TIDMMASA
RNS Number : 3015Q
Masawara Plc
11 September 2017
11 September 2017
Masawara Plc ("Masawara", the "Company" or the "Group")
Unaudited results for the six months ended 30 June 2017
Masawara, an investment company focused on acquiring interests
in companies based in Zimbabwe and the southern African region, is
pleased to announce its unaudited results for the six months ended
30 June 2017.
The Company's interim financial statements for the half year
ended 30 June 2017 may be viewed on, or downloaded from, the
Company's website at www.masawara.com.
Contact details
Masawara Plc
(Masawara Zimbabwe (Private) Limited, the Company's Investment
Advisor in Zimbabwe)
Osbourne Majuru/Munashe Nyengerai
+263 4 751805
Cenkos Securities plc (Nominated adviser and broker)
Nicholas Wells/Elizabeth Bowman/Harry Hargreaves
+44 20 7397 8900
Financial review for the six months ended 30 June 2017
The Directors present the interim unaudited results for the
six-month period ended 30 June 2017.
Performance
The Group achieved a profit after tax ("PAT") of $3.6 million
for the half year ended 30 June 2017 (June 2016: $2.3 million).
During the current six month period the financial performance of
Lion Assurance Company Limited ("LAC") has been presented under
discontinued operations. LAC was classified as a disposal group
held for sale on 31 December 2016. The agreement to dispose the
Group's interest in LAC was entered into on 22 May 2017 and the
transaction was closed on 31 August 2017. LAC made a PAT of $0.51
million during the current six month period (June 2016: $0.56
million).
Group's performance by segment
Masawara Plc classifies the Group's business units into
different clusters i.e. insurance, hotels, agrochemicals, property
(Joina City) and technology clusters for the purpose of monitoring
the operating results of business units and resource allocation to
business units. The following shows the Group's performance by
segment.
Insurance
Profit from continuing operations of the insurance cluster was
$6.2 million for the six months ended 30 June 2017 (June 2016: $6.2
million). The improved performance of Botswana Insurance Company
Limited and Grand Reinsurance Company (Private) Limited was offset
by the decline in performance of the Zimnat Life Assurance
Group.
Profit after tax US$'000 US$'000
June 2017 June 2016
----------------------------------------------------------- ----------- -----------
Botswana Insurance Company Limited 1,390 915
Zimnat Lion Insurance Company Limited (Zimbabwe) 825 897
Zimnat Life Assurance Group (Zimbabwe) 1,665 2,729
Grande Reinsurance Company (Zimbabwe) 1,505 777
Minerva Risk Advisors Private Limited (Zimbabwe) 778 878
----------- -----------
Profit after tax from continuing operations 6,163 6,196
Discontinued operations: Lion Assurance Company (Uganda) 512 562
----------- -----------
Profit after tax 6,675 6,758
----------- -----------
For the companies operating in Botswana and Uganda, the results
in their functional currencies of Botswana Pula (BWP) and Ugandan
Shillings (UGX) were as follows:
Profit after tax BWP'000 BWP'000 Growth/ (Decline)
2017 2016
------------------------------------ -------- -------- ------------------
Botswana Insurance Company Limited 14,291 10,041 42%
Profit after tax UGX'000 UGX'000 Growth
2017 2016
--------------------------------- ---------- ---------- -------
Lion Assurance Company (Uganda) 1,940,300 1,899,907 2%
The key performance ratios of the insurance businesses as at
year end were as follows:
Claims ratio 2017 Claims ratio 2016 Combined ratio 2017 Combined ratio 2016
---------------------------------- ------------------ ------------------ -------------------- --------------------
Botswana Insurance Company
Limited 46% 55% 82% 93%
Zimnat Lion Insurance Company
Limited (Zimbabwe) 50% 42% 93% 84%
Zimnat Life Assurance Company
(Zimbabwe) 23% 25% 81% 70%
Grande Reinsurance Company
(Zimbabwe) 23% 22% 70% 73%
Lion Assurance Company (Uganda) 33% 30% 69% 84%
The claims and combined ratios are measures of profitability.
The claims ratio is calculated by expressing the net claims expense
as a percentage of earned premiums. The combined ratio is
calculated by taking the sum of the net claims expense and
operating expenses and dividing them by earned premium.
Hotels
The performance of Cresta Zimbabwe improved by $0.2 million for
the six month period ended 30 June 2017 when compared to the same
period last year as a result of cost reduction initiatives.
Occupancy for the current six month period (52%) was static when
compared to prior year and revenue per available room (RevPar)
declined from $37 during the prior half year to $33 as a result of
continuing price wars in the industry. The Group's share of the
performance of Cresta Marakanelo declined by $0.2 million due to a
7% reduction in occupancy.
Profit/ (loss) after tax US$'000 US$'000
June 2017 June 2016
----------------------------------------------------------- ----------- -----------
Cresta Hotels (Private) Limited (Zimbabwe) (15) (232)
Group's 35% of Cresta Marakanelo Limited Profit after tax 237 456
----------- -----------
222 224
----------- -----------
Cresta Marakanelo Limited (Botswana and Zambia) 677 1,303
Profit after tax BWP'000 BWP'000 Growth
June 2017 June 2016
------------------------------------------------- ----------- ------------------ -------
Cresta Marakanelo Limited (Botswana and Zambia) 8,135 8,808 (8%)
The key performance indicators of the hotel businesses as at
year end were as follows:
Occupancy June 2017 Occupancy June 2016 RevPAR RevPAR
June 2017 June 2016
------------------------------------------ -------------------- -------------------- ----------- -----------
Cresta Hotels Private Limited (Zimbabwe) 52% 52% $33 $37
Cresta Marakanelo (Botswana and Zambia) 55% 62% $52 $54
The occupancy rate refers to the rooms sold during the year
expressed as a percentage of the total rooms that were available to
sell. Revenue per available room (RevPar) measures the financial
performance of the hotel by multiplying the average daily rate
charged for a room by the occupancy rate.
Agro chemicals
The agro chemicals segment is comprised of investments in Sable
Chemical Industries Limited ("Sable") and Zimbabwe Fertiliser
Company Limited ("ZFC"). The Group has a 22.5% interest in ZFC and
accounts for it as an associate. The Group has a 50.6% interest in
Sable, which is accounted for as a subsidiary.
Profit after tax US$'000 US$'000
June 2017 June 2016
------------------------------------ ----------- -----------
Sable Chemicals Industries Limited (1,546) (1,822)
ZFC (Group's 22.5% share) 244 (577)
----------- -----------
(1,302) (2,399)
----------- -----------
Sable commenced production under the full importation model in
November 2016. The revenues earned by the business therefore remain
depressed resulting in a loss before tax of $1.5 million (30 June
2016: $1.8 million).
Joina City
The key performance indicators of Joina City ("Joina") as at 30
June 2017 were as follows:
Occupancy Occupancy Debtors as Debtors as
June 2017 June 2016 % of revenue % of revenue
2017 2016
------------ ----------- ----------- -------------- --------------
Joina City 54% 60% 38% 28%
The 6% decline in Joina's occupancy was mainly driven by the
unit's decision to cancel the lease contracts of non performing
tenants. Although the ratio of debtors as a percentage of revenue
increased by 10%, this ratio is expected to improve as a result of
the unit's strategy which focuses on retaining performing
tenants.
Occupancy rate refers to the ratio of leased space compared to
the total amount of available space.
Cash flow for the six-month period
The Group recorded a decline in cash and cash equivalents of
$0.8 million from 31 December 2016 with cash flows from operations
of $7.4 million (30 June 2016 $1.4 million). The decline in cash
and cash equivalents was driven by cash utilized in investing
activities of $9.3 million. The cash utilised in investing
activities was mainly the result of the purchase of financial
instruments of $15.4 million. Net cash from financing activities
includes proceeds from borrowings of $2.4 million, the repayment of
borrowings of $1.5 million and the payment of dividends to
non-controlling shareholders amounting to $0.2 million.
Financial position
The total assets of the Group at 30 June 2017 amounted to $313
million (31 December 2016: $288 million). Of these assets $297
million (31 December 2016: $273 million) were attributable to
continuing operations. LAC had assets amounting $16 million (31
December 2016: $14.8 million) that were classified as held for
sale.
The total liabilities of the Group amounted to $205 million (31
December 2016: $185 million). Of these liabilities $195 million (31
December 2016: $176 million) were attributable to continuing
operations. LAC had liabilities amounting to $10.3 million (31
December 2016: $9.4 million) that were classified as held for
sale.
The net asset value per share attributable to equity holders of
the parent as at 30 June 2017 was $0.65 (31 December 2016:
$0.63).
Principal risks and uncertainties
The Group's business activities together with the factors likely
to affect its future development, performance and position are set
out below.
The principal risks and uncertainties affecting the business
relate to the political and economic environment of Zimbabwe, where
its investments are predominantly held. There is a further risk
that investments made by the Group will not result in the
originally envisaged cash generation or capital appreciation. This
risk is managed by the careful evaluation of all proposed
investments, with detailed due diligence work being undertaken,
before any investments are made and ongoing monitoring of existing
investments.
The Group's liquidity risk was affected by exchange control
regulations put in place by the Reserve Bank of Zimbabwe during the
year under review. In terms of Exchange Control Operational Guide
8, a foreign payments priority list has to be followed when making
foreign payments. Any foreign payments that are made by Zimbabwean
companies are ranked based on the RBZ prioritization criteria.
Going concern
Management have prepared cash flow forecasts indicating that
there is adequate operating cash for the period to December 2018.
The Directors reviewed the cash flow forecasts prepared by
management when assessing the ability of the Group to continue
operating as a going concern. Based on the review of the Group's
cash flow forecasts, the Directors believe that the Group will have
sufficient resources to continue to trade as a going concern for a
period of at least 12 months from the date of approval of these
financial statements and accordingly, the financial statements have
been prepared on the going concern basis.
Unaudited interim consolidated statement of comprehensive income
for the six months ended 30 June 2017
June 2017 June 2016
------------- ------------
Unaudited Unaudited
---------------------------
US$ '000 US$ '000
INCOME
Gross insurance premium revenue 42,925 41,459
Insurance premium ceded to reinsurers on insurance
contracts (14,855) (14,789)
------------------------------------------------------------ ------------- ------------
Net insurance premium revenue 28,070 26,670
Fees and commission income 9,884 10,325
Hotel revenue 6,254 6,697
Manufacturing revenue 6,402 4,133
Rental income from investment properties 1,591 1,422
------------------------------------------------------------ ------------- ------------
Net total revenue 52,201 49,247
Investment income 3,007 2,219
Realised and unrealized gains 4,901 -
Unwinding of financial guarantee - Telerix Communications
(Private) Limited - 231
Other operating income 823 1,599
------------------------------------------------------------ ------------- ------------
Total other income 8,731 4,049
EXPENSES
Insurance claims and loss adjustment expenses (23,875) (13,629)
Insurance claims and loss adjustment expenses
recovered from insurers 5,609 849
------------------------------------------------------------ ------------- ------------
Net insurance claims (18,266) (12,780)
Realised and unrealized losses (215) (166)
Expenses for the acquisition of insurance contracts (6,391) (5,307)
Hotel cost of sales (2,476) (2,591)
Manufacturing cost of sales (4,854) (3,455)
Property expenses (920) (804)
Operating and administrative expenses (22,094) (22,466)
Total net insurance claims and operating expenses (55,216) (47,569)
Finance costs (1,542) (1,933)
------------------------------------------------------------ ------------- ------------
Profit before share of profit of associates
and tax 4,174 3,794
Share of profit of associates 437 45
------------------------------------------------------------ ------------- ------------
Profit before tax 4,611 3,839
Income tax expense (1,479) (1,564)
------------------------------------------------------------ ------------- ------------
Profit from continuing operations 3,132 2,275
Profit from discontinued operations 512 -
----------------------------------------------------------- ------------- ------------
Profit for the period 3,644 2,275
------------------------------------------------------------ ------------- ------------
Profit for the year attributable to:
Equity holders of the parent 1,986 2,104
Non-controlling interest 1,658 171
-------------------------------------------------- -------------- -----------
Profit for the period 3,644 2,275
-------------------------------------------------- -------------- -----------
Earnings per share
Basic and diluted earnings per share 0.2 cents 0.2 cents
June 2017 June 2016
-------------- -----------
Unaudited Unaudited
---------------------------
US$'000 US$'000
Profit for the period 3,644 2,275
Other comprehensive income, net of tax:
Items that may be subsequently reclassified
to profit or loss
Exchange differences on translation of foreign
operations 1,438 317
Change in value of available-for-sale financial
assets - (11)
-------------------------------------------------- -------------- -----------
5,082 306
Total comprehensive income for the period 5,082 2,581
-------------------------------------------------- -------------- -----------
Total comprehensive income attributable to:
Equity holders of parent 2,936 2,334
Non-controlling interest 2,146 247
-------------------------------------------------- -------------- -----------
Total comprehensive income for the period 5,082 2,581
-------------------------------------------------- -------------- -----------
Interim consolidated statement of financial position as at 30
June 2017
June 2017 December 2016
---------- --------------
Unaudited Audited
---------- --------------
US$'000 US$'000
ASSETS
Property, plant and equipment 33,900 34,148
Intangible assets 3,139 3,224
Investment properties 49,931 49,892
Investment in associates and
joint ventures 16,003 15,389
Financial assets 59,594 47,755
Deferred tax asset 2,009 1,080
--------------------------------------------- ---------- --------------
Total non-current assets 164,576 151,488
--------------------------------------------- ---------- --------------
Inventory 7,727 7,750
Reinsurance assets 21,460 17,213
Insurance receivables 9,513 12,858
Deferred acquisition costs 3,319 3,841
Trade and other receivables 62,881 51,804
Cash and cash equivalents 27,353 28,165
--------------------------------------------- ---------- --------------
Total current assets 132,253 121,631
Assets for disposal group classified
as held for sale 16,030 14,892
-------------------------------------------- ---------- --------------
Total assets 312,859 288,011
--------------------------------------------- ---------- --------------
EQUITY
Share capital 1,238 1,238
Share premium 80,433 80,433
Treasury shares (37) (37)
Group restructuring reserve (9,283) (9,283)
Other reserves (2,512) (3,462)
Non-distributable reserve (261) (27)
Revaluation reserve 402 402
Retained earnings 10,589 8,334
--------------------------------------------- ---------- --------------
Equity attributable to owners
of the parent 80,569 77,598
Non-controlling interest 27,660 25,738
--------------------------------------------- ---------- --------------
Total equity 108,229 103,336
-------------------------------------------- ---------- --------------
LIABILITIES
Financial liabilities 9,954 13,913
Deferred tax liabilities 8,506 7,280
Investment contract liabilities 46,994 39,730
--------------------------------------------- ---------- --------------
Total non-current liabilities 65,454 60,923
--------------------------------------------- ---------- --------------
Financial liabilities 20,228 17,761
Insurance contract liabilities 51,926 42,468
Deferred income 1,640 1,435
Income tax liability 962 598
Insurance payables 5,090 3,039
Provisions 1,147 2,183
Trade and other payables 47,806 46,827
--------------------------------------------- ---------- --------------
Total current liabilities 128,799 114,311
Liabilities for disposal group classified
as held for sale 10,377 9,441
-------------------------------------------- ---------- --------------
Total liabilities 204,630 184,675
--------------------------------------------- ---------- --------------
Total equity and liabilities 312,859 288,011
--------------------------------------------- ---------- --------------
MASAWARA PLC
Unaudited interim consolidated statement of changes in equity
for the six months ended 30 June 2017
Attributable to the owners of the parent
US$ '000
---- --------------------------------------------- ---- ------
Equity
Treasury attributable
Share Share Group Other Non Revaluation Retained to
Shares owners
Capital Premium Restructure Capital Distributable Reserve Profit/ of the Non-controlling Total
Reserve Reserve Reserves (Loss) parent Interest Equity
Balance at 1
January 2016
(audited) 1,235 80,102 (232) (9,283) (3,999) 370 - 7,205 75,398 24,221 99,619
Profit for the
period - - - - - - - 2,104 2,104 171 2,275
Other
comprehensive
income
for the period - - - - 281 - - - 281 75 356
---------------- ------ -------- ---------------- -------------------- -------- -------------- ------------ --------- ------------- ---------------- ---------
Total
comprehensive
income
for the period - - - - 281 - - 2,104 2,385 246 2,631
---------------- ------ -------- ---------------- -------------------- -------- -------------- ------------ --------- ------------- ---------------- ---------
Sale of share
of Botswana
Insurance
company to
minority
interests - - - - - (483) (241) 1,885 1,161 1,441 2,602
Reserve
transfer - - - - - 48 - (48) - - -
Dividend paid - - - - - - - - - (880) (880)
---------------- ------ -------- ---------------- -------------------- -------- -------------- ------------ --------- ------------- ---------------- ---------
Balance at 30
June 2016
(unaudited) 1,235 80,102 (232) (9,283) (3,718) (65) (241) 11,146 78,944 25,028 103,972
---------------- ------ -------- ---------------- -------------------- -------- -------------- ------------ --------- ------------- ---------------- ---------
Balance at 1
January 2017
(audited) 1,238 80,433 (37) (9,283) (3,462) (27) 402 8,334 77,598 25,738 103,336
Profit for the
period - - - - - - - 1,986 1,986 1,658 3,644
Other
comprehensive
income
for the period - - - - 950 - - - 950 488 1,438
---------------- ------ -------- ---------------- -------------------- -------- -------------- ------------ --------- ------------- ---------------- ---------
Total
comprehensive
income
for the period - - - - 950 - - 1,986 2,936 2,146 5,082
---------------- ------ -------- ---------------- -------------------- -------- -------------- ------------ --------- ------------- ---------------- ---------
Reserve
transfers - - - - - (234) - 269 35 - 35
Dividend paid - - - - - - - - - (224) (224)
Balance at 30
June 2017
(unaudited) 1,238 80,433 (37) (9,283) (2,512) (261) 402 10,589 80,569 27,660 108,229
---------------- ------ -------- ---------------- -------------------- -------- -------------- ------------ --------- ------------- ---------------- ---------
Unaudited consolidated statement of cash flows for the six
months ended 30 June 2017
June 2017 June 2016
--------------- ---------------
Notes Unaudited Unaudited
--------------------------------
US$'000 US$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 4 6,726 934
Investment income received 3,265 2,769
Finance costs paid (1,743) (1,826)
Income tax paid (861) (509)
-------------------------------------------------- ------ --------------- ---------------
Net cash flows generated from operating
activities 7,387 1,368
-------------------------------------------------- ------ --------------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (568) (634)
Purchase of intangible assets (46) (10)
Additions to investment property (5) (3,502)
Purchase of financial instruments (15,427) (10,939)
Proceeds from disposal of financial instruments 6,688 13,119
Loans granted to investee companies - (140)
Proceeds from repayment of loans granted
to related parties - 100
Proceeds on sale of interest in subsidiary - 2,602
-------------------------------------------------- ------ --------------- ---------------
Net cash flows (used in)/generated from
investing activities (9,358) 596
-------------------------------------------------- ------ --------------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 2,360 1,875
Repayment of borrowings (1,459) -
Dividend paid (224) (880)
-------------------------------------------------- ------ --------------- ---------------
Net cash flows generated from financing
activities 677 995
-------------------------------------------------- ------ --------------- ---------------
Net (decrease)/increase in cash and cash
equivalents (1,294) 2,959
Net effect of exchange rate movements on
cash and cash equivalents 482 231
Cash and cash equivalents at 1 January 28,165 25,912
-------------------------------------------------- ------ --------------- ---------------
Cash and cash equivalents at 30 June (unaudited) 27,353 29,102
-------------------------------------------------- ------ --------------- ---------------
Notes to the interim financial statements for the six months
ended 30 June 2017
1. Corporate information
Masawara Plc ("the Company") is an investment company
incorporated and domiciled in Jersey, Channel Islands, whose shares
are publicly traded on the London Stock Exchange's AIM. The company
is managed in Jersey and its registered office is located at
Queensway House, Hilgrove Street in St Helier, Jersey.
The investment portfolio of the Company includes Joina City (a
multi-purpose property situated in Harare that earns rental
income), Masawara Mauritius Limited (a diversified investment
company that holds investments in insurance, agro-chemical and
hospitality businesses), iWayAfrica Zimbabwe (Private) Limited (a
broadband internet service company) and Telerix Communications
(Private) Limited (a company that has a license that allows it to
construct, operate and maintain a public data internet access and
Voice Over IP network in Zimbabwe).
The Group financial statements consolidate those of the Company,
its subsidiaries and the Group's interest in associates (together
referred to as "the Group").
2. Basis of preparation
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS)
and IFRS Interpretations Committee (IFRSIC) as adopted by the
European Union (EU), and in compliance with the requirements of the
Companies (Jersey) Law 1991.
The consolidated interim financial report does not include all
the notes of the type normally included in an annual financial
report. Accordingly, this report is to be read in conjunction with
the annual report for the year ended 31 December 2016 and any
publications made by Masawara Plc during the interim period. The
accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting
period.
The consolidated financial statements have been prepared on a
historical cost basis, except for property, available-for-sale
financial assets, and financial assets that have been measured at
fair value. The consolidated financial statements are presented in
United States Dollars and all values are rounded to the nearest
thousand dollars ($ '000), except when otherwise indicated.
Going concern
Management have prepared cash flow forecasts indicating that
there is adequate operating cash for the period to December 2018.
The Directors reviewed the cash flow forecasts prepared by
management when assessing the ability of the Group to continue
operating as a going concern. Based on the review of the Group's
cash flow forecasts, the Directors believe that the Group will have
sufficient resources to continue to trade as a going concern for a
period of at least 12 months from the date of approval of these
financial statements and accordingly, the financial statements have
been prepared on the going concern basis.
3 Significant events
The following significant event that has a material effect on
the financial statements of the Group took place during the six
months period ended 30 June 2017.
3.1 Disposal Group held for sale and discontinued operations
The assets and liabilities related to Lion Assurance Company
Limited ("LAC") were classified as held for sale on 31 December
2016. The share purchase agreement for the sale of the Group's
investment in LAC was entered into on 22 May 2017. LAC is part of
the Insurance segment. The sale was completed on 31 August 2017.
The fair value less costs to dispose exceeds the carrying amount of
LAC. In accordance with IFRS 5 Non- Current Assets Held for Sale
which requires a disposal group to be measured at the lower of its
fair value less costs to dispose or carrying amount, LAC has been
measured at its carrying amount. The fair value has been determined
in relation to the selling price of LAC. The transaction is at
arms-length.
The assets and liabilities of the disposal group classified as
held for sale are as follows:
June December
2017 2016
US$'000 US$'000
Assets
Property, plant and equipment 125 125
Intangible assets 179 4
Financial assets 5,856 5,313
Reinsurance assets 3,963 3,700
Insurance receivables 4,441 3,846
Trade and other receivables 443 1,390
Cash and cash equivalents 1,023 514
-------- ---------
16,030 14,892
-------- ---------
Liabilities
Deferred tax 433 324
Insurance contract liabilities 7,125 6,251
Trade and other payables 2,819 2,866
-------- ---------
10,377 9,441
-------- ---------
The analysis of the financial performance of the disposal group
held for sale for the six months ended 30 June 2017 is as
follows:
2017
US$ '000
Statement of comprehensive income
Income 3,620
Expenses (2,784)
---------
Profit before tax 836
Income tax expense (324)
---------
Profit after for the year 512
---------
Statement of cash flows
Operating cash flows 1,444
Investing cash flows (640)
Financing cash flows (311)
---------
Total cash flows (493)
---------
4 Cash generated from operating activities
June June
2017 2016
unaudited unaudited
US$'000 US$'000
Profit from continuing operations 4,611 3,839
Profit from discontinued operations 512 -
--------------------------------------------------------- ----------- -----------
Profit before tax 5,123 3,839
Adjustments to reconcile profit before tax to net cash
flows from operating activities:
Share of profit of associates and joint
venture (437) (45)
Unwinding of a financial guarantee - Telerix
Communications - (231)
Finance income (2,240) (2,861)
Finance cost 1,542 1,933
Depreciation 907 1,127
Amortization of intangible assets 147 352
Loss on disposal of investments - 65
Net realized and unrealized (gains)/losses (5,349) 166
Exchange losses 59 -
Profit from discontinued operation (512) -
Working capital adjustments:
Decrease in inventory 22 3,299
(Increase)/ decrease in reinsurance assets (4,247) 776
Decrease/ (increase) in deferred acquisition
costs 522 (1,272)
Decrease / (increase) in insurance receivables 3,345 (5,087)
Increase in trade and other receivables (10,893) (3,940)
Increase in loans to directors and employees (185) (441)
Increase in insurance contract liabilities 9,458 4,054
Increase in deferred income 205 289
Increase in insurance payables 2,051 2,230
Decrease in trade and other payables and
provisions (57) (4,572)
Gross change in investment contract liabilities 7,265 1,253
---------------------------------------------------------- ----------- -----------
Cash generated from operating activities 6,726 934
---------------------------------------------------------- ----------- -----------
5 Segment information
The chief operating decision maker i.e. the Investment Advisor's
executive committee classifies the Group's business units into
different clusters i.e. hotels, insurance, technology,
agrochemicals and property (Joina City) for the purpose of
monitoring the operating results of business units and resource
allocation to business units. Segmentation of business units into
different clusters is based on the type of product and service
offering by the different companies. There have been no changes to
the measurement methods used to determine segment information from
those used during the previous year.
IFRS Total
Joina City Hotels Insurance Agrochemicals Central Adjustments Group
Year ended 30 June US$ '000 US$ '000 US$ '000 US$ '000 US$ '000 US$ '000 US$ '000
2017
Net insurance premium
revenue - - 28,683 - - (613) 28,070
Fees and commission
income - - 10,306 - 1,835 (2,257) 9,884
Hotel revenue - 5,603 - - 931 (280) 6,254
Manufacturing revenue - - - 6,402 - - 6,402
Rental income from
investment properties 899 - 764 - 2 (74) 1,591
Total revenue 899 5,603 39,753 6,402 2,768 (3,224) 52,201
(Loss)/profit before
equity accounted
earnings and tax (148) (35) 7,479 (1,565) 71 (1,628) 4,174
Equity accounted earnings - - (43) 243 - 237 437
Segment (loss)/profit
from continuing
operations (148) (35) 7,436 (1,322) 71 (1,391) 4,611
Discontinued
operations - - 512 - - - 512
Segment (loss)/profit
before tax (148) (35) 7,948 (1,322) 71 (1,391) 5,123
As at 30 June 2017
Segment assets 31,761 21,438 199,557 27,603 232,436 (215,966) 296,829
Disposal group held
for sale - - 16,030 - - - 16,030
----------- --------- ---------- -------------- ---------- ------------ ----------
Total segment assets 31,761 21,438 215,587 27,603 232,436 (215,966) 312,859
----------- --------- ---------- -------------- ---------- ------------ ----------
Segment liabilities (8,142) (10,971) (138,617) (25,401) (117,746) 106,624 (194,253)
Disposal group held
for sale - - (10,391) - - 14 (10,377)
----------- --------- ---------- -------------- ---------- ------------ ----------
Total segment
liabilities (8,142) (10,971) (149,008) (25,401) (117,746) 106,638 (204,630)
Joina Hotels Insurance Agrochemicals Technology Central IFRS Total
City Adjustments Group
Six months ended US$ '000 US$ '000 US$ '000 US$ '000 US$ '000 US$ '000 US$ '000 US$ '000
30
June 2016
Net insurance
premium
revenue - - 26,808 - - - (138) 26,670
Fees and
commission
income - 11,633 - 1,496 (2,804) 10,325
Hotel revenue - 6,697 - - - - - 6,697
Manufacturing
revenue - - - 4,133 - - - 4,133
Rental income
from investment
properties 825 - 638 - - - (41) 1,422
------------ ------------ ------------- ----------------- -------------- -------------- ---------------- ----------
Total revenue 825 6,697 39,079 4,133 - 1,496 (2,983) 48,247
------------ ------------ ------------- ----------------- -------------- -------------- ---------------- ----------
Profit/(loss)
before
tax and equity
accounted
earnings (247) (231) 7,775 (1,494) - 4,355 (6,364) 3,794
Equity accounted
earnings - 521 101 (577) - - - 45
Profit/(loss)
before
tax (247) 290 7,876 (2,071) - 4,355 (6,364) 3,839
------------ ------------ ------------- ----------------- -------------- -------------- ---------------- ----------
As at 30 June
2016
Segment assets 32,402 31,235 190,255 35,914 282 77,870 (70,144) 297,814
------------ ------------ ------------- ----------------- -------------- -------------- ---------------- ----------
Segment
liabilities (6,695) (11,143) (131,313) (26,334) - (43,997) 25,639 (193,843)
------------ ------------ ------------- ----------------- -------------- -------------- ---------------- ----------
6 Financial assets fair value hierarchy
As detailed per the 31 December 2016 annual report, the fair
value hierarchy at which a fair value measurement is categorized is
determined on the basis of the lowest level input that is
significant to the fair value measurement in its entirety.
The following table presents the Group's financial assets that
are carried at fair value at 30 June 2017 and 31 December 2016:
30 June 2017
Level 1 Level 2 Level 3 Total
US$ '000 US$ '000 US$ '000 US$ '000
Financial assets at fair value
through profit or loss
* Equity securities 34,243 - 4,205 38,448
--------- --------- --------- ---------
Total assets 34,243 - 4,205 38,448
--------- --------- --------- ---------
31 December 2016 Level 1 Level 2 Level 3 Total
US$ '000 US$ '000 US$ '000 US$ '000
Financial assets at fair value
through profit or loss
* Equity securities 27,824 - 4,205 32,029
Total 27,824 - 4,205 32,029
--------- --------- --------- ---------
7 Events after the reporting period
The disposal of the Group's investment in Lion Assurance Company
Limited was completed on 31 August 2017 and the purchase
consideration of $5.6 million has been received by the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUCUBUPMPUU
(END) Dow Jones Newswires
September 11, 2017 02:00 ET (06:00 GMT)
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