|
|
THE MAURITIUS
CHEMICAL AND FERTILIZER INDUSTRY LIMITED (
MCFI) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABRIDGED UNAUDITED
INTERIM REPORT FOR THE SIX MONTHS
ENDED 31 DECEMBER 2005 (MUR'000) ISSUED PURSUANT TO LISTING RULE 12.21 |
|
|
|
GROUP |
|
COMPANY |
|
GROUP |
|
COMPANY |
|
|
6 months to |
|
|
6 months to |
|
|
6 months to |
|
|
6 months to |
|
|
|
1. INCOME
STATEMENT |
|
31.12.05 |
|
31.12.04 |
|
31.12.05 |
|
31.12.04 |
|
4. |
CASH
FLOW STATEMENT |
31.12.05 |
|
31.12.04 |
|
31.12.05 |
|
31.12.04 |
|
|
|
Turnover |
|
316,802 |
|
578,147 |
|
222,703 |
|
480,903 |
|
|
Net cash flows
from operating activities |
37,262
|
|
141,353 |
|
20,250
|
|
128,584 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
50,672
|
|
- |
|
51,088
|
|
- |
|
|
Operating profit for the period |
|
18,823 |
|
27,398 |
|
8,441 |
|
253 |
|
|
|
87,934 |
|
141,353 |
|
71,338 |
|
128,584 |
|
|
Share of profit of associate companies |
|
5,737 |
|
1,903 |
|
- |
|
- |
|
|
Cash flows from
financing activities |
(17,838) |
|
(86,768) |
|
(17,838) |
|
(90,393) |
|
|
|
Profit before exceptional item |
|
24,560 |
|
29,301 |
|
8,441 |
|
253 |
|
Increase in cash
and cash equivalents |
70,096 |
|
54,585 |
|
53,500 |
|
38,191 |
|
|
Profit on sale of investment |
|
26,666 |
|
- |
|
26,666 |
|
- |
|
Cash and cash equivalents at beginning |
28,758
|
|
7,968
|
|
7,953
|
|
(7,924) |
|
|
Profit before taxation |
|
51,226 |
|
29,301 |
|
35,107 |
|
253 |
|
Cash and cash equivalents at end |
98,854 |
|
62,553 |
|
61,453 |
|
30,267 |
|
|
Taxation |
|
(7,248) |
|
3,474 |
|
(2,474) |
|
5,284 |
|
|
Profit after taxation |
|
43,978 |
|
32,775 |
|
32,633 |
|
5,537 |
|
5. |
SEGMENTAL
INFORMATION - GROUP |
REVENUES |
|
RESULTS |
|
|
Minority interest |
|
(381) |
|
154 |
|
- |
|
- |
|
|
|
|
Net profit/(loss) for the
period attributable |
43,597 |
|
32,929 |
|
32,633 |
|
5,537 |
|
Fertilizers |
227,873 |
|
516,181 |
|
5,987 |
|
19,724
|
|
|
to MCFI shareholders |
|
Trading |
81,432 |
|
54,559
|
|
11,748 |
|
8,115
|
|
|
Services |
7,497
|
|
7,407
|
|
1,088
|
|
(441) |
|
|
Earnings per share (MUR) |
|
1.98 |
|
1.50 |
|
1.48 |
|
0.25 |
|
Total |
316,802 |
|
578,147 |
|
18,823 |
|
27,398 |
|
|
Net assets per
share (MUR) |
|
23.27 |
|
21.90 |
|
17.89 |
|
17.32 |
|
|
|
The financial statements
are unaudited and have beeen prepared in compliance with International
Financial Reporting Standards and using the same accounting policies as the
financial year ended 30 June 2005.
COMMENTS
Despite
the closure of the NPK complex fertiliser plant reducing turnover
substantially, the Company's operating profit rose by MUR 8.2 M compared to
the corresponding six months of the previous year. This, together with MUR
26.7M of profit on disposal of the Société du Port investment and MUR 3.8 M
of increased share of profit of associate companies, resulted in Group
earnings per share going up to MUR 1.98 and enabling the January 2006
interim dividend payment of Rs 1.00.
The current accounting period will be extended to 18 months so as to end
on 31 December 2006 which is the next balance sheet date of our holding
company, Harel Mallac & Co. Ltd.
A higher market share achieved following the introduction of
ammonium nitrate based NPK blended fertilisers and the rental of the former
ammonia tanks to Total (Mauritius) Ltd, will impact favourably on
profitability.
Projects associated with the seafood hub are presently being envisaged on
our premises situated alongside a quay, namely, the construction of a
coldroom and tuna processing unit.
By order of the Board
Ramdass Chiniah
Company Secretary
29 March 2006
MCFI's Board of Directors accepts full responsibility for the
accuracy of the above report, copies of which are available free of charge
at the registered office.
|
|
|
|
|
2. BALANCE SHEET |
BALANCE SHEET |
|
31.12.05 |
|
30.06.05 |
|
31.12.05 |
|
30.06.05 |
|
|
ASSETS |
|
|
NON-CURRENT ASSETS |
|
|
|
Property, plant and
equipment |
|
156,219 |
|
154,274 |
|
141,469 |
|
140,542 |
|
|
|
Intangible assets |
|
333 |
|
833 |
|
- |
|
- |
|
6. |
|
|
|
Investments |
|
59,165 |
|
78,597 |
|
68,365 |
|
87,764 |
|
|
|
215,717 |
|
233,704 |
|
209,834 |
|
228,306 |
|
|
|
CURRENT ASSETS |
|
420,282 |
|
355,181 |
|
269,115 |
|
232,998 |
|
|
TOTAL
ASSETS |
|
635,999 |
|
588,885 |
|
478,949 |
|
461,304 |
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
Share capital |
|
220,064 |
|
220,064 |
|
220,064 |
|
220,064 |
|
|
Reserves |
|
292,003 |
|
261,950 |
|
173,723 |
|
161,184 |
|
|
SHAREHOLDERS'
INTEREST |
|
512,067 |
|
482,014 |
|
393,787 |
|
381,248 |
|
|
Minority interest |
|
4,412 |
|
4,032 |
|
- |
|
- |
|
|
Deferred taxation |
|
17,082 |
|
13,817 |
|
15,784 |
|
13,473 |
|
|
Retirement
benefit obligations |
|
3,461 |
|
3,461 |
|
3,461 |
|
3,461 |
|
| |
|
Obligation under finance lease |
|
2,533 |
|
- |
|
2,533 |
|
|
|
|
NON-CURRENT
LIABILITIES |
|
23,076 |
|
17,278 |
|
21,778 |
|
16,934 |
|
|
CURRENT LIABILITIES |
|
96,444 |
|
85,561 |
|
63,384 |
|
63,122 |
|
|
|
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
|
635,999 |
|
588,885 |
|
478,949 |
|
461,304 |
|
|
|
|
|
3. |
STATEMENT OF EQUITY
CHANGES |
|
31.12.05 |
|
31.12.04 |
|
31.12.05 |
|
31.12.04 |
|
|
|
|
Opening balance |
|
482,014 |
|
499,762 |
|
381,410 |
|
408,796 |
|
|
Fair value adjustment |
|
1,750
|
|
(7,838) |
|
1,750
|
|
(7,838) |
|
|
Revaluation reserve
|
|
- |
|
(23,158) |
|
- |
|
(23,158) |
|
|
|
|
Exchange difference on consolidation |
|
6,712
|
|
794
|
|
- |
|
- |
|
|
|
|
Net profit for the
year |
|
43,597 |
|
32,929
|
|
32,633 |
|
5,537
|
|
|
Dividend |
|
(22,006) |
|
- |
|
(22,006) |
|
- |
|
|
Closing balance |
|
512,067 |
|
502,489 |
|
393,787 |
|
383,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|