YORK ARCADE HOLDINGS PLC PQ 181

Transcription

1 INTERIM FINANCIAL STATEMENTS For The Year Ended 31st March, 2018

2 Statement of Financial Position Unaudited As at Audited As at Rs.'000 Rs.'000 ASSETS Non-Current Assets Property, Plant & Equipment - 12,923 Investment Property - 91,569 Available For Financial Assets 10,812 5,772 Held to Maturity Financial Assets 20,721 20,721 Defeered Tax Liability 7-31, ,985 Current Assets Trade and other Receivables 3,922 9,830 Amounts due from Related Companies 50,974 61,615 Short Term Investments 39,856 38,058 Cash & Cash Equivalents 44,152 20, , ,564 Total Assets 170, ,549 EQUITY & LIABILITIES Equity Stated Capital 14,400 14,400 Property Development Reserve 10,000 10,000 Retained Earnings 109, ,778 Fair Value Reserve 4,241 4,292 Total Equity 137, ,470 Non-Current Liabilities Rent Advance and other Deposits - - Deferred Tax Liability - 26,183-26,183 Current Liabilities Trade and Other Payables 25,225 3,123 Income Tax Payable 6,782 8,211 Amounts due to Related Companies Rent Advance and other Deposits - 15,059 Bank Overdraft ,507 26,896 Total Liabilities 32,507 53,079 Total Equity and Liabilities 170, ,549 Net Assets per Share The Board of Directors responsible for Preparation and Presentation of these Financial Statements. For and behalf of the Board. (Sgd.) (Sgd.) S.D.R.Arudpragasam S.Rajaratnam Director Director

3 Statement of Comprehensive Income Unaudited Unaudited Unaudited Audited Quarter Quarter Variance Year Year Variance ended ended ( + / - ) % ended ended ( + / - ) % Rs. '000 Rs. '000 Rs. '000 Rs. '000 Revenue 2,000 21, ,631 80, Direct Cost 16 (9,616) (16,903) (40,365) + 58 Gross Profit 2,016 11, ,728 39, Other Income (1,909) 37-5, , Administration Expenses (1,415) (1,199) - 18 (6,279) (5,350) - 17 Other Expenses (1) - - (12,018) - - Net Finance Income / (Cost) 3,253 2, ,686 6, Profit before Income Tax 1,944 13, ,885 44, Income Tax (4,102) (2,924) - 40 (5,867) (10,999) + 47 Profit for the period (2,158) 10, ,018 33, Fair Value Gain (Loss) From Available for sale Financial Assets 72 (733) (22) (1,053) + 98 Available for sale financial Asset Reclassified to Profit or Loss (29) (29) Total Comprehensive Income For the Period (2,115) 9, ,967 32, Earnings / (Deficit) per share (Rs.) (2.88) STATEMENT OF CHANGES IN EQUITY Stated Property Retained Fair Value Total Capital Dev.Res. Earnings Reserve Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 01st April ,400 10, ,296 5, ,041 Net Profit / (Loss) for the period ,082-33,082 Other Comprehensive Income (1,053) (1,053) Dividend Paid - - (3,600) - (3,600) Balance as at 31st March ,400 10, ,778 4, ,470 Balance as at 01st April ,400 10, ,778 4, ,470 Net Profit / (Loss) for the period - - 7,018-7,018 Other Comprehensive Income (51) (51) Dividend Paid - - (76,500) - (76,500) Balance as at 31st March ,400 10, ,296 4, ,937

4 CASH FLOW STATEMENT Unaudited Audited Year Year ended ended CASH FLOWS FROM OPERATING ACTIVITIES Rs. '000 Rs. '000 Profit before Income Tax 12,885 44,081 Adjustments for : Interest Income (10,686) (6,951) Interest Expense - - Amortisation of advance paid on Leasehold Land Depreciation on Investment Property 4,707 11,297 Depreciation on Property, Plant & Equipment Net Transfer of Fixed Assets 12,561 - Other Income (46) - Profit on Sale of Shares (3) - Transfer of rversal gain on disposal of shares (29) - Unclaimed Capital Repayment Write Back - (2,189) Rent Advance Utilised during the year (15,807) (31,612) Dividend Income (448) (450) Profit before Working Capital Changes 3,376 15,265 (Increase) / Decrease in Trade and Other Receivables 5,439 (2,523) (Increase) / Decrease in Amount due from related companies 11,388 (6,775) Increase / (Decrease) in Trade and other payables 22,102 (57) Increase / (Decrease) in Amount due to related companies - - Cash Generated from Operations 42,305 5,910 Rent Advance Received ,137 Interest paid - - Income Tax paid (9,177) (12,980) Net Cash generated from / (used in) Operating Activities 33,876 33,067 CASH FLOWS FROM INVESTING ACTIVITIES Investment in Capital Work in Progress - (980) Acquisition of Property Plant & Equipment (240) - Proceeds from disposal of Property,Plant & Equipoment 360 Investment in Short term Investment (1,798) (38,058) Investment in held to Maturity Financial Assets (5,040) Proceeds from disposal of Investments 33 Dividend Received Interest Received 10,420 5,049 Proceeds from disposal of Investment Property 62,541 - Net Cash generated from / (used in) Investing Activities 66,718 (33,540) CASH FLOWS FROM FINANCING ACTIVITIES Dividend Paid (76,500) (3,600) Net Cash flow used in Financing Activities (76,500) (3,600) Net Increase / (Decrease) in Cash & Cash Equivalents 24,094 (4,073) Cash & Cash Equivalents at the beginning of the Year 19,613 23,686 Cash & Cash Equivalents at the end of the period 43,707 19,613 Cash & Cash Equivalents at the end of the period Fixed Deposits 39,500 15,713 Cash at Bank 4,652 4,342 Cash in Hand - 6 Bank Overdraft (445) (448) 43,707 19,613

5 NOTES TO THE INTERIM FINANCIAL STATEMENTS For the Period Ended 31st March' The accounting policies and methods of computation are consistent with those accounting policies and methods set out in the audited financial statements for the year ended 31st March 2017, and also in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. 2 The balances pertaining to the comparative period have been reclassified, where relevant, for better presentation and to be comparable with those of the current period. 3 The interim financial statements have been prepared on historical cost basis except for the following material item in the statement of financial position: - Available for Sale Financial Instruments at Fair Value No circumstances have arisen since the reporting period, that required adjustments to or disclosures in the financial statements. The figures in the Financial Statements are provisional and subject to audit. There has been no significant change in the nature of the contingent liabilities which were disclosed in the audited financial statements for the year ended 31st March Investment Property :- The Financial Statements of the Company does not state the Value of Investment Property as a result of the termination of the land lease agreement with the Parent Company, The Colombo Land & Building PLC (CFLB). Consequent to such termination CFLB has paid the Company 66% of the cost of construction of the building, amounting to Rs. 86,862,268/-. 8 Directors direct shareholdings as at 31st March, 2018 are as follows: Name of Director No. of Shares Mr. A. Rajaratnam 49 Mr. S. Shanmugalingam 195* (* 16 Shares are held in personal capacity * Consequent to the Consolidation of Shares, Fractional shares aggregating 179 shares are held in trust) 9 10 The percentage of shares held by the public as at 31st March, 2018 was 48.75% The Number of Public Shareholders as at were 1,397

6 NOTES TO THE INTERIM FINANCIAL STATEMENTS For the Period Ended 31st March' The applicable option under CSE Rule on minimum public holding is option 5 and the Float Adjusted Market Capitalization as of was Rs. 40,218, Market Prices Rs. Rs. Highest Lowest Close Stated Capital The Stated Capital of the Company is Rs. 14,400,000/- represented by 750,000 Ordinary shares 14 The twenty major Shareholders as at were as follows : Name of Shareholders No. of Shares % 1. The Colombo Fort Land & Building PLC 369, Mr. A. M. Weerasinghe 35, Merchant Bank of Sri Lanka and Finance PLC/ R.R.S.Ananda 16, Mr.I. D. Bandarigodage 8, Mr. D. S. D. De Lanerolle 8, Mr. K. T.H. Kalugalla 8, Mr. L.L. Hettiarachchi 5, Mrs. M. R. C. Hettiarachchi 5, Merchant Bank of Sri Lanka PLC/ J.A.S. Priyantha 5, Commercial Bank of Ceylon PLC/ U.C. Bandaranayake 5, Chatham House Ltd 4, Mr.D.P. Navaratnam 4, Darley Butler & Company Ltd 4, Mr. Y.A.H. Rajkotwala 4, Colombo Investment Trust PLC 4, Mrs. P.K.S. Arachchige 3, Mr.P.I.Keembiyage 3, Mr.L.S. Prasad 3, Mr.H.A.S. Madanayake 3, Merchant Bank of Sri Lanka PLC& Finance PLC/ W.G.M.L.K.Wanigasekara 3, ,