Talawakelle Tea Estates : Interim Financial Statement as at 30.09.2022

TALAWAKELLE TEA ESTATES PLC

Interim Financial Statements

Six months ended 30th September 2022

Talawakelle Tea Estates PLC

STATEMENT OF PROFIT OR LOSS

Group		Group		Group
Audited		Unaudited		Unaudited		Unaudited	Unaudited
Year ended		06 months ended		06 months ended		03 months ended	03 months ended
31.03.2022		30.09.2022	30.09.2021	%	30.09.2022			30.09.2021	%
Rs.'000		Rs.'000		Rs.'000	Change	Rs.'000	Rs.'000	Change
4,727,355	Revenue	3,886,954	2,312,818	68%	1,918,158			1,105,614	73%
(3,807,571)	Cost of Sales	(2,751,548)	(2,065,515)	33%	(1,157,098)			(984,042)	18%
919,784	Gross profit	1,135,407	247,303	>100%	761,059			121,572	>100%
53,995	Change in Fair Value of Biological Assets	-	-	-	-			-	-
70,568	Other Income and Gains	60,088	35,124	71%	52,295			16,420	>100%
(253,405)	Administrative Expenses	(145,665)	(128,922)	13%	(76,376)			(67,714)	13%
790,942	Results From Operating Activities	1,049,829	153,505		736,978			70,278
85,410	Finance Income	198,025	37,156	>100%	140,192			19,150	>100%
(1,000)	Finance Expenses	(692)	(967)	-28%	(379)			(406)	-7%
(38,061)	Interest Paid to Government and Other Leases	(18,960)	(19,167)	-1%	(9,955)			(9,601)	4%
	Net Finance Income
46,349	178,374	17,022		129,858			9,142
837,291	Profit Before Tax	1,228,203	170,527	>100%	866,836			79,420	>100%
(19,919)	Income Tax expenses	(107,908)	(36,041)	>100%	(69,626)			(28,678)	>100%
817,372	Net Profit for the period	1,120,295	134,486		797,210			50,743
	Attributable to :
814,376	Equity Holders of the Parent	1,115,260	130,046		792,855			46,506
2,996	Non-Controlling Interest	5,035	4,440		4,356			4,236
817,372	Net Profit for the period	1,120,295	134,486		797,210			50,743
17.14	Basic earnings per share (Rs.)	23.48	2.74		16.69			0.98
2.15	Dividend per share (Rs.)	8.00	1.50		3.00			-
	STATEMENT OF COMPREHENSIVE INCOME
817,372	Net Profit for the period	1,120,295	134,486		797,210			50,743
	Other Comprehensive Income
	Other Comprehensive income not to be reclassified to profit or
	loss in subsequent periods:
42,802	Actuarial Gain/(Loss) on Retirement Benefit Obligation	-	-		-			-
(1,036)	Income Tax Effect	-	-		-			-
41,766	Other Comprehensive income for the period, net of tax	-	-		-			-
859,138	Total comprehensive income for the period, net of tax	1,120,295	134,486		797,210			50,743
	Attributable to:
856,133	Equity Holders of the Parent	1,115,260	130,046		792,855			46,506
3,005	Non- Controlling Interest	5,035	4,440		4,356			4,236
859,138		1,120,295	134,486		797,210			50,743
	The notes on pages 06 to 08 form an integral part of these financial statements
	Figures in brackets indicate deductions								Page 01

Talawakelle Tea Estates PLC

STATEMENT OF PROFIT OR LOSS

Company		Company			Company
Audited		Unaudited		Unaudited			Unaudited		Unaudited
Year ended		06 months ended		06 months ended			03 months ended		03 months ended
31.03.2022		30.09.2022	30.09.2021	%	30.09.2022	30.09.2021	%
Rs.'000		Rs.'000		Rs.'000		Change	Rs.'000		Rs.'000	Change
4,663,394	Revenue	3,848,342	2,275,694	69%	1,893,614	1,082,730	75%
(3,770,966)	Cost of Sales	(2,732,077)	(2,048,054)	33%	(1,146,973)	(975,387)	18%
892,428	Gross profit	1,116,264	227,639	>100%	746,641	107,342	>100%
53,995	Change in Fair Value of Biological Assets	-	-	-	-	-	-
80,248	Other Income and Gains	60,088	35,124	71%	52,295	16,420	>100%
(239,030)	Administrative Expenses	(138,021)	(121,553)	14%	(71,679)	(64,180)	12%
787,640	Results From Operating Activities	1,038,331	141,210			727,257	59,582
84,867	Finance Income	197,464	36,945	>100%	139,935	18,997	>100%
(1,000)	Finance Expenses	(692)	(967)	-28%	(379)	(406)	-7%
(38,051)	Interest Paid to Government and Other Leases	(18,954)	(19,162)	-1%	(9,952)	(9,598)	4%
	Net Finance Income
45,816	177,818	16,816			129,603	8,992
833,457	Profit Before tax	1,216,149	158,027	>100%	856,861	68,574	>100%
(13,487)	Income Tax Expenses	(106,599)	(33,101)	>100%	(68,774)	(26,712)	>100%
819,969	Net Profit for the period	1,109,550	124,926			788,086	41,862
	Attributable to :
819,969	Equity Holders of the Parent	1,109,550	124,926			788,086	41,862
-	Non-Controlling Interest	-	-			-	-
819,969	Net profit for the period	1,109,550	124,926			788,086	41,862
17.26	Basic earnings per share (Rs.)	23.36	2.63			16.59	0.88
2.15	Dividend per share (Rs.)	8.00	1.50			3.00	-
	STATEMENT OF COMPREHENSIVE INCOME
819,969	Net Profit for the period	1,109,550	124,926			788,086	41,862
	Other Comprehensive Income
	Other Comprehensive income not to be reclassified to profit or
	loss in subsequent periods:
42,779	Actuarial Gain/(Loss) on Retirement Benefit Obligation	-	-			-	-
(1,033)	Income tax effect	-	-			-	-
41,746	Other Comprehensive income for the period, net of tax	-		-			-		-
861,715	Total comprehensive income for the period, net of tax	1,109,550	124,926			788,086	41,862
	Attributable to:
861,715	Equity Holders of the Parent	1,109,550	124,926			788,086	41,862
-	Non- controlling Interest	-	-			-	-
861,715		1,109,550		124,926			788,086		41,862
	The notes on pages 06 to 08 form an integral part of these financial statements							Page 02
	Figures in brackets indicate deductions

Talawakelle Tea Estates PLC

STATEMENT OF FINANCIAL POSITION

Group		Company		Group			Company
Audited		Audited		Unaudited	Unaudited		Unaudited		Unaudited
As at		As at		As at	As at		As at		As at
31.03.2022	31.03.2022	ASSETS	30.09.2022			30.09.2021	30.09.2022	30.09.2021
Rs.'000		Rs.'000	Non Current Assets	Rs.'000	Rs.'000		Rs.'000		Rs.'000
310,922	310,851	Right-of-use Assets	299,881			314,800	299,812	314,727
1,156,099	889,559	Tangible assets other than Immature/Mature Plantations	1,253,268			1,126,473	994,885	851,904
1,816,190	1,816,190	Bearer Biological Assets	1,876,551			1,820,111	1,876,551	1,820,111
386,372	386,372	Consumable Biological Assets	394,050			337,652	394,050	337,652
15,344	13,709	Intangible Assets	14,197			6,675	12,974	4,632
-	134,933	Investments in Subsidiaries	-			-	134,933	134,933
2,718	-	Deferred Tax Asset	2,777			5,593	-	-
3,687,645	3,551,615		3,840,723			3,611,303	3,713,204	3,463,959
			Current Assets
17,438	17,438	Produce on Bearer Biological Assets	17,438			22,621	17,438	22,621
483,036	482,997	Inventories	835,644			391,693	835,605	391,693
294,476	262,840	Trade and Other Receivables	421,772			192,475	376,037	164,520
137,591	138,462	Amounts due from Related Companies	168,336			2,977	156,117	4,962
1,901,796	1,886,931	Short Term Investments	2,704,619			1,764,745	2,703,604	1,756,599
29,529	24,136	Cash and Bank Balances	42,551			39,055	36,403	22,918
2,863,867	2,812,805		4,190,358			2,413,567		4,125,203	2,363,313
6,551,512		6,364,420	TOTAL ASSETS	8,031,082			6,024,870	7,838,407		5,827,272
			EQUITY AND LIABILITIES
			Equity
350,000	350,000	Stated Capital	350,000			350,000	350,000	350,000
3,955,724	3,937,696	Revenue Reserves	4,690,984			3,260,513	4,667,246	3,231,782
4,305,724	4,287,696	Equity attributable to equity holders of the parent	5,040,984			3,610,513	5,017,246	3,581,782
144,106	-	Non-Controlling Interests	149,141			165,148	-	-
4,449,830	4,287,696	Total Equity	5,190,125			3,775,661	5,017,246	3,581,782
			Non Current Liabilities & Deferred Income
6,112	6,112	Interest Bearing Loans & Borrowings	4,366			7,858	4,366	7,858
871,316	868,067	Retiring Benefit Obligations	968,891			986,540	965,641	983,750
159,891	159,891	Deferred Tax Liability	160,749			209,584	160,749	209,584
136,643	136,643	Deferred Income	137,098			138,145	137,098	138,145
272,001	271,923	Lease Liability	265,090			272,287	265,007	272,204
1,445,964	1,442,636		1,536,194			1,614,415	1,532,861	1,611,542
			Current Liabilities
598,769	586,931	Trade and Other Payables	1,184,750			551,252	1,167,690	549,426
7,642	7,642	Interest Bearing Loans & Borrowings	3,492			15,982	3,492	15,982
14,210	14,205	Lease Liability	14,210			12,494	14,205	12,490
25,263	18,730	Amounts due to Related Companies	25,533			16,257	26,136	17,241
9,834	6,579	Bank Overdraft	76,778			38,809	76,778	38,809
655,718	634,088		1,304,763			634,794	1,288,300	633,949
2,101,682	2,076,724	TOTAL LIABILITIES	2,840,957			2,249,209	2,821,161	2,245,491
6,551,512	6,364,420	TOTAL EQUITY AND LIABILITIES	8,031,082			6,024,870		7,838,407	5,827,272

90.65	90.27 Net Assets Per Share (Rs.)	106.13	76.01	105.63	75.41
	The Statements of Financial Position as at 30th September 2022 and the Statements of Profit or Loss, Statements of	Comprehensive
	Income, the Statements of Changes in Equity and Cash flow statements for the six months then ended	are drawn up from the
	unaudited Financial Statements of the Company;	and its subsidiaries and provide the information required by the Colombo Stock
	Exchange

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

(sgd)

Vindya Perera

Director-Finance

The Board of Directors is responsible for the presentation of these Financial Statements. Signed for and on behalf of the Board.

(sgd)	(sgd)
Mohan Pandithage	Roshan Rajadurai
Chairman	Managing Director
02nd November 2022
The notes on pages 06 to 08 form an integral part of these financial statements
Figures in brackets indicate deductions
	Page 03

Talawakelle Tea Estates PLC

STATEMENT OF CHANGES IN EQUITY

				Attributable to equity holders of the parent
						Revenue Reseves
Group	Stated Capital	Retained		Timber		Biological Crop	Total	Non Controlling		Total
				Earnings		Reserve		Reserve			Interest		Equity
	Rs.000	Rs.000		Rs.000		Rs.000	Rs.000	Rs.000		Rs.000
Balance as at 01st April 2021	350,000			2,987,967	191,128	22,621			3,201,716	160,709	3,712,425
Profit for the period	-			130,046	-	-			130,046	4,440	134,486
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(71,250)	-	-			(71,250)	-	(71,250)
Balance as at 30th September 2021
350,000			3,046,764	191,128	22,621		3,260,513	165,148	3,775,661
Balance as at 01st April 2022	350,000			3,708,170	230,116	17,438			3,955,724	144,106	4,449,830
Profit for the period	-			1,115,260	-	-			1,115,260	5,035	1,120,295
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(380,000)	-	-			(380,000)	-	(380,000)
Balance as at 30th September 2022	350,000			4,443,430	230,116	17,438			4,690,984	149,141	5,190,125
Company						Revenue Reseves
	Stated Capital	Retained		Timber		Biological Crop	Total	Non Controlling		Total
				Earnings		Reserve		Reserve			Interest		Equity
	Rs.000	Rs.000		Rs.000		Rs.000	Rs.000	Rs.000		Rs.000
Balance as at 01st April 2021	350,000			2,964,357	191,128	22,621			3,178,106	-	3,528,106
Profit for the period	-			124,926	-	-			124,926	-	124,926
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(71,250)	-	-			(71,250)	-	(71,250)
Balance as at 30th September 2021
350,000			3,018,033	191,128	22,621			3,231,782	-	3,581,782
Balance as at 01st April 2022	350,000			3,690,142	230,116	17,438			3,937,696	-	4,287,696
Profit for the period	-			1,109,550	-	-			1,109,550	-	1,109,550
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(380,000)	-	-			(380,000)	-	(380,000)
Balance as at 30th September 2022	350,000			4,419,692	230,116	17,438			4,667,246	-	5,017,246

The notes on pages 06 to 08 form an integral part of these financial statements

Figures in brackets indicate deductions

Page 04