Press Corporation Limited

Ticker code PCL Industry Communications Services 7th Floor
Chayamba Building
P.O. Box 1227
Blantyre, Malawi
ISIN MW0000000AA1 Sector Services
Initial Listing 9 September 1998 Financial Year End 31 December
Website www.presscorp.com Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
           
Consolidated statements of comprehensive income
Turnover 29,249 35,305 74,544 113,717 136,787
Profit before income tax 8,281 6,160 9,830 20,509 27,394
Share of profit of equity-accounted investees (net of income tax) 2,054 2,439 3,421 5,915 7,316
Profit before income tax 10,335 8,599 13,251 26,424 34,710
Income tax expense -2,592 -2,471 -3,738 -9,060 -12,576
Profit after income tax 7,743 6,128 9,513 17,364 22,134
Attributable to non-controlling interests -2,426 -2,659 -3,173 -7,992 -10,886
Attributable to equity holders of the company 5,317 3,469 6,340 9,372 11,248
Dividend paid to ordinary shareholders -560 -560 -560 -661 -1,263
Retained profit 4,757 2,909 5,780 8,711 9,985
Basic earnings per share (MK) 44.23 28.86 52.75 77.97 93.58
Dividend per share (MK) 4.66 4.66 5.16 5.5 10.51
           
Consolidated statements of financial position 
Property, plant and equipment 47,971 48,450 63,774 68,206 77,816
Investment properties 2,667 2,869 3,591 3,096 3,270
Investment in equity accounted investees 5,474 7,462 8,914 13,922 20,142
Other  non-current assets 17,702 17,779 32,387 33,119 50,148
Net current liabilities -19,144 -19,741 -29,604 -17,092 -24,900
Total employment of capital 54,670 56,819 79,062 101,251 126,476
Ordinary shareholders' funds 28,033 31,532 41,977 57,090 75,245
Non-controlling interests 14,877 16,384 17,148 23,394 32,138
Loans and borrowings 4,543 6,828 17,001 17,306 17,395
Provisions 2,364 913 88 - -
Deferred tax liabilities 4,853 3,878 2,848 3,461 1,698
Total capital employed 54,670 59,535 79,062 101,251 126,476
Consolidated statements of cash flows
Operating activities
Cash generated from operations 14,051 18,174 27,903 60,616 48,215
Interest and tax paid -5,625 -4,509 -10,853 -11,972 -15,920
Cash flows from operating activities 8,426 13,665 17,050 48,644 32,295
Investing activities
Interest/dividend received 240 186 1,744 8,923 4,779
Capital expenditure -15,093 -9,016 -17,554 -12,290 -22,663
Acquisition/disposal of subsidiaries net of cash - - 892 - -
Acquisition/disposal of other investments 6,342 -2,972 4,048 -18,230 -7,319
Proceeds from sale of property, plant and equipment and investment properties 377 759 923 874 1,622
Cash flows from/used in investing activities -8,134 -11,043 -9,947 -20,723 -23,581
Financing activities
Proceeds from issue of shares - - - - -
Dividends paid to non-controlling shareholders -1,531 -1,012 -1,615 -3,242 -3,779
Dividends paid to shareholders of the company -560 -560 -560 -661 -1,263
Increase/decrease in borrowings -905 3,184 9,516 -582 2,934
Cash flows from/used in financing activities -2,996 1,612 7,341 -4,485 -2,108
Net increase/decrease in cash and cash equivalents -2,704 4,234 14,444 23,436 6,606

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Continuing operations
Revenue 59,349 35,305 74,544 113,717 136,787
Direct trading expenses -30,552 -8,691 -30,638 -51,821 -60,200
Gross profit 28,797 26,614 43,906 61,896 76,587
Other operating income 3,652 4,393 4,577 4,684 6,173
Distribution expenses -3,424 -1,621 -1,891 -1,530 -2,585
Administrative expenses -19,224 -21,774 -29,606 -38,089 -49,269
Results from operating activities 9,801 7,612 16,986 26,961 30,906
Finance income 2,297 151 903 4,222 2,283
Finance costs -1,205 -1,609 -8,071 -10,679 -5,801
Net finance costs 1,092 -1,458 -7,168 -6,457 -3,518
Share of results of equity-accounted investees 247 2,439 3,421 5,915 7,316
Profit before income tax 11,140 8,593 13,239 26,419 34,704
Income tax expense -3,406 -2,471 -3,738 -9,060 -12,576
Profit from continuing operations  7,734 6,122 9,501 17,359 22,128
Discontinued operations
Profit from discontinued operations (net of income tax) 8 6 12 5 6
Profit for the year 7,742 6,128 9,513 17,364 22,134
           
           
Other comprehensive income:
Items that will not be reclassified subsequently to profit or loss:
Foreign currency translation difference - - 52 -8 -
Revaluation of property, plant and equipment 1,771 850 4,488 1,806 4,150
Remeasurement to fair valueof pre-existing interest in acquiree -2,119 - -254 -
Release of revaluation surplus on disposal of revalued property, plant and equipment -21 - - - -
Share of other comprehensive income of equity accounted investments - - - 3,796 2,989
Income tax on other comprehensive income -602 203 -12 2,119 753
Items that may be reclassified subsequently to profit or loss:
Net change in fair value of available for sale financial assets - - - 184 19
Other comprehensive income for the year (net of tax) -971 1,053 4,274 7,897 7,911
Total comprehensive income for the year  6,771 7,181 13,787 25,261 30,045
           
Profit attributable to:
Owners of the parent 5,316 3,469 6,340 9,372 11,248
Non-controlling interest 2,426 2,659 3,173 7,992 10,886
Profit for the year 7,742 6,128 9,513 17,364 22,134
Total comprehensive income attributable to:
Owners of the parent 4,136 4,059 10,274 15,774 16,824
Non-controlling interests 2,635 3,122 3,513 9,487 13,221
Total comprehensive income for the year 6,771 7,181 13,787 25,261 30,045
Earnings per share
Basic and diluted earnings per share (MK) 44.23 28.86 52.75 77.97 93.58
Continuing operations 
Basic and diluted earnings per share (MK) 44.16 28.81 52.84 77.93 93.53

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Continuing operations          
Revenue 50,164 63,553 59,483 77,304 72,789
Operating profit 11,374 15,587 14,464 16,442 14,413
Net interest paid -1,733 -450 -1,378 -1,074 -2,068
Exchange gain/loss - ;-4,274 1,459 -2,525 1,841
Net finance cost/income -1,733 -4,724 81 -3,599 -227
Share of profit of equity-accounted investments 1,130 4,785 2,175 5,141 2,230
Profit before income tax 10,771 15,648 16,720 17,984 16,416
Income tax expense -3,394 -5,666 -6,069 -6,507 -6,673
Profit for the period from continued operations  7,377 9,982 10,651 11,477 9,743
           
Discontinued operations
Profit from discontinued operations 11 -6 2 4 3
Profit for the period 7,388 9,976 10,653 11,481 9,746
Total other comprehensive income, net of tax 2,422 5,475 575 7,336 -97
Total comprehensive income for the period  9,810 15,451 11,228 18,817 9,649
           
Profit attributable to:
Equityholders of the company 3,493 5,879 5,320 5,928 3,557
Non-controlling interests 3,895 4,097 5,333 5,553 6,189
Total comprehensive income attributable to:
Equity holders of the parent 5,868 9,906 5,791 11,033 3,507
Non-controlling interest 3,942 5,545 5,437 7,784 6,142
Earnings per share 
Basic and diluted (MK) 29.06 48.91 44.26 49.32 29.59
Basic and diluted (MK) - continuing operations 28.97 48.96 44.24 49.29 29.57

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Assets          
Non-current assets
Property, plant and equipment 53,914 48,450 63,774 68,206 77,816
Biological assets - 7 17 12 2
Goodwill - - 427 427 1,015
Intangible assets 1,646 2,357 3,618 5,698 11,854
Investment properties 3,231 2,869 3,591 3,096 3,270
Investment in subsidiaries - - - - -
Investments in joint ventures - 6,014 2,586 1,212 1,546
Investments in associates 575 1,448 6,328 12,710 18,596
Loans and advances to customers 12,920 8,310 19,240 16,252 24,687
Finance lease receivables - 3,024 4,260 4,133 6,849
Loans receivable from group companies - - - - -
Other investments 2,442 3,228 3,553 1,669 1,409
Deferred tax assets 800 853 1,272 4,928 4,332
Total non-current assets 75,528 76,560 108,666 118,343 151,376
           
Current assets
Inventories 4,995 2,079 5,635 6,561 10,013
Biological assets 281 68 80 36 49
Loans and advances to customers 26,657 32,702 29,295 34,152 41,606
Finance lease receivables - 589 510 712 474
Other investments 5,358 7,737 11,823 32,342 39,921
Trade and other receivables - group companies - - - - -
Trade and other receivables - other 19,492 16,978 18,098 21,387 35,119
Assets classified as held for sale 10 459 - 200 1,008
Income tax recoverable 323 140 214 342 410
Cash and cash equivalents 8,819 11,047 33,821 58,022 65,852
Total current assets 65,935 71,799 99,476 153,754 194,452
Total assets 141,463 148,359 208,142 272,097 345,828
           
Equity and liabilities           
Equity  
Share capital 1 1 1 1 1
Share premium 2,097 2,097 2,097 2,097 2,097
Other reserves 11,335 9,259 13,013 18,577 30,596
Retained earnings 14,754 20,175 26,866 36,415 42,551
Total equity attributable to equity holders of the company 28,187 31,532 41,977 57,090 75,245
Non-controlling interests 14,357 16,384 17,148 23,394 32,138
Total equity    42,544 47,916 59,125 80,484 107,383
           
Non-current liabilities 
Loans and borrowings 4,609 6,828 17,001 17,306 17,395
Provisions 2,934 913 - - -
Deferred income - - 88 - -
Long-term loans payable to group companies - - - - -
Deferred tax liabilities 5,700 3,878 2,848 3,461 1,698
Total non-current liabilities  13,243 11,619 19,937 20,767 19,093
           
Current liabilities 
Bank overdraft 2,545 2,693 2,270 3,035 4,259
Loans and borrowings 2,349 3,916 7,490 10,036 14,100
Provisions 728 844 3,206 3,619 4,215
Income tax payable 810 1,774 1,906 3,304 3,739
Trade and other payables 22,169 13,777 26,779 32,311 52,661
Trade and other payables to group companies - - - - -
Customer deposits 57,075 65,820 87,429 118,541 140,378
Total current liabilities  85,676 88,824 129,080 170,846 219,352
Total liabilities 98,919 100,443 149,017 191,613 238,445
Total equity and liabilities  141,463 148,359 208,142 272,097 345,828

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Assets          
Non-current assets
Property, plant and equipment 68,536 74,342 78,097 90,687 90,294
Investment properties 3,391 3,096 3,030 3,270 3,240
Other investments 25,240 15,591 20,311 21,551 23,429
Loans and advances 29,294 20,386 30,607 31,536 23,479
Deferred tax assets 1,281 4,928 3,509 4,332 4,143
Total non-current assets 127,742 118,343 135,554 151,376 144,585
           
Current assets
Inventories 6,123 6,597 8,156 10,062 9,005
Loans and advances 17,879 34,864 32,512 42,080 44,840
Other investments 10,587 32,342 42,143 39,921 65,889
Trade and other receivables 38,982 21,929 44,104 36,537 30,390
Cash and cash equivalents 13,523 58,022 27,360 65,852 48,754
Total current assets 87,094 153,754 154,275 194,452 198,878
Total assets 214,836 272,097 289,829 345,828 343,463
           
Equity and liabilities           
Equity 
Issued capital 1 1 1 1 1
Share premium 2,097 2,097 2,097 2,097 2,097
Reserves and retained earnings 45,706 54,993 60,784 73,147 76,698
Total equity attributable to equity holders of the company 47,804 57,091 62,882 75,245 78,796
Non-controlling interest 20,693 23,393 26,986 32,138 35,353
Total equity    68,497 80,484 89,868 107,383 114,149
           
Non-current liabilities 21,451 21,234 17,952 19,093 18,561
           
Current liabilities 
Bank overdraft 2,367 3,035 8,588 4,259 2,631
Interest bearing loans and borrowings 6,740 10,036 9,615 14,100 14,682
Customer deposits 83,408 118,541 123,373 140,378 144,489
Provisions 2,181 3,619 2,304 4,215 2,037
Trade and other payables 30,192 35,148 38,129 56,400 46,914
Total current liabilities 124,888 170,379 182,009 219,352 210,753
Total liabilities  146,339 191,613 199,961 238,445 229,314
Total equity and liabilities  214,836 272,097 289,829 345,828 343,463

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Cash generated by/used in operations 14,051 18,174 27,903 60,616 48,215
Interest paid -2,238 -2,148 -5,397 -3,106 -5,583
Income taxes paid -3,387 -2,361 -5,456 -8,866 -10,337
Net cash from/used in operating activities 8,426 13,665 17,050 48,644 32,295
           
Cash flows from investing activities
Purchase of property, plant and equipment -14,155 -8,003 -15,897 -9,645 -16,614
Purchase of intangible assets -876 -1,013 -1,641 -2,590 -6,039
Purchase of investment property -62 - -16 -55 -10
Purchase/additions of other investments - -3,154 -3,176 -29,585 -23,254
Proceeds on disposal of other investments - - 8,116 11,355 15,935
Loan proceed from subsidiary companies - 186 - - -
Loans repaid to subsidiary companies - - - - -
Loans issued to subsidiary companies - - - - -
Proceeds from sale of investment property and property, plant and equipment 377 759 923 874 1,622
Dividend received - 182 736 4,701 2,496
Acquisition of joint venture, net of cash acquired 293 - - - -
Proceeds from other investments 6,049 - - - -
Interest received 240 1,008 4,222 2,283
Net cash flow from investing activities -8,134 -11,043 -9,947 -20,723 -23,581
           
Cash flows from financing activities
Long-term borrowings received 583 4,672 13,514 5,680 11,654
Repayment of long term borrowings -1,488 -1,488 -3,998 -6,262 -8,720
Dividend paid to non-controlling interests -1,531 -1,012 -1,615 -3,242 -3,779
Dividend paid -560 -560 -560 -661 -1,263
Net cash flow from financing activities -2,996 1,612 7,341 -4,485 -2,108
           
Net increase/decrease in cash and cash equivalents -2,704 4,234 14,444 23,436 6,606
Cash and cash equivalents at start of the year 15,577 12,873 17,107 31,551 54,987
Cash and cash equivalents at end of the year  12,873 17,107 31,551 54,987 61,593

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 Months
Unit: MWK '000 MWK '000 MWK '000 MWK '000 MWK '000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Cash flows from/used in operating activities
Cash generated from/used in operations 17,673 42,943 -9,030 57,245 24,040
Interest and tax paid -8,182 -3,790 -7,894 -8,026 -6,792
Net cash from/used in operating activities 9,491 39,153 -16,924 49,219 17,248
           
Investing activities
Proceeds from sale of property, plant and investments 3,599 8,630 471 17,086 384
Interest received 2,428 1,794 344 1,939 1,171
Dividend received 675 4,026 475 2,021 -
Additions to property, plant and equipment -4,720 -7,570 -8,347 -14,316 -5,466
Net investments and loans -14,006 -15,579 -9,389 -13,865 -26,287
Net cash used in/generated from investing activities  -12,024 -8,699 -16,446 -7,135 -30,198
           
Financing activities 
Proceeds from/repayment of long-term borrowings 2,597 -3,180 -1,001 3,935 502
Dividends paid to shareholders of the company - -661 - -1,263 -
Dividend paid to non-controlling interest shareholders -1,112 -2,129 -1,844 -1,935 -3,022
Net cash from/used in financing activities  1,485 -5,970 -2,845 737 -2,520
           
Net increase/decrease in cash and cash equivalents -1,048 24,484 -36,215 42,821 -15,470
Cash and cash equivalents at beginning of period 31,551 30,503 54,987 18,772 61,593
Closing cash and cash equivalents 30,503 54,987 18,772 61,593 46,123