Gamma Civic Limited 1Q 2014 results (Mauritius)

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Gamma Civic Limited 1Q 2014 results (Mauritius)

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Gamma Civic Limited 1Q 2014 results (Mauritius)

  1. 1. GAMMA-CIVIC LTD ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER AND FIFTEEN MONTHS ENDED 30 SEPTEMBER 2013 GROUP STATEMENT OF COMPREHENSIVE INCOME Quarter ended 30 September 2013 Rs Unaudited Quarter ended 30 September 2012 Rs Unaudited Fifteen months ended 30 September 2013 Rs Unaudited Fifteen months ended 30 September 2012 Rs Unaudited 1,045,707,123 1,101,922,625 5,602,810,324 5,609,191,991 12,587,209 9,907,820 267,638,680 (87,711,813) (29,775,288) 40,803,383 (29,458,517) 40,959,895 (143,626,217) 186,101,727 192,440,667 (148,366,282) 166,158,703 Profit before taxation Taxation 23,615,304 (9,398,200) 21,409,198 (3,165,000) 310,114,190 (68,217,536) 122,521,275 (24,847,829) Profit for the period 14,217,104 18,244,198 241,896,654 97,673,446 3,172,327 11,409,661 15,729,935 151,404,941 17,389,431 29,653,859 257,626,589 249,078,387 18,206,297 (3,989,193) 23,869,008 (5,624,810) 213,192,041 28,704,613 128,087,186 (30,413,740) 14,217,104 18,244,198 241,896,654 97,673,446 21,271,941 (3,882,510) 32,871,798 (3,217,939) 224,761,462 32,865,127 275,401,779 (26,323,392) Rs 17,389,431 29,653,859 257,626,589 249,078,387 Rs Rs 133,250,000 0.85 0.14 13,325,000 0.55 0.18 133,250,000 1.40 1.60 13,325,000 5.20 0.96 Revenue Rs Operating profit/(loss) Net gain from fair value adjustment on investment properties Finance costs Share of profit of associates and joint venture Other comprehensive income for the period Total comprehensive income for the period Rs Profit/(loss) attributable to: -Owners of the company -Non-controlling interests Rs Total comprehensive income/(loss) attributable to: -Owners of the company -Non-controlling interests Number of shares in issue Dividend per share (*) Earnings per share (*) * The dividend per share and earnings per share are adjusted for the 10-for-1 share split in January 2013. GROUP STATEMENT OF FINANCIAL POSITION 30 September 2013 Rs Unaudited 30 June 2012 Rs Audited ASSETS Non-current assets Current assets 3,513,533,101 1,254,888,723 3,445,790,194 1,584,708,109 4,768,421,824 5,030,498,303 Stated capital Share premium Other reserves 133,250,000 86,482,579 1,770,788,016 133,250,000 86,482,579 1,732,576,554 Equity attributable to owners of the company Non-controlling interests 1,990,520,595 (97,535,724) 1,952,309,133 (78,020,213) Total equity 1,892,984,871 1,874,288,920 Non-current liabilities Current liabilities 1,044,386,406 1,831,050,547 1,146,380,321 2,009,829,062 4,768,421,824 5,030,498,303 Total assets Rs EQUITY AND LIABILITIES Capital and reserves Total equity and liabilities Rs
  2. 2. GAMMA-CIVIC LTD ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER AND FIFTEEN MONTHS ENDED 30 SEPTEMBER 2013 GROUP STATEMENT OF CHANGES IN EQUITY Stated capital Rs Share Premium Rs Other reserves Rs Total Rs Balance at 1 July 2011 Profit for the period Other comprehensive income for the period 133,250,000 - 86,482,579 - Total comprehensive income for the period Dividend - - 133,250,000 86,482,579 1,692,160,852 1,911,893,431 Balance at 1 July 2012 Profit for the period Other comprehensive income for the period 133,250,000 - 86,482,579 - 1,732,576,554 213,192,041 11,569,421 1,952,309,133 213,192,041 11,569,421 Total comprehensive income for the period Dividend - - 133,250,000 86,482,579 Balance at 30 September 2012 Rs Balance at 30 September 2013 Rs 2,109,659,073 128,087,186 147,314,593 275,401,779 (692,900,000) 224,761,462 (186,550,000) 1,770,788,016 2,329,391,652 128,087,186 147,314,593 275,401,779 (692,900,000) 224,761,462 (186,550,000) 1,990,520,595 GROUP STATEMENT OF CASH FLOWS Fifteen months ended 30 September 2013 Rs Unaudited Net cash from/(used in) operating activities Fifteen months ended 30 September 2012 Rs Unaudited 150,209,365 (420,067,556) Net cash used in investing activities (107,137,172) (41,069,841) Net cash used in financing activities (230,455,638) (434,786,891) Net decrease in cash and cash equivalents (187,383,445) (895,924,288) Cash and cash equivalents at beginning of period 54,745,448 Cash and cash equivalents at end of period Rs 966,816,783 (132,637,997) 70,892,495 GROUP SEGMENT INFORMATION (a) Segment Contracting Rs Investments Rs Lottery Rs Corporate Services and Others Rs Eliminations Rs Total Rs Revenue Rs 2,079,449,316 246,671,160 3,255,463,822 474,104,920 (452,878,894) 5,602,810,324 Result Rs 96,009,430 62,215,049 158,785,488 332,923,228 (382,294,515) 267,638,680 (b) Geographical Mauritius Rs Revenue Rs 5,476,688,871 Madagascar Rs 146,729,207 Eliminations Rs (20,607,754) Total Rs 5,602,810,324
  3. 3. GAMMA-CIVIC LTD ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER AND FIFTEEN MONTHS ENDED 30 SEPTEMBER 2013 COMMENTS Performance Highlights Group Statement of Comprehensive Income Fifteen months ended 30 September 2013 RsM Revenue 5,603 Net profit after tax 242 Quarter ended 30 September 2013 RsM 1,046 14 Group Statement of Financial Position Total Assets Sep 2013: Rs4,768M Jun 2012: Rs5,030M Fifteen months ended 30 September 2012 RsM 5,609 98 Quarter ended 30 September 2012 RsM 1,102 18 Total Equity Sep 2013: Rs1,893M Jun 2012: Rs1,874M The Group made a net profit after tax of Rs242M for the fifteen months ended 30 September 2013 (Sep 12: Rs98M). For the quarter ended 30 September 2013, the Group registered a net profit after tax of Rs14M (Sep 12: Rs18M). Our lottery operations in Madagascar continue to experience significant difficulties, are loss-making and have significantly and adversely impacted the overall performance of the Group, both for the fifteen months and quarter ended 30 September 2013. Our core businesses in Contracting, Mauritian Lottery and Building Materials continue to deliver a strong performance despite the difficult economic conditions. Contracting Our Contracting business comprises the Roads, Building and Civil Engineering Divisions and remains at the core of our group strategy. For the fifteen months ended 30 September 2013, it has delivered to date a relatively strong performance, despite the contraction in the construction industry. The Board is confident that our Contracting business will continue to sustain such a performance in the coming quarters. Lottery The Lottery business registered a decline in sales when compared to the prior corresponding fifteen months’ period due to lower sales on both the Lotto and Instant games. The Lotto game had several Rs5M jackpots in the last quarter which resulted in lower sales. The non-approval of new games by the Gambling Regulatory Authority continues to pose significant challenges to the business achieving its full potential. Nevertheless, the Board continues to work with management to ensure that the company can deliver on its targets. To date, we have not seen any sign of a turnaround in our lottery operations in Madagascar, amid the deteriorating economic conditions prevailing in the country. These operations are experiencing substantial losses which are significantly and adversely impacting the overall performance of the Group. The Board is working closely with management to find a satisfactory solution for the business. Investments The Investments segment comprises our Real Estate and Equipment businesses mainly. We are still continuously looking to develop our land bank in the forthcoming years to unlock its value. Corporate Services and Others The Corporate Services and Others segment relates mainly to the investment holding company, Gamma-Civic Ltd. There are as such no trading operations within this segment. Revenue comprises management fees receivable from the group. Results also include dividend income from the subsidiaries, associates and joint venture of the investment holding company. Building Materials and Hotel (Joint Venture/Associates) The building materials and cement business remains a pillar of the group operations and contributed significantly to the profitability of the group. As mentioned previously, actions were taken to reduce the fixed cost base of the building materials business. It has delivered a satisfactory performance for the last quarter. The cement business continues to deliver a solid performance. Morning Light Co Ltd is an associate company of Gamma-Civic Ltd and owns the “Hilton Mauritius Resort & Spa”, a five-star resort hotel. The hotel is managed and operated by Hilton International, the worldwide hotel group. For the fifteen months ended 30 September 2013, the company reported a net profit after tax despite difficult conditions in the hotel industry and a soft renovation of the hotel in the last quarter. Management is in the process of reviewing the hotel strategy with the overriding objectives of sustaining the business and increasing its profitability going forward.
  4. 4. GAMMA-CIVIC LTD ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER AND FIFTEEN MONTHS ENDED 30 SEPTEMBER 2013 Future Outlook The environment in which our businesses operate remains very challenging in Mauritius and especially more so in Madagascar. The Board and management are monitoring the situation very closely and will take further actions if business conditions deteriorate. We remain cautiously confident in our ability to grow earnings over the short to long term whilst continuing to create value for our shareholders. The long term growth and sustainability of Gamma Group remains our focus. Gamma-Civic Ltd is in the process of submitting an application to obtain a licence to operate a general insurance company in Mauritius. Earnings per share The calculation of earnings per share is based on the profit attributable to the owners of the company of Rs213,192,041 (Sep 2012: Rs128,087,186) and the weighted average number of the shares in issue of 133,250,000 which has been adjusted for the 10-for-1 share split in January 2013 (Sep 2012: 133,250,000 adjusted for the 10-for-1 share split in January 2013). Dividend No special dividend (Sep 12: Rs4.00 per share, as adjusted for the 10-for-1 share split in January 2013) was declared in the fifteen months ended 30 September 2013. For the financial year ended 30 June 2012, a final dividend of Rs0.55 per share, as adjusted for the 10-for-1 share split in January 2013, (Sep 12: Rs0.30 per share in Sep 11 and Rs0.55 per share in Sep 12, as adjusted for the 10-for-1 share split in January 2013) was declared on 27 September 2012 and paid in November 2012 in the fifteen months ended 30 September 2013. For the financial year ending 31 December 2013, an interim dividend of Rs0.85 per share (Sep 12: Rs0.35 per share, as adjusted for the 10-for-1 share split in January 2013) was declared on 31 July 2013 and paid in September 2013. Others The financial information set out above for the quarter and fifteen months ended 30 September 2013 is unaudited and has been prepared in compliance with International Financial Reporting Standards. Copies of the above abridged unaudited financial statements are available, free of charge, upon request made to the Company Secretary, at the registered office of the company, Level 3, Alexander House, 35 Cybercity, Ebene, or can be viewed on the company’s website www.gamma.mu. The statement of direct and indirect interests of insiders pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available, free of charge, upon request made to the Company Secretary, at the registered office of the company. By Order of the Board Intercontinental Secretarial Services Ltd Company Secretary 31 October 2013 These abridged unaudited financial statements are issued pursuant to Listing Rule 12.20 and Rule 8 of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. The Board of Directors of Gamma-Civic Ltd accepts full responsibility for the accuracy of the information contained in these abridged unaudited financial statements. BRN: CO6001228

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