Bogala Graphite Lanka PLC. Financial Statements

Transcription

1 Bogala Graphite Lanka PLC Financial Statements Quarter ended 30th September 2017

2 BOGALA GRAPHITE LANKA PLC Statement of Profit or Loss and Other Comprehensive Income For the Period ended 30th September 2017 Quarter Nine Months Un audited 3rd Quarter Ended 30/09/2017 Un audited 3rd Quarter Ended 30/09/2016 Un audited Nine Months Ended 30/09/2017 Un audited Nine Months Ended 30/09/2016 % REVENUE 194,336, ,898, ,562, ,822,203 (1,259,477) 0% Cost of Sales (128,663,516) (111,314,398) (363,887,692) (330,192,314) (33,695,378) 10% Gross Profit 65,672,576 77,583, ,675, ,629,889 (34,954,854) -18% Other Income and Gains 206,221 3,803, ,476 11,134,535 (10,666,059) -96% Selling and Distribution Costs (25,947,780) (24,643,783) (71,850,351) (73,278,564) 1,428,214-2% Administrative Expenses (30,387,765) (28,951,390) (82,019,921) (79,190,915) (2,829,006) 4% Exchange Gain/(Loss) (Note 8) (502,134) 1,878,004 (3,221,583) 3,429,121 (6,650,703) -194% Operating Profit 9,041,117 29,670,659 7,051,656 60,724,065 (53,672,408) -88% Finance Cost (1,999,663) (2,154,325) (6,088,634) (6,666,025) 577,391-9% Finance Income 1,328, ,638 3,034,592 1,984,829 1,049,763 53% Profit Before Tax 8,370,208 28,218,973 3,997,613 56,042,869 (52,045,255) -93% Income Tax Expense (1,562,820) (4,332,579) (4,297,404) (6,464,773) 2,167,369-34% (Loss)/Profit for the period 6,807,388 23,886,394 (299,791) 49,578,096 (49,877,887) -101% Other Comprehensive Income, Net of Income Tax Total Comprehensive Income for the period 6,807,388 23,886,394 (299,791) 49,578,096 (49,877,887) -101% (Loss)/Earnings Per Share (0.00) 0.52 Variance 1 Page

3 As at ASSETS BOGALA GRAPHITE LANKA PLC Statement of Financial Position Un audited Audited Property, Plant and Equipment 249,261, ,841,373 Other Non Current Financial Assets 21,467,282 18,434,971 Non-Current Assets 270,729, ,276,344 Notes Inventories 114,862, ,020,923 Trade and Other Receivables 141,354, ,798,312 Advances and Prepayments 12,698,120 11,551,674 Other Financial Assets 14,840,009 11,787,496 Cash and Cash Equivalents 44,272,194 63,250,862 Current Assets 328,027, ,409,267 Total Assets 598,756, ,685,611 EQUITY Stated Capital 102,074, ,074,201 Reserves 5,718,298 5,718,298 Retained Earnings 241,210, ,510,580 Total Equity 349,003, ,303,079 Liabilities Interest Bearing Loans and Borrowings 98,205, ,592,147 Deferred Tax Liability 4,384,020 4,384,020 Employee Benefit Liability 54,929,323 48,011,112 Other Liabilities 8,615,674 Non-Current Liabilities 166,134, ,987,279 Trade and Other Payables 48,121,327 32,206,336 Income Tax Payables 2,264,441 6,905,519 Interest Bearing Loans and Borrowings 33,232,867 30,283,398 Current Liabilities 83,618,636 69,395,253 Total Liabilities 249,753, ,382,532 Total Equity and Liabilities 598,756, ,685,611 Net Assets Per Share () These financial statements are in compliance with the requirements of Companies Act No 07 of Certified by,.. Sugath Amarasinghe 0 Finance Director The Board of Directors are responsible for the preparation and presentation of these financial statements, signed for and on behalf of the Board of Directors by... Vijaya Malalasekera A.P. Jayasinghe Chairman Chief Executive Officer 01 November Page

4 BOGALA GRAPHITE LANKA PLC STATEMENT OF CHANGES IN EQUITY Stated Revaluation Retained Total Capital Reserve Earnings Equity Balance as at 1 January ,074,201 5,718, ,514, ,306,874 Profit for the period ,578,096 49,578,096 Other comprehensive income, net of income tax Total comprehensive income for the period ,578,096 49,578,096 Transactions with owners of the Company Capitalization of reserves 22,000,000 - (24,200,000) (2,200,000) Total transactions with owners of the Company 22,000,000 - (24,200,000) (2,200,000) Balance as at 30th September ,074,201 5,718, ,892, ,684,970 Profit for the period ,205,955 60,205,955 Other comprehensive income, net of income tax - Actuarial losss on defined benefit plan - - (609,760) (609,760) Total comprehensive income for the year ,596,195 59,596,195 Transactions with owners of the Company Total transactions with owners of the Company Balance as at 31 December ,074,201 5,718, ,488, ,281,165 Balance as at 1 January ,074,201 5,718, ,510, ,303,079 Loss for the period - - (299,791) (299,791) Other comprehensive income, net of income tax Total comprehensive income for the period - - (299,791) (299,791) Balance as at 30th September ,074,201 5,718, ,210, ,003,288 3 Page

5 BOGALA GRAPHITE LANKA PLC STATEMENT OF CASH FLOW Period Ended 30th September 2017 Cash Flows From / (Used in) Operating Activities Profit/(Loss) Before Taxation 30/09/ /09/2016 3,997,613 56,042,869 Adjustments for Depreciation on Property Plant & Equipments 29,740,146 34,252,075 Foreign Currency Gains 3,221,583 (3,429,121) Finance Income (3,034,592) (1,984,829) Finance Costs 6,088,634 6,666,025 Provision for Employee Benefits 9,979,400 7,750,000 Provision for Death Compensation 9,865,275 - Operating Profit before Working Capital Changes 59,858,060 89,000,280 Increase in Inventories (2,841,400) 3,786,591 Increase in Trade and Other Receivables (39,702,801) (42,750,019) Increase in Other Financial Assets (6,084,824) 1,737,110 Increase in Trade and Other Payables 14,665,390 3,564,859 Cash Generated from Operations 25,894,425 55,338,820 Interest Received 3,034,592 1,984,829 Income Tax Paid (8,938,486) (2,732,972) Gratuity Paid (3,061,190) (4,103,018) Net Cash Flows From Operating Activities 16,929,341 50,487,659 Cash Flows From Investing Activities Acquisition of Property, Plant and Equipment (19,160,714) (33,112,891) Proceeds from sale of Property Plant & Equipments - 10,296,739 Net Cash Used In Investing Activities (19,160,715) (22,816,151) Cash Flows From Financing Activities Repayment of Interest Bearing Loans and Borrowings (21,266,847) (27,780,716) Principal Payment under Finance Lease Liabilities (2,460,593) (3,704,205) Finance Cost Paid (6,088,634) (6,666,025) Net Cash Used in Financing Activities (29,816,075) (38,150,946) Net Decrease in Cash and Cash Equivalents (32,047,449) (10,479,438) Effect of Exchange Rate Changes on Cash and Cash Equivalents 13,068,782 10,396,250 Net Increase in Cash and Cash Equivalents (18,978,668) (83,188) Cash and Cash Equivalents at the beginning of the Year 63,250,862 32,804,003 Cash and Cash Equivalents at the end of the Period 44,272,194 32,720,815 4 Page

6 BOGALA GRAPHITE LANKA PLC. NOTES TO THE ACCOUNTS (1) Corporate Information - Bogala Graphite Lanka PLC is a public limited company incorporated and domiciled in Sri Lanka and listed on Colombo Stock Exchange. The address of the company's principle place of business is Bogala Mines, Aruggammana. (2) Interim Financial Statements - These financial statements for the period ended 30th September 2017, have been prepared in accordance with the accounting policies set out in the annual report for the year ended 31st December 2016, are provisional and subject to audit. (3) Approval of Financial Statements - The interim financial statements of the Company for the Period ended 30th September 2017 were authorized for issue by the Board of Directors on 1st November 2017 (4) Basis of Preparation - The interim financial statements of the Company have been prepared in compliance with Sri Lanka Accounting Standard (SLAS) LKAS 34 - Interim Financial Reporting. Financial Statements are in compliance with the Companies Act No.07 of 2007, the Sri Lanka Accounting and Auditing Standards Act No.15 of 1995 and CSE Guidelines. The accounting policies have been consistently applied in preparation of the Interim Financial Statements by the Company and, are consistent with those used in the previous year. Previous year figures and phrases have been re-arranged whenever necessary to conform to current presentation. All known expenses have been provided for in financial statements. (5) Contingencies, Capital and Other Commitments - There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual report for the year ended 31st December (6) Material events subsequent to the interim period - No circumstances have arisen since the reporting date, which would require adjustments to or disclosure in the financial statements (7) Functional Currency - The financial statements are presented in Sri Lankan rupees, which is the Company's functional currency. (8) Foreign currency transactions - Transactions in foreign currency are translated to the functional currency at exchange rates at the date of the transactions. All monetary assets and liabilities denominated in foreign currency at the reporting date are translated at the rate prevailing on the reporting date. Net Exchange loss shown separately in the Statement of Profit or Loss amounting to 3,2Mn for the period ended 30th September 2017 comprises an unrealized exchange loss of 15.5Mn on the revaluation of the Euro Loan amounting to 697,860. Exchange Gain for the comparative period was 3.4Mn. (9) Capitalisation of Retained Earnings - The Company has completed the capitalisation of retained earnings amounted to 22.0 million as fully paid shares to increase the stated capital in the proportion of 1:1 during Accordingly the number of ordinary shares have increased to 94,632,904 and the new number of shares were used in calculating the Earnings per share and Net assets per share. Further comparative Earnings per Share and Net Assets per Share (EPS/NAPS) were also recalculated based on new number of shares and adjusted retrospectively. (10) Market Value details for the Quarter is indicated below. The Market Price/Ratios 09/30/ /30/2016 Highest price per share ( ) (25/07/ 2016) Lowest price per share 13.40( ) (07/07/ 2016) Last Traded Price (Closing Price) Net Assets Value per share Quick Asset Ratio 2.3:1 2.35:1 5 Page

7 BOGALA GRAPHITE LANKA PLC. TOP 20 SHAREHOLDER LIST AS AT 30TH SEPTEMBER 2017 Shareholder Name No of Shares % 1 GRAPHIT KROPFMUHL GMBH 75,310, ALTERNA GK LLC 9,775, SECRETARY TO THE TREASURY 509, MRS. N.TIRIMANNE 374, PEOPLES LEASING & FINANCE PLC/L.P.HAPANGAMA 258, BIMPUTH FINANCE PLC 239, MR. W.A.DE SILVA (DECEASED) 181, MR. D.M.KODIKARA 121, MR. A.J.M.JINADASA 111, UNIVOGUE GARMENTS (PVT) LIMITED. 99, MR. M.H.HANIFFA 81, MRS. N.MULJIE 69, MR. K.S.M.RODRIGO 61, ASHA FINANCIAL SERVICES LIMITED/MR.C.N.PAKIANATHAN 59, MR. M.Z.RASHEED 58, MR. N.A.WITHANA 54, MR. M.S.HIRIPITIYA 53, MR. A.R.IBRAHIM 47, PEOPLES LEASING & FINANCE PLC/L.H.L.M.P.HARADASA 46, MR. T.K.FERNANDO 42, Shares not taken into Account to compute Public Holding Name No of Shares % GRAPHIT KROPFMUHL GmbH 75,310, ALTERNA GK LLC 9,775, Total 85,085, Percentage of public holding as at was 10.09% Number of Shares held by Public 9,547,256 Percentage 10.09% Director's Shareholding No of Shares as at Name Mr. V.P. Malalasekara- Chairman Nil Nil Mr. Thomas A Junker Nil Nil Mr. J.C.P. Jayasinghe Nil Nil Mr. Roger Miller Nil Nil Mr. A.P. Jayasinghe - CEO/MD Nil Nil Ms. C. Pietersz Nil Nil Mr. T. Mueller Nil Nil Mr. Sugath Amarasinghe Nil Nil Mr. Mohamed Adamaly Nil Nil Total No of Shareholders 9,450 Total No. of shareholders who hold the Public Holding 9,448 No. of Shares Representing Stated Capital 94,632,904 6 Page