CEYLON TEA BROKERS PLC PB 1280 PQ INTERIM FINANCIAL STATEMENTS

Transcription

1 PB 1280 PQ INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2017

2 For the Quarter Ended Variance For the year Ended Variance % % Revenue 139,498,388 84,242,411 66% 419,723, ,015, % Operating Expenses (12,313,068) (14,212,736) -13% (59,834,370) (60,453,319) -1.02% Gross Profit 127,185,320 70,029,675 82% 359,888, ,561, % Marketing Expenses (5,195,205) (8,448,148) -39% (24,470,960) (33,612,348) % Administration Expenses (54,200,391) (36,060,470) 50% (177,049,311) (150,514,226) 17.63% Finance Expenses (32,545,426) (12,009,518) 171% (98,562,948) (53,738,645) 83.41% Profit Before Taxation 35,244,298 13,511, % 59,805,595 35,696, % Taxation (10,362,189) (2,832,221) 266% (18,274,702) (9,754,296) 87.35% Profit After Taxation 24,882,109 10,679, % 41,530,893 25,942, % Other Comprehensive Income/(Loss) 742,886 84, % 742,886 84, % Profit for the Period 25,624,995 10,764, % 42,273,779 26,027, % Earnings Per Share figures in brackets indicate deductions. CEYLON TEA BROKERS PLC Statement of Comprehensive Income for Period Ended 31st March 1

3 Statement of Financial Position as at 31st March ASSETS Non-Current Assets Property, Plant & Equipment 23,870,543 30,193,304 Intangible Assets 4,238,654 5,215,632 Loans to Tea Suppliers 82,943,498 43,674,142 Deferred Tax Asset - 774, ,052,695 79,857,686 Current Assets Trade and Other Receivables 984,802, ,146,635 Loans to Tea Suppliers 188,118,763 55,253,236 Cash and Cash Equivalents 57,529,577 90,539,496 1,230,450, ,939,367 Total Assets 1,341,503, ,797,053 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 128,000, ,000,000 Reserves 109,713,048 81,689,269 Share Based Payment - (994,082) Total Equity 237,713, ,695,187 Non-Current Liabilities Interest Bearing Borrowings - 1,415,811 Amount due to Related Party - - Deferred Tax Liability 1,678 - Retirement Benefit Obligation 12,376,268 11,983,168 12,377,946 13,398,979 Current Liabilities Trade and Other Payables 200,710, ,785,347 Interest Bearing Borrowings 231,400, ,861,858 Amount due to Related Party - 3,013 Tax Payable 13,142,092 1,176,038 Bank Overdrafts 646,159, ,876,631 1,091,412, ,702,887 Total Liabilities 1,103,790, ,101,866 Total Equity and Liabilities 1,341,503, ,797,053 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 16th May 2017 Colombo.. sgd Director 2

4 Statement of Changes in Equity For the Period Ended 31st March 2017 Stated Retained Share Based Total Capital Earnings Payment Transaction Balance as at ,000,000 84,162, , ,370,254 Profit for the period ended ,942,399-25,942,399 Other Comprehensive Income - 84,835-84,835 Share based payment transaction - - (1,202,301) (1,202,301) Dividend Paid - (28,500,000) - (28,500,000) Balance as at ,000,000 81,689,269 (994,082) 208,695,187 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 figures in brackets indicate deductions. 3

5 Statement of Cash Flows For the Period Ended 31st March Cash Flow From Operating Activities Profit Before Taxation 59,805,595 35,696,696 Adjustments for ; Depreciation/Amortisation 9,910,827 8,635,764 Interest Income (3,428,656) (3,406,023) Interest Expense 101,991,601 57,144,668 Provision for Retirement Benefit Obligation 2,812,416 2,808,194 Provision for Bad and Doubtful Debt 5,096,658 15,563,022 Disposal (Profit)/Loss on Property,Plant and Equipment 56,054 Share Based Payment 994,082 (1,202,301) Cash Generated from/(used In)Operating Activities Before Working Capital Changes 177,238, ,240,020 Increase/Decrease in Working Capital (Increase)/ decrease in Trade and Other Receivables (337,655,625) 277,838,766 Loans (Disburstments)/Recoveries From (To) Tea Suppliers (177,231,542) 44,326,268 Increase/(decrease) in Trade and Other Payables 42,925,146 (147,506,977) Increase/(Decrease) in Related Party Payable (3,013) 3,013 Cash Generated from/(used In) Operating Activities (294,726,457) 289,901,090 Tax Paid (1,472,250) (15,030,753) Gratuity Paid (5,736,542) (2,190,650) Net Generated from/(used In) Operating Activities (301,935,249) 272,679,687 Cash Flow From Investing Activities Interest Received 3,428,656 3,406,023 Investment in Commercial Papers (200,000,000) (101,020,912) Disposal of Commercial Papers 200,000, ,020,912 Proceeds on sale of Property, Plant and Equipment 1,012,000 - Acquisition of Intangible Assets (1,502,645) (2,299,564) Purchase of Property, Plant & Equipment (2,176,496) (20,230,699) 761,515 (19,124,240) Cash Flow From Financing Activities Interest Paid (101,991,601) (57,144,668) Proceeds from Commercial Papers issued 200,000, ,020,912 Repayment of Commercial Papers Issued (200,000,000) (201,020,912) Dividend Paid (14,250,000) (28,500,000) Loan repayment made during the period (1,877,495) (566,547,627) Loan obtained during the period 130,000, ,000,000 11,880,904 (402,192,295) Net Increase/( Decrease) in Cash and Cash Equivalents (289,292,830) (148,636,850) Cash and Cash Equivalents at the Beginning of the Period (299,337,135) (150,700,285) Cash and Cash Equivalents at the End of the Period (588,629,965) (299,337,135) figures in brackets indicate deductions. 4

6 Notes to the Financial Statements: 1. Figures for the year ended and as at 31st March 2017 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 2015/ 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. 6. To facilitate comparison and where relevant, balances pertaining to the previous period have been reclassified. 7. Market prices recorded during the year ended 31st March /17-4th Quarter Highest 3.80 Date: Lowest 3.20 Date: Closing

7 Notes to the Financial Statements (Continued): 8. Directors' holding in shares as at 31st March 2017 Director's Name Shareholding (No. of Shares) % Mr. C P R Perera (Chairman) 1,928, % Mr. W A T Fernando (Managing Director) 2,000, % Mr. K H S Deshapriya (Executive Director) 260, % Mr. M J C S Perera (Director/Chief Executive Officer) 56, % Mr. B R L Fernando 7, % Mr. W De Silva (Director/Chief Operating Office) % Ms. N T M S Cooray % Ms. H M S Perera % Mr. Dhayan H Madawala 1, % major shareholders as at 31st March Shareholder's Name As at 31st March 2017 No. of Shares % SEYLAN BANK PLC/CAPITAL ALLIANCE HOLDINGS LIMITED 92,747, % COLOMBO TRUST FINANCE PLC/ K. E. H. DE ALWIS 6,120, % ASSOCIATED ELECTRICAL CORPORATION LTD 2,830, % MR.W. A. T. FERNANDO 2,000, % MR.C. P. R. PERERA 1,928, % PAN ASIA BANKING CORPORATION PLC/MR.A.W.L.R SILVA 1,000, % MR A D EDUSSURIYA 320, % MR. K. H. S. DESHAPRIYA 260, % SINDBAD (PRIVATE) LIMITED 222, % MR E M R EGODAWATTE 218, % MR N A WITHANA 208, % MR. R. P. K. N. DE SILVA 189, % MR Y L NANDASENA 187, % MERCHANT BANK OF SRI LANKA LTD A/C NO 1 183, % MISS C S WANIGASEKARA 156, % MR P G PIYASIRI 148, % MR P G W SIRISENA 125, % MR M DAYANANDA 125, % MR E J A G FERNANDO 124, % PAN ASIA BANKING CORPORATION PLC/MR. RAVINDRA ERLE RAMBUKWELLE 115, % 109,209, % Others 4,790, % 114,000, % 10. Percentage of public holding as at 31st March 2017 was % comprising of 1,545 shareholders. 6