Interim Financial Statement For the nine months ended 31 December 2012

Transcription

1 Interim Financial Statement For the nine months ended 31 December 2012 Nawaloka Hospitals PLC 23, Deshamanya H K Dharmadasa Mw Colombo 02 (PQ - 78)

2 NAWALOKA HOSPITALS PLC BALANCE SHEET AS AT 31ST DECEMBER' 2012 Group Company Audited Group Company Variance Variance Rs'000 Rs'000 % Rs'000 Rs'000 % Rs'000 Rs'000 ASSETS NON CURRENT ASSETS Property, Plant & Equipment 3,809,355 3,662, ,600,467 1,388, ,703,344 1,450,825 Leasehold Right over Land 234, ,257 (1) 51,519 52,412 (2) 236,694 52,189 Free hold Land 42,188 42,188 Investment in Subsidiaries - 945, , ,933 Investment in Equity Accounted investees Investment in Joint Venture - 2,500 2,500-2,500 Advance for Land 812, , ,480 - Total Non Current Assets 4,898,342 4,647, ,642,607 2,389, ,705,518 2,451,447 Current Assets Inventories 229, , ,464 46, ,159 52,600 Trade and Other Receivables 233, , , , , ,976 Advances and Deposits 177, , , , , ,743 Income Tax Recoverable ,330-6,365 Receivable from Related Parties 6,548 30,679 (79) 448,682 (100) 6, ,141 Short Term Investment Cash at Banks and in Hand 129,053 53, ,066 51, ,633 35, , , , ,268 (2) 656, ,543 Total Assets 5,674,447 5,281, ,414,740 3,180, ,362,394 3,205,990 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,207,389 1,207,389-1,207,389 1,207,389-1,207,389 1,207,389 Revaluation Reserve 835, , ,760 - Retained Earnings/(Loss) 1,540,515 1,106, , , ,199, ,788 Total Equity 3,583,473 3,077, ,681,194 1,458, ,170,442 1,496,177 Non Current Liabilities Retirement benefit obligations 101, , ,508 99,731 (2) 113, ,070 Deferred Taxation 160, ,483 (39) 63,377 76,965 (18) 295, ,053 Loan and Lease Balances 804, , , , , ,263 1,066,199 1,030, , , ,305, ,386 CURRENT LIABILITIES Trade Creditors and Other Payables 388, ,465 (7) 352, ,795 (3) 378, ,994 Refundable Deposits & Other Creditors 4,605 38,116 (88) 8,483 21,010 (60) 42,138 36,380 Unclaimed Dividends 1,505 1, ,505 1, ,511 1,511 Income Tax Payable 25,514 52,795 (52) 5,098 17,003 (70) 1,982 - Payable to Related Parties 21,809 31,947 (32) 522, ,167 (1) 31, ,685 Bank Overdrafts 583, ,885 (8) 358, ,342 (4) 430, ,857 1,024,775 1,174,354 (13) 1,249,070 1,306,463 (4) 886,207 1,202,427 Total Liabilities 2,090,974 2,204,712 (5) 1,733,546 1,722, ,191,952 1,709,813 Total Equity and Liabilities 5,674,447 5,281, ,414,740 3,180, ,362,394 3,205,990 Net Asset Per Share The above figures are provisional and subject to audit Jayantha Dharmadasa Chairman/ Chief Executive Officer Prof. Lal Chandrasena Director/ General Manager

3 NAWALOKA HOSPITALS PLC INCOME STATEMENT Audited Group Company Group Company Nine months ended 31st December Quarter Ended 31st December Nine months ended 31st December Quarter Ended 31st December Year ended 31st March Variance Variance ,011 Variance Variance Rs'000 Rs'000 % Rs'000 Rs'000 % Rs'000 Rs'000 % Rs'000 Rs'000 % Rs'000 Rs'000 Revenue 3,239,974 2,718, ,069, , ,594,992 1,313, , , ,710,878 1,806,857 Cost of Services (1,548,348) (1,395,083) 11 (505,571) (493,997) 2 (753,491) (675,637) 12 (246,765) (252,769) (2) (1,823,670) (876,040) Gross Profit 1,691,626 1,322, , , , , , , ,887, ,817 Other Operating Income 29,533 17, ,169 6, , ,683 (13) 4,564 5,012 (9) 30, ,674 Staff Cost (617,504) (503,567) 23 (205,169) (165,319) 24 (350,433) (304,423) 15 (110,492) (99,076) 12 (717,949) (435,618) Administration Expenses (563,317) (512,732) 10 (189,557) (168,743) 12 (286,944) (269,638) 6 (95,358) (77,990) 22 (723,872) (377,622) Other Operating Expenses (37,471) (4,332) 765 (11,631) (3,712) 213 (35,309) (5,127) 589 (10,103) (2,145) 371 (16,569) (15,434) Profit from Operations 502, , , , , , ,825 44, , ,817 Profit/(Loss) on Disposal of Equity - 12,600 (100) - - (1,400) (100) ,600 (1,400) Accounted Investee Finance Cost (104,328) (82,960) 26 (39,783) (29,280) 36 (36,982) (23,632) 56 (15,376) (9,823) 57 (109,524) (30,061) Net Profit before Taxation 398, , , , , , ,449 34, , ,356 Taxation 14,771 (72,314) (120) 2,547 (20,207) (113) 20,952 (36,425) (158) 3,956 (9,985) (140) (91,418) (42,993) Net Profit after Taxation 413, , ,046 98, , , ,405 24, , ,363 Net Profit Attributable to Shareholders 413, , ,046 98, , , ,405 24, , ,363 EPS

4 NAWALOKA HOSPITALS PLC CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2012 GROUP COMPANY 9 Months 9 Months Audited 9 Months 9 Months Audited Ended Ended Year Ended Ended Ended Year Ended Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Cash flows from Operating Activities Profit before Tax 398, , , , , ,356 Adjustments for : Depreciation & Amortisation 222, , , , , ,131 Finance Cost 104,329 82, ,524 36,982 23,632 30,061 Interest Income (6,503) (475) (65) (149) Share of loss of Equity Accounted Investees (12,600) - Provision for Retiring Gratuity 15,579 13,688 29,968 14,692 13,608 27,550 Provision for Bad & Doubtful Debts 22,005 (9,237) (2,856) 20,189 (8,117) (1,408) (Profit)/Loss on Sale of Shares (12,600) 1,400 Profit/Loss on disposal of Property, Plant & Equipment (3,728) (948) (3,728) - Operating Profit before Working Capital Changes 753, , , , , ,941 Changes in Working Capital (Increase)/Decrease in Inventories (47,697) (5,511) (17,840) (13,863) (982) (7,105) (Increase)/Decrease in Debtors, Deposits & Advances (67,345) (92,152) (83,917) (99,744) (81,667) (95,822) Increase/Decrease in Related Party Balances (9,353) (62,899) (39,234) 155, , ,591 Increase/(Decrease) in Creditors & Other Payables (27,788) 65,506 24,915 (8,338) 52,012 48,783 (152,183) (95,056) (116,076) 34, , ,447 Cash Generated from/(used in) Operating Activities 600, , , , , ,388 Interest Paid (104,329) (82,959) (109,524) (36,983) (23,632) (30,061) Gratuity Paid (28,050) (7,509) (11,128) (27,255) (7,508) (11,112) Income Tax Paid (29,964) (15,443) (47,310) (9,236) (8,199) (9,142) Net cash Generated from/(used in) Operating Activities 438, , , , , ,073 Cash flows from Investing Activities Purchase of Property, Plant & Equipment (385,982) (428,994) (519,469) (356,529) (407,684) (489,430) Investment in Land (46,827) (43,883) (61,591) - - Net Proceeds from Sale of Shares 12,600 12,600-12,600 12,600 Proceeds from Disposal of Property, Plant & Equipment 17, ,400 - Net cash Used in Investing Activities (415,409) (460,277) (567,513) (339,129) (395,084) (476,830) Cash flows from Financing Activities Proceeds from Long Term Borrowings and Leases 122, , , ,562 Repayments of Long Term Borrowings and Leases (201,349) (10,589) (226,500) (91,147) (42,093) (100,543) Interest Received Dividends Received/(Paid) (70,475) (77,476) (70,475) (70,475) 31,525 (70,475) Net cash Generated from/ (Used in) Financing Activities (149,279) (88,065) 142,863 (39,081) (10,568) (53,307) Net Increase/(Decrease) in Cash & Cash equivalents during the Year (126,169) (197,974) 53,156 36,632 (6,760) (25,064) Cash & Cash equivalents at the beginning of the Year (327,970) (381,126) (381,126) (340,139) (315,075) (315,075) Cash and Cash equivalents at the end of the Year (454,139) (579,100) (327,970) (303,507) (321,835) (340,139) Analysis of Cash and Cash equivalents at the end of the Year Cash at Bank & in Hand 129,053 53, ,633 55,066 51,507 35,718 Bank Overdraft (583,192) (632,885) (430,603) (358,573) (373,342) (375,857) (454,139) (579,100) (327,970) (303,507) (321,835) (340,139)

5 Group NAWALOKA HOSPITALS PLC STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST DECEMBER 2012 Stated Revaluation Retained Total Capital Reserve Earnings Equity Rs. Rs. Rs. Rs. Balance as at 01 April ,207, , ,082 2,970,231 Rs'000 Net Profit/(Loss) for the period - - 2,181 2,181 Balance as at 30 June ,207, ,760 1,001,263 2,972,412 Net Profit/(Loss) for the Period ,508 90,508 Dividend Paid - - (70,475) (70,475) Balance as at 30 September ,207, ,760 1,021,296 2,992,445 Net Profit/(Loss) for the Period , ,997 (Six Months) Balance as at 31 March ,207, ,760 1,199,293 3,170,442 Net Profit/(Loss) for the Period ,044 98,044 Balance as at 30 June ,207, ,760 1,297,337 3,268,486 Reversal of deferred tax impact due to 35,904-35,904 decrease of Tax rate Net Profit/(Loss) for the Period , ,220 Dividend Paid - - (70,475) (70,475) Balance as at 30 September ,207, ,664 1,414,082 3,421,135 Reversal of deferred tax impact due to decrease of Tax rate 35,905 35,905 Net Profit/(Loss) for the Period , ,046 Prior Period Adjustment-Metropolis (1,613) (1,613) Balance as at 31December ,207, ,569 1,540,515 3,583,473 Company Balance as at 01 April ,207, ,900 1,414,289 Net Profit/(Loss) for the period - - (1,233) (1,233) Balance as at 30 June ,207, ,667 1,413,056 Net Profit/(Loss) for the Period ,499 91,499 Dividend Paid (70,475) (70,475) Balance as at 30 September ,207, ,691 1,434,080 Net Profit/(Loss) for the Period 62,097 62,097 (Six Months) Balance as at 31 March ,207, ,788 1,496,177 Net Profit/(Loss) for the Period ,502 28,502 Balance as at 30 June ,207, ,290 1,524,679 Net Profit/(Loss) for the Period 169, ,586 Dividend Paid - - (70,475) (70,475) Balance as at 30 September ,207, ,401 1,623,790 Net Profit/(Loss) for the Period 57,405 57,405 Dividend Paid Balance as at 31 December2012 1,207, ,806 1,681,195

6 EXPLANATORY NOTES 1 2 There are no changes in the accounting policies and methods of computation in these financial statements from the Annual Accounts presented in the Annual Report 2011/12. The financial statements provide the information required by the Colombo stock Exchange and Sri Lanka Accounting Standard No 35 Interim Financial Reporting. During the quarter there are no material changes in the composition of assets, liabilities and contingent liabilities The Company has adjusted for deferred Tax impact in the accounts due to decrease in Tax rate from 28% to 12%. All known expenses including management fees and similar expenses have been provided for in the financial statements. According to the best of the knowledge and belief of the Directors no circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in the Financial Statements. 6 Company has paid an interim dividend of Rs per share on 18 July Interim Financial Statements have been prepared in accordance with Sri Lanka Accounting Standard that existed up to 31st December This is one of the options permitted by the Institute of Chartered Accountants of Sri Lanka and it is applicable only to interim financial statements for the financial year ending 31st March The Financial statements for the financial year ending 31st March 2013 will however be prepared accordance with the new accounting standards (LKAS & SLFRS) applicable for accounting periods commencing on or after 01st January The company has obtained the services of an external consultant for the adoption of the new standards. The preparation work towards this conversion is currently in progress and the estimated impact on the financial statements due to this conversion will be disclosed when it has been completed conversion.

7 7. DIRECTORS SHARE HOLDING The aggregate shareholding of the Directors as at Name of the Director 31/12/ /03/ /09/2012 Mr.H K J Dharmadasa 460,736, ,736, ,736,182 Mr. U H Dharmadasa 3,360 3,360 3,360 Mr. A G Dharmadasa 3,004,026 2,704,026 3,004,026 Ms. A G Dharmadasa 5,066,686 5,066,686 5,066,686 Prof. Lal Chandrasena 601, , ,198 Deshabandu Tilak de Zoysa 218, , ,000 Mr. R T Wijetilleke 93,332 93,332 93,332 Dr. T. Senthilverl 307,752, ,256, ,596,923 Mr. Sunil Abeyratne Nil Nil Nil Mr. T K Bandaranayake Nil Nil Nil Shares held by public 12.75% 12.95% 12.84% 8. Number of shares representing the entity s stated capital as at As at 31/12/ /03/ /12/2011 No. of shares 1,409,505,596 1,409,505,596 1,409,505,596 Net Asset value per share (Rs) 31/12/ /03/ /12/ Share prices during the interim period as at As at 31/12/ /03/ /12/2011 Rs. Rs. Rs. Highest Price Lowest Price Last Traded Price

8 10. Twenty Largest Shareholders As at 31st December NO SHARE HOLDERS NAME As at As at As at NO. OF SHARES % NO. OF SHARES % NO. OF SHARES % 1 MR. H.K.J. DHARMADASA 460,736, ,736, ,736, NAWALOKA CONSTRUCTION COMPANY LIMITED 441,778, ,778, ,778, DR. T. SENTHILVERL 307,752, ,596, ,256, NATIONAL SAVINGS BANK 17,789, ,789, ,789, MS. AG DHARMADASA 5,066, ,066, ,066, MS. P NANAYAKKARA 5,066, ,066, ,066, MR. D.M. RAJAPAKSE 4,496, ,496, ,496, MR. V.R. RAMANAN 3,400, ,400, ,400, SEYLAN BANK PLC. - A/C NO. 3 3,100, ,695, ,000, MR. A.G. DHARMADASA 3,004, ,004, ,704, NAWALOKA DEVELOPMENTS (PVT) LTD 2,814, ,814, ,814, MRS. N.H. ABDUL HUSEIN 2,702, ,632, ,324, MRS. C. S. DHARMADASA 2,581, ,581, ,542, MR. H. A. PIERIS 2,557, ,557, MR. K.S. WARUSAVITARANA 2,500, ,500, ,500, CEYLEASE FINANCIAL SERVICES LIMITED 2,000, ,000, ,000, MRS. P. GANESHAN 2,000, ,000, ,000, BANK OF CEYLON A/C CEYBANK UNIT TRUST 1,877, ,877, ,838, EMPLOYEES TRUST FUND BOARD 1,750, ,750, ,750, MR.L.HETTIARACHCHI 1,727, ,727, ,707, Total 1,274,703, ,274,072, ,271,430, Balance held by other shareholders 134,802, ,432, ,074, Total No. of shares 1,409,505, ,409,505, ,409,505,

9 Corporate Information Name of the Company Company Registration No : PQ 78 Registered Office : Nawaloka Hospitals PLC Telephone : [+94 11] , Telefax : [+94 11] /Website Legal Form Board of Directors Secretaries to the Company Auditors Lawyer(s) : No. 23, Deshamanya H. K. Dharmadasa Mawatha, (formerly known as Sri Sugathodaya Mawatha), Colombo 00200, Sri Lanka. : nawaloka@slt.lk/ : Quoted Public Company with limited liability incorporated in Sri Lanka under the Companies Ordinance 1938 and re-registered under the Companies Act No. 07 of : 1. Mr. H. K. Jayantha Dharmadasa 2. Mr. Rienzie T. Wijetilleke 3. Deshabandu Tilak de Zoysa 4. Prof. Lal G. Chandrasena (Director / General Manager) 5. Mr.Tissa Kumara Bandaranayake 6. Mr. U. Harshith Dharmadasa 7. Mr. A. G. Dharmadasa 8. Ms. A. G. Dharmadasa 9. Dr. T. Senthilverl 10. Mr. Damian Sunil Abeyratna : M & A Company Secretaries (Private) Limited, No.28(Level 2) W.A.D.Ramanayake Mawatha Colombo : KPMG Chartered Accountants, No. 32A, Sir Mohamed Macan Markar Mawatha, Colombo 2 : (1) Mr. H. Chandrakumar de Silva, Attorney-at-Law, No. 7, Hedges Court, Colombo Bankers Subsidiaries Joint Venture (2) NITHI MURUGESU & ASSOCIATES, Attorneys-at-Law & Notaries Public, Patent & Trade Mark Attorneys, No: 28 (Level 2), W A D Ramanayake Mawatha, Colombo : 1. Hatton National Bank Plc 2. Sampath Bank Plc 3. Peoples Bank 4. Seylan Bank Plc 5. State Bank of India 6. Commercial Bank 7. Bank of Ceylon 8. Deutsche Bank 9. DFCC Bank : 1. New Nawaloka Hospitals (Private) Limited 2. New Nawaloka Medical Centre (Private) Limited : Nawaloka Metropolis Laboratories (Pvt) Limited