Non controlling interest 167, , Total equity 2,143,614 2,014,349 1,038,847 1,100,545

Transcription

1 STATEMENT OF FINANCIAL POSITION As at Unaudited Audited Unaudited Audited Rs.'000 Rs.'000 Rs.'000 Rs.'000 ASSETS Property, plant and equipment 2,452,725 1,768,311 1,057, ,337 Investment property 134, , , ,483 Investment in subsidiary , ,784 Non current assets 2,586,804 1,885,794 1,421,353 1,152,604 Inventories 1,605, , , ,977 Trade & other receivables 1,145,437 1,092, , ,340 Amounts due from related parties 27,433 4,828 27,765 5,150 Cash & cash equivalents 65,633 75,202 2,818 14,860 Current assets 2,843,602 1,984, , ,327 Total assets 5,430,406 3,870,775 1,731,632 1,388,931 EQUITY Stated capital 368, , , ,256 Reserve 616, , , ,356 Retained Earnings / (losses) 991, , ,663 62,933 Equity attributable to owners of the company 1,975,967 1,870,029 1,038,847 1,100,545 Non controlling interest 167, , Total equity 2,143,614 2,014,349 1,038,847 1,100,545 Liabilities Retirement benefits obligation 20,648 17,170 6,343 5,501 Loans from related companies - 21,797-21,797 Deferred tax liability 309,877 46, ,252 6,544 Long term borrowings payable after one year 590, , ,490 28,562 Non current liabilities 920, , ,085 62,404 Trade & other payables 959, ,583 96,833 87,791 Long term borrowings payable within one year 183,832 79,764 37,500 5,376 Short term loans 1,027, , ,658 65,863 Amount due to related parties 4,620 4,958 4,620 4,958 Loans payable to related companies 21,797 30,835 21,797 30,835 Income tax payable 2,698 27,575-7,068 Bank overdrafts 165, ,867 45,292 24,091 Current liabilities 2,366,008 1,469, , ,982 Total liabilities 3,286,792 1,856, , ,386 Total equity and liabilities 5,430,406 3,870,775 1,731,632 1,388,931 Net asset value per share ( Rs.) Signed on behalf of the Board of Directors of Swisstek (Ceylon) PLC. Director Director 23rd May 2018

2 STATEMENT OF COMPREHENSIVE INCOME Period ended Variance Variance Unaudited Audited % for the Unaudited Audited % for the Quarter 12 Months Quarter 12 Months Twelve Quarter 12 Months Quarter 12 Months Twelve Rs.'000 Rs.'000 Rs.'000 Rs.'000 months Rs.'000 Rs.'000 Rs.'000 Rs.'000 months Gross sales ( inclusive of tax ) 1,323,020 4,774,544 1,402,596 4,192, , , , , Sales ( net of tax) 1,129,146 4,077,367 1,042,420 3,433, , , , , Cost of sales (819,979) (2,888,763) (693,684) (2,334,629) (24) (161,964) (561,592) (118,757) (451,062) (25) Gross profit 309,167 1,188, ,736 1,099, , ,192 38, , Other operating income 38,110 92,421 29,363 78, , ,905 48, , Distribution expenses (99,461) (446,650) (110,982) (382,600) (17) (12,963) (48,194) (11,976) (44,074) (9) Administration expenses (54,569) (199,289) (53,687) (185,351) (8) (7,323) (34,571) (6,197) (30,061) (15) Profit from operating activities 193, , , , , ,332 68, , Other operating expenses (5,036) (5,036) (1,001) (1,001) (403) (5,036) (5,036) (1,021) (1,021) (393) Net finance cost (39,082) (145,262) (34,006) (106,821) (36) (7,183) (28,641) (6,186) (18,813) (52) Profit before taxation 149, , , ,525 (3) 107, ,655 61, , Taxation (31,096) (106,718) (42,636) (72,803) (47) (4,612) (21,740) (12,417) (29,785) 27 Profit for the period 118, , , ,722 (12) 102, ,915 48, , Other Comprehensive income Gain on Revaluation of Land 56,289 56, ,285 51, Defined benefit plan actuarial gain/(losses) (156) (156) 4,184 4,184 - (534) (534) Deferred tax on other comprehensive income (200,300) (200,300) (883) (883) - (195,562) (195,562) (161) (161) - for the period (144,167) (144,167) 3,301 3,301 - (144,811) (144,811) for the period (26,134) 233, , ,023 (46) (41,975) 34,104 49, ,699 (76) Attributable to: Owners of the company 109, , , ,624 (11) 102, ,915 48, , Non-controlling interest 8,865 32,081 10,974 41,098 (22) Profit for the year 118, , , ,722 (12) 102, ,915 48, , attributable to: Owners of the company (35,081) 201, , ,560 (48) (41,975) 34,104 49, ,699 (76) Non-controlling interest 8,947 32,162 11,338 41,463 (22) for the period (26,134) 233, , ,023 (46) (41,975) 34,104 49, ,699 (76) Basic earnings per share (Rs.) (11)

3 CASH FLOW STATEMENT Group Company Period ended Unaudited Unaudited Unaudited Unaudited Rs.'000 Rs. 000 Rs.'000 Rs. 000 CASH FLOW FROM OPERATING ACTIVITIES Profit/(loss) before tax 484, , , ,070 Adjustments for; Depreciation 79,494 74,822 17,026 10,633 Provision for gratuity 5,305 4,793 1,305 1,270 Interest cost 149, ,439 33,779 19,997 Interest income (5,138) - (5,138) (1,184) Dividend income - - (55,053) (36,335) Exchange gain 993 1, (Profit)/loss on disposal of fixed assets (Gain)/ Loss on revaluation of investment property (16,517) (13,659) (16,517) (13,659) Provision for impairment of trade receivables (2,539) Inventory provision 3,565 (835) 3,582 (835) Operating profit/(loss) before working capital changes 699, , , ,133 Changes in working capital (Increase)/Decrease in inventory (796,333) (410,632) (10,380) (58,992) (Increase)/Decrease in trade & other receivables (50,187) (469,656) (56,642) (3,999) (Increase)/Decrease in amounts due from/to related parties (22,944) (11,438) (22,954) (10,785) Increase/(Decrease) in trade & other payables 527, ,752 9,042 17,384 Cash generated from operations 357, ,419 98, ,603 Interest paid (149,407) (99,440) (33,779) (19,631) Tax paid (68,938) (31,046) (22,752) (27,007) Gratuity payments (1,984) (2,425) (998) (2,040) Net cash generated from/(used) in operating activities 136, ,508 41,328 84,925 CASH FLOW FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment (707,698) (362,627) (217,971) (73,141) Proceeds on disposal of property, plant & equipment - 1,567-1,522 Loans granted to related parties ,430 Dividend income ,053 36,335 Net cash generated from/(used) in investing activities (707,698) (361,060) (162,918) (12,854) CASH FLOW FROM FINANCING ACTIVITIES Dividend paid (104,637) (74,261) (95,802) (68,430) Interest income from related party loan 5,138-5,138 1,184 Loan repayment for related party (30,835) (30,834) (30,835) (30,834) Obtaining/(repayment) of borrowings 648, , ,848 28,735 Net cash generated from/(used) in financing activities 517, ,259 88,349 (69,345) Net Increase/ (Decrease) in cash and cash equivalents (53,238) (31,293) (33,241) 2,727 Cash & cash equivalents at the beginning of the year (46,665) (42,472) (9,231) - Cash & cash equivalents at the end of the year (Note a) (99,903) (73,765) (42,472) 2,727 Note a Analysis of cash and cash equivalent at the end of the year Cash at banks and cash in hand (265,437) 48,102 (87,764) 26,818 Bank Overdraft 165,534 (121,867) 45,292 (24,091) Cash and cash equivalent at the end of the year (99,903) (73,765) (42,472) 2,727

4 STATEMENT OF CHANGES IN EQUITY Group Stated Revaluation General Retained Shareholders' Non-controlling Total capital reserve reserve earnings funds Interest Equity Balance as at 1st April , ,420 19, ,381 1,547, ,688 1,656,587 - Profit for the year , ,624 41, ,722 - Defined benefit plan actuarial gains/(losses) ,729 3, ,184 - Deferred tax on other comprehensive income (792) (792) (91) (883) ,937 2, ,301 - Dividend paid (68,430) (68,430) (5,831) (74,261) Balance as at 31st March , ,420 19, ,512 1,870, ,319 2,014,349 Balance as at 1st April , ,420 19, ,511 1,870, ,320 2,014,349 - Profit for the year , ,989 32, ,070 - Defined benefit plan actuarial gains/(losses) (204) (204) 48 (156) - Gain on revaluation of land - 55, , ,289 - Deferred tax on other comprehensive income - (199,785) - 83 (199,702) (598) (200,300) - (144,128) - (121) (144,249) 82 (144,167) - Dividend paid (95,802) (95,802) (8,835) (104,637) Balance as at 31st March , ,292 19, ,577 1,975, ,648 2,143,615 Company Stated Revaluation General Retained Total capital reserve reserve earnings Equity Balance as at 1st April , ,514 19,842 (12,336) 1,025,276 - Profit for the year , ,286 - Defined benefit plan actuarial gains/(losses) Deferred tax on other comprehensive income (161) (161) Dividend paid (68,430) (68,430) Balance as at 31st March , ,514 19,842 62,934 1,100,546 Balance as at 1st April , ,514 19,842 62,933 1,100,545 - Profit for the year , ,915 - Defined benefit plan actuarial gains/(losses) (534) (534) - Gain on revaluation of land - 51, ,285 - Deferred tax on other comprehensive income - (195,712) (195,562) - (144,427) - (384) (144,811) - Dividend paid (95,802) (95,802) Balance as at 31st March , ,087 19, ,662 1,038,847 Segmental Information For the year ended 31st March Variance Variance Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % Turnover Flooring and tile accessories 736, , % 736, , % Aluminium products 3,340,583 2,982, % % Consolidated turnover 4,077,367 3,433, % 736, , % Profit/ (Loss) before tax Flooring and tile accessories 200, , % 200, , % Aluminium products 284, , % % Consolidated profit/ (Loss) before tax 484, , % 200, , %

5 Notes 1. These figures are provisional and subject to audit. 2. 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 ,372,000 ordinary shares are in issue and included under Stated Capital 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. The subsidiary Swisstek Aluminium Ltd incurred Rs Mn. for the services rendered in improving the manufacturing processes. This service has been provided by related Company, Royal Ceramics Lanka PLC - Rs Mn., Lanka Walltiles PLC- Rs Mn. & Vallibel One PLC- Rs Mn. There have been no changes in contingent assets and contingent liabilities since 31st March There have been no material events occurring after the balance sheet date that require adjustment or disclosure in the financial statement. 8. Market prices recorded during the quarter ended 31st March Variance Rs.cts Rs.cts Rs.cts % Highest market price per share (4.20) (6) Lowest market price per share (7.00) (11) Closing market price per share (6.30) (10) 9. Directors' Holdings as at 31st March Shareholding Director's name No. of Shares % Mr. A M Weerasinghe (Chairman) 20, Mr. J A P M Jayasekera (Managing Director) 25, , Major Shareholders as at 31st March Shareholding Shareholder's Name No. of Shares % 1 Lanka Tiles PLC 13,085, Lanka Walltiles PLC 3,141, Royal Ceramics Lanka PLC 1,882, Deutsche Bank AG as Trustee to Candor Opportunities Fund 600, Seylan Bank PLC / Rizmy Ahamed Rishard 410, National Industries Group (Holdings) (S.A.K.) 392, Citizens Development Business Finance PLC 390, Sri Lanka Insurance Corporation Ltd-Life Fund 368, Mellon Bank N A - Commonwealth of Massachusetts 321, Rubber Investment Trust Limited 260, Arunodhaya (Pvt) Limited 250, Arunodhaya Industries (Private) Limited 250, Andysel Private Limited 250, Mr. M M Fuad 243, Elgin Investments Limited 200, Deutsche Bank AG as Trustee to Candor Growth Fund 190, Guardian Fund Management Limited/The Aitken Spence and Associated Companies Executive Staff Provident Fund 185, Mr. A S Ratnayake 178, Central Finance Company PLC - Account No , Arunodhaya Investments (Private) Limited 170, Sub Total 22,947, Others 4,424, Grand Total 27,372, Percentage of public holding as at 31st March 2018 was %, comprising of 969 shareholders.