C T LAND DEVELOPMENT PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31ST DECEMBER 2022
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 | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |||
Revenue | 75,719 | 59,366 | 28 | 208,693 | 159,089 | 31 | ||
Other Operating Income | 21,272 | 9,441 | 125 | 46,868 | 23,706 | 98 | ||
Personnel Costs | (22,704) | (20,647) | 10 | (65,740) | (61,332) | 7 | ||
Depreciation | (5,378) | (5,786) | (7) | (16,449) | (17,877) | (8) | ||
Other Operating Costs | (47,161) | (40,761) | 16 | (123,256) | (101,407) | 22 | ||
Profit from Operations | 21,748 | 1,613 | 1,248 | 50,116 | 2,179 | 2,200 | ||
Finance Cost | (8,143) | (4,584) | 78 | (19,219) | (12,511) | 54 | ||
Share of Impairment of | - | (681) | (100) | - | (681) | (100) | ||
Investments | ||||||||
Share of Profit of Equity | - | (17,327) | (100) | - | (41,848) | (100) | ||
Accounted Investee | ||||||||
Profit/(Loss) before Taxation | 13,605 | (20,980) | (165) | 30,897 | (52,861) | (158) | ||
Taxation | (100,832) | (3,147) | 3,104 | (102,977) | 5,780 | (1,882) | ||
Net Profit/(Loss) for the Period | (87,227) | (24,126) | 262 | (72,079) | (47,081) | 53 | ||
Other Comprehensive Income, | - | - | - | - | - | - | ||
net of Income Tax, for the period | ||||||||
Total Comprehensive Income for | ||||||||
(87,227) | (24,126) | 262 | (72,079) | (47,081) | 53 | |||
the period | ||||||||
Earnings/ (Loss) Per Share ( Rs. ) | (1.07) | (0.30) | (0.89) | (0.58) |
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 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 | |||
Balance as at 01st April 2022 | 1,982,500 | 2,011,278 | - | 3,993,778 | |||
Net Profit for the period | - | (72,079) | - | (72,079) | |||
Surcharge tax Paid - 2020/21 | - | (12,679) | - | (12,679) | |||
Balance as at 31st December 2022 | 1,982,500 | 1,926,520 | - | 3,909,020 |
Page 3 of 8
C T LAND DEVELOPMENT PLC
STATEMENT OF FINANCIAL POSITION
Entity and Investee | |||||
As at | 31st December | 31st December | 31st March | ||
2022 | 2021 | 2022 | |||
Rs. '000 | Rs.'000 | Rs.'000 | |||
ASSETS | |||||
Non Current Assets | |||||
Property, Plant & Equipment | 165,610 | 282,400 | 170,527 | ||
Right of Use Leased Assets | 41,882 | 43,757 | 42,884 | ||
Intangible Assets | 3,709 | 3,800 | 3,592 | ||
Investment Property | 4,603,624 | 4,307,468 | 4,602,597 | ||
4,814,826 | 4,637,425 | 4,819,600 | |||
Current Assets | |||||
Inventories | 9,945 | - | - | ||
Trade and Other Receivables | 56,881 | 160,510 | 57,501 | ||
Income Tax Receivable | - | 1,612 | - | ||
Short Term Investments | 115,066 | 99,715 | 101,427 | ||
Cash in Hand and at Bank | 222 | 143 | 84 | ||
182,114 | 261,980 | 159,012 | |||
Total Assets | 4,996,940 | 4,899,405 | 4,978,612 | ||
EQUITY AND LIABILITIES | |||||
Capital and Reserves | |||||
Stated Capital | 1,982,500 | 1,982,500 | 1,982,500 | ||
Retained Earnings | 1,926,520 | 1,971,036 | 2,011,277 | ||
AFS Reserve | - | 3,476 | - | ||
3,909,020 | 3,957,012 | 3,993,777 | |||
Non Current Liabilities | |||||
Deferred Employee Benefits | 57,418 | 60,307 | 51,473 | ||
Lease Liabilities | 50,638 | 50,121 | 50,608 | ||
Deferred Taxation | 511,510 | 379,257 | 412,704 | ||
Security Deposits | 178,724 | 194,851 | 186,681 | ||
Deferred Interest | 23,474 | 7,903 | 18,033 | ||
Interest bearing Borrowings | 118,556 | - | 151,874 | ||
940,321 | 692,438 | 871,374 | |||
Current Liabilities | |||||
Trade and Other Payables | 26,427 | 29,912 | 47,177 | ||
Lease Liabilities | 4,887 | 4,887 | 4,887 | ||
Income Tax Payable | 8,339 | - | 4,168 | ||
Interest bearing Borrowings | 44,424 | 203,624 | 46,236 | ||
Bank Overdraft/(Secured) | 63,522 | 11,531 | 10,993 | ||
147,598 | 249,954 | 113,460 | |||
Total Equity and Liabilities | 4,996,940 | 4,899,405 | 4,978,612 | ||
Net Assets per Share (Rs.) | 48.11 | 48.70 | 49.15 |
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 |
10th February 2023 | |
Page 4 of 8 |
C T LAND DEVELOPMENT PLC
STATEMENT OF CASHFLOWS
Entity and Investee | |||||
Period ended | 31st December | 31st December | 31st March | ||
2022 | 2021 | 2022 | |||
Rs. '000 | Rs.'000 | Rs.'000 | |||
CASH FLOW FROM OPERATING ACTIVITIES | |||||
Cash Generated from Operations | |||||
Profit from Operating Activities | 30,897 | (52,861) | 14,169 | ||
Adjustments for : | |||||
Depreciation & Amortisation | 14,895 | 15,969 | 21,031 | ||
Amortisation of right of use Assets | 1,002 | 1,909 | 2,782 | ||
Change in Fair Value of Investment Properties | - | - | (180,641) | ||
Change in Fair Value of Financial Instruments | (13,638) | (1,355) | (3,068) | ||
Provision for Defined Benefit Obligation | 5,946 | 2,872 | 2,977 | ||
Provision for Impairment of Trade Receivables | - | - | 3,334 | ||
Share of Profit of Equity Accounted Investee | - | 41,848 | 41,848 | ||
Interest Expenses on Leases | 4,441 | 4,820 | 3,769 | ||
Interest Income | - | - | (59) | ||
Loss on Disposal of Long Term Investment | - | 681 | - | ||
Finance Cost | 19,219 | 12,511 | 16,894 | ||
Operating Profit before Working Capital Changes | 62,761 | 26,393 | (76,964) | ||
Adjustment for Working Capital Changes | |||||
(Increase)/Decrease in Inventories | (9,945) | - | - | ||
(Increase)/Decrease in Trade and Other Receivables | (13,148) | 19,441 | 119,117 | ||
Increase/(Decrease) in Trade and Other Payables | (6,983) | 880 | 18,145 | ||
Increase/(Decrease) in Security Deposits | (2,516) | (4,346) | (2,385) | ||
Cash Generated from Operations | 30,169 | 42,367 | 57,913 | ||
Interest Paid | (19,219) | (12,511) | (16,894) | ||
Gratuity Paid | - | - | 705 | ||
Income Tax Paid | (12,679) | (1,859) | (1,859) | ||
Net Cash inflow from Operating Activities | (1,728) | 27,997 | 39,865 | ||
CASH FLOW FROM INVESTING ACTIVITIES | |||||
Acquisition of Property, Plant & Equipment | (1,631) | (415) | (574) | ||
Sales proceeds from disposal of Long term Investment | - | 75,530 | 75,530 | ||
Interest Received | - | - | 59 | ||
Expenses incurred on Capital WIP | (9,492) | (17,072) | (24,384) | ||
Term Loan Received | - | 40,000 | 200,000 | ||
Repayment of Interest Bearing Borrowings | (35,130) | (5,438) | (170,952) | ||
Investments - Financial Instruments | - | (72,000) | (72,000) | ||
Net Cash used in Investing Activities | (46,252) | 20,606 | 7,679 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Payment of Lease Liabilities | (4,410) | (5,138) | (3,600) | ||
Net Cash used in Financing Activities | (4,410) | (5,138) | (3,600) | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | (52,391) | 43,465 | 43,945 | ||
Cash and Cash Equivalents as at 1st April | (10,908) | (54,854) | (54,854) | ||
Cash and Cash Equivalents as at the end (Note A) | (63,300) | (11,388) | (10,909) | ||
NOTE - A | |||||
Analysis of Cash and Cash Equivalents | |||||
Cash in Hand and at Bank | 222 | 143 | 85 | ||
Bank Overdraft | (63,522) | (11,531) | (10,994) | ||
(63,300) | (11,388) | (10,909) |
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