TIDMHPAC
RNS Number : 0833J
Hermes Pacific Investments PLC
18 December 2020
18 December 2020
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Unaudited interim results for the six months ended 30 September
2020
Chairman's Statement
I am pleased to report the results for Hermes Pacific
Investments plc ("HPAC" or the "Company") for the six months ended
30 September 2020. During the period under review the Company made
a loss on ordinary activities before taxation of GBP52,000 which is
marginally more than the loss reported for the corresponding period
in the previous year. The Company's financial performance is in
line with our expectations. HPAC had no revenues owing to a lack of
any operating business and it continues to manage its costs
effectively whilst bringing its spending to a minimum. The Company
is also considering possible investment opportunities which would
be compatible with its investment strategy. As at 30 September 2020
the Company had net assets of GBP3,567,000 of which cash was
GBP3,455,000.
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. During the period a number of investment
opportunities were evaluated but after careful consideration we
decided not to proceed on any of these possible opportunities as
they did not fit our investment criteria. Good long term returns
for our shareholders are uppermost in our minds and we will
continue our search of possible investments with this objective in
our mind. Whilst we appreciate that it is taking time to deploy our
cash it is very important to preserve shareholder value and
patiently seek out the right opportunities.
The outbreak of the Covid 19 pandemic dominated as a key
economic issue throughout the world. Whilst the outbreak started
early in 2020 some countries are now seeing second and third waves
and this has caused serious damage to economies and many countries
are reporting negative GDP numbers. Various Covid 19 vaccines have
been developed at record speeds making them available for public
use in under one year. Several countries have already started
administering the vaccines and hopefully that will help bring back
some form of normality and a return to economic growth but this
will no doubt take a considerable amount of time.
Whilst the United Kingdom left the European Union in early 2020
transitional arrangements have enabled free trade to continue but
these arrangements are to end on 31 December 2020 and negotiations
are ongoing with a view to agreeing a trade deal. If a trade deal
could be achieved than invariably the investment climate would be
much improved.
I would like to thank shareholders for their continued
support.
Haresh Kanabar
Chairman
17 December 2020
Contacts:
Hermes Pacific Investments plc www.hermespacificinvestments.com
Haresh Kanabar, Chairman +44 (0) 7802858893
WH Ireland Limited www.whirelandplc.com
Mike Coe, Chris Savidge +44 (0) 117 945 3470
Unaudited Income Statement for the year ended 30 September
2020
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2020 2019 2020
Note GBP'000 GBP'000 GBP'000
Continuing activities
Revenue - - -
Cost of sales - - -
Gross loss/profit - - -
Other operating income - - -
Administrative expenses (54) (53) (113)
Operating loss (54) (53) (113)
Finance income 2 5 19
Finance costs - - -
Loss on ordinary activities before
taxation (52) (48) (94)
Tax expense - - -
Loss for the period from continuing
activities (52) (48) (94)
Other comprehensive income
Gain/(Loss) Loss arising in the
year 10 14 (39)
Loss for the period (42) (34) (133)
Basic and diluted loss per share
From continuing operations 3 (2.2)p (2.0)p (4.0)p
Unaudited Balance Sheet as at 30 September 2020
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2020 2019 2020
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Investments 130 176 123
130 176 123
Current assets
Trade and other receivables 5 4 9
Cash and cash equivalents 3,455 3,555 3,506
Total current assets 3,460 3,559 3,515
Total assets 3,590 3,735 3,638
Liabilities
Current liabilities
Trade and other Payables (23) (27) (29)
Net assets 3,567 3,708 3,609
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 (40) 3 (50)
Retained losses (5,889) (5,791) (5,837)
Equity attributable to equity holders
of the parent 3,567 3,708 3,609
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 2019
At 31 March 2019 2,333 1,243 5,781 139 (11) (5,743) 3,742
Total comprehensive
loss for the period - - - - 14 (48) (34)
At 30 September 2019 2,333 1,243 5,781 139 3 (5,791) 3,708
Period ended 31 March
2020
At 30 September 2019 2,333 1,243 5,781 139 3 (5,791) 3,708
Total comprehensive
loss for the period - - - - (53) (46) (99)
At 31 March 2020 2,333 1,243 5,781 139 (50) (5,837) 3,609
Six months ended 30
September 2020
At 31 March 2020 2,333 1,243 5,781 139 (50) (5,837) 3,609
Total comprehensive
gain/loss for the
period - - - - 10 (52) (30)
At 30 September 2020 2,333 1,243 5,781 139 (40) (5,889) 3,567
Unaudited Cash Flow Statement for the Year ended 30 September
2020
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2020 2019 2020
Note GBP'000 GBP'000 GBP'000
Cash outflow from operating activities (53) (46) (109)
Net cash flow from operating activities (53) (46) (109)
Cash flows from financing activities
Other income 2 5 19
Net cash used in financing activities-continuing
operations 2 5 19
Net cash from financing activities 2 5 19
-------------- -------------- -----------
Decrease in cash and cash equivalents (51) (41) (90)
Cash and cash equivalents at start of the
period 3,506 3,596 3,596
Cash and cash equivalents at end of the
period 3,455 3,555 3,506
Notes to the unaudited consolidated interim statement for the
period ended 30 September 2020
1. Basis of preparation
Hermes Pacific Investments plc. is a public limited company
incorporated and domiciled in the 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 2021. These are consistent with those
included in the previously published annual report and accounts for
the period ended 31 March 2020, 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 2020 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.
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.
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
2020 2019 2020
GBP'000 GBP'000 GBP'000
Basic
Loss from continuing activities (52) (48) (94)
Total loss (52) (48) (94)
Basic loss per share (pence)
From continuing operations (2.2)p (2.0)p (4.0)p
(2.2)p (2.0)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.
4. Copies of this statement will be available on the Company's
website www.hermespacificinvestments.com .
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END
IR FFDFAWESSEFE
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