IMPERIAL PACIFIC LIMITED — Annual Report 2016

Aug 14, 2016

ABN 65 000 144 561

Imperial Pacific Limited

12 August 2016

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Appendix 4E - Preliminary Final Results for announcement to the market 1. Period Covered: Year ended 30 June 2016

Year ended 30 June 2016

		June 2016	June 2015
2.	Key Information	$000	$000
	Group's Net Worth Gain - before shareholder payout
	- Gains in Investments	865	(106)
	- Income Account during year	(168)	(162)
		697	(268)
	Change on Net Worth previous year	35%	-11%
Revenue from Ordinary Activities		288	67
	Change on previous year	330%
Profit (Loss) from Ordinary Activities after tax		(168)	(162)
	Change on previous year	4%
Profit (Loss) from all Activities after tax		(168)	(162)
	Change on previous year	4%
Net Tangible Assets		2,518	1,966
	Per Share	$0.87	$0.68
	Change on previous year	28%
Amount of Dividend Proposed (Cents):		5.00	5.00
	Amount of Franking:	100%	100%
	Record Date for dividend entitlements	3 Oct 16	1 Oct 15
	Payment Date for dividend	13 Oct 16	15 Oct 15
Annual General Meeting Date:		27 Oct 16	22 Oct 15
Brief Explanation and background to the above results:
	1. Imperial Pacific had an excellent year with net worth rising 35% before dividend payout. One
	investment, a 2% shareholding in funds administration group, MainstreamBPO was sold
	during the year for a gain of $306,000.

1. 30% owned associate, London City Equities Limited, the key client of Imperial Pacific's subsidiary Imperial Pacific Asset Management, recorded an excellent uplift in Shareholder net worth and franking credits assisted especially by its 5.7% shareholding in Fiducian Group Limited. Its modest 2.0% shareholding in Coffey International was sold via a takeover.

2. A major debt in Penrice Soda of $5 million was purchased and that company continues to be examined for legal redress.

3. Preliminary work continues on creating an Activist Investment Fund, but stalled by the lack of attractive candidates. A target list continues to be monitored.

4. Imperial Pacific's net assets per share climbed 28% to 87 cents, notwithstanding the payment of a 5.0 cent fully franked dividend in October 2015. NTA has risen since year end.

5. 6.The Board is finalising arrangements for a Share Purchase Plan to be offered to shareholders at 75 cents a share, payable by 30 September. It will not participate in the 2016 final dividend. The Record Date will be 11 August 2016. The purpose is to increase the asset base to reduce the pro rata impact of overheads on earnings and to allow smaller holders to increase their investment.

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3. Consolidated Income Statement
[ See Attached Account Summary]		June 2016	June 2015
		$000		$000
Revenues:
Management Fees Received		58		47
Dividends Received		3		3
Interest Received		13		17
Sales - Trading Investments		213		-
Other		1		-
		288		67
Less Costs:
Cost of Trading Investments Sold		(205)		-
Various Expenses:		(263)		(247)
		(180)		(180)
Plus: Equity Share of Associated Company:		12		18
Profit (Loss) Before Tax:		(168)		(162)
Plus / Less Income Tax Gain (Expense)		-		-
Net Profit (Loss) after Tax attributable to Members		(168)		(162)
4. Balance Sheet
[ See Attached Account Summary]
Shareholders Equity		2,518		1,966
Per Ordinary Share	$	0.87	$	0.68
5. Cash Flow Statement
[ See Attached Account Summary]
6. Dividends Paid
Amount paid during year ($000)	$	145	$	145
Date Paid		15 Oct 2015	9	Oct 2014
Per Share		5.0 cents		5.0 cents
Amount of Franking:		100%	100%
7. Dividend Reinvestment Plan
The company has no Dividend Reinvestment Plan in place.
8. Net Asset Backing Per Share:
As at 30 June:	$	0.87	$	0.68
9. Details of entities over which control has been	gained or lost during
period.
There were no such entities.
10. Details of Associates
Name of Associate:	London City Equities Limited
Percentage of ownership held:		30.1%		30.1%
Share of Profit (Loss) for period ($000)		13		18
11. Other Information:
Issued Capital - shares on Issue:
Ordinary Shares		2,906,504	2,906,504

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12. Commentary on Results

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(a) General

1. The combined Asset / Income situation was enhanced during the year, but low management fees from client London City Equities continue to impactt. Penrice attracted more attention as the Imperial Pacific group acquired a $5 million debt in that company and will pursue redress. 2. Imperial Pacific had approx $0.7 million in cash on hand at year end.

(b) Earnings Per Share:		June 2016	June 2015
Cents Per Share		(5.8)	(5.6)
Note: Nil dilution during year - no options on issue.
(c) Return to Shareholders
Profit ( - Loss) after tax to Shareholders Equity at year end		-6.7%	-8.2%
Profit ( - Loss) after tax to Shareholders Equity prior year.		-8.5%	-6.8%
(d) Segmental Disclosure:
	Investment	Financial	Consol.
2016		Services
Revenue	$000	$000	$000
Investment /other revenue	229	59	288
Segment Result
Profit (Loss) after Tax	(42)	(126)	(168)
Segment Assets	2,499	136	2,635
Segment Liabilities	(35)	(83)	(118)
Net cash inflow from operating activities	16	(138)	(122)
2015
Revenue	$000	$000	$000
Investment /other revenue	21	47	68
Segment Result
Profit (Loss) after Tax	(36)	(126)	(162)
Segment Assets	1,981	66	2,047
Segment Liabilities	(25)	(57)	(82)
Net cash inflow from operating activities	(22)	(91)	(113)

13. Status - Audit:

1. The above Preliminary Final Report has been based on accounts which are in the process of being audited.

2. There are no items in dispute in relation to the accounts of the company.

Signed for and on behalf of the Board

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Peter EJ Murray - Director and Chief Operating Officer

12 August 2016

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IMPERIAL PACIFIC LIMITED

ABN 65 000 144 561

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Consolidated Income Statement for the year ended 30 June 2016

Notes Revenue from ordinary activities 3 Less: Expenses from ordinary activities 4 Share of net profit of associate accounted for by using the equity accounting method 3 Profit from ordinary activities before income tax Income tax credit (expense) 5 Net Profit (Loss) attributable to members of Imperial Pacific Limited Earnings per share: Earnings per share from profit from continuing operations attributable to the ordinary equity holders of the company. Basic and diluted earnings per share (Cents) 30	2016 2015 $ $ 287,763 67,298 (467,985) (246,978) 12,541 17,728
	(167,681) (161,952) - -
	(167,681) (161,952)
	(5.77) (5.57)

The accompanying notes form part of these financial statements.

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IMPERIAL PACIFIC LIMITED

ABN 65 000 144 561

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Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2016

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2016 2015
Notes $ $
Profit (Loss) for Year (167,681) (161,952)
Other Comprehensive Income (Expense)
Items that will not be recycled through the Income Statement:
Net Realised and Unrealised Gain (Loss) for the period on
securities in the Investment Portfolio: 14 865,080 (106,337)
Total Other Comprehensive Income (Expense) 865,080 (106,337)
Total Comprehensive Income (Expense)
for the year for equity holders 697,399 (268,289)
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The accompanying notes form part of these financial statements.

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IMPERIAL PACIFIC LIMITED

ABN 65 000 144 561

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Consolidated Balance Sheet as at 30 June 2016

Notes Current assets Cash and cash equivalents 6 Receivables 7 Total current assets Non-current assets Investment Portfolio 9 Tax Asset 8 Total non-current assets Total assets Current liabilities Trade and other payables 10 Tax liabilities 11 Total current liabilities Total liabilities Net assets Equity Share Capital 12 Reserves 14 Retained Profits (Accumulated losses) 14 Total equity	2016 2015 $ $ 597,956 415,917 76,099 24,784
	674,055 440,701
	1,892,370 1,545,734 69,100 61,404
	1,961,470 1,607,138
	2,635,525 2,047,839
	117,594 81,983 - -
	117,594 81,983
	117,594 81,983
	2,517,931 1,965,856
	1,560,970 1,560,970 3,233,500 2,368,420 (2,276,539) (1,963,534)
	2,517,931 1,965,856

The accompanying notes form part of these financial statements.

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ABN 65 000 144 561

IMPERIAL PACIFIC LIMITED

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Consolidated Cash Flow Statement for the year ended 30 June 2016

Notes Cash flows from operating activities Receipts from Customers (inclusive of goods and services tax) Cash paid to suppliers and management (inclusive of goods and services tax) Interest Received Dividends Received Trading Investments - Purchased Trading Investments - Sold Income Tax Refunded (Paid) Net Cash provided by (used in) operating activities 29 Cash flows from investing activities Purchase of investments Proceeds from sale of investments Net Cash provided by (used in) investing activities Cash flows from financing activities Receipts (Payments) - related companies Dividends Paid Net Cash used in financing activities Net increase (decrease) in cash held Cash at beginning of the financial year Cash at end of the financial year 6	2016 2015 $ $ 47,254 59,148 (259,293) (257,007) 14,846 67,612 68,147 16,893 (205,248) 212,500 - -
	(121,794) (113,354)
	(37,242) (130,837) 486,400 -
	449,158 (130,837)
	- 16,765 (145,325) (145,325)
	(145,325) (128,560)
	182,039 (372,751) 415,917 788,668
	597,956 415,917

The accompanying notes form part of these financial statements.

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