TOUCHWOOD INVESTMENTS PLC PROVISIONAL SIX MONTHS ACCOUNTS AS AT 31 ST MARCH 2012

Transcription

1 PROVISIONAL SIX MONTHS ACCOUNTS AS AT 31 ST MARCH 2012

2

3 CORPORATE INFORMATION Name of the Company : Touchwood Investments PLC Legal Form : A Public Quoted Company with Limited Liability Incorporated on June 7, 1999 Registration No. PQ 217 Registered Office : No 28 Joseph Lane, Colombo 04 Tel.No Fax No Board of Directors : Mr. R T Wijetilleke Mr. Roscoe A. Maloney Mr. S. P. Asitha Koralage Mr. Channa Abeygunawardene Mrs. Swarna Maloney Mr. L. L. Kulatunga Mr. A. R. Pereira Mr. D M De Silva Wijeyeratne Alternate Directors Secretary Registars Auditors Tax Consultants Lawyer Bankers : Mr. Janath Olaboduwa Mr. Prageeth Herath Mr. Ryan Crowley : Corporate Advisory Services (Pvt) Ltd : P W Corporate Secretarial (Pvt) Ltd : KPMG (Chartered Accountants) : BDO Partners, Chartered Accountants : Mr. Janath Olaboduwa : The Hongkong and Shanghai Banking Corporation Limited Sampath Bank PLC Bank of Ceylon Hatton National Bank PLC

4 PROVISIONAL INCOME STATEMENT FOR THE PERIOD ENDED 31ST MARCH UNAUDITED UNAUDITED AUDITED 2011/ / / /2011 Rs Rs Rs Revenue 511,944, ,998,161 1,381,886,130 1,466,429,264 Direct Expenses (47,185,467) (43,469,375) (93,228,493) (74,675,144) Gross Profit 464,759, ,528,785 1,288,657,637 1,391,754,120 Other Income 40,258,721 32,599,373 58,568,411 88,415,157 Sales and Marketing Expenses (47,642,865) (26,071,953) (99,573,310) (63,580,438) Administration Expenses (85,289,291) (61,051,849) (147,683,155) (142,786,601) Other Operating Expenses (67,025,656) (445,101,061) (689,234,311) (862,908,633) Operating Profit/(Loss) Before Finance Costs 305,060, ,903, ,735, ,893,605 Finance Cost (9,099,411) (6,093,817) (15,758,064) (11,165,274) Profit/(Loss) before Income Tax Expense 295,960, ,809, ,977, ,728,331 Income Tax Expenses (17,576,400) (6,132) (26,000,000) (42,727,364) Retained Profit/(Loss) for the Period 278,384, ,803, ,977, ,000,967 Earnings per Share Figures in brackets indicate deductions.

5 BALANCE SHEET UNAUDITED Audited AS AT 31st March '12 31st March 2011 Rs ASSETS NON CURRENT ASSETS Property, Plant and Equipment 945,475, ,216,751 Investments 119,700,000 39,700,000 Biological Assets 5,599,686,302 4,525,951,667 6,664,861,675 5,346,868,418 CURRENT ASSETS Inventories 14,934,437 9,109,164 Trade and Other Receivables 77,822,267 63,135,852 Amount Due From Related Parties 78,887, ,127,005 Short Term Deposits 2,984,851 Cash and Cash Equivalents 193,158, ,582, ,787, ,954,276 TOTAL ASSETS 7,032,649,164 5,901,822,693 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 623,616, ,616,000 Revaluation Reserve 479,346, ,346,332 Capital Reserve 2,396,683,454 1,968,070,728 Preference Share Redemption Reserve 83,809,778 66,394,383 Accumulated Pofit/(Loss) (283,321,512) (199,143,557) Shareholder's fund 3,300,134,053 2,938,283,886 NON CURRENT LIABILITIES Preference Share Capital 27,945,728 27,936,728 Provision for Purchase Back Guarantee 3,146,584,269 2,501,462,361 Debenture 47,731,544 40,900,383 Deferred Taxation 216,893, ,893,100 Deferred Revenue on Annual Maintenance 79,376,586 47,345,299 Retirement Benefit Obligations 6,938,926 5,883,433 Reservation & Establishment Fee Advance 43,344,807 25,095,193 Accumulated Preference Dividends Payable 2,214,619 2,214,619 Finance lease obligations 42,599,256 22,631,238 3,613,628,834 2,890,362,353 CURRENT LIABILITIES Finance lease obligations 7,198,732 Amount Due to Related Parties 9,094,708 19,148,404 Trade and Other Payable 83,360,997 36,398,746 Bank Overdrafts - - Income Tax Payable 26,430,572 10,430, ,886,277 73,176,454 Total Equity and Liabilities 7,032,649,164 5,901,822,693 Net Assets per Share Sgd S. Munasinghe Head of Finance Signed on behalf of the Board on 29 May 2012 Sgd Sgd Asitha Koralage D.M.De Silva Wijeyeratne Director Director

6 CASH FLOW STATEMENT Un Audited Audited FOR THE SIX MONTHS ENDED 31st March '12 31st March 2011 Rs. CASH FLOW FROM OPERATING ACTIVITIES Net Profit before Income Tax Expense 394,977, ,728,332 Adjustment for; Gain arising from changes in fair value (1,073,734,635) (1,209,395,811) Depreciation 19,767,358 11,916,860 Profit Disposal of Property Plant and Equipment (3,415,139) (3,404,962) Gain on Disposal of Shares (5,954,708) Interest Income (45,576,074) (43,278,758) Interest Cost 13,749,821 11,165,274 Provision for purchase Back Guarantee 659,922, ,894,883 Transfer from Deferred Income (3,869,033) (2,276,532) Provision/(Reversal) for Retiring Gratuity 1,725,516 3,748,478 Transferred from Reservation and Establishment Advance (216,198,837) (179,503,190) Preference Dividends - 304,000 Mature Tree - (39,864,428) Operating Profit before Working Capital Changes (258,606,198) (187,965,855) (Increase) / Decrease in Inventories (5,825,273) (3,769,483) (Increase) / Decrease in Trade and Other Receivables (14,686,415) (43,560,104) (Increase) / Decrease in Amounts Due from Related Companies 32,239,941 (7,154,125) (Increase) / Decrease in Amounts to Related Companies 10,053,696 2,571,683 Increase / (Decrease) in Trade and Other Payables 46,962,251 17,395,111 Cash generated from /(used in ) Operations (189,861,997) (222,482,771) Gratuity Paid (670,023) (619,141) Vanilla Return Paid (14,662,273) (13,126,381) Interest Paid (6,878,660) (5,333,101) Tax Paid 234,448,451 (173,963) Advanced Received on Reservation and Establishment Fee - 171,960,980 Rental Received in Advance on Annual Maintenance 35,900,320 25,009,439 Net Cash from/(used in) Operating Activities 58,275,818 (44,764,938) CASH FLOW FROM INVESTING ACTIVITIES Acquisition of Property, Plant and Equipment (118,971,208) (39,613,734) Proceeds from Disposal of Property, Plant and Equipment 41,815,740 7,041,713 Investments in Shares (10,000,000) (20,000,000) Investment in subsidiries - (14,700,000) Disposal of Shares - Funds raise from right issue 45,576, ,528,000 Interest Income 13,807,931 32,838,171 Net Cash used in Investing Activities (27,771,463) 500,094,151 CASH FLOW FROM FINANCING ACTIVITIES Loans taken during the year 6,000,000 Loans Settlement during the period (2,000,000) Calls received for Preference Shares (40,000) 17,000 Loan Grant During the year (12,000,000) (88,000,000) Loans Settlement during the period 10,000,000 (5,219,782) (Redemption of Debentures) / Proceeds Received for Debentures (75,000) Dividend Paid (5,908,232) Lease Rentals Paid (12,748,192) (7,831,803) Net Cash from Financing Activities (16,696,424) (101,109,585) Net Increase / (Decrease) in Cash and Cash Equivalents (175,438,533) 354,239,628 Cash and Cash Equivalents at the Beginning of the Period 371,582,255 17,342,628 Cash and Cash Equivalents at the End of the Period 196,143, ,582,255

7 Figures in brackets indicate deductions.

8 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH Stated Revaluation Capital Pref. Share Retained Total Capital Reserve Reserve Redemption Profit Rs. Rs. Rs. Rs. Rs. Rs. Balance as at 31st March ,088, ,346,332 1,621,569,800 51,564,502 (194,813,715) 2,046,754,919 Profit for the year ,000, ,000,967 Right Issued 534,528, ,528,000 Transfers ,500,928 14,829,881 (361,330,809) - Balance as at 31st March ,616, ,346,332 1,968,070,728 66,394,383 (199,143,557) 2,938,283,886 Balance as at 1st April ,616, ,346,332 1,968,070,728 66,394,383 (199,143,557) 2,938,283,886 Retained Profit for the Year ,384, ,384,583 Dividend (7,127,040) (7,127,040) Transfers ,612,726 17,415,396 (446,028,122) - Balance as at 31st March ,616, ,346,332 2,396,683,454 83,809,779 (373,914,136) 3,209,541,429 Figures in brackets indicate deductions. Notes :- 01) The above figures are provisional and subject to audit. 02).The Statement of Financial Position as at 31st March, The Statement of Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity of the Company for the six months period ended 31st March 2012 are drown up from unaudited accounts of the Company and provide information as required by the CSE and SLAS 35. Further,provision of the new Companies Act No.7 of 2007 have been considered in preparing the Interim Financial Statements of the Company. 03).Accounting Polices and methods of computation as stated in the Annual Report 2010/11 are followed in the preparation of these Interim Accounts. 04).Comparative figures have been restated wherever necessary to conform the current period's presentation. 05).Case No. 100/2011 (SPL LA 42/10),Touchwood IPLC Vs. Sri Lanka Accounting and Auditing Standards Monitoring Board which is pending as an appeal matter was heard before the Supreme Court on the 21 st May 2012 and postponed until 6 th November 2012 for arguments. 06) No other events have occurred since the balance sheet date, which would require adjustment to, or disclosure in the interim financial statements. It is certified that the Interim Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

9 INVESTOR INFORMATION 1 Market Value per Share as at 31st March 2012 As at 31st March '2012 March '2011 Highest Lowest Last Trading Price MAJOR SHARE HOLDERS AS AT 31ST MARCH 2012 No. of Shares % Mr. R A Maloney 11,664, Mrs.S G Jamburagoda 6,409, Touchwood Limited 2,528, Seylan Bank PLC /MR.Jayantha Dewage 1,847, HSBC Internatioal Nominees Ltd-SSBT-Deutche Bank AG Singapore A/C 01 1,789, Pan Asia Banking Corporation PLC /MR.S Gobinath 876, Pan Asia Banking Corporation PLC /Nuwara Eliya Property Developers (Pvt) Ltd 755, Seylan Bank PLC /Capital Trust Holdings (Pvt) Ltd 688, Mellon Bank N A-Acadian Frontier Markets Equity Fund 644, Mrs.U R Wijayarathne 625, Amina Investments Limited 600, Mr.S S Abhayawickrama 562, Mr.S P A Koralage 496, Pan Asia Banking Corporation PLC. /Mr.Ravindra Erle Rambukwelle 470, Dr.A S Abeygunawardena 443, Multiform Chemicals Limited 420, Mr.K M R P B Kasturisinghe 400, Merchant Bank Of Sri Lanka Limited/ Union Investments Ltd 400, Mr.L M S H Alnaqib 375, Mr.M S M Ali 354, Directors Shareholdings Directors Name No. of Shares % Mr. R T Wijetilleke Nill Nill Mr. R A Maloney 11,664, Mrs. G S Jamburegoda 6,409, Mr. S P A Koralage 496, Mr. C Abeygunawardene Nill Nill Mr. L L Kulatunga Nill Nill Mr. P B Herath(Alternate director to Mr.S P A Koralage) Nill Nill Mr. J S Olaboduwa(Alternate director to Mr.C Abeygunawardene) Nill Nill Mr. A R Perera Nill Nill Mr. D M De Silva Wijeyeratne Nill Nill 4 Percentage of public holding as at 31st March 2012 was 73.94%