INTERIM FINANCIAL STATEMENTS
FOR THE 3RD QUARTER ENDED
31ST DECEMBER 2022
MILLENNIUM HOUSING DEVELOPERS PLC
STATEMENT OF FINANCIAL POSITION
Group | |||
AS AT | 31-Dec-22 | 31-Dec-21 | 31-Mar-22 |
Un audited | Un audited | Audited | |
Rs. '000 | Rs. '000 | Rs. '000 | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 28,516 | 24,496 | 22,966 |
Investment property | 135,000 | 135,000 | 135,000 |
Right of use assets | 23,703 | 32,127 | 28,537 |
Intangible assets | 137 | 186 | 173 |
Financial assets - FVOCI | 7,936 | 11,058 | 7,936 |
Deferred tax asset | 2,242 | - | |
Total Non-current assets | 195,292 | 205,109 | 194,612 |
Current assets | |||
Inventories | 1,789,549 | 1,877,155 | 1,854,210 |
Trade and other receivables | 140,221 | 296,365 | 264,030 |
Amounts due from related companies | 12,488 | 20,751 | 9,645 |
Income tax receivables | - | 12,434 | - |
Cash at bank and in hand | 15,747 | 21,417 | 20,099 |
Total Current assets | 1,958,006 | 2,228,122 | 2,147,984 |
Total assets | 2,153,298 | 2,433,231 | 2,342,596 |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated capital | 293,802 | 293,802 | 293,802 |
Capital redemption reserve | 14,987 | 18,108 | 14,987 |
Retained earnings | 567,964 | 734,996 | 725,327 |
Equity attributable to owners of the Company | 876,753 | 1,046,906 | 1,034,116 |
Total equity | 876,753 | 1,046,906 | 1,034,116 |
Non-current liabilities | |||
Interest bearing borrowings | 410,667 | 510,906 | 460,502 |
Deferred tax liability | 8,880 | 237 | 8,880 |
Retirement benefit obligation | 8,864 | 22,323 | 14,131 |
Total Non-current liabilities | 428,411 | 533,466 | 483,513 |
Current liabilities | |||
Advances received from customers | 220,594 | 175,332 | 192,279 |
Trade and other payables | 324,900 | 354,474 | 324,139 |
Interest bearing borrowings | 237,116 | 196,292 | 238,670 |
Debt Securities | - | 3,250 | 3,250 |
Amounts due to related companies | 7,179 | 832 | 831 |
Income tax payable | 1,539 | 44,717 | 2,703 |
Bank overdraft | 56,806 | 77,962 | 63,095 |
Total Current liabilities | 848,134 | 852,860 | 824,967 |
Total liabilities | 1,276,545 | 1,386,325 | 1,308,480 |
Total equity and liabilities | 2,153,298 | 2,433,231 | 2,342,596 |
Net Asset Per Share | 6.51 | 7.77 | 7.68 |
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Sampath Tennakoon
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Approved and signed for and on behalf of the Board ;
U.H. Dharmadasa | K.C.C. Perera |
Chairman | Director |
13th February 2023 |
Page - 02
MILLENNIUM HOUSING DEVELOPERS PLC
STATEMENT OF FINANCIAL POSITION
Company | |||
AS AT | 31-Dec-22 | 31-Dec-21 | 31-Mar-22 |
Un audited | Un audited | Audited | |
Rs. '000 | Rs. '000 | Rs. '000 | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 25,226 | 19,330 | 18,360 |
Intangible assets | 78 | 82 | 81 |
Investment in subsidiaries | 279,533 | 279,533 | 279,533 |
Right of use assets | 23,703 | 32,127 | 28,537 |
Financial assets - FVOCI | 7,936 | 11,058 | 7,936 |
Deferred tax asset | 812 | 2,106 | 812 |
Total Non-current assets | 337,288 | 344,235 | 335,259 |
Current assets | |||
Inventories | 454,533 | 373,564 | 426,778 |
Trade and other receivables | 66,326 | 143,185 | 117,804 |
Amounts due from related companies | - | 3,442 | 883 |
Income tax receivables | - | - | - |
Cash at bank and in hand | 14,202 | 11,351 | 12,212 |
Total Current assets | 535,061 | 531,542 | 557,677 |
Total assets | 872,350 | 875,777 | 892,936 |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated capital | 293,802 | 293,802 | 293,802 |
Capital redemption reserve | 14,987 | 18,108 | 14,987 |
Retained earnings | 55,044 | 48,507 | 129,533 |
Equity attributable to owners of the Company | 363,833 | 360,417 | 438,322 |
Total equity | 363,833 | 360,417 | 438,322 |
Non-current liabilities | |||
Interest bearing borrowings | 119,303 | 170,000 | 126,397 |
Retirement benefit obligation | 6,244 | 18,943 | 10,275 |
Total Non-current liabilities | 125,547 | 188,943 | 136,672 |
Current liabilities | |||
Trade and other payables | 54,745 | 101,908 | 91,786 |
Advances received from customers | 121,699 | 15,346 | 34,880 |
Interest bearing borrowings | 96,766 | 33,699 | 73,320 |
Debt Securities | - | 3,250 | 3,250 |
Amounts due to related companies | 104,758 | 99,314 | 92,654 |
Income tax payable | 44 | 40,207 | 10,643 |
Bank overdraft | 4,958 | 32,693 | 11,409 |
Total Current liabilities | 382,970 | 326,417 | 317,942 |
Total liabilities | 508,517 | 515,360 | 454,614 |
Total equity and liabilities | 872,350 | 875,777 | 892,936 |
Net Asset Per Share | 2.70 | 2.68 | 3.25 |
It is certified that the Financial Statements have been prepared in compliance with the
requirements of the Companies Act No. 7 of 2007.
Sampath Tennakoon
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial
Statements.
Approved and signed for and on behalf of the Board ;
U.H. Dharmadasa | K.C.C. Perera |
Chairman | Director |
13th February 2023 |
Page-03
MILLENNIUM HOUSING DEVELOPERS PLC
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
Quarter ended | Nine Months | |||
31st December | 31st December | |||
2022 | 2021 | 2022 | 2021 | |
Un audited | Un audited | Un audited | Un audited | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Revenue | 79,000 | 65,724 | 398,585 | 282,204 |
Cost of sales | (56,987) | (55,584) | (285,968) | (192,507) |
Gross profit | 22,013 | 10,141 | 112,617 | 89,698 |
Other operating income | 11,952 | 89,241 | 24,590 | 107,432 |
Administration expenses | (53,290) | (55,116) | (163,804) | (163,915) |
Selling and marketing expenses | (1,038) | (8,677) | (12,083) | (20,716) |
Results from operating activities | (20,363) | 35,589 | (38,680) | 12,499 |
Finance income | 597 | 415 | 1,785 | 4,669 |
Finance costs | (43,705) | (17,902) | (105,603) | (37,927) |
Net finance income | (43,108) | (17,487) | (103,818) | (33,258) |
Profit/(Loss) before income tax | (63,471) | 18,102 | (142,498) | (20,759) |
Income tax expense | (35) | (42,053) | (14,865) | (42,197) |
Profit/(Loss) for the period | (63,506) | (23,950) | (157,363) | (62,955) |
Other comprehensive income | ||||
Other comprehensive income Net of taxes | - | - | - | - |
Total comprehensive income for the period | (63,506) | (23,950) | (157,363) | (62,955) |
Profit/(Loss) attributable to : | ||||
Owners of the Company | (63,506) | (23,950) | (157,363) | (62,955) |
Non-controlling interests | - | - | - | - |
Profit/(Loss) for the period | (63,506) | (23,950) | (157,363) | (62,955) |
Total comprehensive income attributable to | ||||
Owners of the Company | (63,506) | (23,950) | (157,363) | (62,955) |
Non-controlling interest | - | - | - | - |
Total comprehensive income for the period | (63,506) | (23,950) | (157,363) | (62,955) |
Earnings per share | (0.47) | (0.18) | (1.17) | (0.47) |
Figures in brackets indicates deductions.
Page - 04
MILLENNIUM HOUSING DEVELOPERS PLC
COPMANY COMPREHENSIVE INCOME STATEMENT
Quarter ended | Nine Months Ended | ||||
31st December | 31st December | ||||
2022 | 2021 | 2022 | 2021 | ||
Un audited | Un audited | Un audited | Un audited | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Revenue | 46,000 | - | 138,394 | - | |
Cost of sales | (35,347) | - | (102,158) | - | |
Gross profit | 10,653 | - | 36,236 | - | |
Other operating income | 4,574 | 301,159 | 7,359 | 303,526 | |
Administration expenses | (28,688) | (37,373) | (77,292) | (109,841) | |
Selling and marketing expenses | (914) | (6,806) | (11,146) | (15,017) | |
Results from operating activities | (14,375) | 256,980 | (44,843) | 178,668 | |
Finance income | 531 | 107 | 1,112 | 671 | |
Finance costs | (12,430) | (4,649) | (28,794) | (12,586) | |
Net finance income | (11,899) | (4,542) | (27,682) | (11,915) | |
Profit/(Loss) before income tax | (26,273) | 252,438 | (72,524) | 166,753 | |
Income tax expense | (16) | (42,019) | (1,964) | (42,098) | |
Profit/(Loss) for the period | (26,289) | 210,419 | (74,488) | 124,655 | |
Other comprehensive income | |||||
Other comprehensive income Net of taxes | - | - | - | - | |
Total comprehensive income of the period | (26,289) | 210,419 | (74,488) | 124,655 | |
Profit/(Loss) attriburtable to ; | |||||
Owners of the Company | (26,289) | 210,419 | (74,488) | 124,655 | |
Non-controlling interest | - | ||||
Profit/(Loss) for the Period | (26,289) | 210,419 | (74,488) | 124,655 | |
Total comprehensive income attributable to: | |||||
Owners of the Company | (26,289) | 210,419 | (74,488) | 124,655 | |
Non-controlling interests | - | - | |||
Total comprehensive income for the period | (26,289) | 210,419 | (74,488) | 124,655 | |
Earnings per share | (0.20) | 1.56 | (0.55) | 0.93 |
Figures in brackets indicates deductions.
Page - 05
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