LANKA TILES PLC Provisional Financial Statements For the Nine months ended 31st December 2016

Transcription

1 Provisional Financial Statements For the Nine months ended 31st December 2016

2 STATEMENT OF FINANCIAL POSITION As at Unaudited Audited Unaudited Audited Rs.'000 Rs.'000 Rs.'000 Rs.'000 ASSETS Non-current assets Property, plant and equipment 3,734,288 3,549,934 3,562,984 3,378,631 Capital work-in-progress 39,942 20,217 39,942 20,217 Investment in Subsidiary Nil Nil Nil Nil Investment in Associate 839, , , ,543 Loans given to related companies 25,925 49,050 25,925 49,050 4,640,075 4,344,744 4,468,771 4,173,441 Current assets Inventories 987, , , ,256 Receivables & prepayments 692, , , ,259 Amounts due from related companies 436, , , ,727 Cash & cash equivalents 1,402,083 1,586,065 1,402,083 1,586,065 3,519,010 3,331,591 3,693,563 3,506,307 Total assets 8,159,085 7,676,335 8,162,334 7,679,748 EQUITY AND LIABILITIES Capital and reserves Stated capital (Note 3) 900, , , ,968 Reserves 5,624,940 4,880,081 5,628,189 4,883,494 Shareholders' funds 6,525,908 5,781,049 6,529,157 5,784,462 Non-current liabilities Interest bearing liabilities 88, ,824 88, ,824 Deferred tax liabilities 453, , , ,542 Retirement benefit obligations 138, , , , , , , ,439 Current liabilities Trade & other payables 535, , , ,095 Amounts due to related companies 178, , , ,671 Current tax liabilities 85, ,660 85, ,660 Interest bearing liabilities 138, , , ,133 Bank overdrafts 14,371 56,288 14,371 56, ,375 1,051, ,375 1,051,847 Total liabilities 1,633,177 1,895,286 1,633,177 1,895,286 Total equity and liabilities 8,159,085 7,676,335 8,162,334 7,679,748 Net asset value per share (Rs.) Sgd W.D.N.H Perera Chairman Sgd J.A.P.M. Jayasekera Managing Director 30th January 2017

3 STATEMENT OF COMPREHENSIVE INCOME Period ended Variance % Quarter Nine Months Quarter Nine Months Quarter Nine Months for the Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Period Export sales 53, ,773 53, ,773 50, , Local sales 1,982,999 4,255,380 1,982,999 4,255,380 1,919,803 4,478,474 (5) Gross sales (inclusive of tax) 2,036,034 4,410,153 2,036,034 4,410,153 1,970,532 4,615,440 (4) Sales (net of tax) 1,791,873 3,921,736 1,791,873 3,921,736 1,781,461 4,174,973 (6) Cost of sales (1,004,876) (2,165,311) (1,004,876) (2,165,311) (1,014,932) (2,330,656) 7 Gross profit 786,997 1,756, ,997 1,756, ,529 1,844,317 (5) Other operating income 8,255 13,401 7,955 13,101 3,523 8, Distribution costs (214,746) (520,376) (214,746) (520,376) (165,520) (462,922) (12) Administrative expenses (121,433) (309,165) (121,297) (309,029) (122,688) (336,551) 8 Operating profit 459, , , , ,844 1,053,579 (11) Net finance income 26,573 87,958 26,573 87,958 13,534 34, Share of results of associate 49, ,943 49, ,943 50,240 94, Profit before taxation 535,080 1,155, ,916 1,155, ,618 1,182,953 (2) Taxation (130,971) (277,701) (130,971) (277,701) (12,154) (178,154) (56) Profit after tax 404, , , , ,464 1,004,799 (13) Other comprehensive income Total comprehensive income for the yea 404, , , , ,464 1,004,799 (13) Earnings per ordinary share-basic (Rs) (13)

4 CASH FLOW STATEMENT Period ended Unaudited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES Profit before income tax 1,155,186 1,155,022 1,182,953 Adjustments for: Depreciation 165, , ,338 (Gain)/Loss on disposal of fixed assets - - 1,521 Finance costs (77,813) (77,813) (34,942) Provision for retirement benefit obligations 15,517 15,517 14,156 Share of results before tax of associate (126,943) (126,943) (94,432) Operating profit (loss) before working capital changes 1,131,483 1,131,319 1,246,594 Changes in working capital (Increase)/Decrease in inventories (55,329) (55,329) 191,194 (Increase)/Decrease in trade and other receivables (179,109) (178,809) (15,098) (Increase)/Decrease in due from related parties (101,272) (101,408) 195,815 Increase/(Decrease) in trade & other payables 91,755 91,755 (94,848) Increase/(Decrease) in due to related parties 41,621 41,621 60,511 Cash generated from operations 929, ,149 1,584,168 Finance income/(cost) 77,813 77,813 34,942 Retirement benefit costs paid (5,993) (5,993) (5,536) Income tax paid (469,114) (469,114) (228,442) Net cash flows from/(used in) operating activities 531, ,855 1,385,132 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Acquisition of property,plant,equipment (370,035) (370,035) (97,064) Proceeds from disposal of fixed assets ,822 Net cash flows from /(used in) investing activities (369,615) (369,615) (92,242) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES Dividend paid - - (212,202) Proceeds from borrowings (171,679) (171,679) 50,000 Repayment of borrowings (132,626) (132,626) (134,038) Net cash flows from /(used in) financing activities (304,305) (304,305) (296,240) Net Increase/(Decrease) in cash and cash equivalents (142,065) (142,065) 996,650 Movement in cash and cash equivalents Cash and cash equivalents at the beginning of the period 1,529,777 1,529, ,331 Cash and cash equivalents at the end of the period 1,387,712 1,387,712 1,614,981

5 STATEMENT OF CHANGES IN EQUITY Amalgamation Revaluation Retained Total Shareholders' Stated Capital Reserve Reserve Earnings Reserves funds Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance at 1st April , , ,856 3,581,074 4,880,081 5,781,049 Net profit for the period , , ,485 Other comprehensive income Dividend for 2016/2017 (Interim) (132,626) (132,626) (132,626) Balance as at 31st December , , ,856 4,325,933 5,624,940 6,525,908 Amalgamation Revaluation Retained Total Shareholders' Stated Capital Reserve Reserve Earnings Reserves funds Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance at 1st April , ,151-2,680,337 3,140,488 4,041,456 Net profit for the period ,004,799 1,004,799 1,004,799 Other comprehensive income Dividend for 2015/2016 (Interim) (212,202) (212,202) (212,202) Balance as at 31st December , ,151-3,472,934 3,933,085 4,834,053 Balance at 1st April , , ,856 3,584,487 4,883,494 5,784,462 Net profit for the period , , ,321 Other comprehensive income Dividend for 2016/2017 (Interim) (132,626) (132,626) (132,626) Balance as at 31st December , , ,856 4,329,182 5,628,189 6,529,157

6 Notes 1 The above figures are provisional and subject to audit. 2 The accounting policies followed in the preparation of interim financial statements are consistent with those followed in the preparation of financial statements for the year ended 31st March 2016 and are in compliance with LKAS 34 - Interim Financial Reporting. 3 Total number of shares in issue of the company as at 31st March 2016 is 53,050, There have been no changes in contingent assets and contingent liabilities since 31 st March The presentation and classification of figures for corresponding period of the previous year have been amended, where relevant, to be comparable with those for the current year. 6 incurred Rs Mn during the quarter for the services rendered in improving the manufacturing processes. This service has been provided by related, Royal Ceramics Lanka PLC. 7 8 An Interim dividend of Rs.2.50 per share for the financial year 2016/17 was approved by the board of directors on 11th October 2016 and paid on 1st November No events have occurred since the date of the financial position which would require adjustment to or disclosure in the interim financial statements. 9 Market prices recorded during the quarter ended 31st December Variance Rs.cts Rs.cts Rs.cts % Highest market price per share (5.70) (4.84) Lowest market price per share (12.00) (11.21) Closing market price per share (15.00) (13.53)

7 10 Director's holding in shares as at 31st December 2016 Director's name Shareholding Number % Ms. A M L Page 2, Major Shareholders as at 31st December 2016 Shareholder's name Shareholding Number % 1 Lanka Walltiles PLC 36,189, Employees Provident Fund 4,968, BNYM SA/NV-Frontaura Global Frontier Fund Llc 3,505, Royal Ceramics Lanka PLC 1,388, Bank of Ceylon No. 1 Account 973, Mr. K R Kamon 537, Mr. A A Page 433, Mr D F G Dalpethado and Mrs H F A K D Fonseka 395, Mr T Ono 143, HSBC Intl nom Ltd -USB Ag Zurich 135, Aruna Enterprises (Pvt) Limited 128, Mr.S.M.Fernando 126, Mrs. A A Merchant 125, Deutsche Bank AG-Comtrust equity fund 108, National Development Bank of Sri Lanka Limited A/C 100, Mr.Y.H Abdulhussein 98, Pinnacle trust (Pvt) Ltd 92, Sampath Bank Plc /Dr Semthilverl 90, Mr.M.A.H.Esufally 78, Dr A C Visvalingam and Mrs Y I Visvalingam 77, Sub Total 49,696, Others 3,353, Grand Total 53,050, Percentage of public holding as at 31st December 2016 was 29.16% comprising of 1,787 shareholders.