LASCO Distributors Limited 

 

   

2015/ 2016

UNAUDITED 1ST QUARTER FINANCIAL REPORT FOR THREE MONTHS ENDING JUNE 30, 2015 

 

 

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Table of Contents

 

MANAGING DIRECTOR’S REPORT ..................................................................................................... 2 

STATEMENT OF COMPREHENSIVE INCOME .................................................................................. 5 

STATEMENT OF FINANCIAL POSITION ........................................................................................... 6 

STATEMENT OF CASH FLOW ............................................................................................................... 7 

STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY .......................................................... 8 

NOTES TO THE FINANCIAL STATEMENTS    3 MONTHS ENDING JUNE 2015 ....................... 9 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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LASCO DISTRIBUTORS LIMITED The Board of Direct ors of LASCO Dist ribut ors Limit ed (LDL) is pleased t o present t he

unaudit ed f inancial result s for t he f irst quart er ending June 30t h, 2015.

1st Quart er Highl ight s

LASCO Dist ribut ors Limit ed has surpassed t he 3 bil l ion dol lars revenue mark in t he f irst t hree

mont hs, an increase of 38.7% or $923.5M over t he corresponding period. The main

cont ribut ing fact ors were t he increase in volumes of iCool beverages and addit ional revenue

f rom t he dist ribut ion of t he ful l range of Unilever Product s. Net Prof it s for t he t hree mont hs

increased by 45.2% or $41.1M over prior year June 2014. Increase logist ics cost s for t he

period and t he cont inued aggressive sel l ing and market ing act ivit ies result ing in t he gross

prof it margin being lower by 1.4 percent age point s t han t he prior year.

The aggressive ef fort s t o drive demand for our newly launched iCool brand of beverages has

been successful as t he company achieved a signif icant increase in volumes. The support f rom

our cust omers was t remendous and t he demand by consumers for our iCool beverages was

overwhelming. For t his we say t hank you and we wil l cont inue t o drive t o improve our

services and bring more excit ing product s t o market .

J$3,308,623 J$2,385,127 

June 30 2015 YTD (ʹ000) June 30 2014 YTD (ʹ000)

Revenue

J$132,014 J$90,903 

June 30 2015 YTD (ʹ000) June 30 2014 YTD (ʹ000)

Net Profit

$3.3 bil l ion dol lars in Revenues up by 39 percent over 2014 corresponding period

 

$132.3 mil l ion dol lars Net Prof it up by 46 percent over 2014 corresponding period an increase of $41.4 mil l ion dol lars

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Balance Sheet Highl ight s

Propert y Plant & Equipment increased by 21.1% t he main driver was t he capit al izat ion of

it ems under const ruct ion for renovat ion works and ot her operat ional improvement s. Capit al

Work-In-Progress was $330.0M at t he end of t he period and it relat es t o t he warehouse

expansion proj ect . Phase I of t he expansion proj ect is on schedule and it is expect ed t o be

complet ed wit hin t he f inancial year 2015-16, t his addit ional space wil l increase operat ional

capacit y and improve ef f iciencies.

For t he report ing period Current Asset s increased by 24.5% or $950.8M. The maj or

cont ribut ory fact or was Trade and Ot her Receivables cat egory which increased by 48.1% or

$776M t his was a result of t he increased Credit Sales and Principal act ivit ies. Invent ories

increased by 33.6% or $436.7M due t o new product s t o market and new business agreement s,

Trade and Ot her Payables increased by 34.4% or $615.3M over t he corresponding period.

 

    

378,790 

4,836,644 

2,378,054 

312,730 

3,885,835 

1,762,725 

PROPERTY, PLANT & EQUIPMENT

CURRENT ASSETS TRADE AND OTHER PAYABLES 

June 30 2015 June 30 2014

Corporate Activities

The SociaI Devetopment Commission's (SDC) National Twenty/20 Community Cricket

Competition officiatty began on Aprit 26, 2015 in St Catherine. . This competition continues to

grow in poputarity and reach as it attracts thousands of spectators from communities across

the istand. LASCO Distributors Limited came on board for the third consecutive year as a

major sppnsor as it views this programme as integral to advancing community development

and fostering positive youth invotvement through sports, which ultimatety adds to advancing

national devetopment.

The 3'd Annuat LASCO Re-Leaf Environmental Awareness Programme (REAP) Awards ceremony

was hetd on June 3, 3015, in the Gardens of the Jamaica Pegasus. The Awards ceremony

closed the curtains on the 2015 programme, which focused on waste management among

communities as reflected in the theme , Where There ls A WiU, There ls No Woste. Montego

Bay based John Ro[[ins Success Primary School won the first ptace LASCO REAP trophy and ten

desktop computers. Bath Primary and Junior High School walked away with the Second ptace

prize, while Farm Primary and Junior High won the third ptace prize. The programme has

grown tremendously from 50 schoots in the first year to almost 250 schools, three years tater.

It has engaged 250,000 students across the island and through the project, 400,000 botttes

have been cotlected, 12,000 trees planted and 91 gardens started and/or improved.

For the coming year focus witt be on new product rolt-outs and overatl market share growth

for key brands distributed. The company witt atso deptoy measures to improve processes and

deptoy new technology to drive efficiencies. !n this competitive environment there witt be

key strategies to take advantage of the opportunities to achieve growth and profitabitity.

,/aPeter M. Chin

MANAGING DIRECTOR

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STATEMENT O F C O MPREHENSIVE

INC O ME

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION

NET ASSETS EAAPLOYED

Non-Current Assets

Property, Ptant & Equipment

Capitat Work- ln-Progress

378,790

330,083

312,730

84,546

377,248

211,293

Current Assets

lnventoriesTrade and Other Receivabtes 5

Retated Companies

Taxation/GCT Recoverable

Short Term Deposits

Cash and Bank Balances

708,873

1,734,5152,399,500

21,11423,743

31 6,353

352,419

397,276

1,297,8441,612,545

24,657

1 3,891

651,482

588,541

1,896,7842,095,493

14,185

16,126

171,423

285,416 562,025

Current Liabilities

Trade and Other Payables

Retated Companies

Short Term Borrowings

Bank Overdraft

GCT Payabte

4,836,644

2,378,054

233

35,055

0

3,995,935

1,762,725

0

32,346

0

0

4,746,036

2,449,434

0

0

2,182

0

Net Gurrent Assets

2,413,342 1,795,071 2,451,6',16

2,753,385 2,175,310 2,294,420

3,132,175 2,488,U0 2,882,961

Financed by:

Share Capitat

Capitat Reserves

Other Reserve

Retained Earnings

7 231,374 219,191

75,387 75,387

28,129 0

2,548,072 2,102,559

231,373

75,387

28,129

2,548,472

0Current Earnings 132,013 90,903

Non-Current Liabilities

Long Term Debt

3,014,975 2,488,440

117,2@ 0

2,992,961

0

3,132,175 2,882,961

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STATEMENT O F C ASH FLO W  

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STATEMENT O F C HANG ES IN STO C KHO LDER’ S EQ UITY  

 

 

 

 

 

 

 

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NO TES TO THE FINANC IAL STATEMENTS

3 MO NTHS ENDING JUNE 2015  

BASIS OF PREPARATION

These f inancial st at ement s have been prepared in accordance wit h and comply wit h

Int ernat ional Financial Report ing St andards (IFRS), and have been prepared under t he

hist orical cost convent ion, as modif ied by t he revaluat ion of cert ain f ixed and f inancial

asset s. They are also prepared in accordance wit h t he provisions of t he Jamaican

Companies Act .

The preparat ion of f inancial st at ement s t o conform t o IFRS requires management t o

make est imat es and assumpt ions t hat af fect t he report ed amount s of t he asset s and

l iabil i t ies, cont ingent asset s and cont ingent l iabil i t ies at t he end of t he report ing

period and t he revenue and expenses during t he report ing period. Act ual result s could

dif fer f rom t hose est imat es. The est imat es are reviewed on an ongoing basis and any

adj ust ment s t hat may be necessary would be ref lect ed in t he year in which act ual

result s are known.

The account ing pol icies fol lowed in t he preparat ion of t he f inancials are consist ent

wit h t hose used in t he audit ed f inancial st at ement s for t he year ended 31 March 2015.

These f inancial st at ement s are present ed in Jamaican dol lars unless ot herwise

indicat ed.

IDENTIFICATION AND PRINCIPAL ACTIVITES:

(a) LASCO Dist ribut ors Limit ed is a l imit ed l iabil i t y company incorporat ed and

domiciled in Jamaica. The regist ered of f ice of t he company is 27 Red Hil ls Road,

Kingst on 10.

(b) The principal act ivit y of t he company is t he dist ribut ion of pharmaceut ical and

consumable it ems.

(c) The company’ s shares were l ist ed on t he Junior Market of t he Jamaican St ock

Exchange on 12 Oct ober 2010.

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TAXATION

Remission of income t ax:

The company's shares were l ist ed on t he Junior Market of t he Jamaica St ock Exchange,

ef fect ive 12 Oct ober 2010. Consequent ly, t he company is ent it led t o a remission of

t axes for t en (10) years in t he proport ions set out below, provided t he shares remain

l ist ed for at least f i f t een (15) years:

Years 1 t o 5 100%

Years 6 t o 10 50%

The f inancial st at ement s have been prepared on t he basis t hat t he company wil l have

t he ful l benef it of t he t ax remission.

EARNINGS PER STOCK UNIT

Basic earnings per st ock unit is calculat ed by dividing t he net prof it at t ribut able t o

st ock holders by t he number of Ordinary St ock Unit s in issue during t he period.

2015 2014

$’000 $’000

Net Prof it at t ribut able t o St ockholders 132,014 90,903

Number of Ordinary St ocks in issue 3,369,514 3,369,514

Adj ust ed for share opt ions 28,442 28,442

3,397,956 3,397,956

Dilut ed earnings per st ock unit $0.039 $0.027

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RECEIVABLES 2015 2014

$’000 $’000

Trade Receivables-

Roche (see below) 540,383 530,687 Regular Trade 1,266,403 794,241

1,806,786 1,324,928

Less: Bad Debt Provision ( 13,618) ( 8,492)

1,793,168 1,316,436

Ot her Receivables 595,332 296,109

2,388,500 1,612,545

Included in t rade receivables for Roche are it ems on which Roche bears t he credit risk

solely. The corresponding l iabil i t y is included in t rade payables (not e 6).

PAYABLES 2015 2014

$’000 $’000

Trade Payables-

Roche 322,393 353,318

Regular Trade 1,987,881 1,329,451

2,310,274 1,682,769

Ot her Payables & Accruals 67,780 79,956

2,378,054 1,762,725

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SHARE CAPITAL

2015 2014

$’000 $’000

Aut horised -

3,630,000,000 Ordinary Shares of no par value

St at ed Capit al-

Issued and ful ly paid-

3,373,931,150 Ordinary Shares of no par value 231,374 219,191

During t he year, t he company issued 7,500,000 shares t o it s direct ors and professional

service providers for cash of $7,500,000. The shares were issued under t he company’ s

st ock opt ion plan.