Kahawatte Plantations PLC
Interim Financial Statements
Six Months ended 30th June 2022
KAHAWATTE PLANTATIONS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Quarter Ended | Six Months Ended | |||||
Unaudited | Unaudited | Unaudited | Unaudited | |||
30.06.2022 | 30.06.2021 | Change +/(-) | 30.06.2022 | 30.06.2021 | Change +/(-) | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Revenue | 1,885,994 | 1,152,183 | 733,811 | 3,046,641 | 2,289,287 | 757,354 |
Cost of Sales | (1,467,683) | (1,112,677) | (355,006) | (2,492,311) | (2,117,260) | (375,051) |
Gross Profit /(Loss) | 418,311 | 39,506 | 378,805 | 554,330 | 172,027 | 382,303 |
Other Income | 31,901 | 9,360 | 22,541 | 87,163 | 17,826 | 69,337 |
Fair Value Gain on Biological Assets | - | - | - | - | - | - |
Administrative Expenses | (43,475) | (28,393) | (15,082) | (76,240) | (52,069) | (24,171) |
Management Fee | - | - | - | - | - | - |
Profit/(Loss) From Operating Activities | 406,737 | 20,473 | 386,264 | 565,253 | 137,784 | 427,469 |
Finance Costs | (98,497) | (44,687) | (53,810) | (151,720) | (85,123) | (66,597) |
Profit/(Loss) before Taxation | 308,240 | (24,214) | 332,454 | 413,533 | 52,661 | 360,872 |
Income Tax Expense | (2,939) | - | (2,939) | (2,939) | - | (2,939) |
Profit/(Loss) for the period | 305,301 | (24,214) | 329,515 | 410,594 | 52,661 | 357,933 |
Other Comprehensive Income | ||||||
Items that will not be Reclassified to Profit or Loss | ||||||
Actuarial Gain / (Loss) on retirement Benefit obligation | - | - | - | - | - | - |
Deferred tax charge on Retirement Benefit Obligation | - | - | - | - | - | - |
Total Comprehensive Income/(expense) for the Period | 305,301 | (24,214) | 329,515 | 410,594 | 52,661 | 357,933 |
Basic Earnings / (Loss) Per Share (Rs.) | 3.07 | (0.24) | 3.3 | 4.13 | 0.53 | 3.60 |
KAHAWATTE PLANTATIONS PLC
STATEMENT OF CHANGES IN EQUITY
Stated | Revaluation | Accumulated | Total | |
Capital | Reserve | Profit/(Loss) | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 1st January 2021 | 1,698,952 | 268,356 | (832,547) | 1,134,761 |
Net Profit for the Period | - | - | 52,661 | 52,661 |
Other Comprehensive Income/(Expense) | ||||
Actuarial Gain on Defined Benefit Obligation, Net of Tax | - | - | - | - |
Balance as at 30th June 2021 | 1,698,952 | 268,356 | (779,886) | 1,187,422 |
Balance as at 1st January 2022 | 1,698,952 | 279,277 | (832,120) | 1,146,109 |
Net Profit for the Period | - | - | 410,594 | 410,594 |
Other Comprehensive Income/(Expense) | ||||
Actuarial Gain on Defined Benefit Obligation, Net of Tax | - | - | - | - |
Balance as at 30th June 2022 | 1,698,952 | 279,277 | (421,526) | 1,556,703 |
KAHAWATTE PLANTATIONS PLC
STATEMENT OF FINANCIAL POSITION
Unaudited | Unaudited | Audited | |
As at | 30.06.2022 | 30.06.2021 | 31.12.2021 |
Rs.'000 | Rs.'000 | Rs.'000 | |
ASSETS | |||
Non Current Assets | |||
Leasehold Right to Bare Land of JEDB/SLSPC Estates | 146,806 | 148,508 | 148,501 |
Immovable Leased Assets of JEDB/SLSPC Estates (Other than Bare Land) | 31,503 | 39,338 | 36,198 |
Property, Plant & Equipment | 995,390 | 954,769 | 1,011,135 |
Biological Assets | 3,234,897 | 3,267,275 | 3,316,880 |
4,408,596 | 4,409,890 | 4,512,714 | |
Current Assets | |||
Produce on Bearer Biological Assets | 8,475 | 8,376 | 8,475 |
Inventories | 734,315 | 487,617 | 416,319 |
Trade and Other Receivable | 236,701 | 193,408 | 113,511 |
Amount Due from Related Parties | 6,271 | 10,685 | 4,591 |
Cash and Bank Balance | 49,811 | 36,525 | 29,065 |
1,035,573 | 736,611 | 571,961 | |
TOTAL ASSETS | 5,444,169 | 5,146,501 | 5,084,675 |
EQUITY AND LIABILITIES | |||
Capital and Reserves | |||
Stated Capital | 1,698,952 | 1,698,952 | 1,698,952 |
Revaluation Reserve | 279,277 | 268,356 | 279,277 |
Retained Earnings | (421,526) | (779,886) | (832,120) |
Total Equity | 1,556,703 | 1,187,422 | 1,146,109 |
Non Current Liabilities | |||
Deferred Income | 280,199 | 278,982 | 288,448 |
Deferred Tax Liability | 140,795 | 140,795 | 140,795 |
Interest Bearing Loans and Borrowings | 448,586 | 590,029 | 576,049 |
Retiring Benefit Obligations | 537,511 | 614,016 | 518,467 |
Net Liability to Lessor of JEDB/SLSPC Estates | 133,491 | 129,887 | 133,491 |
1,540,582 | 1,753,709 | 1,657,250 | |
Current Liabilities | |||
Interest Bearing Loans and Borrowings | 752,577 | 768,689 | 765,777 |
Net Liability to Lessor of JEDB/SLSPC Estates | 813 | 685 | 813 |
Trade and Other Payable | 683,621 | 559,925 | 621,600 |
Amounts due to Related Parties | 126,948 | 77,485 | 98,274 |
Bank Overdraft | 782,925 | 798,586 | 794,852 |
2,346,884 | 2,205,370 | 2,281,316 | |
Total Liabilities | 3,887,466 | 3,959,079 | 3,938,566 |
Total Equity and Liabilities | 5,444,169 | 5,146,501 | 5,084,675 |
Net Assets Per Share (Rs.) | 15.66 | 11.95 | 11.53 |
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007.
(Sgd.)
sgd.
Vinesh Athukorala
Chief Financial Officer
Signed on behalf of the Board of Directors of Kahawatte Plantations PLC
(Sgd.) | (Sgd.) |
sgd. | sgd. |
Minette D A Perera | Himendra S Ranaweera |
Director | Director |
15th August 2022 |
KAHAWATTE PLANTATIONS PLC
STATEMENT OF CASH FLOWS
For the Period ended | Unaudited | Unaudited | Audited |
30.06.2022 | 30.06.2021 | 31.12.2021 | |
Rs.'000 | Rs.'000 | Rs.'000 | |
Cash Flow from Operating Activities | |||
Net Profit/(Loss) Before Taxation | 413,533 | 52,661 | (94,466) |
Adjustment For | |||
Depreciation/Amortization | 104,549 | 99,123 | 220,791 |
Write-Offs- (Other Receivables/PPE/Immature Plantations) | 73,295 | - | 1,861 |
ESC Write-offs | - | - | 12,955 |
(Profit)/ Loss from Disposal of Property Plant and Equipment | - | - | (2,494) |
Interest Expenses | 151,720 | 85,123 | 183,806 |
Provision for Retirement Benefit Obligations | 41,044 | 30,312 | 95,799 |
Fair Value Gain on Biological Assets | - | - | (92,290) |
Change in Consumable Biological Assets Due to Harvest | - | - | 11,242 |
Amortization of Grants | (8,249) | (7,550) | (15,763) |
Operating Profit/(Loss) before Working Capital Changes | 775,892 | 259,669 | 321,441 |
(Increase) / Decrease in Inventories | (317,996) | (45,415) | 26,320 |
(Increase) / Decrease in Trade and Other Receivable | (123,191) | (72,662) | (6,421) |
(Increase) / Decrease in Amounts Due from Related Companies | (1,680) | (3,074) | 3,019 |
Increase / (Decrease) in Trade and Other Payable | 76,397 | (6,179) | 33,679 |
Increase / (Decrease) in Amount Due to Related Companies | 11,809 | 2,302 | (14,940) |
421,231 | 134,641 | 363,098 | |
Interest Paid | (127,527) | (39,802) | (163,807) |
Payment of Retirement Benefit Obligations | (52,738) | (50,444) | (85,642) |
Grants Received | - | 2,321 | 20,000 |
Economic Service Charge Paid | - | - | - |
Net Cash (Used In )/ Generated from Operating Activities | 240,966 | 46,716 | 133,649 |
Cash Flow from Investing Activities | |||
Investment in Immature Bearer/Consumable Biological Assets | (45,105) | (31,646) | (61,171) |
Purchase of Property Plant and Equipment | (29,613) | (45,471) | (155,681) |
Proceeds from Disposal of Property Plant and Equipment | - | - | 2,494 |
Net Cash Used In Investing Activities | (74,718) | (77,117) | (214,358) |
Cash Flow from Financing Activities | |||
Loan Received | 86,000 | 182,597 | 226,026 |
Loan Repayments | (209,746) | (126,698) | (114,072) |
Lease Rentals Paid to JEDB/SLSPC | (9,829) | (9,145) | (18,618) |
Net Cash (Used In)/ Generated from Financing Activities | (133,575) | 46,754 | 93,336 |
Net Increase / (Decrease) in Cash and Cash Equivalents | 32,673 | 16,353 | 12,627 |
Cash and Cash Equivalents at the Beginning of the Year | (765,787) | (778,414) | (778,414) |
Cash and Cash Equivalents at the End of the Period | (733,114) | (762,061) | (765,787) |
KAHAWATTE PLANTATIONS PLC
SEGMENTAL INFORMATION
( A) Segment Revenue
Segment | Quarter Ended | Six Months Ended | ||||||
30.06.2022 | 30.06.2021 | Change +/(-) | 30.06.2022 | 30.06.2021 | Change +/(-) | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
Tea | 1,683,280 | 1,030,138 | 653,142 | 2,627,417 | 2,002,576 | 624,841 | ||
Rubber | 150,583 | 93,982 | 56,601 | 331,377 | 234,643 | 96,734 | ||
Other Crop | 52,131 | 28,753 | 23,378 | 87,847 | 52,068 | 35,779 | ||
1,885,994 | 1,152,873 | 733,121 | 3,046,641 | 2,289,287 | 757,354 | |||
( B) | Segment Cost of Sale | |||||||
Segment | Quarter Ended | Six Months Ended | ||||||
30.06.2022 | 30.06.2021 | Change +/(-) | 30.06.2022 | 30.06.2021 | Change +/(-) | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
Tea | (1,312,809) | (987,658) | (325,151) | (2,149,248) | (1,856,535) | (292,713) | ||
Rubber | (121,667) | (102,593) | (19,074) | (282,969) | (212,841) | (70,128) | ||
Other Crop | (33,207) | (23,116) | (10,091) | (60,094) | (47,884) | (12,210) | ||
(1,467,683) | (1,113,367) | (354,316) | (2,492,311) | (2,117,260) | (375,051) | |||
( C) | Segment Results | |||||||
Segment | Quarter Ended | Six Months Ended | ||||||
30.06.2022 | 30.06.2021 | Change +/(-) | 30.06.2022 | 30.06.2021 | Change +/(-) | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
Tea | 370,471 | 42,480 | 327,991 | 478,169 | 146,041 | 332,128 | ||
Rubber | 28,916 | (8,611) | 37,527 | 48,408 | 21,802 | 26,606 | ||
Other Crop | 18,924 | 5,637 | 13,287 | 27,753 | 4,184 | 23,569 | ||
Gross Profit | 418,311 | 39,506 | 378,805 | 554,330 | 172,027 | 382,303 | ||
Unallocated | ||||||||
Other Income | 31,901 | 9,360 | 22,541 | 87,163 | 17,826 | 69,337 | ||
Fair Value Gain on Biological Assets | - | - | - | - | - | - | ||
Administrative Expenses | (43,475) | (28,393) | (15,082) | (76,240) | (52,069) | (24,171) | ||
Management Fee | - | - | - | - | - | - | ||
Profit/(Loss) From Operating Activities | 406,737 | 20,473 | 386,264 | 565,253 | 137,784 | 427,469 | ||
Finance Costs | (98,497) | (44,687) | (53,810) | (151,720) | (85,123) | (66,597) | ||
Profit/(Loss) before Taxation | 308,240 | (24,214) | 332,454 | 413,533 | 52,661 | 360,872 | ||
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