,202)
Proceeds from sales of investments	79	3,156	6,497
Proceeds from disposal of property, plant and equipment and other assets	2,448	15,947	13,340
Net cash provided by / (used in) investing activities	(15,843)	3,948	(22,946)
Cash flows from financing activities:
Proceeds from external borrowings	70,960	28,433	29,155
Repayment of external borrowings	(32,306)	(30,892)	(17,136)
Proceeds from shareholder's loan	0	4,148	4,201
Proceeds from related party's loan	2,450	10,000	0
Repayment of shareholder's loan	0	(4,201)	(2,446)
Repurchase of shares	0	(281)	0
Dividends paid to non-controlling interests	(10,761)	(10,713)	(9,783)
Net cash provided by/(used in) financing activities	30,343	(3,506)	3,991
Effect of exchange rate changes on cash and cash equivalents	(1,403)	230	417
Net increase / (decrease) in cash and cash equivalents	1,174	7,544	(1,554)
Cash and cash equivalents at the beginning of year	15,876	8,332	9,886
Cash and cash equivalents at the end of year	$ 17,050	$ 15,876	$ 8,332

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 17,050	$ 15,876
Accounts receivable, net	171,456	161,360
Other receivables and prepayments	24,831	21,339
Inventories	187,882	194,435
Biological assets	616	1,139
Short-term derivative assets	560	2,586
Other investments	20	2,522
Assets held for sale	1,771	2,366
Amount due from related parties	17,484	13,837
Total current assets	421,670	415,460
Non-current assets:
Property, plant and equipment, net	87,803	89,639
Investments in equity accounted investees	5,126	15,373
Other investments	794	1,545
Intangible assets, net	9,586	9,765
Goodwill	0	2,977
Long-term derivative assets	13	313
Biological assets	0	43
Non-current prepayments	345	368
Deferred tax asset, net	11,253	11,101
Total non-current assets	114,920	131,124
Total assets	536,590	546,584
Current liabilities:
Debt due within one year	59,801	48,191
Income tax payable	4,570	3,017
Accounts payable	99,615	98,253
Accrued expenses and other liabilities, including provisions	99,603	103,428
Short-term derivative liabilities	2,468	726
Defined benefit liability	612	691
Amounts due to related parties	8,681	8,256
Total current liabilities	275,350	262,562
Non-current liabilities:
Long-term debt	101,012	85,508
Long-term derivative liabilities	654	485
Defined benefit liability	6,546	10,911
Other long-term liabilities	1,436	3,598
Amounts due to related parties	10,000	10,000
Total non-current liabilities	119,648	110,502
Total liabilities	394,998	373,064
Commitments, contingencies and subsequent events
Agria Corporation shareholders' equity:
Share capital	0	0
Treasury stock	(281)	(281)
Share premium	160,971	160,971
Statutory reserves	672	672
Share-based payment reserve	22,217	20,332
Other reserves	115,268	114,315
Foreign currency translation reserve	(25,342)	(21,226)
Accumulated deficit	(236,239)	(218,047)
Total equity attributable to equity holders of Agria Corporation	37,266	56,736
Non-controlling interests	104,326	116,784
Total equity	141,592	173,520
Total liabilities and equity	$ 536,590	$ 546,584