Hermes Pacific Inv - Final Results

Hermes Pacific Investments

18/09/2015 07:00

RNS Number : 4319Z

Hermes Pacific Investments PLC

18 September 2015

18 September 2015

HERMES PACIFIC INVESTMENTS PLC

(AIM: HPAC)

Final results for the year ended 31 March 2015

Hermes Pacific Investments Plc today reports its financial results for the year ended 31 March 2015.

Contacts
Hermes Pacific Investments Plc
www.hermespacificinvestments.com
Haresh Kanabar, Non-Executive Chairman
Tel: +44 (0) 207 290 3340
WH Ireland Limited (Nominated Adviser & Broker)
www.wh-ireland.co.uk
Mike Coe/Ed Allsopp
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 2015. During the year, the Company had no revenues as it does not have any operating business and the Company made a loss of 115,000, which has been reduced from a recorded loss of 117,000 during the previous financial year. We have continued to focus on our cost base and aim to keep it low particularly whilst we are in the process of looking for suitable investments. At the year-end the Company had net assets of 4,117,000.

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 performed in line with our expectations. We are in a strong position from a Balance Sheet perspective and our cash balance as at 31 March 2015 stands at 4,008 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 101,000 compared to a loss of 183,000 for the previous financial year.

Emerging markets are becoming increasingly attractive for foreign direct investment and do offer cost-effective investment opportunities for businesses that are persistent and willing to take a long-term view. These markets are expected to continue to increase its spending over the coming years. The economies in the Far East have shown increasing resilience and this region has been an engine of global economic growth whist the developed markets have been in some distress. Most emerging markets are expected to continue to enjoy growth rates that are far superior to that of developed markets. Political events in these countries have to date not significantly affected appetite for investment.

Outlook

We remain in a strong position to take advantage of suitable investment opportunities as they arise and look forward to the future with confidence.

Haresh Kanabar

Chairman

15 September 2015

Year ended
31 March
Year ended
31 March
Note
2015
2014
'000
'000
Continuing operations
Revenue
-
-
Cost of sales
-
-
gross profit
-
-
Other operating income
-
-
Administrative expenses
3
(130)
(131)
Operating loss
(130)
(131)
Finance income
15
14
Finance costs
-
-
Loss on ordinary activities before tax
(115)
(117)
Tax expense
-
-
Loss for the year from continuing activities
(115)
(117)
Discontinued operations
Loss for the year from discontinued operations
-
-
Loss for the year
(115)
(117)
Other comprehensive income
Available-for-sale financial assets:
Gains/(losses) arising in the year
Total comprehensive loss for the year
14
(101)
(66)
(183)
Basic and diluted loss per share
From continuing operations
8
(4.9)p
(5)p
From discontinuing operations
8
-
-
(4.9)p
(5)p


statement OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2015

As at
31 March
As at
31 March
2015
2014
'000
'000
ASSETS
Non-current assets
Investments
144
129
144
129
Current assets
Trade and other receivables
1
1
Cash and cash equivalents
4,008
4,127
4,009
4,128
LIABILITIES
Current liabilities
Trade and other payables
(36)
(40)
(36)
(40)
Net current assets
3,973
4,088
NET ASSETS
4,117
4,218
SHAREHOLDERS' EQUITY
Issued share capital
3,576
3,576
Share premium account
5,781
5,781
Share based payments reserve
Revaluation reserve
139
(29)
139
(43)
Retained earnings
(5,350)
(5,235)
TOTAL EQUITY
4,117
4,218


STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2015

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2015

Year ended
31 March 2015
Year ended
31 March 2014
'000
'000
Cash flows from operating activities
(134)
(104)
Cash flows from investing activities
Acquisition of investments
-
-
Income from disposal of subsidiary undertakings
-
-
Net cash (used in)/from investing activities
-
-
Cash flows from financing activities
Proceeds of share issues
Other income
Cost of share issue
-
15
-
4,160
14
-
Net cash from financing activities
15
4,174
(Decrease)/increase in cash and cash equivalents
(119)
4,070
Cash and cash equivalents at start of period
4,127
57
Cash and cash equivalents at end of period
4,008
4,127


STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2015

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 2013
Share re-organisation
253
-
1,243
-
3,701
-
139
-
(5,118)
-
23
-
241
-
Share issue
2,080
-
2,080-
-
-
-
4,160
Total comprehensive loss for the period
-
-
-
-
(117)
(66)
(183)
At 1 April 2014
2,333
1,243
5,781
139
(5,235)
(43)
4,218
Share re-organisation
-
-
-
-
-
-
-
Share issue
-
-
-
-
-
-
-
Total comprehensive loss for the period
-
-
-
-
(115)
14
(101)
At 31 March 2015
2,333
1,243
5,781
139
(5,350)
(29)
4,117


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 2015
Year ended
31 March 2014
'000
'000
The operating loss is stated after charging the following, included in administrative expenses:
Staff costs
65
59
Other admin costs
65
72
130
131


3. Loss per share

Year ended
31 March 2015
Year ended
31 March 2014
Basic
Loss from continuing activities ('000)
(115)
(117)
(115)
(117)
Number of shares
2,333,295
2,333,295
Basic loss per share (p)
From continuing operations
(4.9)p
(5)p
_
(4.9)p
(5)p


There was no dilutive effect from the share options outstanding during the year.

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 2015 or 31 March 2014. The financial information has been extracted from the statutory accounts of the Company for the years ended 31 March 2015 and 31 March 2014.

The auditors' opinion on those accounts was unmodified and did not contain a statement under 498 (2) or section 498 (3) of the 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 2015 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 2015 and will be posted to shareholder on or before 30 September 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

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