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Transcript of 30th September 2017 - Colombo Stock Exchange · Balance as at 30th September 2017 ... of the...
The Lanka HospitalsC O R P O R A T I O N PLC (PQ 180)
PROVISIONAL CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTER ENDED
30th September 2017
Dr.Anil ABEYWICKRAMA
Mr.Ravi SACHDEV
Web: www.lankahospitals.com
Mr.Asendra Chaminda SIRIWARDENA
Mr.Kalyana Sundaram SRIVASTAVA
Mr.Thanuja Lasitha WEERATNE
Mr.Meghraj Arvindrao GORE(Alternate Director to Mr. Kalyana Sundaram SRIVASTAVA)
Mr.Nandana Jayantha MUNASINGHE
Mr.Ranjan Mohan WIJESINGHE
Mr.Aruna Peiris Samaranayaka SIRIWARDHANE (Resigned on 10th October 2017)
Mr. Daljit SINGH
Tel: +94 11 5430000 Fax: +94 11 4511199
E-mail: [email protected]
(Alternate Director to Mr. Daljit SINGH )
No. 578, Elvitigala Mawatha, Narahenpita, Colombo 05
Principal Place of Business & Registered Office
Mrs.Umashanthiee RAJAMANTRI
Dr. Sarath PARANAVITANE - ChairmanVen. Thiniyawala PALITHA THERO
Prof. Menaka Dilani Samarawickrema LOKUHETTY (Resigned on 27th October 2017)
THE LANKA HOSPITALS CORPORATION PLC
Provisional Consolidated Financial Statements
For the Quarter ended
30th September 2017
Board of Directors
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 30th September 2017
Statement of Financial Position
As at, 30th Sep 2017 31st Dec 2016 30th Sep 2017 31st Dec 2016Audited Audited
Rs. Rs. Rs. Rs.
ASSETS
Non Current Assets
Property, Plant & Equipment 4,426,671,433 4,082,879,318 4,049,024,686 3,707,134,116
Intangible Assets 64,984,406 60,324,099 32,553,314 32,596,152
Investment Property - - 110,000,000 110,000,000
Advance Lease Premium 199,703,221 189,305,932 199,703,221 189,305,932
Investment in Subsidiary - - 414,000,020 414,000,020
Total Non Current Assets 4,691,359,060 4,332,509,349 4,805,281,241 4,453,036,220
Current Assets
Inventories 308,985,549 318,869,291 242,507,625 266,626,776
Trade & Other Receivables 625,937,903 498,903,444 551,150,778 455,908,612
Amounts due from Related Parties 3,889,073 3,567,716 132,294,687 100,856,467
Economic Service Charge Recoverable 27,410,679 4,310,970 18,849,747 -
Other Financial Assets 2,023,523,401 2,028,553,267 1,573,523,401 1,708,553,267
Cash and Cash Equivalents 229,508,419 165,601,181 203,914,718 164,702,029
Total Current Assets 3,219,255,023 3,019,805,869 2,722,240,955 2,696,647,151 Total Assets 7,910,614,083 7,352,315,218 7,527,522,196 7,149,683,371
EQUITY AND LIABILITIES
Equity
Stated Capital 2,671,543,090 2,671,543,090 2,671,543,090 2,671,543,090
Revaluation Reserve 1,284,777,892 1,284,777,892 1,220,128,576 1,220,128,576
Retained Earnings 2,264,128,571 1,887,953,836 1,967,789,806 1,636,428,932
Total Equity 6,220,449,554 5,844,274,819 5,859,461,473 5,528,100,599
Non Current Liabilities
Employee Benefit Obligations 143,017,137 133,612,676 128,636,342 119,668,001
Deferred Tax Liabilities 454,894,210 426,595,105 440,354,864 412,055,759
Total Non Current Liabilities 597,911,347 560,207,781 568,991,206 531,723,760
Current Liabilities
Amounts due to Related Parties 15,209,836 24,235,610 4,769,075 4,769,075
Trade & Other Payables 715,177,996 653,625,821 761,696,076 817,952,446
Income Tax Payable 66,175,817 36,107,992 53,911,217 33,274,297
Bank Overdraft 295,689,533 233,863,194 278,693,147 233,863,194
Total Current Liabilities 1,092,253,182 947,832,618 1,099,069,516 1,089,859,012
Total Liabilities 1,690,164,529 1,508,040,399 1,668,060,722 1,621,582,772 Total Equity & Liabilities 7,910,614,083 7,352,315,218 7,527,522,196 7,149,683,371
The figures as at 30th September 2017 are provisional and subject to audit.
I certify that the consolidated financial statements comply with the requirements of the Companies Act No. 07 of 2007.
Chief Financial Officer
The Board of the Directors is responsible for the preparation and presentation of these consolidated financial statements.
Approved and signed for and on behalf of the Board.
Chairman
Date: 13th November 2017
Colombo
(Amounts in brackets indicate deductions)
Group Company
Director
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 30th September 2017
Statement of Comprehensive Income
For the 09 months ended, 30th Sep 2017 30th Sep 2016 30th Sep 2017 30th Sep 2016
Rs. Rs. Rs. Rs.
Revenue 4,696,485,354 4,278,629,243 3,847,692,015 3,585,012,777
Cost of services (2,474,424,731) (2,202,613,728) (2,069,622,750) (1,912,851,388)
Gross profit 2,222,060,623 2,076,015,515 1,778,069,265 1,672,161,389
Other operating income 38,270,287 32,700,049 146,172,791 36,769,719
Administrative expenses (1,240,445,460) (1,095,115,974) (987,962,970) (904,647,788)
Other operating expenses (469,057,462) (404,405,401) (405,903,763) (360,429,719)
Profit from operations 550,827,989 609,194,189 530,375,324 443,853,600
Finance income 143,888,313 112,911,442 109,347,722 97,075,229
Profit before tax 694,716,302 722,105,631 639,723,046 540,928,829
Income tax expense (94,809,398) (97,097,227) (84,630,002) (92,942,998)
Profit for the period 599,906,904 625,008,404 555,093,044 447,985,831
Other comprehensive Income - - - -
Other comprehensive income net of tax - - - -
Total comprehensive income for the period 599,906,904 625,008,404 555,093,044 447,985,831
Basic earnings per share 2.68 2.79 2.48 2.00
Dividend per share 1.00 1.00 1.00 1.00
(Amounts in brackets indicate deductions)
Group Company
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 30th September 2017
Statement of Comprehensive Income
For the 03 months ended, 30th Sep 2017 30th Sep 2016 30th Sep 2017 30th Sep 2016
Rs. Rs. Rs. Rs.
Revenue 1,625,323,359 1,471,785,446 1,325,699,250 1,215,538,808
Cost of services (868,464,997) (755,140,718) (704,329,053) (640,839,844)
Gross profit 756,858,362 716,644,728 621,370,197 574,698,964
Other operating income 12,662,716 13,357,592 117,632,721 14,668,434
Administrative expenses (421,514,798) (377,460,322) (328,702,239) (312,747,056)
Other operating expenses (172,644,352) (136,724,327) (145,270,034) (121,262,603)
Profit from operations 175,361,928 215,817,672 265,030,645 155,357,739
Finance income 41,731,435 34,350,729 28,707,553 25,394,809
Profit before tax 217,093,364 250,168,401 293,738,198 180,752,548
Income tax expense (35,613,534) (33,586,639) (31,357,889) (31,084,581)
Profit for the period 181,479,830 216,581,762 262,380,309 149,667,967
Other comprehensive Income - - - -
Other comprehensive income net of tax - - - -
Total comprehensive income for the period 181,479,830 216,581,762 262,380,309 149,667,967
Basic earnings per share 0.81 0.97 1.17 0.67
Dividend per share - - - -
(Amounts in brackets indicate deductions)
Group Company
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 30th September 2017
Company Statement of Changes in Equity
Stated Revaluation Retained Total
capital reserve earning / (loss)
Balance as at 1st January 2016 2,671,543,090 960,466,514 1,313,679,672 4,945,689,276
Profit for the period (January 2016 - September 2016) - - 447,985,831 447,985,831
Dividend Paid - - (223,732,169) (223,732,169)
Balance as at 30th September 2016 2,671,543,090 960,466,514 1,537,933,333 5,169,942,937
Balance as at 1 January 2017 2,671,543,090 1,220,128,576 1,636,428,932 5,528,100,599
Profit for the period (January 2017 - September 2017) - - 555,093,044 555,093,044
Dividend paid - - (223,732,169) (223,732,169)
Balance as at 30th September 2017 2,671,543,090 1,220,128,576 1,967,789,806 5,859,461,473
Group Statement of Changes in Equity
Stated Revaluation Retained Total
capital reserve earning / (loss)
Balance as at 1st January 2016 2,671,543,090 994,281,265 1,324,306,720 4,990,131,075
Profit for the period (January 2016 - September 2016) - - 625,008,404 625,008,404
Dividend Paid - - (223,732,169) (223,732,169)
Balance as at 30th September 2016 2,671,543,090 994,281,265 1,725,582,955 5,391,407,310
Balance as at 1 January 2017 2,671,543,090 1,284,777,892 1,887,953,836 5,844,274,819
Profit for the period (January 2017 - September 2017) - - 599,906,904 599,906,904
Dividend paid - - (223,732,169) (223,732,169)
Balance as at 30th September 2017 2,671,543,090 1,284,777,892 2,264,128,571 6,220,449,554
(Amounts in brackets indicate deductions)
THE LANKA HOSPITALS CORPORATION PLC
Cash Flow Statement
CASH FLOW FROM OPERATING ACTIVITIES 30th Sep 2017 30th Sep 2016 30th Sep 2017 30th Sep 2016
Rs. Rs. Rs. Rs.
Profit before tax 694,716,302 722,105,631 639,723,046 540,928,829
Adjustments for :
Interest income (103,902,991) (82,494,523) (69,362,400) (66,658,309)
Depreciation on property, plant and equipment 270,897,311 221,359,692 244,511,172 198,203,208
Amortisation of intangible assets 9,360,277 8,366,181 5,166,576 4,406,103
Amortisation of advance lease premium 3,512,606 3,512,606 3,512,606 3,512,606
Provision for defined benefit obligation 20,214,550 19,641,600 16,673,785 18,347,850
Dividend Income received - - (103,500,005) -
Provision for impairment of trade receivable (890,897) 2,761,942 (890,897) 2,761,942
Gain on disposal of property, plant & equipment (1,882,049) - (1,882,049) -
Operating profit before working capital changes 892,025,108 895,253,128 733,951,833 701,502,228
(Increase) / decrease in inventories 9,883,743 (46,252,414) 24,119,151 (43,968,114)
(Increase) / decrease in trade and other receivables (126,143,562) (57,945,328) (94,351,269) (28,451,179)
(Increase) / decrease in amounts due from related company (321,356) 1,610,250 (31,438,220) (19,257,273)
Increase / (decrease) in amounts due to related company (9,025,775) (8,475,894) - -
Increase / (decrease) in trade and other payables 61,393,562 (28,924,413) (56,256,369) (127,846,069)
Cash generated from operating activities 827,811,719 755,265,328 576,025,126 481,979,594
Income Tax / ESC paid (59,383,552) (38,577,718) (54,543,711) (36,540,528)
Defined benefit obligation paid (10,810,082) (9,164,259) (7,705,438) (9,164,259)
Net cash flow from operating activities 757,618,086 707,523,350 513,775,976 436,274,807
Cash flow from investing activities
Purchase of property, plant and equipment (616,890,234) (237,145,244) (588,602,550) (195,800,115)
Purchase of Intangible assets (14,020,585) (7,278,997) (5,123,739) (3,968,084)
Proceeds from disposal of property, plant & equipment 4,082,853 - 4,082,853 -
Advance lease premium paid (13,909,907) (13,909,903) (13,909,907) (13,909,903)
Interest income 103,902,991 82,494,523 69,362,400 66,658,309
Dividend income - - 103,500,005 -
(Investment)/withdrawal in other financial assets 5,029,866 (541,453,995) 135,029,866 (271,453,995)
Net cash flow from investing activities (531,805,017) (717,293,616) (295,661,072) (418,473,787)
Cash flow from financing activities
Dividend paid (223,732,169) (223,732,169) (223,732,169) (223,732,169)
Net cash flow from financing activities (223,732,169) (223,732,169) (223,732,169) (223,732,169)
Net increase in cash and cash equivalents 2,080,900 (233,502,435) (5,617,264) (205,931,150)
Cash and cash equivalents at the beginning of the year (68,262,013) 35,971,546 (69,161,165) (918,760)
Cash and cash equivalents at the end of the year (Note A) (66,181,114) (197,530,889) (74,778,429) (206,849,910)
Note A
Cash & Cash Equivalents at the end of the Period
Cash & Cash Equivalents 229,508,419 152,420,620 203,914,718 113,905,860
Bank Overdraft (295,689,533) (349,951,509) (278,693,147) (320,755,769)
(66,181,114) (197,530,889) (74,778,429) (206,849,910)
(Amounts in brackets indicate deductions)
Group Company
9 months ended 9 months ended
Provisional Consolidated Financial Statements for the Quarter ended 30th September2017
THE LANKA HOSPITALS CORPORATION PLC
Provisional Consolidated Financial Statements for the Quarter ended 30th September 2017
1). Basis of preparation of the Interim Financial Statements
Figures for the nine months are provisional and subject to audit.
2). Comparative figures
3). Contingent liabilities
4). Public Holding
5). Revaluation of Assets
6). Investment in Subsidiary
These interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34 -
Interim Financial Reporting. These interim financial statements should be read in conjunction with the annual financial
statements for the year ended 31 December 2016.
Further, provisions of the Companies Act No 7 of 2007 have been considered in preparing the interim financial statements
of the Company.
Latest Financial statements have been audited for the period ended 31 December 2016.
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.
The buildings of the Company / Group were revalued as at 31 December 2016 by Messrs A.A.M Fathihu - F.I.V (Sri Lanka)
independent qualified valuer. Such assets were valued on current replacement cost basis, the surplus arising from the
revaluation was transferred to the revaluation reserve and the value of the buildings of the company / group has been
reflected in the financial statements at the revalued amount.
Investment made in subsidiary represents the acquisition of 41,400,002 shares at a value of Rs. 10 per share of the Lanka
Hospitals Diagnostics (Pvt) Ltd, a fully owned subsidiary of the company.
The land of the company / Group were revalued as at 31 December 2016 by Messrs A.A.M Fathihu - F.I.V (Sri Lanka)
independent qualified valuer.Such assets were valued on open market value method. The surplus arising from the
revaluation was transferred to the revaluation reserve and the value of the land of the Company / Group has been
reflected in the financial statements at the revalued amount.
As per the Rule No 8.7 (h) of the Colombo Stock Exchange, percentage of public shareholding as at 30/9/2017 was 16.73%
(No of shares 37,433,261) and public shareholders as at 30/9/2017 was 7,338
There has been no significant change in the nature of the contingent Liabilities which were disclosed in the annual report
for the year ended 31 December 2016
7). Investment Property
8). Capital Commitments
9). Events Occurring After the Reporting Date
10). Reclassification of Cost of Services Comparative Figures
11). Reclassification of Administrative Expenses Comparative Figures
12). Other Operating Income
Investment property consists of value attributable to 7th floor of the building constructed on leasehold land, which is given
on rental to Lanka Hospitals Diagnostics (Private) Limited.
Lanka Hospitals Diagnostics (Private) Limited is committed to make a minimum investment of Rs. 500,000,000 in project
fixed assets to get the entitlement for a tax exemption period of seven years. The Company has invested Rs. 397,548,781 in
fixed assets as of 30 September 2017 and the balance commitment amounting to Rs. 102,451,219 to be fulfilled.
No circumstance have arisen since the reporting date, which require adjustments to or disclosure in the Financial
Statements.
For the better presentation, the management has reclassified the clinical staff salaries under cost of services, which was
classified under staff costs in 3rd quarter 2016. The amounts reclassified for 3rd quarter 2016 was Rs. 162,989,852/=
(January to September 2016 Rs. 459,819,419/=). In addition to this reclassification, medical vehicle depreciation has also
been categorized under cost of services, which was classified under administration expenses in 3rd quarter 2016. The
amount reclassified for 3rd quarter 2016 was Rs 1,250,360/= (January to September 2016 Rs. 4,265,102/= ).
For the better presentation, the management has categorised general administration expenses incurred by the group
under the caption “Administrative expenses”.
The investment property has been revalued by independent qualified valuer on the current replacement cost basis on 31
December 2016, valuation is carried out by Mr. A.A.M. Fathihu (FIV), incorporated Valuer.
Other operating income of company includes dividend received from Lanka Hospitals Diagnostics (Pvt) Ltd, a fully owned
subsidiary of The Lanka Hospitals Corporation PLC amounting to Rs.103,500,005
THE LANKA HOSPITALS CORPORATION PLC
Provisional Consolidated Financial Statements for the Quarter ended 30th September 2017
Shareholder and Investor Information
Top 20 Shareholding as at 30th September 2017
Shareholder No of shares Holding
1 Sri Lanka Insurance Corporation Ltd - Life Fund 66,097,350 29.54%
2 Fortis Healthcare International Pte Limited 64,120,915 28.66%
3 Sri Lanka Insurance Corporation Ltd - General Fund 56,080,643 25.07%
4 Property Development PLC A/C 01 21,329,000 9.53%
5 Bank of Ceylon A/c Ceybank Unit Trust 2,894,328 1.29%
6 Bank of Ceylon A/c Ceybank Century Growth Fund 841,761 0.38%
7 Deutsche Bank AG as Trustee for Namal Acuity 800,000 0.36%
8 Ceylon Investment PLC A/c # 01 448,000 0.20%
9 Ceylon Guardian Investment Trust PLC A/C # 01 350,000 0.16%
10 Bank of Ceylon No.1 Account 310,836 0.14%
11 Deutsche Bank AG as Trustee to Candor Opportunities Fund 305,624 0.14%
12 Deutsche Bank AG-National Equity Fund 300,000 0.13%
13 Deutsche Bank AG-As Trustee for Guardian Acuity 249,337 0.11%
14 Sandwave Limited 227,977 0.10%
15 Mr.Hamish Winston Mcdonald Woodward (Deceased) 220,300 0.10%
16 Mr.Abeysiri Hemapala Munasinghe 179,471 0.08%
17 Life Insurance Corporation (Lanka) Ltd 175,851 0.08%
18 Sezeka Limited 165,040 0.07%
19 Mr.Surendran Subramaniam 156,104 0.07%
20 Mr.Shyam Anel De Silva 115,196 0.05%
215,367,733 96.26%
Individual / Institution
As % As %
Individual 7,219 98.34 7,753,840 3.47
Institution 122 1.66 215,978,329 96.53
7,341 100.00 223,732,169 100.00
Resident / Non-Resident
As % No of Shares As %
Resident 7,310 99.58 158,656,002 70.91
Non-Resident 31 0.42 65,076,167 29.09
7,341 100.00 223,732,169 100.00
Directors'/Senior Management Shareholdings as at 30th September 2017
Board of Directors Position No of shares Holding %
Dr. Sarath PARANAVITANE Chairman - -
Ven. Thiniyawala PALITHA THERO Director - -
Prof. Menaka Dilani Samarawickrema LOKUHETTY Director - -
Mr. Daljit SINGH Director - -
Mr.Kalyana Sundaram SRIVASTAVA Director - -
Dr. Anil ABEYWICKRAMA Director - -
Mrs.Ranathunga Arachchige Dona Umashanthiee RAJAMANTRI Director - -
Mr.Hewakumanayakage Asendra Chaminda SIRIWARDENA Director -
Mr.Weeratnemulla Gamage Thanuja Lasitha WEERATNE Director - -
Mr.Nandana Jayantha MUNASINGHE Director - -
Mr.Deraniyagalage Basil Aruna Peiris Samaranayaka SIRIWARDHANA Director - -
Mr.Ranjan Mohan WIJESINGHE Director - -
Mr Ravi SACHDEV (Alternative Director to Mr.Daljith SINGH) Alternate Director - -
Senior Management
Chief Executive OfficerDr.Prasad Medawatte - -
No of Shareholders No of Shares
No of Shareholders
Mr Meghraj Aravindrao GORE (Alternative Director to Mr.Kalyana
Sundaram SRIVASTA)Alternate Director - -
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 30th September 2017
Shareholder and Investor Information (cont.)
Price fluctuation (Market price of Ordinary share)
Rs. Rs.
Highest price
Lowest price
Closing Price
Summary of Share Ranges
Share RangeNo of
shareholdersNo of shares Holding %
1 1 -1,000 5,942 2,117,144 0.95
2 1001 - 10000 1,284 3,503,556 1.57
3 10,001 - 100,000 94 2,631,712 1.18
4 100,001 - 1,000,000 16 4,957,521 2.22
5 1,000,001 - 10,000,000 1 2,894,328 1.29
6 10,000,001 & Above 4 207,627,908 92.80
7,341 223,732,169 100.00
63.00 70.50
30th Sep 2017 30th Sep 2016
74.00
61.50
Current Interim Period Comparative Period
3 Months ended 3 months ended
66.80
57.00
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 30th September 2017
Financial Indicators
Group Company Group Company1 Net asset per share Rs. Rs. Rs. Rs.
Total Assets - Short Term & Long Term Liabilities 27.80 26.19 26.12 24.71
Total No of Shares 223,732,169 223,732,169
2 Gearing Ratio
Total Debt N/A N/A N/A N/A
Total Equity -
5,528,100,599 3 Quick Asset Ratio (Times)
Current Assets-Inventory 2.66 2.26 2.85 2.23
Current Liabilities 2,479,733,330
1,099,069,516 4 Interest Cover
Profit before interest & tax (PBIT) N/A N/A N/A N/A
Interest charges 108,663,485
-
Current Period
3 Months ended 30th September 2017
Comparative Period
Immediately Preceding Financial Year
31st December 2016 (Audited)
Current Interim Period
Corporate Information
Name of the Company
The Lanka Hospitals Corporation PLC
Company Registration No.
PQ 180
Registered Office
No.578, Elvitigala Mawatha,
Narahenpita, Colombo 05, Sri Lanka
Tel: +94 11 5430000
Fax: +94 11 4511199
E-mail: [email protected]
Secretaries & Registrars to Shares
Business Intelligence (Private) Limited
No. 8, Tickell Road,
Colombo 08, Sri Lanka
Tel: +94 112015900
Fax: +94 112015950
E-mail: [email protected]