Millennium Housing Developers : Interim Financial Statements as of 31-12-2022

INTERIM FINANCIAL STATEMENTS

FOR THE 3RD QUARTER ENDED

31ST DECEMBER 2022

MILLENNIUM HOUSING DEVELOPERS PLC

STATEMENT OF FINANCIAL POSITION

		Group
AS AT	31-Dec-22	31-Dec-21	31-Mar-22
	Un audited	Un audited	Audited
	Rs. '000	Rs. '000	Rs. '000
ASSETS
Non-current assets
Property, plant and equipment	28,516	24,496	22,966
Investment property	135,000	135,000	135,000
Right of use assets	23,703	32,127	28,537
Intangible assets	137	186	173
Financial assets - FVOCI	7,936	11,058	7,936
Deferred tax asset		2,242	-
Total Non-current assets	195,292	205,109	194,612
Current assets
Inventories	1,789,549	1,877,155	1,854,210
Trade and other receivables	140,221	296,365	264,030
Amounts due from related companies	12,488	20,751	9,645
Income tax receivables	-	12,434	-
Cash at bank and in hand	15,747	21,417	20,099
Total Current assets	1,958,006	2,228,122	2,147,984
Total assets	2,153,298	2,433,231	2,342,596
EQUITY AND LIABILITIES
Equity
Stated capital	293,802	293,802	293,802
Capital redemption reserve	14,987	18,108	14,987
Retained earnings	567,964	734,996	725,327
Equity attributable to owners of the Company	876,753	1,046,906	1,034,116
Total equity	876,753	1,046,906	1,034,116
Non-current liabilities
Interest bearing borrowings	410,667	510,906	460,502
Deferred tax liability	8,880	237	8,880
Retirement benefit obligation	8,864	22,323	14,131
Total Non-current liabilities	428,411	533,466	483,513
Current liabilities
Advances received from customers	220,594	175,332	192,279
Trade and other payables	324,900	354,474	324,139
Interest bearing borrowings	237,116	196,292	238,670
Debt Securities	-	3,250	3,250
Amounts due to related companies	7,179	832	831
Income tax payable	1,539	44,717	2,703
Bank overdraft	56,806	77,962	63,095
Total Current liabilities	848,134	852,860	824,967
Total liabilities	1,276,545	1,386,325	1,308,480
Total equity and liabilities	2,153,298	2,433,231	2,342,596
Net Asset Per Share	6.51	7.77	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 Approved and signed for and on behalf of the Board ;

U.H. Dharmadasa	K.C.C. Perera
Chairman	Director
13th February 2023

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MILLENNIUM HOUSING DEVELOPERS PLC

STATEMENT OF FINANCIAL POSITION

		Company
AS AT	31-Dec-22	31-Dec-21	31-Mar-22
	Un audited	Un audited	Audited
	Rs. '000	Rs. '000	Rs. '000
ASSETS
Non-current assets
Property, plant and equipment	25,226	19,330	18,360
Intangible assets	78	82	81
Investment in subsidiaries	279,533	279,533	279,533
Right of use assets	23,703	32,127	28,537
Financial assets - FVOCI	7,936	11,058	7,936
Deferred tax asset	812	2,106	812
Total Non-current assets	337,288	344,235	335,259
Current assets
Inventories	454,533	373,564	426,778
Trade and other receivables	66,326	143,185	117,804
Amounts due from related companies	-	3,442	883
Income tax receivables	-	-	-
Cash at bank and in hand	14,202	11,351	12,212
Total Current assets	535,061	531,542	557,677
Total assets	872,350	875,777	892,936
EQUITY AND LIABILITIES
Equity
Stated capital	293,802	293,802	293,802
Capital redemption reserve	14,987	18,108	14,987
Retained earnings	55,044	48,507	129,533
Equity attributable to owners of the Company	363,833	360,417	438,322
Total equity	363,833	360,417	438,322
Non-current liabilities
Interest bearing borrowings	119,303	170,000	126,397
Retirement benefit obligation	6,244	18,943	10,275
Total Non-current liabilities	125,547	188,943	136,672
Current liabilities
Trade and other payables	54,745	101,908	91,786
Advances received from customers	121,699	15,346	34,880
Interest bearing borrowings	96,766	33,699	73,320
Debt Securities	-	3,250	3,250
Amounts due to related companies	104,758	99,314	92,654
Income tax payable	44	40,207	10,643
Bank overdraft	4,958	32,693	11,409
Total Current liabilities	382,970	326,417	317,942
Total liabilities	508,517	515,360	454,614
Total equity and liabilities	872,350	875,777	892,936
Net Asset Per Share	2.70	2.68	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
13th February 2023

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MILLENNIUM HOUSING DEVELOPERS PLC

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

	Quarter ended	Nine Months
	31st December	31st December
	2022	2021	2022	2021
	Un audited	Un audited	Un audited	Un audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue	79,000	65,724	398,585	282,204
Cost of sales	(56,987)	(55,584)	(285,968)	(192,507)
Gross profit	22,013	10,141	112,617	89,698
Other operating income	11,952	89,241	24,590	107,432
Administration expenses	(53,290)	(55,116)	(163,804)	(163,915)
Selling and marketing expenses	(1,038)	(8,677)	(12,083)	(20,716)
Results from operating activities	(20,363)	35,589	(38,680)	12,499
Finance income	597	415	1,785	4,669
Finance costs	(43,705)	(17,902)	(105,603)	(37,927)
Net finance income	(43,108)	(17,487)	(103,818)	(33,258)
Profit/(Loss) before income tax	(63,471)	18,102	(142,498)	(20,759)
Income tax expense	(35)	(42,053)	(14,865)	(42,197)
Profit/(Loss) for the period	(63,506)	(23,950)	(157,363)	(62,955)
Other comprehensive income
Other comprehensive income Net of taxes	-	-	-	-
Total comprehensive income for the period	(63,506)	(23,950)	(157,363)	(62,955)
Profit/(Loss) attributable to :
Owners of the Company	(63,506)	(23,950)	(157,363)	(62,955)
Non-controlling interests	-	-	-	-
Profit/(Loss) for the period	(63,506)	(23,950)	(157,363)	(62,955)
Total comprehensive income attributable to
Owners of the Company	(63,506)	(23,950)	(157,363)	(62,955)
Non-controlling interest	-	-	-	-
Total comprehensive income for the period	(63,506)	(23,950)	(157,363)	(62,955)
Earnings per share	(0.47)	(0.18)	(1.17)	(0.47)

Figures in brackets indicates deductions.

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MILLENNIUM HOUSING DEVELOPERS PLC

COPMANY COMPREHENSIVE INCOME STATEMENT

	Quarter ended	Nine Months Ended
	31st December	31st December
	2022	2021		2022	2021
	Un audited	Un audited		Un audited	Un audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue	46,000	-		138,394	-
Cost of sales	(35,347)	-		(102,158)	-
Gross profit	10,653	-		36,236	-
Other operating income	4,574	301,159		7,359	303,526
Administration expenses	(28,688)	(37,373)		(77,292)	(109,841)
Selling and marketing expenses	(914)	(6,806)		(11,146)	(15,017)
Results from operating activities	(14,375)	256,980		(44,843)	178,668
Finance income	531	107		1,112	671
Finance costs	(12,430)	(4,649)		(28,794)	(12,586)
Net finance income	(11,899)	(4,542)		(27,682)	(11,915)
Profit/(Loss) before income tax	(26,273)	252,438		(72,524)	166,753
Income tax expense	(16)	(42,019)		(1,964)	(42,098)
Profit/(Loss) for the period	(26,289)	210,419		(74,488)	124,655
Other comprehensive income
Other comprehensive income Net of taxes	-	-		-	-
Total comprehensive income of the period	(26,289)	210,419		(74,488)	124,655
Profit/(Loss) attriburtable to ;
Owners of the Company	(26,289)	210,419		(74,488)	124,655
Non-controlling interest		-
Profit/(Loss) for the Period	(26,289)	210,419		(74,488)	124,655
Total comprehensive income attributable to:
Owners of the Company	(26,289)	210,419		(74,488)	124,655
Non-controlling interests		-			-
Total comprehensive income for the period	(26,289)	210,419		(74,488)	124,655
Earnings per share	(0.20)	1.56		(0.55)	0.93

Figures in brackets indicates deductions.

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