Source - RNS
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

 

 





STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2016

 

 

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



                      

                      





 


STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2016


 

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

31 March 2016

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
 
END
 
 
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