Swisstek Ceylon : Interim Financial Statements as at 31-12-2022

Swisstek (Ceylon) PLC

Provisional Financial Statements

For the Nine Months Ended 31st December 2022

Page 1

SWISSTEK ( CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022

STATEMENT OF FINANCIAL POSITION
	GROUP	COMPANY
As at ;	31-12-2022	31-03-2022	31-12-2022	31-03-2022
	Unaudited	Audited	Unaudited	Audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
ASSETS
Property, plant and equipment	3,598,721	3,435,474	1,979,921	1,791,397
Investment property	211,985	211,985	211,985	211,985
Other long term investment	56,667	56,667	229,784	229,784
Non current assets	3,867,373	3,704,126	2,421,690	2,233,166
Inventories	5,468,375	2,848,173	559,059	255,997
Trade & other receivables	2,724,060	3,559,031	763,261	559,921
Income tax receivable	43,237	-	-	-
Contract Assets	36,625	29,343	36,625	29,343
Amounts due from related parties	16,697	4,789	100,950	65,133
Cash & cash equivalents	368,226	575,657	281,784	378,320
Current assets	8,657,219	7,016,993	1,741,679	1,288,714
Total assets	12,524,592	10,721,119	4,163,369	3,521,880
EQUITY
Stated capital	368,256	368,256	368,256	368,256
Reserves	714,307	796,941	611,989	694,623
Retained Earnings	1,572,596	1,989,933	1,086,144	913,908
Equity attributable to owners of the company	2,655,159	3,155,130	2,066,389	1,976,787
Non controlling interest	119,530	204,676	-	-
Total equity	2,774,689	3,359,806	2,066,389	1,976,787
Liabilities
Retirement benefits obligation	57,724	49,051	11,901	10,953
Lease Rental Payable after one year	20,860	21,576	-	-
Deferred tax liability	352,148	369,555	366,353	224,628
Long term borrowings payable after one year	269,566	494,071	113,037	304,208
Non current liabilities	700,298	934,253	491,292	539,789
Trade & other payables	2,046,829	2,124,998	465,908	354,544
Contract liabilities	1,533	3,836	1,533	3,836
Long term borrowings payable within one year	223,819	223,819	123,819	123,819
Short term loans	5,790,426	3,445,119	686,090	344,318
Amount due to related parties	63,418	40,679	16,405	1,677
Lease Rental Payable within one year	2,247	4,083	-	-
Income tax payable	6,822	104,558	6,822	69,420
Bank overdrafts	914,512	479,968	305,111	107,690
Current liabilities	9,049,606	6,427,060	1,605,688	1,005,304
Total liabilities	9,749,904	7,361,313	2,096,981	1,545,094
Total equity and liabilities	12,524,592	10,721,119	4,163,369	3,521,880
Net asset value per share ( Rs.)	19.40	23.05	15.10	14.44
Figures in brackets indicate deductions.

The notes to the financial statement 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.

General Manager-Finance

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.
Chairman	Managing Director
26th January 2023

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SWISSTEK ( CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022

STATEMENT OF COMPREHENSIVE INCOME
				GROUP							COMPANY
Period ended	31-12-2022	31-12-2021		Variance	31-12-2022	31-12-2021	Variance
		Unaudited	Unaudited		% for the		Unaudited	Unaudited	% for the
		Quarter	9 Month	Quarter	9 Months		Nine	Quarter	6 Month	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)	1,488,714	6,797,184	2,656,355	6,099,263	11		1,010,665	2,916,752	669,262	1,613,664	81
Cost of sales		(1,033,509)	(4,840,746)	(1,894,774)	(4,507,571)		(7)		(798,097)	(2,192,602)	(485,868)	(1,179,129)	(86)
Gross profit	455,205	1,956,438	761,581	1,591,692	23		212,567	724,149	183,394	434,535	67
Other operating income	33,099	81,966	28,099	68,237	20		40,597	65,992	77,340	172,426	(62)
Distribution expenses	(211,391)	(632,497)	(197,011)	(477,287)	(33)		(59,063)	(201,964)	(40,593)	(112,585)	79
Administration expenses		(100,507)	(250,631)	(88,319)	(231,532)		(8)		(32,710)	(81,713)	(19,290)	(51,795)	58
Profit from operating activities	176,406	1,155,275	504,350	951,110	(21)		161,391	506,464	200,851	442,581	14
Net finance cost		(494,709)	(1,566,486)	(47,412)	(127,457)		(1,129)		(81,220)	(83,822)	(16,984)	(35,018)	139
Profit/(Loss) before taxation	(318,303)	(411,210)	456,938	823,653	150		80,172	422,642	183,867	407,563	4
Taxation	5,600	31,901	(92,313)	(179,704)	118		(74,003)	(127,232)	(32,815)	(81,885)	55
Profit/(Loss) for the period	(312,703)	(379,309)	364,625	643,949	159		6,169	295,410	151,052	325,678	(9)
Other Comprehensive income
Deferred tax on other comprehensive income		(82,634)	(82,634)	-	-		-		(82,634)	(82,634)	-	-	-
Other comprehensive income for the period	(82,634)	(82,634)	-	-	-		(82,634)	(82,634)	-	-	-
							-
Total comprehensive income for the period		(395,337)	(461,944)	364,625	643,949		(172)		(76,465)	212,776	151,052	325,678	(35)
Attributable to:
Owners of the company	(272,465)	(294,163)	330,419	588,797	(150)		6,169	295,410	151,052	325,678	(9)
Non-controlling interest		(40,238)	(85,146)	34,206	55,152		(254)		-	-	-	-
Profit/(Loss) for the year		(312,703)	(379,309)	364,625	643,949		(159)		6,169	295,410	151,052	325,678	(9)
Total comprehensive income attributable to:
Owners of the company	(355,099)	(376,797)	330,419	588,797	(164)		(76,465)	212,776	151,052	325,678	(35)
Non-controlling interest		(40,238)	(85,146)	34,206	55,152		(254)		-	-	-	-
Total comprehensive income for the period		(395,337)	(461,944)	364,625	643,949		(172)		(76,465)	212,776	151,052	325,678	(35)

Basic earnings per share (Rs.)

(1.99)

(2.15)

2.41

4.30

(150)

0.05

2.16

1.10

2.38

(9)

Figures in brackets indicate deductions.

The notes to the financial statement 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 2022

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 2021	368,256	777,099	19,842	1,533,341	2,698,535		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	3,034,141		220,404	3,254,548
Balance as at 1st April 2022	368,256	777,099	19,842	1,989,933	3,155,130		204,676	3,359,806
Total comprehensive income
- Profit/(Loss) for the year	-	-	-	(294,163)	(294,163)		(85,146)	(379,309)
Other comprehensive income
- Deferred tax on other comprehensive income	-	(82,634)	-	-	(82,634)		-	(82,634)
	-	(82,634)	-	-	(82,634)		-	(82,634)
- Dividend paid	-	-	-	(123,174)	(123,174)		-	(123,174)
Balance as at 31st December 2022	368,256	694,465	19,842	1,572,596	2,655,159		119,530	2,774,688
Company	Stated	Revaluation	General	Retained	Total
	capital	reserve	reserve	earnings	Equity
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
Balance as at 1st April 2022	368,256	674,781	19,842	913,908	1,976,787
Total comprehensive income
- Profit for the year	-	-	-	295,410	295,410
Other comprehensive income
- Deferred tax on other comprehensive income	-	(82,634)	-	-	(82,634)
	-	(82,634)	-	-	(82,634)
- Dividend paid	-	-	-	(123,174)	(123,174)
Balance as at 31st December 2022	368,256	592,147	19,842	1,086,144	2,066,389
Segmental Information
		GROUP			COMPANY
For the period ended 31st December	2022	2021	Variance	2022	2021		Variance
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Turnover
Flooring and tile accessories	2,916,752	1,613,664	80.8%	2,916,752	1,613,664		80.8%
Aluminium products	3,902,633	4,574,100	-14.7%	-	-		-
Inter Segment sales	(22,200)	(88,501)	-74.9%	-
Consolidated turnover	6,797,184	6,099,263	11.4%	2,916,752	1,613,664		80.8%
Profit/ (Loss) before tax
Flooring and tile accessories	422,642	407,563	3.7%	422,642	407,563		3.7%
Aluminium products	(833,852)	416,090	-300.4%	-	-		-
Consolidated profit/ (Loss) before tax	(411,210)	823,653	-149.9%	422,642	407,563		3.7%

Figures in brackets indicate deductions.

The notes to the financial statement 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 2022

CASH FLOW STATEMENT
	Group	Company
Period ended	31-12-2022	31-12-2021	31-12-2022	31-12-2021
	Unaudited	Unaudited	Unaudited	Unaudited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before tax	(411,210)	823,653	422,642	407,563
Adjustments for;
Depreciation	137,777	128,809	41,685	38,579
Amotisation of leased assets	4,298	3,025	-	-
Provision on retirement benefit obligation	9,726	10,077	2,025	1,665
Interest cost	1,171,253	123,569	176,539	37,378
Dividend income	-	-	-	(118,670)
Exchange loss / (gain)	392,365	3,889	(92,717)	(2,359)
Operating profit/(loss) before working capital changes	1,304,209	1,093,022	550,174	364,156
Changes in working capital
- (Increase)/Decrease in inventory	(2,620,202)	(813,748)	(303,062)	(29,902)
- (Increase)/Decrease in trade & other receivables	834,971	(558,448)	(203,339)	(78,598)
- (Increase)/Decrease in amounts due from/to related parties	10,831	32,697	(21,089)	1,839
- Increase/(Decrease) in trade & other payables	(671,228)	1,268,374	194,875	(7,640)
- Contract Asset	(7,282)	(178)	(7,282)	(178)
- Contract Liability	(2,303)	(23,788)	(2,303)	(23,788)
Cash generated from operations	(1,151,004)	997,931	207,974	225,889
Interest paid	(982,734)	(116,091)	(167,333)	(24,364)
Tax paid	(201,001)	(88,374)	(130,739)	(68,069)
Gratuity payments	(1,077)	(422)	(1,077)	(122)
Net cash generated from/(used) in operating activities	(2,335,815)	793,044	(91,175)	133,334
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(301,024)	(608,103)	(230,209)	(449,977)
Dividend Income	-	-	-	118,670
Net cash generated from/(used) in investing activities	(301,024)	(608,103)	(230,209)	(331,307)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid	(123,174)	(270,331)	(123,174)	(253,191)
Loan Obtained	7,569,689	5,818,188	1,383,383	1,579,096
Repayment of borrowings	(5,451,649)	(5,569,991)	(1,232,782)	(1,096,857)
Net cash generated from/(used) in financing activities	1,994,866	(22,134)	27,427	229,048
Net Increase/ (Decrease) in cash and cash equivalents	(641,974)	162,807	(293,957)	31,075
Cash & cash equivalents at the beginning of the year	95,688	(113,617)	270,630	48,205
Cash & cash equivalents at the end of the period (Note a)	(546,286)	49,190	(23,327)	79,280
Notes
Analysis of cash and cash equivalent at the end of the period
Cash at banks and cash in hand	368,226	337,629	281,784	232,401
Bank Overdraft	(914,512)	(288,439)	(305,111)	(153,121)
Cash and cash equivalent at the end of the period	(546,286)	49,190	(23,327)	79,280
Figures in brackets indicate deductions.	(0)	-	(0)	-

The notes to the financial statement on page 5 form an integral part of these Financial Statements.