HORANA PLANTATIONS PLC HORANA PLANTATIONS PLC
(Company Number : PQ 126)
INTERIM FINANCIAL STATEMENTS
For the Nine (09) Months Ended
31-Dec-2021
Registered Office - No.400, Deans Road, P.O.Box 2042, Colombo 10, Sri Lanka
# Tel: 011 2627000 # Facsimile: 011 2627323 # E-mail: horanap@hplnet.com # Web: www.horanaplantations.com
Horana Plantations PLC
Interim Financial Statements
For the Nine (09) Months Ended 31st December 2021
Contents
Page No.
- Statement of Profit or Loss and Other Comprehensive Income
- Statement of Financial Position
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to the Interim Financial Statements
- Notes to the Interim Financial Statements (Contd…)
Page 1
Horana Plantations PLC
Statement of Profit or Loss and Other Comprehensive Income
For the Nine (09) Months Ended 31st December 2021
Year Ended | Nine (09) Months Ended | Three (03) Months Ended | ||||||||||
31-Mar | 31-Dec | 31-Dec | Change | 31-Dec | 31-Dec | |||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
(Audited) | ||||||||||||
Rs' 000 | Rs' 000 | Rs' 000 | % | Rs' 000 | Rs' 000 | |||||||
2,125,306 | Revenue | 1,858,100 | 1,514,288 | 22.70 | 597,526 | 499,395 | ||||||
(1,924,851) | Cost of Sales | (1,618,804) | (1,353,904) | (19.57) | (521,734) | (417,271) | ||||||
200,455 | Gross Profit | 239,296 | 160,384 | 49.20 | 75,792 | 82,124 | ||||||
7,446 | Other Operating Income | 5,675 | 5,654 | 0.36 | 1,891 | 1,833 | ||||||
40,089 | Change in Fair Value of Biological Assets | 5,837 | 5,966 | (2.16) | 159 | 2,104 | ||||||
(174,949) | Administrative Expenses | (132,187) | (130,498) | (1.29) | (46,568) | (43,252) | ||||||
(12,211) | Management Fees | (12,150) | (10,787) | (12.64) | (4,050) | (5,969) | ||||||
60,830 | Profit from Operations | 106,471 | 30,719 | 246.60 | 27,224 | 36,840 | ||||||
(136,960) | Net Finance Expense | (97,926) | (105,139) | 6.86 | (33,458) | (29,791) | ||||||
(76,130) | Profit/(Loss) before Taxation | 8,545 | (74,420) | 111.48 | (6,234) | 7,049 | ||||||
(1,742) | Tax Expense | (4,780) | (8,230) | 41.92 | (1,593) | (2,744) | ||||||
(77,872) | Profit/(Loss) for the period | 3,765 | (82,650) | 104.55 | (7,827) | 4,305 | ||||||
Other Comprehensive Income/(Expense):- | ||||||||||||
12,597 | Actuarial Gain/(Loss) on Retirement Benefit | - | (4,293) | 100.00 | - | (1,431) | ||||||
Obligations | ||||||||||||
(1,764) | Tax (Expense)/ Reversal on Other | - | 601 | (100.00) | - | 200 | ||||||
Comprehensive Income | ||||||||||||
10,833 | Other Comprehensive Income/(Expense) | - | (3,692) | 100.00 | - | (1,231) | ||||||
for the period, net of Tax | ||||||||||||
(67,039) | Total Comprehensive Income/(Expense) | 3,765 | (86,342) | (7,827) | 3,074 | |||||||
for the period | 104.36 | |||||||||||
(3.11) | Basic Earnings /(Loss) per Share (Rs.) | 0.15 | (3.31) | 104.55 | (0.31) | 0.17 | ||||||
- | Dividend per Share (Rs.) | - | - | - | - | - | ||||||
Page 2 | |||||||||
Horana Plantations PLC | |||||||||
Statement of Financial Position | |||||||||
As at 31st December 2021 | |||||||||
As at | As at | ||||||||
31-Mar | 31-Dec | 31-Dec | |||||||
2021 | 2021 | 2020 | |||||||
(Audited) | |||||||||
Rs' 000 | Rs' 000 | Rs' 000 | |||||||
ASSETS | |||||||||
Non-Current Assets | |||||||||
214,372 | Right of Use Assets | 200,804 | 181,928 | ||||||
2,155,964 | Bearer Biological Assets | 2,167,317 | 2,189,053 | ||||||
630,578 | Consumable Biological Assets | 592,893 | 612,465 | ||||||
362,035 | Property, Plant & Equipment | 355,456 | 345,756 | ||||||
3,362,949 | Total Non-Current Assets | 3,316,470 | 3,329,202 | ||||||
Current Assets | |||||||||
7,999 | Non-Harvested Produce on Bearer Biological Assets | 5,837 | 5,967 | ||||||
255,625 | Inventories | 362,768 | 256,385 | ||||||
19,185 | Advance Company Tax (ACT) Recoverable | 19,185 | 27,285 | ||||||
128,636 | Trade and Other Receivables | 131,687 | 108,817 | ||||||
654 | Holding Company Receivable | - | 348 | ||||||
747 | Other Related Company Receivables | 24,280 | 4,452 | ||||||
13,741 | Cash and Cash Equivalents | 27,177 | 14,199 | ||||||
426,587 | Total Current Assets | 570,934 | 417,453 | ||||||
3,789,536 | Total Assets | 3,887,404 | 3,746,655 | ||||||
EQUITY & LIABILITIES | |||||||||
Equity | |||||||||
250,000 | Stated Capital | 250,000 | 250,000 | ||||||
497,810 | Retained Earnings | 501,575 | 475,237 | ||||||
747,810 | Total Equity | 751,575 | 725,237 | ||||||
Non-Current Liabilities | |||||||||
1,081,523 | Interest bearing Borrowings | 848,505 | 817,919 | ||||||
186,648 | Lease Liabilities | 184,243 | 160,324 | ||||||
548,770 | Retirement Benefit Obligations | 542,523 | 567,096 | ||||||
118,995 | Deferred Income | 110,527 | 119,837 | ||||||
110,527 | Deferred Tax Liability | 115,214 | 125,293 | ||||||
2,046,463 | Total Non-Current Liabilities | 1,801,012 | 1,790,469 | ||||||
Current Liabilities | |||||||||
259,278 | Trade and Other Payables | 300,800 | 285,855 | ||||||
21,345 | Related Companies Payables | 16,208 | 36,142 | ||||||
381,984 | Interest bearing Borrowings | 421,759 | 308,168 | ||||||
9,302 | Lease Liabilities | 10,224 | 7,830 | ||||||
323,354 | Short Term Borrowings | 585,826 | 592,954 | ||||||
995,263 | Total Current Liabilities | 1,334,817 | 1,230,949 | ||||||
3,041,726 | Total Liabilities | 3,135,829 | 3,021,418 | ||||||
3,789,536 | Total Equity & Liabilities | 3,887,404 | 3,746,655 | ||||||
29.91 | Net Assets per Ordinary Share (Rs.) | 30.06 | 29.01 | ||||||
The Statement of Financial Position as at 31st December 2021 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 31st December 2021 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 |
31st January 2022
Page 3
Horana Plantations PLC
Statement of Changes in Equity
For the Nine (09) Months Ended 31st December 2021
(Stated Capital comprised - 25 Million Ordinary | Stated | Sinking | Developmen | Retained | Total |
Shares and 1 Golden Share) | Capital | Fund | t Reserve | Earnings | |
Rs'000 | Rs'000 | Rs'000 | Rs'000 | Rs'000 | |
Nine (09) Months Ended 31st December 2020:- | |||||
Balance as at 1st April 2020 | 250,000 | 35,000 | 35,000 | 491,578 | 811,578 |
Total Comprehensive Expense for the period | |||||
Loss for the period | - | - | - | (82,650) | (82,650) |
Other Comprehensive Expense for the period | - | - | - | (3,692) | (3,692) |
Trasferred to Retained Earnings | - | (35,000) | (35,000) | 70,000 | - |
Total Comprehensive Expense for the period | - | (35,000) | (35,000) | (16,342) | (86,342) |
Balance as at 31st December 2020 | 250,000 | - | - | 475,237 | 725,236 |
Nine (09) Months Ended 31st December 2021:- | |||||
Balance as at 1st April 2021 | 250,000 | - | - | 497,810 | 747,810 |
Total Comprehensive Income for the period | |||||
Profit for the period | - | - | - | 3,765 | 3,765 |
Total Comprehensive Income for the period | - | - | - | 3,765 | 3,765 |
Balance as at 31st December 2021 | 250,000 | - | - | 501,575 | 751,575 |
Note- Since the purposes of having Sinking fund and Development Reserves are fulfilled, they have been transferred to Retained Earnings as at 31st December 2020.
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Horana Plantations plc published this content on 01 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2022 11:11:01 UTC.
