Seylan Developments : Interim Financial Statement for the quarter ended 31st December 2022

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

Interim Financial Statements

Quarter Ended 31 st December 2022

SEYLAN DEVELOPMENTS PLC

STATEMENT OF FINANCIAL POSITION

Assets

Non Current Assets

Property, plant & equipment Investment property Other investments

Total Non Current Assets

Current Assets

Inventories

Trade and other receivables Other investments Income tax receivable Cash and cash equivalents

Total Current Assets

Total Assets

Equity and Liabilities

Equity

Stated capital

Reserves

Retained earnings

Non Current Liabilities

Deferred tax liability

Current Liabilities

Bank overdrafts

Income tax payable

Other liabilities

DEC 31, 2022 (Un Audited)

Rs '000

4,442

5,778,852

28,001

5,811,296

14,687

49,092

227,606

-

260,557

551,943

6,363,238

1,644,392

477,556

3,166,789

5,288,736

878,107

878,107

32,608

15,881

147,906

196,395

DEC 31, 2021

(Audited)

Rs '000

5,355

5,550,656

200,043

5,756,054

6,264

37,728

10,355

51,165

206,434

311,946

6,068,000

1,644,392

495,833

3,133,404

5,273,629

659,511

659,511

-

-

134,860

134,860

Growth

%

(17.05)

4.11

(86.00)

0.96

134.47

30.12

2,098.00

(100.00)

26.22

76.94

4.87

-

(3.69)

1.07

0.29

33.15

33.15

100.00

100.00

9.67

45.63

Total Equity and Liabilities

6,363,238

6,068,000

4.87

Net Asset per Share

35.74

35.64

0.29

• 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

22nd February 2023

SEYLAN DEVELOPMENTS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Rental Income

Other Income

Operating Expenses

Change in fair value of investment properties

Operating Profit

Net Finance income

Profit Before Taxation

Taxation

Profit After Taxation

Other comprehensive income

Items that will not be reclassified to profit or loss

Actuarial gain / (loss) on retirement benefit Revaluation gain of property plant and equipment Deferred tax on revaluation gain

Impact to revaluation reserve due to tax rate change

Items that are or may be reclassified subsequently to profit or loss

Net Change in fair value of investment in debt instruments measured at FVOCI

Deferred tax on components of other comprehensive income

Other comprehensive income for the year, net of tax

Total comprehensive income for the period

Earnings / (Loss) Per Share

FOR THE QUARTER ENDED
DEC 31,		DEC 31,	Growth
2022	2021
Rs '000		Rs '000	%
103,202	85,958			20.06
1,387		12,027			(88.47)
104,588	97,985			6.74
(30,683)		(24,687)			24.29
73,906	73,298			0.83
162,397		13,864			1,071.35
236,303	87,162			171.11
23,160		9,672			139.46
259,462	96,834			167.95
(224,964)		(18,839)			1,094.13
34,498		77,995			(55.77)

1,580	(797)	(298.32)
-	3,075	(100.00)
-	(738)	(100.00)
(310)	90	(442.90)
593	4,808	(87.67)
2,100	(481)	(536.86)
3,963		5,957		(33.48)
38,461	83,952	(54.19)
Rs		Rs
0.23	0.53	(55.77)

FOR THE YEAR ENDED
DEC 31,		DEC 31,	Growth
2022	2021
(Un Audited)		(Audited)
Rs '000		Rs '000	%
389,026	342,129			13.71
4,732		19,918			(76.24)
393,758	362,047			8.76
(101,966)		(82,400)			23.74
291,792	279,647			4.34
162,397		13,864			1,071.35
454,189	293,511			54.74
73,383		32,253			127.52
527,572	325,764			61.95
(288,617)		25,052			(1,252.07)
238,955		350,816			(31.89)

1,580	(797)	(298.32)
-	3,075	(100.00)
-	(738)	(100.00)
(310)	90	(442.90)
(22,363)	(3,533)	532.94
4,395	353	1,144.04
(16,698)		(1,549)		978.00
222,258	349,267	(36.36)
Rs		Rs
1.61	2.37	(31.89)

SEYLAN DEVELOPMENTS PLC STATEMENT OF CHANGES IN EQUITY

Balance as at 01.01.2021

Total Comprehensive Income for the period

Profit or Loss

Other Comprehensive Income

Net fair value change in investment in debt instruments measured at fair value through other comprehensive income

Actuarial loss on defined benefit obligation

Deferred tax on components of other comprehensive income Revaluation of property plant & equipment

Deferred tax on revaluation gain

Impact to revaluation reserve due to tax rate change

Total Comprehensive Income for the period

Transactions recorded directly in equity

Reversal of revaluation of property plant & equipment disposed / written off, net of tax

Transactions with the owners of the Company

Dividend Paid

Balance as at 31.12.2021

Balance as at 01.01.2022

Total Comprehensive Income for the period

Profit or Loss

Other Comprehensive Income

Net fair value change in investment in debt instruments measured at fair value through other comprehensive income

Actuarial loss on defined benefit obligation

Deferred tax on components of other comprehensive income Impact to revaluation reserve due to tax rate change

Stated Capital

Rs '000

1,644,392

-

-

-

-

-

-

-

-

-

-

1,644,392

1,644,392

-

-

-

-

Capital Reserve

Rs '000

525,494

-

-

-

-

-

-

-

-

-

-

525,494

525,494

-

-

-

-

Revaluation

Reserve

Rs '000

1,627

-

-

3,075

(738)

90

2,427

2,427

(128)

(128)

-

-

3,925

3,925

-

-

-

(310)

(310)

Fair Value

Reserve

Rs '000

(30,407)

-

(3,533)

-

353

-

-

(3,180)

(3,180)

-

-

-

-

(33,587)

(33,587)

-

(22,363)

-

4,395

(17,968)

Retained

Earnings

Rs '000

2,960,814

350,816

(797)

-

-

(797)

350,020

128

128

(177,558)

(177,558)

3,133,404

3,133,404

238,955

-

1,580

-

-

240,535

Total

Rs '000

5,101,920

350,816

(3,533)

(797)

353

3,075

(738)

90

(1,549)

349,267

-

-

(177,558)

(177,558)

5,273,629

5,273,629

238,955

(22,363)

1,580

4,395

(310)

(16,697)

Total Comprehensive Income for the period

-

-

(310)

(17,968)

240,535

222,258

Transactions recorded directly in equity

Dividend Paid

-

-

-

-

(207,151)

(207,151)

Balance as at 31.12.2022

1,644,392

525,494

3,615

(51,555)

3,166,789

5,288,736

SEYLAN DEVELOPMENTS PLC CASH FLOW STATEMENT

For the period

Cash Flows from Operating Activities

Receipt from other Operating Activities

Cash payments to Employees, Suppliers and Tax Authorities Interest Payments

Operating profit before changes in operating assets

(Increase)/Decrease in operating assets :

Stock & Receivables

Increase/(Decrease) in operating liabilities :

Deposits & Trade payables

Cash Generated from Operations

Income Tax paid

Net cash from Operating Activities

Cash Flows from Investing Activities

Interest Received

Additions to other investments

Disposal of other investments

Purchase of Property , Plant and Equipment

Additions to Investment Properties

Net cash from Investing Activities

Cash Flows from Financing Activities

Dividends paid

Net Cash from Financing Activities

Total net increase in cash and cash equivalents during the period

Cash and Cash equivalents at beginning of period

Cash and Cash Equivalents at end of period

Reconciliation of Cash and Cash Equivalents

Cash and Short Term Funds

Bank Overdraft

01.01.22 - 30.12.22	01.01.21 - 30.12.21
(Un Audited)	(Audited)
Rs. 000	Rs. 000
393,684	349,979
(100,802)	(82,257)
(496)	(15)
292,385	267,707
(17,076)	268
13,121	9,871
288,431	277,846
-	-
288,431	277,846
73,879	31,067
(107,669)	(67,176)
40,097	121,611
(272)	(762)
(65,800)	(47,911)
(59,765)	36,829
(207,151)	(177,558)
(207,151)	(177,558)
21,515	137,117
206,434	69,317
227,949	206,434
260,557	206,434
(32,608)	-
227,949	206,434