UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2013
UNAUDITED CONDENSED STATEMEN...
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Mauritian Eagle Insurance Company Limited 1Q 2014 results

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Mauritian Eagle Insurance Company Limited 1Q 2014 results

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Mauritian Eagle Insurance Company Limited 1Q 2014 results

  1. 1. UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2013 UNAUDITED CONDENSED STATEMENTS OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME UNAUDITED CONDENSED STATEMENTS OF CASH FLOW THE GROUP Unaudited 3 months to THE COMPANY Unaudited 3 months to THE GROUP Unaudited 3 months to THE COMPANY Unaudited 3 months to 30 September 2013 2012 Rs 000 Rs 000 30 September 2013 2012 Rs 000 Rs 000 30 September 2013 2012 Rs 000 Rs 000 30 September 2013 2012 Rs 000 Rs 000 Gross insurance premiums Gross lease rental income 328,694 115,847 444,541 267,215 121,308 388,523 328,709 328,709 267,314 267,314 Net revenue 215,618 190,781 148,497 128,236 Profit from operations 109,416 88,639 72,222 56,150 27,783 (3,755) 24,028 3,742 27,770 31,920 (5,393) 26,527 3,108 29,635 25,036 (3,755) 21,281 3,742 25,023 Profit before taxation Income tax expense Profit for the period Other comprehensive income for the period Total comprehensive income for the period Profit attributable to: Owners of the company Non-controlling interest Total comprehensive income attributable to: Owners of the company Non-controlling interest Earnings per share (Rs) No of shares used in calculation 35,643 (5,393) 30,250 3,108 33,358 29,161 1,089 30,250 22,646 1,382 24,028 26,527 26,527 29,635 25,023 1,382 27,770 29,635 25,023 2.83 7,999,998 THE GROUP Equity attributable to owners of the company Foreign Currency Properties Investment Stated Capital Rs 000 Revaluation Reserve Rs000 Revaluation Reserve Rs000 Translation Reserve Rs000 Rs 000 7,999,998 532,350 26,388 558,738 99,305 1,382 100,687 631,655 27,770 659,425 At 1 July 2013 80,000 18,253 16,302 (4,281) 537,929 648,203 99,421 747,624 80,000 18,253 3,108 19,410 (4,281) 29,161 567,090 32,269 680,472 1,089 100,510 33,358 780,982 7,999,998 Equity attributable to owners of the company Properties Investment 267,215 328,709 267,314 Stated 121,308 388,523 328,709 267,314 Capital Rs 000 Profit from operations : Short-term insurance Profit from operations : Leasing Total 72,222 37,194 109,416 54,474 34,165 88,639 Revaluation Revaluation Reserve Rs000 Reserve Rs000 Retained Total Profits Rs 000 Rs 000 56,150 56,150 THE GROUP At 1 July 2012 Total comprehensive income for the period At 30 September 2012 80,000 80,000 18,754 18,754 8,274 3,742 12,016 397,004 21,281 418,285 504,032 25,023 529,055 At 1 July 2013 Total comprehensive income for the period At 30 September 2013 72,222 72,222 UNAUDITED CONDENSED STATEMENTS OF FINANCIAL POSITION 80,000 80,000 18,253 18,253 16,302 3,108 19,410 491,145 26,527 517,672 605,700 29,635 635,335 THE COMPANY Unaudited As at 30 September 2013 Audited As at 30 June 2013 Unaudited As at 30 September 2013 Audited As at 30 June 2013 Rs 000 Rs 000 Rs 000 Rs 000 653,035 2,709 304,336 658,780 2,964 298,802 86,986 2,656 363,812 82,957 2,884 359,778 1,105,981 2,066,061 1,843,730 3,909,791 1,059,413 2,019,959 1,643,390 3,663,349 453,454 988,837 1,442,291 445,619 883,596 1,329,215 80,000 80,000 80,000 80,000 Reserves 600,472 568,203 555,335 525,700 Equity attributable to owners of the company 680,472 648,203 635,335 605,700 Non-controlling interest Total equity Other reserves 100,510 780,982 2,388 99,421 747,624 2,388 635,335 - 605,700 - 280,555 1,074,123 1,771,743 3,909,791 240,253 875,182 1,797,902 3,663,349 280,555 3,766 522,635 1,442,291 240,253 3,766 479,496 1,329,215 79.42 75.71 85.06 Total 439,378 22,646 462,024 115,847 444,541 Net Assets per share (Rs) Rs 000 Controlling Interest Rs 000 (10,136) (10,136) 328,694 General insurance fund Non current liabilities Current liabilities TOTAL EQUITY AND LIABILITIES Non Total 4,354 3,742 8,096 Gross revenue : Leasing Total EQUITY AND LIABILITIES Stated capital Retained Profits Rs 000 18,754 18,754 Gross revenue : Short-term insurance Current assets TOTAL ASSETS (6,369) (26,022) (32,391) 422,197 389,806 80,000 80,000 THE COMPANY Finance lease receivables 12,289 21,149 33,438 511,966 545,404 At 1 July 2012 Total comprehensive income for the period At 30 September 2012 Segmental Information ASSETS Non current assets Property, plant and equipment Intangible assets Investments (2,928) (54,382) (3,401) (60,711) 794,196 733,485 Total comprehensive income for the period At 30 September 2013 26,388 1,089 33,358 7,999,998 60,128 57,434 12,411 129,973 715,758 845,731 UNAUDITED CONDENSED STATEMENTS OF CHANGES IN EQUITY 21,281 21,281 32,269 3.65 Net cash generated from/(used in) operating activities Net cash generated from/(used in) investing activities Net cash generated from/(used in) financing activities Increase/(decrease) in cash & cash equivalents Cash & cash equivalents at beginning of the period Cash & cash equivalents at end of the period 81.03 Note The interim condensed financial statements for the three months ended 30 September 2013 are unaudited and have been prepared using the same accounting policies and methods of computation as those adopted in the statutory financial statements for the year ended 30 June 2013. Group Results Group turnover increased by 14.4% to Rs 444.5M (LY: Rs 388.5M). Short-term insurance sector improved by 23.0% but the leasing activity was 4.5% down for the first quarter. Group Profit from operations rose to Rs 109.4M (LY: Rs 86.6M), representing an increase of 23.4%. Profit before tax posted a rise of 28.0% to Rs 35.6M (LY: Rs 27.8M), resulting in an improved Earnings per share of Rs 3.65 (LY: Rs 2.83). Net Assets per share stood at Rs 85.06 (LY: Rs 70.28). By order of the Board IBL Corporate Services Ltd Secretary 04 November 2013 Copies of this interim report are available to the public, free of charge, at the Company's registered office, IBL House, Caudan, Port Louis. This communique is issued pursuant to Listing Rule 12.20 and Securities Act 2005. The Board of Directors of Mauritian Eagle Insurance Company Ltd accepts full responsibility for the accuracy of the information contained in this interim report. The statement of direct and indirect interests of officers of the Company required under rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request, free of charge, from the Secretary, at 5th floor, IBL House, Caudan, Port Louis, Mauritius.

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