C T LAND DEVELOPMENT PLC

INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30TH SEPTEMBER 2022

Page 1 of 8

C T LAND DEVELOPMENT PLC

CONTENTS

Description

Page No.

Statement of Profit or Loss and Other Comprehensive Income

3

Statement of Changes in Equity

3

Statement of Financial Position

4

Statement of Cashflows

5

Explanatory Notes

6-7

Corporate Information

8

Page 2 of 8

C T LAND DEVELOPMENT PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Entity and Investee

For

Three Months ended 30th September

Six Months ended 30th September

2022

2021

2022

2021

Rs. '000

Rs. '000

%

Rs. '000

Rs. '000

%

Revenue

68,691

36,228

89.61

132,974

99,723

33

Other Operating Income

13,618

8,542

59.41

25,596

14,266

79

Personnel Costs

(25,386)

(20,769)

22.23

(43,036)

(40,686)

6

Depreciation

(5,602)

(5,765)

(2.82)

(11,071)

(12,091)

(8)

Other Operating Costs

(28,525)

(28,495)

0.11

(76,095)

(60,646)

25

Profit from Operations

22,796

(10,258)

(322.22)

28,368

566

4,911

Finance Cost

(1,903)

(5,031)

(62.18)

(11,076)

(7,926)

40

Share of Profit of Equity

-

(8,930)

(100.00)

-

(24,520)

(100)

Accounted Investee

Profit before Taxation

20,893

(24,219)

(186.27)

17,292

(31,881)

(154)

Taxation

(3,153)

6,781

(146.50)

(2,145)

8,927

(124)

Net Profit/(Loss) for the Period

17,740

(17,438)

(201.73)

15,147

(22,954)

(166)

Other Comprehensive Income,

-

-

-

-

-

-

net of Income Tax, for the period

Total Comprehensive

Income/(Expense) for the

17,740

(17,438)

(201.73)

15,147

(22,954)

(165.99)

period

Earnings/(Loss) Per Share ( Rs. )

0.22

(0.21)

0.19

(0.28)

STATEMENT OF CHANGES IN EQUITY

Entity and Investee

Stated

Retained

AFS

Total Equity

Capital

Earnings

Reserve

Rs. '000

Rs. '000

Rs. '000

Rs. '000

ENTITY AND INVESTEE

Balance as at 1st April 2021

1,982,500

2,018,117

3,476

4,004,093

Net Profit for the period

(22,954)

-

(22,954)

Dividends

-

-

-

Balance as at 30th September 2021

1,982,500

1,995,163

3,476

3,981,139

Balance as at 01st April 2022

1,982,500

2,011,278

-

3,993,778

Net Profit for the period

-

15,147

-

15,147

Surcharge tax Paid - 2020/21

-

(12,679)

-

(12,679)

Balance as at 30th September 2022

1,982,500

2,013,747

-

3,996,247

Page 3 of 8

C T LAND DEVELOPMENT PLC

STATEMENT OF FINANCIAL POSITION

Entity and Investee

As at

30th September

30th September

31st March

2022

2021

2022

Rs. '000

Rs.'000

Rs.'000

ASSETS

Non Current Assets

Property, Plant & Equipment

165,680

282,913

170,528

Right of Use Leased Assets

41,848

44,275

42,884

Intangible Assets

3,785

4,034

3,592

Investment Properties

4,603,624

4,307,468

4,602,597

Equity Accounted Investee

-

17,327

-

Investments-AFS

-

76,212

-

4,814,938

4,732,229

4,819,600

Current Assets

Inventories

6,178

-

-

Trade and Other Receivables

61,811

197,630

43,734

Income Tax Receivable

-

4,732

-

Short Term Investments

108,105

27,156

101,427

Cash in Hand and at Bank

84

118

84

176,179

229,636

145,245

Total Assets

4,991,117

4,961,865

4,964,846

-

EQUITY AND LIABILITIES

Capital and Reserves

Stated Capital

1,982,500

1,982,500

1,982,500

Retained Earnings

2,013,747

1,995,163

2,011,278

AFS Reserve

-

3,476

-

3,996,247

3,981,139

3,993,778

Non Current Liabilities

Deferred Employee Benefits

57,418

59,740

51,473

Right of Use Lease Liabilities

55,513

55,008

50,608

Deferred Taxation

414,849

379,257

412,704

Security Deposits

182,874

176,795

186,681

Deferred Interest

23,465

29,471

18,034

734,120

700,271

719,499

Current Liabilities

Trade and Other Payables

21,796

12,177

27,718

Income Tax Payable

4,168

-

4,168

Dividends Payable

10,580

10,580

10,580

Interest bearing Loans

174,086

205,437

198,110

Bank Overdraft/(Secured)

50,120

52,261

10,993

260,750

280,455

251,568

Total Equity and Liabilities

4,991,117

4,961,865

4,964,846

Net Assets per Share (Rs.)

49.18

49.00

49.15

These Financial Statements have been prepared in accordance with the requirements of the Companies Act No.07 of 2007.

Ms. W A Y P Wijesinghe

Finance Manager

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

L R Page

A.T.P. Edirisinghe

Chairman

Director

11th November 2022

Page 4 of 8

C T LAND DEVELOPMENT PLC

STATEMENT OF CASHFLOWS

Entity and Investee

Period ended

30th September

30th September

31st March

2022

2021

2022

Rs. '000

Rs.'000

Rs.'000

CASH FLOW FROM OPERATING ACTIVITIES

Cash Generated from Operations

Profit from Operating Activities

17,292

(31,881)

14,169

Adjustments for :

Depreciation & Amortisation

11,071

12,091

23,813

Provision for Defined Benefit Obligation

5,946

2,305

2,977

Provision for Impairment of Trade Receivables

-

-

3,334

Interest Expenses

11,076

7,926

16,835

Share of Loss - Equity Accounted Investee

-

24,520

41,848

Change in Fair Value of Financial Instruments

(6,677)

(796)

(3,068)

Change in Fair Value of Investment Properties

-

-

(180,641)

Interest Expenses on Leases

2,775

3,192

3,769

Interest Income

-

-

(59)

Operating Profit before Working Capital Changes

41,482

17,358

(77,024)

Adjustment for Working Capital Changes

(Increase)/Decrease in Inventories

(6,178)

-

-

(Increase)/Decrease in Trade and Other Receivables

(18,078)

(17,680)

119,115

Increase/(Decrease) in Trade and Other Payables

(1,035)

(6,275)

18,147

Increase/(Decrease) in Security Deposits

1,625

(834)

(2,385)

Cash Generated from Operations

17,816

(7,430)

57,853

Interest Paid

(11,076)

(7,926)

(16,835)

Income Tax Paid

(12,679)

(1,832)

(1,859)

Gratuity Received /(Paid)

-

-

705

Net Cash inflow from Operating Activities

(5,938)

(17,188)

39,865

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Property, Plant & Equipment

(1,631)

-

(574)

Proceeds from disposal of Long term Investment

-

-

75,530

Interest Received

-

-

59

Expenses incurred on Capital WIP

(4,778)

(12,966)

(24,383)

Investments - Financial Instruments

-

-

(72,000)

Net Cash used in Investing Activities

(6,408)

(12,966)

(21,368)

CASH FLOWS FROM FINANCING ACTIVITIES

Term Loan Received

-

40,000

200,000

Repayment of Interest Bearing Borrowings

(24,024)

(3,625)

(170,952)

Payment of Lease Liabilities

(2,757)

(3,510)

(3,600)

Net Cash used in Financing Activities

(26,780)

32,865

25,448

Net Increase/(Decrease) in Cash and Cash Equivalents

(39,127)

2,711

43,945

Cash and Cash Equivalents as at 1st April

(10,908)

(54,854)

(54,854)

Cash & Cash Equivalents at end of the period

(50,035)

(52,143)

(10,908)

NOTE - A

Analysis of Cash and Cash Equivalents

Cash in Hand and at Bank

84

118

84

Bank Overdraft

(50,120)

(52,261)

(10,993)

(50,035)

(52,143)

(10,908)

Page 5 of 8

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CT Land Development plc published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 11:33:13 UTC.