SUNSHINE HOLDINGS PLC
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED
31st December 2024
SUNSHINE HOLDINGS PLC
GROUP CHIEF EXECUTIVE OFFICER'S MESSAGE
Dear Shareholder,
The Group recorded a consolidated revenue of LKR 45.2 bn for the period ended 31 December 2024 (9MFY25), up 6.7% year-on-year (YoY) primarily driven by the improvements in the healthcare segment. Sector contributions remained consistent, with Healthcare, Consumer Brands, and Agribusiness accounting for 54.9%, 31.8%, and 13.3% of total revenue, respectively.
The gross profit margin held steady at 30.8% during 9MFY25 with minimal deviation compared to the same period last year, reflecting the resilience of core operations. Increased scale in the Healthcare sector and operational efficiencies in the Agribusiness sectors supported operational profitability, with earnings before interest and taxes (EBIT) remaining at LKR 7.4 bn and reflecting an 16.4% margin, despite margin contraction in the Consumer Brands segment. The Group reported Profit after tax (PAT) for the period of LKR 4.7 bn, contracting14.1% YoY, primarily impacted by the margin contraction in the Consumer Brands segment and higher taxation impact in the agribusiness sector.
Financial Snapshot
Healthcare | 2QFY25 | Vs 2QFY24 | Vs 1QFY25 | ||
8,650 | 20.2% | 0.9% | |||
Consumer | 4,708 | -8.3% | -6.9% | ||
Agri | 1,767 | -6.3% | -19.4% | ||
Other | 9 | n/m | n/m | ||
Revenue | 15,134 | 6.4% | -4.3% | ||
Gross Profit | 4,788 | 2.5% | -4.4% | ||
GP Margin | 31.6% | -120 bps | -3 bps | ||
EBIT | 2,761 | -7.5% | 8.0% | ||
EBIT Margin | 18.2% | -19 bps | +207 bps | ||
Net Finance Cost | (55) | -54.9% | -62.9% | ||
Income Tax Expense | (947) | -38.3% | 9.9% | ||
PAT | 1,759 | -2.9% | 13.6% |
Healthcare
During 9MFY25, the healthcare sector sustained its strong revenue growth momentum, recording a 17.8% YoY increase, supported by higher volumes in pharmaceutical agency, distribution, and manufacturing operations. Building on revenue growth in the above segments, the sector's profitability improved, with EBIT margins increasing to 17.9% in 9MFY25 (compared to 16.2% in 9MFY24).
The Pharma segment reported strong revenue growth of 14.3% YoY, driven primarily by higher volumes, which contributed to improved profitability. In contrast, the medical devices segment saw an 18.2% YoY contraction, largely due to the high base effect from exceptional special sales in the same period last year. Excluding this impact, core operations recorded a 15.1% YoY growth, highlighting steady demand in the segment.
Healthguard Pharmacy achieved a 7.6% 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, the pharmaceutical manufacturing business, continued its strong growth trajectory, recording a 101.5% YoY increase in revenue, driven largely by higher sales of its Metered Dose Inhaler products. To date, Lina has manufactured the full 2024 MDI requirements for the Government's Medical Supplies Division, further solidifying its strategic role in supporting the sector's growth.
Consumer Brands
The Consumer Brands sector, which includes both export and domestic businesses, reported revenue of LKR 14.4 bn in 9MFY25, a slight decline of 3.1% YoY.
Revenue from the Branded Tea and Confectionery (domestic business) businesses declined by 17.4% YoY, largely due to the reduced volumes in the confectionery segment during the period.
Within the branded tea segment, in 9MFY25, volume grew by 1.4% YoY despite a 13.3% YoY value contraction in 9MFY25, primarily due to the partial implementation of VAT to the consumer. Amid challenging consumer sentiment, tea brands Watawala Thei and Ran Kahata showed resilience, though Zesta experienced a volume decline during the period.
The confectionery segment continued to face challenges due to weak consumer sentiment following VAT increases and intensified competitor activities in the market. This resulted in a significant volume drop that translated into a 30.0% YoY revenue contraction in 9MFY25.
Conversely, the performance of the export business offset these impacts, with the continued improvement in export volumes in 9MFY25, driven by heightened demand from key clients. This resulted in a 30.0% YoY increase in revenue for the export business.
EBIT margins for the sector continued to face pressures in 9MFY25, 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 6.1% in 9MFY25 compared to 12.0% in the same period last year.
The sector's performance impact carried through to profitability, with the PAT margin for the Consumer sector decreasing to 3.1% in 9MFY25, down from 7.1% in 9MFY24.
Agribusiness
The Agribusiness sector reported revenue of LKR 6.0 bn in 9MFY25, down 7.1% YoY, largely due to a 5.3% decline in the palm oil business.
The palm oil segment continued to be impacted by lower prices in 9MFY25. This effect, together with revised taxation rates, cascaded down to the segment's profitability, resulting in a net profit margin of 31.2% for the period ending 9MFY25, compared to 40.8% in the same period last year.
The dairy business recorded revenue of LKR 916.5m in 9MFY25, down from LKR 1,088.5m in the same period last year driven by reduction in both volume and selling price.
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 is in the process of utilizing IFC 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. To streamline the legal structure of the consumer segment, the board has decided to simplify the holdings structure, consolidating the consumer segment into a single reporting entity.
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.
Furthermore, the group has decided to implement a share split of the ordinary share capital for Sunshine Holdings PLC (4 shares for every 1 share) aimed at improving liquidity and accessibility to investors.
Further details of the Group's performance are available on the
companywebsite. (https://www.sunshineholdings.lk/investor/financial-reports)
Sathasivam
Group Chief Executive Officer
10 February 2025
Colombo
Page 02
SUNSHINE HOLDINGS PLC
CONDENSED STATEMENT OF COMPREHENSIVE INCOME - GROUP
Unaudited | *Restated | Unaudited | Unaudited | *Restated | Unaudited | Audited | ||||||
Period ended | Period | Period | Quarter ended | Quarter ended | Quarter ended | Year ended | ||||||
31 | 31 | 31 | 31 | 31 | 31 | |||||||
December | December | December | December | December | December | 31 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 | 45,185,010 | 42,356,593 | 42,385,719 | 7 | 15,133,657 | 14,220,587 | 14,228,515 | 6 | 55,533,886 | |||
Cost of sales | (31,257,973) | (29,081,432) | (28,775,631) | 7 | (10,345,948) | (9,550,772) | (9,435,183) | 8 | (38,293,643) | |||
Gross profit | 13,927,037 | 13,275,161 | 13,610,088 | 5 | 4,787,709 | 4,669,815 | 4,793,332 | 3 | 17,240,243 | |||
Dividend Income | 48,623 | 29,126 | - | - | 7,928 | - | (100) | - | ||||
Other income | 303,113 | 320,439 | 320,438 | (5) | 165,982 | 101,456 | 101,456 | 44 | 315,095 | |||
Gain/(loss) on changes in fair | ||||||||||||
value of biological assets | (253,053) | (13,640) | (13,640) | nm | - | - | - | nm | 39,989 | |||
Selling & distribution expenses | (4,006,573) | (3,835,398) | (3,835,398) | 4 | (1,379,361) | (1,439,987) | (1,439,987) | (4) | (5,260,705) | |||
Administrative expenses | (2,627,502) | (2,381,974) | (2,687,774) | 10 | (813,384) | (771,021) | (886,610) | 6 | (3,672,230) | |||
Results from operating | ||||||||||||
activities | 7,391,645 | 7,393,714 | 7,393,714 | (0) | 2,760,946 | 2,568,191 | 2,568,191 | 7 | 8,662,392 | |||
Finance income | 391,623 | 576,648 | 576,648 | (32) | 112,066 | 72,803 | 72,803 | 54 | 577,588 | |||
Finance cost | (619,867) | (859,692) | (859,692) | (28) | (167,085) | (194,381) | (194,381) | (14) | (1,168,094) | |||
Net finance cost | (228,244) | (283,044) | (283,044) | (19) | (55,019) | (121,578) | (121,578) | (55) | (590,506) | |||
Profit before tax | 7,163,401 | 7,110,670 | 7,110,670 | 1 | 2,705,927 | 2,446,613 | 2,446,613 | 11 | 8,071,886 | |||
Income tax expense | (2,481,220) | (1,661,576) | (1,661,576) | 49 | (947,181) | (634,158) | (634,158) | 49 | (2,052,638) | |||
Profit for the period | 4,682,181 | 5,449,094 | 5,449,094 | (14) | 1,758,746 | 1,812,455 | 1,812,455 | (3) | 6,019,248 | |||
Other comprehensive income | ||||||||||||
Equity investments at FVOCI - | ||||||||||||
net change | - | - | - | - | - | - | - | - | 360,558 | |||
Exchange gain/(Loss) on | ||||||||||||
foreign operation translation | (733) | (1,125) | (1,125) | (35) | (1,191) | 720 | 720 | - | (3,335) | |||
Tax on other comprehensive | ||||||||||||
income | - | - | - | - | - | - | (101,089) | |||||
Remeasurement of retirement | ||||||||||||
benefit liability | - | - | - | - | - | - | - | - | (24,249) | |||
Total other comprehensive | ||||||||||||
income for the period | (733) | (1,125) | (1,125) | (35) | (1,191) | 720 | 720 | 231,885 | ||||
Total comprehensive income | ||||||||||||
for the period | 4,681,448 | 5,447,969 | 5,447,969 | (14) | 1,757,555 | 1,813,175 | 1,813,175 | (3) | 6,251,133 | |||
Profit attributable to: | ||||||||||||
Owners of the parent company | 3,362,393 | 3,962,844 | 3,962,844 | (15) | 1,192,825 | 1,399,630 | 1,399,630 | (15) | 4,471,041 | |||
Non-controlling interest | 1,319,788 | 1,486,250 | 1,486,250 | (11) | 565,921 | 412,825 | 412,825 | 37 | 1,548,206 | |||
Other comprehensive income attributable to: | ||||||||||||
Owners of the parent company | (733) | (1,125) | (1,125) | (35) | (1,191) | 720 | 720 | (265) | 238,670 | |||
Non-controlling interest | - | - | - | - | - | - | - | (6,784) | ||||
Total comprehensive income | 4,681,448 | 5,447,969 | 5,447,969 | (14) | 1,757,555 | 1,813,175 | 1,813,175 | (3) | 6,251,133 | |||
for the period | ||||||||||||
Basic earnings per share | 6.83 | 8.05 | 8.05 | 2.42 | 2.85 | 2.85 | 9.09 | |||||
Figures in brackets indicate deductions. |
The above figures are not audited n/m- not meaningful
* 2024 Figures have been reclassięed 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
**Amalgamated and | **Amalgamated | |||||||||||
Unaudited | *Restated | Restated | Unaudited | Unaudited | *Restated | and Restated | Unaudited | Audited | ||||
Period ended | Period ended | Period ended | Period ended | Quarter ended | Quarter ended | Quarter ended | Quarter ended | Year ended | ||||
31 December 2024 | 31 December | 31 December | 31 December | 31 December | ||||||||
31 December 2023 | 31 December 2023 | 31 December 2023 | Change | 2024 | 2023 | 2023 | 2023 | Change | 31 March 2024 | |||
RS '000 | RS '000 | RS '000 | RS '000 | % | RS '000 | RS '000 | RS '000 | RS '000 | % | RS '000 | ||
Revenue | 552,404 | 331,793 | 348,317 | 1,562,625 | 59 | 205,500 | 125,414 | 128,710 | 1,053,926 | 64 | 2,070,290 | |
Cost of sales | (482,868) | (303,591) | (303,591) | - | 59 | (171,440) | (113,381) | (113,380) | - | 51 | - | |
Gross profit | 69,536 | 28,202 | 44,726 | 1,562,625 | 55 | 34,060 | 12,033 | 15,330 | 1,053,926 | 183 | 2,070,290 | |
Dividend income | 1,967,984 | 1,562,625 | 1,562,625 | - | 26 | 682,711 | 1,053,927 | 1,053,927 | - | (35) | ||
Other income | 42,758 | 28,019 | 29,099 | 359,812 | 47 | 15,392 | 24,004 | 25,084 | 149,419 | (36) | 489,970 | |
Administrative expenses | (329,791) | (171,894) | (177,039) | (475,485) | 86 | (107,681) | (59,471) | (63,036) | (172,852) | 81 | (743,919) | |
Results from operating activities | 1,750,487 | 1,446,952 | 1,459,411 | 1,446,952 | 20 | 624,482 | 1,030,493 | 1,031,305 | 1,030,493 | (39) | 1,816,341 | |
Finance income | 68,806 | 118,816 | 106,067 | 118,816 | (35) | 12,980 | 23,335 | 18,946 | 23,335 | (44) | 159,616 | |
Finance cost | (4,823) | (1,173) | (1,173) | (1,173) | 311 | (1,399) | (175) | (175) | (175) | 19 | (1,217) | |
Net finance cost | 63,983 | 117,643 | 104,895 | 117,643 | (39) | 11,581 | 23,160 | 18,771 | 23,160 | (47) | 158,399 | |
Profit before tax | 1,814,470 | 1,564,595 | 1,564,305 | 1,564,595 | 16 | 636,063 | 1,053,653 | 1,050,076 | 1,053,654 | (40) | 1,974,740 | |
Income tax expense | 621 | 6,687 | 6,687 | 6,687 | (91) | (519) | 764 | 764 | 764 | (168) | 17,289 | |
Profit for the period | 1,815,091 | 1,571,282 | 1,570,992 | 1,571,282 | 16 | 635,544 | 1,054,417 | 1,050,840 | 1,054,417 | (40) | 1,992,029 | |
Other comprehensive income | ||||||||||||
Equity investments at FVOCI - net change | - | - | - | - | - | - | - | - | - | - | 360,558 | |
Relax Tax | - | - | - | - | - | - | - | - | - | - | (105,565) | |
Defined benefit plan actuarial gain/(loss) | - | - | - | - | - | - | - | - | - | - | (8,673) | |
Total other comprehensive income for the period | - | - | - | - | - | - | - | - | - | - | 246,320 | |
Total comprehensive income for the period | 1,815,091 | 1,571,282 | 1,570,994 | 1,571,284 | 16 | 635,544 | 1,054,417 | 1,050,840 | 1,054,417 | (40) | 2,238,349 | |
Basic earnings per share from continuing operations 3.69 | 3.19 | 3.19 | 3.19 | 1.29 | 2.14 | 2.14 | 2.14 | 4.05 |
Figures in brackets indicate deductions.
- 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.
- Sunshine Packaging lanka Limited has amalgamated with Sunshine Holdings PLC and figures prasented accordingly. Detailed note has provided in Note no 7.5.
Page 04
SUNSHINE HOLDINGS PLC
STATEMENT OF FINANCIAL POSITION - GROUP
Unaudited | Audited | |||
As at 31 December 2024 | As at 31 March 2024 | |||
RS '000 | RS '000 | |||
ASSETS | ||||
Non current assets | ||||
Property, plant and equipment | 6,621,207 | 6,641,907 | ||
Intangible assets | 241,835 | 277,903 | ||
Leasehold right to bare land | 424,333 | 359,851 | ||
Biological assets | 3,358,182 | 3,658,653 | ||
Investment property | 540,371 | 631,212 | ||
Other investments | 797,268 | 833,617 | ||
Deferred tax assets | 391,128 | 420,127 | ||
Goodwill on Acquisition | 1,387,106 | 1,387,106 | ||
Total non-current assets | 13,761,430 | 14,210,376 | ||
Current assets | ||||
Biological assets-growing crops on bearer plants | 72,115 | 70,867 | ||
Inventories | 12,725,645 | 12,063,288 | ||
Other investments | 3,652,434 | 1,770,256 | ||
Current tax assets | 122,920 | 139,136 | ||
Trade & other receivables | 11,495,524 | 9,782,520 | ||
Amounts due from related parties | 418,590 | 31,747 | ||
Cash & cash equivalent | 5,084,592 | 5,403,789 | ||
Total current assets | 33,571,820 | 29,261,603 | ||
Total assets | 47,333,250 | 43,471,979 | ||
EQUITY AND LIABILITIES | ||||
Equity | ||||
Stated capital | 4,240,394 | 4,240,394 | ||
Reserves | 429,740 | 430,473 | ||
Retained earnings | 15,496,851 | 14,233,958 | ||
Equity attributable to owners of the company | 20,166,985 | 18,904,825 | ||
Non-controlling interests | 6,508,166 | 3,767,868 | ||
Total equity | 26,675,151 | 22,672,693 | ||
Non-current liabilities | ||||
Loans and borrowings | 1,907,389 | 1,676,016 | ||
Employee benefits | 1,050,720 | 1,009,377 | ||
Deferred income and capital grants | 34,763 | 36,726 | ||
Deferred tax | 1,809,118 | 1,686,737 | ||
Total non-current liabilities | 4,801,990 | 4,408,856 | ||
Current liabilities | ||||
Trade and other payables | 9,323,803 | 7,603,511 | ||
Current tax liabilities | 1,305,252 | 785,681 | ||
Loans and borrowings | 4,197,043 | 5,311,993 | ||
Bank overdraft | 1,030,011 | 2,689,245 | ||
Total current liabilities | 15,856,109 | 16,390,430 | ||
Total equity and liabilities | 47,333,250 | 43,471,979 | ||
Net asset value per share (Rs.) | 40.99 | 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.
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 Chief Executive Officer |
February 10, 2025 | |
Colombo |
Page 05
SUNSHINE HOLDINGS PLC
STATEMENT OF FINANCIAL POSITION - COMPANY
Unaudited | **Amalgamated | Audited | |||
As at 31 December | As at 31 March | As at 31 March | |||
2024 | 2024 | 2024 | |||
RS '000 | RS '000 | RS '000 | |||
ASSETS | |||||
Non-current assets | |||||
Property, Plant and Equipment | 64,756 | 8,652 | 8,652 | ||
Intangible assets | 10,538 | 14,490 | 14,490 | ||
Investment property | 849,352 | 845,658 | - | ||
Investment in subsidiaries | 7,325,815 | 7,325,815 | 7,747,698 | ||
Other investments | 786,111 | 782,224 | 782,224 | ||
Deferred tax assets | - | 31,602 | 31,602 | ||
Total non-current assets | 9,036,572 | 9,008,441 | 8,584,666 | ||
Current assets | |||||
Inventories | 240 | 296 | 296 | ||
Current tax assets | 76,666 | 75,566 | 75,566 | ||
Trade & other receivables | 58,618 | 72,132 | 44,017 | ||
Amounts due from related parties | 44,778 | 26,192 | 257,990 | ||
Other Short Term Investments | 1,014,632 | 846,226 | 846,226 | ||
Cash & cash equivalent | 733,581 | 734,571 | 723,291 | ||
Total current assets | 1,928,515 | 1,754,983 | 1,947,386 | ||
Total assets | 10,965,087 | 10,763,424 | 10,532,052 | ||
EQUITY AND LIABILITIES | |||||
Equity | |||||
Stated capital | 4,240,394 | 4,240,394 | 4,240,394 | ||
Reserves | 430,590 | 430,590 | 430,590 | ||
Retained earnings | 5,782,494 | 5,689,313 | 5,572,519 | ||
Equity attributable to owners of the company | 10,453,478 | 10,360,297 | 10,243,503 | ||
Non-controlling interests | - | - | - | ||
Total equity | 10,453,478 | 10,360,297 | 10,243,503 | ||
Non-current liabilities | |||||
Loans and borrowings | 28,765 | - | - | ||
Deferred tax liability | 79,463 | 111,689 | - | ||
Employee benefits | 230,255 | 190,922 | 190,922 | ||
Total non-current liabilities | 338,483 | 302,611 | 190,922 | ||
Current liabilities | |||||
Trade and other payables | 167,151 | 100,234 | 97,345 | ||
Amounts due to related parties | - | 282 | 282 | ||
Loans and borrowings | 5,975 | - | - | ||
Total current liabilities | 173,126 | 100,516 | 97,627 | ||
Total equity and liabilities | 10,965,087 | 10,763,424 | 10,532,052 | ||
Net asset value per share (Rs.) | 21.25 | 21.06 | 20.82 |
The above figures are not audited
- Sunshine Packaging lanka Limited has amalgamated with Sunshine Holdings PLC and figures prasented accordingly. Detailed note has provided in Note no 7.5.
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 Chief Executive Officer |
February 10, 2025 | |
Colombo |
Page 06
SUNSHINE HOLDINGS PLC
FOR THE QUARTER ENDED 31ST DECEMBER 2024
CONDENSED STATEMENT OF CHANGES IN EQUITY - GROUP
Attributable to owners of the company | ||||||||
Reserve on | Fair value gain | |||||||
In RS '000 | Stated | exchange gain or | General | or loss reserve | Retained | Non-controlling | Total | |
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 | 3,962,844 | |||||||
Profit for nine months | - | - | - | - | 3,962,844 | 1,486,250 | 5,449,094 | |
Total other comprehensive income for nine months | - | (1,125) | - | - | - | (1,125) | - | (1,125) |
Total comprehensive income for nine months | - | (1,125) | - | - | 3,962,844 | 3,961,719 | 1,486,250 | 5,447,969 |
Dividend paid to owners for 2022/23 | - | - | - | - | (565,770) | (565,770) | - | (565,770) |
Dividend paid to owners for 2023/24 | - | - | - | - | (491,974) | (491,974) | (1,365,219) | (1,857,193) |
WHT payment on dividend distribution | - | - | - | - | (363,724) | (363,724) | (46,862) | (410,586) |
Lina Manufacturing (Pvt) Ltd and Lina Spiro (Pvt) Ltd Share Swap | - | - | - | - | -96,918 | (96,918) | 189,918 | 93,000 |
Balance as at 31st December 2023 | 4,240,394 | 3,810 | 1,258 | 185,609 | 13,800,760 | 18,231,832 | 3,712,697 | 21,944,530 |
Total Comprehensive Income | ||||||||
Profit for three months | - | - | - | - | 508,195 | 508,195 | 61,956 | 570,153 |
Total other comprehensive income for three months | - | (2,210) | - | 242,006 | - | 239,795 | (6,785) | 233,010 |
Total comprehensive income for three months | - | (2,210) | - | 242,006 | 508,195 | 747,990 | 55,171 | 803,163 |
WHT payment on dividend distribution | - | - | - | - | (75,000) | (75,000) | - | (75,000) |
- | (2,210) | - | 242,006 | 433,195 | 672,991 | 55,171 | 728,163 | |
Balance as at 31 March 2024 | 4,240,394 | 1,600 | 1,258 | 427,615 | 14,233,955 | 18,904,823 | 3,767,868 | 22,672,693 |
Balance as at 1st April 2024 | 4,240,394 | 1,600 | 1,258 | 427,615 | 14,233,955 | 18,904,823 | 3,767,868 | 22,672,693 |
Total Comprehensive Income | ||||||||
Profit for nine months | - | - | - | - | 3,362,393 | 3,362,393 | 1,319,788 | 4,682,181 |
Total other comprehensive income for nine months | - | (733) | - | - | - | (733) | - | (733) |
Total comprehensive income for nine months | - | (733) | - | - | 3,362,393 | 3,361,660 | 1,319,788 | 4,681,448 |
Dividend paid to owners for 2023/24 | - | |||||||
- | - | - | - | (983,947) | (983,947) | (793,711) | (1,777,658) | |
Dividend paid to owners for 2024/25 | - | - | - | - | (737,960) | (737,960) | (945,602) | (1,683,562) |
Share issue to IFC | - | - | - | - | - | - | 3,270,000 | 3,270,000 |
IFC Share issue cost | - | - | - | - | (44,091) | (44,091) | - | (44,091) |
Amalgamation effect | - | - | - | - | 178,616 | 178,616 | - | 178,615 |
WHT payment on dividend distribution | - | - | - | - | (512,115) | (512,116) | (110,177) | (622,295) |
Balance as at 31st December 2024 | 4,240,394 | 867 | 1,258 | 427,615 | 15,496,851 | 20,166,985 | 6,508,166 | 26,675,151 |
The above figures are not audited
Page 07
SUNSHINE HOLDINGS PLC
FOR THE QUARTER ENDED 31ST DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY - COMPANY | Stated | Fair value gain or loss | General | Retained | ||
In RS '000 | capital | reserve on AFS | reserve | earnings | Total | |
Balance as at 1 April 2023 | 4,240,394 | 183,012 | 1,258 | 4,638,236 | 9,062,900 | |
Total comprehensive income for the year | ||||||
Profit for nine months | - | - | - | 1,571,284 | 1,571,284 | |
Total other comprehensive income for nine months | - | - | - | - | - | |
Total comprehensive income for nine months | - | - | - | 1,571,284 | 1,571,284 | |
Dividend to owners - 2022/23 | - | - | - | (565,770) | (565,770) | |
Dividend to owners - 2023/24 | - | - | - | (491,974) | (491,974) | |
Balance as at 31 December 2023 | 4,240,394 | 183,012 | 1,258 | 5,151,776 | 9,576,440 | |
Total comprehensive income for the period | ||||||
Profit for three months | 420,743 | 420,743 | ||||
Total other comprehensive income for three months | 246,320 | 246,320 | ||||
Total comprehensive income for three months | - | 246,320 | - | 420,743 | 667,062 | |
Balance as at 31 March 2024 | 4,240,394 | 429,332 | 1,258 | 5,572,519 | 10,243,503 | |
Balance as at 1 April 2024 | 4,240,394 | 429,332 | 1,258 | 5,572,519 | 10,243,503 | |
Total comprehensive income for the period | ||||||
Profit for nine months | - | - | - | 1,815,091 | 1,815,091 | |
Total other comprehensive income for nine months | - | - | - | - | - | |
Total comprehensive income for nine months | - | - | - | 1,815,091 | 1,815,091 | |
Amalgamation effect | - | - | - | 116,791 | 116,791 | |
Dividend to owners - 2023/24 | - | - | - | (983,947) | (983,947) | |
Dividend to owners - 2024/25 | - | - | - | (737,960) | (737,960) | |
Balance as at 31 December 2024 | 4,240,394 | 429,332 | 1,258 | 5,782,494 | 10,453,478 | |
The above figures are not audited
Page 08
SUNSHINE HOLDINGS PLC | Audited | ||
Unaudited | Unaudited | ||
STATEMENT OF CASH FLOWS - GROUP | Period ended | Period ended | Year ended |
31 December 2024 | 31 December 2023 | 31 March 2024 | |
RS '000 | RS '000 | RS '000 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit before income tax | 7,163,401 | 7,110,670 | 8,071,886 |
Adjustments for; | (340,793) | (378,977) | (525,313) |
Interest Income | |||
Profit on Disposal of Property, Plant & Equipment | (61,331) | (9,078) | 2,221 |
Fair value changes in livestock | 253,053 | 7,845 | (29,431) |
Interest Expense | 614,629 | 713,689 | 980,115 |
Reversal of Impairement of Investment in Subsidiary | 178,616 | - | - |
Depreciation of Property, Plant and Equipment | 650,098 | 555,638 | 771,098 |
Amortization of Intangible Assets | 56,476 | 63,514 | 92,214 |
Depreciation of mature planations | 272,997 | 133,599 | 179,312 |
Provision/(Reversal) for Bad and Doubtful Debts | 371,641 | 256,711 | 318,629 |
Provision/ (Reversal) of impairment of inventories | (25,101) | (143,508) | 103,939 |
Amortisation of Deferred Income | (1,964) | (1,769) | (2,358) |
Amortization of Lesehold land right | 15,659 | 8,362 | 17,536 |
Fair value gain/loss on investments | 6,784 | (6,973) | 6,352 |
Provision for Gratuity excluding acturial gain/loss | 121,862 | 82,731 | 235,618 |
Fair value gain/loss on Consumer Biological Assets | (1,248) | 5,795 | (10,558) |
Operating profit before working capital changes | 9,274,779 | 8,398,249 | 10,211,260 |
(Increase)/decrease in inventories | (637,256) | (1,934,979) | (2,306,107) |
(Increase)/decrease in trade and other receivables | (2,084,645) | (4,043,529) | (2,208,854) |
(Increase)/decrease in amounts due from related parties | (386,842) | 51,817 | 117,693 |
Increase/(decrease) in trade and other payables | 1,720,293 | 1,788,373 | 1,179,565 |
Increase/(decrease) in amounts due to related parties | - | (54,089) | (55,000) |
Cash generated from/ (used in) operations | 7,886,329 | 4,205,843 | 6,938,557 |
Interest paid | (448,713) | (511,211) | (494,687) |
Income tax paid | (2,416,345) | (1,757,929) | (2,226,548) |
Gratuity paid | (80,520) | (95,805) | (133,626) |
4,940,751 | 1,840,898 | 4,083,694 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Interest Received | 340,793 | 378,977 | 525,313 |
(Investments)/ Disposal in Other Investments | (1,934,487) | 888,118 | 882,237 |
(Investments)/ Disposal in Short term Investments | 40,873 | (845,704) | (1,540,386) |
(Investments)/ Disposal in gratuity fund | 41,000 | 9,000 | 9,000 |
Additions to Bearer plants | (163,819) | (35,377) | (36,021) |
Additions of live stock | (138,596) | (181,702) | (306,209) |
Acquisition of PPE | (613,516) | (566,046) | (709,789) |
Acquisition of Intangible Assets | (20,412) | (18,013) | (21,006) |
Proceeds from Disposal of PPE | 45,451 | 11,852 | 30,121 |
Proceeds from sales of livestock | 76,837 | 40,002 | 63,122 |
Disposal of Shares held in Subsidiary | - | 93,000 | 93,000 |
Disposal of investment property | 94,534 | - | - |
Acquisition of Investment property | (3,693) | (3,685) | (3,685) |
Net cash generated from / (used in) Investing activities | (2,235,035) | (229,578) | (1,014,303) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Receipts of Interest Bearing Borrowings | 15,874,603 | 3,893,882 | 4,195,897 |
Proceeds from share Issued by subsidiaries to NCI | 3,225,909 | - | - |
Repayments of Interest Bearing Borrowings | (16,890,728) | (3,089,736) | (2,958,226) |
Payment to lease creditor | (113,510) | (59,571) | (167,853) |
Dividend Paid | (3,461,220) | (2,422,945) | (2,422,963) |
Net cash from / (used in) financing activities | (1,364,946) | (1,678,370) | (1,353,145) |
Net increase/(decrease) in cash and cash equivalents | 1,340,770 | (67,050) | 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 | (733) | (1,125) | (3,335) |
Cash and cash equivalents at the end of the period | 4,054,581 | 933,458 | 2,714,544 |
Cash and cash equivalents | |||
Cash in hand & bank | 5,084,592 | 3,733,529 | 5,403,789 |
Bank overdraft | (1,030,011) | (2,800,071) | (2,689,245) |
4,054,581 | 933,458 | 2,714,544 | |
Figures in brackets indicate deductions.
The above figures are not audited
Page 09
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