CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013					
	 	
	 2013 		 2012
	 (P’000	) 	 (P’000	)
					
AS...
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Funeral Services Group Limited FY 2013 financial results

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Funeral Services Group Limited listed on the Botswana Stock Exchange has released its Full Year Results. Check out
insights into this company in their presentation which appears below.
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Funeral Services Group Limited FY 2013 financial results

  1. 1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013 2013 2012 (P’000 ) (P’000 ) ASSETS Non-current assets Property, plant and equipment 115,452 104,464 Goodwill 26,822 26,822 Deferred tax assets 2,031 675 Inventories 3,301 3,343 Total non-current assets 147,606 135,304 Current assets Inventories 11,261 7,415 Trade and other receivables 5,012 3,452 Current tax assets 1,641 105 Bank and cash balances 50,857 50,865 Total current assets 68,771 61,837 Total assets 216,377 197,141 EQUITY AND LIABILITIES Capital and reserves Stated capital 69,525 69,525 Reserves 32,823 31,641 Retained earnings 83,447 65,827 Equity attributable to owners of the company 185,795 166,993 Non-controlling interests (99 ) 228 Total capital and reserves 185,696 167,221 Non-current liabilities Deferred tax liabilities 7,404 9,613 Current liabilities Trade and other payables 21,306 17,649 Bank overdraft 372 782 Current tax liabilities 1,599 1,876 Total current liabilities 23,277 20,307 Total liabilities 30,681 29,920 Total equity and liabilities 216,377 197,141 The Directors take pleasure in presenting the consolidated results of FSG Limited (“Group”) for the year ended 31 December 2013 _____________________________________________________ PERFORMANCE HIGHLIGHTS:   • Revenue increased by 14%; • Profit after tax increased by 12%; • Total assets exceed P200 million; • Continued expansion in Botswana and Zambia. OPERATIONS:   Economic environment  The global economic environment during the first half of 2013 was largely subdued but strengthened during the second half largely on account of marginal recovery in some advanced economies. Most major economies are still committed to maintain stimulus policies until sustained growth is witnessed. Mining sector grew during the year and contributed significantly to overall economic growth. Employment generation, productivity improvement, infrastructure development, economic reforms, and investing in human capital continued to be key factors guiding policy makers.   Botswana The Group’s revenue and profit after tax for the year 2013 showed a moderate growth, despite operating in a challenging economic environment. The Group retained its position as the market leader in the funeral services industry. The Group continued investing in new branches in Botswana. During the year new branches were established in Pilane and Kasane. Further expansion is planned for 2014. The Group also invested in developing its brand image and modernizing its fleet and other equipment necessary for rendering superior service to its customers. Zambia During the year the Group opened a new branch in Ndola in January 2013. The process to acquire land in Kitwe for a new branch is in progress. Although during the year revenue from Zambia grew by 36% over 2012, the Zambia subsidiary reported a loss. Marketing of funeral assurance policies has seen an encouraging growth. The Group is actively considering opening new branches in other towns within Zambia.   Prospects The operating environment is expected to be largely similar to 2013. However, the Group shall continue to invest in infrastructure, new branches and expansion in external markets in line with the Group’s Business Vision and positive results are expected from this expansion drive.   Dividend The Group declared an interim gross dividend of 5 (five) thebe per share which was paid out on 25 October 2013.   The directors have resolved to declare a final gross dividend of 7 (seven) thebe per share, subject to deduction of withholding tax at 7.5%, payable on 28 April 2014, to members on the register on 18 April 2014.   This brings the total dividend for the financial year to 12 (twelve) thebe per share. For and on behalf of the Board   __________________ ________________ D N Moroka M Nikolic Chairman of the Board Managing Director 12 March 2014 Directors: Directors: D N Moroka (Chairman), M Nikolic* (Group Managing Director), L Nikolic, J Burbidge**, K Maphage, C Lesetedi-Letegele, (*Serbian, **British) AUDITED GROUP FINANCIAL RESULTS For the year ended 31 December 2013 Private Bag BO 211, Gaborone, Botswana Tel: +267 392 2074 Fax:+267 369 6234 www.fsgbotswana.com GROUP ACCOUNTING POLICIES AND BASIS OF PREPARATION These financial results have been extracted from the annual financial statements which have been prepared in accordance with International Financial Reporting Standards (IFRS). The accounting policies applied are consistent with those applied in prior period. The financial statements have been prepared on the historical cost basis, except for the revaluation of certain non-current assets. The results are presented in Botswana Pula and all values are rounded to the nearest thousand, except where otherwise indicated. REVALUATION OF LAND, BUILDINGS AND MOTOR VEHICLES Land, Buildings and Motor Vehicles were revalued by independent valuer in December 2013. AUDITOR’S OPINION The auditors, KPMG, have issued their opinion on the group’s financial statements for the year ended 31 December 2013. The audit was conducted in accordance with International Standards on Auditing. They have issued an unmodified audit opinion. These summarised financial statements have been derived from the group financial statements and are consistent in all material respects, with the group financial statements. A copy of their audit report is available for inspection at the company’s registered office. Any reference to future financial performance included in this announcement, has not been reviewed or reported on by the Company’s auditors. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 (P’000 ) (P’000 ) Revenue 111,242 97,904 Cost of sales (17,637 ) (17,365 ) Gross profit 93,605 80,539 Other operating income 1,122 1,266 Investment revenue 2,936 1,736 Marketing and administration expenses (63,412 ) (51,714 ) Finance costs (223 ) (123 ) Profit before tax 34,028 31,704 Income tax (4,295 ) (5,079 ) Profit for the year 29,733 26,625 Other comprehensive income Items that will never be re-classified to profit or loss Gain on revaluation of property, plant and equipment 2,171 8,553 Related tax (381 ) (1,873 ) 1,790 6,680 Items that are or may be re-classified to profit or loss Exchange gain on translating foreign operations 142 225 Related tax (32) (50 ) 110 175 Other comprehensive income for the year 1,900 6,855 Total comprehensive income for the year 31,633 33,480 Profit attributable to: Owners of the company 30,145 26,759 Non-controlling interests (412 ) (134 ) 29,733 26,625 Total comprehensive income attributable to: Owners of the company 31,548 33,541 Non-controlling interests 85 (61 ) 31,633 33,480 Earnings per share: Basic earnings per share (Pula) 0.25 0.22 Diluted earnings per share (Pula) 0.25 0.22 Movement in number of shares in issue: Shares in issue at the beginning of the year and the end of the year 120,875,000 120,875,000 Weighted average number of ordinary shares for the purposes of basic earnings per share and diluted earnings per share 120,875,000 120,875,000 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2013 Statedcapital Revaluation Equity-settled Reservearising Foreigncurrency Retained Atributableto Non-controlling Total reserve employee onpartial translation earnings theownersof interest benefit disposalof reserve thecompany reserve subsidiary (P’000 ) (P’000 ) (P’000 ) (P’000 ) (P’000 ) (P’000 ) (P’000 ) (P’000 ) (P’000 ) Balance at 01 January 2012 68,301 26,044 1,224 (236 ) (318 ) 49,317 144,332 289 144,621 Total comprehensive income Profit for the year - - - - - 26,759 26,759 (134 ) 26,625 Other comprehensive income - 6,557 - - 225 - 6,782 73 6,855 Total comprehensive income - 6,557 - - 225 26,759 33,541 (61 ) 33,480 Transfer to revaluation reserve on disposal of revalued property, plant and equipment - (631) - - - 631 - - - Total transfer to retained earnings - (631) - - - 631 - - - Transactions with owners of the company Transfer from equity-settled employee benefit reserve to stated capital on issue of shares 1,224 - (1,224 ) - - - - - - Dividends paid - - - - - (10,880 ) (10,880 ) - (10,880 ) Total transactions with owners of the company 1,224 - (1,224 ) - - (10,880 ) (10,880 ) - (10,880 ) Balance at 31 December 2012 69,525 31,970 - (236 ) (93 ) 65,827 166,993 228 167,221 Total comprehensive income Profit for the year - - - - - 30,145 30,145 (412 ) 29,733 Other comprehensive income - 1704 - - 111 - 1,815 85 1,900 Total comprehensive income - 1,704 - - 111 30,145 31,960 (327 ) 31,633 Transfer to revaluation reserve on disposal of revalued property, plant and equipment - (633 ) - - - 633 - - - Transfer from deferred tax to retained earnings on disposal of revalued property, plant and equipment - - - - - 139 139 - 139 Total transfer to retained earnings - (633 ) - - - 772 139 - 139 Transactions with owners of the company Dividends declared and paid - - - - - (13,297 ) (13,297 ) - (13,297 ) Balance at 31 December 2013 69,525 33,041 - (236 ) 18 83,447 185,795 (99 ) 185,696 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 (P’000 ) (P’000 ) Cash flows from operating activities Profit for the year 29,733 26,625 Adjusted for: Investment revenue (2,936) (1,736 ) Finance costs 223 123 Depreciation of property, plant and equipment 4,725 4,646 Loss (gain) on disposal of property, plant and equipment 172 (297 ) Income tax expense 4,295 5,079 Operating income before working capital changes 36,212 34,440 Movement in inventories (3,611) 557 Movement in trade and other receivables (1,548) (115 ) Movement in trade and other payables 3,480 3,441 Cash generated from operations 34,533 38,323 Income tax paid (10,012) (6,323 ) Net cash generated from operating activities 24,521 32,000 Cash flows from investing activities Purchase of property, plant and equipment (14,201 ) (8,482 ) Investment revenue 2,936 1,736 Proceeds on disposal of property, plant and equipment 688 11,075 Net cash (used in)/ generated from investing activities (10,578 ) 4,329 Cash flows from financing activities Finance costs (223 ) (123 ) Dividends paid (13,297 ) (10,880) Net cash used in financing activities (13,519 ) (11,003 ) Net increase in cash and cash equivalents 424 25,326 Exchange difference on cash held in foreign currency (22 ) 13 Cash and cash equivalents at the beginning of the year 50,083 24,744 Cash and cash equivalents at the end of the year 50,485 50,083 Represented by: Bank and cash balances 50,857 50,865 Bank overdraft (372 ) (782 ) 50,485 50,083 30,000 40,000 20,000 __ 10,000 Dec-12 100,000 (P’000) Dec-11 97,904 86,307 34,028 31,704 26,655 29,733 26,625 21,875 Dec-12 Dec-11 111,242 REVENUE (P’000) PROFIT BEFORE TAX 25,000 20,000 15,000 _ 10,000 5,000 30,000 (P’000) PROFIT AFTER TAX (Thebe) DIVIDEND PAYOUT 80,000 60,000 40,000 20,000 Dec-12 Dec-11 12 10 910 _ 5 15 60,000120,000 35,000 Dec-12 Dec-13 Dec-13 Dec-13 Dec-13 Dec-11 ,655 29,733 26,625 21,875 Dec-11 25,000 20,000 15,000 _ 10,000 5,000 30,000 (P’000) PROFIT AFTER TAX (Thebe) DIVIDEND PAYOUT Dec-12 Dec-11 12 10 910 _ 5 15 35,000 Dec-12 Dec-13 Dec-13 Dec-11 SEGMENT INFORMATION Operations Operations Operations Intersegment Total in Botswana in Zambia in South Africa eliminations (P’000 ) (P’000 ) (P’000 ) (P’000 ) (P’000 ) FOR THE YEAR ENDED 31 DECEMBER 2013 Revenue from external customers 98,306 12,936 - - 111,242 Intersegment revenues 3,430 - - (3,430 ) - Finance income 3,287 16 - (367 ) 2,936 Finance costs (223 ) (321 ) (47 ) 368 (223 ) Depreciation (3,650 ) (1,075 ) - - (4,725 ) Income tax (5,397 ) 822 65 215 (4,295 ) Reportable segment profit after tax 31,648 (1,374 ) (176 ) (365 ) 29,733 Reportable segment assets 214,610 12,369 604 (11,206 ) 216,377 Additions to segment non current assets 11,287 2,914 - - 14,201 Reportable segment liabilities (28,227 ) (12,583 ) (948 ) 11,077 (30,681 ) FOR THE YEAR ENDED 31 DECEMBER 2012 Revenue from external customers 89,674 8,230 - - 97,904 Intersegment revenues 2,395 - - (2,395 ) - Investment revenue 2,398 53 - (715 ) 1,736 Finance costs (123 ) (677 ) (39 ) 716 (123 ) Depreciation (4,085 ) (561 ) - - (4,646 ) Income tax (5,605 ) 416 24 86 (5,079 ) Reportable segment profit after tax 27,297 (446 ) (72 ) (154 ) 26,625 Reportable segment assets 193,820 9,367 604 (6,650 ) 197,141 Additions to segment non current assets 8,143 339 - - 8,482 Reportable segment liabilities (27,285 ) (8,480 ) (799 ) 6,644 (29,920 ) HOTWIRE

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