FINANCIAL STATEMENTS
For the Period Ended 31 DECEMBER 2021
LANKA VENTURES PLC
Ocean Lines Building
46/12, Nawam Mawatha
Colombo 02.
Tel: 2439201 Fax: 2439203
LANKA VENTURES PLC | ||||||||||||||||||
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(All amounts in Sri Lanka Rupees thousands) | Interim period of 03 Months | Accumulated 09 Months | ||||||||||||||||
Group | Company | Group | Company | |||||||||||||||
Period ended 31 December | Period ended 31 December | Period ended 31 December | Period ended 31 December | |||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||
Revenue | ||||||||||||||||||
Investment income | 263 | 151 | 1,225 | 955 | 689 | 386 | 3,585 | 3,045 | ||||||||||
Interest income | 3,040 | 3,496 | 1,362 | 883 | 10,892 | 12,553 | 2,651 | 4,673 | ||||||||||
Subsidiary company income | 143,768 | 105,280 | - | - | 394,481 | 286,780 | - | - | ||||||||||
Other income | 269 | 219 | 194 | 296 | 8,952 | 589 | 736 | 617 | ||||||||||
147,339 | 109,147 | 2,780 | 2,134 | 415,014 | 300,308 | 6,971 | 8,334 | |||||||||||
Operating expenses | ||||||||||||||||||
Administrative expenses | (11,843) | (8,967) | (8,510) | (6,118) | (32,456) | (30,738) | (22,854) | (21,652) | ||||||||||
Sales and establishment expenses | (429) | (59) | (447) | (222) | (1,472) | (1,162) | (1,260) | (1,122) | ||||||||||
Other operating expenses | (2,886) | (3,315) | (951) | (840) | (10,674) | (9,754) | (3,482) | (3,076) | ||||||||||
Direct expenses - other subsidiaries | (41,434) | (35,473) | - | - | (113,079) | (94,883) | - | - | ||||||||||
Results from operating activities | 90,747 | 61,332 | (7,127) | (5,046) | 257,333 | 163,771 | (20,624) | (17,515) | ||||||||||
Share of profit of equity accounted investees | 58,432 | 144,844 | 26,550 | 57,402 | 573,151 | 673,472 | 262,022 | 310,190 | ||||||||||
Finance cost | (69,387) | (64,630) | (942) | (1,020) | (197,533) | (215,882) | (2,716) | (3,685) | ||||||||||
Profit/(loss) before income tax | 79,792 | 141,546 | 18,480 | 51,336 | 632,951 | 621,360 | 238,681 | 288,989 | ||||||||||
Tax expense | (12,437) | (24,832) | - | - | (124,316) | (37,972) | - | - | ||||||||||
Profit/(loss) for the period | 67,354 | 116,714 | 18,480 | 51,336 | 508,635 | 583,389 | 238,681 | 288,989 | ||||||||||
Profit/(loss) attributable to: | ||||||||||||||||||
Equity holders of the company | 18,480 | 51,336 | 18,480 | 51,336 | 238,681 | 288,989 | 238,681 | 288,989 | ||||||||||
Non-controlling interest | 48,874 | 65,378 | - | - | 269,954 | 294,400 | - | - | ||||||||||
Profit/(loss) for the period | 67,354 | 116,714 | 18,480 | 51,336 | 508,635 | 583,389 | 238,681 | 288,989 | ||||||||||
Other comprehensive income, net of income tax | ||||||||||||||||||
Items that are or may be re-classified subsequently to profit or loss | ||||||||||||||||||
Foreign operations - foreign currency translation difference | (513) | 44,619 | (293) | 25,432 | (15,646) | (27,759) | (8,918) | (15,822) | ||||||||||
Total other comprehensive income that are or may be re-classified | ||||||||||||||||||
to profit or loss in subsequent period | (513) | 44,619 | (293) | 25,432 | (15,646) | (27,759) | (8,918) | (15,822) | ||||||||||
Items that will not be re-classified subsequently to profit or loss | ||||||||||||||||||
Defined benefit plan actuarial gains/(losses) net of tax | (33) | (32) | (33) | (32) | (33) | (32) | (33) | (32) | ||||||||||
Total other comprehensive income that not will be re-classified to | ||||||||||||||||||
profit or loss in subsequent period | (33) | (32) | (33) | (32) | (33) | (32) | (33) | (32) | ||||||||||
Total other comprehensive income for the period, net of income tax | ||||||||||||||||||
(546) | 44,588 | (326) | 25,400 | (15,679) | (27,791) | (8,951) | (15,854) | |||||||||||
Total comprehensive income for the period | 66,808 | 161,302 | 18,155 | 76,736 | 492,956 | 555,598 | 229,731 | 273,135 | ||||||||||
Total comprehensive income attributable to: | ||||||||||||||||||
Equity holders of the company | 18,155 | 76,736 | 18,155 | 76,736 | 229,731 | 273,135 | 229,731 | 273,135 | ||||||||||
Non-controlling interest | 48,653 | 84,566 | - | - | 263,225 | 282,463 | - | - | ||||||||||
Total comprehensive income for the period | 66,808 | 161,302 | 18,155 | 76,736 | 492,956 | 555,598 | 229,731 | 273,135 | ||||||||||
Basic earnings per share (Rs.) | 0.37 | 1.03 | 0.37 | 1.03 | 4.77 | 5.78 | 4.77 | 5.78 |
LANKA VENTURES PLC | |||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited) | |||||||
(All amounts in Sri Lanka Rupees thousands) | |||||||
Group | Company | Group | Company | ||||
As at 31 | As at 31 | As at 31 | As at 31 | ||||
December 2021 | December 2021 | March 2021 | March 2021 | ||||
Audited | Audited | ||||||
Assets | |||||||
Non current assets | |||||||
Property, plant and equipment | 1,663,243 | 675 | 1,143,824 | 648 | |||
Right-of-use assets | 19,498 | 16,460 | 22,652 | 19,474 | |||
Investment in equity accounted investees | 6,449,443 | 3,042,743 | 6,549,273 | 2,905,797 | |||
Intangible assets | 75,737 | - | 70,787 | - | |||
Financial assets measured at fair value through OCI | 7,500 | 7,500 | 7,500 | 7,500 | |||
Total non current assets | 8,215,421 | 3,067,378 | 7,794,036 | 2,933,419 | |||
Current assets | |||||||
Loans and receivables | 253,270 | 4,945 | 141,371 | 6,109 | |||
Amounts due from related parties | 453 | 1,100 | 580 | 4,193 | |||
Trade and other receivables | 451,810 | 8,512 | 73,200 | - | |||
Income tax receivables | 7,276 | 1,515 | 8,327 | 1,514 | |||
Cash and cash equivalents | 209,164 | 85,734 | 468,311 | 77,182 | |||
Total current assets | 921,974 | 101,806 | 691,789 | 88,998 | |||
Total assets | 9,137,395 | 3,169,185 | 8,485,825 | 3,022,417 | |||
Equity | |||||||
Stated capital | 631,638 | 631,638 | 631,638 | 631,638 | |||
Revaluation reserve | 6,416 | 6,416 | 6,416 | 6,416 | |||
Translation reserve | 410,155 | 410,156 | 419,073 | 419,074 | |||
Retained earnings | 2,052,996 | 2,061,537 | 1,889,347 | 1,897,888 | |||
Total equity attributable to equity holders of the Company | 3,101,205 | 3,109,747 | 2,946,474 | 2,955,016 | |||
Non controlling interest | 2,522,711 | - | 2,385,879 | - | |||
Total equity | 5,623,916 | 3,109,747 | 5,332,353 | 2,955,016 | |||
Liabilities | |||||||
Non current liabilities | |||||||
Defined benefit obligation | 4,692 | 4,692 | 4,005 | 4,005 | |||
Deferred tax liability | 40,531 | - | 42,413 | - | |||
Cumulative redeemable preference shares | - | - | 75,000 | - | |||
Interest bearing borrowings | 2,937,104 | 11,250 | 1,747,798 | 18,000 | |||
Lease liability | 12,054 | 12,054 | 15,067 | 15,067 | |||
Total non current liabilities | 2,994,381 | 27,996 | 1,884,283 | 37,072 | |||
Current liabilities | |||||||
Cumulative redeemable preference shares | - | - | 20,000 | - | |||
Interest bearing borrowings | 442,184 | 9,000 | 1,192,921 | 11,550 | |||
Lease liability | 4,018 | 4,018 | 4,018 | 4,018 | |||
Other payables | 49,569 | 18,425 | 32,592 | 14,761 | |||
Income tax payables | 23,328 | - | 19,658 | - | |||
Total current liabilities | 519,099 | 31,443 | 1,269,189 | 30,329 | |||
Total liabilities | 3,513,480 | 59,438 | 3,153,472 | 67,401 | |||
Total equity and liabilities | 9,137,395 | 3,169,185 | 8,485,825 | 3,022,417 | |||
Net assets per share (Rs.) | 62.02 | 62.19 | 58.93 | 59.10 |
I certify that the financial statements comply with the requirements of the Companies Act No. 07 of 2007.
Sgd.
D L Wijesekara
Finance Manager
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Signed for and on behalf of the Board.
Sgd. | Sgd. |
M R Abeywardena | A R Munasinghe |
Director | Director |
09 February 2022 |
LANKA VENTURES PLC
STATEMENT OF CHANGES IN EQUITY (Unaudited) (All amounts in Sri Lanka Rupees thousands)
Group | |||||||||||
Stated | Revaluation | Translation | Retained | Non | |||||||
capital | reserve | reserve | earnings | controlling | Total | ||||||
Balance as at 01 April 2020 | 631,638 | 6,422 | 274,819 | 1,645,668 | 2,058,104 | 4,616,652 | |||||
Profit/(loss) for the period | - | - | - | 288,989 | 294,400 | 583,389 | |||||
Foreign operations - foreign currency translation difference | - | - | (15,822) | - | (11,937) | (27,759) | |||||
Defined benefit plan actuarial gains /(losses) | - | - | - | (32) | - | (32) | |||||
Total comprehensive income for the period | - | - | (15,822) | 288,957 | 282,463 | 555,598 | |||||
Transactions with equity holders recognized | |||||||||||
directly in equity | |||||||||||
Dividend paid | - | - | - | (75,000) | (106,594) | (181,594) | |||||
- | - | - | (75,000) | (106,594) | (181,594) | ||||||
Balance as at 31 December 2020 | |||||||||||
631,638 | 6,422 | 258,998 | 1,859,626 | 2,233,974 | 4,990,658 | ||||||
Balance as at 01 April 2021 | 631,638 | 6,416 | 419,073 | 1,889,347 | 2,385,879 | 5,332,353 | |||||
Profit/(loss) for the period | - | - | - | 238,681 | 269,954 | 508,635 | |||||
Foreign operations - foreign currency translation difference | - | - | (8,918) | - | (6,728) | (15,646) | |||||
Defined benefit plan actuarial gains /(losses) | (33) | (33) | |||||||||
Total comprehensive income for the period | - | - | (8,918) | 238,649 | 263,225 | 492,956 | |||||
Transactions with equity holders recognized | |||||||||||
directly in equity | |||||||||||
Dividend paid | - | - | - | (75,000) | (126,394) | (201,394) | |||||
- | - | - | (75,000) | (126,394) | (201,394) | ||||||
Balance as at 31 December 2021 | |||||||||||
631,638 | 6,416 | 410,155 | 2,052,996 | 2,522,711 | 5,623,916 | ||||||
Company | |||||||||||
Stated | Revaluation | Translation | Retained | ||||||||
Capital | reserve | reserve | earnings | Total | |||||||
Balance as at 01 April 2020 | 631,638 | 6,422 | 274,820 | 1,654,209 | 2,567,090 | ||||||
Profit/(loss) for the period | - | - | - | 288,989 | 288,989 | ||||||
Foreign operations - foreign currency translation difference | - | - | (15,822) | - | (15,822) | ||||||
Defined benefit plan actuarial gains / (losses) net of tax | - | - | - | (32) | (32) | ||||||
Total comprehensive income for the period | - | - | (15,822) | 288,957 | 273,135 | ||||||
Transactions with equity holders recognized | |||||||||||
directly in equity | |||||||||||
Dividend paid | - | - | - | (75,000) | (75,000) | ||||||
- | - | - | (75,000) | (75,000) | |||||||
Balance as at 31 December 2020 | |||||||||||
631,638 | 6,422 | 258,998 | 1,868,166 | 2,765,224 | |||||||
Balance as at 01 April 2021 | 631,638 | 6,416 | 419,074 | 1,897,888 | 2,955,016 | ||||||
Profit/(loss) for the period | - | - | - | 238,681 | 238,681 | ||||||
Foreign operations - foreign currency translation difference | - | - | (8,918) | - | (8,918) | ||||||
Defined benefit plan actuarial gains / (losses) net of tax | (33) | (33) | |||||||||
Total comprehensive income for the period | - | - | (8,918) | 238,649 | 229,731 | ||||||
Transactions with equity holders recognized | |||||||||||
directly in equity | |||||||||||
Dividend paid | - | - | - | (75,000) | (75,000) | ||||||
- | - | - | (75,000) | (75,000) | |||||||
Balance as at 31 December 2021 | |||||||||||
631,638 | 6,416 | 410,156 | 2,061,537 | 3,109,747 |
LANKA VENTURES PLC
CONSOLIDATED STATEMENT OF CASHFLOWS (Unaudited) (All amounts in Sri Lanka Rupees thousands)
Group | Company | ||||||
For the period ended 31 December | 2021 | 2020 | 2021 | 2020 | |||
Cash flows from operating activities | |||||||
Profit/(loss) before income tax | 632,951 | 621,360 | 238,681 | 288,989 | |||
Adjustments for: | |||||||
Amortization of staff cost | 195 | 195 | 195 | 195 | |||
Depreciation | 37,446 | 33,224 | 112 | 184 | |||
Amortization of ROUA | 3,013 | 3,013 | 3,013 | 3,013 | |||
Amortization of intangible assets | 1,056 | 796 | - | - | |||
Share of earnings | (573,151) | (673,472) | (262,022) | (310,190) | |||
Interest income on staff loan | (401) | (499) | (401) | (499) | |||
Provision for defined benefit obligation | 655 | 551 | 655 | 551 | |||
Interest income on investments | (10,892) | (12,553) | (2,651) | (4,673) | |||
Dividend on preference shares | 274 | 8,250 | - | - | |||
Interest expense on lease | 1,245 | 857 | 1,245 | 857 | |||
Interest expense | 193,512 | 204,561 | 1,374 | 2,786 | |||
285,903 | 186,285 | (19,798) | (18,785) | ||||
Changes in | |||||||
Loans and receivables | (112,094) | (65,974) | 969 | 408 | |||
Amounts due from related parties | 127 | 42 | 3,093 | 424 | |||
Other receivables | 98,772 | 64,974 | (8,512) | (17) | |||
Other payables | 16,967 | (264) | 3,658 | (4,021) | |||
Cash generated from operating activities | 289,675 | 185,063 | (20,590) | (21,991) | |||
Taxes paid | (35,449) | (16,974) | - | (43) | |||
Interest paid | (151,697) | (148,017) | (2,619) | (3,643) | |||
Net cash from operating activities | 102,530 | 20,072 | (23,209) | (25,678) | |||
Cash flows from investing activities | |||||||
Dividend received | - | 179,669 | 116,160 | 116,160 | |||
Dividend received from equity accounted investees | 76,053 | - | - | - | |||
Additions to intangible assets | (5,866) | (10,269) | - | - | |||
Interest received | 11,293 | 13,052 | 3,052 | 5,172 | |||
Investment in equity accounted investees | - | (49,725) | - | - | |||
Additions to property, plant & equipment | (556,868) | (173,282) | (140) | (102) | |||
Net cash from investing activities | (475,387) | (40,555) | 119,071 | 121,230 | |||
Cash flows from financing activities | |||||||
Dividend paid | (75,000) | (75,000) | (75,000) | (75,000) | |||
Dividend paid to the minority shareholders | (126,394) | (106,594) | - | - | |||
Lease rental paid | (3,010) | (3,444) | (3,010) | (3,444) | |||
Preference dividend paid | (274) | (10,556) | - | - | |||
Cash repayments of cumulative redeemable preference shares | (95,000) | (42,500) | - | - | |||
Cash proceeds of interest bearing borrowings | 1,499,303 | 384,449 | - | - | |||
Cash repayments of interest bearing borrowings | (1,085,915) | (83,723) | (9,300) | (6,750) | |||
Net cash from financing activities | 113,710 | 62,632 | (87,310) | (85,194) | |||
Net increase/(decrease) in cash and cash equivalents | (259,147) | 42,149 | 8,552 | 10,358 | |||
Cash and cash equivalent as at 01 April | 468,311 | 402,556 | 77,182 | 81,603 | |||
Cash and cash equivalent as at 31 December | 209,164 | 444,705 | 85,734 | 91,961 |
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Lanka Ventures plc published this content on 09 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2022 10:38:04 UTC.