mited

ed 30 September 2013
Rogers

and Company
Rogers and Company Limited

Limited

Abridged Quarterly Results Ended 30 S...
Taxation

Cash dividends per ordinary (15.2)
share

Profit from continuing operations
Continuing and discontinued operatio...
2013
2013

dited
udited
ths ended
ths
une ended
June

013
013

tated
stated

911.1
,911.1
269.7
269.7
166.4)
(166.4)
265.1...
Taxation

Adjustments for opening cash and cash equivalents of jointly controlled entities
(15.2)
(21.6)
12.5

(0.8)
Other...
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Rogers and Company Limited 1Q 2014 results

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Rogers and Company Limited 1Q 2014 results

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  1. 1. mited ed 30 September 2013 Rogers and Company Rogers and Company Limited Limited Abridged Quarterly Results Ended 30 September 2013 AbridgedStatement of Changes in Equity Quarterly Results Ended Unaudited 3 months ended September 2013 1,362.0 45.5 (63.6) 8.3 (9.8) 72.8 63.0 (15.2) 47.8 47.8 47.8 Audited 9 months ended June Share capital Statement of Profit or Loss 2013 2012 30 SeptemberAttributable 2013 Revaluation and other Retained to owners of reserves Statement ofearnings in Equity Changes the parent Non controlling interests Total 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 At 1 October 2012 as previously stated Revaluation Unaudited Audited restated restated Prior year adjustment due to change in accounting 9 months ended In Rs million 3 months ended and Retain 11.4 11.4 Share (9.2) other 2.2 for employee benefit liability (see note below) September June capital reserves earnin Unaudited 3,956.6 252.0 At 1 October 2012 as previously stated Audited 2,495.6 6,704.2 252.0 2,293.0 8,997.2 1,422.0 4,911.1 2013 2013 2012 As restated 2,495.6 3,945 In Rs million 3 months ended 9 months ended restated restated - Prior year adjustment due to change in accounting 374.3 374.3 (42.5) 269.7 Issue of shares September June - (68.6) - (219.8) 11 Continuing operations (166.4) (47.3) - for employee benefit liability (see note below) (151.2) (151.2) Dividends 2,495.6 3,956 1,422.0 4,911.1 1,362.0 Revenue 2013 2013 61.7 265.1 - As restated - 2012 1,752.9 1,752.9 252.01 October 2012 as pre 223.7 1,976.6 Profit for the period At45.5 Profit (loss) from operations before finance costs (42.5) 269.7 Issue of shares restated 8.8 168.8 56.4 10.2 restated 66.6 492.1 558.7 Other comprehensive income for the period(47.3) Prior year adjustment (151 due (63.6) (166.4) Finance costs Dividends (19.3)on investment properties Transfer 537.2 operations (5.1) 5.1 for employee benefit1,752 liabil Continuing 61.7 265.1 - Profit for the period Fair value gain Changes in ownership interests in subsidiaries 8.8 8.3 Share of results of associates and jointly controlled entities 168.8 10 Other comprehensive income for the period 1,422.0 4,911.1 1,362.0 Revenue As-restated56.4 648.8 (9.8) (Loss) profitbefore exceptional items that do not result in a loss of control (19.3) 537.2 - Transfer 9.5 12.6 22.1 - (43.9) (5.1) (21.8) 5 45.5 269.7 Issue of shares Exceptional items Profit (loss) from operations before finance costs 686.4 interests 252.0 Changes in ownership(42.5)in subsidiaries8,394.6 2,556.4 5,586.2 3,270.6 11,665.2 At 30 June 2013 Reclassification adjustment for gains of available-for-sale financial assets 648.8 (63.6) - Finance costs At 1 July 2013 (166.4) loss of control Dividends 9.5 252.0 that do not result in a(47.3) 2,556.4 5,586.2 8,394.6 3,270.6 11,665.2 12 686.4 Excess of fair value of share of net assets over quoted price - Fair value gain on investment properties 6.0 - - 61.7 265.1 - 252.0 for the period 5,586 Profit 2,556.41,309.4 - At 30 June 2013 1,309.4 Issue of shares 72.8 Gain on acquisition of group entities 2,556.4 5,586 127.9 Share of results of associates and jointly controlled entities 85.7 At 1 July 2013 8.3 8.8 168.8 - 252.0 (1.3) (1.3) Dividends 6.0 Profit on disposal of financial assets Other comprehensive inco Issue of shares (25.6) Profit on sale of properties profit before exceptional items 127.9 85.7 18.6 18.6 Profit for the period (9.8) - (19.3) 537.2 - 29.2 - 47.8 Dividends Transfer 83.0 (Loss) - Reorganisation costs 1,964.1 (12.0) (1.1) (13.1) (4.2) Other comprehensive income for the period(25.6) - (17.3) 18 Profit for the period (21.6) Exceptional items 12.5 Changes in ownership inte 63.0 83.0 1,964.1 Profit before taxation - Other comprehensive income for the period 44.1 (44.1) - (12.0) - (1 Transfer (15.2) Taxation (21.6) 12.5 61.4 Reclassification adjustment for gains of available-for-sale financial assets 1,976.6 648.8 that do not 44.1 in a loss result (44 Changes in ownership interests in subsidiaries that 61.4 1,976.6 - Transfer - (1.0) Profit from continuing operations value of share of net assets over quoted price 30.8 29.8 (8.2) 686.4 Excess of fair do not result in a loss of control47.8 Changes in ownership interests in subsidiaries that At-30 June 2013 21.6 30 (1.0) Continuing and discontinued operations not result 61.4 Gain on acquisition30 September 2013 1,976.6 At of group entities 252.0 do 72.8 in a loss of control 2,587.5 5,590.4 8,429.9 4,595.5 13,025.4 47.8 Profit from continuing operations 61.4 1,976.6 At 2013 At 30 September 2013 252.01 July2,587.5 5,590 320.1 6.0 (IAS 19 Revised). All the actuarial Profit on disposal of financial assets - gains andProfit after taxation from discontinued operations Group changed its policy for the320.1 Note: The recognition of actuarial losses arising on defined benefit pension Issue of shares 381.5period 1,976.6 Note: The Group changed its policy for the recognition of actuarial gains and losses arising on def 381.5 1,976.6 47.8 Profit for the Statement of Profit or Loss Statement of 85.7 Profit on sale of gains and losses are recognised immediately through other comprehensive incomeare 127.9 the net pension asset or liability to reflect the fullorder for t properties gains and losses in order for immediately through other comprehensive income in value recognised Dividends of the of the plan deficit or surplus. Reorganisation costs plan deficit or surplus. (25.6) 18.6 Owners84.8 parent - continuing operations 1,752.9 18.6 of the 84.8 1,752.9 Profit for the period 63.0 83.0 1,964.1 - discontinued operations 321.1 321.1 Profit before taxation Other comprehensive inco 29.2 (24.4) 223.7 29.2 Non-controlling interests 223.7 (24.4) Taxation (15.2) Statement (21.6) Flows 12.5 of Cash Statement of Cash Flows 47.8 381.5 1,976.6 Transfer 47.8 381.5 Profit from continuing operations 1,976.6 61.4 1,976.6 47.8 Continuing operations Unaudited Audited Changes in ownership inte Earnings per share Continuing and discontinued operations 0.74 (EPS) Rs 3.36 69.53 3 months ended result in a loss of c do not 9 months ended 0.74 EPS excluding exceptional items 3.36 69.53 (0.48) Rs (1.23) 15.07 30 June 47.8 61.4 1,976.630 September September 2013 (0.48)Continuing and discontinued operations (1.23) Profit from continuing operations 15.07 At 30 2013 - 2013 Profit after taxation from discontinued operations 16.10 Cash generated from320.1 before working capital changes operations 0.74 EPS Rs 69.53 Note: changed Working capital changes Rs 9.86 15.07 Cash before 0.74 EPS excluding exceptional itemsthe period generated from operations(0.48) working capital changes 16.10 Profit for 69.53 381.5 1,976.6 121.3 The Group564.0 47.8 Attributable to Rs Rs Rs Rs gains 25,204,530 Cash generated from operations 75.4 and losses are recog Working capital changes (0.48)Number of ordinary shares used in calculation 9.86 15.07 (69.5) Cash dividends perAttributable to ordinary share Rs 2.00 6.00 of the Cash used in other operating activities 25,204,530 196.7 plan deficit or surpl Cash generated from operations 494.5 18.6 of the 84.8 1,752.9 Net cash from operating activities Rs 2.00 Owners6.00 parent - continuing operations (78.1) Cash used in other operating activities (229.9) Net cash - in investing activities used discontinued operations 321.1 - 118.6 Statement of Profit or Net cashand operatingComprehensive Income Loss- from Other activities 264.6 Net cash from financing activities 29.2 Non-controlling Net cash used in investing activities interests (24.4) 223.7 (401.6) (876.2) Net decrease in cash and cash equivalents Unaudited Audited Comprehensive Income 47.8 381.5 1,976.6 121.8 3 9 months ended Cash and cash equivalents - opening Net cash from financing activities months ended 193.4 September June Adjustments for opening cash and cash equivalents of jointly controlled entities (161.2) Net decrease in cash and cash equivalents (418.2) Unaudited Audited Continuing operations 2013 2013 2012 Effects of exchange rate on cash and cash equivalents (109.3) 3 months ended 9 months ended Cash and cash equivalents - opening 327.2 0.74 Earnings per share (EPS) 3.36 69.53 restated restated Rs September June Cash and Adjustments for opening cash and cash equivalents of jointly controlled entitiescash equivalents - closing (0.48) EPS Rs (1.23) 15.07 (0.8) Continuing operations excluding exceptional items 2013 2013 2012 (3.2) Effects of exchange rate on cash 47.8 and cash equivalents 1,976.6 (18.3) Profit for the period 61.4 Continuing andCash and cash equivalents - closing discontinued operations restated (274.5) (109.3) (17.3) Other comprehensive restated income (204.2) 558.7 Statement of EPS Total comprehensive income 30.5 Total comprehensive income 30.5 47.8 Continuing and discontinued operations 61.4 EPS 1,976.6 exceptional items excluding 47.8 for the period (17.3)Profit (204.2) Number of ordinarySegment in calculation 558.7 shares used Analysis (17.3) comprehensive income 2,535.3 30.5 Other(142.8) Cash dividends per ordinary share Attributable to 47.8 381.5 1,976.6 Owners of the parent (17.3) - continuing operations 558.7 (196.8) 184.7 2,535.3 30.5 - discontinued operations 5.5 Statement of Profit or Loss - Non-controlling interests 25.0 30.5 Aviation 1,819.5 Financial Services of Financial Position Hospitality 715.8 Logistics 2,535.3 Unaudited Property Continuing operations and Agribusiness30 September Real Estate Technology Profit for the period 2013 Corporate office Other comprehensive income ASSETS Corporate Treasury Unaudited Non current assetsTotal comprehensive income Audited 5.5 25.0 30.5 (216.3) 344.1 Statement 56.9 184.7 Segment Analysis 0.74 16.10 Cash generated from oper Revenue Working capital changes Unaudited A 381.5 1,976.6 Cash generated from oper 3 months 9 (196.8) 558.7 ended September operati end - Revenue Rs Cash used in other 184.7 2,535.3 Profit after taxation Net 2013 Unaudited Audited Unaudited cash from operating a Audited 2012 3 months 9 months 3 months cash used 9 months Net 116 in investing Aviation 120 (216.3) 1,819.5 ended September ended June and Other Comprehensive Income ended September 3 ended June ac Financial Services 5 344.1 Net cash from financing restated restated 350 Hospitality 321 56.9 715.8 Audited 2013 Net decrease in cash and 693 LogisticsUnaudited 679 2013 2013 2013 2012 2012 184.7 2,535.3 3 months ended 9 371 ended10 Cash and15 equivalents months 130 Property cash 11542 116 120 120 Real Estate and Agribusiness 227 September 5 June 3 25 Adjustments for opening c 9 17 55 Technology 6053 350 1,409 (114) 2013 2013 (94) Effects 27 exchange172 o 2012 Corporate office 321 30 of rate 693 679 2,020 Corporate Treasuryrestated 454 restated 32 Cash and17 equivalents cash 1,561 Audited 130 51 115 344 67 121 1,494 (142.8) 30 June Rs 2,535.3 Rs 30 September 2013 2012 restated restated (0.48) 69.53 15.07 25,204,530 2.00 6.00 9.86 Exceptional items 227 120 (30) 821 55 6061.4 197 1,976.6 6 47.8 Group elimination 30 27 (15) (17.3) (204.2) 98 558.7 Total continuing operations (10) 4 Discontinued operations (142.8) 2,535.3 30.5 1,494 (25) 1,561 5,269 (26) 1,4943 (132) (21) 1,362 1 - 172 1,561 9 (139) (54) 1,422 (19) 705 Segment Ana (41) 550
  2. 2. Taxation Cash dividends per ordinary (15.2) share Profit from continuing operations Continuing and discontinued operations 47.8 (21.6) 61.4 47.8 61.4 Statement of Profit or320.1 Loss - Profit from continuing operations Profit after taxation from discontinued operations Profit for the period 47.8 381.5 18.6 29.2 47.8 84.8 321.1 (24.4) 381.5 Attributable to Owners of the parent - continuing operations - discontinued operations Non-controlling interests Continuing operations Continuing operationsRs 0.74 Earnings per share (EPS) 3.36 69.53 (0.48) EPS excluding exceptional items (1.23) 15.07 Profit for the period Rs Continuing and discontinued operations comprehensive income Other 0.74 EPS Rs 16.10 69.53 Total comprehensive income (0.48) EPS excluding exceptional items Rs 9.86 15.07 Continuing and discontinued operations Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share 2.00 6.00 Profit for the period Rs Other comprehensive income Statement of Profit orTotal comprehensive income Loss and Other Comprehensive Income Attributable to Continuing operations Audited 9 months ended June 2013 restated 47.8 (17.3) 30.5 Continuing and discontinued operations 61.4 (204.2) (142.8) 1,976.6 558.7 2,535.3 (17.3) 30.5 Profit for the period Other comprehensive income Total comprehensive income Profit for the period Other comprehensive income Total comprehensive income Unaudited 3 months ended Owners of the parent September - continuing operations 2013 2012 - discontinued operations restated Non-controlling interests (196.8) 184.7 558.7 2,535.3 5.5 25.0 30.5 ASSETS (216.3) 344.1 56.9 184.7 1,819.5 715.8 2,535.3 Non current assets Statement of Financial Position and equipment Property, plant ASSETS Non current assets Investment properties Unaudited Audited Intangible assets 30 jointly 30 June 30 September Investment in associates andSeptember controlled entities Investment in financial assets 2013 2013 2012 restated restated Bearer biological assets Long term loans receivable Deferred expenditure 7,157.7 Property, plant and equipment 3,380.2 Investment properties 480.5 Intangible assets Current assets 5,067.2 Investment in associates and jointly controlled entities Consumable biological assets 247.4 Investment in financial assets Inventories 17.0 Bearer biological assets Trade and other receivables 195.0 Long term loans receivable 104.0 Deferred expenditure Bank balances and cash 16,649.0 7,155.3 2,574.7 482.3 3,980.6 264.1 18.3 169.5 104.8 14,749.6 6,025.0 1,690.1 351.6 1,231.2 1,811.3 20.5 135.2 39.3 11,304.2 89.6 155.5 1,882.7 432.2 2,560.0 17,309.6 92.6 1,140.7 1,926.4 507.8 3,667.5 14,971.7 8,394.6 3,270.6 11,665.2 252.0 6,457.9 6,709.9 2,293.0 9,002.9 2,694.5 255.8 83.0 3,033.3 2,227.0 245.4 80.8 2,553.2 2,321.3 213.8 52.1 2,587.2 1,016.6 2,333.9 34.7 33.3 3,418.5 805.2 2,075.7 23.7 35.4 151.2 3,091.2 452.9 2,799.4 36.7 42.2 50.4 3,381.6 Current assets Consumable biological assets Inventories Trade and other receivables Bank balances and cash EQUITY AND LIABILITIES Capital and reserves 80.1 EQUITY AND LIABILITIES 191.0 2,101.0 Capital and reserves 456.1 Share capital 2,828.2 Reserves 19,477.2 Equity attributable to owners of the parent Non-controlling interests 252.0 252.0 Total equity 8,177.9 8,142.6 Share capital Reserves Non Equity attributable to owners of the parent current liabilities Non-controlling interests Borrowings Total equity Deferred tax liabilities Non current liabilities Borrowings Deferred tax liabilities Retirement benefit obligations Current liabilities Borrowings Trade and other payables Income tax liabilities Provisions Dividends payable 47.8 61.4 1,976.6 (17.3) (204.2) 558.7 Cash generated from operations before working capital changes (142.8) 2,535.3 30.5 Working capital changes 8,429.9 4,595.5 13,025.4 Retirement benefit obligations Current liabilities Borrowings Trade and other payables Income tax liabilities Provisions Dividends payable (12.0) (1.1) Segment Analysi Cash generated from operations Cash used in other47.8 activities operating 381.5 1,976.6 Net cash from operating activities (17.3) (196.8) 558.7 Net cash used in investing activities 184.7 2,535.3 30.5 Net cash from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents - opening Adjustments for opening cash and cash equivalents of1,819.5 jointly controlled Aviation entities 5.5 (216.3) Effects of exchange rate on cash and cash equivalents Financial Services 344.1 Cash and cash equivalents - closing Hospitality 25.0 30.5 56.9 184.7 715.8 2,535.3 Segment Analysis Statement of Financial Position 47.8 381.5 1,976.6 Attributable to Owners of the parent - continuing operations - discontinued operations Non-controlling interests - Other comprehensive income for the period Rs 2.00 Transfer Changes in ownership interests in subsidiaries that do not result in a loss of control At 30 September 2013 6.00 - Cash used in other operating act 44.1 (44.1) Net cash from operating activitie (1.0) 30.8 cash used investing activit 1,976.6 8, and Other Comprehensive Income 252.0 Net2,587.5 in 5,590.4activitie Net cash from financing Note: The Group changed its policy for the recognition of actuarial gains and losses arising on defined benefit 1,976.6 Net decrease in cash and cash e gains and losses are Unaudited recognised immediately through other comprehensive income in order for the net pensio Audited of the plan deficit or surplus. ended 3 months 9 months ended Cash and cash equivalents - ope 1,752.9 September June Adjustments for opening cash an 223.7 2013 2012 Effects of exchange rate on cash Statement of Cash Flows 2013 1,976.6 restated restated Cash and cash equivalents - clos 12.5 1,976.6 Unaudited 30 September Aviation 2013 Financial Services Hospitality Logistics Property Real Estate and Agribusiness Technology 7,157.7 Corporate office 3,380.2 Corporate Treasury 30 June Audited 30 September 2013 2012 restated restated 16,649.0 7,155.3 2,574.7 482.3 3,980.6 264.1 18.3 169.5 104.8 14,749.6 6,025.0 1,690.1 351.6 1,231.2 1,811.3 20.5 135.2 39.3 11,304.2 480.5 Exceptional items 5,067.2 247.4 Group elimination 17.0 Total continuing operations 195.0 Discontinued operations 104.0 Total Logistics Property Real Estate and Agribusiness Revenue Technology Unaudited Corporate office 9Audited 3 months months ended September Corporate Treasuryended June 2013 Exceptional 2012 items 2013 116 120 371 3 5 9 Group elimination 350 321 1,409 693 679 2,020 Total continuing operations 130 Discontinued115 operations 344 120 227 821 Total 55 60 197 27 30 98 4 1,494 1,561 5,269 1,494 Performance 5,269 1,561 Group (132) (139) (358) The Group significantly improved p 1,362 1,422 4,911 Rs 46m (Sept-12: losses of Rs 43m 705 1,362 48m (Sept-12: Rs 61m) is du 2,127 4,911 to Rs Comments on quarter of 2012. Corporate Development Comments on Results 80.1 89.6 92.6 On 22 October 2013, the shareh Group Performance Property 191.0 155.5 1,140.7 by The Group significantly improved profit from operations before finance costs to Ascencia Limited of Kendra The Property sector achieved a PA 2,101.0 1,882.7 1,926.4 Rs 46m (Sept-12: losses of Rs 43m). However, the comparative decrease inCommercial Centre and a 50.10% PAT management and property mana to Rs 48m (Sept-12: Rs 61m) is due 432.2fair value gains arising in theBagatelle Mall of Mauritius. The to larger last while the results of Ascencia com 456.1 507.8 quarter of 2012. 2,828.2 2,560.0 3,667.5 entitiesvalue gain accounted for in the qu as from 01 July 2013. Corporate Development Real Estate & Agribusiness 14,971.7 Sector highlights 19,477.2 17,309.6 On 22 October 2013, the shareholders of Rogers approved the acquisitions The Real Estate & Agribusiness sec by Ascencia Limited of Kendra Commercial Centre, Les Allées d’Helvétia of Aviation Rs 26m) as a result of delayed Commercial Centre and a 50.10% interest in Bagaprop Limited, the owner of Ombre. The Agribusiness cluster, f The Technology Bagatelle Mall of Mauritius. The Group’s results include the results of those Aviation sector reported a PA 252.0 252.0 252.0 entities as from 01 July 2013. adversely impacted by theposted a operati The Technology sector 8,177.9 8,142.6 6,457.9 Sector highlights completion of Financial Services major IT contracts a 8,429.9 8,394.6 6,709.9 Aviation Customer Services Ltd. The 4,595.5 a PAT of Rs 10m (Sept-12:2,293.0 were Financial Services sector incre 3,270.6 The Aviation sector reported Rs 15m). Results Outlook adversely impacted by the operations of the overseas travel agencies. 13,025.4 11,665.2 9,002.9 performance of the sector was ess The improvement in profit from th Swan Group. to be maintained for t Financial Services is expected The Financial 2,694.5 increased its PAT to Rs 25m2,321.3 17m).Hospitality Services sector 2,227.0 (Sept-12: Rs The By order of the Board performance of the sector was essentially driven by the Group’s holding in the 13 November 2013 The improvement in occupancies 245.4 213.8 Swan Group. 255.8 The abridged financial statements of signi 83.0 80.8 52.1 Heritage and Veranda hotelspolicies Hospitality using the same accounting 3,033.3 2,553.2 2,587.2 The improvement in occupancies and guest-night spending registered atto Rs 67m (Sept-12: losses of Rs the 30 June 2013, except for the adopti quarterinterpretationslosseswhich are now (Sept-12: issued of Rs 114m Heritage and Veranda hotels significantly reduced the losses of the VLH Group to Rs 67m (Sept-12: losses of Rs 114m). However, losses of Rs 94m for the results of New statements areHotel this These financial Mauritius pursua 1,016.6 452.9 quarter (Sept-12: losses of Rs 114m) 805.2 were recorded due to the consolidation of Copies of and the results of 2,333.9 Hotels Ltd. New Mauritius 2,075.7 2,799.4 Logistics of thethe statement of directObli (m) Securities (Disclosure Logistics 34.7 23.7 36.7 The Logistics sector recorded a m financial statements are available fre The Logistics sector recorded a marked increase in PAT to Rs 42.2 32m (Sept-12: Rs with improvements noted Ro 17m) Secretary at the registered office of ac 33.3 35.4 17m) with improvements noted across all segments of its activities. The Board of Directors of Rogers and C 151.2 50.4 accuracy of the information containe 3,418.5 3,091.2 3,381.6 6,451.8 5,644.4 5,968.8 6,451.8 5,644.4 5,968.8 19,477.2 17,309.6 14,971.7 19,477.2 17,309.6 14,971.7 Rogers House, 5 President John Kenne Tel: (230) 202 6666. Fax (230) 208 www.rogers.mu
  3. 3. 2013 2013 dited udited ths ended ths une ended June 013 013 tated stated 911.1 ,911.1 269.7 269.7 166.4) (166.4) 265.1 265.1 168.8 168.8 537.2 537.2 648.8 648.8 686.4 686.4 6.0 6.0 85.7 85.7 964.1 ,964.1 12.5 12.5 976.6 ,976.6 976.6 ,976.6 976.6 ,976.6 752.9 ,752.9 223.7 223.7 976.6 ,976.6 Profit from continuing operations Continuing and discontinued operations Statement of Changes in Equity Statement of Changes in Equity At 1 October 2012 as previously stated At 1 October 2012 as previously stated Prior year adjustment due to change in accounting Prior year adjustment due to change in accounting for employee benefit liability (see note below) for employee benefit liability (see note below) As restated As restated Issue of shares Issue of shares Dividends Dividends Profit for the period Profit for the period Other comprehensive income for the period Other comprehensive income for the period Transfer Transfer Changes in ownership interests in subsidiaries Changes in result in a interests in subsidiaries that do not ownershiploss of control that do not result in a loss of control At 30 June 2013 At 30 June 2013 At 1 July 2013 At 1 July 2013 Issue of shares Issue of shares Dividends Dividends Profit for the period Profit for the period Other comprehensive income for the period Other comprehensive income for the period Transfer Transfer Changes in ownership interests in subsidiaries that Changes in ownership interests do not result in a loss of control in subsidiaries that do not result in a loss of control At 30 September 2013 At 30 September 2013 e e dited udited ths ended ths une ended June 013 013 tated stated 1,976.6 1,976.6 558.7 558.7 2,535.3 2,535.3 Statement of Cash Flows Statement of Cash Flows Attributable to Revaluation Attributable Revaluation ShareOwners of theother- continuing operations to owners of and parent Retained Attributable Share and Retained owners of capitalNon-controllingother- discontinued operations tothe parent reserves earnings interests capital reserves earnings the parent 12.5 1,976.6 61.4 320.1 381.5 1,976.6 1,976.6 Non Non 18.6 controlling 84.8 controlling321.1 interests (24.4) 29.2 interests 1,752.9 Total 223.7 Total 2,302.2381.5 8,995.0 47.8 1,976.6 252.0 2,495.6 3,945.2 6,692.8 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 Continuing operations - Earnings per share (EPS) 11.4 11.4 Rs (9.2) 3.36 2.2 0.74 69.53 11.4 11.4 (9.2) 2.2 (0.48) 15.07 252.0EPS excluding exceptional items 3,956.6 2,495.6 6,704.2 Rs 2,293.0 (1.23) 8,997.2 Continuing and discontinued operations 252.0 2,495.6 3,956.6 6,704.2 2,293.0 8,997.2 -EPS - Rs 374.3 16.10 374.3 0.74 69.53 - excluding exceptional items - Rs 374.3 9.86 374.3 (0.48) 15.07 -EPS (151.2) (151.2) (68.6) (219.8) (151.2) (68.6) (219.8) shares used in (151.2) 25,204,530 -Number of ordinary ordinary share calculation 1,752.9 1,752.9 Rs 223.7 2.001,976.6 Cash 6.00 - dividends per 1,752.9 1,752.9 223.7 1,976.6 56.4 10.2 66.6 492.1 558.7 56.4 10.2 66.6 492.1 558.7 (5.1) 5.1 Loss - Statement of Profit or5.1 and Other Comprehensive Income (5.1) 9.5 12.6 9.5 12.6 252.0 2,556.4 5,586.2 252.0 2,556.4 5,586.2 252.0 2,556.4 5,586.2 252.0 2,556.4 5,586.2 Continuing operations -Profit for the period - comprehensive-Other -income 18.6 - comprehensive income 18.6 -Total (12.0) (1.1) Continuing and discontinued operations (12.0) (1.1) -Profit for the period 44.1 (44.1) - comprehensive income 44.1 (44.1) Other -Total comprehensive income (1.0) 30.8 (1.0) 30.8 Attributable to 252.0 2,587.5 5,590.4 252.0 5,590.4 Owners of 2,587.5 the parent Unaudited (43.9) 3 months ended (43.9) September 3,270.6 22.1 22.1 8,394.6 8,394.6 8,394.6 8,394.6 18.6 18.6 (13.1) (13.1) 29.8 29.8 8,429.9 8,429.9 Audited (21.8) 9 months ended (21.8) June 11,665.2 3,270.6 11,665.2 2013 11,665.2 3,270.6 restated 11,665.2 restated 1,309.4 1,309.4 1,309.4 1,309.4 (1.3) 61.4 (1.3) 47.8 1,976.6 (1.3) (1.3) (17.3) (204.2) 558.7 29.2 47.8 29.2 (142.8) 47.8 2,535.3 30.5 (4.2) (17.3) (4.2) (17.3) 47.8 - 381.5 1,976.6 (17.3) (196.8) 558.7 (8.2) 184.7 21.6 2,535.3 30.5 (8.2) 21.6 4,595.5 13,025.4 4,595.5 13,025.4 2013 3,270.62012 Statement of Financial Position Unaudited Audited Unaudited Audited Unaudited Audited 3 monthsSeptember 30months30 September 9 June ended 30 ended 3 months ended 9 months ended 30 September 30 June 2013 30 September 201330 June2012 ASSETS Cash generated from operations before working capital changes Non current assets Cash generated from operations before working capital changes Working capital changes Property, plant and equipment Working capital changes Investment properties Cash generated from operations Intangible assets Cash generated from operations Cash used in other operating activities Investment in associates and jointly controlled entities Cash used in other operating activities Investment in financial assets Net cash from operating activities Net cash from operating activities Bearer biological assets Net cash used in investing activities Long term loans receivable Net cash used in investing activities Net cash from financing activities Deferred expenditure Net cash from financing activities Net decrease in cash and cash equivalents Net decrease in cash and cash equivalents Current assets Cash and cash equivalents - opening Consumable biological assets Cash and cash equivalents - opening Adjustments for opening cash and cash equivalents of jointly controlled entities Inventories Adjustments for opening cash and cash equivalents of jointly controlled entities receivables Trade and other Effects of exchange rate on cash and cash equivalents Effects of exchange rate on cash and cash equivalents Bank balances and cash Cash and cash equivalents - closing Cash and cash equivalents - closing Segment Analysis Segment Analysis 1,976.6 1,976.6 558.7 558.7 2,535.3 2,535.3 1,819.5 1,819.5 715.8 715.8 2,535.3 2,535.3 47.8 47.8 Profit from continuing operations Profit after taxation from discontinued operations Profit for the period (21.6) 61.4 5.5 1,819.5 - continuing operations Note: The Group changed its policy for the recognition of actuarial gains and losses arising on defined benefit pension (IAS 19 Revised).(216.3) actuarial All the Note: The Group changed its policy for the recognition of actuarial gains and losses in order for the net pension asset (IAS 19 Revised). 344.1 actuarial All the - discontinued operations gains and losses are recognised immediately through other comprehensive income arising on defined benefit pensionor liability to reflect the full value gains plan deficit or recognised immediately through other comprehensive income in order for the net pension asset or liability to reflect the full value 25.0 Non-controlling interests 56.9 715.8 of the and losses are surplus. 184.7 2,535.3 30.5 of the plan deficit or surplus. 69.53 69.53 15.07 15.07 69.53 69.53 15.07 15.07 04,530 204,530 6.00 6.00 (15.2) 47.8 Taxation 121.3 121.3 75.4 7,157.7 75.4 3,380.2 196.7 480.5 196.7 (78.1) 5,067.2 (78.1) 247.4 118.6 118.6 17.0 (401.6) 195.0 (401.6) 121.8 104.0 121.8 16,649.0 (161.2) (161.2) (109.3) 80.1 (109.3) (0.8) 191.0 (0.8) 2,101.0 (3.2) (3.2) 456.1 (274.5) 2,828.2 (274.5) restated restated 2013 2013 564.0 564.0 (69.5) 6,025.0 (69.5) 1,690.1 494.5 351.6 494.5 (229.9) 1,231.2 (229.9) 1,811.3 264.6 264.6 20.5 (876.2) 135.2 (876.2) 193.439.3 193.4 11,304.2 (418.2) (418.2) 327.2 89.6 327.2 92.6 155.5 1,140.7 1,882.7 (18.3) 1,926.4 432.2 (18.3) 507.8 (109.3) 2,560.0 (109.3) 3,667.5 7,155.3 2,574.7 482.3 3,980.6 264.1 18.3 169.5 104.8 14,749.6 19,477.2 17,309.6 252.0 8,177.9 252.0 8,142.6 14,971.7 EQUITY AND LIABILITIES Capital and reserves Share capital Reserves Revenue Equity attributable to owners of the parent Revenue Non-controlling interests Unaudited Audited Unaudited Total equity 3 months 9Audited months 3 months Non current liabilities ended September ended Borrowings September Deferred tax liabilities Retirement benefit obligations 2013 2012 Aviation Aviation Financial Services Financial Services Hospitality Hospitality Logistics Logistics Property Property Real Estate and Agribusiness Real Estate and Agribusiness Technology Technology Corporate office Corporate office Corporate Treasury Corporate Treasury 2013 2013 2013 116 Current liabilities 116 120 120 5 5 321 321 679 679 115 115 227 227 60 60 30 30 4 4 1,561 3 Borrowings 3 Trade and other payables 350 350 Income tax liabilities 693 Provisions 693 130 Dividends payable 130 120 120 55 55 27 27 1,494 2012 9 months ended June ended June 2013 2013 371 371 9 9 1,409 1,409 2,020 2,020 344 344 821 821 197 197 98 98 5,269 252.0 6,457.9 6,709.9 3,270.6Audited 2,293.0 11,665.2 Audited 9,002.9 9 months Profit after taxation 8,429.9 8,394.6 Profit after taxation 4,595.5 Unaudited Unaudited 13,025.4 3 months 3 months 9 months ended September ended June ended September 2,227.0 ended June 2,694.5 2,321.3 restated restated213.8 255.8 245.4restated restated 2013 2013 83.0 2012 80.8 3,033.3 2012 2,553.2 10 15 10 15 25 1,016.6 17 805.2 25 2,333.9 17 2,075.7 (94) (114) (94) 34.7 (114) 32 17 23.7 32 33.3 1735.4 51 - 67 151.2 51 67 (30) 3,418.5 (26) 3,091.2 (30) (26) 6 6,451.8 5,644.4 3 6 3 (15) 17,309.6 19,477.2 (21) (15) (21) (10) 1 (10) 1 (25) (41) 52.1 2013 2013 2,587.2 42 42 53 452.9 53 2,799.4 172 172 36.7 54 42.2 54 121 50.4 121 172 3,381.6 172 9 5,968.8 9 (54) 14,971.7 (54) (19) (19) 550 Other compr Transfer Changes in o do not result At 30 Septem Note: The Gr gains and lo of the plan d Statem Cash generat Working capi Cash generat Cash used in Net cash from Net cash use Net cash from Net decrease Cash and cas Adjustments Effects of ex Cash and cas Segm Aviation Financial Ser Hospitality Logistics Property Real Estate a Technology Corporate of Corporate Tr Exceptional i Group elimin Total continu Discontinued Total Com Group Perfor The Group sig Rs 46m (Sept to Rs 48m (Se quarter of 201 Corporate De On 22 Octob by Ascencia Commercial C Bagatelle Ma entities as fro Sector highli Aviation The Aviation adversely imp Financial Serv The Financial performance Swan Group. Hospitality The improvem Heritage and to Rs 67m (S quarter (Sept the results of Logistics The Logistics 17m) with im
  4. 4. Taxation Adjustments for opening cash and cash equivalents of jointly controlled entities (15.2) (21.6) 12.5 (0.8) Other comprehensive income for the period Transfer (3.2) Changes in ownership interests in subsidiaries that (274.5) do not result in a loss of control At 30 September 2013 2013 from continuingof exchange rate on cash and cash equivalents Effects operations 47.8 Profit 61.4 1,976.6 47.8 47.8 61.4 320.1 381.5 1,976.6 1,976.6 18.6 29.2 47.8 84.8 321.1 (24.4) 381.5 1,752.9 - Revenue 223.7 Statement of Unaudited Audited 1,976.6 estated Continuing and discontinued operations Cash and cash equivalents - closing Profit from continuing operations Profit after taxation from discontinued operations 1,976.6 Profit for the period 558.7 Attributable to Segment Analysis 2,535.3 of the parent - continuing operations Owners - discontinued operations Non-controlling interests 1,976.6 558.7 operations Continuing Earnings 2,535.3 per share (EPS) EPS excluding exceptional items Continuing and discontinued operations EPS Aviation 1,819.5 EPS excluding exceptional items Financial Services Number of ordinary shares used in calculation Cash dividends per ordinary share Hospitality Rs Rs 0.74 (0.48) 3.36 (1.23) Rs Rs 0.74 (0.48) 16.10 9.86 69.53 15.07 69.53 252.0 (12.0) 44.1 (18.3) (1.0) (109.3) 2,587.5 (1.1) (44.1) 30.8 5,590.4 8, Note: The Group changed its policy for the recognition of actuarial gains and losses arising on defined benefit gains and losses are recognised immediately through other comprehensive income in order for the net pensio of the plan deficit or surplus. 3 months ended September 2013 - 2012 Profit after taxation Cash Flows Unaudited 9 months ended June 2013 3 months ended September restated 2013 2012 Cash generated from operations before working capital changes Audited 9 months ended June restated 2013 116 10 120 371 15 42 Working capital changes 15.07 3 25 5 9 17 53 25,204,530 Cash generated from operations Rs 2.00 operating 350 6.00 Cash used in other 1,409 activities (94) 321 (114) 172 715.8 Net cash from operating activities 693 32 Logistics 679 2,020 17 54 2,535.3 Net cash used in investing activities 130 51 Property Profit or Loss and Other Comprehensive Income 115 344 67 121 Statement of Net cash from financing activities 120 (30) Real Estate and Agribusiness 227 821 (26) 172 Net decrease in cash and cash equivalents Unaudited Audited 55 6 Technology 197 3 9 3 months ended 9 months ended Cash60 cash equivalents - opening and September June 27 (15) Corporate office 30 (21) Adjustments for opening98 and cash equivalents of jointly controlled entities (54) cash 2013 2013 2012 Effects4 exchange rate on cash and cash(10) of equivalents Corporate Treasury 1 (19) restated restated Cash and 1,494 (25) 1,561 cash equivalents - closing 5,269 (41) 550 Continuing September operations items 73 102 1,427 47.8 Profit for the Exceptional period 61.4 1,976.6 48 5,269 61 1,977 (17.3) Other comprehensive income (204.2) 1,494 558.7 1,561 2012 Segment Analysis (142.8) (132) 2,535.3 30.5 Total comprehensive income Group elimination (139) (358) estated Revenue Continuing and discontinued operations 1,362 48 Total continuing operations 1,422 4,911 61 1,977 Unaudited Audited 47.8 Profit for the period 381.5 1,976.6 Discontinued 705 320 3 months 9 months (17.3) Other comprehensive income operations (196.8) 558.7 ended June 48 Total 4,911 381 ended September 1,977 184.7 1,362 2,535.3 2,127 30.5 Total comprehensive income 6,025.0 Attributable to 2013 2013 2012 1,690.1 of the parent Owners 116 Aviation 120 371 351.6 5.5 (216.3) 1,819.5 - continuing operations Comments on Results 3 Financial Services 5 9 - discontinued operations 344.1 1,231.2 350 Hospitality 321 1,409 25.0 Non-controlling interests 56.9 715.8 1,811.3 Group Performance Property 693 Logistics 679 2,020 184.7 2,535.3 30.5 20.5 The Group significantly improved profit from operations before finance costs to 130 Property 344 The Property sector achieved a PAT of Rs 51m (Sept-12: Rs 67m). Foresite’s fund115 120 Real Estate and Agribusiness 821 135.2 Rs 46m (Sept-12: losses of Rs 43m). However, the comparative decrease in PAT management and property management activities showed higher profitability227 55 Technology 60 197 Statement of Financial Position 39.3 to Rs 48m (Sept-12: Rs 61m) is due to larger fair value gains arising in the last while the results of Ascencia comparatively decreased primarily due to a fair 30 27 Corporate office 98 11,304.2 quarter of 2012. value gain accounted for in the quarter ended 30 September 2012. Corporate Treasury 4 Unaudited Audited 1,494 1,561 5,269 Corporate Development Real Estate & Agribusiness 30 September 30 June 30 September Exceptional items 92.6 On 22 October 2013, the shareholders of Rogers approved the acquisitions The Real Estate & Agribusiness sector incurred losses of Rs 30m (Sept-12: losses 1,494 1,561 5,269 2013 2013 2012 1,140.7 by Ascencia Limited of Kendra Commercial Centre, Les Allées d’Helvétia (132) Group as a result (139) (358) restated restated of Rs 26m) elimination of delayed materialisation of sales at Les Villas de Bel 1,926.4 Commercial Centre and a 50.10% interest in Bagaprop Limited, the owner of 1,362 Total continuing operations 1,422 4,911 Ombre. The Agribusiness cluster, for its part, showed an improved performance. ASSETS Discontinued operations 705 507.8 assets Non current Bagatelle Mall of Mauritius. The Group’s results include the results of those Technology 1,362 Total 2,127 4,911 3,667.5 plant and equipment 01 July 2013. 7,157.7 Property, entities as from 7,155.3 6,025.0 The Technology sector posted a PAT of Rs 6m (Sept-12: Rs 3m) following the 3,380.2 Investment 2,574.7 1,690.1 14,971.7 propertieshighlights Sector completion of major IT contracts and effective cost reduction initiatives in AXA 480.5 Intangible assets 482.3 351.6 Comments on Results Aviation 5,067.2 Investment in associates and jointly controlled entities 3,980.6 1,231.2 Customer Services Ltd. 247.4 Investment in financial assets 264.1 1,811.3 Group Performance Property The Aviation sector reported a PAT of Rs 10m (Sept-12: Rs 15m). Results were 20.5 Outlook 17.0 Bearer 18.3 252.0biological assets The Group significantly improved profit from operations before finance costs to The Property sector achieved a PA travel Long term adversely impacted by the operations of the overseas195.0 agencies. 169.5 135.2 improvement in profit from the operations of most decrease in PAT quarter The Rs 46m (Sept-12: losses of Rs 43m). However, the comparative sectors for this management and property mana 6,457.9 loans receivable 104.0 Deferred expenditure Services 104.8 39.3 to Rs 48m be maintained is due to full year value gains arising in the last while the results of Ascencia com Financial is expected to (Sept-12: Rs 61m) for the larger fair to 30 June 2014. 6,709.9 16,649.0 14,749.6 11,304.2 quarter of 2012. value gain accounted for in the qu The Financial Services sector increased its PAT to Rs 25m (Sept-12: Rs 17m). The By order of the Board 2,293.0 assets Current Corporate Development Real Estate & Agribusiness 80.1 Consumable biological assets 89.6 13 On 22 October 2013, 9,002.9 performance of the sector was essentially driven by the Group’s holding in the 92.6 November 2013 the shareholders of Rogers approved the acquisitions The Real Estate & Agribusiness sec 191.0 Inventories Swan Group. 155.5 1,140.7 by Ascencia Limited of Kendra Commercial Centre, Les Allées d’Helvétia of Rs 26m) as a result of delayed The the Group are unaudited and 2,101.0 1,882.7 1,926.4 abridged financial statements of interest in Bagaprop Limited, the have been preparedThe Agribusiness cluster, f Trade and other receivables Commercial Centre and a 50.10% owner of Ombre. Hospitality using Bagatelle accounting policies as the audited statements for the period ended 2,321.3 456.1 Bank balances and cash 432.2 507.8 the sameMall of Mauritius. The Group’s results include the results of those Technology 3,667.5 June 2013, except for the adoption of amendments to published standards and spending 2,560.0 30 entities as from 01 July 2013. 213.8 The improvement in occupancies and guest-night 2,828.2 registered at the The Technology sector posted a 14,971.7 Sector highlights the losses 17,309.6 interpretations issued which are now effective. 52.1 Heritage and Veranda hotels significantly reduced19,477.2 of the VLH Group completion of major IT contracts a EQUITY AND LIABILITIES to Rs Aviation Customer 2,587.2 and reserves67m (Sept-12: losses of Rs 114m). However, losses of Rs 94m for this These financial statements are pursuant to Listing Rule 12.20 and the Securities Act 2005. Services Ltd. Capital quarter (Sept-12: losses of Rs 114m) were recorded due to the consolidation of The Aviation sector reported a PAT of Rs 10m (Sept-12: Rs 15m). Results were Outlook 252.0 Share capital 252.0 252.0 Copiesadversely impacted by the operations of the overseas travel agencies. of the statement of direct and indirect interests of Officers pursuant to rule 8(2) The 8,177.9 Reserves the results of New Mauritius Hotels Ltd. 8,142.6 6,457.9 of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 and improvement in profit from th 452.9 (m) Financial Services the is expected to be maintained for t 8,429.9 Equity attributable to owners of the parent 8,394.6 6,709.9 Logistics financial statements are available free ofits PAT to Rs 25mrequest made toThe Company of the Board charge upon (Sept-12: Rs 17m). the By order 2,799.4 4,595.5 Non-controlling interests 3,270.6 2,293.0 The Financial Services sector increased Secretary at the registered office of Rogers and Company Limited. 36.7 The Logistics sector recorded a marked increase in PAT to Rs 32m (Sept-12: Rs 13 November 2013 13,025.4 11,665.2 Total equity 9,002.9 performance of the sector was essentially driven by the Group’s holding in the Swan Group. 42.2 17m) with Non current liabilities improvements noted across all segments of its activities. The Board of Directors of Rogers and Company Limited accepts full responsibilityThe abridged financial statements of for the using the same accounting policies 50.4 2,694.5 Borrowings 2,227.0 2,321.3 Hospitalityinformation contained in these financial statements. accuracy of the 30 June 2013, except for the adopti 255.8 Deferred tax liabilities 245.4 213.8 The improvement in occupancies and guest-night spending registered at the 3,381.6 benefit obligations interpretations issued which are now 83.0 Retirement 80.8 52.1 Heritage and Veranda hotels significantly reduced the losses of the VLH Group 5,968.8 3,033.3 2,553.2 1,016.6 2,333.9 34.7 33.3 3,418.5 805.2 2,075.7 23.7 35.4 151.2 3,091.2 Current liabilities 14,971.7 Borrowings Trade and other payables Income tax liabilities Provisions Dividends payable Rogers House, 5 (Sept-12: John of Rs 114m). However, losses Port 94m for this 2,587.2 to Rs 67m Presidentlosses Kennedy Street, PO Box 60, of Rs Louis, MauritiusThese financial statements are pursua quarter (Sept-12: losses of Rs 114m) were Tel: (230) 202 6666. Fax (230) 208 3646 recorded due to the consolidation of Copies of the statement of direct and the results www.rogers.mu of New Mauritius Hotels Ltd. 452.9 (m) of the Securities (Disclosure Obli financial statements are available fre 2,799.4 Logistics Secretary at the registered office of Ro 36.7 The Logistics sector recorded a marked increase in PAT to Rs 32m (Sept-12: Rs 42.2 17m) with improvements noted across all segments of its activities. The Board of Directors of Rogers and C 50.4 accuracy of the information containe 3,381.6 6,451.8 5,644.4 5,968.8 19,477.2 17,309.6 14,971.7 Rogers House, 5 President John Kenne Tel: (230) 202 6666. Fax (230) 208 www.rogers.mu

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