Renuka Agri Foods : Interim Financial Statements 31.12.2022

RENUKA AGRI FOODS PLC

INTERIM FINANCIAL STATEMENTS - FOR THE PERIOD ENDED

31st DECEMBER 2022

CONTENT: Operational Review-2 Statements of Profit or Loss and Other Comprehensive Income - 3

Statements of Financial Position - 4

Statements of Changes in Equity - 5 Statements of Cash Flows - 6 Segment Information - 7 Notes to the Financial Statements - 8-9 20 Top Shareholders - 10 Corporate Information - 11

Operational Review

Interim Financial Statements for the Period Ended 31st December 2022

Analysis on Statement of Financial Position

Total Assets

Total Assets of the Group have increased by Rs. 1,262 Mn from Rs. 7,249 Mn as at 31st March 2022 to Rs. 8,511 Mn as at 31st December 2022. Total Non Current Assets were Rs. 4,387 Mn and Total Current Assets were Rs. 4,124 Mn as at 31st December 2022.

Equity Attributable to Owners of the Company

Equity attributable to Owners of the Company increased by Rs. 465 Mn from Rs. 3,687 Mn as at 31st March 2022 to Rs. 4,152 Mn as at 31st December 2022.

Net Asset Value Per Share (NAVPS)

The NAVPS increased to Rs. 7.39 as at 31st December 2022 compared with Rs. 6.56 per share recorded as at 31st March 2022.

Analysis on Statement of Profit or Loss and Other Comprehensive Income

Revenue | Expenses |Profit / (Loss) After Tax

Group revenue decreased by 4% to Rs. 1,618 Mn for the quarter ended 31st December 2022 compared with Rs. 1,682 Mn in the corresponding quarter of the previous year. The composition of the Group Revenue for the quarter is 80% from export revenue and 20% from local revenue.

Total direct and other operational expenses have decreased by 2% to Rs. 1,420 Mn for the quarter ended 31st December 2022 compared with Rs. 1,444 Mn in the comparable period in the previous year.

Earnings Before Interest, Tax and Depreciation

The Group reported Earnings Before Interest, Tax and Depreciation for the period amounting to Rs. 246 Mn for the quarter ended 31st December 2022 compared with the Rs. 311 Mn reported in the corresponding quarter of the previous year

Profit / (Loss) After Tax

The Group reported a Profit for the period amounting to Rs. 38 Mn for the quarter ended 31st December 2022 compared with the Profit of Rs. 204 Mn reported in the corresponding quarter of the previous year.

Earnings / (Loss) Per Share

Earnings per Share was Rs. 0.03 for the quarter ended 31st December 2022, compared with earnings per Share of Rs. 0.33 in the corresponding quarter of the previous year.

Page 2 of 11

INTERIM FINANCIAL STATEMENTS

RENUKA AGRI FOODS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST DECEMBER		GROUP					COMPANY
	Rs.'000'		Rs.'000'			Rs.'000'	Rs.'000'
	QUARTER ENDED	PERIOD ENDED		QUARTER ENDED	PERIOD ENDED
	31.12.22	31.12.21	31.12.22	31.12.21		31.12.22	31.12.21	31.12.22	31.12.21
	UNAUDIT ED UNAUDIT ED UNAUDIT ED UNAUDIT ED		UNAUDIT ED	UNAUDIT ED	UNAUDITED	UNAUDITED
Revenue	1,618,107	1,681,597	5,920,244	4,051,627		1,232,002	1,344,131	4,603,732	3,253,734
Cost of Sales	(1,273,096)	(1,336,521)	(4,715,103)	(3,325,712)		(970,868)	(1,076,875)	(3,828,730)	(2,655,670)
Gross Profit	345,011	345,076	1,205,141	725,915		261,134	267,256	775,002	598,064
Other Operating Income	4,540	7,220	12,295	19,123		4,004	4,437	10,607	15,060
Administration Expenses	(119,532)	(91,640)	(311,444)	(228,303)		(101,074)	(79,673)	(259,212)	(193,448)
Selling and Distribution Expenses	(27,287)	(15,462)	(57,504)	(41,678)		(23,085)	(11,948)	(45,107)	(33,192)
Profit from Operations	202,732	245,194	848,488	475,057		140,979	180,072	481,290	386,484
Finance Income	21,086	730	737,175	1,987		11,505	477	583,350	1,432
Finance Cost	(170,659)	(32,903)	(732,367)	(73,140)		(164,189)	(27,061)	(631,514)	(59,600)
Net Finance Cost	(149,573)	(32,173)	4,808	(71,153)		(152,684)	(26,584)	(48,164)	(58,168)
Share of Profit of Equity Accounted Investees	(5,982)	31,693	20,905	28,223		-	-	-	-
Profit / (Loss) before Tax	47,177	244,714	874,201	432,127		(11,705)	153,488	433,126	328,316
Taxation	(8,789)	(40,909)	(161,126)	(71,321)		-	(32,808)	(96,076)	(61,107)
Profit / (Loss) for the period	38,388	203,805	713,075	360,806		(11,705)	120,680	337,050	267,209
Other Comprehensive Income	-	-	-	-		-	-	-	-
Total Comprehensive Income / (Expense) for the period	38,388	203,805	713,075	360,806		(11,705)	120,680	337,050	267,209
Profit / (Loss) Attributable to :
Equity Holders of the Company	17,606	183,930	576,842	335,643		(11,705)	120,680	337,050	267,209
Non Controlling Interest	20,782	19,875	136,233	25,163		-	-	-	-
Profit / (Loss) for the period	38,388	203,805	713,075	360,806		(11,705)	120,680	337,050	267,209
Total Comprehensive Income / (Expense) attributable to :
Equity Holders of the Company	17,606	183,930	576,842	335,643		(11,705)	120,680	337,050	267,209
Non Controlling Interest	20,782	19,875	136,233	25,163		-	-	-	-
Total Comprehensive Income / (Expense) for the period	38,388	203,805	713,075	360,806		(11,705)	120,680	337,050	267,209
Earnings / (Loss) Per Share (Rs.)	0.03	0.33	1.03	0.60		(0.02)	0.21	0.60	0.48
Dividend Per Share (Rs.)	-	-	0.20	-		-	-	0.20	-
1 The above figures are provisional and subject to audit.
2 Figures in brackets indicate deductions

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INTERIM FINANCIAL STATEMENTS

	RENUKA AGRI FOODS PLC
	ST AT EMENT OF FINANCIAL POSIT ION
		GROUP
AS AT		31.12.2022	31.03.2022
		Rs.'000'	Rs.'000'
		Unaudited	Audited
Assets
Non-Current Assets
Property , Plant and Equipment		2,505,639	2,538,408
Biological Assets		132,446	120,940
Intangible Assets		571,237	571,237
Right of U se Assets		148,544	148,544
Inv estment in Subsidiaries		-	-
Inv estment in Equity Accounted Inv estees		1,028,954	1,008,049
T otal Non Current Assets		4,386,820	4,387,178
Current Assets
Inv entories		1,601,137	1,221,622
Trade and Other Receiv ables		1,380,866	1,183,903
Tax Recov erable		4,797	4,096
Amounts Due from Related C ompanies		237,564	77,488
C ash and C ash Equiv alents		899,393	370,322
Assets H eld for Sale		-	4,699
T otal Current Assets		4,123,757	2,862,130
T otal Assets		8,510,577	7,249,308
Equity and Liabilities
Equity
Stated C apital		1,194,453	1,194,453
Rev aluation Reserv e		266,925	266,925
Retained Earnings		2,690,142	2,225,650
Equity attributable to Ow ners of the C ompany		4,151,520	3,687,028
N on C ontrolling Interest		367,582	231,349
T otal Equity		4,519,102	3,918,377
Non-Current Liabilities
Retirement Benefit Obligations		62,571	61,103
Loans and Borrow ings		449,059	449,059
Lease Obligation		157,174	157,174
Deferred Tax Liability		138,223	138,223
T otal Non Current Liabilities		807,027	805,559
Current Liabilities
Loans and Borrow ings		1,436,202	1,647,130
Lease Obligation		30,236	30,236
Trade and Other Pay ables		1,443,193	762,673
Amounts Due to Related C ompanies		138,783	1,275
Div idend Pay able		6,137	5,354
Income Tax Pay able		128,563	75,913
Bank Ov erdrafts		1,334	2,791
T otal Current Liabilities		3,184,448	2,525,372
T otal Liabilities		3,991,475	3,330,931
T otal Equity & Liabilities		8,510,577	7,249,308
Net Assets per Share (Rs.)		7.39	6.56

COMPANY

31.12.2022	31.03.2022
Rs.'000'	Rs.'000'
Unaudited	Audited
1,718,566	1,720,579
-	-
-	-
78,460	78,460
2,005,204	2,005,204
-	-
3,802,230	3,804,243
1,282,788	901,405
1,192,912	1,045,444
1,516	687
310,585	59,966
652,717	277,734
-	-
3,440,518	2,285,236
7,242,748	6,089,479
1,194,453	1,194,453
119,254	119,254
2,238,877	2,014,177
3,552,584	3,327,884
-	-
3,552,584	3,327,884
53,712	52,150
440,278	440,278
79,752	79,752
105,250	105,250
678,992	677,430
1,429,611	1,328,936
16,578	16,578
1,348,679	667,777
145,204	4,778
4,786	4,003
66,314	62,093
-	-
3,011,172	2,084,165
3,690,164	2,761,595
7,242,748	6,089,479
6.32	5.92

The above figures are provisional and subject to audit.
I certify that the Interim Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.
S gd.
Dilshan Perera
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
These Financial Statements were approved and signed for and on behalf of of the Board of Directors of Renuka Agri Foods PLC.
Sgd.	Sgd.
Dr S .R. Rajiyah	S .V. Rajiyah
Director	Director
08th February 2023

Page 4 of 11

INTERIM FINANCIAL STATEMENTS

RENUKA AGRI FOODS PLC

ST AT EMENT OF CHANGES IN EQUIT Y

FOR T HE PERIOD ENDED		Equity Attributable to Owners		Non Controlling	T otal
	Stated	Revaluation	Retained	T otal	Interest	Equity
	Capital	Reserve	Earnings
	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000
COMPANY
Balance as at 1st April 2021	1,194,453	119,254	1,579,146	2,892,853	-	2,892,853
Loss for the period	-	-	267,209	267,209	-	267,209
Other Comprehensiv e Income / (Ex pense)	-	-	-	-	-	-
T otal Comprehensive Income / (Expense)	-	-	267,209	267,209	-	267,209
Balance as at 31st December 2021	1,194,453	119,254	1,846,355	3,160,062	-	3,160,062
Balance as at 1st April 2022	1,194,453	119,254	2,014,177	3,327,884	-	3,327,884
Profit for the period	-	-	337,050	337,050	-	337,050
Other Comprehensiv e Income / (Ex pense)	-	-	-	-	-	-
T otal Comprehensive Income / (Expense)	-	-	337,050	337,050	-	337,050
Div idend Paid	-	-	(112,350)	(112,350)	-	(112,350)
T otal T ransactions with Owners of the Company	-	-	(112,350)	(112,350)	-	(112,350)
Balance as at 31st December 2022	1,194,453	119,254	2,238,877	3,552,584	-	3,552,584
GROUP
Balance as at 1st April 2021	1,194,453	256,851	1,610,033	3,061,337	200,075	3,261,412
Profit / (Loss) for the period	-	-	335,643	335,643	25,163	360,807
Other Comprehensiv e Income / (Ex pense)	-			-	-	-
T otal Comprehensive Income / (Expense)	-	-	335,643	335,643	25,163	360,807
T ransactions with Owners of the Company,
Recognized directly in Equity
Effect of changes in percentage holding in subsidiaries	-	-	(92,861)	(92,861)	191	(92,670)
T otal T ransactions with Owners of the Company	-	-	(92,861)	(92,861)	191	(92,670)
Balance as at 31st December 2021	1,194,453	256,851	1,852,815	3,304,119	225,429	3,529,549
Balance as at 1st April 2022	1,194,453	266,925	2,225,650	3,687,028	231,349	3,918,377
Profit for the period	-	-	576,842	576,842	136,233	713,075
Other Comprehensiv e Income	-	-	-	-	-	-
T otal Comprehensive Expenses	-	-	576,842	576,842	136,233	713,075
T ransactions with Owners of the Company,
Recognized directly in Equity
Div idend Paid	-	-	(112,350)	(112,350)	-	(112,350)
T otal T ransactions with Owners of the Company	-	-	(112,350)	(112,350)	-	(112,350)
Balance as at 31st December 2022	1,194,453	266,925	2,690,142	4,151,520	367,582	4,519,102
1 The abov e figures are prov isional and subject to audit.
2 Figures in brackets indicates deductions

Page 5 of 11

INTERIM FINANCIAL STATEMENTS