SUNSHINE HOLDINGS PLC
Annual Report 2021/22
| Group | Company | |||||
| For the year ended 31 March | Note | 2022
Rs. |
2021
Rs. |
2022
Rs. |
2021
restated*
Rs. |
2021
Previously
reported**
Rs. |
| Cash flows from operating activities | ||||||
| Profit before tax for the year | 5,646,673,351 | 3,309,138,790 | 1,038,284,931 | 3,024,028,767 | 3,020,775,383 | |
| Adjustments for: | ||||||
| Interest income | (366,448,548) | (202,383,169) | (96,682,596) | (169,448,305) | (156,225,875) | |
| Profit on disposal of property, plant and equipment | (51,766,277) | (31,708,661) | (8,625,000) | – | – | |
| Biological assets – (gain)/loss from produce crop valuation |
(19,718,000) | (10,891,000) | – | – | – | |
| (Reversal)/ Provision for other receivable | – | 370,565 | – | – | – | |
| Impairment of GW | 50,000,000 | – | – | – | – | |
| Impairment losses and write downs on biological (Nurseries) | 735,000 | 20,126,000 | – | 59,452 | 59,452 | |
| Gain on fair valuation of livestock | 6,013,000 | 30,000 | – | – | – | |
| Interest expense | 375,706,666 | 468,793,779 | 3,890,181 | 171,019,885 | 170,998,805 | |
| Depreciation of property, plant and equipment | 644,735,023 | 647,977,610 | 22,585,396 | 21,463,966 | 21,463,966 | |
| Amortisation of intangible assets | 52,863,375 | 38,151,772 | 1,317,276 | 4,685 | 4,685 | |
| Depreciation of mature plantations | 180,851,000 | 157,230,000 | – | |||
| Provision/(reversal) and write-off for bad and doubtful debts | 90,581,040 | 57,788,999 | – | – | – | |
| Provision/(reversals) and Write-off for inventories | 21,616,406 | 72,364,883 | – | – | – | |
| Profit/(loss) of equity investee | – | 92,356 | – | – | – | |
| Amortisation of capital grants | (50,554,000) | (50,554,000) | – | – | – | |
| Amortisation of leasehold right to land | 11,298,000 | 10,120,000 | – | – | – | |
| Fair value gain/loss | 13,989,045 | 1,086,323 | 13,989,044 | 2,225,511 | 2,225,511 | |
| Provision for retirement benefit obligations | 108,571,309 | 119,130,631 | 20,309,048 | 15,419,185 | 13,526,859 | |
| Rent concession | (14,221,066) | (22,153,634) | – | (1,079,325) | (1,079,325) | |
| Timber fair valuation gain | (1,328,000) | (1,200,000) | – | – | – | |
| Loss/(gain) on disposal of associates | (44,565) | – | (44,565) | – | – | |
| Impairment of investment in associates | 436,572 | – | 436,572 | – | – | |
| Loss/(gain) on disposal of a subsidiary | 2,750,340 | 63,000 | (59,173,066) | (2,032,745,933) | (2,032,745,933) | |
| Gain on partial disposal of investment in subsidiary | – | – | – | (260,563,654) | (260,563,654) | |
| Fair value gain on investment property | (241,076,323) | – | – | – | – | |
| Fair value changes in defferred consideration | (7,688,504) | – | – | – | – | |
| Loss/(profit) on sale of investments | – | – | (9,007,485) | (9,007,485) | ||
| Provision for impairment for asset held for sale | – | 143,246,439 | – | – | – | |
| Operating profit before working capital change | 6,453,974,842 | 4,726,820,683 | 936,287,222 | 761,376,748 | 769,432,389 | |
| Changes in: | ||||||
| (Increase)/decrease in inventories | (1,360,072,765) | (1,282,057,453) | – | – | – | |
| Decrease/(increase) in trade and other receivables | (1,278,898,724) | 47,163,592 | (64,151,801) | 26,811,700 | 27,247,827 | |
| Decrease/(increase) in amounts due from related parties |
(10,180,318) | 78,318,595 | 92,783,968 | 937,795 | 17,561,881 | |
| Increase/(decrease) in trade and other payables | 1,872,280,098 | 1,043,501,778 | 8,755,725 | (1,182,698) | (5,755,018) | |
| (Decrease)/increase in amounts due to related parties |
94,380,919 | (21,760,652) | 8,398 | (4,133,448) | (3,186,792) | |
| Cash generated from operating activities | 5,771,484,053 | 4,591,986,543 | 973,683,512 | 783,810,098 | 805,300,287 | |
| Interest paid | (283,774,220) | (372,313,140) | (3,890,181) | (169,392,806) | (169,371,726) | |
| Income tax paid | (870,194,920) | (643,172,689) | (53,549,791) | (67,583,073) | (63,223,579) | |
| Employee benefits paid | (74,001,816) | (44,655,744) | (202,586) | (29,007) | – | |
| Net cash from operating activities | 4,543,513,098 | 3,531,844,970 | 916,040,954 | 546,805,212 | 572,704,982 | |
| Cash flows from investing activities | ||||||
| Interest received | 356,021,548 | 175,994,128 | 96,334,771 | 169,478,442 | 156,256,012 | |
| (Investments)/disposal in other investments | (101,136,712) | 52,076,228 | – | 54,664,537 | 54,664,537 | |
| (Investments)/disposal in short-term investments | (397,365,156) | 375,484,496 | (202,812,603) | – | – | |
| (Investment)/disposal of subsidiary | – | – | – | (4,486,171,654) | (4,423,814,034) | |
| Investments in debentures | – | – | (100,000,000) | – | – | |
| Investment in gratuity fund | 87,800,000 | (13,428,000) | – | – | – | |
| Additions to bearer plants | (169,818,000) | (165,202,000) | – | – | – | |
| Net investment in livestock | (225,695,000) | (53,832,000) | – | – | – | |
| Additions to property, plant and equipment | (918,782,371) | (345,733,540) | (11,393,121) | (4,504,705) | (4,504,705) | |
| Acquisition of intangible assets | (189,734,470) | (52,883,028) | (18,789,851) | (7,555,660) | (7,555,660) | |
| Proceeds from sales of livestock | 25,821,000 | – | – | – | – | |
| Disposal of investment in associates | 900,000 | – | 900,000 | – | – | |
| Proceeds from sale of property, plant and equipment | 66,368,185 | 77,070,511 | 16,800,000 | – | – | |
| Acquisition of non-controlling interest in subsidiaries | (400,000,000) | (2,903,064,032) | (400,000,000) | – | – | |
| Acquisition of subsidiaries (net of cash) | – | (2,238,359,537) | – | – | – | |
| Disposal of subsidiary (net of cash) | 645,479,827 | 1,268,000 | 735,836,457 | 2,999,743,572 | 2,999,743,572 | |
| Proceeds on disposal of shares held in subsidiary | – | 278,429,916 | – | 278,429,916 | 278,429,916 | |
| Defferred consideration paid | (70,337,910) | – | – | – | – | |
| Net proceeds from disposal of biological assets | 402,000 | – | – | – | – | |
| Acquisition of investment property | (19,518,058) | – | – | – | – | |
| Net cash (used in)/generated from investing activities |
(1,309,595,117) | (4,812,178,858) | 116,875,654 | (995,915,552) | (946,780,362) | |
| Cash flows from financing activities | ||||||
| Receipts of interest-bearing borrowings | 4,731,267,603 | 11,031,270,271 | – | 3,104,000,000 | 3,104,000,000 | |
| Proceeds from share issued by subsidiary to NCI | 355,940,000 | 1,520,750,002 | – | – | – | |
| Advance received from NCI (APHL) | 10,000,000 | – | – | – | – | |
| Repayments of interest-bearing borrowings | (6,025,277,528) | (11,852,381,665) | (768,701,275) | (4,999,121,698) | (4,999,121,698) | |
| Payment of lease liabilities | (65,024,043) | (175,206,298) | (16,369,056) | (14,750,775) | (14,750,775) | |
| Dividend paid | (1,601,556,914) | (955,149,219) | (448,662,310) | (261,719,680) | (261,719,680) | |
| Net cash from financing activities | (2,594,650,883) | (430,716,909) | (1,233,732,641) | (2,171,592,153) | (2,171,592,153) | |
| Net (decrease)/increase in cash and cash equivalents | 639,267,098 | (1,711,050,797) | (200,816,033) | (2,620,702,493) | (2,545,667,533) | |
| Cash and cash equivalents as at 1 April | 1,698,437,024 | 3,408,395,610 | 1,409,110,452 | 4,029,812,945 | 3,826,333,848 | |
| Effect of movement in exchange rates | 9,505,900 | 1,092,211 | – | – | – | |
| Cash and cash equivalents as at 31 March | 2,347,210,022 | 1,698,437,024 | 1,208,294,419 | 1,409,110,452 | 1,280,666,315 | |
* The balances presented represent the restated balances for the year ended 31 March 2021 to reflect the adjustments made as if the amalgamation between the Company and Sunshine Energy (Pvt) Limited, took place on 1 April 2020. Refer Note 46.
** The balances presented represent the balances as reported in the Audited Financial Statements for the year ended 31 March 2022. These balances are presented for the purposes of comparability.
Figures in brackets indicate deductions.
The Accounting Policies and Notes from page 65 to 179 are an integral part of these Financial Statements.