THE KINGSBURY PLC Company Registration PQ 203 No:48, Janadhipathi Mawatha Colombo-01. Interim Financial Statements

Transcription

1 Company Registration PQ 203 No:48, Janadhipathi Mawatha Colombo-01 Interim Financial Statements For the nine months ended 31st December 2017

2 Corporate Information NAME OF COMPANY The Kingsbury PLC (A public limited company, incorporated in Sri Lanka in 1969) AUDIT COMMITTEE Mr.L.N. De Silva Wijeyeratne - Chairman Ms.R.N.Ponnambalam Mr.J.P.Van Twest COMPANY NUMBER PQ 203 REMUNERATION COMMITTEE Mr.L.N. De Silva Wijeyeratne - Chairman Ms.R.N.Ponnambalam STOCK EXCHANGE LISTING The ordinary shares of the Company are listed with the Colombo Stock Exchange of Sri Lanka SECRETARIES Hayleys Group Services (Private) Limited 400, Deans Road, Colombo 10, Sri Lanka REGISTERED OFFICE Telephone: (94-11) , Janadhipathi Mw, Facsimile: (94-11) Colombo 01, Sri Lanka info.sec@hayleys.com Please direct any queries about the administration of shareholdings to the Company Secretaries DIRECTORS Mr.A.M.Pandithage Executive Chairman Mr.K.D.D.Perera - Co- Chairman (Non-Executive) Mr.L.T.Samarawickrama - Managing Director Mr.S.C.Ganegoda Mr.S.J.Wijesinghe Mr.N.J. De Silva Deva-Aditya Mr.L.N. De Silva Wijeyeratne Ms.R.N.Ponnambalam Mr.J.P.Van Twest Ms.I. Jamaldeen Mr.D.E.Silva Ms. A.A. K.Amarasinghe (Alternate Director to Mr. K.D.D.Perera)

3 Income Statement (All amounts in Sri Lanka Rupees thousands) Unaudited Unaudited Unaudited Unaudited Audited 9 months ended 9 months ended Change 3 months to 3 months to Change Year ended % % Turnover 2,331,871 2,263, , ,288 (1) 3,061,048 Turnover tax/ Nation Building Tax (74,857) (71,305) 5 (28,868) (26,289) 10 (96,226) Net turnover 2,257,014 2,191, , ,999 (1) 2,964,822 Cost of sales (1,179,656) (1,022,932) 15 (425,666) (373,870) 14 (1,373,125) Gross profit 1,077,358 1,168,813 (8) 390, ,129 (13) 1,591,697 Other income 8,704 4, ,397 1, (4,503) Administrative expenses (802,261) (684,615) 17 (286,896) (259,199) 11 (919,108) Marketing expenses (105,066) (97,207) 8 (37,307) (31,441) 19 (129,346) Operating profit 178, ,451 (54) 69, ,147 (57) 538,740 Finance income 7,077 15,116 (53) 1,783 4,379 (59) 20,905 Finance expenses (61,829) (103,887) (40) (19,695) (40,658) (52) (134,629) Profit before Tax 123, ,680 (59) 51, ,868 (59) 425,016 Taxation (24,001) (37,873) (37) (2,605) (19,000) (86) (44,670) Profit for the period 99, ,807 (62) 48, ,868 (54) 380,346 Basic Earnings per share (Rs.) The notes on page 6 forms an integral part of these Financial Statements. Figures in brackets indicate deductions or losses. 1

4 Statement of Comprehensive Income (All amounts in Sri Lanka Rupees thousands) Unaudited Unaudited Audited 9 months ended 9 months ended Change Year ended % Profit for the period 99, ,807 (62) 380,346 Re-measurement gain/(loss) on defined benefit plans (4,508) Income tax effect on defined benefit plans Other Comprehensive Income/(loss) for the year,net of tax - - (3,967) Total Comprehensive Income/(loss) for the year, net of tax 99, ,807 (62) 376,379 2

5 Statement of Financial Position ( All amounts in Sri Lanka Rupees thousands) Unaudited Unaudited Audited As at As at As at ASSETS Non-current assets Property Plant and Equipment 3,799,579 3,765,526 3,814,140 Capital Work in Progress 47,196 28,808 46,750 Intangible assets 18,390 20,760 25,517 3,865,165 3,815,094 3,886,407 Current assets Inventories 87,573 90,333 73,004 Trade and other receivables 163, , ,901 Other current assets 109, ,316 92,570 Tax recoverable 46,828 35,555 34,077 Cash and bank 117,277 93, ,793 Short term deposits 97, , , , , ,294 Total Assets 4,488,059 4,600,418 4,710,701 EQUITY AND LIABILITIES Capital and reserves Stated capital 836, , ,000 Revaluation reserves 940, , ,907 Retained earnings 713, , ,646 2,490,535 2,328,051 2,390,553 Non- current liabilities Interest-bearing borrowings 540,414 1,020, ,101 Post employment benefit obligation 45,228 36,052 39,519 Deferred tax liability 230, , , ,449 1,256,957 1,188,428 Current Liabilities Trade and other payables 401, , ,855 Interest-bearing borrowings 627, , ,755 Other current liabilities 151, , ,110 1,181,075 1,015,410 1,131,720 Total equity and liabilities 4,488,059 4,600,418 4,710, I certify that these financial statements have been prepared in compliance with the requirements of the companies Act No 7 of Sgd. A Wijesiriwardana Director Finance Signed for and on behalf of the Board Sgd. A M Pandithage Executive Chairman Sgd. L T Samarawickrama Managing Director The notes on page 6 forms an integral part of these Financial Statements. Figures in brackets indicate deductions or losses 30th January 2018 Colombo 3

6 Statement of Changes in Equity (All amounts in Sri Lanka Rupees thousands) Stated Revaluation Retained Total Capital and other Earnings reserves Balance as at , , ,154 2,181,984 Profit for the 9 months ended , ,807 Other comprehensive income - - Total comprehensive income 264, ,807 Deferred tax on transfer 2,260 2,260 Interim Dividends to equity holders (121,000) (121,000) Balance as at , , ,961 2,328,051 Balance as at , , ,646 2,390,553 Profit for the 9 months ended ,982 99,982 Other comprehensive income - - Total comprehensive income 99,982 99,982 Deferred tax on transfer - - Interim Dividends to equity holders - - Balance as at , , ,628 2,490,535 The notes on page 6 forms an integral part of these Financial Statements. Figures in brackets indicate deductions or losses. 4

7 Cash Fow Statement (All amounts in Sri Lanka Rupees thousands) Unaudited Unaudited Audited 9 months ended 9 months ended Year ended Operating activities Cash generated from operations (Note A) 416, , ,740 Interest received 7,077 15,115 20,905 Interest paid (71,812) (96,685) (109,080) Tax Paid (12,574) (10,652) (15,644) Retirement benefits paid (2,740) (1,942) (2,123) Net cash generated from /(used in) operations 336, , ,798 Investing activities Capital work in progress (446) 19,566 1,624 Purchase of property plant & equipment (168,758) (196,930) (243,400) Purchase of property plant & equipment (Intangible) (311) (197) (6,214) Proceeds from disposal of property plant & equipment 6,621 1,006 1,181 Net cash (used in)/ generated from investing activities (162,894) (176,555) (246,809) Financing activities Payments on interest-bearing borrowings (403,847) (383,930) (430,128) Dividends Paid (121,000) (121,000) (121,000) Net cash used in financing activities (524,847) (504,930) (551,128) Net increase/decrease in cash and cash equivalents (350,926) (133,936) (54,139) Movement in cash and cash equivalents (0.12) At start of the year 403, , ,174 Net increase / decrease (350,926) (133,936) (54,139) At end of the Period 52, , ,035 Note A Unaudited Unaudited Audited Year ended 9 months ended Year ended Cash flows from operating activities Profit/(loss) before tax 123, , ,016 Adjustments for: Net Finance Expenses 54,752 88, ,723 Depreciation on property, plant & equipment 170, , ,305 Amortization of intangible assets 8,074 3,545 4,806 Provision for Bad & doubtful debts 821 (569) (1,796) Loss on disposal of property, plant & equipment 754 9,975 33,024 Operating profit/(loss) before working capital changes 359, , ,077 (Increase)/Decrease in trade and other receivables (51,676) (23,010) 6,089 (Increase)/Decrease in inventories (14,568) (24,898) (7,569) Increase/(Decrease) in trade and other payables 115, ,271 51,712 Gratuity provision 8,448 7,286 6,431 Cash generated from operations 416, , ,740 The notes on page 6 forms an integral part of these Financial Statemen Figures in brackets indicate deductions. 5

8 Notes to the Financial Statements 1 The Interim Financial Statements are unaudited and have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34-Interim Financial Reporting. These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31 st March The Statement of Financial Position of the Company as at 31st December 2017 & The Income Statement for the nine months ended are drawn up from the unaudited accounts of the Company and provides information required as per rule 8 of the Colombo Stock Exchange. 3 Other income and expenses (Rs.000) (Rs.000) Profit/(loss) on disposal of property, plant and equipment (298) (1,194) Sundry income 9,002 5,654 8,704 4,460 The upfront fee paid to the Iconic Entertainment Pte. Ltd (Ce-la-vi) of USD 250,000/- was paid during Oct'17,which will be brought to P&L upon completion of Sky Lounge & 4 Japanese restaurant. Estimation of Refurbishment cost of Sky lounge has increased with change in design (awaiting information).japanese restaurant estimation remains at 50Mn. 5 Market price per Ordinary share recorded during the quarter Highest price (Rs.) Lowest price (Rs.) Closing Price (Rs.) We confirm that there are no material contingent liabilities or contingent assets which require disclosure in the interim financial statements for the nine 6 months ended 31st December Revenue & net profit/(loss) comparison Revenue & Profit for the nine months ended 31st December '17 Rs.Mn 3,000 2,500 2,000 Profit for the 6 months ended , ,000 1,763 1,896 2,192 2, Net Profit - Revenue Year 8Ratios Basic Earnings per share Net assets per share Stated Capital No. of Shares Ordinary Shares (thousands) Rs '000 As At 31st March' , ,000 As At 31st December' , ,000 6

9 20 Major Shareholders THE KINGSBURY PLC Quarterly Accounts Information as at 31st December 2017 Name of the Shareholder No. of Shares as at HAYLEYS PLC NO 3 SHARE INVESTMENT ACCOUNT 112,307, CARBOTELS (PVT) LIMITED 31,625, EMPLOYEES PROVIDENT FUND 25,559, BANK OF CEYLON A/C CEYBANK UNIT TRUST 8,627, BANK OF CEYLON NO2 A/C 7,833, MR. K.D.A.PERERA 6,581, NATIONAL SAVINGS BANK 4,669, MR. K.D.D.PERERA 3,216, RENUKA HOTELS LIMITED 2,371, RENUKA CITY HOTELS PLC 2,260, ASSOCIATED ELECTRICAL CORPORATION LTD 2,133, MERCHANT BANK OF SRI LANKA & FINANCE PLC 01 1,937, RENUKA CONSULTANTS & SERVICES LIMITED. 1,835, MR. K.D.H.PERERA 1,453, PEOPLE'S LEASING & FINANCE PLC /MR. L.P. HAPANGAMA 1,227, MR. M.H. JAMALDEEN 1,186, MR. A.P.SOMASIRI 1,100, CARGO BOAT DEVELOPMENT COMPANY PLC 1,010, SAMPATH BANK PLC/MRS PRIYANI DHARSHINI RATNAGOPAL 1,000, MRS.V.R.JAYASINGHE 904, TOTAL 218,840, % Director's Shareholdings Name No. of Shares 1 Mr.A.M.Pandithage Nil 2 Mr.L.T.Samarawickrama Nil 3 Mr.S.C.Ganegoda 55,713 4 Mr.S.J.Wijesinghe Nil 5 Mr.N.J.De Silva Deva - Aditya Nil 6 Mr.L.N De Silva Wijeratne Nil 7 Mr.K.D.D Perera 3,216,146 8 Ms.R.N Ponnambalam Nil 9 Mr.J.P.Van Twest Nil 10 Ms.I Jamaldeen Nil (Mr.M.H.Jamaldeen-spouse-1,186,583 - No.of shares) 11 Mr.D.E.Silva Nil 12 Ms. A.A.K. Amarasinghe (Alternate Director To Mr. K.D.D.Perera) Nil * Mr.K.D.D.Perera holds 50.44% directly and indirectly of the total issued shares of Hayleys PLC which holds 112,307,057 shares in The Kingsbury PLC *Mr.M.H.Jamaldeen,spouse of Mrs.I.Jamaldeen holds 1,186,583 shares PERCENTAGE OF PUBLIC HOLDING AS AT % TOTAL NO. OF SHAREHOLDERS REPRESENT IN THE PUBLIC HOLDING 3,956 7