Directors' fees 56,922 40,000
Audit fees 21,120 20,251
Performance fees - 1,319,179
------------ ----------
7,605,134 2,343,113
------------ ----------
Profit/(loss) for the period (5,485,000) 7,049,778
Tax incurred on dividend received (104,758) (663)
------------ ----------
(5,589,758) 7,049,778
Other comprehensive income - -
------------ ----------
Total comprehensive income/(loss) for
the period (5,589,758) 7,049,778
============ ==========
Attributable to:
Equity holders (5,559,277) 6,985,000
Non-controlling interest (30,481) 64,778
(5,589,758) 7,049,778
------------ ----------
Basic gains/(loss) per share for gain
attributable to the equity holders see note
of the Company during the period 10 10 0.1639
AFRICA OPPORTUNITY FUND LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014
Notes As at As at
30 June 2014 30 June
2013
-------------- ---------
USD USD
ASSETS
Financial assets at fair value
through profit or loss 5(a) 65,669,485 51,038,216
Trade and other receivables 6 1,691,088 1,160,571
Cash and cash equivalents 22,818,766 3,031,033
----------- -----------
Total assets 90,179,339 55,229,820
=========== ===========
EQUITY AND LIABILITIES
Liabilities
Financial liabilities at fair value
through profit or loss 5(b) 11,684,689 5,479,421
Trade and other payables 8 2,506,619 1,520,732
Total liabilities 14,191,308 7,000,153
----------- -----------
Equity
Ordinary share capital 7(a) 426,303 426,303
Ordinary share premium 37,844,593 38,092,003
C share capital 7(b) 2,920,000 -
C share premium 26,280,000 -
Retained earnings 8,141,919 9,352,924
----------- -----------
Equity attributable to equity holders
of the parent 75,612,815 47,871,230
Non-controlling interest 375,216 358,437
Total equity 75,988,031 48,229,667
----------- -----------
Total equity and liabilities 90,179,339 55,229,820
=========== ===========
AFRICA OPPORTUNITY FUND LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 JANUARY 2014 TO 30 JUNE 2014
Ordinary Share C Share C Share Retained Total Non Total equity
Share premium Issued premium earnings controlling
Issued capital interest
capital
--------- ----------- ---------- ----------- -------------- -------------- ------------ --------------
USD USD USD USD USD USD USD USD
At 1 January
2014 426,303 37,921,452 - - 13,701,196 52,048,951 405,697 52,454,648
C Share
Placing - - 2,920,000 26,280,000 - 29,200,000 - 29,200,000
Total
comprehensive
income for
the period - - - - (5,559,277) (5,559,277) (30,481) (5,589,758)
Dividend - (76,859) - - - (76,859) - (76,859)
At 30 June
2014 426,303 37,844,593 2,920,000 26,280,000 8,141,919 75,612,815 375,216 75,988,031
========= =========== ========== =========== ============== ============== ============ ==============
At 1 January 2013 426,303 38,262,525 - - 2,367,924 41,056,752 293,659 41,350,411
Total comprehensive
income for the period - - - - 6,985,000 6,985,000 64,778 7,049,778
Dividend - (170,522) - - - (170,522) - (170,522)
At 30 June 2013 426,303 38,092,003 - - 9,352,924 47,871,230 358,437 48,229,667
======== =========== ==== ==== ============ ============ ========= ============
AFRICA OPPORTUNITY FUND LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM 1 JANUARY 2014 TO 30 JUNE 2014
Notes For the Period For the Period
Ended 30 Ended 30
June 2014 June 2013
--------------- ----------------
USD USD
Cash flows from operating activities
Comprehensive income/ (loss) for the
period (5,589,758) 7,049,777
Adjustment for:
Interest income (722,152) (337,420)
Dividend income (995,397) (932,097)
(Gain)/ loss on financial assets at fair
value through profit or loss 5,068,917 (7,391,461)
(Gain)/ loss on financial liabilities
at fair value through profit or loss (71,392) (246,236)
Operating losses before working capital
changes (2,309,782) (1,857,437)
Increase in other receivables and prepayments (83,777) (54,077)
Increase in other payables and accrued
expenses 9,385 1,023,984
------------- -------------
Net cash used in operating activities (2,384,174) (887,530)
------------- -------------
Investing activities
Purchase of financial assets at fair
value through profit or loss 5(a) (16,679,578) (16,106,663)
Disposal of financial assets at fair
value through profit or loss 5(a) 1,415,107 14,619,208
Purchase of financial liabilities at
fair value through profit or loss 5(b) 6,792,217 (2,304,319)
Disposal of financial liabilities at
fair value through profit or loss 5(b) - 3,484,092
Interest received 453,743 239,099
Dividend received 770,496 524,081
-------------
Net cash generated from investing activities (7,248,015) 455,498
------------- -------------
Financing activities
Dividend paid (162,149) (170,522)
C Share Placing 29,200,000 -
------------- -------------
Net cash flow used in financing activities 29,037,851 (170,522)
------------- -------------
Net increase/ (decrease) in cash and
cash equivalents 19,405,662 (602,554)
Cash and cash equivalents at 1 January 3,413,104 3,633,587
-------------
Cash and cash equivalents at 30 June 22,818,766 3,031,033
============= =============
1. GENERAL INFORMATION
Africa Opportunity Fund Limited (the "Company") was launched and
admitted to trading on the London Stock Exchange AIM market ("AIM")
in July 2007. On 17 April 2014, AOF closed a placing of 29.2
million C shares. The Ordinary shares and the C shares of the
Company were admitted to trading on the London Stock Exchange's
Specialist Fund Market ("SFM"). Concurrent with the listing on the
SFM, the ordinary shares were cancelled from admission to trading
on AIM.
Africa Opportunity Fund Limited is a closed-ended fund
incorporated with limited liability and registered in Cayman
Islands under the Companies Law on 21 June 2007 and with registered
number MC-188243.
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