Talawakelle Tea Estates : Interim Financial Statement as at 30.06.2022

TALAWAKELLE TEA ESTATES PLC

Interim Financial Statements

Three months ended 30th June 2022

Talawakelle Tea Estates PLC

STATEMENT OF PROFIT OR LOSS

Group		Group
Audited		Unaudited		Unaudited
Year ended		03 months ended		03 months ended
31.03.2022		30.06.2022	30.06.2021	%
Rs.'000		Rs.'000		Rs.'000	Change
4,727,355	Revenue	1,968,797	1,214,071	62%
(3,807,571)	Cost of Sales	(1,594,449)	(1,090,498)	46%
919,784	Gross profit	374,347	123,573	>100%
53,995	Change in Fair Value of Biological Assets	-	-	-
70,568	Other Income and Gains	7,793	20,862	-63%
(253,405)	Administrative Expenses	(69,289)	(61,208)	13%
790,942	Results From Operating Activities	312,851	83,227
85,410	Finance Income	57,833	18,006	>100%
(1,000)	Finance Expenses	(312)	(561)	-44%
(38,061)	Interest Paid to Government and Other Leases	(9,005)	(9,566)	-6%
46,349	Net Finance Income	48,516	7,880
837,291	Profit Before Tax	361,367	91,107	>100%
(19,919)	Income Tax expenses	(38,282)	(7,363)	>100%
817,372	Profit for the period	323,084	83,743
	Attributable to :
814,376	Equity Holders of the Parent	322,406	83,540
2,996	Non-Controlling Interest	679	203
817,372	Net profit for the period	323,084		83,743
17.14	Basic earnings per share (Rs.)	6.79	1.76
2.15	Dividend per share (Rs.)	5.00	1.50
	STATEMENT OF COMPREHENSIVE INCOME
817,372	Profit for the period	323,084	83,743
	Other Comprehensive Income
	Other Comprehensive income not to be reclassified to profit or
	loss in subsequent periods:
42,802	Actuarial Gain/(Loss) on Retirement Benefit Obligation	-	-
(1,036)	Income Tax Effect	-	-
41,766	Other Comprehensive income for the period, net of tax	-	-
859,138	Total comprehensive income for the period, net of tax	323,084	83,743
	Attributable to:
856,133	Equity Holders of the Parent	322,406	83,540
3,005	Non- Controlling Interest	679	203
859,138		323,084		83,743

The notes on pages 06 to 08 form an integral part of these financial statements

Figures in brackets indicate deductions

Page 01

Talawakelle Tea Estates PLC

STATEMENT OF PROFIT OR LOSS

Company		Company
Audited		Unaudited		Unaudited
Year ended		03 months ended		03 months ended
31.03.2022		30.06.2022	30.06.2021	%
Rs.'000		Rs.'000		Rs.'000		Change
4,663,394	Revenue	1,954,728	1,199,832	63%
(3,770,966)	Cost of Sales	(1,585,104)	(1,081,692)	47%
892,428	Gross profit	369,624	118,140	>100%
53,995	Change in Fair Value of Biological Assets	-	-	-
80,248	Other Income and Gains	7,793	20,862	-63%
(239,030)	Administrative Expenses	(66,342)	(57,373)	16%
787,640	Results From Operating Activities	311,074	81,628
84,867	Finance Income	57,529	17,948	>100%
(1,000)	Finance Expenses	(312)	(561)	-44%
(38,051)	Interest Paid to Government and Other Leases	(9,002)	(9,564)	-6%
	Net Finance Income
45,816	48,215	7,824
833,457	Profit Before tax	359,289	89,453	>100%
(13,487)	Income Tax Expenses	(37,825)	(6,389)	>100%
819,969	Profit for the period			83,064
321,464
	Attributable to :
819,969	Equity Holders of the Parent	321,464	83,064
-	Non-Controlling Interest	-	-
819,969	Net profit for the period	321,464	83,064
17.26	Basic earnings per share (Rs.)	6.77	1.75
2.15	Dividend per share (Rs.)	5.00	1.50

STATEMENT OF COMPREHENSIVE INCOME

819,969

42,779

(1,033)

41,746

861,715

861,715

-

861,715

Profit for the period		321,464		83,064
Other Comprehensive Income
Other Comprehensive income not to be reclassified to profit or
loss in subsequent periods:
Actuarial Gain/(Loss) on Retirement Benefit Obligation	-	-
Income tax effect	-	-
Other Comprehensive income for the period, net of tax	-	-
Total comprehensive income for the period, net of tax		321,464	83,064
Attributable to:
Equity Holders of the Parent	321,464	83,064
Non- controlling Interest	-	-
		321,464	83,064
The notes on pages 06 to 08 form an integral part of these financial statements
Figures in brackets indicate deductions

Page 02

Talawakelle Tea Estates PLC

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	ASSETS	30.06.2022			30.06.2021	30.06.2022	30.06.2021
Rs.'000		Rs.'000	Non Current Assets	Rs.'000	Rs.'000		Rs.'000		Rs.'000
310,922	310,851	Right-of-use Assets	305,410			320,672	305,340	320,599
1,156,099	889,559	Tangible assets other than Immature/Mature Plantations	1,205,785			1,123,140	943,301	844,473
1,816,190	1,816,190	Bearer Biological Assets	1,852,149			1,805,938	1,852,149	1,805,938
386,372	386,372	Consumable Biological Assets	389,311			328,715	389,311	328,715
15,344	13,709	Intangible Assets	14,775			7,015	13,343	4,764
-	134,933	Investments in Subsidiaries	-			-	134,933	134,933
2,718	-	Deferred Tax Asset	2,762			6,611	-	-
3,687,645	3,551,615		3,770,192			3,592,091	3,638,377	3,439,421
			Current Assets
17,438	17,438	Produce on Bearer Biological Assets	17,438			22,621	17,438	22,621
483,036	482,997	Inventories	612,815			404,551	612,776	404,551
294,476	262,840	Trade and Other Receivables	326,180			257,070	285,226	240,946
137,591	138,462	Amounts due from Related Companies	143,257			17,784	144,127	17,784
1,901,796	1,886,931	Short Term Investments	2,404,628			1,605,311	2,394,774	1,596,254
29,529	24,136	Cash and Bank Balances	74,942			42,728	72,597	26,354
2,863,867	2,812,805		3,579,259			2,350,065		3,526,938	2,308,512
6,551,512		6,364,420	TOTAL ASSETS	7,349,451			5,942,156	7,165,315		5,747,932
			EQUITY AND LIABILITIES
			Equity
350,000	350,000	Stated Capital	350,000			350,000	350,000	350,000
3,955,724	3,937,696	Revenue Reserves	4,040,630			3,214,006	4,021,660	3,189,920
4,305,724	4,287,696	Equity attributable to equity holders of the parent	4,390,630			3,564,006	4,371,660	3,539,920
144,106	-	Non-Controlling Interests	144,785			160,912	-	-
4,449,830	4,287,696	Total Equity	4,535,415			3,724,918	4,371,660	3,539,920
			Non Current Liabilities & Deferred Income
6,112	6,112	Interest Bearing Loans & Borrowings	5,239			8,731	5,239	8,731
871,316	868,067	Retiring Benefit Obligations	943,947			927,845	940,697	925,056
159,891	159,891	Deferred Tax Liability	160,535			208,048	160,535	208,048
136,643	136,643	Deferred Income	135,362			138,220	135,362	138,220
272,001	271,923	Lease Liability	268,591			275,365	268,510	275,284
1,445,964	1,442,636		1,513,673			1,558,210	1,510,343	1,555,339
			Current Liabilities
598,769	586,931	Trade and Other Payables	1,070,714			584,266	1,056,610	578,915
7,642	7,642	Interest Bearing Loans & Borrowings	3,492			20,152	3,492	20,152
14,210	14,205	Lease Liability	14,210			12,494	14,205	12,490
25,263	18,730	Amounts due to Related Companies	198,803			30,486	195,862	29,485
9,834	6,579	Bank Overdraft	13,143			11,631	13,143	11,631
655,718	634,088		1,300,363			659,028		1,283,312	652,673
2,101,682		2,076,724	TOTAL LIABILITIES	2,814,036			2,217,238	2,793,655		2,208,012
6,551,512	6,364,420	TOTAL EQUITY AND LIABILITIES	7,349,451			5,942,156	7,165,315	5,747,932

90.65	90.27 Net Assets Per Share (Rs.)	92.43	75.03	92.03	74.52
The Statements of Financial Position as at 30th June 2022 and the Statements of Profit or Loss, Statements of Comprehensive
Income,	the Statements of Changes in Equity and Cash flow statements for the three months then ended	are drawn up from the
unaudited Financial Statements of the Company;	and its subsidiaries and 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 Companies Act No.7 of 2007

(sgd)

Vindya Perera

Director-Finance

The Board of Directors is responsible for the presentation of these Financial Statements. Signed for and on behalf of the Board.

(sgd)	(sgd)
Mohan Pandithage	Roshan Rajadurai
Chairman	Managing Director
03rd August 2022
The notes on pages 06 to 08 form an integral part of these financial statements
Figures in brackets indicate deductions
	Page 03

Talawakelle Tea Estates PLC

STATEMENT OF CHANGES IN EQUITY

				Attributable to equity holders of the parent
						Revenue Reseves
Group	Stated Capital	Retained		Timber		Biological Crop	Total	Non Controlling		Total
				Earnings		Reserve		Reserve			Interest		Equity
	Rs.000	Rs.000		Rs.000		Rs.000	Rs.000	Rs.000		Rs.000
Balance as at 01st April 2021	350,000			2,987,967	191,128	22,621			3,201,716	160,709	3,712,425
Profit for the period	-			83,540	-	-			83,540	203	83,743
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(71,250)	-	-			(71,250)	-	(71,250)
Balance as at 30th June 2021
350,000			3,000,257	191,128	22,621		3,214,006	160,912	3,724,918
Balance as at 01st April 2022	350,000			3,708,170	230,116	17,438			3,955,724	144,106	4,449,830
Profit for the period	-			322,406	-	-			322,406	679	323,084
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(237,500)	-	-			(237,500)	-	(237,500)
Balance as at 30th June 2022	350,000			3,793,076	230,116	17,438			4,040,630	144,785	4,535,415
Company						Revenue Reseves
	Stated Capital	Retained		Timber		Biological Crop	Total	Non Controlling		Total
				Earnings		Reserve		Reserve			Interest		Equity
	Rs.000	Rs.000		Rs.000		Rs.000	Rs.000	Rs.000		Rs.000
Balance as at 01st April 2021	350,000			2,964,357	191,128	22,621			3,178,106	-	3,528,106
Profit for the period	-			83,064	-	-			83,064	-	83,064
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(71,250)	-	-			(71,250)	-	(71,250)
Balance as at 30th June 2021
350,000			2,976,171	191,128	22,621			3,189,920	-	3,539,920
Balance as at 01st April 2022	350,000			3,690,142	230,116	17,438			3,937,696	-	4,287,696
Profit for the period	-			321,464	-	-			321,464	-	321,464
Other Comprehensive Income	-			-	-	-			-	-	-
Transferred to the Timber Reserve	-			-	-	-			-	-	-
Realised Gain on Timber Sales	-			-	-	-			-	-	-
Transferred to the Biological Crop Reserve	-			-	-	-			-	-	-
Dividends Paid	-			(237,500)	-	-			(237,500)	-	(237,500)
Balance as at 30th June 2022	350,000			3,774,106	230,116	17,438			4,021,660	-	4,371,660

The notes on pages 06 to 08 form an integral part of these financial statements

Figures in brackets indicate deductions

Page 04