Good Hope : Financial statements as at 30th June 2022

Good Hope PLC

Summarised Financial Report

for the three months ended

30th June 2022

GOOD HOPE PLC

Review of operations for the period ended 30th June 2022

The minority equity investments the Company holds in Shalimar Developments Sdn. Bhd. (SDSB) and in Shalimar (Malay) PLC (SMPLC) is the main business of the Company. SDSB's investee company carries out palm oil plantation operations in Indonesia.

The investee Company continues to take measures to ensure that its business operations are carried out efficiently amidst several market and economic challenges. The Crude Palm Oil (CPO) prices which saw an upward trend in the fourth quarter of the previous year, witnessed a reversal in the latter part of the first quarter under review, due to multiple reasons, including a global price correction of commodities, the duty on CPO sales introduced by the Indonesian government and higher build-up of stocks in the Indonesian domestic market. In the backdrop of these unfolding challenges, the investee Company is focused in managing its resources to ensure that it is able to preserve the long term inherent value of the investment to its stakeholders.

The only source of income for the period is the interest income earned from the Company's short-term deposits in Sri Lanka. Accordingly, the Company recorded an after tax profit of Rs. 0.13 Mn from its operations during the period under review; compared to a profit of Rs. 0.20 Mn recorded in the corresponding period of the previous financial year.

Minimum Public Holding

As previously informed, the Company is not in compliance with the minimum public holding requirements in relation to a Company Listed on the Main Board of the Colombo Stock Exchange (CSE) as per Rule 7.14.1 (a) of the Listing Rules of CSE, due to which the Company was transferred to the 'Watch List' of the CSE in terms of Rule 7.14.2 (b) of the previous Listing Rules of the CSE with effect from 2nd July 2018.

However, the CSE via their Circular No. 03/2019 dated 3rd October 2019 amended the Listing Rules on enforcement actions applicable for non-compliance with minimum public holding requirements with effect from 12th September 2019. Accordingly, in terms of Rule 7.14.2 of the Listing Rules of the CSE, the company was transferred to the Second Board with effect from 15th November 2019.

We wish to highlight that the objective of the voluntary offer made to all shareholders on 17th March 2011 was to acquire the entire minority shareholding as a step towards the consolidation of the oil palm plantation business. The offer documents also mentioned that upon completion of the voluntary offer, the rationale for remaining listed will be evaluated. Since the voluntary offer did not result in the acquisition of the entire minority shareholding, the Company continued to remain listed.

Taking into consideration that a voluntary offer had been made and also considering that there is no requirement for additional capital infusion to the Company and resultantly, there being no plans for issuing of new shares nor a dilution by the majority shareholder and as previously communicated to shareholders through market disclosures and Annual Reports and in terms of the revised Listing Rules, we will report the proposed course of action.

Agro Harapan Lestari (Pvt) Ltd

Managers

04th August 2022

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GOOD HOPE PLC

Statement of Profit or Loss

	Three months ended
(All figures in Sri Lankan Rupees '000)	30th June	Change
	2022	2021
			%
Interest Income	667	761	-12%
	667	761	-12%
Administrative expenses	(487)	(502)	-3%
Profit before tax for the period	180	259	-31%
Income tax expense	(48)	(64)	-25%
Profit for the period
132	195	-32%
Earnings Per Share (Rs.)	0.03	0.05
	Three months ended
	30th June	Change
Statement of Comprehensive Income	2022	2021
			%
Profit for the period	132	195	-32%
Other comprehensive income
Other Comprehensive Income/(Loss) not to be reclassified to profit or loss in
subsequent periods
Loss on Change in Fair Value of Financial Assets classified under Fair Value through	(42,292)	(27,894)	52%
Other Comprehensive income (FVOCI)
Net Other Comprehensive Loss not to be reclassified to profit or loss in	(42,292)	(27,894)	52%
subsequent periods
Total Comprehensive Loss for the period, net of tax	(42,160)	(27,699)	52%

Changes represent the percentage change in current period's results compared to corresponding period of last year.

Figures in brackets indicate deductions/negative changes.

The above figures are subject to audit.

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GOOD HOPE PLC

Statement of Financial Position

(All figures in Sri Lankan Rupees '000)
		As at	As at
	Note	30.06.2022	31.03.2022
			(Adjusted)
ASSETS
Non-Current Assets
Property, Plant and Equipment		265	311
Non-current financial assets	(Note 3)	10,646,526	10,688,818
Total Non- Current Assets		10,646,791	10,689,129
Current Assets
Prepayments and other receivable		232	338
Income tax receivable		584	631
Short term investments		11,635	36,233
Cash and cash equivalents		30,279	5,487
Total Current Assets		42,730	42,689
Total Assets		10,689,521	10,731,818
EQUITY AND LIABILITIES
Equity
Stated capital	(Note 6)	68,713	68,713
Retained earnings		92,411	92,279
Other reserves		10,495,142	10,537,434
Total Shareholders' Funds		10,656,266	10,698,426
Current Liabilities
Provisions and Accrued Expenses	(Note 8)	898	1,035
Unclaimed dividend		32,357	32,357
Total Current Liabilities		33,255	33,392
Total Liabilities		33,255	33,392
Total Equity and Liabilities		10,689,521	10,731,818
Net Asset per share (Rs.)		2,743.79	2,754.64

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

(Sgd.)
Aneesh Dudeja
President / Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved & signed for and on behalf of the Managers,	Approved & signed for and on behalf of the Board,
(Sgd.)	(Sgd.)	(Sgd.)
Rushdi Azeez	H. Selvanathan	M. Selvanathan
Director	Chairman	Director
Agro Harapan Lestari (Pvt) Ltd

04th August 2022

The above figures are subject to audit.

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GOOD HOPE PLC

Statement of Changes in Equity (All figures in Sri Lankan Rupees '000)

Balance as at 01st April 2021

Surcharge tax(Note 8) Balance as at 01st April 2021 (Adjusted)

Profit for the period

Other comprehensive income for the period

Total comprehensive income for the period

Balance as at 30th June 2021 (Adjusted)

Balance as at 1st April 2022 (Adjusted )

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period

Balance as at 30th June 2022

The above figures are subject to audit.

Figures in brackets indicate deductions/negative changes.

Stated	Fair Value	Retained	Total
Shareholders'
Capital	Reserve	Earnings
Funds
68,713	6,946,080	111,888	7,126,681
-	-	(692)	(692)
68,713	6,946,080	111,196	7,125,989
-	-	195	195
-	(27,894)	-	(27,894)
-	(27,894)	195	(27,699)
68,713	6,918,186	111,391	7,098,290

Stated	Fair Value	Retained	Total
Shareholders'
Capital	Reserve	Earnings
Funds
68,713	10,537,434	92,279	10,698,426
-	-	132	132
-	(42,292)	-	(42,292)
-	(42,292)	132	(42,160)
68,713	10,495,142	92,411	10,656,266

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