VALLIBEL POWER ERATHNA PLC

INTERIM FINANCIAL STATEMENTS

Second Quarter

for the six months ended 30th September 2022

Consolidated Statement of Financial Position

Group

Company

As at

30.09.2022

31.03.2022

30.09.2022

31.03.2022

Rs.

Rs. (Audited)

Rs.

Rs. (Audited)

ASSETS

Non-Current Assets

Property, Plant & Equipment

1,955,125,844

1,994,118,758

700,854,280

716,113,287

Right-to-use of Assets

36,429,210

39,412,512

2,236,732

3,004,397

Investment in Subsidiary

-

-

821,619,980

821,619,980

Intangible Assets

49,597,891

54,918,537

4,767,470

4,909,782

Other non-current asset

4,500,000

4,500,000

-

-

2,045,652,945

2,092,949,807

1,529,478,462

1,545,647,446

Current Assets

Inventories

10,941,094

9,191,747

5,333,067

3,154,826

Trade & Other Receivables

1,161,625,407

789,437,277

340,878,340

186,976,860

Amounts Due from Related Parties

1,369,472

2,372,042

3,317,828

4,732,972

Cash and cash equivalents

280,888,300

155,986,053

67,362,000

103,027,542

1,454,824,273

956,987,119

416,891,235

297,892,200

Total Assets

3,500,477,218

3,049,936,926

1,946,369,697

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

1,745,221,704

1,301,976,505

623,323,397

475,937,531

Capital and reserves attributable to

owners of Vallibel Power Erathna PLC

2,919,586,982

2,476,341,783

1,797,688,675

1,650,302,809

Non - Controlling Interest

279,756,923

235,675,553

-

-

Total Equity

3,199,343,905

2,712,017,336

1,797,688,675

1,650,302,809

Non-Current Liabilities

Retirement Benefit Obligations

33,512,862

31,670,864

22,270,959

21,190,958

Deferred Tax Liability

125,503,321

127,487,877

94,021,072

96,253,848

Lease Liability

39,245,774

41,125,081

1,220,012

1,684,984

198,261,957

200,283,822

117,512,043

119,129,790

Current Liabilities

Accruals and other payables

34,656,808

35,197,357

13,021,626

15,668,552

Lease Liability

4,637,230

5,243,216

1,361,607

1,560,094

Current tax liabilities

63,577,318

97,195,195

16,785,746

56,878,401

102,871,356

137,635,768

31,168,979

74,107,047

Total Equity and Liabilities

3,500,477,218

3,049,936,926

1,946,369,697

1,843,539,646

Net Asset Per Share

3.91

3.31

2.41

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

November 08, 2022 / Colombo

Page 1

Consolidated Statement of Profit or Loss

Group

Company

Quarter

Six Months

Quarter

Six Months

For the six months ended 30th September

2022

2021

Change

2022

2021

Change

2022

2021

Change

2022

2021

Change

Rs.

Rs.

%

Rs.

Rs.

%

Rs.

Rs.

%

Rs.

Rs.

%

Revenue from contracts with customers

325,482,279

418,436,318

(22)

697,357,169

793,806,436

(12)

107,015,052

126,906,207

(16)

218,426,307

228,451,600

(4)

Direct Costs

(38,612,302)

(42,267,790)

(9)

(78,431,319)

(81,687,400)

(4)

(12,837,310)

(14,826,391)

(13)

(26,082,124)

(28,373,544)

(8)

Gross Profit

286,869,977

376,168,528

(24)

618,925,850

712,119,036

(13)

94,177,742

112,079,816

(16)

192,344,183

200,078,056

(4)

Other Income

-

-

-

-

-

-

-

350,234,991

(100)

-

350,234,991

-

Administration Expenses

(27,991,062)

(24,624,689)

14

(58,064,052)

(50,956,825)

14

(12,012,516)

(10,504,014)

14

(26,156,297)

(22,048,383)

19

Other Operating Expenses

(269,240)

(21,956)

>999

(450,980)

(51,956)

768

(197,240)

(4,777)

>999

(316,730)

(24,777)

>999

Finance Cost

(1,051,315)

(1,102,235)

(5)

(2,121,051)

(2,285,706)

(7)

(54,788)

(79,030)

(31)

(118,278)

(163,091)

(27)

Finance Income

11,326,958

5,845,463

94

16,131,163

10,655,413

51

3,830,378

2,578,774

49

6,094,088

3,257,663

87

Profit Before Tax

268,885,318

356,265,111

(25)

574,420,930

669,479,962

(14)

85,743,576

454,305,761

(81)

171,846,966

531,334,459

(68)

Income Tax Expenses

(40,238,341)

(93,525,271)

(57)

(87,094,362)

(132,009,182)

(34)

(9,678,930)

(62,421,291)

(84)

(24,461,100)

(72,574,452)

(66)

Net Profit For the Period

228,646,977

262,739,840

(13)

487,326,569

537,470,780

(9)

76,064,646

391,884,470

(81)

147,385,866

458,760,007

(68)

Attributable to:

Owners of Vallibel Power Erathna PLC

208,831,959

234,155,794

(11)

443,245,199

481,996,762

(8)

76,064,646

391,884,470

(81)

147,385,866

458,760,007

(68)

Non Controlling Interest

19,815,018

28,584,046

(31)

44,081,370

55,474,018

(21)

-

-

-

-

-

-

228,646,977

262,739,840

(13)

487,326,569

537,470,780

(9)

76,064,646

391,884,470

(81)

147,385,866

458,760,007

(68)

Basic Earnings Per Share

0.28

0.31

0.59

0.64

0.10

0.52

0.20

0.61

Page 2

Consolidated Statement of Comprehensive Income

Group

Company

Quarter

Six Months

Quarter

Six Months

For the six months ended 30th September

2022

2021

Change

2022

2021

Change

2022

2021

Change

2022

2021

Change

Rs.

Rs.

%

Rs.

Rs.

%

Rs.

Rs.

%

Rs.

Rs.

%

Net Profit for the Period

228,646,977

262,739,840

(13)

487,326,569

537,470,780

(9)

76,064,646

391,884,470

(81)

147,385,866

458,760,007

(68)

Total Other Comprehensive Income /(Loss)

-

-

-

-

-

-

-

-

-

-

-

-

Total Comprehensive Income for the period, net of Tax

228,646,977

262,739,840

(13)

487,326,569

537,470,780

(9)

76,064,646

391,884,470

(81)

147,385,866

458,760,007

(68)

Attributable to:

Owners of Vallibel Power Erathna PLC

208,831,961

234,155,794

(11)

443,245,198

481,996,762

(8)

76,064,646

391,884,470

(81)

147,385,866

458,760,007

(68)

Non Controlling Interest

19,815,016

28,584,046

(31)

44,081,370

55,474,018

(21)

-

-

-

-

-

-

228,646,977

262,739,840

(13)

487,326,568

537,470,780

(9)

76,064,646

391,884,470

(81)

147,385,866

458,760,007

(68)

Page 3

Consolidated Statement of Cash Flows

Group

Company

For the six months ended 30th September

2022

2021

2022

2021

Rs.

Rs.

Rs.

Rs.

Cash Flows from/(Used in) Operating Activities

Net Profit Before Income Tax Expense

574,420,930

669,479,962

171,846,966

531,334,459

Adjustments for

Amortization of Intangible Assets

5,320,646

5,320,646

142,313

142,313

Amortization of Right of Use Assets

2,983,301

3,038,751

767,665

767,665

Depreciation

39,779,952

39,790,443

15,705,107

15,681,297

Provision for Retirement Benefit Obligations

1,842,000

1,920,000

1,080,000

1,080,000

Profit/(loss) on disposal of Property, Plant & Equipment

7,300

-

7,300

-

Dividend Income and Interest classified as investing cash flows

-

-

-

(350,234,991)

Finance Income

(16,131,163)

(10,655,413)

(6,094,088)

(3,257,663)

Finance Cost

2,121,051

2,285,706

118,278

163,091

Operating Profit Before Working Capital Changes

610,344,017

711,180,095

183,573,541

195,676,171

( Increase)/ Decrease in Inventories

(1,749,347)

-

(2,178,241)

-

( Increase )/ Decrease in Trade and Other Receivables

(361,254,265)

(151,504,692)

(144,868,082)

60,813,423

( Increase )/ Decrease in Amounts Due from Related Parties

1,002,570

(1,480,487)

1,415,144

(4,388,260)

(Increase) / Decrease in Other Financial Assets at Amortised Cost

-

-

-

-

Increase / (Decrease ) in Trade and Other Payables

(2,940,549)

(10,953,443)

(2,646,926)

1,386,089

Cash Generated from /(used in) Operating Activities

245,402,426

547,241,473

35,295,436

253,487,423

Finance Cost Paid

(152,502)

(256,897)

(54,914)

(91,025)

Finance Income Received

5,197,295

10,652,154

(2,939,311)

3,018,628

Retirement Benefit Obligations Paid

-

(903,735)

-

-

Taxes Paid

(122,696,797)

(111,353,581)

(66,786,531)

(60,954,485)

Net Cash from / (used in) Operating Activities

127,750,422

445,379,415

(34,485,320)

195,460,541

Cash Flows From / (Used in) Investing Activities

Acquisitions of Property, Plant & Equipments

(794,333)

(351,000)

(453,400)

(144,500)

Interest Received on Financial Assets Held as Investments

-

-

-

-

Proceeds from disposal of property, plant & equipment

-

-

-

-

Dividend Received

-

-

-

350,234,991

Proceeds /(Investments) of Fixed Deposits (net)

-

-

-

-

Net Cash Flow from / (Used In) Investing Activities

(794,333)

(351,000)

(453,400)

350,090,491

Cash Flows from /(Used in) Financing Activities

Principal Elements of Lease Payments

(2,053,842)

(1,949,452)

(726,822)

(690,711)

Dividends Paid

-

(574,366,821)

-

(522,976,812)

Net Cash Flows From / (Used In) Financing Activities

(2,053,842)

(576,316,273)

(726,822)

(523,667,523)

Net Increase / (Decrease) In Cash & Cash Equivalents

124,902,247

(131,287,859)

(35,665,542)

21,883,509

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)

280,888,300

165,349,989

67,362,000

88,163,433

Note A

Cash and Cash Equivalents at the Beginning of the Period

Cash in Hand & at Bank

17,344,886

20,634,361

14,270,461

19,273,877

Investments in short-term deposits (Matuiry period < 3 months)

138,641,167

276,003,486

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

31,522,944

12,996,990

15,753,247

10,525,881

Investments in short-term deposits (Matuiry period < 3 months)

249,365,356

152,352,999

51,608,753

77,637,552

280,888,300

165,349,989

67,362,000

88,163,433

Page 4

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Vallibel Power Erathna plc published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 10:46:04 UTC.