INTERIM FINANCIAL STATEMENTS - cdn.cse.lk STATEMENTS 30th SEPTEMBER 2012 Tess Agro PLC # 87, New...
Transcript of INTERIM FINANCIAL STATEMENTS - cdn.cse.lk STATEMENTS 30th SEPTEMBER 2012 Tess Agro PLC # 87, New...
FINANCIAL STATEMENTS
30th SEPTEMBER 2012
Tess Agro PLC# 87, New Nuge Road,
Kelaniya
INTERIM
FOR THE PERIOD ENDED
Balance Sheet
As At 30th September 2012
As at As at As at 30th Sep. 2012 30th Sep. 2011 31st Mar. 2012Unaudited Unaudited Audited
Rs. Rs. Rs.ASSETSNON CURRENT ASSETS
Property , Plant & Equipment 289,951,556 259,807,626 282,419,422 Investment in Subsidiary 9,800,000 9,800,000 9,800,000
299,751,556 269,607,626 292,219,422 CURRENT ASSETS 306,261,917 194,933,607 223,995,985 TOTAL ASSETS 606,013,473 464,541,233 516,215,407
EQUITY & LIABILITIESStated Capital 204,967,698 204,967,698 204,967,698 Reserves 61,552,100 63,697,716 61,552,100 Retained earnings 33,899,275 43,309,852 43,038,998
Total Equity 300,419,073 311,975,266 309,558,796
NON CURRENT LIABILITIESDeferred Income 1,437,229 2,057,429 1,437,229 Interest Bearing Borrowings 54,929,925 26,773,789 31,077,864 Retirement Benefit Obligations 1,438,258 916,558 1,338,257
57,805,412 29,747,776 33,853,350 CURRENT LIABILIITES 247,788,989 122,818,191 172,803,261 TOTAL EQUITY & LIABILITIES 606,013,473 464,541,233 516,215,407
No of Shares 180,000,000 180,000,000 180,000,000
Net assets value per share 1.67 1.73 1.72
Market value per share Highest 3.40 6.90 6.90 Lowest 2.20 2.40 2.30 Closing 3.00 6.00 2.70
The above figures are provisional and subject to audit
H.N.O.P.Fernando D.Fernando
COMPANY
Chairman Director / CEO
Figures in the brackets indicate deductions.
Income Statement
For the Six Month Ended 30th September 2012
Unaudited Unaudited Audited
30th Sep. 2012 30th Sep. 2011 31st Mar. 2012
Rs. Rs. Rs.
Turnover 307,667,540 295,153,343 566,083,689
Cost of Sales (287,524,356) (269,564,712) (510,514,879)
Gross Profit 20,143,184 25,588,631 55,568,810
Other Operating Income (1,447,345) 1,309,898 3,598,319
Selling & Distribution Costs (2,005,975) (469,949) (4,199,180)
Administrative Expenses (13,004,613) (11,318,090) (25,039,229)
Other Expenses ‐ ‐ (165,132)
Profit from Operations 3,685,251 15,110,490 29,763,588
Dividend Income 4,898 6,918 9,198
Profit before Interest 3,690,149 15,117,408 29,772,786
Finance Costs (12,829,873) (4,044,695) (12,116,543)
Profit /(Loss) before Tax (9,139,723) 11,072,713 17,656,243
Provision for Taxation ‐ ‐ ‐
Net Profit/(Loss) after Tax (9,139,723) 11,072,713 17,656,243
Profit available for Appropriation (9,139,723) 11,072,713 17,656,243
Earnings per Share (0.051) 0.062 0.098
Figures in the brackets indicate deductions.180,000,000 180,000,000 180,000,000
COMPANY
Cash Flow Statement
For the Six Month Ended 30th September 2012
Unaudited Unaudited Audited30th Sep. 2012 30th Sep. 2011 31st Mar. 2012
Rs. Rs. Rs.Cash flow from Operating ActivitiesCash Receipts from Customers 270,133,762 280,076,001 522,380,765 Cash Paid to Suppliers & Employees (355,063,874) (288,789,986) (544,637,864) Cash Generated from Operations (84,930,112) (8,713,986) (22,257,099) Gratuity Paid ‐ ‐ ‐ Interest Paid (12,232,671) (222,713) (6,338,480) Income Tax Paid ‐ ‐ ‐ ESC Paid (307,668) (460,270) (621,485) Withholding Tax Paid ‐ ‐ ‐ Net Cash flow from Operating Activities (97,470,451) (9,396,968) (29,217,064)
Cash flow from Investing ActivitiesAcquisition of Property,Plant & Equipment (11,444,527) (789,085) (31,449,926) Acquisition of Investment ‐ ‐ ‐ Interest Received 292,540 7,011 234,668 Dividend Received 4,898 6,918 9,198 Proceeds from sale of Shares ‐ ‐ ‐ Short Term Investment ‐ ‐ ‐ Exchange Gain / (Loss) (1,739,885) 809,844 ‐ Investment in fixed Deposits and shares ‐ ‐ (10,629,319) Net Cash flow from Investing Activities (12,886,975) 34,688 (41,835,379)
Cash flow from Financing ActivitiesRepayment of Interest Bearing Borrowings (418,758,388) (116,522,606) (313,460,952) Proceeds from Long Term Loans ‐ ‐ ‐ Proceeds from Interest Bearing Borrowings 497,462,547 139,479,471 386,829,394 Grants Received ‐ ‐ ‐ Divident Paid ‐ ‐ ‐ Net Cash flow from Financing Activities 78,704,160 22,956,865 73,368,442
Net Increase/(Decrease) in Cash & Cash Equivalent (31,653,267) 13,594,584 2,315,998 Cash & Cash Equivalents at the Beginning of the Year (18,973,234) (21,289,242) (21,289,232) Cash & Cash Equivalents at the End of the Year (50,626,501) (7,694,658) (18,973,234)
Company
Statement of Changes in Equity
For the Six Month Ended 30th September 2012
TotalStated Revaluation Capital RetainedCapital Surplus Reserves EarningsRs. Rs. Rs. Rs. Rs.
Balance as at 01st April 2011 204,967,698 61,950,273 1,747,443 32,237,139 300,902,553 Net Profit/(Loss) for the year ‐ ‐ ‐ 11,072,713 11,072,713 Balance as at 30th September 2011 204,967,698 61,950,273 1,747,443 43,309,852 311,975,266 Net Profit/(Loss) for the period ‐ ‐ ‐ 6,583,530 6,583,530 Final Dividend Paid 2010/11 (9,000,000) (9,000,000) Transfer to / (from) retained earnings ‐ (2,145,616) ‐ 2,145,616 ‐ Balance as at 31st March 2012 204,967,698 59,804,657 1,747,443 43,038,998 309,558,796 Net Profit/(Loss) for the period ‐ ‐ ‐ (9,139,723) (9,139,723) Balance as at 30th September 2012 204,967,698 59,804,657 1,747,443 33,899,275 300,419,073
Notes to the Financial StatementsThe Company has followed the same accounting policies and methods of computation as disclosed in the Annual Report for the year ended 31st March 2012
There have been no other event subsequent to the interim period , which require disclosurein the provisional Financial Statements.
Attributable to equity holders of the parent
Notes to the Financial Statements
The Company has followed the same accounting policies and methods of computation as disclosedin the Annual Report for the year ended 31 st
March 2012.
There have been no other events subsequent to the interim period, which require disclosure in the provisional Financial statements.
There has not been any Contingent Liabilities subsequent to the interim period, which require disclosure in the provisional Financial statements.
TESS AGRO PLCNo. 87, New Nuge Road,Kelaniya.
1 Directors' Shareholdings
1 Mr.Oliver Fernando 303,395 0.17%2 Mrs.S.F.Fernando 247,170 0.14%3 Mr.Shiran Fernando 151,690 0.08%4 Mr.Roshan Fernando 151,690 0.08%5 Mr.Dilshan Fernando 283,240 0.16%
2 Shares held by Public 40.62%
3 Major Shareholders No. of Shares %
1 TESS (PRIVATE) LIMITED 79,343,592 44.08%2 SRI LANKA INSURANCE CORPORATION LTD‐LIFE FUND 26,380,200 14.67%3 TROPIC FROZEN FOODS LTD 5,955,550 3.31%4 WALDOCK MACKENZIE LTD/MR.S.A.GULAMHUSEIN 2,236,850 1.24%5 THURSTAN INVESTMENT LTD 2,163,130 1.20%6 TRANZ DOMINION,L.L.C. 1,600,000 0.89%7 IMTIAZ T.L.M .MR 1,513,995 0.84%8 JAZEEL F.M .MR 1,151,245 0.64%9 DE SILVA A.R. MR 1,000,000 0.56%10 PALPITA V.P.K.A .MR 817,600 0.45%11 PAN ASIA BANKING CORPARATION PLC./MR.SHABBIR ABBAS 712,960 0.40%12 FIRST CAPITAL MARKETS LIMITED/ MR. M.A.U. GNANATHI 662,000 0.37%13 ARAFATH AKRAM M.A.M .DR 660,000 0.37%14 DE MEL A.L.F.MR 635,852 0.35%15 ABEYGUNAWARDENA A.S .DR 603,562 0.34%16 WALDOCK MACKENZIE LTD/ MR.K.I. DHARMAWARDENA 590,700 0.33%17 QASIM M.A .MR 588,000 0.33%18 VIGNARAJAH K.C .MR 525,228 0.29%19 GOONATILAKE P.C.L. MR 519,300 0.29%20 BOSTON CAPITAL (PVT) LTD 500,000 0.28%
Corporate Information
NAME OF COMPNAY : TESS AGRO PLC
REGISTERED OFFICE : 87, New Nuge Road,Kelaniya
TELEPHONE NO : 2910859
FAX NO : 2910615
EMAIL ADDRESS : [email protected]
WEB ADDRESS : www.tess.lk
DATE, PLACE AND THE AUTHORITY : 20 May 1992, ColomboOF INCORPORATION Companies Act No.17 of 1982
Companies Act No.07 of 2007PB 689 PQ
BOARD OF DIRECTORS : MR.H.N. Oliver P. FernandoProf. Arthur H. DE O. BamunuarachchiMrs. S.F. FernandoMr. Shiran FernandoMr. Roshan FernandoMr. Dilshan FernandoMr. A. R. Peiris
SECRETARIES TO THE COMPANY : Consultants & Corporate Secretaries (Pvt) Limited.35 1/1, Devanampiyatissa Mawatha,Colombo 08.
AUDITORS : Sarma & Co.,Chartered Accountants186 2/1, Dam Street,Colombo 12.
LAWYERS : F J & G De SaramCorporate Law Office210, De Saram Road,Colombo 10.
BANKERS TO THE COMPANY : Commercial Bank of Ceylon PLC.National Development Bank PLC.Seylan Bank PLC.Hongkong & Shanghai Banking Corporation Ltd.
Tess Agro PLCNo. 87, New Nuge Road,Kelaniya.