African Medical Investments PLC Final Results -11-
August 31 2012 - 2:01AM
UK Regulatory
Operating expenses consist of the following:
2012 2011
$'000 $'000
---------- ----------
Depreciation 872 573
Employee costs 3,295 1,997
Travel, accommodation and entertainment 515 1,280
Marketing costs 211 809
Occupancy costs 717 463
Professional fees 2,089 2,777
Communications and IT 282 261
Other expenses 1,717 843
9,698 9,003
========== ==========
10. Operating loss
Operating loss has been arrived at after charging:
2012 2011
$'000 $'000
----------- ----------
Loss on disposal of property, plant
and equipment 196 28
Depreciation of property, plant and
equipment 1,625 1,558
Operating lease rentals: land & buildings 683 716
Staff costs (see note 11) 10,193 7,633
Amounts payable to Baker Tilly UK Audit LLP and their associates
in respect of both audit and non-audit services as follows:
2012 2011
$'000 $'000
---------- ----------
Group:
Audit services
- Audit of consolidated accounts 210 220
---------- ----------
* current year 174 145
* under provision for prior year 36 75
---------- ----------
- Audit of overseas subsidiaries 192 92
Other services
- Services supplied pursuant to legislation - 6
----------
402 318
========== ==========
Comprising:
Audit services 402 312
Non-audit services - 6
---------- ----------
402 318
========== ==========
11. Staff costs
The average monthly number of employees (including executive
directors) employed by the Group for the period was as follows:
2012 2011
Number Number
----------- -----------
Office and management 29 45
Operational 257 324
----------- -----------
286 369
=========== ===========
The aggregate remuneration comprised:
2012 2011
$'000 $'000
----------- ----------
Wages and salaries 10,285 7,633
Share based payment charge 158 -
----------- ----------
10,433 7,633
=========== ==========
Directors' remuneration:
2012 2011
$'000 $'000
---------- ----------
P Botha (1) 536 -
PH Edmonds 42 50
AS Groves 83 100
Dr VS Solanki - 80
B Winstone - 120
661 350
========== ==========
(1) Includes sign on fee of $147,000 and options valued at
$158,000.
12. Other gains and losses
2012 2011
$'000 $'000
---------- ----------
Miscellaneous Income 96 -
Foreign exchange gain/(loss) 132 (95)
---------- ----------
228 (95)
========== ==========
13. Finance income and costs
2012 2011
$'000 $'000
---------- ----------
Finance income:
- Interest income on short-term bank deposits 1 3
Finance costs:
- Interest payable on convertible loan
notes (note 24) (538) (37)
- Interest payable on bank overdraft (4) (12)
---------- ----------
Net finance costs (541) (46)
========== ==========
14. Income tax expense
2012 2011
$'000 $'000
------------- -------------
Loss before tax: (15,021) (18,843)
============= =============
Expected relief at local domestic tax
rates in each territory (1,816) (2,255)
Tax effect of expenses that are not deductible
in determining taxable profit 9 58
Tax effect of losses not recognised in
deferred tax 1,359 1,467
Other deferred taxes not recognised 448 730
Tax expense for the period - -
============= =============
The tax reconciliation has been prepared using the local tax
rates in each of the territories where AMI has subsidiaries, which
is consistent with last year.
The Group has operations in a number of overseas jurisdictions
where it has incurred cumulative total losses for tax purposes of
US$20,490,470 (2011: US$14,403,000). To date no deferred tax asset
has been recognised as the requirements of IAS 12 'Income Taxes'
have not been met.
The Company is resident for taxation purposes in the Isle of Man
and its income is subject to Isle of Man income tax, presently at a
rate of zero (2011: zero).
15. Loss of power to control entities
Medical Insurance
IFRS 3 'Business Combinations' requires the consolidation of
entities where there is the power to control or govern the
financial and operating policies of such entities so as to obtain
benefits from their activities. In the prior period the directors
considered such power to control was in existence in respect of
African Wellness Solutions Tanzania Ltd (AWS TZN) and African
Wellness Solutions Mozambique Lda (AWS MOZ).
Both entities were dormant at the 28 February 2011 and
immaterial in size in relation to the group. The group chose not to
consolidate the results of these entities.
Expenses incurred during the prior financial period have been
classified as discontinued operations and disclosed in note 16.
Details of the net assets of these entities at 28 February 2011
were as follows:
AWS TZN AWS MOZ Total
$'000 $'000 $'000
------------ ------------ ----------
Cash and cash equivalents 12 5 17
Trade and other payables (14) - (14)
Non-controlling interest (8) (6) (14)
Loss of power to control
entities (10) (1) (11)
------------ ------------ ----------
Total consideration - - -
============ ============ ==========
Net cash outflow arising
on disposal:
Cash consideration - - -
Cash and cash equivalents
disposed of (12) (5) (17)
------------ ------------ ----------
Net cash outflow to the
Group (12) (5) (17)
============ ============ ==========
16. Discontinued operations
Medical insurance
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