Singer Industries Ceylon : Quarter financial statement as of 31st December 2022

SINGER INDUSTRIES (CEYLON) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31ST DECEMBER 2022

Interim Financial Statements for the period ended 31st December 2022

STATEMENT OF FINANCIAL POSITION

				31st December
	As at			2022	31st December 2021	31st March 2022
			Note	Rs'000	Rs'000	Rs'000
	A S S E T S
	Non-Current Assets
	Property, Plant &	Equipment	1,278,730	1,107,210	1,284,621
	Investment Property	383,000	322,945	383,000
	Investment in Equity Accounted Investee		82,246	76,691	81,564
	Total Non-Current	Assets	1,743,976	1,506,846	1,749,185
	Current Assets
	Inventories			450,000	330,744	304,564
	Trade and Other Receivables	3,886	1,767	4,128
	Amounts Due from Related Parties	76,226	40,633	131,599
	Income Tax Receivable	17,204	12,137	12,135
	Investment in Fixed Deposits	-	187,266	148,878
	Cash and Cash Equivalents	4,275	3,648	4,182
	Total Current Assets	551,591	576,195	605,486
	Total Assets			2,295,567	2,083,041	2,354,671
	E Q U I T Y A N D L I A B I L I T I E S
	Equity
	Stated Capital	3	100,004	100,004	100,004
	Capital Reserves			797,346	807,088	949,755
	Revenue Reserves			615,667	532,783	623,270
	Total Equity			1,513,017	1,439,875	1,673,029
	Non-Current Liabilities
	Deferred Tax Liabilities	392,725	181,966	224,705
	Employee Benefits			64,633	54,493	67,394
	Total Non-Current	Liabilities	457,358	236,459	292,099
	Current Liabilities
	Trade and Other Payables	60,521	75,416	136,006
	Amounts Due to Related Parties	32,243	36,657	34,459
	Provisions			11,849	11,387	9,559
	Income Tax Payable	23,704	11,166	13,309
	Dividend Payable			2,174	2,174	2,172
	Loans Due to Related Parties	158,000	110,000	110,000
	Loans and Borrowings	36,701	159,907	84,038
	Total Current Liabilities	325,192	406,707	389,543
	Total Liabilities			782,549	643,166	681,642
	Total Equity and	Liabilities	2,295,567	2,083,041	2,354,671
	Net Assets per Share	75.65	71.99	83.65

I certify that the Financial Statements of the Company comply with the requirements of the Companies Act No 7 of 2007.

(Sgd.)

S. Satheeswararaja

Chief Financial Officer

Figures in brackets indicate deductions.

The above figures are provisional and subject to Audit.

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

Signed for and on behalf of the Board by,

	(Sgd.)		(Sgd.)
	M.H.Wijewardene	K.D.Kospelwatta
	Director	Director
	06th February 2023
	Colombo

SINGER INDUSTRIES (CEYLON) PLC 2

Interim Financial Statements for the period ended 31st December 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	For Quarter Ended	For Quarter Ended	Variance	Variance
Note	31/12/2022	31/12/2021	Rs'000	%
	Rs'000	Rs'000

Revenue	2.2.1	108,933	251,904	(142,971)	-57%
Cost of	Sales	(97,155)	(246,714)	149,560	61%
Gross Profit	11,778	5,190	6,589	127%
Other Income	5,769	5,302	467	9%
		(4,957)
Administrative Expenses	(4,493)	(464)	-10%
Distribution Cost	(167)	(246)	79	32%
Finance Income	5,095		3,334		1,761	53%
Finance Cost	(7,777)		(5,718)		(2,059)	-36%
Net Finance Income	(2,682)		(2,384)		(298)	-13%
Share of	Profit of Equity Accounted Investee (Net of Income	476	132	344	261%
Tax)
Profit Before Taxation	10,217	3,501	6,716	192%
Income Tax Expense	(21,302)	(1,260)	(20,042)	-1591%
Profit/ (loss) for the Quarter	(11,085)	2,241	(13,326)	-595%
Other Comprehensive Income
Revaluation of Property, Plant and Equipment	-	-	-	-
Actuarial loss on retirement benefit obligation	-	-	-	-
Tax on other comprehensive income	-	-	-	-
Deferred Tax on Income Tax Rate Change	(152,409)	-	(152,409)	-100%
Other Comprehensive Income - (Net of Tax)	(152,409)	-	(152,409)	-100%
Total Comprehensive Income Quarter	(163,494)	2,241	(165,735)	-7396%
Basic Earnings per Share	(0.55)	0.11
Accounting Policies of Interim Accounts are the same as in 2021/22 Annual Financial Statements.
Figures in brackets indicate deductions.
		For Quarter Ended			For Quarter Ended
Share Prices
			31/12/2022	31/12/2021
Highest			Rs. 37.00			Rs. 50.20
Lowest			Rs. 26.70			Rs. 45.00
Last Traded Price	Rs. 35.90			Rs. 46.00

SINGER INDUSTRIES (CEYLON) PLC 3

Interim Financial Statements for the period ended 31st December 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		For Period		For Period
		Ended		Ended
		31/12/2022	31/12/2021		Variance	Variance
		Rs'000		Rs'000		Rs'000	%
	Revenue	563,614	622,694	(59,080)	-9%
	Cost of Sales	(520,222)	(627,767)	107,545	17%
	Gross Profit/ (loss)	43,392	(5,073)	48,465	955%
	Other Income	18,580	15,991	2,589	16%
	Administrative Expenses	(18,565)	(13,406)	(5,159)	-38%
	Distribution Cost	(802)	(916)	114	12%
	Finance Income	23,692		9,781		13,911	142%
	Finance Cost	(41,278)		(12,125)		(29,152)	-240%
	Net Finance Income	(17,586)		(2,344)		(15,241)	-650%
	Share of Profit of Equity Accounted	681	1,033	(352)	-34%
	Investee (Net of Income Tax)
	Profit/ (Loss) Before Taxation	25,700	(4,715)	30,415	645%
	Income Tax Expense	(26,006)	(868)	(25,138)	-2896%
	Profit / (Loss) for the Period	(306)	(5,583)	5,277	95%
	Other Comprehensive Income
	Items that will not be reclassified to Profit and loss
	Revaluation of Property, Plant and Equipment	-	-	-	-
	Actuarial (loss)/profit on retirement benefit obligation	-	-	-	-
	Tax on other comprehensive income	-	-	-	-
	Deferred tax on Income Tax Rate Change	(152,409)	-	(152,409)	-100%
	Other Comprehensive Income - (Net of Tax)	(152,409)	-	(152,409)	-100%
	Total Comprehensive Income for the Period	(152,715)	(5,583)	(147,132)	-2635%
	Basic Earnings/(Loss) per Share	(0.02)	(0.28)
	Accounting Policies of Interim Accounts are the same as in 2021/22 Annual Financial Statements.
	Figures in brackets indicate deductions.
	Share Prices	For Period		For Period
		Ended		Ended
		31/12/2022	31/12/2021
	Highest	Rs. 41.50		Rs. 60.00
	Lowest	Rs. 26.70		Rs. 44.80
	Last Traded Price	Rs. 35.90		Rs. 46.00

SINGER INDUSTRIES (CEYLON) PLC 4

Interim Financial Statements for the period ended 31st December 2022

STATEMENT OF CHANGES IN EQUITY

		Attributable to Owners of the Company
		Capital Reserves	Revenue Reserves
	Stated	Revaluation	General	Retained	Total
	Capital	Reserve	Reserve	Earnings	Equity
	Rs'000	Rs'000	Rs'000	Rs'000	Rs'000
Balance as at 01st April 2021	100,004	807,088	61,484	476,882	1,445,458
Total Comprehensive income for the period
Loss for the period	-	-	-	(5,583)	(5,583)

Other Comprehensive Income

Surplus on Revaluation for the year Actuarial loss on retirement benefit obligation Related tax

Deferred Tax Asset on Policy Change Deferred tax on revaluation of land

Other Comprehensive Income for the period

Total comprehensive income for the period

Transactions with the owners of the Company, recognised directly in the equity

Realisation of Revaluation Surplus

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(5,583)

-

-

-

-

-

-

-

(5,583)

-

Balance as at 31st December 2021	100,004	807,088	61,484	471,299	1,439,875

Total Comprehensive income for the period

Profit for the period

Other Comprehensive Income

Surplus on Revaluation Re-measurement of defined benefit liability Related tax

Deferred Tax Asset on Policy Change

Deferred Tax on Revaluation of Land & Building Other Comprehensive Income for the period

Total comprehensive income for the period

Transactions with the owners of the Company, recognised directly in the equity

-

-

-

-

-

-

-

179,644

-

-

-

(32,336)

147,308

147,308

-

-

-

-

-

-

-

98,290

-

(15,176)

2,732

-

-

(12,444)

85,846

98,290

179,644

(15,176)

2,732

-

(32,336)

134,864

233,154

Bonus issue	-	-	-	-	-
No Final Dividend - 2021 & 22	-	-	-	-	-
Total transactions with the owners of the Company	-	-	-			-
Realisation of revaluation surplus	-	(4,641)	-	4,641	-
Balance as at 31st March 2022	100,004	949,755	61,484	561,785	1,673,028
Balance as at 01st April 2022	100,004	949,755	61,484	561,785	1,673,028
Total comprehensive income for the period
Surcharge tax Adjustment	-	-	-	(7,296)	(7,296)
Profit for the period	-	-	-	(306)	(306)
Other Comprehensive Income
Surplus on Revaluation for the year	-		-		-		-		-
Actuarial loss on retirement benefit obligation	-		-		-		-		-
Related tax	-		-		-		-		-
Deferred Tax Asset on Policy Change			(152,409)		-		-		(152,409)
Deferred tax on revaluation of land	-		-		-		-		-
Other Comprehensive Income for the period	-		(152,409)		-		-		(152,409)
Total comprehensive income for the period	-	(152,409)	-	(7,602)	(160,011)
Transactions with the owners of the Company,
recognised directly in the equity
Realisation of Revaluation Surplus	-	-	-	-	-
Balance as at 31st December 2022	100,004	797,346	61,484	554,183	1,513,017

SINGER INDUSTRIES (CEYLON) PLC 5