December Interim Financial Statements For The Nine Months Ended 31st December 2015

Transcription

1 December 2015 Interim Financial Statements For The Nine Months Ended 31st December 2015 Nawaloka Hospitals PLC 23, Deshamanya H K Dharmadasa Mw Colombo 02 (PQ - 78)

2 NAWALOKA HOSPITALS PLC Consolidated Statement of Financial Position as at 31st December 2015 Audited Group Company Group Company Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs'000 Rs'000 ASSETS Non Current Assets Property, Plant & Equipment 6,717,496 5,240,376 2,411,783 2,313,233 5,649,837 2,453,513 Leasehold Rights over Land 225, ,289 48,837 49, ,911 49,510 Investment Property , , ,417 Investments Investment in Subsidiaries - - 1,245, ,933-1,245,933 Jointly Controlled entity 135, ,613 2,500 2,500 90,241 2,500 Investment in Land 952, , ,343 - Investments In Related Companies 43, ,768 43,969 1,159,376 35,945 35,945 8,074,725 6,959,439 3,945,439 4,470,772 7,148,694 3,979,818 Current Assets Inventories 485, , , , , ,650 Trade Debtors and Other Receivables 497, , , , , ,832 Deposits and Advances 762, , , , , ,078 Receivable from Related Companies 126,953 47,293 2,315, , ,437 1,398,939 Short Term Investment 427, , ,238 36, ,632 38,480 Cash at Bank and in Hand 53,513 93,422 38,250 99,771 48,988 34,539 2,353,419 1,641,650 3,516,008 1,636,004 1,497,277 1,964,518 Total Assets 10,428,144 8,601,089 7,461,447 6,106,776 8,645,971 5,944,336 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 1,207,389 1,207,389 1,207,389 1,207,389 1,207,389 1,207,389 Revaluation Reserve 990, , ,872 - Accumulated Profit/Loss 1,809,259 1,739, , ,765 1,689, ,371 Total Equity 4,007,520 3,938,060 1,548,542 1,812,154 3,887,682 1,693,760 Non Current Liabilities Debentures 1,483,119 1,476,491 1,483,119 1,476,491 1,480,047 1,480,047 Provision for Retiring Gratuities 170, , , , , ,673 Deferred Tax 292, , , , , ,114 Loan & lease Balances 2,997,863 1,647,591 2,764,545 1,494,091 1,744,415 1,571,625 4,944,011 3,487,127 4,525,127 3,220,148 3,623,316 3,329,459 Current Liabilities Trade Creditors and Other Payables 595, , , , , ,320 Dividend Payable 2,733 1,773 2,733 2,609 2,610 2,610 Income Tax Payable , ,251 - Payable to Related Companies 45,499 41,006 92,094 40,626 13,850 8,491 Bank Overdraft 831, , , , , ,696 1,476,613 1,175,902 1,387,778 1,074,474 1,134, ,117 Total Liabilities 6,420,624 4,663,029 5,912,905 4,294,622 4,758,289 4,250,576 Total Equity and Liabilities 10,428,144 8,601,089 7,461,447 6,106,776 8,645,971 5,944,336 Net Asset per Share The above figures are provisional and subject to audit All figures are in Rupees thousends It is confirmed that the Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of Channa Kevitiyagala Financial Controller The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board of Directors. Jayantha Dharmadasa Chairman/ Chief Executive Officer 19th January 2015 Colombo 02 Prof. Lal Chandrasena Director/ General Manager.

3 NAWALOKA HOSPITALS PLC Statement of Comprehensive Income For the Nine months Ending Group Company Nine months ended 31st December Quarter ended 31st December Nine months ended 31st December Quarter ended 31st December Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Revenue 4,386,902 3,380,157 1,575,942 1,214,044 2,224,370 1,839, , ,024 Cost of Services (2,177,156) (1,707,791) (786,751) (600,549) (1,123,144) (887,556) (411,228) (323,130) Gross Profit 2,209,746 1,672, , ,495 1,101, , , ,894 Other Operating Income 65,506 46,648 22,866 15,402 41, ,395 16,644 8,356 Staff Cost (835,785) (700,578) (281,830) (246,388) (395,816) (348,754) (133,374) (118,472) Administration Expenses (802,380) (643,790) (274,710) (231,284) (429,979) (363,333) (148,307) (123,954) Other Operating Expenses (83,913) (70,041) (30,971) (30,459) (77,068) (51,227) (25,919) (22,051) Profit from Operations 553, , , , , ,459 35, ,773 Finance Cost (298,334) (202,760) (109,450) (77,655) (286,282) (114,658) (105,745) (48,153) Share Of Profit/ (Loss) Jointly Controlled entity 44,976 25,832 20,807 9, Net Profit before Taxation 299, , ,903 52,193 (46,551) 191,801 (70,547) 62,620 Taxation (81,312) (8,000) (40,812) (6,000) Net Profit after Taxation 218, ,677 95,091 46,193 (46,551) 191,801 (70,547) 62,620 Other Comprehensive Income Other comprehensive income for the period, net of tax Total comprehensive income for the period 218, ,677 95,091 46,193 (46,551) 191,801 (70,547) 62,620 Net Profit Attributable to Shareholders 218, ,677 95,091 46,193 (46,551) 191,801 (70,547) 62,620 EPS (0.03) 0.14 (0.05) 0.04 Figures in brackets indicate deductions. All figures are in Rupees thousends

4 NAWALOKA HOSPITALS PLC Statement Of Changes In Equity For the Period Ended Group Stated Revaluation Retained Total Capital Reserve Earnings Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 01 April ,207, ,872 1,704,695 3,902,956 Net Profit/(Loss) for the period , ,677 Dividend Paid - - (84,573) (84,573) Balance as at 31 December ,207, ,872 1,739,799 3,938,060 Balance as at 01 April ,207, ,872 1,689,421 3,887,682 Net Profit/(Loss) for the period , ,504 Dividend Paid - - (98,665) (98,665) Balance as at 31 December ,207, ,872 1,809,259 4,007,520 Company Balance as at 01 April ,207, ,537 1,704,926 Net Profit/(Loss) for the period , ,801 Dividend Paid - - (84,573) (84,573) Balance as at 31 December ,207, ,765 1,812,154 Balance as at 01 April ,207, ,370 1,693,759 Net Profit/(Loss) for the period - - (46,551) (46,551) Dividend Paid - - (98,665) (98,665) Balance as at 31 December ,207, ,154 1,548,542 Figures in brackets indicate deductions. All figures are in Rupees thousends

5 NAWALOKA HOSPITALS PLC Cash Flow Statement For the Period Ended GROUP COMPANY Period Period Period Period Ended Ended Ended Ended Rs.'000 Rs.'000 Rs.'000 Rs.'000 Cash flows from Operating Activities Profit before Tax 299, ,677 (46,552) 191,801 Adjustments for : Jointly controlled entity results (44,976) (25,832) - Depreciation & Amortisation 372, , , ,999 Finance Cost 301, , , ,658 Interest Income (22,178) (21,493) (7,173) (12,397) Provision for Retiring Gratuity 13,500 13,697 13,500 13,697 Provision for Bad & Doubtful Debts 13,072 29,182 18,075 18,485 Operating Profit before Working Capital Changes 933, , , ,243 Changes in Working Capital (Increase)/Decrease in Inventories (150,131) (32,943) (64,445) (6,077) (Increase)/Decrease in Debtors, Deposits & Advances (689,508) (321,659) (314,814) (224,862) Increase/Decrease in Related Party Balances 65,079 (43,557) (834,072) (477,747) Increase/(Decrease) in Creditors & Other Payables 55,033 (70,746) 72,286 (62,903) (719,527) (468,905) (1,141,045) (771,589) Cash Generated from/(used in) Operating Activities 213, ,793 (615,730) (241,346) Interest Paid (298,334) (202,760) (286,282) (114,658) Gratuity Paid (13,825) (12,072) (13,825) (12,072) Income Tax/ESC Paid (18,405) (17,561) - Net cash Generated from/(used in) Operating Activities (116,711) (105,600) (915,837) (368,076) Cash flows from Investing Activities Investment in Fixed Deposit (22,535) - (269,757) Other Investments (43,969) 48,189 (7,186) (687,419) Purchase of Property, Plant & Equipment (1,245,772) (1,136,036) (215,708) (364,429) Investment in Land - (68,840) - Net cash Used in Investing Activities (1,312,276) (1,156,687) (492,651) (1,051,848) Cash flows from Financing Activities Proceeds from Long Term Borrowings and Leases 1,504,634 1,326,576 1,404,585 1,167,076 Repayments of Long Term Borrowings and Leases (183,591) (194,042) (144,070) (56,042) Interest Received 22,178 21,493 7,173 12,397 Dividends Paid (98,665) (84,573) (98,665) (84,573) Net cash Generated from/ (Used in) Financing Activities 1,244,556 1,069,454 1,169,023 1,038,858 Net Increase/(Decrease) in Cash & Cash equivalents during the Year (184,431) (192,833) (239,465) (381,066) Cash & Cash equivalents at the beginning of the Year (593,905) 79,414 (451,157) (9,704) Cash and Cash equivalents at the end of the Year (778,336) (113,419) (690,622) (390,770) Analysis of Cash and Cash equivalents at the end of the Year Cash at Bank & in Hand 53, ,955 38, ,621 Bank Overdraft (831,849) (597,374) (728,872) (527,391) (778,336) (113,419) (690,622) (390,770) Figures in brackets indicate deductions. All figures are in Rupees thousends

6 EXPLANATORY NOTES 1 Interim Financial Statements of Nawaloka Hospitals PLC and its subsidiaries have been prepared in accordance with the Sri Lanka Accounting Standards (SLFRSs / LKASs) laid down by the Institute of Chartered Accountants of Sri Lanka (ICASL) and requirements of the Companies Act No. 7 of The Financial Statements of the Group, which comprise the Statement of Financial Position, and the Statements of Comprehensive Income, Other Comprehensive Income, Changes in Equity and Cash Flows together with Accounting Policies and Notes to the Financial Statements have been prepared in accordance with Sri Lanka Accounting Standards applicable for periods beginning on or after 1 January The Financial Statements of the company and those consolidated with such for the interim period have been prepared on the same basis as the most recent audited financial statements. 3 According to the best of the knowledge and belief of the Directors no circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in the Financial Statements. 4 All known expenses have been provided for in the financial statements. 5 Company has paid an interim dividend of Rs.0.07 per share on 20/07/ During the quarter there were no material changes in the composition of assets, liabilities and contingent liabilities.

7 07 Debentures as at 31st December 2015 GROUP COMPANY Rs. Rs. Rs. Rs. 1,483,119,015 1,476,491,192 1,483,119,015 1,476,491,192 During the financial year 2013/2014 the company has issued 15 Mn Rated Unsecured Redeemable Debentures at a par value of Rs.100 and allocation is as follows. Class Issue Coupon Rate Listing Status Interest Payable frequency Issued Date Maturity Date Quantity Consideration Received Value As at 31 December 2015 Comparative Government Bonds Rates % Yield to Maturity Nos Rs. Rs. % A Public 14.15% Listed Quarterly 9/30/2013 9/30/ ,427,900 1,042,790,000 1,031,764, B Public 14.15% Listed Quarterly 9/30/2013 9/30/2019 2,696, ,600, ,347, D Public 14.35% Listed Quarterly 9/30/2013 9/30/2021 1,645, ,550, ,281, E Public 14.40% Listed Quarterly 9/30/2013 9/30/ ,000 12,000,000 11,828, F Public 14.45% Listed Quarterly 9/30/2013 9/30/ ,600 11,060,000 10,896, Market Summary Class Highest Lowest Last Traded Traded Last Traded Interest Quantity Date Yield A B ,000,000 16/11/ % D E F Purpose of the Issue 15,000,000 1,500,000,000 1,483,119,015 Purpose of the debenture issue is for funding the construction of multi storied building with car park facilities, Channeling, Out Patient Department & Indoor admission facilities adjoining the existing hospital building and to restructure the balance sheet by re-financing the existing loans. This work is now in progress Credit Ratings RAM Ratings (Lanka) Ltd has reaffirmed Nawaloka Hospitals PLC's long and short-term corporate credit ratings at A* and P2** respectively, and presently the company is working with ICRA Lanka to renew the ratings. Note (a) The long-term rating of A reflects: * An Adequate capacity to meet its long-term financial Obligations (b) The short-term rating of P2 reflects: ** An Adequate capacity to meet its short-term financial Obligations Group Company 07.4 Debt/Equity ratio Quick asset ratio Interest cover

8 7.7 Funds Raised Via Capital Market Issue of Debentures-2013 We Clarify the status of the above funds as follows :- The Primary objective of the Debenture Issue was to utilize Rs. 1,215 million to fund the construction of a multi-storied building with Car Park Facilities, Channeling, Out-Patient Department (OPD) Facilities and Indoor Admission Facilities adjoining the existing Hospital building located at No. 23, Deshamanya H.K. Dharmadasa Mawatha, Colombo-2. The total cost of the project was estimated at Rs.1, 400 million. The balance was to be generated from internal funds. The progress of work was delayed with the detection of an underground sewerage line which had to be re-located from the proposed site. This diversion took more time than envisaged. In the meantime as the Bank lending interest rates were rising it was prudent to utilize some of the funds ear-marked, to pay the debts which was more advantageous to the Company and to the Shareholders than investing it in low interest earning fixed deposits. In any event, the secondary objective of the Debenture Issue was to re-finance some of the existing loans. The adjusted timeline for the completion of the new building project is 30th September 2016.

9 8. DIRECTORS SHARE HOLDING The aggregate shareholding of the Directors as at Name of the Director 31/12/ /09/2015 Mr.H K J Dharmadasa 462,736, ,736,182 Mr. U H Dharmadasa 3,360 3,360 Mr. A G Dharmadasa 3,004,026 3,004,026 Ms. A G Dharmadasa 5,066,686 5,066,686 Prof. Lal Chandrasena 601, ,198 Deshabandu Tilak de Zoysa 218, ,000 Mr. R T Wijetilleke 33,332 33,332 Dr. T. Senthilverl 309,524, ,524,258 Mr. Sunil Abeyratne Nil Nil Mr. T K Bandaranayake Nil Nil Shares held by public 176,014, ,014,346 Number of public shareholders 7,137 7,165 Public Holding Percentage 12.49% 12.49% 9. Number of shares representing the entity s stated capital as at As at 31/12/ /09/2015 No. of shares 1,409,505,596 1,409,505,596 As at 31/12/ /09/2015 Net Asset value per share (Rs) Share prices during the interim period as at As at 31/12/ /09/2015 Rs. Rs. Highest Price Lowest Price Last Traded Price

10 11. Twenty Largest Shareholders NO SHARE HOLDERS NAME As at As at NO. OF SHARES % NO. OF SHARES % 1 MR. H.K.J. DHARMADASA 462,736, ,736, NAWALOKA CONSTRUCTION COMPANY LIMITED 441,778, ,778, DR. T. SENTHILVERL 309,524, ,524, EMPLOYEES PROVIDENT FUND 24,749, ,749, NATIONAL SAVINGS BANK 17,789, ,789, MS AG DHARMADASA 5,066, ,066, MRS P NANAYAKKARA 5,066, ,066, MR. D.M. RAJAPAKSE 4,496, ,496, BANK OF CEYLON A/C CEYBANK UNIT TRUST 4,241, ,241, MERCHENT BANK OF SRI LNAKA LTD A/C No 1 3,800, ,800, MR. V.R. RAMANAN 3,400, ,400, MR.H.A.PIERIS 3,082, ,082, MR. A.G. DHARMADASA 3,004, ,004, NAWALOKA DEVELOPMENTS (PVT) LTD 2,814, ,814, MRS. N.H. ABDUL HUSEIN 2,613, ,550, MRS C S DHARMADASA 2,581, ,581, MR. K.S. WARUSAVITARANA 2,500, ,500, MR. U. H. PALIHAKKARA 2,379, ,379, MR. L. HETTIARACHCHI 2,067, ,067, MRS. P. GANESHAN 2,000, ,000, Total 1,305,693, ,305,629, Balance held by other shareholders 103,811, ,875, Total No. of shares 1,409,505, ,409,505,

11 Corporate Information Name of the Company Nawaloka Hospitals PLC Company Registration No. Colombo 02. PQ 78 Registered Office No. 23, Deshamanya H. K. Dharmadasa Mawatha, Colombo 02, Sri Lanka. Telephone (+94 11) , , Telefax Secretaries to the Company M & A Company Secretaries (Private) Limited, No. 28 (Level 2), W.A.D. Ramanayake Mawatha, Auditors KPMG Chartered Accountants, No. 32A, Sir Mohamed Macan Markar Mawatha, Colombo 03. Lawyer(s) (+94 11) Nithi Murugesu & Associates /Website Attorneys-at-Law & Notaries Public, nawaloka@slt.lk, No. 28 (Level 2), W.A.D. Ramanayake Mawatha, Colombo 02. Legal Form Bankers Quoted Public Company with limited liability incorporated in Hatton National Bank PLC Sri Lanka under the Companies Ordinance 1938 and Sampath Bank PLC re-registered under the Companies Act No. 07 of People s Bank State Bank of India Commercial Bank PLC Board of Directors Bank of Ceylon 1. Mr. H.K. Jayantha Dharmadasa (Chairman and CEO) Deutshe Bank AG 2. Mr. Rienzie T. Wijetilleke (Vice-Chairman) DFCC Bank PLC 3. Prof. Lal G. Chandrasena (Director/General Manager) 4. Deshabandu Tilak de Zoysa 5. Mr. Tissa Kumara Bandaranayake Subsidiaries 6. Mr. U.H. Dharmadasa New Nawaloka Hospitals (Pvt) Ltd. 7. Mr. A.G. Dharmadasa New Nawaloka Medical Centre (Pvt) Ltd. 8. Ms. A.G. Dharmadasa Nawaloka Medicare (Pvt) Ltd. 9. Dr. Thirugnanasambandar Senthilverl 10. Mr. Damian Sunil Abey Ratna Joint Venture Nawaloka Metropolis Laboratories (Pvt) Ltd.