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.