Kelani Valley Plantations : Financial statements as at 31st December 2021

KELANI VALLEY PLANTATIONS PLC

Company Reg. No. - PQ 58

Interim Financial Statements

For the period ended 31 December 2021.

CORPORATE INFORMATION

LEGAL FORM

A Public Limited Company

Incorporated in Sri Lanka on 18 June 1992

COMPANY NUMBER

PQ58

DIRECTORS

A.M. Pandithage - Chairman

W.G.R. Rajadurai - Managing Director Anura Weerakoon - Chief Executive Officer

1. Mohideen S.C.Ganegoda C.V. Cabraal

L.N.De.S.Wijeyeratne

SUBSIDIARIES

Kalupahana Power Company (Private) Limited

Kelani Valley Instant Tea (Private) Limited

Mabroc Teas (Private) Limited

Kelani Valley Resorts (Private) Limited

SECRETARIES

Hayleys Group Services (Private) Limited 400, Deans Road, Colombo 10, Sri Lanka Telephone: [phone] (8 Lines)

Fax: [phone]

E-mail: [e-mail]

STOCK EXCHANGE LISTING

The ordinary shares of the Company are listed with the Colombo Stock Exchange of Sri Lanka

REGISTERED OFFICE/HEAD OFFICE

400, Deans Road, Colombo 10, Sri Lanka

Telephone: [phone] (2Lines) 2627700/2694215

Fax: [phone]

Web: www.kvpl.com

E-mail: [e-mail]

PRINCIPAL LINES OF BUSINESS

Producing and Processing of Tea and Rubber

KELANI VALLEY PLANTATIONS PLC

Company Reg. No. - PQ 58

KELANI VALLEY PLANTATIONS PLC

400, Deans Road Colombo 10.

Interim Financial Statements as at 31 December 2021

STATEMENT OF FINANCIAL POSITION

Group		Company		Group		Company
Audited		Audited		Unaudited		Unaudited	Unaudited		Unaudited
as at		as at		as at		as at	as at		as at
31.03.2021	31.03.2021		31.12.2021	31.12.2020		31.12.2021	31.12.2020
Rs. '000		Rs. '000		Rs. '000		Rs. '000	Rs. '000		Rs. '000
			ASSETS
			Non-Current Assets
624,841	624,841	Right-of-use assets	580,215	609,065		580,215	609,065
2,021,490	862,329	Freehold property, plant & equipment	2,078,797	2,018,831		893,665	883,504
3,858,626	3,858,626	Improvements to leasehold property	3,877,260	3,835,812		3,877,260	3,835,812
204,178	204,178	Biological assets - consumable	204,178	199,003		204,178	199,003
-	350,609	Investments in subsidiaries	-	-		350,609	353,066
390,920	390,920	Other non-current financial assets	390,920	390,920		390,920	390,920
40,520		-	Intangible assets	41,885		41,000		-		-
7,140,575	6,291,503	Total non - current assets	7,173,255	7,094,631		6,296,847	6,271,370
			Current Assets
9,286	9,286	Produce on bearer biological assets	-	-		-	-
1,346,248	503,516	Inventories	1,009,399	1,177,523		624,347	528,879
-	21,153	Amounts due from subsidiaries	-	-		21,153	22,671
72,654	49,208	Amounts due from other related companies	54,402	69,870		22,886	30,304
1,804,442	510,425	Trade and other receivables	1,726,088	1,484,067		592,635	385,156
953	-	Income tax recoverable	385	1,398		-	-
46,088	45,837	Short-term deposits	406,766	41,726		212,292	41,513
332,148		133,815	Cash and cash equivalents	158,767		139,561		26,372		54,799
3,611,819		1,273,240	Total current assets	3,355,807		2,914,145		1,499,685		1,063,322
10,752,394	7,564,743	Total assets	10,529,062	10,008,776		7,796,532	7,334,692
			EQUITY AND LIABILITIES
			Equity
340,000	340,000	Stated capital	340,000	340,000		340,000	340,000
			(Issued & fully paid 68,000,000 ordinary shares & 01 Golden	Share)
3,909,054		3,066,027	Revenue reserves	4,527,266		3,460,723		3,385,708		2,666,295
4,249,054	3,406,027	Total equity attributable to equity holders of the company	4,867,266	3,800,723		3,725,708	3,006,295
41,181		-	Non-controlling interest	48,836		38,423		-		-
4,290,235	3,406,027	Total equity	4,916,102	3,839,146		3,725,708	3,006,295
			Non-Current Liabilities
193,110	39,201	Interest-bearing borrowings	154,601	256,635		12,297	79,926
71,454	-	Other financial liabilities	88,593	215,922		-	-
-	-	Amounts due to other related companies	-	289		-	289
667,443	666,796	Deferred income	677,666	663,573		677,039	662,920
462,162	432,211	Deferred tax liability	465,189	416,698		436,959	387,376
1,073,036	1,031,233	Retirement benefit obligations	1,163,571	1,196,294		1,119,994	1,159,593
599,097		599,097	Lease liability	584,868		578,721		584,868		578,721
3,066,302	2,768,538	Total non - current liabilities	3,134,488	3,328,132		2,831,157	2,868,825
			Current Liabilities
813,671	514,602	Trade and other payables	823,406	662,033		646,730	515,072
-	-	Dividends payable	17,000	-		17,000	-
14,785	14,785	Lease liability	18,922	10,023		18,922	10,023
-	12,468	Amounts due to subsidiaries	-	-		12,156	12,234
90,198	49,302	Amounts due to other related companies	50,185	65,391		28,765	52,762
42,996	1,642	Income tax payable	60,206	40,639		-	-
159,454	64,712	Interest-bearing borrowings payable within one year	153,334	139,055		41,702	47,013
150,000	-	Other financial liabilities	150,000	75,000		-	-
1,983,276	600,000	Short-terminterest-bearing borrowings	1,178,938	1,725,589		450,000	700,000
141,477		132,667	Bank overdraft	26,481		123,768		24,392		122,468
3,395,857		1,390,178	Total current liabilities	2,478,472		2,841,498		1,239,667		1,459,572
6,462,159		4,158,716	Total liabilities	5,612,960		6,169,630		4,070,824		4,328,397
10,752,394		7,564,743	Total equity and liabilities	10,529,062		10,008,776		7,796,532	7,334,692

The Statement of Financial Position as at 31 December 2021, the Income Statements, Statements of Cash Flows and the Statements of Changes in Equity for the nine months then ended are drawn up from the unaudited Financial Statements of the Company and its Subsidiaries and they provide the information required by the Colombo Stock Exchange.

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007.

Sgd

Vidura Weerabahu

General Manager - Finance

Signed for and on behalf of the Board,

Sgd	Sgd
A.M.Pandithage	W.G.R.Rajadurai
Chairman	Managing Director
02 February, 2022

KELANI VALLEY PLANTATIONS PLC

400, Deans Road Colombo 10.

Interim Financial Statements for the nine months ended 31 December 2021

STATEMENT OF PROFIT OR LOSS - GROUP

Audited		Unaudited		Unaudited		Increase/	Unaudited		Unaudited		Increase/
Year ended		09 months to		09 months to		(Decrease)	3 Months to		3 Months to		(Decrease)
31.03.2021		31.12.2021	31.12.2020				31.12.2021	31.12.2020
Rs. '000		Rs. '000		Rs. '000		%		Rs. '000		Rs. '000		%
11,760,470	Revenue	9,562,542	8,572,048	12		2,959,816	3,169,962	(7)
(10,003,836)	Cost of sales	(8,003,245)		(7,457,006)		7		(2,482,463)		(2,714,947)		(9)
1,756,634	Gross profit	1,559,297	1,115,042	40		477,353	455,015	5
8,839	Gain on change in fair value of biological assets	-	-	-		-	-	-
140,283	Other income	119,516	108,640	10		40,118	34,453	16
(708,586)	Administrative expenses	(615,775)	(519,115)	19		(208,449)	(210,804)	(1)
(24,737)	Distribution expenses	(32,491)		(10,304)		<100		(16,581)		(2,992)		<100
1,172,433	Results from operating activities	1,030,547	694,263	48		292,441	275,672	6
176,710	Finance income	146,166	73,502	99		29,665	45,281	(34)
(320,568)	Finance expenses	(191,385)	(217,626)	(12)		(38,512)	(78,357)	(51)
(81,056)	Interest paid to Government on lease	(63,105)		(60,162)		5		(21,275)		(19,624)		8
(224,914)	Net finance cost	(108,324)		(204,286)		(47)		(30,122)		(52,700)		(43)
947,519	Profit/(loss) before tax	922,223	489,977	88		262,319	222,972	18
(145,336)	Tax (expense)/reversal	(129,758)		(88,032)		47		(39,499)		(28,635)		38
802,183	Profit/(loss) for the period	792,465	401,945	97		222,820	194,337	15
	Attributable to;
795,090	Equity holders of the parent	784,811	397,604	97		220,015	191,824	15
7,093	Non-controlling interest	7,654		4,341		76		2,805		2,513		12
802,183	Profit/(loss) for the period	792,465	401,945	97		222,820	194,337	15
	Earnings per share ( Rs )
11.69	Basic / Diluted	11.54	5.85	97		3.24	2.82	15

STATEMENTS OF COMPREHENSIVE INCOME

802,183	Profit/(loss) for the period	792,465	401,945			97	222,820	194,337	15
	Other Comprehensive Income
-	Fair Value Gain on FVTOCI Financial Assets	-	-	-		-	-	-
138,110	Actuarial gains/(loss) on defined benefit obligations	-	-	-		-	-	-
(19,333)	Income tax effect	-	-	-		-	-	-
118,777	Other comprehensive income/(loss) for the period, net of tax	-		-		-			-		-		-
920,960	Total comprehensive income/(loss) for the period, net of tax	792,465		401,945			97		222,820		194,337	15

Attributable to:

913,861

7,099

920,960

Equity holders of the parent	784,811	397,604	97	220,015	191,824	15
Non-controlling interest	7,654		4,341		76		2,805		2,513		12
Profit/(loss) for the period	792,465		401,945		97		222,820		194,337	15

Figures in brackets indicate deductions

KELANI VALLEY PLANTATIONS PLC

400, Deans Road Colombo 10.

Interim Financial Statements for the nine months ended 31 December 2021

STATEMENT OF PROFIT OR LOSS - COMPANY

Audited		Unaudited		Unaudited		Increase/	Unaudited		Unaudited		Increase/
Year ended		09 months to		09 months to		(Decrease)	3 months to		3 months to		(Decrease)
31.03.2021		31.12.2021	31.12.2020	%		31.12.2021	31.12.2020	%
Rs. '000		Rs. '000		Rs. '000				Rs. '000		Rs. '000
4,573,645	Revenue	3,778,801	3,128,648	21		1,151,315	1,073,293	7
(3,868,725)	Cost of sales	(3,282,835)		(2,736,634)		20		(992,535)		(866,126)		15
704,920	Gross profit	495,966	392,014	27		158,780	207,167	(23)
8,839	Gain on change in fair value of biological assets	-	-	-		-	-	-
349,802	Other income	415,622	185,940	<100		340,864	121,283	<100
(362,210)	Administrative expenses	(308,396)		(276,345)		12		(108,390)		(122,207)		(11)
701,351	Results from operating activities	603,192	301,609	100		391,254	206,243	90
12,517	Finance income	10,161	1,761	<100		3,251	378	<100
(88,348)	Finance expenses	(37,656)	(76,424)	(51)		(14,278)	(20,594)	(31)
(81,056)	Interest paid to Government on lease	(63,105)		(60,162)		5		(21,275)		(19,624)		8
(156,887)	Net finance cost	(90,600)		(134,825)		(33)		(32,302)		(39,840)		(19)
544,464	Profit/(loss) before tax	512,592	166,784	<100		358,952	166,403	116
(48,929)	Tax (expense)/reversal	(26,311)		(16,761)		57		(12,038)		(5,587)		115
495,535	Profit/(loss) for the period	486,281	150,023	<100		346,914	160,816	116
	Earnings per share ( Rs )
7.29	Basic / Diluted	7.15	2.21	<100		5.10	2.36	116

STATEMENTS OF COMPREHENSIVE INCOME

495,535	Profit/(loss) for the period	486,281	150,023	<100		346,914	160,816	116
	Other Comprehensive Income
142,116	Actuarial gains/(loss) on defined benefit obligations	-	-	-		-	-	-
(19,896)	Income tax effect	-	-	-		-	-	-
122,220	Other comprehensive income/(loss) for the period, net of tax	-		-		-		-		-		-
617,755	Total comprehensive income/(loss) for the period, net of tax	486,281	150,023	<100		346,914	160,816	116

Figures in brackets indicate deductions