Elpitiya Plantations : Interim Financial Statements as at 31-03-2022 - Elpitiya Plantations PLC

ELPITIYA PLANTATIONS PLC

INTERIM FINANCIAL STATEMENTS

FOR THE TWELVE MONTHS ENDED 31 st MARCH 2022

ELPITIYA PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

			Group		Company
			Unaudited		Audited	Unaudited		Audited
			As at		As at	As at		As at
			31.03.2022		31.03.2021	31.03.2022		31.03.2021
			Rs.'000		Rs.'000	Rs.'000		Rs.'000
	Assets
	Non current assets
	Leasehold property plant and equipment	365,292		381,199	365,292		381,199
	Freehold property plant and equipment	1,486,087		1,303,342	1,303,132		1,111,148
	Intangible Assets	20,271		17,866	17,668		15,263
	Bearer biological assets	3,776,841		3,678,080	3,776,841		3,678,080
	Consumable biological assets	1,118,133		1,072,435	1,118,133		1,072,435
	Other non current asset	45,226		43,835	45,226		43,835
	Investments	353,246		220,948	239,290		239,290
			7,165,097		6,717,706	6,865,582		6,541,251
	Current assets
	Produce on bearer biological assets	21,429		16,528	21,429		16,528
	Inventories	440,942		323,530	440,886		323,496
	Trade and other receivables	390,723		235,655	376,612		229,943
	Amounts due from related companies	126,686		97,034	184,546		163,468
	Income tax receivables	109		89	89		89
	Short Term Investment	950,000		-	950,000		-
	Cash and bank balances	209,970		212,102	204,400		209,698
			2,139,859		884,938	2,177,962		943,222
	TOTAL ASSETS	9,304,956		7,602,644	9,043,545		7,484,473
	Equity and liabilities
	Capital and reserves
	Stated capital	694,236		694,236	694,236		694,236
	Timber reserve	818,604		797,640	818,604		797,640
	Accumulated profits	5,391,329		3,976,496	5,130,706		3,857,870
	Total equity	attributable to equity holders of the company	6,904,169		5,468,372	6,643,546		5,349,746
	Non-controlling interest	(4,924)		(4,805)	-		-
	Total equity	6,899,245		5,463,567	6,643,546		5,349,746
	Non current liabilities
	Interest bearing loans and borrowings	210,194		103,574	210,194		103,574
	Retirement benefit obligations	600,620		623,265	600,392		623,092
	Deferred income	166,809		185,558	166,809		185,558
	Deferred tax liability	412,797		332,754	410,147		331,016
	Net liability to the lessor payable	348,529		340,250	348,529		340,250
			1,738,949		1,585,401	1,736,071		1,583,490
	Current liabilities
	Interest bearing loans and borrowings	108,657		29,508	108,657		29,508
	Net liability to the lessor payable	3,290		2,837	3,290		2,837
	Trade and other payables	520,650		378,867	518,963		376,862
	Amounts due to related companies	20,170		142,030	20,170		142,030
	Income tax payable	13,994		435	12,848		-
			666,762		553,677	663,928		551,236
	TOTAL EQUITY AND LIABILITIES	9,304,956		7,602,644	9,043,545		7,484,473
	Net assets per share
	94.68		74.98	91.17		73.42
	Sgd.
	Ruwan Nissanka
	Chief Operating Officer - Finance				`
	Signed on behalf of the Board of Directors of Elpitiya Plantations PLC
	Sgd.					Sgd.
	M P Dissanayake				Rohan.M. Fernando
	Chairman				Managing Director
	30.05.2022

ELPITIYA PLANTATIONS PLC

INCOME STATEMENT

Group

		03 months ended			12 months ended
	Unaudited	Audited	Change	Unaudited	Audited	Change
	31.03.2022	31.03.2021		31.03.2022	31.03.2021
	Rs.'000	Rs.'000		Rs.'000	Rs.'000
Revenue	1,354,103	1,089,265	24%	5,095,987	4,062,191	25%
Cost of sales	(887,838)	(863,452)	3%	(3,357,880)	(3,083,825)	9%
			106%			78%
Gross Profit	466,266	225,813	1,738,108	978,366
Gain on fair value of biological assets	38,970	40,220	-3%	38,970	40,220	-3%
Other income	52,676	11,593	354%	198,778	139,536	42%
Administration expenses	(157,027)	(134,586)	17%	(424,909)	(355,714)	19%
Management fee and workers profit share	(20,551)	(26,814)	-23%	(145,993)	(121,135)	21%
Finance cost	(15,358)	(6,343)	142%	(49,922)	(48,315)	3%
Finance income	33,501	1,701	1869%	45,134	2,103	2046%
Share of profit of joint ventures	53,848	9,235	483%	233,584	90,455	158%
						125%
Profit before taxation	452,326	120,819	274%	1,633,751	725,516
Tax expenses	(50,962)	158,519	-132%	(101,125)	149,476	-168%
			44%			75%
Profit for the period	401,363	279,338	1,532,625	874,992
Attributable to
Equity holders of the parent	401,386	279,517	44%	1,532,744	875,267	75%
Non controlling Interest	(23)	(180)	-87%	(119)	(275)	-57%
			44%			75%
Net Profit for the period	401,363	279,338	1,532,625	874,992
Earnings per share
5.51	3.83		21.03	12.01

	03 months ended	12 months ended
	Unaudited	Audited	Unaudited	Audited
	31.03.2022	31.03.2021	31.03.2022	31.03.2021
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Profit for the period	401,363	279,338	1,532,625	874,992
Actuarial gain on defined benefit plans	54,510	19,001	54,510	19,001
Income tax effect	(5,724)	(1,995)	(5,724)	(1,995)
Other comprehensive income for the period, net of tax
48,786	17,006	48,786	17,006
Total comprehensive income for the period, net of tax	450,150	296,344	1,581,412	891,998
Attributable to
Equity holders of the parent	450,172	296,523	1,581,530	892,273
Non controlling Interest	(23)	(180)	(119)	(275)
Total comprehensive income for the period
450,150	296,344	1,581,412	891,998

ELPITIYA PLANTATIONS PLC

INCOME STATEMENT

Company

			03 months ended			12 months ended
		Unaudited	Audited	Change	Unaudited	Audited	Change
		31.03.2022	31.03.2021		31.03.2022	31.03.2021
		Rs.'000	Rs.'000		Rs.'000	Rs.'000
	Revenue	1,353,736	1,087,282	25%	5,068,444	4,039,616	25%
	Cost of sales	(884,573)	(859,571)	3%	(3,344,654)	(3,070,389)	9%
				106%			78%
	Gross profit	469,163	227,711	1,723,790	969,227
	Gain on fair value of biological assets	38,970	40,220	-3%			-3%
	38,970	40,220
	Other income	52,692	35,958	47%	299,437	233,769	28%
	Administration expenses	(155,342)	(132,817)	17%	(421,137)	(352,349)	20%
	Management fee and workers profit share	(20,551)	(26,814)	-23%	(145,993)	(121,135)	21%
	Finance cost	(15,358)	(6,343)	142%	(49,922)	(48,315)	3%
	Finance income	33,472	1,655	1922%	45,056	1,909	2260%
				189%			106%
	Profit before taxation	403,047	139,571	1,490,202	723,326
	Tax expenses	(49,306)	168,183	-129%	(99,456)	159,183	-162%
	Profit for the period	353,741	307,754	15%	1,390,746	882,510	58%
	Earnings per share
	4.85	4.22		19.09	12.11
		03 months ended	12 months ended
		Unaudited	Audited	Unaudited	Audited
		31.03.2022	31.03.2021	31.03.2022	31.03.2021
		Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Profit for the period	353,741	307,754	1,390,746	882,510
	Actuarial gain on defined benefit plans	54,510	19,001	54,510	19,001
	Income tax effect	(5,724)	(1,995)	(5,724)	(1,995)
	Other comprehensive income for the period, net of tax	48,786	17,006	48,786	17,006
	Total comprehensive income for the period, net of tax	402,528	324,760	1,439,533	899,516

ELPITIYA PLANTATIONS PLC

STATEMENT OF CHANGES IN EQUITY

Group

			Stated capital	Retained earnings	Timber reserve	Total	Non controlling	Total equity
							Interest
			Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Balance as at 01.04.2020		694,236	3,145,643	790,870	4,630,749	(4,531)	4,626,218
	Net profit for the period		-	892,273	-	892,273	(275)	891,998
	Transferred to the timber reserve		-	(34,077)	34,077	-	-	-
	Realised gain on harvested timber trees		-	27,306	(27,306)	-	-	-
	Dividend Paid		-	(54,650)	-	(54,650)	-	(54,650)
	Balance as at 31.03.2021		694,236	3,976,496	797,640	5,468,372	(4,805)	5,463,567
	Balance as at 01.04.2021		694,236	3,976,496	797,640	5,468,372	(4,805)	5,463,567
	Net profit for the period		-	1,581,530	-	1,581,530	(119)	1,581,412
	Transferred to the timber reserve		-	(34,069)	34,069	-	-	-
	Realised gain on harvested timber trees		-	13,105	(13,105)	-	-	-
	Dividend Paid		-	(145,733)	-	(145,733)	-	(145,733)
	Balance as at 31.03.2022		694,236	5,391,329	818,604	6,904,169	(4,924)	6,899,245

Company

				Stated capital	Retained earnings	Timber reserve	Total equity
				Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Balance as at 01.04.2020		694,236	3,019,774	790,870	4,504,880
	Net profit for the period		-	899,516	-	899,516
	Transferred to the timber reserve		-	(34,077)	34,077	-
	Realised gain on harvested timber trees			27,306	(27,306)	-
		-
	Dividend Paid		-	(54,650)	-	(54,650)
	Balance as at 31.03.2021		694,236	3,857,870	797,640	5,349,746
	Balance as at 01.04.2021		694,236	3,857,870	797,640	5,349,746
	Net Profit for the period		-	1,439,533	-	1,439,533
	Transferred to the timber reserve		-	(34,069)	34,069	-
	Realised gain on harvested timber trees		-	13,105	(13,105)	-
	Dividend Paid		-	(145,733)	-	(145,733)
	Balance as at 31.03.2022		694,236	5,130,706	818,604	6,643,546