INFRASTRUCTURE DEVELOPERS PLC PQ 230

Transcription

1 INFRASTRUCTURE DEVELOPERS PLC PQ 230 INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 TH SEPTEMBER 2012

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3 TABLE OF CONTENTS Corporate Information 1 Group Financials 3 Company Financials 9 Notes To The Financial Statements 15 Shareholder Information 16

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5 CORPORATE INFORMATION NAME OF COMPANY Infrastructure Developers PLC LEGAL FORM A Public Company with Limited Liability incorporated on 7 th September 1992, and re-registered under the Companies Act 07 of Listed on the Diri Savi Board of the Colombo Stock Exchange. REGISTRATION NUMBER PQ 230 ACCOUNTING YEAR END 31 st March BOARD OF DIRECTORS Mr. Harsha N. De Silva Chairman Mrs. Dimanthi L. De Silva Mr. H. G. Sagara Kariyawasam Prof. R. W. T. M. Ranjith Bandara SUBSIDIARIES Serendib Investment Holdings Limited Serendib Engineering & Agencies (Pvt) Limited CCC Plantation Engineering Limited SECRETARIES Corporate Arcade Limited 127/37, Kirulapona Avenue Kirulapona 1 P a g e

6 REGISTERED OFFICE No.12 B, Gregory s Road Colombo 7. AUDITORS V. S. & Associates Chartered Accountants 15/7, Victoria Place Elvitigala Mawatha Colombo- 08 BANKERS Pan Asia Banking Corporation PLC National Development Bank PLC Hatton National Bank PLC Seylan Bank PLC 2 P a g e

7 GROUP FINANCIALS GROUP INFRASTRUCTURE DEVELOPERS PLC INCOME STATEMENT Six months ended Year ended Unaudited Audited Rs. Rs. REVENUE 162,020, Cost of Sales (101,488,653.08) - Gross Profit 60,531, Other Operating Income 3,462, ,599, ,994, ,599, Administrative Expenses (28,745,999.63) (739,552.39) Distribution Expenses (1,895,974.41) (25,420.00) Other Operating Expenses - (296,574.04) 33,352, ,538, Finance Cost (1,059,363.35) (960.06) Profit / (Loss) from Ordinary Activities before Tax 32,293, ,537, Income Tax Expenses (10,037,259.33) (20,895.66) Profit After Tax 22,256, ,516, Attributable to: Equity Holders of the parent Company 10,282, ,641, Minority Interest 11,973, ,874, Profit for the period 22,256, ,516, Earnings / (Loss) per Ordinary Share No comparative figures are given for the Group for six months ended , since the Company acquired its Subsidiaries in March P a g e

8 GROUP INFRASTRUCTURE DEVELOPERS PLC BALANCE SHEET As at As at Unaudited Audited Rs. Rs. ASSETS NON - CURRENT ASSETS Plant & Equipment 7,089, ,977, Investments 2,700, ,700, Investments in Equity Securities - 1,873, Intangible Assets 21,669, ,669, ,459, ,220, CURRENT ASSETS Inventories 16,828, ,817, Work in Progress 12,294, ,553, Trade & Other Receivables 135,106, ,235, Amounts Due from Related Parties 12,911, ,862, Short Term Investments 6,002, ,526, Tax Receivable 10,804, Cash and Cash Equivalents 80,728, ,871, ,676, ,867, TOTAL ASSETS 306,135, ,088, EQUITY & LIABILITIES Stated Capital 178,107, ,574, Retained Earnings (37,042,129.69) (47,324,604.02) SHAREHOLDERS' FUNDS 141,065, ,250, Minority Interest 67,463, ,727, TOTAL EQUITY 208,528, ,977, P a g e

9 NON - CURRENT LIABILITIES Retirement Benefit Obligations 9,526, ,958, Finance Lease Obligations 1,329, ,054, ,855, ,012, CURRENT LIABILITIES Trade & Other Payables 73,207, ,679, Finance Lease Obligations - 538, Amounts Due to Related Parties 147, ,897, Directors Current Account - 57, Income Tax Liabilities - 201, Bank Overdrafts 13,395, ,723, ,750, ,098, TOTAL EQUITY & LIABILITIES 306,135, ,088, Net Assets Per Share Notes: 1. The above figures are provisional and subject to audit 2. The Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007 and Listing Rules of the Colombo Stock Exchange. 3. These financial statements have been prepared in accordance with SLAS 35. I certify that these financial statements are in compliance with the requirements of the Companies Act No.07 of Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board by,. Director.. Director 5 P a g e

10 GROUP INFRASTRUCTURE DEVELOPERS PLC CASH FLOW STATEMENT Six months ended Unaudited Rs. Year ended Audited Rs. CASH FLOW FROM OPERATING ACTIVITIES Net Profit / (Loss) before Interest & Taxation 32,293, ,501, Adjustment for Depreciation 658, , Provision for Retiring Benefit Plan 980, , Profit on Disposal of Investments - (382,629.34) Investments Written off - - Interest Income (3,292,473.68) - Dividend Income (23,111.63) (2,500.00) Current Account Written Back - (4,178,193.45) Dividend Payable Written Back - - Provision for Diminution in Value of Investment - 296, OPERATING PROFIT / (LOSS) BEFORE WORKING CAPITAL CHANGES 30,617, (750,231.16) Changes in Working Capital (Increase) / Decrease in inventories (6,011,032.89) (Increase) / Decrease in work in progress 21,259, (Increase) / Decrease in Trade & Other Receivables (92,712,556.81) 5, Increase / (Decrease) in Trade & Other Payables 35,289, (823,661.28) (Increase) / Decrease in Amounts Due from Related Parties (11,048,335.00) - Increase / (Decrease) in Amounts Due to Related Parties (87,750,037.58) 87,897, Increase / (Decrease) in Directors Current Account (57,142.86) - Increase / (Decrease) in Lease Liabilities (263,265.70) - Cash Generated from / (used in) Operating Activities (110,676,176.41) 86,328, Tax Paid (201,565.00) (97,976.21) Gratuity paid (1,412,500.00) - Interest Paid - (710.24) Net Cash Flow from / (used in) Operating Activities (112,290,241.41) 86,230, P a g e

11 Cash Flow from / (used in) Investing Activities Acquisition of Subsidiary - (75,660,071.07) Acquisition of Investments 45,399, (3,606,347.00) Acquisition of Property, Plant and Equipment (770,628.36) Investments in Equity Securities (6,002,284.03) (2,170,074.04) Proceeds from Disposal of Investments - 3,988, Dividend Income 23, , Interest Received 3,292, , Short Term Investments - (901,714.28) Net Cash Flow from / (used in) Investing Activities 41,942, (78,082,833.11) Cash Flow from / (used in) Financing Activities Proceeds from share capital 129,533, Net Cash Flow from / (used in) Financing Activities 129,533, Net Increase / (Decrease) in Cash & Cash Equivalents 59,185, ,147, Cash & Cash Equivalents at the beginning of the year 8,147, Cash & Cash Equivalents at the end of the year (Note: A) 67,332, ,147, NOTE: A Cash & Cash Equivalents at the end of the year Cash in Hand & at Bank 80,728, ,871, Bank Overdrafts (13,395,950.28) (13,723,922.55) 67,332, ,147, P a g e

12 STATEMENT OF CHANGES IN EQUITY For the six months ended 30 th September 2012 GROUP Stated Capital Retained Earnings Total Minority Interest Total Equity Rs. Rs. Rs. Rs. Rs. Balance as at 1st April ,574, (48,966,453.01) (391,583.01) - (391,583.01) Net Assets Acquired on Acquisition ,853, ,853, Net Profit for the year - 1,641, ,641, ,874, ,516, Balance as at 31st March ,574, (47,324,604.02) 1,250, ,727, ,977, Share Capital issued 129,533, ,533, ,533, Net Profit for the period - 10,282, ,282, ,973, ,256, Dividend declared (238,211.86) (238,211.86) Balance as at 30th September ,107, (37,042,129.82) 141,065, ,463, ,528, P a g e

13 COMPANY FINANCIALS COMPANY INFRASTRUCTURE DEVELOPERS PLC INCOME STATEMENT Six months ended Six months ended Year ended Unaudited Unaudited Audited Rs. Rs. Rs. REVENUE Other Operating Income 427, , , , Administrative Expenses (2,104,253.53) - (647,287.51) Distribution Expenses Other Operating Expenses - - (296,574.04) (1,676,520.94) - (558,732.21) Finance Cost (20,734.06) - (249.82) Profit / (Loss) from Ordinary Activities before Tax (1,697,255.00) - (558,982.03) Income Tax Expenses 49, Profit / (Loss) for the year (1,746,407.72) - (558,982.03) Attributable to: Equity Holders of the parent (1,746,407.72) - (558,982.03) Minority Interest Profit for the Period (1,746,407.72) - (558,982.03) Earnings / (Loss) per Ordinary Share (0.34) - (0.12) 9 P a g e

14 COMPANY INFRASTRUCTURE DEVELOPERS PLC BALANCE SHEET As at As at As at Unaudited Unaudited Audited Rs. Rs. Rs. ASSETS NON - CURRENT ASSETS Plant & Equipment Investments in Subsidiaries 85,200, ,200, Investments in Equity Securities - - 1,873, ,200, ,073, CURRENT ASSETS Trade & Other Receivables 20, Amounts Due from Related Parties 2,800, Short Term Investments 6,002, Cash and Cash Equivalents 34,033, , ,856, , TOTAL ASSETS 128,056, ,226, EQUITY & LIABILITIES Stated Capital 178,107, ,574, ,574, Retained Earnings (51,271,842.62) (48,966,453.00) (49,525,435.04) TOTAL EQUITY 126,836, (391,583.00) (950,565.04) NON - CURRENT LIABILITIES CURRENT LIABILITIES Trade & Other Payables 408, , , Amounts Due to Related Parties 147, ,897, Directors Current Account - 57, , Income Tax Liabilities - 97, Bank Overdrafts 664, ,220, , ,177, TOTAL EQUITY & LIABILITIES 128,056, ,226, Net Assets Per Share (0.08) (0.20) 10 P a g e

15 Notes: 1. The above figures are provisional and subject to audit 2. The Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007 and Listing Rules of the Colombo Stock Exchange. 3. These financial statements have been prepared in accordance with SLAS 35. I certify that these financial statements are in compliance with the requirements of the Companies Act No.07 of Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board by,. Director.. Director 11 P a g e

16 COMPANY INFRASTRUCTURE DEVELOPERS PLC CASH FLOW STATEMENT Six months ended Six months ended Year ended Unaudited Un audited Audited Rs. Rs. Rs. CASH FLOW FROM OPERATING ACTIVITIES Net Profit / (Loss) before Interest & Taxation (1,697,255.00) - (558,982.03) Adjustment for Profit on Disposal of Investments (134,551.06) - (382,629.34) Interest Income (270,069.90) - - Dividend Income (23,111.63) - (2,500.00) Provision for Diminution in Value of Investment , OPERATING PROFIT / (LOSS) BEFORE WORKING CAPITAL CHANGES (2,124,987.59) - (647,537.33) Changes in Working Capital (Increase) / Decrease in Trade & Other Receivables (20,404.25) - - Increase / (Decrease) in Trade & Other Payables 136, (13,940.00) Increase / (Decrease) in Amounts Due to Related - Parties (87,750,037.38) 87,897, (Increase) / Decrease in Amounts Due from Related Parties (2,800,000.00) - Increase / (Decrease) in Directors Current Account (57,142.86) - - Cash Generated from / (used in) Operating Activities (92,615,948.22) - 87,235, Tax Paid - - (97,874.00) Interest Paid Net Cash Flow from / (used in) Operating Activities (92,615,948.22) - 87,137, Cash Flow from / (used in) Investing Activities Acquisition of Subsidiary - - (85,200,000.00) Acquisition of Investments - - (5,776,421.36) Investments in Equity Securities (3,994,232.23) - - Proceeds from Disposal of Investments - - 3,988, Dividend Income 23, , Interest Received 270, Net Cash Flow from / (used in) Investing Activities (3,701,051.30) - (86,984,944.70) 12 P a g e

17 Cash Flow from / (used in) Financing Activities Porceeds from issuance of Right Issue 129,533, Dividends Paid Net Cash Flow from / (used in) Financing Activities 129,533, Net Increase / (Decrease) in Cash & Cash Equivalents 33,216, , Cash & Cash Equivalents at the beginning of the year 152, Cash & Cash Equivalents at the end of the year (Note: A) 33,369, , NOTE: A Cash & Cash Equivalents at the end of the year Cash in Hand & at Bank - 152, Call Deposits 34,033, Bank Overdrafts (664,599.23) ,369, , P a g e

18 STATEMENT OF CHANGES IN EQUITY COMPANY Stated Capital Retained Earnings Total Equity Rs. Rs. Rs. Balance as at 1st April ,574, (48,966,453.01) (391,583.01) Net Profit for the year - (558,982.03) (558,982.03) Balance as at 31st March ,574, (49,525,435.04) (950,565.04) Share Capital issued 129,533, ,533, Net Profit for the period - (1,746,407.72) (1,746,407.72) Dividend declared Balance as at 30th September ,107, (51,271,842.76) 126,836, P a g e

19 NOTES TO THE FINANCIAL STATEMENTS Notes to the Financial Statements 1. Infrastructure Developers PLC is a Public Limited Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. 2. The Interim Financial Statements of the Group and the Company have been prepared for the six months ended 30 th September Basis of Perpetration 3.1. The Interim Financial Statements of the Group and of the Company have been prepared on the basis of the same accounting policies and methods applied for the year ended 31 st March 2012 and are in compliance with Sri Lanka Accounting Standards 35 Interim Financial Reporting The Company is currently in the process of quantifying the impact of the statement of comprehensive income and the net assets based on the new volume of Sri Lanka Accounting Standards (SLFRS/LKAS). 4. Contingencies, Capital and Other Commitments 4.1. Contingent Liabilities There were no contingent liabilities as at the Balance Sheet Date 4.2. Capital Commitments There were no capital commitments as at the Balance Sheet date 5. Post Balance Sheet Events There were no events subsequent to the Balance Sheet date which require disclosure in the Interim Financial Statements. 6. Rights Issue The Company offered 1,619,163 shares at Rs.80/- per share by way of a Rights Issue of 1 for 3, to the Registered Shareholders of the Company as at 15th August 2012 to raise a sum of Rs.129,533,040/-. The rights issue was successfully concluded on 30 th August P a g e

20 SHAREHOLDER INFORMATION STATED CAPITAL The Stated Capital of the Company as at 30 st September 2012 was Rs.178,107,910/- representing 6,476,650 Ordinary Shares. All shares are issued and fully paid. MAJOR SHAREHOLDERS DETAILS NO NAME OF SHAREHOLDER NO OF SHARES % 1 Navara Capital Limited 5,137, Lankem Ceylon PLC 476, Pan Asia Banking Corporation PLC/Lankem Ceylon PLC 290, PCH Holdings Limited 241, Flyasia Sdn.Bhd 234, Mr. K.G.D.S.R. Kulatunga 28, Mr. K.D.R. Kulatunga 12, Mr. D. Kotthoff 7, Miss P.V.S. Priyadarshani 6, Miss. K.G.A.C. Gurusinghe 6, Mr. M.R. Thambinayagam 3, Mrs. H.P. GIN 2, Ms. R.L.K.S. Ranathunga 2, Mr. B.A. Gunathilaka 1, Mr. V.G.A.C.M. Mubarak 1, Ms. R.S.M. Mohideen 1, Mr. N.J.M. Afrath 1, Mr. J.R. Weerakoon 1, Ms. R. Randeniya 1, Ms. R. Randeniya 1, Total 6,457, PUBLIC HOLDING 31st March 2012 Number of shares Percentage Shares held by the public 1,339, % Shares held by the others 5,137, % Total 6,476, % 16 P a g e

21 DIRECTORS SHAREHOLDING Mr. Harsha N. De Silva Mrs. Dimanthi L. De Silva Mr. H. G. Sagara Kariyawasam Prof. R. W. T. M. Ranjith Bandara 30 th September 2012 Number Nil Nil Nil Nil Share Price Information 30 th September 2012 Highest Price per share (Rs.) Lowest Price per share (Rs.) Closing Price per share (Rs.) P a g e

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