Swisstek Ceylon : Interim Financial Statements as at 31-12-2021

Swisstek (Ceylon) PLC

Provisional Financial Statements

For the nine months ended 31st December 2021

SWISSTEK (CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2021

STATEMENT OF FINANCIAL POSITION
	GROUP	COMPANY
As at	31-12-2021	31-03-2021	31-12-2021	31-03-2021
	Unaudited	Audited	Unaudited	Audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
ASSETS
Property, plant and equipment	3,421,213	2,944,942	1,802,385	1,390,987
Investment property	147,200	147,200	147,200	147,200
Investment in subsidiary	-	-	229,784	229,784
	56,667	56,667	-	-
Non current assets	3,625,080	3,148,809	2,179,369	1,767,971
Inventories	2,411,033	1,597,285	272,155	242,253
Trade & other receivables	2,116,287	1,553,544	552,654	474,056
Income tax receivable	-	4,294	-	-
Contract Assets	40,343	40,165	40,343	40,165
Amounts due from related parties	17,908	14,675	66,910	67,680
Cash & cash equivalents	337,629	217,164	232,401	197,518
Current assets	4,923,200	3,427,127	1,164,463	1,021,672
Total assets	8,548,280	6,575,936	3,343,832	2,789,643
EQUITY
Stated capital	368,256	368,256	368,256	368,256
Reserve	777,099	796,941	674,781	674,781
General reserve	19,842	-	19,842	19,842
Retained Earnings / (losses)	1,868,947	1,533,341	677,360	604,873
Equity attributable to owners of the company	3,034,144	2,698,538	1,740,239	1,667,752
Non controlling interest	220,404	182,392	-	-
Total equity	3,254,548	2,880,930	1,740,239	1,667,752
LIABILITIES
Retirement benefits obligation	55,166	45,509	14,613	13,070
Lease Rental Payable after one year	22,042	23,623	-	-
Deferred tax liability	350,577	331,816	218,009	207,077
Long term borrowings payable after one year	584,365	249,469	369,502	116,134
Non current liabilities	1,012,150	650,417	602,124	336,281
Trade & other payables	2,290,901	1,015,086	291,697	288,680
Contract liabilities	4,245	28,033	4,245	28,033
Long term borrowings payable within one year	171,915	184,558	71,915	71,915
Short term loans	1,382,292	1,455,136	447,789	218,918
Amount due to related parties	38,635	2,705	3,774	2,705
Lease Rental Payable within one year	2,247	2,247	-	-
Income tax payable	102,908	26,043	28,928	26,045
Bank overdrafts	288,439	330,781	153,121	149,314
Current liabilities	4,281,582	3,044,589	1,001,469	785,610
Total liabilities	5,293,732	3,695,006	1,603,593	1,121,891
Total equity and liabilities	8,548,280	6,575,936	3,343,832	2,789,643
Adjusted Net asset value per share ( Rs.)	22.17	19.72	12.72	12.19
Figures in brackets indicate deductions.

The notes on page 5 form an integral part of these Financial Statements.

It is certified that the interim financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

Sgd.

Chief Operating Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Signed for and on behalf of the board by

Sgd.	Sgd.
Director	Director
9th February 2022

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SWISSTEK (CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2021

STATEMENT OF COMPREHENSIVE INCOME
			GROUP				COMPANY
Period ended	31-12-2021	31-12-2020	Variance	31-12-2021	31-12-2020	Variance
	Unaudited	Unaudited	% for the	Unaudited	Unaudited	% for the
	Quarter	9 Months	Quarter	9 Months	Nine	Quarter	9 Months	Quarter	9 Months	Nine
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	months	Rs.'000	Rs.'000	Rs.'000	Rs.'000	months
Sales ( net of tax)	2,656,355	6,099,263	1,398,870	3,445,592	77	669,262	1,613,664	443,912	986,019	64
Cost of sales	(1,894,774)	(4,507,571)	(1,028,676)	(2,484,418)	(81)	(485,868)	(1,179,129)	(307,989)	(692,787)	(70)
Gross profit	761,581	1,591,692	370,194	961,174	66	183,394	434,535	135,923	293,232	48
Other operating income	28,099	68,237	14,122	42,569	60	77,340	172,426	11,764	35,518	385
Other operating expenses	-	-	-	(22,821)	(100)	-	-	-	(6,243)	(100)
Distribution expenses	(197,011)	(477,287)	(74,729)	(292,557)	(63)	(40,593)	(112,585)	(23,314)	(56,923)	(98)
Administration expenses	(88,319)	(231,532)	(47,771)	(115,269)	(101)	(19,290)	(51,795)	(17,603)	(38,050)	(36)
Profit from operating activities	504,350	951,110	261,816	573,096	66	200,851	442,581	106,770	227,534	95
Net finance cost	(47,412)	(127,457)	(40,511)	(183,805)	31	(16,984)	(35,018)	(8,887)	(53,444)	34
Profit before taxation	456,938	823,653	221,305	389,291	112	183,867	407,563	97,883	174,090	134
Taxation	(92,313)	(179,704)	(43,480)	(80,402)	(124)	(32,815)	(81,885)	(18,796)	(37,362)	(119)
Profit for the period	364,625	643,949	177,825	308,889	108	151,052	325,678	79,087	136,728	138
Other Comprehensive income
Gain on Revaluation of Land	-	-	-	-	-	-	-	-	-	-
Defined benefit plan actuarial gain/(losses)	-	-	-	-	-	-	-	-	-	-
Other comprehensive income for the period	-	-	-	-	-	-	-	-	-	-
Total comprehensive income for the period	364,625	643,949	177,825	308,889	108	151,052	325,678	79,087	136,728	138
Attributable to:
Owners of the company	330,419	588,797	165,364	287,162	105	151,052	325,678	79,087	136,728	138
Non-controlling interest	34,206	55,152	12,461	21,727	154	-	-	-	-	-
Profit for the year	364,625	643,949	177,825	308,889	108	151,052	325,678	79,087	136,728	138
Total comprehensive income attributable to:
Owners of the company	330,419	588,797	165,364	287,162	105	151,052	325,678	79,087	136,728	138
Non-controlling interest	34,206	55,152	12,461	21,727	154	-	-	-	-	-
Total comprehensive income for the period	364,625	643,949	177,825	308,889	108	151,052	325,678	79,087	136,728	138
Adjusted basic earnings per share (Rs.)	2.41	4.30	1.21	2.10	105	1.10	2.38	0.58	1.00	138

Figures in brackets indicate deductions.

The notes on page 5 form an integral part of these Financial Statements.

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SWISSTEK (CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2021

CASH FLOW STATEMENT
		Group	Company
Period ended	31-12-2021	31-12-2020	31-12-2021	31-12-2020
		Unaudited	Unaudited	Unaudited	Unaudited
		Rs.'000	Rs.'000	Rs.'000	Rs.'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before tax	823,653	389,291	407,563	174,090
Adjustments for;
Depreciation	128,809	109,537	38,579	34,495
Provision for gratuity	10,077	4,692	1,665	1,440
Interest cost	123,569	181,518	37,378	51,157
Dividend income	-	-	(118,670)	-
Exchange (gain)/loss	3,889	2,286	(2,359)	2,286
(Profit)/loss on disposal of fixed assets	-	-	-	-
Amortisation	of leased Assets	3,025	3,025	-	-
Operating profit/(loss) before working capital changes	1,093,022	690,349	364,156	263,468
Changes in working capital
- (Increase)/Decrease in inventory	(813,748)	193,027	(29,902)	(6,843)
- (Increase)/Decrease in trade & other receivables	(558,448)	(62,280)	(78,598)	21,509
- (Increase)/Decrease in amounts due from/to related parties	32,697	(35,491)	1,839	(2,925)
- Increase/(Decrease) in trade & other payables	1,268,374	497,651	(7,640)	39,251
- Contract	Asset	(178)	658	(178)	658
- Contract	Liability	(23,788)	(6,348)	(23,788)	(6,348)
Cash generated from operations	997,931	1,277,566	225,889	308,770
Interest paid	(116,091)	(188,641)	(24,364)	(49,118)
Tax paid	(88,374)	(28,383)	(68,069)	(28,383)
Gratuity payments	(422)	(63)	(122)	(63)
Net cash generated from/(used) in operating activities	793,044	1,060,479	133,334	231,206
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition	of property, plant and equipment	(608,103)	(47,187)	(449,977)	(27,691)
Dividend income	-	-	118,670	-
Net cash generated from/(used) in investing activities	(608,103)	(47,187)	(331,307)	(27,691)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend	paid	(270,331)	(72,440)	(253,191)	(72,440)
Obtaining	of borrowings	5,818,188	5,737,550	1,579,096	582,492
(Repayment)	of borrowings	(5,569,991)	(6,270,616)	(1,096,857)	(691,717)
Net cash generated from/(used) in financing activities	(22,134)	(605,506)	229,048	(181,665)
Net Increase/ (Decrease) in cash and cash equivalents	162,807	407,786	31,075	21,850
Cash & cash equivalents at the beginning of the year	(113,617)	(388,531)	48,205	6,798
Cash & cash equivalents at the end of the period (Note a)	49,190	19,255	79,280	28,648
Note a
Analysis of cash and cash equivalent at the end of the period
Cash at banks and cash in hand	337,629	563,130	232,401	160,080
Bank Overdraft	(288,439)	(543,875)	(153,121)	(131,432)
Cash and cash equivalent at the end of the period	49,190	19,255	79,280	28,648
Figures in brackets indicate deductions.	-	-	-	-

The notes on page 5 form an integral part of these Financial Statements.

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SWISSTEK (CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2021

STATEMENT OF CHANGES IN EQUITY

Group
	Stated	Revaluation	General	Retained	Shareholders'	Non-controlling	Total
	capital	reserve	reserve	earnings	funds	Interest	Equity
Balance as at 1st April 2020	368,256	604,893	19,842	1,126,282	2,119,273	148,123	2,267,396
Total comprehensive income
- Profit for the year	-	-	-	287,162	287,162	21,727	308,889
- Dividend paid	-	-	-	(72,536)	(72,536)	-	(72,536)
Balance as at 31st December 2020	368,256	604,893	19,842	1,340,908	2,333,899	169,850	2,503,749
Balance as at 1st April 2021	368,256	777,099	19,842	1,533,341	2,698,538	182,392	2,880,930
Total comprehensive income
- Profit for the year	-	-	-	588,797	588,797	55,152	643,949
- Dividend paid	-	-	-	(253,191)	(253,191)	(17,140)	(270,331)
Balance as at 31st December 2021	368,256	777,099	19,842	1,868,947	3,034,144	220,404	3,254,548
Company	Stated	Revaluation	General	Retained	Total
	capital	reserve	reserve	earnings	Equity
Balance as at 1st April 2020	368,256	505,087	19,842	431,511	1,324,696
Total comprehensive income
- Profit for the year	-	-	-	136,728	136,728
- Dividend paid	-	-	-	(72,536)	(72,536)
Balance as at 31st December 2020	368,256	505,087	19,842	495,703	1,388,888
Balance as at 1st April 2021	368,256	674,781	19,842	604,873	1,667,752
Total comprehensive income
- Profit for the year	-	-	-	325,678	325,678
- Dividend paid	-	-	-	(253,191)	(253,191)
Balance as at 31st December 2021	368,256	674,781	19,842	677,360	1,740,239
Segmental Information
		GROUP			COMPANY
For the period ended 31st December	2021	2020	Variance	2021	2020	Variance
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Turnover
Flooring and tile accessories	1,613,664	986,019	63.7%	1,613,664	986,019	63.7%
Aluminium products	4,485,599	2,459,573	82.4%	-	-	0.0%
Consolidated turnover	6,099,263	3,445,592	77.0%	1,613,664	986,019	63.7%
Profit before tax
Flooring and tile accessories	407,563	174,090	134.1%	407,563	174,090	134.1%
Aluminium products	416,090	215,201	93.3%	-	-	0.0%
Consolidated profit before tax	823,653	389,291	111.6%	407,563	174,090	134.1%

Figures in brackets indicate deductions.

The notes on page 5 form an integral part of these Financial Statements.

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