Talawakelle Tea Estates : Interim Financial Statement as of 31.12.2021

TALAWAKELLE TEA ESTATES PLC

Interim Financial Statements

Nine months ended 31st December 2021

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
31.03.2021			31.12.2021	31.12.2020	%	31.12.2021	31.12.2020	%
Rs.'000			Rs.'000		Rs.'000	Change	Rs.'000		Rs.'000	Change
4,488,639	Revenue	3,216,723	3,137,744	3%	903,905	1,044,967	-13%
(3,637,178)	Cost of Sales		(2,870,568)		(2,641,056)	9%	(805,053)		(810,278)	-1%
851,461	Gross profit	346,154	496,688	-30%	98,852	234,689	-58%
23,170	Change in Fair Value of Biological Assets	-	-	-	-	-	-
56,818	Other Income and Gains	56,125	21,018	>100%	21,001	2,845	>100%
(207,539)	Administrative Expenses	(194,616)	(147,322)	32%	(65,694)	(35,138)	87%
723,910	Results From Operating Activities	207,664		370,384		54,159		202,396
87,429	Finance Income	57,670	69,894	-17%	20,514	19,751	4%
(2,111)	Finance Expenses	(1,361)	(1,534)	-11%	(395)	(713)	-45%
(37,511)	Interest Paid to Government and Other Leases	(28,681)	(29,520)	-3%	(9,514)	(9,787)	-3%
47,807	Net Finance Income		27,628		38,841		10,606		9,251
771,718	Profit Before Tax	235,292	409,225	-43%	64,765	211,647	-69%
(59,978)	Income Tax expenses		(40,481)		(50,671)	-20%	(4,440)		(26,678)	-83%
711,740	Profit for the period	194,811		358,554		60,325		184,969
	Attributable to :
708,562	Equity Holders of the Parent	186,996	353,819		56,950	181,294
3,178	Non-Controlling Interest	7,815	4,735		3,375	3,674
711,740	Net profit for the period	194,811		358,554		60,325		184,968
14.98	Basic earnings per share (Rs.)	3.94	7.45		1.20	3.82
6.75	Dividend per share (Rs.)	2.15	3.37		0.65	2.00
	STATEMENT OF COMPREHENSIVE INCOME
711,740	Profit for the period		194,811		358,554		60,325		184,968
	Other Comprehensive Income
	Other Comprehensive income not to be reclassified to profit or
	loss in subsequent periods:
165,581	Actuarial Gain/(Loss) on Retirement Benefit Obligation	-	-		-	-
(23,188)	Income Tax Effect	-	-		-	-
142,393	Other Comprehensive income for the period, net of tax		-		-		-		-
854,133	Total comprehensive income for the period, net of tax	194,811		358,554		60,325		184,968
	Attributable to:
850,913	Equity Holders of the Parent	186,996	353,819		56,950	181,294
3,220	Non- Controlling Interest	7,815	4,735		3,375	3,674
854,133			194,811		358,554		60,325		184,968
	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
31.03.2021		31.12.2021	31.12.2020	%	31.12.2021	31.12.2020	%
Rs.'000		Rs.'000		Rs.'000		Change	Rs.'000		Rs.'000	Change
4,433,096	Revenue	3,156,904	3,089,617	2%	881,210	1,025,354	-14%
(3,605,018)	Cost of Sales	(2,844,995)	(2,616,096)	9%	(796,940)	(803,582)	-1%
828,078	Gross profit	311,909	473,520	-34%	84,270	221,772	-62%
23,170	Change in Fair Value of Biological Assets	-	-	-	-	-	-
72,618	Other Income and Gains	63,560	27,138	>100%	28,436	8,965	>100%
(193,263)	Administrative Expenses	(182,316)	(137,375)	33%	(60,763)	(31,962)	90%
730,602	Results From Operating Activities	193,153		363,283			51,943		198,775
87,266	Finance Income	57,372	69,790	-18%	20,427	19,697	4%
(2,111)	Finance Expenses	(1,356)	(1,534)	-12%	(390)	(713)	-45%
(37,501)	Interest Paid to Government and Other Leases	(28,678)	(29,512)	-3%	(9,516)	(9,785)	-3%
	Net Finance Income
47,654	27,337		38,745			10,521		9,199
778,256	Profit Before tax	220,490	402,028	-45%	62,464	207,974	-70%
(58,141)	Income Tax Expenses	(34,928)	(47,796)	-27%	(1,827)	(24,633)	-93%
720,116	Profit for the period	185,563		354,232			60,637		183,341
	Attributable to :
720,116	Equity Holders of the Parent	185,563	354,232			60,637	183,341
-	Non-Controlling Interest	-	-			-	-
720,116	Net profit for the period	185,563		354,232			60,637		183,341
15.16	Basic earnings per share (Rs.)	3.91	7.46			1.28	3.86
6.75	Dividend per share (Rs.)	2.15	3.37			0.65	2.00
	STATEMENT OF COMPREHENSIVE INCOME
720,116	Profit for the period	185,563	354,232			60,637	183,341
	Other Comprehensive Income
	Other Comprehensive income not to be reclassified to profit or
	loss in subsequent periods:
165,475	Actuarial Gain/(Loss) on Retirement Benefit Obligation	-	-			-	-
(23,166)	Income tax effect	-	-			-	-
142,308	Other Comprehensive income for the period, net of tax	-		-			-		-
862,424	Total comprehensive income for the period, net of tax	185,563		354,232			60,637		183,341
	Attributable to:
862,424	Equity Holders of the Parent	185,563	354,232			60,637	183,341
-	Non- controlling Interest	-	-			-	-
862,424		185,563		354,232			60,637		183,341
	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
31.03.2021	31.03.2021	ASSETS	31.12.2021			31.12.2020	31.12.2021	31.12.2020
Rs.'000		Rs.'000	Non Current Assets	Rs.'000	Rs.'000		Rs.'000		Rs.'000
326,493	326,420	Right-of-use Assets	308,927			315,184	308,856	315,110
1,001,750	719,028	Tangible assets other than Immature/Mature Plantations	1,158,582			1,008,465	888,092	721,730
1,785,699	1,785,699	Immature/Mature Plantations	1,816,372			1,786,605	1,816,372	1,786,605
326,365	326,365	Consumable Biological Assets	340,732			318,079	340,732	318,079
7,350	4,895	Intangible Assets	6,630			7,722	4,796	5,024
-	134,933	Investments in Subsidiaries	-			-	134,933	134,933
7,213	-	Deferred Tax Asset	3,775			5,914	-	-
3,454,870	3,297,339		3,635,018			3,441,970	3,493,780	3,281,480
			Current Assets
22,621	22,621	Produce on Bearer Biological Assets	22,621			4,389	22,621	4,389
424,705	424,705	Inventories	498,489			397,138	498,450	395,025
255,447	237,045	Trade and Other Receivables	183,390			178,679	158,559	154,683
6,778	6,778	Amounts due from Related Companies	7,203			7,065	8,776	2,531
1,716,211	1,711,031	Short Term Investments	1,641,868			1,414,460	1,635,711	1,409,308
32,238	25,853	Cash and Bank Balances	43,783			54,176	26,096	42,497
2,458,001	2,428,034		2,397,354			2,055,908	2,350,213	2,008,432
5,912,871	5,725,373	TOTAL ASSETS	6,032,371			5,497,878		5,843,993	5,289,912

EQUITY AND LIABILITIES

Equity

350,000

3,201,716

3,551,716

160,709

3,712,425

13,754

890,953

211,825

138,717

278,362

1,533,611

578,186

20,172

12,494

48,249

7,734

666,835

2,200,446

5,912,871

74.77

350,000	Stated Capital	350,000	350,000	350,000	350,000
3,178,106	Revenue Reserves	3,286,587	2,704,622	3,261,544	2,669,915
3,528,106	Equity attributable to equity holders of the parent	3,636,587	3,054,622	3,611,544	3,019,915
-	Non-Controlling Interests	163,515	169,388	-	-
3,528,106	Total Equity	3,800,103	3,224,010	3,611,544	3,019,915
	Non Current Liabilities & Deferred Income
13,754	Interest Bearing Loans & Borrowings	6,985	27,137	6,985	27,137
888,163	Retiring Benefit Obligations	1,042,073	1,056,332	1,039,284	1,053,956
211,825	Deferred Tax Liability	199,476	198,571	199,476	198,529
138,717	Deferred Income	136,817	135,552	136,817	135,552
278,284	Lease Liability	269,127	264,057	269,042	263,975
1,530,743		1,654,479	1,681,649	1,651,603	1,679,149
	Current Liabilities
574,415	Trade and Other Payables	502,187	545,020	499,143	530,656
20,172	Interest Bearing Loans & Borrowings	11,812	11,832	11,812	11,832
12,490	Lease Liability	12,494	12,172	12,490	12,168
51,712	Amounts due to Related Companies	49,173	8,706	55,276	21,703
7,734	Bank Overdraft	2,124	14,488	2,124	14,488
666,524		577,790	592,219	580,846	590,849
2,197,268	TOTAL LIABILITIES	2,232,269	2,273,868	2,232,449	2,269,998
5,725,373	TOTAL EQUITY AND LIABILITIES	6,032,371	5,497,878	5,843,993	5,289,912

74.28 Net Assets Per Share (Rs.)	76.56	64.31	76.03	63.58
The Statements of Financial Position as at 31st December 2021 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

General Manager-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 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 2020	350,000			2,318,388	188,338	4,389			2,511,115	170,534	3,031,649
Profit for the period	-			353,819	-	-			353,819	4,735	358,554
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(160,313)	-	-			(160,313)	(5,880)	(166,193)
Balance as at 31st December 2020
350,000			2,511,895	188,338	4,389		2,704,622	169,388	3,224,010
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
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 2020	350,000			2,283,268	188,338	4,389			2,475,995	-	2,825,995
Profit for the period	-			354,232	-	-			354,232	-	354,232
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(160,313)	-	-			(160,313)	-	(160,313)
Balance as at 31st December 2020
350,000			2,477,188	188,338	4,389			2,669,915	-	3,019,915
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

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

Figures in brackets indicate deductions

Page 04