Summarised Financial Report
for the six months ended
30th September 2022
SELINSING PLC
Review of operations for the period ended 30th September 2022
The minority equity investments the Company holds in Shalimar Developments Sdn. Bhd. (SDSB) and in Shalimar (Malay) PLC (SMPLC) is the main business of the Company. SDSB's investee company carries out palm oil plantation operations in Indonesia.
The investee company continues to take measures to ensure that its business operations are carried out efficiently amidst several market and economic challenges. The Crude Palm Oil (CPO) prices which saw an upward trend in the fourth quarter of the previous financial year, experienced a significant and sudden reversal in prices during the latter part of the first half under review. This was due to multiple reasons, including a global price correction of commodities, fears of a global recession, the duty on CPO sales introduced by the Indonesian government and higher build-up of stocks in the Indonesian domestic market. In the backdrop of these challenges, the investee Company is focused in managing its resources to ensure that it is able to preserve the long term value of the investment to its stakeholders.
The only source of income for the period is the interest income earned from the Company's short-term deposits in Sri Lanka. Accordingly, the Company recorded an after tax profit of Rs. 3.78 Mn from its operations during the period under review; compared to a profit of Rs. 26.10 Mn recorded in the corresponding period of the previous financial year.
Minimum Public Holding
As previously informed, the Company is not in compliance with the minimum public holding requirements in relation to a Company Listed on the Main Board of the Colombo Stock Exchange (CSE) as per Rule 7.14.1 (a) of the Listing Rules of CSE, due to which the Company was transferred to the 'Watch List' of the CSE in terms of Rule 7.14.2 (b) of the previous Listing Rules of the CSE with effect from 2nd July 2018.
However, the CSE via their Circular No. 03/2019 dated 3rd October 2019 amended the Listing Rules on enforcement actions applicable for non-compliance with minimum public holding requirements with effect from 12th September 2019. Accordingly, in terms of Rule 7.14.2 of the Listing Rules of the CSE, the company was transferred to the Second Board with effect from 15th November 2019.
We wish to highlight that the objective of the voluntary offer made to all shareholders on 17th March 2011 was to acquire the entire minority shareholding as a step towards the consolidation of the oil palm plantation business. The offer documents also mentioned that upon completion of the voluntary offer, the rationale for remaining listed will be evaluated. Since the voluntary offer did not result in the acquisition of the entire minority shareholding, the Company continued to remain listed.
Taking into consideration that a voluntary offer had been made and also considering that there is no requirement for additional capital infusion to the Company and resultantly, there being no plans for issuing of new shares nor a dilution by the majority shareholder and as previously communicated to shareholders through market disclosures and Annual Reports and in terms of the revised Listing Rules, we will report the proposed course of action.
Agro Harapan Lestari (Pvt) Ltd
Managers
04th November 2022
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SELINSING PLC
Statement of Profit or Loss
Quarter ended | Six months ended | |||||
(All figures in Sri Lankan Rupees '000) | 30th September | Change | 30th September | Change | ||
2022 | 2021 | 2022 | 2021 | |||
% | % | |||||
Dividend income | - | 26,513 | -100% | - | 26,513 | -100% |
Interest income | 4,440 | (534) | -931% | 6,178 | 1,337 | 362% |
Administrative expenses | (495) | (568) | -13% | (983) | (1,089) | -10% |
Profit before tax for the period | 3,945 | 25,411 | -84% | 5,195 | 26,761 | -81% |
Income tax expense | (1,109) | (339) | 227% | (1,413) | (665) | 112% |
Profit for the period | 2,836 | 25,072 | -89% | 3,782 | 26,096 | -86% |
Earnings Per Share (Rs.) | 0.50 | 4.42 | 0.67 | 4.60 | ||
Statement of Comprehensive Income | Quarter ended | Six months ended | ||||
30th September | Change | 30th September | Change | |||
2022 | 2021 | 2022 | 2021 | |||
% | % | |||||
Profit for the period | 2,836 | 25,072 | -89% | 3,782 | 26,096 | -86% |
Other Comprehensive Income | ||||||
Other Comprehensive Income / (Expense) not to be reclassified to Profit or | ||||||
Loss in subsequent periods | ||||||
Gain / (Loss) on Change in Fair Value of Financial Assets classified under Fair | 209,175 | - | 100% | 62,724 | (96,590) | -165% |
Value Through Other Comprehensive Income (FVOCI) | ||||||
Net Other Comprehensive Income / (Expense) not to be reclassified to Profit or | 209,175 | - | 100% | 62,724 | (96,590) | -165% |
Loss in subsequent periods | ||||||
Other Comprehensive Income / (Expense) for the period, net of Tax | 209,175 | - | 100% | 62,724 | (96,590) | -165% |
Total Comprehensive Income / (Expense) for the period, net of tax | 212,011 | 25,072 | 746% | 66,506 | (70,494) | -194% |
Changes represent the percentage change in current period's results compared to corresponding period of last year.
Figures in brackets indicate deductions/negative changes.
The above figures are subject to audit.
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SELINSING PLC
Statement of Financial Position
(All figures in Sri Lankan Rupees '000) | |||
As at | As at | ||
Note | 30.09.2022 | 31.03.2022 | |
ASSETS | |||
Non-Current Assets | |||
Property, Plant and Equipment | 220 | 311 | |
Non-current financial assets | (Note 3) | 11,249,981 | 11,187,258 |
Total Non- Current Assets | 11,250,201 | 11,187,569 | |
Current Assets | |||
Prepayments and other receivable | 119 | 340 | |
Income tax receivable | - | 126 | |
Short term investments | 1,697 | 108,252 | |
Cash and cash equivalents | 112,636 | 3,367 | |
Total Current Assets | 114,452 | 112,085 | |
Total Assets | 11,364,653 | 11,299,654 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated capital | (Note 6) | 69,401 | 69,401 |
Retained earnings | 305,998 | 304,212 | |
Other reserves | 10,950,616 | 10,887,892 | |
Total Shareholders' Funds | 11,326,015 | 11,261,505 | |
Current Liabilities | |||
Provisions and accrued expenses | 230 | 322 | |
Income tax payable | 581 | - | |
Unclaimed dividend | 37,827 | 37,827 | |
Total Current Liabilities | 38,638 | 38,149 | |
Total Liabilities | 38,638 | 38,149 | |
Total Equity and Liabilities | 11,364,653 | 11,299,654 | |
Net Asset per share (Rs.) | 1,994.63 | 1,983.27 |
I certify that these financial statements are in compliance with the requirements of the Companies Act No. 7 of 2007.
(Sgd.)
Aneesh Dudeja
President / Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved & signed for and on behalf of the Managers, | Approved & signed for and on behalf of the Board, | |
(Sgd.) | (Sgd.) | (Sgd.) |
Rushdi Azeez | M. Selvanathan | H. Selvanathan |
Director | Chairman | Director |
Agro Harapan Lestari (Pvt) Ltd |
04th November 2022
The above figures are subject to audit.
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SELINSING PLC | ||||
Statement of Changes in Equity | ||||
(All figures in Sri Lankan Rupees '000) | ||||
Fair Value | Retained | Total | ||
Stated Capital | Shareholders' | |||
Reserve | Earnings | |||
Funds | ||||
Balance as at 1st April 2021 | 69,401 | 7,293,940 | 330,038 | 7,693,379 |
Profit for the period | - | - | 26,096 | 26,096 |
Other comprehensive income for the period | - | (96,590) | - | (96,590) |
Total comprehensive income for the period | - | (96,590) | 26,096 | (70,494) |
Interim Dividend -2021/22 | - | - | (53,943) | (53,943) |
Balance as at 30th September 2021 | ||||
69,401 | 7,197,350 | 302,191 | 7,568,942 | |
Stated | Fair Value | Retained | Total | ||
Shareholders' | |||||
Capital | Reserve | Earnings | |||
Funds | |||||
Balance as at 1st April 2022 | 69,401 | 10,887,892 | 304,212 | 11,261,505 | |
Surcharge tax | (Note 08) | - | - | (1,996) | (1,996) |
Balance as at 1st April 2022 (Adjusted) | 69,401 | 10,887,892 | 302,216 | 11,259,509 | |
Profit for the period | - | - | 3,782 | 3,782 | |
Other comprehensive income for the period | - | 62,724 | - | 62,724 | |
Total comprehensive income for the period | - | 62,724 | 3,782 | 66,506 | |
Balance as at 30th September 2022 | |||||
69,401 | 10,950,616 | 305,998 | 11,326,015 | ||
Figures in brackets indicate deductions/negative changes
The above figures are subject to audit.
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Selinsing plc published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 03:43:02 UTC.