Hapugastenne Plantations : Interim Unaudited Financial Statements for the nine months ended 30th September 2022

Hapugastenne Plantations PLC

Interim Unaudited Financial Statements

Nine months ended 30th September 2022

2| HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-GROUP

		Three months ended
RS. '000	30.09.2022	30.09.2021		Change
		Unaudited	Unaudited	%
Revenue	1,679,808	959,093		75
Cost of sales	(1,180,900)	(936,642)		(26)
Gross profit	498,908	22,451		2,122
Other operating income	22,289	84,369		(74)
Change in fair value of biological assets	8,335	185		4,405

Nine months ended

30.09.2022	30.09.2021	Change
Unaudited	Unaudited	%
4,131,205	2,910,919	42
(3,021,920)	(2,790,618)	(8)
1,109,285	120,301	822
71,776	164,346	(56)
69,621	(529)	13,261
-

Administrative expenses	(39,082)	(58,396)	33
Results from operating activities	490,450	48,609	909
Finance cost	(68,874)	(39,053)	(76)
Exchange gain/( loss)	(261)	2,095	(112)
Finance income	1,541	555	178
Proft/(loss) before taxation	422,856	12,206	3,364
Income tax	(33,549)	7,417	(552)
Profit/(loss) for the period	389,307	19,623	1,884

Other comprehensive income/(expense)

(166,871)	(171,649)	3
-
1,083,811	112,469	864
(158,859)	(119,239)	(33)
(178,449)	(66,847)	(167)
2,818	1,678	68
749,321	(71,939)	1,142
(36,193)	15,690	(331)
713,128	(56,249)	1,368

Remeasurement of retirement benefit obligations	-	-	-	166,045	-	-
Deferred tax on remeasurement of retirement benefit obliga	-	-	-	(17,435)	-	-
Gain on revaluation of lease hold right of land		-	-	-	2,819,696	-	-
Deferred tax charged on revaluation of lease hold right of lan	-	-	-	(296,068)	-	-
Gain on revaluation of Motor Vehicles	-	-	-	241,157	-	-

Deferred tax charged on revaluation of Motor vehicles	-	-	-
Other comprehensive income for the period, net of tax	-	-	-
Total comprehensive income/(expenses) for the period	389,307	19,623	1,884
Profit/(loss) attributable to :
Owners of the company	388,910	19,374	1,907
Non-controlling interest	397	249	60
	389,307	19,623	1,884
Total comprehensive income/(expense) attributable to:
Owners of the company	388,910	19,374	1,907
Non-controlling interest	397	249	60
	389,307	19,623	1,884
Earnings/(loss) per share - Rs.	8.40	0.42	1,907

(25,321)	-	-
2,888,074	-	-
3,601,202	(56,249)	6,502
718,784	(56,216)	1,379
(5,656)	(33)	(17,038)
713,128	(56,249)	1,368
3,606,858	(56,216)	6,516
(5,656)	(33)	(17,038)
3,601,202	(56,249)	6,502
15.52	(1.21)	1,379

HAPUGASTENNE PLANTATIONS PLC |3

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY

		Three months ended
RS. '000	30.09.2022	30.09.2021
		Unaudited		Unaudited	%
Revenue	1,678,502	924,429	82
Cost of sales	(1,178,546)	(903,140)	(30)
Gross profit	499,956	21,289	2,248
Other operating income	22,271	84,351	(74)
Change in fair value of biological assets	8,335	185	4,405
Administrative expenses	(38,682)	(57,923)	33
Results from operating activities	491,880	47,902	927
Finance cost	(69,676)	(38,970)	(79)
Exchange gain/( loss)	(282)	2,723	(110)
Finance income	73	10	630
Proft/(loss) before taxation	421,995	11,665	3,518
Income tax	(33,549)	7,417	(552)
Profit/(loss) for the period	388,446	19,082	1,936
Other comprehensive income/(expense)
Remeasurement of retirement benefit obligations	-	-	-
Deferred tax on remeasurement of retirement benefit obligations	-	-	-
Gain on revaluation of lease hold right of land	-	-	-
Deferred tax charged on revaluation of lease hold right of land	-	-	-
Gain on revaluation of Motor Vehicles		-		-	-
Deferred tax on revaluation of Motor vehicles	-	-	-
Other comprehensive income for the period, net of tax	-	-	-
Total comprehensive income/(expense) for the period	388,446	19,082	1,936

Nine months ended

30.09.2022	30.09.2021	Change
Unaudited	Unaudited	%
4,100,223	2,808,996	46
(2,979,470)	(2,691,929)	(11)
1,120,753	117,067	857
74,002	164,304	(55)
69,621	(529)	13,261
(164,887)	(169,781)	3
1,099,489	111,061	890
(159,653)	(117,512)	(36)
(178,470)	(66,847)	(167)
210	58	100
761,576	(73,240)	1,140
(36,193)	17,062	(312)
725,383	(56,178)	1,391
166,045	-	-
(17,435)	-	-
2,819,696	-	-
(296,068)	-	-
241,157	-	-
(25,321)	-	-
2,888,074	-	-
3,613,457	(56,178)	6,532

Earnings /(loss) per share - Rs.

8.39

0.41

1,936

15.66

(1.21)

1,391

4| HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
Rs.'000	As at	As at		As at	As at
	30.09.2022	31.12.2021	30.09.2022	31.12.2021
	Unaudited	Audited		Unaudited	Audited
ASSETS
Non current assets
Right of use assets	3,268,192	473,207		3,268,192	473,207
Immovable estate assets on finance lease (other than bare lands)	27,266	35,643		27,266	35,643
Tangible assets other than biological assets	652,892	540,102		636,505	509,669
Intangible assets	4,430	6,184		4,407	6,114
Bearer biological assets	1,606,267	1,618,884		1,606,267	1,618,884
Consumable biological assets	1,421,167	1,366,045		1,421,167	1,366,045
Investment in subsidiaries	-	-	35,003	35,003
Lease rental receivables	13,810	14,837		13,810	14,837
Total non current assets	6,994,024	4,054,902	7,012,617	4,059,402
Current Assets
Non-harvested produce crop on bearer biological assets	18,190	2,398		18,190	2,398
Lease rental receivables	1,027	1,027		1,027	1,027
Inventories	868,433	329,683		863,711	312,130
Derivative assets	87,539	21,402		87,539	21,402
Trade & other receivables	166,142	105,276		158,331	103,011
Amount due from related companies	28,942	-		28,942	108
Cash & cash equivalents	118,249	156,363		50,520	90,759
Total current assets	1,288,522	616,149		1,208,260	530,835
TOTAL ASSETS	8,282,546	4,671,051	8,220,877	4,590,237
EQUITY & LIABILITIES
Capital & Reserve
Share capital	550,000	550,000	550,000	550,000
(46,315,789 ordinary shares and a golden share )
Revaluation reserve	2,739,464	-		2,739,464	-
Retained earnings	1,016,661	149,267		1,001,067	127,074
Equity attributable to owners of the company	4,306,125	699,267		4,290,531	677,074
Non -controlling interest	37,943	43,599		-	-
Total equity	4,344,068	742,866	4,290,531	677,074
Non Current Liabilities
Interest bearing borrowings	39,592	58,662		39,592	58,662
Deferred tax liabilities	559,055	198,340		554,735	194,021
Deferred income	200,746	199,236		199,906	198,343
Retirement benefit obligations	538,738	822,061		536,193	819,487
Lease liabilities	432,225	439,205		432,225	439,205
Total non current liabilities	1,770,356	1,717,504	1,762,651	1,709,718

Current Liabilities

Interest bearing borrowings	86,501	190,627
Lease liabilities	8,515	8,891
Trade & other payables	1,409,733	1,507,939
Tax payable	14,555	21,253
Amounts due to related companies	505,730	65,731
Bank overdraft	143,088	416,240
Total current liabilities	2,168,122	2,210,681
Total liabilities	3,938,478	3,928,185
TOTAL EQUITY AND LIABILITIES	8,282,546	4,671,051
Net assets per share Rs.	92.97	15.10

86,501 190,627

8,515 8,891

1,403,236 1,500,703

14,812 21,253

511,543 65,731

143,088 416,240

2,167,695 2,203,445

3,930,346 3,913,163

8,220,877 4,590,237

92.64 14.62

It is certified that the financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of 2007.

Sgd.

S S Kotakadeniya

Director / CFO LOLC Group

The Board of Directors is responsible for the preparation and presentation of these interim Financial Statements. Approved and signed for and on behalf of the Board of Directors;

Sgd.	Sgd.
Dr. P S H Uluwaduge	Anusha S Perera
Chairman	Executive Director
Colombo
10th November 2022

HAPUGASTENNE PLANTATIONS PLC |5

STATEMENT OF CASH FLOWS

GROUP

Nine months ended

	30.09.2022	30.09.2021
Rs.'000	Unaudited	Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss ) before taxation	749,321	(71,939)
Adjustments for
Finance cost	158,859	119,239
Exchange loss	178,449	66,847
Provision for retirement benefit obligations	74,893	76,308
Amortisation of grant	(4,002)	(5,962)
Depreciation	270,013	133,136
Gain on fair valuation of consumable biological assets	(69,621)	529
Interest Income	(2,818)	(1,678)
Operating profit before working capital changes	1,355,094	316,480
(Increase)/decrease in inventories	(538,750)	62,292
Increase in trade and other receivables	(60,866)	(56,154)
(Increase)/decrease in amounts due from related companies	(28,834)	(3,949)
Decrease in trade & other payables	(372,704)	(149,110)
Increase in amounts due to related companies	382,202	84,377
Cash generated from operations	736,142	253,936
Retirement benefit obligations payment	(216,800)	(53,522)
Interest paid	(59,135)	(79,985)
Income tax paid	(8,453)	-
Net cash from operating activities	451,754	120,429
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income	2,818	1,678
Field development expenditure	(45,257)	(31,844)
Purchase of property, plant & equipment	(50,264)	(4,927)
Net cash used in investing activities	(92,703)	(35,093)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment to lessor for leasehold rights	(7,356)	(8,445)
Government grants received	5,512	7,941
Lease rental received	1,027	-
Proceeds from interest bearing borrowings	79,081	-
Repayment of interest bearing borrowings	(202,277)	(150,822)
Net cash used in financing activities	(124,013)	(151,326)
Net increase/(decrease) in cash & cash equivalents	235,038	(65,990)
Cash & cash equivalents at the beginning of the period	(259,877)	(200,525)
Cash & cash equivalents at the end of the period - Note A	(24,839)	(266,515)
NOTE A
Cash and cash equivalents	118,249	95,811
Bank overdraft	(143,088)	(362,326)
Cash & cash equivalents at the end of the period	(24,839)	(266,515)

COMPANY

Nine months ended

30.09.2022	30.09.2021
Unaudited	Unaudited
761,576	(73,240)
159,653	117,512
178,470	66,847
74,324	75,986
(3,948)	(5,920)
264,473	127,931
(69,621)	529

1. (58)
   1,364,717 309,587

(551,581) 60,172

(55,320) (54,014)

(28,834) 3,957

(381,962) (154,461)

389,010 84,377

736,030 249,618

(216,204) (53,522)

(59,135) (79,985)

(8,453)-

452,238 116,111

21058

(45,257) (31,844)

(50,264) (4,927)

(95,311) (36,713)

(7,356)	(8,445)
5,511	6,988
1,027	-
79,081	-
(202,277)	(150,822)
(124,014)	(152,279)
232,913	(72,881)
(325,481)	(260,885)
(92,568)	(333,766)
50,520	28,560
(143,088)	(362,326)
(92,568)	(333,766)