Bairaha Farms : BFL - Interim Financial Statements 30.06.2022

BAIRAHA FARMS PLC.

FINANCIAL STATEMENTS

30TH JUNE 2022

Bairaha Farms PLC
Statement of Financial Position
As at 30th June 2022
		Group			Company
	Unaudited	Unaudited	Audited		Unaudited	Unaudited	Audited
	as at	as at	as at		as at	as at	as at
	30.06.2022	30.06.2021	31.03.2022	30.06.2022	30.06.2021	31.03.2022
	Rs	Rs	Rs		Rs	Rs	Rs
ASSETS
Non-Current Assets
Property, Plant & Equipment	2,660,023,571	2,317,747,540	2,500,695,088	983,050,756	860,748,931	933,729,816
Right of use Assets	7,752,760	12,182,901	8,860,289	12,374,696	19,445,952	14,142,510
Investment Property	-	-	-	51,353,909	53,673,755	51,932,769
Intangible Assets	38,648,938	37,414,508	39,989,250	38,561,438	37,309,508	39,898,250
Investments in Subsidiaries	-	-	-	381,532,820	381,532,820	381,532,820
Investments in Joint Ventures	1,204,272,778	1,081,578,535	1,176,730,340	711,922,000	711,922,000	711,922,000
Other Investments	891,800	1,131,900	891,800	891,800	1,131,900	891,800
Biological Assets- Bearer	196,346,020	60,700,658	105,002,246		62,732,528	17,375,245	52,608,411
	4,107,935,867	3,510,756,042	3,832,169,013	2,242,419,947	2,083,140,111	2,186,658,376
Current Assets
Inventories	724,483,990	279,176,401	362,024,188	480,380,593	179,973,111	219,928,475
Biological Assets- Consumable	358,188,200	204,152,747	211,654,885	193,658,658	84,298,909	161,689,272
Biological Assets- Bearer	469,945,758	429,763,177	438,754,507	264,620,928	133,261,292	257,230,802
Trade and Other Receivables	806,004,338	538,664,737	694,261,283	754,501,855	396,740,482	710,502,107
Income Tax Receivable	21,695,504	42,847,163	24,265,487	13,061,539	28,799,593	13,061,539
Other Investments	25,561,154	45,577,596	46,135,670	61,154	77,596	61,154
Amounts Due from Related Parties	9,167,723	22,524,782	50,509,233	87,255,901	38,971,256	117,290,757
Cash and Bank Balances	193,181,235	213,777,589	541,691,393		132,995,598	123,836,296	302,079,107
	2,608,227,902	1,776,484,192	2,369,296,647		1,926,536,226	985,958,535	1,781,843,213
Total Assets	6,716,163,769	5,287,240,234	6,201,465,659	4,168,956,173	3,069,098,646	3,968,501,589
EQUITY AND LIABILITIES
Equity
Stated Capital	256,305,197	256,305,197	256,305,197	256,305,197	256,305,197	256,305,197
Revaluation Surplus	572,830,044	573,011,179	572,830,044	183,956,592	183,956,592	183,956,592
Fair Value Reserve	(1,254,207)	(1,014,107)	(1,254,207)	(1,254,207)	(1,014,107)	(1,254,207)
Actuarial Gain on Defined Benefit Plans	(3,968,043)	(5,557,842)	(3,968,043)	(3,968,043)	(5,557,842)	(3,968,043)
Retained Earnings	4,234,572,183	3,318,965,761	3,960,977,491		1,552,326,107	1,020,260,414	1,326,787,653
Total Equity	5,058,485,174	4,141,710,188	4,784,890,482	1,987,365,646	1,453,950,254	1,761,827,192
Non-Current Liabilities
Financing & Lease (Ijara) Payable	344,738,086	105,406,278	257,660,284	139,175,027	65,470,777	106,558,148
Deferred Tax Liabilities	177,672,605	167,050,545	177,672,605	60,207,891	49,405,571	60,207,891
Retirement Benefit Liability	96,590,089	97,303,196	94,863,017		84,760,903	83,758,950	83,018,834
	619,000,780	369,760,019	530,195,906	284,143,821	198,635,298	249,784,873
Current Liabilities
Trade and Other Payables	628,029,099	404,208,661	594,676,038	1,215,646,017	881,828,273	1,425,360,210
Dividends Payable	18,662,203	16,270,755	16,545,937	18,662,203	16,270,755	16,545,937
Amounts Due to Related Parties	-	-	-	341,454,851	252,473,209	306,583,406
Financing & Lease (Ijara) Payable	391,986,513	355,290,611	275,157,296		321,683,635	265,940,857	208,399,971
	1,038,677,815	775,770,027	886,379,271		1,897,446,706	1,416,513,094	1,956,889,524
Total Equity and Liabilities	6,716,163,769	5,287,240,234	6,201,465,659		4,168,956,173	3,069,098,646	3,968,501,589

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
28-Jul-2022

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Group

For the Three Months ended 30th June 2022

	Unaudited	Unaudited for
	for the three	Unaudited	Unaudited	Group
	the three months
	months ended	for the quarter	for the quarter	Change
	ended 30.06.2021
	30.06.2022	ended 30.06.2022 ended 30.06.2021	%
	Rs	Rs	Rs	Rs	+/(-)
Revenue	2,316,386,562	1,376,573,233	2,316,386,562	1,376,573,233	68
Cost of Sales	(1,777,604,504)	(1,128,223,207)	(1,777,604,504)	(1,128,223,207)	58
Gross Profit	538,782,058	248,350,026	538,782,058	248,350,026	117
Other Operating Income	17,510,526	5,264,264	17,510,526	5,264,264	233
Distribution Costs	(159,868,198)	(92,592,884)	(159,868,198)	(92,592,884)	73
Administrative Expenses	(89,137,106)	(72,775,001)	(89,137,106)	(72,775,001)	22
Other Operating Expenses	(219,178)	(256,524)	(219,178)	(256,524)	(15)
Finance Cost	(15,015,850)	(8,262,961)	(15,015,850)	(8,262,961)	82
Profit before Tax	292,052,252	79,726,920	292,052,252	79,726,920	266
Share of Profit from Joint Venture Companies	77,542,440	31,001,752	77,542,440	31,001,752	150
Income Tax Expense	-	(11,939,735)	-	(11,939,735)	(100)
Profit for the Period	369,594,692	98,788,937	369,594,692	98,788,937	274
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	369,594,692	98,788,937	369,594,692	98,788,937
Earnings per Share - Basic	23.10	6.17	23.10	6.17	274

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
28-Jul-2022

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Company

For the Three Months ended 30th June 2022

	Unaudited	Unaudited	Unaudited	Unaudited
	for the three	for the three	for the quarter	for the quarter
	months ended	months ended	ended	ended	Group
	30.06.2022	30.06.2021	30.06.2022	30.06.2021	Change
					%
	Rs	Rs	Rs	Rs	+/(-)
Revenue	2,202,954,250	1,013,139,262	2,202,954,250	1,013,139,262	117
Cost of Sales	(1,774,377,513)	(962,401,825)	(1,774,377,513)	(962,401,825)	84
Gross Profit	428,576,737	50,737,437	428,576,737	50,737,437	745
Other Operating Income	109,073,089	108,868,062	109,073,089	108,868,062	0
Distribution Costs	(132,814,012)	(75,734,248)	(132,814,012)	(75,734,248)	75
Administrative Expenses	(75,557,732)	(59,588,220)	(75,557,732)	(59,588,220)	27
Other Operating Expenses	(219,178)	(256,524)	(219,178)	(256,524)	(15)
Finance Cost	(7,520,450)	(6,672,129)	(7,520,450)	(6,672,129)	13
Profit before Tax	321,538,454	17,354,378	321,538,454	17,354,378	(1753)
Income Tax Expense	-	(8,903,835)	-	(8,903,835)	(100)
Profit for the Period	321,538,454	8,450,543	321,538,454	8,450,543	3705
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	321,538,454	8,450,543	321,538,454	8,450,543
Earnings per Share - Basic	20.10	0.53	20.10	0.53	3705

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen	-
Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
28-Jul-2022

Bairaha Farms PLC.

Statement of Changes in Equity

For the Three Months ended 30th June 2022

				Actuarial Gain
	Stated	Revaluation	Fair Value	on Defined
	Capital	Surplus	Reserve	Benefit Plans	Retained Earnings	Total
	Rs	Rs	Rs	Rs	Rs	Rs
Group
Balance as at 1st April 2021	256,305,197	573,011,179	(1,014,107)	(5,557,842)	3,268,176,823	4,090,921,251
Profit for the three months ended 30th June 2021	-	-	-	-	98,788,937	98,788,937
Dividends	-	-	-	-	(48,000,000)	(48,000,000)
Balance as at 30th June 2021	256,305,197	573,011,179	(1,014,107)	(5,557,842)	3,318,965,760	4,141,710,188
Company
Balance as at 1st April 2021	256,305,197	183,956,592	(1,014,107)	(5,557,842)	1,059,809,870	1,493,499,711
Profit for the three months ended 30th June 2021	-	-	-	-	8,450,543	8,450,543
Dividends	-	-	-	-	(48,000,000)	(48,000,000)
Balance as at 30th June 2021	256,305,197	183,956,592	(1,014,107)	(5,557,842)	1,020,260,414	1,453,950,254
Group
Balance as at 1st April 2022	256,305,197	572,830,044	(1,254,207)	(3,968,043)	3,960,977,491	4,784,890,482
Profit for the three months ended 30th June 2022	-	-	-	-	369,594,692	369,594,692
Dividends	-	-	-	-	(96,000,000)	(96,000,000)
Balance as at 30th June 2022	256,305,197	572,830,044	(1,254,207)	(3,968,043)	4,234,572,183	5,058,485,174
Company
Balance as at 1st April 2022	256,305,197	183,956,592	(1,254,207)	(3,968,043)	1,326,787,653	1,761,827,192
Profit for the three months ended 30th June 2022	-	-	-	-	321,538,454	321,538,454
Dividends	-	-	-	-	(96,000,000)	(96,000,000)
Balance as at 30th June 2022	256,305,197	183,956,592	(1,254,207)	(3,968,043)	1,552,326,107	1,987,365,646