ABRIDGED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER AND SIX MONTHS ENDED 30 JUNE 2023
Statement of Profit or Loss and other Comprehensive Income
KEY FIGURES
Revenue
Operating profit
Finance income
Quarter | Quarter | 6 months | 6 months |
Ended | Ended | Ended | Ended |
30-Jun-23 | 30-Jun-22 | 30-Jun-23 | 30-Jun-22 |
MUR | MUR | MUR | MUR |
Unaudited | Unaudited | Unaudited | Unaudited |
352,581,245 | 324,270,825 | 774,586,635 | 630,118,544 |
41,659,223 | 39,709,848 | 101,871,123 | 73,570,697 |
1,930,387 | 126,685 | 3,890,575 | 211,104 |
REVENUE | 775 M | PROFIT | 85M | ||||||||
23% | June 2022: | AFTER TAX | 45% | June 2022: | |||||||
630M | 59M | ||||||||||
OPERATING | 102M | EARNINGS | 0.25 | ||||||||
PROFIT | June 2022: | PER SHARE | June 2022: | ||||||||
38% | 47% | ||||||||||
74M | 0.17 |
Finance costs
Net finance income / (costs)
Profit before income tax
Income tax expense
Profit for the period
Other comprehensive income for the period
Total comprehensive income for the period
Number of shares in issue
Basic and diluted earnings per share
(1,667,355) | (1,080,080) | (3,258,016) | (2,161,866) | ||||
263,032 | (953,395) | 632,559 | (1,950,762) | ||||
41,922,255 | 38,756,453 | 102,503,682 | 71,619,935 | ||||
(7,078,112) | (6,932,322) | (17,408,339) | (12,856,820) | ||||
34,844,143 | 31,824,131 | 85,095,343 | 58,763,115 | ||||
- | - | - | - | ||||
34,844,143 | 31,824,131 | 85,095,343 | 58,763,115 | ||||
340,000,000 | 340,000,000 | 340,000,000 | 340,000,000 | ||||
0.10 | 0.09 | 0.25 | 0.17 | ||||
Statement of Cash Flows
6 months | |
Ended | |
30-Jun-23 | |
MUR | |
Unaudited | |
Net cash (used in)/ generated from operating activities | (19,347,449) |
Net cash used in investing activities | (19,175,599) |
Net cash used in financing activities | (110,250,839) |
Net decrease in cash and cash equivalents | (148,773,887) |
Cash and cash equivalents at the beginning of period | 372,149,518 |
Cash and cash equivalents at the end of period | 223,375,631 |
6 months Ended
30-Jun-22
MUR
Unaudited
68,620,888
(11,031,281)
(83,971,252)
(26,381,645)
254,770,621
228,388,976
Comments
Statement of Financial Position
30-Jun-23 | |
MUR | |
Unaudited | |
ASSETS | |
Non-current assets | 283,444,827 |
Current assets | 357,055,380 |
Total assets | 640,500,207 |
EQUITY AND LIABILITIES | |
Equity and reserves | |
Stated capital | 100,000,000 |
Retained earnings | 74,005,763 |
Total equity | 174,005,763 |
Non-current liabilities | 104,256,097 |
Current liabilities | 362,238,347 |
Total liabilities | 466,494,444 |
Total equity and liabilities | 640,500,207 |
31-Dec-22
MUR
Audited
286,305,550
523,623,202
809,928,752
100,000,000
90,910,420
190,910,420
113,369,427
505,648,905
619,018,332
809,928,752
Principal Activity
Lottotech Ltd is the operator of the Mauritius National Lottery on behalf of the Government of Mauritius. Its main activities are related to the gaming sector.
Results
For the half year ended 30 June 2023, the Company reported a revenue of MUR774.6m (June 2022: MUR630.1m) and Profit after tax of MUR85.1m (June 2022: MUR58.8m).
The increase in revenue and profit after tax was mainly attributable to the MUR100m Loto jackpot in Quarter
1. It is one of the highest jackpot achieved since June 2014. Higher aggregate Loto jackpots of MUR1.07bn achieved as at 30 June 2023 (June 2022: MUR883M) have also contributed to improved revenue. Loto
Vert enhancements have generated additional revenue, with a 42% increase compared to prior year corresponding six months period. It is to be noted that the average amount played stayed within the range of MUR80 to MUR100 demonstrating the effectiveness of the Company's responsible gaming programme.
For the half year ended 30 June 2023, net cash used in operating activities of MUR19.3m was mainly attributable to working capital changes with payment made to consolidated funds and for corporation tax. Net cash used in financing activities of MUR110M was mainly due to dividend paid of MUR102m in May 2023.
Outlook
The Company will continue to focus on new revenue streams creating more value for its stakeholders as well as optimizing its cost structure.
Earnings per share
The calculation of earnings per share is based on the profit attributable to the shareholders of the Company MUR85.1m (June 2022: MUR58.8m) and the number of the shares in issue of 340,000,000 (June 2022: 340,000,000).
Dividend
A final dividend of MUR102m (2022: MUR74.8m) was declared on 27 March 2023 and payable by latest 05 May 2023 in respect of the financial year ended 31 December 2022.
Statement of Changes in Equity
Stated | Retained | Total | |||||
capital | earnings | equity | |||||
MUR | MUR | MUR | |||||
Unaudited | Unaudited | Unaudited | |||||
At 01 | January 2022 | 100,000,000 | 64,477,804 | 164,477,804 | |||
Profit for the period | - | 58,763,115 | 58,763,115 | ||||
Other comprehensive income for the period | - | - | - | ||||
Total comprehensive income for the period | - | 58,763,115 | 58,763,115 | ||||
Transactions with owners | |||||||
Dividends | - | (74,800,000) | (74,800,000) | ||||
At 30 | June 2022 | 100,000,000 | 48,440,919 | 148,440,919 | |||
At 01 | January 2023 | 100,000,000 | 90,910,420 | 190,910,420 | |||
Profit for the period | - | 85,095,343 | 85,095,343 | ||||
Other comprehensive income for the period | - | - | - | ||||
Total comprehensive income for the period | - | 85,095,343 | 85,095,343 | ||||
Transactions with owners | |||||||
Dividends | - | (102,000,000) | (102,000,000) | ||||
At 30 | June 2022 | 100,000,000 | 74,005,763 | 174,005,763 | |||
Others
The abridged consolidated financial statements for the half year ended 30 June 2023 are unaudited. The accounting policies and standards used in the preparation of these abridged unaudited consolidated financial statements are consistent with those used in the audited consolidated financial statements for the year ended 31 December 2022, except for relevant amendments to published standards issued and which are effective as from 1 January 2023. This interim report complies with IAS 34.
Copies of the above abridged unaudited consolidated financial statements are available, free of charge, upon request made to the Company Secretary, at the registered office of the Company, Royal Road, Chapman Hill, Beau Bassin, or can be viewed on the Company's website www.lottotech.mu.
The statement of direct and indirect interests of insiders pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available, free of charge, upon request made to the Company Secretary, at the registered office of the Company.
By Order of the Board
Gamma Corporate Services Ltd
Company Secretary
25-Jul-23
These abridged unaudited consolidated financial statements are issued pursuant to Listing Rule 12.20 and Rule 8 of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007.
The Board of Directors of Lottotech Ltd accepts full responsibility for the accuracy of the information contained in these abridged unaudited consolidated financial statements.
BRN: C08079313
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Lottotech Ltd. published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 11:35:19 UTC.