Talawakelle Tea Estates : Interim Financial Statement as at 31.12.2022

TALAWAKELLE TEA ESTATES PLC

Interim Financial Statements

Nine months ended 31st December 2022

Talawakelle Tea Estates PLC

STATEMENT OF PROFIT OR LOSS

Group		Group		Group
Audited		Unaudited		Unaudited		Unaudited	Unaudited
Year ended		09 months ended		09 months ended		03 months ended	03 months ended
31.03.2022		31.12.2022	31.12.2021	%	31.12.2022			31.12.2021	%
Rs.'000		Rs.'000		Rs.'000	Change	Rs.'000	Rs.'000	Change
4,727,355	Revenue	5,829,012	3,216,723	81%	1,942,058			903,905	>100%
(3,807,571)	Cost of Sales	(4,161,254)	(2,870,568)	45%	(1,409,707)			(805,053)	75%
919,784	Gross profit	1,667,757	346,154	>100%	532,351			98,852	>100%
53,995	Change in Fair Value of Biological Assets	-	-	-	-			-	-
70,568	Other Income and Gains	92,133	56,125	64%	32,045			21,001	53%
(253,405)	Administrative Expenses	(233,944)	(194,616)	20%	(88,279)			(65,694)	34%
790,942	Results From Operating Activities	1,525,947	207,664		476,117			54,159
85,410	Finance Income	405,745	57,670	>100%	207,720			20,514	>100%
(1,000)	Finance Expenses	(1,021)	(1,361)	-25%	(329)			(395)	-17%
(38,061)	Interest Paid to Government and Other Leases	(28,512)	(28,681)	-1%	(9,553)			(9,514)	0%
	Net Finance Income
46,349	376,212	27,628		197,838			10,606
837,291	Profit Before Tax	1,902,158	235,292	>100%	673,956			64,765	>100%
(19,919)	Income Tax expenses	(513,586)	(40,481)	>100%	(405,679)			(4,440)	>100%
817,372	Net Profit for the period	1,388,572	194,811		268,277			60,325
	Attributable to :
814,376	Equity Holders of the Parent	1,380,293	186,996		265,033			56,950
2,996	Non-Controlling Interest	8,279	7,815		3,244			3,375
817,372	Net Profit for the period	1,388,572	194,811		268,277			60,325
17.14	Basic earnings per share (Rs.)	29.06	3.94		5.58			1.20
2.15	Dividend per share (Rs.)	13.00	2.15		5.00			0.65
	STATEMENT OF COMPREHENSIVE INCOME
817,372	Net Profit for the period	1,388,572	194,811		268,277			60,325
	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	1,388,572	194,811		268,277			60,325
	Attributable to:
856,133	Equity Holders of the Parent	1,380,293	186,996		265,033			56,950
3,005	Non- Controlling Interest	8,279	7,815		3,244			3,375
859,138		1,388,572	194,811		268,277			60,325
	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		09 months ended		09 months ended			03 months ended		03 months ended
31.03.2022		31.12.2022	31.12.2021	%	31.12.2022	31.12.2021	%
Rs.'000		Rs.'000		Rs.'000		Change	Rs.'000		Rs.'000	Change
4,663,394	Revenue	5,766,468	3,156,904	83%	1,918,126	881,210	118%
(3,770,966)	Cost of Sales	(4,133,673)	(2,844,995)	45%	(1,401,596)	(796,940)	76%
892,428	Gross profit	1,632,795	311,909	>100%	516,530	84,270	>100%
53,995	Change in Fair Value of Biological Assets	-	-	-	-	-	-
80,248	Other Income and Gains	92,133	63,560	45%	32,045	28,436	13%
(239,030)	Administrative Expenses	(218,991)	(182,316)	20%	(80,970)	(60,763)	33%
787,640	Results From Operating Activities	1,505,937	193,153			467,606	51,943
84,867	Finance Income	405,037	57,372	>100%	207,573	20,427	>100%
(1,000)	Finance Expenses	(1,021)	(1,356)	-25%	(329)	(390)	-16%
(38,051)	Interest Paid to Government and Other Leases	(28,505)	(28,678)	-1%	(9,550)	(9,516)	0%
	Net Finance Income
45,816	375,512	27,337			197,694	10,521
833,457	Profit Before tax	1,881,449	220,490	>100%	665,300	62,464	>100%
(13,487)	Income Tax Expenses	(510,477)	(34,928)	>100%	(403,878)	(1,827)	>100%
819,969	Net Profit for the period	1,370,972	185,563			261,422	60,637
	Attributable to :
819,969	Equity Holders of the Parent	1,370,972	185,563			261,422	60,637
-	Non-Controlling Interest	-	-			-	-
819,969	Net profit for the period	1,370,972	185,563			261,422	60,637
17.26	Basic earnings per share (Rs.)	28.86	3.91			5.50	1.28
2.15	Dividend per share (Rs.)	13.00	2.15			5.00	0.65
	STATEMENT OF COMPREHENSIVE INCOME
819,969	Net Profit for the period	1,370,972	185,563			261,422	60,637
	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	1,370,972	185,563			261,422	60,637
	Attributable to:
861,715	Equity Holders of the Parent	1,370,972	185,563			261,422	60,637
-	Non- controlling Interest	-	-			-	-
861,715		1,370,972		185,563			261,422		60,637
	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	31.12.2022			31.12.2021	31.12.2022	31.12.2021
Rs.'000		Rs.'000	Non Current Assets	Rs.'000	Rs.'000		Rs.'000		Rs.'000
310,922	310,851	Right-of-use Assets	294,357			308,927	294,289	308,856
1,156,099	889,559	Tangible assets other than Immature/Mature Plantations	1,326,440			1,158,582	1,072,150	888,092
1,816,190	1,816,190	Bearer Biological Assets	1,897,743			1,816,372	1,897,743	1,816,372
386,372	386,372	Consumable Biological Assets	397,031			340,732	397,031	340,732
15,344	13,709	Intangible Assets	13,618			6,630	12,604	4,796
-	134,933	Investments in Subsidiaries	-			-	134,933	134,933
2,718	-	Deferred Tax Asset	2,791			3,775	-	-
3,687,645	3,551,615		3,931,980			3,635,018	3,808,749	3,493,780
			Current Assets
17,438	17,438	Produce on Bearer Biological Assets	17,438			22,621	17,438	22,621
483,036	482,997	Inventories	930,559			498,489	930,520	498,450
294,476	262,840	Trade and Other Receivables	333,057			183,390	275,967	158,559
137,591	138,462	Amounts due from Related Companies	182,905			7,203	168,943	8,776
1,901,796	1,886,931	Short Term Investments	3,242,815			1,641,868	3,242,815	1,635,711
29,529	24,136	Cash and Bank Balances	53,615			43,783	46,828	26,096
2,863,867	2,812,805		4,760,389			2,397,354		4,682,511	2,350,213
6,551,512		6,364,420	TOTAL ASSETS	8,692,369			6,032,371	8,491,261		5,843,993
			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	4,718,518			3,286,587	4,691,168	3,261,544
4,305,724	4,287,696	Equity attributable to equity holders of the parent	5,068,518			3,636,587	5,041,168	3,611,544
144,106	-	Non-Controlling Interests	152,385			163,515	-	-
4,449,830	4,287,696	Total Equity	5,220,902			3,800,103	5,041,168	3,611,544
			Non Current Liabilities & Deferred Income
6,112	6,112	Interest Bearing Loans & Borrowings	3,492			6,985	3,492	6,985
871,316	868,067	Retiring Benefit Obligations	965,219			1,042,073	961,969	1,039,284
159,891	159,891	Deferred Tax Liability	471,138			199,476	471,138	199,476
136,643	136,643	Deferred Income	137,151			136,817	137,151	136,817
272,001	271,923	Lease Liability	261,403			269,127	261,317	269,042
1,445,964	1,442,636		1,838,403			1,654,479	1,835,068	1,651,603
			Current Liabilities
598,769	586,931	Trade and Other Payables	1,367,099			502,187	1,348,002	499,143
7,642	7,642	Interest Bearing Loans & Borrowings	3,492			11,812	3,492	11,812
14,210	14,205	Lease Liability	14,210			12,494	14,205	12,490
25,263	18,730	Amounts due to Related Companies	208,055			49,173	209,118	55,276
9,834	6,579	Bank Overdraft	40,208			2,124	40,208	2,124
655,718	634,088		1,633,064			577,790	1,615,025	580,846
2,101,682	2,076,724	TOTAL LIABILITIES	3,471,467			2,232,269	3,450,093	2,232,449
6,551,512	6,364,420	TOTAL EQUITY AND LIABILITIES	8,692,369			6,032,371		8,491,261	5,843,993

90.65	90.27 Net Assets Per Share (Rs.)	106.71	76.56	106.13	76.03
	The Statements of Financial Position as at 31st December 2022 and the Statements of Profit or Loss, Statements of	Comprehensive
	Income, the Statements of Changes in Equity and Cash flow statements for the nine 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
01st February 2023
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	-			186,996	-	-			186,996	7,815	194,811
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(102,125)	-	-			(102,125)	(5,008)	(107,133)
Balance as at 31st December 2021
350,000			3,072,838	191,128	22,621		3,286,587	163,515	3,800,103
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	-			1,380,293	-	-			1,380,293	8,279	1,388,572
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(617,500)	-	-			(617,500)	-	(617,500)
Balance as at 31st December 2022	350,000			4,470,964	230,116	17,438			4,718,518	152,385	5,220,902
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	-			185,563	-	-			185,563	-	185,563
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(102,125)	-	-			(102,125)	-	(102,125)
Balance as at 31st December 2021
350,000			3,047,794	191,128	22,621			3,261,544	-	3,611,544
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	-			1,370,972	-	-			1,370,972	-	1,370,972
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(617,500)	-	-			(617,500)	-	(617,500)
Balance as at 31st December 2022	350,000			4,443,614	230,116	17,438			4,691,168	-	5,041,168

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

Figures in brackets indicate deductions

Page 04