KELANI CABLES PLC Company Reg. No. PQ 117

Transcription

1 Company Reg. No. PQ 117 INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017

2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED MARCH 31, 2017 AND INVESTEE QUARTER ENDED QUARTER ENDED Rs. Rs. Rs. Rs. Revenue 1,895,077,342 1,540,999,395 1,895,077,342 1,540,999,395 Cost of sales (1,644,979,375) (1,212,549,346) (1,644,979,375) (1,212,549,346) Gross profit 250,097, ,450, ,097, ,450,049 Other income 4,481,698 4,347,601 4,481,698 4,347,601 Distribution expenses (124,884,096) (52,966,114) (124,884,096) (52,966,114) Administrative expenses (56,967,245) (70,988,358) (56,967,245) (68,157,791) Profit from operations 95,478, ,843,178 95,478, ,673,745 Net finance income/(expenses) (367,749) (1,353,825) (367,749) (1,353,825) Share of profit/(loss) on equity accounted investee, net of tax (1,246,384) 2,862, Profit before tax 93,864, ,352,070 95,110, ,319,920 Income tax expense (26,630,918) (57,122,641) (26,630,918) (57,122,641) Profit for the period 67,233, ,229,429 68,479, ,197,279 Other comprehensive income Actuarial loss on defined benefit plans 1,657,544 2,040,259 1,657,544 2,040,259 Tax on other comprehensive income (464,112) (251,619) (464,112) (251,619) 1,193,432 (409,320) 1,193,432 1,788,640 Total comprehensive income for the quarter 68,426, ,820,109 69,673, ,985,919 Earnings per share -Rs Market value per share Highest price Lowest price Last traded price Number of shares representing the stated capital 21,800,000 21,800,000

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED MARCH 31, 2017 AND INVESTEE PERIOD ENDED PERIOD ENDED Rs. Rs. Rs. Rs. Revenue 7,116,785,305 6,619,776,295 7,116,785,305 6,619,776,295 Cost of sales (6,018,181,618) (5,317,427,456) (6,018,181,618) (5,317,427,456) Gross profit 1,098,603,687 1,302,348,839 1,098,603,687 1,302,348,839 Other income 14,478,945 12,716,746 14,478,945 12,716,746 Change in fair value of investment property 22,750,000 23,000,000 22,750,000 23,000,000 Distribution expenses (440,136,479) (417,566,531) (440,136,479) (417,566,531) Administrative expenses (229,110,298) (227,338,453) (229,110,298) (224,507,886) Profit from operations 466,585, ,160, ,585, ,991,168 Net finance income/(expenses) 12,594,208 (17,368,937) 12,594,208 (17,368,937) Share of profit/(loss) on equity accounted investee net of tax (1,393,635) 4,830,361 - Profit before tax 477,786, ,622, ,180, ,622,231 Income tax expense (134,170,375) (181,895,240) (134,170,375) (181,895,240) Profit for the period 343,616, ,726, ,009, ,726,991 Other comprehensive income Actuarial gain on defined benefit plans 6,617,557 3,360,767 6,617,557 3,360,767 Equity accounted investee-share of OCI (2,197,960) - - Tax on other comprehensive income (1,852,916) (621,361) (1,852,916) (621,361) 4,764, ,446 4,764,641 2,739,406 Total comprehensive income for the period 348,380, ,268, ,774, ,466,397 Earnings per share -Rs Market value per share Highest price Lowest price Last traded price Number of shares representing the stated capital 21,800,000 21,800,000

4 STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2017 ASSETS NON CURRENT ASSETS & INVESTEE As At As At As At As At Rs. Rs. Rs. Rs. Property, plant and equipment 660,854, ,381, ,854, ,381,144 Intangible Assets Investment property 253,750, ,000, ,750, ,000,000 Investment in equity accounted investee 12,085,834 13,479,469 14,409,234 14,409,234 CURRENT ASSETS 926,690, ,860, ,013, ,790,378 Inventories 1,648,317,826 1,299,620,252 1,648,317,826 1,299,620,252 Trade and other receivables 2,060,684,307 1,598,975,160 2,060,684,307 1,598,975,160 Amount due from related companies 41,854,955 41,854,000 41,854,955 41,854,000 Value added tax recoverable 246,915, ,746, ,915, ,746,354 Deposits and prepayments 10,688,325 9,956,018 10,688,325 9,956,018 Investment in Sri Lanka Development Bonds 164,143, ,035, ,143, ,035,300 Cash and cash equivalents 498,866, ,570, ,866, ,570,166 4,671,470,805 4,170,757,250 4,671,470,805 4,170,757,250 TOTAL ASSETS 5,598,161,104 5,094,617,863 5,600,484,504 5,095,547,628 EQUITY AND LIABILITIES EQUITY Stated capital 218,000, ,000, ,000, ,000,000 Capital reserves 300,457, ,457, ,444, ,444,530 General reserves 431,136, ,136, ,136, ,136,000 Retained earnings 2,493,636,739 2,243,356,045 2,535,973,137 2,284,298,808 NON-CURRENT LIABILITIES 3,443,230,267 3,192,949,573 3,445,553,667 3,193,879,338 Employee benefits 93,469,920 83,681,977 93,469,920 83,681,977 Deferred taxation 72,968,587 72,968,586 72,968,587 72,968,586 Interest bearing borrowings 7,841,000 31,841,000 7,841,000 31,841,000 CURRENT LIABILITIES 174,279, ,491, ,279, ,491,563 Trade payables 1,333,872,715 1,039,634,030 1,333,872,715 1,039,634,030 Other payables 140,564, ,369, ,564, ,369,808 Current taxation 266,731, ,327, ,731, ,327,044 Unclaimed dividends 11,102,821 8,670,493 11,102,821 8,670,493 Interest bearing borrowings 24,000,000 24,000,000 24,000,000 24,000,000 Bank overdrafts 204,379, ,175, ,379, ,175,352 1,980,651,330 1,713,176,727 1,980,651,330 1,713,176,727 TOTAL LIABILITIES 2,154,930,837 1,901,668,290 2,154,930,837 1,901,668,290 TOTAL EQUITY AND LIABILITIES 5,598,161,104 5,094,617,863 5,600,484,504 5,095,547,628 Net Asset Per Share It is certified that these Financial Statements have been prepared in compliance with the requirements of Companies Act No. 7 of Sgd. Sgd. U. G. Madanayake Suren Madanayake Chairman Deputy Chairman Colombo May 26, 2017 Sgd. Ms. Hemamala Karunasekara Chief Financial Officer

5 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2017 Company & Investee Stated Capital General Retained Total Capital Reserves Reserves Earnings Rs. Rs. Rs. Rs. Rs. Balance As At 1st April ,000, ,457, ,136,000 1,809,487,814 2,759,081,342 Comprehensive income for the period Profit for the period ,726, ,726,785 Other comprehensive Income , ,446 Total comprehensive Income 218,000, ,457, ,136,000 2,308,756,045 3,258,349,573 Dividend Paid (65,400,000) (65,400,000) Balance As At 31st March ,000, ,457, ,136,000 2,243,356,045 3,192,949,573 Balance As At 1st April ,000, ,457, ,136,000 2,243,356,045 3,192,949,573 Comprehensive income for the period Profit for the period ,616, ,616,053 Other comprehensive Income ,764,641 4,764,641 Total comprehensive Income 218,000, ,457, ,136,000 2,591,736,739 3,541,330,267 Dividend Paid (98,100,000) (98,100,000) Balance As At 31st Marchr ,000, ,457, ,136,000 2,493,636,739 3,443,230,267 Stated Capital General Retained Total Capital Reserves Reserves Earnings Rs. Rs. Rs. Rs. Rs. Balance As At 1st April ,000, ,444, ,136,000 1,850,232,411 2,759,812,941 Comprehensive income for the period Profit for the period ,726, ,726,991 Other comprehensive Income ,739,406 2,739,406 Total comprehensive Income 218,000, ,444, ,136,000 2,349,698,808 3,259,279,338 Dividend Paid (65,400,000) (65,400,000) Balance As At 31st March ,000, ,444, ,136,000 2,284,298,808 3,193,879,338 Balance As At 1st April ,000, ,444, ,136,000 2,284,298,808 3,193,879,338 Comprehensive income for the period Profit for the period ,009, ,009,688 Other comprehensive Income ,764,641 4,764,641 Total comprehensive Income 218,000, ,444, ,136,000 2,634,073,137 3,543,653,667 Dividend Paid (98,100,000) (98,100,000) Balance As At 31st Marchr ,000, ,444, ,136,000 2,535,973,137 3,445,553,667

6 STATEMENT OF CASH FLOW FOR THE YEAR ENDED MARCH 31, 2017 & INVESTEE PERIOD ENDED PERIOD ENDED Rs. Rs. Rs. Rs. Cash Flow From Operating Activities Profit before taxation 477,786, ,622, ,180, ,622,231 Adjustments for: Share of loss from equity accounted investee (net of tax) 1,393,635 (4,830,361) - - Provision for the fall in value in investment in association (2,830,567) Interest income (24,362,410) (22,218,632) (24,362,410) (22,218,632) Interest expense 36,481,690 39,587,569 36,481,690 39,587,569 Revaluation gain on investment property (22,750,000) (23,000,000) (22,750,000) (23,000,000) Depreciation of property, plant and equipment 78,223,374 79,831,951 78,223,374 79,831,951 Amortisation of Intangible Assets - 1,122,821-1,122,821 Impairment on capital wok-in-progress - 507, ,688 Impairment of obsolete inventories 18,674,223 16,786,098 18,674,223 16,786,098 Dividend Income - (93) - (93) Exchange rate gain on investment in - Sri Lanka Development Bonds (9,933,800) - (9,933,800) - Gain on disposal of property, plant and equipment (2,157,069) (1,801,476) (2,157,069) (1,801,476) Provision for employee benefits 28,851,492 14,652,408 28,851,492 14,652,408 Operating Profit before working capital changes 582,207, ,259, ,207, ,259,998 Changes in working capital Decrease/ (increase) in inventories (367,371,797) 171,750,631 (367,371,797) 171,750,631 Decrease/ (increase) in trade and other receivables (580,878,332) 219,456,755 (580,878,332) 219,456,755 Decrease/ (increase) in amount due from related companies (955) 917,473 (955) 917,473 Decrease/(increase) in deposits and prepayments and VAT (732,307) 36,302,738 (732,307) 36,302,738 Increase/(decrease) in trade payables 294,238,685 74,404, ,238,685 74,404,898 Increase/ (decrease) in other payables (11,805,512) 21,552,329 (11,805,512) 21,552,329 Cash (used in) /generated from operations (84,342,655) 1,305,644,822 (84,342,655) 1,305,644,822 Gratuity paid (12,445,992) (3,915,395) (12,445,992) (3,915,395) Current tax paid (228,618,413) (83,000,000) (228,618,413) (83,000,000) Interest paid (36,481,690) (39,587,569) (36,481,690) (39,587,569) Net Cash (used in)/ Generated from Operating Activities (361,888,750) 1,179,141,858 (361,888,750) 1,179,141,858 Cash Flow from Investing Activities Proceeds from disposal of property, plant and equipment 5,180,180 1,976,301 5,180,180 1,976,301 Acquisition of property, plant and equipment (62,719,806) (45,716,716) (62,719,806) (45,716,716) Interest received 24,362,410 22,218,632 24,362,410 22,218,632 Investment withdrawn/(invest) - SLDB 334,825,300 (489,035,300) 334,825,300 (489,035,300) Dividend income Net Cash Used in Investing Activities 301,648,084 (510,556,990) 301,648,084 (510,556,990) Cash Flow from Financing Activities Dividend paid (95,667,672) (63,455,629) (95,667,672) (63,455,629) Loan obtained /(Repayment ) during the period (24,000,000) (424,000,000) (24,000,000) (424,000,000) Net Cash generated from/ (used in) Financing Activities (119,667,672) (487,455,629) (119,667,672) (487,455,629) Net Increase in Cash and Cash Equivalents (179,908,338) 181,129,239 (179,908,338) 181,129,239 Cash and Cash Equivalents at beginning of the period 474,394, ,265, ,394, ,265,575 Cash and Cash Equivalents at the end of the period 294,486, ,394, ,486, ,394,814

7 NOTES TO THE FINANCIAL STATEMENTS 1. The above figures are provisional and subject to audit. 2. The consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31 March 2016 and are in compliance with Sri Lanka Accounting Standards - LKAS 34 -Interim Financial Reporting. 3. The previous period figures have been re-classified to confirm with the current year's presentation. 4. The contingent liability as at March 31, 2017 on guarantees given to third parties amounted to Rs.123,985,782/-. 5. The Board of Directors declared an Interim Dividend of Rs.4/50 per share for the year ended 31st March 2016 amounting to Rs.98.1 Mn on 27th June 2016 which was paid on 18th July There have been no other material events subsequent to the interim period which require disclosure in the Financial Statements. 7. The number of shares held by the Board of directors are as follows : As at March 31, 2017 As at March 31, 2016 No. of Shares % Holding No. of Shares % Holding Mr. U. G. Madanayake - Chairman 56, % 56, % Mr. Suren Madanayake - Deputy Chairman 61, % 61, % Mrs. N. C. Madanayake - Director - - Dr. Bandula Perera - Director - - Dr. Ranjith Cabral - Director - - Mr. Mahinda Saranapala - Director/CEO Shares held by public No. of Shares % Holding No. of Share holders Share held by public as at March 31, ,399, % Largest Shareholders of the Company as at March 31, 2017 were as follows: No. of Shares % Holding 1 Lanka Olex Cables (Private) Ltd 16,349, % 2 ACL Cables PLC 933, % 3 Deutche bank AG as trustee to candor opport. 357, % 4 Bank of Ceylon-No 2 A/c 323, % 5 National Industries Group (Holdings) (S.A.K) 275, % 6 Deutche bank AG as trustee to Amana Candor S. 270, % 7 Deutsche Bank AG As Trustee to Candor Growth 119, % 8 Thaha I. M. 103, % 9 Employees trust Fumd Board 95, % 10 Waldock Mackenzie Ltd/Ceylinco Shriram Capital Management 76, % 11 People's Leasing & Finance PLC/L. P. Hapangama 74, % 12 Goonesekera C. D. M. (Mrs) 62, % 13 Madanayake H. A. S. 61, % 14 Madanayake U.G. 56, % 15 De Silva C. P. 56, % 16 Waldock Mackenzie Ltd/Mrs. G. Soysa 46, % 17 Vignarajah K. C. 42, % 18 Leonard D. S. 41, % 19 Kannangara N. L. & De Silva S.S. 40, % 20 Waldock Mackenzie Limited/Dr. H. S. D. Soysa 38, %

8 Corporate Information Name of the Company - Kelani Cables PLC Company Registration No. - PQ 117 Legal Form - A Quoted Public Company with Limited Liability Incorporated as Ceylon Non-Ferrous Metal Industries Limited on 27th January Thereafter on 18th December 1973 the name was changed to Kelani Cables Limited. With the adoption of the Companies Act No. 07 of 2007, re-registered as Kelani Cables PLC in February Registered Office - No. 60, Rodney Street, Colombo 08, Sri Lanka Telephone : , Fax : Principal Place of Business - P.O. Box 14, Wewelduwa, Kelaniya, Sri Lanka Telephone : , Fax : info@kelanicables.com Website : Board of Directors - Mr. U. G. Madanayake Mr. Suren Madanayake Mrs. N. C. Madanayake Dr. Bandula Perera Dr. Ranjith Cabral Mr. Mahinda Saranapala Company Secretary - Corporate Affairs (Private) Limited. Auditors - KPMG No. 68/1, Dawson Street, Colombo 02, Sri Lanka (Chartered Accountants) 32A, Sir Mohamed Macan Marker Mawatha P. O. Box 186 Colombo 3 Sri Lanka Bankers - Hatton National Bank PLC Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank Peoples Bank Nations Trust Bank PLC