Mauritius | Finances

April 05, 2013

Financial Statements: Lack of Corporate Liquidity Continues

Companies closing their fiscal year 2012, published their balance sheets. If they are still in a profitable situation, however they seem to experience a problem of 'cash flow'. Focus on some of these companies.

Terra Mauricia

Terra Mauricia conglomerate posted net profits decreased for fiscal 2012 from Rs 760 million in 2011 to Rs 653.7 million, representing a decrease of over 16%. The group's turnover increased from Rs 4.2 billion in 2011 to Rs 4.18 billion in 2011. Despite a win-win situation, cash flow (cash flow) is negative in the range of Rs 258 million. A negative cash flow means that the company receives less money than it spends. It can be difficult to pay the bills and immediate needs to borrow money to cover the deficit.

At the sugar segment, Terra has achieved profit after tax of Rs 242.5 million. Segment level energy, net profits are Rs 185 million while that of commercial alcohol production shows profits of Rs 118.5 million. Terra expects to achieve a better performance this year.

Omnicane

Omnicane recorded a turnover of Rs 3.8 billion in 2012, against Rs 3.9 billion in 2011. Profit after taxation for 2012 amounted to Rs 476 million against Rs 490 million in 2011, representing a decrease of approximately 3%. At its sugar operations, Omnicane realizes operating profits of Rs 85 million but incurred losses of Rs 115 million in profit before exceptional items. The energy sector represents more than 65% of the turnover of the group recorded a profit before exceptional items of around Rs 300 million.

Sugar group also shows a negative cash flow of around Rs 1 billion, almost similar with the cash flow in 2011. Omnicane notably used over Rs 840 million for the purposes of investment, and also displays

"Cash and cash equivalents at the beginning of the fiscal year" negative over Rs 1 billion.

Omnicane also expected to achieve a better year in 2013, thanks to a better performance of the sugar sector, supported by its refinery, which is expected to run at full speed this year. In 2012, the refinery has made only nine months.

Sun Resorts

Sun Resorts posted a profit of around Rs 17 million, a decrease of 90% compared to 2011 (Rs 207 million). Earnings per share increased from Rs 2.22 to 18 under. The turnover of the hotel group goes from Rs 3.5 billion in 2011 to Rs 3.6 billion in 2012. Sun Resorts was notably affected by its operations in Mauritius, where the group recorded a loss of Rs 62 million while its operations in Maldives reported Rs 68 million. The negative cash flow of Rs 257 million in 2011, goes to a negative balance of around Rs 368 million in 2012.

Quality Beverages Ltd

The situation deteriorated in 2012 for Quality Beverages Limited, which records net loss of Rs 36.5 million against Rs 12.9 million in 2011. Affected by rising prices and taxes imposed, the group recorded a negative cash flow of Rs 53 million against Rs 60 million in 2011.

Constance Hotels Services Ltd

Constance Hotel Group has incurred losses of Rs 180 million in 2012, against Rs166 million in 2011. The 5-star segment within which the group is very difficult. Its cash flow has deteriorated significantly last year, from a deficit of Rs 182 million in 2011 to a deficit of Rs 526 million.

 

 

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