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ANAN International: First Quarter 2025 Financial Report · Investor Exchange

• 0:02
  Time for another Investor Exchange podcast. Here are your hosts, Matt and Sally.
• 0:08
  Okay, let's jump straight into this. Today, we're taking a deep dive into the
• 0:13
  recent financial performance of Anand International Limited AAI,
• 0:17
  let's call them. Sounds good.
• 0:19
  We've got their condensed interim financial statements here covering the first
• 0:23
  three months of their fiscal year 2025. That's right.
• 0:25
  So this is basically the report card for Q1 ending March 31st, 2025.
• 0:31
  And we'll be setting it against the same period in 2024 to see what's changed. Exactly.
• 0:36
  And our goal here isn't just to read out numbers. We really want to cut through
• 0:39
  the standard financial jargon and figure out the story behind these figures.
• 0:44
  What's it tell us about their main business, their financial health,
• 0:48
  cash flow, and maybe most importantly, what they see coming up?
• 0:52
  Yeah, getting a clear picture.
• 0:53
  We'll look at the key numbers, sure, but also really dig into the why.
• 0:56
  What drove the results this quarter? What does that suggest about where they're
• 1:00
  headed? All right, so let's start at the very top, revenue, the money coming in.
• 1:04
  How did AAI do there this quarter compared to last year?
• 1:08
  Okay, looking at the income statement, revenue did see a slight dip.
• 1:11
  It's down about 3% from roughly U.S.
• 1:15
  $563 million in Q1 2024 to U.S.
• 1:20
  $545 million this year. Okay, a bit of a drop in sales. Did the report say why?
• 1:25
  What was the main reason for that?
• 1:26
  It points pretty directly to their fuel distribution side of the Dinef Group,
• 1:30
  mainly operating in France and Spain.
• 1:32
  The main driver was lower sales volumes, and they link that to,
• 1:36
  well, a decline in customer demand in those markets.
• 1:39
  Less fuel being bought, so less revenue coming in. Makes sense.
• 1:43
  Is that surprising, though, given everything we hear about energy transition?
• 1:46
  Well, not entirely surprising, no. The report itself kind of hints at this later on.
• 1:50
  Yeah. You know, the global push for renewables, changing consumer habits.
• 1:54
  These things are definitely creating headwinds for traditional fuel sellers.
• 1:57
  So a tough environment. Yeah.
• 1:59
  So this specific quarterly dip fits into that broader trend, you could say.
• 2:03
  Okay. Let's move down the income statement then. What about the cost of the
• 2:06
  goods they actually sold?
• 2:07
  Cost of sales also went down, dropped by about 4%, landing at around U.S., $523 million.
• 2:14
  Which seems logical, right? If revenue is down because you sold less volume.
• 2:18
  Exactly. Your direct costs to get that stuff should generally go down too,
• 2:22
  pretty much in line. Now, here's where it gets maybe a bit unexpected.
• 2:25
  Despite that lower revenue, their gross profit actually went up.
• 2:29
  Yeah, that's the interesting. Up by a pretty solid 12 percent from about U.S.
• 2:35
  $19.8 million to U.S. $22.1 million.
• 2:40
  How does that work? Higher profit on lower sales. Right. This is definitely
• 2:43
  a key point in the report.
• 2:45
  It signals, you know, maybe better efficiency or perhaps favorable market conditions
• 2:49
  for them. Also, the reason for the higher gross profit, even with less revenue,
• 2:54
  was basically an improvement in their gross profit margin.
• 2:57
  Ah, the percentage they make on each sale. Exactly. That margin widened.
• 3:01
  From 3.5% in Q1 last year to 4.1% in Q1 this year.
• 3:06
  So making more sense on every dollar sold, even with fewer dollars coming in,
• 3:10
  that's quite something.
• 3:11
  Does the report explain how they manage that?
• 3:13
  It does. It specifically says this improvement was because their Dynef group
• 3:17
  managed to get more favorable supply terms.
• 3:21
  And on top of that, they faced less competition during the period.
• 3:24
  Okay, so two things working for them. Better buying prices, maybe?
• 3:28
  Or competitors easing off? Could be other or likely a bit of both.
• 3:32
  Getting better terms when buying fuel or maybe the competitive pressure wasn't
• 3:36
  as intense, allowing them to hold prices better relative to their costs.
• 3:41
  That suggests maybe some strength in their purchasing power or perhaps they
• 3:45
  found some less competitive spots in the market.
• 3:47
  Does it say if this is a temporary thing? The report doesn't really speculate
• 3:50
  on how long it'll last, but the fact they highlight it suggests it was a big deal this quarter.
• 3:55
  Maintaining those kinds of terms usually takes ongoing effort,
• 3:58
  and competition can always heat up again.
• 4:01
  But yeah, definitely a positive operational win for Q1. We'll have to watch if it continues.
• 4:06
  Yeah, it shows that even if volumes are tricky, focusing on margins can really help the bottom line.
• 4:13
  Okay, let's look beyond the cost of the fuel itself. What about other operating
• 4:17
  costs, selling and distribution expenses?
• 4:20
  Those actually decreased, down by 9%, falling from about U.S.
• 4:24
  $23.5 million to U.S. $21.3 million.
• 4:28
  And why was that? The report mentions cost control efforts by the group.
• 4:32
  Specifically, they cut back on tools and supplies by about U.S. $1.5 million.
• 4:37
  And also trim staff costs by around U.S. $4.65 million.
• 4:41
  So actively managing spending to get the product out, that kind of fits the
• 4:45
  efficiency theme we saw with the margins.
• 4:47
  What about admin costs, general overheads, that sort of thing?
• 4:50
  Ah, administrative expenses actually went the other way. They increased by 15 percent.
• 4:54
  Not a huge amount in dollars from U.S. $1.03 million to U.S.
• 4:57
  $1.19 million, but still an increase.
• 5:00
  Why the increase there? The reason given is higher professional and consultancy
• 5:04
  fees. And the interesting part is why they needed those consultants.
• 5:07
  It was for due diligence work on potential acquisition projects. Ah, OK.
• 5:11
  So cutting costs and day-to-day operations, but spending a bit more on exploring
• 5:15
  growth, looking to potentially buy other companies. Exactly.
• 5:19
  Ties right into their strategy for the future, which we should definitely circle back to.
• 5:22
  Good point. What about other bits and pieces on the income statement,
• 5:26
  like finance costs, interest payments? Finance expenses saw a really significant
• 5:31
  drop, down by 37 percent.
• 5:33
  Fell from U.S. $2.33 million to U.S. $1.47 million.
• 5:38
  Wow, that's a big saving. How come? The report links it directly to repaying
• 5:42
  bank loans and borrowings during the quarter. Makes sense. Pay down debt, pay less interest.
• 5:46
  It also kind of suggests they had the cash or the means to make those repayments,
• 5:50
  right? That's a fair assumption.
• 5:52
  It implies they felt comfortable enough with their working capital to reduce
• 5:55
  their borrowing, especially the short-term kind. Okay.
• 5:58
  And one more line item here, their share of results from associates and joint
• 6:01
  ventures, like stakes in other businesses.
• 6:03
  Yeah, that one wasn't as positive. It decreased by 64%, falling from about U.S.
• 6:08
  $1 million down to just U.S. $0.36 million.
• 6:12
  The report mainly blames this on a drop about U.S. $0.64 million in the profits
• 6:17
  shared from one particular joint venture they have in China. So a mixed bag there.
• 6:21
  Lower finance costs are good. Lower JV contributions are not so good.
• 6:24
  But putting it all together...
• 6:26
  What was the final result, the net loss for the period?
• 6:30
  Well, the headline news on the bottom line is actually an improvement.
• 6:33
  The net loss for Q1 2025 was lower than in Q1 2024.
• 6:37
  Lower loss, so better performance overall. Exactly.
• 6:40
  The loss decreased from U.S. $4.09 million last year down to U.S.
• 6:45
  $2.32 million this year.
• 6:48
  So they cut their loss by almost half. What were the main things driving that improvement?
• 6:53
  The report points back to those key factors we talked about,
• 6:55
  That higher gross profit margin making more on each sale and the savings from
• 6:59
  lower selling and distribution costs and those reduced finance expenses,
• 7:03
  particularly from the fuel business. Got it.
• 7:05
  Those positives were apparently strong enough to more than make up for the lower
• 7:07
  revenue and that drop in JV income.
• 7:09
  So the profit and loss story is really one of, OK, facing revenue pressure in
• 7:13
  the main market, but managing to boost profitability through better margins,
• 7:17
  tighter cost control and paying down some debt, kind of adapting by focusing
• 7:22
  inward. Yeah, I think that sums it up well.
• 7:24
  Shows some operational resilience, even when the top line is shrinking a bit.
• 7:27
  Okay, good summary of the performance over the quarter.
• 7:30
  Let's switch now to the company's financial position at a specific moment, the balance sheet.
• 7:35
  Comparing end of March 2025 to the end of December 2024.
• 7:40
  What they own, what they owe. Right, the snapshot picture. Overall,
• 7:45
  total assets edged up slightly over those three months. from about U.S.
• 7:50
  $449.5 million to U.S. $464.7 million.
• 7:55
  Not a huge jump. Let's break that down. What about current assets,
• 7:58
  the stuff they expect to use or turn into cash within a year?
• 8:00
  Current assets actually increased by a bit more, around U.S. $11.9 million overall.
• 8:05
  But there were some really interesting shifts within that category.
• 8:08
  Tells a story about what they were doing. Okay, late on us. What were the big movers?
• 8:12
  Well, trade and other receivables jumped up significantly by almost U.S. $29 million.
• 8:17
  So money owed to them by customers shot up? Why?
• 8:20
  The report says this is mainly because a wholesale distribution subsidiary sold
• 8:24
  off inventories that it had been holding in storage.
• 8:26
  Oh, okay. So they sold a bunch of stuff on credit. Pretty much.
• 8:30
  The sale happens, it becomes a receivable first, then hopefully the cash comes
• 8:33
  in later. Which leads nicely to the next point.
• 8:37
  Inventory. Right. If receivables went up because they sold inventory from storage,
• 8:41
  I'd guess inventory went down. You got it.
• 8:43
  Yeah. Inventories decreased by about U.S. $11.2 million.
• 8:47
  And the reason given, higher inventory turnover during the period. Makes perfect sense.
• 8:53
  Moved product out the door, turned it into receivables. That sounds like positive activity generally.
• 8:58
  Yeah, usually seen as a good sign moving goods efficiently. What about cold,
• 9:01
  hard cash? Cash and cash equivalents.
• 9:04
  That line item decreased by about U.S. $6.25 million.
• 9:08
  And as we kind of hinted at before when talking about lower finance costs.
• 9:12
  Ah, used to pay down debt.
• 9:14
  Exactly. The report says the decrease was mainly due to repayment of borrowings.
• 9:18
  So cash went out to reduce their debt levels. Okay.
• 9:21
  There was also an increase in amounts due from related parties.
• 9:24
  What's that about? Yeah, that went up by about U.S. $1.5 million.
• 9:28
  The report explains this is mostly advances that one of their entities,
• 9:33
  Dynuf Sass, gave to a joint venture, partly for capital spending.
• 9:37
  Like funding an investment in that JV.
• 9:39
  Seems like it. And it also mentions the JV is trying to get its own long-term financing sorted out.
• 9:45
  So these advances might just be, you know, a temporary bridge loan from the
• 9:49
  parent. Okay, so current assets show strong sales activity, using cash for debt,
• 9:54
  and some intercompany funding.
• 9:56
  What about the other side, current liabilities, the bills due soon?
• 9:59
  Current liabilities saw a small overall increase, by U.S. $6.7 million.
• 10:04
  But again, like with assets, there was a really big swing within one particular
• 10:08
  category. Which one jumped out? Trade and other payables.
• 10:12
  It increased massively by almost U.S. $49 million. Wow.
• 10:16
  That's money they owe to suppliers, right? Why such a big jump?
• 10:19
  Yes, mostly money owed to suppliers.
• 10:21
  And the explanation of the report is fascinating, actually. It says the increase
• 10:25
  is mainly due to the resumption of normal credit terms with their suppliers.
• 10:29
  Normal credit terms, meaning? It contrasts this with the situation at the end
• 10:33
  of December 2024, where they apparently had shorter payment periods recquainted from them.
• 10:38
  Ah. So maybe back at year end, things were tighter, or suppliers were asking
• 10:42
  for faster payment, and now they're back to standard payment schedules.
• 10:45
  That's exactly what it sounds like.
• 10:47
  Could mean suppliers feel more comfortable extending credit again,
• 10:50
  maybe seeing AAI as more stable.
• 10:52
  Or it could just be AAI managing their cash by taking the full payment period offered now.
• 10:58
  Either way, it's a specific detail about working capital. That is interesting,
• 11:02
  a tangible sign of changing dynamics.
• 11:05
  What about the other side of current liabilities? Loans and borrowings do soon.
• 11:10
  Those decreased significantly by nearly U.S. $42 million.
• 11:14
  Which fits perfectly with the cash decrease and the lower finance costs,
• 11:18
  right? They paid down short-term debt.
• 11:19
  Precisely. Paid down bank overdrafts and short-term loans. You can really see
• 11:23
  how the balance sheet movements tie into the income statement and cash flow.
• 11:27
  Any big changes in non-current liabilities, long-term debt?
• 11:30
  There was an increase there, about U.S. $7.5 million, mainly driven by an increase
• 11:35
  in non-current loans and borrowings.
• 11:37
  So it looks like while they reduced short-term debt, they took on a bit more
• 11:40
  long-term debt, maybe restructuring things a bit. Okay.
• 11:43
  So putting it all together, assets up slightly, liabilities managed with big
• 11:47
  shifts between payables and short-term debt.
• 11:49
  How did the owner's stake, the net assets, end up? Net assets attributable to
• 11:56
  the owners increased slightly, went from U.S.
• 11:58
  $93.1 million at the end of 2024 to U.S.
• 12:02
  $95.4 million at the end of March 2025, which translates to a small uptick in
• 12:08
  the net asset value per share from 2.20 U.S.
• 12:11
  Cents to 2.254 U.S. cents. So bottom line on the balance sheet,
• 12:15
  despite the revenue headwinds, their net asset position improved a little over
• 12:19
  the quarter, heavily influenced by those working capital moves,
• 12:22
  selling inventory, managing receivables and payables, and shifting debt around.
• 12:26
  That's the picture, yeah. The changes really reflect the operational activity
• 12:29
  and the financial management choices they made during those three months. Right.
• 12:32
  We've hit the P&L for performance, the balance sheet for position.
• 12:35
  Now for the arguably most critical part, the cash flow.
• 12:39
  Where did the actual money come from and where did it go? Liquidity is king, right?
• 12:43
  Absolutely. And this is an area where AAI showed real strength this quarter.
• 12:47
  Net cash generated from operating activities, so from the core business,
• 12:52
  increased significantly. How significant?
• 12:54
  It went from about U.S. $18.8 million generated in Q1 2024 up to a very healthy U.S.
• 13:01
  $35.3 million in Q1 2025. Almost double. Wow. Okay.
• 13:06
  Generating way more cash from day-to-day operations. What fueled that big jump?
• 13:10
  The report points directly back to those two big balance sheet moves we just
• 13:14
  discussed, the reduction in inventories and that huge increase in trade and other payables.
• 13:19
  Okay, connect the dots for us. How do lower inventory and higher payables generate cash? Sure.
• 13:24
  So when you reduce inventory sell more than you replace, you're essentially
• 13:28
  turning physical stock back into cash, or at least into a receivable that will
• 13:31
  hopefully become cash soon.
• 13:33
  So that U.S. $11 million drop in inventory freed up cash. And simultaneously,
• 13:37
  when your trade payables go up, meaning you take longer or return to standard
• 13:42
  terms to pay your suppliers, you're effectively holding onto your cash for longer.
• 13:46
  That big U.S. $49 million increase in payables meant AAI kept that cash sitting
• 13:51
  in its accounts instead of paying it out immediately.
• 13:54
  Right. So that efficiency in moving inventory combined with stretching out supplier
• 13:59
  payments back to normal levels directly resulted in much stronger operating cash flow.
• 14:04
  It's not just profit. It's the actual cash timing. Exactly.
• 14:08
  And generating that much cash from operations gives them really important financial
• 14:13
  flexibility, especially, you know, for a company facing those market headwinds
• 14:16
  and planning strategic changes.
• 14:18
  OK, so strong cash coming in from operations. How did that impact their investing activities?
• 14:23
  Buying assets, acquisitions, that sort of thing.
• 14:25
  Net cash used in investing activities actually decreased quite a bit from nearly U.S.
• 14:30
  $6 million used in Q1 last year down to just U.S.
• 14:33
  $2 million used this Q1. And the reason. Pretty straightforward,
• 14:37
  according to the report.
• 14:38
  It was simply the absence of any acquisitions of subsidiaries in France during
• 14:43
  this particular quarter.
• 14:44
  They spent money on that last year, but not this year. Fair enough.
• 14:48
  What about financing activities, dealing with debt and equity?
• 14:51
  Net cash used in financing activities also dropped significantly, from over U.S.
• 14:57
  $10.5 million used last year to just U.S. $2.4 million used this year.
• 15:02
  What was the main factor there? less debt repayment. Actually,
• 15:05
  the key driver was the receipt of new loan proceeds.
• 15:09
  They took in about U.S. $7.8 million in new loans during the period.
• 15:13
  Ah, OK. So, yes, they were repaying some debt like that short-term stuff we
• 15:17
  saw on the balance sheet, but they also brought in some new financing.
• 15:20
  The net result was a much lower outflow of cash related to financing compared to Q1 2024.
• 15:25
  So it looks like they were actively juggling their debt, paying some off,
• 15:29
  taking some new loans on, maybe optimizing their capital structure or funding something specific.
• 15:33
  That's what the cash flow statement suggests. Yeah.
• 15:36
  Strong cash from operations gave them room to maneuver with both investing outflows,
• 15:40
  which happened to be lower anyway, and financing activities like paying down
• 15:44
  certain debts while maybe taking on others.
• 15:48
  The final line on the cash flow statement usually shows the overall change in
• 15:51
  cash. The source mentions a negative figure there, U.S.
• 15:55
  $2.32 million for the period.
• 15:58
  How does that square with the strong operating cash flow? Good question.
• 16:02
  That negative figure at the bottom represents the net impact of all three activities
• 16:06
  operating, investing, and financing combined.
• 16:09
  It means that overall, their total cash position, including any bank overdrafts
• 16:13
  they were using, decreased slightly over the quarter. So even though operations
• 16:17
  generated a lot of cash. Right.
• 16:19
  That cash was then used for investing, less than last year, for net financing
• 16:23
  activities, including debt repayments offset by new loans.
• 16:26
  And the snapshot at the end of March showed they had about U.S.
• 16:29
  $30 million in cash and bank balances, but were utilizing about U.S.
• 16:33
  $32.6 million in bank overdrafts at that moment.
• 16:37
  Ah, so the overdraft usage pulled the net position slightly negative at quarter end? Exactly.
• 16:42
  The strong operating cash flow is crucial because it allowed them to manage
• 16:45
  everything else, repay debt, handle outflows.
• 16:48
  But the final balance snapshot just happened to show more overdraft used than positive cash on hand.
• 16:54
  Got it. That clarifies things. The operating cash generation itself is the positive
• 16:59
  sign about the core business's health this period. Definitely.
• 17:03
  It shows their ability to fund ongoing operations and potentially those strategic
• 17:08
  moves they're planning. Okay, perfect lead-in. We've picked apart the past quarter.
• 17:12
  Let's look forward now. What does AAI's report say about the industry they're
• 17:16
  in and their own outlook?
• 17:18
  Well, it paints a pretty clear and I'd say realistic picture.
• 17:22
  It highlights that the oil distribution sector in France and Spain is going
• 17:27
  through a major transformation.
• 17:28
  No surprise there. Right. They point to the big factors. The global push for
• 17:32
  renewables, market consolidation happening, consumers shifting preferences towards
• 17:36
  cleaner energy, and just general global economic uncertainty adding complexity.
• 17:41
  Those are definitely big challenges, especially if your main business has historically
• 17:45
  been selling traditional fuels.
• 17:48
  So what's their plan? What's the Dynav Group's strategy to deal with this?
• 17:52
  Their strategy, as laid out, seems multi-pronged.
• 17:56
  First, they say they want to maintain their current market position and customer
• 17:59
  base in oil distribution. Okay, hold on to the core business.
• 18:03
  Yeah, don't abandon the foundation while you figure out the future.
• 18:06
  But critically, the second point is they're explicitly looking to diversify
• 18:11
  their energy distribution activities.
• 18:13
  Diversify. To meet those evolving demands and the changing energy mix.
• 18:17
  This is the real strategic pivot, right?
• 18:19
  Moving beyond just oil. Does it give specifics?
• 18:22
  Like diversifying into renewable fuels, EV charging, natural gas.
• 18:28
  This section of the report doesn't detail the exact forms of energy,
• 18:31
  but it does connect this diversification goal back to pursuing growth through acquisitions. Uh-huh.
• 18:36
  Back to those consultancy fees for due diligence. Exactly. It strongly suggests
• 18:40
  they might be looking to buy companies already playing in those newer energy
• 18:44
  spaces rather than trying to build everything from scratch internally.
• 18:47
  Makes sense as a strategy.
• 18:49
  Buy your way into the new market. And what's the ultimate goal they state?
• 18:53
  The stated long-term aim is to transform themselves from being primarily an
• 18:57
  oil distributor into becoming a broader energy service provider.
• 19:01
  That's a big shift in identity and operations. A very ambitious goal.
• 19:06
  So given these industry challenges and this big transformation plan,
• 19:10
  what's their overall feeling about the near future?
• 19:13
  Optimistic. Decimistic. They describe their overall outlook as cautious,
• 19:18
  mostly because of those global economic uncertainties. Fair enough.
• 19:22
  But they stress that their focus remains squarely on executing that strategy,
• 19:27
  holding the core, diversifying, looking for acquisitions.
• 19:30
  They see this as key to staying competitive and resilient over the next year or so.
• 19:35
  So it sounds like they know the challenges are real, but they have a plan,
• 19:38
  even if they're cautious about the overall economy.
• 19:41
  Yeah. And you could argue that the Q1 results, particularly the improved margins,
• 19:45
  the cost control, the strong operating cash flow, maybe give them a slightly
• 19:49
  better financial footing to actually start this transformation.
• 19:52
  That's a really good point. That strong cash generation from operations,
• 19:56
  even if helped by working capital shifts this quarter, provides fuel,
• 20:00
  so to speak, for the pivot, whether that's internal investment or funding those
• 20:04
  potential acquisitions.
• 20:06
  But it does raise that fundamental question, doesn't it?
• 20:08
  Can really solid financial management of the old business generate enough power
• 20:13
  to successfully transition into a whole new energy world. Exactly.
• 20:17
  Managing decline efficiently is one thing. Building the next growth engine is
• 20:21
  another challenge altogether.
• 20:23
  So this Q1 report gives us the starting line.
• 20:26
  Core business under pressure was showing some financial strength and a clear ambition to change.
• 20:31
  Future reports will be crucial to see if the strategy is gaining traction.
• 20:35
  OK, let's quickly recap our deep dive on AN International's Q1 2025 then.
• 20:40
  We saw revenue dip due to lower fuel demand, but surprisingly,
• 20:43
  the bottom line loss improved significantly.
• 20:46
  Yeah, thanks to better gross margins, getting good supply terms,
• 20:49
  facing less competition, plus good control over operating costs and lower finance expenses.
• 20:53
  The balance sheet showed lots of action, especially inventory turning into receivables
• 20:57
  and payables stretching back out to normal terms, which was interesting.
• 21:01
  And those working capital moves were key to feeling that big jump in cash generated
• 21:07
  from operations. Right.
• 21:09
  Investing was quieter this quarter, no acquisitions yet, but the strategy is
• 21:14
  clearly focused on becoming a broader energy service provider using diversification
• 21:19
  and M&A, even with a cautious overall economic outlook.
• 21:23
  That pretty much captures the key takeaways from the financials they released.
• 21:26
  Right. So here's something to shoe on as we wrap up. This planned transformation,
• 21:31
  moving away from the traditional fuel core to become an energy service provider, it's huge, right?
• 21:36
  So is the Q1 performance showing efficiency in the old business and generating
• 21:41
  cash from working capital?
• 21:43
  Is that a genuine launchpad for this massive shift?
• 21:46
  Or is it just making the best of a tough situation, a kind of temporary holding pattern?
• 21:51
  And thinking ahead, what specific signs or numbers, maybe beyond just the usual
• 21:56
  revenue and profit figures, should we be looking for in their future reports
• 22:00
  to really tell if AI is successfully making that difficult pivot?
• 22:04
  What would signal real progress in becoming that new kind of energy company? What stands out?
• 22:08
  Music.