ASIA CAPITAL PLC Interim Report 3rd Quarter Ended 31st December 2017

Transcription

1 Interim Report 3rd Quarter Ended 31st December 2017

2 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME- GROUP Nine months ended 31st December Nine months ended 31st December Quarter ended 31st December Change % Change % Rs.'000 Rs.'000 Rs.'000 Rs.'000 Revenue 274, ,060-29% 113, ,729 8% Cost of Sales (105,772) (200,193) -47% (38,708) (35,195) 10% Gross Profit 169, ,867-9% 74,330 69,533 7% Other Operating Income 365,328 99, % 27,537 54,070-49% Selling and Distribution Expenses (80,879) (56,744) 43% (21,570) (30,928) -30% Administrative Expenses (398,754) (389,363) 2% (130,360) (134,117) -3% Other Operating Expenses (85,844) (283,023) -70% (50,555) (217,046) -77% Net Finance Income/(Cost) (90,014) (127,885) -30% (30,356) (37,357) -19% Share of Profit of Joint Venture - 3, % - 1, % Profif/(Loss) Before Taxation (121,036) (569,574) -79% (130,974) (294,741) -56% Income Tax Profit/(Loss) for the Period (121,036) (569,574) -79% (130,974) (294,741) -56% Attributable to Equity Holders of the Parent Company (54,781) (538,763) (115,424) (286,877) Non-Controlling Interest (66,255) (30,811) (15,550) (7,863) (121,036) (569,574) -79% (130,974) (294,741) -56% Basic Earnings/(Loss) Per Share (Rs.) (0.42) (4.10) (0.88) (2.18) STATEMENT OF OTHER COMPREHENSIVE INCOME-GROUP Profit/(Loss) for the Period (121,036) (569,574) -79% (130,974) (294,741) -56% Other Comprehensive Income Acturial Gain /(loss) on Defined Benefit Obligations Revaluation Surplus on Property, Plant and Equipment Deferred Taxation on Revaluation Surplus Other Comprehensive Income for the Period, net of tax Total Comprehensive Income for the Period (121,036) (569,574) -79% (130,974) (294,741) -56% Attributable to Equity Holders of the Parent Company (54,781) (538,763) (115,424) (286,877) Non-Controlling interest (66,255) (30,811) (15,550) (7,863) Total Comprehensive Income for the Period (121,036) (569,574) -79% (130,974) (294,740) -56% Note: Figures in bracket indicate deductions. 1

3 STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME- COMPANY Nine months ended 31st December Nine months ended 31st December Quarter ended 31st December Change % Change % Rs.'000 Rs.'000 Rs.'000 Rs.' Revenue 639, ,768 31% 151, ,633-59% Cost of Sales (160,943) (211,045) -24% (15,764) (114,876) -86% Gross Profit 478, ,723 73% 135, ,757-48% Other Operating Income 315,615 89, % 24,140 50,061-52% Selling and Distribution Expenses (37,332) (26,077) 43% (5,496) (19,736) -72% Administrative Expenses (125,498) (128,454) -2% (37,484) (47,356) -21% Other Operating Expenses (48,456) (377,649) -87% (15,908) (314,744) -95% Net Finance Income/(Costs) (47,996) (81,157) -41% (13,962) (21,907) -36% Profit/(Loss) Before Taxation 534,414 (248,308) -315% 86,526 (95,925) -190% Income Tax Expense Profit/(Loss) for the Period 534,414 (248,308) -315% 86,526 (95,925) -190% Basic Earnings/(Loss) Per Share (Rs.) 4.07 (1.89) 0.66 (0.73) STATEMENT OF OTHER COMPREHENSIVE INCOME Profit/(Loss) for the Period 534,414 (248,308) -315% 86,526 (95,925) -190% Other Comprehensive Income Acturial Gain /(loss) on Defined Benefit Obligations Revaluation Surplus on Property, Plant and Equipment Deferred Taxation on Revaluation Surplus Other Comprehensive Income for the Period, net of tax Total Comprehensive Income for the Period 534,414 (248,308) -315% 86,526 (95,925) -190% Note: Figures in bracket indicate deductions. 2

4 STATEMENTS OF FINANCIAL POSITION GROUP COMPANY AS AT Rs.'000 Rs.'000 Rs.'000 Rs.'000 (Audited) (Audited) ASSETS Non-Current Assets Property, Plant and Equipment 3,256,527 3,117,197 19,077 24,033 Intangible Assets 115, , Investments in Subsidiaries ,782 1,097,204 Investments in Joint Venture - 38,130-33,520 Long Term Deposits and Advances 12,237 11,913 12,237 11,913 3,384,163 3,282,922 1,001,137 1,166,835 Current Assets Inventories 16,853 12, Held to maturity Investments 67,675 51,657 47,625 35,831 Available for sale Financial Assets 114, , , ,853 Income Tax Receivable 1,357 1, Trade and Other Receivables 289, , ,107 2,955 Amounts due from Related Parties , ,503 Cash and Cash Equivalents 207,875 15,230 39,069 6, , ,191 1,105, ,860 Total Assets 4,082,355 3,710,113 2,106,242 1,874,695 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,498,498 1,498,498 1,498,498 1,498,498 Revaluation Reserves 1,036,792 1,197,364 5,905 5,905 Retained Earnings/ (Accumulated Losses) (978,897) (1,325,293) (234,792) (768,220) Shareholders' Fund 1,556,393 1,370,569 1,269, ,183 Non-controlling interest 945, , Total Equity 2,502,095 2,048,274 1,269, ,183 Non-Current Liabilities Retirement Benefit Obligations 24,257 24,610 15,455 14,706 Interest Bearing Borrowings - Non Current 580, ,600 72,409 85, , ,210 87,864 99,788 Current Liabilities Non - Interest Bearing Borrowings - Current 82,848 87,485 82,848 87,485 Interest Bearing Borrowings - Current 365, , , ,414 Differed Income 11,485 11,485 11,485 11,485 Trade and Other Payables 251, , ,058 41,771 Amounts due to Related Parties ,610 Income Tax Payable 19,512 20,573 19,514 20,570 Bank Overdrafts 244, , ,859 94, ,388 1,310, ,767 1,038,724 Total Liabilities 1,580,260 1,661, ,631 1,138,512 Total Equity and Liabilities 4,082,355 3,710,113 2,106,242 1,874,695 Net Assets Per Share (Rs.) Note: Figures in bracket indicate deductions. I certify that the above financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007 Thusitha Perera Group Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of the Board of Directors, Stefan Abeysinghe Director /Group CEO Ranjith Wickramasinghe Director 13th February Colombo. 3

5 STATEMENT OF CHANGES IN EQUITY GROUP Total Stated Revaluation Retained Earnings/ Attributable to Non-controlling Total Capital Reserve Accumulated Losses Equity holders Interest Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 01st April ,498,498 43,634 (1,192,237) 349,895 19, ,747 Prior Period adjustments Profit / (Loss) for the period - - (372,568) (372,568) (27,768) (400,336) Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary , , ,030 1,311,152 Revaluation Surpuls on Propery, Plant and Equipment - 1,365,036-1,365,036-1,365,036 Balance as at 31st March ,498,498 1,408,670 (732,683) 2,174, ,114 2,645,599 Prior Period adjustments 13,469 (16,823) (119,328) (2,444) (121,772) Profit / (Loss) for the period - - (274,834) (274,834) (22,948) (297,782) Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary Revaluation Surpuls on Propery, Plant and Equipment Balance as at 31st December ,498,498 1,422,139 (1,140,314) 1,780, ,518 2,327,841 Prior Period adjustments - (195,327) 137,719 (57,608) (99,352) (156,960) Transferred to reserves during the period - (29,448) - (29,448) - (29,448) Profit / (Loss) for the period - - (438,454) (438,454) (27,097) (465,551) Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary , , , ,392 Revaluation Surpuls on Propery, Plant and Equipment Balance as at 31st March ,498,498 1,197,364 (1,325,293) 1,370, ,705 2,048,274 Prior Period adjustments ,737 77,737 18,020 95,756 Transferred to reserves during the period Profit / (Loss) for the period - - (54,781) (54,781) (66,255) (121,036) Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary - (160,572) 323, , , ,101 Revaluation Surpuls on Propery, Plant and Equipment Balance as at 31st December ,498,498 1,036,792 (978,897) 1,556, ,703 2,502,095 COMPANY Stated Revaluation Retained Earnings/ Capital Reserve Accumulated Losses Total Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 01st April ,498,498 5,905 (827,903) 676,500 Prior Period Adjuestment Issue of new shares Profit / (Loss) for the period , ,633 Balance as at 31st March ,498,498 5,905 (400,270) 1,104,133 Prior Period Adjuestment - - 2,264 2,264 Loss for the period - - (250,572) (250,572) Revaluation Surpuls on Propery, Plant and Equipment Balance as at 31st December ,498,498 5,905 (648,578) 855,825 Prior Period adjustments Issue of New shares Revaluation Surpuls on Propery, Plant and Equipment Profit / (Loss) for the period - - (119,642) (119,642) Balance as at 31st March ,498,498 5,905 (768,220) 736,183 Prior Period adjustments - - (986) (986) Issue of New shares Revaluation Surpuls on Propery, Plant and Equipment Profit / (Loss) for the period , ,414 Balance as at 31st December ,498,498 5,905 (234,792) 1,269,611 4

6 CASH FLOW STATEMENTS GROUP COMPANY 31/12/ /12/ /03/ /12/ /12/ /03/2017 Rs'000 Rs'000 Rs'000 Rs.'000 Rs.'000 Rs.'000 Net cash generated from/(used in) operating activities 347,593 (503,906) (307,353) 242,101 44,251 (361,987) Net cash generated from/(used in) investing activities (261,815) 156, , ,228 6, ,386 Net cash generated from/(used in) financing activities 53, ,046 (356,512) (386,447) (71,817) (94,246) Net increase/(decrease) in cash & cash equivalents 139,520 (106,482) (163,432) 9,882 (21,326) (83,847) Cash and cash equivalents at the beginning of the period (176,245) (12,814) (12,813) (87,672) (3,826) (3,825) (36,725) (119,296) (176,245) (77,790) (25,152) (87,672) Cash and cash equivalents Cash at bank and in hand 207,875 8,535 15,230 39,069 6,755 6,717 Bank overdraft (244,600) (127,831) (191,475) (116,859) (31,907) (94,389) (36,725) (119,296) (176,245) (77,790) (25,152) (87,672) Note: Figures in bracket indicate deductions. 5

7 Segment Information (Business Segments) Investments Leisure Manufacturing Services Group Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Revenue Total Gross Sales 639, , , , , , ,941 Less : Inter segment sales/dividend (636,007) (373,881) (636,007) (373,881) Net Segment Revenue 3, , , , , , ,060 Segmental Operating Profit/(Loss) (242,149) (406,041) (146,951) (117,179) (1,297) (13,343) (5,952) (5,996) (396,349) (542,559) Other Operating Income 354,031 89,306 11,297 8, ,328 97,682 Share of Profit/(Loss) of Joint Venture - - 3,188 Operating Profit/(Loss) 111,882 (316,735) (127,131) (98,042) (1,297) (13,343) (5,952) (5,996) (31,021) (441,689) Finance cost (66,797) (97,357) (29,584) (33,233) (21) (2) (96,402) (130,592) Finance Income 6,083 2, ,388 2,707 Profit/(Loss) Before Taxation 51,168 (411,385) (156,410) (131,275) (1,297) (13,343) (5,973) (5,998) (121,036) (569,574) Income Tax Expense Profit/(Loss) for the Period 51,168 (411,385) (156,410) (131,275) (1,297) (13,343) (5,973) (5,998) (121,036) (569,574) As at As at As at As at As at As at As at As at As at As at Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Assets Segment Assets 434, ,576 3,474,786 3,066,040 3,909 5, ,232 13,172 4,082,355 3,671,983 Deferred Tax Assets/(Liabilities) Investment in JV - 38, ,130 Total Assets 434, ,706 3,474,786 3,066,040 3,909 5, ,232 13,172 4,082,355 3,710,113 Liabilities Segment Liabilities 236, , , , , , ,226 Interest Bearing Borrowings 484, , , , , ,117,436 1,346,613 Total Liabilities 720,999 1,164, , , ,118 2,804 1,580,260 1,661,839 Net Assets (286,571) (539,219) 2,774,160 2,572,475 3,391 4,651 11,114 10,368 2,502,095 2,048,274 Note: Figures in bracket indicate deductions. 6

8 NOTES TO THE FINANCIAL STATEMENTS 1 Corporate information Asia Capital PLC is a limited liability company incorporated and domiciled in Sri Lanka, and listed in the Colombo Stock Exchange. The Registered Office of the Company and the principal place of business are both situated at Level 21st West Tower, World Trade Center, Colombo Approval of Financial Statements The interim financial statements of the Group and the Company for the 2nd Quarter ended 30th september 2017 were authorised for issue by the Board of directors on 13February Basis of preparation The interim consolidated financial statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 -Interim Financial Reporting. The presentation and classification of the financial statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period. The interim consolidated financial statements are presented in Sri Lankan Rupees and all values are rounded to the nearest thousand except when otherwise indicated. 4 All the figures given are provisional and subject to audit unless otherwise stated The Same accounting Policies as in the Annual report for the year ended 31st March 2017 have been followed in the preparation of the above Financial statements. 5 Share Information 5.1 Public share holdings The percentage of shares held by the public as at 31st December % (31st March %) Number of shareholders representing the public holding as at 31/12/ share holdes, 7,611,625 shares. 5.2 Directors' share holdings The number of shares held by the Board of directors are as follows: Name Mr. J. H. P. Ratnayeke ( Chairman) 101, Mr. A. D. Ross Nil Nil 3 Mr. R. Wickramasinghe 50,636 Nil 4 Mr. V.Siva Jr. Nil Nil 5 Mr. S.A. Abeyesinhe 536,077 Nil 6 Mr. T.Tanaka 450, ,000 7 Mr. Z.Merchant Nil Nil 8 Mr Y Wattanabe 11,539,353 11,539, Twenty largest shareholders of the company are as follows: No of Shares % No of Shares % 1 Mr. Vijayeswaran S Vijayaratnam 94,039, ,039, Mr Yoshimich Watanabe 11,539, ,539, Mr Eiji Watanabe 9,790, ,790, Fast Gain International Limited 6,794, ,794, Mr Dilhan Andrew Stefan De Abrew Abeysinghe 536, Mr.Toshiaki Tanaka 450, , Mr.Calistus Nimalanathan Pakianathan 337, , Mr Peter Neville Jansen 268, Mr chamila Roshan Priyadarshana 261, , Ranasinghe Aracchige Thusitha Priyantha 198, DFCC Bank PLC/Mr CR Perera 170, , Mr Hans Anton Van Starrex 152, , Mr Sandun Thushara Hettige Don 147, Mr Damitha Rathnayake 134, Mr James Henry Paul Ratnayeke 101, Mr. Hamish Winston Mcdonald Woodward 98, , Ms Sunela Radhini Samaranayake 96, Seylan Bank Limited/Ruwan Prasnna Sugathadasa 95, , Mr Christopher Waylon Vandort 84, , Mr Anantha Ganesha Sarma Swaminathan 83,

9 NOTES TO THE FINANCIAL STATEMENTS 5.4 Stated capital Stated capital is represented by number of shares in issue as given below: 31st December st March 2017 Ordinary shares 131,329, ,329, Market price per share For the quarter ended 31st March 31st December st March 2017 Highest Price Lowest Price Price as at the end of the Quarter There has not been a significant change in the nature of the Contingent Liabilities and Contingent Assets which were disclosed in the Audited Financials Statements for the year ended March 31, No Circumstances have arisen since the reporting date which would require adjustments to or disclosures in the Financial Statements. 8 The Group is liable to taxation at the rate of 28%on its taxable profit.however no provision has been made due to tax lossess. 8

10 Corporate Information Name of Company Asia Capital PLC Legal Form A Public Quoted Company with Limited Liability, incorporated in Sri Lanka on 29th October 1991 under the provisions of the Companies Act No. 17 of 1982 and re-registered under the Companies Act No. 7 of 2007 on 14th February Company Registration Number No. PQ 119 Board of Directors J H P Ratnayeke ( Chairman) S.A. Abeyesinhe (Director/Group Chief Executive Officer) A D Ross V. Siva Jr. R.J. Wickramasinghe T.Tanaka Z.Merchant Y.Watanabe Stock Exchange Listing The Ordinary Shares of the Company are listed on the Colombo Stock Exchange, Sri Lanka. Registered Office Secretaries P R Secretarial Services (Pvt) Ltd 59 Gregory's Road Colombo 7 #21-01, West Tower, World Trade Center, Auditors Echelon Square, Colombo 1, Sri Lanka. BDO Partners Telephone : /2,Sir Chittampalam A Gardiner Mawatha Facsimile Colombo 02, Website Lawyers Subsidiaries Paul Ratnayeke Associates Asia Capital Projects (Private) Limited (Formerly Known as Asia wealth Managment (Private) Limited 59 Gregory's Road Asia Capital Technologies (Private) Limited Colombo 7 Asia Fort Sri Lanka Direct Investment Fund Limited Asia Growth Fund 1 (Private) Limited Bankers Asia Leisure Holdings (Private) Limited Hongkong and Shanghai Banking Corporation Limited Asia Leisure (Private) Limited Pan Asia Banking Corporation PLC Asia Tea Packaging (Private) Limited Hatton National Bank PLC Asia Digital Entertainment (Private) Limited Seylan Bank PLC Asia Capital Private Equity (Private) Limited Sampath Bank PLC Shinagawa Beach Resorts (Private) Limited (Formely Known as Balapitiya Resorts (Private) limited. Commercial Bank of Ceylon PLC Wadduwa Resorts (Private) Limited Nation Trust Bank PLC River House (Private) Limited Galle Beach Hotel (Private) Limited Asia Leisure travels (Pvt) Limited Galle Beach CC trust (pvt) ltd Joint venture Strider Capital Asia (Pvt) ltd 9