Asia Siyaka Commodities : Interim Financial Statements 31.12.2021

ASIA SIYAKA COMMODITIES PLC

INTERIM FINANCIAL STATEMENTS

31 December 2021

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ASIA SIYAKA COMMODITIES PLC

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
AS AT	Unaudited	Audited		Unaudited	Audited
31.12.2021	31.03.2021		31.12.2021	31.03.2021
	Rs.	Rs.		Rs.	Rs.
ASSETS
Non Current Assets
Property, Plant & Equipment	989,801,953	1,015,880,370		3,539,083	3,619,043
Intangible Assets	108,168	151,726		108,168	151,726
Right of Use Asset	38,658,399	45,767,598		14,785,111	23,166,023
Investments	-	-		190,306,046	190,306,046
Investment Property	755,727	755,727		755,727	755,727
Deferred Tax Asset	30,626,672	39,464,733		27,579,870	37,094,110
Current Assets	1,059,950,919	1,102,020,154		237,074,005	255,092,675
Inventories	4,930,593	4,487,328		4,848,282	4,405,017
Trade Receivables	103,629,096	556,887,225		74,027,151	534,380,600
Loans & Advances	913,598,370	581,224,807		913,598,370	581,224,807
Other Receivables, Prepayments and Advances	19,827,958	26,799,937		12,099,324	15,510,057
Income Tax Receivable	23,813,965	36,198,907		22,401,267	29,593,063
Short Term Investments	31,437,377	31,437,377		31,437,377	31,437,377
Cash and Cash Equivalents	39,815,263	160,921,844		38,557,898	157,194,273
	1,137,052,622	1,397,957,425		1,096,969,669	1,353,745,194
	2,197,003,541	2,499,977,579		1,334,043,674	1,608,837,869
Capital and Reserves
Stated Capital	100,000,000	100,000,000		100,000,000	100,000,000
Reserves	471,271,029	471,271,029		-	-
Revenue Reserves	342,432,520	307,164,394		183,295,849	146,568,743
Total Equity	913,703,549	878,435,423		283,295,849	246,568,743
Non Current Liabilities
Retirement Benefit Obligation	89,637,781	75,289,764		77,703,768	66,139,681
Deferred Tax Liability	120,950,609	122,398,325		328,843	439,332
Lease Liability- RoU Asset	5,423,719	13,685,550		5,423,720	15,341,942
Long Term Interest Bearing Borrowings	91,071,434	139,285,720		-	-
Current Liabilities	307,083,543	350,659,359		83,456,331	81,920,955
Interest Bearing Borrowings	64,285,710	64,285,710		-	-
Trade Payables	71,996,419	552,383,465		154,832,818	635,197,794
Interest Bearing Borrowings on Client Financing	776,500,000	481,000,000		776,500,000	481,000,000
Sundry Creditors including Accrued Expenses	52,769,978	137,403,339		22,849,562	125,335,765
Lease Liability- RoU Asset	10,412,213	9,187,037		12,856,985	12,191,366
Bank Overdraft	252,129	26,623,246		252,129	26,623,246
Total Liabilities	976,216,449	1,270,882,797		967,291,494	1,280,348,171
1,283,299,992	1,621,542,156		1,050,747,825	1,362,269,126
Total Equity and Liabilities	2,197,003,541	2,499,977,579		1,334,043,674	1,608,837,869
	-	-		-	-
Net Assets per Share (Rs.)	3.51	3.38	1.09	0.95

These financial statements are in compliance with the requirements of the Companies Act No 7 of 2007

Sgd.

R.E. Munasinghe

Senior Vice President - Finance

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

Signed on behalf of the Board by
Sgd.	Sgd.
A.R. Cooke	D.J. Wedande
Director	Director
February 7, 2022

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ASIA SIYAKA COMMODITIES PLC

STATEMENT OF COMPREHENSIVE INCOME

		GROUP					COMPANY
For the period ended 31 December	2021	2020		2021	2020	Variance %	2021	2020	2021	2020	Variance
	Quarter	Quarter		Cumulative	Cumulative	Quarter	Quarter	Cumulative	Cumulative	%
	Rs.	Rs.		Rs.	Rs.		Rs.	Rs.	Rs.	Rs.
Gross Revenue	172,194,457	143,716,882		505,970,974	488,440,472	4	101,358,796	90,136,719	304,995,423	323,921,477	(6)
Cost of Sales	(423,649)	(594,288)		(1,161,739)	(2,041,120)	(43)	(423,649)	(594,288)	(1,161,739)	(2,041,120)	(43)
Net Revenue						4					(6)
171,770,808	143,122,594		504,809,235	486,399,352	100,935,147	89,542,431	303,833,684	321,880,357
Other Income and Gains	3,580,560	1,031,984		10,772,936	1,921,020	461	31,999,399	16,257,358	35,972,400	33,170,214	8
Selling & Distribution Costs	(10,887,021)	(14,481,706)		(29,653,190)	(46,233,440)	(36)	(8,112,021)	(11,842,943)	(21,719,558)	(37,589,712)	(42)
Administrative Expenses	(120,523,747)	(108,244,043)		(351,065,221)	(335,448,347)	5	(67,226,943)	(60,136,687)	(196,964,181)	(196,324,076)	0
Finance Cost	(19,092,082)	(14,351,673)		(50,389,037)	(65,104,471)	(23)	(17,593,358)	(12,842,931)	(44,656,832)	(54,198,260)	(18)
Finance Income	878,468	1,365,152		2,863,970	5,046,412	(43)	876,610	1,361,859	2,857,141	5,038,241	(43)
Profit/(Loss) Before Tax	25,726,986	8,442,308		87,338,693	46,580,526	88	40,878,834	22,339,087	79,322,654	71,976,764	10
Income Tax Expense	(11,427,632)	(4,251,550)		(26,070,567)	(15,544,631)	68	(7,041,594)	(3,131,078)	(16,595,548)	(14,109,006)	18
Profit/(Loss) for the Year						97					8
14,299,354	4,190,758		61,268,126	31,035,895	33,837,240	19,208,009	62,727,106	57,867,758
Other Comprehensive Income
Actuarial Gain/(Loss) for the year	-	-		-	-	-	-	-	-	-	-
Income Tax Effect	-	-		-	-	-	-	-	-	-	-
Revaluation Surplus	-	-		-	-	-	-	-	-	-	-
Income Tax Effect	-	-		-	-	-	-	-	-	-	-
Other Comprehensive Income for the year, net of tax	-	-		-	-	-	-	-	-	-	-
Total Comprehensive Income for the year, net of tax						97					8
14,299,354	4,190,758		61,268,126	31,035,895	33,837,240	19,208,009	62,727,106	57,867,758
Basic Earnings Per Share (Rs.)	0.05	0.02		0.24	0.12		0.13	0.07	0.24	0.22

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ASIA SIYAKA COMMODITIES PLC

STATEMENT OF CHANGES IN EQUITY

	STATED		REVALUATION		ACCUMULATED		TOTAL
	CAPITAL		RESERVES		PROFITS
	Rs.		Rs.		Rs.		Rs.
GROUP
As at 01 April 2020	100,000,000	421,386,900	344,716,776	866,103,676
Net Profit for the period	-	-	31,035,895	31,035,895
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	-		-		31,035,895		31,035,895
Dividend Paid	-	-	(26,000,000)	(26,000,000)
As at 31 December 2020	100,000,000		421,386,900		349,752,671		871,139,571
As at 01 April 2021
100,000,000	471,271,029	307,164,394	878,435,423
Net Profit for the period	-	-	61,268,126	61,268,126
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	-		-		61,268,126		61,268,126
Dividend Paid	-	-	(26,000,000)	(26,000,000)
As at 31 December 2021	100,000,000		471,271,029		342,432,520		913,703,549
COMPANY
As at 01 April 2020	100,000,000	-	198,744,913	298,744,913
Net Profit/(Loss) for the period	-	-	57,867,758	57,867,758
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	-		-		57,867,758		57,867,758
Dividend Paid	-	-	(26,000,000)	(26,000,000)
As at 31 December 2020	100,000,000		-		230,612,671		330,612,671
As at 01 April 2021
100,000,000	-	146,568,743	246,568,743
Net Profit/(Loss) for the period	-	-	62,727,106	62,727,106
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	-		-		62,727,106		62,727,106
Dividend Paid	-	-	(26,000,000)	(26,000,000)
As at 31 December 2021	100,000,000		-		183,295,849		283,295,849

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ASIA SIYAKA COMMODITIES PLC

STATEMENT OF CASHFLOWS

	GROUP		COMPANY
For the period ended 31 December	2021			2020	2021	2020
	Rs.	Rs.	Rs.		Rs.
CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES
Profit before Income Tax Expense	87,338,693			46,580,526	79,322,654	71,976,764
Adjustment for:
Depreciation/Amortization	57,442,008			47,619,598	1,259,264	1,668,087
Depreciation - Right of Use Asset	7,109,192			7,282,137	8,380,908	8,553,852
Provision for Retiring Gratuity	17,165,700			16,001,541	14,222,700	13,234,788
Finance Income	(2,863,970)			(5,046,412)	(2,857,141)	(5,038,241)
(Gains)/Loss on Sale of Property, Plant and Equipment	(411,550)			-	-	-
Dividend Received	-			-	(30,478,997)	(31,529,998)
Provision for Impairment of Loans and Advances	3,929,665			(19,475,112)	3,929,665	(19,475,112)
Provision for Impairment of Trade Receivables	3,006,761			(2,667,397)	2,973,278	(1,911,967)
Finance Cost	50,389,037			65,104,471	44,656,832	54,198,260
Operating Profit before Working Capital Changes	223,105,536			155,399,352	121,409,163		91,676,433
Changes in Inventories	(443,265)			(896,255)	(443,265)	(844,225)
Changes in Trade and Other Receivables	457,223,347			41,721,349	460,790,904	23,511,303
Changes in Loans and Advances	(336,303,228)			52,640,285	(336,303,228)	52,640,285
Changes in Interest Bearing Borrowings on Client Financing	295,500,000			(270,203,947)	295,500,000	(270,203,947)
Changes in Trade and Other Payables	(565,020,407)			(4,002,228)	(582,851,179)	(62,268,721)
	74,061,983			(25,341,444)	(41,897,605)		(165,488,872)
Income Tax Paid	(6,295,280)			(28,281,271)	-	(22,381,778)
Defined Benefit Plan Costs Paid	(2,817,683)			(122,367)	(2,658,613)	(122,367)
Finance Cost Paid	(48,383,231)			(65,104,471)	(42,286,046)	(54,198,260)
Net Cash from Operating Activities	16,565,789			(118,849,553)	(86,842,264)		(242,191,277)
CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES
Acquisition of Property, Plant & Equipment and Intangible Assets	(31,331,083)			(42,243,364)	(1,135,746)	(567,692)
Proceeds from Disposal of Property ,Plant & Equipment	422,600			-	-	-
Finance Income Received	2,863,970			5,046,412	2,857,141	5,038,241
Dividend Received	-			-	30,478,997	31,529,998
	(28,044,513)			(37,196,952)	32,200,392		36,000,547
CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES
Dividend Paid	(26,000,000)			(26,000,000)	(26,000,000)	(26,000,000)
Repayment of Borrowings	(48,214,286)			(51,785,714)	-	-
Repayments Under Lease Liabilities	(9,042,454)			(3,293,469)	(11,623,386)	(5,086,759)
Net Cash Used in Financing Activities	(83,256,740)			(81,079,183)	(37,623,386)		(31,086,759)
Net Increase/(Decrease) in Cash and Cash Equivalents	(94,735,464)			(237,125,688)	(92,265,258)	(237,277,489)
Cash and Cash Equivalents at the Beginning of the period	134,298,598			318,610,474	130,571,027	317,276,743
Cash and Cash Equivalents at the End of the period	39,563,134			81,484,786	38,305,769		79,999,254
Analysis of Cash and Cash Equivalents
Favourable Balance
Cash at Bank and in Hand	39,815,263			84,971,130	38,557,898	83,485,598
Unfavourable Balance
Bank Overdrafts on Client Financing	-			-	-	-
Bank Overdrafts	(252,129)			(3,486,344)	(252,129)	(3,486,344)
	39,563,134			81,484,786	38,305,769		79,999,254

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