ceylon leather products plc interim financial statements ... · ceylon leather products plc interim...

CEYLON LEATHER PRODUCTS PLCINTERIM FINANCIAL STATEMENTS

Year Ended 31 March 2017

Ceylon Leather Products PLCStatement of Financial Position

As at 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16Unaudited Audited Unaudited Audited

Rs' 000. Rs' 000. Rs' 000. Rs' 000.ASSETSNon-Current AssetsProperty, Plant & Equipment 3,262,301 3,462,335 1,198,044 1,166,487 Pre Paid Lease Rental - 25,033 - - Intangible Assets 26,503 27,146 1,014 1,657 Investments in Subsidiaries - - 856,549 856,549 Deferred Tax Asset - 7,015 - -

3,288,804 3,521,529 2,055,607 2,024,693 Current AssetsInventories 1,648,649 1,819,403 330,019 500,669 Trade and Other Receivables 1,060,698 1,035,030 228,302 323,785 Loans & Receivables - 479,449 - 108,404 Income Tax Refunds due 14,689 9,382 419 419 Other Financial assets 12,429 - - - Cash and Cash Equivalents 567,718 183,013 403,619 110,235

3,304,183 3,526,277 962,358 1,043,511

Total Assets 6,592,987 7,047,806 3,017,965 3,068,204

EQUITY AND LIABILITIESCapital and ReservesStated Capital 1,979,380 1,979,380 1,979,380 1,979,380 Reserves 865,303 886,917 857,450 857,450 Retained Earnings 524,221 671,743 (224,813) (446,360) Equity attributable to Shareholders of Parent 3,368,904 3,538,041 2,612,017 2,390,471 Non Controlling Interest 336,245 165,447 - - Total Equity 3,705,149 3,703,487 2,612,017 2,390,471

Non-Current Liabilities Interest Bearing Loans & Borrowings 471,540 128,731 - 26,624 Defined Benefit Liability 115,590 112,539 47,217 55,011 Deferred Tax Liability 191,880 200,864 45,665 60,023

779,010 442,133 92,882 141,659

Current Liabilities Trade and Other Payables 1,056,374 1,040,573 121,555 93,915 Income Tax Liabilities 192 - - - Interest Bearing Loans & Borrowings 1,052,263 1,861,613 191,511 442,160

2,108,829 2,902,186 313,066 536,075

Total Equity and Liabilities 6,592,987 7,047,806 3,017,965 3,068,204

Net Assets Per Share (Rs.) 98.41 103.35 76.30 69.83

I certify that the Financial Statements comply with the requirements of the Companies Act No. 07 of 2007.

Sgd.Madushan ZoysaHead of Finance

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by:

Sgd. Sgd.Neville Peiris A. G. WeerasingheChairman Director24 May, 2017

COMPANYGROUP

The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

1

Ceylon Leather Products PLCStatement of Profit or Loss

Variance Variance Variance Variance31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

Rs' 000. Rs' 000. % Rs' 000. Rs' 000. % Rs' 000. Rs' 000. % Rs' 000. Rs' 000. %Continuing OperationsRevenue (Gross) 1,858,362 1,644,568 13% 371,421 197,314 88% 8,500,159 6,937,311 23% 1,608,084 644,441 150%

Less - Taxes (52,488) (21,545) 144% (52,488) (21,318) 146% (205,886) (66,995) 207% (205,886) (66,995) 207%

Revenue - Net 1,805,874 1,623,023 11% 318,932 175,996 81% 8,294,273 6,870,316 21% 1,402,198 577,446 143%

Cost of Sales (1,680,354) (1,454,435) 16% (276,146) (198,727) 39% (7,301,919) (6,015,008) 21% (1,241,015) (666,605) 86%

Gross Profit/(Loss) 125,520 168,588 -26% 42,786 (22,731) 288% 992,354 855,308 16% 161,183 (89,159) 281% Other Income - (Note 06) 11,430 37,633 -70% 181,165 2,492 7170% 53,437 94,222 -43% 249,120 29,588 742%

Selling & Distribution Expenses (43,375) (39,173) 11% (12,793) (18,858) -32% (150,286) (103,142) 46% (51,867) (40,606) 28%

Administrative Expenses (169,874) (117,425) 45% (39,825) (66,037) -40% (625,037) (576,628) 8% (125,743) (137,776) -9%

Other Expenses - (Note 07) (16,008) (29,909) -46% (21,649) (90,562) 0% (16,008) (6,676) 140% (21,649) (110,201) -80%

Finance Expenses (25,576) (29,903) -14% (8,980) (10,802) -17% (110,097) (92,075) 20% (37,133) (27,833) 33%

Exchange Loss (14,966) (10,865) 38% - - 0% (63,966) (94,543) -32% - - 0%

Finance Income 8,144 12,647 -36% 7,679 5,458 41% 34,736 51,590 -33% 26,508 22,258 19%

Profit/(Loss) before Tax (124,705) (8,407) 1383% 148,383 (201,041) 174% 115,132 128,056 -10% 200,419 (353,730) 157%

Income Tax (Expense)/Reversal 1,886 36,298 -95% 15,137 46,930 -68% (34,875) (11,703) 198% 15,137 46,930 -68%

Profit/(Loss) from Continuing Operation (122,819) 27,891 -540% 163,519 (154,111) -206% 80,257 116,353 -31% 215,556 (306,800) 170%

Discontinued OperationsProfit/(Loss) after Tax for the period from Discontinued Operations (Note 17) (22,220) (47,477)

-53%- - (18,793) (146,787)

-87%- -

Profit/(Loss) for the period (145,039) (19,585) 163,519 (154,111) 61,464 (30,434) 215,556 (306,800)

Attributable toEquity Holders of the Parent (126,919) (11,920) 965% 163,519 (154,111) 206% 39,844 (33,522) 219% 215,556 (306,800) 170%Non Controlling Interest (18,120) (7,665) 136% - - 0% 21,619 3,088 600% - - 0%

(145,039) (19,585) 641% 163,519 (154,111) 206% 61,464 (30,434) 302% 215,556 (306,800) 170%

Earnings Per Share - Rs. (3.71) (0.35) 965% 1.16 (0.98) 219%The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

For yearEnded 31 March 2017

GROUP COMPANY GROUP COMPANYQuarter Ended Quarter Ended Year Ended Year Ended

2

Ceylon Leather Products PLCStatement of Comprehensive Income

Variance Variance Variance Variance31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

Rs' 000. Rs' 000. % Rs' 000. Rs' 000. % Rs' 000. Rs' 000. % Rs' 000. Rs' 000. %

Profit/(Loss) for the period (145,039) (19,585) 641% 163,519 (201,041) 181% 61,464 (30,434) 302% 215,556 (306,800) 170%

Other Comprehensive Income/(Expense) to be reclassified to Profit or (Loss) in subsequent periods

Change in Fair Value - AFS Assets - (5,851) 100% - (5,851) 100% - (14,561) 100% - (14,561) 100%- (5,851) -100% - (5,851) -100% - (14,561) -100% - (14,561) -100%

Other Comprehensive Income not to be reclassified to Profit or (Loss) in subsequent periods

Actuarial Gain/(loss) on defined benefit plans 8,322 (7,990) 204% 8,322 (2,228) 474% 9,119 (7,990) 214% 8,322 (2,228) 474%Tax effect on Actuarial gain/(loss) (2,330) 772 -402% (2,330) 624 -474% (3,117) 772 -504% (2,330) 624 -474%Revaluation surplus on land and building - 198,389 -100% - 198,389 -100% - 198,389 -100% - 198,389 -100%Tax effect on revaluation surplus - (8,915) 100% - (8,915) 100% - (8,915) 100% - (8,915) 100%Total Other Comprehensive Income not to be reclassified to Profit or (Loss) in subsequent periods 5,992 176,406 -97% 5,992 182,019 -97% 6,002 167,696 -96% 5,992 187,870 -97%

Total Comprehensive Income/(Loss) Net of Tax (139,046) 156,821 11% 169,512 (19,022) 991% 67,465 137,261 -51% 221,548 (133,490) 266%

Attributable to :Equity Holders of the Parent (120,927) 164,486 -174% 169,512 (40,958) 514% 45,844 135,274 -66% 221,548 (133,490) 266%Non Controlling Interests (18,120) (7,665) -136% - - 0% 21,621 1,988 988% - - -

(139,046) 156,821 -189% 169,512 (40,958) 514% 67,465 137,262 -51% 221,548 (133,490) 266%


GROUP COMPANYYear Ended Year Ended

GROUP COMPANYQuarter Ended Quarter Ended

3

Statement of Changes in Equity(Figures in Rs. '000)

GROUP Stated Revaluation AFS Assets Retained Total Non-Controlling Total Capital Reserve Reserve Earnings Interest

Balance as at 01 April 2016 1,979,380 886,917 - 671,743 3,538,040 165,447 3,703,487

Net Profit/(Loss) for the Period - - - 39,844 39,844 21,619 61,464

Other Comprehensive Income/(Loss) - - - 6,000 6,000 2 6,002

Dividend Paid - - - - - (65,804) (65,804)

Conversion of Preference Shares - - - (217,590) (217,590) 217,590 -

Pre paid lease rental adjustment - (3,915) - 6,524 2,610 (2,610) -

Revaluation reserve transferred - (17,700) - 17,700 - - -

Balance as at 31 March 2017 1,979,380 865,303 - 524,221 3,368,904 336,245 3,705,149

COMPANY Stated Revaluation AFS Assets Accumulated Total Capital Reserve Reserve Profit

Balance as at 01 April 2016 1,979,380 857,450 - (446,360) 2,390,470

Net Profit/(Loss) for the Period - - - 215,556 215,556 -

Other Comprehensive Income/(Loss) - - - 5,992 5,992

Balance as at 31 March 2017 1,979,380 857,450 - (224,813) 2,612,017

Ceylon Leather Products PLC

Attributable to Equity Holders of Parent


4

Statement of Changes in Equity(Figures in Rs. '000)GROUP

Stated Revaluation AFS Assets Accumulated Total Non-Controlling TotalCapital Reserve Reserve Profit Interest

Balance as at 01 April 2015 1,979,379 697,443 14,561 711,619 3,403,002 169,093 3,572,095

Net Profit/(Loss) for the Period - - (33,522) (33,522) 3,088 (30,435)

Other Comprehensive Income/(Loss) - 189,474 (14,561) (6,117) 168,796 (1,101) 167,696

Issue of Shares - - - - - - -

Warrant Conversion Cost 1 - - (237) (236) - (236)

Dividend Paid - - - - - (5,633) (5,633)

Balance as at 31 March 2016 1,979,380 886,917 - 671,743 3,538,041 165,447 3,703,488

COMPANY

Stated Revaluation AFS Assets Accumulated TotalCapital Reserve Reserve Profit

Balance as at 01 April 2015 1,979,379 667,976 14,561 (137,719) 2,524,196

Net Profit/(Loss) for the Period - - - (306,800) (306,800)

Other Comprehensive Income/(Loss) - 189,474 (14,561) (1,604) 173,309

Issue of Shares - - - - -

Warrant Conversion Cost 1 - - (237) (236)

Balance as at 31 March 2016 1,979,380 857,450 - (446,360) 2,390,471





5

Cash Flow Statement

31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

Rs' 000 Rs' 000 Rs' 000 Rs' 000Cash Flows From/(Used in) Operating ActivitiesNet Profit before Income Tax Expense 115,132 128,056 200,419 (353,731) Adjustments for Depreciation 214,355 171,210 42,057 44,518

Results of Discontinued Business (29,124) (150,673) - - Income from Investments (34,736) (51,590) (26,508) (22,258) Provision for machinery impairement 16,024 - 16,008 Provision/(Reversal) for Impairment - 456 (3,432) 104,604 Allowance for Doubtful Receivbles (219,362) (362,956) 872 204 Provision/(reversal) of slow moving inventories (7,629) 113,952 (7,629) 91,637 Finance Costs 110,097 92,075 37,133 27,834 Profit on sale of investments - (1,359) - - (Profit)/Loss on Sale of Investments - 6,345 - 4,986 (Profit)/Loss on Sale of Fixed Assets (8,172) 331 - 29 Foreign exchange loss 70,343 113,735 - - Provision for Defined Benefit Plans 23,602 20,825 9,132 9,258 Amortization of Intangible Assets 25,676 908 643 643

Operating Profit/(Loss) before Working Capital Changes 276,205 81,316 268,695 (92,276)

(Increase)/ Decrease in Inventories 178,383 (299,818) 178,279 (156,544) (Increase)/ Decrease in Trade and Other Receivables 123,351 288,224 105,507 (139,552) Increase /(Decrease) in Trade and Other Payables 15,801 57,518 26,515 29,318

Cash Generated from/(Used in) Operations 593,740 127,240 578,996 (359,053)

Finance Costs (110,097) (71,811) (36,008) (17,978) Defined Benefit Plan Costs (34,746) (15,226) (10,157) (5,181) Income tax (11,431) (77,114) - -

Net Cash From/(Used in) Operating Activities 437,466 (36,911) 532,831 (382,212)

Cash Flows from/(Used in) Investing ActivitiesOther Investments- DPL - (343,196) - (60,008) Acquisition of Property, Plant & Equipment (152,613) (937,384) (89,622) (10,090) Proceeds from Sale of Property, Plant & Equipment 130,440 339 - 29 Proceeds from Sale of Investments 479,449 110,130 108,404 110,130 Investment in Call Deposits (12,429) - - -

Interest Received 34,736 51,568 19,045 22,235 Net Cash Flows from/(Used in) Investing Activities 479,583 (1,118,543) 37,827 62,296

Cash Flows from/(Used in) Financing ActivitiesDividend Paid (65,804) (5,633) - - Proceeds from Issue of Shares (Warrant Conversion) - 1 - 1 Expenses on Issue of Shares - (237) - (237) Proceeds from intrest bearing Loans and Borrowings - 5,360,230 - Net Cash Proceeds/(Payments) of Current Interest Bearing Borrowings (460,210) (4,831,561) (295,548) 313,510 Principal Payment under Finance Lease Liabilities - (2,658) - (1,808)

Net Cash Flows from/(Used in) Financing Activities (526,014) 520,143 (295,548) 311,467

Net Increase/(Decrease) in Cash and Cash Equivalents 391,035 (635,310) 275,111 (8,450) Cash and Cash Equivalents at the beginning of the period 16,300 651,613 80,788 89,238 Cash and Cash Equivalents at the end of the period 407,336 16,300 355,899 80,789

Components of Cash & Cash EquivalentsCash & Bank Balances 103,629 183,013 8,155 8,322 Fixed & Call Deposits 464,089 - 395,463 101,913 Bank Overdrafts (160,382) (166,713) (47,719) (29,446)

Total Cash Equivalents for the purpose of Cash Flow Statement 407,336 16,300 355,899 80,789


Year Ended Year Ended

GROUP COMPANY


6

Ceylon Leather Products PLCNotes to the Interim Financial StatementsFor the Year Ended 31 March 2017

1 General Information

2 Interim Condensed Financial Statements

3 Basis of Preparation

4 Accounting Policies

5 Events Occurring after the Reporting Period

6 Other Income

7 Other Expenses

8 Contingencies, Capital and Other Commitments

There are no material Contingencies, Commitments which require disclosure as at reporting date.

9 Stated CapitalNumber of Ordinary Shares represented in Stated Capital - 34,234,069 (2016 - 34,234,069 ).

10 Letters of Credit and Bank Guarantees

Letters of Credit opened with Banks favoring Suppliers Rs.6.5Mn Guarantees Offered by Banks on behalf of the Company Rs.49.9Mn

Guarantees given to Banks on behalf of Subsidiaries Amount (Rs.)

Outstanding (Rs.)

- South Asia Textiles Limited - (USD 7.99 Mn) 1198.5 Mn 177.5 Mn- Palla & Company (Private) Limited - (USD 0.9 Mn) 135 Mn -

Ceylon Leather Products PLC is a Public Limited Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange (CompanyRegistration No. - PQ 99). Ordinary Shares of the Company are listed on the Colombo Stock Exchange. The address of its registered office is 64,Belummahara, Mudungoda. Principal activities of the Company during the period under review were manufacturing and selling of Leather, LeatherFootwear, and Leather Goods.

These Unaudited Interim Condensed Financial Statements includes the "Company" referring to Ceylon Leather Products PLC., as the Holding Company and"the Group" referring to the companies whose accounts have been consolidated therein : Ceylon Leather Products Distributors (Pvt) Ltd, South Asia TextilesLtd and Palla & Company (Pvt) Ltd.

These Financial Statements have been approved for issue by the Board of Directors on 24 May 2017.

The Condensed Interim Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard (LKAS) 34 - Interim FinancialReporting. These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31 March 2016, whichhave been prepared in accordance with SLFRS. The figures of previous year have been restated and/or reclassified in conformity with those presented in the Annual Financial Statements for the year ended31 March 2016, which have been prepared in accordance with SLFRS, and to be comparable with those of the current year's presentation.

All figures are presented in Sri Lankan Rupees (Rs.) and all values are rounded to nearest thousand except when otherwise indicated.

The Accounting Policies adopted are consistent with those of the previous financial year, as reported in the Annual Financial Statements for year ended 31March 2016.

No circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in the Financial Statements.

Other Income of the Company includes Dividend received from South Asia Textiles Ltd amounting to Rs.242 Mn and Group includes Miscellaneous Sales Income of Rs.44Mn.

Company, in its normal course of business opens Letters of Credit with Banks favoring Suppliers in respect of material procurement and gives Guarantees issued by banks on company's behalf favoring customers. Respective balances outstanding as at the reporting date are given below:

The Company received two tax default notices in June 2015 and August 2015 amounting to Rs.22.4 Mn default tax with 6.4 Mn penalty and 32.6 Mn default tax with Rs.10.3 Mn penalties respectively all together amounting to Rs.71.7Mn from the Department on Inland Revenue this is prior period from 1993 to 2011. The Company made a provision of Rs.30Mn (Default tax including 10% penalties) on 2015/2016 financial year for the potential liability that could arise. The balance amount has not been provided as the Company has submitted relevant supporting documents and also made an appeal to the Department of Inland Revenue to reverse assessments.

During the period under review the Company identified idle machinery amounting to Rs. 16 Mn at net book value and made a full impairment provision based on net book values which is included in other expenses .

Also the Company made an impairment provision for Rs. 5.6 Mn which was receivable from Ceylon Leather Products Distributers (Pvt) Ltd (A Subsidiary of CLPL).

7

Ceylon Leather Products PLCNotes to the Interim Financial Statements (Contd.)For the Year Ended 31 March 2017

11

11.1

11.2

12 Twenty Major Shareholders as at 31 March 2017No of shares %

1 Seylan Bank PLC/Lanka Century Investments PLC(Margin) 32,700,000 95.52 2 Dr. S. Yaddehige 111,254 0.32 3 Peoples' Leasing & Finance PLC/L. P. Hapangama 55,000 0.16 4 Mr. D. F. G. Dalpethado 49,353 0.14 5 Hatton National Bank PLC/Chokshanada Kumara Sangakkara 34,076 0.10 6 Seylan Bank PLC/A.M. Nimesha Anuruddha Abeykoon 26,524 0.08 7 Flyasia Sdn. Bhd 25,710 0.08 8 Mr. C. K. Sangakkara 23,891 0.07 9 Mr. C. V. Kunanandham 23,000 0.07

10 Mr. B. U. Hettiarachchi 22,326 0.07 11 Mr. T. L. M. Imtiaz 21,522 0.06 12 Mr. H. W. M. Woodward 21,500 0.06 13 Mrs. B. K. V. Wickramasinghe 20,000 0.06 14 Mrs. U. C. P. Abeysekara 15,444 0.05 15 Mrs. R. M. V. De Fonseka 15,000 0.04 16 Dee Sanda Holdings Pvt Ltd 12,349 0.04 17 Mr. K. M. Dissanayake 12,170 0.04 18 Mrs. K. M. Goonewardene 12,000 0.04 19 Mr. H. P. E. Silva 11,826 0.03 20 Merchant Bank of Sri Lanka Ltd A/C No 1 11,348 0.03

13 Share Prices for the Quarter ended 31.03.2017 31.03.2016Highest Rs.68.00 Rs.80.50Lowest Rs.53.00 Rs. 60.10Last Traded Price Rs.54.00 Rs. 62.50

14 Public Holding 31.03.2017 31.03.2016The public holding percentage as at 31 December 4.47% 4.47%No of Share Holders 1,789 1,849No of Shares 1,529,864 1,529,864

15 Directors' Shareholdings Name of Director 31.03.2017 31.03.2016Mr. N. C. Peiris (Chairman) 1,000 1000Mr. A. G. Weerasinghe - - Mr. P. D. J. Fernando - - Mr. P. P. Maddumage - - Mr. N. M. Prakash - - Mr. Asela Iddawela - -

16 Shareholding by the Chief Executive Officer 31.03.2017 31.03.2016Mr. S.Ranasinghe - -

Name of the Shareholder

Preference Shares held in Palla & Company (Pvt) Ltd were converted into Ordinary Shares on 26 September 2016 thereby increasing the holding in Palla & Company (Pvt) Limited to 90.74%.

Palla & Company (Pvt) Limited (a subsidiary of Ceylon Leather Products PLC) sold the buildings located at Phase 01, EPZ,Katunayake on 08 February 2017. The sales proceeds have been kept at Palla & Company (Pvt) Limited until creditors are settled.

During the period the Company reviewed the existing stock and stock provisioning policy and made an estimated change which result in an additional stock provision of Rs.16.2Mn as at 31 March 2017.

8

Ceylon Leather Products PLCNotes to the Interim Financial Statements (Contd.)For the Year Ended 31 March 2017

17 Discontinued Operation

Palla & Co; CLPDL Total Palla & Co; CLPDL Total2017 2017 2017 2016 2016 2016

Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000

Revenue - 8,341 8,341 2,688 21,357 24,046 Cost of Sales (79,496) - (79,496) Gross Profit - 8,341 8,341 (76,808) 21,357 (55,450)

Other Income 7,689 7,689 160 - 160.00 Selling & Distribution Costs - (5,917) (5,917) (699) (18,169) (18,867) Administrative Expenses (37,437) (548) (37,985) (73,184) (1,280) (74,464) Finance Cost (1,253) - (1,253) (2,051) - (2,051) Profit/(Loss) before Tax from discontinued operations (31,001) 1,877 (29,124) (152,581) 1,908 (150,673) Income Tax Expense 17,686 (7,356) 10,330 4,438 (553) 3,885.37

Net Profit/(Loss) from discontinued operations (13,315) (5,479) (18,793) (148,143) 1,356 (146,787)

-Palla & Company (Pvt) Ltd, a subsidiary of the Company suspended its operation with effect from 31 August 2015.

- Ceylon Leather Products Distributors (Pvt) Ltd ceased its operations and transferred to Ceylon Leather Products PLC with effect from 01 August 2016.


9

Ceylon Leather Products PLCNotes to the Interim Financial Statements (Contd.)For the year ended 31 March 2017

18 Segment Information - Group

- Leather and Footwear- Textiles

Turnover and Operating ResultsLeather & Textile TotalFootwearRs. 000 Rs. 000 Rs. 000

Revenue - Local Net of Taxes 1,377,548 100,000 1,477,548 Revenue - Export Direct/Indirect 22,346 6,794,379 6,816,725 Total Segment Revenue - ( Net of Taxes ) 1,399,894 6,894,379 8,294,273

Operating Profit/(Loss) Segment Results (before Finance Cost) (31,702) 222,195 190,493

Finance Cost (37,133) (72,964) (110,097) Finance Income 26,508 8,228 34,736 Finance Cost - Net (10,625) (64,736) (75,361)

Profit/ (Loss) before Tax (42,327) 157,459 115,133 Income Tax Expense (14,153) (20,722) (34,875) Net Operating Profit/(Loss) For the Year (56,480) 136,738 80,258

Turnover and Operating ResultsLeather & Textile TotalFootwearRs. 000 Rs. 000 Rs. 000

Revenue - Local Net of Taxes 548,267 128,134 676,401 Revenue - Export Direct / Indirect 25,572 6,168,343 6,193,915 Total Segment Revenue - ( Net of Taxes ) 573,839 6,296,477 6,870,316

Operating Profit/(Loss) Segment Results (before Finance Cost) (267,427) 435,968 168,541

Finance Cost (27,834) (64,241) (92,075) Finance Income 22,258 29,333 51,590 Finance Cost - Net (5,576) (34,909) (40,484)

Profit/ (Loss) before Tax (273,002) 401,059 128,057 Income Tax Expense 46,930 (58,634) (11,704) Net Operating Profit/(Loss) For the Year (226,072) 342,426 116,353

31 March 2017

31 March 2016

18.1

For Management purposes, the Group is organized into business units based on their products and accordingly, has been identifiedfollowing reportable operating segments:


10

Ceylon Leather Products PLCNotes to the Interim Financial Statements (Contd.)For the year ended 31 March 2017

Segmental Assets Leather & Textile TotalFootwear

Rs. 000 Rs. 000 Rs. 000As at 31 March 2017Non Current Assets 1,221,540 2,067,264 3,288,804 Current Assets 1,071,234 2,227,307 3,304,183 Total Assets 2,292,774 4,294,571 6,592,987

As at 31 March 2016Non Current Assets 1,361,926 2,159,603 3,521,529 Current Assets 1,078,096 2,448,182 3,526,277 Total Assets 2,440,021 4,607,785 7,047,806

Segmental Liabilities Leather & Textile TotalFootwear

Rs. 000 Rs. 000 Rs. 000As at 31 March 2017Non Current Liabilities 92,882 686,128 779,010 Current Liabilities 374,814 1,733,920 2,108,733 Total Liabilities 467,695 2,420,048 2,887,743

As at 31 March 2016Non Current Liabilities 159,346 282,788 442,134 Current Liabilities 636,173 2,266,012 2,902,185 Total Liabilities 795,519 2,548,800 3,344,319

Segmental Capital Expenditure Leather & Textile TotalFootwear

Rs. 000 Rs. 000 Rs. 000

For the Year Ended 31 March 2017 78,711 73,902 152,613


Segmental Depreciation & Amortization Leather & Textile TotalFootwear

Rs. 000 Rs. 000 Rs. 000



18.4

18.5


18.2

18.3

11

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