Swisstek (ceylon) PlcCSELK: PARQ.N0000

Interim Financial Statements as at 30.09.2024

Nov 1, 2024 at 11:28 AM UTC · Issued by Swisstek (ceylon) Plc

Swisstek (Ceylon) PLC

Interim Financial Statements

For the six months ended 30th September 2024

Page 2

SWISSTEK ( CEYLON) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2024

STATEMENT OF FINANCIAL POSITION

	GROUP	COMPANY
As at	30-09-2024	31-03-2024	30-09-2024	31-03-2024
	Unaudited	Audited	Unaudited	Audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
ASSETS
Property, plant and equipment	4,104,458	3,977,718	2,185,231	2,183,269
Intangible Assets	24,651	32,411	211	211
Investment property	202,000	202,000	202,000	202,000
Other long term investment	56,667	56,667	286,987	286,987
Non current assets	4,387,776	4,268,796	2,674,429	2,672,467
Inventories	4,321,079	4,158,185	575,105	463,791
Trade & other receivables	2,813,018	2,120,422	587,227	548,204
Contract Assets	-	30,033	-	30,033
Amounts due from related parties	84,077	48,409	100,334	61,689
Cash & cash equivalents	419,128	455,367	244,166	277,103
Current assets	7,637,302	6,812,416	1,506,832	1,380,820
Total assets	12,025,078	11,081,212	4,181,261	4,053,287
EQUITY
Stated capital	368,256	368,256	368,256	368,256
Reserve	982,163	982,163	728,865	728,865
General reserve	19,842	19,842	19,842	19,842
Retained Earnings	1,240,956	978,954	1,240,812	1,135,002
Equity attributable to owners of the company	2,611,217	2,349,215	2,357,775	2,251,965
Non controlling interest	71,516	48,958	-	-
Total equity	2,682,733	2,398,173	2,357,775	2,251,965
Liabilities
Retirement benefits obligation	80,927	78,621	25,550	23,955
Lease Rental Payable after one year	85,536	12,391	-	-
Deferred tax liability	285,669	239,272	431,170	424,441
Long term borrowings payable after one year	2,145,762	3,248,823	-	-
Non current liabilities	2,597,894	3,579,107	456,720	448,396
Trade & other payables	2,325,855	1,792,720	334,995	362,523
Long term borrowings payable within one year	708,363	518,471	6,965	17,413
Short term loans	3,060,158	2,190,838	798,277	682,829
Amount due to related parties	109,093	169,383	-	8,343
Lease Rental Payable within one year	58,720	3,454	-	-
Income tax payable	41,566	51,722	41,566	53,285
Bank overdrafts	440,696	377,344	184,963	228,535
Current liabilities	6,744,451	5,103,932	1,366,766	1,352,928
Total liabilities	9,342,345	8,683,039	1,823,487	1,801,324
Total equity and liabilities	12,025,078	11,081,212	4,181,261	4,053,289
Net asset value per share ( Rs.)	19.08	17.17	17.23	16.45

Figures in brackets indicate deductions.

The notes on page 6 form an integral part of these Financial Statements.

It is certified that the interim financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

Sgd. (S U Amarasinghe)

General Manager (Finance)

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Signed for and on behalf of the board by

Sgd. (A S Mahendra)	Sgd. (J A P M Jayasekera)
Director	Director
31st October 2024

SWISSTEK ( CEYLON) PLC

INTERIM FINANCIAL STATEMENTS									Page 3

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2024
STATEMENT OF COMPREHENSIVE INCOME

		GROUP					COMPANY
Period ended	30-09-2024	30-09-2023	30-09-2024	30-09-2023	Variance %	30-09-2024	30-09-2023	30-09-2024	30-09-2023	Variance
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Quarter	Quarter	6 Months	6 Months	for Six	Quarter	Quarter	6 Months	6 Months	% for Six
	Month	Month
	Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000

Sales ( net of tax)	4,036,584	2,377,541	6,929,414	4,040,781	71	789,725	745,654	1,438,207	1,380,349	4
Cost of sales	(3,156,115)	(1,962,062)	(5,417,198)	(3,303,859)	(64)	(539,789)	(539,575)	(983,546)	(1,007,882)	2
Gross profit	880,469	415,478	1,512,216	736,922	105	249,936	206,079	454,662	372,467	22
Other operating income	45,307	40,575	59,423	93,926	(37)	30,583	17,320	41,471	28,224	47

Distribution expenses	(318,557)	(211,395)	(544,127)	(379,491)	(43)	(73,571)	(53,631)	(139,445)	(101,774)	(37)
Administration expenses	(151,822)	(106,107)	(273,482)	(190,633)	(43)	(41,889)	(33,810)	(74,884)	(60,024)	(25)
Profit from operating activities	455,397	138,550	754,029	260,724	189	165,059	135,958	281,803	238,894	18
Other operating expenses	-	(641)	-	(855)	-	-	(641)	-	(855)	-

Net finance (cost)/Income	(134,485)	(172,592)	313,852	(509,916)	162	(32,339)	(40,640)	(60,664)	(119,284)	(49)
Profit/(Loss) before taxation	320,912	(34,683)	440,178	(250,047)	276	132,720	94,677	221,140	118,755	86
Tax (expenses)/reversal	(78,414)	(647)	(114,560)	31,761	461	(43,278)	(24,652)	(74,271)	(35,886)	(107)

Profit/(Loss) for the period	242,498	(35,329)	325,618	(218,286)	249	89,442	70,025	146,868	82,869	77
Total comprehensive income/(expense) for the
242,498	(35,329)	325,618	(218,286)	249	89,442	70,025	146,868	82,869	77
period

Attributable to:
Owners of the company	223,182	(22,036)	303,060	(180,280)	268	89,442	70,025	146,868	82,869	77
Non-controlling interest	19,316	(13,293)	22,558	(38,006)	159	-	-	-	-	-
Profit/(Loss) for the year	242,498	(35,329)	325,618	(218,286)	249	89,442	70,025	146,868	82,869	77
Total comprehensive income attributable to:
Owners of the company	223,182	(22,036)	303,060	(180,280)	268	89,442	70,025	146,868	82,869	77
Non-controlling interest	19,316	(13,293)	22,558	(38,006)	159	-	-	-	-	-
Total comprehensive income/(expense) for the	242,498	(35,329)	325,618	(218,286)	249	89,442	70,025	146,868	82,869	77
period

Basic earnings per share (Rs.)	1.63	(0.16)	2.21	(1.32)	268	0.65	0.51	1.07	0.61	77


Segmental Information
		GROUP			COMPANY
For the period ended 30th September	2024	2023	Variance	2024	2023	Variance
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Turnover
Flooring and tile accessories	1,408,983	1,352,301	4.2%	1,408,983	1,352,301	4.2%
Aluminium products	5,520,431	2,688,480	105.3%	29,224	28,048	4.2%
Consolidated turnover	6,929,414	4,040,781	71.5%	1,438,207	1,380,349	4.2%
Profit/ (Loss) before tax
Flooring and tile accessories	218,802	117,353	86.4%	218,802	117,353	86.4%
Aluminium products	221,376	(367,400)	160.3%	2,338	1,402	66.7%
Consolidated profit/ (loss) before tax	440,178	(250,047)	276.0%	221,140	118,755	86.2%

Figures in brackets indicate deductions.

The notes on page 6 form an integral part of these Financial Statements.

Page 4

SWISSTEK ( CEYLON) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2024

STATEMENT OF CHANGES IN EQUITY
Group
	Stated	Revaluation	General	Retained	Shareholders'	Non-controlling	Total
	capital	reserve	reserve	earnings	funds	Interest	Equity
Balance as at 1st April 2023	368,256	699,570	19,842	1,156,195	2,243,863	70,931	2,314,794
Total comprehensive income
- Profit/(Loss) for the year	-	-	-	(158,245)	(158,245)	(24,710)	(182,954)
- Dividend paid	-	-	-	(27,372)	(27,372)	-	(27,372)
Balance as at 30th September 2023	368,256	699,570	19,842	970,578	2,058,246	46,221	2,104,468

Balance as at 1st April 2024	368,256	982,163	19,842	978,954	2,349,215	48,958	2,398,173
Total comprehensive income
- Profit/(Loss) for the year	-	-	-	303,060	303,060	22,558	325,618
- Final Dividend 2023/24	-	-	-	(41,058)	(41,058)	-	(41,058)
Balance as at 30th September 2024	368,256	982,163	19,842	1,240,956	2,611,217	71,516	2,682,733


Company	Stated	Revaluation	General	Retained	Total
	capital	reserve	reserve	earnings	Equity
Balance as at 1st April 2023	368,256	597,252	19,842	1,007,323	1,992,673
Total comprehensive income
- Profit for the year	-	-	-	82,869	82,869
- Dividend paid	-	-	-	(27,372)	(27,372)
Balance as at 30th September 2023	368,256	597,252	19,842	1,062,820	2,048,170

Balance as at 1st April 2024	368,256	728,865	19,842	1,135,002	2,251,965
Total comprehensive income
- Profit for the year	-	-	-	146,868	146,868
- Final Dividend 2023/24	-	-	-	(41,058)	(41,058)
Balance as at 30th September 2024	368,256	728,865	19,842	1,240,812	2,357,775

Page 5

SWISSTEK ( CEYLON) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2024

CASH FLOW STATEMENT
		Group	Company
Period ended	30-09-2024	30-09-2023	30-09-2024	30-09-2023
		Unaudited	Unaudited	Unaudited	Unaudited
		Rs.'000	Rs.'000	Rs.'000	Rs.'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before tax	440,178	(250,047)	221,140	118,755
Adjustments for;
Depreciation	105,794	101,113	36,721	36,131
Amortisation	10,140	3,416	-	54
Provision on retirement benefit obligation	8,780	7,072	1,800	1,560
Interest expense	335,739	488,972	54,874	118,094
Exchange	loss / (gain)	(21,888)	20,944	5,790	1,190
(Profit)/Loss	on disposal of property, plant & equipment	-	(22,000)	-	-
Operating profit/(loss) before working capital changes	878,743	349,470	320,325	275,784
Changes in working capital
- (Increase)/Decrease in inventory	(162,894)	881,880	(111,314)	62,444
- (Increase)/Decrease in trade & other receivables	(662,563)	(308,150)	(14,780)	(37,853)
- (Increase)/Decrease in amounts due to related parties	(60,290)	(125,401)	(8,343)	(19,051)
- Increase/(Decrease) in trade & other payables	527,981	304,645	(27,967)	(728)
- (Increase)/Decrease in amounts due from related parties	(35,668)	(10,566)	(38,646)	(14,922)
Cash generated from operations	485,309	1,091,878	119,276	265,674
Interest paid	(325,707)	(734,488)	(54,438)	(121,673)
Tax paid	(84,510)	(51,982)	(79,259)	(44,241)
Gratuity payments	(6,556)	(118)	(204)	(118)
Net cash generated from/(used) in operating activities	68,536	305,290	(14,625)	99,642
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition	of property, plant and equipment	(214,634)	(83,973)	(38,683)	(39,482)
Proceeds on disposal of property, plant & equipment	-	22,000	-	-
Net cash generated from/(used) in investing activities	(214,634)	(61,973)	(38,683)	(39,482)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid	(41,058)	(27,372)	(41,058)	(27,372)
Loan obtained	3,466,841	5,006,820	1,187,737	951,611
Repayment	of borrowings	(3,379,276)	(5,168,555)	(1,082,736)	(957,450)
Net cash generated from/(used) in financing activities	46,507	(189,107)	63,943	(33,211)


Net Increase/ (Decrease) in cash and cash equivalents	(99,591)	54,210	10,635	26,949
Cash & cash equivalents at the beginning of the year	78,023	(131,378)	48,568	(19,005)
Cash & cash equivalents at the end of the period (Note a)	(21,568)	(77,168)	59,203	7,944
Note a
Analysis of cash and cash equivalent at the end of the period
Cash at banks and cash in hand	419,128	553,140	244,166	287,464
Bank Overdraft	(440,696)	(630,308)	(184,963)	(279,519)
Cash and cash equivalent at the end of the period	(21,568)	(77,168)	59,203	7,945


Figures in	brackets indicate deductions.	-		-	1

The notes on page 6 form an integral part of these Financial Statements.

Page 6

SWISSTEK ( CEYLON) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2024

Notes

Swisstek (Ceylon) PLC ("the Company") is a public limited liability company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The registered office of the company is located at No.215, Nawala Road,Narahenpita, Colombo 05.
The Consolidated Financial Statements of the company for the period ended 30th September 2024 comprise Swisstek (Ceylon) PLC (Parent Company) and its subsidiaries (together referred as the " Group"), namely Swisstek Aluminium Ltd, Swisstek Development Ltd.
The above figures are provisional & subject to audit.
The same accounting policies as in the annual report for the year ended 31 March 2024 have been followed in the preparation of financial statements and are in compliance with LKAS 34 - Interim Financial Reporting.
The presentation and classification of the financial statements of the previous period have been amended, with those of the current period, where relevant, for better presentation and to be comparable.
There have been no other changes in contingent assets and contingent liabilities since 31st March 2024.
There have been no material events occurring after the Balance Sheet date that require adjustments or disclosure to these financial statements.
Market prices recorded during the quarter ended

30th September	2024	2023
	Rs.cts	Date	Rs.cts	Date
Highest market price per share	24.00	30/09/2024	20.80	07/07/2023
Lowest market price per share	18.10	03/09/2024	16.00	29/08/2023
Closing market price per share	22.70	30/09/2024	18.20	27/09/2023
Last traded price per share	23.30	30/09/2024	18.40	27/09/2023
Number of Ordinary Shares Issued		136,860,000		136,860,000

7. Directors' Holdings as at 30th September 2024.

	Shareholding
Director's name	No. of Shares		%
Mr. A M Weerasinghe (Director)	263,142	0.192
Mr. J A P M Jayasekera (Managing Director)	380,000	0.278
	643,142	0.470

8. 25 Major Shareholders as at 30th September 2024.

		Shareholding
	Shareholder's Name	No. of Shares	%
1	LANKA TILES PLC	65,425,900	47.805
2	LANKA WALLTILES PLC	15,706,250	11.476
3	ROYAL CERAMICS LANKA PLC.	9,413,065	6.878
4	BANK OF CEYLON NO. 1 ACCOUNT	1,281,004	0.936
5	ARUNODHAYA INVESTMENTS (PRIVATE) LIMITED	1,000,000	0.731
6	ARUNODHAYA (PRIVATE) LIMITED	1,000,000	0.731
7	ARUNODHAYA INDUSTRIES (PRIVATE) LIMITED	1,000,000	0.731
8	ANDYSEL PRIVATE LIMITED	1,000,000	0.731
9	DFCC BANK PLC/ G S N PEIRIS & I R PEIRIS	971,685	0.710
10	MRS. F S SABRY	962,466	0.703
11	PEOPLE'S LEASING & FINANCE PLC/MR. IRESH SRIDAS GURUSINGHE	801,732	0.586
12	MRS. S VASUDEVAN	800,000	0.585
13	SEYLAN BANK PLC/ A C SENANKA	661,074	0.483
14	MRS. M S JAYEWARDENE	630,000	0.460
15	MR. A A PAGE	625,000	0.457
16	DR. A A M DHARMADASA	604,429	0.442
17	DFCC BANK PLC A/C NO. 1	597,889	0.437
18	AMANA BANK PLC/HI-LINE TOWERS PVT LIMITED	588,014	0.430
19	MR. W R R M R W A A RATNAYAKE	501,150	0.366
20	DEUTSCHE BANK AG AS TRUSTEE TO ASSETLINE INCOME PLUS GROWTH FUND	500,000	0.365
21	CITIZENS DEVELOPMENT BUSINESS FINANCE PLC/S VASUDEVAN	500,000	0.365
22	MR. M I I IBRAHIM	450,000	0.329
23	PEOPLE'S LEASING & FINANCE PLC/ K A P GUNAWARDHANA	400,900	0.293
24	PEOPLE'S LEASING & FINANCE PLC/ MR. H A D U G GUNASEKERA	400,146	0.292
25	MR. J A P M JAYASEKERA	380,000	0.278
	Sub Total	106,200,704	77.598
	Others	30,659,296	22.402
	TOTAL	136,860,000	100.000

Percentage of public holding as at 30th September 2024 was 30.196%, comprising of 3,254 shareholders.
The float adjustment market capitalization of the Company as at 30th September 2024 was Rs. 938,114,796.10 under Option 5 of Rule 7.13.1 (i) (a) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said

CORPORATE INFORMATION

Name of the Company

Swisstek (Ceylon) PLC

Legal Form

Swisstek (Ceylon) PLC is a public limited liability company listed on the Colombo Stock Exchange. Which was

incorporated under the Companies Ordinance No.51 of 1938 as a public company on 12th day of July 1967. Pursuant to

the requirements of the new Companies Act No. 7 of 2007, the Company was re-registered on 6th June 2008 and bears

registration number PQ155.

Directors		Secretaries
Mr. S H Amarasekera (Chairman)	PW Corporate Secretarial (Pvt) Ltd
Mr. J A P M Jayasekera (Managing Director)	3/17 Kynsey Road, Colombo 08
Mr. J K A Sirinatha	Telephone : +94 11 4640360-3
Dr. S Selliah	Facsimile : +94 11 4740588
Mr. A M Weerasinghe	Email : pwcs@pwcs.lk
Mr. A S Mahendra
Mr. K D G Gunaratne
Mr. C U Weerawardena	Bankers
Mr. L N De S Wijeratne	Bank of Ceylon
		DFCC Bank PLC
Registered Office	Seylan Bank PLC
215 Nawala Road, Narahenpita,	Commercial Bank of Ceylon PLC
Colombo 5	Sampath Bank PLC
Telephone : +94 11 4734391
Facsimile : +94 11 2805885
Email : info@swisstekceylon.com	Auditors
Website : www.swisstekceylon.com	KPMG
		Chartered Accountants
		32 A Sir Mohammed Macan Markar Mawatha,
Factory		Colombo-3.
Swisstek (Ceylon) PLC	Telephone : + 94 11 5426 304
Factory Complex, Belummahara, Imbulgoda	Facsimile : + 94 11 2541 249
Telephone : + 94 - 33 - 4930590
Facsimile : + 94 - 33 - 5701371
Email : info@swisstekceylon.com
Parent Company
Lanka Walltiles PLC
215, Nawala Road, Narahenpita, Colombo 05
Telephone : + 94 -11 - 2808050 / 2808001-3
Facsimile : + 94 -11 - 2806232
E-mail	: info@lankatiles.com
Website	: www.lankatiles.com

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