LANKA MILK FOODS (CWE) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2022

LANKA MILK FOODS (CWE) PLC

CORPORATE INFORMATION

THE COMPANY

-

LANKA MILK FOODS (CWE) PLC.

LEGAL STATUS

-

A PUBLIC QUOTED COMPANY WITH LIMITED LIABILITY

UNDER THE PROVISION OF COMPANIES ACT NO 7 OF 2007

REGISTERED OFFICE

-

WELISARA, RAGAMA, SRI LANKA

-

TEL: +9411 5222600 FAX: +9411 2956266

-

EMAIL: lakspray@lmfgroup.lk

-

WEBSITE: www.lmfgroup.lk

DATE OF INCORPORATION

-

12TH NOVEMBER 1981

COMPANY REGISTRATION NUMBER

-

PQ 142

COMPANY SECRETARY

MS. H.K BULATHWATTE

BOARD OF DIRECTORS

-

MR. D.H.S JAYAWARDENA (CHAIRMAN)

MR. C.R JANSZ (DIRECTOR)

MR. D.S.K AMARASEKERA (INDEPENDENT

NON-EXECUTIVE DIRECTOR)

DR. A. SHAKTHEVALE (INDEPENDENT

NON-EXECUTIVE DIRECTOR)

MR. D.HASITHA .S JAYAWARDENA (NON-EXECUTIVE DIRECTOR)

MS. D.S.T JAYAWARDENA (DIRECTOR)

AUDITORS

-

MESSRS. KPMG (CHARTERED ACCOUNTANTS)

32 A, SIR MOHAMED MACAN MARKAR MAWATHA

P.O BOX 186

COLOMBO 3.

SRI LANKA

SUBSIDIARY COMPANIES

-

LANKA DAIRIES (PRIVATE) LIMITED

AMBEWELA LIVESTOCK COMPANY LIMITED

PATTIPOLA LIVESTOCK COMPANY LIMITED

AMBEWELA PRODUCTS (PRIVATE) LIMITED

INDO LANKA EXPORTS (PRIVATE) LIMITED

UNITED DAIRIES LANKA (PRIVATE) LIMITED

BANKERS

-

HATTON NATIONAL BANK PLC.

DFCC BANK PLC.

COMMERCIAL BANK OF CEYLON PLC

HONGKONG & SHANGHAI BANKING CORPORATION LTD

BANK OF CEYLON

LANKA MILK FOODS (CWE) PLC.

CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

GROUP

FOR THE THREE MONTHS ENDED

2022.06.30

2021.06.30

Change

Rs. 000's

Rs. 000's

Rs. 000's

+ / (-)

Revenue

3,139,626

2,315,966

823,660

Cost of Sales

(2,326,103)

(2,043,677)

(282,426)

GROSS PROFIT

813,523

272,289

541,234

Other Operating Income

691,648

534,138

157,510

Administrative Expenses

(209,773)

(127,944)

(81,829)

Distribution Expenses

(99,965)

(87,831)

(12,134)

Other Operating Expenses

(33,449)

(18,349)

(15,100)

PROFIT/(LOSS) FROM OPERATIONS

1,161,984

572,303

589,681

Finance Income

12,821

6,025

6,796

Finance Expense

(246,520)

(18,213)

(228,307)

Net Finance - Income / (Expense)

-

(233,699)

(12,188)

(221,511)

PROFIT /(LOSS) BEFORE INCOME TAX EXPENSES

928,285

560,115

368,170

Income Tax (Expenses)/Reversal

(45,301)

(6,796)

(38,505)

PROFIT/(LOSS) FOR THE PERIOD

882,984

553,319

329,665

Other Comprehensive Income/(Expense) for the Period

Items that will never be reclassified to profit or loss

Net change in Fair Value of Equity Securities-at FVOCI

(835,153)

291,882

(1,127,035)

Other Comprehensive Income/(Expense) for the Period

(835,153)

291,882

(1,127,035)

Total Comprehensive Income/(Expense) For the Period

47,831

845,201

(797,370)

Profit /(Loss) Attributable To:

Owners of the Company

882,984

553,319

329,665

Non Controlling Interest

-

-

-

PROFIT/(LOSS) FOR THE PERIOD

882,984

553,319

329,665

Total Comprehensive Income/(Expense) Attributable To :

Owners of the Company

47,831

845,201

(797,370)

Non Controlling Interest

-

-

-

Total Comprehensive Income/(Expense) For the Period

47,831

845,201

(797,370)

BASIC EARNINGS /(LOSS) PER SHARE OF Rs.

22.08

13.83

LANKA MILK FOODS (CWE) PLC.

CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

COMPANY

FOR THE THREE MONTHS ENDED

2022.06.30

2021.06.30

Change

Rs. 000's

Rs. 000's

Rs. 000's

+ / (-)

Revenue

1,214,615

922,338

292,277

Cost of Sales

(819,619)

(945,090)

125,471

GROSS PROFIT

394,996

(22,752)

417,748

Other Operating Income

458,491

464,722

(6,231)

Administrative Expenses

(59,031)

(57,473)

(1,558)

Distribution Expenses

(28,022)

(28,859)

837

Other Operating Expenses

-

-

-

PROFIT/(LOSS) FROM OPERATIONS

766,434

355,638

410,796

Finance Income

22,235

8,365

13,870

Finance Expense

(99,545)

(2,223)

(97,322)

Net Finance - Income / (Expense)

(77,310)

6,142

(83,452)

PROFIT /(LOSS) BEFORE INCOME TAX EXPENSES

689,124

361,780

327,344

Income Tax (Expenses)/Reversal

798

446

352

PROFIT/(LOSS) FOR THE PERIOD

689,922

362,226

327,696

Other Comprehensive Income/(Expense) for the Period

Items that will never be reclassified to profit or loss

Net change in Fair Value of Equity Securities-at FVOCI

(835,153)

291,882

(1,127,035)

Other Comprehensive Income/(Expense) for the Period

(835,153)

291,882

(1,127,035)

Total Comprehensive Income/(Expense) For the Period

(145,231)

654,108

(799,339)

Profit /(Loss) Attributable To:

Owners of the Company

689,922

362,226

327,696

Non Controlling Interest

-

-

-

PROFIT/(LOSS) FOR THE PERIOD

689,922

362,226

327,696

Total Comprehensive Income/(Expense) Attributable To:

Owners of the Company

(145,231)

654,108

(799,339)

Non Controlling Interest

-

-

-

Total Comprehensive Income/(Expense) For the Period

(145,231)

654,108

(799,339)

BASIC EARNINGS /(LOSS) PER SHARE OF Rs.

17.25

9.06

STATEMENT OF FINANCIAL POSITION

GROUP

COMPANY

As At

2022.06.30

2022.03.31

2022.06.31

2022.03.31

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

ASSETS

NON-CURRENT ASSETS

Property Plant and Equipment

4,571,277

4,494,204

121,216

125,752

Investment in Subsidiaries

-

-

1,065,000

1,065,000

Investment in Equity Securities

6,017,601

6,852,754

6,017,601

6,852,754

Biological Assets

1,437,127

1,279,229

-

-

Deferred Tax Asset

11,548

10,750

11,548

10,750

Right Of Use Assets

315,925

318,887

300

307

TOTAL NON CURRENT ASSETS

12,353,478

12,955,824

7,215,665

8,054,563

CURRENT ASSETS

Inventories

2,475,494

1,486,961

433,972

398,067

Biological Assets

45,533

40,772

-

-

Investment in Equity Securities

132,125

153,778

132,125

153,778

Trade Receivable

749,563

796,606

143,730

194,872

Other Receivables

117,331

60,021

53,515

25,368

Amounts Due from Related Companies

16,371

24,848

1,701,491

1,404,537

Current Tax Assets

9,167

9,167

9,167

9,167

Cash & Cash equivalents

447,308

1,212,879

254,396

1,002,342

TOTAL CURRENT ASSETS

3,992,892

3,785,032

2,728,396

3,188,131

TOTAL ASSETS

16,346,370

16,740,856

9,944,061

11,242,694

EQUITY AND LIABILITIES

EQUITY

Stated Capital ( Note 7)

999,950

999,950

999,950

999,950

Capital Reserves

105,116

105,116

105,116

105,116

Available for Sale Reserve

5,446,515

6,281,668

5,446,515

6,281,668

Revenue Reserves

4,738,956

4,055,962

2,701,876

2,211,944

Total Equity attributable to Equity Holders

11,290,537

11,442,696

9,253,457

9,598,678

of the company

Non Controlling Interest

(234)

(234)

-

-

Total Equity

11,290,303

11,442,462

9,253,457

9,598,678

LIABILITIES

NON-CURRENT LIABILITIES

Loans and Borrowings

2,056,517

1,753,645

-

-

Lease Liabilities

331,854

319,937

343

290

Deferred Tax Liability

85,939

87,031

-

-

Retirement Benefits Obligation

146,905

140,473

72,930

69,507

TOTAL NON CURRENT LIABILITIES

2,621,215

2,301,086

73,273

69,797

CURRENT LIABILITIES

Trade and Other Payables

910,198

1,520,318

492,042

1,182,615

Amounts Due to Related Companies

22,196

171,677

19,360

168,854

Income Tax Payable

47,416

36,177

-

-

Loans and Borrowings

475,000

375,000

100,000

-

Lease Liabilities

34,336

34,378

18

60

Bank Overdraft

945,706

859,758

5,911

222,690

TOTAL CURRENT LIABILITIES

2,434,852

2,997,308

617,331

1,574,219

TOTAL LIABILITIES

5,056,067

5,298,394

690,604

1,644,016

TOTAL EQUITY AND LIABILITIES

16,346,370

16,740,856

9,944,061

11,242,694

Net Asset Value Per Share Rs. Cts.

282.28

286.08

231.35

239.98

I certify that the Financial Statements have been prepared in compliance with the requirements of Companies Act No 07 of 2007.

The Board of Directors is responsible for the preparation and presentation of these

Financial statements .Signed for and on behalf of the Board by,

W.A Dharmathilaka

Group Chief Financial Officer

C.R Jansz

A.Shakthevale

10th August 2022

Director

Director

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Lanka Milk Foods (CWE) plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 04:22:07 UTC.