C T LAND DEVELOPMENT PLC
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30TH SEPTEMBER 2022
Page 1 of 8
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 |
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C T LAND DEVELOPMENT PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Entity and Investee
For | Three Months ended 30th September | Six Months ended 30th September | ||||||
2022 | 2021 | 2022 | 2021 | |||||
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |||
Revenue | 68,691 | 36,228 | 89.61 | 132,974 | 99,723 | 33 | ||
Other Operating Income | 13,618 | 8,542 | 59.41 | 25,596 | 14,266 | 79 | ||
Personnel Costs | (25,386) | (20,769) | 22.23 | (43,036) | (40,686) | 6 | ||
Depreciation | (5,602) | (5,765) | (2.82) | (11,071) | (12,091) | (8) | ||
Other Operating Costs | (28,525) | (28,495) | 0.11 | (76,095) | (60,646) | 25 | ||
Profit from Operations | 22,796 | (10,258) | (322.22) | 28,368 | 566 | 4,911 | ||
Finance Cost | (1,903) | (5,031) | (62.18) | (11,076) | (7,926) | 40 | ||
Share of Profit of Equity | - | (8,930) | (100.00) | - | (24,520) | (100) | ||
Accounted Investee | ||||||||
Profit before Taxation | 20,893 | (24,219) | (186.27) | 17,292 | (31,881) | (154) | ||
Taxation | (3,153) | 6,781 | (146.50) | (2,145) | 8,927 | (124) | ||
Net Profit/(Loss) for the Period | 17,740 | (17,438) | (201.73) | 15,147 | (22,954) | (166) | ||
Other Comprehensive Income, | - | - | - | - | - | - | ||
net of Income Tax, for the period | ||||||||
Total Comprehensive | ||||||||
Income/(Expense) for the | 17,740 | (17,438) | (201.73) | 15,147 | (22,954) | (165.99) | ||
period | ||||||||
Earnings/(Loss) Per Share ( Rs. ) | 0.22 | (0.21) | 0.19 | (0.28) | ||||
STATEMENT OF CHANGES IN EQUITY
Entity and Investee
Stated | Retained | AFS | Total Equity | ||||
Capital | Earnings | Reserve | |||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
ENTITY AND INVESTEE | |||||||
Balance as at 1st April 2021 | 1,982,500 | 2,018,117 | 3,476 | 4,004,093 | |||
Net Profit for the period | (22,954) | - | (22,954) | ||||
Dividends | - | - | - | ||||
Balance as at 30th September 2021 | 1,982,500 | 1,995,163 | 3,476 | 3,981,139 | |||
Balance as at 01st April 2022 | 1,982,500 | 2,011,278 | - | 3,993,778 | |||
Net Profit for the period | - | 15,147 | - | 15,147 | |||
Surcharge tax Paid - 2020/21 | - | (12,679) | - | (12,679) | |||
Balance as at 30th September 2022 | |||||||
1,982,500 | 2,013,747 | - | 3,996,247 |
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C T LAND DEVELOPMENT PLC
STATEMENT OF FINANCIAL POSITION | ||||||
Entity and Investee | ||||||
As at | 30th September | 30th September | 31st March | |||
2022 | 2021 | 2022 | ||||
Rs. '000 | Rs.'000 | Rs.'000 | ||||
ASSETS | ||||||
Non Current Assets | ||||||
Property, Plant & Equipment | 165,680 | 282,913 | 170,528 | |||
Right of Use Leased Assets | 41,848 | 44,275 | 42,884 | |||
Intangible Assets | 3,785 | 4,034 | 3,592 | |||
Investment Properties | 4,603,624 | 4,307,468 | 4,602,597 | |||
Equity Accounted Investee | - | 17,327 | - | |||
Investments-AFS | - | 76,212 | - | |||
4,814,938 | 4,732,229 | 4,819,600 | ||||
Current Assets | ||||||
Inventories | 6,178 | - | - | |||
Trade and Other Receivables | 61,811 | 197,630 | 43,734 | |||
Income Tax Receivable | - | 4,732 | - | |||
Short Term Investments | 108,105 | 27,156 | 101,427 | |||
Cash in Hand and at Bank | 84 | 118 | 84 | |||
176,179 | 229,636 | 145,245 | ||||
Total Assets | 4,991,117 | 4,961,865 | 4,964,846 | |||
- | ||||||
EQUITY AND LIABILITIES | ||||||
Capital and Reserves | ||||||
Stated Capital | 1,982,500 | 1,982,500 | 1,982,500 | |||
Retained Earnings | 2,013,747 | 1,995,163 | 2,011,278 | |||
AFS Reserve | - | 3,476 | - | |||
3,996,247 | 3,981,139 | 3,993,778 | ||||
Non Current Liabilities | ||||||
Deferred Employee Benefits | 57,418 | 59,740 | 51,473 | |||
Right of Use Lease Liabilities | 55,513 | 55,008 | 50,608 | |||
Deferred Taxation | 414,849 | 379,257 | 412,704 | |||
Security Deposits | 182,874 | 176,795 | 186,681 | |||
Deferred Interest | 23,465 | 29,471 | 18,034 | |||
734,120 | 700,271 | 719,499 | ||||
Current Liabilities | ||||||
Trade and Other Payables | 21,796 | 12,177 | 27,718 | |||
Income Tax Payable | 4,168 | - | 4,168 | |||
Dividends Payable | 10,580 | 10,580 | 10,580 | |||
Interest bearing Loans | 174,086 | 205,437 | 198,110 | |||
Bank Overdraft/(Secured) | 50,120 | 52,261 | 10,993 | |||
260,750 | 280,455 | 251,568 | ||||
Total Equity and Liabilities | 4,991,117 | 4,961,865 | 4,964,846 | |||
Net Assets per Share (Rs.) | 49.18 | 49.00 | 49.15 |
These Financial Statements have been prepared in accordance with the requirements of the Companies Act No.07 of 2007.
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:
L R Page | A.T.P. Edirisinghe |
Chairman | Director |
11th November 2022 | |
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C T LAND DEVELOPMENT PLC
STATEMENT OF CASHFLOWS | |||||
Entity and Investee | |||||
Period ended | 30th September | 30th September | 31st March | ||
2022 | 2021 | 2022 | |||
Rs. '000 | Rs.'000 | Rs.'000 | |||
CASH FLOW FROM OPERATING ACTIVITIES | |||||
Cash Generated from Operations | |||||
Profit from Operating Activities | 17,292 | (31,881) | 14,169 | ||
Adjustments for : | |||||
Depreciation & Amortisation | 11,071 | 12,091 | 23,813 | ||
Provision for Defined Benefit Obligation | 5,946 | 2,305 | 2,977 | ||
Provision for Impairment of Trade Receivables | - | - | 3,334 | ||
Interest Expenses | 11,076 | 7,926 | 16,835 | ||
Share of Loss - Equity Accounted Investee | - | 24,520 | 41,848 | ||
Change in Fair Value of Financial Instruments | (6,677) | (796) | (3,068) | ||
Change in Fair Value of Investment Properties | - | - | (180,641) | ||
Interest Expenses on Leases | 2,775 | 3,192 | 3,769 | ||
Interest Income | - | - | (59) | ||
Operating Profit before Working Capital Changes | 41,482 | 17,358 | (77,024) | ||
Adjustment for Working Capital Changes | |||||
(Increase)/Decrease in Inventories | (6,178) | - | - | ||
(Increase)/Decrease in Trade and Other Receivables | (18,078) | (17,680) | 119,115 | ||
Increase/(Decrease) in Trade and Other Payables | (1,035) | (6,275) | 18,147 | ||
Increase/(Decrease) in Security Deposits | 1,625 | (834) | (2,385) | ||
Cash Generated from Operations | 17,816 | (7,430) | 57,853 | ||
Interest Paid | (11,076) | (7,926) | (16,835) | ||
Income Tax Paid | (12,679) | (1,832) | (1,859) | ||
Gratuity Received /(Paid) | - | - | 705 | ||
Net Cash inflow from Operating Activities | (5,938) | (17,188) | 39,865 | ||
CASH FLOW FROM INVESTING ACTIVITIES | |||||
Purchase of Property, Plant & Equipment | (1,631) | - | (574) | ||
Proceeds from disposal of Long term Investment | - | - | 75,530 | ||
Interest Received | - | - | 59 | ||
Expenses incurred on Capital WIP | (4,778) | (12,966) | (24,383) | ||
Investments - Financial Instruments | - | - | (72,000) | ||
Net Cash used in Investing Activities | (6,408) | (12,966) | (21,368) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Term Loan Received | - | 40,000 | 200,000 | ||
Repayment of Interest Bearing Borrowings | (24,024) | (3,625) | (170,952) | ||
Payment of Lease Liabilities | (2,757) | (3,510) | (3,600) | ||
Net Cash used in Financing Activities | (26,780) | 32,865 | 25,448 | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | (39,127) | 2,711 | 43,945 | ||
Cash and Cash Equivalents as at 1st April | (10,908) | (54,854) | (54,854) | ||
Cash & Cash Equivalents at end of the period | (50,035) | (52,143) | (10,908) | ||
NOTE - A | |||||
Analysis of Cash and Cash Equivalents | |||||
Cash in Hand and at Bank | 84 | 118 | 84 | ||
Bank Overdraft | (50,120) | (52,261) | (10,993) | ||
(50,035) | (52,143) | (10,908) |
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