Interim Financial Statements as at 30/06/2022

Group

Company

Variance

Variance

For the three months ended 30th June

2022/2023

2021/2022

2022/2023

2021/2022

Group

%

Company

%

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Revenue

14,374,811

14,899,897

12,552,966

13,428,270

525,086

-

4

875,304

-

7

Cost of Sales

(7,784,028)

(10,083,087)

(7,628,815)

(9,749,029)

(2,299,059)

-

23

(2,120,214)

-

22

Direct Interest Cost

(875,197)

(435,880)

-

-

(439,317)

>

100

-

-

Gross Profit

5,715,586

4,380,930

4,924,151

3,679,241

1,334,656

+

30

1,244,910

+

34

Other Income

69,019

52,099

19,130

146,575

16,920

+

32

127,445

-

87

Selling and Administrative Expenses

(3,132,139)

(2,755,658)

(2,596,945)

(2,319,788)

(376,481)

+

14

(277,157)

+

12

Impairment Loss on Trade and Other

(150,949)

(464,074)

(83,377)

(294,281)

(313,125)

-

67

(210,904)

-

72

Receivables

2,501,517

1,213,297

2,262,959

1,211,747

1,288,220

+

100

1,051,212

+

87

Operating Profit

Finance Cost

(2,491,058)

(526,473)

(2,058,929)

(519,789)

(1,964,585)

>

100

(1,539,140)

>

100

Finance Income

299,502

20,724

82,434

8,462

278,778

>

100

73,972

>

100

Net Finance Cost

(2,191,556)

(505,749)

(1,976,495)

(511,327)

(1,685,807)

>

100

(1,465,168)

>

100

Value Added Tax on Financial Services

(80,982)

(69,639)

(25,000)

(21,000)

(11,343)

+

16

(4,000)

+

19

Profit Before Tax

228,979

637,909

261,464

679,420

408,930

-

64

417,956

-

62

Income Tax Expense

(94,472)

(190,449)

(56,751)

(150,162)

(95,977)

-

50

(93,411)

-

62

Profit for the Period

134,507

447,460

204,713

529,258

312,953

-

70

324,545

-

61

Total Comprehensive Income for the

134,507

447,460

204,713

529,258

Period, Net of Tax

Profit Attributable to -

Owners of the Company

120,599

439,260

204,713

529,258

Non - Controlling Interests

13,908

8,200

-

-

134,507

447,460

204,713

529,258

Total Comprehensive Income

Attributable to -

Owners of the Company

120,599

439,260

204,713

529,258

Non - Controlling Interests

13,908

8,200

-

-

Total Comprehensive Income for the

134,507

447,460

204,713

529,258

Period Net of Tax

Basic / Diluted Earnings Per Share (Rs.)

0.11

0.39

0.18

0.47

Share Prices

For the Three Months

For the Three Months

ended 30th June 2022

ended 30th June 2021

Rs.

Rs.

Highest

14.60

21.50

Lowest

8.50

16.60

Last Traded Price

8.80

17.50

Group

Company

30th June

30th June

31st March

30th June

30th June

31st March

2022

2021

2022

2022

2021

2022

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

ASSETS

Non-Current Assets

Property, Plant and Equipment

7,461,775

6,695,925

7,521,444

3,740,252

3,486,518

3,807,243

Right -of- Use Assets

4,611,000

4,149,484

4,807,413

3,921,858

3,600,300

4,148,096

Intangible Assets

539,012

308,341

548,839

417,422

218,924

422,366

Investment in Subsidiaries

-

-

-

2,968,023

2,968,023

2,968,023

Other Non-Current Assets

58,990

60,291

59,315

-

-

-

Other Investments

22,900

24,990

22,900

22,858

24,948

22,858

Trade and Other Receivables

10,833,324

11,380,057

12,182,088

571,054

627,514

695,448

Deferred Tax Assets

1,325,009

877,390

1,269,800

1,127,072

828,567

1,125,639

24,852,010

23,496,478

26,411,799

12,768,539

11,754,794

13,189,673

Current Assets

Inventories

24,859,122

20,285,836

23,022,192

21,873,342

17,904,208

20,524,781

Loans due from Related Parties

-

-

-

307,500

75,000

110,000

Income Tax Receivables

111,501

76,134

45,145

58,128

56,322

-

Trade and Other Receivables

32,916,581

24,902,212

35,284,564

15,018,865

13,483,241

18,356,963

Amounts Due from Related Parties

35,399

7,772

24,157

34,394

7,772

198,611

Deposits with Banks

3,066,981

60,901

177,450

-

-

-

Short term Investments

2,003,826

2,819,060

1,412,979

-

-

-

Cash and Cash Equivalents

4,162,770

4,328,422

2,972,394

2,654,357

3,624,239

1,732,553

67,156,180

52,480,337

62,938,881

39,946,586

35,150,782

40,922,908

Total Assets

92,008,190

75,976,815

89,350,680

52,715,125

46,905,576

54,112,581

EQUITY AND LIABILITIES

Equity

Stated Capital

626,048

626,048

626,048

626,048

626,048

626,048

Capital Reserves

1,630,995

1,227,142

1,635,092

1,287,665

1,166,706

1,291,762

Other Component of Equity

4,437

6,026

4,437

4,437

6,026

4,437

Statutory Reserve

223,763

198,939

223,763

-

-

-

Revenue Reserves

7,955,974

5,555,929

8,056,655

5,098,551

2,724,547

5,115,118

Total Equity Attributable to Owners of the

Company

10,441,217

7,614,084

10,545,995

7,016,701

4,523,327

7,037,365

Non-Controlling Interest

1,952,181

1,721,486

1,938,274

-

-

-

Total Equity

12,393,398

9,335,570

12,484,269

7,016,701

4,523,327

7,037,365

Non-Current Liabilities

Interest - Bearing Loans and Borrowings

9,823,677

9,872,583

12,112,183

5,850,000

4,250,000

6,500,000

Lease Liability

4,417,006

4,301,916

4,570,731

3,759,666

3,781,301

3,925,205

Employee Benefit Obligations

1,073,979

963,745

1,041,152

742,349

661,989

719,014

Security Deposits

1,452,308

1,325,505

1,462,347

1,391,740

1,244,432

1,406,991

Deferred Tax Liability

461,968

374,697

468,501

-

-

-

Other Financial Liabilities

5,467,121

2,268,879

2,317,848

-

-

-

Deferred Revenue

100,189

106,587

110,358

100,189

106,587

110,358

Other Non - Current Liabilities

189,193

155,170

187,707

189,193

155,170

187,706

22,985,441

19,369,082

22,270,827

12,033,137

10,199,479

12,849,274

Current Liabilities

Trade and Other Payables

20,133,244

19,592,024

20,370,977

13,953,844

15,627,112

14,570,124

Deferred Revenue

201,882

198,018

201,549

199,380

185,669

198,212

Dividends Payable

56,049

54,408

81,478

50,491

44,998

67,969

Amounts Due to Related Parties

620,179

430,193

1,074,261

2,976,398

5,927,868

4,137,893

Income Tax Payable

306,455

228,381

714,483

-

-

433,940

Other Financial Liabilities

10,195,448

9,405,442

9,828,666

-

-

-

Lease Liability

897,832

622,322

912,300

834,383

554,678

854,484

Interest - Bearing Loans and Borrowings

22,268,501

16,109,809

20,235,742

14,129,693

9,708,569

13,536,188

Bank Overdrafts

1,949,761

631,566

1,176,128

1,521,098

133,876

427,132

56,629,351

47,272,163

54,595,584

33,665,287

32,182,770

34,225,942

Total Liabilities

79,614,792

66,641,245

76,866,411

45,698,424

42,382,249

47,075,216

Total Equity and Liabilities

92,008,190

75,976,815

89,350,680

52,715,125

46,905,576

54,112,581

Net Assets per Share (Rs.)

9.3

6.8

9.4

6.2

4.0

6.2

(Sgd.)

(Sgd.)

A.M. Pandithage

Mahesh Wijewardene

Chairman

Director/Group Chief Executive Officer

Colombo,

8th August 2022

SINGER (SRI LANKA) PLC

3

For the Three Months ended 30th June

Attributable to equity holders of the Company

Group

Capital

Other

Revenue Reserve

Reserve

Component

of Equity

Stated

Reserve

Revaluation

Fair Value

General

Retained

Total

Non

Total Equity

Capital

Fund

Reserves

Reserve

Reserves

Earnings

-Controlling

Interest

Rs.000

Rs.000

Rs.000

Rs.000

Rs.000

Rs.000

Rs.000

Rs.000

Rs.000

Balance as at 31st March 2021

626,048

198,939

1,232,580

6,026

2,700,000

3,716,501

8,480,094

1,778,543

10,258,638

Charge Relating to Surcharge Tax (Note 1.2)

-

-

-

-

-

(1,023,548)

(1,023,548)

(32,808)

(1,056,356)

Adjusted Balance as at 1st April 2021

626,048

198,939

1,232,580

6,026

2,700,000

2,692,953

7,456,546

1,745,735

9,202,282

Realisation on Revaluation Surplus

-

-

(5,438)

-

-

5,438

-

-

-

Profit for the Period

-

-

-

-

-

439,260

439,260

8,200

447,460

Total Comprehensive Income for the Period

-

-

-

-

-

439,260

439,260

8,200

447,460

Transactions with Owners of the Company,

Recognised Directly in Equity

Distributions to Owners of the Company

-

-

-

-

-

(281,722)

(281,722)

(32,449)

(314,171)

Final Dividend - 2020/2021

Balance as at 30th June 2021

626,048

198,939

1,227,142

6,026

2,700,000

2,855,929

7,614,084

1,721,486

9,335,570

Realisation on Revaluation Surplus

-

-

(21,567)

-

-

21,567

-

-

-

Transferred to/(from) during the period

-

24,824

-

-

-

(24,824)

-

-

-

Profit for the Period

-

-

-

-

-

3,518,888

3,518,888

143,443

3,662,331

Other Comprehensive Income for the Period

-

-

-

-

-

(73,978)

(73,978)

(3,054)

(77,032)

Actuarial loss on Employee Benefit Obligations

Fair Value Change in equity instruments designated

-

-

-

(2,090)

-

-

(2,090)

-

(2,090)

at fair value through other comprehensive income

Revaluation Gain on Land and Buildings

-

-

546,539

-

-

-

546,539

93,572

640,111

Related Taxes

-

-

-

-

-

16,926

16,926

602

17,528

Deferred Tax on Actuarial loss on Employee Benefit

Obligations

Deferred Tax on Equity investments at FVOCI -

-

-

-

502

-

-

502

-

502

change in fair value

Deferred Tax on Revaluation Gain on Land and

-

-

(117,022)

-

-

-

(117,022)

(17,776)

(134,798)

Buildings

Total Other Comprehensive Income for the

-

-

429,516

(1,588)

-

(57,052)

370,876

73,344

444,220

Period, Net of Tax

Transactions with Owners of the Company,

Recognised Directly in Equity

Distributions to Owners of the Company

-

-

-

-

-

(957,854)

(957,854)

-

(957,854)

Interim Dividend - 2021/22

Total Distributions to Owners of the Company

-

-

-

-

-

(957,854)

(957,854)

-

(957,854)

Balance as at 31st March 2022

626,048

223,763

1,635,092

4,437

2,700,000

5,356,655

10,545,995

1,938,274

12,484,269

Realisation of Revaluation Surplus

-

-

(4,097)

-

-

4,097

-

-

-

Profit for the Period

-

-

-

-

-

120,599

120,599

13,908

134,507

Transactions with Owners of the Company,

Recognised Directly in Equity

Distributions to Owners of the Company

-

-

-

-

-

(225,377)

(225,377)

-

(225,377)

Final Dividend - 2021/2022

Balance as at 30th June 2022

626,048

223,763

1,630,995

4,437

2,700,000

5,255,974

10,441,217

1,952,182

12,393,398

Balance as at 31st March 2021

626,048

1,170,908

6,026

2,700,000

577,635

5,080,616

Charge Relating to Surcharge Tax (Note 1.2)

-

-

-

-

(804,826)

(804,826)

Adjusted Balance as at 1st April 2021

626,048

1,170,908

6,026

2,700,000

(227,191)

4,275,791

Realisation of Revaluation Surplus

-

(4,202)

-

-

4,202

-

Profit for the Period

-

-

-

-

529,258

529,258

Transactions with Owners of the Company, Recognised Directly in Equity

Distributions to Owners of the Company

-

-

-

-

(281,722)

(281,722)

Final Dividend - 2020/2021

Balance as at 30th June 2021

626,048

1,166,706

6,026

2,700,000

24,547

4,523,327

Realisation of Revaluation Surplus

-

(12,606)

-

-

12,606

-

Profit for the Period

-

-

-

-

3,379,383

3,379,383

Other Comprehensive Income

-

-

-

-

(57,319)

(57,319)

Actuarial loss on Employee Benefit Obligations

Fair Value Change in equity instruments designated at fair value through other

-

-

(2,090)

-

-

(2,090)

comprehensive income

Revaluation Gain on Land and Buildings

-

181,135

-

-

-

181,135

Related Taxes

-

-

-

-

13,754

13,754

Deferred Tax on Actuarial loss on Employee Benefit Obligations

Deferred Tax on Equity investments at FVOCI - change in fair value

-

-

502

-

-

502

Deferred Tax on Revaluation Gain on Land and Buildings

-

(43,472)

-

-

-

(43,472)

Total Other Comprehensive Income Net of tax

-

137,663

(1,588)

-

3,335,818

3,471,892

Transactions with Owners of the Company, Recognised Directly in Equity

Distributions to Owners of the Company

-

-

-

-

(957,853)

(957,853)

Interim Dividend - 2021/2022

Total Distributions to Owners of the Company

-

-

-

-

(957,853)

(957,853)

Balance as at 31st March 2022

626,048

1,291,762

4,437

2,700,000

2,415,118

7,037,365

Realisation of Revaluation Surplus

-

(4,097)

-

-

4,097

-

Profit for the Period

-

-

-

-

204,713

204,713

Transactions with Owners of the Company, Recognised Directly in Equity

Distributions to Owners of the Company

-

-

-

-

(225,377)

(225,377)

Final Dividend - 2021/2022

Total Distributions to Owners of the Company

-

-

-

-

(225,377)

(225,377)

Balance as at 30th June 2022

626,048

1,287,665

4,437

2,700,000

2,398,551

7,016,701

SINGER (SRI LANKA) PLC

5