teejay lanka plc - cse · 2021. 2. 12. · teejay lanka plc chairman’s review sgd bill lam...

TEEJAY LANKA PLCCondensed Interim Financial Statements

Period ended 31 December 2020

TEEJAY LANKA PLC

Chairman’s Review

SgdBill Lam

Chairman

We have seen a growth momentum from all our strategic customers and vendor partners and this momentum of growth is expected to continue into the future. The Group is

continuing its focus on developing exciting new innovative products keeping synthetic activewear and sustainability at the forefront. This has enabled the Group to attract

many new customers to the Teejay portfolio. However, the price hikes of raw materials, in particular, cotton prices as well as the challenges in logistics, are being monitored

closely by the Company and will be managed to ensure that the impact to the Company is minimum.

As the situation in the country continues to evolve, Teejay has taken steps to keep the production engines running and to fuel the Sri Lankan economy with much needed

foreign exchange. The intense competition resulting from the global trade wars will persist into the foreseeable future and create opportunities for Teejay to capture new

businesses moving to the South Asian region. Even during these challenging times your company will continue the journey of growth and focus on modernization and

expansion projects and invest in new and sustainable technology to reach the Revenue goal of USD 300Mn in the coming years.

Teejay is continuing with a strong Balance Sheet and a Net Cash Balance of LKR 8.2 Bn, in line with the Groups strategy of keeping the Company “Net debt free”. An interim

dividend of LKR 1.65 has been proposed to be paid to all shareholders for the year.

Teejay Group achieved 23% growth in Net Profit to record LKR 778 Mn in comparison to LKR 631 Mn achieved during Quarter 2, recovering on a QoQ basis with the

challenges of Covid – 19. Net Profit for Quarter 3 grew by 8% to record LKR 778 Mn against the previous year LKR 719 Mn while Revenue for Quarter 3 saw a decline of 4% to

record LKR 8.5 Bn in comparison to LKR 8.9 Bn achieved the previous year. The Group adapted to the new normal and gathered momentum in its performance and was able

to deliver a strong Quarter 3 in comparison to the previous Financial year’s performance. Operations in India are back on track operating at full capacity, while Teejay Lanka

is navigating the challenges of the second Covid 19 wave that is being faced in Sri Lanka.

The Operational Excellence initiatives launched throughout the company has resulted in greater control in non-operational and non-strategic costs. This has enabled the

Group to reduce Distribution and Administration cost by 21% and 4% respectively compared to the previous year. However, greater emphasis was given to added health and

safety related expenses to keep our employees safe. The Safety of our workforce is the number one priority of the Group, and we will continue to invest in all activities to

protect their wellbeing as the risk of Covid-19 continues.

In line with our journey of achieving a revenue of USD 300 Mn and the growing opportunity of orders moving to the South Asian region, Teejay has ventured in to a new and

exciting expansion project in Teejay India. The Group will purchase flexible machinery which can convert from cotton production to synthetic material production. With this

new development set to take place in two phases and completed by 2022, Teejay India foresees that it will be able to increase its overall daily production capacity by 20 tons

to reach a production level of 55 tons a day in its Indian plant which is a 57% increase in capacity in India.

TEEJAY LANKA PLC

INCOME STATEMENT(all amounts in Sri Lanka Rupees Thousands)

GroupYear Ended31 March

2020 2019 Variance 2020 2019 Variance 2020Unaudited Unaudited Unaudited Unaudited Audited

Revenue from contracts with customers 8,559,281 8,888,593 -4% 22,082,470 26,330,741 -16% 33,276,976

Cost of sales (7,273,502) (7,672,897) 5% (19,466,331) (22,810,303) 15% (29,047,934)

Gross profit 1,285,779 1,215,696 6% 2,616,139 3,520,438 -26% 4,229,042

Other income 47,649 32,050 49% 114,265 133,534 -14% 172,617

Distribution expenses (37,591) (47,735) 21% (107,908) (131,402) 18% (195,150)

Administrative expenses (368,512) (384,019) 4% (937,843) (1,163,700) 19% (1,428,813)

Net impairment losses on financial assets (7,619) 8,757 -187% 21,729 (20,616) 205% (49,265)

Results from operating activities 919,706 824,749 12% 1,706,382 2,338,254 -27% 2,728,431

Finance income 58,325 45,337 29% 136,821 107,148 28% 243,825

Finance costs (26,229) (23,642) -11% (95,045) (81,340) -17% (160,292)

Net finance income 32,096 21,695 48% 41,776 25,808 62% 83,533

Profit before tax 951,802 846,444 12% 1,748,158 2,364,062 -26% 2,811,964

Income tax (173,337) (127,477) -36% (369,859) (408,291) 9% (428,180)

Profit for the period 778,465 718,967 8% 1,378,299 1,955,771 -30% 2,383,784

Attributable to:

Equity holders of the parent 778,465 718,967 8% 1,378,299 1,955,771 -30% 2,383,784

Non-controlling interest Nil Nil Nil Nil Nil Nil Nil778,465 718,967 8% 1,378,299 1,955,771 -30% 2,383,784

Basic earnings per share (LKR) 1.10 1.01 1.94 2.76 3.36

Period Ended31 December

Quarter Ended31 December

TEEJAY LANKA PLC

STATEMENT OF COMPREHENSIVE INCOME(all amounts in Sri Lanka Rupees Thousands)

GroupYear Ended31 March

2020 2019 Variance 2020 2019 Variance 2020Unaudited Unaudited Unaudited Unaudited Audited


Other comprehensive income

Effect on remeasurement of retirement benefit obligations Nil Nil 0% Nil Nil 0% (93,029)

Deferred tax attributable to

remeasurement of retirement

benefit obligations Nil Nil 0% Nil Nil 0% 25,696

Net movement on cash flow hedges Nil Nil 0% Nil Nil 0% Nil

Currency translation differences 98,943 (16,563) 697% (273,360) 451,173 -161% 1,091,633

98,943 (16,563) -697% (273,360) 451,173 -161% 1,024,300

877,408 702,404 25% 1,104,939 2,406,944 -54% 3,408,084

Attributable to:Equity holders of the parent 877,408 702,404 25% 1,104,939 2,406,944 -54% 3,408,084 Non-controlling interest Nil Nil Nil Nil Nil Nil Nil

877,408 702,404 25% 1,104,939 2,406,944 -54% 3,408,084

Total comprehensive income for the period

Total other comprehensive income for the period

Period Ended31 December

Quarter Ended31 December

TEEJAY LANKA PLC

INCOME STATEMENT(all amounts in Sri Lanka Rupees Thousands)

Company

Year Ended

31 March

2020 2019 Variance 2020 2019 Variance 2020

Unaudited Unaudited Unaudited Unaudited Audited


Cost of sales (4,460,695) (4,648,944) 4% (13,005,342) (13,380,762) 3% (17,067,349)

Gross profit 713,259 612,416 16% 1,657,397 1,956,277 -15% 2,297,545

Other income 141,356 212,704 -34% 358,128 522,171 -31% 701,134


Administrative expenses (212,289) (207,653) -2% (526,318) (632,735) 17% (769,660)


Results from operating activities 608,558 592,361 3% 1,414,585 1,727,740 -18% 2,062,787

Finance income 51,215 39,492 30% 137,245 96,317 42% 199,255

Finance costs (3,915) (7) -55829% (11,405) (22) -51741% (18,117)


Profit before tax 655,858 631,846 4% 1,540,425 1,824,035 -16% 2,243,925

Income tax (82,231) (65,119) -26% (205,046) (216,228) 5% (308,031)


Attributable to:


Non-controlling interest Nil Nil Nil Nil Nil573,627 566,727 1% 1,335,379 1,607,807 -17% 1,935,894

Basic earnings per share (LKR) 0.81 0.80 1.88 2.27 2.73

Period Ended

31 December31 December

Quarter Ended

TEEJAY LANKA PLC

STATEMENT OF COMPREHENSIVE INCOME(all amounts in Sri Lanka Rupees Thousands)

CompanyYear Ended

31 March


Unaudited Unaudited Unaudited Unaudited Audited



Effect on remeasurement of

retirement benefit obligations Nil Nil 0% Nil Nil 0% (29,787)

Deferred tax attributable to

remeasurement of retirement benefit

obligations Nil Nil 0% Nil Nil 0% 4,170


Currency translation differences 86,934 (14,999) 680% (231,799) 387,602 -160% 930,816

86,934 (14,999) -680% (231,799) 387,602 -160% 905,199

660,561 551,728 20% 1,103,580 1,995,409 -45% 2,841,093

Attributable to:


Non-controlling interest Nil Nil Nil Nil Nil Nil Nil660,561 551,728 20% 1,103,580 1,995,409 -45% 2,841,093

31 December


31 December


Period EndedQuarter Ended

TEEJAY LANKA PLC

STATEMENT OF FINANCIAL POSITION(all amounts in Sri Lanka Rupees Thousands)

Group Company

As at 31 March As at 31 March

2020 2019 2020 2020 2019 2020 Unaudited Unaudited Audited Unaudited Unaudited Audited

ASSETSNon - current assets

Property, plant & equipment 8,273,495 8,552,617 8,777,251 4,494,190 4,355,107 4,479,083

Capital work-in-progress 250,242 244,347 589,511 190,108 194,737 576,587

Intangible assets 122,423 83,353 77,726 90,298 28,742 26,198

Goodwill 61,220 59,737 62,298 Nil Nil Nil

Investment in Subsidiaries Nil Nil Nil 3,193,490 3,116,133 3,249,687

Right-of-use assets 854,772 234,917 910,400 446,916 97,810 467,711

Deferred tax assets 236,410 59,384 256,257 Nil Nil Nil9,798,562 9,234,355 10,673,443 8,415,002 7,792,529 8,799,266

Current assets

Inventories 6,107,763 4,652,398 5,904,129 3,803,267 2,965,745 3,740,732

Trade and other receivables 6,130,524 4,168,506 4,136,507 3,757,160 2,458,643 2,633,169

Current Tax receivable 9,148 Nil 18,219 - Nil Nil

Other financial assets 2,493,806 923,344 967,425 2,284,958 725,633 761,240

Cash and cash equivalents 5,691,542 5,696,745 5,262,770 3,771,169 4,578,500 3,807,121 20,432,783 15,440,993 16,289,050 13,616,554 10,728,521 10,942,262

Total assets 30,231,345 24,675,348 26,962,493 22,031,556 18,521,050 19,741,528

EQUITY AND LIABILITIESCapital and reserves

Stated capital 4,248,787 4,056,683 4,056,683 4,248,787 4,056,683 4,056,683

Share option scheme 96,760 96,760 96,760 96,760 96,760 96,760

Exchange equalisation reserve 4,990,057 4,622,957 5,263,417 4,588,187 4,276,772 4,819,986

Retained earnings 7,610,082 6,785,398 6,231,783 5,629,180 4,905,626 4,293,801 16,945,686 15,561,798 15,648,643 14,562,914 13,335,841 13,267,230

Non - current liabilitiesBorrowings 294,592 503,048 412,192 Nil Nil NilLease liabilities 628,261 Nil 627,993 347,075 Nil 341,604

Deferred tax liabilities 710,593 478,083 647,592 302,220 334,273 338,381

Retirement benefit obligations 423,681 284,211 377,583 241,728 201,943 216,868 2,057,127 1,265,342 2,065,360 891,023 536,216 896,853

Current liabilities

Trade and other payables 7,924,938 4,629,449 5,642,679 4,592,896 2,744,614 3,445,366

Current tax liability 109,140 99,605 91,594 109,140 90,469 91,594

Lease liabilities 11,858 Nil 12,106 7,605 Nil 7,739

Borrowings 3,182,596 3,119,154 3,502,111 1,867,978 1,813,910 2,032,746 11,228,532 7,848,208 9,248,490 6,577,619 4,648,993 5,577,445

Total liabilities 13,285,659 9,113,550 11,313,850 7,468,642 5,185,209 6,474,298 Total equity and liabilities 30,231,345 24,675,348 26,962,493 22,031,556 18,521,050 19,741,528

Net asset per share 23.89 22.17 22.29 20.53 19.00 18.90

I certify that financial statements comply with the requirements of the Companies Act No. 07 of 2007.

Sgd

Salman Nishtar

Chief Financial Officer

Sgd

Pubudu De Silva

Chief Executive Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Sgd Sgd

Ashroff Omar Hasitha Premaratne

Director Director

As at 31 December As at 31 December

11-Feb-2021

TEEJAY LANKA PLC

STATEMENT OF CHANGES IN EQUITY - GROUP(all amounts in Sri Lanka Rupees Thousands)

Balance as at 1 April 2019 4,056,683 96,760 4,171,784 5,600,028 13,925,255

Profit for the period Nil Nil Nil 2,383,784 2,383,784

Other comprehensive income Nil Nil 1,091,633 (67,333) 1,024,300

Total comprehensive income Nil Nil 1,091,633 2,316,451 3,408,084

Transactions with owners

Final dividend paid - 2018/19 Nil Nil Nil (772,152) (772,152)

Interim dividend paid - 2019/20 Nil Nil Nil (912,544) (912,544)

Balance as at 31 March 2020 4,056,683 96,760 5,263,417 6,231,783 15,648,643



Other comprehensive income Nil Nil (273,360) Nil (273,360)

Total comprehensive income Nil Nil (273,360) 1,378,299 1,104,939

Issue of shares under Employee Share Option Scheme 192,104 Nil Nil Nil 192,104

Balance as at 31 December 2020 4,248,787 96,760 4,990,057 7,610,082 16,945,686



Other comprehensive income Nil Nil 451,173 Nil 451,173

Total comprehensive income Nil Nil 451,173 1,955,771 2,406,944




TotalStated capital Exchange

equalisation

reserve

Share option

scheme

Retained

earnings

TEEJAY LANKA PLC

STATEMENT OF CHANGES IN EQUITY - COMPANY(all amounts in Sri Lanka Rupees Thousands)



Other comprehensive income Nil Nil 930,816 (25,617) 905,199




Interim dividend paid - 2019/20 Nil Nil Nil (912,544) (912,544)

Balance as at 31 March 2020 4,056,683 96,760 4,819,986 4,293,801 13,267,230



Other comprehensive income Nil Nil (231,799) Nil (231,799)

Total comprehensive income Nil Nil (231,799) 1,335,379 1,103,580

Issue of shares under Employee Share Option Scheme 192,104 Nil Nil Nil 192,104




Other comprehensive income Nil Nil 387,602 Nil 387,602





TotalStated capital Share option

scheme

Exchange

equalisation

reserve

Retained

earnings

TEEJAY LANKA PLC

STATEMENT OF CASH FLOWS(all amounts in Sri Lanka Rupees Thousands)

2020 2019 2020 2019

Unaudited Audited Unaudited Audited

Cash flows from operating activities

Cash generated from operations 2,717,792 3,032,609 1,763,241 2,183,816

Finance income received 129,948 107,151 137,243 96,320

Finance cost paid (55,339) (81,342) Nil (22)

Retirement benefit obligations paid (10,010) (41,978) (3,645) (28,769)

Tax paid (279,718) (94,776) (217,678) Nil

Net cash generated/(used) from operating activities 2,502,673 2,921,664 1,679,162 2,251,345

Cash flows from investing activities

Additions to capital work - in - progress (346,459) (949,908) (234,313) (529,662)

Investment in financial assets (1,546,780) (346,202) (1,540,537) (346,202)

Net cash used in investing activities (1,893,239) (1,296,110) (1,774,850) (875,864)

Cash flows from financing activities

Issue of shares under Employee Share Option Scheme 192,104 Nil 192,104 Nil

Dividend paid Nil (770,401) Nil (770,401)

Proceeds from / (settlement of) borrowings (239,181) 558,429 (13) 882,172

Net cash used in financing activities (47,076) (211,972) 192,091 111,771

Net increase/(decrease) in cash and cash equivalents 562,358 1,413,581 96,403 1,487,252

Cash and cash equivalents at the beginning of the period 5,102,393 4,265,854 3,647,975 3,073,938 Cash and cash equivalents at the end of the period 5,664,751 5,679,435 3,744,378 4,561,190

Quarter ended 31 DecemberQuarter ended 31 December

CompanyGroup

TEEJAY LANKA PLC

NOTES TO THE FINANCIAL STATEMENTS(In the notes all amounts are shown in Sri Lankan Rupees Thousands unless otherwise stated)

1. Corporate Information

2. Condensed Interim Financial Statements

The financial statements for the period ended 31 December 2020, includes “the Company” referring to Teejay Lanka PLC.

3. Approval of Financial Statements

4. Basis of Preparation

5. Accounting Policies

6. Other Financial Assets

7. Contingencies, Capital and Other Commitments

8. Key Ratios of the Group and the Company

2020 2019 2020 2019

Profitability Ratios

Net Profit Margin 9.09% 8.09% 11.09% 10.77%

Asset to Turnover 1.07 1.51 0.94 1.21

Debt : Equity 0.21 0.23 0.13 0.14

Return on Assets (ROA) 6.29% 10.89% 8.06% 12.99%

Return on Equity (ROE) 11.04% 17.37% 12.10% 17.82%

Investor Ratios

Earnings per Share (EPS) - LKR 1.10 1.02 0.81 0.81

Net Asset Value per Share - LKR 23.89 22.17 20.53 19.00

Price / Earnings Ratio (PE Ratio) 14.97 11.18 16.01 13.93

Price to Book Value Ratio (PBV Ratio) 1.59 1.84 1.85 2.15

(PE and PBV Ratios are based on a market price of LKR 38.00 per share closed 31 December 2020)

9. Number of shares representing the entity's Stated Capital - 709,322,545 Shares

10. Directors' Interest in Shares of the Company (As at 31 December 2020)

No. of Shares %

Hasitha Premaratne 40,000 0.01

11. Chief Executive Officer's holding in Shares of the Company (As at 31 December 2020)

No. of Shares %

Pubudu De Silva 777,578 0.11

The condensed interim financial statements of the Company have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting . The condensed interim

financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2020.

Quarter ended 31 December

The Company has also presented the statement of comprehensive income and the statement of financial position in United States Dollars (USD) since the functional currency of the enterprise is

USD.

There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual report for the year ended 31 March 2020.

Short term deposits with original maturity of more than 3 months but less than one year which previously reported under cash and cash equivalents are now shown under other financial assets.

The condensed interim financial statements have been prepared on a historical cost basis.

Quarter ended 31 December

Group Company

The accounting policies adopted are consistent with those of the previous financial year.

The condensed interim financial statements of the Company for the 9 months ended 31 December 2020 were authorised for issue by the Board of Directors on 11 February 2021.

Teejay Lanka PLC is a public limited company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The address of its registered office is Block D8 - D14,

Seethawaka Export Processing Zone, Avissawella.

TEEJAY LANKA PLC

NOTES TO THE FINANCIAL STATEMENTS(In the notes all amounts are shown in Sri Lankan Rupees Thousands unless otherwise stated)

12. Market Price per Share

Highest (LKR) Lowest (LKR)

Quarter ended 31 December 2020 40.00 28.90

Last traded price (on 31 December 2020) 38.00

13. Public Shareholding 277,853,455 shares - 39.17%

The percentage of shares held by the public as at 31 December 2020 was 39.17% (277,853,455 number of shares).

The number of public shareholders as at 31 December 2020 was 8,137 and a float adjusted market capitalisation of LKR 10,557,982,353.

In terms of the rule 7.13.1(a) of the Listing Rules if the Colombo Stock Exchange, the Company Qualifies under option Five of the minimum public holding requirement.

14. List of the 20 Largest Shareholders

No. of Shares %

BRANDIX LANKA LTD-NUMBER 1 ACCOUNT 232,198,344 32.74

PACIFIC TEXTURED JERSEY HOLDINGS LIMITED 195,926,217 27.62

BBH - FIDELITY FUNDS 37,238,610 5.25

BNYMSANV RE-LF RUFFER INVESTMENT FUNDS : LF RUFFER PACIFIC AND EMERGING MARKETS FUND 19,000,000 2.68

JPMCB NA-FIDELITY ASIAN VALUES PLC 18,720,745 2.64

CITIBANK NEWYORK S/A NORGES BANK ACCOUNT 2 18,678,930 2.63

BBH-MATTHEWS EMERGING ASIA FUND 15,439,483 2.18

MELSTACORP PLC 12,622,428 1.78

EMPLOYEES PROVIDENT FUND 6,979,333 0.98

JPMBL SA-KAPITALFORENINGEN INSTITUTIONEL INVESTOR,ASIATISKE SMID CAP AKTIER 6,099,332 0.86

DEUTSCHE BANK AG-NATIONAL EQUITY FUND 4,891,071 0.69

MR. L.K.M.FERNANDO 4,870,000 0.69

STANDARD CHARTERED BANK DIFC BRANCH S/A EFG HERMES OMAN LLC 3,614,630 0.51

MRS. P.P.H.MATARAGE 3,581,373 0.50

SRI LANKA INSURANCE CORPORATION LTD-LIFE FUND 3,455,238 0.49

UNION ASSURANCE PLC-UNIVERSAL LIFE FUND 3,360,822 0.47

JPMCB NA-SCOTGEMS PLC 3,331,281 0.47

METROCORP (PVT) LTD 3,000,000 0.42

PERICEYL ( PRIVATE ) LIMITED A/C NO. 03 2,694,100 0.38

NUWARA ELIYA PROPERTY DEVELOPERS (PVT) LTD 2,115,799 0.30

15. Material events that occurred subsequent to the interim period

No events have occurred since the date of the statement of financial position which would require adjustments to, or disclosure in, the financial statements.

TEEJAY LANKA PLC

INCOME STATEMENT(all amounts in United States Dollars)

Group

Year Ended

31 March


Unaudited Unaudited Unaudited Unaudited Unaudited


Cost of sales (39,719,918) (42,758,992) 7% (105,474,267) (129,288,120) 18% (163,862,659)

Gross profit 7,000,544 6,779,260 3% 14,175,005 19,953,736 -29% 23,856,507

Other income 259,870 176,762 47% 619,120 756,869 -18% 973,745

Distribution expenses (205,466) (266,519) 23% (584,676) (744,782) 21% (1,100,863)

Administrative expenses (2,011,178) (2,138,975) 6% (5,081,509) (6,595,819) 23% (8,060,096)


Results from operating activities 5,003,233 4,601,581 9% 9,245,674 13,253,155 -30% 15,391,383

Finance income 317,849 253,986 25% 741,334 607,311 22% 1,375,447

Finance costs (143,695) (131,214) -10% (514,979) (461,032) -12% (904,228)


Profit before tax 5,177,387 4,724,353 10% 9,472,029 13,399,434 -29% 15,862,602

Income tax (944,187) (708,979) -33% (2,004,003) (2,314,183) 13% (2,415,413)

Profit for the period 4,233,200 4,015,374 5% 7,468,026 11,085,251 -33% 13,447,189

Attributable to:

Equity holders of the parent 4,233,200 4,015,374 5% 7,468,026 11,085,251 -33% 13,447,189

Non-controlling interest Nil Nil Nil Nil Nil Nil Nil4,233,200 4,015,374 5% 7,468,026 11,085,251 -33% 13,447,189

Quarter Ended Period Ended


TEEJAY LANKA PLC

STATEMENT OF COMPREHENSIVE INCOME(all amounts in United States Dollars)

GroupYear Ended

31 March



Profit for the period 4,233,200 4,015,374 5% 7,468,026 11,085,251 -33% 13,447,189


Effect on remeasurement of retirement Nil Nil 0% Nil Nil 0% (524,788)

benefit obligations

Deferred tax attributable to Nil Nil 0% Nil Nil 0%

remeasurement of retirement benefit 144,953

obligations


Nil Nil 0% Nil Nil 0% (379,835)

4,233,200 4,015,374 5% 7,468,026 11,085,251 -33% 13,067,354

Attributable to:

Equity holders of the parent 4,233,200 4,015,374 5% 7,468,026 11,085,251 -33% 13,067,354

Non-controlling interest Nil Nil Nil Nil Nil Nil Nil4,233,200 4,015,374 5% 7,468,026 11,085,251 -33% 13,067,354

Quarter Ended Period Ended




TEEJAY LANKA PLC

INCOME STATEMENT(all amounts in United States Dollars)

Company

Year Ended

31 March




Cost of sales (24,386,567) (25,928,547) 6% (70,466,743) (75,841,761) 7% (96,278,835)

Gross profit 3,888,643 3,406,280 14% 8,980,258 11,088,120 -19% 12,960,709

Other income 771,414 1,190,664 -35% 1,940,440 2,959,650 -34% 3,955,179


Administrative expenses (1,158,211) (1,156,461) 0% (2,851,732) (3,586,329) 20% (4,341,740)


Results from operating activities 3,317,837 3,302,663 0% 7,664,639 9,792,776 -22% 11,636,415

Finance income 279,685 221,101 26% 743,633 545,924 36% 1,124,021

Finance costs (21,408) (36) -59367% (61,798) (123) -50142% (102,199)

Net finance income 258,277 221,065 17% 681,835 545,801 25% 1,021,822

Profit before tax 3,576,114 3,523,728 1% 8,346,474 10,338,577 -19% 12,658,237

Income tax (448,671) (361,794) -24% (1,110,999) (1,225,572) 9% (1,737,642)

Profit for the period 3,127,443 3,161,934 -1% 7,235,475 9,113,005 -21% 10,920,595

Period Ended

31 December

Quarter Ended

31 December

TEEJAY LANKA PLC

STATEMENT OF COMPREHENSIVE INCOME(all amounts in United States Dollars)

Company

Year Ended

31 March



Profit for the period 3,127,443 3,161,934 -1% 7,235,475 9,113,005 -21% 10,920,595


Effect on remeasurement of retirement Nil Nil 0% Nil Nil 0% (168,034)

benefit obligations

Deferred tax attributable to Nil Nil 0% Nil Nil 0% 23,525

remeasurement of retirement benefit

obligations


Nil Nil 0% Nil Nil 0% (144,509)

3,127,443 3,161,934 -1% 7,235,475 9,113,005 -21% 10,776,086 Total comprehensive income for the period


Period Ended

31 December

Quarter Ended

31 December

TEEJAY LANKA PLC

STATEMENT OF FINANCIAL POSITION(all amounts in United States Dollars)

As at 31 March As at 31 March

2020 2019 2020 2020 2019 2020

Unaudited Audited Audited Unaudited Audited Audited

ASSETS

Non - current assets

Property, plant & equipment 44,935,341 47,604,460 46,846,978 24,409,029 24,240,828 23,906,288 Capital work-in-progress 1,359,124 1,360,052 3,146,403 1,032,523 1,083,920 3,077,423

Intangible assets 664,909 463,948 414,849 490,430 159,981 139,827

Goodwill 332,502 332,502 332,502 Nil Nil Nil

Investment in Subsidiaries Nil Nil Nil 17,344,614 17,344,614 17,344,614

Right-of-use assets 4,642,470 1,307,565 4,859,094 2,427,310 544,418 2,496,320

Deferred tax Assets 1,284,002 330,538 1,367,730 Nil Nil Nil53,218,348 51,399,065 56,967,556 45,703,906 43,373,761 46,964,472

Current assetsInventories 33,172,732 25,895,568 31,512,213 20,656,457 16,507,541 19,965,481 Trade and other receivables 33,296,350 23,202,193 22,077,855 20,406,038 13,684,975 14,054,067 Current tax receivables 49,687 Nil Nil 97,239 NilNil Nil NilOther financial assets 13,544,462 5,139,398 5,163,453 12,410,159 4,038,926 4,062,981 Cash and cash equivalents 30,912,133 31,708,475 28,089,078 20,482,125 25,484,249 20,319,816

110,975,364 85,945,634 86,939,838 73,954,779 59,715,691 58,402,345

Total assets 164,193,712 137,344,699 143,907,394 119,658,685 103,089,452 105,366,817

EQUITY AND LIABILITIESCapital and reserves

Stated capital 38,619,455 37,571,594 37,571,594 38,619,455 37,571,594 37,571,594

Share option scheme 675,319 675,319 675,319 675,319 675,319 675,319

Retained earnings 52,741,332 48,371,137 45,273,306 39,799,919 35,981,295 32,564,496 92,036,106 86,618,050 83,520,219 79,094,693 74,228,208 70,811,409

Non - current liabilitiesBorrowings 1,600,000 2,800,000 2,200,000 Nil Nil NilLease liabilities 3,412,238 Nil 3,351,799 1,885,049 Nil 1,823,251

Deferred tax liabilities 3,859,399 2,661,041 3,457,944 1,641,429 1,860,582 1,806,050

Retirement benefit obligations 2,301,111 1,581,940 2,015,283 1,312,882 1,124,031 1,157,496 11,172,748 7,042,981 11,025,026 4,839,360 2,984,613 4,786,797

Current liabilitiesTrade and other payables 43,042,249 25,767,832 30,116,785 24,945,128 15,276,716 18,389,028 Current Tax Liabilities 592,763 554,408 488,865 592,763 503,564 488,865 Lease liabilities 64,405 Nil 64,614 41,304 Nil 41,304 Borrowings 17,285,441 17,361,428 18,691,885 10,145,437 10,096,351 10,849,414

60,984,858 43,683,668 49,362,149 35,724,632 25,876,631 29,768,611 Total liabilities 72,157,606 50,726,649 60,387,175 40,563,992 28,861,244 34,555,408

Total equity and liabilities 164,193,712 137,344,699 143,907,394 119,658,685 103,089,452 105,366,817

I certify that financial statements comply with the requirements of the Companies Act No. 07 of 2007.

Sgd

Salman Nishtar

Chief Financial Officer

Sgd

Pubudu De Silva

Chief Executive Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Sgd Sgd

Ashroff Omar Hasitha Premaratne

Director Director

11-Feb-2021

As at 31 December

Company

As at 31 December

Group

CORPORATE INFORMATION

Name Attorneys

Teejay Lanka PLC F J & G de Saram

Attorneys-at-Law

Legal Form 216, de Saram Place,

A public quoted Company with limited Colombo 10.

liability, incorporated on 12 July 2000. Sri Lanka

Company Registration No. Bankers

PV 7617 PB/PQ Bank of Ceylon

Commercial Bank of Ceylon PLC

Stock Exchange Listing The Hongkong and Shanghai Banking Corporation Limited

The issued Ordinary Shares of the Standard Chartered Bank

Company was listed on the Main Board People’s Bank

of the Colombo Stock Exchange of Deutsche Bank AG

Sri Lanka on 9 August 2011. DFCC Bank PLC

National Development Bank PLC

Registered Office Nations Trust Bank PLC

Block D8 – D14, Seethawaka

Export Processing Zone,

Avissawella. Investor Relations

Pubudu De Silva

Directors Salman Nishtar

Mr. Wing Tak Bill Lam – Chairman Teejay Lanka PLC

Mr. Mohamed Ashroff Omar

Mr. Hasitha Premaratne

Mr. Amitha Lal Gooneratne

Prof. Malik Kumar Ranasinghe

Mr. Wai Loi Wan

Mr. Kit Vai Tou

Secretaries

Corporate Services (Private) Limited

216, de Saram Place,

Colombo 10.

Sri Lanka.

Auditors

PricewaterhouseCoopers,

Chartered Accountants

Teejay Lanka PLC

Block D8-D14,

Seethawaka Export Processing Zone,

Avissawella, Sri Lanka.

www.teejay.com

teejay lanka plc - cse · 2021. 2. 12. · teejay lanka plc chairman’s review sgd bill lam...

Documents