SUNSHINE HOLDINGS PLC
Annual Report 2018/19
Financial Reports
Statement of Cash Flow
| GROUP | COMPANY | ||||
| For the year ended 31 March | Note | 2019 Rs. |
2018 Rs. |
2019 Rs. |
2018 Rs. |
| Cash flows from operating activities | |||||
| Profit before tax for the period | 1,881,576,601 | 2,211,989,793 | 240,636,058 | 148,558,341 | |
| Adjustments for: | |||||
| Interest income | (150,924,100) | (210,641,202) | (114,918,099) | (67,426,610) | |
| Dividend income | (7,088,000) | (5,188,091) | – | – | |
| 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 | (78,376,481) | (22,869,231) | – | (1,733,615) | |
| Write-off of property, plant and equipment | – | 343,006 | – | 343,006 | |
| Biological assets – (gain)/loss from produce crop valuation | 3,151,000 | (13,276,962) | – | – | |
| Opening stock adjustment | – | (27,041,000) | – | – | |
| Provision for other receivable | 51,669,147 | – | – | – | |
| Write off of other receivables | 4,169,680 | 5,190,824 | 4,169,680 | 5,190,824 | |
| Impairment losses and write downs | 2,317,000 | 2,687,000 | – | – | |
| Impairment of investment | – | – | 87,766,423 | 67,972,645 | |
| (Gain)/loss on fair valuation of livestock | 24,493,000 | (31,785,000) | – | – | |
| Interest expense | 560,068,282 | 378,837,123 | 178,218,809 | 41,781,020 | |
| Depreciation and amortisation | 747,309,190 | 641,938,043 | 5,999,124 | 3,292,269 | |
| Provision/(reversal) for bad and doubtful debts | (22,673,239) | 29,133,825 | – | – | |
| Provision for inventories | 4,073,494 | – | – | – | |
| Fair value gain on investment property | – | (127,092,307) | – | – | |
| Loss on discontinued operation | – | 70,773,192 | – | – | |
| Profit/(loss) of equity investee | 5,161,319 | 1,040,385 | – | – | |
| Amortisation of capital grants | (56,823,000) | (56,996,000) | – | – | |
| Amortisation of leasehold right to land | 7,034,000 | 7,476,000 | – | – | |
| Profit on sale of rubber trees | (33,105,000) | (72,625,000) | – | – | |
| Fair value gain/loss | 11,017,276 | 1,131,063 | 11,017,276 | 1,131,063 | |
| Provision for retirement benefit obligations | 298,038,485 | 160,607,107 | 14,409,308 | 27,578,110 | |
| Timber fair valuation gain | (9,473,000) | (30,745,000) | – | – | |
| Fair value adjustment of concessionary loan | – | (3,295,000) | – | – | |
| Profit on disposal of assets held for sale | (1,192,252) | – | – | – | |
| 3,281,240,274 | 2,909,592,567 | 427,298,579 | 226,687,052 | ||
| Changes in: | |||||
| Inventories | 60,055,169 | (829,237,142) | – | – | |
| Trade and other receivables | (689,238,992) | (285,504,103) | (47,197,268) | (19,435,862) | |
| Amounts due from related parties | (13,047,972) | 78,827,034 | (54,836,115) | 21,105,347 | |
| Trade and other payables | 121,914,552 | 901,834,191 | 3,366,152 | 9,308,198 | |
| Amounts due to related parties | 21,515,665 | 2,001,227 | – | – | |
| Cash generated from operating activities | 2,782,438,696 | 2,777,513,772 | 328,631,348 | 237,664,735 | |
| Interest paid | (506,571,577) | (378,837,123) | (143,835,444) | (41,781,020) | |
| Income tax paid | (462,423,561) | (546,195,415) | (4,365,938) | – | |
| Employee benefits paid | (152,320,973) | (146,131,600) | (8,090,760) | (170,850) | |
| Net cash from operating activities | 1,661,122,585 | 1,706,349,635 | 172,339,206 | 195,712,865 | |
| Cash flows from investing activities | |||||
| Interest received | 150,924,100 | 210,641,202 | 114,918,099 | 67,426,610 | |
| Dividend received | 7,088,000 | 5,188,091 | – | – | |
| (Investments)/disposal in other investments | 6,409,881 | 17,079,001 | 6,409,881 | 17,079,001 | |
| (Investment)/disposal of subsidiary | – | (9,000,000) | (383,267,473) | (1,718,125,124) | |
| Acquisition of EMSPL from TATA | – | (1,606,500,000) | – | – | |
| Investment in gratuity fund | (23,456,000) | (30,276,000) | – | ||
| Additions to bearer plants | (335,629,000) | (388,927,000) | – | – | |
| Additions to consumable biological assets | (28,764,000) | – | – | – | |
| Investment in livestock | (147,511,000) | (241,889,000) | – | – | |
| Additions to property, plant and equipment | (857,805,894) | (1,482,035,528) | (18,288,951) | (1,861,384) | |
| Acquisition of intangible assets | (68,676,718) | (23,212,615) | – | – | |
| Proceeds from sale of trees | 50,167,000 | 85,087,000 | – | – | |
| Proceeds from sale of property, plant and equipment | 94,676,313 | 56,752,102 | – | 3,323,477 | |
| Proceeds from assets held for sale | 14,188,695 | – | – | – | |
| Net cash used in investing activities | (1,138,388,623) | (3,407,092,747) | (280,228,443) | (1,632,157,420) | |
| Cash flows from financing activities | |||||
| Proceeds from issue of shares | 775,000,005 | – | 775,000,005 | – | |
| Share issuing cost | (39,700,000) | – | (39,700,000) | – | |
| Re-purchase of shares by subsidiaries | – | (1,543,546,782) | – | – | |
| Receipts of interest bearing borrowings | 3,173,460,541 | 5,488,458,921 | 1,550,112,500 | 1,400,000,000 | |
| Proceeds from share Issued by subsidiary to NCI | 37,617,512 | 89,042,599 | – | – | |
| Repayments of interest bearing borrowings | (3,372,045,143) | (2,672,938,980) | (1,525,000,000) | – | |
| Repayment of lease principal | (26,669,434) | (15,737,586) | – | – | |
| Dividend paid | (136,527,501) | (168,932,026) | (136,527,499) | (168,932,026) | |
| Payments to NCI | (366,484,682) | (193,990,990) | – | – | |
| Net cash from financing activities | 44,651,298 | 982,355,156 | 623,885,006 | 1,231,067,975 | |
| Net increase/(decrease) in cash and cash equivalents | 567,385,260 | (718,387,956) | 515,995,769 | (205,376,580) | |
| Cash and cash equivalents as at 1 April | 446,554,656 | 1,164,580,083 | 526,335,607 | 731,712,191 | |
| Effect of movement in exchange rates | 2,884,093 | 362,529 | – | – | |
| Cash and cash equivalents as at 31 March | 32 | 1,016,824,009 | 446,554,656 | 1,042,331,375 | 526,335,611 |
Figures in brackets indicate deductions.
The Accounting Policies and Notes appearing on this Annual Report form an integral part of these Financial Statements.