Level 15, Seylan Towers, No: 90, Galle Road, Colombo 03.
Interim Financial Statements
For the year ended 31st December 2021
SEYLAN DEVELOPMENTS PLC
STATEMENT OF FINANCIAL POSITION
DEC 31, 2021 | DEC 31, 2020 | Growth | |||||
(Un Audited) | (Audited) | % | |||||
Rs '000 | Rs '000 | ||||||
Assets | |||||||
Non Current Assets | |||||||
Property, plant & equipment | 5,355 | 2,658 | 101.50 | ||||
Investment property | 5,550,656 | 5,488,880 | 1.13 | ||||
Other investments | 200,043 | 203,568 | (1.73) | ||||
Total Non Current Assets | 5,756,054 | 5,695,106 | 1.07 | ||||
Current Assets | |||||||
Inventories | 6,264 | 4,236 | 47.86 | ||||
Trade and other receivables | 37,728 | 38,416 | (1.79) | ||||
Other investments | 10,355 | 58,158 | (82.19) | ||||
Income tax receivable | 51,165 | 52,573 | (2.68) | ||||
Cash and cash equivalents | 206,434 | 69,317 | 197.81 | ||||
Total Current Assets | 311,946 | 222,701 | 40.07 | ||||
Total Assets | 6,068,000 | 5,917,807 | 2.54 | ||||
Equity and Liabilities | |||||||
Equity | |||||||
Stated capital | 1,644,392 | 1,644,392 | - | ||||
Reserves | 495,833 | 496,714 | (0.18) | ||||
Retained earnings | 3,133,404 | 2,960,814 | 5.83 | ||||
5,273,629 | 5,101,920 | 3.37 | |||||
Non Current Liabilities | |||||||
Deferred tax liability | 659,511 | 684,269 | (3.62) | ||||
659,511 | 684,269 | (3.62) | |||||
Current Liabilities | |||||||
Other liabilities | 134,860 | 131,618 | 2.46 | ||||
134,860 | 131,618 | 2.46 | |||||
Total Equity and Liabilities | 6,068,000 | 5,917,807 | 2.54 | ||||
Net Asset per Share | 35.64 | 34.48 | 3.37 |
- The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007 .
- The above figures are subject to audit and has been prepared in compliance with the Rule 7.4 of the CSE Listing Rules and Sri Lanka Accounting Standard - LKAS 34 - Interim Financial Reporting.
Sgd. | Sgd. |
Kapila Ariyaratne | Somadasa Palihawadana |
Chairman | Deputy Chairman |
Sgd. | |
Nirmala Arangalage ( Mrs ) | |
Head of Finance |
21st February 2022
SEYLAN DEVELOPMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE QUARTER ENDED | FOR THE YEAR ENDED | |||||||||||
DEC 31, | DEC 31, | Growth | DEC 31, | DEC 31, | Growth | |||||||
2021 | 2020 | 2021 | 2020 | |||||||||
(Un Audited) | (Audited) | (Un Audited) | (Audited) | |||||||||
Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | |||||||
Rental Income | 85,958 | 82,930 | 3.65 | 342,129 | 326,201 | 4.88 | ||||||
Other Income | 12,027 | 40,101 | (70.01) | 19,918 | 49,070 | (59.41) | ||||||
97,985 | 123,030 | (20.36) | 362,047 | 375,271 | (3.52) | |||||||
Operating Expenses | (24,687) | (20,313) | 21.53 | (82,400) | (86,567) | (4.81) | ||||||
73,298 | 102,717 | (28.64) | 279,647 | 288,704 | (3.14) | |||||||
Change in fair value of investment properties | 13,864 | 15,502 | (10.57) | 13,864 | 15,502 | (10.57) | ||||||
Operating Profit | 87,162 | 118,220 | (26.27) | 293,511 | 304,206 | (3.52) | ||||||
Net Finance income | 9,672 | 6,916 | 39.84 | 32,253 | 29,618 | 8.90 | ||||||
Profit Before Taxation | 96,834 | 125,136 | (22.62) | 325,764 | 333,824 | (2.41) | ||||||
Taxation | (18,839) | (25,789) | (26.95) | 25,052 | (73,609) | (134.03) | ||||||
Profit After Taxation | 77,995 | 99,347 | (21.49) | 350,816 | 260,215 | 34.82 | ||||||
Items that will not be reclassified to profit or | ||||||||||||
loss | ||||||||||||
Actuarial gain / (loss) on retirement benefit | (797) | 157 | (607) | (797) | 157 | (607) | ||||||
obligations | ||||||||||||
Revaluation of property plant & equipment | 3,075 | - | 100 | 3,075 | - | 100 | ||||||
Deferred tax on revaluation | (738) | - | 100 | (738) | - | (100) | ||||||
Impact to revaluation reserve due to tax rate | 90 | - | 100 | 90 | - | 100 | ||||||
change | ||||||||||||
Items that are or may be reclassified | ||||||||||||
subsequently to profit or loss | ||||||||||||
Net change in fair value of available for sale | 4,808 | (889) | (641) | (3,533) | 11,797 | |||||||
financial assets reclassified to profit or loss | (130) | |||||||||||
Deferred tax on components of other | (481) | (1,180) | (59) | 353 | (1,180) | (130) | ||||||
comprehensive income | ||||||||||||
Other comprehensive income for the period, | 6,439 | (1,911) | (437) | (1,549) | 10,774 | (114) | ||||||
net of income tax | ||||||||||||
Total comprehensive income for the period | 84,434 | 97,436 | (13.34) | 349,267 | 270,989 | 28.89 | ||||||
Rs | Rs | Rs | Rs | |||||||||
Earnings / (Loss) Per Share | 0.53 | 0.67 | (21.49) | 2.37 | 1.76 | 34.82 | ||||||
SEYLAN DEVELOPMENTS PLC
STATEMENT OF CHANGES IN EQUITY
Stated Capital | Capital Reserve | Revaluation | Fair Value | Retained | Total | |||||||
Reserve | Reserve | Earnings | ||||||||||
Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | |||||||
Balance as at 01.01.2020 | 1,644,392 | 525,494 | 1,627 | (41,024) | 2,863,203 | 4,993,692 | ||||||
Total Comprehensive Income for the period | ||||||||||||
Profit or Loss | - | - | - | - | 260,215 | 260,215 | ||||||
Other Comprehensive Income | ||||||||||||
Net fair value change in investment in debt | ||||||||||||
instruments measured at fair value through | ||||||||||||
other comprehensive income | - | - | - | 11,797 | - | 11,797 | ||||||
Deferred tax on components of other | ||||||||||||
comprehensive income | - | - | - | (1,180) | - | (1,180) | ||||||
Actuarial loss on defined benefit obligation | - | - | - | - | 157 | 157 | ||||||
- | - | - | 10,617 | 157 | 10,774 | |||||||
Total Comprehensive Income for the period | - | - | - | 10,617 | 260,372 | 270,989 | ||||||
Transactions with the owners of the Company | ||||||||||||
Dividends paid | - | - | - | - | (162,761) | (162,761) | ||||||
- | - | - | - | (162,761) | (162,761) | |||||||
Balance as at 31.12.2020 | 1,644,392 | 525,494 | 1,627 | (30,407) | 2,960,814 | 5,101,920 | ||||||
Balance as at 01.01.2021 | 1,644,392 | 525,494 | 1,627 | (30,407) | 2,960,814 | 5,101,920 | ||||||
Total Comprehensive Income for the period | ||||||||||||
Profit or Loss | - | - | - | - | 350,816 | 350,816 | ||||||
Other Comprehensive Income | ||||||||||||
Net fair value change in investment in debt | ||||||||||||
instruments measured at fair value through | ||||||||||||
other comprehensive income | (3,533) | (3,533) | ||||||||||
Actuarial loss on defined benefit obligation | - | - | - | - | (797) | (797) | ||||||
Deferred tax on components of other | ||||||||||||
comprehensive income | 353 | 353 | ||||||||||
Revaluation of property plant & equipment | 3,075 | 3,075 | ||||||||||
Deferred tax on revaluation | - | - | (738) | - | - | (738) | ||||||
Impact to revaluation reserve due to tax rate | ||||||||||||
change | - | - | 90 | - | - | 90 | ||||||
- | - | 2,427 | (3,180) | (797) | (1,549) | |||||||
Total Comprehensive Income for the period | - | - | 2,427 | (3,180) | 350,020 | 349,267 | ||||||
Transactions recorded directly in equity | ||||||||||||
Reversal of revaluation of property plant & | ||||||||||||
equipment disposed / written off | - | - | (128) | - | 128 | - | ||||||
- | - | (128) | - | 128 | - | |||||||
Transactions with the owners of the Company | ||||||||||||
Dividends paid | - | - | - | - | (177,558) | (177,558) | ||||||
- | - | - | - | (177,558) | (177,558) | |||||||
Balance as at 31.12.2021 | 1,644,392 | 525,494 | 3,925 | (33,587) | 3,133,404 | 5,273,629 |
SEYLAN DEVELOPMENTS PLC
CASH FLOW STATEMENT
For the period | 01.01.21 - 31.12.21 | 01.01.20 - 31.12.20 | |
(Un Audited) | (Audited) | ||
Rs. 000 | Rs. 000 | ||
Cash Flows from Operating Activities | |||
Receipt from other Operating Activities | 349,979 | 337,271 | |
Cash payments to Employees, Suppliers and Tax Authorities | (82,257) | (85,545) | |
Interest Payments | (15) | (234) | |
Operating profit before changes in operating assets | 267,707 | 251,492 | |
(Increase)/Decrease in operating assets : | |||
Stock & Receivables | 268 | (1,984) | |
Increase/(Decrease) in operating liabilities : | |||
Deposits & Trade payables | 9,871 | (2,229) | |
Cash Generated from Operations | 277,846 | 247,279 | |
Income Tax paid | - | - | |
Net cash from Operating Activities | 277,846 | 247,279 | |
Cash Flows from Investing Activities | |||
Interest Received | 31,067 | 28,663 | |
Purchase of non-dealing Securities | (67,176) | (74,811) | |
Disposal of non-dealing Securities | 121,611 | 24,585 | |
Purchase of Property , Plant and Equipment | (762) | (230) | |
Additions to Investment Properties | (47,911) | (57,416) | |
Net cash from Investing Activities | 36,829 | (79,209) | |
Cash Flows from Financing Activities | |||
Dividends paid | (177,558) | (162,761) | |
Net Cash from Financing Activities | (177,558) | (162,761) | |
Total net increase in cash and cash equivalents during the period | 137,117 | 5,309 | |
Cash and Cash equivalents at beginning of period | 69,317 | 64,008 | |
Cash and Cash Equivalents at end of period | 206,434 | 69,317 | |
Reconciliation of Cash and Cash Equivalents | |||
Cash and Short Term Funds | 206,434 | 69,317 | |
206,434 | 69,317 |
This is an excerpt of the original content. To continue reading it, access the original document here.