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.