HAYLEYS FIBRE PLC INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER

Transcription

1 HAYLEYS FIBRE PLC INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2016

2 Audited 31st Mar As at Unaudited 31st Dec 31st Dec Rs'000 Note Rs.'000 Rs.'000 ASSETS Non-Current Assets 68,400 Property, Plant & Equipment 50,259 67, ,893 Investment Property - 186,949 54,227 Investment in Equity Accounted Investee 73,176 51,557 92,596 Other Non Current Financial Assets 92,796 92,123 - Deferred Tax Assets ,116 Total Non Current Assets 216, ,356 Current Assets 59,783 Inventories 40,470 26,122 60,482 Trade and Other Receivables 54,440 53,185 3,922 Other Current Assets 3,227 4,396 4,486 Income Tax Recoverable 3,750-30,282 Amounts Due from Related Parties 46, ,774 1,491 Amounts Due from Equity Accounted Investee - 1,172 - Short Term Investment 150,000-21,290 Cash and Cash Equivalents 22,532 16,139 - Assets Classified as Held for Sale 204, ,736 Total Current Asset 525, , ,852 Total Assets 741, ,144 EQUITY AND LIABILITIES Equity STATEMENT OF FINANCIAL POSITION 80,000 Stated Capital 2 80,000 80, ,787 Other Components of Equity 240, ,314 50,625 Amalgamation Reserves 50,625 50, ,510 Revenue Reserves 137,882 89, ,922 Total Equity Attributable to Equity Holders of the Company 509, ,963 Non-Current Liabilities 2,082 Deferred Tax Liabilities 2,082-12,550 Retirement Benefit Obligations 15,250 21,061 14,632 Total Non-Current Liabilities 17,332 21,061 Current Liabilities 28,893 Trade and Other Payables 28,333 19,728 7,163 Other Current Liabilities 10,448 6,619 3,261 Amount Due to Related Parties 153,599 5,431 - Income Tax Payable - 1,251 51,981 Interest Bearing Borrowings 22, ,091 91,298 Total Current Liabilities 214, , ,930 Total Liabilities 232, , ,852 Total Equity and Liabilities 741, , Net Assets per Share (Rs.) I certify that the financial statements of the company comply with the requirements of the Companies Act No 7 of Sgd. M.C.Sampath Chief Financial Officer Figures in brackets indicate deductions. The above figures are provisional and subject to audit. The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by, Sgd. A.M.Pandithage Chairman Sgd. H.C.S.Mendis Managing Director 2nd February 2017 Colombo HAYLEYS FIBRE PLC 1

3 INCOME STATEMENT Audited 31st Mar Unaudited 31st Dec 31st Dec Variance Rs.'000 Rs.'000 Rs.'000 Rs.' ,038 Revenue 346, ,221 14,112 - (401,364) Cost of Sales (310,156) (308,158) (1,998) 40,674 Gross Profit 36,177 24,063 12,114 20,390 Other Income 12,484 15,408 (2,924) (44,334) Administrative Expenses (38,105) (35,744) (2,361) (1,084) Distribution Expenses (728) (491) (237) 15,646 Profit from Operations 9,828 3,236 6,592 14,974 Finance Income 6,616 11,866 (5,250) (28,885) Finance Expenses (6,208) (24,074) 17,866 (13,911) Net Finance Gain / (Expenses) 408 (12,208) 12,616 14,284 Share of Profit of Equity Accounted Investee (Net of Income Tax) 26,642 11,610 15,032 16,019 Profit Before Taxation 36,878 2,638 34, Income Tax Expenses ## (1,506) (2,503) ,385 Profit/(Loss) for the period 35, , Earnings per Share (Rs.) Share Prices Period Ended Period Ended 31/12/ /12/2015 Highest Rs Rs Lowest Rs Rs Last Traded Price Rs Rs The Notes on pages 8 & 9 form an integral part of these Financial Statements. Figures in brackets indicate deductions. HAYLEYS FIBRE PLC 2

4 STATEMENT OF COMPREHENSIVE INCOME Audited 31st Mar For the Nine Months Ended Unaudited 31st Dec 31st Dec Rs.'000 Rs.'000 Rs.'000 16,385 Profit/ (Loss) for the Period 35, Other Comprehensive Income 704 Net Gain on Available-For-Sale Financial Assets ,404 Actuarial Gain on Defined Benefit Plans - - (168) Deferred Tax on Other Comprehensive Income - - 1,940 Other Comprehensive Income for the Period, Net of Tax ,325 Other Comprehensive Income for the Period, Net of Tax 35, Figures in brackets indicate deductions. HAYLEYS FIBRE PLC 3

5 INCOME STATEMENT Quarter Ended Quarter Ended 31st Dec 31st Dec Variance Rs.'000 Rs.'000 Rs.'000 Revenue 115, ,735 8,613 Cost of Sales (102,730) (96,900) (5,830) Gross Profit 12,618 9,835 2,783 Other Income 1,547 4,761 (3,214) Administrative Expenses (12,533) (8,446) (4,087) Distribution Expenses (159) (194) 35 Profit from Operations 1,473 5,956 (4,484) Finance Income 4,682 2,572 2,110 Finance Expenses (2,226) (5,610) 3,384 Net Finance Gain / (Expenses) 2,456 (3,038) 5,494 Share of Profit of Equity Accounted Investee (Net of Income Tax) 5,254 2,826 2,428 Profit Before Taxation 9,183 5,744 3,439 Income Tax Expenses (175) (1,653) 1,478 Profit for the Quarter 9,008 4,091 4,917 Earnings per Share (Rs.) Figures in brackets indicate deductions. Share Prices 3rd Quarter 3rd Quarter of 2016 of 2015 Highest Rs Rs Lowest Rs Rs Last Traded Price Rs Rs HAYLEYS FIBRE PLC 4

6 STATEMENT OF COMPREHENSIVE INCOME For the Quarter Ended 31st Dec 31st Dec Rs.'000 Rs.'000 Profit for the Quarter Ended 9,008 4,091 Other Comprehensive Income Deferred Tax on Other Comprehensive Income - - Other Comprehensive Income for the Quarter,Net of Tax - - Other Comprehensive Income for the Quarter,Net of Tax 9,008 4,091 Figures in brackets indicate deductions. HAYLEYS FIBRE PLC 5

7 STATEMENT OF CASH FLOW Audited For the Nine Months Ended Unaudited 31st Mar 31st Dec 31st Dec Rs.'000 Rs. '000 Rs. '000 Cash Flows from Operating Activities 16,019 Profit before Income Taxation 36,878 2,638 Adjustments for (14,284) Share of Profit/(Loss) of Equity Accounted Investee (26,642) (11,610) 2,998 Depreciation 3,393 2,745 (488) Profit on Disposal of Property,Plant & Equipment ,122 Interest Expense 3,822 8,181 (609) Dividend Income - (609) (55) Interest Income (3,640) (111) (676) Provision for Obsolete Inventories 800 1,200 (667) Provision for Bad and Doubtful Debts - - 3,457 Provision for Retiring Gratuity 2,700 2,733 15,817 Operating Profit before Working Capital Changes 17,311 5,289 10,627 (Increase)/Decrease in Inventories 18,513 42,411 17,041 (Increase)/ Decrease in Trade and Other Receivables 6,737 23, ,387 (Increase)/Decrease in Dues from Related Parties (14,280) 63,214 (54,327) Increase/(Decrease) in Trade Dues to Related Parties 150,338 (52,157) 4,108 Increase /(Decrease) in Trade and Other Payables 2,725 (5,601) 165,653 Cash Generated from Operations 181,344 76,354 (10,122) Interest Expense (3,822) (8,181) (20,954) Retiring Gratuity Paid - (13,126) (5,313) Income Tax Paid (777) (5,311) 129,264 Net Cash Flows from Operating Activities 176,745 49,736 Cash Flows from / (Used in) Investing Activities (2,535) Acquisition of Property, Plant & Equipment (3,236) (1,714) 610 Proceeds from Disposal of Property, Plant & Equipment Dividend Received Dividend Received from Equity Accounted Investee 7, Interest Received 3, (1,261) Net Cash flows from Investing Activities 8,101 (994) Dividends Paid (4,000) Net Cash Flows from Financing Activities (4,000) - 128,003 Net Increase/(Decrease) in Cash and Cash Equivalents 180,846 48,742 (158,694) Cash and Cash Equivalents at the Beginning of the Year (30,691) (158,694) (30,691) Cash and Cash Equivalents (Note A) 150,155 (109,952) A. Analysis of Cash and Cash Equivalents 21,290 Cash & Bank Balance 22,532 16,139 - Short Term Investment 150,000 - (51,981) Short Term Loan and Overdrafts (22,377) (126,091) (30,691) 150,155 (109,952) Figures in brackets indicate deductions. - - HAYLEYS FIBRE PLC 6

8 STATEMENT OF CHANGES IN EQUITY Other Component of Equity` Attributable to Owners of the Company Amalgamation Amalgamation Retained Total Stated Revaluation Available Capital Revenue Earnings Capital Reserve for Sale Reserve Reserve Reserve Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 1st April , ,001 51,082 14,000 36,625 91, ,487 Provision for Super Gain Tax (2,890) (2,890) Adjusted Balance as at 1st of April , ,001 51,082 14,000 36,625 88, ,597 Profit for the Year Net Gain on Available for Sale Finanacial Assets Balance as at 31st December , ,001 51,313 14,000 36,625 89, ,963 Balance as at 1st April , ,001 51,786 14,000 36, , ,922 Profit for the Year ,372 35,372 Acturial Gain on Employee Benefit Obligations Income Tax on Other Comprehensive Income Net Gain on Available for Sale Finanacial Assets Dividend Paid * (4,000) (4,000) Balance as at 31st December , ,001 51,983 14,000 36, , ,491 HAYLEYS FIBRE PLC 7

9 Notes to the Financial Statements 1 The Interim Financial Statements of the Company have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st March 2016, are in compliance with Sri Lanka Accounting Standards -LKAS 34 - "Interim Financial Reporting". where necessary, comparative figures have been re-classified to confirm with the current presentation as per the SLFRS/LKAS adjustment. 2 Stated Capital 31st Dec st Dec 2015 Value - ordinary shares (Rs.) 80,000,000 80,000,000 No of shares - ordinary shares 8,000,000 8,000,000 Voting rights One vote per One vote per ordinary share ordinary share 3 Contingencies There has not been a significant change in the nature of contingent liabilities, which were disclosed in the Annual Report for the year ended Events occurring after the Reporting Date The Company disposed its Ekala Property to Alumex PLC (which is a subsidiary of Hayleys PLC) at a consideration of Rs.420,000,000/=. Deed of transfer was executed on 10th January 2017 subsequent to the reporting date. This had been approved by the shareholders at the EGM held on 27th of July The gain on disposal of above property amounts to Rs. 215,000, Share Trading from 1st April 2016 to 31st December 2016 No of transactions 18,559 No of shares traded 8,279,103 Value of shares traded (Rs.) 639,434,572 HAYLEYS FIBRE PLC 8

10 NOTES TO THE FINANCIAL STATEMENTS 6 Twenty Largest Shareholders Dec 2016 Name No of Shares % 1 HAYLEYS PLC NO.3 SHARE INVESTMENT ACCOUNT 5,200, NATION LANKA CAPITAL LTD/ K. L. G. UDAYANANDA 126, NATION LANKA CAPITAL LTD/ J. P. N. P. K. JAYASEKERA 70, MR. N. K. C. J. DE SILVA 32, MBSL / MR. N. K. C. J. DE SILVA 31, MR. S. SRIKANTHAN & MRS. S. SRIKANTHAN 60, MR. J. A. A. M. JAYASINGHE 54, MR. C. G. N. PREMATILLAKE 48, MRS. M. J. NIHARA 42, MR. A. R. IBRAHIM 39, DR. D. JAYANNTHA 32, MR. R. RASARETNAM 26, PEOPLE'S LEASING & FINANCE PLC / MR. DEEPTHI NILUPUL 24, MRS. L. P. THENABADU & MR. S. K. THENABADU 23, DR. A. K. A. JAYAWARDENE 22, MRS. K. J. M. DE SILVA 21, COLOMBO TRUST FINANCE PLC / G. R. D. S. GAMLATH 21, NATION LANKA CAPITAL LTD/ J. P. R. KARUNARATHNE 20, MR. T. D. DE JONK 20, MBSL / C. P. EDIRISINGHA 19, MR. G. RAJANNIRUBASINGHAM 19, MR. K. H. R. THILAKARATHNA 19, MR. M. J. M. AMJAD 18, Total 5,992, Dividends Paid Company paid first and final dividend of cents 50 per share on 7th July 2016 for the financial year 8 Director's Shareholdings as at 31st Dec 31st Dec Name of the Director No of Shares No of Shares MR. A. M. PANDITHAGE MR. F. R. ALLES 11,200 11,200 MR. H. C. S. MENDIS DR. S. A. B. EKANAYAKE NIL NIL MR. S. C. GANEGODA MR. T. G. THORADENIYA NIL NIL MR. B. D. A. PERERA NIL NIL MR. N. UDAGE NIL NIL MR.K.S.PADIWITA 1,280 1,280 9 Total Number of Shareholders representing the % public holding Shares held by public 3, There were no non voting shares as at 31st Dec HAYLEYS FIBRE PLC 9

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