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STATEMENTS OF FINANCIAL POSITION
GROUP
2013
2012
Restated
2011
Restated
Rs’000 Rs’000 Rs’000
ASSETS
Non-current assets 2,3...
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Harel Mallac & Co. Ltd FY 2013 financial results

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Harel Mallac & Co. Ltd listed on the Stock Exchange of Mauritius has released its Full Year Results. Check out
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Transcript of "Harel Mallac & Co. Ltd FY 2013 financial results"

  1. 1. STATEMENTS OF FINANCIAL POSITION GROUP 2013 2012 Restated 2011 Restated Rs’000 Rs’000 Rs’000 ASSETS Non-current assets 2,348,703 2,002,759 1,727,244 Current assets 1,986,025 2,121,258 1,892,752 Total Assets 4,334,728 4,124,017 3,619,996 EQUITY AND LIABILITIES Share capital and reserves Owners’interest 1,682,362 1,780,526 1,952,851 Non controlling interests 348,701 333,568 338,362 Total Equity 2,031,063 2,114,094 2,291,213 Non-current liabilities 876,859 547,172 198,707 Current liabilities 1,426,806 1,462,751 1,130,076 Total Equity and Liabilities 4,334,728 4,124,017 3,619,996 Net assets per share(Rs) 149.42 158.14 173.44 Number of ordinary shares 11,259,388 11,259,388 11,259,388 STATEMENTS OF PROFIT OR LOSS GROUP 2013 2012 Restated Rs’000 Rs’000 Revenue 3,974,284 3,759,158 Continuing operations Profit before finance costs 50,808 37,649 Finance costs (81,328) (45,360) Profit on disposal of investments 6,640 5,046 Net impairment of assets (40,034) (7,797) Reclassification of fair value gain on available for sale financial assets, net of expense 43,907 - Impairment of goodwill (12,397) (30,332) Share of profit of associates 22,932 19,444 Loss before tax (9,472) (21,350) Income tax (16,418) (13,037) Loss for the year from continuing operations (25,890) (34,387) Post tax loss from discontinued operations (16,814) (61,882) Loss for the year (42,704) (96,269) Attributable to: Owners of the parent (50,454) (107,628) Non controlling interests 7,750 11,359 (42,704) (96,269) Loss per share from continuing operations(Rs/cents) (2.99) (3.41) Loss per share from discontinued operations (Rs/cents) (1.49) (6.15) STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME GROUP 2013 2012 Restated Rs’000 Rs’000 Loss for the year (42,704) (96,269) Other comprehensive income for the year net of tax 4,746 (33,046) Total comprehensive income for the year (37,958) (129,315) Attributable to: Owners of the parent (64,386) (141,006) Non controlling interests 26,428 11,691 (37,958) (129,315) STATEMENTS OF CHANGES IN EQUITY GROUP Share Capital Revaluation, Fair Value and Other Reserves Actuarial Losses Retained Earnings Total Non controlling Interests Total Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Balance at 1 January 2013 As previously reported 112,594 379,011 - 1,314,215 1,805,820 333,725 2,139,545 Effect of adopting IAS 19(Revised) - - (28,056) 2,762 (25,294) (157) (25,451) As restated 112,594 379,011 (28,056) 1,316,977 1,780,526 333,568 2,114,094 Total comprehensive income for the year - (10,213) (3,719) (50,454) (64,386) 26,428 (37,958) Movement in reserves - (325) - 325 - - - Dividends - - (33,778) (33,778) - (33,778) Dividends payable to non controlling interests - - - - - (11,295) (11,295) - (10,538) (3,719) (83,907) (98,164) 15,133 (83,031) Balance at 31 December 2013 112,594 368,473 (31,775) 1,233,070 1,682,362 348,701 2,031,063 Balance at 1 January 2012 As previously reported 112,594 393,803 - 1,454,351 1,960,748 337,816 2,298,564 Effect of adopting IAS 19(Revised) - - (8,847) 950 (7,897) 546 (7,351) As restated 112,594 393,803 (8,847) 1,455,301 1,952,851 338,362 2,291,213 Total comprehensive income for the year - (14,414) (19,209) (107,383) (141,006) 11,691 (129,315) Movement in reserves - (325) - (134) (459) - (459) Effect of change in ownership not resulting in loss of control - (53) - 2,971 2,918 (5,538) (2,620) Dividends - - - (33,778) (33,778) - (33,778) Dividends payable to non controlling interests - - - - - (10,947) (10,947) - (14,792) (19,209) (138,324) (172,325) (4,794) (177,119) Balance at 31 December 2012 112,594 379,011 (28,056) 1,316,977 1,780,526 333,568 2,114,094 STATEMENTS OF CASH FLOWS GROUP 2013 2012 Restated Rs’000 Rs’000 Net cash generated from/(absorbed in) operating activities 331,687 (156,563) Net cash used in investing activities (321,422) (275,966) Net cash generated from financing activities 232,394 246,227 Net increase/(decrease) in cash and cash equivalents 242,659 (186,302) Movement in cash and cash equivalents At 1 January (249,087) (68,383) Increase/(decrease) 242,659 (186,302) Effect of foreign exchange difference (4,522) 5,598 At 31 December (10,950) (249,087) ABRIDGED AUDITED FINANCIAL STATEMENTS FORTHEYEAR ENDED 31 DECEMBER 2013 Brief review of activities and of the results General context The persisting difficult economic environment created further challenging trading conditions for the Group during the year. Results The Group’s revenue increased by 5.7% compared to 2012, to reach Rs3,974 million. Despite the challenging environment, most of our businesses, locally and internationally, showed growth in our traditional markets to such an extent that profit before finance costs increased by 35% to reach Rs50.8 million. As the Group firmly believes that it should seize the investment opportunities present in the market, it has continued to invest in new projects. As a result, finance costs have increased by Rs36 million. The Group’s performance was further impacted negatively by exceptional losses during the year which consist of impairment of goodwill of Rs12.4 million, receivables of Rs27.7 million and assets of Rs10.9 million. There was an exceptional gain of Rs43.9 million as a result of the reclassification of fair value gain under the item “available for sale financial assets” following an increased investment in Maritim hotel which is now an associate company. The share of profit of associates increased by 18% to Rs22.9 million. As a result of the above-mentioned items, the Group reduced its loss after tax from continuing operations by Rs8.5 million, to reach Rs25.9 million for the year. Prospects The Board of Directors has reviewed the structure of the Group and identified areas requiring focus with the assistance of an overseas consulting firm. Following receipt of the final report in February 2014, the Board has started the implementation of those recommendations which were adopted by it, including merging certain activities, restructuring others, focusing on operational efficiency and further investigating opportunities in Africa. Prospects for the year 2014 are encouraging, for both local and regional activities. The statement of direct and indirect interest of officers of the Company required under the rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request from the Company Secretary, HM Secretaries Ltd., 18 Edith Cavell Street, Port Louis. Copies of the abridged audited financial statements are available free of charge, upon request, at the Company’s registered office, 18 Edith Cavell Street, Port Louis. This report is issues pursuant to Listing Rule 12.14 and the Securities Act 2005. The Board of Directors of Harel Mallac & Co. Ltd. accepts full responsibility for the accuracy of the information contained therein. By order of the Board HM SECRETARIES LTD Company Secretary 28 March 2014

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