TIDMMORT
RNS Number : 7953S
Mortice Limited
28 December 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
Mortice Limited
("Mortice", the "Group" or the "Company")
Results for the Half Year ended 30 September 2016
Mortice Limited (AIM: MORT), the AIM listed security and
facilities management company, announces its unaudited results for
the half year ended 30 September 2016.
Financial results highlights:
-- Revenues from operations grew by 79% to $91.1 m (HY 2015: $51.0m)
o Man Guarding business increased by 40% to $48.5m (HY 2015:
$34.5m)
-- Contributing 53% of group revenues
o Facilities Management business revenue grew 158% to $42.5m (HY
2015: $16.5m)
-- Contributing 47% of group revenues
o 22% ($10.4m) growth from Indian Operations
o 57% ($29.7m) growth from the Office & General and
Frontline
-- O&G - Revenue $29m (HY 2015 $4.0m)
-- Frontline - Revenue $5m (HY 2015 - nil)
o Revenue mix (HY-2016)
-- India - 63%
-- UK - 32%
-- Singapore - 5%
-- Adjusted EBITDA* increased more than 200% to $5.0m (HY 2015 $1.3m)
o $1.85m of EBITDA increase from O&G and Frontline
acquisitions.
-- O&G -$0.90m (HY 2015 -$ 0.1 m)
-- Frontline -$0.95m (HY 2015 - Pre Acquisition period)
-- Adjusted profit before taxation* increased to $2.6m (449%) (HY 2015: $0.3m)
-- Net debt of $14.6m (FY 2016: $14.5m)
* Adjusted EBITDA and profit before tax excludes $0.5m of gains
from financial liabilities measured at fair value
Operational highlights:
-- 257 new clients added during the period
o including Amazon, Torrent Pharma, JW Marriott, Thermal Power
Corporation India, Renault Nissan, Samsung, Procter & Gamble,
British School, Clariant , UOH , GAM-UK
-- More than 77% of income generated from repeat business
-- Appointment of two new Non-Executive Directors
-- Commencement of GBP55m contract with the University of Hertfordshire
-- O&G and Frontline were fully integrated into the business
Post Period End:
-- Placing to raise GBP2.3m in December 2016 (the "Placing")
o Proceeds to reduce indebtedness, providing balance sheet
flexibility to pursue various growth opportunities
o Effects of Placing expected to be earnings enhancing
-- O&G appointed to London Universities' GBP60m cleaning framework
-- Continuation of strong trading with the Company remaining on
track to at least meet market expectations for full year ending 31
March 2017
Major Manjit Rajain, Executive Chairman of Mortice Limited,
said:
"The strong momentum achieved during the period reflects the
Company's ability to win new contracts across all parts of the
business. Our underlying performance was especially pleasing, but
the Group's performance has also been assisted by the performance
of our acquired businesses, which have benefited from the backing
of Mortice to accelerate their expansion. We are focused on
becoming a global business operating in multiple geographic regions
and are excited by the potential to further extend our reach.
"Our existing operations provide a solid foundation for growth
as we continue to benefit from high levels of visibility thanks to
long-term contracts and a retention rate of over 77%. We have a
blue-chip client base with a growing ability to cross sell our
services and, as such, we view the future with confidence.
Additionally, we have a proven ability to execute acquisitions and
will continue to evaluate opportunities to further consolidate our
position.
"Furthermore, we have a strong pipeline of potential new and
existing opportunities. There is significant scope for scalability
across the Group's target markets and the contracts generated to
date demonstrate the attraction of the enlarged Group's service
offering. As such, we believe that visibility will continue to
improve throughout the remainder of the year and we very much look
forward to updating the market with further developments in due
course."
Mortice Limited www.morticegroup.com
Manjit Rajain, Executive Tel: +91 981 800 0011
Chairman
finnCap Ltd Tel: 020 7220 0500
Adrian Hargrave / Giles Rolls
/ Alex Price (Corporate Finance)
Tony Quirke (Corporate Broking)
Walbrook PR Tel: 020 7933 8780 or mortice@walbrookpr.com
Paul McManus / Nick Mob: 07980 541 893 / 07884
Rome / Sam Allen 666 686
About Mortice Limited
Mortice (AIM: MORT), is an AIM listed security and facilities
management company, incorporated in Singapore and based in India
with additional operations in Singapore and the UK.
Mortice operates under two brands, in India:
-- Peregrine - provision of guarding and security services to a
wide range of clients from blue-chip companies, smaller businesses,
commercial and private properties, and individuals.
-- Tenon - provision of a full range of facilities management
services to corporate occupiers, owners and developers of real
estate. Clients include some of the world's most respected blue
chip and home-grown companies. Within the Tenon group, Mortice also
offers security surveillance services through its subsidiary
Soteria and mechanical and engineering services via Rotopower
The business is growing and profitable and is focused on
expanding its geographical footprint and growing through targeted
acquisitions, as well as organically.
In 2015 the Company established Tenon UK and through this wholly
owned subsidiary, acquired UK based Office & General Group
Limited (O&G"), an independent property service company
specialising in cleaning and providing support services such as
environmental solutions and built fabric maintenance in the UK. In
addition, the Company acquired a 51% majority stake in
Singapore-based security company Frontline Security Pte. Ltd, and
has an option to acquire an additional 25% within three years.
Chairman's Statement
Overview
This was another period of excellent growth for the Company, as
it generated strong organic growth with like-for-like profits and
sales significantly ahead of the same period last year. In
addition, the Company benefited from strong contributions from
O&G and Frontline, which further strengthened the Company's
overall performance during the period and will provide further
opportunities for the Group to leverage its client base of
international blue-chip clients. The Group won several high profile
new contracts during the period with facilities management growing
particularly strongly on the back of the strong contribution from
O&G. With the acquisitions now fully bedded in, further
benefits are expected during the second half with significant scope
for new business from the framework agreement with London
Universities.
India continues to provide a strong cornerstone for growth.
Importantly, India is expected to continue to expand rapidly and
underpin further growth with the security market expected to grow
in excess of 20% per year. There is significant scope for the
Company to grow its security service business at an even faster
rate, as legislation is dictating a shift towards 'compliant'
security services, benefitting established participants such as
Peregrine.
Furthermore, the facilities management industry, in India, is
also expected to continue its pace of growth as the trend towards
outsourced facilities management continues. By way of example, in
India the IT industry currently outsources approximately 60 per
cent. of its facilities management, whilst the retail and
manufacturing sectors only outsource approximately 15 per cent.
Results
Revenues grew 79% to $91.1m (HY 2015: $51.0m) during the period
with profits of $3.1m (HY 2015: $0.3m). The underlying performance
remained strong with growth across all parts of the business.
$34m of sales was contributed by O&G and Frontline.
Adjusted EBITDA for the period was $5.0m compared to $1.3m for
the first half last year with adjusted PBT for the period $ 2.6m,
compared to $0.3m in the first half last year. The Company remains
confident about its prospects for the financial year ending 31
March 2017 as it benefits from business synergies and consolidation
of the acquired businesses.
During the period, the Company's increased net borrowings
remained broadly consistent at $14.6m.
Currency fluctuations impacted revenue growth in dollar terms
from India. Sales grew 27% from INR 3.02 Bn to 3.85INR Bn, however
once converted the increase was 22%, growing from $47.0m to $57.4m
during the period.
The adjusted PBT was INR 146.7 m ($2.2m) and adjusted PAT was
INR 109m ($1.6m) compared to INR 80.6m ($1.3m) and INR 54.7m
($0.9m) respectively, from the same period last year.
Sales from our guarding services division, Peregrine Services,
grew 27% to $44m (HY 2015: $35m), accounting for 48% of group
revenues. Key client wins included Amazon, Torrent Pharma, JW
Marriott, Thermal Power Corporation India, Renault Nissan, Samsung,
Procter & Gamble.
*Conversion rate 1 INR: $0.01
International Growth
The acquisitions of Frontline and O&G significantly
broadened our geographic reach while also providing foundations for
us to build on and develop existing relationships they had in place
- as highlighted by the GBP55m contract win with the University of
Hertfordshire, worth GBP5.3m a year, providing a strong reference
point for the capabilities of the enlarged Group. Furthermore, the
Company was delighted by O&G's appointment to London
Universities' GBP60m cleaning framework. The framework covers the
provision of cleaning and associated support services for London
Universities Purchasing Consortium ("LUPC") members in Greater
London and South East England over a three-year period.
As part of the Framework, member institutions may from time to
time invite suppliers within the Framework to participate in
tenders for the provision of cleaning services. Whilst O&G is
not an exclusive provider of services to this Framework, it is the
only contractor to be appointed to all three elements of the LUPC
Framework and so is well positioned to benefit from this
agreement.
O&G provides exposure to the UK market and contributed
revenues of $29m representing 32% of total group revenues during
the period. In addition, long-term orders continue to ensure high
levels of visibility.
Singapore-based Frontline also contributed positively with
revenues of $5m. The focus here remains on finding innovative ways
of generating business and increasing profit.
Soteria
Soteria, which offers managed remote surveillance services using
an IBM platform, gained further momentum. We are seeing increased
client interest and many institutional clients have visited our
command centre.
Our trading continues to be robust and, with increased
government focus on infrastructure and manufacturing, the demand
for our services is well placed to increase. Significantly there is
the potential for a global rollout. As well as a growing domestic
client base, Soteria has clients based in the UK and the US.
Board Appointments
In May 2016 the Company appointed Pallavi Bakhru and Richard
Gubbins as Non-Executive Directors. Their appointments help
strengthen the Board as it continues its growth strategy,
particularly in an international context, given both of their
experience in cross-border enterprises.
Placing
Given the Group's expected continued rapid expansion in India
and abroad, the Company has raised GBP2.3 million in order to
rebase the capital structure to better reflect the Group's current
geographical and market positioning. The funds will be used to
reduce dependence on expensive working capital facilities and shift
towards a combination of equity and term debt funding.
Following the Placing, the Group will have additional
flexibility to execute on its growth plan and, where appropriate,
to seek to accelerate growth further through acquisitions and
investment in organic growth opportunities.
Outlook
The strong momentum achieved during the period reflects the
Company's ability to win new contracts across all parts of the
business. Our underlying performance was especially pleasing and is
somewhat hidden by the strong performance of our acquired
businesses. We are focused on becoming a global business operating
in multiple geographic regions and are excited by the potential to
further extend our reach. As such, the Placing will provide us with
the flexibility to pursue a variety of growth opportunities.
Our existing operations provide a solid foundation for continued
growth as we continue to benefit from high levels of visibility
thanks to long-term contracts and a retention rate of over 77%. We
have a blue-chip client base with a growing ability to cross sell
our services and, as such, we view the future with confidence.
Additionally, we have a proven ability to execute acquisitions and
will continue to evaluate opportunities to further consolidate our
position.
Furthermore, we have a strong pipeline of potential new and
existing opportunities. There is significant scope for scalability
across the Group's target markets and the contracts generated to
date demonstrate the attraction of the enlarged Group's service
offering. As such, we believe that visibility will continue to
improve throughout remainder of the year and we very much look
forward to updating the market with further developments in due
course.
Manjit Rajain
Chairman
28 December 2016
The unaudited interim financial statements will be available on
the Company's website: www.morticegroup.com.
Unaudited condensed consolidated statement of financial
position
(All amounts in United States Dollars, unless otherwise
stated)
As at As at As at
----------------------
30 September 30 September 31 March
2016 2015 2016
(Unaudited) (Unaudited) (Audited)
---------------------- ------------------------------ --------------- ------------------------
Assets
Non-current
Goodwill 10,581,058 14,396,982 10,778,246
Other intangible
assets 7,206,711 369,911 8,359,658
Property, plant
and equipment 3,789,481 3,223,707 3,450,121
Long-term financial
assets 1,207,497 924,672 834,012
Deferred tax
assets 543,549 1,900,718 615,036
Other non-current
assets 271,896 214,966 261,256
---------------------- ------------------------------ --------------- ------------------------
Non-current
assets 23,600,192 21,030,956 24,298,329
---------------------- ------------------------------ --------------- ------------------------
Current
Inventories 462,137 3,273,451 400,441
Trade and other
receivables 38,647,697 30,076,751 35,634,965
Current tax
assets 2,845,682 2,281,008 2,899,652
Cash and cash
equivalents 2,800,059 1,899,289 1,610,019
Current assets 44,755,575 37,530,499 40,545,077
---------------------- ------------------------------ --------------- ------------------------
Total assets 68,355,767 58,561,455 64,843,406
====================== ============================== =============== ========================
Equity and
liabilities
Equity
Share capital 13,068,612 14,097,313 13,068,612
Reserves 2,343,349 327,331 1,135,160
---------------------- ------------------------------ --------------- ------------------------
15,411,961 14,424,644 14,203,772
Non-controlling
interests 2,457,385 30,764 1,908,608
---------------------- ------------------------------ --------------- ------------------------
Total equity 17,869,346 14,455,408 16,112,380
====================== ============================== =============== ========================
Liabilities
Non-current
Employee benefit
obligations 1,648,927 1,082,252 1,371,442
Other liabilities 757,000
Borrowings 5,119,845 8,572,062 5,883,873
Non-current
liabilities 6,768,772 10,411,314 7,255,315
---------------------- ------------------------------ --------------- ------------------------
Current
Trade and other
payables 30,871,355 25,866,325 30,557,794
Employee benefit
obligations 524,132 666,625
Borrowings 12,322,162 7,828,408 10,251,292
Current liabilities 43,717,649 33,694,733 41,475,711
---------------------- ------------------------------ --------------- ------------------------
Total liabilities 50,486,421 44,106,047 48,731,026
Total equity
and liabilities 68,355,767 58,561,455 64,843,406
====================== ============================== =============== ========================
The annexed notes form an integral part of and should be read in
conjunction with these financial statements.
Unaudited Consolidated statement of profit or loss and other
comprehensive income
(All amounts in United States Dollars, unless otherwise
stated
Six months ended Six months
ended
30 September 30 September
2016 2015
(Unaudited) (Unaudited)
-------------------------------------- ----------------------- -----------------------------
Income
Service revenue 91,184,497 51,024,435
Gains from financial liabilities 489,228 -
measured at fair value through
profit or loss
Other income 241,791 166,980
-------------------------------------- ----------------------- -----------------------------
Total income 91,915,516 51,191,415
Expenses
Staff and related costs 77,978,675 45,462,400
Materials consumed 4,123,289 1,222,048
Other operating expenses 4,278,391 3,215,415
Depreciation and amortization 1,145,196 380,969
Finance costs 1,315,918 597,003
-------------------------------------- ----------------------- -----------------------------
Total expenses 88,841,469 50,877,835
Profit before taxation 3,074,047 313,580
Tax expense 1,160,755 406,057
-------------------------------------- ----------------------- -----------------------------
Profit for the period 1,913,292 (92,477)
Other comprehensive income:
Items that will be reclassified
subsequently to profit or
loss
Exchange difference on translating
foreign operations (156,326) (541,758)
-------------------------------------- ----------------------- -----------------------------
Total comprehensive income
for the year net of tax 1,756,966 (634,235)
-------------------------------------- ----------------------- -----------------------------
Profit for the period attributable
to:
- Owners of the parent 1,478,826 (96,852)
- Non-controlling interest 434,466 4,375
-------------------------------------- ----------------------- -----------------------------
1,913,292 (92,477)
-------------------------------------- ----------------------- -----------------------------
Total comprehensive income
attributable to:
- Owners of the parent 1,208,189 (635,878)
- Non-controlling interest 548,777 1,643
-------------------------------------- ----------------------- -----------------------------
1,756,966 (634,235)
-------------------------------------- ----------------------- -----------------------------
Earnings per share: Basic
and diluted 0.03 (0.00)
-------------------------------------- ----------------------- -----------------------------
The annexed notes form an integral part of and should be read in
conjunction with these financial statements.
Unaudited Consolidated statement of changes in equity
(All amounts in United States Dollars, unless otherwise
stated)
Equity Capital Exchange Retained Total Non-controlling Total equity
translation earnings attributable interest
reserve to owners of
the parent
---------------- --------------- --------------- ---------------- --------------- ---------------- -------------
Balance as at 1
April 2016 13,068,612 (3,598,396) 4,733,556 14,203,772 1,908,608 16,112,380
Profit for the
period - - 1,478,826 1,478,826 434,466 1,913,292
Other
comprehensive
income:
-Exchange
differences on
translating
foreign
operations - (270,637) - (270,637) 114,311 (156,326)
Total
comprehensive
income for the
period - (270,637) 1,478,826 1,208,189 548,777 1,756,966
---------------- --------------- --------------- ---------------- --------------- ---------------- -------------
Balance as at
30 September
2016 13,068,612 (3,869,033) 6,212,382 15,411,961 2,457,385 17,869,346
---------------- --------------- --------------- ---------------- --------------- ---------------- -------------
Balance as at
1 April 2015 9,555,312 (3,193,804) 4,157,013 10,518,521 29,121 10,547,642
Issue of share
capital 4,542,001 - - 4,542,001 - 4,542,001
Profit for the
period - - (96,852) (96,852) 4,375 (92,477)
Other
comprehensive
income:
-Exchange
differences on
translating
foreign
operations - (539,026) - (539,026) (2,732) (541,758)
---------------- --------------- --------------- ---------------- -------------
Total
comprehensive
income for the
period - (539,026) (96,852) (635,878) 1,643 (634,235)
---------------- --------------- --------------- ---------------- --------------- ---------------- -------------
Balance as at
30 September
2015 14,097,313 (3,732,830) 4,060,161 14,424,644 30,764 14,455,408
---------------- --------------- --------------- ---------------- --------------- ---------------- -------------
Unaudited Consolidated statement of cash flows
(All amounts in United States Dollars, unless otherwise
stated)
Six months Six months
ended ended
30 September 30 September
2016 2015
(Unaudited) (Unaudited)
------------------------------------------- --------------------- ----------------------------
(A) Cash flow from operating activities
Profit before taxation 3,074,047 313,580
Adjustments for:
Depreciation and amortization 1,145,196 380,969
Interest expense 1,315,919 597,003
Interest income (24,486) (13,567)
Gains from financial liabilities
measured at fair value through
profit or loss (489,228) -
Impairment of trade receivables 164,906 208,598
Other adjustments 10,067 (16,112)
--------------------- ----------------------------
Operating profit before working
capital changes (Current and non-
current) 5,196,421 1,470,471
Increase in trade and other receivables (3,316,202) (2,367,762)
(Increase)/decrease in inventories (62,134) 79,622
Increase in trade and other payables 954,966 688,403
------------------------------------------- --------------------- ----------------------------
Cash generated from operations 2,773,051 (129,266)
Income tax paid (527,394) (731,476)
Net cash used in operating activities 2,245,657 (860,742)
------------------------------------------- --------------------- ----------------------------
(B) Cash flow from investing activities
Acquisition of plant, property
and equipment (904,083) (349,824)
Withdrawal/(purchase) of fixed
deposits (355,719) 94,383
Purchase consideration paid on
business acquisition - (4,317,053)
Acquisition of other intangible
assets (8,257) (118,714)
Deposit for purchase of property (11,868) (12,941)
Proceeds from sale of plant, property
and equipment 5,731 18,574
Interest received 14,371 230,270
------------------------------------------- --------------------- ----------------------------
Net cash used in investing activities (1,259,825) (4,455,305)
------------------------------------------- --------------------- ----------------------------
(C) Cash flows from financing activities
Repayment of finance lease obligation (1,001,300) (105,495)
Proceeds from Long term borrowings 325,050 -
Movement in short term borrowings
(net) 2,180,218 7,634,516
Interest expenses (1,366,561) (806,750)
Net cash generated from financing
activities 137,407 6,722,271
------------------------------------------- --------------------- ----------------------------
Net increase in cash and cash equivalents 1,123,239 1,406,224
Cash and cash equivalents at the
beginning of the period 1,610,019 539,204
Effect of change in exchange rate
on cash and cash equivalents 66,801 (46,139)
------------------------------------------- --------------------- ----------------------------
Cash and cash equivalents at the
end of the period 2,800,059 1,899,289
------------------------------------------- --------------------- ----------------------------
Notes to the unaudited condensed interim financial
statements
1. Introduction
Mortice Limited ('the Company' or 'Mortice') was incorporated on
9 January 2008 as a public limited Company in the Republic of
Singapore. The Company's registered office is situated at 36
Robinson Road, #17-01 City House, Singapore 068877.
The Company was listed on the Alternative Investment Market
(AIM) of the London Stock Exchange on 15 May 2008. The Company
together with its subsidiaries (hereinafter, together referred to
as 'the Group') is engaged in providing services such as guarding
services, facilities management services, mechanical and
engineering maintenance services, installation of safety equipment
and sale of such equipment. The Group's operations are spread
across India. The various entities comprising the Group have been
defined below.
Name of subsidiaries Country Effective
of incorporation group shareholding
(%)
Held by Mortice Limited
Tenon Facility Management India
Private Limited
(formally Tenon Property Services
Private Limited) India 99.48
Tenon Facility Management UK United
Limited Kingdom 100
Tenon Facility Management Singapore
Pte Limited Singapore 100
Tenon Property Services Lanka
Private Limited Sri Lanka 100
Held by Tenon Facility Management
India Private Limited
(formally Tenon Property Services
Private Limited)
Peregrine Guarding Private Limited
('PGPL') India 100
Tenon Support Services Private
Limited ('Tenon Support') India 100
Tenon Project Services Private
Limited ('Tenon Project') India 100
Roto Power Projects Private Limited
('Roto') India 99.95
Soteria Command Centre Private
Limited ('Soteria') India 100
Held by Tenon Facility Management
UK Limited
United
Office and General Group Limited Kingdom 100
Held by Tenon Facility Management
Singapore Pte Limited
Frontline Securities Pte Limited Singapore 51
These unaudited condensed consolidated financial statements were
approved by the Board on ___________.
The immediate and ultimate holding company is Mancom Holdings
Limited, a company incorporated in British Virgin Islands.
2. Basis of preparation
These condensed consolidated interim financial statements are
for the six months ended 30 September 2016 have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the European Union (EU), on a going concern basis. They do not
include all of the information required in annual financial
statements in accordance with IFRS, and should be read in
conjunction with the consolidated financial statements of the Group
for the year ended 31 March 2016.
The functional currency of the entities within the Group (other
than the subsidiaries in Sri Lanka & United Kingdom) is Indian
Rupees ('INR'). The functional currency of subsidiary in Sri Lanka
is Sri Lankan Rupees & in United Kingdom is GBP. The Company
has a functional currency of United States Dollars ('US$'). The
group's management has chosen to present the consolidated financial
information in US$, the functional currency of the Company.
All inter-company transactions and balances are eliminated on
consolidation and the unaudited condensed consolidated interim
financial statements reflect external transactions only. The
accounting periods of the subsidiaries are coterminous with that of
the Company.
3. Significant accounting policies
The interim financial statements have been prepared in
accordance with the accounting policies adopted in the Group's most
recent annual financial statements for the year ended 31 March
2016.
4. Estimates
When preparing the interim financial statements, management
undertakes a number of judgments, estimates and assumptions about
recognition and measurement of assets, liabilities, income and
expenses. The actual results may differ from the judgments,
estimates and assumptions made by management, and will seldom equal
the estimated results.
The judgments, estimates and assumptions applied in the interim
financial statements, including the key sources of estimation
uncertainty were the same as those applied in the Group's most
recent annual financial statements for the year ended 31 March
2016.
5. Segmental reporting
The Group has reported segment results based on internal
management reporting information that is regularly reviewed by the
Group's Chief Executive Officer and Chairman. Chief Executive
Officer and Chairman have concluded that the operating segment
disclosure should be based on service offered by Group.
The reportable segments identified by the group are: guarding
services and facility management services.
The revenue and profit generated by each of Group's business
segments are summarized as follows:
1 April 2016 to 30 September 2016
-------------------------------------------------------------------------------
Guarding Facility Others Total
Management
--------------------------- ----------- ------------ ---------- -----------
Revenue
From external customers 48,475,849 42,533,777 174,871 91,184,497
Segment operating
profit 2,348,944 601,681 (23,716) 2,926,908
Total segment assets 31,889,726 16,433,119 916,603 49,239,448
Total segment liabilities 23,583,005 17,581,664 1,726,675 42,891,344
1 April 2015 to 30 September 2015
-----------------------------------------------------------------------------
Guarding Facility Others Total
Management
------------------------- ----------- ------------ ---------- -----------
Revenue
From external customers 34,523,975 16,462,756 37,704 51,024,435
Segment operating
profit 1,193,948 (86,985) (101,683) 1,005,280
Total Segment assets 24,449,324 26,391,136 428,094 51,268,554
Segment liabilities 17,516,322 17,423,246 1,104,889 36,044,457
------------------------- ----------- ------------ ---------- -----------
The totals presented for the Group's operating segments
reconciliation to the Group's key financial
figures presented in its consolidated financial statements are
as follows:
September 2016 September 2015
Segment assets 49,239,448 51,268,554
Reconciling items:
Other assets unallocated 19,116,319 7,292,901
------------------------------- ----------- -----------
Total assets 68,355,767 58,561,455
------------------------------- ----------- -----------
Segment liabilities 42,891,344 36,044,457
Reconciling items:
Other liabilities unallocated 7,595,077 8,061,590
------------------------------- ----------- -----------
Total liabilities 50,486,421 44,106,047
------------------------------- ----------- -----------
Six months Six months
ended ended
30 September 30 September
2016 2015
Segment operating profit
before tax 2,926,908 1,005,280
Reconciling items:
Other income not allocated 731,019 166,980
Other expense not allocated
(Mortice Limited) (583,880) (858,680)
Profit before tax 3,074,047 313,580
6. Property, plant and equipment - The acquisitions of property,
plant and equipment, for the six months ended 30 September 2016 are
US$ 894,682 (six months ended 30 September 2015 excluding property,
plant and equipment acquired under business combination: US$
373,358 and for the twelve months ended 31 March 2016 are US$
1,120,106 excluding property, plant and equipment acquired under
business combination).
7. Earnings per share
Both basic and diluted earnings per share have been calculated
using the profit or loss attributable to shareholders of Mortice
Limited as the numerator. Calculation of basic and diluted profit
per share is as follows:
Six months Six months
ended 30 ended 30
September September
2016 2015
------------------------------------- ----------- -----------
Earnings attributable to equity
holders (US$) 1,478,826 (96,852)
Weighted average number of ordinary
shares outstanding for basic
& diluted earnings per share 50,700,001 48,109,837
------------------------------------- ----------- -----------
Basic and diluted earnings per
share (US$) 0.03 (0.00)
------------------------------------- ----------- -----------
-*rounded off to two decimal
places.
8. RELATED PARTY TRANSACTIONS
A. Related party relationship
Disclosure of Related parties and relationship between the
parties:
Ultimate Holding Company Mancom Holdings Limited
Entities on which KMP exercise significant influence: Peregrine Services Private Limited
(where transaction occurred) Micro Azure Computers Private Limited
Peregrine Protection Services Private Limited
Key Management Personnel Manjit Rajain
(KMP's)
Rajan Oberoi
Sangram Dhar
Relative of Key Management Angad Rajain
Personnel
Related parties key management and entities in which the key
management has interest or control.
Significant related party transactions, other than those
disclosed elsewhere in the financial statements, are as
follows:
Transaction with key management: September
Particulars 2016 2015
US$ US$
Remuneration - short-term benefits 336,839 446,669
Remuneration - post employment 17,497 -
benefits
==================================== ======== ========
The outstanding balance payable to related parties under the
category of key management as at 30 September 2016 and 30 September
2015 is US$ 51,119 and US$ 47,115 respectively. These have been
included under salaries payable under Note 16.
2016 2015
The Group US$ US$
Key management personnel and their
relatives
Office rental paid to key management
personnel 127,022 99,406
Advance rent paid to key management 59,131 -
personnel
Deposits given to key management
personnel 63,007 63,886
Sponsorship fees paid to relative 52,768 -
of key management personnel
Loan given/(taken) to key management
personnel 19,611 9,793
Receivable from key management
personnel 63,007 53,437
Entities over which key management
are able to exercise control:
Deposits given to related party - 65,412
Operating expenses paid on behalf
of related party 33,694 (7,757)
Recovery of advances from related
party 18,037 137,187
Office rental paid to related 57,366 -
party
Commission paid to related party 17,178 17,904
Receivable from related party 160,498 151,934
9 FINANCIAL INSTRUMENTS
(Financials assets and liabilities measured at amortised
cost)
Fair values
The carrying amount of financial assets and liabilities with a
maturity of less than one year is assumed to approximate their fair
values.
However, the Group and the Company do not anticipate that the
carrying amounts recorded at financial position date would be
significantly different from the values that would eventually be
received or settled.
The carrying amounts of assets and liabilities presented in the
statement of financial position relates to the following categories
of assets and liabilities:
September
2016 2015
US$ US$
Non-current assets
Loans and receivables
Restricted cash 1,207,457 924,672
Current assets
Loans and receivables
Trade and other receivables 37,701,667 29,434,783
Related party receivables 148,602 153,155
Cash and cash equivalents 2,800,059 1,899,289
----------------------------------- ----------- -----------
Total financial assets 41,857,785 32,411,899
=================================== =========== ===========
Non-current Liabilities
Finance lease obligations,
excluding current portion 542,316 159,218
Long-term borrowings, excluding
current portion 4,577,529 8,412,844
Current liabilities
Trade payables and other payables 20,422,179 20,321,070
Bank overdraft 5,825,806 5,604,242
Current portion of finance
lease obligations 379,281 103,256
Current portion of long term
borrowing 6,117,075 2,120,911
----------------------------------- ----------- -----------
Total financial liabilities 37,864,186 36,721,541
=================================== =========== ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UBAWRNUAUUAA
(END) Dow Jones Newswires
December 28, 2016 02:00 ET (07:00 GMT)
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