CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS 30TH SEPTEMBER 2017

Transcription

1 CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS 30TH SEPTEMBER 2017

2 CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS - 30TH SEPTEMBER 2017 CONTENTS Interim Comprehensive Income Statement Interim Statement of Financial Position Interim Statement of Changes in Equity Interim Statement of Cash Flows Selective Notes to the Interim Financial Statements Corporate Information

3 Interim Comprehensive Income Statement - by function of expenses (Amounts in Rs.000's) Note Three months ended 30th September Nine months ended 30th September Change % Change % Revenue 2,846,718 3,224,853 (12) 8,245,948 9,143,601 (10) Cost of sales (1,653,579) (1,649,279) 0 (4,627,503) (4,745,680) (2) Gross profit 1,193,139 1,575,573 (24) 3,618,445 4,397,921 (18) Distribution costs (145,816) (135,837) 7 (452,872) (361,215) 25 Administrative expenses (169,004) (129,629) 30 (501,997) (404,830) 24 Other operating income ,299 2, Operating profit 879,128 1,310,841 (33) 2,668,875 3,634,650 (27) Finance income 16,235 37,582 (57) 72, ,556 (51) Finance costs (2,420) (4) 59,378 (4,377) (25) 17,211 Profit before income tax 892,943 1,348,420 (34) 2,737,255 3,783,181 (28) Income tax expense (236,286) (347,770) (32) (732,963) (994,649) (26) Profit for the period 656,658 1,000,650 (34) 2,004,292 2,788,531 (28) Earnings per share attributable to the equity holders of the company during the year Basic earnings per share (expressed in LKR) Notes -The above figures are not audited. Figures in brackets indicate deductions.

4 Interim Comprehensive Income Statement - Continued (Amounts in Rs.000's) Note Three months ended 30th September Nine months ended 30th September Change % Change % Profit for the period 656,658 1,000,650 (34) 2,004,292 2,788,531 (28) Other comprehensive income: Actuarial (loss)/gain on retirement benefit obligations Tax on other comprehensive income Other Comprehensive (loss)/ income for the period Total comprehensive income for the period ,658 1,000,650 (34) 2,004,292 2,788,531 (28)

5 Interim Statement of Financial Position (Amounts in Rs.000's) Note 30th September 31st December ASSETS Non-current assets Property, Plant & Equipment 2,059,519 2,132,858 Trade and other receivables 77,013 74,915 2,136,532 2,207,773 Current assets Inventories 1,904,655 1,789,585 Trade and other receivables 1,360,053 1,138,882 Cash and cash equivalents 262,982 1,910,267 3,527,690 4,838,733 Total assets 5,664,222 7,046,506 EQUITY AND LIABILITIES Stated capital 600, ,000 Retained earnings 3,464,914 3,260,623 Total equity 4,064,914 3,860,623 Liabilities Non-current liabilities Retirement benefit obligations 124, ,511 Deferred tax liabilites 258, , , ,815 Current liabilities Trade and other payables 724,159 2,139,094 Current income tax liabilities 491, ,975 1,215,605 2,820,069 Total liabilities 1,599,308 3,185,884 Total equity and liabilities 5,664,222 7,046,506 Net Assets per Share (Rs.) Note: The above figures are not audited. I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of (Sgd) Erande De Silva Manager Finance & Planning The Board of Directors is responsible for the preparation and presentation of these financial statements. The financial statements were authorised for issue by the Board of Directors on 17th October (Sgd)Kishu Gomes Managing Director / CEO 17th October 2017 (Sgd)Anura Perera Director / Chief Financial Officer

6 Interim Statement of Cash Flows (Amounts in Rs.000's) Note Period ended 30th September Cash flows from operating activities Cash generated from operations (i) 1,908,345 3,040,471 Interest paid (4,377) (25) Retirement benefits paid (8,633) (7,959) Income tax paid (909,839) (896,498) Net cash generated from operating activities 985,496 2,135,989 Cash flows from investing activities Purchase of Property, Plant & Equipment (46,198) (45,172) Proceeds from disposal of Property, Plant & Equipment 3, Interest received 49, ,459 Net cash used in investing activities 7,219 69,485 Cash flows from financing activities Dividends paid (2,640,000) (3,360,000) Net cash used in financing activities (2,640,000) (3,360,000) Net increase / (decrease) in cash and cash equivalents (1,647,285) (1,154,526) Movement in cash and cash equivalents Cash and cash equivalents at beginning of period 1,910,267 2,339,049 Increase in cash and cash equivalents (1,647,285) (1,154,526) Cash and cash equivalents at end of period 262,982 1,184,523 Note (i) Period ended 30th September Cash generated from operations Profit before taxation 2,737,255 3,783,180 Adjustments for : Depreciation 119, ,599 Property, plant and equipment Writtenoff Amortisation of marketing support fee paid 14,105 17,344 (Profit)/Loss on disposal of property, plant and equipment (3,461) (109) Interest income (46,345) (114,459) Interest expense 4, (Reversal of provision)/provision for impairment on trade receivables 1, Defined benefit obligations 13,868 16,411 Changes in working capital - trade and other receivables (242,086) (150,716) - inventories (115,070) (544,506) - payables (574,567) (79,640) Cash generated from operations 1,908,345 3,040,471

7 Interim Statement of Changes in Equity (Amounts in Rs.000's) Stated Retained Total Capital Earnings Equity Balance as at 1st January ,000 4,087,029 4,687,029 Profit for the period Nil 2,788,531 2,788,531 Other comprehensive income for the period Nil Nil Nil Transactions with owners - Dividends Nil (2,640,000) (2,640,000) Balance as at 30th September ,000 4,235,560 4,835,560 Balance as at 1st January ,000 3,260,623 3,860,623 Profit for the period Nil 2,004,292 2,004,292 Other comprehensive income for the period Nil Nil Nil Transactions with owners - Dividends (1,800,000) (1,800,000) Balance as at 30th September ,000 3,464,915 4,064,915

8 Notes to the Financial Statement for the period ended 30/09/ General information Chevron Lubricants Lanka PLC carries on the business of importing, blending, distributing and marketing of lubricant oils and greases. The Company is a public limited liability company incorporated and domiciled in Sri Lanka. The address of its registered office is Chevron House, 490, Galle Road, Colombo 03. The Company has its primary listing on the Colombo Stock Exchange. These financial statements have been approved for issue by the Board of Directors on 17th October Basis of preparation These condensed interim financial statements of Chevron Lubricants Lanka PLC are for the nine months ended 30th September They have been prepared in accordance LKAS 34. These interim financial statements have been prepared in accordance with those 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. 3 Accounting policies The accounting policies adopted are consistent with those of the previous financial year. 4 Net assets per share has been computed based on number of shares in issue as at 30/09/ No circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in the Financial Statements. 6 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 December Share price movement The market prices during the quarter Year ended Highest price Rs Lowest price Rs Last traded price Rs (The Company effected a sub-division of its issued ordinary shares in June The share sub-division increased the number of shares by two-fold from 120,000,000 to 240,000,000 shares) 8 Stated Capital is represented by 240,000,000 Ordinary Shares.

9 Notes to the Financial Statement for the year ended Continued 9 Names and the Number of Shares held by the largest 20 shareholders as at 30th September 2017 : Name of Shareholders Number of Shares % 1 Chevron Ceylon Limited 122,400, Renuka Hotels Limited 4,701, BNYM SA/NV- Blackrock Frontiers Investment Trust PLC 4,443, BNYM SA/NV-NEON LIBERTY EMERGING MARKETS FUND LP 4,177, RBC Investor Services Bank- COELI SICAV I- FRONTIER MARKETS FUND 4,175, Northern Trust Global Services London S/A VERDIPAPIRONDET ODIN EMERG 3,444, Cargo Boat Development Company Limited 3,400, BNYM SA/NV- FRONTAURA GLOBAL FRONTIER FUND LLC 2,769, HSBC International Nominees Ltd-Morgan Stanley & Co INTL PLC-OWN A/C 2,705, HSBC INTL NOM LTD-SSBT-ABERDEEN INSTITUTIONAL COMMINGLED FUNDS LLC 2,523, HSBS INT NOM LTD-BP2S LUXEMBOURG- ABERDEEN GLOBAL FRONTIER M 2,185, BNYM SA/NV- Frontier Market Opportunities Master FD, L.P 2,076, Crescent Launderers & Dry Cleaners (Pvt) Ltd 2,000, Sri Lanka Insurance Corporation LTD- LIFE FUND 1,900, HSBC INTL NOM LTD-SSBT PARAMETRIC EMERGING MARKETS FUND 1,821, HSBC INTL NOMINEES LTD-SSBT-FRANK RUSSEL TRUST COMPANY COMINGLED BENEFIT FUNDS TRUST GNA-6QH3 1,809, Citigroup Global Markets Limited Agency Trading Prop Securities A/C 1,754, Mellon Bank NA Florida Retirement System 1,646, HSBC INTL NOM LTD-SSBT-RUSSELL INVESTMENTS INSTITUTIONAL FUNDS PUBLIC LIMITED COMPANY 1,635, Bank of Ceylon -No 2 A/C 1,551, Total 173,122, Public Holding : 49%. The Number of shareholders representing the public holding was 5,380.

10 11 None of the Directors hold shares in the company except A.M.Anura Perera who holds 400 shares. 12 Mr. Kishu Gomes is the Managing Director and the Chief Executive Officer of the Company.

11 Corporate Information Name of Company Registrars to the Company Chevron Lubricants Lanka PLC S S P Corporate Services (Private)Limited 546, Galle Road, Legal Form Colombo 3 Public Limited Liability Company (Incorporated in 1992 and listed on the Auditors to the Company Colombo Stock Exchange) PricewaterhouseCoopers Chartered Accountants Company Registration Number P.O.Box 918,100, Braybrooke Place,Colombo 2. PQ 54 Lawyers to the Company Registered Office Julius & Creasy Chevron House Attorneys-at-Law and Notaries Public No.490, Galle Road, Colombo 3. No.41, Janadhipathi Mawatha,Colombo 1. Directors Rochna Kaul - Chairman Kishu Gomes - Managing Director / CEO Harsha Amarasekera Devasiri Rodrigo Richard Brown Anura Perera Principal Bankers Citibank NA Deutsche Bank Commercial Bank Secretary Web Address : Anura Perera contactus@chevron.com Chevron House Telephone : No.490, Galle Road, Colombo 3. Facsimile :