Access Engineering PLC. For the Nine Months Ended 31st December 2013

Transcription

1 Access Engineering PLC Financial ca Statements e ts For the Nine Months Ended 31st December 2013

2 STATEMENT OF COMPREHENSIVE INCOME Group Company Quarter Ended 31st December Nine Months Ended 31st December Quarter Ended 31st December Nine Months Ended 31st December Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Revenue 4,740,172,346 3,808,164,689 11,997,018,433 9,865,414,386 3,714,331,445 3,230,478,830 9,721,439,894 8,014,244,041 Cost of Sales (3,434,470,083) (2,796,886,760) (9,079,712,652) (7,725,836,875) (2,752,955,434) (2,334,183,857) (7,414,528,058) (6,225,023,635) Gross Profit 1,305,702,263 1,011,277,929 2,917,305,781 2,139,577, ,376, ,294,973 2,306,911,836 1,789,220,406 Other Income 11,214,354 25,491, ,936,586 34,749,814 32,025,178 4,247, ,496,764 52,328,549 Administrative Expenses (280,734,823) (156,409,702) (694,321,222) (431,481,169) (180,417,655) (113,614,102) (436,492,017) (319,182,351) Other Expenses (17,628,125) (21,156,515) (46,110,828) (29,289,474) (13,002,245) (20,566,110) (30,385,307) (27,677,858) Net Finance Income 28,645,086 57,122, ,023, ,115,862 27,795,800 48,327, ,832, ,105,548 Share of results of associate 6,016,409-6,016, Profit Before Tax 1,053,215, ,325,406 2,474,850,337 1,892,672, ,777, ,689,988 2,066,364,243 1,644,794,294 Income Tax Expenses (116,674,274) (71,522,579) (304,499,069) (216,595,096) (60,914,652) (50,169,866) (195,313,292) (157,603,848) Profit for the Period 936,540, ,802,827 2,170,351,268 1,676,077, ,862, ,520,122 1,871,050,951 1,487,190,446 Profit attributable t bl to: Owners of the Company 875,031, ,399,854 2,090,842,764 1,652,228, ,862, ,520,122 1,871,050,951 1,487,190,446 Non-Controlling Interest 61,509,849 8,402,973 79,508,504 23,849, Profit for the Period 936,540, ,802,827 2,170,351,268 1,676,077, ,862, ,520,122 1,871,050,951 1,487,190,446 Other Comprehensive Income Profit for the Period 936,540, ,802,827 2,170,351,268 1,676,077, ,862, ,520,122 1,871,050,951 1,487,190,446 Actuarial Gain/ (Losses) on Defined Benefit Plans (3,586,374) (3,415,594) (10,417,562) (10,246,783) (3,868,144) (3,683,947) (11,236,038) (11,051,841) Other Comprehensive Income for the Period, Net of Tax (3,586,374) (3,415,594) (10,417,562) (10,246,783) (3,868,144) (3,683,947) (11,236,038) (11,051,841) Total Comprehensive Income for the Period, Net of Tax 932,954, ,387,233 2,159,933,706 1,665,830, ,994, ,836,175 1,859,814,912 1,476,138,605 Total Comprehensive Income attributable to; Owners of the Company 871,440, ,979,452 2,080,412,685 1,641,966, ,994, ,836,175 1,859,814,912 1,476,138,605 Non-Controlling Interest 61,514,159 8,407,781 79,521,021 23,863, Total Comprehensive Income for the Period, Net of Tax 932,954, ,387,233 2,159,933,706 1,665,830, ,994, ,836,175 1,859,814,912 1,476,138,605 Earnings Per Share The Accounting Policies and Notes form an integral part of these Financial Statements. Figures in brackets indicate deductions. The above figures are subject to Audit. 1

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4 STATEMENT OF CHANGES IN EQUITY Attributable to Equity Holders of the Parent Group Stated Capital Retained Earnings Total Non Controlling Interest Total Equity Rs. Rs. Rs. Rs. Rs. Balance at 01st April ,000,000,000 3,486,097,670 12,486,097, ,845,693 12,623,943,363 Profit for the period - 2,090,842,764 2,090,842,764 79,508,504 2,170,351,268 Other Comprehensive Income - (10,430,079) (10,430,079) 12,517 (10,417,562) Total Comprehensive Income for the Period - 2,080,412,685 2,080,412,685 79,521,021 2,159,933,706 Dividend Paid - (500,000,000) (500,000,000) - (500,000,000) Dividend paid to Non Controlling Interest (4,699,274) (4,699,274) Non Controlling Interest on Acquisition of SML Frontier Automotive (Pvt) Ltd ,000,000 65,000,000 Adjustment Due to Change in Holding (217,169) (217,169) Balance at 31st December ,000,000,000 5,066,510,355 14,066,510, ,450,271 14,343,960,626 Balance at 01st April ,000,000,000 1,670,218,070 10,670,218, ,457,153 10,832,675,223 Profit for the period - 1,652,228,135 1,652,228,135 23,849,313 1,676,077,448 Other Comprehensive Income - (10,261,204) (10,261,204) 14,421 (10,246,783) Total Comprehensive Income for the Period - 1,641,966,931 1,641,966,931 23,863,734 1,665,830,665 Dividend Paid - (250,000,000) (250,000,000) - (250,000,000) Dividend paid to Non Controlling Interest (5,506,985) (5,506,985) Adjustment Due to Change in Holding - (57,803,713) (57,803,713) (44,750,368) (102,554,081) Balance at 31st December ,000,000,000 3,004,381,288 12,004,381, ,063,534 12,140,444,822 Company Stated Capital Retained Earnings Total Rs. Rs. Rs. Balance at 01st April ,000,000,000 3,140,717,140 12,140,717,140 Profit for the period - 1,871,050,951 1,871,050,951 Other Comprehensive Income - (11,236,038) (11,236,038) Total Comprehensive Income for the Period - 1,859,814,913 1,859,814,913 Dividend Paid - (500,000,000) (500,000,000) Balance at 31st December ,000,000,000 4,500,532,053 13,500,532,053 Balance at 01st April ,000,000,000 1,524,750,855 10,524,750,855 Profit for the period - 1,487,190,446 1,487,190,446 Other Comprehensive Income - (11,051,841) (11,051,841) Total Comprehensive Income for the Period - 1,476,138,605 1,476,138,605 Dividend Paid - (250,000,000) (250,000,000) Balance at 31st December ,000,000,000 2,750,889,460 11,750,889,460 The Accounting Policies and Notes form an integral part of these Financial Statements. Figures in brackets indicate deductions. The above figures are subject to Audit. 3

5 CASH FLOW STATEMENT Group Company Nine Months Ended 31st December Nine Months Ended 31st December Rs. Rs. Rs. Rs. Cash Flows from Operating Activities Profit Before Tax 2,464,432,774 1,882,425,761 2,055,128,204 1,633,742,453 Adjustments for: Depreciation and Amortisation 413,075, ,504, ,046, ,059,411 Provision for Retirement Benefits 26,751,131 15,870,520 22,888,176 12,153,969 Provision / (Reversal) for Fall in Value of Investment (764,877) 5,284,980 (764,877) 5,284,980 Gain on Sale of Property, Plant and Equipment (11,325,067) (695,179) (7,533,103) (695,179) Profit on Sales of Investment - (43,508) - (43,508) Share of results of associate (6,016,409) Dividend Income (7,274,203) (5,402,692) (42,332,112) (27,597,605) Net Finance Income (116,023,611) (179,115,860) (116,832,967) (150,105,548) 2,762,855,488 2,039,828,554 2,294,599,587 1,782,798,973 Changes in Working Capital (Increase) / Decrease Inventories (388,622,640) (218,088,922) (598,195,740) (310,972,535) (Increase) / Decrease Trade and Other Receivables (1,030,149,440) (695,999,432) (692,134,703) (459,089,477) (Increase) / Decrease Other Current Financial Assets (315,781,751) (190,685,677) (315,702,021) (190,252,668) (Increase) / Decrease Due from Related Parties (173,669,856) (18,716,355) (117,715,838) 40,647,586 Increase / (Decrease)Trade and Other Payables 322,471,896 7,766, ,233, ,812,707 Increase / (Decrease) Other Current Financial Liabilities (254,017,405) 647,282,408 (254,017,405) 647,282,408 Increase / (Decrease) Due to Related Parties 46,344,394 (3,167,212) (990,690) (1,263,926) Cash Generated from Operating Activities 969,430,686 1,568,219, ,076,892 1,865,963,068 Interest Paid (8,130,130) (1,460,156) (1,331,574) (1,340,386) Tax Paid (175,472,653) (2,824,868) (91,476,895) (1,423,868) Gratuity Paid (6,986,358) (303,074,025) (3,813,358) (244,112,611) Net Cash flows from Operating Activities 778,841,545 1,260,860, ,455,065 1,619,086,203 Cash Flows from/ (used in) Investing Activities Acquisition of Property, Plant and Equipment (392,428,019) (1,032,566,940) (276,626,304) (1,022,803,940) Investment in Capital Work in Progress - (15,126,426) - (4,285,426) Other Non Current Financial Assets (627,464,839) (385,558,031) (590,174,839) (385,558,031) Investment in Investment Properties (96,384,673) (2,805,000) - - Proceeds from Sale of Property, Plant and Equipment 39,780,650 6,571,751 35,988,686 6,571,751 Proceeds from Sale of Investment - 253, ,118 Investment in Unit Trust - (100,000,000) - (100,000,000) Investment in Subsidiary 64,659,353 (102,554,082) (340,647) (102,554,082) Investment in Associate (55,341,030) - (55,341,030) - Withdrawal of /(Investments in) Short Term Deposit 261,484,130 (324,341,507) 242,583,758 (310,023,918) Dividend Income 7,274,203 5,402,692 42,332,112 27,597,605 Interest Income 124,153, ,576, ,164, ,445,934 Net Cash flows from / (used in) Investing Activities (674,266,484) (1,770,148,407) (483,413,723) (1,739,356,989) Cash Flows from / (used in) Financing Activities Dividends Paid (500,000,000) (250,000,000) (500,000,000) (250,000,000) Dividend Paid to Non Controlling Interest (4,699,274) (5,506,985) - - Repayment of Loan (5,360,030) (4,900,346) (5,360,030) (4,900,347) Payment of Finance Lease Liabilities (414,754) (208,735) - - Net Cash from / (used in) Financing Activities (510,474,058) (260,616,066) (505,360,030) (254,900,347) Net Decrease in Cash and Cash Equivalents (405,898,997) (769,903,946) (322,318,688) (375,171,133) Cash and Cash Equivalent at the beginning 691,101,962 1,624,132, ,129,748 1,075,662,539 Cash and Cash Equivalent at the end 285,202, ,228, ,811, ,491,406 The Accounting Policies and Notes form an integral part of these Financial Statements. Figures in brackets indicate deductions. The above figures are subject to Audit. 4

6 NOTES TO THE FINANCIAL STATEMENTS 01 Basis of Preparation The financial statements of the Company have been prepared in accordance with Sri Lanka Accounting Standards comprising of SLFRS and LKAS (hereafter referred as SLFRS ), as issued by the Institute of Chartered Accountants of Sri Lanka. Accordingly the Interim Financial Statements of the Company have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. The preparation and presentation of these financial statements are in compliance with the Companies Act No. 07 of There were no changes to the Accounting Policies and methods of computation since the publication of Annual Report Effect of Sri Lanka Accounting Standards Issued but not yet Effective A number of new standards, amendments to standards and interpretations are not yet effective for the Period ended 31st December 2013, have not been applied in preparing these consolidated financial statements. These include; SLFRS 10 -Consolidated Financial Statements SLFRS 11 Joint Arrangements SLFRS 12 -Disclosure of Interests in Other Entities and, SLFRS 13 -Fair Value Management which will be effective from 1st January In addition to the above, following standard has also been issued and will be effective from 01 January SLFRS 09 Financial Instruments The extent of the impact has not been determined. 03 Related Party Transactions Group Company For the Nine Months Ended 31st December Transactions with related parties Rs. Rs. Rs. Rs. Sales of Goods and Services 42,948,288 6,548,519 3,367,288 6,548,519 Purchases of Goods and Services (54,430,831) (47,468,766) (86,838,972) (66,486,130) Short Term loan (Net of Given / (Obtain)) 56,468, ,580,000 45,000,000 Short Term loan Repayment (45,000,000) Dividend Income ,057,909 22,194, Comparative Information The presentation and classification of the financial statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year. 05 Events after the Reporting Period There have been no events subsequent to the Reporting Period,which require disclosure in the Interim Financial Statements. 06 Dividend Paid An Interim dividend of Rs 0.25 per share for the financial year ended 31st March 2014 was paid on 20th December Contingent Liabilities There are no significant changes in the nature of the contingent liabilities disclosed in the Annual Report for the year ended 31st March Value of Bank Guarantee as at 31st December 2013 are as follows. Rs. Nations Trust Bank PLC 689,484,038 Sampath Bank PLC 1,447,599,116 Bank of Ceylon 1,027,402,383 Hongkong & Shanghai Bank Corporation 225,915,588 3,390,401, Investment in an Associate The Group has a 30% interest in ZPMC Lanka Company (Pvt) Ltd, which is entered in to a contract with Colombo International Container Terminal to service and maintain the Container Handling Equipment supplied by Shanghai Zhenhua Heavy Industries Company Limited of China ( known as ZPMC). 5

7 NOTES TO THE FINANCIAL STATEMENTS 09 Segment Information Access Engineering PLC Construction Production of construction related Material Access Realties (Private) Limited Sathosa Motors PLC Group Total For the Nine Months Ended 31st December Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Segment Revenue 9,304,566,223 7,613,934,276 2,000,587,859 1,915,648, ,747, ,545,306 2,166,993,000 1,746,683,000 13,611,894,294 11,399,811,481 Inter Segment Revenue - - (1,583,714,188) (1,515,339,134) (31,161,673) (19,057,961) - - (1,614,875,861) (1,534,397,095) Revenue 9,304,566,223 7,613,934, ,873, ,309, ,585, ,487,345 2,166,993,000 1,746,683,000 11,997,018,433 9,865,414,386 Segment Results 1,580,779,953 1,096,925, ,751, ,763,529 99,821,622 87,432, ,026, ,886,980 2,398,379,561 1,741,008,651 Inter Company Dividend (35,057,909) (22,194,915) Consolidation Adjustment (10,511,419) (5,257,053) Net Finance Income 116,832, ,105, ,857, ,314 (4,667,000) 28,523, ,023, ,115,862 Share of results of associate ,016,409 - Profit Before Tax 1,697,612,920 1,247,030, ,751, ,763, ,679,266 87,920, ,359, ,409,980 2,474,850,253 1,892,672,544 Income Tax Expense (195,313,292) (157,603,848) - - (4,994,370) (2,744,548) (100,296,000) (56,246,700) (300,603,662) (216,595,096) Consolidation Adjustment (3,895,323) - Profit for the Period 1,502,299,628 1,089,426, ,751, ,763,529 98,684,896 85,175, ,063, ,163,280 2,170,351,268 1,676,077,448 Capital Expenditure 270,139, ,660,272 6,487,122 76,429,094 94,748, , ,438,082 20,300, ,812,693 1,047,693,366 Depreciation and Amortisation 323,517, ,156,778 60,529,198 49,902, , ,067 17,712,000 5,754, ,506, ,247,479 Consolidation Adjustment ,568,876 5,257, ,517, ,156,778 60,529,198 49,902, , ,067 17,712,000 5,754, ,075, ,504,532 Access Engineering PLC Construction Production of construction related Material Access Realties (Private) Limited Sathosa Motors PLC Group Total As at 31st December st March st December st March st December st March st December st March st December st March 2013 Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Segment Assets 15,975,191,043 14,651,400,566 1,119,328, ,242,906 3,213,541,565 3,125,162,076 1,762,752,000 1,443,378,976 22,070,812,750 19,997,184,524 Investment in Subsidiary (3,893,474,047) (3,893,133,400) Consolidation Adjustment (18,625,980) (8,115,098) Revaluation of Leasehold Right ,332, ,332,390 Goodwill ,711, ,588,101 Share of results of associate ,016,409 - Intersegment - Elimination (14,189,457) (891,430) 15,975,191,043 14,651,400,566 1,119,328, ,242,906 3,213,541,565 3,125,162,076 1,762,752,000 1,443,378,976 18,697,583,645 16,641,965,087 Segment Liabilities 3,375,897,581 3,117,655, ,089, ,271,316 60,879,710 58,438, ,945, ,547,892 4,367,812,476 4,018,913,153 Intersegment - Elimination (14,189,457) (891,429) 3,375,897,581 3,117,655, ,089, ,271,316 60,879,710 58,438, ,945, ,547,892 4,353,623,019 4,018,021,724 6

8 NOTES TO THE FINANCIAL STATEMENTS 10 Share Information 10.1 Public Share Holdings The percentage of shares held by the public as at 31st December 2013 was 36.96% 10.2 Directors Share Holdings The number of shares held by the Board of Directors as at 31st December 2013 are as follows. Number of Shares % S.J.S.Perera 250,000,000 25% R.J.S.Gomez 120,000,000 12% J.C.Joshua 100,000,000 10% S.H.S.Mendis 24,000, % D.A.R.Fernando 24,000, % S.D.Munasinghe 24,000, % K.A.M.K.Ranasinghe Nil Nil N.D.Gunarathne Nil Nil A.I.Lovell 16,000, % S.D.Perera 2,000, % 10.3 Major shareholders of the company as at 31st December 2013 are as follows. Number of Shares % 1 Mr. S J S Perera 250,000, % 2 Mr. R J S Gomez 120,000, % 3 Mr. J C Joshua 100,000, % 4 Mrs. R M N Joshua 70,000, % 5 Mr. S J S Perera 46,000, % 6 Mrs. D R S Malalasekera 45,000, % 7 John Keells Holdings PLC 40,000, % 8 Employees Provident Fund 32,927, % 9 Mr. S A A Gomez 25,000, % 10 Mr. S D Munasinghe 24,000, % 11 Mr. S H S Mendis 24,000, % 12 Mr. D A R Fernando 24,000, % 13 Mr. A I Lovell 16,000, % 14 Associated Electrical Corporation Ltd 13,450, % 15 Barclays Bank PLC Singapore Branch (Wealth Management ) 8,000, % 16 Watapota Investments PLC 8,000, % 17 J B Cocoshell (Pvt) Ltd 6,688, % 18 Mr. T A G Fernando 6,400, % 19 MAS Capital (Private) Limited 6,000, % 20 Mr R J Gomez 5,000, % 870,466, % Others 129,533, % Total 1,000,000, % 7

9 NOTES TO THE FINANCIAL STATEMENTS 10.4 Share Distribution Shareholding as at 31st December 2013 From To No of Holders No of Shares % 1 1,000 1, , % 1,001 10, ,447, % 10, , ,607, % 100,001 1,000, ,387, % Over 1,000, ,124, % ,000,000, % Categories of Shareholders No of Holders No of Shares % Local Individuals 1, ,428, % Local Institutions ,237, % Foreign Individuals 26 17,644, % Foreign Institutions 7 10,689, % ,000,000, % 10.5 Stated Capital Stated Capital is represented by number of shares in issue as given below. As at Ordinary Shares 1,000,000,000 1,000,000, Market Price Per Share 2013/14 3rd Quarter 2012/13 3rd Quarter Rs. Rs. Highest Lowest Last Traded

10 NOTES TO THE FINANCIAL STATEMENTS CORPORATE INFORMATION Name of Company Access Engineering PLC Registered office Level 8," Access Tower" 278 Union Place, Colombo 02. Tel: Fax: Web - Legal Form A Public Limited Liability Company incorporated in Sri Lanka on July 31, 2001 under the Companies Act No. 17 of 1982 and Reregistered under the Companies Act No. 07 of 2007 on February 06, Ordinary Voting Shares are listed on the Main Board of the Colombo Stock Exchange. Company Registration Number P B 200 PQ Bankers Bank of Ceylon Sampath Bank PLC Hatton National Bank PLC Nations Trust Bank PLC Commercial Bank of Ceylon PLC Hongkong & Shanghai Bank Corporation Peoples Bank Secretaries P W Corporate Secretarial (Private) Limited No 3/17, Kynsey Road, Colombo 08. Tel: Fax: Auditors Messrs KPMG Chartered Accountants 32A, Sir Mohamed Macan Markar Mawatha, Colombo 03. Tel: Fax: