VALLIBEL POWER ERATHNA PLC
INTERIM FINANCIAL STATEMENTS
Second Quarter
for the six months ended 30th September 2022
Consolidated Statement of Financial Position
Group | Company | ||||
As at | 30.09.2022 | 31.03.2022 | 30.09.2022 | 31.03.2022 | |
Rs. | Rs. (Audited) | Rs. | Rs. (Audited) | ||
ASSETS | |||||
Non-Current Assets | |||||
Property, Plant & Equipment | 1,955,125,844 | 1,994,118,758 | 700,854,280 | 716,113,287 | |
Right-to-use of Assets | 36,429,210 | 39,412,512 | 2,236,732 | 3,004,397 | |
Investment in Subsidiary | - | - | 821,619,980 | 821,619,980 | |
Intangible Assets | 49,597,891 | 54,918,537 | 4,767,470 | 4,909,782 | |
Other non-current asset | 4,500,000 | 4,500,000 | - | - | |
2,045,652,945 | 2,092,949,807 | 1,529,478,462 | 1,545,647,446 | ||
Current Assets | |||||
Inventories | 10,941,094 | 9,191,747 | 5,333,067 | 3,154,826 | |
Trade & Other Receivables | 1,161,625,407 | 789,437,277 | 340,878,340 | 186,976,860 | |
Amounts Due from Related Parties | 1,369,472 | 2,372,042 | 3,317,828 | 4,732,972 | |
Cash and cash equivalents | 280,888,300 | 155,986,053 | 67,362,000 | 103,027,542 | |
1,454,824,273 | 956,987,119 | 416,891,235 | 297,892,200 | ||
Total Assets | 3,500,477,218 | 3,049,936,926 | 1,946,369,697 | 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 | 1,745,221,704 | 1,301,976,505 | 623,323,397 | 475,937,531 |
Capital and reserves attributable to | ||||
owners of Vallibel Power Erathna PLC | 2,919,586,982 | 2,476,341,783 | 1,797,688,675 | 1,650,302,809 |
Non - Controlling Interest | 279,756,923 | 235,675,553 | - | - |
Total Equity | 3,199,343,905 | 2,712,017,336 | 1,797,688,675 | 1,650,302,809 |
Non-Current Liabilities | ||||
Retirement Benefit Obligations | 33,512,862 | 31,670,864 | 22,270,959 | 21,190,958 |
Deferred Tax Liability | 125,503,321 | 127,487,877 | 94,021,072 | 96,253,848 |
Lease Liability | 39,245,774 | 41,125,081 | 1,220,012 | 1,684,984 |
198,261,957 | 200,283,822 | 117,512,043 | 119,129,790 | |
Current Liabilities | ||||
Accruals and other payables | 34,656,808 | 35,197,357 | 13,021,626 | 15,668,552 |
Lease Liability | 4,637,230 | 5,243,216 | 1,361,607 | 1,560,094 |
Current tax liabilities | 63,577,318 | 97,195,195 | 16,785,746 | 56,878,401 |
102,871,356 | 137,635,768 | 31,168,979 | 74,107,047 | |
Total Equity and Liabilities | 3,500,477,218 | 3,049,936,926 | 1,946,369,697 | 1,843,539,646 |
Net Asset Per Share | 3.91 | 3.31 | 2.41 | 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 |
November 08, 2022 / Colombo |
Page 1
Consolidated Statement of Profit or Loss
Group | Company | |||||||||||||||||
Quarter | Six Months | Quarter | Six Months | |||||||||||||||
For the six months ended 30th September | 2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||
Rs. | Rs. | % | Rs. | Rs. | % | Rs. | Rs. | % | Rs. | Rs. | % | |||||||
Revenue from contracts with customers | 325,482,279 | 418,436,318 | (22) | 697,357,169 | 793,806,436 | (12) | 107,015,052 | 126,906,207 | (16) | 218,426,307 | 228,451,600 | (4) | ||||||
Direct Costs | (38,612,302) | (42,267,790) | (9) | (78,431,319) | (81,687,400) | (4) | (12,837,310) | (14,826,391) | (13) | (26,082,124) | (28,373,544) | (8) | ||||||
Gross Profit | 286,869,977 | 376,168,528 | (24) | 618,925,850 | 712,119,036 | (13) | 94,177,742 | 112,079,816 | (16) | 192,344,183 | 200,078,056 | (4) | ||||||
Other Income | - | - | - | - | - | - | - | 350,234,991 | (100) | - | 350,234,991 | - | ||||||
Administration Expenses | (27,991,062) | (24,624,689) | 14 | (58,064,052) | (50,956,825) | 14 | (12,012,516) | (10,504,014) | 14 | (26,156,297) | (22,048,383) | 19 | ||||||
Other Operating Expenses | (269,240) | (21,956) | >999 | (450,980) | (51,956) | 768 | (197,240) | (4,777) | >999 | (316,730) | (24,777) | >999 | ||||||
Finance Cost | (1,051,315) | (1,102,235) | (5) | (2,121,051) | (2,285,706) | (7) | (54,788) | (79,030) | (31) | (118,278) | (163,091) | (27) | ||||||
Finance Income | 11,326,958 | 5,845,463 | 94 | 16,131,163 | 10,655,413 | 51 | 3,830,378 | 2,578,774 | 49 | 6,094,088 | 3,257,663 | 87 | ||||||
Profit Before Tax | 268,885,318 | 356,265,111 | (25) | 574,420,930 | 669,479,962 | (14) | 85,743,576 | 454,305,761 | (81) | 171,846,966 | 531,334,459 | (68) | ||||||
Income Tax Expenses | (40,238,341) | (93,525,271) | (57) | (87,094,362) | (132,009,182) | (34) | (9,678,930) | (62,421,291) | (84) | (24,461,100) | (72,574,452) | (66) | ||||||
Net Profit For the Period | 228,646,977 | 262,739,840 | (13) | 487,326,569 | 537,470,780 | (9) | 76,064,646 | 391,884,470 | (81) | 147,385,866 | 458,760,007 | (68) | ||||||
Attributable to: | ||||||||||||||||||
Owners of Vallibel Power Erathna PLC | 208,831,959 | 234,155,794 | (11) | 443,245,199 | 481,996,762 | (8) | 76,064,646 | 391,884,470 | (81) | 147,385,866 | 458,760,007 | (68) | ||||||
Non Controlling Interest | 19,815,018 | 28,584,046 | (31) | 44,081,370 | 55,474,018 | (21) | - | - | - | - | - | - | ||||||
228,646,977 | 262,739,840 | (13) | 487,326,569 | 537,470,780 | (9) | 76,064,646 | 391,884,470 | (81) | 147,385,866 | 458,760,007 | (68) | |||||||
Basic Earnings Per Share | 0.28 | 0.31 | 0.59 | 0.64 | 0.10 | 0.52 | 0.20 | 0.61 | ||||||||||
Page 2
Consolidated Statement of Comprehensive Income
Group | Company | ||||||||||||||||
Quarter | Six Months | Quarter | Six Months | ||||||||||||||
For the six months ended 30th September | 2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||
Rs. | Rs. | % | Rs. | Rs. | % | Rs. | Rs. | % | Rs. | Rs. | % | ||||||
Net Profit for the Period | 228,646,977 | 262,739,840 | (13) | 487,326,569 | 537,470,780 | (9) | 76,064,646 | 391,884,470 | (81) | 147,385,866 | 458,760,007 | (68) | |||||
Total Other Comprehensive Income /(Loss) | - | - | - | - | - | - | - | - | - | - | - | - | |||||
Total Comprehensive Income for the period, net of Tax | 228,646,977 | 262,739,840 | (13) | 487,326,569 | 537,470,780 | (9) | 76,064,646 | 391,884,470 | (81) | 147,385,866 | 458,760,007 | (68) | |||||
Attributable to: | |||||||||||||||||
Owners of Vallibel Power Erathna PLC | 208,831,961 | 234,155,794 | (11) | 443,245,198 | 481,996,762 | (8) | 76,064,646 | 391,884,470 | (81) | 147,385,866 | 458,760,007 | (68) | |||||
Non Controlling Interest | 19,815,016 | 28,584,046 | (31) | 44,081,370 | 55,474,018 | (21) | - | - | - | - | - | - | |||||
228,646,977 | 262,739,840 | (13) | 487,326,568 | 537,470,780 | (9) | 76,064,646 | 391,884,470 | (81) | 147,385,866 | 458,760,007 | (68) | ||||||
Page 3
Consolidated Statement of Cash Flows
Group | Company | |||||
For the six months ended 30th September | 2022 | 2021 | 2022 | 2021 | ||
Rs. | Rs. | Rs. | Rs. | |||
Cash Flows from/(Used in) Operating Activities | ||||||
Net Profit Before Income Tax Expense | 574,420,930 | 669,479,962 | 171,846,966 | 531,334,459 | ||
Adjustments for | ||||||
Amortization of Intangible Assets | 5,320,646 | 5,320,646 | 142,313 | 142,313 | ||
Amortization of Right of Use Assets | 2,983,301 | 3,038,751 | 767,665 | 767,665 | ||
Depreciation | 39,779,952 | 39,790,443 | 15,705,107 | 15,681,297 | ||
Provision for Retirement Benefit Obligations | 1,842,000 | 1,920,000 | 1,080,000 | 1,080,000 | ||
Profit/(loss) on disposal of Property, Plant & Equipment | 7,300 | - | 7,300 | - | ||
Dividend Income and Interest classified as investing cash flows | - | - | - | (350,234,991) | ||
Finance Income | (16,131,163) | (10,655,413) | (6,094,088) | (3,257,663) | ||
Finance Cost | 2,121,051 | 2,285,706 | 118,278 | 163,091 | ||
Operating Profit Before Working Capital Changes | 610,344,017 | 711,180,095 | 183,573,541 | 195,676,171 | ||
( Increase)/ Decrease in Inventories | (1,749,347) | - | (2,178,241) | - | ||
( Increase )/ Decrease in Trade and Other Receivables | (361,254,265) | (151,504,692) | (144,868,082) | 60,813,423 | ||
( Increase )/ Decrease in Amounts Due from Related Parties | 1,002,570 | (1,480,487) | 1,415,144 | (4,388,260) | ||
(Increase) / Decrease in Other Financial Assets at Amortised Cost | - | - | - | - | ||
Increase / (Decrease ) in Trade and Other Payables | (2,940,549) | (10,953,443) | (2,646,926) | 1,386,089 | ||
Cash Generated from /(used in) Operating Activities | 245,402,426 | 547,241,473 | 35,295,436 | 253,487,423 | ||
Finance Cost Paid | (152,502) | (256,897) | (54,914) | (91,025) | ||
Finance Income Received | 5,197,295 | 10,652,154 | (2,939,311) | 3,018,628 | ||
Retirement Benefit Obligations Paid | - | (903,735) | - | - | ||
Taxes Paid | (122,696,797) | (111,353,581) | (66,786,531) | (60,954,485) | ||
Net Cash from / (used in) Operating Activities | 127,750,422 | 445,379,415 | (34,485,320) | 195,460,541 | ||
Cash Flows From / (Used in) Investing Activities | ||||||
Acquisitions of Property, Plant & Equipments | (794,333) | (351,000) | (453,400) | (144,500) | ||
Interest Received on Financial Assets Held as Investments | - | - | - | - | ||
Proceeds from disposal of property, plant & equipment | - | - | - | - | ||
Dividend Received | - | - | - | 350,234,991 | ||
Proceeds /(Investments) of Fixed Deposits (net) | - | - | - | - | ||
Net Cash Flow from / (Used In) Investing Activities | (794,333) | (351,000) | (453,400) | 350,090,491 | ||
Cash Flows from /(Used in) Financing Activities | ||||||
Principal Elements of Lease Payments | (2,053,842) | (1,949,452) | (726,822) | (690,711) | ||
Dividends Paid | - | (574,366,821) | - | (522,976,812) | ||
Net Cash Flows From / (Used In) Financing Activities | (2,053,842) | (576,316,273) | (726,822) | (523,667,523) | ||
Net Increase / (Decrease) In Cash & Cash Equivalents | 124,902,247 | (131,287,859) | (35,665,542) | 21,883,509 | ||
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) | 280,888,300 | 165,349,989 | 67,362,000 | 88,163,433 | ||
Note A | ||||||
Cash and Cash Equivalents at the Beginning of the Period | ||||||
Cash in Hand & at Bank | 17,344,886 | 20,634,361 | 14,270,461 | 19,273,877 | ||
Investments in short-term deposits (Matuiry period < 3 months) | 138,641,167 | 276,003,486 | 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 | 31,522,944 | 12,996,990 | 15,753,247 | 10,525,881 | ||
Investments in short-term deposits (Matuiry period < 3 months) | 249,365,356 | 152,352,999 | 51,608,753 | 77,637,552 | ||
280,888,300 | 165,349,989 | 67,362,000 | 88,163,433 |
Page 4
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