Financial Statements - Hemas Holdings, Ltd

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DRIVING PERFORMANCE ● ENRICHING LIVES080 Hemas Holdings PLC Annual Report 2012/13NOTES TO THE FINANCIAL STATEMENTSsegment and to assess its performance,and for which discrete financial informationis available.Segment results that are reported to theCEO include items directly attributable toa segment as well as those that can beallocated on a reasonable basis.2.2.17 Employees Share Option Plan(ESOP)/ Share Option Scheme(ESOS)The Employee Share Option Plans (ESOP)were approved by the shareholders of theCompany in the years 2003 and 2006,whereby the Company issued a total of4,468,699 Ordinary Shares to the seniormanagement and employees based onperformance. The options were requiredto be exercised between the period 01April 2004 and 31 March 2009. The twoschemes have however since lapsed.In the year 2008, the Board recommendeda further 3,000,000 shares by way ofan Employee Share Ownership Scheme(ESOS). The new scheme was approvedby the Members and came into effect on 9December 2008.The 1st tranche of 650,000 shares wereissued to the Trustees on 6 February 2009at Rs. 62.00 per share, on behalf of theSenior Management. These shares will beheld in trust for the eligible employees untilsuch time as the shares are transferred tothem in terms of the ESOS Trust – 2008.The 2nd tranche of 2,250,000 shares wereissued to the trustees on 27 December2010 at 44.09 per share, on behalf of theSenior Executives of the Group. Theseshares will be held in trust for the eligibleemployees until such time as the shares aretransferred to them in terms of the ESOSTrust -2008.The 3rd tranche of 3,250,000 shares wereissued to the trustees on 26 September2011 at 40.67 per share, on behalf of theSenior Executives of the Group. Theseshares will be held in trust for the eligibleemployees until such time as the shares aretransferred to them in terms of the ESOSTrust -2008.2.2.18 Share Based PaymentTransactionsEmployees (senior management) of theGroup receive remuneration in the formof share-based payment transactions,whereby employees render services asconsideration for equity instruments (equitysettledtransactions).In situations where equity instrumentsare issued and some or all of the goodsor services received by the entity asconsideration cannot be specificallyidentified, the unidentified goods or servicesreceived (or to be received) are measuredas the difference between the fair value ofthe share based payment transaction andthe fair value of any identifiable goods orservices received at the grant date.(a) Equity-Settled TransactionsThe cost of equity-settled transactions isrecognised, together with a correspondingincrease in other capital reserves in equity,over the period in which the performanceand/or service conditions are fulfilled. Thecumulative expense recognised for equitysettledtransactions at each reporting dateuntil the vesting date reflects the extent towhich the vesting period has expired andthe Groups best estimate of the number ofequity instruments that will ultimately vest.The income statement expense or creditfor a period represents the movement incumulative expense recognised as at thebeginning and end of that period and isrecognised in employee benefits expense.(b) Cash-Settled TransactionsThe cost of cash-settled transactions ismeasured initially at fair value at the grantdate. This fair value is expensed over theperiod until the vesting date with recognitionof a corresponding liability. The liability isremeasured to fair value at each reportingdate up to and including the settlementdate, with changes in fair value recognisedin employee benefits expense.2.3 First Time Adoption of SLFRSThese financial statements, for the yearended 31 March 2013, are the first theGroup has prepared in accordance withSLFRS. For periods up to and includingthe year ended 31 March 2012, theGroup prepared its financial statementsin accordance with Sri Lanka AccountingStandards (SLAS).Accordingly, the Group has preparedfinancial statements which comply withSLFRS applicable for periods ending onor after 31 March 2013, together with thecomparative period data as at and for theyear ended 31 March 2012, as describedin the accounting policies. In preparingthese financial statements, the Group’sopening statement of financial position wasprepared as at 1 April 2011, the Group’sdate of transition to SLFRS. This noteexplains the principal adjustments made bythe Group in restating its SLAS statementof financial position as at 1 April 2011 andits previously published SLAS financialstatements as at and for the year ended 31March 2012.Exemptions AppliedSLFRS 1 First-Time Adoption of Sri LankaFinancial Reporting Standards allowsfirst-time adopters certain exemptionsand exceptions from the retrospectiveapplication of certain SLFRS. Set outbelow are the applicable exemptions andexceptions under SLFRS 1 applied bythe Group in preparing the first financialstatements for the year ended 31 March2013 under SLFRS/LKAS.Optional Exemptions which the Grouphas opted to applyBusiness CombinationsSLFRS 3 Business Combinations has notbeen applied to acquisitions of subsidiaries,which are considered businesses forSLFRS, or of interests in associates andjoint ventures that occurred before 1 April2011.Use of this exemption means that thelocal SLAS carrying amounts of assetsand liabilities, which are required to berecognised under SLFRS, is their deemedcost at the date of the acquisition. Afterthe date of the acquisition, measurementis in accordance with SLFRS. Assets andliabilities that do not qualify for recognitionunder SLFRS are excluded from theopening SLFRS statement of financial
DRIVING PERFORMANCE ● ENRICHING LIVES081 Hemas Holdings PLC Annual Report 2012/13position. The Group did not recogniseor exclude any previously recognisedamounts as a result of SLFRS recognitionrequirements.SLFRS 1 also requires that the local SLAScarrying amount of goodwill must beused in the opening SLFRS statement offinancial position (apart from adjustmentsfor goodwill impairment and recognitionor derecognition of intangible assets). Inaccordance with SLFRS 1, the Grouphas tested goodwill for impairment at thedate of transition to SLFRS. No goodwillimpairment was deemed necessary at 1April 2011.The Group has not applied LKAS 21retrospectively to fair value adjustments andgoodwill from business combinations thatoccurred before the date of transition toSLFRS.Share Based Payment TransactionsSLFRS 2 Share-based Payment has notbeen applied to equity instruments in sharebasedpayment transactions that weregranted on or before 1 January 2012.Fair value as deemed costCertain items of property plant andequipment have been measured at fairvalue and used that fair value s the deemedcost at the date of transition to SLFRS/LKAS.LeasesThe Group has applied the transitionalprovision in IFRIC 4 Determining Whetheran Arrangement Contains a Lease andhas assessed all arrangements basedupon the conditions in place as at thedate of transition. Accordingly the Grouphas determined whether an arrangementexisting at the date of transition to SLFRScontains a lease on the basis of facts andcircumstances existing at that date.Investments in Subsidiaries, JointlyControlled Entities and AssociatesThe basis of measurement of an investmentin a subsidiary, jointly controlled entityor associate is at its deemed cost in theseparate SLFRS financial statements ofthe subsidiary, jointly controlled entity orassociate. The Group has applied theprevious carrying value under SLAS on 1April 2011 as the deemed cost of suchinvestments.Assets and Liabilities of Subsidiaries,Jointly Controlled Entities and AssociatesWhen the parent becomes a first-timeadopterlater than its subsidiary, associateor joint venture, in the parent’s consolidatedfinancial statements the assets andliabilities of the subsidiary’s associate’s orjoint venture’s financial statements (afteradjusting for consolidation and equityaccounting adjustments and for the effectsfor the effects of the business combinationin which the entity acquired the subsidiary).Designations of Previously RecognisedFinancial InstrumentsThe Group has designated unquotedequity instruments held at 1 April 2011 asavailable-for-sale investments.Exceptions the Group has not appliedretrospectivelyEstimatesThe estimates at 1 April 2011 and at 31March 2012 are consistent with thosemade for the same dates in accordancewith SLAS (after adjustments to reflect anydifferences in accounting policies).De-recognition of Financial Assets andFinancial LiabilitiesThe Group has applied the derecognitionrequirements in LKAS 39 prospectively totransactions occurring after 1 April 2011.Therefore the non-derivative financial assetsor non-derivative financial liabilities whichwere previously de-recognised under SLASas a result of a transaction that occurredbefore the transition date 1 April 2011has not been re-recognised in the SLFRSfinancial statements.Hedge AccountingTransactions entered into before the dateof transition to SLFRS have not beenretrospectively designated as hedges.Further, the application of hedge accountinghas been discontinued if an instrument isdesignated as a hedge before the date oftransition, but does not meet the conditionsfor hedge accounting in LKAS 39.Non-controlling interestsThe following requirements of LKAS 27are applied prospectively from the date oftransition to SLFRS.(i) to attribute total comprehensive incometo non controlling interest irrespective ofwhether this results in a deficit balance.(ii) to treat changes in a parent’s ownershipinterest that does not result in a loss ofcontrol as equity transactions.(iii) to apply LKAS 27 to loss of control of asubsidiary.
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Financial Statements - Hemas Holdings, Ltd

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