On'ally
Holdings
PLC
23rd August 2024
Mr Renuke Wijayawardhane
Chief Regulatory Officer
Colombo Stock Exchange
World Trade Centre
Echelon Square
Colombo 01
Dear Sir,
Audited Financial Statements for the year ended 3ist March 2024 (Revised) On'ally Holdings PLC- PQ 107
We regret to inform you that a typesetting error was discovered in the audited financial statements for the year ended 31st March 2024, which were uploaded to the Colombo Stock Exchange on 21st August 2024.
We kindly request that the uploaded document be replaced with the corrected version, which is attached herewith. We sincerely apologize for any inconvenience this may cause and appreciate your prompt attention to this matter. Thank you for your understanding and cooperation.
Yours faithfully,
On'ally Holdings PLC
Mrs T Sarveshwaran
Executive Director -Operations
ON'ALLY HOLDINGS PLC
FINANCIAL STATEMENTS
31 MARCH 2024
NDeS/RPA/AD
INDEPENDENT AUDITOR'S REPORT
TO THE SHAREHOLDERS OF ON'ALLY HOLDINGS PLC
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of On'ally Holdings PLC ("the Company"), which comprise the statement of financial position as of 31 March 2024 and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flow for the year then ended, and notes to the financial statements, including material accounting policy information.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as of 31 March 2024, and of its financial performance and its cash flows for the year then ended in accordance with Sri Lanka Accounting Standards.
Basis for opinion
We conducted our audit in accordance with Sri Lanka Auditing Standards (SLAuSs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics for Professional Accountants issued by CA Sri Lanka (Code of Ethics) and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.
(Contd…2/)
EY2024082223591
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Key audit matter | How | our audit addressed the key audit |
matter | ||
Assessment of fair value of land and buildings | Our audit procedures included the following | |
key procedures: | ||
Property, Plant and Equipment and Investment | ||
Properties include land and buildings carried at fair | ||
value. The fair value of land and buildings were | • | Assessed the competency, capability |
determined by external valuers engaged by the | and objectivity of the external valuer | |
Group. | engaged by the Company. | |
This was a key audit matter due to: | • | Read the external valuer's report and |
• The materiality of the reported fair value of land | understood the key estimates made and | |
and buildings which amounted to Rs. 4.3 Bn | the approach taken by the valuer in | |
representing 89% of the Group's total assets as of | determining the valuation of the | |
the reporting date; and | property. | |
• The degree of assumptions, judgements and | ||
estimation uncertainties associated with fair | • | Assessed the reasonableness of |
valuation of land and buildings using the income | significant assumptions, judgements | |
approach. | and estimates made by the valuer such | |
Key areas of significant judgments, estimates and | as estimated rental yield per square | |
foot, Estimated maintenance cost and | ||
assumptions used in assessing the fair value of land | other outgoings, Discount rate, | |
and buildings, as disclosed in Notes 12 and 13 to the | Terminal capitalization rate, Growth | |
financial statements, included judgements involved in | rate and valuation techniques as | |
ascertaining the appropriate valuation techniques and | relevant in assessing the fair value of | |
estimates such as: | the property. | |
• Estimated rental yield per square foot | We also assessed the adequacy of the | |
• Estimated maintenance cost and other outgoings | disclosures made in Notes 12 and 13 to the | |
• Discount rate | financial statements. | |
• Terminal capitalization rate | ||
• Growth rate |
Other information included in The Company's 2024 Annual Report
Other information consists of the information included in the Annual Report, other than the financial statements and our auditor's report thereon. Management is responsible for the other information. The Annual report is expected to be made available to us after the date of this auditor's report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
(Contd…3/-)
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Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with Sri Lanka accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SLAuSs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SLAuSs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls of the Company.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
(Contd…4/)
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- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
As required by section 163 (2) of the Companies Act No. 07 of 2007, we have obtained all the information and explanations that were required for the audit and as far as appears from our examination, proper accounting records have been kept by the Company.
CA Sri Lanka membership number of the engagement partner responsible for signing this independent auditor's report is 1864.
14 August 2024
Colombo.
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On'ally Holdings PLC
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
Note | 2024 | 2023 | |
ASSETS | Rs. | Rs. | |
Non-Current Assets | |||
Property, plant and equipment | 12 | 116,011,390 | 86,267,314 |
Investment properties | 13 | 4,240,000,000 | 3,422,500,000 |
Intangible asset | 14 | 6,875,745 | 9,229,958 |
4,362,887,135 | 3,517,997,272 | ||
Current Assets | |||
Inventory | 3,122,562 | 1,254,744 | |
Trade and other receivables | 15 | 79,027,391 | 262,047,750 |
Short term investments | 16 | 20,493,312 | 380,896,619 |
Cash and cash equivalents | 17 | 310,436,808 | 73,548,999 |
413,080,073 | 717,748,112 | ||
Total Assets | 4,775,967,208 | 4,235,745,384 | |
EQUITY AND LIABILITIES | |||
Capital and Reserves | |||
Stated capital | 18 | 279,493,203 | 279,493,203 |
Revaluation reserve | 83,463,409 | 60,051,117 | |
Retained earnings | 3,015,258,580 | 2,660,734,487 | |
Total Equity | 3,378,215,192 | 3,000,278,807 | |
Non-Current Liabilities | |||
Trade and other payables | 19 | 109,488,202 | 41,606,392 |
Retirement benefit liability | 20 | 16,748,889 | 11,484,417 |
Deferred tax liabilities | 10.2 | 1,186,047,097 | 1,015,053,408 |
1,312,284,188 | 1,068,144,217 | ||
Current Liabilities | |||
Trade and other payables | 19 | 76,627,244 | 114,444,256 |
Income tax payable | 8,840,584 | 52,878,104 | |
85,467,828 | 167,322,360 | ||
Total Equity and Liabilities | 4,775,967,208 | 4,235,745,384 |
These Financial statements are in Compliance with the requirements of the Companies Act No 7 of 2007.
Accountant
The Board of Directors is responsible for these Financial Statements. Signed for and on behalf of the Board by;
Managing Director | Executive Director - Operations |
14 August 2024 | |
Colombo | 05 |
On'ally Holdings PLC
STATEMENT OF PROFIT OR LOSS
Year Ended 31 March 2024
Notes | 2024 | 2023 | ||
Rs. | Rs. | |||
Revenue from contracts with customers | 6 | 286,314,201 | 279,978,718 | |
Gross profit | ||||
286,314,201 | 279,978,718 | |||
Other operating income | 7 | 12,016,051 | 12,097,898 | |
Other operating expense | (149,829,881) | (103,384,899) | ||
Operating profit | 148,500,371 | 188,691,717 | ||
Fair value gain on investment property | 13 | 524,213,506 | 413,426,553 | |
Finance income | 8 | 59,479,708 | 122,251,964 | |
Profit/(Loss) before Tax | 9 | 732,193,585 | 724,370,234 | |
Income tax expense | 10 | (161,800,613) | (379,609,789) | |
Profit/(Loss) for the year | ||||
570,392,972 | 344,760,445 | |||
Earnings per share - basic | 11.2 | 6.13 | 3.71 | |
Earnings per share (Exclusive of fair value gain) | 11.2 | 2.24 | 2.51 |
The Accounting Policies and Notes on pages 10 through 34 form an integral part of the Financial Statements.
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On'ally Holdings PLC
STATEMENT OF COMPREHENSIVE INCOME
Year Ended 31 March 2024
Note | 2024 | 2023 | ||
Rs. | Rs. | |||
Profit for the year | 570,392,972 | 344,760,445 | ||
Other comprehensive income/(loss) | ||||
Other comprehensive income/(loss) not to be reclassified to profit or | ||||
loss in subsequent periods | ||||
Actuarial gain/(loss) on defined benefit plans | 20.1 | (5,230,457) | 1,038,089 | |
Deferred Income tax effect | 1,569,137 | (311,427) | ||
Gain on revaluation of building | 12.1 | 35,874,047 | 8,408,331 | |
Deferred Income tax effect | (10,762,214) | (2,522,499) | ||
Net other comprehensive income/(loss) not to be reclassified to profit or | ||||
loss in subsequent periods | 21,450,513 | 6,612,494 | ||
Other comprehensive income/(loss) for the year, net of tax | ||||
21,450,513 | 6,612,494 | |||
Total comprehensive income/(loss) for the year, net of tax | ||||
591,843,484 | 351,372,939 | |||
The Accounting Policies and Notes on pages 10 through 34 form an integral part of the Financial Statements.
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On'ally Holdings PLC
STATEMENT OF CHANGES IN EQUITY
Year Ended 31 March 2024
Stated | Revaluation | Retained | Total | ||||
Capital | Reserve | Earnings | |||||
Rs. | Rs. | Rs. | Rs. | ||||
Balance as at 01 April 2022 | 279,493,203 | 55,743,634 | 2,508,975,513 | 2,844,212,350 | |||
Profit for the year | - | - | 344,760,445 | 344,760,445 | |||
Other Comprehensive income/loss | - | 5,885,832 | 726,663 | 6,612,495 | |||
Total Comprehensive income | |||||||
- | 5,885,832 | 345,487,108 | 351,372,940 | ||||
Depreciation transfer | - | (1,578,349) | 1,578,349 | - | |||
Dividends paid | - | - | (195,306,483) | (195,306,483) | |||
Balance as at 31 March 2023 | |||||||
279,493,203 | 60,051,117 | 2,660,734,487 | 3,000,278,807 | ||||
Profit for the year | - | - | 570,392,972 | 570,392,972 | |||
Other comprehensive loss | - | 25,111,833 | (3,661,320) | 21,450,513 | |||
Total comprehensive income | |||||||
- | 25,111,833 | 566,731,652 | 591,843,485 | ||||
Depreciation transfer | - | (1,699,541) | 1,699,541 | - | |||
Dividends paid | - | - | (213,907,100) | (213,907,100) | |||
Balance as at 31 March 2024 | |||||||
279,493,203 | 83,463,409 | 3,015,258,580 | 3,378,215,192 | ||||
The Accounting Policies and Notes on pages 10 through 34 form an integral part of the Financial Statements.
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