FINANCIAL STATEMENTS OF EASTERN MERCHANTS PLC ... - cdn.cse.lk · (Profit)/Loss on Sale of Property, Plant & Equipment (1,663)(3,101) Profit from Share Disposal (367)- Share of Results

FINANCIAL STATEMENTSOF

EASTERN MERCHANTS PLC

FOR THE QUARTER ENDED31ST MARCH , 2018.

2018 2017 Change 2018 2017 ChangeRs.'000 Rs.'000 % Rs.'000 Rs.'000 %

Revenue 266,787 552,372 (52) 780,089 1,014,870 (23) Cost of Sales (253,289) (488,564) (48) (757,403) (928,345) (18)

Gross Profit/ (Loss) 13,498 63,808 (79) 22,686 86,525 (74) Other Operating Income 4,472 7,139 (37) 21,618 18,707 16

17,970 70,947 (75) 44,303 105,232 (58) Administrative Expenses (29,441) (17,692) 66 (68,684) (74,335) (8) Distribution Expenses (6,282) (14,888) (58) (16,182) (30,798) (47) Other Operating Expenses - - - - - -

Profit/ (Loss) from Operating Activities (17,753) 38,367 (146) (40,562) 99 (41,072) Finance Expenses (952) (3,828) (75) (4,690) (9,871) (52) Finance Income 10,002 7,305 - 21,186 25,562 -

- (8,704) 41,844 (121) (24,066) 15,790 (252)

Share of Results of Equity Accounted Investees - - - (1,641) (19,480) Change in Fair Value of Investment Property - - - - 9,740 -

- Profit/ (Loss) before Taxation (8,704) 41,844 (121) (25,707) 6,050 (525) Taxation (100) - - (100) (25,440) -

- Profit/ (Loss) after Taxation (8,804) 41,844 (121) (25,807) (19,390) 33

Profit/ (Loss) for the Period (8,804) 41,844 (121) (25,807) (19,390) 33

Other Comprehensive Income - - - - 757.00 - Revaluation of Land & Buildings - - - - 230,025 -

Other Comprehensive Income/ (Loss) for the Period - - - - 230,782 -

Tax on Other Comprehensive Income - - - - (5,788) -

Total Comprehensive Income/ (Loss) for the Period (8,804) 41,844 (121) (25,807) 205,604 33

Earnings per Share - Basic (0.07) (0.05) (0.22) (0.17)

Note - All values are in Rs. '000, unless otherwise stated.Figures in brackets indicate deductions.The above figures are subject to audit.

1

31ST MARCHYEAR ENDED

EASTERN MERCHANTS PLCSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY

QUARTER ENDED31ST MARCH

2018 2017 Change 2018 2017 ChangeRs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 %

Revenue 352,845 582,572 (39) 1,388,354 1,171,364 19 Cost of Sales (335,167) (518,237) (35) (1,324,600) (1,070,451) 24

Gross Profit/ (Loss) 17,678 64,335 (73) 63,754 100,913 (37) Other Operating Income 4,701 9,666 (51) 26,607 22,524 18

22,379 74,001 (70) 90,361 123,437 (27) Administrative Expenses (33,186) (19,470) 70 (78,525) (81,373) (3) Distribution Expenses (9,623) (15,764) (39) (32,232) (36,171) (11) Other Operating Expenses - - - - -

Profit/ (Loss) from Operations (20,430) 38,767 (153) (20,396) 5,893 (446) Finance Expenses (1,286) (4,480) (71) (6,348) (11,401) (44) Finance Income 10,021 7,329 37 18,913 26,042 (27)

(11,695) 41,616 (128) (7,830) 20,534 (518) Change in Fair Value of Investment Property 13,490 Share of Results of Equity Accounted Investees (435) (641) (32) (1,641) (19,480) 100

Profit/ (Loss) before Taxation (12,130) 40,975 (130) (9,472) 14,544 (418) Taxation 455 - 100 (350) (25,952) 100

Profit/(Loss) from Discontinued Operations (Net of Tax) (869) (518) 68 (1,118) (893) 25

Profit/ (Loss) after Taxation (12,544) 40,452 (131) (10,941) (12,301) (11)

Attributable to Equity Holders of the Parent (19,191) 41,546 (146) (10,734) (12,846) (2,070) Non Controlling Interest 6,647 (1,094) (708) (205) 545 (138)

Profit/ (Loss) Attributable to the Group (12,544) 40,452 (131) (10,940) (12,301) (11)

Profit/ (Loss) for the Period (12,544) 40,452 (131) (10,940) (12,301) (11)

Other Comprehensive IncomeExchange Difference from Foreign Operation 245 2,686 (91) 606 2,164 (72) Other Componat 231,994 Fair Value Change in AFS (6,853) (6,928) (1) 3,319 (7,964) (142)

Other Comprehensive Income/ (Loss) for the Period (6,608) (4,242) 56 3,925 226,194 (98)

Total Comprehensive Income/ (Loss) for the Period (19,152) 36,209 (75) (7,015) 213,892 (103)

Attributable to Equity Holders of the Parent (20,753) 37,507 (8,411) 213,909 (104) Non Controlling Interest 1,601 (1,298) 1,396 (16) (8,824)

Profit/ (Loss) Attributable to the Group (19,152) 36,209 (7,015) 213,892 (103)

Earnings per Share - Basic (0.16) 0.35 (0.09) (0.11)


2

31ST MARCHYEAR ENDED

EASTERN MERCHANTS PLCCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

QUARTER ENDED31ST MARCH

As at AS AT 31ST MARCH 2018 31/03/2017

Rs.'000 Rs.'000ASSETSNON-CURRENT ASSETSProperty, Plant & Equipment 857,720 870,262 Investments Property 192,590 192,590 Investments in Associate Company 88,074 89,720 Deferred Tax Assets - - Investments in Subsidiaries 63,370 63,370

1,201,754 1,215,942 CURRENT ASSETSInventories 54,365 75,398 Trade & Other Receivables 63,509 148,473 Amounts due from Related Parties 98,613 106,089 Other Current Assets 37,286 32,986 Held to Maturity Investments 159,187 195,865 Cash in hand & At Bank 5,922 60,021

418,882 618,831 TOTAL ASSETS 1,620,636 1,834,773 EQUITY & LIABILITIESCAPITAL & RESERVESStated Capital 16,778 16,778 Revenue Reserves 1,033,779 1,059,586 Other Components of Equity 501,896 501,896 Total Equity 1,552,453 1,578,260

NON-CURRENT LIABILITIESDeferred Tax 16,297 16,297 Interest Bearing Borrowings 16,946 - Retirement Benefit Obligations 5,377 8,155

38,620 24,452 CURRENT LIABILITIESTrade & Other Payables 624 3,292 Interest Bearing Borrowings 59,107 Amounts due to Related Parties - 11,642 Other Current Liabilities 3,291 4,021 Bank Overdraft 25,648 153,999

29,563 232,061 TOTAL EQUITY & LIABILITIES 1,620,636 1,834,773

Net Assets per Share - Rs. 13.22 13.44

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.The Finance Director certifies that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

………………………………. ……………………………….Mr. C.S.L. De Silva Mr. J.A.D. SrinathManaging Director Finance Director31st May 2018


EASTERN MERCHANTS PLCSTATEMENT OF FINANCIAL POSITION - COMPANY

3

As at AS AT 31ST MARCH 2018 31/03/2017

Rs.'000 Rs.'000ASSETSNON-CURRENT ASSETSProperty, Plant & Equipment 879,807 884,435 Investment Property 245,790 245,790 Investments - - Deferred Tax Assets - - Available for Sale Investment 32,710 29,394 Amounts due from Associate Company 88,074 89,720

1,246,381 1,249,339 CURRENT ASSETSInventories 61,428 76,833 Trade & Other Receivables 117,226 149,329 Amounts due from Related Parties 27,204 27,175 Assets Classified as held for Sale 89,577 90,372 Other Current Assets 37,445 33,145 Held to Maturity Investments 159,187 195,865 Cash in hand & At Bank 6,194 72,555

498,261 645,274 TOTAL ASSETS 1,744,642 1,894,613 EQUITY & LIABILITIESCAPITAL & RESERVESStated Capital 16,576 16,576 Revenue Reserves 1,090,099 1,100,833 Other Components of Equity 539,120 536,796

1,645,795 1,654,205 Non Controlling Interest (5,383) (6,779) Total Equity 1,640,412 1,647,426

NON-CURRENT LIABILITIESDeferred Tax 15,407 15,578 Interest Bearing Borrowings 16,946 - Retirement Benefit Obligations 5,377 8,155

37,730 23,733 CURRENT LIABILITIESTrade & Other Payables 10,382 6,075 Interest Bearing Borrowings - 59,107 Amount due to Related Party - 252 Other Current Liabilities 6,854 4,021 Bank Overdraft 49,264 153,999

66,500 223,454 TOTAL EQUITY & LIABILITIES 1,744,642 1,894,613

Net Assets per Share - Rs. 14.01 14.08

The Board of Directors is responsible for the preparation and presentation of these Financial StatementsThe Finance Director certifies that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

………………………………. ……………………………….Mr. C.S.L. De Silva Mr. J.A.D. SrinathManaging Director Finance Director31st May 2018


EASTERN MERCHANTS PLCCONSOLIDATED STATEMENT OF FINANCIAL POSITION

4

Number of Stated Revaluation Retained TotalShares Capital Reserves Earnings Equity'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000

Balance as at 01st April 2017 117,446 16,778 501,896 1,059,586 1,578,260

Profit/(Loss) for the Period - - - (25,807) (25,807) Other Comprehensive Income - - - - - Total Comprehensive Income - - - (25,807) (25,807)

Dividend Paid - - - - -

Balance as at 31st March 2018 117,446 16,778 501,896 1,033,779 1,552,452

Balance as at 01st April 2016 117,446 16,778 277,447 1,078,431 1,078,431

Profit/(Loss) for the Period - - - (19,390) (19,390) Other Comprehensive Income - - 224,449 545 224,449 Total Comprehensive Income - - 224,449 (18,845) 205,059

Dividend Paid - - - - -

Balance as at 31st March 2017 117,446 16,778 501,896 1,059,586 1,578,260


EASTERN MERCHANTS PLCSTATEMENT OF CHANGES IN EQUITY - COMPANY

5

Non- Number of Stated Revaluation Available for Operation From Retained Controlling Total

Shares Capital Reserves Sale Reserve Foreign Currency Earnings Total Interest Equity'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000

Balance as at 01st April 2017 117,446 16,576 550,351 (13,338) (217) 1,100,833 1,654,204 (6,779) 1,647,425

Profit/(Loss) for the Period - - - - - (10,734) (10,734) (205) (10,940) Other Comprehensive Income - - - 1,717 606 - 2,324 1,601 3,925 Total Comprehensive Income - - - 1,717 606 (10,734) (8,411) 1,396 (7,015) Dividend Paid - - - - - - - - -

Balance as at 31st March 2018 117,446 16,576 550,351 (11,621) 389 1,090,099 1,645,793 (5,383) 1,640,410

Balance as at 01st April 2016 117,446 16,570 321,639 (9,217) (2,381) 1,113,678 1,440,289 (6,763) 1,433,526

Revaluation Surplus on Disposal - - - - - - - - - Reversal of AFS Reserve on shares disposed - - - - - - - - - Profit/(Loss) for the Period - - - - - (12,846) (12,846) 545 (12,300) Other Comprehensive Income - - 228,712 (4,121) 2,164 - 226,755 (561) 226,194 Total Comprehensive Income - - 228,712 (4,121) 2,164 (12,846) 213,909 (16) 213,894

Dividend Paid - - - - - - - - Effects of Acquisition, Disposal and Change in Percentage Holding in Subsidiaries Effects on Acquisition of Shares ( Cross Holding) - 6 - - - - 6 - 6

Balance as at 31st March 2017 117,446 16,576 550,351 (13,338) (217) 1,100,832 1,654,204 (6,779) 1,647,425

Note - All values are in Rs. '000, unless otherwise statedFigures in brackets indicate deductions.The above figures are subject to audit.

EASTERN MERCHANTS PLCCONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to Equity Holders of Parent

6

FOR THE YEAR ENDED 31ST MARCH 2018 2017Notes Rs.'000 Rs.'000

CASH FLOWS FROM OPERATING ACTIVITIESOperating Profit/(Loss) before Working Capital Changes A (23,711) 17,858

(Increase)/Decrease in Inventories 21,035 (35,259) (Increase)/Decrease in Debtors & Other Receivables 84,964 (126,759) Increase/(Decrease) in Amounts due from/due to Related Parties (4,162) (17,968) (Increase)/Decrease in Other Current Assets (4,300) 2,621 Increase/(Decrease) in Other Current Liabilities (730) 1,143 Increase/(Decrease) in Trade & Other Payables (2,668) 2,213 Cash Generated from Operations 70,427 (156,151) Finance Costs Paid (4,690) (9,871) Defined Benefit Plan Cost Paid (2,778) (1,533) Income Tax Paid (100) (6,315) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES 62,859 (173,871)

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIESAcquisition of Property, Plant & Equipment (12,816) (223,806) Proceeds from Sale of Property, Plant & Equipment 8,506 4,044 Proceeds from Held to Maturity Investments 36,677 247,088 Finance income 21,186 25,562 Acquisition of Subsidiary & Investment - - Proceeds from Sale of Investments - - CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITES 53,554 52,888

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIESRe-payment of Interest Bearing Loans & Borrowings (42,162) 59,107 Net Cash Flows from/(used in) Financing Activities (42,162) 59,107

Net Increase/(Decrease) in Cash & Cash Equivalents 74,251 (61,876) Cash & Cash Equivalent at the beginning of the Quarter (93,977) (32,103) Cash & Cash Equivalent at the End of the Quarter (19,727) (93,977) Cash & Cash EquivalentCash in hand & At Bank 5,922 5,567 Bank Overdrafts (25,648) (98,851)

Cash & Cash Equivalent at the End of the Quarter (19,726) (93,977)

Note A - Operating Profit/ (Loss) before Working Capital Changes Net Profit/(Loss) before Tax (25,707) 6,050 Share of Results of Equity Accounted Investees 1,641 19,480 Adjustments forFinance Costs 4,690 9,871 Depreciation 19,952 17,787 (Profit)/ Loss on Sale of Property, Plant & Equipment (3,101) (1,669) Dividend Income (2,244) (12,290) Charge in fair value of Investment Property - (9,740) Provision for Gratuity - 1,641 Finance Income (18,942) (13,272)

Operating Profit/ (Loss) before Working Capital Changes (23,711) 17,858 Note - All values are in Rs. '000, unless otherwise stated.

Figures in brackets indicate deductions.The above figures are subject to audit.

7

EASTERN MERCHANTS PLCCASH FLOW STATEMENT

COMPANY

FOR THE YEAR ENDED 31ST MARCH 2018 2017Note Rs.'000 Rs.'000

CASH FLOWS FROM OPERATING ACTIVITIESOperating Profit/(Loss) before Working Capital Changes A (3,835) 25,711

(Increase)/Decrease in Inventories 15,405 (34,717) (Increase)/Decrease in Debtors & Other Receivables 32,103 (132,449) Increase/(Decrease) in Amounts due from/due to Related Parties (252) (22,828) (Increase)/Decrease in Other Current Assets (4,300) (4,702) Increase/(Decrease) in Other Current Liabilities 2,833 185 Increase/(Decrease) in Trade & Other Payables 4,307 883 Cash Generated from Operations 46,261 (167,918) Finance Costs Paid (6,348) (8,265) Defined Benefit Plan Cost Paid (2,778) (1,533) Income Tax Paid (680) - CASH FLOWS FROM/ (USED IN) OPERATING ACTIVITIES 36,456 (177,715)

CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIESAcquisition of Property, Plant & Equipment (13,859) (221,325) Proceeds from Sale of Property, Plant & Equipment 1,550 1,663 Proceeds from Sale of Investments 0.00 1,419 Proceeds from Disposal of Assets Held for Sale 796 2,677 Proceeds from Held to Maturity Investments 36,678 247,586 Finance Income 18,913 22,473 Dividend Received - 65 CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITES 44,077 54,559

CASH FLOWS FROM/ (USED IN) FINANCING ACTIVITIESRe-payment of Interest Bearing Loans & Borrowings (Net) (42,161) 59,107 Net Cash Flows from/(used in) Financing Activities (42,161) 59,107

Net Increase/(Decrease) in Cash & Cash Equivalents 38,373 (64,740) Cash & Cash Equivalent at the beginning of the Quarter (81,444) (16,704)


Cash & Cash EquivalentCash in hand & At Bank 6,194 72,555 Bank Overdrafts (49,264) (153,999)


Note A - Operating Profit/ (Loss) before Working Capital Changes

Profit/(Loss) before Tax from Continuing Operations (9,472) 19,407 Profit/(Loss) before Tax from Discontinued Operations (1,118) (2,678)

Adjustments forFinance Costs 6,348 8,711 Finance Income including Dividend Income (18,913) (22,539) Depreciation 20,781 10,343 (Profit)/Loss on Sale of Property, Plant & Equipment (3,101) (1,663) Profit from Share Disposal - (367) Share of Results of Equity Accounted Investees 1,641 14,499

Operating Profit/(Loss) before Working Capital Changes (3,835) 25,711


EASTERN MERCHANTS LIMITED PLCCASH FLOW STATEMENT

GROUP

8

BUSINESS SEGMENTSThe following tables present revenue, Profit information and segment assets regarding the Group’s Operating Segments.

FOR THE QUARTER ENDED 31ST MARCH 2018 2017 2018 2017 2018 2017Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000

Total Sales 1,388,354 1,039,918 - - 1,388,354 1,039,918 Other Income 3,615 18,271 2,292 1,816 5,907 20,087 Total Revenue 1,391,969 1,058,189 2,292 1,816 1,394,261 1,060,005 Inter Group Adjustment 20,699 133,883 Segment Revenue 1,414,960 1,193,888

Segment Results 19,835 15,739 330 1,011 20,165 16,750 Inter Group Adjustment - - Finance Expenses (6,348) (8,711) Finance Income 18,913 22,539 Share of Results of Equity Accounted Investees (1,641) (14,499) Fair Value Change of Investment Property - - Profit before Taxation - - - - 31,090 16,079 Tax Provision - - - - - - Profit/ (Loss) from Discontinued Operation - - - - (1,118) (2,677) Other Comprehensive Income - - - - 3,925 (5,369) Profit /(Loss) for the year (7,015) 11,361

Attributable ToEquity Holders of the Company - - - - (8,411) 15,587 Minority Interest - - - - 1,396 (4,227) Profit /(Loss) for the year (7,015) 11,361 AssetsSegment Assets 1,687,016 1,464,167 21,053 20,975 1,708,069 1,485,142 Other Investments 63,370 63,370 38,918 44,585 102,288 107,955

Total Assets 1,750,386 1,527,537 59,971 65,560 1,810,357 1,593,097 Inter Group Adjustment (65,715) (92,072) Total Assets 1,744,642 1,501,025

LiabilitiesSegment Liabilities 66,138 24,682 5,363 6,100 71,501 21,878 Interest Bearing Borrowings - 48,333 - - - 45,422 Deferred Tax Liabilities 16,297 7,100 - - 16,297 7,327 Retirement Benefit Obligations 5,377 8,082 - - 5,377 8,805

Total Liabilities 87,813 88,197 5,363 6,100 93,177 83,432 Inter Group Adjustment 11,054 (16,100) Net Liabilities 104,230 67,332

9

Group Total

EASTERN MERCHANTS PLCINTERIM CONDENSED FINANCIAL STATEMENTS

Export of Traditional & Non-Traditional Products Other

1 CORPORATE INFORMATION

1.1 CompanyEastern Merchants PLC (the Company) is a Public Limited Liability Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The registered office and the principal place of the Business of the Company are located at 240, Torrington Avenue, Colombo 07.

1.2 Subsidiaries

The percentage holdings of the other Companies consolidated are given bellow.

% Holding Eamel Exports (Pvt) Ltd. 51.75%Asia Brush (Pvt) Ltd. - Discontinued 53.12%Asian Woodware (Pvt) Ltd. - Discontinued 57.68%Spice Lane (Pvt) Ltd. 91.65%Eastern Merchants Commodities (Pvt) Ltd. 100.00%

The total profit and losses for the period of the Company and of its subsidiaries included in consolidation are shown in the Consolidated Statement of other Comprehensive Income and Statement of Financial Position respectively. Minority interest which represents the portion of profit or losses and net assets not held by the group are shown as a component of profit for the period in the and as a component of equity in the Consolidated Statement of Financial Position separately from parent Shareholders equity.

2 INTERIM CONDENSED FINANCIAL STATEMENTS

The Financial Statements for the period ended 31st March 2018, includes “the Company” referring to Eastern Merchants PLC., as the holding Company and “the Group” referring to the Companies whose accounts have been consolidated therein.

3 APPROVAL OF FINANCIAL STATEMENTS

The interim condensed Financial Statements of the Group and the Company for the 3 months ended 31st March 2018 were authorized for issue by the Board of Directors on 31st May 2018.

10

EASTERN MERCHANTS PLCNOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

Subsidiaries are those enterprises controlled by the parent. Control exists when the parent holds more than 50% of the voting rights or otherwise has a controlling interest. The following Companies have been consolidated as subsidiaries

4 BASIS OF PREPARATION

The interim condensed Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These interim condensed Financial Statements should be read in conjunction with the annual financial statements for the year ended 31st 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 year.

The interim condensed Financial Statements are presented in Sri Lankan Rupees and all values are rounded to the nearest thousand except when otherwise indicated.

5 OPERATING SEGMENTS

For management purposes, the Group is organized into business units based on their products and services andhas three reportable operating segments as follows: - Manufacturing & Export of Coir & Rubber Wood Brushes - Export of Traditional & Non traditional Products - Others

6 SHARE INFORMATION

6.1 Public Share Holdings

The percentage of shares held by the public as at 31st March 2018 was 27.35%(31st March 2017 – 27.3%).The number of public shareholders as at 31st March 2018 was 1,308 (31st March 2017 – 1,308).

6.2 Shareholder Analysis as at 31st March 2018No. of

No. of Shares Held Shareholders No. of Shares %

1-1,000 701 225,800 0.191,001-10,000 411 1,672,027 1.4210,001-100,000 172 5,010,290 4.27100,001-1,000,000 24 8,710,020 7.42Over 1,000,000 9 101,827,863 86.70

1,317 117,446,000 100.00


11

6.3 Top Twenty Shareholders as at 31st March 2018

Name of Shareholder No. of Shares %

J. B. L. De Silva 32,382,280 27.57 H. J. De Silva 16,121,140 13.73 Mrs. C. I. Tilakaratna 15,045,469 12.81 C. S. L. De Silva 14,581,140 12.42 N. S. Karunaratne 12,629,120 10.75 Eamel Exports Ltd., 5,668,714 4.83 S. De A. Rajapakse 2,940,000 2.50 J.B.L. De Silva/K.G.A. De Rajap/N. Senanayake 1,400,000 1.19 A. Karunaratne 1,060,000 0.90 Mrs. D. E. Perera 1,000,000 0.85 K. N. De A. Rajapakse 980,000 0.83 K. B. De A. Rajapakse 880,000 0.75 Dr. E. D. Rodrigo 861,000 0.73 N. K. L. Tilakaratna 701,680 0.60 Mrs. K. A. G. Ranasinghe 700,000 0.60 H. M. Udeshi 466,880 0.40 P. A. G. Weerakoon Banda 300,267 0.26 Dr./Mrs. C. A. Suranimala 350,000 0.30 E. N. J. N. P. Kuranage 280,000 0.24 M. M. Senaratne 280,000 0.24

108,627,690

6.4 Directors' Shareholdings as at 31st March 2018

Name of the Director Shares % Shares %

J. B. L. De Silva 32,382,280 27.57 32,382,280 27.57 H. J. De Silva 16,121,140 13.73 16,121,140 13.73 C. I. Tilakaratna 15,045,469 12.81 15,134,219 12.89 C. S. L. De Silva 14,581,140 12.42 14,581,140 12.42 N. K. L. Tilakaratna 701,680 0.60 701,680 0.60 S. Jayakody 6,000 0.01 32,316 0.34 I.P. De Zoysa - - 401,018 0.03

12

As at 31/03/2017As at 31/03/2018

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTSEASTERN MERCHANTS PLC

7 NET ASSETS PER SHARE

Net Assets per share have been calculated, for all periods, based on the number of shares in issue as at31st March 2018.

8 MARKET PRICE PER SHARE

FOR THE QUARTER ENDED 31ST MARCH 2018 2017Rs. Rs.

Highest 6.40 6.80 Lowest 5.40 4.80 Last Traded 5.60 5.00

9 CONTINGENCIES, CAPITAL & OTHER COMMITMENTS

There has been no significant change in the nature of the contingencies and other commitments.

10 EVENTS AFTER THE REPORTING PERIOD

There have been no events subsequent to the reporting date, which require disclosure in the interim condensedFinancial Statements.

13


Company Name : Eastern Merchants PLCCompany Number : PQ 153Registered Office : 240, Torrington Avenue, Colombo 07.Stores Complex : 101, Gonawala Road, Sapugaskanda.

Maswila, Ampegama.Legal Form : A public quoted Company with limited liability incorporated in

Sri Lanka and listed with the Colombo Stock Exchange.Principal Activities : Export of traditional and Non-traditional Commodities.

Subsidiaries : Asia Brush (Pvt) Ltd.Eamel Exports Ltd.Asian Woodware Company (Pvt) Ltd.Spice Lane (Pvt) Ltd. Eastern Merchants Commodities (Pvt) Ltd.

Board of DirectorsChairman : J.B.L. De SilvaDeputy Chairman H.J. De SilvaManaging Director : C.S.L. De Silva

Directors : N.K.L. TilakaratnaC.I. TilakaratnaS. JayakodyH.J. De SilvaC.S.L. De SilvaR.L. NanayakkaraH.P.J. De Silva

Secretary : S. Jayakody

Auditors : Messrs D.H.P. Munaweera & Co.

Bankers : Hatton National Bank PLCSeylan Bank PLCStandard Chartered BankNations Trust Bank PLCNational Development Bank PLCDFCC Bank PLC

EASTERN MERCHANTS PLCINTERIM CONDENSED FINANCIAL STATEMENTS

CORPORATE INFORMATION

14

Documents

FINANCIAL STATEMENTS OF EASTERN MERCHANTS PLC ... - cdn.cse.lk · (Profit)/Loss on Sale of Property, Plant & Equipment (1,663)(3,101) Profit from Share Disposal (367)- Share of Results