AgStar : Quarterly Financial Report as at 31st December 2021

AgStar PLC

Consolidated Statement of Profit or Loss and Other Comprehensive Income

	Three months ended 31st	Nine months ended 31st	Year ended
		December				December		31st March
(Rs.Mns)	2021	2020		Change	2021	2020	Change	2021
Un Audited		Un Audited			Un Audited		Un Audited		Audited
Continuing operations
Revenue	3,207.22	1,399.78	129%	4,492.51	2,590.87	73%	3,611.15
Cost of sales	(1,988.73)	(1,031.85)	-93%	(2,859.84)	(1,806.44)	-58%	(2,606.94)
Gross profit	1,218.49		367.93		231%	1,632.67		784.43	108%	1,004.21
Other income	12.89	6.06	113%	41.36	14.31	189%	25.51
Distribution expenses	(34.66)	(38.23)	9%	(97.86)	(89.72)	-9%	(128.73)
Administration expenses	(93.76)	(65.93)	-42%	(269.67)	(197.95)	-36%	(289.66)
Other expenses	-	-	0%	-	-	0%	-
Net finance income/(costs)	(60.67)	5.63	-1178%	(254.86)	(61.59)	-314%	(34.88)
Profit/(loss) before tax	1,042.29		275.46		278%	1,051.64		449.48	134%	576.45
Income tax expense (charge)/reversal	(184.67)	(75.10)	-146%	(214.89)	(118.02)	-82%	(84.08)
Profit/(loss) from continuing operations	857.62		200.36		328%	836.75		331.46	152%	492.37
Discontinued operations
Profit/(loss) from discontinued operations (net of tax)	0.04	(0.56)	107%	(0.01)	(1.02)	99%	(17.24)
Profit/(loss) for the period	857.66		199.80		329%	836.74		330.44	153%	475.13
Other comprehensive income:
Items that will never be reclassified to profit or loss
Revaluation gain on property,plant and equipment	-	-	0%	-	35.48	-100%	89.79
Deferred tax impact on revaluation of assets	-	-	0%	-	-	0%	54.74
Actuarial loss on defined benefit obligations	-	-	0%	-	-	0%	0.58
Deferred tax impact on actuarial loss	-	-	0%	-	-	0%	(0.11)
Other comprehensive income, net of tax	-		-		0%	-		35.48	-100%	145.00
Total comprehensive income	857.66		199.80		329%	836.74		365.92	129%	620.13
Profit attributable to :
Owners of the parent	859.37	199.80	330%	845.35	330.44	156%	476.26
Non-controlling interests	(1.71)	-	-100%	(8.61)	-	-100%	(1.13)
	857.66		199.80		329%	836.74		330.44	153%	475.13
Total comprehensive income attributable to :		199.80	330%	845.35	365.92	131%	621.26
Owners of the parent	859.37
Non-controlling interests	(1.71)	-	-100%	(8.61)	-	-100%	(1.13)
	857.66		199.80		329%	836.74		365.92	129%	620.13
Basic earnings/(loss) per share (Rs.)	2.64	0.61	330%	2.60	1.02	156%	1.47
The above figures are provisional and subject to audit.
Figures in brackets indicate deductions.

AgStar PLC

Company Profit or Loss and Other Comprehensive Income

	Three months ended 31st	Nine months ended 31st	Year ended
		December				December		31st March
(Rs.Mns)	2021	2020	Change	2021	2020	Change	2021
Un Audited		Un Audited		Un Audited		Un Audited		Audited
Revenue	2,336.11	1,136.14	106%	2,969.89	1,966.30	51%	2,894.57
Cost of sales	(1,550.28)	(843.03)	-84%	(2,044.12)	(1,400.17)	-46%	(2,141.37)
Gross profit	785.83		293.11	168%	925.77		566.13	64%	753.20
Other income	14.46	8.69	66%	147.15	18.20	709%	89.57
Distribution expenses	(20.52)	(23.16)	11%	(64.07)	(59.53)	-8%	(88.14)
Administration expenses	(60.17)	(54.35)	-11%	(180.79)	(145.60)	-24%	(216.25)
Other expenses	-	-	0%	-	-	0%	(7.80)
Net finance income/(costs)	(58.92)	8.65	-781%	(246.03)	(57.12)	-331%	(27.06)
Profit/(loss) before tax	660.68		232.94	184%	582.03		322.08	81%	503.52
Income tax expense (charge)/reversal	(122.75)	(70.28)	-75%	(107.84)	(97.25)	-11%	(48.27)
Profit/(loss) for the period	537.93		162.66	231%	474.19		224.83	111%	455.25
Other comprehensive income:
Items that will never be reclassified to profit or loss
Revaluation gain on property,plant and equipment	-	-	0%	-	35.48	-100%	77.34
Deferred tax impact on revaluation of assets	-	-	0%	-	-	0%	56.98
Actuarial loss on defined benefit obligations	-	-	0%	-	-	0%	0.59
Deferred tax impact on actuarial loss	-	-	0%	-	-	0%	(0.11)
Other comprehensive income, net of tax	-		-	0%	-		35.48	-100%	134.80
Total comprehensive income	537.93		162.66	231%	474.19		260.31	82%	590.05
Profit attributable to :
Owners of the parent	537.93	162.66	231%	474.19	224.83	111%	455.25
Non-controlling interests	-	-	231%	-	-	111%	-
	537.93		162.66	474.19		224.83	455.25
Total comprehensive income attributable to :
Owners of the parent	537.93	162.66	231%	474.19	260.31	82%	590.05
Non-controlling interests	-	-	231%	-	-	82%	-
	537.93		162.66	474.19		260.31	590.05
Basic earnings/(loss) per share (Rs.)	1.66	0.50	231%	1.46	0.69	111%	1.40
The above figures are provisional and subject to audit.
Figures in brackets indicate deductions.

AgStar PLC

Statements of Financial Position

		Group				Company
	As at	As at	As at		As at	As at	As at
(Rs.Mns)	31/12/2021	31/12/2020	31/03/2021	31/12/2021	31/12/2020	31/03/2021
Un Audited	Un Audited	Audited		Un Audited	Un Audited	Audited
ASSETS
Non-current assets
Property, plant and equipment	2,538.64	1,864.07	2,403.08	2,278.45	1,867.72	2,142.65
Right of use asset	6.60	4.63	7.18	1.78	1.84	1.83
Intangible assets and goodwill	112.34	111.36	111.34	4.25	4.94	4.59
Investment property	-		-	165.33	-	165.33
Investments in subsidiaries	-	-	-	184.78	141.58	184.78
Deferred tax assets	8.49	13.67	8.43	-	-	-
Current assets	2,666.07	1,993.73	2,530.03		2,634.59	2,016.08	2,499.18
Inventories	1,760.94	778.85	892.59	1,578.14	549.79	379.49
Trade and other receivables	704.84	515.03	396.16	18.99	233.70	231.93
Subsidy receivable	3,539.95	4,184.37	4,020.42	3,345.98	4,184.37	4,020.42
Amount due from related companies	-	-	-	369.85	380.35	456.98
Current tax receivable	2.98	3.38	1.69	1.69	3.38	1.69
Cash and cash equivalents	303.92	104.36	428.14	80.15	76.15	343.91
Assets classified as held for sale	6,312.63	5,585.99	5,739.00		5,394.80	5,427.74	5,434.42
180.59	510.10	180.74	-	260.83	-
Total current assets	6,493.22	6,096.09	5,919.74		5,394.80	5,688.57	5,434.42
Total assets	9,159.29	8,089.82	8,449.77	8,029.39	7,704.65	7,933.60
EQUITY AND LIABILITIES
Equity
Stated capital	1,204.09	1,204.09	1,204.09	1,204.09	1,204.09	1,204.09
Revaluation reserve	818.98	709.93	818.98	331.03	232.19	331.03
Retained earnings	2,403.20	1,476.55	1,622.85		2,499.35	1,861.38	2,090.16
Equity attributable to owners of the parent	4,426.27	3,390.57	3,645.92	4,034.47	3,297.66	3,625.28
Non-controlling interests	34.09	-	42.70		-	-	-
Total equity	4,460.36	3,390.57	3,688.62	4,034.47	3,297.66	3,625.28
Non-current liabilities
Employee benefits	32.64	28.29	33.85	32.60	28.26	33.80
Deferred tax liabilities	454.33	442.55	346.43	420.05	417.98	312.21
Deferred income	-	1.03	0.66	-	1.03	0.66
Loans and borrowings	371.36	11.27	3.96	364.75	-	-
Lease liability	7.11	4.04	6.60	2.20	2.16	1.98
Current liabilities	865.44	487.18	391.50		819.60	449.43	348.65
Trade and other payables	1,642.58	3,370.41	3,563.52	1,305.60	3,245.86	3,265.03
Loans and borrowings	2,079.61	785.14	771.45	1,853.13	677.70	692.82
Lease liability	0.04	0.44	0.08	0.02	0.03	0.02
Amount due to related companies	-	-	-	-	5.61	-
Current tax liabilities	91.32	11.39	10.01	-	-	-
Bank overdrafts	19.75	44.37	24.10	16.57	28.36	1.80
Liabilities classified as held for sale	3,833.30	4,211.75	4,369.16		3,175.32	3,957.56	3,959.67
0.19	0.32	0.49		-	-	-
Total current liabilities	3,833.49	4,212.07	4,369.65		3,175.32	3,957.56	3,959.67
Total liabilities	4,698.93	4,699.25	4,761.15		3,994.92	4,406.99	4,308.32
Total equity and liabilities	9,159.29	8,089.82	8,449.77		8,029.39	7,704.65	7,933.60
Net assets per share (Rs.)	13.62	10.43	11.22	12.41	10.15	11.15
The above figures are provisional and subject to audit.
Figures in brackets indicate deductions.

I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

Sgd.

M R M Rizny

Accountant

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Signed for and on behalf of the Board;

Sgd.	Sgd.
D N N Lokuge	A P Weerasekera
Chairman	Managing Director
January 31, 2022

AgStar PLC

Statement of Changes in Equity

(Rs.Mns)					Group
	Equity attributable to owners of the parent
									Non-
	Stated		Revaluation		Retained				controlling		Total
	capital		reserve		earnings		Total		interests		equity
Balance as at 1st April 2020	1,204.09	674.45	1,146.11	3,024.65	-	3,024.65
Profit for the year	-	-	330.44	330.44	-	330.44
Other comprehensive income for the year	-	35.48	-	35.48	-	35.48
Total comprehensive income for the year	-	35.48	330.44	365.92	-	365.92
Dividend	-	-	-	-			-
Balance as at 31st December 2020
1,204.09		709.93		1,476.55		3,390.57		-		3,390.57
Balance as at 1st April 2021
1,204.09		818.98		1,622.85		3,645.92		42.70		3,688.62
Profit for the year	-	-	845.35	845.35	(8.61)	836.74
Other comprehensive income for the year	-	-	-	-	-	-
Total comprehensive income for the year	-	-	845.35	845.35	(8.61)	836.74
Dividend	-	-	(65.00)	(65.00)	-	(65.00)
Balance as at 31st December 2021
1,204.09		818.98		2,403.20		4,426.27		34.09		4,460.36
			Company
	Stated		Revaluation		Retained		Total
	capital		reserve		earnings		equity
Balance as at 1st April 2020	1,204.09	196.71	1,123.80	2,524.60
Profit for the year	-	-	224.83	224.83
Other comprehensive income for the year	-	35.48	-	35.48
Balance transferred on amalgamation	-	-	512.75	512.75
Total comprehensive income for the year	-	35.48	737.58	773.06
Dividend	-	-	-	-
Balance as at 31st December 2020
1,204.09		232.19		1,861.38	3,297.66
Balance as at 1st April 2021
1,204.09		331.03		2,090.16		3,625.28
Profit for the year	-	-	474.19	474.19
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	474.19	474.19
Dividend	-	-	(65.00)	(65.00)
Balance as at 31st December 2021
1,204.09		331.03		2,499.35		4,034.47

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.