Bairaha Farms : Interim Financial Statements 31.12.2022

BAIRAHA FARMS PLC.

FINANCIAL STATEMENTS

31ST DECEMBER 2022

Bairaha Farms PLC
Statement of Financial Position
As at 31st December 2022
		Group			Company
	Unaudited	Unaudited	Audited		Unaudited	Unaudited	Audited
	as at	as at	as at		as at	as at	as at
	31.12.2022	31.12.2021	31.03.2022	31.12.2022	31.12.2021	31.03.2022
	Rs	Rs	Rs		Rs	Rs	Rs
ASSETS
Non-Current Assets
Property, Plant & Equipment	2,958,575,179	2,308,497,990	2,500,695,088	1,055,535,358	929,626,950	933,729,816
Right of use Assets	5,537,679	9,967,829	8,860,289	8,839,068	15,910,324	14,142,510
Investment Property	-	-	-	50,196,188	52,513,517	51,932,769
Intangible Assets	35,968,313	35,223,628	39,989,250	35,887,813	35,125,628	39,898,250
Investments in Subsidiaries	-	-	-	381,532,820	381,532,820	381,532,820
Investments in Joint Ventures	1,258,495,768	1,193,123,767	1,176,730,340	711,922,000	711,922,000	711,922,000
Other Investments	891,800	1,131,900	891,800	891,800	1,131,900	891,800
Biological Assets- Bearer	152,169,877	111,699,238	105,002,246		79,921,656	46,667,274	52,608,411
	4,411,638,616	3,659,644,352	3,832,169,013	2,324,726,703	2,174,430,413	2,186,658,376
Current Assets
Inventories	948,835,180	305,921,623	362,024,188	594,587,629	183,385,385	219,928,475
Biological Assets- Consumable	476,136,816	208,219,642	211,654,885	258,186,308	107,872,335	161,689,272
Biological Assets- Bearer	754,046,402	420,831,015	438,754,507	420,569,380	176,043,613	257,230,802
Trade and Other Receivables	964,775,740	608,183,492	694,261,283	1,041,186,893	548,662,631	710,502,107
Income Tax Receivable	14,852,160	38,948,709	24,265,487	3,498,104	24,921,996	13,061,539
Other Investments	25,561,154	45,577,596	46,135,670	61,154	77,596	61,154
Amounts Due from Related Parties	17,747,745	1,060,245	50,509,233	61,736,388	50,636,982	117,290,757
Cash and Bank Balances	212,692,129	432,709,954	541,691,393		148,883,259	198,112,332	302,079,107
	3,414,647,326	2,061,452,276	2,369,296,647		2,528,709,115	1,289,712,870	1,781,843,213
Total Assets	7,826,285,942	5,721,096,628	6,201,465,659	4,853,435,818	3,464,143,283	3,968,501,589
EQUITY AND LIABILITIES
Equity
Stated Capital	536,305,197	256,305,197	256,305,197	536,305,197	256,305,197	256,305,197
Revaluation Surplus	572,830,044	572,830,043	572,830,044	183,956,592	183,956,592	183,956,592
Fair Value Reserve	(1,254,207)	(1,014,107)	(1,254,207)	(1,254,207)	(1,014,107)	(1,254,207)
Actuarial Gain on Defined Benefit Plans	(3,968,043)	(5,557,842)	(3,968,043)	(3,968,043)	(5,557,842)	(3,968,043)
Retained Earnings	4,191,631,382	3,682,827,812	3,960,977,491		1,167,488,994	1,072,509,838	1,326,787,653
Total Equity	5,295,544,373	4,505,391,103	4,784,890,482	1,882,528,533	1,506,199,678	1,761,827,192
Non-Current Liabilities
Financing & Lease (Ijara) Payable	446,997,830	208,066,208	257,660,284	139,596,959	112,593,857	106,558,148
Deferred Tax Liabilities	177,672,605	180,137,125	177,672,605	60,207,892	56,229,716	60,207,891
Retirement Benefit Liability	101,908,669	100,164,664	94,863,017		89,395,633	85,410,924	83,018,834
	726,579,104	488,367,997	530,195,906	289,200,484	254,234,497	249,784,873
Current Liabilities
Trade and Other Payables	720,755,213	389,489,640	594,676,038	1,188,103,395	1,205,416,634	1,425,360,210
Dividends Payable	8,550,987	17,600,506	16,545,937	8,550,987	17,600,506	16,545,937
Amounts Due to Related Parties	-	-	-	485,929,033	249,494,464	306,583,406
Financing & Lease (Ijara) Payable	1,074,856,265	320,247,382	275,157,296		999,123,386	231,197,504	208,399,971
	1,804,162,465	727,337,528	886,379,271		2,681,706,801	1,703,709,108	1,956,889,524
Total Equity and Liabilities	7,826,285,942	5,721,096,628	6,201,465,659		4,853,435,818	3,464,143,283	3,968,501,589

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
18-Jan-2023

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Group

For the Nine Months ended 31st December 2022

	Unaudited	Unaudited	Unaudited	Unaudited
	for the nine	for the nine	for the quarter	for the quarter	Group
	months ended	months ended	ended	ended	Change
	31.12.2022	31.12.2021	31.12.2022	31.12.2021	%
	Rs	Rs	Rs	Rs	+/(-)
Revenue	8,652,290,840	4,416,809,589	2,882,185,071	1,670,370,421	96
Cost of Sales	(7,289,757,560)	(3,512,906,369)	(2,655,925,093)	(1,269,989,009)	108
Gross Profit	1,362,533,280	903,903,220	226,259,978	400,381,412	51
Other Operating Income	72,734,813	20,117,289	4,582,181	3,479,390	262
Distribution Costs	(587,357,093)	(302,540,761)	(222,335,302)	(117,779,927)	94
Administrative Expenses	(281,766,529)	(225,817,841)	(87,238,596)	(82,340,689)	25
Other Operating Expenses	(3,071,007)	(395,685)	(2,658,054)	(139,161)	676
Finance Cost	(123,745,954)	(28,532,704)	(65,902,621)	(9,348,999)	334
Profit before Tax	439,327,510	366,733,518	(147,292,414)	194,252,026	20
Share of Profit from Joint Venture Companies	181,765,440	138,393,825	119,626,251	41,287,137	31
Income Tax Expense	(14,439,059)	(17,929,995)	(439,059)	(2,994,095)	(19)
Profit for the Period	606,653,891	487,197,348	(28,105,222)	232,545,068	25
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	606,653,891	487,197,348	(28,105,222)	232,545,068
Earnings per Share - Basic	37.92	30.45	(1.76)	14.53	25

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
18-Jan-2023

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Company

For the Nine Months ended 31st December 2022

	Unaudited	Unaudited	Unaudited	Unaudited
	for the nine	for the nine	for the quarter	for the quarter
	months ended	months ended	ended	ended	Group
	31.12.2022	31.12.2021	31.12.2022	31.12.2021	Change
					%
	Rs	Rs	Rs	Rs	+/(-)
Revenue	6,996,151,440	3,351,605,295	2,064,748,345	1,360,960,835	109
Cost of Sales	(6,235,126,820)	(2,991,791,832)	(2,029,290,440)	(1,102,743,710)	108
Gross Profit	761,024,620	359,813,463	35,457,905	258,217,125	112
Other Operating Income	290,204,055	207,735,462	64,421,599	32,894,020	40
Distribution Costs	(488,332,301)	(242,936,115)	(185,432,505)	(94,904,497)	101
Administrative Expenses	(239,930,378)	(183,470,359)	(72,252,196)	(63,091,528)	31
Other Operating Expenses	(3,071,007)	(395,685)	(2,658,054)	(139,161)	676
Finance Cost	(89,193,648)	(17,536,716)	(49,874,038)	(5,649,348)	409
Profit before Tax	230,701,341	123,210,050	(210,337,289)	127,326,611	(87)
Income Tax Expense	(14,000,000)	(14,683,511)	-	(2,783,511)	(5)
Profit for the Period	216,701,341	108,526,539	(210,337,289)	124,543,100	100
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	216,701,341	108,526,539	(210,337,289)	124,543,100
Earnings per Share - Basic	13.54	6.78	(13.15)	7.78	100

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen	-
Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
18-Jan-2023

Bairaha Farms PLC.

Statement of Changes in Equity

For the Nine Months ended 31st December 2022

Group

Balance as at 1st April 2021

Profit for the nine months ended 31st December 2021 Surplus on Revaluation of Property, Plant & Equipment Dividends

Balance as at 31st December 2021

Company

Balance as at 1st April 2021

Profit for the nine months ended 31st December 2021 Dividends

Balance as at 31st December 2021

Group

Balance as at 1st April 2022

Profit for the nine months ended 31st December 2022

Issue of Bonus Shares

Dividends

Balance as at 31st December 2022

Company

Balance as at 1st April 2022

Profit for the nine months ended 31st December 2022

Issue of Bonus Shares

Dividends

Balance as at 31st December 2022

			Actuarial Gain
Stated	Revaluation	Fair Value	on Defined
Capital	Surplus	Reserve	Benefit Plans	Retained Earnings	Total
Rs	Rs	Rs	Rs	Rs	Rs
256,305,197	580,246,801	(1,014,107)	(5,557,842)	3,284,213,706	4,114,193,755
-	-	-	-	487,197,348	487,197,348
-	(7,416,758)	-	-	7,416,758.00	-
-	-	-	-	(96,000,000)	(96,000,000)
256,305,197	572,830,043	(1,014,107)	(5,557,842)	3,682,827,812	4,505,391,103
256,305,197	183,956,592	(1,014,107)	(5,557,842)	1,059,983,299	1,493,673,139
-	-	-	-	108,526,539	108,526,539
-	-	-	-	(96,000,000)	(96,000,000)
256,305,197	183,956,592	(1,014,107)	(5,557,842)	1,072,509,839	1,506,199,678
256,305,197	572,830,044	(1,254,207)	(3,968,043)	3,960,977,491	4,784,890,482
-	-	-	-	606,653,891	606,653,891
280,000,000	-	-	-	(280,000,000)	-
-	-	-	-	(96,000,000)	(96,000,000)
536,305,197	572,830,044	(1,254,207)	(3,968,043)	4,191,631,382	5,295,544,373
256,305,197	183,956,592	(1,254,207)	(3,968,043)	1,326,787,653	1,761,827,192
-	-	-	-	216,701,341	216,701,341
280,000,000	-	-	-	(280,000,000)	-
-	-	-	-	(96,000,000)	(96,000,000)
536,305,197	183,956,592	(1,254,207)	(3,968,043)	1,167,488,994	1,882,528,533