TIDMHPAC
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 GBP91,000,
which is lower than the loss of GBP115,000 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 GBP3,988,000.
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 GBP3.916 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 GBP129,000 compared to a loss of GBP101,000 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 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
STATEMENT OF COMPREHENSIVE
INCOME FOR THE YEARED
31 MARCH 2016
Year ended Year ended
31 March 31 March
Note 2016 2015
GBP'000 GBP'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
(38) 14
Total comprehensive loss
for the year (129) (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 As at
31 March 31 March
2016 2015
GBP'000 GBP'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 139 139
Revaluation reserve (67) (29)
Retained earnings (5,441) (5,250)
TOTAL EQUITY 3,988 4,117
CASH FLOW STATEMENT FOR THE YEARED 31 MARCH 2016
Year Year ended
ended 31 March
31 March 2015
2016
GBP'000 GBP'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 13 15
Cost of share issue - -
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 YEARED 31 MARCH 2016
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 2014
Share 2,333 1,243 5,781 139 (5,235) (43) 4,218
re-organisation - - - - - - -
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 Year ended
31 March 31 March
2016 2015
GBP'000 GBP'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 Year ended
31 March 31 March
2016 2015
Basic
Loss from continuing activities
(GBP'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
FR UUARRNNAKUAR
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