Singer Industries Ceylon : Quarter financial statement as of 30th June 2022

SINGER INDUSTRIES (CEYLON) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30TH JUNE 2022

SINGER INDUSTRIES (CEYLON) PLC

Interim Financial Statements for the period ended 30th June 2022

STATEMENT OF FINANCIAL POSITION

						30th June	30th June	31st March
	As at			2022	2021	2022
			Note			Rs'000	Rs'000	Rs'000
	A S S E T S
	Non-Current Assets
	Property, Plant &	Equipment	1,283,594	1,111,249	1,284,621
	Investment Property	383,000	322,945	383,000
	Investment in Equity Accounted Investee		81,612	76,284	81,564
				1,748,206	1,510,478	1,749,185
	Current Assets
	Inventories			411,329	249,893	304,564
	Trade and Other	Receivables	2,202	1,705	1,406
	Amounts Due from Related Parties	135,898	29,653	131,599
	Prepayments			1,434	507	2,722
	Income Tax Receivable	13,080	12,135	12,135
	Investment in Fixed Deposits	155,720	181,044	148,878
	Cash and Cash Equivalents	3,718	10,380	4,182
				723,381	485,317	605,486
	Total Assets			2,471,587	1,995,795	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			949,755	807,088	949,755
	Revenue Reserves	616,809	525,002	615,973
	Total Equity			1,666,568	1,432,094	1,665,732
	Non-Current Liabilities
	Deferred Tax Liabilities	222,940	184,554	224,705
	Employee Benefits			67,884	55,422	67,394
				290,824	239,976	292,099
	Current Liabilities
	Trade and Other	Payables	87,446	136,737	143,302
	Amounts Due to Related Parties	87,231	8,361	34,459
	Provisions			4,650	3,880	9,559
	Income Tax Payable	16,690	7,078	13,309
	Dividend Payable			2,173	2,177	2,173
	Related Party Loan Payable	107,500	-	110,000
	Loans and Borrowings	208,505	165,492	84,038
				514,195	323,725	396,840
	Total Liabilities			805,019	563,701	688,939
	Total Equity and	Liabilities	2,471,587	1,995,795	2,354,671
	Net Assets per Share	83.33	71.60	83.28

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

(Sgd.)

Vinod Gamage

Chief Financial Officer

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
	Colombo
	08th August 2022			SINGER INDUSTRIES (CEYLON) PLC
		02

Interim Financial Statements for the period ended 30th June 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		For Quarter		For Quarter
		Ended		Ended
		30/06/2022	30/06/2021		Variance	Variance
		Rs'000		Rs'000		Rs'000	%
	Revenue		187,210	53,887	29%
	241,097
	Cost of Sales	(234,181)	(196,034)	(38,147)	-19%
	Gross Profit/ (loss)	6,916	(8,824)	15,740	178%
	Other Income	6,386	5,391	995	18%
	Administrative Expenses	(6,747)	(4,359)	(2,388)	-55%
	Distribution Cost	(288)	(402)	114	28%
	Finance Income	8,359		3,180		5,179	163%
	Finance Cost	(12,221)		(2,313)		(9,908)	-428%
	Net Finance Income	(3,862)		867		(4,729)	-545%
	Share of Profit of Equity Accounted	47	627	(580)	-92%
	Investee (Net of Income Tax)
	Profit/ (Loss) Before Taxation	2,452	(6,700)	9,152	137%
	Income Tax Reversal/(Expense)	(1,616)	633	(2,249)	-355%
	Profit / (Loss) for the Period	836	(6,067)	6,903	114%
	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	-	-	-	-
	Other Comprehensive Income - (Net of Tax)	-	-	-	-
	Total Comprehensive Income for the Period	836	(6,067)	6,903	114%
	Basic Earnings/(Loss) per Share	0.04	(0.30)
	Accounting Policies of Interim Accounts are the same as in 2021/22 Annual Financial Statements.
	Figures in brackets indicate deductions.
	Share Prices	For Quarter		For Quarter
		Ended		Ended
		30/06/2022	30/06/2021
	Highest	Rs. 41.50		Rs. 56.90
	Lowest	Rs. 30.00		Rs. 44.80
	Last Traded Price	Rs. 31.60		Rs. 47.20

SINGER INDUSTRIES (CEYLON) PLC 03

Interim Financial Statements for the period ended 30th June 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	476,881	1,445,457
Charge Relating to Surcharge Tax (Note 3.2)	-	-	-	(7,296)	(7,296)
Adjusted Balance as at 1st April 2021	100,004	807,088	61,484	469,585	1,438,161
Total Comprehensive income for the period
Loss for the period	-	-	-	(6,067)	(6,067)
Other Comprehensive Income
Surplus on Revaluation for the year	-		-		-		-		-
Actuarial loss on retirement benefit obligation	-		-		-		-		-
Related tax	-		-		-		-		-
Other comprehensive income for the period	-		-		-		-		-
Total comprehensive income for the period	-	-	-	(6,067)	(6,067)
Transactions with the owners of the Company,
recognised directly in the equity
Realisation of Revaluation Surplus	-	-	-	-	-
Balance as at 30th June 2021	100,004	807,088	61,484	463,518	1,432,094
Total Comprehensive income for the period
Profit for the period						98,774	98,774
Other Comprehensive Income
Surplus on Revaluation	-		179,644		-		-		179,644
Remeasurement of defined benefit liability	-		-		-		(15,176)		(15,176)
Related tax	-		-		-		2,732		2,732
Deferred tax on revaluation of land & building	-		(32,336)		-		-		(32,336)
Other comprehensive income for the period	-		147,308		-		(12,444)		134,864
Total comprehensive income for the period	-	147,308	-	86,330	233,638
Transactions with the owners of the Company,
recognised directly in the equity
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	554,489	1,665,732
Balance as at 01st April 2022	100,004	949,755	61,484	554,489	1,665,732
Total comprehensive income for the period
Profit for the period	-	-	-	836	836
Other Comprehensive Income
Surplus on Revaluation for the year	-		-		-		-		-
Actuarial loss on retirement benefit obligation	-		-		-		-		-
Related tax	-		-		-		-		-
Deferred tax on revaluation of land	-		-		-		-		-
Other comprehensive income for the period	-		-		-		-		-
Total comprehensive income for the period	-	-	-	836	836
Transactions with the owners of the Company,
recognised directly in the equity
Realisation of Revaluation Surplus	-	-	-	-	-
Balance as at 30th June 2022	100,004	949,755	61,484	555,325	1,666,568

SINGER INDUSTRIES (CEYLON) PLC 04

Interim Financial Statements for the period ended 30th June 2022

STATEMENT OF CASH FLOW

			For period	For period
			ended	ended
			30/06/2022	30/06/2021
			Rs'000	Rs'000
Cash Flows From Operating Activities
Profit/(loss) Before Income Tax Expense	2,452	(6,700)
Adjustments for;
Share of Profit of Equity Accounted Investee	(47)	(627)
Depreciation on Property , Plant & Equipment	2,563	2,234
Interest Income	(8,359)	(3,180)
Interest Expense	12,221	2,313
Provision/(reversal) for Obsolete Inventories	24,363	(686)
Provision for Bonus	3,096	4,427
Provision for Warranty	49	221
Provision for Retiring Gratuity	1,359	1,294
Operating Profit before Working Capital Changes	37,697	(704)
Increase in Inventories	(131,128)	(101,321)
(Increase)/ Decrease in Other Receivables	(796)	354
(Increase )/Decrease in Trade Dues from Related Companies	(2,784)	87,538
Decrease in Pre - Payments	1,288	582
Increase /(Decrease) in Trade and Other Payables	(56,833)	3,711
Increase in Other Dues to Related Parties	52,772	5,547
Cash flow used in from Operating Activities	(99,784)	(4,293)
Interest Paid	(11,245)	(2,488)
Retiring Gratuity Paid	(869)	(875)
Income Tax Paid	(944)	-
Warranty Paid	(49)	(65)
Bonus Paid	(8,005)	(14,602)
Net Cash Flows used in Operating Activities	(120,896)	(22,323)
Cash Flows from Investing Activities
Acquisition of Property, Plant & Equipment and Intangible Assets	(1,537)	(749)
Interest Income Received	2	2
Net Cash Flows used in Investing Activities	(1,535)	(747)
Cash Flows From Financing Activities
Dividends Paid	-	(15)
Proceeds From Interest - Bearing Loans & Borrowings	174,569	168,814
Repayment of Interest - Bearing Loans & Borrowings	(42,500)	(143,586)
Net Cash Flows generated from Financing Activities	132,069	25,213
Net Increase in Cash and Cash Equivalents	9,638	2,143
Cash and Cash Equivalents at the beginning of the period	(44,857)	(36,027)
Cash and Cash Equivalents at the end of the period	(35,219)	(33,884)

SINGER INDUSTRIES (CEYLON) PLC 05