Rogers and Company Limited HY 2014 financial results

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Rogers and Company 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.
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Rogers and Company Limited HY 2014 financial results

  1. 1. Statement of Changes in Equity Share capital Revaluatio and oth reserv At 1 October 2012 as previously stated 252.0 2,495 Prior year adjustment due to change in accounting for employee benefit liability (see note below) - As restated 252.0 2,495 Issue of shares - Dividends - Profit for the period - Other comprehensive income for the period - 56 Transfer - (5 Changes in ownership interests in subsidiaries that do not result in a loss of control - 9 At 30 June 2013 252.0 2,556 At 1 July 2013 252.0 2,556 Issue of shares - Dividends - Profit for the period - Other comprehensive income for the period - 101 Transfer - (7 Changes in ownership interests in subsidiaries that do not result in a loss of control - (1 At 31 December 2013 252.0 2,648 Note: The Group changed its policy for the recognition of actuarial gains and losses gains and losses are recognised immediately through other comprehensive income the plan deficit or surplus. Rogers and Company Limited Statement of Profit or Loss In Rs million Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Revenue 1,724.0 1,911.0 3,086.0 3,333.0 4,911.1 Profit from operations before finance costs 210.6 213.1 256.1 170.6 269.7 Finance costs (73.5) (58.2) (137.1) (105.5) (166.4) Fair value gain on investment properties - - - 61.7 265.1 Share of results of associates and jointly controlled entities 151.2 115.7 159.5 124.5 168.8 Profit before exceptional items 288.3 270.6 278.5 251.3 537.2 Exceptional items Reclassification adjustment for gains of available- for-sale financial assets - 648.8 - 648.8 648.8 Excess of fair value of share of net assets over quoted price - 686.4 - 686.4 686.4 Gain on acquisition of group entities - - 72.8 - - Profit on disposal of financial assets - - - - 6.0 Profit on sale of properties 3.6 10.9 3.6 138.8 85.7 Reorganisation costs - - - (25.6) - Profit before taxation 291.9 1,616.7 354.9 1,699.7 1,964.1 Taxation (12.9) 15.5 (28.1) (6.1) 12.5 Profit from continuing operations 279.0 1,632.2 326.8 1,693.6 1,976.6 Continuing and discontinued operations Profit from continuing operations 279.0 1,632.2 326.8 1,693.6 1,976.6 Profit after taxation from discontinued operations - - - 320.1 - Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Attributable to Owners of the parent - continuing operations 235.3 1,550.3 253.9 1,635.1 1,752.9 - discontinued operations - - - 321.1 - Non-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 Continuing operations Earnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 Continuing and discontinued operations EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - Non-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated ASSETS Non current assets Property, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 Investment properties 3,572.9 1,690.1 2,574.7 1,690.1 Intangible assets 479.8 346.6 482.3 351.6 Investment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 Investment in financial assets 298.5 182.8 264.1 1,811.3 Bearer biological assets 15.4 19.2 18.3 20.5 Long term loans receivable 170.7 202.2 169.5 135.2 Deferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 Current assets Consumable biological assets 78.9 76.5 89.6 92.6 Inventories 228.1 1,365.8 155.5 1,140.7 Trade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 Bank balances and cash 501.4 494.5 432.2 507.8 Statement of Cash Flows Cash generated from operations before working capital changes Working capital changes Cash generated from operations Cash used in other operating activities Net cash (used in) from operating activities Net cash used in investing activities Net cash from financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents - opening Adjustments for opening cash and cash equivalents of jointly controlled entities Effects of exchange rate on cash and cash equivalents Cash and cash equivalents - closing Segment Analysis Revenue Unaudited 3 months ended December Unaudited 6 months ended December A 9 en 2013 2012 2013 2012 Aviation 138 133 254 253 Financial Services 3 3 6 8 Hospitality 561 551 911 872 Logistics 731 669 1,424 1,348 Property 134 123 264 238 Real Estate and Agribusiness 174 488 294 715 Technology 67 51 122 111 Corporate office 33 40 60 74 Corporate Treasury - - - - 1,841 2,058 3,335 3,619 Exceptional items - - - - 1,841 2,058 3,335 3,619 Group elimination (117) (147) (249) (286) Total continuing operations 1,724 1,911 3,086 3,333 Discontinued operations - - - 705 Total 1,724 1,911 3,086 4,038 Comments on Results GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all sectors except for the lower sales of villas recordedatVillasValriche.EPS,excludingexceptionalitems,increasedtoRs9.27(Dec-12:Rs8.37). CorporateDevelopment Ascencia completed the extension and refurbishment works at Riche Terre Mall and Centre Commercial Phoenix in November and December 2013 respectively. InDecember2013,AmethisAfricaFinanceLtd,aParis-basedprivateequityfundwithanAfrican Proper ThePro primar Real Es The Re Agribu comple the del Abridged Quarterly Results Ended 31 December 2013 Statemen At 1 October 201 Prior year adjustm employee benefit As restated Issue of shares Dividends Profit for the per Other comprehen Transfer Changes in owne that do not result At 30 June 2013 At 1 July 2013 Issue of shares Dividends Profit for the per Other comprehen Transfer Changes in owne that do not result At 31 December Note: The Group gains and losses the plan deficit o Rogers and Company Limited Statement of Profit or Loss In Rs million Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Revenue 1,724.0 1,911.0 3,086.0 3,333.0 4,911.1 Profit from operations before finance costs 210.6 213.1 256.1 170.6 269.7 Finance costs (73.5) (58.2) (137.1) (105.5) (166.4) Fair value gain on investment properties - - - 61.7 265.1 Share of results of associates and jointly controlled entities 151.2 115.7 159.5 124.5 168.8 Profit before exceptional items 288.3 270.6 278.5 251.3 537.2 Exceptional items Reclassification adjustment for gains of available- for-sale financial assets - 648.8 - 648.8 648.8 Excess of fair value of share of net assets over quoted price - 686.4 - 686.4 686.4 Gain on acquisition of group entities - - 72.8 - - Profit on disposal of financial assets - - - - 6.0 Profit on sale of properties 3.6 10.9 3.6 138.8 85.7 Reorganisation costs - - - (25.6) - Profit before taxation 291.9 1,616.7 354.9 1,699.7 1,964.1 Taxation (12.9) 15.5 (28.1) (6.1) 12.5 Profit from continuing operations 279.0 1,632.2 326.8 1,693.6 1,976.6 Continuing and discontinued operations Profit from continuing operations 279.0 1,632.2 326.8 1,693.6 1,976.6 Profit after taxation from discontinued operations - - - 320.1 - Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Attributable to Owners of the parent - continuing operations 235.3 1,550.3 253.9 1,635.1 1,752.9 - discontinued operations - - - 321.1 - Non-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 Continuing operations Earnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 Continuing and discontinued operations EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent Statemen Cash generated f Working capital c Cash generated f Cash used in othe Net cash (used in Net cash used in Net cash from fin Net increase (dec Cash and cash eq Adjustments for Effects of exchan Cash and cash eq Segment Aviation Financial Services Hospitality Abridged Quarterly Results Ended 31 December 2013 Non-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 Continuing operations Earnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 Continuing and discontinued operations EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - Non-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated ASSETS Non current assets Property, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 Investment properties 3,572.9 1,690.1 2,574.7 1,690.1 Intangible assets 479.8 346.6 482.3 351.6 Investment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 Investment in financial assets 298.5 182.8 264.1 1,811.3 Bearer biological assets 15.4 19.2 18.3 20.5 Long term loans receivable 170.7 202.2 169.5 135.2 Deferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 Current assets Consumable biological assets 78.9 76.5 89.6 92.6 Inventories 228.1 1,365.8 155.5 1,140.7 Trade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 Bank balances and cash 501.4 494.5 432.2 507.8 3,232.8 4,141.9 2,560.0 3,667.5 20,274.6 16,543.1 17,309.6 14,971.7 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 252.0 252.0 Reserves 8,457.1 7,361.2 8,142.6 6,457.9 Equity attributable to owners of the parent 8,709.1 7,613.2 8,394.6 6,709.9 Non-controlling interests 4,599.6 2,359.9 3,270.6 2,293.0 Total equity 13,308.7 9,973.1 11,665.2 9,002.9 Non current liabilities Borrowings 2,984.9 2,261.5 2,227.0 2,321.3 Deferred tax liabilities 260.8 186.0 245.4 213.8 Retirement benefit obligations 81.9 48.4 80.8 52.1 3,327.6 2,495.9 2,553.2 2,587.2 Current liabilities Borrowings 769.1 927.7 805.2 452.9 Trade and other payables 2,726.3 3,064.9 2,075.7 2,799.4 Income tax liabilities 34.0 43.1 23.7 36.7 Provisions 33.3 38.4 35.4 42.2 Dividends payable 75.6 - 151.2 50.4 3,638.3 4,074.1 3,091.2 3,381.6 6,965.9 6,570.0 5,644.4 5,968.8 20,274.6 16,543.1 17,309.6 14,971.7 Cash generated from operations before wo Working capital changes Cash generated from operations Cash used in other operating activities Net cash (used in) from operating activities Net cash used in investing activities Net cash from financing activities Net increase (decrease) in cash and cash e Cash and cash equivalents - opening Adjustments for opening cash and cash equ Effects of exchange rate on cash and cash Cash and cash equivalents - closing Segment Analysis Una 3 mon Dec 2013 Aviation 138 Financial Services 3 Hospitality 561 Logistics 731 Property 134 Real Estate and Agribusiness 174 Technology 67 Corporate office 33 Corporate Treasury - 1,841 Exceptional items - 1,841 Group elimination (117 Total continuing operations 1,724 Discontinued operations - Total 1,724 Comments on Resu GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all s recordedatVillasValriche.EPS,excludingexceptionali CorporateDevelopment Ascencia completed the extension and refurbishme Commercial Phoenix in November and December 20 InDecember2013,AmethisAfricaFinanceLtd,aParis investmentfocus,subscribedtoashareissueofRs400 strategicpartnershipwillenablethiscompanytosecu in the region. Sectorhighlights Aviation The Aviation sector improved its PAT to Rs 27m (Dec attributable to its GSA activities in Madagascar and M associate companies in the tour-operating and groun Financial Services The Financial Services sector achieved a PAT of performance was essentially driven by the Group’s as Hospitality The Hospitality sector reported a PAT of Rs 182m (D Group’s associate, New Mauritius Hotels Ltd, impro comparative decrease in PAT is mainly due to defer quarter ended December 2012. Logistics TheLogisticssectorgeneratedaPATofRs23m(Dec-1 was adversely affected by the lower number of conta Statement of Changes in Equity Share capital Revaluation and other reserves Retained earnings Attributable to owners of the parent Non - controlling interests Total At 1 October 2012 as previously stated 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 Prior year adjustment due to change in accounting for employee benefit liability (see note below) - - 11.4 11.4 (9.2) 2.2 As restated 252.0 2,495.6 3,956.6 6,704.2 2,293.0 8,997.2 Issue of shares - - - - 374.3 374.3 Dividends - - (151.2) (151.2) (68.6) (219.8) Profit for the period - - 1,752.9 1,752.9 223.7 1,976.6 Other comprehensive income for the period - 56.4 10.2 66.6 492.1 558.7 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 5,586.2 8,394.6 3,270.6 11,665.2 At 1 July 2013 252.0 2,556.4 5,586.2 8,394.6 3,270.6 11,665.2 Issue of shares - - - - 1,310.4 1,310.4 Dividends - - (75.6) (75.6) (17.6) (93.2) Profit for the period - - 253.9 253.9 72.9 326.8 Other comprehensive income for the period - 101.2 (1.7) 99.5 (13.4) 86.1 Transfer - (7.7) 7.7 - - - Changes in ownership interests in subsidiaries - that do not result in a loss of control - (1.4) 38.1 36.7 (23.3) 13.4 At 31 December 2013 252.0 2,648.5 5,808.6 8,709.1 4,599.6 13,308.7 Note: The Group changed its policy for the recognition of actuarial gains and losses arising on defined benefit pension (IAS 19 Revised). All the actuarial gains and losses are recognised immediately through other comprehensive income in order for the net pension asset or liability to reflect the full value of the plan deficit or surplus. Statement of Cash Flows Unaudited 6 months ended December Audited 9 months ended June 2013 2013 Cash generated from operations before working capital changes 405.1 564.0 Working capital changes (295.5) (69.5) Cash generated from operations 109.6 494.5 Cash used in other operating activities (145.4) (229.9) Net cash (used in) from operating activities (35.8) 264.6 Net cash used in investing activities (638.2) (876.2) Net cash from financing activities 759.2 193.4 Net increase (decrease) in cash and cash equivalents 85.2 (418.2) Cash and cash equivalents - opening (109.3) 327.2 Adjustments for opening cash and cash equivalents of jointly controlled entities (0.8) - Effects of exchange rate on cash and cash equivalents 1.7 (18.3) Cash and cash equivalents - closing (23.2) (109.3) Segment Analysis Revenue Profit after taxation Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 2013 2012 2013 2012 2013 restated restated restated Aviation 138 133 254 253 371 27 19 37 34 42 Financial Services 3 3 6 8 9 28 25 53 42 53 Hospitality 561 551 911 872 1,409 182 184 88 69 172 Logistics 731 669 1,424 1,348 2,020 23 27 55 43 54 Property 134 123 264 238 344 47 52 98 119 121 Real Estate and Agribusiness 174 488 294 715 821 (15) (6) (45) (33) 172 Technology 67 51 122 111 197 5 3 11 6 9 Corporate office 33 40 60 74 98 (10) (11) (25) (32) (54)
  2. 2. EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - Non-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated ASSETS Non current assets Property, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 Investment properties 3,572.9 1,690.1 2,574.7 1,690.1 Intangible assets 479.8 346.6 482.3 351.6 Investment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 Investment in financial assets 298.5 182.8 264.1 1,811.3 Bearer biological assets 15.4 19.2 18.3 20.5 Long term loans receivable 170.7 202.2 169.5 135.2 Deferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 Current assets Consumable biological assets 78.9 76.5 89.6 92.6 Inventories 228.1 1,365.8 155.5 1,140.7 Trade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 Bank balances and cash 501.4 494.5 432.2 507.8 3,232.8 4,141.9 2,560.0 3,667.5 20,274.6 16,543.1 17,309.6 14,971.7 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 252.0 252.0 Reserves 8,457.1 7,361.2 8,142.6 6,457.9 Equity attributable to owners of the parent 8,709.1 7,613.2 8,394.6 6,709.9 Non-controlling interests 4,599.6 2,359.9 3,270.6 2,293.0 Total equity 13,308.7 9,973.1 11,665.2 9,002.9 Non current liabilities Borrowings 2,984.9 2,261.5 2,227.0 2,321.3 Deferred tax liabilities 260.8 186.0 245.4 213.8 Retirement benefit obligations 81.9 48.4 80.8 52.1 3,327.6 2,495.9 2,553.2 2,587.2 Current liabilities Borrowings 769.1 927.7 805.2 452.9 Trade and other payables 2,726.3 3,064.9 2,075.7 2,799.4 Income tax liabilities 34.0 43.1 23.7 36.7 Provisions 33.3 38.4 35.4 42.2 Dividends payable 75.6 - 151.2 50.4 3,638.3 4,074.1 3,091.2 3,381.6 6,965.9 6,570.0 5,644.4 5,968.8 20,274.6 16,543.1 17,309.6 14,971.7 Cash generated Cash used in oth Net cash (used in Net cash used in Net cash from fin Net increase (de Cash and cash eq Adjustments for Effects of excha Cash and cash eq Segment Aviation Financial Service Hospitality Logistics Property Real Estate and A Technology Corporate office Corporate Treasu Exceptional item Group eliminatio Total continuing Discontinued op Total Comm GroupPerformanc Group revenue for t recordedatVillasVal CorporateDevelop Ascencia completed Commercial Phoenix InDecember2013,A investmentfocus,su strategicpartnership in the region. Sectorhighlights Aviation The Aviation sector attributable to its GS associate companie Financial Services The Financial Servi performance was es Hospitality The Hospitality sect Group’s associate, N comparative decrea quarter ended Dece Logistics TheLogisticssector was adversely affect Non-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 Continuing operations Earnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 Continuing and discontinued operations EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - Non-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated ASSETS Non current assets Property, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 Investment properties 3,572.9 1,690.1 2,574.7 1,690.1 Intangible assets 479.8 346.6 482.3 351.6 Investment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 Investment in financial assets 298.5 182.8 264.1 1,811.3 Bearer biological assets 15.4 19.2 18.3 20.5 Long term loans receivable 170.7 202.2 169.5 135.2 Deferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 Current assets Consumable biological assets 78.9 76.5 89.6 92.6 Inventories 228.1 1,365.8 155.5 1,140.7 Trade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 Bank balances and cash 501.4 494.5 432.2 507.8 3,232.8 4,141.9 2,560.0 3,667.5 20,274.6 16,543.1 17,309.6 14,971.7 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 252.0 252.0 Reserves 8,457.1 7,361.2 8,142.6 6,457.9 Equity attributable to owners of the parent 8,709.1 7,613.2 8,394.6 6,709.9 Non-controlling interests 4,599.6 2,359.9 3,270.6 2,293.0 Total equity 13,308.7 9,973.1 11,665.2 9,002.9 Non current liabilities Borrowings 2,984.9 2,261.5 2,227.0 2,321.3 Deferred tax liabilities 260.8 186.0 245.4 213.8 Retirement benefit obligations 81.9 48.4 80.8 52.1 3,327.6 2,495.9 2,553.2 2,587.2 Current liabilities Borrowings 769.1 927.7 805.2 452.9 Trade and other payables 2,726.3 3,064.9 2,075.7 2,799.4 Income tax liabilities 34.0 43.1 23.7 36.7 Provisions 33.3 38.4 35.4 42.2 Dividends payable 75.6 - 151.2 50.4 3,638.3 4,074.1 3,091.2 3,381.6 6,965.9 6,570.0 5,644.4 5,968.8 20,274.6 16,543.1 17,309.6 14,971.7 Cash generated from operations before wo Working capital changes Cash generated from operations Cash used in other operating activities Net cash (used in) from operating activities Net cash used in investing activities Net cash from financing activities Net increase (decrease) in cash and cash e Cash and cash equivalents - opening Adjustments for opening cash and cash equ Effects of exchange rate on cash and cash Cash and cash equivalents - closing Segment Analysis Una 3 mon Dec 2013 Aviation 138 Financial Services 3 Hospitality 561 Logistics 731 Property 134 Real Estate and Agribusiness 174 Technology 67 Corporate office 33 Corporate Treasury - 1,841 Exceptional items - 1,841 Group elimination (117 Total continuing operations 1,724 Discontinued operations - Total 1,724 Comments on Resu GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all s recordedatVillasValriche.EPS,excludingexceptionali CorporateDevelopment Ascencia completed the extension and refurbishme Commercial Phoenix in November and December 20 InDecember2013,AmethisAfricaFinanceLtd,aParis investmentfocus,subscribedtoashareissueofRs400 strategicpartnershipwillenablethiscompanytosecu in the region. Sectorhighlights Aviation The Aviation sector improved its PAT to Rs 27m (Dec attributable to its GSA activities in Madagascar and M associate companies in the tour-operating and groun Financial Services The Financial Services sector achieved a PAT of performance was essentially driven by the Group’s as Hospitality The Hospitality sector reported a PAT of Rs 182m (D Group’s associate, New Mauritius Hotels Ltd, impro comparative decrease in PAT is mainly due to defer quarter ended December 2012. Logistics TheLogisticssectorgeneratedaPATofRs23m(Dec-1 was adversely affected by the lower number of conta
  3. 3. Statement of Changes in Equity Share capital Revaluation and other reserves Retained earnings Attributable to owners of the parent Non - controlling interests Total At 1 October 2012 as previously stated 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 Prior year adjustment due to change in accounting for employee benefit liability (see note below) - - 11.4 11.4 (9.2) 2.2 As restated 252.0 2,495.6 3,956.6 6,704.2 2,293.0 8,997.2 Issue of shares - - - - 374.3 374.3 Dividends - - (151.2) (151.2) (68.6) (219.8) Profit for the period - - 1,752.9 1,752.9 223.7 1,976.6 Other comprehensive income for the period - 56.4 10.2 66.6 492.1 558.7 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 5,586.2 8,394.6 3,270.6 11,665.2 At 1 July 2013 252.0 2,556.4 5,586.2 8,394.6 3,270.6 11,665.2 Issue of shares - - - - 1,310.4 1,310.4 Dividends - - (75.6) (75.6) (17.6) (93.2) Profit for the period - - 253.9 253.9 72.9 326.8 Other comprehensive income for the period - 101.2 (1.7) 99.5 (13.4) 86.1 Transfer - (7.7) 7.7 - - - Changes in ownership interests in subsidiaries - that do not result in a loss of control - (1.4) 38.1 36.7 (23.3) 13.4 At 31 December 2013 252.0 2,648.5 5,808.6 8,709.1 4,599.6 13,308.7 Note: The Group changed its policy for the recognition of actuarial gains and losses arising on defined benefit pension (IAS 19 Revised). All the actuarial gains and losses are recognised immediately through other comprehensive income in order for the net pension asset or liability to reflect the full value of the plan deficit or surplus. e 1 7 4) 1 8 2 8 4 - 0 7 - 1 5 6 6 - 6 9 - 7 6 3 7 3 7 0 0 e 6 7 3 6 7 3 5 - 8 3 ber 0 Statement of Cash Flows Unaudited 6 months ended December Audited 9 months ended June 2013 2013 Cash generated from operations before working capital changes 405.1 564.0 Working capital changes (295.5) (69.5) Cash generated from operations 109.6 494.5 Cash used in other operating activities (145.4) (229.9) Net cash (used in) from operating activities (35.8) 264.6 Net cash used in investing activities (638.2) (876.2) Net cash from financing activities 759.2 193.4 Net increase (decrease) in cash and cash equivalents 85.2 (418.2) Cash and cash equivalents - opening (109.3) 327.2 Adjustments for opening cash and cash equivalents of jointly controlled entities (0.8) - Effects of exchange rate on cash and cash equivalents 1.7 (18.3) Cash and cash equivalents - closing (23.2) (109.3) Segment Analysis Revenue Profit after taxation Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 2013 2012 2013 2012 2013 restated restated restated Aviation 138 133 254 253 371 27 19 37 34 42 Financial Services 3 3 6 8 9 28 25 53 42 53 Hospitality 561 551 911 872 1,409 182 184 88 69 172 Logistics 731 669 1,424 1,348 2,020 23 27 55 43 54 Property 134 123 264 238 344 47 52 98 119 121 Real Estate and Agribusiness 174 488 294 715 821 (15) (6) (45) (33) 172 Technology 67 51 122 111 197 5 3 11 6 9 Corporate office 33 40 60 74 98 (10) (11) (25) (32) (54) Corporate Treasury - - - - - (11) (7) (21) (2) (19) 1,841 2,058 3,335 3,619 5,269 276 286 251 246 550 Exceptional items - - - - - 3 1,346 76 1,448 1,427 1,841 2,058 3,335 3,619 5,269 279 1,632 327 1,694 1,977 Group elimination (117) (147) (249) (286) (358) - - - - - Total continuing operations 1,724 1,911 3,086 3,333 4,911 279 1,632 327 1,694 1,977 Discontinued operations - - - 705 - - - - 320 - 3 Statement of Changes in Equity Share capital Revaluation and other reserves Retained earnings Attributable to owners of the parent Non - controlling interests Total At 1 October 2012 as previously stated 252.0 2,495.6 3,945.2 6,692.8 2,302.2 8,995.0 Prior year adjustment due to change in accounting for employee benefit liability (see note below) - - 11.4 11.4 (9.2) 2.2 As restated 252.0 2,495.6 3,956.6 6,704.2 2,293.0 8,997.2 Issue of shares - - - - 374.3 374.3 Dividends - - (151.2) (151.2) (68.6) (219.8) Profit for the period - - 1,752.9 1,752.9 223.7 1,976.6 Other comprehensive income for the period - 56.4 10.2 66.6 492.1 558.7 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 5,586.2 8,394.6 3,270.6 11,665.2 At 1 July 2013 252.0 2,556.4 5,586.2 8,394.6 3,270.6 11,665.2 Issue of shares - - - - 1,310.4 1,310.4 Dividends - - (75.6) (75.6) (17.6) (93.2) Profit for the period - - 253.9 253.9 72.9 326.8 Other comprehensive income for the period - 101.2 (1.7) 99.5 (13.4) 86.1 Transfer - (7.7) 7.7 - - - Changes in ownership interests in subsidiaries - that do not result in a loss of control - (1.4) 38.1 36.7 (23.3) 13.4 At 31 December 2013 252.0 2,648.5 5,808.6 8,709.1 4,599.6 13,308.7 Note: The Group changed its policy for the recognition of actuarial gains and losses arising on defined benefit pension (IAS 19 Revised). All the actuarial gains and losses are recognised immediately through other comprehensive income in order for the net pension asset or liability to reflect the full value of the plan deficit or surplus. s e 1 7 4) 1 8 2 8 4 - 0 7 - 1 5 6 6 - 6 9 - 7 6 3 7 3 7 0 0 s e 6 7 3 6 7 3 5 - 8 3 ber Statement of Cash Flows Unaudited 6 months ended December Audited 9 months ended June 2013 2013 Cash generated from operations before working capital changes 405.1 564.0 Working capital changes (295.5) (69.5) Cash generated from operations 109.6 494.5 Cash used in other operating activities (145.4) (229.9) Net cash (used in) from operating activities (35.8) 264.6 Net cash used in investing activities (638.2) (876.2) Net cash from financing activities 759.2 193.4 Net increase (decrease) in cash and cash equivalents 85.2 (418.2) Cash and cash equivalents - opening (109.3) 327.2 Adjustments for opening cash and cash equivalents of jointly controlled entities (0.8) - Effects of exchange rate on cash and cash equivalents 1.7 (18.3) Cash and cash equivalents - closing (23.2) (109.3) Segment Analysis Revenue Profit after taxation Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 2013 2012 2013 2012 2013 restated restated restated Aviation 138 133 254 253 371 27 19 37 34 42 Financial Services 3 3 6 8 9 28 25 53 42 53 Hospitality 561 551 911 872 1,409 182 184 88 69 172 Logistics 731 669 1,424 1,348 2,020 23 27 55 43 54 Property 134 123 264 238 344 47 52 98 119 121 Real Estate and Agribusiness 174 488 294 715 821 (15) (6) (45) (33) 172 Technology 67 51 122 111 197 5 3 11 6 9 Corporate office 33 40 60 74 98 (10) (11) (25) (32) (54) Corporate Treasury - - - - - (11) (7) (21) (2) (19) 1,841 2,058 3,335 3,619 5,269 276 286 251 246 550 Exceptional items - - - - - 3 1,346 76 1,448 1,427 3 Attributable to Owners of the parent - continuing operations 235.3 1,550.3 253.9 1,635.1 1,752.9 - discontinued operations - - - 321.1 - Non-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 Continuing operations Earnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 Continuing and discontinued operations EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - Non-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated ASSETS Non current assets Property, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 Investment properties 3,572.9 1,690.1 2,574.7 1,690.1 Intangible assets 479.8 346.6 482.3 351.6 Investment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 Investment in financial assets 298.5 182.8 264.1 1,811.3 Bearer biological assets 15.4 19.2 18.3 20.5 Long term loans receivable 170.7 202.2 169.5 135.2 Deferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 Current assets Consumable biological assets 78.9 76.5 89.6 92.6 Inventories 228.1 1,365.8 155.5 1,140.7 Trade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 Bank balances and cash 501.4 494.5 432.2 507.8 3,232.8 4,141.9 2,560.0 3,667.5 20,274.6 16,543.1 17,309.6 14,971.7 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 252.0 252.0 Reserves 8,457.1 7,361.2 8,142.6 6,457.9 Equity attributable to owners of the parent 8,709.1 7,613.2 8,394.6 6,709.9 Non-controlling interests 4,599.6 2,359.9 3,270.6 2,293.0 Total equity 13,308.7 9,973.1 11,665.2 9,002.9 Non current liabilities Borrowings 2,984.9 2,261.5 2,227.0 2,321.3 Deferred tax liabilities 260.8 186.0 245.4 213.8 Retirement benefit obligations 81.9 48.4 80.8 52.1 3,327.6 2,495.9 2,553.2 2,587.2 Current liabilities Borrowings 769.1 927.7 805.2 452.9 Trade and other payables 2,726.3 3,064.9 2,075.7 2,799.4 Income tax liabilities 34.0 43.1 23.7 36.7 Provisions 33.3 38.4 35.4 42.2 Dividends payable 75.6 - 151.2 50.4 3,638.3 4,074.1 3,091.2 3,381.6 6,965.9 6,570.0 5,644.4 5,968.8 20,274.6 16,543.1 17,309.6 14,971.7 Statem Cash generat Working capit Cash generat Cash used in Net cash (use Net cash used Net cash from Net increase ( Cash and cash Adjustments Effects of exc Cash and cash Segme Aviation Financial Serv Hospitality Logistics Property Real Estate an Technology Corporate of Corporate Tre Exceptional it Group elimina Total continu Discontinued Total Com GroupPerform Group revenue recordedatVillas CorporateDeve Ascencia compl Commercial Pho InDecember20 investmentfocu strategicpartne in the region. Sectorhighligh Aviation The Aviation sec attributable to it associate compa Financial Service The Financial S performance wa Hospitality The Hospitality Group’s associat comparative de quarter ended D Logistics TheLogisticssec was adversely aff Non-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 Continuing operations Earnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 Continuing and discontinued operations EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - Non-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated ASSETS Non current assets Property, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 Investment properties 3,572.9 1,690.1 2,574.7 1,690.1 Intangible assets 479.8 346.6 482.3 351.6 Investment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 Investment in financial assets 298.5 182.8 264.1 1,811.3 Bearer biological assets 15.4 19.2 18.3 20.5 Long term loans receivable 170.7 202.2 169.5 135.2 Deferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 Current assets Consumable biological assets 78.9 76.5 89.6 92.6 Inventories 228.1 1,365.8 155.5 1,140.7 Trade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 Bank balances and cash 501.4 494.5 432.2 507.8 3,232.8 4,141.9 2,560.0 3,667.5 20,274.6 16,543.1 17,309.6 14,971.7 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 252.0 252.0 Reserves 8,457.1 7,361.2 8,142.6 6,457.9 Equity attributable to owners of the parent 8,709.1 7,613.2 8,394.6 6,709.9 Non-controlling interests 4,599.6 2,359.9 3,270.6 2,293.0 Total equity 13,308.7 9,973.1 11,665.2 9,002.9 Non current liabilities Borrowings 2,984.9 2,261.5 2,227.0 2,321.3 Deferred tax liabilities 260.8 186.0 245.4 213.8 Retirement benefit obligations 81.9 48.4 80.8 52.1 3,327.6 2,495.9 2,553.2 2,587.2 Current liabilities Borrowings 769.1 927.7 805.2 452.9 Trade and other payables 2,726.3 3,064.9 2,075.7 2,799.4 Income tax liabilities 34.0 43.1 23.7 36.7 Provisions 33.3 38.4 35.4 42.2 Dividends payable 75.6 - 151.2 50.4 3,638.3 4,074.1 3,091.2 3,381.6 6,965.9 6,570.0 5,644.4 5,968.8 20,274.6 16,543.1 17,309.6 14,971.7 Cash generated from operations before wo Working capital changes Cash generated from operations Cash used in other operating activities Net cash (used in) from operating activities Net cash used in investing activities Net cash from financing activities Net increase (decrease) in cash and cash e Cash and cash equivalents - opening Adjustments for opening cash and cash equ Effects of exchange rate on cash and cash Cash and cash equivalents - closing Segment Analysis Una 3 mon Dec 2013 Aviation 138 Financial Services 3 Hospitality 561 Logistics 731 Property 134 Real Estate and Agribusiness 174 Technology 67 Corporate office 33 Corporate Treasury - 1,841 Exceptional items - 1,841 Group elimination (117 Total continuing operations 1,724 Discontinued operations - Total 1,724 Comments on Resu GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all s recordedatVillasValriche.EPS,excludingexceptionali CorporateDevelopment Ascencia completed the extension and refurbishme Commercial Phoenix in November and December 20 InDecember2013,AmethisAfricaFinanceLtd,aParis investmentfocus,subscribedtoashareissueofRs400 strategicpartnershipwillenablethiscompanytosecu in the region. Sectorhighlights Aviation The Aviation sector improved its PAT to Rs 27m (Dec attributable to its GSA activities in Madagascar and M associate companies in the tour-operating and groun Financial Services The Financial Services sector achieved a PAT of performance was essentially driven by the Group’s as Hospitality The Hospitality sector reported a PAT of Rs 182m (D Group’s associate, New Mauritius Hotels Ltd, impro comparative decrease in PAT is mainly due to defer quarter ended December 2012. Logistics TheLogisticssectorgeneratedaPATofRs23m(Dec-1 was adversely affected by the lower number of conta
  4. 4. dited onths d June 013 tated 976.6 558.7 535.3 976.6 558.7 535.3 819.5 - 715.8 535.3 tember 12 ated 025.0 690.1 351.6 231.2 811.3 20.5 135.2 39.3 304.2 92.6 140.7 926.4 507.8 667.5 971.7 252.0 457.9 709.9 293.0 002.9 321.3 213.8 52.1 587.2 452.9 799.4 36.7 42.2 50.4 381.6 968.8 971.7 Cash and cash equivalents - opening (109.3) 327.2 Adjustments for opening cash and cash equivalents of jointly controlled entities (0.8) - Effects of exchange rate on cash and cash equivalents 1.7 (18.3) Cash and cash equivalents - closing (23.2) (109.3) Segment Analysis Revenue Profit after taxation Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 2013 2012 2013 2012 2013 restated restated restated Aviation 138 133 254 253 371 27 19 37 34 42 Financial Services 3 3 6 8 9 28 25 53 42 53 Hospitality 561 551 911 872 1,409 182 184 88 69 172 Logistics 731 669 1,424 1,348 2,020 23 27 55 43 54 Property 134 123 264 238 344 47 52 98 119 121 Real Estate and Agribusiness 174 488 294 715 821 (15) (6) (45) (33) 172 Technology 67 51 122 111 197 5 3 11 6 9 Corporate office 33 40 60 74 98 (10) (11) (25) (32) (54) Corporate Treasury - - - - - (11) (7) (21) (2) (19) 1,841 2,058 3,335 3,619 5,269 276 286 251 246 550 Exceptional items - - - - - 3 1,346 76 1,448 1,427 1,841 2,058 3,335 3,619 5,269 279 1,632 327 1,694 1,977 Group elimination (117) (147) (249) (286) (358) - - - - - Total continuing operations 1,724 1,911 3,086 3,333 4,911 279 1,632 327 1,694 1,977 Discontinued operations - - - 705 - - - - 320 - Total 1,724 1,911 3,086 4,038 4,911 279 1,632 327 2,014 1,977 Comments on Results GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all sectors except for the lower sales of villas recordedatVillasValriche.EPS,excludingexceptionalitems,increasedtoRs9.27(Dec-12:Rs8.37). CorporateDevelopment Ascencia completed the extension and refurbishment works at Riche Terre Mall and Centre Commercial Phoenix in November and December 2013 respectively. InDecember2013,AmethisAfricaFinanceLtd,aParis-basedprivateequityfundwithanAfrican investmentfocus,subscribedtoashareissueofRs400minreturnfora33%stakeinVelogic.This strategicpartnershipwillenablethiscompanytosecureanumberofinvestmentopportunities in the region. Sectorhighlights Aviation The Aviation sector improved its PAT to Rs 27m (Dec-12: Rs 19m).The increase in PAT is mainly attributable to its GSA activities in Madagascar and Mayotte and the better performance of its associate companies in the tour-operating and ground-handling businesses in Mozambique. Financial Services The Financial Services sector achieved a PAT of Rs 28m (Dec-12: Rs 25m). The sector’s performance was essentially driven by the Group’s associate stake in the Swan Group. Hospitality The Hospitality sector reported a PAT of Rs 182m (Dec-12: Rs184m). Both VLH Hotels and the Group’s associate, New Mauritius Hotels Ltd, improved their performance on last year. The comparative decrease in PAT is mainly due to deferred tax adjustments accounted for in the quarter ended December 2012. Logistics TheLogisticssectorgeneratedaPATofRs23m(Dec-12:Rs27m).Theperformanceofthesector was adversely affected by the lower number of containers handled at the container depot. Property ThePropertysectorrecordedaPATofRs47m(Dec-12:Rs52m).Thecomparativedecreaseisdue primarily to the reversal of deferred tax and tenant tax in the same quarter last year. Real Estate & Agribusiness The Real Estate & Agribusiness sector incurred losses of Rs 15m (Dec-12: losses of Rs 6m). The Agribusiness activities witnessed an improved performance with the VRS amortisation now completed. However, the results of Les Villas de Bel Ombre remained negatively impacted by the delayed materialisation of villa sales. Technology The completion of some major IT contracts by EIS resulted in an improvement in PAT to Rs 5m (Dec-12: Rs 3m). Outlook All sectors with the exception of the Real Estate and Agribusiness sector are expected to improve operational performance for the year ending 30 June 2014. ByorderoftheBoard 14February2014 The abridged financial statements of the Group are unaudited and have been prepared using the sameaccountingpoliciesastheauditedstatementsfortheperiodended30June2013,exceptforthe adoptionofamendmentstopublishedstandardsandinterpretationsissuedwhicharenoweffective. ThesefinancialstatementsarepursuanttoListingRule12.20andtheSecuritiesAct2005. 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 ofRogersandCompanyLimited. TheBoardofDirectorsofRogersandCompanyLimitedacceptsfullresponsibilityfortheaccuracyof theinformationcontainedinthesefinancialstatements. RogersHouse,5PresidentJohnKennedyStreet,POBox60,PortLouis,Mauritius Tel:(230)2026666.Fax(230)2083646 www.rogers.mu 4,530 6.00 dited onths d June 013 tated 976.6 558.7 535.3 976.6 558.7 535.3 819.5 - 715.8 535.3 tember 12 ated 025.0 690.1 351.6 231.2 811.3 20.5 135.2 39.3 304.2 92.6 140.7 926.4 507.8 667.5 971.7 252.0 457.9 709.9 293.0 002.9 321.3 213.8 52.1 587.2 452.9 799.4 36.7 42.2 50.4 381.6 968.8 971.7 Net cash (used in) from operating activities (35.8) 264.6 Net cash used in investing activities (638.2) (876.2) Net cash from financing activities 759.2 193.4 Net increase (decrease) in cash and cash equivalents 85.2 (418.2) Cash and cash equivalents - opening (109.3) 327.2 Adjustments for opening cash and cash equivalents of jointly controlled entities (0.8) - Effects of exchange rate on cash and cash equivalents 1.7 (18.3) Cash and cash equivalents - closing (23.2) (109.3) Segment Analysis Revenue Profit after taxation Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 2013 2012 2013 2012 2013 restated restated restated Aviation 138 133 254 253 371 27 19 37 34 42 Financial Services 3 3 6 8 9 28 25 53 42 53 Hospitality 561 551 911 872 1,409 182 184 88 69 172 Logistics 731 669 1,424 1,348 2,020 23 27 55 43 54 Property 134 123 264 238 344 47 52 98 119 121 Real Estate and Agribusiness 174 488 294 715 821 (15) (6) (45) (33) 172 Technology 67 51 122 111 197 5 3 11 6 9 Corporate office 33 40 60 74 98 (10) (11) (25) (32) (54) Corporate Treasury - - - - - (11) (7) (21) (2) (19) 1,841 2,058 3,335 3,619 5,269 276 286 251 246 550 Exceptional items - - - - - 3 1,346 76 1,448 1,427 1,841 2,058 3,335 3,619 5,269 279 1,632 327 1,694 1,977 Group elimination (117) (147) (249) (286) (358) - - - - - Total continuing operations 1,724 1,911 3,086 3,333 4,911 279 1,632 327 1,694 1,977 Discontinued operations - - - 705 - - - - 320 - Total 1,724 1,911 3,086 4,038 4,911 279 1,632 327 2,014 1,977 Comments on Results GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all sectors except for the lower sales of villas recordedatVillasValriche.EPS,excludingexceptionalitems,increasedtoRs9.27(Dec-12:Rs8.37). CorporateDevelopment Ascencia completed the extension and refurbishment works at Riche Terre Mall and Centre Commercial Phoenix in November and December 2013 respectively. InDecember2013,AmethisAfricaFinanceLtd,aParis-basedprivateequityfundwithanAfrican investmentfocus,subscribedtoashareissueofRs400minreturnfora33%stakeinVelogic.This strategicpartnershipwillenablethiscompanytosecureanumberofinvestmentopportunities in the region. Sectorhighlights Aviation The Aviation sector improved its PAT to Rs 27m (Dec-12: Rs 19m).The increase in PAT is mainly attributable to its GSA activities in Madagascar and Mayotte and the better performance of its associate companies in the tour-operating and ground-handling businesses in Mozambique. Financial Services The Financial Services sector achieved a PAT of Rs 28m (Dec-12: Rs 25m). The sector’s performance was essentially driven by the Group’s associate stake in the Swan Group. Hospitality The Hospitality sector reported a PAT of Rs 182m (Dec-12: Rs184m). Both VLH Hotels and the Group’s associate, New Mauritius Hotels Ltd, improved their performance on last year. The comparative decrease in PAT is mainly due to deferred tax adjustments accounted for in the quarter ended December 2012. Logistics TheLogisticssectorgeneratedaPATofRs23m(Dec-12:Rs27m).Theperformanceofthesector was adversely affected by the lower number of containers handled at the container depot. Property ThePropertysectorrecordedaPATofRs47m(Dec-12:Rs52m).Thecomparativedecreaseisdue primarily to the reversal of deferred tax and tenant tax in the same quarter last year. Real Estate & Agribusiness The Real Estate & Agribusiness sector incurred losses of Rs 15m (Dec-12: losses of Rs 6m). The Agribusiness activities witnessed an improved performance with the VRS amortisation now completed. However, the results of Les Villas de Bel Ombre remained negatively impacted by the delayed materialisation of villa sales. Technology The completion of some major IT contracts by EIS resulted in an improvement in PAT to Rs 5m (Dec-12: Rs 3m). Outlook All sectors with the exception of the Real Estate and Agribusiness sector are expected to improve operational performance for the year ending 30 June 2014. ByorderoftheBoard 14February2014 The abridged financial statements of the Group are unaudited and have been prepared using the sameaccountingpoliciesastheauditedstatementsfortheperiodended30June2013,exceptforthe adoptionofamendmentstopublishedstandardsandinterpretationsissuedwhicharenoweffective. ThesefinancialstatementsarepursuanttoListingRule12.20andtheSecuritiesAct2005. 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 ofRogersandCompanyLimited. TheBoardofDirectorsofRogersandCompanyLimitedacceptsfullresponsibilityfortheaccuracyof theinformationcontainedinthesefinancialstatements. RogersHouse,5PresidentJohnKennedyStreet,POBox60,PortLouis,Mauritius Tel:(230)2026666.Fax(230)2083646 www.rogers.mu tributable to wners of the parent - continuing operations 235.3 1,550.3 253.9 1,635.1 1,752.9 - discontinued operations - - - 321.1 - on-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 ontinuing operations rnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 PS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 ontinuing and discontinued operations PS Rs 9.33 61.51 10.07 77.61 69.53 PS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 umber of ordinary shares used in calculation 25,204,530 ash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated ontinuing operations ofit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 ther comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 tal comprehensive income 382.4 996.3 412.9 853.5 2,535.3 ontinuing and discontinued operations ofit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 ther comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 tal comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 tributable to wners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - on-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated SSETS on current assets operty, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 vestment properties 3,572.9 1,690.1 2,574.7 1,690.1 tangible assets 479.8 346.6 482.3 351.6 vestment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 vestment in financial assets 298.5 182.8 264.1 1,811.3 earer biological assets 15.4 19.2 18.3 20.5 ong term loans receivable 170.7 202.2 169.5 135.2 eferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 urrent assets onsumable biological assets 78.9 76.5 89.6 92.6 ventories 228.1 1,365.8 155.5 1,140.7 ade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 ank balances and cash 501.4 494.5 432.2 507.8 3,232.8 4,141.9 2,560.0 3,667.5 20,274.6 16,543.1 17,309.6 14,971.7 QUITY AND LIABILITIES apital and reserves hare capital 252.0 252.0 252.0 252.0 eserves 8,457.1 7,361.2 8,142.6 6,457.9 quity attributable to owners of the parent 8,709.1 7,613.2 8,394.6 6,709.9 on-controlling interests 4,599.6 2,359.9 3,270.6 2,293.0 otal equity 13,308.7 9,973.1 11,665.2 9,002.9 on current liabilities orrowings 2,984.9 2,261.5 2,227.0 2,321.3 eferred tax liabilities 260.8 186.0 245.4 213.8 etirement benefit obligations 81.9 48.4 80.8 52.1 3,327.6 2,495.9 2,553.2 2,587.2 urrent liabilities orrowings 769.1 927.7 805.2 452.9 ade and other payables 2,726.3 3,064.9 2,075.7 2,799.4 come tax liabilities 34.0 43.1 23.7 36.7 ovisions 33.3 38.4 35.4 42.2 vidends payable 75.6 - 151.2 50.4 3,638.3 4,074.1 3,091.2 3,381.6 6,965.9 6,570.0 5,644.4 5,968.8 20,274.6 16,543.1 17,309.6 14,971.7 Statement of Cash Flows Cash generated from operations before working capital changes Working capital changes Cash generated from operations Cash used in other operating activities Net cash (used in) from operating activities Net cash used in investing activities Net cash from financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents - opening Adjustments for opening cash and cash equivalents of jointly controlled entities Effects of exchange rate on cash and cash equivalents Cash and cash equivalents - closing Segment Analysis Revenue Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June Unaud 3 months Decem 2013 2012 2013 2012 2013 2013 Aviation 138 133 254 253 371 27 Financial Services 3 3 6 8 9 28 Hospitality 561 551 911 872 1,409 182 Logistics 731 669 1,424 1,348 2,020 23 Property 134 123 264 238 344 47 Real Estate and Agribusiness 174 488 294 715 821 (15) Technology 67 51 122 111 197 5 Corporate office 33 40 60 74 98 (10) Corporate Treasury - - - - - (11) 1,841 2,058 3,335 3,619 5,269 276 Exceptional items - - - - - 3 1,841 2,058 3,335 3,619 5,269 279 Group elimination (117) (147) (249) (286) (358) - Total continuing operations 1,724 1,911 3,086 3,333 4,911 279 Discontinued operations - - - 705 - - Total 1,724 1,911 3,086 4,038 4,911 279 Comments on Results GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all sectors except for the lower sales of villas recordedatVillasValriche.EPS,excludingexceptionalitems,increasedtoRs9.27(Dec-12:Rs8.37). CorporateDevelopment Ascencia completed the extension and refurbishment works at Riche Terre Mall and Centre Commercial Phoenix in November and December 2013 respectively. InDecember2013,AmethisAfricaFinanceLtd,aParis-basedprivateequityfundwithanAfrican investmentfocus,subscribedtoashareissueofRs400minreturnfora33%stakeinVelogic.This strategicpartnershipwillenablethiscompanytosecureanumberofinvestmentopportunities in the region. Sectorhighlights Aviation The Aviation sector improved its PAT to Rs 27m (Dec-12: Rs 19m).The increase in PAT is mainly attributable to its GSA activities in Madagascar and Mayotte and the better performance of its associate companies in the tour-operating and ground-handling businesses in Mozambique. Financial Services The Financial Services sector achieved a PAT of Rs 28m (Dec-12: Rs 25m). The sector’s performance was essentially driven by the Group’s associate stake in the Swan Group. Hospitality The Hospitality sector reported a PAT of Rs 182m (Dec-12: Rs184m). Both VLH Hotels and the Group’s associate, New Mauritius Hotels Ltd, improved their performance on last year. The comparative decrease in PAT is mainly due to deferred tax adjustments accounted for in the quarter ended December 2012. Logistics TheLogisticssectorgeneratedaPATofRs23m(Dec-12:Rs27m).Theperformanceofthesector was adversely affected by the lower number of containers handled at the container depot. Property ThePropertysectorrecordedaPATo primarily to the reversal of deferred Real Estate & Agribusiness The Real Estate & Agribusiness sect Agribusiness activities witnessed a completed. However, the results of the delayed materialisation of villa s Technology The completion of some major IT co (Dec-12: Rs 3m). Outlook All sectors with the exception of improve operational performance f ByorderoftheBoard 14February2014 The abridged financial statements of sameaccountingpoliciesastheaudit adoptionofamendmentstopublished Thesefinancialstatementsarepursua Copies of the statement of direct an Securities (Disclosure Obligations of are available free of charge upon req ofRogersandCompanyLimited. TheBoardofDirectorsofRogersand theinformationcontainedinthesefin RogersHouse,5PresidentJohnK Tel:(230)2026666.Fax(230)208 www.rogers.mu Non-controlling interests 43.7 81.9 72.9 57.5 223.7 279.0 1,632.2 326.8 2,013.7 1,976.6 Continuing operations Earnings per share (EPS) Rs 9.33 61.51 10.07 64.87 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 7.15 15.07 Continuing and discontinued operations EPS Rs 9.33 61.51 10.07 77.61 69.53 EPS excluding exceptional items Rs 9.27 8.37 8.79 18.23 15.07 Number of ordinary shares used in calculation 25,204,530 Cash dividends per ordinary share Rs 3.00 - 3.00 - 6.00 Statement of Profit or Loss and Other Comprehensive Income Unaudited 3 months ended December Unaudited 6 months ended December Audited 9 months ended June 2013 2012 2013 2012 2013 restated restated restated Continuing operations Profit for the period 279.0 1,632.2 326.8 1,693.6 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 853.5 2,535.3 Continuing and discontinued operations Profit for the period 279.0 1,632.2 326.8 2,013.7 1,976.6 Other comprehensive income 103.4 (635.9) 86.1 (840.1) 558.7 Total comprehensive income 382.4 996.3 412.9 1,173.6 2,535.3 Attributable to Owners of the parent - continuing operations 347.9 924.0 353.4 700.3 1,819.5 - discontinued operations - - - 344.1 - Non-controlling interests 34.5 72.3 59.5 129.2 715.8 382.4 996.3 412.9 1,173.6 2,535.3 Statement of Financial Position Unaudited Audited 31 December 31 December 30 June 30 September 2013 2012 2013 2012 restated restated ASSETS Non current assets Property, plant and equipment 7,110.9 5,984.9 7,155.3 6,025.0 Investment properties 3,572.9 1,690.1 2,574.7 1,690.1 Intangible assets 479.8 346.6 482.3 351.6 Investment in associates and jointly controlled entities 5,294.2 3,944.7 3,980.6 1,231.2 Investment in financial assets 298.5 182.8 264.1 1,811.3 Bearer biological assets 15.4 19.2 18.3 20.5 Long term loans receivable 170.7 202.2 169.5 135.2 Deferred expenditure 99.4 30.7 104.8 39.3 17,041.8 12,401.2 14,749.6 11,304.2 Current assets Consumable biological assets 78.9 76.5 89.6 92.6 Inventories 228.1 1,365.8 155.5 1,140.7 Trade and other receivables 2,424.4 2,205.1 1,882.7 1,926.4 Bank balances and cash 501.4 494.5 432.2 507.8 3,232.8 4,141.9 2,560.0 3,667.5 20,274.6 16,543.1 17,309.6 14,971.7 EQUITY AND LIABILITIES Capital and reserves Share capital 252.0 252.0 252.0 252.0 Reserves 8,457.1 7,361.2 8,142.6 6,457.9 Equity attributable to owners of the parent 8,709.1 7,613.2 8,394.6 6,709.9 Non-controlling interests 4,599.6 2,359.9 3,270.6 2,293.0 Total equity 13,308.7 9,973.1 11,665.2 9,002.9 Non current liabilities Borrowings 2,984.9 2,261.5 2,227.0 2,321.3 Deferred tax liabilities 260.8 186.0 245.4 213.8 Retirement benefit obligations 81.9 48.4 80.8 52.1 3,327.6 2,495.9 2,553.2 2,587.2 Current liabilities Borrowings 769.1 927.7 805.2 452.9 Trade and other payables 2,726.3 3,064.9 2,075.7 2,799.4 Income tax liabilities 34.0 43.1 23.7 36.7 Provisions 33.3 38.4 35.4 42.2 Dividends payable 75.6 - 151.2 50.4 3,638.3 4,074.1 3,091.2 3,381.6 6,965.9 6,570.0 5,644.4 5,968.8 20,274.6 16,543.1 17,309.6 14,971.7 Cash generated from operations before wo Working capital changes Cash generated from operations Cash used in other operating activities Net cash (used in) from operating activities Net cash used in investing activities Net cash from financing activities Net increase (decrease) in cash and cash e Cash and cash equivalents - opening Adjustments for opening cash and cash equ Effects of exchange rate on cash and cash Cash and cash equivalents - closing Segment Analysis Una 3 mon Dec 2013 Aviation 138 Financial Services 3 Hospitality 561 Logistics 731 Property 134 Real Estate and Agribusiness 174 Technology 67 Corporate office 33 Corporate Treasury - 1,841 Exceptional items - 1,841 Group elimination (117 Total continuing operations 1,724 Discontinued operations - Total 1,724 Comments on Resu GroupPerformanceforthesecondquarter Group revenue for the quarter increased across all s recordedatVillasValriche.EPS,excludingexceptionali CorporateDevelopment Ascencia completed the extension and refurbishme Commercial Phoenix in November and December 20 InDecember2013,AmethisAfricaFinanceLtd,aParis investmentfocus,subscribedtoashareissueofRs400 strategicpartnershipwillenablethiscompanytosecu in the region. Sectorhighlights Aviation The Aviation sector improved its PAT to Rs 27m (Dec attributable to its GSA activities in Madagascar and M associate companies in the tour-operating and groun Financial Services The Financial Services sector achieved a PAT of performance was essentially driven by the Group’s as Hospitality The Hospitality sector reported a PAT of Rs 182m (D Group’s associate, New Mauritius Hotels Ltd, impro comparative decrease in PAT is mainly due to defer quarter ended December 2012. Logistics TheLogisticssectorgeneratedaPATofRs23m(Dec-1 was adversely affected by the lower number of conta

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