TIDMHPAC
RNS Number : 1101Z
Hermes Pacific Investments PLC
13 December 2017
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Unaudited interim results for the six months ended 30 September
2017
Chairman's Statement
I am pleased to report the results and developments at Hermes
Pacific Investments plc ("HPAC" or the "Company") for the six
months ended 30 September 2017. During the period under review the
Company made a loss of GBP47,000 which is in line with the loss
reported for the corresponding period in the previous year. HPAC
had no revenues owing to a lack of any operating business and it
continues to manage its costs effectively while bringing the
spending to a minimum. The Company continues to seek investments
opportunities which would fit its business strategy. At the period
end the Company had net assets of GBP3,884,000 of which cash was
GBP3,774,000.
Review of the Company's activities
Hermes Pacific Investments plc is an investing company with a
focus on investing in the emerging markets of the Far East
including South East Asia. An investment can be via an acquisition
of an equity interest or direct interests in projects. it made no
investments in the six months under review.
The period under review has been influenced by the recent
unprecedented national events resulting in the devaluation of
sterling further to the outcome of the EU referendum on 23 June
2016, where the UK voters' decided to leave the European economic
zone, and the UK government commencing exit negotiations together
with the sudden, unpredicted change of the UK government. The main
impact of those changes has been a significant drop in the British
currency. The devaluation of the pound against the US dollar, which
is a preferred currency for overseas transactions, has affected
Company's investment evaluation process by making opportunities
more expensive..
Developments reflecting anti-globalisation moods have been
observed not only in Europe but also North America. The sentiment
encouraging "we are better off alone" movement can be seen through
events such as the election of populist leaders who tend to promote
isolationist policies. Since the election of Donald Trump the US
has rejected the Trans Pacific Partnership which connects East Asia
(excluding China) with the US, Canada, South America and
Australasia in a broad-spectrum trade agreement. A similar event to
the rejection by the UK of the European economic cooperation
model.
This is in contrast to Asia where the trend is reversed. The
Association of South East Asian Nations consisting of 10 Member
States recently approved the ASEAN Economic Community with free
trade and free labour movement. The company's preferred investment
targets are within these emerging economies where countries leaders
have recognised greater economic outcomes may be achieve by growing
together rather than apart. More so, over 0.5 billion people of the
Far East region experienced a drastic change in the standard of
living and increased opportunities over the past decade. The region
continues to grow faster than the rest of the world. The region's
domestic demand and consumption is bound to be driven by its
growing middle class and supported by corporate earnings and the
anticipated long period of economic growth.
Outlook
Despite the uncertainty in the global market, the Company sees
great growth potential in the higher-yielding emerging markets.
Therefore, while the Company may assess other investment
opportunities, Asia remains the focus of its investment
strategy.
I would like to thank shareholders for their continued
support.
Haresh Kanabar
Chairman
15 December 2017
Contacts:
Hermes Pacific Investments www.hermespacificinvestments.com
plc
Haresh Kanabar, Chairman +44 (0) 207 290 3340
WH Ireland Limited www.whirelandcb.com
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
Unaudited Income Statement for the year ended 30 September
2017
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
Note GBP'000 GBP'000 GBP'000
Continuing activities
Revenue - - -
Cost of sales - - -
Gross loss/profit - - -
Other operating income - - -
Administrative expenses (50) (39) (106)
Operating loss (50) (39) (106)
Finance income 3 8 11
Finance costs - - -
Loss on ordinary activities
before taxation (47) (31) (95)
Tax expense - - -
Loss for the period from
continuing activities (47) (31) (95)
Other comprehensive income
Gain/(loss) arising in
the year 9 - 29
Loss for the period (38) (25) (66)
Basic and diluted loss
per share
From continuing operations 2 (1.6)p (1.9)p (4.0)p
Unaudited Balance Sheet as at 30 September 2017
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Investments 144 112 135
144 112 135
Current assets
Trade and other receivables 5 5 1
Cash and cash equivalents 3,774 3,873 3,814
Total current assets 3,779 3,878 3,815
Total assets 3,923 3,990 3,950
Liabilities
Current liabilities
Trade and other payables (39) (27) (28)
Net assets 3,884 3,963 3,922
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 (29) (61) (38)
Retained losses (5,583) (5,472) (5,536)
Equity attributable to equity
holders of the parent 3,884 3,963 3,922
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
2016
At 31 March 2016 2,333 1,243 5,781 139 (67) (5,441) 3,988
Total comprehensive
gain/loss for
the period - - - - 6 (31) (25)
At 30 September
2016 2,333 1,243 5,781 139 (61) (5,472) 3,963
Period ended
31 March 2017
At 30 September
2016 2,333 1,243 5,781 139 (61) (5,472) 3,963
Total comprehensive
gain/loss for
the period - - - - 23 (64) (41)
At 31 March 2017 2,333 1,243 5,781 139 (38) (5,536) 3,922
Six months ended
30 September
2017
At 31 March 2017 2,333 1,243 5,781 139 (38) (5,536) 3,922
Total comprehensive
gain/loss for
the period - - - - 9 (47) (38)
At 30 September
2017 2,333 1,243 5,781 139 (29) (5,583) 3,884
Unaudited Cash Flow Statement for the Year ended 30 September
2017
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
Note GBP'000 GBP'000 GBP'000
Cash outflow from operating activities (43) (51) (113)
Net cash flow from operating activities (43) (51) (113)
Cash flows from financing activities
Other income 3 8 11
Net cash used in financing activities
- continuing operations 3 8 11
Net cash from financing activities 3 8 11
-------------- -------------- -----------
Decrease in cash and cash equivalents (40) (43) (102)
Cash and cash equivalents at start
of the period 3,814 3,916 3,916
Cash and cash equivalents at end
of the period 3,774 3,873 3,814
Notes to the unaudited consolidated interim statement for the
six months ended 30 September 2017
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 2018. These are consistent with those
included in the previously published annual report and accounts for
the period ended 31 March 2017, 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 2017 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. Loss per ordinary share
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Basic
Loss from continuing activities (25) (25) (95)
Total loss (25) (25) (95)
Basic loss per share (pence)
From continuing operations (1.07)p (1.07)p (4.0)p
(1.07)p (1.07)p (4.0)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.
3. 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 LLFIFFVLFLID
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December 13, 2017 02:00 ET (07:00 GMT)
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