Tess Agro : Interim Financial Statements as at 30th Sep 2022

INTERIM

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30th SEPTEMBER 2022

TESS AGRO PLC

• 87, New Nuge Road, Kelaniya

Balance Sheet

As At 30th September 2022

		Un-Audited	Un-Audited	Un-Audited
		Period Ended	Period Ended	Period Ended
		30th Sep. 2022	30th Sep. 2021	31st Mar. 2022
		Rs.	Rs.	Rs.
ASSETS
NON CURRENT ASSETS
	Property , Plant & Equipment Net	333,123,083	335,849,587	331,320,657
	Right of Use Assets	138,403,531	136,122,934	138,403,531
	Intangible Assets	575,648	483,773	575,648
	Differed Tax Assets	8,820	8,820	8,820
	Biological Assets	2,199,659	2,194,289	2,194,289
	Other Non Current Financial Assets	9,373,081	9,373,081	9,373,081
		483,683,822	484,032,484	481,876,025
CURRENT ASSETS
	Trade and Other Receivables Net	11,409,202	13,875,766	12,620,991
	Amount Due From Related Parties
	Other Current Assets	18,229,906	17,609,906	17,609,906
	Current Investments	27,739,577
	Cash & Cash Equivalents	16,034,123	5,616,027	5,699,819
		73,412,808	37,101,699	35,930,716
TOTAL ASSETS	557,096,630	521,134,183	517,806,743
EQUITY & LIABILITIES
	Stated Capital	491,805,529	407,805,528	407,805,528
	Other Components of Equity	(345,424,010)	(392,255,431)	(354,721,316)
	Reserves	49,826,807	49,826,808	49,826,807
Total Equity	196,208,326	65,376,905	102,911,019
NON CURRENT LIABILITIES
	Deferred Tax Liability	26,830,516	26,830,516	26,830,516
	Interest Bearing Loans & Borrowings	67,414,563	67,414,563	67,414,563
	Deposit-Rent	2,040,000	2,290,000	2,040,000
	Retirement Benefit Obligations		63,000
		96,285,079	96,598,079	96,285,079
CURRENT LIABILIITES
	Trade and Other Payables	10,403,039	22,081,170	20,577,502
	Interest Bearing Loans & Borrowings	196,989,841	222,259,842	222,259,842
	Amount Due To Related Parties	17,909,349	23,035,260	24,666,505
	Short Term Borrowings	20,206,249	20,206,249	20,206,249
	Other Current Liabilities	3,104,938	3,254,698	3,254,698
	Bank Overdrafts	15,989,807	68,321,979	27,645,847
		264,603,224	359,159,198	318,610,643
TOTAL EQUITY & LIABILITIES	557,096,630	521,134,183	517,806,743
No of Ordinary Voting & Non Voting Shares	557,797,287	389,797,287	389,797,287
Net assets value per share	0.35	0.17	0.26
Market value per share Voting - Qtr.- Highest	2.40	0.80	3.50
	- Lowest	1.10	0.50	1.30
	- Closing	1.80	0.60	1.40
Market value per share Non Voting - Qtr.- Highest	1.80	0.80	2.00
	- Lowest	0.90	0.60	0.90
	- Closing	1.20	0.50	0.90
The above figures are provisional and subject to audit
S.F Fernando	D.Fernando
Chairperson	Director / CEO
Date	31.10.2022
Figures in the brackets indicate deductions.

Income Statement

For the Period Ended 30th September 2022

	Un-audited	Un-audited	Un-audited	Un-audited	Un-audited
	Three Months	Three Months	Six Months	Six Months		Change
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended
	30th Sep. 2022	30th Sep. 2021	30th Sep. 2022	30th Sep. 2021	31st Mar. 2022
	Rs.	Rs.	Rs.	Rs.	Rs.	%
Turnover		3,549,085	7,652,074	5,837,710	1,721,070
Cost of Sales		(942,960.00)	(3,531,232)	(942,960)	(1,480,046)	-
Gross Profit	-	2,606,125	4,120,843	4,894,750	241,024
Other Operating Income	2,345,840		4,634,465		53,709,496
Selling & Distribution Expenses	(94,956)		(118,928)		(2,727,771)
Administrative Expenses	(1,852,479)	(3,408,020)	(6,225,609)	(7,184,145)	(15,477,202)	46
Other Operating Expenses			(160,926)			-
Profit from Operations	398,405	(801,895)	2,249,845	(2,289,395)	35,745,547	(150)
Dividend Income	8,815	8,417	26,119	27,253	34,957
Profit before Interest	407,220	(793,478)	2,275,964	(2,262,142)	35,780,504	(151)
Finance Income	818,942		818,942			100
Finance Expenses	(1,066,108)	(869,135)	(2,188,259)	(1,695,487)	(3,725,562)
Profit /(Loss) before Tax	160,054	(1,662,613)	906,647	(3,957,629)	32,054,942	110
Provision for Taxation	-	-	-	-		-
Net Profit/(Loss) after Tax	160,054	(1,662,613)	906,647	(3,957,629)	32,054,942	110
Profit available for Appropriation	160,054	(1,662,613)	906,647	(3,957,629)	32,054,942	110
Earnings Per Share	0.0003	(0.00)	0.002	(0.01)	0.08	(6)
Figures in the brackets indicate deductions.

Statement of Comprehensive Income

For the Period Ended 30th September 2022
	Un-audited	Un-audited	Un-audited	Un-audited	Un-audited
	Three Months	Three Months	Six Months	Six Months		Change
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended
	30th Sep.2022	30th Sep.2021	30th Sep.2022	30th Sep.2021	31st Mar. 2022
	Rs.	Rs.	Rs.	Rs.	Rs.	%
Profit / Loss for the Peroid / Year	160,054	(1,662,613)	906,647	(3,957,629)	32,054,942	110
Other Comprehensive Income	-	-	-	-	-	-
	160,054	(1,662,613)	906,647	(3,957,629)	32,054,942	110
Revaluation of Property Plant & Equipment					-
Net change in fair Value -
Available for sale financial assets	-	-	-	-		-
Financial Assets in Tropic Fishery (Pvt) Ltd
Acturial gains (losses) on Employee benefit liabilities
Other Comprehensive Income for the year net of tax	-	-	-	-	-
Other Comprehensive Income for the Period /Year	160,054	(1,662,613)	906,647	(3,957,629)	32,054,942	110
Figures in the brackets indicate deductions.

Cash Flow Statement
For the Period Ended 30th September 2022
		Company
	Un-Audited	Un-Audited
	Six Months	Six Months	Un-Audited
	Period Ended	Period Ended	Period Ended
	30th Sep. 2022	30th Sep. 2021	31st Mar. 2022
	Rs.	Rs.
Cash Flow from Operating Activities
Cash Receipts from Customers	1,211,789	1,260,460	2,291,410
Shares issued	84,000,000
Other Income			44,554,996
Cash Paid to Suppliers & Employees	(11,695,340)	(12,402,663)	(18,210,736)
Cash Generated from Operations	73,516,449	(11,142,203)	28,635,670
Gratuity Paid	-
Interest Paid
Income Tax Paid	-
Net Cash flow from Operating Activities	73,516,449	(11,142,203)	28,635,670
Cash flow from Investing Activities
Acquisition of Property, Plant & Equipment	(1,802,426)	1,774,385
Purchase of Intangible assets
Acquisition of Biological Assets	(5,370)
Acquisition of Investment	(27,739,577)
Interest Received	818,942
Dividend Received	26,119	27,253	34,957
Proceeds from Disposal of Property Plant and Equipment
Rent Deposit Received
Rent Received	4,634,465	4,577,250	9,154,500
Net Cash flow from Investing Activities	(24,067,847)	6,378,888	9,189,457
Cash flow from Financing Activities
Repayment of Interest Bearing Borrowings	(25,270,000)
Interest Paid	(2,188,259)	(1,695,487)	(3,524,004)
Proceeds from Long Term Loans	-	-
Proceeds from Interest Bearing Borrowings
Dividend Paid	-	-	-
Net Cash flow from Financing Activities	(27,458,259)	(1,695,487)	(3,524,004)
Net Increase/(Decrease) in Cash & Cash Equivalents	21,990,343	(6,458,802)	34,301,123
Cash & Cash Equivalents at the Beginning of the Year/Peroid	(21,946,028)	(56,247,150)	(56,247,151)
Cash & Cash Equivalents at the End of the Period	44,315	(62,705,952)	(21,946,028)