Swisstek (Ceylon) PLC
Provisional Financial Statements
For the Nine Months Ended 31st December 2022
Page 1
SWISSTEK ( CEYLON) PLC
PROVISIONAL FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022
STATEMENT OF FINANCIAL POSITION | |||||
GROUP | COMPANY | ||||
As at ; | 31-12-2022 | 31-03-2022 | 31-12-2022 | 31-03-2022 | |
Unaudited | Audited | Unaudited | Audited | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
ASSETS | |||||
Property, plant and equipment | 3,598,721 | 3,435,474 | 1,979,921 | 1,791,397 | |
Investment property | 211,985 | 211,985 | 211,985 | 211,985 | |
Other long term investment | 56,667 | 56,667 | 229,784 | 229,784 | |
Non current assets | 3,867,373 | 3,704,126 | 2,421,690 | 2,233,166 | |
Inventories | 5,468,375 | 2,848,173 | 559,059 | 255,997 | |
Trade & other receivables | 2,724,060 | 3,559,031 | 763,261 | 559,921 | |
Income tax receivable | 43,237 | - | - | - | |
Contract Assets | 36,625 | 29,343 | 36,625 | 29,343 | |
Amounts due from related parties | 16,697 | 4,789 | 100,950 | 65,133 | |
Cash & cash equivalents | 368,226 | 575,657 | 281,784 | 378,320 | |
Current assets | 8,657,219 | 7,016,993 | 1,741,679 | 1,288,714 | |
Total assets | 12,524,592 | 10,721,119 | 4,163,369 | 3,521,880 | |
EQUITY | |||||
Stated capital | 368,256 | 368,256 | 368,256 | 368,256 | |
Reserves | 714,307 | 796,941 | 611,989 | 694,623 | |
Retained Earnings | 1,572,596 | 1,989,933 | 1,086,144 | 913,908 | |
Equity attributable to owners of the company | 2,655,159 | 3,155,130 | 2,066,389 | 1,976,787 | |
Non controlling interest | 119,530 | 204,676 | - | - | |
Total equity | 2,774,689 | 3,359,806 | 2,066,389 | 1,976,787 | |
Liabilities | |||||
Retirement benefits obligation | 57,724 | 49,051 | 11,901 | 10,953 | |
Lease Rental Payable after one year | 20,860 | 21,576 | - | - | |
Deferred tax liability | 352,148 | 369,555 | 366,353 | 224,628 | |
Long term borrowings payable after one year | 269,566 | 494,071 | 113,037 | 304,208 | |
Non current liabilities | 700,298 | 934,253 | 491,292 | 539,789 | |
Trade & other payables | 2,046,829 | 2,124,998 | 465,908 | 354,544 | |
Contract liabilities | 1,533 | 3,836 | 1,533 | 3,836 | |
Long term borrowings payable within one year | 223,819 | 223,819 | 123,819 | 123,819 | |
Short term loans | 5,790,426 | 3,445,119 | 686,090 | 344,318 | |
Amount due to related parties | 63,418 | 40,679 | 16,405 | 1,677 | |
Lease Rental Payable within one year | 2,247 | 4,083 | - | - | |
Income tax payable | 6,822 | 104,558 | 6,822 | 69,420 | |
Bank overdrafts | 914,512 | 479,968 | 305,111 | 107,690 | |
Current liabilities | 9,049,606 | 6,427,060 | 1,605,688 | 1,005,304 | |
Total liabilities | 9,749,904 | 7,361,313 | 2,096,981 | 1,545,094 | |
Total equity and liabilities | 12,524,592 | 10,721,119 | 4,163,369 | 3,521,880 | |
Net asset value per share ( Rs.) | 19.40 | 23.05 | 15.10 | 14.44 | |
Figures in brackets indicate deductions. |
The notes to the financial statement on page 5 form an integral part of these Financial Statements.
It is certified that the interim financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.
General Manager-Finance
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. |
Chairman | Managing Director |
26th January 2023 |
Page 2
SWISSTEK ( CEYLON) PLC
PROVISIONAL FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022
STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||
GROUP | COMPANY | ||||||||||||
Period ended | 31-12-2022 | 31-12-2021 | Variance | 31-12-2022 | 31-12-2021 | Variance | |||||||
Unaudited | Unaudited | % for the | Unaudited | Unaudited | % for the | ||||||||
Quarter | 9 Month | Quarter | 9 Months | Nine | Quarter | 6 Month | Quarter | 9 Months | Nine | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Months | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Months | ||||
Sales ( net of tax) | 1,488,714 | 6,797,184 | 2,656,355 | 6,099,263 | 11 | 1,010,665 | 2,916,752 | 669,262 | 1,613,664 | 81 | |||
Cost of sales | (1,033,509) | (4,840,746) | (1,894,774) | (4,507,571) | (7) | (798,097) | (2,192,602) | (485,868) | (1,179,129) | (86) | |||
Gross profit | 455,205 | 1,956,438 | 761,581 | 1,591,692 | 23 | 212,567 | 724,149 | 183,394 | 434,535 | 67 | |||
Other operating income | 33,099 | 81,966 | 28,099 | 68,237 | 20 | 40,597 | 65,992 | 77,340 | 172,426 | (62) | |||
Distribution expenses | (211,391) | (632,497) | (197,011) | (477,287) | (33) | (59,063) | (201,964) | (40,593) | (112,585) | 79 | |||
Administration expenses | (100,507) | (250,631) | (88,319) | (231,532) | (8) | (32,710) | (81,713) | (19,290) | (51,795) | 58 | |||
Profit from operating activities | 176,406 | 1,155,275 | 504,350 | 951,110 | (21) | 161,391 | 506,464 | 200,851 | 442,581 | 14 | |||
Net finance cost | (494,709) | (1,566,486) | (47,412) | (127,457) | (1,129) | (81,220) | (83,822) | (16,984) | (35,018) | 139 | |||
Profit/(Loss) before taxation | (318,303) | (411,210) | 456,938 | 823,653 | 150 | 80,172 | 422,642 | 183,867 | 407,563 | 4 | |||
Taxation | 5,600 | 31,901 | (92,313) | (179,704) | 118 | (74,003) | (127,232) | (32,815) | (81,885) | 55 | |||
Profit/(Loss) for the period | (312,703) | (379,309) | 364,625 | 643,949 | 159 | 6,169 | 295,410 | 151,052 | 325,678 | (9) | |||
Other Comprehensive income | |||||||||||||
Deferred tax on other comprehensive income | (82,634) | (82,634) | - | - | - | (82,634) | (82,634) | - | - | - | |||
Other comprehensive income for the period | (82,634) | (82,634) | - | - | - | (82,634) | (82,634) | - | - | - | |||
- | |||||||||||||
Total comprehensive income for the period | (395,337) | (461,944) | 364,625 | 643,949 | (172) | (76,465) | 212,776 | 151,052 | 325,678 | (35) | |||
Attributable to: | |||||||||||||
Owners of the company | (272,465) | (294,163) | 330,419 | 588,797 | (150) | 6,169 | 295,410 | 151,052 | 325,678 | (9) | |||
Non-controlling interest | (40,238) | (85,146) | 34,206 | 55,152 | (254) | - | - | - | - | ||||
Profit/(Loss) for the year | (312,703) | (379,309) | 364,625 | 643,949 | (159) | 6,169 | 295,410 | 151,052 | 325,678 | (9) | |||
Total comprehensive income attributable to: | |||||||||||||
Owners of the company | (355,099) | (376,797) | 330,419 | 588,797 | (164) | (76,465) | 212,776 | 151,052 | 325,678 | (35) | |||
Non-controlling interest | (40,238) | (85,146) | 34,206 | 55,152 | (254) | - | - | - | - | ||||
Total comprehensive income for the period | (395,337) | (461,944) | 364,625 | 643,949 | (172) | (76,465) | 212,776 | 151,052 | 325,678 | (35) |
Basic earnings per share (Rs.)
(1.99)
(2.15)
2.41
4.30
(150)
0.05
2.16
1.10
2.38
(9)
Figures in brackets indicate deductions.
The notes to the financial statement on page 5 form an integral part of these Financial Statements.
Page 3
SWISSTEK ( CEYLON) PLC
PROVISIONAL FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022
STATEMENT OF CHANGES IN EQUITY | ||||||||
Group | ||||||||
Stated | Revaluation | General | Retained | Shareholders' | Non-controlling | Total | ||
capital | reserve | reserve | earnings | funds | Interest | Equity | ||
Balance as at 1st April 2021 | 368,256 | 777,099 | 19,842 | 1,533,341 | 2,698,535 | 182,392 | 2,880,930 | |
Total comprehensive income | ||||||||
- Profit for the year | - | - | - | 588,797 | 588,797 | 55,152 | 643,949 | |
- Dividend paid | (253,191) | (253,191) | (17,140) | (270,331) | ||||
Balance as at 31st December 2021 | 368,256 | 777,099 | 19,842 | 1,868,947 | 3,034,141 | 220,404 | 3,254,548 | |
Balance as at 1st April 2022 | 368,256 | 777,099 | 19,842 | 1,989,933 | 3,155,130 | 204,676 | 3,359,806 | |
Total comprehensive income | ||||||||
- Profit/(Loss) for the year | - | - | - | (294,163) | (294,163) | (85,146) | (379,309) | |
Other comprehensive income | ||||||||
- Deferred tax on other comprehensive income | - | (82,634) | - | - | (82,634) | - | (82,634) | |
- | (82,634) | - | - | (82,634) | - | (82,634) | ||
- Dividend paid | - | - | - | (123,174) | (123,174) | - | (123,174) | |
Balance as at 31st December 2022 | 368,256 | 694,465 | 19,842 | 1,572,596 | 2,655,159 | 119,530 | 2,774,688 | |
Company | Stated | Revaluation | General | Retained | Total | |||
capital | reserve | reserve | earnings | Equity | ||||
Balance as at 1st April 2021 | 368,256 | 674,781 | 19,842 | 604,873 | 1,667,752 | |||
Total comprehensive income | ||||||||
- Profit for the year | - | - | - | 325,678 | 325,678 | |||
- Dividend paid | - | - | - | (253,191) | (253,191) | |||
Balance as at 31st December 2021 | 368,256 | 674,781 | 19,842 | 677,360 | 1,740,239 | |||
Balance as at 1st April 2022 | 368,256 | 674,781 | 19,842 | 913,908 | 1,976,787 | |||
Total comprehensive income | ||||||||
- Profit for the year | - | - | - | 295,410 | 295,410 | |||
Other comprehensive income | ||||||||
- Deferred tax on other comprehensive income | - | (82,634) | - | - | (82,634) | |||
- | (82,634) | - | - | (82,634) | ||||
- Dividend paid | - | - | - | (123,174) | (123,174) | |||
Balance as at 31st December 2022 | 368,256 | 592,147 | 19,842 | 1,086,144 | 2,066,389 | |||
Segmental Information | ||||||||
GROUP | COMPANY | |||||||
For the period ended 31st December | 2022 | 2021 | Variance | 2022 | 2021 | Variance | ||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |||
Turnover | ||||||||
Flooring and tile accessories | 2,916,752 | 1,613,664 | 80.8% | 2,916,752 | 1,613,664 | 80.8% | ||
Aluminium products | 3,902,633 | 4,574,100 | -14.7% | - | - | - | ||
Inter Segment sales | (22,200) | (88,501) | -74.9% | - | ||||
Consolidated turnover | 6,797,184 | 6,099,263 | 11.4% | 2,916,752 | 1,613,664 | 80.8% | ||
Profit/ (Loss) before tax | ||||||||
Flooring and tile accessories | 422,642 | 407,563 | 3.7% | 422,642 | 407,563 | 3.7% | ||
Aluminium products | (833,852) | 416,090 | -300.4% | - | - | - | ||
Consolidated profit/ (Loss) before tax | (411,210) | 823,653 | -149.9% | 422,642 | 407,563 | 3.7% | ||
Figures in brackets indicate deductions.
The notes to the financial statement on page 5 form an integral part of these Financial Statements.
Page 4
SWISSTEK ( CEYLON) PLC
PROVISIONAL FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022
CASH FLOW STATEMENT | ||||
Group | Company | |||
Period ended | 31-12-2022 | 31-12-2021 | 31-12-2022 | 31-12-2021 |
Unaudited | Unaudited | Unaudited | Unaudited | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||||
Profit/(loss) before tax | (411,210) | 823,653 | 422,642 | 407,563 |
Adjustments for; | ||||
Depreciation | 137,777 | 128,809 | 41,685 | 38,579 |
Amotisation of leased assets | 4,298 | 3,025 | - | - |
Provision on retirement benefit obligation | 9,726 | 10,077 | 2,025 | 1,665 |
Interest cost | 1,171,253 | 123,569 | 176,539 | 37,378 |
Dividend income | - | - | - | (118,670) |
Exchange loss / (gain) | 392,365 | 3,889 | (92,717) | (2,359) |
Operating profit/(loss) before working capital changes | 1,304,209 | 1,093,022 | 550,174 | 364,156 |
Changes in working capital | ||||
- (Increase)/Decrease in inventory | (2,620,202) | (813,748) | (303,062) | (29,902) |
- (Increase)/Decrease in trade & other receivables | 834,971 | (558,448) | (203,339) | (78,598) |
- (Increase)/Decrease in amounts due from/to related parties | 10,831 | 32,697 | (21,089) | 1,839 |
- Increase/(Decrease) in trade & other payables | (671,228) | 1,268,374 | 194,875 | (7,640) |
- Contract Asset | (7,282) | (178) | (7,282) | (178) |
- Contract Liability | (2,303) | (23,788) | (2,303) | (23,788) |
Cash generated from operations | (1,151,004) | 997,931 | 207,974 | 225,889 |
Interest paid | (982,734) | (116,091) | (167,333) | (24,364) |
Tax paid | (201,001) | (88,374) | (130,739) | (68,069) |
Gratuity payments | (1,077) | (422) | (1,077) | (122) |
Net cash generated from/(used) in operating activities | (2,335,815) | 793,044 | (91,175) | 133,334 |
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Acquisition of property, plant and equipment | (301,024) | (608,103) | (230,209) | (449,977) |
Dividend Income | - | - | - | 118,670 |
Net cash generated from/(used) in investing activities | (301,024) | (608,103) | (230,209) | (331,307) |
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Dividend paid | (123,174) | (270,331) | (123,174) | (253,191) |
Loan Obtained | 7,569,689 | 5,818,188 | 1,383,383 | 1,579,096 |
Repayment of borrowings | (5,451,649) | (5,569,991) | (1,232,782) | (1,096,857) |
Net cash generated from/(used) in financing activities | 1,994,866 | (22,134) | 27,427 | 229,048 |
Net Increase/ (Decrease) in cash and cash equivalents | (641,974) | 162,807 | (293,957) | 31,075 |
Cash & cash equivalents at the beginning of the year | 95,688 | (113,617) | 270,630 | 48,205 |
Cash & cash equivalents at the end of the period (Note a) | (546,286) | 49,190 | (23,327) | 79,280 |
Notes | ||||
Analysis of cash and cash equivalent at the end of the period | ||||
Cash at banks and cash in hand | 368,226 | 337,629 | 281,784 | 232,401 |
Bank Overdraft | (914,512) | (288,439) | (305,111) | (153,121) |
Cash and cash equivalent at the end of the period | (546,286) | 49,190 | (23,327) | 79,280 |
Figures in brackets indicate deductions. | (0) | - | (0) | - |
The notes to the financial statement on page 5 form an integral part of these Financial Statements.
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Swisstek (Ceylon) plc published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 10:25:06 UTC.