SUNSHINE HOLDINGS PLC
Annual Report 2021/22
| Attributable to owners of the Company | Total
Rs. |
Non-controlling
interests
Rs. |
Total equity
Rs. |
||||||
| For the year ended 31 March | 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 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. | – | – | – | – | – | – | 1,520,750,002 | 1,520,750,002 | |
| Impact on loss of effective shareholding in Watawala Planations PLC Group | – | – | – | – | (352,071,099) | (352,071,099) | 352,071,099 | – | |
| Acquisition of NCI in Estate Management Services (Pvt) Ltd. | – | – | – | – | (307,579,587) | (307,579,587) | (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”) |
– | – | – | – | 522,016,592 | 522,016,592 | (522,016,592) | – | |
| Acquisition through business Combination | – | – | – | – | – | 131,339,319 | 131,339,319 | ||
| Impact of loss effective shareholding of 25% in Sunshine Healthcare Lanka Ltd. | – | – | – | – | 928,404,876 | 928,404,876 | 1,391,844,424 | 2,320,249,300 | |
| Impact of disposal of 3% Shares held in Sunshine Healthcare Lanka Ltd. | – | – | – | – | 111,408,585 | 111,408,585 | 167,021,331 | 278,429,916 | |
| Dividend paid to owners for 2019/20 | – | – | – | – | (261,719,680) | (261,719,680) | (693,429,539) | (955,149,219) | |
| – | – | – | – | 640,459,687 | 640,459,687 | (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 | |
| Balance as at 1 April 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 | |
| Total comprehensive income | |||||||||
| Profit for the year | – | – | – | – | 2,720,742,972 | 2,720,742,972 | 2,275,929,110 | 4,996,672,082 | |
| Total other comprehensive income for the year | – | – | – | (65,125,525) | 96,546,412 | 31,420,887 | 38,957,568 | 70,378,455 | |
| Total comprehensive income for the year | – | – | – | (65,125,525) | 2,817,289,384 | 2,752,163,859 | 2,314,886,678 | 5,067,050,537 | |
| Transactions with owners of the company | |||||||||
| Disposal of NCI – Waltrim Energy Ltd. | – | – | (345,322,392) | (345,322,392) | |||||
| Impact on loss of effective shareholding of 4.12% in Watawala Dairy Ltd. | – | – | – | – | 267,098,594 | 267,098,594 | 88,841,406 | 355,940,000 | |
| Acquisition of NCI in Sunshine Energy (Private) Limited | – | – | – | – | (125,868,935) | (125,868,935) | (274,131,065) | (400,000,000) | |
| Advance received to issue shares | – | – | – | – | – | – | 10,000,000 | 10,000,000 | |
| Dividend paid to owners for 2020/21 | – | – | – | – | (448,662,310) | (448,662,310) | (1,152,894,605) | (1,601,556,914) | |
| – | – | – | – | (307,432,650) | (307,432,650) | (1,673,506,656) | (1,980,939,306) | ||
| Balance as at 31 March 2022 | 1,641,715,247 | 1,257,725 | 4,224,153 | 269,078,847 | 11,061,418,417 | 12,977,694,389 | 5,450,236,264 | 18,427,930,653 | |
| 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 2020 | 1,641,715,247 | 1,257,725 | 349,848,758 | 3,398,264,199 | 5,391,085,929 | |
| Transfer through Amalgamation SEL – Retained earnings | – | – | 11,957,724 | 11,957,724 | ||
| Set-off stated capital of SEL against investment in SEL in Sunshine Holdings PLC | – | – | – | 339,301,495 | 339,301,495 | |
| Balance as at 1 April 2020 (Restated) | 1,641,715,247 | 1,257,725 | 349,848,758 | 3,749,523,418 | 5,742,345,148 | |
| Total comprehensive income for the year – Restated | ||||||
| Profit for the year | – | – | – | 2,906,075,550 | 2,906,075,550 | |
| Total other comprehensive income for the year | – | – | (19,723,836) | 4,341,942 | (15,381,894) | |
| Total comprehensive income for the year | – | – | (19,723,836) | 2,910,417,492 | 2,890,693,656 | |
| Set-off of acquisition of 40% of non-controlling interest in EMSPL against the investment made during the year |
– | – | – | (2,903,064,032) | (2,903,064,032) | |
| Dividend Paid to owners – 2019/20 and 2020/21 | – | – | – | (261,719,680) | (261,719,680) | |
| Balance as at 31 March 2021 | 1,641,715,247 | 1,257,725 | 330,124,922 | 3,495,157,198 | 5,468,255,092 | |
| Balance as at 1 April 2021 | 1,641,715,247 | 1,257,725 | 330,124,922 | 3,495,157,198 | 5,468,255,092 | |
| Total comprehensive income for the year | ||||||
| Profit for the year | – | – | – | 1,022,832,262 | 1,022,832,262 | |
| Total other comprehensive income for the year | – | – | (65,125,525) | 25,483,126 | (39,642,399) | |
| Total comprehensive income for the year | – | – | (65,125,525) | 1,048,315,388 | 983,189,863 | |
| Set-off of acquisition of 30% of non-controlling interest in SEL against the investment made during the year |
(400,000,000) | (400,000,000) | ||||
| Dividend paid to owners – 2019/20 and 2020/21 | – | – | – | (448,662,310) | (448,662,310) | |
| Balance as at 31 March 2022 | 1,641,715,247 | 1,257,725 | 264,999,397 | 3,694,810,277 | 5,602,782,646 |
* 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.
Figures in brackets indicate deductions.
The Accounting Policies and Notes from page 65 to 179 are an integral part of these Financial Statements.