31 March 2018 - ENL

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 31 MARCH 2018

NAV PER SHARE

Rs 87.36

TURNOVER FROM CONTINUING OPERATIONS

PROFIT AFTER TAXATION FROM CONTINUING OPERATIONS

(2017: Rs 7,687M)

(2017: Rs 400M)

Rs 8,521M Rs 254M

(June 2017: Rs 90.06) 1. CONDENSED STATEMENTS OF FINANCIAL POSITION Mar 31, 2018

June 30, 2017

Rs’000

Rs’000

ASSETS

Continuing operations Turnover

Non-current assets Property, plant and equipment

20,427,554

20,207,350

Operating profit

Investment properties

20,396,118

20,222,424

(Loss)/profit on sale of land and investments

9,200,152

8,618,076

Loss on disposal of subsidiary company

Other non-current assets

2,792,645

3,079,655

Fair value adjustment on held for trading securities

52,816,469

52,127,505

Current assets Assets classified as held for sale Total assets

6,104,278

5,603,023

376,260

76,204

59,297,007

57,806,732

EQUITY AND LIABILITIES

Rs’000

2,573,947 2,274,137

Share of profits less losses of associated companies and jointly controlled entities Finance costs

COMMENTS ON THE FINANCIAL STATEMENTS Nine months ended Mar 31, 2017 Rs’000

8,521,432

7,687,173

168,480

192,417

660,392

917,957

(538)

3,845

13,213

18,091

31,790

124,095

31,790

124,095

(39,428)

-

(39,428)

-

3,983

2,203

1,832

3,726

-

-

(14,437)

-

167,729

108,824

416,384

115,131 (631,217)

Goodwill impaired

(227,055)

(204,446)

(675,564)

Profit before taxation

104,961

226,938

394,182

547,783

Income tax expense

(75,230)

(44,957)

(140,220)

(148,276)

29,731

181,981

253,962

399,507

(30,818)

(11,555)

(101,969)

(20,783)

(1,087)

170,426

151,993

378,724

(89,288)

5,651

(89,288)

5,651

22,191

65,066

30,788

90,393

-

-

6,100

-

2,540

(12,856)

(334,674)

(190,290)

Profit after taxation from continuing operations Discontinuing operations

Equity and reserves 25,980,189

Equity holders' interests

26,779,079

Post tax loss from discontinuing operations (Loss)/profit after taxation

Non-controlling interests

10,823,772

10,692,249

Total equity and reserves

36,803,961

37,471,328

Non-current liabilities

15,969,726

12,233,679

6,234,056

8,101,725

Current liabilities

Other comprehensive income Release to income on disposal of investments Fair value movement on available for sale financial assets Surplus on revaluation of land and buildings

Liabilities associated with assets classified as held for sale

Share of comprehensive income of associates

Total equity and liabilities

289,264

-

59,297,007

57,806,732

3. CONDENSED CASH FLOW STATEMENTS

7,940

(19,700)

8,640

(61,657)

65,801

(406,774)

(85,606)

Total comprehensive income for the period

(62,744)

236,227

(254,781)

293,118

(102,071)

110,632

(64,898)

153,059

100,984

59,794

216,891

225,665

(1,087)

170,426

151,993

378,724

(153,691)

160,216

(364,428)

86,221

90,947 (62,744)

76,011 236,227

109,647 (254,781)

206,897 293,118

Equity holders of the Company

Nine months ended Mar 31 2018

Nine months ended Mar 31, 2017

Rs’000

Rs’000

410,323

1,305,715

(1,151,727)

(1,406,252)

796,471

(805,441)

55,067

(905,978) 439,623

Amalgamation adjustment

1,004

-

Effects of exchange rate changes

5,919

(14,716)

44,342

2,900

Other comprehensive income for the period

Exchange difference on translation of foreign entities

(Loss)/profit after taxation attributable to:

(17,648)

Closing cash and cash equivalents

Rs’000

Nine months ended Mar 31, 2018 Rs’000

Excess of fair value of the share of net assets over acquisition price

Investment in associated companies and jointly controlled entities

Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net movement in cash and cash equivalents Opening cash and cash equivalents

Quarter ended Mar 31, 2017

(481,071)

Non-controlling interests Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests

Per share data (Loss)/profit attributable to equity holders of the Company from continuing operations (Rs'000) Loss attributable to equity holders of the Company from discontinuing operations (Rs'000) Number of ordinary shares in issue ('000) Basic (loss)/earnings per share from continuing operations (Rs) Basic loss per share from discontinuing operations (Rs) Dividend per share (Rs) Net asset value per share (Mar 31, 2018/June 30, 2017) (Rs)

(71,305)

116,889

36,896

(30,766)

(6,257)

(101,794)

(11,253)

295,847

295,847

295,847

295,847

(0.24)

0.40

0.12

0.56

(0.10)

(0.02)

(0.34)

(0.04)

-

-

0.59

0.59

87.36

90.06

164,312

4. SEGMENT INFORMATION ON CONTINUING OPERATIONS

Rs’000



49,390

145,960

676,637

816,705

600,486

457,113

1,884,261

1,571,401



Rs’000 TURNOVER Agro-industry Real estate

10,461

7,977

53,550

50,784

Hospitality

982,920

703,503

2,693,375

2,152,658

Logistics

750,294

815,709

2,686,995

2,619,500

Fintech

180,396

143,875

526,614

476,125

2,573,947

2,274,137

8,521,432

7,687,173

Land and investment

(78,341)

14,528

41,372

4,329

21,958

88,215

72,967

(82,395)

49,808

(247,580)

(63,617)

Hospitality

200,498

110,037

260,125

75,905

Logistics

(14,440)

(13,300)

62,940

67,260

Agro-industry Real estate Land and investment

The Group has converted all its preference shares of New Mauritius Hotels (NMH) into ordinary shares and now holds 38.1% of its issued ordinary share capital. The conversion gave rise to a profit of Rs 32m on consolidation. COMMENTS ON RESULTS Group turnover for the nine months advanced by 11% with increases noted across all the operational segments save agro-industry. The increase was mainly driven by the good performance of: - hospitality which benefitted from a higher occupancy and better exchange rates - real estate following the re-opening of the Phoenix mall. Operating profits decreased by 28% essentially due to the losses incurred by the sugar activities. The results were affected by the combination of a reduced sugar tonnage and price coupled with a decrease in value of the standing cane. The Group’s associated companies and jointly controlled entities continued to post strong results with share of profit amounting to Rs 416m compared with Rs 115m last year. This increase derives mainly from higher profits from the Eclosia group and improved results of NMH. Post tax profit from continuing operations was however lower than last year’s when results were impacted positively by the exceptional profit arising from the acquisition of an additional stake in NMH. OUTLOOK ON CONTINUING ACTIVITIES The launch of Moka Smart City has been well received and strong interest was noted for all the products on offer. However, we have yet to materialise sales due to delays in securing the final permits which are expected shortly. The dire situation of the sugar sector is a serious cause for concern. A joint committee has been set up at national level to thoroughly assess the situation and propose remedies to see the sector through these difficult times. By order of the Board ENL Limited Company Secretary

14 May 2018

Notes: The interim financial statements to 31 March 2018 are unaudited. They have been prepared using the same accounting policies and methods of computation followed per the audited financial statements for the year ended 30 June 2017. These condensed financial statements are issued pursuant to Listing Rules 12.20 and 12.21 and section 88 of the Securities Act 2005. Copies of this report are available free of charge to the public at the registered office of the company at ENL House, Vivéa Business Park, Moka. Copies of the statement of direct and indirect interests of the senior officers of the Company pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 are available free of charge to the public upon request to the Company Secretary at the registered office of the Company at ENL House, Vivéa Business Park, Moka.

196,882

80

(1,050)

48,890

50,110

29,731

181,981

253,962

399,507

Fintech

5. CONDENSED STATEMENTS OF CHANGES IN EQUITY Share capital Rs’000 7,185,683

Attributable to owners of the parent Fair value Associated Retained and other companies earnings reserves Rs’000 1,707,903

Rs’000 7,877,116

Rs’000 8,937,269

Total Rs’000 25,707,971

Noncontrolling Total interests Rs’000 Rs’000 9,592,405 35,300,376

Effect of change in ownership interest not resulting in loss of control

-

(2,859)

298

(75,490)

(78,051)

38,679

Acquisition and deconsolidation of group companies

-

(358)

2,210

14,276

16,128

60,615

76,743

Issue of shares to non-controlling shareholders

-

-

-

-

-

86,600

86,600 (4,556)

(39,372)

Capital reduction in subsidiary company

-

-

-

-

-

(4,556)

Transfer to retained earnings on sale of land

-

-

(25,068)

25,068

-

-

-

Profit for the period

-

67,404

-

85,655

153,059

225,665

378,724


-

(141,956)

75,118

-

(66,838)

(18,768)

(85,606)

Dividends

-

-

-

(174,550)

(174,550)

-

(174,550)

Dividends paid by subsidiaries to non-controlling shareholders

-

-

-

-

-

(110,119)

(110,119)

At Mar 31, 2017

7,185,683

1,630,134

7,929,674

8,812,228

25,557,719

9,870,521

35,428,240

At July 1, 2017

7,185,683

1,591,570

8,643,378

9,358,448

26,779,079

10,692,249

37,471,328

Effect of change in ownership interest not resulting in loss of control

-

219

4,085

(306,699)

(302,395)

187,154

(115,241)

Acquisition and deconsolidation of group companies

-

776

-

53,175

53,951

(100,344)

(46,393)

Issue of shares to non-controlling shareholders

-

-

-

-

-

83,088

83,088

Transfer to retained earnings on sale of land

-

-

(15,502)

15,502

-

-

-

Transfer to retained earnings on disposal of associated companies

-

24,563

-

(24,563)

-

-

-

Movement in reserves

-

(11,468)

-

-

(11,468)

(7,732)

(19,200)

Profit/(loss) for the period

-

301,706

-

(366,604)

(64,898)

216,891

151,993


-

(248,017)

(51,513)

-

(299,530)

(107,244)

(406,774)

Dividends

-

-

-

(174,550)

(174,550)

-

(174,550)

Dividends paid by subsidiaries to non-controlling shareholders

-

-

-

-

-

(140,290)

(140,290)

7,185,683

1,659,349

8,580,448

8,554,709

25,980,189

10,823,772

36,803,961

At Mar 31, 2018

CORPORATE DEVELOPMENT

The Board of Directors of ENL Land Ltd accepts full responsibility for the accuracy of the information contained in this communiqué.

SEGMENT RESULTS AFTER TAXATION

At July 1, 2016

Rs 0.12 (2017: Rs 0.56)

2. C ONDENSED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Quarter ended Mar 31, 2018

EARNINGS PER SHARE FROM CONTINUING OPERATIONS

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