Vidullanka : Interim Financial Statements as of 30/09/2022

(PQ 83)

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 30th SEPTEMBER 2022.

Registered office: Level 04, Access Towers, No. 278, Union Place,

Colombo 2, Sri Lanka.

Tel: [phone] , / Fax: [phone]

www.vidullanka.com

				Vidullanka PLC
STATEMENT OF FINANCIAL POSITION
	Group	Company
As at	30.09.2022	31.03.2022	30.09.2022	31.03.2022
	(Unaudited*)	(Audited)	(Unaudited*)	(Audited)
	Rs.	Rs.	Rs.	Rs.
ASSETS
Non-Current Assets
Property , Plant & Equipment	8,530,063,880	7,521,970,574	636,555,335	632,566,583
Mature bearer biological assets	45,385,289	45,793,051	-	-
Right of Use asset	208,163,248	186,826,750	22,346,414	14,043,021
Investments in Subsidiaries	-	-	1,328,896,131	1,328,896,133
Investments in Joint Ventures & Associates	626,457,696	623,833,402	414,291,550	414,291,550
Other Project Investments	82,320,925	81,565,679	82,320,925	81,565,679
Goodwill	233,890,560	259,355,007	988,982	988,982
Deferred Tax Asset	2,523,666	2,523,667	-	-
	9,728,805,264	8,721,868,130	2,485,399,337	2,472,351,948
Current Assets
Inventories	144,921,331	123,802,574	25,009,641	21,604,573
Trade and Other Receivables	2,297,795,286	1,645,524,221	875,837,893	734,365,150
Other Financial Assets	330,672,255	160,264,772	41,840,145	41,352,472
Cash and Bank Balances	857,365,805	854,432,051	56,107,528	37,260,782
	3,630,754,677	2,784,023,618	998,795,207	834,582,977
Total Assets	13,359,559,941	11,505,891,748	3,484,194,544	3,306,934,925
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	1,805,597,718	1,786,069,350	1,805,597,718	1,786,069,350
Retaining Earnings	2,715,946,403	2,406,968,789	156,206,192	104,054,810
Other components of equity	2,153,168,030	1,403,537,432	-	-
Equity attributable to Equity Holders of the Parent	6,674,712,151	5,596,575,571	1,961,803,910	1,890,124,160
Non Controlling Interest	220,149,491	128,551,007	-	-
Total Equity	6,894,861,642	5,725,126,578	1,961,803,910	1,890,124,160
Non- Current Liabilities
Loans and Borrowings	3,078,533,515	3,109,948,487	515,964,225	556,124,873
Defined Benefit Liability	48,241,024	49,016,054	42,898,979	42,426,155
Deferred Tax Liability	1,064,454,876	811,247,563	16,421,564	16,004,089
Lease Liability	77,002,264	78,201,078	16,314,615	6,785,196
	4,268,231,679	4,048,413,182	591,599,382	621,340,313
Current Liabilities
Trade and Other Payables	405,329,723	404,619,055	147,291,409	191,099,163
Loans and Borrowings	1,673,153,819	1,248,002,184	777,502,160	579,294,939
Lease Liability	14,498,961	14,917,192	2,997,911	3,056,938
Income Tax Liability	103,484,117	64,813,557	2,999,772	22,019,412
	2,196,466,620	1,732,351,988	930,791,252	795,470,452
Total Equity and Liabilities	13,359,559,941	11,505,891,748	3,484,194,544	3,306,934,925
Net Assets Represented by :
No of Issued Shares-Voting	866,665,679	862,124,198	866,665,679	862,124,198
No of Issued Shares-Non Voting	72,394,086	72,394,086	72,394,086	72,394,086
Total No of Shares	939,059,765	934,518,284	939,059,765	934,518,284
Net Asset Value Per Share (Rs)	7.11	5.99	2.09	2.02
* The amounts are provisional and subject to audit

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

(Signed)

………………………………………

Mafaz Ansar

Group Finance Controller

The Board of Directors is responsible for the Preparation and presentation of these financial statements.

(Signed)	(Signed)
………………………………………	………………………………………
Riyaz M.Sangani	Rizvi Zaheed
CEO	Director
08th November 2022

1

STATEMENT OF COMPREHENSIVE INCOME

Vidullanka PLC

			Group
	Quarter Ended 30th September	Six Months Ended 30th September
	2022	2021	Change	2,022	2021	Change
	(Unaudited*)	(Unaudited*)	(Unaudited*)	(Unaudited*)
	%	%
	Rs.	Rs.	Rs.	Rs.
Revenue	1,004,985,420	648,738,340	55	1,780,218,701	1,255,555,293	42
Cost of Sales	(358,408,806)	(212,255,457)	(69)	(541,700,949)	(362,663,152)	(49)
Gross Profit	646,576,614	436,482,883	48	1,238,517,752	892,892,141	39
Other Income and Gain/(Losses)	(1,374,064)	4,336,928	>(99)	(12,944,213)	27,234,234	>(99)
Administrative Expenses	(108,554,313)	(94,736,698)	(15)	(214,578,599)	(199,563,415)	(8)
Finance Cost	(141,649,849)	(78,236,502)	(81)	(253,576,329)	(153,513,258)	(65)
Finance Income	1,237,372	202,079	>99	1,462,796	538,200	>99
Investment Share in the Joint Ventures & Associate	8,984,465	32,404,705	72	2,637,348	58,901,201	(96)
Profit Before Tax	405,220,225	300,453,395	35	761,518,755	626,489,103	22
Income Tax Expense	(155,379,917)	(95,196,548)	(63)	(293,529,671)	(178,052,293)	(65)
Profit for the period	249,840,308	205,256,847	22	467,989,084	448,436,810	4
Other Comprehensive Income (OCI)
Net Actuarial Gain/(Loss) on Defined Benefit Plan	(1,468,446)	(49,431)	>(99)	(2,936,894)	(103,850)	>(99)
Income Tax on Other Comprehensive Income	409,348	19,408	>(99)	818,696	38,876	>(99)
Net Actuarial Gain/(Loss) on Defined Benefit Plan of	(6,527)	4,507	-	(13,054)	9,014	-
Investment share
Exchange Differences on Translation of Foreign Operations	40,383,780	(9,523,315)	>99	788,855,711	9,962,397	>99
Other Comprehensive Income for the Year, Net of Tax	39,318,155	(9,548,831)	>99	786,724,459	9,906,437	>99
Total Comprehensive Income for the Year, Net of Tax	289,158,463	195,708,016	48	1,254,713,543	458,343,246	>99
Profit attributable to :
Equity Holders of the Parent	231,150,139	201,984,182	14	441,345,886	442,009,638	(0)
Non-Controlling Interest	18,690,169	3,272,665	>99	26,643,198	6,427,172	>99
Total Profit for the period	249,840,308	205,256,847	22	467,989,084	448,436,810	4
Total Comprehensive Income attributable to :
Equity Holders of the Parent	257,219,442	192,772,476	33	1,188,845,228	451,518,937	>99
Non-Controlling Interest	31,939,021	2,935,540	>99	65,868,315	6,824,309	>99
Total Comprehensive Income for the Year	289,158,463	195,708,016	48	1,254,713,543	458,343,246	>99
Earnings Per Share - Basic	0.25	0.23		0.48	0.50
Earnings Per Share - Diluted	0.25	0.23		0.47	0.50
Weighted Average No of Total shares-Basic	928,540,409	882,452,917		928,540,409	882,452,917
Weighted Average No of Total shares - Diluted EPS	931,409,211	888,473,756		931,409,211	888,473,756

• The amounts are provisional and subject to audit
• The variance indicates the impact on the profitability

2

STATEMENT OF COMPREHENSIVE INCOME

Vidullanka PLC

Company

	Quarter Ended 30th September	Six Months Ended 30th September
	2022	2021	Change	2022	2021	Change
	(Unaudited*)	(Unaudited*)	(Unaudited*)	(Unaudited*)
	Rs.	Rs.	%	Rs.	Rs.	%
Revenue	58,817,021	120,475,104	(51)	137,360,712	237,097,313	(42)
Cost of Sales	(21,160,382)	(12,558,014)	(69)	(40,216,612)	(24,748,943)	(62)
Gross Profit	37,656,639	107,917,090	(65)	97,144,100	212,348,370	(54)
Other Income and Gain/(Losses)	144,627,623	21,845,794	>99	270,225,926	109,015,831	>99
Administrative Expenses	(60,221,270)	(58,321,734)	(3)	(125,591,110)	(121,489,050)	(3)
Finance Cost	(55,411,518)	(27,569,101)	>(99)	(93,458,567)	(59,553,598)	(57)
Finance Income	1,250,556	133,305	>99	1,459,018	465,151	>99
Profit Before Tax	67,902,031	44,005,354	54	149,779,368	140,786,704	6
Income Tax Expense	(166,990)	(19,900,140)	99	(730,810)	(19,900,140)	96
Profit for the period	67,735,041	24,105,214	181	149,048,558	120,886,564	23
Other Comprehensive Income
Net Actuarial Gain/(Loss) on Defined Benefit Plan	(1,455,633)	(75,016)	>(99)	(2,911,267)	(150,033)	>(99)
Income Tax on Other Comprehensive Income	407,577	21,004	>(99)	815,155	42,009	>(99)
Other Comprehensive Income for the Year, Net of Tax	(1,048,056)	(54,012)	>(99)	(2,096,112)	(108,023)	>(99)
Total Comprehensive Income for the Year, Net of Tax	66,686,985	24,051,202	>99	146,952,446	120,778,541	22
Profit attributable to :
Equity Holders of the Parent	67,735,041	24,105,214	>99	149,048,558	120,886,564	23
Total Profit for the period	67,735,041	24,105,214	>99	149,048,558	120,886,564	23
Total Comprehensive Income attributable to :
Equity Holders of the Parent	66,686,985	24,051,202	>99	146,952,446	120,778,541	22
Total Comprehensive Income for the Year	66,686,985	24,051,202	>99	146,952,446	120,778,541	22
Earnings Per Share - Basic	0.07	0.03		0.16	0.14
Earnings Per Share - Diluted	0.07	0.03		0.16	0.14
Weighted Average No of Total shares-Basic	928,540,409	882,452,917		928,540,409	882,452,917
Weighted Average No of Total shares - Diluted EPS	931,409,211	888,473,756		931,409,211	888,473,756

** The variance indicates the impact on the profitability

3

STATEMENT OF CHANGES IN EQUITY

Vidullanka PLC

			Foreign
	Stated Capital	Retained	Currency	Non-Controlling	Total
	Earnings	Translation	Interest
GROUP
		Reserve
	Rs	Rs	Rs	Rs	Rs
Balance as at 1st April 2021	1,469,839,867	1,830,090,914	273,581,811	71,412,994	3,644,925,586
Profit for the Period	-	442,009,638	-	6,427,171	448,436,809
Other Comprehensive Income	-	(55,960)	9,565,259	397,138	9,906,437
Total Comprehensive Income for the Year	-	441,953,678	9,565,259	6,824,309	458,343,246
Dividend Paid	-	(106,057,336)	-	-	(106,057,336)
Subscription of ESOS	3,386,866				3,386,866
Subscription of Non Voting Shares	253,379,301	-	-	-	253,379,301
Balance as at 30th September 2021	1,726,606,034	2,165,987,256	283,147,070	78,237,303	4,253,977,663
Balance as at 1st April 2022	1,786,069,350	2,406,968,789	1,403,537,432	128,551,007	5,725,126,578
Profit for the period	-	441,345,886	-	26,643,198	467,989,084
Other Comprehensive Income	-	(2,131,256)	749,630,598	39,225,117	786,724,459
Total Comprehensive Income for the Year	-	439,214,630	749,630,598	65,868,315	1,254,713,543
Acquisition of Stake		(35,435,952)		36,344,547	908,595
Dividend Paid	-	(94,801,064)	-	(10,614,378)	(105,415,442)
Subscription of ESOS	19,528,368	-	-	-	19,528,368
Balance as at 30th September 2022	1,805,597,718	2,715,946,403	2,153,168,030	220,149,491	6,894,861,642

	Stated Capital	Retained	Total
COMPANY	Earnings
	Rs	Rs	Rs
Balance as at 1st April 2021	1,469,839,867	37,598,029	1,507,437,896
Profit for the Period	-	120,886,564	120,886,564
Other Comprehensive Income	-	(108,023)	(108,023)
Total Comprehensive Income for the Year	-	120,778,541	120,778,541
Dividend Paid	-	(106,057,336)	(106,057,336)
Subscription of ESOS	3,386,866		3,386,866
Subscription of Non Voting Shares	253,379,301		253,379,301
Balance as at 30th September 2021	1,723,219,168	52,319,234	1,778,925,267
Balance as at 1st April 2022	1,786,069,350	104,054,810	1,890,124,160
Profit for the period	-	149,048,558	149,048,558
Other Comprehensive Income	-	(2,096,112)	(2,096,112)
Total Comprehensive Income for the Year	-	146,952,446	146,952,446
Dividend Paid	-	(94,801,064)	(94,801,064)
Subscription of ESOS	19,528,368	-	19,528,368
Balance as at 30th September 2022	1,805,597,718	156,206,192	1,961,803,910

4