BALANGODA PLANTATIONS PLC 110, Norris Canal Road - Colombo -10

Transcription

1 INTERIM FINANCIAL STATEMENT AS AT 31 MARCH 2018 OUR VISION To achieve excellence in the production & marketing of tea and rubber both locally and internationally. OUR MISSION To increase productivity To encourage team work and motivation amongst the employees and provide for career development To generate adequate return on capital To achieve excellence in every sphere of activity towards becoming a model in the private sector corporate entity

2 CORPORATE INFORMATION Company Legal Form : Balangoda Plantations PLC : Quoted Public Company Date of Incorporation : 11th June 1992 Company Registration No : P Q 165 Registered Office : 110, Norris Canal Road, Colombo 10 Board of Directors : Mr.D.H.S Jayawardena - Chairman/MD Mr.A.S.Perera - Executive Director Mr.D Hasitha S Jayawardena - Non Executive Director Mr.C R Jansz - Non Executive Director Mr.A.L.Gooneratne - Non Executive Director Dr.A.Shakthevale - Independent Director Mr.D.S.K.Amarasekera - Independent Director Secretary Registrars Auditors Bankers Managing Agents : Mr. P A Jayatunga, 833, Sirimavo Bandaranaike Mawatha, Colombo 14. Telephone / : P W Corporate Secretarial (Pvt) Ltd., 3/17, Kynsey Road, Colombo 8. Telephone: : Messrs. Ernst & Young, Chartered Accountants, 201 De Saram Place, Colombo 10 : Hatton National Bank PLC, Head Office Branch, 481, Darley Road, Colombo -10 : Stassen Exports (Pvt) Limited, 833, Sirimavo Bandaranaike Mawatha, Colombo 14.

3 STATEMENT OF PROFIT OR LOSS 03 Months 03 Months (Audited) ended ended Year ended 3/31/2018 3/31/ /31/2017 Rs. '000 Rs. '000 Rs. '000 Revenue 616, ,924 3,056,067 Cost of Sales (585,799) (748,158) (2,932,347) Gross Profit 31,166 67, ,720 Gain/(Loss)on Fair value of Biological Assets 1, ,112 Other Operating Income 25,122 33, ,985 Administration Expenses (17,286) (32,638) (194,866) Management Fee - (6,451) (2,053) Profit from Operating Activities 40,650 62, ,898 Finance Cost (51,718) (47,416) (203,123) Profit before Taxation (11,068) 15, ,775 Income Tax Expenses - - (192,437) Net Profit/(Loss) for the Period. (11,068) 15,228 (91,662) Earning per Share (0.47) 0.64 (3.88) Net Assets per share Number of Shares 23,636,363 23,636,363 23,636,363 Market Value of Share Highest (for the period) Lowest (for the period) Closing (for the period) ) It is certified that the Financial Statements as at 31st March 2018 have been prepared in compliance with the Provisions of the Companies Act No. 07 of ) These interim financial statements are provisional and subject to audit. 3) These financial statements comply with the Sri Lanka Accounting Standards (SLFRS/LKAS) and the Statements of Recommended Practices (SoRP) and provide the information required by the Colombo Stock Exchange and LKAS 34. D H S Jayawardena Chairman/Managing Director Anusha Perera Executive Director 11th May 2018

4 STATEMENT OF COMPREHENSIVE INCOME 03 Months 03 Months (Audited) ended ended Year ended 3/31/2018 3/31/ /31/2017 Rs. '000 Rs. '000 Rs. '000 Profit/ (Loss) for the year (11,068) 15,228 (91,662) Other Comprehensive Income Net change in fair value of available -for-sale financial assets 4 (53) (47) Actuarial gains / (Loss) on defined benefit Plans ,095 Income tax effect - - (3,653) Total other comprehensive income for the year,net of tax 4 (53) 22,395 Total other comprehensive income for the year,net of tax (11,064) 15,175 (69,267) STATEMENT OF CHANGES IN EQUITY Stated Timber Available for Retained Total Capital Reserves Sale Reserves Profit/(Loss) Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 31 December ,000 1,569, ,371 2,099,498 Net Profit/(Loss) for the period ,228 15,228 Transferred to Timber Reserve Other Comprehensive Income - - (53) - (53) Balance as at 31 March ,000 1,569, ,599 2,114,673 Balance as at 31 December ,000 1,591, ,003 2,030,231 Net Profit/(Loss) for the period (11,068) (11,068) Other Comprehensive Income Balance as at 31 March ,000 1,591, ,935 2,019,167

5 STATEMENT OF FINANCIAL POSITION (Audited) As at As at Year ended 3/31/2018 3/31/ /31/2017 ASSETS Rs. '000 Rs. '000 Rs. '000 Non Current Assets Leasehold Property Plant & Equipment 222, , ,017 Property Plant & Equipment Freehold Property Plant & Equipment 605, , ,143 Bearer Biological Assets 2,518,768 2,356,162 2,489,634 Consumable Biological Assets 1,805,472 1,773,160 1,805,472 Avalable for sale Finance Assets ,152,483 5,008,753 5,137,726 CURRENT ASSETS Produce on Bearer Biological Assets 5,740 6,167 4,091 Inventories 296, , ,726 Trade & Other Receivables 131,020 89,683 94,022 ACT Recoverable - 29,469 - VAT Receivable 12,202 11,976 13,007 Economic Service Charge Recoverable 18,801 7,982 14,899 Amounts due from Related Companies 10,000 6,262 10,808 Short Term Investments 327 3, Cash and cash equivalents 14,765 16,975 14, , , ,389 TOTAL ASSETS 5,641,640 5,471,206 5,567,115 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 350, , ,000 Timber Reserves 1,591,918 1,569,770 1,591,918 Available for Sale Reserves Retained Earnings 76, ,599 88,003 TOTAL EQUITY 2,019,167 2,114,673 2,030,231 Non Current Liabilities & Deferred Income Interest Bearing Loans & borrowings 1,417, ,241 1,320,109 Deferred Tax Liabilities 192,979 4, ,979 Deferred Grants & Subsidies 167, , ,783 Retirement Benefit Obligations 691, , ,471 Net Liabilities to the lessor payable after one year 91,077 93,012 91,551 2,560,420 1,889,189 2,457,893 Current Liabilities Interest Bearing Loans & Borrowings 107, , ,148 Net Liabilities to the lessor payable within one year 1,952 1,878 1,934 Dividends Payable 6,247 6,373 6,247 Income Tax Liabilities 15,829 15,328 15,829 Trade & other Payable 438, , ,594 Amount due to related companies 70, ,773 49,280 Bank Overdraft 421, , ,959 1,062,053 1,467,344 1,078,991 TOTAL EQUITY AND LIABILITIES 5,641,640 5,471,206 5,567, ## -

6 STATEMENT OF CASHFLOWS 03 Months 03 Months (Audited) ended ended Year ended 3/31/2018 3/31/ /31/2017 CASH FLOW FROM OPERATING ACTIVITIES Rs. '000 Rs. '000 Rs. '000 Profit Before Taxation (11,068) 15, ,775 ADJUSTMENT FOR Depreciation/ Amortization 26,617 25, ,370 Retirement Benefit Obligation - Provision 15,467 16, ,436 Amortization of Grants (2,607) (2,645) (10,580) Interest Income (32) (157) Povision for Obsolete Stock (127) Provision for Doubtful Debts 4 Interest Expense 51,718 47, ,123 Profit on Disposal of Property Plant & Equipment 5,903 Impairement of Immature Pantation (Rubber) 20,720 Gain/Losses on Fair Value of Biological Assets (1,648) (74,112) Loss of disposal of valuable timber trees 53,118 Operating Profit Before Working Capital Changes 78, , ,473 (Increases)/Decrease in Inventories (18,575) 49,502 63,003 (Increases)/Decrease in Trade & Other Receivables (40,096) 8,528 4,154 (Increases)/Decrease in amount due from Related Companies 808 (1,235) (5,781) Increases/(Decrease) in Trade & Other Payables 19,705 (54,761) (289,963) Increases/(Decrease) in amounts due to Related Companies 21,536 6,171 (84,322) Cash Generated from Operations 61, , ,564 Payment of Economic Service Charges (3,902) (2,993) (14,449) Retirement Benefit Obligation - Payments (7,324) (14,674) (85,452) Interest Paid (43,727) (186,485) Net cash from Operating Activities 6,904 92,501 (74,822) CASH FLOWS FROM INVESTMENT ACTIVITIES Interest Received 151 Grants Received - Purchases of Property Plant & Equipment (342) (37) (7,189) Investment in Immature Plantations (41,027) (59,029) (262,284) Proceeds from sale of Property Plant & Equipment 6,011 Net Cash from/(used in) Investing Activities (41,369) (59,066) (263,311) CASH FLOWS FROM FINANCING ACTIVITIES Receipts of Loan 100, ,282 Repayment of Loans (40,959) (37,557) (151,220) Payment to Lessor on lease Rights (7,991) (7,713) (38,734) Dividends Paid - (126) Net cash Used in Financing Activities 51,541 (45,270) 379,202 Net Increase /(Decrease) in Cash & Cash Equivalents 17,076 (11,835) 41,069 Cash & Cash Equivalents at the beginning of the year (423,123) (464,192) (464,192) Cash & Cash Equivalents at the end of the year (406,047) (476,027) (423,123) 17,076 (11,835) 41,069

7 ADDITIONAL NOTES Notes to the Financial Statement 1. Other than contingent liabilities which may arise from fair value adjustments, there has not been a significant change in the nature of contingent assets and contingent liabilities which were disclosed in the Annual Report for the year ended 31 December Liability to the management fees and other similar expenditure have been provided in the Interim accounts. 3. No circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in the financial statements. 4. Same accounting policies and methods of computation are followed in the interim financial statements for the 03 months period ended 31 March 2018, as compared with the annual financial statements for the year ended 31 December The Statement of Recommended Practice (SoRP) for Right-to-use of Land on Lease was approved by the Council of the Institute of Chartered Accountants of Sri Lanka on 19th December Subsequently, the amendments to the SoRP along with the modification to the title as Statement of Alternative Treatment (SoAT) were approved by the Council on 21st August The Company has not reassessed the Right-to-use of Land because this is not mandatory requirement. Amendment to LKAS 16 and LKAS 41, on Bearer plants, harvestable biological assets growing on the bearer plants are measured at their fair value less cost to sell and accounted retrospectively

8 ADDITIONAL NOTES The Names and the Numbers of shares held be the 20 largest holders of voting and non-voting shares and the percentage of such shares held - 31st March, 2018 No NAME/ADDRESS NO. OF % OF ISSUED SHARES CAPITAL 1 Melstacorp PLC 13,853, Employees Provident Fund 1,351, Associated Electrical Corporation Ltd. 328, Seylan Bank PLC/S R Fernando 149, Mr.T Someswaran 144, First Capital Markets Limited / Ventura Crystal (Pvt) Limited 136, Cocoshell Activated Carbon Company Limited 129, Mr.KMSM Rajabudeen,Mr.KMSMR Mohamed,Mr.KMSM Razeek 116, Mr.FA Azhar 115, Mr.R Maheshwaran 112, Mr. Ajith Krishantha Palliya Guruge Don 108, Mr.K.N.Karunaratne 106, Mr.M.A.Nazeer 100, Capital Trust holdings Ltd 96, Sandwave Limited 94, Mr.M.K Nambiyarooran 83, People's Leasing& Finance PLC/Mr.M I Samsudeen 75, People's Leasing& Finance PLC/Mr.W A J Withanar 69, Mr.R E Rambukwella 68, Mr.M S Nadheer 66, Number of Public Shareholders - 18,523 The Public holding percentage % A statement of each director's holding and Chief Executive Officer's holding in shares of the entity at the end of each financial year 31st March, 2018 Name Non CDS CDS Total Mr.D H S Jayawardena - Chairman/MD Mr.A.S.Perera - Executive Director Mr.D Hasitha S Jayawardena - Non Executive Director Mr.C R Jansz - Non Executive Director Mr.A.L.Gooneratne- Non Executive Director Dr.A.Shakthevale- Independent Director Mr.D S K Amarasekera - Independent Director Number of shares representing the Entity's stated Capital - 23,636,363

9 SEGMENT INFORMATION REVENUE Sale of Goods Sale of Produce Tea Segmental Information 3/31/2018 3/31/2017 3/31/2018 3/31/ /03/2018 Segment Tea Tea Rubber Rubber Total 31/03/2017 Total Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 (a) Segment Revenue Revenue 518, ,965 98,474 95, , ,924 Cost of Sales (497,927) (654,638) (87,871) (93,520) (585,798) (748,158) Segment Results 20,564 65,327 10,603 2,439 31,167 67,766 Unallocated Other Operating Income 26,770 33,046 Administrative Expenses (17,286) (32,638) Management Fees - (6,452) Finance Cost (51,718) (47,416) Gain on Change in Fair Value of Biological Asset Profit/(Loss) before Income Tax Expense (11,067) 15,227 (b) Segment Assets Non Current Assets 953,285 1,022,184 2,261,895 2,098,046 3,215,180 3,120,230 Current Assets 315, ,892 43,722 35, , ,556 1,269,121 1,132,076 2,305,617 2,133,710 3,574,738 3,265,786 Unallocated Non Current Assets 1,937,302 1,888,523 Current Assets 129, ,897 Total Assets 5,641,639 5,471,206 Segment Liabilities Non Current Liabilities 737, , , , , ,559 Current Liabilities 399, ,823 58,725 86, , ,173 Total Liabilities 1,137,252 1,188, , ,916 1,317,295 1,383,732 Unallocated Non Current Liabilities 1,701,730 1,096,629 Current Liabilities 603, ,171 Total Liabilities 3,622,472 3,356,532 Equity 2,019,167 2,114,674