THE AUTODROME PLC PROVISIONAL FINANCIAL STATEMENTS ENDED

Transcription

1 THE AUTODROME PLC PROVISIONAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED

2 1 Share & Corporate Information MARKET VALUE OF SHARES The Market value of an ordinary share of The Autodrome PLC was as follows : Quarter ended Year ended Year ended Rs. Rs. Rs. Closing price Highest price for the period Lowest price for the period No. of shares 12,000,000 12,000,000 12,000,000 Market Capitalization 1,020,000,000 1,020,000, ,000,000 RATIOS Net Assets per Share Annualised Earning per Share Annualised Price Earning Ratio (times) Corporate Information Company Registration Number PQ 84 Stock Exchange: AUTO.N0000 Board of Directors Ms. Bernadette Aloysius BA Chairperson Jeremy Aloysius MBA (USA) Jt. Managing Director Rajeev Aloysius FCMA, FCMA(UK), CGMA, MBA Jt. Managing Director Mrs. Joanne Aloysius Rajiyah BSc (Lon.), MBA Marketing Director C. Lakshman Sirimanne, Dip. Eng, IMS (UK) Prof. John Aloysius BSc, PhD (USA) Ms. Julie A. Aloysius BA (USA) Raviraj Ratnasabapathy FCMA(UK), CGMA, MBA Brihadisvara Ponnambalam Company Secretaries Registered Office Lawyers Auditors Bankers Accounting Systems and Secretarial Services (Pvt) Ltd. 304, Union Place, Colombo 2 M/s. D.L. & F. de Saram, Attorneys at law KPMG Sri Lanka, Chartered Accountants Bank of Ceylon, Metropolitan Branch. Commercial Bank of Ceylon Ltd., City Office. Hatton National Bank, Head Office Branch. HSBC, Main Office. People s Bank, Union Place.

3 2 Statement of Financial Position Company Group Unaudited Audited Unaudited Audited as at as at as at as at Notes Rs.ʹ000 Rs.ʹ000 Rs.ʹ000 Rs.ʹ000 Assets Non current assets Property, Plant & Equipment 7 770, , , ,558 Capital Work in Progress 8,815 8,815 Investment Properties Investments Long Term Investment 160, , , , , , , ,143 Current Assets Inventories 89, ,740 89, ,740 Receivables and Prepayments 133, , , ,701 Amount due from related parties Other investments Current Tax Asset 1,433 5,498 1,444 5,548 Cash and Cash Equivalents 27,934 4,632 29,681 8, , , , ,754 Assets 1,192,801 1,178,315 1,201,398 1,186,897 Equity and Liabilities Capital and Reserves Stated Capital 12,440 12,440 12,440 12,440 Revaluation Reserve 612, , , ,473 Available for sale Reserve Revenue Reserves 412, , , ,104 Shareholdersʹ Funds 1,037, ,552 1,045, ,017 Non current Liabilities Deferred Taxation 27,422 23,475 27,422 23,476 Retirement Benefit Obligations 20,916 18,584 20,916 18,584 48,338 42,059 48,338 42,060 Current Liabilities Trade and Other Payables 106, , , ,235 Current Tax Liabilities Borrowings Bank Overdraft 1 2,585 2, , , , ,820 Liabilities 155, , , ,880 Equity and Liabilities 1,192,801 1,178,315 1,201,398 1,186,897 The Statement of Financial Position as at 31 March 2018 and the Statement of Comprehensive Income, Statement of Changes in Equity & Cash Flow Statement for the quarter then ended, are drawn up from the unaudited financial statements of the Company and provide the information required by the Colombo Stock Exchange. Rajeev Aloysius Jt. Managing Director 24th April 2018 Jeremy Aloysius Jt. Managing Director

4 3 Company Statement of Comprehensive Income Quarter ended 31 March Year Ended 31 March 2018 (Unaudited) 2017 (Unaudited) 2018 (Unaudited) 2017 (Audited) Beauty Care & other Beauty Care & other Change Beauty Care & other Beauty Care & other Change Turnover 164, , , , % 565, , ,367 91, ,138 (20.3%) Cost of Sales 5 (132,724) (132,724) (136,917) (136,917) (3.1%) (449,546) (449,546) (512,492) (79,665) (592,157) (24.1%) Gross Profit 32,217 32,217 25,728 25, % 115, , ,875 12, ,981 (0.9%) Other Operating Income 8,645 2, % 19,948 11, % 40,862 28, % 135, , % Less :Expenses Administrative Expenses 28,485 27, % 111, , % Marketing Expenses 415 5,307 (92.2%) 4,253 21,829 (80.5%) 28,900 32,527 (11.2%) 115, ,940 (10.4%) Operating Profit 11,962 (3,856) 410.2% 20,298 (609) % Finance Income 2,785 3,773 (26.2%) 15,813 14, % Finance Cost (1,118) 175.0% 342 (2,661) 112.9% Profit before taxation 15,586 (1,201) % 36,453 11, % Taxation (3,149) % (8,211) 1, % Profit after taxation 12,437 (579) % 28,242 13, % Other Comprehensive Income Revaluation of Property,Plant & Equipment 27,620 Disposal of Revalued Assets (12,174) (13,525) Deferred Tax on Property Revaluation 1,570 (3,947) 1,230 Defined Benefit Plan actuarial gain/ (losses) (26) (91) 164 (344) Deferred tax on Defined Benefit Plan actuarial gin/(losses) 9 (45) Available for sale financial assets change in fair value 1,772 (1,346) 1,979 2,131 Reclassified to Income Statement (1,979) (1,979) (2,131) Other comprehensive income net of tax (10,828) (1,437) 10, Comprehensive Income 1,609 (2,016) 38,509 14,108 Earnings Per Share (Rs.) % Note % Note: All values are in Rupees ʹ000s, unless otherwise stated.the above figures are subject to audit.

5 4 The Autodrome PLC 4 Group Statement of Comprehensive Income Quarter ended 31 March Year Ended 31 March 2018 (Unaudited) 2017 (Unaudited) 2018 (Unaudited) 2017 (Audited) Note Beauty Care, Travel & other Beauty Care, Travel & other Turnover 164, , , , % 565,436 1, , ,367 93, ,296 (20.2%) Cost of Sales 5 (132,724) (132,724) (136,917) (136,917) (3.1%) (449,546) (449,546) (512,492) (79,535) (592,027) (24.1%) Gross Profit 32, ,985 26,601 26, % 115,890 1, , ,875 14, ,269 (1.2%) Other Operating Income 8,460 2, % 19,563 10, % Less :Expenses Change 41,445 29, % 137, , % Administrative Expenses 28,612 27, % 111, , % Marketing Expenses 416 5,320 (92.2%) 4,349 21,854 (80.1%) 29,028 32,673 (11.2%) 116, ,649 (10.3%) Operating Profit 12,417 (3,216) (486.1%) 21, % Finance Income 3,057 4,035 (24.2%) 16,603 15, % Finance Cost (1,118) 175.0% 342 (2,661) (112.9%) Profit before taxation 16,313 (299) % 38,055 13, % Taxation (3,449) % (8,647) 1, % Profit after taxation 12, % 29,408 14, % Other Comprehensive Income Revaluation of Property,Plant & Equipment 27,620 Disposal of Revalued Assets (12,174) (13,525) Deferred Tax on Property Revaluation 1,570 (3,947) Defined Benefit Plan actuarial gain/ (losses) (26) ,230 (86.7%) Deferred tax on Defined Benefit Plan actuarial gin/(losses) 8 (91) (45) (344) (86.9%) Beauty Care, Travel & other Beauty Care, Travel & other Change Available for sale financial assets change in fair value Reclassified to Income Statement 1,809 (48) 2,032 2,131 (4.6%) (2,032) (1,395) (2,032) (2,180) (6.8%) Other comprehensive income net of tax (10,845) (1,206) 10, Comprehensive Income 2,019 (1,104) 39,675 15,669 Earnings Per Share (Rs.) % % Note: All values are in Rupees ʹ000s, unless otherwise stated. The above figures are subject to audit.

6 5 Statement of Changes in Equity Group Stated Revaluation Available Retained Capital Reserves for sale Profit Balance as at 1st April , , , ,549 Net Profit for the period 14,832 14,832 Other comprehensive income Disposal of Fixed Asset Net Change in Fair value (2,180) (2,180) Net Amount re classified to P&L 2,131 2,131 Depreciation Transfer (1,032) 1,032 Defined benefit plan actuarial (loss)/gain net of tax Dividend paid (7,200) (7,200) Balance as at 31 March , , , ,018 Net Profit for the period 16,544 16,544 Other comprehensive income for the period 223 (3) 220 Depreciation Transfer (773) 773 Reversal of Revaluation Fixed Asset (6,118) 6,118 Revaluation of Fixed Asset 27,620 27,620 Disposal of Revalued Fixed Asset (1,352) 1,352 Transfered to deffrerd Tax liability (5,517) (5,517) Defined benefit plan actuarial (loss)/gain net of tax Dividend paid (6,000) (6,000) Balance as at 31 December , , ,026 1,031,023 Net Profit for the period 12,864 12,864 Other comprehensive income for the period Defined benefit plan actuarial (loss)/gain net of tax (18) (18) Disposal of Revalued Fixed Asset (12,173) 12,173 Transfered to deffrerd Tax liability 1,570 1,570 Depreciation Transfer (2,796) 2,796 Available for sale financial assets change in fair value 1,809 1,809 Net Amount re classified to P&L (2,032) (2,032) Balance as at 31 March , , ,841 1,045,216 Company Stated Revaluation Available Retained Capital Reserves for sale Profit Balance as at 1st April , , , ,645 Net Profit for the period 13,222 13,222 Other comprehensive income Depreciation Transfer (1,032) 1,032 Available for sale financial assets change in fair value Net Amount re classified to P&L Defined benefit plan actuarial (loss)/gain net of tax Dividend paid (7,200) (7,200) Balance as at 31 March , , , ,552 Net Profit for the period 15,805 15,805 Other comprehensive income for the period 207 (14) 193 Depreciation Transfer (773) 773 Reversal of Revaluation Fixed Asset (6,118) 6,118 Revaluation of Fixed Asset 27,620 27,620 Disposal of Revalued Fixed Asset (1,352) 1,352 Transfered to deffrerd Tax liability (5,517) (5,517) Defined benefit plan actuarial (loss)/gain net of tax Dividend paid (6,000) (6,000) Balance as at 31 December , , ,810 1,023,791 Net Profit for the period 12,437 12,437 Other comprehensive income for the period Defined benefit plan actuarial (loss)/gain net of tax (18) (18) Disposal of Revalued Fixed Asset (12,173) 12,173 Transfered to deffrerd Tax liability 1,570 1,570 Depreciation Transfer (2,796) 2,796 Available for sale financial assets change in fair value 1,772 1,772 Net Amount re classified to P&L (1,979) (1,979) Balance as at 31 March , , ,198 1,037,573

7 6 Statement of Cash Flows Company Company Group Group Unaudited Audited Unaudited Audited as at as at as at as at Rs.ʹ000 Rs.ʹ000 Rs.ʹ000 Rs.ʹ000 Cash Flow from Operating Activities Net profit before Taxation 36,453 11,522 38,055 13,266 Adjustments for : Depreciation 13,818 8,463 13,818 8,463 Provision for Defined Benefit Plan 3,217 3,430 3,217 3,430 Interest Income (15,813) (14,792) (16,603) (15,428) Interest Expense Dividend Income (90) (90) Gain on sale of Property, Plant and Equipment (3,221) (3,221) Loss on Disposal of Investment Property Provision for bad debts Realized Exchange (Gain)/Loss Unrealized Exchange (Gain)/Loss (858) 905 (858) 876 Operating Profit before Working Capital Changes 34,022 12,070 34,924 13,268 (Increase)/Decrease in Inventories 53,678 25,238 53,678 25,238 (Increase)/Decrease in Debtors & Receivables 17,146 (16,542) 17,239 (16,756) (Increase)/Decrease in Dues from related parties Increase/(Decrease) in Trade & other Payables (34,371) (22,346) (35,473) (22,279) 36,453 (13,650) 35,444 (13,797) Cash generated from operations 70,475 (1,580) 70,368 (529) Interest paid (516) (851) (516) (851) Income Tax paid (4,157) (7,212) (4,602) (7,576) Employee Benefits paid (769) (729) (769) (729) Net Cash from Operating Activities 65,033 (10,372) 64,481 (9,685) Cash Flow from Investing Activities Purchase of Property,Plant & Equipments (23,880) (2,735) (23,880) (2,735) Capital Work in Progress (8,815) (8,815) Investment in Long term instruments (30,412) 2,029 (32,946) 1,682 Investment in Short term instruments 2,114 4,313 Dividend received Interest received 15,813 14,792 16,603 15,428 Proceeds from disposal Property,plant, equipment 14,058 14,058 Disposal of Asset held for sale Net Cash from/(used) in Investing Activities (33,146) 16,290 (34,980) 18,688 Cash flow from Financing Activities Dividend paid (6,000) (7,200) (6,000) (7,200) Net Cash used in Finance Activities (6,000) (7,200) (6,000) (7,200) Increase in Cash & Cash Equivalents 25,887 (1,282) 23,501 1,803 Movement in Cash and Cash equivalents At the beginning of the period 2,047 3,329 6,180 4,377 Increase/(Decrease) 25,887 (1,282) 23,501 1,803 At the end of the period 27,934 2,047 29,681 6,180 Bank overdrafts (2,585) (2,585) Cash and bank balances 27,934 4,632 29,681 8,765 27,934 2,047 29,681 6,180

8 7 Explanatory Notes 1. These Statements are prepared in accordance with the prevailing LKAS, & are subject to audit. 2. All known expenses have been provided for in these financial statements. 3. The Accounting Policies and methods of computation are consistent with those followed previously. 4. No circumstances have arisen since the Balance sheet date, that requires further disclosure or adjustment in these Statements. No contingent liabilities or assets exist as at the beginning or end of any period. 5. The Cash Flow Statement reflects both realised and unrealised exchange gains/losses. The closing balance of USD liabilities has been translated at the weighted average bank rate published by the Central Bank, as at the end of the period. 6 Fully depreciated motor vehicles were revalued on 01/04/2017 for Rs.27,620,504 and depreciation has been charged on pro rated basis for the current year. 7 Land and building revaluation is in progress and the revaluation figures will be incorporated into the Annual Report 2017/ Revlon distributorship ceased on The segment is no longer significant according to Operating Segments (SLFRS 08). 9 The shareholders authorised a first & final Dividend of Rs.0.50 per share at the AGM for the year ended 2016/2017, which was subsequently paid on 10th October The Bank Overdraft shown in the comparatives for previous year, is a Book Overdraft only. 11 Directorsʹ Shareholdings as at 31st March No. of Shares 2018 % 2017 % Mrs. Bernadette J. Aloysius 3,594, ,594, Mr. Jeremy D. Aloysius (Jt. Managing Director/CEO) 877, , Mr. Rajeev A.J. Aloysius (Jt. Managing Director/CEO) 877, , Ms. Julie A. Aloysius 877, , Ms. J. Joanne B. Aloysius Rajiyah 877, , Prof. John A. Aloysius 877, , Mr. Sarath C. Weerasooria 13, ,981, ,995, Major Shareholdings as at 31 March No. of Shares 2018 % 2017 % Ms. Bernadette J. Aloysius 3,594, ,594, Mr. Sanjeev E.C. Gardiner 1,179, ,179, Ms. Julie A. Aloysius 877, , Mr. Jeremy D. Aloysius (Jt. Managing Director/CEO) 877, , Mr. Rajeev A.J. Aloysius (Jt. Managing Director/CEO) 877, , Ms. J. Joanne B. Aloysius Rajiyah 877, , Prof. John A. Aloysius 877, , Mercury Limited 840, , Galle Face Hotel Co. Ltd / Seylan Bank PLC 533, , Seventy Limited 410, , Cyril Gardiner Limited 161, , Pan Asia Bank Corporation PLC/W.S.S.Amarasooriya 114, , Mr. Hiranjan C.W. Aloysius 55, , Mr. Anthonypillai Saverimuttu 50, , Mr. Shamindra V. Rajiyah and Ms. J. Joanne B. Aloysius Rajiyah 43, , Mr. R.J.M.F Aloysius 30, , Mr. G.L.A. Ondaatjie 30, , Nikan (Private) Ltd. 29, , Dr. D.J Aloysius 26, Hotel International (Private) Limited 25, Ms. I.D. Sinnaduray 23, , ,508, ,510, The percentage of Shares held by the Public as at 31 March 2018 was %. The number of shareholders as at that date, was 556. The numberof public shareholders was 547.