Seylan Developments : Interim Financial Statement period ended 30th June 2022

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

Interim Financial Statements Quarter Ended 30 th June 2022

SEYLAN DEVELOPMENTS PLC

STATEMENT OF FINANCIAL POSITION

		JUNE 30, 2022			DEC 31, 2021			Growth
		(Un Audited)			(Audited)			%
		Rs '000			Rs '000
Assets
Non Current Assets
Property, plant & equipment		5,007		5,355		(6.52)
Investment property		5,582,763		5,550,656		0.58
Other investments		175,004		200,043		(12.52)
Total Non Current Assets		5,762,774		5,756,054		0.12
Current Assets
Inventories		11,361		6,264		81.37
Trade and other receivables		55,470		37,728		47.02
Other investments		616		10,355		(94.05)
Income tax receivable		24,119		51,165		(52.86)
Cash and cash equivalents		140,582		206,434		(31.90)
Total Current Assets		232,148		311,946		(25.58)
Total Assets		5,994,922		6,068,000		(1.20)
Equity and Liabilities
Equity
Stated capital		1,644,392		1,644,392		-
Reserves		475,328		495,833		(4.14)
Retained earnings		3,065,252		3,133,404		(2.18)
		5,184,972		5,273,629		(1.68)
Non Current Liabilities
Deferred tax liability		673,309		659,511		2.09
		673,309		659,511		2.09
Current Liabilities
Other liabilities		136,641		134,860		1.32
		136,641		134,860		1.32
Total Equity and Liabilities		5,994,922		6,068,000		(1.20)
Net Asset per Share		35.04		35.64		(1.68)

• 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

02nd August 2022

SEYLAN DEVELOPMENTS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		FOR THE QUARTER ENDED			FOR THE SIX MONTHS ENDED
		JUNE 30,		JUNE 30,	Growth		JUNE 30,		JUNE 30,		Growth
		2022	2021				2022	2021
		(Un Audited)		(Un Audited)			(Un Audited)		(Un Audited)
		Rs '000		Rs '000	%		Rs '000		Rs '000	%
Rental Income		97,908	85,730			14.21		185,893	170,949	8.74
Other Income		7,471		697			972.33		17,595		6,934		153.75
		105,379	86,427			21.93		203,488	177,883	14.39
Operating Expenses		(19,867)		(18,343)			8.31		(42,359)		(37,975)		11.54
Operating Profit		85,512	68,084			25.60		161,129	139,908	15.17
Net Finance income		10,528		6,837			53.98		20,992		15,156		38.51
Profit Before Taxation		96,040	74,921			28.19		182,121	155,064	17.45
Taxation		(22,442)		(18,114)			23.90		(43,122)		61,320		(170.32)
Profit After Taxation		73,598	56,807			29.56		138,999	216,384	(35.76)
Other comprehensive income
Net losses on investment in debt instruments measured at		(13,526)	(1,890)			615.54		(22,785)	(2,943)	674.17
fair value through other comprehensive income
Deferred tax on components of other comprehensive
income		1,353	189			615.54		2,279	294	674.17
Other comprehensive income for the period, net of
income tax		(12,173)		(1,701)			615.54		(20,506)		(2,649)		674.17
Total comprehensive income for the period		61,425		55,106			11.47		118,493		213,735		(44.56)
		Rs		Rs			Rs		Rs
Earnings / (Loss) Per Share		0.50	0.38			29.56		0.94	1.46	(35.76)

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 01.01.2021		1,644,392		525,494		1,627		(30,407)		2,960,814		5,101,920
Total Comprehensive Income for the period
Profit or Loss		-		-		-		-		216,384		216,384
Other Comprehensive Income
Net fair value change in investment in debt instruments
measured at fair value through other comprehensive
Income		-		-		-		(2,943)		-		(2,943)
Deferred Tax on components of other comprehensive
income								294				294
		-		-		-		(2,649)		-		(2,649)
Total Comprehensive Income for the period		-		-		-		(2,649)		216,384		213,735
Transactions recorded directly in equity
Dividend Declared		-		-		-		-		(177,558)		(177,558)
Balance as at 30.06.2021		1,644,392		525,494		1,627		(33,056)		2,999,639		5,138,097
Balance as at 01.01.2022		1,644,392		525,494		3,926		(33,586)		3,133,404		5,273,630
Total Comprehensive Income for the period
Profit or Loss		-		-		-		-		138,999		138,999
Other Comprehensive Income
Net fair value change in investment in debt instruments
measured at fair value through other comprehensive
Income		-		-		-		(22,785)		-		(22,785)
Deferred Tax on components of other comprehensive
income								2,279				2,279
		-		-		-		(20,506)		138,999		(20,506)
Total Comprehensive Income for the period		-		-		-		(20,506)		138,999		118,493
Transactions recorded directly in equity
Dividend Declared		-		-		-		-		(207,151)		(207,151)
Balance as at 30.06.2022		1,644,392		525,494		3,926		(54,092)		3,065,252		5,184,972

SEYLAN DEVELOPMENTS PLC

CASH FLOW STATEMENT

For the period		01.01.22 - 30.06.22	01.01.21 - 30.06.21
		(Un Audited)	(Un Audited)
		Rs. 000	Rs. 000
Cash Flows from Operating Activities
Receipt from other Operating Activities		203,488	177,882
Cash payments to Employees, Suppliers and Tax Authorities		(41,904)	(37,694)
Interest Payments		(367)	(11)
Operating profit before changes in operating assets		161,217	140,177
(Increase)/Decrease in operating assets :
Stock & Receivables		(22,838)	(13,917)
Increase/(Decrease) in operating liabilities :
Deposits & Trade payables		1,781	10,264
Cash Generated from Operations		140,160	136,524
Income Tax paid		-	-
Net cash from Operating Activities		140,160	136,524
Cash Flows from Investing Activities
Interest Received		21,491	16,622
Purchase of non-dealing Securities		(21,629)	(26,293)
Disposal of non-dealing Securities		33,622	73,567
Purchase of Property , Plant and Equipment		(238)	-
Additions to Investment Properties		(32,107)	(18,576)
Net cash from Investing Activities		1,139	45,320
Cash Flows from Financing Activities
Dividends paid		(207,151)	(177,558)
Net Cash from Financing Activities		(207,151)	(177,558)
Total net increase in cash and cash equivalents during the period		(65,852)	4,287
Cash and Cash equivalents at beginning of period		206,434	69,317
Cash and Cash Equivalents at end of period		140,582	73,604
Reconciliation of Cash and Cash Equivalents
Cash and Short Term Funds		140,582	73,604
		140,582	73,604