INTERIM FINANCIAL STATEMENTS. For The Nine Months Ended 31st December 2017

Transcription

1 INTERIM FINANCIAL STATEMENTS For The Nine Months Ended 31st December 2017

2 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 2 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST DECEMBER 2017 QUARTER ENDED 31ST DECEMBER NINE MONTHS ENDED 31ST DECEMBER 31st MARCH (In Rs. 000) Variance Variance 2017 (Unaudited) (Unaudited) % (Unaudited) (Unaudited) % (Audited) Turnover 10,208 14,673 (30) 33,953 30, ,234 Cost of Sales (5,203) (10,710) (51) (19,546) (21,710) (10) (50,459) GROSS PROFIT 5,005 3, ,407 8, (23,225) Other Income (100) - Administrative Expenses (6,585) (5,684) 16 (18,889) (19,955) (5) (36,229) Selling and distribution Expenses (1,474) (6,751) (78) (9,187) (7,875) 17 (14,870) PROFIT/(LOSS) FROM OPERATION (3,054) (8,472) (64) (13,669) (19,225) (29) (74,324) Net Finance income/(expenses) 186 1,002 (81) 536 2,647 (80) 3,314 NET PROFIT/(LOSS) BEFORE TAXATION (2,868) (7,470) (62) (13,133) (16,578) (21) (71,010) Income tax expense (839) PROFIT/(LOSS) FOR THE PERIOD (2,868) (7,470) (62) (13,133) (16,578) (21) (71,849) OTHER COMPREHENSIVE INCOME Net change in fair value of financial assets available for sale (10) Acturial gain/(loss) on defined benefit plans 734 Related tax (115) TOTAL OTHER COMPRIHENSIVE INCOME TOTAL COMPRIHENSIVE INCOME FOR THE PERIOD (2,868) (7,470) (62) (13,133) (16,578) (21) (71,240) Earnings/(Loss) per share (Restated) (0.01) (0.02) (0.03) (0.04) (0.18) 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 2017 (In Rs. 000) (Unaudited) (Unaudited) (Audited) ASSETS NON CURRENT ASSETS Property,Plant & Equipment 30,373 34,801 32,504 Lease Hold : Property,Plant & Equipment 2,460 2,494 2,460 Intangible Assets Finacial Assets Investment in Subsidiary Financial assets - loans and receivables 41,566 40,974 41,928 Loan receivable 2,338 2,349 2,426 TOTAL NON CURRENT ASSETS 76,870 81,351 79,451 CURRENT ASSETS Inventories 101, , ,904 Related Party Receivable - 3,949 - Loan receivable 2,632 1,109 1,270 Trade & other Receivable 34,254 26,051 29,193 Short term investments 4,639 4,301 4,639 Cash & Cash Equivalents 8,411 34,572 20,248 TOTAL CURRENT ASSETS 151, , ,254 TOTAL ASSETS 228, , ,705 EQUITY AND RESERVES EQUITY Stated Capital 373, , ,640 General reserves 129, , ,473 Revaluation reserve 17,694 17,694 17,694 Other reserves & financial assets Financial assets available-for-sale reserve (161) (151) (161) Accumilated Profit/(Loss) (345,759) (276,067) (332,626) TOTAL EQUITY 174, , ,020 NON CURRENT LIABILITIES Employee benefits 5,343 6,124 5,869 Bimputh Loan Payable 13,194-13,194 TOTAL NON CURRENT LIABLITIES 18,537 6,124 19,063 CURRENT LIABILITIES Trade payables 2,712 4,297 4,506 Current Tax Payable 2,319 1,365 2,319 Other payables and accruals 7,963 14,578 12,328 Bank overdraft 22,164 17,430 19,469 TOTAL CURRENT LIABILITIES 35,158 37,670 38,622 TOTAL LIABILITIES 53,695 43,794 57,685 TOTAL EQUITY & LIABLITIES 228, , ,705 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) Finance 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) 14th February 2017 (Sgd) Chairman Director 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 2017 STATED REVALUATION GENERAL FINANCIAL ASSETS ACCUMULATED TOTAL AVAILABLE FOR SALE (In Rs. 000) CAPITAL RESERVE RESERVE RESERVES LOSSES EQUITY Balance as at 01 st April 2017 (Audited) 373,640 17, ,473 (161) (332,626) 188,020 Loss for the Period (13,133) (13,133) Other comprehensive income for the year - Net Change in fair value of available-for-sale financial assets Acturial gain on Defined Benefit Plans (Net of tax) Total Comprihensive Income for the year (13,133) (13,133) Balance as at 31 st December 2017 (Unaudited) 373,640 17, ,473 (161) (345,759) 174,887 Balance as at 01 st April 2016 (Audited/Restated) 373,640 17, ,473 (151) (261,397) 259,258 Loss for the period (16,578) (16,578) Other comprehensive income for the year - Net Change in fair value of available-for-sale financial assets (10) (10) - Acturial gain on Defined Benefit Plans (Net of tax) Balance as at 31st December 2016 (Unaudited) 373,640 17, ,473 (161) (277,356) 243,289 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 PERIOD ENDED 31ST DECEMBER (In Rs. 000) (Unaudited) (Unaudited) (Audited) Cash flow from operating activities Loss before income tax (13,133) (16,578) (71,010) Adjustments For: Depreciation on property,plant & equipment 2,346 3,075 3,128 Amortization of intangible assets Amortization of lease hold land Provision for Inventories ,079 Provision for other receivables Provision for retiring Gratuity - - 1,177 Interest income (536) (2,647) (5,576) Write off of investment in subsidiary Finance expense - - 2,729 Write off of Related Party receivables - - 3,950 Operating Loss Before Working Capital Changes (11,323) (16,150) (49,113) (Increase) / Decrease In Trade & Other Receivables (5,061) - 1,971 (Increase) / Decrease In Inventories 9,128-9,400 (Increase) / Decrease In Loan Receivables (1,362) - - Increase /( Decrease) In trade payables (1,794) Increase / (Decrease) Other Payables & Accruals (4,364) - (2,251) Net cash used in operations (14,776) (16,150) (39,784) Gratuity paid (526) - (698) Interest paid - - (2,469) Income taxes paid Net cash flow Used In Operating Activities (15,302) (16,150) (42,951) Cash Flows From Investing Activities Interest received 536 2,647 17,980 Purchase and construction of property, plant & equipment (215) - (607) Receipts from Loans & recievables Refundable deposits paid - - (1,200) Investment in fixed deposits - - (15,000) Net Cash From / (Used In) Investing Activities 771 2,647 2,103 Cash Flows From / (Used In) Financing Activities Loans Obtained ,000 Net cash from / (Used In) financing activities ,000 Net increase / (decrease) in cash & cash equivalents (14,531) (13,503) (27,848) Cash & cash equivalents at the beginning of the year ,626 28,626 Cash & cash equivalents at the end of the period (13,753) 15, 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 2016/17 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 Prior year adjustment The company had received cash of Rs.3,883,062/- during the year relating to consignment sales that had been taken place in the prior year. this has been corrected by re-stating the prior year export sales by Rs.3,883,062/- statement of changes of equity for the prior years is shown with the restated figures for comparison. 9 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 AS AT 31ST DECEMBER 2017 No. Name of Voting Share Holder No. Of shares % 1 MISS. P.M.K. GAMAGE 36,648, % 2 V V S LANKA HOLDINGS (PVT) LTD 21,824, % 3 MR. X. LIQIANG 16,800, % 4 MR. W. YIN 11,897, % 5 SRI LANKA INSURANCE CORPORATION LTD- 10,559, % 6 MR. S.S. SOORIYARACHCHI 8,306, % 7 MRS. V. SARASWATHI 4,101, % 8 BIMPUTH FINANCE PLC 3,454, % 9 SAMPATH BANK PLC/MRS SARASWATHY 2,020, % 10 NATION LANKA CAPITAL LTD/KARAGODA 1,604, % 11 PEOPLE'S LEASING & FINANCE 1,500, % 12 PEOPLE'S LEASING & FINANCE 1,334, % 13 THE FINANCE PORTFOLIO MANAGEMENT 1,300, % 14 MR. N.R. SOORIYARACHCHI 1,208, % 15 FIRST CAPITAL MARKETS 1,127, % 16 MR. U.S. WAIDYANATHA 1,010, % 17 ACUITY PARTNERS (PVT) LIMITED 1,000, % 18 MR. M.I. SAMSUDEEN 1,000, % 19 S & L INVESTMENTS (PRIVATE) LTD 966, % 20 MBSL/G.S.P. GUNASENA 876, % No of Ordinary shares represent the Company's Stated Capital 206,601,782 Public Holding % (Number of shareholders representing the public holding was 14,734) No. Name of Non Voting Share Holder No. Of shares % 1 SERAKA INVESTMENTS LIMITED 16,560, % 2 MR. S. ABISHEK 8,088, % 3 SEYLAN BANK LIMITED/RUWAN PRASANNA 4,167, % 4 MR. M.N. RATNAPRIYA 3,895, % 5 MRS. V. SARASWATHI 3,500, % 6 MR. C.R. PERERA 3,225, % 7 MISS. P.M.K. GAMAGE 3,216, % 8 FIRST CAPITAL MARKETS LIMITED 2,699, % 9 MR. H.M.C.B. MAVILMADA 2,400, % 10 MISS. S. DURGA 2,079, % 11 MR. G. HETTIGE 2,000, % 12 ACUITY PARTNERS (PVT) LIMITED 1,952, % 13 MR. M.H.A. KAMIL 1,927, % 14 MR. C.P. MALALANAYAKE 1,879, % 15 MR. S.M.K. PATTIKARA BANDANAGE 1,848, % 16 MR. H.K. PUSHPAKUMARA 1,825, % 17 MISS. R. KERTHIKA 1,793, % 18 MR. W.L.T. ANANDAWANSA 1,713, % 19 MR. M.M. MOHAMED AZMIN 1,540, % 20 MR. R.E. RAMBUKWELLE 1,495, % No of Ordinary shares represent the Company's Stated Capital 194,633,623 Public Holding % (Number of shareholders representing the public holding was 5,029)

8 BLUE DIAMONDS JEWELLERY WORLDWIDE PLC Page 8 DIRECTORS SHAREHOLDING AS AT 31ST DECEMBER 2017 No. Name of Director No. of Shares Voting No. of Shares Non Voting 1 Mr. S.A.S. Jayasundara Mr. C.K. Gamage Ms. P.M.K. Gamage 36,648, ,495,172 4 Mr. T.N. Wickremesinghe Mr. W.C. Gunadasa Mr. S.M.G.K. Serasinghe Mr. K.V.Amila Sanjeewa - - Total 36,648,472 3,495,172 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 AFA Corporate Services (Pvt)Ltd No 14,Sri Dharmakirthiyarama Road, 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 shanil@anton-fernando-associates.com 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 info@bluediamondsplc.com Website : REGISTRARS AFA Corporate Services (Pvt)Ltd No 14,Sri Dharmakirthiyarama Road, Colombo 03 AUDITORS M/s. Ernst & Young Chartered Accountants Tel : De Saram Place Fax : P.O.Box shanil@anton-fernando-associates.com Colombo 10 BANKERS Nations Trust Bank PLC Seylan Bank PLC Hatton National Bank PLC Sampath Bank PLC Bank of Ceylon FINANCIAL YEAR END 31st March BOARD OF DIRECTORS Mr. S.A.S. Jayasundara Mr. C.K. Gamage Ms. P.M.K. Gamage Mr. T.N. Wickremesinghe Mr. W.C. Gunadasa Mr. S.M.G.K. Serasinghe Mr. K.V.Amila Sanjeewa