CITY HOUSING AND REAL ESTATE COMPANY PLC Condensed Interim Financial Statements Period Ended 31 December 2016

Transcription

1 CITY HOUSING AND REAL ESTATE COMPANY PLC Condensed Interim Financial Statements Period Ended 31 December 2016

2 Statements of Profit or Loss and Other Comprehensive Income Group For the three months ended 31 December For the nine months ended 31 December Variance Variance Rs. Rs. % Rs. Rs. % Revenue 180,145 10,495,360-98% 11,594,210 53,182,846-78% Cost of sales - (4,358,198) -100% (9,811,283) (38,830,662) -75% Gross profit 180,145 6,137,162-97% 1,782,927 14,352,184-88% Net Service charge income/(loss) , ,652-75% Other income 3,525,000-13,591, , % Administrative expenses (9,991,939) (14,137,727) -29% (30,323,215) (44,515,276) -32% Distribution expenses (53,610) (155,038) -65% (169,920) (271,241) -37% Results from operating activities (6,340,405) (8,155,603) -22% (15,010,444) (29,896,081) -50% Net finance income/(costs) 1,054, , % 2,551,981 1,563,893 63% Share of loss of equity accounted investees Profit before taxation (5,285,538) (7,805,315) -32% (12,458,463) (28,332,188) -56% Income tax expense (15,849) Profit for the period (5,301,387) (7,805,315) -32% (12,458,463) (28,332,188) -56% 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 (5,438,586) (7,805,315) (11,678,256) (28,332,188) Profit attributable to: Equity shareholders of the parent (5,301,387) (7,805,315) (12,458,463) (28,332,188) Non controlling interest Profit for the year (5,301,387) (7,805,315) (12,458,463) (28,332,188) Total comprehensive income attributable to: Equity shareholders of the parent (5,438,586) (7,805,315) (11,678,256) (28,332,188) Non controlling interest Total comprehensive income for the period (5,438,586) (7,805,315) (11,678,256) (28,332,188) Earnings Per Share (Rs.) (0.40) (0.58) (0.93) (2.12) 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 31 December For the nine months ended 31 December Variance Variance Rs. Rs. % Rs. Rs. % Revenue 180,145 10,495,360-98% 11,594,210 53,182,846-78% Cost of sales - (4,358,198) -100% (9,811,283) (38,830,662) -75% Gross profit 180,145 6,137,162-97% 1,782,927 14,352,184-88% Net Service charge income/(loss) , ,652-75% Other income 3,525,000-8,816, , % Administrative expenses (5,610,335) (8,395,570) -33% (15,818,531) (26,390,960) -40% Distribution expenses (53,610) (155,038) -65% (169,920) (271,241) -37% Results from operating activities (1,958,801) (2,413,446) -19% (5,280,760) (11,771,765) -55% Net finance income/(costs) 670,873 (337,310) -299% 536,532 (1,203,889) -145% Share of loss of equity accounted investees Profit before taxation (1,287,928) (2,750,756) -53% (4,744,229) (12,975,654) -63% Income tax expense Profit for the period (1,287,928) (2,750,756) -53% (4,744,229) (12,975,654) -63% 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 (1,425,127) (2,750,756) (3,964,022) (12,975,654) Earnings Per Share (Rs.) (0.10) (0.21) (0.35) (0.97) Page 03

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5 Statement of Changes in Equity Group Stated capital Revaluation Reserve Available for sales reserve Retained Earnings Non Controlling Interest Total Rs. Rs. Rs. Rs. Rs. Rs. Balance as at 1 April ,798,500 30,279,447 - (49,464,559) - 114,613,388 Net profit for the period (28,332,188) (28,332,188) Other comprehensive income - Total comprehensive income 133,798,500 30,279,447 - (77,796,747) - 86,281,200 Transactions with owners of the company, recognised directly in equity Balance as at 31 December ,798,500 30,279,447 - (77,796,747) - 86,281,200 Balance as at 1 April ,798,500 30,279,447 - (67,231,661) 70 96,846,356 Net profit for the period (12,458,463) - (12,458,463) Other comprehensive income , ,207 Total comprehensive income 133,798,500 30,279,447 - (78,909,917) 70 85,168,100 Transactions with owners of the company, recognised directly in equity Balance as at 31 December ,798,500 30,279,447 - (78,909,917) 70 85,168,100 Company Stated capital Revaluation Reserve Available for sales reserve Retained Earnings Non Controlling Interest Total Rs. Rs. Rs. Rs. Rs. Rs. Balance as at 1 April ,798,500 30,279,447 - (84,043,209) - 80,034,738 Net profit for the period (12,975,654) (12,975,654) Other comprehensive income - Total comprehensive income 133,798,500 30,279,447 - (97,018,863) - 67,059,084 Transactions with owners of the company, recognised directly in equity Balance as at 31 December ,798,500 30,279,447 - (97,018,863) - 67,059,084 Balance as at 1 April ,798,500 30,279,447 - (91,479,472) - 72,598,475 Net profit for the period (4,744,229) (4,744,229) Other comprehensive income 780,207 Total comprehensive income 133,798,500 30,279,447 - (95,443,494) - 68,634,453 Transactions with owners of the company, recognised directly in equity Balance as at 31 December ,798,500 30,279,447 - (95,443,494) - 68,634,453 Explanatory notes are given on page 7 Page 05

6 Statement of Cash Flow Group Compnay For the year Ended 31 December , Rs. Rs. Rs. Rs. Cash flows from operating activities Profit before taxation (12,458,463) (28,332,188) (4,744,229) (12,975,654) Adjustments for: Depreciation 3,950,641 4,906,259 1,787,295 1,514,976 Employee benefits 1,501, ,000 1,165,082 - Profit on sale of property, plant and equipment (13,300,000) - (8,580,000) - Interest Cost 949,660 1,083, ,903 1,083,365 Interest Income (4,150,687) (2,785,515) (2,166,383) - Operating profit before working capital changes (23,507,767) (24,848,079) (11,643,332) (10,377,313) Changes in working capital - (Increase) / decrease in inventories (23,971,192) (45,873,410) (23,971,192) (45,759,245) - Increase in trade and other receivables 6,480,144 7,869,118 3,418,795 5,436,118 - (Increase) / decrease in related company receivables (4,493,757) (2,402,988) 3,843, Decrease in trade and other payables 2,375,537 18,398,940 2,208,140 17,864,426 - (Increase) / decrease in current tax asset (433,949) Increase / (decrease) in related company payables 7,037,157-7,037,157 40,598,803 Cash generated from operations (36,513,827) (46,856,418) (19,107,031) 7,762,789 Taxes paid (1,060,358) (520,000) (1,060,358) (520,000) Gratuity Contribution Paid (900,000) (936,800) - - Net cash generated from/(used in) operating activities (38,474,185) (48,313,218) (20,167,389) 7,242,789 Cash flows from investing activities Addition to property, plant and equipment (8,321,225) (235,080) (8,321,225) (192,290) Finance income received 4,150,687 2,508,179 2,166,383 - Proceeds from disposal of property, plant and equipment 13,300,000-8,580,000 - Net cash generated from / (used in) investing activities 9,129,462 2,273,099 2,425,158 (192,290) Cash flows from financing activities Interest Paid (949,660) (723,950) (894,903) (723,950) Lease Rental Paid - (951,257) - (951,257) Net proceeds from / (repayment of) short term borrowings (1,744,046) (2,641,498) (2,527,818) (2,641,498) Net cash generated from / (used in) financing activities (2,693,706) (4,316,705) (3,422,721) (4,316,705) Increase / (decrease) in cash and cash equivalents (32,038,429) (50,356,824) (21,164,952) 2,733,795 Movement in cash and cash equivalents At the beginning of the year 91,821,864 93,862,164 44,423,169 11,914,173 Movement during the year (32,038,429) (50,356,824) (21,164,952) 2,733,795 At the end of the period 59,783,435 43,505,340 23,258,218 14,647,968 Explanatory notes are given on page 7 Page 06

7 Explanatory Notes 1 The result for the period ended 31 December 2016 and the Statement of Financial Position as at 31 December 2016 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 previous year s figures have been reclassified to conform to the current classification. 4 5 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-Dec Dec-15 Number of shares % Number of shares % The Finance Company PLC 3,298, % 3,298, % Ceylinco Capital Investment Co(Pvt) Ltd 2,279, % 2,279, % Mr.J.W.M.J.P.K.Ratnayake 1,404, % 1,404, % Mr. J.L.B Kotelawala 797, % 797, % Mr. J.L.B Kotelawala & S.P.C.Kotelawala (Jointly) 234, % 234, % Ms S.P.C.Kotelawala 225, % 225, % Mr M.S.M.A.Farook 135, % 368, % Mr W.L.Gunasena 117, % 276, % Finance And Guarantee Property Developers (Pvt) Ltd. 117, % 117, % Mr. Peiris 99, % % Mr.Liyanaarachchi 89, % 202, % Almar Trading Co (Pvt) Ltd 81, % 81, % Mr Zameek 78, % 78, % Oxford Garment Industries Ltd 67, % 67, % Merchant Bank of Sri Lanka Plc/ S M Pathiranage 67, % 65, % Asha Financial Services Ltd - Mr C.N.Pakianathan 66, % 66, % New Interiors (pvt) Ltd 56, % 56, % M.K.N.Gayanthi 54, % 54, % J.F.Pereira (Deceased) 54, % 54, % Mr.N.D.Samarawickrama % 48, % Mr.Ranasinghe % 45, % H.H.Gamage 52, % % 9,378, % 9,823, % Public holding The percentage of shares held by the public as at 31st December 2016 is 47.42% Number of Shareholders representing Public shareholding Total number of shareholders as at 31st December ,921 Number of persons holding shares excluded when computing public holding % 6 Number of shareholders representing the public holding 1,915 Directors shareholdings The Directors shareholdings in the Company were as follows as at 31st December Mr.J.W.M.J.P.K Ratnayake Chairman 1,404,609 1,441,049 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 - - Mrs.P.I.A.Gayathri Bimba Director - - Total 1,404,609 1,441,049 Page 08