H VA FO O DS P LC
Annual Report 2020/21
H V A Foods PLC
PROVISIONAL FINANCIAL STATEMENTS
FOR TH E THREE MONTHS ENDED
H V A Foods 3PLC0TH JUNE| Annual2 0 2 2 Report 2020/21
A
HVA FOODS PLC
Statement of Comprehensive Income
Provisional Financial Statements for the Three months ended 30th June 2022
All amounts in Sri Lanka Rupees
Group | Company | ||||||||||
3 Months from 1st April to | Year ended | 3 Months from 1st April to | Year ended | ||||||||
30.06.2022 | 30.06.2021 | 31.03.2022 | 30.06.2022 | 30.06.2021 | 31.03.2022 | ||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||
Revenue | 814,654,404 | 322,597,908 | 1,261,234,481 | 814,654,404 | 322,597,908 | 1,261,234,481 | |||||
Cost of Sales | (733,402,130) | (287,926,904) | (1,215,204,908) | (733,402,130) | (287,926,904) | (1,215,204,908) | |||||
Gross Profit | 81,252,275 | 34,671,004 | 46,029,573 | 81,252,275 | 34,671,004 | 46,029,573 | |||||
Other Operating Income | 3,493,533 | 53,795,767 | 94,166,619 | 3,493,533 | 53,795,767 | 94,166,619 | |||||
Distribution Expenses | (3,087,383) | (8,839,193) | (15,507,479) | (3,087,383) | (8,839,193) | (15,507,479) | |||||
Administration Expenses | (32,343,251) | (34,308,485) | (314,367,151) | (32,329,147) | (34,308,485) | (314,196,511) | |||||
Results from Operating Activities | 49,315,174 | 45,319,093 | (189,678,438) | 49,329,278 | 45,319,093 | (189,507,798) | |||||
Net Finance Costs | (52,784,889) | (41,296,300) | (56,656,541) | (52,784,889) | (41,296,300) | (56,656,541) | |||||
Profit / (Loss) Before Income Tax | (3,469,715) | 4,022,793 | (246,334,979) | (3,455,611) | 4,022,793 | (246,164,339) | |||||
Income Tax Expense | - | - | - | - | - | - | |||||
Profit / (Loss) for the Period | (3,469,715) | 4,022,793 | (246,334,979) | (3,455,611) | 4,022,793 | (246,164,339) | |||||
Basic Earnings Per Share | (0.03) | 0.06 | (3.71) | (0.03) | 0.06 | (3.71) | |||||
Diluted Earnings Per Share | (0.04) | 0.06 | (3.71) | (0.04) | 0.06 | (3.71) |
Figures in brackets indicate deductions.
Page 1
HVA FOODS PLC
Statement of Financial Position
Provisional Financial Statements for the Three months ended 30th June 2022 | |||||||||
All amounts in Sri Lanka Rupees | |||||||||
Group | Company | ||||||||
As at | 30.06.2022 | 30.06.2021 | 31.03.2022 | 30.06.2022 | 30.06.2021 | 31.03.2022 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
ASSETS | |||||||||
Non-current assets | |||||||||
Property, plant & equipment | 44,767,146 | 48,982,901 | 44,975,354 | 44,767,146 | 48,982,901 | 44,975,354 | |||
Goodwill | 263,849,498 | 263,849,498 | 263,849,498 | 263,849,498 | 263,849,498 | 263,849,498 | |||
Investment in subsidiary | - | - | - | 45,000,001 | 45,000,001 | 45,000,001 | |||
Intangible assets | 52,403,490 | 52,181,337 | 52,431,060 | 7,464,493 | 7,242,340 | 7,492,063 | |||
Deferred tax assets | 14,768,986 | 14,776,364 | 14,768,986 | 14,768,986 | 14,776,364 | 14,768,986 | |||
Total non-current assets | 375,789,119 | 379,790,100 | 376,024,898 | 375,850,123 | 379,851,104 | 376,085,902 | |||
Current assets | |||||||||
Inventories | 363,618,330 | 135,067,418 | 166,504,059 | 363,618,330 | 135,067,418 | 166,504,059 | |||
Financial investments | 1,364,302 | 2,417,284 | 1,887,938 | 1,364,302 | 2,417,284 | 1,887,938 | |||
Trade & Other receivables | 483,734,544 | 256,441,238 | 255,817,337 | 483,734,544 | 256,441,238 | 255,817,337 | |||
Amounts due from related parties | 961,482 | 136,716 | 32,265,859 | 1,208,922 | 213,516 | 32,495,259 | |||
Pre-payments & other recoverable | 10,373,381 | 38,457,881 | 43,952,028 | 10,373,381 | 38,457,881 | 43,952,028 | |||
Deposits & advances receivables | 214,687,821 | 82,509,862 | 165,232,923 | 214,687,821 | 82,509,863 | 165,232,923 | |||
Cash & cash equivalents | 119,174,427 | 148,437,241 | 125,566,974 | 119,164,122 | 148,426,936 | 125,556,669 | |||
Total current assets | 1,193,914,287 | 663,467,640 | 791,227,118 | 1,194,151,422 | 663,534,136 | 791,446,213 | |||
Total assets | 1,569,703,406 | 1,043,257,740 | 1,167,252,016 | 1,570,001,545 | 1,043,385,240 | 1,167,532,115 | |||
Equity and liabilities | |||||||||
Stated capital | 582,965,063 | 333,857,588 | 333,857,588 | 582,965,063 | 333,857,588 | 333,857,588 | |||
Revaluation reserve | 16,701,071 | 237,613,039 | 16,701,071 | 16,701,071 | 237,613,039 | 16,701,071 | |||
Retained earnings | (584,539,388) | (551,669,190) | (581,069,673) | (584,210,745) | (551,525,291) | (580,755,134) | |||
Total equity attributable to the equity holders of the company / Total | 15,126,746 | 19,801,437 | (230,511,014) | 15,455,389 | 19,945,336 | (230,196,475) | |||
equity | |||||||||
Non-current liabilities | |||||||||
Employee benefits | 6,976,268 | 6,228,179 | 7,113,868 | 6,976,268 | 6,228,179 | 7,113,868 | |||
Interest-bearing loans and borrowings | 534,647,250 | 568,308,001 | 536,840,000 | 534,647,250 | 568,308,001 | 536,840,000 | |||
Government grant | 8,597,776 | 9,984,526 | 8,875,126 | 8,597,776 | 9,984,526 | 8,875,126 | |||
Total non-current liabilities | 550,221,294 | 584,520,706 | 552,828,994 | 550,221,294 | 584,520,706 | 552,828,994 | |||
Current liabilities | |||||||||
Trade payables | 158,031,073 | 79,454,667 | 40,865,145 | 158,031,073 | 79,454,667 | 40,865,145 | |||
Interest-bearing loans and borrowings | 468,223,137 | 221,274,851 | 270,202,758 | 468,223,137 | 221,274,851 | 270,202,758 | |||
Government grant | 1,109,400 | 1,109,400 | 1,109,400 | 1,109,400 | 1,109,400 | 1,109,400 | |||
Amounts due to related parties | - | 48,222,835 | 92,286,983 | - | 48,222,835 | 92,286,983 | |||
Income tax payables | 317,468 | 317,468 | 317,468 | 317,468 | 317,468 | 317,468 | |||
Deposits & advances payables | 96,580,634 | 42,722,595 | 308,106,204 | 96,580,634 | 42,722,596 | 308,106,204 | |||
Accrued expenses & other creditors | 131,374,316 | 45,833,781 | 70,524,988 | 131,343,813 | 45,817,381 | 70,490,548 | |||
Bank overdrafts | 148,719,337 | - | 61,521,090 | 148,719,337 | - | 61,521,090 | |||
Total current liabilities | 1,004,355,365 | 438,935,597 | 844,934,036 | 1,004,324,862 | 438,919,198 | 844,899,596 | |||
Total liabilities | 1,554,576,659 | 1,023,456,303 | 1,397,763,030 | 1,554,546,157 | 1,023,439,904 | 1,397,728,590 | |||
Total equity & liabilities | 1,569,703,406 | 1,043,257,740 | 1,167,252,016 | 1,570,001,545 | 1,043,385,240 | 1,167,532,115 | |||
Net Assets per Share - (LKR) | 0.13 | 0.30 | (3.47) | 0.13 | 0.30 | (3.47) |
The figures as at 30th June 2022 are provisional & subject to audit.
Figures in brackets indicate deductions.
……………….…….……………
Head of Finance
Approved and signed for and on behalf of the Board
……………….…….…………… | ……………….…… |
Director | Director |
Colombo
15th August 2022
Page 2
HVA FOODS PLC
Statement of Changes in Equity
Provisional Financial Statements for the Three months ended 30th June 2022
All amounts in Sri Lanka Rupees
Group
Attributable to equity holders of the company | ||||||||
Stated capital | Revaluation | Retained | Total | |||||
reserves | earnings | |||||||
Balance as at 01st April 2021 | ||||||||
333,857,588 | 237,613,039 | (555,691,983) | 15,778,644 | |||||
Profit For the Period | - | - | 4,022,793 | 4,022,793 | ||||
Balance as at 30th June 2021 | 333,857,588 | 237,613,039 | (551,669,190) | 19,801,437 | ||||
Balance as at 01st April 2022 | 333,857,588 | 16,701,071 | (581,069,673) | (230,511,014) | ||||
Issue of Shares | 249,107,475 | 249,107,475 | ||||||
Loss For the Period | - | - | (3,469,715) | (3,469,715) | ||||
Balance as at 30th June 2022 | 582,965,063 | 16,701,071 | (584,539,388) | 15,126,746 | ||||
Company | Stated capital | Revaluation | Retained | Total | ||||
reserves | earnings | |||||||
Balance as at 01st April 2021 | ||||||||
333,857,588 | 237,613,039 | (555,548,084) | 15,922,543 | |||||
Profit For the Period | - | - | 4,022,793 | 4,022,793 | ||||
Balance as at 30th June 2021 | 333,857,588 | 237,613,039 | (551,525,291) | 19,945,336 | ||||
Balance as at 01st April 2022 | 333,857,588 | 16,701,071 | (580,755,134) | (230,196,475) | ||||
Issue of Shares | 249,107,475 | 249,107,475 | ||||||
Loss For the Period | - | - | (3,455,611) | (3,455,611) | ||||
Balance as at 30th June 2022 | 582,965,063 | 16,701,071 | (584,210,745) | 15,455,389 | ||||
Figures in brackets indicate deductions. | ||||||||
The above figures are not audited |
Page 3
HVA FOODS PLC
Statement of Cashflow
Provisional Financial Statements for the Three months ended 30th June 2022
All amounts in Sri Lanka Rupees
Group | Company | ||||||||||||
3months to | Year ended | 3months to | Year ended | ||||||||||
30.06.2022 | 30.06.2021 | 31.03.2022 | 30.06.2022 | 30.06.2021 | 31.03.2022 | ||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (unaudited) | (Unaudited) | (Unaudited) | ||||||||
Cash flow from operating activities | |||||||||||||
Profit before taxation | (3,469,715) | 4,022,793 | (246,334,979) | (3,455,611) | 4,022,793 | (246,164,339) | |||||||
Adjustments for: | |||||||||||||
Depreciation on Property, Plant and Equipment | 1,768,973 | 4,164,436 | 10,766,391 | 1,768,973 | 4,164,436 | 10,766,391 | |||||||
Provision for Defined Benefit Obligations - Gratuity | 596,874 | 596,874 | 1,535,261 | 596,874 | 596,874 | 1,535,261 | |||||||
Interest Income on Deposits and Savings | (1,155,306) | - | (1,781,686) | (1,155,306) | - | (1,781,686) | |||||||
Provision/(Reversal) on Inventories | - | - | (7,012,869) | - | - | (7,012,869) | |||||||
Inventory Write off | 48,614 | - | 42,718,782 | 48,614 | - | 42,718,782 | |||||||
Provision/(reversal) on trade receivables | 1,342,160 | - | (188,362,869) | 1,342,160 | - | (188,362,869) | |||||||
Dividend Income | (29,376) | - | (67,496) | (29,376) | - | (67,496) | |||||||
Amortization of Government Grant | (277,350) | - | (1,109,400) | (277,350) | - | (1,109,400) | |||||||
Loss/(gain) on Fair Valuation of Financial Investments | 523,636 | (180,390) | 348,956 | 523,636 | (180,390) | 348,956 | |||||||
Unrealized exchange gain/ loss on borrowings | 17,127,408 | (26,545,509) | 26,781,557 | 17,127,408 | (26,545,509) | 26,781,557 | |||||||
Interest Expenses | 29,843,716 | 23,092,768 | 109,813,430 | 29,843,716 | 23,092,768 | 109,813,430 | |||||||
Write back of Other Payables | - | - | (16,663,974) | - | - | (16,663,974) | |||||||
Write back of Trade Payables | (2,939,458) | - | - | (2,939,458) | - | - | |||||||
Write back - Trade Receivables | - | - | (19,375,887) | - | - | (19,375,887) | |||||||
Write back - Other Receivables | (2) | - | - | (2) | - | - | |||||||
Write off - Other Oayables | 1 | - | 6,489,703 | 1 | - | 6,489,703 | |||||||
Write off Trade Payables | - | - | 9,113,705 | - | - | 9,113,705 | |||||||
Write off - Trade Receivables | - | - | 327,148,367 | - | - | 327,148,367 | |||||||
Gains on disposal of property, plant and equipment | (100,000) | (42,269,458) | (41,201,570) | (100,000) | (42,269,458) | (41,201,570) | |||||||
Commission Write Back | (1,146,205) | - | - | (1,146,205) | - | - | |||||||
45,603,684 | (41,141,279) | 259,140,401 | 45,603,684 | (41,141,279) | 259,140,401 | ||||||||
Operating loss before working capital changes | 42,133,969 | (37,118,486) | 12,805,422 | 42,148,073 | (37,118,486) | 12,976,062 | |||||||
Change in: | |||||||||||||
(Increase)/Decrease in inventories | (197,162,885) | 19,725,693 | (47,416,860) | (197,162,885) | 19,725,693 | (47,416,860) | |||||||
(Increase)/decrease in trade receivables | (229,259,367) | (100,770,114) | (147,456,923) | (229,259,367) | (100,770,114) | (147,456,923) | |||||||
(Increase)/Decrease in pre-payments and other receivables | 33,578,648 | (30,726,782) | (36,221,922) | 33,578,648 | (30,726,782) | (36,221,922) | |||||||
(Increase)/Decrease in amounts due from related parties | 31,286,337 | - | (32,129,144) | 31,286,337 | - | (32,281,744) | |||||||
(Increase)/decrease in deposits & advances receivables | (49,454,898) | (12,765,522) | (95,488,580) | (49,454,898) | (12,765,522) | (95,488,580) | |||||||
Increase /(Decrease) in trade payables | 120,105,386 | 46,453,054 | (1,250,174) | 120,105,386 | 46,453,054 | (1,250,174) | |||||||
Increase/(Decrease) in amount due to related party | (92,286,983) | 779,219 | 44,843,367 | (92,286,983) | 779,219 | 44,843,367 | |||||||
Increase/(decrease) in deposits & advances payables | (211,525,570) | (18,942,949) | 174,341,757 | (211,525,570) | (18,942,949) | 174,341,757 | |||||||
Increase/(Decrease) in accrued expenses & other creditors | 62,013,573 | (9,779,711) | 25,086,762 | 61,999,469 | (9,779,711) | 25,068,722 | |||||||
Cash generated/(used in) from operating activities | (490,571,790) | (143,145,598) | (102,886,295) | (490,571,790) | (143,145,598) | (102,886,295) | |||||||
Interest paid | (29,843,716) | (23,092,768) | (109,813,430) | (29,843,716) | (23,092,768) | (109,813,430) | |||||||
Gratuity paid | (734,475) | (870,800) | (870,800) | (734,475) | (870,800) | (870,800) | |||||||
Net cash from/ (used in) operating activities | (521,149,980) | (167,109,166) | (213,570,525) | (521,149,980) | (167,109,166) | (213,570,525) | |||||||
Cash flows from investing activities | |||||||||||||
Acquisition of property, plant and equipment | (1,533,195) | (1,708,468) | (5,795,486) | (1,533,195) | (1,708,468) | (5,795,486) | |||||||
Interest received | 1,155,306 | - | 1,781,686 | 1,155,306 | - | 1,781,686 | |||||||
Dividend received | 29,376 | - | 67,496 | 29,376 | - | 67,496 | |||||||
Proceeds from sale of property, plant and equipment | 100,000 | 332,558,646 | 332,733,645 | 100,000 | 332,558,646 | 332,733,645 | |||||||
Net cash used in investing activities | (248,513) | 330,850,178 | 328,787,341 | (248,513) | 330,850,178 | 328,787,341 | |||||||
Cash flows from financing activities | |||||||||||||
Issue of shares | 249,107,475 | - | - | 249,107,475 | - | - | |||||||
Proceeds from bank borrowings | 413,905,078 | 714,070,547 | 1,230,906,341 | 413,905,078 | 714,070,547 | 1,230,906,341 | |||||||
Repayment of bank borrowings | (235,204,858) | (840,852,224) | (1,393,555,181) | (235,204,858) | (840,852,224) | (1,393,555,181) | |||||||
Net cash flows from financing activities | 427,807,696 | (126,781,677) | (162,648,840) | 427,807,696 | (126,781,677) | (162,648,840) | |||||||
Net increase in cash and cash equivalents | (93,590,794) | 36,959,333 | (47,432,024) | (93,590,794) | 36,959,333 | (47,432,024) | |||||||
Cash and cash equivalents at the beginning of the period | 64,045,884 | 111,477,908 | 111,477,908 | 64,035,579 | 111,467,603 | 111,467,603 | |||||||
Cash and cash equivalents as at the end of the period | (29,544,910) | 148,437,241 | 64,045,884 | (29,555,215) | 148,426,936 | 64,035,579 | |||||||
(Note A) | |||||||||||||
Note A -Cash and cash equivalents | |||||||||||||
Cash in hand and cash at banks | 119,174,427 | 148,437,241 | 125,566,974 | 119,164,122 | 148,426,936 | 125,556,669 | |||||||
Bank overdrafts | (148,719,337) | - | (61,521,090) | (148,719,337) | - | (61,521,090) | |||||||
Cash and cash equivalents at end of the period | (29,544,910) | 148,437,241 | 64,045,884 | (29,555,215) | 148,426,936 | 64,035,579 |
Figures in brackets indicate deductions.
Page 4
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HVA Foods plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 09:42:02 UTC.