TIDMHPAC
RNS Number : 1529S
Hermes Pacific Investments PLC
19 December 2016
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Unaudited interim results for the six months ended 30 September
2016
Chairman's Statement
I am pleased to bring investors up to date with the results and
developments at Hermes Pacific Investments plc ("HPAC" or the
"Company") in this Chairman's statement. The results of HPAC for
the six-month period ended 30 September 2016 show a loss for the
period of GBP31,000, which is marginally less than a loss of
GBP44,000 for the corresponding period in the previous year. During
the period the Company had no revenues as it does not have any
operating business. The Company continues to carefully control its
costs. At the period end the Company had net assets of GBP3,963,000
of which cash was GBP3,873,000.
Review of the Company's activities
The Company has made some investments in line with its investing
policy in companies involved in trade finance for emerging
countries and other financial activities operating from the Far
East region. These investments have performed as expected. No
further investments were made in the period.
The financial markets began the third quarter in the shadow of
Brexit, when UK voters shocked investors by deciding to leave the
European Union (EU). Within a short period of time, however,
markets had largely recovered and volatility had fallen to levels
seen last year. The shift in mood was largely driven by evidence
that the initial impact of Brexit was shallower than many feared.
Economic growth indicators were slightly better than expected, and
investors were heartened by the belief that central banks would be
forced by Brexit to keep monetary policies loose.
Because of their higher economic growth and potentially higher
returns, emerging markets have received increasing attention from
investors in the developed world. Despite the attractiveness of
emerging markets, investing in them has many issues and associated
risks that are not present in the developed world. In the past
several years, a great deal of research has been conducted on
emerging market issues. The prominent areas are those concerning
returns, corporate governance, and currency issues.
In the light of the above factors the Company may now look at
investment opportunities in developed countries such as those in
mainland Europe as well as in emerging countries in the Far East
although no such investments will be made unless shareholders'
approval to a change of investing policy is obtained.
I would like to thank shareholders for their continued
support.
Haresh Kanabar
Chairman
19 December 2016
Contacts:
Hermes Pacific Investments www.hermespacificinvestments.com
plc
Haresh Kanabar, Chairman +44 (0) 207 290 3340
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
Unaudited Income Statement for the year ended 30 September
2016
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
Note GBP'000 GBP'000 GBP'000
Continuing activities
Revenue - - -
Cost of sales - - -
Gross loss/profit - - -
Other operating income - - -
Administrative expenses (39) (51) (104)
Operating loss (39) (51) (104)
Finance income 8 7 13
Finance costs - - -
Loss on ordinary activities
before taxation (31) (44) (91)
Tax expense - - -
Loss for the period from
continuing activities (31) (44) (91)
Other comprehensive income
Gain/(Loss) arising in
the year 6 - (38)
Loss for the period (25) (44) (129)
Basic and diluted loss
per share
From continuing operations 3 (1.9)p (1.9)p (3.9)p
Unaudited Balance Sheet as at 30 September 2016
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Investments 112 99 106
112 99 106
Current assets
Trade and other receivables 5 5 1
Cash and cash equivalents 3,873 3,954 3,916
Total current assets 3,878 3,959 3,917
Total assets 3,990 4,058 4,023
Liabilities
Current liabilities
Trade and other Payables (27) (30) (35)
Net assets 3,963 4,028 3,988
Equity
Share Capital 2,333 2,333 2,333
Deferred Share capital 1,243 1,243 1,243
Share premium account 5,781 5,781 5,781
Share Based payments reserves 139 139 139
Revaluation reserve (61) (74) (67)
Retained losses (5,472) (5,394) (5,441)
Equity attributable to equity
holders of the parent 3,963 4,028 3,988
Unaudited Statement of Changes in Equity
Share
Ordinary Deferred Based
share share Share payments Revaluation Retained
capital capital premium reserves reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended
30 September
2015
At 31 March 2015 2,333 1,243 5,781 139 (29) (5,350) 4,117
Total comprehensive
loss for the
period - - - - (45) (44) (89)
At 30 September
2015 2,333 1,243 5,781 139 (74) (5,394) 4,028
Period ended
31 March 2016
At 30 September
2015 2,333 1,243 5,781 139 (74) (5,394) 4,028
Total comprehensive
gain/loss for
the period - - - - 7 (47) (40)
At 31 March 2016 2,333 1,243 5,781 139 (67) (5,441) 3,988
Six months ended
30 September
2016
At 31 March 2016 2,333 1,243 5,781 139 (67) (5,441) 3,988
Total comprehensive
loss for the
period - - - - 6 (31) (25)
At 30 September
2016 2,333 1,243 5,781 139 (61) (5,472) 3,963
Unaudited Cash Flow Statement for the Year ended 30 September
2016
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
Cash outflow from operating activities (51) (61) (105)
Net cash flow from operating activities (51) (61) (105)
Cash flows from financing activities
Other income 8 7 13
Net cash used in financing activities-continuing
operations 87 7 13
Net cash from financing activities 8 7 13
-------------- -------------- ----------
Decrease in cash and cash equivalents (43) (54) (92)
Cash and cash equivalents at start
of the period 3,916 4,008 4,008
Cash and cash equivalents at end
of the period 3,873 3,954 3,916
============== ============== ==========
Notes to the unaudited consolidated interim statement for the
period ended 30 September 2016
1. Basis of preparation
Hermes Pacific Investments Plc. is a public limited company
incorporated and domiciled in United Kingdom. The Company is an AIM
listed investment vehicle.
These Interim accounts have been prepared using the accounting
policies to be applied in the annual report and accounts for the
period ending 31 March 2017. These are consistent with those
included in the previously published annual report and accounts for
the period ended 31 March 2016, which have been prepared in
accordance with IFRS as adopted by the European Union.
The preparation of the interim statement requires management to
make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and
liabilities, income and expenses. Actual results may differ from
these estimates.
The interim financial statements are unaudited and do not
constitute statutory accounts as defined in section 434(3) of the
Companies Act 2006.
The figures for the year ended 31 March 2016 have been extracted
from the audited annual report and accounts that have been
delivered to the Registar of Companies. BSG Valentine, the
Company's auditors, reported on those accounts. Their report was
unqualified and did not contain a statement under section 498 of
that Companies Act 2006.
2. Accounting policies
The following accounting policies have been applied consistently
in dealing with items which are considered material in relation to
the company's financial statements.
Going concern
The financial statements have been prepared on a going concern
basis as, after making appropriate enquiries, the Directors have a
reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future at the
time of approving the financial statements.
Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of the company's accounting policies
with respect to the carrying amounts of assets and liabilities at
the date of the financial statements, the disclosure of contingent
assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting
period. The judgements, estimates and associated assumptions are
based on historical experience and various other factors that are
believed to be reasonable under the circumstances, including
current and expected economic conditions. Although these
judgements, estimates and associated assumptions are based on
management's best knowledge of current events and circumstances,
the actual results may differ. Estimates and underlying assumptions
are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the year in which the estimate is
revised and in any future years affected.
The judgements, estimates and assumptions which are of most
significance to the Company are detailed below:
Valuation of share based payments
The charge for share based payments is calculated in accordance
with the accounting policy as set out below. The model requires
highly subjective assumptions to be made including the future
volatility of the Company's share price, expected dividend yield
and risk-free interest rates.
Goodwill
Goodwill represents the excess of the cost of an acquisition
over the fair value of the Company's share of the net identifiable
assets of the acquired subsidiary at the date of acquisition.
Goodwill is included in intangible assets and is tested annually
for impairment or when there is an indication of impairment. Any
impairment is recognised immediately in the income statement and is
not subsequently reversed.
Revenue recognition
Revenue represents the fair value of the consideration received
or receivable, net of Value Added Tax, for goods sold and services
provided to customers after deducting discounts. Revenue is
recognised when the significant risks and rewards of ownership are
transferred.
Deferred taxation
Deferred taxation is provided in full using the liability method
on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax is determined using tax rates
that have been enacted or substantially enacted by the balance
sheet date and are expected to apply when the related deferred tax
asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against which
the temporary differences can be utilised.
Share based payments
The Company operates an employee share scheme under which it
makes equity-settled share based payments to certain employees. For
share based payments to employees of the Company, the fair value is
determined at the date of grant using a Black Scholes model, and is
expensed on a straight line basis together with a corresponding
increase in equity over the vesting period, based on the group's
estimate of the number of shares that will vest.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short term highly liquid funds with original
maturities of three months or less and bank overdrafts. Bank
overdrafts are shown within borrowing in current liabilities on the
balance sheet.
Investments available for sale
Investments classified as available for sale are initially
recorded at fair value including transaction costs. Quoted
investments are held at fair value and measured either at bid price
or latest traded price, depending on convention of the exchange on
which the investment is quoted. Such instruments are subsequently
measured at fair value with gains and losses being recognised
directly in equity until the instrument is disposed of or is
determined to be impaired, at which time the cumulative gain or
loss previously recognised in equity is recycled to the income
statement and recognised in profit or loss for the period.
Impairment losses are recognised in the Income Statement when there
is objective evidence of impairment.
Financial instruments
Financial assets and liabilities are recognised in the balance
sheet when the company becomes party to the contractual provisions
of the instrument.
Trade and other receivables
Trade receivables are measured at cost less any provision
necessary when there is objective evidence that the Company will
not be able to collect all amounts due.
Trade and other payables
Trade and other payables are not interest bearing and are
measured at original invoice amount.
3. Loss per ordinary share
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
Basic
Loss from continuing activities (25) (44) (91)
Total loss (25) (44) (91)
Basic loss per share (pence)
From continuing operations (1.07)p (1.9)p (3.9)p
(1.07)p (1.9)p (3.9)p
Weighted average number of
shares 2,333,295 2,333,295 2,333,295
There was no dilutive effect from the share options outstanding
during the period.
4. Copies of this statement will be available on the Company's
website www.hermespacificinvestments.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFIRFTLRLIR
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