C T LAND DEVELOPMENT PLC
INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2021
C T LAND DEVELOPMENT PLC
CONTENTS | |
Description | Page No. |
Statement of Profit or Loss and Other Comprehensive Income | 3 |
Statement of Changes in Equity | 3 |
Statement of Financial Position | 4 |
Statement of Cashflows | 5 |
Explanatory Notes | 6-7 |
Corporate Information | 8 |
C T LAND DEVELOPMENT PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Entity and Investee | ||||||||
Three Months ended 31st December | Nine Months ended 31st December | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |||
Revenue | 59,366 | 69,445 | (15) | 159,089 | 174,513 | (9) | ||
Other Operating Income | 9,441 | 8,136 | 16 | 23,706 | 32,163 | (26) | ||
Personnel Costs | (20,647) | (18,149) | 14 | (61,332) | (54,169) | 13 | ||
Depreciation | (5,786) | (6,125) | (6) | (17,877) | (14,350) | 25 | ||
Other Operating Costs | (40,761) | (36,702) | 11 | (101,407) | (104,805) | (3) | ||
Profit from Operations | 1,613 | 16,605 | (90) | 2,179 | 33,352 | (93) | ||
Finance Cost | (4,584) | (3,545) | 29 | (12,511) | (12,242) | 2 | ||
Share of Impairment-CT | (681) | - | - | (681) | - | - | ||
Prop./CTPL Investments | ||||||||
Share of Profit of Equity | (17,327) | (11,554) | 50 | (41,848) | (43,965) | (5) | ||
Accounted Investee | ||||||||
Profit/(Loss) before Taxation | (20,980) | 1,506 | (1,493) | (52,861) | (22,855) | 131 | ||
Taxation | (3,147) | 2,254 | (240) | 5,780 | - | - | ||
Net Profit/(Loss) for the Period | (24,126) | 3,760 | (742) | (47,081) | (22,855) | 106 | ||
Other Comprehensive Income, | - | - | - | - | - | - | ||
net of Income Tax, for the period | ||||||||
Total Comprehensive Income for | ||||||||
(24,126) | 3,760 | (742) | (47,081) | (22,855) | 106 | |||
the period | ||||||||
Earnings/ (Loss) Per Share ( Rs. ) | (0.30) | 0.05 | (0.58) | (0.28) |
STATEMENT OF CHANGES IN EQUITY
Entity and Investee
Stated | Retained | AFS | Shareholders' | ||||
Capital | Earnings | Reserve | Funds | ||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
ENTITY AND INVESTEE | |||||||
Balance as at 1st April 2020 | 1,982,500 | 1,952,772 | 6,415 | 3,941,687 | |||
Net Profit for the period | (22,855) | - | (22,855) | ||||
Dividends | (60,938) | - | (60,938) | ||||
Balance as at 31st December 2020 | 1,982,500 | 1,868,979 | 6,415 | 3,857,894 | |||
Balance as at 01st April 2021 | 1,982,500 | 2,018,117 | 3,476 | 4,004,093 | |||
Net Profit for the period | (47,081) | - | (47,081) | ||||
Dividends | - | - | |||||
Balance as at 31st December 2021 | 1,982,500 | 1,971,036 | 3,476 | 3,957,012 |
Page 3 of 8
C T LAND DEVELOPMENT PLC
STATEMENT OF FINANCIAL POSITION
Entity and Investee | |||||
As at | 31st December | 31st December | 31st March | ||
2021 | 2020 | 2021 | |||
Rs. '000 | Rs.'000 | Rs.'000 | |||
ASSETS | |||||
Non Current Assets | |||||
Property, Plant & Equipment | 282,400 | 366,377 | 280,297 | ||
Right of Use Leased Assets | 43,757 | 46,361 | 45,666 | ||
Intangible Assets | 3,800 | 4,606 | 4,385 | ||
Investment Properties | 4,307,468 | 4,173,000 | 4,307,468 | ||
Equity Accounted Investee | - | 71,391 | 41,848 | ||
Investments-AFS | - | 79,151 | 76,212 | ||
4,637,425 | 4,740,886 | 4,755,874 | |||
Current Assets | |||||
Trade and Other Receivables | 160,510 | 150,314 | 179,950 | ||
Income Tax Receivable | 1,612 | - | - | ||
Short Term Investments | 99,715 | 26,005 | 26,359 | ||
Cash in Hand and at Bank | 143 | 86 | 86 | ||
261,980 | 176,405 | 206,396 | |||
Total Assets | 4,899,405 | 4,917,291 | 4,962,270 | ||
EQUITY AND LIABILITIES | |||||
Capital and Reserves | |||||
Stated Capital | 1,982,500 | 1,982,500 | 1,982,500 | ||
Retained Earnings | 1,971,036 | 1,868,979 | 2,018,117 | ||
AFS Reserve | 3,476 | 6,415 | 3,476 | ||
3,957,012 | 3,857,894 | 4,004,093 | |||
Non Current Liabilities | |||||
Deferred Employee Benefits | 60,307 | 50,322 | 57,435 | ||
Right of Use Lease Liabilities | 55,008 | 55,243 | 55,326 | ||
Deferred Taxation | 379,257 | 460,558 | 379,257 | ||
Security Deposits | 194,851 | 179,057 | 175,173 | ||
Deferred Interest | 7,903 | 32,952 | 31,926 | ||
697,325 | 778,132 | 699,117 | |||
Current Liabilities | |||||
Trade and Other Payables | 19,331 | 19,000 | 18,452 | ||
Income Tax Payable | - | - | 6,027 | ||
Dividends Payable | 10,580 | 10,585 | 10,580 | ||
Interest bearing Loans | 203,624 | 170,875 | 169,062 | ||
Bank Overdraft/(Secured) | 11,531 | 80,805 | 54,940 | ||
245,067 | 281,265 | 259,060 | |||
Total Equity and Liabilities | 4,899,405 | 4,917,291 | 4,962,270 | ||
Net Assets per Share (Rs.) | 48.70 | 47.48 | 49.28 |
These Financial Statements have been prepared in accordance with the requirements of the Companies Act No.07 of
Ms. W A Y P Wijesinghe
Finance Manager
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board:
J.C. Page | A.T.P. Edirisinghe |
Deputy Chairman/ Managing Director | Director |
Page 4 of 8
C T LAND DEVELOPMENT PLC
STATEMENT OF CASHFLOWS
Entity and Investee | |||||
Period ended | 31st December | 31st December | 31st March | ||
2021 | 2020 | 2021 | |||
Rs. '000 | Rs.'000 | Rs.'000 | |||
CASH FLOW FROM OPERATING ACTIVITIES | |||||
Cash Generated from Operations | |||||
Profit from Operating Activities | (52,861) | (22,855) | 63,220 | ||
Adjustments for : | |||||
Depreciation & Amortisation | 17,877 | 14,350 | 19,106 | ||
Provision for Defined Benefit Obligation | 2,872 | - | 7,605 | ||
Provision for Impairment of Trade Receivables | - | - | 1,021 | ||
Finance Cost | 12,511 | 12,242 | 6,618 | ||
Share of Profit of Equity Accounted Investee | 41,848 | 43,965 | 72,681 | ||
Change in Fair Value of Financial Instruments | (1,355) | (1,824) | (2,179) | ||
Change in Fair Value of Investment Properties | - | - | (43,213) | ||
Loss on Disposal of Long Term Investment | 681 | ||||
Interest Expenses on Leases | 4,820 | 4,960 | 16,100 | ||
Operating Profit before Working Capital Changes | 26,393 | 50,838 | 140,958 | ||
Adjustment for Working Capital Changes | |||||
(Increase)/Decrease in Trade and Other Receivables | 19,441 | 10,742 | (30,411) | ||
Increase/(Decrease) in Trade and Other Payables | 880 | (1,568) | (2,116) | ||
Increase/(Decrease) in Security Deposits | (4,346) | (21,055) | (25,965) | ||
Cash Generated from Operations | 42,367 | 38,957 | 82,467 | ||
Interest Paid | (12,511) | (12,242) | (16,100) | ||
Income Tax Paid | - | (584) | (645) | ||
Gratuity Paid | (1,859) | (80) | (1,399) | ||
Net Cash inflow from Operating Activities | 27,997 | 26,051 | 64,322 | ||
CASH FLOW FROM INVESTING ACTIVITIES | |||||
Acquisition of Property, Plant & Equipment | (415) | (2,394) | (2,394) | ||
Expenses incurred on Capital WIP | (17,072) | (53,190) | (62,204) | ||
Sales proceeds from disposal of Long term Investment | 75,530 | - | - | ||
Investments - Financial Instruments | (72,000) | 20,000 | 20,000 | ||
Net Cash used in Investing Activities | (13,956) | (35,584) | (44,598) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Term Loan Received | 40,000 | 174,500 | 174,500 | ||
Repayment of Interest Bearing Borrowings | (5,438) | (3,625) | (5,438) | ||
Payment of Lease Liabilities | (5,138) | (4,725) | (6,300) | ||
Dividends Paid | - | (58,809) | (58,814) | ||
Net Cash used in Financing Activities | 29,425 | 107,341 | 103,948 | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | 43,465 | 97,808 | 123,673 | ||
Cash and Cash Equivalents as at 1st April | (54,854) | (178,527) | (178,527) | ||
Cash and Cash Equivalents as at the end (Note A) | (11,388) | (80,719) | (54,854) | ||
NOTE - A | |||||
Analysis of Cash and Cash Equivalents | |||||
Cash in Hand and at Bank | 143 | 86 | 86 | ||
Bank Overdraft | (11,531) | (80,805) | (54,940) | ||
(11,388) | (80,719) | (54,854) |
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