HVA FOODS PLC H VA FO O DS P LC
Annual Report 2020/21
H V A Foods PLC
PROVISIONAL FINANCIAL STATEMENTS
FOR THENINE MO N THS ENDED
H V A Foods31STPLCDECEMBER| Annual2 0Report2 1 2020/21
A
Chairman's Review
Dear Shareholders,
HVA Foods PLC witnessed a recovery momentum during the quarter under review despite the global challenges with the spread of Omicron and the continued logistical constraints, which hampered business activities in key markets. As stated in my previous review, the new management is making every endeavor to achieve sustainable and profitable growth whilst addressing the current constraints.
Despite the challenges the Company recorded a revenue of LKR 1.02 billion for the 9 months ended 31st December 2021, which was a 11.5% growth compared to the same period last year. In terms of profitability, the company recorded a gross profit of LKR 72.2Mn and a GP margin of 7% during the period under review. The exponential increase in freight rates (from 2% of revenue during the comparative period to 8% of revenue during the period under review) once again weighed down the GP margin.
Although the net profit further eroded during the 3rd quarter of FY 21/22, the company has taken strong measures to arrest the decline in the coming quarters. With the announcement of the Rights Issue in November 2021 the management is confident of addressing the equity position of the company. Furthermore, with the funds raised the company plans to retire some of its short-term debts, which will lower the high finance cost, helping to address the profitability of the company in the future.
I would like to conclude by reassuring our stakeholders that the company with its flagship brand "Heladiv" registered in over 40 countries, is exploring all avenues to achieve a sustainable growth.
B. S. M De Silva
Chairman
15th February 2022
HVA FOODS PLC
Statement of Comprehensive Income
Provisional Financial Statements for the Nine months ended 31st December 2021
All amounts in Sri Lanka Rupees
Group | |||
9Months from 1st April to | 3Months from 1st Oct to | ||
31.12.2021 | 31.12.2020 | 31.12.2021 | 31.12.2020 |
(unaudited) | (unaudited) | (unaudited) | (unaudited) |
Company | ||||||
Year ended | 9Months from 1st April to | 3Months from 1st Oct to | Year ended | |||
31.03.2021 | 31.12.2021 | 31.12.2020 | 31.12.2021 | 31.12.2020 | 31.03.2021 | |
(audited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) |
Revenue | 1,025,048,040 | 919,485,801 | 437,539,831 | 102,699,173 | 1,164,440,585 | 1,025,048,040 | 919,485,801 | 437,539,831 | 102,699,173 | 1,164,440,585 |
Cost of sales | (952,834,397) | (832,593,225) | (409,478,576) | (95,961,265) | (1,032,347,737) | (952,834,397) | (832,593,225) | (409,478,576) | (95,961,265) | (1,032,347,737) |
Gross profit / (loss) | 72,213,643 | 86,892,576 | 28,061,255 | 6,737,908 | 132,092,848 | 72,213,643 | 86,892,576 | 28,061,255 | 6,737,908 | 132,092,848 |
Other operating income | 57,528,988 | 6,301,964 | 2,116,387 | 9,026,080 | 6,274,176 | 57,528,988 | 6,301,964 | 2,116,387 | 9,026,080 | 6,193,976 |
Distribution expenses | (65,618,640) | (7,662,255) | 1,713,916 | (3,744,461) | (20,979,965) | (65,618,640) | (7,662,255) | 1,713,916 | (3,744,461) | (20,979,965) |
Administration expenses | (101,295,628) | 41,267,630 | (36,242,040) | 91,684,601 | (275,596,387) | (101,144,528) | 41,267,630 | (36,090,940) | 91,684,601 | (275,547,187) |
Reversal of impairment provision on related parties | - | - | - | - | 322,813,036 | - | - | - | - | 322,813,036 |
Results from operating activities | (37,171,637) | 126,799,915 | (4,350,482) | 103,704,128 | 164,603,708 | (37,020,537) | 126,799,915 | (4,199,382) | 103,704,128 | 164,572,708 |
Net finance costs | (83,062,594) | (37,102,289) | (25,743,534) | (26,904,259) | (91,282,659) | (83,062,594) | (37,102,289) | (25,743,534) | (26,904,259) | (91,279,059) |
Profit / (Loss) before income tax | (120,234,231) | 89,697,626 | (30,094,016) | 76,799,869 | 73,321,049 | (120,083,131) | 89,697,626 | (29,942,916) | 76,799,869 | 73,293,649 |
Income tax expense | - | - | - | - | 5,269,058 | - | - | - | - | 5,269,058 |
Profit / (Loss) for the Period | (120,234,231) | 89,697,626 | (30,094,016) | 76,799,869 | 78,590,107 | (120,083,131) | 89,697,626 | (29,942,916) | 76,799,869 | 78,562,707 |
Other Comprehensive Income | ||||||||||
Actuarial gain/(Loss) on retirement benefit obligation | - | - | - | - | 84,912 | - | - | - | - | 84,912 |
Revaluation gain of Property, Plant and Equipments | - | - | - | - | - | - | - | - | - | - |
Tax on other comprehensive income | - | - | - | - | (11,888) | - | - | - | - | (11,888) |
Total Comprehensive Income / (Expense) for the Year | (120,234,231) | 89,697,626 | (30,094,016) | 76,799,869 | 78,663,131 | (120,083,131) | 89,697,626 | (29,942,916) | 76,799,869 | 78,635,731 |
Basic / Diluted earnings per share | (1.81) | 1.35 | (0.45) | 1.16 | 1.18 | (1.81) | 1.35 | (0.45) | 1.16 | 1.18 |
Figures in brackets indicate deductions. |
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HVA FOODS PLC
Provisional Financial Statements for the Nine months ended 31st December 2021
All amounts in Sri Lanka Rupees
Group | ||||||
Attributable to equity holders of the company | ||||||
Revaluation | Retained | Non- | ||||
Stated capital | Total | controlling | Total | |||
reserves | earnings | |||||
interest | ||||||
Balance as at 01st April 2020 | 333,857,588 | 237,613,039 | (634,355,113) | (62,884,486) | - | (62,884,486) |
Profit / (Loss)for the Period | - | - | 89,697,626 | 89,697,626 | - | 89,697,626 |
Other comprehensive income | - | - | - | - | - | - |
Balance as at 31st December 2020 | 333,857,588 | 237,613,039 | (544,657,487) | 26,813,140 | - | 26,813,140 |
Balance as at 01st April 2021 | 333,857,588 | 237,613,039 | (555,691,982) | 15,778,645 | 15,778,645 | |
Realisation of revaluation surplus | (220,911,968) | 220,911,968 | - | - | ||
Profit / (Loss)for the Period | - | - | (120,234,231) | (120,234,231) | (120,234,231) | |
Balance as at 31st December 2021 | 333,857,588 | 16,701,071 | (455,014,245) | (104,455,586) | - | (104,455,586) |
Company | Stated capital | Revaluation | Retained | Total | ||
reserves | earnings | |||||
Balance as at 01st April 2020 | 333,857,588 | 237,613,039 | (634,183,814) | (62,713,187) | ||
Profit / (Loss)for the Period | - | - | 89,697,626 | 89,697,626 | ||
Balance as at 31st December 2020 | 333,857,588 | 237,613,039 | (544,486,188) | 26,984,439 | ||
Balance as at 01st April 2021 | 333,857,588 | 237,613,039 | (555,548,083) | 15,922,544 | ||
Profit / (Loss)for the Period | - | - | (120,083,131) | (120,083,131) | ||
- | ||||||
Realisation of revaluation surplus | (220,911,968) | 220,911,968 | - | |||
- | ||||||
Balance as at 31st December 2021 | 333,857,588 | 16,701,071 | (454,719,246) | (104,160,587) |
Figures in brackets indicate deductions.
The above figures are not audited
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HVA Foods plc published this content on 15 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2022 11:16:03 UTC.
