Kelani Valley Plantations : Interim Financial Statements as of 31/12/2022

KELANI VALLEY PLANTATIONS PLC

Company Reg. No. - PQ 58

Interim Financial Statements

For the period ended 31 December 2022.

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 (retired w.e.f. 28.06.2022) Nandana Ekanayake (appointed w.e.f. 29.06.2022)

SUBSIDIARIES

Kalupahana Power Company (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 2022

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
31.03.2022	31.03.2022		31.12.2022	31.12.2021		31.12.2022	31.12.2021
Rs. '000		Rs. '000		Rs. '000		Rs. '000	Rs. '000		Rs. '000
			ASSETS
			Non-Current Assets
595,090	595,090	Right-of-use assets	555,997	580,215		555,997	580,215
2,106,696	871,025	Freehold property, plant & equipment	2,258,133	2,078,797		869,794	893,665
3,880,180	3,880,180	Improvements to leasehold property	3,952,743	3,877,260		3,952,743	3,877,260
212,691	212,691	Biological assets - consumable	212,691	204,178		212,691	204,178
-	347,813	Investments in subsidiaries	-	-		328,000	350,609
390,920	390,920	Other non-current financial assets	390,920	390,920		390,920	390,920
41,251	-	Intangible assets	39,308	41,885		-	-
7,226,828		6,297,719	Total non - current assets	7,409,792		7,173,255		6,310,145		6,296,847
			Current Assets
16,980	16,980	Produce on bearer biological assets	-	-		-	-
1,855,248	711,067	Inventories	2,209,133	1,009,399		1,406,940	624,347
-	22,910	Amounts due from subsidiaries	-	-		22,921	21,153
224,877	154,010	Amounts due from other related companies	1,141,510	54,402		1,091,329	22,886
2,319,105	457,684	Trade and other receivables	2,746,216	1,726,088		632,956	592,635
138	-	Income tax recoverable	2,899	385		2,899	-
496,060	264,794	Short-term deposits	348,165	406,766		203,736	212,292
371,939	85,286	Cash and cash equivalents	603,817	158,767		296,793	26,372
5,284,347		1,712,731	Total current assets	7,051,740		3,355,807		3,657,574		1,499,685
12,511,175		8,010,450	Total assets	14,461,532		10,529,062		9,967,719		7,796,532
			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)
5,552,995	3,827,764	Revenue reserves	6,723,597	4,527,266		4,722,883	3,385,708
5,892,995		4,167,764	Total equity attributable to equity holders of the company	7,063,597		4,867,266		5,062,883		3,725,708
49,085	-	Non-controlling interest	55,282	48,836		-	-
5,942,080		4,167,764	Total equity	7,118,879		4,916,102		5,062,883		3,725,708
			Non-Current Liabilities
125,574	8,669	Interest-bearing borrowings	44,979	154,601		4,500	12,297
-	-	Other financial liabilities	-	88,593		-	-
672,440	671,819	Deferred income	661,295	677,666		661,295	677,039
444,120	386,973	Deferred tax liability	642,094	465,189		584,773	436,959
1,034,290	988,098	Retirement benefit obligations	1,234,980	1,163,571		1,184,494	1,119,994
599,964	599,964	Lease liability	589,032	584,868		589,032	584,868
2,876,388		2,655,524	Total non - current liabilities	3,172,380		3,134,488		3,024,094		2,831,157
			Current Liabilities
1,323,039	727,004	Trade and other payables	1,764,642	823,406		1,488,581	646,730
68,355	68,355	Dividends payable	204,000	17,000		204,000	17,000
16,899	16,899	Lease liability	16,899	18,922		16,899	18,922
-	11,997	Amounts due to subsidiaries	-	-		19	12,156
82,753	55,420	Amounts due to other related companies	44,510	50,185		21,608	28,765
96,915	-	Income tax payable	223,844	60,206		116,664	-
137,861	30,278	Interest-bearing borrowings payable within one year	112,552	153,334		6,960	41,702
92,081	-	Other financial liabilities	99,208	150,000		-	-
1,845,270	250,000	Short-terminterest-bearing borrowings	1,677,504	1,178,938		-	450,000
29,534	27,209	Bank overdraft	27,114	26,481		26,011	24,392
3,692,707		1,187,162	Total current liabilities	4,170,273		2,478,472		1,880,742		1,239,667
6,569,095		3,842,686	Total liabilities	7,342,653		5,612,960		4,904,836		4,070,824
12,511,175		8,010,450	Total equity and liabilities	14,461,532		10,529,062		9,967,719		7,796,532

The Statement of Financial Position as at 31 December 2022, 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

V.W.Weerabahu

Director - Finance

Signed for and on behalf of the Board,

Sgd	Sgd
A.M.Pandithage	W.G.R.Rajadurai
Chairman	Managing Director
02-February-2023

KELANI VALLEY PLANTATIONS PLC

400, Deans Road Colombo 10.

Interim Financial Statements for the nine months ended 31 December 2022

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)
31.03.2022		31.12.2022	31.12.2021				31.12.2022	31.12.2021
Rs. '000		Rs. '000		Rs. '000		%		Rs. '000		Rs. '000		%
12,925,850	Revenue	15,941,663	9,562,542	67		5,001,297	2,959,816	69
(10,661,213)	Cost of sales	(13,288,016)		(8,059,876)		65		(4,362,030)		(2,493,798)		75
2,264,637	Gross profit	2,653,647	1,502,667	77		639,267	466,018	37
16,207	Gain on change in fair value of biological assets	-	-	-		-	-	-
-	Dividend Income	25,916	-	-		25,916	-	-
331,637	Other income	134,021	119,516	12		41,133	40,118	3
(877,826)	Administrative expenses	(713,365)	(559,144)	28		(230,026)	(197,113)	17
(59,139)	Distribution expenses	(66,712)		(32,491)		>100		(39,595)		(16,581)		>100
1,675,516	Results from operating activities	2,033,507	1,030,547	97		436,695	292,442	49
960,908	Finance income	833,465	146,166	>100		101,632	29,665	>100
(588,140)	Finance expenses	(552,648)	(191,385)	>100		(75,229)	(38,512)	95
(83,113)	Interest paid to Government on lease	(66,640)		(63,105)		6		(22,694)		(21,275)		7
289,655	Net finance cost	214,177		(108,324)		>100		3,709		(30,122)		>100
1,965,171	Profit/(loss) before tax	2,247,684	922,223	>100		440,404	262,319	(68)
(187,707)	Tax (expense)/reversal	(516,851)		(129,758)		>100		(287,949)		(39,499)		>100
1,777,464	Profit/(loss) for the period	1,730,833	792,465	>100		152,455	222,820	(32)
	Attributable to;
1,769,532	Equity holders of the parent	1,724,636	784,811	>100		150,285	220,016	(32)
7,932	Non-controlling interest	6,197		7,654		(19)		2,170		2,805		(23)
1,777,464	Profit/(loss) for the period	1,730,833	792,465	>100		152,455	222,820	(32)
	Earnings per share ( Rs )
26.02	Basic / Diluted	25.36	11.54	>100		2.21	3.24	(32)

STATEMENTS OF COMPREHENSIVE INCOME

1,777,464	Profit/(loss) for the period	1,730,833	792,465	>100	152,455	222,820	(32)
	Other Comprehensive Income
62,715.16	Revaluation of land	-	-	-	-	-	-
			-
59,487	Actuarial gains/(loss) on defined benefit obligations	-	-	-	-	-	-
(13,224)	Income tax effect	(10,034)			-	(10,034)	-	-
108,978	Other comprehensive income/(loss) for the period, net of tax	(10,034)		-		-		(10,034)		-		-
1,886,442	Total comprehensive income/(loss) for the period, net of tax	1,720,799		792,465		>100		142,421		222,820	(36)

Attributable to:

1,878,539

7,903

1,886,442

Equity holders of the parent	1,714,602	784,811	>100	140,251	220,016	(36)
Non-controlling interest	6,197		7,654		(19)		2,170		2,805		(23)
Profit/(loss) for the period	1,720,799		792,465		>100		142,421		222,820	(36)

Figures in brackets indicate deductions

KELANI VALLEY PLANTATIONS PLC

400, Deans Road Colombo 10.

Interim Financial Statements for the nine months ended 31 December 2022

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)
31.03.2022		31.12.2022	31.12.2021	%		31.12.2022	31.12.2021	%
Rs. '000		Rs. '000		Rs. '000				Rs. '000		Rs. '000
5,351,531	Revenue	6,182,315	3,778,801	64		1,959,022	1,151,315	70
(4,441,459)	Cost of sales	(4,859,635)		(3,339,466)		46		(1,650,368)		(1,003,871)		64
910,072	Gross profit	1,322,680	439,335	>100		308,654	147,445	>100
16,207	Gain on change in fair value of biological assets	-	-	-		-	-	-
305,100	Dividend Income	535,856	305,100	76		85,856	305,100	(72)
143,648	Other income	110,774	110,522	0.2		36,624	35,764	2
(425,972)	Administrative expenses	(298,927)		(251,765)		19		(106,079)		(97,055)		9
949,055	Results from operating activities	1,670,383	603,192	>100		325,055	391,255	(17)
105,283	Finance income	200,770	10,161	>100		67,067	3,251	>100
(48,201)	Finance expenses	(23,167)	(37,656)	(38)		(2,080)	(14,278)	(85)
(83,113)	Interest paid to Government on lease	(66,640)		(63,105)		6		(22,694)		(21,275)		7
(26,031)	Net finance cost	110,963		(90,600)		>100		42,293		(32,301)		<100
923,024	Profit/(loss) before tax	1,781,346	512,592	>100		367,348	358,953	2
15,810	Tax (expense)/reversal	(342,227)		(26,311)		>100		(234,753)		(12,038)		>100
938,834	Profit/(loss) for the period	1,439,119	486,281	>100		132,595	346,916	(62)
	Earnings per share ( Rs )
13.81	Basic / Diluted	21.16	7.15	>100		1.95	5.10	(62)

STATEMENTS OF COMPREHENSIVE INCOME

938,834	Profit/(loss) for the period	1,439,119	486,281	>100		132,595	346,916	(62)
	Other Comprehensive Income
62,344	Actuarial gains/(loss) on defined benefit obligations	-	-	-		-	-	-
(4,844)	Income tax effect	-	-	-		-	-	-
57,500	Other comprehensive income/(loss) for the period, net of tax	-		-		-		-		-		-
996,334	Total comprehensive income/(loss) for the period, net of tax	1,439,119	486,281	>100		132,595	346,916	(62)

Figures in brackets indicate deductions