Vidullanka : Quarterly Financial Statements 31.12.2022

(PQ 83)

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31ST DECEMBER 2022.

Registered office: Level 04, Access Towers, No. 278, Union Place,

Colombo 2, Sri Lanka.

Tel: [phone] , / Fax: [phone]

www.vidullanka.com

				Vidullanka PLC
STATEMENT OF FINANCIAL POSITION
	Group	Company
As at	31.12.2022	31.03.2022	31.12.2022	31.03.2022
	(Unaudited*)	(Audited)	(Unaudited*)	(Audited)
	Rs.	Rs.	Rs.	Rs.
ASSETS
Non-Current Assets
Property , Plant & Equipment	8,454,042,829	7,521,970,574	629,418,305	632,566,583
Mature bearer biological assets	45,977,295	45,793,051	-	-
Right of Use asset	203,530,994	186,826,750	21,055,611	14,043,021
Investments in Subsidiaries	-	-	1,445,229,464	1,328,896,133
Investments in Joint Ventures & Associates	738,038,271	623,833,402	414,291,550	414,291,550
Other Project Investments	92,370,469	81,565,679	92,370,469	81,565,679
Goodwill	221,019,877	259,355,007	988,982	988,982
Deferred Tax Asset	4,227,701	2,523,667	-	-
	9,759,207,436	8,721,868,130	2,603,354,381	2,472,351,948
Current Assets
Inventories	143,776,170	123,802,574	24,249,668	21,604,573
Trade and Other Receivables	2,481,914,151	1,645,524,221	866,074,221	734,365,150
Other Financial Assets	324,293,314	160,264,772	32,534,429	41,352,472
Cash and Bank Balances	945,135,229	854,432,051	143,153,085	37,260,782
	3,895,118,864	2,784,023,618	1,066,011,403	834,582,977
Total Assets	13,654,326,300	11,505,891,748	3,669,365,784	3,306,934,925
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	1,813,312,099	1,786,069,350	1,813,312,099	1,786,069,350
Retaining Earnings	2,993,509,259	2,406,968,789	243,391,301	104,054,810
Other components of equity	2,133,216,860	1,403,537,432	-	-
Equity attributable to Equity Holders of the Parent	6,940,038,217	5,596,575,571	2,056,703,400	1,890,124,160
Non Controlling Interest	235,791,374	128,551,007	-	-
Total Equity	7,175,829,591	5,725,126,578	2,056,703,400	1,890,124,160
Non- Current Liabilities
Loans and Borrowings	2,764,456,998	3,109,948,487	500,616,112	556,124,873
Defined Benefit Liability	50,053,510	49,016,054	43,879,991	42,426,155
Deferred Tax Liability	1,194,309,896	811,247,563	33,310,607	16,004,089
Lease Liability	76,261,559	78,201,078	16,039,471	6,785,196
	4,085,081,963	4,048,413,182	593,846,180	621,340,313
Current Liabilities
Trade and Other Payables	465,804,429	404,619,055	161,930,206	191,099,163
Loans and Borrowings	1,708,428,296	1,248,002,184	853,967,644	579,294,939
Lease Liability	11,719,354	14,917,192	2,617,005	3,056,938
Income Tax Liability	207,462,667	64,813,557	301,349	22,019,412
	2,393,414,746	1,732,351,988	1,018,816,204	795,470,452
Total Equity and Liabilities	13,654,326,300	11,505,891,748	3,669,365,784	3,306,934,925
Net Assets Represented by :
No of Issued Shares-Voting	868,459,721	862,124,198	868,459,721	862,124,198
No of Issued Shares-Non Voting	72,394,086	72,394,086	72,394,086	72,394,086
Total No of Shares	940,853,807	934,518,284	940,853,807	934,518,284
Net Asset Value Per Share (Rs)	7.38	5.99	2.19	2.02
* The amounts are provisional and subject to audit

These Financial Statements are in compliance with the requirement of the Companies Act No. 07 of 2007

(Signed)

………………………………………

Mafaz Ansar

Group Finance Controller

The Board of Directors is responsible for the Preparation and presentation of these financial statements.

(Signed)	(Signed)
………………………………………	………………………………………
Riyaz M.Sangani	Rizvi Zaheed
CEO	Director
09th February 2023

1

STATEMENT OF COMPREHENSIVE INCOME

Vidullanka PLC

			Group
	Quarter Ended 31st December	Nine Months Ended 31st December
	2022	2021	Change		2022	2021	Change
	(Unaudited*)	(Unaudited*)		(Unaudited*)	(Unaudited*)
	%		%
	Rs.	Rs.		Rs.	Rs.
Revenue	1,165,585,023	816,595,701	43		2,945,803,724	2,072,150,994	42
Cost of Sales	(315,117,666)	(171,672,063)	(84)		(856,818,615)	(534,335,214)	(60)
Gross Profit	850,467,357	644,923,638	32		2,088,985,109	1,537,815,779	36
Other Income and Gain/(Losses)	(6,924,893)	95,539,852	>(99)		(19,869,106)	122,774,085	>(99)
Administrative Expenses	(108,438,730)	(124,509,093)	13		(323,017,329)	(324,072,508)	0
Finance Cost	(172,364,631)	(70,121,327)	>(99)		(425,940,960)	(223,634,585)	(90)
Finance Income	363,991	1,989,444	>99		1,826,787	2,527,644	>99
Investment Share in the Joint Ventures & Associate	(4,746,231)	24,057,119	>(99)		(2,108,883)	82,958,321	>(99)
Profit Before Tax	558,356,863	571,879,633	(2)		1,319,875,618	1,198,368,736	10
Income Tax Expense	(257,049,494)	(169,858,670)	(51)		(550,579,165)	(347,910,964)	(58)
Profit for the period	301,307,369	402,020,962	(25)		769,296,453	850,457,772	(10)
Other Comprehensive Income (OCI)
Net Actuarial Gain/(Loss) on Defined Benefit Plan	(1,468,447)	(52,822)	>(99)		(4,405,341)	(156,671)	>(99)
Income Tax on Other Comprehensive Income	496,685	19,528	>(99)		1,315,381	58,403	>(99)
Net Actuarial Gain/(Loss) on Defined Benefit Plan of	(6,527)	6,530	>(99)		(19,581)	15,544	>(99)
Investment share
Exchange Differences on Translation of Foreign Operations	(21,002,304)	11,129,100	>99		767,853,407	21,091,497	>99
Other Comprehensive Income for the Year, Net of Tax	(21,980,593)	11,102,336	>99		764,743,866	21,008,773	>99
Total Comprehensive Income for the Year, Net of Tax	279,326,776	413,123,299	(32)		1,534,040,319	871,466,544	76
Profit attributable to :
Equity Holders of the Parent	278,541,143	393,433,099	(29)		719,887,029	835,442,737	(14)
Non-Controlling Interest	22,766,226	8,587,863	>99		49,409,424	15,015,035	>99
Total Profit for the period	301,307,369	402,020,962	(25)		769,296,453	850,457,772	(10)
Total Comprehensive Income attributable to :
Equity Holders of the Parent	257,611,685	404,382,187	(36)		1,446,456,914	855,901,123	>99
Non-Controlling Interest	21,715,091	8,741,112	>99		87,583,405	15,565,421	>99
Total Comprehensive Income for the Year	279,326,776	413,123,299	(32)		1,534,040,319	871,466,544	76
Earnings Per Share - Basic	0.30	0.44			0.77	0.93
Earnings Per Share - Diluted	0.30	0.44			0.77	0.93
Weighted Average No of Total shares-Basic	930,148,187	894,540,382			930,148,187	894,540,382
Weighted Average No of Total shares - Diluted EPS	932,198,408	900,217,983			932,198,408	900,217,983

• The amounts are provisional and subject to audit
• The variance indicates the impact on the profitability

2

STATEMENT OF COMPREHENSIVE INCOME

Vidullanka PLC

			Company
	Quarter Ended 31st December	Nine Months Ended 31st December
	2022	2021	Change	2022	2021	Change
	(Unaudited*)	(Unaudited*)	(Unaudited*)	(Unaudited*)
	Rs.	Rs.	%	Rs.	Rs.	%
Revenue	72,762,599	121,956,514	(40)	210,123,312	359,053,827	(41)
Cost of Sales	(26,330,417)	(12,900,742)	(104)	(66,547,029)	(37,649,684)	(77)
Gross Profit	46,432,183	109,055,772	(57)	143,576,283	321,404,143	(55)
Other Income and Gain/(Losses)	196,179,788	117,807,155	67	466,405,714	226,822,986	>(99)
Administrative Expenses	(63,453,074)	(66,441,057)	4	(189,044,184)	(187,930,107)	(1)
Finance Cost	(72,488,017)	(28,304,225)	>(99)	(165,946,584)	(87,857,823)	(89)
Finance Income	363,990	1,990,633	(82)	1,823,009	2,455,784	(26)
Profit Before Tax	107,034,870	134,108,279	(20)	256,814,238	274,894,982	(7)
Income Tax Expense	(18,889,043)	(20,739,062)	9	(19,619,853)	(40,639,201)	52
Profit for the period	88,145,827	113,369,217	(22)	237,194,385	234,255,781	1
Other Comprehensive Income
Net Actuarial Gain/(Loss) on Defined Benefit Plan	(1,455,633)	(75,016)	(1840)	(4,366,900)	(225,049)	(1840)
Income Tax on Other Comprehensive Income	494,915	21,005	2256	1,310,070	63,014	1979
Other Comprehensive Income for the Year, Net of Tax	(960,718)	(54,012)	>(99)	(3,056,830)	(162,035)	>(99)
Total Comprehensive Income for the Year, Net of Tax	87,185,109	113,315,205	>99	234,137,555	234,093,746	0
Profit attributable to :
Equity Holders of the Parent	88,145,827	113,369,217	(22)	237,194,385	234,255,781	125%
Total Profit for the period	88,145,827	113,369,217	(22)	237,194,385	234,255,781	125%
Total Comprehensive Income attributable to :
Equity Holders of the Parent	87,185,109	113,315,205	(23)	234,137,555	234,093,746	2%
Total Comprehensive Income for the Year	87,185,109	113,315,205	(23)	234,137,555	234,093,746	2%
Earnings Per Share - Basic	0.09	0.13		0.26	0.26
Earnings Per Share - Diluted	0.09	0.13		0.25	0.26
Weighted Average No of Total shares-Basic	930,148,187	894,540,382		930,148,187	894,540,382
Weighted Average No of Total shares - Diluted EPS	932,198,408	900,217,983		932,198,408	900,217,983

** The variance indicates the impact on the profitability

3

STATEMENT OF CHANGES IN EQUITY

Vidullanka PLC

			Foreign
	Stated Capital	Retained	Currency	Non-Controlling	Total
	Earnings	Translation	Interest
GROUP
		Reserve
	Rs	Rs	Rs	Rs	Rs
Balance as at 1st April 2021	1,469,839,867	1,830,090,914	273,581,811	71,412,994	3,644,925,586
Profit for the Period	-	835,442,737	-	15,015,035	850,457,772
Other Comprehensive Income	-	(82,824)	20,541,111	550,386	21,008,673
Total Comprehensive Income for the Year	-	835,359,914	20,541,111	15,565,421	871,466,445
Dividend Paid	-	(267,325,828)	-	-	(267,325,828)
Subscription of ESOS	30,039,180				30,039,180
Subscription of Non Voting Shares	253,379,301	-	-	-	253,379,301
Balance as at 31st December 2021	1,753,258,347	2,398,125,000	294,122,922	86,978,415	4,532,484,682
Balance as at 1st April 2022	1,786,069,350	2,406,968,789	1,403,537,432	128,551,007	5,725,126,578
Profit for the period	-	719,887,029	-	49,409,424	769,296,453
Other Comprehensive Income	-	(3,109,543)	729,679,428	38,173,981	764,743,866
Total Comprehensive Income for the Year	-	716,777,486	729,679,428	87,583,405	1,534,040,319
Acquisition of Stake		(35,435,952)		36,344,547	908,595
Dividend Paid	-	(94,801,064)	-	(16,687,585)	(111,488,649)
Subscription of ESOS	27,242,749	-	-	-	27,242,749
Balance as at 31st December 2022	1,813,312,099	2,993,509,259	2,133,216,860	235,791,374	7,175,829,591

	Stated Capital	Retained	Total
COMPANY	Earnings
	Rs	Rs	Rs
Balance as at 1st April 2021	1,469,839,867	37,598,029	1,507,437,896
Profit for the Period	-	234,255,781	234,255,781
Other Comprehensive Income	-	(162,035)	(162,035)
Total Comprehensive Income for the Year	-	234,093,746	234,093,746
Dividend Paid	-	(267,325,828)	(267,325,828)
Subscription of ESOS	30,039,180		30,039,180
Subscription of Non Voting Shares	253,379,301		253,379,301
Balance as at 31st December 2021	1,753,258,348	4,365,946	1,757,624,294
Balance as at 1st April 2022	1,786,069,350	104,054,810	1,890,124,160
Profit for the period	-	237,194,385	237,194,385
Other Comprehensive Income	-	(3,056,830)	(3,056,830)
Total Comprehensive Income for the Year	-	234,137,555	234,137,555
Dividend Paid	-	(94,801,064)	(94,801,064)
Subscription of ESOS	27,242,749	-	27,242,749
Balance as at 31st December 2022	1,813,312,099	243,391,301	2,056,703,400

4