Mauritius Chemicals and Fertilizers Industries Limited FY 2013 financial results

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Mauritius Chemicals and Fertilizers Industries Limited listed on the Stock Exchange of Mauritius has released its Full Year Results. Check out
insights into this company in their presentation which appears below.
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Mauritius Chemicals and Fertilizers Industries Limited FY 2013 financial results

  1. 1. COMMENTS The abridged financial statements for the year ended 31 December 2013 are audited and have been prepared in line with International Financial Reporting Standards. (a) Group turnover increased by 1.4 per cent compared to the previous year. Operating loss decreased from Rs9.0 M to Rs5.1 M mainly due to a marginal increase in sales volume of fertilizers on the local market and higher margin from our exports. (b) Reduced losses from our associate, from Rs18.3 M to Rs7.7 M, were registered and as a result profit from continuing operations increased from Rs7.4 M to Rs12 M. The 2012 profit figure of Rs18.2 M includes Rs10.7 M being our share of results for 2012 from our asssociate in Madagascar which was disposed of in December 2012. Earnings per share from continuing operations increased from Rs0.34 to Rs0.55. A dividend of Rs1.00 per share representing a total of Rs22 M was declared in December 2013 and paid in January 2014. MCFI’s Board of Directors accepts full responsibility for the accuracy of the above information prepared in accordance with International Financial Reporting Standards and issued pursuant to Listing Rule 12.14 and the Securities Act 2005. The condensed results are available for inspection at the Company’s registered office, Chaussée Tromelin, Fort George, Port Louis. 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 Company Secretary, HM Secretaries Ltd., 18 Edith Cavell Street, Port Louis. By order of the Board HM Secretaries Ltd Company Secretary 26 March 2014 ABRIDGED GROUP AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 STATEMENT OF FINANCIAL POSITION 2013 2012 Restated As at 01 January 2012 Restated Rs’000 Rs’000 Rs’000 ASSETS Non-current assets 465,598 170,201 206,829 Current assets 528,645 758,924 687,557 Total Assets 994,243 929,125 894,386 EQUITY AND LIABILITIES Share capital and reserves Owners’ interest 758,723 773,917 781,116 Non-current Liabilities 24,533 21,058 18,976 Current liabilities 210,987 134,150 94,294 Total Equity and Liabilities 994,243 929,125 894,386 Net assets per share (Rs) 34.48 35.17 35.50 Number of ordinary shares 22,006,418 22,006,418 22,006,418 STATEMENT OF PROFIT OR LOSS 2013 2012 Restated Rs’000 Rs’000 Revenue 812,258 800,951 Operating loss (5,096) (9,003) Other income 34,725 40,042 Net finance (cost) / income (596) 2,008 Share of loss of associate (7,727) (18,335) Profit before tax 21,306 14,712 Income tax (9,242) (7,247) Profit for the year from continuing operations 12,064 7,465 Discontinued operations Post tax profit from discontinued operations - 10,754 Profit for the year 12,064 18,219 Attributable to: Owners of the parent 12,064 18,219 Earnings per share from continuing operations (Rs) 0.55 0.34 Earnings per share from discontinued operations (Rs) - 0.49 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Profit for the year 12,064 18,219 Other comprehensive income for the year, net of tax (5,252) (3,412) Total comprehensive income for the year 6,812 14,807 Attributable to: Owners of the parent 6,812 14,807 STATEMENT OF CHANGES IN EQUITY Attributable to owners of the parent Share Capital Revaluation, Fair Value and Translation Reserves Retained Earnings Actuarial Gains/ (Losses) Total Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Balance at 1 January 2013 - as previously reported 220,064 43,530 508,618 - 772,212 - effect of adopting IAS 19 (Revised) - - (162) 1,867 1,705 - as restated 220,064 43,530 508,456 1,867 773,917 Total comprehensive income for the year - (4,714) 12,064 (538) 6,812 Dividends - 2013 - - (22,006) - (22,006) Balance at 31 December 2013 220,064 38,816 498,514 1,329 758,723 Balance at 1 January 2012 - as previously reported 220,064 46,911 512,243 - 779,218 - effect of adopting IAS 19 (Revised) - - - 1,898 1,898 - as restated 220,064 46,911 512,243 1,898 781,116 Total comprehensive income for the year - (3,381) 18,219 (31) 14,807 Dividends - 2012 - - (22,006) - (22,006) Balance at 31 December 2012 (restated) 220,064 43,530 508,456 1,867 773,917 STATEMENT OF CASH FLOWS 2013 2012 Restated Rs’000 Rs’000 Net cash generated from/(used in) operating activities 152,329 (56,433) Net cash used in investing activities (299,435) (2,997) Net cash used in financing activities (22,868) (23,330) Net decrease in cash and cash equivalents (169,974) (82,760) Movement in cash and cash equivalents At 1 January 191,831 269,608 Decrease (169,974) (82,760) Effect of foreign exchange rate changes 1,090 4,983 At 31 December 22,947 191,831

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