Vallibel Power Erathna : Interim Financial Statements for the Quarter Ended 30th June 2022

VALLIBEL POWER ERATHNA PLC

INTERIM FINANCIAL STATEMENTS

First Quarter

for the three months ended 30th June 2022

Statement of Financial Position

	Group		Company
As at	30.06.2022	31.03.2022	30.06.2022	31.03.2022
	Rs.	Rs. (Audited)		Rs.	Rs. (Audited)
ASSETS
Non-Current Assets
Property, Plant & Equipment	1,974,897,430	1,994,118,758	708,612,343	716,113,287
Right-to-use of Assets	37,920,861	39,412,512	2,620,565	3,004,397
Investment in Subsidiary	-	-	821,619,980	821,619,980
Intangible Assets	52,258,214	54,918,537	4,838,626	4,909,782
Other non-current asset	4,500,000	4,500,000	-	-
	2,069,576,505	2,092,949,807	1,537,691,514	1,545,647,446
Current Assets
Inventories	8,823,259	9,191,747	3,154,826	3,154,826
Trade & Other Receivables	1,052,306,008	789,437,277	281,812,787	186,976,860
Amounts Due from Related Parties	1,217,897	2,372,042	2,972,693	4,732,972
Cash and cash equivalents	170,974,020	155,986,053	75,243,809	103,027,542
	1,233,321,184	956,987,119	363,184,115	297,892,200
Total Assets	3,302,897,689	3,049,936,926	1,900,875,629	1,843,539,646

EQUITY AND LIABILITIES

Equity Attributable to Equity Holders of the Parent

Stated Capital	1,174,365,278	1,174,365,278	1,174,365,278	1,174,365,278
Accumulated Profit	1,536,389,744	1,301,976,505	547,258,751	475,937,531
Capital and reserves attributable to
owners of Vallibel Power Erathna PLC	2,710,755,022	2,476,341,783	1,721,624,029	1,650,302,809
Non - Controlling Interest	259,941,905	235,675,553	-	-
Total Equity	2,970,696,927	2,712,017,336	1,721,624,029	1,650,302,809
Non-Current Liabilities
Retirement Benefit Obligations	32,591,864	31,670,864	21,730,958	21,190,958
Deferred Tax Liability	126,628,535	127,487,877	95,173,096	96,253,848
Lease Liability	39,827,528	41,125,081	1,357,606	1,684,984
	199,047,927	200,283,822	118,261,660	119,129,790
Current Liabilities
Accruals and other payables	34,260,656	35,197,357	13,513,071	15,668,552
Lease Liability	5,307,333	5,243,216	1,560,094	1,560,094
Current tax liabilities	93,584,846	97,195,195	45,916,776	56,878,401
	133,152,835	137,635,768	60,989,941	74,107,047
Total Equity and Liabilities	3,302,897,689	3,049,936,926	1,900,875,629	1,843,539,646
Net Asset Per Share	3.63	3.31	2.30	2.21

These Financial Statements are in compliance with the requirements of the Companies Act, No. 7 of 2007.

Sgd.	Sgd.
Sajithra Thanoj	Russell De Zilva
Accountant	Jt.CEO

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.
S. H. Amarasekara	H. Somashantha
Chairman	Director
August 03, 2022 / Colombo

Page 1

Statement of Profit or Loss

		Group				Company
	Three Months			Three Months
For the three months ended 30th June	2022	2021	Change	2022	2021	Change
	Rs.	Rs.	%		Rs.	Rs.	%
Revenue	371,874,889	375,370,118	(1)		111,411,255	101,545,393	10
Cost of Sales	(39,819,017)	(39,419,610)	1		(13,244,814)	(13,547,153)	(2)
Gross Profit	332,055,872	335,950,508	(1)		98,166,441	87,998,240	12
Other Operating Income	-	-	-		-	-	-
Administration Expenses	(30,072,990)	(26,332,135)	14		(14,143,781)	(11,544,368)	23
Other Operating Expenses	(181,740)	(30,000)	506		(119,490)	(20,000)	497
Finance Cost	(1,069,735)	(1,183,471)	(10)		(63,490)	(84,061)	(24)
Finance Income	4,804,205	4,809,950	(0)		2,263,710	678,889	233
Profit Before Tax	305,535,612	313,214,852	(2)		86,103,390	77,028,700	12
Income Tax Expenses	(46,856,021)	(38,483,912)	22		(14,782,170)	(10,153,161)	46
Net Profit For the Period	258,679,591	274,730,940	(6)		71,321,220	66,875,539	7
Attributable to:
Owners of Vallibel Power Erathna PLC	234,413,239	247,840,969	(5)		71,321,220	66,875,539	7
Non Controlling Interest	24,266,352	26,889,971	(10)		-	-	-
	258,679,591	274,730,940	(6)		71,321,220	66,875,539	7
Basic Earnings Per Share	0.31	0.33			0.10	0.09

Page 2

Statement of Comprehensive Income

		Group			Company
	Three Months			Three Months
For the three months ended 30th June	2022	2021	Change	2022	2021	Change
	Rs.	Rs.	%		Rs.	Rs.	%
Net Profit for the Period	258,679,591	274,730,940	(6)		71,321,220	66,875,539	7
Total Other Comprehensive Income /(Loss)	-	-	-		-	-	-
Total Comprehensive Income for the period, net of Tax	258,679,591	274,730,940	(6)		71,321,220	66,875,539	7
Attributable to:
Owners of Vallibel Power Erathna PLC	234,413,238	247,840,969	(5)		71,321,220	66,875,539	7
Non Controlling Interest	24,266,353	26,889,971	(10)		-	-	-
	258,679,591	274,730,940	(6)		71,321,220	66,875,539	7

Page 3

Statement of Cash Flows

	Group			Company
For the three months ended 30th June	2022		2021		2022		2021
	Rs.	Rs.	Rs.	Rs.
Cash Flows from/(Used in) Operating Activities
Net Profit Before Income Tax Expense	305,535,612		313,214,852		86,103,390		77,028,700
Adjustments for
Amortization of Intangible Assets	2,660,323		2,660,323		71,156		71,156
Amortization of Right of Use Assets	1,491,651		1,519,376		383,832		383,832
Depreciation	19,877,962		19,892,081		7,842,144		7,841,600
Provision for Retirement Benefit Obligations	921,000		960,000		540,000		540,000
Profit/(loss) on disposal of Property, Plant & Equipment	7,300		-		7,300		-
Finance Income	(4,804,205)		(4,809,950)		(2,263,710)		(678,889)
Finance Cost	1,069,735		1,183,471		63,490		84,061
Operating Profit Before Working Capital Changes	326,759,378		334,620,152		92,747,602		85,270,461
( Increase)/ Decrease in Inventories	368,488		-		-		-
( Increase )/ Decrease in Trade and Other Receivables	(259,967,749)		(84,972,598)		(90,795,220)		(47,943,743)
( Increase )/ Decrease in Amounts Due from Related Parties	1,154,144		(215,951)		1,760,279		(1,262,051)
Increase / (Decrease ) in Trade and Other Payables	(2,136,701)		456,285		(2,155,481)		746,188
Cash Generated from /(used in) Operating Activities	66,177,560		249,887,888		1,557,180		36,810,855
Finance Cost Paid	(77,485)		(148,916)		(27,457)		(48,028)
Finance Income Received	1,903,217		3,701,036		(1,776,997)		682,612
Retirement Benefit Obligations Paid	-		-		-		-
Taxes Paid	(51,325,711)		(76,647,810)		(26,824,548)		(51,788,901)
Net Cash from / (used in) Operating Activities	16,677,581		176,792,199		(27,071,822)		(14,343,462)
Cash Flows From / (Used in) Investing Activities
Acquisitions of Property, Plant & Equipments	(663,933)		(263,400)		(348,500)		(144,500)
Net Cash Flow from / (Used In) Investing Activities	(663,933)		(263,400)		(348,500)		(144,500)
Cash Flows from /(Used in) Financing Activities
Principal Elements of Lease Payments	(1,025,681)		(954,255)		(363,411)		(342,840)
Dividends Paid	-		-		-		-
Net Cash Flows From / (Used In) Financing Activities	(1,025,681)		(954,255)		(363,411)		(342,840)
Net Increase / (Decrease) In Cash & Cash Equivalents	14,987,967		175,574,544		(27,783,733)		(14,830,803)
Cash and Cash Equivalents at the Beginning of the Period (Note A)	155,986,053		296,637,847		103,027,542		66,279,924
Cash and Cash Equivalents at the End of the Period (Note B)	170,974,020		472,212,391		75,243,809		51,449,121
Note A
Cash and Cash Equivalents at the Beginning of the Period
Cash in Hand & at Bank	17,344,886		276,003,486		14,270,461		19,273,877
Investments in short-term deposits (Matuiry period < 3 months)	138,641,167		20,634,361		88,757,081		47,006,047
	155,986,053		296,637,847		103,027,542		66,279,924
Note B
Cash and Cash Equivalents at the End of the Period
Cash in Hand & at Bank	32,332,854		53,732,985		9,543,014		21,196,215
Investments in short-term deposits (Matuiry period < 3 months)	138,641,167		418,479,407		65,700,795		30,252,906
	170,974,020		472,212,391		75,243,809		51,449,121

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