CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS 31ST MARCH 2017
CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS - 31ST MARCH 2017 CONTENTS Interim Comprehensive Income Statement Interim Statement of Financial Position Interim Statement of Changes in Equity Interim Statement of Cash Flows Selective Notes to the Interim Financial Statements Corporate Information
Interim Comprehensive Income Statement - by function of expenses (Amounts in Rs.000's) Note Three months ended 31st March 2017 2016 Change % Revenue 3,117,786 3,119,074 (0) Cost of sales (1,715,319) (1,599,251) 7 Gross profit 1,402,467 1,519,823 (8) Distribution costs (152,422) (89,019) 71 Administrative expenses (165,113) (132,905) 24 Other operating income 3,612 1,103 228 Operating profit 1,088,544 1,299,002 (16) Finance income 29,215 44,331 (34) Finance costs (78) (21) 271 Profit before income tax 1,117,681 1,343,312 (17) Income tax expense (295,946) (357,391) (17) Profit for the period 821,735 985,921 (17) Earnings per share attributable to the owners of the Company during the period Basic earnings per share 3.42 4.11 (expressed in LKR) Notes -The above figures are not audited. Figures in brackets indicate deductions.
Interim Comprehensive Income Statement - Continued (Amounts in Rs.000's) Note Three months ended 31st March 2017 2016 Change % Profit for the period 821,735 985,921 (17) Other comprehensive income: Actuarial (loss)/gain on retirement benefit obligations - - - Tax on other comprehensive income - - - Other Comprehensive (loss)/ income for the period - - - Total comprehensive income for the period 821,735 985,921 (17)
Interim Statement of Financial Position (Amounts in Rs.000's) Note 31st March 31st December 2017 2016 ASSETS Non-current assets Property, Plant & Equipment 2,094,212 2,132,858 Trade and other receivables 75,912 74,915 2,170,124 2,207,773 Current assets Inventories 1,606,142 1,789,585 Trade and other receivables 1,406,846 1,138,882 Cash and cash equivalents 1,904,397 1,910,267 4,917,385 4,838,733 Total assets 7,087,509 7,046,506 EQUITY AND LIABILITIES Stated capital 600,000 600,000 Retained earnings 4,082,358 3,260,623 Total equity 4,682,358 3,860,623 Liabilities Non-current liabilities Retirement benefit obligations 120,839 119,511 Deferred tax liabilites 244,180 246,304 365,019 365,815 Current liabilities Trade and other payables 1,326,255 2,139,094 Current income tax liabilities 713,877 680,975 2,040,132 2,820,069 Total liabilities 2,405,151 3,185,884 Total equity and liabilities 7,087,509 7,046,506 Net Assets per Share (Rs.) 19.51 16.09 Note: The above figures are not audited. I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007. (Sgd) Erande De Silva Manager Finance & Planning The Board of Directors is responsible for the preparation and presentation of these financial statements. The financial statements were authorised for issue by the Board of Directors on 20th April 2017. (Sgd) Kishu Gomes Managing Director / CEO 20th April 2017 (Sgd)Anura Perera Director / Chief Financial Officer
Interim Statement of Cash Flows (Amounts in Rs.000's) Note Period ended 31st March 2017 2016 Cash flows from operating activities Cash generated from operations (i) 1,076,216 1,293,476 Interest paid (78) (21) Retirement benefits paid (3,295) (5,644) Income tax paid (265,167) (218,802) Net cash generated from operating activities 807,676 1,069,009 Cash flows from investing activities Purchase of Property, Plant & Equipment (383) (1,039) Proceeds from disposal of Property, Plant & Equipment 3,310 191 Interest received 23,527 36,053 Net cash used in investing activities 26,454 35,205 Cash flows from financing activities Dividends paid (840,000) (720,000) Net cash used in financing activities (840,000) (720,000) Net increase / (decrease) in cash and cash equivalents (5,870) 384,214 Movement in cash and cash equivalents Cash and cash equivalents at beginning of period 1,910,267 2,339,049 Increase in cash and cash equivalents (5,870) 384,214 Cash and cash equivalents at end of period 1,904,397 2,723,263 Note (i) Period ended 31st March 2017 2016 Cash generated from operations Profit before taxation 1,117,681 1,343,312 Adjustments for : Depreciation 39,029 37,256 Property, plant and equipment Writtenoff 0 - Amortisation of marketing support fee paid 4,667 6,014 (Profit)/Loss on disposal of property, plant and equipment (3,310) (102) Interest income (24,136) (36,053) Interest expense 78 21 (Reversal of provision)/provision for impairment on trade receivables 401 (280) Defined benefit obligations 4,623 5,470 Changes in working capital - trade and other receivables (273,420) (205,762) - inventories 183,442 (307,389) - payables 27,161 450,989 Cash generated from operations 1,076,216 1,293,476
Interim Statement of Changes in Equity (Amounts in Rs.000's) Stated Retained Total Capital Earnings Equity Balance as at 1st January 2016 600,000 4,087,029 4,687,029 Profit for the period Nil 985,921 985,921 Other comprehensive income for the period Nil - - Transactions with owners - Dividends Nil - - Balance as at 31st March 2016 600,000 5,072,950 5,672,950 Balance as at 1st January 2017 600,000 3,260,623 3,860,623 Profit for the period Nil 821,735 821,735. Other comprehensive income for the period Nil - - Transactions with owners - Dividends Nil - - Balance as at 31st March 2017 600,000 4,082,358 4,682,358
Notes to the Financial Statement for the period ended 31/03/2017 1 General information carries on the business of importing, blending, distributing and marketing of lubricant oils and greases. The Company is a public limited liability company incorporated and domiciled in Sri Lanka. The address of its registered office is Chevron House, 490, Galle Road, Colombo 03. The Company has its primary listing on the Colombo Stock Exchange. These financial statements have been approved for issue by the Board of Directors on 20th April 2017. 2 Basis of preparation These condensed interim financial statements of are for the period ended 31st March 2017. They have been prepared in accordance LKAS 34. These interim financial statements have been prepared in accordance with those SLFRS standards and IFRIC interpretations issued and effective as at the time of preparing these statements. The condensed interim financial statements do not include all of the information required for full annual financial statements. 3 Accounting policies The accounting policies adopted are consistent with those of the previous financial year. 4 Net assets per share has been computed based on number of shares in issue as at 31/03/2017. 5 No circumstances have arisen since the Balance Sheet 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 which were disclosed in the Annual Report for the year ended 31st December 2016. 7 Share price movement The market prices during the quarter 2017 2016 Year ended 31.12.2016 Highest price Rs. 172.90 345.00 350.00 Lowest price Rs. 154.90 299.00 149.00 Last traded price Rs. 170.00 305.00 157.10 (The Company effected a sub-division of its issued ordinary shares in June 2016. The share sub-division increased the number of shares by two-fold from 120,000,000 to 240,000,000 shares) 8 Stated Capital is represented by 240,000,000 Ordinary Shares. Notes to the Financial Statement for the year ended 31.03.2017 Continued 9 Names and the Number of Shares held by the largest 20 shareholders as at 31st March 2017 : Name of Shareholders Number of Shares % 1 Chevron Ceylon Limited 122,400,000 51.00 2 Citigroup Global Markets Limited Agency Trading Prop Securities A/C 4,653,040 1.94
3 BNYM SA/NV- Blackrock Frontiers Investment Trust PLC 4,443,434 1.85 4 BNYM SA/NV-NEON LIBERTY EMERGING MARKETS FUND LP 4,177,352 1.74 5 RBC Investor Services Bank- COELI SICAV I- FRONTIER MARKETS FUND 3,959,702 1.65 6 HSBC INTL NOM LTD -BBH-FIDELITY FUNDS 3,369,664 1.40 7 Northern Trust Global Services London S/A VERDIPAPIRONDET ODIN EMERGING MARKETS 3,344,194 1.39 8 HSBC International Nominees Ltd-Morgan Stanley & Co INTL PLC-OWN A/C 2,954,000 1.23 9 Renuka Hotels Limited 2,800,000 1.17 10 Cargo Boat Development Company Limited 2,800,000 1.17 11 BNYM SA/NV- FRONTAURA GLOBAL FRONTIER FUND LLC 2,769,163 1.15 11 HSBC INTL NOM LTD-SSBT-ABERDEEN INSTITUTIONAL COMMINGLED FU 2,586,444 1.08 13 HSBS INT NOM LTD-BP2S LUXEMBOURG- ABERDEEN GLOBAL FRONTIER MARKETS EQUITY FUND 2,304,390 0.96 14 HSBC INTL NOM LTD-SSBT PARAMETRIC EMERGING MARKETS FUND 2,003,628 0.83 15 Crescent Launderers & Dry Cleaners (Pvt) Ltd 2,000,000 0.83 16 BNYM SA/NV- Frontier Market Opportunities Master FD, L.P 1,876,963 0.78 17 HSBC INTL NOMINEES LTD-SSBT-FRANK RUSSEL TRUST COMPANY COM 1,809,078 0.75 18 HSBC INTL NOM LTD- JPMCB INVESTERINGSFORENINGEN BANKINVEST 1,703,354 0.71 19 Mellon Bank NA Florida Retirement System 1,646,876 0.69 20 HSBC INTL NOM LTD-SSBT-RUSSELL INVESTMENTS INSTITUTIONAL FUNDS PUBLIC LIMITED COMPANY 1,591,490 0.66 Total 175,192,772 72.98 10 Public Holding : 49%. The Number of shareholders representing the public holding was 4,446. 11 None of the Directors hold shares in the company except A.M.Anura Perera who holds 400 shares. 12 Mr. Kishu Gomes is the Managing Director and the Chief Executive Officer of the Company.
Corporate Information Name of Company Registrars to the Company S S P Corporate Services (Private)Limited 546, Galle Road, Legal Form Colombo 3 Public Limited Liability Company (Incorporated in 1992 and listed on the Auditors to the Company Colombo Stock Exchange) PricewaterhouseCoopers Chartered Accountants Company Registration Number P.O.Box 918,100, Braybrooke Place,Colombo 2. PQ 54 Lawyers to the Company Registered Office Julius & Creasy Chevron House Attorneys-at-Law and Notaries Public No.490, Galle Road, Colombo 3. No.41, Janadhipathi Mawatha,Colombo 1. Directors Farrukh Saeed - Chairman Kishu Gomes - Managing Director / CEO Harsha Amarasekera Devasiri Rodrigo Richard Brown Anura Perera Principal Bankers Citibank NA Deutsche Bank Commercial Bank Secretary Web Address : www.chevron.lk Anura Perera Email : contactus@chevron.com Chevron House Telephone : 94 11 4524524 No.490, Galle Road, Colombo 3. Facsimile : 94 11 4524566