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Automatic Systems Ltd HY 2012 results
 

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Automatic Systems Ltd HY 2012 results

Automatic Systems Ltd HY 2012 results

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Automatic Systems Ltd HY 2012 results Presentation Transcript

  • 1. CONDENSED UNAUDITED FINANCIAL STATEMENTS FORTHE PERIOD ENDED 30 JUNE 2012 Statement of Comprehensive Income Unaudited Quarter ended Unaudited 6 months ended Audited Year ended Jun 2012 Jun 2011 Jun 2012 Jun 2011 Dec 2011 (Restated) (Restated) Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Revenue 365,050 401,027 451,408 470,688 1,183,288 Gross profit 56,764 59,031 70,258 68,274 173,280 Overheads (44,041) (50,407) (63,057) (67,759) (156,085) Finance income 38 655 38 1,136 1,567 Finance costs (880) (103) (1,795) (260) (1,062) Profit before taxation 11,881 9,176 5,444 1,391 17,700 Taxation (2,244) (1,848) (1,482) (817) (3,434) Profit after taxation /Total comprehensive income 9,637 7,328 3,962 574 14,266 Basic and diluted earnings per share (Rs) 2.73 2.07 1.12 0.16 4.04 Number of shares in issue 3,535,000 3,535,000 3,535,000 3,535,000 3,535,000 Segment Information Unaudited Quarter ended Unaudited 6 months ended Audited Year ended Jun 2012 Jun 2011 Jun 2012 Jun 2011 Dec 2011 (Restated) (Restated) Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Revenue Horse racing 327,262 364,841 363,881 384,323 1,023,444 Foreign football matches 37,788 36,186 87,527 86,365 159,844 Total 365,050 401,027 451,408 470,688 1,183,288 EBITDA Horse racing 13,356 10,351 5,670 1,730 23,146 Foreign football matches 1,629 623 6,016 3,475 3,616 Total 14,985 10,974 11,686 5,205 26,762 Depreciation (2,262) (2,350) (4,485) (4,690) (9,567) Finance income 38 655 38 1,136 1,567 Finance costs (880) (103) (1,795) (260) (1,062) 11,881 9,176 5,444 1,391 17,700 STATEMENT OF FINANCIAL POSITION Unaudited Audited Jun 2012 Dec 2011 Rs'000 Rs'000 ASSETS Non current assets 93,215 95,442 Current assets 20,084 16,895 Total assets 113,299 112,337 EQUITY AND LIABILITIES Equity 37,892 46,303 Non current liabilities 2,061 2,061 Current liabilities 73,346 63,973 Total equity and liabilities 113,299 112,337 Statement of Changes in Equity Share Share Retained Total Capital Premium Earnings Equity Rs '000 Rs '000 Rs '000 Rs '000 At 01 January 2011 24,745 1,168 6,124 32,037 Profit after taxation/Total comprehensive income for the period - - 574 574 At 30 June 2011 (restated) 24,745 1,168 6,698 32,611 At 01 January 2012 24,745 1,168 20,390 46,303 Profit after taxation/Total comprehensive income for the period - - 3,962 3,962 Dividends - - (12,373) (12,373) At 30 June 2012 24,745 1,168 11,979 37,892 Statement of Cash Flows Unaudited 6 months ended Audited Year ended Jun 2012 Jun 2011 Dec 2011 (Restated) Rs'000 Rs'000 Rs'000 Net cash generated from / (used in) operating activities 17,258 (5,941) 17,770 Net cash used in investing activities (2,258) (490) (83,735) Net cash used in financing activities (12,373) (5,303) (5,303) Net increase / (decrease) in cash and cash equivalents 2,627 (11,734) (71,268) Cash and cash equivalents at the beginning of period (39,142) 32,126 32,126 Cash and cash equivalents at the end of period (36,515) 20,392 (39,142) COMMENTS ON RESULTS ACCOUNTING STANDARDS The condensed unaudited financial statements have been prepared using the same accounting policies as those adopted in the financial statements for the year ended 31st December 2011 and comply with IAS 34. The amalgamation between the Company and HH Management Ltd (HHM) being effective since 1 January 2011, the comparative figures for 2011 have been restated. RESULTS For the quarter ended 30 June 2012, the Company’s revenue decreased by 9% to Rs 365M when compared to the same period in 2011; while its profit after tax amounted to Rs 9.6M compared to Rs 7.3M in 2011, i.e. an increase of more than 30%. The half year revenue to June 2012 amounted to Rs 451M (2011 - Rs 471M), and the profit after tax for the same period increased to Rs 4.0M from Rs 0.6M in 2011. This increase in profits is mainly due to (i) the improved results of the fixed-odd betting and (ii) the benefits arising from the amalgamation of HHM into the Company. By order of the Board Box Office Ltd Secretary Date: 3 August 2012 The above condensed unaudited financial statements are issued pursuant to Listing Rule 12.20 and the Securities Act 2005. The statement of direct and indirect interests of insiders of the Company required under Rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available free of charge upon request from the Company Secretary. The Board of Directors of Automatic Systems Ltd accepts full responsibility for the accuracy of the information contained in these condensed unaudited financial statements. Copies of the condensed unaudited financial statements of the Company are available at Box Office Ltd, c/o Sylvia Maigrot, Wolmar, Flic en Flac.