DILMAH CEYLON TEA COMPANY PLC AND ITS SUBSIDIARY

Transcription

1 DILMAH CEYLON TEA COMPANY PLC AND ITS SUBSIDIARY CORPORATE INFORMATION LEGAL FORM Quoted Public with Limited Liability COMPANY REGISTRATION NO PQ 209 REGISTERED OFFICE No. 111, Negombo Road, Peliyagoda, Sri Lanka Telephone: (94 11) Facsimile : (94 11) info@dilmahtea.com Website : STOCK EXCHANGE LISTING The Ordinary Shares are listed on the Colombo Stock Exchange SUBSIDIARY MJF Beverages (Pvt) Ltd BOARD OF DIRECTORS Chairman Merrill J Fernando Deputy Chairman Himendra S Ranaweera Chief Executive Officer/Director Dilhan C Fernando - B.Sc Directors Malik J Fernando - B.Sc Minette Perera - FCA, FCMA,FCCA Roshan Tissaaratchy - B.A, MBA, DipM, FCIM Rajanayagam Asirwatham - FCA Gritakumar E Chitty - Attorney at law COMPANY SECRETARY Jayanga Wegodapola - Attorney at law BANKS Bank of Ceylon Cargills Bank Ltd Commercial Bank of Ceylon PLC DFCC Vardhana Bank PLC Hatton National Bank PLC Hongkong & Shanghai Banking Corporation Ltd National Development Bank PLC Nations Trust Bank PLC Standard Chartered Bank AUDITORS Ernst & Young, Chartered Accountants, 201, De Saram Place, Colombo 10. Page - 01

2 Dilmah Ceylon Tea PLC and its Subsidiary Interim Financial Report as of 31st December 2017 Statement of Financial position Dec 2017 Dec 2016 As at 31 March 2017 Dec 2017 Dec 2016 As at 31 March 2017 Assets Non-Current Assets Property, Plant and Equipment 3,017,319 2,150,313 2,410,292 2,947,645 2,061,957 2,326,181 Investment Property 234, , , , , ,064 Intangible Assets 439, , , , , ,684 Investment in Subsidiary ,661 67,821 31,661 Other Financial Assets 511, , , , , ,782 Total Non Current Assets 4,202,469 3,308,008 3,580,823 4,164,456 3,287,473 3,528,372 Current Assets Inventories 1,075, , ,417 1,071, , ,358 Trade and Other Receivables 3,738,630 3,137,626 3,157,396 3,720,422 3,112,879 3,138,255 Advances & Prepayments 158, ,495 83, , ,614 81,995 Income Tax Assets Amounts Due from Related Party ,936 70,808 82,150 Cash and Cash Equivalents 4,533,990 4,774,241 4,843,702 4,525,731 4,772,408 4,833,971 Total Current Assets 9,507,041 9,077,492 9,030,513 9,564,266 9,110,583 9,078,211 Total Assets 13,709,510 12,385,500 12,611,336 13,728,722 12,398,056 12,606,583 Equity and Liabilities Capital and Reserves Stated Capital 642, , , , , ,000 Available for Sale Reserve 252, , , , , ,074 Retained Earnings 9,844,832 9,347,313 9,629,011 9,870,640 9,370,049 9,629,139 Total Equity 10,739,406 9,804,305 10,081,085 10,765,214 9,827,041 10,081,213 Non Current Liabilities Deferred Tax Liabilities 155, , , , , ,132 Retirement Benefit Obligations 258, , , , , ,074 Total Non Current Liabilities 413, , , , , ,206 Current Liabilities Trade and Other Payables 985, , , , , ,164 Advance Received - 25, ,778 - Short Term Loan 1,509,400 1,456,900 1,522,000 1,509,400 1,456,900 1,522,000 Income Tax Liabilities 60,082 24,854-60,097 24,904 - Amounts due to Related Party 2,202 4, Total Current Liabilities 2,556,930 2,356,162 2,210,452 2,554,046 2,349,103 2,209,164 Total Equity and Liabilities 13,709,510 12,385,500 12,611,336 13,728,722 12,398,056 12,606,583 Net Assets per Share These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of Darshana Gunasekera Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the board by, Himendra S Ranaweera Deputy Chairman Dilhan C Fernando CEO/Director 14th February 2018 Page - 02

3 Dilmah Ceylon Tea PLC and its Subsidiary Statement of Comprehensive Income April - March April - March October - December October - December April - December April - December Change () Change () (3rd Quarter) Change (3rd Quarter) Change Revenue 6,714,862 5,127, ,302,141 6,693,282 5,114, ,288,357 2,132,573 1,789, ,123,930 1,784, Cost of Sales (4,035,992) (2,998,371) 34.6 (4,376,319) (4,004,382) (2,964,580) 35.1 (4,324,613) (1,296,004) (1,103,753) 17.4 (1,284,699) (1,091,001) 17.8 Gross Profit 2,678,870 2,129, ,925,822 2,688,900 2,149, ,963, , , , , Other Income and Gains 13,560 77,537 (82.5) 83,089 13,560 74,594 (81.8) 79,934 2,127 11,264 (81.1) 2,127 8,323 (74.4) Administration Expenses (854,814) (759,205) 12.6 (1,000,945) (850,169) (753,585) 12.8 (1,034,500) (269,697) (267,470) 0.8 (268,198) (265,499) 1.0 Selling & Distribution Costs (1,292,981) (1,120,981) 15.3 (1,565,468) (1,281,510) (1,120,978) 14.3 (1,565,465) (531,498) (503,804) 5.5 (531,498) (503,804) 5.5 Foreign Exchange Gain/(Loss) 276, , , , , ,078 32,352 55,517 (41.7) 32,140 54,201 (40.7) Finance Cost (24,168) (13,656) 77.0 (19,328) (24,168) (13,654) 77.0 (19,327) (8,709) (5,885) 48.0 (8,709) (5,883) 48.0 Finance Income 127, ,156 (3.2) 174, , ,082 (3.1) 174,701 42,702 46,105 (7.4) 42,701 46,082 (7.3) Profit Before Tax 925, , , , , , ,846 21, ,794 26, Income Tax Expense (118,000) (87,500) 34.9 (136,680) (118,000) (87,500) 34.9 (136,664) (19,000) 2,500 (860.0) (19,000) 2,500 (860.0) Profit After Tax 807, , , , , ,501 84,846 24, ,794 28, Other Comprehensive Income, Net of Tax Net Gain/(Loss) on Available-for-Sale Financial Assets Actuarial Gain and (Losses) on Defind Benefit Plans 19,817 (517) (3,933.0) (5,436) 19,817 (517) (3,933.0) (5,436) (16,770) 46,229 (136.3) (16,770) 46,229 (136.0) - (28,940) - (28,797) Income Tax effect - 2,880-2, ,817 (517) (3,933.0) (31,496) 19,817 (517) (3,933.0) (31,353) (16,770) 46,229 (136.3) (16,770) 46,229 (136.0) Total Comprehensive Income, Net of Tax 826, , , , , ,148 68,076 70,665 (3.7) 72,024 75,193 (4.2) Earnings per Share - Basic Rs Page - 03

4 Dilmah Ceylon Tea PLC and its Subsidiary Statement of Changes in Equity Description Stated Capital Available for Sale Reserve Retained Earnings Total Equity Stated Capital Available for Sale Reserve Retained Earnings Total Equity Balance as at 1 April 2016 as per SLFRS 200, ,509 9,227,711 9,685, , ,509 9,227,558 9,685,067 Net profit for the period 519, , , ,491 Dividend Paid Final (250,000) (250,000) (250,000) (250,000) Dividend Paid nd Interim (150,000) (150,000) (150,000) (150,000) Other Comprehensive Income, Net of Tax (517) (517) (517) (517) Balance as at 31st December , ,992 9,347,313 9,804, , ,992 9,370,049 9,827,041 Balance as at 1 April 2017 as per SLFRS 200, ,074 9,629,011 10,081, , ,074 9,629,139 10,081,213 Issue of New Shares 442, , , ,500 Net profit for the period 807, , , ,746 Dividend Paid st Interim (311,062) (311,062) (311,062) (311,062) Dividend Paid Final (300,000) (300,000) (300,000) (300,000) Other Comprehensive Income, Net of Tax 19,817 19,817 19,817 19,817 Balance as at 31st December , ,074 9,844,832 10,739, , ,074 9,870,640 10,765,214 Page - 04

5 Dilmah Ceylon Tea PLC & its Subsidiary Statement of Cash Flows Cash Flows From/(Used in) Operating Activities 31st December st December March st December st December March 2017 Profit before Income Tax Expense 925, , , , , ,165 Adjustments for Depreciation and Amortisation 224, , , , , ,137 Exchange (Gain) & Loss (276,637) (161,791) (105,755) (276,172) (161,663) (104,754) Interest Expenses 24,168 13,656 19,328 24,168 13,654 19,327 Dividend Income (116) (118) (121) (116) (118) (121) Interest Income (127,962) (132,156) (174,791) (127,961) (132,082) (174,701) Profit on disposal of Property, Plant & Equipment (8,291) (73,769) (73,729) (8,291) (71,427) (71,387) Provision for fall in value of Investments ,160 Provision for Defined Benefit Plans 42,833 9,952 26,611 42,713 9,592 25,923 Operating Profit before Working Capital Changes 803, , , , , ,749 (Increase)/Decrease in Inventories (130,433) 285,701 89,414 (130,081) 287,451 88,966 (Increase)/Decrease in Trade and Other Receivables (463,940) (632,011) (180,907) (464,517) (623,110) (181,714) (Increase)/Decrease in Dues from Related Party - (7,786) (14,970) (26,312) (Increase)/Decrease in Dues to Related Party 2,202 4, Increase/(Decrease) in Trade and Other Payables 165, , , , , ,894 Cash Generated from Operations 376, ,072 1,075, , ,003 1,068,583 Defined Benefit Plan Costs paid (4,593) (6,237) (8,692) (4,593) (6,113) (8,568) Interest Paid (24,168) (13,656) (19,328) (24,168) (13,654) (19,327) Income Tax Paid (57,426) (168,097) (188,187) (57,422) (168,080) (188,129) Net Cash From Operating Activities 290, , , , , ,559 Cash Flows from/(used in) Investing Activities Acquisition of Property, Plant & Equipment (804,986) (299,443) (618,590) (804,966) (299,264) (618,395) Acquisition of Intangible Assets (27,377) (71,908) (100,338) (27,377) (71,908) (100,338) Acquisition of Investment - - (9) - - (9) Issue of New Shares 442, ,500 Loan Granted 1,456,900 1,456,900 - Proceeds from Sale of Property,Plant & Equipment 8,546 84,293 84,396 8,546 81,368 81,437 Dividend Received Interest Received 127, , , , , ,701 Net Cash Flows Used in Investing Activities (253,239) 1,302,116 (459,629) (253,220) 1,299,296 (462,483) Cash Flows from/(used in) Financing Activities Dividends Paid (611,062) (400,000) (400,000) (611,062) (400,000) (400,000) Loans Obtained - - 1,522, ,522,000 Net Cash Flows Used in Financing Activities (611,062) (400,000) 1,122,000 (611,062) (400,000) 1,122,000 Effect of Exchange Rate Changes on Cash and Cash Equivalents 264, ,791 (32,097) 263, ,663 (32,398) Net Increase/(Decrease) in Cash and Cash Equivalents (309,713) 1,419,989 1,489,451 (308,240) 1,418,115 1,479,678 Cash and Cash Equivalents at the beginning of the year 4,843,703 3,354,252 3,354,252 4,833,971 3,354,293 3,354,293 Cash and Cash Equivalents at the end of the year 4,533,990 4,774,241 4,843,703 4,525,731 4,772,408 4,833,971 Page - 05

6 Dilmah Ceylon Tea PLC & its Subsidiary Segmental Information - Description Tea Bags Tea Packets Others Total (Rs. '000s) Revenue 5,888,105 4,605, , , , ,468 6,714,862 5,127,831 Total 5,888,105 4,605, , , , ,468 6,714,862 5,127,831 Cost of Sales (3,539,786) (2,669,416) (432,462) (242,946) (63,744) (86,009) (4,035,992) (2,998,371) Segment Gross Profit 2,348,319 1,935, , ,178 42,464 17,459 2,678,870 2,129,460 Unallocated expenditure (2,171,963) (1,893,842) Add: Other Operating income 418, ,484 Net Profit Before Tax 925, ,102 Notes to the Financial Statements 1. The interim financial statements are unaudited and are in accordance with Sri Lanka Accounting Standards LKAS 34 - Interim Financial Reporting. These interim condensed Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31st March The Figures in the Consolidated Statements represent the accounts of the and its subsidiary, MJF Beverages (Pvt) Ltd., in which the company has invested. 3. There has been no significant change in the nature of the contingent liabilities, which were disclosed in the Financial Statement for the period ended 31 March As approved at the Annual General Meeting of the company held on 25th September'2017, following the approval of Colombo Stock Exchange, the company acquired the value added tea export business of MJF Teas (Pvt) Ltd, valued at Rs. 442,500,000/-, by allotting 737,500 new Ordinary Shares at a price Rs. 600/- per share by way of a private placement to MJF Teas (Pvt) Ltd, with effect from 1st of November There have been no other events subsequent to the Balance Sheet date, which disclosure in the Interim Financial Statements. 6. No Management fees are payable by the. 7. General The has not raised any funds through on IPO/Rights/Debenture issued during the period under review. The results of the are not subject to any seasonality or cyclical changes. All figures are provisional and subject to audit. Page - 06

7 Dilmah Ceylon Tea PLC and its Subsidiary Investor Information Interim Financial Report for the year ended 31st December Market Price per share Market Price - Highest (for the period) Market Price - Lowest (for the period) Last Traded price (for the period) Share Trading No of Transactions No of Shares Traded 9, Value of Shares Traded 5,264, , Stated capital is represented by number of shares in issue as given below As at Ordinary Shares 20,737,500 20,000, Director's share holding NAME OF DIRECTOR NO.OF SHARES OF SHARE HOLDING Mr. Merrill J Fernando - Chairman Mr. Himendra Ranaweera - Deputy Chairman 22, Mr. Malik J Fernando - Director 24, Mr. Dilhan C Fernando - Director 24, Mr. Rajanayagam Asirwatham - Director 4, Ms. Minette Perera - Director Mr. Roshan Tissaaratchy - Director 4, Mr. Gritakumar E Chitty - Director Top 20 Share Holders NAME OF THE SHAREHOLDER NO.OF SHARES OF SHARE HOLDING MJF Teas (Pvt) Ltd 13,812, MJF Exports (Pvt) Ltd 4,256, Employees Provident Fund 1,577, Mrs. S.T.Fernando 156, GF Capital Global Limited 69, Mr. H.A. Van Starrex 49, Mrs. S.T.F.Ortiz 42, Mr. A.W.Athukorala 36, Mr. M.W.De Silva 34, Mr. J.W.Burton 32, Merrill J Fernando & Sons (Pvt) Ltd 25, Mrs. A.S.Fernando 24, Mr. D.C.Fernando 24, Mr. M.J.Fernando 24, Dr. K.Poologasundram 23, Mr. H.S.Ranaweera 22, Mr. H.R.Peries 21, Mr. H.D.A.D.Perera 20, Ms. N.Harnam 18, Ms.L.R.Jayasundera 18, The Public Holding percentage, as defined under Colombo Stock Exchange rules, was as at 31st December Total number of Shareholders representing the Public Holding is 907 (Number of Shares is 2,562,022) Page - 07