ROYAL CERAMICS LANKA PLC INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2010

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2010

2 BALANCE SHEET COMPANY GROUP AS AT Rs. 000's Rs.000's Rs. 000's Rs.000's ASSETS Non-Current Assets Property, Plant & Equipment 1,034, ,404 3,859,608 3,917,726 Investments in Subsidiaries 1,430,000 1,079, Other Investments - 13,260-13,260 Other Receivables 173, , , ,628 2,638,117 2,235,292 4,033,549 4,103,614 Current Assets Inventories 610, ,821 1,515,948 1,497,195 Trade and Other Receivables 490, , , ,165 Other Investments 312, , , ,685 Income Tax Recoverable - 4, ,543 Cash and Cash Equivalents 42,377 32,939 53,895 46,260 1,456,463 1,766,129 2,447,359 2,094,848 Total Assets 4,094,580 4,001,421 6,480,908 6,198,462 EQUITY AND LIABILITIES Equity Stated Capital 814, , , ,726 Reserves 365, , , ,078 Retained Earnings 1,150, ,601 2,605,150 1,777,698 Total Equity 2,330, ,886,325 3,060,502 Non-Current Liabilities Interest Bearing Loans & Borrowings 177, , , ,282 Deferred Tax Liabilities 82,273 86,100 82,273 86,100 Retirement Benefit Obligation 61,260 44,846 76,912 53, , , ,210 1,118,230 Current Liabilities Trade and Other Payables 828,746 1,125, , ,822 Dividend Payable 145,820 7, ,820 7,748 Income Tax Payable 20,028-20,028 - Interest Bearing Loans & Borrowings 447, ,361 1,159,051 1,633,160 1,442,438 1,722,430 1,765,373 2,019,730 Total Equity and Liabilities 4,094,580 4,001,421 6,480,908 6,198,462 - Net Assets Per Share (Rs.) These financial statements are in compliance with the requirements of the Companies Act No 7 of 2007 Sgd. HARESH SOMASHANTHA Head of Finance & Treasury The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed on behalf of the board by Sgd Sgd W.D.N.H. PERERA T.G. THORADENIYA Managing Director Director 4th May 2010

3 For the period ended 31st March INCOME STATEMENT VARIANCE COMPANY GROUP QUARTER QUARTER CUMULATIVE CUMULATIVE QUARTER QUARTER CUMULATIVE CUMULATIVE Rs. 000's Rs. 000's Rs. 000's Rs. 000's Rs. 000's Rs. 000's Rs. 000's Rs. 000's VARIANCE Gross Revenue 511, ,728 1,698,516 1,622,301 5% 1,496, ,057 4,961,533 4,250,995 17% Net Revenue 458, ,015 1,529,017 1,435,112 7% 1,341, ,044 4,451,169 3,741,172 19% Cost of Sales (231,844) (143,526) (771,755) (786,427) -2% (695,211) (433,121) (2,332,449) (2,097,688) 11% Gross Profit 227, , , ,685 17% 646, ,923 2,118,720 1,643,484 29% Other Operating Income 447, , , ,761 82% 15,508 (21,605) 156,700 75, % Distribution Expenses (131,316) (126,397) (489,694) (428,338) 14% (141,406) (141,363) (538,170) (477,283) 13% Administrative Expenses (102,896) (43,061) (266,004) (156,147) 70% (127,199) (55,641) (355,238) (179,053) 98% Other Operating Expenses (121,745) -100% (121,745) -100% Finance Expenses (19,919) (37,688) (132,419) (215,386) -39% (62,831) (89,739) (381,852) (420,985) -9% Finance Income 281 2,488 1,281 16,867-92% 285 2,531 1,483 18,440-92% Profit Before Tax 420, , , , % 330, ,108 1,001, ,893 86% Taxation (16,068) 1049 (36,611) (20,011) 83% (16,329) 1,049 (37,334) (20,011) 87% Net Profit for the Period attributable to 404, , , , % 314, , , ,882 86% Equity holders of the Parent Basic Earnings Per Share (Rs.)

4 CASH FLOW STATEMENT COMPANY GROUP For the year ended 31st March Rs.000's Rs.000's Rs.000's Rs.000's Cash Flows From / (Used in) Operating Activities Profit from Operating Activities before tax 747, ,697 1,001, ,891 Adjustment for; Dividend Income (611,864) (293,591) (11,864) (6,091) Interest Income (1,281) (16,867) (1,483) (18,440) Depreciation of Property, Plant & Equipment 67,228 64, , ,890 (Profit)/Loss on Sale of Property, Plant & Equipment (20,384) (251) (20,451) (251) Finance Costs 132, , , ,985 (Gain)/Loss from sale of Short-Term Investments (170) (62,456) (170) (62,456) Amortization of Product development Cost 506 Investment written off 13,260-13,260 - Provision /(Reversal) for change in market value of the investments (121,746) 121,746 (121,746) 121,746 Provision for Defined Benefit Plans - Gratuity 18,073 2,520 24,979 3,850 Operating profit before working capital changes 222, ,743 1,555,953 1,232,629 (Increase)/ Decrease in Inventories (7,849) (171,151) (18,752) (433,471) (Increase)/ Decrease in Trade and Other Receivables 466,188 (541,923) (191,285) (81,378) Increase/ (Decrease) in Trade and Other Payables (296,577) 732,792 61,651 71,547 Cash generated from operations 384, ,461 1,407, ,327 Finance Costs Paid (132,419) (215,386) (381,852) (420,985) Defined Benefit Plan Costs Paid (1,658) (2,431) (1,914) (2,542) Income Tax Paid (15,805) (26,290) (12,132) (26,290) Net cash flow from operating activities 234,638 32,354 1,011, ,510 Cash Flows from / (Used in) Investing Activities Acquisition of Property, Plant & Equipment (136,501) (105,082) (242,366) (611,202) Proceeds from Sale of Property, Plant & Equipment 25, , Proceeds from Sale of Short Term investments 40, ,390 40, ,390 Acquisition of Short-Term Investment (63,485) (85,610) (63,485) (85,610) Acquisition of Investment in subsidiary (351,000) Interest Received 1,281 16,867 1,483 18,440 Dividends Received 611,864 6,091 11,864 6,091 Net cash flow from investing activities 128, ,907 (221,253) (272,640) Cash Flows from / (Used in) Financing Activities Proceeds From Interest Bearing Loans & Borrowings 244, , ,985 1,212,731 Repayment of Interest Bearing Loans & Borrowings (462,190) (553,961) (1,521,350) (1,276,086) Capital Repayments under Finance Lease Liabilities (1,077) (4,525) (4,334) (8,496) Dividends Paid (414) (113,547) (414) (113,547) (219,358) (254,579) (594,112) (185,398) Net Increase/(Decrease) in Cash and Cash Equivalents 143,572 9, ,304 (118,528) Cash and Cash Equivalents at the beginning of the period (223,271) (232,953) (504,396) (385,868) Cash and Cash Equivalents at the end of the period (79,698) (223,271) (308,092) (504,396)

5 STATEMENT OF CHANGES IN EQUITY For the year ended 31st March STATED REVALUATION RETAINED TOTAL CAPITAL RESERVES EARNINGS Rs. 000's Rs. 000's Rs. 000's Rs. 000's COMPANY Balance as at 1st April , , ,705 1,663,775 Net profit for the period , ,686 Dividends Paid -2007/ (55,395) (55,395) Dividends Paid / (55,395) (55,395) Balance as at 31st March , , ,601 1,758,671 Balance as at 1st April , , ,601 1,758,671 Net profit for the period , ,613 Realised Surplus on Disposal Transferred to Accumulated Profit - (1,629) 1,629 - Dividends /10 -Interim - - (138,487) (138,487) Balance as at 31st March , ,715 1,150,356 2,330,797 GROUP Balance as at 1st April , ,078 1,370,606 2,653,410 Net profit for the period 517, ,882 Dividends Paid / 2008 (55,395) (55,395) Dividends Paid / (55,395) (55,395) Balance as at 31st March , ,078 1,777,698 3,060,502 #REF! Balance as at 1st April , ,078 1,777,698 3,060,502 Net profit for the period , ,310 Realised surplus on Disposal Transferred to Accumulated Profit - (1,629) 1,629 - Dividends /10 -Interim - - (138,487) (138,487) Balance as at 31st March , ,449 2,605,150 3,886,325

6 NOTES 1. Financial year of the company ends on 31st March. Quarterly figures are for 3months ended 31st March. 2. Figures for the period ended 31st March 2010 are provisional and subject to audit. 3. Number of fully paid ordinary shares as at 31 March 2010 is 55,394,692 (31 March ,394,692) 4. The Balance Sheet of the Company as at 31st March 2010 and Statements of Income, Changes in Equity and Cash Flow for the period then ended have been prepared in accordance with Sri Lanka Accounting Standards and are in agreement with the books of accounts maintained by the Company and have provided the information required by the Colombo Stock Exchange. 5. The Company has adopted consistent accounting policies and method of computation as disclosed in the Annual Report for the year ended 31st March Other operating income includes a reversal of provision made for Change in the value of short term investments amounting to Rs.121,745,574. in There has not been a significant change in the nature of the contingent liabilities which were disclosed in the annual report for the year ended 31st March The company has declared a second interim dividend of Rs per share for the financial year ended 31st March 2010 on 3rd May There have been no material events occuring after the balance sheet date that require adjustment or disclosure in the financial statements. 10. Segment information & Revenue Tiles Sanitaryware Total For the period ended 31st March Rs. 000's Rs. 000's Rs. 000's Rs. 000's Rs. 000's Rs. 000's Revenue Sales to external customers 4,164,254 3,741, ,915-4,451,169 3,741,172 Total Revenue 4,164,254 3,741, ,915-4,451,169 3,741,172 Results Gross Profit 2,055,709 1,643,484 63,012-2,118,720 1,643,484 Other Income 156,443 75, ,700 75,033 Distribution Expenses (510,269) (477,283) (27,901) (538,170) (477,283) Administrative Expenses (339,208) (167,876) (16,030) (11,177) (355,238) (179,053) Other Operating Expenses - (121,745) 0 (121,745) Profit before tax, finance costs 1,362, ,615 19,338 (11,177) 1,382, ,438 Finance Costs (313,547) (420,985) (68,305) (381,852) (420,985) Finance Income 1,483 18, ,483 18,440 Profit before tax 1,050, ,070 (48,967) (11,177) 1,001, ,893 Income Tax expenses (36,610) (20,011) (724) - (37,334) (20,011) Net Profit for the year 1,014, ,059 (49,691) (11,177) 964, ,882 As at 31st March Assets and Liabilities Segment Assets 4,299,165 4,227,403 2,181,743 1,971,060 6,480,908 6,198,462 Unallocated assets - - Total assets 6,480,908 6,198,462 Segment liabilities 1,865,155 1,717, ,427 1,420,052 2,594,582 3,137,960 Unallocated liabilities - - Total Liabilities 2,594,582 3,137,960 Other Segment Information Total cost incurred during the period to acquire Property, Plant & Equipment 169, ,276 72, , , ,360 Depreciation 201, ,637 88, , ,617 Provisions and employee benefit liabilities 23,854 3,847 1, ,979 3,850

7 SHARE INFORMATION 1. Market prices of the share for the quarter ended 31st March Rs. Cts. Rs. Cts. Highest Lowest Closing Twenty Major Share Holders as at 31st March 2010 Name of Shareholder Number of Shares % of issued as at capital Mr. Kulappuarachchige Don Dammika Perera 28,351, Mr. Amarakone Mudiyanselage Weerasinghe 5,467, Bank of Ceylon A/C Ceybank Unit Trust 2,703, Employees Provident Fund 2,099, Sri Lanka Insurance Corporation - Life Fund 875, Mellon - Frontaura Global Frontier Fund LLC 788, Ceylinco Shriram Capital Management Services Co. 714, Seylan Bank LTD/Govindasamy Ramanan 670, Mrs. Pushpa Narhari Bhatt 649, Pershing Llc S/A Averbach Grauson & Co. 557, Bank of Ceylon - No2 A/C 500, Bank of ceylon a/c Ceybank Century Growth Fund 370, Union Assurance Plc/No 1 A/C 357, Mr. Rosanth Percival Leo Eheliyagoda Pan Asia Banking Corporation/ Mr. Moraji Meghji Udeshi 288, Ceylon Investment PLC A/C 1 281, Questnet Ltd 281, Nuwara Eliya Property Developers (Pvt) Ltd 261, Mr. Malawige Tissaka Lal Fernando 202, Deutsche Bank Ag-Com Trust Equty Fund 200, The percentage of shares held by the public as at 31st March % 4. Directors' shareholding No of shares No of shares Name As at 31st March 2010 As at 31st March 2009 Mr. A M Weerasinghe 5,467,012 5,664,012 Mr. K D D Perera 28,351,686 28,351,686 Mr. F P de Alwis 50, ,033 Mr. T G Thoradeniya 23,700 39,200 Mr. W D N H Perera 20,000 2,500 Mr. L T Samarawickrama 1, Mr. G.A.R.D Prasanna - - Mr. M.D.S Goonatilleke - - Mr. R. N. Asirwatham - -

8 CORPORATE INFORMATION NAME OF THE COMPANY COMPANY REGISTRATION NO ; PQ 125 LEGAL FORM A Public Quated Company with limited liability incorporated under the provisions DATE OF INCORPORATION 29th August 1990 NATURE OF BUSINESS HEAD OFFICE AND REGISTERED OFFICE Manufacture and Sale of Porcelain & Ceramic Tiles 10, R A De Mel Mawatha Colombo 03 Telephone Fax E- Mail ho.gen@rcl.lk Website BOARD OF DIRECTORS SUBSIDIARY COMPANIES SECRETARIES AUDITORS Mr. A M Weerasinghe - Chairman Mr. K D D Perera - Deputy Chairman Mr. W D N H Perera - Managing Director Mr. T G Thoradeniya - Director Marketing & Business Development Mr. F P De Alwis Mr. B M Amara -1 Mr. R B Thambiayah Mr. L T Samarawickrema Mr. R D P G Arachchige Mr. M D S Goonatilleke Mr. R N Asirwatham Royal Porcelain (Pvt) Ltd Rocell Bathware Ltd Royal Ceramics Distributors (Pvt) Ltd Secretaries & Registrars ( Pvt ) Limited. No. 32 A, First Floor, Sri Mohamed Macan Markar Mawatha. Colombo - 03 Telephone Fax Ernst & Young BANKERS Commercial Bank of Ceylon PLC Hatton National Bank PLC Seylan Bank PLC Bank of Ceylon Standard Chartered Bank Ltd Sampath Bank PLC PABC Bank PLC NDB Bank PLC DFCC Bank PLC HSBC Ltd