Hapugastenne Plantations PlcCSELK: HAPU.N0000

Interim Unaudited Financial Statements Year ended 31st December 2021

Feb 28, 2022 at 11:34 AM UTC · Issued by Hapugastenne Plantations Plc

Hapugastenne Plantations PLC

Interim Unaudited Financial Statements

Year ended 31st December 2021

2 HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-GROUP

	Three months ended					Year ended
RS. '000	31.12.2021	31.12.2020	Change	31.12.2021	31.12.2020	Change
	Unaudited	Audited	%		Unaudited		Audited	%
Revenue	799,745	843,714	(5)		3,710,664	3,235,690	15

Cost of sales	(842,858)	(761,625)	(11)		(3,633,476)	(3,074,681)	(18)

Gross profit /(Loss)	(43,113)	82,089	(153)		77,188	161,009	(52)

Other operating income	254,718	55,147	362		419,064	158,083	165

Other operating expenses	(122,206)	-	(100)		(122,206)	-	(100)

Change in fair value of biological assets	(62,097)	151,104	(141)		(62,626)	154,775	(140)

Administrative expenses	(69,132)	(72,047)	4		(240,781)	(258,267)	7

Results from operating activities	(41,830)	216,293	119		70,639	215,600	(67)

Finance cost	(47,149)	(51,655)	9		(166,388)	(187,785)	11

Exchange loss	(78)	(16,100)	100		(66,925)		(31,459)	(113)

Finance income	1,640	485	238		3,318	2,548	30

Proft/(loss) before taxation	(87,417)	149,023	159		(159,356)	(1,096)	(14,440)
Income tax	156,447	(147,679)	206		172,137	(126,774)	236

Profit/(loss) for the period	69,030	1,344	5,036		12,781	(127,870)	110
Other comprehensive income/(expense)

Remeasurement of retirement benefit obligations	178,905	83,944	113		178,905	83,944	113
Deferred tax on remeasurement of retirement benefit obligations	(18,907)	(11,752)	(61)		(18,907)	(11,752)	(61)
Other comprehensive income for the year, net of income tax	159,998	72,192	122		159,998	72,192	122
Total comprehensive income/(expenses) for the period	229,028	73,536	211		172,779	(55,678)	410
Profit/(loss) attributable to :
Owners of the company	68,721	4,189	1,541		12,505	(119,613)	110
Non-controlling interest	309	(2,845)	111		276	(8,257)	103
	69,030	1,344	5,036		12,781	(127,870)	110
Total comprehensive income/(expense) attributable to:

Owners of the company	228,678	76,381	199		172,462	(47,421)	464
Non-controlling interest	350	(2,845)	112		317	(8,257)	104
	229,028	73,536	211		172,779	(55,678)	410

Profit/(loss) per share - Rs.	1.48	0.09	1,541		0.27	(2.58)	110

HAPUGASTENNE PLANTATIONS PLC 3

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY

	Three months ended				Year ended
RS. '000	31.12.2021	31.12.2020	Change	31.12.2021	31.12.2020	Change
	Unaudited	Audited	%		Unaudited		Audited	%
Revenue	772,596	812,970	(5)		3,581,592	3,162,949	13

Cost of sales	(816,094)	(733,241)	(11)		(3,508,023)	(2,986,787)	(17)

Gross profit /(loss)	(43,498)	79,729	(155)		73,569	176,162	(58)

Other operating income	259,395	55,781	365		423,699	157,752	169

Other operating expenses	(122,206)	-	(100)		(122,206)	-	(100)

Change in fair value of biological assets	(62,097)	151,104	(141)		(62,626)	154,775	(140)

Administrative expenses	(67,732)	(71,561)	5		(237,513)	(255,147)	7
Results from operating activities	(36,138)	215,053	117		74,923	233,542	(68)

Finance cost	(48,869)	(48,382)	(1)		(166,381)	(184,514)	10

Exchange loss	(2,074)	(16,076)	87		(68,921)		(31,435)	(119)
Finance income	1,144	116	886		1,202	160	651

Proft/(loss)before taxation	(85,937)	150,711	157		(159,177)	17,753	997
Income tax	154,298	(143,202)	208		171,360	(127,732)	234
Profit/(loss) for the period	68,361	7,509	810		12,183	(109,979)	111
Other comprehensive income/expense

Remeasurement of retirement benefit obligations	178,002	83,944	112		178,002	83,944	112
Deferred tax on remeasurement of retirement benefit obligations	(18,690)	(11,752)	(59)		(18,690)	(11,752)	(59)
Other comprehensive income for the year, net of income tax	159,312	72,192	121		159,312	72,192	121
Total comprehensive income/(expense) for the period	227,673	79,701	186		171,495	(37,787)	554

Earnings /(loss) per share - Rs.	1.48	0.16	810		0.26	(2.37)	111

4 HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
Rs.'000	As at	As at		As at	As at
	31.12.2021	31.12.2020	31.12.2021	31.12.2020
	Unaudited	Audited		Unaudited	Audited
ASSETS
Non current assets
Right to use of assets	476,166	484,706		476,166	484,706
Immovable estate assets on finance lease (other than bare lands)	35,643	46,642		35,643	46,642
Tangible assets other than biological assets	540,103	577,352		509,669	541,247
Intangible assets	6,183	13,111		6,114	12,723
Bearer biological assets	1,618,885	1,756,274		1,618,885	1,756,274
Consumable biological assets	1,366,046	1,426,514		1,366,046	1,426,514
Investment in subsidiaries	-	-	35,003	35,003
Lease rental receivables	14,837	15,864		14,837	15,864
Total non current assets	4,057,863	4,320,463	4,062,363	4,318,973

Current Assets

Non-harvested produce crop on bearer biological assets	2,398	3,930
Lease rental receivables	1,027	1,068
Inventories	329,683	365,698
Derivative assets	21,402	4,981
Trade & other receivables	105,275	95,692
Amount due from related companies	-	32,926
Income tax receivables	4,165	4,120
Cash & cash equivalents	156,363	135,929
Total current assets	620,313	644,344
TOTAL ASSETS	4,678,176	4,964,807

2,398 3,930

1,027 1,068

312,130 347,895

21,402 4,981

103,010 89,700

108 40,832

90,759 75,569

530,834 563,975

4,593,197 4,882,948

EQUITY & LIABILITIES

Capital & Reserve

Share capital	550,000	550,000
(46,315,789 ordinary shares and a golden share )
Retained earnings	195,425	21,886
Equity attributable to owners of the company	745,425	571,886
Non -controlling interest	47,210	47,079
Total equity	792,635	618,965
Non Current Liabilities
Interest bearing borrowings	8,670	166,659
Deferred tax liabilities	241,210	411,112
Deferred income	199,236	195,838
Retirement benefit obligations	591,187	717,498
Lease liabilities	438,949	431,282
Total non current liabilities	1,479,252	1,922,389

Current Liabilities

550,000 550,000

172,583 1,088

722,583 551,088

8,670 166,659

236,860 405,955

198,343 195,838

588,741 714,557

438,949 431,282

1,471,563 1,914,291

Interest bearing borrowings	240,619	185,842		240,619	185,842
Lease liabilities	12,453	12,453		12,453	12,453
Trade & other payables	1,649,324	526,934		1,642,152	521,050
Tax Payable	21,319	-		21,253	-
Amounts due to related companies	66,134	1,361,570		66,134	1,361,570
Dividend payable	200	200		200	200
Bank overdraft	416,240	336,454		416,240	336,454
Total current liabilities	2,406,289	2,423,453		2,399,051	2,417,569
Total liabilities	3,885,541	4,345,842		3,870,614	4,331,860
TOTAL EQUITY AND LIABILITIES	4,678,176	4,964,807	4,593,197	4,882,948
Net assets per share Rs.	16.09	12.35		15.60	11.90
It is certified that the financial statements have been prepared in compliance with the requirements of the Company Act
No 7 of 2007.

Sgd
S S Kotakadeniya
Chief Financial Officer-LOLC Group
The Board of Directors is responsible for the preparation and presentation of these interim financial statements.
Approved and signed for and on behalf of the Board of Directors;

Sgd				Sgd
A S perera				D J Ratwatte
Chairman				Director/CEO

Colombo

28th February 2022

HAPUGASTENNE PLANTATIONS PLC 5

STATEMENT OF CASH FLOWS

	GROUP			COMPANY
	Year ended	Year ended
	2021	2020			2021	2020
Rs.'000	Unaudited	Audited	Unaudited		Audited
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation	(159,356)	(1,096)			(159,177)	17,753

Adjustments for
Finance costs	166,388	187,785			166,381	184,514
Exchange loss	66,925	31,459			68,921	31,435
Retirement benefit obligations	100,454	129,626			99,919	128,418
Amortisation of grant	(11,184)	(10,736)			(11,124)	(10,736)
Depreciation	178,648	172,861			175,593	166,844
Interest Income	(3,318)	(2,548)			(1,202)	(160)
Provision/(reversal) for impairment of trade and other receivables	(12,506)	1,057			(12,506)	1,057
Provision for slow -moving and obsolete inventories	1,354	1,498			1,354	1,001
Impairment of bearer biological assets	122,206	771			122,206	771
Impairment of consumable biological assets	-	1,912			-	1,912
Loans written back	(277,188)	-			(277,188)	-
(Gain)/loss on fair valuation of consumable biological assets	62,626	(154,775)			62,626	(154,775)
Profit on sale of property, plant and equipment	(268)	-			(268)	0
Operating profit before working capital changes	234,781	357,814			235,535	368,034

(Increase)/decrease in inventories	34,661	(97,984)			34,411	(105,078)
(Increase)/decrease in trade and other receivables	2,923	15,148			(804)	16,613
(Increase)/decrease in amounts due from related companies	32,926	(3,125)			40,724	(11,031)
Increase/(decrease) in trade & other payables	(54,087)	23,553			(61,995)	21,841
Increase/(decrease) in amounts due to related companies	17,377	36,239			17,377	20,726
Cash generated from operations	268,581	331,645			265,248	311,105

Retirement benefit obligations payment	(47,861)	(75,011)			(47,734)	(74,756)
Interest paid	(52,890)	(67,716)			(52,776)	(64,422)
Income tax paid	(813)	(6,532)			-	(4,011)
Net cash from operating activities	167,017	182,386			164,738	167,916

CASH FLOWS FROM INVESTING ACTIVITIES
Interest income	3,318	1,579			1,202	160
Proceeds from sale of property, plant & equipment	441	-			441	-
Field development expenditure	(61,089)	(86,185)			(61,089)	(86,185)
Purchase of intangible assets	(886)	(38)			(886)	(38)
Purchase of property, plant & equipment	(29,106)	(20,948)			(29,002)	(20,948)
Lease assets improvements	-	(799)			-	(799)
Net cash from /(used in) investing activities	(87,322)	(106,391)			(89,334)	(107,810)

CASH FLOWS FROM FINANCING ACTIVITIES
Payment to lessor for leasehold rights	(51,485)	(66,810)			(51,485)	(66,810)
Government grants received	14,582	7,395			13,629	7,395
Lease rental received	1,068	2,080			1,068	2,080
Proceeds from interest bearing borrowings	100,000	225,000			100,000	225,000
Repayment of interest bearing borrowings	(203,212)	(96,186)			(203,212)	(96,186)
Net cash used in financing activities	(139,047)	71,479			(140,000)	71,479

Net increase in cash & cash equivalents	(59,352)	147,474			(64,596)	131,585
Cash & cash equivalents at the beginning of the period	(200,525)	(347,999)			(260,885)	(392,470)
Cash & cash equivalents at the end of the period - Note A	(259,877)	(200,525)			(325,481)	(260,885)

NOTE A
Cash and cash equivalents	156,363	135,929			90,759	75,569
Bank overdraft	(416,240)	(336,454)			(416,240)	(336,454)
Cash & cash equivalents at the end of the period	(259,877)	(200,525)			(325,481)	(260,885)

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