SUNSHINE HOLDINGS PLC SUNSHINE HOLDINGS PLC
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
02 | SUNSHINE HOLDINGS PLC |
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS |
GROUP MANAGING DIRECTOR'S MESSAGE
Dear Shareholder,
The Group recorded a consolidated revenue of LKR 32 billion for the period ended 31st March 2022, up by LKR 7.8 billion (32% YoY). The Group revenue which predominantly includes revenue from Healthcare, Consumer goods and Agribusiness sectors, contributed 54%, 25% and 20% respectively. Healthcare sector recordedYoY growth of 37% against last year, whilst the Agri sector revenue was up by 65%. Consumer goods sector recorded a 13.2% increase in revenue compared to last year mainly driven by the acquisition of Daintee Limited in FY21.
Gross profit margin for the year stood at 31.8%, which is a marginal increase of 04 basis points against the same period last year.The gross profit improved by LKR 2.5 billion up 32% YoY compared to the previous year, in line with revenue growth.The Group EBIT closed at LKR 5,706 million, an increase of 61.8% YoY.
Healthcare sector recorded a revenue of LKR 17.5 billion during FY21/22, a significant increase of 37% YoY backed by the improved performance in Pharmaceutical and Medical Devices divisions together with the contribution from Akbar Pharmaceutical (Pvt) Ltd. EBIT for the sector was LKR 1,631 million.The Healthcare sector Profit After Tax (PAT) increased by 30% YoY.
Consumer Goods sector reported a 13.2% YoY increase in revenue to close at LKR 8 billion in FY21/22. The revenue increase is mainly driven by the addition of the confectionary business division via the acquisition of Daintee Ltd.The PAT of the sector increased by LKR 12 million (2.6%YoY) compared to the same period last year. PAT contribution of Daintee Limited to the Consumer sector is LKR 167 million.
Agribusiness sector revenue increased by 65% YoY during FY21/22 compared to the corresponding period last year.The EBIT increased by 1,528 million (84% growth YoY) driven by the improved performance in the Palm oil business backed by the growth in NSA. PAT of the Agri sector closed at LKR 3.4 billion for FY21/22, up by LKR 1,795 million compared to the same period last year, while PAT of the Dairy business decreased to LKR 28 million compared to a net profit of LKR 60 million during the same period last year.
Group PAT amounted to LKR 4,997 million in FY21/22 compared to LKR 2,537 million reported during same period last year. Profits attributable to equity shareholders (PATMI) closed at LKR 2,721 million for 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 political instability and prevalent adverse macroeconomic fundamentals. 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 May 27, 2022 Colombo
SUNSHINE HOLDINGS PLC | 03 | |||||||
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
CONDENSED STATEMENT OF COMPREHENSIVE INCOME - GROUP | ||||||||
Unaudited | Audited | Unaudited | ||||||
Year ended | Year ended | Change Quarter ended Quarter ended Change | ||||||
31st March | 31st March | 31st March | 31st March | |||||
2022 | 2021 | 2022 | 2021 | |||||
Continuing operations | LKR | LKR | % | LKR | LKR | % | ||
Revenue | 32,166,208,978 | 24,339,446,156 | 32 | 8,057,532,938 | 6,939,886,601 | 16 | ||
Cost of sales | (21,927,172,553) (16,601,729,049) | 32 | (5,946,040,238) | (4,999,563,408) | 19 | |||
Gross profit | 10,239,036,426 | 7,737,717,107 | 32 | 2,111,492,701 | 1,940,323,193 | 9 | ||
Other income | 563,541,788 | 291,436,825 | 93 | 312,640,340 | 38,579,146 | 710 | ||
Selling & distribution expenses | (2,327,421,928) | (2,182,677,904) | 7 | (318,501,392) | (606,882,157) | (48) | ||
Administration expenses | (2,766,082,470) | (2,177,851,096) | 27 | (850,037,173) | (609,421,882) | 39 | ||
Impairment of asset held for sale | - | (143,246,439) | n/m | - | (143,246,439) | n/m | ||
Gain/(loss) on disposal of subsidiaries | (2,705,775) | - | n/m | 44,565 | - | n/m | ||
Results from operating activities | 5,706,368,041 | 3,525,378,493 | 62 | 1,255,639,041 | 619,351,861 | 103 | ||
Finance income | 366,448,548 | 252,646,432 | 45 | 236,632,067 | 64,154,395 | 269 | ||
Finance cost | (375,706,666) | (468,793,779) | (20) | (143,101,163) | (79,110,604) | 81 | ||
Net finance cost | (9,258,118) | (216,147,347) | (96) | 93,530,904 | (14,956,209) | (725) | ||
Share of (loss)/ profit of equity accounted investees, net tax | (436,572) | (92,356) | 373 | - | 205,791 | (100) | ||
Impairment of Goodwill | (50,000,000) | - | n/m | (50,000,000) | - | n/m | ||
Profit before tax | 5,646,673,351 | 3,309,138,790 | 71 | 1,299,169,945 | 604,601,443 | 123 | ||
Income tax expense | (650,001,269) | (771,610,789) | (16) | 120,438,504 | 45,092,119 | 167 | ||
Profit for the period | 4,996,672,082 | 2,537,528,001 | 97 | 1,419,608,449 | 649,693,562 | 126 | ||
Other comprehensive income | ||||||||
Equity investments at FVOCI - net change in fair value | (65,125,525) | (32,088,698) | 103 | (65,125,525) | (32,088,698) | 103 | ||
Exchange gain/(loss) on foreign operation translation | 9,505,900 | 1,092,211 | 770 | 8,604,628 | 957,024 | 799 | ||
Remeasurement of retirement benefit liability | 132,572,210 | (25,750,348) | 615 | 132,572,210 | (32,899,320) | 503 | ||
Tax on other comprehensive income | (6,574,130) | 18,776,503 | (135) | (6,574,130) | 20,778,215 | (132) | ||
Total other comprehensive income for the period | 70,378,455 | (37,970,332) | 285 | 69,477,183 | (43,252,779) | 261 | ||
Total comprehensive income for the period | 5,067,050,537 | 2,499,557,669 | 103 | 1,489,085,632 | 606,440,783 | 154 | ||
Profit attributable to: | ||||||||
Owners of the parent company | 2,720,742,972 | 1,522,207,103 | 79 | 900,409,309 | 430,850,279 | 109 | ||
Non-controlling interest | 2,275,929,110 | 1,015,320,898 | 124 | 519,199,140 | 218,843,283 | 137 | ||
4,996,672,082 | 2,537,528,001 | 97 | 1,419,608,449 | 649,693,562 | 118 | |||
Other comprehensive income attributable to: | ||||||||
Owners of the parent company | 31,420,887 | (43,843,965) | (172) | 30,519,615 | (49,832,038) | (161) | ||
Non-controlling interest | 38,957,568 | 5,873,633 | 563 | 38,957,568 | 6,579,259 | 492 | ||
Total comprehensive income for the period | 5,067,050,537 | 2,499,557,669 | 103 | 1,489,085,632 | 606,440,783 | 146 | ||
Basic earnings per share | 6.06 | 3.39 | 2.01 | 0.96 | ||||
Figures in brackets indicate deductions. | ||||||||
The above figures are not audited | ||||||||
n/m- not meaningful | ||||||||
04 | SUNSHINE HOLDINGS PLC | ||||||||||
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||
CONDENSED STATEMENT OF COMPREHENSIVE INCOME - COMPANY | |||||||||||
Unaudited | Amalgamated* | Without | Unaudited | Amalgamated* | Without | ||||||
Amalgamated** | Amalgamated** | ||||||||||
Year ended | Year ended | Year ended | Change Quarter ended | Quarter ended | Quarter | Change | |||||
31st March | 31st March | 31st March | 31st March | 31st March | ended | ||||||
2022 | 2021 | 2021 | 2022 | 2021 | 31st March | ||||||
2021 | |||||||||||
LKR | LKR | LKR | % | LKR | LKR | LKR | % | ||||
Revenue | 1,075,338,436 | 850,202,179 | 850,202,179 | 26 | 391,592,849 | 179,211,759 | 179,211,759 | 119 | |||
Cost of sales | - | - | - | n/m | - | - | - | n/m | |||
Gross profit | 1,075,338,436 | 850,202,179 | 850,202,179 | 26 | 391,592,849 | 179,211,759 | 179,211,759 | 119 | |||
Other income | 400,666,055 | 354,688,067 | 341,800,630 | 13 | 35,888,714 | 116,362,829 | 112,476,617 | (69) | |||
Administration expenses | (588,900,644) | (472,540,034) | (449,704,631) | 25 | (156,684,798) | (145,419,106) | (132,976,978) | 8 | |||
Impairment of investment in equity- | (436,572) | (59,452) | (59,452) | 634 | (436,572) | (59,452) | (59,452) | 734 | |||
accounted investee | |||||||||||
Gain on disposal of subsidiaries | 59,173,066 | 2,032,745,933 | 2,032,745,933 | (97) | 59,173,066 | - | - | n/m | |||
Gain on disposal of subsidiary shares | - | 260,563,654 | 260,563,654 | (100) | - | 260,563,654 | 260,563,654 | n/m | |||
Results from operating activities | 945,840,342 | 3,025,600,347 | 3,035,548,313 | (69) | 329,533,259 | 410,659,683 | 419,215,601 | (20) | |||
Finance income | 96,334,771 | 169,448,305 | 156,225,875 | (43) | 35,952,584 | 24,833,017 | 22,865,233 | 45 | |||
Finance cost | (3,890,181) | (171,019,885) | (170,998,805) | (98) | (35,581) | (9,373,941) | (9,369,011) | (100) | |||
Net finance cost | 92,444,590 | (1,571,580) | (14,772,930) | (5,982) | 35,917,003 | 15,459,076 | 13,496,222 | 132 | |||
Profit before tax | 1,038,284,932 | 3,024,028,767 | 3,020,775,383 | (66) | 365,450,262 | 426,118,759 | 432,711,822 | (14) | |||
Income tax expense | (15,452,669) | (117,953,218) | (117,053,693) | (87) | (15,787,849) | 2,604,213 | 2,376,447 | (706) | |||
Profit for the period | 1,022,832,262 | 2,906,075,549 | 2,903,721,690 | (65) | 349,662,412 | 428,722,972 | 435,088,269 | (18) | |||
Other comprehensive income | |||||||||||
Equity investments at FVOCI - net change | (65,125,525) | (32,088,698) | (32,088,698) | 103 | (65,125,525) | (32,088,698) | (32,088,698) | 103 | |||
in fair value | |||||||||||
Defined benefit plan actuarial gain/(loss) | 13,070,842 | 5,713,081 | 6,049,909 | 129 | 13,070,842 | 5,713,081 | 6,049,909 | 129 | |||
Income tax on other comprehensive income | 12,412,284 | 10,993,723 | 10,912,884 | 13 | 12,412,284 | 10,993,723 | 10,912,884 | 13 | |||
Total other comprehensive income for | (39,642,399) | (15,381,894) | (15,125,905) | 158 | (39,642,399) | (15,381,894) | (15,125,905) | 158 | |||
the period | |||||||||||
Total comprehensive income for the | 983,189,864 | 2,890,693,655 | 2,888,595,785 | (66) | 310,020,013 | 413,341,078 | 419,962,364 | (25) | |||
period | |||||||||||
Basic earnings per share from continuing | 2.28 | 6.47 | 0.78 | 0.96 | 0.97 | ||||||
operations |
* The balances has been restated for the year ended 31 March 2021 to reflect the adjustments made due to the amalgamation between the Company and Sunshine Energy (Pvt) Limited.
** The balances are as presented in the audited financial statements for the year ended 31 March 2021, with no restatement due to amalgamation.These balances are presented for comparability.
Figures in brackets indicate deductions. The above figures are not audited n/m- not meaningful
SUNSHINE HOLDINGS PLC | 05 | ||||
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |||||
CONDENSED STATEMENT OF FINANCIAL POSITION - GROUP | |||||
Unaudited | Audited | ||||
As at 31st | As at 31st | ||||
March 2022 | March 2021 | ||||
LKR | LKR | ||||
ASSETS | |||||
Non current assets | |||||
Property, plant and equipment | 4,787,019,935 | 4,794,110,834 | |||
Intangible assets | 385,928,439 | 249,057,345 | |||
Leasehold right to bare land | 235,995,000 | 238,853,000 | |||
Biological assets | 3,675,946,000 | 3,492,193,000 | |||
Investment property | 1,030,093,525 | 769,499,144 | |||
Equity-accounted investee | - | 1,292,006 | |||
Other investments | 741,513,041 | 1,004,330,898 | |||
Deferred tax assets | 59,582,503 | 42,611,982 | |||
Goodwill on Acquisition | 1,526,648,376 | 1,576,648,378 | |||
Total non-current assets | 12,442,726,819 | 12,168,596,587 | |||
Current assets | |||||
Biological assets-growing crops on bearer plants | 71,671,000 | 52,688,000 | |||
Inventories | 6,483,619,355 | 5,145,162,996 | |||
Other investments | 717,726,603 | 335,364,187 | |||
Current tax assets | 56,763,982 | 29,585,672 | |||
Trade & other receivables | 6,105,636,443 | 4,848,691,358 | |||
Amounts due from related parties | 10,655,319 | 475,000 | |||
Cash & cash equivalent | 3,264,723,523 | 2,520,552,239 | |||
Assets Held for sale | - | 1,781,889,421 | |||
Total current assets | 16,710,796,225 | 14,714,408,873 | |||
Total assets | 29,153,523,044 | 26,883,005,460 | |||
EQUITY AND LIABILITIES | |||||
Equity | |||||
Stated capital | 1,641,715,247 | 1,641,715,247 | |||
Reserves | 274,560,725 | 339,686,250 | |||
Retained earnings | 11,061,418,417 | 8,551,561,683 | |||
Equity attributable to owners of the company | 12,977,694,389 | 10,532,963,180 | |||
Non-controlling interests | 5,450,236,264 | 4,808,856,243 | |||
Total equity | 18,427,930,653 | 15,341,819,423 | |||
Non-current liabilities | |||||
Loans and borrowings | 1,663,343,846 | 1,968,834,746 | |||
Employee benefits | 615,771,635 | 713,774,478 | |||
Contingent consideration | - | 78,026,414 | |||
Refundable Deposit Received | 4,236,700 | 4,236,700 | |||
Deferred income and capital grants | 41,442,000 | 91,996,000 | |||
Deferred tax | 501,523,157 | 632,277,792 | |||
Total non-current liabilities | 2,826,317,338 | 3,489,146,130 | |||
Current liabilities | |||||
Trade and other payables | 5,633,690,534 | 3,771,140,419 | |||
Amounts due to related parties | 57,537,862 | 12,802,099 | |||
Current tax liabilities | 295,699,941 | 354,693,979 | |||
Loans and borrowings | 994,833,215 | 2,184,694,049 | |||
Bank overdraft | 917,513,501 | 872,203,730 | |||
Liabilities directly associated with assets held for sale | - | 856,505,631 | |||
Total current liabilities | 7,899,275,053 | 8,052,039,907 | |||
Total equity and liabilities | 29,153,523,044 | 26,883,005,460 | |||
Net asset value per share (Rs.) | 28.93 | 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 |
May 27, 2022 | |
Colombo |
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Sunshine Holdings plc published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 02:39:04 UTC.
