ALUFAB PLC Interim Financial Statements for the Fourth quarter Ended 31st March 2017

Transcription

1 Interim Financial Statements for the Fourth quarter Ended 31st March 2017

2 STATEMENT OF FINANCIAL POSITION As at Un Audited Audited 31 March 31 March ASSETS Rs. 000 Rs. 000 Non-Current Assets Property, Plant & Equipment 128, ,838 Deferred Tax Asset 5,645 7, , ,654 Current Assets Inventories 2,036 1,710 Construction Work in Progress 108,643 18,437 Trade and Other Receivables 41,624 60,646 Amounts Due from Related Companies - 33,300 Cash and Bank Balances 176, , , ,984 Total Assets 462, ,638 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 346, ,673 Revaluation Reserves 48,072 41,635 Retained Earnings (221,926) (154,493) Contribution Towards Equity 74,623 74,623 Total Equity 247, ,438 Non-Current Liabilities Employee Benefit Obligations 2,889 1,811 2,889 1,811 Current Liabilities Interest Bearing Loans and Borrowings 33,286 - Trade and Other Payables 143,296 22,248 Income Tax Liabilities 2,600 12,888 Amounts Due to Related Companies 23,460 14,098 Bank Overdrafts 9,865 5, ,507 54,389 Total Liabilities 215,396 56,200 Total Equity and Liabilities 462, ,638 Net Assets per share The above figures are provisional and unaudited. The Financial Statements are in compliance with the requirements of the Companies Act No. 7 of 2007 Sgd. Sadun Balasooriya Finance Manager The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the board by, Colombo 18 May 2017 Sgd. Sgd. A.M Pandithage S. Munaweera Chairman Director

3 STATEMENT OF PROFIT OR LOSS For the period of Three Months ended Year ended 31st March 31st March 31st March 31st March Change Change Rs. 000 Rs. 000 % Rs. 000 Rs. 000 % Revenue 43,551 75,289-42% 117, ,676-58% Cost of Sales (34,713) (51,263) 32% (110,463) (196,282) -42% Gross Profit 8,838 24,026-63% 7,477 86,394-91% Other Operating Income 16 (1,036) >-100% 1,445 8,471-82% Distribution Costs (12,120) 856 >-100% (16,813) (1,204) >100% Administrative Expenses (16,620) (18,442) -10% (70,728) (59,672) 18% Results from Operating Activities (19,887) 5,404 >-100% (78,619) 33,989 >-100% Finance Income 3,887 1,719 >100% 14,278 9,125 56% Finance Cost (442) - >100% (442) (174) >100% Net Finance Income 3,444 1,719 >100% 13,836 8,951 54% Profit/(Loss) Before Tax (16,442) 7,123 >-100% (64,783) 42,940 >-100% Income Tax (Expense) / Reversal (6,029) 7,800 >-100% (2,066) (2,229) -7% Profit /(Loss) for the Period (22,471) 14,923 >-100% (66,850) 40,711 >-100% Earnings/ (Loss) Per Share ( Rs ) (1.86) 1.24 (5.54) 3.38 The above figures are provisional and unaudited.

4 STATEMENT OF COMPREHENSIVE INCOME For the period of Three Months ended Year ended 31st March 31st March 31st March 31st March Rs. 000 Rs. 000 Rs. 000 Rs. 000 Profit/ (Loss) for the period (22,471) 14,923 (66,850) 40,711 Other Comprehensive income Actuarial gain/(losses) on employee benefit obligations (811) (288) (811) (288) Revaluation of land 6,437-6,437 - Income tax on other comprehensive income Other Comprehensive income for the period, net of tax 5,853 (207) 5,853 (207) Total Comprehensive income for the period, net of tax (16,618) 14,716 (60,997) (40,504)

5 STATEMENT OF CHANGES IN EQUITY For the year ended Stated Revaluation Retained Contribution Total Capital Reserve Earnings Towards Equity Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Balance as at 01 April ,673 57,211 (210,572) 74, ,935 Profit for the year ,711-25,788 Other Comprehensive Income Actuarial gain/(losses) on employee benefit obligations - - (288) - (288) Income tax on other comprehensive income Total other comprehensive income - - (207) - (207) Total comprehensive income ,504-40,504 Other Transfers Disposal of Revalued Property, Plant & Equipment - (15,576) 15, Balance as at 31 March ,673 41,635 (154,492) 74, ,438 Balance as at 01 April ,673 41,635 (154,492) 74, ,438 Loss for the year - - (66,850) - (66,850) Other Comprehensive Income Revaluation of land - 6, ,437 Actuarial gain/(losses) on defined benefit plans - - (811) - (811) Income tax on other comprehensive income Total other comprehensive income - 6,437 (584) - 5,853 Total comprehensive income - 6,437 (67,434) - (60,997) Balance as at 31 March ,673 48,072 (221,926) 74, ,442 The above figures are provisional and unaudited.

6 STATEMENT OF CASH FLOWS For the year ended Cash Flows From / (Used in) Operating Activities Rs. 000 Rs. 000 Net profit/ (loss) before tax expense (64,783) 42,940 Adjustments for Depreciation 10,329 9,106 (Profit)/Loss sale of fixed assets - (4,465) Finance Income (14,278) (9,125) Finance Cost Provision for bad and doubtful debts 10,338 (1,688) Write-down of inventories 44 8,115 Provision for Retirement Benefit Plans (57,433) 45,465 Changes in Inventories (370) 4,181 Construction Work-in-Progress (90,207) (8,692) Trade and other receivables 8,685 (33,977) Trade and other payables 121, Amounts Due to Related Companies 9,361 9,619 Amounts Due from Related Companies 33,300 (33,300) Cash generated from operations 24,384 (16,356) Income tax paid (9,957) (6,737) Finance Income received 14,278 9,125 Finance Costs paid (442) (174) Gratuity paid (206) (648) Net cash flows from operating activities 28,056 (14,790) Cash flows from investing activities Acquisition of property, plant & equipment (14,158) (30,581) Proceeds from disposal of property, plant & equipment - 31,060 Net cash flows from/(used in) Investing activities (14,158) 479 Cash flows from financing activities Proceeds from interest bearing loans & borrowings 33,286 - Repayment of interest bearing loans & borrowings - (3,839) Net cash flows from/(used in) financing activities 33,286 (3,839) Net increase/(decrease) in cash and cash equivalents 47,184 (18,150) Cash and cash equivalents at the beginning of the year 119, ,886 Cash and cash equivalents at the end of the year 166, ,736 The above figures are provisional and unaudited. #REF!

7 NOTES TO THE FINANCIAL STATEMENTS 1 Corporate information Alufab PLC, is a public limited company incorporated and domiciled in Sri Lanka and Ordinary shares of the company are listed on the Colombo Stock Exchange. The interim financial statements of the Company for the period ended 31st March 2017 were authorised for issue on 18th May 2017 by the Board of Directors. 2 Basis of preparation The interim condensed financial statements have been prepared in compliance with Sri Lanka Accounting Standard (SLAS) LKAS 34 - Interim Financial Reporting. The presentation and classification of the figures for the corresponding period of the previous year have been amended where necessary to be comparable with those for the current period. 3 Share information 3.1 STATED CAPITAL Number Number Number of Ordinary Shares Issued and Fully Paid At the beginning of the Period 12,058,200 12,058,200 At the end of the Period 12,058,200 12,058,200 Value of Issued and Fully Paid Ordinary Shares Rs. Rs. At the beginning of the Period 346,672, ,672,723 At the end of the Period 346,672, ,672, Share prices recorded during the fourth quarter For the Fourth quarter For the Year Rs. Rs. Rs. Rs. Highest Lowest Last Traded Names and Number of Shares held by the 20 largest holders of voting shares and the percentage of shares held. Name 31st March 2017 Number of Shares % Hayleys PLC 7,538, Mr.M.K Chhapra 763, Mr.T.S Jayathilaka 221, Mr.T.N Dole 125, Mr.G.H.S Kumara 120, Mr.T.L.M Imtiaz 108, Seylan Bank PLC/Ruwan Prasanna Sugathadasa 104, Dr.D.L Piyasiri 96, Mr.N.K.P Moorjani & Mrs. D.N Moorjani 96, Mr.M.H.H Ossman 90, Mr.R.Pritamdas 61, Mr.N Hewa Kandamby 60, Dr.M.A.M.S Cooray 56, Nation Lanka Capital Ltd/ Hirosh Hemantha Gamage 56, Mrs.S.P.M.U Madusanchi 53, Mr.S.P Atukorala 52, First Capital Markets Limited/Mr.W.M.H.G Gamini 50, Mr.P.A Kiriwandeniya 50, Mr.M.A.Safiyullah & Mrs. Y Samsudeen 50, Mrs.I.N Deen 50, Gampaha Development Company (Pvt) Ltd 46, The number of shares representing the Company's stated capital amount to 12,058,200 ordinary shares.

8 NOTES TO THE FINANCIAL STATEMENTS 3.4 Public share holdings The public holding percentage of the issued share capital of the Company as at 31st March 2017 was 37.38% Number of shareholders representing the public holding are 1, Directors' share holdings The number of shares held by the Board of directors as at 31st March 2017 was as follows: Mr. S. C. Ganegoda 5,825 Mr. P.J Claesson 1,500 Mr. D.V Press 10 Mr.S.Munaweera 5, Contingencies, capital and other commitments There were no material changes in the capital expenditure commitments or contingent liabilities which were disclosed for the year ended 31 March Post balance sheet events There have been no events subsequent to the reporting date which require disclosure in the Interim Financial Statements. 06 All values included in these financial statements are in Rs.'000s unless otherwise stated.

9 CORPORATE INFORMATION 01 Name Of the Company/Registration Number Alufab PLC/PQ Board of Directors Mr.A.M Pandithage (Chairman) Mr.S.J Wijesinghe (Managing Director) Mr. P.J Claesson Mr. D.V Press Mr. S. C. Ganegoda Mr.S.Munaweera Mr.A.S Jayatillaka 03 Registered Office No 400, Deans Road, Colombo - 10, Sri Lanka Telephone : (94 11) Legal Form Public Limited Liability Company. 05 Company Secretary Hayleys Group Services (Pvt) Ltd 400, Deans Road, Colombo-10 Sri Lanka Telephone : (94-11) Facsimile : (94-11) info.sec@hayleys.com 06 Bankers Hatton National Bank PLC Head Office Branch HNB Tower 479, T.B Jayah Mawatha Colombo -10