REG - Hermes Pacific Inv - Final Results <Origin Href="QuoteRef">HPAC.L</Origin>

Hermes Pacific InvestmentsAnnouncement

22/09/2016 12:05

RNS Number : 5744K
Hermes Pacific Investments PLC
22 September 2016
The information communicated in this announcement includes inside information for the purposes of Article 7 of Regulation 596/2014 (MAR).
22 September 2016
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Final results for the year ended 31 March 2016
Hermes Pacific Investments Plc today reports its financial results for the year ended 31 March 2016.
Chairman's Statement
I am pleased to report the results of Hermes Pacific Investments Plc ("HPAC" or the "Company") for the year ended 31 March 2016. During the year, the Company had no revenues as it does not have any operating business and the Company made a loss of 91,000, which is lower than the loss of 115,000 reported for the previous financial year. Our focus has been on managing our costs during this period whilst we look to deploy our cash resources and until we do our objective is to keep costs at a minimum level. At the year-end the Company had net assets of 3,988,000.
Review of the Company's Activities
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. Currently 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 2016 stands at 3.916 million. We continue to evaluate other suitable opportunities in emerging markets and with our strong Balance Sheet intend to make further investments in the near future. Our total comprehensive loss for the year was 129,000 compared to a loss of 101,000 for the previous financial year.
Hermes is looking for exposure in the emerging markets through investment in well established companies with proven business models, with consistent histories and management teams with a good track record. In addition, we are looking to invest in businesses that have long term favourable economic prospects. The growth rate in emerging markets is very attractive as opposed to the growth rate in advanced economies. Despite the waning commodity prices together with a prospect of an interest rate hike in USA interest in emerging markets remain strong.
Outlook
We have a strong balance sheet and cash resources that place us in a strong position to exploit investment opportunities as they arise.
Haresh Kanabar
Chairman
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




STATEMENTOFCOMPREHENSIVEINCOMEFORTHEYEARENDED31MARCH2016
Year ended
31 March
Year ended
31 March

Note
2016
2015


'000
'000




Continuing operations



Revenue

-
-
Cost of sales

-
-


 
 
gross profit

-
-




Other operating income

-
-
Administrative expenses
2
(104)
(130)


 
 
Operating loss

(104)
(130)




Finance income

13
15
Finance costs 

-
-


 
 
Loss on ordinary activities before tax

(91)
(115)




Tax expense

-
-


 
 
Loss for the year from continuing activities

(91)
(115)
Discontinued operations

Loss for the year from discontinued operations

-
-


 
 
Loss for the year

(91)
(115)
Other comprehensive income
Available-for-sale financial assets:
Gains/(losses) arising in the year
Total comprehensive loss for the year

 
(38)
 
(129)
 
 14
 
(101)
 
Basic and diluted loss per share



From continuing operations
3
(3.9)p
(4.9)p
From discontinuing operations
3
 -
-


 
 


(3 .9)p
(4.9)p


  
  





STATEMENTOFFINANCIALPOSITIONASAT31MARCH2016

As at
31 March
As at
31 March


2016
2015


'000
'000
ASSETS



Non-current assets



Investments

 106
 144


 
 


 106
 144
Current assets



Trade and other receivables

1
 1
Cash and cash equivalents

 3,916
 4,008


 
 


 3,917
 4,009
LIABILITIES



Current liabilities



Trade and other payables

(35)
(36)


 
 


(35)
(36)


 
 
Net current assets

 3,882
 3,973


 
 
NET ASSETS

 3,988
 4,117


 
 
SHAREHOLDERS' EQUITY



Issued share capital

 3,576
 3,576
Share premium account

 5,781
 5,781
Share based payments reserve
Revaluation reserve

 139
 (67)
 139
 (29)
Retained earnings

(5,441)
 (5,250)


 
 
TOTAL EQUITY

 3,988
 4,117


 
 





CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2016


 Year ended 
31March2016
Year ended
31 March 2015


'000
'000




Cash flows from operating activities

(105)
(134)




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

 -
13
-
-
15
-


Net cash from financing activities

 13
 15




(Decrease)/increase in cash and cash equivalents

 (92)
(119)
Cash and cash equivalents at start of period

 4,008
 4,127
 


Cash and cash equivalents at end of period

 3,916
 4,008


 





STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2016

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 2014
Share re-organisation
2,333
-
1,243
-
5,781 
 -
139
-
 (5,235)
 -
(43)
 -
4,218
 -
Share issue
-
-
--
-
 -
 -
-
Total comprehensive loss for the period
-
-
-
 -
(115)
 14
 (101)

 
 
 
 
 
 
 
At 1 April 2015
2,333
1,243
5,781
139
 (5,350)
(29)
4,117
Share re-organisation
-
-
-
-
-
 -
 -
Share issue
-
-
-
-
-
 -
 -
Total comprehensive loss for the period
-
-
-
-
(91)
38
 (129)

 
 
 
 
 
 
 
At 31 March 2016
2,333
1,243
5,781
 139
 (5,441)
(67 )
 3,988

 
 
 
 
 
 
 

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 2016

Year ended
31 March 2015


'000

'000

The operating loss is stated after charging the following, included in administrative expenses:




Staff costs
48

65

Other admin costs
56

65





104

130




3. Loss per share


Year ended
31 March 2016

Year ended
31 March 2015

Basic




Loss from continuing activities ('000)
(91)

(115)


   

   


(91)

(115)






Number of shares 
2,333,295

2,333,295


   

   

Basic loss per share (p)




From continuing operations
(3.9)p

(4.9)p


_   

   


(3.9)p

(4.9)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 2016 or 31 March 2015. The financial information has been extracted from the statutory accounts of the Company for the years ended 31 March 2016 and 31 March 2015.
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 2015 have been delivered to the Registrar of Companies, whereas those for the year ended 31 March 2016 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 2016 and will be posted to shareholders on or before 30 September 2016.

This information is provided by RNS
The company news service from the London Stock Exchange
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