HUNTER AND COMPANY PLC

Transcription

1 HUNTER AND COMPANY PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS 30TH SEPTEMBER 2017 Consolidated Statement of Profit or Loss and Other Comprehensive Income 02 Company Statement of Profit or Loss and Other Comprehensive Income 03 Statement of Financial Position 04 Consolidated Statement of Changes in Equity 05 Company Statement of Changes in Equity 05 Statement of Cash Flows 06 Notes to the Interim Financial Statements 07

2 HUNTER AND COMPANY PLC Page 02 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 September Quarter ended 30th September Six months ended 30th September Change Change Rs. Rs. % Rs. Rs. % REVENUE 750,594, ,312,688 (4) 1,344,165,457 1,502,823,554 (11) COST OF SALES (518,314,071) (526,188,062) (1) (958,633,946) (1,024,591,115) (6) GROSS PROFIT 232,280, ,124,626 (8) 385,531, ,232,439 (19) Other Operating Income 9,399,053 6,167, ,819,734 8,314, Establishment & Administration Expenses (87,753,720) (81,139,379) 8 (166,877,372) (155,146,329) 8 Selling & Distribution Expenses (127,131,113) (117,980,737) 8 (247,257,176) (229,209,466) 8 PROFIT FROM OPERATIONS 26,795,017 59,172,240 (55) (9,783,303) 102,191,197 (110) Finance Income 3,909,647 2,526, ,485,662 4,271, Finance Cost (9,006,250) (5,232,560) 72 (21,385,400) (12,790,168) 67 PROFIT BEFORE TAX 21,698,414 56,465,979 (62) (23,683,041) 93,672,495 (125) Income Tax Expenses (7,700,000) (9,890,647) (22) (15,000,000) (23,296,164) (36) PROFIT/(LOSS) FOR THE PERIOD 13,998,414 46,575,332 (70) (38,683,041) 70,376,331 (155) OTHER COMPREHENSIVE INCOME Other Comprehensive Income for the period net of Tax TOTAL COMPREHENSIVE INCOME 13,998,414 46,575,332 (70) (38,683,041) 70,376,331 (155) Profit/(Loss) attributable to : Equity Holders of the Parent 15,845,908 40,881,211 (61) (27,485,267) 57,279,667 (148) Non-controlling interest (1,847,494) 5,694,119 (132) (11,197,774) 13,096,664 (186) Total Comprehensive Income attributable to : 13,998,414 46,575,330 (194) (38,683,041) 70,376,331 (333) Equity Holders of the Parent 15,845,908 40,881,211 (61) (27,485,267) 57,279,667 (148) Non-controlling interest (1,847,494) 5,694,119 (132) (11,197,774) 13,096,664 (186) 13,998,414 46,575,332 (194) (38,683,041) 70,376,331 (333) - Basic Earnings/(Deficits) per Share (7.52) Note :

3 HUNTER AND COMPANY PLC Page 03 COMPANY STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 September Quarter ended 30th September Six months ended 30th September Change Change Rs. Rs. % Rs. Rs. % REVENUE 222,221, ,557, ,106, ,913,192 5 COST OF SALES (136,578,988) (137,372,078) (1) (247,461,245) (259,685,437) (5) GROSS PROFIT 85,642,694 73,184, ,645, ,227, Dividend Income 14,038,596 18,300,119 (23) 14,038,596 18,300,119 (23) Other Operating Income 3,451,800 5,879,755 (41) 10,590,633 6,913, Establishment & Administration Expenses (45,165,388) (42,714,891) 6 (89,865,085) (83,116,503) 8 Selling & Distribution Expenses (23,969,250) (19,332,931) 24 (44,146,388) (37,650,316) 17 PROFIT FROM OPERATIONS 33,998,452 35,317,046 (4) 56,263,333 36,675, Finance Income 4,959,018 4,222, ,273,111 7,925, Finance Cost (1,759,815) (658,940) 167 (5,119,701) (3,686,215) 39 PROFIT BEFORE TAX 37,197,655 38,880,929 (4) 60,416,743 40,914, Income Tax Expenses (6,800,000) (5,256,172) 29 (13,700,000) (8,000,000) 71 PROFIT/(LOSS) FOR THE PERIOD 30,397,655 33,624,757 (10) 46,716,743 32,914, OTHER COMPREHENSIVE INCOME Other Comprehensive Income for the period net of Tax TOTAL COMPREHENSIVE INCOME 30,397,655 33,624,757 (10) 46,716,743 32,914, Basic Earnings/(Deficits) per Share Note :

4 HUNTER AND COMPANY PLC Page 04 STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER 2017 GROUP COMPANY Rs. Rs. Rs. Rs. ASSETS Non Current Assets Property, Plant and Equipment 4,810,384,804 4,831,370,308 1,696,692,298 1,698,585,840 Intangible Assets 811,978 1,043, ,978 1,043,970 Capital work-in-progress 25,404, Investments in Subsidiaries ,710,046 56,710,046 4,836,600,936 4,832,414,278 1,754,214,322 1,756,339,856 CURRENT ASSETS Inventories 859,812, ,234, ,402, ,113,689 Trade and Other Receivables 808,433,357 1,032,430, ,502, ,027,717 Other Current Financial Assets 10,540 10,540 10,540 10,540 Amounts Due from Related Parties ,807, ,165,650 Cash and Cash Equivalents 174,042, ,274,730 95,702,259 89,177,143 1,842,298,307 2,070,950, ,425, ,494,739 TOTAL ASSETS 6,678,899,243 6,903,364,302 2,428,639,840 2,485,834,595 EQUITY AND LIABILITIES Equity attributable to Shareholders Stated Capital 137,290, ,290, ,290, ,290,000 Capital Reserves 4,016,421,251 4,016,421,251 1,683,876,252 1,683,876,252 Revenue Reserves 1,153,534,312 1,200,313, ,712, ,289,614 Total Equity attributable to Equity Holders 5,307,245,563 5,354,024,580 2,270,878,858 2,243,455,866 Non-controlling Interest 554,288, ,118, Total Equity 5,861,534,072 5,923,143,242 2,270,878,858 2,243,455,866 Non Current Liabilities Interest Bearing Borrowings 186,055,301 92,524, Deferred Tax Liability 112,478, ,478,282 20,801,499 20,801,499 Retirement Benefit obligations 30,212,963 31,178,031 13,112,613 12,930, ,746, ,180,426 33,914,112 33,732,140 Current Liabilities Trade and Other Payables 248,931, ,265,683 47,367, ,687,539 Dividends Payable 58,855,604 2,601,417 21,796,500 2,502,719 Current Income Tax Payable 27,836,519 12,056,051 13,925,196 9,593,390 Short Term Interest Bearing Borrowings 26,956,360 37,569, Bank Overdraft 126,038, ,547,837 40,757,610 85,862, ,618, ,040, ,846, ,646,589 TOTAL EQUITY AND LIABILITIES 6,678,899,243 6,903,364,302 2,428,639,840 2,485,834,595 Net Assets per Share 1, , I certify that the financial statements comply with the requirements of the Companies Act No.7 of G.W.G.I.K. Weerasekara Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these financial statements. L.R.P. Dossa Managing Director D.H.J.Gunawardena Director November 14, 2017

5 HUNTER AND COMPANY PLC Page 05 STATEMENT OF CHANGES IN EQUITY For the six months ended 30th September, 2017 Group Attributable to equity holders of parent Stated Revaluation Available-for-sale General Retained Non Controlling Total Capital Reserves Reserves Reserves Earnings Interest Rs. Rs. Rs. Rs. Rs. Rs. Rs. As at 1st April ,290,000 4,016,421,251 5,724 4,285,733 1,196,021, ,118,662 5,923,143,242 Profit/(Loss) for the period (27,485,267) (11,197,774) (38,683,041) As at 30th September ,290,000 4,016,421,251 5,724 4,285,733 1,149,242, ,288,509 5,861,534,072 As at 1st April ,290,000 4,016,421,251 5,724 4,285,733 1,084,589, ,881,918 5,788,473,716 Profit/(Loss) for the period ,279,667 13,096,664 70,376,331 Dividend paid by the company (25,725,000) - (25,725,000) Dividend paid by Subsidiary (4,724,875) (4,724,875) As at 30th September ,290,000 4,016,421,251 5,724 4,285,733 1,116,143, ,253,707 5,828,400,172 Company Stated Capital Available-for-sale General Retained Total Capital Reserves Reserves Reserves Earnings Rs. Rs. Rs. Rs. Rs. Rs. As at 1st April ,290,000 1,683,876,252 5,724 4,105, ,178,228 2,243,455,866 Profit/(Loss) for the period ,716,742 46,716,742 As at 30th September ,290,000 1,683,876,252 5,724 4,105, ,601,220 2,270,878,858 As at 1st April ,290,000 1,683,876,251 5,724 4,105, ,032,374 2,227,310,012 Profit/(Loss) for the period ,914,446 32,914,446 Dividend Paid (25,725,000) (25,725,000) As at 30th September ,290,000 1,683,876,251 5,724 4,105, ,221,820 2,234,499,458 Note :

6 HUNTER AND COMPANY PLC Page 06 STATEMENT OF CASH FLOWS For the six months ended 30th September, 2017 CASH FLOWS FROM OPERATING ACTIVITIES Group Company Rs. Rs. Rs. Rs. Profit Before Tax (23,683,040) 93,672,495 60,416,742 40,914,446 Adjustments for ; Provision for Gratuity 2,734,852 3,299,282 1,220,971 1,132,042 Depreciation 22,886,621 21,536,930 2,474,826 2,698,972 Bad debts 147, Finance Cost 21,385,400 12,790,168 5,119,701 4,026,843 Finance Income (7,485,662) (4,271,466) (9,273,111) (7,925,631) Profit on sale of PPE (3,621,739) - (3,621,739) - Operating Profit before Working Capital changes 12,363, ,027,409 56,337,390 40,846,672 Changes in: Inventories 23,422,156 (78,405,073) 99,711,084 53,204,232 Trade and Other Receivables 223,849, ,254,787 (4,474,943) (12,874,992) Trade and Other Payables (132,080,218) (21,180,865) (44,026,194) 4,569,538 Dues from Related Parties - - (33,641,804) 8,495,757 Cash generated from Operations 127,555, ,696,258 73,905,533 94,241,207 Gratuity paid (3,699,920) (1,636,303) (1,038,999) (440,624) Taxes paid 780,462 (13,162,078) (9,368,194) (11,691,257) Net Cash from (used in) Operating Activities 124,635, ,897,877 63,498,340 82,109,326 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Purchase of Property, Plant & Equipment (1,669,125) (1,958,109) (349,292) (881,050) Investment in Biological Assets (25,404,154) (205,231) - - Proceeds from Sale of Property, Plant and Equipment 3,621,739-3,621,739 7,925,631 Finance Income received 7,485,662 4,271,466 9,273,111 - Net Cash from (used in) Investing Activities (15,965,878) 2,108,126 12,545,558 7,044,581 CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES Proceeds/(Repayments) of Long term borrowings (Net) 82,917,902 (90,452,012) - - Finance cost paid (21,385,400) (12,790,168) (5,119,701) (4,026,843) Dividend paid (22,926,129) (30,449,875) (19,293,750) (25,725,000) Net Cash from/(used in) Financing Activities 38,606,373 (133,692,055) (24,413,451) (29,751,843) NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS 147,276,492 49,313,948 51,630,447 59,402,064 Cash and Cash Equivalents at the beginning of the period (99,273,107) (26,285,512) 3,314,202 (19,286,903) Cash and Cash Equivalents at the end of the Period 48,003,385 23,028,436 54,944,649 40,115,161 NOTE A Cash and Cash Equivalents at the Beginning of the period Cash and Bank Balances 155,274, ,812,376 89,177,143 81,236,558 Less; Bank Overdraft (254,547,837) (162,097,888) (85,862,941) (100,523,461) (99,273,107) (26,285,512) 3,314,202 (19,286,903) NOTE B Cash and Cash Equivalents at the end of the period Cash and Bank Balances 174,042, ,709,513 95,702, ,054,570 Less; Bank Overdraft (126,038,864) (166,681,077) (40,757,610) (61,939,409) 48,003,385 23,028,436 54,944,649 40,115,161 Note :

7 HUNTER AND COMPANY PLC Page 07 NOTES TO THE INTERIM FINANCIAL STATEMENTS For the six months ended 30th September, CORPORATE INFORMATION Hunter & Company PLC is a Limited Liability Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The registered office of the Company and the principal place of business are located at No. 130, Front Street, Colombo CONSOLIDATED INTERIM FINANCIAL STATEMENTS The financial statements for the six months ended 30th September 2017, includes the Company referring to Hunter & Company PLC., as the holding company and the Group referring to the companies whose accounts have been consolidated therein. 03. APPROVAL OF FIANANCIAL STATEMENTS The interim financial statements of the Group and the Company for the six months ended 30th September 2017 were authorized for issue by the Board of Directors on 14th November BASIS OF PREPARATION The condensed consolidated interim financial statements have been prepared in accordance with Sri Lanka Accounting Standards - LKAS 34 interim financial reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31 March Accordingly the accounting policies have been consistently applied by the Group and are consistent with those used in the previous year. The presentation and classification of the financial statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year. 05. CONTINGENCIES, CAPITAL AND OTHER COMMITMENTS There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual report for the year ended 31st March EVENTS AFTER THE REPORTING PERIOD There have been no significant events subsequent to the reporting date, which require disclosure in the interim financial statements. 09. SEGMENTS INFORMATION FOR THE SIX MONTHS 30TH SEPTEMBER 2017 Retail/Wholesale Manufacturing Total Trade and Others Rs. Rs. Rs. Total Turnover 495,186, ,388,129 1,426,575,122 Less: Inter Segment Sales/Rendering of Services (82,407,625) (2,040) (82,409,665) Sales to Customers Outside the Company 412,779, ,386,089 1,344,165,457 Depreciation and Amortization 2,586,138 20,300,483 22,886,621 Profit Before Tax 49,179,082 (72,862,123) (23,683,041) Property, Plant and Equipment 2,918,831,341 1,891,553,463 4,810,384,804 Current Assets 595,666,819 1,246,631,488 1,842,298,307 Current Liabilities 137,637, ,981, ,618,621 Retail/Wholesale Manufacturing Total FOR THE SIX MONTHS 30TH SEPTEMBER 2016 Trade and. Others Rs. Rs. Rs. Total Turnover 457,388,289 1,110,322,545 1,567,710,835 Less: Inter Segment Sales (64,879,819) (7,462) (64,887,281) Sales to Customers Outside the Company 392,508,470 1,110,315,083 1,502,823,554 Depreciation and Amortization 2,829,436 18,707,494 21,536,930 Profit Before Tax 23,589,061 70,083,434 93,672,495 Property, Plant and Equipment 2,922,843,672 1,875,500,052 4,798,343,724 Current Assets 585,582,746 1,149,246,180 1,734,828,926 Current Liabilities 157,624, ,187, ,811,693

8 HUNTER AND COMPANY PLC Page 08 NOTES TO THE INTERIM FINANCIAL STATEMENTS For the six months ended 30th September, SHARE INFORMATION 10.1 Stated Capital Stated capital is represented by number of shares in issue as given below: As at Ordinary shares 5,145,000 5,145, Net assets per share Net assets per share have been calculated, for all periods, based on the number of shares in issue as at 30th September As at Rs. Rs. Group 1, , Company Market price per share For the six Months ended 30th September, Rs. Rs. Highest Lowest Last traded Public share holdings As at 30th September 2017, the percentage of shares held by the public was % (31st March %) and the total number of public shareholders was 766 (31st March ) Directors share holdings The number of shares held by the Board of Directors are as follows: As at No. of Shares % of Shareholding No. of Shares % of Shareholding MR. M.F.DOSSA MRS. L.R.P.DOSSA 3,617, ,617, MR. L.C.R. DE C.WIJETUNGE MR. D.H.J.GUNAWARDENA Nil Nil Nil Nil MR. N.C.PEIRIS Nil Nil Nil Nil MR. S.R.S. DE SARAM Nil Nil Nil Nil 10.6 Twenty largest shareholders of the Company: As at No. of Shares % of Shareholding 1 MRS. L R P DOSSA 3,617, MR. T T T AL-NAKIB 631, MR. K C VIGNARAJAH 211, MRS. A T T T ALNAKIB 130, SEYLAN BANK PLC/PRIYANI DHARSHINI RATNAGOPAL 113, MISS. M M HUNTER 81, HATTON NATIONAL BANK PLC /CAPITAL TRUST HOLDINGS LIMITED 41, BANK OF CEYLON NO.1 ACCOUNT 27, MR. A F GEBBIE 24, MR. R RATNA GOPAL 16, MR. H W M WOODWARD (DECEASED) 14, MR. M M M MILFER 8, MR. M M M MIZVER 7, MR. G C GOONETILLEKE 7, MRS.S VIGNARAJAH 7, HATTON NATIONAL BANK PLC /SHAKIR ASGERALLY LUKMANJEE 7, SEYLAN BANK PLC/W D N H PERERA 7, MCBRIDGE BLUE (PRIVATE) LIMITED 7, EXPORTERS & CONSUMERS CONSORTIUM (PRIVATE) LTD 5, MACKSONS HOLDINGS (PVT) LTD 5, DR. S YADDEHIGE 5,