Agalawatte Plantations : Interim Financial Statements for the period ended 31st December 2021

Company Reg No PQ 214

Agalawatte Plantations PLC

Interim

Financial

Statements

For the Quarter Ended 31st December 2021

AGALAWATTE PLANTATIONS PLC

Company Reg No PQ 214

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-GROUP

			Group				Group
	Quarter ended 31st December	Twelve months ended 31st December
	2021	2020	Change	2021	2020	Change
	Unaudited		Unaudited		Unaudited		Audited
			Restated				Restated
	Rs. 000		Rs. 000	%	Rs. 000		Rs. 000	%
Revenue	970,034	785,027	23.57	3,867,404	2,934,612	31.79
Cost of sales	(700,234)		(648,659)	7.95	(2,945,168)		(2,654,111)	10.97
Gross Profit/ (Loss)	269,800		136,368	97.85	922,235	280,501	228.78
Other Income	8,951	141,794	(93.69)	122,676	277,148	(55.74)
Gain/(Loss) on changes in fair value of biological assets	(55,727)	74,618	(174.68)	(55,727)	74,618	(174.68)
Selling and distribution expenses	(20)	(621)	(96.78)	(57)	(4,184)	(98.65)
Administration expenses	(14,096)	(17,720)	(20.45)	(54,361)	(75,820)	(28.30)
Other Expesnes	(804)		(8,803)	(994.51)	(3,338)		(11,767)	(71.64)
Results from Operating Activities	208,105	325,637	(36.09)	931,430	540,496	72.33
Finance income	73	91	(19.42)	73	91	(19.42)
Finance costs	(14,899)		(19,983)	(25.44)	(60,622)		(136,061)	(55.44)
Net finance costs	(14,825)		(19,892)	(25.47)	(60,549)		(135,970)	(55.47)
Share of profit/(loss) in jointly controlled entity	53,138		14,780	259.53	197,919		115,469	71.40
Profit/(Loss) Before Taxation	246,418	320,524	(23.12)	1,068,799	519,995	105.54
Income tax (expense)/reversal	-		(34,061)	-	-		(34,061)	-
Profit/(Loss) for the Period	246,418	286,463	(13.98)	1,068,799	485,934	119.95
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation	105,988	(40,387)	-	105,988	(40,387)	-
Equity Investment measured at FVOCI - net change in fair Value	-	-		-	-	-
Tax on other comprehensive income	(14,838)	5,654	-	(14,838)	5,654	-
Other comprehensive income for the period, net of taxes	91,150		(34,733)	-	91,150		(34,733)	-
Total comprehensive income/(expense) for the period	337,567		251,730	34.10	1,159,949		451,201	157.08
Profit/(Loss) attributable to:
Equity holders of the company	246,418	286,463	(13.98)	1,068,799	485,934	119.95
Non controlling interests	-		-	-	-		-	-
Profit/(Loss) for the period	246,418	286,463	(13.98)	1,068,799	485,934	119.95
Total comprehensive income/(expense) attributable to:
Equity holders of the company	337,567	251,730	34.10	1,159,949	451,201	157.08
Non controlling interests	-	-	-	-	-	-
Total comprehensive income/(expense) for the period	337,567		251,730	34.10	1,159,949		451,201	157.08
Basic profit/(loss) per share (Rs.)	1.58		2.06	(23.43)	6.84		4.30	59.08

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				Company
Quarter ended 31st December		Twelve months ended 31st December
2021	2020	Change		2021	2020	Change
Unaudited	Unaudited			Unaudited	Audited
	Restated				Restated
Rs. 000	Rs. 000	%		Rs. 000	Rs. 000	%

Revenue	970,034
Cost of sales	(700,234)
Gross Profit/ (Loss)	269,800
Other Income	59,281
Gain/(Loss) on changes in fair value of biological assets	(55,727)
Selling and distribution expenses	(20)
Administration expenses	(14,096)
Other Expenses	(804)
Results from Operating Activities	258,435
Finance income
73
Finance costs	(14,899)
Net finance costs	(14,825)
Profit/(Loss) Before Taxation	243,610
Income tax (expense)/reversal	-
Profit/(Loss) for the Period	243,610
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation	105,988
Equity Investment measured at FVOCI - net change in fair Value	-
Tax on other comprehensive income	(14,838)
Other comprehensive income for the period, net of taxes
91,150
Total comprehensive income/(expense) for the period
334,760
Profit/(Loss) attributable to:
Equity holders of the company	243,610
Non controlling interests	-
Profit/(Loss) for the period	243,610
Total comprehensive income/(expense) attributable to:
Equity holders of the company	334,760
Non controlling interests	-
Total comprehensive income/(expense) for the period	334,760
Basic profit/(loss) per share (Rs.)	1.56
Figures in brackets indicate deductions

768,291	26.26	3,867,404	2,832,331	36.54
(623,913)	12.23	(2,945,168)		(2,557,883)	15.14
144,378	86.87	922,235	274,448	236.03
146,729	(59.60)	247,802	350,066	(29.21)
74,618	(174.68)	(55,727)	74,618	(174.68)
(24)	(15.25)	(57)	(61)	(7.19)
(20,079)	(29.80)	(54,361)	(67,541)	(19.51)
(8,802)	(994.44)	(3,338)		(11,767)	(71.64)
336,821	(23.27)	1,056,556	619,763	70.48
91	(19.42)	73	91	(19.42)
(19,294)	(22.78)	(60,622)		(131,454)	(53.88)
(19,203)	(22.80)	(60,549)	(131,363)	(53.91)
-
317,618	(23.30)	996,006	488,400	103.93
(34,216)	-	-		(34,216)	-
283,402	(14.04)	996,006	454,184	119.30
(41,496)	-	105,988	(41,496)	-
-		-	-
5,809	-	(14,838)	5,809	-
	-
(35,687)	91,150		(35,687)	-
247,715	35.14	1,087,156		418,497	159.78
283,402	(14.04)	996,006	454,184	119.30
-	-	-		-	-
283,402	(14.04)	996,006		454,184	119.30
247,715	35.14	1,087,156	418,497	159.78
-	-	-		-	-
247,715	35.14	1,087,156		418,497	159.78
2.04	(23.49)	6.37	4.01	58.96

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AGALAWATTE PLANTATIONS PLC

Company Reg No PQ 214

STATEMENT OF FINANCIAL POSITION
	Group	Company		Group		Company
	Unaudited		Audited	Unaudited	Audited		Audited		Audited
AS AT	31.12.2021	31.12.2020	31.12.2021	31.12.2020		31.12.2020	31.12.2020
			Restated		Restated
	Rs. 000		Rs. 000	Rs. 000	Rs. 000		Rs. 000		Rs. 000
ASSETS
Non-current assets
Right of Use Assets	429,325	431,330	429,325	431,330		431,330	431,330
Property, plant and equipment	728,190	752,047	728,190	752,047		752,047	752,047
Bearer biological assets	2,470,715	2,156,203	2,470,715	2,156,203		2,156,203	2,156,203
Consumable biological assets	652,864	724,043	652,864	724,043		724,043	724,043
Investment in jointly controlled entity	296,527		223,735	6,990	6,990		223,735		6,990
Total non current assets	4,577,621	4,287,358	4,288,084	4,070,613		4,287,358	4,070,613
Current assets
Produce on bearer biological assets	9,680	9,680	9,680	9,680		9,680	9,680
Inventories	391,729	287,754	391,729	287,754		287,754	287,754
Trade and other receivables	127,482	134,784	127,482	134,784		134,784	134,784
Amount due from related parties	27,992	10,732	27,992	10,732		10,732	10,732
Cash and cash equivalents	3,358		14,979	3,358	14,979		14,979		14,979
Total current assets	560,241		457,929	560,241	457,929		457,929		457,929
Total Assets	5,137,862	4,745,287	4,848,325	4,528,542		4,745,287	4,528,542
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 Losses	(537,989)		(1,697,938)	(827,527)	(1,914,683)		(1,697,938)		(1,914,683)
Equity attributable to owners of the Company	1,720,136	560,187	1,430,598	343,442		560,187	343,442
Non-current liabilities
Loans and borrowings	-	13,542	-	13,542		13,542	13,542
Lease Liability	468,575	456,697	468,575	456,697		456,697	456,697
Deferred tax liabilities	352,174	337,335	352,174	337,335		337,335	337,335
Retirement benefit obligations	519,910	609,651	519,910	609,651		609,651	609,651
Deferred income	144,644		96,705	144,644	96,705		96,705		96,705
Total non current liabilities	1,485,303	1,513,930	1,485,303	1,513,930		1,513,930	1,513,930
Current liabilities
Trade and other payables	459,372	445,423	459,372	445,423		445,423	445,423
Amounts due to related parties	780,216	2,162,495	780,216	2,162,495		2,162,495	2,162,495
Loans and borrowings	612,400	11,458	612,400	11,458		11,458	11,458
Lease Liability	3,750	3,252	3,750	3,252		3,252	3,252
Bank overdrafts	76,685		48,542	76,685	48,542		48,542		48,542
Total current liabilities	1,932,424		2,671,170	1,932,424	2,671,170		2,671,170		2,671,170
Total Liabilities	3,417,727		4,185,100	3,417,727	4,185,100		4,185,100		4,185,100
Total Equity and Liabilities	5,137,862		4,745,287	4,848,325	4,528,542		4,745,287	4,528,542
Net asset/(liability) value per share	11.01	3.59		2.20	3.59	2.20
9.16
Figures in brackets indicate deductions

3