CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS 31ST DECEMBER 2017

Transcription

1 CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS 31ST DECEMBER 2017

2 CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS - 31ST DECEMBER 2017 CONTENTS Interim Income Statement Interim Statement of Comprehensive Income Interim Statement of Financial Position Interim Statement of Changes in Equity Interim Statement of Cash Flows Selective Notes to the Interim Financial Statements Corporate Information

3 Interim Income Statement Note Three months ended 31st December Year ended 31st December Change % Change % Revenue 2,806,547 2,945,510 (5) 11,052,496 12,089,111 (9) Cost of sales (1,684,348) (1,672,744) 1 (6,311,851) (6,418,424) (2) Gross profit 1,122,199 1,272,766 (12) 4,740,645 5,670,687 (16) Distribution costs (206,076) (176,381) 17 (658,948) (537,596) 23 Administrative expenses (179,280) (215,992) (17) (681,277) (620,823) 10 Other operating income (59) 5,461 3, Operating profit 737, ,793 (16) 3,405,882 4,515,443 (25) Finance income 22,300 38,711 (42) 95, ,266 (49) Finance costs (776) (13) 6,002 (5,153) (38) 13,461 Profit before income tax 758, ,491 (18) 3,495,785 4,702,671 (26) Income tax expense (209,299) (227,612) (8) (942,262) (1,222,261) (23) Profit for the period 549, ,879 (21) 2,553,523 3,480,410 (27) Earnings per share attributable to the equity holders of the company during the year Basic earnings per share (expressed in LKR) Notes -The above figures are not audited. Figures in brackets indicate deductions. Chevron Lubricants Lanka PLC Interim Statement of Comprehensive Income Note Three months ended 31st December Year ended 31st December Change % Change % Profit for the period 549, ,879 (21) 2,553,523 3,480,410 (27) Other comprehensive income / (expense): Actuarial gain /(loss) on retirement benefit obligations Deferred tax attributable to remeasurement of retirement benefit obligation Other comprehensive income / (expense) for the period Total comprehensive income for the period (26,290) 18,311 - (26,290) 18,311 7,361 (5,127) - 7,361 (5,127) (18,929) 13,184 - (18,929) 13, , ,063 (21) 2,534,594 3,493,594 (27)

4 Interim Statement of Financial Position ASSETS Non-current assets Note 31st December 31st December Property, Plant & Equipment 2,066,551 2,132,858 Trade and other receivables 77,294 74,915 Current assets 2,143,845 2,207,773 Inventories 2,045,945 1,789,585 Trade and other receivables 1,129,978 1,138,882 Cash and cash equivalents 24,699 1,910,267 3,200,622 4,838,733 Total assets 5,344,467 7,046,506 EQUITY AND LIABILITIES Equity attributable to owners of the parent Stated capital 600, ,000 Retained earnings 3,395,217 3,260,623 Total equity 3,995,217 3,860,623 Liabilities Non-current liabilities Retirement benefit obligations 162, ,511 Deferred tax liabilites 245, , , ,815 Current liabilities Trade and other payables 524,757 2,139,094 Current income tax liabilities 416, , ,305 2,820,069 Total liabilities 1,349,250 3,185,884 Total equity and liabilities 5,344,467 7,046,506 Net Assets per Share (Rs.) Note: The above figures are not audited. I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of (Sgd)Erande De Silva Manager Finance & Planning The Board of Directors is responsible for the preparation and presentation of these financial statements The financial statements were authorised for issue by the Board of Directors on 1st February 2018 Kishu Gomes Managing Director / CEO 1st February 2018 Anura Perera Director / Chief Financial Officer

5 Interim Statement of Cash Flows Note Year ended 31st December Cash flows from operating activities Cash generated from operations (i) 2,600,420 4,906,015 Interest paid (5,065) (38) Retirement benefits paid (8,633) (7,959) Income tax paid (1,199,913) (1,185,350) Net cash generated from operating activities 1,386,809 3,712,668 Cash flows from investing activities Purchase of Property, Plant & Equipment (95,117) (91,316) Proceeds from disposal of Property, Plant & Equipment 3, Interest received 59, ,668 Net cash used in investing activities (32,377) 58,550 Cash flows from financing activities Dividends paid (3,240,000) (4,200,000) Net cash used in financing activities (3,240,000) (4,200,000) Net increase / (decrease) in cash and cash equivalents (1,885,568) (428,782) Movement in cash and cash equivalents Cash and cash equivalents at beginning of period 1,910,267 2,339,049 Increase in cash and cash equivalents (1,885,568) (428,782) Cash and cash equivalents at end of period 24,699 1,910,267 Note (i) Cash generated from operations Year ended 31st December Profit before taxation 3,495,785 4,702,671 Adjustments for : Depreciation 161, ,966 Property, plant and equipment written-off 11 3,230 Amortisation of marketing support fee paid 18,662 22,160 (Profit)/Loss on disposal of property, plant and equipment (3,461) (109) Interest income (55,622) (145,130) Interest expense 5, (Reversal of provision)/provision for impairment of trade receivables 2,045 (769) Defined benefit obligations 25,059 20,224 Changes in working capital - trade and other receivables (17,826) (16,635) - inventories (256,360) (480,966) - payables (774,425) 650,335 Cash generated from operations 2,600,420 4,906,015

6 Interim Statement of Changes in Equity Stated Retained Total Capital Earnings Equity Balance as at 1st January ,000 4,087,029 4,687,029 Profit for the period Nil 3,480,410 3,480,410 Other comprehensive income for the period, net of tax Nil 13,184 13,184 Transactions with owners - Dividends Nil (4,320,000) (4,320,000) Balance as at 31st December ,000 3,260,623 3,860,623 Balance as at 1st January ,000 3,260,623 3,860,623 Profit for the period Nil 2,553,523 2,553,523 Other comprehensive expense for the period, net of ta Nil (18,929) (18,929) Transactions with owners - Dividends (2,400,000) (2,400,000) Balance as at 31st December ,000 3,395,217 3,995,217

7 Notes to the Financial Statement for the period ended 31/12/ General information Chevron Lubricants Lanka PLC carries on the business of importing, blending, distributing and marketing of lubricant oils and greases. The Company is a public limited liability company incorporated and domiciled in Sri Lanka. The address of its registered office is Chevron House, 490, Galle Road, Colombo 03. The Company has its primary listing on the Colombo Stock Exchange. These financial statements have been approved for issue by the Board of Directors on 1st February Basis of preparation These condensed interim financial statements of Chevron Lubricants Lanka PLC for the year ended 31st December 2017, do not include all the information required for full annual financial statements. They have been prepared in accordance with LKAS 34 and with those SLFRS and IFRIC interpretations issued and effective at the time of their preparation and applicable for interim financial statements. 3 Accounting policies 4 Net assets per share has been computed based on number of shares in issue as at 31/12/ The accounting policies adopted are consistent with those of the previous financial year. No circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in the Financial Statements. 6 There has not been a significant change in the nature of the contingent Liabilities which were disclosed in the Annual Report for the year ended 31st December Share price movement The market prices during the quarter Year ended Highest price Rs Lowest price Rs Last traded price Rs Stated Capital is represented by 240,000,000 ordinary Shares. Company effected an increase of the Company's shares by way of a subdivision of each ordinary share into two ordinary shares thus increasing the number of shares from 120,000,000 ordinary shares to 240,000,000 effective 7th June Notes to the Financial Statement for the year ended 31/12/2017 Continued 9 Names and the Number of Shares held by the largest 20 shareholders as at 31st December 2017 : Name of Shareholders 1 Chevron Ceylon Limited 2 Renuka Hotels Limited 3 BNYM SA/NV- Blackrock Frontiers Investment Trust PLC Number of Shares % 122,400, ,201, ,443, BNYM SA/NV-NEON LIBERTY EMERGING MARKETS FUND LP 5 6 4,177, RBC Investor Services Bank- COELI SICAV I- FRONTIER MARKETS FUND 4,175, Northern Trust Global Services London S/A VERDIPAPIRONDET ODIN EMERGING MARKETS 3,444, Cargo Boat Development Company Limited 8 Sri Lanka Insurance Corporation LTD- LIFE FUND 9 BNYM SA/NV- FRONTAURA GLOBAL FRONTIER FUND LLC 3,400, ,900, ,769,

8 10 HSBC INTL NOM LTD-SSBT-ABERDEEN INSTITUTIONAL COMMINGLED FUNDS LLC 2,523, BNYM SA/NV- Frontier Market Opportunities Master FD, L.P 2,076, Crescent Launderers & Dry Cleaners (Pvt) Ltd ,000, HSBC INTL NOM LTD-SSBT PARAMETRIC EMERGING MARKETS FUND 1,821, HSBC INTL NOMINEES LTD-SSBT-FRANK RUSSEL TRUST COMPANY COMINGLED BENEFIT FUNDS TRUST GNA-6QH3 1,809, Citigroup Global Markets Limited Agency Trading Prop Securities A/C 16 Bank of Ceylon -No 2 A/C 1,754, ,729, Mellon Bank NA Florida Retirement System 18 1,646, HSBC INTL NOM LTD-SSBT-RUSSELL INVESTMENTS INSTITUTIONAL FUNDS PUBLIC LIMITED COMPANY 1,635, Deutsche Bank AG- National Equity fund 20 1,500, HSBC INTL NOM LTD-JPMCB- INVESTERINGSFORENINGEN BANKINVEST, NEW EMERGING MARKETS AKTIER KL 1,400, ,811, Public Holding : 49%. The Number of shareholders representing the public holding was 5, None of the Directors hold shares in the company except A.M.Anura Perera who holds 400 shares. 12 Mr. Kishu Gomes is the Managing Director and the Chief Executive Officer of the Company.

9 Corporate Information Name of Company Registrars to the Company Chevron Lubricants Lanka PLC S S P Corporate Services (Private)Limited 546, Galle Road, Legal Form Colombo 3 Public Limited Liability Company (Incorporated in 1992 and listed on the Auditors to the Company Colombo Stock Exchange) PricewaterhouseCoopers Chartered Accountants Company Registration Number P.O.Box 918,100, Braybrooke Place,Colombo 2. PQ 54 Lawyers to the Company Registered Office Julius & Creasy Chevron House Attorneys-at-Law and Notaries Public No.490, Galle Road, Colombo 3. No.41, Janadhipathi Mawatha,Colombo 1. Directors Rochna Kaul - Chairperson Kishu Gomes - Managing Director / CEO Harsha Amarasekera Devasiri Rodrigo Teek Hong Kee Anura Perera Principal Bankers Citibank NA Deutsche Bank Commercial Bank Secretary Web Address : Anura Perera contactus@chevron.com Chevron House Telephone : No.490, Galle Road, Colombo 3. Facsimile :