AgStar : INTERIM FINANCIAL STATEMENTS AS OF 12/31/2022

AgStar PLC

Consolidated Statement of Profit or Loss and Other Comprehensive Income

	Three months ended 31st	Nine months ended 31st	Year ended
		December				December		31st March
(Rs.Mns)	2022	2021		Change	2022	2021		Change	2022
Unaudited		Unaudited			Unaudited		Unaudited		Audited
Continuing operations
Revenue	2,059.15	3,207.22	-36%	6,232.27	4,492.51		39%	5,992.28
Cost of sales	(1,188.86)	(1,988.73)	40%	(2,977.05)	(2,859.84)		-4%	(3,883.74)
Gross profit	870.29		1,218.49		-29%	3,255.22		1,632.67		99%	2,108.54
Other income	11.39	12.89	-12%	33.80	41.36		-18%	57.20
Distribution expenses	(61.71)	(34.66)	-78%	(172.76)	(97.86)		-77%	(169.93)
Administration expenses	(119.66)	(93.76)	-28%	(319.42)	(269.67)		-18%	(366.16)
Other expenses	-	-	-	-	-		-	(1.54)
Net finance income/(costs)	11.10	(60.67)	118%	(654.93)	(254.86)		-157%	(830.72)
Profit/(loss) before tax	711.41		1,042.29		-32%	2,141.91		1,051.64		104%	797.39
Income tax expense (charge)/reversal	(391.60)	(184.67)	-112%	(627.74)	(214.89)		-192%	(190.67)
Profit/(loss) from continuing operations	319.81		857.62		-63%	1,514.17		836.75		81%	606.72
Discontinued operations
Profit/(loss) from discontinued operations (net of tax)	0.31	0.04	675%	0.15	(0.01)		1600%	0.14
Profit/(loss) for the period	320.12		857.66		-63%	1,514.32		836.74		81%	606.86
Other comprehensive income:
Items that will never be reclassified
to profit or loss
Revaluation gain on right of use assets	-	-	-	-	-		-	36.84
Revaluation gain on property,plant and equipment	-	-	-	-	-		-	737.60
Deferred tax impact on revaluation reserve due to rate change	(128.43)	-	-100%	(128.43)	-		-100%	(127.03)
Actuarial gain/(loss) on defined benefit obligations	-	-	-	-	-		-	(4.47)
Deferred tax impact on actuarial loss	-	-	-	-	-		-	0.80
Other comprehensive income, net of tax	(128.43)		-		-100%	(128.43)		-		-100%	643.74
Total comprehensive income	191.69		857.66		-78%	1,385.89		836.74		66%	1,250.60
Profit attributable to :
Owners of the parent	327.28	859.37	-62%	1,524.69	845.35		80%	618.91
Non-controlling interests	(7.16)	(1.71)	319%	(10.38)	(8.61)		21%	(12.05)
	320.12		857.66		-63%	1,514.31		836.74		81%	606.86
Total comprehensive income attributable to :
Owners of the parent	198.85	859.37	-77%	1,396.26	845.35		65%	1,262.65
Non-controlling interests	(7.16)	(1.71)	319%	(10.38)	(8.61)		21%	(12.05)
	191.69		857.66		78%	1,385.88		836.74		66%	1,250.60
Basic earnings/(loss) per share (Rs.)	0.67	2.14	-69%	3.13	2.11		48%	1.52
The above figures are provisional and subject to audit.
Figures in brackets indicate deductions.

AgStar PLC

Company Profit or Loss and Other Comprehensive Income

	Three months ended 31st	Nine months ended 31st December		Year ended
		December			31st March
(Rs.Mns)	2022	2021	Change	2022	2021			Change	2022
Unaudited		Unaudited		Unaudited		Unaudited				Audited
Revenue	1,261.97	2,336.11	-46%	4,832.94	2,969.89		63%	4,408.78
Cost of sales	(715.20)	(1,550.28)	54%	(2,389.80)	(2,044.12)		-17%	(3,028.02)
Gross profit	546.77		785.83	-30%	2,443.14		925.77		164%		1,380.76
Other income	11.77	14.46	-19%	35.72	147.15		-76%	209.60
Distribution expenses	(33.94)	(20.52)	-65%	(87.75)	(64.07)		-37%	(119.33)
Administration expenses	(84.97)	(60.17)	-41%	(225.28)	(180.79)		-25%	(252.57)
Net finance income/(costs)	19.56	(58.92)	133%	(649.57)	(246.03)		-164%	(824.22)
Profit/(loss) before tax	459.19		660.68	-30%	1,516.26		582.03		161%		394.24
Income tax expense (charge)/reversal	(300.10)	(122.75)	-144%	(506.30)	(107.84)		-369%	(72.64)
Profit/(loss) for the period	159.09		537.93	-70%	1,009.96		474.19		113%		321.60
Other comprehensive income:
Items that will never be reclassified
to profit or loss
Revaluation gain on right of use assets	-	-	-	-	-		-	21.23
Revaluation gain on property,plant and equipment	-	-	-	-	-		-	643.99
Deferred tax impact on revaluation reserve due to rate change	(128.43)	-	-100%	(128.43)	-		-100%	(107.37)
Actuarial gain/(loss) on defined benefit obligations	-	-	-	-	-		-	(4.45)
Deferred tax impact on actuarial loss	-	-	-	-	-		-	0.80
Other comprehensive income, net of tax	(128.43)		-	-100%	(128.43)		-		-100%		554.20
Total comprehensive income	30.66		537.93	-94%	881.53		474.19		86%		875.80
Profit attributable to :
Owners of the parent	159.09	537.93	-70%	1,009.96	474.19		113%	321.60
Non-controlling interests	-	-	-70%	-	-		113%	-
	159.09		537.93	1,009.96		474.19			321.60
Total comprehensive income attributable to :
Owners of the parent	30.66	537.93	-94%	881.53	474.19		86%	875.80
Non-controlling interests	-	-	-94%	-	-		86%	-
	30.66		537.93	881.53		474.19			875.80
Basic earnings/(loss) per share (Rs.)	0.33	1.34	-76%	2.07	1.18		75%	0.79
The above figures are provisional and subject to audit.
Figures in brackets indicate deductions.

AgStar PLC

Statements of Financial Position

		Group				Company
	As at	As at	As at		As at	As at	As at
(Rs.Mns)	31/12/2022	31/12/2021	31/03/2022	31/12/2022	31/12/2021	31/03/2022
Unaudited	Unaudited	Audited		Unaudited	Unaudited	Audited
ASSETS
Non-current assets
Property, plant and equipment	3,263.54	2,538.64	3,299.49	2,940.19	2,278.45	2,949.09
Right of use asset	69.17	6.60	75.92	22.42	1.78	23.00
Intangible assets and goodwill	109.60	112.34	110.74	2.77	4.25	3.88
Investment property	-	-	-	196.52	165.33	211.59
Investments in subsidiaries	-	-	-	184.78	184.78	184.78
Deferred tax assets	4.19	8.49	4.19	-	-	-
Current assets	3,446.50	2,666.07	3,490.34		3,346.68	2,634.59	3,372.34
Inventories	2,394.36	1,760.94	2,298.28	1,537.02	1,578.14	1,962.70
Trade and other receivables	3,314.92	704.84	362.62	2,343.79	18.99	235.01
Subsidy receivable	891.86	3,539.95	3,038.36	697.89	3,345.98	2,844.39
Amount due from related companies	-	-	-	952.70	369.85	602.61
Investment securities	518.92	-	-	518.92	-	-
Current tax receivable	-	2.98	2.98	-	1.69	1.69
Cash and cash equivalents	688.72	303.92	409.41	525.34	80.15	72.16
Assets classified as held for sale	7,808.78	6,312.63	6,111.65		6,575.66	5,394.80	5,718.56
180.95	180.59	180.82	-	-	-
Total current assets	7,989.73	6,493.22	6,292.47		6,575.66	5,394.80	5,718.56
Total assets	11,436.23	9,159.29	9,782.81	9,922.34	8,029.39	9,090.90
EQUITY AND LIABILITIES
Equity
Stated capital	2,007.85	1,204.09	2,007.85	2,007.85	1,204.09	2,007.85
Revaluation reserve	1,337.96	818.98	1,466.39	760.45	331.03	888.88
Retained earnings	3,697.78	2,403.20	2,173.09		3,353.05	2,499.35	2,343.09
Equity attributable to owners of the parent	7,043.59	4,426.27	5,647.33	6,121.35	4,034.47	5,239.82
Non-controlling interests	20.27	34.09	30.65		-	-	-
Total equity	7,063.86	4,460.36	5,677.98	6,121.35	4,034.47	5,239.82
Non-current liabilities
Employee benefits	35.40	32.64	42.56	35.32	32.60	42.48
Deferred tax liabilities	828.94	454.33	546.64	762.29	420.05	491.42
Loans and borrowings	65.95	371.36	151.00	65.95	364.75	151.00
Lease liability	25.94	7.11	24.52	1.99	2.20	2.02
Current liabilities	956.23	865.44	764.72		865.55	819.60	686.92
Trade and other payables	2,731.58	1,642.58	3,043.46	2,427.74	1,305.60	2,880.25
Loans and borrowings	205.90	2,079.61	180.40	125.40	1,853.13	176.28
Lease liability	8.17	0.04	8.90	0.02	0.02	0.03
Amount due to related companies	-	-	-	-	-	54.65
Current tax liabilities	449.65	91.32	47.55	362.18	-	-
Bank overdrafts	20.65	19.75	59.53	20.10	16.57	52.95
Liabilities classified as held for sale	3,415.95	3,833.30	3,339.84		2,935.44	3,175.32	3,164.16
0.19	0.19	0.27		-	-	-
Total current liabilities	3,416.14	3,833.49	3,340.11		2,935.44	3,175.32	3,164.16
Total liabilities	4,372.37	4,698.93	4,104.83		3,800.99	3,994.92	3,851.08
Total equity and liabilities	11,436.23	9,159.29	9,782.81		9,922.34	8,029.39	9,090.90
Net assets per share (Rs.)	14.45	13.62	11.58	12.56	12.41	10.75
The above figures are provisional and subject to audit.
Figures in brackets indicate deductions.

I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

Sgd.

M R M Rizny

Accountant

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Signed for and on behalf of the Board;

Sgd.	Sgd.
R S I Gunawardena	A P Weerasekera
Executive Chairman	Managing Director
February 08, 2023

AgStar PLC

Statement of Changes in Equity

(Rs.Mns)					Group
	Equity attributable to owners of the parent
	Stated		Revaluation		Retained					Non-		Total
							controlling
	capital		reserve		earnings			Total		interests		equity
Balance as at 1st April 2021	1,204.09	818.98	1,622.85	3,645.92	42.70	3,688.62
Profit for the period	-	-	845.35	845.35	(8.61)	836.74
Other comprehensive income for the period	-	-	-	-	-	-
Total comprehensive income for the period	-	-	845.35	845.35	(8.61)	836.74
Dividend	-	-	(65.00)	(65.00)			(65.00)
Balance as at 31st December 2021
1,204.09		818.98		2,403.20		4,426.27		34.09		4,460.36
Balance as at 1st April 2022
2,007.85		1,466.39		2,173.09		5,647.33		30.65		5,677.98
Profit for the year	-	-	1,524.69	1,524.69	(10.38)	1,514.31
Other comprehensive income for the period	-	(128.43)	-	(128.43)	-	(128.43)
Total comprehensive income for the period	-	(128.43)	1,524.69	1,396.26	(10.38)	1,385.88
Balance as at 31st December 2022
2,007.85		1,337.96		3,697.78		7,043.59		20.27		7,063.86
			Company
	Stated		Revaluation		Retained			Total
	capital		reserve		earnings			equity
Balance as at 1st April 2021	1,204.09	331.03	2,090.16	3,625.28
Profit for the year	-	-	474.19	474.19
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	-	-	474.19	474.19
Dividend				(65.00)	(65.00)
Balance as at 31st December 2021
1,204.09		331.03		2,499.35	4,034.47
Balance as at 1st April 2022
2,007.85		888.88		2,343.09		5,239.82
Profit for the year	-	-	1,009.96	1,009.96
Other comprehensive income for the period	-	(128.43)	-	(128.43)
Total comprehensive income for the period	-	(128.43)	1,009.96	881.53
Balance as at 31st December 2022
2,007.85		760.45		3,353.05		6,121.35

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.