ACME PRINTING & PACKAGING PLC CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Transcription

1 ACME Printing & Packaging PLC Interim Financial Statement for the Quarter ended 30 th September 2017

2 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Three months ended 30th September For the Six months ended 30th September % Change % Change Rs 000 Rs / ( - ) Rs 000 Rs / ( - ) Revenue 300, ,099 ( 5%) 607, ,943 4% Cost of Sales (256,745) (253,837) 1% (515,529) (480,424) 7% Gross Profit 43,557 63,262 ( 31%) 91, ,519 ( 12%) Other Income 3,297 3,815 ( 14%) 7,012 5,967 18% Administrative Expenses (25,705) (24,298) 6% (49,687) (48,244) 3% Distribution Expenses (2,003) (6,985) ( 71%) (7,794) (12,475) ( 38%) Profit from Operations 19,146 35,794 ( 47%) 41,396 49,767 ( 17%) Net Finance Expense (35,469) (31,289) 13% (69,053) (59,766) 16% Profit / (Loss) before Taxation (16,323) 4,505 ( 462%) (27,657) (9,999) 177% Income Tax Expense 738 (419) ( 276%) 229 (974) ( 124%) Profit / (Loss) for the period (15,585) 4,086 ( 481%) (27,428) (10,973) 150% Total Other Comprehensive Income for the period Total Comprehensive Income for the period (15,585) 4,086 ( 481%) (27,428) (10,973) 150% Profit / (Loss) attributable to Equity Holders of the Company (15,585) 4,086 ( 481%) (27,428) (10,973) 150% Profit / (Loss) for the period (15,585) 4,086 ( 481%) (27,428) (10,973) 150% Total Comprehensive Income Attributable to Equity Holders of the Company (15,585) 4,086 ( 481%) (27,428) (10,973) 150% Total Comprehensive Income for the period (15,585) 4,086 ( 481%) (27,428) (10,973) 150% Basic Earning / (Loss) per Share Rs. (0.38) Rs ( 481%) Rs. (0.67) Rs. (0.27) 150% Market price per share Quarterly Highest Rs Rs Lowest Rs Rs Closing Rs Rs The above figures are subject to audit

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY For the Three months ended 30 th September For the Six months ended 30 th September % Change % Change Rs 000 Rs / ( - ) Rs 000 Rs / ( - ) Revenue 184, ,400 ( 31%) 385, ,454 ( 25%) Cost of Sales (164,138) (235,612) ( 30%) (341,564) (465,337) ( 27%) Gross Profit 19,927 32,788 ( 39%) 43,771 51,117 ( 14%) Other Income 6,392 6,802 ( 6%) 13,406 12,160 10% Administrative Expenses (15,350) (18,993) ( 19%) (29,027) (36,035) ( 19%) Distribution Expenses (1,712) (4,387) ( 61%) (5,066) (8,063) ( 37%) Profit from Operations 9,257 16,210 ( 43%) 23,084 19,179 20% Net Finance Expense (21,695) (21,023) 3% (42,355) (38,809) 9% Loss before Taxation (12,438) (4,813) 158% (19,271) (19,630) ( 2%) Income Tax Expense (1,006) (392) 157% (1,006) (914) 10% Loss for the period (13,444) (5,205) 158% (20,277) (20,544) ( 1%) Total Other Comprehensive Income for the period Total Comprehensive Income for the period (13,444) (5,205) 158% (20,277) (20,544) ( 1%) Loss attributable to Equity Holders of the Company (13,444) (5,205) 158% (20,277) (20,544) ( 1%) Loss for the period (13,444) (5,205) 158% (20,277) (20,544) ( 1%) Total Comprehensive Income Attributable to Equity Holders of the Company (13,444) (5,205) 158% (20,277) (20,544) ( 1%) Total Comprehensive Income for the period (13,444) (5,205) 158% (20,277) (20,544) ( 1%) Basic Loss per Share Rs. (0.33) Rs. (0.13) 158% Rs. (0.49) Rs. (0.50) ( 1%) The above figures are subject to audit

4 STATEMENT OF FINANCIAL POSITION Group As at 30 th September 2017 As at 1 st April 2017 Company As at 30 th September 2017 As at 1 st April 2017 Rs 000 Rs 000 Rs 000 Rs 000 ASSETS Non-Current Assets Property, Plant and Equipment 974, , , ,512 Investment in Subsidiary , ,410 Financial Investments - Available for Sale Defined Benefit Plan Assets 5,947 7,560 5,947 7,560 Total Non-Current Assets 980,444 1,004, , ,507 Current Assets Inventories 250, , , ,708 Trade and Other Receivables 311, , , ,874 Related Party Receivables ,617 23,511 Cash and Cash Equivalents 10,211 17,044 9,460 10,306 Total Current Assets 572, , , ,399 Total Assets 1,553,366 1,631,282 1,178,802 1,272,906 EQUITY & LIABILITIES Equity Stated Capital 592, , , ,813 Revaluation Reserve 443, , , ,399 Accumulated Losses (456,441) (429,013) (445,315) (425,038) Total Equity 579, , , ,174 Non-Current Liabilities Interest Bearing Borrowings 37,622 56,226 37,622 56,226 Deferred Tax Liability 5,272 6, Employee Benefits 17,524 15,776 15,276 13,775 Total Non Current Liabilities 60,418 78,997 52,898 70,001 Current Liabilities Trade and Other Payables 96,230 96,728 58,140 69,137 Related Party Payables 1,300 1,300 1,300 1,300 Interest Bearing Borrowings 743, , , ,256 Lease Creditors Current Tax Liability 1,474 1,474 1,110 1,110 Bank Overdraft 71,070 93,391 49,036 65,928 Total Current Liabilities 913, , , ,731 Total Liabilities 973,987 1,024, , ,732 Total Equity and Liabilities 1,553,366 1,631,282 1,178,802 1,272,906 Net Assets Per Share Rs Rs Rs Rs These Financial Statements have been prepared in compliance with the requirements of the Companies Act No 07 of (Sgd) Sgd.... Ms. Faranaz Hassen Finance Manager The Board of Directors is responsible for the preparation and presentation of the Financial Statements. Signed for and on behalf of the Board: Sgd. (Sgd) (Sgd) Sgd. 7 th November 2017 H.D.S. Amarasuriya R. Seevaratnam Colombo Chairman Director

5 STATEMENT OF CHANGES IN EQUITY For the Six months ended 30 th September 2017 Group Stated Revaluation Accumulated Total capital Reserve Losses Rs 000 Rs 000 Rs 000 Rs. 000 Balance as at 1 st April , ,589 (430,355) 605,047 Loss for the period - - (10,973) (10,973) Total Comprehensive Income for the period - - (10,973) (10,973) Balance as at 30 th September , ,589 (441,328) 594,074 Balance as at 1 st April , ,007 (429,013) 606,807 Loss for the period - - (27,428) (27,428) Total Comprehensive Income for the period - - (27,428) (27,428) Balance as at 30 th September , ,007 (456,441) 579,379 Company Stated Revaluation Accumulated Total capital Reserve Losses Rs 000 Rs 000 Rs 000 Rs. 000 Balance as at 1 st April , ,399 (393,546) 619,666 Loss for the period - - (20,544) (20,544) Total Comprehensive Income for the period - - (20,544) (20,544) Balance as at 30 th September , ,399 (414,090) 599,122 Balance as at 1 st April , ,399 (425,038) 588,174 Loss for the period - - (20,277) (20,277) Total Comprehensive Income for the period - - (20,277) (20,277) Balance as at 30 th September , ,399 (445,315) 567,897 The above figures are subject to audit

6 STATEMENT OF CASH FLOWS For the Six months ended 30 th September Rs. 000 Rs. 000 Rs. 000 Rs. 000 Group Company Cash flows from operating activities Loss before taxation (27,657) (9,999) (19,271) (19,630) Adjustment for : Depreciation on Property, Plant & Equipment 42,696 39,806 22,812 22,335 Provision for Defined Benefit Obligations 1,850 1,848 1,501 1,500 Provision / (Reversal) of Slow Moving Inventories (23) (403) 640 1,464 Gain on Disposal of Property, Plant & Equipment - (132) - (132) Interest Income - (5,025) - (5,025) Reversal of Provision for Trade Receivables (4,078) (2,891) (211) (1,693) Interest Expense 69,578 64,627 42,880 43,670 Foreign Exchange (Gain) / Loss (525) 164 (525) 164 Operating Profit before working capital changes 81,841 87,995 47,826 42,653 Decrease / (Increase) in Inventories 19,686 (959) 33,131 (17,949) Decrease / (Increase) in Trade & other Receivables 32,575 2,694 48,344 (645) Increase in Related Party Receivables - - (7,106) (49,726) Decrease in Related Party Payables (35,340) Increase / (Decrease) in Trade & Other Payables 2,011 (14,295) (9,630) (5,592) Cash generated from / (Used in) Operations 136,113 75, ,565 (66,599) Interest Paid (65,683) (64,627) (42,442) (43,670) Employee Benefit and Voluntary retirement paid (102) (485) - (485) Income Tax / ESC Paid (4,523) (2,910) (2,476) (1,294) Net Cash Flow from / (Used in) Operating activities 65,806 7,413 67,648 (112,048) Cash Flows from Investing activities Purchase of Property, Plant & Equipment (20,232) (14,917) (5,228) (4,206) Withdrawal of Short-term Investment - 160, ,519 Benefits paid by the Plan assets 1, , Proceeds from Disposal of Property, Plant & Equipment Interest Received - 5,025-5,025 Net Cash Flow from / (Used in) Investing activities (18,619) 151,594 (3,615) 162,305 Cash flows from Financing activities Term Loan Obtained - 25,665-25,665 Repayment of Term Loans (19,045) (146,867) (18,635) (134,286) Short Term Loan Obtained 927, , , ,999 Repayment of Short Term Loans (940,172) (808,191) (518,465) (527,046) Net Cash Flow used in Financing activities (31,699) (151,348) (47,987) (45,668) Net Increase / (Decrease) in Cash & Cash Equivalents 15,488 7,659 16,046 4,589 Cash & cash equivalents at the beginning of the period (76,347) (24,827) (55,622) 9,915 Cash & cash equivalents at the end of the period (60,859) (17,168) (39,576) 14,504 The above figures are subject to audit

7 NOTES TO THE FINANCIAL STATEMENTS 1. STATED CAPITAL The stated capital consists of 41,161,913 shares issued as at 30 th September BASIS OF PREPARATION 2.1. The condensed interim financial statements of Acme Printing & Packaging PLC are for the period ended 30 th September They have been prepared in accordance with LKAS 34, interim financial reporting. These interim financial statements have been prepared in accordance with the SLFRS standards and IFRIC interpretations issued and effective as at the time of preparing these statements. The condensed interim financial statements do not include all of the information required for full Annual financial statements and have not been audited The same accounting policies and methods of computation have been followed in the interim financial statements as compared to the recent Annual financial statement published for the year ended 31 st March COMPARATIVE INFORMATION Comparative information has been restated / reclassified where necessary in line with the changes to the new Sri Lanka Accounting Standards (SLFRS / LKAS) which are effective from 1 st January EARNING PER SHARE (EPS) Basic Earnings Per Share is calculated by dividing the net loss for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Group Company For the period ended 30 th September Rs'000 Rs'000 Rs'000 Rs'000 Loss for the period (27,428) (10,973) (20,277) (20,544) Weighted Average no. of shares 41,162 41,162 41,162 41,162 Loss Per Share Rs. (0.67) Rs. (0.27) Rs. (0.49) Rs. (0.50) 5. CONTINGENT LIABILITIES There is no change in the nature of contingent liabilities as at 30 th September 2017 as compared to the contingent liabilities which were disclosed in the accounts for the year ended 31 st March EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE There have been no material events occurring after the Statement of Financial Position date that require adjustments to or disclosure in the Interim Financial Statements. 7. The labour union instituted an action against the company on behalf of their members regarding wage structure and increment. The district court has given a judgement against the company. Acme Printing & Packaging PLC has appealed against the verdict.

8 DIRECTORS' SHAREHOLDING AS AT 30TH SEPTEMBER Name of Director No of shares 1. Mr. H.D.S. Amarasuriya 50, Mr. R. Seevaratnam Nil 3. Mr. Paras Chandaria Nil 4. Mr. N. M. Chandaria Mr. C.L.K.P. Jayasuriya Nil 6. Mr. J.M. Swaminathan Nil 7. Mr. S. Kumar Nil 8. Mr. G.K.B Dasanayaka Nil 50,150

9 TWENTY (20) MAJOR SHAREHOLDERS AS AT 30TH SEPTEMBER Name Number of shares Percentage % 1. Clovis Company Limited 11,054, Richardson Holdings (Pvt) Ltd. 8,000, Lanka Aluminium Industries PLC 1,836, Mr. K. C. Vignarajah 1,507, Seylan Bank Ltd / Govindasamy Ramanan 1,136, Bank of Ceylon No.1 Account 1,078, Mr. D.F.G. Dalpethado 729, Joint:- Mrs. H.F.A.K.D. Fonseka 8. Mr. J.D. Peiris 609, Seylan Bank Ltd / R.P Sugathadasa 591, Seylan Bank Ltd / T. Senthilverl 503, Mr. M. I. Sumsudeen 474, Waldock Mackenzie Limited./Dr.H.S.D. Soyza 425, Asha Financial Services Limited / Mr. C.N. Pakianathan 251, Majestic Investments (Pvt) Ltd 241, Commercial Bank of Ceylon PLC / S.A. Gulamhusein 219, Nagoya Ceylon Trading (Pvt) Ltd. 209, Dr. U.N.R. De Silva 206, Mr. H.A Pieris 200, Mr. K.M.S.M. Razeek 200, Joint:- K.S.M. Rajubdeen Joint:- S.M.R. Mohamed 20. Mr. R.E. Rambukwelle 192, Public Holding 49.12% Number of Shareholders represented by public holding 2,053