Lanka Ventures : Quarterly financial statements as at 31.12.2022

FINANCIAL STATEMENTS

For the Period Ended 31 DECEMBER 2022

LANKA VENTURES PLC

Ocean Lines Building

46/12, Nawam Mawatha

Colombo 02.

Tel: [phone] Fax: [phone]

LANKA VENTURES PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Unaudited)
(All amounts in Sri Lanka Rupees thousands)		Interim period of 3 Months				Accumulated 9 Months
	Group	Company			Group	Company
	Period ended 31 December	Period ended 31 December		Period ended 31 December	Period ended 31 December
	2022	2021	2022	2021	2022	2021	2022	2021
Revenue
Investment income	13	263	2,063	1,225	60	689	6,685	3,585
Interest income	8,412	3,040	3,102	1,362	22,804	10,892	6,710	2,651
Subsidiary company income	75,877	143,768	-	-	225,016	394,481	-	-
Other income	82	269	79	194		532	8,952	4,106	736
	84,385	147,339	5,244	2,780	248,412	415,014	17,501	6,971
Operating expenses
Administrative expenses	(10,135)	(11,843)	(8,497)	(8,510)	(29,622)	(32,456)	(23,106)	(22,854)
Sales and establishment expenses	(852)	(429)	(622)	(447)	(2,395)	(1,472)	(1,910)	(1,260)
Other operating expenses	(2,759)	(2,886)	(874)	(951)	(9,760)	(10,674)	(3,312)	(3,482)
Direct expenses - other subsidiaries	(46,063)	(41,434)	-	-		(135,453)	(113,079)	-	-
Results from operating activities	24,575	90,747	(4,749)	(7,127)		71,182	257,333	(10,827)	(20,624)
Share of earnings of equity accounted investees	1,827,034	58,432	957,691	26,550	642,849	573,151	81,162	262,022
Finance cost	(188,137)	(69,387)	(1,342)	(942)		(475,983)	(197,533)	(3,810)	(2,716)
Profit/(loss) before income tax	1,663,472	79,792	951,600	18,480		238,049	632,951	66,525	238,681
Tax expense	(730)	(12,437)	-	-		(135,332)	(124,316)	-	-
Profit/(loss) for the period	1,662,742	67,354	951,600	18,480	102,717	508,635	66,525	238,681
Profit/(loss) attributable to:
Equity holders of the company	951,600	18,480	951,600	18,480	66,525	238,681	66,525	238,681
Non-controlling interest	711,142	48,874	-	-		36,193	269,954	-	-
Profit/(loss) for the period	1,662,742	67,354	951,600	18,480	102,717	508,635	66,525	238,681
Other comprehensive income, net of income tax
Items that are or may be re-classified subsequently to profit or loss
Foreign operations - foreign currency translation difference	(102,295)	(513)	(58,306)	(293)	198,861	(15,646)	113,346	(8,918)
Share of OCI from equity accounted investees	(963,261)	-	(549,037)	-	(963,261)	-	(549,037)	-
Total other comprehensive income that are or may be re-classified to
profit or loss in subsequent period	(1,065,556)	(513)	(607,343)	(293)	(764,400)	(15,646)	(435,691)	(8,918)
Items that will not be re-classified subsequently to profit or loss
Defined benefit plan actuarial gains/(losses) net of tax	(129)	(33)	(129)	(33)	(129)	(33)	(129)	(33)
Total other comprehensive income that not will be re-classified to
profit or loss in subsequent period	(129)	(33)	(129)	(33)		(129)	(33)	(129)	(33)
Total other comprehensive income for the period, net of income tax
(1,065,685)	(546)	(607,473)	(326)		(764,529)	(15,679)	(435,820)	(8,951)
Total comprehensive income for the period	597,057	66,808	344,128	18,155	(661,812)	492,956	(369,296)	229,731
Total comprehensive income attributable to:			-
Equity holders of the company	344,128	18,155	344,128	18,155	(369,296)	229,731	(369,296)	229,731
Non-controlling interest	252,929	48,653	-	-		(292,516)	263,225	-	-
Total comprehensive income for the period	597,057	66,808	344,128	18,155		(661,812)	492,956	(369,296)	229,731
Basic earnings per share (Rs.)	19.03	0.37	19.03	0.37	1.33	4.77	1.33	4.77

LANKA VENTURES PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)
(All amounts in Sri Lanka Rupees thousands)
	Group		Company		Group		Company
	As at 31		As at 31		As at 31		As at 31
	December 2022		December 2022		March 2022		March 2022
					Audited		Audited
Assets
Non current assets
Property, plant and equipment	1,630,470	773	1,678,300	629
Right-of-use assets	7,086	4,236	10,197	7,207
Investment in equity accounted investees	8,294,751	4,352,828	9,264,275	4,705,957
Intangible assets	104,708	-	88,305	-
Financial assets measured at fair value through OCI	7,500		7,500		7,500		7,500
Total non current assets	10,044,514	4,365,336	11,048,577	4,721,293
Current assets
Loans and receivables	303,959	2,726	249,986	5,282
Amounts due from related parties	456	5,528	847	68,735
Trade and other receivables	838,356	-	719,475	-
Income tax receivables	8,104	1,515	8,327	1,514
Cash and cash equivalents	135,449		58,183		86,262		15,610
Total current assets	1,286,324		67,953		1,064,897		91,141
Total assets	11,330,838	4,433,289	12,113,474	4,812,434
Equity
Stated capital	631,638	631,638	631,638	631,638
Revaluation reserve	6,416	6,416	6,416	6,416
Translation reserve	2,085,221	2,085,222	1,971,875	1,971,876
Cash flow hedge reserve	(549,037)	(549,037)	-	-
Retained earnings	2,216,034		2,224,575		2,148,239		2,156,780
Total equity attributable to equity holders of the Company	4,390,272	4,398,814	4,758,168	4,766,710
Non controlling interest	3,448,159		-		3,779,824		-
Total equity	7,838,431	4,398,814	8,537,992	4,766,710
Liabilities
Non current liabilities
Defined benefit obligation	3,767	3,767	3,338	3,338
Deferred tax liability	38,230	-	39,903	-
Interest bearing borrowings	2,888,571	2,250	2,909,650	9,000
Lease liability	-		-		2,971		2,971
Total non current liabilities	2,930,568	6,017	2,955,862	15,309
Current liabilities
Interest bearing borrowings	492,822	9,000	555,600	9,000
Lease liability	3,961	3,961	3,961	3,961
Other payables	61,192	15,495	42,004	17,454
Income tax payables	3,862		-		18,055		-
Total current liabilities	561,838		28,457		619,620		30,415
Total liabilities	3,492,407		34,474		3,575,482		45,724
Total equity and liabilities	11,330,838		4,433,289		12,113,474		4,812,434
Net assets per share (Rs.)	87.81	87.98	95.16	95.33

I certify that the financial statements comply with the requirements of the Companies Act No. 07 of 2007.

Sgd.

D L Wijesekara

Finance Manager

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

Signed for and on behalf of the Board.

Sgd.	Sgd.
M R Abeywardena	R A Dassanayake
Director	Director
14 February 2023

LANKA VENTURES PLC

STATEMENT OF CHANGES IN EQUITY (Unaudited) (All amounts in Sri Lanka Rupees thousands)

Group

Balance as at 01 April 2021

Profit/(loss) for the period

Foreign operations - foreign currency translation difference Defined benefit plan actuarial gains / (losses)

Total comprehensive income for the period

Transactions with equity holders recognized directly in equity

Dividend paid

Balance as at 31 December 2021

Balance as at 01 April 2022

Profit/(loss) for the period

Share of OCI from equity accounted investees

Foreign operations - foreign currency translation difference Defined benefit plan actuarial gains /(losses)

Total comprehensive income for the period

Transactions with equity holders recognized directly in equity

Change in ownership without change in control Dividend paid

Balance as at 31 December 2022

Company

Balance as at 01 April 2021

Profit/(loss) for the period

Foreign operations - foreign currency translation difference Defined benefit plan actuarial gains / (losses)

Total comprehensive income for the period

Transactions with equity holders recognized directly in equity

Dividend paid

Balance as at 31 December 2021

Balance as at 01 April 2022

Profit/(loss) for the period

Foreign operations - foreign currency translation difference Share of OCI from equity accounted investees

Defined benefit plan actuarial gains / (losses)

Total comprehensive income for the period

Transactions with equity holders recognized directly in equity

Dividend paid

Change in ownership without change in control

Balance as at 31 December 2022

Stated		Revaluation	Cash flow hedge		Translation		Retained		Non
capital		reserve	reserve		reserve		earnings		controlling		Total
631,638	6,416	-	419,073	1,889,347	2,385,879	5,332,353
-	-	-	-	238,681	269,954	508,635
-	-	-	(8,918)	-	(6,728)	(15,646)
-	-	-	-	(33)	-	(33)
-	-	-	(8,918)	238,649	263,225	492,956
-	-	-	-	(75,000)	(126,394)	(201,394)
-	-	-	-	(75,000)	(126,394)	(201,394)
631,638		6,416	-	410,155		2,052,996		2,522,711		5,623,916
631,638	6,416	-	1,971,875	2,148,239	3,779,824	8,537,992
-	-	-	-	66,525	36,193	102,717
-	-	(549,037)	-	-	(414,224)	(963,261)
-	-	-	113,346	-	85,515	198,861
-		-	-		-		(129)		-	(129)
-		-	(549,037)		113,346		66,395		(292,516)	(661,812)
-	-	-	-	1,400	17,246	18,646
-	-	-	-	-	(56,395)	(56,395)
-	-	-	-	1,400	(39,149)	(37,749)
631,638	6,416	(549,037)	2,085,221	2,216,034	3,448,159	7,838,431
Stated		Revaluation	Cash flow hedge		Translation		Retained
Capital		reserve	reserve		reserve		earnings		Total
631,638	6,416	-	419,074	1,897,888	2,955,016
-	-	-	-	238,681	238,681
-	-	-	(8,918)	-	(8,918)
-	-	-	-	(33)	(33)
-	-	-	(8,918)	238,649	229,731
-		-	-	-		(75,000)		(75,000)
-		-	-	-		(75,000)		(75,000)
631,638		6,416	-		410,156		2,061,537		3,109,747
631,638	6,416	-	1,971,876	2,156,780	4,766,710
-	-	-	-	66,525	66,525
-	-	-	113,346	-	113,346
-	-	(549,037)	-	-	(549,037)
-		-	-	-		(129)		(129)
-		-	(549,037)	113,346		66,395		(369,296)
-	-	-	-	-	-
-		-	-	-		1,400		1,400
-		-	-	-		1,400		1,400
631,638	6,416	(549,037)	2,085,222	2,224,575	4,398,814

LANKA VENTURES PLC

CONSOLIDATED STATEMENT OF CASHFLOWS (Unaudited) (All amounts in Sri Lanka Rupees thousands)

	Group			Company
For the period ended 31 December	2022			2021	2022	2021
Cash flows from operating activities
Profit/(loss) before income tax	238,049			632,951	66,525	238,681
Adjustments for:
Amortization of staff cost	175			195	175	195
Depreciation	61,055			37,446	170	112
Amortization of ROUA	2,971			3,013	2,971	3,013
Amortization of intangible assets	2,301			1,056	-	-
Share of earnings	(642,849)			(573,151)	(81,162)	(262,022)
Interest income on staff loan	(255)			(401)	(255)	(401)
Provision for defined benefit obligation	795			655	795	655
Interest income on investments	(22,804)			(10,892)	(6,710)	(2,651)
Dividend on preference shares	-			274	-	-
Interest expense on lease	1,287			1,245	1,287	1,245
Interest expense	472,306			193,512		2,461	1,374
	113,030			285,903	(13,743)	(19,798)
Changes in
Loans and receivables	(54,352)			(112,094)	2,184	969
Amounts due from related parties	391			127	63,207	3,093
Other receivables	569,810			98,772	-	(8,512)
Other payables	19,188			16,967		(1,959)	3,658
Cash generated from operating activities	648,068			289,675	49,689	(20,590)
Gratuity paid	(1,677)			-	(297)	-
Taxes paid	(17,407)			(35,449)	-	-
Interest paid	(381,158)			(151,697)		(3,748)	(2,619)
Net cash from operating activities	247,826			102,530	45,644	(23,209)
Cash flows from investing activities
Dividend received	11,760			76,053	-	116,160
Additions to intangible assets	(18,563)			(5,866)	-	-
Interest received	23,059			11,293	6,965	3,052
Investment in equity accounted investees	-			-	-	-
Additions to property, plant & equipment	(13,225)			(556,868)		(315)	(140)
Net cash from investing activities	3,031			(475,387)	6,650	119,071
Cash flows from financing activities
Dividend paid	(56,395)			(201,394)	-	(75,000)
Lease rental paid	(2,971)			(3,010)	(2,971)	(3,010)
Preference dividend paid	-			(274)	-	-
Shares issued to minority shareholders	18,646			-	-	-
Cash repayments of cumulative redeemable preference shares	-			(95,000)	-	-
Cash proceeds of interest bearing borrowings	244,689			1,499,303	-	-
Cash repayments of interest bearing borrowings	(405,639)			(1,085,915)		(6,750)	(9,300)
Net cash from financing activities	(201,670)			113,710	(9,721)	(87,310)
Net increase/(decrease) in cash and cash equivalents	49,187			(259,147)	42,573	8,552
Cash and cash equivalent as at 01 April	86,262			468,311		15,610	77,182
Cash and cash equivalent as at 31 December	135,449			209,164		58,183	85,734