INTERIM FINANCIAL STATEMENTS - cdn.cse.lk · PDF fileProfit / (loss) for the period 81,245...

Year Ended Year Ended

As at 30 September 2017 2016 31 March 2017 2017 2016 31 March 2017

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

ASSETS

Non - Current Assets

Leasehold property, plant and equipment 201,059 216,245 208,326 201,059 216,245 208,326

Freehold property, plant and equipment 268,602 305,885 284,038 303,885 345,978 321,573

Bearer biological assets 2,077,965 1,958,472 2,022,742 2,077,965 1,958,472 2,022,742

Consumable biological assets 107,220 94,919 107,220 107,220 94,919 107,220

Financial Assets 1,200,880 1,201,600 1,200,880 1,200,880 1,201,600 1,200,880

Long term investments 491,850 491,850 491,850 861,553 804,468 833,616

4,347,577 4,268,971 4,315,057 4,752,562 4,621,683 4,694,358

Current Assets

Produce on bearer biological assets 4,191 - 4,191 4,191 - 4,191

Inventories 242,597 235,073 268,121 241,925 234,401 267,449

Trade and other receivables 290,665 202,749 287,946 299,114 211,197 296,240

VAT recoverable 23,652 26,023 23,652 23,660 26,030 23,660

ESC Recoverable 21,069 10,423 17,703 21,069 10,423 17,703

Income tax recoverable 9,739 3,370 11,255 9,739 3,370 11,255

Amounts due from related Companies 112,293 37,453 38,271 77,071 524 2,315

Short term investment 1,466,074 1,666,377 1,420,892 1,466,074 1,666,377 1,420,892

Cash and bank balances 25,179 23,232 17,293 25,179 23,232 17,293

2,195,458 2,204,699 2,089,323 2,168,020 2,175,554 2,060,996

Total Assets 6,543,034 6,473,670 6,404,381 6,920,582 6,797,237 6,755,354

EQUITY & LIABILITIES

Capital & Reserves

Stated capital (Note 1) 250,000 250,000 250,000 250,000 250,000 250,000

General reserve 225,000 225,000 225,000 225,000 225,000 225,000

Timber reserve 13,521 8,485 13,521 13,521 8,485 13,521

Available for sale reserves 48,600 49,320 48,600 48,588 49,308 48,588

Retained profit 2,256,702 1,947,349 2,084,574 2,620,983 2,257,201 2,422,324

Shareholders' Fund 2,793,823 2,480,155 2,621,695 3,158,092 2,789,994 2,959,433

Non - Current Liabilities

Loans & borrowings 769,754 1,231,879 1,021,294 769,754 1,231,879 1,021,294

Retirement benefit obligations 373,080 410,149 380,800 373,175 410,243 380,895

Deferred income 198,388 198,431 196,178 198,388 199,043 196,178

Deferred tax liability 46,861 53,369 46,861 46,861 53,369 46,861

Liability to make lease payment after one year 255,474 260,787 258,284 255,474 260,787 258,284

1,643,557 2,154,614 1,903,418 1,643,652 2,155,321 1,903,513

Current Liabilities

Loans & borrowings 1,823,216 1,554,304 1,555,202 1,823,216 1,554,304 1,555,202

Liability to make lease payment within one year 5,413 5,205 5,205 5,413 5,205 5,205

Trade and other payables 214,447 226,223 251,111 222,511 234,124 259,133

Dividend payable 26,447 19,215 26,576 26,447 19,215 26,576

Amounts due to related Companies 36,131 33,954 41,174 41,250 39,074 46,293

2,105,654 1,838,901 1,879,268 2,118,838 1,851,921 1,892,408

Total Equity & Liabilities 6,543,034 6,473,670 6,404,381 6,920,582 6,797,237 6,755,354

Net Asset Value per Share (Rs.) 111.75 99.21 104.87 126.32 111.60 118.38

The above figures are subject to audit

These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.

Sudheera Epitakumbura

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Signed for and on behalf of the Board of Directors of Kegalle Plantations PLC.

S S Poholiyadde

Director

Colombo

10 November 2017

STATEMENTS OF FINANCIAL POSITION

INTERIM FINANCIAL STATEMENTS

Director

Company Group

Prof. R C W M R A Nugawela

Kegalle Plantations PLC 2017/18 - Q2


Variance Variance 31 March Variance Variance 31 March

For the six months ended 30 September 2017 2016 + / (-) 2017 2016 + / (-) 2017 2017 2016 + / (-) 2017 2016 + / (-) 2017

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

Revenue 587,248 563,487 4 1,253,981 1,073,608 17 2,287,161 587,248 563,487 4 1,253,981 1,073,608 17 2,287,161

Cost of sales (467,266) (507,155) 8 (1,063,925) (1,033,212) (3) (2,059,967) (467,266) (507,155) 8 (1,063,925) (1,033,212) (3) (2,059,967)

Gross profit / (loss) 119,982 56,332 113 190,056 40,396 370 227,194 119,982 56,332 113 190,056 40,396 370 227,194

Gain/(Loss) on fair value of biological assets - - - - - - 5,914 - - - - - - 5,914

Other income 23,672 9,092 160 96,057 17,880 437 116,408 14,528 9,860 47 23,991 19,389 24 37,238

Administrative expenses (12,324) (10,004) (23) (23,937) (20,322) (18) (46,712) (13,486) (11,338) (19) (26,268) (23,529) (12) (52,705)

Management fee (22,749) (8,912) (155) (36,613) (9,783) (274) (44,660) (22,749) (8,912) (155) (36,613) (9,783) (274) (44,660)

Profit / (loss) from operations 108,581 46,508 133 225,562 28,172 701 258,144 98,275 45,942 114 151,166 26,473 471 172,982

Finance income 46,074 47,191 (2) 89,196 90,592 (2) 199,131 46,074 47,191 (2) 89,196 90,592 (2) 199,131

Finance cost (72,400) (66,627) (9) (141,114) (127,503) (11) (258,101) (72,400) (66,627) (9) (141,114) (127,503) (11) (258,101)

Net finance income / (loss) (26,326) (19,436) (35) (51,918) (36,910) (41) (58,970) (26,326) (19,436) (35) (51,918) (36,910) (41) (58,970)

Share of result of associates - - - - - - - 62,668 57,519 9 122,782 96,161 28 228,756

Profit / (loss) before taxation 82,255 27,072 204 173,644 (8,739) 2,087 199,174 134,617 84,025 60 222,030 85,723 159 342,768

Tax (expenses) / Reversal (1,010) (801) (26) (1,516) (1,403) (8) 18,088 (5,417) (8,033) 33 (23,371) (11,381) (105) (12,656)

Profit / (loss) for the period 81,245 26,271 209 172,128 (10,142) 1,797 217,263 129,200 75,992 70 198,659 74,342 167 330,112

Basic earnings per share (Rs.) 3.25 1.05 6.89 (0.41) 8.69 5.17 3.04 7.95 2.97 13.20

Dividend per share (Rs.) - - - - 5.00 - - - - 5.00



STATEMENT OF PROFIT OR LOSS

Quarter Ended Quarter Ended

Group

Six Months Ended Six Months Ended

Company



Variance Variance 31 March Variance Variance 31 March

For the six months ended 30 September 2017 2016 + / (-) 2017 2016 + / (-) 2017 2017 2016 + / (-) 2017 2016 + / (-) 2017

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

Profit / (loss) for the period 81,245 26,271 209 172,128 (10,142) 1,797 217,263 129,200 75,992 70 198,659 74,342 167 330,112

Other Comprehensive Income

Other Comprehensive income not to be reclassified to

profit or loss in Subsequent periods (net of tax)

Actuarial Gains and (Losses) on Defined Benefit Plans - - - - - - 43,381 - - - - - - 43,381

Income tax effect - - - - - - (6,837) - - - - - - (6,837)

- - - - - - 36,544 - - - - - - 36,544

Share of Other Comprehensive Income of

Equity Accounted Investees

Other Comprehensive income to be reclassified to


Net (Loss)/gain on available-for-sale financial assets - - - - - - 56,580 - - - - - - 56,580

Income tax effect - - - - - - - - - - - - - -

- - - - - - 56,580 - - - - - - 56,580

Other Comprehensive income not to be reclassified to


Actuarial Gains and (Losses) on Defined Benefit Plans - - - - - - - - - - - - - (506)

Income tax effect - - - - - - - - - - - - - 40

- - - - - - - - - - - - - (466)

Other Comprehensive Income for the period, net of tax - - - - - - 93,124 - - - - - - 92,658

Total Comprehensive Income for the period, net of tax 81,245 26,271 209 172,128 (10,142) 1,797 310,387 129,200 75,992 70 198,659 74,342 167 422,770



STATEMENTS OF COMPREHENSIVE INCOME

Quarter Ended Quarter Ended

Company Group

Six Months Ended Six Months Ended


For the six months ended 30 September

Stated General Timber Available for Retained Total

Capital Reserve Reserve Sale Reserves Profit

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

Balance as at 31 March 2016 250,000 225,000 8,485 49,320 1,957,492 2,490,297

Profit / (loss) for the Period - - - - (10,142) (10,142)

Other Comprehensive Income - - - - - -

Timber Reserve - - - - - -

Dividend Paid - - - - - -

Balance as at 30 September 2016 250,000 225,000 8,485 49,320 1,947,349 2,480,155


Profit / (loss) for the Period - - - - 172,128 172,128






Stated General Timber Available for Retained Total

Capital Reserve Reserve Sale Reserves Profit

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


Profit for the Period - - - - 74,342 74,342






Profit for the Period - - - - 198,659 198,659







Company

Group

STATEMENTS OF CHANGES IN EQUITY



31 March 31 March

For the six months ended 30 September 2017 2016 2017 2017 2016 2017

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

CASH FLOWS FROM / (USED IN) OPERATING ACTIVITIES

Net Profit / (loss) before Taxation 173,644 (8,739) 199,174 222,030 85,723 342,768

ADJUSTMENTS FOR

Interest income (89,196) (90,592) (199,131) (89,196) (90,592) (199,131)

Depreciation, amortization and Impairment Loss 54,865 54,586 112,273 57,117 57,145 117,391

Provision for defined benefit plan costs 26,127 22,059 75,681 26,127 22,059 75,681

Amortization of grants (4,906) (7,815) (13,257) (4,906) (8,428) (14,483)

Share of result of associates - - - (122,782) (96,161) (228,756)

Profit on sale of property, plant & equipment - (999) (1,959) - (999) (1,959)

Finance costs 141,114 127,503 258,101 141,114 127,503 258,101

Dividend Received from Associates (72,989) - (82,215) - - -

Profit on deemed disposal (gain) / loss - - - - - -

(Gains)/losses on fair value of biological assets - - (5,914) - - (5,914)

Operating profit before working capital changes 228,660 96,002 342,753 229,505 96,250 343,698

(Increase)/decrease in trade & other receivables (2,720) (68,230) (151,057) (2,874) (68,384) (151,057)

(Increase)/decrease in inventories 25,525 881 (32,168) 25,525 881 (32,168)

(Increase)/decrease in amounts due from related companies (74,022) 2,421 1,603 (74,022) 2,421 480

Increase/(decrease) in trade & other payables (36,664) 23,538 48,426 (37,356) 23,444 48,603

Increase/(decrease) in amounts due to related companies (5,042) 17,838 25,058 (5,042) 17,838 25,058

Cash generated from / (used in) operations 135,736 72,450 234,615 135,736 72,449 234,614

Defined benefit plan costs paid (33,848) (41,389) (80,978) (33,848) (41,389) (80,978)

Finance cost paid (114,220) (101,534) (206,163) (114,220) (101,534) (206,163)

Income tax/ESC paid (3,366) (2,575) (11,593) (3,366) (2,575) (11,593)

Net cash from operating activities (15,697) (73,047) (64,119) (15,698) (73,048) (64,119)

CASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES

Interest received 89,196 90,592 199,131 89,196 90,592 199,131

Grant received 7,115 3,209 6,399 7,115 3,209 6,399

Proceeds from sale of property, plant & equipment - 999 1,959 - 999 1,959

Field development expenditure (86,482) (75,320) (172,757) (86,482) (75,320) (172,757)

Purchase of property, plant & equipment (903) (1,146) (3,168) (903) (1,146) (3,168)

Net cash from / (used in) investing activities 8,927 18,335 31,565 8,927 18,335 31,565

CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES

Dividend paid (129) (2,139) (119,778) (129) (2,139) (119,778)

Dividend Received from Associates 72,989 - 82,215 72,989 - 82,215

Payment of Government lease rentals (26,894) (25,969) (51,938) (26,894) (25,969) (51,938)

Payment of Government lease rentals - Capital (2,602) (2,502) (5,004) (2,602) (2,502) (5,004)

Proceeds from loans 31,316 148,000 23,000 31,316 148,000 23,000

Repayment of loans (273,598) (405,738) (635,157) (273,598) (405,738) (635,157)

Net Cash from / (used in) Financing Activities (198,919) (288,349) (706,663) (198,919) (288,349) (706,663)

Net increase/(decrease) in cash & cash equivalents (205,689) (343,062) (739,216) (205,690) (343,062) (739,217)

Cash & cash equivalents at the beginning of the period Note A 424,976 1,164,193 1,164,193 424,976 1,164,193 1,164,193

Cash & cash equivalents at the end of the period Note B 219,287 821,131 424,976 219,287 821,131 424,976

NOTES

A. Cash & cash equivalents at the beginning of the period

Cash in Hand & at Bank 17,293 23,395 23,395 17,293 23,395 23,395

Bank Overdraft (1,013,209) (552,069) (552,069) (1,013,209) (552,069) (552,069)

Investment in Treasury Bills, REPO & Others 1,420,892 1,692,867 1,692,867 1,420,892 1,692,867 1,692,867

424,976 1,164,193 1,164,193 424,976 1,164,193 1,164,193

B. Cash & cash equivalents at the end of the period

Cash in Hand & at Bank 25,179 23,232 17,293 25,179 23,232 17,293

Bank Overdraft (1,271,965) (868,478) (1,013,209) (1,271,965) (868,478) (1,013,209)

Investment in Treasury Bills, REPO & Others 1,466,074 1,666,377 1,420,892 1,466,074 1,666,377 1,420,892

219,287 821,131 424,976 219,287 821,131 424,976



CASH FLOW STATEMENTS

Company Group


1.

2.

3.

4.

5.

6. No circumstances have arisen since the Statement of Financial Position date, which would require adjustment or discloser in the Interim Financial Statements.


NOTES TO THE FINANCIAL STATEMENTS

Interim Financial Statements does not include/classify actuarial gain/(loss) on defined benefit plans costs as the valuation is done at the year end.

Stated Capital of Kegalle Plantations PLC amounts to Rs. 250,000,010 represented by 25,000,001 Ordinary Shares.

The Interim Financial Statements of the Company/Group are unaudited and have been prepared in accordance with Sri Lanka Financial Reporting Standards

(SLFRS/LKAS) and are in compliance with Sri Lanka Accounting Standard 34 - Interim Financial Reporting. Further, provisions of the Companies Act No. 7 of

2007 have been considered in preparing the Interim Financial Statements of the Company/Group. They also comply with the accounting policies and methods

set out in the Annual Report for the year ended 31 March 2017.

The presentation and classification of figures for the corresponding period of the previous quarter have been amended, where relevant, for better presentation

and to be comparable with those of the current quarter.

Other than contingent liabilities which may arise from the fair value adjustments, there has been no material changes in the nature of the contingent liabilities,

what was disclosed in the Annual Report for the year ended 31 March 2017.


Market price per share Year Ended

31 March

For the period ended 30 September 2017 2016 2017 2016 2017

Rs. Rs. Rs. Rs. Rs.

Highest 78.20 64.90 78.20 72.50 72.50

Lowest 65.10 54.10 51.00 51.00 45.00

Last Traded 72.00 55.00 72.00 55.00 52.00

Twenty largest shareholders of the Company are as follows;

As at

Name of the Shareholder Number of

Shares

% of the

HoldingNumber of

Shares

% of the

Holding

1 RPC Plantation Management Services (Pvt) Ltd 19,770,477 79.08% 19,770,477 79.08%

2 Dhanasiri Recreation (Pvt) Ltd 319,305 1.28% 319,305 1.28%

3 Mubasher Financial Services BSC 204,972 0.82% 204,972 0.82%

4 HSBC International Nominees Ltd - SSBT - Deustche 200,000 0.80% 200,000 0.80%

5 Tranz Dominion, L.L.C 185,000 0.74% 185,000 0.74%

6 Pershing LLC S/A Averbach Grauson & Co. 142,000 0.57% 190,000 0.76%

7 Employees Provident Fund 122,300 0.49% 122,300 0.49%

8 Sandwave Limited 93,499 0.37% 100,000 0.40%

9 Mr. D. M. Kodikara 90,000 0.36% 85,000 0.34%

10 Mr. D. F. G. Dalpethado 74,956 0.30% - -

11 Mrs. M. S. E. V. E. A. U. Von Stumm 59,349 0.24% 59,349 0.24%

12 Mr. N. Balasingam 50,600 0.20% 50,600 0.20%

13 Bank of Ceylon - No. 1 Account 50,600 0.20% 50,600 0.20%

14 Commercial Bank of Ceylon PLC/Sithijaya Fund 48,886 0.20% - -

15 Mr. F. G. N. Mendis 45,000 0.18% 45,000 0.18%

16 Mr. P. F. Nandasiri 42,500 0.17% 42,500 0.17%

17 Mr. J. G. De Mel 40,000 0.16% 38,200 0.15%

18 Alliance Finance Company PLC 37,100 0.15% 37,100 0.15%

19 Mr. H. W. M. Woodward (Deceased) 35,706 0.14% 35,706 0.14%

20 Peoples Leasing & Finance PLC/Mr. D. M. P. Disanayake 36,207 0.14% - -

Sub Total 21,648,457 86.59% - -

Balance held by 8,890 Shareholders

(31 March 2017 - 8,968 Shareholders) 3,351,544 13.41% 3,353,019 13.41%

Total Shares 25,000,001 100.00% 25,000,001 100.00%

The percentage of shares held as follows;

Number of

Shareholders

Number of

Shares

% of the

HoldingNumber of

Shareholders

Number of

Shares

% of the

Holding

Public Holding 8,906 5,212,817 20.85% 8,984 5,212,817 20.85%

Other Holding 4 19,787,184 79.15% 4 19,787,184 79.15%

8,910 25,000,001 100.00% 8,988 25,000,001 100.00%

The number of shares held by the Board of Directors are as follows;

As at 30 September

2017

31 March 2017

Dr. Sena Yaddehige - -

Mr. S S Poholiyadde 3,307 3,307

Prof. R C W M R A Nugawela - -

Dr. S S B D G Jayawardena - -

Mr. Shaminda Yaddehige - -

30 September 2017 31 March 2017

Number of Shares


SHAREHOLDER & INVESTOR INFORMATION

30 September 2017 31 March 2017

Quarter Ended Six Months Ended




31 March 31 March

2017 2016 2017 2017 2016 2017

Rubber Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000

Revenue 537,274 452,379 1,057,038 537,274 452,379 1,057,038

Revenue expenditure (438,677) (427,160) (904,780) (438,677) (427,160) (904,780)

Depreciation / amortization (38,118) (37,625) (75,747) (38,118) (37,625) (75,747)

Other non cash expenses - gratuity (16,435) (12,823) (44,324) (16,435) (12,823) (44,324)

Segment Result - Gross Profit/(Loss) 44,044 (25,230) 32,187 44,044 (25,230) 32,187

Tea

Revenue 603,581 546,617 1,030,369 603,581 546,617 1,030,369




Segment Result - Gross Profit/(Loss) 49,974 2,804 23,318 49,974 2,804 23,318

Coconut

Revenue 29,090 19,835 39,494 29,090 19,835 39,494


Segment Result - Gross Profit 12,165 8,923 12,355 12,165 8,923 12,355

Others

Revenue 84,036 54,777 160,260 84,036 54,777 160,260

Revenue expenditure (164) (878) (926) (164) (878) (926)

Segment Result - Gross Profit 83,873 53,899 159,334 83,873 53,899 159,334

Total Segments

Revenue 1,253,981 1,073,608 2,287,161 1,253,981 1,073,608 2,287,161

Revenue expenditure (983,812) (957,411) (1,876,115) (983,812) (957,411) (1,876,115)



Total Segment Results - Gross Profit / (loss) 190,056 40,396 227,194 190,056 40,396 227,194

Gain/(Loss) on fair value of biological assets - - 5,914 - - 5,914

Other income 96,057 17,880 116,408 23,991 19,389 37,238

Administrative expenses (23,937) (20,322) (46,712) (26,268) (23,529) (52,705)

Management fee (36,613) (9,783) (44,660) (36,613) (9,783) (44,660)

Finance income 89,196 90,592 199,131 89,196 90,592 199,131

Finance cost (141,114) (127,503) (258,101) (141,114) (127,503) (258,101)

Share of result of associates - - - 122,782 96,161 228,756

Profit / (loss) Before Tax 173,644 (8,739) 199,174 222,030 85,723 342,768



Company Group

SEGMENT INFORMATION


Name of the Company : KEGALLE PLANTATIONS PLC

Legal Form : A Quoted Public Company with limited liability,

Incorporated in Sri Lanka under the Companies Act No. 07 of 2007.

Date of Incorporation : 22 June 1992

Company Registration No : New Registration No. P Q 135 [Old No. N (PBS/CGB) 140]

Head/Registered Office : No. 310, High Level Road, Nawinna, Maharagama, Sri Lanka.

Principal Business Activities : Cultivation, Manufacture and Sale of Rubber, Tea, Coconut,

Cardamom & other agricultural produce.

Ultimate Parent Enterprise : Richard Pieris & Company PLC

No. 310, High Level Road, Nawinna, Maharagama, Sri Lanka.

Board of Directors : Dr. Sena Yaddehige - Chairman

Mr. S S Poholiyadde

Prof. R C W M R A Nugawela

Dr. S S B D G Jayawardena

Mr. Shaminda Yaddehige

Stock Exchange Listing : The Ordinary Shares of the Company are listed with the

Colombo Stock Exchange of Sri Lanka.

Secretaries : Richard Pieris Group Services (Pvt) Limited

No. 310, High Level Road,

Nawinna,

Maharagama,

Sri Lanka

Telephone : + (94) 11 4310500

Auditors : Messrs. Ernst & Young,

Chartered Accountants,

No. 201, De Saram Place,

Colombo 10.

Bankers : National Development Bank PLC

Bank of Ceylon - Corporate Branch & Regional Branches

Hatton National Bank PLC

Peoples Bank

Seylan Bank PLC

Commercial Bank of Ceylon PLC

Indian Overseas Bank/Indian Bank/State Bank of India

Nations Trust Bank PLC

Contact Details : Telephone : + (94) 11 4310500

Facsimile : + (94) 11 4310799

Internet : www.arpico.com

E-mail : [email protected]

CORPORATE INFORMATION

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