Interim financial statements for the nine months ended 31 december 2022

CORPORATE INFORMATION

Legal form

Subsidiary company

A Public Company with Limited Liability

Harischandra Mills (Distributors) Limited

incorporated in Sri Lanka, whose shares

(wholly owned) incorporated in Sri Lanka

are Listed in the Colombo Stock Exchange.

Registration No.

Board of Directors

PQ 225

Bandaranayake T.K. (Chairman) (w.e.f.01 October 2022)

Samarasinghe S.N. (Managing Director)

Date of incorporation

De Silva G.S.V.

9th January 1953

De Silva M.P. (Mrs.)

Jayasundara S. A S.

Registered office

Samarasinghe R.K (Mrs.)

No. 11, C.A.Harischandra Mawatha, Matara.

Kobbekaduwa R. (Mrs.) (w.e.f.01 October 2022)

Secretaries

Remuneration Committee

Corporate Services (Pvt) Limited.

Bandaranayake T.K. (Chairman)

216, De Saram Place,

Jayasundara S. A S.

Colombo 10

Auditors

Audit Committee

KPMG

Bandaranayake T.K.(Chairman)

(Chartered Accountants)

Jayasundara S. A S.

32A, Sir Mohamed Macan Markar Mawatha,

Colombo 3.

Internal auditors

Related Party Transactions Review

Ernst & Young

Committee

(Chartered Accountants)

Bandaranayake T.K.(Chairman)

201, De Saram Place,

Jayasundara S. A S.

Colombo 10

Samarasinghe S.N.

Legal advisors

F J & G De Saram

Attorneys - at - Law

216, De Saram Place,

Colombo 10

INCOME STATEMENT

GROUP

Quarter Ended

Nine Months Ended

Year Ended

31 December

31 December

31 March

(Audited)

2022

2021

VARIANCE

2022

2021

VARIANCE

2022

Rs. '000

Rs. '000

%

Rs. '000

Rs. '000

%

Rs. '000

Revenue

1,768,441

1,225,772

44

4,723,683

3,277,192

44

4,581,110

Cost of sales

(1,590,542)

(1,008,143)

58

(4,151,436)

(2,636,148)

57

(3,742,676)

Gross profit

177,899

217,629

(18)

572,247

641,044

(11)

838,434

12%

0

Other income

7,419

5,076

46

19,214

11,372

69

17,870

185,318

222,705

(17)

591,461

652,416

(9)

856,304

Administrative expenses

(104,491)

(85,859)

22

(290,689)

(246,736)

18

(324,594)

Selling & distribution expenses

(99,446)

(67,408)

48

(255,399)

(194,069)

32

(269,899)

Result from operating activities

(18,619)

69,438

(127)

45,373

211,611

(79)

261,811

Finance income

8,495

5,264

61

21,356

11,247

90

9,379

Finance expenses

(6,462)

(2,023)

219

(9,540)

(7,528)

27

(9,361)

Net finance income/(expenses)

2,033

3,241

(37)

11,816

3,719

218

18

Profit/(Loss) from ordinary activities before tax

(16,586)

72,679

(123)

57,189

215,330

(73)

261,829

Income tax expenses

2,985

(13,334)

(122)

(10,294)

(39,012)

(74)

(52,407)

Profit/(Loss)

after

taxation

attributable

to

shareholders of Harischandra Mills PLC

(13,601)

59,345

46,895

176,318

209,422

Rs.

Rs.

Rs.

Rs.

Rs.

Basic/Diluted Earnings per Share

(7.09)

30.92

24.43

91.85

109.10

STATEMENT OF COMPREHENSIVE INCOME

GROUP

Quarter Ended

Nine months ended

Year Ended

31 December

31 December

31 March

(Audited)

2022

2021

VARIANCE

2022

2021

VARIANCE

2022

Rs. '000

Rs. '000

%

Rs. '000

Rs. '000

%

Rs. '000

Profit/(Loss) for the period

(13,601)

59,345

(123)

46,895

176,318

(73)

209,422

Other comprehensive income will not be reclassified to income

statement in subsequent periods

Actuarial loss from Re- measurement of employee

benefit obligation

-

-

-

-

-

-

18,576

Related Taxes

-

-

-

-

-

-

(3,344)

Other comprehensive income for the period

-

-

-

-

-

-

15,232

Total comprehensive income for the period

(13,601)

59,345

(123)

46,895

176,318

(73)

224,654

STATEMENT OF FINANCIAL POSITION

GROUP

As at

As at

As at

31.12.2022

31.12.2021

31.03.2022

(Audited)

Rs. '000

Rs. '000

Rs. '000

ASSETS

Non-current assets

Property, plant & equipment

816,652

869,834

851,256

Intangible assets

1,092

1,130

1,387

Right of use asset

38,325

53,160

49,451

Total non-current assets

856,069

924,124

902,094

Current assets

Inventories

632,063

545,419

445,331

Trade and Other Receivables

597,849

469,751

501,092

Investment in unit trusts

6,159

7,635

6,798

Tax receivable

32,771

-

-

Investment in Fixed Deposits

233,658

298,195

252,422

Cash & bank balances

8,730

38,647

183,080

Total current assets

1,511,230

1,359,647

1,388,723

Total assets

2,367,299

2,283,771

2,290,817

EQUITY & LIABILITIES

Equity

Stated capital

105,578

105,578

105,578

Other capital reserves

7,011

7,011

7,011

General Reserve

12,841

12,841

12,841

Retained earnings

1,423,458

1,432,921

1,482,141

Total equity attributable to equity holders of the company

1,548,888

1,558,351

1,607,571

Non Current Liabilities

Deferred liabilities

176,884

224,628

177,027

Total non current liabilities

176,884

224,628

177,027

Current Liabilities

Trade and Other Payables

436,590

391,688

400,283

Provision for taxation

1,196

8,073

Bank overdraft

204,937

107,908

97,863

Total current liabilities

641,527

500,792

506,219

Total liabilities

818,411

725,420

683,246

Total equity & liabilities

2,367,299

2,283,771

2,290,817

Rs.

Rs.

Rs.

Net Assets Value Per Share

806.88

811.81

837.45

Notes:

The above figures are provisional and subject to audit.

All values are in Rs.'000, unless otherwise stated.

`

I certify that these Financial Statements comply with the requirements of the Companies

Act No.07 of 2007.

…………………………………..

Sgd

C.T.Gajanayake - Chief Financial Officer

Signed for and on behalf of the Board,

Sgd.

Sgd.

…………………………………

……………………………….

S.N.Samarasinghe

G.S.V.De Silva

Managing Director

Director

10 February 2023