Hermes Pacific Investments PLC Final Results (4319Z)
September 18 2015 - 2:00AM
UK Regulatory
TIDMHPAC
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 www.hermespacificinvestments.com
Plc
Haresh Kanabar, Non-Executive Tel: +44 (0) 207
Chairman 290 3340
WH Ireland Limited (Nominated www.wh-ireland.co.uk
Adviser & Broker)
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
GBP115,000, which has been reduced from a recorded loss of
GBP117,000 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 GBP4,117,000.
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 GBP4,008 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
GBP101,000 compared to a loss of GBP183,000 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 Year ended
31 March 31 March
Note 2015 2014
GBP'000 GBP'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
14 (66)
Total comprehensive loss
for the year (101) (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 As at
31 March 31 March
2015 2014
GBP'000 GBP'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 139 139
Revaluation reserve (29) (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 Year ended
ended 31 March
31 March 2014
2015
GBP'000 GBP'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 - 4,160
Other income 15 14
Cost of share issue - -
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
Share Share
Ordinary Deferred premium based
share share payments Retained Revaluation
capital capital reserve earnings reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2013
Share 253 1,243 3,701 139 (5,118) 23 241
re-organisation - - - - - - -
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)
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