S I N G E R ( S R I L A N K A ) P L C
INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER
Interim Financial Statements For the Nine Months ended 31st December
Statement of Profit or Loss and Other Comprehensive Income
Group | Company | |||||
For the Nine Months ended 31st December | 2022 | 2021 | Change | 2022 | 2021 | Change |
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |
Revenue | 41,766,208 | 55,397,359 | (25) | 36,695,458 | 49,660,979 | (26) |
Cost of Sales | (22,828,108) | (38,225,207) | 40 | (23,070,365) | (36,483,999) | 37 |
Direct Interest Cost | (3,344,422) | (1,389,156) | (141) | - | - | - |
Gross Profit | 15,593,678 | 15,782,996 | (1) | 13,625,093 | 13,176,980 | 3 |
Other Income | 183,795 | 152,354 | 21 | 190,456 | 178,530 | 7 |
Selling and Administrative Expenses | (9,280,626) | (9,864,088) | 6 | (7,650,490) | (8,359,257) | 8 |
Impairment Loss on Trade and Other Receivables | (214,041) | (918,142) | 77 | (173,048) | (491,919) | 65 |
Operating Profit | 6,282,806 | 5,153,120 | 22 | 5,992,011 | 4,504,334 | 33 |
Finance Cost | (5,707,630) | (1,681,946) | (239) | (5,078,068) | (1,525,678) | (233) |
Finance Income | 790,037 | 960,089 | (18) | 252,569 | 633,024 | (60) |
Net Finance Cost | (4,917,593) | (721,857) | (581) | (4,825,499) | (892,654) | (441) |
Value Added Tax on Financial Services | (265,998) | (254,972) | (4) | (64,000) | (67,000) | 4 |
Profit Before Tax | 1,099,215 | 4,176,291 | (74) | 1,102,512 | 3,544,680 | (69) |
Income Tax Expense | (246,123) | (1,021,845) | 76 | (66,013) | (774,957) | 91 |
Profit for the Period | 853,092 | 3,154,446 | (73) | 1,036,499 | 2,769,723 | (63) |
Other Comprehensive Income | ||||||
Other Comprehensive Income Items that will not be Reclassified to Profit or Loss | ||||||
Income Tax Rate Change impact on Revaluation of Property, Plant | ||||||
and Equipment | (301,437) | - | (64,972) | - | ||
Total Comprehensive Income for the Period, Net of Tax | 551,655 | 3,154,446 | 971,527 | 2,769,723 | ||
Profit Attributable to - | ||||||
Owners of the Company | 787,627 | 3,051,684 | 1,036,499 | 2,769,723 | ||
Non - Controlling Interests | 65,465 | 102,762 | - | - | ||
853,092 | 3,154,446 | 1,036,499 | 2,769,723 | |||
Total Comprehensive Income Attributable to - | ||||||
Owners of the Company | 539,965 | 3,051,684 | 971,527 | 2,769,723 | ||
Non - Controlling Interests | 11,690 | 102,762 | - | - | ||
Total Comprehensive Income for the Period Net of Tax | 551,655 | 3,154,446 | 971,527 | 2,769,723 | ||
Basic / Diluted Earnings Per Share (Rs.) | 0.70 | 2.71 | 0.92 | 2.46 | ||
Above figures are provisional and subject to audit. | ||||||
Share Prices | For the Nine Months ended | For the Nine Months ended | ||||
31st December 2022 | 31st December 2021 | |||||
Rs. | Rs. | |||||
Highest | 14.60 | 21.50 | ||||
Lowest | 7.40 | 15.70 | ||||
Last Traded Price | 8.50 | 19.90 |
2 SINGER (SRI LANKA) PLC
Interim Financial Statements For the Nine Months ended 31st December
Statement of Profit or Loss and Other Comprehensive Income
Group | Company | |||||||
For the Three months ended 31st December | 2022 | 2021 | Change | 2022 | 2021 | Change | ||
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |||
Revenue | 14,530,728 | 23,799,878 | (39) | 13,030,517 | 21,559,307 | (40) | ||
Cost of Sales | (8,203,944) | (16,540,704) | 50 | (8,580,180) | (15,807,705) | 46 | ||
Direct Interest Cost | (1,264,772) | (479,997) | (163) | - | - | - | ||
Gross Profit | 5,062,012 | 6,779,177 | (25) | 4,450,337 | 5,751,602 | (23) | ||
Other Income | 52,623 | 56,326 | (7) | 13,788 | 19,794 | (30) | ||
Selling and Administrative Expenses | (3,126,805) | (4,064,284) | 23 | (2,567,890) | (3,477,339) | 26 | ||
Impairment (Loss) / Reversal on Trade and Other Receivables | (308,906) | 185,314 | (267) | (300,954) | 289,803 | (204) | ||
Operating Profit | 1,678,924 | 2,956,533 | (43) | 1,595,281 | 2,583,860 | (38) | ||
Finance Cost | (1,828,625) | (549,888) | (233) | (1,634,293) | (544,343) | (200) | ||
Finance Income | 270,285 | 387,658 | (30) | 101,528 | 280,149 | (64) | ||
Net Finance Cost | (1,558,340) | (162,230) | (861) | (1,532,765) | (264,194) | (480) | ||
Value Added Tax on Financial Services | (93,886) | (102,338) | 8 | (14,000) | (25,000) | 44 | ||
Profit Before Tax | 26,698 | 2,691,965 | (99) | 48,516 | 2,294,666 | (98) | ||
Income Tax Expense | 73,418 | (604,183) | 112 | 144,194 | (488,952) | 129 | ||
Profit for the Period | 100,116 | 2,087,782 | (95) | 192,710 | 1,805,714 | (89) | ||
Other Comprehensive Income | ||||||||
Other Comprehensive Income Items that will not be Reclassified to Profit or Loss | ||||||||
Income Tax Rate Change impact on Revaluation of Property, Plant | ||||||||
and Equipment | (301,437) | - | (64,972) | - | ||||
Total Comprehensive Income for the Period | (201,321) | 2,087,782 | 127,738 | 1,805,714 | ||||
Profit Attributable to - | ||||||||
Owners of the Company | 92,241 | 2,029,161 | 192,710 | 1,805,714 | ||||
Non- Controlling Interests | 7,875 | 58,621 | - | - | ||||
Profit for the Period | 100,116 | 2,087,782 | 192,710 | 1,805,714 | ||||
Toal Comprehensive Income Attributable to - | ||||||||
Owners of the Company | (155,421) | 2,029,161 | 127,738 | 1,805,714 | ||||
Non - Controlling Interests | (45,900) | 58,621 | - | - | ||||
Toal Comprehensive Income for the Period Net of Tax | (201,321) | 2,087,782 | 127,738 | 1,805,714 | ||||
Basic / Diluted Earnings Per Share (Rs.) | 0.08 | 1.80 | 0.17 | 1.60 | ||||
Above figures are provisional and subject to audit. | ||||||||
Share Prices | For the Three Months | ended | For the Three Months ended | |||||
31st December 2022 | 31st December 2021 | |||||||
Rs. | Rs. | |||||||
Highest | 9.90 | 21.20 | ||||||
Lowest | 8.00 | 15.70 | ||||||
Last Traded Price | 8.50 | 19.90 |
SINGER (SRI LANKA) PLC | 3 |
Interim Financial Statements For the Nine Months ended 31st December
Statement of Financial Position
Group | Company | ||||||
As at | 31st December | 31st December | 31st March | 31st December | 31st December | 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 | 7,670,505 | 6,653,631 | 7,521,444 | 3,855,607 | 3,443,744 | 3,807,243 | |
Right -of- Use Assets | 4,642,708 | 4,925,575 | 4,807,413 | 3,940,985 | 4,335,331 | 4,148,096 | |
Intangible Assets | 534,965 | 561,101 | 548,839 | 400,581 | 429,479 | 422,366 | |
Investment in Subsidiaries | - | - | - | 2,968,023 | 2,968,023 | 2,968,023 | |
Other Non-Current Assets | - | 59,641 | 59,315 | - | - | - | |
Other Investments | 22,900 | 24,990 | 22,900 | 22,858 | 24,948 | 22,858 | |
Trade and Other Receivables | 8,992,831 | 11,991,482 | 12,182,088 | 881,602 | 576,994 | 695,448 | |
Deferred Tax Assets | 1,599,549 | 1,076,606 | 1,269,800 | 1,355,484 | 984,976 | 1,125,639 | |
23,463,458 | 25,293,026 | 26,411,799 | 13,425,140 | 12,763,495 | 13,189,673 | ||
Current Assets | 22,727,390 | 24,171,512 | 23,022,192 | 19,788,796 | 21,258,501 | 20,524,781 | |
Inventories | |||||||
Loans due from Related Parties | - | - | - | 333,000 | 185,000 | 110,000 | |
Income Tax Receivables | 159,215 | 12,892 | 45,145 | 117,707 | - | - | |
Trade and Other Receivables | 28,481,781 | 28,896,966 | 35,284,564 | 9,900,291 | 14,094,718 | 18,356,963 | |
Amounts Due from Related Parties | 21,112 | 11,719 | 24,157 | 854,026 | 755,164 | 198,611 | |
Deposits with Banks | 1,222,908 | 171,490 | 177,450 | - | - | - | |
Short term Investments | 1,761,016 | 1,504,194 | 1,412,979 | - | 103,020 | - | |
Cash and Cash Equivalents | 3,707,824 | 2,375,690 | 2,972,394 | 2,983,600 | 1,200,992 | 1,732,553 | |
58,081,246 | 57,144,463 | 62,938,881 | 33,977,420 | 37,597,395 | 40,922,908 | ||
Total Assets | 81,544,704 | 82,437,489 | 89,350,680 | 47,402,560 | 50,360,890 | 54,112,581 | |
EQUITY AND LIABILITIES | |||||||
Equity | 626,048 | 626,048 | 626,048 | 626,048 | 626,048 | 626,048 | |
Stated Capital | |||||||
Capital Reserves | 1,376,504 | 1,215,807 | 1,635,092 | 1,215,864 | 1,158,302 | 1,291,762 | |
Other Component of Equity | 4,437 | 6,026 | 4,437 | 4,437 | 6,026 | 4,437 | |
Statutory Reserve | 223,763 | 198,939 | 223,763 | - | - | - | |
Revenue Reserves | 8,629,831 | 8,470,760 | 9,080,204 | 5,937,165 | 5,045,766 | 5,919,944 | |
Total Equity Attributable to Owners of the Company | 10,860,583 | 10,517,580 | 11,569,544 | 7,783,514 | 6,836,142 | 7,842,191 | |
Non-Controlling Interest | 1,917,515 | 1,848,857 | 1,971,082 | - | - | - | |
Total Equity | 12,778,098 | 12,366,437 | 13,540,626 | 7,783,514 | 6,836,142 | 7,842,191 | |
Non-Current Liabilities | 7,474,363 | 11,180,923 | 12,112,183 | 4,250,000 | 5,150,000 | 6,500,000 | |
Interest - Bearing Loans and Borrowings | |||||||
Lease Liability | 4,598,389 | 4,954,769 | 4,570,731 | 3,892,538 | 4,400,703 | 3,925,205 | |
Employee Benefit Obligations | 1,116,306 | 1,010,073 | 1,041,152 | 771,241 | 697,674 | 719,014 | |
Security Deposits | 1,458,431 | 1,393,702 | 1,462,347 | 1,411,654 | 1,326,384 | 1,406,991 | |
Deferred Tax Liability | 739,466 | 369,695 | 468,501 | - | - | - | |
Other Financial Liabilities | 5,339,869 | 2,199,468 | 2,317,848 | - | - | - | |
Deferred Revenue | 84,457 | 109,133 | 110,358 | 84,457 | 109,133 | 110,358 | |
Other Non - Current Liabilities | 182,962 | 175,428 | 187,707 | 182,962 | 175,428 | 187,706 | |
20,994,243 | 21,393,191 | 22,270,827 | 10,592,852 | 11,859,322 | 12,849,274 | ||
Current Liabilities | 8,750,919 | 19,141,670 | 19,314,620 | 6,877,549 | 14,904,468 | 13,765,298 | |
Trade and Other Payables | |||||||
Deferred Revenue | 195,890 | 199,066 | 201,549 | 194,752 | 186,737 | 198,212 | |
Dividends Payable | 54,742 | 100,803 | 81,478 | 49,183 | 91,678 | 67,969 | |
Amounts Due to Related Parties | 574,322 | 1,110,499 | 1,074,261 | 1,708,051 | 5,470,648 | 4,137,893 | |
Income Tax Payable | 214,436 | 509,296 | 714,483 | - | 283,639 | 433,940 | |
Other Financial Liabilities | 11,841,961 | 10,115,569 | 9,828,666 | - | - | - | |
Lease Liability | 914,214 | 730,514 | 912,300 | 842,523 | 654,679 | 854,484 | |
Interest - Bearing Loans and Borrowings | 23,945,436 | 15,411,105 | 20,235,742 | 18,327,394 | 9,220,562 | 13,536,188 | |
Bank Overdrafts | 1,280,443 | 1,359,339 | 1,176,128 | 1,026,742 | 853,015 | 427,132 | |
47,772,363 | 48,677,861 | 53,539,227 | 29,026,194 | 31,665,426 | 33,421,116 | ||
Total Liabilities | 68,766,606 | 70,071,052 | 75,810,054 | 39,619,046 | 43,524,748 | 46,270,390 | |
Total Equity and Liabilities | 81,544,704 | 82,437,489 | 89,350,680 | 47,402,560 | 50,360,890 | 54,112,581 | |
Net Assets per Share (Rs.) | 9.64 | 9.33 | 10.27 | 6.91 | 6.07 | 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.)
Shalinka Seresinhe
Finance Director
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, | |
06th February 2023 |
4 SINGER (SRI LANKA) PLC
Interim Financial Statements For the Nine Months ended 31st December
Statement of Changes in Equity
For the Nine Months ended 31st December | 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 | - | - | (16,773) | - | - | 16,773 | - | - | - |
Profit for the Period | - | - | - | - | - | 3,051,684 | 3,051,684 | 102,762 | 3,154,446 |
Total Comprehensive Income for the | |||||||||
Period | - | - | - | - | - | 3,051,684 | 3,051,684 | 102,762 | 3,154,446 |
Transactions with Owners of the Company, | |||||||||
Recognised Directly in Equity | |||||||||
Distributions to Owners of the Company | |||||||||
Final Dividend - 2020/21 | - | - | - | - | - | (281,722) | (281,722) | (32,449) | (314,171) |
Interim Dividend - 2021/2022 | - | - | - | - | - | (732,476) | (732,476) | - | (732,476) |
Total Distributions to Owners of the | |||||||||
Company | - | - | - | - | - | (1,014,198) | (1,014,198) | (32,449) | (1,046,647) |
Balance as at 31st December 2021 | 626,048 | 198,939 | 1,215,808 | 6,026 | 2,700,000 | 5,770,760 | 10,517,580 | 1,848,857 | 12,366,437 |
Realisation on Revaluation Surplus | - | - | (10,232) | - | - | 10,232 | - | - | - |
Transferred to/(from) during the period | - | 24,824 | - | - | - | (24,824) | - | - | - |
Profit for the Period | - | - | - | - | - | 906,464 | 906,464 | 48,881 | 955,345 |
Other Comprehensive Income for the | |||||||||
Period | |||||||||
Revaluation Gain on Property , Plant and | |||||||||
Equipment | - | - | 546,538 | - | - | - | 546,538 | 93,572 | 640,110 |
Actuarial loss on Employee Benefit Obligations | - | - | - | - | - | (73,978) | (73,978) | (3,054) | (77,032) |
Fair Value Change in equity instruments designated | |||||||||
at fair value through other comprehensive income | - | - | - | (2,090) | - | - | (2,090) | - | (2,090) |
Related Taxes | |||||||||
Deferred Tax on Revaluation Gain | - | - | (117,022) | - | - | - | (117,022) | (17,776) | (134,798) |
Deferred Tax on Actuarial loss on Employee | |||||||||
Benefit Obligations | - | - | - | - | - | 16,926 | 16,926 | 602 | 17,528 |
Deferred Tax on Equity investments at FVOCI - | |||||||||
change in fair value | - | - | - | 501 | - | - | 501 | - | 501 |
Total Other Comprehensive Income for the | |||||||||
Period, Net of Tax | - | - | 429,516 | (1,589) | - | (57,052) | 370,875 | 73,344 | 444,219 |
Transactions with Owners of the Company, | |||||||||
Recognised Directly in Equity | |||||||||
Distributions to Owners of the Company | |||||||||
Interim Dividend - 2021/22 | - | - | - | - | - | (225,377) | (225,377) | - | (225,377) |
Total Distributions to Owners of the | |||||||||
Company | - | - | - | - | - | (225,377) | (225,377) | - | (225,377) |
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 | - | - | (10,925) | - | - | 10,925 | - | - | - |
Profit for the Period | - | - | - | - | - | 787,627 | 787,627 | 65,465 | 853,092 |
Income Tax Rate Change impact on Revaluation | |||||||||
of Property, Plant and Equipment | - | - | (247,662) | - | - | - | (247,662) | (53,776) | (301,437) |
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 31st December 2022 | 626,048 | 223,763 | 1,376,504 | 4,437 | 2,700,000 | 5,929,831 | 10,860,583 | 1,917,515 | 12,778,098 |
SINGER (SRI LANKA) PLC | 5 |
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Singer (Sri Lanka) plc published this content on 06 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2023 13:39:10 UTC.