CT Land Development : QUARTERLY ACCOUNTS FOR PERIOD ENDED 31.12.2022

C T LAND DEVELOPMENT PLC

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31ST DECEMBER 2022

C T LAND DEVELOPMENT PLC

CONTENTS
Description	Page No.
Statement of Profit or Loss and Other Comprehensive Income	3
Statement of Changes in Equity	3
Statement of Financial Position	4
Statement of Cashflows	5
Explanatory Notes	6-7
Corporate Information	8

C T LAND DEVELOPMENT PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

			Entity and Investee
	Three Months ended 31st December	Nine Months ended 31st December
	2022	2021		2022	2021
	Rs. '000		Rs. '000	%	Rs. '000		Rs. '000	%
Revenue	75,719	59,366	28	208,693	159,089	31
Other Operating Income	21,272	9,441	125	46,868	23,706	98
Personnel Costs	(22,704)	(20,647)	10	(65,740)	(61,332)	7
Depreciation	(5,378)	(5,786)	(7)	(16,449)	(17,877)	(8)
Other Operating Costs	(47,161)		(40,761)	16	(123,256)		(101,407)	22
Profit from Operations	21,748	1,613	1,248	50,116	2,179	2,200
Finance Cost	(8,143)	(4,584)	78	(19,219)	(12,511)	54
Share of Impairment of	-	(681)	(100)	-	(681)	(100)
Investments
Share of Profit of Equity	-	(17,327)	(100)	-	(41,848)	(100)
Accounted Investee
Profit/(Loss) before Taxation	13,605	(20,980)	(165)	30,897	(52,861)	(158)
Taxation	(100,832)		(3,147)	3,104	(102,977)		5,780	(1,882)
Net Profit/(Loss) for the Period	(87,227)	(24,126)	262	(72,079)	(47,081)	53
Other Comprehensive Income,	-	-	-	-	-	-
net of Income Tax, for the period
Total Comprehensive Income for
(87,227)	(24,126)	262	(72,079)	(47,081)	53
the period
Earnings/ (Loss) Per Share ( Rs. )	(1.07)		(0.30)		(0.89)		(0.58)

STATEMENT OF CHANGES IN EQUITY

Entity and Investee

	Stated		Retained		AFS		Shareholders'
	Capital		Earnings		Reserve		Funds
	Rs. '000		Rs. '000		Rs. '000		Rs. '000
ENTITY AND INVESTEE
Balance as at 01st April 2021	1,982,500	2,018,117	3,476	4,004,093
Net Profit for the period		(47,081)	-	(47,081)
Dividends			-		-		-
Balance as at 31st December 2021	1,982,500	1,971,036	3,476	3,957,012
Balance as at 01st April 2022	1,982,500		2,011,278		-		3,993,778
Net Profit for the period	-		(72,079)		-		(72,079)
Surcharge tax Paid - 2020/21	-		(12,679)		-		(12,679)
Balance as at 31st December 2022	1,982,500		1,926,520		-		3,909,020

Page 3 of 8

C T LAND DEVELOPMENT PLC

STATEMENT OF FINANCIAL POSITION

		Entity and Investee
As at	31st December		31st December	31st March
	2022	2021		2022
	Rs. '000		Rs.'000	Rs.'000
ASSETS
Non Current Assets
Property, Plant & Equipment	165,610	282,400		170,527
Right of Use Leased Assets	41,882	43,757		42,884
Intangible Assets	3,709	3,800		3,592
Investment Property	4,603,624		4,307,468		4,602,597
	4,814,826	4,637,425		4,819,600
Current Assets
Inventories	9,945	-		-
Trade and Other Receivables	56,881	160,510		57,501
Income Tax Receivable	-	1,612		-
Short Term Investments	115,066	99,715		101,427
Cash in Hand and at Bank	222		143		84
	182,114		261,980		159,012
Total Assets	4,996,940	4,899,405		4,978,612
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	1,982,500	1,982,500		1,982,500
Retained Earnings	1,926,520	1,971,036		2,011,277
AFS Reserve	-		3,476		-
	3,909,020	3,957,012		3,993,777
Non Current Liabilities
Deferred Employee Benefits	57,418	60,307		51,473
Lease Liabilities	50,638	50,121		50,608
Deferred Taxation	511,510	379,257		412,704
Security Deposits	178,724	194,851		186,681
Deferred Interest	23,474	7,903		18,033
Interest bearing Borrowings	118,556		-		151,874
	940,321	692,438		871,374
Current Liabilities
Trade and Other Payables	26,427	29,912		47,177
Lease Liabilities	4,887	4,887		4,887
Income Tax Payable	8,339	-		4,168
Interest bearing Borrowings	44,424	203,624		46,236
Bank Overdraft/(Secured)	63,522		11,531		10,993
	147,598		249,954		113,460
Total Equity and Liabilities	4,996,940		4,899,405		4,978,612
Net Assets per Share (Rs.)	48.11		48.70		49.15

These Financial Statements have been prepared in accordance with the requirements of the Companies Act No.07 of

Ms. W A Y P Wijesinghe

Finance Manager

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board:

J.C. Page	A.T.P. Edirisinghe
Deputy Chairman/ Managing Director	Director
10th February 2023
	Page 4 of 8

C T LAND DEVELOPMENT PLC

STATEMENT OF CASHFLOWS

		Entity and Investee
Period ended	31st December		31st December	31st March
	2022	2021		2022
	Rs. '000		Rs.'000	Rs.'000
CASH FLOW FROM OPERATING ACTIVITIES
Cash Generated from Operations
Profit from Operating Activities	30,897	(52,861)		14,169
Adjustments for :
Depreciation & Amortisation	14,895	15,969		21,031
Amortisation of right of use Assets	1,002	1,909		2,782
Change in Fair Value of Investment Properties	-	-		(180,641)
Change in Fair Value of Financial Instruments	(13,638)	(1,355)		(3,068)
Provision for Defined Benefit Obligation	5,946	2,872		2,977
Provision for Impairment of Trade Receivables	-	-		3,334
Share of Profit of Equity Accounted Investee	-	41,848		41,848
Interest Expenses on Leases	4,441	4,820		3,769
Interest Income	-	-		(59)
Loss on Disposal of Long Term Investment	-	681		-
Finance Cost	19,219		12,511		16,894
Operating Profit before Working Capital Changes	62,761	26,393		(76,964)
Adjustment for Working Capital Changes
(Increase)/Decrease in Inventories	(9,945)	-		-
(Increase)/Decrease in Trade and Other Receivables	(13,148)	19,441		119,117
Increase/(Decrease) in Trade and Other Payables	(6,983)	880		18,145
Increase/(Decrease) in Security Deposits	(2,516)		(4,346)		(2,385)
Cash Generated from Operations	30,169	42,367		57,913
Interest Paid	(19,219)	(12,511)		(16,894)
Gratuity Paid	-	-		705
Income Tax Paid	(12,679)		(1,859)		(1,859)
Net Cash inflow from Operating Activities	(1,728)	27,997		39,865
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of Property, Plant & Equipment	(1,631)	(415)		(574)
Sales proceeds from disposal of Long term Investment	-	75,530		75,530
Interest Received	-	-		59
Expenses incurred on Capital WIP	(9,492)	(17,072)		(24,384)
Term Loan Received	-	40,000		200,000
Repayment of Interest Bearing Borrowings	(35,130)	(5,438)		(170,952)
Investments - Financial Instruments	-		(72,000)		(72,000)
Net Cash used in Investing Activities	(46,252)	20,606		7,679
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of Lease Liabilities	(4,410)		(5,138)		(3,600)
Net Cash used in Financing Activities	(4,410)		(5,138)		(3,600)
Net Increase/(Decrease) in Cash and Cash Equivalents	(52,391)	43,465		43,945
Cash and Cash Equivalents as at 1st April	(10,908)		(54,854)		(54,854)
Cash and Cash Equivalents as at the end (Note A)	(63,300)	(11,388)		(10,909)
NOTE - A
Analysis of Cash and Cash Equivalents
Cash in Hand and at Bank	222	143		85
Bank Overdraft	(63,522)		(11,531)		(10,994)
	(63,300)		(11,388)		(10,909)

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