BAIRAHA FARMS PLC. FINANCIAL STATEMENTS

Transcription

1 BAIRAHA FARMS PLC. FINANCIAL STATEMENTS 31ST DECEMBER 2017

2 Bairaha Farms PLC Statement of Financial Position As at 31st December 2017 ASSETS Non-Current Assets Group Company Audited Audited Rs Rs Rs Rs Rs Rs Property, Plant & Equipment 2,046,887,868 1,821,726,140 2,047,086, ,101, ,750, ,916,119 Investment Property ,544,983 62,656,578 62,092,942 Intangible Assets 4,027,707 3,572,893 3,369,725 4,027,707 3,572,893 3,369,725 Investments in Subsidiaries ,532, ,691, ,532,820 Investments in Joint Ventures 873,850, ,845, ,662, ,922, ,128, ,922,000 Other Investments 1,303,851 1,967,903 1,303,851 1,303,851 1,967,903 1,303,851 Biological Assets- Bearer 283,234, ,104, ,176,008 50,730,091 29,163,234 79,006,365 3,209,303,878 2,615,217,466 3,227,598,458 1,915,162,551 1,359,931,051 1,928,143,821 Current Assets Inventories 168,823, ,662, ,110, ,315,412 99,628, ,843,851 Biological Assets- Consumable 114,325, ,835, ,193,041 53,027,048 88,805,356 57,064,769 Trade and Other Receivables 527,171, ,640, ,712, ,067, ,173, ,072,310 Income Tax Receivable 7,389, ,476, Amounts Due from Related Parties 29,176, ,873,828 24,388,320 82,319, ,195,073 55,129,761 Cash and Bank Balances 385,261, ,418, ,070, ,803,737 46,573, ,962,666 1,232,148,192 1,562,430,903 1,122,475, ,009,902 1,191,376, ,073,358 Total Assets 4,441,452,070 4,177,648,369 4,350,073,577 2,711,172,453 2,551,307,302 2,613,217,179 EQUITY AND LIABILITIES Equity Stated Capital 256,305, ,305, ,305, ,305, ,305, ,305,197 Revaluation Surplus 425,106, ,106, ,106, ,561, ,561, ,561,735 Available-for-Sale Reserve (945,507) (293,807) (945,507) (945,507) (293,807) (945,507) Actuarial Gain on Defined Benefit Plans (131,831) (1,668,386) (131,831) (131,831) (1,668,386) (131,831) Other Reserves Retained Earnings 2,778,286,436 2,465,134,739 2,600,928,897 1,342,210, ,919,100 1,278,204,481 Total Equity 3,458,620,676 3,144,584,124 3,281,263,137 1,740,999,814 1,334,823,839 1,676,994,075 Non-Current Liabilities Financing & Lease (Ijara) Payable 416,570, ,063, ,227, ,040, ,451, ,260,540 Deferred Tax Liabilities 115,494,446 80,901, ,494,449 73,438,227 47,618,444 73,438,227 Retirement Benefit Liability 55,865,112 50,755,105 52,035,278 47,999,884 44,084,830 44,260, ,929, ,719, ,756, ,479, ,154, ,959,616 Current Liabilities Trade and Other Payables 200,362, ,980, ,946,507 82,228, ,831, ,655,569 Dividends Payable 13,611,439 9,895,170 9,228,001 13,611,439 9,895,170 9,228,001 Amounts Due to Related Parties ,999, ,760,121 22,627,637 Income Tax Payable - 62,376,339 34,683,317-11,795,170 22,097,143 Financing & Lease (Ijara) Payable 180,927, ,092, ,195, ,854, ,046, ,655, ,901, ,344, ,053, ,693, ,328, ,263,488 Total Equity and Liabilities 4,441,452,070 4,177,648,369 4,350,073,577 2,711,172,453 2,551,307,302 2,613,217,179 The above figures are provisional and subject to audit. I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of Sgd: Mr. Ahamed Zahiri Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Sgd: Mr. Yakooth Naleem Managing Director Sgd: Mr. Riyal Yakoob Executive Director 24-Jan-2018

3 Statement of Profit or Loss and Other Comprehensive Income - Group for the quarter ended for the quarter ended Rs Rs Rs Rs Group Change % Revenue 3,171,580,509 3,257,447,007 1,139,495,852 1,132,686,579 (3) Cost of Sales (2,410,622,978) (2,261,482,356) (869,736,175) (783,021,780) 7 Gross Profit 760,957, ,964, ,759, ,664,799 (24) Other Operating Income 16,736,515 8,308,476 5,275,833 4,323, Distribution Costs (157,494,170) (135,089,983) (58,726,139) (49,086,111) 17 Administrative Expenses (199,181,846) (152,751,559) (87,065,028) (55,921,790) 30 Other Operating Expenses (6,561,990) (6,130,217) (2,208,684) (2,272,875) 7 Finance Cost (65,939,065) (46,091,034) (23,395,574) (15,749,269) 43 Profit before Tax 348,516, ,210, ,640, ,958,012 (48) Share of Profit from Joint Venture Companies 7,471,746 81,824,973 9,606,142 47,675,049 (91) Income Tax Expense (66,631,182) (130,374,814) (14,855,377) (41,524,521) (49) Profit for the Period 289,357, ,660,493 98,390, ,108,540 (53) Other Comprehensive Income Total Comprehensive Income 289,357, ,660,493 98,390, ,108,540 (53) Earnings per Share - Basic (53) The above figures are provisional and subject to audit. I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of Sgd: Mr. Ahamed Zahiri Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Sgd: Mr. Yakooth Naleem Managing Director Sgd: Mr. Riyal Yakoob Executive Director 24-Jan-2018

4 Statement of Profit or Loss and Other Comprehensive Income - Company for the quarter ended for the quarter ended Group Change % Rs Rs Rs Rs +/(-) % Revenue 2,267,425,069 2,260,766, ,200, ,761, Cost of Sales (1,937,325,264) (1,845,223,249) (817,082,493) (719,162,041) 5 Gross Profit 330,099, ,542, ,117, ,599,310 (21) Other Operating Income 139,751, ,029,399 23,800,952 (68,756) 28 Distribution Costs (102,224,933) (88,893,615) (41,738,269) (32,332,735) 15 Administrative Expenses (103,602,390) (75,553,679) (48,465,180) (26,329,184) 37 Other Operating Expenses (440,562) - (137,792) 41,104 - Finance Cost (63,550,348) (44,746,060) (22,652,144) (15,346,883) 42 Profit before Tax 200,032, ,378,944 16,925, ,562,856 (37) Income Tax Expense (24,026,970) (50,926,699) (2,542,041) (23,074,013) (53) Profit for the Period 176,005, ,452,245 14,383,229 91,488,843 (33) Other Comprehensive Income Total Comprehensive Income 176,005, ,452,245 14,383,229 91,488,843 (33) Earnings per Share - Basic (33) The above figures are provisional and subject to audit. I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of Sgd: Mr. Ahamed Zahiri Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Sgd: Mr. Yakooth Naleem Managing Director Sgd: Mr. Riyal Yakoob Executive Director 24-Jan-2018

5 Statement of Changes in Equity Stated Capital Revaluation Surplus Available-for- Sale Reserve Actuarial Gain on Defined Benefit Plans Retained Earnings Total Group Rs Rs Rs Rs Rs Rs Balance 1st April ,305, ,164,506 (293,807) (1,668,386) 1,969,474,246 2,648,981,756 Profit Months ended 31st December ,660, ,660,493 Surplus on Revaluation of Property, Plant & Equipment - (58,125) (58,125) Dividends (120,000,000) (120,000,000) Balance 31st December ,305, ,106,381 (293,807) (1,668,386) 2,465,134,739 3,144,584,124 Company Balance 1st April ,305, ,619,860 (293,807) (1,668,386) 792,466,855 1,190,429,719 Profit Months ended 31st December ,452, ,452,245 Surplus on Revaluation of Property, Plant & Equipment - (58,125) (58,125) Dividends (120,000,000) (120,000,000) Balance 31st December ,305, ,561,735 (293,807) (1,668,386) 936,919,100 1,334,823,839 Group Balance 1st April ,305, ,106,381 (945,507) (131,831) 2,600,928,897 3,281,263,137 Profit Months ended 31st December ,357, ,357,539 Dividends (112,000,000) (112,000,000) Balance 31st December ,305, ,106,381 (945,507) (131,831) 2,778,286,436 3,458,620,676 Company Balance 1st April ,305, ,561,735 (945,507) (131,831) 1,278,204,481 1,676,994,075 Profit Months ended 31st December ,005, ,005,739 Dividends (112,000,000) (112,000,000) Balance 31st December ,305, ,561,735 (945,507) (131,831) 1,342,210,220 1,740,999,814

6 Cash Flow Statement Cash Flows From/(Used in) Operating Activities Group Company Rs Rs Rs Rs Net Profit before Income Tax Expense 348,516, ,210, ,032, ,378,944 Adjustments for Allowance for Weight Loss (1,800,000) - (1,800,000) - Depreciation 134,780, ,931,259 76,946,670 61,759,800 Realised Revaluation Surplus on Disposal of Property,Plant & Equipment. - (58,125) - (58,125) Intangible Assets Amortization 664, , , ,448 Gain on Bargain Purchase of Joint Venture Company Income from Investments - - (124,507,547) (109,804,762) Profit on Disposal of Property, Plant & Equipment 13, ,299 13, ,299 Finance Cost 65,939,065 46,091,034 63,550,348 44,746,060 Provision for Defined Benefit Plans 4,629,375 4,680,000 4,089,375 4,050,000 Allowance for Bad & Doubtful Debts (2,830,635) 778,169 (2,830,635) 778,169 Operating Profit before Working Capital Changes 549,913, ,382, ,159, ,599,833 (Increase)/ Decrease in Inventories (10,912,128) (20,930,336) (7,671,561) (13,116,566) (Increase)/ Decrease in Biological Assets 867,188 (21,698,643) 4,037,721 (19,426,766) (Increase)/ Decrease in Trade and Other Receivables (74,628,252) (295,178,829) (41,164,622) (124,511,002) Increase/ (Decrease) in Related Company Balances (Net) (4,788,295) (797,218) 157,181,420 6,167,197 Increase/ (Decrease) in Trade and Other Payables (17,104,986) (76,775,264) (80,426,743) (141,623,516) Cash Generated from Operations 443,347, ,002, ,115,302 25,089,180 Finance Costs Paid (65,939,065) (46,091,034) (63,550,348) (44,746,060) Defined Benefit Plan Costs Paid (799,540) (674,810) (350,340) (392,460) Income Tax Paid (108,704,058) (81,563,668) (50,600,303) (29,856,748) Net Cash Flows From Operating Activities 267,904, ,672, ,614,311 (49,906,088) Cash Flows from /(Used in) Investing Activities Acquisition of Property, Plant & Equipment (134,613,688) (157,476,772) (91,456,847) (108,480,528) Acquisition of Intangible Asset (1,322,322) - (1,322,322) - Acquisition of Investment Property - - (158,058) - Investment in Joint Venture Company Proceeds from Sale of Property, Plant & Equipment 17,391 1,978,261 17,391 1,978,261 Net Acquisition of Biological Assets 20,941,960 (19,019,977) 28,276,274 23,636,599 Dividend Received 4,805,050 3,862, ,507, ,804,762 Net Cash Flows Used in Investing Activities (110,171,609) (170,656,076) 59,863,985 26,939,094 Cash Flows from (Used in) Financing Activities Dividend Paid (107,616,562) (116,496,661) (107,616,562) (116,496,661) Proceeds From Financing and Lease (Ijara) 74,150, ,343,741 63,450, ,343,741 Repayment of Financing Payable (122,618,554) (135,009,087) (122,618,554) (135,009,087) Principal Payment under Lease (Ijara) (4,427,523) (6,901,465) - - Net Cash Flows From Financing Activities (160,511,874) (139,063,472) (166,784,351) (132,162,007) Net Increase/(Decrease) in Cash and Cash Equivalents (2,778,694) (22,046,932) 26,693,945 (155,129,001) Cash and Cash Equivalents at the Beginning of the Period 336,212, ,710,033 72,881, ,947,177 Cash and Cash Equivalents at the End of the Period 333,433, ,663,101 99,575,903 (5,181,824) Breakup of Cash and Cash Equivalents at the end of the period Cash and Bank Balance 385,261, ,418, ,803,737 46,573,818 Bank Overdraft (51,827,914) (51,755,642) (43,227,833) (51,755,642) 333,433, ,663,100 99,575,904 (5,181,824)

7 Notes to the Financial Statements 1 Accounting Policies The Consolidated Financial Statements were prepared using the same accounting policies and methods of computation that were applied to prepare the Audited Consolidated Financial Statements for the year ended 31 March 2017 and are in compliance with Sri Lanka Accounting Standard (LKAS) 34 - Interim Financial Reporting. 2 Net Asset Value per Share (Rs.) As at As at Market Value per share during the Quarter ( Rs.) Quarter to Quarter to Highest Lowest Closing Ordinary Shares ( No's ) As at As at Fully paid ordinary shares 16,000,000 16,000,000 5 There is no events / circumstances that have arisen since the reporting date which would require adjustments to or disclosure in the financial statements. 6 There has not been a significant change in the nature of the Contingent Liabilities and Contingent Assets which were disclosed in the Annual Report for the year ended 31st March Rs. 112,000,000/- dividend has been declared and paid for the nine 31st December 2017, which is given below A second interim dividend of 2016/2017 amounting to Rs. 64,000,000/- was paid on 23rd May 2017 An interim dividend of 2017/2018 amounting to Rs. 48,000,000/- was paid on 20th November 2017

8 Additional Notes to the Financial Statements 1 Twenty Major Shareholders 31st December 2017 Name No. of Shares % 1 Mr. M.N.M. Yakooth 1,701, % 2 Mr. M.N.M. Mubarak 1,660, % 3 Mr. M.N.M. Kamil 1,603, % 4 Mr. M.N.M. Ilyas 1,532, % 5 Employees Trust Fund Board 1,199, % 6 Mr. M.Y.M. Riyal 824, % 7 Mrs. F.S. Imran 612, % 8 Seylan Bank PLC/ S.R Fernando 358, % 9 Mrs. A.W.M.S Rafeeka 300, % 10 Peoples Leasing & Finance PLC/ Hi Line Trading (Pvt) Ltd 271, % 11 Sand Wave Limited 238, % 12 Shehans Limited 187, % 13 Elgin Investments Ltd 163, % 14 Mr. A.C.M Riyaz 128, % 15 Bank of Ceylon No 1 Account 119, % 16 Mr.R.Pestonjee 119, % 17 Citizens Development Business Finance Plc 100, % 18 Mr M.M.Salahudeen 100, % 19 Venture Partners (Pvt) Ltd 90, % 20 Seylan Bank PLC/ Mohamed Mushtaq Fuad 81, % 11,395, % Others 4,604, % 16,000, % 2 Directors' and Chief Executive Officer's holding in shares 31st December 2017 Directors Name No. of Shares % 1 Desamanya Prof. M.T.A. Furkhan Chairman 61, % 2 Mr. M.N.M. Yakooth Managing Director / CEO 1,701, % 3 Mr. M.Y.M. Riyal Executive Director 824, % 4 Mr. M.N.M. Kamil 1,603, % 5 Mr. M.N.M. Mubarak 1,660, % 6 Mr. C.L. De Silva Prof. H. Abeygunawardena Mr. M.I Wahid - - 5,852, % Others 10,147, % 16,000, % 3 Public Holding The percentage of shares held by the public 31st December 2017 is 63.42% comprising of 3,454 shareholders.

9 CORPORATE INFORMATION Directors: Auditors: Desamanya Prof. M.T.A. Furkhan - Chairman Messrs. Ernst & Young Mr. M.N.M. Yakooth - Managing Director Chartered Accountants Mr. M.Y.M. Riyal - Executive Director 201, De Saram Place, Mr. M.N.M. Kamil Colombo 10. Mr. M.N.M. Mubarak Mr. C.L. De Silva Secretaries & Registrars: Prof. H. Abeygunawardena P & W Corporate Secretarial (Pvt) Limited Mr. M.I Wahid 3/17, Kynsey Road, Colombo 08. Registered Office: 2nd Floor, Main Bankers: 407, Galle Road, Amana Bank Ltd, Colombo 03. No. 480, Galle Road, Colombo 03. Telephone : ( Hunting ) Facsimile : Bank of Ceylon, corporateoffice@bairaha.com Corporate Branch, Web : 4, Bank of Ceylon Mawatha Colombo 01.