LANKEM DEVELOPMENTS PLC

Company No. PQ 86

-

INTERIM FINANCIAL STATEMENTS

For the Quarter Ended 30th June 2022

LANKEM DEVELOPMENTS PLC

Company No. PQ 86

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Group

Company

Quarter

Quarter

Quarter

Quarter

Ended

Ended

Ended

Ended

30.06.2022

30.06.2021

Variance

30.06.2022

30.06.2021

Variance

Rs.'000

Rs.'000

%

Rs.'000

Rs.'000

%

Revenue

2,265,814

1,338,442

+

69

-

-

-

-

Cost of Sales

(1,497,372)

(1,280,069)

-

17

-

-

-

-

Gross Profit

768,442

58,373

+

1,216

-

-

-

-

Other Income

13,744

12,549

+

10

-

-

-

-

Administration Expenses

(50,581)

(31,116)

-

63

(651)

(403)

-

62

Net Finance Cost

(64,141)

(62,157)

-

3

(8,815)

(7,725)

-

14

Profit before Tax

667,464

(22,351)

+

3,086

(9,466)

(8,128)

-

16

Taxation

-

-

-

-

-

-

-

-

Profit for the period

+

3,086

-

16

667,464

(22,351)

(9,466)

(8,128)

Other Comprehensive Income/(Expenses)

Changes in Fair Value of Financial Assets classified as

FVOCI

(404)

180

-

324

(404)

180

-

324

(404)

180

-

324

(404)

180

-

324

Total Comprehensive Income/(Expenses)

667,060

(22,171)

+

3,109

(9,870)

(7,948)

-

24

Attributable to

Owners of the Company

447,078

(18,154)

+

2,563

(9,466)

(8,128)

-

16

Non - Controlling Interest

220,386

(4,197)

+

5,351

-

-

-

-

Profit/(Loss) for the Period

667,464

(22,351)

+

3,086

(9,466)

(8,128)

-

16

Attributable to

Owners of the Company

446,674

(17,974)

+

2,585

(9,870)

(7,948)

-

24

Non - Controlling Interest

220,386

(4,197)

+

5,351

-

-

-

-

Total Comprehensive Income/(Expenses)

667,060

(22,171)

+

3,109

(9,870)

(7,948)

-

24

Earnings/(Loss) Per Share (Rs.)

3.73

(0.15)

+

2,563

(0.08)

(0.07)

-

16

Lankem Developments PLC

2

LANKEM DEVELOPMENTS PLC

Company No. PQ 86

STATEMENT OF FINANCIAL POSITION

Group

Company

As at

As at

As at

As at

30.06.2022

31.03.2022

30.06.2022

31.03.2022

Rs.'000

Rs.'000

Rs.'000

Rs.'000

ASSETS

Non - Current Assets

Property, Plant & Equipment

765,358

760,093

22,400

22,400

Bearer Biological Assets

2,218,427

2,225,511

-

-

Right of Use Assets

168,350

171,583

-

-

Consumable Biological Assets

1,439,754

1,439,365

-

-

Intangible Assets

629,064

629,064

-

-

Investments in Subsidiaries

-

-

1,467,481

1,467,481

Financial Assets Measured at Fair Value through OCI

4,746

5,150

3,576

3,980

Total Non-Current Assets

5,225,699

5,230,766

1,493,457

1,493,861

Current Assets

Inventories

529,395

473,853

-

-

Produce on Bear Biological Assets

10,852

10,852

-

-

Trade and Other Receivables

320,113

265,428

14

14

Loans due from Related Parties

421,244

419,584

10,163

10,163

Amounts due from Related Parties

137,961

96,297

17,416

17,736

Taxes Recoverable

48,764

48,765

4,164

4,164

Cash and Cash Equivalents

85,635

93,414

17

17

Total Current Assets

1,553,964

1,408,193

31,774

32,094

TOTAL ASSETS

6,779,663

6,638,959

1,525,231

1,525,955

EQUITY AND LIABILITIES

Stated Capital

1,558,006

1,558,006

1,558,006

1,558,006

General Reserve

500

500

500

500

Reserve for Financial Assets at FVOCI

(115,405)

(115,001)

204

608

Revaluation Reserve

11,742

11,742

11,742

11,742

Accumulated Losses

(421,640)

(868,718)

(790,406)

(780,940)

Equity Attributable to Equity Holders of the Parent

1,033,203

586,529

780,046

789,916

Non - Controlling Interest

526,436

306,050

-

-

Total Equity

1,559,639

892,579

780,046

789,916

Non - Current Liabilities

Interest Bearing Borrowings

771,979

830,593

-

-

Deferred Income

190,565

192,565

-

-

Deferred Tax Liabilities

67,422

67,418

3,708

3,708

Lease Liabilities

4,032

4,093

-

-

Retirement Benefit Obligations

1,193,491

1,129,917

-

-

Total Non-Current Liabilities

2,227,489

2,224,586

3,708

3,708

Current Liabilities

Trade and Other Payables

1,400,660

1,855,064

14,380

14,813

Lease Liabilities

596

595

-

-

Loans due to Related Parties

600,726

600,726

600,726

600,726

Amounts due to Related Parties

137,553

130,439

121,270

111,774

Interest Bearing Borrowings

413,818

477,637

-

-

Income Tax Payable

14,532

21,536

-

-

Bank Overdraft

424,650

435,797

5,101

5,018

Total Current Liabilities

2,992,535

3,521,794

741,477

732,331

Total Liabilities

5,220,024

5,746,380

745,185

736,039

TOTAL EQUITY AND LIABILITIES

6,779,663

6,638,959

1,525,231

1,525,955

Net Assets per Share (Rs.)

8.61

4.89

6.50

6.58

(1)

-

(0)

-

I certify that the financial statements have been prepared in accordance with the requirements of the Companies Act no. 7 of 2007.

Sgd.

S.A.S.Asiri

Assistant General Manager- Finance

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

Approved and signed for and on behalf of the Board of Directors of Lankem Developments PLC.

Sgd.

Sgd.

Mr. S.D.R. Arudpragasam

Mr. P.M.A. Sirimane

Director

Director

Colombo

12th August 2022

Lankem Developments PLC

3

LANKEM DEVELOPMENTS PLC

Company No. PQ 86

STATEMENT OF CHANGES IN EQUITY

Group

Stated

General

FVTOCI

Revaluation

Accumulated

Total

Non-Controlling

Total

Capital

Reserve

Reserve

Reserve

Profit/ (Loss)

Interest

Equity

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Balance as at 01st April 2022

1,558,006

500

(115,001)

11,742

(868,718)

586,529

306,050

892,579

Profit for the period

-

-

-

-

447,078

447,078

220,386

667,464

Other Comprehensive Income/ ( Expenses)

-

-

(404)

-

-

(404)

-

(404)

Balance as at 30th June 2022

1,558,006

500

(115,405)

11,742

(421,640)

1,033,203

526,436

1,559,639

Balance as at 01st April 2021

1,558,006

500

(93,370)

9,773

(1,214,547)

260,362

(123,941)

136,421

Loss for the period

-

-

-

-

(18,154)

(18,154)

(4,197)

(22,351)

Other Comprehensive Income /(Expenses)

-

-

180

-

-

180

-

180

Balance as at 30th June 2021

1,558,006

500

(93,190)

9,773

(1,232,701)

242,388

(128,138)

114,250

Company

Stated

General

FVTOCI

Revaluation

Accumulated

Total

Capital

Reserve

Reserve

Reserve

Profit/(Loss)

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Balance as at 01st April 2022

1,558,006

500

608

11,742

(780,940)

789,916

Loss for the period

-

-

-

-

(9,466)

(9,466)

Other Comprehensive Income/( Expenses)

-

-

(404)

-

-

(404)

Balance as at 30th June 2022

1,558,006

500

204

11,742

(790,406)

780,046

Balance as at 01st April 2021

1,558,006

500

546

9,773

(880,865)

687,960

Loss for the period

-

-

-

-

(8,128)

(8,128)

Other Comprehensive Income

-

-

180

-

-

180

Balance as at 30th June 2021

1,558,006

500

726

9,773

(888,993)

680,012

Lankem Developments PLC

4

LANKEM DEVELOPMENTS PLC

Company No. PQ 86

STATEMENT OF CASH FLOW

Group

Company

For the Quarter Ended 30th June

2022

2021

2022

2021

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Cash Flows from Operating Activities

Profit/(Loss) before Tax

667,464

(22,351)

(9,466)

(8,128)

Adjustments for :

Depreciation/Amortization

33,091

47,497

-

-

Interest Expense

80,894

69,757

554

8,727

Interest Income

(16,753)

(203)

(1,231)

-

Provision for Retirement Benefit Obligation

63,573

64,813

-

(1,003)

Amortization of Deferred Income

(2,000)

(2,000)

-

-

Profit/ (Loss) before Working Capital Changes

826,269

157,513

(10,143)

(404)

(Increase) / Decrease in Inventories

(55,541)

(8,200)

-

-

(Increase) / Decrease in Trade and Other Receivables

(54,719)

14,799

-

-

(Increase) / Decrease in Amounts due from Related Parties

(43,132)

8,568

1,553

1,609

Increase / (Decrease) in Trade and Other Payables

(405,681)

34,307

(433)

(321)

Increase / (Decrease) in Amounts due to Related Parties

(1,663)

(7,272)

9,159

(1,476)

Cash Generated from Operations

265,533

199,715

136

(592)

Income Tax, WHT and Economic Service Charge Paid

(6,966)

(13,322)

-

-

Interest Paid

(72,568)

(60,495)

(219)

(63)

Gratuity Paid

(48,727)

(1,710)

-

-

Net Cash Generated (used in) generated from Operating Activities

137,272

124,188

(83)

(655)

Cash Flows from Investing Activities

Acquisition of Property, Plant & Equipment

(17,784)

(1,349)

-

-

Investment in Bearer Plants

(9,145)

(6,395)

-

-

Interest Received

15,522

-

-

-

Net Cash Generated from / (used in) Investing Activities

(11,407)

(7,744)

-

-

Cash Flows from Financing Activities

Proceeds from Long Term Loans

16,689

14,500

-

-

Repayment of Long Term Loans

(139,186)

(126,051)

-

-

Net Cash Generated from / (used in) Financing Activities

(122,497)

(111,551)

-

-

Net Increase / (Decrease) in Cash & Cash Equivalents

3,368

4,893

(83)

(655)

Cash & Cash Equivalents at the Beginning of the year

(342,383)

(276,676)

(5,001)

(3,011)

Cash & Cash Equivalents at the End of the period

(339,015)

(271,783)

(5,084)

(3,666)

Analysis of Cash & Cash Equivalents at the End of the Period

Cash in Hand and at Bank

85,635

160,656

17

17

Bank Overdraft

(424,650)

(432,439)

(5,101)

(3,683)

Cash & Cash Equivalents at the End of the period

(339,015)

(271,783)

(5,084)

(3,666)

Lankem Developments PLC

5

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Lankem Developments 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 11:42:11 UTC.