Sierra Cables : Interim Financial Statements as at 30/09/2022

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SIERRA CABLES PLC

PQ 166

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30TH SEPTEMBER 2022

(UNAUDITED)

SIERRA CABLES PLC

INCOME STATEMENT

			Group			Company
FOR THE PERIOD ENDED 30TH SEPTEMBER,	2022	2021		Variance	2022	2021		Variance
	Rs.		Rs.	%		Rs.		Rs.	%
	(Un-Audited)		(Un-Audited)			(Un-Audited)		(Un-Audited)
Revenue	3,482,354,199	4,059,359,185		-14%	3,445,534,267	3,917,840,867		-12%
Cost of Sales	(2,014,162,921)		(3,425,266,377)		-41%		(1,972,776,428)		(3,304,500,995)		-40%
Gross Profit	1,468,191,278	634,092,808		132%	1,472,757,839	613,339,872		140%
Other Income	18,821,296	16,350,948		15%	18,821,296	16,164,246		16%
Selling and Distribution Expenses	(164,776,173)	(123,921,919)		33%	(160,861,017)	(118,381,077)		36%
Administrative Expenses	(101,546,157)	(90,404,428)		12%	(100,741,214)	(58,342,956)		73%
Other Operating Expenses	-	-		0%	(28,872,141)	(26,279,708)		10%
Profit from Operations	1,220,690,244	436,117,409		180%	1,201,104,763	426,500,377		182%
Net Finance Costs	(538,792,766)	(224,831,394)		140%	(489,884,934)	(213,165,883)		130%
Share of Profit of Equity-Accounted Investees, (Net of	31,637,822	19,099,304		66%	-	-
Tax)
Profit Before Taxation	713,535,300	230,385,319		210%	711,219,829	213,334,494		233%
Income Tax Expense	(144,644,000)	(42,000,000)		244%	(144,644,000)	(42,000,000)		244%
Profit/(Loss) for the Period	568,891,300	188,385,319		202%	566,575,829	171,334,494		231%
Profit/(Loss) Attributable to :
Owners of the Company	574,144,776	189,661,910		203%	566,575,829	171,334,494		231%
Non - Controlling Interests	(5,253,476)		(1,276,591)		312%		-		-
Profit/(Loss) for the Period	568,891,300		188,385,319		202%		566,575,829		171,334,494		231%
Basic Earnings Per Share	1.07	0.35			1.05	0.32

SIERRA CABLES PLC

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

			Group					Company
FOR THE PERIOD ENDED 30TH SEPTEMBER,	2022	2021		Variance	2022	2021		Variance
	Rs.		Rs.	%		Rs.		Rs.	%
	(Un-Audited)		(Un-Audited)			(Un-Audited)		(Un-Audited)
Profit/(Loss) for the Period	568,891,300	188,385,319		202%	566,575,829	171,334,494		231%
Other Comprehensive Income/(Expense)
Equity investment at FVOCI - Net Change in Fair Value	1,348,888		1,867,557		-28%		1,348,888		1,867,557		-28%
Other Comprehensive Income for the Period, Net of Tax	1,348,888	1,867,557		-28%	1,348,888	1,867,557		-28%
			-
Total Comprehensive Income for the Period	570,240,188	190,252,876		200%	567,924,717	173,202,050		228%
Total Comprehensive Income/(Expense) Attributable to :
Owners of the Company	575,493,664	191,529,467		200%	567,924,717	173,202,050		228%
Non - Controlling Interests	(5,253,476)		(1,276,591)		312%		-		-
Total Comprehensive Income for the Period	570,240,188		190,252,876		200%		567,924,717		173,202,050		228%

Figures in brackets indicate deductions.

SIERRA CABLES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

			Group						Company
AS AT 30TH SEPTEMBER,	30-09-2022	30-09-2021	31-03-2022	30-09-2022	30-09-2021	31-03-2022
`	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
	(Un-Audited)		(Un-Audited)		(Audited)		(Un-Audited)		(Un-Audited)		(Audited)
ASSETS
Non Current Assets
Property Plant & Equipments	2,749,447,828	1,866,459,921	2,799,890,735	1,991,952,066	1,414,654,265	2,039,081,384
Intangible Assets	190,545	1,563,566	571,586	190,545	1,563,566	571,586
Right of Use Assets	123,677	2,528,281	123,677	123,677	2,528,281	123,677
Investment in Subsidiaries	-	-	-	89,876,892	89,876,892	89,876,892
Equity-Accounted Investees	84,904,732	51,675,260	53,266,907	31,610,163	31,610,163	31,610,163
Other Non-Current Assets	30,693,415		30,884,750		29,344,528		30,693,415		30,884,750		29,344,528
Total Non Current Assets	2,865,360,197	1,953,111,778	2,883,197,433	2,144,446,758	1,571,117,917	2,190,608,230
Current Assets
Inventories	2,769,412,113	2,185,565,919	2,032,132,009	2,452,681,928	2,007,216,879	1,786,169,315
Trade and Other Receivables	2,061,672,774	3,044,184,277	2,742,021,334	1,577,357,533	2,670,574,011	2,086,264,904
Amounts due from Related Companies	85,004,187	90,949,281	87,064,544	896,139,016	475,899,373	714,505,444
Loan Receivable	-	-	-	-	34,616,300	-
Cash and Cash Equivalents	563,987,502		587,634,979		326,240,025		556,759,898		585,754,601		315,863,259
Total Current Assets	5,480,076,576		5,908,334,456		5,187,457,912		5,482,938,375		5,774,061,164		4,902,802,922
Total Assets	8,345,436,773	7,861,446,234	8,070,655,345	7,627,385,133	7,345,179,081	7,093,411,152
EQUITY AND LIABILITIES
Equity
Stated Capital	894,565,898	894,565,898	894,565,898	894,565,898	894,565,898	894,565,898
Retained Earnings	1,807,191,888	961,325,562	1,233,047,112	1,675,100,207	910,017,901	1,108,524,378
Fair Value Reserve	19,053,890	19,245,225	17,705,002	19,053,890	19,245,225	17,705,002
Foreign Currency Translation Reserve	9,213,333	9,024,997	9,213,333	-	-	-
Revaluation Reserve	1,614,753,772	1,012,847,327	1,614,753,772	1,441,509,941	918,607,356	1,441,509,941
Total Equity Attributable to Equity
Holders of the Company	4,344,778,781	2,897,009,009	3,769,285,117	4,030,229,936	2,742,436,380	3,462,305,219
Non-Controlling Interest	21,882,011		11,623,847	27,135,487		-		-	-
Total Equity	4,366,660,792	2,908,632,856	3,796,420,604	4,030,229,936	2,742,436,380	3,462,305,219
Non Current Liabilities
Retirement Benefit Obligations	89,609,956	64,392,757	80,106,867	88,050,367	66,768,606	78,547,281
Deferred Tax Liabilities	293,977,241	197,531,446	293,977,241	235,253,051	168,202,890	235,253,051
Term Loans Due After One Year	1,294,207,815	144,562,425	301,965,253	1,149,594,815	260,526,308	149,601,249
Lease Liabilities Due After One Year	-		1,821,171	-		-		485,415	-
Total Non Current Liabilities	1,677,795,012	408,307,799	676,049,361	1,472,898,233	495,983,219	463,401,581
Current Liabilities
Trade and Other Payables	203,690,701	2,370,787,725	1,372,248,737	251,162,122	2,333,674,417	1,264,874,861
Lease Liabilities Due Within One Year	360,782	1,508,430	360,782	360,783	1,508,430	360,782
Term Loans Due Within One Year	90,050,121	43,973,239	132,670,133	40,311,012	3,947,370	80,622,024
Amounts due to Related Companies	1,243,932	1,159,335	1,243,932	30,666	30,666	30,666
Import Demand Loans	1,764,657,294	1,776,139,266	1,682,392,479	1,694,575,374	1,627,507,360	1,549,340,079
Income Tax Payable	140,892,328	19,007,345	84,732,265	123,801,317	21,803,908	67,220,938
Bank Overdraft	100,085,811		156,851,902		324,537,052		14,015,690		118,287,331	205,255,002
Total Current Liabilities	2,300,980,969		4,369,427,242		3,598,185,380		2,124,256,964		4,106,759,481		3,167,704,352
Total Liabilities	3,978,775,981		4,952,813,378	4,274,234,741	3,597,155,197		4,602,742,701	3,631,105,933
Total Equity and Liabilities	8,345,436,773	7,861,446,234	8,070,655,345	7,627,385,133	7,345,179,081	7,093,411,152

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.

..……Sgd…........

R.D.S. Malinga

Finance Manager

The Board of Directors is responsible for the preparation and presentation of the Financial Statements.

Approved and signed for and on behalf of the Board of Directors.

...…..Sgd…...........	…...…Sgd…….....
S.S. Kotakadeniya	D.S Panditha
Director	Executive Director
11th November 2022
Colombo

SIERRA CABLES PLC

INCOME STATEMENT

		GROUP			COMPANY
FOR THE QUARTER ENDED 30TH SEPTEMBER,	2022	2021		Variance	2022	2021	Variance
	Rs.		Rs.	%		Rs.		Rs.	%
	(Un-Audited)		(Un-Audited)			(Un-Audited)		(Un-Audited)
Revenue	2,066,737,798	2,655,302,452		-22%	2,060,029,930	2,545,731,576	-19%
Cost Of Sales	(1,194,710,565)	(2,198,688,094)		-46%	(1,181,562,921)	(2,102,384,906)	-44%
Gross Profit	872,027,233	456,614,358		91%	878,467,009	443,346,670	98%
Other Income	12,974,743	8,635,152		50%	12,974,743	8,500,587	53%
Selling and Distribution Expenses	(89,072,271)	(69,523,838)		28%	(86,938,698)	(65,886,364)	32%
Administrative Expenses	(55,879,521)	(55,765,055)		0.21%	(55,463,929)	(33,346,178)	66%
Other Operating Expenses	-	-		100%	(28,872,141)	(26,279,708)	10%
Profit From Operations	740,050,184	339,960,618		118%	720,166,984	326,335,008	121%
Net Finance Costs	(214,582,613)	(181,199,441)		18%	(190,120,508)	(174,893,550)	9%
Share of Profit of Equity-Accounted Investees,	21,090,519	13,356,909		58%	-	-
(Net of Tax)
Profit Before Taxation	546,558,090	172,118,086		218%	530,046,476	151,441,458	250%
Income Tax Expense	(104,644,000)	(29,000,000)		261%	(104,644,000)	(29,000,000)	261%
Profit/(Loss) for the Period	441,914,090	143,118,086		209%	425,402,476	122,441,458	247%
Profit/(Loss) Attributable to :
Owners of the Company	445,018,348	143,967,194		209%	425,402,476	122,441,458	247%
Non - Controlling Interests	(3,104,258)		(849,108)		266%		-		-
	441,914,090		143,118,086		209%		425,402,476		122,441,458	247%
Basic Earnings/(Loss) Per Share	0.83	0.27			0.79	0.23

Figures in brackets indicate deductions