E B CREASY & COMPANY PLC (PQ 182)

Transcription

1 E B CREASY & COMPANY PLC (PQ 182) INTERIM FINANCIAL STATEMENT For the Six Months Ended 30th September 2017

2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME COMPANY For thesix Months Ended 30th September 2017 Quarter ended Six Months Ended Variance Variance Rs. '000 Rs. '000 % Rs. '000 Rs. '000 % Revenue 992, ,608 3% 1,976,401 1,948,568 1% Cost of Sales (645,287) (563,582) -14% (1,288,769) (1,168,444) -10% Gross Profit 347, ,026-13% 687, ,124-12% Other Income 2,870 24,555-88% 4,648 77,640-94% Selling and Distribution Expenses (98,725) (173,785) 43% (233,822) (352,475) 34% Administrative Expenses (122,917) (132,510) 7% (244,699) (272,726) 10% Net Finance Expenses (78,467) (31,624) -148% (138,044) (64,780) -113% Profit before Taxation 49,996 86,662-42% 75, ,783-55% Tax Expenses (13,221) (6,100) -117% (13,221) (15,642) 15% Profit for the Period 36,775 80,562-54% 62, ,141-59% Other Comprehensive Income / (Expenses) Net change in fair value of available for sale financial assets (107) % 62 (18) 444% Defined benefit plan actuarial gain/(losses) (1,000) (10,785) 91% (2,000) (21,569) 91% Other Comprehensive Income / (Expenses) for the period net of tax (1,107) (10,702) 90% (1,938) (21,587) 91% Total Comprehensive Income for the year 35,668 69,860-49% 60, ,554-54% Earnings per Share (Rs.) Dividend per share (Rs.) Figures in brackets indicate deductions. The above figures are provisional and subject to audit. 1

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME CONSOLIDATED For thesix Months Ended 30th September 2017 Quarter ended Six Months Ended Variance Variance Rs. '000 Rs. '000 % Rs. '000 Rs. '000 % Revenue 6,797,210 6,378,360 7% 13,209,161 12,287,992 7% Cost of Sales (5,106,846) (4,670,436) -9% (10,037,706) (9,053,070) -11% Gross Profit 1,690,364 1,707,924-1% 3,171,455 3,234,922-2% Other Income 146,297 87,302 68% 189, ,615 17% Share of Results of Equity Accounted Investees (3,583) (24,893) 86% 13,144 (57,612) 123% Selling and Distribution Expenses (576,766) (732,903) 21% (1,180,968) (1,413,679) 16% Administrative Expenses (900,619) (773,409) -16% (1,744,652) (1,596,885) -9% Other Expenses (880) 4, % (4,818) (457) 0% Net Finance Expenses (391,194) (285,499) -37% (772,240) (538,202) -43% Profit / (Loss) before Taxation (36,381) (16,525) 120% (328,139) (209,298) 57% Tax Expenses (64,211) (54,425) -18% (92,422) (100,532) 8% Profit / (Loss) for the period (100,592) (70,950) 42% (420,561) (309,830) 36% Other Comprehensive Income / (Expenses) Net change in fair value of available for sale financial assets (11,347) 2, % 5,698 7,846 27% Defined benefit plan actuarial gain/(losses) 6,842 (11,375) -160% 2,890 (23,489) 112% Share of Other Comprehensive Income of equity accounted Investees (3,304) % 886 2,859 69% Other Comprehensive Income / (Expenses) for the period net of tax (7,809) (8,712) 10% 9,474 (12,784) 174% Total Comprehensive Profit / (Loss) for the year (108,401) (79,662) 36% (411,087) (322,614) 27% Profit / (Loss) Attributable to: Equity Holders of the Company (13,867) (16,572) (147,097) (140,806) Non - Controlling interest (86,725) (54,378) (273,464) (169,024) Profit/ (Loss) for the period (100,592) (70,950) (420,561) (309,830) Total Comprehensive Profit / (Loss) attributable to: Equity Holders of the Company (14,351) (27,216) (141,774) (158,352) Non - Controlling interest (94,050) (52,446) (269,313) (164,262) Total Comprehensive Profit/ (Loss) for the period (108,401) (79,662) (411,087) (322,614) Earnings/ (Losses) per Share (Rs.) (5.47) (6.54) (58.02) (55.53) Dividend per share (Rs.) Figures in brackets indicate deductions. The above figures are provisional and subject to audit. 2

4 STATEMENT OF FINANCIAL POSITION GROUP COMPANY As at Unaudited Audited Unaudited Audited Rs. '000 Rs. '000 Rs. '000 Rs. '000 ASSETS Non Current Assets Property, Plant & Equipment 8,361,851 8,331,782 1,306,994 1,325,510 Investment property 187, , Leasehold Right to Land 6,553 6, Intangible Assets 800, ,396 58,291 63,882 Investment in Subsidiaries , ,583 Investment in Equity Accounted Investees 293, , Financial Assets Available-for-sale 568, ,274 1,383 1,321 Deferred Tax Asset 213, , Total Non Current Assets 10,432,066 10,272,514 2,217,251 2,241,296 Current Assets Inventories 4,224,149 4,705, , ,061 Amount due from Related Companies 617, ,410 1,573,842 1,376,448 Trade & Other Receivables 5,478,389 6,237, , ,778 Income Tax Refund Due 57, Investment Classified as Fair value through Profit or Loss 160, , Investment Classified as Held to Maturity 4,116 4, Investment Classified as Assets Held for Sale 198, , Cash & Cash Equivalents 536, , , ,525 Total Current Assets 11,277,503 12,331,248 2,494,148 2,483,812 Total Assets 21,709,569 22,603,762 4,711,399 4,725,108 EQUITY AND LIABILITIES Equity Stated Capital 25,731 25,731 25,731 25,731 Capital Reserves 126, , General Reserves 21,679 21,679 9,548 9,548 Retained Earnings 2,302,985 2,456,197 1,724,660 1,664,104 Equity Attributable to Equity Holders of the Company 2,477,110 2,630,322 1,759,939 1,699,383 Non Controlling Interest 1,895,634 2,635, Total Equity 4,372,744 5,265,467 1,759,939 1,699,383 Non Current Liabilities Interest bearing Loans and Borrowings 2,808,930 2,946, , ,595 Deferred Income and Capital Grants 26,349 17, Deferred Tax Liability 242, ,682 30,286 30,285 Retirement Benefit Obligations 652, , , ,951 Total Non Current Liabilities 3,730,297 3,858, , ,831 Current Liabilities Interest Bearing Loans and Borrowings 6,776,866 6,209,331 1,261,119 1,166,930 Current Taxation Payable 152, ,682 29,789 32,208 Trade & Other Payables 3,782,006 4,450, , ,713 Amount Due to Related Companies 848, , ,526 67,885 Deferred Income and Capital Grants Bank Overdrafts 2,046,106 1,895, , ,158 Total Current Liabilities 13,606,528 13,479,997 2,214,546 2,329,894 Total Equity and Liabilities 21,709,569 22,603,762 4,711,399 4,725,108 Net Assets Value Per Share Rs , The above figures are provisional and subject to audit. It is certified that these Financial Statements are prepared in compliance with the requirements of the Companies Act No.7 of SGD P.M.A Sirimane Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these Financial Statements. These Financial Statements were approved and signed for and on behalf of the Board of Directors of E.B.Creasy & Company PLC. SGD R.C.A. Welikala Director SGD S.W. Gunawardena Director 14th November

5 STATEMENTS OF CHANGES IN EQUITY Attributable to Equity Holders of Parent Non-Controling GROUP Stated Capital Reserves General Retained Total Interest Capital on Consolidation Reserve Earnings Total Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 01st April , ,715 21,679 2,862,577 3,036,702 3,272,389 6,309,091 Adjustment due to change in holding (4,533) (4,533) (344,497) (349,030) Total Comprehensive Income Profit/ (Loss) for the period (140,806) (140,806) (169,024) (309,830) Other Comprehensive income for the period (17,546) (17,546) 4,762 (12,784) Dividend for the period (76,064) (76,064) (57,080) (133,144) Balance as at 30th September , ,715 21,679 2,623,628 2,797,753 2,706,550 5,504,303 Balance as at 01st April , ,715 21,679 2,456,197 2,630,322 2,635,145 5,265,467 Effect on Acqusitions, Disposal and changes in Percentage Holding in Subsidiaries (11,438) (11,438) (435,474) (446,912) Total Comprehensive Income Profit/ (Loss) for the period (147,097) (147,097) (273,464) (420,561) Other Comprehensive Loss for the period ,323 5,323 4,151 9,474 Dividend for the period (34,724) (34,724) Balance as at 30th September , ,715 21,679 2,302,985 2,477,110 1,895,634 4,372,744 COMPANY Stated General Retained Total Capital Reserve Earnings Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 01st April ,731 9,548 1,480,732 1,516,011 Total Comprehensive Income Profit for the period , ,141 Other Comprehensive income for the period - - (21,587) (21,587) Dividend for the period - - (76,064) (76,064) Balance as at 30th September ,731 9,548 1,535,222 1,570,501 Balance as at 01st April ,731 9,548 1,664,104 1,699,383 Total Comprehensive Income Profit for the period ,494 62,494 Other Comprehensive income/(expenses) for the period - - (1,938) (1,938) Balance as at 30th September ,731 9,548 1,724,660 1,759,939 Figures in brackets indicate deductions. The above figures are provisional and subject to audit. 4

6 STATEMENT OF CASH FLOW For the Six Months ended 30th September 2017 GROUP COMPANY Note Rs.'000 Rs.'000 Rs.'000 Rs.'000 A Cash generated from operations Profit before tax (328,139) (209,298) 75, ,783 Adjustments for ; Depreciation on Property, Plant and Equipment 369, ,735 52,338 57,253 (Profit)/Loss on Disposal of Property, Plant & Equipment (91,775) Profit on Disposal of Investments (7,146) (11,708) - (9,220) Amortization of Intangible Assets 7,045 1,882 6, Gain/(Loss) on Translation of Foreign Currency (10,406) (17,479) - - Share of Results of equity (13,144) 114, Provision/(Reversal) for Bad and Doubtful Debts 12,185 (8,467) - - Provision for Falling Value of Inventories (8,663) 25,924 2,100 2,777 Provision for Retiring Gratuity 63,796 66,958 30,178 29,459 Amortization of Deferred Income & Capital Grants (1,241) (1,374) - - Interest Income (31,329) (11,647) - - Dividend Received (3,093) (3,093) - (64,110) Interest Expenses 878, , ,458 70,218 Gain or loss on Investments classified as FVTPL (92,508) (17,437) , , , ,237 (Increase) /Decrease in Inventories 480, , , ,478 (Increase) /Decrease in Trade and Other Receivables 758, ,581 (46,981) (326,032) (Increase) /Decrease in Related Party Receivables (223,042) (83,271) (85,121) (43,741) Increase / (Decrease) in Related Party Payables 100,817 46, (1,411) Increase / (Decrease) in Trade and Other Payables (668,575) 226,093 (131,373) (166,440) 1,193,196 1,876, ,773 (129,909) Cash Flows from Operating Activities Cash generated from Operations ( Note A) 1,193,196 1,876, ,773 (129,909) Gratuity paid/ Gratuity Payment Received From Gratuity Fund (7,696) (20,652) (4,547) (7,744) Interest Paid (910,982) (538,241) (140,458) (73,579) Income Taxes Paid (188,901) (163,094) (15,637) (30,940) Net cash flows from operating activities 85,617 1,154,408 2,131 (242,172) Cash Flows from Investing Activities Purchase and construction of Property, Plant & Equipment (180,578) (227,201) (33,821) (2,915) Proceeds on Disposal of Property, Plant & Equipment 106,123 16,253 (571) 9,220 Investmetn in Subsidiaries (352,223) (354,357) - - Investment in Software (8,286) (112,088) - (112,088) Dividend Received 6,515 80,703-64,110 Interest Received 35,755 9,291-3,450 Net Payments to Non Controlling Interest (86,035) (57,080) - - Net Cash flows from Investing Activities (478,728) (644,479) (34,392) (38,223) Cash flows from financing activities Lease Rental Paid - (2,265) - (2,004) Proceed from Long-Term loans 711,770 1,925, , ,169 Payments of Long Term Loan (700,146) (450,136) - - Proceeds/Payment of Short -Term loans 325,865 (1,880,555) 64,392 (197,534) Dividends paid - (76,064) - (76,064) Net Cash flows from Financing Activities 337,489 (483,413) 237,636 (110,433) Net increase /(decrease) in cash & cash equivalents (55,622) 26, ,375 (390,828) Cash & cash equivalents at the beginning of the year (1,453,656) (1,453,656) (411,632) (116,956) Cash & cash equivalents at the end of period ( Note B) (1,509,278) (1,427,140) (206,257) (507,784) B Analysis of cash & cash equivalents Bank borrowings (2,046,106) (1,888,749) (314,772) 75,855 Cash in hand & at Bank 536, , ,515 (583,639) (1,509,278) (1,427,140) (206,257) (507,784) The above figures are provisional and subject to audit. 5

7 NOTES TO THE FINANCIAL STATEMENTS SEGMENT ANALYSIS OF GROUP - REVENUE & PROFIT REVENUE Segment Revenue Inter Segment Group Net Revenue For the Six Months ended 30th September Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Trading Industrial Products 6,058,110 4,985,815 (402,062) (381,892) 5,656,048 4,603,923 Trading Consumer Products 8,753,427 9,020,387 (1,841,483) (1,976,517) 6,911,944 7,043,870 Leisure 588, ,871 - (1,074) 588, ,797 Other 113,702 84,633 (60,554) (25,231) 53,148 59,402 15,513,260 14,672,706 (2,304,099) (2,384,714) 13,209,161 12,287,992 PROFIT Profit/(Loss) Before Tax For the Six Months ended 30th September Rs.'000 Rs.'000 Trading Industrial Products (228,100) (276,265) Trading Consumer Products (16,552) 218,282 Leisure (105,727) (94,991) Plantations 13,144 (57,612) Other 9,096 1,288 (328,139) (209,298) 6

8 NOTES TO THE FINANCIAL STATEMENTS - CONTD: 1. Account Status The figures are provisional and subject to audit. 2. Accounting Policies The accounting policies and methods of computation are consistent with those policies and methods followed during the previous financial year and also in compliance with Sri Lanka Accounting Standard 34 - Interim Financial Reporting Change in Classification To facilitate comparison and where relevant, balances pertaining to the previous comparative period have been reclassified. The operational results of the period under review of this financial year did not indicate any significant variations in comparison to the same period of the previous financial year due to the seasonal & cyclical nature of the businesses in the Hotel Sector. There has been no significant change in the nature of the contingent liabilities which were disclosed in the audited financial statements for the year ended 31st March Events occurring after the Reporting Date There has been no material events subsequent to the interim period which require disclosure in the provisional Interim financial statements. 7 Market Value Market value of a share for the quarter ended Rs. Rs. Highest 1, , Lowest 1, , Last Traded (V.W.A.) 1, , Stated Capital Stated Capital (Rs.) 25,731,000 25,731,000 No. of shares represented by 2,535,458 2,535,458 the stated capital Percentage of shares held by 25.87% 25.88% the public No. of Public Shareholders Details pertaining to Directors direct shareholdings as at are as follows. Name of Director Position No. of Shares Mr.S.D.R.Arudpragasam Managing Director 2,000 2,000 7

9 NOTES TO THE FINANCIAL STATEMENTS - CONTD: 10. Twenty Major Shareholders as at 30th September 2017 Name Shareholding % Holding 1 The Colombo Fort Land & Building PLC 1,343, % 2 Seylan Bank PLC / Dr.Thirugnanasambandar Senthilverl 424, % 3 Union Investments (Pvt) Ltd. 167, % 4 Colombo Fort Investments PLC 158, % 5 C M Holdings PLC 100, % 6 Colombo Investment Trust PLC 74, % 7 Mr.Radhakrishnan Maheswaran 35, % 8 Miss.Meenambigai Priyadarshini Radhakrishnan 35, % 9 Miss.Andal Radhakrishnan 35, % 10 Commercial Bank of Ceylon PLC/ Colombo Investment Trust PLC 30, % 11 Mr.Thotawattage Rohan Lakshana Perera 14, % 12 Tranz Dominion,L.L.C. 7, % 13 Photokina Ltd. 6, % 14 Sisira Investors Limited. 6, % 15 Sampath Bank PLC / Dr. T.Senthilverl 4, % 16 Mr.Mohamed Hussain Mohammed Sanoon 3, % 17 Waldock Mackenzie Ltd/ Mr. M.A.N Yoosufali 3, % 18 The Incorporated Trustees of the Church of Ceylon 2, % 19 Consolidated Holdings (Pvt) Ltd 2, % 20 Dr. Hettiarachchige Walter Elliot Tissera 2, % 2,457, % 8

10 CORPORATE INFORMATION Legal Form Associated Farms Ltd. Public Quoted Company with Limited C.W Mackie PLC. Liability Incorporated in Sri Lanka under the Pettah Pharmacy (Pvt) Ltd Joint Stock Companies Ordinance 1861 Muller & Phipps Agency (Pvt) Ltd B.O.T Hotel Services Ltd Galle Fort Hotels (Pvt) Ltd Board of Directors Kelani Valley Canneries Limited Chairman/ Managing Director Duramedical (Lanka) Ltd S.D.R.Arudpragasam, FCMA (U.K.) Lak Kraft (Pvt) Limited Sherwood Holidays Limited Deputy Chairman Nature's Link Pvt Ltd R. Seevaratnam, B.Sc (Lond.), FCA (Eng. and Wales) FCA (ICASL) Kiffs (Pvt) Limited Alliance Five (Pvt) Limited Deputy Managing Director S. Rajaratnam, B.Sc. CA. Associates Directors Consolidated Tea Plantations Ltd A.Rajaratnam - FCA Waverly Power (Pvt) Ltd R. C. A. Welikala R.N. Bopearatchy, B.Sc. (Cey), Dip. BM, MBA P.M.A Sirimane, FCA,MBA Registered Office A.R.Rasiah, B.Sc. (Cey), FCA P.O. Box 37 S.N.P.Palihena, F.C.I.B (U.K.), F.I.B., Post Gr.Dip.Bus. & FA 98, Sri Sangaraja Mawatha A.M. Mubarak B.Sc. (Hons.) (Cey), Ph. D. Colombo 10. A.M.de S. Jayaratne B.Sc (Econ.) FCA (Eng.and Wales) FCA (ICASL) Telephone: S.W Gunawardena B.Sc., MBA Telex: DACREEL,CE Fax: 94(1) Secretaries Subsidiaries Corporate Managers & Secretaries (Private) Ltd. Darley Butler & Co. Ltd. 8-5/2, Leyden Bastian Road, Creasy Foods Ltd. York Arcade Building, Laxapana Batteries PLC. Colombo 1. Island Consumer Supplies (Pvt) Ltd. Filmpak Ltd. Auditors Group Three Associates (Pvt) Ltd. KPMG Corporate Systems Ltd. Chartered Accountants E. B. Creasy Logistics Ltd. P.O. Box 186 Muller & Phipps (Ceylon) PLC. Colombo 3. Lanka Special Steels Limited Lankem Ceylon PLC. Legal Advisers Lankem Paints Ltd. Julius & Creasy Lankem Consumer Products Ltd. P.O. Box 154, Lankem Chemicals Ltd. Colombo 1. Lankem Technology Services Ltd. SunAgro Farms Ltd. Bankers SunAgro Foods Ltd Hatton National Bank PLC SunAgro LifeScience Ltd. Standard Chartered Bank. Lankem Research Ltd. Commercial Bank of Ceylon PLC. Lankem Exports (Pvt) Ltd. Bank of Ceylon. Ceylon Tapes (Pvt) Ltd National Development Bank PLC. J.F.Packaging (Pvt) Ltd Pan Asia Banking Corporation PLC Sigiriya Village Hotels PLC. Union Bank of Colombo PLC Marawila Resorts PLC. People's Bank Colombo Fort Hotels Ltd. Seylan Bank PLC Beruwala Resorts PLC. Sampath Bank PLC York Hotels (Kandy) Ltd. Nations Trust Bank PLC 9