Maskeliya Plantations PLC

Interim Financial Statements

For the nine months ended

31 December 2022

INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

As at

As at

As at

31/12/22

31/12/21

31/03/22

ASSETS

Rs. ' 000

Rs. ' 000

Rs. ' 000

NON CURRENT ASSETS

Right-of-use Assets

308,121

321,796

324,456

Freehold Property, plant & equipment

606,543

536,022

538,227

Bearer Biological Assets

2,198,467

2,226,733

2,225,695

Consumable Biological Assets

1,007,847

922,609

1,007,847

ACT Recoverable

47,926

47,926

47,926

4,168,904

4,055,086

4,144,151

CURRENT ASSETS

Produce on Bearer Biological Assets

11,549

11,435

11,549

Inventories

1,012,207

512,407

544,143

Tax Recoverable

5,426

20,662

16,217

Trade and other Receivables

282,551

317,690

299,936

Amount due from Related Parties

18,470

12,499

9,906

Cash and Bank balances

215,617

39,169

31,603

1,545,820

913,862

913,354

TOTAL ASSETS

5,714,724

4,968,948

5,057,505

EQUITY AND LIABILITIES

CAPITAL AND RESERVES

Stated Capital - Note 03

673,721

673,721

673,721

General Reserve

540,000

540,000

540,000

Timber Reserves

969,232

879,857

969,232

Retained Earnings

(354,847)

(1,486,774)

(1,173,586)

TOTAL EQUITY

1,828,106

606,804

1,009,367

NON CURRENT LIABILITIES & DEFERRED INCOME

Interest Bearing Loans & Borrowings

291,672

608,605

448,524

Retiring Benefit Obligations

756,966

1,051,944

904,839

Deferred Tax Liability

175,644

35,180

73,473

Deferred Income

157,660

170,453

163,894

Liability to make Lease Payment after one year

323,060

316,252

324,881

1,705,002

2,182,434

1,915,611

CURRENT LIABILITIES

Trade & Other payables

540,181

597,965

542,871

Dividend payable

2,008

2,008

2,008

Amount due to Related parties

878,488

758,489

790,677

Interest Bearing Loans & Borrowings

756,346

818,916

792,378

Liability to make Lease Payment within one year

4,593

2,332

4,593

2,181,616

2,179,710

2,132,527

TOTAL EQUITY AND LIABILITIES

5,714,724

4,968,948

5,057,505

-

-

-

Rs.

Rs.

Rs.

Net Assets Per Share

33.88

11.25

18.71

The above figures are subject to audit

These Financial Statements are in Compliance with the requirements of the Companies Act No. 07 of 2007.

Sudheera Epitakumbura

Deputy Group Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Approved and signed for and on behalf of the Board of Directors of Maskeliya Plantations PLC.

J L A Fernando

K.A.S Lasantha

Director

Director

14 February 2023

(02)

Maskeliya Plantations PLC - 2022/23 -Q3

INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS

Quarter Ended

Nine Months Ended

Year

December

December

Ended

2022

2021

Variance

2022

2021

Variance

31/03/2022

Rs. ' 000

Rs. ' 000

+/(-)

Rs. ' 000

Rs. ' 000

+/(-)

Rs. ' 000

%

%

Revenue

1,373,331

765,051

80

4,446,850

2,745,158

62

4,005,924

Cost of Sales

(994,736)

(781,435)

(27)

(3,114,996)

(2,696,702)

(16)

(3,644,822)

Gross Profit / (Loss)

378,595

(16,384)

2,411

1,331,854

48,456

2,649

361,102

Other Income

274

23,443

(99)

2,680

33,486

(92)

8,924

Change in Fair Value of Biological Assets

-

-

-

-

-

-

89,488

Administration Expenses

(19,076)

(14,533)

(31)

(47,968)

(39,688)

(21)

(53,428)

Management Fee

(50,856)

(4,500)

(1,030)

(185,899)

(13,500)

(1,277)

(30,477)

Finance Cost

(48,410)

(42,338)

(14)

(168,965)

(119,007)

(42)

(169,330)

Profit /(Loss) before Taxation

260,527

(54,312)

580

931,702

(90,253)

1,132

206,279

Income Tax Expense

(105,796)

(5,500)

(1,824)

(112,963)

(16,500)

-

(43,617)

Net Profit/(Loss) for the period

154,731

(59,812)

359

818,739

(106,753)

867

162,662

Rs.

Rs.

Rs.

Rs.

Rs.

Basic Earnings Per Share

2.87

(1.11)

15.17

(1.98)

3.01

The above figures are subject to audit

( 3)

Maskeliya Plantations PLC - 2022/23 -Q3

INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC

STATEMENT OF COMPREHENSIVE INCOME

Quarter Ended

Nine Months Ended

Year

December

December

Ended

2022

2021

Variance

2022

2021

Variance

31/03/2022

Rs. ' 000

Rs. ' 000

+/(-)

Rs. ' 000

Rs. ' 000

+/(-)

Rs. ' 000

Profit/ (Loss) for the period

154,731

(59,812)

359

818,739

(106,753)

867

162,662

Other Comprehensive Income

Remeasurement gains/ (Losses) on defined benefit plan

-

-

-

148,769

Income tax effect

-

-

-

(15,621)

Other Comprehensive Income for the period, net of tax

-

-

-

133,148

Total Comprehensive Income for the period, net of tax

154,731

(59,812)

359

818,739

(106,753)

867

295,810

The above figures are subject to audit

(4)

Maskeliya Plantations PLC - 2022/23 - Q3

INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC

STATEMENT OF CASH FLOW

For the Nine Months Ended December

31/12/2022

31/12/2021

31/03/2022

Rs. ' 000

Rs. ' 000

Rs.'000

CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit before Taxation

931,702

(90,253.00)

206,279

ADJUSTMENTS FOR

Depreciation/Amortization

100,819

98,982

132,262

Provision for Defined Benefit Plan Cost

109,907

117,079

134,432

Amortisation of Grants

(7,200)

(7,200)

(13,760)

Gain/(Loss) on change in fair value Timber plantations Net of Harvesting

-

-

(85,238)

Gain/(Loss) on change in fair value Green Leaf

-

-

(114)

Finance Costs

168,965

119,007

169,330

Operating Profit before Working Capital changes

1,304,193

237,615

543,191

(Increase)/Decrease in Trade and other receivables

17,385

(45,689)

(16,936)

(Increase)/Decrease in Inventories

(468,064)

(53,016)

(84,751)

Increase/(Decrease) in Trade and other payables

44,032

97,658

40,838

Increase/(Decrease) in amounts due to Related Parties

87,811

73,518

108,479

(Increase)/Decrease in amounts due from Related Parties

(8,564)

7,847

10,440

Cash Generated from Operations

976,793

317,933

601,261

Finance Costs Paid

(136,788)

(87,660)

(126,086)

Defined Benefit Plan Costs paid

(257,781)

(69,066)

(84,756)

Tax Paid

-

-

-

Net Cash from Operating Activities

582,224

161,207

390,419

CASH FLOWS FROM INVESTING ACTIVITIES

Grants Received

965

9,820

9,821

Field Development Expenditure

(22,020)

(27,159)

(33,177)

Purchase of Property, Plant & Equipment

(103,554)

(74,783)

(95,019)

Net Cash used in Investing Activities

(124,609)

(92,122)

(118,375)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends Paid

-

-

-

Payment of Government lease rentals

(80,717)

(21,676)

(45,582)

Proceeds from loans

-

-

-

Payment of loans

(197,185)

(147,583)

(226,398)

Net Cash from Financing Activities

(277,902)

(169,259)

(271,980)

Net Increase/(Decrease) in Cash & Cash Equivalents

179,713

(100,174)

64

A. Cash & Cash Equivalents at the beginning of the period

(504,513)

(504,577)

(504,577)

B. Cash & Cash Equivalents at the end of the period

(324,800)

(604,751)

(504,513)

NOTE A

Cash & Cash Equivalents at the beginning of the period

Cash & Bank Balances

31,602

43,285

43,285

Bank Overdrafts

(537,681)

(547,862)

(547,862)

(506,079)

(504,577)

(504,577)

NOTE B

Cash & Cash Equivalents at the end of the period

Cash & Bank Balances

215,617

39,169

31,603

Bank Overdrafts

(540,417)

(643,920)

(536,116)

(324,800)

(604,751)

(504,513)

The above figures are subject to audit

-

-

-

(5 )

Maskeliya Plantations PLC - 2022/23 - Q3

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Maskeliya Plantations plc published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2023 11:04:08 UTC.