Provisional financial statements Three months ended 30 June 2009 C A R G I L L S ( C E Y L O N ) P L C. Member of Ceylon Theatres Group

Transcription

1 Three months ended 30 June 2009 C A R G I L L S ( C E Y L O N ) P L C Member of Ceylon Theatres Group

2 Income statements Group Company For the quarter ended 30 June Variance Variance Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Revenue 7,418,327 7,334,254 84,073 4,155,850 4,069,262 86,588 Cost of sales (6,797,156) (6,748,428) (48,728) (4,014,469) (3,911,933) (102,536) Gross profit 621, ,826 35, , ,329 (15,948) Other income 122, ,053 (4,175) 85,989 77,570 8,419 Distribution costs (136,222) (128,240) (7,982) (20,451) (23,389) 2,938 Administrative expenses (229,526) (260,104) 30,578 (98,048) (107,463) 9,415 Other Expenses (32,657) (43,404) 10,747 (10,613) (7,219) (3,394) Operating profit 345, ,131 64,513 98,258 96,828 1,430 Net finance costs (130,095) (101,813) (28,282) (66,171) (43,698) (22,473) Profit before taxation 215, ,318 36,231 32,087 53,130 (21,043) Income tax expense (53,264) (44,360) (8,904) (9,487) (3,106) (6,381) Net profit for the period 162, ,958 27,327 22,600 50,024 (27,424) Attributable to : Equity shareholders of the parent 162, ,769 43,516 22,600 50,024 (27,424) Minority interest - 16,189 (16,189) , ,958 27,327 22,600 50,024 (27,424) Earnings per share (Rs.) (0.12) Dividend per share (Rs.) Dividend paid per share (Rs.) Explanatory notes are given on page 6 2

3 Balance sheets As at 30 June 31 March 30 June 31 March Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 ASSETS Non-current assets Property, plant and equipment 4,987,584 5,091,495 3,300,513 3,361,476 Intangible assets 297, , Investment in subsidiaries - - 1,668,453 1,668,453 Deferred tax assets 21,297 21, ,306,384 5,412,469 4,968,966 5,029,929 Current assets Inventories 2,293,442 2,649,786 1,223,753 1,586,401 Trade and other receivables 1,056,761 1,123, , ,700 Amount due from related companies 301, , , ,599 Short term investments 3,255 3,254 3,211 3,211 Cash and cash equivalents 209, , , ,918 3,863,964 4,248,266 2,151,428 2,450,829 Total assets 9,170,348 9,660,735 7,120,394 7,480,758 EQUITY Capital and reserves Stated capital 130, , , ,723 Reserves 1,012,428 1,012,428 1,004,500 1,004,500 Retained earnings 1,107, , , ,909 Shareholders' fund 2,250,189 2,132,704 1,383,932 1,406,132 Minority interest Total equity 2,250,189 2,132,704 1,383,932 1,406,132 LIABILITIES Non-current liabilities Borrowings 678, , , ,980 Deferred tax liability 295, , , ,256 Retirement benefit obligations 96,866 91,555 86,863 81,763 1,071,097 1,156, , ,999 Current liabilities Trade and other payables 3,448,939 3,917,522 2,848,387 3,376,678 Current tax liability 89,450 96,841 20,262 - Amount due to related companies 3,298 8, , ,004 Dividend payable 12,640 7,556 12,640 7,556 Borrowings 2,294,735 2,340,708 1,634,793 1,675,389 5,849,062 6,371,303 4,981,642 5,276,627 Total liabilities 6,920,159 7,528,031 5,736,462 6,074,626 Total equity and liabilities 9,170,348 9,660,735 7,120,394 7,480, Net Assets value per share (Rs.) Group Company Explanatory notes are given on page 6 I certify that these provisional financial statements have been prepared in accordance with the requirements of the Companies Act No. 7 of 2007 Sgd. S L W Dissanayake (Group Financial Controller) The Board of Directors is responsible for the preparation and presentation of these financial statements. These financial statements have been approved by the Board on 4 August 2009 Signed on behalf of the Board Sgd. V R Page (Deputy Chairman / Managing Director) Sgd. P S Mathavan (Executive Director - Finance) 3

4 Statements of changes in equity Stated Capital Revaluation General Accumulated Minority Total Group capital reserve reserve reserve earnings interest Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Balance as at 1 April ,723 7, ,000 35, , ,818 1,895,508 Net profit for the Period ,769 16, ,958 Adjustment for debit balance in minority (3,177) 3,177 - Dividends (42,000) - (42,000) Balance as at 30 June ,723 7, ,000 35, , ,184 1,988,466 Balance as at 1 April ,723 7, , , ,553-2,132,704 Net profit for the period , ,285 Dividends (44,800) - (44,800) Balance as at 30 June ,723 7, , ,500 1,107,038-2,250,189 Stated Revaluation General Accumulated Total Company capital reserve reserve earnings Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Balance as at 1 April , ,000 35, ,458 1,223,681 Net profit for the Period ,024 50,024 Dividends (42,000) (42,000) Balance as at 30 June , ,000 35, ,482 1,231,705 Balance as at 1 April , , , ,909 1,406,132 Net profit for the Period ,600 22,600 Dividends (44,800) (44,800) Balance as at 30 June , , , ,709 1,383,932 Explanatory notes are given on page 6 4

5 Cash flow statements For the quarter ended 30 June Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Cash flows from operating activities Profit before tax 215, ,318 32,087 53,130 Adjustments for: Depreciation 180, ,692 96,107 69,480 Retirement benefit obligations 6,190 25,532 5,981 24,334 Amortisation of intangible assets 1,898 1, Profit on sales of property, plant and equipment (2,484) (485) - - Provision for inventories (836) 1,580-1,580 Provision for doubtful debtors 3, Net finance costs 130, ,813 66,171 43,698 Operating profit before working capital changes 534, , , ,222 Changes in working capital - Decrease in inventories 357, , , ,535 - Decrease / (increase) in trade and other receivables 21,721 (352,512) (5,185) (155,315) - (Increase) / decrease in related company receivables (27,193) (107,161) (31,215) 154,670 - Increase in trade and other payables (468,582) (625,294) (528,292) (686,779) - Increase / (decrease) in related company payables (5,378) (990) 248,557 (23,861) Cash generated from operations 412,387 (51,005) 246,859 (195,528) Taxes paid (33,319) (26,576) (14,630) (15,000) Interest paid (130,095) (102,165) (85,885) (59,724) Gratuity paid (880) (9,207) (880) (9,207) Net cash generated from operating activities 248,093 (188,953) 145,464 (279,459) Cash flows from investing activities Addition of property, plant and equipment (77,313) (151,453) (35,145) (125,568) Proceeds from disposal of property, plant and equipment 2,992 3, Interest income ,714 16,026 Net cash used in investing activities (74,321) (147,343) (15,431) (109,542) Group Company Cash flows from financing activities Net proceeds from short term borrowings 193, , , ,014 Repayments of long term borrowings (76,355) (53,900) (37,505) (12,500) Dividend paid (39,716) (37,082) (39,716) (37,082) Net cash generated from financing activities 76, , , ,432 Increase / (decrease) in cash and cash equivalents 250,769 (198,264) 277,812 (59,569) Movement in cash and cash equivalents At the beginning of the period (983,702) (1,085,486) (785,451) (539,396) Movement during the period 250,769 (198,264) 277,812 (59,569) At end of the period (732,933) (1,283,750) (507,639) (598,965) 732, ,639 - Explanatory notes are given on page 6 5

6 Segment Information For the quarter ended 30 June Rs.' 000 Rs.' 000 Rs.' 000 Rs.' 000 Revenue Gross revenue Gross revenue 7,629,470 7,453,627 4,229,247 4,137,615 Turnover tax (211,143) (119,373) (73,397) (68,353) Net turnover 7,418,327 7,334,254 4,155,850 4,069,262 Business segment analysis Food and beverages 7,333,404 7,238,152 4,151,903 4,063,248 Wholesale distribution 605, ,999 3,947 6,014 Leisure 11,160 6, Photo processing 17,878 17, ,967,754 7,871,957 4,155,850 4,069,262 Inter segment sales (549,427) (537,703) - - Segmental profit 7,418,327 7,334,254 4,155,850 4,069,262 Segmental profit before unallocated overheads Food & beverages 360, , , ,126 Wholesale distribution operation 47,301 37, ,203 Photo processing 1,255 1, Leisure 1, , , , ,329 Unallocated overheads (66,437) (92,467) (48,748) (64,741) Rental income 3,740 4,817 5,625 4,240 Amortisation of intangible assets (1,898) (1,847) - - Net finance costs (130,095) (101,813) (66,171) (43,698) Income tax expense (53,264) (44,360) (9,487) (3,106) Profit after taxation 162, ,958 22,600 50,024 Group Company Explanatory Notes 1 The result for the quarter ended 30 June 2009 and the balance sheet as at 30 June 2009 are provisional and subject to audit. 2 The same accounting policies are followed as in the annual report for the year ended 31 March Where appropriate, the previous years presentation has been amended to conform to the current classification. 4 A final dividend of 30 Cents per share (Rs. 67,200,000) has been proposed for the year ended 31 March 2009 on 3 June 2009, which will be approved at the AGM (Annual General Meeting) on 7 August 2009 ( Refer Note 11 of Annual Report 2009). 5 There are no material events subsequent to the balance sheet date that require disclosure or adjustments in the financial statements 6 There are no contingent liabilities as at the balance sheet date. 7 All known expenditure items have been provided for. 8 No funds were raised through an IPO / Rights or Debenture issue in the recent past. 6

7 Investor relations supplement General Stated capital Issued shares Class of shares Voting rights Rs. 130,723, ,000,000 Ordinary shares One vote per ordinary share Stock exchange listing The issued ordinary shares of are listed in the Colombo Stock Exchange. Share valuation A sub-division of each existing issued and fully paid ordinary share of into 40 shares was given effect on 25 April Accordingly, the number of issued and fully paid ordinary shares was increased from 5,600,000 to 224,000,000 consequent to the The market price per share recorded during the quarter ended 30 June June 2008 Highest , Restated to reflect position after sub - division Lowest Last traded price Top 20 shareholders Rs Rs The holdings of the top 20 shareholders as at 30 June Mach 2009 Number of Number of Shares % Shares % Ceylon Theatres Limited 156,749, ,749, Mr. V R Page 14,220, ,220, SLIC Ltd - Life Fund 9,018, ,018, Ceylon Guardian Investment Trust - A/C No.1 7,154, ,035, Mr. Anthony A Page 4,725, ,719, Odeon Holdings (Ceylon) Limited 4,687, ,857, Deutsche Bank AG - National Equity Fund 2,223, ,097, Ms. M M Page 1,860, ,819, Mr. J C Page 1,705, ,736, Mrs. M M Udeshi 1,536, ,536, The Associated Newspapers of Ceylon Limited 799, , Mr. C Gardiner, The Bishop of Jaffna, The Archbishop of Colombo 563, , Mr. M M Udeshi 515, , PICTET & CIE - C/O Citi Bank 500, Mr. B N Shiner 492, , Mrs. D Grimshaw 484, , Estate of the late Mr N E Weerasooria 466, , Ceylon Chamber of Commerce - A/C No , Mr. R B de Vos 442, , Mr. Joseph Anthony Aloysius 354, , SLIC Ltd - General Fund , National Asset Management Ltd - Ceylon Chamber of Commerce , Total 208,948, ,040, Public holding The percentage of shares held by the public as at 30 June 2009 is 18.54% (31 March %) Directors shareholdings The Directors' shareholdings in the Company were as follows as at: 30 June March 2009 Mr. L R Page 36,760 86,760 Mr. V R Page 14,220,000 14,220,000 Mr. S V Kodikara 124, ,000 Mr. P S Mathavan 20,000 20,000 Mr. Jayantha Dhanapala Mr. A T P Edirisinghe 50,000 50,000 Mr. S E C Gardiner 20,000 20,000 Mr. Sunil Mendis 20,000 20,000 Mr. Anthony A Page 4,725,000 4,719,000 Mr. J C Page 1,705,500 1,736,800 Mr. E A D Perera 20,000 20,000 Mrs. S R Thambiayah 40,000 40,000 7

8 Corporate information Name of company Stock exchange listing Colombo Stock Exchange Company Registration No. PQ 130 Legal form Quoted public company with limited liability, incorporated in Sri Lanka on 1 March Registered office 40, York Street, Colombo 1, Sri Lanka Telephone : , Telefax : ccl@cargillsceylon.com Postal address P.O. Box 23, Colombo 1 Board of Directors L R Page (Chairman) V R Page (Deputy Chairman / Managing Director) S V Kodikara (Executive Director) P S Mathavan (Executive Director) Jayantha Dhanapla A T P Edirisinghe S E C Gardiner Sunil Mendis Anthony A Page J C Page E A D Perera Mrs. S R Thambiayah Company Secretary S L W Dissanayake Auditors KPMG Ford, Rhodes, Thornton & Co. Chartered Accountants Legal consultants John Wilson Partners, Attorneys-at-law Bankers Bank of Ceylon Commercial Bank of Ceylon Deutsche Bank HSBC Nations Trust Bank Standard Chartered Bank Seylan Bank Sampath Bank Corporate Management Committee V R Page Dr. J S Punjrath S V Kodikara Dr. S J Nawaratne P S Mathavan E P A J Nelson J C M Victoria D G O Dias Subsidiary companies S L W Dissanayake Mrs. M G Perera Cargills Quality Foods (Private) Limited Mrs. D Chandrasekara Cargills Distributors (Private) Limited N Sri Kandaraj Cargills Quality Dairies (Private) Limited Cargills Food Processors (Private) Limited Cargills Food Services (Private) Limited CPC Agrifoods Limited Remuneration Committee Sunil Mendis (Chairman) A T P Edirisinghe Jayantha Dhanapla CPC Lanka Limited Cargills Retail (Private) Limited Millers Distributors Limited Audit Committee A T P Edirisinghe (Chairman) Sunil Mendis E A D Perera Mrs. S R Thambiayah 8

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10 40, York Street, Colombo - 01 Tel : Fax :