ELPITIYA PLANTATIONS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31 st DECEMBER 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 | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |||||
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 | 351,770 | 367,677 | 351,770 | 367,677 | ||||
1,506,358 | 1,320,800 | Freehold property plant and equipment | 1,614,385 | 1,333,476 | 1,435,767 | 1,145,633 | ||||
3,776,841 | 3,776,841 | Bearer biological assets | 3,927,487 | 3,751,887 | 3,927,487 | 3,751,887 | ||||
1,118,133 | 1,118,133 | Consumable biological assets | 1,138,661 | 1,089,487 | 1,138,661 | 1,089,487 | ||||
45,226 | 45,226 | Other non current asset | 46,146 | 44,756 | 46,146 | 44,756 | ||||
- | - | Other financial assets | 12,046 | - | 12,046 | - | ||||
353,246 | 239,290 | Investments | 451,235 | 300,024 | 239,290 | 239,290 | ||||
7,165,096 | 6,865,582 | 7,541,730 | 6,887,307 | 7,151,167 | 6,638,730 | |||||
Current assets | ||||||||||
21,429 | 21,429 | Produce on bearer biological assets | 21,429 | 16,528 | 21,429 | 16,528 | ||||
440,942 | 440,887 | Inventories | 1,146,087 | 448,063 | 1,146,031 | 448,028 | ||||
390,723 | 376,612 | Trade and other receivables | 463,713 | 124,314 | 464,698 | 107,034 | ||||
109 | 89 | Income tax | receivables | 109 | 89 | 89 | 89 | |||
126,686 | 184,546 | Amounts due from related companies | 154,752 | 116,551 | 208,359 | 184,130 | ||||
950,000 | 950,000 | Short term Investments | 1,745,491 | 950,006 | 1,745,491 | 950,006 | ||||
209,970 | 204,400 | Cash and bank balances | 494,829 | 41,125 | 476,449 | 27,906 | ||||
2,139,859 | 2,177,963 | 4,026,410 | 1,696,676 | 4,062,546 | 1,733,721 | |||||
9,304,955 | 9,043,545 | TOTAL ASSETS | 11,568,140 | 8,583,983 | 11,213,713 | 8,372,451 | ||||
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 | 6,910,303 | 4,962,211 | 6,555,070 | 4,749,141 | ||||
6,904,169 | 6,643,546 | Total equity | attributable to equity holders of the company | 8,423,143 | 6,454,087 | 8,067,910 | 6,241,017 | |||
(4,924) | - | Non-controlling interest | (5,015) | (4,991) | - | - | ||||
6,899,245 | 6,643,546 | Total equity | 8,418,128 | 6,449,096 | 8,067,910 | 6,241,017 | ||||
Non current liabilities | ||||||||||
210,194 | 210,194 | Interest bearing loans and borrowings | 100,220 | 209,021 | 100,220 | 209,021 | ||||
600,620 | 600,392 | Retirement benefit obligations | 618,546 | 666,738 | 618,318 | 666,565 | ||||
166,809 | 166,809 | Deferred income | 157,748 | 173,538 | 157,748 | 173,538 | ||||
412,797 | 410,147 | Deferred tax liability | 1,022,344 | 364,904 | 1,019,694 | 363,166 | ||||
348,529 | 348,529 | Net liability to the lessor payable | 345,472 | 337,507 | 345,472 | 337,507 | ||||
1,738,949 | 1,736,071 | 2,244,330 | 1,751,708 | 2,241,452 | 1,749,797 | |||||
Current liabilities | ||||||||||
108,657 | 108,657 | Interest bearing loans and borrowings | 115,105 | 138,041 | 115,105 | 138,041 | ||||
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 | 668,831 | 159,368 | 667,689 | 158,230 | ||||
20,170 | 20,170 | Amounts due to related companies | 22,759 | 69,892 | 22,759 | 69,892 | ||||
13,994 | 12,848 | Income tax payable | 78,801 | 9,404 | 78,612 | 9,000 | ||||
- | - | Bank Overdraft | 16,496 | 3,551 | 16,496 | 3,551 | ||||
666,761 | 663,928 | 905,682 | 383,179 | 904,351 | 381,637 | |||||
9,304,955 | 9,043,545 | TOTAL EQUITY AND LIABILITIES | 11,568,140 | 8,583,983 | 11,213,713 | 8,372,451 | ||||
Net assets per share | ||||||||||
94.68 | 91.17 | 115.60 | 88.57 | 110.72 | 85.65 | |||||
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 | |||||||||
14.02.2023 | ||||||||||
ELPITIYA PLANTATIONS PLC
INCOME STATEMENT
Group
Audited | 3 months | 9 months ended | |||||||
Year ended | Unaudited | Unaudited | Change | Unaudited | Unaudited | Change | |||
31.03.2022 | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
5,095,987 | Revenue | 2,017,128 | 1,142,376 | 77% | 6,106,728 | 3,741,884 | 63% | ||
(3,357,880) | Cost of sales | (1,327,867) | (776,657) | 71% | (3,548,850) | (2,470,042) | 44% | ||
88% | 101% | ||||||||
1,738,108 | Gross Profit | 689,261 | 365,720 | 2,557,878 | 1,271,842 | ||||
38,970 | Gain on fair value of biological assets | - | - | - | - | - | - | ||
198,778 | Other income | 28,875 | 35,584 | -19% | 112,333 | 146,102 | -23% | ||
(424,909) | Administration expenses | (156,233) | (87,957) | 78% | (432,395) | (267,882) | 61% | ||
(145,993) | Management fee and workers profit share | (60,983) | (40,308) | 51% | (184,502) | (125,442) | 47% | ||
(49,922) | Finance cost | (16,240) | (13,134) | 24% | (46,568) | (34,564) | 35% | ||
45,134 | Finance income | 121,647 | 5,970 | 1938% | 222,938 | 11,633 | 1816% | ||
233,584 | Share of profit/(loss) of joint ventures | 44,292 | 51,530 | -14% | 198,649 | 179,736 | 11% | ||
1,633,750 | Profit before taxation | 650,620 | 317,404 | 105% | 2,428,333 | 1,181,425 | 106% | ||
(101,125) | Tax expenses | (594,305) | (21,157) | 2709% | (690,851) | (50,163) | 1277% | ||
-81% | 54% | ||||||||
1,532,625 | Profit for the period | 56,315 | 296,247 | 1,737,482 | 1,131,262 | ||||
Attributable to | |||||||||
1,532,744 | Equity holders of the parent | 56,332 | 296,315 | -81% | 1,737,573 | 1,131,448 | 54% | ||
(119) | Non controlling Interest | (17) | (68) | -75% | (91) | (186) | -51% | ||
1,532,625 | Net Profit for the period | 56,315 | 296,247 | -81% | 1,737,482 | 1,131,262 | 54% | ||
Earnings per share | |||||||||
21.03 | 0.77 | 4.07 | 23.84 | 15.53 | |||||
Statement of Comprehensive Income | |||||||||
Audited | 3 months | 09 months ended | |||||||
Year ended | Unaudited | Unaudited | Unaudited | Unaudited | |||||
31.03.2022 | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
1,532,625 | Profit for the period | 56,315 | 296,247 | 1,737,482 | 1,131,262 | ||||
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 | 56,315 | 296,247 | 1,737,482 | 1,131,262 | ||||
Attributable to | |||||||||
1,581,531 | Equity holders of the parent | 56,332 | 296,315 | 1,737,573 | 1,131,448 | ||||
(119) | Non controlling Interest | (17) | (68) | (91) | (186) | ||||
Total comprehensive income for the period | |||||||||
1,581,412 | 56,315 | 296,247 | 1,737,482 | 1,131,262 | |||||
ELPITIYA PLANTATIONS PLC
INCOME STATEMENT
Company
Audited | 3 months | 9 months ended | |||||||
Year ended | Unaudited | Unaudited | Change | Unaudited | Unaudited | Change | |||
31.03.2022 | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
5,068,444 | Revenue | 2,011,533 | 1,131,768 | 78% | 6,093,152 | 3,714,708 | 64% | ||
(3,344,654) | Cost of sales | (1,324,474) | (773,068) | 71% | (3,538,554) | (2,460,081) | 44% | ||
92% | 104% | ||||||||
1,723,790 | Gross profit | 687,059 | 358,700 | 2,554,598 | 1,254,627 | ||||
38,970 | Gain on fair value of biological assets | - | - | - | - | - | - | ||
299,437 | Other income | 28,875 | 85,914 | -66% | 212,993 | 246,745 | -14% | ||
(421,137) | Administration expenses | (151,870) | (87,261) | 74% | (425,580) | (265,795) | 60% | ||
(145,993) | Management fee and workers profit share | (60,983) | (40,308) | 51% | (184,502) | (125,442) | 47% | ||
(49,922) | Finance cost | (16,240) | (13,134) | 24% | (46,568) | (34,564) | 35% | ||
45,056 | Finance income | 121,601 | 5,940 | 1947% | 222,845 | 11,584 | 1824% | ||
1,490,202 | Profit before taxation | 608,443 | 309,851 | 96% | 2,333,787 | 1,087,154 | 115% | ||
(99,456) | Tax expenses | (594,291) | (21,150) | 2710% | (690,823) | (50,150) | 1278% | ||
1,390,746 | Profit for the period | 14,152 | 288,701 | -95% | 1,642,964 | 1,037,004 | 58% | ||
Earnings per share | |||||||||
19.09 | 0.19 | 3.96 | 22.55 | 14.23 | |||||
Statements of Comprehensive Income
Audited | 3 months | 9 months ended | |||||
Year ended | Unaudited | Unaudited | Unaudited | Unaudited | |||
31.03.2022 | 31.12.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
1,390,746 | Profit for the period | 14,152 | 288,701 | 1,642,964 | 1,037,004 | ||
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 | 14,152 | 288,701 | 1,642,964 | 1,037,004 |
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 | - | 1,131,448 | - | 1,131,448 | (186) | 1,131,262 |
Dividend Paid | - | (145,733) | - | (145,733) | - | (145,733) |
Balance as at 31.12.2021 | 694,236 | 4,962,211 | 797,640 | 6,454,087 | (4,991) | 6,449,096 |
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 | - | 1,737,573 | - | 1,737,573 | (91) | 1,737,482 |
- | ||||||
Dividend Paid | - | (218,599) | - | (218,599) | - | (218,599) |
Balance as at 31.12.2022 | 694,236 | 6,910,303 | 818,604 | 8,423,143 | (5,015) | 8,418,128 |
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 | - | 1,037,004 | - | 1,037,004 | |||
Dividend Paid | - | (145,733) | - | (145,733) | |||
Balance as at 31.12.2021 | 694,236 | 4,749,141 | 797,640 | 6,241,017 | |||
694,236 | 5,130,706 | 818,604 | 6,643,546 | ||||
Balance as at 01.04.2022 | |||||||
Net Profit for the period | - | 1,642,964 | - | 1,642,964 | |||
- | |||||||
Dividend Paid | - | (218,599) | - | (218,599) | |||
Balance as at 31.12.2022 | 694,236 | 6,555,070 | 818,604 | 8,067,910 |
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