SUNSHINE HOLDINGS PLC
Annual Report 2018/19
Annexes
USD Statements
STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME in USD
| GROUP | COMPANY | |||
| For the year ended 31 March | 2019 USD |
2018 USD |
2019 USD |
2018 USD |
| Continuing operations | ||||
| Revenue | 134,254,301 | 138,376,699 | 3,053,113 | 2,225,134 |
| Cost of sales | (100,460,701) | (103,194,185) | – | – |
| Gross profit | 33,793,600 | 35,182,514 | 3,053,113 | 2,225,134 |
| Other income | 1,910,716 | 3,531,264 | 1,618,771 | 1,647,743 |
| Selling and distribution expenses | (10,281,404) | (9,216,187) | – | – |
| Administrative expenses | (12,269,453) | (12,642,284) | (2,349,304) | (2,625,824) |
| Impairment of investment in subsidiary | – | – | (520,406) | (444,065) |
| Operating profit | 13,153,459 | 16,855,306 | 1,802,175 | 802,988 |
| Finance income | 1,354,731 | 1,374,439 | 681,400 | 440,498 |
| Finance costs | (3,320,891) | (2,394,718) | (1,056,738) | (272,955) |
| Net finance costs | (1,966,160) | (1,020,279) | (375,338) | 167,542 |
| Share of Profit/(loss) of equity-accounted investees, net of tax | (30,604) | (6,797) | – | – |
| Profit before tax | 11,156,695 | 15,828,231 | 1,426,837 | 970,531 |
| Income tax expenses | (4,363,726) | (4,039,297) | 114,143 | – |
| Profit from continuing operations | 6,792,969 | 11,788,933 | 1,540,980 | 970,531 |
| Discontinued operations | ||||
| Loss on discontinued operations, net of tax | – | (1,377,317) | – | – |
| Profit for the year | 6,792,969 | 10,411,616 | 1,540,980 | 970,531 |
| Other comprehensive income | ||||
| Items that will not be reclassified to profit or loss | ||||
| Remeasurement of retirement benefit liability | (1,725,815) | 243,775 | (13,940) | 5,811 |
| Equity investments at FVOCI – net change in fair value | 166,670 | – | 132,932 | – |
| Equity accounted investees – share of OCI | – | – | – | – |
| Related tax | 208,946 | (23,828) | (33,318) | – |
| (1,350,198) | 219,946 | 85,674 | 5,811 | |
| Items that are or may be reclassified subsequently to profit or loss | ||||
| Foreign operations – foreign currency translation differences | 17,101 | 2,368 | – | – |
| Fair value change in available for sale financial assets | – | 227,826 | – | 227,826 |
| Equity accounted investees – share of OCI | – | – | – | – |
| Other comprehensive income for the year | (1,333,097) | 450,141 | 85,674 | 233,638 |
| Total comprehensive income for the year | 5,459,871 | 10,861,757 | 1,626,654 | 1,204,168 |
| Group | Company | |||
| For the year ended 31 March | 2019 USD |
2018 USD |
2019 USD |
2018 USD |
| Profit attributable to | ||||
| Owners of the Company | 3,836,253 | 4,040,905 | 1,540,980 | 970,531 |
| Non-controlling interest | 2,956,716 | 6,370,711 | – | – |
| 6,792,969 | 10,411,616 | 1,540,980 | 970,531 | |
| Continuing operations | ||||
| Owners of the Company | 3,836,253 | 5,418,222 | 1,540,980 | 970,531 |
| Non-controlling interest | 2,956,716 | 6,370,711 | – | – |
| 6,792,969 | 11,788,933 | 1,540,980 | 970,531 | |
| Discontinued operations | ||||
| Owners of the Company | – | (1,377,317) | – | |
| Non-controlling interest | – | – | – | – |
| – | (1,377,317) | – | ||
| Total comprehensive income attributable to: | ||||
| Owners of the Company | 3,280,232 | 4,340,647 | 1,626,654 | 1,204,168 |
| Non-controlling interest | 2,179,639 | 6,521,110 | – | – |
| Total comprehensive income for the year | 5,459,871 | 10,861,757 | 1,626,654 | 1,204,168 |
STATEMENT OF Financial Position in USD
| GROUP | COMPANY | |||
| As at 31 March | 2019 USD |
2018 USD | 2019 USD |
2018 USD |
| Assets | ||||
| Property, plant and equipment | 32,932,804 | 35,162,286 | 92,736 | 21,098 |
| Intangible assets | 1,092,460 | 984,768 | 155 | 5,003 |
| Leasehold land | 1,044,473 | 1,224,556 | – | – |
| Biological assets | 26,650,979 | 28,265,124 | – | – |
| Investment property | 1,857,747 | 2,097,838 | – | – |
| Investments in subsidiaries | – | – | 18,812,252 | 19,348,930 |
| Equity-accounted investee | 15,888 | 51,032 | 51,099 | 57,702 |
| Other investments, including derivatives | 5,542,095 | 6,039,471 | 3,676,973 | 4,120,172 |
| Deferred tax assets | 326,440 | 472,006 | 102,181 | – |
| Non-current assets | 69,462,887 | 74,297,080 | 22,735,396 | 23,552,905 |
| Inventories | 22,179,130 | 25,456,660 | – | – |
| Biological assets | 260,506 | 314,376 | – | – |
| Other investments, including derivatives | 1,156,771 | – | 1,156,771 | – |
| Current tax assets | 56,171 | 60,054 | 17,934 | 20,252 |
| Trade and other receivables | 21,508,897 | 20,734,347 | 581,582 | 380,878 |
| Amounts due from related parties | 158,965 | 95,854 | 1,166,153 | 1,095,649 |
| Cash and cash equivalents | 10,467,232 | 8,810,646 | 5,917,966 | 3,374,541 |
| 55,787,672 | 55,471,937 | 8,840,407 | 4,871,320 | |
| Assets held for sales | – | 345,018 | – | – |
| Current assets | 55,787,672 | 55,816,955 | 8,840,407 | 4,871,320 |
| Total assets | 125,250,559 | 130,114,035 | 31,575,803 | 28,424,225 |
| Equity | ||||
| Stated capital | 10,939,956 | 5,940,188 | 10,939,956 | 5,940,188 |
| Reserves | 2,192,592 | 2,506,171 | 2,158,370 | 2,333,822 |
| Retained earnings | 29,541,522 | 32,425,747 | 8,378,126 | 10,510,536 |
| Equity attributable to owners of the Company | 42,674,070 | 40,872,106 | 21,476,453 | 18,784,546 |
| Non-controlling interests | 19,739,119 | 21,973,095 | – | – |
| Total equity | 62,413,189 | 62,845,201 | 21,476,453 | 18,784,546 |
| Liabilities | ||||
| Loans and borrowings | 18,735,716 | 22,901,563 | 7,016,370 | 7,330,331 |
| Employee benefits | 8,513,127 | 6,813,001 | 494,343 | 502,647 |
| Deferred income and capital grants | 1,820,774 | 2,420,401 | – | – |
| Deferred tax liabilities | 2,908,278 | 2,888,364 | – | – |
| Non-current liabilities | 31,977,894 | 35,023,329 | 7,510,714 | 7,832,978 |
| Bank overdraft | 4,694,087 | 5,947,611 | – | – |
| Current tax liabilities | 1,293,158 | 1,080,379 | – | – |
| Loans and borrowings | 6,319,428 | 5,186,579 | 2,436,352 | 1,645,611 |
| Trade and other payables | 18,409,779 | 20,007,372 | 152,284 | 161,090 |
| Amounts due to related parties | 143,024 | 23,563 | – | – |
| Current liabilities | 30,859,477 | 32,245,505 | 2,588,636 | 1,806,701 |
| Total liabilities | 62,837,371 | 67,268,834 | 10,099,350 | 9,639,678 |
| Total equity and liabilities | 125,250,559 | 130,114,035 | 31,575,803 | 28,424,225 |
STATEMENT OF CASH FLOW in USD
| GROUP | COMPANY | |||
| For the year ended 31 March | 2019 USD |
2018 USD |
2019 USD |
2018 USD |
| Cash flows from operating activities | ||||
| Profit before tax for the period | 10,682,885 | 14,181,922 | 1,366,241 | 952,465 |
| Adjustments for: | ||||
| Interest income | (856,890) | (1,350,502) | (652,462) | (432,298) |
| Dividend income | (40,243) | (33,263) | – | – |
| Write-off of assets held for sale | 87,984 | – | – | – |
| Impairment of assets held for sale | 143,758 | – | – | – |
| Profit on disposal of property, plant and equipment | (444,992) | (146,623) | – | (11,115) |
| Write-off of property, plant and equipment | – | 2,199 | – | 2,199 |
| Biological assets – (Gain)/loss from produce crop valuation | 17,890 | (85,124) | – | – |
| Opening stock adjustment | – | (173,370) | – | – |
| Provision for other receivables | 293,358 | – | – | – |
| Write-off of other receivables | 23,674 | 33,280 | 23,674 | 33,280 |
| Impairment losses and write-downs | 13,155 | 17,227 | – | – |
| Impairment of investment | – | – | 498,305 | 435,799 |
| Gain on fair valuation of livestock | 139,062 | (203,786) | – | – |
| Interest expense | 3,179,857 | 2,428,871 | 1,011,859 | 267,874 |
| Depreciation and amortisation | 4,242,941 | 4,115,713 | 34,061 | 21,108 |
| Provision/(reversal) for bad and doubtful debts | (128,730) | 186,788 | – | – |
| Write-off of inventory | – | – | – | – |
| Provision for inventories | 23,128 | – | – | – |
| Fair value gain on investment property | – | (814,838) | – | – |
| Loss on discontinued operation | – | 453,754 | – | – |
| Profit/(loss) of equity investee | 29,304 | 6,670 | – | – |
| Amortisation of capital grants | (322,620) | (365,423) | – | – |
| Amortisation of leasehold right to land | 39,936 | 47,932 | – | – |
| Profit on sale of rubber trees | (187,958) | (465,627) | – | – |
| Fair value gain/loss | 62,552 | 7,252 | 62,552 | 7,252 |
| Provision for retirement benefit obligations | 1,692,151 | 1,029,714 | 81,811 | 176,814 |
| Staff transfer – Gratuity payment | – | – | – | – |
| Timber fair valuation gain | (53,784) | (197,118) | – | – |
| Fair value adjustment of concessionary loan | – | (21,126) | – | – |
| Profit on disposal of assets held for sale | (6,769) | – | – | – |
| China subsidiary consolidations adjustment | – | – | – | – |
| Deferred revenue | – | – | – | – |
| 18,629,650 | 18,654,523 | 2,426,041 | 1,453,378 | |
| Changes in: | ||||
| Inventories | 340,971 | (5,316,560) | – | – |
| Trade and other receivables | (3,913,240) | (1,830,477) | (267,968) | (124,611) |
| Amounts due from related parties | (74,081) | 505,391 | (311,339) | 135,315 |
| Trade and other payables | 692,185 | 5,782,008 | 19,112 | 59,678 |
| Amounts due to related parties | 122,158 | 12,831 | – | – |
| Cash generated from operating activities | 15,797,642 | 17,807,715 | 1,865,845 | 1,523,761 |
| Interest paid | (2,876,123) | (2,428,871) | (816,644) | (267,874) |
| Income tax paid | (2,625,467) | (3,501,870) | (24,788) | – |
| Employee benefits paid | (864,821) | (936,906) | (45,936) | (1,095) |
| Net cash from operating activities | 9,431,230 | 10,940,067 | 978,477 | 1,254,791 |
| Cash flows from investing activities | ||||
| Interest received | 856,890 | 1,350,502 | 652,462 | 432,298 |
| Dividend received | 40,243 | 33,263 | – | – |
| (Investments)/disposal in other investments | 36,393 | 109,500 | 36,393 | 109,500 |
| (Investment)/disposal of subsidiary | – | (57,702) | (2,176,049) | (11,015,564) |
| Acquisition of EMSPL from TATA | – | (10,299,893) | – | – |
| Investment in gratuity fund | (133,174) | (194,111) | – | – |
| Additions to bearer plants | (1,905,575) | (2,493,561) | – | – |
| Additions to consumable biological assets | (163,311) | – | – | – |
| Investment in livestock | (837,512) | (1,550,844) | – | – |
| Additions to property, plant and equipment | (4,870,300) | (9,501,903) | (103,838) | (11,934) |
| Acquisition of intangible assets | (389,921) | (148,825) | – | – |
| Proceeds from sale of trees | 284,829 | 545,526 | – | – |
| Proceeds from sale of property, plant and equipment | 537,537 | 363,860 | – | 21,308 |
| Proceeds from assets held for sale | 80,558 | – | – | – |
| Net cash from/(used in) investing activities | (6,463,343) | (21,844,189) | (1,591,032) | (10,464,392) |
| Cash flows from financing activities | ||||
| Proceeds from issue of shares | 4,400,159 | – | 4,400,159 | |
| Share issuing cost | (225,402) | (225,402) | ||
| Re-purchase of shares by subsidiaries | – | (9,896,275) | – | |
| Receipts of interest bearing borrowings | 18,017,717 | 35,188,632 | 8,800,957 | 8,975,941 |
| Proceeds from share issued by subsidiary to NCI | 213,578 | 570,887 | – | – |
| Repayments of interest bearing borrowings | (19,145,206) | (17,137,245) | (8,658,377) | – |
| Repayment of lease principal | (151,419) | (100,900) | – | – |
| Dividend paid | (775,152) | (1,083,089) | (775,152) | (1,083,089) |
| Payments to NCI | (2,080,762) | (1,243,751) | – | – |
| Net cash from/(used in)financing activities | 253,513 | 6,298,259 | 3,542,185 | 7,892,853 |
| Net increase/(decrease) in cash and cash equivalents | 3,221,400 | (4,605,863) | 2,929,630 | (1,316,749) |
| Cash and cash equivalents at 1 April | 2,535,370 | 7,466,573 | 2,988,336 | 4,691,290 |
| Effect of movement in exchange rates | 16,375 | 2,324 | – | – |
| Cash and cash equivalents at 31 March | 5,773,145 | 2,863,035 | 5,917,966 | 3,374,541 |
Figures in brackets indicate deductions.