Singer Industries Ceylon : Quarter financial report as at 31st December 2021

SINGER INDUSTRIES (CEYLON) PLC

INTERIM FINANCIAL STATEMENTS FOR THE

PERIOD ENDED 31ST DECEMBER 2021

SINGER INDUSTRIES (CEYLON) PLC

Interim Financial Statements For the Period Ended 31st December 2021

STATEMENT OF FINANCIAL POSITION

	As at 31st December	2021	2020
			Note			Rs'000	Rs'000
	A S S E T S
	Non-Current Assets
	Property, Plant &	Equipment	1,107,210	1,113,678
	Investment Property	322,945	308,000
	Investment in Equity Accounted Investee		76,691	67,650
				1,506,846	1,489,328
	Current Assets
	Inventories			330,744	135,038
	Trade and Other	Receivables	673	1,317
	Amounts Due from Related Parties	40,633	74,555
	Prepayments			1,094	664
	Income Tax Receivable	12,137	14,307
	Investment in Fixed Deposits	187,266	174,439
	Cash and Cash Equivalents	3,648	2,802
				576,195	403,122
	Total Assets			2,083,041	1,892,450
	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
	Capital Reserves			807,088	703,455
	Revenue Reserves	532,783	519,737
	Total Equity			1,439,875	1,323,196
	Non-Current Liabilities
	Deferred Tax Liabilities	181,966	289,615
	Employee Benefits			54,493	57,421
				236,459	347,036
	Current Liabilities
	Trade and Other	Payables	75,416	84,422
	Amounts Due to Related Parties	36,657	1,274
	Loans from Related Parties	110,000	-
	Provisions			11,387	5,715
	Income Tax Payable	11,166	-
	Dividend Payable			2,174	2,194
	Loans and Borrowings	159,907	128,613
				406,707	222,218
	Total Liabilities			643,166	569,254
	Total Equity and	Liabilities	2,083,041	1,892,450
	Net Assets per Share	71.99	66.16

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

14th February 2022

SINGER INDUSTRIES (CEYLON) PLC 02

Interim Financial Statements For the Period Ended 31st December 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		For period		For Quarter
		Ended		Ended
		31/12/2021	31/12/2020		Variance	Variance
		Rs'000		Rs'000		Rs'000	%
	Revenue	622,694	389,056	233,638	60%
	Cost of Sales	(627,767)	(426,191)	(201,576)	-47%
	Gross Profit/ (loss)	(5,073)	(37,135)	32,062	86%
	Other Income	15,991	14,441	1,550	11%
	Administrative Expenses	(13,406)	(9,835)	(3,571)	-36%
	Distribution Cost	(916)	(669)	(247)	-37%
	Finance Income	9,781		14,227		(4,446)	-31%
	Finance Cost	(12,125)		(7,160)		(4,965)	-69%
	Net Finance Income	(2,344)		7,067		(9,411)	-133%
	Share of Profit of Equity Accounted	1,033	763	270	35%
	Investee (Net of Income Tax)
	Profit/ (Loss) Before Taxation	(4,715)	(25,368)	20,653	81%
	Income Tax Reversal/(Expense)	(868)	7,241	(8,109)	-112%
	Profit / (Loss) for the Period	(5,583)	(18,127)	12,544	69%
	Other Comprehensive Income
	Remeasurements of Defined Benefit Liability/ (Asset)	-	-	-	-
	Related Tax	-	-	-	-
	Deferred tax reversal on land	-	-	-	-
	Other Comprehensive Income - (Net of Tax)	-	-	-	-
	Total Comprehensive Income for the Period	(5,583)	(18,127)	12,544	69%
	Basic Earnings/(Loss) per Share	(0.28)	(0.91)
	Accounting Policies of Interim Accounts are the same as in 2020/21 Annual Financial Statements.
	Figures in brackets indicate deductions.
	Share Prices	For period		For period
		Ended		Ended **
		31/12/2021	31/12/2020
	Highest	Rs. 60.00 *		Rs. 99.80
	Lowest	Rs. 44.80 *		Rs. 50.00
	Last Traded Price	Rs. 46.00 *		Rs. 99.70

* Original share prices reported post to the sub-division of shares. ** Original share price reported prior to the sub-division of shares.

SINGER INDUSTRIES (CEYLON) PLC 03

Interim Financial Statements For the Period Ended 31st December 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

			For Quarter			For Quarter		Variance
			Ended			Ended		Variance	Variance
			31/12/2021	31/12/2020			%
			Rs'000			Rs'000		Rs'000
Revenue			251,904	166,093	85,811	52%
Cost of	Sales	(246,714)	(186,003)	(60,711)	-33%
Gross Profit/(Loss)	5,190	(19,910)	25,100	126%
Other Income	5,302	5,597	(295)	-5%
Administrative Expenses	(4,493)	(3,950)	(544)	-14%
Distribution Cost	(246)	(235)	(11)	-5%
Finance	Income	3,334		4,551		(1,217)	-27%
Finance	Cost	(5,718)		(2,090)		(3,628)	-174%
Net Finance Income	(2,384)		2,461		(4,845)	-197%
Share of	Profit of Equity Accounted Investee (Net of Income	132	135	(3)	-3%
Tax)
Profit/ (loss) Before Taxation	3,501	(15,902)	19,402	122%
Income Tax Reversal/(Expense)	(1,260)	4,486	(5,746)	-128%
Profit/ (loss) for the Quarter	2,241	(11,416)	13,656	120%
Other Comprehensive Income
Revaluation of Property, Plant and Equipment	-	-	-	-
Remeasurements of Defined Benefit Liability/ (Asset)	-	-	-	-
Related Tax	-	-	-	-
Other Comprehensive Income - (Net of Tax)	-	-	-	-
Total Comprehensive Income Quarter	2,241	(11,416)	13,656	120%
Basic Earnings per Share	0.11	(0.57)
Accounting Policies of Interim Accounts are the same as in 2020/21 Annual Financial Statements.
Figures in brackets indicate deductions.
			For Quarter			For Quarter
Share Prices	Ended			Ended **
			31/12/2021	31/12/2020
Highest			Rs. 50.20 *			Rs. 99.80
Lowest			Rs. 45.00 *			Rs. 63.10
Last Traded Price	Rs. 46.00 *			Rs. 99.70

* Original share prices reported post to the sub-division of shares. ** Original share price reported prior to the sub-division of shares.

SINGER INDUSTRIES (CEYLON) PLC 04

Interim Financial Statements For the Period Ended 31st December 2021

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 1st April 2020	100,004	703,455	61,484	485,580	1,350,523
Total Comprehensive income for the period										-
Loss for the period	-	-	-	(6,920)	(6,920)
Other comprehensive income
Revaluation land & building	-		-		-		-		-
Actuarial loss on retirement benefit obligation	-		-		-		3,675		3,675
Related tax	-		-		-		(661)		(661)
Deferred Tax Asset on Policy Change	-		108,041		-		-		108,041
Deferred tax on revaluation of land	-		-		-		-		-
Total other comprehensive income for the period	-		108,041		-		3,014		111,055
Total comprehensive income for the period	-	108,041	-	(3,906)	104,135
Transactions with the owners of the Company,
recognised directly in the equity
Bonus issue	-	-	-	-	-
Final Dividend @0.92 - 2019 & 2020	-	-	-	(9,200)	(9,200)
Total transactions with the owners of the Company	-	-	-	(9,200)	(9,200)
Realisation of revaluation surplus	-	(4,408)	-	4,408	-
Balance as at 31st March 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
Revaluation land & building	-		-		-		-		-
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
No Final Dividend - 2020 & 2021	-	-	-	-	-
Realisation of Revaluation Surplus	-	-	-	-	-
Balance as at 31st December 2021	100,004	807,088	61,484	471,299	1,439,875

SINGER INDUSTRIES (CEYLON) PLC 05