Hapugastenne Plantations : Interim Financial Statement for the quarter ended 31st December 2022

Hapugastenne Plantations PLC

Interim Unaudited Financial Statements Twelve months ended 31st December 2022

2| HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-GROUP

		Three months ended
RS. '000	31.12.2022	31.12.2021		Change
		Unaudited	Audited	%
Revenue	1,189,109	799,745		49
Cost of sales	(1,179,103)	(858,333)		(37)
Gross profit /(loss)	10,006	(58,588)		117
Other operating income	79,519	397,118		(80)
Change in fair value of biological assets	(11,075)	(62,098)		82
Administrative expenses	(111,461)	(68,241)		(63)
Other operating expenses	-	-		-
Results from operating activities	(33,011)	208,191		(116)
Finance cost	(87,714)	(47,149)		(86)
Exchange gain/( loss)	7,900	(78)		10,228
Finance income	502	1,640		(69)
Proft/(loss) before taxation	(112,323)	162,604		(169)
Tax reversal	441,381	172,520		156
Profit for the period	329,058	335,124		(2)

Twelve months ended

31.12.2022	31.12.2021	Change
Unaudited		Audited	%
5,320,314	3,710,664	43
(4,201,023)	(3,648,951)	(15)
1,119,291	61,713	1,714
151,295	561,464	(73)
58,546		(62,627)	193
(278,332)	(239,890)	(16)
-	(122,206)	100
1,050,800	198,454	429
(246,573)	(166,388)	(48)
(170,549)	(66,925)	(155)
3,320	3,318	(0)
636,998	(31,541)	2,120
405,188	188,210	115
1,042,186	156,669	565

Other comprehensive income/(expense)

Remeasurement of retirement benefit obligations	-		(36,495)		100
Deferred tax on remeasurement of retirement benefit obligations	(32,379)		3,727	(969)
Gain on revaluation of lease hold right of land	-		-	-
Deferred tax charged on revaluation of lease hold right of land	(549,841)	-	(100)
Gain on revaluation of Motor Vehicles	-	-	-
Deferred tax charged on revaluation of Motor vehicles	(47,026)	-	(100)
Other comprehensive income/(expense) for the period, net of tax	(629,246)	(32,768)	(1,820)
Total comprehensive income/(expense) for the period	(300,188)	302,356	(199)
Profit/(loss) attributable to :
Owners of the company	332,528	214,992	55
Non-controlling interest	(3,470)	(2,074)	(67)
	329,058	212,918	55

166,045	(36,495)	555
(49,814)	3,727	(1,437)
2,819,696	-	100
(845,909)	-	(100)
241,157	-	100
(72,347)	-	(100)
2,258,828	(32,768)	6,993
3,301,014	123,901	2,564
1,051,312	158,776	562
(9,126)	(2,107)	(333)
1,042,186	156,669	565

Total comprehensive income/(expense) attributable to:

Owners of the company	(296,718)	181,490	(263)
Non-controlling interest	(3,470)	(1,340)	(159)
	(300,188)	180,150	(267)
Earning per share - Rs.	7.18	4.64	55

3,310,140	125,274	2,542
(9,126)	(1,373)	(565)
3,301,014	123,901	2,564
22.70	3.43	562

HAPUGASTENNE PLANTATIONS PLC |3

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY

		Three months ended
RS. '000	31.12.2022	31.12.2021
		Unaudited		Audited	%
Revenue	1,189,109	772,596	54
Cost of sales	(1,176,073)	(831,569)	(41)
Gross profit /(loss)	13,036	(58,973)	122
Other operating income	82,432	401,795	(79)
Change in fair value of biological assets	(11,075)	(62,098)	82
Administrative expenses	(110,730)	(67,732)	(63)
Other operating expenses	-	-
Results from operating activities	(26,337)	212,992	(112)
Finance cost	(86,920)	(48,869)	(78)
Exchange gain/( loss)	7,900	(2,074)	481
Finance income	(59)	1,144	(105)
Proft/(loss) before taxation	(105,416)	163,193	(165)
Tax reversal	441,994	174,534	153
Profit/loss for the period	336,578	337,727	(0)
Other comprehensive income/(expense)
Remeasurement of retirement benefit obligations	-	(37,270)	-
Deferred tax on remeasurement of retirement benefit obligations	(32,379)	3,913	-
Gain on revaluation of lease hold right of land	-	-	-
Deferred tax charged on revaluation of lease hold right of land	(549,841)	-	-
Gain on revaluation of Motor Vehicles		-		-	-
Deferred tax on revaluation of Motor vehicles	(47,026)	-	-
Other comprehensive income/(expense) for the period, net of tax	(629,246)	(33,357)	(1,786)
Total comprehensive income/(expense) for the period	(292,668)	304,370	(196)

Twelve months ended

31.12.2022	31.12.2021	Change
Unaudited	Audited	%
5,289,332	3,581,592	48
(4,155,543)	(3,523,498)	(18)
1,133,789	58,094	1,852
156,434	566,099	(72)
58,546	(62,627)	193
(275,617)	(237,513)	(16)
-	(122,206)	100
1,073,152	201,847	432
(246,573)	(166,381)	(48)
(170,570)	(68,921)	(147)
151	1,202	(87)
656,160	(32,253)	2,134
405,801	191,596	112
1,061,961	159,343	566
166,045	(37,270)	-
(49,814)	3,913	-
2,819,696	-	-
(845,909)	-	-
241,157	-	-
(72,347)	-	-
2,258,828	(33,357)	6,872
3,320,789	125,986	2,536

Earnings/(loss) per share - Rs.

7.27

7.29

(0)

22.93

3.44

566

4| HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
Rs.'000	As at	As at		As at	As at
	31.12.2022	31.12.2021	31.12.2022	31.12.2021
	Unaudited	Audited		Unaudited	Audited
ASSETS
Non current assets
Right of use assets	3,228,282	473,207		3,228,282	473,207
Immovable estate assets on finance lease (other than bare lands)	24,774	35,643		24,774	35,643
Tangible assets other than biological assets	633,482	540,102		614,577	509,669
Intangible assets	3,846	6,184		3,838	6,114
Bearer biological assets	1,633,908	1,618,884		1,633,908	1,618,884
Consumable biological assets	1,449,789	1,366,045		1,449,789	1,366,045
Investment in subsidiaries	-	-	35,003	35,003
Lease rental receivables	13,811	14,837		13,811	14,837
Total non current assets	6,987,892	4,054,902	7,003,982	4,059,402
Current Assets
Non-harvested produce crop on bearer biological assets	7,115	2,398		7,115	2,398
Lease rental receivables	1,027	1,027		1,027	1,027
Inventories	648,900	329,683		644,151	312,130
Derivative assets	-	21,402		-	21,402
Trade & other receivables	107,685	105,276		102,440	103,011
Amount due from related companies	-	-		6,269	108
Cash & cash equivalents	167,531	156,363		104,198	90,759
Total current assets	932,258	616,149		865,200	530,835
TOTAL ASSETS	7,920,150	4,671,051	7,869,182	4,590,237
EQUITY & LIABILITIES
Capital & Reserve
Share capital	550,000	550,000	550,000	550,000
(46,315,790 ordinary shares and a golden share )
Revaluation reserve	2,142,597	-		2,142,597	-
Retained earnings	1,316,810	149,267		1,305,266	127,074
Equity attributable to owners of the company	4,009,407	699,267		3,997,863	677,074
Non -controlling interest	34,473	43,599		-	-
Total equity	4,043,880	742,866	3,997,863	677,074
Non Current Liabilities
Interest bearing borrowings	27,095	58,662		27,095	58,662
Deferred tax liabilities	740,850	198,340		735,917	194,021
Deferred income	197,092	199,236		196,271	198,343
Retirement benefit obligations	505,164	822,061		503,123	819,487
Lease liabilities	427,277	439,205		427,277	439,205
Total non current liabilities	1,897,478	1,717,504	1,889,683	1,709,718

Current Liabilities

Interest bearing borrowings	624,387	190,627
Lease liabilities	8,515	8,891
Trade & other payables	617,833	1,507,939
Tax payable	20,882	21,253
Amounts due to related companies	527,632	65,731
Bank overdraft	179,543	416,240
Total current liabilities	1,978,792	2,210,681
Total liabilities	3,876,270	3,928,185
TOTAL EQUITY AND LIABILITIES	7,920,150	4,671,051
Net assets per share Rs.	86.57	15.10

624,387 190,627

8,515 8,891

614,408 1,500,703

20,882 21,253

533,901 65,731

179,543 416,240

1,981,636 2,203,445

3,871,319 3,913,163

7,869,182 4,590,237

86.32 14.62

It is certified that the financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of 2007.

Sgd.

S S Kotakadeniya

Director / CFO LOLC Group

The Board of Directors is responsible for the preparation and presentation of these interim Financial Statements. Approved and signed for and on behalf of the Board of Directors;

Sgd.Sgd.

Dr. P S H Uluwaduge	Anusha S Perera
Chairman	Executive Director
Colombo
10th February 2023

HAPUGASTENNE PLANTATIONS PLC |5

STATEMENT OF CASH FLOWS

GROUP

Twelve months ended

	31.12.2022	31.12.2021
Rs.'000	Unaudited	Audited
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss ) before taxation	636,998	(31,541)
Adjustments for
Finance costs	246,573	166,388
Exchange loss	170,549	66,925
Provision for retirement benefit obligations	102,579	115,929
Amortisation of grant	(7,965)	(11,185)
Depreciation and amortisation	359,389	181,688
Loss/(gain) on fair valuation of consumable biological assets	(58,546)	62,627
Interest Income	(3,320)	(3,318)
Provision for impairment of tangibal assets	-	179
(Reversal of) provision for impairment of trade and other receivables	-	(27,824)
Provision for slow -moving and obsolete inventories	-	857
Provision for impairment of bearer biological assets	-	122,206
Loans written back	-	(277,188)
Payable Written back	-	(142,400)
Profit on disposal of property, plant and equipment	-	(268)
Operating profit before working capital changes	1,446,257	223,075
(Increase)/decrease in inventories	(319,217)	35,158
(Increase)/decrease in trade and other receivables	(2,409)	(18,109)
(Increase)/decrease in amounts due from related companies	(6,161)	32,926
Decrease in trade & other payables	(429,237)	(57,157)
Increase in amounts due to related companies	286,627	72,041
Cash generated from operations	975,860	287,934
Retirement benefit obligations payment	(275,670)	(47,861)
Interest paid	(77,374)	(53,779)
Income tax paid	(8,453)	(813)
Net cash from operating activities	614,363	185,481
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	3,320	3,318
Field development expenditure	(122,262)	(61,089)
Purchase of property, plant & equipment	(64,810)	(29,992)
Proceeds from disposal of Property, Plant & equipment	-	696
Net cash used in investing activities	(183,752)	(87,067)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of lease liabilities	(12,304)	(70,205)
Government grants received	5,821	14,583
Lease rental received	1,026	1,068
Proceeds from interest bearing borrowings	79,081	100,000
Repayment of interest bearing borrowings	(256,370)	(203,212)
Net cash used in financing activities	(182,746)	(157,766)
Net increase/(decrease) in cash & cash equivalents	247,865	(59,352)
Cash & cash equivalents at the beginning of the period	(259,877)	(200,525)
Cash & cash equivalents at the end of the period - Note A	(12,012)	(259,877)
NOTE A
Cash and cash equivalents	167,531	156,363
Bank overdraft	(179,543)	(416,240)
Cash & cash equivalents at the end of the period	(12,012)	(259,877)

COMPANY

Twelve months ended

31.12.2022 31.12.2021

Unaudited Audited

656,160 (32,253)

246,422 166,381

170,570 68,921

101,820 115,394

(7,893) (11,125)

352,307 175,594

(58,546) 62,627

1. (1,202)

• 179
• (24,043)
• 1,354
• 122,206
• (277,188)
• (142,400)
• (268)
  1,460,689 224,177

(332,021) 34,411

571 15,593

(6,161) 7,789

(433,047) (69,303)

286,627 72,041

976,658 284,708

(275,074) (47,734)

(77,374) (53,772)

(8,453)-

615,757 183,202

151 1,202

(122,262) (61,089)

(60,764) (29,888)

• 696
  (182,875) (89,079)

(12,304) (70,205)

5,821 13,630

1,026 1,068

79,081 100,000

(256,370) (203,212)

(182,746) (158,719)

250,136 (64,596)

(325,481) (260,885)

(75,345) (325,481)

104,198 90,759

(179,543) (416,240)

(75,345) (325,481)