TIDMHPAC
RNS Number : 3446R
Hermes Pacific Investments PLC
20 September 2017
21 September 2017
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Final results for the year ended 31 March 2017
Hermes Pacific Investments Plc today reports its financial
results for the year ended 31 March 2017.
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 2017.
During the year, the Company had no revenues as it does not have
any operating business and the Company made a loss of GBP95,000,
which is marginally higher than the loss of GBP91,000 reported for
the previous financial year. Our focus as in previous years 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 GBP3,922,000.
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. 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 2017 stands at GBP3.814 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
GBP66,000 compared to a loss of GBP129,000 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 strong 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.
Britain's decision to leave the European Union ("Brexit") has
created a period of increased uncertainly and is a significant
issue for most businesses in most sectors. Most UK providers of
financial services and investment companies like Hermes cannot say
with certainty to their shareholders what impact Brexit will have
on them. The main impact of Brexit so far has been a significant
fall in the value of the pound. The fall in the pound against the
US dollar, a preferred currency for overseas transactions, has had
a significant impact on the Company's investment decision making
process. It has tightened Company's evaluation criteria.
The Company continues to seek attractive investment
opportunities that will enhance the shareholder value while
minimising the downside risks.
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.whirelandcb.com
Adviser & Broker)
Mike Coe/Ed Allsopp Tel: +44 (0) 117
945 3470
Statement of comprehensive income for the year ended 31 March
2017
Year ended Year ended
31 March 31 March
Note 2017 2016
GBP'000 GBP'000
Continuing operations
Revenue - -
Cost of sales - -
gross profit - -
Other operating income - -
Administrative expenses 2 (106) (104)
Operating loss (106) (104)
Finance income 11 13
Finance costs - -
Loss on ordinary activities
before tax (95) (91)
Tax expense - -
Loss for the year from
continuing activities (95) (91)
Discontinued operations
Loss for the year from - -
discontinued operations
Loss for the year (95) (91)
Other comprehensive income
Available-for-sale financial
assets:
Gains/(losses) arising
in the year
29 (38)
Total comprehensive loss
for the year (66) (129)
Basic and diluted loss
per share
From continuing operations 3 (4.0)p (3.9)p
(4.0)p (3.9)p
Statement of financial position as at 31 March 2017
As at As at
31 March 31 March
2017 2016
GBP'000 GBP'000
ASSETS
Non-current assets
Investments 135 106
135 106
Current assets
Trade and other receivables 1 1
Cash and cash equivalents 3,814 3,916
3,815 3,917
LIABILITIES
Current liabilities
Trade and other payables (28) (35)
(28) (35)
Net current assets 3,787 3,882
NET ASSETS 3,922 3,988
SHAREHOLDERS' EQUITY
Issued share capital 3,576 3,576
Share premium account 5,781 5,781
Share based payments reserve 139 139
Revaluation reserve (38) (67)
Retained earnings (5,536) (5,441)
TOTAL EQUITY 3,922 3,988
Cash flow statement for the year ended 31 March 2017
Year ended Year ended
31 March 31 March
2017 2016
GBP'000 GBP'000
Cash flows from operating
activities (113) (105)
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 11 13
Cost of share issue - -
Net cash from financing
activities 11 13
(Decrease) in cash and
cash equivalents (102) (92)
Cash and cash equivalents
at start of period 3,916 4,008
Cash and cash equivalents
at end of period 3,814 3,916
Statement of changes in equity for the year ended 31 March
2017
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 2015
Share 2,333 1,243 5,781 139 (5,350) (29) 4,117
re-organisation - - - - - - -
Share issue - - - - - - -
Total
comprehensive
loss for the
period - - - - (91) (38) (129)
At 1 April 2016 2,333 1,243 5,781 139 (5,441) (67) 3,988
Share - - - - - - -
re-organisation
Share issue - - - - - - -
Total
comprehensive
loss/profit for
the period - - - - (95) 29 (66)
At 31 March 2017 2,333 1,243 5,781 139 (5,536) (38) 3,922
Notes to the financial statements for the year ended 31 March
2017
1. Statement of compliance
The financial statements comply with International Financial
Reporting Standards as adopted by the European Union. At the date
of approval of these financial statements, the following Standards
and Interpretations affecting the Company, which have not been
applied in these financial statements, were in issue, but not yet
effective (and in some cases had not been adopted by the EU):
2. Operating loss
Year ended Year ended
31 March 31 March
2017 2016
GBP'000 GBP'000
The operating loss is stated
after charging the following,
included in administrative
expenses:
Staff costs 44 48
Other admin costs 62 56
106 104
3. Loss per share
Year ended Year ended
31 March 31 March
2017 2016
Basic
Loss from continuing activities
(GBP'000) (95) (91)
(95) (91)
Number of shares 2,333,295 2,333,295
Basic loss per share (p)
From continuing operations (4.0)p (3.9)p
(4.0)p (3.9)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 2017 or 31 March 2016. The financial information has been
extracted from the statutory accounts of the Company for the years
ended 31 March 2017 and 31 March 2016.
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 2016 have
been delivered to the Registrar of Companies, whereas those for the
year ended 31 March 2017 will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
5. Annual Report
The Annual Report will be posted to shareholders and will be
available from the Company's website
(www.hermespacificinvestments.com) today.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URSVRBOAKUAR
(END) Dow Jones Newswires
September 21, 2017 02:00 ET (06:00 GMT)
Hermes Pacific Investments (LSE:HPAC)
Historical Stock Chart
From Apr 2024 to May 2024
Hermes Pacific Investments (LSE:HPAC)
Historical Stock Chart
From May 2023 to May 2024