Air Mauritius Limited and Its Subsidiaries

AIR MAURITIUS LIMITED AND ITS SUBSIDIARIES
ABRIDGED UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2016

THE GROUP
THE COMPANY
September 2016 March 2016 September 2016 March 2016

'000
ASSETS
Non-current assets
Property, plant and equipment
Investment property
Intangible assets
Investment in subsidiaries
Investment in an associate
Available-for-sale investments
Deferred tax asset
Long term deposits
Long term receivables
Current assets
Inventories
Trade and other receivables
Other fi nancial assets
Cash and short-term deposits
Total assets
EQUITY AND LIABILITIES
Equity
Share capital
Share premium
Other reserves
Retained earnings
'000
'000
'000
173,183
10,061
124
106
527
100
21,898
136
185,800
10,083
266
119
528
100
21,545
135
167,210
100
27,155
102
527
21,898
136
181,792
237
27,155
102
528
- ###
21,545
135
206,135
218,576
217,128
231,494
13,639
72,794
498
82,359
14,380
57,290
131
50,063
13,563
72,137
498
78,749
14,310
56,862
131
45,983
169,290
121,864
164,947
117,286
375,425
340,440
382,075
348,780
41,724
18,869
(8,889)
49,038
Equity attributable to equity holders of the

Non-controlling interests
100,742
2,859
Total equity
103,601
41,724
18,869
(16,775)
33,207
41,724
18,869
267
43,022
77,025
2,798
103,882
-
79,823
103,882
41,724
18,869
(5,592)
27,479
82,480
82,480
Non-current liabilities
Interest-bearing loans and borrowings
Employee benefi t liabilities
Provisions
27,274
22,107
21,496
70,877
71,506
69,989
70,699
Current liabilities
Trade and other payables
Interest-bearing loans and borrowings
Other fi nancial liabilities
177,464
23,132
351
159,540
23,727
5,844
178,210
29,643
351
159,573
30,184
5,844
200,947
189,111
208,204
195,601
Total liabilities
271,824
260,617
278,193
266,300
Total equity and liabilities
375,425
340,440
382,075
348,780
30,107
22,061
19,338
27,274
21,219
21,496
30,107
21,254
19,338
55,892
###
1,258
###

ABRIDGED UNAUDITED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED SEPTEMBER 30, 2016
THE
Quarter to
Six months to
September 30,
Revenue
Operating expenses
THE COMPANY
Quarter to
September 30,
Six months to
September 30,
September 30,
2016
2015
2016
2015
2016
2015
2016
2015
'000
'000
'000
'000
'000
'000
'000
'000
134,618
131,773
244,594
238,860
(113,834)
(118,750)
(215,013)
(228,598)
133,911
###
131,118
243,279
(118,532)
###
Gross profit
20,784
13,023
29,581
10,262
20,302
12,586
28,664
Administrative expenses
(7,657)
(7,867)
(15,875)
(16,520)
(7,318)
(7,538)
(15,217)
Other operating income
1,400
799
2,210
14,527
5,955
15,916
Operating profit/ (loss)

Share of results of an associate
(12)
Finance revenue
232
278
729
(924)
(413)
(680)
Finance costs
Profit/(loss) before tax
Income tax expense
Profit/(loss) for the period
13,823
(32)
13,791
(1)
5,819
(23)
5,796
(13)
15,952
(55)
15,897
1,743
(4,515)
(1)
1,367
772
2,147
14,351
5,820
15,594
1,551
(845)
(3,810)
(52)
(3,862)
270
708
(958)
(418)
(759)
13,580
5,672
5,672
(228,288)
9,311
(15,816)
1,687
(4,818)
-
187
13,580
237,599
15,543
15,543
1,537
(867)
(4,148)
(4,148)
Other comprehensive income for the period

Fair value movement in available-for-sale investments
Movement in cash flow hedges
(1)
1,730
(40)
3,993
(1)
5,860
(52)
11,682
(1)
1,730
(40)
3,993
(1)
5,860
(52)
11,682
Exchange differences on consolidation
(184)
1,545
(484)
3,469
2,022
7,881
(596)
11,034
1,729
3,953
5,859
11,630
15,309
9,625
21,402
7,482
Total comprehensive income for the period
15,336
9,265
23,778
7,172
13,750
41
5,785
11
15,831
66
(3,885)
23
13,791
5,796
15,897
(3,862)
15,314
22
15,336
9,304
(39)
9,265
23,717
61
23,778
7,210
(38)
7,172
Profit/(loss) for the period attributable to:

- Equity holders of the parent
- Non-controlling interests
Total comprehensive income attributable to:


ABRIDGED UNAUDITED STATEMENTS OF CHANGES IN EQUITY FOR HALF YEAR ENDED SEPTEMBER 30, 2016
Share
Capital
The Group
At April 01, 2015 (restated)
Loss for the period
Other comprehensive income
Total comprehensive income
At September 30, 2015 (restated)
At April 01, 2016

Profit for the period
At September 30, 2016
'000
41,724
41,724#
41,724
-
Other Reserves
Translation Hedge
Total
Total
NonShare Fair Value Reserve on Equity
other RetainedShareholders'
controlling
Premium ReserveConsolidationReserve Reserve Earnings Interest Interests
'000
'000
18,869
194
###
###
###
(52)
(52)
18,869#
142#
18,869
130
'000
'000
(10,763)
(25,053)
(535)
(535)
###
11,682
11,682
(11,298)
# (13,371)
#
(11,192)
###
###
###
(1)
(1)
2,027
2,027
41,724# 18,869#
129#
(9,165)
#
(5,713)
###
5,860
5,860
147#
'000
###
11,095
11,095
###
###
7,886
7,886
###
'000
'000
'000
12,014
36,985
(3,885)
(3,885)
(3,885)
11,095
7,210
23
(61)
(38)
8,129#
44,195#
2,647#
33,207
77,025
15,831
15,831
15,831
7,886
23,717
49,038#
100,742#
2,685
2,798
Total
Equity
'000
39,670
(3,862)
11,034
7,172
46,842
79,823
66
(5)
61
15,897
7,881
23,778
2,859#
103,601

ABRIDGED UNAUDITED STATEMENTS OF CHANGES IN EQUITY FOR HALF YEAR ENDED SEPTEMBER 30, 2016
Share
Capital
The Company
At April 01, 2015
Loss for the period
'000
Other Reserves
Hedge
Total
Share Fair Value Equity
other Retained
Premium Reserve Reserve Reserve Earnings
'000
41,724
-
18,869
###
###
###
41,724
18,869
At April 01, 2016
41,724
18,869
Profit for the period

41,724
###
###
###
18,869
'000
'000
185
(25,053)
(52)
(52)
11,682
11,682
'000
###
###
11,630
11,630
133
###
(13,371)
######
121
(5,713)
(1)
(1)
120
###
5,860
5,860
'000
Total
Equity
'000
7,209
42,934
(4,148)
(4,148)
(4,148)
11,630
7,482
3,061
###
50,416#
###
27,479
82,480
###
5,859
5,859
15,543
15,543
15,543
5,859
21,402
147### 267
43,022###103,882

ABRIDGED UNAUDITED STATEMENTS OF CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2016
THE GROUP
THE COMPANY
APR-SEP 2016
APR-SEP 2015
APR-SEP 2016
APR-SEP 2015
'000
'000
'000
'000
Net cash flows from operating activities

Net cash flows used in investing activities
Net cash flows used in financing activities
39,556
(3,416)
(3,182)
18,015
(3,284)
(596)
40,072
(3,480)
(3,182)
17,677
(3,358)
(514)
Net change in cash and cash equivalents
32,958
14,135
33,410
13,805
Movement in cash and cash equivalents

At April 01,
Movement
At September 30,
49,109
32,958
82,067
17,631
14,135
31,766
45,047
33,410
78,457
14,670
13,805
28,475

NOTES TO THE ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2016
SEGMENT INFORMATION
Operating Segments
THE COMPANY
SUBSIDIARY COMPANIES
TOTAL
Aircraft operations
Revenue
THE COMPANY
Investment Property
Hotel & Restaurant
Call Centre
Adjustment /
TOTAL
Unallocated
THE GROUP
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
240,030
234,662
243,279
237,599
Operating expenses
Segment results
Ground operations
###
28,604
###
3,249
2,937
(3,189)
(3,279)
9,653
Administrative expenses
Share of result of an associate
Other operating income
Finance revenue
Finance costs
Profit/(loss) before tax
Income tax expense
Profit/(loss) for the period
60
(342)
###
28,664
###
-
593
###
587
967
900
1,895
2,102
(2,140)
(295)
(365)
(325)
(1,847)
(2,018)
2,140
267
292
602
575
48
(561)
(602)
(97)
(102)
(13)
58
56
(326)
9,311
##
(15,816)
-
84
(2,328)
2,328
-
### 238,860
###
29,581
###
(1)
(13)
###
10,262
(16,520)
(1)
2,147
1,687
708
1,537
99
53
(79)
(20)
79
371
345
100
11
(49)
(17)
(13)
(1)
(55)
(52)
316
293
100
11
(49)
(17)
(13)
(1)
15,897
(3,862)
(759)
15,543
-
(867)
(4,148)
-
2,210
1,743
(42)
729
1,551
42
(680)
15,952
(55)
(845)
(3,810)
(52)
15,543
##
(4,148)
15,543
(4,148)
296
275
54
(49)
(17)
(13)
(1)
15,831
(3,885)
15,543
(4,148)
20
316
18
293
46
100
5
11
(49)
(17)
(13)
(1)
66
15,897
0
23
(3,862)
0
Profit/(loss) for the period attributable to:
NOTES ON SET OF ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2016.
(1)
The interim abridged consolidated

financial statements for the six months ended
September 30, 2016 are unaudited and have been prepared in accordance with IAS 34 "Interim Financial Reporting".
The interim abridged unaudited consolidated financial statements do not include all the
information and disclosures required in the annual financial statements, and should be
read in conjunction with the Group's annual financial statements for the year ended March
31, 2016.
(2)
The accounting policies used in the preparation of the interim abridged unaudited financial
statements are consistent with those used in the annual financial statements for the year
ended March 31, 2016 except for new standards and interpretations effective as from April
01,2016.
(3)
Exchange Rates
EUR/MUR
Average for the period April 1, 2016 to September 30, 2016
40.07
As at September 30, 2016
40.21
(4)
Analysis of cash and cash equivalents
Cash resources
Bank overdraft
THE GROUP
Sep-16
Sep-15
'000
'000
82,359
33,904
(292)
(2,138)
82,067
31,766
EUR/USD
1.12
1.12
THE COMPANY
Sep-16
Sep-15
'000
'000
78,749
30,613
(292)
(2,138)
78,457
28,475
Copies of the interim report are available to the public, free of charge, at the registered
office of the Company, 19th floor, Air Mauritius Centre, President John Kennedy Street, Port
Louis and can also be viewed on the Company website www.airmauritius.com
The statement of direct and indirect interests of insiders required under the rule 8(2)(m) of
the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available at the
registered office of the Company, 19th floor, Air Mauritius Centre, President John Kennedy
Street, Port Louis.
These abridged financial statements are issued pursuant to Listing Rule 12.20 and the Securities Act 2005.
The Board of Directors of Air Mauritius Limited accepts full responsibility for the accuracy
of the information contained in these abridged unaudited financial statements.
###

Air Mauritius Limited and Its Subsidiaries

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AIR MAURITIUS LIMITED AND ITS SUBSIDIARIES

ABRIDGED UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2016

September 2016 March 2016 September 2016 March 2016

Equity attributable to equity holders of the

Total equity and liabilities