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 2021

Interim Financial Statements for the nine months ended 31st December 2021

Statement of Profit or Loss and Other Comprehensive Income

Consolidated

Company

Variance

Variance

For the nine months ended 31st December

2021/22

2020/21

2021/22

2020/21

Consolidated

%

Company

%

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Revenue

55,397,359

49,387,791

49,660,979

39,096,015

6,009,568

+

12

10,564,964

+

27

Cost of Sales

(38,225,207)

(34,383,081)

(36,483,999)

(28,167,406)

(3,842,126) +

11

(8,316,593) +

30

Direct Interest Cost

(1,389,156)

(1,414,219)

-

- 

(25,063)

-

2

- 

Gross Profit

15,782,996

13,590,491

13,176,980

10,928,609

2,192,505

+

16

2,248,371

+

21

Other Income

152,354

157,567

178,530

217,933

5,213

-

3

39,403

-

18

Selling and Administrative Expenses

(9,864,088)

(8,824,093)

(8,359,257)

(7,486,219)

(1,039,995) +

12

(873,038) +

12

Impairment Loss on Trade and Other

(1,446,228)

(966,878)

(528,086)

-

37

(474,959)

-

49

Receivables

(918,142)

(491,919)

Operating Profit

5,153,120

3,477,737

4,504,334

2,693,445

1,675,383

+

48

1,810,889

+

67

Finance Cost

(1,681,946)

(1,711,470)

(1,525,678)

(1,748,028)

(29,524)

-

2

(222,350)

-

13

Finance Income

960,089

779,295

633,024

606,328

180,794

+

23

26,696

+

4

Net Finance Cost

(721,857)

(932,175)

(892,654)

(1,141,700)

(210,318)

-

23

(249,046)

-

22

Value Added Tax on Financial Services

(254,972)

(191,130)

(67,000)

(52,800)

(63,842) +

33

(14,200) +

27

Profit before Tax

4,176,291

2,354,432

3,544,680

1,498,945

1,821,859

+

77

2,045,735

>

100

Income Tax Expense

(1,021,845)

(598,966)

(774,957)

(330,590)

(422,879) +

71

(444,367) >

100

Profit for the Period

3,154,446

1,755,466

2,769,723

1,168,355

1,398,980

+

80

1,601,368

>

100

Total Comprehensive Income for the

1,755,466

1,168,355

Period, Net of Tax

3,154,446

2,769,723

Profit Attributable to -

Owners of the Company

3,051,684

1,690,052

2,769,723

1,168,355

Non-controlling Interests

102,762

65,414

-

-

3,154,446

1,755,466

2,769,723

1,168,355

Total Comprehensive Income

Attributable to -

Owners of the Company

3,051,684

1,690,052

2,769,723

1,168,355

Non-controlling Interests

102,762

65,414

-

-

Toal Comprehensive Income for the

1,755,466

1,168,355

Period Net of Tax

3,154,446

2,769,723

Basic/Diluted Earnings Per Share (Rs.)

2.71

1.50

2.46

1.04

Above figures are provisional and subject to audit.

For the nine

For the nine

months ended*

months ended**

Share Prices

31st December 2021

31st December 2020

Rs.

Rs.

Highest

21.50

61.20

Lowest

15.70

20.00

Last Traded Price

19.90

55.00

  • Share prices reported post to the subdivision of shares.
  • Original share prices reported prior to the subdivision of shares.

2 SINGER (SRI LANKA) PLC

Interim Financial Statements for the nine months ended 31st December 2021

Statement of Profit or Loss and Other Comprehensive Income

Consolidated

Company

Variance

Variance

For the quarter ended 31st December

2021/22

2020/21

2021/22

2020/21

Consolidated

%

Company

%

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Revenue

23,799,878

18,657,584

21,559,307

15,210,830

5,142,294

+

28

6,348,477

+

42

Cost of Sales

(16,540,704)

(13,291,206)

(15,807,705)

(11,243,462)

(3,249,498) +

24

(4,564,243) +

41

Direct Interest Cost

(479,997)

(454,011)

-

-

(25,986)

+

6

- 

Gross Profit

6,779,177

4,912,367

5,751,602

3,967,368

1,866,810

+

38

1,784,234

+

45

Other Income

56,326

60,188

19,794

21,767

3,862

-

6

1,973

-

9

Selling and Administrative Expenses

(4,064,284)

(3,277,716)

(3,477,339)

(2,790,711)

(786,568) +

24

(686,628) +

25

Impairment Loss on Trade and Other

(373,259)

(212,569)

(558,573) >

100

(502,372) >

100

Receivables

185,314

289,803

Operating Profit

2,956,533

1,321,580

2,583,860

985,855

1,634,953

>

100

1,598,005

>

100

Finance Cost

(549,888)

(379,232)

(544,343)

(426,344)

(170,656) +

45

(117,999) +

28

Finance Income

387,658

269,176

280,149

204,140

118,482

+

44

76,009

+

37

Net Finance Cost

(162,230)

(110,056)

(264,194)

(222,204)

(52,174) +

47

(41,990) +

19

Value Added Tax on Financial Services

(102,338)

(74,552)

(25,000)

(26,000)

(27,786) +

37

(1,000)

-

4

Profit before Tax

2,691,965

1,136,972

2,294,666

737,651

1,554,993

>

100

1,557,015

>

100

Income Tax Expense

(604,183)

(267,593)

(488,952)

(170,796)

(336,590) >

100

(318,156) >

100

Profit for the Period

2,087,782

869,379

1,805,714

566,855

1,218,403

>

100

1,238,859

>

100

Total Comprehensive Income for the

869,379

566,855

Period

2,087,782

1,805,714

Profit Attributable to -

Owners of the Company

2,029,161

834,697

1,805,714

566,855

Non-controlling Interests

58,621

34,682

-

-

Profit for the Period

2,087,782

869,379

1,805,714

566,855

Total Comprehensive Income

Attributable to -

Owners of the Company

2,029,161

834,697

1,805,714

566,855

Non-controlling Interests

58,621

34,682

-

-

Toal Comprehensive Income for the

869,379

566,855

Period Net of Tax

2,087,782

1,805,714

Basic/Diluted Earnings Per Share (Rs.)

1.80

0.74

1.60

0.50

Above figures are provisional and subject to audit.

Quarter ended*

Quarter ended**

Share Prices

31st December 2021

31st December 2020

Rs.

Rs.

Highest

21.20

61.20

Lowest

15.70

36.00

Last Traded Price

19.90

55.00

  • Share prices reported post to the subdivision of shares.
  • Original share prices reported prior to the subdivision of shares.

SINGER (SRI LANKA) PLC 3

Consolidated
Company
Interim Financial Statements for the nine months ended 31st December 2021
Statement of Financial Position

As at

31st December

31st December

31st March

31st December

31st December

31st March

2021

2020

2021

2021

2020

2021

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

ASSETS

Non-current Assets

Property, Plant and Equipment

6,653,631

6,758,199

6,805,750

3,443,744

3,508,207

3,578,266

Right-of-Use Assets

4,925,575

4,083,035

4,433,003

4,335,331

3,563,792

3,863,148

Intangible Assets

561,101

264,318

315,022

429,479

207,473

222,618

Investment in Subsidiaries

- 

- 

- 

2,968,023

2,968,023

2,968,023

Other Non-current Assets

59,641

60,942

60,617

- 

- 

- 

Other Investments

24,990

107,274

24,990

24,948

17,020

24,948

Trade and Other Receivables

11,991,482

11,660,620

11,861,154

576,994

835,250

802,806

Deferred Tax Assets

1,076,606

823,889

873,745

984,976

778,100

832,575

25,293,026

23,758,277

24,374,281

12,763,495

11,877,865

12,292,384

Current Assets

Inventories

24,171,512

13,980,817

18,180,683

21,258,501

12,232,652

16,150,897

Loans due from Related Parties

- 

- 

- 

185,000

- 

- 

Income Tax Receivables

12,892

132,613

17,119

-

271,014

- 

Trade and Other Receivables

28,896,966

23,560,558

23,977,624

14,094,717

12,575,385

12,965,214

Amounts due from Related Parties

11,719

10,372

10,820

755,164

10,372

38,814

Deposits with Banks

171,490

80,476

60,935

- 

- 

- 

Short-term Investments

1,504,194

577,827

813,264

103,020

- 

- 

Cash and Cash Equivalents

2,375,690

4,227,673

1,868,859

1,200,992

2,387,166

783,540

57,144,463

42,570,336

44,929,304

37,597,394

27,476,589

29,938,465

Total Assets

82,437,489

66,328,613

69,303,585

50,360,889

39,354,454

42,230,849

EQUITY AND LIABILITIES

Equity

Stated Capital

626,048

626,048

626,048

626,048

626,048

626,048

Capital Reserves

1,215,807

1,076,331

1,232,580

1,158,301

1,130,466

1,170,908

Other Component of Equity

6,026

- 

6,026

6,026

- 

6,026

Statutory Reserve

198,939

182,548

198,939

- 

- 

- 

Revenue Reserves

8,470,760

6,073,516

6,416,501

5,045,766

3,102,842

3,277,635

Total Equity Attributable to Owners of the

7,958,443

8,480,095

4,859,356

5,080,617

Company

10,517,580

6,836,141

Non-controllingInterest

1,848,857

1,683,296

1,778,543

Total Equity

12,366,437

9,641,739

10,258,638

6,836,141

4,859,356

5,080,617

Non-current Liabilities

Interest-bearing Loans and Borrowings

11,180,923

7,309,464

7,129,287

5,150,000

3,000,000

3,000,000

Lease Liability

4,954,769

4,054,520

4,307,592

4,400,703

3,543,641

3,786,997

Employee Benefit Obligations

1,010,073

945,075

946,775

697,674

650,626

654,639

Security Deposits

1,393,702

1,365,342

1,366,565

1,326,384

1,263,429

1,293,744

Deferred Tax Liabilities

369,695

653,974

376,416

- 

- 

- 

Other Financial Liabilities

2,199,468

1,782,206

2,091,132

- 

- 

- 

Deferred Revenue

109,133

102,571

107,608

109,133

102,571

107,609

Other Non-current Liabilities

175,428

125,711

142,414

175,428

125,711

142,413

21,393,191

16,338,863

16,467,789

11,859,322

8,685,978

8,985,402

Current Liabilities

Trade and Other Payables

19,141,670

18,327,645

18,754,807

14,904,468

12,880,347

13,559,595

Deferred Revenue

199,066

180,703

209,075

186,737

175,199

183,470

Dividends Payable

100,803

17,419

132,672

91,678

9,032

58,822

Amounts due to Related Parties

1,110,499

120,297

341,304

5,470,648

4,656,053

4,259,226

Income Tax Payable

509,296

-

278,063

283,639

- 

25,209

Other Financial Liabilities

10,115,569

7,641,045

8,374,066

- 

- 

- 

Lease Liability

730,514

614,147

686,421

654,679

572,961

624,048

Interest-bearing Loans and Borrowings

15,411,105

12,044,953

12,085,399

9,220,562

6,955,998

8,132,721

Bank Overdrafts

1,359,339

1,401,802

1,715,351

853,015

559,530

1,321,739

48,677,861

40,348,011

42,577,158

31,665,426

25,809,120

28,164,830

Total Liabilities

70,071,052

56,686,874

59,044,947

43,524,748

34,495,098

37,150,232

Total Equity and Liabilities

82,437,489

66,328,613

69,303,585

50,360,889

39,354,454

42,230,849

Net Assets per Share (Rs.)

9.33

7.06

7.53

6.07

4.31

4.51

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

(Sgd.)

Ramesh Chitrasiri

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,

14th February 2022

4 SINGER (SRI LANKA) PLC

Interim Financial Statements for the nine months ended 31st December 2021

Statement of Changes in Equity

For the nine months ended 31st December 2021

Attributable to Equity Holders of the Company

Capital

Component

Revenue Reserve

Reserve

of Equity

Stated

Reserve

Revaluation

Fair Value

General

Retained

Total

Non-controlling

Total Equity

Capital

Fund

Reserves

Reserve

Reserves

Earnings

Rs. '000

Interest

Rs. '000

Group

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Balance as at 31st March 2020

626,048

182,548

1,092,442

- 

2,700,000

1,967,856

6,568,894

1,619,012

8,187,907

Realisation on Revaluation Surplus

- 

- 

(16,111)

- 

- 

16,111

- 

- 

- 

Profit for the Period

- 

- 

- 

- 

- 

1,690,052

1,690,052

65,414

1,755,466

Total Comprehensive Income for the Period

- 

- 

- 

- 

- 

1,690,052

1,690,052

65,414

1,755,466

Transactions with Owners of the Company,

Recognised Directly in Equity

Distributions to Owners of the Company

Final Dividend - 2020/21

- 

- 

- 

- 

- 

(300,503)

(300,503)

(1,130)

(301,633)

Balance as at 31st December 2020

626,048

182,548

1,076,331

- 

2,700,000

3,373,516

7,958,443

1,683,296

9,641,739

Realisation on Revaluation Surplus

- 

- 

(6,919)

- 

- 

6,919

- 

- 

- 

Transferred to/(from) during the Period

- 

16,391

- 

- 

- 

(16,391)

- 

- 

- 

Profit for the Period

- 

- 

- 

- 

- 

761,957

761,957

90,099

852,055

Other Comprehensive Income

for the Period

Actuarial Gain/(Loss) on Employee

Benefit Obligations

- 

- 

- 

- 

- 

4,743

4,743

(1,037)

3,706

Fair Value Change in Equity Instruments

Designated at Fair Value through Other

Comprehensive Income

- 

- 

- 

7,928

- 

- 

7,928

- 

7,928

Related Taxes

Deferred Tax on Actuarial Gain/(Loss) on

Employee Benefit Obligations

- 

- 

- 

- 

- 

(1,051)

(1,051)

200

(851)

Deferred Tax on Equity Investments at

FVOCI - Change in Fair Value

- 

- 

- 

(1,903)

- 

- 

(1,903)

- 

(1,903)

Impact of Deferred Tax Rate change on

Revaluation Reserve

- 

- 

163,169

- 

- 

- 

163,169

30,421

193,590

Total Other Comprehensive Income for the

Period, Net of Tax

- 

- 

163,169

6,026

- 

3,692

172,886

29,584

202,470

Transactions with Owners of the Company,

Recognised Directly in Equity

Distributions to Owners of the Company

Interim Dividend - 2020/21

- 

- 

- 

- 

- 

(413,192)

(413,192)

(24,436)

(437,628)

Total Distributions to Owners of the

- 

- 

- 

- 

- 

(413,192)

(413,192)

(24,436)

(437,628)

Company

Balance as at 31st March 2021

626,048

198,939

1,232,580

6,026

2,700,000

3,716,501

8,480,095

1,778,543

10,258,638

Realisation of Revaluation Surplus

- 

- 

(16,773)

- 

- 

16,773

- 

- 

- 

Profit 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)

(314,170)

Interim Dividend - 2021/22

- 

- 

- 

- 

- 

(732,476)

(732,476)

- 

(732,476)

Balance as at 31st December 2021

626,048

198,939

1,215,807

6,026

2,700,000

5,770,760

10,517,580

1,848,857

12,366,437

SINGER (SRI LANKA) PLC 5

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Singer (Sri Lanka) plc published this content on 14 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2022 14:52:05 UTC.