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.