31st March 2018 · 2018. 5. 14. · THE LANKA HOSPITALS CORPORATION PLC Provisional Consolidated...
Transcript of 31st March 2018 · 2018. 5. 14. · THE LANKA HOSPITALS CORPORATION PLC Provisional Consolidated...
The Lanka HospitalsC O R P O R A T I O N PLC (PQ 180)
PROVISIONAL CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTER ENDED
31st March 2018
THE LANKA HOSPITALS CORPORATION PLC
Provisional Consolidated Financial Statements
For the Quarter ended
31st March 2018
Board of DirectorsDr. Sarath PARANAVITANE - Chairman
Ven. Thiniyawala PALITHA THERO
Tel: +94 11 5430000 Fax: +94 11 4511199
E-mail: [email protected]
(Alternate Director to Mr. Daljit SINGH )
No. 578, Elvitigala Mawatha, Narahenpita, Colombo 05
Principal Place of Business & Registered Office
Mrs.Umashanthiee RAJAMANTRI
Mr.Keerthi Bandara KOTAGAMA
Mr.Saadi Wadood
Dr.Anil ABEYWICKRAMA
Mr.Anurag Kalra
Web: www.lankahospitals.com
Mr.Asendra Chaminda SIRIWARDENA
Mr.Kalyana Sundaram SRIVASTAVA
Mr.Thanuja Lasitha WEERATNE
Mr.Meghraj Arvindrao GORE(Alternate Director to Mr. Kalyana Sundaram SRIVASTAVA)
Mr.Nandana Jayantha MUNASINGHE
Mr.Ranjan Mohan WIJESINGHE
Mr. Daljit SINGH
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 31st March 2018
Statement of Financial Position
As at, 31st March 2018 31st Dec 2017 31st March 2018 31st Dec 2017Audited Audited
Rs. Rs. Rs. Rs.
ASSETS
Non Current Assets
Property, Plant & Equipment 4,478,939,541 4,520,192,810 4,087,359,540 4,126,645,769
Intangible Assets 93,865,618 95,520,181 64,199,045 64,919,467
Investment Property - - 124,000,000 124,000,000
Advance Lease Premium 206,634,775 203,169,008 206,634,775 203,169,008
Investment in Subsidiary - - 414,000,020 414,000,020
Total Non Current Assets 4,779,439,934 4,818,881,999 4,896,193,380 4,932,734,264
Current Assets
Inventories 301,912,582 294,734,245 241,260,191 229,990,892
Trade & Other Receivables 656,377,118 551,484,152 579,999,685 493,872,918
Amounts due from Related Parties 4,476,161 6,763,000 156,785,255 143,226,342
Economic Service Charge Recoverable 4,275,989 2,763,657 - -
Other Financial Assets 2,134,624,553 2,225,856,177 1,674,554,268 1,767,813,585
Cash and Cash Equivalents 245,915,994 249,420,585 205,255,491 247,730,886
Total Current Assets 3,347,582,398 3,331,021,816 2,857,854,890 2,882,634,623 Total Assets 8,127,022,332 8,149,903,815 7,754,048,270 7,815,368,887
EQUITY AND LIABILITIES
Equity
Stated Capital 2,671,543,090 2,671,543,090 2,671,543,090 2,671,543,090
Revaluation Reserve 1,066,204,888 1,066,204,888 996,747,320 996,747,320
Retained Earnings 2,253,026,276 2,282,277,858 1,902,046,180 1,978,640,320
Total Equity 5,990,774,254 6,020,025,836 5,570,336,591 5,646,930,730
Non Current Liabilities
Employee Benefit Obligations 172,587,146 166,551,295 155,950,373 150,614,829
Deferred Tax Liabilities 1,019,190,212 998,190,212 969,697,360 948,697,360
Total Non Current Liabilities 1,191,777,358 1,164,741,507 1,125,647,733 1,099,312,189
Current Liabilities
Amounts due to Related Parties 16,505,428 23,481,174 4,769,076 4,769,075
Trade & Other Payables 601,356,361 669,823,897 736,583,036 797,415,984
Income Tax Payable 53,509,413 38,458,806 44,704,335 33,568,314
Bank Overdraft 273,099,517 233,372,595 272,007,500 233,372,595
Total Current Liabilities 944,470,719 965,136,472 1,058,063,947 1,069,125,968
Total Liabilities 2,136,248,077 2,129,877,979 2,183,711,680 2,168,438,157 Total Equity & Liabilities 8,127,022,332 8,149,903,815 7,754,048,270 7,815,368,887
The figures as at 31st March 2018 are provisional and subject to audit.
I certify that the consolidated financial statements comply with the requirements of the Companies Act No. 07 of 2007.
Chief Financial Officer
The Board of the Directors is responsible for the preparation and presentation of these consolidated financial statements.
Approved and signed for and on behalf of the Board.
Chairman
Date: 11th May 2018
Colombo
(Amounts in brackets indicate deductions)
Group Company
Director
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 31st March 2018
Statement of Comprehensive Income
For the 03 months ended, 31st March 2018 31st March 2017 31st March 2018 31st March 2017
Rs. Rs. Rs. Rs.
Revenue 1,701,852,619 1,508,621,497 1,399,483,633 1,237,340,186
Cost of services (967,566,864) (809,460,083) (817,056,687) (691,777,384)
Gross profit 734,285,755 699,161,413 582,426,946 545,562,803
Other operating income 14,478,730 11,287,587 16,112,230 12,742,587
Administrative expenses (422,214,619) (373,611,052) (330,745,047) (295,146,034)
Other operating expenses (154,515,902) (154,331,015) (132,829,068) (139,861,249)
Profit from operations 172,033,964 182,506,933 134,965,062 123,298,106
Finance income 68,677,435 57,138,708 54,489,194 46,620,320
Profit before tax 240,711,399 239,645,641 189,454,257 169,918,425
Income tax expense (46,230,812) (27,675,212) (42,316,227) (24,761,905)
Profit for the period 194,480,587 211,970,428 147,138,029 145,156,520
Other comprehensive Income - - - -
Other comprehensive income net of tax - - - -
Total comprehensive income for the period 194,480,587 211,970,428 147,138,029 145,156,520
Basic earnings per share 0.87 0.95 0.66 0.65
Dividend per share 1.00 - 1.00 -
(Amounts in brackets indicate deductions)
Group Company
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 31st March 2018
Company Statement of Changes in Equity
Stated Revaluation Retained Total
capital reserve earning / (loss)
Balance as at 1st January 2017 2,671,543,090 1,220,128,576 1,636,428,932 5,528,100,598
Profit for the period (January 2017 - March 2017) - - 145,156,520 145,156,520
Balance as at 31st March 2017 2,671,543,090 1,220,128,576 1,781,585,452 5,673,257,118
Balance as at 1 January 2018 2,671,543,090 996,747,320 1,978,640,320 5,646,930,730
Profit for the period (January 2018 - March 2018) - - 147,138,029 147,138,029
Dividend Paid - - (223,732,169) (223,732,169)
Balance as at 31st March 2018 2,671,543,090 996,747,320 1,902,046,180 5,570,336,591
Group Statement of Changes in Equity
Stated Revaluation Retained Total
capital reserve earning / (loss)
Balance as at 1st January 2017 2,671,543,090 1,284,777,892 1,887,953,836 5,844,274,819
Profit for the period (January 2017 - March 2017) - - 211,970,428 211,970,428
Balance as at 31st March 2017 2,671,543,090 1,284,777,892 2,099,924,265 6,056,245,247
Balance as at 1 January 2018 2,671,543,090 1,066,204,888 2,282,277,858 6,020,025,835
Profit for the period (January 2018 - March 2018) - - 194,480,587 194,480,587
Dividend Paid - - (223,732,169) (223,732,169)
Balance as at 31st March 2018 2,671,543,090 1,066,204,888 2,253,026,276 5,990,774,254
(Amounts in brackets indicate deductions)
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 31st March 2018
Cash Flow Statement
CASH FLOW FROM OPERATING ACTIVITIES 31st March 2018 31st March 2017 31st March 2018 31st March 2017
Rs. Rs. Rs. Rs.
Profit before tax 240,711,399 239,645,641 189,454,257 169,918,425
Adjustments for :
Interest income (45,444,488) (33,661,728) (31,256,248) (23,143,340)
Depreciation on property, plant and equipment 95,998,280 82,354,785 86,225,966 74,269,540
Amortisation of intangible assets 5,038,504 3,033,147 3,161,356 1,634,902
Amortisation of advance lease premium 1,170,869 1,170,869 1,170,869 1,170,869
Provision for defined benefit obligation 9,483,150 6,636,635 8,296,572 5,557,928
Provision for impairment of trade receivable (1,404,235) (2,774,930) (1,404,235) (2,774,930)
Gain on disposal of property, plant & equipment - (619,417) - (619,417)
Operating profit before working capital changes 305,553,478 295,785,000 255,648,535 226,013,977
(Increase) / decrease in inventories (7,178,337) 1,975,804 (11,269,299) 23,030,192
(Increase) / decrease in trade and other receivables (105,001,063) 2,255,703 (84,722,532) 13,626,233
(Increase) / decrease in amounts due from related company 2,286,839 (454,828) (13,558,913) (7,894,036)
Increase / (decrease) in amounts due to related company (6,975,746) (3,443,786) - -
Increase / (decrease) in trade and other payables (68,467,536) (66,008,519) (60,832,948) (81,270,528)
Cash generated from operating activities 120,217,635 230,109,374 85,264,844 173,505,839
Income Tax paid (10,180,205) (7,005,480) (10,180,205) (7,005,480)
Defined benefit obligation paid (3,447,299) (1,702,686) (2,961,029) (1,702,686)
Net cash flow from operating activities 106,590,131 221,401,208 72,123,610 164,797,673
Cash flow from investing activities
Purchase of property, plant and equipment (54,745,010) (480,682,776) (46,939,736) (475,454,161)
Purchase of Intangible assets (3,383,941) (2,777,107) (2,440,934) (1,969,197)
Proceeds from disposal of property, plant & equipment - 2,820,222 - 2,820,222
Advance lease premium paid (4,636,636) (4,636,636) (4,636,636) (4,636,636)
Interest income 45,444,488 33,661,728 31,256,248 23,143,340
(Investment)/withdrawal in other financial assets 91,231,624 294,948,809 93,259,317 294,948,809
Net cash flow from investing activities 73,910,525 (156,665,760) 70,498,260 (161,147,622)
Cash flow from financing activities
Dividend paid (223,732,169) - (223,732,169) -
Net cash flow from financing activities (223,732,169) - (223,732,169) -
Net increase in cash and cash equivalents (43,231,513) 64,735,449 (81,110,299) 3,650,051
Cash and cash equivalents at the beginning of the year 16,047,990 (68,262,013) 14,358,291 (69,161,165)
Cash and cash equivalents at the end of the year (Note A) (27,183,523) (3,526,565) (66,752,008) (65,511,114)
Note A
Cash & Cash Equivalents at the end of the Period
Cash & Cash Equivalents 245,915,994 282,485,675 205,255,491 220,501,126
Bank Overdraft (273,099,517) (286,012,240) (272,007,500) (286,012,240)
(27,183,523) (3,526,565) (66,752,008) (65,511,114)
(Amounts in brackets indicate deductions)
Group Company
3 months ended 3 months ended
THE LANKA HOSPITALS CORPORATION PLC
Provisional Consolidated Financial Statements for the Quarter ended 31st March 2018
1). Basis of preparation of the Interim Financial Statements
Figures for the three months are provisional and subject to audit.
2). Comparative figures
3). Contingent liabilities
4). Public Holding
5). Revaluation of Assets
6). Investment in Subsidiary
The buildings of the Company / Group were revalued as at 31 December 2017 by Messrs A.A.M Fathihu - F.I.V (Sri Lanka)
independent qualified valuer. Such assets were valued on current replacement cost basis, the surplus arising from the
revaluation was transferred to the revaluation reserve and the value of the buildings of the company / group has been
reflected in the financial statements at the revalued amount.
Investment made in subsidiary represents the acquisition of 41,400,002 shares at a value of Rs. 10 per share of the Lanka
Hospitals Diagnostics (Pvt) Ltd, a fully owned subsidiary of the company.
As per the Rule No 8.7 (h) of the Colombo Stock Exchange, percentage of public shareholding as at 31/3/2018 was 16.73%
(No of shares 37,433,261) and public shareholders as at 31/3/2018 was 7,304.
There has been no significant change in the nature of the contingent Liabilities which were disclosed in the annual report for
the year ended 31 December 2017.
These interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34 - Interim
Financial Reporting. These interim financial statements should be read in conjunction with the annual financial statements
for the year ended 31 December 2017.
Further, provisions of the Companies Act No 7 of 2007 have been considered in preparing the interim financial statements
of the Company.
Latest Financial statements have been audited for the period ended 31 December 2017.
The presentation and classification of the financial statements of the previous period have been amended, where relevant,
for better presentation and to be comparable with those of the current period.
7). Investment Property
8). Capital Commitments
9). Reclassification of Cost of Services Comparative Figures
Investment property consists of value attributable to 7th floor of the building constructed on leasehold land, which is given
on rental to Lanka Hospitals Diagnostics (Private) Limited.
Lanka Hospitals Diagnostics (Private) Limited is committed to make a minimum investment of Rs. 500,000,000 in project
fixed assets to get the entitlement for a tax exemption period of seven years. The Company has invested Rs. 423,652,183 in
fixed assets as of 31st March 2018 and the balance commitment amounting to Rs. 76,347,817 to be fulfilled.
For the better presentation, the management has decided to reclassify the Consultant fees under cost of services which was
previously classified in administrative expenses. The amounts reclassified for 1 st quarter 2018 is Rs. 25,350,000/- and for
1 st quarter 2017 was Rs. 24,025,000/-.
The investment property has been revalued by independent qualified valuer on the current replacement cost basis on 31
December 2017, valuation is carried out by Mr. A.A.M. Fathihu (FIV), incorporated Valuer.
THE LANKA HOSPITALS CORPORATION PLC
Provisional Consolidated Financial Statements for the Quarter ended 31st March 2018
Shareholder and Investor Information
Top 20 Shareholding as at 31st March 2018
Shareholder No of shares Holding
1 Sri Lanka Insurance Corporation Ltd - Life Fund 66,097,350 29.54%
2 Fortis Healthcare International Pte Limited 64,120,915 28.66%
3 Sri Lanka Insurance Corporation Ltd - General Fund 56,080,643 25.07%
4 Property Development PLC A/C 01 21,329,000 9.53%
5 Bank of Ceylon A/c Ceybank Unit Trust 2,943,581 1.32%
6 Bank of Ceylon A/c Ceybank Century Growth Fund 845,350 0.38%
7 Deutsche Bank AG as Trustee for Namal Acuity 800,000 0.36%
8 Ceylon Investment PLC A/c # 01 448,000 0.20%
9 Ceylon Guardian Investment Trust PLC A/C # 01 350,000 0.16%
10 Bank of Ceylon No.1 Account 309,949 0.14%
11 Deutsche Bank AG as Trustee to Candor Opportunities Fund 308,539 0.14%
12 Deutsche Bank AG-National Equity Fund 300,000 0.13%
13 Deutsche Bank AG-As Trustee for Guardian Acuity Equity Fund 249,337 0.11%
14 Sandwave Limited 227,977 0.10%
15 Mrs. Conceicao Aparecida Dos Santos Woodward 220,300 0.10%
16 Mr.Abeysiri Hemapala Munasinghe 179,471 0.08%
17 Sezeka Limited 166,640 0.07%
18 Mr.Surendran Subramaniam 156,104 0.07%
19 Life Insurance Corporation (Lanka) Ltd 120,568 0.05%
20 Mr.Shyam Anel De Silva 115,196 0.05%
215,368,920 96.26%
Individual / Institution
As % As %
Individual 7,183 98.30 7,706,075 3.44
Institution 124 1.70 216,026,094 96.56
7,307 100.00 223,732,169 100.00
Resident / Non-Resident
As % No of Shares As %
Resident 7,278 99.60 158,645,870 70.91
Non-Resident 29 0.40 65,086,299 29.09
7,307 100.00 223,732,169 100.00
Directors'/Senior Management Shareholdings as at 31st March 2018
Board of Directors Position No of shares Holding %
Dr. Sarath PARANAVITANE Chairman - -
Ven. Thiniyawala PALITHA THERO Director - -
Mr. Daljit SINGH Director - -
Mr.Kalyana Sundaram SRIVASTAVA Director - -
Dr. Anil ABEYWICKRAMA Director - -
Mrs.Ranathunga Arachchige Dona Umashanthiee RAJAMANTRI Director - -
Mr.Hewakumanayakage Asendra Chaminda SIRIWARDENA Director -
Mr.Weeratnemulla Gamage Thanuja Lasitha WEERATNE Director - -
Mr.Nandana Jayantha MUNASINGHE Director - -
Mr.Keerthi Bandara KOTAGAMA Director - -
Mr.Ranjan Mohan WIJESINGHE Director - -
Mr.Saadi Wadood Director - -
Mr Anurag KALRA (Alternative Director to Mr.Daljith SINGH) Alternate Director - -
Senior Management
Group Chief Executive
OfficerDr.Prasad Medawatte - -
No of Shareholders No of Shares
No of Shareholders
Mr Meghraj Aravindrao GORE (Alternative Director to Mr.Kalyana
Sundaram SRIVASTA)Alternate Director - -
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 31st March 2018
Shareholder and Investor Information (cont.)
Price fluctuation (Market price of Ordinary share)
Rs. Rs.
Highest price
Lowest price
Closing Price
Summary of Share Ranges
Share RangeNo of
shareholdersNo of shares Holding %
1 1 -1,000 5,933 2,095,119 0.94
2 1001 - 10000 1,259 3,443,386 1.54
3 10,001 - 100,000 94 2,712,720 1.21
4 100,001 - 1,000,000 16 4,909,455 2.19
5 1,000,001 - 10,000,000 1 2,943,581 1.32
6 10,000,001 & Above 4 207,627,908 92.80
7,307 223,732,169 100.00
60.00 61.50
31st March 2018 31st March 2017
68.50
58.00
Current Interim Period Comparative Period
3 Months ended 3 months ended
64.00
56.00
THE LANKA HOSPITALS CORPORATION PLCProvisional Consolidated Financial Statements for the Quarter ended 31st March 2018
Financial Indicators
Group Company Group Company1 Net asset per share Rs. Rs. Rs. Rs.
Total Assets - Short Term & Long Term Liabilities 26.78 24.90 26.91 25.24
Total No of Shares 223,732,169 223,732,169
2 Gearing Ratio
Total Debt N/A N/A N/A N/A
Total Equity -
5,646,930,730 3 Quick Asset Ratio (Times)
Current Assets-Inventory 3.22 2.47 3.15 2.48
Current Liabilities 2,616,594,700
1,058,063,947 4 Interest Cover
Profit before interest & tax (PBIT) N/A N/A N/A N/A
Interest charges 108,663,485
-
Current Period
3 Months ended 31st March 2018
Comparative Period
Immediately Preceding Financial Year
31st December 2017 (Audited)
Current Interim Period
Corporate Information
Name of the Company
The Lanka Hospitals Corporation PLC
Company Registration No.
PQ 180
Registered Office
No.578, Elvitigala Mawatha,
Narahenpita, Colombo 05, Sri Lanka
Tel: +94 11 5430000
Fax: +94 11 4511199
E-mail: [email protected]
Secretaries & Registrars to Shares
Business Intelligence (Private) Limited
No. 8, Tickell Road,
Colombo 08, Sri Lanka
Tel: +94 112015900
Fax: +94 112015950
E-mail: [email protected]