Keells Food Products : Interim Financial Statements as @ 31st December 2022

Keells Food Products PLC

Interim Financial Statements

31st December 2022

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED INCOME STATEMENT							1
				Quarter ended 31st December		Nine months ended 31st December
			Notes									%
			2022	2021	Change %	2022	2021	Change
Continuing operations
Goods transferred at a point in time		1,786,763	1,341,247	33		5,155,147	3,289,436	57
Revenue from contracts with customers		1,786,763	1,341,247	33		5,155,147	3,289,436	57
Cost of sales		(1,396,890)	(986,590)	42		(4,001,406)	(2,462,187)	63
Gross profit				389,873	354,657	10		1,153,741	827,249	39
Other operating income		6,004	30	19,913		10,397	1,364	662
Selling and distribution expenses		(216,593)	(116,132)	87		(555,095)	(360,443)	54
Administrative expenses		(80,098)	(56,805)	41		(224,361)	(171,014)	31
Other operating expenses		(58,185)	(15,568)	274		(99,807)	(52,595)	90
Results from operating activities				41,001	166,182	(75)		284,875	244,561	16
Finance cost		6	(62,417)	(2,653)	2,253		(99,740)	(9,667)	932
Finance income		6	3,053	1,668	83		8,018	4,942	62
Profit/(Loss) before tax			(18,363)	165,197	(111)		193,153	239,836	(19)
Tax expense		7	(47,485)	(28,160)	69		(92,922)	(35,225)	164
Profit/(Loss) for the period		(65,848)	137,037	(148)		100,231	204,611	(51)
Attributable to:
Equity holders of the Parent		(65,848)	137,037	(148)		100,231	204,611	(51)
				(65,848)	137,037	(148)		100,231	204,611	(51)
				LKR.	LKR.			LKR.		LKR.
Earnings per share
Basic		(2.58)	5.37			3.93	8.02
Diluted		(2.58)	5.37			3.93	8.02
Dividend per share		-	-			0.50	2.50

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

		CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME		2
				Quarter ended 31st December	Nine months ended 31st December
				2022	2021			2022	2021
		Profit/(Loss) for the period	(65,848)	137,037			100,231	204,611
		Other comprehensive income
		Other comprehensive income to be reclassified to income
		statement in subsequent periods
		Currency translation of foreign operations	(55)	(1)			(373)	21
		Net other comprehensive income /(expense) to be reclassified to	(55)	(1)			(373)	21
		income statement in subsequent periods
		Tax on other comprehensive income	(47,796)	-			(47,796)	-
		Other comprehensive income/(expense) for the period, net of tax	(47,851)		(1)			(48,169)	21
		Total comprehensive income for the period, net of tax	(113,699)	137,036			52,062	204,632
		Attributable to:
		Equity holders of the Parent	(113,699)	137,036			52,062	204,632

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

	CONSOLIDATED STATEMENT OF FINANCIAL POSITION			3
	As at	31.12.2022	31.03.2022
	ASSETS
	Non-current assets
	Property, plant and equipment		1,544,232	1,502,851
	Right of use assets		6,341	7,437
	Intangible assets		247,798	247,621
	Non-current financial assets		58,203	51,284
	Other non-current assets		25,369	8,421
			1,881,943	1,817,614
	Current assets
	Inventories		1,288,439	585,727
	Trade and other receivables		900,434	621,526
	Amounts due from related parties		322,639	196,158
	Other current assets		115,714	108,608
	Short-term investments		840	-
	Cash in hand and at bank		61,352	109,901
			2,689,418	1,621,920
	Total assets		4,571,361	3,439,534
	EQUITY AND LIABILITIES
	Equity attributable to equity holders of the parent
	Stated capital		1,294,815	1,294,815
	Revenue reserves		494,902
				503,344
	Other components of equity		346,429			394,472
	Total equity		2,136,146	2,192,631
	Non-current liabilities
	Interest bearing borrowings		12,030	42,213
	Lease liability		6,599	7,448
	Deferred tax liabilities		244,181	150,551
	Employee benefit liabilities		160,584	144,120
			423,394	344,332
	Current liabilities
	Trade and other payables		601,970			527,166
	Amounts due to related parties		14,599	21,856
	Income tax liabilities		4,912	40,153
	Interest-bearing borrowings		43,455	43,455
	Lease liability		1,414	1,243
	Other current liabilities		80,854	23,437
	Short-term borrowings		57,842	-
	Bank overdrafts		1,206,775	245,261
			2,011,821	902,571
	Total equity and liabilities		4,571,361	3,439,534
			LKR			LKR
	Net assets per share		83.77	85.99
	Note : All values are in LKR '000s, unless otherwise stated.
	The above figures are not audited.
	I certify that the Financial Statements comply with the requirements of the Companies Act No.07 of 2007.
	P N Fernando
	Director/ Chief Financial Officer
	The Board of Directors is responsible for these Financial Statements.
	D P Gamlath	J G A Cooray
	Director	Director

26th January 2023

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

	CONSOLIDATED STATEMENT OF CASH FLOWS		4
	For the Nine months ended 31st December	2022	2021
	CASH FLOWS FROM OPERATING ACTIVITIES
	Profit before tax	193,153			239,836
	Adjustments for:
		Finance income*	(8,018)	(4,942)
		Finance cost	99,740	9,667
		Share-based payment expense	126	1,757
		Depreciation of property, plant and equipment	140,317	129,421
		Loss on sale of property, plant and equipment	(301)	376
		Amortisation of right of use assets	1,096	1,096
		Amortisation of intangible assets	731	301
		Gratuity provision and related costs	17,408	14,845
	Profit before working capital changes	444,252	392,357
	(Increase) / Decrease in inventories	(702,712)	48,722
	(Increase) / Decrease in trade and other receivables	(298,229)	(139,799)
	(Increase) / Decrease in amounts due from related parties	(126,481)	(41,910)
	(Increase) / Decrease in other current assets	(7,106)	(9,029)
	Increase / (Decrease) in trade and other payables	74,804	50,550
	Increase / (Decrease) in amounts due to related parties	(7,257)	2,477
	Increase / (Decrease) in other current liabilities	57,417	1,315
	Cash generated from/(used in) operations	(565,312)	304,683
	Finance income received	3,470	2,340
	Finance cost paid	(99,034)	(8,863)
	Tax paid	(178,252)	(35,132)
	Gratuity paid/transfers	(945)	(6,579)
	Net cash flow from/(used in) operating activities	(840,073)	256,449
	CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
	Purchase and construction of property, plant and equipment	(182,901)	(104,549)
	Proceeds from sale of property, plant and equipment	599	161
	Net cash flow (used in) investing activities	(182,302)	(104,388)
	CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
	Dividend paid	(12,750)	(63,750)
	Repayment of interest bearing borrowings	(30,183)	(32,591)
	Proceed from short-term borrowings	57,842	-
	Payment of lease liability	(1,384)	(1,319)
	Net cash flow from/(used in) financing activities	13,525	(97,660)
	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(1,008,850)	54,401
	CASH AND CASH EQUIVALENTS AT THE BEGINNING	(135,360)	(130,287)
	Effect	of exchange rate changes		(373)	21
	CASH AND CASH EQUIVALENTS AT THE END	(1,144,583)	(75,865)
	ANALYSIS OF CASH AND CASH EQUIVALENTS
	Favorable balances
	Short-term investments	840	511
	Cash in hand and at bank	61,352	71,183
	Unfavorable balances
	Bank overdrafts	(1,206,775)	(147,559)
	Total cash and cash equivalents	(1,144,583)	(75,865)

*Finance income from other financial instruments includes, notional interest pertaining to loans granted to executive staff, and has been adjusted in the cash flows.

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.