Level 15, Seylan Towers, No: 90, Galle Road, Colombo 03.
Interim Financial Statements
Nine Months Ended 30 th September 2024
SEYLAN DEVELOPMENTS PLC STATEMENT OF FINANCIAL POSITION
Assets
Non Current Assets
Property, plant & equipment Investment property Other Investments
Total Non Current Assets
Current Assets
Inventories
Trade and other receivables Other investments
Cash and cash equivalents
Total Current Assets
Total Assets
Equity and Liabilities
Equity
Stated capital
Reserves
Retained earnings
Non Current Liabilities
Deferred tax liability
Current Liabilities
Trade and other liabilities Income tax payable Bank overdrafts
SEP 30, 2024 (Un Audited)
Rs '000
2,728
5,882,763
406,768
6,292,259
11,580
51,806
12,233
63,657
139,276
6,431,535
1,644,392
496,880
3,194,604
5,335,876
919,550
919,550
150,704
25,405
-
176,109
DEC 31, 2023
(Audited)
Rs '000
3,493
5,865,200
238,154
6,106,847
13,148
41,952
94,430
293,563
443,093
6,549,940
1,644,392
487,827
3,337,356
5,469,575
898,891
898,891
146,616
31,590
3,268
181,474
Growth
%
(21.90)
0.30
70.80
3.04
(11.92)
23.49
(87.05)
(78.32)
(68.57)
(1.81)
-
1.86
(4.28)
(2.44)
2.30
2.30
2.79
(19.58)
(100.00)
(2.96)
Total Equity and Liabilities
6,431,535
6,549,940
(1.81)
Net Asset per Share
38.20
36.97
3.34
- 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.
Nirmala Arangalage ( Mrs )
Head of Finance
Sgd. | Sgd. |
Ramesh Jayasekara | Somadasa Palihawadana |
Chairman | Deputy Chairman |
28th October 2024 |
SEYLAN DEVELOPMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Rental Income
Other Income
Operating Expenses
Operating Profit
Net Finance income
Profit Before Taxation
Taxation
Profit After Taxation
Other comprehensive income
Net losses on investment in debt instruments measured at fair value through other comprehensive income
Deferred tax on components of other comprehensive income
Other comprehensive income for the period, net of income tax
Total comprehensive income for the period
Earnings / (Loss) Per Share
FOR THE QUARTER ENDED
SEP 30, | SEP 30, | Growth | ||
2024 | 2023 | |||
(Un Audited) | (Un Audited) | |||
Rs '000 | Rs '000 | % | ||
100,909 | 96,602 | 4.46 | ||
946 | 646 | 46.52 | ||
101,855 | 97,248 | 4.74 | ||
(32,916) | (32,758) | 0.48 | ||
68,940 | 64,490 | 6.90 | ||
12,188 | 29,196 | (58.25) | ||
81,128 | 93,686 | (13.41) | ||
(24,154) | (27,706) | (12.82) | ||
56,974 | 65,980 | (13.65) |
(5,780) 1,710 (438.06)
1,734 | (513) | (438.06) |
(4,046) 1,197 (438.06)
52,928 67,177 (21.21)
Rs Rs
0.41 0.45 (8.53)
FOR THE NINE MONTHS ENDED
SEP 30, | SEP 30, | Growth | ||
2024 | 2023 | |||
(Un Audited) | (Un Audited) | |||
Rs '000 | Rs '000 | % | ||
301,784 | 297,858 | 1.32 | ||
4,425 | 2,998 | 47.59 | ||
306,209 | 300,856 | 1.78 | ||
(104,142) | (97,318) | 7.01 | ||
202,067 | 203,538 | (0.72) | ||
45,410 | 73,952 | (38.60) | ||
247,477 | 277,490 | (10.82) | ||
(71,436) | (81,450) | (12.29) | ||
176,041 | 196,040 | (10.20) |
12,933 | 11,582 | 11.66 | ||
(3,880) | (3,475) | 11.66 | ||
9,053 | 8,107 | 11.66 | ||
185,094 | 204,147 | (9.33) | ||
Rs | Rs | |||
1.24 | 1.32 | (6.64) |
SEYLAN DEVELOPMENTS PLC STATEMENT OF CHANGES IN EQUITY
Balance as at 01.01.2023
Total Comprehensive Income for the period
Profit or Loss
Other Comprehensive Income
Net fair value change in investment in debt instruments measured at fair value through other comprehensive Income
Deferred Tax on components of other comprehensive income
Total Comprehensive Income for the period
Transactions recorded directly in equity
Dividend Paid
Balance as at 30.09.2023
Balance as at 01.01.2024
Total Comprehensive Income for the period
Profit or Loss
Other Comprehensive Income
Net fair value change in investment in debt instruments measured at fair value through other comprehensive Income
Deferred Tax on components of other comprehensive income
Total Comprehensive Income for the period
Transactions recorded directly in equity
Share Repurchase
Dividend Paid
Stated Capital
Rs '000
1,644,392
-
-
-
-
-
1,644,392
1,644,392
-
-
-
-
-
-
Capital Reserve
Rs '000
525,494
-
-
-
-
-
525,494
525,494
-
-
-
-
-
-
Revaluation
Reserve
Rs '000
3,616
-
-
-
-
-
3,616
3,616
-
-
-
-
-
-
Fair Value
Reserve
Rs '000
(51,554)
-
11,582
(3,475)
8,107
8,107
-
(43,447)
(41,283)
-
12,933
(3,880)
9,053
9,053
-
-
Retained
Earnings
Rs '000
3,166,789
196,040
-
-
196,040
(177,558)
3,185,271
3,337,356
176,041
-
176,041
176,041
(179,105)
(139,688)
Total
Rs '000
5,288,736
196,040
11,582
(3,475)
8,107
204,147
(177,558)
5,315,326
5,469,575
176,041
12,933
(3,880)
9,053
185,094
(179,105)
(139,688)
Balance as at 30.09.2024
1,644,392
525,494
3,616
(32,230)
3,194,604
5,335,876
SEYLAN DEVELOPMENTS PLC CASH FLOW STATEMENT
For the period
Cash Flows from Operating Activities
Receipt from other Operating Activities
Cash payments to Employees, Suppliers and Tax Authorities
Interest Payments
Operating profit before changes in operating assets
(Increase)/Decrease in operating assets :
Stock & Receivables
Increase/(Decrease) in operating liabilities :
Deposits & Trade payables
Cash Generated from Operations
Income Tax paid
Net cash from Operating Activities
Cash Flows from Investing Activities
Interest Received
Purchase of non-dealing Securities
Disposal of non-dealing Securities
Purchase of Property , Plant and Equipment
Additions to Investment Properties
Net cash from Investing Activities
Cash Flows from Financing Activities
Repurchase of shares
Dividends paid
Net Cash from Financing Activities
Total net increase in cash and cash equivalents during the period
Cash and Cash equivalents at beginning of period
Cash and Cash Equivalents at end of period
Reconciliation of Cash and Cash Equivalents
Cash and Short Term Funds
01.01.24 - 30.09.24 | 01.01.23 - 30.09.23 |
(Un Audited) | (Un Audited) |
Rs. 000 | Rs. 000 |
306,209 | 300,857 |
(103,229) | (96,389) |
(6,313) | (8,857) |
196,667 | 195,611 |
(8,286) | (8,834) |
(20,295) | (26,271) |
168,086 | 160,506 |
(36,458) | (9,722) |
131,628 | 150,784 |
51,723 | 82,809 |
(212,273) | (171,825) |
138,789 | 262,951 |
(149) | (296) |
(17,563) | (8,740) |
(39,473) | 164,899 |
(179,105) | - |
(139,688) | (177,558) |
(318,793) | (177,558) |
(226,638) | 138,125 |
290,295 | 227,949 |
63,657 | 366,074 |
63,657 | 366,074 |
63,657 | 366,074 |
SEYLAN DEVELOPMENTS PLC
Notes to the Financial Statements
-
General
Seylan Developments PLC (the "Company") is a "Public Quoted Company" and a Limited Liability Company
Incorporated, reregistered under Companies Act No. 07 of 2007 ( PQ 151 ) and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. - The Company's registered office is situated at Level 15, Seylan Towers, No. 90, Galle Road, Colombo 03.
- The Company is in the business of development of property, administration & maintenance.
- The Company is a subsidiary of Seylan Bank PLC.
- The staff strength of the Company as at 30th September 2024 is 17 (2023- 18).
-
Accounting Policies
There are no changes to the accounting policies & method of computation since the publication of the last Annual Report. The interim Financial Statements are presented in accordance with LKAS 34, Interim Financial Reporting. The Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended December 31, 2023 which have been prepared in accordance with LKAS / SLFRS. - Events After the Reporting Period
There have been no material events after the reporting period that would require adjustments / disclosures in the Financial Statements. - Stated Capital
139,688,298 Ordinary Shares | Rs: 1,644,391,650/- | ||||
5 Share price movement | |||||
Quarter Ended | Year Ended | ||||
30.09.2024 | 30.09.2023 | 31.12.2023 | |||
Rs' | Rs' | Rs' | |||
Highest Price | 17.50 | 14.20 | 15.00 | ||
Lowest Price | 15.30 | 12.50 | 11.00 | ||
Last Traded Price | 16.20 | 13.30 | 14.40 | ||
Market Capitalization | 2,262,950,428 | 1,967,932,638 | 2,130,693,984 | ||
6 Comparative Information
Comparative figureshave been re-stated / adjusted where necessary, to conform to the current period presentation.
SEYLAN DEVELOPMENTS PLC
Notes to the Financial Statements
7 Major 20 Share Holder List - As at 30 September 2024
NAME OF SHAREHOLDER | NO OF SHARES | % | ||
30.09.2024 | ||||
1 | Seylan Bank PLC | 104,332,112 | 74.69 | |
2 | Mr. K. D. D. Perera | 8,546,640 | 6.12 | |
3 | Mr. A. J. Thissera | 4,123,250 | 2.95 | |
4 | Mrs. M. M. Udeshi (DESC) | 1,287,900 | 0.92 | |
5 | Mr. S. Abishek | 767,756 | 0.55 | |
6 | Peple's Leasing & Finance PLC / L. P. Hapangama | 663,114 | 0.47 | |
7 | Asian Guild Financial Services (Pvt) Ltd | 609,121 | 0.44 | |
8 | Zagra Investment Consultants (Pvt) Ltd | 594,200 | 0.43 | |
9 | Mrs. J. K. D. Jayatillake, joint Mr. A Jayatillake | 554,711 | 0.40 | |
10 | Mr. B. C. Tay | 505,948 | 0.36 | |
11 | Miss. H. J.K.U. Wijerame | 492,764 | 0.35 | |
12 | Bank of Ceylon A/C Ceybank Century Growth Fund | 388,303 | 0.28 | |
13 | Mr N.A. Withana | 354,066 | 0.25 | |
14 | Mr. A. Van Oosterbrugge | 321,400 | 0.23 | |
15 | Mrs. P. M. Tissera | 316,000 | 0.23 | |
16 | Mrs. M. Y. Amerasinghe | 215,000 | 0.15 | |
17 | The Finance Company PLC | 204,000 | 0.15 | |
18 | Kundanmals Limited | 190,332 | 0.14 | |
19 | Mr. W. P. A. D. Gunathilake | 180,000 | 0.13 | |
20 | Mr. J. D. Bandaranayake, Joint Dr. V. Bandaranayake & Miss. I | 179,163 | 0.13 | |
Bandaranayake | ||||
8 Names of existing Directors in Seylan Developments PLC | ||||
NAME OF DIRECTOR | NO OF SHARES | |||
30.09.2024 | ||||
1 | Mr. R. Jayasekara | - | ||
2 | Mr. S. Palihawadana | - | ||
3 | Mr. P. Hennayake | - | ||
4 | Mr. W.S.D. De Silva | - | ||
5 | Mrs. P .C. Dodanwela | - | ||
9 Public Shareholdings % as at 30th September 2024 | 25.31% | |||
No of public shareholders as at 30th September 2024 | 5,623 | |||
Float adjusted market capitalization (Rs:) | 572,752,753 |
The Company complies with option 5 of the Listing Rules 7.13.1 (a) - less than Rs: 2.5 Bn Float adjusted market capitalization which requires 20% minimum Public Holdings.