INTERIM FINANCIAL STATEMENTS

Transcription

1 INTERIM FINANCIAL STATEMENTS For The Nine Months Ended 31st December 2015

2 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 2 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST DECEMBER 2015 QUARTER ENDED 31ST DECEMBER NINE MONTHS ENDED 31ST DECEMBER (In Rs. 000) Variance Variance (Unaudited) (Unaudited) % (Unaudited) (Unaudited) % Turnover 18,042 19,470 (7) 42,871 39,713 8 Cost of Sales (4,844) (7,938) (39) (22,305) (27,869) (20) GROSS PROFIT 13,198 11, ,566 11, Other Income , Administrative Expenses (4,150) (13,635) (70) (34,664) (36,557) (5) Selling and distribution Expenses (6,545) (3,709) 76 (13,784) (12,119) 14 PROFIT/(LOSS) FROM OPERATION 3,013 (5,812) (152) (23,588) (36,089) (35) Net Finance income/(expenses) ,407 3,000 (53) NET PROFIT/(LOSS) BEFORE TAXATION 3,805 (5,415) (170) (22,181) (33,089) (33) Income tax expense PROFIT/(LOSS) FOR THE PERIOD 3,805 (5,415) (170) (22,181) (33,089) (33) OTHER COMPREHENSIVE INCOME Net change in fair value of financial assets available for sale TOTAL OTHER COMPRIHENSIVE INCOME TOTAL COMPRIHENSIVE INCOME FOR THE PERIOD 3,805 (5,415) (170) (22,181) (33,089) (33) Earnings/(Loss) per share (Restated) 0.02 (0.02) (0.11) (0.13) Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 2

3 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 3 STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER (Unaudited) (Unaudited) (Audited) ASSETS NON CURRENT ASSETS Property,Plant & Equipment 37,732 38,969 38,590 Lease Hold : Property,Plant & Equipment 2,354 2,546 2,529 Intangible Assets Finacial Assets 150 6, Investment in Subsidiary Financial assets - loans and receivables 43,217 34,456 36,369 Loan receivable From Fior Drissage Jewellers Ltd 4,026 3,606 3,762 TOTAL NON CURRENT ASSETS 88,282 86,219 82,128 CURRENT ASSETS Inventories 193, , ,540 Trade & other Receivable 19,203 17,393 6,452 Loans receivable Short term investments 4,064 Related Party Receivable 1,623 Cash & Cash Equivalents 27,887 10, ,888 TOTAL CURRENT ASSETS 242, , ,587 TOTAL ASSETS 330, , ,715 EQUITY AND RESERVES EQUITY Stated Capital 373, , ,640 General reserves 129, , ,472 Revaluation reserve 17,693 17,694 17,693 Other reserves & financial assets (144) (117) (144) Accumilated Profit/(Loss) (207,528) (129,128) (185,347) TOTAL EQUITY 313, , ,314 NON CURRENT LIABILITIES Employee benefits 7,187 4,431 7,187 TOTAL NON CURRENT LIABLITIES 7,187 4,431 7,187 CURRENT LIABILITIES Creditors & Other Payable 10,176 32,680 14,595 Current Tax Payable 41-1,065 Related Party Payable - - 8,554 Bank overdraft 18,899 - Suspense account - TOTAL CURRENT LIABILITIES 10,217 51,579 24,214 TOTAL LIABILITIES 17,404 56,010 31,401 TOTAL EQUITY & LIABLITIES 330, , ,715 Net assets per share (Rs.) I certify that these financial statements have been prepared in compliance with the requirements of Companies Act No.7 of (Sgd) Financial Controller The Board of Directors is responsible for the preparation and presentation of these Financial statements.signed for and on behalf of the board. (Sgd) 15th February 2016 (Sgd) Chairman-Xia Liqiang Director-Zhao Min Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 3

4 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 4 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST DECEMBER 2015 (In Rs. 000) STATED REVALUATION GENERAL FINANCIAL ASSETS ACCUMULATED TOTAL CAPITAL RESERVE RESERVE AVAILABLE FOR LOSSES SALES RESERVES Shares Beginning the Year (Audited) 208,401 17, ,000 (55) (96,138) 264,901 Proceeds from right issue 165, ,239 Right issue expenses - (5,527) - (5,527) Loss for the year (87,314) (87,314) Net Change in fair value of availablefor- (89) (89) sale financial assets Actuarial Loss on Defined Benefit Plans (1,896) (1,896) Balance as at 31st March 2015 (Audited) 373,640 17, ,473 (144) (185,348) 335,314 Proceeds from right issue - Right issue expenses - Loss for the Period (22,181) (22,181) Balance as at (Unaudited) 373,640 17, ,473 (144) (207,529) 313,133 Balance as at 01st April ,401 17, ,000 (153) (96,039) 264,903 Loss for the period (33,089) (33,089) Other comprihensive income for the period Net change in FV of AFS financial Assets Balance as at 30th September ,401 17, ,000 (117) (129,128) 231,850 Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 4

5 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 5 STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED 31ST DECEMBER (In Rs. 000) (Unaudited) (Unaudited) Cash flow from operating activities Profit / (Loss) before income tax (22,181) (33,089) Adjustments For: Depreciation on property,plant & equipment 2,407 2,721 Amortization of intangible assets Amortization of lease hold land Provision for retiring Gratuity 1,536 Unrealized exchange (gain)/loss - 40 Interest income (509) (3,243) Operating Profit / (Loss) Before Working Capital Changes (18,572) (33,454) (Increase) / Decrease In Inventory (31,002) (2,624) (Increase) / Decrease In Trade & Other Receivables (15,158) 8,119 Increase / (Decrease) In Trade & Other Payables (4,419) (15,538) Increase / (Decrease)Related Party Payable (10,177) - Increase / (Decrease)Otther Payable - - Net cash(used in)/from operating activies (79,328) (43,497) Retiring gratuity paid (1,536) (993) Income taxes paid (1,023) (255) Net cash flow Used In Operating Activities (81,887) (44,745) Interest received 509 1,816 Purchase and construction of property, plant & equipment (1,623) (634) Recovery of loan - (344) Acquisition of Intangible Assets - - Investment in Quoted shares - (36) Short term investments - - Cash Flows From / (Used In) Investing Activities - Acquisition of Property, Plant & Equipment - Net Cash From / (Used In) Investing Activities (1,114) 802 Cash Flows From / (Used In) Financing Activities Proceeds From Issue Of Shares - - Loan - - Net cash from / (Used In) financing activities - - Net increase / (decrease) in cash & cash equivalents (83,001) (43,943) Cash & cash equivalents at the beginning of the year 110,888 35,936 Cash & cash equivalents at the end of the period 27,887 (8,007) Figures in the brackets indicate deductions. The above figures are provisional and subject to audit. 5

6 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 6 NOTES TO THE FINANCIAL STATEMENTS 1 Basis of preparation The interim condensed financial statements have been prepared in accordance with LKAS 34 -Interim Financial Reporting. The financial statements provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. 2 Significant accounting policies There were no changes to the Accounting policies and methods of Computation since the publication of the Annual Report 2014/15 and condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March Events after the reporting date No circumstances have arisen subsequent to the quarter end which require adjustments or disclosures in the Financial statements. 4 Basic Earnings/(Loss) per share Basic Profit/( loss) per share is calculated by dividing the net Profit/(loss) for the year attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. 5 Comparative Information Some of the comparative figures have been re-classified accordance with the current period presentation. 6 Investment in unqouted shares Company has passed a board resolution to cease the identification of investment in FDJ as a investment in Associate due to fall in percentage of investment in FDJ and non availability of factors to exercise significant influence over the operations & business affairs of FDJ 7 Contingent liabilities There has been no significant change in the nature of the contingencies and other commitments,whch were disclosed in the annual report for the year ended 31st March Income Tax Company's export income from gold, gems or jewellery is exempt from income tax as per section 13 (i) of Inland Revenue Act 10 of 2006.

7 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 7 TOP 20 SHAREHOLDERS-ORDINARY AS AT 31ST DECEMBER 2015 No. Name of Voting Share Holder No. Of shares % 1 MR. XIA LIQIANG 31,946, % 2 V V S LANKA HOLDINGS (PVT) LTD 21,824, % 3 SRI LANKA INSURANCE CORPORATION LTD-GENERAL FUND 10,559, % 4 MRS. VASUDEVAN SARASWATHY 4,101, % 5 MR. KANKANAMGE SUNIL DHARMABANDU SENAWEERA 3,060, % 6 MR. POLWATTE GAMAGE PIYASIRI 3,000, % 7 MR. NAWOOROONNE WADUGE NAVARATNE JAYASIRI 2,617, % 8 CEYLINCO INSURANCE COMPANY LTD(GENERAL FUND) A/C 2 2,400, % 9 CEYLINCO INSURANCE COMPANY LTD (LIFE FUND) A/C 1 2,400, % 10 PAN ASIA BANKING CORPORATION PLC/MR. C.G. VAN TWES 2,050, % 11 SAMPATH BANK PLC/MRS SARASWATHY VASUDEVAN 2,020, % 12 MRS. CHRISTINE OLIVIA FORTUNE DAVID 1,650, % 13 MR. NADARAJAH THIVAKARAN 1,626, % 14 MR. RAVINDRA ERLE RAMBUKWELLE 1,490, % 15 MR. PRADANA MUDIYANSELAGE RANJITH KUMARA KIRIMETIYAWA 1,301, % 16 THE FINANCE PORTFOLIO MANAGEMENT COMPANY LIMITED 1,300, % 17 MR. NADESAN KRISHNAKUMAR 1,294, % 18 SEYLAN BANK LIMITED/RUWAN PRASANNA SUGATHADASA 1,288, % 19 M I SYNERGY PRIVATE LIMITED 1,257, % 20 MR. SEMASINGHE NAWARATHNE MUDIYANSELAGE SEMASINGHE 1,191, % No of Ordinary shares represent the Company's Stated Capital 206,601,782 Public Holding % (Number of shareholders representing the public holding was 14,492) No. Name of Non Voting Share Holder No. Of shares % 1 SERAKA INVESTMENTS LIMITED 16,560, % 2 MR. SITHAMPALAM ABISHEK 7,888, % 3 MRS. VASUDEVAN SARASWATHY 3,500, % 4 FIRST CAPITAL MARKETS LIMITED/MR.S.P.JAYAKUMAR 2,699, % 5 MR. COLOMBAPATABENDIGE RANJITH PERERA 2,575, % 6 MR. HITIHAMY MUDIYANSELAGE CHAMPAKA BANDARA MAVILMADA 2,400, % 7 MR. GAMINI HETTIGE 2,000, % 8 MR. SEMASINGHE NAWARATHNE MUDIYANSELAGE SEMASINGHE 1,952, % 9 MR. CHANDANA PEIRIS MALALANAYAKE 1,879, % 10 MR. WANNIACHCHIGE LAL TILAKESIRI ANANDAWANSA 1,713, % 11 MR. HITIHAMI KORALAGE PUSHPAKUMARA 1,700, % 12 MISS. RAGUPATHY KERTHIKA 1,600, % 13 MR. MOHAMED MANZOOR MOHAMED AZMIN 1,540, % 14 MR. RAVINDRA ERLE RAMBUKWELLE 1,495, % 15 MR. MOHAMED HANIF ASLAM KAMIL 1,441, % 16 PAN ASIA BANKING CORPORATION PLC./MR.RAVINDRA ERLE 1,438, % 17 MISS. SITHAMPALAM DURGA 1,375, % 18 MR. JAYAWARDANA VIDANA GAMAGE SUMITHRA 1,300, % 19 MR. EDIRISINGHE ARACHCHIGE SUMANASIRI 1,300, % 20 WALDOCK MACKENZIE LTD/ MR.K.I. DHARMAWARDENA 1,207, % No of Ordinary shares represent the Company's Stated Capital 194,633,623 Public Holding - 100% (Number of shareholders representing the public holding was 5,125)

8 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 8 DIRECTORS SHAREHOLDING AS AT 31ST DECEMBER 2015 No. Name of Director No. of Shares Voting No. of Shares Non Voting 1 Mr. Xia Liqiang 31,946,930-2 Mr.Zhao Ruiyun Ms.Dong Lili Mr.Guo wei Mr.Yang Chong Ms.Zhao Min Mr.Zhao Ruichun Dr.M.G.M.S.Zurfick 1,000-9 W.C.Gunadasa - - Total 31,947,930 - The Market Value per share (Rs.) During the period ended Voting Non-Voting Voting Non-Voting Highest Price during the period Lowest Price during the period Market Price as at

9 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 9 CORPORATE INFORMATION NAME OF THE COMPANY Blue Diamonds Jewellery Worldwide PLC SECRETARIES KHLCorporate Services (Pvt) Ltd No 02,Deal Place, LEGAL FORM Colombo 03 A Public Limited Liability Company incorporated in Sri Lanka Tel : and obtained BOI status on 07th March 1991 and listed with Fax : Colombo Stock Exchange on 31st March mala@dunamis.lk DATE OF INCORPORATION REGISTERED OFFICE/FACTORY 21st November 1990 Address : 49, Ring Road, Phase 1, I.P.Z, Katunayake. Telephone : , COMPANY REGISTRATION NUMBER Fax : PQ 94 md@bluediamondplc.com Website : REGISTRARS KHLCorporate Services (Pvt) Ltd No 02,Deal Place, Colombo 03 AUDITORS M/s. KPMG Sri Lanka Chartered Accountants Tel : A, Sir Mohamed Macan Marker Mawatha, Fax : Colombo 03 mala@dunamis.lk BANKERS Nations Trust Bank PLC Seylan Bank PLC Hatton National Bank PLC Sampath Bank PLC Nation Development Bank FINANCIAL YEAR END 31st March BOARD OF DIRECTORS Mr. Xia Liqiang Mr.Zhao Ruiyun Ms.Dong Lili Mr.Guo wei Mr.Yang Chong Ms.Zhao Min Mr.Zhao Ruichun Dr.M.G.M.S.Zurfick Mr.W.C.Gunadasa