IPRO Growth Fund Limited 3Q 2013 results

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IPRO Growth Fund Limited 3Q 2013 results

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IPRO Growth Fund Limited 3Q 2013 results

  1. 1. UNAUDITED CONDENSED FINANCIAL STATEMENTS for the quarter ended 30 September 2013 IPRO GROWTH FUND LTD Performance Report ASSETS Non-Current Assets Investments in available-for-sale financial assets Investments held-to-maturity For the quarter ended 30 September 2013 Performance review As at 30 September 2013 the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at MUR 27.24 compared to MUR 26.95 as at 30 June 2013, representing a gain of 1.1% for the quarter. Fund performance 16.1% FY 08/09 1.1% FY 11/12 FY 09/10 FY 10/11 FY 12/13 FY 13/14 Outlook Local equities witnessed a strong rally that started in the 2nd half of the calendar year, with the SEMTRI taking out its all-time high and the SEMDEX approaching its all-time high. In the current environment of historically low interest rates, we expect local equities to continue to rally, due to lack of alternatives for local institutions and continued foreign interest in the region. However, markets have to be monitored closely for any signs of overheating. In the local fixed income space we would only add opportunistically as long-term interest rates have declined further in the quarter. Regarding our regional investment in Africa, we expect the fund to perform well in the 2nd and 3rd quarter of the financial year as the growth story of the region remains intact, valuations are generally reasonable and additional foreign inflows should be expected. Performance (%) as at 30 September 2013 IGF 1 month 1.5 3 months 1.1 6 months -0.1 1 year 16.4 3 years 5.5 Annualised 5 years 7 years 5.2 6.5 10 years 12.5 NAV evolution 27.24 30 20 10 Jun 13 Sept 13 Jun 12 Dec 12 Jun 11 Dec 11 Jun 10 Dec 10 Jun 09 Dec 09 Jun 08 Dec 08 Jun 07 Cumulative performance index Dec 07 Jun 06 Dec 06 Jun 05 Dec 05 Jun 04 Dec 04 0 Jun 03 -17.4% Portfolio composition Listed Mauritian Equities Listed African Equities Fixed Income International Property Unquoted Mauritian Equities Liquidity Total % 55.3 25.4 8.2 1.3 0.1 9.7 100.0 Sector allocation % Equity 40 Dec 03 -9.0% 331.65 400 Banks & Insurance and Other Finance Investments Sugar Consumer Goods Mining and Basic Resources Leisure & Hotels Commerce Industry Telecommunications Energy, Oil and Gas Transport Unquoted International Property Fixed Income Liquidity Total 31.6 18.8 8.8 5.2 3.5 4.0 3.1 2.6 2.0 1.0 0.1 0.1 1.3 8.2 9.7 100.0 Top 10 holdings* African Market Leaders Fund Mauritius Commercial Bank State Bank of Mauritius Alteo Terra ENL Land Deep River Investment CIM Financial Services New Mauritius Hotels 300 200 100 Jun 13 25.4 9.4 7.4 7.0 4.6 3.2 2.9 2.9 2.4 Sept 13 Jun 12 Dec 12 Jun 11 Dec 11 Jun 10 Dec 10 Jun 09 Dec 09 Jun 08 Dec 08 Jun 07 Dec 07 Jun 06 Dec 06 Jun 05 Dec 05 Jun 04 Dec 04 Jun 03 Dec 03 0 % Disclaimer: This performance report is provided by IPRO Fund Management Ltd. for information purposes only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any security. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any security referred to in this report and should understand that future expectations may not be realised. Investors should note that the price or value of securities may rise or fall. Past performance is not a guide to future performance. www.igfdirect.mu TOTAL ASSETS Liabilities Other payables Current tax liability Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Ordinary Shares) NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE ORDINARY SHARES TOTAL LIABILITIES Net Asset Value per share No. of shares used in calculation (‘000) STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Revenue Investment income Net gain on disposal of investments Finance income Administrative expenses Reduction in value of investments Profit before taxation Gain/(loss) on foreign exchange Taxation Profit after taxation Increase/(decrease) in fair value of investments Total comprehensive income STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE ORDINARY SHARES At 01 July Movement in share capital Profit for the period Increase/(decrease) in fair value of investments At 30 September STATEMENT OF CASH FLOWS Audited 30 June 2013 Rs.’000 503,651 50,893 554,544 Current Assets Cash and cash equivalents Other receivables 15.5% 12.3% IGF’s local portfolio gained 2.9% over the quarter, driven by holdings of MCB, CIM, and the exposure to the hotel sector, which largely outperformed all other sectors of the SEMDEX over the period. The international portfolio declined 2.9%, mainly on account of a decline in value of our main holding, African Market Leaders Fund. Unaudited 30 September 2013 Rs.’000 STATEMENT OF FINANCIAL POSITION 500,740 51,217 551,957 58,919 2,235 61,154 615,698 69,764 96 69,860 621,817 1,220 370 1,590 614,108 615,698 27.24 22,546 1,428 299 1,727 620,090 621,817 26.95 23,005 Three months ended 30 September Unaudited 2013 Unaudited 2012 Rs.’000 Rs.’000 4,829 2,269 1,280 8,378 (2,467) 5,911 (143) (70) 5,698 625 6,323 2,044 6,398 624 9,066 (2,314) 6,752 208 (21) 6,939 (5,942) 997 Year ended 30 June Audited 2013 Audited 2012 Rs.’000 Rs.’000 12,446 25,388 4,047 41,881 (9,344) (29,292) 3,245 1,040 (282) 4,003 77,651 81,654 13,019 18,266 1,651 32,936 (9,573) 23,363 (487) (85) 22,791 (77,779) (54,988) Three months ended 30 September Unaudited 2013 Unaudited 2012 Rs.’000 Rs.’000 620,090 (12,305) 5,698 625 614,108 565,103 (11,674) 6,940 (5,942) 554,427 Three months ended 30 September Unaudited 2013 Unaudited 2012 Rs.’000 Rs.’000 Net cash from operating activities Net cash (used in)/from investing activities Net cash used in financing activities (Decrease)/increase in cash and cash equivalents 1,619 (17) (12,303) (10,701) (206) 23,299 (11,674) 11,419 Movement in cash and cash equivalents At 01 July (Decrease)/Increase in cash and cash equivalents Effect on exchange rate Cash and cash equivalents at 30 September 69,763 (10,701) (143) 58,919 72,759 11,419 208 84,386 By Order of the Board Ciel Corporate Services Ltd Secretaries 12 Nov 2013 NOTE : • The Net Asset Value per share has been calculated based on the number of ordinary shares as at 30 September 2013, i.e. 22,545,881 shares (30 June 2013: 23,005,203 shares). • The above unaudited condensed financial statements are issued pursuant to Listing Rule 12.20 and published as per the Securities Act 2005. • The financial statements have been prepared using the same accounting policies as those adopted in the financial statements of the Company for the year ended 30 June 2013, and comply with IAS 34, “Interim Financial Reporting”. • The statement of direct and indirect interests of Insiders pursuant to Rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rule 2007 is available free of charge, at the registered office of the Company. • The Board of Directors of IPRO Growth Fund Ltd accepts full responsibility for the accuracy of the information contained in these financial statements. • Copies of the unaudited condensed financial statements are available to the public, free of charge, at the registered office of the Company, 5th Floor, Ebène Skies, Rue de l’Institut,Ebène. • The Business Registration Number of IPRO Growth Fund is C06010411

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