TIDMHPAC
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
GBP117,000, which has been reduced from a recorded loss of
GBP122,000 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 GBP4,128,000.
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 GBP4.127 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
GBP183,000 compared to a loss of GBP99,000 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 Year ended
31 March 31 March
Note 2014 2013
GBP'000 GBP'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
(67) 23
Total comprehensive loss for the
year (183) (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 31 MARCH 2014
As at As at
31 March 31 March
2014 2013
GBP'000 GBP'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 139 139
Revaluation reserve (43) 23
Retained earnings (5,235) (5,118)
TOTAL EQUITY 4,218 241
CASH FLOW STATEMENT
for the YEAR ended 31 March 2014
Year ended Year ended
31 March 31 March
2014 2013
GBP'000 GBP'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 4,160 320
Other income 14
Cost of share issue - (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
Share
Ordinary Deferred based
share share Share payments Retained Revaluation
capital capital premium reserve earnings reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2012
Share 93 1,243 3,563 139 (4,996) - 42
re-organisation - - - - - - -
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 Year ended
31 March 31 March
2014 2013
GBP'000 GBP'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 Year ended
31 March 31 March
2014 2013
Basic
Loss from continuing activities
(GBP'000) (117) (122)
Loss from discontinued activities - -
(GBP'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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