Tea Estates. Hapugastenne Plantations PLC. Interim Unaudited Financial Statements Three months ended 31st March 2017

Transcription

1 Tea Estates Hapugastenne Plantations PLC (Company Registration Number PQ 62) Interim Unaudited Financial Statements Three months ended 31st March 2017

2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME GROUP COMPANY Three months ended 31st March Three months ended 31st March Change Change Unaudited Unaudited Unaudited Unaudited Change RS. '000 RS. '000 % RS. '000 RS. '000 % Revenue 951, , , , Cost of Sales (810,223) (712,148) (14) (790,693) (694,109) (14) Gross Profit / (Loss) 141,568 (26,820) ,772 (35,749) 491 Other Operating Income 26,165 19, ,401 18, Change in Fair Value of Biological Assets 4,716-4,716 - Administrative Expenses (53,381) (55,399) 4 (52,854) (54,814) 4 Finance Cost (33,366) (29,173) (14) (34,248) (29,560) (16) Interest Income (29) (29) Profit / (Loss) from Ordinary 85,919 (91,698) ,004 (101,482) 181 Activities before Taxation Income Tax Expense (13,340) 18,528 (172) (12,244) 20,085 (161) Profit / (Loss) after Taxation 72,579 (73,170) ,760 (81,397) 186 Other comprehensive income Remeasurement of Retirement Benefit Obligation Total comprehensive income for the period 72,579 (73,170) ,760 (81,397) 186 Profit / (Loss) Attributable to: Equity shareholders of the parent 71,368 (76,966) Non-controlling interest 1,211 3,797 72,579 (73,170) Total comprehensive income attributable to: Owners of the Company 71,368 (76,966) Non-controlling interest 1,211 3,797 72,579 (73,170) Earnings per Share - Rs (1.66) 1.51 (1.76)

3 STATEMENT OF FINANCIAL POSITION GROUP COMPANY As at As at As at As at Unaudited Audited Unaudited Audited RS. '000 RS. '000 RS. '000 RS. '000 ASSETS Non current assets Right to use of land on lease 498, , , ,368 Immovable estate assets on finance lease 91,139 94,275 91,139 94,275 (other than bare land) Tangible assets other than biological assets 741, , , ,854 Intangible assets 33,026 35,505 32,018 33,714 Bearer biological assets 1,555,291 1,542,700 1,555,291 1,542,700 Consumable biological assets 966, , , ,971 Investment in subsidiaries ,003 35,003 Lease rental receivable 20,422 20,399 20,422 20,399 3,906,828 3,918,920 3,889,844 3,900,284 Current Assets Bearer biological assets 8,827 4,111 8,827 4,111 Lease rental receivable 1,249 1,249 1,249 1,249 Inventories 374, , , ,134 Other financial assets Trade & other receivables 225, , , ,703 Amounts due from related companies 13,776 11,088 13,776 11,088 Cash & bank balances 44,182 62,479 19,970 31, , , , ,946 TOTAL ASSETS 4,575,116 4,586,922 4,508,982 4,511,230 EQUITY & LIABILITIES Capital & Reserves Stated capital 550, , , ,000 (46,315,789 Ordinary shares and a Golden share ) Revaluation reserve 274, , , ,116 General reserve 189, , , ,776 Accumulated profit 674, , , ,711 SHAREHOLDERS' FUNDS 1,688,721 1,617,353 1,662,363 1,592,603 Non-Controlling Interest 51,731 50, ,740,452 1,667,873 1,662,363 1,592,603 NON CURRENT LIABILITIES & DEFERRED INCOME Interest bearing loans & borrowings 152, , , ,070 Deferred taxation 70,322 65,507 62,282 57,467 Deferred Income 215, , , ,980 Retirement benefit obligations 715, , , ,048 Net liability to the lessor payable after one year 222, , , ,529 1,375,652 1,366,926 1,366,677 1,358,094 CURRENT LIABILITIES Interest bearing loans & borrowings 65, ,006 65, ,006 Net liability to the lessor payable within one year 4,447 4,447 4,447 4,447 Trade & other payables 407, , , ,175 Income tax payable 22,842 18,010 20,868 13,439 Amounts due to related companies 545, , , ,539 Dividend payable 7,172 7,172 7,172 7,172 Bank overdraft 406, , , ,755 1,459,012 1,552,123 1,479,942 1,560,533 TOTAL EQUITY AND LIABILITIES 4,575,116 4,586,922 4,508,982 4,511,230 Net Assets per Share Rs It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of {signed} D S HEENATIGALAGE FINANCIAL CONTROLLER The Board of Directors is responsible for the preparation and presentation of these interim financial statements. Signed for and on behalf of the Board of Directors; {signed} {signed} D J RATWATTE M C PIETERSZ DIRECTOR DIRECTOR Colombo, 8th May 2017

4 STATEMENT OF CASH FLOWS GROUP Three months ended 31st March COMPANY Three months ended 31st March Un-audited Un-audited Un-audited Un-audited RS. '000 RS. '000 RS. '000 RS. '000 CASH FLOWS FROM OPERATING ACTIVITIES Net Profit from ordinary activities before taxation 85,919 (91,698) 82,004 (101,482) ADJUSTMENTS FOR Finance Costs 33,366 29,173 34,248 29,560 Retirement benefit obligations - provision 32,003 32,297 31,860 32,044 Amortisation of Grant (1,315) (1,973) (1,315) (1,973) Depreciation 40,331 40,860 38,475 39,070 Provision for impairment Fair value gain on other financial assets - (410) - (410) Interest Income (217) (306) (217) (306) Provision for Bad and doubtful debts (Gains)/Losses on fair value of Biological Assets (4,716) - (4,716) - Operating Profit before Working Capital changes 185,801 8, ,769 (3,128) (Increase)/Decrease in Inventories 46,196 (63,007) 45,228 (58,592) (Increase)/Decrease in Trade and other receivables (57,828) (33,717) (58,160) (24,314) (Increase)/Decrease in Amounts Due from Related Companies (2,688) (220) (2,688) (220) Increase/(Decrease) in Trade & Other Payables (102,755) 27,909 (103,928) 32,505 Increase/(Decrease) in Amounts Due to Related Companies (20,719) 5,064 (9,624) (270) Cash Generated from Operations 48,007 (55,658) 51,597 (54,019) Retirement benefit obligations payment (30,713) (32,717) (30,713) (32,717) Finance costs paid (20,177) (29,173) (21,059) (29,560) Tax Paid (3,693) (2,243) - (2,243) Net Cash from Operating Activities (6,576) (119,791) (175) (118,539) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from Sale of Property, Plant & Equipment Interest Income Field Development Expenditure (27,681) (27,423) (27,681) (27,423) Purchase of Property, Plant & Equipment (535) (5,377) (331) (5,191) Net Cash from/ (used in) Investing Activities (27,999) (32,494) (27,795) (32,308) CASH FLOWS FROM FINANCING ACTIVITIES Government Grants Received (214) 4,112 (213) 4,112 Proceeds from external Loans Net Proceeds from Inter Company Loans Repayment of Term Loans/Leases (55,527) (31,397) (55,527) (31,397) Dividend paid Net Cash from / (used in) Financing Activities (55,741) (27,285) (55,740) (27,285) Net Increase in Cash & Cash Equivalents (90,316) (179,570) (83,710) (178,131) Cash & Cash Equivalents at the beginning of the period (272,276) (56,031) (303,094) (63,317) Cash & Cash Equivalents at the end of the period - Note 01 (362,592) (235,601) (386,804) (241,448) NOTE 01 Cash in Hand & Bank 44,182 16,696 19,970 10,849 Cash at Overdraft (406,774) (252,297) (406,774) (252,297) (362,592) (235,601) (386,804) (241,448)

5 STATEMENT OF CHANGES IN EQUITY Stated Revaluation General Accumulated Total Non-Controlling Total Capital Reserve Reserve Profit Interest Equity Group RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 Balance as at 01st January , , , ,558 1,780,450 45,363 1,825,813 Loss for the period (76,966) (76,966) 3,797 (73,170) Other Comprehensive Income - Transferred to general reserve - (2,552) 2, Dividend Paid - Balance as at 31st March , , , ,592 1,703,484 49,160 1,752,643 Balance as at 01st January , , , ,461 1,617,353 50,520 1,667,873 Profit for the period ,368 71,368 1,211 72,579 Other Comprehensive Income Transferred to general reserve - (2,552) 2, Dividend Paid Balance as at 31st March , , , ,829 1,688,721 51,731 1,740,452 Company Stated Revaluation General Accumulated Total Capital Reserve Reserve Profit RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 Balance as at 01st January , , , ,825 1,761,717 Loss for the period (81,397) (81,397) Other Comprehensive Income - - Transferred to general reserve - (2,552) 2, Balance as at 31st March , , , ,428 1,680,320 Balance as at 01st January , , , ,711 1,592,603 Profit for the period ,760 69,760 Other Comprehensive Income Transferred to general reserve - (2,552) 2, Balance as at 31st March , , , ,471 1,662,363 HAPUGASTENNE PLANTATIONS PLC NOTES TO THE FINANCIAL STATEMENTS 1. SEGMENTAL INFORMATION Group Tea Rubber Other Total RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 Revenue 816, , ,904 57,161 18,993 64, , ,328 Cost of Sales (718,674) (632,948) (81,025) (68,640) (10,524) (10,560) (810,223) (712,148) Segment Results (Gross Profit/Loss) 98,220 (69,777) 34,879 (11,479) 8,469 54, ,568 (26,820) Other Operating Income 26,165 19,388 Change in Fair Value of Biological Assets 4,716 - Administrative Expenses (53,381) (55,399) Net Finance Cost (33,149) (28,867) Profit / (Loss) Before Taxation 85,919 (91,698) Company Tea Rubber Other Total RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 RS. '000 Revenue 795, , ,904 57,161 18,993 64, , ,360 Cost of Sales (699,144) (614,909) (81,025) (68,640) (10,524) (10,560) (790,693) (694,109) Segment Results (Gross Profit) 96,424 (78,706) 34,879 (11,479) 8,469 54, ,772 (35,749) Other Operating Income 24,401 18,335 Change in Fair Value of Biological Assets 4,716 - Administrative Expenses (52,854) (54,814) Net Finance Cost (34,031) (29,254) Profit / (Loss) Before Taxation 82,004 (101,482)

6 NOTES TO THE FINANCIAL STATEMENTS 2 General Information Hapugastenne Plantations PLC is a public limited liability company incorporated and domiciled in Sri Lanka. The address of its registered office is 95A, Nambapana, Ingiriya. These financial statements have been approved for issue by the Board of Directors on 8th May Basis of Preparation The Interim Condensed Consolidated Financial Statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended and are in compliance with the Sri Lanka Accounting Standard (SLAS) LKAS 34, Interim Financial Reporting. 4 No circumstances have arisen since the date of the Statement of Financial Position which would require adjustment to or disclosure in the Financial Statements. 5 There has not been a significant change in the nature of the contingent liabilities which were disclosed in the Annual Report for the year ended 31st December There were no liabilities to be provided in respect of management fee or any other similar charges in these Financial Statements. INVESTOR INFORMATION Share Prices Quarter ended Quarter ended Highest price Rs Lowest price Rs Last traded price Rs Directors' Shareholding As At As At Mr. N K H Ratwatte (Chairman) 1,000 1,000 Mr. D J Ratwatte (CEO) Ms. M C Pietersz NIL NIL Mr. J M Rutherford NIL NIL Mr. J Molligoda (retired w.e.f ) Mr. M Vamadevan (retired w.e.f ) NIL NIL Mr. A N Wickramasinghe (retired w.e.f ) NIL NIL Mr. H A S Crawford NIL NIL Mr. G R Chambers NIL NIL Mr. N H G S Jayasinghe (appointed w.e.f ) NIL NIL Mr. E D P Soosaipillai (appointed w.e.f ) NIL NIL Mr. G K Dasanayaka (appointed w.e.f ) NIL NIL Major Shareholders as at 31st March 2017 Name of Shareholder No. of Shares % 1 James Finlay Plantation Holdings (Lanka) Limited 27,265, James Finlay Limited, UK ("JFL") 9,753, Jacey Trust Services (Pvt) Ltd (held for the benefit of JFL) 4,661, Beta Holdings Limited 1,107, Capital Alliance Holdings Ltd 842, Cocoshell Activated Carbon Company Ltd 44, Mr. M I Abdul Hameed 17, Mr. N A Wakishta 12, Mr. M S M Mohideen 12, Miss. S E Satarasinghe 12, Mr. M W Weeraputhran 10, E.W. Balasuriya & Co. (Pvt) Ltd 10, Mr. R P D D D Ruwan Pathirana 10, Pan Asia Banking Corparation PLC / Mr. R E Rambukwella 8, Mr. T G J Ayemal 5, Commercial Bank of Ceylon plc / Mr. S A Gulamhusein 5, Mr. G R Pathmaraj 5, Mr. W S Peiris 5, Mr. G A J Mendis 5, Mr. C S A Perera 4, Mr. A Mohamed Faleel 4, Mr. R L Juriansz 4, Total 43,807, Other Shareholders 2,508, Issued Share capital 46,315, Of the issued ordinary share capital 10% (2016 : 10%) is held by the public representing 21,394 (2016: 21,350) shareholders.