Final Results

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 £91,000, which is lower than the loss of £115,000 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 £3,988,000.

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 £3.916 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 £129,000 compared to a loss of £101,000 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 Plc	www.hermespacificinvestments.com
Haresh Kanabar, Non-Executive Chairman	Tel:  +44 (0)  207 290 3340
WH Ireland Limited (Nominated Adviser & Broker)	www.wh-ireland.co.uk
Mike Coe/Ed Allsopp	Tel: [phone]

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2016
		Year ended 31 March	Year ended 31 March
	Note	2016	2015
		£'000	£'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 Total comprehensive loss for the year		(38) (129)	14 (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  31 March	As at 31 March
		2016	2015
		£'000	£'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 Revaluation reserve		139                 (67)	139                   (29)
Retained earnings		(5,441)	(5,250)
TOTAL EQUITY		3,988	4,117

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2016

		Year ended 31 March 2016	Year ended 31 March 2015
		£'000	£'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 Cost of share issue		- 13 -	- 15 -
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 YEAR ENDED 31 MARCH 2016

	Ordinary share capital	Deferred share capital	Share premium	Share based payments reserve	Retained earnings	Revaluation reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 April 2014 Share re-organisation	2,333 -	1,243 -	5,781        -	139 -	(5,235)                    -	(43)                    -	4,218          -
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  31 March 2016		Year ended 31 March 2015
		£'000		£'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  31 March 2016		Year ended  31 March 2015
	Basic
	Loss from continuing activities (£'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.

 

END

 

 

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