Elpitiya Plantations : Interim Financial Statements for the nine months ended 31st December 2022

ELPITIYA PLANTATIONS PLC

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31 st DECEMBER 2022

ELPITIYA PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

	Group	Company			Group		Company
	Audited	Audited			Unaudited		Unaudited	Unaudited		Unaudited
	As at	As at			As at		As at	As at		As at
	31.03.2022	31.03.2022			31.12.2022		31.12.2021	31.12.2022		31.12.2021
	Rs.'000	Rs.'000			Rs.'000		Rs.'000	Rs.'000		Rs.'000
			Assets
			Non current assets
	365,292	365,292	Leasehold property plant and equipment	351,770		367,677	351,770		367,677
	1,506,358	1,320,800	Freehold property plant and equipment	1,614,385		1,333,476	1,435,767		1,145,633
	3,776,841	3,776,841	Bearer biological assets	3,927,487		3,751,887	3,927,487		3,751,887
	1,118,133	1,118,133	Consumable biological assets	1,138,661		1,089,487	1,138,661		1,089,487
	45,226	45,226	Other non current asset	46,146		44,756	46,146		44,756
	-	-	Other financial assets	12,046		-	12,046		-
	353,246	239,290	Investments	451,235		300,024	239,290		239,290
	7,165,096	6,865,582			7,541,730		6,887,307	7,151,167		6,638,730
			Current assets
	21,429	21,429	Produce on bearer biological assets	21,429		16,528	21,429		16,528
	440,942	440,887	Inventories	1,146,087		448,063	1,146,031		448,028
	390,723	376,612	Trade and other receivables	463,713		124,314	464,698		107,034
	109	89	Income tax	receivables	109		89	89		89
	126,686	184,546	Amounts due from related companies	154,752		116,551	208,359		184,130
	950,000	950,000	Short term Investments	1,745,491		950,006	1,745,491		950,006
	209,970	204,400	Cash and bank balances	494,829		41,125	476,449		27,906
	2,139,859	2,177,963			4,026,410		1,696,676	4,062,546		1,733,721
	9,304,955	9,043,545	TOTAL ASSETS	11,568,140		8,583,983	11,213,713		8,372,451
			Equity and liabilities
			Capital and reserves
	694,236	694,236	Stated capital	694,236		694,236	694,236		694,236
	818,604	818,604	Timber reserve	818,604		797,640	818,604		797,640
	5,391,329	5,130,706	Accumulated profits	6,910,303		4,962,211	6,555,070		4,749,141
	6,904,169	6,643,546	Total equity	attributable to equity holders of the company	8,423,143		6,454,087	8,067,910		6,241,017
	(4,924)	-	Non-controlling interest	(5,015)		(4,991)	-		-
	6,899,245	6,643,546	Total equity	8,418,128		6,449,096	8,067,910		6,241,017
			Non current liabilities
	210,194	210,194	Interest bearing loans and borrowings	100,220		209,021	100,220		209,021
	600,620	600,392	Retirement benefit obligations	618,546		666,738	618,318		666,565
	166,809	166,809	Deferred income	157,748		173,538	157,748		173,538
	412,797	410,147	Deferred tax liability	1,022,344		364,904	1,019,694		363,166
	348,529	348,529	Net liability to the lessor payable	345,472		337,507	345,472		337,507
	1,738,949	1,736,071			2,244,330		1,751,708	2,241,452		1,749,797
			Current liabilities
	108,657	108,657	Interest bearing loans and borrowings	115,105		138,041	115,105		138,041
	3,290	3,290	Net liability to the lessor payable	3,690		2,923	3,690		2,923
	520,650	518,963	Trade and other payables	668,831		159,368	667,689		158,230
	20,170	20,170	Amounts due to related companies	22,759		69,892	22,759		69,892
	13,994	12,848	Income tax payable	78,801		9,404	78,612		9,000
	-	-	Bank Overdraft	16,496		3,551	16,496		3,551
	666,761	663,928			905,682		383,179	904,351		381,637
	9,304,955	9,043,545	TOTAL EQUITY AND LIABILITIES	11,568,140		8,583,983	11,213,713		8,372,451
			Net assets per share
	94.68	91.17	115.60		88.57	110.72		85.65
	Sgd.							`
	Ruwan Nissanka
	Chief Operating Officer -Finance
	Signed on behalf of the Board of Directors of Elpitiya Plantations PLC
	Sgd.							Sgd.
	M P Dissanayake							Rohan M. Fernando
	Chairman							Managing Director
	14.02.2023

ELPITIYA PLANTATIONS PLC

INCOME STATEMENT

Group

	Audited			3 months		9 months ended
	Year ended		Unaudited	Unaudited	Change	Unaudited	Unaudited	Change
	31.03.2022		31.12.2022	31.12.2021		31.12.2022	31.12.2021
	Rs.'000		Rs.'000	Rs.'000		Rs.'000	Rs.'000
	5,095,987	Revenue	2,017,128	1,142,376	77%	6,106,728	3,741,884	63%
	(3,357,880)	Cost of sales	(1,327,867)	(776,657)	71%	(3,548,850)	(2,470,042)	44%
					88%			101%
	1,738,108	Gross Profit	689,261	365,720	2,557,878	1,271,842
	38,970	Gain on fair value of biological assets	-	-	-	-	-	-
	198,778	Other income	28,875	35,584	-19%	112,333	146,102	-23%
	(424,909)	Administration expenses	(156,233)	(87,957)	78%	(432,395)	(267,882)	61%
	(145,993)	Management fee and workers profit share	(60,983)	(40,308)	51%	(184,502)	(125,442)	47%
	(49,922)	Finance cost	(16,240)	(13,134)	24%	(46,568)	(34,564)	35%
	45,134	Finance income	121,647	5,970	1938%	222,938	11,633	1816%
	233,584	Share of profit/(loss) of joint ventures	44,292	51,530	-14%	198,649	179,736	11%
	1,633,750	Profit before taxation	650,620	317,404	105%	2,428,333	1,181,425	106%
	(101,125)	Tax expenses	(594,305)	(21,157)	2709%	(690,851)	(50,163)	1277%
					-81%			54%
	1,532,625	Profit for the period	56,315	296,247	1,737,482	1,131,262
		Attributable to
	1,532,744	Equity holders of the parent	56,332	296,315	-81%	1,737,573	1,131,448	54%
	(119)	Non controlling Interest	(17)	(68)	-75%	(91)	(186)	-51%
	1,532,625	Net Profit for the period	56,315	296,247	-81%	1,737,482	1,131,262	54%
		Earnings per share
21.03	0.77	4.07		23.84	15.53
	Statement of Comprehensive Income
	Audited		3 months	09 months ended
	Year ended		Unaudited	Unaudited	Unaudited	Unaudited
	31.03.2022		31.12.2022	31.12.2021	31.12.2022	31.12.2021
	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
	1,532,625	Profit for the period	56,315	296,247	1,737,482	1,131,262
	54,510	Actuarial gain on defined benefit plans	-	-	-	-
	(5,724)	Income tax effect	-	-	-	-
	48,786	Other comprehensive income for the period, net of tax	-	-	-	-
	1,581,412	Total comprehensive income for the period, net of tax	56,315	296,247	1,737,482	1,131,262
		Attributable to
	1,581,531	Equity holders of the parent	56,332	296,315	1,737,573	1,131,448
	(119)	Non controlling Interest	(17)	(68)	(91)	(186)
		Total comprehensive income for the period
	1,581,412	56,315	296,247	1,737,482	1,131,262

ELPITIYA PLANTATIONS PLC

INCOME STATEMENT

Company

	Audited			3 months		9 months ended
	Year ended		Unaudited	Unaudited	Change	Unaudited	Unaudited	Change
	31.03.2022		31.12.2022	31.12.2021		31.12.2022	31.12.2021
	Rs.'000		Rs.'000	Rs.'000		Rs.'000	Rs.'000
	5,068,444	Revenue	2,011,533	1,131,768	78%	6,093,152	3,714,708	64%
	(3,344,654)	Cost of sales	(1,324,474)	(773,068)	71%	(3,538,554)	(2,460,081)	44%
					92%			104%
	1,723,790	Gross profit	687,059	358,700	2,554,598	1,254,627
	38,970	Gain on fair value of biological assets	-	-	-	-	-	-
	299,437	Other income	28,875	85,914	-66%	212,993	246,745	-14%
	(421,137)	Administration expenses	(151,870)	(87,261)	74%	(425,580)	(265,795)	60%
	(145,993)	Management fee and workers profit share	(60,983)	(40,308)	51%	(184,502)	(125,442)	47%
	(49,922)	Finance cost	(16,240)	(13,134)	24%	(46,568)	(34,564)	35%
	45,056	Finance income	121,601	5,940	1947%	222,845	11,584	1824%
	1,490,202	Profit before taxation	608,443	309,851	96%	2,333,787	1,087,154	115%
	(99,456)	Tax expenses	(594,291)	(21,150)	2710%	(690,823)	(50,150)	1278%
	1,390,746	Profit for the period	14,152	288,701	-95%	1,642,964	1,037,004	58%
		Earnings per share
19.09	0.19	3.96		22.55	14.23

Statements of Comprehensive Income

	Audited		3 months	9 months ended
	Year ended		Unaudited	Unaudited	Unaudited	Unaudited
	31.03.2022		31.12.2022	31.12.2021	31.12.2022	31.12.2021
	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
	1,390,746	Profit for the period	14,152	288,701	1,642,964	1,037,004
	54,510	Actuarial gain on defined benefit plans	-	-	-	-
	(5,724)	Income tax effect	-	-	-	-
	48,786	Other comprehensive income for the period, net of tax	-	-	-	-
	1,439,533	Total comprehensive income for the period, net of tax	14,152	288,701	1,642,964	1,037,004

ELPITIYA PLANTATIONS PLC

STATEMENT OF CHANGES IN EQUITY

Group

	Stated capital	Retained earnings	Timber reserve	Total	Non controlling	Total equity
					Interest
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.000	Rs.000
Balance as at 01.04.2021	694,236	3,976,496	797,640	5,468,372	(4,805)	5,463,567
Net profit for the period	-	1,131,448	-	1,131,448	(186)	1,131,262
Dividend Paid	-	(145,733)	-	(145,733)	-	(145,733)
Balance as at 31.12.2021	694,236	4,962,211	797,640	6,454,087	(4,991)	6,449,096
Balance as at 01.04.2022	694,236	5,391,329	818,604	6,904,169	(4,924)	6,899,245
Net profit for the period	-	1,737,573	-	1,737,573	(91)	1,737,482
						-
Dividend Paid	-	(218,599)	-	(218,599)	-	(218,599)
Balance as at 31.12.2022	694,236	6,910,303	818,604	8,423,143	(5,015)	8,418,128

Company

		Stated capital	Retained earnings	Timber reserve	Total equity
		Rs.'000	Rs.'000	Rs.'000	Rs.000
Balance as at 01.04.2021	694,236	3,857,870	797,640	5,349,746
Net profit for the period	-	1,037,004	-	1,037,004
Dividend Paid	-	(145,733)	-	(145,733)
Balance as at 31.12.2021	694,236	4,749,141	797,640	6,241,017
		694,236	5,130,706	818,604	6,643,546
Balance as at 01.04.2022
Net Profit for the period	-	1,642,964	-	1,642,964
					-
Dividend Paid	-	(218,599)	-	(218,599)
Balance as at 31.12.2022	694,236	6,555,070	818,604	8,067,910