ASIA SIYAKA COMMODITIES PLC
INTERIM FINANCIAL STATEMENTS
30 June 2022
.
ASIA SIYAKA COMMODITIES PLC
STATEMENT OF FINANCIAL POSITION
GROUP | COMPANY | |||||
Unaudited | Unaudited | Unaudited | Unaudited | |||
AS AT | 30.06.2022 | 31.03.2022 | 30.06.2022 | 31.03.2022 | ||
Rs. | Rs. | Rs. | Rs. | |||
ASSETS | ||||||
Non Current Assets | ||||||
Property, Plant & Equipment | 989,116,448 | 989,907,791 | 3,368,381 | 3,293,556 | ||
Intangible Assets | 111,834 | 90,699 | 111,834 | 90,699 | ||
Right of Use Asset | 33,613,026 | 35,906,282 | 8,891,930 | 11,609,091 | ||
Investments | - | - | 190,250,000 | 190,250,000 | ||
Investment Property | 755,727 | 755,727 | 755,727 | 755,727 | ||
Deferred Tax Asset | 25,086,271 | 26,092,076 | 23,098,547 | 24,155,088 | ||
1,048,683,306 | 1,052,752,575 | 226,476,419 | 230,154,161 | |||
Current Assets | ||||||
Inventories | 4,061,255 | 4,533,024 | 3,967,745 | 4,439,514 | ||
Trade Receivables | 936,196,799 | 758,353,030 | 900,580,560 | 718,524,176 | ||
Loans & Advances | 998,182,922 | 862,293,083 | 998,182,922 | 862,293,083 | ||
Other Receivables, Prepayments and Advances | 35,041,833 | 19,199,692 | 19,369,548 | 8,211,912 | ||
Income Tax Receivable | - | 6,573,995 | - | 6,573,995 | ||
Short Term Investments | 33,009,245 | 33,009,245 | 33,009,245 | 33,009,245 | ||
Cash and Cash Equivalents | 145,207,764 | 105,591,797 | 126,126,952 | 103,241,568 | ||
2,151,699,818 | 1,789,553,866 | 2,081,236,972 | 1,736,293,493 | |||
3,200,383,124 | 2,842,306,441 | 2,307,713,391 | 1,966,447,654 | |||
Capital and Reserves | ||||||
Stated Capital | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||
Reserves | 425,679,440 | 425,679,440 | - | - | ||
Revenue Reserves | 459,444,407 | 414,843,255 | 269,372,613 | 238,459,767 | ||
Total Equity | 985,123,847 | 940,522,695 | 369,372,613 | 338,459,767 | ||
Non Current Liabilities | ||||||
Retirement Benefit Obligation | 50,941,919 | 61,911,305 | 43,526,174 | 54,494,939 | ||
Deferred Tax Liability | 169,944,090 | 170,228,261 | 284,089 | 314,227 | ||
Lease Liability- RoU Asset | - | 2,058,217 | - | 2,058,216 | ||
Long Term Interest Bearing Borrowings | 58,928,577 | 75,000,006 | - | - | ||
279,814,586 | 309,197,789 | 43,810,263 | 56,867,382 | |||
Current Liabilities | ||||||
Interest Bearing Borrowings | 64,285,710 | 64,285,710 | - | - | ||
Trade Payables | 1,044,859,943 | 875,156,226 | 1,113,504,607 | 943,976,283 | ||
Interest Bearing Borrowings on Client Financing | 714,000,000 | 593,000,000 | 714,000,000 | 593,000,000 | ||
Sundry Creditors including Accrued Expenses | 79,374,372 | 45,699,248 | 37,917,173 | 19,438,775 | ||
Lease Liability- RoU Asset | 10,352,077 | 10,717,965 | 11,193,898 | 12,374,358 | ||
Income Tax Payable | 19,021,065 | 1,395,719 | 14,363,313 | - | ||
Bank Overdraft | 3,551,524 | 2,331,089 | 3,551,524 | 2,331,089 | ||
1,935,444,691 | 1,592,585,957 | 1,894,530,515 | 1,571,120,505 | |||
Total Liabilities | 2,215,259,277 | 1,901,783,746 | 1,938,340,778 | 1,627,987,887 | ||
Total Equity and Liabilities | 3,200,383,124 | 2,842,306,441 | 2,307,713,391 | 1,966,447,654 | ||
- | - | - | - | |||
Net Assets per Share (Rs.) | 3.79 | 3.62 | 1.42 | 1.30 | ||
These financial statements are in compliance with the requirements of the Companies Act No 7 of 2007 | ||||||
Sgd. | - | - | - | - | ||
R.E. Munasinghe | ||||||
Senior Vice President - Finance |
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Signed on behalf of the Board by | |
Sgd. | Sgd. |
A.R. Cooke | Y. Kuruneru |
Director | Director |
August 8, 2022 |
2
ASIA SIYAKA COMMODITIES PLC
STATEMENT OF COMPREHENSIVE INCOME
GROUP | COMPANY | ||||||||||
For the period ended 30 June | 2022 | 2021 | 2022 | 2021 | Variance % | 2022 | 2021 | 2022 | 2021 | Variance | |
% | |||||||||||
Quarter | Quarter | Cumulative | Cumulative | Quarter | Quarter | Cumulative | Cumulative | ||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||
Gross Revenue | 277,081,864 | 164,847,892 | 277,081,864 | 164,847,892 | 68 | 202,480,425 | 102,678,623 | 202,480,425 | 102,678,623 | 97 | |
Cost of Sales | (690,110) | (328,207) | (690,110) | (328,207) | 110 | (690,110) | (328,207) | (690,110) | (328,207) | 110 | |
Net Revenue | 276,391,754 | 164,519,685 | 276,391,754 | 164,519,685 | 68 | 201,790,315 | 102,350,416 | 201,790,315 | 102,350,416 | 97 | |
Other Income and Gains | 6,992,222 | 4,763,531 | 6,992,222 | 4,763,531 | 47 | 5,557,151 | 3,101,248 | 5,557,151 | 3,101,248 | 79 | |
Selling & Distribution Costs | (17,267,214) | (11,757,277) | (17,267,214) | (11,757,277) | 47 | (14,286,139) | (9,269,991) | (14,286,139) | (9,269,991) | 54 | |
Administrative Expenses | (128,857,570) | (114,379,330) | (128,857,570) | (114,379,330) | 13 | (73,906,346) | (64,030,234) | (73,906,346) | (64,030,234) | 15 | |
Finance Cost | (34,987,876) | (14,302,468) | (34,987,876) | (14,302,468) | 145 | (34,922,715) | (11,973,050) | (34,922,715) | (11,973,050) | 192 | |
Finance Income | 2,446,533 | 993,671 | 2,446,533 | 993,671 | 146 | 2,444,291 | 991,052 | 2,444,291 | 991,052 | 147 | |
Profit/(Loss) Before Tax | 104,717,849 | 29,837,812 | 104,717,849 | 29,837,812 | 251 | 86,676,557 | 21,169,441 | 86,676,557 | 21,169,441 | 309 | |
Income Tax Expense | (26,316,697) | (6,756,673) | (26,316,697) | (6,756,673) | 289 | (21,963,711) | (4,692,439) | (21,963,711) | (4,692,439) | 368 | |
Profit/(Loss) for the Year | 78,401,152 | 23,081,139 | 78,401,152 | 23,081,139 | 240 | 64,712,846 | 16,477,002 | 64,712,846 | 16,477,002 | 293 | |
Other Comprehensive Income | |||||||||||
Actuarial Gain/(Loss) for the year | - | - | - | - | - | - | - | - | - | - | |
Income Tax Effect | - | - | - | - | - | - | - | - | - | - | |
Revaluation Surplus | - | - | - | - | - | - | - | - | - | - | |
Income Tax Effect | - | - | - | - | - | - | - | - | - | - | |
Other Comprehensive Income for the year, net of tax | - | - | - | - | - | - | - | - | - | - | |
Total Comprehensive Income for the year, net of tax | |||||||||||
78,401,152 | 23,081,139 | 78,401,152 | 23,081,139 | 240 | 64,712,846 | 16,477,002 | 64,712,846 | 16,477,002 | 293 | ||
Basic Earnings Per Share (Rs.) | 0.30 | 0.09 | 0.30 | 0.09 | 0.25 | 0.06 | 0.25 | 0.06 | |||
3
ASIA SIYAKA COMMODITIES PLC
STATEMENT OF CHANGES IN EQUITY
STATED | REVALUATION | ACCUMULATED | TOTAL | ||||
CAPITAL | RESERVES | PROFITS | |||||
Rs. | Rs. | Rs. | Rs. | ||||
GROUP | |||||||
As at 01 April 2021 | 100,000,000 | 471,271,029 | 307,164,393 | 878,435,422 | |||
Net Profit for the period | - | - | 23,081,139 | 23,081,139 | |||
Other Comprehensive Income | - | - | - | - | |||
Total Comprehensive Income | - | - | 23,081,139 | 23,081,139 | |||
Dividend Paid | - | - | - | - | |||
As at 30 June 2021 | 100,000,000 | 471,271,029 | 330,245,532 | 901,516,561 | |||
As at 01 April 2022 | 100,000,000 | 425,679,440 | 414,843,255 | 940,522,695 | |||
Net Profit for the period | - | - | 78,401,152 | 78,401,152 | |||
Other Comprehensive Income | - | - | - | - | |||
Total Comprehensive Income | - | - | 78,401,152 | 78,401,152 | |||
Dividend Paid | - | - | (33,800,000) | (33,800,000) | |||
As at 30 June 2022 | 100,000,000 | 425,679,440 | 459,444,407 | 985,123,847 | |||
COMPANY | |||||||
As at 01 April 2021 | 100,000,000 | - | 146,568,743 | 246,568,743 | |||
Net Profit/(Loss) for the period | - | - | 16,477,002 | 16,477,002 | |||
Other Comprehensive Income | - | - | - | - | |||
Total Comprehensive Income | - | - | 16,477,002 | 16,477,002 | |||
Dividend Paid | - | - | - | - | |||
As at 30 June 2021 | 100,000,000 | - | 163,045,745 | 263,045,745 | |||
As at 01 April 2022 | 100,000,000 | - | 238,459,767 | 338,459,767 | |||
Net Profit/(Loss) for the period | - | - | 64,712,846 | 64,712,846 | |||
Other Comprehensive Income | - | - | - | - | |||
Total Comprehensive Income | - | - | 64,712,846 | 64,712,846 | |||
Dividend Paid | - | - | (33,800,000) | (33,800,000) | |||
As at 30 June 2022 | 100,000,000 | - | 269,372,613 | 369,372,613 | |||
4
ASIA SIYAKA COMMODITIES PLC
STATEMENT OF CASHFLOWS
GROUP | COMPANY |
For the period ended 30 June | 2022 | 2021 | 2022 | 2021 | ||
Rs. | Rs. | Rs. | Rs. | |||
CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES | ||||||
Profit before Income Tax Expense | 104,717,849 | 29,837,812 | 86,676,557 | 21,169,441 | ||
Adjustment for: | ||||||
Depreciation/Amortization | 18,639,889 | 19,107,598 | 379,539 | 440,959 | ||
Depreciation - Right of Use Asset | 2,293,254 | 2,134,732 | 2,717,160 | 2,793,636 | ||
Provision for Retiring Gratuity | 2,923,248 | 5,721,900 | 2,510,499 | 4,740,900 | ||
Finance Income | (2,446,533) | (993,671) | (2,444,291) | (991,052) | ||
Provision/(Reversal) for Impairment of Loans and Advances | 7,001,059 | 3,584,244 | 7,001,059 | 3,584,244 | ||
Provision/(Reversal) for Impairment of Trade Receivables | 298,988 | 56,227 | 86,967 | (50,177) | ||
Finance Cost | 34,987,876 | 14,302,468 | 34,922,715 | 11,973,050 | ||
Operating Profit before Working Capital Changes | 168,415,630 | 73,751,310 | 131,850,205 | 43,661,001 | ||
Changes in Inventories | 471,769 | 119,179 | 471,769 | 119,178 | ||
Changes in Trade and Other Receivables | (193,984,898) | (47,956,312) | (193,300,987) | (42,506,162) | ||
Changes in Loans and Advances | (142,890,898) | (171,393,752) | (142,890,898) | (171,393,752) | ||
Changes in Interest Bearing Borrowings on Client Financing | 121,000,000 | 156,562,740 | 121,000,000 | 156,562,740 | ||
Changes in Trade and Other Payables | 203,378,841 | (91,129,125) | 188,006,722 | (85,545,285) | ||
156,390,444 | (80,045,960) | 105,136,811 | (99,102,280) | |||
Income Tax Paid | (1,395,722) | - | - | - | ||
Defined Benefit Plan Costs Paid | (13,892,634) | (2,817,683) | (13,479,264) | (2,658,613) | ||
Finance Cost Paid | (34,587,056) | (13,560,898) | (34,476,218) | (11,085,761) | ||
Net Cash from Operating Activities | 106,515,032 | (96,424,541) | 57,181,329 | (112,846,654) | ||
CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES | ||||||
Acquisition of Property, Plant & Equipment and Intangible Assets | (17,869,681) | (4,992,186) | (475,499) | (336,001) | ||
Finance Income Received | 2,446,533 | 993,671 | 2,444,291 | 991,052 | ||
(15,423,148) | (3,998,515) | 1,968,792 | 655,051 | |||
CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES | ||||||
Dividend Paid | (33,800,000) | - | (33,800,000) | - | ||
Repayment of Borrowings | (16,071,429) | (16,071,428) | - | - | ||
Repayments Under Lease Liabilities | (2,824,923) | (3,319,984) | (3,685,172) | (4,415,293) | ||
Net Cash Used in Financing Activities | (52,696,352) | (19,391,412) | (37,485,172) | (4,415,293) | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | 38,395,532 | (119,814,468) | 21,664,949 | (116,606,896) | ||
Cash and Cash Equivalents at the Beginning of the period | 103,260,708 | 134,298,598 | 100,910,479 | 130,571,027 | ||
Cash and Cash Equivalents at the End of the period | 141,656,240 | 14,484,130 | 122,575,428 | 13,964,131 | ||
Analysis of Cash and Cash Equivalents | ||||||
Favourable Balance | ||||||
Cash at Bank and in Hand | 145,207,764 | 19,923,562 | 126,126,952 | 19,403,563 | ||
Unfavourable Balance | ||||||
Bank Overdrafts on Client Financing | - | - | - | - | ||
Bank Overdrafts | (3,551,524) | (5,439,432) | (3,551,524) | (5,439,432) | ||
141,656,240 | 14,484,130 | 122,575,428 | 13,964,131 |
5
This is an excerpt of the original content. To continue reading it, access the original document here.