Kotagala Plantations : Quarterly Financial Report as of 30/09/2022

KOTAGALA PLANTATIONS PLC

Interim Financial Statements

For the Period ended 30th September 2022

Kotagala Plantations PLC

STATEMENT OF COMPREHENSIVE INCOME - GROUP

		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
		Quarter		Quarter		Six months		Six months
NOTES		ended		ended		ended		ended
		30.09.2022	30.09.2021		30.09.2022	30.09.2021
		Rs.'000		Rs.'000		Rs.'000		Rs.'000
Revenue		1,165,942	925,000	+	2,194,575	1,844,737	+
Cost of Sales		(821,381)	(865,869)	+	(1,568,648)	(1,655,632)	+
Gross Profit		344,561	59,131	+	625,927	189,105	+
Other Income / (Expenses)	1	57,656	76,203	-	107,198	101,868	+
Distribution Costs		-	-		-	-
Administration Expenses	2	(47,750)	(20,739)	-	(90,575)	(61,580)	-
Financing Income / (Cost)	3	(114,992)	(67,305)	-	(188,502)	(144,628)	-
Share of Profit / (Loss) of equity accounted investee, net of tax		-		-		-		-
Profit before Tax Expense		239,475	47,290	+	454,048	84,765	+
Tax Expense		-	-		-	-
Profit / (Loss) for the period		239,475	47,290	+	454,048	84,765	+
Other Comprehensive Income
Actuarial Gain/ (Loss) on Retirement Benefit Obligation		-	-		-	-
Tax effect on other comprehensive income		-	-		-	-
Fair value through OCI Investments - Net Change in Fair Value		-	-		-	-
Share of other comprehensive income of equity accounted investees		-		-		-		-
Total Comprehensive Income For The Period		239,475		47,290	+	454,048		84,765	+
Earnings per Share (Rs.)		0.71	0.26	+	1.34	0.60

Kotagala Plantations PLC

STATEMENT OF COMPREHENSIVE INCOME - COMPANY

		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
		Quarter		Quarter		Six months		Six months
		ended		ended		ended		ended
		30.09.2022	30.09.2021		30.09.2022	30.09.2021
	NOTES	Rs.'000		Rs.'000		Rs.'000		Rs.'000
Revenue		1,164,785	919,582	+	2,188,546	1,832,339	+
Cost of Sales		(825,653)	(861,487)	+	(1,569,618)	(1,645,327)
Gross Profit		339,132	58,095	+	618,928	187,012	+
Other Income	1	53,594	74,450	-	102,351	99,681	+
Distribution Costs		-	-	-	-	-	-
Administration Expenses	2	(43,350)	(21,582)	-	(82,693)	(60,071)	-
Net Finance Cost	3	(112,072)	(67,305)	-	(185,582)	(144,628)	-
Profit before Tax Expense		237,304	43,658	+	453,004	81,994	+
Tax Expense		-	-	-	-	-
Profit / (Loss) for the period		237,304	43,658	+	453,004	81,994	+
Other Comprehensive Income
Actuarial Gain/ (Loss) on Retirement Benefit Obligation	-	-		-	-
Tax effect on other comprehensive income	-	-		-	-
Fair value through OCI Investments	- Net Change in Fair Value	-	-		-
Share of other comprehensive income of equity accounted investees	-		-		-		-
Total Comprehensive Income For The Period	237,304		43,658	+	453,004		81,994	+
Earnings per Share (Rs.)		0.70	0.24		1.34	0.58

Kotagala Plantations PLC

Statement of Financial Position

Group	Company				Group	Company
As at	As at				As at	As at	As at	As at
31.03.2022	31.03.2022		Notes		30.09.2022	30.09.2021	30.09.2022	30.09.2021
Rs.'000	Rs.'000			NOTES	Rs.'000	Rs.'000	Rs.'000	Rs.'000
		ASSETS
1,233,983	1,235,939	Tangible Assets (Other than Mature /Immature Plantations)			1,213,040	1,274,033	1,214,996	1,270,898
4,886,239	4,886,239	Biological Assets			4,875,981	4,880,221	4,875,981	4,880,221
623,056	623,056	Leasehold Properties			605,757	619,226	605,757	619,226
-	29,030	Investments in Subsidiaries	4.1	4.1		-	29,030	-
91,484	91,442	Investment in Associates	4.2	4.2	91,484	101,246	91,443	101,214
327,442	327,442	Fair value through OCI Investments	4.3	4.3	327,442	305,538	327,442	305,538
7,162,204	7,193,148	Total Non - Current Assets			7,113,703	7,180,264	7,144,647	7,177,097
295,610	290,874	Inventories			411,533	241,950	374,484	236,419
320,509	308,630	Trade and Other Receivables			457,714	263,801	452,644	268,123
7,841	7,841	Fair value of growing produce of bearer biological assets			7,841	6,526	7,841	6,526
40,879	55,338	Amounts due from Related Parties	5	5	93,857	73,005	123,013	73,005
132,731	131,854	Cash and Cash Equivalents			146,286	195,765	146,042	192,625
797,570	794,537	Total Current Assets			1,117,231	781,047	1,104,023	776,698
7,959,774	7,987,685	Total Assets			8,230,933	7,961,311	8,248,670	7,953,795
		EQUITY
1,571,362	1,571,362	Stated Capital			1,571,362	1,571,362	1,571,362	1,571,362
240,000	240,000	Capital Reserves			240,000	240,000	240,000	240,000
641,690	594,443	Revaluation Reserve			641,690	594,442	594,442	594,442
(11,377)	-	Foreign Exchange Translation Reserve			(11,377)	(10,799)	-	-
48,455	51,369	Fair Value through Other Comprehensive Income Reserve			48,455	46,834	51,371	46,584
(887,456)	(821,981)	Retained Earnings			(433,408)	(1,160,634)	(368,977)	(1,188,008)
1,602,674	1,635,193	Total Equity			2,056,722	1,281,206	2,088,198	1,264,380
		LIABILITIES
954,413	954,413	Interest bearing Borrowings			818,838	913,171	818,838	913,171
328,132	328,132	Deferred Income - Capital Grant			322,987	323,198	322,987	323,198
358,102	358,102	Deferred Tax Liabilities			358,102	419,209	358,102	419,209
672,689	672,689	Net Obligation to Lessor of JEDB/SLSPC			672,689	654,594	672,689	654,594
659,181	658,471	Retirement Benefit Obligations			666,468	944,754	662,464	944,754
2,972,517	2,971,807	Total Non - Current Liabilities			2,839,084	3,254,927	2,835,080	3,254,926
602,796	602,796	Interest bearing Borrowings			602,796	756,620	602,796	756,620
2,096,136	2,092,238	Trade & Other Payables			1,975,137	2,019,148	1,965,402	2,028,457
70,348	70,348	Amounts due to Related Parties	6	6	39,615	55,428	39,615	55,428
615,303	615,303	Bank Overdraft			717,580	593,982	717,580	593,982
3,384,583	3,380,685	Total Current Liabilities			3,335,128	3,425,178	3,325,393	3,434,487
6,357,100	6,352,492	Total Liabilities			6,174,211	6,680,106	6,160,472	6,689,414
7,959,774	7,987,685	Total Equity and Liabilities			8,230,933	7,961,311	8,248,670	7,953,795
4.73	4.83	Net Assets per Share (Rs.)			6.08	3.78	6.17	3.74
-	-				(0)	(1)	0	(0)

I certify that the financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007

Sgd.

1. Kowdu Director - Finance
   -
   Signed on behalf of the Board of Directors of Kotagala Plantations PLC

Sgd.	Sgd.
S S Poholiyadde	M Madugalle
Director	Director
08th November 2022
Colombo

Kotagala Plantations PLC

COMPANY		STATEMENT OF CHANGES IN EQUITY
			Attributable to Owners of the Company
		Stated	Revaluation	Available for Sale		General	Retained	Total
		Capital	Reserve	Reserves		Reserves	Profit / (Loss)
		Rs. '000	Rs.000	Rs. '000		Rs. '000	Rs. '000	Rs. '000
Balance as at 01.04.2021	781,500	594,442	46,583		240,000	(1,270,002)	392,524
Rights Issue	789,862						789,862
Profit for the Period						81,994	81,994
Other Comprehensive Income for the Period	-	-				-	-
Deferred tax on revaluation	-	-	-		-	-	-
Balance as at 30.09.2021	1,571,362	594,442	46,584	-	240,000	(1,188,002)	1,264,380
Balance as at 01.04.2022	1,571,362	594,443	51,369		240,000	(821,981)	1,635,193
Right Issue	-	-	-	-	-	-	-
Profit for the Period						453,004	453,004
Other Comprehensive Income for the Period	-	-	-	-	-	-	-
Dividend paid	-		-		-	-	-
Balance as at 30.09.2022	1,571,362	594,443	51,371	-	240,000	(368,977)	2,088,198
		-

STATEMENT OF CHANGES IN EQUITY

Group		Attributable to Owners of the Company
		Stated	Revaluation	Available for Sale	Foreign Currency	General	Retained	Total
		Capital	Reserve	Reserves	translation reserve	Reserves	Profit / (Loss)
		Rs. '000	Rs.000	Rs. '000		Rs. '000	Rs. '000	Rs. '000
Balance as at 01.04.2021	781,500	594,443	46,834	(10,799)	240,000	(1,245,399)	406,579
Rights Issue	789,862					-	789,862
Profit for the Period						84,765	84,765
Other Comprehensive Income for the Period	-	-		-	-	-	-
								-
Other Comprehensive Income for the Period		-					-
								-
Dividend paid	-		-		-	-	-
								-
Balance as at 30.09.2021	1,571,362	594,443	46,834	(10,799)	240,000	(1,160,634)	1,281,206
Balance as at 01.04.2022	1,571,362	641,690	48,455	(11,377)	240,000	(887,456)	1,602,674
Revaluation							-
Profit for the Period						454,048	454,048
Other Comprehensive Income for the Period						-	-
Dividend paid
Balance as at 30.09.2022	1,571,362	641,690	48,455	(11,377)	240,000	(433,408)	2,056,722