Singhe Hospitals : Quarterly Financial Statements as of 31 March 2024

FINANCIAL STATEMENTS

FOR THE QUARTER ENDED

31st March 2024

SINGHE HOSPITALS PLC

(PB 70371 PQ)

Singhe Hospitals PLC

INCOME STATEMENT & STATEMENT OF OTHER COMPREHENSIVE INCOME Period Ended,

	31-Mar-2024		31-Mar-2023
	Rs.		Rs.
	Not Audited		Audited
Revenue	1,271,872,929	1,071,705,911
Cost of Services	(484,164,596)	(461,081,926)
Gross Profit
787,708,333		610,623,985
Other Income and Gains	1,829,547	1,789,544
Administrative Expenses	(600,516,228)	(468,644,034)
Other Operating Expenses	(99,419,229)	(62,969,286)
Finance Cost	(57,497,181)	(64,852,753)
Profit Before Tax
32,105,242		15,947,457
Income Tax	(32,186,390)	(5,594,590)
Profit/(Loss) for the Period
(81,148)		10,352,867
Items That Will Not be Reclassified to Profit or Loss
Actuarial Gain/(Loss) from Valuation of Defined Benefit Plans	(2,851,854)	(460,383)
Gain on Revaluation of Land & Building
Deferred Tax Impact on Defined Benefit Plan Actuarial Gain/(Loss)	570,371	64,454
Gain on Revaluation of Property Plant & Equipment	378,247,579	-
Deferred Tax Impact on Revaluation Gain	(75,649,516)	-
Other Comprehensive Income/ (Expenses)
300,316,580		(395,929)
Total Comprehensive Income/ (Loss) for the Period
300,235,432		9,956,938
Earnings/(Loss) Per Share - Basic	(0.00)	0.02

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Singhe Hospitals PLC

INCOME STATEMENT & STATEMENT OF OTHER COMPREHENSIVE INCOME

Three Months Ended,

	31-Mar-2024		31-Mar-2023
	Rs.		Rs.
	Not Audited		Not Audited
Revenue	317,693,191	301,099,258
Cost of Services	(137,640,185)	(156,107,013)
Gross Profit
180,053,007		144,992,245
Other Income and Gains	(494,716)	(1,134,027)
Administrative Expenses	(153,063,300)	(108,891,463)
Other Operating Expenses	(7,729,083)	(20,146,027)
Finance Cost	(9,600,704)	(18,583,335)
Profit Before Tax
9,165,204		(3,762,606)
Income Tax	13,660,868	410,864
Profit/(Loss) for the Period
22,826,071		(3,351,742)
Other Comprehensive Income/ (Expenses)
Actuarial Gain/(Loss) from Valuation of Defined Benefit Plans	(2,851,854)	-
Gain on Revaluation of Land & Building	-
Deferred Tax Impact on Defined Benefit Plan Actuarial Gain/(Loss)	570,371	-
Gain on Revaluation of Property Plant & Equipment	378,247,579	-
Deferred Tax Impact on Revaluation Gain	(75,649,516)	-
Other Comprehensive Income/ (Expenses)
300,316,580		-
Total Comprehensive Income/ (Expenses)
323,142,651		(3,351,742)
Earnings/(Loss) Per Share - Basic	0.05	(0.01)

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Singhe Hospitals PLC

STATEMENT OF FINANCIAL POSITION

As at,

	31-Mar-2024		31-Mar-2023
ASSETS	Rs.		Rs.
	Not Audited		Audited
Non-Current Assets
Property, Plant and Equipment	1,107,195,534	730,156,297
Right of Use Assets	67,914,375	54,362,082
Intangible Assets	11,836,754	6,462,625
	1,186,946,663		790,981,004
Current Assets
Inventories	65,018,751	110,357,773
Trade and Other Receivables	53,952,925	44,795,323
Financial Investments	27,235	28,265
Short Term Investment	13,902,268	12,000,000
Cash and Bank Balances	30,498,151	23,030,636
	163,399,329		190,211,997
Total Assets	1,350,345,992		981,193,001
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	375,000,000	375,000,000
Capital Reserves	409,695,432	109,378,852
Retained Earnings	19,863,026	19,944,174
Total Equity	804,558,458		504,323,026
Non-Current Liabilities
Interest Bearing Loans and Borrowings	147,243,753	165,781,071
Lease Liability	26,887,440	16,717,516
Deferred Tax Liabilities	168,023,751	71,186,926
Retirement Benefit Obligations	16,432,268	11,872,980
	358,587,213		265,558,494
Current Liabilities
Trade and Other Payables	72,072,644	95,122,656
Interest Bearing Loans and Borrowings	66,790,782	60,127,987
Lease Liability	17,792,568	17,058,267
Bank Overdrafts	21,379,965	34,797,921
Taxation	9,164,363	4,204,650
	187,200,322		211,311,481
Total Equity and Liabilities	1,350,345,992		981,193,001
	0
Net Assets Per Share	1.87	1.17

The above figures are provisional & subject to audit.

It is certified that the Financial Statements have been prepared in accordance with the requirements of the Companies Act No.7 of 2007.

Sgd.

Asanka De Silva

Finance Manager

The Board of Directors are responsible for the preparation and presentation of these Financial Statements. Approved & Signed on behalf of the Board.

Sgd.	Sgd.
Navinda Weerasinghe	Lakshika Weerasinghe
Managing Director	Director
29.05.2024
Rathnapura

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Singhe Hospitals PLC

STATEMENT OF CHANGES IN EQUITY

Period Ended 31st March 2024

	Stated		Revaluation		Gain / ( Loss) on		Retained
	Capital		Reserves		Defined Benefit Plan		Earnings		Total
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 01st April, 2022	375,000,000	106,242,881	3,531,900	9,591,307	494,366,088
Profit for the Period	-	-	-	10,352,867	10,352,867
Other Comprehensive Income	-	-	(460,383)	-	(460,383)
Deferred Tax Impact on Actuarial Gain/(Loss)	-	-	64,454	-	64,454
Balance as at 31st March, 2023
375,000,000		106,242,881		3,135,971		19,944,174		504,323,026
Profit for the Period	-	-	-	(81,148)	(81,148)
Other Comprehensive Income	-	378,247,579	(2,851,854)	-	375,395,725
Deferred Tax Impact on Actuarial Gain/(Loss)	-	-	570,371	-	570,371
Deferred Tax on Revaluation	-	(75,649,516)	-	-	(75,649,516)
Balance as at 31st March, 2024	375,000,000	408,840,944	854,488	19,863,026	804,558,458

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Singhe Hospitals PLC

CASH FLOW STATEMENT

Year Ended,

	31-Mar-2024		31-Mar-2023
Cash Flows From Operating Activities	Rs.		Rs.
Profit/(Loss) Before Income Tax Expense	32,105,242	15,947,457
Adjustments for
Depreciation & Amortization	73,700,330	76,488,443
Provision for Retirement Gratuity	4,625,094	3,807,386
Finance Expense	57,497,181	64,852,753
Interest Income	(1,499,274)	(1,112,332)
Bad debts written off	751,455	57,416
Fair Value (Gain)/Loss on Quoted Investments	1,030	(7,545)
Stocks Written Off	3,778,358	-
Operating Profit Before Working Capital Changes	170,959,415		160,033,578
Changes in Working Capital
(Increase)/Decrease in Inventories	41,560,658	(25,407,788)
Increase/(Decrease) in Amount Due to Related Parties	-	(672,111)
(Increase)/Decrease in Trade and Other Receivables	(9,909,057)	(6,229,085)
Increase/(Decrease) in Trade and Other Payables	(23,050,012)		57,066,395
Cash Generated From Operations	179,561,004		184,790,989
Income Tax Paid	(5,425,290)	-
Finance Costs Paid	(57,497,181)	(64,852,753)
Defined Benefit Plan Costs Paid	(2,917,660)	(2,450,056)
WHT Paid	(43,708)	(25,206)
Net Cash From Operating Activities	113,677,165		117,462,972
Cash Flows From/(Used in) Investing Activities
Acquisition of Property, Plant and Equipment	(42,436,447)	(40,168,451)
Acquisition of Capital Work in Progress	(3,951,140)	(2,162,948)
Acquisition of Capital Work in Progress - Intangible Assets	(3,128,500)	(70,000)
Acquisition of Intangible Assets	(3,857,483)	(750,000)
Acquisition of Right of Use Assets	(38,044,837)	(8,899,024)
Income From Investments - Interest Received	1,499,274	1,112,332
Investment in Fixed Deposit	(1,902,268)	(12,000,000)
Net Cash Flows From/(Used in) Investing Activities	(91,821,401)		(62,938,091)
Cash Flows from /(Used in) Financing Activities
Net Proceeds from Interest Bearing Borrowings	(11,874,523)	(9,118,045)
Proceeds from Leases	45,915,525	12,665,493
Repayments of Leases Liability	(35,011,297)		(31,498,967)
Net Cash Flows from/(Used in) Financing Activities	(970,295)		(27,951,519)
Net Increase/(Decrease) in Cash and Cash Equivalents	20,885,470	26,573,363
Cash and Cash Equivalents at the Beginning of the Year	(11,767,284)		(38,340,647)
Cash and Cash Equivalents at the End of the Year	9,118,186	(11,767,284)
Cash & Cash Equivalents
Cash at Bank	17,693,143	3,265,877
Bank Overdrafts	(21,379,965)	(34,797,921)
Cash in Hand	12,805,008		19,764,760
Cash and Cash Equivalents at the End of the Year	9,118,186	(11,767,284)

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Singhe Hospitals PLC

NOTES TO THE INTERIM FINANCIAL STATEMENTS

01. Singhe Hospitals PLC ("Company") is a quoted public Company with limited liability incorporated in Sri Lanka under the provisions of Companies Act No. 07 of 2007. Its registered office and principal place of business are located at No: 362, Colombo Road, Rathnapura.

02. The interim condensed financial statements have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2023. These financial statements provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. Further , Provisions of the Companies Act No 7 of 2007 have been considered in preparing the interim financial statements of the Company.

03. Figures disclosed in the interim financial statements are provisional and subject to audit.

04. The presentation and classification of the Financial Statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year.

05. The Interim Condensed Financial Statements of the Company for the period ended 31st March 2024 were authorised for issue by the Board of Directors on 29.05.2024

06. Issued and fully paid number of Ordinary Shares as at 31st March 2024 stands at 431,300,895.

07. There were no material commitments outstanding as at 31st March 2024 for future capital expenditure.

08. There were no material events that occurred after the reporting date that require adjustments or disclosure to the Financial Statements. Other than above.

1. There were no significant changes in the nature of the contingent liabilities and contingent assets which were disclosed in the Annual Report for the year ended 31st March 2023.
2. There have been no other events, which require disclosure in the Interim Financial Statements.
3. The key management personnel of the company are the members of its Directors.

Key Management Personnel Compensation	As at		As at
	31st March 2024		31st March 2023
Short Team Employee Benefit	1,746,000	1,746,000
Post Employment Benefits	Nil		Nil
Interest Bearing Loan And Borrowings	As at		As at
	31st March 2024		31st March 2023
Bank Term Loan with in One year	66,790,782	60,127,987
Bank Term Loan after One year	147,243,753	165,781,071
Bank Term Loan	214,034,535		225,909,058

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Singhe Hospitals PLC

NOTES TO THE INTERIM FINANCIAL STATEMENTS

				As at		As at
				31st March 2024		31st March 2023
No of Ordinary Shares			431,300,895		431,300,895
Market Value of Shares
				As at		As at
		Date		31st March 2024		31st March 2023
	Highest Price per Share - Rs.	28.03.2024		2.40		3.00
	Lowest Price Per Share - Rs.	18.03.2024		2.10		2.50
	Last Traded Price per Share - Rs.	28.03.2024		2.30		2.60
Directors Shareholding
	Name Of Director			As at		As at
				31st March 2024		31st March 2023
	Mr. A.M. Weerasinghe			372,697,415		372,697,415
	Mr. A.M.D.H.N.Weerasinghe			10		10
	Mr. A.M.L.M. Weerasinghe			50,000		50,000
	Mr. U.B.H.J. Kithsiri			1,100,000		1,100,000
				373,847,425		373,847,425
Public Holding Information			As at		As at
				31st March 2024		31st March 2023
	Issued Share Capital			431,300,895		431,300,895
	Less
	Directors Shareholding			373,847,425		373,847,425
	Related Party Company			285,074		285,074
	Public Holding			57,168,396		57,168,396
	Public Holding as a percentage of Issued Share Capital			13.25%		13.25%
	Number of Public Shareholders			1,418		1,376
	Percentage of Total Public Holding			13.25%		13.25%
Major Shareholdings
Twenty Largest Shareholders
			As at	%	As at	%
	Name of the Shareholder	Country of Residence	31st March 2024	31st March 2023
01	Mr. A. M. Weerasinghe	Sri Lanka	372,697,415	86.41%	372,697,415	86.41%
02	Hatton National Bank PLC/Almas Holdings (PVT) LTD	Sri Lanka	14,831,860	3.44%	18,231,720	4.23%
03	DFCC Bank PLC/G.A.C De Silva	Sri Lanka	5,480,000	1.27%	5,345,875	1.24%
04	Mr.A.S. Jayasinghe	Sri Lanka				0.49%
05	Hatton National PLC/Madhura Supun Hiripitiya	Sri Lanka				0.37%
06	Mr. K. K. D. P. A. P. Weligepola	Sri Lanka				0.35%
07	Mr. A.M.C.S Atapattu	Sri Lanka	4,406,379	1.02%	2,990,049	0.69%
08	Mr.A.S. Jayasinghe	Sri Lanka	2,133,599	0.49%	2,133,599	0.49%
09	Assetline Finance Limited/M. S. Hiripitiya	Sri Lanka	1,631,248	0.38%	1,920,534	0.45%
10	Mr. K. K. D. P. A. P. Weligepola	Sri Lanka	1,497,101	0.35%	1,497,101	0.35%
11	Mr. W.A.S.P. De Saram	Sri Lanka	1,378,759	0.32%	1,430,363	0.33%
12	Mr. U.B.H.J. Kithsiri	Sri Lanka	1,100,000	0.26%	1,100,000	0.26%
13	Hatton National Bank PLC/A. P. Lasantha Fernando	Sri Lanka	1,100,000	0.26%	1,000,000	0.23%
14	Senkadagala Finance PLC/Mr. S. Gobinath	Sri Lanka	1,000,000	0.23%	999,998	0.23%
15	Techtron Intergrated Solutions (PVT) LTD	Sri Lanka	893,430	0.21%	793,430	0.18%
16	Mr. G.P.D.M. Pathiraja	Sri Lanka	808,151	0.19%	654,780	0.15%
17	Mr. D.F.H.K. Perera	Sri Lanka	539,896	0.13%
18	Mr. P.R. De Silva	Sri Lanka	528,256	0.12%
19	Dr. G.S.Perera	Sri Lanka	511,224	0.12%	511,224	0.12%
20	Mr. K. B. Kannangara	Sri Lanka	500,000	0.12%	500,000	0.12%
21	Dialog Finance PLC/M.M.S. Asela	Sri Lanka	487,674	0.11%
22	Hatton National Bank PLC/Ravindra Erle Rambukwelle	Sri Lanka	480,000	0.11%	480,000	0.11%
23	Mr. L. E. Liyanage	Sri Lanka	436,000	0.10%
24	Mr. P.R. De Silva	Sri Lanka	528,256	0.12%	443,521	0.10%
25	Mr. L. E. Liyanage	Sri Lanka			436,000	0.10%
26	Mr. D.R.K. Jayawardana	Sri Lanka			377,989	0.09%
27	Mr. D.U.J. Jayawardana	Sri Lanka			364,000	0.08%
28	Mr. G.P.D.M. Pathiraja	Sri Lanka
	Total
		412,969,248	95.76%	413,907,598	97.18%

The Float- adjusted market capitalization as at 31st March is Rs. 131,487,310 and the Company is in compliance with option 2 of the Listing Rules 7.13.1 (b) which requires 10% minimum public holding percentage and 200 minimum public shareholders.

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Singhe Hospitals PLC

Corporate Information

Name of the Company	SINGHE HOSPITALS PLC
Register Office	362,Colombo Road,Ratnapura.
Telephone Number	0457 555 555
Email Address	[e-mail]
Web Address	www.singhehospital.com
Incorporation Number	PB 70371 PQ
Date of Incorporation	2009 December 16
Board of Directors	Mr. A.M. Weerasinghe
	Mr.A. M. D. H. Navinda Weerasinghe
	Mr.U. B. H. Jayalath Kithsiri
	Mr.A. M. L. Maduranga Weerasinghe
	Mr.H.M.A.B. Weerasekara
	Mr.A.M.A.Cader
	Mr.A. M. P. N. Weerasinghe
	Mr. D.T. Gooneratne - (Has resigned on 18th April 2024)
	Dr. A.C. Jayakody
Secretary to Company	Nexia Corporate Consultant (Pvt) Ltd
	No. 130, 2nd Floor, Nawala Road,
	Narahenpita,
	Colombo 5.
Auditors	BR De Silva & Company,
	22/4, Vijaya Kumaranatunga Mawatha,
	Colombo 5.
Banks	Bank of Ceylon
	Commercial Bank of Ceylon PLC
	Hatton National Bank PLC
	Sampath Bank PLC
	Nation Trust Bank
Registrars	SSP Corporate Servicers (Pvt) Ltd
	546/7, Galle Road,
	Colombo 03.

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