HAYLEYS FIBRE PLC HAYLEYS FIBRE PLC
INTERIM FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31ST MARCH 2024
STATEMENT OF PROFIT OR LOSS
Group | |||||
Audited | |||||
Unaudited | |||||
Year end | Year end | ||||
31.03.2024 | 31.03.2023 | Change | |||
Rs.'000 | Rs.'000 | Rs.'000 | |||
Revenue | 5,125,081 | 4,388,616 | 736,465 | ||
Cost of sales | (4,445,292) | (3,457,052) | (988,240) | ||
Gross profit | 679,789 | 931,564 | (251,775) | ||
Other income | 3,998 | 4,430 | (432) | ||
Selling and distribution expenses | (134,975) | (133,678) | (1,297) | ||
Administrative expenses | (316,401) | (286,683) | (29,718) | ||
Operating profit | 232,411 | 515,633 | (283,222) | ||
Finance income | 55,006 | 358,632 | (303,626) | ||
Finance cost | (154,842) | (408,630) | 253,788 | ||
Net finance income/(cost) | (99,836) | (49,998) | (49,838) | ||
Profit before tax | 132,575 | 465,635 | (333,060) | ||
Tax expense | (74,123) | (81,448) | 7,325 | ||
Profit for the year | 58,452 | 384,187 | (325,735) | ||
Profit for the year attributable to: | |||||
Equity holders of the company | (25,279) | 298,232 | (323,511) | ||
Non-controlling interest | 83,731 | 85,955 | (2,224) | ||
58,452 | 384,187 | (325,735) | |||
Basic earnings per share (Rs.) | (1.05) | 12.43 | |||
HAYLEYS FIBRE PLC
INTERIM REPORT
Group | |||
Unaudited | |||
Unaudited | |||
Quarter Ended | Quarter Ended | ||
31.03.2024 | 31.03.2023 | Change | |
Rs.'000 | Rs.'000 | Rs.'000 | |
1,636,932 | 943,892 | 693,040 | |
(1,425,494) | (758,704) | (666,790) | |
211,438 | 185,188 | 26,250 | |
0 | 0 | ||
1,357 | 1,004 | 353 | |
(69,282) | (30,535) | (38,747) | |
(43,919) | (16,232) | (27,687) | |
99,594 | 139,425 | (39,831) | |
(7,530) | 38,126 | (45,656) | |
(37,352) | (55,839) | 18,487 | |
(44,882) | (17,713) | (27,169) | |
54,712 | 121,712 | (67,000) | |
(37,118) | 52,495 | (89,613) | |
17,594 | 174,207 | (156,613) | |
(23,177) | 134,812 | (157,989) | |
40,771 | 39,395 | 1,376 | |
17,594 | 174,207 | (156,613) | |
(0.97) | 5.62 | ||
Notes from pages 9 to 10 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
1
STATEMENT OF PROFIT OR LOSS
Company | ||||
Audited | ||||
Unaudited | ||||
Year end | Year end | |||
31.03.2024 | 31.03.2023 | Change | ||
Rs.'000 | Rs.'000 | Rs.'000 | ||
HAYLEYS FIBRE PLC
INTERIM REPORT
Company | |||
Unaudited | |||
Unaudited | |||
Quarter Ended | Quarter Ended | ||
31.03.2024 | 31.03.2023 | Change | |
Rs.'000 | Rs.'000 | Rs.'000 | |
Revenue
Cost of sales
Gross profit
Other income
Selling and distribution expenses
Administrative expenses
Operating profit/(loss)
Finance income
Finance cost
Net finance income
Profit before tax
Tax expense
Profit for the year
Profit for the year attributable to:
2,826,346
(2,698,943)
127,403
9,931
(57,251)
(183,785)
(103,702)
75,066
(55,029)
20,037
(83,665)
13,878
(69,787)
1,977,544 848,802
(1,742,179) (956,764)
235,365 (107,962)
9,159772
- (56,525)
(163,867) (19,918)
79,931 (183,633)
388,614 (313,548)
(152,824) 97,795
235,790 (215,753)
315,721 (399,386)
(8,069) 21,947
307,652 (377,439)
901,646 | 280,215 | 621,431 |
(867,395) | (270,391) | (597,004) |
34,251 | 9,824 | 24,427 |
2,831 | 1,973 | 858 |
(53,111) | 16,040 | (69,151) |
(33,441) | (1,842) | (31,599) |
(49,470) | 25,995 | (75,465) |
(4,095) | 28,689 | (32,784) |
(27,879) | (18,742) | (9,137) |
(31,974) | 9,947 | (41,921) |
(81,444) | 35,942 | (117,386) |
8,314 | 48,017 | (39,703) |
(73,130) | 83,959 | (157,089) |
Equity holders of the company | (69,787) | 307,652 | (377,439) | |
Non-controlling interest | - | - | - | |
(69,787) | 307,652 | (377,439) | ||
Basic earnings per share (Rs.) | (2.91) | 12.82 | ||
Dividend per share (Rs.) | - | 3.80 | ||
(73,130) | 83,959 | (157,089) |
- | - | |
(73,130) | 83,959 | (157,089) |
(3.05) | 3.50 | |
- | 0.50 | |
Notes from pages 9 to 10 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
2
HAYLEYS FIBRE PLC
INTERIM REPORT
STATEMENT OF COMPREHENSIVE INCOME
Group | ||
Unaudited | Audited | |
Year end | Year end | |
31.03.2024 | 31.03.2023 | |
Rs.'000 | Rs.'000 |
Group | ||
Unaudited | Unaudited | |
Quarter Ended | Quarter Ended | |
31.03.2024 | 31.03.2023 | |
Rs.'000 | Rs.'000 |
Profit for the year
Other comprehensive income
Other comprehensive income that may not to be reclassified to the profit or loss in subsequent periods
Re-measurement gains/(loss) on employee benefit obligations
Income tax effect on re-measurement gains/(loss) on employee benefit obligations
Revaluation of land
Income tax effect on revaluation of land
Net gain/(loss) on equity instrument designated at FVOCI
Income tax effect on net gain/(loss) on equity instrument designated at FVOCI
Other comprehensive income that may be reclassified to the profit or loss in subsequent periods
Net gain/ (loss) on cash flow hedges
Total other comprehensive income for the year, net of tax
Total comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to:
Equity holders of the Company
Non-controlling interest
58,452
(3,325)
998
(2,327)
-
-
-
12,987
(3,878)
9,109
13,436
13,436
20,218
78,670
(11,293)
89,963
78,670
384,187
(1,707)
512
(1,195)
-
(5,460)
(5,460)
8,921
(8,276)
645
27,913
27,913
21,903
406,090
306,199
99,891
406,090
17,594
(3,325)
998
(2,327)
-
-
-
12,987
(3,878)
9,109
-
-
6,782
24,376
(16,395)
40,771
24,376
174,207
(1,707)
512
(1,195)
-
-
-
8,921
(2,676)
6,245
16,237
16,237
21,287
195,494
134,045
61,449
195,494
Notes from pages 9 to 10 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
3
HAYLEYS FIBRE PLC
INTERIM REPORT
STATEMENT OF COMPREHENSIVE INCOME
Company | ||
Unaudited | Audited | |
Year end | Year end | |
31.03.2024 | 31.03.2023 | |
Rs.'000 | Rs.'000 |
Company | ||
Unaudited | Unaudited | |
Quarter Ended | Quarter Ended | |
31.03.2024 | 31.03.2023 | |
Rs.'000 | Rs.'000 |
Profit for the year
Other comprehensive income
Other comprehensive income that may not to be reclassified to the profit or loss in subsequent periods
Re-measurement gain/(loss) on employee benefit obligations
Income tax effect on Re-measurement gains/(loss) on employee benefit obligations
Revaluation of land
Income tax effect on revaluation of land
Net gain/(loss) on equity instrument designated at FVOCI
Income tax effect on net gain/(loss) on equity instrument designated at FVOCI
Total other comprehensive income for the year, net of tax
Total comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to:
Equity holders of the company
Non-controlling interest
(69,787)
(1,633)
490
(1,143)
-
-
-
12,987
(3,878)
9,109
7,966
(61,821)
(61,821)
-
(61,821)
307,652
(1,640)
492
(1,148)
-
(5,460)
(5,460)
8,921
(8,276)
645
(5,963)
301,689
301,689
-
301,689
(73,130)
(1,633)
490
(1,143)
-
-
-
12,987
(3,878)
9,109
7,966
(65,164)
(65,164)
-
(65,164)
83,959
(1,640)
492
(1,148)
-
-
-
8,921
(2,676)
6,245
5,097
89,056
89,056
-
89,056
Notes from pages 9 to 10 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
4
HAYLEYS FIBRE PLC
INTERIM REPORT
STATEMENT OF FINANCIAL POSITION | 0 | ||
0 | 0 | ||
Group | |||
Audited | |||
Unaudited | |||
As at | As at | ||
31.03.2024 | 31.03.2023 | ||
Rs.'000 | Rs.'000 | ||
- | - | |
- | - | |
Company | ||
Audited | ||
Unaudited | ||
As at | As at | |
31.03.2024 | 31.03.2023 | |
Rs.'000 | Rs.'000 | |
Assets
Non-current assets
Property, plant and equipment
Right-of-use assets / Lease assets
Intangible assets
Investment in subsidiaries
Other non-current financial assets
Total non-current assets
Current assets
Inventories
Trade and other receivables
Other current assets
Income tax recoverable
Amounts due from other related companies
Short-term deposits
Cash in hand and at bank
Total current assets
Total assets
Equity and liabilities
Stated capital
Other components of equity
Amalgamation reserves
Revenue reserves
Equity attributable to equity holders of the company
Non-controlling interest
Total equity
Non-current liabilities
Interest-bearing borrowings
Non-current lease liabilities
Deferred tax liabilities
Employee benefit obligations
Total non-current liabilities
Current liabilities
Trade and other payables
Current lease liabilities
Other current liabilities
Amounts due to other related companies
Current portion of interest bearing borrowings
Short-term interest bearing borrowings
Income tax payable
Total current liabilities
Total liabilities
Total equity and liabilities
935,737
12,345
29,918
-
142,895
1,120,895
762,634
1,288,913
12,707
12,799
706,317
-
62,434
2,845,804
3,966,699
80,000
110,011
50,625
1,156,513
1,397,149
266,498
1,663,647
313,333
18,328
54,016
37,489
423,166
600,307
3,373
41,951
146,378
6,667
1,068,502
12,708
1,879,886
2,303,052
3,966,699
796,449
15,112
36,201
-
129,908
977,670
1,035,886
627,590
8,466
-
233,205
105,550
46,246
2,056,943
3,034,613
80,000
94,184
50,625
1,183,633
1,408,442
240,244
1,648,686
-
21,458
39,477
32,350
93,285
420,663
2,758
41,304
96,553
33,752
655,801
41,811
1,292,642
1,385,927
3,034,613
531,894
10,444
4,597
233,034
142,895
922,864
383,982
769,209
3,962
12,799
255,863
-
23,654
1,449,469
2,372,333
80,000
110,011
50,625
921,856
1,162,492
-
1,162,492
313,333
13,948
6,207
31,176
364,664
262,322
3,259
7,720
164,511
6,667
400,698
-
845,177
1,209,841
2,372,333
389,855
13,110
7,962
233,034
129,908
773,869
367,210
161,161
5,319
-
239,471
105,539
23,269
901,969
1,675,838
80,000
100,902
50,625
992,786
1,224,313
-
1,224,313
-
17,206
16,697
25,175
59,078
189,524
2,645
6,080
68,744
-
105,417
20,037
392,447
451,525
1,675,838
Net assets per share (Rs.) | 58.21 | 58.69 | 48.44 |
(0) | (0) | - | |
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007. |
51.01
-
(0) | - | - | - |
Sgd.
M. C. Sampath
Director/Chief Financial Officer
The Board of Directors are responsible for these Financial Statements. Signed for and on behalf of the Board by,
Sgd. | Sgd. |
A. M. Pandithage | M. M. A. R. P. Goonetileke |
Chairman | Managing Director |
Notes from pages 9 to 10 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
08th May 2024
Colombo
5
HAYLEYS FIBRE PLC | |||||||||
INTERIM REPORT | |||||||||
STATEMENT OF CHANGES IN EQUITY | |||||||||
For the year ended 31 March | Attributable to Equity Holders of the Group | ||||||||
Stated Capital | Other components of equity | Amalgamation reserves | Revenue reserves | Non-controlling | Total | ||||
interest | |||||||||
Group | Fair value reserve | Revaluation reserve | Cash flow hedge | Capital reserve | Revenue reserve | Retained earnings | |||
of financial assets at | reserve | ||||||||
FVOCI | |||||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 01 April 2022 | 80,000 | 77,376 | 28,341 | (20,675) | 14,000 | 36,625 | 977,776 | 264,028 | 1,457,471 |
Profit for the year | - | - | - | - | - | - | 298,232 | 85,955 | 384,187 |
Revaluation of land | - | - | - | - | - | - | - | - | - |
Net gain/(loss) on equity instruments designated at FVOCI | - | 8,921 | - | - | - | - | - | 8,921 | |
Re-measurement gain/(loss) on employee benefit obligations | - | - | - | - | - | - | (1,678) | (29) | (1,707) |
Net loss on cash flow hedges | - | - | - | 13,957 | - | - | - | 13,956 | 27,913 |
Income tax on other comprehensive income | - | (8,276) | (5,460) | - | - | - | 503 | 9 | (13,224) |
Total other comprehensive income for the year | - | 645 | (5,460) | 13,957 | - | - | 297,057 | 99,891 | 406,090 |
Dividends to equity holders | - | - | - | - | - | - | (91,200) | (123,675) | (214,875) |
Balance as at 31 March 2023 | 80,000 | 78,021 | 22,881 | (6,718) | 14,000 | 36,625 | 1,183,633 | 240,244 | 1,648,686 |
Balance as at 01 April 2023 | 80,000 | 78,021 | 22,881 | (6,718) | 14,000 | 36,625 | 1,183,633 | 240,244 | 1,648,686 |
Profit for the year | - | - | - | - | - | - | (25,279) | 83,731 | 58,452 |
Net gain/(loss) on equity instruments designated at FVOCI | - | 12,987 | - | - | - | - | - | - | 12,987 |
Re-measurement gains/(loss) on employee benefit obligations | - | - | - | - | - | - | (2,630) | (695) | (3,325) |
Net loss on cash flow hedges | 6,718 | - | - | - | 6,718 | 13,436 | |||
Income tax on other comprehensive income | - | (3,878) | - | - | - | - | 789 | 209 | (2,880) |
Total other comprehensive income for the year | - | 9,109 | - | 6,718 | - | - | (27,120) | 89,963 | 78,670 |
Dividends to equity holders | - | - | - | - | - | - | - | (63,709) | (63,709) |
Balance as at 31 March 2024 | 80,000 | 87,130 | 22,881 | - | 14,000 | 36,625 | 1,156,513 | 266,498 | 1,663,647 |
Notes from pages 9 to 10 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
6
HAYLEYS FIBRE PLC | |||||||
INTERIM REPORT | |||||||
STATEMENT OF CHANGES IN EQUITY | |||||||
For the year ended 31 March | |||||||
Stated Capital | Other Components of Equity | Amalgamation reserves | Revenue reserves | Total | |||
Company | Fair value reserve | Revaluation | Capital reserve | Revenue reserve | Retained earnings | ||
of financial assets | reserve | ||||||
at FVOCI | |||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 01 April 2022 | 80,000 | 77,376 | 28,341 | 14,000 | 36,625 | 777,482 | 1,013,824 |
Profit for the year | - | - | - | - | - | 307,652 | 307,652 |
Revaluation of land | - | - | - | - | - | - | - |
Net gain/(loss) on equity instruments designated at FVOCI | - | 8,921 | - | - | - | - | 8,921 |
Re-measurement gain/(loss) on employee benefit obligations | - | - | - | - | - | (1,640) | (1,640) |
Income tax on other comprehensive income | - | (8,276) | (5,460) | - | - | 492 | (13,244) |
Total other comprehensive income for the year | - | 645 | (5,460) | - | - | 306,504 | 301,689 |
Dividends to equity holders | - | - | - | - | - | (91,200) | (91,200) |
Balance as at 31 March 2023 | 80,000 | 78,021 | 22,881 | 14,000 | 36,625 | 992,786 | 1,224,313 |
Balance as at 01 April 2023 | 80,000 | 78,021 | 22,881 | 14,000 | 36,625 | 992,786 | 1,224,313 |
Profit for the year | - | - | - | - | - | (69,787) | (69,787) |
Net gain/(loss) on equity instruments designated at FVOCI | - | 12,987 | - | - | - | - | 12,987 |
Re-measurement gain/(loss) on employee benefit obligations | - | - | - | - | - | (1,633) | (1,633) |
Income tax on other comprehensive income | - | (3,878) | - | - | - | 490 | (3,388) |
Total other comprehensive income for the year | - | 9,109 | - | - | - | (70,930) | (61,821) |
Dividends to equity holders | - | - | - | - | - | - | - |
Balance as at 31 March 2024 | 80,000 | 87,130 | 22,881 | 14,000 | 36,625 | 921,856 | 1,162,492 |
Notes from pages 9 to 10 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
7
STATEMENT OF CASH FLOWS | - | - | |||
Group | |||||
Audited | |||||
Unaudited | |||||
Year end | Year end | ||||
31.03.2024 | 31.03.2023 | ||||
Rs.'000 | Rs.'000 | ||||
Cash Flows from operating activities | |||||
Profit before taxation | 132,575 | 465,635 | |||
Adjustments for: | |||||
Finance cost | 133,215 | 199,992 | |||
Finance income | (21,007) | (43,755) | |||
Provision for employee benefit obligations | 8,310 | 7,444 | |||
Depreciation of property, plant & equipment | 59,510 | 55,233 | |||
Depreciation of right-of-use assets | 2,767 | 2,825 | |||
Amortisation of intangible assets | 7,672 | 7,200 | |||
(Profit)/loss on disposal of property, plant and equipment | 31 | (996) | |||
Dividend income | - | (19,296) | |||
Provision for bad & doubtful debts | 25,021 | (17,659) | |||
Provision for slow moving inventories | 13,614 | 1,484 | |||
Operating profit before working capital changes | 361,708 | 658,107 | |||
(Increase)/decrease in inventories | 259,638 | (178,450) | |||
(Increase)/decrease in trade and other receivables | (690,585) | 307,093 | |||
(Increase)/decrease in amounts due from related companies | (473,112) | 66,653 | |||
Increase/(decrease) in trade and other payables | 180,906 | 112,141 | |||
Increase/(decrease) in amounts due to related companies | 49,825 | (194,237) | |||
Cash generated from operating activities | (311,620) | 771,307 | |||
Finance cost paid | (133,215) | (199,992) | |||
Income tax paid | (104,366) | (102,638) | |||
Employee benefit paid | (6,496) | (11,739) | |||
Net cash used in operating activities | (555,697) | 456,938 | |||
Cash flows from investing activities | |||||
Purchase of property, plant and equipment | (198,829) | (107,620) | |||
Purchase of intangible assets | (1,389) | (1,780) | |||
Proceeds from sale of property, plant and equipment | - | 11,442 | |||
Finance income | 21,007 | 43,755 | |||
Dividend income | - | 19,296 | |||
Net cash flows used in investing activities | (179,211) | (34,907) | |||
Cash flows from financing activities | |||||
Dividend paid | - | (91,200) | |||
Dividend paid to non-controlling interest | (63,709) | (123,675) | |||
Capital payment on lease | (5,326) | (4,743) | |||
Proceeds from Interest-bearing borrowings | 2,212,749 | 1,366,733 | |||
Repayments of interest-bearing borrowings | (1,535,614) | (1,743,711) | |||
Net cash flows from financing activities | 608,100 | (596,596) | |||
Net increase/(decrease) in cash & cash equivalents | (126,808) | (174,565) | |||
Cash & cash equivalents at the beginning of the year | 9,052 | 183,617 | |||
Cash & cash equivalents at the end of the year ( Note - A) | (117,756) | 9,052 | |||
A. Analysis of cash and cash equivalents as at 31 March | |||||
Cash in hand and at bank | 62,434 | 46,246 | |||
Short-term deposits | - | 105,550 | |||
62,434 | 151,796 | ||||
Bank overdrafts | (180,190) | (142,744) | |||
Cash and cash equivalents at the end of the year | (117,756) | 9,052 | |||
HAYLEYS FIBRE PLC | ||
INTERIM REPORT | ||
- | - | |
Company | ||
Unaudited | Audited | |
Year end | Year end | |
31.03.2024 | 31.03.2023 | |
Rs.'000 | Rs.'000 | |
(83,665) | 315,721 | |
35,362 | 63,233 | |
(20,555) | (47,003) | |
5,964 | 5,039 | |
27,374 | 20,463 | |
2,666 | 2,667 | |
3,365 | 3,068 |
31(996)
(54,153) | (142,971) | |
35,512 | (27,519) | |
14,696 | 1,792 | |
(33,403) | 193,494 | |
(31,468) | (26,583) | |
(642,203) | 156,765 | |
(16,392) | 5,093 | |
75,052 | 31,767 | |
95,767 | (191,773) | |
(552,647) | 168,763 | |
(35,362) | (63,233) | |
(32,836) | (53,934) | |
(1,596) | (11,739) | |
(622,441) | 39,857 | |
(169,444) | (91,995) |
- (1,780)
- 11,442
20,555 | 47,003 | |
54,153 | 142,971 | |
(94,736) | 107,641 |
- (91,200)
- | - | |
(4,979) | (4,743) | |
1,017,863 | 144,015 | |
(480,828) | (353,872) | |
532,056 | (305,800) | |
(185,121) | (158,302) | |
90,780 | 249,082 | |
(94,341) | 90,780 | |
23,654 | 23,269 |
- 105,539
23,654128,808
(117,995) | (38,028) |
(94,341) | 90,780 |
8
HAYLEYS FIBRE PLC
INTERIM REPORT
NOTES TO THE FINANCIAL STATEMENTS
1 The Interim Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34- Interim Financial Reporting. These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31st March 2023.
2 Stated Capital | 31 Mar 2024 | 31 Mar 2023 |
Value - ordinary shares (Rs.) | 80,000,000 | 80,000,000 |
No of shares - ordinary shares | 24,000,000 | 24,000,000 |
One vote per | One vote per | |
Voting rights | ordinary share | ordinary share |
- Events occurring after the reporting date
There have been no material events subsequent to the reporting date that require adjustments to or disclosure in the interim financial statements. - Contingencies, Capital and Other Commitments
There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual report for the year ended 31st March 2023.
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Hayleys Fibre plc published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 03:18:03 UTC.
