Millennium Housing Developers : Interim Financial Statement as of 30-09-2022

INTERIM FINANCIAL STATEMENTS

FOR THE 2ND QUARTER ENDED 30TH SEPTEMBER 2022

MILLENNIUM HOUSING DEVELOPERS PLC

STATEMENT OF FINANCIAL POSITION

AS AT		Group
30-Sep-22	30-Sep-21	31-Mar-22
	Un audited	Un audited	Audited
	Rs. '000	Rs. '000	Rs. '000
ASSETS
Non-current assets	30,166
Property, plant and equipment	24,819	22,966
Investment property	135,000	55,500	135,000
Intangible assets	148	198	173
Right of use assets	25,315	32,127	28,537
Financial assets - FVOCI	7,936	11,058	7,936
Deferred tax asset	-	2,242	-
Total Non-current assets	198,565	125,944	194,612
Current assets	1,879,391
Inventories	1,817,970	1,854,210
Trade and other receivables	177,839	335,115	264,030
Amounts due from related companies	11,050	20,325	9,645
Income tax receivables	-	8,220	-
Cash at bank and in hand	15,997	75,056	20,099
Total Current assets	2,084,276	2,256,686	2,147,984
Total assets	2,282,841	2,382,630	2,342,596
EQUITY AND LIABILITIES
Equity	293,802
Stated capital	293,802	293,802
Capital redemption reserve	14,987	18,108	14,987
Retained earnings	631,471	758,952	725,327
Equity attributable to owners of the Company	940,260	1,070,862	1,034,116
Total equity	940,260	1,070,862	1,034,116
Non-current liabilities	374,968
Interest bearing borrowings	514,067	460,502
Deferred tax liability	8,880	237	8,880
Retirement benefit obligation	8,719	24,317	14,131
Total Non-current liabilities	392,567	538,621	483,513
Current liabilities	417,614
Trade and other payables	333,529	324,139
Advances received from customers	220,669	161,181	192,279
Interest bearing borrowings	234,399	195,431	238,670
Debt Securities	3,250	3,250	3,250
Amounts due to related companies	4,169	834	831
Income tax payable	1,503	6,604	2,703
Bank overdraft	68,411	72,318	63,095
Total Current liabilities	950,015	773,147	824,967
Total liabilities	1,342,581	1,311,768	1,308,480
Total equity and liabilities	2,282,841	2,382,630	2,342,596
Net Asset Per Share	6.98	7.95	7.68

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Sampath Tennakoon

Chief Financial Officer

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 ;

U.H. Dharmadasa	K.C.C. Perera
Chairman	Director
14th November 2022

Page - 02

MILLENNIUM HOUSING DEVELOPERS PLC

STATEMENT OF FINANCIAL POSITION

AS AT		Company
30-Sep-22	30-Sep-21	31-Mar-22
	Un audited	Un audited	Audited
	Rs. '000	Rs. '000	Rs. '000
ASSETS
Non-current assets	26,549
Property, plant and equipment	19,211	18,360
Intangible assets	79	83	81
Investment in subsidiaries	279,533	279,533	279,533
Right of use assets	25,315	32,127	28,537
Financial assets - FVOCI	7,936	11,058	7,936
Deferred tax asset	812	2,106	812
Total Non-current assets	340,224	344,118	335,259
Current assets	487,556
Inventories	289,618	426,778
Trade and other receivables	69,988	108,573	117,804
Amounts due from related companies	-	43,771	883
Income tax receivables	-	475	-
Cash at bank and in hand	14,756	33,200	12,212
Total Current assets	572,300	475,637	557,677
Total assets	912,524	819,755	892,936
EQUITY AND LIABILITIES
Equity	293,802
Stated capital	293,802	293,802
Capital redemption reserve	14,987	18,108	14,987
Retained earnings	81,334	(161,911)	129,533
Equity attributable to owners of the Company	390,123	149,999	438,322
Total equity	390,123	149,999	438,322
Non-current liabilities	80,732
Interest bearing borrowings	145,000	126,397
Retirement benefit obligation	5,874	20,128	10,275
Total Non-current liabilities	86,606	165,128	136,672
Current liabilities	94,409
Trade and other payables	70,075	91,786
Advances received from customers	113,007	14,299	34,880
Interest bearing borrowings	94,049	33,699	73,320
Debt Securities	3,250	3,250	3,250
Amounts due to related companies	116,777	363,247	92,654
Income tax payable	26	-	10,643
Bank overdraft	14,277	20,058	11,409
Total Current liabilities	435,795	504,628	317,942
Total liabilities	522,402	669,756	454,614
Total equity and liabilities
912,524	819,755	892,936
Net Asset Per Share	2.90	1.11	3.25

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Sampath Tennakoon

Chief Financial Officer

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 ;

U.H. Dharmadasa	K.C.C. Perera
Chairman	Director
14th November 2022

Page-03

MILLENNIUM HOUSING DEVELOPERS PLC

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

	Quarter ended	Six Months
	30th September	30th September
	2022	2021	2022	2021
	Un audited	Un audited	Un audited	Un audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue	47,700	179,821	319,585	216,480
Cost of sales	(37,677)	(109,004)	(228,981)	(136,923)
Gross profit	10,023	70,817	90,604	79,557
Other operating income	5,943	9,045	12,638	18,191
Administration expenses	(53,525)	(55,760)	(110,514)	(108,799)
Selling and marketing expenses	(4,357)	(4,591)	(11,045)	(12,039)
Results from operating activities	(41,916)	19,511	(18,317)	(23,091)
Finance income	549	3,910	1,188	4,254
Finance costs	(39,862)	(11,560)	(61,898)	(20,025)
Net finance income	(39,313)	(7,650)	(60,710)	(15,771)
Profit/(Loss) before income tax	(81,229)	11,861	(79,027)	(38,862)
Income tax expense	(14,757)	(73)	(14,830)	(144)
Profit/(Loss) for the period
(95,986)	11,788	(93,857)	(39,006)
Other comprehensive income
Other comprehensive income Net of taxes	-	-	-	-
Total comprehensive income for the period
(95,986)	11,788	(93,857)	(39,006)
Profit/(Loss) attributable to :
Owners of the Company	(95,986)	11,788	(93,857)	(39,006)
Non-controlling interests	-	-	-	-
Profit/(Loss) for the period	(95,986)	11,788	(93,857)	(39,006)
Total comprehensive income attributable to
Owners of the Company	(95,986)	11,788	(93,857)	(39,006)
Non-controlling interest	-	-	-	-
Total comprehensive income for the period	(95,986)	11,788	(93,857)	(39,006)
Earnings per share	(0.71)	0.09	(0.70)	(0.29)

Figures in brackets indicates deductions.

Page - 04

MILLENNIUM HOUSING DEVELOPERS PLC

COPMANY COMPREHENSIVE INCOME STATEMENT

	Quarter ended	Six Months Ended
	30th September	30th September
	2022	2021		2022	2021
	Un audited	Un audited		Un audited	Un audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue	-	-		92,394
Cost of sales	-	-		(66,811)
Gross profit	-	-		25,583	-
Other operating income	1,379	1,747		2,785	2,367
Administration expenses	(21,391)	(40,529)		(48,604)	(72,468)
Selling and marketing expenses	(3,544)	(8,211)		(10,232)	(8,211)
Results from operating activities	(23,556)	(46,993)		(30,468)	(78,312)
Finance income	84	556		581	564
Finance costs	(8,792)	(7,917)		(16,364)	(7,937)
Net finance income	(8,708)	(7,361)		(15,783)	(7,373)
Profit/(Loss) before income tax	(32,264)	(54,353)		(46,251)	(85,684)
Income tax expense	(1,932)	(77)		(1,948)	(79)
Profit/(Loss) for the period	(34,196)	(54,430)		(48,199)	(85,763)
Other comprehensive income
Other comprehensive income Net of taxes	-	-		-	-
Total comprehensive income of the period	(34,196)	(54,430)		(48,199)	(85,763)
Profit/(Loss) attriburtable to ;
Owners of the Company	(34,196)	(54,430)		(48,199)	(85,763)
Non-controlling interest		-
Profit/(Loss) for the Period	(34,196)	(54,430)		(48,199)	(85,763)
Total comprehensive income attributable to:
Owners of the Company	(34,196)	(54,430)		(48,199)	(85,763)
Non-controlling interests		-			-
Total comprehensive income for the period	(34,196)	(54,430)		(48,199)	(85,763)
Earnings per share	(0.25)	(0.40)		(0.36)	(0.64)

Figures in brackets indicates deductions.

Page - 05