Financial statements as at 31st December 2021

LANKA VENTURES PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(Unaudited)

(All amounts in Sri Lanka Rupees thousands)

Interim period of 03 Months

Accumulated 09 Months

Group

Company

Group

Company

Period ended 31 December

Period ended 31 December

Period ended 31 December

Period ended 31 December

2021

2020

2021

2020

2021

2020

2021

2020

Revenue

Investment income

263

151

1,225

955

689

386

3,585

3,045

Interest income

3,040

3,496

1,362

883

10,892

12,553

2,651

4,673

Subsidiary company income

143,768

105,280

-

-

394,481

286,780

-

-

Other income

269

219

194

296

8,952

589

736

617

147,339

109,147

2,780

2,134

415,014

300,308

6,971

8,334

Operating expenses

Administrative expenses

(11,843)

(8,967)

(8,510)

(6,118)

(32,456)

(30,738)

(22,854)

(21,652)

Sales and establishment expenses

(429)

(59)

(447)

(222)

(1,472)

(1,162)

(1,260)

(1,122)

Other operating expenses

(2,886)

(3,315)

(951)

(840)

(10,674)

(9,754)

(3,482)

(3,076)

Direct expenses - other subsidiaries

(41,434)

(35,473)

-

-

(113,079)

(94,883)

-

-

Results from operating activities

90,747

61,332

(7,127)

(5,046)

257,333

163,771

(20,624)

(17,515)

Share of profit of equity accounted investees

58,432

144,844

26,550

57,402

573,151

673,472

262,022

310,190

Finance cost

(69,387)

(64,630)

(942)

(1,020)

(197,533)

(215,882)

(2,716)

(3,685)

Profit/(loss) before income tax

79,792

141,546

18,480

51,336

632,951

621,360

238,681

288,989

Tax expense

(12,437)

(24,832)

-

-

(124,316)

(37,972)

-

-

Profit/(loss) for the period

67,354

116,714

18,480

51,336

508,635

583,389

238,681

288,989

Profit/(loss) attributable to:

Equity holders of the company

18,480

51,336

18,480

51,336

238,681

288,989

238,681

288,989

Non-controlling interest

48,874

65,378

-

-

269,954

294,400

-

-

Profit/(loss) for the period

67,354

116,714

18,480

51,336

508,635

583,389

238,681

288,989

Other comprehensive income, net of income tax

Items that are or may be re-classified subsequently to profit or loss

Foreign operations - foreign currency translation difference

(513)

44,619

(293)

25,432

(15,646)

(27,759)

(8,918)

(15,822)

Total other comprehensive income that are or may be re-classified

to profit or loss in subsequent period

(513)

44,619

(293)

25,432

(15,646)

(27,759)

(8,918)

(15,822)

Items that will not be re-classified subsequently to profit or loss

Defined benefit plan actuarial gains/(losses) net of tax

(33)

(32)

(33)

(32)

(33)

(32)

(33)

(32)

Total other comprehensive income that not will be re-classified to

profit or loss in subsequent period

(33)

(32)

(33)

(32)

(33)

(32)

(33)

(32)

Total other comprehensive income for the period, net of income tax

(546)

44,588

(326)

25,400

(15,679)

(27,791)

(8,951)

(15,854)

Total comprehensive income for the period

66,808

161,302

18,155

76,736

492,956

555,598

229,731

273,135

Total comprehensive income attributable to:

Equity holders of the company

18,155

76,736

18,155

76,736

229,731

273,135

229,731

273,135

Non-controlling interest

48,653

84,566

-

-

263,225

282,463

-

-

Total comprehensive income for the period

66,808

161,302

18,155

76,736

492,956

555,598

229,731

273,135

Basic earnings per share (Rs.)

0.37

1.03

0.37

1.03

4.77

5.78

4.77

5.78

LANKA VENTURES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)

(All amounts in Sri Lanka Rupees thousands)

Group

Company

Group

Company

As at 31

As at 31

As at 31

As at 31

December 2021

December 2021

March 2021

March 2021

Audited

Audited

Assets

Non current assets

Property, plant and equipment

1,663,243

675

1,143,824

648

Right-of-use assets

19,498

16,460

22,652

19,474

Investment in equity accounted investees

6,449,443

3,042,743

6,549,273

2,905,797

Intangible assets

75,737

-

70,787

-

Financial assets measured at fair value through OCI

7,500

7,500

7,500

7,500

Total non current assets

8,215,421

3,067,378

7,794,036

2,933,419

Current assets

Loans and receivables

253,270

4,945

141,371

6,109

Amounts due from related parties

453

1,100

580

4,193

Trade and other receivables

451,810

8,512

73,200

-

Income tax receivables

7,276

1,515

8,327

1,514

Cash and cash equivalents

209,164

85,734

468,311

77,182

Total current assets

921,974

101,806

691,789

88,998

Total assets

9,137,395

3,169,185

8,485,825

3,022,417

Equity

Stated capital

631,638

631,638

631,638

631,638

Revaluation reserve

6,416

6,416

6,416

6,416

Translation reserve

410,155

410,156

419,073

419,074

Retained earnings

2,052,996

2,061,537

1,889,347

1,897,888

Total equity attributable to equity holders of the Company

3,101,205

3,109,747

2,946,474

2,955,016

Non controlling interest

2,522,711

-

2,385,879

-

Total equity

5,623,916

3,109,747

5,332,353

2,955,016

Liabilities

Non current liabilities

Defined benefit obligation

4,692

4,692

4,005

4,005

Deferred tax liability

40,531

-

42,413

-

Cumulative redeemable preference shares

-

-

75,000

-

Interest bearing borrowings

2,937,104

11,250

1,747,798

18,000

Lease liability

12,054

12,054

15,067

15,067

Total non current liabilities

2,994,381

27,996

1,884,283

37,072

Current liabilities

Cumulative redeemable preference shares

-

-

20,000

-

Interest bearing borrowings

442,184

9,000

1,192,921

11,550

Lease liability

4,018

4,018

4,018

4,018

Other payables

49,569

18,425

32,592

14,761

Income tax payables

23,328

-

19,658

-

Total current liabilities

519,099

31,443

1,269,189

30,329

Total liabilities

3,513,480

59,438

3,153,472

67,401

Total equity and liabilities

9,137,395

3,169,185

8,485,825

3,022,417

Net assets per share (Rs.)

62.02

62.19

58.93

59.10

Sgd.

Sgd.

M R Abeywardena

A R Munasinghe

Director

Director

09 February 2022

Group

Stated

Revaluation

Translation

Retained

Non

capital

reserve

reserve

earnings

controlling

Total

Balance as at 01 April 2020

631,638

6,422

274,819

1,645,668

2,058,104

4,616,652

Profit/(loss) for the period

-

-

-

288,989

294,400

583,389

Foreign operations - foreign currency translation difference

-

-

(15,822)

-

(11,937)

(27,759)

Defined benefit plan actuarial gains /(losses)

-

-

-

(32)

-

(32)

Total comprehensive income for the period

-

-

(15,822)

288,957

282,463

555,598

Transactions with equity holders recognized

directly in equity

Dividend paid

-

-

-

(75,000)

(106,594)

(181,594)

-

-

-

(75,000)

(106,594)

(181,594)

Balance as at 31 December 2020

631,638

6,422

258,998

1,859,626

2,233,974

4,990,658

Balance as at 01 April 2021

631,638

6,416

419,073

1,889,347

2,385,879

5,332,353

Profit/(loss) for the period

-

-

-

238,681

269,954

508,635

Foreign operations - foreign currency translation difference

-

-

(8,918)

-

(6,728)

(15,646)

Defined benefit plan actuarial gains /(losses)

(33)

(33)

Total comprehensive income for the period

-

-

(8,918)

238,649

263,225

492,956

Transactions with equity holders recognized

directly in equity

Dividend paid

-

-

-

(75,000)

(126,394)

(201,394)

-

-

-

(75,000)

(126,394)

(201,394)

Balance as at 31 December 2021

631,638

6,416

410,155

2,052,996

2,522,711

5,623,916

Company

Stated

Revaluation

Translation

Retained

Capital

reserve

reserve

earnings

Total

Balance as at 01 April 2020

631,638

6,422

274,820

1,654,209

2,567,090

Profit/(loss) for the period

-

-

-

288,989

288,989

Foreign operations - foreign currency translation difference

-

-

(15,822)

-

(15,822)

Defined benefit plan actuarial gains / (losses) net of tax

-

-

-

(32)

(32)

Total comprehensive income for the period

-

-

(15,822)

288,957

273,135

Transactions with equity holders recognized

directly in equity

Dividend paid

-

-

-

(75,000)

(75,000)

-

-

-

(75,000)

(75,000)

Balance as at 31 December 2020

631,638

6,422

258,998

1,868,166

2,765,224

Balance as at 01 April 2021

631,638

6,416

419,074

1,897,888

2,955,016

Profit/(loss) for the period

-

-

-

238,681

238,681

Foreign operations - foreign currency translation difference

-

-

(8,918)

-

(8,918)

Defined benefit plan actuarial gains / (losses) net of tax

(33)

(33)

Total comprehensive income for the period

-

-

(8,918)

238,649

229,731

Transactions with equity holders recognized

directly in equity

Dividend paid

-

-

-

(75,000)

(75,000)

-

-

-

(75,000)

(75,000)

Balance as at 31 December 2021

631,638

6,416

410,156

2,061,537

3,109,747

Group

Company

For the period ended 31 December

2021

2020

2021

2020

Cash flows from operating activities

Profit/(loss) before income tax

632,951

621,360

238,681

288,989

Adjustments for:

Amortization of staff cost

195

195

195

195

Depreciation

37,446

33,224

112

184

Amortization of ROUA

3,013

3,013

3,013

3,013

Amortization of intangible assets

1,056

796

-

-

Share of earnings

(573,151)

(673,472)

(262,022)

(310,190)

Interest income on staff loan

(401)

(499)

(401)

(499)

Provision for defined benefit obligation

655

551

655

551

Interest income on investments

(10,892)

(12,553)

(2,651)

(4,673)

Dividend on preference shares

274

8,250

-

-

Interest expense on lease

1,245

857

1,245

857

Interest expense

193,512

204,561

1,374

2,786

285,903

186,285

(19,798)

(18,785)

Changes in

Loans and receivables

(112,094)

(65,974)

969

408

Amounts due from related parties

127

42

3,093

424

Other receivables

98,772

64,974

(8,512)

(17)

Other payables

16,967

(264)

3,658

(4,021)

Cash generated from operating activities

289,675

185,063

(20,590)

(21,991)

Taxes paid

(35,449)

(16,974)

-

(43)

Interest paid

(151,697)

(148,017)

(2,619)

(3,643)

Net cash from operating activities

102,530

20,072

(23,209)

(25,678)

Cash flows from investing activities

Dividend received

-

179,669

116,160

116,160

Dividend received from equity accounted investees

76,053

-

-

-

Additions to intangible assets

(5,866)

(10,269)

-

-

Interest received

11,293

13,052

3,052

5,172

Investment in equity accounted investees

-

(49,725)

-

-

Additions to property, plant & equipment

(556,868)

(173,282)

(140)

(102)

Net cash from investing activities

(475,387)

(40,555)

119,071

121,230

Cash flows from financing activities

Dividend paid

(75,000)

(75,000)

(75,000)

(75,000)

Dividend paid to the minority shareholders

(126,394)

(106,594)

-

-

Lease rental paid

(3,010)

(3,444)

(3,010)

(3,444)

Preference dividend paid

(274)

(10,556)

-

-

Cash repayments of cumulative redeemable preference shares

(95,000)

(42,500)

-

-

Cash proceeds of interest bearing borrowings

1,499,303

384,449

-

-

Cash repayments of interest bearing borrowings

(1,085,915)

(83,723)

(9,300)

(6,750)

Net cash from financing activities

113,710

62,632

(87,310)

(85,194)

Net increase/(decrease) in cash and cash equivalents

(259,147)

42,149

8,552

10,358

Cash and cash equivalent as at 01 April

468,311

402,556

77,182

81,603

Cash and cash equivalent as at 31 December

209,164

444,705

85,734

91,961