Level 15, Seylan Towers, No: 90, Galle Road, Colombo 03.
Interim Financial Statements Quarter Ended 30 th June 2022
SEYLAN DEVELOPMENTS PLC
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2022 | DEC 31, 2021 | Growth | ||||||
(Un Audited) | (Audited) | % | ||||||
Rs '000 | Rs '000 | |||||||
Assets | ||||||||
Non Current Assets | ||||||||
Property, plant & equipment | 5,007 | 5,355 | (6.52) | |||||
Investment property | 5,582,763 | 5,550,656 | 0.58 | |||||
Other investments | 175,004 | 200,043 | (12.52) | |||||
Total Non Current Assets | 5,762,774 | 5,756,054 | 0.12 | |||||
Current Assets | ||||||||
Inventories | 11,361 | 6,264 | 81.37 | |||||
Trade and other receivables | 55,470 | 37,728 | 47.02 | |||||
Other investments | 616 | 10,355 | (94.05) | |||||
Income tax receivable | 24,119 | 51,165 | (52.86) | |||||
Cash and cash equivalents | 140,582 | 206,434 | (31.90) | |||||
Total Current Assets | 232,148 | 311,946 | (25.58) | |||||
Total Assets | 5,994,922 | 6,068,000 | (1.20) | |||||
Equity and Liabilities | ||||||||
Equity | ||||||||
Stated capital | 1,644,392 | 1,644,392 | - | |||||
Reserves | 475,328 | 495,833 | (4.14) | |||||
Retained earnings | 3,065,252 | 3,133,404 | (2.18) | |||||
5,184,972 | 5,273,629 | (1.68) | ||||||
Non Current Liabilities | ||||||||
Deferred tax liability | 673,309 | 659,511 | 2.09 | |||||
673,309 | 659,511 | 2.09 | ||||||
Current Liabilities | ||||||||
Other liabilities | 136,641 | 134,860 | 1.32 | |||||
136,641 | 134,860 | 1.32 | ||||||
Total Equity and Liabilities | 5,994,922 | 6,068,000 | (1.20) | |||||
Net Asset per Share | 35.04 | 35.64 | (1.68) |
- 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 |
02nd August 2022
SEYLAN DEVELOPMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE QUARTER ENDED | FOR THE SIX MONTHS ENDED | ||||||||||||
JUNE 30, | JUNE 30, | Growth | JUNE 30, | JUNE 30, | Growth | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||
(Un Audited) | (Un Audited) | (Un Audited) | (Un Audited) | ||||||||||
Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | ||||||||
Rental Income | 97,908 | 85,730 | 14.21 | 185,893 | 170,949 | 8.74 | |||||||
Other Income | 7,471 | 697 | 972.33 | 17,595 | 6,934 | 153.75 | |||||||
105,379 | 86,427 | 21.93 | 203,488 | 177,883 | 14.39 | ||||||||
Operating Expenses | (19,867) | (18,343) | 8.31 | (42,359) | (37,975) | 11.54 | |||||||
Operating Profit | 85,512 | 68,084 | 25.60 | 161,129 | 139,908 | 15.17 | |||||||
Net Finance income | 10,528 | 6,837 | 53.98 | 20,992 | 15,156 | 38.51 | |||||||
Profit Before Taxation | 96,040 | 74,921 | 28.19 | 182,121 | 155,064 | 17.45 | |||||||
Taxation | (22,442) | (18,114) | 23.90 | (43,122) | 61,320 | (170.32) | |||||||
Profit After Taxation | 73,598 | 56,807 | 29.56 | 138,999 | 216,384 | (35.76) | |||||||
Other comprehensive income | |||||||||||||
Net losses on investment in debt instruments measured at | (13,526) | (1,890) | 615.54 | (22,785) | (2,943) | 674.17 | |||||||
fair value through other comprehensive income | |||||||||||||
Deferred tax on components of other comprehensive | |||||||||||||
income | 1,353 | 189 | 615.54 | 2,279 | 294 | 674.17 | |||||||
Other comprehensive income for the period, net of | |||||||||||||
income tax | (12,173) | (1,701) | 615.54 | (20,506) | (2,649) | 674.17 | |||||||
Total comprehensive income for the period | 61,425 | 55,106 | 11.47 | 118,493 | 213,735 | (44.56) | |||||||
Rs | Rs | Rs | Rs | ||||||||||
Earnings / (Loss) Per Share | 0.50 | 0.38 | 29.56 | 0.94 | 1.46 | (35.76) | |||||||
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 01.01.2021 | 1,644,392 | 525,494 | 1,627 | (30,407) | 2,960,814 | 5,101,920 | ||||||
Total Comprehensive Income for the period | ||||||||||||
Profit or Loss | - | - | - | - | 216,384 | 216,384 | ||||||
Other Comprehensive Income | ||||||||||||
Net fair value change in investment in debt instruments | ||||||||||||
measured at fair value through other comprehensive | ||||||||||||
Income | - | - | - | (2,943) | - | (2,943) | ||||||
Deferred Tax on components of other comprehensive | ||||||||||||
income | 294 | 294 | ||||||||||
- | - | - | (2,649) | - | (2,649) | |||||||
Total Comprehensive Income for the period | - | - | - | (2,649) | 216,384 | 213,735 | ||||||
Transactions recorded directly in equity | ||||||||||||
Dividend Declared | - | - | - | - | (177,558) | (177,558) | ||||||
Balance as at 30.06.2021 | 1,644,392 | 525,494 | 1,627 | (33,056) | 2,999,639 | 5,138,097 | ||||||
Balance as at 01.01.2022 | 1,644,392 | 525,494 | 3,926 | (33,586) | 3,133,404 | 5,273,630 | ||||||
Total Comprehensive Income for the period | ||||||||||||
Profit or Loss | - | - | - | - | 138,999 | 138,999 | ||||||
Other Comprehensive Income | ||||||||||||
Net fair value change in investment in debt instruments | ||||||||||||
measured at fair value through other comprehensive | ||||||||||||
Income | - | - | - | (22,785) | - | (22,785) | ||||||
Deferred Tax on components of other comprehensive | ||||||||||||
income | 2,279 | 2,279 | ||||||||||
- | - | - | (20,506) | 138,999 | (20,506) | |||||||
Total Comprehensive Income for the period | - | - | - | (20,506) | 138,999 | 118,493 | ||||||
Transactions recorded directly in equity | ||||||||||||
Dividend Declared | - | - | - | - | (207,151) | (207,151) | ||||||
Balance as at 30.06.2022 | 1,644,392 | 525,494 | 3,926 | (54,092) | 3,065,252 | 5,184,972 |
SEYLAN DEVELOPMENTS PLC
CASH FLOW STATEMENT
For the period | 01.01.22 - 30.06.22 | 01.01.21 - 30.06.21 | |
(Un Audited) | (Un Audited) | ||
Rs. 000 | Rs. 000 | ||
Cash Flows from Operating Activities | |||
Receipt from other Operating Activities | 203,488 | 177,882 | |
Cash payments to Employees, Suppliers and Tax Authorities | (41,904) | (37,694) | |
Interest Payments | (367) | (11) | |
Operating profit before changes in operating assets | 161,217 | 140,177 | |
(Increase)/Decrease in operating assets : | |||
Stock & Receivables | (22,838) | (13,917) | |
Increase/(Decrease) in operating liabilities : | |||
Deposits & Trade payables | 1,781 | 10,264 | |
Cash Generated from Operations | 140,160 | 136,524 | |
Income Tax paid | - | - | |
Net cash from Operating Activities | 140,160 | 136,524 | |
Cash Flows from Investing Activities | |||
Interest Received | 21,491 | 16,622 | |
Purchase of non-dealing Securities | (21,629) | (26,293) | |
Disposal of non-dealing Securities | 33,622 | 73,567 | |
Purchase of Property , Plant and Equipment | (238) | - | |
Additions to Investment Properties | (32,107) | (18,576) | |
Net cash from Investing Activities | 1,139 | 45,320 | |
Cash Flows from Financing Activities | |||
Dividends paid | (207,151) | (177,558) | |
Net Cash from Financing Activities | (207,151) | (177,558) | |
Total net increase in cash and cash equivalents during the period | (65,852) | 4,287 | |
Cash and Cash equivalents at beginning of period | 206,434 | 69,317 | |
Cash and Cash Equivalents at end of period | 140,582 | 73,604 | |
Reconciliation of Cash and Cash Equivalents | |||
Cash and Short Term Funds | 140,582 | 73,604 | |
140,582 | 73,604 |
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