Singer Sri Lanka : Interim Financial Statements as at 30/09/2022

S I N G E R ( S R I L A N K A ) P L C

INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS

ENDED 30TH SEPTEMBER 2022

Interim Financial Statements For the Six Months ended 30th September 2022

Statement of Profit or Loss and Other Comprehensive Income

	Group	Company	Variance			Variance
For the Six months ended 30th	2022/2023	2021/2022	2022/2023	2021/2022	Group		%	Company		%
September	Rs. '000	Rs. '000	Rs. '000	Rs. '000	Rs. '000			Rs. '000
Revenue	27,235,480	31,597,481	23,664,941	28,101,672	4,362,001	-	14	4,436,731	-	16
Cost of Sales	(14,624,164)	(21,684,503)	(14,490,185)	(20,676,294)	(7,060,339)	-	33	(6,186,109)	-	30
Direct Interest Cost	(2,079,650)	(909,159)	-		(1,170,491)	>	100	-		-
Gross Profit	10,531,666	9,003,819	9,174,756	7,425,378	1,527,847	+	17	1,749,378	+	24
Other Income	131,172	96,028	176,668	158,736	35,144	+	37	17,932	+	11
Selling and Administrative Expenses	(6,153,821)	(5,799,804)	(5,082,600)	(4,881,918)	(354,017)	+	6	(200,682)	+	4
Impairment (Loss) / Reversal on Trade	94,865	(1,103,456)	127,906	(781,722)	(1,198,321)	>	100	(909,628)	>	100
and Other Receivables	4,603,882	2,196,587	4,396,730	1,920,474	2,407,295	>	100	2,476,256	>	100
Operating Profit
Finance Cost	(3,879,005)	(1,132,058)	(3,443,775)	(981,335)	(2,746,947)	>	100	(2,462,440)	>	100
Finance Income	519,752	572,431	151,041	352,875	52,679	-	9	201,834	-	57
Net Finance Cost	(3,359,253)	(559,627)	(3,292,734)	(628,460)	(2,799,626)	>	100	(2,664,274)	>	100
Value Added Tax on Financial Services	(172,112)	(152,634)	(50,000)	(42,000)	(19,478)	+	13	(8,000)	+	19
Profit Before Tax	1,072,517	1,484,326	1,053,996	1,250,014	411,809	-	28	196,018	-	16
Income Tax Expense	(319,541)	(417,661)	(210,207)	(286,005)	(98,120)	-	23	(75,798)	-	27
Profit for the Period	752,976	1,066,665	843,789	964,009	313,689	-	29	120,220	-	12
Total Comprehensive Income for the	752,976	1,066,665	843,789	964,009
Period, Net of Tax
Profit Attributable to -
Owners of the Company	695,386	1,022,524	843,789	964,009
Non - Controlling Interests	57,590	44,141	-	-
	752,976	1,066,665	843,789	964,009
Toal Comprehensive Income
Attributable to -
Owners of the Company	695,386	1,022,524	843,789	964,009
Non - Controlling Interests	57,590	44,141	-	-
Toal Comprehensive Income for the	752,976	1,066,665	843,789	964,009
Period Net of Tax
Basic / Diluted Earnings Per Share (Rs.)	0.62	0.91	0.75	0.86

Above figures are provisional and subject to audit.

Share Prices	For the Six Months ended	For the Six Months ended
	30th September 2022	30th September 2021
	Rs.	Rs.
Highest	14.60	21.50
Lowest	7.40	15.90
Last Traded Price	9.90	16.40

2 SINGER (SRI LANKA) PLC

Interim Financial Statements For the Six Months ended 30th September 2022

Statement of Profit or Loss and Other Comprehensive Income

	Group	Company	Variance			Variance
For the quarter ended 30th September	2022/2023	2021/2022	2022/2023	2021/2022	Group		%	Company		%
	Rs. '000	Rs. '000	Rs. '000	Rs. '000	Rs. '000			Rs. '000
Revenue	12,860,669	16,697,584	11,111,975	14,673,402	3,836,915	-	23	3,561,427	-	24
Cost of Sales	(6,840,136)	(11,601,416)	(6,861,370)	(10,927,265)	(4,761,280)	-	41	(4,065,895)	-	37
Direct Interest Cost	(1,204,453)	(473,279)	-	-	(731,174)	>	100	-		-
Gross Profit	4,816,080	4,622,889	4,250,605	3,746,137	193,191	+	4	504,468	+	13
Other Income	62,153	43,929	157,538	12,161	18,224	+	41	145,377	>	100
Selling and Administrative Expenses	(3,021,682)	(3,044,146)	(2,485,655)	(2,562,130)	(22,464)	-	1	(76,475)	-	3
Impairment (Loss) / Reversal on Trade	245,814	(639,382)	211,283	(487,441)	(885,196)	>	100	(698,724)	>	100
and Other Receivables	2,102,365	983,290	2,133,771	708,727	1,119,075	>	100	1,425,044	>	100
Operating Profit
Finance Cost	(1,387,947)	(605,585)	(1,384,846)	(461,546)	(782,362)	>	100	(923,300)	>	100
Finance Income	220,250	551,707	68,607	344,413	331,457	-	60	275,806	-	80
Net Finance Cost	(1,167,697)	(53,878)	(1,316,239)	(117,133)	(1,113,819)	>	100	(1,199,106)	>	100
Value Added Tax on Financial Services	(91,130)	(82,995)	(25,000)	(21,000)	(8,135)	+	10	(4,000)	+	19
Profit Before Tax	843,538	846,417	792,532	570,594	2,879	-	0.3	221,938	+	39
Income Tax Expense	(225,069)	(227,212)	(153,456)	(135,843)	(2,143)	-	1	(17,613)	+	13
Profit for the Period	618,469	619,205	639,076	434,751	736	-	0.1	204,325	+	47
Total Comprehensive Income for the	618,469	619,205	639,076	434,751
Period
Profit Attributable to -
Owners of the Company	574,787	583,264	639,076	434,751
Non- Controlling Interests	43,682	35,941	-	-
Profit for the Period	618,469	619,205	639,076	434,751
Toal Comprehensive Income
Attributable to -
Owners of the Company	574,787	583,264	639,076	434,751
Non - Controlling Interests	43,682	35,941	-	-
Toal Comprehensive Income for the	618,469	619,205	639,076	434,751
Period Net of Tax
Basic / Diluted Earnings Per Share (Rs.)	0.52	0.52	0.57	0.39

Above figures are provisional and subject to audit.

Share Prices	Quarter ended	Quarter ended
	30th September 2022	30th September 2021
	Rs.	Rs.
Highest	12.40	19.20
Lowest	7.40	15.90
Last Traded Price	9.90	16.40

SINGER (SRI LANKA) PLC

3

Interim Financial Statements For the Six Months ended 30th September 2022

Statement of Financial Position

	Group		Company
As at	30th September	30th September	31st March	30th September	30th September	31st March
	2022	2021	2022	2022	2021	2022
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
ASSETS
Non-Current Assets
Property, Plant and Equipment	7,533,255	6,581,086	7,521,444	3,742,209	3,403,110	3,807,243
Right -of- Use Assets	4,395,995	4,986,527	4,807,413	3,693,976	4,462,447	4,148,096
Intangible Assets	541,489	575,437	548,839	408,475	439,372	422,366
Investment in Subsidiaries	-	-	-	2,968,023	2,968,023	2,968,023
Other Non-Current Assets	-	59,966	59,315	-	-	-
Other Investments	22,900	24,990	22,900	22,858	24,948	22,858
Trade and Other Receivables	9,846,731	11,547,999	12,182,088	596,492	566,362	695,448
Deferred Tax Assets	1,393,033	1,032,023	1,269,800	1,185,231	983,649	1,125,639
	23,733,403	24,808,028	26,411,799	12,617,264	12,847,911	13,189,673
Current Assets
Inventories	25,123,684	24,118,245	23,022,192	22,550,213	21,386,175	20,524,781
Loans due from Related Parties	-	-	-	307,500	185,000	110,000
Income Tax Receivables	39,446	22,543	45,145	-	6,038	-
Trade and Other Receivables	29,256,086	26,655,431	35,284,564	9,933,885	12,912,069	18,356,963
Amounts Due from Related Parties	7,871	14,900	24,157	1,858,992	14,900	198,611
Deposits with Banks	2,020,621	120,747	177,450	-	-	-
Short term Investments	1,794,355	1,840,143	1,412,979	-	-	-
Cash and Cash Equivalents	2,756,385	3,117,980	2,972,394	2,118,961	2,309,332	1,732,553
	60,998,448	55,889,989	62,938,881	36,769,551	36,813,514	40,922,908
Total Assets	84,731,851	80,698,017	89,350,680	49,386,815	49,661,425	54,112,581
EQUITY AND LIABILITIES
Equity
Stated Capital	626,048	626,048	626,048	626,048	626,048	626,048
Capital Reserves	1,623,910	1,221,398	1,635,092	1,284,934	1,162,504	1,291,762
Other Componenet of Equity	4,437	6,026	4,437	4,437	6,026	4,437
Statutory Reserve	223,763	198,939	223,763	-	-	-
Revenue Reserves	8,537,846	6,830,421	9,080,204	5,740,359	3,630,261	5,919,944
Total Equity Attributable to Owners of the Company	11,016,004	8,882,832	11,569,544	7,655,778	5,424,839	7,842,191
Non-Controlling Interest	1,963,415	1,790,236	1,971,082	-	-	-
Total Equity	12,979,419	10,673,068	13,540,626	7,655,778	5,424,839	7,842,191
Non-Current Liabilities
Interest - Bearing Loans and Borrowings	8,476,603	11,162,513	12,112,183	4,900,000	5,900,000	6,500,000
Lease Liability	4,235,523	4,822,827	4,570,731	3,594,032	4,301,563	3,925,205
Employee Benefit Obligations	1,084,681	984,899	1,041,152	744,853	671,777	719,014
Security Deposits	1,449,748	1,367,478	1,462,347	1,389,130	1,299,331	1,406,991
Deferred Tax Liability	458,375	370,009	468,501	-	-	-
Other Financial Liabilities	5,232,190	2,489,870	2,317,848	-	-	-
Deferred Revenue	89,401	102,065	110,358	89,401	102,065	110,358
Other Non - Current Liabilities	181,439	154,143	187,707	181,439	154,143	187,706
	21,207,960	21,453,804	22,270,827	10,898,855	12,428,879	12,849,274
Current Liabilities
Trade and Other Payables	9,559,348	18,431,923	19,314,620	6,969,975	15,253,064	13,765,298
Deferred Revenue	201,273	211,754	201,549	199,571	185,064	198,212
Dividends Payable	54,741	86,506	81,478	49,183	77,359	67,969
Amounts Due to Related Parties	539,200	881,302	1,074,261	2,668,152	3,893,066	4,137,893
Income Tax Payable	291,844	130,743	714,483	161,480	-	433,940
Other Financial Liabilities	10,735,171	9,662,982	9,828,666	-	-	-
Lease Liability	959,755	720,152	912,300	852,383	684,672	854,484
Interest - Bearing Loans and Borrowings	24,706,311	16,376,448	20,235,742	17,708,651	11,302,976	13,536,188
Bank Overdrafts	3,496,829	2,069,335	1,176,128	2,222,787	411,506	427,132
	50,544,472	48,571,145	53,539,227	30,832,182	31,807,707	33,421,116
Total Liabilities	71,752,432	70,024,949	75,810,054	41,731,037	44,236,586	46,270,390
Total Equity and Liabilities	84,731,851	80,698,017	89,350,680	49,386,815	49,661,425	54,112,581
Net Assets per Share (Rs.)	9.78	7.88	10.27	6.79	4.81	6.96

I certify that the above Financial Statements of the Company comply with the requirments of the Companies Act No.07 of 2007.

(Sgd.)

Pramila Liyanage

Finance Manager

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.)
A.M. Pandithage	Mahesh Wijewardene
Chairman	Director/Group Chief Executive Officer
Colombo,
10th November 2022

4 SINGER (SRI LANKA) PLC

Interim Financial Statements For the Six Months ended 30th September 2022

Statement of Changes in Equity

For the Six Months ended 30th September				Attributable to equity holders of the Company
Group			Capital	Other	Revenue Reserve
			Reserve	Component
				of Equity
	Stated	Reserve	Revaluation	Fair Value	General	Retained	Total	Non	Total Equity
	Capital	Fund	Reserves	Reserve	Reserves	Earnings		-Controlling
									Interest
	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000
Balance as at 31st March 2021	626,048	198,939	1,232,581	6,026	2,700,000	3,716,501		8,480,094	1,778,543	10,258,638
Realisation on Revaluation Surplus	-	-	(11,182)	-	-	11,182		-	-	-
Profit for the Period	-	-	-	-	-	1,022,524		1,022,524	44,141	1,066,665
Total Comprehensive Income for the Period	-	-	-	-	-	1,022,524		1,022,524	44,141	1,066,665
Transactions with Owners of the Company,
Recognised Directly in Equity
Distributions to Owners of the Company	-	-	-	-	-	(281,722)		(281,722)	(32,449)	(314,171)
Final Dividend - 2020/21
Interim Dividend - 2021/2022	-	-	-	-	-	(338,065)		(338,065)	-	(338,065)
Total Distributions to Owners of the Company	-	-	-	-	-	(619,787)		(619,787)	(32,449)	(652,236)
Balance as at 30th September 2021	626,048	198,939	1,221,398	6,026	2,700,000	4,130,421		8,882,832	1,790,236	10,673,068
Realisation on Revaluation Surplus	-	-	(15,823)	-	-	15,823		-	-	-
Transferred to/(from) during the period	-	24,824	-	-	-	(24,824)		-	-	-
Profit for the Period	-	-	-	-	-	2,935,624		2,935,624	107,503	3,043,127

Other Comprehensive Income for the Period

Reavaluation Gain on Property , Plant and Equipment

Actuarial gain/(loss) on Employee Benefit Obligations

Fair Value Change in equity instruments designated at fair value through other comprehensive income

Related Taxes

Deferred Tax on Revaluation Gain

Deferred Tax on Actuarial gain/(loss) on Employee Benefit Obligations

Deferred Tax on Equity investments at FVOCI - change in fair value

-	-	546,538	-	-	-	546,538	93,572	640,110
-	-	-	-	-	(73,978)	(73,978)	(3,054)	(77,032)
-	-	-	(2,090)	-	-	(2,090)	-	(2,090)
-	-	(117,022)	-	-	-	(117,022)	(17,776)	(134,798)
-	-	-	-	-	16,926	16,926	602	17,528
-	-	-	501	-	-	501	-	501

Total Other Comprehensive Income for the	-	-	429,516	(1,589)	-	(57,052)	370,875	73,344	444,219
Period, Net of Tax
Transactions with Owners of the Company,
Recognised Directly in Equity
Distributions to Owners of the Company	-	-	-	-	-	(619,788)	(619,788)	-	(619,788)
Interim Dividend - 2021/22
Total Distributions to Owners of the Company	-	-	-	-	-	(619,788)	(619,788)	-	(619,788)
Balance as at 31st March 2022	626,048	223,763	1,635,092	4,437	2,700,000	6,380,204	11,569,544	1,971,082	13,540,626
Charge Relating to Surcharge Tax (Note 1.2)	-	-	-	-	-	(1,023,548)	(1,023,548)	(32,808)	(1,056,356)
Realisation of Revaluation Surplus	-	-	(11,182)	-	-	11,182	-	-	-
Profit for the Period	-	-	-	-	-	695,386	695,386	57,590	752,976
Transactions with Owners of the Company,
Recognised Directly in Equity
Distributions to Owners of the Company
Final Dividend - 2021/2022	-	-	-	-	-	(225,377)	(225,377)	(32,449)	(257,826)
Balance as at 30th September 2022	626,048	223,763	1,623,910	4,437	2,700,000	5,837,846	11,016,004	1,963,415	12,979,419

SINGER (SRI LANKA) PLC

5