CEYLON TEA BROKERS PLC
PB 1280 PQ
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH JUNE 2016
CEYLON TEA BROKERS PLC
Statement of Comprehensive Income for Period Ended 30th June
For the Quarter Ended
30.06.2016
30.06.2015
Rs.
Rs.
Revenue
Variance
%
81,441,404
89,624,079
-9%
(15,819,014)
(14,896,749)
6%
Gross Profit
65,622,390
74,727,330
-12%
Marketing Expenses
(7,057,064)
(9,240,143)
-24%
Administration Expenses
(38,068,978)
(39,774,282)
-4%
Finance Expenses
(16,055,875)
(16,874,455)
-5%
4,440,473
8,838,450
-50%
(2,076,512)
(3,191,931)
-35%
2,363,961
5,646,519
-58%
0.02
0.05
Operating Expenses
Profit Before Taxation
Taxation
Profit After Taxation
Earnings Per Share
figures in brackets indicate deductions.
1
CEYLON TEA BROKERS PLC
Statement of Financial Position as at 30th June
30.06.2016
Rs.
ASSETS
Non-Current Assets
Property, Plant & Equipment
Intangible Assets
Loans to Tea Suppliers
Deferred Tax Asset
30.06.2015
Rs.
31.03.2016
Rs.
28,774,445
4,559,774
166,385,041
774,608
200,493,868
14,534,639
5,766,895
76,123,481
911,628
97,336,643
30,193,304
5,215,632
43,674,142
774,608
79,857,686
636,476,840
67,883,671
60,453,497
764,814,008
646,648,243
146,197,880
75,769,757
868,615,880
647,146,635
55,253,236
90,539,496
792,939,367
Total Assets
965,307,876
965,952,523
872,797,053
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital
Reserves
Share Based Payment
Total Equity
128,000,000
69,803,230
(994,082)
196,809,148
128,000,000
89,808,553
208,219
218,016,772
128,000,000
81,689,269
(994,082)
208,695,187
894,165
12,072,903
12,967,068
3,277,669
12,115,498
15,393,167
1,415,811
11,983,168
13,398,979
146,371,187
261,897,664
3,089,439
344,173,371
755,531,661
139,550,396
276,190,179
4,541,208
312,260,801
732,542,584
157,785,347
101,861,858
3,013
1,176,038
389,876,631
650,702,887
Total Liabilities
768,498,729
747,935,751
664,101,866
Total Equity and Liabilities
965,307,876
965,952,523
872,797,053
1.73
1.91
1.83
Current Assets
Trade and Other Receivables
Loans to Tea Suppliers
Cash and Cash Equivalents
Non-Current Liabilities
Interest Bearing Borrowings
Retirement Benefit Obligation
Current Liabilities
Trade and Other Payables
Interest Bearing Borrowings
Amount due to Related Party
Tax Payable
Bank Overdrafts
Net Asset Value Per Share
I certify that the above financial statements have been prepared in compliance with the requirements of Companies
Act No 7 of 2007.
…………....………
Manager Finance
The Board of Directors are responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the board by:
………..…...………………
Director
………..………………
Director
10th August 2016
Colombo
2
CEYLON TEA BROKERS PLC
Statement of Changes in Equity
For the Period Ended 30th June 2016
Stated
Capital
Rs.
Retained
Earnings
Rs.
Share Based
Payment Transaction
Rs.
Rs.
Balance as at 01.04.2015
Profit for the period ended 31.03.2016
Other Comprehensive Income
Share based payment transaction
Dividend Paid
Balance as at 31.03.2016
128,000,000
128,000,000
84,162,035
25,942,399
84,835
(28,500,000)
81,689,269
Balance as at 01.04.2016
128,000,000
81,689,269
(994,082)
208,695,187
Profit for the period ended 30.06.2016
Dividend Paid
Balance as at 30.06.2016
128,000,000
2,363,961
(14,250,000)
69,803,230
(994,082)
2,363,961
(14,250,000)
196,809,148
figures in brackets indicate deductions.
3
208,219
(1,202,301)
(994,082)
Total
212,370,254
25,942,399
84,835
(1,202,301)
(28,500,000)
208,695,187
CEYLON TEA BROKERS PLC
Statement of Cash Flows
For the Period Ended 30th June 2016
30.06.2016
Rs.
Cash Flow From Operating Activities
Profit Before Taxation
Adjustments for ;
Depreciation/Amortisation
Interest Income
Interest Expense
Provision for Retirement Benefit Obligation
Provision for Bad and Doubtful Debt
Proceeds from sale of Assets
Share Based Payment
Cash Generated from/(Used In)Operating Activities Before
Working Capital Changes
30.06.2015
Rs.
4,440,473
8,838,450
2,568,822
(26,300,440)
16,055,875
710,235
3,000,000
(12,000)
-
2,166,561
(31,905,040)
16,874,455
710,235
3,600,000
462,965
-
284,661
Increase/Decrease in Working Capital
Increase in Trade and Other Receivables
Loans (Disburstments)/Recoveries From (To) Tea Suppliers
Increase in Trade and Other Payables
Cash Generated from/(Used In) Operating Activities
10,669,795
(138,341,334)
(11,414,160)
(138,622,734)
278,337,158
(67,104,694)
(165,741,927)
45,775,198
Tax Paid
Gratuity Paid
Net Generated from/(Used In) Operating Activities
(163,112)
(620,500)
(139,406,346)
(5,082,934)
(202,500)
40,489,764
Cash Flow From Investing Activities
Interest Received
Proceeds from sale of Assets
Acquisition of Intangible Assets
Purchase of Property, Plant & Equipment
26,300,440
12,000
(51,000)
(443,105)
25,818,335
31,905,040
(16,055,875)
(3,013)
(14,250,000)
(16,874,455)
(521,646)
160,035,806
(240,357,450)
100,000,000
129,205,272
(157,231,905)
Net Increase/( Decrease) in Cash and Cash Equivalents
15,617,261
(85,790,759)
Cash and Cash Equivalents at the Beginning of the Period
(299,337,135)
(150,700,285)
Cash and Cash Equivalents at the End of the Period
(283,719,874)
(236,491,044)
Cash Flow From Financing Activities
Interest Paid
Loan obtained/(repaid) from/to Related Party
Dividend Paid
Movement in Interest Bearing Borrowings
Loan repayment made during the period
Loan obtained during the period
Net Proceeds Received/(Paid) for commercial papers issued
figures in brackets indicate deductions.
4
(953,658)
30,951,382
-
Notes to the Financial Statements:
1. Figures for the year ended and as at 30th June 2016 are unaudited.
2. The Company is required to prepare Interim Financial Statements in accordance with LKAS 34 – Interim
Financial Reporting.
Following are the areas where the significant accounting policies have an impact on the financial
st
statements compared to SLAS existed immediately prior to 1 January 2012.
-The same accounting policies and methods of computation are followed in the interim financial
statements as compared with audited annual financial statements as at 31st March 2016.
-Impairement of Loans & Advances granted have been assessed based on individually significant
customers where there is an objective evidence of Impairement.
-Staff loans granted have been recognised at fair value at the time of granting and resultant adjustments
were accounted as prepaid staff cost and amortised over the tenure of the loan on a straight line basis.
Interest income was recognised using effective interest rate method.
-Loans granted to customers were recognised at fair value plus directly attributable transaction costs and
fee income, initially. Subsequent measurement of loans were recognised at amortised cost using effective
interest rate.
-Storage & Storage Related Income were recognised on accrual basis for the period of service provided by
the company instead of the date of auction.
3. The nature of related party transactions in the current period is similar to those reported in the Audited
Financial Statements – 2015/2016.
4. There were no significant events that occurred subsequent to the end of the interim period which require
disclosure or adjustments in the interim financial statements.
5. There were no contingent liabilities identified in the foreseeable future which require disclosure in the
financial statements.
6. To facilitate comparison and where relevant, balances pertaining to the previous period have been
reclassified.
7. Market prices recorded during the year ended 30th June 2016.
2016/17 -1st Quarter
Highest
Rs. 4.40
Lowest
Rs.2.90
Closing
Rs. 3.90
Date:
Date:
25.04.2016
01.04.2016
5
Notes to the Financial Statements (Continued):
8.
Directors' holding in shares as at 30th June 2016
Shareholding
(No. of Shares)
Director's Name
Mr. C P R Perera (Chairman)
Mr. W A T Fernando (Managing Director)
Mr. K H S Deshapriya (Executive Director)
Mr. M J C S Perera (Director/Chief Executive Officer)
Mr. B R L Fernando
Mr. W De Silva (Director/Chief Operating Office)
Ms. N T M S Cooray
Ms. H M S Perera
Mr. Dhayan H Madawala
9.
1,928,800
2,000,210
260,000
56,795
7,900
100
-
%
1.692%
1.755%
0.228%
0.050%
0.007%
0.000%
0.000%
0.000%
0.000%
20 major shareholders as at 30th June 2016.
As at 30th June 2016
No. of Shares
%
Shareholder's Name
SEYLAN BANK PLC/CAPITAL ALLIANCE HOLDINGS LIMITED
COLOMBO TRUST FINANCE PLC/ K. E. H. DE ALWIS
ASSOCIATED ELECTRICAL CORPORATION LTD
MR.W. A. T. FERNANDO
MR.C. P. R. PERERA
PAN ASIA BANKING CORPORATION PLC/MR.A.W.L.R SILVA &
MRS. P. M. ABAYASEKARA
MR D A EDUSSURIYA
MR. K. H. S. DESHAPRIYA
SINDBAD (PRIVATE) LIMITED
MR E M R EGODAWATTE
MR N A WITHANA
MERCHANT BANK OF SRI LANKA LTD A/C NO 1
MR. R. P. K. N. DE SILVA
MR Y L NANDASENA
MR.R. A. RAJAPAKSE
MISS C S WANIGASEKARA
MR P G PIYASIRI
MR P G W SIRISENA
MR M DAYANANDA
MR E J A G FERNANDO
Others
92,747,000
5,782,958
2,830,166
2,000,210
1,928,800
81.357%
5.073%
2.483%
1.755%
1.692%
1,000,000
320,000
260,000
222,210
215,973
208,000
193,155
178,436
166,926
158,544
156,000
148,328
125,000
125,000
124,500
108,891,206
5,108,794
114,000,000
0.877%
0.281%
0.228%
0.195%
0.189%
0.182%
0.169%
0.157%
0.146%
0.139%
0.137%
0.130%
0.110%
0.110%
0.109%
95.519%
4.481%
100.000%
10. Percentage of public holding as at 30th June 2016 was 14.89% comprising of 1,594 shareholders.
6