ELPITIYA PLANTATIONS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE TWELVE MONTHS ENDED 31 st MARCH 2022
ELPITIYA PLANTATIONS PLC
STATEMENT OF FINANCIAL POSITION
Group | Company | ||||||||
Unaudited | Audited | Unaudited | Audited | ||||||
As at | As at | As at | As at | ||||||
31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021 | ||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||||
Assets | |||||||||
Non current assets | |||||||||
Leasehold property plant and equipment | 365,292 | 381,199 | 365,292 | 381,199 | |||||
Freehold property plant and equipment | 1,486,087 | 1,303,342 | 1,303,132 | 1,111,148 | |||||
Intangible Assets | 20,271 | 17,866 | 17,668 | 15,263 | |||||
Bearer biological assets | 3,776,841 | 3,678,080 | 3,776,841 | 3,678,080 | |||||
Consumable biological assets | 1,118,133 | 1,072,435 | 1,118,133 | 1,072,435 | |||||
Other non current asset | 45,226 | 43,835 | 45,226 | 43,835 | |||||
Investments | 353,246 | 220,948 | 239,290 | 239,290 | |||||
7,165,097 | 6,717,706 | 6,865,582 | 6,541,251 | ||||||
Current assets | |||||||||
Produce on bearer biological assets | 21,429 | 16,528 | 21,429 | 16,528 | |||||
Inventories | 440,942 | 323,530 | 440,886 | 323,496 | |||||
Trade and other receivables | 390,723 | 235,655 | 376,612 | 229,943 | |||||
Amounts due from related companies | 126,686 | 97,034 | 184,546 | 163,468 | |||||
Income tax receivables | 109 | 89 | 89 | 89 | |||||
Short Term Investment | 950,000 | - | 950,000 | - | |||||
Cash and bank balances | 209,970 | 212,102 | 204,400 | 209,698 | |||||
2,139,859 | 884,938 | 2,177,962 | 943,222 | ||||||
TOTAL ASSETS | 9,304,956 | 7,602,644 | 9,043,545 | 7,484,473 | |||||
Equity and liabilities | |||||||||
Capital and reserves | |||||||||
Stated capital | 694,236 | 694,236 | 694,236 | 694,236 | |||||
Timber reserve | 818,604 | 797,640 | 818,604 | 797,640 | |||||
Accumulated profits | 5,391,329 | 3,976,496 | 5,130,706 | 3,857,870 | |||||
Total equity | attributable to equity holders of the company | 6,904,169 | 5,468,372 | 6,643,546 | 5,349,746 | ||||
Non-controlling interest | (4,924) | (4,805) | - | - | |||||
Total equity | 6,899,245 | 5,463,567 | 6,643,546 | 5,349,746 | |||||
Non current liabilities | |||||||||
Interest bearing loans and borrowings | 210,194 | 103,574 | 210,194 | 103,574 | |||||
Retirement benefit obligations | 600,620 | 623,265 | 600,392 | 623,092 | |||||
Deferred income | 166,809 | 185,558 | 166,809 | 185,558 | |||||
Deferred tax liability | 412,797 | 332,754 | 410,147 | 331,016 | |||||
Net liability to the lessor payable | 348,529 | 340,250 | 348,529 | 340,250 | |||||
1,738,949 | 1,585,401 | 1,736,071 | 1,583,490 | ||||||
Current liabilities | |||||||||
Interest bearing loans and borrowings | 108,657 | 29,508 | 108,657 | 29,508 | |||||
Net liability to the lessor payable | 3,290 | 2,837 | 3,290 | 2,837 | |||||
Trade and other payables | 520,650 | 378,867 | 518,963 | 376,862 | |||||
Amounts due to related companies | 20,170 | 142,030 | 20,170 | 142,030 | |||||
Income tax payable | 13,994 | 435 | 12,848 | - | |||||
666,762 | 553,677 | 663,928 | 551,236 | ||||||
TOTAL EQUITY AND LIABILITIES | 9,304,956 | 7,602,644 | 9,043,545 | 7,484,473 | |||||
Net assets per share | |||||||||
94.68 | 74.98 | 91.17 | 73.42 | ||||||
Sgd. | |||||||||
Ruwan Nissanka | |||||||||
Chief Operating Officer - Finance | ` | ||||||||
Signed on behalf of the Board of Directors of Elpitiya Plantations PLC | |||||||||
Sgd. | Sgd. | ||||||||
M P Dissanayake | Rohan.M. Fernando | ||||||||
Chairman | Managing Director | ||||||||
30.05.2022 | |||||||||
ELPITIYA PLANTATIONS PLC
INCOME STATEMENT
Group
03 months ended | 12 months ended | |||||
Unaudited | Audited | Change | Unaudited | Audited | Change | |
31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
Revenue | 1,354,103 | 1,089,265 | 24% | 5,095,987 | 4,062,191 | 25% |
Cost of sales | (887,838) | (863,452) | 3% | (3,357,880) | (3,083,825) | 9% |
106% | 78% | |||||
Gross Profit | 466,266 | 225,813 | 1,738,108 | 978,366 | ||
Gain on fair value of biological assets | 38,970 | 40,220 | -3% | 38,970 | 40,220 | -3% |
Other income | 52,676 | 11,593 | 354% | 198,778 | 139,536 | 42% |
Administration expenses | (157,027) | (134,586) | 17% | (424,909) | (355,714) | 19% |
Management fee and workers profit share | (20,551) | (26,814) | -23% | (145,993) | (121,135) | 21% |
Finance cost | (15,358) | (6,343) | 142% | (49,922) | (48,315) | 3% |
Finance income | 33,501 | 1,701 | 1869% | 45,134 | 2,103 | 2046% |
Share of profit of joint ventures | 53,848 | 9,235 | 483% | 233,584 | 90,455 | 158% |
125% | ||||||
Profit before taxation | 452,326 | 120,819 | 274% | 1,633,751 | 725,516 | |
Tax expenses | (50,962) | 158,519 | -132% | (101,125) | 149,476 | -168% |
44% | 75% | |||||
Profit for the period | 401,363 | 279,338 | 1,532,625 | 874,992 | ||
Attributable to | ||||||
Equity holders of the parent | 401,386 | 279,517 | 44% | 1,532,744 | 875,267 | 75% |
Non controlling Interest | (23) | (180) | -87% | (119) | (275) | -57% |
44% | 75% | |||||
Net Profit for the period | 401,363 | 279,338 | 1,532,625 | 874,992 | ||
Earnings per share | ||||||
5.51 | 3.83 | 21.03 | 12.01 | |||
03 months ended | 12 months ended | |||
Unaudited | Audited | Unaudited | Audited | |
31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Profit for the period | 401,363 | 279,338 | 1,532,625 | 874,992 |
Actuarial gain on defined benefit plans | 54,510 | 19,001 | 54,510 | 19,001 |
Income tax effect | (5,724) | (1,995) | (5,724) | (1,995) |
Other comprehensive income for the period, net of tax | ||||
48,786 | 17,006 | 48,786 | 17,006 | |
Total comprehensive income for the period, net of tax | 450,150 | 296,344 | 1,581,412 | 891,998 |
Attributable to | ||||
Equity holders of the parent | 450,172 | 296,523 | 1,581,530 | 892,273 |
Non controlling Interest | (23) | (180) | (119) | (275) |
Total comprehensive income for the period | ||||
450,150 | 296,344 | 1,581,412 | 891,998 |
ELPITIYA PLANTATIONS PLC
INCOME STATEMENT
Company
03 months ended | 12 months ended | |||||||
Unaudited | Audited | Change | Unaudited | Audited | Change | |||
31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
Revenue | 1,353,736 | 1,087,282 | 25% | 5,068,444 | 4,039,616 | 25% | ||
Cost of sales | (884,573) | (859,571) | 3% | (3,344,654) | (3,070,389) | 9% | ||
106% | 78% | |||||||
Gross profit | 469,163 | 227,711 | 1,723,790 | 969,227 | ||||
Gain on fair value of biological assets | 38,970 | 40,220 | -3% | -3% | ||||
38,970 | 40,220 | |||||||
Other income | 52,692 | 35,958 | 47% | 299,437 | 233,769 | 28% | ||
Administration expenses | (155,342) | (132,817) | 17% | (421,137) | (352,349) | 20% | ||
Management fee and workers profit share | (20,551) | (26,814) | -23% | (145,993) | (121,135) | 21% | ||
Finance cost | (15,358) | (6,343) | 142% | (49,922) | (48,315) | 3% | ||
Finance income | 33,472 | 1,655 | 1922% | 45,056 | 1,909 | 2260% | ||
189% | 106% | |||||||
Profit before taxation | 403,047 | 139,571 | 1,490,202 | 723,326 | ||||
Tax expenses | (49,306) | 168,183 | -129% | (99,456) | 159,183 | -162% | ||
Profit for the period | 353,741 | 307,754 | 15% | 1,390,746 | 882,510 | 58% | ||
Earnings per share | ||||||||
4.85 | 4.22 | 19.09 | 12.11 | |||||
03 months ended | 12 months ended | |||||||
Unaudited | Audited | Unaudited | Audited | |||||
31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
Profit for the period | 353,741 | 307,754 | 1,390,746 | 882,510 | ||||
Actuarial gain on defined benefit plans | 54,510 | 19,001 | 54,510 | 19,001 | ||||
Income tax effect | (5,724) | (1,995) | (5,724) | (1,995) | ||||
Other comprehensive income for the period, net of tax | 48,786 | 17,006 | 48,786 | 17,006 | ||||
Total comprehensive income for the period, net of tax | 402,528 | 324,760 | 1,439,533 | 899,516 |
ELPITIYA PLANTATIONS PLC
STATEMENT OF CHANGES IN EQUITY
Group
Stated capital | Retained earnings | Timber reserve | Total | Non controlling | Total equity | ||||
Interest | |||||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Balance as at 01.04.2020 | 694,236 | 3,145,643 | 790,870 | 4,630,749 | (4,531) | 4,626,218 | |||
Net profit for the period | - | 892,273 | - | 892,273 | (275) | 891,998 | |||
Transferred to the timber reserve | - | (34,077) | 34,077 | - | - | - | |||
Realised gain on harvested timber trees | - | 27,306 | (27,306) | - | - | - | |||
Dividend Paid | - | (54,650) | - | (54,650) | - | (54,650) | |||
Balance as at 31.03.2021 | 694,236 | 3,976,496 | 797,640 | 5,468,372 | (4,805) | 5,463,567 | |||
Balance as at 01.04.2021 | 694,236 | 3,976,496 | 797,640 | 5,468,372 | (4,805) | 5,463,567 | |||
Net profit for the period | - | 1,581,530 | - | 1,581,530 | (119) | 1,581,412 | |||
Transferred to the timber reserve | - | (34,069) | 34,069 | - | - | - | |||
Realised gain on harvested timber trees | - | 13,105 | (13,105) | - | - | - | |||
Dividend Paid | - | (145,733) | - | (145,733) | - | (145,733) | |||
Balance as at 31.03.2022 | 694,236 | 5,391,329 | 818,604 | 6,904,169 | (4,924) | 6,899,245 |
Company
Stated capital | Retained earnings | Timber reserve | Total equity | |||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||||
Balance as at 01.04.2020 | 694,236 | 3,019,774 | 790,870 | 4,504,880 | ||||||
Net profit for the period | - | 899,516 | - | 899,516 | ||||||
Transferred to the timber reserve | - | (34,077) | 34,077 | - | ||||||
Realised gain on harvested timber trees | 27,306 | (27,306) | - | |||||||
- | ||||||||||
Dividend Paid | - | (54,650) | - | (54,650) | ||||||
Balance as at 31.03.2021 | 694,236 | 3,857,870 | 797,640 | 5,349,746 | ||||||
Balance as at 01.04.2021 | 694,236 | 3,857,870 | 797,640 | 5,349,746 | ||||||
Net Profit for the period | - | 1,439,533 | - | 1,439,533 | ||||||
Transferred to the timber reserve | - | (34,069) | 34,069 | - | ||||||
Realised gain on harvested timber trees | - | 13,105 | (13,105) | - | ||||||
Dividend Paid | - | (145,733) | - | (145,733) | ||||||
Balance as at 31.03.2022 | 694,236 | 5,130,706 | 818,604 | 6,643,546 |
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