Kotagala Plantations : Quarterly Financial Statements as of 31-03-2022

KOTAGALA PLANTATIONS PLC

Interim Financial Statements

For the Year ended 31st March 2022

Kotagala Plantations PLC

STATEMENT OF COMPREHENSIVE INCOME - GROUP

	Note	(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
		Quarter		Quarter		Year		Year
		ended		ended		ended		ended
		31.03.2022	31.03.2021		31.03.2022	31.03.2021
		Rs.'000		Rs.'000		Rs.'000		Rs.'000
Revenue		941,842	993,778	-	3,490,438	3,206,956	+
Cost of Sales		(769,028)	(891,491)	+	(3,117,964)	(2,995,503)	-
Gross Profit		172,814	102,287	+	372,475	211,453	+
Fair value gain on Bilogical Assets		35,316	198,130		35,316	198,130
Other Income / (Expenses)	1	39,156	36,868		176,698	98,139	+
Administration Expenses	2	(105,007)	(173,927)		(210,664)	(281,711)	+
Financing Income / (Cost)	3	(102,087)	(129,817)		(311,048)	(373,916)	+
Share of Profit / (Loss) of equity accounted investee, net of tax	-		(66,533)	+	-		(66,533)	+
Profit before Tax Expense		40,192	(32,992)	+	62,777	(214,438)	+
Tax Expense		-	(11,954)	+	-	(11,954)	+
Profit / (Loss) for the period		40,192	(44,946)	+	62,777	(226,392)	+
Other Comprehensive Income
Actuarial Gain/ (Loss) on Retirement Benefit Obligation	290,419	-	+	290,419	64,056	+
Tax effect on other comprehensive income	-	-		-	(8,968)	+
Fair value through OCI Investments	- Net Change in Fair Value	4,787	15,225	-	4,787	20,074	-
Share of other comprehensive income of equity accounted investees	-	-		-	6,414	-
Foreign Currency Translation Loss								(60)
Total Comprehensive Income For The Period	335,397		(29,721)	+	357,983		(144,876)	+
Earnings per Share (Rs.)		0.10	(0.60)		0.26	(2.26)

Kotagala Plantations PLC

STATEMENT OF COMPREHENSIVE INCOME - COMPANY

	Note	(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
		Quarter		Quarter		Year		Year
		ended		ended		ended		ended
		31.03.2022	31.03.2021		31.03.2022	31.03.2021
		Rs.'000		Rs.'000		Rs.'000		Rs.'000
Revenue		938,469	963,654		3,470,648	3,156,490	+
Cost of Sales		(766,031)	(866,705)		(3,101,159)	(2,957,653)
Gross Profit		172,438	96,949	+	369,490	198,837	+
Fair value gain on Bilogical Assets		35,316	198,130		35,316	198,130
Other Income	1	37,624	38,056		171,729	99,327	+
Distribution Costs		-	-		-	-	-
Administration Expenses	2	(57,693)	(212,949)		(154,900)	(312,892)	+
Net Finance Cost	3	(102,087)	(129,817)		(311,048)	(373,916)	+
Profit before Tax Expense		85,598	(9,631)	+	110,587	(190,514)	+
Tax Expense		-	(11,954)	+	-	(11,954)	+
Profit / (Loss) for the period		85,598	(21,585)	+	110,587	(202,468)	+
Other Comprehensive Income
Actuarial Gain/ (Loss) on Retirement Benefit Obligation		-	-		290,419	64,056
Tax effect on other comprehensive income		-	-		-	(8,968)
Fair value through OCI Investments - Net Change in Fair Value		-	15,225		4,787	20,074
Share of other comprehensive income of equity accounted investees		-		-		-		-
Total Comprehensive Income For The Period		85,598		(6,360)	+	405,793		(127,306)	+
Earnings per Share (Rs.)		0.22	(0.29)		0.46	(2.03)

Kotagala Plantations PLC

Statement of Financial Position

Group	Company			Group	Company
As at	As at			As at	As at	As at	As at
31.03.2021	31.03.2021		Notes	31.03.2022	31.03.2021	31.03.2022	31.03.2021
Rs.'000	Rs.'000			Rs.'000	Rs.'000	Rs.'000	Rs.'000
Audited	Audited			Unaudited	Audited	Unaudited	Audited
		ASSETS
1,305,249	1,304,843	Tangible Assets (Other than Mature /Immature Plantations)		1,265,828	1,305,249	1,236,013	1,304,843
4,895,261	4,895,261	Biological Assets		4,888,167	4,895,261	4,888,167	4,895,261
636,081	636,081	Leasehold Properties		602,401	636,081	602,401	636,081
-	-	Investments in Subsidiaries	4.1	-	-	30,000	-
101,246	101,214	Investment in Associates	4.2	90,254	101,246	90,222	101,214
305,538	305,538	Fair value through OCI Investments	4.3	327,442	305,538	327,442	305,538
7,243,374	7,242,937	Total Non - Current Assets		7,174,091	7,243,374	7,174,244	7,242,937
260,816	255,091	Inventories		295,274	260,816	290,422	255,091
295,115	284,698	Trade and Other Receivables		323,463	295,115	314,796	284,698
6,526	6,526	Fair value of growing produce of bearer biological assets		7,808	6,526	7,808	6,526
22,960	26,063	Amounts due from Related Parties	5	48,027	22,960	59,899	26,063
72,947	67,767	Cash and Cash Equivalents		132,823	72,947	131,947	67,767
658,364	640,145	Total Current Assets		807,396	658,364	804,873	640,145
7,901,738	7,883,082	Total Assets		7,981,487	7,901,738	7,979,117	7,883,082
		EQUITY
781,500	781,500	Stated Capital		1,571,362	781,500	1,571,362	781,500
240,000	240,000	Capital Reserves		240,000	240,000	240,000	240,000
594,443	594,443	Revaluation Reserve		623,585	594,443	594,442	594,443
(10,799)	-	Foreign Exchange Translation Reserve		(10,799)	(10,799)	-	-
46,834	46,583	Fair Value through Other Comprehensive Income Reserve		51,621	46,834	51,370	46,583
(1,245,399)	(1,270,002)	Retained Earnings		(892,203)	(1,245,399)	(868,996)	(1,270,002)
406,579	392,524	Total Equity		1,583,566	406,579	1,588,179	392,524
		LIABILITIES
1,045,930	1,045,930	Interest bearing Borrowings		946,671	1,045,930	946,671	1,045,930
323,403	323,403	Deferred Income - Capital Grant		329,292	323,403	329,292	323,403
419,209	419,209	Deferred Tax Liabilities		419,209	419,209	419,209	419,209
654,595	654,595	Net Obligation to Lessor of JEDB/SLSPC		648,651	654,595	648,651	654,595
887,373	886,613	Retirement Benefit Obligations		663,196	887,373	658,470	886,613
3,330,510	3,329,750	Total Non - Current Liabilities		3,007,018	3,330,510	3,002,292	3,329,750
756,620	756,620	Interest bearing Borrowings		610,831	756,620	610,831	756,620
2,186,977	2,183,136	Trade & Other Payables		2,093,515	2,186,977	2,091,261	2,183,136
654,410	654,410	Amounts due to Related Parties	6	71,251	654,410	71,251	654,410
566,642	566,642	Bank Overdraft		615,303	566,642	615,303	566,642
4,164,649	4,160,808	Total Current Liabilities		3,390,901	4,164,649	3,388,646	4,160,808
7,495,159	7,490,558	Total Liabilities		6,397,919	7,495,159	6,390,938	7,490,558
7,901,738	7,883,082	Total Equity and Liabilities		7,981,487	7,901,738	7,979,117	7,883,082
5.40	5.22	Net Assets per Share (Rs.)		4.08	5.40	4.09	5.22
(0)	-			0	(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.

M Kowdu

Chief Financial Officer

-

Signed on behalf of the Board of Directors of Kotagala Plantations PLC

Sgd.	Sgd.
S S Poholiyadde	M Madugalle
Director	Director
Colombo

26th May 2022

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 01.04.2020	781,500	594,442	26,508		240,000	(1,122,622)	519,829
Profit for the Period						(202,468)	(202,468)
Other Comprehensive Income for the Period	-	-	20,074		-	55,088	75,162
Balance as at 31.03.2021	781,500	594,442	46,583	-	240,000	(1,269,996)	392,523
Balance as at 01.04.2021	781,500	594,442	46,583		240,000	(1,270,002)	392,523
Right Issue	789,862						789,862
Profit for the Period	-	-	-	-	-	110,587	110,587
Other Comprehensive Income for the Period	-	-	4,787	-	-	290,419	295,206
Balance as at 31.03.2022	1,571,362	594,442	51,370	-	240,000	(868,996)	1,588,179
		-

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 01.04.2020	781,500	594,442	20,528	(10,739)	240,000	(1,074,277)	551,454
Profit for the Period						(226,392)	(226,392)
Other Comprehensive Income for the Period	-	-	26,306	(60)	-	55,270	81,516
								-
Balance as at 31.03.2021	781,500	594,442	46,834	(10,799)	240,000	(1,245,399)	406,578
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
Revaluation		29,143					29,143
Profit for the Period						62,777	62,777
Other Comprehensive Income for the Period	-	-	4,787	-	-	290,419	295,206
Balance as at 31.03.2022	1,571,362	623,585	51,621	(10,799)	240,000	(892,203)	1,583,566