Interim Financial Statements For the period ended 31st March 2018

Transcription

1 Interim Financial Statements For the period ended 31st March 2018

2 echannelling PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPRIHENSIVE INCOME For the period ended Quarter Ended 31st March Un-audited Un-audited LKR LKR Revenue 35,028,454 33,917,555 Cost of Sales/Direct Cost (1,782,845) (650,135) Gross Profit 33,245,608 33,267,420 Net Other Operating Income Administrative Expenses (21,931,610) (22,589,593) Marketing & Distribution Expenses (3,299,006) (1,295,944) Profit From Operations 8,014,992 9,382,073 Finance Income 5,370,923 5,307,379 Net Finance (Expenses) / Income 5,370,923 5,307,379 Profit Before Taxation 13,385,915 14,689,452 Income Tax Expenses (4,055,271) (3,843,823) Profit for the Period 9,330,643 10,845,629 Other Comprehensive Income Net change in fair value of available-for-sale financial assets 30,741 (90,119) Remeasurement of employee benefit obligation 973,394 3,438,645 Deferred tax impact on acturial (gain)/ loss (272,550) (962,821) Other Comprehensive Income for the Period 731,584 2,385,705 Total Comprehensive Income for the Period 10,062,228 13,231,334 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 echannelling PLC STATEMENT OF FINANCIAL POSITION As at 31st March LKR LKR Un-audited Audited ASSETS Non Current Assets Property, plant & equipment 11,732,255 12,571,218 Intangible assets 986,672 1,756,291 Deferred tax assets 594, ,167 Total Non Current Assets 13,313,059 14,453,676 Current Assets Inventories 1,247,705 1,430,225 Trade & other receivables 67,450,086 72,896,032 Amount due from related parties 19,751,022 41,414,132 Short term investments 194,548, ,286,113 Cash & cash equivalents 15,194,849 4,934,307 Total Current Assets 298,192, ,960,809 Total Assets 311,505, ,414,485 EQUITY AND LIABILITIES Equity Stated capital 93,758,316 93,758,316 Retained earnings 156,660, ,629,267 Available for sale reserve 273, ,332 Total Equity 250,692, ,629,915 Non Current Liabilities Employee benefits 6,351,440 5,756,832 Total Non Current Liabilities 6,351,440 5,756,832 Current Liabilities Trade & other payables 45,421,752 40,324,459 Amount due to related parties 418,342 - Income tax liability 8,621,674 9,574,803 Bank Overdraft - 32,128,476 Total Current Liabilities 54,461,768 82,027,738 Total Liabilities 60,813,208 87,784,570 Total Equity & Liabilities 311,505, ,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 Nalin 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 echannelling PLC STATEMENT OF CHANGES IN EQUITY For the Period Ended 31st March 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 (Three Months) ,845,629 10,845,629 Net Change in Fair Value of Available-For-Sale Financial Assets - (90,119) 2,475,824 2,385,705 Balance as at 31st March ,758, , ,644, ,711,858 Profit for the period (Nine Months) 24,726,063 24,726,063 Net Change in Fair Value of Available-For-Sale Financial Assets (67,151) (2,740,855) (2,808,006) Balance as at 31st December ,758, , ,629, ,629,915 Profit for the period (Three Months) 9,330,643 9,330,643 Net Change in Fair Value of Available-For-Sale Financial Assets 30, , ,584 Balance as at 31st March ,758, , ,660, ,692,143 Figures in the brackets indicate deductions. The above figures are provisional and subject to audit.

5 echannelling PLC CASH FLOW STATEMENT For the period ended Un-audited Un-audited LKR LKR Cash Flow From Operating Activities Profit Before Tax 13,385,915 14,689,452 Adjustments for : Depreciation and amortization 2,014,229 1,882,220 Provision for employee benefits 1,568,001 3,577,370 Interest income (5,370,923) (13,245,831) Operating Profit before Working Capital Changes 11,597,222 6,903,211 (Increase) / decrease in inventories 182,520 9,622 Decrease / (increase) in trade & other receivable 6,346,687 (6,129,214) Decrease / (increase) in amounts due from related parties 22,081,452 (85,090) Increase / (decrease) in trade & other payables 5,097,293 14,574,312 Cash Generated from Operations 45,305,175 15,272,841 Interest received 4,470,186 13,304,537 Tax paid (5,748,917) (7,916,274) Net Cash Generated from Operating Activities 44,026,443 20,661,104 Cash Flow From Investing Activities Acquisition of property plant and equipment (405,650) (398,000) Net Proceeds from short term investments (1,231,775) (2,821,593) Net Cash (used in) / Generated from Investing Activities (1,637,425) (3,219,593) Net Increase in Cash & Cash Equivalents 42,389,018 17,441,511 Cash & Cash Equivalents at beginning of the Period (27,194,169) 13,266,418 Cash & Cash Equivalents at end of the Period 15,194,849 30,707,929 Analysis of Cash and Cash Equivalents Cash at bank & in hand 15,194,849 30,707,929 15,194,849 30,707,929 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 31-Mar-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, Mr. H.A.V. Starrex 239, Mr. Z.G Carimjee 231, Mr.D.K.A.K. Weeratunga 219, 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, Mr. Weerakoon B.A.N.D.A 152, Mr. Y.L Nandasena 130, Mr. B.A.S.I Perera 120, Sub Total 113,553, Others 8,577, Total Shares 122,131, Public Shareholding Number of Shareholders 1,750 Number of Shares 15,156,797 Percentage Holding 12.41% Directors Shareholding Name of Director Mr. D.J. Stephen As at 31st March 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 31st March LKR LKR Highest Lowest Last Traded

8 Corporate Information Name of the Company echannelling PLC 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