Horana Plantations : Interim Financial Statements 30th September 2022

HORANA PLANTATIONS PLC

(Company Number : PQ 126)

INTERIM FINANCIAL STATEMENTS

For the Six (06) Months Ended

30-Sep-2022

Registered Office - No.400, Deans Road, P.O.Box 2042, Colombo 10, Sri Lanka

# Tel: [phone] # Facsimile: 011 2627323 # E-mail: [e-mail] # Web: www.horanaplantations.com

Horana Plantations PLC

Interim Financial Statements

For the Six (06) Months Ended 30th September 2022

Contents

Page No.

• Statement of Profit or Loss and Other Comprehensive Income
  2 Statement of Financial Position
  3 Statement of Changes in Equity
  4 Statement of Cash Flows
  5 Notes to the Interim Financial Statements
  6 Notes to the Interim Financial Statements (Contd…)

Page 1

Horana Plantations PLC

Statement of Profit or Loss and Other Comprehensive Income

For the Six (06) Months Ended 30th September 2022

Year Ended
31-Mar		30-Sep	30-Sep	Change	30-Sep	30-Sep
2022		2022	2021		2022	2021
(Audited)
Rs' 000		Rs' 000	Rs' 000	%	Rs' 000	Rs' 000
2,563,636	Revenue	1,946,221	1,260,574	54.39	1,055,966	666,936
(2,192,626) Cost of Sales	(1,282,130)	(1,097,070)	(16.87)	(654,863)	(586,649)
371,010	Gross Profit	664,091	163,504	306.16	401,104	80,287
7,564	Other Operating Income	3,946	3,783	4.30	2,024	1,900
31,464	Change in Fair Value of Biological Assets	9,446	5,679	66.33	609	(124)
(185,153) Administrative Expenses	(111,947)	(85,619)	(30.75)	(47,411)	(43,453)
(16,200) Management Fees	(8,338)	(8,100)	(2.93)	(4,288)	(4,050)
208,685	Profit from Operations	557,198	79,247	603.11	352,037	34,560
(140,363) Net Finance Expense	(160,257)	(64,469)	(148.58)	(86,566)	(31,959)
68,322	Profit before Taxation	396,941	14,779	2,585.91	265,471	2,602
(25,868) Tax Expense	(51,268)	(3,187)	(1,508.85)	(49,668)	(1,594)
42,454	Profit for the period	345,673	11,592	2,881.99	215,803	1,009
	Other Comprehensive Income:-
6,547	Actuarial Gain on Retirement Benefit	-	-	-	-	-
	Obligations
(687) Tax expense on Other Comprehensive	-	-	-	-	-
	Income
5,860	Other Comprehensive Income for the	-	-	-	-	-
period, net of Tax
	Total Comprehensive Income for the	345,673			215,803
48,314	period	11,592	2,881.99	1,009
1.70	Basic Earnings per Share (Rs.)	13.83	0.46	2,881.99	8.63	0.04
-	Dividend per Share (Rs.)	-	-	-	-	-

			Page 2
	Horana Plantations PLC
	Statement of Financial Position
	As at 30th September 2022
As at		As at
31-Mar		30-Sep	30-Sep
2022		2022	2021
(Audited)
Rs' 000		Rs' 000	Rs' 000
	ASSETS
	Non-Current Assets
194,693	Right of Use Assets	196,185	207,438
2,172,955	Bearer Biological Assets	2,199,053	2,152,471
595,643	Consumable Biological Assets	597,522	624,359
442,750	Property, Plant & Equipment	469,247	353,726
3,406,041	Total Non-Current Assets	3,462,007	3,337,994
	Current Assets
8,129	Non-Harvested Produce on Bearer Biological Assets	9,446	5,679
350,398	Inventories	546,141	327,538
17,586	Advance Company Tax (ACT) Recoverable	10,963	19,185
137,620	Trade and Other Receivables	221,491	126,947
6,170	Related Company Receivables	836	25,465
38,261	Cash and Cash Equivalents	71,347	25,355
558,164	Total Current Assets	860,224	530,169
3,964,205	Total Assets	4,322,231	3,868,163
	EQUITY & LIABILITIES
	Equity
250,000	Stated Capital	250,000	250,000
546,124	Retained Earnings	891,797	509,402
796,124	Total Equity	1,141,797	759,402
	Non-Current Liabilities
796,364	Interest Bearing Loans & Borrowings	964,607	947,591
181,691	Lease Liabilities	189,418	186,719
483,611	Retirement Benefit Obligations	469,024	544,184
113,324	Deferred Income	110,311	116,996
129,110	Deferred Tax Liability	173,754	110,527
1,704,100	Total Non-Current Liabilities	1,907,114	1,906,017
	Current Liabilities
291,547	Trade and Other Payables	446,197	287,954
55,896	Related Company Payables	36,744	19,601
404,069	Interest Bearing Loans & Borrowings	445,467	418,740
10,314	Lease Liabilities	10,230	10,072
702,154	Short Term Borrowings	334,683	466,377
1,463,981	Total Current Liabilities	1,273,320	1,202,744
3,168,081	Total Liabilities		3,108,761
3,964,205	Total Equity & Liabilities	4,322,231	3,868,163
31.84	Net Assets per Ordinary Share (Rs.)	45.67	30.38

The Statement of Financial Position as at 30th September 2022 and the Statement of Profit or Loss, Statement of Comprehensive Income , the Statement of Changes in Equity and Cash Flow Statement for the period ended 30th September 2022 are drawn up from the unaudited Financial Statements of the Company, provide the information required by the Colombo Stock Exchange.

It is certified that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

(Sgd) Ajith Nissanka

General Manager - Finance

Signed for and on behalf of the Board of Directors of Horana Plantations PLC:-

(Sgd) A.M.Pandithage	(Sgd.) Dr. Roshan Rajadurai
Chairman	Managing Director
29th October 2022

Page 3

Horana Plantations PLC

Statement of Changes in Equity

For the Six (06) Months Ended 30th September 2022

(Stated Capital comprised - 25 Million Ordinary	Stated	Retained	Total
Shares and 1 Golden Share)	Capital	Earnings
	Rs'000	Rs'000	Rs'000
Six (06) Months Ended 30th September 2021:-
Balance as at 1st April 2021	250,000	497,810	747,810
Comprehensive Income for the period
Profit for the period	-	11,592	11,592
Total Comprehensive Income for the period	-	11,592	11,592
Balance as at 30th September 2021	250,000	509,402	759,402
Six (06) Months Ended 30th September 2022:-
Balance as at 1st April 2022	250,000	546,124	796,124
Comprehensive Income for the period
Profit for the period	-	345,673	345,673
Total Comprehensive Income for the period	-	345,673	345,673
Balance as at 30th September 2022	250,000	891,797	1,141,797