FINANCIAL STATEMENTS For the Period Ended 30 June 2017

Transcription

1 FINANCIAL STATEMENTS For the Period Ended 30 June 2017 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) Group Period ended 30 June Company Period ended 30 June (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Revenue Investment income 2,768 3,329 3,660 4,088 Interest income 3,765 6,985 2,910 5,611 Subsidiary company income 65,535 73, Other income ,197 84,431 6,700 9,885 Operating expenses Administrative expenses (7,255) (7,481) (5,016) (6,030) Sales and establishment expenses (1,671) (1,611) (1,646) (1,611) Other operating expenses (1,679) (1,471) (767) (658) Direct expenses - other subsidiaries (22,689) (30,554) - - Results from operating activities 38,904 43,314 (730) 1,586 Share of profit of equity accounted investees (net of income tax) 155, , Available for sale financial assets - reclassified from OCI - 108, Gain / (loss) on available for sale financial assets 5,597 2,642 5,597 2,642 Finance cost (47,300) (36,248) (1,873) (2,366) Profit/(loss) before income tax 152, ,567 2,995 1,862 Income tax expense (3,034) (4,782) (239) (485) Profit/(loss) for the period 149, ,785 2,756 1,377 Profit/(loss) attributable to: Equity holders of the company 102, ,972 2,756 1,377 Non-controlling interest 47,137 85, Profit/(loss) for the period 149, ,785 2,756 1,377 Other comprehensive income, net of income tax Net change in fair value of available-for-sale financial assets - (5,616) - - Reclassification of available for sale reserve to profit /(loss) - (108,263) - - Foreign operations - foreign currency translation difference 7,668 15, Other comprehensive income for the period, net of income tax 7,668 (98,275) - - Total comprehensive income for the period 156, ,510 2,756 1,377 Total comprehensive income attributable to: Equity holders of the company 107,643 83,857 2,756 1,377 Non-controlling interest 49,300 81, Total comprehensive income for the period 156, ,510 2,756 1,377 Basic earnings per share (Rs.)

3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited) Group Company Group Company As at 30 As at 30 As at 31 As at 31 June 2017 June 2017 March 2017 March 2017 Audited Audited (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Assets Non current assets Property, plant and equipment 1,045, ,049, Investment in subsidiary - 755, ,085 Investment in equity accounted investees 2,900,327-2,597,549 - Intangible assets 63,718-64,131 - Other long term investments 44,871 44,871 39,274 39,274 Total non current assets 4,054, ,327 3,750, ,631 Current assets Current portion of long term investment ,750 13,750 Loans and receivables 67,960 4,951 14,457 5,114 Amounts due from related parties 2,575 8,679 2,561 2,599 Other receivables 41,192 6, ,256 6,114 Income tax receivables 3, , Cash and cash equivalents 266, , , ,450 Total current assets 381, , , ,891 Total assets 4,435, ,659 4,153, ,522 Equity Stated capital 631, , , ,638 Revaluation reserve 5,960-5,960 - Translation reserve 64,750-59,245 - Retained earnings 1,129, ,311 1,027, ,555 Total equity attributable to equity holders of the Company 1,832, ,949 1,724, ,193 Non controlling interest 871, ,181 - Total equity 2,703, ,949 2,546, ,193 Liabilities Non current liabilities Defined benefit obligation 4,547 4,547 4,342 4,342 Deferred tax liability 38,793-38,169 - Cumulative redeemable preference shares 490, ,000 - Interest bearing borrowings 449,174 13, ,731 23,334 Total non current liabilities 982,514 17, ,242 27,676 Current liabilities Cumulative redeemable preference shares 285, ,311 - Interest bearing borrowings 442,344 40, ,600 40,231 Other payables 20,736 11,592 16,203 10,422 Income tax payables 951-4,057 - Total current liabilities 749,733 51, ,171 50,653 Total liabilities 1,732,247 69,710 1,606,413 78,329 Total equity and liabilities 4,435, ,659 4,153, ,522 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 S E De Silva Director Director 01 August 2017

4 STATEMENT OF CHANGES IN EQUITY (Unaudited) Group Stated capital Revaluation Reserve Available for sale reserves Translation reserve Retained earnings Non controlling interest Total (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Balance as at 01 April , ,252 54, , ,097 2,436,557 Profit/(loss) for the period ,972 85, ,785 Available-for-sale financial assets - net change in fair value - - (4,009) - - (1,607) (5,616) Equity accounted investees - share of other comprehensive income - - (101,243) - - (7,020) (108,263) Foreign operations - foreign currency translation difference ,139-4,465 15,604 Total comprehensive income for the period - - (105,252) 11, ,972 81, ,510 Issue of shares during the period by the subsidiary ,037 81, ,037 81,037 Balance as at 30 June , ,884 1,018, ,786 2,683,104 Balance as at 01 April ,638 5,960-59,245 1,027, ,181 2,546,634 Profit/(loss) for the period ,138 47, ,275 Foreign operations - foreign currency translation difference ,505-2,163 7,668 Total comprehensive income for the period , ,138 49, ,943 Acquisition of NCI without change in control Issue of shares during the period by the subsidiary Dividend paid Balance as at 30 June ,638 5,960-64,750 1,129, ,481 2,703,577 Company Stated Capital Retained earnings Total (Rs. '000) (Rs. '000) (Rs. '000) Balance as at 01 April , , ,847 Profit/(loss) for the period - 1,377 1,377 Total comprehensive income for the period - 1,377 1,377 Dividend paid Balance as at 30 June , , ,224 Balance as at 01 April , , ,193 Profit/(loss) for the period - 2,756 2,756 Total comprehensive income for the period - 2,756 2,756 Dividend paid Balance as at 30 June , , ,949

5 CONSOLIDATED STATEMENT OF CASHFLOWS (Unaudited) Group Company For the Period ended 30 June (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000) Cash flows from operating activities Profit/(loss) before income tax 152, ,567 2,995 1,862 Adjustments for: Amortization of staff cost Depreciation 9,528 7, Amortization of land rights Share of earnings (155,107) (150,595) - - Interest income on staff loan (129) (186) (129) (186) Provision for defined benefit obligation Interest income on investments (4,177) (8,297) (3,323) (6,923) Dividend income (2,292) (1,910) (2,292) (1,910) Gain / (loss) on available for sale financial assets (5,597) (2,642) (5,597) (2,642) Available for sale financial assets - reclassified from OCI - (108,263) - - Dividend on preference shares 23,833 18, Interest expense 23,396 17,196 1,860 2,355 42,413 40,394 (6,205) (7,119) Changes in Loans and receivables (53,406) (61,014) 258 (934) Related party receivables (15) - (6,080) 100 Other receivables 121,064 (30,782) 54 (27,699) Other payables 4,531 6,732 1,170 1,131 Cash generated from operating activities 114,587 (44,671) (10,804) (34,523) Gratuity paid - (359) - (359) Taxes paid (3,590) - (271) - Interest paid (25,090) (16,836) (1,854) (2,324) Net cash from operating activities 85,907 (61,865) (12,929) (37,206) Cash flows from investing activities Dividend received 2,292 1,910 2,292 1,910 Interest received 4,177 8,297 3,323 6,923 Acquisition of property, plant and equipment (5,631) (74) (142) (74) Investment in equity accounted investees (140,000) (87,167) - - Investment in subsidiary (255,085) Disposal of investment 13,750 13,750 13,750 13,750 Net cash from investing activities (125,411) (63,283) 19,223 (232,575) Cash flows from financing activities Preference dividend paid (11,440) (2,940) - - Net change in cumulative redeemable preference shares - 90, Net change in interest bearing borrowings 112,881 1,330 (10,000) (10,000) Proceeds from issue of ordinary shares by subsidiary subscribed by minority shareholders - 81, Net cash from financing activities 101, ,427 (10,000) (10,000) Net increase/(decrease) in cash and cash equivalents 61,936 44,279 (3,706) (279,781) Cash and cash equivalent as at 01 April 204, , , ,710 Cash and cash equivalent as at 30 June 266, , ,744 34,929

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. 6 7 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 A final dividend of Rs per ordinary share for the financial year ended 31 March 2017 was declared on 01 August 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. 8 There were no liabilities for management fees or any other similar expenditure not provided for in interim financial statements. 9 There were no contingent liabilities during the period under review that require disclosure in interim financial statements. 10 The market price per share: for the quarter ended 30 June Highest price Rs Lowest price Rs Market price as at 30 June Rs Twenty major shareholders of the Company as at 30 June 2017 : 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 Group INC. 517, Peoples Leasing & Finance PLC / Mr. L. P. Hapangama 490, E. W. Balasuriya & Co. (Private) Limited 438, Union Investments (Private) Limited 279, Akbar Brothers (Private) Limited A/C No , Mr. C. R. Perera 213, Mr. H. A. Cabraal 200, Mr. A. P. Somasiri 200, Mr. R. Veerasuntharam 200, Mrs. F. S. Sabry 172, Mr. K. C. Vignarajah 114, 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 & Finance PLC / R R S Ananda 96, Commercial Bank of Ceylon PLC / M. H. Densil 96, J. B. Cocoshell (Private) Limited 92, Waldock Mackenzie Limited / Dr. H. S. D. Soysa 87, Mr. S. S. Sithambaranathan 84, Mr. M. U. M. A. Sabry 82, Total 44,544, Percentage of shares held by public as at 30 June 2017 : 20.34% No. of public shareholders as at 30 June 2017 : 1, Shareholding of Directors/CEO: No. of Shares Mr. A. J. Alles Director 100 Mr. K. Maheshwaran CEO 37,000