THE KINGSBURY PLC Company Registration PQ 203 No:48, Janadhipathi Mawatha Colombo-01. Interim Financial Statements

Transcription

1 Company Registration PQ 203 No:48, Janadhipathi Mawatha Colombo-01 Interim Financial Statements For the twelve months ended 31st March 2018

2 Corporate Information NAME OF COMPANY The Kingsbury PLC (A public limited company, incorporated in Sri Lanka in 1969) AUDIT COMMITTEE Mr.L.N. De Silva Wijeyeratne - Chairman Ms.R.N.Ponnambalam Mr.J.P.Van Twest COMPANY NUMBER PQ 203 REMUNERATION COMMITTEE Mr.L.N. De Silva Wijeyeratne - Chairman Ms.R.N.Ponnambalam STOCK EXCHANGE LISTING The ordinary shares of the Company are listed with the Colombo Stock Exchange of Sri Lanka SECRETARIES Hayleys Group Services (Private) Limited 400, Deans Road, Colombo 10, Sri Lanka REGISTERED OFFICE Telephone: (94-11) , Janadhipathi Mw, Facsimile: (94-11) Colombo 01, Sri Lanka info.sec@hayleys.com Please direct any queries about the administration of shareholdings to the Company Secretaries DIRECTORS Mr.A.M.Pandithage Executive Chairman Mr.K.D.D.Perera - Co- Chairman (Non-Executive) Mr.L.T.Samarawickrama - Managing Director Mr.S.C.Ganegoda Mr.S.J.Wijesinghe Mr.N.J. De Silva Deva-Aditya Mr.L.N. De Silva Wijeyeratne Ms.R.N.Ponnambalam Mr.J.P.Van Twest Ms.I. Jamaldeen Mr.D.E.Silva Ms. A.A. K.Amarasinghe (Alternate Director to Mr. K.D.D.Perera)

3 Statement of Profit or Loss (All amounts in Sri Lanka Rupees thousands) Unaudited Audited Unaudited Unaudited Year ended Year ended Change 3 months to 3 months to Change % % Turnover 3,085,143 3,061, , ,573 (5) Turnover tax/ Nation Building Tax (98,651) (96,226) 3 (27,042) (24,496) (10) Net turnover 2,986,492 2,964, , ,077 (6) Cost of sales (1,532,038) (1,373,125) 12 (352,382) (351,681) 0 Gross profit 1,454,454 1,591,697 (9) 377, ,396 (11) Other income 12,541 (4,503) >100 3,837 (8,963) >100 Administrative expenses (1,060,184) (919,108) 15 (257,923) (237,513) 9 Marketing expenses (137,734) (129,346) 6 (32,667) (32,140) 2 Operating profit 269, ,740 (50) 90, ,780 (37) Finance income 8,765 20,905 (58) 1,688 5,790 (71) Finance expenses (89,913) (134,629) (33) (28,085) (30,745) (9) Profit before tax 187, ,016 (56) 63, ,825 (46) Taxation (48,775) (44,670) 9 (24,774) (6,796) >100 Profit for the period 139, ,346 (63) 39, ,029 (65) Basic Earnings per share (Rs.) The notes on page 6 forms an integral part of these Financial Statements. Figures in brackets indicate deductions or losses. 1

4 Statement of Comprehensive Income (All amounts in Sri Lanka Rupees thousands) Unaudited Audited Unaudited Unaudited Year ended Year ended Change 3 months to 3 months to Change % % Profit for the period 139, ,346 (63) 39, ,029 (65) Re-measurement gain/(loss) on defined benefit plans (873) (4,508) 81 (873) (4,508) 81 Income tax effect on defined benefit plans Other Comprehensive Income/(loss) for the year,net of tax (751) (3,967) 81 (751) (3,967) 81 Total Comprehensive Income/(loss) for the year, net of tax 138, ,379 (63) 38, ,062 (64) The notes on page 6 forms an integral part of these Financial Statements. Figures in brackets indicate deductions or losses. 2

5 Statement of Financial Position ( All amounts in Sri Lanka Rupees thousands) Unaudited Audited As at As at ASSETS Non-current assets Property Plant and Equipment 3,771,586 3,814,140 Capital Work in Progress 127,025 46,750 Intangible assets 21,213 25,517 3,919,824 3,886,407 Current assets Inventories 74,052 73,004 Trade and other receivables 147, ,901 Other current assets 67,311 92,570 Tax recoverable 32,713 34,077 Cash and bank 194, ,793 Short term deposits 100, , , ,294 Total Assets 4,536,465 4,710,701 EQUITY AND LIABILITIES Capital and reserves Stated capital 836, ,000 Revaluation reserves 904, ,907 Retained earnings 793, ,646 2,533,879 2,390,553 Non- current liabilities Interest-bearing borrowings 510, ,101 Post employment benefit obligation 50,674 39,519 Deferred tax liability 231, , ,035 1,188,428 Current Liabilities Trade and other payables 327, ,855 Interest-bearing borrowings 747, ,755 Other current liabilities 134, ,110 1,209,551 1,131,720 Total equity and liabilities 4,536,465 4,710,701-0 I certify that these financial statements have been prepared in compliance with the requirements of the companies Act No 7 of Sgd. A Wijesiriwardana Director Finance Signed for and on behalf of the Board Sgd. A M Pandithage Executive Chairman Sgd. L T Samarawickrama Managing Director The notes on page 6 forms an integral part of these Financial Statements. Figures in brackets indicate deductions or losses 10th May 2018 Colombo 3

6 Statement of Changes in Equity (All amounts in Sri Lanka Rupees thousands) Stated Revaluation Retained Total Capital and other Earnings reserves Balance as at , , ,154 2,181,984 Profit for the 12 months ended , ,346 Other comprehensive income (3,967) (3,967) Total comprehensive income 376, ,379 Transfer to retained earnings from Revaluation reserve (39,113) 39,113 Deferred tax on transfer 4,694 4,694 Transfer from revaluation reserve (14,525) (14,525) Revaluation during the year 95,478 95,478 Deferred tax on transfer (11,457) (11,457) Interim Dividends to equity holders (242,000) (242,000) Balance as at , , ,646 2,390,553 Balance as at , , ,646 2,390,553 Profit for the 12 months ended , ,154 Other comprehensive income (751) (751) Income tax on other comprehensive income 4,923 4,923 Total comprehensive income 138, ,326 Transfer to retained earnings from Revaluation reserve (41,022) 41,022 - Balance as at , , ,071 2,533,879 The notes on page 6 forms an integral part of these Financial Statements Figures in brackets indicate deductions or losses. 4

7 Statement of Cash Flow (All amounts in Sri Lanka Rupees thousands) Unaudited Audited Year ended Year ended Operating activities Cash generated from operations (Note A) 563, ,740 Interest received 8,765 20,905 Interest paid (80,975) (109,080) Tax Paid (17,429) (15,644) Retirement benefits paid (3,293) (2,123) Net cash generated from /(used in) operations 470, ,798 Investing activities Capital work in progress (80,274) 1,624 Purchase of property plant & equipment (211,774) (243,400) Purchase of property plant & equipment (Intangible) (1,257) (6,214) Proceeds from disposal of property plant & equipment 6,596 1,181 Net cash (used in)/ generated from investing activities (286,709) (246,809) Financing activities Payments on interest-bearing borrowings (453,661) (430,128) Dividends Paid (121,000) (121,000) Net cash used in financing activities (574,661) (551,128) Net increase/decrease in cash and cash equivalents (390,877) (54,139) Movement in cash and cash equivalents 0.10 (0.12) At start of the year 403, ,174 Net increase / decrease (390,877) (54,139) At end of the Period 12, ,035 Note A Unaudited Audited Year ended Year ended Cash flows from operating activities Profit/(loss) before tax 187, ,016 Adjustments for: Net Finance Expenses 81, ,723 Depreciation on property, plant & equipment 237, ,305 Amortization of intangible assets 5,560 4,806 Provision for Bad & doubtful debts 5,360 (1,796) Loss on disposal of property, plant & equipment 8,533 33,024 Operating profit/(loss) before working capital changes 525, ,077 (Increase)/Decrease in trade and other receivables 624 6,089 (Increase)/Decrease in inventories (1,049) (7,569) Increase/(Decrease) in trade and other payables 24,322 51,712 Gratuity provision 13,575 6,431 Cash generated from operations 563, ,740 Note B Analysis of cash and cash equivalents Cash & cash equivalents 194, ,793 Short term deposits 100, , , ,742 Short-term interest bearing borrowings (282,826) (93,707) 12, ,035 The notes on page 6 forms an integral part of these Financial Statemen Figures in brackets indicate deductions. 5

8 Notes to the Financial Statements 1 The Interim Financial Statements are unaudited and have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34-Interim Financial Reporting. These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31 st March The Statement of Financial Position of the Company as at 31st March 2018 & The Statement of Profit or Loss for the twelve months ended are drawn up from the unaudited accounts of the Company and provides information required as per rule 8 of the Colombo Stock Exchange. 3 Other income and expenses (Rs.000) (Rs.000) Profit/(loss) on disposal of property, plant and equipment (1,058) (11,751) Sundry income 13,599 7,248 12,541 (4,503) 4 The Sky Lounge and Japanese restaurant project is expected to be completed during June/July Estimated budget being is Approx.160 Mn for the full project. We confirm that there are no material contingent liabilities or contingent assets which require disclosure in the interim financial statements for the 5 period of twelve months ended 31st March Revenue & net profit/(loss) comparison Revenue & Net Profit for the twelve months ended 31st March '18 Rs.Mn 4,000 3,500 3,000 Profit for the 6 months ended 2, ,000 1,500 1, Net Profit Revenue ,336 2,616 2,965 2, Year 7 Ratios Basic Earnings per share Net assets per share Stated Capital No. of Shares Ordinary Shares (thousands) Rs '000 As At 31st March' , ,000 As At 31st March' , ,000 6

9 Investor Information as at 31st March 2018 The market value of an Ordinary share recorded during the quarter Highest price (Rs.) Lowest price (Rs.) Closing Price (Rs.) Share trading information for the quarter No: of transactions 1,383 No: of shares stated 2,885,490 Value of shares traded (Rs.) 48,760,409 First 20 Major Shareholders Name of the Shareholder No. of Shares as at % 1 Hayleys Plc no 3 Share Investment Account 112,307, Carbotels (Pvt) Limited 31,625, Employees Provident Fund 25,559, Bank of Ceylon A/C Ceybank Unit Trust 9,673, Bank of Ceylon-No2 A/C 7,833, Mr. K.D.D.Perera 6,581, National Savings Bank 4,469, Mr.K.D.D.Perera 3,216, Renuka Hotels Limited 2,371, Renuka City Hotels PLC 2,260, Associated Electrical Corporation Ltd 2,133, Merchant Bank of Sri Lanka & Finance Plc. 01 1,937, Renuka Consultants & Services Limited. 1,835, Mr. K.D.H.Perera 1,453, People's Leasing & Finance PLC. /Mr. L.P. Hapangama 1,227, Mr. M.H. Jamaldeen 1,186, Mr. A.P.Somasiri 1,100, Cargo Boat Development Company PLC 1,010, Sampath Bank PLC/Mrs. Priyani Dharshini Ratnagopal 1,000, Mrs.V.R.Jayasinghe 904, total 219,686, Percentage of public share holding Total number of Shareholders representing the Public Holding 3,867 Float Adjusted Market Capitalization 1,684,900,800 The Company complies with option 5 of the listing Rules (a)- less than Rs.2.5Bn. Float Adjusted Market Capitalization which requires 20% minimum Public Holding. Director's Shareholdings as at 31st March 2018 Name No. of Shares 1 Mr.A.M.Pandithage Nil 2 Mr.L.T.Samarawickrama Nil 3 Mr.S.C.Ganegoda 55,713 4 Mr.S.J.Wijesinghe Nil 5 Mr.N.J.De Silva Deva - Aditya Nil 6 Mr.L.N De Silva Wijeratne Nil 7 Mr.K.D.D Perera 3,216,146 8 Ms.R.N Ponnambalam Nil 9 Mr.J.P.Van Twest Nil 10 Ms.I Jamaldeen Nil (Mr.M.H.Jamaldeen-spouse-1,186,583 - No.of shares) 11 Mr.D.E.Silva Nil 12 Ms. A.A.K. Amarasinghe (Alternate Director To Mr. K.D.D.Perera) Nil * Mr.K.D.D.Perera holds 50.44% directly and indirectly of the total issued shares of Hayleys PLC which holds 112,307,057 shares in The Kingsbury PLC. 7