The Statement of Cash Flows has been prepared by using the “Indirect Method” of preparing cash flows in accordance with the Sri Lanka Accounting Standard – LKAS 7 on “Statement of Cash Flows”, whereby operating activities, investing activities and financing activities are separately recognised. Cash and Cash Equivalents comprise of short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents as referred to in the Statement of Cash Flows are comprised of those items as explained in Note 49 to 51.
Company | Group | ||||
For the year ended 31 March | Note | 2019 Rs. ’000 |
2018 Rs. ’000 |
2019 Rs. ’000 |
2018 Rs. ’000 |
Cash flows from operating activities | |||||
Profit before income tax | 6,585,257 | 5,769,672 | 7,587,305 | 6,662,332 | |
Adjustment for: | |||||
Non-cash items included in profits before income tax | 49 | 2,358,912 | 1,702,807 | 2,411,109 | 1,535,280 |
Change in operating assets | 50 | (16,346,695) | (11,688,531) | (19,792,535) | (13,308,245) |
Change in operating liabilities | 51 | 17,586,705 | 25,946,052 | 19,674,400 | 26,197,830 |
Share of loss in associate (net of tax) | – | – | 33,234 | 52,942 | |
Dividend income from investments | 10 | (388,945) | (444,503) | (16,569) | (26,610) |
Interest expense on due to banks | 6.2 | 4,569,420 | 5,047,798 | 4,857,611 | 5,236,146 |
Interest expense on debt securities issued | 6.2 | 2,394,127 | 2,492,085 | 2,378,916 | 2,475,434 |
Net unrealised gains/(losses) arising from translating the Financial Statements of foreign subsidiary |
– | – | 259,151 | 2,828 | |
Benefits paid on retirement benefit obligation | 43.1 | (9,107) | (19,555) | (9,242) | (21,612) |
Income tax paid | 17.8 | (805,705) | (1,113,050) | (907,945) | (1,174,927) |
Net cash from/(used in) operating activities | 15,943,969 | 27,692,775 | 16,475,435 | 27,631,398 | |
Cash flows from investing activities | |||||
Purchase of property, plant and equipment | 32 | (147,667) | (170,350) | (257,371) | (412,263) |
Proceeds from the sale of property, plant and equipment | 69,903 | 99,468 | 102,629 | 121,980 | |
Purchase of intangible assets | 33 | (8,624) | (36,747) | (12,195) | (36,745) |
Investment in subsidiaries | – | (1,138,788) | – | – | |
Proceeds from the sale of investment property | 141,380 | – | 141,380 | – | |
Net cash and cash equivalents on acquisition of subsidiary | – | – | – | (1,107,456) | |
Dividends received from investments | 246,920 | 444,503 | 16,569 | 26,610 | |
Net cash from/(used in) investing activities | 301,912 | (801,914) | (8,988) | (1,407,874) | |
Cash flows from financing activities | |||||
Proceeds from due to banks | 36.1 | 59,966,000 | 56,180,000 | 59,966,000 | 56,550,481 |
Repayment of due to banks | 36.1 | (77,536,350) | (74,128,659) | (77,456,806) | (74,354,816) |
Proceeds from issue of debt securities issued | 38.1 | 6,000,000 | – | 5,874,220 | – |
Redemption of debt securities issued | 38.1 | (1,164,060) | (6,067,727) | (1,164,060) | (5,967,727) |
Interest paid on debt securities issued | 38.1 | (1,738,538) | (2,724,827) | (1,738,538) | (2,704,161) |
Dividend paid to shareholders | (1,979,340) | (1,977,071) | (1,979,340) | (1,977,071) | |
Dividend paid to non-controlling interest | – | – | (92,500) | (112,500) | |
Net cash from/(used in) financing activates | (16,452,288) | (28,718,284) | (16,591,024) | (28,565,794) | |
Net increase/(decrease) in cash and cash equivalents | (206,407) | (1,827,423) | (124,577) | (2,342,270) | |
Cash and cash equivalents at 1 April | 3,147,388 | 4,974,811 | 3,161,045 | 5,503,315 | |
Cash and cash equivalents at 31 March | 2,940,981 | 3,147,388 | 3,036,468 | 3,161,045 | |
Cash and cash equivalents | 22 | 3,294,055 | 4,412,683 | 4,310,595 | 4,765,518 |
Overdraft | 36 | (353,074) | (1,265,295) | (1,274,127) | (1,604,473) |
Cash and cash equivalents at 31 March | 2,940,981 | 3,147,388 | 3,036,468 | 3,161,045 |
The Notes appearing on this Annual Report form an integral part of these Financial Statements.