VALLIBEL POWER ERATHNA PLC
INTERIM FINANCIAL STATEMENTS
First Quarter
for the three months ended 30th June 2022
Statement of Financial Position
Group | Company | ||||
As at | 30.06.2022 | 31.03.2022 | 30.06.2022 | 31.03.2022 | |
Rs. | Rs. (Audited) | Rs. | Rs. (Audited) | ||
ASSETS | |||||
Non-Current Assets | |||||
Property, Plant & Equipment | 1,974,897,430 | 1,994,118,758 | 708,612,343 | 716,113,287 | |
Right-to-use of Assets | 37,920,861 | 39,412,512 | 2,620,565 | 3,004,397 | |
Investment in Subsidiary | - | - | 821,619,980 | 821,619,980 | |
Intangible Assets | 52,258,214 | 54,918,537 | 4,838,626 | 4,909,782 | |
Other non-current asset | 4,500,000 | 4,500,000 | - | - | |
2,069,576,505 | 2,092,949,807 | 1,537,691,514 | 1,545,647,446 | ||
Current Assets | |||||
Inventories | 8,823,259 | 9,191,747 | 3,154,826 | 3,154,826 | |
Trade & Other Receivables | 1,052,306,008 | 789,437,277 | 281,812,787 | 186,976,860 | |
Amounts Due from Related Parties | 1,217,897 | 2,372,042 | 2,972,693 | 4,732,972 | |
Cash and cash equivalents | 170,974,020 | 155,986,053 | 75,243,809 | 103,027,542 | |
1,233,321,184 | 956,987,119 | 363,184,115 | 297,892,200 | ||
Total Assets | 3,302,897,689 | 3,049,936,926 | 1,900,875,629 | 1,843,539,646 |
EQUITY AND LIABILITIES
Equity Attributable to Equity Holders of the Parent
Stated Capital | 1,174,365,278 | 1,174,365,278 | 1,174,365,278 | 1,174,365,278 |
Accumulated Profit | 1,536,389,744 | 1,301,976,505 | 547,258,751 | 475,937,531 |
Capital and reserves attributable to | ||||
owners of Vallibel Power Erathna PLC | 2,710,755,022 | 2,476,341,783 | 1,721,624,029 | 1,650,302,809 |
Non - Controlling Interest | 259,941,905 | 235,675,553 | - | - |
Total Equity | 2,970,696,927 | 2,712,017,336 | 1,721,624,029 | 1,650,302,809 |
Non-Current Liabilities | ||||
Retirement Benefit Obligations | 32,591,864 | 31,670,864 | 21,730,958 | 21,190,958 |
Deferred Tax Liability | 126,628,535 | 127,487,877 | 95,173,096 | 96,253,848 |
Lease Liability | 39,827,528 | 41,125,081 | 1,357,606 | 1,684,984 |
199,047,927 | 200,283,822 | 118,261,660 | 119,129,790 | |
Current Liabilities | ||||
Accruals and other payables | 34,260,656 | 35,197,357 | 13,513,071 | 15,668,552 |
Lease Liability | 5,307,333 | 5,243,216 | 1,560,094 | 1,560,094 |
Current tax liabilities | 93,584,846 | 97,195,195 | 45,916,776 | 56,878,401 |
133,152,835 | 137,635,768 | 60,989,941 | 74,107,047 | |
Total Equity and Liabilities | 3,302,897,689 | 3,049,936,926 | 1,900,875,629 | 1,843,539,646 |
Net Asset Per Share | 3.63 | 3.31 | 2.30 | 2.21 |
These Financial Statements are in compliance with the requirements of the Companies Act, No. 7 of 2007.
Sgd. | Sgd. |
Sajithra Thanoj | Russell De Zilva |
Accountant | Jt.CEO |
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by.
Sgd. | Sgd. |
S. H. Amarasekara | H. Somashantha |
Chairman | Director |
August 03, 2022 / Colombo |
Page 1
Statement of Profit or Loss
Group | Company | ||||||
Three Months | Three Months | ||||||
For the three months ended 30th June | 2022 | 2021 | Change | 2022 | 2021 | Change | |
Rs. | Rs. | % | Rs. | Rs. | % | ||
Revenue | 371,874,889 | 375,370,118 | (1) | 111,411,255 | 101,545,393 | 10 | |
Cost of Sales | (39,819,017) | (39,419,610) | 1 | (13,244,814) | (13,547,153) | (2) | |
Gross Profit | 332,055,872 | 335,950,508 | (1) | 98,166,441 | 87,998,240 | 12 | |
Other Operating Income | - | - | - | - | - | - | |
Administration Expenses | (30,072,990) | (26,332,135) | 14 | (14,143,781) | (11,544,368) | 23 | |
Other Operating Expenses | (181,740) | (30,000) | 506 | (119,490) | (20,000) | 497 | |
Finance Cost | (1,069,735) | (1,183,471) | (10) | (63,490) | (84,061) | (24) | |
Finance Income | 4,804,205 | 4,809,950 | (0) | 2,263,710 | 678,889 | 233 | |
Profit Before Tax | 305,535,612 | 313,214,852 | (2) | 86,103,390 | 77,028,700 | 12 | |
Income Tax Expenses | (46,856,021) | (38,483,912) | 22 | (14,782,170) | (10,153,161) | 46 | |
Net Profit For the Period | 258,679,591 | 274,730,940 | (6) | 71,321,220 | 66,875,539 | 7 | |
Attributable to: | |||||||
Owners of Vallibel Power Erathna PLC | 234,413,239 | 247,840,969 | (5) | 71,321,220 | 66,875,539 | 7 | |
Non Controlling Interest | 24,266,352 | 26,889,971 | (10) | - | - | - | |
258,679,591 | 274,730,940 | (6) | 71,321,220 | 66,875,539 | 7 | ||
Basic Earnings Per Share | 0.31 | 0.33 | 0.10 | 0.09 | |||
Page 2
Statement of Comprehensive Income
Group | Company | ||||||
Three Months | Three Months | ||||||
For the three months ended 30th June | 2022 | 2021 | Change | 2022 | 2021 | Change | |
Rs. | Rs. | % | Rs. | Rs. | % | ||
Net Profit for the Period | 258,679,591 | 274,730,940 | (6) | 71,321,220 | 66,875,539 | 7 | |
Total Other Comprehensive Income /(Loss) | - | - | - | - | - | - | |
Total Comprehensive Income for the period, net of Tax | 258,679,591 | 274,730,940 | (6) | 71,321,220 | 66,875,539 | 7 | |
Attributable to: | |||||||
Owners of Vallibel Power Erathna PLC | 234,413,238 | 247,840,969 | (5) | 71,321,220 | 66,875,539 | 7 | |
Non Controlling Interest | 24,266,353 | 26,889,971 | (10) | - | - | - | |
258,679,591 | 274,730,940 | (6) | 71,321,220 | 66,875,539 | 7 | ||
Page 3
Statement of Cash Flows
Group | Company | ||||||
For the three months ended 30th June | 2022 | 2021 | 2022 | 2021 | |||
Rs. | Rs. | Rs. | Rs. | ||||
Cash Flows from/(Used in) Operating Activities | |||||||
Net Profit Before Income Tax Expense | 305,535,612 | 313,214,852 | 86,103,390 | 77,028,700 | |||
Adjustments for | |||||||
Amortization of Intangible Assets | 2,660,323 | 2,660,323 | 71,156 | 71,156 | |||
Amortization of Right of Use Assets | 1,491,651 | 1,519,376 | 383,832 | 383,832 | |||
Depreciation | 19,877,962 | 19,892,081 | 7,842,144 | 7,841,600 | |||
Provision for Retirement Benefit Obligations | 921,000 | 960,000 | 540,000 | 540,000 | |||
Profit/(loss) on disposal of Property, Plant & Equipment | 7,300 | - | 7,300 | - | |||
Finance Income | (4,804,205) | (4,809,950) | (2,263,710) | (678,889) | |||
Finance Cost | 1,069,735 | 1,183,471 | 63,490 | 84,061 | |||
Operating Profit Before Working Capital Changes | 326,759,378 | 334,620,152 | 92,747,602 | 85,270,461 | |||
( Increase)/ Decrease in Inventories | 368,488 | - | - | - | |||
( Increase )/ Decrease in Trade and Other Receivables | (259,967,749) | (84,972,598) | (90,795,220) | (47,943,743) | |||
( Increase )/ Decrease in Amounts Due from Related Parties | 1,154,144 | (215,951) | 1,760,279 | (1,262,051) | |||
Increase / (Decrease ) in Trade and Other Payables | (2,136,701) | 456,285 | (2,155,481) | 746,188 | |||
Cash Generated from /(used in) Operating Activities | 66,177,560 | 249,887,888 | 1,557,180 | 36,810,855 | |||
Finance Cost Paid | (77,485) | (148,916) | (27,457) | (48,028) | |||
Finance Income Received | 1,903,217 | 3,701,036 | (1,776,997) | 682,612 | |||
Retirement Benefit Obligations Paid | - | - | - | - | |||
Taxes Paid | (51,325,711) | (76,647,810) | (26,824,548) | (51,788,901) | |||
Net Cash from / (used in) Operating Activities | 16,677,581 | 176,792,199 | (27,071,822) | (14,343,462) | |||
Cash Flows From / (Used in) Investing Activities | |||||||
Acquisitions of Property, Plant & Equipments | (663,933) | (263,400) | (348,500) | (144,500) | |||
Net Cash Flow from / (Used In) Investing Activities | (663,933) | (263,400) | (348,500) | (144,500) | |||
Cash Flows from /(Used in) Financing Activities | |||||||
Principal Elements of Lease Payments | (1,025,681) | (954,255) | (363,411) | (342,840) | |||
Dividends Paid | - | - | - | - | |||
Net Cash Flows From / (Used In) Financing Activities | (1,025,681) | (954,255) | (363,411) | (342,840) | |||
Net Increase / (Decrease) In Cash & Cash Equivalents | 14,987,967 | 175,574,544 | (27,783,733) | (14,830,803) | |||
Cash and Cash Equivalents at the Beginning of the Period (Note A) | 155,986,053 | 296,637,847 | 103,027,542 | 66,279,924 | |||
Cash and Cash Equivalents at the End of the Period (Note B) | 170,974,020 | 472,212,391 | 75,243,809 | 51,449,121 | |||
Note A | |||||||
Cash and Cash Equivalents at the Beginning of the Period | |||||||
Cash in Hand & at Bank | 17,344,886 | 276,003,486 | 14,270,461 | 19,273,877 | |||
Investments in short-term deposits (Matuiry period < 3 months) | 138,641,167 | 20,634,361 | 88,757,081 | 47,006,047 | |||
155,986,053 | 296,637,847 | 103,027,542 | 66,279,924 | ||||
Note B | |||||||
Cash and Cash Equivalents at the End of the Period | |||||||
Cash in Hand & at Bank | 32,332,854 | 53,732,985 | 9,543,014 | 21,196,215 | |||
Investments in short-term deposits (Matuiry period < 3 months) | 138,641,167 | 418,479,407 | 65,700,795 | 30,252,906 | |||
170,974,020 | 472,212,391 | 75,243,809 | 51,449,121 |
Page 4
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