Elpitiya Plantations : Interim Financial Statements as of 30/09/2022

ELPITIYA PLANTATIONS PLC

INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 th SEPTEMBER 2022

ELPITIYA PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

	Group	Company			Group		Company
	Audited	Audited			Unaudited		Unaudited	Unaudited		Unaudited
	As at	As at			As at		As at	As at		As at
	31.03.2022	31.03.2022			30.09.2022		30.09.2021	30.09.2022		30.09.2021
	Rs.'000	Rs.'000			Rs.'000		Rs.'000	Rs.'000		Rs.'000
			Assets
			Non current assets
	365,292	365,292	Leasehold property plant and equipment	356,278		372,184	356,278		372,184
	1,506,358	1,320,800	Freehold property plant and equipment	1,488,383		1,351,343	1,310,089		1,161,129
	3,776,841	3,776,841	Bearer biological assets	3,862,194		3,754,634	3,862,194		3,754,634
	1,118,133	1,118,133	Consumable biological assets	1,129,658		1,083,718	1,129,658		1,083,718
	45,226	45,226	Other non current asset	45,839		44,449	45,839		44,449
	353,246	239,290	Investments	409,546		298,824	239,290		239,290
	7,165,097	6,865,582			7,291,897		6,905,152	6,943,348		6,655,404
			Current assets
	21,429	21,429	Produce on bearer biological assets	21,429		16,528	21,429		16,528
	440,942	440,886	Inventories	1,045,745		294,538	1,045,690		294,504
	390,723	376,612	Trade and other receivables	392,422		312,369	369,790		295,870
	109	89	Income tax	receivables	109		89	89		89
	126,686	184,546	Amounts due from related companies	193,777		125,245	258,387		191,182
	950,000	950,000	Short term Investments	1,565,404		300,000	1,565,404		300,000
	209,970	204,400	Cash and bank balances	399,034		440,696	393,417		437,150
	2,139,859	2,177,962			3,617,921		1,489,466	3,654,206		1,535,323
	9,304,956	9,043,545	TOTAL ASSETS	10,909,819		8,394,618	10,597,554		8,190,726
			Equity and liabilities
			Capital and reserves
	694,236	694,236	Stated capital	694,236		694,236	694,236		694,236
	818,604	818,604	Timber reserve	818,604		797,640	818,604		797,640
	5,391,329	5,130,706	Accumulated profits	6,853,970		4,665,896	6,540,918		4,460,441
	6,904,169	6,643,546	Total equity	attributable to equity holders of the company	8,366,810		6,157,772	8,053,758		5,952,317
	(4,924)	-	Non-controlling interest	(4,998)		(4,923)	-		-
	6,899,245	6,643,546	Total equity	8,361,812		6,152,849	8,053,758		5,952,317
			Non current liabilities
	210,194	210,194	Interest bearing loans and borrowings	122,230		88,820	122,230		88,820
	600,620	600,392	Retirement benefit obligations	629,743		664,748	629,515		664,576
	166,809	166,809	Deferred income	157,560		175,538	157,560		175,538
	412,797	410,147	Deferred tax liability	483,162		352,754	480,512		351,016
	348,529	348,529	Net liability to the lessor payable	346,358		338,393	346,358		338,393
	1,738,949	1,736,071			1,739,052		1,620,253	1,736,174		1,618,343
			Current liabilities
	108,657	108,657	Interest bearing loans and borrowings	200,884		29,508	200,884		29,508
	3,290	3,290	Net liability to the lessor payable	3,690		2,923	3,690		2,923
	520,650	518,963	Trade and other payables	579,885		296,550	578,749		295,541
	-	-	Dividend Payable	-		145,733	-		145,733
	20,170	20,170	Amounts due to related companies	4,299		140,362	4,299		140,362
	13,994	12,848	Income tax payable	20,196		6,441	20,000		6,000
	666,762	663,928			808,954		621,516	807,622		620,067
	9,304,956	9,043,545	TOTAL EQUITY AND LIABILITIES	10,909,819		8,394,618	10,597,554		8,190,726
			Net assets per share
	94.68	91.17	114.82		84.51	110.53		81.69
	Sgd.							`
	Ruwan Nissanka
	Chief Operating Officer -Finance
	Signed on behalf of the Board of Directors of Elpitiya Plantations PLC
	Sgd.							Sgd.
	M P Dissanayake							Rohan.M. Fernando
	Chairman							Managing Director
	11.11.2022

ELPITIYA PLANTATIONS PLC

INCOME STATEMENT

Group

	Audited			3 months		6 months ended
	Year ended		Unaudited	Unaudited	Change	Unaudited	Unaudited	Change
	31.03.2022		30.09.2022	30.09.2021		30.09.2022	30.09.2021
	Rs.'000		Rs.'000	Rs.'000		Rs.'000	Rs.'000
	5,095,987	Revenue	2,249,332	1,429,941	57%	4,089,600	2,599,508	57%
	(3,357,880)	Cost of sales	(1,056,810)	(913,724)	16%	(2,220,984)	(1,693,385)	31%
					131%			106%
	1,738,108	Gross Profit	1,192,522	516,217	1,868,616	906,123
	38,970	Gain on fair value of biological assets	-	-	-	-	-	-
	198,778	Other income	52,223	26,583	96%	83,458	110,518	-24%
	(424,909)	Administration expenses	(118,854)	(108,125)	10%	(276,163)	(179,925)	53%
	(145,993)	Management fee and workers profit share	(72,360)	(44,609)	62%	(123,519)	(85,134)	45%
	(49,922)	Finance cost	(15,516)	(10,573)	47%	(30,328)	(21,430)	42%
	45,134	Finance income	80,323	4,572	1657%	101,291	5,664	1688%
	233,584	Share of profit/(loss) of joint ventures	95,771	73,899	30%	154,356	128,205	20%
	1,633,750	Profit before taxation	1,214,110	457,964	165%	1,777,712	864,021	106%
	(101,125)	Tax expenses	(68,545)	(26,002)	164%	(96,546)	(29,006)	233%
					165%			101%
	1,532,625	Profit for the period	1,145,564	431,962	1,681,166	835,015
		Attributable to
	1,532,744	Equity holders of the parent	1,145,600	432,030	165%	1,681,240	835,133	101%
	(119)	Non controlling Interest	(36)	(68)	-47%	(74)	(118)	-37%
	1,532,625	Net Profit for the period	1,145,564	431,962	165%	1,681,166	835,015	101%
		Earnings per share
21.03	15.72	5.93		23.07	11.46
	Statement of Comprehensive Income
	Audited		3 months	06 months ended
	Year ended		Unaudited	Unaudited	Unaudited	Unaudited
	31.03.2022		30.09.2022	30.09.2021	30.09.2022	30.09.2021
	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
	1,532,625	Profit for the period	1,145,564	431,962	1,681,166	835,015
	54,510	Actuarial gain on defined benefit plans	-	-	-	-
	(5,724)	Income tax effect	-	-	-	-
	48,786	Other comprehensive income for the period, net of tax	-	-	-	-
	1,581,412	Total comprehensive income for the period, net of tax	1,145,564	431,962	1,681,166	835,015
		Attributable to
	1,581,531	Equity holders of the parent	1,145,600	432,030	1,681,240	835,133
	(119)	Non controlling Interest	(36)	(68)	(74)	(118)
		Total comprehensive income for the period
	1,581,412	1,145,564	431,962	1,681,166	835,015

ELPITIYA PLANTATIONS PLC

INCOME STATEMENT

Company

	Audited			3 months		6 months ended
	Year ended		Unaudited	Unaudited	Change	Unaudited	Unaudited	Change
	31.03.2022		30.09.2022	30.09.2021		30.09.2022	30.09.2021
	Rs.'000		Rs.'000	Rs.'000		Rs.'000	Rs.'000
	5,068,444	Revenue	2,243,549	1,419,971	58%	4,081,619	2,582,940	58%
	(3,344,654)	Cost of sales	(1,053,485)	(910,431)	16%	(2,214,080)	(1,687,013)	31%
					134%			108%
	1,723,790	Gross profit	1,190,064	509,540	1,867,539	895,927
	38,970	Gain on fair value of biological assets	-	-	-	-	-	-
	299,437	Other income	102,555	76,899	33%	184,118	160,832	14%
	(421,137)	Administration expenses	(118,119)	(107,161)	10%	(273,710)	(178,534)	53%
	(145,993)	Management fee and workers profit share	(72,360)	(44,609)	62%	(123,519)	(85,134)	45%
	(49,922)	Finance cost	(15,516)	(10,573)	47%	(30,328)	(21,430)	42%
	45,056	Finance income	80,275	4,566	1658%	101,243	5,643	1694%
	1,490,202	Profit before taxation	1,166,899	428,662	172%	1,725,343	777,304	122%
	(99,456)	Tax expenses	(68,532)	(26,000)	164%	(96,532)	(29,000)	233%
	1,390,746	Profit for the period	1,098,367	402,662	173%	1,628,811	748,304	118%
		Earnings per share
19.09	15.07	5.53		22.35	10.27

Statements of Comprehensive Income

	Audited		3 months	6 months ended
	Year ended		Unaudited	Unaudited	Unaudited	Unaudited
	31.03.2022		30.09.2022	30.09.2021	30.09.2022	30.09.2021
	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
	1,390,746	Profit for the period	1,098,367	402,662	1,628,811	748,304
	54,510	Actuarial gain on defined benefit plans	-	-	-	-
	(5,724)	Income tax effect	-	-	-	-
	48,786	Other comprehensive income for the period, net of tax	-	-	-	-
	1,439,533	Total comprehensive income for the period, net of tax	1,098,367	402,662	1,628,811	748,304

ELPITIYA PLANTATIONS PLC

STATEMENT OF CHANGES IN EQUITY

Group

	Stated capital	Retained earnings	Timber reserve	Total	Non controlling	Total equity
					Interest
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.000	Rs.000
Balance as at 01.04.2021	694,236	3,976,496	797,640	5,468,372	(4,805)	5,463,567
Net profit for the period	-	835,133	-	835,133	(118)	835,015
Dividend Paid	-	(145,733)	-	(145,733)	-	(145,733)
Balance as at 30.09.2021	694,236	4,665,896	797,640	6,157,772	(4,923)	6,152,849
Balance as at 01.04.2022	694,236	5,391,329	818,604	6,904,169	(4,924)	6,899,245
Net profit for the period	-	1,681,240	-	1,681,240	(74)	1,681,166
						-
Dividend Paid		(218,599)		(218,599)	-	(218,599)
Balance as at 30.09.2022	694,236	6,853,970	818,604	8,366,810	(4,998)	8,361,812

Company

		Stated capital	Retained earnings	Timber reserve	Total equity
		Rs.'000	Rs.'000	Rs.'000	Rs.000
Balance as at 01.04.2021	694,236	3,857,870	797,640	5,349,746
Net profit for the period	-	748,304	-	748,304
Dividend Paid	-	(145,733)	-	(145,733)
Balance as at 30.09.2021	694,236	4,460,441	797,640	5,952,317
		694,236	5,130,706	818,604	6,643,546
Balance as at 01.04.2022
Net Profit for the period	-	1,628,811	-	1,628,811
					-
Dividend Paid	-	(218,599)	-	(218,599)
Balance as at 30.09.2022	694,236	6,540,918	818,604	8,053,758