Interim Financial Statements For the period ended 30th June 2018

Transcription

1 Interim Financial Statements For the period ended 30th June 2018

2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPRIHENSIVE INCOME For the period ended Quarter Ended 30th June Six Month Ended 30th June Un-audited Un-audited Un-audited Un-audited LKR LKR LKR LKR Revenue 32,531,537 33,234,624 67,559,991 67,152,180 Cost of Sales/Direct Cost (1,625,355) (1,323,849) (3,408,200) (1,973,985) Gross Profit 30,906,182 31,910,775 64,151,790 65,178,195 Net Other Operating Income , ,579 Administrative Expenses (24,207,638) (27,177,194) (46,139,248) (49,766,787) Marketing & Distribution Expenses (2,100,996) (1,253,006) (5,400,002) (2,548,950) Profit From Operations 4,597,651 4,203,963 12,612,643 13,586,036 Finance Income 5,439,526 5,833,893 10,810,448 11,141,272 Net Finance (Expenses) / Income 5,439,526 5,833,893 10,810,448 11,141,272 Profit Before Taxation 10,037,176 10,037,856 23,423,092 24,727,308 Income Tax Expenses (2,590,574) (4,307,495) (6,645,845) (8,151,318) Profit for the Period 7,446,602 5,730,361 16,777,247 16,575,990 Other Comprehensive Income Net change in fair value of available-for-sale financial assets (54,962) 243,440 (24,221) 153,320 Remeasurement of employee benefit obligation (394,156) 2,832, ,238 6,271,281 Deferred tax impact on acturial (gain)/ loss 110,364 (793,138) (162,187) (1,755,959) Other Comprehensive Income for the Period (338,754) 2,282, ,830 5,787,365 Total Comprehensive Income for the Period 7,107,848 8,013,298 17,170,077 22,363,355 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 STATEMENT OF FINANCIAL POSITION As at 30th June LKR LKR Un-audited Audited ASSETS Non Current Assets Property, plant & equipment 10,530,520 12,571,218 Intangible assets 1,033,197 1,756,291 Deferred tax assets 1,238, ,167 Total Non Current Assets 12,801,803 14,453,676 Current Assets Inventories 1,149,425 1,430,225 Trade & other receivables 94,720,181 72,896,032 Amount due from related parties 4,013,196 41,414,132 Short term investments 202,788, ,286,113 Cash & cash equivalents 4,954,879 4,934,307 Total Current Assets 307,626, ,960,809 Total Assets 320,427, ,414,485 EQUITY AND LIABILITIES Equity Stated capital 93,758,316 93,758,316 Retained earnings 133,290, ,629,267 Available for sale reserve 218, ,332 Total Equity 227,267, ,629,915 Non Current Liabilities Employee benefits 6,785,596 5,756,832 Total Non Current Liabilities 6,785,596 5,756,832 Current Liabilities Trade & other payables 41,900,631 40,324,459 Amount due to related parties 826,925 - Income tax liability 5,996,919 9,574,803 Bank Overdraft 37,650,622 32,128,476 Total Current Liabilities 86,375,097 82,027,738 Total Liabilities 93,160,693 87,784,570 Total Equity & Liabilities 320,427, ,414,485 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 Senior 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 N.T.M.Perera Director Signed K.G.D.Sudharshana 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 30th June 2018 Stated Capital Available forsale Reserve Retained Earnings Total LKR LKR LKR LKR Balance as at 31st December ,758, , ,322, ,480,524 Profit for the period (Six Months) ,575,990 16,575,990 Net Change in Fair Value of Available-For-Sale Financial Assets - 153,320 4,515,322 4,668,643 Balance as at 30th June ,758, , ,413, ,725,157 Profit for the period (Six Months) ,995,702 18,995,702 Net Change in Fair Value of Available-For-Sale Financial Assets - (310,590) (4,780,353) (5,090,943) Balance as at 31st December ,758, , ,629, ,629,916 Profit for the period (Six Months) - 16,777,247 16,777,247 Net Change in Fair Value of Available-For-Sale Financial Assets - (24,221) 417, ,831 Final dividend (30,532,854) (30,532,854) Balance as at 30th June ,758, , ,290, ,267,139 Figures in the brackets indicate deductions. The above figures are provisional and subject to audit.

5 CASH FLOW STATEMENT For the period ended Un-audited Un-audited LKR LKR Cash Flow From Operating Activities Profit Before Tax 23,423,092 24,727,308 Adjustments for : Depreciation and amortization 3,654,838 3,587,460 Provision for employee benefits 1,608,001 7,588,407 Interest income (10,810,448) (5,833,892) Profit on disposal of property, plant and equipment - (723,288) Operating Profit before Working Capital Changes 17,875,483 29,345,996 (Increase) / decrease in inventories 280,800 18,272 Decrease / (increase) in trade & other receivable (21,824,149) (6,295,823) Decrease / (increase) in amounts due from related parties 38,227,861 1,088,035 Increase / (decrease) in trade & other payables 997,953 9,228,228 Cash Generated from Operations 35,557,948 33,384,708 Interest received 11,025,176 5,802,214 Tax paid (11,497,836) (13,393,532) Net Cash Generated from Operating Activities 35,085,288 25,793,390 Cash Flow From Investing Activities Acquisition of property plant and equipment (891,050) (773,700) Net Proceeds from short term investments (9,740,783) (9,473,119) Cash proceeds from property plant and equipment disposal - 2,400,000 Net proceed from employee share ownership trust fund - (2,417,407) Dividend Payment (29,955,028) - Net Cash (used in) / Generated from Investing Activities (40,586,861) (10,264,225) Net Increase in Cash & Cash Equivalents (5,501,573) 15,529,165 Cash & Cash Equivalents at beginning of the Period (27,194,169) 13,266,418 Cash & Cash Equivalents at end of the Period (32,695,743) 28,795,583 Analysis of Cash and Cash Equivalents Cash at bank & in hand 4,954,879 28,795,583 Bank Overdraft (37,650,622) - (32,695,743) 28,795,583 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 December 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 December 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 December Basic earnings per share is calculated by dividing the net profit for the respective period attributable to ordinary shareholders of the entity by the weighted average number of ordinary shares outstanding during that period.

7 20 Largest Shareholders Name of Shareholder No of Shares % Holding 30-Jun-18 Mobitel (Pvt) Ltd 106,974, Mr.G.C. Goonetilleke 1,162, Mr. F.N. Herft 851, Mr.P. Rathnayaka 840, Dr. M.M. Rinoza 322, Mr. M Fazal 300, EST.OF.LAT Perera (Deceased) 294, Mr. M.A.B Morahela 292, Mr. A.H Munasinghe 277, Mrs.N.D Palliya Guruge 260, Mrs.N.M Fazeel / Mr.M.F.M Fazeel 253, Mr. H.A.V. Starrex 239, Mr. Z.G Carimjee 231, Mr.D.K.A.K. Weeratunga 219, Mr. Weerakoon B.A.N.D.A 208, Mrs.T.R. Selvanayagam 201, MBSL/H.W.R.S Jayawardena 177, Mr.D.P. Kumarasingha 174, Mr. M.H.A Kamil 169, Dasatha Investments Limited 163, Sub Total 113,613, Others 8,518, Total Shares 122,131, Public Shareholding Number of Shareholders 1,763 Number of Shares 15,156,797 Percentage Holding 12.41% Directors Shareholding Name of Director Mr. D.J. Stephen As at 30th June Mr.S.A. Hettiarachchi - Mr. P.G.K. Sirisena - Mr. D.K. Senanayake - Mr. L.M. Paratz - Mr. N.T.M. Perera - Mr.K.G.D. Sudharshana - Market Price Per Share For the 3 months ended 30 th June LKR LKR Highest Lowest Last Traded

8 Corporate Information Name of the Company Company Registration No PQ 205 Registered Office No.409, R.A.De Mel Mawatha, Colombo 03 Telephone (+94 71) Telefax (+94 11) Website Contant Person Legal Form Board of Directors Secretaries of the Company Auditors Lawyer(s) Bankers Dhammika Alahakoon (Senior Manager Finance) 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 Mr.K.G.D. Sudharshana 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 Amana Bank PLC National Development Bank