Level 15, Seylan Towers, No: 90, Galle Road, Colombo 03.
Interim Financial Statements
Quarter Ended 30 th September 2022
SEYLAN DEVELOPMENTS PLC
STATEMENT OF FINANCIAL POSITION
SEP 30, 2022 | DEC 31, 2021 | Growth | ||||||
(Un Audited) | (Audited) | % | ||||||
Rs '000 | Rs '000 | |||||||
Assets | ||||||||
Non Current Assets | ||||||||
Property, plant & equipment | 4,741 | 5,355 | (11.46) | |||||
Investment property | 5,598,509 | 5,550,656 | 0.86 | |||||
Other investments | 170,893 | 200,043 | (14.57) | |||||
Total Non Current Assets | 5,774,143 | 5,756,054 | 0.31 | |||||
Current Assets | ||||||||
Inventories | 14,703 | 6,264 | 134.72 | |||||
Trade and other receivables | 50,285 | 37,728 | 33.28 | |||||
Other investments | 630 | 10,355 | (93.92) | |||||
Income tax receivable | 9,607 | 51,165 | (81.22) | |||||
Cash and cash equivalents | 227,875 | 206,434 | 10.39 | |||||
Total Current Assets | 303,100 | 311,946 | (2.84) | |||||
Total Assets | 6,077,243 | 6,068,000 | 0.15 | |||||
Equity and Liabilities | ||||||||
Equity | ||||||||
Stated capital | 1,644,392 | 1,644,392 | - | |||||
Reserves | 475,174 | 495,833 | (4.17) | |||||
Retained earnings | 3,130,711 | 3,133,404 | (0.09) | |||||
5,250,277 | 5,273,629 | (0.44) | ||||||
Non Current Liabilities | ||||||||
Deferred tax liability | 679,311 | 659,511 | 3.00 | |||||
679,311 | 659,511 | 3.00 | ||||||
Current Liabilities | ||||||||
Other liabilities | 147,655 | 134,860 | 9.49 | |||||
147,655 | 134,860 | 9.49 | ||||||
Total Equity and Liabilities | 6,077,243 | 6,068,000 | 0.15 | |||||
Net Asset per Share | 35.48 | 35.64 | (0.44) |
- 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 |
01st November 2022
SEYLAN DEVELOPMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE QUARTER ENDED | FOR THE NINE MONTHS ENDED | ||||||||||||
SEP 30, | SEP 30, | Growth | SEP 30, | SEPE 30, | Growth | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||
(Un Audited) | (Un Audited) | (Un Audited) | (Un Audited) | ||||||||||
Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | ||||||||
Rental Income | 99,931 | 85,222 | 17.26 | 285,824 | 256,171 | 11.58 | |||||||
Other Income | 486 | 956 | (49.10) | 18,081 | 7,890 | 129.15 | |||||||
100,417 | 86,178 | 16.52 | 303,905 | 264,061 | 15.09 | ||||||||
Operating Expenses | (28,923) | (19,738) | 46.54 | (71,283) | (57,713) | 23.51 | |||||||
Operating Profit | 71,494 | 66,440 | 7.61 | 232,622 | 206,348 | 12.73 | |||||||
Net Finance income | 14,496 | 7,425 | 95.23 | 35,488 | 22,581 | 57.15 | |||||||
Profit Before Taxation | 85,990 | 73,865 | 16.41 | 268,110 | 228,929 | 17.12 | |||||||
Taxation | (20,531) | (17,429) | 17.80 | (63,653) | 43,891 | (245.02) | |||||||
Profit After Taxation | 65,459 | 56,436 | 15.99 | 204,457 | 272,820 | (25.06) | |||||||
Other comprehensive income | |||||||||||||
Net losses on investment in debt instruments measured at | (171) | (5,398) | (96.84) | (22,956) | (8,341) | 175.22 | |||||||
fair value through other comprehensive income | |||||||||||||
Deferred tax on components of other comprehensive | |||||||||||||
income | 17 | 540 | (96.84) | 2,296 | 834 | 175.22 | |||||||
Other comprehensive income for the period, net of | |||||||||||||
income tax | (154) | (4,858) | (96.84) | (20,660) | (7,507) | 175.22 | |||||||
Total comprehensive income for the period | 65,305 | 51,578 | 26.61 | 183,797 | 265,313 | (30.72) | |||||||
Rs | Rs | Rs | Rs | ||||||||||
Earnings / (Loss) Per Share | 0.44 | 0.38 | 15.99 | 1.38 | 1.84 | (25.06) | |||||||
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 | - | - | - | - | 272,819 | 272,819 | ||||||
Other Comprehensive Income | ||||||||||||
Net fair value change in investment in debt instruments | ||||||||||||
measured at fair value through other comprehensive | ||||||||||||
Income | - | - | - | (8,341) | - | (8,341) | ||||||
Deferred Tax on components of other comprehensive | ||||||||||||
income | 834 | 834 | ||||||||||
- | - | - | (7,507) | - | (7,507) | |||||||
Total Comprehensive Income for the period | - | - | - | (7,507) | 272,819 | 265,312 | ||||||
Transactions recorded directly in equity | ||||||||||||
Dividend Paid | - | - | - | - | (177,558) | (177,558) | ||||||
Balance as at 30.09.2021 | 1,644,392 | 525,494 | 1,627 | (37,914) | 3,056,075 | 5,189,674 | ||||||
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 | - | - | - | - | 204,457 | 204,457 | ||||||
Other Comprehensive Income | ||||||||||||
Net fair value change in investment in debt instruments | ||||||||||||
measured at fair value through other comprehensive | ||||||||||||
Income | - | - | - | (22,956) | - | (22,956) | ||||||
Deferred Tax on components of other comprehensive | ||||||||||||
income | 2,296 | 2,296 | ||||||||||
- | - | - | (20,660) | 204,457 | (20,659) | |||||||
Total Comprehensive Income for the period | - | - | - | (20,660) | 204,457 | 183,797 | ||||||
Transactions recorded directly in equity | ||||||||||||
Dividend Paid | - | - | - | - | (207,151) | (207,151) | ||||||
Balance as at 30.09.2022 | 1,644,392 | 525,494 | 3,926 | (54,246) | 3,130,711 | 5,250,277 |
SEYLAN DEVELOPMENTS PLC
CASH FLOW STATEMENT
For the period | 01.01.22 - 30.09.22 | 01.01.21 - 30.09.21 | |
(Un Audited) | (Un Audited) | ||
Rs. 000 | Rs. 000 | ||
Cash Flows from Operating Activities | |||
Receipt from other Operating Activities | 303,905 | 264,062 | |
Cash payments to Employees, Suppliers and Tax Authorities | (70,604) | (57,143) | |
Interest Payments | (384) | (14) | |
Operating profit before changes in operating assets | 232,917 | 206,905 | |
(Increase)/Decrease in operating assets : | |||
Stock & Receivables | (20,993) | (8,594) | |
Increase/(Decrease) in operating liabilities : | |||
Deposits & Trade payables | 12,795 | 14,207 | |
Cash Generated from Operations | 224,719 | 212,518 | |
Income Tax paid | - | - | |
Net cash from Operating Activities | 224,719 | 212,518 | |
Cash Flows from Investing Activities | |||
Interest Received | 36,078 | 21,648 | |
Purchase of non-dealing Securities | (28,364) | (30,257) | |
Disposal of non-dealing Securities | 44,284 | 85,586 | |
Purchase of Property , Plant and Equipment | (272) | (695) | |
Additions to Investment Properties | (47,853) | (39,335) | |
Net cash from Investing Activities | 3,873 | 36,947 | |
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 | 21,441 | 71,907 | |
Cash and Cash equivalents at beginning of period | 206,434 | 69,317 | |
Cash and Cash Equivalents at end of period | 227,875 | 141,224 | |
Reconciliation of Cash and Cash Equivalents | |||
Cash and Short Term Funds | 227,875 | 141,224 | |
227,875 | 141,224 |
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