MACKWOODS ENERGY PLC INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2016

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2016

2 INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31ST DECEMBER 2016 STATEMENT OF COMPREHENSIVE INCOME Continuing Operation Three Three Nine Nine Months Ended Months Ended Months Ended Months Ended Turnover 7,398,000 27,142,774 23,878, ,644,366 Cost of Sales (3,917,547) (21,038,940) (14,314,498) (121,528,087) Gross Profit 3,480,453 6,103,834 9,564,365 32,116,279 Selling & Distribution Expenses (2,784,284) (10,572,250) (12,260,925) (34,987,670) Administration Expenses (1,378,562) (7,376,397) (4,589,970) (21,230,045) Other Expenses (1,622,490) (2,549,620) (4,390,684) (6,965,870) Profit From Operations (2,304,883) (14,394,433) (11,677,214) (31,067,306) Finance Income 3,394,000 3,663,103 11,378,989 12,229,806 Finance Cost (570,101) (1,539,448) (2,162,901) (4,910,813) Net Finance Income 2,823,899 2,123,655 9,216,088 7,318,993 Profit Before Taxation 519,016 (12,270,778) (2,461,126) (23,748,313) Taxation 164,821 (1,025,669) (2,070,976) (3,424,345) Net Profit for the Period 683,837 (13,296,447) (4,532,102) (27,172,658) OTHER COMPREHENSIVE INCOME Other comprehensive income for the period Tax on Other Comprehensive Income OTHER COMPREHENSIVE INCOME FOR THE PERIOD TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 683,837 (13,296,447) (4,532,102) (27,172,658) Profit Attributable to: Owners of the Company 683,837 (13,296,447) (4,532,102) (27,172,658) Non - Controlling Interests Profit for the period 683,837 (13,296,447) (4,532,102) (27,172,658) Total Comprehensive Income Attributable to: Owners of the Company 683,837 (13,296,447) (4,532,102) (27,172,658) Non - Controlling Interests TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 683,837 (13,296,447) (4,532,102) (27,172,658) Earnings per Share - Basic - (Rs) 0.01 (0.13) (0.05) (0.27)

3 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2016 STATEMENT OF FINANCIAL POSITION AS AT Un Audited Audited ASSETS Property, Plant & Equipment 428,476, ,584,676 Current Assets Inventories 14,760,782 13,579,288 Trade and Other Receivables 57,138,550 46,831,938 Short Term Investments -Comm. Papers (Inter Group) 250,075, ,000,000 Amount Due from Related Parties 49,824,502 43,446,883 Cash & Cash Equivalents 2,314,738 1,470, ,113, ,328,530 TOTAL ASSETS 802,590, ,913,206 EQUITY AND LIABILITIES Capital and Reserves Stated Capital (100,000,000 shares) 555,583, ,583,112 Retained Earnings 3,109,795 7,641,897 Revaluation Reserve 152,870, ,870,059 Shareholders' Funds 711,562, ,095,068 Non Current Liabilities Retirement benefit Obligation 535, ,129 Deferred Tax Payable 5,671,026 5,672,006 Obligations under leases(more than one year) - 361,829 6,206,147 6,839,964 Current Liabilities Trade and Other Payables 50,848,332 29,780,958 Tax Liabilities 17,908,093 20,837,117 Amount Due to Related parties 4,551,080 2,056,512 Obligations under leases (within one year) - 333,997 Bank Overdraft 11,513,556 20,969,590 84,821,061 73,978,174 Total Liabilities 91,027,208 80,818,138 TOTAL EQUITY AND LIABILITIES 802,590, ,913,206 Net Assets Per Share (Rs) Note :The above figures are not audited. I certify that the financial statements comply with the requirements of the Companies Act No.7 of Sgd Accountant Approved and signed for and on behalf of the Board of Directors of Mackwoods Energy PLC. Sgd D T Ranaweera Director Sgd F L Fonseka Director 15th February 2017

4 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2016 STATEMENT OF CHANGES IN EQUITY Stated Revaluation Retained Capital Reserve Earnings Total Balance as at 1st April ,583,112 89,187, ,890, ,660,278 Dividend Paid (10,000,000) (10,000,000) Comprehensive Income - - (27,172,658) (27,172,658) Balance as at 31st December ,583,112 89,187,059 65,717, ,487,620 Balance as at 1st April ,583, ,870,059 7,641, ,095,068 Comprehensive Income - - (4,532,102) (4,532,102) Balance as at 31st December ,583, ,870,059 3,109, ,562,966

5 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2016 CASH FLOW STATEMENT For the Nine Months Ended 31st December CASH FLOWS FROM OPERATING ACTIVITIES Net Profit Before Tax (2,461,126) (23,748,313) Adjustments for ; Lease Interest 25, ,031 Gratuity 162, ,000 Deffered Tax (980) - Depreciation 1,581,873 2,473,785 Operating Profit Before Working Capital Changes (692,718) (20,564,497) (Increase)/Decrease in Working Capital (Increase)/Decrease Inventories (1,181,494) 27,001,118 (Increase)/DecreaseTrade and Other Receivables (10,306,612) 3,476,320 Increase/(Decrease)Trade and Other Payables 21,067,374 (2,694,522) Increase/(Decrease) Amount due to Related Companies 2,494, ,339 (Increase)/DecreaseAmount due from Related Companies (6,377,619) 4,204,772 Cash Generated from / (Used in) operating activities 5,003,499 11,717,530 Gratuity Paid (1,394,250) Income Tax Paid (5,000,000) (4,374,250) Net Cash Flows From/ (Used in) Operating Activities (1,390,751) 7,343,280 CASH FLOWS FROM INVESTING ACTIVITIES Additions to Property, Plant & Equipment 847,282 (9,069,107) Settlement of Commercial Papers 10,925,000 - Net Cash Flows From/ (Used in) Investing Activities 10,381,531 (1,725,827) CASH FLOWS FROM FINANCING ACTIVITIES Dividend Paid - (10,000,000) Repayment of the Lease (81,180) (1,293,343) Interest Income 6,065,079 Net Cash Flows From/ (Used in) Financing Activities (81,180) (5,228,264) NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 10,300,351 (6,954,091) CASH AND CASH EQUIVALENTS AT THE BEGINNING (19,499,169) 2,915,544 CASH AND CASH EQUIVALENTS AT THE END (a) (9,198,818) (4,038,547) (a)analysis of cash & cash equivalents at period end Cash in hand & at bank 2,314, ,370 Bank overdraft (11,513,556) (4,849,918) (9,198,818) (4,038,548)

6 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2016 NOTES TO THE INTERIM FINANCIAL STATEMENTS 1 CORPORATE INFORMATION Mackwoods Energy PLC, is a public limited liability company incorporated and domiciled in Sri Lanka. The company was listed on the Diri Savi Board of the Colombo Stock Exchange on 25th April INTERIM FINANCIAL STATEMENTS The financial statements for the period ended 31st December 2016, includes the Company referring to Mackwoods Energy PLC. 3 BASIS OF PREPARATION The interim condensed financial statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended and are in compliance with Sri Lanka Accounting Standard LKAS34- "Interim Financial Reporting". These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March Further, provisions of the companies ACT no 7 of 2007 have been considered in preparing the same. 4 ACCOUNTING POLICIES The accounting policies have been consistently applied by the company and are consistent used in the previous year. with those 5 POST BALANCE SHEET EVENTS There have been no material events occurring after the Balance Sheet date which require adjustments to or disclosure in the financial statements. 6 CONTINGENT LIABILITIES There were no material contingent liabilities outstanding as at Balance Sheet Date. 7 The Interim Financial Statements are provisional and are not audited. 8 SHAREHOLDERS INFORMATION 8.1 Public Shareholdings The percentage of shares held by the public as at 31st December 2016 was 24.01%. No of public shareholders as at 31st December 2016 was Top 20 Share Holders List as at 31st December 2016 NAME NO OF SHARES PERCENTAGE Mackwoods (Pvt) Ltd 62,928, Agalawatte Plantations PLC 4,282, Claridge Fund (Pvt) Ltd 3,800, Epoc Research Laboratories (Pvt) Ltd 3,568, Employees Provident Fund 3,508, Dr. C.N.A.Nonis 3,018, Mr. F.L.Fonseka 2,667, Mr. A.L.Yatawara 2,577, Diversified Fund (Pvt) Ltd 1,688, Mr. G.M.Kennedy 1,416, Mr.D.Dhammika 1,000, Mr. F.N. Herft 925,

7 Mr.M.R.Nishantha 504, Ms. H.S.Tan 491, Mr. C.G.A.M.Priya 249, Mr H.Beruwalage 232, Mr. R A L. White 210, Mr.W.B.P.A.Gedara 208, Mr. U. Rohith 200, Mr. Srilatha 160, Directors' and CEO's Shareholdings as at 31st December ,637, Name No of Shares Percentage (%) Dr. C.N.A.Nonis Director 3,018, Mr. F.L.Fonseka Director 2,667, Mr. D.T.Ranaweera Director Nil Nil Mrs. S.M.A.N.Ranaweera Director Nil Nil Mr. L.L.Samarasinghe Director Nil Nil Mr. L.J. K. Hettiaratchi Director 5, Dr. H.Shafeeu Director Nil Nil 8.4 No of shares representing the company's Stated Capital - 100,000,000 shares 9 MARKET VALUES PER SHARE - CURRENT INTERIM PERIOD Date Highest Value per Share Lowest Value per Share Last Traded Price NET ASSET VALUE PER SHARE Status of Mini Hydro/ Renewable Energy Projects As detailed in the Annual Report of 2015/16, in view of the persistent delay in implementation of mini hydro power projects, including transmission line and grid availability issues, the Company is exploring investments in more mature hydro power projects which already have approval and also exploring projects in the energy space such as solar, wind, bio-mass and bio-gas and waste to energy projects in line with the Company s objectives of diversifying into the renewable energy sector.