Richard Pieris and : Interim Financial Statement Third Quater Ending 31st December 2022

Richard Pieris and Company PLC

Interim Financial Statements

Nine months ended 31st December 2022

Corporate Information

Legal Form

A quoted public Company with limited liability, incorporated in Sri Lanka under the Companies Ordinance No. 51 of 1938 on 11th May 1940. The Company registration number is PQ 138.

Stock Exchange Listing

The Ordinary shares of the Company are listed in the Colombo Stock Exchange of Sri Lanka.

Board of Directors

Dr. Sena Yaddehige - Chairman/ Managing Director/ CEO

Mr. W. J. Viville P. Perera - Director

Mr. Shaminda Yaddehige - Director/COO

Dr. Jayatissa De Costa P.C. - Director

Mr. Prasanna Fernando - Director

Mr. Joseph Felix Fernandopulle - Director

Mr. Shiron Gooneratne - Director

Mr. Wasantha Rukmal Abeysirigunawardena- Director

Registered Office

No. 310, High Level Road,

Nawinna, Maharagama,

Sri Lanka.
Telephone	: + (94) 114310500
Fax	: + (94) 114310777
Website	: www.arpico.com
E-mail	: [e-mail]

Secretaries

Richard Pieris Group Services (Private) Limited

No. 310, High Level Road,

Nawinna, Maharagama,

Sri Lanka.

Auditors

Ernst & Young

Chartered Accountants

No. 201, De Saram Place,

Colombo 10,

Sri Lanka.

Consolidated Statement of Financial Position

	Unaudited			Audited
	As at			As at
	31st December			31st March
	2022	2022
As at				(Adjusted)
	Rs. '000			Rs. '000
Assets
Non-current assets
Property, plant and equipment	24,956,084	24,080,131
Leasehold properties	-	-
Investment properties	320,978	322,010
Right-of-use Assets	3,379,636	3,744,356
Intangible assets	1,142,952	1,143,970
Consumable Biological assets	1,452,503	1,449,731
Investments in subsidiaries	-	-
Investment in associates	442,292	351,442
Other non-current financial assets	4,219,130	4,176,443
Deferred tax assets	492,258		458,154
	36,405,833	35,726,247
Current assets
Inventories	16,993,677	12,338,422
Trade and other receivables	10,967,320	10,967,465
Produce on bearer biological assets	57,833	57,833
Loans and advances	12,053,659	13,389,724
Tax receivables	198,217	193,976
Other current financial assets	1,397,258	2,032,650
Cash and short-term deposits	12,505,845		10,231,658
	54,173,809		49,211,728
Total assets	90,579,642	84,937,975
Equity and liabilities
Equity
Stated capital	1,972,829	1,972,829
Revenue reserves	25,205,971	19,825,052
Statutory reserve fund	88,438	89,282
Other components of equity	(983,185)		(426,584)
Equity attributable to equity holders of the parent	26,284,053		21,460,579
Non-controlling interests	5,498,223		4,300,291
Total equity	31,782,276	25,760,870
Non-current liabilities
Interest - bearing loans and borrowings	2,072,158	4,291,740
Lease liabilities on Right-of-use Assets	2,801,955	3,483,170
Insurance provision	2,215,147	1,960,776
Provisions	169,194	161,776
Government grants	494,224	502,484
Employee benefit liabilities	2,294,471	2,494,781
Deferred tax liabilities	1,602,760		992,828
	11,649,909	13,887,555
Current liabilities
Trade and other payables	13,274,826	13,795,439
Public Deposits	8,035,662	9,909,830
Interest - bearing loans and borrowings	4,244,518	3,477,218
Lease liabilities on Right of use assets	1,030,371	759,704
Income tax payable	961,729	2,553,369
Short term borrowings	19,600,351		14,793,990
	47,147,457		45,289,550
Total liabilities	58,797,366		59,177,105
Total equity and liabilities	90,579,642		84,937,975
Net Assets Per Share (Rs.)	12.92	10.55
I certify that the financial statements comply with the requirements of the Companies Act No. 7 of 2007
Sudheera Epitakumbura
Deputy Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Wasantha .R. Abeysirigunawardena	W J V P Perera
Director	Director

14 February 2023

Colombo

Company Statement of Financial Position

	Unaudited			Audited
	As at			As at
	31st December			31st March
	2022	2022
As at				(Adjusted)
	Rs. '000			Rs. '000
Assets
Non-current assets
Property, plant and equipment	300,412	287,355
Investment properties	2,698,461	2,668,247
Right-of-use Assets	221,286	260,654
Investment in subsidiaries	4,506,362	4,487,432
Other non-current financial assets	775,431	1,249,479
Deferred tax assets	38,119		10,984
	8,540,071	8,964,151
Current assets
Inventory	743	7,701
Trade and other receivables	638,610	286,918
Amounts due from subsidiaries	6,349,384	4,582,315
Cash and short-term deposits	572,704		1,011,831
	7,561,441		5,888,765
Total assets	16,101,512	14,852,917
Equity and liabilities
Equity
Stated capital	1,972,829	1,972,829
Revenue reserves	3,935,782	2,463,458
Other components of equity	(1,243,866)		(670,434)
Total equity	4,664,745	3,765,853
Non-current liabilities
Lease liabilities on Right-of-use Assets	333,427	364,611
Deferred tax liability	-	-
Employee benefit liabilities	59,462		63,871
	392,889	428,482
Current liabilities
Trade and other payables	483,184	394,507
Lease liabilities on Right-of-use Assets	50,122	49,149
Amounts due to subsidiaries	375,960	118,952
Income tax payable	130,783	538,052
Short term borrowings	10,003,829		9,557,922
	11,043,878		10,658,582
Total liabilities	11,436,767		11,087,064
Total equity and liabilities	16,101,512		14,852,917
Net Assets Per Share (Rs.)	2.29	1.85
I certify that the financial statements comply with the requirements of the Companies Act No. 7 of 2007
Sudheera Epitakumbura
Deputy Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Wasantha .R. Abeysirigunawardena	W J V P Perera
Director	Director

14 February 2023

Colombo

Consolidated Statement of Profit or Loss

	Unaudited			Unaudited
	03 months ended		03 months ended			09 months ended		09 months ended
	31st December		31st December	Variance	31st December		31st December	Variance
	2022	2021			2022	2021
	Rs. '000		Rs. '000	%		Rs. '000		Rs. '000	%
Continuing operations
Revenue from contracts with customers	18,212,768	17,836,454	2%		57,399,736	45,140,909	27%
Revenue from insurance contracts	641,348	575,122	12%		1,715,701	1,522,778	13%
Interest Revenue	607,521		572,110	6%		1,734,110		1,680,487	3%
Total Revenue	19,461,637	18,983,686			60,849,548	48,344,174
Cost of sales	(14,232,196)		(13,105,883)	9%		(42,414,136)		(34,709,769)	22%
Gross profit	5,229,441	5,877,802	-11%		18,435,412	13,634,404	35%
Other operating income	230,665	363,697	-37%		1,962,553	953,342	106%
Selling and distribution expenses	(1,158,562)	(1,054,186)	10%		(3,327,874)	(2,493,046)	33%
Administrative expenses	(2,088,488)	(1,733,636)	20%		(6,299,439)	(4,853,500)	30%
Other operating expenses	(59,452)		(395)	14955%		(209,931)		(8,541)	2358%
Operating profit	2,153,604	3,453,283	-38%		10,560,722	7,232,660	46%
Finance costs	(966,061)	(363,546)	166%		(3,634,818)	(1,063,427)	242%
Finance Income	244,284	131,232	86%		1,562,607	397,500	293%
Share of profit of an associate	56,442		62,569	-10%		224,957		218,445	3%
Profit before tax from continuing operations	1,488,269	3,283,537	-55%		8,713,468	6,785,177	28%
Income tax expense	(969,212)		(582,330)	66%		(2,120,656)		(1,121,057)	89%
Profit for the period from continuing operations	519,057	2,701,208	-81%		6,592,812	5,664,121	16%
Discontinued operations
Loss after tax for the period from discontinued operations	(584)		(363)	61%		(1,585)		(1,009)	57%
Profit for the period	518,473	2,700,845	-81%		6,591,227	5,663,112	16%
Attributable to:
Equity holders of the parent	344,580	2,419,668	-86%		5,399,315	4,968,604	9%
Non-controlling interests	173,893		281,177	-38%		1,191,912		694,508	72%
	518,473	2,700,845			6,591,227	5,663,112
Earnings per share
Basic (Rs.)	0.17	1.19			2.65	2.44
Diluted (Rs.)	0.17	1.19			2.65	2.44

Figures in brackets indicate deductions.

The above figures are subject to audit