DUNAMIS CAPITAL PLC. Provisional Financial Statements. For the quarter ended 30 June 2012 DUNAMIS CAPITAL PLC. Provisional Financial Statements

Transcription

1

2 INCOME STATEMENT Group Company For the Quarter April ~ June April ~ June Revenue 299, , Cost of sales (234,257) (239,987) - - Gross profit 64,822 92, Other operating income 6,845 8, ,668 1,110 Less: Administrative expenses (54,437) (51,823) (10,146) (3,731) Distribution expenses (593) (273) - - Provision for fall in value of investment (12,197) Other expenses (3,625) Profit/ (loss) from operations , ,522 (2,621) Finance expense (1,752) (4,915) (15,984) (14,948) Profit/ (loss) before tax (937) 43, ,538 (17,569) - Taxation (2,103) (12,526) - - Profit/ (loss) after tax (3,040) 30, ,538 (17,569) Attributable to: Equity holders of the parent (9,594) 11,916 Minority interest 6,554 18,801 (3,040) 30,717 Earnings/ (loss) per share (0.08) (0.14) 01

3 BALANCE SHEET Group Company As at 30-June June March June June March-12 Unaudited Unaudited ASSETS Non-current assets Property, plant and equipment 24, , ,464 12, , ,462 Investments in subsidiaries , , ,174 Investment property 431, , Group balance receivable , ,000 Quoted investment - 26, ,125 - Investment securities 596,419-91, Venture capital investment 7,000 9,000 8, Deferred tax asset 49,226 56,099 49, Intangible assets 306, , , ,415, , ,834 1,257, , ,636 Current assets Inventories 391, , , Short term investments 7,686,284 8,904,776 6,182, ,016 - Trade and other receivables 373, , ,703 3,844 3,914 3,566 Group balance receivable 3,617-2, ,978 52,382 Cash and cash equivalents 10,669 30,143 18,270 1, ,231 8,465,013 10,185,797 7,049,739 5, ,389 59,179 Assets held for sale 80, , , , ,000 Total assets 9,960,270 11,216,160 8,036,791 1,262,382 1,429,690 1,248,815 EQUITY AND LIABILITIES Capital and reserves Stated capital 445, , , , , ,994 Capital reserves 317, , , Revenue reserves 351, , , ,097 (66,287) (100,441) Equity attributable to the parent 1,115,159 1,380,342 1,110, , , ,553 Minority interest 445, , , Total equity 1,560,374 2,025,784 1,563, , , ,553 Non-current liabilities Deferred tax liability 1,373 1,373 1,373 1,373 1,373 1,373 Retirement benefit obligations 13,192 13,220 12,710 1,501 1,067 1,501 14,565 14,593 14,083 2,874 2,440 2,874 Current liabilities Securities sold under re-purchase agreements 6,940,461 7,537,905 4,846, Trade and other payables 223, , ,706 20,388 2,019 19,942 Group balance payable 58,682-38, , , ,029 Short-term borrowings 1,149,753 1,264,048 1,338,519-50,000 - Bank overdrafts 13,388 10,577 6,197 1,525 3,130 1,417 8,385,331 9,175,783 6,459, ,417 1,047, ,388 Total equity and liabilities 9,960,270 11,216,160 8,036,791 1,262,382 1,429,690 1,248,815 The above figures are subject to audit. These financial statements are in compliance with the requirements of the Companies Act No. 07 of (Sgd.) Mangala Jayashantha Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these financial statements. (Sgd.) Manjula Mathews (Ms.) Managing Director (Sgd.) Eardley Perera Director August 17, 2012 Colombo 02

4 STATEMENT OF CHANGES IN EQUITY GROUP Stated Risk Foreign Retained Total Minority Total capital reserve currency earnings interest equity reserve Balance as at 1 April , ,891 9, ,577 1,368, ,129 1,995,555 Profit for the period ,916 11,916 18,801 30,717 Transfer to risk reserves - 5,567 - (5,567) Shares repurchase (439) (439) Dividend paid (49) (49) As at 30 June , ,458 9, ,926 1,380, ,442 2,025,784 Balance as at 1 April , , ,425 1,110, ,130 1,563,414 Loss for the period (9,594) (9,594) 6,554 (3,040) Transfer to risk reserves - 24,843 - (24,843) Adjustment due to acquisition ,469 14,469 (14,469) - As at 30 June , , ,457 1,115, ,215 1,560,374 COMPANY Stated Accumulated Total capital profit/(loss) equity Balance as at 1 April ,994 (48,718) 397,276 Loss for the period - (17,569) (17,749) As at 30 June ,994 (66,287) 379,707 Balance as at 1 April ,994 (100,441) 345,553 Profit for the period - 405, ,538 As at 30 June , , ,091 SEGMENT INFORMATION Export Property Financial Group Group Manufacturing Development Services Adjustments Total revenue 17, ,241 (24,264) 299,079 Profit / (loss) from operations 678 (10,523) 34,924 (24,264) 815 Finance expenses (271) (9,761) (15,984) 24,264 (1,752) Profit / (loss) before tax 407 (20,284) 18,940 - (937) Taxation - (7) (2,096) - (2,103) Profit / (loss) for the period 407 (20,291) 16,844 - (3,040) 03

5 CASH FLOW STATEMENT Group Company For the quarter ended 30-June June June June-11 Cash flows from operating activities Profit/(Loss) before taxation (937) 43, ,538 (17,569) Adjustments for: Depreciation 6,046 4,707 1,161 1,221 Interest paid (1,752) 16,926 15,984 14,948 Dividend income - - (424,883) - Profit/ (loss) on sale of property, plant and equipment - (1,093) - (1,093) Provision for gratuity Operating Profit/(loss)before working capital changes 3,839 64,446 (2,200) (2,393) Change in inventories 1,020 (257,251) - - Change in trade & other receivables 78,849 74,005 (278) (92) Change in related party receivable (798) - (1,798) (769) Change in short term investments (1,503,713) 1,590,853 - (50,016) Change in investment securities (504,954) Change in trade & other payables 6, , (9,882) Change in securities purchased under re-purchases agreements 2,093,710 (2,203,994) - - Change in short term borrowings (188,766) Change in venture capital investment (1,000) Change in related party payables 20,561 (499,423) (392,525) 124,432 Cash generated from/(used in) operations 4,925 (1,095,997) (396,357) 61,280 Interest paid 1,752 (16,926) (15,984) (14,948) Income tax paid (1,365) (25,525) - - Gratuity paid (675) - - Net cash generated from/(used in) in operations 4,637 (1,138,448) (412,341) 46,332 Cash flows from investing activities Investment in subsidiaries (14,362) - (14,362) - Acquisition of property, plant & equipment (5,976) (111,112) (86) (93,600) Acquisition of intangible assets (50) - (50) - Dividend receipt ,883 - Proceeds from sale of property, plant & equipment - 3,392-3,392 Proceeds on sale of venture capital investments Share repurchase - (439) - - Dividend receipt from subsidiaries - (49) - - Net cash flows from / (used in) investing activities (19,428) (108,208) 410,385 (90,208) Cash flows from financing activities Borrowings - 1,264,048-50,000 Net cash used in financing activities - 1,264,048-50,000 Net change in cash & cash equivalents (14,791) 17,392 (1,956) 6,124 Cash & cash equivalent at the beginning of the period 12,072 2,174 1,814 (8,773) Cash & cash equivalent at the end of the period (2,719) 19,566 (142) (2,649) Note A Cash in hand and at bank 10,669 30,143 1, Bank overdraft (13,388) (10,577) (1,525) (3,130) Cash & cash equivalents as at 30 June (2,719) 19,566 (142) (2,649) 04

6 NOTES TO THE FINANCIAL STATEMENTS 1. Earnings per share Group Company Net profit /(loss) attributable to equity holders of the parent (9,594) 11, ,538 (17,569) Weighted average number of ordinary shares in issue 122,997, ,997, ,997, ,997,050 Earnings/(loss) per share (Rs.) (0.08) (0.14) 2. Net assets per share Group Company As at 30 June Rs. Rs. Rs. Rs Market price per share For the quarter ended 30-June June-11 Rs.Cts Rs.Cts Highest market price recorded Lowest market price recorded Closing market price recorded The new Sri Lanka Accounting Standards issued by the Institute of Chartered Accountants of Sri Lanka comprising accounting standards prefixed both SLFRS (corresponding to IFRS) and LKAS (corresponding to IAS) will be adopted by the group effective from 1 April The group is currently in the process of evaluating the potential effect of the adoption of these standards on its financial statements. Such impact has not been quantified as at the reporting date. The Group has opted to report the quarter results on the earlier Sri Lanka Accounting Standards (SLAS s) based on the ruling issued by the Institute of Chartered Accountants of Sri Lanka. 5. There has been no significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31 March The number of shares represented by stated capital as at 30 June 2012 is 122,997,050 shares. 7. Disclosures in relation to related party transactions in accordance with the Continuing Listing Requirements of the Colombo Stock Exchange (Section 8). - The Company received a dividend income of Rs Mn from PVIC Management Company Limited in June (Interim dividend of Rs. 17/- per share). - Payable balance to PVIC Management Company Limited was settled (partly) amounting to Rs Mn during the first quarter of 2012/ There have been no material events subsequent to the balance sheet date which require disclosures/adjustments in the interim financial statements. 05

7 INVESTOR INFORMATION List of twenty major shareholders as at 30 June 2012 Names of shareholders No. of Shares Holding (%) 1 First Capital Markets Limited/ Nextventures Limited 26,244, % 2 Mr. D.Schaffter 20,274, % 3 Pan Asia Banking Corporation PLC / Ms. M Mathews 19,003, % 4 HSBC International Nominees Limited - SSBT-Deustche Bank 11,920, % 5 Commercial Bank of Ceylon PLC / Janashakthi Limited 9,400, % 6 Seylan Bank PLC / Janashakthi Limited 8,899, % 7 Janashakthi Limited 7,924, % 8 HSBC International Nominees Limited - UBS AG Singapore Branch 3,922, % 9 Mrs. R.S.L De Mel 2,000, % 10 Nextventures Limited 1,213, % 11 Mr. A Sithampalam 466, % 12 Dr. R.M.S Fernando 304, % 13 Mr. R.E Rambukwelle 298, % 14 Mr. D.A Edussuriya 281, % 15 Mr. D.S.D De Lanerolle 250, % 16 Mr.Abeysiri Hemapala Munasinghe 243, % 17 Mrs. W.A.D.S.Wijesooriya 221, % 18 Pan Asia Banking Corporation PLC / Aruna Enterprises 200, % 19 Mrs. Julia Anne De Mel 200, % 20 Mr. Abdul Azeez Mohomed Razik 193, % *There are no non-voting shares as at 30 June 2012 Directors shareholding Name of the Director No. of Shares as at 30 June 2012 Ms. M. Mathews 19,003,365 Mr. D. Schaffter 20,274,918 Mr. Nihara E. Rodrigo 13,000 Mr. Eardley Perera Nil Mr. Chandana L. de Silva Nil Public holding as a percentage of issued share capital is 45.74% as at 30 June