FINANCIAL STATEMENTS For the Period Ended 30 September 2016

Transcription

1 FINANCIAL STATEMENTS For the Period Ended 30 September 2016 LANKA VENTURES PLC Ocean Lines Building 46/12, Nawam Mawatha Colombo 02. Tel: Fax:

2 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Unaudited) Interim period of 03 Months Accumulated 06 Months Period ended 30 Period ended 30 Period ended 30 September Period ended 30 September September September (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Revenue Investment income 1,019 2,094 2,035 2,237 4,348 5,378 6,123 5,843 Interest income 6,078 5, ,760 13,063 10,442 5,992 7,747 Subsidiary company income 101,334 86, , , Other income ,574 93,795 2,558 6, , ,033 12,442 13,901 Operating expenses Administrative expenses (4,220) (8,003) (1,974) (7,913) (11,701) (16,066) (8,004) (15,906) Sales and establishment expenses (1,840) (1,726) (1,798) (1,836) (3,451) (3,343) (3,409) (3,343) Other operating expenses (4,415) (3,331) (818) (940) (12,423) (4,576) (1,476) (1,557) Direct expenses - other subsidiaries (26,501) (23,365) - - (50,518) (41,012) - - Results from operating activities 71,598 57,371 (2,031) (4,501) 114,911 75,036 (446) (6,905) Share of profit of equity accounted investees (net of income tax) 184, , , , Available for sale financial assets - reclassified from OCI , Gain / (loss) on available for sale financial assets (216) - (216) - 2,426-2,426 - Finance cost (38,791) (23,315) (2,737) (2,443) (75,039) (45,135) (5,103) (4,873) Profit/(loss) before income tax 216, ,030 (4,985) (6,944) 485, ,446 (3,123) (11,778) Income tax expense (20,957) (9,706) 2,518 (548) (25,739) (13,357) 2,033 (670) Profit/(loss) for the period 195, ,324 (2,467) (7,493) 459, ,089 (1,090) (12,448) Profit/(loss) attributable to: Equity holders of the company 122,216 91,373 (2,467) (7,493) 300, ,762 (1,090) (12,448) Non-controlling interest 73,601 65, ,414 99, Profit/(loss) for the period 195, ,324 (2,467) (7,493) 459, ,089 (1,090) (12,448) Other comprehensive income, net of income tax Net change in fair value of available-for-sale financial assets - (11,254) - - (5,616) (11,384) - - Reclassification of available for sale reserve to profit /(loss) (108,264) Foreign operations - foreign currency translation difference 12,101 67, ,705 72, Other comprehensive income for the period, net of income tax 12,101 56, (86,175) 60, Total comprehensive income for the period 207, ,984 (2,467) (7,493) 373, ,017 (1,090) (12,448) Total comprehensive income attributable to: Equity holders of the company 130, ,762 (2,467) (7,493) 214, ,255 (1,090) (12,448) Non-controlling interest 77,014 82, , , Total comprehensive income for the period 207, ,984 (2,467) (7,493) 373, ,017 (1,090) (12,448) Basic earnings per share (Rs.) (0.05) (0.15) (0.02) (0.25)

3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited) As at 30 As at 30 As at 31 As at 31 Sep 2016 Sep 2016 March 2016 March 2016 Audited Audited (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Assets Non current assets Property, plant and equipment 943, , Investment in subsidiary - 755, ,000 Investment in equity accounted investees 2,686,942-2,206,181 - Derivative financial instrument - - 6,397 6,397 Intangible assets 88,529-88,623 - Other long term investments 40,630 40, ,417 45,557 Total non current assets 3,759, ,020 3,319, ,220 Current assets Current portion of long term investment 13,750 13,750 30,000 30,000 Loans and receivables 67,005 5,505 16,943 6,506 Amounts due from related parties 1,754 1,717 1,754 1,597 Other receivables 50,019 28,995 29,024 1,656 Income tax receivables 2, ,881 - Cash and cash equivalents 264,680 32, , ,710 Total current assets 399,700 82, , ,469 Total assets 4,159, ,933 3,841, ,689 Equity Stated capital 631, , , ,638 Translation reserve 74,571-54,746 - Available for sale reserve ,252 - Retained earnings 1,040,605 50, , ,209 Total equity attributable to equity holders of the 1,746, ,757 1,632, ,847 Non controlling interest 971, ,097 - Total equity 2,717, ,757 2,436, ,847 Liabilities Non current liabilities Defined benefit obligation 5,094 5,094 5,014 5,014 Deferred tax liability 48,128-44,401 - Cumulative redeemable preference shares 256, ,000 - Interest bearing borrowings 560,833 43, ,333 63,333 Total non current liabilities 870,555 48, ,748 68,347 Current liabilities Cumulative redeemable preference shares 283, ,486 - Interest bearing borrowings 166,629 40, ,958 40,276 Other payables 116, ,435 19,416 13,145 Income tax payables 4,064-10,683 2,074 Total current liabilities 570, , ,543 55,495 Total liabilities 1,441, ,176 1,405, ,842 Total equity and liabilities 4,159, ,933 3,841, ,689 Net assets per share (Rs.) I certify that the financial statements comply with the requirements of the Companies Act No. 07 of Sgd. D L Wijesekara 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. Sgd. Sgd. I R D Thenabadu T W De Silva Director Director 10 November 2016

4 STATEMENT OF CHANGES IN EQUITY (Unaudited) Stated capital Available for sale reserves Translation reserve Retained earnings Non controlling interest Total (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Balance as at 01 April , ,803 8, , ,748 2,213,971 Profit/(loss) for the period ,762 99, ,089 Available-for-sale financial assets - net change in fair value - (8,127) - - (3,258) (11,384) Foreign operations - foreign currency translation difference ,620-20,692 72,312 Total comprehensive income for the period - (8,127) 51, , , ,017 Cumulative preference dividend - Neluwa (14,691) (5,889) (20,580) Change in ownership without change in control (15,584) 28,554 12,970 Issue of shares during the period by the subsidiary ,324 11,324 Share issue expenses (222) (89) (311) Dividend paid (20,558) (20,558) Dividend payable (87,500) - (87,500) (117,997) 13,342 (104,655) Balance as at 30 September ,638 99,676 60, , ,853 2,429,333 Balance as at 01 April , ,252 54, , ,097 2,436,557 Profit/(loss) for the period , , ,601 Available-for-sale financial assets - net change in fair value - (4,009) - - (1,607) (5,616) Reclassification of available-for-sale reserve to profit /(loss) - (101,243) - - (7,021) (108,264) Foreign operations - foreign currency translation difference ,825-7,880 27,705 Total comprehensive income for the period - (105,252) 19, , , ,426 Acquisition of NCI without change in control (34,095) (34,095) Issue of shares during the period by the subsidiary ,117 81,117 Share issue expenses (407) (160) (566) Dividend paid (38,613) (38,613) Dividend payable (100,000) - (100,000) (100,407) 8,250 (92,157) Balance as at 30 September ,638-74,571 1,040, ,013 2,717,827 Stated Capital Retained earnings Total (Rs. '000) (Rs. '000) (Rs. '000) Balance as at 01 April ,638 98, ,580 Profit/(loss) for the period - (12,448) (12,448) Total comprehensive income for the period - (12,448) (12,448) Dividend payable - (87,500) (87,500) - (87,500) (87,500) Balance as at 30 September ,638 (1,006) 630,632 Balance as at 01 April , , ,847 Profit/(loss) for the period - (1,090) (1,090) Total comprehensive income for the period - (1,090) (1,090) Dividend payable - (100,000) (100,000) - (100,000) (100,000) Balance as at 30 September ,638 50, ,757

5 CONSOLIDATED STATEMENT OF CASHFLOWS (Unaudited) For the Period ended 30 September (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Cash flows from operating activities Profit/(loss) before income tax 485, ,446 (3,123) (11,778) Adjustments for: Amortization of staff cost Depreciation 15,037 10, ,132 Amortization of land rights Share of earnings (334,777) (242,546) - - Interest income on staff loan (328) (304) (328) (304) Provision for defined benefit obligation Interest income on investments (15,276) (14,380) (8,204) (11,685) Dividend income (1,910) (955) (1,910) (955) Gain / (loss) on available for sale financial assets (2,426) - (2,426) - Available for sale financial assets - reclassified from OCI (108,264) Dividend on preference shares 37,307 25, Interest expense 37,370 19,870 5,083 4, ,682 69,826 (10,281) (18,315) Changes in Loans and receivables (50,517) (44,502) 702 (1,800) Related party receivables (120) (500) Other receivables (20,862) 37,235 (27,093) (50) Other payables (12,189) (8,458) (4,706) (3,368) Cash generated from operating activities 29,114 54,411 (41,499) (24,033) Gratuity paid (359) (3,966) (359) (3,966) Taxes paid (10,907) (5,636) (352) - Interest paid (36,704) (19,762) (5,045) (4,877) Net cash from operating activities (18,856) 25,048 (47,255) (32,875) Cash flows from investing activities Dividend received 1,910 11,950 1, Dividend received from equity accounted investees 101, Interest received 15,276 14,519 8,204 11,825 Acquisition of property, plant and equipment (132,565) (49,030) (150) (279) Acquisition of NCI without change in control (34,095) Investment in equity accounted investees (87,167) Investment in subsidiary - - (255,085) - Disposal of investment 30,000 21,750 30,000 21,750 Net cash from investing activities (104,941) (811) (215,121) 34,251 Cash flows from financing activities Dividend paid to the minority shareholders (38,613) (20,558) - - Preference dividend paid (55,483) (42,711) - - Net change in cumulative redeemable preference shares (127,500) (100,000) - - Net change in interest bearing borrowings 86,580 63,043 (20,000) (20,000) Proceeds from issue of ordinary shares by subsidiary subscribed by minority shareholders 81,117 24, Share issue expenses (566) (311) - - Net cash from financing activities (54,465) (76,243) (20,000) (20,000) Net increase/(decrease) in cash and cash equivalents (178,262) (52,006) (282,376) (18,624) Cash and cash equivalent as at 01 April 442, , , ,895 Cash and cash equivalent as at 30 September 264, ,214 32, ,271

6 Explanatory Notes : 1 The interim financial statements are subject to audit. 2 3 The interim financial statements have been prepared in accordance with LKAS 34 - Interim Financial Reporting. 4 5 The stated capital comprises 50,000,000 Ordinary Shares The same accounting policies and methods of computation have been followed in interim financial statements as compared with the most recent audited financial statements. Where items have been regrouped, comparative information in relation to previous year have been presented in line with information pertaining to the current period. A final dividend of Rs per ordinary share for the financial year ended 31 March 2016 was declared on 26 July 2016 and was paid on 03 October During the period LVL Energy Fund Limited, the subsidiary of the increased its shareholding in an investee company from 15% to 25%. Accordingly the investment which was previously classified as an available for sale financial asset under long term investments is now treated as an equity accounted investee. Cumulative change in fair value in respect of this investment amounting to Rs Mn was transferred from available for sale reserve to Profit or Loss. Events occurring after the reporting date: No circumstances have arisen since the reporting date which would require adjustment to or disclosure in the interim financial statements other than those disclosed in these notes. 9 There were no liabilities for management fees or any other similar expenditure not provided for in interim financial statements. 10 There were no contingent liabilities during the period under review that require disclosure in interim financial statements. 11 The market price per share: for the quarter ended 30 September Highest price Rs Lowest price Rs Market price as at 30 September Rs Twenty major shareholders of the as at 30 September 2016 : Name of shareholder/company name No. of Shares % of issued Capital 1 Acuity Partners (Private) Limited 39,790, Mr. A. M. Weerasinghe 521, Hallsville Trading INC. 517, Peoples Leasing & Finance PLC / Mr. L. P. Hapangama 467, E. W. Balasuriya & Co. (Private) Limited 438, Mr. F. G. N. Mendis 320, Mr. A. P. Somasiri 280, Union Investments (Private) Limited 279, Akbar Brothers (Private) Limited A/C No , Mr. H. A. Cabraal 200, Mr. R. Veerasuntharam 200, Mr. J. D. N. Kekulawala 195, Mrs. F. S. Sabry 172, Mr. C. R. Perera 144, Mr. K. C. Vignarajah 119, Mrs. M. L. De Silva 110, Commercial Bank of Ceylon PLC A/C No , Mr. K. T. Konesh 100, Merchant Bank of Sri Lanka PLC / Mr. C. E. Weerapperuma 100, Mount Lavinia Hotel (Private) Limited 100, Mr. K. S. D. Senaweera 99, Merchant Bank of Sri Lanka PLC / R R S Ananda 96, Commercial Bank of Ceylon PLC / M. H. Densil 96, Mr. P. Somadasa 94, Percentage of shares held by public as at 30 September 2016 : 20.34% No. of public shareholders as at 30 September 2016 : 1,285 Total 44,799, Shareholding of Directors/CEO: No. of Shares Mr. A. J. Alles Director 100 Mr. K. Maheshwaran CEO 37,000