Bogawantalawa Tea Estates : Interim Financial Statements for the Quarter Ended 30th September 2022

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF FINANCIAL POSITION

	Audited		Unaudited	Unaudited
	COMPANY		COMPANY
	31.03.2022		30.09.2022	30.09.2021
		ASSETS
		Non-current assets
	1,164,246	Right to use of land	1,140,801	1,032,109
	41,236	Immovable estate assets on finance lease (other than land)	33,780	48,945
	521,227	Tangible assets other than bearer biological assets	494,958	536,810
	2,261,911	Bearer biological assets	2,263,455	2,271,920
	1,261,494	Consumable biological assets	1,284,359	1,221,530
	13,145	Capital work-in-progress	13,206	13,074
	37,875	Investments	37,875	42,941
	5,301,134	Total non-current assets	5,268,435	5,167,331
		Current assets
	6,841	Produce on Bearer Biological Asset	20,995	7,163
	360,243	Inventories	675,889	315,363
	272,279	Trade and other receivables	342,221	198,712
	3,024	Amount due from related parties	933	4,506
	372,487	Short Term Investment	427,427	500,945
	50,553	Cash and cash equivalents	298,893	69,052
	1,065,428	Total current assets	1,766,359	1,095,740
	6,366,562	Total assets	7,034,794	6,263,071
		EQUITY AND LIABILITIES
		Equity
	586,250	Stated capital	586,250	586,250
	996,557	Retained earnings	1,834,571	684,176
	27,941	Equity Investment Reserve	27,941	27,941
	1,610,748	Equity attributable to owners of the parent	2,448,762	1,298,367
		Non-controlling interest
	1,610,748	Total equity	2,448,762	1,298,367
		Non-current liabilities
	636,241	Debenture	646,950	629,419
	117,073	Interest bearing borrowings	97,777	203,729
	980,097	Retirement benefit obligations	920,806	1,067,327
	72,903	Grants and subsidies	65,918	79,936
	215,770	Deferred income	211,080	220,461
	1,420,017	Net liability to lessor of JEDB/SLSPC estates	1,432,106	1,274,673
	98,174	Deferred Tax Liability	98,174	142,777
	3,540,276	Total non-current liabilities	3,472,810	3,618,322
		Current liabilities
	405,714	Trade and other payables	519,712	427,909
	26,906	Amounts due to related parties	25,824	26,326
	480,663	Current portion of interest bearing borrowings	480,663	480,663
	10,068	Current portion of liability to make lease payments	6,825	13,180
	292,190	Bank overdrafts	80,197	398,305
	1,215,540	Total current liabilities	1,113,221	1,346,382
	6,366,562	Total equity and liabilities	7,034,794	6,263,071
	19.23	Net assets per share	29.24	15.50

It is certified that the financial statements have been prepared in compliance with the requirements

Sgd

Mrs. Chamari Wahalathanthri

Chief Financial Officer

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

Approved and signed for and on behalf of the Board of Directors of Bogawantalawa Tea Estates PLC.

Sgd	Sgd
Mr. L. J. Ambani	Mr.L. H. Munasinghe
Co-Chairman	Executive Director

14th Nov 2022

Note: All values are in Rupees thousands, unless otherwise stated. The above figures are not subject to audit.

BOGAWANTALAWA TEA ESTATES PLC
COMPREHENSIVE INCOME STATEMENT-COMPANY
Audited		Unaudited			Unaudited
	Three Months Period			Six Months Period
31.03.2022	30.09.2022	30.09.2021	Change %	30.09.2022	30.09.2021	Change %

3,377,524		Revenue	1,145,866	760,642	51		2,590,872		1,615,370		60
(3,152,809)		Cost of sales	(862,982)	(813,302)	6		(1,671,871)		(1,676,273)		(0)
224,715		Gross profit/(loss)	282,884	(52,659)	637	919,000	(60,903)	1,609
115,328		Gain on fair value of consumable biological assets	9,000	9,000	-		18,000		18,000		-
134,041.11		Other income	57,807	68,120		(15)		127,422		123,509		3
474,084			349,691	24,461		1,330		1,064,422		80,606		1,221
(167,074)		Administration expenses	(37,496)	(18,443)	103		(61,489)		(33,356)		84
		Management fee expenses						-		-
(264,293)		Net finance income/(expenses)	(90,074)	(77,440)	16		(164,919)		(159,327)		(4)
		Share of profit - WBTE Associate company						-		-
42,717		Profit/(loss) before taxation	222,121	(71,423)	411		838,015		(112,077)		848
44,603		Income tax expenses						-		-
			-	-
87,320		Profit/(loss) for the year	222,121	(71,423)	411	838,015	(112,077)	848
			-	-
		Attributable to:	-	-
87,320		Equity holders of the parent	222,121	(71,423)	411		838,015		(112,077)		848
		Non-controlling interest	-	-				-		-
			-	-
1.04		Basic earnings/(loss) per share	2.65	(0.85)	411		10.01		(1.34)		848
		Dividend per share	-	-
			-	-
		Other comprehensive income/(expenses)	-	-
118,047		Actuarial gain/(loss) on retirement benefit obligation	-	-				-		-
		Tax relating to items that will not be re-classified	-	-
(5,066)		Valuation of gains on fair value through other	-	-
		comprehensive income equity investment	-	-
112,981		Other comprehensive income/(expenses) for the year	-	-			-	-
			-	-
200,301		Total comprehensive income/(expenses) for the period	222,121	(71,423)	411		838,015		(112,077)		848
			-	-
		Attributable to :
200,301		Equity holders of the parent	222,121	(71,423)	411	838,015	(112,077)	848

• Non-controllinginterest

Note: All values are in Rupees thousands, unless otherwise stated.

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF CASH FLOWS

	Audited		Unaudited	Unaudited
	COMPANY		COMPANY
	31.03.2022		30.09.2022	30.09.2021
		CASH FLOWS FROM OPERATING ACTIVITIES
	42,717	Net profit/(loss) before taxation	838,015	(112,077)
		Adjustments for:
	187,531	Depreciation/amortization	101,948	96,567
	(12,330)	Profit on disposal of property, plant and equipment	-	(12,372)
		Interest income
	2,094	Lease interest	635	1,222
	264,293	Interest expense	164,919	69,142
		Lease interest to JEDB/SLSPC		90,185
	128,423	Provision for retirement benefit obligations	47,201	49,104
	(14,066)	Amortization of grants and subsidies	(7,033)	(7,033)
	(57,964)	Gain on fair value of consumable biological assets	(22,865)	(18,000)
		Gain on produce biological assets - Tea
	(9,381)	Amortization of net income from operating rights given to LRL	(4,691)	(4,691)
	67,346	Write off Immature plantation
	598,664	Operating income before working capital changes	1,118,129	152,048
	26,440	(Increase)/Decrease in inventories	(329,799)	70,998
	(32,736)	(Increase)/Decrease in trade and other receivables	(69,939)	40,622
	(495)	Increase/(Decrease) in due from related companies	2,091	(1,977)
	72,241	Increase/(Decrease) in trade and other payables	216,739	45,630
	(706)	Increase/(Decrease) in due to related companies	(1,082)	(1,286)
	663,407	Cash generated from operations	936,138	306,035
	(264,293)	Interest paid	(164,919)	(159,327)
	(91,641)	Gratuity paid	(106,492)	(43,140)
	5,349	Grants received	48	5,349
		Taxes paid
	312,822	Net Cash flow from Operating Activities	664,775	108,917
		CASH FLOWS FROM INVESTING ACTIVITIES
	(159,887)	Investment in bearer biological assets - immature plantations	(45,005)	(62,792)
	(13,559)	Acquisition of property, plant and equipment and capital expenditure incurred	(1,318)	(2,030)
		Acquisition of intangible assets	-	-
	5,066	Investment in Subsidiary		-
	12,330	Proceeds from disposal of assets	-	12,372
		Deferred Tax
		Dividends received
		Interest received
	(8,099)	(Increase) / Decrease in Capital Work in Progress	(61)	(7,820)
	(164,150)	Net cash used in investing activities	(46,384)	(60,269)
		CASH FLOW FROM FINANCING ACTIVITIES
	(9,732)	Payments of finance lease rentals	(3,879)	(5,748)
	(129,723)	Payments made to lessor of JEDB/SLSPC estates	(79,943)	(84,315)
	676,589	Receipts from interest bearing borrowings	377,882	370,939
	(751,713)	Payments of long term borrowings	(397,178)	(354,574)
	(214,579)	Net cash from/(used in) financing activities	(103,118)	(73,698)
	(65,906)	Net increase/(decrease) in cash and cash equivalents	515,272	(25,051)
	196,757	Cash and cash equivalents at the beginning of the year	130,851	196,743
	130,851	Cash and cash equivalents at the end of the year (Note A)	646,124	171,693
		Cash and cash equivalents at the end of the year
	50,553	Cash and bank balances	298,893	69,052
	372,487	Short term Investments	427,427	500,945
	(292,190)	Bank overdrafts	(80,197)	(398,305)
	130,851		646,124	171,693

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF CHANGES IN EQUITY

COMPANY

Balance as at 01st April 2021

Dividend paid durring the period

Profit/(Loss) for the Period

Other Comprehensive Income

Balance as at 30th September 2021

Balance as at 01st April 2022

Dividend paid durring the period

Profit/(Loss) for the Period

Other Comprehensive Income

Balance as at 30th Sep 2022

Note: All values are in Rupees thousands, unless otherwise stated.

Stated Capital

586,250

586,250

586,250

586,250

Equity

Investment

Reserve

27,941

-

27,941

27,941

27,941

Retained Total Equity Earning

796,254 1,410,445

(112,077) (112,077)

--

684,176 1,298,367

996,557 1,610,748

838,015 838,015

-

1,834,571 2,448,762