Arindo Mauritius : Financial Statements

ARINDO HOLDINGS (MAURITIUS) LIMITED

Abridged Unaudited Consolidated and Separate Financial Statements

for the quarter ended June 30, 2023

STATEMENTS OF FINANCIAL POSITION - AT JUNE 30, 2023							STATEMENTS OF CHANGES IN EQUITY - QUARTER ENDED JUNE 30, 2023
	THE GROUP			THE COMPANY		THE GROUP					Attributable to owners of the parent
	30-Jun-23			31-Dec-22		30-Jun-23		31-Dec-22			Stated		Equity		Fair value		Currency translation		Retained		Total
ASSETS	USD			USD	USD		USD			capital		contribution		reserves (i)		difference		earnings		equity
	Unaudited			Audited	Unaudited		Audited			USD		USD		USD		USD		USD		USD
Non-current assets											Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
Intangible asset	359,693,364			359,693,364		-	-
Investment in subsidiary companies	-			-		450,000,000	450,000,000		At January 1, 2023	53,786,459	49,569,791	12,037,588	(56,496)	535,770,114	651,107,456
Financial assets at fair value through other comprehensive
income	516,887,776			521,142,150		-	-		Total comprehensive income for the period:
Financial assets at fair value through profit and loss	-			21,774,398		-	-		- Profit for the period	-	-	-	-	33,199,177	33,199,177
Investment in joint venture	716,072,932			691,833,809		-	-		- Change in fair value of financial assets	-	-	5,999,853	-	-	5,999,853
Property, plant and equipment	3,819,749			3,871,645		-	-		- Currency translation difference	-	-	-	(12,707)	-	(12,707)
Investment property	5,734,319			5,798,992		-	-
Right-of-use assets	37,732			41,152		-		-		At June 30, 2023	53,786,459		49,569,791		18,037,441		(69,203)		568,969,291		690,293,779
	1,602,245,872			1,604,155,510		450,000,000	450,000,000
Current assets
Derivative financial assets	-			1,062		-	-		At January 1, 2022
Financial assets at amortised cost	1,439,716			1,439,716		-	-		- As previously reported	53,786,459	49,569,791	17,438,644	(13,597)	312,309,541	433,090,838
Trade and other receivables	48,162,051			146,466,501		-	-		- Effect of prior year adjustments	-		-		-		-		(68,466)		(68,466)
Other current assets	43,587			147,965		5,000	5,000			53,786,459	49,569,791	17,438,644	(13,597)	312,241,075	433,022,372
Cash and cash equivalents	340,843,278			318,264,354		635,755		748,180
	390,488,632			466,319,598		640,755	753,180		Total comprehensive income for the period:
										- Profit for the period	-	-	-	-	171,003,870	171,003,870
Total assets	1,992,734,504			2,070,475,108		450,640,755	450,753,180		- Change in fair value of financial assets	-	-	6,438,411	-	-	6,438,411
										- Currency translation difference	-	-	-	(21,914)	-	(21,914)
EQUITY AND LIABILITIES
										At June 30, 2022	53,786,459	49,569,791	23,877,055	(35,511)	483,244,945	610,442,739
Capital and reserves
Stated capital	53,786,459			53,786,459		53,786,459	53,786,459
Equity contribution	49,569,791			49,569,791		49,569,791	49,569,791
Other reserves	18,037,441			12,037,588		-	-		THE COMPANY	Stated		Equity		Fair value		Currency translation		Retained		Total
Currency translation difference	(69,203)			(56,496)		-	-			capital		contribution		reserves (i)		difference		earnings		equity
Retained earnings	568,969,291			535,770,114		225,544,022		225,649,787			USD		USD		USD		USD		USD		USD
Total equity	690,293,779			651,107,456		328,900,272	329,006,037			Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
Non-current liabilities
Borrowings	1,078,529,904			958,842,409		96,739,545	96,739,545		At January 1, 2023	53,786,459	49,569,791	-	-	225,649,787	329,006,037
Bank loan	6,609,055			7,071,592		-		-
	1,085,138,959			965,914,001		96,739,545	96,739,545		Total comprehensive income for the period:
										- Loss for the period	-	-	-	-	(105,765)	(105,765)
Current liabilities
Trade and other payables	139,513,005			226,466,925		-	6,210		At June 30, 2023	53,786,459	49,569,791	-	-	225,544,022	328,900,272
Borrowings	25,000,000			174,942,891		25,000,000	25,000,000
Lease liability	56,312			56,646		-	-
Bank loan	41,773,750			41,504,596		-	-		At January 1, 2022	53,786,459	49,569,791	-	-	205,946,774	309,303,024
Current tax liability	10,958,699			10,482,593		938		1,388
	217,301,766			453,453,651		25,000,938	25,007,598		Total comprehensive income for the period:
										- Loss for the period	-	-	-	-	(103,877)	(103,877)
Total equity and liabilities	1,992,734,504			2,070,475,108		450,640,755	450,753,180
										At June 30, 2022	53,786,459	49,569,791	-	-	205,842,897	309,199,147

(i) The fair value reserve pertains to the cumulative net change in the fair value of the investment in financial assets through other comprehensive income.

ARINDO HOLDINGS (MAURITIUS) LIMITED

Abridged Unaudited Consolidated and Separate Financial Statements

for the quarter ended June 30, 2023

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - QUARTER ENDED JUNE 30, 2023

			THE GROUP
	Apr - Jun 23		YTD Jun 23		Apr - Jun 22		YTD Jun 22
	USD		USD	USD		USD
	Unaudited		Unaudited	Unaudited		Unaudited
Revenue	362,337,399	888,454,966		670,278,305	1,100,576,672
Cost of revenue	(336,549,219)		(832,320,552)		(645,777,705)		(1,060,750,952)
Gross profit	25,788,180	56,134,414		24,500,600	39,825,720
Other income	197,355	4,103,336		1,653,907	5,464,976
Expenses
Professional fees	346,105	3,921,739		7,293,804	7,649,436
Staff costs	594,320	2,694,850		646,185	2,570,543
General and administration fees	334,414	988,827		1,527,208	2,055,720
Depreciation	83,050	166,574		29,452	59,671
Other expenses	14,159	26,163		7,042	15,091
	1,372,048	7,798,153		9,503,691	12,350,461
Operating profit	24,613,487	52,439,597		16,650,816	32,940,235
Net fair value (loss)/gain on financial assets	-		(1,062)		(6,040,286)		3,161,078
Profit before finance costs	24,613,487	52,438,535		10,610,530	36,101,313
Finance costs	(20,766,749)	(40,910,322)		(7,995,694)	(14,440,769)
Finance income	2,012,468	3,084,178		164	4,259
Share of results of joint venture	9,039,922		24,239,123		94,903,201		153,526,079
Profit before taxation	14,899,128	38,851,514		97,518,201	175,190,882
Taxation	(2,564,595)		(5,652,337)		(2,677,773)		(4,187,012)
Profit for the period	12,334,533	33,199,177		94,840,428	171,003,870
Other comprehensive income :
Items that will not be reclassified to profit or loss:
Change in fair value of financial asset	302,510	5,999,853		7,499,550	6,438,411
Total comprehensive income for the period, net of tax	12,637,043		39,199,030		102,339,978		177,442,281

Background

Arindo Holdings (Mauritius) Limited (the "Company") was incorporated on March 28, 2005 in Mauritius under the Mauritian Companies Act 2001 as a private company limited by shares. The Company converted from a private company limited by shares to a public company limited by shares on October 24, 2017 and was granted permission for the listing of its shares on the Stock Exchange of Mauritius on November 30, 2017.

The principal activity of the Company is that of investment holding.

The consolidated financial statements are unaudited and have been prepared in compliance with the requirements of International Financial Reporting Standards (IFRS). The financial statements are prepared under the historical cost convention, except for financial instruments at fair value through other comprehensive income and financial instruments at fair value through profit or loss which are stated at fair value.

Investors may also obtain a hard copy of the Financial Statements by request to the Company Secretary, either by emailing on [e-mail] or writing to Aurisse International Ltd, Citadelle Mall, Sir Virgil Naz Street, Port-Louis, Mauritius.

This communiqué is issued pursuant to Listing Rule 12.20.

The Board of Directors of Arindo Holdings (Mauritius) Limited accepts full responsibility for the accuracy of the information contained in this communiqué.

STATEMENTS OF CASH FLOWS - QUARTER ENDED JUNE 30, 2023

	THE GROUP
	YTD Jun 23		YTD Jun 22
	USD		USD
	Unaudited		Unaudited
Cash flows from operating activities
Profit before taxation	38,851,514	175,190,882
Adjustments for:
Depreciation	166,574	59,671
Gain on disposal of investment in gold	(1,341,414)	-
Gain on disposal of investment in equities	(1,595,480)	-
Share of result of joint venture	(24,239,123)	(153,526,079)
Foreign exchange gain	(81,051)	(21,914)
Fair value gain on financial asset	-	(3,672,148)
Fair value loss on call/put option	1,062	511,070
Interest expense	40,738,793	14,420,068
Interest income	(3,084,178)		(4,259)
	49,416,697	32,957,291
Changes in working capital :
- Trade and other receivables	98,662,935	(53,747,261)
- Other current assets	104,378	(33,682)
- Trade and other payables	(86,946,291)		(19,459,005)
Cash generated from/(used in) operations	61,237,719	(40,282,657)
Interest received	2,725,693	4,259
Interest paid	(9,914,632)	(2,532,806)
Tax paid	(5,183,860)		(3,543,402)
Net cash generated from/(used in) operating activities	48,864,920	(46,354,606)
Cash flows from investing activities
Purchases of financial assets at fair value through other
comprehensive income	(13,727,741)	(158,883,627)
Proceeds from financial assets at fair value through profit or loss	23,115,812	62,816,368
Returns and distributions from financial assets at FVOCI	25,577,448	12,916,360
Loan repayment received	-	131,763,626
Purchase of derivative financial assets	-	(103,497)
Addition of property, plant and equipment	(1,307)	-
Proceeds from derivative financial assets	-		96,500
Net cash generated from investing activities	34,964,212	48,605,730
Cash flows from financing activities
Proceeds from long term borrowings	150,000,000	150,000,000
Repayment of loan to related party	(210,802,432)	(100,000,000)
Payment of principal lease liability	(46,112)	(46,121)
Repayment of bank loan	(401,664)		-
Net cash (used in)/generated from financing activities	(61,250,208)		49,953,879
Increase in cash and cash equivalents	22,578,924	52,205,003
Movement in cash and cash equivalents
At January 1,	318,264,354	170,669,678
Increase in cash and cash equivalents	22,578,924		52,205,003
At June 30,	340,843,278		222,874,681

By order of the Board

July 19, 2023