KALAMAZOO SYSTEMS PLC Income Statements

Transcription

1 Income Statements Group Three Three Twelve Twelve months ended months ended months ended months ended 31st March st March 2012 Variance 31st March st March 2012 Variance Rs. Rs. % Rs. Rs. % Revenue 19,706,218 14,161, ,536,304 54,570, Cost of Sales (16,843,024) (11,093,048) (65,250,268) (41,227,040) Gross Profit 2,863,194 3,068,795 (6.70) 14,286,036 13,343, Other Income 7,074 83,637 (91.54) 1,900, ,737 1, Marketing and Promotional Expenses (184,854) (420,003) (55.99) (621,213) (1,046,343) (40.63) Administrative Expenses (2,994,884) (7,713,779) (61.17) (14,026,353) (15,602,423) (10.10) Operating Profit/(Loss) (309,470) (4,981,350) (93.79) 1,538,586 (3,169,720) Finance Cost (276,141) (789,917) (65.04) (537,920) (1,020,939) (47.31) Finance Income 447, ,917 (49.38) 1,282,068 1,092, Net Profit/(Loss) Before Tax (137,651) (4,886,350) (97.18) 2,282,734 (3,097,803) Taxation (49,420) 1,001,180 (951,338) 792,863 Net Profit/(Loss) After Tax (187,071) (3,885,170) (95.18) 1,331,396 (2,304,940) Minority Interest (28,011) (36,640) (100,295) (120,936) Net Profit/(Loss) (215,082) (3,921,810) 1,231,101 (2,425,876) Earnings per share (4.30) (78.44) (48.52) Segmental Analysis Printing 69,030,354 42,813,684 Stock Sheets and Equipment 8,491,531 9,045,618 Services 2,014,419 2,711,047 79,536,304 54,570,349 NOTES TO THE ACCOUNTS 1 The figures are provisional and subject to audit. 2 The accounting policies and methods of computation followed in preparing the above financial statements are same as those disclosed in our Annual Report for the year ended 31March These Financial Statements are presented in accordance with Sri Lanka Accounting Standard No.35 Interim Financial Reporting. The Company is required to prepare interim financial statements in accordance with LKAS 34-Interim Financial Reporting. However the Institute of Chartered Accountants of Sri Lanka has decided to allow companies to prepare interim financial statements during the first financial year commencing on or after January 2012 in accordance with Sri Lanka Accounting Standards that existed immediately prior to that date and disclose the impact and if the determination is impracticable,required to disclose the fact. 3 The Company is in process of adopting Sri Lanka Accounting Standards (SLFRS/LKAS) with effect from 01 st April 2012 and the impact to the statement of Comprehensive Income and Net Assets has not been determined yet due to the assesment in progress. 4 There have been no events subsequent to the Balance Sheet date that required disclosure. 5 There were no capital commitments or contingent liabilities as at the Balance sheet date. Stated Capital Stated capital is represented by number of shares in issue as given below. As at 31st March st March 2012 Ordinary shares 50,000 50,000 Market price per share For the Year ended 31st March Rs. Rs. Highest price 2, , Lowest price 1, , Market price as at 31st March 2, , W.N.S.Canagaratna L.C.G.Ratnanather Date 12 th June, 2013

2 Income Statements Company Three Three Twelve Twelve months ended months ended months ended months ended 31st March st March 2012 Variance 31st March st March 2012 Variance Rs. Rs. % Rs. Rs. % Revenue 19,228,278 13,712, ,535,216 51,893, Cost of Sales (17,915,374) (12,220,248) (69,332,918) (44,823,190) Gross Profit 1,312,904 1,492,560 (12.04) 8,202,298 7,070, Other Income 0 80,129 (100.00) 1,887, ,721 1, Marketing and Promotional Expenses (183,278) (421,848) (56.55) (619,065) (1,046,343) (40.84) Administrative Expenses (1,941,008) (5,495,059) (64.68) (9,094,651) (10,136,418) (10.28) Operating Profit/(Loss) (811,382) (4,344,218) (81.32) 376,261 (3,983,987) Finance Cost (640,094) (963,261) (33.55) (809,629) (1,015,530) (20.28) Finance Income 57, ,547 (82.72) 444, , Net Profit/(Loss) Before Tax (1,393,824) (4,973,932) (71.98) 11,237 (4,665,970) Taxation 198,874 1,320,924 (400,620) 1,238,996 Net Profit/(Loss) After Tax (1,194,950) (3,653,008) (67.29) (389,383) (3,426,974) (88.64) Earnings per share (23.90) (73.06) (7.79) (68.54) The above figures are Provisional and subject to audit. W.N.S.Canagaratna L.C.G.Ratnanather Date 12 th June, 2013

3 Consolidated Balance Sheet Group Company As at 31st March st March st March st March 2012 Rs. Rs. Rs. Rs. ASSETS Non-Current Assets Property,Plant and Equipment 6,030,680 6,706, , ,778 Investment in Subsidiaries 0 0 8,075,000 0 Other Non Current Assets Investments 150, ,410 10,147 8,627,430 6,180,807 7,399,056 8,513,499 9,286,208 Current Assets Inventories 11,297,281 14,304,022 11,297,281 14,304,022 Trade and Other Receivables 8,514,816 7,846,416 4,790,789 4,643,323 Due from Related Companies 4,505,683 9,918, , ,933 Income Tax Refund 2,690,938 2,844,612 2,653,935 2,844,612 Cash and Cash Equivalants 10,791,644 7,644,866 2,637,454 2,957,055 37,800,362 42,558,428 22,371,301 25,637,945 Total Assets 43,981,169 49,957,484 30,884,800 34,924,153 EQUITY AND LIABILITIES Capital and Reserves Stated Capital (50,000 Shares) 500, , , ,000 Reserves Retained Earnings 31,988,370 30,905,800 16,297,974 16,687,357 32,488,370 31,405,800 16,797,974 17,187,357 Minority Interest 1,351,718 1,265, ,840,088 32,671,220 16,797,974 17,187,357 Non Current Liabilities Retirement Benefit Obligations 2,092,486 2,128, ,092,486 2,128, Current Liabilities Trade and Other Payables 4,255,877 5,750,282 3,191,257 4,893,709 Due to Related Companies 3,792,718 9,055,810 10,895,569 12,843,087 Bank Overdrafts 0 351, ,048,595 15,157,766 14,086,826 17,736,796 Total Liabilities 10,141,081 17,286,264 14,086,826 17,736,796 Total Equity and Liabilities 43,981,169 49,957,484 30,884,800 34,924,153 Net Asset Value Per Share W.N.S.Canagaratna L.C.G.Ratnanather Date 12 th June, 2013

4 Statement of Changes in Equity For the Year Ended 31st March 2013 Group Stated General Retained Employees' Fixed Assets Total Capital Reserves Earnings R.B.F. Replacement Fund Rs. Rs. Rs. Rs. Rs. Rs. Balance as at 01/04/ ,000 21,287,965 6,371, ,406 5,450,000 34,124,138 Net Profit for the period 0 0 (2,425,876) 0 0 (2,425,876) Adjustment Dividend 0 0 (292,492) 0 0 (292,492) Transfer 0 (21,287,965) 27,252,371 (514,406) (5,450,000) 0 Balance as at 31/03/ , ,905, ,405,800 Balance as at 01/04/ , ,905, ,405,800 Net Profit for the period 0 0 1,231, ,231,101 Adjustment 0 0 (75,021) 0 0 (75,021) Dividend 0 0 (73,510) 0 0 (73,510) Transfers Balance as at 31/03/ , ,988, ,488,370 Company Share General Retained Employees' Fixed Assets Total Capital Reserves Earnings R.B.F. Replacement Fund Rs. Rs. Rs. Rs. Rs. Rs. Balance as at 01/04/ ,000 17,420,000 2,695, , ,839,304 Net Profit for the period 0 0 (3,426,974) 0 0 (3,426,974) Dividend 0 0 (224,973) 0 0 (224,973) Transfer 0 (17,420,000) 17,643,634 (223,634) 0 0 Balance as at 31/03/ , ,687, ,187,357 Balance as at 01/04/ , ,687, ,187,357 Net Profit for the period 0 0 (389,383) 0 0 (389,383) Dividend Transfers Balance as at 31/03/ , ,297, ,797,974

5 Cash Flow Statements Group Company Cash Flow From Operating Activities Twelve Twelve Twelve Twelve months ended months ended months ended months ended 31st March st March st March st March 2012 Rs. Rs. Rs. Rs. Net Profit/(Loss) Before Taxation And Extraordinary Items 2,282,734 (3,097,803) 11,237 (4,665,970) Adjustment for Depreciation 1,565,965 1,605, , ,329 Interest Cost 945,565 1,226, ,629 52,269 Provision For Gratuity 122, ,450,000 Prosion For Ex-Gratia Payment Income Tax refund Due - written off Profit/(Loss) on Disposal (1,817,429) 0 (1,817,429) 0 Operating Profit/(Loss) Before Working Capital Changes 3,099,724 (265,650) (676,137) (784,372) Change in Stock 3,006,741 (2,905,504) 3,006,741 (2,905,503) Change in Trade and Other Debtors 4,450,758 (3,569,013) (460,319) 1,745,173 Change in Trade and Other Creditors (7,664,672) 9,102, ,872 (875,655) Change in Other Accounts Payable 0 0 (4,343,841) 3,657,469 Cash Generated From Operations 2,892,551 2,362,431 (1,779,684) 837,112 Income Tax Paid 0 (183,073) 0 (375,399) Gratuity Paid (158,900) Net Cash Flows From Operating Activities 2,733,651 2,179,358 (1,779,684) 461,713 Cash Flow From Investing Activities Purchase of Property, Plant And Equipment (890,000) 0 (90,000) 0 Investments During the Year (11,342) Sale Proceeds of Disposal 2,359, ,359,712 0 Sale Proceeds of Investment Net Payment to Minority Net Cash Flows Used In Investing Activities 1,469, ,269,712 (11,342) Cash Flow From Financing Activities Minority Shares Long Term Loans Dividend Paid (111,020) (224,973) 0 (224,973) Finance Lease 0 (101,190) 0 0 Interest Cost (945,565) (1,226,872) (809,629) (52,269) Net Cash Flows From Financing Activities (1,056,585) (1,553,035) (809,629) (277,242) Net Increase/(Decrease) In Cash and Cash Equivalents 3,146, ,323 (319,601) 173,129 Cash and Cash Equivalents at the Beginning of the Year 7,644,866 7,018,543 2,957,055 2,783,926 Cash and Cash Equivalents at the End of the Year (Note A) 10,791,644 7,644,866 2,637,454 2,957,055 Note A - Cash and Cash Equivalents Cash at Bank 5,748,692 2,088, ,866 1,155,261 Fixed Deposit 5,004,902 5,518,722 2,043,588 1,771,794 Cash in Hand 38,050 38,051 30,000 30,000 10,791,644 7,644,866 2,637,454 2,957,055

6 Information to Shareholders KALAMAZOO SYSTEMS PLC Information To Shareholders And Investors Twenty Largest Shareholders No of Shares % Held Held As At 31/03/2013 C T Holdings PLC 9, % Mr. T Ratnanather 5, % Mr.S.Sivarangithan 2, % Mr. S Ratnanather 2, % Mr. I Ratnanather 2, % Mrs. B A J Ratnasabapathy 2, % Sir Chittampalam A Gardiner Trust 2, % Dr. (Mrs.) M C P Canagaratna 2, % Mr. L C G Ratnanather 2, % Ceylon Printers PLC 1, % Dr. Mrs. M T Stanislaus. 1, % Cyril Gardiner Limited 1, % Miss P R Canagaratna % Ms. A M De Alwis % Mr. W N S Canagaratna and Dr. Mrs.M.C.P.Canagaratna % Seylan Bank PLC/W D N H Perera % Mrs. M I Emmanuel % Dr. T Fazleabas % Mr. C Ratnanather % Mr.W.N.S. Canagaratna % 41, % Balance shareholders 8, % Total 50, % Shareholder Analysis No of Shares Held As At 31/03/2013 % Shares held by the public 26, % Shares held by the others 23, % 50, % Directors Shareholdings The Shareholdings of the Directors together with those of their spouses are as follows: No of Shares Held As At 31/03/2013 Mr. W. N. S. Canagaratna/Chairman.Managing Director 3,356 Mr. L.C. G. Ratnanather 2,018 Mr. J. P. S. Ratnanather Nil Mr. J.A.S.Ratnasabapathy 2,340 Mr. R.G. L. De Silva 1 Mr. P S R Casie Chitty Nil 7,715 Page 6