Interim Financial Statements For the period ended 31 st March 2015

Transcription

1 Interim Financial Statements For the period ended 31 st March 2015

2 echannelling PLC STATEMENT OF COMPREHENSIVE INCOME For the year ended GROUP COMPANY Quarter Ended 31st March Year ended 31st March Quarter Ended 31st March Year ended 31st March Un-audited Un-audited Un-audited Audited Un-audited Un-audited Un-audited Audited LKR LKR LKR LKR LKR LKR LKR LKR SLFRS / LKAS SLFRS / LKAS SLFRS / LKAS SLFRS / LKAS SLFRS / LKAS SLFRS / LKAS SLFRS / LKAS SLFRS / LKAS Revenue 50,520,565 46,788, ,765, ,858,172 42,326,669 38,682, ,143, ,536,342 Cost of Sales (17,325) (26,342) (57,233) (72,402) Gross Profit 50,503,240 46,761, ,708, ,785,770 42,326,669 38,682, ,143, ,536,342 Other Operating Income (24,956) 16,000 (649,887) (51,590,964) (29,956) (254,960) (29,514) (941,095) Administrative Expenses (18,827,714) (16,745,032) (66,059,797) (62,454,658) (17,613,850) (15,029,740) (63,039,576) (60,365,063) Marketing & Distribution Expenses (910,431) (236,355) (1,749,255) (523,391) (891,431) (208,415) (1,669,780) (483,651) Profit From Operations 30,740,139 29,796, ,249,332 68,216,757 23,791,432 23,189,202 98,404, ,746,533 Finance Income 984,154 1,744,660 3,514,304 4,221, ,154 1,940,646 3,532,051 10,423,821 Finance Expenses (1,142,901) Net Finance (Expenses) / Income 984,154 1,744,660 3,514,304 3,078, ,154 1,940,646 3,532,051 10,423,821 Profit Before Taxation 31,724,293 31,541, ,763,636 71,295,359 24,775,586 25,129, ,936, ,170,354 Income Tax Expenses (5,866,442) (15,648,561) (12,952,227) (21,714,231) (5,095,901) (15,329,287) (10,119,705) (20,915,680) Profit for the Period 25,857,851 15,892, ,811,409 49,581,128 19,679,686 9,800,561 91,816,815 90,254,674 Other Comprehensive Income Net Change in Fair Value of Available-For-Sale Financial Assets (112,958) (732,235) 59,586 61,000,965 (137,011) (585,236) (80,480) 647,034 - Other Comprehensive Income for the Period (112,958) (732,235) 59,586 61,000,965 (137,011) (585,236) (80,480) 647,034 Total Comprehensive Income for the Period 25,744,893 15,160, ,870, ,582,093 19,542,674 9,215,325 91,736,335 90,901,708 Earnings Per Share Dividends Per Share The notes to the Financial Statements form an integral part of these Financial Statements. Figures in brackets indicate deductions.

3 echannelling PLC STATEMENT OF FINANCIAL POSITION As at 31st March 2015 After Amalgamation COMPANY GROUP COMPANY LKR LKR LKR Un-audited Audited Audited ASSETS Non Current Assets Property, plant & equipment 17,908, , ,665 Intangible assets 4,850,867 7,666,825 7,709,529 Employee share ownership trust fund 1,160,000 1,160,000 1,160,000 Long term investment - 104,705,000 - Investment in subsidiary company ,100,000 Deferred taxation 1,614,648 5,043,846 5,039,575 Total Non Current Assets 25,533, ,309, ,742,769 Current Assets Inventories 457, ,896 - Trade & other receivables 45,531,534 4,823,997 4,379,931 Short term investments 57,112,249 16,295,063 14,687,739 Loan to subsidiary - - 1,774,758 Cash & cash equivalents 46,045,597 14,596,944 14,420,645 Total Current Assets 149,146,568 36,229,900 35,263,073 Total Assets 174,680, ,539, ,005,842 EQUITY AND LIABILITIES Equity Stated capital 93,758,316 93,758,316 93,758,316 Retained earnings 31,389,399 (15,087,186) 65,058,404 Available for sale reserve (412,882) (625,563) (332,402) Equity attributable to owners of the company 124,734,834 78,045, ,484,318 Non-controlling interest - 34,849,841 - Total Equity 124,734, ,895, ,484,318 Non Current Liabilities Employee benefits 4,333,304 2,109,234 2,109,234 Total Non Current Liabilities 4,333,304 2,109,234 2,109,234 Current Liabilities Trade & other payables 40,474,138 35,651,659 35,332,177 Income tax liability 5,138,274 4,882,935 4,080,113 Total Current Liabilities 45,612,412 40,534,594 39,412,290 Total Liabilities 49,945,716 42,643,828 41,521,524 Total Equity & Liabilities 174,680, ,539, ,005,842 Net Asset Per Share I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of Signed A.R.R.D. Alahakoon Finance Manager The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the board: Signed Signed T. Koike S.A.Hettiarachchi CEO Director Date Figures in the brackets indicate deductions. The above figures are provisional and subject to audit.

4 echannelling PLC STATEMENT OF CHANGES IN EQUITY COMPANY For the Year Ended 31st March 2015 Stated Capital Available forsale Reserve Retained Earnings Total LKR LKR LKR LKR Balance as at 1st April ,758,316 (1,244,566) 139,946, ,460,021 Profit for the year ,254,674 90,254,674 Net Change in Fair Value of Available-For-Sale Financial Assets - 912,164 (265,130) 647,034 Final Dividend / (61,065,708) (61,065,708) Interim Dividend / (103,811,703) (103,811,703) Balance as at 31st March ,758,316 (332,402) 65,058, ,484,318 Profit for the year ,816,815 91,816,815 Net Change in Fair Value of Available-For-Sale Financial Assets - (80,480) - (80,480) Loss on Amalgamation - - (125,485,819) (125,485,819) Balance as at 31st March ,758,316 (412,882) 31,389, ,734,834

5 echannelling PLC CASH FLOW STATEMENT For the year ended COMPANY Year Ended Year Ended Un-audited Audited LKR LKR Cash Flow From Operating Activities Profit Before Taxation 101,936, ,170,354 Adjustments for : Depreciation and Amortization 4,477,715 3,684,700 Provision for Employee Benefits 2,224, ,540 (Gain)/Loss on Sales of Shares - 1,433,926 Interest Income (3,532,051) (10,423,821) Provision for Impairment of Bad & Doudtful Debtors - 150,258 Operating Profit before Working Capital Changes 105,106, ,601,957 Decrease / (Increase) in Trade & Other Receivable (39,732,080) 4,086,216 Increase / (Decrease) in Amounts Due to Related Parties 23,482,744 (1,476,078) Increase / (Decrease) in Trade & Other Payables 5,634,770 (32,895,339) Cash Generated from Operations 94,491,687 76,316,756 Interest Received 3,532,051 11,117,505 Tax Paid (8,268,434) (7,738,492) Gratuity Paid - (1,114,090) Net Cash Generated from Operating Activities 89,755,304 78,581,679 Cash Flow From Investing Activities Acquisition of Property Plant and Equipment (18,750,152) (3,570,189) Net Proceeds of Short Term Investments (40,677,121) 13,335,020 Loan Recovered/Grant to Subsidiary 1,774,758 35,470,274 Proceeds from Sale of Shares - 1,696,743 Net Cash (used in) / Generated from Investing Activities (57,652,515) 46,931,848 Cash flow from Financing Activities Dividend Paid (477,838) (164,877,411) Net Cash Generated from Financing Activities (477,838) (164,877,411) Net Increase in Cash & Cash Equivalents 31,624,951 (39,363,885) Cash & Cash Equivalents at Beginning of the Year 14,420,645 53,784,530 Cash & Cash Equivalents at end of the Year 46,045,597 14,420,645 Analysis of Cash and Cash Equivalents Cash at Bank & in Hand 46,045,597 14,420,645 46,045,597 14,420, Figures in the brackets indicate deductions. The above figures are provisional and subject to audit.

6 Notes to the Financial Statements 1 Basis of preparation The Institute of Chartered Accountants of Sri Lanka (ICASL) has issued a new volume of Sri Lanka Accounting Standards (SLFRS s/lkas s) which has become applicable for financial periods commenced after 1st January Accordingly the Interim Financial Statements of the Company have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. This Interim Financial Statement should be read in conjunction with the Annual Report for the year ended 31 March 2014 and the changes to accounting policies as a result of adopting Sri Lanka Accounting Standards prefixed SLFRSs/LKASs. The financial statements provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. 2 Company is following the same accounting policies in the Annual report for the year ended 31st March Comparative figures/information have been restated/reclassified where necessary in line with the changes to the new Sri Lanka Accounting Standards (SLFRS/LKAS) which are effective from 01 January 2012 and wherever necessary to conform to the current presentation. 4 The figures are provisional and subject to audit. 5 All known expenses including management fees and similar expenses have been provided for the financial statements According to the best of knowledge and belief of the Board of Directors no circumstances have arisen since the reporting date, which would require adjustments to or disclosure in the Financial Statements. There has not been a significant change in the nature of contingent liabilities, which were disclosed in the Annual Report for the year ended 31 March Basic earnings per share is calculated by dividing the net profit for the respective period attributable to ordinary shareholders of the parent entity by the weighted average number of ordinary shares outstanding during that period. ECL soft (Pvt) LTD, a fully own subsidiary of E-Channelling PLC has been amalgamated with E-Channelling PLC with effect from 27th March 2015.

7 20 Largest Shareholders Name of Shareholder No of Shares % Holding 31-Mar-15 Senior Marketing System Asia (Pte).Limited 106,613, Sandwave Limited 1,451, Est.of.lat Perera (Deceased) Liyanage Saliya Ignatious 1,451, Mr.G.C. Goonetilleke 1,160, Mr.P. Rathnayaka 840, Mr.F.N. Goonewardena/Dr.J.B. Peiris 812, Mr. Carinjee(Deceased) 347, Dr. M. M. Rinoza 322, Mr.M.A.B. Morahela 289, Mr.A.H. Munasinghe 277, Mr.Guruge Piyadasa 271, Pan Asia Banking Corporation PLC/Mr.R.E. Rambukwelle 250, Mr.D.K.A.K. Weeratunga 219, Mrs.T.R. Selvanayagam 196, Mr.G.C.S. Ramanayake 180, Mr.D.P. Kumarasingha 175, Dasatha Investments Limited 163, Mr.A. Nimalasuriya 120, Mr.B.A.St Ivor Perera 120, Miss.S.D.Pieris 119, Sub Total 115,382, Others 6,748, Total Shares 122,131, Public Shareholding Number of Shareholders 1,619 Number of Shares 15,517,814 Persentage Holding 12.71% Directors Shareholding Name of Director Mr. D.J. Stephen As at 31st March As at 31st March Mr.S.A. Hettiarachchi - - Mr.T Koike - - Mr.K Umeoka (Ceased to be a director from 15th January 2015) - - Ms. A.Gulimire - - Mr.T.Nobunaga - - Mr. J. Hatakeyama - - Mr.W.D.J.R. Silva (Ceased to be a director from 13th June 2014) Ms.A.A. Aziz (Ceased to be a director from 13th June 2014) - 100,000 Market Price Per Share For the 3 months ended 31st March LKR LKR Highest Lowest Last Traded

8 Corporate Information Name of the Company echannelling PLC Company Registration No PQ 205 Registered Office Suncity Towers, Mezzanine Floor, No 18, St Anthony's Mawatha, Colombo 03 Telephone (+94 11) Telefax (+94 11) Website Contant Person Legal Form Board of Directors Secretaries of the Company Auditors Lawyer(s) Bankers Dhammika Alahakoon (Finance Manager) Quoted Public Company incorporated in Sri Lanka in 2000, Ordinary share listed on the Diri Savi Board of the Colombo Stock Exchange Mr.T Koike - CEO Mr. J. Hatakeyama - Chairman Ms. A.Gulimire Mr.T.Nobunaga Mr. D.J. Stephen Mr.S.A. Hettiarachchi S.S.P Corporate Services (Pvt) Limited No 101, Inner Flower Road Colombo 03 Tel / Contact person: Mr.Lalindra Abeysekera KPMG Charted Accountants 32A, Sir Mohamed Macan Marker Mawatha P.O. Box 186 Colombo 03 D. L. & F. De Saram 47 Alexandra Place, Colombo 07 Sampath Bank PLC Nations Trust Bank PLC Peoples Bank Commercial Bank of Ceylon PLC Bank of Ceylon