Seylan Developments : Financial statements as at 31st December 2021

Level 15, Seylan Towers, No: 90, Galle Road, Colombo 03.

Interim Financial Statements

For the year ended 31st December 2021

SEYLAN DEVELOPMENTS PLC

STATEMENT OF FINANCIAL POSITION

		DEC 31, 2021			DEC 31, 2020		Growth
		(Un Audited)			(Audited)		%
		Rs '000			Rs '000
Assets
Non Current Assets
Property, plant & equipment		5,355		2,658		101.50
Investment property		5,550,656		5,488,880		1.13
Other investments		200,043		203,568		(1.73)
Total Non Current Assets		5,756,054		5,695,106		1.07
Current Assets
Inventories		6,264		4,236		47.86
Trade and other receivables		37,728		38,416		(1.79)
Other investments		10,355		58,158		(82.19)
Income tax receivable		51,165		52,573		(2.68)
Cash and cash equivalents		206,434		69,317		197.81
Total Current Assets		311,946		222,701		40.07
Total Assets		6,068,000		5,917,807		2.54
Equity and Liabilities
Equity
Stated capital		1,644,392		1,644,392		-
Reserves		495,833		496,714		(0.18)
Retained earnings		3,133,404		2,960,814		5.83
		5,273,629		5,101,920		3.37
Non Current Liabilities
Deferred tax liability		659,511		684,269		(3.62)
		659,511		684,269		(3.62)
Current Liabilities
Other liabilities		134,860		131,618		2.46
		134,860		131,618		2.46
Total Equity and Liabilities		6,068,000		5,917,807		2.54
Net Asset per Share		35.64		34.48		3.37

• The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007 .
• The above figures are subject to audit and has been prepared in compliance with the Rule 7.4 of the CSE Listing Rules and Sri Lanka Accounting Standard - LKAS 34 - Interim Financial Reporting.

Sgd.	Sgd.
Kapila Ariyaratne	Somadasa Palihawadana
Chairman	Deputy Chairman
Sgd.
Nirmala Arangalage ( Mrs )
Head of Finance

21st February 2022

SEYLAN DEVELOPMENTS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		FOR THE QUARTER ENDED		FOR THE YEAR ENDED
		DEC 31,		DEC 31,		Growth		DEC 31,		DEC 31,	Growth
		2021	2020			2021	2020
		(Un Audited)		(Audited)				(Un Audited)		(Audited)
		Rs '000		Rs '000	%		Rs '000		Rs '000	%
Rental Income		85,958	82,930	3.65		342,129	326,201		4.88
Other Income		12,027		40,101		(70.01)		19,918		49,070		(59.41)
		97,985	123,030	(20.36)		362,047	375,271		(3.52)
Operating Expenses		(24,687)		(20,313)		21.53		(82,400)		(86,567)		(4.81)
		73,298	102,717	(28.64)		279,647	288,704		(3.14)
Change in fair value of investment properties		13,864		15,502		(10.57)		13,864		15,502		(10.57)
Operating Profit		87,162	118,220	(26.27)		293,511	304,206		(3.52)
Net Finance income		9,672		6,916		39.84		32,253		29,618		8.90
Profit Before Taxation		96,834	125,136	(22.62)		325,764	333,824		(2.41)
Taxation		(18,839)		(25,789)		(26.95)		25,052		(73,609)		(134.03)
Profit After Taxation		77,995	99,347	(21.49)		350,816	260,215		34.82
Items that will not be reclassified to profit or
loss
Actuarial gain / (loss) on retirement benefit		(797)	157	(607)		(797)	157		(607)
obligations
Revaluation of property plant & equipment		3,075	-	100		3,075	-		100
Deferred tax on revaluation		(738)	-	100		(738)	-		(100)
Impact to revaluation reserve due to tax rate		90	-	100		90	-		100
change
Items that are or may be reclassified
subsequently to profit or loss
Net change in fair value of available for sale		4,808	(889)	(641)		(3,533)	11,797
financial assets reclassified to profit or loss												(130)
Deferred tax on components of other		(481)	(1,180)	(59)		353	(1,180)		(130)
comprehensive income
Other comprehensive income for the period,		6,439	(1,911)	(437)		(1,549)	10,774		(114)
net of income tax
Total comprehensive income for the period		84,434		97,436		(13.34)		349,267		270,989		28.89
		Rs		Rs				Rs		Rs
Earnings / (Loss) Per Share		0.53	0.67	(21.49)		2.37	1.76		34.82

SEYLAN DEVELOPMENTS PLC

STATEMENT OF CHANGES IN EQUITY

		Stated Capital		Capital Reserve		Revaluation		Fair Value		Retained		Total
						Reserve		Reserve		Earnings
		Rs '000		Rs '000		Rs '000		Rs '000		Rs '000		Rs '000
Balance as at 01.01.2020		1,644,392		525,494		1,627		(41,024)		2,863,203		4,993,692
Total Comprehensive Income for the period
Profit or Loss		-		-		-		-		260,215		260,215
Other Comprehensive Income
Net fair value change in investment in debt
instruments measured at fair value through
other comprehensive income		-		-		-		11,797		-		11,797
Deferred tax on components of other
comprehensive income		-		-		-		(1,180)		-		(1,180)
Actuarial loss on defined benefit obligation		-		-		-		-		157		157
		-		-		-		10,617		157		10,774
Total Comprehensive Income for the period		-		-		-		10,617		260,372		270,989
Transactions with the owners of the Company
Dividends paid		-		-		-		-		(162,761)		(162,761)
		-		-		-		-		(162,761)		(162,761)
Balance as at 31.12.2020		1,644,392		525,494		1,627		(30,407)		2,960,814		5,101,920
Balance as at 01.01.2021		1,644,392		525,494		1,627		(30,407)		2,960,814		5,101,920
Total Comprehensive Income for the period
Profit or Loss		-		-		-		-		350,816		350,816
Other Comprehensive Income
Net fair value change in investment in debt
instruments measured at fair value through
other comprehensive income								(3,533)				(3,533)
Actuarial loss on defined benefit obligation		-		-		-		-		(797)		(797)
Deferred tax on components of other
comprehensive income								353				353
Revaluation of property plant & equipment						3,075						3,075
Deferred tax on revaluation		-		-		(738)		-		-		(738)
Impact to revaluation reserve due to tax rate
change		-		-		90		-		-		90
		-		-		2,427		(3,180)		(797)		(1,549)
Total Comprehensive Income for the period		-		-		2,427		(3,180)		350,020		349,267
Transactions recorded directly in equity
Reversal of revaluation of property plant &
equipment disposed / written off		-		-		(128)		-		128		-
		-		-		(128)		-		128		-
Transactions with the owners of the Company
Dividends paid		-		-		-		-		(177,558)		(177,558)
		-		-		-		-		(177,558)		(177,558)
Balance as at 31.12.2021		1,644,392		525,494		3,925		(33,587)		3,133,404		5,273,629

SEYLAN DEVELOPMENTS PLC

CASH FLOW STATEMENT

For the period		01.01.21 - 31.12.21	01.01.20 - 31.12.20
		(Un Audited)	(Audited)
		Rs. 000	Rs. 000
Cash Flows from Operating Activities
Receipt from other Operating Activities		349,979	337,271
Cash payments to Employees, Suppliers and Tax Authorities		(82,257)	(85,545)
Interest Payments		(15)	(234)
Operating profit before changes in operating assets		267,707	251,492
(Increase)/Decrease in operating assets :
Stock & Receivables		268	(1,984)
Increase/(Decrease) in operating liabilities :
Deposits & Trade payables		9,871	(2,229)
Cash Generated from Operations		277,846	247,279
Income Tax paid		-	-
Net cash from Operating Activities		277,846	247,279
Cash Flows from Investing Activities
Interest Received		31,067	28,663
Purchase of non-dealing Securities		(67,176)	(74,811)
Disposal of non-dealing Securities		121,611	24,585
Purchase of Property , Plant and Equipment		(762)	(230)
Additions to Investment Properties		(47,911)	(57,416)
Net cash from Investing Activities		36,829	(79,209)
Cash Flows from Financing Activities
Dividends paid		(177,558)	(162,761)
Net Cash from Financing Activities		(177,558)	(162,761)
Total net increase in cash and cash equivalents during the period		137,117	5,309
Cash and Cash equivalents at beginning of period		69,317	64,008
Cash and Cash Equivalents at end of period		206,434	69,317
Reconciliation of Cash and Cash Equivalents
Cash and Short Term Funds		206,434	69,317
		206,434	69,317