LANKA TILES PLC Provisional Financial Statements For the Year ended 31st March 2018

Transcription

1 Provisional Financial Statements For the Year ended 31st March 2018

2 STATEMENT OF FINANCIAL POSITION Group As at Unaudited Audited Unaudited Audited Rs.'000 Rs.'000 Rs.'000 Rs.'000 ASSETS Non-current assets Property, plant and equipment 3,508,058 3,577,881 3,508,058 3,577,881 Investment Properties 223, , Capital work-in-progress 347,518 30, ,518 30,909 Investment in subsidiary - - 6,242 - Investment in associate 933, , , ,052 Loans given to related companies 10,898 20,422 10,898 20,422 5,023,907 4,734,064 4,806,349 4,510,264 Current assets Inventories 1,945,726 1,434,412 1,945,726 1,434,412 Receivables & prepayments 849, , , ,695 Amounts due from related companies 492, , , ,092 Cash & cash equivalents 444,998 1,227, ,975 1,227,119 3,732,385 3,675,039 3,894,697 3,849,318 Total assets 8,756,292 8,409,103 8,701,046 8,359,582 EQUITY AND LIABILITIES Capital and reserves Stated capital (Note 3) 900, , , ,968 Reserves 6,018,806 5,742,660 5,969,364 5,693,558 Shareholders' funds 6,919,774 6,643,628 6,870,332 6,594,526 Non controlling interest 5, Total Equity 6,925,147 6,643,628 6,870,332 6,594,526 Non-current liabilities Interest bearing liabilities 7,374 56,224 7,374 56,224 Deferred tax liabilities 634, , , ,787 Retirement benefit obligations 166, , , , , , , ,405 Current liabilities Trade & other payables 702, , , ,264 Amounts due to related companies 79,271 91,327 79,199 91,276 Current tax liabilities 46,932 68,726 46,724 68,558 Interest bearing liabilities 98, ,416 98, ,416 Bank overdrafts 95, ,137 95, ,137 1,023,155 1,141,070 1,022,724 1,140,651 Total liabilities 1,831,145 1,765,475 1,830,714 1,765,056 Total equity and liabilities 8,756,292 8,409,103 8,701,046 8,359, Director Director 23rd May 2018

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Group Unaudited Audited Unaudited Audited Period ended Quarter Year Quarter Year Quarter Year Quarter Year Rs.'000 Rs.'000 Rs.'000 Rs.'000 Variance % Rs.'000 Rs.'000 Rs.'000 Rs.'000 Variance % Export sales 59, ,291 30, , , ,291 30, , Local sales 1,782,232 6,735,652 1,405,664 5,661, ,782,232 6,735,652 1,405,664 5,661, Gross sales (inclusive of tax) 1,841,814 7,000,943 1,436,352 5,846, ,841,814 7,000,943 1,436,352 5,846, Sales (net of tax) 1,610,951 6,126,307 1,254,636 5,176, ,610,951 6,126,307 1,254,636 5,176, Cost of sales (1,040,296) (3,747,180) (695,058) (2,860,369) 31 (1,040,673) (3,747,180) (695,058) (2,860,369) 31 Gross profit 570,655 2,379, ,578 2,316, ,278 2,379, ,578 2,316,003 3 Other operating income 9,484 20,870 59,092 72,493 (71) 9,084 19,451 6,295 19,396 0 Distribution costs (300,375) (895,347) (186,141) (706,517) 27 (300,375) (895,347) (186,141) (706,517) 27 Administrative expenses (111,081) (405,816) (72,561) (381,726) 6 (110,571) (404,447) (72,283) (381,312) 6 Operating profit 168,682 1,098, ,968 1,300,253 (15) 168,416 1,098, ,449 1,247,570 (12) Net finance income 31,161 88,576 31, ,971 (26) 31,161 88,576 31, ,971 (26) Share of results of associate 52, ,383 58, ,284 (11) 52, ,383 58, ,284 (11) Profit before taxation 252,025 1,352, ,322 1,604,508 (16) 251,758 1,352, ,803 1,551,825 (13) Taxation (77,795) (348,795) (81,469) (359,170) (3) (77,721) (348,721) (81,301) (359,002) (3) Profit after tax 174,229 1,003, ,853 1,245,338 (19) 174,037 1,004, ,502 1,192,823 (16) Other comprehensive income Gains on revaluation of land and buildings Deferred tax component - gains on revaluation of land and buildings Exchange loss arising on translation of foreign operations 83,293 83,293 83,293 83,293 (191,634) (191,634) (191,634) (191,634) 44 (259) Remeasurement retirement benefit obligations-gratuity (28,361) (28,361) 18,898 18,898 (28,361) (28,361) 18,898 18,898 (250) Deferred tax component-remeasurement of retirement benefit obligation-gratuity 7,941 7,941 (5,183) (5,183) 7,941 7,941 (5,183) (5,183) (253) Share of other comprehensive income of assciate-net of tax (68,951) (68,951) 1,404 1,404 (68,951) (68,951) 1,404 1,404 (5011) Total comprehensive income for the year (23,438) 806, ,972 1,260,457 (36) (23,675) 806, ,621 1,207,942 (33) Profit attributable to: Equity holders of the parent 174,403 1,004, ,853 1,245,338 (19) 174,037 1,004, ,502 1,192,823 (16) Non Controlling Interest (173) (497) Profit for the year 174,229 1,003, ,853 1,245,338 (19) 174,037 1,004, ,502 1,192,823 (16) Total comprehensive income attributable to: Equity holders of the parent (23,286) 806, ,972 1,260,457 (36) (23,675) 806, ,621 1,207,942 (33) Non Controlling Interest (152) (624) Total comprehensive income (23,438) 806, ,972 1,260,457 (36) (23,675) 806, ,621 1,207,942 (33) Earnings per ordinary share-basic (Rs) (19) (16)

4 CASH FLOW STATEMENT Group Period ended Unaudited Audited Unaudited Audited Rs.'000 Rs.'000 Rs.'000 Rs.'000 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES Profit before income tax 1,352,792 1,604,508 1,352,743 1,551,825 Adjustments for: Depreciation 236, , , ,425 (Gain)/Loss on disposal of fixed assets (4) 6,758 (4) 6,758 Net Finance income (88,576) (119,931) (88,576) (119,931) Provision for retirement benefit obligations 26,000 21,454 26,000 21,454 Net fair value gain recognised in profit or loss - (52,497) - - Share of results before tax of associate (165,383) (185,284) (165,383) (185,284) Operating profit (loss) before working capital changes 1,361,066 1,470,433 1,361,017 1,470,247 Changes in working capital (Increase)/Decrease in inventories (511,314) (502,156) (511,314) (502,156) (Increase)/Decrease in trade and other receivables (230,811) (90,353) (230,798) (90,352) (Increase)/Decrease in due from related parties (113,724) (112,091) (112,599) (111,655) Increase/(Decrease) in trade & other payables 210,580 48, ,509 48,169 Increase/(Decrease) in due to related parties (12,021) (45,344) (12,077) (45,395) Cash generated from operations 703, , , ,858 Net Finance income 88, ,931 88, ,931 Retirement benefit costs paid (12,385) (7,235) (12,385) (7,235) Income tax paid (363,788) (582,042) (363,788) (582,042) Net cash flows from/(used in) operating activities 416, , , ,512 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Acquisition of property,plant,equipment (64,465) (369,454) (64,465) (369,454) Dividend received 43,851 31,179 43,851 31,179 Expenditure incurred on capital work in progress (337,709) (43,202) (337,709) (43,202) Loans granted/ repayment to related companies 25,709 30,834 25,709 30,834 Investment in subsidiary - - (6,242) - Proceeds from disposal of fixed assets 2, , Net cash flows from /(used in) investing activities (330,165) (350,112) (336,407) (350,112) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES Dividend paid (530,504) (397,878) (530,504) (397,878) Proceeds from borrowings 100, ,000 Repayment of borrowings (161,412) (231,317) (161,416) (231,317) Proceeds on issue of shares to minority shareholders 5, Net cash flows from /(used in) financing activities (585,919) (629,195) (591,920) (629,195) Net Increase/(Decrease) in cash and cash equivalents (499,904) (679,795) (511,186) (679,795) Movement in cash and cash equivalents (259) Cash cash equivalents at the beginning of the period 849,982 1,529, ,982 1,529,777 Cash cash equivalents at the end of the period 349, , , ,982

5 STATEMENT OF CHANGES IN EQUITY Group Stated Capital Reserve Revaluation Exchange Retained Total Non Controlling Shareholders' Reserve Reserve Earnings Reserves Interest funds Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance at 1st April , , ,856-3,581,074 4,880,081-5,781,049 Net profit for the period ,245,338 1,245,338-1,245,338 Other comprehensive income ,119 15,119-15,119 Dividend for 2016/2017 (Interim 1) (132,626) (132,626) - (132,626) Dividend for 2016/2017 (Interim 2) (265,252) (265,252) - (265,252) Balance as at 31st March , , ,856-4,443,653 5,742,660-6,643,628 Balance at 1st April , , ,856-4,443,653 5,742,660-6,643,628 Net profit for the period ,004,495 1,004,495 (497) 1,003,998 Other comprehensive income - - (108,341) (132) (89,371) (197,844) (127) (197,971) Dividend for 2017/2018 (Interim 1) (212,202) (212,202) - (212,202) Dividend for 2017/2018 (Interim 2) - (318,302) (318,302) (318,302) Shares issued to minority shareholders ,997 5,997 Balance as at 31st March , , ,515 (132) 4,828,273 6,018,806 5,373 6,925,147. Stated Capital Amalgamation Reserve Revaluation Exchange Retained Total Non Controlling Shareholders' Reserve Reserve Earnings Reserves Interest funds Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance at 1st April , , ,856-3,584,487 4,883,494-5,784,462 Net profit for the period ,192,823 1,192,823-1,192,823 Other comprehensive income ,119 15,119-15,119 Dividend for 2016/2017 (Interim 1) (132,626) (132,626) - (132,626) Dividend for 2016/2017 (Interim 2) (265,252) (265,252) - (265,252) Balance as at 31st March , , ,856-4,394,551 5,693,558-6,594,526 Balance at 1st April , , ,856-4,394,551 5,693,558-6,594,526 Net profit for the period ,004,022 1,004,022-1,004,022 Other comprehensive income - - (108,341) - (89,371) (197,712) - (197,712) Dividend for 2017/2018 (Interim 1) (212,202) (212,202) - (212,202) Dividend for 2017/2018 (Interim 2) - (318,302) (318,302) (318,302) Balance as at 31st March , , ,515-4,778,698 5,969,364-6,870,332

6 Notes The above figures are provisional and subject to audit. The accounting policies followed in the preparation of interim financial statements are consistent with those followed in the preparation of financial statements for the year ended 31st March 2017 and are in compliance with LKAS 34 - Interim Financial Reporting. Total number of shares in issue of the company as at 31st March 2018 is 53,050,410. There have been no changes in contingent assets and contingent liabilities since 31 st March The presentation and classification of figures for corresponding period of the previous year have been amended, where relevant, to be comparable with those for the current year. incurred Rs Mn during the year for the services rendered in improving the manufacturing processes. This service has been provided by related Companies of Royal Ceramics Lanka PLC and Vallibal One PLC. An Interim dividend of Rs.4.00 per share for the financial year 2017/18 was paid on 13th September 2017 and Final dividend of Rs.6.00 per share for the financial year 2017/18 was paid on 26th March During July 2017, invested for 51% shareholding in the subsidiary, Lankatiles Private Limited which is incorporated in Bengaluru,India. intends to distribute locally manufactured tiles in the Indian market through this company. During February 2018, invested for 100% shareholding in the subsidiary, LTL Development (Pvt) Limited which is incorporated in Sri Lanka. is the property holding and developing company. No events have occurred since the date of the financial position which would require adjustment to or disclosure in the interim financial statements. 11 Market prices recorded during the quarter ended 31st March 2017/ /17 Variance Rs.cts Rs.cts Rs.cts % Highest market price per share Lowest market price per share Closing market price per share (2.30) (2.25) 12 Director's holding in shares as at 31st March 2018 Director's name Shareholding Number % Mr. A M Weerasinghe 34, Ms. A M L Page 2, Major Shareholders as at 31st March 2018 Shareholder's name Shareholding Number % 1 Lanka Walltiles PLC 36,189, Employees Provident Fund 4,968, BNYM SA/NV-Frontaura Global Frontier Fund Llc 3,505, Royal Ceramics Lanka PLC 1,388, Caceis Bank Luxemburg S/A Barca Global Master Fund LP 1,353, Bank of Ceylon No. 1 Account 973, Mr. K R Kamon 537, Mr. A A Page 433, Aruna Enterprises (Pvt) Limited 128, Mr.S.M.Fernando 126, Mrs. A A Merchant 125, Deutsche Bank AG-Comtrust equity fund 111, Dr A C Visvalingam 108, Mr.Y.H Abdulhussein 98, Pinnacle trust (Pvt) Ltd 92, Sampath Bank Plc /Dr Semthilverl 90, Seylan Bank Plc /China Nalin Rajahmoney 72, Mrs B C Sansoni 62, Mr.M S Fernando 49, Saboor Chatoor (Pvt) Ltd 42, Sub Total 50,457, Others 2,593, Grand Total 53,050, Percentage of public holding as at 31st March 2018 was % comprising of 1,729 shareholders.