Horana Plantations : Interim Financial Statements as at 30-06-2022

HORANA PLANTATIONS PLC

(Company Number : PQ 126)

INTERIM FINANCIAL STATEMENTS

For the Three (03) Months Ended

30-Jun-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 Three (03) Months Ended 30th June 2022

Contents

Page No.

1. 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 Three (03) Months Ended 30th June 2022

	Year Ended		Three (03) Months Ended
	31-Mar		30-Jun		30-Jun	Change
	2022		2022	2021
	(Audited)
	Rs' 000		Rs' 000		Rs' 000	%
	2,563,636	Revenue	890,254	593,638	49.97
	(2,192,626)	Cost of Sales	(627,267)	(510,421)	(22.89)
	371,010	Gross Profit	262,987	83,217	216.03
	7,564	Other Operating Income	1,923	1,883	2.10
	31,464	Change in Fair Value of Biological Assets	8,837	5,803	52.29
	(185,153)	Administrative Expenses	(64,536)	(42,166)	(53.05)
	(16,200)	Management Fees	(4,050)	(4,050)	-
	208,685	Profit from Operations	205,161	44,687	359.11
	(140,363)	Net Finance Expense	(73,691)	(32,510)	(126.67)
	68,322	Profit before Taxation	131,470	12,177	979.70
	(25,868)	Tax Expense	(1,599)	(1,593)	(0.39)
	42,454	Profit for the period	129,870	10,584	1,127.10
		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
	48,314	period	129,870	10,584	1,127.10
	1.70	Basic Earnings per Share (Rs.)	5.19	0.42	1,127.10
	-	Dividend per Share (Rs.)	-	-	-

								Page 2
				Horana Plantations PLC
				Statement of Financial Position
				As at 30th June 2022
		As at			As at
		31-Mar			30-Jun	30-Jun
		2022			2022			2021
		(Audited)
		Rs' 000			Rs' 000	Rs' 000
				ASSETS
				Non-Current Assets
		194,693		Right of Use Assets	188,580			208,042
		2,172,955		Bearer Biological Assets	2,165,224			2,144,358
		595,643		Consumable Biological Assets	596,569			622,958
		442,750		Property, Plant & Equipment	442,737			356,119
		3,406,041		Total Non-Current Assets	3,393,110			3,331,477
				Current Assets
		8,129		Non-Harvested Produce on Bearer Biological Assets	8,837			5,803
		350,398		Inventories	476,322			358,486
		17,586		Advance Company Tax (ACT) Recoverable	15,988			19,185
		137,620		Trade and Other Receivables	151,301			133,529
		-		Holding Company Receivable	-			1,303
		6,170		Other Related Company Receivables	21,466			8,609
		38,261		Cash and Cash Equivalents	50,893			25,360
		558,164		Total Current Assets	724,808			552,275
		3,964,205		Total Assets	4,117,918			3,883,752
				EQUITY & LIABILITIES
				Equity
		250,000		Stated Capital	250,000			250,000
		546,124		Retained Earnings	675,994			508,393
		796,124		Total Equity	925,994			758,393
				Non-Current Liabilities
		796,364		Interest Bearing Loans & Borrowings	1,082,467			980,447
		181,691		Lease Liabilities	178,810			184,124
		483,611		Retirement Benefit Obligations	486,916			548,359
		113,324		Deferred Income	111,702			117,113
		129,110		Deferred Tax Liability	129,110			110,527
		1,704,100		Total Non-Current Liabilities	1,989,005			1,940,570
				Current Liabilities
		291,547		Trade and Other Payables	379,558			279,709
		55,896		Related Companies Payables	45,850			21,486
		404,069		Interest Bearing Loans & Borrowings	439,979			398,132
		10,314		Lease Liabilities	10,192			9,595
		702,154		Short Term Borrowings	327,340			475,867
		1,463,981		Total Current Liabilities	1,202,919			1,184,789
		3,168,081		Total Liabilities	3,191,924			3,125,359
		3,964,205		Total Equity & Liabilities	4,117,918			3,883,752
		31.84		Net Assets per Ordinary Share (Rs.)	37.04			30.34

The Statement of Financial Position as at 30th June 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 June 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
12th August 2022

Page 3

Horana Plantations PLC

Statement of Changes in Equity

For the Three (03) Months Ended 30th June 2022

(Stated Capital comprised - 25 Million Ordinary	Stated	Retained	Total
Shares and 1 Golden Share)	Capital	Earnings
	Rs'000	Rs'000	Rs'000
Three (03) Months Ended 30th June 2021:-
Balance as at 1st April 2021	250,000	497,810	747,810
Comprehensive Income for the period
Profit for the period	-	10,583	10,583
Total Comprehensive Income for the period	-	10,583	10,583
Balance as at 30th June 2021	250,000	508,393	758,393
Three (03) Months Ended 30th June 2022:-
Balance as at 1st April 2022	250,000	546,124	796,124
Comprehensive Income for the period
Profit for the period	-	129,870	129,870
Total Comprehensive Income for the period	-	129,870	129,870
Balance as at 30th June 2022	250,000	675,994	925,994