Vallibel Power Erathna : Interim Financial Statements 31.12.2021

VALLIBEL POWER ERATHNA PLC

INTERIM FINANCIAL STATEMENTS

Third Quarter

for the nine months ended 31st December 2021

Statement of Financial Position

	Group		Company
As at	31.12.2021	31.03.2021	31.12.2021	31.03.2021
	Rs.	Rs. (Audited)		Rs.	Rs. (Audited)
ASSETS
Non-Current Assets
Property, Plant & Equipment	2,013,909,786	2,072,808,765	723,923,727	746,936,516
Right-to-use of Assets	41,079,755	45,637,882	3,388,230	4,539,727
Investment in Subsidiary	-	-	821,619,980	821,619,980
Intangible Assets	57,578,861	65,559,829	4,980,939	5,194,407
Other non-current asset	4,500,000	4,500,000	-	-
	2,117,068,402	2,188,506,476	1,553,912,876	1,578,290,630
Current Assets
Inventories	6,140,396	-	2,789,396	-
Trade & Other Receivables	862,904,128	576,713,645	243,200,207	273,153,349
Amounts Due from Related Parties	1,158,665	997,913	3,773,336	2,495,254
Cash and cash equivalents	363,975,217	296,637,846	127,012,675	66,279,924
	1,234,178,406	874,349,404	376,775,614	341,928,527
Total Assets	3,351,246,808	3,062,855,880	1,930,688,490	1,920,219,157

EQUITY AND LIABILITIES

Equity Attributable to Equity Holders of the Parent

Stated Capital	1,174,365,278	1,174,365,278	1,174,365,278	1,174,365,278
Accumulated Profit	1,571,124,773	1,313,301,901	564,776,148		552,316,791
Capital and reserves attributable to
owners of Vallibel Power Erathna PLC	2,745,490,051	2,487,667,179	1,739,141,426	1,726,682,069
Non - Controlling Interest	261,805,551	224,789,541	-		-
Total Equity	3,007,295,602	2,712,456,720	1,739,141,426	1,726,682,069
Non-Current Liabilities
Retirement Benefit Obligations	42,999,454	41,162,030	28,345,371		26,864,212
Deferred Tax Liability	126,929,573	131,524,504	96,342,787		99,781,158
Lease Liability	42,821,031	46,368,298	2,264,678		3,245,078
	212,750,058	219,054,832	126,952,836		129,890,448
Current Liabilities
Accruals and other payables	30,999,041	41,697,493	12,081,360		10,481,119
Lease Liability	4,955,246	4,910,439	1,514,055		1,469,243
Current tax liabilities	95,246,861	84,736,396	50,998,813		51,696,278
	131,201,148	131,344,328	64,594,228		63,646,640
Total Equity and Liabilities	3,351,246,808	3,062,855,880	1,930,688,490	1,920,219,157
Sgd.	3.67	3.33	Sgd.	2.31
Net Asset Per Share	2.33

These Financial Statements are in compliance with the requirements of the Companies Act, No. 7 of 2007.

Sajithra Thanoj		Russell De Zilva
Accountant	Sgd.	Jt.CEO	Sgd.

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

S. H. Amarasekara	S.Shanmuganathan
Deputy Chairman	Director
February 09, 2022 / Colombo

Page 1

Statement of Profit or Loss

			Group									Company
		Quarter				Nine Months					Quarter			Nine Months
For the nine months ended 31st December	2021	2020	Change	2021	2020	Change	2021	2020	Change	2021	2020	Change
	Rs.	Rs.	%			Rs.		Rs.	%			Rs.	Rs.	%		Rs.	Rs.	%
Revenue	421,751,225	323,961,595	30			1,215,557,660	921,756,968	32			106,634,931	68,662,522	55		335,086,531	256,265,674	31
Cost of Sales	(30,194,064)	(35,772,245)	(16)			(111,881,464)	(109,043,746)	3			(9,410,882)	(12,012,281)	(22)		(37,784,426)	(36,149,547)	5
Gross Profit	391,557,161	288,189,350	36			1,103,676,196	812,713,222	36			97,224,049	56,650,241	72		297,302,105	220,116,127	35
Other Operating Income	-	-	-			-	-	-			-	175,117,496	(100)		350,234,991	692,686,982	(49)
Administration Expenses	(24,943,949)	(24,027,804)	4			(75,900,773)	(75,758,575)	0			(10,562,808)	(10,057,956)	5		(32,611,191)	(33,994,008)	(4)
Other Operating Expenses	(728,920)	(181,488)	302			(780,876)	(1,772,785)	(56)			(626,393)	(101,753)	516		(651,170)	(720,250)	(10)
Finance Cost	(1,121,349)	(1,255,653)	(11)			(3,407,055)	(3,419,482)	(0)			(73,925)	(95,771)	(23)		(237,015)	(233,254)	2
Finance Income	4,571,370	3,193,789	43			15,226,783	26,718,967	(43)			1,783,985	1,622,977	10		5,041,648	11,794,027	(57)
Profit Before Tax	369,334,313	265,918,194	39			1,038,814,275	758,481,348	37			87,744,908	223,135,233	(61)		619,079,368	889,649,625	(30)
Income Tax Expenses	(37,599,390)	(61,907,666)	(39)			(169,608,572)	(207,977,615)	(18)			(11,068,748)	(32,222,141)	(66)		(83,643,199)	(126,110,929)	(34)
Net Profit For the Period	331,734,923	204,010,528	63			869,205,703	550,503,733	58			76,676,160	190,913,092	(60)		535,436,169	763,538,696	(30)
Attributable to:
Owners of Vallibel Power Erathna PLC	298,802,922	179,634,537	66			780,799,684	488,254,835	60			76,676,160	190,913,092	(60)		535,436,169	763,538,696	(30)
Non Controlling Interest	32,932,001	24,375,991	35			88,406,019	62,248,898	42			-	-	-		-	-	-
	331,734,923	204,010,528	63			869,205,703	550,503,733	58			76,676,160	190,913,092	(60)		535,436,169	763,538,696	(30)
Basic Earnings Per Share	0.40	0.24				1.04	0.65				0.10	0.25			0.71	1.02

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Statement of Comprehensive Income

			Group								Company
		Quarter			Nine Months					Quarter				Nine Months
For the nine months ended 31st December	2021	2020	Change	2021	2020	Change	2021	2020	Change	2021	2020	Change
	Rs.	Rs.	%		Rs.	Rs.	%			Rs.	Rs.	%			Rs.	Rs.	%
Net Profit for the Period	331,734,923	204,010,528	63		869,205,703	550,503,733	58			76,676,160	190,913,092	(60)			535,436,169	763,538,696	(30)
Other Comprehensive Income /(Loss)	-	-	-		-	-	-			-	-	-			-	-	-
Total Comprehensive Income for the period, net of Tax	331,734,923	204,010,528	63		869,205,703	550,503,733	58			76,676,160	190,913,092	(60)			535,436,169	763,538,696	(30)
Attributable to:
Owners of Vallibel Power Erathna PLC	298,802,922	179,634,537	66		780,799,684	488,254,835	60			76,676,160	190,913,092	(60)			535,436,169	763,538,696	(30)
Non Controlling Interest	32,932,001	24,375,991	35		88,406,019	62,248,898	42			-	-	-			-	-	-
	331,734,923	204,010,528	63		869,205,703	550,503,733	58			76,676,160	190,913,092	(60)			535,436,169	763,538,696	(30)

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Statement of Cash Flows

	Group			Company
For the nine months ended 31st December	2021		2020		2021	2020
	Rs.	Rs.	Rs.	Rs.
Cash Flows from/(Used in) Operating Activities
Net Profit Before Income Tax Expense	1,038,814,275		758,481,348		619,079,368	889,649,625
Adjustments for
Amortization of Intangible Assets	7,980,969		7,980,969		213,469	213,469
Amortization of Right of Use Assets	4,558,127		3,404,803		1,151,497	795,491
Depreciation	59,684,976		59,782,022		23,518,536	23,534,453
Provision for Retirement Benefit Obligations	2,880,000		3,952,498		1,620,000	2,714,998
Dividend Income and Interest classified as investing cash flows	-		(2,808,249)		(350,234,991)	(695,013,016)
Finance Income	(15,226,783)		(23,910,718)		(5,041,648)	(9,467,993)
Finance Cost	3,407,055		3,419,482		237,015	233,254
Operating Profit Before Working Capital Changes	1,102,098,619		810,302,155		290,543,246	212,660,280
( Increase)/ Decrease in Inventories	(6,140,396)		-		(2,789,396)	-
( Increase )/ Decrease in Trade and Other Receivables	(283,825,457)		(259,448,557)		30,944,546	(89,491,110)
( Increase )/ Decrease in Amounts Due from Related Parties	(160,752)		2,317,479		(1,278,082)	6,181,319
(Increase) / Decrease in Other Financial Assets at Amortised Cost	-		133,256,553		-	93,256,553
Increase / (Decrease ) in Trade and Other Payables	(14,298,451)		(1,249,883)		1,600,240	(241,616)
Cash Generated from /(used in) Operating Activities	797,673,563		685,177,747		319,020,554	222,365,426
Finance Cost Paid	(363,833)		(311,222)		(128,917)	(120,555)
Finance Income Received	12,861,755		32,134,764		4,050,243	11,798,652
Retirement Benefit Obligations Paid	(1,042,576)		(598,457)		(138,841)	(405,531)
Taxes Paid	(163,693,038)		(135,272,076)		(87,779,033)	(73,541,095)
Net Cash from / (used in) Operating Activities	645,435,871		581,130,756		235,024,006	160,096,897
Cash Flows From / (Used in) Investing Activities
Acquisitions of Property, Plant & Equipments	(785,997)		(1,615,245)		(505,747)	(1,085,065)
Interest Received on Financial Assets Held as Investments	-		2,808,249		-	2,326,034
Dividend Received	-		-		350,234,991	692,686,982
Proceeds /(Investments) of Fixed Deposits (net)	-		-		-	-
Net Cash Flow from / (Used In) Investing Activities	(785,997)		1,193,004		349,729,244	693,927,951
Cash Flows from /(Used in) Financing Activities
Principal Elements of Lease Payments	(2,945,682)		(1,576,521)		(1,043,687)	(661,176)
Dividends Paid	(574,366,821)		(923,458,722)		(522,976,812)	(821,820,704)
Net Cash Flows From / (Used In) Financing Activities	(577,312,503)		(925,035,243)		(524,020,499)	(822,481,880)
Net Increase / (Decrease) In Cash & Cash Equivalents	67,337,371		(342,711,483)		60,732,751	31,542,968
Cash and Cash Equivalents at the Beginning of the Period (Note A)	296,637,847		641,166,867		66,279,924	156,626,710
Cash and Cash Equivalents at the End of the Period (Note B)	363,975,218		298,455,384		127,012,675	188,169,678
Note A
Cash and Cash Equivalents at the Beginning of the Period
Cash in Hand & at Bank	20,634,361		17,082,427		19,273,877	14,982,505
Investments in short-term deposits (Matuiry period < 3 months)	276,003,486		624,084,440		47,006,047	141,644,205
	296,637,847		641,166,867		66,279,924	156,626,710
Note B
Cash and Cash Equivalents at the End of the Period
Cash in Hand & at Bank	211,622,219		17,417,570		49,375,123	14,169,672
Investments in short-term deposits (Matuiry period < 3 months)	152,352,999		281,037,814		77,637,552	174,000,006
	363,975,218		298,455,384		127,012,675	188,169,678

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