Balangoda Plantations : Interim Financial Statements as of 31-12-2021

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

INTERIM FINANCIAL STATEMENT

AS AT 31 ST DECEMBER 2021

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Provisional Financial Statement for 12 months ended 31st December 2021

CORPORATE INFORMATION

Company	:	Balangoda Plantations PLC
Legal Form	:	Quoted Public Company
Date of Incorporation	:	11th June 1992
Company Registration No	:	P Q 165
Registered Office	: 110, Norris Canal Road, Colombo 10
Board of Directors	:	Mr.D.H.S Jayawardena	- Chairman/MD
		Mr.D Hasitha S Jayawardena	- Non Executive Director
		Mr.C R Jansz	- Non Executive Director
		Mr.A.L.Gooneratne	- Non Executive Director
		Dr.A.Shakthevale	- Independent Director
		Mr.D.S.K.Amarasekera	- Independent Director
Secretary	: Mr. P A Jayatunga,
		833, Sirimavo Bandaranaike Mawatha,
		Colombo 14.
		Telephone [phone]
Registrars	: P W Corporate Secretarial (Pvt) Ltd.,
		3/17, Kynsey Road,
		Colombo 8. Telephone: [phone] - 3
Auditors	: Messrs. KPMG Sri Lanka,
		32A, Sir Mohomad Macan Markar Mawatha,
		Colombo 03
Legal Advisors	: Prasanna Goonewardene & Company,
		Attorneys-at-Law, Solicitors & Notaries Public,
		26/01, Colonel T. G. Jayawardena Mawatha,
		Colombo 3.
Bankers	: Hatton National Bank PLC,
		Head Office Branch,
		481, Darley Road,
		Colombo -10
Managing Agents	:	Melstacorp PLC
		110,Norris Canal Road
		Colombo 10

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Statement of Financial Position for 12 months ended 31st December 2021

STATEMENT OF FINANCIAL POSITION

		(Audited)
	As at	As at
	31/12/2021	31/12/2020
	Rs '000	Rs '000
ASSETS
Non Current Assets
Right of Use Assets	248,284	258,608
Immovable Leased Assets	13,503	20,477
Property, Plant and Equipment	1,573,366	1,646,423
Intangible Assets	794	1,086
Investment Property	254,988	266,075
Bearer Biological Assets	1,925,259	1,936,875
Consumable Biological Assets	2,304,271	2,154,272
Financial Assets Measured at FVOCI	388	302
	6,320,853	6,284,118
Current Assets
Produce on Bearer Biological Assets	3,936	5,029
Inventories	405,999	417,529
Trade and Other Receivables	127,679	124,355
Amounts due from Related Company	26,982	8,359
Other Financial Assets Measured at Amortised Cost	454	431
Cash and Cash Equivalents	7,097	5,368
	572,147	561,071
Total Assets	6,893,000	6,845,189
EQUITY AND LIABILITIES
Equity
Stated Capital	350,000	350,000
Revaluation Recerve	909,017	909,017
Timber Reserves	1,931,017	1,931,017
FVOCI Reserve	240	286
Accumulated Losses	(2,307,725)	(2,386,946)
Total Equity	882,549	803,374
Non Current Liabilities
Interest Bearing Loans and Borrowings	3,303,447	3,356,756
Retirement Benefit Obligations	596,180	768,909
Deferred Tax Liability	580,895	580,896
Deferred Income	129,881	139,752
Lease Liability	272,931	274,739
	4,883,334	5,121,052
Current Liabilities
Interest Bearing Loans and Borrowings	191,668	104,210
Lease Liability	2,200	1,776
Trade and Other Payables	441,265	433,784
Amounts due to Related Companies	20,032	5,333
Income Tax Payable	7,818	7,818
Bank Overdraft	464,134	367,842
	1,127,117	920,763
Total Liabilities	6,010,451	6,041,815
Total Equity and Liabilities	6,893,000	6,845,189
	-	-
Net Assets per Share	37.34	33.99

*These interim financial statements are provisional and subject to audit.

It is certified that the Financial Statements as at 31st December 2021 have been prepared in compliance with the provisionsof the Companies Act No. 7 of 2007.

R T Kodikara

General Manager - Finance

The board of directors are responsible for the preparation and presentation of these Financial Statements. Approved & Signed for and on behalf of the board of Directors of Balangoda Plantations PLC by,

C R Jansz	A L Gooneratne
Director	Director
23-Feb-2022

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Statement of Financial Position for 12 months ended 31st December 2021

STATEMENT OF COMPREHENSIVE INCOME
				(Audited)
	03 Months	03 Months	12 Months	12 Months
	ended	ended	ended	ended
	31/12/2021	30/12/2020	31/12/2021	31/12/2020
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Revenue	864,221	626,146	3,954,697	3,573,076
Cost of Sales	(914,243)	(807,353)	(3,868,613)	(3,419,672)
Gross Profit/(Loss)	(50,022)	(181,207)	86,084	153,404
Other Income	25,051	13,796	86,132	347,137
Gain on Changes in Fair Value of Biological Assets	40,954	1,199	148,906	149,334
Administrative Expenses	(30,656)	(37,995)	(82,928)	(97,593)
Other Expenses			-	(37,922)
Results from Operating Activities	(14,673)	(204,207)	238,194	514,360
Finance Income	94	261	251	366
Finance Costs	(97,790)	(93,657)	(322,684)	(371,127)
Net Finance Costs	(97,696)	(93,396)	(322,433)	(370,761)
Loss Before Taxation	(112,369)	(297,603)	(84,239)	143,599
Income Tax Expenses				(27,198)
Profit/ (Loss) for the Year	(112,369)	(297,603)	(84,239)	116,401
Other Comprehensive Income
Items that will not be Reclassified to Profit or Loss
Surplus on Revaluation of Buildings				1,056,997
Actuarial Loss on Retirement Benefit Obligations	163,459	(8,262)	163,459	22,034
Deferred Tax Charge on Revaluation Surplus				(147,980)
Deferred Tax on Actuarial Loss on Retirement Benefit Obligation				(3,085)
Net Change in the Fair Value of Financial Assets Measured at FVOCI	(44)	8	(46)	(67)
Total Other Comprehensive Expense	163,415	(8,254)	163,413	927,899
Total Comprehensive Expense	51,046	(305,857)	79,174	1,044,300
Basic Profit (Loss) per Share	(4.75)	(12.59)	(3.56)	4.92

BALANGODA PLANTATIONS PLC

110, Norris Canal Road - Colombo -10

Provisional Financial Statement for 12 months ended 31st December 2021

STATEMENT OF CHANGES IN EQUITY

	Stated	Revaluation	Timber	Available for	Retained	Total
	Capital	Reserves	Reserves	Sale Reserves	Profit/(Loss)	Equity
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 31 December 2019	350,000	-	1,784,878	353	(2,376,155)	(240,924)
Net Profit/(Loss) for the period					116,401	116,401
Transferred to Timber Reserve			146,139		(146,139)	-
Other Comprehensive Income		909,017		(67)	18,949	927,899
Balance as at 31st Dember 2020	350,000	909,017	1,931,017	286	(2,386,944)	803,376
Balance as at 31 December 2020	350,000	909,017	1,931,017	285	(2,386,946)	803,373
Net Profit/(Loss) for the period					(84,239)	(84,239)
Transferred to Timber Reserve					-	-
Other Comprehensive Income				(46)	163,459	163,413
Balance as at 31 st December 2021	350,000	909,017	1,931,017	239	(2,307,726)	882,547

*These interim financial statements are provisional and subject to audit.