PROVISIONAL ACCOUNTS FOR THE PERIOD ENDED 30 September 2017

Transcription

1 PROVISIONAL ACCOUNTS FOR THE PERIOD ENDED 30 September 2017

2 STATEMENT OF PROFIT OR LOSS Variance Variance Rs. Rs. Rs. % Not Audited Not Audited Revenue 1,608,729,176 1,352,888, ,840, % Cost of Services (1,022,834,777) (897,455,751) (125,379,026) (14. 0 %) Gross Profit 585,894, ,432, ,461, % Other Income 196,473,578 14,545, ,927, % Administrative Expenses (352,061,096) (331,375,544) (20,685,552) (6. 2 %) Selling and Distribution Costs (35,690,452) (32,982,126) (2,708,326) (8. 2 %) Finance Cost (24,490,327) (26,282,712) 1,792, % Finance Income 38,323,805 52,246,159 (13,922,354) (26. 6 %) Exchange Gain /(Loss) 6,671 2,040,308 (2,033,638) (99. 7 %) Share of Joint Venture Profit 1,459,052 - Period Ended 30 September Profit Before Tax 409,915, ,624, ,290, % Income Tax Expense (56,960,604) (28,604,967) (28,355,637) (99. 1 %) Profit for the Period 352,955, ,019, ,935, % Earnings Per Share - Basic Dividend Per Share

3 STATEMENT OF COMPREHENSIVE INCOME Period Ended 30 September Rs. Rs. Not Audited Not Audited Profit for the Period 352,955, ,019,691 Other Comprehensive Income/(Loss) Other Comprehensive Income/(Loss) to be reclassified to profit or loss in subsequent periods (net of tax) : Gain/(Loss) on fair value of Financial Assets - Available for Sale (28,756,089) (21,967) Other Comprehensive Income/(Loss) for the period, net of tax (28,756,089) (21,967) Net Other Comprehensive Income not to be reclassified to profit or loss in subsequent periods (net of tax) (28,756,089) (21,967) Total Comprehensive Income for the period, net of tax 324,198, ,997,

4 STATEMENT OF PROFIT OR LOSS Three Months Ended 30 September Variance Variance Rs. Rs. Rs. % Not Audited Not Audited Revenue 805,413, ,297, ,116, % - Cost of Services (506,002,133) (459,133,123) (46,869,010) (10. 2 %) Gross Profit 299,411, ,164,267 54,247, % Other Income 190,992,237 4,194, ,797, % Administrative Expenses (176,825,040) (169,173,785) (7,651,255) (4. 5 %) Selling and Distribution Costs (20,034,072) (14,018,015) (6,016,057) (42. 9 %) Finance Cost (12,482,125) (13,579,470) 1,097, % Finance Income 18,091,137 29,648,787 (11,557,650) (39. 0 %) Exchange Gain /(Loss) (30,510) 772,830 (803,341) ( %) Share of Joint Venture Profit 1,459,052-1,459, % Profit Before Tax 300,582,234 83,009, ,572, % Income Tax Expense (29,504,021) (19,090,870) (10,413,151) (54. 5 %) Profit for the Period 271,078,213 63,918, ,159, % Earnings Per Share - Basic Dividend Per Share

5 STATEMENT OF COMPREHENSIVE INCOME Three Months Ended 30 September Rs. Rs. Not Audited Not Audited Profit for the Period 271,078,213 63,918,683 Other Comprehensive Income/(Loss) Other Comprehensive Income/(Loss) to be reclassified to profit or loss in subsequent periods (net of tax) : Gain/(Loss) on fair value of Financial Assets - Available for Sale (39,367,054) (21,967) Other Comprehensive Income/(Loss) for the period, net of tax (39,367,054) (21,967) Net Other Comprehensive Income not to be reclassified to profit or loss in subsequent periods (net of tax) (39,367,054) (21,967) Total Comprehensive Income for the period, net of tax 231,711,159 63,896,

6 STATEMENT OF FINANCIAL POSITION As at As at As at 31-Mar Sep Sep-16 Rs. Rs. Rs. Audited Not Audited Not Audited ASSETS Non-current Assets 3,017,255,154 Property, Plant and Equipment 2,983,684,947 2,671,463,500 85,201,379 Leasehold Property 84,682,908 85,719,841 - Investment in Joint Venture 28,459, ,000,000 Loans Granted to Related Parties 468,000, ,157, ,704,370 Financial Assets - AFS 308,403,271 1,351,390 4,039,160,903 3,873,230,178 3,560,691,760 Current Assets 181,292,507 Inventories 177,136, ,270, ,875,365 Trade and Other Receivables 384,935, ,894, ,358,250 Advances and Prepayments 167,818, ,266,937 - Amounts Due from Related Parties 1,600, ,575, ,867,613 Cash and Cash Equivalents 402,109, ,156, ,393,734 1,133,599,437 1,034,164,156 4,649,554,637 Total Assets 5,006,829,615 4,594,855,916 EQUITY AND LIABILITIES Capital and Reserves 1,393,327,565 Stated Capital 1,393,327,565 1,393,327,565 1,304,758,952 Revaluation Reserve 1,304,758,952 1,171,644,801 (2,990,798) Available for Sale Reserve (31,746,887) 5, ,923,029 Retained Earnings 1,299,297, ,935,820 3,647,018,748 Total Equity 3,965,637,075 3,555,913,510 Non-current Liabilities 26,128,667 Amount due on Leasehold Property 26,128,666 30,200, ,618,000 Interest Bearing Loans and Borrowings 287,650, ,586, ,622,860 Post Employment Benefit Liability 105,130,935 85,359, ,535,063 Deferred Tax Liability 203,730, ,498, ,904, ,640, ,644,656 Current Liabilities 4,072,000 Amount due on Leasehold Property 4,072,000 4,072,000 63,936,000 Interest Bearing Loans and Borrowings 63,936,000 63,936,000 - Bank Overdraft - 34,335, ,710,870 Trade and Other Payables 313,464, ,195,055 - Amounts Due to Related Parties 1,000,000 22,688,597 6,569,778 Tax Payable 29,850,597 7,437,995 6,342,653 Dividend Payable 6,229,720 5,632, ,631, ,552, ,297,750 4,649,554,637 Total Equity and Liabilities 5,006,829,615 4,594,855, Net Assets Per Share Sgd. Mr. Ajith Karunarathne Chief Financial Officer Sgd. Mr. Ashok Pathirage Chairman / Managing Director Sgd. Dr. Manjula Karunaratne Director / Chief Executive Officer 10 November 2017 Colombo - 5 -

7 (28,756,089) (31,746,887) 352,955,026 1,299,297,445 STATEMENT OF CHANGES IN EQUITY Stated Available for Revaluation Retained Capital Sale Reserve Reserves Earnings Total Balance as at 01 April ,393,327,565 27,291 1,171,644,801 1,104,543,954 3,669,543,611 Fair Value Adjustment - Guarantees (7,244,807) (7,244,807) Profit for the Period ,019, ,019,691 Other comprehensive Income - (21,967) - - (21,967) Total Comprehensive Income - (21,967) - 105,019, ,997,724 Interim Dividend Paid (211,383,018) (211,383,018) Balance as at 30 September ,393,327,565 5,324 1,171,644, ,935,820 3,555,913,510 Balance as at 01 April ,393,327,565 (2,990,798) 1,304,758, ,923,028 3,647,018,746 Fair Value Adjustment - Guarantees (5,580,609) (5,580,609) Profit for the Period ,955, ,955,026 Other comprehensive Income - (28,756,089) - - (28,756,089) Total Comprehensive Income ,198,937 Balance as at 30 September ,393,327,565-1,304,758, ,965,637,

8 CASH FLOW STATEMENT Period Ended 30 September Cash Flows From Operating Activities Rs. Rs. Profit Before Income Tax Expense 409,915, ,624,658 Adjustments for Depreciation 118,248,163 99,959,786 Amortization of Leasehold Assets 518, ,467 Loss / (Profit) on Sale of Property, Plant and Equipment (488,533) 4,267,291 Provision for Bad Debts 756,714 1,126,367 Provision for Retirement Gratuity 7,245,790 6,539,447 Finance Expense 24,490,327 26,282,712 Finance Income (38,323,805) (46,097,050) Share of Joint Venture Profit (1,459,052) - Operating Profit Before Working Capital Changes 520,903, ,221,678 Changes in Working Capital (Increase)/Decrease in Inventories 4,156,126 (33,418,004) (Increase)/Decrease in Trade and Other Receivables (289,014,262) (77,248,637) Increase/(Decrease) in Trade and Other Payables 28,572,276 69,221,836 Increase/(Decrease) Amounts Due from Related Parties 137, ,610,695 (Increase)/Decrease Amounts Due to Related Parties (1,000,783) (120,017) (257,149,296) 74,045,873 Cash Generated From Operations 263,754, ,267,551 ESC/Income Tax paid (22,484,245) (48,828,586) Finance Costs paid (24,119,327) (24,125,182) Defined Benefit Plan Costs paid (2,737,716) (2,985,500) Net Cash From Operating Activities 214,413, ,328,283 Cash Flows From/(Used in) Investing Activities Acquisition of Property, Plant and Equipment (141,281,595) (52,894,524) Proceeds from Sale of Property, Plant & Equipment 57,092,176 43,171,902 Interest Received 35,985,929 36,694,717 Net Cash Flows From Investing Activities (48,203,490) 26,972,095 Cash Flows from /(Used in) Financing Activities Repayment of Interest Bearing Loans and Borrowings (31,968,000) (32,729,224) Proceeds From Interest Bearing Loans and Borrowings 132,000,000 - Dividend Paid - (211,685,101) Net Cash Flows Used in Financing Activities 100,032,000 (244,414,325) Net Increase in Cash and Cash Equivalents 266,241,627 6,886,053 Cash and Cash Equivalents at the beginning of the period 135,867, ,935,325 Cash and Cash Equivalents at the end of the period 402,109, ,821,378 Cash & Cash Equivalents Cash and Bank Balances 402,109, ,156,910 Bank Overdrafts - (34,335,532) 402,109, ,821,378 - (0)

9 NOTES TO THE INTERIM FINANCIAL STATEMENTS As at 30 September 2017 The Highest and the Lowest Market Price per Share Quarter ended Quarter ended September 2017 March Highest Market Price Rs Lowest Market Price Rs Last Traded Price Rs Company and the Group has followed the Accounting Policies and methods of computation as disclosed in the Annual Report for the year ended March 31, Company and the Group are in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. Further, the Interim Financial Statements of the Company and the Group have been prepared in accordance to the Provisions of the Companies Act No. 7 of The Company's investments in its joint venture is accounted for using the equity method. Under the equity method, the investment in joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the company's share of net assets of the joint venture since the acquisition date. Loans granted to related parties includes loan granted to Asiri Hospital Holdings PLC amounted to Rs.468,000,000/-. The interest is charged at prevailing market interest rates for this loan. The presentation and classification of the Financial Statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year. The Interim Condensed Financial Statements of the Company for the period ended 30 September 2017 were authorised for issue by the Board of Directors on 10 November Issued and fully paid number of Ordinary Shares as at 30 September 2017 stands at 528,457,545 A dispute has arisen with the Department of Inland Revenue with regard to the applicability of the income tax exemption in terms of the agreement entered between and the Board of Investment of Sri Lanka (BOI) in Since there is litigation in the Court of Appeal in CA (Writ) 386/ 2016 with regard to this matter, in accordance with Paragraph 92 of LKAS 37, we are unable to provide further information on this and associated risks, in order not to impair the outcome and/or prejudice the Company s position in this matter. The aforesaid matter is coming up for argument on 07th of February Except the above disclosure there were no significant changes in the neture of the contingent liabilities and contingent assets which were disclosed in the annual report for the year ended 31st March The Company commenced tax payments on business profit with effect from 1 st January 2015 No other events have been occurred, which require disclosures in the Interim Financial Statements

10 NOTES TO THE INTERIM FINANCIAL STATEMENTS No of Shares Representing Stated Capital No of Ordinary Shares As at As at 30 September March ,457, ,457,545 Directors Shareholding Name of Director As at As at 30 September March 2017 Mr. A. K. Pathirage - - Dr. S. Selliah 17,000 17,000 Dr. K. M. P. Karunaratne Mr. G. L. H. Premaratne - - Mr. S. A. B. Rajapaksa - - Major Shareholdings Twenty Largest Shareholders As at % As at % 30 September March 2017 Asiri Hospital Holdings PLC 389,391, ,391, Mr. D.K. Subasinghe / Mrs. S.N. Subasinghe 49,514, ,514, Mr. P.P. Subasinghe 8,035, ,404, Mrs. Neetha Weerasinghe 7,500, ,500, Mrs. N. Weerasinghe / Miss. L.I. Weerasinghe 7,499, ,499, Mrs. N. Weerasinghe / Miss. T.T. Weerasinghe 7,499, ,499, Mr. D.M. Rajapaksa / Dr. M.D.B.D. Rajapaksa 3,080, ,080, Mr. M.D.N. Jayaratne / Mrs. H.C.D. Jayaratne 2,249, ,249, Mr. M.R. Weerasinghe 2,000, ,000, Mrs. Chandani Vishaka Ariyaratne 1,333, ,333, Mrs. Menaka Priyadarsani Rajapakse 1,283, ,283, Mr.Uditha Harilal Palihakkara/Mrs. D.S. Palihakkara 1,047, ,036, Bank Of Ceylon - NO2 A/C 1,000, ,000, Dr. Dammearachchi Anuja Somaratne 862, , Mr. Chaminda Dilantha Weerasinghe (Deceased) 833, , Dr. Himali Rangika Jayasekera Gunawardena 749, , Dr. W.M. Swarnamali Welagedara 749, , Mrs. Sithy Jazeema Badurdeen 749, , Mr. Mohamed Faizer Hashim 748, , Mr. N.D. Kurukulasuriya 730, , ,861, ,269, Shares held by the balance shareholdings 41,596, ,188, Total Issued Shares 528,457, ,457, Public Shareholding 139,048, ,048, Total Number of Public Shareholders 3,237 3,

11 Corporate Information Name of the Company Audit Committee Chairman Registered Office Mr. S A B Rajapaksa No. 21, Kirimandala Mawatha, Colombo 05, Sri Lanka. Telephone : Independent Non -executive Director info@asiri.lk Web : Committee Members Mr. G L H Premaratne Legal Form Independent Non-executive Director A Quoted Public Company incorporated in Sri Lanka, under the Companies Act No. 17 of 1982 with limited liability. Mr. J E Huxtable The Company has re-registered under the Companies Act No. 07 of An undertaking Independent Non-executive Director approved by the Board of Investment of Sri Lanka (BOI) under the Board of Investment of Sri Lanka Law No. 4 of Stock Exchange Listing The Ordinary Shares of the Company are listed with the Colombo Stock Exchange. Company Registration Number PQ 208 Date of Incorporation 2nd March 2000 Directors Mr. A.K. Pathirage - Chairman/Managing Director Dr. S. Selliah - Deputy Chairman Dr. Manjula Karunaratne - Group Chief Executive Officer Mr. G.L.H. Premaratne Mr. S.A.B. Rajapaksa Auditors Messrs Ernst & Young (Chartered Accountants) No. 201, De Saram Place, Colombo 10. Secretaries Messrs Softlogic Corporate Services (Pvt) Ltd. No. 14, De Fonseka Place, Colombo 05. Stock Code AMSL.N0000 Banks Commercial Bank PLC Hatton National Bank PLC Nations Trust Bank PLC Sampath Bank PLC Cargills Bank Limited Frequency of meetings Committee meets quarterly Remuneration Committee Chairman Mr. G L H Premaratne Independent Non-executive Director Committee Members Dr. S Selliah Independent Non-executive Director Frequency of meetings Committee meets once a year Related Party Transaction Review Committee Chairman Mr. J E Huxtable Independent Non-executive Director Committee Members Mr. G L H Premaratne Independent Non-executive Director Mr. S A B Rajapaksa Independent Non -executive Director Frequency of meetings Committee meets at least once a quarter Joint Venture Companies Asiri AOI Cancer Centre (Private) Limited No. 181, Kirula Road, Colombo