Phoenix Beverages Limited 1Q 2014 results

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Phoenix Beverages Limited 1Q 2014 results

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Phoenix Beverages Limited 1Q 2014 results

  1. 1. Phoenix Beverages Limited BRN: C07001183 CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 2013 CONDENSED STATEMENTS OF FINANCIAL POSITION THE GROUP As at 30.09.13 Unaudited SEGMENTAL INFORMATION THE COMPANY As at 30.06.13 Audited As at 30.09.13 Unaudited THE GROUP As at 30.06.13 Audited Rs ‘000 Rs ‘000 Rs ‘000 ASSETS 3 Months to 30.09.12 Unaudited Segment revenue Rs ‘000 Rs ‘000 Local Rs ‘000 3 Months to 30.09.13 Unaudited 943,785 Non-current assets 2,701,007 2,686,512 2,697,809 87,604 1,034,649 958,895 67,047 2,682,808 2,858,276 2,854,887 3,389,396 3,325,873 Current assets 1,063,697 962,048 906,596 814,416 Total assets 3,921,973 3,816,935 4,295,992 52,478 4,140,289 Equity attributable to Owners of the Company 2,726,622 2,714,302 3,201,710 3,146,845 Total equity 2,727,394 2,715,039 3,201,710 3,146,845 Non-current liabilities 257,287 250,227 256,354 249,294 Current liabilities 937,292 851,669 837,928 871,291 90,864 Overseas 744,150 Property, plant and equipment 157,269 Investments and others 168,375 691,587 643,065 Segment results Local 420 Overseas 67,467 (2,157) 50,321 EQUITY AND LIABILITIES Equity and Reserves Non-controlling interests 772 3,921,973 Total equity and liabilities 737 3,816,935 - 4,295,992 CONDENSED STATEMENTS OF CHANGES IN EQUITY - THE GROUP Attributable to Owners of the Company Share Capital 4,140,289 Revaluation and Other Fair Value Retained Share Premium Reserves Reserve Earnings Total Rs ‘000 Rs ‘000 Rs ‘000 1,406,313 2,714,302 Total Rs ‘000 Rs ‘000 Rs ‘000 At July 1, 2013 164,470 202,492 932,255 13,785 12,320 35 12,355 At September 30, 2013 CONDENSED STATEMENTS OF PROFIT OR LOSS THE GROUP Rs ‘000 164,470 202,492 934,397 5,165 1,420,098 2,726,622 772 2,727,394 At July 1, 2012 164,470 202,492 312,459 9,382 1,441,980 2,130,783 809 2,131,592 At September 30, 2012 164,470 Total comprehensive income/(loss) for the period THE COMPANY 3 Months to 30.09.13 Unaudited 3 Months to 30.09.12 Unaudited 3 Months to 30.09.13 Unaudited 3 Months to 30.09.12 Unaudited Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000 1,034,649 958,895 969,308 900,761 Profit before finance costs 67,467 50,321 69,163 (6,111) (7,348) (5,855) 46,155 202,492 (6,748) 63,308 - - 52,903 Finance costs Total comprehensive income/(loss) for the period - Revenue 61,356 42,973 Share of results of associates (38,128) (27,281) Profit before taxation 23,228 15,692 Tax expense (9,408) (8,913) (9,377) (9,046) Profit for the period 13,820 6,779 53,931 37,109 - - 63,308 46,155 13,785 Owners of the Company 6,769 53,931 35 10 13,820 6,779 53,931 Share Capital Earnings attributable to Owners of the Company (Rs '000) 13,785 6,769 53,931 37,109 Number of shares in issue ( '000 ) 16,447 16,447 16,447 16,447 0.84 0.41 3.28 2.26 (3,607) (5,461) 3,921 6,769 4,768 10 4,778 2,135,551 819 2,136,370 Revaluation Share and Other Fair Value Retained Premium Reserves Reserve Earnings 164,470 202,492 - - - At September 30, 2013 164,470 202,492 At July 1, 2012 164,470 164,470 Total comprehensive income for the period At September 30, 2012 2,715,039 1,448,749 Rs ‘000 At July 1, 2013 737 Rs ‘000 Total Rs ‘000 Rs ‘000 60,010 1,798,399 3,146,845 934 53,931 54,865 921,474 60,944 1,852,330 3,201,710 202,492 302,309 54,373 2,459,369 - - (4,279) 202,492 302,309 50,094 921,474 Rs ‘000 1,735,725 37,109 32,830 1,772,834 2,492,199 - Earnings per Share Earnings per share (Rs.Cs) 8,772 Rs ‘000 37,109 Non-controlling interests - 37,109 3,460 315,919 THE COMPANY Total comprehensive (loss)/income for the period Attributable to: 2,142 Rs ‘000 NonControlling Interests COMMENTS Results Total sales volume for the 3 months to September 30, 2013 is up by 1.6% when compared to the corresponding period last year. Group turnover for the 3 month period increased by 7.9% to Rs 1,035M (2012: Rs 959M) resulting in an improved operating profit of Rs 67.5M (2012: Rs 50.3M). CONDENSED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME THE GROUP THE COMPANY 3 Months to 30.09.13 Unaudited 3 Months to 30.09.12 Unaudited 3 Months to 30.09.13 Unaudited 3 Months to 30.09.12 Unaudited Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000 13,820 Profit for the period 6,779 2,142 3,460 53,931 37,109 Other Comprehensive income: Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations (Decrease)/increase in fair value of securities Release on disposal of available-for-sale securities (380) (5,461) (3,232) - 4,166 (3,232) - 5 Other movements in associates - - - (4,279) - Share of results of associates have negatively impacted our results by Rs 38.1M (2012: Rs 27.3M). Group net profit for the period stood at Rs 13.8M compared to Rs 6.8M for the corresponding period last year. At Company level, the net profit for the period increased by 45%, from Rs 37.1M to Rs 53.9M. Dividend The Board has for the first time declared an interim dividend of Rs 3.20 per share payable in December 2013. Excise Tax Phoenix Beverages Company Limited has once more been affected by increases in Excise duties. Excise duty on beer has increased from Rs 34.20 to Rs 35.90 per litre. On soft drinks, taxes per litre have increased on average from Rs 3.15 to Rs 4.10. Outlook 12,355 4,778 54,865 32,830 The environment in which our businesses operate remains highly challenging. The Board is closely monitoring the situation. 12,320 4,768 54,865 32,830 35 10 For and on behalf of the Board of Directors 12,355 Total comprehensive income for the period 4,778 Total comprehensive income attributable to: Owners of the Company Non-controlling interests - - 54,865 32,830 GML Management Ltee Company Secretary November 11, 2013 CONDENSED STATEMENTS OF CASH FLOWS THE GROUP THE COMPANY 3 Months to 30.09.13 Unaudited Net cash used in investing activities 3 Months to 30.09.13 Unaudited 3 Months to 30.09.12 Unaudited Rs ‘000 Net cash generated from/(used in) operating activities 3 Months to 30.09.12 Unaudited Rs ‘000 Rs ‘000 Rs ‘000 4,420 (59,420) (32,611) (50,831) 803 (59,420) Net cash used in financing activities (13,394) (23,325) (13,394) Decrease in cash and cash equivalents (68,394) (106,767) (72,011) Opening cash and cash equivalents Effects of foreign exchange rate changes Closing cash and cash equivalents (143,392) 2,009 (209,777) (118,492) 6,357 (218,902) (140,305) 2,106 (210,210) (35,897) (50,826) (23,284) (110,007) (112,306) (5,354) (227,667) Notes: The above condensed quarterly financial statements to September 30, 2013 are unaudited. They have been prepared using the same accounting policies and methods of computation followed per the audited financial statements for the year ended June 30, 2013. Copies of these unaudited condensed quarterly financial statements and of the statement of direct and indirect interests of officers of the Company are available free of charge from the Company Secretary at the registered office of the Company, 4 th Floor, IBL House, Caudan Waterfront, Port Louis. The above unaudited condensed quarterly financial statements are issued pursuant to Listing Rule 12.20 and Section 88 of the Securities Act 2005. The Board of Directors of Phoenix Beverages Limited accepts full responsibility for the accuracy of the information contained in these condensed unaudited financial statements.

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