HVA Foods : Interim Financial Statements as at 30-06-2022

H VA FO O DS P LC

Annual Report 2020/21

H V A Foods PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR TH E THREE MONTHS ENDED

H V A Foods 3PLC0TH JUNE| Annual2 0 2 2 Report 2020/21

A

HVA FOODS PLC

Statement of Comprehensive Income

Provisional Financial Statements for the Three months ended 30th June 2022

All amounts in Sri Lanka Rupees

			Group					Company
		3 Months from 1st April to		Year ended		3 Months from 1st April to		Year ended
	30.06.2022	30.06.2021		31.03.2022		30.06.2022	30.06.2021		31.03.2022
		(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Unaudited)
Revenue	814,654,404	322,597,908		1,261,234,481		814,654,404	322,597,908		1,261,234,481
Cost of Sales	(733,402,130)	(287,926,904)	(1,215,204,908)		(733,402,130)	(287,926,904)	(1,215,204,908)
Gross Profit	81,252,275	34,671,004		46,029,573		81,252,275	34,671,004		46,029,573
Other Operating Income	3,493,533	53,795,767		94,166,619		3,493,533	53,795,767		94,166,619
Distribution Expenses	(3,087,383)	(8,839,193)	(15,507,479)		(3,087,383)	(8,839,193)	(15,507,479)
Administration Expenses	(32,343,251)	(34,308,485)	(314,367,151)		(32,329,147)	(34,308,485)	(314,196,511)
Results from Operating Activities	49,315,174	45,319,093		(189,678,438)		49,329,278	45,319,093		(189,507,798)
Net Finance Costs	(52,784,889)	(41,296,300)	(56,656,541)		(52,784,889)	(41,296,300)	(56,656,541)
Profit / (Loss) Before Income Tax	(3,469,715)	4,022,793		(246,334,979)		(3,455,611)	4,022,793		(246,164,339)
Income Tax Expense	-	-		-		-	-		-
Profit / (Loss) for the Period	(3,469,715)	4,022,793		(246,334,979)		(3,455,611)	4,022,793		(246,164,339)
Basic Earnings Per Share	(0.03)	0.06		(3.71)		(0.03)	0.06		(3.71)
Diluted Earnings Per Share	(0.04)	0.06		(3.71)		(0.04)	0.06		(3.71)

Figures in brackets indicate deductions.

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HVA FOODS PLC

Statement of Financial Position

Provisional Financial Statements for the Three months ended 30th June 2022
All amounts in Sri Lanka Rupees
		Group				Company
As at	30.06.2022	30.06.2021	31.03.2022		30.06.2022	30.06.2021	31.03.2022
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)
ASSETS
Non-current assets
Property, plant & equipment	44,767,146	48,982,901	44,975,354		44,767,146	48,982,901	44,975,354
Goodwill	263,849,498	263,849,498	263,849,498		263,849,498	263,849,498	263,849,498
Investment in subsidiary	-	-	-		45,000,001	45,000,001	45,000,001
Intangible assets	52,403,490	52,181,337	52,431,060		7,464,493	7,242,340	7,492,063
Deferred tax assets	14,768,986	14,776,364	14,768,986		14,768,986	14,776,364	14,768,986
Total non-current assets	375,789,119	379,790,100	376,024,898		375,850,123	379,851,104	376,085,902
Current assets
Inventories	363,618,330	135,067,418	166,504,059		363,618,330	135,067,418	166,504,059
Financial investments	1,364,302	2,417,284	1,887,938		1,364,302	2,417,284	1,887,938
Trade & Other receivables	483,734,544	256,441,238	255,817,337		483,734,544	256,441,238	255,817,337
Amounts due from related parties	961,482	136,716	32,265,859		1,208,922	213,516	32,495,259
Pre-payments & other recoverable	10,373,381	38,457,881	43,952,028		10,373,381	38,457,881	43,952,028
Deposits & advances receivables	214,687,821	82,509,862	165,232,923		214,687,821	82,509,863	165,232,923
Cash & cash equivalents	119,174,427	148,437,241	125,566,974		119,164,122	148,426,936	125,556,669
Total current assets	1,193,914,287	663,467,640	791,227,118		1,194,151,422	663,534,136	791,446,213
Total assets	1,569,703,406	1,043,257,740	1,167,252,016		1,570,001,545	1,043,385,240	1,167,532,115
Equity and liabilities
Stated capital	582,965,063	333,857,588	333,857,588		582,965,063	333,857,588	333,857,588
Revaluation reserve	16,701,071	237,613,039	16,701,071		16,701,071	237,613,039	16,701,071
Retained earnings	(584,539,388)	(551,669,190)	(581,069,673)		(584,210,745)	(551,525,291)	(580,755,134)
Total equity attributable to the equity holders of the company / Total	15,126,746	19,801,437	(230,511,014)		15,455,389	19,945,336	(230,196,475)
equity
Non-current liabilities
Employee benefits	6,976,268	6,228,179	7,113,868		6,976,268	6,228,179	7,113,868
Interest-bearing loans and borrowings	534,647,250	568,308,001	536,840,000		534,647,250	568,308,001	536,840,000
Government grant	8,597,776	9,984,526	8,875,126		8,597,776	9,984,526		8,875,126
Total non-current liabilities	550,221,294	584,520,706	552,828,994		550,221,294	584,520,706	552,828,994
Current liabilities
Trade payables	158,031,073	79,454,667	40,865,145		158,031,073	79,454,667	40,865,145
Interest-bearing loans and borrowings	468,223,137	221,274,851	270,202,758		468,223,137	221,274,851	270,202,758
Government grant	1,109,400	1,109,400	1,109,400		1,109,400	1,109,400	1,109,400
Amounts due to related parties	-	48,222,835	92,286,983		-	48,222,835	92,286,983
Income tax payables	317,468	317,468	317,468		317,468	317,468	317,468
Deposits & advances payables	96,580,634	42,722,595	308,106,204		96,580,634	42,722,596	308,106,204
Accrued expenses & other creditors	131,374,316	45,833,781	70,524,988		131,343,813	45,817,381	70,490,548
Bank overdrafts	148,719,337	-	61,521,090		148,719,337	-	61,521,090
Total current liabilities	1,004,355,365	438,935,597	844,934,036		1,004,324,862	438,919,198		844,899,596
Total liabilities	1,554,576,659	1,023,456,303	1,397,763,030		1,554,546,157	1,023,439,904		1,397,728,590
Total equity & liabilities	1,569,703,406	1,043,257,740	1,167,252,016		1,570,001,545	1,043,385,240		1,167,532,115
Net Assets per Share - (LKR)	0.13	0.30	(3.47)		0.13	0.30	(3.47)

The figures as at 30th June 2022 are provisional & subject to audit.

Figures in brackets indicate deductions.

……………….…….……………

Head of Finance

Approved and signed for and on behalf of the Board

……………….…….……………	……………….……
Director	Director

Colombo

15th August 2022

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HVA FOODS PLC

Statement of Changes in Equity

Provisional Financial Statements for the Three months ended 30th June 2022

All amounts in Sri Lanka Rupees

Group

	Attributable to equity holders of the company
	Stated capital		Revaluation		Retained		Total
		reserves		earnings
Balance as at 01st April 2021
333,857,588	237,613,039	(555,691,983)	15,778,644
Profit For the Period	-	-	4,022,793	4,022,793
Balance as at 30th June 2021	333,857,588	237,613,039	(551,669,190)	19,801,437
Balance as at 01st April 2022	333,857,588	16,701,071	(581,069,673)	(230,511,014)
Issue of Shares	249,107,475					249,107,475
Loss For the Period	-	-	(3,469,715)	(3,469,715)
Balance as at 30th June 2022	582,965,063	16,701,071	(584,539,388)	15,126,746
Company	Stated capital		Revaluation		Retained		Total
		reserves		earnings
Balance as at 01st April 2021
333,857,588	237,613,039	(555,548,084)	15,922,543
Profit For the Period	-	-	4,022,793	4,022,793
Balance as at 30th June 2021	333,857,588	237,613,039	(551,525,291)	19,945,336
Balance as at 01st April 2022	333,857,588	16,701,071	(580,755,134)	(230,196,475)
Issue of Shares	249,107,475					249,107,475
Loss For the Period	-	-	(3,455,611)	(3,455,611)
Balance as at 30th June 2022	582,965,063	16,701,071	(584,210,745)	15,455,389
Figures in brackets indicate deductions.
The above figures are not audited

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HVA FOODS PLC

Statement of Cashflow

Provisional Financial Statements for the Three months ended 30th June 2022

All amounts in Sri Lanka Rupees

			Group						Company
	3months to			Year ended	3months to			Year ended
	30.06.2022	30.06.2021		31.03.2022		30.06.2022	30.06.2021		31.03.2022
	(Unaudited)		(Unaudited)		(Unaudited)	(unaudited)		(Unaudited)		(Unaudited)
Cash flow from operating activities
Profit before taxation	(3,469,715)	4,022,793		(246,334,979)		(3,455,611)	4,022,793		(246,164,339)
Adjustments for:
Depreciation on Property, Plant and Equipment	1,768,973	4,164,436		10,766,391		1,768,973	4,164,436		10,766,391
Provision for Defined Benefit Obligations - Gratuity	596,874	596,874		1,535,261		596,874	596,874		1,535,261
Interest Income on Deposits and Savings	(1,155,306)	-		(1,781,686)		(1,155,306)	-		(1,781,686)
Provision/(Reversal) on Inventories	-	-		(7,012,869)		-	-		(7,012,869)
Inventory Write off	48,614	-		42,718,782		48,614	-		42,718,782
Provision/(reversal) on trade receivables	1,342,160	-		(188,362,869)		1,342,160	-		(188,362,869)
Dividend Income	(29,376)	-		(67,496)		(29,376)	-		(67,496)
Amortization of Government Grant	(277,350)	-		(1,109,400)		(277,350)	-		(1,109,400)
Loss/(gain) on Fair Valuation of Financial Investments	523,636	(180,390)	348,956		523,636	(180,390)	348,956
Unrealized exchange gain/ loss on borrowings	17,127,408	(26,545,509)	26,781,557		17,127,408	(26,545,509)	26,781,557
Interest Expenses	29,843,716	23,092,768		109,813,430		29,843,716	23,092,768		109,813,430
Write back of Other Payables	-	-		(16,663,974)		-	-		(16,663,974)
Write back of Trade Payables	(2,939,458)	-		-		(2,939,458)	-		-
Write back - Trade Receivables	-	-		(19,375,887)		-	-		(19,375,887)
Write back - Other Receivables	(2)	-		-		(2)	-		-
Write off - Other Oayables	1	-		6,489,703		1	-		6,489,703
Write off Trade Payables	-	-		9,113,705		-	-		9,113,705
Write off - Trade Receivables	-	-		327,148,367		-	-		327,148,367
Gains on disposal of property, plant and equipment	(100,000)	(42,269,458)	(41,201,570)		(100,000)	(42,269,458)	(41,201,570)
Commission Write Back	(1,146,205)		-			-		(1,146,205)		-			-
	45,603,684		(41,141,279)		259,140,401		45,603,684		(41,141,279)		259,140,401
Operating loss before working capital changes	42,133,969	(37,118,486)	12,805,422		42,148,073	(37,118,486)	12,976,062
Change in:
(Increase)/Decrease in inventories	(197,162,885)	19,725,693		(47,416,860)		(197,162,885)	19,725,693		(47,416,860)
(Increase)/decrease in trade receivables	(229,259,367)	(100,770,114)	(147,456,923)		(229,259,367)	(100,770,114)	(147,456,923)
(Increase)/Decrease in pre-payments and other receivables	33,578,648	(30,726,782)	(36,221,922)		33,578,648	(30,726,782)	(36,221,922)
(Increase)/Decrease in amounts due from related parties	31,286,337	-		(32,129,144)		31,286,337	-		(32,281,744)
(Increase)/decrease in deposits & advances receivables	(49,454,898)	(12,765,522)	(95,488,580)		(49,454,898)	(12,765,522)	(95,488,580)
Increase /(Decrease) in trade payables	120,105,386	46,453,054		(1,250,174)		120,105,386	46,453,054		(1,250,174)
Increase/(Decrease) in amount due to related party	(92,286,983)	779,219		44,843,367		(92,286,983)	779,219		44,843,367
Increase/(decrease) in deposits & advances payables	(211,525,570)	(18,942,949)	174,341,757		(211,525,570)	(18,942,949)	174,341,757
Increase/(Decrease) in accrued expenses & other creditors	62,013,573		(9,779,711)		25,086,762		61,999,469		(9,779,711)		25,068,722
Cash generated/(used in) from operating activities	(490,571,790)		(143,145,598)		(102,886,295)		(490,571,790)		(143,145,598)		(102,886,295)
Interest paid	(29,843,716)	(23,092,768)	(109,813,430)		(29,843,716)	(23,092,768)	(109,813,430)
Gratuity paid	(734,475)		(870,800)		(870,800)		(734,475)		(870,800)		(870,800)
Net cash from/ (used in) operating activities	(521,149,980)	(167,109,166)	(213,570,525)		(521,149,980)	(167,109,166)	(213,570,525)
Cash flows from investing activities
Acquisition of property, plant and equipment	(1,533,195)	(1,708,468)	(5,795,486)		(1,533,195)	(1,708,468)	(5,795,486)
Interest received	1,155,306	-		1,781,686		1,155,306	-		1,781,686
Dividend received	29,376	-		67,496		29,376	-		67,496
Proceeds from sale of property, plant and equipment	100,000		332,558,646			332,733,645		100,000		332,558,646			332,733,645
Net cash used in investing activities	(248,513)	330,850,178		328,787,341		(248,513)	330,850,178		328,787,341
Cash flows from financing activities
Issue of shares	249,107,475	-		-		249,107,475	-		-
Proceeds from bank borrowings	413,905,078	714,070,547		1,230,906,341		413,905,078	714,070,547		1,230,906,341
Repayment of bank borrowings	(235,204,858)		(840,852,224)		(1,393,555,181)		(235,204,858)		(840,852,224)		(1,393,555,181)
Net cash flows from financing activities	427,807,696		(126,781,677)		(162,648,840)		427,807,696		(126,781,677)		(162,648,840)
Net increase in cash and cash equivalents	(93,590,794)	36,959,333		(47,432,024)		(93,590,794)	36,959,333		(47,432,024)
Cash and cash equivalents at the beginning of the period	64,045,884		111,477,908			111,477,908		64,035,579		111,467,603			111,467,603
Cash and cash equivalents as at the end of the period	(29,544,910)	148,437,241		64,045,884		(29,555,215)	148,426,936		64,035,579
(Note A)
Note A -Cash and cash equivalents
Cash in hand and cash at banks	119,174,427	148,437,241		125,566,974		119,164,122	148,426,936		125,556,669
Bank overdrafts	(148,719,337)		-			(61,521,090)		(148,719,337)		-			(61,521,090)
Cash and cash equivalents at end of the period	(29,544,910)		148,437,241			64,045,884		(29,555,215)		148,426,936			64,035,579

Figures in brackets indicate deductions.

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