Rogers and Company Limited Mauritius 3Q 2013

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Rogers and Company Limited Mauritius 3Q 2013

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Rogers and Company Limited Mauritius 3Q 2013

  1. 1. Rogers and Company Limited Abridged Audited Financial Statements - 9 Months ended 30 June 2013 At 1 October 2011 252.0 3,711.9 5,1 Issue of shares - - Cash dividends - - (1 Dividends in specie - - (3,0 Profit for the year - - 1,1 Other comprehensive income for the year - (723.4) Transfer - (157.3) 1 Changes in ownership interests in subsidiaries that do not result in a loss of control - (7.0) Acquisition and deconsolidation of group companies - (328.6) 6 At 30 September 2012 252.0 2,495.6 3,9 At 1 October 2012 252.0 2,495.6 3,9 Issue of shares - - Dividends - - (1 Profit for the period - - 1,7 Other comprehensive income for the period - 56.4 Transfer - (5.1) Changes in ownership interests in subsidiaries that do not result in a loss of control - 9.5 At 30 June 2013 252.0 2,556.4 5,5 Statements of Profit or Loss Group Performance Pursuant to the Board approval on 07 December 2012, the Group changed its Results for the quar The Group increased Statements of Profit or Loss and Other Comprehensive Income 2013 2012 2013 2012 2012 Continuing operations Revenue 1,516.3 1,341.0 5,028.3 4,970.0 6,459.0 Profit from operations before finance costs (14.2) (33.2) 269.8 201.2 152.7 Finance costs (81.5) (45.3) (167.1) (137.1) (184.8) Fair value gain on investment properties 49.7 - 265.1 - 61.7 Shareofresultsofassociatedcompanies (25.0) (10.9) 166.4 (7.6) (1.7) Profit before exceptional items (71.0) (89.4) 534.2 56.5 27.9 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - 648.8 - - Excess of fair value of share of net assets over quoted price - - 686.4 - - Profit on disposal of financial assets 6.0 437.0 6.0 437.0 437.0 Profit on sale of properties 65.9 6.3 85.7 22.1 150.0 Reorganisation costs - (21.2) - (48.3) (73.9) Profit before taxation 0.9 332.7 1,961.1 467.3 541.0 Taxation 5.3 4.9 12.9 13.2 (8.6) Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Continuing and discontinued operations Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Profit after taxation from discontinued operations - 103.1 - 301.2 626.3 Profit for the period / year 6.2 440.7 1,974.0 781.7 1,158.7 Attributable to Owners of the parent- continuing operations (26.6) 379.8 1,750.9 463.7 540.5 - discontinued operations - 103.1 - 301.2 626.3 Non-controlling interests 32.8 (42.2) 223.1 16.8 (8.1) 6.2 440.7 1,974.0 781.7 1,158.7 Continuing operations Earnings per share (EPS) Rs (1.05) 15.07 69.46 18.40 21.44 EPS excluding exceptional items Rs (2.25) (1.68) 15.00 2.16 1.27 Continuing and discontinued operations EPS Rs (1.05) 19.17 69.46 30.35 46.29 EPS excluding exceptional items Rs (2.25) 2.47 15.00 14.10 17.23 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs - - 6.00 4.50 6.50 Dividends in specie per ordinary share Rs - - - - 120.00 Unaudited 3 months ended June Audited Year ended September 2013 2012 2013 2012 2012 Continuing operations Profit for the period 6.2 337.6 1,974.0 480.5 532.4 Other comprehensive income 1,106.0 (210.8) 548.9 (351.2) (562.8) Total comprehensive income 1,112.2 126.8 2,522.9 129.3 (30.4) Continuing and discontinued operations Profit for the period 6.2 440.2 1,974.0 781.7 1,158.7 Other comprehensive income 1,106.0 (227.7) 548.9 (339.4) (543.6) Total comprehensive income 1,112.2 212.5 2,522.9 442.3 615.1 Attributable to Owners of the parent - continuing operations 583.5 136.6 1,806.5 33.4 (194.7) - discontinued operations - 126.9 - 292.1 637.2 Non-controlling interests 528.7 (51.0) 716.4 116.8 172.6 1,112.2 212.5 2,522.9 442.3 615.1 Re e Revaluation & other reserves Share capital Audited 9 months ended June Unaudited 9 months ended June In Rs million Statements of Changes in Equity Comments on Results 30.06.2013 30.09.2012 ASSETS Audited Statements of Financial Position 2013 2012 2013 2012 2012 Aviation 122 124 371 382 502 Financial Services 3 159 9 649 654 Hospitality 325 305 1,409 1,283 1,604 ( Logistics 731 572 2,052 1,632 2,336 Property 119 57 348 281 396 Real Estate and Agribusiness 178 143 821 823 1,050 Technology 77 75 253 223 303 Corporate office 45 49 123 119 171 Corporate Treasury - 1 - 5 9 1,600 1,485 5,386 5,397 7,025 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - - - - Excess of fair value of share of net assets over quoted price - - - - - Profit on disposal of financial assets - - - - - Profit on sale of properties - - - - - Reorganisation costs - - - - - 1,600 1,485 5,386 5,397 7,025 Group elimination (84) (144) (358) (427) (566) Total continuing operations 1,516 1,341 5,028 4,970 6,459 Discontinued operations - 763 - 2,281 2,986 Total 1,516 2,104 5,028 7,251 9,445 Revenue Unaudited 3 months ended June Audited 9 months ended June Unaudited 9 months ended June Segment Analysis Audited Year ended September Cash generated from operations before working capital changes Working capital changes Cash generated from operations Cash used in other operating activities Net cash from operating activities Net cash used in investing activities Net cash from (used in) financing activities Net decrease in cash and cash equivalents - continuing operations Net increase in cash and cash equivalents - discontinued operations Cash and cash equivalents - opening Net cash outflow from deconsolidation and share exchange Effects of exchange rate on cash and cash equivalents Cash and cash equivalents - closing Statements of Cash Flows Unaudited 3 months ended June Audited Year ended September Audited 9 months ended June Unaudited 9 months ended June Rogers and Company Limited Abridged Audited Financial Statements - 9 Months ended 30 Jun At 1 October 20 Issue of shares Cash dividends Dividends in spe Profit for the yea Other comprehe Transfer Changes in owne that do not res Acquisition and d group compani At 30 Septembe At 1 October 20 Issue of shares Dividends Profit for the per Other comprehe Transfer Changes in owne that do not res At 30 June 2013 Statements of Profit or Loss Statements of Profit or Loss and Other Comprehensive Income 2013 2012 2013 2012 2012 Continuing operations Revenue 1,516.3 1,341.0 5,028.3 4,970.0 6,459.0 Profit from operations before finance costs (14.2) (33.2) 269.8 201.2 152.7 Finance costs (81.5) (45.3) (167.1) (137.1) (184.8) Fair value gain on investment properties 49.7 - 265.1 - 61.7 Shareofresultsofassociatedcompanies (25.0) (10.9) 166.4 (7.6) (1.7) Profit before exceptional items (71.0) (89.4) 534.2 56.5 27.9 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - 648.8 - - Excess of fair value of share of net assets over quoted price - - 686.4 - - Profit on disposal of financial assets 6.0 437.0 6.0 437.0 437.0 Profit on sale of properties 65.9 6.3 85.7 22.1 150.0 Reorganisation costs - (21.2) - (48.3) (73.9) Profit before taxation 0.9 332.7 1,961.1 467.3 541.0 Taxation 5.3 4.9 12.9 13.2 (8.6) Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Continuing and discontinued operations Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Profit after taxation from discontinued operations - 103.1 - 301.2 626.3 Profit for the period / year 6.2 440.7 1,974.0 781.7 1,158.7 Attributable to Owners of the parent- continuing operations (26.6) 379.8 1,750.9 463.7 540.5 - discontinued operations - 103.1 - 301.2 626.3 Non-controlling interests 32.8 (42.2) 223.1 16.8 (8.1) 6.2 440.7 1,974.0 781.7 1,158.7 Continuing operations Earnings per share (EPS) Rs (1.05) 15.07 69.46 18.40 21.44 EPS excluding exceptional items Rs (2.25) (1.68) 15.00 2.16 1.27 Continuing and discontinued operations EPS Rs (1.05) 19.17 69.46 30.35 46.29 EPS excluding exceptional items Rs (2.25) 2.47 15.00 14.10 17.23 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs - - 6.00 4.50 6.50 Dividends in specie per ordinary share Rs - - - - 120.00 Unaudited 3 months ended June Audited Year ended September 2013 2012 2013 2012 2012 Continuing operations Audited 9 months ended June Unaudited 9 months ended June In Rs million Statement Aviation Financial Services Hospitality Logistics Segment A Cash generated fro Working capital ch Cash generated fro Cash used in other Net cash from ope Net cash used in in Net cash from (use Net decrease in ca Net increase in cas Cash and cash equ Net cash outflow f Effects of exchang Cash and cash equ Statement Unaudited 3 months ended June Audited Year ended September Audited 9 months ended June Unaudited 9 months ended June mited tements - 9 Months ended 30 June 2013 At 1 October 2011 252.0 3,711.9 5,190.8 9,154.7 2,413.7 11,568.4 Issue of shares - - - - 286.9 286.9 Cash dividends - - (163.8) (163.8) (59.9) (223.7) Dividends in specie - - (3,024.5) (3,024.5) (198.8) (3,223.3) Profit for the year - - 1,166.8 1,166.8 (8.1) 1,158.7 Other comprehensive income for the year - (723.4) (0.9) (724.3) 180.7 (543.6) Transfer - (157.3) 157.3 - - - Changes in ownership interests in subsidiaries that do not result in a loss of control - (7.0) 6.0 (1.0) 8.1 7.1 Acquisition and deconsolidation of group companies - (328.6) 613.5 284.9 (320.4) (35.5) At 30 September 2012 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 At 1 October 2012 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 Issue of shares - - - - 374.3 374.3 Dividends - - (151.2) (151.2) (68.6) (219.8) Profit for the period - - 1,750.9 1,750.9 223.1 1,974.0 Other comprehensive income for the period - 56.4 (0.8) 55.6 493.3 548.9 Transfer - (5.1) 5.1 - - - Changes in ownership interests in subsidiaries that do not result in a loss of control - 9.5 12.6 22.1 (43.9) (21.8) At 30 June 2013 252.0 2,556.4 5,561.8 8,370.2 3,280.4 11,650.6 mprehensive Income 012 2013 2012 2012 41.0 5,028.3 4,970.0 6,459.0 33.2) 269.8 201.2 152.7 45.3) (167.1) (137.1) (184.8) - 265.1 - 61.7 10.9) 166.4 (7.6) (1.7) 89.4) 534.2 56.5 27.9 - 648.8 - - - 686.4 - - 37.0 6.0 437.0 437.0 6.3 85.7 22.1 150.0 21.2) - (48.3) (73.9) 32.7 1,961.1 467.3 541.0 4.9 12.9 13.2 (8.6) 37.6 1,974.0 480.5 532.4 37.6 1,974.0 480.5 532.4 03.1 - 301.2 626.3 40.7 1,974.0 781.7 1,158.7 79.8 1,750.9 463.7 540.5 03.1 - 301.2 626.3 42.2) 223.1 16.8 (8.1) 40.7 1,974.0 781.7 1,158.7 5.07 69.46 18.40 21.44 1.68) 15.00 2.16 1.27 9.17 69.46 30.35 46.29 2.47 15.00 14.10 17.23 25,204,530 - 6.00 4.50 6.50 - - - 120.00 ed Audited Year ended September 012 2013 2012 2012 7.6 1,974.0 480.5 532.4 0.8) 548.9 (351.2) (562.8) 6.8 2,522.9 129.3 (30.4) 0.2 1,974.0 781.7 1,158.7 7.7) 548.9 (339.4) (543.6) 2.5 2,522.9 442.3 615.1 6.6 1,806.5 33.4 (194.7) 6.9 - 292.1 637.2 1.0) 716.4 116.8 172.6 2.5 2,522.9 442.3 615.1 Retained earnings Non- controlling interests Attributable to owners of the parent Revaluation & other reserves TotalShare capital Audited 9 months ended June Unaudited 9 months ended June Statements of Changes in Equity 2013 2012 2013 2012 2012 2013 2012 2013 2012 2012 Aviation 122 124 371 382 502 16 2 42 18 34 Financial Services 3 159 9 649 654 16 21 53 43 60 Hospitality 325 305 1,409 1,283 1,604 (116) (88) 172 (33) (147) Logistics 731 572 2,052 1,632 2,336 15 8 54 18 34 Property 119 57 348 281 396 44 32 121 104 167 Real Estate and Agribusiness 178 143 821 823 1,050 (14) (47) 170 (46) (73) Technology 77 75 253 223 303 1 (2) 9 (2) 1 Corporate office 45 49 123 119 171 (17) (16) (55) (53) (78) Corporate Treasury - 1 - 5 9 (11) 5 (19) 21 22 1,600 1,485 5,386 5,397 7,025 (66) (85) 547 70 20 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - - - - - - 649 - - Excess of fair value of share of net assets over quoted price - - - - - - - 686 - - Profit on disposal of financial assets - - - - - 6 437 6 437 437 Profit on sale of properties - - - - - 66 (21) 86 (5) 150 Reorganisation costs - - - - - - 6 - (21) (74) 1,600 1,485 5,386 5,397 7,025 6 337 1,974 481 533 Group elimination (84) (144) (358) (427) (566) - - - - - Total continuing operations 1,516 1,341 5,028 4,970 6,459 6 337 1,974 481 533 Discontinued operations - 763 - 2,281 2,986 - 104 - 301 626 Profit after taxationRevenue Unaudited 3 months ended June Audited 9 months ended June Audited 9 months ended June Unaudited 9 months ended June Unaudited 9 months ended June Segment Analysis Audited Year ended September Audited Year ended September Unaudited 3 months ended June Cash generated from operations before working capital changes 564.0 628.6 Working capital changes (69.5) (110.5) Cash generated from operations 494.5 518.1 Cash used in other operating activities (229.9) (415.3) Net cash from operating activities 264.6 102.8 Net cash used in investing activities (876.2) (58.9) Net cash from (used in) financing activities 193.4 (543.7) Net decrease in cash and cash equivalents - continuing operations (418.2) (499.8) Net increase in cash and cash equivalents - discontinued operations - 469.8 Cash and cash equivalents - opening 327.2 565.4 Net cash outflow from deconsolidation and share exchange - (205.5) Effects of exchange rate on cash and cash equivalents (18.3) (2.7) Cash and cash equivalents - closing (109.3) 327.2 Audited 9 months ended 30 June 2013 Audited Year ended September 2012 Statements of Cash Flows d Audited Year ended September Audited 9 months ended June Unaudited 9 months ended June
  2. 2. Group Performance Pursuant to the Board ap reporting date from 30 S cover the nine-month per with reference to the per nine months ended 30 Jun Group revenue for the ni In spite of the difficult markets, all sectors of performance. Group PAT 2012: Rs 481m), primaril during the period (9 mon A new Financial Services of the Group in its associa shareholder of the Swan improved performance for In the Technology sector, o InformationSolutionsLtdw The Aviation sector record making airline reservation companies operating in t Mauritian touring business Despite lower tourist arriv performance compared to Heritage Hotels and costs c enhanced results. The first Hotels Ltd, as an associat significantly to those result The Logistics sector posted forwarding business in Fra coupled with lower charte The Property sector perf Commercial RicheTerre. A PAT of the Real Estate and arising from the reclassific to Investment Property. T associates of the sector im EPS from continuing oper amounted to Rs 15.00 (9 m On 26 June 2013, the Board Statements of Profit or Loss and Other Comprehensive Income Cash dividends per ordinary share Rs - - 6.00 4.50 6.50 Dividends in specie per ordinary share Rs - - - - 120.00 2013 2012 2013 2012 2012 Continuing operations Profit for the period 6.2 337.6 1,974.0 480.5 532.4 Other comprehensive income 1,106.0 (210.8) 548.9 (351.2) (562.8) Total comprehensive income 1,112.2 126.8 2,522.9 129.3 (30.4) Continuing and discontinued operations Profit for the period 6.2 440.2 1,974.0 781.7 1,158.7 Other comprehensive income 1,106.0 (227.7) 548.9 (339.4) (543.6) Total comprehensive income 1,112.2 212.5 2,522.9 442.3 615.1 Attributable to Owners of the parent - continuing operations 583.5 136.6 1,806.5 33.4 (194.7) - discontinued operations - 126.9 - 292.1 637.2 Non-controlling interests 528.7 (51.0) 716.4 116.8 172.6 1,112.2 212.5 2,522.9 442.3 615.1 Comments on 30.06.2013 30.09.2012 ASSETS Non current assets Property, plant and equipment 7,206.7 6,077.9 Investment properties 2,598.7 1,714.1 Intangible assets 482.7 351.6 Investment in associated companies 3,873.4 1,121.2 Investment in financial assets 264.1 1,811.3 Bearer biological assets 18.3 20.5 Long term loans receivable 169.5 135.2 Deferred expenditure 104.8 39.3 14,718.2 11,271.1 Current assets Consumable biological assets 89.6 92.6 Inventories 207.3 1,152.7 Trade and other receivables 1,894.2 1,975.9 Investment in financial assets - 12.5 Bank balances and cash 446.2 515.6 2,637.3 3,749.3 17,355.5 15,020.4 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 Reserves 8,118.2 6,440.8 Equity attributable to owners of the parent 8,370.2 6,692.8 Non-controlling interests 3,280.4 2,302.2 Total equity 11,650.6 8,995.0 Non current liabilities Borrowings 2,227.8 2,322.7 Deferred tax liabilities 245.4 213.8 Retirement benefit obligations 104.5 62.7 2,577.7 2,599.2 Current liabilities Borrowings 813.5 462.3 Trade and other payables 2,103.4 2,834.4 Income tax liabilities 23.7 36.9 Provisions 35.4 42.2 Dividends payable 151.2 50.4 3,127.2 3,426.2 5,704.9 6,025.4 17,355.5 15,020.4 Audited Statements of Financial Position Aviation Financial Services Hospitality Logistics Property Real Estate and Agribus Technology Corporate office Corporate Treasury Exceptional items Reclassification adjustm of available-for-sale fin Excess of fair value of s net assets over quoted Profit on disposal of fina Profit on sale of propert Reorganisation costs Group elimination Total continuing operat Discontinued operation Total Unaudited 3 months ended June Audited Year ended September Audited 9 months ended June Unaudited 9 months ended June Rogers House, 5 President John Kenned Tel: (230) 202 6666. Fax (230) 208 3 www.rogers.mu Group Performance Pursuant to the Board approval on 07 December 2012, the Group changed its reporting date from 30 September to 30 June and, as a result, the comments cover the nine-month period to 30 June 2013. Such comments should be read with reference to the performance of the Group for the comparable period of nine months ended 30 June 2012. Group revenue for the nine months under review was maintained at Rs 5.0bn. In spite of the difficult market conditions prevailing in their respective markets, all sectors of the Group improved their overall operational performance. Group PAT recorded a marked increase to Rs 1,974m (9 months 2012: Rs 481m), primarily as a result of the exceptional profits of Rs 1,427m during the period (9 months 2012: Rs 411m). A new Financial Services sector was created following the increase in the stake of the Group in its associated company, Intendance Holding Ltd (the controlling shareholder of the Swan Group), from 24.4% to 37.8%. This has resulted in an improved performance for the period. In the Technology sector, our interest in Axa Customer Services Ltd and Enterprise InformationSolutionsLtdwereregroupedandregisteredareturntopositiveterritory. The Aviation sector recorded a better performance following the closure of its loss- making airline reservation business in South Africa, improved results of associated companies operating in the ground handling activity in Mozambique and the Mauritian touring business. Despite lower tourist arrivals at national level, the Hospitality sector improved its performance compared to the same period last year. Higher occupancy levels at the Heritage Hotels and costs containment initiatives were the essential drivers of these enhanced results. The first–time reporting of the Group’s interest in New Mauritius Hotels Ltd, as an associate with effect from 01 October 2012, also contributed significantly to those results. The Logistics sector posted better results on the back of a turnaround of our freight forwarding business in France. Higher volumes recorded in bulk shipping activities coupled with lower charter rates were also the contributors to this performance. The Property sector performed well in spite of the partial closure of Centre Commercial RicheTerre. A fair value gain of Rs 34m was reported in those results. PAT of the Real Estate and Agribusiness sector included fair value gains of Rs 215m arising from the reclassification of land initially identified for construction of villas to Investment Property. The cane growing business remained loss-making whilst associates of the sector improved their performance. EPS from continuing operations and excluding exceptional items for the period amounted to Rs 15.00 (9 months 2012: Rs 2.16). On 26 June 2013, the Board declared a final dividend of Rs 6.00 per share. Results for the quarter ended 30 The Group increased its revenue t period under review (Q3 2012: Rs decreased to Rs 6m (Q3 2012: Rs 3 lower exceptional gains of Rs 7 improvement, the operations for th items of Rs 66m (Q3 2012: loss of Rs factor inherent to the Hospitality se of our associate company, New Ma Outlook Both the local and international ma sectorsofactivityasaresultofthefal the ongoing difficult economic envir fragilefundamentalsofourkeytradin The Group will maintain its focus and continue to expand further in the bigger and upgraded shopping Centre Commercial Phoenix are exp our Property sector.The Hospitality will continue to face the compet our traditional markets whilst the improvements in operating perform Separately,discussionsbetweenAscen (ENLP)ontheother,withregardtothe numberofcommercialpropertiesfrom isconfidentthatthisproposedtransac By order of the Board 5 September 2013 Theabridgedfinancialstatementsof have been prepared using the same theyearended30September2012,ex standards and interpretations issued These financial statements are issued Act 2005. Copies of the statement of direct and (m) of the Securities (Disclosure Obl financial statements are available fr Secretary at the registered office of Ro TheBoardofDirectorsofRogersand accuracy of the information containe Statements of Profit or Loss and Other Comprehensive Income Profit before taxation 0.9 332.7 1,961.1 467.3 541.0 Taxation 5.3 4.9 12.9 13.2 (8.6) Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Continuing and discontinued operations Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Profit after taxation from discontinued operations - 103.1 - 301.2 626.3 Profit for the period / year 6.2 440.7 1,974.0 781.7 1,158.7 Attributable to Owners of the parent- continuing operations (26.6) 379.8 1,750.9 463.7 540.5 - discontinued operations - 103.1 - 301.2 626.3 Non-controlling interests 32.8 (42.2) 223.1 16.8 (8.1) 6.2 440.7 1,974.0 781.7 1,158.7 Continuing operations Earnings per share (EPS) Rs (1.05) 15.07 69.46 18.40 21.44 EPS excluding exceptional items Rs (2.25) (1.68) 15.00 2.16 1.27 Continuing and discontinued operations EPS Rs (1.05) 19.17 69.46 30.35 46.29 EPS excluding exceptional items Rs (2.25) 2.47 15.00 14.10 17.23 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs - - 6.00 4.50 6.50 Dividends in specie per ordinary share Rs - - - - 120.00 2013 2012 2013 2012 2012 Continuing operations Profit for the period 6.2 337.6 1,974.0 480.5 532.4 Other comprehensive income 1,106.0 (210.8) 548.9 (351.2) (562.8) Total comprehensive income 1,112.2 126.8 2,522.9 129.3 (30.4) Continuing and discontinued operations Profit for the period 6.2 440.2 1,974.0 781.7 1,158.7 Other comprehensive income 1,106.0 (227.7) 548.9 (339.4) (543.6) Total comprehensive income 1,112.2 212.5 2,522.9 442.3 615.1 Attributable to Owners of the parent - continuing operations 583.5 136.6 1,806.5 33.4 (194.7) - discontinued operations - 126.9 - 292.1 637.2 Non-controlling interests 528.7 (51.0) 716.4 116.8 172.6 1,112.2 212.5 2,522.9 442.3 615.1 Comments on Results 30.06.2013 30.09.2012 ASSETS Non current assets Property, plant and equipment 7,206.7 6,077.9 Investment properties 2,598.7 1,714.1 Intangible assets 482.7 351.6 Investment in associated companies 3,873.4 1,121.2 Investment in financial assets 264.1 1,811.3 Bearer biological assets 18.3 20.5 Long term loans receivable 169.5 135.2 Deferred expenditure 104.8 39.3 14,718.2 11,271.1 Current assets Consumable biological assets 89.6 92.6 Inventories 207.3 1,152.7 Trade and other receivables 1,894.2 1,975.9 Investment in financial assets - 12.5 Bank balances and cash 446.2 515.6 2,637.3 3,749.3 17,355.5 15,020.4 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 Reserves 8,118.2 6,440.8 Equity attributable to owners of the parent 8,370.2 6,692.8 Non-controlling interests 3,280.4 2,302.2 Total equity 11,650.6 8,995.0 Non current liabilities Borrowings 2,227.8 2,322.7 Deferred tax liabilities 245.4 213.8 Retirement benefit obligations 104.5 62.7 2,577.7 2,599.2 Current liabilities Borrowings 813.5 462.3 Trade and other payables 2,103.4 2,834.4 Income tax liabilities 23.7 36.9 Provisions 35.4 42.2 Dividends payable 151.2 50.4 3,127.2 3,426.2 5,704.9 6,025.4 17,355.5 15,020.4 Audited Statements of Financial Position 2013 2012 2013 2012 2012 2013 20 Aviation 122 124 371 382 502 16 Financial Services 3 159 9 649 654 16 2 Hospitality 325 305 1,409 1,283 1,604 (116) (8 Logistics 731 572 2,052 1,632 2,336 15 Property 119 57 348 281 396 44 3 Real Estate and Agribusiness 178 143 821 823 1,050 (14) (4 Technology 77 75 253 223 303 1 Corporate office 45 49 123 119 171 (17) (1 Corporate Treasury - 1 - 5 9 (11) 1,600 1,485 5,386 5,397 7,025 (66) (8 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - - - - - Excess of fair value of share of net assets over quoted price - - - - - - Profit on disposal of financial assets - - - - - 6 43 Profit on sale of properties - - - - - 66 (2 Reorganisation costs - - - - - - 1,600 1,485 5,386 5,397 7,025 6 33 Group elimination (84) (144) (358) (427) (566) - Total continuing operations 1,516 1,341 5,028 4,970 6,459 6 33 Discontinued operations - 763 - 2,281 2,986 - 10 Total 1,516 2,104 5,028 7,251 9,445 6 44 Revenue Unaudited 3 months ended June Audited 9 months ended June Unaudited 9 months ended June Segment Analysis Audited Year ended September Unaudite 3 month ended June Cash generated from operations before working capital changes Working capital changes Cash generated from operations Cash used in other operating activities Net cash from operating activities Net cash used in investing activities Net cash from (used in) financing activities Net decrease in cash and cash equivalents - continuing operations Net increase in cash and cash equivalents - discontinued operations Cash and cash equivalents - opening Net cash outflow from deconsolidation and share exchange Effects of exchange rate on cash and cash equivalents Cash and cash equivalents - closing Statements of Cash Flows Unaudited 3 months ended June Audited Year ended September Audited 9 months ended June Unaudited 9 months ended June
  3. 3. hs ended 30 June 2013 At 1 October 2011 252.0 3,711.9 5,190.8 9,154.7 2,413.7 11,568.4 Issue of shares - - - - 286.9 286.9 Cash dividends - - (163.8) (163.8) (59.9) (223.7) Dividends in specie - - (3,024.5) (3,024.5) (198.8) (3,223.3) Profit for the year - - 1,166.8 1,166.8 (8.1) 1,158.7 Other comprehensive income for the year - (723.4) (0.9) (724.3) 180.7 (543.6) Transfer - (157.3) 157.3 - - - Changes in ownership interests in subsidiaries that do not result in a loss of control - (7.0) 6.0 (1.0) 8.1 7.1 Acquisition and deconsolidation of group companies - (328.6) 613.5 284.9 (320.4) (35.5) At 30 September 2012 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 At 1 October 2012 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 Issue of shares - - - - 374.3 374.3 Dividends - - (151.2) (151.2) (68.6) (219.8) Profit for the period - - 1,750.9 1,750.9 223.1 1,974.0 Other comprehensive income for the period - 56.4 (0.8) 55.6 493.3 548.9 Transfer - (5.1) 5.1 - - - Changes in ownership interests in subsidiaries that do not result in a loss of control - 9.5 12.6 22.1 (43.9) (21.8) At 30 June 2013 252.0 2,556.4 5,561.8 8,370.2 3,280.4 11,650.6 2012 459.0 152.7 84.8) 61.7 (1.7) 27.9 - - 437.0 150.0 73.9) 541.0 (8.6) 532.4 532.4 626.3 158.7 540.5 626.3 (8.1) 158.7 21.44 1.27 46.29 17.23 ,530 6.50 20.00 udited Year nded tember 2012 532.4 562.8) (30.4) 158.7 543.6) 615.1 194.7) 637.2 172.6 615.1 Retained earnings Non- controlling interests Attributable to owners of the parent Revaluation & other reserves TotalShare capital Statements of Changes in Equity 2013 2012 2013 2012 2012 2013 2012 2013 2012 2012 Aviation 122 124 371 382 502 16 2 42 18 34 Financial Services 3 159 9 649 654 16 21 53 43 60 Hospitality 325 305 1,409 1,283 1,604 (116) (88) 172 (33) (147) Logistics 731 572 2,052 1,632 2,336 15 8 54 18 34 Property 119 57 348 281 396 44 32 121 104 167 Real Estate and Agribusiness 178 143 821 823 1,050 (14) (47) 170 (46) (73) Technology 77 75 253 223 303 1 (2) 9 (2) 1 Corporate office 45 49 123 119 171 (17) (16) (55) (53) (78) Corporate Treasury - 1 - 5 9 (11) 5 (19) 21 22 1,600 1,485 5,386 5,397 7,025 (66) (85) 547 70 20 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - - - - - - 649 - - Excess of fair value of share of net assets over quoted price - - - - - - - 686 - - Profit on disposal of financial assets - - - - - 6 437 6 437 437 Profit on sale of properties - - - - - 66 (21) 86 (5) 150 Reorganisation costs - - - - - - 6 - (21) (74) 1,600 1,485 5,386 5,397 7,025 6 337 1,974 481 533 Group elimination (84) (144) (358) (427) (566) - - - - - Total continuing operations 1,516 1,341 5,028 4,970 6,459 6 337 1,974 481 533 Profit after taxationRevenue Unaudited 3 months ended June Audited 9 months ended June Audited 9 months ended June Unaudited 9 months ended June Unaudited 9 months ended June Segment Analysis Audited Year ended September Audited Year ended September Unaudited 3 months ended June Cash generated from operations before working capital changes 564.0 628.6 Working capital changes (69.5) (110.5) Cash generated from operations 494.5 518.1 Cash used in other operating activities (229.9) (415.3) Net cash from operating activities 264.6 102.8 Net cash used in investing activities (876.2) (58.9) Net cash from (used in) financing activities 193.4 (543.7) Net decrease in cash and cash equivalents - continuing operations (418.2) (499.8) Net increase in cash and cash equivalents - discontinued operations - 469.8 Cash and cash equivalents - opening 327.2 565.4 Net cash outflow from deconsolidation and share exchange - (205.5) Effects of exchange rate on cash and cash equivalents (18.3) (2.7) Cash and cash equivalents - closing (109.3) 327.2 Audited 9 months ended 30 June 2013 Audited Year ended September 2012 Statements of Cash Flows dited ear nded ember hs ended 30 June 2013 At 1 October 2011 252.0 3,711.9 5,190.8 9,154.7 2,413.7 11,568.4 Issue of shares - - - - 286.9 286.9 Cash dividends - - (163.8) (163.8) (59.9) (223.7) Dividends in specie - - (3,024.5) (3,024.5) (198.8) (3,223.3) Profit for the year - - 1,166.8 1,166.8 (8.1) 1,158.7 Other comprehensive income for the year - (723.4) (0.9) (724.3) 180.7 (543.6) Transfer - (157.3) 157.3 - - - Changes in ownership interests in subsidiaries that do not result in a loss of control - (7.0) 6.0 (1.0) 8.1 7.1 Acquisition and deconsolidation of group companies - (328.6) 613.5 284.9 (320.4) (35.5) At 30 September 2012 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 At 1 October 2012 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 Issue of shares - - - - 374.3 374.3 Dividends - - (151.2) (151.2) (68.6) (219.8) Profit for the period - - 1,750.9 1,750.9 223.1 1,974.0 Other comprehensive income for the period - 56.4 (0.8) 55.6 493.3 548.9 Transfer - (5.1) 5.1 - - - Changes in ownership interests in subsidiaries that do not result in a loss of control - 9.5 12.6 22.1 (43.9) (21.8) At 30 June 2013 252.0 2,556.4 5,561.8 8,370.2 3,280.4 11,650.6 2012 459.0 152.7 84.8) 61.7 (1.7) 27.9 - - 437.0 150.0 73.9) 541.0 (8.6) 532.4 532.4 626.3 158.7 540.5 626.3 (8.1) 158.7 21.44 1.27 46.29 17.23 ,530 6.50 20.00 udited Year nded tember 2012 532.4 562.8) (30.4) 158.7 543.6) 615.1 194.7) 637.2 172.6 615.1 Retained earnings Non- controlling interests Attributable to owners of the parent Revaluation & other reserves TotalShare capital Statements of Changes in Equity 2013 2012 2013 2012 2012 2013 2012 2013 2012 2012 Aviation 122 124 371 382 502 16 2 42 18 34 Financial Services 3 159 9 649 654 16 21 53 43 60 Hospitality 325 305 1,409 1,283 1,604 (116) (88) 172 (33) (147) Logistics 731 572 2,052 1,632 2,336 15 8 54 18 34 Property 119 57 348 281 396 44 32 121 104 167 Real Estate and Agribusiness 178 143 821 823 1,050 (14) (47) 170 (46) (73) Technology 77 75 253 223 303 1 (2) 9 (2) 1 Corporate office 45 49 123 119 171 (17) (16) (55) (53) (78) Corporate Treasury - 1 - 5 9 (11) 5 (19) 21 22 1,600 1,485 5,386 5,397 7,025 (66) (85) 547 70 20 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - - - - - - 649 - - Excess of fair value of share of net assets over quoted price - - - - - - - 686 - - Profit on disposal of financial assets - - - - - 6 437 6 437 437 Profit on sale of properties - - - - - 66 (21) 86 (5) 150 Reorganisation costs - - - - - - 6 - (21) (74) 1,600 1,485 5,386 5,397 7,025 6 337 1,974 481 533 Group elimination (84) (144) (358) (427) (566) - - - - - Total continuing operations 1,516 1,341 5,028 4,970 6,459 6 337 1,974 481 533 Profit after taxationRevenue Unaudited 3 months ended June Audited 9 months ended June Audited 9 months ended June Unaudited 9 months ended June Unaudited 9 months ended June Segment Analysis Audited Year ended September Audited Year ended September Unaudited 3 months ended June Cash generated from operations before working capital changes 564.0 628.6 Working capital changes (69.5) (110.5) Cash generated from operations 494.5 518.1 Cash used in other operating activities (229.9) (415.3) Net cash from operating activities 264.6 102.8 Net cash used in investing activities (876.2) (58.9) Net cash from (used in) financing activities 193.4 (543.7) Net decrease in cash and cash equivalents - continuing operations (418.2) (499.8) Net increase in cash and cash equivalents - discontinued operations - 469.8 Cash and cash equivalents - opening 327.2 565.4 Net cash outflow from deconsolidation and share exchange - (205.5) Effects of exchange rate on cash and cash equivalents (18.3) (2.7) Cash and cash equivalents - closing (109.3) 327.2 Audited 9 months ended 30 June 2013 Audited Year ended September 2012 Statements of Cash Flows dited ear nded ember Group Perfor Pursuant to t reporting dat cover the nin with reference nine months e Group revenu In spite of t markets, all performance 2012: Rs 481 during the pe A new Financ of the Group shareholder o improved perf In the Techno InformationSo The Aviation s making airline companies op Mauritian tour Despite lower performance c Heritage Hote enhanced resu Hotels Ltd, as significantly to The Logistics s forwarding bu coupled with l The Property Commercial R PAT of the Rea arising from th to Investment associates of t EPS from con amounted to R On 26 June 20 Statements of Profit or Loss and Other Comprehensive Income Profit before taxation 0.9 332.7 1,961.1 467.3 541.0 Taxation 5.3 4.9 12.9 13.2 (8.6) Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Continuing and discontinued operations Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Profit after taxation from discontinued operations - 103.1 - 301.2 626.3 Profit for the period / year 6.2 440.7 1,974.0 781.7 1,158.7 Attributable to Owners of the parent- continuing operations (26.6) 379.8 1,750.9 463.7 540.5 - discontinued operations - 103.1 - 301.2 626.3 Non-controlling interests 32.8 (42.2) 223.1 16.8 (8.1) 6.2 440.7 1,974.0 781.7 1,158.7 Continuing operations Earnings per share (EPS) Rs (1.05) 15.07 69.46 18.40 21.44 EPS excluding exceptional items Rs (2.25) (1.68) 15.00 2.16 1.27 Continuing and discontinued operations EPS Rs (1.05) 19.17 69.46 30.35 46.29 EPS excluding exceptional items Rs (2.25) 2.47 15.00 14.10 17.23 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs - - 6.00 4.50 6.50 Dividends in specie per ordinary share Rs - - - - 120.00 2013 2012 2013 2012 2012 Continuing operations Profit for the period 6.2 337.6 1,974.0 480.5 532.4 Other comprehensive income 1,106.0 (210.8) 548.9 (351.2) (562.8) Total comprehensive income 1,112.2 126.8 2,522.9 129.3 (30.4) Continuing and discontinued operations Profit for the period 6.2 440.2 1,974.0 781.7 1,158.7 Other comprehensive income 1,106.0 (227.7) 548.9 (339.4) (543.6) Total comprehensive income 1,112.2 212.5 2,522.9 442.3 615.1 Attributable to Owners of the parent - continuing operations 583.5 136.6 1,806.5 33.4 (194.7) - discontinued operations - 126.9 - 292.1 637.2 Non-controlling interests 528.7 (51.0) 716.4 116.8 172.6 1,112.2 212.5 2,522.9 442.3 615.1 Comm 30.06.2013 30.09.2012 ASSETS Non current assets Property, plant and equipment 7,206.7 6,077.9 Investment properties 2,598.7 1,714.1 Intangible assets 482.7 351.6 Investment in associated companies 3,873.4 1,121.2 Investment in financial assets 264.1 1,811.3 Bearer biological assets 18.3 20.5 Long term loans receivable 169.5 135.2 Deferred expenditure 104.8 39.3 14,718.2 11,271.1 Current assets Consumable biological assets 89.6 92.6 Inventories 207.3 1,152.7 Trade and other receivables 1,894.2 1,975.9 Investment in financial assets - 12.5 Bank balances and cash 446.2 515.6 2,637.3 3,749.3 17,355.5 15,020.4 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 Reserves 8,118.2 6,440.8 Equity attributable to owners of the parent 8,370.2 6,692.8 Non-controlling interests 3,280.4 2,302.2 Total equity 11,650.6 8,995.0 Non current liabilities Borrowings 2,227.8 2,322.7 Deferred tax liabilities 245.4 213.8 Retirement benefit obligations 104.5 62.7 2,577.7 2,599.2 Current liabilities Borrowings 813.5 462.3 Trade and other payables 2,103.4 2,834.4 Income tax liabilities 23.7 36.9 Provisions 35.4 42.2 Dividends payable 151.2 50.4 3,127.2 3,426.2 5,704.9 6,025.4 17,355.5 15,020.4 Audited Statements of Financial Position Aviation Financial Ser Hospitality Logistics Property Real Estate a Technology Corporate o Corporate Tr Exceptional Reclassificati of available- Excess of fai net assets o Profit on disp Profit on sale Reorganisati Group elimin Total continu Discontinued Total Segme Cash genera Working cap Cash genera Cash used in Net cash fro Net cash use Net cash fro Net decreas Net increase Cash and ca Net cash out Effects of ex Cash and ca Statem Unaudited 3 months ended June Audited Year ended September Audited 9 months ended June Unaudited 9 months ended June
  4. 4. Rogers House, 5 President John Kennedy Street, PO Box 60, Port Louis, Mauritius Tel: (230) 202 6666. Fax (230) 208 3646 www.rogers.mu Group Performance Pursuant to the Board approval on 07 December 2012, the Group changed its reporting date from 30 September to 30 June and, as a result, the comments cover the nine-month period to 30 June 2013. Such comments should be read with reference to the performance of the Group for the comparable period of nine months ended 30 June 2012. Group revenue for the nine months under review was maintained at Rs 5.0bn. In spite of the difficult market conditions prevailing in their respective markets, all sectors of the Group improved their overall operational performance. Group PAT recorded a marked increase to Rs 1,974m (9 months 2012: Rs 481m), primarily as a result of the exceptional profits of Rs 1,427m during the period (9 months 2012: Rs 411m). A new Financial Services sector was created following the increase in the stake of the Group in its associated company, Intendance Holding Ltd (the controlling shareholder of the Swan Group), from 24.4% to 37.8%. This has resulted in an improved performance for the period. In the Technology sector, our interest in Axa Customer Services Ltd and Enterprise InformationSolutionsLtdwereregroupedandregisteredareturntopositiveterritory. The Aviation sector recorded a better performance following the closure of its loss- making airline reservation business in South Africa, improved results of associated companies operating in the ground handling activity in Mozambique and the Mauritian touring business. Despite lower tourist arrivals at national level, the Hospitality sector improved its performance compared to the same period last year. Higher occupancy levels at the Heritage Hotels and costs containment initiatives were the essential drivers of these enhanced results. The first–time reporting of the Group’s interest in New Mauritius Hotels Ltd, as an associate with effect from 01 October 2012, also contributed significantly to those results. The Logistics sector posted better results on the back of a turnaround of our freight forwarding business in France. Higher volumes recorded in bulk shipping activities coupled with lower charter rates were also the contributors to this performance. The Property sector performed well in spite of the partial closure of Centre Commercial RicheTerre. A fair value gain of Rs 34m was reported in those results. PAT of the Real Estate and Agribusiness sector included fair value gains of Rs 215m arising from the reclassification of land initially identified for construction of villas to Investment Property. The cane growing business remained loss-making whilst associates of the sector improved their performance. EPS from continuing operations and excluding exceptional items for the period amounted to Rs 15.00 (9 months 2012: Rs 2.16). On 26 June 2013, the Board declared a final dividend of Rs 6.00 per share. Results for the quarter ended 30 June 2013 The Group increased its revenue to Rs 1.5bn for the last quarter of the financial period under review (Q3 2012: Rs 1.3bn). Group PAT from continuing operations decreased to Rs 6m (Q3 2012: Rs 337m) taking into consideration the significantly lower exceptional gains of Rs 72m (Q3 2012: Rs 422m). Despite an overall improvement, the operations for the quarter resulted in a loss before exceptional items of Rs 66m (Q3 2012: loss of Rs 85m) greatly influenced by the low seasonality factor inherent to the Hospitality sector, compounded by the inclusion of the results of our associate company, New Mauritius Hotels Ltd for this period. Outlook Both the local and international market environment remain challenging in all our sectorsofactivityasaresultofthefall-outfromtheglobaleconomiccrisis.Inparticular, the ongoing difficult economic environment persisting in the Eurozone is affecting the fragilefundamentalsofourkeytradingpartnersandgivesuslowvisibilityinforecasting. The Group will maintain its focus on the consolidation of its existing operations and continue to expand further in regional emerging markets. The launching of the bigger and upgraded shopping precincts at Centre Commercial RicheTerre and Centre Commercial Phoenix are expected to have a positive impact on the results of our Property sector.The Hospitality sector, and in particular ourTourism operations, will continue to face the competitive and challenging conditions prevailing in our traditional markets whilst the other sectors are expected to maintain their improvements in operating performance. Separately,discussionsbetweenAscenciaandForesiteontheonehandandENLProperty (ENLP)ontheother,withregardtotheproposedacquisitionbyAscenciaandForesiteofa numberofcommercialpropertiesfromENLP,havereachedanadvancedstage. TheBoard isconfidentthatthisproposedtransactionwillbeofbenefittoourshareholders. By order of the Board 5 September 2013 TheabridgedfinancialstatementsoftheGroupareauditedexceptwherespecified,and have been prepared using the same accounting policies as the audited statements for theyearended30September2012,exceptfortheadoptionofamendmentstopublished standards and interpretations issued which are now effective. These financial statements are issued pursuant to Listing Rule 12.14 and the Securities Act 2005. Copies of the statement of direct and indirect interests of Officers pursuant to rule 8(2) (m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 and the financial statements are available free of charge upon request made to the Company Secretary at the registered office of Rogers and Company Limited. TheBoardofDirectorsofRogersandCompanyLimitedacceptsfullresponsibilityforthe accuracy of the information contained in these financial statements. e 46.29 17.23 5,204,530 6.50 120.00 2012 532.4 (562.8) (30.4) 1,158.7 (543.6) 615.1 (194.7) 637.2 172.6 615.1 Comments on Results 0.09.2012 6,077.9 1,714.1 351.6 1,121.2 1,811.3 20.5 135.2 39.3 11,271.1 92.6 1,152.7 1,975.9 12.5 515.6 3,749.3 15,020.4 252.0 6,440.8 6,692.8 2,302.2 8,995.0 2,322.7 213.8 62.7 2,599.2 462.3 2,834.4 36.9 42.2 50.4 3,426.2 6,025.4 15,020.4 2013 2012 2013 2012 2012 2013 2012 2013 2012 2012 Aviation 122 124 371 382 502 16 2 42 18 34 Financial Services 3 159 9 649 654 16 21 53 43 60 Hospitality 325 305 1,409 1,283 1,604 (116) (88) 172 (33) (147) Logistics 731 572 2,052 1,632 2,336 15 8 54 18 34 Property 119 57 348 281 396 44 32 121 104 167 Real Estate and Agribusiness 178 143 821 823 1,050 (14) (47) 170 (46) (73) Technology 77 75 253 223 303 1 (2) 9 (2) 1 Corporate office 45 49 123 119 171 (17) (16) (55) (53) (78) Corporate Treasury - 1 - 5 9 (11) 5 (19) 21 22 1,600 1,485 5,386 5,397 7,025 (66) (85) 547 70 20 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - - - - - - 649 - - Excess of fair value of share of net assets over quoted price - - - - - - - 686 - - Profit on disposal of financial assets - - - - - 6 437 6 437 437 Profit on sale of properties - - - - - 66 (21) 86 (5) 150 Reorganisation costs - - - - - - 6 - (21) (74) 1,600 1,485 5,386 5,397 7,025 6 337 1,974 481 533 Group elimination (84) (144) (358) (427) (566) - - - - - Total continuing operations 1,516 1,341 5,028 4,970 6,459 6 337 1,974 481 533 Discontinued operations - 763 - 2,281 2,986 - 104 - 301 626 Total 1,516 2,104 5,028 7,251 9,445 6 441 1,974 782 1,159 Profit after taxationRevenue Unaudited 3 months ended June Audited 9 months ended June Audited 9 months ended June Unaudited 9 months ended June Unaudited 9 months ended June Segment Analysis Audited Year ended September Audited Year ended September Unaudited 3 months ended June Effects of exchange rate on cash and cash equivalents (18.3) (2.7) Cash and cash equivalents - closing (109.3) 327.2 Audited Year ended September Rogers House, 5 President John Kenned Tel: (230) 202 6666. Fax (230) 208 3 www.rogers.mu Group Performance Pursuant to the Board approval on 07 December 2012, the Group changed its reporting date from 30 September to 30 June and, as a result, the comments cover the nine-month period to 30 June 2013. Such comments should be read with reference to the performance of the Group for the comparable period of nine months ended 30 June 2012. Group revenue for the nine months under review was maintained at Rs 5.0bn. In spite of the difficult market conditions prevailing in their respective markets, all sectors of the Group improved their overall operational performance. Group PAT recorded a marked increase to Rs 1,974m (9 months 2012: Rs 481m), primarily as a result of the exceptional profits of Rs 1,427m during the period (9 months 2012: Rs 411m). A new Financial Services sector was created following the increase in the stake of the Group in its associated company, Intendance Holding Ltd (the controlling shareholder of the Swan Group), from 24.4% to 37.8%. This has resulted in an improved performance for the period. In the Technology sector, our interest in Axa Customer Services Ltd and Enterprise InformationSolutionsLtdwereregroupedandregisteredareturntopositiveterritory. The Aviation sector recorded a better performance following the closure of its loss- making airline reservation business in South Africa, improved results of associated companies operating in the ground handling activity in Mozambique and the Mauritian touring business. Despite lower tourist arrivals at national level, the Hospitality sector improved its performance compared to the same period last year. Higher occupancy levels at the Heritage Hotels and costs containment initiatives were the essential drivers of these enhanced results. The first–time reporting of the Group’s interest in New Mauritius Hotels Ltd, as an associate with effect from 01 October 2012, also contributed significantly to those results. The Logistics sector posted better results on the back of a turnaround of our freight forwarding business in France. Higher volumes recorded in bulk shipping activities coupled with lower charter rates were also the contributors to this performance. The Property sector performed well in spite of the partial closure of Centre Commercial RicheTerre. A fair value gain of Rs 34m was reported in those results. PAT of the Real Estate and Agribusiness sector included fair value gains of Rs 215m arising from the reclassification of land initially identified for construction of villas to Investment Property. The cane growing business remained loss-making whilst associates of the sector improved their performance. EPS from continuing operations and excluding exceptional items for the period amounted to Rs 15.00 (9 months 2012: Rs 2.16). On 26 June 2013, the Board declared a final dividend of Rs 6.00 per share. Results for the quarter ended 30 The Group increased its revenue t period under review (Q3 2012: Rs decreased to Rs 6m (Q3 2012: Rs 3 lower exceptional gains of Rs 7 improvement, the operations for th items of Rs 66m (Q3 2012: loss of Rs factor inherent to the Hospitality se of our associate company, New Ma Outlook Both the local and international ma sectorsofactivityasaresultofthefal the ongoing difficult economic envir fragilefundamentalsofourkeytradin The Group will maintain its focus and continue to expand further in the bigger and upgraded shopping Centre Commercial Phoenix are exp our Property sector.The Hospitality will continue to face the compet our traditional markets whilst the improvements in operating perform Separately,discussionsbetweenAscen (ENLP)ontheother,withregardtothe numberofcommercialpropertiesfrom isconfidentthatthisproposedtransac By order of the Board 5 September 2013 Theabridgedfinancialstatementsof have been prepared using the same theyearended30September2012,ex standards and interpretations issued These financial statements are issued Act 2005. Copies of the statement of direct and (m) of the Securities (Disclosure Obl financial statements are available fr Secretary at the registered office of Ro TheBoardofDirectorsofRogersand accuracy of the information containe Statements of Profit or Loss and Other Comprehensive Income Profit before taxation 0.9 332.7 1,961.1 467.3 541.0 Taxation 5.3 4.9 12.9 13.2 (8.6) Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Continuing and discontinued operations Profit from continuing operations 6.2 337.6 1,974.0 480.5 532.4 Profit after taxation from discontinued operations - 103.1 - 301.2 626.3 Profit for the period / year 6.2 440.7 1,974.0 781.7 1,158.7 Attributable to Owners of the parent- continuing operations (26.6) 379.8 1,750.9 463.7 540.5 - discontinued operations - 103.1 - 301.2 626.3 Non-controlling interests 32.8 (42.2) 223.1 16.8 (8.1) 6.2 440.7 1,974.0 781.7 1,158.7 Continuing operations Earnings per share (EPS) Rs (1.05) 15.07 69.46 18.40 21.44 EPS excluding exceptional items Rs (2.25) (1.68) 15.00 2.16 1.27 Continuing and discontinued operations EPS Rs (1.05) 19.17 69.46 30.35 46.29 EPS excluding exceptional items Rs (2.25) 2.47 15.00 14.10 17.23 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs - - 6.00 4.50 6.50 Dividends in specie per ordinary share Rs - - - - 120.00 2013 2012 2013 2012 2012 Continuing operations Profit for the period 6.2 337.6 1,974.0 480.5 532.4 Other comprehensive income 1,106.0 (210.8) 548.9 (351.2) (562.8) Total comprehensive income 1,112.2 126.8 2,522.9 129.3 (30.4) Continuing and discontinued operations Profit for the period 6.2 440.2 1,974.0 781.7 1,158.7 Other comprehensive income 1,106.0 (227.7) 548.9 (339.4) (543.6) Total comprehensive income 1,112.2 212.5 2,522.9 442.3 615.1 Attributable to Owners of the parent - continuing operations 583.5 136.6 1,806.5 33.4 (194.7) - discontinued operations - 126.9 - 292.1 637.2 Non-controlling interests 528.7 (51.0) 716.4 116.8 172.6 1,112.2 212.5 2,522.9 442.3 615.1 Comments on Results 30.06.2013 30.09.2012 ASSETS Non current assets Property, plant and equipment 7,206.7 6,077.9 Investment properties 2,598.7 1,714.1 Intangible assets 482.7 351.6 Investment in associated companies 3,873.4 1,121.2 Investment in financial assets 264.1 1,811.3 Bearer biological assets 18.3 20.5 Long term loans receivable 169.5 135.2 Deferred expenditure 104.8 39.3 14,718.2 11,271.1 Current assets Consumable biological assets 89.6 92.6 Inventories 207.3 1,152.7 Trade and other receivables 1,894.2 1,975.9 Investment in financial assets - 12.5 Bank balances and cash 446.2 515.6 2,637.3 3,749.3 17,355.5 15,020.4 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 Reserves 8,118.2 6,440.8 Equity attributable to owners of the parent 8,370.2 6,692.8 Non-controlling interests 3,280.4 2,302.2 Total equity 11,650.6 8,995.0 Non current liabilities Borrowings 2,227.8 2,322.7 Deferred tax liabilities 245.4 213.8 Retirement benefit obligations 104.5 62.7 2,577.7 2,599.2 Current liabilities Borrowings 813.5 462.3 Trade and other payables 2,103.4 2,834.4 Income tax liabilities 23.7 36.9 Provisions 35.4 42.2 Dividends payable 151.2 50.4 3,127.2 3,426.2 5,704.9 6,025.4 17,355.5 15,020.4 Audited Statements of Financial Position 2013 2012 2013 2012 2012 2013 20 Aviation 122 124 371 382 502 16 Financial Services 3 159 9 649 654 16 2 Hospitality 325 305 1,409 1,283 1,604 (116) (8 Logistics 731 572 2,052 1,632 2,336 15 Property 119 57 348 281 396 44 3 Real Estate and Agribusiness 178 143 821 823 1,050 (14) (4 Technology 77 75 253 223 303 1 Corporate office 45 49 123 119 171 (17) (1 Corporate Treasury - 1 - 5 9 (11) 1,600 1,485 5,386 5,397 7,025 (66) (8 Exceptional items Reclassification adjustment for gains of available-for-sale financial assets - - - - - - Excess of fair value of share of net assets over quoted price - - - - - - Profit on disposal of financial assets - - - - - 6 43 Profit on sale of properties - - - - - 66 (2 Reorganisation costs - - - - - - 1,600 1,485 5,386 5,397 7,025 6 33 Group elimination (84) (144) (358) (427) (566) - Total continuing operations 1,516 1,341 5,028 4,970 6,459 6 33 Discontinued operations - 763 - 2,281 2,986 - 10 Total 1,516 2,104 5,028 7,251 9,445 6 44 Revenue Unaudited 3 months ended June Audited 9 months ended June Unaudited 9 months ended June Segment Analysis Audited Year ended September Unaudite 3 month ended June Cash generated from operations before working capital changes Working capital changes Cash generated from operations Cash used in other operating activities Net cash from operating activities Net cash used in investing activities Net cash from (used in) financing activities Net decrease in cash and cash equivalents - continuing operations Net increase in cash and cash equivalents - discontinued operations Cash and cash equivalents - opening Net cash outflow from deconsolidation and share exchange Effects of exchange rate on cash and cash equivalents Cash and cash equivalents - closing Statements of Cash Flows Unaudited 3 months ended June Audited Year ended September Audited 9 months ended June Unaudited 9 months ended June

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