Half Yearly Report

RNS Number : 0581P

SKIL Ports & Logistics Limited

27 September 2013

 



SKIL Ports & Logistics Limited

("SPL" or the "Company")

Interim Report for the Period ended 30 June 2013

The Company is pleased to announce its interim results for the period ended 30 June 2013.

SPL Chairman's Statement

Since the time of the release of the Company's final results in June,   I am pleased to report that the Ground Breaking ceremony has taken place and that development work continues in line with management's expectations.

With the monsoon season drawing to a close, the project's EPC contractor advises that activity on the site will accelerate as planned. The Board believes that it remains on track to achieve its goal of completing a world class facility near Mumbai where the demand and macro-economic factors remain compelling.

The cash and cash equivalent balances of the Company were £62.8 million as at 30 June 2013 and the Company expects to provide regular updates of progress during the construction phase.

Enquiries

SPL - Pavan Bakhshi

[phone]

Cenkos Securities Plc - Stephen Keys
020 7397 8926

. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period ended 30 June 2013
		6 months to 30 June 2013	6 months to 30 June 2012	Year to 31 Dec 2012
		£000	£000	£000
CONTINUING OPERATIONS
Revenue		-	-	-
Administrative Expenses		(519)	(514)	(1,118)
OPERATING LOSS		(519)	(514)	(1,118)
Finance Income		2,422	2,693	5,114
Finance Cost		-	-	-
NET FINANCING INCOME		2,422	2,693	5,114
PROFIT BEFORE TAX		1,903	2,179	3,996
Tax expense for the  period /year		(784)	(1,226)	(1,982)
PROFIT FOR THE  PERIOD  / YEAR		1,119	953	2,014
Profit for the period /  year attributable to:
Non-controlling interest		4	34	8
Owners of the parent		1,115	919	2,006
		1,119	953	2,014
OTHER COMPREHENSIVE INCOME/(EXPENSE)
Profit for the period /year		1,119	953	2,014
Exchange differences on translating foreign operations		(1,504)	(1,353)	(1,876)
Total Comprehensive Income/(Expense) for the  period /year		(385)	(400)	138
Total Comprehensive Income for the period /year attributable to:
Non-controlling interest		4	34	-
Owners of the parent		(389)	(434)	138
		(385)	(400)	138
Earnings per share (consolidated):
Basic & Diluted, for the year/period attributable to ordinary equity holders (£)		0.025	0.021	0.046

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2013
			Period ended 30 June 2013	Period ended 30 June 2012	Year ended 31 Dec 2012
			£000	£000	£000
Assets
Property, plant and equipment			2,023	586	1,951
Total non-current assets			2,023	586	1,951
Trade and other receivables			1,680	346	363
Cash and cash equivalents			62,796	63,187	64,180
Total current assets			64,476	63,533	64,543
Total assets			66,499	64,119	66,494
Equity
Share Premium			71,590	71,590	71,590
Retained earnings			5,388	2,820	4,273
Translation Reserve			(15,204)	(13,177)	(13,700)
Equity attributable to owners of parent			61,774	61,233	62,163
Non-controlling Interest			12	165	8
Total equity			61,786	61,398	62,171
Liabilities
Non-current
Borrowings			29	-	64
Non-current Liabilities			29	-	64
Current
Current tax liabilities			4,130	2,590	3,435
Trade and other payables			554	131	824
Current liabilities			4,684	2,721	4,259
Total liabilities			4,713	2,721	4,323
Total equity and liabilities		66,499		64,119	66,494

CONSOLIDATED STATEMENT OF CASH FLOWS
for the period ended 30 June 2013
		6 months to 30 June 2013	6 months to 30 June 2012	Year to 31 Dec 2012
		£000	£000	£000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit Before Tax		1,903	2,179	3,996
Adjustments (note 5)		(2,500)	(2,693)	(5,105)
Operating profit before working capital changes		(597)	(514)	(1,109)
Net changes in working capital		(1,622)	(588)	450
Net cash used in operating activities		(2,219)	(1,102)	(659)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment		(83)	(258)	(1,632)
Finance Income		2,422	2,693	5,114
Net cash from investing activities		2,339	2,435	3,482
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital (net of issue cost)		-	160	-
Net cash from financing activities		-	160	-
Net change in cash and cash equivalents		120	1,493	2,823
Cash and cash equivalents, beginning  of the period /year		64,180	63,447	63,447
Exchange differences on cash and cash equivalents		(1,504)	(1,753)	(2,090)
Cash and cash equivalents, end of the period / year		62,796	63,187	64,180

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1. Reporting entity

SKIL Ports & Logistics Limited (the "Company") was incorporated in Guernsey under the Companies (Guernsey) Law 2008 on 24 August 2010. The condensed interim consolidated financial statements of the Company for the period ended 30 June 2013 comprise the Company and its subsidiaries (together referred to as the "Group"). The Company has been established to develop, own and operate port and logistics facilities.

2. General information and basis of preparation

The condensed interim consolidated financial statements are for the period ended 30 June 2013. The condensed interim consolidated financial statements are prepared under AIM 18 guidance. They have been prepared on the historical cost basis. They do not include all of the information required in annual financial statements in accordance with IFRS. The condensed interim consolidated financial statements are not audited.

The condensed interim consolidated financial statements are presented in Great Britain Pounds Sterling (£), which is the functional currency of the parent company. The preparation of the condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these consolidated financial statements, the significant judgments made by management applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the annual IFRS financial statements.

The Company's financing effort to date is considered sufficient to enable the Company to fund all aspects of its operations. As a result, the condensed interim consolidated financial statements have been prepared on a going concern basis.

The condensed interim consolidated financial statements have been approved for issue by the Board of Directors on August 30, 2013.

3. Significant accounting policies

The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 December 2012. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these interim financial statements.

4. The loss for the period is calculated after charging a loss of £ 1,504,000 on the retranslation of cash balances held in Indian rupees to Great Britain Pounds Sterling (£).

5. Cash Flow Adjustments and changes in working capital

The following non-cash flow adjustments and adjustments for changes in working capital have been made to profit before tax to arrive at operating cash flow:

	Period ended	Period ended	Year ended
	30-Jun-13	30-Jun-12	31-Dec-12
	£000	£000	£000
Adjustments
Depreciation	11	-	9
Finance income	-2,422	-2,693	-5,114
Tax Expense	-784	-	-
Change in current tax liabilities	695	-	-
	-2,500	-2,693	-5,105
Net changes in working capital
Change in Trade and other payables	-305	-306	-299
Change in trade and other receivables	-1,317	-282	749
	-1622	-588	450

 

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