|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONDENSED
UNAUDITED FINANCIAL STATEMENTS |
|
| FOR THE YEAR ENDED
31 DECEMBER 2005 |
|
|
|
|
|
|
|
The Group |
|
The Holding Company |
|
|
The Group |
|
The Holding Company |
|
|
Year ended |
|
Year ended |
|
| BALANCE
SHEETS |
|
31/12/05 |
|
31/12/04 |
|
31/12/05 |
|
31/12/04 |
|
STATEMENT OF CHANGES IN EQUITY |
|
31/12/05 |
|
31/12/04 |
|
31/12/05 |
|
31/12/04 |
|
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| Investments |
|
502,433 |
|
445,329 |
|
467,206 |
|
413,184 |
|
Share capital |
|
42,668 |
|
42,668 |
|
42,668 |
|
42,668 |
|
| Non-current
assets |
|
14,507 |
|
13,473 |
|
- |
|
- |
|
Fair value and other reserves |
|
287,530 |
|
225,165 |
|
286,535 |
|
222,981 |
|
| Current
assets |
|
16,119 |
|
18,186 |
|
9,474 |
|
11,172 |
|
Retained earnings |
|
163,086 |
|
154,066 |
|
118,678 |
|
113,877 |
|
| Non-current
asset classified as held-for-sale |
9,800 |
|
- |
|
9,800 |
|
- |
|
Total
attributable to equity holders of holding |
|
|
|
|
|
|
|
|
|
| Total
assets |
|
542,859 |
|
476,988 |
|
486,480 |
|
424,356 |
|
company |
|
493,284 |
|
421,899 |
|
447,881 |
|
379,526 |
|
|
|
Minority interest |
|
2,871 |
|
2,817 |
|
- |
|
- |
|
| EQUITY
AND LIABILITIES |
|
|
Balance at period ended |
|
496,155 |
|
424,716 |
|
447,881 |
|
379,526 |
|
| Share
capital |
|
42,668 |
|
42,668 |
|
42,668 |
|
42,668 |
|
|
|
|
| Reserves |
|
450,616 |
|
379,231 |
|
405,213 |
|
336,858 |
|
|
The Group |
|
The Holding Company |
|
| Equity
holders' interest |
|
493,284 |
|
421,899 |
|
447,881 |
|
379,526 |
|
|
Year ended |
|
Year ended |
|
| Minority
interest |
|
2,871 |
|
2,817 |
|
- |
|
- |
|
CASH FLOW STATEMENTS |
|
31/12/05 |
|
31/12/04 |
|
31/12/05 |
|
31/12/04 |
|
| Total
equity |
|
496,155 |
|
424,716 |
|
447,881 |
|
379,526 |
|
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
| Non-current
liabilities |
|
6,191 |
|
9,045 |
|
4,000 |
|
8,000 |
|
|
|
|
|
|
|
|
|
|
| Current
liabilities |
|
40,513 |
|
43,227 |
|
34,599 |
|
36,830 |
|
Net cash from operating activities |
|
19,388 |
|
26,385 |
|
19,290 |
|
26,088 |
|
| Total
equity and liabilities |
|
542,859 |
|
476,988 |
|
486,480 |
|
424,356 |
|
Net cash (used in)/from investing activities |
|
(1,490) |
|
8,493 |
|
(268) |
|
8,425 |
|
|
|
|
|
Net cash used in financing activities |
|
(15,458) |
|
(36,295) |
|
(16,800) |
|
(36,214) |
|
| Net
assets per share |
Rs |
115.61
|
|
98.88
|
|
104.97
|
|
88.95
|
|
Increase/(decrease) in
cash and cash equivalents |
2,440 |
|
(1,417) |
|
2,222 |
|
(1,701) |
|
|
|
Cash and cash equivalents at beginning of year |
|
(32,892) |
|
(31,475) |
|
(30,495) |
|
(28,794) |
|
|
The Group |
|
The Holding Company |
|
Cash and cash equivalents at year ended |
|
(30,452) |
|
(32,892) |
|
(28,273) |
|
(30,495) |
|
|
Year ended |
|
Year ended |
|
|
| INCOME
STATEMENTS |
|
31/12/05 |
|
31/12/04 |
|
31/12/05 |
|
31/12/04 |
|
|
Year ended |
|
Year ended |
|
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
|
31 December 2005 |
|
31 December 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural |
|
|
|
Agricultural |
|
|
| Turnover |
|
35,189 |
|
45,759 |
|
22,692 |
|
31,924 |
|
|
Investments |
and exports |
Total |
|
Investments |
and exports |
Total |
|
|
|
|
|
|
|
|
SEGMENT INFORMATION - The Group |
|
31/12/05 |
31/12/05 |
31/12/05 |
|
31/12/04 |
31/12/04 |
31/12/04 |
|
| Operating
profit |
|
19,965 |
|
29,906 |
|
21,660 |
|
31,324 |
|
|
|
|
|
|
|
| Profit
on disposal of investment |
|
- |
|
1,940 |
|
- |
|
1,940 |
|
|
Rs (000) |
Rs (000) |
Rs (000) |
|
Rs (000) |
Rs (000) |
Rs (000) |
|
| Profit
on deemed disposal of shares |
|
- |
|
157,896 |
|
- |
|
157,896 |
|
|
| Finance
cost |
|
(4,036) |
|
(5,384) |
|
(3,772) |
|
(5,268) |
|
Segmental revenue |
|
21,541 |
13,648 |
35,189 |
|
30,773 |
14,986 |
45,759 |
|
| Share
of results of associated companies |
6,271 |
|
18,027 |
|
- |
|
- |
|
|
|
|
|
|
| Profit
before taxation |
|
22,200 |
|
202,385 |
|
17,888 |
|
185,892 |
|
Segmental results |
|
18,658 |
(82) |
18,576 |
|
28,324 |
591 |
28,915 |
|
| Taxation |
|
(326) |
|
(426) |
|
(287) |
|
(263) |
|
|
| Retained
profit for the period |
|
21,874 |
|
201,959 |
|
17,601 |
|
185,629 |
|
The condensed unaudited financial statements for the
year ended 31 December 2005 have been agreed with the auditors but may be
subject to |
|
|
|
|
|
|
|
adjustments before final publication. The financial
statements have been prepared in accordance with International Financial
Reporting Standards. |
|
| Attributable
to : |
|
|
|
|
|
|
The accounting policies used in the preparation of
the above condensed unaudited financial statements are consistent with those
used in the annual |
|
| Equity
holders of the Holding Company : |
21,820 |
|
201,726 |
|
17,601 |
|
185,629 |
|
financial statements for the year ended 31 December
2004. |
|
| Minority
interest |
|
54 |
|
233 |
|
- |
|
- |
|
Changes
in presentation have been applied to comply with IAS 1 - 'Presentation of
financial statements', applicable as from 1 January 2005. |
|
|
21,874 |
|
201,959 |
|
17,601 |
|
185,629 |
|
Where necessary, comparative figures have been
reclassified to conform with changes in their presentation. |
|
|
|
|
| Earnings
per share |
Rs |
5.11
|
|
47.28
|
|
4.13
|
|
43.51
|
|
Results for the year ended 31 December 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to
the shareholders of the holding company was, for the group Rs 21.8 million
(2004 - Rs 201.7 million). Included in the |
|
|
| Dividends
in specie per share |
Rs |
- |
|
124.52 |
|
- |
|
99.07 |
|
profit of 2004 is a
profit on deemed disposal of shares of Rs 157 million in relation to the
dividend in specie declared in March 2004. The |
|
|
|
|
|
|
|
|
|
|
|
decrease in the share of
results of associated companies from Rs 18.0 million to Rs 6.3 million is
mainly attributable to the
consolidation |
|
|
| Dividends
in cash per share |
Rs |
3.00
|
|
3.00
|
|
3.00
|
|
3.00
|
|
of Hotelest Ltd only for
the period up to its distribution as dividend in specie in 2004. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of shares in issue |
|
4,266,776 |
|
4,266,776 |
|
4,266,776 |
|
4,266,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
By order of the Board |
|
|
|
|
|
La Gaieté Services Ltd. |
|
|
|
|
Secretaries |
|
|
|
|
March 15, 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copies of the condensed
unaudited financial statements are available to the public, free of charge at
the registered office of the company. |
|
|
|
|
|
|
This report is
issued pursuant to Listing Rule 12.20. |
|
|
|
|
The Board of Directors
of Belle Mare Holding Ltd accepts full responsibility for the accuracy of the
information contained in this report. |
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