SUNSHINE HOLDINGS PLC
Annual Report 2021/22
| Group | Company | |||||
| As at 31 March | Note | 2022 Rs. | 2021 Rs. | 2022 Rs. | 2021 Restated* Rs. | 2021 Previously reported** Rs. |
| Assets | ||||||
| Property, plant and equipment | 19 | 4,787,019,935 | 4,794,110,834 | 13,663,640 | 33,067,152 | 33,067,152 |
| Intangible assets | 20 | 385,928,439 | 249,057,345 | 25,028,235 | 7,555,660 | 7,555,660 |
| Leasehold land | 21 | 235,995,000 | 238,853,000 | – | – | – |
| Biological assets | 22 | 3,675,946,000 | 3,492,193,000 | – | – | – |
| Investment property | 23 | 1,030,093,525 | 769,499,144 | – | – | – |
| Investments in subsidiaries | 24 | – | – | 3,210,053,985 | 3,399,509,135 | 3,767,962,237 |
| Equity-accounted investee | 25 | – | 1,292,006 | – | 1,292,007 | 1,292,007 |
| Other investments | 26 | 741,513,041 | 1,004,330,898 | 669,200,042 | 647,177,898 | 647,177,898 |
| Deferred tax assets | 27 | 59,582,503 | 42,611,982 | 59,506,672 | 43,064,185 | 42,536,150 |
| Goodwill on acquisition | 24.7 | 1,526,648,376 | 1,576,648,378 | – | – | – |
| Non-current assets | 12,442,726,819 | 12,168,596,587 | 3,977,452,574 | 4,131,666,037 | 4,499,591,104 | |
| Biological assets | 22 | 71,671,000 | 52,688,000 | – | – | – |
| Inventories | 28 | 6,483,619,355 | 5,145,162,996 | – | – | – |
| Other investments | 26 | 717,726,603 | 335,364,187 | 202,812,603 | 222,469,740 | 222,469,740 |
| Current tax assets | 29 | 56,763,982 | 29,585,672 | 14,318,672 | 14,318,672 | 14,318,672 |
| Trade and other receivables | 30 | 6,105,636,443 | 4,848,691,358 | 136,729,581 | 72,577,780 | 70,396,643 |
| Amounts due from related parties |
31 | 10,655,319 | 475,000 | 242,331,065 | 335,115,034 | 223,215,489 |
| Cash and cash equivalents | 32 | 3,264,723,523 | 2,520,552,239 | 1,208,295,019 | 1,410,309,394 | 1,281,865,256 |
| Assets held for sale | 42 | – | 1,781,889,421 | – | 487,208,241 | – |
| Current assets | 16,710,796,225 | 14,714,408,873 | 1,804,486,940 | 2,541,998,861 | 1,812,265,800 | |
| Total assets | 29,153,523,044 | 26,883,005,460 | 5,781,939,514 | 6,673,664,898 | 6,311,856,904 | |
| Equity | ||||||
| Stated capital | 33 | 1,641,715,247 | 1,641,715,247 | 1,641,715,247 | 1,641,715,247 | 1,641,715,247 |
| Reserves | 33 | 274,560,725 | 339,686,250 | 266,257,122 | 331,382,645 | 331,382,645 |
| Retained earnings | 11,061,418,417 | 8,551,561,683 | 3,694,810,277 | 3,495,157,198 | 3,141,800,110 | |
| Equity attributable to owners of the Company |
12,977,694,389 | 10,532,963,180 | 5,602,782,646 | 5,468,255,090 | 5,114,898,002 | |
| Non-controlling interests | 33 | 5,450,236,264 | 4,808,856,243 | – | – | – |
| Total equity | 18,427,930,653 | 15,341,819,423 | 5,602,782,646 | 5,468,255,090 | 5,114,898,002 | |
| Liabilities | ||||||
| Loans and borrowings | 34 | 1,663,343,846 | 1,968,834,746 | – | – | – |
| Employee benefits | 35 | 615,771,635 | 713,774,478 | 113,135,769 | 106,078,437 | 103,878,290 |
| Contingent consideration | 24.4.b.i | – | 78,026,414 | – | – | – |
| Deferred income and capital grants |
36 | 41,442,000 | 91,996,000 | – | – | – |
| Deferred tax liabilities | 27 | 501,523,157 | 632,277,792 | – | – | – |
| Non-current liabilities | 2,826,317,338 | 3,484,909,430 | 113,135,769 | 106,078,437 | 103,878,290 | |
| Trade and other payables | 37 | 5,633,690,534 | 3,775,377,119 | 38,787,181 | 30,031,456 | 24,974,054 |
| Amounts due to related parties |
38 | 57,537,862 | 12,802,099 | 8,398 | – | – |
| Current tax liabilities | 29 | 295,699,941 | 354,693,979 | 27,225,520 | 61,292,441 | 60,099,084 |
| Loans and borrowings | 34 | 994,833,215 | 2,184,694,049 | – | 1,006,808,533 | 1,006,808,533 |
| Bank overdraft | 32 | 917,513,501 | 872,203,730 | – | 1,198,941 | 1,198,941 |
| Liabilities directly associated with assets held for sale | 42 | – | 856,505,631 | – | – | – |
| Current liabilities | 7,899,275,053 | 8,056,276,607 | 66,021,099 | 1,099,331,371 | 1,093,080,612 | |
| Total liabilities | 10,725,592,391 | 11,541,186,037 | 179,156,869 | 1,205,409,808 | 1,196,958,902 | |
| Total equity and liabilities | 29,153,523,044 | 26,883,005,460 | 5,781,939,514 | 6,673,664,898 | 6,311,856,904 | |
| Net assets per share*** | 28.93 | 23.48 | 12.49 | 12.19 | 11.40 | |
* 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 2021. These balances are presented for the purposes of comparability.
*** Number of shares increased from 149,554,103 to 448,662,309 shares due to share split.
Figures in brackets indicate deductions.
The Notes to the Financial Statements on pages 65 to 179 are integral part of these Consolidated Financial Statements.
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007.
Aruna Deepthikumara
Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Approved and signed for and on behalf of the Board,
 |
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| A Cabraal Chairman |
V Govindasamy Group Managing Director |
27 May 2022
Colombo