Serendib Land PlcCSELK: SLND.N0000

Quarterly Financial Statements for the three months period ended 30th June 2024

Aug 8, 2024 at 11:07 AM UTC · Issued by Serendib Land PLC

SERENDIB LAND PLC

QUARTERLY FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED JUNE 30, 2024

Registered Office

HQ COLOMBO (LEVEL 4), NO. 464A, T.B. JAYAH MAWATHA,

COLOMBO 10.

SERENDIB LAND PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

THREE MONTHS ENDED 30 JUNE 2024

	Unaudited	Unaudited	Variance
	3 months Period	3 months Period	%
	ended	ended
	30.06.2024	30.06.2023
	Rs.	Rs.
Revenue	6,761,661	6,761,661	-
Direct Operating Expenses	(343,599)	(343,599)	(0.00)
Gross profit/(Loss)	6,418,062	6,418,062	0.00
Other Income	1,337,129	2,594,433	(48.46)
Administrative expenses	(867,803)	(750,279)	15.66
Profit/(Loss) Before taxation	6,887,388	8,262,216	(16.64)
Income Tax Expenses	(2,066,216)	(2,478,665)	(16.64)
Net profit/(Loss) for the period	4,821,172	5,783,551	(16.64)
Other Comprehensive income (OCI)
Items that are or may be reclassified to profit or loss
- Net change in fair value of financial assets - available for sale	112,726	(384,620)
Total comprehensive income net of tax	4,933,897	5,398,931
Earnings per share (Rs.)	13.39	16.07

The above figures are provisional & subject to audit

Figures in brackets indicate deductions.

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SERENDIB LAND PLC

STATEMENT OF FINANCIAL POSITION

AS AT 30TH JUNE 2024

	Unaudited	Unaudited	Unaudited
	As at	As at	As at
	30.06.2024	30.06.2023	31.03.2024
	Rs	Rs	Rs
ASSETS
NON-CURRENT ASSETS
Investment Property	705,250,000	635,475,000	705,250,000
Right of use Assets	1,032,540	1,050,734	1,037,088
	706,282,540	636,525,734	706,287,088
CURRENT ASSETS
Trade & Other Receivable	16,588,035	16,941,636	20,092,733
Short Term Investment	54,179,003	48,474,910	52,976,030
Income Tax Receivable	1,085,805	-	972,669
Investment in Equity Securities	7,047,639	6,022,380	6,934,913
Cash & Cash Equivalents	11,263,299	10,212,393	3,741,417
	90,163,781	81,651,318	84,717,762
TOTAL ASSETS	796,446,320	718,177,053	791,004,850
EQUITY AND LIABILITIES
CAPITAL & RESERVES
Stated Capital	100,000,800	100,000,800	100,000,800
Retained Earnings	77,809,103	132,554,465	72,987,931
Financial Assets FVOCI Reserve	2,985,517	1,960,259	2,872,792
Other Reserves	495,602,700	425,827,700	495,602,700
Shareholders' fund	676,398,121	660,343,225	671,464,223
NON-CURRENT LIABILITIES
Deferred Tax Liability	103,923,728	42,592,525	103,923,728
Lease liability	752	752	702
	103,924,480	42,593,277	103,924,430
CURRENT LIABILITIES
Other Payables	15,400,213	13,763,246	14,945,583
Lease liabilities	113	113	138
Dividend Payable	488	4,150	-
Income Tax Payable	-	1,473,041	-
Bank over draft	722,905	-	670,475
	16,123,719	15,240,551	15,616,196
TOTAL EQUITY AND LIABILITIES	796,446,320	718,177,053	791,004,850

The above figures are provisional & subject to audit.

These financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.

07 August 2024

Colombo,

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SERENDIB LAND PLC

STATEMENT OF CHANGES IN EQUITY

THREE MONTHS ENDED 30 JUNE 2024

			Financial
	Stated Capital	Other Reserve	assets-FVOCI	Retained Earnings	Total
			reserve
	Rs.	Rs.	Rs.	Rs.	Rs.
Balance as at April 1, 2023	100,000,800	425,827,700	2,344,879	126,770,914	654,944,293
Net Profit for the Period	-	-	-	5,783,551	5,783,551
Final Dividend	-	-	-	-	-
Other Comprehensive Income	-	-	(384,620)	-	(384,620)
Balance as at June 30, 2023 (Un-audited)	100,000,800	425,827,700	1,960,259	132,554,465	660,343,224
Balance as at April 1, 2024	100,000,800	495,602,700	2,872,792	72,987,931	671,464,223
Net Profit for the Period	-	-	-	4,821,172	4,821,172
Final Dividend	-	-	-	-	-
Other Comprehensive Income	-	-	112,726	-	112,726
Balance as at June 30, 2024 (Un-audited)	100,000,800	495,602,700	2,985,517	77,809,103	676,398,121
Figures in brackets indicate deductions.

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SERENDIB LAND PLC

CASH FLOW STATEMENT

THREE MONTHS ENDED 30 JUNE 2024

			Cumulative Cash Flows
	Unaudited	Unaudited	Unaudited	Unaudited
	3 Months	3 Months	3 months Period	3 months Period
	ended	ended	ended	ended
	Rs.	Rs.	Rs.	Rs.
CASH FLOW FROM OPERATING ACTIVITIES	30.06.2024	30.06.2023	30.06.2024	30.06.2023
Profit/(Loss) before Taxation	6,887,388	8,262,216	6,887,388	8,262,216
Adjustments for:
Lease Interest	25	25	25	25
Amortization of Right to use asset	4,549	4,549	4,549	4,549
Interest Income	(1,337,129)	(2,594,433)	(1,337,129)	(2,594,433)
Change in fair value of investment property	-	-	-	-
Operating Cash flows before working capital changes	5,554,833	5,672,357	5,554,833	5,672,357
(Increase )/ Decrease in receivables	2,183,107	2,056,288	2,183,107	2,056,288
Increase / (Decrease) in payables	455,118	19,545	455,118	19,545
Cash generated from operating activities	8,193,058	7,748,190	8,193,058	7,748,190
Income tax paid	(1,114,552)	(880,883)	(1,114,552)	(880,883)
Net cash generated from operating activities	7,078,506	6,867,307	7,078,506	6,867,307
CASH FLOW FROM INVESTING ACTIVITIES
Interest Received	1,593,918	2,486,101	1,593,918	2,486,101
Withdrawal /(Investment )in Short Term Investment	(1,202,973)	(2,802,621)	(1,202,973)	(2,802,621)
Net cash flow used in investing activities	390,945	(316,520)	390,945	(316,520)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend Paid	-	-	-	-
Lease Rental Payment	-	-	-	-
Net cash flow used in finance activities	-	-	-	-
Net Increase / (Decrease) in cash and cash equivalents	7,469,451	6,550,787	7,469,451	6,550,787
Cash and cash equivalents at the beginning of the period	3,070,942	3,661,605	3,070,942	3,661,605
	10,540,393	10,212,392	10,540,393	10,212,391
Figures in brackets indicate deductions.
Cash and cash equivalents at the end of the period
Cash & Cash Equivalents	11,263,299	10,212,393	11,263,299	10,212,393
Bank Overdraft	(722,905)		(722,905)
	10,540,393	10,212,393	10,540,393	10,212,393

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SERENDIB LAND PLC

NOTES TO THE FINANCIAL STATEMENTS

01. Corporate information

Serendib Land PLC is a limited liability company listed in the Colombo Stock Exchange and domiciled in Sri Lanka. The Registered Office of the Company is located at HQ Colombo (Level 4), No. 464A, T.B. Jayah Mawatha, Colombo 10.

02. Basis of Preparation

The interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard-LKAS 34 Interim Financial Reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2024. The financial statements provide information as required in terms of Rule 7.4 of the Colombo Stock Exchange.

The financial statements are provisional and subject to audit.

The interim financial statements have been prepared on a historical cost basis except for financial instruments.

The interim financial statements are presented in Sri Lankan rupees and all values are rounded to the nearest thousand except when otherwise indicated.

03. Significant Accounting Policies

The accounting policies adopted for the current interim period are consistent with those of the previous financial year (2023/2024) except as described below.

4. Financial Instruments

Sri Lanka Accounting Standard - SLFRS 9 on "Financial Instruments

The Sri Lanka Accounting Standard - SLFRS 9 on "Financial Instruments", which replaces the existing guidance on LKAS 39 on "Financial Instruments: Recognition and Measurement" has become effective for annual reporting periods beginning on or after January 01, 2018. SLFRS 9 replaces the "Incurred Loss Model" in LKAS 39 with forward looking "Expected Loss Model ("ECL") which requires considerable judgement over how changes in economic factors affect ECL, which in turn is to be determined on a probability weighted basis. SLFRS 9 also contains a new classification and measurement approach for financial assets that reflects the business model in which assets are managed based on their cash flow characteristics.

Based on the "Statement of Alternative Treatment (SoAT) on the Figures in the Interim Financial Statements" issued by The Institute of Chartered Accountants of Sri Lanka entities are granted with the option to prepare Interim Financial Statements continuing the application of LKAS 39 with disclosures on impact to the Income Statement and Statement of Profit or Loss and Other Comprehensive Income for the period if SLFRS 9 has been applied.

05. Fair value measurement and related fair value disclosures

As at reporting date there were no significant differences in the comparison made between fair value and carrying value of financial assets and liabilities.The fair value changes in financial instruments were properly recorded in the Statement of Profit or Loss and Other Comprehensive Income as at reporting date.

06. Contingent liabilities

There were no material contingent liabilities as at 30th June 2024.

07. Subsequent event

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus disease ("COVID-19") as a pandemic. The extent of COVID-19's effect on the Company's operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic. As a result of the uncertainty and difficulty to predict, adverse impact to the Company's business may occur. Such potential impact is unknown for the period under consideration .

No other events have been occurred since the date of the statement of financial position which would require adjustments to or disclosure in the financial statements.

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SHAREHOLDERS' INFORMATION

	Un-audited	Un-audited
	30.06.2024	30.06.2023
Earnings per Ordinary Share (Rs.)	13.39	16.07
Net Assets per Share (Rs.)	1695.63	1655.39
Debt/Equity Ratio (%)	-	-
Current Ratio (Times)	5.59	5.36

SERENDIB LAND PLC

ADDITIONAL INFORMATION FOR THE QUARTERLY STATEMENTS

THREE MONTHS ENDED 30 JUNE 2024

1. Share Information

Information pertaining to the shares traded during the Quarter ended 30 June 2024 extracted from the website of the Colombo Stock Exchange, is set out below:

Period	2024-2	2023-2
Date High	30-Apr-24	2-May-23
High Rs.	1,399.50	1,400.00
Date Low	22-Apr-24	20-Apr-23
Low Rs.	1,231.00	1,200.00
Close Rs.	1,334.75	1,380.00
Trade Vol.	74	146
Share Vol.	911	1,484
Turn Over Rs.	1,196,779.25	2,001,600.50
Last traded Date	24-Jun-24	27-Jun-23
Days Traded	18	38
Directors' Shareholding
	As at	As at
	30.06.2024	30.06.2023
Mr. S. Nagendra	-	-
Dr. (Ms.) Y. Ponnambalam	-	-
Mr. Gajendrakumar G. Ponnambalam	-	-
Dr. (Ms.) M.Ponnambalam	-	-
Ms. D. Sivaprakasapillai	-	-
Mr. Ramesh Schaffter - (Nominee Director)	-	-
Dr. J. M. Swaminathan	-	-
Mr. T Someswaran	-	-
Total Number of Shareholders	366	384
Total number of shares of the company	398,906	398,906
Number of Public Shareholders As at 30 June 2024	358	376

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The Public Holding Percentage

As at 30 June, 2024, the public holding of the Company was 10.78% .

The float adjusted market capitalization as at 30 June 2024 was Rs. 57,397,009/=

At the request of the Company Serendib Land PLC was transferred to the Diri Savi Board of the Colombo Stock Exchange with effect from 10th May 2021.

As at 30 June, 2024, the public holding of the Company was 10.78% . The float adjusted market capitalization as at 30 June 2024 was Rs. 57,397,009/- with 358 public shareholders, making the Company compliant with Minimum Public Holding Requirement prescribed under the Continuous Listing Requirements set out under Option 2 of Rule 7.13.1(b) of the Listing Rules of the CSE, which requires an entity listed on the Diri Savi Board with a Float Adjusted Market Capitalisation of less than Rs. 1 Billion, to maintain a minimum public Holding of 10% with a minimum of 200 public shareholders.

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SERENDIB LAND PLC

ADDITIONAL INFORMATION FOR THE QUARTERLY STATEMENTS

THREE MONTHS ENDED 30 JUNE 2024

2. 20 Largest Shareholders

	20 Major Shareholders	30.06.2024
		Shares	%
2	GEE GEES PROPERTIES (PVT) LTD	85,027	21.32
3	GITANJALI GAJALUCKSHMI (PVT) LTD	85,187	21.36
4	JANASHAKTHI INSURANCE PLC-SHAREHOLDERS	51,252	12.85
5	AIA INSURANCE LANKA LIMITED A/C NO. 03 (AIA INSURA	28,492	7.14
6	D.G. WIJEMANNA	5,049	1.27
7	O. D LIYANAGE	4,500	1.13
8	M.F CADER	3,503	0.88
9	MS. S.Z OSSMAN	2,437	0.61
10	A. SAVERIMUTTU	2,220	0.56
11	OSSMAN ASSOCIATES (PVT) LTD	1,971	0.49
12	MRS. N. GUNATILLEKE	1,661	0.42
13	G.C.W. DE SILVA(DECEASED)	1,342	0.34
14	U.I SURIYABANDARA	927	0.23
15	K.T. WICKREMARATNE	831	0.21
16	COLOMBO INVESTMENT TRUST PLC	711	0.18
17	G.C. GOONETILLEKE	626	0.16
18	DR. M.S.P. WIJENAYAKE	614	0.15
19	D.N.P. RATHNAYAKE	607	0.15
20	C.L. IDDAMALGODA	600	0.15

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