CITY HOUSING AND REAL ESTATE COMPANY PLC Condensed Interim Financial Statements Period Ended 31st December 2017

Transcription

1 CITY HOUSING AND REAL ESTATE COMPANY PLC Condensed Interim Financial Statements Period Ended 31st December 2017

2 Statements of Profit or Loss and Other Comprehensive Income Group For the three months ended 31st December For the nine months ended 31st December Variance Variance Rs. Rs. % Rs. Rs. % Revenue 143, ,145-20% 167,177 11,594,210-99% Cost of sales % - (9,811,283) -100% Gross profit 143, ,145-20% 167,177 1,782,927-91% Net Service charge income/(loss) - - 1,785, , % Other income 300,000 3,525, ,000 13,591,827-98% Administrative expenses (9,157,272) (9,991,939) -8% (27,434,123) (30,323,215) -10% Distribution expenses - (53,610) -100% (13,554) (169,920) -92% Results from operating activities (8,713,620) (6,340,404) 37% (25,195,501) (15,010,444) 68% Net finance income/(costs) 621,693 1,054,867-41% 1,167,717 2,551,981-54% Share of loss of equity accounted investees Profit before taxation (8,091,928) (5,285,537) 53% (24,027,784) (12,458,463) 93% Income tax expense , Profit for the period (8,091,928) (5,301,386) 53% (24,027,784) (12,458,463) 93% Other comprehensive income (OCI) Net gain/(loss) on available-for-sale investments - (137,199) - 780,207 Actuarial gain/(loss) on employee benefits Other comprehensive income for the period, net of tax - (137,199) - 780,207 Total comprehensive income for the period (8,091,928) (5,438,585) (24,027,784) (11,678,256) Profit attributable to: Equity shareholders of the parent (8,091,928) (5,301,386) (24,027,784) (12,458,463) Non controlling interest Profit for the year (8,091,928) (5,301,386) (24,027,784) (12,458,463) Total comprehensive income attributable to: Equity shareholders of the parent (8,091,928) (5,438,585) (24,027,784) (11,678,256) Non controlling interest Total comprehensive income for the period (8,091,928) (5,438,585) (24,027,784) (11,678,256) Earnings Per Share (Rs.) Explanatory notes are given on page 7 Page 02

3 Statements of Profit or Loss and Other Comprehensive Income Company For the three months ended 31st Dcemebr For the nine months ended 31st December Variance Variance Rs. Rs. % Rs. Rs. % Revenue 13, ,145-92% 37,177 11,594, % Cost of sales % - (9,811,283) -100% Gross profit 13, ,145-92% 37,177 1,782,927-98% Net Service charge income/(loss) - - 1,785, , % Other income 220,000 3,525, ,000 8,816,827-98% Administrative expenses (7,213,456) (5,610,335) 29% (20,763,503) (15,818,531) 31% Distribution expenses - (53,610) (13,554) (169,920) -92% Results from operating activities (6,979,804) (1,958,800) 256% (18,734,881) (5,280,760) 255% Net finance income/(costs) 537, ,873-20% 1,119, , % Share of loss of equity accounted investees Profit before taxation (6,442,501) (1,287,927) 400% (17,615,286) (4,744,228) 271% Income tax expense Profit for the period (6,442,501) (1,287,927) 400% (17,615,286) (4,744,228) 271% Other comprehensive income (OCI) Net gain/(loss) on available-for-sale - (137,199) - 780,207 Actuarial Gain/(Loss) on employee benefits Other comprehensive income for the period, net of tax - (137,199) - 780,207 Total comprehensive income for the period (6,442,501) (1,425,126) (17,615,286) (3,964,021) Earnings Per Share (Rs.) Page 03

4 Statement of Financial Position Group Company As at 31st Dec March st Dec 2017 c 31 March 2017 Rs. Rs. Rs. s Rs. (Audited) (Audited) ASSETS Non - current assets Property, plant and equipment 47,003,458 49,805,212 46,745,626 49,402,521 Investment in Subsidiary ,000,000 20,000,000 Investment in Associate 4,845,699 4,799,922 7,600,000 7,600,000 Available for Sale-Investments 23,474,011 23,474,012 23,161,511 23,161,512 Employee Benefits Plan (2,556,072) 2,787,640 (2,556,072) 2,787,640 Deferred Tax Asset 4,555,293 4,525,543 4,232,371 4,232,371 Total Non Current Assets 77,322,389 85,392,329 99,183, ,184,044 Current assets Trade and Other Receivables 74,003,477 68,484,116 24,886,335 35,216,540 Inventories 112,078,772 93,290, ,078,772 93,290,779 Amounts Due from Related Parties 55,921,871 54,921,871 15,421,871 14,421,871 Cash and cash equivalents 17,007,792 58,083,103 10,096,104 27,074,568 Total Current Assets 259,011, ,779, ,483, ,003,758 Total Assets 336,334, ,172, ,666, ,187,802 EQUITY Stated Capital 133,798, ,798, ,798, ,798,500 Reserves 30,279,447 30,279,447 30,279,447 30,279,447 Retained Earnings (96,949,779) (72,921,994) (106,978,141) (89,362,854) Total equity attributable to equity holders of the company 67,128,168 91,155,953 57,099,806 74,715,093 Non controlling interest Total equity 67,128,868 91,156,653 57,099,806 74,715,093 LIABILITIES Non - current liabilities Interest Bearing Borrowings 1,929,372 1,980,422 1,929,372 1,980,422 Retirement Benefit Obligation 1,771,550 1,633, Total Non-current liabilities 3,700,922 3,614,182 1,929,372 1,980,422 Current liabilities Interest Bearing Borrowings 10,368,220 11,160, ,541 Other Borrowings 15,000,000 15,000,000 15,000,000 15,000,000 Amount due to Related companies 4,750,000 3,750,000 85,687,758 83,704,777 Trade and Other Payables 234,121, ,964, ,684,760 99,553,632 Current tax liability 1,263,693 1,411,587 1,263,693 1,441,337 Bank Balances Overdrawn 1,129 1,114,365 1,129 - Total Current liabilities 265,504, ,401, ,637, ,492,287 Total liabilities 269,205, ,015, ,566, ,472,709 Total equity and liabilities 336,334, ,172, ,666, ,187,802 Net Asset Value Per Share (Rs.) Explanatory notes are given on page 7 Accountant certified that these condensed financial statements have been prepared in accordance with the requirements of the companies Act No. 07 of The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed on behalf of the Board. (Signed) Janaka Ratnayake (Chairman) (Signed) Yasas Vitharana (Director) Date : 14th February 2017 Page 04

5 Statement of Changes in Equity Group Revaluation Available for Retained Non Stated capital Total Reserve sales reserve Earnings Controlling Rs. Rs. Rs. Rs. Rs. Rs. Balance as at 1 April ,798,500 30,279,447 - (67,231,661) - 96,846,286 Net profit for the period (11,748,162) (11,748,162) Other comprehensive income 6,057,829 6,057,829 Total comprehensive income 133,798,500 30,279,447 - (72,921,994) - 91,155,953 Transactions with owners of the company, recognised directly in equity Balance as at 31 March ,798,500 30,279,447 - (72,921,994) - 91,155,953 Balance as at 1 April ,798,500 30,279,447 - (72,921,994) 70 91,156,023 Net profit for the period (24,027,784) - (24,027,784) Other comprehensive income Total comprehensive income 133,798,500 30,279,447 - (96,949,778) 70 67,128,239 Transactions with owners of the company, recognised directly in equity Balance as at 31st December ,798,500 30,279,447 - (96,949,778) 70 67,128,239 Company Revaluation Available for Retained Non Stated capital Total Reserve sales reserve Earnings Controlling Rs. Rs. Rs. Rs. Rs. Rs. Balance as at 1 April ,798,500 30,279,447 - (91,503,061) - 72,574,886 Net profit for the period (3,918,252) (3,918,252) Other comprehensive income 6,058,459 6,058,459 Total comprehensive income 133,798,500 30,279,447 - (89,362,854) - 74,715,093 Transactions with owners of the company, recognised directly in equity Balance as at 31st March ,798,500 30,279,447 - (89,362,854) - 74,715,093 Balance as at 1 April ,798,500 30,279,447 - (89,362,854) - 74,715,093 Net profit for the period (17,615,286) (17,615,286) Other comprehensive income - - Total comprehensive income 133,798,500 30,279,447 - (106,978,140) - 57,099,807 Transactions with owners of the company, recognised directly in equity Balance as at 31st December ,798,500 30,279,447 - (106,978,140) - 57,099,807 Explanatory notes are given on page 7 Page 05

6 Statement of Cash Flow Group Compnay For the period Ended 31st December Rs. Rs. Rs. Rs. Cash flows from operating activities Profit before taxation (24,027,784) (12,458,463) (17,615,286) (4,744,229) Adjustments for: Depreciation 2,801,754 3,950,641 2,656,895 1,787,295 Employee benefits 248,416 1,501, ,625 1,165,082 Profit on sale of property, plant and equipment (300,000) (13,300,000) (220,000) (8,580,000) Interest Cost 256, , , ,903 Interest Income (758,748) (4,150,687) (649,488) (2,166,383) Share of loss from Associate-net of tax - Operating profit before working capital changes (21,779,800) (23,507,767) (15,496,813) (11,643,332) Changes in working capital - (Increase) / decrease in inventories (18,787,993) (23,971,192) (18,787,993) (23,971,192) - (Increase) / decrease in trade and other receivables (5,565,137) 6,480,144 10,330,205 3,418,795 - (Increase) / decrease in related company receivables (2,982,981) (4,493,757) (1,000,000) 3,843,400 - Increase/(Decrease) in trade and other payables 1,156,817 2,375,537 1,131,128 2,208,140 - (Increase) / decrease in current tax asset - (433,949) Increase / (decrease) in related company payables 2,982,981 7,037,157 1,982,981 7,037,157 Cash generated from operations (44,976,113) (36,513,827) (21,840,491) (19,107,032) Taxes paid (177,644) (1,060,358) (177,644) (1,060,358) Gratuity Contribution Paid - (900,000) - - Net cash generated from/(used in) operating activities (45,153,757) (38,474,185) (22,018,135) (20,167,390) Cash flows from investing activities Addition to property, plant and equipment - (8,321,225) - (8,321,225) Employee Plan Asset 5,233,087-5,233,087 - Finance income received 758,748 4,150, ,488 2,166,383 Proceeds from disposal of property, plant and equipment 300,000 13,300, ,000 8,580,000 Net cash generated from / (used in) investing activities 6,291,835 9,129,462 6,102,575 2,425,158 Cash flows from financing activities Interest Paid (256,562) (949,660) (220,441) (894,903) Lease Rental Paid Net proceeds from / (repayment of) short term borrowings (843,591) (1,744,046) (843,591) (2,527,818) Net cash generated from / (used in) financing activities (1,100,152) (2,693,706) (1,064,032) (3,422,721) Increase / (decrease) in cash and cash equivalents (39,962,075) (32,038,429) (16,979,592) (21,164,953) Movement in cash and cash equivalents At the beginning of the year 56,968,738 91,821,864 27,074,568 44,423,169 Movement during the period (39,962,075) (32,038,429) (16,979,592) (21,164,953) At the end of the period 17,006,663 59,783,435 10,094,976 23,258,216 Explanatory notes are given on page 7 Page 06

7 Explanatory Notes 1 The result for the period ended 31st Decmber 2017 and the Statement of Financial Position as at 31st December 2017 are provisional and subject to audit. 2 The Condensed Interim Financial Statements of the Group and the Company have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These Condensed Interim Financial Statements should be read in conjunction with the annual financial statements for the year ended 31 March Where appropriate, the pre ious year s figures ha e ee re lassified to o for to the urre t lassifi atio. 4 There have been no significant change in the nature and the value of the contingencies and commitments which were disclosed in the annual report for the year ended 31 March No events have occurred since the Reporting date which would require any adjustments to or disclose in the financial statements. Page 07

8 Investor Relations Supplements General Stated capital 133,798,500 Issued shares 13,379,850 Class of shares Ordinary shares Voting rights One vote per ordinary share Stock exchange listing The issued ordinary shares of City Housing & Real Estate Company PLC are listed in the Colombo Stock Exchange. Share valuation The market price per share recorded during the quarter ended 31st December Rs. Rs. Highest Lowest Last Traded price Top 20 shareholders The holdings of the top 20 shareholders as at 31.Dez.17 Number of shares % The Finance Company PLC 3,298, % Ceylinco Capital Investment Co(Pvt) Ltd 2,279, % Mr.J.W.M.J.P.K.Ratnayake 1,404, % Mr. J.L.B Kotelawala 797, % Mr. J.L.B Kotelawala & S.P.C.Kotelawala (Jointly) 234, % Ms S.P.C.Kotelawala 225, % Finance And Guarantee Property Developers (Pvt) Ltd. 117, % Asha Financial Services Ltd - Mr C.N.Pakianathan 103, % Mr W.L.Gunasena 82, % Mr.Pathirana 70, % Mr,Premadasa & Mrs. Fernando 68, % Oxford Garment Industries Ltd 67, % Merchant Bank of Sri Lanka Plc/ S M Pathiranage 67, % Mr. Peiris 64, % Peoples Leasing & Finnace/ Dr.H.S.D.Soysa & Mrs.G.Soysa 61, % New Interiors (pvt) Ltd 56, % Miss M K Nirosha Gayanthi 54, % Estate of Mr J.F.Pereira (Deceased) 54, % Peoples Leasing & Finnace/ L.P.Hapanagama 51, % Mr.Perera 50, % 9,210, % Public holding The percentage of shares held by the public as at 31st December 2017 is 47.81% Number of Shareholders representing Public shareholding Total number of shareholders as at 31st December ,911 Number of persons holding shares excluded when computing public holding % 3 Number of shareholders representing the public holding 1,908 Dire tors shareholdi gs The Dire tors shareholdi gs i the Co pa y ere as follo s as at 31st De e er Mr.J.W.M.J.P.K Ratnayake Chairman 1,404,609 1,404,609 Mr. W.A.Y.Vitharana Director - - Mr.J.W.R.L.B.Ratnayake Director - - Mr.M.S.S.Paramananda Director - - Mr.H.K.K.S Hiswella Director - - Miss.P.I.A.Gayathri Bimba Director - - Total 1,404,609 1,404,609 Page 08