MADULSIMA PLANTATIONS PLC 833, Sirimavo Bandaranaike Mawatha - Colombo -14

Transcription

1 833, Sirimavo Bandaranaike Mawatha - Colombo -14 Company Reg. No : PQ 184 INTERIM FINANCIAL STATEMENT AS AT 31 MARCH 2018 OUR VISION To be a trend setter to the Plantation industry by being a result oriented innovative Tea Company. OUR MISSION To manage the Plantations as economically viable units and ensure the enhancement of their agro economic value. To improve the Socio Economic Conditions of the Workers. To enhance returns to the Shareholders. To become the best managed

2 CORPORATE INFORMATION Company Legal Form : Madulsima Plantations PLC : Quoted Public Company Date of Incorporation : 22nd June 1992 Company Registration No : P Q 184 Registered Office : 833, Sirimavo Bandaranaike Mawatha, Colombo 14 Board of Directors : Mr. D H S Jayawardena - Chairman /MD Dr. N M Abdul Gaffar - Non Executive Director Mr. B M D K S Basnayake - ExecutiveDirector Mr. D Hasitha S Jayawardena - Non ExecutiveDirector Dr. A Shakthevale - Independent Director Mr. D S K Amarasekera - Independent Director Secretary Registrars Auditors Bankers Managing Agent's : Mr. P A Jayatunga, 833, Sirimavo Bandaranaike Mawatha, Colombo 14. Telephone / : P W Corporate Secretarial (Pvt) Ltd., 3/17, Kynsey Road, Colombo 8. Telephone: : Messrs. Ernst & Young, Chartered Accountants, 201 De Saram Place, Colombo 10 : Hatton National Bank PLC, City Office, 16, Janadhipathi Mawatha, Colombo 1. : Stassen Exports (Pvt) Limited, 833, Sirimavo Bandaranaike Mawatha, Colombo -14

3 STATEMENT OF INCOME Unaudited Unaudited 03 Months 03 Months Increase/ (Audited) ended ended (Decrease) Year ended % Rs. 000 Rs. 000 Rs. 000 Revenue 566, ,997-9% 2,605,104 Cost of Sales (524,949) (593,252) -12% (2,507,563) Gross Profit/(Loss) 41,438 28,745 44% 97,541 Other Operating Income 5,365 5,340 0% 196,322 Administration and Operating Activities (16,227) (16,957) -4% (152,784) Management Fee (3,519) -100% (1,173) Profit/(Loss) from Operating Activities 30,576 13, % 139,906 Gain on Change in Fair Value of Biological Asset 21,421 23,841-10% 144,651 Finance Cost (35,135) (36,037) -3% (175,899) Profit/(Loss) before taxation 16,862 1, % 108,658 Income Tax Expenses - - (64,061) Profit/(Loss) for the period 16,862 1, % 44,597 STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited 03 Months 03 Months Increase/ (Audited) ended ended (Decrease) Year ended % Rs. 000 Rs. 000 Rs. 000 Profit/ (Loss) for the period 16,862 1, % 44,597 Other comprehensive Income Actual gains/ (Loss) on Defined benefit plans ,503 Income Tax effect on acturial on defined benifit plan (350) Income Tax effect on Revalued Assets (72,083) Net change in Fair value of available - for -sale financial assets Other comprehensive Income /(Loss) for the year, net of tax (69,574) 16,862 1, % (24,977) Earning per Share Net Assets per share No of Shares (No 000) 169, , ,501 Market Value of Share Highest (for the period) Lowest (for the period) Closing (for the period) D H S Jayawardena Chairman/MD B M D K S Basnayake Executive Director

4 833, Sirimavo Bandaranaike Mawatha - Colombo -14 STATEMENT OF CHANGES IN EQUITY Stated Available For Timber Retained Revaluation Total Capital Sales Reserves Reserve Profit Reserve Equity Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 31st December ,624,761 2,583 2,954,130 (2,837,856) 731,341 2,474,959 Net Profit/(Loss) for the period 1,413 1,413 Transferred to Timber Reserve ,841 (23,841) 1,427 Balance as at 31 March ,624,761 4,010 2,977,971 (2,860,284) 731,341 2,477,799 Balance as at 31 December ,624,761 2,940 3,063,430 (2,900,407) 659,258 2,449,982 Transferred to Timber Reserve 21,421 (21,421) 0.00 Net Profit/(Loss) for the period 16,862 16,862 Balance as at 31 March ,624,761 2,940 3,084,851 (2,904,966) 659,258 2,466,844 1) It is certified that the Financial Statements as at 31 March 2018 have been prepared in compliance with the Provisions of the Companies Act No.7 of 2007.

5 833, Sirimavo Bandaranaike Mawatha - Colombo -14 STATEMENT OF FINANCIAL POSITION Unaudited Unaudited (Audited) As at As at As at Assets Rs. 000 Rs. 000 Rs. 000 Non-Current assets Right to use Land 112, , ,534 Immovable estate assets on finance lease (Other than right to use of Land) 383, , ,915 Property, Plant & Equipment 526, , ,519 Bearer Biological Assets 640, , ,234 Consumable Biological Assets 3,258,265 3,135,426 3,234,577 Available For Sale Financial Assets 4,156 3,799 4,156 Current Assets 4,925,930 4,830,504 4,913,935 Produce Bearer Biological Assets 4,107 8,450 4,107 Inventories 339, , ,972 Trade & Other Receivables 181, ,242 86,734 Amounts due from Related Companies 953 2, Cash and Cash equivalents 5,418 4,651 3, , , ,831 TOTAL ASSETS 5,457,460 5,366,886 5,257,766 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,624,761 1,624,761 1,624,761 Available For Sale Reserve 2,940 4,010 2,940 Timber Reserve 3,084,851 2,977,971 3,063,430 Revaluation Reserve 659, , ,258 Retained Earnings/(Loss) (2,904,966) (2,860,284) (2,900,407) SHAREHOLDERS' FUND 2,466,844 2,477,799 2,449,982 Deferred Income Grants & Subsidies 146, , ,546 Non-Current Liabilities Retirement Benefit Obligations 836, , ,678 Deferred Tax Liability 130, ,399 Liability to make Lease Payment after one year 32,144 32,595 31,550 Interest Bearing Loans & Borrowings 392, , ,273 1,391,861 1,010,820 1,373,900 Current Liabilities Liability to make Lease Payment within one year Interest Bearing Loan & Borrowings 19, ,534 85,514 Trade & Other Payable 401, , ,394 Amounts due to Related Companies 520, , ,915 Bank Overdraft 509, , ,850 1,451,824 1,727,213 1,285,338 TOTAL EQUITY AND LIABILITIES 5,457,460 5,366,886 5,257,766 -

6 STATEMENT OF CASH FLOW Unaudited Unaudited (Audited) CASH FLOW FROM OPERATING ACTIVITIES 03 Months 03 Months Year ended ended ended Rs. 000 Rs. 000 Rs. 000 Net Profit/(Loss) before Taxation 16,862 1, ,658 Adjustments for: Depreciation 21,953 19,258 90,178 Interest Income (112) Interest Expenses 35,135 38, ,899 Provision for Defined Benefit Plan Cost 9,852 32, ,739 Gain on Change in Fair Value of Timber Plantations (21,421) (23,841) (144,651) Amortization of Grants (1,615) (1,314) (6,629) ESC writte Off 3,622 Provision for Doubtful Debtors 44,384 Loss of Timber Trees 15,703 Operating profit before working Capital Changes 60,766 66, ,791 (Increase)/Decrease in Inventories (90,525) 52,544 38,252 (Increase)/Decrease in Trade & Other Receivables (87,291) (150,787) 13,070 (Increase)/Decrease in Amounts due from Related Companies (245) 835 Increase/(Decrease) in Trade & Other Parables 87, ,470 (214,243) Increase/(Decrease) in Amount due to Related Companies 109,084 3,871 (135,905) Cash Generated from Operating Activities 79,565 81, ,800 Finance Cost Paid (28,182) (38,540) (130,721) Gratuity Paid (28,777) (2,199) (83,720) Grants Received (4,459) (2,916) 0 ESC Paid (2,884) 0 (11,762) Net Cash Flows from Operating Activities 15,263 37,576 (117,403) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and Equipment (9,333) (15,110) Investments in Immature Plantation (5,435) (6,239) (40,573) Investments in Timber Plantations -Biological Assets (2,267) (552) Expenditure on Timber Cultivation (6,303) Interest Received 112 Net Cash Flows from Investing Activities (17,035) (6,791) (61,874) CASH FLOWS FROM FINANCING ACTIVITIES Payment of Government Lease Rentals (2,752) (2,656) (10,914) Inter Company and Bank Loan Obtained 40, ,612 Loans Repayment (28,508) (82,091) (154,705) Grants Received 0 2,264 Net Cash Flows from Financing Activities (31,260) (44,747) 204,257 Net Increase/(Decrease) in Cash and Cash Equivalents (33,032) (13,962) 24,980 Cash and Cash Equivalents at the Beginning of the Year (470,785) (495,763) (495,765) Cash and Cash Equivalents at the end of the period (503,817) (509,725) (470,785)

7 SEGMENTAL INFORMATION Unaudited Unaudited 3.0 REVENUE Rs. 000 Rs Sale of Goods Sale of Produce Tea 566, , Segmental Information Madulsima Region Bogawantalawa Region TOTAL Geographical Segment Uva High Uva Medium Western High Rs.000 Rs. 000 Rs.000 Rs. 000 Rs.000 Rs.000 Rs.000 Rs.000 (a) Segment Revenue Revenue 239, , , , , , , ,997 Cost of Sales (205,316) (243,292) (150,128) (155,161) (169,505) (194,798) (524,949) (593,251) Segment Results 34,101 41,934 15,026 24,651 (7,691) (37,839) 41,436 28,746 Other Operating Income 3,502 3,357 1, ,030 1,019 5,742 5,334 Administration & General Expenses (4,761) (7,165) (3,417) (4,167) (7,790) (6,078) (15,968) (17,410) Unallocated 32,842 38,126 12,819 21,442 (14,451) (42,898) 31,210 16,670 Other Operating Income (376) 5 Administrative Expenses (258) (3,066) Profit/(Loss) from Operating Activities 30,576 13,609 Finance Cost (35,135) (36,037) Gain on Change in Fair Value of Biological Asset 21,421 23,841 Profit/(Loss) before Income Tax Expense 16,862 1,413 (b) Segment Assets Non Current Assets 2,707,225 2,514,150 1,153,494 1,147,413 1,050,616 1,157,897 4,911,335 4,819,460 Current Assets 261, , , ,412 95, , , ,508 2,968,897 2,756,992 1,278,537 1,263,825 1,146,083 1,281,151 5,393,518 5,301,968 Unallocated Non Current Assets 14,595 11,044 Current Assets 49,347 53,874 Total Assets 5,457,460 5,366,886 Segment Liabilities Non Current Liabilities 323, , , , , , , ,767 Current Liabilities 140, ,714 95, , , , , ,089 Total Liabilities 488, , , , , ,062 1,277,148 1,416,856 Unallocated Non Current Liabilities 608, ,106 Current Liabilities 1,104,907 1,256,124 Total Liabilities 2,990,616 2,889,086 Capital Expenditure - Allocated 3,759 5,870 6,320 2,857 6,455 6,856 16,534 15,583 - Unallocated 501 1,452 17,035 17,035 Depreciation - Allocated 6,711 6,235 7,276 7,148 7,602 2,886 21,589 16,269 - Unallocated 365 5,684 21,954 21,953

8 Notes to the Financial Statements 1.The Interim Financial Statements of the Company have been prepared according to the accounting policies set out in the Annual Report for the year ended 31st December, 2017 and are in compliance with Sri Lanka Accounting Standard (SLFRS/ LKAS). They also provide the information required by the Colombo Stock Exchange and LKAS There has not been a significant change in the nature of contingent assets and contingent liabilities which were disclosed in the Annual Report for the year ended 31st December Consequent to a decision taken by the Managing Agent, M/s. Stassen Exports (Pvt) Ltd no Management Fees have been charged since June No circumstances have arisen since the Statement of Financial Position date, which would require adjustment to or disclosure in the Financial Statements 5. Comparative figures have been re-classified where necessary to conform with the presentation of the current period. 6. The Financial statements do not include/classify Actuarial gain/loss on defined benefit plan cost as the valuation is done at the end of the year.

9 833, Sirimavo Bandaranaike Mawatha - Colombo -14 Provisional Financial Statement for 03 Months ended 31 March 2017 The Names and the Numbers of shares held be the 20 largest holders of voting and non-voting shares and the percentage of such shares held as at 31 March No Name of Shareholder NO. OF SHARES % OF ISSUED CAPITAL 1 Melstacorp PLC 94,767, Stassen Exports (Pvt) Limited 63,696, Secretary to the Treasury 3,800, Mrs. J K P Singh 225, Dr. D Rajakanthan 183, HSBC International Nominees Ltd- SSBT -Deustche Bank 149, Seylan Bank Limited / Govindasamy Ramana 142, Miss N U Rajakanthan 136, Mr. M Z Rasheed 106, Mr. K Rajakanthan 106, First Capital Markets Limited/ Mr. W B R Somaweera 85, Mr. E J B U Ferndo 82, Mrs.M De Zoysa 67, Mr. R E Rambuwelle 62, Mr. D C Hemapala 60, Mr. A R W M M A Bandara 59, Mr. F A Aszhar 56, Mr. M D Daluwatte 54, Mr. T D P Maduranga 51, Mr A D L Equities Limited / Mohamed Zareen Rasheed 50, The Public holding percentage as at 31 March 2018, 6.51% Comprising of Shareholders 19,214 A statement of each director's holding and Chief Executive Officer's holding in shares of the entity at the end of 31 March 2018 Name Non CDS CDS Total Mr.D H S Jayawardena - Chairman/MD Nil Nil Nil Dr.N M Abdul Gaffar Non Executive Director Nil Nil Nil Mr. B M D K S Basnayake Executive Director Nil Nil Nil Mr. D Hasitha S Jayawardena Non Executive Director Nil Nil Nil Dr.A Shakthevale Independent Director Nil Nil Nil Mr.D S Kamantha Amarasekera Independent Director Nil Nil Nil Number of shares representing the Entity's stated Capital 169,501,097