SUNSHINE HOLDINGS PLC
Annual Report 2019/20
| Group | Company | |||
| For the year ended 31 March | 2020
Rs. |
2019 Rs. |
2020 Rs. |
2019 Rs. |
| Cash flows from operating activities | ||||
| Profit before tax for the period | 2,563,376,925 | 1,881,576,601 | 312,812,421 | 240,636,058 |
| Adjustments for: | ||||
| Interest income | (218,405,324) | (150,924,100) | (120,047,566) | (114,918,099) |
| Dividend income | – | (7,088,000) | – | – |
| Write off of assets held for sale | – | 15,496,709 | – | – |
| Impairment of assets held for sale | – | 25,320,163 | – | – |
| Profit on disposal of property, plant and equipment | (44,059,002) | (78,376,481) | (2,011,685) | – |
| Biological assets – (gain)/loss from produce crop valuation | (10,526,000) | 3,151,000 | – | – |
| Provision/(reversal) of other receivable | (8,107,946) | 23,011,535 | – | – |
| Write off of other receivables | – | 4,169,680 | – | 4,169,680 |
| Impairment losses and write downs | – | 2,317,000 | – | – |
| Impairment of investment | – | – | 7,648,541 | 87,766,423 |
| Gain on fair valuation of livestock | (12,634,000) | 24,493,000 | – | – |
| Interest expense | 608,747,322 | 560,068,282 | 183,975,056 | 178,218,809 |
| Depreciation and amortisation | 785,058,888 | 747,309,190 | 17,965,559 | 5,999,124 |
| Provision/(reversal) and write off for bad and doubtful debts | 22,994,323 | (22,673,239) | – | – |
| Provision/(reversals) and Write-off for inventories | 7,231,966 | 4,073,494 | – | – |
| Fair value gain on investment property | (116,267,064) | – | – | |
| Profit/(loss) of equity investee | 1,413,934 | 5,161,318 | – | – |
| Amortisation of capital grants | (50,555,000) | (56,823,000) | – | – |
| Amortisation of leasehold right to land | 10,283,000 | 7,034,000 | – | – |
| Profit on sale of rubber trees | (7,747,000) | (33,105,000) | – | – |
| Fair value gain/loss | (4,422,113) | 11,017,276 | (4,422,113) | 11,017,276 |
| Provision for retirement benefit obligations | 110,473,610 | 298,038,486 | 15,108,292 | 14,409,309 |
| Timber fair valuation gain | 6,656,000 | (9,473,000) | – | – |
| Profit on disposal of assets held for sale | – | (1,192,252) | – | – |
| Gain on disposal of a subsidiary | (340,726,887) | – | – | – |
| Operating profit before working capital change | 3,302,785,632 | 3,252,582,662 | 411,028,505 | 427,298,580 |
| Changes in: | ||||
| Inventories | 252,317,053 | 60,055,169 | – | – |
| Trade and other receivables | (894,578,911) | (620,802,768) | (33,113,470) | (7,418,656) |
| Amounts due from related parties | 133,353,924 | (13,047,973) | (15,050,094) | (54,836,115) |
| Trade and other payables | (439,863,490) | 121,914,552 | (1,466,508) | (999,786) |
| Amounts due to related parties | (144,545,426) | 21,515,665 | 2,651,108 | – |
| Cash generated from operating activities | 2,209,468,782 | 2,822,217,307 | 364,049,541 | 364,044,023 |
| Interest paid | 487,833,502 | (506,571,577) | (163,945,575) | (143,835,444) |
| Income tax paid | (506,422,256) | (462,423,561) | – | – |
| Employee benefits paid | (58,074,587) | (152,320,973) | (3,197,904) | (8,090,760) |
| Net cash from operating activities | 1,157,138,437 | 1,700,901,196 | 196,906,062 | 212,117,819 |
| Cash flows from investing activities | ||||
| Interest received | 218,405,324 | 150,924,100 | 120,047,566 | 114,918,099 |
| Dividend received | – | 7,088,000 | – | – |
| (Investments)/disposal in other investments | (115,475,331) | 6,409,881 | (115,475,329) | 6,409,881 |
| (Investment)/disposal of Subsidiary | – | – | (75,000,000) | (383,267,473) |
| Investment in gratuity fund | (31,674,000) | (23,456,000) | – | – |
| Additions to bearer plants | (211,390,000) | (335,629,000) | – | – |
| Additions to consumable biological assets | (438,000) | (28,764,000) | – | – |
| Investment in live stock | (20,284,000) | (147,511,000) | – | – |
| Additions to property, plant and equipment | (420,804,390) | (857,805,894) | (15,245,259) | (18,288,951) |
| Acquisition of intangible assets | (13,632,499) | (68,676,718) | – | – |
| Proceeds from sale of trees | 8,020,000 | 50,167,000 | – | – |
| Proceeds from sale of property, plant and equipment | 79,653,225 | 94,676,313 | 8,501,000 | – |
| Proceeds from assets held for sale | – | 14,188,695 | – | – |
| Acquisition of non-controlling interest in subsidiaries | (190,972,000) | – | – | – |
| Disposal of subsidiary (net of cash) | 1,286,196,546 | – | – | – |
| Additions to the investment properties | (119,159,260) | – | – | – |
| Net cash from/(used in) investing activities | 468,445,615 | (1,138,388,623) | (77,172,022) | (280,228,444) |
| Cash flows from financing activities | ||||
| Proceeds from issue of shares | – | 775,000,005 | – | 775,000,005 |
| Share issuing cost | (35,671,225) | (39,700,000) | – | (39,700,000) |
| Receipts of interest bearing borrowings | 3,575,138,157 | 3,173,460,541 | 1,580,000,000 | 1,550,112,500 |
| Proceeds from share issued by subsidiary to NCI | 374,972,690 | 37,617,512 | – | – |
| Repayments of interest bearing borrowings | (2,810,824,356) | (3,372,045,143) | (393,896,000) | (1,525,000,000) |
| Payment of lease liabilities (2019: repayment of lease principal) | 191,647,668 | (26,669,434) | (15,022,800) | – |
| Dividend paid | (186,942,629) | (136,527,501) | (186,942,629) | (136,527,500) |
| Payments to NCI | – | (366,484,682) | – | – |
| Net cash from financing activities | 725,024,969 | 44,651,298 | 984,138,571 | 623,885,005 |
| Net increase in cash and cash equivalents | 2,350,609,021 | 607,163,871 | 1,103,872,611 | 555,774,380 |
| Cash and cash equivalents at 1 April | 1,056,602,620 | 446,554,656 | 1,082,109,987 | 526,335,607 |
| Effect of movement in exchange rates | 1,183,969 | 2,884,093 | – | – |
| Cash and cash equivalents at 31 March | 3,408,395,610 | 1,056,602,620 | 2,185,982,598 | 1,082,109,987 |
Figures in brackets indicate deductions.
The Accounting Policies and Notes from pages 57 to 159 are an integral part of these Financial Statements.