Lanka WallTiles PLC Provisional Financial Statements For the Three months ended 30th June 2018

Transcription

1 Lanka WallTiles PLC For the Three months ended 30th June 2018

2 As at ASSETS Non-current assets (Unaudited) (Audited) (Unaudited) (Audited) Rs.'000 Rs.'000 Rs.'000 Rs.'000 Property, plant & equipment 14,690,892 14,316,493 4,104,475 4,114,548 Consumable biological assets 541, ,575 - Investment Properties 459, , Intangible assets - goodwill 24,519 24, Investments in subsidiaries - - 1,276,096 1,276,096 Long term receivables 27,285 27, Deferred tax assets 14,685 14, Total non-current Assets 15,758,325 15,378,965 5,380,571 5,390,644 Current assets Statement of Financial Position Inventories 6,724,191 6,113,247 1,755,911 1,606,272 Trade and other receivables 3,366,636 3,450, , ,049 Amounts due from related parties 68,286 55,427 35,596 34,628 Income Tax Receivable 71,454 60,851 5,383 - Short term investments 3,298 3,239 3,298 3,239 Cash and cash equivalents 209, ,879 68,361 61,004 Total current assets 10,443,262 10,343,928 2,529,945 2,430,192 Total assets 26,201,586 25,722,893 7,910,516 7,820,836 EQUITY AND LIABILITIES Stated capital (No. of shares 54.6 million) 787, , , ,765 Reserves 2,566,519 2,566,671 1,531,815 1,531,815 Retained earnings 7,205,702 7,162,378 2,672,056 2,661,459 Share holders' funds 10,559,987 10,516,814 4,991,637 4,981,039 Non controlling interest 3,889,153 3,897, Total equity 14,449,139 14,414,749 4,991,637 4,981,039 Non-current liabilities Interest bearing liabilities 1,988,601 1,712, , ,180 Deferred tax liabilities 2,018,665 2,032, , ,282 Retirement benefit liability 794, , , ,706 Deferred income & Capital grants 136, , Total non-current liabilities 4,937,817 4,659,503 1,142,392 1,161,168 Current liabilities Trade and other payables 1,642,357 2,714, , ,476 Income tax liabilities 41,905 81,847-23,834 Amounts due to related parties 43,005 48, , ,860 Current portion of interest bearing liabilities 5,087,365 3,803,622 1,234,652 1,007,459 Total current liabilities 6,814,632 6,648,641 1,776,487 1,678,629 Total equity and liabilities 26,201,586 25,722,893 7,910,516 7,820,836 Net Assets Value Per Share ( Rs.) sgd Dhammika Perera Chairman sgd J A P M Jayasekera Managing Director August 7, 2018

3 Statement of Comprehensive Income Quarter Quarter Period ended Variance Variance Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % Revenue 3,806,618 3,613, , ,724 (1.6) Cost of sales (2,953,748) (2,637,173) (12.0) (468,614) (436,097) (7.5) Gross profit 852, ,411 (12.7) 173, ,627 (19.9) Other income 21,448 25,525 (16.0) 14,973 7, Distribution cost (397,778) (367,938) (8.1) (99,473) (103,632) 4.0 Administrative expenses (229,192) (231,277) 0.9 (39,859) (41,969) 5.0 Finance income 6,372 31,308 (79.6) (9.5) Finance cost (165,428) (117,835) (40.4) (34,488) (26,045) (32.4) Profit before tax 88, ,194 (72.1) 14,719 52,616 (72.0) Income tax expense (39,026) (75,330) 48.2 (4,121) (13,154) (68.7) Profit for the period 49, ,864 (79.5) 10,598 39,462 (73.1) Other comprehensive income Actuarial Gain/ (Loss) on Retirement Benefit Liability (8,313) Foreign currency translation differences of foreign operations (437) Total comprehensive income for the period 40, ,864 (83.2) 10,598 39,462 (73.1) Profit attributable to: Equity holders of 47, ,179 (72.2) 10,598 39,462 (73.1) Non controlling interest 1,985 70,685 (97.2) Profit for the year 49, ,864 (79.5) 10,598 39,462 (73.1) Total comprehensive income attributable to: Equity holders of 42, ,179 (74.8) 10,598 39,462 (73.1) Non controlling interest (2,373) 70,685 (103.4) Total comprehensive income 40, ,864 (83.2) 10,598 39,462 (73.1) Earnings Per Share - Basic (Rs.) Segmental Information Period ended Variance Variance Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % Revenue Tiles & associated items 1,932,141 1,860, , ,724 (1.6) Plantation products 478, ,725 (24.2) Packing materials 846, , Aluminium products 582, , Inter Segment Sales (32,854) (21,576) (52.3) Consolidated revenue 3,806,618 3,613, , ,724 (1.6) Profit before tax Tiles & associated items 158, ,863 (37.7) 14,719 52,616 (72.0) Plantation products (37,041) 13,910 (366.3) Packing materials ,200 (97.3) Aluminium products (34,046) 28,221 (220.6) Consolidated profit before tax 88, ,194 (72.1) 14,719 52,616 (72.0)

4 Statement of Changes in Equity Attributable to equity holders of the parent Stated Reserve Retained Total Non controlling Total capital profit Interest Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 1st April ,765 2,409,494 6,625,095 9,822,354 3,791,375 13,613,729 Profit for the year , ,179 70, ,864 Other comprehensive income Dividend to non controlling interest Balance as at 30 th June ,765 2,409,494 6,795,274 9,992,533 3,862,060 13,854,593 Balance as at 1st April ,765 2,566,671 7,162,378 10,516,814 3,897,935 14,414,749 Profit for the year ,280 47,280 1,985 49,265 Other comprehensive income - (152) (3,955) (4,107) (4,643) (8,750) Dividend to non controlling interest (6,125) (6,125) Balance as at 30 th June ,765 2,566,519 7,205,702 10,559,987 3,889,153 14,449,139 Balance as at 1st April ,765 1,237,011 2,494,799 4,519,575-4,519,575 Profit for the year ,462 39,462-39,462 Other comprehensive income Balance as at 30 th June ,765 1,237,011 2,534,260 4,559,036-4,559,036 Balance as at 1st April ,765 1,531,815 2,661,459 4,981,039-4,981,039 Profit for the year ,598 10,598-10,598 Other comprehensive income Balance as at 30 th June ,765 1,531,815 2,672,056 4,991,637-4,991,637 Share Price Quarter ended 2018/ /2018 Variance Rs. Rs. % Highest market price Lowest market price Closing market price

5 Cash Flow Statement Period ended Rs.'000 Rs.'000 Rs.'000 Rs.'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before income tax 88, ,194 14,719 52,616 Adjustments for; Depreciation & amortisation 195, ,666 39,419 39,031 Change in Fair value of biological assets (3,707) (5,002) - - Profit/(loss) on sale of property, plant & equipment 978 (20) 978 (20) Interest Income (6,372) (31,308) - - Finance costs 165, ,835 34,488 26,045 Provision for retirement benefit obligations 31,952 24,306 4,282 3,375 Allowance for obsolete and slow moving inventories Allowance for bad debts Deferred income/ capital grants amortisation (1,600) (1,262) - - Foreign exchange (gain)/ loss (9,300) 2,801 (3,938) (2,438) Foreign currency translation differences of foreign operations Operating profit before working capital changes 462, ,814 90, ,609 (Increase)/ decrease in inventories (608,037) (230,482) (150,438) (58,454) (Increase)/ decrease in trade and other receivables 83,265 52,171 63,653 32,290 (Increase)/ decrease in dues from related parties (12,859) 703 (968) (636) Increase in dues to related parties (5,523) 75,701 1,501 2,534 Increase/ (decrease) in trade and other payables (1,072,274) (100,485) (107,061) (15,577) Cash generated from operations (1,152,590) 395,421 (102,565) 78,764 Interest received 6,372 31, Finance costs paid (165,428) (117,835) (34,488) (26,045) Retirement benefit costs paid (25,697) (14,586) (561) (87) Income tax paid (102,929) (120,437) (33,337) (20,402) Net cash from/ (used in) operating activities (1,440,272) 173,871 (170,951) 32,230 CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES Acquisition of property, plant & equipment (523,550) (240,638) (30,325) (22,685) Acquisition of plantation assets (52,336) (53,047) - - proceeds from sale of property, plant & equipment Net cash flows from / (used in) investing activities (575,886) (293,495) (30,325) (22,495) CASH FLOWS FROM FINANCING ACTIVITIES Interest bearing borrowings obtained 1,929,152 1,057, ,644 50,000 Repayment of interest bearing borrowings (842,145) (1,204,034) (43,186) (69,017) Dividend paid - on ordinary shares Dividend paid to non controlling interest (6,125) Capital grants received 1, Net cash flows from financing activities 1,082,159 (146,549) 109,459 (19,017) Net increase / (decrease) in cash and cash equivalents (933,999) (266,173) (91,816) (9,282) MOVEMENT IN CASH & CASH EQUIVALENTS Cash and cash equivalents at the beginning of the period (303,251) 244,355 (285,869) (331,418) Cash and cash equivalents at the end of the period (1,237,251) (21,818) (377,686) (340,700)

6 Notes 1.) Corporate Information ("the Company") is a public limited liability company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The registered office of the company is located at No.215, Nawala Road,Narahenpita, Colombo ) 3.) The Consolidated Financial Statements of the company for the period ended 30th June 2018 comprise (Parent Company) and its subsidiaries (together referred as the " Group"), namely Lanka Tiles PLC, Vallibel Plantation Management Limited, Horana Plantations PLC, Uni-Dil Packaging Ltd, Uni-Dil Packaging Solutions Ltd, Swisstek (Ceylon) PLC, Swisstek Aluminium Ltd, LWL Development (Pvt) Ltd,Beyond Paradise Collection Ltd and Lankatiles (Pvt) Ltd,LTL Development (Pvt) Ltd and Swisstek Development (Pvt) Ltd. The above figures are provisional & subject to audit. The same accounting policies as in the annual report for the year ended 31 March 2018 have been followed in the preparation of financial statements and are in compliance with LKAS 34 - Interim Financial Reporting. The presentation and classification of the financial statements of the previous period have been amended, with those of the current period. where relevant, for better presentation and to be comparable. 4.) 5.) 6.) During the 3 month period, Group incurred Rs Mn (Company Rs. 5.85Mn.) for the services rendered in improving the manufacturing processes. This service has been provided by related company, Royal Ceramics Lanka PLC & Vallibel One PLC. There have been no changes in contingent assets and contingent liabilities since 31st March There have been no material events occurring after the Balance Sheet date that require adjustments or disclosure to these financial statements. 7.) Directors Holding in Shares as at 30th June 2018 Shareholder No. of shares % Mr. A.M. Weerasinghe 6, Mr. J.A.P.M. Jayasekara Mr. M W R N Somaratne 11, ) 20 Major shareholders as at 30th June 2018 Shareholder No. of shares % 1.Royal Ceramics Lanka PLC 2.Mr.A.A. Page 3. CT Holdings PLC 4. Arunodhaya Industries (Pvt) Ltd 5. Arunodhaya (Pvt) Ltd 6. Arunodhaya Investments (Pvt) Ltd 7.Mr. D. F. G. Dalpethado & Mrs. H.F. A. K. D. Fonseka 8.Sri Lanka Insurance Corporation Ltd - Life Fund 9. Mrs. A Selliah 10. Mrs. A Kailasapillai 11.Seylan Bank PLC/W.D.N.H.Perera 12.Andysel (Pvt) Ltd 13.First Capital Limited 14.Mr.A H Udeshi 15. Akbar Brothers (Pvt) Ltd A/C No Mellon Bank N.A. - Commonwealth of Massachusetts 17.Mr.K.Aravinthan 18. Bank of Ceylon A/C Ceybank Century Growth Fund 19. Mr. P K C P Samarasinghe 20. Ames Tile & Stone Ltd Sub Total Other Shareholders Grand Total 29,784, ,159, ,499, ,262, ,262, ,262, ,002, , , , , , , , , , , , , , ,006, ,593, ,600, ) Percentage of public holding as at 30th June 2018 was % comprising of 11,011 shareholders. 10.) The float adjusted market capitalization as at 30th June 2018 was Rs.1,309,342, under option 5 of rule (a) of the Listing Rules and the company has complied with the minimum public holding requirement applicable under the said option.