Year ended

Transcription

1 PROVISIONAL FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 31ST DECEMBER 2017

2 Statement of Comprehensive Income 9 months to 3 months to 9 months to 3 months to Revenue 863,316, ,877, ,297, ,454, ,263, ,316, ,877, ,297, ,454, ,263,545 Cost of sales (745,940,414) (552,000,076) (235,922,895) (172,788,586) (774,187,612) (745,940,414) (552,000,076) (235,922,895) (172,788,586) (774,187,612) Gross profit 117,376,356 70,877,011 53,374,721 17,665, ,075, ,376,356 70,877,011 53,374,721 17,665, ,075,933 Other operating income 23,284,532 32,403,562 7,730,578 11,193,165 42,542,010 23,284,532 32,403,562 7,730,578 11,193,165 42,542,010 Distribution expenses (10,940,467) (17,932,255) (5,258,579) (3,143,270) (23,161,361) (10,940,467) (17,932,255) (5,258,579) (3,143,270) (23,161,361) Administration expenses (84,982,916) (92,390,155) (29,957,686) (30,340,312) (121,056,209) (84,976,916) (92,384,155) (29,955,686) (30,338,312) (121,046,210) Results from operating activities 44,737,505 (7,041,837) 25,889,034 (4,624,521) 8,400,373 44,743,505 (7,035,837) 25,891,033 (4,622,521) 8,410,372 Net finance costs (21,768,626) (5,965,467) (10,527,320) (4,322,065) (26,680,247) (21,768,626) (5,965,467) (10,527,320) (4,322,065) (26,679,747) Profit before income tax 22,968,879 (13,007,304) 15,361,714 (8,946,586) (18,279,874) 22,974,879 (13,001,304) 15,363,713 (8,944,586) (18,269,375) Income tax expense (4,294,419) (4,041,618) (1,431,473) (1,178,672) (2,569,439) (4,294,419) (4,041,618) (1,431,473) (1,178,672) (2,569,439) Profit for the Period 18,674,460 (17,048,922) 13,930,241 (10,125,258) (20,849,313) 18,680,460 (17,042,922) 13,932,240 (10,123,258) (20,838,814) Other Comprehensive Income Actuarial gain/(loss) on retirement benefit obligation ,539, ,539,361 Revaluation gain of Property, Plant and Equipments ,694, ,694,788 Tax on other comprehensive income (1,758,498) (1,758,498) Total Comprehensive Income for the Year 18,674,460 (17,048,922) 13,930,241 (10,125,258) 37,626,338 18,680,460 (17,042,922) 13,932,240 (10,123,258) 37,636,837 Basic / Diluted earnings per share 0.28 (0.26) 0.21 (0.15) (0.31) 0.28 (0.26) 0.21 (0.15) (0.31) Page 1

3 Statement of Financial Position December December March December December March ASSETS Non-current assets Property, plant & equipment 381,952, ,096, ,932, ,952, ,096, ,932,781 Investment in subsidiary ,000,000 45,000,001 45,000,001 Intangible assets 47,696,337 44,938,997 47,696,337 2,757,340 2,757,340 Total non-current assets 429,649, ,035, ,629, ,710, ,096, ,690,122 Current assets Inventories 74,168,208 74,048, ,569,270 74,168,208 74,048, ,569,270 Financial investments 2,719,383 3,376,160 2,924,833 2,719,383 3,376,160 2,924,833 Trade receivables 423,213, ,095, ,095, ,213, ,095, ,095,310 Amounts due from related parties 321,055, ,935, ,426, ,121, ,995, ,492,188 Pre-payments & other recoverable 23,086,326 42,003,681 27,065,525 23,086,326 42,003,681 27,065,525 Deposits & advances 12,858,278 9,013,454 9,987,725 12,858,278 9,013,454 9,987,725 Cash & cash equivalents 129,747, ,079, ,552, ,727, ,059, ,532,045 Total current assets 986,849, ,552, ,621, ,894, ,591, ,666,896 Total assets 1,416,498,301 1,150,588,163 1,328,250,298 1,416,605,017 1,150,688,381 1,328,357,018 Equity and liabilities Stated capital 333,857, ,857, ,857, ,857, ,857, ,857,588 Revaluation reserve 245,781, ,660, ,781, ,781, ,660, ,781,201 Retained earnings (28,464,363) (44,693,070) (47,138,823) (28,329,643) (44,568,849) (47,010,103) Total equity attributable to the equity holders of the company / Total equity 551,174, ,824, ,499, ,309, ,948, ,628,686 Non-current liabilities Employee benefits 23,942,347 23,297,653 22,405,059 23,942,347 23,297,653 22,405,059 Interest-bearing loans and borrowings - 4,877,891 2,767,979-4,877,891 2,767,979 Government grant 13,590,081 15,808,874 14,422,131 13,590,081 15,808,874 14,422,131 Total non-current liabilities 37,532,428 43,984,418 39,595,169 37,532,428 43,984,418 39,595,169 Current liabilities Trade payables 37,836,889 30,656,502 35,706,887 37,836,889 30,656,502 35,706,887 Amount due to related parties , ,166 Interest-bearing loans and borrowings 674,461, ,746, ,415, ,461, ,746, ,415,133 Government Grant 1,109,395-1,109,395 1,109,395-1,109,395 Income tax payables 5,906,629 3,508,873 3,795,192 5,906,629 3,508,873 3,795,192 Deposits & advances payables 24,044,219 18,264,372 27,223,037 24,044,219 18,264,372 27,223,037 Accrued expenses & other creditors 35,034,127 24,872,169 26,629,053 35,006,127 24,848,167 26,607,053 Bank overdrafts 49,398,910 51,730,418 57,237,300 49,398,910 51,730,418 57,237,300 Total current liabilities 827,791, ,779, ,155, ,763, ,755, ,133,163 Total liabilities 865,323, ,763, ,750, ,295, ,739, ,728,332 Total equity & liabilities 1,416,498,301 1,150,588,163 1,328,250,298 1,416,605,017 1,150,688,381 1,328,357,018 The figures as at 31st December are provisional & subject to audit... Chief Financial Officer Approved and signed for and on behalf of the Board... Colombo 25th January 2018 Director.. Director Page 2

4 Statement of Changes in Equity Stated capital Attributable to equity holders of the company Revaluation reserves Retained earnings Total Non-controlling interest Total Balance as at 01 st April ,857, ,660,188 (27,644,148) 494,873, ,873,628 Loss for the Year - - (17,048,922) (17,048,922) - (17,048,922) Other comprehensive income Balance as at 31st December ,857, ,660,188 (44,693,070) 477,824, ,824,706 Balance as at 01 st April ,857, ,781,201 (47,138,823) 532,499, ,499,966 (Loss)/Profit for the period ,674,460 18,674,460-18,674,460 Other comprehensive income Balance as at 31st December ,857, ,781,198 (28,464,363) 551,174, ,174,423 Stated capital Revaluation reserves Retained earnings Total Balance as at 01 st April ,857, ,660,188 (27,525,927) 494,991,849 Loss for the Year - - (17,042,922) (17,042,922) Other comprehensive income Balance as at 31st December ,857, ,660,188 (44,568,849) 477,948,927 Balance as at 01 st April ,857, ,781,201 (47,010,103) 532,628,686 Profit for the period ,680,460 18,680,460 Other comprehensive income Balance as at 31st December ,857, ,781,198 (28,329,643) 551,309,143 Page 3

5 Cash Flow Statement 9 months to 9months to Cash flow from operating activities Profit before taxation 22,968,879 (13,007,304) (18,279,874) 22,974,879 (13,001,304) (18,269,375) Adjustments for: Depreciation 13,494,840 14,784,725 19,371,403 13,494,840 14,784,725 19,371,403 Provision for gratuity 2,621,124 2,013,250 3,237,432 2,621,124 2,013,250 3,237,432 Provision for impairments for trade receivables , ,660 Provision for Inventory - - 1,546, ,546,193 Interest income (22,529,351) (32,808,069) (25,757,986) (22,529,351) (32,808,069) (25,757,986) Dividend income (69,350) (63,703) (63,703) (69,350) (63,703) (63,703) Amortization of Ice Tea Grant (832,049) (832,047) (1,109,395) (832,049) (832,047) (1,109,395) Interest expenses 36,835,252 27,410,417 38,033,594 36,835,252 27,410,417 38,033,594 Gain on fair value of financial instruments (300,000) - 451,328 (300,000) - 451,328 Foreign exchange gain/loss 2,468,368 6,843,323 8,648,451 2,468,368 6,843,323 8,648,451 Gain on disposal of Property Plant & Equipments - (5,000) (5,000) - (5,000) (5,000) 54,657,713 4,335,592 26,117,103 54,663,713 4,341,592 26,127,601 Change in: - Inventories 47,401,062 21,267,222 (27,799,750) 47,401,062 21,267,222 (27,799,750) - Trade receivables (100,586,759) 94,263,266 10,699,837 (100,586,759) 94,263,266 10,699,837 - Prepayments & other receivables 6,876,726 7,561,167 6,514,583 6,876,726 7,561,167 6,514,290 - Amount due from related party (42,908,752) 5,611,174 (2,969,017) (42,908,752) 5,611,174 (2,975,017) - Deposits & advances receivables (2,870,567) 11,977,888 11,003,617 (2,870,567) 11,977,888 11,003,617 - Trade payables 2,130,002 (22,080,518) (17,030,135) 2,130,002 (22,080,518) (17,030,135) - Amount due to related party (39,166) (71,856) (33,350) (39,166) (71,856) (33,350) - Deposits & advances payables (3,178,818) (1,396,427) 7,562,240 (3,178,818) (1,396,427) 7,562,239 - Accrued expenses & other creditors 8,405,093 2,796,551 4,665,934 8,399,093 2,790,551 4,661,938 Cash generated/(used in) from operating activities (30,113,466) 124,264,058 18,731,061 (30,113,466) 124,264,059 18,731,269 Interest paid (36,805,563) (27,178,647) (38,033,594) (36,805,563) (27,178,647) (38,033,594) Gratuity paid (1,083,837) (503,143) (1,210,852) (1,083,837) (503,143) (1,210,852) Tax paid (2,182,981) (4,460,750) (4,460,751) (2,182,981) (4,460,750) (4,460,751) Net cash from/ (used in) operating activities (70,185,847) 92,121,518 (24,974,136) (70,185,847) 92,121,519 (24,973,928) Cash flows from investing activities Acquisition of property, plant and equipment (514,848) (4,111,752) (4,944,267) (514,848) (4,111,752) (4,944,267) Disposal of financial instruments 205, ,449 Interest received 911,153 1,588,657 5,090, ,153 1,588,657 5,090,582 Dividend received 69,350 63,703 63,703 69,350 63,703 63,703 Proceeds from sale of property, plant and equipment 300,000 5,000 5, ,000 5,000 5,000 Net cash used in investing activities 971,104 (2,454,392) 215, ,104 (2,454,392) 215,018 Cash flows from financing activities Change in from bank borrowings 68,720,327 (58,216,221) 44,785,493 68,720,327 (58,216,221) 44,785,493 Change in of finance lease liabilities (1,471,845) (2,766,899) (3,376,726) (1,471,845) (2,766,899) (3,376,726) Net cash flows from financing activities 67,248,482 (60,983,120) 41,408,767 67,248,482 (60,983,120) 41,408,767 Net increase in cash and cash equivalents (1,966,261) 28,684,007 16,649,650 (1,966,261) 28,684,007 16,650,152 Cash and cash equivalents at the beginning of the period 82,315,029 65,665,379 65,665,379 82,294,745 65,644,593 65,644,593 Cash and cash equivalents as at the end of the period 80,348,768 94,349,386 82,315,029 80,328,484 94,328,600 82,294,745 (Note A) Note A -Cash and cash equivalents Cash in hand and cash at banks 129,747, ,079, ,552, ,727, ,059, ,532,045 Bank overdrafts (49,398,910) (51,730,418) (57,237,300) (49,398,910) (51,730,418) (57,237,300) Cash and cash equivalents at end of the period 80,348,768 94,349,386 82,315,029 80,328,484 94,328,600 82,294,745 Page 4

6 Notes to the Financial Statements 1. Market Price per share for the period ended 31st December, 2018/17 3rd 2017/16 3rd Quarter Quarter Rs. Rs. Highest : Lowest : Closing : The interim financial statements of the company and of the group have been prepared on the basis of the same accounting policies and method applied for the year ended 31st March 2017 and are in compliance with Sri Lanka Accounting Standard 34 - Interim Financial Reporting. 3 Stated capital is represented by number of shares in issue as given below: Number of Shares Value Rs. As of 31st December ,428, ,857,588 As of 31st December ,428, ,857, There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual report for the year ended 31 March There have been no other events subsequent to the balance sheet date, which require disclosure in these financial statements. 6 Ratios and Percentages Debt/Equity Ratio 122% 122% Quick Assets Ratio Interest Cover Net Asset per share Major Shareholders and percentages of holdings Name No. of shares % of holding 1 HVA Lanka Exports (Private) Limited 22,338, % 2 Seylan Bank Limited/HVA Lanka Exports (Private) Limited 18,250, % 3 Mr M I Samsudeen 1,468, % 4 Mr. R E Rambukwelle 1,067, % 5 Associated Electrical Corporation Ltd 600, % 6 Mr M.I. Abeysekerea 595, % 7 Mr T J Thoradeniya 444, % 8 Mr N J P Tavarayen 357, % 9 Mr K MS M Razeek 254, % 10 Seylan Bank Limited/Jems Henry Paul Ratnayake 240, % 11 Mr D Eassuwaren 237, % 12 Mr.D S S Jayasinghe 231, % 13 Peoples Merchant Finance PLC/U.N. Gunasekara 226, % 14 Flyasia SDN.BHD 225, % 15 Mr.S Gnanasekaran 225, % 16 Mr V.S Rajasooriyar 219, % 17 Mr A R S C Sugathasiri 210, % 18 Mr E.Thavagnanasooriyam 200, % 19 Mr L M A N Lekamge 200, % 20 M H A Kamil 196, % Sub Total 47,788, % Others 18,640, % Total 66,428, % 8 Director's Shareholding Name No. of shares % of holding 1 Mr. A.R.H.Fernando 37, % 2 Mrs. V.S.A.Fernando Mr. N.C.Vitharana Mr. W.I.H.J. Fernando 40, % 5 Acuity Partners (Pvt) Limited / Mr B S M De Silva % 9 The public holding percentage was % (as at 31st December %) comprising of 3,862 shareholders as at end of the period (as at 31st December ,967) Page 5

7 CORPORATE INFORMATION Name of company HVA Foods PLC Legal form Public Limited Liability Incorporated in Sri Lanka in 1997 Registrars PW Corporate Secretarial (Pvt) Ltd 3/17,Kynsey Road, Colombo 08. Lawyers Nithi Murugesu & Associates 28, (Level 2), W A D Ramanayake Mawatha, Registered office of the company Colombo A, Linton Road, Kandana External Auditors KPMG registration No. 32 A,Sir Mohomed Macan Marker Mawatha, PB/PV 1765 PQ P.O. Box -186, Colombo 03. Stock Exchange Listing The Ordinary Shares are Listed on Colombo Stock Exchange Internal Auditors Ernst & Young Advisory Services (Pvt) Ltd. 201, De Saram Place, P. O. Box 101, Directors Colombo 10. Mr. A. R. H. Fernando - Chairman Mr. W.I.H. J. Fernando Mrs. V. S. A. Fernando Bankers Mr. N. C. Vitarana Bank of Ceylon Mr.B.S.M. De Silva DFCC Bank PLC Hatton National Bank PLC People's Bank Audit committee Seylan Bank PLC Mr. N. C. Vitarana - Chairman Mr.B.S.M. De Silva Investor relations HVA Foods PLC Remuneration committee 39 A, Linton Road, Mr.B.S.M. De Silva - Chiarman Kandana Mr. N. C. Vitarana Tel : Fax : Related Party Transaction Review Committee Mr. A. R. H. Fernando - Chairman Mr. N. C. Vitarana Mr.B.S.M. De Silva Web : Secretaries P.R. Secretarial Services (Pvt) Ltd. 59, Gregory's Road, Colombo 07 Page 6