FINANCIAL
REVIEW
Condensed consolidated statement of changes in equityfor the year ended 30 September 2018
| Attributable to owners of the Company | |||||||||||||||||
| Notes | Share capital US$’000 |
Share premium US$’000 |
Other reserve US$’000 |
Foreign currency translation reserve US$’000 |
Retained earnings US$’000 |
Total US$’000 |
Non- controlling interest US$’000 |
Total equity US$’000 |
|||||||||
| Balance at 30 September 2016 | 257 | 456 181 | 47 245 | (73 411) | (193 521) | 236 751 | (34 892) | 201 859 | |||||||||
| Total comprehensive income for the year | |||||||||||||||||
| Profit for the year | – | – | – | – | 57 601 | 57 601 | 10 072 | 67 673 | |||||||||
| Other comprehensive income | |||||||||||||||||
| Foreign currency translation differences | – | – | – | (150) | – | (150) | (237) | (387) | |||||||||
| Total comprehensive income for the year | – | – | – | (150) | 57 601 | 57 451 | 9 835 | 67 286 | |||||||||
| Transactions with owners of the Company | |||||||||||||||||
| Contributions by and distributions to owners | |||||||||||||||||
| Capital reduction | 17 | – | (179 175) | – | – | 179 175 | – | – | – | ||||||||
| Capital distribution | 27 | – | – | – | – | (2 570) | (2 570) | – | (2 570) | ||||||||
| Issue of ordinary shares | 17 | 3 | 3 076 | – | – | – | 3 079 | – | 3 079 | ||||||||
| Equity-settled share-based payments | 17 | – | – | – | – | 1 331 | 1 331 | – | 1 331 | ||||||||
| Deferred tax on equity-settled share-based payments | 13 | – | – | – | – | 861 | 861 | – | 861 | ||||||||
| Contributions by owners of the Company | 3 | (176 099) | – | – | 178 797 | 2 701 | – | 2 701 | |||||||||
| Total transactions with owners of the Company | 3 | (176 099) | – | – | 178 797 | 2 701 | – | 2 701 | |||||||||
| Balance at 30 September 2017 | 260 | 280 082 | 47 245 | (73 561) | 42 877 | 296 903 | (25 057) | 271 846 | |||||||||
| Balance at 30 September 2017 | 260 | 280 082 | 47 245 | (73 561) | 42 877 | 296 903 | (25 057) | 271 846 | |||||||||
| Impact of adopting IFRS 16 | 3 | – | – | – | – | (15) | (15) | – | (15) | ||||||||
| Balance at 1 October 2017 | 260 | 280 082 | 47 245 | (73 561) | 42 862 | 296 888 | (25 057) | 271 831 | |||||||||
| Total comprehensive income for the year | |||||||||||||||||
| Profit for the year | – | – | – | – | 48 433 | 48 433 | 2 539 | 50 972 | |||||||||
| Other comprehensive income | |||||||||||||||||
| Foreign currency translation differences | – | – | – | (6 643) | – | (6 643) | (4 020) | (10 663) | |||||||||
| Total comprehensive income for the year | – | – | – | (6 643) | 48 433 | 41 790 | (1 481) | 40 309 | |||||||||
| Transactions with owners of the Company | |||||||||||||||||
| Contributions by and distributions to owners | |||||||||||||||||
| Dividends paid | 27 | – | – | – | – | (18 214) | (18 214) | – | (18 214) | ||||||||
| Issue of ordinary shares | 17 | 1 | 463 | – | – | – | 464 | – | 464 | ||||||||
| Equity-settled share-based payments | 17 | – | – | – | – | 3 638 | 3 638 | – | 3 638 | ||||||||
| Deferred tax on equity-settled share-based payments | 13 | – | – | – | – | 306 | 306 | – | 306 | ||||||||
| Contributions by owners of the Company | 1 | 463 | – | – | (14 270) | (13 806) | – | (13 806) | |||||||||
| Total transactions with owners of the Company | 1 | 463 | – | – | (14 270) | (13 806) | – | (13 806) | |||||||||
| Balance at 30 September 2018 | 261 | 280 545 | 47 245 | (80 204) | 77 025 | 324 872 | (26 538) | 298 334 | |||||||||
Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, during the two years after the end of the year of assessment to which the profits refer, will be deemed to have distributed this amount as dividend. Special contribution for defence at 17% will be payable on such deemed dividend to the extent that the ultimate shareholders at the end date of the period of two years from the end of the year of assessment to which the profits refer are both Cypriot tax residents and Cypriot domiciled entities. The amount of this deemed dividend distribution is reduced by any actual dividend paid out of the profits of the relevant year at any time. This special contribution for defence is paid by the Company for the account of the shareholders. These provisions do not apply for ultimate beneficial owners that are non-Cypriot tax resident individuals. Retained earnings is the only reserve that is available for distribution.
The notes are an integral part of these condensed consolidated financial statements.