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INVESTING
FOR GROWTH
LAUGFS GAS PLC INTERIM REPORT FOR THE QUARTER ENDED 30 JUNE 2017
CHAIRMAN’S MESSAGE
Dear Stakeholder,
LAUGFS Gas PLC, as a pioneering and trusted diversified conglomerate which is aggressively expanding its
footprint both locally and globally, has continued to focus on capitalizing on emerging investment opportunities
with tremendous growth potential, which are geared to bring in long term returns and benefits to the Company
and its stakeholders. Some of the large scale investments for growth by the Company include Renewable
Energy, LPG Import & Export Terminal facilities, Real Estate, Leisure and Maritime Services.
Whilst investments made in some areas such as Renewable Energy sector are already yielding profits, certain
other long term investments will be of longer gestation periods. This coupled with the Company’s core business
of LPG downstream activities having to continue under the prevailing retail price restrictions whilst LPG prices in
the global market are surging, has resulted in the finances for this quarter recording a Loss after tax Rs.508 Mn.
In order to effectively address this situation, which we believe is temporary, the Company is in a continuous
dialogue with the relevant regulatory authorities in order to ensure that LPG retail prices are in line with global
LPG market prices, so that the Company’s main source of revenue is secured. We are confident that we will
receive a positive response in this regard very soon. In addition to the aforementioned, the Company is also
pursuing strategic partnerships in order to enhance funding and create requisite marketing channels and
opportunities which will no doubt bring in the expected returns in the years to come.
(Sgd.).
W. K. H. Wegapitiya Chairman/Group CEO
14th August 2017
1
LAUGFS Gas PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the quarter ended 30 June 2017
Audited
2017 2016 Change 2017
Rs. '000 Rs. '000 % Rs. '000
Revenue 5,175,684 3,915,651 32 18,065,452
Cost of Sales (4,393,392) (2,966,525) 48 (13,890,580)
Gross Profit 782,292 949,126 (18) 4,174,872
Other Operating Income 114,770 97,282 18 380,584
Selling and Distribution Expenses (395,859) (235,402) 68 (1,091,888)
Administrative Expenses (491,917) (425,856) 16 (2,366,813)
Foreign Currency Exchange Gains/(Loss) (7,469) (9,061) (18) (50,998)
Operating Profit 1,818 376,089 (100) 1,045,758
Finance Costs (534,416) (247,920) 116 (1,549,902)
Fair Value Gain on Investment Properties - - - 38,316
Finance Income 18,268 18,861 (3) 81,810
Profit /(Loss) Before Tax (514,330) 147,031 (450) (384,019)
Income Tax Expense 58,546 (110,508) 153 (243,296)
Profit/(Loss) for the Period (455,784) 36,523 (1,348) (627,315)
Attributable to:
Equity Holders of the Parent (455,784) 25,811 (638,026)
Non-Controlling Interests - 10,712 10,712
(455,784) 36,523 (627,315)
Earnings /(Loss) Per Share :
Basic/Diluted (Rs.) (1.18) 0.07 (1.65)
attributable to Ordinary Equity Holders of the Parent
Note : Change % column represents the percentage change in current period's results compared to previous period
The above figures are subject to audit.
Figures in brackets indicates deductions.
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
Quarter ended 30 June
Unaudited
Year ended 31
March
2
LAUGFS Gas PLC
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOMEFor the quarter ended 30 June 2017
Audited
2017 2016 Change 2017
Rs. '000 Rs. '000 % Rs. '000
Profit/(Loss) for the Period (455,784) 36,523 (1,348) (627,315)
Other Comprehensive Income
Gain/(Loss) on Available for Sale Financial Assets 20,546 10,181 102 2,913
Reclassification to Profit or Loss as Impairment on Available for
Sale Financial Assets - - - 122,300
Exchange Differences in Translation of Foreign Operations 22,080 22,719 (3) 118,427
Surplus on Revaluation of Assets Transfered to Investment
Properties - - - 136,520
Income Tax Effect - - - (23,961)
42,627 32,901 30 356,199
Actuarial Gains/(Losses) on Defined Benefit Liability - - - 20,055
Income Tax Effect - - - (6,178)
- - - 13,877
Other Comprehensive Income for the Period Net of Tax 42,627 32,901 30 370,076
Total Comprehensive Income/(Loss) for the Period Net of Tax (413,157) 69,424 (695) (257,238)
Attributable to:
Equity Holders of the Parent (413,157) 60,069 (266,593)
Non-Controlling Interests - 9,355 9,355
(413,157) 69,424 (257,238)
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
Year ended 31
March
Net Other Comprehensive Income not to be Reclassified to
Profit or Loss in Subsequent Periods
Unaudited
Quarter ended 30 June
Other Comprehensive Income to be Reclassified to Profit or Loss
in Subsequent Periods (Net of Tax) :
Net Other Comprehensive Income to be Reclassified to Profit or
Loss in Subsequent Periods
Other Comprehensive Income not to be Reclassified to Profit or
Loss in Subsequent Periods (Net of Tax) :
3
LAUGFS Gas PLC 0.0 0 (0.00)
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 30 June 2017
Unaudited Unaudited Audited
As at As at As at
30.06.2017 30.06.2016 31.03.2017
ASSETS Rs. '000 Rs. '000 Rs. '000
Non-Current Assets
Property, Plant and Equipment 23,081,227 17,461,724 22,625,858
Investment Properties 2,281,029 735,500 2,270,800
Intangible Assets 3,098,834 3,055,712 3,088,813
Prepayments 102,115 111,300 105,751
Deferred Tax Assets 18,602 14,251 17,394
Other Non-Current Financial Assets 145,378 129,474 122,828
28,727,185 21,507,961 28,231,444
Current Assets
Inventories 1,115,039 601,610 1,428,210
Trade and Other Receivables 3,482,629 4,055,534 3,822,731
Prepayments 301,217 53,289 85,250
Income Tax Recoverable 219,434 164,505 205,100
Other Current Financial Assets 2,575 2,604 2,692
Cash and Short-Term Deposits 1,943,062 2,534,489 2,058,564
7,063,956 7,412,031 7,602,549
Total Assets 35,791,141 28,919,992 35,833,993
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital 3,285,000 3,285,000 3,285,000
Available for Sale Reserve (173,209) (308,787) (193,756)
Revaluation Reserve 112,559 - 112,559
Foreign Currency Translation Reserve 208,887 91,788 186,807
Retained Earnings 3,803,611 4,927,354 4,253,763
Equity attributable to Equity Holders of the Parent 7,236,849 7,995,355 7,644,374
Non-Controlling Interests - - -
Total Equity 7,236,849 7,995,355 7,644,374
Non-Current Liabilities
Interest Bearing Loans and Borrowings 16,019,385 8,984,164 15,443,240
Deferred Tax Liabilities 587,888 908,869 689,989
Deferred Income 683,819 573,364 670,652
Employee Benefit Liability 272,955 275,027 265,104
Refundable Deposits 2,079,195 1,980,343 2,092,151
19,643,242 12,721,767 19,161,137
Current Liabilities
Trade and Other Payables 3,015,273 1,490,249 3,801,627
Deferred Income 13,217 10,495 14,572
Refundable Deposits 220,841 210,786 222,495
Income Tax Payable 506,189 483,100 653,362
Interest Bearing Loans and Borrowings 5,155,529 6,008,240 4,336,425
8,911,050 8,202,871 9,028,482
Total Equity and Liabilities 35,791,141 28,919,992 35,833,993
Net Assets Per Share (Rs.) 18.70 20.66 19.75
Note: The above figures are subject to audit.
I certify that these financial statements are in compliance with the requirements of the Companies Act No :07 of 2007.
(Sgd).
Dilshan Perera
Finance Director
(Sgd). (Sgd).
W.K.H.Wegapitiya U.K.Thilak De Silva
Director Director
10 August 2017
Colombo
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by:
4
LAUGFS Gas PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the quarter ended 30 June 2017
Stated Retained Available for Revaluation Foreign Currency Total Non-Controlling Total
Capital Earnings Sale Reserve Reserve Translation
Reserve
Interests Equity
Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Balance as at 01 April 2017 3,285,000 4,253,763 (193,756) 112,559 186,807 7,644,374 - 7,644,374
Profit/(Loss) for the quarter - (455,784) - - - (455,784) - (455,784)
Other Comprehensive Income - - 20,546 - 22,080 42,627 - 42,627
Total Comprehensive Income/(Loss) - (455,784) 20,546 - 22,080 (413,157) - (413,157)
Deferred Tax Liability Reversal During the Period - 5,632 - - - 5,632 - 5,632
Balance as at 30 June 2017 3,285,000 3,803,611 (173,209) 112,559 208,887 7,236,849 - 7,236,849
Balance as at 01 April 2016 3,285,000 5,395,273 (318,968) - 48,439 8,409,744 1,195,844 9,605,588
Profit for the quarter - 25,811 - - - 25,811 10,712 36,523
Other Comprehensive Income - - 10,181 - 24,076 34,257 (1,357) 32,901
Total Comprehensive Income - 25,811 10,181 - 24,076 60,069 9,355 69,424
Dividend Paid (Final - 2015/2016) - (387,000) - - - (387,000) - (387,000)
Deferred Tax Liability Reversal During the Period - 6,870 - - - 6,870 290 7,160
Acquisition of Non-Controlling Interests - (113,601) - - 19,273 (94,328) (1,205,488) (1,299,816)
Balance as at 30 June 2016 3,285,000 4,927,354 (308,787) - 91,788 7,995,355 - 7,995,355
Note : The above figures are subject to audit.
Figures in brackets indicates deductions.
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
Attributable to Equity Holders of the Parent
5
LAUGFS Gas PLC
CONSOLIDATED STATEMENT OF CASH FLOWSFor the quarter ended 30 June 2017
Unaudited Unaudited
2017 2016
Rs. '000 Rs. '000
Cash Flows Generated from/(Used in) Operating Activities
Cash Flows from Operating Activities
Profit/(Loss) Before Tax (514,330) 147,031
Non-Cash Adjustment to Reconcile Profit before Tax to Net Cash Flows:
Amortization of Intangible Assets 6,092 5,871
Decrease in Fair Value of Quoted Equity Securities 118 1,739
Depreciation of Property, Plant and Equipment 308,458 217,564
Finance Costs 534,416 247,920
Finance Income (18,144) (18,268)
Dividend Income (2,411) (1,546)
Provision for Worker's Profit Participation Fund 927 7,540
Provision for Employee Benefit Liability 6,615 7,740
(Profit)/Loss on Disposal of Property, Plant and Equipment 65 (2,166)
Exchange Rate Difference Adjustment 13,514 17,960
Operating Profit Before Working Capital Changes 335,320 631,384
Working Capital Adjustments:
(Increase)/Decrease in Inventories 313,171 292,507
(Increase)/Decrease in Trade and Other Receivables and Prepayments 55,094 (3,149,769)
Increase/(Decrease) in Trade and Other Payables (704,462) 1,635,979
Increase/(Decrease) in Deferred Income 11,812 51,848
Cash Generated Used in Operating Activities 10,935 (538,051)
Employee Benefit Liability Costs Paid (1,680) (32,041)
Finance Costs Paid (534,416) (247,920)
Income Tax Paid (202,327) (10,880)
Refund/Transfers of Refundable Deposits (119,777) (138,300)
Refundable Deposits Received 105,167 246,696
Net Cash Flows Used in Operating Activities (742,098) (720,496)
Cash Flows from / (Used in) Investing Activities
Acquisition of Intangible Assets (4,432) -
Acquisition of Property, Plant and Equipment (754,612) (2,046,687)
Acquisition of Investment Properties (10,229) -
Dividends Received 2,411 1,546
Investments in Quoted Equity Securities (2,004) -
Investments in Subsidiaries - (1,299,816)
Proceeds from Disposal of Property, Plant and Equipment - 9,903
Net Cash Flows Used in Investing Activities (768,866) (3,335,054)
Cash Flows from / (Used in) Financing Activities
Dividend Paid - (387,000)
Finance Income 18,144 18,268
Proceeds from Interest Bearing Loans and Borrowings 4,052,647 5,116,026
Repayment of Interest Bearing Loans and Borrowings (2,721,671) (2,124,680)
Net Cash Flows Used in Financing Activities 1,349,120 2,622,615
Net Increase /(Decrease) in Cash and Cash Equivalent (161,844) (1,432,935)
Cash and Cash Equivalent at the Beginning of the Period 1,416,299 3,388,639
Cash and Cash Equivalent at the End of the Period 1,254,456 1,955,704
Note : The above figures are subject to audit.
Figures in brackets indicates deductions.
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
6
LAUGFS Gas PLC
COMPANY INCOME STATEMENTFor the quarter ended 30 June 2017
Audited
2017 2016 Change 2017
Rs. '000 Rs. '000 % Rs. '000
Revenue 2,737,337 2,405,354 14 10,386,886
Cost of Sales (2,716,228) (2,024,822) 34 (9,244,996)
Gross Profit 21,108 380,533 (94) 1,141,891
Other Operating Income 113,649 94,137 21 1,156,919
Selling and Distribution Expenses (264,414) (170,373) 55 (735,761)
Administrative Expenses (133,263) (136,145) (2) (792,919)
Foreign Currency Exchange Gains/(Loss) 8,384 (3,682) (328) (24,717)
Operating Profit/(Loss) (254,535) 164,469 (255) 745,412
Finance Costs (353,722) (201,059) 76 (1,225,388)
Fair Value Gain on Investment Properties - - - 26,000
Finance Income 1,074 1,586 (32) 5,654
Profit/(Loss) Before Tax (607,184) (35,004) 1,635 (448,322)
Income Tax Expense 98,682 (34,206) 388 189,194
Profit/(Loss) for the Period (508,502) (69,210) 635 (259,129)
Note : Change % column represents the percentage change in current period's results compared to previous period
The above figures are subject to audit.
Figures in brackets indicates deductions.
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
Quarter ended 30 June
Unaudited
Year ended 31
March
7
LAUGFS Gas PLC
COMPANY STATEMENT OF COMPREHENSIVE INCOMEFor the quarter ended 30 June 2017
Audited
2017 2016 Change 2017
Rs. '000 Rs. '000 % Rs. '000
Profit/(Loss) for the Period (508,502) (69,210) 635 (259,129)
Other Comprehensive Income
Gains on Available for Sale Financial Assets 20,546 10,181 102 2,913
Reclassification to Profit or Loss as Impairment on Available for Sale
Financial Assets - - - 122,300
20,546 10,181 102 125,213
Actuarial Gains/(Losses) on Defined Benefit Liability - - - 11,123
Income Tax Effect - - - (2,225)
- - - 8,898
Other Comprehensive Income/(Loss) for the Year, Net of Tax 20,546 10,181 102 134,111
Total Comprehensive Income/(Loss) for the Period Net of Tax (487,955) (59,029) 727 (125,018)
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
Quarter ended 30 June
Unaudited
Net Other Comprehensive Income to be Reclassified to Profit or
Loss in Subsequent Periods
Other Comprehensive Income not to be Reclassified to Profit or Loss in
Subsequent Periods (Net of Tax) :
Net Other Comprehensive Income not to be Reclassified to Profit or
Loss in Subsequent Periods
Year ended 31
March
8
LAUGFS Gas PLC (0.00) (0.00) 0.00
COMPANY STATEMENT OF FINANCIAL POSITIONAs at 30 June 2017
Unaudited Unaudited Audited
As at As at As at
30.06.2017 30.06.2016 31.03.2017
Rs. '000 Rs. '000 Rs. '000
ASSETS
Non-Current Assets
Property, Plant and Equipment 6,853,347 6,455,845 6,629,727
Investment Properties 761,500 735,500 761,500
Intangible Assets 21,783 35,368 25,177
Investments in Subsidiaries 12,170,337 7,150,337 11,850,337
Other Non-Current Financial Assets 145,378 129,474 122,828
19,952,346 14,506,523 19,389,569
Current Assets
Inventories 324,095 180,705 569,521
Trade and Other Receivables 2,911,348 6,641,683 3,390,784
Prepayments 11,516 12,499 18,879
Income Tax Recoverable 216,055 162,813 202,210
Other Current Financial Assets 2,575 2,604 2,692
Cash and Short-Term Deposits 425,300 204,261 287,878
3,890,889 7,204,565 4,471,965
Total Assets 23,843,235 21,711,089 23,861,534
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital 3,285,000 3,285,000 3,285,000
Available for Sale Reserve (173,209) (308,787) (193,756)
Retained Earnings 3,711,450 4,410,829 4,215,871
Equity attributable to Equity Holders of the Parent 6,823,241 7,387,042 7,307,115
Total Equity 6,823,241 7,387,042 7,307,115
Non-Current Liabilities
Interest Bearing Loans and Borrowings 7,853,356 4,347,755 8,120,292
Deferred Tax Liabilities 489,107 825,877 592,349
Deferred Income 683,819 573,364 670,652
Employee Benefit Liability 60,508 66,008 59,875
Refundable Deposits 1,987,568 1,897,076 2,002,455
11,074,358 7,710,081 11,445,623
Current Liabilities
Trade and Other Payables 1,419,368 1,075,603 1,398,999
Deferred Income 13,217 10,495 14,572
Refundable Deposits 220,841 210,786 222,495
Interest Bearing Loans and Borrowings 4,292,209 5,317,082 3,472,730
5,945,636 6,613,966 5,108,796
Total Equity and Liabilities 23,843,235 21,711,089 23,861,534
Net Assets Per Share (Rs.) 17.63 19.09 18.88
Note: The above figures are subject to audit.
I certify that these financial statements are in compliance with the requirements of the Companies Act No :07 of 2007.
(Sgd).
Dilshan Perera
Finance Director
(Sgd). (Sgd).
W.K.H.Wegapitiya U.K.Thilak De Silva
Director Director
10 August 2017
Colombo
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by:
9
LAUGFS Gas PLC
COMPANY STATEMENT OF CHANGES IN EQUITY For the quarter ended 30 June 2017
Stated Retained Available for Total
Capital Earnings Sale Reserve
Rs. '000 Rs. '000 Rs. '000 Rs. '000
Balance as at 01 April 2017 3,285,000 4,215,871 (193,756) 7,307,115
Profit/(Loss) for the quarter - (508,502) - (508,502)
Other Comprehensive Income - - 20,546 20,546
Total Comprehensive Income/(Loss) - (508,502) 20,546 (487,955)
Deferred Tax Liability Reversal during the Period - 4,082 - 4,082
Balance as at 30 June 2017 3,285,000 3,711,450 (173,209) 6,823,242
Balance as at 01 April 2016 3,285,000 4,862,981 (318,968) 7,829,013
Profit/(Loss) for the quarter - (69,210) - (69,210)
Other Comprehensive Income - - 10,181 10,181
Total Comprehensive Income/(Loss) - (69,210) 10,181 (59,029)
Dividend Paid (Final - 2015/2016) - (387,000) - (387,000)
Deferred Tax Liability Reversal during the Period - 4,059 - 4,059
Balance as at 30 June 2016 3,285,000 4,410,829 (308,787) 7,387,042
Note : The above figures are subject to audit.
Figures in brackets indicates deductions.
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
10
LAUGFS Gas PLC
COMPANY STATEMENT OF CASH FLOWSFor the quarter ended 30 June 2017
Unaudited Unaudited
2017 2016
Rs. '000 Rs. '000
Cash Flows Generated from/(Used in) Operating Activities
Cash Flows from Operating Activities
Profit/(Loss) Before Tax (607,184) (35,004)
Non-Cash Adjustment to Reconcile Profit before Tax to Net Cash Flows:
Amortization of Intangible Assets 3,394 3,397
Decrease in Fair Value of Quoted Equity Securities 118 1,739
Depreciation of Property, Plant and Equipment 105,393 96,258
Finance Costs 353,722 201,059
Finance Income (1,074) (1,586)
Dividend Income (2,411) (1,546)
Provision for Employee Benefit Liability 2,131 3,438
(Profit)/Loss on Disposal of Property, Plant and Equipment - (2,166)
Exchange Rate Difference Adjustments 7,337 5,540
Operating Profit Before Working Capital Changes (138,574) 271,129
Working Capital Adjustments:
(Increase)/ Decrease in Inventories 245,426 330,562
(Increase)/Decrease in Trade and Other Receivables and Prepayments 486,799 (1,814,491)
Increase/ (Decrease) in Trade and Other Payables 21,666 4,285
Increase/ (Decrease) in Deferred Income 11,812 51,848
Cash Generated Used in Operating Activities 627,128 (1,156,667)
Employee Benefit Liability Costs Paid (1,498) (220)
Finance Costs Paid (353,722) (201,059)
Income Tax Paid (14,323) (135)
Refund/Transfers of Refundable Deposits (119,777) (138,300)
Refundable Deposits Received 103,236 243,945
Net Cash Flows Used in Operating Activities 241,045 (1,252,436)
Cash Flows from / (Used in) Investing Activities
Acquisition of Property, Plant and Equipment (329,014) (396,412)
Dividends Received 2,411 1,546
Investments in Quoted Equity Securities (2,004) -
Investments in Subsidiaries (320,000) (1,351,556)
Proceeds from Disposal of Property, Plant and Equipment - 9,903
Net Cash Flows Used in Investing Activities (648,607) (1,736,519)
Cash Flows from / (Used in) Financing Activities
Dividend Paid - (387,000)
Finance Income 1,074 1,586
Proceeds from Interest Bearing Loans and Borrowings 3,119,087 3,611,095
Repayment of Interest Bearing Loans and Borrowings (2,580,489) (1,955,589)
Net Cash Flows Used in Financing Activities 539,672 1,270,093
Net Increase /(Decrease) in Cash and Cash Equivalent 132,110 (1,718,862)
Cash and Cash Equivalent at the Beginning of the Period (114,131) 1,471,483
Cash and Cash Equivalent at the End of the Period 17,979 (247,379)
Note : The above figures are subject to audit.
Figures in brackets indicates deductions.
The accounting policies and notes on pages 13 to 17 form an integral part of these financial statements.
11
Operating Segments
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Revenue
External Customers 2,737,337 2,405,354 1,733,795 1,163,293 302,608 274,348 124,469 56,341 36,846 - 251,300 16,314 - - - - - - 5,186,354 3,915,651
Inter-Segment - - - - - - - - - - - - 360,220 275,422 518,130 448,348 (889,021) (723,770) (10,670) -
Total Revenue 2,737,337 2,405,354 1,733,795 1,163,293 302,608 274,348 124,469 56,341 36,846 - 251,300 16,314 360,220 275,422 518,130 448,348 (889,021) (723,770) 5,175,684 3,915,651
Results
Operating Profit/(Loss) (254,535) 164,469 9,600 134,881 100,600 95,944 (56,697) (35,302) 29,121 (722) 176,870 6,127 97,828 19,614 (74,838) (9,027) (26,131) 104 1,818 376,089
Finance Costs (353,722) (201,059) - - (329) (555) (64,318) (27,250) (8,182) (175) (93,736) (3,927) (14,128) (14,954) - - - - (534,416) (247,920)
Finance Income 1,074 1,586 8,017 8,373 8,787 4,453 73 438 125 33 56 199 137 3,778 - - - - 18,268 18,861
Profit/(Loss) Before Tax (607,184) (35,004) 17,617 143,255 109,058 99,842 (120,942) (62,114) 21,063 (864) 83,190 2,399 83,837 8,439 (74,838) (9,027) (26,131) 104 (514,330) 147,031
Income Tax Expense 98,682 (34,206) (9,500) (54,650) (24,655) (21,643) 23 - (5,908) - (375) - (7) (9) - - 287 - 58,546 (110,508)
Profit/(Loss) for the Quarter (508,502) (69,210) 8,116 88,605 84,402 78,200 (120,920) (62,114) 15,156 (864) 82,815 2,399 83,829 8,430 (74,838) (9,027) (25,844) 104 (455,784) 36,523
Net Profit/(Loss) on Available for Sale Financial Assets 20,546 10,181 - - 44,999 226 - - - - - - - - - - (44,999) (226) 20,546 10,181
Exchange Differences in Translation of Foreign Operations - - 21,712 31,943 - - - - - - - - - - 370 (9,224) - - 22,082 22,719
Total Comprehensive Income for the Quarter Net of Tax (487,955) (59,029) 29,828 120,548 129,402 78,425 (120,920) (62,114) 15,156 (864) 82,815 2,399 83,829 8,430 (74,468) (18,251) (70,843) (122) (413,157) 69,424
Assets & Liabilities
Non-Current Assets
Total Non-Current Assets 19,952,346 14,506,523 1,206,060 935,599 572,563 334,537 5,172,069 4,750,016 1,812,501 1,213,443 5,614,920 1,767,162 4,776,080 2,917,476 1,320,320 1,320,193 (11,699,673) (6,236,988) 28,727,185 21,507,961
Current Assets
Total Current Assets 3,890,889 7,204,565 2,198,997 2,218,939 379,043 560,039 242,962 482,613 239,268 301,294 480,425 1,319,800 1,425,107 812,139 247,668 198,951 (2,040,403) (5,686,309) 7,063,956 7,412,031
Total Assets 35,791,141 28,919,992
Non-Current Liabilities
Total Non-Current Liabilities 11,074,358 7,710,081 318,399 343,537 48,516 45,449 1,703,707 1,707,780 312,303 238,889 3,423,446 1,498,640 2,767,137 1,177,391 - - (4,624) - 19,643,242 12,721,767
Current Liabilities
Total Current Liabilities 5,945,636 6,613,966 1,386,230 1,113,828 154,675 94,356 1,573,806 2,622,865 160,625 406,963 397,883 1,148,726 1,048,033 1,722,978 268,109 166,386 (2,023,947) (5,687,199) 8,911,050 8,202,871
Total Liabilities 28,554,292 20,924,637
The above figures are subject to audit.
Figures in brackets indicates deductions.
12
Energy- Local Other Services Leisure & Hospitality Property Development Power Eliminations/AdjustmentsEnergy- Overseas
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Transportation & Logistics Trading Group F
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arter ended
30 Ju
ne 2
017
LAUGFS Gas PLC
NOTES TO THE FINANCIAL STATEMENTS
1 Corporate Information
2 Basis of Preparation
LAUGFS Gas PLC is a public limited liability company incorporated and domiciled in Sri Lanka. Its ordinary voting and non voting shares are listed
on Main Board of Colombo Stock Exchange.
The interim financial statements of the group and company for the Quarter ended 30 June 2017 were authorised for issue by the board of directors on
10 August 2017
The Interim financial statements of LAUGFS Gas PLC have been prepared in accordance with Sri Lanka Accounting Standards comprising of SLFRS
and LKAS (here after referred as "SLFRS") issued by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and accounting policies set
out in the Annual Report for the year ended 31 March 2017.
The presentation and classification of the financial statements of the previous year have been amended, where relevant, for better presentation and to
be comparable with those of the current period.
These interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34 - "Interim Financial Reporting".
They should be read in conjunction with the Annual Report for the year ended 31 March 2017.
The interim financial statements have been prepared on a historical cost basis, except for "investment properties", "other non-current financial assets"
and "other current financial assets" which have been measured at fair value.
13
LAUGFS Gas PLC
NOTES TO THE FINANCIAL STATEMENTS
3 Share Information
3.1 Public share holdings
3.2 Directors Share holdings
The number of shares held by the Board of directors are as follows
Ordinary Voting Shares
As at 30-06-2017 31-03-2017
Name of Directors
Mr W K H Wegapitiya 1,411,536 1,411,536
Mr U K Thilak De Silva 1,077,897 1,077,897
Mr H A Ariyaratne 3,900 3,900
Mr C L De Alwis 1,000 1,000
Mr P M Kumarasinghe 4,800 4,800
Mr T K Bandaranayake Nil Nil
Mr. N M Prakash 17,000 17,000
Mr. A R D Perera Nil Nil
Mr. A N Ranasinghe Nil Nil
Ordinary Non Voting Shares
As at 30-06-2017 31-03-2017
Name of Directors
Mr W K H Wegapitiya Nil Nil
Mr U K Thilak De Silva Nil Nil
Mr H A Ariyaratne 3,400 3,400
Mr C L De Alwis 500 500
Mr P M Kumarasinghe Nil Nil
Mr T K Bandaranayake Nil Nil
Mr. N M Prakash Nil Nil
Mr. A R D Perera Nil Nil
Mr. A N Ranasinghe Nil Nil
3.3 Chief Executive Officer's Share holdings
Ordinary Voting Shares
As at 30-06-2017 31-03-2017
Name
Mr Ashan De Silva 12,600 12,600
Ordinary Non Voting Shares
As at 30-06-2017 31-03-2017
Name
Mr Ashan De Silva 22,500 22,500
Total number of shareholders who hold the public holding as at 30 June 2017 were 9,401 (31 March 2017 were 9,282).
The percentage of ordinary voting shares held by the public as at 30 June 2017 were 25.22% (31 March 2017-25.22%).
14
LAUGFS Gas PLC
NOTES TO THE FINANCIAL STATEMENTS
3.4 Twenty Largest Shareholders of the company are as follows
Ordinary Voting Shares
As at 30-06-2017 31-03-2017
Name of Shareholder No.of Shares % No.of Shares %
1 LAUGFS HOLDINGS LIMITED 246,057,450 73.45 246,057,450 73.45
2 EMPLOYEES PROVIDENT FUND 57,897,800 17.28 57,897,800 17.28
3 SEYLAN BANK PLC / CARLINES HOLDINGS (PRIVATE) LIMITED 2,110,967 0.63 2,094,467 0.63
4 MR W K H WEGAPITIYA 1,411,536 0.42 1,411,536 0.42
5 AMANA BANK PLC / ALMAS ORGANISATION (PVT) LTD 1,358,728 0.41 1,358,728 0.41
6 DEUTSCHE BANK AG AS TRUSTEE FOR NAMAL ACUITY VALUE FUND 1,339,563 0.40 1,339,563 0.40
7 DEUTSCHE BANK AG-NATIONAL EQUITY FUND 1,318,182 0.39 1,318,182 0.39
8 DEUTSCHE BANK AG-NAMAL GROWTH FUND 1,198,934 0.36 1,198,934 0.36
9 MR U K T N DE SILVA 1,077,897 0.32 1,077,897 0.32
10 LAUGFS SUNUP SUPERMARKET (PVT) LTD 1,000,000 0.30 1,000,000 0.30
11 GAS AUTO LANKA LIMITED 922,600 0.28 922,600 0.28
12 MR G Y N MAHINKANDA 779,272 0.23 779,272 0.23
13 MR H D M P SIRIWARDENA 749,000 0.22 749,000 0.22
14 MR M K DE VOS & MRS D J DE VOS 700,000 0.21 810,000 0.24
15 MR. H A VAN STARREX 358,441 0.11 354,939 0.11
16 EMPLOYEES TRUST FUND BOARD 205,304 0.06 205,304 0.06
17 MR. C S KARIYAWASAN 200,000 0.06 221,716 0.07
18 CEYLON BISCUITS LIMITED 170,000 0.05 170,000 0.05
19 BANK OF CEYLON NO. 1 ACCOUNT 168,727 0.05 168,727 0.05
20 MRS C N G NARAYANA 162,300 0.05 162,300 0.05
15
LAUGFS Gas PLC
NOTES TO THE FINANCIAL STATEMENTS
3.5 Twenty Largest Shareholders of the company are as follows
Ordinary Non Voting Shares
As at
Name of Shareholder No.of Shares % No.of Shares %
1 EMPLOYEES PROVIDENT FUND 18,041,300 34.69 18,041,300 34.69
2 HSBC INTL NOM LTD - STATE STREET LUXEMBOURG C/O SSBT -
ALLIANCEBERNSTEIN NEXT 50 EMERGING MARKETS (MASTER) FUND
SICAV-SIF S.C.SP.
3,846,247 7.40 3,846,247 7.40
3 BANK OF CEYLON NO. 1 ACCOUNT 3,420,538 6.58 3,420,538 6.58
4DEUTSCHE BANK AG AS TRUSTEE FOR J B VANTAGE VALUE EQUITY FUND 2,505,696 4.82 2,505,696 4.82
5 SEYLAN BANK PLC/ CARLINES HOLDINGS (PRIVATE) LIMITED 2,254,064 4.33 2,083,382 4.01
6 AMANA BANK PLC / ALMAS ORGANISATION (PVT) LIMITED 1,121,590 2.16 1,121,590 2.16
7 J. B. COCOSHELL (PVT) LTD 1,075,000 2.07 1,075,000 2.07
8 MR. A.M. WEERASINGHE 813,471 1.56 813,471 1.56
9 COMMERCIAL BANK OF CEYLON PLC/DUNAMIS CAPITAL PLC 798,906 1.54 872,812 1.68
10 SANDWAVE LIMITED 748,931 1.44 748,931 1.44
11 DEUTSCHE BANK AG - NATIONAL EQUITY FUND 663,000 1.28 663,000 1.28
12 SEYLAN BANK PLC / S R FERNANDO 502,018 0.97 502,018 0.97
13 MR. G H I JAFFERJEE 442,008 0.85 442,008 0.85
14 GOLD INVESTMENT LIMITED 390,000 0.75 390,000 0.75
15 MRS C N G NARAYANA 378,800 0.73 378,800 0.73
16 MRS S D AMARASINGHE 372,400 0.72 372,400 0.72
17 NARATHA VENTURES (PRIVATE) LIMITED 308,000 0.59 308,000 0.59
18 PERSHING LLC S/A AVERBACH GRAUSON & CO. 307,604 0.59 941,392 1.81
19 MR. M A VALABHJI 280,000 0.54 280,000 0.54
20 PAN ASIA BANKING CORPORATION PLC / CEYLON AND FOREIGN TRADES
PLC 177,000 0.34 177,000 0.34
3.6 Stated Capital
Stated Capital is represented by number of shares in issue as given below.
As at 30-06-2017 31-03-2017
Ordinary voting shares 335,000,086 335,000,086
Ordinary non voting shares 52,000,000 52,000,000
387,000,086 387,000,086
30-06-2017 31-03-2017
16
LAUGFS Gas PLC
NOTES TO THE FINANCIAL STATEMENTS
3.7 Market price per share
For the three months ended
Voting Non Voting Voting Non Voting
Share Share Share Share
Highest 32.00 27.50 45.50 42.00
Lowest 26.00 23.00 35.00 34.00
Last Traded 28.00 24.80 36.20 34.10
4 Contingencies, capital and other commitments
5 Events occurring after the reporting date
30-06-2017 31-03-2017
Rs. Rs.
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 2017.
There have been no material events occurring after the reporting date that require adjustments to or disclosure in the financial
statements.
17
Name of the company : LAUGFS Gas PLC
Company No : PV - 8330 PB/PQ
Legal Form : A Public Quoted Company with Limited Liability
Subsidiaries : LAUGFS Gas (Bangladesh) Ltd.
LAUGFS Eco Sri (Pvt) Ltd.
LAUGFS Leisure Ltd.
LAUGFS Property Developers (Pvt) Ltd.
LAUGFS Power Ltd.
LAUGFS Maritime Services (Pvt) Ltd.
SLOGAL Energy DMCC
LAUGFS Terminals Ltd.
Sub Subsidiaries : LAUGFS Hotel Management Services (Pvt) Ltd.
Anantaya Wadduwa (Pvt) Ltd.
Anantaya Passekudah (Pvt) Ltd.
Anorchi Lanka (Pvt) Ltd.
Iris Eco Power Lanka (Pvt) Ltd.
Ginigathhena Thiniyagala Mini Hydro Power (Pvt) Ltd.
Pams Power (Pvt) Ltd.
LAUGFS Maldives (Pvt) Ltd
Parent Enterprise :
Board Of Directors : Mr.W.K.H.Wegapitiya (Chairman/ Group CEO)
Mr.U.K.Thilak De Silva (Group Managing Director)
Mr.H.A.Ariyaratne.
Mr.T.K.Bandaranayake.
Mr.C.L.De Alwis.
Mr.P.M.Kumarasinghe PC.
Mr. N M Prakash.
Mr. A R D Perera
Mr. A N Ranasinghe
Bankers : Commercial Bank of Ceylon PLC.
Hatton National Bank PLC.
People's Bank.
Bank of Ceylon.
Seylan Bank PLC.
DFCC Bank PLC.
Union Bank of Colombo PLC.
Standard Chartered Bank.
Pan Asia Banking Corporation PLC.
MCB Bank Ltd.
Hongkong and Shanghai Banking Corporation Ltd.
Auditors : Ernst & Young.
(Chartered Accountants)
# 201, De Saram Place,
Colombo 10,
Sri Lanka.
Secretaries : Corporate Advisory Services (Pvt) Ltd.
# 47, Alexandra Place, Colombo 07,
Sri Lanka.
Registrars : P W Corporate Secretarial (Pvt) Ltd.
# 3/17, Kinsey Road, Colombo 08,
Sri Lanka.
Registered Office : # 101, Maya Avenue,
Colombo 06,Sri Lanka.
Corporate Website : www.laugfs.lk
www.laugfsgas.lk
Corporate Information
The Company's holding Company and controlling entity is
LAUGFS Holdings Limited, which is incorporated in Sri Lanka.
18
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