unaudited financial three months 30, · 2019-01-11 · unaudited financial results for ti{e three...
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UNAUDITED FINANCIAL RESULTS FOR Ti{E
THREE MONTHS ENDED SEPTEMBER 30, 2AL6
RELEASts] T$ SHAXTEI.TOI-DERS
The Board of Directors of swEET RIVER ABATTOIR & SUPPLIES LTD is please to present the
unaudited financial statements for the three months ended Septernber 30, 2016'
MANAGING DIRECTOR,S REPORT FOR THE 6 MONTHS PERIOD ENDING SEPTEMBER 2016
with the supply of pigs back to normal levels and our network of farmers back to full production we
are positioned to meet the demand of our customers in during the usual peak season' Our
perforrnance for the quarter was much better than the comparable quarter in 2015 when the
company generated sales revenue of$107m in 201-6 compared to $47m in 2015'
We are in the process of securing contracts from our major customers thus ensuring that both
entities can operate at full capacity. ln return we will re-new and expand our contract to pig farmers
to maintain a steady supply of pigs all year round to the plant. our contract to pig farmers wi[[
guarantee not just only a market for their pigs but will also provide all the training that they need to
produce animals of the highest quality. Such training will be provided directly and or indirectly f rom
input providers.
we are happy to report that this marks the first full quarter since we began operating from our own
plant which was opened in June 2016. With the opening of the new plant we now have the capacity
to slaughter up to 800 animals weekly. This extra capacity will allow us to offer slaughtering service
to farmers, companies and or institutions. The plant will in the very near future be certified for
export.
snas co. LTD.I SECONn quanrsn uNAUDITED FINANCIAL R.ESULTSISEPTEMBER 2016 Page 1
we are excited about the opportunities that are available to us and are looking forward in fulfilling
our mandate of being Jamaica's 9th Agro Park that is to include the slaughtering of small ruminants
and the provision of slaughtering service to farmers in the county of cornwall'
iL\$:{..:{r.}tt$":\ {,i\\*s"$\,R:-$"[\$\: $r$$o*stxn$\',$til$,'tl\L $-$$'{,:}}$"{$"$*}'$*$-t..$;
Highlights of the three months ended sepi 30 2016
Sept 2016 Sept 2Q15 lncllDec\%
& Sales revenue
'# Net profit/ (Loss)
t Earnings per stock unit
+ Total assets
t Total stockholders'equitY
120,000,000
100,000,0o0
80,000,000
60,000,000
40,000,000
20,000,000
$107.m
$:.zm
0.03 cents
$qztm
$162m
;il;ili io*PAR*roN
$+z.om 131%
$.744m 324%
0.01cents 116%
534sm 22%
$16em {4\%
1st QT 1st QT 2nd QT 2nd QT
Jun 2015 Jun 201-6 SePt SePt
20r-s lo1t
sRAS C0. LTD,I SECONU quARfEn UNAUDITED FTNANCTAL RESULTSISEPTEMBER 2015 Page2
NET PROFIT COMPARISION i
4,000,000.00
3,000,000.00
2,000,000.00
1,ooo,0o0.0o
t1,000,000.00)
{2,000,000.00)
(3,000,000.00)
ffiffi{ili:
e.' lrm ZndQT ZndQT
2015 Junffi SePt SePt
ffi2g15.-..--.201.6--.--"^'--*-...*--:-"-...-
;i;;:-; ;:-;"-.-;.r':;,;;--"';':;'" """' j
ThreeMonthsEndedSept30th,2016comparedtoSept30th,2015
' Sales Revenue
The company generated sales revenues in the Second quarter of 2016 in the amount of $107m
when compared to $qZm of the previous year; an increase of $61m or 131 %' This increase is
due to the slaughtering of three thousand three hundred and ninety (3,391) pigs'
r Gross profit
Gross profit of $15.0 m when compared to the previous period of $7'3m; an increase of $7'5m
or L04Yo this was due mainly to an increase in pig supplies and a reduction in price been paid
for pigs .
' Expenses
Total operational expenses of $S.Sm when compared to previous period of $6'1 m; an increase
of $2.4m or 4a yo.This increase was due to utilities, haulage and interest payment on loan which
have now become due since our restructuring of our loan'
' Net Profit
A net profit of 3.2rn was realized when compared to a net profit of $'744m of the previous
period; an increase af $2.4m or 324Yo'
ffi[urueuoIrEDFINANCIALRESULTS|SEPTEMBER2016Page 3
six Months Ended september 30, 2015 compared to september 30, 2015
, Sales revenue of 5L78.0 m when compared to the previous period of 570'0 m' an increase
of$108.0 morL54Y*
r GrOSS profit of S19.8M when compared to SfS'Zm of the previous period' an increase of
$4.6.m or 3AY,.
r Total operational expenses of $14.8m when compared to previous period of $1-1'6m an
increase of $3.2m or 3}Yodue mainly to we operating out of our new facility this we hope to
reduce as we continue to look at areas to reduce cost and nnake the operation more
efficient.
. Net Profit of $.gsz m for the period, a when compared to the previous of 52'6m decrease of
$f.:m or (64) Yo, due mainly to our higher cost of expenses incurred in the new plant
coupled with our loan repayment interest'
Despite a challenging economic environment, the company has experienced growth in its
revenue. SRA is committed to maintaining high standards in our efficient product movement
and market penetration, while we continues to strengthen our relationships with our
customers, suppliers, employees and other stakeholders'
ManagingDirector
SRAS Co. 1-Tr.l sEcor'.rn Qua[:rER UNAUDITED FINANCIAL RESULTSISEPTEMBER 2016 Page 4
SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED
Unaudited Statement of
Comprehensive lncome
For the Six Months Period Endin 30th, 2016
2L5,152,21,070,1,18,720L78,229,95546,5!9,3111a7,231,,712
{194,693,506){54,954,681t(158,45Q9,25A,21,4\92,4L5,455
{24,177,5L8\(11,559,738)t14,751,,209)6,058,926(9,460,367Administrative and
General Expenses
Finance lncome
3,603,662)(4,A72,A6L)3,20L,294\Finance Cost
Profit/ (Loss)before
Taxation
7M,3033,L54,5E5
Profitl (Loss)after
taxation, being
total
comprehensive
profit/ ilossifor the
Earnings per share
inas co. LTD.I sECoND euARTER UNAUDITED FINANCIAL RESULTSISEPTEMBER 2016 Page 5
SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED
Unaudited statement of financiai position
Seot 30.2016
SePt 30, 2016 SePt 30, 2015 Mar 31,2416
$$$
Non-Current Assets
Propefiy, piant and equipment
Deferred Tax Asset
Deferred lnteresiGoodwill
Totai non-current assets
Current AssetsDii"ectors' Current Accou nt
Cash and Cash Equivalents
Trade and other receivabies
lnventoriesTotal current assets
TOTAL ASSETS
LIABILITIES & EQUITY
Current Liabilities
Bank overdraft
Trade and Other Payables
lncome Tax Payable
Directors' current account
Current portion of long term Payables
Curreni pcrtion of long term loan
Total current liabilities
Long Term Liabilities
Long-term liabilities
l-ong-term Payables
Shareholders Loan
Deferred tax liability
Total Liabiiities
Equity
Share capital
Accr-rmulaled surplus
Totai Equity
Total Liabilities & Fquity
386,414,700
3,189,472
6,411,267
6,580,000
31'1,512,496 364,6S5,514
1,432,522 3,189,472
6,4,11,267
6,580,000 6,580,000
4A2,595,439 319.525,018 380,876,253
1,331,833
8,153,367
3,011,043
10,828,416
1,533,983
15,437,871
14.517.652 14,932,198 3.22A.$4:,il - -' -L: :a
24"A02,852 28.771.657 2AJ92,288-'r:::1-=- ---
426.598.291 348.296,675 401,068,541
9,851,189
27,879,2540
1,300,568
13,882,816
36.8'13.33'1
10,150,944
17,698,855
5,47A,446
4,07 1 ,1A4
15,060,958
15,048,044
3,721,984
421,344
13,882,816
20,813,33121,481,:826*:1-tl-"1
89,727,154 58,873,175
129,228,671
27,790,42017,976,310
120,346,050
68,948,473
129,228,67i27,79A,42A
11,177,343
264.722s55 179,219,225 240J44,907
143,695.71 3
1 8, 1 B0 ,023
143,695,713 143,695,713
25,381,737 17 ,227 ,521
161 ,875,736 169,077,450 160,923,634
for issue by the Board of Directors on
Henry Graham
SRAS CO. LTD.I SECOND QUARTER UNAUDITED FiNANCIAL R.ESUL'TSISEPTEMBER 2016 Page 6
SWEET RIVER ABATTOIR & SUPPLIES COMPANY
LIMITED
Unauditedstatementofchangesinshareholders'equityfor the three months ended 30th September 2016
Share CaPital
$
ShareAdvance
$
Retained
Earnings
$
Total
$
Balances as at March 31 , 2015
Converted share advance
Monies received for shares purchased
Net Profit attributable to Shareholders
Balance as at SePtember 30, 2015
Net Profit attributable to Shareholders
Balance as at SePtember 30, 2015
Balances as at March 31, 2016
Net profit attributable to shareholders
Balances as at SePt 30,2016
4,500
32,957.629
110,733,584
32,957,629
(32,957,629)
22,758,767 55,720,896
110,733,584
143,695,7',l3 22,758,767 166,454,480
2,622,970 2,622,974
143.695,713 17,227,921
9s21a2
160,923,634
952,142
143695713 18,180,023 161,875,736
169,077,450
SRASC0.LTD.ISECoNDaUARTERutvnuotTToFINANCIALRESULTSISEPTEMBER20I6PageT
SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED
Unaudited Statement of Cash Flow Position for
Period Ended September 30th, 2016
Sept 30, 2016
s
Sept 30, 20{5
$
,(Audited)
Mar 31, 20'16
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments to reconcile profit for year to net cash provided
by operating activities:
Bad debt
Depreciation
Deferred tax lncome
Deferred tax lnterest
lnterest income
Taxation Provision
Operating surplus before changes in working capital
Trade and other receivables
lnventories
Directors' current account
Shareholders loan
Accounts PaYable & Provisions
Directors' current account
i.let cadr generated bY oPerations
Taxation
lnterest receiwd
Net cash inflows from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
Net cash outflowsfrom investing activities
GASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of long term PaYables
proceeds of long term loan Net
Shareholders loans
Bank Overdraft
Nat cash inflowsfrom financing activities
(Decrease)llncrease in cash resources
Cash rcsources at the start of the year
Gash resources comPrise :
Cash and bank balances
527,697 (14,62A,759)l
106,398 (1,702,068)
- 41,673,236
(121,373) 8.Oe2Js2
- 14,177,343
(5.z}s.769) 10.150-944 8.199.314
1.533.983 15.484.467 22.346 111
952,102
125,756 140,208
(1 1 ,1 03)
2,622,974 (5.s30,846)
44,4,526
(1,756,950)
{6,411,26n11t.,541)
60,ooo
7,2A4,504
{11,297,2_18)
12,831,206
879,224
7,034,370
4,814,782
2,000
(18,146,634)
4.O71.144
(13,206,07'8)
2,424,87516,526,545:-
:
:
eo,797,44s)423,344
10,775,574
(3,721,980)
16,000,000
3,798,967
1,331,833 3,011,043 1,533;983
Q1,844,542) ,148,152) (76,635,,48
e3,148,152)
SErtS CO. LTD,I SECOND QUARTER UNAUDITED FINANCIAL RESULTSISEPTEMBER 2016 Page 8
SWEETRIVERABATToIR&SUPPLIESooMPANYLIMITED
Notes to the Unaudited Financial Statements
Three Months Period Ended September 30th, 2016
ldentification
Sweet River Limited ("the company") is incorporated in Jamaica under the Jamaican Companies Act'
The company is domiciled in Jamaica with its registered office located at sweet River' sav-la-mar'
westmoreland and was listed on the Jamaica Junior stock Exchange on september 19' 20\4'
The company's main activities are the purveying of pork products and provision of abattoir services'
Basis Of PreParation
The financial statements have been prepared in accorclance with lnternational Financial Reporting
standards {IFRS) and comply with the relevant requirements of the Jamaican Companies Act' The
financial statements have been prepared under the historical cost basis and are expressed in
Jamaican Dollars. The lnterim financial statement has been prepared using the same Accounting
policies and method of computation as used in the most recent Audited Financial statement'
Segment RePorting
An operating segment is a component of the company that engages in business activities from
which it may earn revenues and incur expenses. An operating segment's operating results are
received regularly by the Board of Directors to make decisions about resources to be allocated to
the segment and assess its performances'
Based on the nature of the company's business activities, management has determined that
disclosure of segment information is not applicable as the company is operating in one segment'
4. Taxation
The company's shares were listed on the Junior Market of the Jamaica stock Exchange on
september 19, 2014. Consequently the company is entitled to a remission of the taxes for 5 years'
Taxation has been calculated at 25Yo of taxable profit for the period April - Juty 20L4 as the
remission of taxes does not apply to that period. The company is however entitled to 5oTo remission
of income tax for a period of five years from the date of listing'
1.
,
3.
inas co. LTD.I SEC6Nn Quenrgn UNAUDITED FINAI{CIAL RESULTSISEpTEMBER 2016 Page9
SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED
Notes to the Unaudited Financial Statements
Three Months Period Ended September 30th, 2016
5. Shareholders' lnformation
Directord Holdings
As at September 30, 2016:
HENRY GRAHAM
HECTOR LYONS
AUDLEY DEIDRICK
VALDENCE GIFFORD
NEVILLE GRANT
NIGEL MORGAN
Top Ten Shareholders
As at September 30th, 2016:
HENRY GRAHAM
HECTOR LYONS
AUDLEY DEIDRICK
VALDENCE GIFFORD
KIRK FONG
v.M.B.S (pENSION SCHEME)
NATIONAL INSURANCE FUNDS
V.M.B.SOCIETY
NEVIL GRANT
J.C.S.C. D TRL'STEE SERVICE
Holding of Senior Managers as September 30th, 2016
Valdence Gifford
Sean Forbes
No. Of Units
l-5,035,009
7,358,848
5,205,603
4,995,058
4,654,473
9L9,763
15,035,009
7,358,848
5,205,603
4,995,058
4,699,947
4,664,04O
4,663,300
4,663,213
4,654,073
3,886,005
4,995,058
4,000
snai Co. LTD.I sECoND QUARTER UNAUDTTED FINANCIAL RESULTSISEPTEMBER 2016 Page 10