Myland Developments : Interim Financial Statement as at 31st December 2021

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS PERIOD ENDED

31ST DECEMBER, 2021

MYLAND DEVELOPMENTS LIMITED

INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED 31ST DECEMBER, 2021

CONTENTS

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

MYLAND DEVELOPMENTS LIMITED

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME							Page 01
INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED 31ST DECEMBER, 2021
	For the three Months ended		For the nine Months ended
	31.12.2021	31.12.2020		31.12.2021	31.12.2020			Change
	Unaudited		Unaudited		Unaudited		Unaudited
				%
	Rs.		Rs.		Rs.		Rs.
Revenue	46,539,488	18,372,237		165,892,808	103,613,068			60%
Cost of Sales	(33,579,191)		(11,300,279)		(102,585,773)		(64,802,888)			58%
Gross Profit	12,960,296	7,071,958		63,307,035	38,810,179			63%
Other Operating Income	5,201,371	247,091		11,930,774	606,962			1866%
Selling & Distribution Expenses	(1,770,518)	(994,378)		(6,527,082)	(2,902,817)			125%
Administrative Expenses	(8,943,261)		(4,056,833)		(18,682,605)		(11,271,041)			66%
Result from Operating Activities	7,447,888	2,267,838		50,028,122	25,243,283			98%
Finance Cost	(2,142,778)		(2,078,947)		(6,118,451)		(7,604,659)			-20%
Profit before Taxation	5,305,110	188,891		43,909,671	17,638,624			149%
Taxation	(234,292)		(286,935)		(2,487,452)		(2,152,010)			16%
Profit for the Period	5,070,818		(98,044)		41,422,218		15,486,615			167%
Total Comprehensive Income for the Period	5,070,818	(98,044)		41,422,218	15,486,615			167%

Earnings per Share0.17-1.370.51

(The above figures are unaudited) Figures in brackets indicate deductions.

MYLAND DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION				Page 02
INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED 31ST DECEMBER, 2021
As at 31st December 2021	31.12.2021	31.03.2021
	Unaudited		Audited
ASSETS	Rs.		Rs.
Non-Current Assets
Property, Plant & Equipment	41,688,048	30,908,619
Right of Use Assets	16,348,333	2,954,411
Intangible Assets	33,540	68,072
Fixed Deposit	100,000	100,000
Deferred Tax Assets	88,360	75,537
Total Non-Current Assets	58,258,281		34,106,639
Current Assets
Inventories	51,734,406	84,334,369
Trade and Other Receivables	38,900,887	28,509,621
Other Financial Assets	19,036,500	22,222,937
Cash & Cash Equivalents	94,554,820		769,045
Total Current Assets	204,226,614	135,835,971
TOTAL ASSETS
262,484,895	169,942,610
EQUITY & LIABILITIES
Equity
Stated Capital	150,000,000	25,000,000
Revaluation Reserve	10,661,000	-
Retained Earnings	27,589,228	36,167,010
Total Equity	188,250,228		61,167,010
Non Current Liabilities
Interest Bearing Loans & Borrowings	28,149,564	29,446,647
Retirement Benefit Obligations	1,124,000	924,000
Total Non-Current Liabilities	29,273,567		30,370,647
Current Liabilities
Interest Bearing Loans & Borrowings	28,547,517	44,961,584
Trade and Other Payables	10,174,767	24,196,321
Income Tax Payable	6,238,815	3,958,541
Bank Overdraft	-	5,288,506
Total Current Liabilities	44,961,099		78,404,952
TOTAL EQUITY & LIABILITIES
262,484,895	169,942,610
Net Assets Per Share (Rs)	5.19	2.45

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

………………….

Accountant

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of Board of Directors of the Company.

………………….	………………….
Managing Director	Chairman

(Unless otherwise stated amounts are subject to audit)

Date -08th February 2022

MYLAND DEVELOPMENTS LIMITED

STATEMENT OF CHANGES IN EQUITY							Page 03
INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED 31ST DECEMBER, 2021
(Amount in LKR)	Stated Capital		Revaluation		Retained		Total
	Reserve		Earnings
	Rs.		Rs.		Rs.		Rs.
Balance as at 1st April 2020	16,000,000	-	10,745,308	26,745,308
Profit for the Period	-	-	7,124,097	7,124,097
Unaudited Balance as at 31st December 2020
16,000,000	-	17,869,405	33,869,405
Balance as at 01st April 2021	25,000,000	-	36,167,010	61,167,010
Revaluation Reserve	-	10,661,000	-	10,661,000
Capitalization of Reserve	50,000,000	-	(50,000,000)	-
Stated Capital - IPO	75,000,000	-	-	75,000,000
Profit for the Period	-	-	41,422,218	41,436,808
Balance as at 31 st December 2021
150,000,000	10,661,000	27,589,228	188,264,818

(The above figures are unaudited)