LANKA TILES PLC Provisional Financial Statements For the Six months ended 30th September 2017

Transcription

1 Provisional Financial Statements For the Six months ended 30th September 2017

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 3,505,567 3,577,881 3,505,567 3,577,881 Investment Properties 223, , Capital work-in-progress 37,235 30,909 37,235 30,909 Investment in Subsidiary - - 6,242 - Investment in Associate 943, , , ,052 Loans given to related companies 14,973 20,422 14,973 20,422 4,724,879 4,734,064 4,507,321 4,510,264 Current assets Inventories 1,816,825 1,434,412 1,816,825 1,434,412 Receivables & prepayments 821, , , ,695 Amounts due from related companies 456, , , ,092 Cash & cash equivalents 678,228 1,227, ,989 1,227,119 3,772,665 3,675,039 3,934,194 3,849,318 Total assets 8,497,544 8,409,103 8,441,515 8,359,582 EQUITY AND LIABILITIES Capital and reserves Stated capital (Note 3) 900, , , ,968 Reserves 6,011,459 5,742,660 5,961,795 5,693,558 Shareholders' funds 6,912,427 6,643,628 6,862,763 6,594,526 Non controlling interest 5, Total Equity 6,918,424 6,643,628 6,862,763 6,594,526 Non-current liabilities Interest bearing liabilities 28,049 56,224 28,049 56,224 Deferred tax liabilities 443, , , ,787 Retirement benefit obligations 133, , , , , , , ,405 Current liabilities Trade & other payables 488, , , ,264 Amounts due to related companies 135,184 91, ,184 91,276 Current tax liabilities 60,617 68,726 60,449 68,558 Interest bearing liabilities 63, ,416 63, ,416 Bank overdrafts 226, , , , ,270 1,141, ,902 1,140,651 Total liabilities 1,579,120 1,765,475 1,578,752 1,765,056 Total equity and liabilities 8,497,544 8,409,103 8,441,515 8,359,582 Net asset value per share (Rs.) Dhammika Perera Chairman J.A.P.M. Jayasekera Managing Director 30th October 2017

3 STATEMENT OF COMPREHENSIVE INCOME Variance % Variance % Period ended Quarter Six Months Quarter Six Months for the Quarter Six Months Quarter Six Months for the Rs.'000 Rs.'000 Rs.'000 Rs.'000 Six Months Rs.'000 Rs.'000 Rs.'000 Rs.'000 Six Months Export sales 66, ,937 52, , , ,937 52, , Local sales 1,588,935 2,765,193 1,252,506 2,272, ,588,935 2,765,193 1,252,506 2,272, Gross sales (inclusive of tax) 1,655,185 2,888,130 1,304,563 2,374, ,655,185 2,888,130 1,304,563 2,374, Sales (net of tax) 1,448,651 2,529,141 1,180,320 2,129, ,448,651 2,529,141 1,180,320 2,129, Cost of sales (802,804) (1,459,940) (601,001) (1,160,435) 26 (802,804) (1,459,940) (601,001) (1,160,435) 26 Gross profit 645,847 1,069, , , ,847 1,069, , , Other operating income 3,807 7,000 2,040 5, ,545 6,438 2,040 5, Distribution costs (177,451) (357,408) (164,863) (305,630) 17 (177,451) (357,408) (164,863) (305,630) 17 Administrative expenses (97,387) (185,097) (97,013) (187,732) (1) (97,387) (185,097) (97,013) (187,732) (1) Operating profit 374, , , , , , , , Net finance cost 20,956 42,954 36,029 61,385 (30) 20,956 42,954 36,029 61,385 (30) Share of results of associate 45,557 62,253 42,482 77,509 (20) 45,557 62,253 42,482 77,509 (20) Profit before taxation 441, , , , , , , ,106 3 Taxation (108,013) (157,902) (96,030) (146,730) 8 (108,013) (157,902) (96,030) (146,730) 8 Profit after tax 333, , , , , , , , Total comprehensive income for the year 333, , , , , , , ,376 1 Earnings per ordinary share-basic (Rs)

4 CASH FLOW STATEMENT Period ended Unaudited Unaudited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 Rs.'000 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES Profit before income tax 638, , , ,106 Adjustments for: Depreciation 117, , , ,529 (Gain)/Loss on disposal of fixed assets 1,667-1,667 - Net Finance income (42,452) (55,389) (42,452) (55,389) Provision for retirement benefit obligations 10,304 10,345 10,304 10,345 Share of results before tax of associate (62,253) (77,509) (62,253) (77,509) Operating profit (loss) before working capital changes 663, , , ,082 Changes in working capital (Increase)/Decrease in inventories (382,413) (303,716) (382,413) (303,716) (Increase)/Decrease in trade and other receivables (202,350) (18,834) (202,350) (18,834) (Increase)/Decrease in due from related parties (55,793) (58,076) (55,793) (58,076) Increase/(Decrease) in trade & other payables (4,540) (32,017) (3,978) (32,017) Increase/(Decrease) in due to related parties 43,908 4,217 43,908 4,217 Cash generated from operations 62, ,656 62, ,656 Net Finance income 42,452 55,389 42,452 55,389 Retirement benefit costs paid (1,683) (3,443) (1,683) (3,443) Income tax paid (166,011) (368,852) (166,011) (368,852) Net cash flows from/(used in) operating activities (62,499) (112,250) (62,499) (112,250) CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Acquisition of property,plant,equipment (53,492) (108,237) (53,492) (108,237) Investment in subsidiary - - (6,242) - Proceeds from disposal of fixed assets Net cash flows from /(used in) investing activities (53,442) (107,817) (59,684) (107,817) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES Dividend paid (212,202) - (212,202) - Proceeds from borrowings 50,000-50,000 - Repayment of borrowings (125,742) (98,822) (125,742) (98,822) Proceeds on issue of shares to minority shareholders 5, Net cash flows from /(used in) financing activities (281,947) (98,822) (287,944) (98,822) Net Increase/(Decrease) in cash and cash equivalents (397,888) (318,889) (410,127) (318,889) Movement in cash and cash equivalents Cash cash equivalents at the beginning of the period 849,982 1,529, ,982 1,529,777 Cash cash equivalents at the end of the period 452,094 1,210, ,855 1,210,888

5 STATEMENT OF CHANGES IN EQUITY Amalgamation Revaluation Retained Total Non Controlling Shareholders' Stated Capital Reserve Reserve Earnings Reserves Interest funds Rs.'000 Rs.'000 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 , , ,376 Balance as at 30th September , , ,856 4,054,450 5,353,457-6,254,425 Balance at 1st April , , ,856 4,443,653 5,742,660-6,643,628 Net profit for the period , , ,001 Dividend for 2017/2018 (Interim) (212,202) (212,202) - (212,202) Shares issued to minority shareholders ,997 5,997 Balance as at 30th September , , ,856 4,712,452 6,011,459 5,997 6,918,424 Amalgamation Stated Capital Reserve Revaluation Retained Total Non Controlling Shareholders' Reserve Earnings Reserves Interest funds Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance at 1st April , , ,856 3,584,487 4,883,494-5,784,462 Net profit for the period , , ,376 Balance as at 30th September , ,151-4,057,863 5,356,870-6,257,838 Balance at 1st April , , ,856 4,394,551 5,693,558-6,594,526 Net profit for the period , , ,439 Dividend for 2017/2018 (Interim) (212,202) (212,202) - (212,202) Balance as at 30th September , , ,856 4,662,788 5,961,795-6,862,763

6 Notes The above figures are provisional and subject to audit. 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 2017 and are in compliance with LKAS 34 - Interim Financial Reporting. Total number of shares in issue of the company as at 31st March 2017 is 53,050,410. 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. incurred Rs Mn during the quarter for the services rendered in improving the manufacturing processes. This service has been provided by related Companies of Royal Ceramics Lanka PLC and Vallibal One PLC. An Interim dividend of Rs.4.00 per share for the financial year 2017/18 was paid on 13th September During the quarter company invested for 51% shareholding in the subsidiary, Lankatiles Private Limited Which is incorporated in Bengaluru,India. intends to distribute locally manufactured tiles in the Indian market through this company. No events have occurred since the date of the financial position which would require adjustment to or disclosure in the interim financial statements. 10 Market prices recorded during the quarter ended 30th September Variance Rs.cts Rs.cts Rs.cts % Highest market price per share Lowest market price per share Closing market price per share Director's holding in shares as at 30th September 2017 Director's name Shareholding Number % Ms. A M L Page 2, Major Shareholders as at 30th September 2017 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, Caceis Bank Luxemburg S/A Barca Global Master Fund 1,249, Bank of Ceylon No. 1 Account 973, Mr. K R Kamon 537, Mr. A A Page 433, Aruna Enterprises (Pvt) Limited 128, Mr.S.M.Fernando 126, Mrs. A A Merchant 125, Deutsche Bank AG-Comtrust equity fund 113, Mr.Y.H Abdulhussein 98, Dr A C Visvalingam and Mrs Y I Visvalingam 94, Pinnacle trust (Pvt) Ltd 92, Sampath Bank Plc /Dr Semthilverl 90, Seylan Bank Plc /China Nalin Rajahmoney 72, Mrs B C Sansoni 62, Mr.M S Fernando 49, Saboor Chatoor (Pvt) Ltd 42, Sub Total 50,340, Others 2,709, Grand Total 53,050, Percentage of public holding as at 30th September 2017 was 29.16% comprising of 1,722 shareholders.