ELPITIYA PLANTATIONS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 th SEPTEMBER 2022
ELPITIYA PLANTATIONS PLC
STATEMENT OF FINANCIAL POSITION
Group | Company | Group | Company | |||||||
Audited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | |||||
As at | As at | As at | As at | As at | As at | |||||
31.03.2022 | 31.03.2022 | 30.09.2022 | 30.09.2021 | 30.09.2022 | 30.09.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
Assets | ||||||||||
Non current assets | ||||||||||
365,292 | 365,292 | Leasehold property plant and equipment | 356,278 | 372,184 | 356,278 | 372,184 | ||||
1,506,358 | 1,320,800 | Freehold property plant and equipment | 1,488,383 | 1,351,343 | 1,310,089 | 1,161,129 | ||||
3,776,841 | 3,776,841 | Bearer biological assets | 3,862,194 | 3,754,634 | 3,862,194 | 3,754,634 | ||||
1,118,133 | 1,118,133 | Consumable biological assets | 1,129,658 | 1,083,718 | 1,129,658 | 1,083,718 | ||||
45,226 | 45,226 | Other non current asset | 45,839 | 44,449 | 45,839 | 44,449 | ||||
353,246 | 239,290 | Investments | 409,546 | 298,824 | 239,290 | 239,290 | ||||
7,165,097 | 6,865,582 | 7,291,897 | 6,905,152 | 6,943,348 | 6,655,404 | |||||
Current assets | ||||||||||
21,429 | 21,429 | Produce on bearer biological assets | 21,429 | 16,528 | 21,429 | 16,528 | ||||
440,942 | 440,886 | Inventories | 1,045,745 | 294,538 | 1,045,690 | 294,504 | ||||
390,723 | 376,612 | Trade and other receivables | 392,422 | 312,369 | 369,790 | 295,870 | ||||
109 | 89 | Income tax | receivables | 109 | 89 | 89 | 89 | |||
126,686 | 184,546 | Amounts due from related companies | 193,777 | 125,245 | 258,387 | 191,182 | ||||
950,000 | 950,000 | Short term Investments | 1,565,404 | 300,000 | 1,565,404 | 300,000 | ||||
209,970 | 204,400 | Cash and bank balances | 399,034 | 440,696 | 393,417 | 437,150 | ||||
2,139,859 | 2,177,962 | 3,617,921 | 1,489,466 | 3,654,206 | 1,535,323 | |||||
9,304,956 | 9,043,545 | TOTAL ASSETS | 10,909,819 | 8,394,618 | 10,597,554 | 8,190,726 | ||||
Equity and liabilities | ||||||||||
Capital and reserves | ||||||||||
694,236 | 694,236 | Stated capital | 694,236 | 694,236 | 694,236 | 694,236 | ||||
818,604 | 818,604 | Timber reserve | 818,604 | 797,640 | 818,604 | 797,640 | ||||
5,391,329 | 5,130,706 | Accumulated profits | 6,853,970 | 4,665,896 | 6,540,918 | 4,460,441 | ||||
6,904,169 | 6,643,546 | Total equity | attributable to equity holders of the company | 8,366,810 | 6,157,772 | 8,053,758 | 5,952,317 | |||
(4,924) | - | Non-controlling interest | (4,998) | (4,923) | - | - | ||||
6,899,245 | 6,643,546 | Total equity | 8,361,812 | 6,152,849 | 8,053,758 | 5,952,317 | ||||
Non current liabilities | ||||||||||
210,194 | 210,194 | Interest bearing loans and borrowings | 122,230 | 88,820 | 122,230 | 88,820 | ||||
600,620 | 600,392 | Retirement benefit obligations | 629,743 | 664,748 | 629,515 | 664,576 | ||||
166,809 | 166,809 | Deferred income | 157,560 | 175,538 | 157,560 | 175,538 | ||||
412,797 | 410,147 | Deferred tax liability | 483,162 | 352,754 | 480,512 | 351,016 | ||||
348,529 | 348,529 | Net liability to the lessor payable | 346,358 | 338,393 | 346,358 | 338,393 | ||||
1,738,949 | 1,736,071 | 1,739,052 | 1,620,253 | 1,736,174 | 1,618,343 | |||||
Current liabilities | ||||||||||
108,657 | 108,657 | Interest bearing loans and borrowings | 200,884 | 29,508 | 200,884 | 29,508 | ||||
3,290 | 3,290 | Net liability to the lessor payable | 3,690 | 2,923 | 3,690 | 2,923 | ||||
520,650 | 518,963 | Trade and other payables | 579,885 | 296,550 | 578,749 | 295,541 | ||||
- | - | Dividend Payable | - | 145,733 | - | 145,733 | ||||
20,170 | 20,170 | Amounts due to related companies | 4,299 | 140,362 | 4,299 | 140,362 | ||||
13,994 | 12,848 | Income tax payable | 20,196 | 6,441 | 20,000 | 6,000 | ||||
666,762 | 663,928 | 808,954 | 621,516 | 807,622 | 620,067 | |||||
9,304,956 | 9,043,545 | TOTAL EQUITY AND LIABILITIES | 10,909,819 | 8,394,618 | 10,597,554 | 8,190,726 | ||||
Net assets per share | ||||||||||
94.68 | 91.17 | 114.82 | 84.51 | 110.53 | 81.69 | |||||
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 | |||||||||
11.11.2022 | ||||||||||
ELPITIYA PLANTATIONS PLC
INCOME STATEMENT
Group
Audited | 3 months | 6 months ended | |||||||
Year ended | Unaudited | Unaudited | Change | Unaudited | Unaudited | Change | |||
31.03.2022 | 30.09.2022 | 30.09.2021 | 30.09.2022 | 30.09.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
5,095,987 | Revenue | 2,249,332 | 1,429,941 | 57% | 4,089,600 | 2,599,508 | 57% | ||
(3,357,880) | Cost of sales | (1,056,810) | (913,724) | 16% | (2,220,984) | (1,693,385) | 31% | ||
131% | 106% | ||||||||
1,738,108 | Gross Profit | 1,192,522 | 516,217 | 1,868,616 | 906,123 | ||||
38,970 | Gain on fair value of biological assets | - | - | - | - | - | - | ||
198,778 | Other income | 52,223 | 26,583 | 96% | 83,458 | 110,518 | -24% | ||
(424,909) | Administration expenses | (118,854) | (108,125) | 10% | (276,163) | (179,925) | 53% | ||
(145,993) | Management fee and workers profit share | (72,360) | (44,609) | 62% | (123,519) | (85,134) | 45% | ||
(49,922) | Finance cost | (15,516) | (10,573) | 47% | (30,328) | (21,430) | 42% | ||
45,134 | Finance income | 80,323 | 4,572 | 1657% | 101,291 | 5,664 | 1688% | ||
233,584 | Share of profit/(loss) of joint ventures | 95,771 | 73,899 | 30% | 154,356 | 128,205 | 20% | ||
1,633,750 | Profit before taxation | 1,214,110 | 457,964 | 165% | 1,777,712 | 864,021 | 106% | ||
(101,125) | Tax expenses | (68,545) | (26,002) | 164% | (96,546) | (29,006) | 233% | ||
165% | 101% | ||||||||
1,532,625 | Profit for the period | 1,145,564 | 431,962 | 1,681,166 | 835,015 | ||||
Attributable to | |||||||||
1,532,744 | Equity holders of the parent | 1,145,600 | 432,030 | 165% | 1,681,240 | 835,133 | 101% | ||
(119) | Non controlling Interest | (36) | (68) | -47% | (74) | (118) | -37% | ||
1,532,625 | Net Profit for the period | 1,145,564 | 431,962 | 165% | 1,681,166 | 835,015 | 101% | ||
Earnings per share | |||||||||
21.03 | 15.72 | 5.93 | 23.07 | 11.46 | |||||
Statement of Comprehensive Income | |||||||||
Audited | 3 months | 06 months ended | |||||||
Year ended | Unaudited | Unaudited | Unaudited | Unaudited | |||||
31.03.2022 | 30.09.2022 | 30.09.2021 | 30.09.2022 | 30.09.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
1,532,625 | Profit for the period | 1,145,564 | 431,962 | 1,681,166 | 835,015 | ||||
54,510 | Actuarial gain on defined benefit plans | - | - | - | - | ||||
(5,724) | Income tax effect | - | - | - | - | ||||
48,786 | Other comprehensive income for the period, net of tax | - | - | - | - | ||||
1,581,412 | Total comprehensive income for the period, net of tax | 1,145,564 | 431,962 | 1,681,166 | 835,015 | ||||
Attributable to | |||||||||
1,581,531 | Equity holders of the parent | 1,145,600 | 432,030 | 1,681,240 | 835,133 | ||||
(119) | Non controlling Interest | (36) | (68) | (74) | (118) | ||||
Total comprehensive income for the period | |||||||||
1,581,412 | 1,145,564 | 431,962 | 1,681,166 | 835,015 | |||||
ELPITIYA PLANTATIONS PLC
INCOME STATEMENT
Company
Audited | 3 months | 6 months ended | |||||||
Year ended | Unaudited | Unaudited | Change | Unaudited | Unaudited | Change | |||
31.03.2022 | 30.09.2022 | 30.09.2021 | 30.09.2022 | 30.09.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
5,068,444 | Revenue | 2,243,549 | 1,419,971 | 58% | 4,081,619 | 2,582,940 | 58% | ||
(3,344,654) | Cost of sales | (1,053,485) | (910,431) | 16% | (2,214,080) | (1,687,013) | 31% | ||
134% | 108% | ||||||||
1,723,790 | Gross profit | 1,190,064 | 509,540 | 1,867,539 | 895,927 | ||||
38,970 | Gain on fair value of biological assets | - | - | - | - | - | - | ||
299,437 | Other income | 102,555 | 76,899 | 33% | 184,118 | 160,832 | 14% | ||
(421,137) | Administration expenses | (118,119) | (107,161) | 10% | (273,710) | (178,534) | 53% | ||
(145,993) | Management fee and workers profit share | (72,360) | (44,609) | 62% | (123,519) | (85,134) | 45% | ||
(49,922) | Finance cost | (15,516) | (10,573) | 47% | (30,328) | (21,430) | 42% | ||
45,056 | Finance income | 80,275 | 4,566 | 1658% | 101,243 | 5,643 | 1694% | ||
1,490,202 | Profit before taxation | 1,166,899 | 428,662 | 172% | 1,725,343 | 777,304 | 122% | ||
(99,456) | Tax expenses | (68,532) | (26,000) | 164% | (96,532) | (29,000) | 233% | ||
1,390,746 | Profit for the period | 1,098,367 | 402,662 | 173% | 1,628,811 | 748,304 | 118% | ||
Earnings per share | |||||||||
19.09 | 15.07 | 5.53 | 22.35 | 10.27 | |||||
Statements of Comprehensive Income
Audited | 3 months | 6 months ended | |||||
Year ended | Unaudited | Unaudited | Unaudited | Unaudited | |||
31.03.2022 | 30.09.2022 | 30.09.2021 | 30.09.2022 | 30.09.2021 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
1,390,746 | Profit for the period | 1,098,367 | 402,662 | 1,628,811 | 748,304 | ||
54,510 | Actuarial gain on defined benefit plans | - | - | - | - | ||
(5,724) | Income tax effect | - | - | - | - | ||
48,786 | Other comprehensive income for the period, net of tax | - | - | - | - | ||
1,439,533 | Total comprehensive income for the period, net of tax | 1,098,367 | 402,662 | 1,628,811 | 748,304 |
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 01.04.2021 | 694,236 | 3,976,496 | 797,640 | 5,468,372 | (4,805) | 5,463,567 |
Net profit for the period | - | 835,133 | - | 835,133 | (118) | 835,015 |
Dividend Paid | - | (145,733) | - | (145,733) | - | (145,733) |
Balance as at 30.09.2021 | 694,236 | 4,665,896 | 797,640 | 6,157,772 | (4,923) | 6,152,849 |
Balance as at 01.04.2022 | 694,236 | 5,391,329 | 818,604 | 6,904,169 | (4,924) | 6,899,245 |
Net profit for the period | - | 1,681,240 | - | 1,681,240 | (74) | 1,681,166 |
- | ||||||
Dividend Paid | (218,599) | (218,599) | - | (218,599) | ||
Balance as at 30.09.2022 | 694,236 | 6,853,970 | 818,604 | 8,366,810 | (4,998) | 8,361,812 |
Company
Stated capital | Retained earnings | Timber reserve | Total equity | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.000 | ||||
Balance as at 01.04.2021 | 694,236 | 3,857,870 | 797,640 | 5,349,746 | |||
Net profit for the period | - | 748,304 | - | 748,304 | |||
Dividend Paid | - | (145,733) | - | (145,733) | |||
Balance as at 30.09.2021 | 694,236 | 4,460,441 | 797,640 | 5,952,317 | |||
694,236 | 5,130,706 | 818,604 | 6,643,546 | ||||
Balance as at 01.04.2022 | |||||||
Net Profit for the period | - | 1,628,811 | - | 1,628,811 | |||
- | |||||||
Dividend Paid | - | (218,599) | - | (218,599) | |||
Balance as at 30.09.2022 | 694,236 | 6,540,918 | 818,604 | 8,053,758 |
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