KELANI CABLES PLC Company Reg. No. PQ 117 INTERIM FINANCIAL STATEMENTS

Transcription

1 Company Reg. No. PQ 117 INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 2017

2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AND INVESTEE FOR THE PERIOD/QUARTER ENDED Rs. Rs. Rs. Rs. Revenue 1,591,824,268 1,597,819,352 1,591,824,268 1,597,819,352 Cost of sales (1,413,253,186) (1,338,437,270) (1,413,253,186) (1,338,437,270) Gross profit 178,571, ,382, ,571, ,382,082 Other income 986,798 4,295, ,798 4,295,165 Change in fair value of investment property Distribution expenses (101,690,119) (92,673,397) (101,690,119) (92,673,397) Administrative expenses (63,724,059) (58,825,842) (63,724,059) (58,825,842) Profit from operations 14,143, ,178,008 14,143, ,178,008 Net finance income/(expenses) (8,428,123) 4,799,931 (8,428,123) 4,799,931 Share of profit/(loss) on equity accounted investee net of tax (474,142) 2,155,681 - Profit before tax 5,241, ,133,620 5,715, ,977,939 Income tax expense (1,519,827) (32,753,823) (1,519,827) (32,753,823) Profit for the period 3,721,610 86,379,797 4,195,752 84,224,116 Other comprehensive income Actuarial gain on defined benefit plans 1,861,971 1,654,389 1,861,971 1,654,389 Tax on other comprehensive income (521,352) (463,229) (521,352) (463,229) 1,340,619 1,191,160 1,340,619 1,191,160 Total comprehensive income for the period 5,062,229 87,570,957 5,536,371 85,415,276 Earnings per share -Rs Market value per share Highest price Lowest price Last traded price Number of shares representing the stated capital 21,800,000 21,800,000

3 STATEMENT OF FINANCIAL POSITION & INVESTEE AS AT Rs. Rs. Rs. Rs. ASSETS NON CURRENT ASSETS Property, plant and equipment 655,596, ,112, ,596, ,112,135 Investment property 253,750, ,750, ,750, ,750,000 Investment in equity accounted investee 13,680,742 14,154,885 15,402,714 15,402, ,027, ,017, ,749, ,264,850 CURRENT ASSETS Inventories 1,706,185,460 1,648,221,958 1,706,185,460 1,648,221,958 Trade and other receivables 1,957,378,738 2,107,193,618 1,957,378,738 2,107,193,618 Amount due from related companies 42,766,417 41,854,000 42,766,417 41,854,000 Value added tax recoverable 313,517, ,915, ,517, ,915,539 Deposits and prepayments 11,376,914 10,438,325 11,376,914 10,438,325 Investment in Sri Lanka Development Bonds 164,926, ,143, ,926, ,143,800 Cash and cash equivalents 325,130, ,776, ,130, ,776,634 4,521,282,840 4,717,543,874 4,521,282,840 4,717,543,874 TOTAL ASSETS 5,444,310,509 5,648,560,894 5,446,032,481 5,649,808,724 EQUITY AND LIABILITIES EQUITY Stated capital 218,000, ,000, ,000, ,000,000 Capital reserves 300,457, ,457, ,444, ,444,530 General reserves 431,136, ,136, ,136, ,136,000 Retained earnings 2,530,027,206 2,524,964,977 2,571,762,176 2,566,225,805 3,479,620,734 3,474,558,505 3,481,342,706 3,475,806,335 NON-CURRENT LIABILITIES Employee benefits 89,110,541 83,311,661 89,110,541 83,311,661 Deferred taxation 59,498,141 58,976,789 59,498,141 58,976,789 Interest bearing borrowings 1,841,000 7,841,000 1,841,000 7,841, ,449, ,129, ,449, ,129,450 CURRENT LIABILITIES Trade payables 1,339,076,643 1,340,158,210 1,339,076,643 1,340,158,210 Other payables 146,832, ,604, ,832, ,604,819 Current taxation 256,147, ,627, ,147, ,627,512 Unclaimed dividends 11,079,871 11,102,821 11,079,871 11,102,821 Interest bearing borrowings 24,000,000 24,000,000 24,000,000 24,000,000 Bank overdrafts 37,103, ,379,577 37,103, ,379,577 1,814,240,093 2,023,872,939 1,814,240,093 2,023,872,939 TOTAL LIABILITIES 1,964,689,775 2,174,002,389 1,964,689,775 2,174,002,389 TOTAL EQUITY AND LIABILITIES 5,444,310,509 5,648,560,894 5,446,032,481 5,649,808,724 Net Asset Per Share It is certified that these Financial Statements have been prepared in compliance with the requirements of Companies Act No. 7 of Sgd. Sgd. U. G. Madanayake Suren Madanayake Chairman Deputy Chairman Colombo August 14, 2017 Sgd. Ms. Hemamala Karunasekara Chief Financial Officer

4 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD/QUARTER ENDED Company & Investee Stated Capital General Retained Total Capital Reserves Reserves Earnings Rs. Rs. Rs. Rs. Rs. Balance As At 1st April ,000, ,457, ,136,000 2,243,356,045 3,192,949,573 Profit for the period ,379,797 86,379,797 Other comprehensive Income ,191,160 1,191,160 Total comprehensive Income 218,000, ,457, ,136,000 2,330,927,002 3,280,520,530 Dividend Paid (65,400,000) (65,400,000) Balance As At 30th June ,000, ,457, ,136,000 2,265,527,002 3,215,120,530 Balance As At 1st April ,000, ,457, ,136,000 2,524,964,977 3,474,558,505 Profit for the period ,721,610 3,721,610 Other comprehensive Income ,340,619 1,340,619 Total comprehensive Income 218,000, ,457, ,136,000 2,530,027,206 3,479,620,734 Dividend Paid Balance As At 30th June ,000, ,457, ,136,000 2,530,027,206 3,479,620,734 Stated Capital General Retained Total Capital Reserves Reserves Earnings Rs. Rs. Rs. Rs. Rs. Balance As At 1st April ,000, ,444, ,136,000 1,850,232,411 2,759,812,941 Profit for the period ,224,116 84,224,116 Other comprehensive Income ,191,160 1,191,160 Total comprehensive Income 218,000, ,444, ,136,000 1,935,647,687 2,845,228,217 Dividend Paid (65,400,000) (65,400,000) Balance As At 30th June ,000, ,444, ,136,000 1,870,247,687 2,779,828,217 Balance As At 1st April ,000, ,444, ,136,000 2,566,225,805 3,475,806,335 Profit for the period ,195,752 4,195,752 Other comprehensive Income ,340,619 1,340,619 Total comprehensive Income 218,000, ,444, ,136,000 2,571,762,176 3,481,342,706 Dividend Paid Balance As At 30th June ,000, ,444, ,136,000 2,571,762,176 3,481,342,706

5 STATEMENT OF CASH FLOW & INVESTEE PERIOD ENDED PERIOD ENDED FOR THE PERIOD/QUARTER ENDED Rs. Rs. Rs. Rs. Cash Flow From Operating Activities Profit before taxation 5,241, ,133,620 5,715, ,977,939 Adjustments for: Share of (Profit)/ loss from equity accounted investee (net of tax) 474,142 (2,155,681) - - Interest income (4,782,578) (9,277,142) (4,782,578) (9,277,142) Interest expense 12,548,202 6,735,519 12,548,202 6,735,519 Depreciation of property, plant and equipment 19,033,732 20,442,078 19,033,732 20,442,078 Impairment/(Reversal of impairment) of obsolete inventories (9,497,887) 1,788,317 (9,497,887) 1,788,317 Exchange rate gain on investment in - Sri Lanka Development Bonds (783,000) (6,286,800) (783,000) (6,286,800) Gain on disposal of property, plant and equipment - (2,325,291) - (2,325,291) Provision for employee benefits 7,976,304 7,212,872 7,976,304 7,212,872 Operating Profit before working capital changes 30,210, ,267,492 30,210, ,267,492 Changes in working capital Decrease/ (increase) in inventories (48,465,615) 107,882,884 (48,465,615) 107,882,884 Decrease/ (increase) in trade and other receivables 83,212,505 (319,040,023) 83,212,505 (319,040,023) Decrease/ (increase) in amount due from related companies (912,417) (667,572) (912,417) (667,572) Decrease/(increase) in deposits and prepayments and VAT (938,589) (408,593) (938,589) (408,593) Increase/(decrease) in trade payables (1,081,567) (43,214,164) (1,081,567) (43,214,164) Increase/ (decrease) in other payables (42,771,888) (1,509,086) (42,771,888) (1,509,086) Cash (used in) /generated from operations 19,252,781 (121,689,062) 19,252,781 (121,689,062) Gratuity paid (315,453) (2,738,318) (315,453) (2,738,318) Current tax paid Interest paid (12,548,202) (6,735,519) (12,548,202) (6,735,519) Net Cash (used in)/ Generated from Operating Activities 6,389,126 (131,162,899) 6,389,126 (131,162,899) Cash Flow from Investing Activities Proceeds from disposal of property, plant and equipment - 5,230,180-5,230,180 Acquisition of property, plant and equipment (11,518,524) (30,358,538) (11,518,524) (30,358,538) Interest received 4,782,578 9,277,142 4,782,578 9,277,142 Dividend income Net Cash Used in Investing Activities (6,735,946) (15,851,216) (6,735,946) (15,851,216) Cash Flow from Financing Activities Dividend paid (22,950) - (22,950) - Loan obtained /(Repayment ) during the period (6,000,000) (6,000,000) (6,000,000) (6,000,000) Net Cash generated from/ (used in) Financing Activities (6,022,950) (6,000,000) (6,022,950) (6,000,000) Net Increase in Cash and Cash Equivalents (6,369,770) (153,014,115) (6,369,770) (153,014,115) Cash and Cash Equivalents at beginning of the period 294,397, ,394, ,397, ,394,814 Cash and Cash Equivalents at the end of the period 288,027, ,380, ,027, ,380,699

6 NOTES TO THE FINANCIAL STATEMENTS 1. The above figures are provisional and subject to audit. 2. The consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31 March 2017 and are in compliance with Sri Lanka Accounting Standards - LKAS 34 -Interim Financial Reporting. 3. The previous period figures have been re-classified to confirm with the current year's presentation. 4. The contingent liability as at June 30, 2017 on guarantees given to third parties amounted to Rs.77,477,895/-. 5. The Board of Directors declared an Interim Dividend of Rs.3/50 per share for the year ended 31st March 2017 amounting to Rs.76.3 Mn on 27th June 2016 which was paid on 11th July There have been no other material events subsequent to the interim period which require disclosure in the Financial Statements. 7. The number of shares held by the Board of directors are as follows : As at June 30, 2017 As at June 30, 2016 No. of Shares % Holding No. of Shares % Holding Mr. U. G. Madanayake - Chairman 56, % 56, % Mr. Suren Madanayake - Deputy Chairman 61, % 61, % Mrs. N. C. Madanayake - Director - - Dr. Bandula Perera - Director - - Dr. Ranjith Cabral - Director - - Mr. Mahinda Saranapala - Director/CEO Shares held by public No. of Shares % Holding No. of Share holders Share held by public as at June 30, ,399, % Largest Shareholders of the Company as at June 30, 2017 were as follows: No. of Shares % Holding 1 Lanka Olex Cables (Private) Ltd 16,349, % 2 ACL Cables PLC 933, % 3 Deutche bank AG as trustee to candor Opportunitie 522, % 4 Bank of Ceylon-No 2 A/c 323, % 5 National Industries Group (Holdings) (S.A.K) 275, % 6 Deutsche Bank AG As Trustee to Candor Growth Fund 210, % 7 Thaha I. M. 103, % 8 Employees trust Fund Board 95, % 9 People's Leasing & Finance PLC/L. P. Hapangama 92, % 10 Waldock Mackenzie Limited/Ceylinco Shriram Capital 76, % 11 Goonesekera C. D. M. (Mrs) 62, % 12 Madanayake H. A. S. 61, % 13 Madanayake U.G. 56, % 14 De Silva C. P. 56, % 15 Waldock Mackenzie Ltd/Mrs. G. Soysa 46, % 16 Elgin Investments Limited 46, % 17 Vignarajah K. C. 42, % 18 Leonard D. S. 41, % 19 Life Insurance Corporation (Lanka) Ltd 41, % 20 Deutsche Bank AG As Trustee to Amana Candor Sharia 40, %

7 CORPORATE INFORMATION Name of the Company - Kelani Cables PLC Company Registration No. - PQ 117 Legal Form - A Quoted Public Company with Limited Liability Incorporated as Ceylon Non-Ferrous Metal Industries Limited on 27th January Thereafter on 18th December 1973 the name was changed to Kelani Cables Limited. With the adoption of the Companies Act No. 07 of 2007, re-registered as Kelani Cables PLC in February Registered Office - No. 60, Rodney Street, Colombo 08, Sri Lanka Telephone : , Fax : , Principal Place of Business - P.O. Box 14, Wewelduwa, Kelaniya, Sri Lanka Telephone : , Fax : info@kelanicables.com Website : Board of Directors - Mr. U. G. Madanayake Mr. Suren Madanayake Mrs. N. C. Madanayake Dr. Bandula Perera Dr. Ranjith Cabral Mr. Mahinda Saranapala Company Secretary - Corporate Affairs (Private) Limited. No. 68/1, Dawson Street, Colombo 02, Sri Lanka Auditors - KPMG (Chartered Accountants) 32A, Sir Mohamed Macan Marker Mawatha P. O. Box 186 Colombo 3 Sri Lanka Bankers - Hatton National Bank PLC Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank Peoples Bank Nations Trust Bank PLC