Dec 31, 2015 - (Rs). Dec 31, 2013. Dec 31, 2014. Dec 31, 2015. 0.35. 0.39. 1.00. ENL LIMITED REPORTS 21%. INCREASE IN OP
ENL LIMITED REPORTS 21% INCREASE IN OPERATING PROFITS
ENL LIMITED
ENL recorded a good set of operational results for the semester. Turnover was up 9% with operating profits pacing faster, increasing by 21%. Except for agriculture which was impacted by the combination of low sugar prices and a disappointing crop, the group’s other segments continued to perform well, posting increases in turnover and operating profits. The newly acquired subsidiaries also contributed to the better operational results.
UNAUDITED INTERIM FINANCIAL STATEMENTS-DECEMBER 31, 2015
A summary of the financial statements of the group for the second quarter and six months ended December 31, 2015 together with the comparative figures for the second quarter and six months ended December 31, 2014 is given below.
1. CONDENSED STATEMENT OF FINANCIAL POSITION
2. CONDENSED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
DEC 31, 2015 JUNE 30, 2015 Rs’000 ASSETS Non-current assets Property, plant and equipment Investment properties Investments in associated companies and jointly controlled entities Other non-current assets
Non-current assets classified as held-for-sale Total assets
Turnover
Rs’000
Rs’000
6,955,910 560,923
6,355,196 463,237
Operating profit Fair value gain/(loss) on held for trading securities
(4,157)
(1,580)
69
94
Profits on sale of land and investments
14,943
109,525
35,205
212,693
-
-
(700)
(29,345)
8,894
-
482,542
-
-
834
(305,441)
834
9,835,334
7,954,621 10,046,812 2,898,472 2,170,029 7,065,298
6,623,689
25,698 28,713 54,935,697 48,408,478
Non-controlling interests
16,495,867 16,480,745 17,282,213 16,230,439
Total equity and reserves
33,778,080 32,711,184
Non-current liabilities
13,259,202
Current liabilities Total equity and liabilities
7,898,415 6,680,040 54,935,697 48,408,478
9,017,254
Rs’000
Rs’000
436,536
349,095
Fair value loss arising on business combination Excess of fair value of the share of net assets over acquisition price
Profit before taxation Income tax expense Profit for the period Other comprehensive income Fair value adjustments on available for sale financial assets
(203,912)
Net cash flows from financing activities
(565,868)
Equity holders of the company Non-controlling interests
The various clusters are expected to continue to fare well for the second semester save agriculture which will continue to be affected by low sugar prices.
-
29,432
-
By order of the Board
-
(78,145)
-
Preety Gopaul, ACIS
179,609
247,333
249,606
297,554
(257,016) 278,035
(149,269) 553,162
(521,926) 451,565
(326,063) 619,004
(42,070) 235,965
(60,518) 492,644
(74,678) 376,887
(63,559) 555,445
42,008
(5,299)
35,211
31,571
-
(51,567)
-
(99,968)
9,000
3,033
18,842
14,533
(30,364) 20,644 256,609
(44,647) (98,480) 394,164
(36,427) 17,626 394,513
(83,042) (136,906) 418,539
45,978
197,312
108,378
214,763
189,987 235,965
295,332 492,644
268,509 376,887
340,682 555,445
February 15, 2016
Company Secretary
EPS / NAV / DPS Dec 31, 2013
EPS (Rs)
0.65
Dec 31, 2014
1.00
(601,440)
(420,685)
Opening cash and cash equivalents
364,204
244,217
Effects of exchange rate changes
(2,217)
(33,840)
Equity holders of the company
Earnings attributable to equity holders of the company (Rs ‘000)
(210,308)
Dec 31, 2015
0.51
Total comprehensive income attributable to :
Per share data
(239,453)
OUTLOOK
-
Release on disposal of investments Currency translation
The group recorded a significant decrease in profits on sale of non-strategic land and investments. These lower profits impacted negatively results for the semester with profit after taxation decreasing from Rs 555m to Rs 377m.
5,162
Acquisition related costs Share of results of associated companies and jointly controlled entities Finance costs
Non-controlling interests
Net cash flows from investing activities (2,875,324) 1,837,348
Bargain purchase
The associated companies and jointly-controlled entities continued to fare well. Results were in line with last year when the share of profits included the group’s interests in Bagaprop and Mall of Mauritius. The increase in finance costs stems from debts contracted to fund the expansion of the group and from the consolidation of the newly acquired subsidiaries.
Profit for the period attributable to:
SIX MONTHS SIX MONTHS ENDED DEC ENDED DEC 31, 2015 31, 2014 Net cash flows from operating activities
Reorganisation/relocation costs
Share of comprehensive income of associates Other comprehensive income for the period Total comprehensive income for the period
3. CONDENSED CASH FLOW STATEMENTS
Closing cash and cash equivalents
Rs’000 3,518,716 346,319
17,196,055
Equity and reserves
Net movement in cash and cash equivalents
Rs’000 3,628,364 330,600
19,795,553 19,703,901
EQUITY AND LIABILITIES Equity holders’ interests
QUARTER QUARTER SIX MONTHS SIX MONTHS ENDED DEC ENDED DEC ENDED DEC ENDED DEC 31, 2015 31, 2014 31, 2015 31, 2014
Rs’000
47,844,701 41,756,076 Current assets
The group acquired controlling stakes in Bagaprop,Mall of Mauritius and Motor City. The consolidation of these new subsidiaries gave rise to a profit of Rs 99m as the acquisitions were effected at below net asset value.
Number of shares in issue (‘000 )
37,386
137,646
96,087
122,806
219,223 256,609
256,518 394,164
298,426 394,513
295,733 418,539
June 31, 2013
76.16
QUARTER QUARTER SIX MONTHS SIX MONTHS ENDED DEC ENDED DEC ENDED DEC ENDED DEC 31, 2015 31, 2014 31, 2015 31, 2014
June 31, 2014 NAV per share (Rs)
77.07
45,978
197,312
108,378
214,763
213,840
213,840
213,840
213,840
Earnings per share (Rs)
0.22
0.92
0.51
1.00
Dividends per share (Rs)
0.39
0.39
0.39 77.14
0.39 77.07
Net asset value per share (Dec 2015/June 2015) (Rs)
Dec 31, 2015
77.14
0.35
Dec 31, 2013
4. SEGMENT INFORMATION QUARTER QUARTER SIX MONTHS SIX MONTHS ENDED DEC 31, ENDED DEC 31, ENDED DEC 31, ENDED DEC 31, 2015 2014 2015 2014 Rs’000
Rs’000
Rs’000
DPS (Rs)
Rs’000
TURNOVER 207,991
220,425
475,655
507,569
1,629,803
1,513,224
3,142,850
2,967,153
Industry
370,793
416,210
724,549
703,706
Hospitality
638,329
541,846
1,012,718
860,312
Property
677,618
806,556
1,408,713
1,270,105
5,716
12,728
25,515
16,818
98,114
7,727
165,910
29,533
Agriculture Logistics, commerce and services
Land and investments Financial services Corporate office
-
-
-
-
3,628,364
3,518,716
6,955,910
6,355,196
(14,519)
7,389
38,475
49,276
63,400
64,560
89,042
90,699
Dec 31, 2014
0.39
Dec 31, 2015
0.39
TURNOVER (Rs Bn)
6.96 Dec 31, 2015
6.36 Dec 31, 2014 5.29 Dec 31, 2013
SEGMENT RESULTS AFTER TAXATION Agriculture Logistics, commerce and services Industry Hospitality Property Land and investments Financial services Corporate office
69,340
89,691
136,918
131,904
194,237
245,777
122,341
172,992
NET INDEBTEDNESS TO TOTAL EQUITY
(15,947)
114,854
120,119
184,522
(Rs Bn)
(101,930)
(947)
(156,844)
(50,010)
50,000
(19,000)
38,000
(9,000)
36
(8,616)
(9,680)
(11,164)
(14,938)
235,965
492,644
376,887
555,445
5. CONDENSED STATEMENT OF CHANGES IN EQUITY
32 28
ATTRIBUTABLE TO OWNERS OF THE PARENT Share Associated capital companies
At July 1, 2014 Issue of shares in subsidiaries to non-controlling shareholders Net assets of subsidiary at date of acquisition attributable to non controlling shareholders Acquisition and deconsolidation of subsidiary Effect of change in ownership interest not resulting in loss of control Transfers Profit for the period Other comprehensive income for the period Dividends Dividends paid by subsidiaries and associates to non-controlling shareholders At Dec 31, 2014 At July 1, 2015 Issue of shares in subsidiaries to non-controlling shareholders Net assets of subsidiary at date of acquisition attributable to non controlling shareholders Acquisition and deconsolidation of group companies Effect of change in ownership interest not resulting in loss of control Transfers Profit for the period Other comprehensive income for the period Dividends Dividends paid by subsidiaries and associates to non-controlling shareholders At Dec 31, 2015
Fair value and other reserves
Retained earnings
Total
Noncontrolling interests
Total
24 20
Rs’000
Rs’000
Rs’000
Rs’000
Rs’000
Rs’000
Rs’000
2,138,400 -
1,848,420 -
6,688,631 -
5,609,978 -
16,285,429 -
15,694,022 105,567
31,979,451 105,567
2,138,400 2,138,400 -
(42) 134,372 (40,171) 1,942,579 2,075,478 -
5,222 (9,881) (51,786) 6,632,186 6,496,803 -
(3,745) (14,599) 9,881 80,391 (83,398) 5,598,508 5,770,064 -
(3,745) (9,419) 214,763 (91,957) (83,398) 16,311,673 16,480,745 -
6,352 (4,333) (327) 340,682 (44,949) (106,972) 15,990,042 16,230,439 377,200
6,352 (8,078) (9,746) 555,445 (136,906) (83,398) (106,972) 32,301,715 32,711,184 377,200
2,138,400
(103,769) 44,234 111,315 (30,291) 2,096,967
4,229 (1,797) 18,000 6,517,235
103,234 (1,261) (42,437) (2,937) (83,398) 5,743,265
(535) 2,968 108,378 (12,291) (83,398) 16,495,867
39,413 456,241 12,828 268,509 29,917 (132,334) 17,282,213
39,413 455,706 15,796 376,887 17,626 (83,398) (132,334) 33,778,080
16 12 8
(Year) June 30, 2014
June 30, 2015
TOTAL EQUITY
Dec 31, 2015
NET INDEBTEDNESS
NOTES: • The interim financial statements to 31 December, 2015 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 June 30, 2015. • These condensed financial statements are issued pursuant to DEM Rule 17 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. • The Board of Directors of ENL Limited accepts full responsibility for the accuracy of the information contained in this communiqué.
