Unaudited Financial Statements

Transcription

1 Unaudited Financial Statements For the Six months ended 30 September 2017 The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

2 INCOME STATEMENT COMPANY Group Description For the six months ended 30 September For the Quarter ended 30 September For the six months ended 30 September For the Quarter ended 30 September % % INCREASE/ % % INCREASE/ INCREASE/ INCREASE/ LKR. '000 LKR. '000 (DECREASE) LKR. '000 LKR. '000 (DECREASE) LKR. '000 LKR. '000 (DECREASE) LKR. '000 LKR. '000 (DECREASE) Turnover 689, ,120 (15) 318, ,761 (27) 1,094,607 1,194,779 (8) 529, ,201 (16) Cost of Sales (545,153) (609,101) (10) (281,174) (321,487) (13) (796,573) (907,926) (12) (424,324) (466,173) (9) Gross Profit 144, ,019 (30) 36, ,274 (67) 298, , , ,028 (35) Other Income 3,321 7,541 (56) 2,066 4,558 (55) 3,168 10,072 (69) 2,126 3,545 (40) Distribution Expenses (95,668) (103,598) (8) (36,231) (50,016) (28) (128,221) (124,372) 3 (51,491) (60,114) (14) Administrative Expenses (73,676) (65,735) 12 (37,982) (31,320) 21 (146,441) (99,822) 47 (68,802) (46,509) 48 Finance Income 25,704 20, ,184 11, ,643 13, ,693 7,797 (1) Finance Cost (8,953) (15,651) (43) (4,663) (7,982) (42) (20,108) (29,810) (33) (10,526) (15,613) (33) Profit/(Loss) before Tax (4,652) 50,225 (109) (26,753) 39,160 (168) 21,075 56,046 (62) (15,948) 51,134 (131) Income ( Tax Expense)/ Reversal (1,549) (9,356) (83) 5,967 (6,000) (199) (1,549) (9,356) (83) 5,967 (6,000) (199) Profit/(Loss) for the Period (6,201) 40,869 (115) (20,786) 33,160 (163) 19,526 46,690 (58) (9,981) 45,134 (122) Attributable to: Equity holders of the parent (6,201) 40,869 (115) (20,786) 33,160 (163) 18,383 45,110 (59) (10,464) 42,167 (125) Non -Controlling Interest ,143 1,580 (28) 483 2,967 (84) (6,201) 40,869 (20,786) 33,160 19,526 46,690 (9,981) 45,134 Basic Earnings/(Losses) per Ordinary Share - LKR (0.04) 0.25 (0.13) (0.06) 0.26 Figures in brackets indicate deductions. The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

3 STATEMENT OF COMPREHENSIVE INCOME For the Six months ended 30 September COMPANY For the Quarter ended 30 September For the Six months ended 30 September GROUP For the Quarter ended 30 September % INCREASE/ % INCREASE/ % INCREASE/ LKR. '000 LKR. '000 (DECREASE) LKR. '000 LKR. '000 (DECREASE) LKR. '000 LKR. '000 (DECREASE) LKR. '000 LKR. '000 % INCREASE/ (DECREASE) Profit /(Loss) for the period (6,201) 40,869 (115) (20,786) 33,159 (163) 19,526 46,690 (58) (9,981) 45,134 (122) Total comprehensive income for the period (6,201) 40,869 (115) (20,786) 33,159 (163) 19,526 46,690 (58) (9,981) 45,134 (122) Attributable to: Equity holders of the Parent (6,201) 40,869 (115) (20,786) 33,159 (163) 18,383 45,110 (59) (10,464) 42,167 (125) Non -Controlling Interest ,143 1,580 (28) 483 2,967 (84) (6,201) 40,869 (20,786) 33,159 19,526 46,690 (9,981) 45,134 The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

4 STATEMENT OF FINANCIAL POSITION COMPANY GROUP As at 30 SEPTEMBER MARCH SEPTEMBER MARCH 2017 LKR. 000 LKR. 000 LKR. 000 LKR. 000 (Audited) (Audited) ASSETS Non-Current Assets Property, Plant & Equipment 719, ,191 1,327,824 1,345,449 Intangible Assets 41,858 47, , ,157 Investment in Subsidiaries 391, ,215 - Financial Investments-Loans and Receivables 278, ,719 1,430,928 1,551,154 1,582,810 1,605,606 Current Assets Inventories 437, , , ,082 Trade & Other Receivables 360, , , ,047 Income Tax Receivable 1,521-1,521 3 Cash & Cash Equivalents 264, , , ,231 1,064,150 1,169,450 1,417,577 1,444,363 Total Assets 2,495,078 2,720,604 3,000,387 3,049,969 EQUITY AND LIABILITIES Equity Stated Capital 1,402,102 1,402,102 1,402,102 1,402,102 Reserves 384, , , ,376 Retained Earnings (65,807) (59,606) (242,196) (260,579) Equity attributable to Shareholders of Parent 1,720,459 1,850,020 1,749,282 1,730,899 Non Controlling Interest - 9,363 8,220 Total Equity 1,720,459 1,850,020 1,758,645 1,739,119 Non-Current Liabilities Interest Bearing Loans and Borrowings 308, , , ,932 Retirement Benefit Liability 117, , , ,286 Deferred Income Deferred Tax Liability 8,512 8,512 44,753 44, , , , ,360 Current Liabilities Interest Bearing Loans and Borrowings 52,619 11, , ,916 Trade and Other Payables 287, , , ,612 Dividend Payable 65,021 65,021 Income Tax Liability - 37,943-37, , , , ,490 Total Equity and Liabilities 2,495,078 2,720,604 3,000,387 3,049,969 Figures in brackets indicate deductions. The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited. I certify that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of Sgd. Prasanna Pinto CHIEF FINANCIAL OFFICER Sgd. Rajan Asirwatham CHAIRMAN Sgd. Murali Prakash DIRECTOR 14 November 2017

5 STATEMENT OF CHANGES IN EQUITY COMPANY Description Exchange Stated Revaluation Merger Accumulated Fluctuation Total Equity Capital Reserve Reserve Losses Reserve LKR. '000 LKR. '000 LKR. '000 LKR. '000 LKR. '000 LKR. '000 Balance as at 01 April 2016 (Restated) 1,402, ,217 (515) (48,753) 1,861,051 Profit/(Loss) for the six months ,869 40,869 Dividend payment (40,638) (40,638) Balance as at 30 September ,402, ,217 (515) (48,522) 1,861,282 Balance as at 01 April 2016 (Restated) 1,402, ,217 (515) (48,753) 1,861,051 Profit/(Loss) for the year ,651 94,651 Comprehensive Income - - (178) 155 (23) Dividend Payment (40,638) (40,638) Dividend Declared (65,021) (65,021) Balance as at 31 March 2017 ( Audited) 1,402, ,217 (693) (59,606) 1,850,020 Balance as at 01 April ,402, ,218 (693) - (59,606) 1,850,020 Profit/(Loss) for the six months (6,201) (6,201) Impact from merger (123,361) (123,361) Dividend Payment - - Balance as at 30 September ,402, ,218 (693) (123,361) (65,807) 1,720,459 Figures in brackets indicate deductions. The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

6 STATEMENT OF CHANGES IN EQUITY GROUP Description Exchange Stated Revaluation Accumulated Non Fluctuation Total Equity Total Equity Capital Reserve Losses Controlling Reserve Interest LKR. '000 LKR. '000 LKR. '000 LKR. '000 LKR. '000 LKR. '000 LKR. '000 Balance as at 01 April 2016 (Restated) 1,402, ,217 (515) (280,733) 1,629,070 3,059 1,632,130 Profit/(Loss) for the Six months ,110 45,110 1,580 46,690 Dividend Payment (40,638) (40,638) (40,638) Balance as at 30 September ,402, ,217 (515) (276,261) 1,633,542 4,639 1,638,182 Balance as at 01 April 2016 (Restated) 1,402, ,217 (515) (280,733) 1,629,071 3,059 1,632,131 Profit/(Loss) for the year 119, ,698 1, ,903 Other Comprehensive Income /( loss) for the year 81,852 (178) 6,115 87,789 3,955 91,744 Dividend Payment (40,638) (40,638) (40,638) Dividend Declared (65,021) (65,021) (65,021) - - Balance as at 31 March 2017 (Audited) 1,402, ,069 (693) (260,579) 1,730,899 8,220 1,739,119 Balance as at 01 April ,402, ,069 (693) (260,579) 1,730,899 8,220 1,739,119 Profit/(Loss) for the six months 18,383 18,383 1,143 19,526 Balance as at 30 September ,402, ,069 (693) (242,196) 1,749,282 9,363 1,758,645 Figures in brackets indicate deductions. The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

7 CASH FLOW STATEMENT For the six months ended 30 September COMPANY GROUP LKR '000 LKR '000 LKR '000 LKR '000 Cash Flow from Operating Activities Net Profit/(Loss) before Tax (4,652) 50,225 21,075 56,047 Adjustments for Depreciation on Property, Plant & Equipment 19,284 22,868 45,962 55,734 (Profit)/loss from disposal of Property Plant and Equipment (1,095) (866) (1,095) (866) Amortization of Intangible Assets 8,179 2,454 8,179 2,454 Provision for/ (Reversal of) Retirement Benefit Obligation 9,102 8,403 10,938 9,403 Interest Income (25,704) (20,649) (14,643) (13,125) Interest Expense 8,953 9,651 20,258 23,046 Amortization of Deferred Income (177) (212) (177) 553 Provision / (Reversal of) for Bad & Doubtful Debts (3,204) 2,643 (1,258) 2,643 Reversal from Exchange Fluctuation Reserve - - (3,439) - Provision/(Reversal of ) for Slow moving Inventories 6,287 1,942 37,495 1,942 21,625 26, ,220 81,784 Operating Profit /(Loss)before Changes in Working Capital 16,973 76, , ,831 Increase/Decrease in Working Capital (Increase) / Decrease in Inventories (11,356) (27,130) (44,112) (59,975) (Increase) / Decrease in Trade & Other Receivables 51,482 (26,265) 13,018 (29,946) Increase / (Decrease) in Trade & Other Payables (46,406) 34,454 (11,048) 38,693 (6,280) (18,941) (42,142) (51,228) Cash Generated from Operations 10,694 57,518 81,154 86,603 Gratuity Paid (6,054) (11,875) (7,780) (11,875) Income Tax Paid (39,464) (12,551) (41,667) (12,551) Net Cash Flow from Operating Activities (34,824) 33,092 31,707 62,177 Cash Flow from Investing Activities Sales Proceeds / (Acquisition) of Property, Plant & Equipment (17,520) (8,585) (27,243) (11,643) Acquisition of Intangible Assets (3,008) (13,324) (3,008) (13,324) Loans given to Subsidiaries - (47,000) - - Sales Proceeds / (Acquisition) of Investments - - Net Cash Used in Investing Activities (20,528) (68,909) (30,251) (24,967) - Cash Flow from Financing Activities Interest Paid (934) (2,126) (12,555) (23,044) Interest Received 17,716 13,124 17,866 13,124 Dividend Paid (65,021) (40,638) (65,021) (40,638) Receipts / (Payments) of Interest Bearing Borrowings (2,730) 22,413 (35,560) (34,425) Net Cash Used in Financing Activities (50,969) (7,227) (95,270) (84,983) Net Increase/(Decrease) in Cash & Cash Equivalents (106,321) (43,044) (93,814) (47,773) Cash & Cash Equivalents at the beginning of the year - Audited (Note A) 320, , , ,406 Cash & Cash Equivalents at the end of the period (Note B) 214, , , ,633 -

8 Note A Cash & Cash Equivalents at the beginning of the year - Cash in Hand & at Bank 327, , , ,438 Bank Overdraft (6,646) (8,049) (26,074) (43,032) 320, , , ,406 Note B Cash & Cash Equivalents at the end of the period Cash in Hand & at Bank 264, , , ,783 Bank Overdraft (50,345) (31,623) (72,658) (67,150) 214, , , ,633 Figures in brackets indicate deductions. The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

9 1. EXPLANATORY NOTES There were no changes in the accounting policies and methods of computation since the publication of Financial Statements in the Annual Report , for the twelve months ended 31 March These condensed Interim Financial Statements have been prepared in accordance with the Sri Lanka Accounting Standard LKAS 34 -'Interim Financial Reporting'. 3. Cases pending as at 30 September 2017 Defendants No. of cases Court Non-Executives 4 Labour Tribunal Executive 1 Supreme Court Non-Executive 1 Magistrate Court Reason Termination Loan recovery Vacated post without prior notice and not clearing outstanding debtors Outcome of the above cases which are pending as at 30 September 2017 cannot be ascertained as at the 4. The Stated Capital of the Company is LKR. 1,402,101,643/- represented by 162,552,920 fully paid ordinary shares. 5. Public holding percentage as at 30 September 2017 is 21.75%, represented by 35,349,291 shares in the hand of 5,007 of Shareholders 6. Direct share holding of Directors and Chief Excecutive Officer as at 30 September 2017 is as follows; Name No of Shares Mr R N Asirwatham - Director 3,000 Mr Wasaba Jayasekara - Chief Excecutive Officer 11, Top 20 Shareholders Number Name of Shareholder No. of Shares as at 30 September 2017 % 1 Seylan Bank Plc/Lanka Century Investments Plc (Margin) 125,988, Kokyo Tatemono Co. Ltd 6,156, People's Leasing & Finance Plc/Mr.D.M.P.Disanayake 1,740, Mr.K.H.R Thilakarathna 1,710, DOH Investment Lanka Pvt Ltd 1,200, Mr.P.G Piyasiri 939, Mr.M.A De Silva 553, First Capital Markets Limited/Mr.S.P.Jayakumar 483, Mr.F.A.A MACK 400, Mr.D.L.B.C Perera 395, People'S Leasing & Finance Plc / Mr.E.Thawagnasundaram 380, Mr.S.M Masoor 377, Seylan Bank PLC/A.M. Nimesha Anuruddha Abeykoon 345, Mr. A.K Palliya Guruge Don 298, Acuity Partners (Pvt) Ltd /Mr.S.N.M Semasinghe 289, Mr.D.H.D.U.P Ubayawansha 262, Mr.P.A.J Kumara 255, Mr.S.M Nazeer 248, Mr.R Gautam 243, Mr.A.M Mansoor 238, ,505, Status of the utilization of funds raised via the right issue. Objective as per circular to shareholders Retiring part of the borrowings To fund the modernization of the Factory Amount allocated as per the prospectus in LKR 500,000, ,457,424 Proposed date of utilization as per Prospectus Immediately upon receipt of the proceeds within 15 months from the date of receipt of the proceeds Amount allocated from proceeds in LKR (A) % of total proceeds Amount utilized in LKR (B) % of Utilized against allocation (B/A) Clarification if not fully utilized including where the funds are invested 500,000,000 69% 500,000, % n/a 222,457,424 31% 9,712,046 4% 722,457, ,457, ,712, The Company amalgamated with its wholly owend subsidiary Taprobane Capital (Private ) Limided effective from 25th September Proposals have been obtained from Suppliers, which are being evaluated. The funds have been invested on Fixed Deposit with Pan Asia Banking Corporation PLC. 10. There have been no other events subsequent to the interim period which require disclosure in the Interim Financial Statements.

10 CORPORATE INFORMATION Name of the Company Dankotuwa Porcelain PLC Registration Number PQ 79 Factory & Office Registered Office & Colombo Office Subsidiaries Showrooms Kurunegala Road Dankotuwa, Sri Lanka Tel : Fax : info@dankotuwa.com No. 10, 5th floor Gothami Road Colombo 08, Sri Lanka Tel : Fax : info@dankotuwa.com Royal Fernwood Porcelain Limited Lanka Decals Private Limited Fernwood Lanka Private limited Kirulapone 194, High Level Road (Opposite Siebel Avenue) Colombo 6, Sri Lanka Tel : Union Place No 505,Union Place Colombo 02, Sri Lanka Tel : EXPORT MARKETS Australia, Azerbaijani, Belgium, Dubai France, Germany, Greece, India, Italy Japan, Korea, Kuwait, Maldives, Mexico, Oman, Peru Philippines, Poland, Spain, Switzerland, UK, USA, Uzbekistan INFORMATION ON ORDINARY SHARES Quarter ended Quarter ended Year ended Year ended 30/09/ /09/ / /2016 (Audited) (Audited) Net Assets value Market value per share; Highest Lowest Last traded price recorded