INTERIM
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31ST DECEMBER 2022
TESS AGRO PLC
- 87, New Nuge Road, Kelaniya
Balance Sheet
As At 31st December 2022
Un-Audited | Un-Audited | Audited | ||
Period Ended | Period Ended | Period Ended | ||
31st Dec. 2022 | 31st Dec. 2021 | 31st Mar. 2022 | ||
Rs. | Rs. | Rs. | ||
ASSETS | ||||
NON CURRENT ASSETS | ||||
Property , Plant & Equipment Net | 340,872,051 | 339,217,694 | 338,457,407 | |
Intangible Assets | 391,898 | 437,835 | 391,898 | |
Right of Use Assets | 133,842,337 | 138,403,531 | 133,842,337 | |
Differed Tax Assets | 17,892 | 17,892 | ||
Biological Assets | 2,199,659 | 2,194,289 | 2,194,289 | |
Other Non Current Financial Assets | 9,402,715 | 9,373,081 | 9,402,715 | |
486,726,552 | 489,626,430 | 484,306,538 | ||
CURRENT ASSETS | ||||
Trade and Other Receivables Net | 519,154 | 12,555,306 | 13,154,256 | |
Other Current Assets | 17,609,906 | 17,643,726 | 17,609,906 | |
Current Investments | 29,659,740 | |||
Cash & Cash Equivalents | 25,624,668 | 5,675,727 | 2,098,305 | |
73,413,468 | 35,874,759 | 32,862,467 | ||
TOTAL ASSETS | 560,140,020 | 525,501,189 | 517,169,003 | |
EQUITY & LIABILITIES | ||||
Stated Capital | 491,805,529 | 407,805,528 | 407,805,528 | |
Other Components of Equity | (379,190,420) | (379,870,175) | (382,430,220) | |
Reserves | 49,856,441 | 49,826,807 | 49,856,441 | |
Total Equity | 162,471,550 | 77,762,160 | 75,231,750 | |
NON CURRENT LIABILITIES | ||||
Deferred Tax Liability | 31,568,069 | 26,830,516 | 31,568,069 | |
Interest Bearing Borrowings | 67,414,562 | |||
Rent-Deposit | 2,040,000 | 2,290,000 | 2,040,000 | |
Retirement Benefit Obligations | 63,000 | 74,550 | ||
33,608,069 | 96,598,078 | 33,682,619 | ||
CURRENT LIABILIITES | ||||
Trade and Other Payables | 24,194,529 | 24,594,229 | 20,971,122 | |
Interest Bearing Borrowings | 268,476,548 | 222,259,842 | 293,746,549 | |
Amount Due To Related Parties | 17,890,322 | 23,234,446 | 24,670,949 | |
Short Term Borrowings | 32,883,044 | 20,206,249 | 32,883,044 | |
Other Current Liabilities | 3,254,698 | 3,254,698 | 3,254,698 | |
Bank Overdrafts | 17,361,260 | 71,831,002 | 32,728,273 | |
364,060,400 | 365,380,467 | 408,254,634 | ||
TOTAL EQUITY & LIABILITIES | 560,140,020 | 539,740,705 | 517,169,003 | |
No of Ordinary Voting Shares | 557,797,287 | 389,797,287 | 389,797,287 | |
Net assets value per share | 0.29 | 0.20 | 0.19 | |
Market value per share Voting - Qtr.- Highest | 1.80 | 0.80 | 1.00 | |
- Lowest | 1.00 | 0.50 | 0.50 | |
- Closing | 1.10 | 0.60 | 0.50 | |
Market value per share Non Voting - Qtr.- Highest | 1.30 | 0.70 | 0.90 | |
- Lowest | 0.80 | 0.40 | 0.40 | |
- Closing | 0.80 | 0.60 | 0.40 | |
The above figures are provisional and subject to audit | ||||
S.F. Fernando | D.Fernando | |||
Chairperson | Director / CEO | |||
Date | 26.01.2023 |
Figures in the brackets indicate deductions.
Income Statement
For the Period Ended 31st December 2022
Un-audited | Un-audited | Un-audited | Un-audited | Audited | ||
Nine Months | Nine Months | Three Months | Three Months | Change | ||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | ||
31st Dec. 2022 | 31st Dec. 2021 | 31st Dec. 2022 | 31st Dec. 2021 | 31st Mar. 2022 | ||
Rs. | Rs. | Rs. | Rs. | Rs. | % | |
Turnover | 7,652,074 | 6,865,875 | 2,288,625 | 2,484,710 | 11 | |
Cost of Sales | (3,569,432) | (1,456,416) | (484,808) | (2,506,553) | (145) | |
Gross Profit | 4,082,643 | 5,409,459 | - | 1,803,817 | (21,843) | (25) |
Other Operating Income | 9,200,219 | 1,721,070 | 3,720,693 | 460,610 | 50,730,812 | - |
Selling & Distribution Expenses | (218,334) | (285,832) | (99,406) | (357,000) | 24 | |
Administrative Expenses | (8,123,799) | (6,741,115) | (1,904,945) | (2,488,615) | (15,746,939) | (21) |
Other Operating Expenses | (1,344,375) | (376,784) | (19,923,396) | (100) | ||
Profit from Operations | 4,940,730 | (1,240,793) | 1,716,342 | (957,972) | 15,038,634 | (498) |
Dividend Income | 26,119 | 34,957 | 7,704 | 34,957 | ||
Profit before Interest | 4,966,849 | (1,205,836) | 1,716,342 | (950,268) | 15,073,590 | 512 |
Finance Income | - | |||||
Finance Expenses | (3,342,674) | (2,602,479) | (1,036,588) | (903,992) | (3,524,004) | (28) |
Profit /(Loss) before Tax | 1,624,175 | (3,808,315) | 679,755 | (1,854,260) | 11,549,587 | 143 |
Provision for Taxation | - | - | - | - | (4,728,481) | - |
Net Profit/(Loss) after Tax | 1,624,175 | (3,808,315) | 679,755 | (1,854,260) | 6,821,106 | 143 |
Profit available for Appropriation | 1,624,175 | (3,808,315) | 679,755 | (1,854,260) | 6,821,106 | 143 |
Earnings Per Share | 0.01 | (0.01) | 0.00 | (0.01) | 0.02 | (98) |
Figures in the brackets indicate deductions. |
Statement of Comprehensive Income
For the Period Ended 31st December 2022 | ||||||
Un-audited | Un-audited | Un-audited | Un-audited | Audited | ||
Nine Months | Nine Months | Three Months | Three Months | Change | ||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | ||
31st Dec.2022 | 31st Dec.2021 | 31st Dec.2022 | 31st Dec.2021 | 31st Mar. 2022 | ||
Rs. | Rs. | Rs. | Rs. | Rs. | % | |
Profit / Loss for the Peroid / Year | 1,624,175 | (3,808,315) | 679,755 | (1,854,260) | 6,821,106 | 143 |
Other Comprehensive Income | - | - | - | - | - | - |
1,624,175 | (3,808,315) | 679,755 | (1,854,260) | 6,821,106 | 143 | |
Revaluation of property Plant & Equipment | ||||||
Net change in fair value of available for sale financial assets | - | - | - | - | 29,634 | - |
Net change in fair value of financial Assets in Tropic Fishery (Pvt) Ltd | ||||||
Acturial gains (losses) on Employee benefit liabilities | ||||||
Other Comprehensive Income for the Year, net of tax | - | - | - | - | 6,850,740 | |
Total Comprehensive Income for the Period /Year | 1,624,175 | (3,808,315) | 679,755 | (1,854,260) | 6,850,740 | 143 |
Figures in the brackets indicate deductions. |
Cash Flow Statement
For the Period Ended 31st December 2022
Company | |||
Un-Audited | Un-Audited | ||
Nine Months | Nine Months | Audited | |
Period Ended | Period Ended | Period Ended | |
31st Dec. 2022 | 31st Dec. 2021 | 31st Mar. 2022 | |
Rs. | Rs. | ||
Cash Flow from Operating Activities | |||
Cash Receipts from Customers | 7,652,074 | 1,721,070 | 2,484,710 |
Shares issued | 84,000,000 | ||
Cash Paid to Suppliers & Employees | (18,113,225) | (15,927,548) | 39,252,010 |
Prior Year Adjustments | (2,475,066) | ||
Cash Generated from Operations | 73,538,850 | (14,206,478) | 39,261,654 |
Gratuity Paid | (1,577,625) | - | |
Interest Paid | |||
Income Tax Paid | |||
ESC Paid | - | - | |
Net Cash flow from Operating Activities | 71,961,225 | (14,206,478) | 39,261,654 |
Cash flow from Investing Activities | |||
Purchase of Intangible assets | |||
Acquisition of Biological Assets | |||
Interest Received | 2,079,365 | ||
Dividend Received | 26,119 | 34,957 | 34,957 |
Acquisition of Property Plant and Equipment | (2,414,643) | (4,381,654) | |
Disposal of Property,Plant & Equipment | |||
Rent Deposit Received | (250,000) | ||
Rent Received | 7,094,735 | 6,865,875 | 9,154,500 |
Short Term Investment | (29,659,740) | ||
Exchange Gain / (Loss) | |||
Investment in Fixed Deposits | |||
Net Cash flow from Investing Activities | (22,874,164) | 6,900,832 | 4,557,803 |
Cash flow from Financing Activities | |||
Repayment of Interest Bearing Borrowings | (25,270,000) | ||
Proceeds from Share Issue | |||
Proceeds from Interest Bearing Borrowings | |||
Interest Paid | (2,602,479) | (3,524,004) | |
Dividend Paid | - | - | |
Net Cash flow from Financing Activities | (25,270,000) | (2,602,479) | (3,524,004) |
Net Increase/(Decrease) in Cash & Cash Equivalents | 23,817,061 | (9,908,125) | 40,295,453 |
Cash & Cash Equivalents at the Beginning of the Year /Peroid | (15,553,652) | (56,247,151) | (55,849,106) |
Cash & Cash Equivalents at the End of the Period | 8,263,409 | (66,155,276) | (15,553,652) |
This is an excerpt of the original content. To continue reading it, access the original document here.