Hatton Plantations : Interim Financial Statements as of 31st December 2021

Interim Financial

Statements

Quarter Ended 31st December 2021

Hatton Plantations PLC

Interim Financial Statement |01

Income Statement

All values are in LKR' 000s, unless otherwise stated

Figures in brackets indicate deductions

	Group
	Unaudited	Unaudited
	03 months ended	09 months ended
	31 December 2021	31 December 2021
Continuing operations
Revenue	1,139,534	3,914,027
Cost of sales	(1,097,293)	(3,848,919)
Gross profit	42,241	65,108
Other income	36,543	104,863
Administrative expenses	(34,535)	(124,378)
Operating profit	44,249	45,593
Finance income	9,605	23,451
Finance expenses	(18,385)	(34,348)
Interest paid to government and other on lease	(13,623)	(40,184)
Net finance costs	(22,403)	(51,081)
Gain on bargain purchase	-	25,979
Profit before income tax	21,846	20,491
Income tax expenses	16,661	14,716
Profit for the period	38,507	35,207
Prifit is attributable to:
Equity holders of the parent	37,754	34,454
Non-controlling interest	753	753
	38,507	35,207
Profit per share for profit attributable to the ordinary equity holders of the parent (expressed in LKR per
share)
- Basic earning per share	0.16	0.15
Statement Of Other Comprehensive Income
All values are in LKR' 000s, unless otherwise stated
Figures in brackets indicate deductions
	Group
	Unaudited	Unaudited
	03 months ended	09 months ended
	31 December 2021	31 December 2021
Profit for the period	38,507	35,207
Other comprehensive income:
Items that will not be reclassified to profit or loss
-Changes in the fair value of equity investments at fair value through comprehensive income	-	-
Other comprehensive income for the period	-	-
Total comprehensive income for the period (net of tax)	38,507	38,507
Total comprehensive income attributable to:
Equity holders of the parent	37,754	34,454
Non- controlling interest	753	753
	38,507	35,207

Interim Financial Statement |01

Income Statement

All values are in LKR' 000s, unless otherwise stated

Figures in brackets indicate deductions

			Company
	03 months ended 31 December	09 months ended 31 December
	2021	2020	Change %	2021	2020	Change %
Continuing operations
Revenue	1,107,242	1,250,070	-11%	3,881,735	3,962,190	-2%
Cost of sales	(1,083,436)	(1,021,088)	6%	(3,835,062)	(3,478,678)	10%
Gross profit	23,806	228,982	-90%	46,673	483,512	-90%
Other income	107,513	25,981	>100%	175,833	74,345	>100%
Administrative expenses	(34,279)	(27,906)	23%	(124,122)	(138,205)	-10%
Operating profit	97,040	227,057	-57%	98,384	419,652	-77%
Finance income	8,742	7,915	10%	22,588	25,686	-12%
Finance expenses	(18,385)	(5,634)	>100%	(34,348)	(8,911)	>100%
Interest paid to government and other on lease	(13,623)	(12,460)	9%	(40,184)	(37,854)	6%
Net finance costs	(23,266)	(10,179)	>100%	(51,944)	(21,079)	>100%
Profit before income tax	73,774	216,878	-66%	46,440	398,573	-88%
Income tax expenses	19,332	(33,608)	(>100%)	17,387	(39,760)	(>100%)
Profit for the period	93,106	183,270	-49%	63,827	358,813	-82%
Profit per share for profit attributable to the
ordinary equity holders of the Company
(expressed in LKR per share)
- Basic earning per share	0.39	0.77		0.27	1.52

Statement Of Other Comprehensive Income

All values are in LKR' 000s, unless otherwise stated

Figures in brackets indicate deductions

			Company
	03 months ended 31 December	09 months ended 31 December
	2021	2020	Change %	2021	2020	Change %
Profit for the period	93,106	183,270	-49%	63,827	358,813	-82%

Other comprehensive income:

Items that will not be reclassified to profit or loss

-Changes in the fair value of equity investments at	-	-		-	-
fair value through comprehensive income
Other comprehensive income for the period	-	-		-	-
Total comprehensive income for the period (net of tax)	93,106	183,270	-49%	63,827	358,813	-82%

Interim Financial Statement |02

Statement of Financial Position

All values are in LKR' 000s, unless otherwise stated

Figures in brackets indicate deductions

	Group		Company
	Unaudited	Unaudited	Unaudited	Audited
	As at	As at	As at	As at
	31.12.2021	31.12.2021	31.12.2020	31.03.2021
ASSETS
Non-current assets
Right-of-use assets	211,477	211,477	196,927	202,264
Immovable estate assets	23,297	23,297	29,306	31,638
Property, plant and equipment other than bearer plants	1,438,879	1,035,249	991,120	984,239
Bearer plants	771,911	771,911	627,573	630,626
Biological assets - consumable	774,274	774,274	747,724	768,158
Investments in subsidiaries	-	458,936	-	-
Equity investments at fair value through other comprehensive income	32,057	32,057	17,587	32,057
Long term investment in financial assets	257,058	257,058	-	-
Total non-current assets	3,508,953	3,564,259	2,610,237	2,648,982
Current assets
Inventories	454,210	454,210	728,540	590,550
Biological assets - un-harvested crops on bearer plants	18,920	18,920	9,254	18,920
Trade and other receivables	258,573	144,246	241,835	307,909
Short term investment in financial assets	152,224	152,224	135,000	249,843
Cash and cash equivalents	306,692	303,315	367,389	357,017
Total current assets	1,190,619	1,072,915	1,482,018	1,524,239
Total assets	4,699,572	4,637,174	4,092,255	4,173,221
EQUITY AND LIABILITIES
Capital and reserves
Stated capital	1,803,400	1,803,400	1,803,400	1,803,400
Reserve on equity investments at FVOCI	21,294	21,294	6,824	21,294
Retained earnings	317,319	346,692	140,121	401,198
Equity attributable to equity holders of the parent	2,142,013	2,171,386	1,950,345	2,225,892
Non-controlling interests	20,575	-	-	-
Total equity	2,162,588	2,171,386	1,950,345	2,225,892
Non-current liabilities
Borrowings	347,464	347,464	162,033	128,717
Lease liability	233,317	233,317	212,866	217,495
Retirement benefit obligation	743,683	736,699	998,997	744,725
Deferred capital grants	113,945	113,945	116,618	115,051
Deferred tax liability	140,881	85,351	48,844	88,105
Total non-current liabilities	1,579,290	1,516,776	1,539,358	1,294,093
Current liabilities
Borrowings	148,690	148,690	104,718	101,138
Lease liability	1,245	1,245	1,130	1,245
Trade and other payables	391,625	389,829	413,285	506,619
Current income tax liability	22,210	15,634	40,771	44,234
Bank overdrafts	393,924	393,614	42,648	-
Total current liabilities	957,694	949,012	602,552	653,236
Total liabilities	2,536,984	2,465,788	2,141,910	1,947,329
Total equity and liabilities	4,699,572	4,637,174	4,092,255	4,173,221
Net assets per share (LKR)	9.05	9.17	8.24	9.41

I certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007.

Chief Financial Officer

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

Managing Director	Director
Date : 10th February 2022

Interim Financial Statement |03

Consolidated Statement Of Changes In Equity

All values are in LKR' 000s, unless otherwise stated

Figures in brackets indicate deductions

	Attributable to equity holders of the parent	Non-		Total
				controlling		equity
	Stated	Reserve	Retained
	interest
	capital	on equity	earnings
		instruments
		at FVOCI
Balance at 1 April 2020	1,803,400	6,824	(218,692)	-	1,591,532
Profit for the period	-	-	358,813	-	358,813
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the period	-	-	358,813	-	358,813
Balance at 31 December 2020	1,803,400	6,824	140,121	-	1,950,345
Profit for the period	-	-	82,360	-	82,360
Other comprehensive income	-	14,470	297,050	-	311,520
Total comprehensive income for the period	-	14,470	379,410	-	393,880

Transactions with owners in their capacity as owners:

Dividend	-	-	(118,333)	-	(118,333)
	-	-	(118,333)	-	(118,333)
Balance at 31 March 2021	1,803,400	21,294	401,198	-	2,225,892
Balance at 1 April 2021	1,803,400	21,294	401,198	-	2,225,892
Profit for the period	-	-	34,454	753	35,207
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the period	-	-	34,454	753	35,207

Transactions with owners in their capacity as owners:

Recognized the NCI from business acquisition	-	-	-	23,222	23,222
Dividend	-	-	(118,333)	(3,400)	(121,733)
	-	-	(118,333)	19,822	(98,511)
Balance at 31 December 2021	1,803,400	21,294	317,319	20,575	2,162,588

Interim Financial Statement |04