Hayleys Fabric PLC
Interim Report
Fourth quarter
Twelve months ended 31st March 2024
2 | |
Corporate Information | |
Name of Company | Secretaries |
Hayleys Fabric PLC | Hayleys Group Services (Pvt) Ltd. |
400, Deans Road, Colombo 10. | |
Legal Form | Telephone: (94-11) 2627650/51/52/53 |
A Quoted Public Company with Limited Liability | |
(Incorporated in Sri Lanka in 1993 ) | Registered Office |
400, Deans Road , | |
Company Registration Number | Colombo 10. |
PQ 37. | Telephone: (94-11) 2627000 |
Website: www.hayleysfabric.com | |
Stock Exchange Listing | |
The ordinary shares of the Company are listed on Main Board of | Main Office & Factory |
Colombo Stock Exchange of Sri Lanka | Narthupana Estate , Neboda. |
Telephone: 94 (34) 2297100, 2242055 | |
Accounting year end | |
31st March | Bankers |
Standard Chartered Bank PLC | |
Principal Activity | Hongkong and Shanghai Banking Corporation |
Manufacturing of knitted fabric | Hatton National Bank PLC |
Bank of Ceylon | |
Directors | National Development Bank PLC |
Mr. A.M.Pandithage - Chairman | Sampath Bank PLC |
Mr. E.R.P. Goonetilleke - Managing Director | Citibank, N.A. |
Mr. S.C.Ganegoda | Seylan Bank PLC |
Dr. N.S.J. Nawaratne (resigned w.e.f. 31.12.2023) | Pan Asia Banking Corporation PLC |
Mr. A.S. Jayatilleka (resigned w.e.f. 31.12.2023) | People's Bank |
Mr. H. Somashantha | DFCC Bank |
Mr. M.W.R.N. Somaratne (resigned w.e.f. 08.01.2024) | Union Bank of Colombo PLC |
Ms. K.A.D.B. Perera | Nations Trust Bank |
Mr. N. Ekanayake (appointed on 03.01.2024) | Bank of China |
Mr. M.N.R. Fernando (appointed on 03.01.2024) | Commercial Bank of Ceylon PLC |
Mr. A.A. Mason (appointed on 03.01.2024) | |
Ms. S. Amarasekara PC (appointed on 03.01.2024) | Auditors |
Mr. I.B.R.R. Bandara | Ernst & Young |
Mr. M.H. Jayasinghe | Chartered Accountants, |
Mr. K.P.C.P.K. Pathirana | 201, De Saram Place, |
Colombo 10. | |
Subsidiaries | |
South Asia Textiles Ltd. | |
Hayleys Fabric Solutions Ltd. |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
3
Investor Information
Market value of shares | 31.03.2024 | 31.03.2023 | |
(LKR) | (LKR) | ||
Last traded price | 41.50 | 25.10 | |
Highest price recorded for three months ending | 45.00 | 28.40 | |
Lowest price recorded for three months ending | 37.60 | 20.00 | |
Highest price recorded for twelve months ended | 49.70 | 42.00 | |
Lowest price recorded for twelve months ended | 22.30 | 20.00 | |
Share Trading | |||
No. of transactions | 37,338 | 38,495 | |
No. of shares traded | 139,581,505 | 102,465,933 | |
Value of shares traded (LKR) | 5,536,055,359 | 3,223,645,807 | |
First twenty Shareholders as at 31.03.2024 | |||
Name of Shareholder | No. of Shares | % | |
1 | Hayleys PLC No 3 Share Investment Account | 244,974,046 | 58.96 |
2 | Citibank Newyork S/A Norges Bank Account 2 | 11,191,426 | 2.69 |
3 | Employee's Provident Fund | 11,081,454 | 2.67 |
4 | Hayleys Advantis Limited | 10,073,700 | 2.42 |
5 | Mr. Shanthikumar Nimal Placidus Palihena & Mrs. A.S. Palihena | 10,000,000 | 2.41 |
6 | Hayleys Agriculture Holdings Limited | 6,944,514 | 1.67 |
7 | Mr. Kulappuarachchige Don Harindra Perera | 6,522,365 | 1.57 |
8 | Amana Bank PLC/ Hi-Line Trading Pvt Ltd | 4,800,000 | 1.16 |
9 | J.B. Cocoshell (Pvt) Ltd | 4,622,530 | 1.11 |
10 | Union Assurance PLC-Universal Life Fund | 3,251,232 | 0.78 |
11 | Mr. Gonalagodage Buwaneka Dinuwan Tilakarathne | 2,880,068 | 0.69 |
12 | Mrs. Swyrie Balendra | 2,855,002 | 0.69 |
13 | Employees Trust Fund Board | 2,639,955 | 0.64 |
14 | Sanasa Life Insurance Company PLC | 2,405,006 | 0.58 |
15 | Peoples Leasing & Finance PLC/Mrs. M.E.Amarasinghe | 2,209,510 | 0.53 |
16 | Deutsche Bank AG As Trustee For Jb Vantage Value Equity Fund | 2,129,316 | 0.51 |
17 | Deutsche Bank AG Trustee To Lynear Wealth Dynamic Opportunities Fund | 2,069,373 | 0.50 |
18 | DFCC Bank PLC A/C 1 | 2,000,000 | 0.48 |
19 | Invenco Capital Private Limited | 1,781,965 | 0.43 |
20 | Essajee Carimjee Insurance Brokers (Pvt) Ltd | 1,651,560 | 0.40 |
Total | 336,083,022 | 80.89 |
Percentage of public holding as at 31st March 2024 was 36.78%
Number of shareholders representing the public holding as at 31st March 2024 was 6,084.
Float adjusted Market Capitalization as at 31st March 2024 was LKR 6,280.66 Mn.
The Company complies with option 3 of the Listing Rules 7.13.1 (i) (a) which requires a minimum Public Holding of 7.5%.
DIRECTORS' SHAREHOLDING AS AT 31.03.2024 | |||
Direct holding | |||
Name of the Director | No. of Shares | ||
Mr. A.M. Pandithage | Nil | ||
Mr. E.R.P. Goonetilleke | Nil | ||
Mr. S.C. Ganegoda | 525,000 | ||
Mr. H. Somashantha | 40,000 | ||
Ms. K.A.D.B. Perera | Nil | ||
Mr. N. Ekanayake (appointed on 03.01.2024) | Nil | ||
Mr. M.N.R. Fernando (appointed on 03.01.2024) | Nil | ||
Mr. A.A. Mason (appointed on 03.01.2024) | Nil | ||
Ms. S. Amarasekara PC (appointed on 03.01.2024) | Nil | ||
Mr. I.B.R.R. Bandara | 20,000 | ||
Mr. M.H. Jayasinghe | Nil | ||
Mr. K.P.C.P.K. Pathirana | 2,000 | ||
31.03.2024 | 31.03.2023 | ||
Fully paid ordinary shares | 415,481,776 | 415,481,776 | |
Net assets per share | LKR | 24.11 | 22.84 |
Dividend per share | LKR | 2.60 | 2.50 |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
4
Hayleys Fabric PLC
STATEMENT OF FINANCIAL POSITION
Group | Company | |||
Unaudited | Audited | Unaudited | Audited | |
As at 31.03.24 | As at 31.03.23 | As at 31.03.24 | As at 31.03.23 | |
USD | USD | USD | USD | |
ASSETS | ||||
Non-Current Assets | ||||
Property, plant and equipment | 44,488,643 | 44,659,979 | 25,688,983 | 26,538,460 |
Right of use assets | 803,356 | 831,632 | 185,467 | 192,533 |
Intangible assets | 590,390 | 708,869 | 50,861 | 84,074 |
Investment in Subsidiary | - | - | 18,281,412 | 18,281,412 |
Goodwill | 10,440,277 | 10,440,277 | - | - |
56,322,666 | 56,640,757 | 44,206,723 | 45,096,479 | |
Current Assets | ||||
Inventories | 30,414,018 | 36,717,196 | 17,718,826 | 19,957,307 |
Trade receivables | 15,947,003 | 18,030,268 | 10,919,659 | 11,050,299 |
Other receivables | 624,062 | 1,479,525 | 855,416 | 2,143,673 |
Advances and prepayments | 1,916,558 | 1,521,000 | 961,368 | 752,867 |
Cash and cash equivalents | 11,043,085 | 4,560,763 | 7,457,780 | 1,790,681 |
59,944,726 | 62,308,752 | 37,913,049 | 35,694,827 | |
Total Assets | 116,267,392 | 118,949,509 | 82,119,772 | 80,791,306 |
EQUITY AND LIABILITIES | ||||
Capital and Reserves | ||||
Stated capital | 17,561,761 | 17,561,761 | 17,561,761 | 17,561,761 |
Revaluation reserve | 514,795 | 514,795 | 514,795 | 514,795 |
Retained earnings | 14,732,650 | 10,222,123 | 11,220,486 | 7,963,561 |
Total equity attributable to equity holders of the company | 32,809,206 | 28,298,679 | 29,297,042 | 26,040,117 |
Non-controlling interest | 175 | - | - | - |
Total equity | 32,809,381 | 28,298,679 | 29,297,042 | 26,040,117 |
Non-Current Liabilities | ||||
Interest bearing loans and borrowings | 16,940,576 | 15,708,775 | 11,217,318 | 10,313,263 |
Right of use assets- Lease obligations | 142,659 | 161,609 | 109,979 | 111,881 |
Deferred tax liabilities | 8,956,513 | 9,526,266 | 6,369,311 | 7,432,719 |
Retirement benefit obligations | 3,865,580 | 3,032,099 | 3,236,663 | 2,550,367 |
29,905,328 | 28,428,749 | 20,933,271 | 20,408,230 | |
Current Liabilities | ||||
Trade and other payables | 25,287,841 | 27,268,826 | 14,435,372 | 14,741,842 |
Bank overdraft | 2,020,439 | 3,326,716 | 359,031 | 1,504,399 |
Interest bearing loans and borrowings | 10,164,678 | 18,642,598 | 6,882,907 | 8,527,150 |
Current portion of long term interest bearing borrowing | 9,089,960 | 5,097,686 | 6,096,094 | 4,149,291 |
Current portion of Right of use assets- Lease obligations | 25,871 | 21,263 | 4,302 | 4,086 |
Amounts due to Hayleys PLC | 265,701 | 74,408 | 253,194 | 70,675 |
Other non financial liabilities | 6,698,193 | 7,790,584 | 3,858,559 | 5,345,516 |
53,552,683 | 62,222,081 | 31,889,459 | 34,342,959 | |
Total Equity and Liabilities | 116,267,392 | 118,949,509 | 82,119,772 | 80,791,306 |
(0) | 1 | 0 | - |
The Statement of Financial Position as at 31st March 2024 and Statements of Profit or Loss and other Comprehensive Income, Changes in Equity and Cash Flow for twelve months then ended as well as Statement of Profit or Loss and Other Comprehensive Income for three months then ended are drawn up from the unaudited financial statements of the Company, it's subsidiaries and they provide the information required by the Colombo Stock Exchange.
These financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.
Sgd.
………………………………….
Ruwan Rohitha Bandara
Director- Finance & ESG
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. |
…………………………. | …………………………………. |
A.M.Pandithage | E.R.P.Goonetilleke |
Chairman | Managing Director/ CEO |
Colombo | |
15th May 2024 |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
5
Hayleys Fabric PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | ||||||
Unaudited | Audited | Unaudited | Unaudited | |||
Year ended 31st | Year ended 31st | Three months ended | Three months ended | |||
March | March | 31st March | 31st March | |||
2024 | 2023 | Change % | 2024 | 2023 | Change % | |
USD | USD | + /(-) | USD | USD | + /(-) | |
Revenue from contracts with customers | 155,326,820 | 166,631,461 | (7) | 30,260,825 | 39,583,449 | (24) |
Cost of sales | (126,149,696) | (145,235,510) | (13) | (24,110,378) | (33,816,644) | (29) |
Gross Profit | 29,177,124 | 21,395,951 | 36 | 6,150,447 | 5,766,805 | 7 |
Other operating income | 721,762 | 704,118 | 3 | 189,616 | 255,143 | (26) |
Administrative expenses | (11,385,069) | (9,313,297) | 22 | (3,166,544) | (2,419,529) | 31 |
Distribution expenses | (580,088) | (1,264,712) | (54) | 435,028 | (250,820) | >100 |
Other expenses | (69,469) | (42,447) | 64 | (5,697) | (42,447) | (87) |
Net financing expense | (6,116,637) | (3,096,929) | 98 | (2,124,646) | (3,199,026) | (34) |
Profit before tax | 11,747,623 | 8,382,684 | 40 | 1,478,204 | 110,126 | >100 |
Income tax (expense)/reversal | (3,883,088) | (7,249,632) | (46) | (912,862) | 44,976 | >100 |
Profit for the year/period | 7,864,535 | 1,133,052 | >100 | 565,342 | 155,102 | >100 |
Profit for the period attributable to: | ||||||
Owners of the parent | 7,864,360 | 1,133,052 | >100 | 565,342 | 155,102 | >100 |
Non-controlling interest | 175 | - | - | - | ||
Profit for the period | 7,864,535 | 1,133,052 | >100 | 565,342 | 155,102 | >100 |
Other Comprehensive Income not to be reclassified to profit or loss | ||||||
Deficit on revaluation of land | - | - | - | - | ||
Effect on change in tax rate on revaluation of | ||||||
land | - | (117,667) | - | - | ||
Actuarial gain/(loss) on defined benefit plans | (55,591) | 37,978 | (55,591) | 37,978 | ||
Income tax effect on actuarial gain/(loss) on | ||||||
defined benefit plans | 16,677 | (11,393) | 16,677 | (11,393) | ||
Total Comprehensive Income, Net of Tax | 7,825,621 | 1,041,970 | 526,428 | 181,687 | ||
Basic / Diluted Earnings per Share | 0.019 | 0.003 | 0.001 | 0.000 |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
6
Hayleys Fabric PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Company | ||||||
Unaudited | Audited | Unaudited | Unaudited | |||
Year ended 31st | Year ended 31st | Three months ended | Three months ended | |||
March | March | 31st March | 31st March | |||
2024 | 2023 | Change % | 2024 | 2023 | Change % | |
USD | USD | + /(-) | USD | USD | + /(-) | |
Revenue from contracts with customers | 96,180,153 | 103,594,375 | (7) | 19,630,675 | 25,463,854 | (23) |
Cost of sales | (75,300,598) | (89,224,605) | (16) | (14,468,908) | (21,374,187) | (32) |
Gross Profit | 20,879,555 | 14,369,770 | 45 | 5,161,767 | 4,089,667 | 26 |
Other operating income | 569,992 | 1,567,519 | (64) | 153,808 | 202,080 | (24) |
Administrative expenses | (7,870,724) | (6,121,832) | 29 | (2,272,237) | (1,613,135) | 41 |
Distribution expenses | (466,610) | (900,806) | (48) | 50,226 | (219,651) | >100 |
Other expenses | (55,373) | (4,021) | >100 | (5,697) | (4,021) | 42 |
Net financing expense | (3,505,414) | (1,049,171) | >100 | (1,318,421) | (1,859,485) | (29) |
Profit before tax | 9,551,426 | 7,861,459 | 21 | 1,769,446 | 595,455 | >100 |
Income tax expense | (2,942,134) | (5,761,749) | (49) | (482,160) | (111,333) | >100 |
Profit for the year/period | 6,609,292 | 2,099,710 | >100 | 1,287,286 | 484,122 | >100 |
Other Comprehensive Income not to be reclassified to profit or loss | ||||||
Effect on change in tax rate on revaluation of | ||||||
land | - | (117,667) | - | - | ||
Actuarial gain/(loss) on defined benefit plans | (54,911) | 29,056 | (54,911) | 29,056 | ||
Income tax effect on actuarial gain/(loss) on | ||||||
defined benefit plans | 16,473 | (8,717) | 16,473 | (8,717) | ||
Total Comprehensive Income, Net of Tax | 6,570,854 | 2,002,382 | 1,248,848 | 504,461 | ||
Basic / Diluted Earnings per Share | 0.016 | 0.005 | 0.003 | 0.001 |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
7
Hayleys Fabric PLC
STATEMENT OF CHANGES IN EQUITY
Group | Stated | Revaluation | Retained | Shareholders' | Non-Controlling | Total |
For the Year ended 31st March 2024 | capital | reserve | earnings | funds | Interest | Equity |
USD | USD | USD | USD | USD | USD | |
Balance as at 1st April 2023 | 17,561,761 | 514,795 | 10,222,123 | 28,298,679 | - | 28,298,679 |
Non-controlling interest acquired in business combination | - | - | - | - | 175 | 175 |
Profit for the period | - | - | 7,864,360 | 7,864,360 | 7,864,360 | |
Other comprehensive Income | ||||||
Actuarial loss on defined benefit plans | - | - | (55,591) | (55,591) | - | (55,591) |
Income tax effect on actuarial loss on defined benefit plans | - | - | 16,677 | 16,677 | - | 16,677 |
Total Other comprehensive income | - | - | (38,914) | (38,914) | - | (38,914) |
Total comprehensive income | - | - | 7,825,446 | 7,825,446 | 175 | 7,825,621 |
Transactions with owners, recorded directly in equity | ||||||
Dividends to equity holders | - | - | (3,313,929) | (3,313,929) | - | (3,313,929) |
Deficit of acquisition of subsidiary | - | - | (990) | (990) | - | (990) |
Balance as at 31st March 24 | 17,561,761 | 514,795 | 14,732,650 | 32,809,206 | 175 | 32,809,381 |
For the Year ended 31st March 2023 | ||||||
Balance as at 1st April 2022 | 17,561,761 | 632,462 | 11,914,149 | 30,108,372 | - | 30,108,372 |
Profit for the period | 1,133,052 | 1,133,052 | - | 1,133,052 | ||
Other comprehensive income | - | |||||
Effect on change in tax rate on revaluation of land | - | (117,667) | - | (117,667) | - | (117,667) |
Actuarial gain on defined benefit plans | - | - | 37,978 | 37,978 | - | 37,978 |
Income tax effect on actuarial gain on defined benefit plans | - | - | (11,393) | (11,393) | - | (11,393) |
Total other comprehensive income | - | (117,667) | 26,585 | (91,082) | - | (91,082) |
Total comprehensive income | - | (117,667) | 1,159,637 | 1,041,970 | - | 1,041,970 |
Transactions with owners, recorded directly in equity | - | |||||
Dividends to equity holders | - | - | (2,851,663) | (2,851,663) | - | (2,851,663) |
Balance as at 31st March 2023 | 17,561,761 | 514,795 | 10,222,123 | 28,298,679 | - | 28,298,679 |
Company | Stated | Revaluation | Retained | Total |
For the Year ended 31st March 2024 | capital | reserve | earnings | |
USD | USD | USD | USD | |
Balance as at 1st April 2023 | 17,561,761 | 514,795 | 7,963,561 | 26,040,117 |
Profit for the period | - | - | 6,609,292 | 6,609,292 |
Other comprehensive income | ||||
Income tax effect on Surplus on revaluation of land | - | - | - | - |
Actuarial loss on defined benefit plans | - | - | (54,911) | (54,911) |
Income tax effect on actuarial loss on defined benefit plans | - | - | 16,473 | 16,473 |
Total other comprehensive income | - | - | (38,438) | (38,438) |
Total comprehensive Income | - | - | 6,570,854 | 6,570,854 |
Dividends to equity holders | - | - | (3,313,929) | (3,313,929) |
Balance as at 31st March 2024 | 17,561,761 | 514,795 | 11,220,486 | 29,297,042 |
For the period ended 31st March 2023 | ||||
Balance as at 1st April 2022 | 17,561,761 | 632,462 | 8,695,175 | 26,889,398 |
Profit for the period | - | - | 2,099,710 | 2,099,710 |
Other comprehensive income | ||||
Effect on change in tax rate on revaluation of land | (117,667) | (117,667) | ||
Actuarial gain on defined benefit plans | 29,056 | 29,056 | ||
Income tax effect on actuarial gain on defined benefit plans | (8,717) | (8,717) | ||
Total other comprehensive income | - | (117,667) | 20,339 | (97,328) |
Total comprehensive Income | - | (117,667) | 2,120,050 | 2,002,382 |
Dividends to equity holders | - | - | (2,851,663) | (2,851,663) |
Balance as at 31st March 2023 | 17,561,761 | 514,795 | 7,963,561 | 26,040,117 |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
8
Hayleys Fabric PLC
STATEMENT OF CASH FLOW
Group | Company | |||
Unaudited | Audited | Unaudited | Audited | |
31.03.2024 | 31.03.2023 | 31.03.2024 | 31.03.2023 | |
USD | USD | USD | USD | |
Cash flows from / (used in) operating activities | ||||
Profit before income tax expenses | 11,747,623 | 8,382,684 | 9,551,426 | 7,861,459 |
Adjustments for | ||||
Depreciation on property, plant and equipment | 4,078,340 | 3,899,568 | 2,439,105 | 2,452,793 |
Amortization of intangible assets | 140,222 | 114,467 | 33,213 | 30,489 |
Depreciation on lease Assets | 28,276 | 28,276 | 7,066 | 7,065 |
Depreciation adjustment on lease hold land | - | (15,722) | - | - |
Provision for retiring gratuity | 819,058 | 592,547 | 666,749 | 479,620 |
Net unreailised (gain)/loss on translation of foreign currency | 2,066,838 | (1,651,547) | 1,452,012 | (1,792,509) |
Net finance costs | 3,829,815 | 4,973,707 | 1,931,679 | 2,711,079 |
(Profit)/loss on disposal of property, plant and equipment | 3,917 | 38,426 | (6,927) | (8,367) |
Loss on impairment of idle property, plant and equipment | 55,373 | 4,021 | 55,373 | 4,021 |
Creditors write back | (2,324) | (70,674) | (1,606) | (53,162) |
Impairment charged/(reversal) for bad and doubtful debts | (74,430) | 12,880 | (2,903) | (10,998) |
Impairment for slow moving inventories | 591,280 | 928,185 | 268,993 | 101,032 |
Operating profit before working capital changes | 23,283,988 | 17,236,818 | 16,394,180 | 11,782,522 |
(Increase)/decrease in trade and other receivables | 3,015,481 | (1,568,468) | 1,423,406 | (2,797,989) |
(Increase)/decrease in advances and prepayments | (395,558) | 400,422 | (208,501) | 121,471 |
(Increase)/decrease in inventories | 5,711,898 | (851,064) | 1,969,488 | 754,850 |
Decrease in trade and other payables and other non financial | ||||
liabilities | (3,549,879) | (6,931,829) | (2,422,389) | (1,714,356) |
Cash generated from operations | 28,065,930 | 8,285,879 | 17,156,184 | 8,146,498 |
Retiring gratuity paid | (316,667) | (133,311) | (266,758) | (95,972) |
Interest paid | (4,497,065) | (5,172,947) | (2,439,181) | (2,855,239) |
Income tax paid | (4,261,155) | (1,295,159) | (3,583,872) | (876,024) |
Surcharge tax paid | - | (348,556) | - | (348,556) |
Net cash flows from operating activities | 18,991,043 | 1,335,906 | 10,866,373 | 3,970,707 |
Cash flows from / (used in) investing activities | ||||
Purchase and construction of property, plant and equipment | (3,825,123) | (4,694,133) | (1,579,052) | (922,199) |
Proceeds from disposal of property, plant and equipment | 10,438 | 21,776 | 7,071 | 17,811 |
Purchase of intangible assets | (21,743) | (459,829) | - | (57,092) |
Interest received | 683,750 | 216,954 | 515,841 | 152,570 |
Net cash flows used in investing activities | (3,152,678) | (4,915,232) | (1,056,140) | (808,910) |
Cash flows from /(used in) financing activities | ||||
Proceeds from new term loans | 10,185,039 | 4,649,404 | 6,392,839 | - |
Repayment of term loans | (6,747,208) | (4,752,469) | (4,762,598) | (4,028,594) |
Payment for lease obligations | (35,938) | (33,189) | (10,025) | (10,265) |
Net movement of import & short term loans | (8,477,920) | (565,886) | (1,644,243) | (331,265) |
Dividend paid to equity holders | (2,973,739) | (2,851,663) | (2,973,739) | (2,851,663) |
Net cash flows used in financing activities | (8,049,766) | (3,553,803) | (2,997,766) | (7,221,787) |
Net increase/(decrease) in Cash and Cash Equivalents | 7,788,599 | (7,133,129) | 6,812,467 | (4,059,990) |
Cash and cash equivalents at the beginning of the year | 1,234,047 | 8,367,176 | 286,282 | 4,346,272 |
Cash and cash equivalents at the end of the year | 9,022,646 | 1,234,047 | 7,098,749 | 286,282 |
Note A | ||||
Analysis of cash and cash equivalents | ||||
Cash and bank balances | 11,043,085 | 4,560,763 | 7,457,780 | 1,790,681 |
Bank Overdraft | (2,020,439) | (3,326,716) | (359,031) | (1,504,399) |
9,022,646 | 1,234,047 | 7,098,749 | 286,282 |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
9
Hayleys Fabric PLC
Notes to the Financial Statements
- These interim financial statements which have not been audited, comply with the Sri Lanka Accounting Standard LKAS 34-"Interim financial reporting" and they also provide the information required by the Colombo Stock Exchange.
2 No contingent liability as at 31st March 2024.
- The accounting policies adopted in these financial statements are consistent with the accounting policies set out in the Annual Report for the year ended 31.03.2023.
4 | Directors have authorized the payment of third interim dividend of Rs. 0.25 per share on 28th March 2024, amounting to Rs.103.87 Mn out |
of the profit from 2023/24 and it was paid on 26th April 2024. |
5 Hayleys Fabric PLC acquired 66.67% shares of Hayleys Fabric Solutions (Pvt) Ltd on 01.01.2024, which was part of the Hayleys group.
- No circumstances have arisen since the Statement of Financial Position date, which would require adjustments/disclose to the Financial Statements.
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
10
Hayleys Fabric PLC
STATEMENT OF FINANCIAL POSITION
TRANSLATED INTO LKR
Group | Company | |||
As at 31.03.24 | As at 31.03.23 | As at 31.03.24 | As at 31.03.23 | |
LKR '000 | LKR '000 | LKR '000 | LKR '000 | |
ASSETS | ||||
Non-Current Assets | ||||
Property, plant and equipment | 13,583,717 | 14,979,404 | 7,843,618 | 8,901,265 |
Right of use assets | 245,289 | 278,938 | 56,629 | 64,577 |
Intangible assets | 180,264 | 237,762 | 15,529 | 28,199 |
Investment in Subsidiary | - | - | 5,581,864 | 6,131,768 |
Goodwill | 3,187,730 | 3,501,773 | - | - |
17,197,000 | 18,997,877 | 13,497,640 | 15,125,809 | |
Current Assets | ||||
Inventories | 9,286,312 | 12,315,315 | 5,410,089 | 6,693,880 |
Trade receivables | 4,869,098 | 6,047,532 | 3,334,099 | 3,706,381 |
Other receivables | 190,545 | 496,247 | 261,184 | 719,009 |
Advances and prepayments | 585,183 | 510,159 | 293,535 | 252,519 |
Cash and cash equivalents | 3,371,785 | 1,529,726 | 2,277,084 | 600,612 |
18,302,923 | 20,898,979 | 11,575,991 | 11,972,401 | |
Total Assets | 35,499,923 | 39,896,856 | 25,073,631 | 27,098,210 |
EQUITY AND LIABILITIES | ||||
Capital and Reserves | ||||
Stated capital | 1,968,193 | 1,968,193 | 1,968,193 | 1,968,193 |
Revaluation reserve | 157,182 | 172,667 | 157,182 | 172,667 |
Retained earnings | 3,548,809 | 2,089,141 | 2,786,427 | 1,732,714 |
Exchange fluctuation reserve | 4,343,450 | 5,261,660 | 4,033,464 | 4,860,539 |
Total Equity attributable to equity holders of the company | 10,017,634 | 9,491,661 | 8,945,266 | 8,734,113 |
Non-controling interest | 54 | - | - | - |
Total Equity | 10,017,688 | 9,491,661 | 8,945,266 | 8,734,113 |
Non-Current Liabilities | ||||
Interest bearing loans and borrowings | 5,172,466 | 5,268,880 | 3,424,984 | 3,459,172 |
Right of use assets- Lease obligations | 43,558 | 54,205 | 33,580 | 37,526 |
Deferred tax liabilities | 2,734,692 | 3,195,205 | 1,944,742 | 2,493,008 |
Retirement benefit obligations | 1,180,278 | 1,016,996 | 988,250 | 855,419 |
9,130,994 | 9,535,286 | 6,391,556 | 6,845,125 | |
Current Liabilities | ||||
Trade and other payables | 7,721,137 | 9,146,237 | 4,407,552 | 4,944,561 |
Bank overdraft | 616,901 | 1,115,814 | 109,623 | 504,590 |
Interest bearing loans | 3,103,581 | 6,252,914 | 2,101,558 | 2,860,091 |
Current portion of long term interest bearing borrowing | 2,775,437 | 1,709,815 | 1,861,320 | 1,391,715 |
Current portion of Right of use assets- Lease obligations | 7,899 | 7,132 | 1,314 | 1,370 |
Amounts due to Hayleys PLC | 81,127 | 24,957 | 77,308 | 23,705 |
Other non financial liabilities | 2,045,159 | 2,613,040 | 1,178,134 | 1,792,940 |
16,351,241 | 20,869,909 | 9,736,809 | 11,518,972 | |
Total Equity and Liabilities | 35,499,923 | 39,896,856 | 25,073,631 | 27,098,210 |
The financial statements prepared and presented in US Dollars reflect the economic substance of underlying events and circumstances of the enterprise. The supplementary information in SL Rupees is presented for convenience purposes only. The statements presented in SL Rupees are not a full set of financial statements and are not purported to comply with Sri Lanka Accounting Standards. They represent selected information taken from the US Dollar financial statements, translated into SL Rupees generally using the principles set out in Sri Lanka Accounting Standard (LKAS) 21 for the translation of financial statements to a presentation currency from a functional currency. Revenue and costs are converted using the average exchange rate for the period. Assets and liabilities are converted using the exchange rate at the end of the period/year. The revenue reserves incorporates the profit for the period reflected in the income statements.
In accordance with advice received from the Urgent Issue Task Force of the Institute of Chartered Accountants of Sri Lanka, stated capital is represented at it's original SL Rupee value.
Followings exchange rates were used to convert the financials into LKR.
Statement of Profit or Loss and Other Comprehensive Income Statement of Financial Position
31.03.202431.03.2023
12 months | 3 months | 12 months | 3 months |
323.53 | 314.46 | 365.77 | 358.21 |
305.33 | 335.41 |
Hayleys Fabric PLC - Interim Report 4th Quarter ended 31st March 2024
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Hayleys Fabric plc published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 10:09:07 UTC.