Richard Pieris Exports : Interim Financial Statements as at 31.03.2024

Richard Pieris Exports PLC

Interim Financial Statements

Twelve Months ended 31st March 2024

Consolidated Statement of Financial Position

			As at 31st March	As at 31st March
			2024	2023
			Rs. 000	Rs. 000
	ASSETS
	Non-current Assets
	Property, Plant & Equipment	3,028,459	2,465,756
	Investment in Associate	336,045	386,700
	Investment Property - Right of use asset	434,000	406,884
	Right of use asset	127,343	130,441
	Advance Payment for Investment	23,681	28,681
	Deferred Tax Asset	28,184	1,266
			3,977,712	3,419,728
	Discontinued Operations
	Assets of Arpico Natural Latex Foams (Pvt ) Ltd	-	-
	Current Assets
	Inventories	1,491,335	1,225,805
	Trade & Other Receivables	2,044,538	1,789,767
	Tax Receivable	30,573	-
	Short Term Investment	342,294	354,741
	Amounts Due from Related Parties	144,261	176,762
	Cash and Bank Balances	1,710,374	1,346,934
			5,763,375	4,894,009
	Total Assets
	9,741,087	8,313,737
	EQUITY AND LIABILITIES
	Stated Capital	220,262	220,262
	Revenue Reserves	3,205,775	3,298,080
	Foreign Currency Translation	265,112	298,144
	Equity Attributable to Equity Holders of the Parent
	3,691,149	3,816,486
	Non Controlling Interest	1,439,466	1,474,085
	Total Equity
	5,130,615	5,290,571
	Non-Current Liabilities
	Interest Bearning Loans and Borrowings	-	50,000
	Deferred Tax Liabilities	701	71,510
	Retirement Benefit Obligation	138,266	107,657
	Lease Instalments Payable After One Year	145,270	153,980
	Discontinued Operations	284,237	383,147
	Liabilities of Arpico Natural Latex Foams (Pvt ) Ltd	227,013	227,013
	Current Liabilities
	Trade and Other Payables	1,205,586	754,732
	Income Tax Payable	-	18,505
	Amounts Due to Related Parties	602,650	508,530
	Lease Instalments Payable In the Ensuing Year	23,601	16,828
	Interest Bearing Loans & Borrowings	2,267,385	1,114,411
			4,099,222	2,413,006
	Total Liabilities
	4,610,472	3,023,166
	Total Equity and Liabilities
	9,741,087	8,313,737
	The above figures are subject to audit
	I certify that the above Financial Statements have been prepared in compliance with the requirments of the Companies Act No. 07 of 2007.
		…………………………………………..
		Charith Ariyarathna
		Finance Controller -Exports Sector
	The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
	Approved and Signed for and on behalf	of the Board on 30th May 2024 in Colombo.
	……………………………….	…………………………….
	W.R.Abeysirigunawardena	W.J. Viville P. Perera
	Director	Director

Company Statement of Financial Position

			As at 31st March	As at 31st March
			2024	2023
			Rs. 000	Rs. 000
	ASSETS
	Non-current Assets
	Property, Plant & Equipment	391,587	326,619
	Long Term Investments	463,023	463,023
	Deferred Tax Asset	13,384	1,266
			867,994	790,908
	Current Assets
	Inventories	293,193	432,835
	Trade & Other Receivables	590,410	759,583
	Other Current Financial Assets		347,527
	334,131
	Income Tax Refund	3,202	6,803
	Amounts Due from Related Parties	13,538	52,749
	Cash and Bank Balances	1,282,227	919,714
			2,516,701	2,519,211
	Total Assets
		3,384,695	3,310,119
	EQUITY AND LIABILITIES
	Stated Capital	220,262	220,262
	Revenue Reserves	2,720,507	2,769,760
	Total Equity
		2,940,769	2,990,022
	Non-Current Liabilities
	Retirement Benefit Obligation	109,013	76,294
	Deferred Tax Liabilities	-	-
			109,013	76,294
	Current Liabilities
	Trade and Other Payables	226,890	220,105
	Amounts Due to Related Parties	108,023	23,698
			334,913	243,803
	Total Liabilities
		443,926	320,097
	Total Equity and Liabilities
		3,384,695	3,310,119

The above figures are subject to audit

I certify that the above Financial Statements have been prepared in compliance with the requirments of the Companies Act No. 07 of 2007.

…………………………………………..

Charith Ariyarathna

Finance Controller -Exports Sector

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Approved and Signed for and on behalf of the Board on 30th May 2024 in Colombo.

	………………………………	…………………………….
	W.R.Abeysirigunawardena	W.J. Viville P. Perera
	Director	Director

Consolidated Income Statements

			3 months ended 31st March		12 months ended 31st March
			2024	2023	Change	2024	2023		Change
			Rs. '000	Rs. '000	%		Rs. '000	Rs. '000	%
	Continuing Operations
	Revenue	1,486,128	1,702,720	(13)	7,120,443	9,040,796		(21)
	Cost of Sales	(1,123,186)	(1,234,766)	(9)	(5,731,299)	(6,436,887)		(11)
	Gross Profit		362,942	467,954	(22)	1,389,144	2,603,909		(47)
	Other Operating Income	10,240	7,967	29	40,565	27,663		47
	Distribution Costs	(154,991)	(304,953)	(49)		(759,240)	(1,440,854)		(47)
	Administrative Expenses	(77,853)	(122,348)	(36)		(374,461)	(454,330)		(18)
	Other Operating Expenses	(5,258)	(28,681)	(82)		(5,258)	(28,681)		(82)
	Profit / (Loss)from Operations		135,080	19,939	577		290,750	707,707		(59)
	Finance Income	26,301	57,287	(54)		112,502	200,132		(44)
	Finance Cost	(25,610)	(23,469)	9		(63,131)	(24,182)		161
	Other Financial Items	(189,262)	(297,377)	(36)		(238,375)	426,983		(156)
	Share of Profit/ (Loss) of Associate	(4,595)	(4,260)	8		(17,115)	(23,323)		(27)
	Profit /( Loss) Before Tax		(58,086)	(247,880)	(77)		84,631	1,287,317		(93)
	Taxation	(11,522)	471	(2,546)		(50,495)	(240,260)		(79)
	Profit / (Loss) for the Period from Continuing Operations		(69,608)	(247,409)	(72)		34,136	1,047,057		(97)
	Discontinued Operations
	Loss after tax for the period from discontinued operations		(32)	(24)	33		(77)	(69)		12
	Profit /(Loss) for the period		(69,640)	(247,433)	(72)		34,059	1,046,988		(97)
	Attributable to:
	Equity Holders of the Parent	(77,437)	(218,662)	(65)		64,050	978,907		(93)
	Non Controlling Interest	7,797	(28,771)	(127)		(29,991)	68,081		(144)
			(69,640)	(247,433)	(72)		34,059	1,046,988		(97)
			Rs.	Rs.			Rs.	Rs.
	Earnings Per Share	(6.94)	(19.59)			5.74	87.69
	Earnings Per Share from Continuing Operations	(6.94)	(19.59)			5.73	87.68
	Dividend per Share	12.00	35.00		12.00	35.00
	Figures in brackets indicate deductions.
	The above figures are subject to audit.

Company Income Statements

		3 months ended 31st March	12 months ended 31st March
		2024	2023	Change	2024	2023	Change
		Rs. '000	Rs. '000	%	Rs. '000	Rs. '000	%
	Revenue	451,891	516,552	(13)	1,945,498	3,141,325	(38)
	Cost of Sales	(340,060)	(329,492)	3	(1,427,884)	(2,006,241)	(29)
	Gross Profit	111,831	187,060	(40)	517,614	1,135,084	(54)
	Other Operating Income	63	359	(82)	1,178	1,749	(33)
	Distribution Costs	(12,693)	(49,991)	(75)	(90,328)	(336,147)	(73)
	Administrative Expenses	(57,182)	(51,971)	10	(198,552)	(153,920)	29
	Profit from Operations
	42,019	85,457	(51)	229,912	646,766	(64)
	Finance Income	25,799	56,613	(54)	110,497	195,606	(44)
	Finance Cost	(598)	(1,470)	(59)	(3,257)	(5,819)	(44)
	Other Financial Items	(87,039)	(152,696)	(43)	(102,138)	231,590	(144)
	Profit before Tax	(19,819)	(12,096)	64	235,014	1,068,142	(78)
	Taxation	(55,374)	22,842	(342)	(131,832)	(139,564)	(6)
	Profit Attributable to Ordinary Shareholders	(75,193)	10,744	(800)	103,182	928,578	(89)
		Rs.	Rs.		Rs.	Rs.
	Earnings Per Share	(6.74)	0.96		9.24	83.18
	Dividend Per Share	12.00	35.00		12.00	35.00

Figures in brackets indicate deductions.

The above figures are subject to audit.

Statements of Comprehensive Income

			3 months ended 31st March	12 months ended 31st March
			2024	2023	2024	2023
	Consolidated	Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Profit /( Loss) for the period	(69,640)	(247,433)	34,059	1,046,988
	Other comprehensive income / (Expenses) not to be
	reclassified to profit or loss in subsequent periods
	Actuarial gains/ ( losses) on defined benefit plans	(38,052)	18,383	(38,052)	18,383
	Deferred Tax effect on actuarial gains /(losses) on defined benefit plans	11,416	(5,516)	11,416	(5,516)
	Change in fair value on other investment at fair value through other
	comprehensive income	-	-	-	-
	Other Comprehensive Income / (Expenses) to be reclassified to
	profit or loss in subsequent periods
	Share of Other Comprehensive Income of Associate
	Acturial gains/(losses) on defined benefit plans	(382)	532	(382)	532
	Translation of Associate using foreign functional currency	(25,056)	(49,389)	(33,032)	42,806
	Other comprehensive income/ (Expenses) for the period	(52,074)	(35,989)	(60,050)	56,206
	Total comprehensive income /(Expenses) for the period	(121,714)	(283,422)	(25,991)	1,103,194
	Attributable to
	Equity Holder of the Parent Company	(124,883)	(256,947)	8,628	1,032,817
	Non Controlling Interest	3,169	(26,475)	(34,619)	70,377
			(121,714)	(283,422)	(25,991)	1,103,194

		3 months ended 31st March	12 months ended 31st March
		2024	2023	2024	2023
	Company	Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Profit for the period	(75,193)	10,744	103,182	928,578
	Other comprehensive income / (Expenses) not to be
	reclassified to profit or loss in subsequent periods
	Actuarial gains/ ( losses) on defined benefit plans	(26,386)	12,538	(26,386)	12,538
	Deferred Tax effect on actuarial gains /(losses) on defined benefit plans	7,916	(3,761)	7,916	(3,761)
	Change in fair value on other investment at fair value through other
	comprehensive income	-	-	-	-
	Other comprehensive income / (Expenses) to be reclassified to
	profit or loss in subsequent periods	-	-		-
	Other comprehensive income for the period	(18,470)	8,777	(18,470)	8,777
	Total comprehensive income for the period	(93,663)	19,521	84,712	937,354

Figures in brackets indicate deductions.

Statement of Changes in Equity

				Revenue Reserves
			Stated					Foreign Currency	Non Controlling	Total
			General	Accumulated
			Capital	Reserves	Profit	Translation	Interest
	Consolidated	Rs. '000	Rs. '000	Rs. '000	Rs. '000	Rs. '000	Rs. '000
	Balance as at 31st March 2022	220,262	219,250		2,679,957		255,338	1,529,830	4,904,637
	Prior period adjustment for Surcharge Tax	-	-		(200,406)		-	(126,123)	(326,529)
	Adjusted Balance as at 31st March 2022		220,262	219,250		2,479,551		255,338	1,403,707	4,578,108
	Profit for the period	-	-		978,907		-	68,081	1,046,988
	Other Comprehensive Income	-	-		11,103		42,806	2,297	56,206
	Total Comprehensive Income		-	-		990,010		42,806	70,378	1,103,194
	Interim dividend
					(390,731)				(390,731)
	Balance as at 31st March 2023		220,262	219,250		3,078,830		298,144	1,474,085	5,290,571
	Balance as at 31st March 2023	220,262	219,250
		3,078,830		298,144	1,474,085	5,290,571
	Profit for the period	-	-		64,050		-	(29,991)	34,059
	Other Comprehensive Income	-	-		(22,390)		(33,032)	(4,628)	(60,050)
	Total Comprehensive Income		-	-		41,660		(33,032)	(34,619)	(25,991)
	Interim dividend
		-	-		(133,965)		-	-	(133,965)
	Balance as at 31st March 2024		220,262	219,250		2,986,525		265,112	1,439,466	5,130,615
								Revenue Reserves
						Stated				Total
							General	Accumulated
						Capital	Reserves	Profit
	Company				Rs. '000	Rs. '000	Rs. '000	Rs. '000
	Balance as at 31st March 2022
				220,262		219,250	2,108,539	2,548,051
	Prior period adjustment for Surcharge Tax				-		-	(104,652)	(104,652)
	Adjusted Balance as at 31st March 2022
				220,262		219,250	2,003,887	2,443,399
	Profit for the period				-		-	928,577	928,577
	Other Comprehensive Income				-		-	8,777	8,777
	Total Comprehensive Income
				-		-	937,354	937,354
	Interim dividend
							(390,731)	(390,731)
	Balance as at 31st March 2023
				220,262		219,250	2,550,510	2,990,022
	Balance as at 31st March 2023				220,262		219,250	2,550,510	2,990,022
	Profit for the period				-		-	103,182	103,182
	Other Comprehensive Income				-		-	(18,470)	(18,470)
	Total Comprehensive Income
				-		-	84,712	84,712
	Interim Dividend
				-		-	(133,965)	(133,965)
	Balance as at 31st March 2024
				220,262		219,250	2,501,257	2,940,769

Cash Flow Statements

Cash Flows from Operating Activities

Group Profit before Tax and Non-Controlling Interest From Continuing Operations

Loss from discontinued Operations

Adjustment to reconcile profit before tax to net cash flows

Operating profit before working capital changes

Changes in Working Capital adjustments

Cash generated from / (used in) operations

Interest Paid

Income Tax Paid

Defined Benefit plan costs paid

Net cash flows from / (used in) Operating activities Net cashflows from / (used in) investing activities Net cash inflow / (Out flow) before financing

Net cash flows from / (used in) financing activities Net Increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Analysis of Cash and Cash Equivalents

Cash at Bank & in Hand

From Continuing operations

From Discontinuing operations

Bank Overdraft

Figures in brackets indicate deductions.

The above figures are subject to audit.

Consolidated		Company
For the 12 months period ended	For the 12 months period ended
31st Mar 2024	31st Mar 2023	31st Mar 2024	31st Mar 2023
Rs. '000	Rs. '000	Rs. '000	Rs. '000

84,631	1,287,317	235,014	1,068,142
(77)	(69)	-	-
79,066	79,488	(75,703)	(166,635)
163,620	1,366,736	159,311	901,507
59,656	(183,668)	438,876	(300,637)
223,276	1,183,068	598,187	600,870
(42,696)	(24,182)	(3,257)	(5,819)
(185,756)	(678,335)	(132,433)	(331,842)
(35,156)	(11,691)	(12,986)	(3,267)
(40,332)	468,860	449,511	259,942
(557,208)	(573,794)	46,967	56,555
(597,540)	(104,934)	496,478	316,497
663,806	(512,940)	(133,965)	(390,731)
66,266	(617,874)	362,513	(74,234)
332,353	950,227	919,714	993,948
398,619	332,353	1,282,227	919,714

1,710,374	1,346,934	1,282,227	919,714
-	-	-	-
1,710,374	1,346,934	1,282,227	919,714
(1,311,755)	(1,014,581)	-	-
398,619	332,353	1,282,227	919,714

Consolidated Segmental Information

	Turnover		Profit / (Loss) before Tax		Total Assets		Total Liabilities
	For the 12 months period ended		For the 12 months period ended		As at 31st March	As at 31st March		As at 31st March	As at 31st March
						2024	2023	2024	2023
	31st March 2024	31st March 2023		31st March 2024	31st March 2023
	Rs. '000	Rs. '000		Rs. '000	Rs. '000		Rs. '000	Rs. '000		Rs. '000	Rs. '000
Mineral Segment	63,399	68,093	2,047	5,282	74,290	61,785	34,680	23,525
Latex Based Segment	5,145,445	5,869,667	(135,685)	237,394	6,439,993	5,056,940	4,162,779	2,718,035
Hard Rubber Segment	1,945,498	3,141,325	235,014	1,068,141	3,384,695	3,303,316	443,926	313,294
	7,154,342	9,079,085		101,376	1,310,817		9,898,978	8,422,041		4,641,385	3,054,854
Adjustment for Inter Group Transactions	(33,899)	(38,289)	(16,744)	(23,500)	(157,891)	(108,304)	(30,913)	(31,688)
	7,120,443	9,040,796		84,631	1,287,317		9,741,087	8,313,737		4,610,472	3,023,166

Figures in brackets indicate deductions.

The above figures are subject to audit.

Notes to the Financial Statements

1. The figures given above for the twelve months ended 31st March 2024 and 31st March 2023 are subject to audit.
   The Interim Financial Statements of Richard Pieris Exports PLC for the twelve months ended 31st March 2024 have been prepared in accordance with LKAS 34, Interim Financial Reporting.
   These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31st March 2023.
   The accounting policies adopted in the preparation of the Interim Financial Statements are consistent with those followed in the preparation of the Annual Financial Statements for the year ended 31st March 2023.
   The provisions of the Companies Act No.7 of 2007 have been considered in preparing the interim financial statements of the Company and of the Group.
2. Figures for the corresponding period have been re-arranged where ever necessary to confirm to the current presentation.The figures in brackets indicate deductions.

1. Stated Capital
   Issued & fully paid Number of shares (Ordinary Shares)
   Stated Capital (Rs)
2. Market Capitalization

As at 31.03.2024	As at 31.03.2023
11,163,745	11,163,745
Rs.	Rs.
220,262,000	220,262,000
As at 31.03.2024	As at 31.03.2023

Market Capitalization ( Rs '000")	4,889,720		6,223,788
Float adjusted Market Capialization ( Rs '000')	775,999	-	987,715
Price Earnings Ratio ( times)	76.34		6.36

The company complies with option 02 of the listing rules 7.13.1(b) - Less than Rs 1 Bn float adjusted market capitalization.

1. There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the annual report for the year ended 31st March 2023
2. There have been no events subsequent to the interim period, which require disclosure in the Interim Financial Statements.
3. There are no material capital commitments which have been approved as at 31.03.2024
4. Discontinued operations Comprise the results of Subsidiaries of the Group whose Commercial operations have been discontinued.

	9 Net asset value per Share	31st March 2024	31st March 2023
		Rs.	Rs.
	Consolidated ( in Rs. )	330.64	341.86
	Company ( in Rs. )	263.42	267.83
		Rs	Rs
	Highest for the Quarter / Year (in Rs.)	610.00	660.00
	Lowest for the Quarter / Year(in Rs.)	430.00	547.00
	Last Traded Price for the Quarter / Year (in Rs.)	438.00	557.50

10 All values included in this financial statements, are in Rupees 000's unless otherwise stated.