Interim Report Year Ended 31st March 2013 Quarter-4 (2012/13) HAYCARB PLC Co. Reg. No. PQ 59 No.400, Deans Road, Colombo-10, Sri Lanka
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Interim Report
Year Ended 31st March 2013
Quarter-4
(2012/13)
HAYCARB PLCCo. Reg. No. PQ 59
No.400, Deans Road, Colombo-10, Sri Lanka
W D N H Perera
Haycarb Value Added Products (Pvt) Limited
PQ 59
Hayleys Group Services (Pvt) Limited
Corporate Information
NAME OF COMPANY
Haycarb PLC
(A quoted public company with limited liability, incorporated in Sri Lanka in 1973)
A M Pandithage (Chairman)DIRECTORS
COMPANY REGISTRATION NUMBER
Hayley Building
Shizuka Company Limited (Ratchaburi, Thailand)
400, Deans Road, Colombo 10, Sri Lanka.
A M Senaratna
Kinetics (Private)Limited
SECRETARIES
Puritas (Pvt) Limited
S Rajapakse
PT Mapalus Makawanua Charcoal Industry (Bitung, Indonesia)
Haymark Inc. (Woodlands, Texas, U.S.A)
Haycarb Holdings Australia (Pty) Limited (Victoria, Australia)
STOCK EXCHANGE LISTING
D E Ranaraja
The ordinary shares of the company are listed with the Colombo Stock Exchange
Ms M J A S Abeyratne
R Seevaratnam
K D D Perera
S C Ganegoda
Carbokarn Co. Limited (Bangkok, Thailand)
H S R Kariyawasan (Managing Director)
Website:http://www.haycarb.com
Carbotels (Pvt) Limited - Associate
E - mail : [email protected]
400, Deans Road, Colombo 10, Sri Lanka.
REGISTERED OFFICE
Recogen (Pvt) Limited
Ultracarb (Pvt) Limited
Telephone 2696335
Fax:2699630
Fax:2627645
E-mail: [email protected]
of Sri Lanka
R P Peris (resigned w.e.f. 30.04.2012)
Telephone: 2677364, 2687565, 2691289, 2677363
Eurocarb Products Limited (Bristol, England)
SUBSIDIARIES ASSOCIATE AND JOINT VENTURE
Dr S A K Abayawardana
Haycarb Holdings Bitung Limited (Tortola, British Virgin Islands)
Lakdiyatha (Pvt) Limited - Joint venture
CK Regen Systems Co. Limited (Bangkok, Thailand)
Haycarb PLC
INCOME STATEMENTS
For the period ended
31.03.13 31.03.12 Change 31.03.13 31.03.12
Rs.'000 Rs.'000 % Rs.'000 Rs.'000
CONSOLIDATED +/(-)
Revenue 10,161,258 8,508,896 19 2,118,610 2,612,018
Cost of sales (7,585,349) (6,714,673) 13 (1,401,171) (2,033,770)
Gross profit 2,575,909 1,794,223 44 717,439 578,248
Other operating income 52,089 115,097 (55) 27,744 77,368
Selling & distribution expenses (84,005) (66,758) 26 (30,526) (22,213)
Administrative expenses (1,242,906) (963,259) 29 (363,714) (295,306)
Other operating expenses - (1,279) - - (1,279)
Finance income 106,917 15,257 601 78,128 2,621
Finance cost (191,755) (248,586) (23) (22,480) (205,701)
Net finance income/ (cost) (84,838) (233,329) (64) 55,648 (203,080)
Share of profit of equity accounted investee (net of tax) 866 12,127 (93) (5,772) (12,619)
Profit before income tax 1,217,115 656,822 85 400,819 121,119
Income tax expense (191,432) (133,808) 43 (69,249) (39,252)
Profit for the period 1,025,683 523,014 96 331,570 81,867
Attributable to:
Equity holders of the company 935,992 471,192 99 305,870 64,871
Minority interest 89,691 51,822 73 25,700 16,996
1,025,683 523,014 96 331,570 81,867
Earnings per share
Basic earnings per share (Rs.) 31.50 15.86 10.29 2.18
COMPANY
Revenue 5,139,223 4,158,473 24 1,196,162 1,328,298
Cost of sales (4,015,194) (3,341,215) 20 (959,450) (1,075,926)
Gross profit 1,124,029 817,258 38 236,712 252,372
Other operating income 68,853 121,790 (43) 37,749 81,894
Selling & distribution expenses (25,456) (12,200) 109 (5,333) (3,887)
Administrative expenses (561,012) (438,395) 28 (164,073) (148,691)
Finance income 244,146 121,284 101 215,421 79,750
Finance cost (120,590) (232,847) (48) (11,121) (193,547)
Net finance income/(cost) 123,556 (111,563) (211) 204,300 (113,797)
Profit before income tax 729,970 376,890 94 309,355 67,891
Income tax expense (53,672) (42,003) 28 (8,672) (1,334)
Profit for the period 676,298 334,887 102 300,683 66,557
Basic earnings per ordinary share (Rs.) 22.76 11.27 10.12 2.24
Notes on pages 6 and 7 form an integral part of these financial statements.
Figures in brackets indicate deductions.
3 months to12 months to
Haycarb PLC
STATEMENTS OF OTHER COMPREHENSIVE INCOME
For the year ended 31 March 2013
2012/13 2011/12 2012/13 2011/12
Notes Rs. '000 Rs. '000 Rs. '000 Rs. '000
Profit for the year 1,025,683 523,014 676,298 334,887
Other comprehensive income
Net Exchange differences on translation of foreign entities 77,487 29,270 - -
Net gain/(loss) on available-for-sale financial assets 44,349 (65,000) - -
Revaluation of land and buildings 82,534 - 48,859 -
Other comprehensive income (loss) for the year (net of tax) 179,370 (35,730) 48,859 -
Total comprehensive income for the year (net of tax) 1,205,053 487,284 725,157 334,887
Attributable to:
Equity holders of the parent 1,115,362 435,106 725,157 334,887
Non-controlling interests 89,691 52,178 - -
1,205,053 487,284 725,157 334,887
Group Company
Haycarb PLC - - - -
BALANCE SHEETS
Un audited Audited Audited Un audited Audited Audited
As at 31st March 2013 2012 01.01.2011 2013 2012 01.01.2011
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
ASSETSNon-Current Assets
Property, plant & equipment 2,802,119 1,741,432 1,276,218 825,352 596,104 566,275
Investment property 60,341 37,156 - 60,341 37,156 -
Intangible assets 240,018 132,000 63,447 37,976 68,553 -
Investments in subsidiaries - - - 1,023,497 693,592 493,592
Investment in equity accounted investee 324,682 320,878 229,086 92,903 92,903 92,903
Non-current receivables from related parties 8,687 19,352 30,020 8,686 19,352 30,020
Non current receivables from subsidiaries - - - 33,446 53,445 53,445
Other non-current financial assets 541,271 493,363 472,865 452,120 407,771 472,771
Deferred tax assets 11,172 4,081 1,639 - - -
3,988,290 2,748,262 2,073,275 2,534,321 1,968,876 1,709,006
Current Assets
Inventories 2,178,044 1,968,701 1,025,715 1,044,516 1,270,585 426,230
Trade & other receivables 1,843,309 1,479,869 1,109,436 980,286 689,349 279,352
Amounts due from subsidiaries - - - 280,885 164,392 227,390
Amounts due from related parties 35,551 37,311 26,193 30,667 33,053 26,193
Other financial assets - - 10,629 - 10,629 10,629
Cash and cash equivalents 409,535 224,554 332,620 161,558 41,292 228,422
4,466,439 3,710,435 2,504,593 2,497,912 2,209,300 1,198,216
Total Assets 8,454,729 6,458,697 4,577,867 5,032,233 4,178,176 2,907,222
EQUITY & LIABILITIESEquity
Stated capital 1 331,774 331,774 331,774 331,774 331,774 331,774
Capital reserves 409,746 296,707 213,330 231,349 159,150 591,261
Revenue reserves 3,675,876 2,961,061 2,592,595 2,521,756 2,083,377 1,440,804
Total equity attributable to equity holders of the company 4,417,396 3,589,542 3,137,699 3,084,879 2,574,301 2,363,839
Non-controlling interests 331,747 270,721 255,534 - -
Total equity 4,749,143 3,860,263 3,393,233 3,084,879 2,574,301 2,363,839
Non-Current Liabilities
Other non-current financial liabilities 624,615 366,335 12,500 361,022 182,583 2,438
Deferred tax liability 19,632 14,635 12,652 5,700 3,800 85,613
Deferred income - 98 1,168 - - -
Retirement benefit obligations 153,493 133,385 85,739 153,246 133,227 875
Total non-current liabilities 797,740 514,453 112,059 519,968 319,610 88,926
Current Liabilities
Trade & other payables 637,770 538,589 437,108 310,378 111,510 87,472
Other current financial liabilities 1,423,461 1,370,145 387,020 1,046,568 1,119,867 358,903
Amounts due to subsidiaries - - - 46,168 46,689 1,395
Amounts due to related parties 720,209 120,084 142,077 - 3,140 -
Income tax payable 126,406 55,163 106,370 24,272 3,059 6,687
Total current liabilities 2,907,846 2,083,981 1,072,575 1,427,386 1,284,265 454,457
Total liabilities 3,705,586 2,598,434 1,184,634 1,947,354 1,603,875 543,383
Total equity and liabilities 8,454,729 6,458,697 4,577,867 5,032,233 4,178,176 2,907,222
Net assets per share ( Rs.) 148.67 120.81 105.60 103.82 86.64 79.56
"It is certified that the financial statements set out on pages 2 to 7 have been prepared in compliance with the requirements of the
Companies Act No. 07 of 2007".
Sgd.
Ms. M J A S Abeyratne
Signed for and on behalf of the Board,
Sgd.
A M Pandithage
Chairman
9th May 2013
…………………….
H S R Kariyawasan
Managing Director
Finance Director
Consolidated Company
……………………….
……………………….Sgd.
Haycarb PLC
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2013
Stated Capital Available Exchange General Retained Non Total
capital reserves -for-sale fluctuation reserve earnings Total controlling equity
reserve on reserve interest
CONSOLIDATED Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Previously reported balance as at 01.04.2011 331,774 213,330 - 277,420 519,353 1,317,962 2,659,839 255,024 2,914,863
SLFRS adjustments - - 432,111 - - 40,497 472,608 5,762 478,370
Adjusted balance as at 01.04.2011 331,774 213,330 432,111 277,420 519,353 1,358,459 3,132,447 260,786 3,393,233
Translation of foreign entities - - - 29,270 - - 29,270 356 29,626
Net loss on available-for-sale financial assets - - (65,000) - - - (65,000) - (65,000)
Profit for the period - - - - - 471,192 471,192 51,822 523,014
Revaluation during the year - 83,377 - - - - 83,377 - 83,377
Changes in holding - - - - - (2,319) (2,319) - (2,319)
Dividends - - - - - (59,425) (59,425) (42,243) (101,668)
Balance as at 31.03.2012 331,774 296,707 367,111 306,690 519,353 1,767,907 3,589,542 270,721 3,860,263
Translation of foreign entities - - - 77,487 - - 77,487 53,740 131,227
Profit for the period - - - - - 935,992 935,992 89,691 1,025,683
Cost on share issue - - - - - (2,250) (2,250) - (2,250)
Revaluation during the year - 105,873 - - - - 105,873 - 105,873
Net gain on available-for-sale financial assets - - 44,349 - - - 44,349 - 44,349
Changes in holding - 2,127 - 6,301 (65,481) (57,053) (41,389) (98,442)
Movement in reserve in equity accounted investee - 5,039 - - - 685 5,724 - 5,724
Dividends - - - - - (282,268) (282,268) (41,016) (323,284)
Balance as at 31.03.2013 331,774 409,746 411,460 390,478 519,353 2,354,585 4,417,396 331,747 4,749,143
Stated Capital General Available Retained Total
capital reserves reserve for sale reserve earnings equity
COMPANY Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Previously reported balance as at 01.04.2011 331,774 159,150 519,353 - 885,264 1,895,541
SLFRS adjustments - - - 432,111 36,187 468,298
Adjusted balance as at 01.04.2011 331,774 159,150 519,353 432,111 921,451 2,363,839
Profit for the year - - - - 334,887 334,887
Net loss on available for sale financial asset - - - (65,000) - (65,000)
Dividends - - - - (59,425) (59,425)
Balance as at 31.03.2012 331,774 159,150 519,353 367,111 1,196,913 2,574,301
Profit for the year - - - - 676,298 676,298
Revaluation during the year - 72,199 - - - 72,199
Net gain on available for sale financial asset - - - 44,349 - 44,349
Dividends - - - - (282,268) (282,268)
Balance as at 31.03.2013 331,774 231,349 519,353 411,460 1,590,943 3,084,879
Attributable to equity holders of the parent
Other Reserves
Haycarb PLC
STATEMENTS OF CASH FLOW
For the year ended 31 March 2013 2012 2013 2012
Rs. '000 Rs. '000 Rs. '000 Rs. '000
Operating activities
Profit before tax 1,217,115 656,822 729,970 376,890
Non-cash adjustment to reconcile profit before tax to net cash flows:
Depreciation and impairment of property,plant equipment 184,000 117,488 50,175 42,867
Amortisation of non current financial assets (3,559) (2,080) - -
Amortisation and impairment of intangible assets 30,577 3,608 30,577 3,608
Gain on disposal of property, plant and equipment (2,360) (2,202) 16 (1,117)
Gain/(loss) on translation of foreign currencies (92,813) (77,752) (66,205) (84,962)
Exchange difference on translation of foreign entities 63,789 29,924 - -
Amortisation of deferred revenue (98) (1,070) - (875)
Finance income (106,917) (15,257) (244,146) (121,284)
Finance costs 191,755 248,586 120,590 232,847
Share of profit of an associate (866) (12,127) - -
Provision for slow moving inventory 1,800 3,592 1,800 1,800
Provision for unrealized profit on inventories 5,363 6,213 - -
Provision/(reversal) for bad and doubtful debts (3,728) (656) - -
Provision for retiring gratuity 38,830 53,261 38,740 53,176
Cash generated from operations before working capital changes 1,522,888 1,008,350 661,517 502,950
Working capital adjustments:
(Increase)/decrease in trade and other receivables and prepayments (359,680) (369,777) (290,937) (300,640)
(Increase)/decrease in amounts receivable from related parties 12,425 (450) (83,442) (40,014)
(Increase)/decrease in inventories (190,007) (952,791) 224,269 (846,156)
Increase/(decrease) in trade and other payables 89,558 100,724 199,151 50,168
Increase/(decrease) in amounts due to related parties 197,362 (21,993) (3,661) 1,745
1,272,546 (235,937) 706,897 (631,947)
Interest paid (106,865) (59,507) (62,308) (42,879)
Income tax paid (122,303) (148,708) (30,559) (44,269)
Retiring gratuity paid (18,722) (5,627) (18,722) (5,562)
Net cash flows from operating activities 1,024,656 (449,779) 595,308 (724,657)
Investing activities
Proceeds from sale of property, plant and equipment 12,934 9,299 5,195 1,117
Purchase of property, plant and equipment (659,933) (710,659) (235,775) (109,852)
Invest in subsidiary Shares (98,443) - (329,905) (200,000)
Acquisition of intangible assets - (72,161) - (72,161)
Acquisition of a subsidiary, net of cash acquired (98,341) - - -
Interest received 6,556 9,144 3,338 4,348
Dividend received from equity accounted investee 2,536 1,392 2,536 1,392
Other dividends received 36,129 6,113 176,576 113,008
Net cash flows used in investing activities (798,562) (756,872) (378,035) (262,148)
Net cash inflow/(outflow) before financing activities 226,094 (1,206,651) 217,273 (986,805)
Financing activities
Transaction costs on issue of shares (2,250) - - -
Proceeds from borrowings 480,150 422,623 391,501 208,273
Repayment of borrowings (203,702) (58,551) (163,504) (27,403)
Dividends paid to equity holders of the parent (282,268) (58,668) (282,268) (58,668)
Dividends paid to non-controlling interests (41,016) (42,243) - -
Net cash flows from/(used in) financing activities (49,086) 263,161 (54,271) 122,202
Net increase/(decrease) in cash and cash equivalents 177,008 (943,490) 163,002 (864,603)
Cash and cash equivalents at the beginning of period (997,890) (54,400) (962,038) (97,435)
Cash and cash equivalents at the end of period (820,882) (997,890) (799,036) (962,038)
(0) - -
Analysis of cash and cash equivalents as at 31st March 2013
Cash at banks and on hand 348,764 208,940 145,711 33,655
Short-term deposits 60,771 15,614 15,847 7,637
Bank overdrafts (1,230,417) (1,222,444) (960,594) (1,003,330)
Cash and cash equivalents (820,882) (997,890) (799,036) (962,038)
Group Company
Haycarb PLC
Reconciliation of Income Statements
for the twelve months ended 31st March 2012
NotesAs per SLAS
Re -
measurements
As per
SLFRS/LKASAs per SLAS
Re -
measurements
As per
SLFRS/LKAS
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
Revenue 8,508,896 - 8,508,896 4,158,473 - 4,158,473
Cost of Sales A (6,719,308) 4,635 (6,714,673) (3,340,383) (832) (3,341,215)
Gross Profit 1,789,588 4,635 1,794,223 818,090 (832) 817,258
Other income B 114,872 225 115,097 120,113 1,677 121,790
Selling and distribution expenses (66,758) - (66,758) (12,200) - (12,200)
Administrative expenses (963,259) - (963,259) (438,395) - (438,395)
Other expenses (1,279) - (1,279) - - -
Finance income 15,257 - 15,257 121,284 - 121,284
Finance cost C (176,386) (72,200) (248,586) (160,647) (72,200) (232,847)
Net Finance cost (161,129) (72,200) (233,329) (39,363) (72,200) (111,563)
Share of profit of equity accounted investee (net of
tax) 12,127 - 12,127 - - -
Profit before tax 724,162 (67,340) 656,822 448,245 (71,355) 376,890
Income tax expenses (133,808) - (133,808) (42,003) - (42,003)
Profit for the period 590,354 (67,340) 523,014 406,242 (71,355) 334,887
Reconciliation of Other Comprehensive Income
for the twelve months ended 31st March 2012
Notes
As per SLASRe -
measurements
As per
SLFRS/LKASAs per SLAS
Re -
measurements
As per
SLFRS/LKAS
Profit for the period 590,354 - 523,014 334,887 - 469,112
Other comprehensive income
Net Exchange differences on translation of foreign entities 29,270 - 29,270 - - -
Share of other comprehensive income of equity
accounted investees - - - -
Net gain/(loss) on available-for-sale financial assets D - (65,000) (65,000) - (65,000) (65,000)
- - - -
Other comprehensive income for the year, net of
tax - (65,000) (65,000) - (65,000) (65,000)
Total comprehensive income for the period, net of
tax 590,354 (65,000) 458,014 334,887 (65,000) 404,112
Group Company
Group Company
Haycarb PLC
BALANCE SHEETS
Reconciliation of financial position
As at 31 March
Notes
As per SLAS
Re -
measureme
nts
As per
SLFRS/LKASAs per SLAS
Re -
measureme
nts
As per
SLFRS/LKAS
Assets Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
Non-current assets
Property, plant & equipment E 1,786,889 (45,457) 1,741,432 1,240,812 35,406 1,276,218
Investment Property 37,156 - 37,156 - - -
Intangible assets 132,000 - 132,000 63,447 - 63,447
Investments in equity accounted investee 320,878 - 320,878 229,086 - 229,086
Other non-current financial assets F 40,754 452,609 493,363 40,754 432,111 472,865
Deferred tax assets 4,081 - 4,081 1,639 - 1,639
Non-current receivables from related parties 19,352 - 19,352 30,020 - 30,020
2,341,110 407,152 2,748,262 1,605,758 467,517 2,073,275
Current Assets
Inventories 1,968,701 - 1,968,701 1,025,715 - 1,025,715
Trade and other receivables G 1,479,419 450 1,479,869 1,109,211 225 1,109,436
Amounts due from related parties 37,311 - 37,311 26,193 - 26,193
Other current financial Assets H - - - - 10,629 10,629
Cash & cash Equivalents 224,554 - 224,554 332,620 - 332,620
3,709,985 450 3,710,435 2,493,739 10,854 2,504,593
Total assets 6,051,095 407,602 6,458,697 4,099,497 478,370 4,577,867
Equity and Liabilities
Equity
Stated Capital 331,774 - 331,774 331,774 - 331,774
Capital reserves 296,707 - 296,707 213,330 - 213,330
Revenue reserves I 2,621,301 339,760 2,961,061 2,114,735 472,608 2,587,343
Total equity attributable to equity holders of the company 3,249,782 339,760 3,589,542 2,659,839 472,608 3,132,447
Non- Controlling Interests 264,450 6,271 270,721 255,024 5,762 260,786
Total Equity 3,514,232 346,031 3,860,263 2,914,863 478,370 3,393,233
Non Current Liabilities
Other non current financial liabilities 366,335 - 366,335 12,500 - 12,500
Deferred income 98 - 98 1,168 - 1,168
Deferred tax liability 14,635 - 14,635 12,652 - 12,652
Retirement Benefit Obligations 133,385 - 133,385 85,739 - 85,739
514,453 - 514,453 112,059 - 112,059
Current Liabilities
Trade & other payables 538,589 - 538,589 437,108 - 437,108
Other current financial liability H 1,308,574 61,571 1,370,145 387,020 - 387,020
Other financial liabilities - - - - - -
Amounts due to related parties 120,084 - 120,084 142,077 - 142,077
Income tax payable 55,163 - 55,163 106,370 - 106,370
2,022,410 61,571 2,083,981 1,072,575 - 1,072,575
Total Liabilities 2,536,863 61,571 2,598,434 1,184,634 - 1,184,634
Total equity, minority interest & liabilities 6,051,095 407,602 6,458,697 4,099,497 478,370 4,577,867
2012 2011
Group Group
Haycarb PLC
BALANCE SHEETS
Reconciliation of financial position
As at 31st March 2012
Notes
As per
SLFRS/LKAS
Remeasur
ements
As per
SLAS
As per
SLFRS/LKAS
Remeasur
ementsAs per SLAS
ASSETS
Non-Current Assets
Property, plant & equipment E 573,056 (23,048) 596,104 542,394 (23,881) 566,275
Investment property 37,156 - 37,156 - - -
Intangible assets 68,553 - 68,553 - - -
Investments in subsidiaries 693,592 - 693,592 493,592 - 493,592
Investment in equity accounted investee 92,903 - 92,903 92,903 - 92,903
Non-current receivables from related parties 19,352 - 19,352 30,020 - 30,020
Non current receivables from subsidiaries 53,445 - 53,445 53,445 - 53,445
Other non-current financial assets F 40,660 (367,111) 407,771 40,660 (432,111) 472,771
Deferred tax asset - - - - - -
1,578,717 390,159 1,968,876 1,253,014 455,992 1,709,006
Current Assets
Inventories 1,270,585 - 1,270,585 426,230 - 426,230
Trade & other receivables G 577,456 (5,072) 582,528 276,816 (2,536) 279,352
Amounts due from subsidiaries 271,213 - 271,213 227,390 - 227,390
Amounts due from related parties 33,053 - 33,053 26,193 - 26,193
Other financial assets H - (10,629) 10,629 - (10,629) 10,629
Cash and cash equivalents 41,292 - 41,292 228,422 - 228,422
2,193,599 15,701 2,209,300 1,185,051 13,165 1,198,216
Total Assets 3,772,316 405,860 4,178,176 2,438,065 469,157 2,907,222
EQUITY & LIABILITIES
Equity
Stated capital 331,774 - 331,774 331,774 - 331,774
Capital reserves 159,150 - 159,150 159,150 (432,111) 591,261
Revenue reserves I 1,751,434 (331,943) 2,083,377 1,404,617 (36,187) 1,440,804
Total equity attributable to equity holders of the company 2,242,358 331,943 2,574,301 1,895,541 468,298 2,363,839
Non-controlling interests - - -
Total equity 2,242,358 331,943 2,574,301 1,895,541 468,298 2,363,839
-
- -
-
Non-Current Liabilities -
Other non-current financial liabilities 182,583 - 182,583 - (2,438) 2,438
Deferred tax liability 3,800 - 3,800 2,438 (83,175) 85,613
Deferred income - - - 875 875 -
Retirement benefit obligations 133,227 - 133,227 85,613 84,738 875
Total non-current liabilities 319,610 - 319,610 88,926 - 88,926
-
Current Liabilities -
Trade & other payables J 109,792 (1,718) 111,510 86,613 (859) 87,472
Other current financial liabilities H 1,047,668 (72,199) 1,119,867 339,101 - 339,101
Amounts due to subsidiaries 46,689 - 46,689 19,802 - 19,802
Amounts due to related parties 3,140 - 3,140 1,395 - 1,395
Income tax payable 3,059 - 3,059 6,687 - 6,687
Total current liabilities 1,210,348 73,917 1,284,265 453,598 859 454,457
-
Total liabilities 1,529,958 (73,917) 1,603,875 542,524 859 543,383
Total equity and liabilities 3,772,316 405,860 4,178,176 2,438,065 469,157 2,907,222
2012 2011
Company Company
First-time adoption of SLFRS
Notes to the reconciliation of the financial position and equity as at 1 April 2011 and 31 March 2012, income statement and
total comprehensive income for the year ended 31 March 2012
A Cost of sales
B Other Income
C Finance Cost
D Available for sale Financial Assets
E Property, plant and equipment
F Non - Courunt Financial Assets
G Trade & other receivables
H Other financial assets and liabilities
I Retained earnings
G Trade & other Payables
Group The Group has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. As at the date of transition to SLFRS, a net increase of Rs. 35,406,000/- and Rs. 37,961,000/- as at 31.03.2012 (including the impact on depreciation due to review of useful lives explained in Note A) was recognised in property, plant and equipment. Further, the effect from IFRIC 4, due to the de-recognition of the previously recognised Property, plant and equipment resulted in a decrease of Rs. 83,417,000/- as at 31.03.2012. The net impact of the above adjustment being Rs. 45,457,000/- and Rs. 35,406,000 as at 31st March 2012 and 1st April 2011 respectively. Company The Company has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. As at the date of transition to SLFRS, a net increase of Rs. 23,881,000/- and Rs. 23,048,000/- as at 31.03.2012 (including the impact on depreciation due to review of useful lives explained in Note A) was recognised in property, plant and equipment
Group/Company Under previous SLAS, the company accounted for long term investments measured at cost. Under SLFRS/ LKAS, the Group and Company have designated such investments as available-for-sale investments. SLFRS/LKAS requires available-for-sale investments to be measured at fair value. The impact due to the recognition of the fair value was Rs. 432,111,000/- as at the date of transition and Rs. 367,111,000/- as at 31 March 2012. Further, due to the effect from IFRIC 4, the recognition of the Financial asset amounted to Rs. 85,498,000/- as at 31 March 2012 was recognised at the group.
Group/Company The fair value of forward foreign exchange contracts is recognised under SLFRS, and was not recognised under Previous SLASs. As at the date of transition Rs. 10,628,500 was recognised as an other current financial asset and Rs. 61,571,000/ - was recognised as an other current financial liability as at 31st March 2012 in the Group and the Company.
All items above were recognised against opening retained earnings and other reserves as at 1.04.2011and as at 31.03.2012 unle ss otherwise stated.
Group The Group has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. The review of useful lives of the significant components of property plant & equipment has resulted in the credit of depreciation amounting to Rs. 2,555,000/-. Further, the effect from IFRIC 4, due to the de-recognition of the previously recognised Property, plant and equipment resulted in a gain of Rs. 2, 080,000/-. Company The Company has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. The review of useful lives of the significant components of property plant & equipment has resulted in additional depreciation amounting to Rs. 832,559/-.
Group/Company Under SLFRS, the Group/Company had to measure the corporate guarantees granted to subsidiary and related group companies, at their fair value based on the market rate of similar guarantees. As at the date of transition an other income of Rs. 225,000/- has been recognised at Group level and other income of Rs. 1,677,000/- recognised at company level.
Group/Company The fair value of forward foreign exchange contracts is recognised under SLFRS, which was not recognised under Previous SLASs. Hence, the impact due to the provisioning for the loss arising from forward exchange contracts amounted to Rs. 72,200,000/- recognised in the income statements of both company and group.
Group/Company Under previous SLAS, the company accounted for quoted long term investments measured at cost. Under SLFRS/ LKAS, the Group and Company have designated such investments as available-for-sale investments. SLFRS/LKAS requires available-for-sale investments to be measured at fair value. Difference between the fair value under SLFRS/LKAS and the carrying value under previous SLAS has been recognised as a separate component of equity, in the available for sale reserve net of deferred tax and disclosed in the statement of other comprehensive income .
Group/Company Under SLFRS, the Group had to measure the corporate guarantees granted to subsidiary and related group companies, at their fair value based on the market rate of similar guarantees. As at the date of transition Rs. 225,000/- and Rs. 450,000/- as at 31st March 2012 has been recognised as a receivable . The company recorded Rs,2,536,000/- as at the date of transition and Rs. 5,072,000/- as at 31st March 2012.
Company Under SLFRS, the Company had to measure the corporate guarantees granted to subsidiaries and related group companies, at their fair value based on the market rate of similar guarantees. As at the date of transition Rs. 859,000/- and Rs. 1,718,000/- as at 31st March 2012 has been recognised as an other payable.
Haycarb PLC
Notes
As at 31st March 2013 2012
Rs.'000 Rs.'000
1. Issued and fully paid ordinary shares
As at 31st March 331,774 331,774
2. Disclosures
2.2 There are no material post balance sheet events that require adjustments to or disclosure in accounts.
2.3 There has not been a significant change in the nature of the contingent liabilities which are disclosed in the Annual Report
for the year ended 31st March 2012
2.4 Where necessary, comparative figures have been re-classified to conform with the current period's presentation
2.1 These interim financial statements which have not been audited, comply with theSri Lanka Accounting Standard (SLAS) LKAS 34 - Interim Financial Reporting. These SLFRS/LKASs have materially converged with the International Financial Reporting Standards (IFRS) as issued by, the International Accounting Standards Board (IASB). The effect of the transition to SLFRS/LKAS on previously reported financial positions, financial performances and cash flows of the Group and the Company is given in Notes to the financial statements.
Haycarb PLC
SEGMENT ANALYSIS
INDUSTRY SEGMENTS
Turnover-Net
External Intra-group 31.03.2013 31.03.2012
Rs.'000 Rs.'000 Rs.'000 Rs.'000
Activated carbon 9,921,838 2,627,294 12,549,132 9,688,518
Environmental engineering 239,420 11,334 250,754 337,025
10,161,258 2,638,628 12,799,886 10,025,543
Intra-group sales (2,638,628) (1,516,647)
10,161,258 8,508,896
Industry segment results
Profit before tax
31.03.2013 31.03.2012
Rs.'000 Rs.'000
Activated carbon 1,323,412 754,762
Environmental engineering 51,886 35,657
Leisure-associate 866 12,127
1,376,164 802,546
Consolidation adjustments (140,493) (115,215)
Unrealised profit on intra-group sales (18,556) (30,509)
1,217,115 656,822
INVESTOR INFORMATION
31.03.2013 31.03.2012 31.03.2013 31.03.2012
Market value of shares
Closing price 176.00 160.00 176.00 160.00
Highest price recorded for the period (Rs.) 185.00 170.00 185.00 162.00
(31/01/2013 & 20/09/12 ) (05/05/2011) (31/01/2013) (27/03/2012)
Lowest price recorded for the period (Rs.) 140.00 135.00 170.00 136.00
(06/06/2012) (11/07/2011) (27/03/2013) (02/02/2012)
Market capitalisation (Rs.) 5,229,378,000 4,753,980,000 5,229,378,000 4,753,980,000
P/E ratio 5.59 10.09 5.59 10.09
Dividend payments
Interim dividend 2012/13 Rs. 4.00 per share (2011/12 Rs. Nil per share) 118,849,500 Nil 118,849,500 Nil
Proposed final dividend 2012/13 Rs. 3.00 per share (2011/12 Rs. 5.50 per share) 89,137,125 163,418,063 89,137,125 163,418,063
Total for the year 207,986,625 163,418,063 207,986,625 163,418,063
Share trading information
No of transactions 1,121 1,544 233 318
No of shares traded 1,338,008 1,837,422 191,063 462,222
Value of shares traded (Rs.) 227,608,950 273,599,721 33,968,840 66,919,211
Three months ended
Consolidated
Consolidated
Year ended
HAYCARB PLC
Name of the Shareholder No.of Shares as
at 31.03.2013 %
1 Hayleys PLC No.3 Share Investment Account 20,125,103 67.73
2 Employees Provident Fund 1,274,006 4.29
3 National Savings Bank 502,800 1.69
4 J.B. Cocoshell (Pvt) Ltd 412,481 1.39
5 Employees Trust Fund Board 402,811 1.36
6 Mouldex Limited 310,214 1.04
7 Mr. T. Ueda 250,000 0.84
8 Bank of Ceylon No.1 Account 228,600 0.77
9 M. Radhakrishnan (Deceased) 201,000 0.68
10 Mrs. J. K. P. Singh 194,700 0.66
11 Mr. D. F. G. Dalpethado 166,404 0.56
12 Dr. H. S. M. Singh & Mrs. J. K. P. Singh 160,000 0.54
13 Mr. J. S. A. B. Singh & Mrs. G. K. A. H. Singh 150,000 0.50
14 Mr. S. Krishnananthan 128,717 0.43
15 Dr. R. K. D. O. H. Singh 127,400 0.43
16 Mr. H. S. Gill 123,000 0.41
17 Commercial Bank of Ceylon PLC A/C No. 04 107,100 0.36
18 Dr. D. Jayanntha 89,500 0.30
19 Waldock Mackenzie Ltd/Mr.C.D.Kohombanwickramage 88,441 0.30
20 Mr. A. Arulthakshanan 71,078 0.24
TOTAL 25,113,355 84.52
DIRECTORS' SHAREHOLDING AS AT 31ST MARCH 2013.
Name of the Director
No. of Shares as
at 31.03.2013
Mr.A.M.Pandithage2,379
Mr.S.C.Ganegoda 1,815
Mr.D.E.Ranaraja 10,000
Mr. H. S. R. Kariyawasan * 15,500
Total 29,694
* Mr.K.D.D.Perera holds directly and indirectly 48.38% of the total issued shares of Hayleys PLC
which has 20,125,103 shares in Haycarb PLC.
PUBLIC HOLDING
The percentage of shares held by public as per the Colombo Stock Exchange Rules
as at 31st March 2013, was 32.17%.
* Shares held jointly with Mrs. K. H. S. Kariyawasan
FIRST TWENTY SHAREHOLDERS AS AT 31.03.2013