INTERIM FINANCIAL STATEMENTS
FOR THE 2ND QUARTER ENDED 30TH SEPTEMBER 2024
MILLENNIUM HOUSING DEVELOPERS PLC
STATEMENT OF FINANCIAL POSITION
Group | |||
AS AT | 30-Sep-24 | 30-Sep-23 | 31-Mar-24 |
Unaudited | Unaudited | Audited | |
Rs. '000 | Rs. '000 | Rs. '000 | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 17,060 | 22,373 | 19,001 |
Investment property | 195,000 | 172,500 | 195,000 |
Intangible assets | 3 | 40 | 14 |
Financial assets - FVOCI | 6,160 | 6,902 | 6,160 |
Total Non-current assets | 218,223 | 201,815 | 220,175 |
Current assets | |||
Inventories | 1,551,977 | 1,662,549 | 1,647,017 |
Trade and other receivables | 96,431 | 131,235 | 77,968 |
Amounts due from related companies | 11,602 | 2,928 | 11,602 |
Cash at bank and in hand | 30,095 | 14,605 | 25,577 |
Total Current assets | 1,690,104 | 1,811,318 | 1,762,164 |
Total assets | 1,908,327 | 2,013,133 | 1,982,339 |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated capital | 293,802 | 293,802 | 293,802 |
Capital Redemption Reserve | 13,211 | 13,953 | 13,211 |
Retained earnings | 268,589 | 480,455 | 339,944 |
Equity attributable to owners of the Company | 575,602 | 788,210 | 646,957 |
Total equity | 575,602 | 788,210 | 646,957 |
Non-current liabilities | |||
Interest bearing borrowings | 72,283 | 72,840 | 72,283 |
Lease Liabilities | - | - | - |
Deferred tax liability | 14,226 | 38,801 | 14,226 |
Retirement benefit obligation | 4,522 | 8,991 | 6,305 |
Total Non-current liabilities | 91,030 | 120,632 | 92,813 |
Current liabilities | |||
Trade and other payables | 382,771 | 352,448 | 382,110 |
Advances received from customers | 223,740 | 88,919 | 130,047 |
Interest bearing borrowings | 528,002 | 585,897 | 582,455 |
Amounts due to related companies | 44,546 | 17,211 | 81,367 |
Income tax payable | 1,401 | 1,437 | 1,401 |
Bank overdraft | 61,234 | 58,379 | 65,191 |
Total Current liabilities | 1,241,695 | 1,104,291 | 1,242,569 |
Total liabilities | 1,332,725 | 1,224,923 | 1,335,382 |
Total equity and liabilities | 1,908,327 | 2,013,133 | 1,982,339 |
Net Asset Per Share | 4.27 | 5.85 | 4.80 |
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Signed
Upul Kumarasinghe
Finance Manager
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 ;
Signed | Signed |
U.H. Dharmadasa | K.C.C.Perera |
Chairman | Director |
13th November 2024 |
Page-02
MILLENNIUM HOUSING DEVELOPERS PLC
STATEMENT OF FINANCIAL POSITION
Company | |||
AS AT | 30-Sep-24 | 30-Sep-23 | 31-Mar-24 |
Unaudited | Unaudited | Audited | |
Rs. '000 | Rs. '000 | Rs. '000 | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 15,200 | 19,139 | 16,461 |
Intangible assets | 3 | 11 | 3 |
Investment in subsidiaries | 278,629 | 278,629 | 278,629 |
Right of use assets | - | - | - |
Financial assets - FVOCI | 6,160 | 6,902 | 6,160 |
Deferred tax asset | 856 | 1,987 | 856 |
Total Non-current assets | 300,848 | 306,668 | 302,109 |
Current assets | |||
Inventories | 415,571 | 372,753 | 384,878 |
Trade and other receivables | 56,881 | 76,813 | 43,211 |
Amounts due from related companies | 33,266 | 14,403 | 29,908 |
Cash at bank and in hand | 27,897 | 11,496 | 18,487 |
Total Current assets | 533,615 | 475,465 | 476,483 |
Total assets | 834,463 | 782,133 | 778,592 |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated capital | 293,802 | 293,802 | 293,802 |
Capital Redemption Reserve | 13,211 | 13,953 | 13,211 |
Retained earnings | (158,054) | (16,552) | (127,340) |
Equity attributable to owners of the Company | 148,959 | 291,203 | 179,673 |
Total equity | 148,959 | 291,203 | 179,673 |
Non-current liabilities | |||
Interest bearing borrowings | 72,283 | - | 72,283 |
Retirement benefit obligation | 4,464 | 7,415 | 5,199 |
Total Non-current liabilities | 76,747 | 7,415 | 77,482 |
Current liabilities | |||
Trade and other payables | 152,903 | 132,329 | 164,183 |
Advances received from customers | 135,625 | 47,337 | 72,927 |
Interest bearing borrowings | 157,716 | 244,891 | 172,609 |
Amounts due to related companies | 143,540 | 42,369 | 83,432 |
Income tax payable | - | 17 | - |
Bank overdraft | 18,973 | 16,572 | 28,286 |
Total Current liabilities | 608,758 | 483,514 | 521,437 |
Total liabilities | 685,504 | 490,930 | 598,919 |
Total equity and liabilities | |||
834,463 | 782,133 | 778,592 | |
Net Asset Per Share | 1.11 | 2.16 | 1.33 |
It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
-
Singed
Upul Kumarasinghe
Finance Manager
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 ;
Singed | Signed |
U.H. Dharmadasa | K.C.C.Perera |
Chairman | Director |
13th November 2024 | Page-03 |
MILLENNIUM HOUSING DEVELOPERS PLC | ||||
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT | ||||
Quarter ended | Six Months | |||
30th September | 30th September | |||
2024 | 2023 | 2024 | 2023 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Revenue | 37,287 | 87,700 | 142,287 | 87,700 |
Cost of sales | (38,352) | (62,523) | (143,252) | (62,523) |
Gross profit | (1,064) | 25,177 | (965) | 25,177 |
Other operating income | 11,867 | 71,170 | 23,650 | 82,634 |
Administration expenses | (31,984) | (42,075) | (62,756) | (87,661) |
Selling and marketing expenses | (2,600) | (39) | (3,000) | (976) |
Results from operating activities | (23,782) | 54,233 | (43,070) | 19,174 |
Finance income | 216 | 358 | 781 | 517 |
Finance costs | (19,029) | (31,275) | (29,065) | (74,779) |
Net finance income | (18,813) | (30,917) | (28,284) | (74,262) |
Profit/(Loss) before income tax | (42,595) | 23,316 | (71,355) | (55,088) |
Income tax expense | - | (13) | - | (37) |
Profit/(Loss) for the period | ||||
(42,595) | 23,303 | (71,355) | (55,125) | |
Other comprehensive income | ||||
Other comprehensive income net of taxes | - | - | - | |
Total comprehensive income for the period | (42,595) | 23,303 | (71,355) | (55,125) |
Profit/(Loss) attributable to : | ||||
Owners of the Company | (42,595) | 23,303 | (71,355) | (55,125) |
Non-controlling interests | - | - | - | |
Profit/(Loss) for the period | (42,595) | 23,303 | (71,355) | (55,125) |
Total comprehensive income attributable to | ||||
Owners of the Company | (42,595) | 23,303 | (71,355) | (55,125) |
Non-controlling interest | - | - | - | |
Total comprehensive income for the period | (42,595) | 23,303 | (71,355) | (55,125) |
Earnings per share | (0.32) | 0.17 | (0.53) | (0.41) |
Figures in brackets indicates deductions.
Page - 04
MILLENNIUM HOUSING DEVELOPERS PLC | ||||
COMPANY COMPREHENSIVE INCOME STATEMENT | ||||
Quarter ended | Six Months | |||
30th September | 30th September | |||
2024 | 2023 | 2024 | 2023 | |
Unaudited | Un audited | Unaudited | Un audited | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Revenue | 37,287 | 87,700 | 37,287 | 87,700 |
Cost of sales | (19,810) | (62,523) | (14,060) | (62,523) |
Gross profit | 17,477 | 25,177 | 23,227 | 25,177 |
Other operating income | 3,568 | 4,562 | 5,091 | 5,937 |
Administration expenses | (20,129) | (29,777) | (40,513) | (61,434) |
Selling and marketing expenses | (2,600) | (40) | (3,000) | (862) |
Results from operating activities | (1,684) | (78) | (15,195) | (31,182) |
Finance income | 185 | 343 | 302 | 450 |
Finance costs | (13,339) | (13,302) | (15,822) | (30,759) |
Net finance income | (13,154) | (12,959) | (15,520) | (30,309) |
Profit/(Loss) before income tax | (14,838) | (13,037) | (30,715) | (61,491) |
Income tax expense | - | (9) | - | (17) |
Profit/(Loss) for the period | (14,838) | (13,046) | (30,715) | (61,508) |
Other comprehensive income | ||||
Other comprehensive income Net of taxes | - | - | - | - |
Total comprehensive income of the period | (14,838) | (13,046) | (30,715) | (61,508) |
Profit/(Loss) attributable to ; | ||||
Owners of the Company | (14,838) | (13,046) | (30,715) | (61,508) |
Non-controlling interest | ||||
Profit/(Loss) for the Period | (14,838) | (13,046) | (30,715) | (61,508) |
Total comprehensive income attributable to: | ||||
Owners of the Company | (14,838) | (13,046) | (30,715) | (61,508) |
Non-controlling interests | ||||
Total comprehensive income for the period | (14,838) | (13,046) | (30,715) | (61,508) |
Earnings per share | (0.11) | (0.10) | (0.23) | (0.46) |
Figures in brackets indicates deductions.
Page - 05
MILLENNIUM HOUSING DEVELOPERS PLC
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30TH SEPTEMBER 2024 | ||||||
Group | Attributable to owners of the Company | |||||
Stated | Capital | Available | Retained | Total | ||
capital | redemption | for sale | earnings | |||
reserve | FVOCI | |||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||
Balance as at 1st April 2023 | 293,802 | 25,000 | (11,047) | 535,580 | 843,335 | |
Profit for the period | - | - | - | (55,125) | (55,125) | |
Other Comprehensive Income(Net of tax) | - | - | - | - | - | |
Total comprehensive income for the period | - | - | - | (55,125) | (55,125) | |
Balance as at 30th September 2023 | 293,802 | 25,000 | (11,047) | 480,455 | 788,210 | |
Balance as at 1st April 2024 | 293,802 | 25,000 | (11,789) | 339,944 | 646,957 | |
Profit for the period | - | - | - | (71,355) | (71,355) | |
Other Comprehensive Income(Net of tax) | - | - | - | - | - | |
Total comprehensive income for the period | - | - | - | (71,355) | (71,355) | |
Balance as at 30th September 2024 | 293,802 | 25,000 | (11,789) | 268,589 | 575,602 |
Page - 06
MILLENNIUM HOUSING DEVELOPERS PLC
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30TH SEPTEMBER 2024 | |||||||||
Company | Stated | Capital | Available | Retained | Total | ||||
Capital | Redemption | for sale | Earnings | Equity | |||||
Reserve | FVOCI | ||||||||
Rs. ' 000 | Rs. ' 000 | Rs. ' 000 | Rs. ' 000 | Rs. ' 000 | |||||
- | |||||||||
Balance as at 1st April 2023 | 293,802 | 25,000 | (11,047) | 44,956 | 352,711 | ||||
Profit for the period | - | - | - | (61,508) | (61,508) | ||||
Other Comprehensive Income(Net of tax) | - | - | - | - | - | ||||
Total Comprehensive income for the period | - | - | - | (61,508) | (61,508) | ||||
- | |||||||||
Balance as at 30th September 2023 | 293,802 | 25,000 | (11,047) | (16,552) | 291,203 | ||||
Balance as at 1st April 2024 | 293,802 | 25,000 | (11,789) | (127,340) | 179,673 | ||||
Profit for the period | - | - | - | (30,715) | (30,715) | ||||
Other Comprehensive Income(Net of tax) | - | - | - | - | - | ||||
Total Comprehensive income for the period | - | - | - | (30,715) | (30,715) | ||||
- | |||||||||
Balance as at 30th September 2024 | 293,802 | 25,000 | (11,789) | (158,054) | 148,959 |
Figures in brackets indicates deductions.
Page - 07
MILLENNIUM HOUSING DEVELOPERS PLC | ||||
CASH FLOW STATEMENT | ||||
Group | Company | |||
AS AT | 30-Sep-24 | 30-Sep-23 | 30-Sep-24 | 30-Sep-23 |
Unaudited | Unaudited | Unaudited | Unaudited | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Cash Flows from Operating Activities | ||||
Profit before Tax | (71,355) | (55,088) | (30,715) | (61,491) |
- | ||||
Adjustments for: | - | |||
Depreciation on Property, Plant and Equipments | 1,953 | 3,589 | 1,261 | 2,921 |
Fair value gain on investment property | - | - | - | - |
Depreciation on right-of-use assets | - | 1,297 | - | 1,297 |
Amortization on Intangible Assets | - | 27 | - | 8 |
Interest Expense | 29,065 | 74,779 | 15,822 | 30,759 |
Provision for Retirement benefit obligation | 1,531 | 1,000 | 1,527 | 916 |
Gain on disposal of right-of-use assets | - | (2,913) | - | (2,913) |
Interest Income | (781) | (517) | (302) | (450) |
Operating Profit before Working Capital Changes | (39,587) | 22,174 | (12,407) | (28,952) |
(Increase)/Decrease in Inventories | 95,040 | 2,064 | (30,693) | 6,438 |
(Increase)/Decrease in Trade and Other Receivables | (18,463) | 56,705 | (13,670) | 25,082 |
(Increase)/Decrease in Amounts Due from Related Companies | - | 8,799 | (3,358) | (8,603) |
Increase/(Decrease) in Trade and Other Payables | 94,355 | (4,737) | 51,418 | 33,373 |
Increase/(Decrease) in Amounts Due to Related Companies | (36,821) | 12,300 | 60,108 | 9,403 |
Cash Generated from/(Used in) Operations | 94,525 | 97,306 | 51,398 | 36,743 |
Income Tax Paid | - | - | - | - |
Gratuity Paid | (3,313) | (1,303) | (2,262) | (579) |
Interest Paid | (29,065) | (74,779) | (15,822) | (30,759) |
Net Cash flow Generated from/(Used in) Operating Activitie | 62,146 | 21,224 | 33,313 | 5,405 |
Cash Flows from Investing Activities | ||||
Purchase of Property, Plant and Equipment | - | (418) | - | (52) |
Interest Received | 781 | 517 | 302 | 450 |
Cash Generated from/(Used in) Investing Activities | 781 | 99 | 302 | 397 |
Cash Flows from Financing Activities | ||||
Loans Obtained | - | - | - | - |
Repayment of Loans | (54,452) | (30,740) | (14,892) | (10,000) |
Lease rental paid | - | - | - | - |
Cash Generated from/(Used in) Financing Activities | (54,452) | (30,740) | (14,892) | (10,000) |
Net Increase/(Decrease) in Cash and Cash Equivalents | 8,475 | (9,417) | 18,723 | (4,198) |
Cash and Cash Equivalents at the beginning of the year | (39,614) | (34,357) | (9,799) | (878) |
Cash and Cash Equivalents at the end of the year | (31,139) | (43,774) | 8,924 | (5,076) |
Figures in brackets indicates deductions.
Page - 08
MILLENNIUM HOUSING DEVELOPERS PLC
NOTES TO FINANCIAL STATEMENTS
-
Reporting Entity
Millennium Housing Developers PLC is a public quoted company (Quoted on 19th February 2014) incorporated in Sri Lanka on 28th July 1998 . These consolidated interim financial statement for the Second quarter ended 30th September 2024. - Basis of Preparation
The Financial Statements of the company and the Group have been prepared as per the Most Recent Audited Financial Statements and are in compliance with Sri Lanka Accounting Standards - LKAS 34 - Interim Financial Reporting - Accounting Policies
The accounting policies have been consistently applied by the Group and are consistent with those used in the previous year. Comparative figures have been restated where ever necessary to confirm to the current period's presentation. - Contingent Liabilities
There were no material contingent liabilities or assets as at reporting date which would require adjustment to or disclosers in the Financial Statements. - Events after the reporting Date
No events have occurred after the reporting date which require adjustments to or disclosure in the financial statements. - There were no liabilities for management fees or any other similar expenditure not
provided for in the interim financial statements.
7) | Stated Capital | 30-Sep-24 | 30-Sep-23 |
Number of shares represented by the share capital | 134,681,320 | 134,681,320 | |
(30-09-2020 - 134,681,320) | |||
Percentage of shares held by public | 48.21% | 20.02% | |
Float adjusted market capitalization (LKR Mn) | 195 | 92 | |
Total no of Public Shareholders | 1497 | 1525 |
Minimum Public Holding Requirement
The Company is compying the minimum public holding requirement under option 02 of the listing rule section 7.13.1 ( i) (b)
8) | Shares Traded | 30-Sep-24 | 30-Sep-23 |
Market Price Per Share - Last Traded - Rs. | 3.00 | 3.40 | |
Market Price Per Share - Highest - Rs. | 3.70 | 4.00 | |
Market Price Per Share - Lowest - Rs. | 2.60 | 2.90 |
Page - 09
NOTES TO FINANCIAL STATEMENTS
-
Share Holding of Directors
Number of shares held by the Board of Directors as at 30th September are as follows;
No | Name of the Director | As at 30th September 2024 | As at 30th September 2023 | ||
No of Shares | Percentage | No of Shares | Percentage | ||
1 | Mr. U. Harshith Dharmadasa - Chairman | 29,384,672 | 21.82% | 29,384,672 | 21.82% |
2 | Mr. V.R.Ramanan - Director | 37,969,373 | 28.19% | 37,969,373 | 28.19% |
3 | Mr. K.C.C.Perera - Director | 1,300,000 | 0.97% | 1,300,000 | 0.97% |
4 | Mr. U.H. Palihakkara - Director | 971,429 | 0.72% | 971,429 | 0.72% |
5 | Mr. Gihan De Zoysa - Director | - | - | - | - |
6 | Mr. A.S. Samarasinghe | - | - | - | - |
- Substantial Share Holding
The twenty largest shareholders as at 30th September , are as follows;
No | Name of Shareholder | As at 30th September 202 | As at 30th September 20 | ||
No of Shares | Percentage | No of Shares | Percentage | ||
1 | Ceyoka (Pvt) Limited | 38,090,670 | 28.28% | 38,090,670 | 28.28% |
2 | Mr. V.R.Ramanan | 37,969,373 | 28.19% | 37,969,373 | 28.19% |
3 | DFCC Bank PLC/Mr. U. H. Dharmadasa | 29,384,672 | 21.82% | 29,384,672 | 21.82% |
4 | Richard Pieris Financial Services (Pvt) Ltd / Mr.H.J.C.Perera | 4,665,760 | 3.46% | 4,665,760 | 3.46% |
Mr. H.J.C.Perera | 1,000,000 | 0.74% | 1,000,000 | 0.74% | |
5 | J.B. Cocoshell (Pvt) Ltd | 1,611,338 | 1.20% | 861,600 | 0.64% |
6 | Mr. K.C.C.Perera | 1,300,000 | 0.97% | 1,300,000 | 0.97% |
7 | The Finance Company PLC A/C No 1 | 1,200,000 | 0.89% | 1,200,000 | 0.89% |
8 | MR. A.S.A. FERNANDO | 1,000,000 | 0.74% | 418,429 | 0.31% |
9 | Trading Partners (Pvt) Ltd | 993,508 | 0.74% | 993,508 | 0.74% |
10 | Mr. UH, DS and KDH Palihakkara | 971,429 | 0.72% | 971,429 | 0.72% |
11 | Sampah Bank PLC/ Mr. V. Gajanayake | 900,095 | 0.67% | 800,000 | 0.59% |
12 | Just In Time Holdings (Pvt) Ltd | 701,000 | 0.52% | 701,000 | 0.52% |
13 | Mr. M. V. Rudra | 644,856 | 0.48% | 644,856 | 0.48% |
14 | Mr. M.W.M.D. Weerarathne | 485,000 | 0.36% | 600,000 | 0.45% |
15 | Dr. C Alwishewa | 346,406 | 0.26% | - | - |
16 | Hatton National Bank PLC/ Ms. R.E. Rabukwella, | 390,000 | 0.29% | 330,000 | 0.25% |
Mr. R.E. Rabukwella | 125,000 | 0.09% | 110,000 | 0.00 | |
17 | Hatton National Bank PLC/Chamila Jayasinghe | 329,543 | 0.24% | 500,000 | 0.00 |
18 | Golden Key Company Limited | 300,000 | 0.22% | 300,000 | 0.22% |
19 | The Finance and Gurarantee Company Ltd | 300,000 | 0.22% | 300,000 | 0.22% |
20 | Dialog Finance Plc/S.D.M. Hemajith & | 298,485 | 0.22% | - | - |
R.A.N. Udani S.D.M. Hemajith | 138,861 | 0.10% | - | - | |
Page - 10
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