Hermes Pacific Inv - Final Results

Hermes Pacific Investments

30/09/2014 07:02

RNS Number : 9350S

Hermes Pacific Investments PLC

30 September 2014

30 September 2014

HERMES PACIFIC INVESTMENTS PLC

(AIM: HPAC)

Final results for year ended 31 March 2014

Hermes Pacific Investments Plc today reports its financial results for the year ended 31 March 2014.

Contacts
Hermes Pacific Investments Plc
Haresh Kanabar, Non-Executive Chairman
Tel: +44 (0) 207 290 3340
WH Ireland Limited (Nominated Adviser & Broker)
Mike Coe
Tel: +44 (0) 117 945 3470

Chairman's Statement

I am pleased to report the results of Hermes Pacific Investments Plc ("HPAC" or the "Company") for the 12 month period ended 31 March 2014. During the year the Company had no revenues as it does not have any operating business and the Company made a loss of 117,000, which has been reduced from a recorded loss of 122,000 during the previous financial year. We are focussed on our cost base and aim to keep it low particularly whilst we are in the process of deploying our cash. At the year end the Company had net assets of 4,128,000.

Review of the Company's Operations

The Company is an investing company and has made some investments in line with its investing policy in companies involved in financial activities within the emerging market sector. Our principal focus is in the Far East as we believe that there are good growth opportunities in that part of the world. These investments have had a mixed performance with two performing in line with our expectations and one rather poorly. We are in a strong position from a Balance Sheet perspective and our cash balance as at 31 March 2014 stands at 4.127 million. We continue to evaluate other suitable opportunities in emerging markets and with our strong Balance Sheet expect to make further investments in the near future. Our total comprehensive loss for the year was 183,000 compared to a loss of 99,000 for the previous financial year. The increase in loss is largely due to the large impairment of one of our investments.

The attractions of investing in emerging markets are that in these markets the trend is to urbanise fairly rapidly. These countries have young populations who aspire to the consumer products in the same way as the more developed western economies. These regions also tend to generally run sound public finances and do not have the disadvantage of bloated welfare state or a culture of state dependency. All of these factors create a sound platform for increasing profits and dividends emanating from investments in these emerging market companies.

Outlook

We are well positioned and look forward to the future with confidence.

Haresh Kanabar

Chairman

statement OF COMPREHENSIVE INCOME

for the YEAR ended 31 march 2014

Year ended
31 March
Year ended
31 March
Note
2014
2013
'000
'000
Continuing operations
Revenue
-
-
Cost of sales
-
-
gross profit
-
-
Other operating income
-
-
Administrative expenses
(131)
(122)
Operating loss
(131)
(122)
Finance income
14
-
Finance costs
-
-
Loss on ordinary activities before tax
2
(117)
(122)
Tax expense
-
-
Loss for the year from continuing activities
(117)
(122)
Discontinued operations
Loss for the year from discontinued operations
-
-
Loss for the year
(117)
(122)
Other comprehensive income
Available-for-sale financial assets:
Gains/(losses) arising in the year
Total comprehensive loss for the year
(67)
(183)
23
(99)
Basic and diluted loss per share
3
From continuing operations
(5)p
(0.2)p
From discontinuing operations
-
-
(5)p
(0.2)p


STATEMENT OF FINANCIAL POSITION

AS AT 31MARCH 2014

As at
31 March
As at
31 March
2014
2013
'000
'000
ASSETS
Non-current assets
Property, plant and equipment
Investments
-
129
-
196
129
196
Current assets
Trade and other receivables
1
13
Cash and cash equivalents
4,127
57
4,128
70
LIABILITIES
Current liabilities
Trade and other payables
(40)
(25)
(40)
(25)
Net current assets
4,088
45
NET ASSETS
4,218
241
SHAREHOLDERS' EQUITY
Issued share capital
3,576
1,496
Share premium account
5,781
3,701
Share based payments reserve
Revaluation reserve
139
(43)
139
23
Retained earnings
(5,235)
(5,118)
TOTAL EQUITY
4,218
241


CASH FLOW STATEMENT

for the YEAR ended 31 March 2014

Year ended
31 March 2014
Year ended
31 March 2013
'000
'000
Cash flows from operating activities
(104)
(106)
Cash flows from investing activities
Acquisition of investments
-
(173)
Income from disposal of subsidiary undertakings
-
-
Net cash (used in)/from investing activities
-
(173)
Cash flows from financing activities
Proceeds of share issues
Other income
Cost of share issue
4,160
14
-
320
(23)
Net cash from financing activities
4,174
297
Decrease in cash and cash equivalents
4,070
18
Cash and cash equivalents at start of period
57
39
Cash and cash equivalents at end of period
4,127
57


STATEMENT OF CHANGES IN EQUITY

for the YEAR ended 31 march 2014

Ordinary share capital
Deferred share capital
Share premium
Share
based payments reserve
Retained earnings
Revaluation reserve
Total
'000
'000
'000
'000
'000
'000
'000
At 1 April 2012
Share re-organisation
93
-
1,243
-
3,563
-
139
-
(4,996)
-
-
 -
42
-
Share issue
160
-
138-
-
-
-
298
Total comprehensive loss for the period
-
-
-
-
(122)
23
(99)
At 1 April 2013
253
1,243
3,701
139
(5,118)
23
241
Share re-organisation
-
-
-
-
-
-
-
Share issue
2,080
-
2,080
-
-
-
4,160
Total comprehensive loss for the period
-
-
-
-
(117)
(66)
(183)
At 31 March 2014
2,333
1,243
5,781
139
(5,235)
(43)
4,218


1. Statement of compliance

The financial statements comply with International Financial Reporting Standards as adopted by the European Union.

2. Operating loss

Year ended
31 March 2014
Year ended
31 March 2013
'000
'000
The operating loss is stated after charging the following, included in administrative expenses:
Depreciation
-
-
Staff costs
59
68
Other admin costs
72
54
131
122


3. Loss per share

Year ended
31 March2014
Year ended
31 March 2013
Basic
Loss from continuing activities ('000)
(117)
(122)
Loss from discontinued activities ('000)
-
-
(117)
(122)
Number of shares
2,333,295
50,658,844
Basic loss per share (p)
From continuing operations
(5)p
(0.2)p
From discontinued operations
-
-
_
(5)p
(0.2)p


4. Publication of non-statutory accounts

The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 31 March 2014 or 31 March 2013. The financial information has been extracted from the statutory accounts of the Company for the years ended 31 March 2014 and 31 March 2013.

The auditors' opinion on those accounts was unmodified and did not contain a statement under section 498 (2) or section 498 (3) Companies Act 2006 and did not include references to any matters to which the auditor drew attention by the way of emphasis.

The statutory accounts for the year ended 31 March 2014 have been delivered to the Registrar of Companies, whereas those for the year ended 31 March 2014 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

5. Annual report

The Annual Report will be available from the Company's website www.hermespacificinvestments.com from 30 September 2014 and will be posted to shareholders on or before 30 September 2014.

This information is provided by RNS

The company news service from the London Stock Exchange

  END

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