MACKWOODS ENERGY PLC INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2017

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2017

2 INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31ST DECEMBER 201 STATEMENT OF COMPREHENSIVE INCOME Continuing Operation Three Three Months Ended Months Ended Turnover 1,909,496 7,398,000 Cost of Sales (2,711,094) (3,917,547) Gross Profit (801,598) 3,480,453 Selling & Distribution Expenses (1,578,246) (2,784,284) Administration Expenses (303,560) (1,378,562) Other Expenses (1,345,874) (1,622,490) Profit From Operations (4,029,278) (2,304,883) Finance Income 4,963,117 3,394,000 Finance Cost (673,661) (570,101) Net Finance Income 4,289,456 2,823,899 Profit Before Taxation 260, ,016 Taxation (903,287) 164,821 Net Profit for the Period (643,109) 683,837 OTHER COMPREHENSIVE INCOME Other comprehensive income for the period - - Tax on Other Comprehensive Income - - OTHER COMPREHENSIVE INCOME FOR THE PERIOD - - TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (643,109) 683,837 Profit Attributable to: Owners of the Company (643,109) 683,837 Non - Controlling Interests - - Profit for the period (643,109) 683,837 Total Comprehensive Income Attributable to: Owners of the Company (643,109) 683,837 Non - Controlling Interests - - TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (643,109) 683,837 Earnings per Share - Basic - (Rs) (0.01) 0.01

3 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2017 STATEMENT OF FINANCIAL POSITION AS AT Un Audited Audited ASSETS Property, Plant & Equipment 447,939, ,111,607 Current Assets Inventories 10,619,956 13,752,408 Trade and Other Receivables 76,619,805 68,780,319 Short Term Investments -Comm. Papers (Inter Group) 161,484, ,484,000 Other Financial Assets 85,891,000 85,891,000 Amount Due from Related Parties 40,703,073 40,453,073 Cash & Cash Equivalents 519, , ,837, ,698,149 TOTAL ASSETS 823,776, ,809,757 EQUITY AND LIABILITIES Capital and Reserves Stated Capital (100,000,000 shares) 555,583, ,583,112 Retained Earnings 3,525,504 5,107,997 Revaluation Reserve 179,609, ,609,759 Shareholders' Funds 738,718, ,300,868 Non Current Liabilities Retirement benefit Obligation 278, ,000 Deferred Tax Payable 6,964,902 6,964,902 Obligations under leases(more than one year) - - 7,243,650 7,180,902 Current Liabilities Trade and Other Payables 29,065,336 25,638,476 Tax Liabilities 21,574,985 18,870,497 Amount Due to Related parties 8,501,080 8,501,080 Bank Overdraft 18,672,968 23,317,933 77,814,369 76,327,987 Total Liabilities 85,058,019 83,508,889 TOTAL EQUITY AND LIABILITIES 823,776, ,809,757 Net Assets Per Share (Rs) Note :The above figures are not audited. - - I certify that the financial statements comply with the requirements of the Companies Act No.7 of Sgd Accountant Approved and signed for and on behalf of the Board of Directors of Mackwoods Energy PLC. Sgd Sgd R Hettige Dr. C N A Nonis Director/CEO Director 28th February 2018

4 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2017 STATEMENT OF CHANGES IN EQUITY Stated Revaluation Retained Capital Reserve Earnings Total Balance as at 1st April ,583,112 89,187,059 92,864, ,634,787 Dividend Paid (10,000,000) (10,000,000) Comprehensive Income - - (75,222,719) (75,222,719) Other Comprensive Income 63,683,000 63,683,000 Balance as at 31st March ,583, ,870,059 7,641, ,095,068 Balance as at 1st April ,583, ,870,059 7,641, ,095,068 Comprehensive Income - - (2,533,900) (2,533,900) Other Comprensive Income 26,739,700 26,739,700 Balance as at 31st March ,583, ,609,759 5,107, ,300,868 Balance as at 1st April ,583, ,609,759 5,107, ,300,868 Comprehensive Income - - (1,582,493) (1,582,493) Other Comprensive Income - - Balance as at 31st December ,583, ,609,759 3,525, ,718,375

5 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2017 CASH FLOW STATEMENT For the Nine Months Ended 31st December CASH FLOWS FROM OPERATING ACTIVITIES Net Loss Before Tax 1,121,995 1,074,577 Adjustments for ; Lease Interest - 51,031 Profit from sales of Assets - (900,000) Gratuity 62,748 1,307,620 Deffered Tax - - Depreciation 958,059 2,795,934 Impairment of Hydro Project 2,404,389 3,205,852 Operating Profit Before Working Capital Changes 4,547,191 7,535,014 (Increase)/Decrease in Working Capital (Increase)/Decrease Inventories 3,132,452 (173,121) (Increase)/DecreaseTrade and Other Receivables (7,839,486) (21,948,381) Increase/(Decrease)Trade and Other Payables 3,426,860 (4,142,483) Increase/(Decrease) Amount due to Related Companies - 6,444,568 (Increase)/DecreaseAmount due from Related Companies (250,000) 2,993,810 Cash Generated from / (Used in) operating activities 3,017,017 (9,290,593) Gratuity Paid - (1,898,160) Income Tax Paid - (5,000,000) Net Cash Flows From/ (Used in) Operating Activities 3,017,017 (16,188,753) CASH FLOWS FROM INVESTING ACTIVITIES Additions to Property, Plant & Equipment 810,000 (279,950) Proceeds received from sale of Fixed Assets - 900,000 Settlement of Commercial Papers 1,000,000 12,625,000 Net Cash Flows From/ (Used in) Investing Activities 1,810,000 (2,943,703) CASH FLOWS FROM FINANCING ACTIVITIES Dividend Paid - - Repayment of the Lease - (537,712) Interest Income - Net Cash Flows From/ (Used in) Financing Activities - (537,712) NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 4,827,017 (3,481,415) CASH AND CASH EQUIVALENTS AT THE BEGINNING (22,980,584) (19,499,169) CASH AND CASH EQUIVALENTS AT THE END (a) (18,153,567) (22,980,584) (a)analysis of cash & cash equivalents at period end Cash in hand & at bank 519, ,349 Bank overdraft (18,672,968) (23,317,933) (18,153,567) (22,980,584)

6 INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2017 NOTES TO THE INTERIM FINANCIAL STATEMENTS 1 CORPORATE INFORMATION Mackwoods Energy PLC, is a public limited liability company incorporated and domiciled in Sri Lanka. The company was listed on the Diri Savi Board of the Colombo Stock Exchange on 25th April INTERIM FINANCIAL STATEMENTS The financial statements for the period ended 31st December 2017, includes the Company referring to Mackwoods Energy PLC. 3 BASIS OF PREPARATION The interim condensed financial statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended and are in compliance with Sri Lanka Accounting Standard LKAS34- "Interim Financial Reporting". These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March Further, provisions of the companies ACT no 7 of 2007 have been considered in preparing the same. 4 ACCOUNTING POLICIES The accounting policies have been consistently applied by the company and are consistent with those used in the previous year. 5 POST BALANCE SHEET EVENTS There have been no material events occurring after the Balance Sheet date which require adjustments to or disclosure in the financial statements. 6 CONTINGENT LIABILITIES There were no material contingent liabilities outstanding as at Balance Sheet Date. 7 The Interim Financial Statements are provisional and are not audited. 8 SHAREHOLDERS INFORMATION 8.1 Public Shareholdings The percentage of shares held by the public as at 31st December 2017 was 22.32%. No of public shareholders as at 31st December 2017 was Top 20 Share Holders List as at 31st December 2017 NAME NO OF SHARES PERCENTAGE Mackwoods (Pvt) Ltd 62,928, Agalawatte Plantations PLC 4,282, Claridge Fund (Pvt) Ltd 3,800, Epoc Research Laboratories (Pvt) Ltd 3,568, Employees Provident Fund 3,508, Dr. C.N.A.Nonis 3,018, Mr. F.L.Fonseka 2,667, Mr. A.L.Yatawara 2,013, Diversified Fund (Pvt) Ltd 1,688, Mr. G.M.Kennedy 1,416, Mr. F.N. Herft 1,132,

7 Mr. Gunaratne 1,000, Mr. Chandana 666, MR. Munasinghe 512, Ms. H.S.Tan 491, Mr. B.P.A.G.Weerakoon 326, Mr.H.Beruwalage 232, Mr. R.Udalagama 200, MR. Rambukwelle 199, Mrs. Sivagnanasundaram 183, Directors' and CEO's Shareholdings as at 31st December ,836, Name No of Shares Percentage (%) Dr. C.N.A.Nonis Director 3,018, Mr. D.T.Ranaweera Director Nil Nil Mrs. S.M.A.N.Ranaweera Director Nil Nil Mr. R.Hettige Director/CEO NIl Nil Dr. H.Shafeeu Director Nil Nil 8.4 No of shares representing the company's Stated Capital - 100,000,000 shares 9 MARKET VALUES PER SHARE - CURRENT INTERIM PERIOD Date Highest Value per Share Lowest Value per Share Last Traded Price NET ASSET VALUE PER SHARE 7.39

8 11 Current Status of the Mini Hydro Projects As detailed in the Audited Accounts of 2016/17, in view of the persistent delay in implementation of mini hydro power projects, including transmission line and grid availability issues, the Company is exploring investments in more mature hydro power projects which already have approval and also exploring projects in the energy space such as solar, wind, bio-mass and bio-gas and waste to energy projects in line with the Company s objectives of diversifying into the renewable energy sector.