SUNSHINE HOLDINGS PLC SUNSHINE HOLDINGS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED
31 DECEMBER 2021
02 | SUNSHINE HOLDINGS PLC |
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS |
GROUP MANAGING DIRECTOR'S MESSAGE
Dear Shareholder,
The Group recorded a consolidated revenue of LKR 24 billion for the period ended 31st December 2021 (9M FY21/22), up 39% YoY. The Group revenue which predominantly includes revenue from Healthcare, Consumer goods, and Agribusiness sectors, contributed 54%, 25%, and 21% respectively. Healthcare sector recorded YoY growth of 43% against last year, while the Agri sector revenue was up by 69%. Consumer goods sector recorded a 22% increase in revenue compared to 9M FY20/21 mainly driven by the acquisition of Daintee Limited in FY21.
Gross profit margin for 9M FY21/22 stood at 33.7%, which is a marginal increase of 40 basis points against the same period last year.The gross profit improved by LKR 2.3 billion up 40.2% YoY compared to the previous year, in line with revenue growth.The Group EBIT closed at LKR 4.4 billion, an increase of 53.1% YoY.
Healthcare sector recorded a revenue of LKR 12.9 billion during 9M FY21/22, a significant increase of 43% YoY backed by the improved performance in Pharmaceutical and Medical Devices segments together with the contribution from the addition of Akbar Pharmaceuticals. EBIT for the sector was LKR 1.2 billion.
Consumer Goods sector reported a 22% YoY increase in revenue to close at LKR 6 billion in 9M FY21/22.The revenue increase is mainly driven by the addition of the confectionary business segment via the acquisition of Daintee Ltd. The PAT of the sector decreased by LKR 72 million (-23.8% YoY) comparison to the same period last year due to lower profitability in Daintee. PAT contribution of Daintee Limited to the Consumer sector is LKR 73 million.
Agribusiness sector revenue increased by 69% YoY during 9M FY21/22 compared to the corresponding period last year. The EBIT increased to LKR 2.8 billion from LKR 1.5 billion driven by the improved performance in the Palm oil segment backed by the growth in NSA. PAT of the Agri sector closed at LKR 2.7 billion for 9M FY21/22, up by LKR 1.4 billion compared to the same period last year, while PAT of the Dairy segment decreased to LKR 38 million compared to a net profit of LKR 52 million during the same period last year due to higher feed cost.
Group PAT amounted to LKR 3.6 billion in 9M FY21/22 compared to LKR 1.9 billion reported during same period last year. Profits attributable to equity shareholders (PATMI) closed at LKR 1.8 billion for 9M FY21/22.
As a Group, we have been facing challenges in some of our core sectors and will continue to do so in the short to medium term due to the negative economic impact caused by the COVID-19 pandemic. All possible measures have been taken to ensure business sustainability and continuity in the coming months.
Further details of the Group's performance are available on the company website. (https://www.sunshineholdings.lk/ investor/financial-reports)
- Govindasamy Group Managing Director February 03, 2022 Colombo
SUNSHINE HOLDINGS PLC | 03 | ||||||||||
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||
CONDENSED STATEMENT OF COMPREHENSIVE INCOME - GROUP | |||||||||||
Unaudited | Unaudited | Audited | |||||||||
Period ended | Period ended | Change Quarter ended Quarter ended | Change | Year ended | |||||||
31st | 31st | 31st | 31st | 31st March | |||||||
December | December | December | December | 2021 | |||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Continuing operations | LKR | LKR | % | LKR | LKR | % | LKR | ||||
Revenue | 24,108,676,040 | 17,399,559,555 | 39 | 8,305,412,246 | 6,448,876,517 | 29 | 24,339,446,156 | ||||
Cost of sales | (15,981,132,315) | (11,602,165,641) | 38 | (5,556,794,832) | (4,397,457,217) | 26 | (16,601,729,049) | ||||
Gross profit | 8,127,543,725 | 5,797,393,914 | 40 | 2,748,617,414 | 2,051,419,300 | 34 | 7,737,717,107 | ||||
Other income | 250,901,448 | 252,857,679 | (1) | 61,823,180 | 99,373,810 | (38) | 291,436,825 | ||||
Selling & distribution expenses | (2,008,920,536) | (1,575,795,747) | 27 | (729,267,842) | (669,526,437) | 9 | (2,182,677,904) | ||||
Administration expenses | (1,916,045,297) | (1,568,429,214) | 22 | (610,356,802) | (541,945,026) | 13 | (2,177,851,096) | ||||
Impairment of asset held for sale | - | - | - | - | - | - | (143,246,439) | ||||
Gain/(loss) on disposal of subsidiary | (2,750,340) | - | - | - | - | - | - | ||||
Results from operating activities | 4,450,729,000 | 2,906,026,632 | 53 | 1,470,815,950 | 939,321,647 | 57 | 3,525,378,493 | ||||
Finance income | 129,816,481 | 188,492,037 | (31) | 61,097,473 | 43,837,745 | 39 | 252,646,432 | ||||
Finance cost | (232,605,503) | (389,683,175) | (40) | (92,691,698) | (110,270,342) | (16) | (468,793,779) | ||||
Net finance cost | (102,789,022) | (201,191,138) | (49) | (31,594,225) | (66,432,597) | (52) | (216,147,347) | ||||
Share of profit/ (loss) of equity accounted investees | (436,572) | (298,147) | 46 | (163,160) | 142,038 | (215) | (92,356) | ||||
Profit before tax | 4,347,503,406 | 2,704,537,347 | 61 | 1,439,058,565 | 873,031,088 | 65 | 3,309,138,790 | ||||
Income tax expense | (770,439,773) | (816,702,908) | (6) | (318,754,202) | (270,580,752) | 18 | (771,610,789) | ||||
Profit for the period | 3,577,063,633 | 1,887,834,439 | 89 | 1,120,304,363 | 602,450,336 | 86 | 2,537,528,001 | ||||
Other comprehensive income | |||||||||||
Equity investments at FVOCI - net change in fair value | - | - | - | - | - | - | (32,088,698) | ||||
Exchange gain/(Loss) on foreign operation translation | 901,272 | 135,187 | 567 | 274,187 | 1,010,004 | (73) | 1,092,211 | ||||
Remeasurement of retirement benefit liability | - | 7,148,972 | - | - | - | - | (25,750,348) | ||||
Tax on other comprehensive income | - | (2,001,712) | - | - | - | - | 18,776,503 | ||||
Total other comprehensive income for the period | 901,272 | 5,282,447 | - | 274,187 | 1,010,004 | - | (37,970,332) | ||||
Total comprehensive income for the period | 3,577,964,905 | 1,893,116,886 | 89 | 1,120,578,550 | 603,460,340 | 86 | 2,499,557,669 | ||||
Profit attributable to: | |||||||||||
Owners of the parent company | 1,820,333,663 | 1,091,356,824 | 67 | 611,395,788 | 387,049,567 | 58 | 1,522,207,103 | ||||
Non-controlling interest | 1,756,729,970 | 796,477,615 | 121 | 508,908,575 | 215,400,769 | 136 | 1,015,320,898 | ||||
Other comprehensive income | |||||||||||
attributable to: | |||||||||||
Owners of the parent company | 901,272 | 5,988,073 | (85) | 274,187 | 1,010,004 | (73) | (43,843,965) | ||||
Non-controlling interest | - | (705,626) | (100) | - | - | - | 5,873,633 | ||||
Total comprehensive income for the period | 3,577,964,905 | 1,893,116,886 | 89 | 1,120,578,550 | 603,460,340 | 86 | 2,499,557,669 | ||||
Basic earnings per share | 4.06 | 2.43 | 1.36 | 0.86 | 3.39 | ||||||
Figures in brackets indicate deductions. | |||||||||||
The above figures are not audited | |||||||||||
04 | SUNSHINE HOLDINGS PLC | |||||||||||
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||
CONDENSED STATEMENT OF COMPREHENSIVE INCOME - COMPANY | ||||||||||||
Unaudited | Unaudited | Audited | ||||||||||
Period ended | Period ended | Change Quarter ended Quarter ended | Change | Year ended | ||||||||
31st December 31st December | 31st December 31st December | 31st March | ||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | ||||||||
LKR | LKR | % | LKR | LKR | % | LKR | ||||||
Revenue | 683,745,587 | 636,200,418 | 7 | 254,878,004 | 187,520,516 | 36 | 850,202,179 | |||||
Cost of sales | - | - | n/m | - | - | n/m | - | |||||
Gross profit | 683,745,587 | 636,200,418 | 7 | 254,878,004 | 187,520,516 | 36 | 850,202,179 | |||||
Other income | 305,648,841 | 229,324,012 | 33 | 104,593,228 | 98,818,417 | 6 | 341,800,630 | |||||
Administration expenses | (359,665,156) | (311,282,772) | 16 | (125,459,997) | (128,213,644) | (2) | (449,704,631) | |||||
Impairment of investment in equity-accounted investee | - | - | - | - | - | - | (59,452) | |||||
Gain on disposal of subsidiaries | - | - | - | - | - | - | 2,032,745,933 | |||||
Gain on disposal of subsidiary shares | - | - | - | - | - | - | 260,563,654 | |||||
Results from operating activities | 629,729,272 | 554,241,658 | 14 | 234,011,235 | 158,125,289 | 48 | 3,035,548,313 | |||||
Finance income | 34,889,403 | 67,409,898 | (48) | 11,119,598 | 15,690,983 | (29) | 156,225,875 | |||||
Finance cost | (3,854,600) | (313,413,766) | 99 | (210,768) | (97,854,960) | 100 | (170,998,805) | |||||
Net finance cost | 31,034,803 | (246,003,868) | (113) | 10,908,830 | (82,163,977) | (113) | (14,772,930) | |||||
Profit before tax | 660,764,075 | 308,237,790 | 114 | 244,920,065 | 75,961,312 | 222 | 3,020,775,383 | |||||
Income tax expense | 1,956,695 | (8,375,218) | (123) | 731,835 | (7,571,424) | (110) | (117,053,693) | |||||
Profit for the period | 662,720,770 | 299,862,572 | 121 | 245,651,900 | 68,389,888 | 259 | 2,903,721,690 | |||||
Other comprehensive income | ||||||||||||
Equity investments at FVOCI - net change in fair value | - | - | - | - | - | - | (32,088,698) | |||||
Defined benefit plan actuarial gain/(loss) | - | - | - | - | - | - | 6,049,909 | |||||
Income tax on other comprehensive income | - | - | - | - | - | - | 10,912,884 | |||||
Total other comprehensive income for the period | - | - | - | - | - | - | (15,125,905) | |||||
Total comprehensive income for the period | 662,720,770 | 299,862,572 | 121 | 245,651,900 | 68,389,888 | 259 | 2,888,595,785 | |||||
Basic earnings per share from continuing operations | 1.48 | 0.67 | 0.55 | 0.15 | 6.47 | |||||||
Figures in brackets indicate deductions. | ||||||||||||
The above figures are not audited | ||||||||||||
n/m- not meaningful | ||||||||||||
SUNSHINE HOLDINGS PLC | 05 | ||||
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |||||
STATEMENT OF FINANCIAL POSITION - GROUP | |||||
Unaudited | Audited | ||||
As at | As at | ||||
31st December | 31st March | ||||
2021 | 2021 | ||||
LKR | LKR | ||||
ASSETS | |||||
Non current assets | |||||
Property, plant and equipment | 4,723,139,125 | 4,794,110,834 | |||
Intangible assets | 298,967,391 | 249,057,345 | |||
Leasehold right to bare land | 238,845,000 | 238,853,000 | |||
Biological assets | 3,632,635,000 | 3,492,193,000 | |||
Investment property | 769,499,144 | 769,499,144 | |||
Equity-accounted investee | 855,435 | 1,292,006 | |||
Other investments | 808,347,198 | 1,004,330,898 | |||
Deferred tax assets | 44,568,677 | 42,611,982 | |||
Goodwill on Acquisition | 1,576,648,376 | 1,576,648,378 | |||
Total non-current assets | 12,093,505,345 | 12,168,596,587 | |||
Current assets | |||||
Biological assets-growing crops on bearer plants | 72,495,000 | 52,688,000 | |||
Inventories | 5,460,081,794 | 5,145,162,996 | |||
Other investments, including derivatives | - | 335,364,187 | |||
Current tax assets | 55,183,750 | 29,585,672 | |||
Trade & other receivables | 5,543,370,386 | 4,848,691,358 | |||
Amounts due from related parties | 82,390,201 | 475,000 | |||
Cash & cash equivalent | 4,163,391,314 | 2,520,552,239 | |||
Assets Held for sale | - | 1,781,889,421 | |||
Total current assets | 15,376,912,445 | 14,714,408,873 | |||
Total assets | 27,470,417,790 | 26,883,005,460 | |||
EQUITY AND LIABILITIES | |||||
Equity | |||||
Stated capital | 1,641,715,247 | 1,641,715,247 | |||
Reserves | 339,686,250 | 339,686,250 | |||
Retained earnings | 10,065,363,967 | 8,551,561,683 | |||
Equity attributable to owners of the company | 12,046,765,464 | 10,532,963,180 | |||
Non-controlling interests | 5,272,079,557 | 4,808,856,243 | |||
Total equity | 17,318,845,021 | 15,341,819,423 | |||
Non-current liabilities | |||||
Loans and borrowings | 1,844,745,428 | 1,968,834,746 | |||
Employee benefits | 738,490,031 | 713,774,478 | |||
Contingent consideration | - | 78,026,414 | |||
Deferred income and capital grants | 54,081,000 | 91,996,000 | |||
Deferred tax | 627,408,318 | 632,277,792 | |||
Total non-current liabilities | 3,264,724,777 | 3,484,909,430 | |||
Current liabilities | |||||
Trade and other payables | 4,376,483,313 | 3,775,377,119 | |||
Amounts due to related parties | 14,161,463 | 12,802,099 | |||
Current tax liabilities | 445,939,727 | 354,693,979 | |||
Contingent consideration | 82,293,201 | - | |||
Loans and borrowings | 950,783,203 | 2,184,694,049 | |||
Bank overdraft | 1,017,187,085 | 872,203,730 | |||
Liabilities directly associated with assets held for sale | - | 856,505,631 | |||
Total current liabilities | 6,886,847,992 | 8,056,276,607 | |||
Total equity and liabilities | 27,470,417,790 | 26,883,005,460 | |||
Net asset value per share (Rs.) | 26.85 | 23.48 |
Figures in brackets indicate deductions. The above figures are not audited
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved and signed for and on behalf of the Board,
Chairman | Group Managing Director |
February 03, 2022 | |
Colombo |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Sunshine Holdings plc published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 09:38:06 UTC.
