Interim Financial Statements For the period ended 31st March 2016

Transcription

1 Interim Financial Statements For the period ended 31st March 2016

2 echannelling PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPRIHENSIVE INCOME For the period ended GROUP COMPANY Quarter Ended 31st March Year Ended 31st March Quarter Ended 31st March Year Ended 31st March Un-audited Un-audited Un-audited Audited Un-audited Un-audited Un-audited Audited LKR LKR LKR LKR LKR LKR LKR LKR SLFRS / LKAS Restated SLFRS / LKAS SLFRS / LKAS SLFRS / LKAS Restated SLFRS / LKAS Restated Revenue - 50,741, ,986,055 56,643,644 42,327, ,633, ,143,864 Cost of Sales - (17,325) - (57,233) (12,961) (525) (46,428) (525) Gross Profit - 50,723, ,928,822 56,630,683 42,326, ,586, ,143,339 Other Operating Income - 50,559 - (574,372) - 45,559 32,094 46,001 Administrative Expenses - (18,056,774) - (65,288,857) (28,938,367) (16,585,356) (108,466,402) (62,011,082) Marketing & Distribution Expenses - (905,629) - (1,744,453) (3,400,404) (886,632) (7,251,512) (1,664,980) Profit From Operations - 31,811, ,321,140 24,291,912 24,900, ,900,872 99,513,278 Finance Income - 1,076,372-3,606,522 2,725,592 1,076,373 8,073,335 3,624,270 Net Finance (Expenses) / Income - 1,076,372-3,606,522 2,725,592 1,076,373 8,073,335 3,624,270 Profit Before Taxation - 32,888, ,927,662 27,017,504 25,976, ,974, ,137,548 Income Tax Expenses - (35,454,024) - (42,539,809) (16,349,802) (34,302,646) (31,923,553) (39,326,150) Profit for the Period - (2,565,705) - 87,387,853 10,667,702 (8,326,031) 77,050,654 63,811,398 Other Comprehensive Income Net Change in Fair Value of Available-For-Sale Financial Assets - (55,305) - 117,239 (96,781) (79,358) (345,859) (22,827) Re-measurement of employee benefit obligation - (191,289) - (191,289) 215,580 (191,289) 215,580 (191,289) Differed tax impact on actuarial loss - (53,561) - (53,561) 60,362 (53,561) 60,362 (53,561) Other Comprehensive Income for the Period - (300,155) - (127,611) 179,161 (324,208) (69,917) (267,677) Total Comprehensive Income for the Period - (2,865,860) - 87,260,242 10,846,863 (8,650,239) 76,980,737 63,543,721 Earnings Per Share - (0.02) (0.07) Dividends Per Share The notes to the Financial Statements form an integral part of these Financial Statements. Figures in brackets indicate deductions.

3 echannelling PLC STATEMENT OF FINANCIAL POSITION As at 31st March 2016 COMPANY LKR LKR Un-audited Audited ASSETS Non Current Assets Property, plant & equipment 13,921,654 17,114,882 Intangible assets 5,868,711 5,924,782 Employee share ownership trust fund - 1,160,000 Deferred taxation 1,244,180 3,676,331 Total Non Current Assets 21,034,545 27,875,995 Current Assets Inventories 410, ,663 Trade & other receivables 47,140,961 45,869,191 Short term investments 150,398,093 57,422,387 Cash & cash equivalents 26,077,873 45,042,691 Total Current Assets 224,027, ,790,932 Total Assets 245,061, ,666,927 EQUITY AND LIABILITIES Equity Stated capital 93,758,316 93,758,316 Retained earnings 80,347,271 3,020,675 Available for sale reserve (1,000,767) (654,908) Total Equity 173,104,820 96,124,083 Non Current Liabilities Employee benefits 4,652,553 3,413,692 Total Non Current Liabilities 4,652,553 3,413,692 Current Liabilities Trade & other payables 50,613,592 40,700,295 Income tax liability 16,690,741 36,428,857 Total Current Liabilities 67,304,333 77,129,152 Total Liabilities 71,956,886 80,542,844 Total Equity & Liabilities 245,061, ,666,927 Net Asset Per Share I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of Signed A.R.R.D. Alahakoon Finance Manager The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the board: Signed Signed S.A. Hettiarachchi Abulaiti Gulimire Director Director Date: ` Figures in the brackets indicate deductions. The above figures are provisional and subject to audit.

4 echannelling PLC STATEMENT OF CHANGES IN EQUITY COMPANY For the Period Ended 31st March 2016 Stated Capital Available forsale Reserve Retained Earnings Total LKR LKR LKR LKR Balance as at 1st April ,758,316 (332,402) 65,058, ,484,318 Profit for the year ,811,398 63,811,398 Net Change in Fair Value of Available-For-Sale Financial Assets - (22,827) (244,850) (267,677) Adjustment due to merger - (299,679) (125,604,277) (125,903,956) Balance as at 31st March ,758,316 (654,908) 3,020,675 96,124,083 Profit for the year ,050,654 77,050,654 Net Change in Fair Value of Available-For-Sale Financial Assets - (345,859) 275,942 (69,917) Balance as at 31st March ,758,316 (1,000,767) 80,347, ,104,820

5 echannelling PLC CASH FLOW STATEMENT For the year ended Un-audited Audited LKR LKR Cash Flow From Operating Activities Profit Before Taxation 108,974, ,137,548 Adjustments for : Depreciation and amortization 7,113,883 4,197,388 Provision for employee benefits 2,002,782 1,113,170 Interest income (8,073,335) (3,624,270) Provision for impairment of bad & doubtful debts 1,714,352 97,080 Operating Profit before Working Capital Changes 111,731, ,920,916 (Increase) / decrease in inventories 46, Decrease / (increase) in trade & other receivable 512,765 (41,552,475) Decrease / (increase) in amounts due from related parties - 26,083,203 Increase / (decrease) in trade & other payables 9,913,296 5,566,545 Cash Generated from Operations 122,204,378 95,018,714 Interest received 5,986,934 3,775,425 Gratuity paid (548,342) - Tax paid (49,169,155) (8,680,676) Net Cash Generated from Operating Activities 78,473,815 90,113,463 Cash Flow From Investing Activities Acquisition of property plant and equipment (3,864,584) (18,793,859) Net proceeds of short term investments (93,574,049) (41,161,240) Net Cash (used in) / Generated from Investing Activities (97,438,633) (59,955,099) Cash flow from Financing Activities Dividends Paid - (477,838) Net Cash Generated from Financing Activities - (477,838) Net Increase in Cash & Cash Equivalents (18,964,818) 29,680,526 Cash & Cash Equivalents at beginning of the Period 45,042,691 14,420,645 Cash & Cash Equivalents on the merger - 941,520 Cash & Cash Equivalents at end of the Period 26,077,873 45,042,691 Analysis of Cash and Cash Equivalents Cash at bank & in hand 26,077,873 45,042,691 26,077,873 45,042,691 Figures in the brackets indicate deductions. The above figures are provisional and subject to audit.

6 Notes to the Financial Statements 1 Basis of preparation The Interim Financial Statements of the Company have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. This Interim Financial Statement should be read in conjunction with the Annual Report for the year ended 31 March The financial statements provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. 2 Company is following the same accounting policies published in the Annual report for the year ended 31st March The figures are provisional and subject to audit All known expenses including management fees and similar expenses have been provided for the financial statements. According to the best of knowledge and belief of the Board of Directors no circumstances have arisen since the reporting date, which would require adjustments to or disclosure in the Financial Statements. There has not been a significant change in the nature of contingent liabilities, which were disclosed in the Annual Report for the year ended 31 March Basic earnings per share is calculated by dividing the net profit for the respective period attributable to ordinary shareholders of the parent entity by the weighted average number of ordinary shares outstanding during that period.

7 20 Largest Shareholders Name of Shareholder No of Shares % Holding 31-Mar-16 Senior Marketing System Asia (Pte).Limited 106,973, Sandwave Limited 1,570, Est.of.lat Perera (Deceased) Liyanage Saliya Ignatious 1,451, Mr.G.C. Goonetilleke 1,160, Mr.P. Rathnayaka 840, Dr. M. M. Rinoza 322, Mr.M.A.B. Morahela 289, Mr.A.H. Munasinghe 277, Mr.Guruge Piyadasa 271, Mr. H.A.V. Starrex 239, Mr.Z.G. Carimjee 231, Pan Asia Banking Corporation PLC/Mr.R.E. Rambukwelle 230, Mr.D.K.A.K. Weeratunga 219, Mrs.T.R. Selvanayagam 196, Mr.G.C.S. Ramanayake/ Mrs. K.M. Ramanayake 180, Mr.D.P. Kumarasingha 174, Dasatha Investments Limited 163, Mr.M.J. Perera 122, Mr.B.A.St Ivor Perera 120, Mr. F.N. Herft 117, Sub Total 115,151, Others 6,980, Total Shares 122,131, Public Shareholding Number of Shareholders 1,592 Number of Shares 15,158,197 Percentage Holding 12.41% Directors Shareholding Name of Director Mr. D.J. Stephen As at 31st March Mr.S.A. Hettiarachchi - Mr.T Koike - Ms. A.Gulimire - Mr.T.Nobunaga - Mr. T. Sekimoto - Market Price Per Share For the 3 months ended 31st March LKR LKR Highest Lowest Last Traded

8 Corporate Information Name of the Company echannelling PLC Company Registration No PQ 205 Registered Office Suncity Towers, Mezzanine Floor, No 18, St Anthony's Mawatha, Colombo 03 Telephone (+94 11) Telefax (+94 11) Website Contant Person Legal Form Board of Directors Secretaries of the Company Auditors Lawyer(s) Bankers Dhammika Alahakoon (Finance Manager) Quoted Public Company incorporated in Sri Lanka in 2000, Ordinary share listed on the Diri Savi Board of the Colombo Stock Exchange Mr.T Koike - CEO/Chairman Ms. A.Gulimire Mr.Natsuki Goto Mr. D.J. Stephen Mr.S.A. Hettiarachchi S.S.P Corporate Services (Pvt) Limited No 101, Inner Flower Road Colombo 03 Tel / Contact person: Mr.Lalindra Abeysekera KPMG Charted Accountants 32A, Sir Mohamed Macan Marker Mawatha P.O. Box 186 Colombo 03 D. L. & F. De Saram 47 Alexandra Place, Colombo 07 Sampath Bank PLC Nations Trust Bank PLC Peoples Bank Commercial Bank of Ceylon PLC Bank of Ceylon