BAYPORT MANAGEMENT LIMITED (Registration number C1/GBL)

Transcription

1 (Registration number C1/GBL) UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS for the quarter ended 30 June 2013

2 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2013 Figures in US Dollar Notes 30-Jun Mar-13 Assets Cash and cash equivalents Net advances Other receivables and prepayments Other financial assets Property, plant and equipment Intangible assets Deferred tax assets Deferred expenses Goodwill Total assets Equity and Liabilities Equity Stated capital Total reserves ( ) ( ) Retained earnings Equity attributable to owners of the company Non-controlling interests Total equity Liabilities Bank overdrafts (secured) Trade and other payables Current tax payable Borrowings Finance lease obligations Deferred income Total Liabilities Total Equity and Liabilities

3 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarter ended Figures in US Dollar Notes 30-Jun Jun-12 Continuing operations Interest income Interest expense ( ) ( ) Net interest income Other income Operating income Operating expenses ( ) ( ) Charge for bad and doubtful advances ( ) ( ) Foreign exchange gain Profit before taxation Taxation 3 ( ) ( ) Profit for the period from continuing operations Discontinued operations Loss for the period from discontinued operations - ( ) Profit for the period Other comprehensive loss Exchange differences ( ) ( ) Effect of cash flow hedges 11 ( ) ( ) Other comprehensive loss for the period ( ) ( ) Total comprehensive income for the period Profit attributable to: Owners of the company Non-controlling interests Total comprehensive income attributable to: Owners of the company Non-controlling interests Earnings per share From continuing and discontinued operations Basic earnings per share Diluted earnings per share From continuing operations Basic earnings per share Diluted earnings per share Basic weighted average number of shares Diluted weighted average number of shares

4 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Retained earnings Other reserves Cash flow Equity Attributable attributable to attributable to Total non- Share Share Total stated Translation hedging Settled Other Total Retained to owners of non-controlling non-controlling controlling Total Figures in US Dollar capital premium capital reserve reserve Reserve reserves reserves earnings the company interests interests interests equity Balance at 01 April ( ) ( ) Profit for the period ( ) ( ) (59 607) Other comprehensive loss ( ) ( ) - - ( ) - ( ) ( ) - ( ) ( ) Total comprehensive (loss)/income ( ) ( ) - ( ) ( ) (59 607) Issue of shares Balance at 30 June ( ) ( ) Balance at 01 April ( ) ( ) Profit for the period (2 502) (2 502) Other comprehensive loss ( ) ( ) - - ( ) - ( ) ( ) - ( ) ( ) Total comprehensive (loss)/income ( ) ( ) - (2 502) ( ) Issue of shares Recognition of share based payments Balance at 30 June ( ) ( )

5 UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS Quarter ended Figures in US Dollar Notes 30-Jun Jun-12 Operating activities Profit for the period Adjustments for: Income tax expense recognised in profit or loss Finance costs recognised in profit or loss Expense recognised in respect of share based payments Depreciation of property, plant and equipment and intangibles Profit on disposal of property, plant and equipment (83) (13 094) Increase in provision for credit impairment Foreign currency (gain)/losses ( ) Operating cash flows before movements in working capital Increase in gross advances ( ) ( ) Decrease in inventories Increase in other receivables and prepayments (29 085) ( ) Increase in deferred expenses ( ) ( ) Increase in trade and other payables Increase in deferred income Cash used in operations ( ) ( ) Finance costs ( ) ( ) Income taxes paid ( ) ( ) Net cash used in from operating activities ( ) ( ) Investing activities Proceeds on disposal of property, plant and equipment Purchases of property, plant and equipment and intangibles ( ) ( ) Proceeds from issue of shares to non-controlling interests Net cash used in investing activities ( ) ( ) Financing activities Proceeds from issue of bonds Proceeds from unwinding of cross currency swaps Proceeds from issue of warrant shares Proceeds from issue of shares under share incentive scheme Net increase in loan receivable under share incentive scheme (60 186) - Net increase/(decrease) in borrowings ( ) Net increase in shareholders loan Net cash generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effect of foreign exchange rate changes (73 881) ( ) Cash and cash equivalents at the end of the period Bank balances and cash

6 NOTES TO THE 1. Background Bayport Management Limited (the Company ) was initially incorporated in the British Virgin Isles. As from 2 March 2005, the Company was migrated to Mauritius and is now incorporated as a Mauritian entity. On 28 July 2011, the Company converted from a private company to a public company. On 22 March 2013, the company was listed on the Stock Exchange of Mauritius. The Company is the holding company for the following entities whose operations are based in Africa, South America and the United Kingdom: Name of subsidiaries Bayport Financial Services Limited Bayport Financial Services Ghana Limited Bayport Financial Services Uganda Limited Bayport Financial Services (T) Limited Consumer Finance Corporation Limited Money Quest Investments (Proprietary) Limited Bayport Financial Services Mozambique (MCB) S.A Empressa de Microcredito S.A. Fimsa S.A. ( FIMSA ) Libraval S.A.S. (i) Cashfoundry Limited Actvest Limited Bayport Latin America Holdings Ltd (previously known as Invik (Mauritius) Ltd) Actvest Mexico (ii) Bayport Financial Services Rwanda SARL (dormant) Place of incorporation Zambia Ghana Uganda Tanzania Ghana Botswana Mozambique Colombia Colombia United Kingdom Mauritius Mauritius Mexico Rwanda The Company s registered office is at DTOS Ltd, 10th Floor, Raffles Tower, 19, Cybercity, Ebene, Mauritius and the Company s principal place of business is at 3rd Floor, Ebene Skies, Rue De L Institut, Ebene, Mauritius. The Company is a holding company to businesses involved in provision of retail financial services. (i) Actvest Limited (a fully owned subsidiary of Bayport Management Limited) owns % of the ordinary shares in Libraval S.A.S. (ii) Bayport Management Limited effectively owns 100% of Actvest Mexico. 2. Basis of preparation 2.1 Statement of compliance The condensed consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards ( IFRSs ) and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. 2.2 Significant accounting policies The condensed consolidated financial statements have been prepared under the historical cost convention, except for the measurement of certain non-current assets and financial instruments at fair value. The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group s consolidated financial statements for the year ended 31 March

7 NOTES TO THE (continued) Figures in US Dollar 2.3 Functional and presentation currency For the purpose of presenting condensed consolidated financial statements, the assets and liabilities of the Group s foreign operations are expressed in United States Dollars using exchange rates prevailing at reporting date. Income and expenditure are translated at average rates of exchange for the period. 3. Taxation Interim period income tax is accrued based on actual annual effective income tax rates for each entity within the Group. 4. Dividends During the quarter ended 30 June 2013, no dividends were paid or declared. 5. Property, plant and equipment During the year, the Group spent USD 0.9 million on office equipment, furniture and fittings, computer equipment, motor vehicles, leasehold improvements and intangible assets. 6. Incorporation of subsidiary Actvest Mexico In June 2013, the group incorporated Actvest Mexico, registered in Mexico. The Company will be involved in the provision of retail financial services. Bayport Management Limited effectively owns 100% of Actvest Mexico. 7. Net advances 30-Jun Mar-13 Gross advances Impairment provision ( ) ( ) Net advances Impairment provision Balance at the beginning of the year Foreign exchange differences ( ) ( ) Charge for bad and doubtful debt Amounts written off against the impairment provision ( ) ( ) Total impairment provision

8 NOTES TO THE (continued) Figures in US Dollar 8. Stated capital 30-Jun Mar-13 Share capital Share premium Number Share Share Total Stated of shares Capital premium capital Balance at 1 April Issue under share incentive scheme Balance at 30 June Borrowings 30-Jun Mar-13 Corporate Bonds Other terms loans Foreign currency gain Quarter ended 30-Jun Jun-12 Foreign exchange gain on retranslation of Bonds Other exchange (losses)/gains ( ) Cross Currency Swaps In April 2013, the Company unwound its cross currency swap contracts that were used to hedge the two Corporate Bonds. The Company received a total of USD 25.1 million as settlement for the unwinds. Under IAS 39, the gain of USD 25.1 million on the cross currency swaps has been netted off against the exchange loss on the Bond liabilities of USD 21.0 million. The remaining net gain of USD 4.1 million has been recognised according to IAS 39 guidelines. Each of the Bond liabilities of SEK 700 million and their associated interest payments are now unhedged. During the quarter ended 30 June 2013, the net gain on the retranslation of the Bonds has been recognised in profit or loss (refer to note 10). The cross currency swaps were unwound at an average rate of A 1% depreciation of Swedish Krona against US Dollar will lead to an unrealised foreign currency gain of approximately USD 2.2 million on the total capital amount of SEK 1,400 million for both bonds. A appreciation of 1% will lead to an unrealised foreign currency loss of the same amount. 7

9 NOTES TO THE (continued) The above unaudited condensed Financial Statements are issued pursuant to Listing Rules of the Stock Exchange of Mauritius Ltd, the Securities Act 2005 of Mauritius and Listing Rule 3.2 (Fixed Income Instrument) of the NASDAQ OMX Stockholm Stock Exchange. The Board of Directors of Bayport Management Limited accepts full responsibility for the accuracy of the information contained in this unaudited condensed Financial Statements. 8