Balangoda Plantations : Interim Financial Statements as at 30-06-2022

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

INTERIM FINANCIAL STATEMENT

AS AT 30th JUNE 2022

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Provisional Financial Statement for 06 months ended 30 June 2022

CORPORATE INFORMATION

Company	:	Balangoda Plantations PLC
Legal Form	:	Quoted Public Company
Date of Incorporation	:	11th June 1992
Company Registration No	:	P Q 165
Registered Office	: 110, Norris Canal Road, Colombo 10
Board of Directors	:	Mr.D.H.S Jayawardena	- Chairman/MD
		Mr.D Hasitha S Jayawardena	- Non Executive Director
		Mr.C R Jansz	- Non Executive Director
		Mr.A.L.Gooneratne	- Non Executive Director
		Dr.A.Shakthevale	- Independent Director
		Mr.D.S.K.Amarasekera	- Independent Director
Secretary	: Mr. P A Jayatunga,
		833, Sirimavo Bandaranaike Mawatha,
		Colombo 14.
		Telephone [phone]
Registrars	: P W Corporate Secretarial (Pvt) Ltd.,
		3/17, Kynsey Road,
		Colombo 8. Telephone: [phone] - 3
Auditors	: Messrs. KPMG Sri Lanka,
		32A, Sir Mohomad Macan Markar Mawatha,
		Colombo 03
Legal Advisors	: Prasanna Goonewardene & Company,
		Attorneys-at-Law, Solicitors & Notaries Public,
		26/01, Colonel T. G. Jayawardena Mawatha,
		Colombo 3.
Bankers	: Hatton National Bank PLC,
		Head Office Branch,
		481, Darley Road,
		Colombo -10
Managing Agents	:	Melstacorp PLC
		110,Norris Canal Road
		Colombo 10

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Statement of Financial Position for 06 months ended 30th June 2022

STATEMENT OF FINANCIAL POSITION

			(Audited)
	As at	As at	As at
	30/06/2022	30/06/2021	31/12/2021
	Rs '000	Rs '000	Rs '000
ASSETS
Non Current Assets
Right of Use Assets	251,937	253,449	257,108
Immovable Leased Assets	10,016	16,990	13,503
Property, Plant and Equipment	1,543,242	1,639,861	1,562,007
Intangible Assets	1,937	940	2,226
Investment Property	328,881	260,531	328,881
Bearer Biological Assets	1,822,420	1,900,026	1,864,163
Consumable Biological Assets	2,461,548	2,227,341	2,374,048
Financial Assets Measured at FVOCI	197	585	388
	6,420,178	6,299,723	6,402,324
Current Assets
Produce on Bearer Biological Assets	13,908	4,488	4,109
Inventories	591,645	490,285	435,678
Trade and Other Receivables	212,751	189,817	114,271
Amounts due from Related Company	25,159	24,592	15,492
Other Financial Assets Measured at Amortised Cost	454	431	454
Cash and Cash Equivalents	13,042	6,767	7,097
	856,959	716,380	577,101
Total Assets	7,277,137	7,016,103	6,979,425
EQUITY AND LIABILITIES
Equity
Stated Capital	350,000	350,000	350,000
Revaluation Recerve	948,302	909,017	948,302
Timber Reserves	2,150,793	1,931,017	2,150,793
FVOCI Reserve	49	436	240
Accumulated Losses	(2,127,537)	(2,367,416)	(2,739,820)
Total Equity	1,321,607	823,054	709,515
Non Current Liabilities
Interest Bearing Loans and Borrowings	2,865,328	3,368,004	3,302,732
Retirement Benefit Obligations	915,460	750,872	927,360
Deferred Tax Liability	472,196	580,896	472,196
Deferred Income	125,562	134,817	130,292
Lease Liability	281,761	273,461	281,996
	4,660,307	5,108,050	5,114,576
Current Liabilities
Interest Bearing Loans and Borrowings	600,000	100,000	191,668
Lease Liability	1,160	2,047	2,084
Trade and Other Payables	475,559	483,045	482,846
Amounts due to Related Companies	10,401	12,632	7,307
Income Tax Payable	-	7,818	7,317
Bank Overdraft	208,103	479,457	464,112
	1,295,223	1,084,999	1,155,334
Total Liabilities	5,955,530	6,193,049	6,269,910
Total Equity and Liabilities	7,277,137	7,016,103	6,979,425
	-	-	-
Net Assets per Share	55.92	34.82	30.02

*These interim financial statements are provisional and subject to audit.

It is certified that the Financial Statements as at 30th June 2022 have been prepared in compliance with the provisionsof the Companies Act No. 7 of 2007.

R T Kodikara

General Manager - Finance

The board of directors are responsible for the preparation and presentation of these Financial Statements. Approved & Signed for and on behalf of the board of Directors of Balangoda Plantations PLC by,

C R Jansz	A L Gooneratne
Director	Director
08-August-2022

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Statement of Financial Position for 06 months ended 30th June 2022

STATEMENT OF COMPREHENSIVE INCOME
					(Audited)
	03 Months	03 Months	06 Months	06 Months	12 Months
	ended	ended	ended	ended	ended
	30/06/2022	30/06/2021	30/06/2022	30/06/2021	31/12/2021
	Rs. '000	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Revenue	1,769,593	1,100,265	2,814,403	2,030,980	4,002,688
Cost of Sales	(1,151,289)	(1,034,559)	(2,010,726)	(1,932,179)	(3,933,110)
Gross Profit/(Loss)	618,304	65,706	803,677	98,801	69,578
Other Income	36,574	25,456	72,462	30,376	152,196
Gain on Changes in Fair Value of Biological Assets	53,902	41,026	97,298	72,528	218,856
Administrative Expenses	(31,193)	(22,023)	(47,272)	(34,746)	(86,071)
Other Expenses				-	(91,347)
Results from Operating Activities	677,587	110,165	926,165	166,959	263,212
Finance Income	126	53	220	105	256
Finance Costs	(217,419)	(81,524)	(314,103)	(147,534)	(322,249)
Net Finance Costs	(217,293)	(81,471)	(313,883)	(147,429)	(321,993)
Loss Before Taxation	460,294	28,694	612,282	19,530	(58,781)
Income Tax Expenses					57,061
Profit/ (Loss) for the Year	460,294	28,694	612,282	19,530	(1,720)
Other Comprehensive Income / (Expenses)
Items that will not be Reclassified to Profit or Loss
Gain from Fair Valuation - Assets Transferred from PPE to Investment Property					2,558
Actuarial Gain /(Loss) on Retirement Benefit Obligations					(146,791)
Deferred Tax Charge on Revaluation Surplus					36,726
Deferred Tax on Actuarial Gain/(Loss) on Retirement Benefit Obligation					15,413
Net Change in the Fair Value of Financial Assets Measured at FVOCI	(116)	140	(190)	150	(46)
Total Other Comprehensive Income/(Expense)	(116)	140	(190)	150	(92,140)
Total Comprehensive Income/ (Expense)	460,178	28,834	612,092	19,680	(93,860)
Basic Profit (Loss) per Share	19.47	1.21	25.90	0.83	(0.07)

*These interim financial statements are provisional and subject to audit.

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Provisional Financial Statement for 06 months ended 30th June 2022

STATEMENT OF CHANGES IN EQUITY

	Stated	Revaluation	Timber	Available for	Retained	Total
	Capital	Reserves	Reserves	Sale Reserves	Profit/(Loss)	Equity
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 31 December 2021	350,000	909,017	1,931,017	285	(2,386,946)	803,373
Net Profit/(Loss) for the period					19,530	19,530
Transferred to Timber Reserve
Other Comprehensive Income				150		150
Balance as at 30th June 2021	350,000	909,017	1,931,017	435	(2,367,416)	823,053
Balance as at 31 December 2021	350,000	948,302	2,150,793	240	(2,739,820)	709,515
Net Profit/(Loss) for the period					612,282	612,282
Transferred to Timber Reserve
Other Comprehensive Income				(190)		(190)
Balance as at 30th June 2022	350,000	948,302	2,150,793	50	(2,127,538)	1,321,607

*These interim financial statements are provisional and subject to audit.