ADAM INVESTMENTS PLC AINV Q4 2016/17 INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 ST MARCH 2017

Transcription

1 AINV Q4 2016/17 ADAM INVESTMENTS PLC INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 ST MARCH 2017

2 STATEMENT OF FINANCIAL POSITION Group Company AS AT 31st Mar 2017 Un Audited 31st Mar Audited Un Audited 31st Mar Audited ASSETS Property, Plant and Equipment 1,087,580,373 1,150,241,188 2,150,540 2,568,265 Capital-Work in Prpgress 27,798,680 63,267,530 Investment in Subsidiaries 164,361, ,883, ,883,001 Investment in Associates - Intangible Assets 13,118,432 13,139,902 48,986 54,429 Goodwill on Acquisition 142,527, ,527,130-1,435,386,285 1,369,175, ,082, ,505,695 Inventories 504,576, ,824,667 - Investments 517,253, ,615, ,953, ,315,355 Trade & Other Receivable 405,227, ,429, , ,355 Amount Due from Related Companies 494,252, ,294, ,863, ,198,954 Cash & Cash Equivalents 82,228,698 99,705,328 25,126,425 3,529,265 CURRENT ASSETS 2,003,539,387 1,424,869, ,137, ,201,929 TOTAL ASSETS 3,438,925,672 2,794,045,561 1,383,219,582 1,265,707,624 EQUITY Stated Capital 714,508, ,508, ,508, ,508,200 Reserve 290,334,799 (65,119,472) 63,518,582 (65,119,472) Revaluation Surplus 226,816,217 Retained Profit / (Loss) for The Year 137,436, ,836,316 (93,335,922) (46,951,185) TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 1,142,279,023 1,020,041, ,690, ,437,543 Non Controlling Interest 565,665, ,390,268 - TOTAL EQUITY 1,707,944,543 1,370,431, ,690, ,437,543 LIABILITIES Interest Bearing Borrowings 713,052, ,741, ,138, ,080,089 Deferred Tax Liabilities (7,445,931) (7,088,014) - - Defined Benefit Plans 6,908,486 6,386, , ,295 NON CURRENT LIABILITIES 712,514, ,039, ,256, ,197,384 Trade & Other Payables 134,579, ,492,749 29,181,433 23,039,494 Interest Bearing Borrowings 567,559, ,310, ,187, ,553,768 Taxation 51,437,041 62,522,247 6,731,133 6,647,124 Amounts Due to Related Companies 227,417,913 27,698,893 60,876,552 - Bank Overdraft 37,472,309 45,549,985 7,296,152 2,832,311 CURRENT LIABILITIES 1,018,466,240 1,005,574, ,272, ,072,697 TOTAL LIABILITIES 1,730,981,130 1,423,614, ,528, ,270,081 TOTAL EQUITY & LIABILITIES 3,438,925,673 2,794,045,561 1,383,219,582 1,265,707,624 Net Assets per shares * Each AINV ordinary share was sub-divided in to two (02) Ordinary Shares on 16th January The above figures are provisional & subject to audit Sgd. Director Sgd. Director Approved by the board on 12th June 2017

3 STATEMENT OF COMPREHENSIVE INCOME Group Company FOR THE PERIOD ENDED 30TH MARCH Months Ended 03 Months Ended 12 Months Ended 03 Months Ended Un-Audited 31st Mar Audited 31st Mar Un-Audited 31st Mar Audited 31st Mar CONTINUING OPERATION Revenue 1,021,524, ,448, ,095, ,257,896 - Cost of Sales (799,367,010) (561,394,241) (181,176,644) (280,704,661) - - GROSS PROFIT 222,157, ,054,360 43,918,455 70,553, Other Income 34,236,099 18,755,976 1,910,818 19,857, ,000 4,872,041 91,000 (2,993,405) Selling and Distribution Expenses (39,529,965) (9,163,908) (6,893,445) (18,451,577) - (1,278,725) - - Administrative Expenses (85,173,226) (67,858,039) (19,640,991) (7,786,152) (12,521,374) (8,840,072) (4,607,242) (1,690,264) RESULT FROM OPERATING ACTIVITIES 131,690, ,788,390 19,294,837 64,173,077 (12,160,374) (5,246,756) (4,516,242) (4,683,669) Finance Cost (91,704,191) (138,197,153) (17,644,671) (43,484,743) (39,144,127) (102,736,048) (6,435,914) (25,043,282) Finance Income 11,501,658 40,818,911 1,917,652 5,152,559 11,501,658 31,413,257 1,917,652 5,152,559 NET FINANCE COST (80,202,533) (97,378,242) (15,727,018) (38,332,184) (27,642,469) (71,322,791) (4,518,262) (19,890,723) PROFIT AFTER FINANCE COST 51,487,477 30,410,148 3,567,819 25,840,893 (39,802,842) (76,569,547) (9,034,503) (24,574,392) Share of Associate Company's Profit 8,072,534 - PROFIT BEFORE TAX 51,487,477 38,482,682 3,567,819 25,840,893 (39,802,842) (76,569,547) (9,034,503) (24,574,392) Tax Expense (3,115,017) (34,327,431) (19,177) (769,650) (115,017) (6,625,524) (19,177) (52,319) PROFIT FROM CONTINUING OPERATION 48,372,460 4,155,251 3,548,642 25,071,243 (39,917,859) (83,195,071) (9,053,680) (24,626,711) DISCONTINUING OPERATION Profit (loss) from Discontinuing Operation (Net of Tax) PROFIT FOR THE PERIOD 48,372,460 4,155,251 3,548,642 25,071,243 (39,917,859) (83,195,071) (9,053,680) (24,626,711) OTHER COMPREHENSIVE INCOME Surplus on revaluation of property,plant and equipment 226,816,217 Net Changing Fair Value of Available for Sale Financial Assets 128,638,054 (230,873,647) (8,761,075) (14,671,992) 128,638,054 (230,873,647) (8,761,075) (14,671,992) Defined Benefit Plan Actuarial Gains / (losses) 171,003 (59) OTHER COMPREHENSIVE INCOME FOR THE PERIOD 128,638,054 (3,886,427) (8,761,075) (14,671,992) 128,638,054 (230,873,706) (8,761,075) (14,671,992) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 177,010, ,824 (5,212,433) 10,399,251 88,720,195 (314,068,777) (17,814,755) (39,298,703) Total Profit for The Year Attributable To: Equity Holder of The Parent 9,879,094 (9,261,162) (3,537,270) 6,025,575 (39,917,859) - (9,053,680) (24,626,712) Non Controlling Interest 38,493,367 13,416,412 7,085,912 19,045, Profit for The Period 48,372,460 4,155,251 3,548,642 25,071,242 (39,917,859) (9,053,680) (24,626,712) Total Other Comprehensive Income Attributable To: Equity Holders of The Parent 128,638,054 (118,666,499) (8,761,075) (14,671,992) 128,638,054 (8,761,075) (14,671,992) Non Controlling Interest ,638, ,823 (8,761,075) (14,671,992) 128,638,054 (8,761,075) (14,671,992) Earnings Per Share - Basis (0.020) (0.004) (0.04) (0.19) (0.01) (0.05)

4 STATEMENT OF CHANGES IN EQUITY (Expressed in Sri Lankan Rupees) FOR THE PERIOD ENDED 31ST MARCH 2017 Company (Audited) Stated Reserve Minority Retained Total In LKR capital Interest profit / (loss) Balance at 1st Jan ,508, ,895,983-42,069, ,473,276 Impacts of change in accounting policies - Prior year adjustment 33,043 33,043 Balance at 1st Jan ,508, ,895, ,102, ,506,319 Current Year Profit/(Loss) (83,195,071) (83,195,071) AFS Reserve Transferred to Retained Earning 5,858,192 (5,858,192) - Adjustments for Intercompany Interest IPO expenses Net changing fair value of available for sale financial assets - (230,873,647) - - (230,873,647) AFS Reserve Transferred to Retained Earning (59) (59) Total comprehensive income for the year - (225,015,455) - - (89,053,322) (314,068,777) Issue of share Dividends Total contribution by and distribution to the owners of the company Restated Balance at 31st March ,508,200 (65,119,472) - - (46,951,186) 602,437,542 Company (Un-Audited) Balance as at 01st of April ,508,200 (65,119,472) (46,951,185) 602,437,543 Impacts of changers in accounting policies Prior year adjustments - Retirement benefit under provision Balance at 01st of April ,508,200 (65,119,472) - - (46,951,185) 602,437,543 Profit (39,917,859) (39,917,859) Revaluation of property plant & equipment - Dividends (6,466,878) (6,466,878) Net changing fair value of available for sale financial assets 128,638, ,638,054 Total comprehensive income for the period 128,638,054 (46,384,737) 82,253,317 Issue of shares Dividends Total contribution by and distribution to the owners of the company Balance at 714,508,200 63,518, (93,335,922) 684,690,860 Group (Audited) Stated Reserve Revaluation Minority Retained Total In LKR capital Surplus Interest profit / (loss) Balance as at 01st of April ,508, ,895,983 21,159, ,520,055 1,055,084,043 Impacts of Change in Accounting Policies Balance at 1st Jan ,508, ,895,983-21,159, ,520,055 1,055,084,043 Current Year Profit/(Loss) ,416,412 (9,261,162) 4,155,250 AFS Reserve Transferred to Retained Earning - 5,858,192 - (5,858,192) - Effects on profit / (loss) due to changes in the reporting period (2,925) 261, ,442 Non-controlling interest on business acquisition - 315,816, ,816,976 Other Consolidation Adjustments (1,029,799) (1,029,799) Net changing fair value of available for sale financial assets (230,873,647) 226,816, ,003 (3,886,427) Total Comprehensive Income for The Year - (225,015,455) 226,816, ,230,463 (15,716,783) 315,314,442 Issue of Shares Dividends Total Contribution by and Distribution to The Owners of The Company Restated Balance at 31st March ,508,200 (65,119,472) 226,816, ,390, ,803,272 1,370,398,485 Group (Un-Audited) Balance as at 01st of April ,508, ,696, ,390, ,836,316 1,370,431,529 Impacts of changers in accounting policies Balance at 01st of April ,508, ,696, ,390, ,836,316 1,370,431,529 Profit 38,493,367 9,879,094 48,372,460 Surplus on revaluation of property,plant and equipment - Non controlling interest arised from Acquision/diverse 176,781, ,781,885 Dividends (16,279,386) (16,279,386) Surplus on revaluation of property,plant and equipment - Net changing fair value of available for sale financial assets 128,638, ,638,054 Total comprehensive income for the period - 128,638, ,275,252 (6,400,292) 337,513,014 Issue of shares Dividends Total contribution by and distribution to the owners of the company Balance at 714,508, ,334, ,665, ,436,024 1,707,944,543

5 STATEMENT OF CASH FLOW (Expressed in Sri Lankan Rupees) FOR THE PERIOD ENDED 31ST MARCH 2017 Group Company (Un-Audited) (Audited) 31st Mar (Un-Audited) (Audited) 31st Mar Cash Flow from Operating Activities Profit/(Loss) for The period Before Tax 41,608,383 38,482,681 (47,827,643) (76,569,547) Adjustments for:- Provision for Gratuity / (Over Provision) 117, ,295 WHT paid (12,099) Interest Expenses Loss on Sale on Shares - - (Profit)/Loss on sale of non current Investment 2,519,800 2,519,800 Prior year adjustment (1,426,081) Fair Value Gain on Short Term Investments - - Lease Interest Charge (197,441) 2,230,299 (197,441) 524,933 Post Tax Share of Equity Accounted Associate's Profit (8,072,534) Gratuity provision for retirement benefit obligation (6,163,376) 64,454 Depreciation of Property, Plant & Equipment 3,006,521 23,680,444 1,946, ,321 Amotization of Intangible Assets 17,766 5,571 Operating Profit before Working Capital Changes 44,534,759 51,256,900 (45,961,569) (72,637,468) (Increase)/Decrease in Inventories (201,751,905) (230,004,027) (Increase)/Decrease in Trade & Other Receivables 91,201,923 (417,845,832) (35,500) 860,000 (Increase)/Decrease in Amount Due from Related Companies (356,958,170) 330,244,746 32,335, ,123,052 Increase/(Decrease) in Trade & Other Payables (7,913,196) 81,041,086 6,141,939 21,506,411 Increase/(decrease) in Investments in Associate Companies - Increase/(Decrease) in Amount Due to Related Companies 199,719,020 19,538,934 60,876,552 (518,740) Cash Generating from Operation (275,702,327) (217,025,093) 99,318, ,970,723 Net Cash Flow from Operating Activities (231,167,569) (165,768,193) 53,357, ,333,255 Cash Flow from Investment Activities Investment in Short Term Investment Sales Proceed on Sale of Shares 4,640,279 4,640,279 Goodwill on acquisition (132,527,130) Reinvestment of The Profit of The Sale of Share Investment in Short Term Investment in Subsidiaries (96,492,457) (Increase)/Decrease in Investment Investment in Equity Accounted Associates Issue of shares Acquisition of Intangible Assets (13,139,901) Work in Prpgress 35,468,850 (63,267,530) Acquisition of Property, Plant & Equipment 62,660,815 (31,148,850) (60,000) Cash Flow from Investment Activities 98,129,665 (235,443,132) - (91,912,178) Cash Flow from Financing Activities Taxation (11,085,206) 84,009 Lease Installments Paid (1,669,018) (1,126,036) Interest bearing borrowings 134,559,707 (36,307,701) Loans Received (Net) 463,454,742 43,141,124 Deferred Tax Liabilities (357,917) Defined Benefit Plans 522,367 Loan payment (79,813,355) Cash Flow from Financing Activities 123,638, ,785,724 (36,223,692) (37,798,267) Net Change in Cash & Cash Equivalents (9,398,954) 60,574,400 17,133,320 5,622,810 Cash & Cash Equivalents at The Beginning of The Year 54,155,344 (6,419,056) 696,954 (4,925,855) Opening Balances of the Acquired Subsidiaries Cash & Cash Equivalents at End of The Quarter 44,756,390 54,155,344 17,830, ,955

6 Notes to the interim financial statements (In the notes all amounts are shown in Sri Lanka Rupees unless otherwise stated) 1. General Information Adam Investments PLC is a Public Limited Company domiciled in Sri Lanka. It is an investment holding company which holds shares of privately held companies operating in various industries such as manufacturing and exporting of Activated Carbons, Sharia Compliant micro financing Importing & supplying of Information Technology and total solution provider to computers and accessories, manufacturing of metal hardware items,importing and installing of Air Conditioners and importing vehicles and vehicle spare parts. The registered office of business is 264, Grandpass Road, Colombo Basis of preparation The condensed interim financial statements of Adam Investments PLC are for the quarter ended 31 st March They have been prepared in accordance with LKAS 34, Interim Financial Reporting. These interim financial statements have been prepared in accordance with the SLFRS standards and IFRIC interpretations issued and effective as at the time of preparing these statements. The condensed interim financial statements do not include all of the information required for full annual financial statements and have not been audited. 3. Summary of significant accounting policies The accounting policies adopted are consistent with most recent Audited Financial Statements for the year ended 31 st March Events after the Reporting Period Mrs. D C M Gulamhusein, an executive director of the company tendered her resignation with effect from 01 st June Comparatives Comparatives are provided for the statement of financial position at the date of the last audited financials 31 st March Contingent Liabilities There have not been any material changes to the contingent assets or contingent liabilities since the last annual reporting period. 7. Sub-division of shares The number of Ordinary Shares of the Company increased by way of a sub-division thereof and one (01) existing issued and fully paid Ordinary share was sub-divided in to two (02) Ordinary Shares resulting in the existing issued and fully paid Ordinary Shares of the Company, 449,276,200 number of shares increased to 898,552,400 number of shares consequent on the sub-division. The company commenced trading subsequent to the sub-division of shares on 16th January 2017.

7 8. Market Price Per Share For the Quarter ended 31 st March /17 4 th Quarter 2015/16 4 th Quarter Highest Rs.2.00 Rs.2.90 Lowest Rs.0.50 Rs.2.10 Closing Rs.0.60 Rs.2.30 * Each AINV ordinary share was sub-divided in to two (02) Ordinary Shares on 16th January Issued Share Capital The number of Shares issued and fully paid of the Company as at 31 st March 2017 is 898,552,400 and values of the Shares are Rs.714, 508, Net assets per share Company Group 31 st March st March st March st March 2016 Net assets per share Rs.0.76 Rs.1.34 Rs.1.27 Rs.2.27 * Each AINV ordinary share was sub-divided in to two (02) Ordinary Shares on 16th January DIRECTORS AND CEO S SHAREHOLDING AS AT 31 st March 2017 NO OF SHARES % 1 MR.A M PASQUAL 76,000 76, DR. L M F ADAMS 200,000 2 FIRST CAPITAL MARKETS LIMITED/DR. L M F ADAMS 2,000,000 2,200, MR.T A GULAMHUSEIN NIL NIL MR. I SHABBIR 7,467,391 4 MR. I SHABBIR JOINT WITH MS. F SHABBIR 6,200 7,473, MR. L W W PRIYANKARA 2,000,000 2,000, MR. G RAMANAN NIL 6 SEYLAN BANK PLC/ MR. G RAMANAN 16,666,800 7 MR. M I R ZAHIR 16,666,800 NIL NIL 8 MR. W A ADRIAN PERERA NIL NIL

8 20 MAJOR SHAREHOLDERS AS AT 31ST MARCH 2017 No. of Shares (%) PAN ASIA BANKING CORPORATION PLC./ MR. G.H.A.A. SHABBIR 369,320, DR. G H A A SHABBIR 304,968, SAMPATH BANK PLC/ DR.T.SENTHILVERL 87,101, MRS. L N BALDSING 36,915, SEYLAN BANK LTD/ GOVINDASAMY RAMANAN 16,666, MR G H I SHABBIR 7,467, COMMERCIAL BANK OF CEYLON PLC/CEYLON & FOREIGN TRADES PLC 5,560, MR. A Y TYEBKHAN 4,531, BANK OF CEYLON A/C CEYBANK UNIT TRUST 3,859, COMMERCIAL BANK OF CEYLON PLC/S.A.GULAMHUSEIN 3,168, MR. D S VANDORT 3,000, FIRST CAPITAL MARKETS LIMITED/DR.L.M.F.ADAMS 2,000, MR. L W W PRIYANKARA 2,000, MR. R E RAMBUKWELLE 1,966, MRS R I L SIMONSZ 1,750, MR. M M A S HEMAMAL 1,667, MR. C R PERERA 1,600, WALDOCK MACKENZIE LIMITED/MR.M.I.SAMSUDEEN 1,518, DR. A S WIJENAYAKA 1,316, MR, M JEYAPRAGASH 1,239, ,615, ,936, ,552, Public Holding Percentage as at 31 st March 2017 being % comprising of 1071 shareholders.