lankem developments plc€¦ · owners of the company (36,372) 57,874 - (163) 13,722 175,833 - (92)...
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LANKEM DEVELOPMENTS PLC
Company No. PQ 86
INTERIM FINANCIAL STATEMENTS
For The Period Ended 30th September 2018
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP
Quarter Quarter Period Period
ended ended ended ended
30.09.2018 30.09.2017 Variance 30.09.2018 30.09.2017 Variance
Rs.'000 Rs.'000 % Rs.'000 Rs.'000 %
Revenue 1,092,059 1,092,593 - (0) 2,340,293 2,438,647 - (4)
Cost of Sales (1,061,838) (945,873) - 12 (2,136,773) (2,008,378) - 6
Gross Profit 30,221 146,720 - (79) 203,520 430,269 - (53)
Gain on Fair Value of Biological Assets - - - - - - - -
Other Income 13,089 22,308 - (41) 24,866 31,020 - (20)
Administration Expenses (27,885) (17,714) - - (57,007) (45,049) - -
Other Expenses - - - - - - - -
Net Finance Cost (70,961) (49,082) - 45 (144,432) (105,414) + 37
Profit before Tax (55,536) 102,232 - (154) 26,947 310,826 - (91)
Taxation 135 (138) + (198) 269 (24) + (1,221)
Profit for the Period (55,401) 102,094 - 154 27,216 310,802 - (91)
Other Comprehensive Income
Actuarial Gain/(loss) on Defined Benefit Plan - - - - - - - -
Net Gain/(Loss) on Financial Assets available for Sale (1,238) (58) - (2,035) (1,589) 156 - (1,119)
Total Comprehensive Income (56,639) 102,036 - 156 25,627 310,958 - (92)
Attributable to
Owners of the Company (36,372) 57,874 - (163) 13,722 175,833 - (92)
Non - Controlling Interest (19,029) 44,220 - (143) 13,494 134,969 - (90)
Profit / (Loss) for the period (55,401) 102,094 - 154 27,216 310,802 - (91)
Attributable to
Owners of the Company (37,172) 57,816 - (164) 12,571 175,989 - (93)
Non - Controlling Interest (19,467) 44,220 - 144 13,056 134,969 - (90)
Total Comprehensive Income (56,639) 102,036 - (156) 25,627 310,958 - (92)
Basic Profit / (Loss) per Share (Rs.) 0.24 0.96 - (75) 0.23 2.93 - (92)
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
Lankem Developments PLC 2
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY
Quarter Quarter Period Period
ended ended ended ended
30.09.2018 30.09.2017 Variance 30.09.2018 30.09.2017 Variance
Rs.'000 Rs.'000 % Rs.'000 Rs.'000 %
Revenue - - - -
Cost of Sales - - - -
Gross Profit - - - -
Other Income 39 185 - (79) 205 351 - (42)
Administration Expenses (1,171) (573) + 104 (2,089) (1,787) - 17
Other Expenses - - - - - - - -
Net Finance Cost (837) 474 + 277 (1,602) 889 + 280
Profit before Tax (1,969) 86 - (2,390) (3,486) (547) - (537)
Income Tax Expense - - - -
Profit/ (Loss) for the Period (1,969) 86 - (2,390) (3,486) (547) - (537)
Other Comprehensive Income / (Expense)
Net Gain/(Loss) on Financial Assets available for Sale (71) (58) - (22) (422) 156 - (371)
Total Comprehensive Income / (Expense) (2,040) 28 - (7,386) (3,908) (391) - (899)
Attributable to
Owners of the Company (1,969) 86 - (2,390) (3,486) (547) - (537)
Non - Controlling Interest - - - -
Profit / (Loss) for the period (1,969) 86 - (2,390) (3,486) (547) - (537)
Attributable to
Owners of the Company (2,040) 28 - (7,386) (3,908) (391) - (899)
Non - Controlling Interest - - - -
Total Comprehensive Income / (Expense) (2,040) 28 - (7,386) (3,908) (391) - (899)
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
Lankem Developments PLC 3
Group Company
As at As at As at As at As at As at
31.03.2018 31.03.2018 30.09.2018 30.09.2017 30.09.2018 30.09.2017
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
Audited Audited
ASSETS
Non - Current Assets
834,687 6,954 Property, Plant & Equipment 780,502 819,752 6,953 6,955
2,225,065 - Improvement to Leasehold Property 2,281,874 2,175,964 - -
760,297 - Leasehold Properties 762,477 224,501 - -
218,804 - Biological Assets 212,479 649,788 - -
629,064 - Intangible Assets 629,064 629,064 - -
- 911,066 Investments in Subsidiaries - - 911,066 472,843
192,988 6,171 Other Long-Term Investments 191,399 13,512 5,749 7,676
4,860,905 924,191 Total Non-Current Assets 4,857,795 4,512,581 923,768 487,474
Current Assets
607,221 - Inventories 479,598 519,703 - -
9,395 - Produce on Bear Biological Assets 9,395 12,962 - -
222,835 14 Trade and Other Receivables 243,246 164,296 14 14
23,145 10,600 Loans due from Related Parties 23,145 20,600 10,600 10,600
38,089 5,130 Amounts due from Related Parties 83,056 29,855 7,445 15,013
82,588 4,164 Taxes Recoverable 4,164 84,171 4,164 4,164
4,799 4,799 Short Term Investments 3,991 6,455 3,991 6,455
209,272 50 Bank & Cash Balances 95,393 73,994 72 50
1,197,344 24,757 Total Current Assets 941,987 912,036 26,286 36,296
6,058,249 948,948 TOTAL ASSETS 5,799,782 5,424,617 950,054 523,770
EQUITY AND LIABILITIES
Equity Attributable to Equity Holders of the Parent
1,558,006 1,558,006 Stated Capital 1,558,006 1,408,006 1,558,006 1,408,006
500 500 General Reserve 500 500 500 500
(527,174) (751,643) Accumulated Loss (514,603) (595,546) (755,551) (1,021,332)
1,031,332 806,863 1,043,903 812,960 802,955 387,174
297,095 - Non - Controlling Interest 310,151 206,240 - -
1,328,427 806,863 Total Equity 1,354,054 1,019,200 802,955 387,174
Non - Current Liabilities
1,165,460 - Interest Bearing Borrowings 949,362 677,661 - -
217,479 - Deferred Income 17,911 221,891 - -
18,179 - Deferred Tax Liabilities 214,478 15,775 - -
145 - Net Obligation to Lessor 145 146 - -
1,177,096 - Retirement Benefit Obligations 1,168,518 1,041,396 - -
2,578,359 - Total Non-Current Liabilities 2,350,415 1,956,869 - -
Current Liabilities
1,328,479 6,989 Trade & Other Payables 1,147,318 1,440,735 7,857 6,929
30,700 30,700 Loans due to Related Parties 30,700 30,700 30,700 30,700
237,070 99,648 Amounts due to Related Parties 158,899 184,642 103,945 94,744
191,854 - Interest Bearing Borrowings 359,006 369,625 - -
- - Dividends Payables - - - -
13,024 - Income Tax Payable 13,024 142 - -
350,336 4,748 Bank Overdraft 386,367 422,704 4,597 4,223
2,151,463 142,085 Total Current Liabilities 2,095,314 2,448,548 147,099 136,596
4,729,822 142,085 Total Liabilities 4,445,728 4,405,417 147,099 136,596
6,058,249 948,948 TOTAL EQUITY AND LIABILITIES 5,799,782 5,424,617 950,054 523,770
8.59 6.72 Net Assets per Share (Rs.) 8.70 13.55 6.69 6.45
Asoka Piyadigama
Chief Financial Officer
S. D. R. Arudpragasam R.N Bopearatchy
Director Director
Colombo
09th November, 2018
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 of Directors of Lankem Developments PLC.
Sgd Sgd
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
Group Company
Sgd
I certify that the financial statements have been prepared in accordance with the requirements of the Companies Act no. 7 of 2007.
STATEMENT OF FINANCIAL POSITION
Lankem Developments PLC 4
Group Stated General Accumulated Total Non-Controlling Total
Capital Reserve Profit/ (Loss) Interest Equity
Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Balance as at 01.04.2018 1,558,006 500 (527,174) 1,031,332 297,095 1,328,427
Rights Issue of Shares - - - - - -
Profit for the Period - - 13,722 13,722 13,494 27,216
Adjustment due to change in Holding - - - - - -
Other Comprehensive Income - - (1,151) (1,151) (438) (1,589)
Balance as at 30.09.2018 1,558,006 500 (514,603) 1,043,903 310,151 1,354,054
Balance as at 01.04.2017 1,408,006 500 (771,535) 636,971 71,271 708,242
Profit for the Period - - 175,833 175,833 134,969 310,802
Other Comprehensive Income - - 156 156 - 156
-
Dividend Payment - - - - - -
Balance as at 30.09.2017 1,408,006 500 (595,546) 812,960 206,240 1,019,200
Company Stated General Accumulated Total
Capital Reserve Profit/(Loss)
Rs. '000 Rs. '000 Rs. '000 Rs. '000
Balance as at 01.04.2018 1,558,006 500 (751,643) 806,863
Rights Issue of Shares - - - -
Direct Expenses on Right Issue - - - -
Profit for the Period - - (3,486) (3,486)
Other Comprehensive Expense - - (422) (422)
Balance as at 30.09.2018 1,558,006 500 (755,551) 802,955
Balance as at 01.04.2017 1,408,006 500 (1,020,941) 387,565
Profit for the Period - - (547) (547)
Other Comprehensive Expense - - 156 156
Balance as at 30.09.2017 1,408,006 500 (1,021,332) 387,174
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
STATEMENT OF CHANGES IN EQUITY
Lankem Developments PLC 5
For the Period Ended 30th Septembre 2018 2017 2,018 2017
Rs.'000 Rs.'000 Rs.'000 Rs.'000
Unaudited Unaudited
Cash Flows from Operating Activities
Profit/(Loss) before Tax 26,947 310,826 (3,486) (547)
Adjustments for :
Depreciation 64,100 64,503 1 1
Depreciation of Mature Plantations - - - -
Amortization of Leasehold Properties - - - -
Loss on Disposal of Subsidiary - - - -
Gain on Disposal of Investments - - - -
Dividend Income (205) (351) (205) (351)
Interest Expense 145,937 107,297 3,107 3,395
Profit on Disposal of PPE/Timber & other Trees (3,170) (6,370) - -
Profit on Sales of Timber (8,064)
Interest Income (4,013) (719) (2,314) (3,117)
Provision for Retirement Benefit Obligation 95,944 95,292 - -
Fair value (Gain) / Loss on investments classified as FVTPL 809 (1,167) 809 (1,167)
Provision for impairment of Investment in Subsidiary - - - -
Impairment on Long term Investments - - - -
Gain or Loss on fair value of Biological Assets - - - -
Provision for / (Reversal of) Bad & Doubtful Debts - - - -
Amortization of Deferred Income (3,000) (3,000) - -
Profit/ (Loss) before Working Capital Changes 323,348 558,247 (2,088) (1,786)
(Increase) / Decrease in Inventories 127,623 (121,314) - -
(Increase) / Decrease in Trade and Other Receivables 58,012 38,354 - -
(Increase) / Decrease in Amounts due from Related Parties (42,653) (12,808) - -
Increase / (Decrease) in Trade and Other Payables (181,161) (183,017) 867 417
Increase / (Decrease) in Amounts due to Related Parties (80,968) (12,272) 1,500 (1,249)
Cash Generated from Operations 204,202 267,190 279 (2,618)
Taxes Paid (6,531) (471) - -
Interest Paid (160,714) (125,578) (311) (225)
Interest Received - - - -
Gratuity Paid (104,522) (73,000) - -
Net Cash Generated from / (used in) Operating Activities (67,564) 68,141 (32) (2,843)
Cash Flows from Investing Activities
Acquisition of Property, Plant & Equipment (37,580) (51,542) - -
Investment in Immature Plantations - - - -
Investment in Biological Assets - - - -
Interest Received 1,699 2 - -
Dividend Received 205 351 205 351
Investment in Subsidaries - - - -
Investment in Long Term Investments - - - -
Investments in short term investment - - - -
New Investment of AFS Investment - - - -
Proceeds from Disposal of PPE/timber & other trees 3,294 6,370 - -
Proceeds from Sale of Timber 8,064
Proceeds from Disposal of Subsidiary - - - -
Proceeds from Sale of Shares - - - -
Proceeds from Sale of Valuable Timber and other Trees - - - -
Proceeds from Disposal of Short Term Investments - - - -
Net Loan (Granted to)/recovered from related Parties - - - -
Investment in Field Development - - - -
Investment in Timber - - - -
Divestment/ (Investment) in Fixed Deposits 1,731 - - -
Net Cash Generated from / (used in) Investing Activities (30,652) (36,755) 205 351
Cash Flows from Financing Activities
Proceeds from Long Term Loans 122,500 296,249 - -
Repayment of Long Term Loans (173,230) (188,781) - -
Repayments of Lease Rental (966) - - -
Proceeds from Right Issue of Shares - - - -
Direct Cost on Share Issue - - - -
Net Movement in Short Term Borrowings - - - -
Payment to Lessor on Leasehold Rights - - - -
Dividend Paid - - - -
Grants Received - (405) - -
Net Cash Generated from / (used in) Financing Activities (51,696) 107,063 - -
Net Increase / (Decrease) in Cash & Cash Equivalents (149,912) 138,449 173 (2,492)
Cash & Cash Equivalents at the beginning of the Period (141,063) (487,159) (4,698) (1,681)
Cash & Cash Equivalents at the end of the Period (290,974) (348,710) (4,525) (4,173)
Analysis of Cash & Cash Equivalents at the end of the Period
Cash in Hand and at Bank 95,393 73,994 72 50
Bank Overdraft (386,367) (422,704) (4,597) (4,223)
Cash & Cash Equivalents at the end of the Period (290,974) (348,710) (4,525) (4,173)
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
STATEMENT OF CASH FLOW
Group Company
Lankem Developments PLC 6
SEGMENTAL INFORMATION
Information based on Primary Segments (Business Segments)
Segmental Revenue
For the year ended 30th September 2018 2017
Rs.'000 Rs.'000
Plantations 2,287,343 2,413,056
Others 52,950 25,591
2,340,293 2,438,647
Segmental Results
For the Period ended 30th September 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
Plantations 135,702 407,233 (138,994) (101,168) (3,292) 306,065 - - (3,292) 306,065
Others 35,677 9,007 (5,438) (4,246) 30,239 4,761 269 (24) 30,508 4,737
171,379 416,240 (144,432) (105,414) 26,947 310,826 269 (24) 27,216 310,802
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
Group Net Revenue
Operating Profit Net Finance Cost Profit / (Loss) before Tax Tax Expense Profit / (Loss) after Tax
Lankem Developments PLC 7
Notes to the Financial Statements
1.
2.
3.
4.
5.
6.
As at 30th September 2018 2017
Stated Capital (Rs.'000) 1,558,006 1,408,006
Number of Ordinary Shares (Voting) Issued 120,000,000 60,000,000
7. Market Price recorded during the quarter 30.09.2018 30.09.2017
Rs. Rs.
- Highest 6.00 11.30
- Lowest 4.00 2.80
- Last traded price (Volume Weighted Average) 4.30 11.00
8. Director's direct shareholdings as at 30th September 2018.
Name of Director No. of Shares
Mr. S. D. R. Arudpragasam 417,164
Mr. K. P. David 4,314
9. Public Holding
The percentage of shares held by the public as at 30th September 2018 was 36.74 %.
Public Shareholders
10. The number of Public Shareholders as at 30th September 2018 were 2,926.
11.
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
The Interim Financial Statements have been prepared in accordance with the accounting policies set out in the audited financial statements for the
period ended 30th September 2018 and also in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting.
The presentation and classification of the financial statements of the previous period have been amended, where relevant, for better presentation and to be
comparable with those of the current period.
Subsequent to the reporting period, no circumstances have arisen that would require adjustments to or disclosures in the financial statements.
There has been no significant change in the nature of the contingent liabilities which were disclosed in the audited financial statements for the
year ended 31st March 2018.
The figures in the financial statements are provisional and are subject to audit.
Share Information
The applicable option under Colombo Stock Exchange Rule 7.13.1 on Minimum Public Holding is Option 5 and the Float Adjusted Market
Capitalization as at 30. 09.2018 was Rs. 189.58 Mn.
Lankem Developments PLC 8
Notes to the Financial Statements
12. The Twenty Major Shareholders as at 30.09.2018 were as follows;
Name of Shareholder No. of Shares %
1 Consolidated Tea Plantations Limited 59,762,295 49.80
2 Acuity Partners (Pvt) Limited/Union Investments (Pvt) Limited 8,150,000 6.79
3 Sandwave Limited 2,662,725 2.22
4 Lankem Ceylon PLC 2,469,068 2.06
5 Mellon Bank N.A-Acadian Frontier Markets Equity Fund 2,382,798 1.99
6 Acuity Partners (Pvt) Limited/Colombo Fort Investments PLC 2,000,000 1.67
7 Acuity Partners (Pvt) Limited/Colombo Investment Trust PLC 2,000,000 1.67
8 Mr. Nandadeva Perera 1,200,000 1.00
9 Seylan Bank PLC/Mr.S.N.C.W.M.B.C. Kandegedara 1,200,000 1.00
10 Seylan Bank PLC/Mohamed Mushtaq Fuad 1,151,046 0.96
11 Citizens Development Business Finance PLC/J.D.Weerasooriya And P.S.B. Mullegama 1,024,000 0.85
12 Mr. Prasanna Senarath Bandara Mullegama 1,010,000 0.84
13 Mr. Ravindra Erle Rambukwella 743,000 0.62
14 Mr. Sithambaram Pillai Jayakumar 718,983 0.60
15 Mr. Anurudha Kolitha Wimalaratna 620,000 0.52
16 Mr. Ganegoda Hitiarachchige Sarath Kumara 600,000 0.50
17 Mellon Bank N.A.-Commonwealth Of Massachusetts 583,925 0.49
18 Dialog Finance Plc/F.F. Haniffa 581,368 0.48
19 Union Commodities (Pvt) Ltd. 550,000 0.46
20 Mr. Anouk Kanishka Wimalaratna 535,000 0.45
89,944,208 74.95
LANKEM DEVELOPMENTS PLCCompany No. PQ 86
Lankem Developments PLC 9
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