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MPICO Limited FY 2013 results

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MPICO Limited FY 2013 results

MPICO Limited FY 2013 results

Published in: Investor Relations

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  • 1. RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013 GROUP COMPANY GROUP COMPANY 31/Dec/13 31/Dec/12 31/Dec/13 31/Dec/12 31/Dec/13 31/Dec/12 31/Dec/13 31/Dec/12 K'000 K'000 K'000 K'000 K'000 K'000 K'000 K'000 CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS Rental income 1,551,838 1,279,473 695,224 558,482 Cash flows from operating activities Increase in fair value of investment properties 1,501,110 2,641,301 821,847 1,375,197 Net cash inflow/(outflow) (256,280) 872,088 (728,436) (803,625) Other income 273,117 284,881 932,436 1,049,088 Return on investment and servicing of finance Total income 3,326,065 4,205,655 2,449,507 2,982,767 Dividend received - - 298,100 426,825 Interest received 239,659 220,795 368,778 279,111 Total expenditure (695,450) (2,046,952) (1,643,808) (1,161,372) Interest paid (47) (2,549) (1,024,590) (599,805) Dividend paid to outside shareholders (31,900) (73,175) - - Profit before taxation 2,630,615 2,158,703 805,699 1,821,395 Net cash flow from returns on investment and servicing of finance 207,712 145,071 (357,712) 106,131 Taxation (672,480) (683,351) (213,538) (506,883) Taxation paid (78,283) (603,990) 220,913 (382,217) Profit after taxation 1,958,135 1,475,352 592,161 1,314,512 Net cash (used in) / generated from operating activities (126,851) 413,169 (865,235) (1,079,711) Distributable reserves 699,740 (501,476) (20,958) 337,836 Purchase of property, plant and equipment and additions to investment properties (18,896) (26,387) (4,314) (15,368) Non-distributable reserves 957,888 1,619,194 613,119 976,676 Increase in capital work in progress (3,543,084) (2,445,830) - - Amount attributable to members of the company 1,657,628 1,117,718 592,161 1,314,512 Proceeds on disposal of non-current assets 3,985 461,750 3,985 131,750 Amount attributable to minority interest 300,507 357,634 - - 1,958,135 1,475,352 592,161 1,314,512 Staff long-term loan movements (24,777) 2,158 (24,777) 2,156 Net cash (used in)/ generated from investing activities (3,582,772) (2,008,309) (25,106) 118,538 Basic earnings per share (MK) 1.44 0.97 Net cash flow before financing activities (3,709,623) (1,595,140) (890,341) (961,173) Cash flow from financing activities Analysed as: Borrowings (666,154) - 673,325 -Distributable (MK) 0.61 (0.44) Equity contributions 4,463,642 2,371,694 - 1,771,522 -Non-distributable (MK) 0.83 1.41 Net cash flow from financing activities 3,797,488 2,371,694 673,325 1,771,522 Number of shares used for calculation 1,149,023,730 1,149,023,730 Net cashflows for the year 87,865 776,554 (217,016) 810,349 Cash and cash equivalents at the beginning of the year (271,952) (1,048,506) (278,149) (1,088,498) Cash and cash equivalents at the end of the year (184,087) (271,952) (495,165) (278,149) CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION Review of the results EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY The Board is pleased to announce the results of the Group for the year ended 31 December, 2013. Income decreased from K4.2 billion in 2012 Ordinary share capital 57,451 57,451 57,451 57,451 to K3.3 billion in 2013 representing a 21% decline. The decline is as a result of decrease in fair value adjustment from K2.6 billion in 2012 to Distributable reserves 2,337,884 1,638,144 1,859,891 1,880,849 K1.5 billion in 2013. The profit for the year however increased to K2.0 billion in 2013 from K1.5 billion in 2012 representing a 33% increase. Non-distributable reserves 13,681,247 8,259,718 5,624,256 5,011,137 Outlook EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF PARENT COMPANY 16,076,582 9,955,313 7,541,598 6,949,437 The MPICO Gateway Mall shall be opening for trading in the last quarter of 2014. MPICO is ready for this new and exciting opportunity which will help it realise its strategy of diversifying its property portifolio. Minority interest 1,671,024 1,467,617 - - Dividend Total equity 17,747,606 11,422,930 7,541,598 6,949,437 The Board is recommending a dividend of K22.98 million for 2013 representing 2 tambala per share. There was no dividend in 2012. Non-current liabilities 6,815,581 5,572,972 4,628,396 3,574,157 Current liabilities 1,364,752 3,066,668 1,126,399 1,290,922 By Order of the Board. Bank overdraft 501,976 307,846 501,976 307,715 Dye Mawindo Peter du Plessis Total liabilities 8,682,309 8,947,486 6,256,771 5,172,794 Chairman Managing Director TOTAL EQUITY AND LIABILITIES 26,429,915 20,370,416 13,798,369 12,122,231 Independent Auditor's Report on the Summarised Consolidated and Separate Financial Statements to the members ASSETS of MPICO Ltd NON-CURRENT ASSETS Investment properties 15,385,085 13,929,402 7,873,479 7,097,060 The accompanying summary consolidated and separate financial statements, which comprise the summary consolidated and separate statement Other assets 8,981,848 5,435,255 4,622,283 202,124 of financial position as at 31 December 2013, the summary consolidated and separate statements of comprehensive income, changes in equity and the cash flows for the year then ended, are derived from the consolidated and separate audited financial statements of Mpico Ltd for the year ended 31 December, 2013 .We expressed an unmodified audit opinion on those consolidated and separate financial statements in our report dated Total non-current assets 24,366,933 19,364,657 12,495,762 7,299,184 12 February, 2014. The summary consolidated and separate financial statements do not contain all the disclosures required by International Financial Reporting Standards. CURRENT ASSETS Reading the summary consolidated and separate financial statements, therefore, is not a substitute for reading the audited consolidated and separate financial statements of MPICO Ltd. Receivables 1,745,099 969,865 1,295,796 4,793,481 Funds at call and on deposit 1,104 1,110 471 435 Cash and bank balances 316,779 34,784 6,340 29,131 Directors' Responsibility for the Summarised Consolidated and Separate Financial Statements The company's directors' are responsible for the preparation of the summary consolidated and separate financial statements in accordance with International Financial Reporting Standards (IFRS) and the provisions of the Companies Act, 1984. Total current assets 2,062,982 1,005,759 1,302,607 4,823,047 Auditor's Responsibility TOTAL ASSETS 26,429,915 20,370,416 13,798,369 12,122,231 Our responsibility is to express an opinion on the summary consolidated and separate financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810,"Engagements to Report on Summary Financial Statements." CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY At the beginning of the year 11,422,930 10,014,652 6,949,437 5,634,925 Opinion Distributable profit for the year 869,530 (397,863) (20,958) 337,836 In our opinion, the summary consolidated and separate financial statements derived from the audited consolidated and separate financial statements Equity Contribution 4,463,641 - - - of Mpico Ltd for the year ended 31 December 2013 are consistent, in all material respects, with those consolidated and separate financial statements, Non-distributable profit for the year 1,088,606 1,873,216 613,119 976,676 in accordance with the International Financial Reporting Standards (IFRS) and the provisions of the Companies Act, 1984. Dividend declared - Final 2012 (31,900) (17,825) - - Dividend declared - Interim 2013 (65,200) (49,250) - - 17,747,607 11,422,930 7,541,598 6,949,437 Certified Public Accountants and Business Advisers Lilongwe, Malawi a member of group