DISTILLERIES COMPANY OF SRI LANKA PLC

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 st MARCH 2018

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3 STATEMENTS OF COMPREHENSIVE INCOME For the year ended 31st March Variance Rs.'000s Rs.'000s % Unaudited Audited Gross Revenue 90,386,964 90,273, % Net Revenue 29,183,004 27,019, % Cost of Sales (19,721,524) (15,986,452) 23.4% Gross Profit 9,461,480 11,032, % Other Operating Income 338, , % Distribution Expenses (568,624) (547,428) 3.9% Administrative Expenses (1,205,081) (1,373,995) -12.3% Profit from Operations 8,026,462 9,346, % Finance Income 243, , % Finance Cost (815,188) (1,643,281) -50.4% Net Finance Income/(cost) (571,464) (1,282,347) -55.4% Profit before Tax from continued operations 7,454,997 8,063, % Taxation (2,970,584) (3,088,682) -3.8% Profit after Tax from continued operations for the Year 4,484,413 4,975, % 4,484,413 4,975, % Loss of control in subsidiaries - (74,999,935) Profit for the period 4,484,413 (70,024,934) Other Comprehensive Income Net Change in fair Value of Available for Sale Financial Assets 300, , % Acturial Gain/(Losses) on retirement benefit obligations - 4, % Tax on Other Comprehensive Income (1,619) Total Other Comprehensive Income 300, ,140 Total Comprehensive Income for the year 4,784,629 (69,815,794) Earnings Per Share (Rs.) Basic Earnings per Share 0.97 (233.42) 100.4%

4 INCOME STATEMENTS For the Quarter ended 31st March Variance Rs.'000s Rs.'000s % Unaudited Audited Gross Revenue 24,290,489 22,625, % Net Revenue 8,163,448 7,097, % Cost of Sales (4,456,126) (5,030,485) -11.4% Gross Profit 3,707,322 2,067, % Other Operating Income 118,024 97, % Distribution Expenses (197,371) (266,211) -25.9% Administrative Expenses (329,044) (521,194) -36.9% Profit from Operations 3,298,931 1,377, % Finance Income 81, , % Finance Cost (234,344) (354,163) -33.8% Net Finance Income/(cost) (152,616) (237,439) -35.7% Profit before Tax from continued operations 3,146,314 1,139, % Taxation (1,244,241) (327,715) 279.7% Profit for the Period 1,902, , % Loss of control in subsidiaries - Profit for the Year discontinue operations 1,902, , % Other Comprehensive Income Net Change in fair Value of Available for Sale Financial Assets 297,318 (42,152) % Acturial Gain/(Losses) on retirement benefit obligations - - Total Other Comprehensive Income 297,318 (42,152) Total Comprehensive Income for the year 2,199, ,797 Earnings Per Share (Rs.) Basic Earnings per Share %

5 STATEMENTS OF FINANCIAL POSITION AS AT, 31 st March 2018 Unaudited Audited 31-Mar Mar-17 Rs.'000s Rs.'000s Non Current Assets Property, Plant and Equipment 6,000,183 6,214,121 Investment in Subsidiaries - 7,211 Investment in Equity Accounted Investees - - Intangible Assets - - Other Non Current Financial Investment 3,512,277 4,176,692 Debentures - Deferred Tax Assets - 48,893 9,512,461 10,446,917 Current Assets Inventories 4,453,841 4,488,626 Trade and Other Receivables 9,004,793 6,943,758 Amounts Due from Related Companies 4,196, ,264 Other Current Financial Investment 51,012 46,432 Cash and Cash Equivalents 693, ,481 18,400,405 12,405,561 Total Assets 27,912,867 22,852,478 EQUITY AND LIABILITIES Capital and Reserve Stated Capital 3,000, ,000 Pending Allotment 20,000,000 Capital Reserve 12,024,201 11,725,604 Revenue Reserve (8,529,713) (29,790,745) 6,494,487 2,234,859 Non Current Liabilities Interest Bearing Loans & Borrowings - - Deferred Tax Liabilities 1,214,842 1,263,734 Employee Benefits 99, ,230 1,314,384 1,385,964 Current Liabilities Trade and Other Payables 9,143,850 8,067,670 Amounts Due to Related Companies 4,581,077 2,949,577 Income Tax Payable 852, ,226 Bank Overdrafts and Other Short Term Borrow 5,526,854 7,339,182 20,103,996 19,231,655 Total Equity and Liabilities 27,912,867 22,852,478 Net Assets per Share (Rs.) The above unaudited figures are provisional and subject to audit. I certify that the Financial Statements have been prepared & presented in compliance with the requirements of Companies Act No. 07 of 2007 sgd/- N.N.Nagahawatte Head of Finance The Directors are responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the board sgd/- D.H.S Jayawardena Chairman/ Managing Director 02 nd May 2018 sgd/- Dr.A.N.Balasuriya Director

6 STATEMENTS OF CHANGES IN EQUITY Stated Pending Revaluation Capital General Available for sale Retained Total reserve capital Allotment reserve reserve reserve earnings/(losses) Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 1 st April 2016 (Audited) 300,000 1,696, ,882 8,210,000 1,504,317 41,236,762 53,055,653 Super Gain Tax Paid - 300,000-1,696, ,882 8,210,000 1,504,317 41,236,762 53,055,653 Total Comprehensive Income for the Year Profit/(Loss) for the Year (70,024,934) (70,024,934) Other Comprehensive Income Net Changes to Reserve 206, ,713 Acturial gain/(losses) on Employee Benefits 4,046 4,046 Revaluation of Property, Plant and Equipment - Tax on Other Comprehensive Income (1,619) (1,619) Total Comprehensive Income for the Year ,713 (70,022,507) (69,815,794) Dividend Paid (1,005,000) (1,005,000) Pending Allotatement 20,000,000 20,000,000 Balance as at 31 st March ,000 20,000,000 1,696, ,882 8,210,000 1,711,030 (29,790,745) 2,234,859 Balance as at 01 st April ,000 20,000,000 1,696, ,882 8,210,000 1,711,030 (29,790,745) 2,234,859 Total Comprehensive Income for the Year Profit for the Year 4,484,413 4,484,413 Share Allocation 20,000,000 (20,000,000) - Transfers (17,300,000) 17,300,000 - Transfers (8,200,000) 8,200,000 - Other Comprehensive Income - Net Changes to Reserve 300, ,216 Defined Benefit Plan - - 2,700,000 (20,000,000) - (8,200,000) 8,200, ,216 21,784,413 4,784,629 Dividend Paid (525,000) (525,000) Balance as at 31 st March ,000,000-1,696,692 (8,092,118) 16,410,000 2,011,246 (8,531,332) 6,494,487

7 STATEMENTS OF CASH FLOWS For the year ended 31st March Mar Mar-17 Rs. '000 Rs. '000 Cash Generated from Operations Profit from operations 7,454,997 8,063,683 Adjustments for Depreciation 563, ,247 Provision for Retiring Gratuity - 25,104 Interest Expenses 822,186 1,642,312 Interest Income (243,724) (360,934) Dividend Income (99,798) (82,992) (Gain)/ Loss on Disposal of P.P.E (16,259) (19,967) Reversal/provision for Fall in value of Investments (6,998) 969 (Gain) /Loss on Disposal of Share 17, (Gain) /Loss on Disposal of Treasury Bills (90,405) - Provision for Bad Debts (893) Operating Profit before Working Capital Changes 8,401,202 9,818,968 (Increase)/Decrease in Inventories 34,786 (998,791) (Increase)/Decrease in Receivables (4,811,387) (124,559) Increase/(Decrease) in Payables 1,905,470 1,275,605 Cash flows from Operating Activities 5,530,071 9,971,223 Interest paid (782,369) (177,100) Income Tax paid (2,993,594) (2,852,743) Retiring Gratuity paid (22,689) (23,536) Net Cash flows from Operating Activities 1,731,419 6,917,844 Cash flows from Investing Activities Acquisition of Subsidiary - (26,679,250) Acquisition of Property Plant and Equipment (138,431) (135,075) Purchase of Shares and Other Investments (410,369) (1,321,792) Net Proceeds from Disposal of AFS 1,321,785 10,569 Dividends Received 78,132 17,958 Proceeds on Disposal of Property Plant and Equipment 16,259 19,169 Interest Received 152, ,160 Cash flows from Financing Activities 1,019,401 (27,820,261) Repayment of Loans - Cash Received in Terms of Shares ( Pending Allotment ) - 20,000, Dividend paid (525,735) (1,010,989) Redemption/ (Investment) of Debentures - (200,000) (525,735) 18,789,011 Cash and Cash Equivalents At the Beginning of the year (7,058,108) (4,966,295) Net Movement during the period 2,225,084 (2,113,406) (4,833,023) (7,079,701) At the End of the year Cash in Transit 182,332 96,812 Cash in Hand and Bank 511, ,669 Bank Over Draft (1,451,854) (517,588) Bank & Other Borrowings (4,075,000) (6,821,594) (4,833,023) (7,079,701)

8 NOTES TO THE FINANCIAL STATEMENTS 1 2 The interim Financial Statements have been prepared in accordance with the Accounting Policies set out in the most recent Annual Report and are in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. Where appropriate, the previous year's presentation has been amended to conform to current year classifications. 3 Non Financial Information Net Assets Value per Share - (Rs) Market Price per Share - Last Traded Rs) N/A N/A - Highest (Rs) N/A N/A - Lowest (Rs) N/A N/A Market values of 31/03/2018 are not available since the Distilleries Company of Sri Lanka PLC's trading was hold since 30/09/2016 due to restructurig arrangement. 4 4,600,000,000 ordinary shares represent the Stated Capital. 5 Events occurring after the reporting period Subsequent to the reporting period, no circumstances have arisen which would require adjustment to or disclosure in the financial statements. 6 Contingent Liabilities There has not been a significant change in the nature of the contingent liabilities which were disclosed in the Annual Report for the year ended 31 March 2017.

9 NOTES TO THE FINANCIAL STATEMENTS 7 Top 20 Shareholders 31 st March 2018 RANK NAME NO OF SHARES % 1 MELSTACORP PLC 4,253,266, MILFORD EXPORTS (CEYLON) (PVT) LIMITED 147,520, LANKA MILK FOODS (CWE) LIMITED 44,991, MR. MUZAFFAR ALI YASEEN 25,924, COMMERCIAL BANK OF CEYLON PLC/LORRAINE ESTELLE MARLENE YASEEN 15,466, BNYMSANV RE-NEON LIBERTY LORIKEET MASTER FUND LP 12,077, CACEIS BANK, LUXEMBOURG BRANCH-BARCA GLOBAL MASTER FUND L P 8,385, NORTHERN TRUST COMPANY S/A KUROTO FUND LP 6,933, CITIBANK NEWYORK S/A NORGES BANK ACCOUNT 2 6,087, MRS. LORRAINE ESTELLE MARLENE YASEEN 4,977, CITIGROUP GLOBAL MARKETS LIMITED AGENCY TRADING PROP SECURITIES A/C 4,835, COMMERCIAL BANK OF CEYLON PLC/MUZAFFAR ALI YASEEN 4,740, LAHUGALA PLANTATION (PRIVATE) LIMITED 4,379, MRS SHANTHA MARIE CHRYSOSTOM 3,374, BNYMSANV RE-BLACKROCK FRONTIERS INVESTMENT TRUST PROP SECURITIES A/C 3,152, BNYMSANV RE-CONSILIUM FRONTIER EQUITY FUND,L.P. 3,081, DEUTSCHE BANK AG-LONDON 2,978, STASSEN EXPORTS (PVT) LIMITED 2,505, MR DON HASITHA STASSEN JAYAWARDENA 2,231, HSBC INTL NOM LTD-SSBT-PARAMETRIC EMERGING MARKETS FUND 1,996, TOTAL 4,558,909, Percentage of Shares held by the public : 3.25% Directors Shareholdings 31 st March 2018 No of Shares % Mr. D. H. S. Jayawardena - Mr. C. R. Jansz - Mr. N. De S. Deva Aditya - Mr. K. J. Kahanda - Dr. A. N. Balasuriya - Mr. D. Hasitha S. Jayawardena 2,231, Mr.R. Seevaratnam - Mr. A. L. Gooneratne (Alternate Director to Mr. N. De S. Deva Aditya) - Ms. V. J. Senaratne (Alternate Director to Mr. K. J. Kahanda) -

10 NOTES TO THE FINANCIAL STATEMENTS CORPORATE INFORMATION NAME OF COMPANY Distilleries Company of Sri Lanka PLC REGISTERED OFFICE No.110, Norris Canal Road, Colombo 10, Sri Lanka. Tel: , Fax: Web: COMPANY REGISTRATION NUMBER PQ 112 BOARD OF DIRECTORS Mr.D.H.S.Jayawardena - Chairman / Managing Director Mr.C.R.Jansz Mr.N. De S. Deva Aditya Mr K. J. Kahanda Dr.A.N.Balasuriya Mr. D. Hasitha S. Jayawardena Mr.R. Seevaratnam Mr. A.L. Gooneratne (Alternate Director to Mr.N. De S. Deva Aditya) Ms.V.J.Senaratne (Alternate Director to Mr. K.J. Kahanda) COMPANY SECRETARY Ms.V.J.Senaratne AUDITORS KPMG Chartered Accountants No.32A, Sir Mohamed Macan Marker Mawatha, Colombo 03, Sri Lanka. REGISTRARS P W Corporate Secretarial (Pvt) ltd., No. 3/17, Kynsey Road, Colombo 08, Sri Lanka. BANKERS Bank of Ceylon Commercial Bank of Ceylon PLC DFCC Bank PLC Hatton National Bank PLC Hong Kong & Shanghai Banking Corporation MCB Bank Nation's Trust Bank PLC People's Bank Seylan Bank PLC Standard Chartered Bank CREDIT RATING The Company has been assigned 'AAA (lka)' National Long Term Rating with a Stable Outlook by Fitch Ratings Lanka Limited.