Interim Financial Statements For the year ended 31st December 2016

Transcription

1 Interim Financial Statements For the year ended 31st December 2016

2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPRIHENSIVE INCOME For the period ended Quarter Ended 31st December Nine Month Ended 31st December Un-audited Un-audited Un-audited Un-audited LKR LKR LKR LKR Revenue 28,037,921 55,830, ,877, ,989,476 Cost of Sales (8,255) (10,884) (27,946) (33,467) Gross Profit 28,029,666 55,819, ,849, ,956,009 Other Operating Income 587,473 31, ,040 32,094 Administrative Expenses (17,222,933) (27,027,664) (64,079,199) (79,528,034) Marketing & Distribution Expenses (5,355,223) (1,004,109) (9,533,153) (3,851,108) Profit From Operations 6,038,983 27,819,289 34,825,687 76,608,961 Finance Income 5,272,277 2,148,973 13,245,831 5,347,743 Net Finance (Expenses) / Income 5,272,277 2,148,973 13,245,831 5,347,743 Profit Before Taxation 11,311,260 29,968,262 48,071,518 81,956,704 Income Tax Expenses (13,117,648) (5,067,980) (21,007,870) (15,573,751) Profit for the Period (1,806,388) 24,900,282 27,063,648 66,382,953 Other Comprehensive Income Net change in fair value of available-for-sale financial assets (51,249) (259,463) 281,647 (249,078) Remeasurement of employee benefit obligation 626,398-1,553,680 - Deferred tax impact on acturial (gain)/ loss 272, ,030 - Other Comprehensive Income for the Period 847,905 (259,463) 2,270,357 (249,078) Total Comprehensive Income for the Period (958,484) 24,640,819 29,334,005 66,133,875 Earnings Per Share (0.01) Dividends Per Share The notes to the Financial Statements form an integral part of these Financial Statements. Figures in brackets indicate deductions.

3 STATEMENT OF FINANCIAL POSITION As at 31sth December LKR LKR LKR Un-audited Un-audited Audited ASSETS Non Current Assets Property, plant & equipment 11,222,113 15,166,453 13,939,863 Intangible assets 4,636,345 4,701,159 5,868,712 Deferred tax assets - 1,116,872 - Total Non Current Assets 15,858,458 20,984,484 19,808,575 Current Assets Inventories 382, , ,234 Trade & other receivables 51,540,835 44,868,823 44,844,874 Short term investments 174,181, ,832, ,736,978 Cash & cash equivalents 13,266,419 36,397,943 26,075,873 Total Current Assets 239,371, ,522, ,067,959 Total Assets 255,229, ,507, ,876,534 EQUITY AND LIABILITIES Equity Stated capital 93,758,316 93,758,316 93,758,316 Retained earnings 111,322,605 69,403,628 82,270,247 Available for sale reserve 399,602 (903,986) 117,955 Total Equity 205,480, ,257, ,146,518 Non Current Liabilities Employee benefits 4,068,360 4,684,904 4,508,844 Deferred tax liability 767, ,293 Total Non Current Liabilities 4,836,016 4,684,904 5,095,137 Current Liabilities Trade & other payables 38,687,889 45,620,344 48,235,538 Income tax liability 6,225,252 4,944,013 14,399,341 Total Current Liabilities 44,913,141 50,564,357 62,634,879 Total Liabilities 49,749,157 55,249,261 67,730,016 Total Equity & Liabilities 255,229, ,507, ,876,534 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 P.G.K. Sirisena Chairman Signed S.A. Hettiarachchi Director Date: ` Figures in the brackets indicate deductions. The above figures are provisional and subject to audit.

4 STATEMENT OF CHANGES IN EQUITY For the Period Ended 31st December 2016 Stated Capital Available forsale Reserve Retained Earnings Total LKR LKR LKR LKR Balance as at 1st April ,758,316 (654,908) 3,020,675 96,124,083 Profit for the period (Nine Months) ,382,953 66,382,953 Net Change in Fair Value of Available-For-Sale Financial Assets - (249,078) - (249,078) Balance as at 31st December ,758,316 (903,986) 69,403, ,257,958 Profit for the period (Three Months) 12,564,466 12,564,466 Net Change in Fair Value of Available-For-Sale Financial Assets 1,021, ,153 1,324,094 Balance as at 31st March ,758, ,955 82,270, ,146,518 Profit for the year ,063,648 27,063,648 Net Change in Fair Value of Available-For-Sale Financial Assets - 281,647 1,988,710 2,270,357 Balance as at 31st December ,758, , ,322, ,480,523

5 CASH FLOW STATEMENT For the period ended Un-audited Un-audited Audited LKR LKR LKR Cash Flow From Operating Activities Profit Before Tax 48,071,518 81,956, ,415,778 Adjustments for : Depreciation and amortization 5,775,695 5,337,062 7,095,676 Provision for employee benefits 1,113,195 1,779,552 1,879,551 Interest income (13,245,831) (5,347,743) (8,092,144) Profit on disposal of property, plant and equipment - - (20,000) Impairment of investment in equity shares - - 1,118,722 Provision for impairment of bad & doubtful debts - - 1,714,352 Operating Profit before Working Capital Changes 41,714,577 83,725, ,111,935 (Increase) / decrease in inventories 27,946 33,468 46,429 Decrease / (increase) in trade & other receivable 4,849,332 2,847,573 (690,034) Decrease / (increase) in amounts due from related parties (12,257,501) - - Increase / (decrease) in trade & other payables (9,634,161) 4,920,049 (2,303,077) Cash Generated from Operations 24,700,193 91,526, ,165,253 Interest received 13,713,786 4,660,537 6,005,743 Employee benefits paid - (508,342) (548,342) Tax paid (27,766,844) (44,499,132) (49,169,156) Net Cash Generated from Operating Activities 10,647,135 51,179,728 67,453,498 Cash Flow From Investing Activities Acquisition of property plant and equipment (513,774) (2,165,012) (895,975) Acquisition of intangible assets (1,311,804) - (2,968,612) Net Proceeds from short term investments (21,631,011) (57,659,465) (93,574,049) Cash proceeds from property plant and equipment disposal ,000 Net proceed from employee share ownership trust fund - 10,998,320 Net Cash (used in) / Generated from Investing Activities (23,456,589) (59,824,477) (86,420,316) Net Increase in Cash & Cash Equivalents (12,809,454) (8,644,749) (18,966,818) Cash & Cash Equivalents at beginning of the Period 26,075,873 45,042,692 45,042,691 Cash & Cash Equivalents at end of the Period 13,266,419 36,397,943 26,075,873 Analysis of Cash and Cash Equivalents Cash at bank & in hand 13,266,419 36,397,943 26,075,873 13,266,419 36,397,943 26,075,873 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 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 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 published in the Annual report for the year ended 31st March The figures are provisional and subject to audit 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.

7 20 Largest Shareholders Name of Shareholder No of Shares % Holding 31-Dec-16 Voluntary Offer by Mobitel (Pvt) Limited to acquire all the ordinary shares of E-Channelling PLC 106,974, Mr.G.C. Goonetilleke 1,162, Mr.P. Rathnayaka 840, EST.OF.LAT Perera (Deceased) 577, Mr. F.N. Herft 450, Mr. H.A.V. Starrex 372, Mr. D Kotthoff 366, Dr. M.M. Rinoza 322, Mr. M Fazal 300, Mr. M.A.B Morahela 292, Mr. A.H Munasinghe 277, Mr. Z.G Carimjee 231, Mr.D.K.A.K. Weeratunga 219, Mrs.T.R. Selvanayagam 196, Mr.D.P. Kumarasingha 174, Dasatha Investments Limited 163, Mr. B.M.G Rathnasiri 150, Pan Asia Banking Corporation PLC/Mr.R.E. Rambukwelle 150, MBSL/H.W.R.S Jayawardena 144, Miss. W.J.M.I.T Perera 135, Sub Total 113,503, Others 8,628, Total Shares 122,131, Public Shareholding Number of Shareholders 1,723 Number of Shares 15,156,797 Percentage Holding 12.41% Directors Shareholding Name of Director Mr. D.J. Stephen As at 31st December Mr.S.A. Hettiarachchi - Mr. P.G.K. Sirisena - Mr. D.K. Senanayake - Mr. L.M. Paratz - Mr. N.T.M. Perera - Market Price Per Share For the 3 months ended 31st December LKR LKR Highest Lowest Last Traded

8 Corporate Information Name of the Company 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. P.G.K. Sirisena - Chairman Mr. D.K. Senanayake Mr. L.M. Paratz Mr. N.T.M. Perera 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 DFCC Bank National Development Bank