Hayleys : Quarterly Financial report as of 30-06-2022

HAYLEYS PLC

Interim Report

FIRST QUARTER

Three months ended 30th June, 2022

STATEMENT OF PROFIT OR LOSS

	Consolidated	Company				Consolidated			Company
						Unaudited	Unaudited		Unaudited	Unaudited
	Year ended	Year ended				3 months to	3 months to		3 months to	3 months to
	31.03.22	31.03.22				30.06.22	30.06.21	Change	30.06.22	30.06.21	Change
	Rs.'000	Rs.'000			Notes	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
338,009,580	497,642	Revenue	4	123,641,304	70,610,764	75	132,145	125,305	5
(258,715,354)	(379,217)	Cost of sales		(90,288,842)	(53,870,309)	68	(98,379)	(91,086)	8
(1,920,345)	-	Direct interest cost		(875,197)	(435,512)	101	-	-	-
								99			(1)
	77,373,881	118,425	Gross profit		32,477,265	16,304,943	33,766	34,219
-	5,145,509	Group dividend		-	-	-	1,144,847	815,571	40
1,997,601	13,111	Other income		428,100	433,415	(1)	-	984	-
(12,514,847)	-	Distribution expenses		(3,883,013)	(2,736,130)	42	-	-	-
(32,842,133)	257,512	Administrative expenses		(10,825,341)	(7,433,878)	46	107,565	210,071	(49)
	(420,743)	(6,089)	Other expenses		(42,659)	(31,955)	33	(69)	(5,459)	(99)
33,593,759	5,528,468	Results from operating activities		18,154,352	6,536,395	178	1,286,109	1,055,386	22
16,831,989	188,410	Finance income		12,846,365	668,813	1,821	152,596	27,443	456
	(14,882,770)	(2,219,372)	Finance cost		(11,066,848)	(2,375,150)	366	(958,332)	(518,006)	85
1,949,219	(2,030,962)	Net finance cost		1,779,517	(1,706,337)	204	(805,736)	(490,563)	64
328,543	9,250	Change in fair value of investment properties		-	-	-	-	-	-
226,794	-	Share of profit of equity accounted investees (net of tax)	154,673	79,998	93	-	-	-
(381,570)	-	Value added tax on financial services		(80,982)	(69,638)	16	-	-	-
35,716,745	3,506,756	Profit before tax for the period	5	20,007,560	4,840,418	313	480,373	564,823	(15)
(7,617,844)	139,979	Tax expense		(3,711,611)	(1,250,008)	197	(37,031)	-	100
								354			(22)
	28,098,901	3,646,735	Profit for the period		16,295,949	3,590,410	443,342	564,823
			Profit for the period attributable to:
18,256,527	3,646,735	Owners of the parent		10,488,825	2,171,489	383	443,342	564,823	(22)
9,842,374	-	Non-controlling interest		5,807,124	1,418,921	309	-	-	-
	28,098,901	3,646,735	Profit for the period		16,295,949	3,590,410	354	443,342	564,823	(22)
			Earnings / per share
24.34	4.86	Basic (Rs.)		13.99	2.90		0.59	0.75
24.34	4.86	Diluted (Rs.)		13.99	2.90		0.59	0.75

The Notes on pages 9 to 11 form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

HAYLEYS PLC | Page 1

STATEMENT OF COMPREHENSIVE INCOME

Consolidated	Company		Consolidated			Company
			Unaudited	Unaudited		Unaudited	Unaudited
Year ended	Year ended		3 months to	3 months to		3 months to	3 months to
31.03.22	31.03.22		30.06.22	30.06.21	Change	30.06.22	30.06.21	Change
Rs.'000	Rs.'000		Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
28,098,901	3,646,735	Profit for the period	16,295,949	3,590,410	354	443,342	564,823	(22)
		Other Comprehensive income

		Items that will not be reclassified subsequently to Statement
		of Profit or Loss
3,482,837	-	Revaluation of land
(455,365)	(140,653)	Actuarial loss on employee benefit obligations
		Net change on equity instruments designated at fair value through
94,263	-	other comprehensive income
(540,638)	2,730	Tax on other comprehensive income

-	-	-	-	-	-
-	-	-	-	-	-
(253)	50,191	(101)	-	-	-
-	-	-	-	-	-

Items that will be reclassified subsequently to Statement of

Profit or Loss

7,963,619	-	Net exchange differences on translation of foreign operations	5,822,393	292,786	1,889	-	-	-
(1,782,572)	-	Net gain /(loss) on cash flow hedges	(1,177,420)	52,216	(2,355)	-	-	-
(341)	-	Share of other comprehensive income of equity accounted	974,067	-	100	-	-	-
		investees
					1,322			-
8,761,803	(137,923)	Total other comprehensive income for the period, net of tax	5,618,787	395,193	-	-
					450
36,860,704	3,508,812	Total comprehensive income for the period, net of tax	21,914,736	3,985,603	443,342	564,823	(22)
		Total comprehensive income for the period attributable to
23,397,488	3,508,812	Owners of the parent	13,752,109	2,429,291	466	443,342	564,823	(22)
13,463,216	-	Non-controlling interest	8,162,627	1,556,312	424	-	-	-
36,860,704	3,508,812		21,914,736	3,985,603	450	443,342	564,823	(22)

The Notes on pages 9 to 11 form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

HAYLEYS PLC | Page 2

STATEMENT OF FINANCIAL POSITION

Consolidated		Company		Consolidated	Company
				Unaudited	Unaudited	Unaudited		Unaudited
As at		As at		as at	as at	as at		as at
31.03.22		31.03.22		30.06.22	30.06.21	30.06.22		30.06.21
(Restated)					(Restated)
Rs.'000		Rs.'000		Rs.'000	Rs.'000	Rs.'000		Rs.'000
			ASSETS
			Non - current assets
111,189,851		100,095	Property, plant & equipment	119,083,926	93,212,256	105,858		120,066
11,389,087		191,497	Right-of- use assets	11,699,385	9,507,396	175,539		239,371
2,601,101		88,850	Investment Properties	2,601,552	2,824,180	88,850		79,600
599,064		-	Biological assets	602,002	532,892	-		-
15,544,031		74,310	Intangible assets	15,548,307	15,744,571	71,819		62,230
-		38,903,712	Investments in subsidiaries	-	-	38,907,907		39,070,360
2,164,377		1,504,863	Investments in equity accounted investees	3,293,118	2,131,563	1,504,863		1,504,863
91,199		57,125	Other non-current financial assets	89,089	298,303	55,234		62,797
12,331,710		-	Non - current trade and other receivables	10,886,400	11,816,820	-		-
983,043		-	Other non-current assets	967,479	952,905	-		-
2,803,644		14,771	Deferred tax assets	3,045,694	2,310,367	14,771		24,524
-		610,000	Amounts due from subsidiaries	-	-	610,000		610,000
159,697,107		41,545,223	Total non-current assets	167,816,952	139,331,253	41,534,841		41,773,811
			Current assets
82,397,947		7,493	Inventories	100,307,603	58,866,151	15,858		1,799
-		3,897,840	Amounts due from subsidiaries	-	-	4,396,761		2,828,002
142,891		1,190	Amounts due from equity accounted investees	225,330	223,029	4,845		69,117
107,082,528		32,907	Trade and other receivables	125,010,889	76,683,270	28,515		47,711
4,179,463		31,555	Other current assets	6,863,635	3,790,819	285,821		53,370
837,838		68,645	Income tax recoverable	979,653	792,084	31,613		-
1,400,423		7,706	Other current financial assets	652,085	911,805	11,973		8,789
19,927,939		254,515	Short-term deposits	26,973,362	13,165,387	2,716,151		245,145
27,409,656		697,773	Cash in hand and at bank	35,634,271	17,804,242	42,063		369,360
-		-	Assets classified as held for sale	-	3,021	-		-
243,378,685		4,999,624	Total current assets	296,646,828	172,239,808	7,533,600		3,623,293
403,075,792		46,544,847	Total assets	464,463,780	311,571,061	49,068,441		45,397,104
			EQUITY AND LIABILITIES
1,575,000		1,575,000	Stated capital	1,575,000	1,575,000	1,575,000		1,575,000
711,396		13,226	Capital reserves	711,413	688,411	13,226		13,226
30,077,359		-	Other components of equity	33,345,520	24,873,572	-		-
33,111,917		15,027,783	Revenue reserves	43,623,810	20,453,343	15,471,125		15,083,794
65,475,672		16,616,009	Total equity attributable to equity holders of the company	79,255,743	47,590,326	17,059,351		16,672,020
37,341,674		-	Non- controlling interest	44,848,509	28,685,195	-		-
102,817,346		16,616,009	Total Equity	124,104,252	76,275,521	17,059,351		16,672,020
			Non - current liabilities
63,540,193		18,265,278	Interest bearing borrowings	63,846,265	57,766,088	17,153,955		18,941,155
838,161		-	Grants	829,188	840,576	-		-
7,433,449		-	Deferred tax liabilities	7,951,926	5,610,698	-		-
1,462,347		-	Security deposits	1,452,308	1,325,505	-		-
1,637,526		-	Other Non-current Liabilities	1,638,919	1,686,917	-		-
2,317,848		-	Other non-current financial liabilities	5,467,121	2,268,879	-		-
11,208,145		1,298,429	Employee benefit obligations	11,878,499	10,171,638	1,348,015		1,101,110
88,437,669		19,563,707	Total non-current liabilities	93,064,226	79,670,301	18,501,970		20,042,265
			Current liabilities
79,256,611		1,268,500	Trade and other payables	93,089,177	58,627,890	961,169		572,437
10,195,071		29,704	Other current liabilities	8,326,428	7,353,541	28,577		20,209
9,828,666		-	Other current financial liabilities	10,195,448	9,405,440	-		-
-		672,807	Amounts due to subsidiaries		-	701,019		258,014
322		322	Amounts due to equity accounted investees	322	3,152	322		3,152
618,787		-	Deferred Revenue	1,439,467	471,151	-		-
3,527,178		-	Income tax payable	4,614,775	2,376,459	-		84,486
27,568,587		5,361,853	Current portion of long term interest bearing borrowings	31,674,899	25,217,857	5,184,929		4,587,997
80,825,555		3,031,945	Short-term interest bearing borrowings	97,954,786	52,169,417	6,631,104		3,156,524
-		-	Liabilities directly associated with assets classified as held for sale	-	332	-		-
211,820,777		10,365,131	Total current liabilities	247,295,302	155,625,239	13,507,120		8,682,819
300,258,446		29,928,838	Total liabilities	340,359,528	235,295,540	32,009,090		28,725,084
403,075,792		46,544,847	Total equity and liabilities	464,463,780	311,571,061	49,068,441		45,397,104
The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007 .
sgd.
Choliya De Silva
Group Chief Financial Officer
The Directors are responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board
sgd.					sgd.
Mohan Pandithage					Sarath Ganegoda
Chairman & Chief Executive				Director
12th August 2022

The Notes on pages 9 to 11 form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

HAYLEYS PLC | Page 3

STATEMENT OF CHANGES IN EQUITY

For the period ended 30th June

Attributable to owners of the Company

Capital Reserves

Other Components of Equity

Revenue Reserves

Consolidated

Stated

Reserve

Other

Revaluation

Fair value reserve

Cashflow

Foreign currency

General

Timber

Bearer Biological

Retained

Shareholders'

Non-controlling

Total

capital

on scrip

capital

reserve

of financial assets

hedge

translation

reserve

reserve

reserve

earnings

Funds

interest

Equity

issue

reserve

at FVOCI

reserve

reserve

Rs. '000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Balance as at 31st March 2022 (Restated)	1,575,000	175,636	535,760	24,091,156	15,645	(2,439,613)	8,410,171	2,280,540	129,106	11,705	30,690,566	65,475,672	37,341,674	102,817,346
Profit for the period	-	-	-	-	-	-	-	-	-	-	10,488,825	10,488,825	5,807,124	16,295,949
Other Comprehensive income
Net exchange differences on translation of foreign	-	-	-	-	-	-	3,344,751	-	-	-	-	3,344,751	2,477,642	5,822,393
operations
Share of other comprehensive income of equity	-	-	-	-	-		974,067	-	-	-	-	974,067	-	974,067
accounted investees
Net gain on cash flow hedges	-	-	-	-	-	(1,055,310)	-	-	-	-	-	(1,055,310)	(122,110)	(1,177,420)
Net change on equity instruments designated at fair	-	-	-	-	(224)	-	-	-	-	-	-	(224)	(29)	(253)
value through other comprehensive income
Total other comprehensive income	-	-	-	-	(224)	(1,055,310)	4,318,818	-	-	-	-	3,263,284	2,355,503	5,618,787
Total Comprehensive income for the period	-	-	-	-	(224)	(1,055,310)	4,318,818	-	-	-	10,488,825	13,752,109	8,162,627	21,914,736
Transactions with owners, recorded directly in equity
Dividends to equity holders	-	-	-	-	-	-	-	-	-	-	-	-	(628,953)	(628,953)
Total contributions by and distributions to owners	-	-	-	-	-	-	-	-	-	-	-	-	(628,953)	(628,953)

Changes in ownership interests in subsidiaries

Adjustment on changes to non-controlling interest in subsidiaries

Total changes in ownership interests in subsidiaries

-	17	-	6,247	6	(1,765)	389	442	-	-	22,626	27,962	(26,839)	1,123
-	17	-	6,247	6	(1,765)	389	442	-	-	22,626	27,962	(26,839)	1,123

Total transactions with owners		-	17	-	6,247	6	(1,765)	389	442	-	-	22,626	27,962	(655,792)	(627,830)
Balance as at 30th June 2022	1,575,000	175,653	535,760	24,097,403	15,427	(3,496,688)	12,729,378	2,280,982	129,106	11,705	41,202,017	79,255,743	44,848,509	124,104,252
The Notes on pages 9 to 11 form an integral part of these Financial	Statements.	The Notes on pag	(8,572)	10,456,969	2,864		1,784,802	11,880	29,329	6,646
Figures in brackets indicate deductions.

HAYLEYS PLC | Page 4