Vallibel One : Interim Financial Statements 31.03.2022

VALLIBEL ONE PLC

INTERIM FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

VALLIBEL ONE PLC

STATEMENT OF FINANCIAL POSITION

	Company		Group
As at	31.03.2022		31.03.2021	31.03.2022		31.03.2021
	Rs.'000		Rs.'000	Rs.'000		Rs.'000
ASSETS
Cash and cash equivalent	904,727		88,931	32,068,507		11,517,402
Financial assets measured at fair value through profit or loss	48,608		87,998	94,039		137,049
Loans and Receivable	-		-	93,897,204		67,466,580
Lease rentals receivables and stock out on hire	-		-	41,640,198		47,359,635
Equity instruments measured at fair value through OCI	7,837,162		9,206,099	7,860,693		9,231,268
Other financial assets	-		75,000	5,691,763		11,187,198
Trade and other debtors and deposits	1,038,870		663,567	10,048,943		8,257,681
Contract asset	-		-	46,463		52,561
Other non-financial assets	5,562		2,749	2,967,993		1,114,376
Investments in subsidiaries	21,299,324		20,230,723	-		-
Investment in associate	413,068		413,068	598,333		591,144
Deferred tax assets	7,003		3,954	70,607		37,510
Income tax recoverable	-		-	31,847		64,894
Inventories	-		-	15,033,590		12,318,317
Leasehold rights over mining lands	-		-	-		1,619
Right of Use Lease Assets	21,903		59,452	2,626,494		2,724,270
Intangible assets	-		-	12,820,049		12,798,873
Consumable biological assets	-		-	595,643		630,578
Investment property	-		-	2,116,203		1,980,307
Property, plant and equipment	26,169		32,484	56,939,413		52,594,706
Assets held for sale	-		-	62,502		65,602
Total Assets	31,602,396		30,864,025	285,210,484		240,131,570
LIABILITIES
Due to banks	155		106	29,518,650		17,904,126
Due to customers	-		-	89,478,506		85,940,213
Interest-bearing loans and borrowings	29,259		68,162	26,528,792		19,386,131
Trade and other payables	53,528		20,863	12,252,645		9,150,750
Other non-financial liabilities	-		-	771,895		729,673
Contract liabilities	-		-	6,474,167		1,832,902
Dividend payable	13,372		13,821	145,153		92,161
Employee benefit liabilities	24,553		14,689	1,944,313		2,093,302
Income tax liabilities	375,094		212,739	3,862,564		3,141,752
Deferred tax liabilities	-		-	5,566,274		5,501,377
Liabilities directly associated with the assets classified as held for
sale	-		-	214,476		169,243
Total Liabilities	495,961		330,380	176,757,435		145,941,630
Shareholders' Funds
Equity Attributable to Equity Holders of the Parent
Stated capital	29,337,103		29,337,103	29,337,103		29,337,103
Reserves	5,245,086		3,303,359	28,346,307		21,151,234
Other components of equity	(3,475,754)		(2,106,817)	12,282,035		12,068,011
	31,106,435		30,533,645	69,965,445		62,556,348
Non Controlling Interest	-		-	38,487,604		31,633,592
Total Equity	31,106,435		30,533,645	108,453,049		94,189,940
Total Equity and Liabilities	31,602,396		30,864,025	285,210,484		240,131,570
Net Asset Per Share (Rs.)	27.31		26.81	61.43		54.93

These Financial Statements are in Compliance with the requirements of Companies Act No. 07 of 2007.

Sgd.

Chief Financial Officer

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

Sgd.	Sgd.
Director	Director
30/05/2022

VALLIBEL ONE PLC

STATEMENT OF INCOME

			Company					Group
For the Year ended 31st March	2022	2021	2022	2021	Variance	2022	2021	2022	2021	Variance
	Quarter	Quarter	Cumulative	Cumulative	%	Quarter	Quarter	Cumulative	Cumulative	%
	Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue
Revenue from contract with customers	-	-	-	-	-	21,932,414	18,466,174	69,352,716	53,424,001	30
Interest income	-	-	-	-	-	5,545,169	5,893,882	27,506,107	27,610,976	(0)
Total revenue	-	-	-	-	-	27,477,583	24,360,056	96,858,823	81,034,977	20
Cost of sales	-	-	-	-	-	(14,878,988)	(12,224,320)	(50,957,713)	(44,317,673)	(15)
Gross profit	-	-	-	-	-	12,598,595	12,135,736	45,901,110	36,717,304	25
Dividend income	2,517,475	2,012,790	5,338,464	2,869,006	86	725,546	470,234	727,988	1,144,120	(36)
Other operating income	97,486	99,780	366,064	373,179	(2)	394,789	197,159	710,209	563,992	26
Administrative expenses	(86,203)	(86,121)	(331,393)	(260,617)	(27)	(2,462,021)	(1,765,235)	(9,171,367)	(7,448,701)	(23)
Distribution expenses	-	-	-	-	-	(2,071,799)	(1,905,670)	(7,315,909)	(6,307,351)	(16)
Other operating expenses	(25,981)	-	(39,390)	-	(100)	(625,307)	(198,106)	(1,280,793)	(2,197,377)	42
Result from operating activities	2,502,777	2,026,449	5,333,745	2,981,568	79	8,559,803	8,934,118	29,571,238	22,471,987	32
Finance cost	(1,095)	(8,543)	(7,949)	(93,684)	92	(335,096)	(248,908)	(1,168,395)	(1,840,668)	37
Finance income	9,785	-	35,397	-	100	929,969	43,556	1,306,394	108,244	1107
Net finance cost	8,690	(8,543)	27,448	(93,684)	129	594,873	(205,352)	137,999	(1,732,424)	108
Share of results of equity accounted investees	-	-	-	-	-	28,232	(6,706)	7,451	(38,654)	119
Profit before tax on financial services	2,511,467	2,017,906	5,361,193	2,887,884	86	9,182,908	8,722,060	29,716,688	20,700,909	44
Tax on financial services	-	-	-	-	-	(597,687)	(578,985)	(2,136,551)	(1,669,323)	(28)
Profit before tax	2,511,467	2,017,906	5,361,193	2,887,884	86	8,585,221	8,143,075	27,580,137	19,031,586	45
Income tax expense	(296,040)	(190,433)	(568,490)	(281,804)	(102)	(1,988,447)	(1,212,041)	(7,016,059)	(4,208,230)	(67)
Profit for the year from continuing operation	2,215,427	1,827,473	4,792,703	2,606,080	84	6,596,774	6,931,034	20,564,078	14,823,356	39
Discontinued Operation
Profit/(Loss)After tax for the year from discontinued operations	-	-	-	-		4,010	(133,159)	16,143	(134,588)	112
Net profit for the year	2,215,427	1,827,473	4,792,703	2,606,080	84	6,600,784	6,797,875	20,580,221	14,688,768	40
Attributable to :
Equity holders of the parent	2,215,427	1,827,473	4,792,703	2,606,080	84	3,147,073	3,640,151	10,352,614	8,117,796	28
Non - controlling interests	-	-	-	-		3,453,711	3,157,724	10,227,607	6,570,972	56
	2,215,427	1,827,473	4,792,703	2,606,080	84	6,600,784	6,797,875	20,580,221	14,688,768	40
Earnings Per Share (Rs.)	1.95	1.60	4.21	2.29		2.76	3.20	9.09	7.13

VALLIBEL ONE PLC

STATEMENT OF COMREHENSIVE INCOME

				Company					Group
	For the year ended 31st March	2022	2021	2022	2021	Variance	2022	2021	2022	2021	Variance
		Quarter	Quarter	Cumulative	Cumulative	%	Quarter	Quarter	Cumulative	Cumulative	%
		Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Profit for the year	2,215,427	1,827,473	4,792,703	2,606,080	84	6,600,784	6,797,875	20,580,221	14,688,768	40
	Other comprehensive income
	Other comprehensive income to be reclassified to income statement in
	subsequent periods
	Exchange difference on translation of foreign operations	-	-	-	-	-	202,325	10,546	59,564	23,948	149
	Other comprehensive income not to be reclassified to income statement
	in subsequent periods
	Net gain/(loss) on equity instruments measured at fair value through OCI	(1,078,038)	1,471,607	(1,368,937)	108,374	1363	(1,087,518)	1,467,821	(1,369,917)	106,950	1381
	Revaluation of land and building - net of tax	-	-	-	-	-	1,934,008	1,516,114	1,934,898	1,516,114	(28)
	Acturial gain/(loss) on retirement benefit obligation - net of tax	(3,688)	613	(3,688)	613	702	189,650	25,779	189,650	22,087	(759)
	Other comprehensive income for the year, net of tax	(1,081,726)	1,472,220	(1,372,625)	108,987	1359	1,238,203	3,020,416	813,933	1,669,255	51
	Total comprehensive income for the year, net of tax	1,133,701	3,299,693	3,420,078	2,715,067	(26)	7,838,987	9,818,291	21,394,154	16,358,023	31
	Total comprehensive income attributable to:
	Equity holders of the parent	1,133,701	3,299,693	3,420,078	2,715,067	(26)	3,419,136	6,016,089	10,244,592	9,139,702	12
	Non-controlling interests	-	-	-	-	-	4,419,851	3,802,202	11,149,562	7,218,321	54
		1,133,701	3,299,693	3,420,078	2,715,067	(26)	7,838,987	9,818,291	21,394,154	16,358,023	31
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VALLIBEL ONE PLC

STATEMENT OF CHANGES IN EQUITY- COMPANY

For the year ended 31st March	Stated Capital		Fair value		Retained	Total
			Reserve		Earnings
	Rs.'000		Rs.'000		Rs.'000	Rs.'000
Balance as at 01st April 2020	27,163,984	(2,215,191)	3,413,066		28,361,858
Profit for the year	-	-	2,606,080		2,606,080
Other comprehensive income	-	108,374	613		108,987
Interim dividend in the form of issue and allotment of new shares	2,173,119	-	(2,173,119)		-
Dividend Paid	-	-	(543,280)		(543,280)
Balance as at 31st March 2021	29,337,103		(2,106,817)		3,303,359		30,533,645
Balance as at 01st April 2021	29,337,103	(2,106,817)	3,303,359		30,533,645
Profit for the year	-	-	4,792,703		4,792,703
Other comprehensive income	-	(1,368,937)	(3,688)		(1,372,625)
Dividend Paid	-	-	(2,847,289)		(2,847,289)
Balance as at 31st March 2022	29,337,103		(3,475,754)		5,245,086		31,106,435