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RNS Number : 5757N
Tata Global Beverages Limited.
29 July 2014
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Audited Financial Results
for three months ended June 30, 2014
Rs. In Lakhs
Particulars Three Months Ended Year Ended
June 302014 March 312014 June 302013 March 312014
Net Sales / Income from Operations (Net of excise duty) 70753 60553 66665 260990
Other Operating Income 1852 2722 1294 7305
Total Income from Operations (Net) 72605 63275 67959 268295
a) Cost of materials consumed 42251 44086 38556 173011
b) Purchase of stock-in-trade 30 200 45 344
c) Charges in inventories of finished goods and stock-in-trade 5216 (5118) 5497 (510)
d) Employee benefits expense 3600 2724 3417 13157
e) Depreciation & Amortization expense 451 397 404 1635
f) Other Expenses 12989 14758 12008 53899
Total Expenses 64537 57047 59927 241536
Profit from Operations before Other Income, Finance Cost & Exceptional Items 8068 6228 8032 26759
Other Income 755 7330 1330 18489
Profit from ordinary activities before Finance cost & Exceptional Items 8823 13558 9362 45248
Finance Cost (427) (940) (499) (3920)
Profit from ordinary activities after Finance cost but before Exceptional Items 8396 12618 8863 41328
Exceptional items (Net) (95) (370) 2498 17221
Profit from ordinary activities before Tax 8301 12248 11361 58549
Tax Expense (2375) (2112) (2904) (13852)
Net Profit for the period 5926 10136 8457 44697
Paid up Equity Share Capital (face value of Rs. 1 each) 6184 6184 6184 6184
Reserves excluding Revaluation Reserve 248955
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs 0.96 1.64 1.37 7.23
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of Shares 401315380 401315380 400715380 401315380
- Percentage of Shareholding 64.90% 64.90% 64.80% 64.90%
Promoters and Promoters Group Shareholding
(a) Pledged / Encumbered
- Number of Shares 11500000 11500000 40800000 11500000
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 5.30% 5.30% 18.74% 5.30%
- Percentage of shares ( as a percentage of the total share capital of the company) 1.86% 1.86% 6.60% 1.86%
(b) Non Encumbered
- Number of Shares 205583190 205583190 176883190 205583190
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 94.70% 94.70% 81.26% 94.70%
- Percentage of shares ( as a percentage of the total share capital of the company) 33.24% 33.24% 28.60% 33.24%
Notes:
1. For the quarter, Income from operations at Rs 726 crores increased by 7%
over corresponding quarter of previous year reflecting improved performance in
the branded tea operations. Profit from Operations at Rs 81 crores is
marginally ahead of the corresponding quarter of the previous year. Profit
after tax at Rs 59 crores is lower compared to the corresponding quarter of
previous year due to impact of exceptional items in the previous year.
2. Exceptional item during the quarter of Rs. 1 crore represents expenditure
on restructuring activities. Exceptional items for the corresponding quarter
of previous year represents profit from sale of Non current Investment Rs 36
crores partly offset by expenditure on new product development and long term
initiatives in joint ventures aggregating to Rs 7 crores and expenditure on
revision of post retirement pension obligations of Rs 4 crores.
3. Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional
items (basic and diluted) for the quarter and the year are given below:
In Rs Three months ended Year Ended
June 302014 March 312014 June 302013 March 312014
Earnings Per Share - Rs * 0.96 1.64 1.37 7.23
Earnings Per Share - Rs* (excluding impact of exceptional items) 0.97 1.68 1.01 5.07
*Not annualized for the quarter end.
4. Depreciation for the quarter has been computed applying the rates that
were applicable for the previous financial year, pending assessment of useful
lives/clarifications expected on the matter under the new Companies Act, 2013.
Had the Company adopted the useful life as per Schedule II of the Companies
Act 2013, the impact of the same is not expected to be material on the
results.
5. The Board of Directors of the Company in its meeting held on November 12,
2013 had approved the scheme of merger of its subsidiary, Mount Everest
Mineral Water Limited (MEMW), with the Company in terms of a scheme of
amalgamation under Section 391-394 and other applicable provisions of the
Companies Act, 1956. The necessary approvals from the Stock exchanges and SEBI
have been obtained. Further, the scheme was approved by the shareholders at
the court convened meeting held on June 4, 2014 and also by non-promoter
shareholders through postal ballot. The appointed date of the scheme is April
1, 2013. The scheme would be effective on the receipt of necessary approvals
and completion of formalities as laid down there under. Accordingly, the
operating results of MEMW would be reflected by the Company from the appointed
date of April 1, 2013 after the scheme becomes effective post obtaining all
the requisite approvals. In terms of the scheme, till such date the scheme
becomes effective, the merging entity's business operations are being carried
out in trust on behalf of the Company.
6. As the Company's activity falls within a single business segment, viz
"Buying / Blending and Sale of tea in bulk and value added form" the
disclosure requirements of Accounting Standard (AS-17) on "Segment Reporting"
notified by the Companies (Accounting Standard) Rules 2006, are not
applicable.
7. Investor complaints :
Pending at the beginning of the Quarter Received during the Quarter Disposed of during the Quarter Remaining unresolved at the end of the Quarter*
2 5 4 3
*Received during last week of the quarter and were since resolved.
8. Previous period's figures have been rearranged/ regrouped to the extent
necessary, to conform to the current period's figures.
9. The aforementioned results were reviewed by the Audit Committee of the
Board on July 28, 2014 and subsequently taken on record by the Board of
Directors at its Meeting held on July 28, 2014. The statutory auditors of the
company have audited these results.
Mumbai, July 28, 2014
Cyrus P Mistry
(Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Unaudited Consolidated Financial Results
for the three months ended June 30, 2014
Rs. In Lakhs
Particulars Three Months Ended Audited Year Ended
June 302014 March 31 2014 June 30 2013 March 312014
Net Sales / Income from Operations (Net of excise duty) 188395 186569 179615 762198
Other Operating Income 2916 4424 1731 11563
Total Income from Operations (Net) 191311 190993 181346 773761
a) Cost of materials consumed 81727 83162 83504 352809
b) Purchase of stock-in-trade 7710 7360 5846 26356
c) Charges in inventories of finished goods and stock-in-trade 4044 (2235) (628) (11419)
d) Employee benefits expense 20888 19520 18668 78799
e) Depreciation & Amortization (Net of amount drawn from Revaluation Reserve) 3500 3664 2878 12906
f) Advertisement and Sales Charges 28580 34751 28767 140226
g) Other Expenses 28232 29370 24477 111801
Total Expenses 174681 175592 163512 711478
Profit from Operations before Other Income, Finance Cost & Exceptional Items 16630 15401 17834 62283
Other Income 1799 1622 1834 8180
Profit from ordinary activities before Finance cost & Exceptional Items 18429 17023 19668 70463
Finance Cost (1511) (2024) (2037) (8653)
Profit from ordinary activities after Finance cost but before Exceptional Items 16918 14999 17631 61810
Exceptional items (Net) (269) (1172) 2163 8876
Profit from ordinary activities before Tax 16649 13827 19794 70686
Tax Expense (5406) (3902) (6205) (18449)
Profit after Tax 11243 9925 13589 52237
Share of Profit/(Loss) from Associates 2 (1953) (926) (1287)
Minority Interest in Consolidated Profit (1522) (1042) (1500) (2899)
Group Consolidated Net Profit 9723 6930 11163 48051
Paid-up equity share capital (Face value of Re 1 each) 6184 6184 6184 6184
Reserve excluding Revaluation Reserves 574493
Earnings per share (Basic & Diluted) (not annulised for quarter end) - Rs 1.57 1.12 1.81 7.77
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of Shares 401315380 401315380 400715380 401315380
- Percentage of Shareholding 64.90% 64.90% 64.80% 64.90%
Promoters and Promoters Group Shareholding
(a) Pledged / Encumbered
- Number of Shares 11500000 11500000 40800000 11500000
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 5.30% 5.30% 18.74% 5.30%
- Percentage of shares ( as a percentage of the total share capital of the company) 1.86% 1.86% 6.60% 1.86%
(b) Non Encumbered
- Number of Shares 205583190 205583190 176883190 205583190
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 94.70% 94.70% 81.26% 94.70%
- Percentage of shares ( as a percentage of the total share capital of the company) 33.24% 33.24% 28.60% 33.24%
Notes:
1. For the quarter, Income from operations at Rs 1913 crores increased by 5%
as compared to the corresponding quarter of the previous year. Profit before
exceptional items at Rs 169 crores is 4% lower than the corresponding quarter
of the previous year. While branded business performed well, profitability was
impacted by lower crop available for sale in the plantation business and
investment in new ventures. Post the impact of exceptional items, the Group
Consolidated Net Profit is Rs 97 crores, lower by 13% as compared to the
corresponding quarter of the previous year.
2. The financial results includes following under Exceptional items:
In Rs crores
Particulars Quarter ended
June 30 2014 June 30 2013
Profit on sale of non-current investmentProfit on sale of landBusiness Restructuring costsExpenditure on revision of post retirement pension obligationsProduct development cost and long term initiatives --(3)-- 322(3)(4)(5)
Income / (Expenditure)(net) (3) 22
3. Earnings per Share (EPS) (basic and diluted) and EPS, net of impact of
exceptional items (basic and diluted) for the quarter and the year are given
below:
In Rs Three months ended Year Ended
June 302014 March 312014 June 302013 March 312014
Earnings Per Share - Rs * 1.57 1.12 1.81 7.77
Earnings Per Share - Rs* (excluding impact of exceptional items) 1.60 1.21 1.49 5.46
**not annualised for the quarter end
EPS, excluding the impact of exceptional items, for the year is higher by 7%
as compared to the previous year due to improved performance of Associates.
4. (a) Depreciation for the quarter has been computed applying the rates that
were applicable for the previous financial year, pending assessment of useful
lives/ clarifications expected on the matter under the new Companies Act,
2013.
(b)The auditors of one of our Indian subsidiary Companies have invited
attention to the above matter in their limited review report, without
qualifying their opinion. Further, the auditors of this subsidiary have
invited attention, without qualifying their opinion, to a change in the method
of accounting relating to valuation of wind fallen/ extracted timber in their
limited review report, which has no material impact on the results.
5. Actuarial gain (net of tax and minority interest) of Rs 0.69 crores for
the quarter, relating to defined benefit pension scheme of overseas
subsidiaries have been accounted in Reserves in the Consolidated Financial
Statement applying the principles of Accounting Standard 21 and in line with
the policy followed by the overseas subsidiaries and other companies in
compliance with the relevant overseas accounting framework. Had the accounting
policy of recognising the actuarial gains and losses of pension scheme of the
overseas subsidiaries in the Statement of Profit and Loss been followed, the
Consolidated Net profit for the Group would have been higher by Rs 0.69 crores
for the quarter.
The Statutory Auditors have invited attention to this in their Limited Review
Report.
6. The Board of Directors of the Holding Company in its meeting held on
November 12, 2013 had approved the scheme of merger of its subsidiary, Mount
Everest Mineral Water Limited (MEMW), with the Holding Company in terms of a
scheme of amalgamation under Section 391-394 and other applicable provisions
of the Companies Act, 1956. The necessary approvals from the Stock exchanges
and SEBI have been obtained. Further, the scheme was approved by the
shareholders at the court convened meeting held on June 4, 2014 and also by
non-promoter shareholders through postal ballot. The appointed date of the
scheme is April 1, 2013. The scheme would be effective on the receipt of
necessary approvals and completion of formalities as laid down there under.
Accordingly, the operating results of MEMW would be reflected by the Holding
Company from the appointed date of April 1, 2013 after the scheme becomes
effective post obtaining all the requisite approvals. In terms of the scheme,
till such date the scheme becomes effective, the merging entity's business
operations are being carried out in trust on behalf of the Holding Company.
7. During the previous year, Tata Coffee Limited (TCL), Indian subsidiary of
the Holding Company, had filed for merger of its wholly owned subsidiary
Alliance Coffee Limited (ACL) with the Honorable High Court of Karnataka. The
operating results of ACL would be reflected by TCL from the appointed date of
April 1, 2013 on approval of the said scheme which is pending with Honorable
High Court of Karnataka. In terms of the scheme, till such date the scheme
becomes effective, the merging entity's business operations are being carried
out in trust on behalf of TCL.
8. During the month of May'2014, an overseas subsidiary of the Holding
Company acquired a 100% stake in the equity capital of Earth Rules Pty Ltd.,
Australia, engaged in coffee business under the 'MAP' brand, with presence in
Roast & Ground coffee and coffee in Pods (single serve portions) segment in
Australia.
9. The major part of the Holding Company's business arises from operations
outside India and through its subsidiaries. In view of this the Company has
opted to publish only consolidated results for the year as permitted under
SEBI guidelines. The standalone results shall be available on the Company's
website as well as on the website of the stock exchanges where the Company's
shares are listed. The Total Income from Operations, Net Profit for the period
and Earnings per share of the Holding Company's standalone financial results
are given below:
In Rs Three months ended Year Ended
June 302014 March 312014 June 302013 March 312014
Total Income from Operations (Net) 726 633 680 2683
Net Profit for the period 59 101 85 447
Earnings per share - Rs* 0.96 1.64 1.37 7.23
Earnings per share - Rs* (excluding impact of exceptional items) 0.97 1.68 1.01 5.07
*not annualised for the quarter end
Profits for the quarters ended March 31, 2014 and June 30, 2013 were higher
mainly because of higher dividend income and profit on sale of non-current
investments respectively.
10. Previous period's figures have been regrouped / rearranged, to the extent
necessary, to conform to current period's classifications.
11. The aforementioned results were reviewed by the Audit Committee of the
Board on July 28, 2014 and subsequently taken on record by the Board of
Directors at its Meeting held on July 28, 2014. The Statutory Auditors of the
company have conducted limited review of these results.
Mumbai, July 28, 2014
Cyrus P Mistry
(Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Unaudited Consolidated Segment wise Revenue, Results and Capital Employed,
under Clause 41, of the Listing Agreement for the three months ended June 30,
2014
Rs. In Lakhs
Particulars Three Months Ended Audited Year ended
June 30 2014 March 312014 June 302013 March 31 2014
1. Segment Revenue
(a) Tea 145110 144052 131740 570120
(b) Coffee & Other Produce 43024 44784 46855 194749
(c) Others 3177 2157 2751 8892
Total Income from Operations (Net) 191311 190993 181346 773761
2. Segment Results
(a) Tea 16858 16836 15170 63020
(b) Coffee & Other Produce 5655 3255 8399 21458
(c) Others (548) (367) (1280) (3223)
Total 21965 19724 22289 81255
Add/(Less)
i) Finance Cost (1511) (2024) (2037) (8653)
ii) Other Un-allocable items, Other Income and Exceptional Items (3805) (3873) (458) (1916)
Profit from ordinary activities before Tax 16649 13827 19794 70686
3. Capital Employed
(a) Tea 397621 404457 371256 404457
(b) Coffee & Other Produce 249429 231727 231874 231727
(c) Others 25351 26018 22880 26018
(d) Unallocated including Investments 30856 15090 (1043) 15090
Total 703257 677292 624967 677292
Notes:
a. Business Segments: The internal business segmentation and the activities
encompassed therein are as follows:
Tea : Cultivation, manufacture, blending and sale of tea in packet, bulk or
value added forms.
Coffee and Other Produce : Cultivation, manufacture of coffee and related
plantation crops and sale of coffee in various value added forms.
Others : Sale of water products and other businesses
b. The segment wise revenue, results, capital employed figures relate to the
respective amounts directly identifiable to each of the segments.
Unallocable expenditure includes expenses incurred on common services at the
corporate level and exceptional items.
Unallocable income includes income from investments and exceptional items.
c. Previous periods figures have been regrouped/rearranged to the extent
necessary, to conform to current period classifications.
Mumbai, July 28, 2014
Cyrus P Mistry
(Chairman)
Rs. In Crores
Particulars Three Months Ended Year ended
June 30 2013 March 312013 June 30 2012 March 31 2013
Total Income from Operations (Net) 1913.11 1909.93 1813.46 7737.61
Profit before Exceptionals 169.18 149.99 176.31 618.10
Exceptionals Items (Net) (2.69) (11.72) 21.63 88.76
Net Profit before Tax 166.49 138.27 197.94 706.86
Net Profit after Tax 112.43 99.25 135.89 522.37
Earnings per Share - Rs* 1.57 1.12 1.81 7.77
Earnings per Share (Before Exceptionals)- on Core Operations - Rs * 1.60 1.21 1.49 5.46
Dividend - Rs per share (Face Value Re 1 per Share) Rs. 2.25
* Not annualised for the quarter end.
This information is provided by RNS
The company news service from the London Stock Exchange