|
|
|
|
|
|
| CONDENSED AUDITED FINANCIAL STATEMENTS |
|
| FOR THE YEAR ENDED 31 DECEMBER 2006 |
|
| |
|
|
|
|
|
| |
|
|
The Group |
|
The Holding Company |
|
|
| |
|
The Group |
|
The Holding Company |
|
|
Year ended |
|
Year ended |
|
|
| |
BALANCE SHEETS |
|
31/12/06 |
|
31/12/05 |
|
31/12/06 |
|
31/12/05 |
|
STATEMENT OF CHANGES IN EQUITY |
|
31/12/06 |
|
31/12/05 |
|
31/12/06 |
|
31/12/05 |
|
|
| |
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
|
| |
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |
Investments |
|
651,122 |
|
502,433 |
|
612,734 |
|
467,206 |
|
Share capital |
|
42,668 |
|
42,668 |
|
42,668 |
|
42,668 |
|
|
| |
Non-current assets |
|
106,837 |
|
14,507 |
|
- |
|
- |
|
Fair value and other reserves |
|
528,344 |
|
287,530 |
|
425,562 |
|
286,535 |
|
|
| |
Current assets |
|
13,567 |
|
16,119 |
|
13,193 |
|
9,474 |
|
Retained earnings |
|
178,342 |
|
163,086 |
|
135,541 |
|
118,678 |
|
|
| |
Non-current asset
classified as held-for-sale |
- |
|
9,800 |
|
- |
|
9,800 |
|
Total
attributable to equity holders of holding |
|
|
|
|
|
|
|
|
|
|
| |
Total assets |
|
771,526 |
|
542,859 |
|
625,927 |
|
486,480 |
|
company |
|
749,354 |
|
493,284 |
|
603,771 |
|
447,881 |
|
|
| |
|
|
Minority interests |
|
- |
|
2,871 |
|
- |
|
- |
|
|
| |
EQUITY AND LIABILITIES |
|
|
Balance at year ended |
|
749,354 |
|
496,155 |
|
603,771 |
|
447,881 |
|
|
| |
Share capital |
|
42,668 |
|
42,668 |
|
42,668 |
|
42,668 |
|
|
|
|
|
|
| |
Reserves |
|
706,686 |
|
450,616 |
|
561,103 |
|
405,213 |
|
|
The Group |
|
The Holding Company |
|
|
| |
Equity holders' interest |
|
749,354 |
|
493,284 |
|
603,771 |
|
447,881 |
|
|
Year ended |
|
Year ended |
|
|
| |
Minority interest |
|
- |
|
2,871 |
|
- |
|
- |
|
CASH FLOW STATEMENTS |
|
31/12/06 |
|
31/12/05 |
|
31/12/06 |
|
31/12/05 |
|
|
| |
Total equity |
|
749,354 |
|
496,155 |
|
603,771 |
|
447,881 |
|
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
|
| |
Non-current liabilities |
|
- |
|
6,191 |
|
- |
|
4,000 |
|
|
|
|
|
|
|
|
|
|
|
| |
Current liabilities |
|
22,172 |
|
40,513 |
|
22,156 |
|
34,599 |
|
Net cash from operating activities |
|
23,580 |
|
19,388 |
|
16,442 |
|
19,290 |
|
|
| |
Total equity and
liabilities |
|
771,526 |
|
542,859 |
|
625,927 |
|
486,480 |
|
Net cash from/(used in) investing activities |
|
11,782 |
|
(1,490) |
|
16,280 |
|
(268) |
|
|
| |
|
|
|
|
Net cash used in financing activities |
|
(21,067) |
|
(15,458) |
|
(21,067) |
|
(16,800) |
|
|
| |
Net assets per share |
Rs |
175.63
|
|
115.61
|
|
141.51
|
|
104.97
|
|
Increase/(decrease) in
cash and cash equivalents |
14,295 |
|
2,440 |
|
11,655 |
|
2,222 |
|
|
| |
|
|
Cash and cash equivalents at beginning of year |
|
(30,452) |
|
(32,892) |
|
(28,273) |
|
(30,495) |
|
|
| |
|
The Group |
|
The Holding Company |
|
Cash and cash equivalents at year ended |
|
(16,157) |
|
(30,452) |
|
(16,618) |
|
(28,273) |
|
|
| |
|
Year ended |
|
Year ended |
|
|
|
|
| |
INCOME STATEMENTS |
|
31/12/06 |
|
31/12/05 |
|
31/12/06 |
|
31/12/05 |
|
|
Year ended |
|
Year ended |
|
|
| |
|
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
Rs (000) |
|
|
31 December 2006 |
|
31 December 2005 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Agricultural |
|
|
|
Agricultural |
|
|
|
| |
Turnover |
|
31,339 |
|
35,189 |
|
26,267 |
|
22,692 |
|
|
Investments |
and exports |
Total |
|
Investments |
and exports |
Total |
|
|
| |
|
|
|
|
|
|
|
SEGMENT INFORMATION - The Group |
|
31/12/06 |
31/12/06 |
31/12/06 |
|
31/12/05 |
31/12/05 |
31/12/05 |
|
|
| |
Operating profit |
|
22,041 |
|
19,975 |
|
24,631 |
|
21,670 |
|
|
|
|
|
|
|
|
| |
Profit on disposal of
financial assets |
|
9,000 |
|
- |
|
9,000 |
|
- |
|
|
Rs (000) |
Rs (000) |
Rs (000) |
|
Rs (000) |
Rs (000) |
Rs (000) |
|
|
| |
Profit on disposal of
subsidiary |
|
4,277 |
|
- |
|
4,962 |
|
- |
|
|
|
|
| |
Finance costs |
|
(3,528) |
|
(4,046) |
|
(3,344) |
|
(3,782) |
|
Segmental revenue |
|
24,885 |
6,454 |
31,339 |
|
21,541 |
13,648 |
35,189 |
|
|
| |
Share of results of
associated companies |
|
3,813 |
|
6,271 |
|
- |
|
- |
|
|
|
|
|
|
|
| |
Profit before taxation |
|
35,603 |
|
22,200 |
|
35,249 |
|
17,888 |
|
Segmental results |
|
21,349 |
(274) |
21,075 |
|
18,658 |
(82) |
18,576 |
|
|
| |
Taxation |
|
(389) |
|
(326) |
|
(338) |
|
(287) |
|
|
|
|
| |
Retained profit for the
period |
|
35,214 |
|
21,874 |
|
34,911 |
|
17,601 |
|
|
|
|
| |
|
|
|
|
|
|
The condensed audited financial statements for the
year ended 31 December 2006 have been audited by BDO De Chazal Du Mée. |
|
|
| |
Attributable to : |
|
|
|
|
|
|
The
financial statements have been prepared in accordance with International
Financial Reporting Standards and the accounting policies used |
|
| |
Equity holders of the Holding
Company |
|
35,401 |
|
21,820 |
|
34,911 |
|
17,601 |
|
in the preparation of the
above condensed audited financial statements are consistent with those used
in the annual financial statements for |
|
|
| |
Minority interest |
|
(187) |
|
54 |
|
- |
|
- |
|
the year ended 31 December 2005. |
|
|
|
| |
|
35,214 |
|
21,874 |
|
34,911 |
|
17,601 |
|
|
|
|
| |
|
|
|
|
|
| |
Earnings per share |
Rs |
8.30
|
|
5.11
|
|
8.18
|
|
4.13
|
|
Results for the year ended 31 December 2006 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Profit
attributable to the shareholders of the holding company was, for the group,
Rs 35.4 million (2005 - Rs 21.8 million). Included in the 2006 figure |
|
| |
Dividends in cash per
share |
Rs |
4.00 |
|
3.00
|
|
4.00 |
|
3.00
|
|
is
a profit on disposal of financial assets of Rs 13.3 million (2005 - Nil),
finance costs of Rs 3.5 million (2005: Rs 4 million), a share of results from
|
|
| |
|
|
|
|
|
|
|
|
|
|
associated companies of
Rs 3.8 million (2005: Rs 6.3 million) and taxation of Rs 0.4 million (2005:
Rs 0.3 million) |
|
|
|
| |
Number of shares in issue |
|
4,266,776 |
|
4,266,776 |
|
4,266,776 |
|
4,266,776 |
|
|
|
|
|
| |
|
|
Investments and non-current assets |
|
|
|
| |
|
|
Investments'
value increased by Rs 148.7 million to Rs 651.1 million (2005 - Rs 502.4
million). The non-current assets increased from Rs 14.5 million to |
|
| |
|
|
|
|
Rs
106.8 million as a result of a revaluation of land held by a subsidiary,
Société de Belle-Mare, which was undertaken by an independent valuer. |
|
| |
|
By order of the Board |
|
|
|
|
| |
|
La Gaieté Services Ltd. |
|
Disposals of subsidiaries
and non-current asset held-for-sale |
|
|
|
| |
|
Secretaries |
|
During
the year the company disposed of its shares it held in its subsidiary, Fleurs
des Tropiques Exports Ltée, while Fleurs des Tropiques Ltée, another |
|
| |
|
March 19, 2007 |
|
subsidiary,
ceased its operations. It also disposed of an unquoted investment, Virginie
Industrial Properties Ltd, a non-current asset held-for-sale. |
|
| |
|
|
|
| |
|
Copies of the condensed
audited 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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