CEYLON TEA BROKERS PLC PB 1280 PQ INTERIM FINANCIAL STATEMENTS

Transcription

1 PB 1280 PQ INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2018

2 Statement of Comprehensive Income for Period Ended 31st March GROUP For the Quarter Ended Variance For the Year Ended Variance For the Quarter Ended Variance For the Year Ended Variance % % % % Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Revenue 184,609, ,047,351 31% 655,918, ,723, % 184,609, ,047,351 31% 655,918, ,723, % Operating Expenses (15,190,013) (13,390,836) 13% (59,058,614) (59,834,370) -1.30% (15,190,013) (13,390,836) 13% (59,058,614) (59,834,370) -1.30% Gross Profit 169,419, ,656,516 33% 596,860, ,888, % 169,419, ,656,516 33% 596,860, ,888, % Marketing Expenses (7,697,777) (5,764,652) 34% (28,927,937) (24,470,960) 18.21% (7,697,777) (5,764,652) 34% (28,927,937) (24,470,960) 18.21% Administration Expenses (67,763,050) (51,477,534) 32% (226,257,784) (177,049,310) 27.79% (65,612,253) (51,477,534) 27% (219,496,687) (177,049,310) 23.97% Net Finance Expenses (46,838,973) (35,170,032) 33% (191,987,128) (98,562,946) 94.79% (46,838,973) (35,170,032) 33% (191,987,128) (98,562,946) 94.79% Profit Before Taxation 47,120,148 35,244,298 34% 149,687,336 59,805, % 49,270,945 35,244,298 40% 156,448,433 59,805, % Taxation (17,878,002) (10,362,189) 73% (49,649,629) (18,274,702) % (17,878,002) (10,362,189) 73% (49,649,629) (18,274,702) % Profit After Taxation 29,242,147 24,882,109 18% 100,037,707 41,530, % 31,392,944 24,882,109 26% 106,798,804 41,530, % Other Comprehensive Income/(Loss) 769, ,886 4% 769, , % 769, ,886 4% 769, , % Profit for the Period 30,011,825 25,624,995 17% 100,807,385 42,273, % 32,162,622 25,624,995 26% 107,568,482 42,273, % Earnings Per Share figures in brackets indicate deductions. 1

3 Statement of Financial Position as at 31st March 2018 GROUP Rs. Rs. Rs. Rs. ASSETS Non-Current Assets Property, Plant & Equipment 24,912,666 23,870,543 24,912,666 23,870,543 Leased hold right over Land 185,188, Intangible Assets 47,900,336 4,238,654 4,366,981 4,238,654 Loans to Tea Suppliers 80,350,339 82,943,498 80,350,339 82,943, ,351, ,052, ,629, ,052,695 Investment in Logicare (Pvt) Ltd ,000,000 - Current Assets Trade and Other Receivables 1,524,958, ,802,260 1,524,077, ,802,260 Loans to Tea Suppliers 165,041, ,118, ,041, ,118,763 Cash and Cash Equivalents 52,161,756 57,529,577 52,136,849 57,529,577 Receivable from Related Party - - 3,267,693-1,742,161,414 1,230,450,600 1,744,523,144 1,230,450,600 Total Assets 2,080,513,034 1,341,503,295 2,087,153,130 1,341,503,295 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 333,200, ,000, ,200, ,000,000 Reserves 131,290, ,713, ,051, ,713,048 Share Based Payment Total Equity 464,490, ,713, ,251, ,713,048 Non-Current Liabilities Interest Bearing Borrowings 3,163,294-3,163,294 - Deferred Tax Liability 1,550,501 1,678 1,550,501 1,678 Retirement Benefit Obligation 11,743,179 12,376,268 11,743,179 12,376,268 16,456,974 12,377,946 16,456,974 12,377,946 Current Liabilities Trade and Other Payables 197,069, ,710, ,948, ,710,493 Interest Bearing Borrowings 694,522, ,400, ,522, ,400,173 Amount due to Related Party Tax Payable 15,499,030 13,142,092 15,499,030 13,142,092 Bank Overdrafts 692,474, ,159, ,474, ,159,543 1,599,565,627 1,091,412,301 1,599,444,626 1,091,412,301 Total Liabilities 1,616,022,601 1,103,790,247 1,615,901,600 1,103,790,247 Total Equity and Liabilities 2,080,513,034 1,341,503,295 2,087,153,130 1,341,503,295 Net Asset Value Per Share I certify that the above financial statements have been prepared in compliance with the requirements of Companies Act No 7 of sgd... Manager Finance The Board of Directors are responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the board by:...sgd.. Director 18th May 2018 Colombo..sgd Director 2

4 Statement of Changes in Equity For the Period Ended 31st March Stated Retained Share Based Total Capital Earnings Payment Transaction GROUP Rs. Rs. Rs. Rs. Balance as at ,000,000 81,689,269 (994,082) 208,695,187 Profit for the period ended ,530,893-41,530,893 Other Comprehensive Income - 742, Share based payment transaction ,082 - Dividend Paid - (14,250,000) - (14,250,000) Balance as at ,000, ,713, ,713,048 Balance as at ,000, ,713, ,713,048 Profit for the period ended ,037, ,037,707 Other Comprehensive Income - 769, ,678 Proceeds from Rights Issue 205,200, ,200,000 Share based payment transaction Dividend Paid - (79,230,000) - (79,230,000) Balance as at ,200, ,290, ,490,433 Balance as at ,000,000 81,689,269 (994,082) 208,695,187 Profit for the period ended ,530,893-41,530,893 Other Comprehensive Income - 742, ,886 Share based payment transaction , ,082 Dividend Paid - (14,250,000) - (14,250,000) Balance as at ,000, ,713, ,713,048 Balance as at ,000, ,713, ,713,048 Profit for the period ended ,798, ,798,804 Other Comprehensive Income - 769, ,678 Proceeds from Rights Issue 205,200, ,200,000 Share based payment transaction Dividend Paid - (79,230,000) - (79,230,000) Balance as at ,200, ,051, ,251,530 figures in brackets indicate deductions. 3

5 GROUP Rs. Rs. Rs. Rs. Cash Flow From Operating Activities Profit Before Taxation 149,687,336 59,805, ,448,433 59,805,595 Adjustments for ; Depreciation/Amortisation 15,461,351 9,910,827 11,182,985 9,910,827 Interest Income (4,837,159) (3,428,656) (4,837,159) (3,428,656) Interest Expense 196,824, ,991, ,824, ,991,601 Provision for Retirement Benefit Obligation 3,081,878 2,812,416 3,081,878 2,812,416 Provision for Bad and Doubtful Debt (29,579,831) 5,096,658 (29,579,831) 5,096,658 Disposal (Profit)/Loss on Property,Plant and Equipment (4,420,000) 56,054 (4,420,000) 56,054 Share Based Payment - 994, ,082 Cash Generated from/(used In)Operating Activities Before Working Capital Changes 326,217, ,238, ,700, ,238,577 Increase/Decrease in Working Capital (Increase)/ Decrease in Trade and Other Receivables (540,156,290) (337,655,625) (539,275,235) (337,655,625) Loans (Disburstments)/Recoveries From (To) Tea Suppliers 55,250,644 (177,231,542) 55,250,644 (177,231,542) Increase/(Decrease) in Trade and Other Payables (3,641,092) 42,925,146 (3,762,093) 42,925,146 (Increase)/Decrease in Related Party Receivable - (3,013) (3,267,693) (3,013) Cash Generated from/(used In) Operating Activities (162,328,877) (294,726,457) (162,353,784) (294,726,457) Tax Paid (46,043,184) (1,472,250) (46,043,184) (1,472,250) Gratuity Paid (2,645,971) (5,736,542) (2,645,971) (5,736,542) Net Generated from/(used In) Operating Activities (211,018,031) (301,935,249) (211,042,939) (301,935,249) Cash Flow From Investing Activities Interest Received 4,837,159 3,428,656 4,837,159 3,428,656 Proceeds from sale of Assets 4,420,000 1,012,000 4,420,000 1,012,000 Acquisition of Logicare (Pvt) Ltd - - (233,000,000) - Acquisition of Intangible Assets (46,290,367) (1,502,645) (2,757,012) (1,502,645) Lease rentals paid in advance (189,466,645) Purchase of Property, Plant & Equipment (9,596,425) (2,176,496) (9,596,425) (2,176,496) (236,096,278) 761,515 (236,096,278) 761,515 Cash Flow From Financing Activities Interest Paid (196,824,286) (101,991,601) (196,824,286) (101,991,601) Proceeds from Commercial Papers issued 492,000, ,000, ,000, ,000,000 Repayment of Commercial Papers Issued (492,000,000) (200,000,000) (492,000,000) (200,000,000) Proceeds from Rights Issue 205,200, ,200,000 - Dividend Paid (79,230,000) (14,250,000) (79,230,000) (14,250,000) Movement in Interest Bearing Borrowings - Loan repayment made during the period (2,207,114,320) (1,877,495) (2,207,114,320) (1,877,495) Loan obtained during the period 2,673,400, ,000,000 2,673,400, ,000, ,431,394 11,880, ,431,394 11,880,904 Net Increase/( Decrease) in Cash and Cash Equivalents (51,682,916) (289,292,830) (51,707,823) (289,292,830) Cash and Cash Equivalents at the Beginning of the Period (588,629,965) (299,337,135) (588,629,965) (299,337,135) Cash and Cash Equivalents at the End of the Period (640,312,881) (588,629,965) (640,337,788) (588,629,965) figures in brackets indicate deductions. CEYLON TEA BROKERS PLC Statement of Cash Flows For the Period Ended 31st March

6 Notes to the Financial Statements: 1. Figures for the year ended and as at 31st March 2018 are unaudited. 2. The Company is required to prepare Interim Financial Statements in accordance with LKAS 34 Interim Financial Reporting. Following are the areas where the significant accounting policies have an impact on the financial statements compared to SLAS existed immediately prior to 1 st January The same accounting policies and methods of computation are followed in the interim financial statements as compared with audited annual financial statements as at 31st March Impairement of Loans & Advances granted have been assessed based on individually significant customers where there is an objective evidence of Impairement. -Staff loans granted have been recognised at fair value at the time of granting and resultant adjustments were accounted as prepaid staff cost and amortised over the tenure of the loan on a straight line basis. Interest income was recognised using effective interest rate method. -Loans granted to customers were recognised at fair value plus directly attributable transaction costs and fee income, initially. Subsequent measurement of loans were recognised at amortised cost using effective interest rate. -Storage & Storage Related Income were recognised on accrual basis for the period of service provided by the company instead of the date of auction. 3. The nature of related party transactions in the current period is similar to those reported in the Audited Financial Statements 2016/ There were no significant events that occurred subsequent to the end of the interim period which require disclosure or adjustments in the interim financial statements. 5. There were no contingent liabilities identified in the foreseeable future which require disclosure in the financial statements To facilitate comparison and where relevant, balances pertaining to the previous period have been reclassified. Ceylon Tea Brokers Group consists of Logicare (Pvt) Ltd which is a fully owned subsidiary of Ceylon Tea Brokers PLC. Logicare (Pvt) Ltd has entered into a 39 year lease agreement commencing 29/07/2016 with the Sri Lanka Land Reclamation and Development Corporation to lease a land in Muthurajawela. 8. Market prices recorded during the year ended 31st March /18-4th Quarter Highest Rs Date: Lowest Rs Date: Closing Rs

7 Notes to the Financial Statements (Continued): 9. Directors' holding in shares as at 31st March 2018 Director's Name Shareholding (No. of Shares) % Mr. C P R Perera (Chairman) 3,500, % Mr. W A T Fernando (Managing Director) 48,837, % Mr. K H S Deshapriya (Director/Chief Operating Officer) 416, % Mr. B R L Fernando 22, % Mr. W De Silva (Director/Chief Executive Officer) % Ms. N T M S Cooray 10,908, % Ms. H M S Perera 1,390, % Mr. Dhayan H Madawala 3, % major shareholders as at 31st March 2018 Shareholder's Name As at 31st March 2018 No. of Shares % ASHTHI HOLDINGS (PRIVATE) LIMITED 55,434, % MR.W A T FERNANDO 48,837, % JETWING TRAVELS (PVT) LTD 34,080, % MISS N T M S COORAY 10,908, % ASSOCIATED ELECTRICAL CORPORATION LTD 4,528, % MR C P R PERERA 3,500, % COLOMBO TRUST FINANCE PLC/ K E H DE ALWIS 2,698, % MS H M S PERERA 1,390, % SEYLAN BANK PLC/MOHAMED MUSHTAQ FUAD 1,056, % J B COCOSHELL (PVT) LTD 827, % PAN ASIA BANK CORPORATION/ MR A W L R SILVA 700, % MR M M FUAD 588, % MR T D R H PERERA 531, % PEOPLE'S LEASING & FINANCE PLC/ HI LINE TOWERS (PVT) LTD 420, % MR K H S DESHAPRIYA 416, % MR K A D R N GUNAWARDENA 412, % PEOPLE'S LEASING & FINANCE PLC/ HI LINE TRADING (PVT) LTD 410, % SEYLAN BANK PLC/ MOHAMED SUBAIR FOUZAL HAQQUE 380, % MR E M R EGODAWATTE 359, % SINDBAD (PRIVATE) LIMITED 355, % 167,836, % Others 14,563, % 182,400, % 11. Percentage of public holding as at 31st March 2018 was 15.24% comprising of 2,043 shareholders. 6