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Essentially Grp PLC - Summary Final Results of Operating Company


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Essentially Group PLC · ESSN

30/06/2023 07:00

Essentially Grp PLC - Summary Final Results of Operating Company
RNS Number : 4558E
Essentially Group PLC
30 June 2023
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. 

 

30 June 2023 

Essentially Group PLC  

 (the "Company" or "Essentially") 

 

 Summary Final Results of Operating Company

 

Essentially Group PLC, a leading health food company in the UAE delivering high quality nutrition (wellness shots, functional juices, lemonades, nut milks, single origin fruit juices and healthy snacks) to its customers, is pleased to announce a summary of the final results for its operating company, Essentially Juices manufacturing LLC ("EJM") for the year ended 31 December 2022. Furthermore, the Company confirms that it has changed its year end to 31 December as per the announcement on 15 June 2023.

 

Raja Wail Abuljebain, Chief Executive Officer of Essentially, commented: "The annual results demonstrate our ability to capitalize on the UAE's thriving consumer economy and the increasing demand for nutritious juices and snacks. With the country's continued economic growth, a booming tourism industry, and the expanding presence of Western companies in the region, we are poised to seize even greater opportunities. We remain committed to innovation, strategic partnerships, and continuous improvement, as we strive to further expand our product offerings, enhance our market presence, and deliver exceptional value to our customers. The future holds immense promise, and we are energized and determined to realize the full potential of Essentially as a leading player in the UAE's dynamic business landscape."

 

The Directors accept responsibility for this announcement. 

 

- end -

 

For further information, please contact: 

 

Essentially Group Plc 


Raja W Abuljebain, CEO 

Tel: +97156 6440676  


https://essentiallyplc.com 

AQSE Exchange Corporate Adviser 


Alfred Henry Corporate Finance Ltd 


Nick Michaels 

Tel: +44 (0) 20 3772 0021 


www.alfredhenry.com 

Broker 


Clear Capital Markets Ltd 


Andrew Blaylock 

Tel: +44 (0)20 3869 6082 


https://clearcapitalmarkets.co.uk 

 

 

Summary of Final Results for EJM

 

 

 

ESSENTIALLY JUICES MANUFACTURING L.L.C

 

Dubai - United Arab Emirates

 

Statement of financial position

 

As at December 31, 2022

 


2022

2021

 

ASSETS

AED

AED

Current assets



Cash and cash equivalents

124,444

146,734

Trade receivables

683,721

492,411

Other receivables

309,984

255,879

Inventories

        99,489             73,241

Total current assets



1,217,638

968,265

Non-current assets





Property and equipment



4,193,309

1,953,536

Right-of-use asset



665,721

1,109,533

Intangible assets



5,790

26,541



4,864,820

3,089,610

TOTAL ASSETS



6,082,458

4,057,875

LIABILITIES AND EQUITY





Current liabilities





Trade and other payables



1,304,129

721,844

Interest bearing loans and borrowings



145,546

115,530

Lease liabilities



456,635

396,971




1,906,310

1,234,345

Non-current liabilities





Loan from Shareholder



3,150,000


Interest bearing loans and borrowings



200,608

344,255

Lease liabilities



253,444

710,078

Employees· end-of-service benefits



87,556

30,734



3,691,608

1,085,067



5,597,918

2,319,412

Equity





Share capital



300,000

300,000

(Accumulated losses)



(8,437,072)

(6,479,244)

Total equity



(8,137,072)

(6,179,244)

Shareholder's account



8,621,612

7,917,707

Total Shareholders' funds



484,540

1,738,463

TOTAL LIABILITIES AND EQUITY



6,082,458

4,057,875

 

 

Statement of comprehensive income

For the year ended December 31, 2022


 

 

 


 

2022

AED

 

2021

AED

Revenue                                                                                                                                       


4,665,305

3,311,901

Cost of goods sold                                                                                                                     


(2,747,790)

(1,839,008)

Gross profit


1,917,515

1,472,893

Other income


4,166


General, administrative and selling expenses                                                                     


(3,513,053)

(2,583,879)

Finance costs                                                                                                                              


(366,456)

(164,061)

(Loss) for the year


(1,957,828)

(1,275,047)

Other comprehensive income




Total comprehensive (loss) for the year


(1,957,828)

(1,275,047)

 

 

Statement of cash flows

For the year ended December 31, 2022

 

Cash flows from operating activities


2022

AED

2021

AED

(Loss) for the year




Adjustments for:


(1,957,828)

(1,275,047)

Depreciation of property and equipment


480,007

178,296

Provision for employees· end-of-services benefits


91,311

31,510

Depreciation of right-of-use asset


443,812

221,906

Amortisation of intangible assets


20,751

26,322

Finance costs


366,456

164,061

(Increase) in trade receivables


(191,310)

(76,645)

(Increase) in other receivables


(54,105)

(70,841)

(Increase) in inventories


(26,248)

(7,603)

Increase in trade and other payables


450,244

119,720

Employees· end-of-services benefits paid


(34,489)

(57,779)

Finance costs paid


(97,255)

(121,386)

Net cash (used in) operating activities


(508,654)

(867,486)

Cash flows from investing activities




Acquisition of property and equipment


(2,719,780)

(1,487,385)

Net cash (used in) investing activities


(2,719,780)

(1,487,385)

Cash flows from financing activities




Loan from Shareholder


3,150,000


Movement in Shareholder's account


703,905

2,333,047

Net movement in interest-bearing loans and borrowings


(113,631)

274,893

Lease payments


(534,130)

(267,065)

Net cash generated from financing activities


3,206,144

2,340,875

Net (decrease) in cash and cash equivalents


(22,290)

(13,996)

Cash and cash equivalents at the beginning of the year


146,734

160,730

Cash and cash equivalents at the end of the year


124,444

146,734

Non-cash transactions:




Interest on loan from shareholder included in accruals and other payables


132,041


Right-of-use asset capitalized and lease liability recognised



1,331,439

 

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