SERENDIB LAND PLC
QUARTERLY FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 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 SEPTEMBER 2024
Unaudited | Unaudited | Variance | Unaudited | Unaudited | Variance | |
3 months Period | 3 months Period | % | 6 months | 6 months Period | % | |
ended | ended | ended | ended | |||
30.09.2024 | 30.09.2023 | 30.09.2024 | 30.09.2023 | |||
Rs. | Rs. | Rs. | Rs. | |||
Revenue | 6,761,661 | 6,761,661 | - | 13,523,322 | 13,523,322 | - |
Direct Operating Expenses | (343,599) | (343,599) | (0.0) | (687,198) | (687,199) | (0.0) |
Gross profit/(Loss) | 6,418,062 | 6,418,062 | 0.0 | 12,836,124 | 12,836,123 | 0.0 |
Other Income | 1,205,794 | 1,866,148 | (35.4) | 2,542,924 | 4,460,581 | #REF! |
Administrative expenses | (1,694,182) | (1,362,695) | 24.3 | (2,561,985) | (2,061,363) | (100.0) |
Profit/(Loss) Before taxation | 5,929,674 | 6,921,515 | (14.3) | 12,817,062 | 15,235,342 | (116.8) |
Income Tax Expenses | (1,778,902) | (2,076,455) | (14.3) | (3,845,119) | (4,555,119) | (251.2) |
Net profit/(Loss) for the period | 4,150,772 | 4,845,061 | (14.3) | 8,971,944 | 10,680,222 | (136.0) |
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 | (290,047) | 819,832 | (177,321) | 435,212 | ||
Total comprehensive income net of tax | 3,860,726 | 5,664,892 | 8,794,623 | 11,115,434 | ||
Earnings per share (Rs.) | 11.53 | 13.46 | 13.39 | 29.67 |
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 SEPTEMBER 2024
Unaudited | Unaudited | Audited | |
As at | As at | As at | |
30.09.2024 | 30.09.2023 | 31.03.2024 | |
Rs | Rs | Rs | |
ASSETS | |||
NON-CURRENT ASSETS | |||
Investment Property | 740,500,000 | 705,250,000 | 740,500,000 |
Right of use Assets | 1,027,991 | 1,046,186 | 1,037,087 |
741,527,991 | 706,296,186 | 741,537,087 | |
CURRENT ASSETS | |||
Trade & Other Receivable | 15,306,657 | 16,612,967 | 23,416,981 |
Short Term Investment | 55,226,081 | 50,132,102 | 52,976,030 |
Investment in Equity Securities | 6,757,592 | 6,842,212 | 6,934,913 |
Income Tax Receivable | 2,165,190 | - | - |
Cash & Cash Equivalents | 13,159,204 | 14,090,758 | 3,741,417 |
92,614,723 | 87,678,038 | 87,069,341 | |
TOTAL ASSETS | 834,142,715 | 793,974,224 | 828,606,428 |
EQUITY AND LIABILITIES | |||
CAPITAL & RESERVES | |||
Stated Capital | 100,000,800 | 100,000,800 | 100,000,800 |
Retained Earnings | 76,090,838 | 143,389,650 | 67,118,894 |
Financial Assets FVOCI Reserve | 2,695,471 | 2,780,090 | 2,872,792 |
Other Reserves | 530,852,700 | 425,827,700 | 530,852,700 |
Shareholders' fund | 709,639,809 | 671,998,241 | 700,845,186 |
NON-CURRENT LIABILITIES | |||
Deferred Tax Liability | 109,339,491 | 103,923,948 | 109,339,490 |
Lease liability | 812 | 712 | 740 |
109,340,303 | 103,924,660 | 109,340,230 | |
CURRENT LIABILITIES | |||
Other Payables | 15,029,060 | 15,072,126 | 13,385,349 |
Lease liabilities | 78 | 78 | 100 |
Dividend Payable | 488 | 227,325 | 1,842,035 |
Income Tax Payable | - | 389,276 | 2,523,053 |
Bank over draft | 132,975 | 2,362,518 | 670,475 |
15,162,601 | 18,051,323 | 18,421,012 | |
TOTAL EQUITY AND LIABILITIES | 834,142,715 | 793,974,224 | 828,606,428 |
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.
14 November 2024 | - 2 - |
Colombo |
SERENDIB LAND PLC
STATEMENT OF CHANGES IN EQUITY
THREE MONTHS ENDED 30 SEPTEMBER 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 | 132,709,428 | 660,882,807 |
Net Profit for the Period | - | - | - | 10,680,222 | 10,680,222 |
Final Dividend | - | - | - | - | - |
Other Comprehensive Income | - | - | 435,212 | - | 435,212 |
Balance as at September 30, 2023 | 100,000,800 | 425,827,700 | 2,780,090 | 143,389,650 | 671,998,241 |
Balance as at April 1, 2024 | 100,000,800 | 530,852,700 | 2,872,792 | 67,118,894 | 700,845,186 |
Net Profit for the Period | - | - | - | 8,971,944 | 8,971,944 |
Final Dividend | - | - | - | - | - |
Other Comprehensive Income | - | - | (177,321) | - | (177,321) |
Balance as at September 30, 2024 (Un-audited) | 100,000,800 | 530,852,700 | 2,695,471 | 76,090,838 | 709,639,809 |
Figures in brackets indicate deductions. |
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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 31st 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 September 2024.
07. Subsequent event
No 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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SERENDIB LAND PLC
CASH FLOW STATEMENT
THREE MONTHS ENDED 30 SEPTEMBER 2024
Cumulative Cash Flows | ||||
Unaudited | Unaudited | Unaudited | Unaudited | |
3 Months | 3 Months | 6 months Period | 6 months Period | |
ended | ended | ended | ended | |
Rs. | Rs. | Rs. | Rs. | |
CASH FLOW FROM OPERATING ACTIVITIES | 30.09.2024 | 30.09.2023 | 30.09.2024 | 30.09.2023 |
Profit/(Loss) before Taxation | 5,929,674 | 6,921,515 | 12,817,062 | 15,235,342 |
Adjustments for: | ||||
Lease Interest | 25 | 25 | 50 | 50 |
Amortization of Right to use asset | 4,549 | 4,549 | 9,098 | 9,098 |
Interest Income | (1,205,794) | (1,866,148) | (2,542,924) | (4,460,581) |
Impairment loss on financial assets - available for sale | - | - | - | - |
Operating Cash flows before working capital changes | 4,728,454 | 5,059,941 | 10,283,287 | 10,783,909 |
(Increase )/ Decrease in receivables | 150,756 | (129,841) | 2,333,864 | 1,926,447 |
Increase / (Decrease) in payables | (652,953) | 608,780 | (197,835) | 576,715 |
Cash generated from operating activities | 4,226,257 | 5,538,880 | 12,419,315 | 13,287,071 |
Income tax paid | (1,899,138) | (4,138,681) | (3,013,690) | (5,019,564) |
Net cash generated from operating activities | 2,327,119 | 1,400,199 | 9,405,625 | 8,267,507 |
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Interest Received | 1,149,652 | 1,772,841 | 2,743,571 | 4,258,941 |
Withdrawal /(Investment )in Short Term Investment | (990,936) | (1,657,192) | (2,193,909) | (4,459,813) |
Net cash flow used in investing activities | 158,716 | 115,649 | 549,662 | (200,872) |
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Dividend Paid | - | - | - | |
Net cash flow used in finance activities | - | - | - | - |
- | ||||
Net Increase / (Decrease) in cash and cash equivalents | 2,485,836 | 1,515,848 | 9,955,287 | 8,066,636 |
Cash and cash equivalents at the beginning of the period | 10,540,393 | 10,212,392 | 3,070,942 | 3,661,605 |
13,026,229 | 11,728,241 | 13,026,229 | 11,728,241 | |
Figures in brackets indicate deductions. | ||||
Cash and cash equivalents at the end of the period | ||||
Cash & Cash Equivalents | 13,159,204 | 14,090,758 | 13,159,204 | 14,090,758 |
Bank Overdraft | (132,975) | (2,362,518) | (132,975) | (2,362,518) |
13,026,229 | 11,728,241 | 13,026,229 | 11,728,241 |
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SHAREHOLDERS' INFORMATION
Un-audited | Un-audited | |
30.09.2024 | 30.09.2023 | |
Earnings per Ordinary Share (Rs.) | 11.53 | 13.46 |
Net Assets per Share (Rs.) | 1778.96 | 1684.60 |
Debt/Equity Ratio (%) | - | - |
Current Ratio (Times) | 6.11 | 4.86 |
SERENDIB LAND PLC
ADDITIONAL INFORMATION FOR THE QUARTERLY STATEMENTS
THREE MONTHS ENDED 30 SEPTEMBER 2024
1. Share Information
Information pertaining to the shares traded during the Quarter ended 30 September 2024 extracted from the website of the Colombo Stock Exchange, is set out below:
Period | 2024-3 | 2023-3 |
Date High | 27-Sep-24 | 11-Sep-23 |
High Rs. | 1,449.75 | 1,495.00 |
Date Low | 30-Aug-24 | 4-Sep-23 |
Low Rs. | 1,250.00 | 1,300.00 |
Close Rs. | 1,334.75 | 1,434.00 |
Trade Vol. | 14 | 130 |
Share Vol. | 66 | 6,258 |
Turn Over Rs. | 87,022.75 | 8,187,091.00 |
Last traded Date | 27-Sep-24 | 22-Sep-23 |
Days Traded | 11 | 32 |
Directors' Shareholding | ||
As at | As at | |
30.09.2024 | 30.09.2023 | |
Dr. (Ms.) Y. Ponnambalam | - | - |
Mr. Gajendrakumar G. Ponnambalam | - | - |
Dr. (Ms.) M.Ponnambalam | - | - |
Mr. Ramesh Schaffter - (Nominee Director) | - | - |
Dr. J. M. Swaminathan | - | - |
Mr. T Someswaran | - | - |
Total Number of Shareholders | 365 | 383 |
Total number of shares of the company | 398,906 | 398,906 |
Number of Public Shareholders As at 30 September 2024 | 357 | 375 |
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As at 30 September, 2024, the public holding of the Company was 10.78% .
The float adjusted market capitalization as at 30 September 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 September, 2024, the public holding of the Company was 10.78% . The float adjusted market capitalization as at 30 September 2024 was Rs.57,397,009/-with 357 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 SEPTEMBER 2024
2. 20 Largest Shareholders
20 Major Shareholders | 30.09.2024 |
1 | FINCO HOLDING (PVT) LTD | 105,425 | 26.43 |
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 | 3,535 | 0.80 |
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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