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Livestock Feed Limited 1Q 2014 results

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Livestock Feed Limited 1Q 2014 results

Livestock Feed Limited 1Q 2014 results

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  • 1. Livestock Feed Limited CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 2013 The Directors are pleased to present the condensed unaudited Financial Statements of the group and the Company for the quarter ended September 30, 2013. 1. UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION THE GROUP Restated 30th September 30th June 2013 2013 (Unaudited) (Audited) Rs000's Rs000's 1,101,086 1,096,246 753,970 813,266 ASSETS Non-current assets Current assets Total assets THE COMPANY Restated 30th September 30th June 2013 2013 (Unaudited) (Audited) Rs000's Rs000's 684,136 686,877 680,908 747,203 1,855,056 1,909,512 1,365,044 1,434,080 318,536 210,808 653,404 1,182,748 318,536 209,126 633,829 1,161,491 318,536 47,877 394,411 760,824 318,536 47,930 388,524 754,990 114,562 557,746 119,691 628,330 95,562 508,658 99,855 579,235 1,855,056 1,909,512 1,365,044 1,434,080 EQUITY AND LIABILITIES Share capital Revaluation and other reserves Retained Earnings Owners' interest Non-current liabilities Current liabilities Total equity and liabilities 2. UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME THE GROUP Quarter to 30th September 2013 (Unaudited) Rs000's Turnover 527,097 Operating profit Other income Net finance cost Share of results of associates Income tax PROFIT FOR THE PERIOD Other comprehensive income for the period TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2012 (Unaudited) Rs000's 527,998 2013 (Unaudited) Rs000's 417,275 2012 (Unaudited) Rs000's 466,013 33,447 890 (15,877) 13,697 (3,131) 29,026 8,456 37,482 13,850 453 (7,376) (1,040) 5,887 (53) 5,834 23,904 730 (12,287) (1,856) 10,491 (161) 10,330 29,026 29,026 5,887 5,887 10,491 10,491 21,257 21,257 TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO : Equity Holders Non-controlling interest 27,552 1,085 (9,647) 3,989 (3,404) 19,575 1,682 21,257 19,575 19,575 PROFIT ATTRIBUTABLE TO : Equity Holders Non-controlling interest Earnings per share THE COMPANY Quarter to 30th September 37,485 37,485 5,834 5,834 10,330 10,330 0.62 0.92 0.19 0.33 31,500 31,500 31,500 31,500 Rs Number of ordinary shares in issue '000 3. UNAUDITED CONDENSED STATEMENT OF CASHFLOWS THE GROUP Quarter to 30th September 2013 Rs000's Net Cash flow from operating activities Net cash used in investing activities Net cash generated used in financing activities Increase/(decrease) in cash and cash equivalents Movement in cash and cash equivalents At July 1, Increase/(decrease) Translation difference At September 30, 2012 Rs000's THE COMPANY Quarter to 30th September 2013 Rs000's 2012 Rs000's 93,611 (6,947) (19,443) 67,221 1,090 (11,363) (1,197) (11,470) 78,584 (2,300) (6,914) 69,370 9,982 (3,818) (6,581) (417) (296,241) 67,221 1,913 (227,107) (175,393) (11,470) (2,738) (189,601) (259,358) 69,370 (189,988) (149,023) (417) (149,440)
  • 2. 4. UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY Attributable to equityholders Share Capital Revaluation and other Reserves Retained Earnings Total Non-controlling Interest Total Rs000's Rs000's Rs000's Rs000's Rs000's Rs000's THE GROUP Balance at July 1, 2013 - As previously stated - Effect of adopting Revised IAS 19, net of deferred tax effect - As restated 318,536 318,536 224,500 (15,374) 209,126 633,234 595 633,829 1,176,270 (14,779) 1,161,491 - 1,176,270 (14,779) 1,161,491 Total comprehensive income for the period Balance at September 30, 2013 318,536 1,682 210,808 19,575 653,404 21,257 1,182,748 - 21,257 1,182,748 Attributable to equityholders Share Capital Revaluation and other Reserves Retained Earnings Total Non-controlling Interest Total Rs000's Rs000's Rs000's Rs000's Rs000's Rs000's Balance at July 1, 2012 - As previously stated - Effect of adopting Revised IAS 19, net of deferred tax effect - As restated 318,536 318,536 218,550 (12,439) 206,111 599,273 599,273 1,136,359 (12,439) 1,123,920 - 1,136,359 (12,439) 1,123,920 Total comprehensive income for the period Balance at September 30, 2012 318,536 8,260 214,371 29,222 628,495 37,482 1,161,402 - 37,482 1,161,402 Attributable to equityholders Revaluation and other Retained Reserves Earnings Share Capital THE COMPANY Rs000's Balance at July 1, 2013 - As previously stated - Effect of adopting Revised IAS 19, net of deferred tax effect - As restated Total comprehensive income for the period Rs000's 318,536 318,536 - Rs000's Total Rs000's 59,331 (11,401) 47,930 388,080 444 388,524 765,947 (10,957) 754,990 (53) 5,887 5,834 Balance at September 30, 2013 318,536 47,877 394,411 760,824 Balance at July 1, 2012 - As previously stated - Effect of adopting Revised IAS 19, net of deferred tax effect - As restated 318,536 318,536 73,864 (9,308) 64,556 361,687 361,687 754,087 (9,308) 744,779 (161) 10,491 10,330 Total comprehensive income for the period Balance at September 30, 2012 318,536 64,395 372,178 755,109 NOTE TO THE ABOVE The interim quarterly condensed financial statements have been prepared on the same basis as the accounting policies set out in the statutory financial statements of the Group for the year ended June 30, 2013, except for the adoption of relevant amendments to published Standards and Interpretations issued which are now effective, and are issued pursuant to DEM Rule 17 and the Securities Act 2005. PRIOR YEAR ADUSTMENTS ON ADOPTION OF REVISED IAS 19 The Group has applied IAS 19 (revised) retroactively in accordance with the transitional provisions as set out in IAS 19. Consequently, the Group has adjusted opening equity as of July 1, 2012 and the comparative figures for the quarter 2012 have been restated as if IAS 19 (revised) had always been applied. All actuarial gains and losses are recognised immediately through other comprehensive income in order for the net pension asset or liability recognised in the statements of financial position to reflect the full value of the plan deficit or surplus. RESULTS AND PROSPECTS Reductions in local and export sales volumes coupled with high prices of raw materials continued to affect the Group's Operating Profit. The quarter was also impacted by lower profits from associates. Sales volumes are slowly increasing on the local and export markets and results are expected to improve in the next quarter. By order of the Board Helene Thevenau M & D Secretarial Services Ltd Secretary Date: 13 November 2013 The Board of Directors accepts full responsibility for the accuracy of the information contained in the above Financial Statements. Copies of the abridged financial statements are available to the public free of charge, at Food & Allied Group Headquarters, Gentilly Moka, Mauritius. The statement of direct and indirect interests of officers of the Company required under rule 8(2) (m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request from the Secretary, free of charge, at Food & Allied Group Headquarters, Gentilly, Moka, Mauritius.