NATIONAL INVESTMENT TRUST LTD
STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2013
2013
2012
Rs
Rs
ASSETS
NON-CURRENT ASSET...
Statement of Comprehensive Income
For the year ended 30 June 2013
2013
Rs
Income
2012
Rs
22,785,974
17,406,052
107,99...
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2013
2013
2012
Rs
Rs
CASH FLOWS FROM OPERATING ACTIVITIES
141,562,886...
COMMENTS
For the financial year under review, the Company’s Net Asset Value increased by 10.7% to reach Rs 70.58 on a per ...
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National Investment Trust Ltd FY 2013 Results

National Investment Trust Ltd FY 2013 Results
Published on: Mar 3, 2016
Published in: Investor Relations      Economy & Finance      Business      
Source: www.slideshare.net


Transcripts - National Investment Trust Ltd FY 2013 Results

  • 1. NATIONAL INVESTMENT TRUST LTD STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2013 2013 2012 Rs Rs ASSETS NON-CURRENT ASSETS 41,761,267 45,098,042 882,639,231 774,645,072 924,400,498 819,743,114 Accounts receivable 35,763,968 28,646,332 Cash at bank 26,560,090 34,349,598 62,324,058 62,995,930 986,724,556 882,739,044 Share capital 156,718,346 156,718,346 Capital redemption reserve 319,722,000 319,722,000 (377,393,998) (377,393,998) 791,439,231 683,445,072 76,598,624 77,091,630 967,084,203 859,583,050 11,250,000 15,000,000 1,087,299 941,408 Accounts payable 3,396,844 3,445,010 Bank Loan 3,750,000 3,750,000 156,210 19,576 7,303,054 7,214,586 986,724,556 882,739,044 Property and equipment Portfolio of Domestic Securities CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES CAPITAL AND RESERVES Deficit on realisation of investments Investment revaluation reserve Retained earnings TOTAL EQUITY NON CURRENT LIABILITIES Bank Loan Deferred tax liability CURRENT LIABILITIES Taxation TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Approved by the Board of Directors on 13 August 2013
  • 2. Statement of Comprehensive Income For the year ended 30 June 2013 2013 Rs Income 2012 Rs 22,785,974 17,406,052 107,994,159 (78,104,928) 130,780,133 (60,698,876) Administrative Expenses (14,813,986) (14,567,631) Profit / (Loss) before finance cost 115,966,147 (75,266,507) (1,403,261) (2,285,483) 114,562,886 (77,551,990) (210,483) (255,366) Profit / (Loss)after taxation 114,352,403 (77,807,356) Movement in portfolio of investments transferred to: Fair value reserve (107,994,159) 78,104,928 6,358,244 297,572 Earnings per share (a) Based on profit /(loss) for the year 8.35 (5.68) (b) Based on distributable profit for the year 0.46 0.02 Surplus / (Deficit) on portfolio of investments Finance cost Profit / (Loss) before taxation Taxation Net distributable profit for the year STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2013 Capital reserve Rs Stated capital Rs Balance at 1 July 2011 156,718,346 Fair value reserve Rs (57,671,998) 761,550,000 Loss for the year - - - Deficit on revaluation of investments transferred to fair value reserve - Dividend - 156,718,346 (57,671,998) 683,445,072 Balance at 1 July 2012 156,718,346 (57,671,998) 683,445,072 - - Surplus revaluation of investments transferred to fair value reserve - - 107,994,159 156,718,346 (57,671,998) 944,241,656 (77,807,356) - (6,851,250) (6,851,250) 77,091,630 859,583,050 77,091,630 859,583,050 114,352,403 (107,994,159) (6,851,250) Dividend Balance at 30 June 2013 78,104,928 Total Rs 114,352,403 Balance at 30 June 2012 Profit for the year 83,645,308 (77,807,356) (78,104,928) - - Retained earnings Rs 791,439,231 76,598,624 (6,851,250) 967,084,203
  • 3. CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2013 2013 2012 Rs Rs CASH FLOWS FROM OPERATING ACTIVITIES 141,562,886 (77,551,990) (2,630,345) (107,994,159) 3,453,904 1,403,261 (2,814,209) 78,104,928 3,901,271 2,285,483 35,795,547 3,925,483 (7,117,636) (48,166) 10,006,319 344,097 (7,165,802) 10,350,416 OPERATIONS 28,629,745 14,275,899 Interest paid Taxation (1,403,261) 72,042 (2,285,483) (633,967) NET CASH GENERATED FROM 27,298,526 11,356,449 Profit / (loss) taxation Adjustments for: Interest income (Surplus) / deficit on portfolio of investments Depreciation of property and equipment Interest payable OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES Movement in Working Capital Decrease/(Increase) in accounts receivable (Decrease)/Increase in accounts payable NET CASH GENERATED FROM/( USED IN) OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Interest Income Purchase of property and equipment 2,630,345 (117,129) 2,814,209 (83,835) NET CASH (USED IN)/ GENERATED FROM 29,811,742 14,086,823 Loan repaid (6,851,250) (3,750,000) (6,851,250) (3,750,000) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 19,210,492 3,485,573 CASH AND CASH EQUIVALENTS AT 1 JULY 34,349,598 30,864,025 CASH AND CASH EQUIVALENTS AT 30 JUNE 53,560,090 34,349,598 53,560,090 34,349,598 INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid Represented by: Cash at bank
  • 4. COMMENTS For the financial year under review, the Company’s Net Asset Value increased by 10.7% to reach Rs 70.58 on a per share basis as the value of our unquoted investments rose by about Rs 135m. Such an increase is primarily due to the higher rating of most comparable listed companies as at 30 June 2013. On the income side, Net Profit after tax stood at Rs 6.4m compared to Rs 0.3.m at a similar date last year following higher dividends received from Sicom. PROSPECTS Our performance is closely linked to the evolution of stock markets both locally and worldwide as, not only does a significant part of our income depends on the performance of the two investment funds under our management but also, the valuation of our unquoted assets takes into account the market ratios of comparable listed companies. MARKET SENSITIVE INFORMATION An offer was received from The State Investment Corporation Ltd to buyback NIT’s 15% holding stake in that company for a total consideration of Rs 423m payable in four equal installments spanning over a period of three years. A Cautionary Announcement has been issued today. This is a Disclosable Transaction under the Listing Rules of the Stock Exchange of Mauritius Ltd. Shareholders of the Company and the public at large are advised to rely solely on the communiqués issued by the Board of NIT Ltd in making any investment decisions and, to exercise caution in dealing with the shares of the Company on the Stock Exchange. NOTES The abridged financial statements of the Company for the year ended 30 June 2013 are audited. They have been prepared in compliance with International Financial Reporting Standards, using the same accounting policies and methods of computation followed per the audited financial statements for the year ended 30 June 2012. Copies of the abridged audited financial statements are available, free of charge, at the Company's registered office: Level 8 Newton Tower, Sir William Newton Street, Port Louis These abridged financial statements are issued pursuant to listing rule 12.14. The Board of Directors of the National Investment Trust Ltd accepts full responsibility for the accuracy of the information contained in these abridged financial statements. By Order of the Board Ah Vee Li Chun Fong Company Secretary 13-Aug-13 BRN: C10011104

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