Horana Plantations : Interim Financial Statements as at 31.12.2022

HORANA PLANTATIONS PLC

(Company Number : PQ 126)

INTERIM FINANCIAL STATEMENTS

For the Nine (09) Months Ended

31-Dec-2022

Registered Office - No.400, Deans Road, P.O.Box 2042, Colombo 10, Sri Lanka

# Tel: [phone] # Facsimile: 011 2627323 # E-mail: [e-mail] # Web: www.horanaplantations.com

Horana Plantations PLC

Interim Financial Statements

For the Nine (09) Months Ended 31st December 2022

Contents

Page No.

1. Statement of Profit or Loss and Other Comprehensive Income
2. Statement of Financial Position
3. Statement of Changes in Equity
4. Statement of Cash Flows
5. Notes to the Interim Financial Statements
6. Notes to the Interim Financial Statements (Contd…)

Page 1

Horana Plantations PLC

Statement of Profit or Loss and Other Comprehensive Income

For the Nine (09) Months Ended 31st December 2022

	Year Ended		Nine (09) Months Ended		Three (03) Months Ended
	31-Mar		31-Dec		31-Dec	Change		31-Dec		31-Dec
	2022		2022	2021			2022	2021
	(Audited)
	Rs' 000		Rs' 000		Rs' 000	%		Rs' 000		Rs' 000
	2,563,636	Revenue	2,871,362	1,858,100	54.53		925,142	597,526
	(2,192,626)	Cost of Sales	(1,914,295)	(1,618,804)	(18.25)		(632,165)	(521,734)
	371,010	Gross Profit	957,067	239,296	299.95		292,977	75,792
	7,564	Other Operating Income	5,864	5,675	3.33		1,918	1,891
	31,464	Change in Fair Value of Biological Assets	9,683	5,837	65.88		238	159
	(185,153)	Administrative Expenses	(170,507)	(132,187)	(28.99)		(58,560)	(46,568)
	(16,200)	Management Fees	(12,650)	(12,150)	(4.12)		(4,313)	(4,050)
	208,685	Profit from Operations	789,457	106,471	641.48		232,260	27,224
	(140,363)	Net Finance Expense	(246,408)	(97,926)	(151.63)		(86,151)	(33,458)
	68,322	Profit before Taxation	543,049	8,545	6,255.52		146,109	(6,234)
	(25,868)	Tax Expense	(433,507)	(4,780)	(8,969.38)		(382,239)	(1,593)
	42,454	Profit for the period	109,542	3,765	2,809.77		(236,131)	(7,827)
		Other Comprehensive Income:-
	6,547	Actuarial Gain on Retirement Benefit	-	-	-		-	-
		Obligations
	(687)	Tax expense on Other Comprehensive	-	-	-		-	-
		Income
	5,860	Other Comprehensive Income for the	-	-	-		-	-
	period, net of Tax
		Total Comprehensive Income for the
	48,314	period	109,542	3,765	2,809.77		(236,131)	(7,827)
	1.70	Basic Earnings per Share (Rs.)	4.38	0.15	2,809.77		(9.45)	(0.31)
	-	Dividend per Share (Rs.)	-	-	-		-	-

						Page 2
		Horana Plantations PLC
		Statement of Financial Position
		As at 31st December 2022
	As at		As at
	31-Mar		31-Dec	31-Dec
	2022		2022			2021
	(Audited)
	Rs' 000		Rs' 000	Rs' 000
		ASSETS
		Non-Current Assets
	194,693	Right of Use Assets	190,781			200,804
	2,172,955	Bearer Biological Assets	2,243,599			2,167,317
	595,643	Consumable Biological Assets	592,226			592,893
	442,750	Property, Plant & Equipment	518,486			355,456
	3,406,041	Total Non-Current Assets	3,545,092			3,316,470
		Current Assets
	8,129	Non-Harvested Produce on Bearer Biological Assets	9,683			5,837
	350,398	Inventories	547,561			362,768
	17,586	Advance Company Tax (ACT) Recoverable	5,481			19,185
	137,620	Trade and Other Receivables	142,089			131,687
	6,170	Related Company Receivables	10,897			24,280
	38,261	Cash and Cash Equivalents	40,934			27,177
	558,164	Total Current Assets	756,646			570,934
	3,964,205	Total Assets	4,301,738			3,887,404
		EQUITY & LIABILITIES
		Equity
	250,000	Stated Capital	250,000			250,000
	546,124	Retained Earnings	655,666			501,575
	796,124	Total Equity	905,666			751,575
		Non-Current Liabilities
	796,364	Interest Bearing Loans & Borrowings	855,273			848,505
	181,691	Lease Liabilities	186,879			184,243
	483,611	Retirement Benefit Obligations	458,380			542,523
	113,324	Deferred Income	108,393			115,214
	129,110	Deferred Tax Liability	550,513			110,527
	1,704,100	Total Non-Current Liabilities	2,159,438			1,801,012
		Current Liabilities
	291,547	Trade and Other Payables	426,364			300,800
	55,896	Related Company Payables	30,624			16,208
	404,069	Interest Bearing Loans & Borrowings	441,022			421,759
	10,314	Lease Liabilities	10,099			10,224
	702,154	Short Term Borrowings	328,525			585,826
	1,463,981	Total Current Liabilities	1,236,634			1,334,816
	3,168,081	Total Liabilities	3,396,072			3,135,828
	3,964,205	Total Equity & Liabilities	4,301,738			3,887,404
	31.84	Net Assets per Ordinary Share (Rs.)	36.23			30.06

The Statement of Financial Position as at 31st December 2022 and the Statement of Profit or Loss, Statement of Comprehensive Income , the

Statement of Changes in Equity and Cash Flow Statement for the period ended 31st December 2022 are drawn up from the unaudited Financial Statements of the Company, provide the information required by the Colombo Stock Exchange.

It is certified that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

(Sgd) Ajith Nissanka

General Manager - Finance

Signed for and on behalf of the Board of Directors of Horana Plantations PLC:-

(Sgd) A.M.Pandithage	(Sgd.) Dr. Roshan Rajadurai
Chairman	Managing Director

24th January 2023

Page 3

Horana Plantations PLC

Statement of Changes in Equity

For the Nine (09) Months Ended 31st December 2022

(Stated Capital comprised - 25 Million Ordinary	Stated	Retained	Total
Shares and 1 Golden Share)	Capital	Earnings
	Rs'000	Rs'000	Rs'000
Nine (09) Months Ended 31st December 2021:-
Balance as at 1st April 2021	250,000	497,810	747,810
Comprehensive Income for the period
Profit for the period	-	3,765	3,765
Total Comprehensive Income for the period	-	3,765	3,765
Balance as at 31st December 2021	250,000	501,575	751,575
Nine (09) Months Ended 31st December 2022:-
Balance as at 1st April 2022	250,000	546,124	796,124
Comprehensive Income for the period
Profit for the period	-	109,542	109,542
Total Comprehensive Income for the period	-	109,542	109,542
Balance as at 31st December 2022	250,000	655,666	905,666