Cim Group-Abridged Audited Financial Statements - Year Ended 30 September 2015
Group revenue for the year ended 30 September 2015 grew by 17% to Rs 4.1bn driven by an improved performance in all business clusters.
Group Profit After Taxation (PAT) was Rs 567.7m, 5% lower than last year, on account of revaluation gains on investment properties included in last year’s results (Rs 130.8m) which did not recur this year. PAT (after adjusting for those revaluation gains) improved in all clusters and was 21% higher than last year (467.7m) for the Group. This is an encouraging performance given the local economic context and the challenging regulatory developments.
The revenue of the Finance cluster grew by 11% to exceed the Rs 1.2bn mark. Profit After Tax (PAT) for the cluster rose by 6% despite the competitive pressures prevailing and the adverse change in the Hire Purchase and Credit Sale Act which took effect on 1 April 2015.
The Global Business cluster recorded a good performance on the back of increased USD revenues, the beneficial impact of a strong dollar against the rupee and continued focus on cost management. Revenue in this cluster grew by 16% to reach Rs 731.7m and PAT rose by 39% to Rs 231.5m.
The Property cluster achieved a revenue growth of 14% and a PAT increase of 36% (after adjusting for revaluation gains on investment properties) over the previous year on account of additional rental income and higher occupancy.
The Investments cluster posted an improved performance over last year, with revenue growing by 29% and PAT increasing by 27% over last year.
The Board also approved the disposal of its 100% shareholding in The BrandHouse Ltd to Taylor Smith and Sons Ltd and Bentys Ltd, which are related companies, for a consideration of Rs 225m. This consideration is based on an independent valuation carried out by Ernst & Young. The transaction is not a disclosable transaction under Chapter 13 of the Listing Rules. The disposal is in line with the Group’s strategy to concentrate on its core businesses.
Outlook
The year ahead will be another challenging year for the sectors in which the Group operates. The Board is confident that the actions that have been initiated to diversify our service offerings, broaden our customer base and expand our geographical footprint will bring long-term and sustained growth for the Group.
By order of the Board
Cim Administrators Ltd
Company Secretary
09 December 2015
The abridged audited financial statements have been extracted from the audited financial statements for the year ended 30 September 2015, which have been prepared in accordance with International Financial Reporting Standards and have been audited by Messrs BDO & Co, Chartered Accountants.
These abridged audited financial statements are issued pursuant to Listing Rule 12.14 and the Securities Act 2005.
Copies of the statement of direct and indirect interests of Officers pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 and the financial statements are available free of charge upon request made to the Company Secretary at the registered office of Cim Financial Services Ltd.
The Board of Directors of Cim Financial Services Ltd accepts full responsibility for the accuracy of the information contained therein.
Cim Financial Services Ltd
33, Edith Cavell Street, Port Louis 11324, Mauritius
Tel: (230) 213 7676
Fax: (230) 213 7677