INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2018

Transcription

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

2 Chairman s message The year under review was one in which your company R I L Property PLC ( R I L or the Company ) was listed on the Main Board of the Colombo Stock Exchange and acquired a 51% stake in a leading automobile company in Sri Lanka, United Motors Lanka PLC (UML). UML s performance has contributed to the Group s top line and bottom line in the last quarter of the year. The Company received and accounted for a dividend of LKR.167 Mn. during that period. Group profit before tax for the year was LKR.3.05 Bn., including an exceptional gain of LKR. 1.8 Bn. as Negative Goodwill arising out of the UML acquisition and a fair value gain of LKR. 0.7 Bn. on the Company s Investment Property. A prior year adjustment on Deferred Tax reduced the retained earnings carried forward from 31 March 2016 by LKR 0.7 Bn. An interim dividend of LKR per share, in total LKR.60 Mn., was paid to shareholders for the year, in March 2018, taking total dividends paid out during the year to LKR.120 Mn. R I L announced a Rights Issue in March 2018 and raised LKR. 1.6 Bn. in April 2018 by issuing 200 Mn. shares to its shareholders. The funds raised were used to part settle long term loan facilities obtained by the Company and will help reduce funding costs. Our subsidiary FoodBuzz (Private) Limited showed an improvement in revenue and margins and reduced its losses to LKR. 18 Mn. in the year. With 9 outlets now in full operation, further improvement can be expected. Refurbishment of R I L s READYWEAR building is progressing steadily and revenue contributions from this construction are expected towards the end of the FY 2018/19. Strategies are being implemented to develop the Group performance. Your Company remains optimistic about its future. S. G. Wijesinha Chairman

3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31st March, Group Company Quarter ended Year ended Quarter ended Year ended 31 Mar Mar Mar Mar Mar Mar Mar Mar 2017 Unaudited Unaudited Unaudited Re-stated Unaudited Unaudited Unaudited Re-stated Revenue 3,688, ,249 4,480, , , , , ,289 Cost of Sales (2,680,884) (394) (2,888,990) (206,826) (14,303) (4,681) (56,323) (30,134) Gross Profit 1,007, ,855 1,591, , , , , ,155 Other Income and Gains (164,523) ,557 7, ,637 2, ,404 7,439 - Fair Value Gain on Investment Property 747, , , , , , , ,090 - Marketing and Promotional Expenses (120,553) 1,553 (128,086) (5,856) (40) (772) (1,681) (3,544) - Administrative Expenses (596,118) (123,494) (890,223) (346,057) (49,986) (29,033) (210,488) (143,053) Operating Profit 874, ,697 2,213,610 1,268,713 1,048,900 1,003,211 1,364,292 1,299,087 Finance Cost (252,158) (37,247) (390,371) (128,010) (164,069) (35,822) (300,665) (122,118) - - Finance Income 38,501 1, ,424 3,013 11,805 1,114 79,462 2, Net Results from Equity Accounted Investees (381,510) - 1,117, Profit Before tax 279, ,730 3,052,814 1,143, , ,503 1,143,089 1,179,816 Income Tax Expense (933,240) 65,636 (942,741) 63,046 (902,208) 65,397 (911,709) 62,831 Profit/Loss for the period (654,033) 1,015,366 2,110,073 1,206,762 (5,572) 1,033, ,380 1,242,647 Profit/Loss for the period attributable to: Owners of the parent (759,976) 1,015,366 2,004,130 1,206,762 (5,572) 1,033, ,380 1,242,647 Non- controlling interest 105, , (654,033) 1,015,366 2,110,073 1,206,762 (5,572) 1,033, ,380 1,242,647 Other Comprehensive Income Items that will not be reclassified to the profit or loss in subsequent periods: Share of other comprehensive income from equity accounted Investee (1,048) - (5,570) Revaluation of Land and Buildings 85,649 34,777 85,649 34,777 14,909 34,777 14,909 34,777 Actuarial Gain/(Loss) on Retirement Benefit Obligation (2,027) 120 (2,027) (884) 117 (884) Items that will not be reclassified to the profit or loss in subsequent periods: Net Change in available for sale financial assets Tax Effect on Other Comprehensive income (10,836) - (10,836) (18,953) (5,817) (18,953) (5,817) 560 (5,535) 560 (5,535) - - Other Comprehensive income for the period, Net of tax 52,785 29,080 48,263 29,080 15,586 28,358 15,586 28,358 Total Comprehensive income for the period, Net of tax (601,248) 1,044,446 2,158,336 1,235,842 10,014 1,062, ,966 1,271,005 Total Comprehensive income for the year attributable to: Owners of the parent (700,403) 1,044,446 2,059,181 1,235,842 10,014 1,062, ,966 1,271,005 Non- controlling interest 99,155-99, (601,248) 1,044,446 2,158,336 1,235,842 10,014 1,062, ,966 1,271,005 Earnings Per Share (EPS) Basic Earnings Per Share (LKR) (1.28) (0.01) Figures in brackets indicate deductions

4 STATEMENT OF FINANCIAL POSITION Group Company 31 Mar March Mar March 2017 Unaudited Re-stated Unaudited Re-stated ASSETS Non-Current Assets Property, Plant and Equipment 7,752, , , ,835 Investment Property 12,397,500 11,585,619 12,397,500 11,585,619 Intangible Assets 28,816 18,751 13,131 13,592 Investment in Subsidiaries - - 4,556, ,013 Other Investments 356, Defined Benefit Plans 84, Deferred Tax Asset 12,057 1, Other Receivables 49,828 24,775 51,364 26,312 20,681,120 12,255,414 17,370,863 12,271,371 Current Assets Inventories 6,572,374 61,056 3,937 4,776 Trade and Other Receivables 1,821, ,322 81,609 61,917 Income Tax Receivable 5, Other Investments 249, ,173 - Cash and Bank 1,902, , , ,735 10,550, , , ,428 Total Assets 31,231,787 12,567,460 18,302,572 12,441,799 EQUITY AND LIABILITIES Equity Stated Capital 5,760,000 4,800,000 5,760,000 4,800,000 Revaluation Surplus 225, , , ,777 Other Components of Equity (5,526) Retained Earnings 7,308,358 5,469,596 5,587,292 5,515,339 Total Equity attributable to Equity Holders of the Company 13,288,451 10,429,373 11,521,978 10,475,116 Non Controlling Interest 5,566, Total Equity 18,855,102 10,429,373 11,521,978 10,475,116 Non-Current Liabilities Interest Bearing Loans and Borrowings 3,526, ,920 3,526, ,920 Retirement Benefit Liability 211,448 5,236 4,350 2,671 Deferred Tax Liabilities 2,931, ,651 1,524, ,651 Other Payables - 16,332-17,093 Rental and Customer Deposits 165, , , ,908 6,834,447 1,520,415 5,221,034 1,524,243 Current Liabilities Trade and Other Payables 1,159, ,590 98, ,275 Interest Bearing Loans and Borrowings 4,177, ,082 1,458, ,082 Income Tax Payable 90,561 2,210 2,392 2,083 Bank Overdrafts 114, , ,542, ,672 1,559, ,440 Total Equity and Liabilities 31,231,787 12,567,460 18,302,572 12,441,799 I certify that Financial Statements comply with the requirements of the Companies Act No.7 of Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these Financial Statements... Chairman.. Director Finance 30 May 2018 Colombo

5 STATEMENT OF CHANGES IN EQUITY Group Stated Revaluation Available for sale Retained Shareholder's Non- Total Equity Capital Reserve Reserve Earnings Funds Controlling Interest Balance as at 1 April ,800, ,000-4,956,531 9,881,531-9,881,531 Prior year adjustment - (688,000) (688,000) - (688,000) Balance as at 1 April ,800, ,000-4,268,531 9,193,531-9,193,531 Profit for the Period ,206,762 1,206,762-1,206,762 - Other Comprehensive Income for the Period Revaluation on Land and Buildings - 34, ,777-34,777 Actuarial Gain/Loss on retirement Benefit Obligation net of tax Tax effect on Other Comprehensive Income (5,817) (5,817) - (5,817) Total Comprehensive Income for the Period - 34,777-1,201,065 1,235,842-1,235,842 Balance as at 31 March ,800, ,777-5,469,596 10,429,373-10,429,373 Acquisition of subsidiary with Non- Controlling Interest ,640,541 5,640,541 Profit for the Period ,004,130 2,004, ,943 2,110,073 Other Comprehensive Income for the Period Share of profit of equity accounted Investee (5,056) (5,056) (514) (5,570) Revaluation of Land and Buildings - 85, ,649 85,649 Actuarial gain/(loss) on Retirement benefit Obligation (1,086) (1,086) (941) (2,027) Net Change in available for sale financial assets - - (5,526) - (5,526) (5,310) (10,836) Tax Effect on Other Comprehensive income - (19,807) (18,929) (24) (18,953) Total Comprehensive Income for the Period - 65,842 (5,526) 1,998,866 2,059,182 99,154 2,158,336 Shares Issued during the Period 960, , ,000 Share Issue Expenses - - (40,104) (40,104) - (40,104) Dividend Paid - - (120,000) (120,000) (173,044) (293,044) Balance as at 31 March ,760, ,619 (5,526) 7,308,358 13,288,451 5,566,651 18,855, ,288,451 (730,301) (2,116,355) Company Stated Revaluation Retained Total Capital Reserve Earnings Balance as at 1 April ,800, ,000 4,967,111 9,892,111 Prior year adjustment - - (688,000) (688,000) Balance as at 1 April ,800, ,000 4,279,111 9,204,111 Profit for the Period - - 1,242,647 1,242,647 Revaluation on Land and Buildings - 34,777-34,777 Actuarial gain/(loss) on Retirement benefit Obligation (884) (884) Tax Effects on other comprehensive income - - (5,535) (5,535) Total Comprehensive Income for the Period - 34,777 1,236,228 1,271,005 Balance as at 31 March ,800, ,777 5,515,339 10,475,116 Balance as at 1 April ,800, ,777 5,515,339 10,475,116 Profit for the Period , ,380 Revaluation of Land and Buildings - 14,909-14,909 Actuarial gain/(loss) on Retirement benefit Obligation Tax Effects on other comprehensive income Total Comprehensive Income for the Period - 14, , ,966 Shares Issued during the Period 960, ,000 Shares Issue Expenses - - (40,104) (40,104) Dividend Paid - - (120,000) (120,000) Balance as at 31 March ,760, ,686 5,587,292 11,521,978 Figures in brackets indicate deductions

6 CASH FLOW STATEMENT Group Company 31 Mar Mar Mar Mar 2017 Unaudited Re-stated Unaudited Re-stated Cash Flows From / (Used in) Operating Activities Profit before Tax from continuing operations 3,052,814 1,143,716 1,143,089 1,179,816 Adjustments for Depreciation, Amortisation and Impairment 114,446 64,649 37,857 31,719 (Increase) / Decrease in Fair Value of Investments Property (747,909) (859,090) (747,909) (859,090) Loss /(Gain) on disposal of Property, Plant & Equipment (25,875) - (57) - Loss /(Gain) on disposal of Equity accounted investee (82,078) Provision for slow moving inventories 60, Finance Cost 390, , , ,118 Interest Income (112,424) (3,013) (79,462) (2,847) Negative Goodwill (2,922,848) Loss on Disposal of Equity Accounted Investees 1,092, Share of Results of Equity Accounted Investees (51,242) Return expected from Defined Benefit Plans (4,530) Provision for Defined Benefit Obligation 15,413 1,905 1, Operating Profit/(Loss) before Working Capital Changes 778, , , ,692 (Increase)/ Decrease in Inventories 612,468 (44,186) 839 (4,776) (Increase)/ Decrease in Trade and Other Receivables 180,453 (30,458) (44,744) (23,852) Increase/ (Decrease) in Rental and Customer Deposits 42,361 43,516 36,729 49,148 Increase/ (Decrease) in Trade and Other Payables (463,669) (66,180) (209,173) (69,991) Cash Generated from Operations 1,150, , , ,221 Finance Cost Paid (379,316) (120,079) (289,610) (113,941) Income Tax Paid (89,847) (3,331) (11,526) (3,157) Employee benefits paid by the plan 15, Gratuity Paid (15,653) Net Cash From/(Used in) Operating Activities 680, , , ,123 Cash Flows from / (Used in) Investing Activities Acquisition of Property, Plant & Equipment (176,266) (111,359) (2,289) (22,902) Acquisition of Intangible Assets (4,098) (12,545) (3,709) (11,319) Proceeds from Sale of Property, Plant & Equipment 27, Proceeds from disposal of equity accounted investee 1,000, Expenditure Incurred on Investment property (63,972) (49,854) (63,972) (49,854) Acquisition of/investment made in Subsidiaries (3,771,544) - (4,279,727) - Investment in Unit Trust (162,038) - (151,173) - Other Short term investment (1,260,503) - (545,000) - Other Investments 26, Interest Received 112,424 3,013 79,462 2,847 Net Cash Flows from/(used in) Investing Activities (4,272,206) (170,745) (4,966,133) (81,228) Cash Flows from / (Used in) Financing Activities Proceeds From Interest Bearing Loans & Borrowings 22,456,805-4,677,080 - Repayment of Interest Bearing Loans & Borrowings (18,930,418) (148,998) (603,082) (148,998) Proceeds from Issue of Shares (net of issue cost) 919, ,896 - Dividend paid (120,000) - (120,000) - Dividend paid to Non Controlling Interest (173,044) - Net Cash Flows from/(used in) Financing Activities 4,153,239 (148,998) 4,873,894 (148,998) Net Increase/(Decrease) in Cash and Cash Equivalents 561,696 (64,285) 46,255 75,896 Cash and Cash Equivalents at the Beginning of the Period (45,122) 19, ,735 27,839 Cash and Cash Equivalents at the End of the Period 516,574 (45,122) 149, ,735 Figures in brackets indicate deductions

7 NOTES 1 REPORTING ENTITY R I L Property PLC is a Company domiciled in Sri Lanka. These condensed consolidated interim financial statements as at and for the year ended 31 March 2018 comprise the Company and its subsidiaries (together referred to as the 'Group'). 2 BASIS OF ACCOUNTING The Interim Condensed Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34- Interim Financial Reporting and provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. There were no changes to the Accounting Policies and methods of computation since the publication of the Annual Report 2016/2017. All figures are provisional and subject to audit, unless otherwise stated. These interim financial statements were authorized for issue by the Company's Board of Director's on 30 May Company has collected IPO Funds amounting to LKR.960Mn for the objectives stated in the Prospectus. Current status of the utilization and the achievement of the said objectives are listed down below. Objective as per Prospectus Objective Number Amount Allocated as per Prospectus () Proposed Date of Utilisation as per prospectus Amount Allocated from Proceeds () % of Total Proceeds Amounts Utilised () % of Utilisation against Allocation Clarification if not Fully Utilised, including where the funds are invested Refurbishment of READYWEAR Building Expansion of BreadTalk Outlets 1 694,100 By June , % 46,281 7% Refurbishment Plan has been approved and construction has commenced. The money unutilized has been temporarily invested with NDB Wealth Management Ltd & DFCC Bank ,900 FY2017/18-265, % 265, % IPO objective has been achieved. FY2018/19 960, , % 312,181 4 BUSINESS COMBINATIONS 4.1 Acquisition of United Motors Lanka PLC The Group acquired 30,271,000 ordinary shares (30%) of United Motors Lanka PLC (UML) from its major shareholder Mr M A Yaseen at a price of LKR 78 per share on 8 November 2017, the total cost being LKR billion. Pursuant to this, a mandatory offer at a price of LKR 78 per share was made to all remaining shareholders of UML to purchase their shares in terms of Rule 31 (1) (a) of the Takeovers & Mergers Code. The following table summarizes the acquisition date fair value of each major class of consideration transferred. Cash 2,361,138 Fair value of the Associate as at the date of acquisition 3,427,047 Negative Goodwill 1,065,909 Net Results from Equity Accounted Investees Share of profit of equity accounted investees, net of tax 30,868 Negative Goodwill 1,065,909 1,096,777 On 29 December 2017, R I L Property PLC acquired 21% of the shares and voting interests in UML. As a result, the Group's equity interest in UML increased from 30% to 51%, obtaining control in UML. Carrying value of the Associate as at the date of acquiring the control 3,427,047 Fair value of the Associate as at the date of acquiring the control 2,361,138 Loss on disposal of Associate 1,065,909 The following table summarizes the acquisition date fair value of each major class of consideration transferred. Cash 1,652,689 Fair value of the Associate as at the date of acquiring the control 2,361,138 4,013,827 The following table summarizes the recognized amounts of assets and liabilities assumed at the date of acquisition. Property, Plant and Equipment 6,975,149 Intangible Assets 11,144 Investments in Equity Accounted Investees 898,706 Other Investments 382,805 Defined Benefit Plan 96,394 Deferred Tax Assets 11,203 Inventories 7,184,195 Trade and Other Receivables 1,866,666 Amounts due from Related Parties 18,626 Current Tax Receivables 2,461 Other Investments 108,647 Cash and Cash Equivalents 346,081 Employee Benefits (206,526) Deferred Tax Liabilities (1,389,936) Interest Bearing Borrowings (3,266,044) Trade and Other Payables (1,295,351) Amounts due to Related Parties (28) Current Tax Liabilities (129,086) Bank Overdrafts (103,798) Total identifiable net assets acquired 11,511,308

8 Non controlling interest measured at proportionate share of Acquiree's identifiable Net Assets (5,640,541) Negative Goodwill arising on acquisition (1,856,940) Purchase consideration transferred 4,013,827 Net increase of the equity interest previously identified - Net cash acquired with the subsidiary (242,283) Net cash flow on acquisition 3,771,544 Loss on disposal of Associate (1,065,909) Negative Goodwill arising on acquiring the control 1,856,940 Net gain due to change in ownership (Classified under "Other Income and Gains") 791, Change in negative goodwill Negative goodwill recordered in 3rd quarter due to acquisition of UML 2,540,143 Provision made in 4th quarter to comply with New Inland revenue ACT no. 24 of ,203 Net negative goodwill due to acqusition of UML 1,856,940 5 TAXATION 5.1 INCOME TAX Year Ended 31 March 2018 Group Company Income tax charge 45,719 11,835 Deferred tax charge ( Note 5.2) 897, , , , DEFERRED TAX With the enactment of the New Inland Act.No.24 of 2017, gains and losses resulting from realization of capital assets are subject to taxes, at normal business income rates of 28% or at investment tax rate of 10%. Accordingly deferred tax provision has been made to comply to the said Act. Deferred tax arising from new Inland Revenue Act are stated below, Year Ended 31 March 2018 Group Company Profit or loss Deferred tax arising from new Inland revenue Act No.24 of , ,978 Deferred tax arrising from other temporary differences (98,956) (96,104) 897, ,874 Other comprehensive income Deferred tax arising from new Inland revenue Act No.24 of ,200 - Deferred tax arrising from other temporary differences (247) , Deferred tax impact prior to acquisition of UML Net impact to the owners of the parent (note 4.2) 683,203 - Net impact to the non controlling interest 656,411-1,339,614-6 EARNINGS PER SHARE As At 31st March 2018 Group Company No. of Shares ('000) 600, ,000 Weighted Average no. of shares ('000) 594, ,411 Profit attributable to the owners () 2,004, ,380 Earnings per share Deferred tax included in income tax 897, ,874 Reduction of earnings per share as a result of deferred tax SEGMENTAL INFORMATION 7.1 SEGMENT RESULTS Rental and Other Related Services (company) Food Processing and Other Related Services 31 Mar Mar 2017 Automobile sales & other related Services Inter/Intra Segment Eliminations Consolidated Rental and Other Related Services (company) Food Processing and Other Related Services Years Ended Inter/Intra Segment Eliminations Consolidated Revenue 704, ,459 3,390,825 (17,312) 4,480, , ,371 (16,286) 960,374 Inter-segment revenue (16,957) (355) - 16,957 - (16,286) - 16,286 Revenue from external customers 687, ,104 3,390,825 (355) 4,480, , , ,374 Gross Profit/(Loss) 631, , ,254-1,591, , , ,548 Other Income 180,404 1, ,440 (166,728) 892,557 7, ,988 Overhead expenses (195,212) (262,759) (560,338) - (1,018,309) (146,597) (203,780) (1,536) (351,913) Fair value gain on Investment property 747, , , ,090 Net Finance income/(cost) (221,203) 6,207 (62,951) - (277,947) (119,271) (5,973) 247 (124,997) Net Profit/ (Loss) Before Tax 1,143,089 (19,103) 978,405 1,935,663 1,163,530 (18,525) (1,289) 1,143,716 Share of profit of equity accounted investee (Net of tax) - - 1,117,151 1,117, Taxation (911,709) 230 (17,882) (13,380) (942,741) 62, ,046 Net Profit/(Loss) After Tax 231,380 (18,873) 2,077,674-2,110,073 1,226,361 (18,310) (1,289) 1,206,762

9 8 STATED CAPITAL 31 Mar 2018 Group/Company Number' 000 As at 01 April ,000 4,800,000 Issue of Shares during the Year/Period 120, ,000 Balance As at 31 Mar ,000 5,760,000 The Company raised LKR.960Mn through an invitation to the general public to purchase 120Mn new Ordinary Voting Shares at a Share Issue Price of LKR.8/-. The Company listed it's shares on the Main Board of the Colombo Stock Exchange on 04 May DIVIDEND 9.1 Dividend Paid A final dividend of LKR.0.10 per share for the financial year ended 31 March 2017 was paid on 29 June An interim dividend of LKR.0.10 per share for the financial year 2017/18 was paid on 23 March Dividend received An interim dividend of LKR. 167 Mn for the financial year 2017/18 was received on 29th March 2018 from UML. 10 RELATED PARTY TRANSACTIONS Company Relationship Transaction Type Value of Transaction () Foodbuzz (Pvt) Limited Subsidiary Rent & Other related Income 16,957 Purchases (355) Investment made (265,900) United Motors Lanka PLC Subsidiary Services Obtained (984) Investment made (4,013,827) TVS Lanka (PVT) Ltd Affiliate Company Purchase of Motor Bikes (379) 11 PRIOR YEAR ADJUSTMENT As per the financial reporting ruling issued by the Institute of Chartered Accountants of Sri Lanka on the application of deferred tax for entities enjoying a tax holiday period, if an entity is enjoying a tax exemption period, it shall recognise deferred tax in their financial statements for temporary differences, where reversals of such differences extend beyond the tax exemption period. However in the previous years, the Company has incorrectly estimated that the fair value gain resulting from revaluation of building component of investment property will be utilised in full within the tax holiday period. This error has been now corrected retrospectively in accordance with Sri Lanka Accounting Standard 08, "Accounting policies, changes in accounting estimates and errors. The effect of the restatement on the group consolidated financial statement is summerised below Group Company Previously Adjustment Re-stated Previously reported Adjustment Amount Re-stated reported Amount Amount Amount Amount Amount Statement of comprehensive income For the year ended 31 March 2017 Profit before tax 1,143,717-1,143,717 1,179,816-1,179,816 Income Tax Expense (5,220) - (5,220) (5,053) - (5,053) Deferred tax liability on temporary differences ,884 68,266-67,884 67,884 Profit/(Loss) for the year 1,138,879 67,884 1,206,763 1,174,763 67,884 1,242,647 Other comprehensive income 34,616-34,616 33,893-33,893 Tax Effect - (5,535) (5,535) - (5,535) (5,535) 34,616 (5,535) 29,081 33,893 (5,535) 28,358 Total Comprehensive income 1,173,495 62,349 1,235,844 1,208,656 62,349 1,271,005 Attributable to: Owners of the parent 1,173,495 62,349 1,235,844 1,208,656 62,349 1,271,005 Non controlling Interest ,173,495 62,349 1,235,844 1,208,656 62,349 1,271,005 Impact on earnings per share (LKR) Statement of Financial position Deferred tax Liabilities Balance as at 01st April , , , ,000 Balance as at 31st March , , , ,651 Retained Earnings Balance as at 01st April ,956,531 (688,000) 4,268,531 4,967,111 (688,000) 4,279,111 Balance as at 31st March ,095,248 (625,651) 5,469,597 6,140,991 (625,651) 5,515, EVENTS OCCURING AFTER THE REPORTING PERIOD The Company announced to Colombo Stock Exchange the issuance of 200,000,000 shares by way of a Rights Issue at a consideration of LKR per share in the proportion of one share for every three existing shares. The shares were allotted to the shareholders on 26, April COMMITMENTS AND CONTINGENCIES Other than those mentioned in Note 3, there are no other Capital Commitments or Contingencies at the end of the reporting period.

10 14 INVESTOR INFORMATION 14.1 TWENTY LARGEST SHAREHOLDERS As at 31 March 2018 NAME No.of Shares % 1 Ms L E M Yaseen 148,800, % 2 Mr M A Yaseen 96,000, % 3 Ms S M Yaseen 62,400, % 4 Ms R R Yaseen 48,000, % 5 Mr S D Yaseen 48,000, % 6 Mr R H Yaseen 48,000, % 7 Commercial Bank Of Ceylon PLC A/C No.01 19,596, % 8 Melstacorp Plc 18,434, % 9 NDB Capital Holdings PLC 15,000, % 10 Mr J A Yaseen 14,400, % 11 Mr M Andreno Yaseen 14,400, % 12 Phoenix Ventures Private Limited 12,000, % 13 Sri Lanka Insurance Corporation Ltd-General Fund 10,000, % 14 Elgin Investments Limited 5,000, % 15 Seylan Bank PLC / Pinnadoowage Aravinda De Silva 3,250, % 16 People's Leasing & Finance PLC/ C.D.Kohombanwickramage 3,196, % 17 LTL Esot Limited 3,125, % 18 Rosewood (Pvt) Limited -Account No.1 2,500, % 19 Commercial Bank Of Ceylon PLC A/C No.03 2,500, % 20 Ms.P.M.P.G.N.Priyadarshani 1,484, % Sub Total 576,086, % Other 23,913, % Issued Capital 600,000, % Total No.of Public Shareholders Public Shareholding % Number of Shares Float Adjusted Market Capitalization (LKR'Mn) Public Holding as at 31 March ,112 59% 355,200,000 2,593 Option 5 Option 14.2 DIRECTORS SHAREHOLDING 31 Mar 2018 Name of the Director No of Shares % 1 Mr S G Wijesinha Ms L E M Yaseen 148,800, Ms L K A H Fernando (CEO) Mr L W D Abeyarathne Mr A D E I Perera Mr R A Ebell Ms C G Ranasinghe NET ASSET VALUE PER SHARE 31 Mar 2018 Group Company No. of Shares ('000) 600, ,000 Net Assets () 13,288,451 11,521,978 Net Asset Value per Share (LKR) SHARE PRICE DURING THE PERIOD LKR Highest 7.90 Lowest 7.00 Closing 7.30

11 CORPORATE INFORMATION Name of the Company Registrars R I L Property PLC P W Corporate Secretarial (Pvt) Ltd No.3/17, Kynsey Road, Colombo 08. Legal Form Tel : The Company incorporated in Sri Lanka on July 15, 2009 as a Private Limited Liability Company under the Companies Act No.07 of 2007 and registered with the Board of Investments of Sri Lanka ( BOI ) under Section 17 of the BOI Act No. 4 of Subsequently converted to a public Limited Liability Company on September 13, 2016 under the companies Act No 07 of 2007 and Ordinary shares were listed in the Colombo Stock Exchange on 04 th May Company Registration Number PV / PB PQ Registered Office No 33, Park Street Colombo 02 Board of Directors Mr. S G Wijesinha Ms. L E M Yaseen Ms. L K A H Fernando Mr. L W D Abeyarathne Mr. A D E I Perera Mr. R A Ebell Ms. C G Ranasinghe Audit Committee Mr. R A Ebell - Chairman Mr. S G Wijesinha Member Ms. C G Ranasinghe Member Nomination & Remuneration Committee Mr. S G Wijesinha Chairman Mr. A D E I Perera Member Ms. C G Ranasinghe Member Related Party Transaction Review Committee Ms. C G Ranasinghe Chairperson Ms. L E M Yaseen - Member Mr. S G Wijesinha Member Mr. R A Ebell - Member Auditors M/s Ernst & Young Chartered Accountants No 201, De Saram Place, Colombo 10 Tel : Secretary Ms. R Weudagedara Bankers Commercial Bank of Ceylon PLC Commercial House, No21, Sir Razik Fareed Mw, Colombo 01 Tel : Subsidiary Foodbuzz (Private) Limited United Motors Lanka PLC Website