Colombo Dockyard PLC. Interim Financial Report

Transkript

1 Colombo Dockyard PLC Interim Financial Report For the Nine Months Period Ended 30 September 2018

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3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarter ended 30 September Nine months ended 30 September Change % Change % Rs,'000 Rs,'000 Rs,'000 Rs,'000 Revenue 4,006,344 3,152, % 10,101,318 10,361, % Cost of Sales (3,716,077) (2,862,802) 29.81% (9,198,415) (9,058,384) 1.55% Gross Profit 290, , % 902,903 1,303, % Other Income 398, , % 572, , % Distribution Expenses (6,239) (5,705) 9.36% (16,729) (21,231) % Administrative Expenses (571,543) (499,468) 14.43% (1,653,739) (1,503,290) 10.01% Other Operating Expenses 8,484 (28,510) % (4,584) (28,510) % Net Finance Income / (Expenses) 79,052 89, % 212, , % Profit / (Loss) before Tax 198,050 (53,687) % 12, , % Income Tax Expense (34,472) (25,080) 37.45% (108,567) (74,673) 45.39% Profit / (Loss) for the period 163,578 (78,767) % (96,036) 27, % Other Comprehensive Income Foreign Currency Translation Differences - Foreign Operations 9,179 1,908 11,085 10,923 Other Comprehensive Income For The Period - Net of Taxes 9,179 1,908 11,085 10,923 Total Comprehensive Income for The Period 172,757 (76,859) (84,951) 38,851 Profits Attributable to : Owners of The Company 160,507 (79,319) (101,947) 25,546 Non - Controlling Interest 3, ,911 2,382 Profit for the period 163,578 (78,767) (96,036) 27,928 Total Comprehensive Income Attributable to : Equity holders of the parent 165,146 (78,239) (96,299) 31,293 Non - Controlling Interest 7,611 1,380 11,348 7,558 Total Comprehensive Income for The Period 172,757 (76,859) (84,951) 38,851 Earnings per share (Rs) 2.23 (1.10) (1.42) 0.36 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 30th September As at Rs,'000 Rs,'000 Rs,'000 ASSETS Non-Current Assets Property, Plant and Equipment 4,126,279 3,889,782 3,912,488 Intangible Assets 14,675 28,699 25,039 Other Investments 16, ,660 16,191 Differed Tax Assets 95, , ,006 Other Financial Assets Including Derivatives 503, , ,689 Total Non-Current Assets 4,755,737 4,750,736 4,526,413 Current Assets Inventories 820, , ,516 Trade and Other Receivables 6,591,534 6,666,973 7,179,216 Other Financial Assets Including Derivatives 539, , ,764 Investments classified as Fair value Through Profit or Loss ,685 Cash and Cash Equivalents 4,995,087 6,522,378 5,060,826 Total Current Assets 12,946,448 14,416,218 13,676,007 Total Assets 17,702,185 19,166,954 18,202,420 EQUITY AND LIABILITIES Stated Capital 714, , ,396 Foreign Exchange Equalisation Reserve 16,438 10,604 10,790 Available-for-sale Reserve 16,082 27,305 16,082 Retained Earnings 8,923,757 9,187,581 9,149,286 Equity Attributable to Equity Holders of the Parent 9,670,673 9,939,886 9,890,554 Non Controlling Interest 71,221 60,990 59,873 Total Equity 9,741,894 10,000,876 9,950,427 Non-Current Liabilities Differed Tax Liability 1,053-1,053 Employee Benefits 880, , ,103 Total Non-Current Liabilities 881, , ,156 Current Liabilities Interest Bearing Borrowings 1,419,664 4,077,791 3,494,446 Trade and Other Payables 5,545,843 4,145,737 3,778,412 Income Tax Payable 79,451 55,888 34,623 Dividends Payable 31,790 26,191 26,152 Bank Overdrafts 1,807 8,236 2,204 Total current Liabilities 7,078,555 8,313,843 7,335,837 Total Equity and Liabilities 17,702,185 19,166,954 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.) Toru Takehara Chairman (Sgd,) K Utsumi Director November 14, 2018 Colombo 02. Colombo Dockyard PLC

5 STATEMENT OF CHANGES IN EQUITY - GROUP For the nine months ended 30th September Stated Capital Retained earnings Available - for - sale Reserve Exchange fluctuation Reserve Total Non Controlling Interest Total Equity Rs,'000 Rs,'000 Rs,'000 Rs,'000 Rs,'000 Rs,'000 Rs,'000 As at 1 January ,396 9,149,286 16,082 10,790 9,890,554 59,873 9,950,427 Adjustment for the effect of SLFRS 15 and 09 - (15,794) - - (15,794) - (15,794) Net Profit for the Period - (101,947) - - (101,947) 5,911 (96,036) Other Comprehensive Income ,648 5,648 5,437 11,085 Dividend Paid - (107,788) - - (107,788) - (107,788) As at 30 September ,396 8,923,757 16,082 16,438 9,670,673 71,221 9,741,894 As at 1 January ,396 9,162,035 27,305 4,857 9,908,593 53,432 9,962,025 Net Profit for the Period - 25, ,546 2,382 27,928 Other Comprehensive Income ,747 5,747 5,176 10,923 Dividend Paid As at 30 September ,396 9,187,581 27,305 10,604 9,939,886 60,990 10,000, Colombo Dockyard PLC

6 CONSOLIDATED CASH FLOW STATEMENT For the Nine months ended 30th September Rs,'000 Rs,'000 Cash Flow from Operating Activities Net Profit Before Tax 12, ,601 Adjustment for ; Depreciation of Property, Plant & Equipment 319, ,853 Amortisation of Intangible Assets 10,433 9,848 Provision for Retirement Benefit Obligations 106, ,786 Provision / (reversal) for Bad and Doubtful Debts (4,821) (3,901) Provision / (reversal) for Obsolete Stocks 4,597 28,510 (Profit) / Loss on Disposal of Property, Plant and Equipment (2,025) (5,205) Foreign Exchange (Gain) / Loss (Unrealised) (150,508) (1,249) Net Change in Fair Value of Financial Instruments - (18,617) Interest Income (229,338) (244,671) Interest Expense 38,821 67,961 Operating Profit Before Working Capital Changes 106, ,916 (Increase) / Decrease in Inventories (79,798) 434,998 (Increase) / Decrease in Trade and Other Receivables 744,585 4,686,024 (Increase) / Decrease in Other Financial Assets (49,709) (110,410) Increase / (Decrease) in Trade and Other Payables 1,767,431 2,091,474 Increase / (Decrease) Other Financial Liabilities - (18,617) Cash Generated from / (used in) Operating Activities 2,488,550 7,439,385 Interest Paid (38,821) (67,961) Gratuity Paid (141,263) (107,808) Income tax / ESC paid (58,523) (85,365) Net Cash Generated from / (used in) Operating Activities 2,249,943 7,178,251 Cash Flow from Investing Activities Purchase of Property Plant and Equipment (533,292) (81,291) Proceeds From Disposal of Property Plant and Equipment 1,951 7,595 Interest Received 229, ,479 Net Investment In Long Term Investments 163,650 (88,293) Net Cash Generated from / (used in) Investing Activities (138,353) 15,490 Cash Flow from Financing Activities Loans Obtained / (Paid) During The Period (2,074,782) (3,331,952) Dividends Paid (102,150) - Net Cash Generated from / (used in) Financing Activities (2,176,932) (3,331,952) Net Increase / (Decrease) in Cash and Cash Equivalents (65,342) 3,861,789 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 4,993,280 6,514,142 Analysis of Cash and Cash Equivalents Cash in Hand and Bank / Short Term Investments 4,995,087 6,522,378 Bank Overdrafts (1,807) (8,236) 4,993,280 6,514,142 Note : Figures in brackets indicate deductions The above figures are subject to audit 04. Colombo Dockyard PLC

7 STATEMENT OF COMPREHENSIVE INCOME - COMPANY Quarter ended 30 September Nine months ended 30 September Change % Change % Rs,'000 Rs,'000 Rs,'000 Rs,'000 Revenue 3,501,934 2,948, % 8,931,227 9,702, % Cost of Sales (3,334,815) (2,727,415) 22.27% (8,395,600) (8,628,267) -2.70% Gross Profit 167, , % 535,627 1,073, % Other Income 396,551 99, % 571, , % Distribution Expenses (2,275) (2,415) -5.80% (9,417) (12,325) % Administrative Expenses (508,152) (456,421) 11.33% (1,478,264) (1,370,840) 7.84% Other Operating Expenses 8,484 (28,510) % (4,584) (28,510) % Net Finance Income / (Expenses) 55,149 65, % 143, , % Profit / (Loss) before Tax 116,876 (101,570) % (241,423) (61,847) % Income Tax (Expense) / Reversal (12,000) (11,989) 0.09% (36,000) (29,989) 20.04% Profit / (Loss) for the period 104,876 (113,559) % (277,423) (91,836) % Other Comprehensive Income Other Comprehensive Income For the Period - Net of Taxes Total Comprehensive Income for The Period 104,876 (113,559) (277,423) (91,836) Earnings per share (Rs) 1.46 (1.58) (3.86) (1.28) Note : Figures in brackets indicate deductions The above figures are subject to audit 05. Colombo Dockyard PLC

8 STATEMENT OF FINANCIAL POSITION - COMPANY As at 30th September As at Rs,'000 Rs,'000 Rs,'000 ASSETS Non-Current Assets Property, Plant and Equipment 3,951,273 3,802,528 3,806,437 Investment Property 2,865 2,865 2,865 Intangible Assets 12,978 26,395 22,886 Investments In Subsidiaries 3,816 3,141 3,816 Other Investments 16,191 15,062 16,191 Differed Tax Assets 95, , ,006 Other Financial Assets Including Derivatives 503, , ,568 Total Non-Current Assets 4,585,715 4,401,755 4,413,769 Current Assets Inventories 683, , ,489 Trade and Other Receivables 5,786,676 6,254,091 6,755,487 Other Financial Assets Including Derivatives 177, , ,999 Amounts Due from Related Parties 15,581 41,317 86,052 Cash and Cash Equivalents 4,514,870 6,059,121 4,642,295 Total Current Assets 11,177,947 13,300,149 12,291,322 Total Assets 15,763,662 17,701,904 16,705,091 EQUITY AND LIABILITIES Stated Capital 714, , ,396 Available-for-sale Reserves 16,082 14,953 16,082 Retained Earnings 7,707,550 8,209,948 8,107,851 Total Equity 8,438,028 8,939,297 8,838,329 Non-Current Liabilities Employee Benefits 861, , ,062 Total Non-Current Liabilities 861, , ,062 Current Liabilities Interest Bearing Borrowings 1,419,664 4,077,791 3,494,446 Trade and Other Payables 4,835,566 3,726,824 3,333,156 Other Financial Liabilities Including Derivatives Amounts due to Related Parties 175,508 91, ,271 Dividends Payable 31,790 26,191 26,152 Bank Overdrafts 1,807 3,864 - Total current Liabilities 6,464,335 7,926,299 6,967,700 Total Equity and Liabilities 15,763,662 17,701,904 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.) Toru Takehara Chairman (Sgd,) K Utsumi Director November 14, 2018 Colombo 06. Colombo Dockyard PLC

9 STATEMENT OF CHANGES IN EQUITY - COMPANY For the nine months ended 30th September Stated Capital Retained earnings Available - for - sale Reserves Total Rs,'000 Rs,'000 Rs,'001 Rs,'000 As at 1 January ,396 8,107,851 16,082 8,838,329 Adjustment for the effect of SLFRS 15 and 09 - (15,090) - (15,090) Net Profit / (Loss) for the Period - (277,423) - (277,423) Dividends Paid - (107,788) - (107,788) As at 30 September ,396 7,707,550 16,082 8,438,028 As at 1 January ,396 8,301,784 14,953 9,031,133 Net Profit / (Loss) for the Period - (91,836) - (91,836) Dividends Paid As at 30 September ,396 8,209,948 14,953 8,939, Colombo Dockyard PLC

10 COMPANY CASH FLOW STATEMENT For the nine months ended 30th September Rs,'000 Rs,'000 Cash Flow from Operating Activities Net Profit Before Tax (241,423) (61,847) Adjustment for ; Depreciation of Property, Plant & Equipment 300, ,396 Amortisation of Intangible Assets 9,907 9,848 Provision for Retirement Benefit Obligations 103, ,500 Provision / (reversal) for Obsolete Stocks 4,597 28,510 (Profit) / Loss on Disposal of Property, Plant and Equipment (1,756) (5,594) Foreign Exchange (Gain) / Loss (Unrealised) (148,580) (1,249) Net Change in Fair Value of Financial Instruments - (18,617) Interest Income (161,052) (172,592) Dividend Income - (12,958) Interest Expense 38,053 67,927 Operating Profit Before Working Capital Changes (95,870) 237,324 (Increase) / Decrease in Inventories (40,851) 438,141 (Increase) / Decrease in Trade and Other Receivables 1,092,404 4,667,013 (Increase) / Decrease in Amounts Due From Related Parties 70,471 (9,625) (Increase) / Decrease in Other Financial Assets (65,597) (38,194) Increase / (Decrease) in Trade and Other Payables 1,501,735 2,172,738 Increase / (Decrease) in Amounts Due to Related Parties 62,237 (11,173) Increase / (Decrease) Other Financial Liabilities - (19,256) Cash Generated from / (used in) Operating Activities 2,524,529 7,436,968 Interest Paid (38,053) (67,927) Gratuity Paid (141,263) (106,117) Income tax / ESC paid (38,821) (44,679) Net Cash Generated from / (used in) Operating Activities 2,306,392 7,218,245 Cash Flow from Investing Activities Purchase of Property Plant and Equipment (445,914) (64,624) Proceeds From Disposal of Property Plant and Equipment 1,951 5,690 Interest Received 185, ,400 Dividends Received - 12,958 Net Cash Generated from / (used in) Investing Activities (258,692) 59,424 Cash Flow from Financing Activities Loans Obtained / (Paid) During The Period (2,074,782) (3,331,952) Dividends Paid (102,150) - Net Cash Generated from / (used in) Financing Activities (2,176,932) (3,331,952) Net Increase / (Decrease) in Cash and Cash Equivalents (129,232) 3,945,717 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 4,513,063 6,055,257 Analysis of Cash and Cash Equivalents Cash in Hand and Bank / Short Term Investments 4,514,870 6,059,121 Bank Overdrafts (1,807) (3,864) 4,513,063 6,055,257 Note : All values in Rupees '000s, unless otherwise stated 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 on the 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 nine months period ended 30 September 2018 were authorized for issue by the board of directors on November 14, Basis Of Preparation The Interim Financial Statements of the Company and Group have been prepared on the basis of the same accounting policies and methods applied for the year ended December 31,2017 except for changes required due to adoption of following accounting standards. SLFRS 15 - Revenue from contracts with customers Revenue is recognised by applying to the five step model and based on the principal of transferring the control to the customer and, it replaces the previous principal of risk and rewards. Same principal is used for goods, services and long term contracts. SLFRS 9 - Financial instruments This replaces the provisions of LKAS 39 that relate to the recognition, classification and measurement of financial assets and liabilities and also the de-recognition and impairments of the financial instruments. The Company and the Group has adopted SLFRS 15 and SLFRS 09 with effect from 1st January 2018 and, also adopted the new standards retrospectively with the cumulative effect recognised at the date of initial application. Accordingly cumulative effect has been adjusted to the opening retained earnings as at January 01,2018 Financial statements are in compliance with Sri Lanka Accounting Standard 34, LKAS 34 - Interim Financial Reporting, Comparative figures have been re-classified, where necessary, to confirm to the current period recognition, measurement and presentation. 03. Contingencies, capital and other commitments There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual Financial Statements for the year ended December 31, Post balance sheet events Subsequent to the reporting date, no circumstances have arisen which would require adjustment to or disclosures in Financial Statements. 09. Colombo Dockyard PLC

12 NOTES TO THE FINANCIAL STATEMENTS Cont., 06. Share Information 06.1 MARKET PRICES RECORDED DURING THE QUARTER ENDED 30 SEPTEMBER RS. Rs. Highest Market Price Per Share Lowest Market Price Per Share Closing Market Price Per Share DERECTORS SHAREHOLDING AS AT 30 SEPTEMBER 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 C J P Siriwardana Nil 06.3 TOTAL NUMBER OF SHARES As at ,858,924 As at ,858, PUBLIC SHAREHOLDING PRECENTAGE AS AT 30 SEPTEMBER 2018 ( 4,980 S/H ) 48.94% 06.5 TWENTY (20) MAJOR SHAREHOLDERS AS AT 30 SEPTEMBER 2018 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 480, Bank of Ceylon No.2 A/C 335, Star Packageing (pvt) Ltd 235, Lanka Milk Foods 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 nine months ended 30th September Group Company Group Company Shipbuilding 4,397,129 4,397,129 5,316,080 5,316,080 Ship Repairing 4,261,101 4,261,101 4,346,780 4,346,780 Heavy Engineering 928, , ,282 39,303 Material and Other Sales 514, ,318 - Total 10,101,318 8,931,227 10,361,460 9,702, Segment Results For the nine months ended 30th September Group Company Group Company Shipbuilding 126, , , ,895 Ship Repairing 374, , , ,898 Heavy Engineering 262,183 34, ,694 2,103 Material and Other Sales 139,343-68,589 - Total 902, ,627 1,303,076 1,073,896 * Segment results have been stated up to the Gross Profit Level 11. Colombo Dockyard PLC