Unaudited Statement of Financial Position (Balance Sheet) As at 31 December 2016 Notes 31-Dec-16 30-Jun-16 Assets Non-current assets Property, plant and equipment 1 3,828,393,320 4,662,251,303 Investments 4,569,450 4,569,450 Deferred tax assets 2 1,952,599 4,255,618 Total non-current assets 3,834,915,369 4,671,076,371 Current assets Inventories 3 15,136,593,849 15,304,052,257 Advances, deposits and prepayments 4 1,447,902,088 1,636,941,375 Deposit with Bangladesh Bank 350,000,000 350,000,000 Cash and cash equivalents 5 54,071,327 25,378,075 Total current assets 16,988,567,264 17,316,371,707 Total assets 20,823,482,633 21,987,448,078 Equity and liabilities Equity Share capital 933,451,530 889,001,460 General reserve 274,500,000 274,500,000 Dividend equalisation reserve 145,000,000 145,000,000 Revaluation reserve 3,371,906,511 4,197,058,496 Retained earnings 471,748,738 510,205,008 Total equity 5,196,606,779 6,015,764,964 Liabilities Non-current liabilities Long term loan - secured 648,874,378 798,248,788 Sponsors' loan (interest-free) 202,500,000 202,500,000 Retirement benefit obligations (gratuity) 15,405,297 21,215,764 Finance lease obligation 3,539,933 6,956,543 Total non-current liabilities 870,319,608 1,028,921,095 Current liabilities Long term loan (secured) - current portion 313,360,857 313,360,857 Finance lease obligation - current portion 7,102,814 7,102,814 Bank overdraft 6 1,126,711,417 1,257,282,754 Advance received against allotment 10,806,735,246 10,290,372,407 Accounts payables 7 2,485,546,852 3,057,760,872 Provision for income tax 17,099,060 16,882,315 Total current liabilities 14,756,556,246 14,942,762,019 Total liabilities 15,626,875,854 15,971,683,114 Total equity and liabilities 20,823,482,633 21,987,448,078 Net asset value per share (NAV) 55.67 64.45 Sd/- Sd/- Sd/- Sd/- Sd/- Company Secretary Chief Financial Officer Managing Director Director Chairman
Unaudited Statement of Profit or Loss and Other Comprehensive Income (Profit and Loss Statement) For the half year/ 2nd Quarter ended 31 December 2016 Notes For the Half Year For the 2nd Quarter 2016-2017 2015-2016 2016-2017 2015-2016 Revenue 8 1,405,090,810 1,268,140,035 627,275,528 616,488,978 Cost of sales (933,420,848) (875,997,730) (397,924,013) (414,102,656) Gross profit 471,669,962 392,142,305 229,351,515 202,386,322 Other operating income 4,034,395 3,564,584 891,389 1,843,845 Administrative and selling expenses (135,364,275) (126,985,631) (68,970,198) (64,426,822) Operating profit 340,340,082 268,721,258 161,272,706 139,803,345 Finance income - 1,476,883-1,476,883 Finance expense (148,031,840) (138,408,318) (64,457,407) (76,307,295) Profit before tax 192,308,242 131,789,823 96,815,299 64,972,933 Current tax (50,661,204) (49,735,447) (27,162,287) (27,877,096) Deferred tax (2,303,019) (1,783,562) (423,722) (188,061) Income tax expense (52,964,223) (51,519,009) (27,586,009) (28,065,157) Profit after tax 139,344,019 80,270,814 69,229,290 36,907,776 Other comprehensive income - - - - Total comprehensive income 139,344,019 80,270,814 69,229,290 36,907,776 Earnings per share (EPS) Basic earnings per share 1.49 0.86 0.74 0.40 Sd/- Sd/- Sd/- Sd/- Sd/- Company Secretary Chief Financial Managing Director Director Chairman Officer
Unaudited Statement of Changes in Equity For the half year ended 31 December 2016 Dividend Share General equalisation Revaluation Retained capital reserve reserve reserve earnings Total Half Year 2015-2016 Opening Balance 846,668,060 274,500,000 145,000,000 4,197,058,496 487,322,367 5,950,548,923 Net profit after tax for the period - - - - 80,270,814 80,270,814 Issue of bonus shares 42,333,400 - - - (42,333,400) - Payment of dividend - - - - (127,000,210) (127,000,210) Closing Balance 889,001,460 274,500,000 145,000,000 4,197,058,496 398,259,571 5,903,819,527 Half Year 2016-2017 Opening Balance 889,001,460 274,500,000 145,000,000 4,197,058,496 510,205,008 6,015,764,964 Net profit after tax for the period - - - - 139,344,019 139,344,019 Issue of bonus shares 44,450,070 - - - (44,450,070) - Payment of dividend - - - - (133,350,219) (133,350,219) Adjustment - - - (825,151,985) - (825,151,985) Closing Balance 933,451,530 274,500,000 145,000,000 3,371,906,511 471,748,738 5,196,606,779 Note: As per decision of the Board an area of 2.49 bigha land of Banasree project has been transferred from non-current assets to inventory and the revaluation reserve against this land has been adjusted accordingly. Company Secretary Chief Financial Officer Managing Director Director Sd/- Sd/- Sd/- Sd/- Sd/- Chairman
Unaudited Statement of Cash Flows For the half year ended 31 December 2016 For the Half Year 2016-2017 2015-2016 Cash flows from operating activities Cash received from customers and others 1,272,179,444 1,103,274,842 Cash paid to employees and suppliers (656,315,835) (1,328,016,102) Cash from/(used in) operating activities 615,863,609 (224,741,260) Income tax paid (50,444,459) (56,380,556) Net cash from/(used in) operating activities 565,419,150 (281,121,816) Cash flows from investing activities Acquisition of property, plant and equipment (11,573,249) (22,566,672) Interest received - 48,930 Dividend received - 1,427,953 Net cash from/(used in) investing activities (11,573,249) (21,089,789) Cash flows from financing activities Increase/ (decrease) in long term borrowings (149,374,410) 450,139,001 Increase/ (decrease) in short term borrowings (130,571,337) 23,517,452 Increase/ (decrease) in lease finance (3,416,610) 15,715,082 Interest paid (108,440,073) (71,465,224) Dividend paid (133,350,219) (127,000,210) Net cash from/(used in) financing activities (525,152,649) 290,906,101 Net increase in cash and cash equivalents 28,693,252 (11,305,504) Opening cash and cash equivalents 25,378,075 44,441,035 Closing cash and cash equivalents 54,071,327 33,135,531 Net operating cash flow per share (NOCFPS) 6.06 (3.01) Sd/- Sd/- Sd/- Sd/- Sd/- Company Chief Financial Managing Director Chairman Secretary Officer Director
Notes to unaudited financial statements As at 31 December 2016 1. Property, plant and equipment Cost/Revaluation 31-Dec-16 30-Jun-16 Opening balance 4,805,851,791 4,876,299,289 Addition during the period 11,573,249 36,178,348 Disposal/adjustment during the period (836,976,000) (106,625,846) Closing balance 3,980,449,040 4,805,851,791 Depreciation Opening balance 143,600,488 189,599,549 Charge for the Period 8,455,232 16,509,233 Disposal/adjustment during the Period - (62,508,294) Closing balance 152,055,720 143,600,488 Net book value 3,828,393,320 4,662,251,303 2. Deferred tax assets Opening balance 4,255,618 5,531,086 Deferred tax income / (expense) (2,303,019) (1,275,468) Closing balance 1,952,599 4,255,618 3. Inventories Undeveloped land 2,821,292,537 2,706,515,394 Work in progress 6,466,740,865 6,613,621,273 Developed inventory 5,829,509,447 5,964,059,590 Construction materials 19,051,000 19,856,000 15,136,593,849 15,304,052,257 4. Advances, deposits and prepayments Advance against: - Land purchase 697,041,679 759,371,794 - Supply/material purchase 226,473,590 239,493,345 - Income tax 202,188,500 202,188,500 - Work done 300,834,123 413,275,216 - Salary and wages 1,440,856 925,780 Deposits against utility services 19,923,340 21,686,740 1,447,902,088 1,636,941,375 5. Cash and cash equivalents Cash in hand 11,964,663 6,801,263 Cash at bank 42,106,664 18,576,812 54,071,327 25,378,075 6. Bank overdraft Dhaka Bank Ltd 7,863,925 63,141,544 Standard Bank Ltd 338,675,320 343,974,576 NRB Commercial Bank Ltd 172,172 166,634 Al-Arafah Islami Bank Ltd 780,000,000 850,000,000 1,126,711,417 1,257,282,754
Notes to unaudited financial statements As at 31 December 2016 7. Accounts payables 31-Dec-16 30-Jun-16 Payable against: - Expense 28,982,715 31,096,693 - Supply/material purchase 11,576,634 14,206,072 - Land purchase 2,084,739,778 2,729,698,378 - Construction work done 12,237,012 9,653,359 - Other liabilities 293,593,535 231,748,942 - Unclaimed dividend 54,417,178 41,357,428 2,485,546,852 3,057,760,872 For the Half Year For the 2nd Quarter 2016-2017 2015-2016 2016-2017 2015-2016 8. Revenue Land 624,484,590 473,516,277 390,880,960 266,465,917 Apartment 780,606,220 794,623,758 236,394,568 350,023,061 1,405,090,810 1,268,140,035 627,275,528 616,488,978