SUNSHINE HOLDINGS PLC
Annual Report 2020/21
| Attributable to owners of the Company | Total Rs. |
Non-controlling
interests Rs. |
Total equity Rs. |
||||||
| Note | Stated capital Rs. |
General
reserve Rs. |
Reserve on exchange gain/(loss) Rs. |
Fair value reserve Rs. |
Retained earnings Rs. |
||||
| Group | |||||||||
| Balance as at 1 April 2019 | 1,641,715,247 | 1,257,725 | 1,947,973 | 382,975,467 | 5,488,287,477 | 7,516,183,889 | 3,476,651,011 | 10,992,834,900 | |
| Fair value adjustment of right-to-use assets | 25,835,075 | 25,835,075 | 32,163,925 | 57,999,000 | |||||
| Adjusted balance as at 1 April 2019 – Restated | 1,641,715,247 | 1,257,725 | 1,947,973 | 382,975,467 | 5,514,122,552 | 7,542,018,964 | 3,508,814,936 | 11,050,833,900 | |
| Total comprehensive income for the year | |||||||||
| Profit for the year | – | – | – | – | 1,147,045,943 | 1,147,045,943 | 685,591,623 | 1,832,637,566 | |
| Total other comprehensive income for the year | – | – | 1,183,969 | (29,047,259) | (4,253,553) | (32,116,843) | (3,238,425) | (35,355,268) | |
| Total comprehensive income for the year | 1,183,969 | (29,047,259) | 1,142,792,390 | 1,114,929,100 | 682,353,198 | 1,797,282,298 | |||
| Transactions with owners of the Company | |||||||||
| Adjustment on disposal of investment in Hatton Plantations PLC | – | – | – | – | – | – | (365,855,341) | (365,855,341) | |
| Effective loss of control in Waltrim Hydropower (Pvt) Ltd. | – | – | – | – | (2,589,742) | (2,589,742) | 10,822,742 | 8,233,000 | |
| Investment in NCI – Watawala Dairy Ltd. | – | – | – | – | (103,641,337) | (103,641,337) | (76,448,663) | (180,090,000) | |
| Issue of shares to NCI – Watawala Plantations PLC | – | – | – | – | – | – | 13,356,018 | 13,356,018 | |
| Scrip Dividend to NCI – Watawala Plantations PLC | – | – | – | – | – | – | (15,530,243) | (15,530,243) | |
| Acquisition of NCI – Waltrim Hydropower (Pvt) Ltd. | – | – | – | – | (2,606,350) | (2,606,350) | (8,275,650) | (10,882,000) | |
| Impact on loss of effective shareholding in Sunshine Energy Group | – | – | – | – | 52,972,349 | 52,972,349 | 286,329,116 | 339,301,465 | |
| Dividend paid to owners for 2018/19 | – | – | – | – | (186,942,629) | (186,942,629) | – | (186,942,629) | |
| – | – | – | – | (242,807,709) | (242,807,709) | (155,602,021) | (398,409,730) | ||
| Balance as at 31 March 2020 | 1,641,715,247 | 1,257,725 | 3,131,942 | 353,928,208 | 6,414,107,233 | 8,414,140,355 | 4,035,566,113 | 12,449,706,468 | |
| Balance as at 1 April 2020 | 1,641,715,247 | 1,257,725 | 3,131,942 | 353,928,208 | 6,414,107,233 | 8,414,140,355 | 4,035,566,113 | 12,449,706,468 | |
| Total comprehensive income | |||||||||
| Profit for the year | – | – | – | – | 1,522,207,103 | 1,522,207,103 | 1,015,320,898 | 2,537,528,001 | |
| Total other comprehensive income for the year | – | – | 1,092,211 | (19,723,836) | (25,212,340) | (43,843,965) | 5,873,633 | (37,970,332) | |
| Total comprehensive income for the year | – | – | 1,092,211 | (19,723,836) | 1,496,994,763 | 1,478,363,138 | 1,021,194,531 | 2,499,557,669 | |
| Transactions with owners of the Company | |||||||||
| Issue of shares to NCI of Sunshine Wilmar (Pvt) Ltd. | 24.2/33.3.A | – | – | – | – | 1,520,750,002 | 1,520,750,002 | 1,520,750,002 | 1,520,750,002 |
| Impact on loss of effective shareholding in Watawala Plantations PLC Group | 24.3.1/33.3.A | – | – | (352,071,099) | (352,071,099) | 352,071,099 | – | 352,071,099 | – |
| Acquisition of NCI in Estate Management Services (Pvt) Ltd. | 24.3.2/ 33.3.A | – | – | (307,579,587) | (307,579,587) | (2,595,484,445) | (2,903,064,032) | (2,595,484,445) | (2,903,064,032) |
| Impact on gaining effective shareholding in Sunshine Consumer Lanka Ltd.Group (formerly known as “Watawala Tea Ceylon Limited Group”) | 24.3.2/ 33.3.A | – | – | 522,016,592 | 522,016,592 | (522,016,592) | – | (522,016,592) | – |
| Acquisition through business combination | 24.4 | – | – | – | 131,339,319 | 131,339,319 | 1,391,844,424 | 2,320,249,300 | |
| Impact of loss effective shareholding of 25% in Sunshine Healthcare Lanka Ltd. | 24.4/ 33.3.A | – | – | 928,404,876 | 928,404,876 | 1,391,844,424 | 2,320,249,300 | 1,391,844,424 | 2,320,249,300 |
| Impact of disposal of 3% shares held in Sunshine Healthcare Lanka Ltd. | 24.4/ 33.3.A | – | – | 111,408,585 | 111,408,585 | 167,021,331 | 278,429,916 | 167,021,331 | 278,429,916 |
| Dividend paid to owners for 2019/20 and FY2020/21 interim | 17.1 | – | – | (261,719,680) | (261,719,680) | (693,429,539) | (955,149,219) | (693,429,539) | (955,149,219) |
| – | – | 640,459,687 | 640,459,687 | (247,904,401) | 392,555,286 | (247,904,401) | 392,555,286 | ||
| Balance as at 31 March 2021 | 1,641,715,247 | 1,257,725 | 4,224,153 | 334,204,372 | 8,551,561,683 | 10,532,963,180 | 4,808,856,243 | 15,341,819,423 | |
| For the year ended 31 March 2021 | Note | Stated capital Rs. |
General reserve Rs. |
Fair value reserve Rs. |
Retained profit restated* Rs. |
Total
restated* Rs. |
| Company | ||||||
| Balance as at 1 April 2019 | 1,641,715,247 | 1,257,725 | 378,896,015 | 1,781,111,291 | 3,802,980,278 | |
| Transferred through amalgamation | – | – | – | 7,781,156,395 | 7,781,156,395 | |
| Effect of cancellation of stated capital of Estate Management Services (Pvt) Ltd. | – | – | – | (1,069,715,483) | (1,069,715,483) | |
| Reversal of fair value of investment of Sunshine Consumer Lanka Ltd. (formerly known as ”Watawala Tea Ceylon Ltd.”) | – | – | – | (6,884,513,265) | (6,884,513,265) | |
| Adjusted balance as at 1 April 2019 – Restated | 1,641,715,247 | 1,257,725 | 378,896,015 | 1,608,038,938 | 3,629,907,925 | |
| Total comprehensive income for the year – Restated | ||||||
| Profit for the year – Restated | – | – | – | 1,975,535,826 | 1,975,535,826 | |
| Total other comprehensive income for the year – Restated | – | – | (29,137,929) | 1,722,736 | (27,415,193) | |
| Total comprehensive income for the year – Restated | – | – | (29,137,929) | 1,977,258,562 | 1,948,120,633 | |
| Transactions with owners of the Company | ||||||
| Dividend paid to owners for 2018/19 | – | – | – | (186,942,629) | (186,942,629) | |
| Balance as at 31 March 2020 – Restated | 1,641,715,247 | 1,257,725 | 349,758,086 | 3,398,354,871 | 5,391,085,929 | |
| Balance as at 1 April 2020 | 1,641,715,247 | 1,257,725 | 349,758,086 | 3,398,354,871 | 5,391,085,929 | |
| Total comprehensive income for the year | ||||||
| Profit for the year | – | – | – | 2,903,721,690 | 2,903,721,690 | |
| Total other comprehensive income for the year | – | – | (19,723,836) | 4,597,931 | (15,125,905) | |
| Total comprehensive income for the year | – | – | (19,723,836) | 2,908,319,621 | 2,888,595,785 | |
| Set-off of acquisition of 40% of non-controlling interest in Estate Management Services (Pvt) Limited. (EMSPL) against the investment made during the year | 24.3.2/ 33.3.A | – | – | – | (2,903,064,032) | (2,903,064,032) |
| Dividend paid to owners – 2019/20 and FY 2020/21 interim | 17.1 | – | – | – | (261,719,680) | (261,719,680) |
| Balance as at 31 March 2021 | 1,641,715,247 | 1,257,725 | 330,034,250 | 3,141,890,780 | 5,114,898,002 |
* The balances has been restated 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.
Figures in brackets indicate deductions.
The Accounting Policies and Notes are an integral part of these Financial Statements.