Omnicane Limited 3Q 2013 results

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Omnicane Limited 3Q 2013 results

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Omnicane Limited 3Q 2013 results

  1. 1. Omnicane Limited ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2013 (MUR’ 000) ISSUED PURSUANT TO LISTING RULE 12.20 AND THE SECURITIES ACT 2005 3. Statement of changes in equity 1. Statement of comprehensive income Quarter to Nine Months to 30/09/2013 30/09/2012 30/09/2013 30/09/2012 Turnover 1,139,161 1,122,244 2,716,808 2,728,025 Operating profit Amortisation of VRS cost Investment income Finance costs Share of results of associates N on Share Share Other Retained Attributable controlling Group capital premium reserves earnings to owners Interests Total Quarter to 30 September 2013 Balance at July 1, 2013 502,593 292,450 5,323,898 1,319,507 7,438,448 716,643 8,155,091 Total comprehensive income for the period - - (13,208) 183,142 169,934 42,609 212,543 265,778 (5,000) 90,993 (147,654) 11,520 275,148 (5,000) 7,629 (143,750) (321) 413,631 (14,999) 109,377 (462,426) 43,892 Profit/(loss) before exceptional items Exceptional items 215,637 37,556 133,706 2,231 89,475 109,681 (9,240) 15,769 Balance at July 1, 2012 502,593 292,450 4,334,192 876,712 6,005,947 614,217 6,620,164 Total comprehensive income for the period - - (32,482) 82,249 49,767 44,323 94,090 Transfer - - (177) 177 - - - Profit before taxation Taxation 253,193 (25,976) 135,937 (9,518) 199,156 (57,808) 6,529 (58,139) Balance at September 30, 2012 Profit/(loss) for the period Other comprehensive income Available-for-sale financial assets Cash flow hedge 227,217 126,419 141,348 (51,610) Total comprehensive income for the period 212,541 94,090 140,499 (125,977) Nine months to 30 September 2013 Balance at January 1, 2013 502,593 292,450 5,320,093 1,402,151 7,517,287 793,598 8,310,885 Total comprehensive income for the period - - (238) 89,083 88,845 51,654 140,499 Dividends - - - - - (86,000) (86,000) Transfer - - (9,165) 9,165 - - Consolidation adjustment - - - 2,250 2,250 - 2,250 Profit/(loss) for the period attributable to: Owners of the parent Non-controlling interests 183,142 44,075 82,249 44,170 89,083 52,265 (95,431) 43,821 (7,349) (7,327) 2,201 (3,050) (33,091) 762 404,129 (14,999) 20,680 (419,184) 134 (69,828) (4,539) Balance at September 30, 2013 Balance at September 30, 2013 502,593 502,593 292,450 5,310,690 1,502,649 292,450 4,301,533 959,138 7,608,382 6,055,714 502,593 292,450 5,310,690 1,502,649 7,608,382 759,252 658,540 8,367,634 6,714,254 759,252 8,367,634 Balance at January 1, 2012 502,593 292,450 4,376,255 1,053,305 6,224,603 695,628 6,920,231 Total comprehensive income for the period - - (73,458) (95,431) (168,889) 42,912 (125,977) 227,217 Transfer 126,419 141,348 (51,610) - - (1,264) 1,264 - - Dividends - - - - - (80,000) (80,000) Total comprehensive income attributable to: Owners of the parent 169,934 49,767 88,845 (168,889) Balance at September 30, 2012 502,593 292,450 4,301,533 959,138 6,055,714 658,540 6,714,254 Non-controlling interests 42,609 44,323 51,654 42,912 212,543 94,090 140,499 (125,977) Earnings/(loss) per share (MUR) Net Asset Value per share (MUR) 2.73 113.54 1.33 113.54 1.23 90.37 (1.42) 90.37 4. Statement of cash flow Quarter to Nine Months to 30/09/2013 30/09/2012 30/09/2013 30/09/2012 2. Statement of financial position Net cash generated from operating activities 568,819 Net cash used in investing activities (488,131) Net cash (used in)/from financing activities (104,846) As at 30/09/2013 31/12/2012 Net (decrease)/increase in cash and cash equivalents (24,158) Audited Cash and cash equivalents at beginning (1,391,928) Effect of foreign exchange rate changes Non-current assets Property, plant and equipment Intangible assets Investment in associated companies Investment in financial assets Bearer biological assets Deferred expenditure Deferred tax assets 12,470,602 1,545,901 1,322,936 272,060 173,599 43,024 10,772 11,929,666 1,557,257 563,500 144,702 173,684 58,023 6,944 Equity and liabilities Capital and Reserves Share capital Share premium Retained earnings and other reserves 502,593 292,450 6,813,339 502,593 292,450 6,722,244 Owners’ interest Non-controlling interests Non-current liabilities Current liabilities 7,608,382 759,252 6,040,758 4,083,887 7,517,287 793,598 5,388,206 4,358,737 Total equity and liabilities 18,492,279 18,057,828 Cash and cash equivalents at end 320,680 (281,397) 846,072 788,276 (1,701,298) 493,542 311,458 (766,780) 539,162 (9,125) 885,355 (1,876,758) 762 (419,480) (1,002,681) (3,050) 83,840 (1,069,942) (4,539) (1,425,211) (990,641) (1,425,211) (990,641) 5. Segment information Total Sugar Energy 15,838,894 14,433,776 Turnover Current assets 2,624,748 3,585,007 Non current assets classified as held for sale 28,637 39,045 Quarter ended - 30/09/13 1,139,161 568,803 570,358 Total assets 18,492,279 18,057,828 - 30/09/12 1,122,244 508,868 613,376 Nine Months ended - 30/09/13 - 30/09/12 2,716,808 2,728,025 845,764 682,379 1,871,044 2,045,646 Quarter ended - 30/09/13 - 30/09/12 265,778 275,148 114,538 129,031 151,240 146,117 Nine Months ended - 30/09/13 - 30/09/12 413,631 404,129 (56,769) (63,613) 470,400 467,742 215,637 133,706 134,984 61,662 80,653 72,044 (163,539) (241,981) 253,014 232,741 Operating profit/(loss) Profit/(loss) before exceptional items Quarter ended - 30/09/13 - 30/09/12 Nine Months ended - 30/09/13 - 30/09/12 89,475 (9,240) Comments Turnover rose by 1.50% on the back of higher refined sugar production. Operating profit was slightly down by 3.5% mainly due to a negative movement in standing canes following a reduction in expected sugar price for crop 2013. Investment income was up to MUR 90.1 M owing to ENL Ltd preference shares received as dividend in specie. Exceptional items rose by Rs 37.6 M and this is mainly in respect of a negative goodwill arising from acquisition of additional shares in associate company Real Good Food Plc. As a result, earnings per share increased to MUR 2.73 (2012 – Rs 1.23). Prospects Based on current sugar cane harvested and refined sugar production, the sugar segment is expected to achieve improved results compared to 2012 whilst the energy segment should perform to the same level as last year. The ethanol plant and airport hotel operations are both scheduled to start in December 2013. The Highland rose morcellement was successfully launched and construction works will start in early 2014. The abridged audited financial statements have been prepared on the same basis of the accounting policies set out in the statutory financial statements of the group for the year ended 31 December 2012 Omnicane Limited’s Board of Directors accepts full responsibility for the accuracy of the information contained in this report, a copy of which is available free of charge at the Company’s registered office, 7th Floor, Anglo Mauritius House, Port Louis, where can be consulted the statement of direct and indirect interests of the Company’s officers, required under Rule 8 (2) (m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. Omnicane Management & Consultancy Ltd Managers & Secretaries 14 November 2013

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