Madulsima Plantations : Interim Financial Statements as at 31.12.2022

MADULSIMA PLANTATIONS PLC

833, Sirimavo Bandaranaike Mawatha - Colombo -14

Company Reg. No : PQ 184

INTERIM FINANCIAL STATEMENTS

QUARTER ENDED 31ST DECEMBER, 2022

OUR VISION

◆To be a trend setter to the Plantation industry by being a result oriented

innovative Tea Company.

OUR MISSION

◆To manage the Plantations as economically viable units and ensure the enhancement of their agro economic value.

◆To improve the Socio Economic Conditions of the W orkers. ◆To enhance returns to the Shareholders.

◆To become the best managed world class Tea Company reputed for quality.

MADULSIMA PLANTATIONS PLC

833, Sirimavo Bandaranaike Mawatha - Colombo -14

Interim Financial Statement for 12 months ended 31st December 2022

CORPORATE INFORMATION

Company	:	Madulsima Plantations PLC
Legal Form	:	Quoted Public Company
Date of Incorporation	:	22nd June 1992
Company Registration No	:	P Q 184
Registered Office	:	833, Sirimavo Bandaranaike Mawatha , Colombo 14
Board of Directors	:	Mr. D H S Jayawardena	Chairman /MD
		Mr. C.R.Jansz	Non Executive Director
		Mr. M.N.S Perera (Appinted w. e.f 02/01/2023)	Executive Director
		Mr. D Hasitha S Jayawardena	Non Executive Director
		Mr. K. Dayaparan	Non Executive Director
		Mr. N.M Abdul Garffar (Retired w. e.f.01/10/2022)	Non Executive Director
		Dr. A Shakthevale	Independent Director
		Mr. D S K Amarasekera	Independent Director
Secretary	:	Mr. P A Jayatunga,
		833, Sirimavo Bandaranaike Mawatha,
		Colombo 14.
Registrars	:	Central Depository Systems (Pvt) Limited
		Ground Floor, M&M Center 341/5, Kotte,
		Dr.N.M.Perera Mawatha
Auditors	:	Messrs. KPMG
		Chartered Accountants,
		32A, Sir Mohamad Macan Markar Mawatha.
		Colombo 03
Bankers	:	Hatton National Bank PLC,
		City Office,
		16, Janadhipathi Mawatha,
Managing Agent's	:	Melstacorp PLC
		110, Norris Canal Road,
		Colombo 10

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MADULSIMA PLANTATIONS PLC

833,Sirimavo Bandaranaike Mawatha - Colombo -14

Interim Financial Statement for 12 months ended 31st December 2022

STATEMENT OF PROFIT OR LOSS

		03 Months		03 Months	12 Months		12 Months		Increase/		Audited
		ended		ended	ended		ended		(Decrease)		Year ended
		31/12/2022	31/12/2021			31/12/2022	31/12/2021	%	31/12/2021
		Rs. 000		Rs. 000			Rs. 000		Rs. 000				Rs. 000
Revenue	1,060,713	705,914			4,173,304	3,099,229	35	3,099,649
Cost of Sales	(1,015,737)	(799,215)			(3,226,581)	(3,178,889)	2	(3,304,157)
Gross Profit/(Loss)		44,975		(93,301)			946,722		(79,660)	(1,288)		(204,508)
Other operating income	(3,626)	18,681			45,511	99,264	(54)	100,791
Administration and operating activities		(11,942)		(15,091)			(138,277)		(109,072)	27		(128,669)
Profit/(Loss) from operating activities	29,407	(89,710)			853,956	(89,467)	(1,054)	(232,387)
Gain on change in fair value of biological asset	54,355	54,355			217,420	217,420	(0)	193,621
Finance cost		(303,571)		(88,908)			(873,533)		(280,318)	212		(283,180)
Profit/(Loss) before taxation	(219,808)	(124,263)			197,844	(152,365)	(230)	(321,946)
Income tax expenses		-		-					-				83,758
Profit/(Loss) for the period		(219,808)		(124,263)			197,844		(152,365)		(1,586)		(238,188)

STATEMENT OF OTHER COMPREHENSIVE INCOME

		03 Months		03 Months	12 Months		12 Months		Increase/		(Audited)
		ended		ended	ended		ended		(Decrease)		Year ended
		31/12/2022	31/12/2021			31/12/2022	31/12/2021	%	31/12/2021
		Rs. 000		Rs. 000	Rs. 000		Rs. 000				Rs. 000
Profit/ (Loss) for the period
	(219,808)	(124,263)			197,844	(152,365)	(230)	(238,188)
Items that will not be reclassified to profit or loss
Actual gains/ (Loss) on retirement benefit obligations	-	-			-	-	-	(211,869)
Revaluation Gain											52,791
Deferred tax on actuarial loss						-	-			22,246
Net change in fair value through OCI finance assets											182
-	-			-	-	-	-
Total other comprehensive expenses for the period (net of tax)
	-		-			-		-		-		(136,650)
Total comprehensive income /(expenses) for the period		(219,808)		(124,263)			417,652		(152,365)		(374)		(374,838)
Basic earning per share	(1.30)	(0.73)			1.17	(0.90)			(1.41)

Figures in brackets indicate deductions.

The above figures are not audited

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Balance as at 1st January 2021 Transferred to timber reserve Net Profit/(Loss) for the period

Transferred from timber reserve

Other comprehensive income / (loss) Balance as at 31st December 2021

Balance as at 1st January 2022

Transferred to timber reserve Net Profit/(Loss) for the period Other comprehensive income / (loss)

Balance as at 31st December 2022

Figures in brackets indicate deductions. The above figures are not audited

MADULSIMA PLANTATIONS PLC

833, Sirimavo Bandaranaike Mawatha - Colombo -14

Interim Financial Statement for 12 months ended 31st December 2022

STATEMENT OF CHANGES IN EQUITY

Stated		Available For		Timber		Retained		Revaluation		Total
Capital		Sales Reserves		Reserve		Profit		Reserve		Equity
Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000
1,624,761	2,616	3,594,121	(5,077,361)	1,297,143	1,441,280
	-	217,420	(217,420)			-
			(11,462)	11,462			-
					(152,365)			(152,365)
									-
1,624,761	2,616	3,800,079	(5,435,684)	1,297,143	1,288,915
1,624,761	2,798	3,779,541	(5,690,592)	1,349,935	1,066,442
			217,420	(217,420)			-
					197,844			197,844
		-				-				-
1,624,761		2,798		3,996,961		(5,710,168)		1,349,935		1,264,286

Page No 03

MADULSIMA PLANTATIONS PLC

833, Sirimavo Bandaranaike Mawatha - Colombo -14

Interim Financial Statement for 12 months ended 31st December 2022

STATEMENT OF FINANCIAL POSITION

		UnAudited		UnAudited		Audited
		31/12/2022	31/12/2021	31/12/2021
		Rs. 000		Rs. 000		Rs. 000
Assets
Non-current assets	101,570	102,259	105,276
Right to use of land
Immovable estate assets on finance lease (other than bare Land)	328,962	359,919	360,171
Tangible assets other than biological assets	1,324,806	1,441,094	1,455,420
Bearer biological assets	1,007,036	905,239	898,051
Consumable biological assets	4,254,812	4,012,311	3,999,563
Investment in Equity Securities-FVOCI		4,014		3,832		4,014
Total non-current assets		7,021,200	6,824,654	6,822,495
Current Assets		1,459	4,671	1,459
Produce bearer biological assets
Inventories	448,158	296,326	314,467
Trade and other receivables	203,688	120,049	108,381
Amounts due from related companies	2,598	21	184
Cash and cash equivalents		10,230		5,152		5,413
Total current assets		666,133		426,219		429,904
TOTAL ASSETS	7,687,333		7,250,873		7,252,399
EQUITY AND LIABILITIES
Capital and reserves	1,624,761	1,624,761	1,624,761
Stated capital
Timber reserve	3,996,961	3,800,079	3,779,541
Revaluation reserve	1,349,935	1,297,144	1,349,935
Fair value through OCI reserve	2,798	2,616	2,798
Retained earnings		(5,710,168)		(5,435,684)		(5,690,592)
Total equity		1,264,287		1,288,916		1,066,443
Non-current liabilities	3,784,191	2,991,860	3,186,777
Interest bearing borrowings
Retirement benefit obligations	1,196,161	903,229	1,266,871
Deferred tax liability	301,351	460,146	301,351
Deferred income and capital grants	125,079	130,132	128,624
Lease liability to-SLSPC and JEDB	80,152	92,479	82,659
Total non-current liabilities		5,486,933		4,577,846		4,966,282
Current liabilities
Trade and other payable	438,704	384,900	393,059
Lease liability to-SLSPC and JEDB	12,638	569	12,237
Amounts due to related companies	92,935	66,205	81,354
Interest bearing borrowings	250,000	773,361	578,148
Bank overdraft		141,836		159,076		154,876
Total current liabilities	936,113	1,384,111	1,219,674
Total liabilities		6,423,045		5,961,957		6,185,956
TOTAL EQUITY AND LIABILITIES		7,687,333		7,250,873		7,252,399
Net Assets per share	7.46	7.60	6.29

It is certified that these financial statements have been prepared in accordance with the requirements of the Company Act No 07 of 2007.

.......................................................................

Mr. D.M.Samantha K Dissanayaka

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these financial statements.Approved and signed for and behalf of Directors of Madulsima Plantations PLC

…………………… ...................……………… .	........................................................................
Mr. C.R.Janz	Mr. K. Dayaparan
Non Executive Director	Non Executive Director

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