Colombo Land and Development : Interim Financial Statements for the twelve months ended 31.12.2022

COLOMBO LAND AND DEVELOPMENT COMPANY PLC

INTERIM

FINANCIAL

STATEMENTS

FOR THE TWELVE MONTHS ENDED 31ST DECEMBER 2022

CEO MESSAGE

Dear Shareholders,

It is a great pleasure that I share with you the interim nancial statements of Colombo Land and Development Company PLC for the quarter ended 31 st December 2022. Overall, the Group recorded a Revenue of Rs. 88.86 Mn (YoY 16%), a Gross Prot of Rs. 59.18 Mn (YoY 21%) and a prot before tax of Rs. 87.84 Mn (YoY - 28%) for the quarter ended 31 st December 2022.

Rental Income

Overall rental income increased by 20% compared to the corresponding quarter. The occupancy during this period stood at 70% compared to 67% in 2021.

Car park income

The revenue from Car Parks during this period decreased by 10% when compared to the corresponing quarter. The average monthly revenue of the Gas Land car park Decreased by 12%, People's Park car park by 1% and Liberty Plaza car park dropped 11% during the quarter under review.

Finance Expenses

We saw an 87% increase in the nance cost due to the increase in lending rates for the quarter under review. The company has already taken several steps in this regard to reduce the interest costs.

Future Outlook

The macroeconomic factors eecting the country may have an adverse eect on our business in terms of lower retail trac and lling up available rental spaces. With the government taking steps to secure an IMF facility, we anticipate interest rates to reduce , which will have a positive eect on our business operations.

P S Weerasekera

Director/ Group CEO

COLOMBO LAND AND DEVELOPMENT COMPANY PLC	01
INTERIM FINANCIAL STATEMENT

STATEMENT OF FINANCIAL POSITION

		Group		Company
		Unaudited	Audited	Unaudited	Audited
		As at	As at	As at	As at
		31.12.22		31.12.21	31.12.22		31.12.21
		LKR	LKR	LKR	LKR
ASSETS
Non - current assets	174,638,333			8,182,294
Property,Plant and Equipment		182,698,012		9,420,951
Biological Assets	69,240,000		64,834,727	-		-
Investment Proper�es	12,881,120,001		12,858,981,000	7,834,705,000		7,793,948,999
		13,124,998,334		13,106,513,739	8,723,163,640		7,803,369,951
Current assets	1,151,080			-
Inventories		1,134,090		-
Trade and Other Receivables	141,919,634		155,013,734	1,847,783,449		1,817,878,390
Non Current Asset Held for sale	-		640,000,000	-		640,000,000
Financial Assets	25,200		37,380	25,200		37,380
Other Investments	31,705,990		19,775,180	31,705,990		19,775,180
Cash and Cash Equivalents	10,230,409		13,235,710	6,281,196		8,384,948
		185,032,311		829,196,094	1,885,795,835		2,486,075,897
Total assets	13,310,030,645		13,935,709,833	10,608,959,475		10,289,445,847
EQUITY AND LIABILITIES
Equity	341,602,342			341,602,342
Stated Capital		341,602,342		341,602,342
Revalua�on Reserve	112,066,002		103,621,212	-		-
Retained Earnings	7,594,668,675		8,278,047,560	6,645,379,096		6,847,593,537
Equity A�ributable to Equity Holders of the Parent	8,048,337,019		8,723,271,114	6,986,981,438		7,189,195,879
Non-Controlling Interests	(2,483,523)		(2,474,523)	-		-
Total equity	8,045,853,496		8,720,796,591	6,986,981,438		7,189,195,879
Non-Current Liabili�es	1,351,000,000			1,351,000,000
Interest Bearing Loans and Borrowings		1,905,000,000		1,905,000,000
Deferred Tax Liabili�es	3,723,335,265		3,004,546,411	2,224,282,039		1,904,236,987
Defined Benefit Obliga�ons	4,598,256		5,198,297	4,012,344		4,505,976
		5,078,933,520		4,914,744,709	3,579,294,383		3,813,742,964
Current Liabili�es	33,357,647			12,634,379
Trade and Other Payables		30,135,471		16,387,868
Income Tax Liabili�es	9,248,575		9,248,570	9,107,483		9,107,483
Tenant Deposits	136,949,646		256,655,827	18,417,572		137,159,337
Bank Overdra�	5,687,762		4,128,664	2,524,219		4,128,664
		185,243,629		300,168,533	42,683,654		166,783,351
Total liabili�es	5,264,177,149		5,214,913,241	3,621,978,037		3,980,526,315
Total equity and liabili�es	13,310,030,645		13,935,709,833	10,608,959,475		11,169,722,193
Net Assets per Share (Rs.)	40.25		43.63	34.96		35.97

The notes form an integral part of these Financial Statements.

Figures in brackets indicate deduc�ons

The figures are provisional and subject to Audit

The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007.

These financial statements have been prepared in compliance with the Rule 7.4 of the CSE Lis�ng Rules and Sri Lanka Accoun�ng Standard LKAS 34-Interrim Financial Repor�ng.

Signed for and on behalf of the Board of Directors of Colombo Land & Development Company PLC

Director

February 27th 2023

COLOMBO LAND AND DEVELOPMENT COMPANY PLC	02
INTERIM FINANCIAL STATEMENT

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

		Group
	Unaudited	Audited	Unaudited	Audited
	Quarter ended	Quarter ended	Year ended	Year ended
	December '22	December '21	December '22	December '21
	LKR	LKR	LKR	LKR
Revenue		76,388,329			335,218,421
88,866,730		339,155,687
Direct expenses	(29,676,973)	(27,335,386)		(111,462,022)	(102,803,419)
Net Rental income	59,189,757	49,052,943		227,693,666	232,415,002
Other Income and Gains	13,333,262	4,108,485		56,528,718	7,326,068
Change in value of Investment Proper�es	149,163,651	131,451,930		149,163,651	131,451,930
Fair Valua�on of Biological Assets	3,947,219	7,137,093		3,947,219	7,137,093
Selling and Distribu�on Costs	(10,435,295)	(12,324,820)		(11,349,214)	(12,995,142)
Administra�ve Expenses	(36,523,886)	(8,696,463)		(99,611,565)	(96,219,484)
Finance Cost	(90,826,325)	(48,602,314)		(292,233,844)	(207,491,906)
Profit / (loss) before tax	87,848,384	122,126,854		34,138,631	61,623,562
Income Tax Expense	(718,788,852)	562,336,456		(718,788,852)	562,336,456
Profit / (loss) for the period	(630,940,468)	684,463,310		(684,650,221)	623,960,019
A�ributable to:
Equity Holders of the Parent	(630,940,468)	684,463,312		(684,641,221)	623,960,019
Non-Controlling interests	(9,000)	(9,000)		(9,000)	(9,000)
Earnings Per Share - Restated	(3.16)	3.42		(3.43)	3.12
Profit / (Loss) for the period	(630,940,468)	684,463,312		(684,650,221)	623,960,019
Other Comprehensive Income
Other Comprehensive Income not to be classified to profit
or loss in subsequent periods	1,274,516			1,274,516
Actuarial Gain/(Loss) on Defined Benefit Plans	1,910,560		1,910,560
Net Gain/(Loss) on Financial Assets classified under FVOCI	(12,180)	13,020		(12,180)	13,020
Deferred Tax a�ributable to actuarial gains/(Loss) on defined	-
benefit obliga�ons	(444,035)			(444,035)
Revalua�on Gain/(Loss) of the Property Plant and Equipment's	8,444,790	11,274,000		8,444,790	11,274,000
Tax effects on Revalua�on of Building		(32,573)			(32,573)
Total of Other Comprehensive Income	9,707,126	12,720,972		9,707,126	12,720,972
	-	-
Total Comprehensive income for the period ,net of tax	(621,233,342)	697,184,284		(674,943,095)	636,680,991
A�ributable to:
Equity Holders of the Parent	(621,224,342)	697,184,284		(674,934,095)	636,680,991
Non-Controlling Interests	(9,000)	(9,000)		(9,000)	(9,000)

The notes form an integral part of these nancial statements.

Figures in brackets indicate deductions

The gures are provisional and subject to Audit

COLOMBO LAND AND DEVELOPMENT COMPANY PLC	03
INTERIM FINANCIAL STATEMENT

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

		Company
	Unaudited	Audited	Unaudited	Audited
	Quarter ended	Quarter ended	Year ended	Year ended
	December '22	December '21	December '22	December '21
	LKR	LKR	LKR	LKR
Revenue
43,556,287	49,179,550	158,545,623	166,929,680
Direct expenses	(11,935,669)	(10,116,948)	(42,454,365)	(41,196,707)
Net Rental income	31,620,618	39,062,602	116,091,258	125,732,974
Other Income and Gains	3,159,906	2,723,901	26,657,964	6,859,735
Change in value of Investment Proper�es	57,178,050	(316,234,800)	57,178,050	(316,234,800)
Fair Valua�on of Biological Assets	-	-	-	-
Selling and Distribu�on Costs	(752,992)	(7,182,381)	(1,138,911)	(7,194,428)
Administra�ve Expenses	(18,388,658)	(13,812,840)	(71,459,273)	(81,575,741)
Finance Cost	(650,992)	(12,433,930)	(10,567,062)	(55,518,955)
Profit / (loss) before tax	72,165,932	(307,877,448)	116,762,026	(327,931,215)
Income Tax Expense	(320,045,052)	506,303,731	(320,045,052)	506,303,731
Profit / (loss) for the period	(247,879,120)	198,426,283	(203,283,026)	178,372,516
A�ributable to:
Equity Holders of the Parent	(247,879,120)	198,426,284	(203,283,026)	178,372,516
Non-Controlling interests
Earnings Per Share - Restated	(1.24)	0.99	(1.02)	0.89
Profit / (Loss) for the period	(247,879,120)	198,426,284	(203,283,026)	178,372,516
Other Comprehensive Income
Other Comprehensive Income not to be classified to profit
or loss in subsequent periods	1,080,764		1,080,764
Actuarial Gain/(Loss) on Defined Benefit Plans	1,490,827	1,490,827
Net Gain/(Loss) on Financial Assets classified under FVOCI	(12,180)	13,020	(12,180)	13,020
Deferred Tax a�ributable to actuarial gains/(Loss) on defined	-
benefit obliga�ons	(357,798)	-	(357,798)
Revalua�on Gain/(Loss) of the Property Plant and Equipment's	-	-	-
Tax effects on Revalua�on of Building		-
Total of Other Comprehensive Income	1,068,584	1,146,049	1,068,584	1,146,049
Total Comprehensive income for the period ,net of tax	(246,810,536)	199,572,333	(202,214,442)	179,518,565
A�ributable to:
Equity Holders of the Parent	(246,810,536)	199,572,333	(202,214,442)	179,518,565
Non-Controlling Interests

The notes form an integral part of these nancial statements.

Figures in brackets indicate deductions

The gures are provisional and subject to Audit

COLOMBO LAND AND DEVELOPMENT COMPANY PLC	04
INTERIM FINANCIAL STATEMENT