Sierra Cables : Interim Financial Statements as at 30/06/2022

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SIERRA CABLES PLC

PQ 166

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30TH JUNE 2022

(UNAUDITED)

SIERRA CABLES PLC

INCOME STATEMENT

	Group			Company
FOR THE PERIOD ENDED 30TH JUNE,	2022			2021	2022	2021
	Rs.	Rs.		Rs.		Rs.
	(Un-Audited)	(Un-Audited)		(Un-Audited)		(Un-Audited)
`	1,415,616,401			1,404,056,733	1,385,504,337	1,372,109,291
Cost of Sales	(819,452,356)			(1,226,578,283)		(791,213,507)	(1,202,116,089)
Gross Profit	596,164,045			177,478,450	594,290,830	169,993,202
Other Income	5,846,553			7,715,796	5,846,553	7,663,659
Selling and Distribution Expenses	(75,703,902)			(54,398,081)	(73,922,319)	(52,494,713)
Administrative Expenses	(45,666,636)			(34,639,373)	(45,277,285)	(24,996,778)
Profit from Operations	480,640,060			96,156,792	480,937,779	100,165,370
Net Finance Costs	(324,210,153)			(43,631,953)	(299,764,426)	(38,272,333)
Share of Profit of Equity-Accounted Investees,	10,547,303			5,742,395	-	-
(Net of Tax)
Profit Before Taxation	166,977,209			58,267,233	181,173,353	61,893,037
Income Tax Expense	(40,000,000)			(13,000,000)	(40,000,000)	(13,000,000)
Profit/(Loss) for the Period	126,977,208			45,267,233	141,173,353	48,893,037
Profit/(Loss) Attributable to :
Owners of the Company	129,126,427			45,694,716	141,173,353	48,893,037
Non - Controlling Interests	(2,149,219)			(427,483)		-		-
Profit/(Loss) for the Period	126,977,208			45,267,233		141,173,353		48,893,037
Basic Earnings Per Share	0.24			0.09	0.26	0.09

SIERRA CABLES PLC

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Group		Company
FOR THE PERIOD ENDED 30TH JUNE,	2022	2021	2022	2021
	Rs.		Rs.		Rs.		Rs.
	(Un-Audited)		(Un-Audited)		(Un-Audited)		(Un-Audited)
Profit/(Loss) for the Period	126,977,208	45,267,233	141,173,353	48,893,037
Other Comprehensive Income/(Expense)
Equity investment at FVOCI - Net Change in Fair Value	(1,720,397)	(54,293)	(1,720,397)	(54,293)
Net Exchange Difference on Translation of Foreign Operations	-	(946,413)	-	-
Other Comprehensive Income for the Period, Net of Tax
	(1,720,397)		(1,000,707)		(1,720,397)		(54,293)
Total Comprehensive Income for the Period	125,256,811	44,266,526	139,452,955	48,838,744
Total Comprehensive Income/(Expense) Attributable to :
Owners of the Company	127,406,029	44,741,329	139,452,955	48,838,744
Non - Controlling Interests	(2,149,219)		(474,803)		-		-
Total Comprehensive Income for the Period	125,256,811	44,266,526	139,452,955	48,838,744

Figures in brackets indicate deductions.

SIERRA CABLES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

			Group						Company
AS AT 30TH JUNE,	30-06-2022	30-06-2021	31-03-2022	30-06-2022	30-06-2021	31-03-2022
`	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
	(Un-Audited)		(Un-Audited)		(Un-Audited)		(Un-Audited)		(Un-Audited)		(Un-Audited)
ASSETS
Non Current Assets
Property Plant & Equipment	2,759,320,430	1,919,267,478	2,790,840,995	2,008,972,481	1,446,826,716	2,039,081,386
Intangible Assets	381,067	2,059,556	571,587	381,067	2,059,556	571,587
Right of Use Assets	123,677	2,505,417	123,677	123,677	2,505,417	123,677
Investment in Subsidiaries	-	-	-	89,876,892	89,876,892	89,876,892
Equity-Accounted Investees	63,814,213	39,039,515	53,266,910	31,610,163	31,610,163	31,610,163
Other Non-Current Assets	27,624,130		28,962,900		29,344,527		27,624,130		28,962,900		29,344,527
Total Non Current Assets	2,851,263,517	1,991,834,866	2,874,147,695	2,158,588,410	1,601,841,644	2,190,608,232
Current Assets
Inventories	2,719,487,957	2,365,024,427	2,037,719,725	2,397,550,853	2,158,710,489	1,786,169,316
Trade and Other Receivables	2,174,091,839	2,316,895,646	2,724,698,484	1,702,050,321	1,957,400,763	2,086,264,905
Amounts due from Related Companies	87,643,374	93,546,630	89,702,083	803,688,749	406,561,179	679,889,143
Loan Receivable	-	-	-	-	34,616,300	34,616,300
Cash and Cash Equivalents	384,597,653		239,501,514		360,666,180		362,396,251		237,563,865		315,863,259
Total Current Assets	5,365,820,823		5,014,968,217		5,212,786,471		5,265,686,174		4,794,852,596		4,902,802,923
Total Assets	8,217,084,340	7,006,803,083	8,086,934,166	7,424,274,584	6,396,694,240	7,093,411,155
EQUITY AND LIABILITIES
Equity
Stated Capital	894,565,898	894,565,898	894,565,898	894,565,898	894,565,898	894,565,898
Retained Earnings	1,392,035,720	811,255,793	1,262,909,293	1,249,697,732	824,879,921	1,108,524,378
Fair Value Reserve	15,984,605	17,323,374	17,705,002	15,984,602	17,323,373	17,705,002
Foreign Currency Translation Reserve	9,024,997	11,296,080	9,024,997	-	-	-
Revaluation Reserve	1,614,753,772	993,966,732	1,614,753,772	1,441,509,942	893,058,224	1,441,509,941
Total Equity Attributable to Equity
Holders of the Company	3,926,364,992	2,728,407,877	3,798,958,962	3,601,758,174	2,629,827,416	3,462,305,219
Non-Controlling Interest	26,416,471		5,727,275	28,565,690		-		-	-
Total Equity	3,952,781,463	2,734,135,152	3,827,524,652	3,601,758,174	2,629,827,416	3,462,305,219
Non Current Liabilities
Retirement Benefit Obligations	87,307,125	64,392,757	80,106,869	85,747,537	63,168,476	78,547,280
Deferred Tax Liabilities	293,977,241	197,531,446	293,977,240	235,253,051	161,076,810	235,253,050
Term Loans Due After One Year	298,414,249	144,562,425	301,965,249	149,601,249	60,526,309	149,601,249
Lease Liabilities Due After One Year	-		1,821,171	-		-		1,821,171	-
Total Non Current Liabilities	679,698,615	408,307,799	676,049,359	470,601,837	286,592,766	463,401,579
Current Liabilities
Trade and Other Payables	1,032,038,787	2,253,466,811	1,359,265,584	1,092,056,564	2,150,610,454	1,264,874,865
Lease Liabilities Due Within One Year	360,783	167,238	360,783	360,783	167,238	360,783
Term Loans Due Within One Year	94,581,007	54,174,488	132,071,992	60,466,518	5,921,055	80,622,024
Amounts due to Related Companies	-	11,115,358	-	30,666	504,594	30,666
Import Demand Loans	2,130,910,477	1,318,444,065	1,682,392,478	1,975,306,812	1,185,231,666	1,549,340,078
Income Tax Payable	99,619,572	27,705,435	84,732,265	82,108,244	30,001,997	67,220,938
Bank Overdraft	227,093,636		199,286,737		324,537,053		141,584,986		107,837,054	205,255,002
Total Current Liabilities	3,584,604,262		3,864,360,132		3,583,360,156		3,351,914,573		3,480,274,058		3,167,704,356
Total Liabilities	4,264,302,877		4,272,667,931	4,259,409,514	3,822,516,410		3,766,866,824	3,631,105,935
Total Equity and Liabilities	8,217,084,340		7,006,803,083	8,086,934,166	7,424,274,584		6,396,694,240	7,093,411,155
Net Asset Value per Share	7.30		5.08	7.07	6.70		4.89	6.44

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.

..……Sgd…........

R.D.S. Malinga

Finance Manager

The Board of Directors is responsible for the preparation and presentation of the Financial Statements.

Approved and signed for and on behalf of the Board of Directors.

...…..Sgd…...........	…...…Sgd…….....
S.S. Kotakadeniya	D.S Panditha
Director	Executive Director
15th August 2022
Colombo

SIERRA CABLES PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30TH JUNE,

Group

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Balance as at 1st April 2021

Profit for the Year

Other Comprehensive Income/(Expense)

Equity investment at FVOCI - Net Change in Fair Value Revaluation Surplus on Land & Building, Net of Tax Actuarial Loss on Retirement Benefit Obligation, Net of Tax Total Comprehensive Income for the Year

Balance as at 31st March 2022

Balance as at 1st April 2022

Profit / (Loss) for the Period

Other Comprehensive Income/(Expense)

Equity investment at FVOCI - Net Change in Fair Value

Total Comprehensive Income for the Period

Balance as at 30th June 2022

Figures in brackets indicate deductions.

		Attributable to Owners of the Company				Non Controlling	Total
Stated		Revaluation	Foreign	Fair Value		Retained		Total		Interest	Equity
Capital		Reserve	Currency	Reserve		Earnings
	Translation
			Reserve
Rs.		Rs.	Rs.	Rs.		Rs.		Rs.		Rs.	Rs.
894,565,898	1,012,847,327	9,024,997	17,377,668	771,663,652	2,705,479,542	12,900,438		2,718,379,980
-	-	-	-	495,410,215	495,410,215	7,573,065		502,983,280
-	-	-	327,334	-	327,334	-		327,334
-	601,906,446	-	-	-	601,906,446	8,081,524		609,987,969
-		-	-	-	(4,164,575)	(4,164,575)	10,663		(4,153,912)
-		601,906,446	-	327,334	491,245,640	1,093,479,420	15,665,252		1,109,144,672
894,565,898		1,614,753,772	9,024,997	17,705,002		1,262,909,293		3,798,958,962		28,565,690		3,827,524,651
894,565,898	1,614,753,772	9,024,997	17,705,002	1,262,909,293	3,798,958,962	28,565,690		3,827,524,651
-	-	-	-	129,126,427	129,126,427	(2,149,219)		126,977,208
-	-	-	(1,720,397)	-	(1,720,397)	-		(1,720,397)
-	-	-	(1,720,397)	129,126,427	127,406,030	(2,149,219)		125,256,811
894,565,898	1,614,753,772	9,024,997	15,984,605	1,392,035,720	3,926,364,992	26,416,471		3,952,781,463