Kahawatte Plantations PLC. Interim Financial Statements Nine Months Ended 30 th September 2017

Transcription

1 Kahawatte Plantations PLC Interim Financial Statements Nine Months Ended 30 th September 2017

2 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 30th SEPTEMBER 2017 INCOME STATEMENT Revenue 922, , ,065 2,948,960 2,092, ,255 Cost of Sales (864,592) (693,372) (171,220) (2,612,525) (2,008,266) (604,259) Gross Profit 58,089 29,244 28, ,435 84, ,996 Other Income 11,513 5,210 6,303 26,142 21,235 4,907 Fair Value Gain on Biological Assets - (2,230) 2,230-15,289 (15,289) Administrative Expenses (28,455) (26,991) (1,464) (77,871) (78,531) 660 Management Fee Profit From Operating Activities 41,147 5,233 35, ,706 42, ,274 Finance Cost (55,908) (41,605) (14,303) (155,390) (105,220) (50,170) Profit/(Loss) before Taxation (14,761) (36,372) 21, ,316 (62,788) 192,104 Taxation Profit/(Loss) for the period (14,761) (36,372) 21, ,316 (62,788) 192,104 Basic Earnings / (Loss) per Share (Rs.) (0.18) (0.46) 1.62 (0.79) STATEMENT OF COMPREHENSIVE INCOME Profit/(Loss) for the period (14,761) (36,372) 21, ,316 (62,788) 192,104 Actuarial (loss)/gain on defined benefit plan Other comprehensive income for the period Total Comprehensive Income for the period (14,761) (36,372) 21, ,316 (62,788) 192,104 STATEMENT OF CHANGES IN EQUITY Stated Revaluation Accumulated Total Capital Reserve Profit Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 1st January ,760-42, ,908 Net Loss for the period - - (62,788) (62,788) Balance as at 30th September ,760 - (20,640) 878,120 Balance as at 1st January ,760-27, ,708 Net Profit for the period , ,316 Balance as at 30th September , ,264 1,056,024

3 STATEMENT OF FINANCIAL POSITION Audited As at Rs.'000 Rs.'000 Rs.'000 ASSETS Non Current Assets Leasehold Right to Bare Land of JEDB/SLSPC Estates 162, , ,834 Immovable Leased Assets of JEDB/SLSPC Estates (Other than Bare Land) 71,194 85,356 82,402 Property, Plant & Equipment 718, , ,499 Biological Assets 2,946,253 2,707,234 2,753,753 3,898,734 3,698,077 3,740,488 Current Assets Produce on Bearer Biological Assets 5,912-5,912 Inventories 453, , ,012 Trade and Other Receivable 204, , ,398 Amount due from Related Parties Cash and Bank Balance 15,759 11,340 9, , , ,042 TOTAL ASSETS 4,579,145 4,166,729 4,320,530 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 898, , ,760 Accumulated Profit / (Loss) 157,264 (20,640) 27,948 Total Equity 1,056, , ,708 Non Current Liabilities Deferred Income 320, , ,397 Deferred Tax Liability 30,630 28,982 30,630 Interest Bearing Loans and Borrowings 404, , ,588 Retiring Benefit Obligations 669, , ,359 Net Liability to Lessor of JEDB/SLSPC Estates 76,281 77,797 76,280 1,500,621 1,748,018 1,586,254 Current Liabilities Interest Bearing Loans and Borrowings 453, , ,457 Net Liability to Lessor of JEDB/SLSPC Estates 1,517 1,459 1,517 Trade and Other Payable 562, , ,641 Amounts due to Related Parties 525,241 64, ,679 Bank Over Draft 479, , ,274 2,022,500 1,540,591 1,807,568 Total Liabilities 3,523,121 3,288,609 3,393,822 Total Equity and Liabilities 4,579,145 4,166,729 4,320,530 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. 07 of (Sgd.) Vidura Weerabahu Director - Finance Signed on behalf of the Board of Directors of Kahawatte Plantations PLC (Sgd.) Minette D A Perera Director (Sgd.) Viren Ruberu Chief Executive Officer /Director 10 th November 2017

4 STATEMENT OF CASH FLOWS For the Period ended 30th Sept 30th Sept Audited Rs.'000 Rs.'000 Rs.'000 Cash Flow from Operating Activities Net Profit / (Loss) before taxation 129,316 (62,788) (157,300) Adjustment For Depreciation/Amortisation/Write-off 104, , ,385 Profit on disposal of Property Plant and Equipments - - (1,251) Interest Expenses 155, , ,888 Provision for Retirement Benefit Obligations 35,267 37, ,276 Fair Value Gain on Biological Assets - (15,289) (16,907) Amortisation of Grants (6,375) (6,375) (10,309) Write back of other Payables - - (4,146) Operating Profit before Working Capital Changes 418, , ,636 (Increase) / Decrease in Inventories (19,875) 30,616 (104,051) (Increase) in Trade and other receivable (60,370) (16,440) (10,422) Increase in Amounts due from Related Companies (152) (15) 165 Increase in Trade and Other Payable 28,102 22,722 82,440 Increase / (Decrease) in amount due to Related Companies 254,055 (58,894) 145,339 Cash Generated from Operation 619, , ,107 Interest Paid (144,433) (96,322) (115,192) Payment of Retirement Benefit Obligations (40,930) (43,690) (64,619) Grants Received 8,373 6,284 8,536 Economic Service Charge paid (13,492) (6,692) (10,386) Net Cash flow from Operating Activities 429,408 (2,981) 156,446 Cash Flow from Investing Activities Investment in Immature Plantations (232,188) (172,092) (234,258) Purchase of Property, Plant & Equipment (30,593) (39,459) (57,416) Proceeds from disposal of Property Plant and Equipments - - 1,306 Interests Income Net Cash used in Investing Activities (262,781) (211,551) (290,353) Cash Flow from Financing Activities Loan Received 48, , ,651 Loan Repayments (130,518) (198,019) (232,619) Lease Rentals Paid to JEDB/SLSPC (34,264) (3,566) (7,132) Net Cash generated from Financing Activities (116,537) 213, ,900 Net Increase / (Decrease) in Cash and Cash Equivalents 50,090 (1,149) (7) Cash and Cash Equivalents at the beginning of the year (513,994) (513,987) (513,987) Cash and Cash Equivalents at end of the period (463,904) (515,136) (513,994)

5 SHAREHOLDERS INFORMATION 1. MAJOR SHAREHOLDERS Name of the Shareholder As at 30th Sept 2017 No.of Shares Held % Forbes Plantations (Pvt) Ltd. 50,955, % Ceylon Tea Services PLC 12,571, % Bank of Ceylon A/C Ceybank Unit Trust 6,799, % Phillip Securities PTE Ltd. 2,421, % Seylan Bank PLC /Carlines Holdings (Pvt) Limited 1,840, % Amana Bank PLC /Almas Organisation (Pvt) Ltd. 1,088, % Bank of Ceylon No.1 Account 784, % Mr. T L M Nawash 108, % Mr. K C Vignarajah 72, % Miss. N Harnam / Mrs. J K P Singh 60, % DFCC Vardhana Bank Ltd/Mr.B A D H C Mahipala 28, % Mrs. S T Fernando 23, % Waldock Mackenzie Ltd/Dr. H S D Soysa 21, % Mrs. E M Perera 20, % Pan Asia Banking Corporation PLC/ Mr. R E Rambukwella 16, % Mr. M R Noordeen 14, % Dr. P U E Fernando and Mrs. H K D Fernando 12, % Mr. S P Jayakoddy 10, % Mr. A M Weerasinghe 10, % Mr. C R Martin 10, % Mr. N D G S Ranasinghe 10, % Mr. A Chelliah (Deceased) 10, % Koreana Garments (Pvt) Ltd 10, % 76,900, % Others 2,989, % Total 79,889, % 2. PUBLIC SHARE HOLDING The percentage shares held by the Public Total No. of share holders who hold the public holding % As at 30th Sept % 18, STATEMENT OF EACH DIRECTOR'S HOLDING AND CHIEF EXECUTIVE OFFICER'S HOLDING IN SHARES OF THE EQUITY Name As at 30th Sept 2017 No.of Shares Held % Mr. Merrill J Fernando Nil - Mr.Malinga H Gunaratne Mr. G T O Viren Ruberu Mr. Malik J Fernando Nil - Ms. Minette D A Perera 4, Mr. Dilhan C Fernando Nil - Mr.Himendra S. Ranaweera Nil - Mr. Daya P Wickramatunga Nil - Mr. Nimal Maxwell Amerasekara Nil - 4. MARKET VALUE 3rd Quarter rd Quarter 2016 Rs. Date Rs. Date Highest Jul Jul-16 Lowest Aug Sep-16 Closing Company Registration No. PQ 109

6 NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. Corporate information Kahawatte Plantations PLC is a public limited liability company incorporated and domiciled in Sri Lanka. It is listed on the Colombo Stock Exchange. The registered office of the Company is located at No.52, Maligawatte Road, Colombo 10. The principal activities and nature of operation of the Company is the cultivation, manufacture and sale of Tea and Rubber. 2. Basis of Preparation The Condensed Interim Financial Statements of the Company have been prepared based on the Sri Lanka Accounting Standards that came into effect from January 01, 2012 (SLFRS/LKAS). There were no changes to the accounting policies and method of computation since the publication of the annual report Further, the Interim Financial Statements have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. 3. Approval of Financial Statements The Interim Financial Statements of the Company for the nine months ended 30th September 2017 were authorized for issue by the Board of Directors on 10 th November Contingencies, Capital and other commitments 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 31 st December Events occurring after the Reporting date There were no significant events after the reporting date which requires disclosure or adjustments in the Interim Financial Statements. 6. Gains and losses arising from the valuation of produce on bearer biological assets and consumable biological assets have not been recognized in the financial statements, assuming physical and price changes if occurred during the short period as immaterial. 7. The figures are extracted from unaudited financial statements of the Company. 8. The nature of related party transactions in the current period is similar to those reported in the Audited Financial Statements for the year ended 31 st December 2016.

7 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 30th SEPTEMBER Segmental Information Segment Revenue Tea 818, , ,823 2,648,906 1,796, ,715 Rubber 82,184 73,551 8, , ,792 32,039 Other Crop 22,217 47,608 (25,391) 63,223 91,722 (28,499) 922, , ,065 2,948,960 2,092, ,255 Less - Segment Cost of Sales Tea (768,150) (580,951) (187,199) (2,320,860) (1,717,889) (602,971) Rubber (79,781) (85,996) 6,215 (247,027) (241,199) (5,828) Other Crop (16,661) (26,425) 9,764 (44,638) (49,178) 4,540 (864,592) (693,372) (171,220) (2,612,525) (2,008,266) (604,259) Segment Results Tea 50,130 20,506 29, ,046 78, ,744 Rubber 2,403 (12,445) 14,848 (10,196) (36,407) 26,211 Other Crop 5,556 21,183 (15,627) 18,585 42,544 (23,959) 58,089 29,244 28, ,435 84, ,996