Agalawatte Plantations : INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30/06/2022

Company Reg No PQ 214

Agalawatte Plantations PLC

Interim

Financial

Statements

For the Quarter Ended 30th June 2022

AGALAWATTE PLANTATIONS PLC

Company Reg No PQ 214

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY AND EQUITY ACCOUNTED INVESTEE

	Company and Equity Accounted Investee	Company and Equity Accounted Investee
	Quarter ended 30th June		Six months ended 30th June
	2022	2021		Change	2022	2021	Change
	Unaudited		Unaudited		Unaudited		Unaudited
			Restated				Restated
	Rs. 000		Rs. 000	%	Rs. 000		Rs. 000	%
Revenue	1,320,754	966,627		36.64	2,315,628	1,841,467	25.75
Cost of sales	(838,375)		(772,256)		8.56	(1,578,993)		(1,520,310)	3.86
Gross Profit/ (Loss)	482,379		194,371		148.17	736,635	321,157	129.37
Other Income	54,934	38,204		43.79	93,616	82,987	12.81
Selling and distribution expenses	-	-			-	(37)	(100.00)
Administration expenses	(22,019)	(14,295)		54.03	(33,955)	(27,895)	21.72
Other Expesnes	(204)		(2,152)		(953.61)	(447)		(2,152)	(79.22)
Results from Operating Activities	515,090	216,128		138.33	795,849	374,060	112.76
Finance income	27	-			42	-
Finance costs	(18,399)		(16,314)		12.78	(34,243)		(30,805)	11.16
Net finance costs	(18,372)		(16,314)		12.61	(34,201)		(30,805)	11.02
Share of profit/(loss) in jointly controlled entity	47,875		56,526		(15.30)	71,471		67,845	5.34
Profit/(Loss) Before Taxation	544,593	256,340		112.45	833,119	411,100	102.66
Income tax (expense)/reversal	-		-		-	-		-	-
Profit/(Loss) for the Period	544,593	256,340		112.45	833,119	411,100	102.66
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation	-	-		-	-	-	-
Equity Investment measured at FVOCI - net change in fair Value	-	-			-	-	-
Tax on other comprehensive income	-	-		-	-	-	-
Other comprehensive income for the period, net of taxes	-		-		-	-		-	-
Total comprehensive income/(expense) for the period	544,593		256,340		112.45	833,119		411,100	102.66
Profit/(Loss) attributable to:
Equity holders of the company	544,593	256,340		112.45	833,119	411,100	102.66
Non controlling interests	-		-		-	-		-	-
Profit/(Loss) for the period	544,593	256,340		112.45	833,119	411,100	102.66
Total comprehensive income/(expense) attributable to:
Equity holders of the company	544,593	256,340		112.45	833,119	411,100	102.66
Non controlling interests	-	-		-	-	-	-
Total comprehensive income/(expense) for the period	544,593		256,340		112.45	833,119		411,100	102.66
Basic profit/(loss) per share (Rs.)	3.49		1.64		112.45	5.33		2.63	102.74

Figures in brackets indicate deductions

1

AGALAWATTE PLANTATIONS PLC

Company Reg No PQ 214

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY

	Company
Quarter ended 30th June
2022	2021	Change
Unaudited	Unaudited
	Restated
Rs. 000	Rs. 000	%

Company

Six months ended 30th June

2022	2021	Change
Unaudited	Unaudited
	Restated
Rs. 000	Rs. 000	%

Revenue	1,320,754
Cost of sales	(838,375)
Gross Profit/ (Loss)	482,379
Other Income	105,264
Selling and distribution expenses	-
Administration expenses	(22,019)
Other Expenses	(204)
Results from Operating Activities	565,420
Finance income
27
Finance costs	(18,399)
Net finance costs	(18,371)
Profit/(Loss) Before Taxation	547,048
Income tax (expense)/reversal	-
Profit/(Loss) for the Period	547,048
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation	-
Equity Investment measured at FVOCI - net change in fair Value	-
Tax on other comprehensive income	-
Other comprehensive income for the period, net of taxes
-
Total comprehensive income/(expense) for the period
547,048
Profit/(Loss) attributable to:
Equity holders of the company	547,048
Non controlling interests	-
Profit/(Loss) for the period	547,048
Total comprehensive income/(expense) attributable to:
Equity holders of the company	547,048
Non controlling interests	-
Total comprehensive income/(expense) for the period	547,048
Basic profit/(loss) per share (Rs.)	3.50
Figures in brackets indicate deductions

966,627	36.64
(772,255)	8.56
194,372	148.17
38,203	175.54
-
(14,295)	54.03
(2,152)	(953.61)
216,127	161.61
-
(16,313)	12.78
(16,313)	12.62
-
199,814	173.78
-	-
199,814	173.78
	-
-
-
-	-
	-
-
	173.78
199,814
199,814	173.78
-	-
199,814	173.78
199,814	173.78
-	-
199,814	173.78

1.28 173.78

2,315,628	1,841,467	25.75
(1,578,993)		(1,520,310)	3.86
736,635	321,157	129.37
143,946	107,453	33.96
-	(37)	(100.00)
(33,955)	(27,895)	21.72
(447)		(2,152)	(79.22)
846,179	398,525	112.33

42-

(34,243)		(30,805)	11.16
(34,201)		(30,805)	11.03
811,977	367,721	120.81
-		-	-
811,977	367,721	120.81
-	-	-
-	-
-	-	-
-		-	-
811,977		367,721	120.81
811,977	367,721	120.81
-		-	-
811,977		367,721	120.81
811,977	367,721	120.81
-		-	-
811,977		367,721	120.81
5.20	2.35	121.13

2

AGALAWATTE PLANTATIONS PLC

Company Reg No PQ 214

STATEMENT OF FINANCIAL POSITION
	Company and Equity	Company
	Accounted Investee		Co & EAI		Company
	Unaudited		Unaudited	Unaudited	Unaudited		Audited		Audited
AS AT	30.06.2022	30.06.2021	30.06.2022	30.06.2021		31.12.2021	31.12.2021
			Restated		Restated
	Rs. 000		Rs. 000	Rs. 000	Rs. 000		Rs. 000		Rs. 000
ASSETS
Non-current assets
Right of Use Assets	458,046	438,460	458,046	438,460		429,326	429,326
Property, plant and equipment	698,952	758,913	698,952	758,913		728,190	728,190
Bearer biological assets	2,637,332	2,282,438	2,637,332	2,282,438		2,470,714	2,470,714
Consumable biological assets	681,546	724,475	681,546	724,475		680,679	680,679
Investment in jointly controlled entity	316,063		267,114	6,990	6,990		294,922		6,990
Total non current assets	4,791,939	4,471,400	4,482,866	4,211,276		4,603,831	4,315,899
Current assets
Produce on bearer biological assets	16,979	9,680	16,979	9,680		16,979	16,979
Inventories	557,443	291,138	557,443	291,138		388,549	388,549
Trade and other receivables	111,260	121,406	111,260	121,406		122,216	122,216
Amount due from related parties	29,616	18,580	29,616	18,580		28,548	28,548
Cash and cash equivalents	6,073		66,837	6,073	66,837		41,870		41,870
Total current assets	721,372		507,641	721,372	507,641		598,162		598,162
Total Assets	5,513,311	4,979,041	5,204,239	4,718,917		5,201,993	4,914,061
EQUITY AND LIABILITIES
Stated capital and reserves
Stated capital	2,258,125	2,258,125	2,258,125	2,258,125		2,258,125	2,258,125
Accumulated Profit/(Losses)	406,654		(1,286,839)	97,580	(1,546,962)		(426,465)		(714,397)
Equity attributable to owners of the Company	2,664,779	971,286	2,355,705	711,163		1,831,660	1,543,728
Non-current liabilities
Loans and borrowings	-	4,000	-	4,000		-	-
Lease Liability	503,120	470,267	503,120	470,267		468,575	468,575
Deferred tax liabilities	257,699	337,335	257,699	337,335		257,699	257,699
Retirement benefit obligations	517,137	628,466	517,137	628,466		524,567	524,567
Deferred income	178,719		115,075	178,719	115,075		144,739		144,739
Total non current liabilities	1,456,675	1,555,143	1,456,675	1,555,143		1,395,580	1,395,580
Current liabilities
Trade and other payables	457,954	440,309	457,954	440,309		468,873	468,873
Amounts due to related parties	823,188	1,991,975	823,188	1,991,975		774,961	774,961
Loans and borrowings	4,000	16,800	4,000	16,800		612,400	612,400
Lease Liability	4,298	3,527	4,298	3,527		3,750	3,750
Bank overdrafts	102,418		-	102,418	-		114,769		114,769
Total current liabilities	1,391,858		2,452,612	1,391,858	2,452,612		1,974,753		1,974,753
Total Liabilities	2,848,533		4,007,754	2,848,533	4,007,754		3,370,333		3,370,333
Total Equity and Liabilities	5,513,311		4,979,041	5,204,239	4,718,917		5,201,993	4,914,061
Net asset/(liability) value per share	17.05	6.22		4.55	11.72	9.88
15.08
Figures in brackets indicate deductions

3