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Interim Financial Statements
June 2014
Interim Financial StatementsFor The Three Months Ended
(PQ - 78)
Nawaloka Hospitals PLC23, Deshamanya H K Dharmadasa Mw
Colombo 02
NAWALOKA HOSPITALS PLCConsolidated Statement of Financial Positionas at 30th June 2014
Group Company 30.6.2014 30.06.2013 30.06.2014 30.06.2013 31.03.2014 31.03.2014Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs'000 Rs'000
ASSETSNon Current Assets Property, Plant & Equipment 4,368,828 3,958,794 2,145,799 1,691,394 4,372,513 2,152,129 Leasehold Rights over Land 230,599 233,023 50,180 51,071 230,823 50,403 InvestmentsInvestment in Subsidiaries - - 945,933 945,933 - 945,933 Jointly Controlled entity 94,398 91,716 2,500 2,500 87,686 2,500 Investment in Land 895,901 842,166 - - 883,553 - Investments In Related Companies 895,565 43,669 895,565 43,669 471,957 471,957
6,485,291 5,169,368 4,039,977 2,734,567 6,046,533 3,622,922
Current AssetsInventories 291,807 250,304 111,309 79,582 306,350 116,718 Trade Debtors and Other Receivables 341,127 224,828 222,798 209,930 336,976 235,317 Deposits and Advances 259,052 189,003 241,648 118,243 112,571 106,169 Receivable from Related Companies 33,940 25,734 383,495 302,995 6,155 368,296 Short Term Investment 385,245 110,556 297,292 32,366 372,201 286,073 Cash at Bank and in Hand 64,039 18,450 29,035 15,573 133,498 40,543
1,375,210 818,875 1,285,577 758,689 1,267,750 1,153,116
Total Assets 7,860,501 5,988,243 5,325,554 3,493,256 7,314,283 4,776,039
EQUITY AND LIABILITIES Capital and ReservesStated Capital 1,207,389 1,207,389 1,207,389 1,207,389 1,207,389 1,207,389 Revaluation Reserve 990,872 990,872 - - 990,872 - Accumulated Profit/Loss 1,751,348 1,683,115 531,779 485,227 1,704,695 497,537 Total Equity 3,949,609 3,881,376 1,739,168 1,692,616 3,902,956 1,704,926
Debentures 1,476,491 - 1,476,491 - 1,476,491 1,476,491
Non Current LiabilitiesProvision for Retiring Gratuities 145,216 111,292 135,019 105,579 144,372 134,425 Deferred Tax 216,799 169,480 113,517 82,035 216,799 113,517 Loan & lease Balances 852,329 917,084 720,329 295,204 652,057 520,057
1,214,344 1,197,856 968,865 482,818 1,013,228 767,998
Current LiabilitiesTrade Creditors and Other Payables 528,252 310,632 516,788 279,716 444,574 429,742 Dividend Payable 2,615 1,902 2,615 1,902 2,616 2,616 Income Tax Payable 18,030 26,037 - 5,391 24,305 - Payable to Related Companies 68,267 59,917 68,839 643,084 26,135 57,945 Bank Overdraft 602,893 510,523 552,788 387,729 423,979 336,320
1,220,057 909,011 1,141,030 1,317,822 921,608 826,623
Total Liabilities 3,910,892 2,106,867 3,586,386 1,800,640 3,411,327 3,071,113
Total Equity and Liabilities 7,860,501 5,988,243 5,325,554 3,493,256 7,314,283 4,776,039
Net Asset per Share 2.80 2.75 1.23 1.20 2.77 1.21
………………………………………………Channa KevitiyagalaFinancial Controller
………………………………………………Jayantha Dharmadasa ………………………………………………
Chairman/ Chief Executive Officer Prof. Lal ChandrasenaDirector/ General Manager.
AuditedGroup Company
The above figures are provisional and subject to audit
It is confirmed that the Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of 2007.
Page 01
Apr'14 - Jun'14 Apr'13 - Jun'13 Apr'14 - Jun'14 Apr'13 - Jun'13 Rs.'000 Rs.'000 Rs.'000 Rs.'000
Revenue 1,057,841 1,004,757 554,961 520,439
Cost of Services (542,687) (470,950) (269,414) (252,510)
Gross Profit 515,154 533,807 285,547 267,929
Other Operating Income 16,646 12,018 13,392 7,919 Staff Cost (225,792) (212,199) (112,776) (125,108)Administration Expenses (196,983) (175,279) (112,207) (105,876)Other Operating Expenses (9,247) (16,216) (9,159) (15,359)Profit from Operations 99,778 142,131 64,797 29,505
Finance Cost (59,468) (39,583) (30,555) (16,592)
Share Of Profit/ (Loss) Jointly Controlled entity 6,617 7,631 - -
Net Profit/Loss before Taxation 46,927 110,179 34,242 12,912
Taxation Provision (274) (10,141) - (3,853)
Net Profit /(Loss) after Taxation 46,653 100,038 34,242 9,059
Profit Attributable to Ordinary Shareholders 46,653 100,038 34,242 9,059
EPS 0.03 0.07 0.02 0.01
Group
NAWALOKA HOSPITALS PLC Statement of Comprehensive Income For the three months Ending 30.6.2014
Company
Page 02
GroupStated Revaluation Retained TotalCapital Reserve Earnings EquityRs.'000 Rs.'000 Rs.'000 Rs.'000
Balance as at 01 April 2013 1,207,389 990,872 1,583,077 3,781,338
Net Profit/(Loss) for the period - - 100,038 100,038
Balance as at 30 June 2013 1,207,389 990,872 1,683,115 3,881,376
Balance as at 01 April 2014 1,207,389 990,872 1,704,695 3,902,956
Net Profit/(Loss) for the period - - 46,653 46,653
Balance as at 30 June 2014 1,207,389 990,872 1,751,348 3,949,609
Company
Balance as at 01 April 2013 1,207,389 - 476,168 1,683,557
Net Profit/(Loss) for the period - - 9,059 9,059
Balance as at 30 June 2013 1,207,389 - 485,227 1,692,616
Balance as at 01 April 2014 1,207,389 - 497,537 1,704,926
Net Profit/(Loss) for the period - - 34,242 34,242
Balance as at 30 June 2014 1,207,389 - 531,779 1,739,168
NAWALOKA HOSPITALS PLCStatement Of Changes In EquityFor the Period Ended 30.6.2014
Page 03
NAWALOKA HOSPITALS PLC
For the Period Ended 30.6.2014
Period Year Period Year Ended Ended Ended Ended
30.6.2014 31.03.2014 30.6.2014 31.03.2014Rs.'000 Rs.'000 Rs.'000 Rs.'000
Cash flows from Operating ActivitiesProfit before Tax 46,927 295,959 34,242 142,209
Jointly controlled entity results (6,617) - - -
Adjustments for :Depreciation & Amortisation 78,088 314,431 57,061 226,849 Finance Cost 59,468 202,299 30,555 148,968 Interest Income (8,470) (34,573) 6,828 (22,778)Provision for Retiring Gratuity 4,525 30,033 4,500 26,225 Provision for Bad & Doubtful Debts 3,506 14,025 3,506 13,892 Operating Profit before Working Capital Changes 177,427 822,174 136,692 535,365 Changes in Working Capital(Increase)/Decrease in Inventories 14,543 (61,619) 5,413 (41,894)(Increase)/Decrease in Debtors, Deposits & Advances (156,363) (106,833) (128,860) (105,079)Increase/Decrease in Related Party Balances (2,944) (11,850) 23,724 (515,678)Increase/(Decrease) in Creditors & Other Payables (34,039) 163,400 (47,562) 165,562
(178,803) (16,902) (147,285) (497,089)
Cash Generated from/(Used in) Operating Activities (1,376) 805,272 (10,593) 38,274 Interest Paid (59,468) (202,299) (58,584) (148,968)Gratuity Paid (3,944) (14,041) (3,905) (13,784)Income Tax/ESC Paid (6,549) (35,672) - (2,000)Net cash Generated from/(Used in) Operating Activities (71,337) 553,260 (73,082) (126,478)
Cash flows from Investing Activities Other Investments (423,608) - (423,608) - Purchase of Property, Plant & Equipment (72,011) (757,617) (50,507) (712,575)Investment in Land (12,347) (56,137) - - Net cash Used in Investing Activities (507,966) (813,754) (474,115) (712,575)
Cash flows from Financing ActivitiesProceeds from Long Term debenture - 1,476,491 - 1,476,491 Proceeds from Long Term Borrowings and Leases 352,568 414,725 351,685 414,725 Repayments of Long Term Borrowings and Leases (14,758) (856,008) (14,413) (323,217)Finance for related parties - (334,957) - (334,957)Interest Received 8,470 34,573 (6,828) 22,778 Dividends Paid - (69,777) - (69,777)Net cash Generated from/ (Used in) Financing Activities 346,280 665,047 330,444 1,186,043
Net Increase/(Decrease) in Cash & Cash equivalents during the Year (233,023) 404,553 (216,753) 346,990 Cash & Cash equivalents at the beginning of the Year 79,414 (325,139) (9,704) (356,694)Cash and Cash equivalents at the end of the Year (153,609) 79,414 (226,461) (9,704)
Analysis of Cash and Cash equivalents at the end of the Year Cash at Bank & in Hand 449,284 515,023 326,327 326,616 Bank Overdraft (602,893) (435,609) (552,788) (336,320)
(153,609) 79,414 (226,461) (9,704)
GROUP COMPANY
Cash Flow Statement
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Interim Financial Statements of Nawaloka Hospitals PLC and it’s subsidiaries have been prepared in accordance with the Sri LankaAccounting Standards (SLFRSs / LKASs) laid down by the Institute of Chartered Accountants of Sri Lanka (ICASL) and requirements ofthe Companies Act No. 7 of 2007.
The Financial Statements of the Group, which comprise the Statement of Financial Position, and the Statements of ComprehensiveIncome, Other Comprehensive Income, Changes in Equity and Cash Flows together with Accounting Policies and Notes to the FinancialStatements have been prepared in accordance with Sri Lanka Accounting Standards applicable for periods beginning on or after 1 January2012.
Based on the Sri Lankan Accounting Standard (LKAS - 19) Revised, the Company has changed its method of recognising actuarial gainsand losses from corridor method to full recognition in the year it occurs under other comprehensive income, which amounts to a change in an accounting policy. As such previous two years have been restated in order to comply with the requirements of LKAS 8 - AccountingPolicies, Change in Accounting Estimates and Errors.
EXPLANATORY NOTES
The Group's interest in jointly controled entity was accounted for on a proportionate consolidation basis which is now being accounted,prospectively with effect from 1/4/2014 ,according to the equity method of accounting as per the requirement of the SLFRS 11 "JointArrangements", which supercedes the requirements relating to consolidated financial statements in LKAS 31"Interest injoint ventures"
During the quarter there were no material changes in the composition of assets, liabilities and contingent liabilities.
According to the best of the knowledge and belief of the Directors no circumstances have arisen since the Balance Sheet date, whichwould require adjustments to or disclosure in the Financial Statements.
Company has paid an interim dividend of Rs.0.06 per share on 17/07/2014
All known expenses including management fees and similar expenses have been provided for in the financial statements.
08 Debentures
During the year the company has issued 15 Mn Rated Unsecured Redeemable Debentures at a par value of Rs.100 and allocation is as follows.
Class Issue Coupon Rate
Listing Status
Interest Payable
frequencyIssued Date Maturirty
Date Quantity Consideration Received
Value As at 31 March 2014
Comparative Government Bonds Rates
%
Yield to Maturity
Nos Rs. Rs. %A Public 14.15% Listed Quarterly 9/30/2013 9/30/2018 10,427,900 1,042,790,000 1,026,580,144 8.65 11.09 B Public 14.15% Listed Quarterly 9/30/2013 9/30/2019 2,696,000 269,600,000 265,335,398 11.17 11.65 D Public 14.35% Listed Quarterly 9/30/2013 9/30/2021 1,645,500 164,550,000 161,891,603 11.55 11.96 E Public 14.40% Listed Quarterly 9/30/2013 9/30/2022 120,000 12,000,000 11,804,843 11.77 12.14 F Public 14.45% Listed Quarterly 9/30/2013 9/30/2023 110,600 11,060,000 10,879,204 11.80 12.47
15,000,000 1,500,000,000 1,476,491,192
8.1 Market Summary
Class Highest Lowest Last traded
Traded Quantity
Last Traded Date
A - - - - - B 115.76 - 115.76 1,700,000 11-Jul-14D - - - - - E - - - - - F - - - - -
8.2 Purpose of the issue
8.3 Credit RatingsRAM Ratings (Lanka) Ltd has reaffirmed Nawaloka Hospitals PLC's long and short-term corporate credit ratings at A* and P2** respectively.
Note(a) The long-term rating of A reflects:
* An Adequate capacity to meet its long-term financial Obligations
(b) The short-term rating of P2 reflects:** An Adequate capacity to meet its short-term financial Obligations
Group Company
8.4 Debt/Equity ratio 0.59 1.26
8.5 Quick asset ratio 0.89 1.03
8.6 Interest cover 1.89 2.37
8.7 Traded yield 10.25 10.25
Purpose of the debenture issue is for funding the construction of multi storied building with car park facilities ,Channeling ,Out Patient Department & Indoor admission facilities adjoining the existing hospital building and to restructure the balance sheet by re-financing the existing loans.
9. DIRECTORS’ SHARE HOLDINGThe aggregate shareholding of the Directors as at
Name of the Director 30/06/2014 31/03/2014 30/06/2013
Mr.H K J Dharmadasa 460,736,182 460,736,182 460,736,182
Mr. U H Dharmadasa 3,360 3,360 3,360
Mr. A G Dharmadasa 3,004,026 3,004,026 3,004,026
Ms. A G Dharmadasa 5,066,686 5,066,686 5,066,686
Prof. Lal Chandrasena 601,198 601,198 601,198
Deshabandu Tilak de Zoysa 218,000 218,000 218,000
Mr. R T Wijetilleke 33,332 33,332 33,332
Dr. T. Senthilverl 308,108,473 308,108,473 307,752,304
Mr. Sunil Abeyratne Nil Nil Nil
Mr. T K Bandaranayake Nil Nil Nil
Shares held by public 12.73% 12.73% 12.76%
10. Number of shares representing the entity’s stated capital as at
As at 30/06/2014 31/03/2014 30/06/2013
No. of shares 1,409,505,596 1,409,505,596 1,409,505,596
Net Asset value per share (Rs) 30/06/2014 31/03/2014 30/06/2013
2.80 2.77 2.75 11. Share prices during the interim period as at
As at 30/06/2014 31/03/2014 30/06/2013 Rs. Rs. Rs.
Highest Price 3.50 3.50 3.50
Lowest Price 3.20 2.80 2.80
Last Traded Price 3.20 3.20 3.10
12. Twenty Largest Shareholders
NO. OF SHARES % NO. OF SHARES % NO. OF SHARES %
1 MR. H.K.J. DHARMADASA 460,736,182 32.69 460,736,182 32.69 460,736,182 32.69
2 NAWALOKA CONSTRUCTION COMPANY LIMITED 441,778,880 31.34 441,778,880 31.34 441,778,880 31.34
3 DR. T. SENTHILVERL 308,108,473 21.86 308,108,473 21.86 307,752,304 21.83
4 NATIONAL SAVINGS BANK 17,789,400 1.26 17,789,400 1.26 17,789,400 1.26
5EMPLOYEES PROVIDENT FUND
14,604,838 1.04 9,925,333 0.70 - -
6 MISS AG DHARMADASA 5,066,686 0.36 5,066,686 0.36 5,066,686 0.36
7 MRS P NANAYAKKARA 5,066,666 0.36 5,066,666 0.36 5,066,666 0.36
8 MR. D.M. RAJAPAKSE 4,496,400 0.32 4,496,400 0.32 4,496,400 0.32
12 BANK OF CEYLON A/C CEYBANK UNIT TRUST 4,281,159 0.30 2,878,711 0.20 1,877,670 0.13
16 MR.H.A.PIERIS 3,482,200 0.25 2,557,200 0.18 2,557,200 0.18
9 MR. V.R. RAMANAN 3,400,000 0.24 3,400,000 0.24 3,400,000 0.24
10 MRS. N.H. ABDUL HUSEIN 3,210,000 0.23 3,200,000 0.23 3,210,000 0.23
11 MR. A.G. DHARMADASA 3,004,026 0.21 3,004,026 0.21 3,004,026 0.21
13NAWALOKA DEVELOPMENTS (PVT) LTD
2,814,932 0.20 2,814,932 0.20 2,814,9320.20
14ASSOCIATED ELECTRICAL CORPORATION LTD
2,651,500 0.19 2,600,000 0.18 2,600,000 0.18
15 MRS C S DHARMADASA 2,581,866 0.18 2,581,866 0.18 2,542,666 0.18
17 MR. K.S. WARUSAVITARANA 2,500,066 0.18 2,500,066 0.18 2,500,066 0.18
18MR. U. H. PALIHAKKARA
2,136,965 0.15 2,136,965 0.15 2,125,165 0.15
19CEYLEASE LIMITED
2,000,000 0.14 2,000,000 0.14 2,000,000 0.14
20 MRS. P. GANESHAN 2,000,000 0.14 2,000,000 0.14 2,000,000 0.14
1,291,710,239 91.64 1,284,641,786 91.14 1,273,318,243 90.34
117,795,357 8.36 124,863,810 8.86 136,187,353 10
1,409,505,596 100 1,409,505,596 100 1,409,505,596 100
As at 30.06.2014 As at 31.03.2014
Total
Balance held by other shareholders
Total No. of shares
As at 30.06.2013NO SHARE HOLDERS NAME
Corporate Information
Name of the Company Secretaries to the CompanyNawaloka Hospitals PLC M & A Company Secretaries (Private) Limited,
No. 28 (Level 2),W.A.D. Ramanayake Mawatha,
Company Registration No. Colombo 02.PQ 78
AuditorsRegistered Office KPMG No. 23, Deshamanya H. K. Dharmadasa Mawatha, Chartered Accountants,Colombo 02, Sri Lanka. No. 32A, Sir Mohamed Macan Markar Mawatha,
Colombo 03.Telephone(+94 11) 2544444-56, 2305051-79Telefax Lawyer(s)(+94 11) 2430393 Nithi Murugesu & AssociatesE-mail/Website Attorneys-at-Law & Notaries Public,[email protected], www.nawaloka.com No. 28 (Level 2), W.A.D. Ramanayake Mawatha,
Colombo 02.
Legal Form Mr. H. Chandrakumar de SilvaQuoted Public Company with limited liability incorporated in Attorney-at-Law,Sri Lanka under the Companies Ordinance 1938 and No. 7, Hedges Court,re-registered under the Companies Act No. 07 of 2007. Colombo 10.
Board of Directors Bankers1. Mr. H.K. Jayantha Dharmadasa (Chairman and CEO) Hatton National Bank PLC2. Mr. Rienzie T. Wijetilleke (Vice-Chairman) Sampath Bank PLC3. Prof. Lal G. Chandrasena (Director/General Manager) People’s Bank4. Deshabandu Tilak de Zoysa Seylan Bank PLC5. Mr. Tissa Kumara Bandaranayake State Bank of India6. Mr. U.H. Dharmadasa Commercial Bank PLC7. Mr. A.G. Dharmadasa Bank of Ceylon8. Ms. A.G. Dharmadasa Deutshe Bank AG9. Dr. Thirugnanasambandar Senthilverl Amãna Bank Ltd.10. Mr. Damian Sunil Abeyratna DFCC Bank PLC
SubsidiariesNew Nawaloka Hospitals (Pvt) Ltd.New Nawaloka Medical Centre (Pvt) Ltd.
Joint VentureNawaloka Metropolis Laboratories (Pvt) Ltd.
