SOFTLOGIC HOLDINGS PLC
INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31 DECEMBER 2023
Dear Stakeholders,
Rs. Mn | 3QFY24 | 3QFY23 | Change |
Revenue | 27,578 | 25,243 | 9% |
Gross profit | 9,975 | 8,689 | 15% |
EBITDA | 3,991 | 2,195 | 217% |
Operating Profit | 2,974 | 1,167 | 155% |
1-3QFY241-3QFY23 Change
75,552 | 72,541 | 4% |
25,540 | 26,774 | -5% |
6,952 | 9,078 | -23% |
3,806 | 6,023 | -37% |
The economic landscape in Sri Lanka has seen notable shifts and policy adjustments recently. These developments reflect a concerted effort to stabilize the economy, enhance revenue streams, support tourism recovery, and secure external financial assistance to address macroeconomic challenges.
Against this backdrop, the Group strongly witnessed renewed business revival recording improved financial performance in core sectors during the quarter. The Group achieved a consolidate revenue growth of 4.2% to Rs. 75.6 Bn during the nine-month period under review while the quarter recorded a revenue growth of 9.3% to Rs. 27.6 Bn. During the cumulative period, the Retail sector contributed 34% to Group revenue while Healthcare Services made up 28%. 27% of Group topline was generated from Financial Services while 7% was from the IT sector. Leisure & Property and Automobile together took up 3.1% of Consolidated revenue.
Gross Profit declined 4.6% to Rs. 25.5 Bn during the cumulative period as a result GP margin contraction from 36.9% to 33.8%. This margin contraction was particularly led by the import-oriented sectors which witnessed rapid cost increase amid local and global inflation and Rupee depreciation. However, the positive economic developments supported the Group to register a GP margin improvement due to inflation containment and strengthening of the Rupee during the quarter from 34.4% to 36.2% resulting in quarterly Gross Profit to reach Rs.10 Bn, up 14.8%.
The Group achieved an EBITDA growth of 82% to Rs. 4.0 Bn during the quarter while cumulative EBITDA was Rs. 7.0 Bn. Cost optimization initiatives coupled with inflation contraction led the quarterly operating cost to decline 7.1% to Rs. 7.4 Bn as opposed to Rs. 7.9 Bn recorded in the comparative quarter. Operating cost margins improved from 11% in 3QFY23 to 9.8% in 3QFY24. Subsequently, quarterly operating profit was Rs. 3 Bn compared with Rs. 1.2 Bn in the corresponding quarter. Cumulative operating profit was Rs. 3.8 Bn.
Finance Income, predominantly derived from the insurance business's investment income, was Rs. 6.1 Bn for the cumulative period while Rs. 1.8 Bn was recorded for the quarter.
Softlogic Group benefitted from the reducing interest rates as it witnessed finance cost reducing 25.8% to Rs. 16.2 Bn for the nine-month period while a solid 44.4% reduction in finance cost to Rs. 5 Bn was incurred during the quarter.
The transfer of Rs. 2.9 Bn to the Life Fund during the cumulative period compared with Rs. 2 Bn in the comparative period signifies the difference between income and expenditure attributable to life policyholders during the period. The quarter registered a transfer of Rs. 1.5 Bn as opposed to Rs. 254 Mn recorded in the comparative quarter.
The Group's performance witnessed a strong revival during the quarter where PAT improved 76.7% to trim the losses to Rs. 1.7 Bn during the quarter while taking cumulative losses to Rs. 10.5 Bn (post- adjustments) compared with Rs. 13.9 Bn loss in the comparative period.
SEGMENT HIGHLIGHTS
Revenue | EBITDA | |||||
Rs. Mn | 1-3QFY24 | 1-3QFY23 | Change | 1-3QFY24 | 1-3QFY23 | Change |
Retail & Telecommunication | 25,737 | 27,899 | -8% | 141 | 3,608 | -96% |
Healthcare Services | 21,255 | 18,149 | 17% | 6,010 | 5,362 | 12% |
Financial Services | 20,766 | 18,193 | 14% | (492) | (868) | 43% |
Information Technology | 5,445 | 5,628 | -3% | 687 | 1,070 | -36% |
Leisure & Property | 2,067 | 1,409 | 47% | 63 | (187) | 133% |
Automobiles | 277 | 1,258 | -78% | 75 | (103) | 173% |
Group | 75,552 | 72,541 | 4% | 6,952 | 9,078 | -23% |
Revenue | EBITDA | |||||
Rs. Mn | 3QFY24 | 3QFY23 | Change | 3QFY24 | 3QFY23 | Change |
Retail & Telecommunication | 9,713 | 9,400 | 3% | 340 | 118 | 188% |
Healthcare Services | 7,315 | 6,645 | 10% | 2,122 | 2,244 | -5% |
Financial Services | 7,747 | 6,718 | 15% | 621 | (615) | 201% |
Information Technology | 1,867 | 1,699 | 10% | 320 | 366 | -12% |
Leisure & Property | 842 | 653 | 29% | 154 | 2 | 7615% |
Automobiles | 92 | 127 | -27% | 25 | (195) | 113% |
Group | 75,552 | 72,541 | 4% | 3,991 | 2,195 | 82% |
Retail sector recorded a 3% increase in quarterly revenue to Rs. 9.7 Bn while the cumulative sector revenue was Rs. 25.7 Bn. Quarterly sector EBITDA achieved more than two-fold growth to Rs. 340 Mn while Rs. 141 Mn was recorded for the cumulative period.
A 17% revenue growth was recorded in the healthcare sector to Rs. 21.3 Bn during the cumulative period while a 10% quarterly revenue growth to Rs. 7.3 Bn was achieved. Cumulative sector EBITDA witnessed a 12% growth to Rs. 6 Bn while quarterly EBITDA was Rs. 2.1 Bn. Sector profitability witnessed a strong 77% growth to Rs. 2.2 Bn.
Softlogic Life Insurance recorded a 18% GWP growth to Rs. 20.4 Bn during the cumulative period, exceeding industry growth rates. Due to increasing interest rates and a legacy business environment, which adversely impacted performance, Softlogic Finance operated under regulatory constraints. As of 31Dec23, customer deposits amounted to Rs. 7.9 Bn.
Financial Services sector achieved a topline growth of 14% to Rs. 20.8 Bn during the cumulative period while the quarter recorded a 15% growth to Rs. 7.7 Bn. The quarter also recorded a turnaround in sector's operating profit to Rs. 572 Mn compared with an operating loss of Rs. 666 Mn registered in the comparative quarter. Sector profitability achieved a strong turnaround closing the period with a PAT of Rs. 727 Mn (Rs. 39 Mn loss in 1-3QFY23).
IT sector recorded a quarterly revenue growth of 10% to Rs. 1.9 Bn while the cumulative sector topline was Rs. 5.4 Bn. Primarily led by decreased interest expenses, the sector's profitability grew 54% to Rs. 334 Mn during the cumulative period.
The hotel sector's strong performance during the quarter paved way for a 29% growth in leisure sector topline leading it to achieve an EBITDA of Rs. 154 Mn (Rs. 2 Mn in 3QFY23) which reduced quarterly losses. Cumulative topline was Rs. 2.1 Bn, up 47% while sector EBITDA was Rs. 63 Mn (loss of Rs. 187 Mn in 1-3QFY23). Cumulative sector net loss had reduced as a result.
Automobile sector continued to be plagued with import bans.
OUTLOOK
The Group anticipates continued challenges in the macroeconomic environment, particularly concerning consumer disposable income with imposition of unrealistic personal taxes and VAT. The effects of various tax adjustments and inflationary pressures are expected to persist, impacting the purchasing power of the general population. Government should consider reducing taxes to stimulate economic activity by ensuring disposable income in the hands of consumers are adequate for spending purposes otherwise SMEs will not survive going forward. Despite these challenges, the Group remains optimistic about its ability to minimize those challenges while harnessing opportunities that evolve positively.
As part of the Group's revival plan, the Rs. 10 Bn equity infusion through Rights and Warrants is expected to significantly alleviate financial pressure, with the proceeds being allocated for debt settlements. Additional equity infusions are proposed at sector levels along with assets and investment optimisation to support further revival the Group's financial position.
We have entered into a 99-year lease agreement with the Colombo's Port City Development to establish a state-of-the-art hospital with 500 beds, in partnership with the prestigious Mayo Clinic. This initiative targets the regional medical tourism markets. The hospital will enjoy a 25-year tax exemption from the commencement of operations, with a reduced tax rate of 50% for a further 10 years thereafter, offering substantial tax benefits. Softlogic Life Insurance has submitted a bid for the acquisition of Sri Lanka Insurance Corporation, while the Asiri Group has placed a bid for the acquisition of Lanka Hospitals Corporation PLC. Pre-arranged funding for these potential acquisitions would be sourced through external offshore counterparties. The completion of these acquisitions, which is subject to a transparent and competitive bidding process, is expected to yield substantial synergies, propelling the Group to dominant market positions in their respective sectors.
With the economy rebounding, while the CBSL's and the Ministry of Finance's policy initiatives are geared to supporting economic growth while containing inflation and interest rates the Group is expected to reap significant financial cost savings while an uptick in consumer demand supports greater viability of the Group despite legacy overhangs. Looking forward, coupled with a rebound in economic activity, these strategic actions, taken together, are expected to contribute significantly to the Group's financial rewards.
-Sgd-
ASHOK PATHIRAGE CHAIRMAN
15 March 2024
Softlogic Holdings PLC
CONSOLIDATED INCOME STATEMENT
Un-audited | Un-audited | Change | Un-audited | Un-audited | Change | Un-audited | |
9 months to | 9 months to | as a | 3 months to | 3 months to | as a | 12 months to | |
In Rs. '000 | 31-12-2023 | 31-12-2022 | % | 31-12-2023 | 31-12-2022 | % | 31-03-2023 |
Continuing operations | |||||||
Revenue from contract with customers | 54,971,650 | 54,528,907 | 1 | 19,873,011 | 18,579,983 | 7 | 72,515,676 |
Revenue from insurance contracts | 18,505,427 | 15,113,552 | 22 | 7,181,320 | 5,637,660 | 27 | 20,458,558 |
Interest income | 2,074,694 | 2,898,975 | (28) | 524,148 | 1,025,761 | (49) | 3,925,136 |
Total revenue | 75,551,771 | 72,541,434 | 4 | 27,578,479 | 25,243,404 | 9 | 96,899,370 |
Cost of sales | (50,011,920) | (45,767,682) | 9 | (17,603,744) | (16,554,395) | 6 | (62,803,630) |
Gross profit | 25,539,851 | 26,773,752 | (5) | 9,974,735 | 8,689,009 | 15 | 34,095,740 |
Other operating income | 1,021,477 | 1,119,398 | (9) | 382,234 | 423,071 | (10) | 1,592,436 |
Distribution expenses | (2,555,439) | (2,632,809) | (3) | (770,599) | (1,042,406) | (26) | (4,438,786) |
Administrative expenses | (20,199,433) | (19,237,670) | 5 | (6,612,058) | (6,902,412) | (4) | (29,398,481) |
Results from operating activities | 3,806,456 | 6,022,671 | (37) | 2,974,312 | 1,167,262 | 155 | 1,850,909 |
Finance income | 6,079,692 | 6,243,020 | (3) | 1,810,468 | 1,923,862 | (6) | 8,024,438 |
Finance expenses | (16,227,797) | (21,870,510) | (26) | (5,018,311) | (9,019,511) | (44) | (28,951,205) |
Net finance cost | (10,148,105) | (15,627,490) | (35) | (3,207,843) | (7,095,649) | (55) | (20,926,767) |
Change in fair value of investment property | - | - | - | - | - | - | 77,486 |
Share of profit/ (loss) of equity accounted | |||||||
investees | 13,842 | 2,995 | 362 | 7,699 | (2,071) | (472) | 38,960 |
Change in insurance contract liabilities | (2,901,290) | (2,021,474) | 44 | (1,457,537) | (254,429) | 473 | (1,948,266) |
Loss before tax | (9,229,097) | (11,623,298) | (21) | (1,683,369) | (6,184,887) | (73) | (20,907,678) |
Tax expense | (1,282,163) | (2,316,706) | (45) | (20,921) | (1,103,157) | (98) | (2,749,618) |
Loss for the period | (10,511,260) | (13,940,004) | (25) | (1,704,290) | (7,288,044) | (77) | (23,657,296) |
Attributable to: | |||||||
Equity holders of the parent | (12,922,133) | (15,320,322) | (16) | (3,180,264) | (7,759,929) | (59) | (24,076,881) |
Non-controlling interest | 2,410,873 | 1,380,318 | 75 | 1,475,974 | 471,885 | 213 | 419,585 |
(10,511,260) | (13,940,004) | (25) | (1,704,290) | (7,288,044) | (77) | (23,657,296) | |
Loss per share | |||||||
Basic | (10.84) | (12.85) | (16) | (2.67) | (6.51) | (59) | (20.19) |
Note : Figures in brackets indicate deductions.
The above figures are not audited unless otherwise stated.
-4-
Softlogic Holdings PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Un-audited | Un-audited | Change | Un-audited | Un-audited | Change | Un-audited | |
9 months to | 9 months to | as a | 3 months to | 3 months to | as a | 12 months to | |
In Rs. '000 | 31-12-2023 | 31-12-2022 | % | 31-12-2023 | 31-12-2022 | % | 31-03-2023 |
Loss for the period | (10,511,260) | (13,940,004) | (25) | (1,704,290) | (7,288,044) | (77) | (23,657,296) |
Other comprehensive income
Continuing operations
Other comprehensive income to be reclassified to income statement in subsequent periods
Currency translation of foreign operations | 1,166 | (10,968) | (111) | (686) | 7,784 | (109) | 5,740 |
Net change in fair value on derivative financial instruments | 291,112 | (2,169,733) | (113) | 70,159 | (118,558) | (159) | (256,113) |
Net profit/ (loss) on financial instruments at fair value through | |||||||
other comprehensive income | 243,957 | (438,047) | (156) | (230,686) | (105,085) | 120 | (418,344) |
Net other comprehensive loss to be reclassified to income | |||||||
statement in subsequent periods | 536,235 | (2,618,748) | (120) | (161,213) | (215,859) | (25) | (668,717) |
Other comprehensive income not to be reclassified to income statement in subsequent periods
Revaluation of land and buildings | 43,784 | - | - | 43,784 | - | - | 5,197,040 |
Re-measurement gain/ (loss) on employee benefit liabilities | (20,845) | 26,215 | (180) | (20,845) | 26,215 | (180) | 387,312 |
Share of other comprehensive income of equity accounted | |||||||
investments (net of tax) | - | - | - | - | - | - | 849 |
Net profit/ (loss) on equity instruments at fair value through | |||||||
other comprehensive income | 641,956 | (469,021) | (237) | (75,205) | (203,456) | (63) | (282,073) |
Tax on other comprehensive income not to be reclassified to | |||||||
income statement in subsequent periods | - | (1,139,770) | (100) | - | (1,139,770) | (100) | (3,682,992) |
Net other comprehensive income/ (loss) not to be reclassified | |||||||
to income statement in subsequent periods | 664,895 | (1,582,576) | (142) | (52,266) | (1,317,011) | (96) | 1,620,136 |
Other comprehensive income/ (loss) from continuing | |||||||
operations for the period, net of tax | 1,201,130 | (4,201,324) | (129) | (213,479) | (1,532,870) | (86) | 951,419 |
Total comprehensive loss for the period, net of tax | (9,310,130) | (18,141,328) | (49) | (1,917,769) | (8,820,914) | (78) | (22,705,877) |
Attributable to: | |||||||
Equity holders of the parent | (12,239,848) | (18,471,914) | (34) | (3,221,569) | (8,589,741) | (62) | (23,624,016) |
Non-controlling interest | 2,929,718 | 330,586 | 786 | 1,303,800 | (231,173) | (664) | 918,139 |
(9,310,130) | (18,141,328) | (49) | (1,917,769) | (8,820,914) | (78) | (22,705,877) |
Note : Figures in brackets indicate deductions.
The above figures are not audited unless otherwise stated.
-5-
Softlogic Holdings PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Un-audited | Un-audited | Un-audited | |
as at | as at | as at | |
In Rs. '000 | 31-12-2023 | 31-12-2022 | 31-03-2023 |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 59,113,938 | 61,795,500 | 60,811,514 |
Right of use assets | 6,969,708 | 7,363,853 | 7,792,774 |
Investment property | 2,252,523 | 2,175,037 | 2,252,523 |
Intangible assets | 7,994,043 | 8,247,416 | 8,180,461 |
Investments in equity accounted investments | 47,924 | 47,269 | 64,083 |
Non-current financial assets | 34,331,723 | 32,279,651 | 33,421,420 |
Rental receivable on lease assets and hire purchase | 4,618,408 | 7,860,150 | 7,094,383 |
Other non-current assets | 16,545,636 | 9,349,944 | 15,757,032 |
Deferred tax assets | 3,550,845 | 2,577,269 | 2,737,200 |
135,424,748 | 131,696,089 | 138,111,390 | |
Current assets | |||
Inventories | 9,423,294 | 12,202,234 | 10,186,740 |
Trade and other receivables | 10,404,790 | 10,472,585 | 8,273,753 |
Loans and advances | 4,254,035 | 9,227,842 | 7,756,234 |
Rental receivable on lease assets and hire purchase | 477,766 | 909,463 | 726,455 |
Amounts due from related parties | 110,220 | 306,847 | 109,933 |
Other current assets | 4,404,164 | 5,410,766 | 3,597,282 |
Short term investments | 10,683,169 | 15,502,335 | 10,214,957 |
Cash in hand and at bank | 3,206,091 | 4,268,349 | 5,260,169 |
42,963,529 | 58,300,421 | 46,125,523 | |
Total assets | 178,388,277 | 189,996,510 | 184,236,913 |
EQUITY AND LIABILITIES | |||
Equity attributable to equity holders of the parent | |||
Stated capital | 12,119,235 | 12,119,235 | 12,119,235 |
Revenue reserves | (64,504,554) | (41,707,198) | (51,548,609) |
Other components of equity | 8,002,771 | 2,654,081 | 7,351,222 |
(44,382,548) | (26,933,882) | (32,078,152) | |
Non-controlling interests | 17,220,886 | 14,283,671 | 14,206,292 |
Total equity | (27,161,662) | (12,650,211) | (17,871,860) |
Non-current liabilities | |||
Insurance contract liabilities | 27,201,868 | 25,338,502 | 24,462,094 |
Interest bearing borrowings | 42,854,853 | 47,603,504 | 42,901,064 |
Lease liabilities | 5,619,668 | 5,570,444 | 5,595,958 |
Public deposits | 2,276,695 | 3,385,866 | 3,094,921 |
Deferred tax liabilities | 7,054,660 | 4,750,813 | 6,997,084 |
Employee benefit liabilities | 1,678,133 | 1,809,133 | 1,556,994 |
Other deferred liabilities | 35,521 | 48,015 | 146 |
Other non-current financial liabilities | 763,999 | 739,874 | 777,906 |
87,485,397 | 89,246,151 | 85,386,167 | |
Current liabilities | |||
Trade and other payables | 22,820,513 | 19,616,050 | 20,411,053 |
Amounts due to related parties | 28,919 | 28,919 | 28,919 |
Income tax liabilities | 2,242,619 | 1,512,403 | 1,871,190 |
Other current financial liabilities | 52,437,860 | 53,347,933 | 53,328,649 |
Current portion of interest bearing borrowings | 18,441,179 | 13,582,135 | 18,129,698 |
Current portion of lease liabilities | 1,444,960 | 1,425,198 | 1,896,051 |
Other current liabilities | 5,021,327 | 4,059,527 | 2,338,659 |
Public deposits | 5,614,161 | 10,034,481 | 9,335,694 |
Bank overdrafts | 10,013,004 | 9,793,924 | 9,382,693 |
118,064,542 | 113,400,570 | 116,722,606 | |
Total equity and liabilities | 178,388,277 | 189,996,510 | 184,236,913 |
I certify that the financial statements comply with the requirements of the Companies Act No. 7 of 2007.
-sgd-
Head of Finance
The Board of directors is responsible for the preparation and presentation of these financial statements.
-sgd- | -sgd- |
Chairman | Director |
15 March 2024 | |
Colombo |
-6-
Softlogic Holdings PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
GROUP
Attributable to equity holders of parent | Non- | Total | |||||||||||
controlling | equity | ||||||||||||
Non- | Fair value | interest | |||||||||||
distributable | Foreign | reserve of | |||||||||||
Restricted | regulatory | currency | financial | Statutory | |||||||||
Stated | regulatory loss allowance | Revaluation | translation | assets at | reserve | Other | Cash flow | Revenue | |||||
In Rs. '000 | capital | reserve | reserve | reserve | reserve | FVOCI | fund | reserves | hedge reserve | reserve | Total | ||
As at 01 April 2023 | 12,119,235 | 309,613 | 1,289,904 | 13,311,383 | (136,714) | (1,552,983) | 263,436 | (1,689,786) | (4,443,631) | (51,548,609) | (32,078,152) | 14,206,292 | (17,871,860) |
Profit/ (loss) for the period | - | - | - | - | - | - | - | - | - | (12,922,133) | (12,922,133) | 2,410,873 | (10,511,260) |
Other Comprehensive income | - | - | - | 17,539 | 1,166 | 381,062 | - | - | 290,869 | (8,351) | 682,285 | 518,845 | 1,201,130 |
Equity investments at FVOCI reclassified to retained | |||||||||||||
earnings | - | - | - | - | - | 25,461 | - | - | - | (25,461) | - | - | - |
Total Comprehensive income/ (loss) | - | - | - | 17,539 | 1,166 | 406,523 | - | - | 290,869 | (12,955,945) | (12,239,848) | 2,929,718 | (9,310,130) |
Changes in ownership interest in subsidiaries | - | - | - | - | - | - | - | (64,548) | - | - | (64,548) | 133,876 | 69,328 |
Subsidiary dividend to non-controlling interest | - | - | - | - | - | - | - | - | - | - | - | (49,000) | (49,000) |
As at 31 December 2023 | 12,119,235 | 309,613 | 1,289,904 | 13,328,922 | (135,548) | (1,146,460) | 263,436 | (1,754,334) | (4,152,762) | (64,504,554) | (44,382,548) | 17,220,886 | (27,161,662) |
As at 01 April 2022 | 12,119,235 | 309,613 | - | 12,448,948 | (141,749) | (1,339,562) | 263,436 | (1,670,898) | (4,025,654) | (26,397,403) | (8,434,034) | 14,031,498 | 5,597,464 |
Profit/ (loss) for the period | - | - | - | - | - | - | - | - | - | (15,320,322) | (15,320,322) | 1,380,318 | (13,940,004) |
Other Comprehensive income/ (loss) | - | - | - | (596,008) | (10,968) | (387,236) | - | - | (2,167,907) | 10,527 | (3,151,592) | (1,049,732) | (4,201,324) |
Total Comprehensive income/ (loss) | - | - | - | (596,008) | (10,968) | (387,236) | - | - | (2,167,907) | (15,309,795) | (18,471,914) | 330,586 | (18,141,328) |
Changes in ownership interest in subsidiaries | - | - | - | - | - | - | - | (27,934) | - | - | (27,934) | (2,463) | (30,397) |
Subsidiary dividend to non-controlling interest | - | - | - | - | - | - | - | - | - | - | - | (75,950) | (75,950) |
As at 31 December 2022 | 12,119,235 | 309,613 | - | 11,852,940 | (152,717) | (1,726,798) | 263,436 | (1,698,832) | (6,193,561) | (41,707,198) | (26,933,882) | 14,283,671 | (12,650,211) |
Note : Figures in brackets indicate deductions.
The above figures are not audited unless otherwise stated.
-7-
Softlogic Holdings PLC
CONSOLIDATED CASH FLOW STATEMENT
Un-audited | Un-audited | Un-audited | |
9 months to | 9 months to | 12 months to | |
In Rs. '000 | 31-12-2023 | 31-12-2022 | 31-03-2023 |
CASH FLOWS FROM/ (USED IN) OPERATING ACTIVITIES | |||
Loss before tax from continuing operations | (9,229,097) | (11,623,298) | (20,907,678) |
Adjustments for: | |||
Finance income | (6,079,692) | (6,243,020) | (8,024,438) |
Finance cost | 16,227,797 | 21,870,510 | 28,951,205 |
Change in fair value of investment property | - | - | (77,486) |
Share of results of equity accounted investees | (13,842) | (2,995) | (38,960) |
Gratuity provision and related cost | 299,435 | 262,814 | 439,528 |
Provisions for/ write-off of impaired receivables | 97,002 | 92,936 | 92,420 |
Provision for write-off of inventories | 54,180 | 42,734 | 58,612 |
Provisions for/ write-off of loans and advances | 455,682 | 108,099 | 1,351,242 |
Provisions for/ write-off of investments in lease and hire purchase | 104,496 | 100,397 | 289,151 |
Depreciation of property, plant and equipment | 2,928,519 | 2,826,467 | 3,783,680 |
Profit on sale of property, plant and equipment | (22,421) | (28,546) | (41,187) |
Impairment of investments | (130,395) | 1,458,098 | 2,940,895 |
Amortisation/ impairment of intangible assets | 216,768 | 229,038 | 308,693 |
Impairment/ derecognition of property, plant and equipment and right | |||
of use assets | - | - | 23,520 |
Amortisation right of use assets | 1,302,193 | 1,542,187 | 1,820,188 |
Profit before working capital changes | 6,210,625 | 10,635,421 | 10,969,385 |
Decrease in inventories | 709,265 | 1,226,228 | 3,224,867 |
(Increase)/ decrease in trade and other receivables | (2,227,305) | (1,059,644) | 1,139,696 |
(Increase)/ decrease in loans and advances | 3,957,302 | (1,677,724) | (916,511) |
Decrease in investments in lease and hire purchase | 2,620,169 | 2,392,874 | 3,152,896 |
(Increase)/ decrease in other current assets | (824,491) | (1,412,894) | 357,834 |
(Increase)/ decrease in amounts due from related parties | (287) | 1,595,610 | 1,792,525 |
Increase/ (decrease) in trade and other payables | 2,428,833 | (10,499,592) | (8,076,980) |
Increase/ (decrease) in other current liabilities | 2,761,701 | 1,801,314 | (60,413) |
Increase/ (decrease) in deferred income | (43,658) | (76,589) | 16,402 |
Decrease in public deposits | (4,539,759) | (2,161,659) | (3,151,391) |
Increase in insurance contract liabilities | 2,739,775 | 2,779,379 | 1,902,970 |
Cash generated from operations | 13,792,170 | 3,542,724 | 10,351,280 |
Finance income received | 6,251,077 | 4,599,659 | 8,203,408 |
Finance expenses paid | (12,013,683) | (18,383,173) | (24,117,607) |
Dividends received | 30,000 | - | 20,000 |
Tax paid | (1,615,646) | (787,401) | (1,308,887) |
Gratuity paid | (199,140) | (137,674) | (206,360) |
Net cash flow from/ (used in) operating activities | 6,244,778 | (11,165,865) | (7,058,166) |
CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES | |||
Purchase and construction of property, plant and equipment | (1,418,125) | (3,483,959) | (3,986,836) |
Addition to intangible assets | (30,604) | (14,074) | (27,800) |
Increase in other non-current assets | (798,002) | (1,689,530) | (2,287,922) |
(Purchase)/ disposal of short term investments (net) | (3,617,133) | 3,839,438 | 3,879,944 |
Dividends received | 17,008 | 135,595 | 153,783 |
Purchase of non-current financial assets | (1,738,276) | (6,465,209) | (12,296,084) |
Acqusition of business, net of cash acquired | (210,795) | - | - |
Proceeds from sale of property, plant and equipment | 76,207 | 179,443 | 141,409 |
Net cash flow used in investing activities | (7,719,720) | (7,498,296) | (14,423,506) |
8
Softlogic Holdings PLC
CONSOLIDATED CASH FLOW STATEMENT
Un-audited | Un-audited | Un-audited | |
9 months to | 9 months to | 12 months to | |
In Rs. '000 | 31-12-2023 | 31-12-2022 | 31-03-2023 |
CASH FLOWS FROM/ (USED IN) FINANCING ACTIVITIES | |||
Proceeds from shareholders with non-controlling interest on issue | |||
of equity shares in subsidiaries | - | 2,374 | 2,374 |
Direct cost on issue of shares | - | - | (1,646) |
Dividend paid to non-controlling interest | (65,159) | (75,950) | (1,406,972) |
Increase in interest in subsidiaries | (11,175) | (32,771) | (33,085) |
Proceeds from long term borrowings | 3,047,976 | 9,250,157 | 11,092,410 |
Repayment of long term borrowings | (5,293,436) | (8,222,202) | (9,236,363) |
Repayment of lease liabilities | (2,085,469) | (1,837,927) | (2,610,230) |
Increase/ (decrease) in other non-current financial liabilities | (13,907) | 1,045 | 39,077 |
Proceeds from/ (repayment of) other current financial liabilities | |||
(net) | (890,789) | 15,669,104 | 15,649,820 |
Net cash flow from/ (used in) financing activities | (5,311,959) | 14,753,830 | 13,495,385 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (6,786,901) | (3,910,331) | (7,986,287) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING | 4,636,628 | 12,620,733 | 12,620,733 |
Effect of exchange rate changes | 193 | 774 | 2,182 |
CASH AND CASH EQUIVALENTS AT THE END | (2,150,080) | 8,711,176 | 4,636,628 |
ANALYSIS OF CASH AND CASH EQUIVALENTS | |||
Favourable balances | |||
Cash in hand and at Bank | 3,206,091 | 4,268,349 | 5,260,169 |
Short term investments | 4,656,833 | 14,236,751 | 8,759,152 |
Unfavourable balances | |||
Bank overdrafts | (10,013,004) | (9,793,924) | (9,382,693) |
Cash and cash equivalents | (2,150,080) | 8,711,176 | 4,636,628 |
Note : Figures in brackets indicate deductions.
The above figures are not audited unless otherwise stated.
9
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Softlogic Holdings plc published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 11:14:29 UTC.