Asia Siyaka Commodities : Interim Financial Statement for the Quarter ended 30th June 2022

ASIA SIYAKA COMMODITIES PLC

INTERIM FINANCIAL STATEMENTS

30 June 2022

.

ASIA SIYAKA COMMODITIES PLC

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
	Unaudited	Unaudited		Unaudited	Unaudited
AS AT	30.06.2022	31.03.2022		30.06.2022	31.03.2022
	Rs.	Rs.		Rs.	Rs.
ASSETS
Non Current Assets
Property, Plant & Equipment	989,116,448	989,907,791		3,368,381	3,293,556
Intangible Assets	111,834	90,699		111,834	90,699
Right of Use Asset	33,613,026	35,906,282		8,891,930	11,609,091
Investments	-	-		190,250,000	190,250,000
Investment Property	755,727	755,727		755,727	755,727
Deferred Tax Asset	25,086,271	26,092,076		23,098,547	24,155,088
	1,048,683,306	1,052,752,575		226,476,419	230,154,161
Current Assets
Inventories	4,061,255	4,533,024		3,967,745	4,439,514
Trade Receivables	936,196,799	758,353,030		900,580,560	718,524,176
Loans & Advances	998,182,922	862,293,083		998,182,922	862,293,083
Other Receivables, Prepayments and Advances	35,041,833	19,199,692		19,369,548	8,211,912
Income Tax Receivable	-	6,573,995		-	6,573,995
Short Term Investments	33,009,245	33,009,245		33,009,245	33,009,245
Cash and Cash Equivalents	145,207,764	105,591,797		126,126,952	103,241,568
	2,151,699,818	1,789,553,866		2,081,236,972	1,736,293,493
	3,200,383,124	2,842,306,441		2,307,713,391	1,966,447,654
Capital and Reserves
Stated Capital	100,000,000	100,000,000		100,000,000	100,000,000
Reserves	425,679,440	425,679,440		-	-
Revenue Reserves	459,444,407	414,843,255		269,372,613	238,459,767
Total Equity	985,123,847	940,522,695		369,372,613	338,459,767
Non Current Liabilities
Retirement Benefit Obligation	50,941,919	61,911,305		43,526,174	54,494,939
Deferred Tax Liability	169,944,090	170,228,261		284,089	314,227
Lease Liability- RoU Asset	-	2,058,217		-	2,058,216
Long Term Interest Bearing Borrowings	58,928,577	75,000,006		-	-
	279,814,586	309,197,789		43,810,263	56,867,382
Current Liabilities
Interest Bearing Borrowings	64,285,710	64,285,710		-	-
Trade Payables	1,044,859,943	875,156,226		1,113,504,607	943,976,283
Interest Bearing Borrowings on Client Financing	714,000,000	593,000,000		714,000,000	593,000,000
Sundry Creditors including Accrued Expenses	79,374,372	45,699,248		37,917,173	19,438,775
Lease Liability- RoU Asset	10,352,077	10,717,965		11,193,898	12,374,358
Income Tax Payable	19,021,065	1,395,719		14,363,313	-
Bank Overdraft	3,551,524	2,331,089		3,551,524	2,331,089
	1,935,444,691	1,592,585,957		1,894,530,515	1,571,120,505
Total Liabilities	2,215,259,277	1,901,783,746		1,938,340,778	1,627,987,887
Total Equity and Liabilities	3,200,383,124	2,842,306,441		2,307,713,391	1,966,447,654
	-	-	-	-
Net Assets per Share (Rs.)	3.79	3.62	1.42	1.30
These financial statements are in compliance with the requirements of the Companies Act No 7 of 2007
Sgd.	-	-	-	-
R.E. Munasinghe
Senior Vice President - Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Signed on behalf of the Board by
Sgd.	Sgd.
A.R. Cooke	Y. Kuruneru
Director	Director
August 8, 2022

2

ASIA SIYAKA COMMODITIES PLC

STATEMENT OF COMPREHENSIVE INCOME

		GROUP					COMPANY
For the period ended 30 June	2022	2021		2022	2021	Variance %	2022	2021	2022	2021	Variance
										%
	Quarter	Quarter		Cumulative	Cumulative		Quarter	Quarter	Cumulative	Cumulative
	Rs.	Rs.		Rs.	Rs.		Rs.	Rs.	Rs.	Rs.
Gross Revenue	277,081,864	164,847,892		277,081,864	164,847,892	68	202,480,425	102,678,623	202,480,425	102,678,623	97
Cost of Sales	(690,110)	(328,207)		(690,110)	(328,207)	110	(690,110)	(328,207)	(690,110)	(328,207)	110
Net Revenue	276,391,754	164,519,685		276,391,754	164,519,685	68	201,790,315	102,350,416	201,790,315	102,350,416	97
Other Income and Gains	6,992,222	4,763,531		6,992,222	4,763,531	47	5,557,151	3,101,248	5,557,151	3,101,248	79
Selling & Distribution Costs	(17,267,214)	(11,757,277)		(17,267,214)	(11,757,277)	47	(14,286,139)	(9,269,991)	(14,286,139)	(9,269,991)	54
Administrative Expenses	(128,857,570)	(114,379,330)		(128,857,570)	(114,379,330)	13	(73,906,346)	(64,030,234)	(73,906,346)	(64,030,234)	15
Finance Cost	(34,987,876)	(14,302,468)		(34,987,876)	(14,302,468)	145	(34,922,715)	(11,973,050)	(34,922,715)	(11,973,050)	192
Finance Income	2,446,533	993,671		2,446,533	993,671	146	2,444,291	991,052	2,444,291	991,052	147
Profit/(Loss) Before Tax	104,717,849	29,837,812		104,717,849	29,837,812	251	86,676,557	21,169,441	86,676,557	21,169,441	309
Income Tax Expense	(26,316,697)	(6,756,673)		(26,316,697)	(6,756,673)	289	(21,963,711)	(4,692,439)	(21,963,711)	(4,692,439)	368
Profit/(Loss) for the Year	78,401,152	23,081,139		78,401,152	23,081,139	240	64,712,846	16,477,002	64,712,846	16,477,002	293
Other Comprehensive Income
Actuarial Gain/(Loss) for the year	-	-		-	-	-	-	-	-	-	-
Income Tax Effect	-	-		-	-	-	-	-	-	-	-
Revaluation Surplus	-	-		-	-	-	-	-	-	-	-
Income Tax Effect	-	-		-	-	-	-	-	-	-	-
Other Comprehensive Income for the year, net of tax	-	-		-	-	-	-	-	-	-	-
Total Comprehensive Income for the year, net of tax
78,401,152	23,081,139		78,401,152	23,081,139	240	64,712,846	16,477,002	64,712,846	16,477,002	293
Basic Earnings Per Share (Rs.)	0.30	0.09		0.30	0.09		0.25	0.06	0.25	0.06

3

ASIA SIYAKA COMMODITIES PLC

STATEMENT OF CHANGES IN EQUITY

	STATED		REVALUATION		ACCUMULATED		TOTAL
	CAPITAL		RESERVES		PROFITS
	Rs.		Rs.		Rs.		Rs.
GROUP
As at 01 April 2021	100,000,000	471,271,029	307,164,393	878,435,422
Net Profit for the period	-	-	23,081,139	23,081,139
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	-	23,081,139	23,081,139
Dividend Paid	-		-		-		-
As at 30 June 2021	100,000,000		471,271,029		330,245,532		901,516,561
As at 01 April 2022	100,000,000	425,679,440	414,843,255	940,522,695
Net Profit for the period	-	-	78,401,152	78,401,152
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	-	78,401,152	78,401,152
Dividend Paid	-		-		(33,800,000)		(33,800,000)
As at 30 June 2022	100,000,000	425,679,440	459,444,407	985,123,847
COMPANY
As at 01 April 2021	100,000,000	-	146,568,743	246,568,743
Net Profit/(Loss) for the period	-	-	16,477,002	16,477,002
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	-	16,477,002	16,477,002
Dividend Paid	-		-		-		-
As at 30 June 2021	100,000,000		-		163,045,745		263,045,745
As at 01 April 2022	100,000,000	-	238,459,767	338,459,767
Net Profit/(Loss) for the period	-	-	64,712,846	64,712,846
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	-	64,712,846	64,712,846
Dividend Paid	-		-		(33,800,000)		(33,800,000)
As at 30 June 2022	100,000,000	-	269,372,613	369,372,613

4

ASIA SIYAKA COMMODITIES PLC

STATEMENT OF CASHFLOWS

GROUP

COMPANY

For the period ended 30 June	2022	2021	2022	2021
	Rs.		Rs.	Rs.		Rs.
CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES
Profit before Income Tax Expense	104,717,849	29,837,812	86,676,557	21,169,441
Adjustment for:
Depreciation/Amortization	18,639,889	19,107,598	379,539	440,959
Depreciation - Right of Use Asset	2,293,254	2,134,732	2,717,160	2,793,636
Provision for Retiring Gratuity	2,923,248	5,721,900	2,510,499	4,740,900
Finance Income	(2,446,533)	(993,671)	(2,444,291)	(991,052)
Provision/(Reversal) for Impairment of Loans and Advances	7,001,059	3,584,244	7,001,059	3,584,244
Provision/(Reversal) for Impairment of Trade Receivables	298,988	56,227	86,967	(50,177)
Finance Cost	34,987,876		14,302,468	34,922,715		11,973,050
Operating Profit before Working Capital Changes	168,415,630	73,751,310	131,850,205	43,661,001
Changes in Inventories	471,769	119,179	471,769	119,178
Changes in Trade and Other Receivables	(193,984,898)	(47,956,312)	(193,300,987)	(42,506,162)
Changes in Loans and Advances	(142,890,898)	(171,393,752)	(142,890,898)	(171,393,752)
Changes in Interest Bearing Borrowings on Client Financing	121,000,000	156,562,740	121,000,000	156,562,740
Changes in Trade and Other Payables	203,378,841		(91,129,125)	188,006,722		(85,545,285)
	156,390,444	(80,045,960)	105,136,811	(99,102,280)
Income Tax Paid	(1,395,722)	-	-	-
Defined Benefit Plan Costs Paid	(13,892,634)	(2,817,683)	(13,479,264)	(2,658,613)
Finance Cost Paid	(34,587,056)		(13,560,898)	(34,476,218)		(11,085,761)
Net Cash from Operating Activities	106,515,032	(96,424,541)	57,181,329	(112,846,654)
CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES
Acquisition of Property, Plant & Equipment and Intangible Assets	(17,869,681)	(4,992,186)	(475,499)	(336,001)
Finance Income Received	2,446,533		993,671	2,444,291		991,052
	(15,423,148)	(3,998,515)	1,968,792	655,051
CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES
Dividend Paid	(33,800,000)	-	(33,800,000)	-
Repayment of Borrowings	(16,071,429)	(16,071,428)	-	-
Repayments Under Lease Liabilities	(2,824,923)		(3,319,984)	(3,685,172)		(4,415,293)
Net Cash Used in Financing Activities	(52,696,352)		(19,391,412)	(37,485,172)		(4,415,293)
Net Increase/(Decrease) in Cash and Cash Equivalents	38,395,532	(119,814,468)	21,664,949	(116,606,896)
Cash and Cash Equivalents at the Beginning of the period	103,260,708		134,298,598	100,910,479		130,571,027
Cash and Cash Equivalents at the End of the period	141,656,240	14,484,130	122,575,428	13,964,131
Analysis of Cash and Cash Equivalents
Favourable Balance
Cash at Bank and in Hand	145,207,764	19,923,562	126,126,952	19,403,563
Unfavourable Balance
Bank Overdrafts on Client Financing	-	-	-	-
Bank Overdrafts	(3,551,524)		(5,439,432)	(3,551,524)		(5,439,432)
	141,656,240	14,484,130	122,575,428	13,964,131

5