" NIPPON CEMENT " TOKYO CEMENT COMPANY (LANKA) PLC. INTERIM FINANCIAL ACCOUNTS (Unaudited)

Transcription

1 IN TERMS OF RULE 7.4 OF THE COLOMBO STOCK EXCHANGE " NIPPON CEMENT " TOKYO CEMENT COMPANY (LANKA) PLC INTERIM FINANCIAL ACCOUNTS (Unaudited) FOR THE THREE MONTHS PERIOD ENDED 3th JUNE 217

2 CORPORATE INFORMATION Page 1 of 11 NAME OF THE COMPANY Tokyo Cement Company (Lanka) PLC COMPANY REGISTRATION NO PQ 115 LEGAL FORM A public Quoted Company with Limited Liability, Incorporated in Sri Lanka in 1982 and Listed on 1st January 1984 BOARD OF DIRECTORS Dr Harsha Cabral Mr S. R. Gnanam Mr A.S.G. Gnanam Mr E. J. Gnanam Mr R Seevaratnam Mr Ravi Dias Mr Hiroki Tsukigawa ( Resigned on 28th July 217) Mr W.C Fernando Mr Asite Talwatte Mr Susumo Ando ( Appointed on 28th July 217) Chairman and Non Executive Independent Director Managing Director Non Executive Director Non Executive Director Non Executive Independent Director Non Executive Independent Director Non Executive Director & Nominee Director of Nippon Coke & Eng Executive Director and Group General Manager Non Executive Independent Director Non Executive Director & Nominee Director of Ube Singapore Holdings Pte. Ltd ) COMPANY SECRETARY Seccom (Private) Limited, (Company Secretaries) 1E 2/1, De Fonseka Place, Colombo 5 T Phone Fax E_Mail kmaahamed@hotmail.com HEAD OFFICE 469 1/1 Galle Road, Colombo 3 T Phone Fax Web Site SUBSIDIARY COMPANIES Tokyo Super Cement Company Lanka (Private) Limited Tokyo Cement Power (Lanka) (Private) Limited Tokyo Eastern Cement Company (Private) Limited Tokyo Super Aggregate (Private) Limited AUDITORS BDO Partners, (Chartered Accountants) Chittambalam A Gardiner Mawatha, Colombo 2 LEGAL ADVISORS Neelakandan & Neelakandan (Attorney at Law and Notaries Public)) M & N Building Level 5 2, Deal Place, Colombo 3

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 3th JUNE 217 COMPANY Page 2 of 11 COMPANY (For the 1st Quarter ) Three Mths Ended 3th Jun 217 Three Mths Ended 3th Jun 216 % Change +/ () Continuing Operations Rs ' Rs ' Turnover 5,362,565 4,913,86 9% Cost of Sales Gross Profit (4,273,649) 1,88,916 (3,961,179) 952,681 8% 14% Other Income 1,11,445 2,1,361 48,342 1,1, % 11% Distribution Expenses (445,467) (395,775) 13% Administrative Expenses Profits from Operations (199,47) 1,455,424 (187,65) 417,643 6% 248% Finance Income 4,35 5,114 16% Finance Expenses Profit before Taxation (129,138) 1,33,591 (121,8) 31,677 7% 341% Income Tax Expenses Profit for the Period (11,963) 1,228,628 (94,292) 27,385 8% 492% Other Comprehensive Income Total Comprehensive Income 1,228,628 27,385 = = 492% Basic Earnings Per Share ( Rs) % 15th August 217 COLOMBO The above figures are provisional and subject to Audit Mr N Kuruwita Chief Financial Officer

4 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 3th JUNE 217 GROUP Page 3 of 11 GROUP (For the 1st Quarter ) Three Mths Ended 3th June 217 Three Mths Ended 3th June 216 % Change +/ () Continuing Operations Turnover Rs ' 8,93,982 Rs ' 7,559,38 7% Cost of Sales Gross Operating Profit (6,27,551) 2,66,431 (5,752,96) 1,87,284 5% 14% Other Income 63 2,67,34 23,435 1,83,719 97% 13% Distribution Expenses (742,164) (68,268) 9% Administrative Expenses Profits from Operations (281,25) 1,43,665 (266,982) 883,469 5% 18% Finance Income 24,918 8,23 23% Finance Expenses Profit before Taxation (139,815) 928,768 (128,82) 762,897 9% 22% Income Tax Expenses Profit for the Period (126,724) 82,44 (119,48) 643,849 6% 25% Other Comprehensive Income Total Comprehensive Income 82,44 643,849 25% Attributable to Equity of the Parent 82, ,849 Non Controlling Interest (73) Basic Earning Per Share ( Rs) The above figures are provisional and subject to Audit

5 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 3th JUNE 217 Page 4 of 11 Group Company 3th Jun st Mar 217 3th Jun st Mar 217 ASSETS Rs ' Rs ' Rs ' Rs ' Non Current Assets Property, Plant & Equipment Capital Work in Progress Investments in Subsidiary Intangible Assets Operating Lease Prepayment Total Non Current Assets Current Assets 13,136,423 8,332,288 63,428 57,399 21,589,538 13,147,42 7,62,546 68,436 58,58 2,876,964 7,98,914 1,128,211 7,521,599 15,829 57,399 16,631,952 7,884,758 1,91,17 7,496,99 18,751 58,58 16,549,25 Inventories Trade and Other Receivables Operating lease Prepayments Amount Due from Related Parties Financial Investments Cash and Cash Equivalents Total Current Assets 1,511,145 3,76,639 4,726 6,357 1,661,861 6,89,728 2,1,61 3,25,99 4,726 6,238 2,523,941 7,562, ,576 2,194,446 4, ,451 1,45,728 5,81, ,166 1,934,376 4, ,834 1,194,352 4,448,454 TOTAL ASSETS 28,48,266 = 28,439,46 = 21,713,879 2,997,659 Figures in brackets indicate deductions Statement of Financial Position of the Company as at 3th June 217 and the Consolidated Statement of Comprehensive Income for the Period then ended are drawn up from the unaudited accounts of the Company, and they provide the information required by the Colombo Stock Exchange The Board of Directors at its meeting held on 11th August 217, on the Recommendation of the Audit Committee, approved the accounts for circulation to the members of the Company in terms of Rule 7.4 of the Colombo Stock Exchange 15th August 217 COLOMBO Sgd Mr S R Gnanam Managing Director Mr Asite Talwatte Non Executive Independent Director

6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 3th JUNE 217 Page 5 of 11 Group Company 3th Jun st Mar 217 3th Jun st Mar 217 EQUITY AND LIABILITIES Capital and Reserves Rs ' Rs ' Rs ' Rs ' Stated Capital Retained Earnings Equity Attributable to Equity holders of Parent 4,239,611 1,935,29 15,174,91 11,478,371 14,372,127 4,239,611 7,92,79 12,159,69 8,37,36 1,931,62 Non Controlling Interest Total Equity 75,956 15,25,857 52,186 14,424,313 12,159,69 1,931,62 Non Current Liabilities Interest Bearing Borrowing Finance Lease Obligation Deferred Tax Liability Retirement Benefits Obligations CURRENT LIABILITIES 4,358,123 8,631 2,361,84 135,275 6,863,113 4,886,979 2,355,38 13,46 7,372,693 3,573,736 1,523,92 125,429 5,223,85 3,912,482 1,517,92 121,221 5,551,623 Trade and Other Payables Amount Due to Related Parties Short Term Borrowings Finance Lease Obligation Bank Overdraft Total Current Liabilities 1,62,65 4,268,616 2, ,153 6,366,296 2,275,188 3,822, ,817 6,642,454 1,143, ,757 2,89,2 225,428 4,331,14 1,553,423 24,321 2,54, ,757 4,514,974 TOTAL EQUITY AND LIABILITIES 28,48,266 = 28,439,46 21,713,879 2,997,659 = Net Assets Represented by Ordinary Shares Ordinary Shares 267,3, 133,65, 222,75, 111,375, 267,3, 133,65, 222,75, 111,375, Net Assets Per Share

7 CASH FLOW STATEMENT Cash Flow from Operating Activities GROUP Rs ' Rs ' Page 6 of 11 COMPANY Rs ' Rs ' Cash Generated from Operations Note A Interest Paid Income Tax Paid 395,513 (139,815) (45,65) 736,448 (128,82) (8,476) 8,228 (129,138) (31,38) 137,26 (121,8) Net Cash from Operating Activities 21, ,17 (152,218) 16,126 Cash Flow from Investing Activities Purchase of Property, Plant and Equipment Withdrawals/ (Investments) in Short Term Investment Dividend Received Investment in Subsidiary Company (961,741) (119) (1,3,25) (97) (25,574) 1,5,377 (34,181) (495,782) 18,121 Net Cash Generated in Investing Activities (961,86) (1,3,32) 45,622 (477,661) Cash Flow from Financing Activities Receipt/(Repayment) of Term Loans ( net) Advance to/from Subsidiary Companies (82,689) 24,5 643,511 (7,199) (25,5) 61,88 Net Cash Generated /(used) in Financing Activities (58,189) 643,511 (95,699) 61,88 Net Increase / (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Period (89,416) 1,979, , ,932 22,75 977,595 14,345 97,399 Cash and Cash Equivalents at End of Period 1,169,78 36,311 1,18,3 237,744 A Cash Generated from Operations Profit before Taxation and Finance Cost Adjustment for Depreciation Provision for Gratuity Amortization of Operating Lease/Intangible Assets Dividend Income Gratuity Paid 1,68, ,486 4,869 6,189 1,334, , ,938 1,448 5,643 (62) 1,166,18 1,459, ,224 4,28 4,13 (1,5,377) 651, , ,228 1,448 3,558 (62) 66,371 (Increase) / Decrease in Inventory (Increase) / Decrease in Receivables Increase / (Decrease) in Payables 49,456 (68,649) (748,421) 88,959 (21,529) (497,9) 9,59 (26,7) (474,179) 3,667 (3,82) (199,3) B Cash and Cash Equivalents at End of Period 395, ,448 8, ,26 Bank and Cash Balances Bank Overdrafts 1,661,861 (492,153) 728,514 (368,23) 1,45,728 (225,428) 588,294 (35,55) 1,169,78 36,311 1,18,3 237,744

8 STATEMENT OF CHANGES IN EQUITY Page 7 of 11 Attributable to Equity Shareholders GROUP Stated Capital Retained Total Non TOTAL and Earnings Controlling EQUITY Interest Rs ' Rs ' Rs ' Rs ' Rs ' Balance as at 1st April 216 8,528,26 11,422,16 49, 11,471,16 Profit for the Period 643, , ,849 Balance 3th June 216 9,172,19 12,65,865 49, 12,114,865 = ====== Balance as at 1st April ,478,371 14,372,127 52,186 14,424,313 Capitalization of Reserves 1,345,855 (1,345,855) Profit for the Period 82,774 82,774 (73) 82,44 Acquisition and Changes in Non controlling Interest 24,5 24,5 Balance 3th June 217 4,239,611 1,935,29 15,174,91 75,956 15,25,857 = ====== COMPANY Stated Capital Retained TOTAL and Earnings EQUITY Rs ' Rs ' Rs ' Balance as at 1st April 216 4,988,511 7,882,267 Profit for the Period 27,385 27,385 Balance 3th June 216 5,195,896 8,89,652 = Balance as at 1st April 217 8,37,36 1,931,62 Capitalization of Reserves 1,345,855 (1,345,855) Profit for the Period 1,228,628 1,228,628 Balance 3th June 217 4,239,611 7,92,79 12,159,69 =

9 NOTES Page 8 of 11 1 Dividend Payments Date Paid Ord Share Ord Share First and Final Dividends 215/16 15th Aug 216 Rs 1/35 per share Rs 1/35 per share First and Final Dividends 216/17 8th Aug 217 Rs 1/87 per share Rs 1/87 per share 2 Share Trading from 1 st April 217 to 3th June 217 3th Jun 17 3th Jun 16 3th Jun 17 3th Jun 16 Transactions Shares Traded Value of Shares Traded (Rs) 3,88 36,733,58 2,64,398,693 1,62 19,52, ,31,185 2,976 18,287,985 1,143,292, ,211, ,358,594 Market Value (Rs) Stated Capital of Rs 4,239,611,/= is Represented by Ordinary Shares Ordinary Shares 267,3, 133,65, 4 Deferred Liabilities Deferred Taxation is provided on the liability method in respect of the excess of capital allowances over historical cost depreciation and other material timing differences. It also includes sums provided for retirement benefit obligations. 5 Accounting Policies The Company has followed the same Accounting Policies as disclosed in the Annual Report for the financial year ended 31 st March 217 and are in compliance with LKAS 34 Interim Financial Reporting of the Company and Group. 6 Sale of Electricity to The National Grid The excess power generated from the Biomass power plant is sold to the National Grid. 7 Comparative Information The accounting policies have been consistently applied by the Company and are consistent with those of the previous year. The previous year's figures and phrases have been rearranged wherever necessary to conform to the current year's presentation. 8 Events After the Reporting Period No material events subsequent to the period have occurred where adjustments are necessary. There has been no significant change in the nature of the contingent liability and contingent asset which were disclosed in the previous annual report

10 9 Holding and Subsidiary Companies Page 9 of 11 Subsidiary Companies % holding Tokyo Super Cement Company Lanka (Pvt) Ltd Tokyo Cement Power (Lanka) (Pvt) Limited Tokyo Eastern Cement Company (Pvt) Limited Tokyo Super Aggregate (Pvt) Limited ( tax holiday ending March 218) 1 % 1 % 1 % 51 % The Group accounts for the period 217/18 includes the operating results of the subsidiary companies 1 Market Price per Share 3th Jun 17 3th Jun 16 3th Jun 17 3th Jun 16 Highest for The Period Lowest for The Period Last Traded for The Period Public Shareholding 3th Jun 17 3th Jun 16 3th Jun 17 3th Jun 16 The percentage of shares held by Public Public Shareholders 42.7 % 2, % 3,125 1 % 3,59 1 % 3,38 12 Inter Company Dividends Following Interim Dividends were received from Subsidiary Company for the period 217/18 Tokyo Super Cement Company Lanka (Pvt) Limited Rs 1,5,377,738/=

11 TOKYO CEMENT COMPANY (LANKA) PLC 1 Twenty Largest Shareholders as at 3th Jun 17 Shares % 3th Jun 16 Shares % St. Anthony's Consolidated (Pvt) Ltd South Asian Investment (Pvt) Ltd Ube Singapore Holdings Pte. Ltd Nippon Coke & Engineering Co. Ltd Capital City Holdings (Private) Limited 73,57,172 53,82,756 26,73, 18,954,36 8,19, % 2.1% 1.% 7.1% 3.% 61,255,977 44,85,63 Not in Top 2 list 45,251,879 6,682, % 2.13%.% 2.32% 3.% The Ceylon Investment Plc A/C # 2 The Ceylon Guardian Investment Trust Plc A/C # 2 J.B. Cocoshell (Pvt) Ltd Deutsche Bank AgNational Equity Fund Pictet And Cie (Europe) S.A. S/A Lloyd George Indi 5,7, 5,583,12 5,19,633 3,6, 3,14,88 2.1% 2.1% 1.9% 1.3% 1.2% 5,25, Not in Top 2 list Not in Top 2 list 3,, 1,1, 2.36%.%.% 1.35%.49% Citibank Newyork S/A Norges Bank Account 2 Rubber Investment Trust Limited A/C # 1 Deutsche Bank Ag As Trustee For Namal Acuity Value Hsbc International Nominees LtdMorgan Stanley And Waldock Mackenzie Limited / M.T.Moosajee 2,766,584 2,573,68 1,8, 1,531,338 1,32, 1.% 1.%.7%.6%.5% 3,698,89 1,52, , Not in Top 2 list 1,1, 1.66%.47%.39%.%.49% Seb AbTundra Frontier Opportunities Fund Mr. T.L.M. Imtiaz Mr. R. Maheswaran Miss M.P. Radhakrishnan Miss A. Radhakrishnan 1,315,592 1,291,356 1,96,94 1,96,939 1,96,939.5%.5%.4%.4%.4% Not in Top 2 list Not in Top 2 list 914, , ,116.%.%.41%.41%.41% TOTAL 22,54, % 176,846, % Twenty Largest Shareholders as at 3th Jun 17 Shares % 3th Jun 16 Shares % Bnymsanv ReButterfield Trust ( Bermuda ) Limited Hsbc Intl Nom LtdState Street Luxembourg C/O Ssbt Citibank Newyork S/A Norges Bank Account 2 Employees Provident Fund Northern Trust Company S/A Apollo Asia Fund Limite 16,258,24 6,827,366 6,523,359 5,643,524 5,49, % 5.1% 4.9% 4.2% 4.1% Not in Top 2 list 5,689,472 6,269,466 4,927,776 Not in Top 2 list.% 5.11% 5.63% 4.42%.% J.B. Cocoshell (Pvt) Ltd Deutsche Bank Ag As Trustee For Jb Vantage Value E Pershing Llc S/A Averbach Grauson & Co. Deutsche Bank AgNational Equity Fund Mas Capital (Private) Limited 5,165,95 4,914,66 4,621,382 3,72, 3,493,3 3.9% 3.7% 3.5% 2.8% 2.6% 1,676,765 4,95,55 1,484,547 2,591,1 2,91, % 3.68% 1.33% 2.33% 2.61% Phoenix Ventures Private Limited Deutsche Bank Ag As Trustee For Namal Acuity Value Citibank London S/A Old Mutual Global Investors Se Seb AbTundra Frontier Opportunities Fund Seb AbFim Frontier Fund 2,827,5 2,782,635 2,698,434 2,52, 2,181,61 2.1% 2.1% 2.% 1.9% 1.6% Not in Top 2 list 2,218,863 Not in Top 2 list Not in Top 2 list Not in Top 2 list.% 1.99%.%.%.% Union Assurance Plc/No1A/C Waldock Mackenzie Ltd/HiLine Trading (Pvt) Ltd Seylan Bank Plc/Arrc Capital (Pvt) Ltd Gf Capital Global Limited Dfcc Bank Plc A/C 1 1,989,78 1,944,562 1,5, 1,476, 1,472, % 1.5% 1.1% 1.1% 1.1% 1,658,15 1,59,289 Not in Top 2 list Not in Top 2 list 1,127, % 1.36%.%.% 1.1% TOTAL 84,5, ,158,

12 TOKYO CEMENT COMPANY (LANKA) PLC Page 11 of 11 Directors / CEO's Shareholdings Ordinary Shares Shares Held Shares Held 3/6/17 3/6/16 Ordinary Shares Shares Held Shares Held 3/6/17 3/6/16 Local Joint Venture Partner St Anthony's Consolidated (Private) Limited Gnanam A S G Gnanam S R Managing Director/CEO Gnanam E J 73,57, ,255, Foreign Joint Venture Partner Nippon Coke Engineering Co Limited, Japan 18,954,36 45,251,879 Nominee Directors of Foreign Collaborator Mr Hiroki Tsukigawa Independent Non Executive Directors Mr Ranjeevan Seevaratnam Dr Harsha Cabral Mr Ravi Dias Mr Asite Talwatte 92,461,574 == 16,57,892 = ===== ===== Total Shares in Issue 267,3, 222,75, 133,65, 111,375, Chief Executive Officer's Shareholding Mr S R Gnanam, the Managing Director and Chief Executive Officer is also director and shareholder of the following companies Ordinary Shares Shares Held Shares Held 3/6/17 3/6/16 Ordinary Shares Shares Held Shares Held 3/6/17 3/6/16 St Anthony's Consolidated ( Pvt) Limited South Asian Investment (Pvt) Limited Capital City Holdings (Pvt) Limited St Anthony's Hardware (Pvt) Limited 73,57,172 53,82,756 8,19, ,292 61,255,977 44,85,63 6,682,86 454,41 TOTAL 135,892,587 == 113,243,823 = =... End...