" NIPPON CEMENT " TOKYO CEMENT COMPANY (LANKA) PLC. INTERIM FINANCIAL ACCOUNTS (Unaudited)

Transcription

1 IN TERMS OF RULE 7.4 OF THE COLOMBO STOCK EXCHANGE " NIPPON CEMENT " TOKYO CEMENT COMPANY (LANKA) PLC INTERIM FINANCIAL ACCOUNTS (Unaudited) FOR THE THREE MONTHS PERIOD ENDED 3th JUNE 218

2 CORPORATE INFORMATION Page 1 of 11 NAME OF THE COMPANY Tokyo Cement Company (Lanka) PLC COMPANY REGISTRATION NO PQ 115 LEGAL FORM A public Quoted Company with Limited Liability, Incorporated in Sri Lanka in 1982 and Listed on 1st January 1984 BOARD OF DIRECTORS Dr Harsha Cabral Mr S. R. Gnanam Mr A.S.G. Gnanam Mr E. J. Gnanam Mr R Seevaratnam Mr Ravi Dias Mr W.C Fernando Mr Asite Talwatte Mr Susumo Ando Chairman and Non Executive Independent Director Managing Director Non Executive Director Non Executive Director Non Executive Independent Director Non Executive Independent Director Executive Director and Group General Manager Non Executive Independent Director Non Executive Director & Nominee Director of Ube Singapore Holdings Pte. Ltd ) COMPANY SECRETARY Seccom (Private) Limited, (Company Secretaries) 1E 2/1, De Fonseka Place, Colombo 5 T Phone Fax E_Mail kmaahamed@hotmail.com HEAD OFFICE 469 1/1 Galle Road, Colombo 3 T Phone Fax Web Site SUBSIDIARY COMPANIES Tokyo Super Cement Company Lanka (Private) Limited Tokyo Cement Power (Lanka) (Private) Limited Tokyo Eastern Cement Company (Private) Limited Tokyo Super Aggregate (Private) Limited Tokyo Supermix (Private) Limited AUDITORS BDO Partners, (Chartered Accountants) Chittambalam A Gardiner Mawatha, Colombo 2 LEGAL ADVISORS Neelakandan & Neelakandan (Attorney at Law and Notaries Public)) M & N Building Level 5 2, Deal Place, Colombo 3

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 3th JUNE 218 COMPANY Page 2 of 11 COMPANY (For the 1st Quarter ) Three Mths Ended 3th Jun 218 Three Mths Ended 3th Jun 217 % Change +/ () Continuing Operations Rs ' Rs ' Turnover 5,213,542 5,362,565 3% Cost of Sales Gross Profit (4,538,27) 675,335 (4,273,649) 1,88,916 6% 38% Other Income 3,91 679,245 1,11,445 2,1,361 1% 68% Distribution Expenses (497,957) (445,467) 12% Administrative Expenses Profits / (Loss) from Operations Loss on Sale of Vessel (223,85) (41,797) (38,233) (199,47) 1,455,424 12% 13% Finance Income 1,154 4,35 73% Finance Expenses Profit / (Loss) before Taxation (242,173) (663,49) (129,138) 1,33,591 88% 15% Income Tax Expenses Profit / (Loss) for the Period (14,323) (677,372) (11,963) 1,228,628 86% 155% Other Comprehensive Income Total Comprehensive Income / (Loss) for the Period (677,372) 1,228,628 = 155% Basic Earnings Per Share ( Rs) (1.69) % 3rd August 218 COLOMBO The above figures are provisional and subject to Audit Mr Ajith Kumara Acting Chief Financial Officer

4 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 3th JUNE 218 GROUP Page 3 of 11 GROUP (For the 1st Quarter ) Three Mths Ended 3th June 218 Three Mths Ended 3th June 217 % Change +/ () Continuing Operations Turnover Rs ' 7,763,765 Rs ' 8,93,982 4% Cost of Sales Gross Operating Profit (6,262,278) 1,51,487 (6,27,551) 2,66,431 4% 27% Other Income 373 1,51, ,67,34 38% 27% Distribution Expenses (852,44) (742,164) 15% Administrative Expenses Profits from Operations Loss on Sale of Vessel (371,319) 278,11 (38,233) (281,25) 1,43,665 32% 73% Finance Income 1,197 24,918 95% Finance Expenses Profit / (Loss) before Taxation (38,498) (481,433) (139,815) 928, % 152% Income Tax Expenses Profit / (Loss) for the Period (123,271) (64,74) (126,724) 82,44 3% 175% Other Comprehensive Income Total Comprehensive Income / (Loss) for the Period (64,74) 82,44 175% Attributable to Equity of the Parent (67,36) 82,774 Non Controlling Interest 2,62 (73) Basic Earning Per Share ( Rs) (1.51) 2. The above figures are provisional and subject to Audit

5 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 3th JUNE 218 Page 4 of 11 Group Company 3th Jun st Mar 218 3th Jun st Mar 218 ASSETS Rs ' Rs ' Rs ' Rs ' Non Current Assets Property, Plant & Equipment Capital Work in Progress Investments in Subsidiary Intangible Assets Operating Lease Prepayment Total Non Current Assets Current Assets 22,979,57 3,581,64 49,552 43,188 27,39,861 23,819,626 2,952,631 52, ,37 27,256,345 6,757,28 3,564,553 11,431,644 1,299 43,188 22,193,712 9,47,88 2,945,931 9,959,16 11, ,37 22,394,873 Inventories Trade and Other Receivables Operating lease Prepayments Amount Due from Related Parties Financial Investments Cash and Cash Equivalents Total Current Assets 2,846,274 4,919,548 4,726 6, ,91 8,398,34 2,53,53 4,486,184 4,726 6, ,641 7,745,269 1,336,24 3,429,52 4,726 1,23,88 384,438 6,385,12 1,256,856 2,947,768 4, , ,85 5,599,534 TOTAL ASSETS 35,438,165 = 35,1,614 28,578,832 27,994,47 Figures in brackets indicate deductions Statement of Financial Position of the Company as at 3th June 218 and the Consolidated Statement of Comprehensive Income for the Period then ended are drawn up from the unaudited accounts of the Company, and they provide the information required by the Colombo Stock Exchange The Board of Directors at its meeting held on 3rd August 218, on the Recommendation of the Audit Committee, approved the accounts for circulation to the members of the Company in terms of Rule 7.4 of the Colombo Stock Exchange 3rd August 218 COLOMBO Sgd Mr S R Gnanam Managing Director Mr W C Fernando Executive Director

6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 3th JUNE 218 Page 5 of 11 Group Company 3th Jun st Mar 218 3th Jun st Mar 218 EQUITY AND LIABILITIES Capital and Reserves Rs ' Rs ' Rs ' Rs ' Stated Capital Retained Earnings Equity Attributable to Equity holders of Parent 1,581,651 14,821,262 11,188,957 15,428,568 9,87,611 14,11,222 1,547,983 14,787,594 Non Controlling Interest Total Equity 64,57 14,885,832 61,968 15,49,536 14,11,222 14,787,594 Non Current Liabilities Interest Bearing Borrowing Finance Lease Obligation Deferred Tax Liability Retirement Benefits Obligations CURRENT LIABILITIES 6,119,559 3,824 2,595, ,236 8,94,54 5,761,474 4,544 2,544, ,964 8,492,46 5,614,565 1,526, ,74 7,3,768 5,16,984 1,512, ,37 6,831,79 Trade and Other Payables Amount Due to Related Parties Short Term Borrowings Finance Lease Obligation Bank Overdraft Total Current Liabilities 2,177,64 8,391,931 2,877 1,75,381 11,647,829 2,639,279 7,195,578 2,877 1,18,884 11,18,618 1,282, ,266 4,546, ,775 7,167,842 1,829, ,65 3,37,8 76,199 6,375,23 TOTAL EQUITY AND LIABILITIES 35,438,165 = 35,1,614 28,578,832 27,994,47 Net Assets Represented by Ordinary Shares Ordinary Shares 267,3, 133,65, 267,3, 133,65, 267,3, 133,65, 267,3, 133,65, Net Assets Per Share

7 CASH FLOW STATEMENT Cash Flow from Operating Activities GROUP Rs ' Rs ' Page 6 of 11 COMPANY Rs ' Rs ' A Cash Generated from Operations Profit before Taxation and Finance Cost Adjustment for Depreciation Provision for Gratuity Loss on Sale of Vessel PPE Amortization of Operating Lease/Intangible Assets Dividend Income Operating Profit before Working Capital Change (1,935) 364,41 8,429 38,233 4, ,116 1,68, ,486 4,869 6,189 1,334,127 (42,876) 16,43 6,554 38,233 2, ,575 1,459, ,224 4,28 4,13 (1,5,377) 651,887 (Increase) / Decrease in Inventory (Increase) / Decrease in Receivables Increase / (Decrease) in Payables (316,221) (363,611) (533,53) (557,219) 49,456 (68,649) (748,421) 395,513 (257,7) (429,624) (547,439) (1,15,558) 9,59 (26,7) (474,179) 8,228 Interest Paid Income Tax Paid Gratuity Paid (38,498) (69,753) (5,157) (139,815) (45,65) (242,173) (51,66) (5,157) (129,138) (31,38) Net Cash from Operating Activities (1,12,627) 21,633 (1,44,548) (152,218) Cash Flow from Investing Activities Purchase of Property, Plant and Equipment Sale Proceeds from Disposal of Vessel PPE Withdrawals/ (Investments) in Short Term Investment Dividend Received Investment in Subsidiary Company (1,2,924) 488,786 (961,741) (119) 24,5 (652,62) 488,786 (25,574) 1,5,377 (25,5) Net Cash Generated in Investing Activities (532,138) (937,36) (163,834) 729,33 Cash Flow from Financing Activities Receipt/(Repayment) of Term Loans ( net) Advance to/from Subsidiary Companies Lease Rental Paid 1,554,438 (72) (82,689) 1,629,739 (21,3) (7,199) (34,181) Net Cash Generated /(used) in Financing Activities 1,553,718 (82,689) 1,428,439 (374,38) Net Increase / (Decrease) in Cash and Cash Equivalent Cash and Cash Equivalents at Beginning of Period 8,953 (463,243) (89,416) 1,979,124 (139,943) (16,394) 22,75 977,595 Cash and Cash Equivalents at End of Period (454,29) 1,169,78 (3,337) 1,18,3 B Analysis of Cash and Cash Equivalents Bank and Cash Balances Bank Overdrafts 621,91 (1,75,381) 1,661,861 (492,153) 384,438 (684,775) 1,45,728 (225,428) (454,29) 1,169,78 (3,337) 1,18,3

8 STATEMENT OF CHANGES IN EQUITY Page 7 of 11 Attributable to Equity Shareholders GROUP Stated Capital Retained Total Non TOTAL and Earnings Controlling EQUITY Interest Rs ' Rs ' Rs ' Rs ' Rs ' Balance as at 1st April 217 2,893,756 11,478,371 14,372,127 52,186 14,424,313 Profit for the Period 82,774 82,774 (73) 82,44 Capitalization of Reserves 1,345,855 (1,345,855) Acquisition and Changes in Non controlling Interest 24,5 24,5 Balance 3th June 217 1,935,29 15,174,91 75,956 15,25,857 = = ======= Balance as at 1st April ,188,957 15,428,568 61,968 15,49,536 Profit for the Period (67,36) (67,36) 2,62 (64,74) Balance 3th June 218 1,581,651 14,821,262 64,57 14,885,832 = = ======= COMPANY Stated Capital Retained TOTAL and Earnings EQUITY Rs ' Rs ' Rs ' Balance as at 1st April 217 2,893,756 8,37,36 1,931,62 Profit for the Period 1,228,628 1,228,628 Capitalization of Reserves 1,345,855 (1,345,855) Balance 3th June 217 7,92,79 12,159,69 = = Balance as at 1st April 218 1,547,983 14,787,594 Profit for the Period (677,372) (677,372) Balance 3th June 218 9,87,611 14,11,222 = =

9 NOTES Page 8 of 11 1 Dividend Payments Date Paid Ord Share Ord Share First and Final Dividends 217/18 27th Mar 218 Rs 1/25 Rs 1/25 per share per share 2 Share Trading from 1 st April 218 to 3th June 218 3th Jun 18 3th Jun 17 3th Jun 18 3th Jun 17 Transactions 1,864 3,88 1,1 2,976 Shares Traded 6,581,842 36,733,58 4,415,398 18,287,985 Value of Shares Traded (Rs) 33,846,625 2,64,398, ,49,176 1,143,292,442 Market Value (Rs) Stated Capital of Rs,75/= is Represented by Ordinary Shares Ordinary Shares 267,3, 133,65, 4 Deferred Liabilities Deferred Taxation is provided on the liability method in respect of the excess of capital allowances over historical cost depreciation and other material timing differences. It also includes sums provided for retirement benefit obligations. 5 Accounting Policies The Company has followed the same Accounting Policies as disclosed in the Annual Report for the financial year ended 31 st March 218 and are in compliance with LKAS 34 Interim Financial Reporting of the Company and Group. 6 Sale of Electricity to The National Grid The excess power generated from the Biomass power plant is sold to the National Grid. 7 Comparative Information The accounting policies have been consistently applied by the Company and are consistent with those of the previous year. The previous year's figures and phrases have been rearranged wherever necessary to conform to the current year's presentation. 8 Events After the Reporting Period No material events subsequent to the period have occurred where adjustments are necessary. There has been no significant change in the nature of the contingent liability and contingent asset which were disclosed in the previous annual report

10 9 Holding and Subsidiary Companies Page 9 of 11 Subsidiary Companies % holding Tokyo Super Cement Company Lanka (Pvt) Ltd Tokyo Cement Power (Lanka) (Pvt) Limited Tokyo Eastern Cement Company (Pvt) Limited Tokyo Super Aggregate (Pvt) Limited Tokyo Supermix ( Pvt) Limited 1 % 1 % 1 % 51 % 1 % The Group accounts for the period 218/19 includes the operating results of the subsidiary companies 1 Market Price per Share 3th Jun 18 3th Jun 17 3th Jun 18 3th Jun 17 Highest for The Period Lowest for The Period Last Traded for The Period Public Shareholding 3th Jun 18 3th Jun 17 3th Jun 18 3th Jun 17 The percentage of shares held by Public Public Shareholders % 3, % 2,958 1 % 3,189 1 % 3,59

11 TOKYO CEMENT COMPANY (LANKA) PLC Page 1 of 11 Twenty Largest Shareholders as at 3th Jun 18 3th Jun 17 Shares % Shares % St. Anthony's Consolidated (Pvt) Ltd 73,57, % 73,57, % South Asian Investment (Pvt) Ltd 53,82, % 53,82, % Ube Singapore Holdings Pte. Ltd 26,73, 1.% 26,73, 12.% Marina Bay Holding And Investment Pte.Ltd. 16,38, 6.% Not in Top 2 list.% Capital City Holdings (Private) Limited 8,19,367 3.% 8,19, % Hsbc Intl Nominees LtdJpmluT Rowe Price Funds Si 6,375,5 2.4% Not in Top 2 list.% J.B. Cocoshell (Pvt) Ltd 4,541, % 5,19, % Deutsche Bank AgNational Equity Fund 3,6, 1.3% 3,6, 1.62% Ceylon Guardian Investment Trust Plc A/C # 2 3,527, % 5,583, % Northern Trust Company S/A Apollo Asia Fund Limite 3,245,63 1.2% Not in Top 2 list.% Pictet And Cie (Europe) S.A. S/A Lloyd George Indi 3,,88 1.1% 3,14, % Hsbc Intl Nom LtdState Street Luxembourg C/O Ssbt 2,4,.9% Not in Top 2 list.% Seb AbTundra Frontier Opportunities Fund 2,315,592.9% 1,315,592.59% Ceylon Investment Plc A/C # 2 2,17,374.8% 5,7, 2.56% Deutsche Bank Ag As Trustee For Namal Acuity Value 1,8,.7% 1,8,.81% Hatton National Bank Plc/Capital Trust Holdings Li 1,486,265.6% Not in Top 2 list.% Mrs. M.T. Moosajee 1,32,.5% Not in Top 2 list.% Mr. T.L.M. Imtiaz 1,183,459.4% 1,291,356.58% Mr. R. Maheswaran 1,96,94.4% 1,96,94.49% Miss A. Radhakrishnan 1,96,939.4% 1,96,939.49% TOTAL 217,212, % 191,811, % Twenty Largest Shareholders as at 3th Jun 18 3th Jun 17 Shares % Shares % Bnymsanv ReButterfield Trust ( Bermuda ) Limited 16,258, % 16,258, % Northern Trust Company S/A Apollo Asia Fund Limite 1,561, % 5,49, % Seb AbTundra Frontier Opportunities Fund 7,56, 5.7% 2,52, 2.26% Hsbc Intl Nom LtdState Street Luxembourg C/O Ssbt 6,827, % 6,827, % Pershing Llc S/A Averbach Grauson & Co. 5,774, % 4,621, % Employees Provident Fund 5,643, % 5,643, % Deutsche Bank Ag As Trustee For Jb Vantage Value E 4,914,66 3.7% 4,914, % Deutsche Bank AgNational Equity Fund 3,72, 2.8% 3,72, 3.34% Mas Capital (Private) Limited 3,466,55 2.6% 3,493,3 3.14% Citibank London S/A Old Mutual Global Investors Se 2,875,11 2.2% 2,698, % Phoenix Ventures Private Limited 2,827,5 2.1% 2,827,5 2.54% Deutsche Bank Ag As Trustee For Namal Acuity Value 2,782, % 2,782, % Seb AbFim Frontier Fund 2,181,61 1.6% 2,181, % Seylan Bank Plc/Arrc Capital (Pvt) Ltd 1,976, % 1,5, 1.35% Peoples Leasing & Finance Plc/Hi Line Trading (Pv 1,852, % Not in Top 2 list.% J.B. Cocoshell (Pvt) Ltd 1,837,11 1.4% 5,165, % Union Assurance Plc/No1A/C 1,729, % 1,989, % Gf Capital Global Limited 1,476, 1.1% 1,476, 1.33% Dfcc Bank Plc A/C 1 1,472, % 1,472, % Mr. A. Hassenally Rajkotwala 1,223,58.9% Not in Top 2 list.% TOTAL 86,96, ,582,

12 TOKYO CEMENT COMPANY (LANKA) PLC Page 11 of 11 Directors / CEO's Shareholdings Ordinary Shares Shares Held Shares Held 3/6/18 3/6/17 Ordinary Shares Shares Held Shares Held 3/6/18 3/6/17 Local Joint Venture Partner St Anthony's Consolidated (Private) Limited 73,57,172 73,57,172 Gnanam A S G Gnanam S R Managing Director/CEO Gnanam E J Ube Singapore Holdings Pte. Ltd 16,38, Mr Susumu Ando (Non Executive and Nominee Director of UBE Singapore Pte. Ltd ) Mr W.C Fernando Executive Director and GGM 71,28 59,4 Independent Non Executive Directors Mr Ranjeevan Seevaratnam Dr Harsha Cabral Mr Ravi Dias Mr Asite Talwatte 89,545,214 73,57,214 71,28 59,4 ==== === === ==== Total Shares in Issue 267,3, 222,75, 133,65, 111,375, Chief Executive Officer's Shareholding Mr S R Gnanam, the Managing Director and Chief Executive Officer is also director and shareholder of the following companies Ordinary Shares Shares Held Shares Held 3/6/18 3/6/17 Ordinary Shares Shares Held Shares Held 3/6/18 3/6/17 St Anthony's Consolidated ( Pvt) Limited 73,57,172 73,57,172 South Asian Investment (Pvt) Limited 53,82,756 53,82,756 Capital City Holdings (Pvt) Limited 8,19,367 8,19,367 St Anthony's Hardware (Pvt) Limited 545, ,292 TOTAL 135,892, ,892,587 ==== === === ====... End...