Promotion and Development Limited HY 2014 financial results

167 views

Published on

Promotion and Development Limited Listed on the Stock Exchange of Mauritius has released its Half Year Results. Check out
insights into this company in their results which appears below.
Sign up to the www.theinvestormailinglist.com to receive earnings presentations of all listed companies in Africa by email.

Published in: Investor Relations
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
167
On SlideShare
0
From Embeds
0
Number of Embeds
13
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Promotion and Development Limited HY 2014 financial results

  1. 1. STATEMENTS OF FINANCIAL POSITION STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AUDITED AUDITED AUDITED AUDITED Restated Restated Restated Restated 31 DEC 13 31 DEC 12 30 JUN 13 31 DEC 13 31 DEC 12 30 JUN 13 3 months to 6 months to 3 months to 6 months to Year to 3 months to 6 months to 3 months to 6 months to Year to MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 31 DEC 13 31 DEC 13 31 DEC 12 31 DEC 12 30 JUN 13 31 DEC 13 31 DEC 13 31 DEC 12 31 DEC 12 30 JUN 13 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 ASSETS Non-current assets Property, plant and equipment 288,327 295,059 286,913 106,440 109,823 109,332 Turnover 135,673 259,185 144,617 270,746 530,404 55,531 67,890 51,309 58,520 141,842 Investment property 3,783,641 3,783,641 3,783,641 139,250 139,250 139,250 Operating expenses (112,629) (213,219) (106,439) (204,675) (413,260) (19,557) (33,420) (13,504) (26,918) (53,504) Intangible assets 4,733 5,315 5,021 480 647 563 23,044 45,966 38,178 66,071 117,144 35,974 34,470 37,805 31,602 88,338 Investments in subsidiary companies - - - 913,325 743,994 778,184 Profit on disposal of shares - 1,007 - - 594 - 1,007 - - 594 Investments in associates 4,048,819 3,917,776 3,955,956 2,568,193 2,552,852 2,518,181 Net finance costs (29,527) (58,740) (29,594) (58,444) (116,247) (14,462) (28,965) (14,295) (27,962) (56,703) Investments in available-for-sale Exceptional item - - - - (7,738) - - - - (37,213) financial assets 2,194,738 1,679,724 1,856,977 1,806,812 1,444,439 1,561,246 Share of results of associates 51,855 85,220 (3,987) (4,645) 9,978 - - - - - Deferred tax assets 1,046 - 235 - - - Gains on bargain purchases - 4,567 14,430 14,430 13,955 - - - - - 10,321,304 9,681,515 9,888,743 5,534,500 4,991,005 5,106,756 Profit/(loss) before taxation 45,372 78,020 19,027 17,412 17,686 21,512 6,512 23,510 3,640 (4,984) Current assets 201,231 203,541 228,988 293,771 334,207 387,609 Taxation (2,170) (2,819) (3,919) (4,640) (7,775) (889) 383 (1,705) 619 820 Profit/(loss) for the period/year 43,202 75,201 15,108 12,772 9,911 20,623 6,895 21,805 4,259 (4,164) Total assets 10,522,535 9,885,056 10,117,731 5,828,271 5,325,212 5,494,365 EQUITY AND LIABILITIES Other comprehensive income: Capital and reserves Items that will not be reclassified to profit or loss Share capital 194,474 194,474 194,474 194,474 194,474 194,474 Remeasurement of defined benefit obligations - - - - 5,119 - - - - 5,119 Other reserves 4,253,843 3,695,190 3,902,304 3,229,420 2,662,062 2,821,416 Deferred tax on remeasurement of defined Retained earnings 3,053,683 3,008,638 3,002,892 1,499,104 1,558,969 1,511,655 benefit obligations - - - - (768) - - - - (768) 7,502,000 6,898,302 7,099,670 4,922,998 4,415,505 4,527,545 Items that may be reclassified subsequently Less: Treasury shares (11) (143) (18) (11) (143) (18) to profit or loss Equity attributable to owners of the parent 7,501,989 6,898,159 7,099,652 4,922,987 4,415,362 4,527,527 Group's share of other comprehensive income of Non-controlling interest 1,077,815 1,080,452 1,074,165 - - - associates 9,876 17,304 10,919 (2,029) 36,098 - - - - - Release from fair value - - - - - - - - - 8,030 Total equity 8,579,804 7,978,611 8,173,817 4,922,987 4,415,362 4,527,527 Release on disposal of available-for-sale financial assets - (1,012) - - (550) - (1,012) - - (550) Liabilities Fair value gains/(losses) on: Non-current liabilities -available-for-sale financial assets 172,533 318,975 99,429 44,000 256,843 146,219 241,655 54,713 (38,578) 106,729 Borrowings 804,071 873,580 838,825 350,000 350,000 350,000 -subsidiary companies - - - - - 45,297 135,141 12,253 44,350 78,540 Deferred tax liabilities 168,189 166,209 167,545 2,387 2,153 2,770 -associates - - - - - 45,962 32,137 (124,472) (231,891) (265,179) Retirement benefit obligations 37,150 39,530 35,726 22,992 25,624 21,794 Currency translation differences 1,487 14,875 405 4,587 (2,503) - - - - - 1,009,410 1,079,319 1,042,096 375,379 377,777 374,564 Other comprehensive income for the period/year, Current liabilities 933,321 827,126 901,818 529,905 532,073 592,274 net of tax 183,896 350,142 110,753 46,558 294,239 237,478 407,921 (57,506) (226,119) (68,079) Total liabilities 1,942,731 1,906,445 1,943,914 905,284 909,850 966,838 Total comprehensive income for the period/year 227,098 425,343 125,861 59,330 304,150 258,101 414,816 (35,701) (221,860) (72,243) Total equity and liabilities 10,522,535 9,885,056 10,117,731 5,828,271 5,325,212 5,494,365 Profit/(loss) for the period/year - - - - - - Attributable to: MRs MRs MRs MRs MRs MRs Owners of the parent 42,736 71,551 10,351 2,421 (6,315) 20,623 6,895 21,805 4,259 (4,164) Net assets per share 192.89 177.48 182.55 126.58 113.60 116.42 Non-controlling interest 466 3,650 4,757 10,351 16,226 - - - - - 43,202 75,201 15,108 12,772 9,911 20,623 6,895 21,805 4,259 (4,164) No. No. No. No. No. No. Number of shares 38,892,602 38,866,160 38,891,075 38,892,602 38,866,160 38,891,075 Total comprehensive income for the period/year Attributable to: Owners of the parent 226,632 421,693 121,104 48,979 287,924 258,101 414,816 (35,701) (221,860) (72,243) Non-controlling interest 466 3,650 4,757 10,351 16,226 - - - - - 227,098 425,343 125,861 59,330 304,150 258,101 414,816 (35,701) (221,860) (72,243) MRs MRs MRe MRe MRe Earnings/(loss) per share 1.10 1.84 0.27 0.06 (0.16) STATEMENTS OF CHANGES IN EQUITY STATEMENTS OF CASH FLOWS Non Share Treasury Other Retained controlling Total AUDITED AUDITED capital shares reserves earnings Total interest equity 6 months to 6 months to Year to 6 months to 6 months to Year to THE GROUP MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 31 DEC 13 31 DEC 12 30 JUN 13 31 DEC 13 31 DEC 12 30 JUN 13 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 At July 1st 2012 - As previously reported 194,462 (131) 3,705,742 2,959,026 6,859,099 1,055,906 7,915,005 Net cash generated from operating activities 40,700 45,911 71,207 38,701 28,610 42,116 - Prior year adjustment - - (40,646) 43,308 2,662 24,579 27,241 Net cash used in investing activities (35,199) (44,887) (57,125) (20,899) (34,383) (40,959) - As restated 194,462 (131) 3,665,096 3,002,334 6,861,761 1,080,485 7,942,246 Net cash flow before financing activities 5,501 1,024 14,082 17,802 (5,773) 1,157 Issue of shares 12 (12) - - - - - Net cash (used in)/generated from financing activities (88,092) (85,229) (138,269) 21,252 (78,385) (123,145) Dividend - - - (19,433) (19,433) - (19,433) (Decrease)/increase in cash and cash equivalents (82,591) (84,205) (124,187) 39,054 (84,158) (121,988) Effect of increase in shareholding Cash and cash equivalents at beginning of the year (659,149) (535,007) (535,007) (536,979) (414,990) (414,990) of subsidiary company - - - 6,852 6,852 (10,384) (3,532) Effect of foreign exchange rate changes (2) 8 45 3 2 (1) Profit for the period - restated - - - 2,421 2,421 10,351 12,772 Cash and cash equivalents at end of the period/year (741,742) (619,204) (659,149) (497,922) (499,146) (536,979) Transfer - - (16,464) 16,464 - - - Other comprehensive income for the period - - 46,558 - 46,558 - 46,558 Analysis of cash and cash equivalents At December 31st 2012 194,474 (143) 3,695,190 3,008,638 6,898,159 1,080,452 7,978,611 Bank and cash balances 4,287 3,407 670 80 81 77 Bank overdrafts (746,029) (622,611) (659,819) (498,002) (499,227) (537,056) (741,742) (619,204) (659,149) (497,922) (499,146) (536,979) At July 1st 2012 - As previously reported 194,462 (131) 3,705,742 2,959,026 6,859,099 1,055,906 7,915,005 Notes - Prior year adjusment - - (40,646) 43,308 2,662 24,579 27,241 - As restated 194,462 (131) 3,665,096 3,002,334 6,861,761 1,080,485 7,942,246 Issue of shares 12 (12) - - - - - Dividend - - - (58,324) (58,324) (12,162) (70,486) Exercise of share options - 125 1,314 - 1,439 - 1,439 The company declared an interim dividend of MRe 0.50 per share, payable on or about 20 February 2014. Effect of increase in shareholding of subsidiary company - - - 6,852 6,852 (10,384) (3,532) (Loss)/profit for the year - - - (6,315) (6,315) 16,226 9,911 Earnings/(loss) per share Transfer - - (55,418) 55,418 - - - AUDITED Other comprehensive income Restated Restated for the year - - 291,312 2,927 294,239 - 294,239 3 months to 6 months to 3 months to 6 months to Year to At June 30th 2013 194,474 (18) 3,902,304 3,002,892 7,099,652 1,074,165 8,173,817 The earnings/(loss) per share has been calculated on the basis of: 31 DEC 13 31 DEC 13 31 DEC 12 31 DEC 12 30 JUN 13 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 At July 1st 2013 194,474 (18) 3,902,304 3,002,892 7,099,652 1,074,165 8,173,817 Dividend - - - (19,446) (19,446) - (19,446) Profit/(loss) attributable to owners of the parent 42,736 71,551 10,351 2,421 (6,315) Exercise of share options - 7 83 - 90 - 90 Profit for the period - - - 71,551 71,551 3,650 75,201 Weighted average number of shares in issue 38,892,093 38,891,584 38,866,160 38,866,160 38,874,465 Transfer - - (5,338) 5,338 - - - Other comprehensive income for the period - - 356,794 (6,652) 350,142 - 350,142 Property Shares Security Other Eliminations Total At December 31st 2013 194,474 (11) 4,253,843 3,053,683 7,501,989 1,077,815 8,579,804 Segment reporting MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 31 December 2013 External sales 107,542 26,940 123,588 1,115 - 259,185 Intersegment sales 2,400 32,106 8,033 6,458 (48,997) - Total Revenues 109,942 59,046 131,621 7,573 (48,997) 259,185 Share Treasury Other Retained capital shares reserves earnings Total Segment result 31,026 42,112 4,934 - (32,106) 45,966 THE COMPANY MRs 000 MRs 000 MRs 000 MRs 000 MRs 000 31 December 2012 At July 1st 2012 External sales 116,674 19,369 133,601 1,102 - 270,746 - As previously reported 194,462 (131) 2,894,101 1,570,400 4,658,832 Intersegment sales 2,400 30,023 8,400 6,573 (47,396) - - Prior year adjustment - - (5,920) 3,743 (2,177) Total Revenues 119,074 49,392 142,001 7,675 (47,396) 270,746 - As restated 194,462 (131) 2,888,181 1,574,143 4,656,655 Issue of shares 12 (12) - - - Segment result 52,417 35,538 8,139 - (30,023) 66,071 Dividend - - - (19,433) (19,433) Profit for the period - - - 4,259 4,259 30 June 2013 Other comprehensive income for the period - - (226,119) - (226,119) External sales 229,365 38,561 260,262 2,216 - 530,404 At December 31st 2012 194,474 (143) 2,662,062 1,558,969 4,415,362 Intersegment sales 4,800 87,997 16,883 13,265 (122,945) - Total Revenues 234,165 126,558 277,145 15,481 (122,945) 530,404 At July 1st 2012 - As previously reported 194,462 (131) 2,894,101 1,570,400 4,658,832 Segment result 98,849 99,431 6,861 - (87,997) 117,144 - Prior year adjustment - - (5,920) 3,743 (2,177) - As restated 194,462 (131) 2,888,181 1,574,143 4,656,655 Issue of shares 12 (12) - - - Prior year adjustment Dividend - - - (58,324) (58,324) The prior year adjustment is in respect of early adoption of IAS 19 (Revised), effect of IAS 12 with regard to the reversal of deferred tax recognised on undeveloped land in prior years and additional vat on recharges. Exercise of share options - 125 1,314 - 1,439 Loss for the year - - - (4,164) (4,164) Other comprehensive income for the year - - (68,079) - (68,079) At June 30th 2013 194,474 (18) 2,821,416 1,511,655 4,527,527 At July 1st 2013 194,474 (18) 2,821,416 1,511,655 4,527,527 Dividend - - - (19,446) (19,446) Exercise of share options - 7 83 - 90 Profit for the period - - - 6,895 6,895 Other comprehensive income for the period - - 407,921 - 407,921 At December 31st 2013 194,474 (11) 3,229,420 1,499,104 4,922,987 These abridged unaudited interim financial statements were approved for issue by the Board of Directors on 13 February 2014. By order of the board Jocelyne Martin Secretary 13 February 2014 These abridged unaudited interim financial statements are issued pursuant to listing rule 12.20 and section 88 of the Securities Act 2005. The Board of Directors of Promotion and Development Limited accepts full responsibility for the accuracy of the information contained in these abridged unaudited interim financial statements. Copies of the abridged unaudited interim financial statements are available upon request from the secretary, free of charge, at Promotion and Development Limited, 8th Floor, Dias Pier Building, Le Caudan Waterfront, Port Louis. The statement of direct and indirect interests of Insiders pursuant to rule 8(2)(m) of the Securities(Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request from the secretary, free of charge, at Promotion and Development Limited ,8th Floor, Dias Pier Building, Le Caudan Waterfront, Port-Louis. Attributable to owners of the parent The abridged interim financial statements for the quarter ended 31 December 2013 are unaudited and have been prepared using the same accounting policies and methods of computation followed per the audited financial statements for the year ended 30 June 2013 and comply with IAS 34. THE GROUP UNAUDITED THE COMPANY UNAUDITED UNAUDITED PROMOTION AND DEVELOPMENT LIMITED ABRIDGED UNAUDITED INTERIM FINANCIAL STATEMENTS THE GROUP THE COMPANY UNAUDITED UNAUDITED UNAUDITED THE GROUP UNAUDITED THE COMPANY 31 DECEMBER 2013

×