Tess Agro : Interim Financial Statements as at 31.12.2022

INTERIM

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31ST DECEMBER 2022

TESS AGRO PLC

• 87, New Nuge Road, Kelaniya

Balance Sheet

As At 31st December 2022

		Un-Audited	Un-Audited	Audited
		Period Ended	Period Ended	Period Ended
		31st Dec. 2022	31st Dec. 2021	31st Mar. 2022
		Rs.	Rs.	Rs.
ASSETS
NON CURRENT ASSETS
	Property , Plant & Equipment Net	340,872,051	339,217,694	338,457,407
	Intangible Assets	391,898	437,835	391,898
	Right of Use Assets	133,842,337	138,403,531	133,842,337
	Differed Tax Assets	17,892		17,892
	Biological Assets	2,199,659	2,194,289	2,194,289
	Other Non Current Financial Assets	9,402,715	9,373,081	9,402,715
		486,726,552	489,626,430	484,306,538
CURRENT ASSETS
	Trade and Other Receivables Net	519,154	12,555,306	13,154,256
	Other Current Assets	17,609,906	17,643,726	17,609,906
	Current Investments	29,659,740
	Cash & Cash Equivalents	25,624,668	5,675,727	2,098,305
		73,413,468	35,874,759	32,862,467
TOTAL ASSETS	560,140,020	525,501,189	517,169,003
EQUITY & LIABILITIES
	Stated Capital	491,805,529	407,805,528	407,805,528
	Other Components of Equity	(379,190,420)	(379,870,175)	(382,430,220)
	Reserves	49,856,441	49,826,807	49,856,441
Total Equity	162,471,550	77,762,160	75,231,750
NON CURRENT LIABILITIES
	Deferred Tax Liability	31,568,069	26,830,516	31,568,069
	Interest Bearing Borrowings		67,414,562
	Rent-Deposit	2,040,000	2,290,000	2,040,000
	Retirement Benefit Obligations		63,000	74,550
		33,608,069	96,598,078	33,682,619
CURRENT LIABILIITES
	Trade and Other Payables	24,194,529	24,594,229	20,971,122
	Interest Bearing Borrowings	268,476,548	222,259,842	293,746,549
	Amount Due To Related Parties	17,890,322	23,234,446	24,670,949
	Short Term Borrowings	32,883,044	20,206,249	32,883,044
	Other Current Liabilities	3,254,698	3,254,698	3,254,698
	Bank Overdrafts	17,361,260	71,831,002	32,728,273
		364,060,400	365,380,467	408,254,634
TOTAL EQUITY & LIABILITIES	560,140,020	539,740,705	517,169,003
No of Ordinary Voting Shares	557,797,287	389,797,287	389,797,287
Net assets value per share	0.29	0.20	0.19
Market value per share Voting - Qtr.- Highest	1.80	0.80	1.00
	- Lowest	1.00	0.50	0.50
	- Closing	1.10	0.60	0.50
Market value per share Non Voting - Qtr.- Highest	1.30	0.70	0.90
	- Lowest	0.80	0.40	0.40
	- Closing	0.80	0.60	0.40
The above figures are provisional and subject to audit
S.F. Fernando	D.Fernando
Chairperson	Director / CEO
Date	26.01.2023

Figures in the brackets indicate deductions.

Income Statement

For the Period Ended 31st December 2022

	Un-audited	Un-audited	Un-audited	Un-audited	Audited
	Nine Months	Nine Months	Three Months	Three Months		Change
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended
	31st Dec. 2022	31st Dec. 2021	31st Dec. 2022	31st Dec. 2021	31st Mar. 2022
	Rs.	Rs.	Rs.	Rs.	Rs.	%
Turnover	7,652,074	6,865,875		2,288,625	2,484,710	11
Cost of Sales	(3,569,432)	(1,456,416)		(484,808)	(2,506,553)	(145)
Gross Profit	4,082,643	5,409,459	-	1,803,817	(21,843)	(25)
Other Operating Income	9,200,219	1,721,070	3,720,693	460,610	50,730,812	-
Selling & Distribution Expenses	(218,334)	(285,832)	(99,406)	(357,000)		24
Administrative Expenses	(8,123,799)	(6,741,115)	(1,904,945)	(2,488,615)	(15,746,939)	(21)
Other Operating Expenses		(1,344,375)		(376,784)	(19,923,396)	(100)
Profit from Operations	4,940,730	(1,240,793)	1,716,342	(957,972)	15,038,634	(498)
Dividend Income	26,119	34,957		7,704	34,957
Profit before Interest	4,966,849	(1,205,836)	1,716,342	(950,268)	15,073,590	512
Finance Income						-
Finance Expenses	(3,342,674)	(2,602,479)	(1,036,588)	(903,992)	(3,524,004)	(28)
Profit /(Loss) before Tax	1,624,175	(3,808,315)	679,755	(1,854,260)	11,549,587	143
Provision for Taxation	-	-	-	-	(4,728,481)	-
Net Profit/(Loss) after Tax	1,624,175	(3,808,315)	679,755	(1,854,260)	6,821,106	143
Profit available for Appropriation	1,624,175	(3,808,315)	679,755	(1,854,260)	6,821,106	143
Earnings Per Share	0.01	(0.01)	0.00	(0.01)	0.02	(98)
Figures in the brackets indicate deductions.

Statement of Comprehensive Income

For the Period Ended 31st December 2022
	Un-audited	Un-audited	Un-audited	Un-audited	Audited
	Nine Months	Nine Months	Three Months	Three Months		Change
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended
	31st Dec.2022	31st Dec.2021	31st Dec.2022	31st Dec.2021	31st Mar. 2022
	Rs.	Rs.	Rs.	Rs.	Rs.	%
Profit / Loss for the Peroid / Year	1,624,175	(3,808,315)	679,755	(1,854,260)	6,821,106	143
Other Comprehensive Income	-	-	-	-	-	-
	1,624,175	(3,808,315)	679,755	(1,854,260)	6,821,106	143
Revaluation of property Plant & Equipment
Net change in fair value of available for sale financial assets	-	-	-	-	29,634	-
Net change in fair value of financial Assets in Tropic Fishery (Pvt) Ltd
Acturial gains (losses) on Employee benefit liabilities
Other Comprehensive Income for the Year, net of tax	-	-	-	-	6,850,740
Total Comprehensive Income for the Period /Year	1,624,175	(3,808,315)	679,755	(1,854,260)	6,850,740	143
Figures in the brackets indicate deductions.

Cash Flow Statement

For the Period Ended 31st December 2022

		Company
	Un-Audited	Un-Audited
	Nine Months	Nine Months	Audited
	Period Ended	Period Ended	Period Ended
	31st Dec. 2022	31st Dec. 2021	31st Mar. 2022
	Rs.	Rs.
Cash Flow from Operating Activities
Cash Receipts from Customers	7,652,074	1,721,070	2,484,710
Shares issued	84,000,000
Cash Paid to Suppliers & Employees	(18,113,225)	(15,927,548)	39,252,010
Prior Year Adjustments			(2,475,066)
Cash Generated from Operations	73,538,850	(14,206,478)	39,261,654
Gratuity Paid	(1,577,625)	-
Interest Paid
Income Tax Paid
ESC Paid	-	-
Net Cash flow from Operating Activities	71,961,225	(14,206,478)	39,261,654
Cash flow from Investing Activities
Purchase of Intangible assets
Acquisition of Biological Assets
Interest Received	2,079,365
Dividend Received	26,119	34,957	34,957
Acquisition of Property Plant and Equipment	(2,414,643)		(4,381,654)
Disposal of Property,Plant & Equipment
Rent Deposit Received			(250,000)
Rent Received	7,094,735	6,865,875	9,154,500
Short Term Investment	(29,659,740)
Exchange Gain / (Loss)
Investment in Fixed Deposits
Net Cash flow from Investing Activities	(22,874,164)	6,900,832	4,557,803
Cash flow from Financing Activities
Repayment of Interest Bearing Borrowings	(25,270,000)
Proceeds from Share Issue
Proceeds from Interest Bearing Borrowings
Interest Paid		(2,602,479)	(3,524,004)
Dividend Paid		-	-
Net Cash flow from Financing Activities	(25,270,000)	(2,602,479)	(3,524,004)
Net Increase/(Decrease) in Cash & Cash Equivalents	23,817,061	(9,908,125)	40,295,453
Cash & Cash Equivalents at the Beginning of the Year /Peroid	(15,553,652)	(56,247,151)	(55,849,106)
Cash & Cash Equivalents at the End of the Period	8,263,409	(66,155,276)	(15,553,652)