Lanka Milk Foods (cwe) PlcCSELK: LMF.N0000

Interim Financial Statements as of 31/12/2022

· Issued by Lanka Milk Foods (cwe) Plc

LANKA MILK FOODS (CWE) PLC

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022

LANKA MILK FOODS (CWE) PLC

CORPORATE INFORMATION

THE COMPANY

-

LANKA MILK FOODS (CWE) PLC.

LEGAL STATUS

-

A PUBLIC QUOTED COMPANY WITH LIMITED LIABILITY

UNDER THE PROVISION OF COMPANIES ACT NO 7 OF 2007

REGISTERED OFFICE

-

WELISARA, RAGAMA, SRI LANKA

-

TEL: +9411 5222600 FAX: +9411 2956266

-

EMAIL: lakspray@lmfgroup.lk

-

WEBSITE: www.lmfgroup.lk

DATE OF INCORPORATION

-

12TH NOVEMBER 1981

COMPANY REGISTRATION NUMBER

-

PQ 142

COMPANY SECRETARY

MS. H.K BULATHWATTE

BOARD OF DIRECTORS

-

MR. D.H.S JAYAWARDENA (CHAIRMAN)

MR. C.R JANSZ (DIRECTOR)

MR. D.S.K AMARASEKERA (INDEPENDENT

NON-EXECUTIVE DIRECTOR)

DR. A. SHAKTHEVALE (INDEPENDENT

NON-EXECUTIVE DIRECTOR)

MR. D.HASITHA .S JAYAWARDENA (NON-EXECUTIVE DIRECTOR)

MS. D.S.T JAYAWARDENA (DIRECTOR)

AUDITORS

-

MESSRS. KPMG (CHARTERED ACCOUNTANTS)

32 A, SIR MOHAMED MACAN MARKAR MAWATHA

P.O BOX 186

COLOMBO 3.

SRI LANKA

SUBSIDIARY COMPANIES

-

LANKA DAIRIES (PRIVATE) LIMITED

AMBEWELA LIVESTOCK COMPANY LIMITED

PATTIPOLA LIVESTOCK COMPANY LIMITED

AMBEWELA PRODUCTS (PRIVATE) LIMITED

INDO LANKA EXPORTS (PRIVATE) LIMITED

UNITED DAIRIES LANKA (PRIVATE) LIMITED

BANKERS

-

HATTON NATIONAL BANK PLC.

DFCC BANK PLC.

COMMERCIAL BANK OF CEYLON PLC

HONGKONG & SHANGHAI BANKING CORPORATION LTD

BANK OF CEYLON

LANKA MILK FOODS (CWE) PLC.

CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

GROUP

Quarter Ended

FOR THE NINE MONTHS ENDED

2022.12.31

2021.12.31

Change

2022.12.31

2021.12.31

Change

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

+ / (-)

+ / (-)

Revenue

3,804,743

2,475,571

1,329,172

10,709,256

7,042,577

3,666,679

Cost of Sales

(3,476,684)

(2,141,361)

(1,335,323)

(9,175,805)

(6,130,856)

(3,044,949)

GROSS PROFIT

328,059

334,210

(6,151)

1,533,451

911,721

621,730

Other Operating Income

633,613

557,101

76,512

1,555,985

1,169,101

386,884

Administrative Expenses

(228,347)

(156,722)

(71,625)

(673,692)

(421,931)

(251,761)

Distribution Expenses

(127,576)

(100,729)

(26,847)

(339,582)

(263,779)

(75,803)

Other Operating Expenses

(28,928)

(34,822)

5,894

(91,914)

(91,793)

(121)

PROFIT/(LOSS) FROM OPERATIONS

576,821

599,038

(22,217)

1,984,248

1,303,319

680,929

Finance Income

15,757

2,945

12,812

50,372

11,509

38,863

Finance Expense

(372,362)

(27,260)

(345,102)

(830,635)

(67,313)

(763,322)

Net Finance - Income / (Expense)

-

(356,605)

(24,315)

(332,290)

(780,263)

(55,804)

(724,459)

PROFIT /(LOSS) BEFORE INCOME TAX EXPENSES

220,216

574,723

(354,507)

1,203,985

1,247,515

(43,530)

Income Tax (Expenses)/Reversal

(27,800)

(14,492)

(13,308)

(91,930)

(42,669)

(49,261)

PROFIT/(LOSS) FOR THE PERIOD

192,416

560,231

(367,815)

1,112,055

1,204,846

(92,791)

Other Comprehensive Income/(Expense) for the Period

Items that will never be reclassified to profit or loss

Net change in Fair Value of Equity Securities-at FVOCI

(1,394,171)

(637,190)

(756,981)

756,418

1,706,862

(950,444)

Other Comprehensive Income/(Expense) for the Period

(1,394,171)

(637,190)

(756,981)

756,418

1,706,862

(950,444)

Total Comprehensive Income/(Expense) For the Period

(1,201,755)

(76,959)

(1,124,796)

1,868,473

2,911,708

(1,043,235)

Profit /(Loss) Attributable To:

Owners of the Company

192,457

560,311

(367,854)

1,112,138

1,204,926

(92,788)

Non Controlling Interest

(41)

(80)

39

(83)

(80)

(3)

PROFIT/(LOSS) FOR THE PERIOD

192,416

560,231

(367,815)

1,112,055

1,204,846

(92,791)

Total Comprehensive Income/(Expense) Attributable To :

Owners of the Company

(1,201,714)

(76,879)

(1,124,835)

1,868,556

2,911,788

(1,043,232)

Non Controlling Interest

(41)

(80)

39

(83)

(80)

(3)

Total Comprehensive Income/(Expense) For the Period

(1,201,755)

(76,959)

(1,124,796)

1,868,473

2,911,708

(1,043,235)

BASIC EARNINGS /(LOSS) PER SHARE OF Rs.

4.81

14.01

27.80

30.12

LANKA MILK FOODS (CWE) PLC.

CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

COMPANY

Quarter Ended

FOR THE NINE MONTHS ENDED

2022.12.31

2021.12.31

Change

2022.12.31

2021.12.31

Change

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

+ / (-)

+ / (-)

Revenue

1,357,953

612,922

745,031

3,283,352

2,214,825

1,068,527

Cost of Sales

(1,167,263)

(610,941)

(556,322)

(2,578,187)

(2,257,446)

(320,741)

GROSS PROFIT

190,690

1,981

188,709

705,165

(42,621)

747,786

Other Operating Income

390,944

451,203

(60,259)

918,912

1,018,511

(99,599)

Administrative Expenses

(71,257)

(69,312)

(1,945)

(201,925)

(183,917)

(18,008)

Distribution Expenses

(35,247)

(28,110)

(7,137)

(91,709)

(81,421)

(10,288)

Other Operating Expenses

-

(5,000)

5,000

(28,747)

(5,000)

(23,747)

PROFIT/(LOSS) FROM OPERATIONS

475,130

350,762

124,368

1,301,696

705,552

596,144

Finance Income

1,117

4,302

(3,185)

43,530

17,285

26,245

Finance Expense

(82,690)

(7,997)

(74,693)

(186,787)

(15,255)

(171,532)

Net Finance - Income / (Expense)

(81,573)

(3,695)

(77,878)

(143,257)

2,030

(145,287)

PROFIT /(LOSS) BEFORE INCOME TAX EXPENSES

393,557

347,067

46,490

1,158,439

707,582

450,857

Income Tax (Expenses)/Reversal

7,943

1,755

6,188

9,539

2,976

6,563

PROFIT/(LOSS) FOR THE PERIOD

401,500

348,822

52,678

1,167,978

710,558

457,420

Other Comprehensive Income/(Expense) for the Period

Items that will never be reclassified to profit or loss

Net change in Fair Value of Equity Securities-at FVOCI

(1,394,171)

(637,190)

(756,981)

756,418

1,706,862

(950,444)

Other Comprehensive Income/(Expense) for the Period

(1,394,171)

(637,190)

(756,981)

756,418

1,706,862

(950,444)

Total Comprehensive Income/(Expense) For the Period

(992,671)

(288,368)

(704,303)

1,924,396

2,417,420

(493,024)

Profit /(Loss) Attributable To:

Owners of the Company

401,500

348,822

52,678

1,167,978

710,558

457,420

Non Controlling Interest

-

-

-

-

-

PROFIT/(LOSS) FOR THE PERIOD

401,500

348,822

52,678

1,167,978

710,558

457,420

Total Comprehensive Income/(Expense) Attributable To:

Owners of the Company

(992,671)

(288,368)

(704,303)

1,924,396

2,417,420

(493,024)

Non Controlling Interest

-

-

-

-

-

-

Total Comprehensive Income/(Expense) For the Period

(992,671)

(288,368)

(704,303)

1,924,396

2,417,420

(493,024)

BASIC EARNINGS /(LOSS) PER SHARE OF Rs.

10.04

8.72

29.20

17.76

STATEMENT OF FINANCIAL POSITION

GROUP

COMPANY

As At

2022.12.31

2022.03.31

2022.12.31

2022.03.31

Rs. 000's

Rs. 000's

Rs. 000's

Rs. 000's

ASSETS

NON-CURRENT ASSETS

Property Plant and Equipment

5,063,746

4,497,497

113,795

125,751

Intangible Assets

3,239

3,239

Investment in Subsidiaries

-

-

1,065,000

1,065,000

Other Investments

7,609,172

6,852,754

7,609,172

6,852,754

Biological Assets

1,716,935

1,279,229

-

-

Deferred Tax Asset

20,289

10,750

20,289

10,750

Right Of Use Assets

510,965

308,854

286

307

TOTAL NON CURRENT ASSETS

14,924,346

12,949,084

8,811,781

8,054,562

CURRENT ASSETS

Inventories

2,943,414

1,486,956

216,481

398,066

Biological Assets

3,457

40,772

-

-

Other Investments

135,830

153,778

135,830

153,778

Trade Receivable

1,312,016

787,959

409,456

194,871

Other Receivables

126,799

68,705

42,179

25,369

Amounts Due from Related Companies

9,574

24,721

3,107,164

1,404,537

Income Tax Receivables

9,167

8,820

9,167

9,167

Cash & Cash equivalents

66,213

1,212,879

30,463

1,002,342

TOTAL CURRENT ASSETS

4,606,470

3,784,590

3,950,740

3,188,130

TOTAL ASSETS

19,530,816

16,733,674

12,762,521

11,242,692

EQUITY AND LIABILITIES

EQUITY

Stated Capital ( Note 7)

999,950

999,950

999,950

999,950

Capital Reserves

105,116

105,116

105,116

105,116

Fair ValueThrough Other Comprehensive Income Reserve

7,038,086

6,281,668

7,038,086

6,281,668

Revenue Reserves

4,858,986

4,046,833

3,079,936

2,211,943

Total Equity attributable to Equity Holders

13,002,138

11,433,567

11,223,088

9,598,677

of the company

Non Controlling Interest

(318)

(235)

-

-

Total Equity

13,001,820

11,433,332

11,223,088

9,598,677

LIABILITIES

NON-CURRENT LIABILITIES

Loans and Borrowings

2,531,250

1,753,646

-

-

Lease Liabilities

534,949

319,814

368

290

Deferred Tax Liability

100,394

87,030

-

-

Retirement Benefits Obligation

161,301

141,410

79,298

69,507

TOTAL NON CURRENT LIABILITIES

3,327,894

2,301,900

79,666

69,797

CURRENT LIABILITIES

Trade and Other Payables

909,231

1,518,264

339,056

1,182,122

Amounts Due to Related Companies

107,317

175,187

105,238

169,346

Income Tax Payable

33,539

35,857

-

-

Loans and Borrowings

943,750

375,000

850,000

-

Lease Liabilities

34,335

34,376

18

60

Bank Overdraft

1,172,930

859,758

165,455

222,690

TOTAL CURRENT LIABILITIES

3,201,102

2,998,442

1,459,767

1,574,218

TOTAL LIABILITIES

6,528,996

5,300,342

1,539,433

1,644,015

TOTAL EQUITY AND LIABILITIES

19,530,816

16,733,674

12,762,521

11,242,692

Net Asset Value Per Share Rs. Cts.

325.07

285.85

280.59

239.98

I certify that the Financial Statements have been prepared in compliance with the requirements of Companies Act No 07 of 2007.

The Board of Directors is responsible for the preparation and presentation of these

Financial statements .Signed for and on behalf of the Board by,

W.A Dharmathilaka

Group Chief Financial Officer

D.H.S Jayawardena

C.R Jansz

13th February 2023

Chairman

Director

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