Colombo Dockyard PLC. Interim Financial Report

Transkript

1 Colombo Dockyard PLC Interim Financial Report For the Twelve Months Period Ended 31 December 2018

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3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarter ended 31st December Year Ended 31st December Change % Change % Revenue 4,845,265 2,567, ,946,583 12,929, Cost of Sales (4,403,835) (2,103,840) 109 (13,602,250) (11,162,224) 22 Gross Profit 441, ,797 (5) 1,344,333 1,766,872 (24) Other Income 451,574 31,057 1,354 1,024, , Distribution Costs (12,700) (9,628) 32 (29,429) (30,859) (5) Administrative Expenses (534,012) (546,888) (2) (2,187,751) (2,050,177) 7 Other (Expenses)/ Reversal 5,679 (1,462) (488) 1,095 (29,972) (104) Net Finance Income / (Expense) 96,387 96, , ,767 6 Profit before Tax 448,358 33,063 1, , , Income Tax (14,847) (34,897) (57) (123,414) (109,570) 13 Profit for the period 433,511 (1,834) 23, ,475 26,094 1,193 Other comprehensive income Cash Flow Hedge - Effective portion of changes in fair value 74,833-74,833 - Fair value adjustment of available-for-sale financial assets 1,790 1,129 1,790 1,129 Foreign currency transaction differences - Foreign operations 10, ,967 11,633 Defined benefit plan actuarial gains / (losses) 37,307 (58,920) 37,307 (58,920) Tax on other comprehensive income (3,697) 8,466 (3,697) 8,465 Other comprehensive income for the year, net of tax 121,115 (48,615) 132,200 (37,693) Total comprehensive income for the year 554,626 (50,449) 469,675 (11,599) Profits attributable to : Owners of the company 433,547 (192) 331,600 25,354 Non - controlling interest (36) (1,642) 5, ,511 (1,834) 337,475 26,094 Total comprehensive income attributable to : Owners of the company 549,335 (49,332) 453,036 (18,040) Non - controlling interest 5,291 (1,117) 16,639 6, ,626 (50,449) 469,675 (11,599) Earnings per share (Rs) 6.03 (0.00) ` Note : Figures in brackets indicate deductions The above figures are subject to audit 01. Colombo Dockyard PLC

4 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31st December ASSETS Non-Current Assets Property, Plant and Equipment 4,246,805 3,912,488 Intangible Assets 11,233 25,039 Investments Classified as Fair Value through OCI 17,981 16,191 Deferred Tax Assets 125, ,006 Other Financial Assets Including Derivatives 549, ,689 Total Non-Current Assets 4,950,224 4,526,413 Current Assets Inventories 821, ,516 Trade and Other Receivables 5,823,456 7,179,216 Other Financial Assets Including Derivatives 243, ,764 Investments Classifies as fair value Through Profit or Loss 236, ,685 Cash and Cash Equivalents 4,914,690 5,060,826 Total Current Assets 12,039,360 13,676,007 Total Assets 16,989,584 18,202,420 EQUITY AND LIABILITIES Stated Capital 714, ,396 Exchange Equalization Reserve 21,993 10,790 Fair Value Through OCI Reserve 17,872 16,082 Cash flow Hedge Reserve 74,833 - Retained Earnings 9,391,113 9,149,286 Equity Attributable to Equity Holders of the Parent 10,220,207 9,890,554 Non-controlling Interest 76,512 59,873 Total Equity 10,296,719 9,950,427 Non-Current Liabilities Deferred Taxation 12,561 1,053 Employee Benefits 859, ,103 Total Non-Current Liabilities 872, ,156 Current Liabilities Interest Bearing Borrowings 2,712,300 3,494,446 Trade and Other Payables 3,008,839 3,778,412 Income Tax Payable 83,968 34,623 Dividends Payable 15,152 26,152 Bank Overdrafts 80 2,204 Total current Liabilities 5,820,339 7,335,837 Total Equity and Liabilities 16,989,584 18,202,420 Net Assets per share (RS) Note :The above figures are subject to audit These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007 (Sgd.) P D Gihan Ravinatha Chief Financial Officer (Sgd.) Dr. Toru Takehara Chairman (Sgd,) D.V Abeysinghe Managing Director / CEO February 26, 2019 Colombo 02. Colombo Dockyard PLC

5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to equity holders of parent For the year Ended 31st December Stated Capital Retained Earnings Fair Value Through OCI Reserves Exchange Fluctuation Reserves Cash Flow Hedge Reserve Total Non- Controlling Interest Total Equity Balance as at 1st January ,396 9,162,035 27,305 4,857-9,908,593 53,432 9,962,025 Profit for the year - 25, , ,094 Other comprehensive income for the year - (38,102) (11,223) 5,933 - (43,393) 5,701 (37,692) Dividends Paid Balance as at 31st December ,396 9,149,286 16,082 10,790-9,890,554 59,873 9,950,427 Balance as at 01st January ,396 9,149,286 16,082 10,790-9,890,554 59,873 9,950,427 Adjustment on initial application of SLFRS 9 - (15,595) (15,595) - (15,595) Adjusted balance as at 01st January ,396 9,133,691 16,082 10,790-9,874,959 59,873 9,934,832 Profit for the year - 331, ,600 5, ,475 Other comprehensive income for the year - 33,610 1,790 11,203 74, ,436 10, ,200 Dividends Paid - (107,788) (107,788) - (107,788) Balance as at 31st December ,396 9,391,113 17,872 21,993 74,833 10,220,207 76,512 10,296,719 Note :The above figures are subject to audit These Financial Statements have been prepared in compliance with the Companies Act No. 7 of Colombo Dockyard PLC

6 CONSOLIDATED CASH FLOW STATEMENT For the year Ended 31st December Cash Flow from Operating Activities Net Profit Before Tax 460, ,664 Adjustment for ; Depreciation of Property, Plant & Equipment 432, ,232 Amortization of Intangible Assets 13,806 13,883 Impairment of Property, Plant and Equipment 2,473 - Provision for Retirement Benefit Obligations 150, ,128 Provision / (reversal) for Bad and Doubtful Debts 75,765 (7,825) Bad Debts written-off (8,153) 6,861 Provision / (reversal) for Obsolete Stocks (7,566) 29,101 (Profit)/Loss on Disposal of Property, Plant and Equipment (1,610) (5,244) Provision for/ (Reversal)of Warranty Provision 37,368 1,076 Net charge in fair value of financial instruments (47,417) (34,372) (profit) on sale of investments valued at available for sale - (3,614) Interest Income (269,958) (320,886) Dividend Income (10) - Interest Expense 39,972 91,788 Operating Profit Before Working Capital Changes 879, ,792 (Increase) / Decrease in Inventory (68,852) 535,808 (Increase) / Decrease in Trade and Other Receivable 1,371,149 4,118,199 Increase / (Decrease) in Trade and Other Payables (815,959) 1,723,073 Cash Generated from / (used in) Operating Activities 1,365,552 6,851,872 Interest Paid (39,972) (91,788) Gratuity Paid (168,727) (146,202) Income Tax Paid / Set offs (84,404) (114,185) Net Cash Generated from / (used in) Operating Activities 1,072,449 6,499,697 Cash Flow from Investing Activities Purchase of Property Plant and Equipment (770,462) (208,974) Proceeds from Disposal of Property, Plant and equipment 2,531 7,579 Interest Received 221, ,369 Staff loans granted during the year (300,829) (248,851) Staff loans recovered during the year 213, ,249 Investment in FVTPL Financial Assets - (361,673) Proceeds on Maturity of FVTPL Financial Assets 317,402 - Investment in AFS Financial Assets - 163,918 Acquisition of Intangible Assets - (709) Dividend Received 10 - Net Cash Generated from / (used in) Investing Activities (315,527) (178,092) Cash Flow from Financing Activities Loans Obtained / (Repaid) During The Period (Net) (782,146) (4,020,713) Dividends Paid (118,788) (39) Net Cash Generated from / (used in) Financing Activities (900,934) (4,020,752) Net Increase / (Decrease) in Cash and Cash Equivalents during the period (144,012) 2,406,269 Cash and Cash Equivalent at the Beginning of the period 5,058,622 2,652,353 Cash and Cash Equivalent at the end of the period 4,914,610 5,058,622 Analysis of Cash and Cash Equivalents Cash in Hand and Bank / Short Term Investments 4,914,690 5,060,826 Bank Overdrafts (80) (2,204) 4,914,610 5,058,622 Note : Figures in brackets indicate deductions The above figures are subject to audit 04. Colombo Dockyard PLC

7 STATEMENT OF COMPREHENSIVE INCOME Quarter Ended 31st December Year Ended 31st December Change % Change % Revenue 4,237,773 2,350, ,169,000 12,052,630 9 Cost of Sales (3,896,532) (1,978,876) 97 (12,292,132) (10,607,143) 16 Gross Profit 341, ,591 (8) 876,868 1,445,487 (39) Other Income 488,843 47, ,060, , Distribution Expenses (10,768) (9,489) 13 (20,185) (21,814) (7) Administrative Expenses (488,803) (495,410) (1) (1,967,067) (1,866,251) 5 Other (Expenses)/ Reversals 5,679 (1,462) (488) 1,095 (29,972) (104) Net Finance Income / (Expenses) 76,797 75,741 (1) 220, , Profit / (Loss) before Tax 412,989 (11,256) 3, ,566 (73,103) 335 Income Tax Expense 9,091 (39,428) (123) (26,909) (69,417) (61) Profit / (Loss) for the period 422,080 (50,684) ,657 (142,520) 201 Other comprehensive income Cash Flow Hedge - Effective portion of changes in fair value 74,833-74,833 - Fair value adjustment of available-for-sale financial assets 1,790 1,129 1,790 1,129 Defined benefit plan actuarial gains / (losses) 33,968 (60,252) 33,968 (60,252) Tax on other comprehensive income (2,762) 8,839 (2,762) 8,839 Other comprehensive income for the year, net of tax 107,829 (50,284) 107,829 (50,284) Total comprehensive income for the year 529,909 (100,968) 252,486 (192,804) Earnings per share (Rs) 5.87 (0.71) 2.01 (1.98) Note : Figures in brackets indicate deductions The above figures are subject to audit 05. Colombo Dockyard PLC

8 STATEMENT OF FINANCIAL POSITION As at 31st December ASSETS Non-Current Assets Property, Plant and Equipment 4,048,756 3,806,437 Investment Property 2,865 2,865 Intangible Assets 9,677 22,886 Investments In Subsidiaries 4,747 3,816 Investments Classified as Fair Value through OCI 17,981 16,191 Deferred Taxation 125, ,006 Other Financial Assets Including Derivatives 534, ,568 Total Non-Current Assets 4,743,951 4,413,769 Current Assets Inventories 702, ,489 Trade and Other Receivables 5,103,343 6,755,487 Other Financial Assets Including Derivatives 241, ,999 Amounts Due from Related Parties 147,238 86,052 Cash and Cash Equivalents 4,115,043 4,642,295 Total Current Assets 10,309,701 12,291,322 Total Assets 15,053,651 16,705,091 EQUITY AND LIABILITIES Stated Capital 714, ,396 Fair Value Through OCI Reserve 17,872 16,082 Cash flow Hedge Reserve 74,833 - Retained Earnings 8,160,331 8,107,851 Total Equity 8,967,432 8,838,329 Non-Current Liabilities Employee Benefits 841, ,062 Total Non-Current Liabilities 841, ,062 Current Liabilities Interest Bearing Borrowings 2,712,300 3,494,446 Trade and Other Payables 2,351,434 3,333,156 Other Financial Liabilities Including Derivatives Amounts due to Related Parties 164, ,271 Dividends Payable 15,152 26,152 Total current Liabilities 5,244,387 6,967,700 Total Equity and Liabilities 15,053,651 16,705,091 Net Assets per share (RS) Note :The above figures are subject to audit These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007 (Sgd.) P D Gihan Ravinatha Chief Financial Officer (Sgd.) Dr. Toru Takehara Chairman (Sgd,) D.V Abeysinghe Managing Director / CEO February 26, 2019 Colombo 06. Colombo Dockyard PLC

9 STATEMENT OF CHANGES IN EQUITY - COMPANY For the year Ended 31st December Stated Capital Retained Earnings Available-for-sale reserves Cash Flow Hedge Reserve Total Balance as at 1st January ,396 8,301,784 14,953-9,031,133 Profit / (Loss) for the year (142,520) - (142,520) Other comprehensive income for the year (51,413) 1,129 - (50,284) Dividends Paid Balance as at 31st December ,396 8,107,851 16,082-8,838,329 Balance as at 01st January ,396 8,107,851 16,082-8,838,329 Adjustment on initial application of SLFRS 9 - (15,595) - - (15,595) Adjusted balance as at 01st January ,396 8,092,256 16,082-8,822,734 Profit / (Loss) for the year - 144, ,657 Other comprehensive income for the year 31,206 1,790 74, ,829 Dividends Paid (107,788) - - (107,788) As at 31st December ,396 8,160,331 17,872 74,833 8,967, Colombo Dockyard PLC

10 COMPANY CASH FLOW STATEMENT For the year Ended 31st December Cash Flow from Operating Activities Net Profit Before Tax 171,566 (73,103) Adjustment for ; Depreciation of Property, Plant & Equipment 406, ,376 Amortization of Intangible Assets 13,209 13,357 Provision for Retirement Benefit Obligations 145, ,602 Provision / (Reversal) for Bad Debts and Doubtful Debts 68,636 - Bad Debts written-off - 3,686 Provision / (Reversal) for Obsolete Stocks (1,083) 29,972 (Profit)/Loss on Disposal of Property, Plant and Equipment (1,608) (5,659) Provision for/ (Reversal)of Warranty Provision 17,210 6,150 Net Charge in Fair Value of Financial Instruments (19,573) (18,617) Amortization of Corporate Guarantees (675) (639) Interest Income (210,540) (244,911) Dividend Income (35,970) (12,958) Interest Expense 39,965 91,740 Operating Profit Before Working Capital Changes 593, ,996 (Increase) / Decrease in Inventory (54,031) 557,053 (Increase) / Decrease in Trade and Other Receivables 1,617,591 4,163,774 (Increase) / Decrease in Amounts Due From Related Parties (61,186) (54,360) Increase / (Decrease) in Trade and Other Payables (998,932) 1,733,132 Increase / (Decrease) in Amounts Due to Related Parties 51,300 10,469 Cash Generated from / (used in) Operating Activities 1,148,224 6,744,064 Interest Paid (39,965) (91,740) Gratuity Paid (168,727) (143,717) Income Tax Paid / Set offs (47,753) (59,278) Net Cash Generated from / (used in) Operating Activities 891,779 6,449,329 Cash Flow from Investing Activities Purchase of Property Plant and Equipment (649,538) (169,432) Proceeds from Disposal of Property, Plant and equipment 1,951 5,675 Interest Received 180, ,394 Staff loans (granted) / Recovered during the year (Net) (86,910) (57,663) Dividend Received 35,970 11,788 Net Cash Generated from / (used in) Investing Activities (518,097) (1,238) Cash Flow from Financing Activities Loans Obtained / (Repaid) During The Period (Net) (782,146) (3,915,297) Dividend Paid (118,788) (39) Net Cash Generated from / (used in) Financing Activities (900,934) (3,915,336) Net Increase / (Decrease) in Cash and Cash Equivalents during the period (527,252) 2,532,755 Cash and Cash Equivalent at the Beginning of the period 4,642,295 2,109,540 Cash and Cash Equivalent at the end of the period 4,115,043 4,642,295 Analysis of Cash and Cash Equivalents Cash in Hand and Bank / Short Term Investments 4,115,043 4,642,295 Bank Overdrafts - - 4,115,043 4,642,295 Note : Figures in brackets indicate deductions The above figures are subject to audit 08. Colombo Dockyard PLC

11 NOTES TO THE FINANCIAL STATEMENTS 01. Corporate Information Colombo Dockyard PLC, is a public limited company incorporated and domiciled in Sri Lanka and listed in Colombo Stock Exchange. Company Subsidiaries are : Dockyard General Engineering Services (Pvt) Ltd - Sri Lanka Ceylon Shipping Agency (Pte) Ltd - Singapore The interim financial statements of the Group and the Company for the twelve months period ended 31 December 2018 were authorized for issue by the board of directors on February 26, Basis Of Preparation The condensed consolidated interim financial statements have been prepared in accordance with Sri Lanka Accounting Standards - LKAS 34 Interim Financial reporting. Certain comparative figures have been re-classified to conform with the current year's presentation 03. Dividend Announced The final dividend of Rs 1.50 per share for the financial year ended December 31, 2018 has been announced on February 26, Contingencies, capital and other commitments Detailed disclosure will be made in the annual audited Financial Statement, which will be published in due course 05. Post balance sheet events There have been no events subsequent to the Balance Sheet date, which require disclosures in Financial Statements except note No Colombo Dockyard PLC

12 NOTES TO THE FINANCIAL STATEMENTS Cont., 06. Share Information 06.1 MARKET PRICES RECORDED DURING THE QUARTER ENDED 31 DECEMBER RS. Rs. Highest Market Price Per Share Lowest Market Price Per Share Closing Market Price Per Share DERECTORS SHAREHOLDING AS AT 31 DECEMBER 2018 NO NAME OF DIRECTOR NO. OF SHARES 1 Dr. T. Takehara Nil 2 Mr. C. Sarath. W. De Costa Nil 3 Mr. D V Abeysinghe Mr. T. Nakabe Nil 5 Mr. K. Utsumi NIl 6 Mr. G. A. D. L. H. Ganlath Mr. H. A. R. K. Wickramathilake 1,103 8 Mr M S A Wadood Mr. H. A. Karunarathne (Appointed w.e.f 07/12/2018) Nil 10 Mr CJ P Siriwardana (Resigned w.e.f 30/10/2018) Nil 06.3 TOTAL NUMBER OF SHARES As at ,858,924 As at ,858, PUBLIC SHAREHOLDING PRECENTAGE AS AT % 06.5 NUMBER OF PUBLIC SHARE HOLDERS AS AT , TWENTY (20) MAJOR SHAREHOLDERS AS AT NO NAME NO. OF SHARES % 1 Onomichi Dockyard Company Limited 36,648, Employees Provident Fund 11,744, Sri Lanka Insurance Corporation Ltd-General Fund 3,592, Sri Lanka Insurance Corporation Ltd-Life Fund 3,536, Sri Lanka Ports Authority 2,186, Employees Trust Fund Board 1,736, National Savings Bank 1,234, Bank of Ceylon No.1 Account 897, Mellon Bank N.A-Florida Retirement Systems 473, Bank of Ceylon No.2 A/C 335, Star Packageing (pvt) Ltd 235, Lanka Milk Foods (CEW) Limited 219, Mr S M B Obeysekera and Mrs C N Obeysekara 200, Associated Electrical Corporation Ltd 175, Mercantile Investments and Finance PLC 169, E.W. Balasuriya & Co. (pvt) Ltd 165, DFCC Bank A/C 1 160, Deutsche Bank AG as Trustee for JB Vantage Value Equity Fund 152, Harnam Holdings SDN BHD 150, Askold (Private) Limited 150, Colombo Dockyard PLC

13 NOTES TO THE FINANCIAL STATEMENTS Cont., 07. Segment Information 07.1 Segment Revenue For the year ended 31 December Group Company Group Company Ship Repairing 5,927,741 5,927,741 5,943,130 5,943,131 Ship Building 6,869,782 6,869,782 6,038,107 6,038,107 Heavy Engineering 1,531, , ,680 71,392 Material and Other Sales 618, ,179 - Total 14,946,583 13,169,000 12,929,096 12,052, Segment Results For the year ended 31 December Group Company Group Company Ship Repairing 730, ,277 1,262,110 1,262,110 Ship Building 62,317 62, , ,543 Heavy Engineering 376,455 84, ,301 (1,166) Material and Other Sales 175, ,918 - Total 1,344, ,868 1,766,872 1,445,487 * Segment results have been stated up to the Gross Profit Level 11.Colombo Dockyard PLC