SUNSHINE HOLDINGS PLC
Annual Report 2020/21
| Group | Company | |||||
| For the year ended 31 March | Note | 2020 Rs. |
Rs. |
2020 restated* Rs. |
2020 Previously reported** Rs. |
|
| Cash flows from operating activities | ||||||
| Profit before tax for the year | 3,309,138,790 | 2,563,376,924 | 3,020,775,383 | 1,987,767,356 | 312,812,421 | |
| Adjustments for: | ||||||
| Interest income | 13 | (202,383,169) | (218,405,325) | (156,225,875) | (195,468,866) | (120,047,566) |
| Scrip dividend | – | – | – | (38,492,321) | – | |
| Profit on disposal of property, plant and equipment | 11 | (31,708,661) | (44,059,002) | – | (2,011,685) | (2,011,685) |
| Write-off of intangible assets | 20 | – | – | – | – | – |
| Biological assets – (gain)/loss from produce crop valuation | 22 | (10,891,000) | (10,526,000) | – | – | – |
| (Reversal)/Provision for other receivables | 30.2 | 370,565 | (8,107,946) | – | – | – |
| Impairment losses and write-downs | 22.1 | 20,126,000 | – | 59,452 | 7,648,541 | 7,648,541 |
| Gain on fair valuation of livestock | 22.3 | 30,000 | (12,634,000) | – | – | – |
| Interest expense | 13 | 468,793,779 | 608,747,322 | 170,998,805 | 184,130,732 | 183,975,056 |
| Depreciation of property, plant and equipment | 19.1 | 647,977,610 | 580,883,367 | 21,463,966 | 20,804,093 | 17,965,559 |
| Amortisation of intangible assets | 20.1 | 38,151,772 | 37,014,521 | 4,685 | 22,562 | – |
| Depreciation of mature plantations | 22.1 | 157,230,000 | 167,161,000 | – | ||
| Provision/(reversal) and write-off for bad and doubtful debts | 30 | 57,788,999 | 22,994,323 | – | – | – |
| Provision/(reversals) and Write-off for inventories | 28.2 | 72,364,883 | 7,231,966 | – | – | – |
| Fair value gain on investment property | 23.1 | – | (116,267,064) | – | – | |
| Profit/(loss) of equity accounted investee | 25 | 92,356 | 1,413,934 | – | – | – |
| Amortisation of capital grants | 36 | (50,554,000) | (50,555,000) | – | – | – |
| Amortisation of leasehold right to land | 21 | 10,120,000 | 10,283,000 | – | – | – |
| Loss/(profit) on sale of rubber trees | 11 | – | (7,747,000) | – | – | – |
| Fair value gain/loss | 10/11 | 1,086,323 | (4,422,113) | 2,225,511 | (48,171,352) | (4,422,113) |
| Provision for retirement benefit obligations | 35 | 119,130,631 | 110,473,610 | 13,526,859 | 15,108,292 | 15,108,292 |
| Rent concession | 34.3 | (22,153,634) | – | (1,079,325) | – | |
| Fair value gain/(loss) on consumable biological assets | 22.2 | (1,200,000) | 6,656,000 | – | – | |
| Loss/(gain) on disposal of a subsidiary | 24.4 | 63,000 | (340,726,887) | (2,032,745,933) | (1,477,356,546) | – |
| Gain on partial disposal of investment in subsidiary | 24.4 | – | – | (260,563,654) | – | – |
| Loss/(profit) on sale of investments | 10 | – | – | (9,007,485) | – | – |
| Provision for impairment for asset held for sale | 42 | 143,246,439 | – | – | – | – |
| Operating profit before working capital change | 4,726,820,683 | 3,302,785,630 | 769,432,389 | 453,980,806 | 411,028,505 | |
| Changes in: | ||||||
| (Increase)/decrease in inventories | (1,282,057,453) | 252,317,053 | – | – | – | |
| Decrease/(increase) in trade and other receivables | 47,163,592 | (894,578,911) | 27,247,827 | (37,071,935) | (33,113,470) | |
| Decrease/(increase) in amounts due from related parties | 78,318,595 | 133,353,924 | 17,561,881 | (15,050,095) | (15,050,094) | |
| Increase/(decrease) in trade and other payables | 1,043,501,778 | (439,863,491) | (5,755,018) | (6,340,936) | (1,466,508) | |
| (Decrease)/increase in amounts due to related parties | (21,760,652) | (144,545,426) | (3,186,792) | 2,875,808 | 2,651,108 | |
| Cash generated from operating activities | 4,591,986,543 | 2,209,468,779 | 805,300,287 | 398,393,648 | 364,049,541 | |
| Interest paid | (372,313,140) | (487,833,502) | (169,371,726) | (127,892,181) | (163,945,575) | |
| Income tax paid | 29 | (643,172,689) | (506,422,254) | (63,223,579) | – | – |
| Employee benefits paid | 35 | (44,655,744) | (58,074,587) | – | (3,197,904) | (3,197,904) |
| Net cash from operating activities | 3,531,844,970 | 1,157,138,436 | 572,704,982 | 267,303,563 | 196,906,062 | |
| Cash flows from investing activities | ||||||
| Interest Received | 175,994,128 | 218,405,325 | 156,256,012 | 195,468,866 | 120,047,566 | |
| (Investments)/disposal in other investments | 52,076,228 | (115,475,331) | 54,664,537 | (71,726,089) | (115,475,329) | |
| (Investments)/disposal in short-term investments | 375,484,496 | – | – | – | ||
| (Investment)/disposal of subsidiary | – | – | (4,423,814,034) | (75,000,000) | (75,000,000) | |
| Investment in gratuity fund | (13,428,000) | (31,674,000) | – | – | – | |
| Additions to bearer plants | 22.1 | (165,202,000) | (211,390,000) | – | – | – |
| Additions to consumable biological assets | 22.2 | – | (438,000) | – | – | – |
| Net investment in livestock | 22.3 | (53,832,000) | (20,284,000) | – | – | – |
| Additions to property, plant and equipment | 19.1 | (345,733,540) | (420,804,390) | (4,504,705) | (15,245,259) | (15,245,259) |
| Acquisition of intangible assets | 20.1 | (52,883,028) | (13,632,499) | (7,555,660) | – | – |
| Proceeds from sale of trees | – | 8,020,000 | – | – | – | |
| Proceeds from sale of property, plant and equipment | 77,070,511 | 79,653,225 | – | 8,501,000 | 8,501,000 | |
| Acquisition of non-controlling interest in subsidiaries | 24.3 | (2,903,064,032) | (190,972,000) | – | – | – |
| Acquisition of subsidiaries (net of cash) | 24.4 | (2,238,359,537) | – | – | – | |
| Disposal of subsidiary (net of cash) | 24.5 | 1,268,000 | 1,286,196,546 | 2,999,743,572 | 1,477,356,546 | – |
| Proceeds on disposal of shares held in subsidiary | 278,429,916 | – | 278,429,916 | – | – | |
| Additions to the investment properties | – | (119,159,260) | – | – | – | |
| Net cash (used in)/generated from investing activities | (4,812,178,858) | 468,445,616 | (946,780,362) | 1,519,355,064 | (77,172,022) | |
Cash flows from financing activities |
||||||
| Share issuing cost | – | (35,671,225) | – | – | – | |
| Receipts of interest-bearing borrowings | 34.1 | 11,031,270,271 | 3,575,138,157 | 3,104,000,000 | 1,580,000,000 | 1,580,000,000 |
| Proceeds from share issued by subsidiary to NCI | 24.2 | 1,520,750,002 | 374,972,690 | – | – | – |
| Repayments of interest-bearing borrowings | 34 | (11,852,381,665) | (2,810,824,356) | (4,999,121,698) | (429,949,394) | (393,896,000) |
| Payment of lease liabilities (repayment of lease principal) | 34 | (175,206,298) | (191,647,668) | (14,750,775) | (18,006,816) | (15,022,800) |
| Dividend paid | 17.1 | (955,149,219) | (186,942,629) | (261,719,680) | (186,942,629) | (186,942,629) |
| Net cash from financing activities | (430,716,909) | 725,024,969 | (2,171,592,153) | 945,101,161 | 984,138,571 | |
| Net (decrease)/increase in cash and cash equivalents | (1,711,050,797) | 2,350,609,021 | (2,545,667,533) | 2,731,759,788 | 1,103,872,611 | |
| Cash and cash equivalents as at 1 April 2020 | 3,408,395,610 | 1,056,602,620 | 3,826,333,848 | 1,094,574,060 | 1,082,109,987 | |
| Effect of movement in exchange rates | 1,092,211 | 1,183,969 | – | – | – | |
| Cash and cash equivalents as at 31 March | 32 | 1,698,437,024 | 3,408,395,610 | 1,280,666,315 | 3,826,333,848 | 2,185,982,598 |
* The balances presented represent the restated balances for the year ended 31 March 2020 to reflect the adjustments made due to the amalgamation between the Company and Estate Management Services (Pvt) Ltd. Refer Note 46 for details.
** The balances presented represent the balances as reported in the Audited Financial Statements for the year ended 31 March 2020, . These balances are presented for the purposes of comparability.
Figures in brackets indicate deductions.
The Accounting Policies and Notes are an integral part of these Financial Statements.