SUNSHINE HOLDINGS PLC
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED
30th September 2024
SUNSHINE HOLDINGS PLC
GROUP CHIEF EXECUTIVE OFFICER'S MESSAGE
Dear Shareholder,
The Group demonstrated resilience in the 6-month period ended 30th September 2024 (1HFY25), achieving a consolidated revenue of LKR 30.1 bn. This represents a 6.8% year-on-year (YoY) increase, driven by robust contributions across sectors, with Healthcare accounting for 53.7%, Consumer Brands at 32.1%, and Agribusiness contributing 14.2%.
Gross profit for 1HFY25 increased by 6.2% YoY to LKR 9.1 bn, with the gross profit margin holding steady at 30.4%, cf. to same period last year. This margin stability reflects successful margin expansion in the Healthcare sector, where improvements in pharmaceutical agency and manufacturing operations positively impacted the Group's overall profitability, despite margin contraction in Consumer Brands and Agribusiness sectors. The Group reported Profit after tax (PAT) for the period of LKR 2.9 bn, a 19.6% YoY decrease, primarily impacted by the higher taxation in the agribusiness sector.
Financial Snapshot
Healthcare | 2QFY25 | Vs 2QFY24 | Vs 1QFY25 | ||
8,569 | 13.9% | 13.3% | |||
Consumer | 5,056 | 1.2% | 9.7% | ||
Agri | 2,193 | -2.1% | 6.2% | ||
Other | -6 | n/m | n/m | ||
Revenue | 15,812 | 7.1% | 11.0% | ||
Gross Profit | 5,007 | 5.5% | 21.2% | ||
GP Margin | 31.7% | -46 bps | +265 bps | ||
EBIT | 2,557 | -9.0% | 23.3% | ||
EBIT Margin | 16.2% | -287 bps | +161 bps | ||
Net Finance Cost | (148) | 983.7% | 493.1% | ||
Income Tax Expense | (862) | 46.3% | 28.1% | ||
PAT | 1,548 | -29.9% | 12.5% |
Healthcare
The Healthcare sector demonstrated strong growth, with revenue rising 16.6% YoY in 1HFY25, driven by robust topline expansion in both the pharmaceutical agency and pharmaceutical manufacturing businesses.
The sector's EBIT margin improved, primarily due to higher capacity utilization in pharmaceutical manufacturing and volume growth in the pharmaceutical agency. However, this was partially offset by a margin contraction in the medical devices segment compared to the same period last year.
In the Pharma segment, revenue growth of 16.0% YoY was primarily volume-driven, translating into improved profitabili- ty. By contrast, the medical devices segment contracted by 26.4% YoY, aĴributed to exceptional tender sales last year. Excluding these, core operations in medical devices grew by 8.6% YoY, reflecting steady performance in underlying demand.
Healthguard Pharmacy achieved a 9.9% YoY revenue increase, supported by growth in both value and volume. Notably, the pharmaceutical category recorded gains in both areas, while the wellness category saw value growth despite a volume decline.
Lina Manufacturing, the pharmaceutical manufacturing business, reported a 110.9% YoY revenue increase, driven by higher capacity utilization at its Metered Dose Inhaler (MDI) plant. To date, Lina has supplied over half of the 2024 MDI requirements for the Medical Supplies Division of the Govern- ment, further underscoring its strategic contribution to the sector's growth.
Consumer Brands
The Consumer Brands sector, which includes both export and domestic businesses, reported revenue of LKR 9.7 bn in 1HFY25, representing a slight decline of 0.3% YoY. However, 2QFY25 revenue saw a sequential improvement of 1.2% compared to the trailing quarter.
Revenue from the Branded Tea and Confectionery businesses declined by 13.2% YoY, largely due to the reduced volumes in the confectionery segment during the period.
Within the branded tea segment, volume grew by 7.4% YoY despite a 9.7% YoY value contraction in 1HFY25. Amid challenging consumer sentiment, tea brands Watawala Thei and Ran Kahata showed resilience with volume growth, though Zesta experienced a decline during the period.
The confectionery segment continued to face challenges due to weak consumer sentiment following VAT increases, resulting in a 22.8% YoY revenue contraction in 1HFY25. This decline was primarily driven by drop in volume, reflecting ongoing affordability pressures in the market.
Conversely, the performance of the export business offset these impacts, with the continued improvement in export volumes in 1HFY25, driven by heightened demand from key clients. This resulted in a 26.8% YoY increase in revenue for the export business.
EBIT margins for the sector continued to face pressures in 1HFY25, reflecting the ongoing effects of weakened consumer sentiment post-VAT implementation and a normalization from favorable conditions seen last year. This resulted in a significant reduction of margins to 5.1% in 1HFY25 compared to 11.4% in the same period last year.
The sector's performance impact carried through to profitabili- ty, with the PAT margin for the Consumer sector decreasing to 2.5% in 1HFY25, down from 6.7% in 1HFY24.
Agribusiness
The Agribusiness sector reported revenue of LKR 4.3 bn in 1HFY25, a decrease of 7.4% YoY, largely due to a 6.9% decline in the palm oil business.
The palm oil segment continued to be impacted by lower prices and volumes in 1HFY25. This effect, together with revised taxation rates, cascaded down to the segment's profitability, resulting in a net profit margin of 29.7% for the period ending 1HFY25, compared to 43.1% in the same period last year.
The dairy business recorded revenue of LKR 617 m in 1HFY25, down from LKR 689 m in the same period last year. Although milk production volumes fell during 1HFY25, lower feed costs helped to partially offset the adverse impact.
The sector has continued to invest in Cinnamon planting, with over 100 hectares and the recently invested processing center.
Page 01
Outlook
Healthcare: In October, the Group completed the equity infusion from the International Finance Corporation (IFC) into Sunshine Healthcare Lanka (SHL). The company has already started utilizing this investment to significantly scale up SHL's operations, including expanding local manufacturing with Lina, enhancing diagnostic capabilities, and strengthening our distribution network and retail presence. We will prioritize providing accessible and high-quality healthcare products while focusing on both organic and inorganic growth in our core areas to capitalize on opportunities in the healthcare sector.
Consumer Brands: The Group will continue investing in our consumer brands and driving distribution synergies within retail channels to maintain our market presence, despite macroeconomic pressures on consumer purchasing power. The group remains confident in its ability to navigate these challenges and sustain resilience in the upcoming quarters. The export business will remain a key focus area for future growth.
Agribusiness: Both local and global palm oil prices have stabilized. Meanwhile, crop volumes are expected to gradually increase as young fields mature. Additionally, we expect milk yield to remain steady while feed costs decrease in the coming quarters.
Further details of the Group's performance are available on the company website. (hĴps://www.sunshineholdings.lk/investor/- financial-reports)
Shyam Sathasivam
Group Chief Executive Officer
12th November 2024
Colombo
Page 02
SUNSHINE HOLDINGS PLC
CONDENSED STATEMENT OF COMPREHENSIVE INCOME - GROUP
Unaudited | *Restated | Unaudited | Unaudited | *Restated | Unaudited | Audited | |||
Period ended | Period ended | Period ended | Quarter ended | Quarter ended | Quarter ended | Year ended | |||
30th | 30th | 30th | 30th | 30th | 30th | ||||
September | September | September | September | September | September | 31st March | |||
2024 | 2023 | 2023 | Change | 2024 | 2023 | 2023 | Change | 2024 | |
RS '000 | RS '000 | RS '000 | % | RS '000 | RS '000 | % | RS '000 | ||
Continuing operations | |||||||||
Revenue | 30,051,353 | 28,136,006 | 28,157,204 | 7 | 15,812,034 | 14,766,260 | 14,786,763 | 7 | 55,533,886 |
Cost of sales | (20,912,025) | (19,530,660) | (19,340,448) | 7 | (10,804,621) | (10,021,970) | (9,928,545) | 8 | (38,293,643) |
Gross profit | 9,139,328 | 8,605,346 | 8,816,756 | 6 | 5,007,413 | 4,744,290 | 4,858,218 | 6 | 17,240,243 |
Dividend Income | 48,623 | 21,199 | - | 129 | 10,322 | 20,503 | - | (50) | - |
Other income | 137,131 | 218,983 | 218,983 | (37) | 79,366 | 95,088 | 95,087 | (17) | 315,095 |
Gain/(loss) on changes in fair value | (253,053) | (13,640) | (13,640) | 1,755 | (253,053) | (13,640) | (13,640) | 1,755 | 39,989 |
of biological assets | |||||||||
Selling & distribution expenses | (2,627,211) | (2,395,411) | (2,395,411) | 10 | (1,367,971) | (1,241,609) | (1,241,609) | 10 | (5,260,705) |
Administration expenses | (1,814,118) | (1,610,953) | (1,801,164) | 13 | (918,742) | (793,023) | (886,447) | 16 | (3,672,230) |
Results from operating activities | 4,630,700 | 4,825,524 | 4,825,524 | (4) | 2,557,335 | 2,811,609 | 2,811,609 | (9) | 8,662,393 |
Finance income | 279,557 | 503,844 | 503,844 | (45) | 74,812 | 115,770 | 115,770 | (35) | 577,588 |
Finance cost | (452,782) | (665,311) | (665,311) | 81 | (223,099) | (129,453) | (129,453) | (72) | (1,168,094) |
Net finance cost | (173,225) | (161,467) | (161,467) | 7 | (148,286) | (13,683) | (13,683) | 984 | (590,505) |
Profit before tax | 4,457,475 | 4,664,057 | 4,664,057 | (4) | 2,409,049 | 2,797,926 | 2,797,926 | (14) | 8,071,887 |
Income tax expense | (1,534,038) | (1,027,418) | (1,027,418) | 49 | (861,534) | (589,473) | (589,473) | 46 | (2,052,638) |
Profit for the period | 2,923,437 | 3,636,639 | 3,636,639 | (20) | 1,547,515 | 2,208,453 | 2,208,453 | (30) | 6,019,249 |
Other comprehensive income | |||||||||
Equity investments at FVOCI - net | |||||||||
change | - | - | - | - | - | - | - | - | 360,558 |
Exchange gain/(Loss) on foreign | |||||||||
operation translation | 458 | (1,845) | (1,845) | (125) | 219 | 845 | 845 | - | (3,335) |
Tax on other comprehensive income | - | - | - | - | - | - | (101,089) | ||
Remeasurement of retirement benefit | |||||||||
liability | - | - | - | - | - | - | - | - | (24,249) |
Total other comprehensive income | |||||||||
for the period | 458 | (1,845) | (1,845) | (125) | 219 | 845 | 845 | - | 231,883 |
Total comprehensive income for | |||||||||
the period | 2,923,895 | 3,634,794 | 3,634,794 | (20) | 1,547,734 | 2,209,298 | 2,209,298 | (30) | 6,251,133 |
Profit aĴributable to: | |||||||||
Owners of the parent company | 2,169,570 | 2,563,213 | 2,563,213 | (15) | 1,233,848 | 1,648,731 | 1,648,731 | (25) | 4,471,041 |
Non-controlling interest | 753,867 | 1,073,426 | 1,073,426 | (30) | 313,667 | 559,722 | 559,722 | (44) | 1,548,206 |
Other comprehensive income | |||||||||
aĴributable to: | |||||||||
Owners of the parent company | 458 | (1,845) | (1,845) | (125) | 219 | 845 | 845 | (74) | 238,670 |
Non-controlling interest | - | - | - | - | - | - | - | (6,785) | |
Total comprehensive income for | 2,923,895 | 3,634,794 | 3,634,794 | (20) | 1,547,734 | 2,209,298 | 2,209,298 | 6,251,133 | |
the period | (30) | ||||||||
Basic earnings per share | 4.41 | 5.21 | 5.21 | 2.51 | 3.35 | 3.35 | 9.09 |
Figures in brackets indicate deductions.
The above figures are not audited
* 2024 Figures have been reclassified according to SLFRS 15 as a result of the business module change. Detailed note has provided in Note no 06.
Page 03
SUNSHINE HOLDINGS PLC
CONDENSED STATEMENT OF COMPREHENSIVE INCOME - COMPANY
Unaudited | *Restated | Unaudited | Unaudited | *Restated | Unaudited | Audited | |||||
Period | Period | Period | Quarter | Quarter | Quarter | Year | |||||
ended | ended | ended | ended | ended | ended | ended | |||||
30th | 30th | 30th | 30th | 30th | 30th | 31st | |||||
September | September | September | September | September | September | March | |||||
2024 | 2023 | 2023 | Change | 2024 | 2023 | 2023 | Change | 2024 | |||
RS '000 | RS '000 | RS '000 | % | RS '000 | RS '000 | % | RS '000 | ||||
Revenue | 346,904 | 206,379 | 508,699 | 68 | 180,094 | 100,601 | 295,503 | 79 | 2,070,290 | ||
Cost of sales | (311,428) | (190,211) | - | 64 | (158,539) | (93,425) | - | 70 | - | ||
Gross profit | 35,476 | 16,168 | 508,699 | 119 | 21,555 | 7,176 | 295,503 | 200 | 2,070,290 | ||
Dividend income | 1,285,273 | 508,699 | 750,572 | 295,503 | - | 154 | |||||
Other income | 27,366 | 4,015 | 210,394 | 582 | 11,275 | 4,577 | 105,177 | 146 | 489,970 | ||
Administration expenses | (222,110) | (112,423) | (302,634) | 98 | (123,127) | (59,812) | (153,236) | 106 | (743,919) | ||
Results from operating | 660,275 | 247,444 | 247,444 | 167 | 1,816,340 | ||||||
activities | 1,126,005 | 416,459 | 416,459 | 170 | |||||||
Finance income | 55,825 | 95,481 | 95,481 | (42) | 27,812 | 43,947 | 43,947 | (37) | 159,616 | ||
Finance cost | (3,424) | (998) | (998) | 243 | (1,608) | (306) | (306) | 425 | (1,217) | ||
Net finance cost | 52,401 | 94,483 | 94,483 | (45) | 26,204 | 43,641 | 43,641 | (40) | 158,399 | ||
Profit before tax | 1,178,406 | 510,942 | 510,942 | 131 | 686,479 | 291,085 | 291,085 | 136 | 1,974,739 | ||
Income tax expense | 1,143 | 5,923 | 5,923 | (81) | (6,044) | 2,654 | 2,654 | (328) | 17,289 | ||
Profit for the period | 1,179,549 | 516,865 | 516,865 | 128 | 680,435 | 293,739 | 293,739 | 132 | 1,992,029 | ||
Other comprehensive income | |||||||||||
Equity investments at | - | - | - | - | - | - | - | - | 360,558 | ||
FVOCI - net change | |||||||||||
Related Tax | - | - | - | - | - | - | - | - | (105,565) | ||
Defined benefit plan | - | - | - | - | - | - | - | - | (8,673) | ||
actuarial gain/(loss) | |||||||||||
Total other comprehensive | - | - | - | - | - | - | - | 246,320 | |||
income for the period | |||||||||||
Total comprehensive income | 1,179,549 | 516,865 | 516,865 | 128 | 680,435 | 293,739 | 132 | 2,238,349 | |||
for the period | |||||||||||
Basic earnings per share from | 0.60 | 0.60 | 4.05 | ||||||||
continuing operations | 2.40 | 1.05 | 1.05 | 1.38 |
Figures in brackets indicate deductions.
The above figures are not audited
* 2024 Figures have been reclassified according to SLFRS 15 as a result of the business module change. Detailed note has provided in Note no 06.
Page 04
SUNSHINE HOLDINGS PLC
STATEMENT OF FINANCIAL POSITION - GROUP
Unaudited | Audited | |
As at 30th September 2024 | As at 31st March 2024 | |
RS '000 | RS '000 | |
ASSETS | ||
Non current assets | ||
Property, plant and equipment | 6,666,082 | 6,641,907 |
Intangible assets | 256,975 | 277,903 |
Leasehold right to bare land | 429,613 | 359,851 |
Biological assets | 3,373,430 | 3,658,653 |
Investment property | 634,906 | 631,212 |
Other investments | 808,232 | 833,617 |
Deferred tax assets | 363,861 | 420,127 |
Goodwill on Acquisition | 1,387,106 | 1,387,106 |
Total non-current assets | 13,920,205 | 14,210,376 |
Current assets | ||
Biological assets-growing crops on bearer plants | 72,115 | 70,867 |
Inventories | 12,929,421 | 12,063,288 |
Other investments | 2,856,145 | 1,770,256 |
Current tax assets | 172,744 | 139,133 |
Trade & other receivables | 12,617,367 | 9,782,520 |
Amounts due from related parties | 187,441 | 31,749 |
Cash & cash equivalent | 3,708,966 | 5,403,789 |
Total current assets | 32,544,199 | 29,261,603 |
Total assets | 46,464,404 | 43,471,979 |
EQUITY AND LIABILITIES | ||
Equity | ||
Stated capital | 4,240,394 | 4,240,394 |
Reserves | 430,931 | 430,473 |
Retained earnings | 15,119,212 | 14,233,958 |
Equity aĴributable to owners of the company | 19,790,537 | 18,904,825 |
Non-controlling interests | 3,728,024 | 3,767,868 |
Total equity | 23,518,561 | 22,672,693 |
Non-current liabilities | ||
Loans and borrowings | 2,165,395 | 1,676,016 |
Employee benefits | 1,051,068 | 1,009,377 |
Deferred income and capital grants | 35,547 | 36,726 |
Deferred tax | 1,718,176 | 1,686,737 |
Total non-current liabilities | 4,970,186 | 4,408,856 |
Current liabilities | ||
Trade and other payables | 10,048,963 | 7,603,511 |
Current tax liabilities | 1,021,860 | 785,681 |
Loans and borrowings | 4,999,473 | 5,311,993 |
Bank overdraft | 1,905,361 | 2,689,245 |
Total current liabilities | 17,975,657 | 16,390,430 |
Total equity and liabilities | 46,464,404 | 43,471,979 |
Net asset value per share (Rs.) | 40.23 | 38.43 |
The above figures are not audited |
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Groupfficer
The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board,
Chairman | Group Chief Executive Officer |
November 12th, 2024 | |
Colombo |
Page 05
SUNSHINE HOLDINGS PLC | ||||
STATEMENT OF FINANCIAL POSITION - COMPANY | ||||
Unaudited | Audited | |||
As at 30th | As at 31st | |||
September 2024 | March 2024 | |||
RS '000 | RS '000 | |||
ASSETS | ||||
Non-current assets | ||||
Property, Plant and Equipment | 64,301 | 8,652 | ||
Intangible assets | 11,855 | 14,490 | ||
Investment in subsidiaries | 7,747,699 | 7,747,698 | ||
Other investments | 789,330 | 782,224 | ||
Deferred tax assets | 32,745 | 31,602 | ||
Total non-current assets | 8,645,930 | 8,584,666 | ||
Current assets | ||||
Inventories | 240 | 296 | ||
Current tax assets | 75,566 | 75,566 | ||
Trade & other receivables | 82,094 | 44,017 | ||
Amounts due from related parties | 321,009 | 257,990 | ||
Other Short Term Investments | 1,048,083 | 846,226 | ||
Cash & cash equivalent | 699,480 | 723,291 | ||
Total current assets | 2,226,472 | 1,947,386 | ||
Total assets | 10,872,402 | 10,532,052 | ||
EQUITY AND LIABILITIES | ||||
Equity | ||||
Stated capital | 4,240,394 | 4,240,394 | ||
Reserves | 430,590 | 430,590 | ||
Retained earnings | 5,768,121 | 5,572,519 | ||
Equity aĴributable to owners of the company | 10,439,105 | 10,243,503 | ||
Non-controlling interests | - | - | ||
Total equity | 10,439,105 | 10,243,503 | ||
Non-current liabilities | ||||
Loans and borrowings | 28,765 | |||
Employee benefits | 221,507 | 190,922 | ||
Total non-current liabilities | 250,272 | 190,922 | ||
Current liabilities | ||||
Trade and other payables | 169,424 | 97,345 | ||
Amounts due to related parties | 2,233 | 282 | ||
Loans and borrowings | 11,368 | |||
Total current liabilities | 183,025 | 97,627 | ||
Total equity and liabilities | 10,872,402 | 10,532,052 | ||
Net asset value per share (Rs.) | 21.22 | 20.82 | ||
The above figures are not audited |
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved and signed for and on behalf of the Board.
Chairman | Group | fficer |
November 12th, 2024 | ||
Colombo |
Page 06
SUNSHINE HOLDINGS PLC
FOR THE QUARTER ENDED 30TH SEPTEMBER 2024
CONDENSED STATEMENT OF CHANGES IN EQUITY - GROUP
AĴributable to owners of the company
In RS '000 | Stated | Reserve on | General | Fair value gain or | Retained | Total | |||||
exchange gain or | loss reserve | Non-controlling | |||||||||
capital | loss | reserve | on AFS | earnings | Total | interest | equity | ||||
Balance as at 1st April 2023 | 4,240,394 | 4,935 | 1,258 | 185,609 | 11,356,302 | 15,788,499 | 3,448,610 | 19,237,110 | |||
Total Comprehensive Income | |||||||||||
Profit for Six months | - | - | - | - | 2,563,213 | 2,563,213 | 1,073,425 | 3,636,638 | |||
Total other comprehensive income for Six months | - | (1,845) | - | - | - | (1,845) | - | (1,845) | |||
Total comprehensive income for Six months | - | (1,845) | - | - | 2,563,213 | 2,561,368 | 1,073,425 | 3,634,793 | |||
Dividend paid to owners for 2022/23 | (565,770) | (565,770) | (463,406) | (1,029,176) | |||||||
WHT payment on dividend distribution | (84,362) | (84,362) | (46,862) | (131,224) | |||||||
Lina Manufacturing (Pvt) Ltd and Lina Spiro (Pvt) Ltd Share Swap | (96,918) | (96,918) | 189,918 | 93,000 | |||||||
Balance as at 30th September 2023 | 4,240,394 | 3,090 | 1,258 | 185,609 | 13,172,465 | 17,602,817 | 4,201,685 | 21,804,502 | |||
Total Comprehensive Income | |||||||||||
Profit for Six months | - | - | - | - | 1,907,826 | 1,907,826 | 474,781 | 2,382,607 | |||
Total other comprehensive income for Six months | - | (1,490) | - | 242,006 | - | 240,515 | (6,785) | 233,730 | |||
Total comprehensive income for Six months | - | (1,490) | - | 242,006 | 1,907,826 | 2,148,341 | 467,996 | 2,616,337 | |||
Dividend paid to owners for 2023/24 | - | - | - | - | (491,974) | (491,974) | (901,813) | (1,393,787) | |||
WHT payment on dividend distribution | - | - | - | - | (354,362) | (354,362) | - | (354,362) | |||
- | (1,490) | - | 242,006 | 1,061,491 | 1,302,006 | (433,818) | 868,188 | ||||
Balance as at 31st March 2024 | 4,240,394 | 1,600 | 1,258 | 427,615 | 14,233,956 | 18,904,823 | 3,767,868 | 22,672,691 | |||
Balance as at 1st April 2024 | 4,240,394 | 1,600 | 1,258 | 427,615 | 14,233,956 | 18,904,823 | 3,767,868 | 22,672,691 | |||
Profit for Six months | 2,169,570 | 2,169,570 | 753,867 | 2,923,437 | |||||||
Total other comprehensive income for Six months | 458 | 458 | 458 | ||||||||
Total comprehensive income for Six months | - | 458 | - | - | 2,169,570 | 2,170,028 | 753,867 | 2,923,895 | |||
Dividend paid to owners for 2023/24 | - | ||||||||||
(983,947) | (983,947) | (744,254) | (1,728,202) | ||||||||
WHT payment on dividend distribution | (300,367) | (300,367) | (49,457) | (349,824) | |||||||
Balance as at 30th September 2024 | 4,240,394 | 2,058 | 1,258 | 427,615 | 15,119,212 | 19,790,537 | 3,728,024 | 23,518,561 | |||
The above figures are not audited |
Page 07
SUNSHINE HOLDINGS PLC
FOR THE QUARTER ENDED 30TH SEPTEMBER 2024
Fair value gain or | |||||||
STATEMENT OF CHANGES IN EQUITY - COMPANY | Stated | loss | General | Retained | |||
In RS '000 | capital | reserve on AFS | reserve | earnings | Total | ||
Balance as at 1st April 2023 | 4,240,394 | 183,012 | 1,258 | 4,638,236 | 9,062,900 | ||
Total comprehensive income for the year | |||||||
Profit for Six months | - | - | - | 516,864 | 516,864 | ||
Total other comprehensive income for Six months | - | - | - | - | - | ||
Total comprehensive income for Six months | - | - | - | 516,864 | 516,864 | ||
Dividend to owners - 2022/23 | (565,770) | (565,770) | |||||
Balance as at 30th September 2023 | 4,240,394 | 183,012 | 1,258 | 4,589,330 | 9,013,994 | ||
Total comprehensive income for the period | |||||||
Profit for Six months | 1,475,162 | 1,475,162 | |||||
Total other comprehensive income for Six months | 246,320 | 246,320 | |||||
Total comprehensive income for Six months | - | 246,320 | - | 1,475,162 | 1,721,482 | ||
Dividend to owners - 2022/23 | (491,974) | (491,974) | |||||
Balance as at 31st March 2024 | 4,240,394 | 429,332 | 1,258 | 5,572,519 | 10,243,503 | ||
Balance as at 1st April 2024 | 4,240,394 | 429,332 | 1,258 | 5,572,519 | 10,243,503 | ||
Total comprehensive income for the period | |||||||
Profit for Six months | 1,179,549 | 1,179,549 | |||||
Total other comprehensive income for Six months | |||||||
Total comprehensive income for Six months | 1,179,549 | 1,179,549 | |||||
Dividend to owners - 2023/24 | (983,947) | (983,947) | |||||
Balance as at 30th September 2024 | 4,240,394 | 429,332 | 1,258 | 5,768,121 | 10,439,105 |
The above figures are not audited
Page 08
SUNSHINE HOLDINGS PLC | Unaudited | Unaudited | Audited | |||||
STATEMENT OF CASH FLOWS - GROUP | ||||||||
Quarter ended | Quarter ended | Year ended | ||||||
30th September 2024 | 30th September 2023 | 31st March 2024 | ||||||
RS '000 | RS '000 | RS '000 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Profit before income tax | 4,457,475 | 4,664,057 | 8,071,886 | |||||
Adjustments for; | ||||||||
Interest Income | (207,160) | (284,794) | (525,313) | |||||
Profit on Disposal of Property, Plant & Equipment | (474) | (8,987) | 2,221 | |||||
Fair value changes in livestock | - | 7,845 | (29,431) | |||||
Interest Expense | 449,181 | 485,413 | 980,115 | |||||
Depreciation of Property, Plant and Equipment | 442,074 | 367,164 | 771,098 | |||||
Amortization of Intangible Assets | 35,603 | 42,054 | 92,214 | |||||
Depreciation of mature planations | 123,323 | 89,503 | 179,312 | |||||
Provision/(Reversal) for Bad and Doubtful Debts | 365,888 | 228,856 | 318,629 | |||||
Provision/ (Reversal) of impairment of inventories | (25,819) | (64,383) | 103,939 | |||||
Amortisation of Deferred Income | (1,179) | (1,179) | (2,358) | |||||
Amortization of Lesehold land right | 10,378 | 8,302 | 17,536 | |||||
Fair value gain/loss on investments | 7,039 | (6,796) | 6,352 | |||||
Provision for Gratuity excluding acturial gain/loss | 71,645 | 55,380 | 235,618 | |||||
Fair value gain/loss on Consumer Biological Assets | 251,805 | 5,795 | (10,558) | |||||
Operating profit before working capital changes | 5,979,779 | 5,588,230 | 10,211,260 | |||||
(Increase)/decrease in inventories | (840,313) | (414,424) | (2,306,107) | |||||
(Increase)/decrease in trade and other receivables | (3,200,735) | (2,407,575) | (2,208,854) | |||||
(Increase)/decrease in amounts due from related parties | (155,692) | (182,408) | 117,693 | |||||
Increase/(decrease) in trade and other payables | 2,445,459 | 1,425,864 | 1,179,565 | |||||
Increase/(decrease) in amounts due to related parties | - | (54,090) | (55,000) | |||||
Cash generated from/ (used in) operations | 4,228,498 | 3,955,597 | 6,938,557 | |||||
Interest paid | (327,616) | (334,149) | (494,687) | |||||
Income tax paid | (1,593,592) | (1,087,522) | (2,226,548) | |||||
Gratuity paid | (29,956) | (52,656) | (133,626) | |||||
2,277,333 | 2,481,270 | 4,083,694 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Interest Received | 207,160 | 284,794 | 525,313 | |||||
(Investments)/ Disposal in Other Investments | (14,654) | 885,119 | 882,237 | |||||
(Investments)/ Disposal in Short term Investments | (1,085,888) | (777,242) | (1,540,386) | |||||
(Investments)/ Disposal in gratuity fund | 33,000 | 9,000 | 9,000 | |||||
Additions to Bearer plants | (53,837) | (22,113) | (36,021) | |||||
Additions of live stock | 20,220 | (111,844) | (306,209) | |||||
Acquisition of PPE | (452,520) | (368,433) | (709,789) | |||||
Acquisition of Intangible Assets | (14,675) | (9,710) | (21,006) | |||||
Proceeds from Disposal of PPE | (13,254) | 11,483 | 30,121 | |||||
Proceeds from sales of livestock | (57,536) | 29,257 | 63,122 | |||||
Disposal of Shares held in Subsidiary | - | 93,000 | 93,000 | |||||
Acquisition of Investment property | (3,693) | (3,685) | (3,685) | |||||
Net cash generated from / (used in) Investing activities | (1,435,679) | 19,626 | (1,014,303) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Receipts of Interest Bearing Borrowings | 11,765,983 | 2,737,359 | 4,195,897 | |||||
Repayments of Interest Bearing Borrowings | (11,723,594) | (2,853,530) | (2,958,226) | |||||
Payment to lease creditor | (67,238) | (16,792) | (167,853) | |||||
Dividend Paid | (1,728,202) | (1,029,176) | (2,422,963) | |||||
Net cash from / (used in) financing activities | (1,753,051) | (1,162,139) | (1,353,145) | |||||
Net increase/(decrease) in cash and cash equivalents | (911,397) | 1,338,757 | 1,716,247 | |||||
Cash and cash equivalents at the beginning of the period | 2,714,544 | 1,001,633 | 1,001,633 | |||||
Effect of exchange rate changes on cash and cash equivalents | 458 | (1,845) | (3,335) | |||||
Cash and cash equivalents at the end of the period | 1,803,605 | 2,338,545 | 2,714,544 | |||||
Cash and cash equivalents | ||||||||
Cash in hand & bank | 3,708,966 | 3,754,553 | 5,403,789 | |||||
Bank overdraft | (1,905,361) | (1,416,008) | (2,689,245) | |||||
1,803,605 | 2,338,545 | 2,714,544 | ||||||
Figures in brackets indicate deductions. | ||||||||
The above figures are not audited |
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