Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED INCOME STATEMENT

1

Quarter ended 31st December

Nine months ended 31st December

Note

2021

2020

Change %

2021

2020

Change %

Continuing operations

Goods transferred at a point in time

1,341,247

969,658

38

3,289,436

2,608,365

26

Revenue from contracts with customers

1,341,247

969,658

38

3,289,436

2,608,365

26

Cost of sales

(986,590)

(685,385)

44

(2,462,187)

(1,871,835)

32

Gross profit

354,657

284,273

25

827,249

736,530

12

Other operating income

30

685

(96)

1,364

1,420

(4)

Selling and distribution expenses

(116,132)

(130,402)

(11)

(360,443)

(324,352)

11

Administrative expenses

(56,805)

(49,699)

14

(171,014)

(139,031)

23

Other operating expenses

(15,568)

(9,063)

72

(52,595)

(30,282)

74

Results from operating activities

166,182

95,794

73

244,561

244,285

0

Finance cost

6

(2,653)

(2,364)

12

(9,667)

(9,665)

0

Finance income

6

1,668

2,964

(44)

4,942

7,349

(33)

Profit before tax

165,197

96,394

71

239,836

241,969

(1)

Tax expense

7

(28,160)

(16,554)

70

(35,225)

(43,535)

(19)

Profit for the period

137,037

79,840

72

204,611

198,434

3

Attributable to:

Equity holders of the Parent

137,037

79,840

72

204,611

198,434

3

137,037

79,840

72

204,611

198,434

3

LKR.

LKR.

LKR.

LKR.

Earnings per share

Basic

5.37

3.13

8.02

7.78

Diluted

5.37

3.13

8.02

7.78

Dividend per share

-

-

2.50

-

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

2

Quarter ended 31st December

Nine months ended 31st December

2021

2020

2021

2020

Profit for the period

137,037

79,840

204,611

198,434

Other comprehensive income

Other comprehensive income to be reclassified to income

statement in subsequent periods

Currency translation of foreign operations

(1)

455

21

452

Net other comprehensive income /(expense) to be reclassified to

(1)

455

21

452

income statement in subsequent periods

Other comprehensive income/(expense) for the period, net of tax

(1)

455

21

452

Total comprehensive income for the period, net of tax

137,036

80,295

204,632

198,886

Attributable to:

Equity holders of the Parent

137,036

80,295

204,632

198,886

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

3

As at

31.12.2021

31.03.2021

ASSETS

Non-current assets

Property, plant and equipment

1,520,600

1,546,009

Right of use assets

7,802

8,898

Intangible assets

244,377

244,678

Non-current financial assets

49,869

45,140

Other non-current assets

8,195

9,120

1,830,843

1,853,845

Current assets

Inventories

494,417

543,139

Trade and other receivables

602,072

463,473

Amounts due from related parties

204,729

162,819

Other current assets

23,894

14,865

Short-term investments

511

514

Cash in hand and at bank

71,183

29,979

1,396,806

1,214,789

Total assets

3,227,649

3,068,634

EQUITY AND LIABILITIES

Equity attributable to equity holders of the parent

Stated capital

1,294,815

1,294,815

Revenue reserves

563,594

422,733

Other components of equity

360,612

358,834

Total equity

2,219,021

2,076,382

Non-current liabilities

Interest bearing borrowings

53,077

85,668

Lease liability

8,055

8,720

Deferred tax liabilities

152,547

158,007

Employee benefit liabilities

129,627

121,361

343,306

373,756

Current liabilities

Trade and other payables

417,361

366,811

Amounts due to related parties

11,756

9,279

Income tax liabilities

24,828

19,273

Interest-bearing borrowings

43,455

43,455

Lease liability

1,191

1,041

Other current liabilities

19,172

17,857

Bank overdrafts

147,559

160,780

665,322

618,496

Total equity and liabilities

3,227,649

3,068,634

LKR

LKR

Net assets per share

87.02

81.43

Note : All values are in LKR '000s, unless otherwise stated.

The above figures are not audited.

I certify that the Financial Statements comply with the requirements of the Companies Act No.07 of 2007.

P N Fernando

Director/ Chief Financial Officer

The Board of Directors is responsible for these Financial Statements.

J G A Cooray

D P Gamlath

Director

Director

12th January 2022

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED STATEMENT OF CASH FLOWS

4

For the Nine months ended 31st December

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax

239,836

241,969

Adjustments for:

Finance income*

(4,942)

(7,349)

Finance cost

9,667

9,665

Share-based payment expense

1,757

2,026

Depreciation of property, plant and equipment

129,421

116,077

Loss on sale of property, plant and equipment

376

-

Amortisation of right of use assets

1,096

1,022

Amortisation of intangible assets

301

33

Gratuity provision and related costs

14,845

14,601

Profit before working capital changes

392,357

378,044

(Increase) / Decrease in inventories

48,722

(122,521)

(Increase) / Decrease in trade and other receivables

(139,799)

(28,268)

(Increase) / Decrease in amounts due from related parties

(41,910)

(70,549)

(Increase) / Decrease in other current assets

(9,029)

(9,813)

Increase / (Decrease) in trade and other payables

50,550

113,483

Increase / (Decrease) in amounts due to related parties

2,477

12,911

Increase / (Decrease) in other current liabilities

1,315

11,741

Cash generated from operations

304,683

285,028

Finance income received

2,340

4,151

Finance cost paid

(8,863)

(8,804)

Tax paid

(35,132)

(22,641)

Gratuity paid/transfers

(6,579)

(7,816)

256,449

249,918

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment

(104,549)

(64,221)

Proceeds from sale of property, plant and equipment

161

-

Net cash flow (used in) investing activities

(104,388)

(64,221)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Dividend paid

(63,750)

-

Repayment of interest bearing borrowings

(32,591)

(25,349)

Payment of lease liability

(1,319)

(1,269)

Net cash flow (used in) financing activities

(97,660)

(26,618)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

54,401

159,079

CASH AND CASH EQUIVALENTS AT THE BEGINNING

(130,287)

(134,911)

Effect of exchange rate changes

21

452

CASH AND CASH EQUIVALENTS AT THE END

(75,865)

24,620

ANALYSIS OF CASH AND CASH EQUIVALENTS

Favorable balances

Short-term investments

511

35,480

Cash in hand and at bank

71,183

66,471

Unfavorable balances

Bank overdrafts

(147,559)

(77,331)

Total cash and cash equivalents

(75,865)

24,620

*Finance income from other financial instruments includes, notional interest pertaining to loans granted to executive staff, and has been adjusted in the cash flows.

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

5

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to equity holders of parent

Stated

Revaluation

Foreign

Other capital

Revenue

Total

capital

reserve

currency

reserve

reserves

Equity

translation

reserve

As at 1st April 2020

1,294,815

244,466

(5,254)

56,119

285,844

1,875,990

Profit for the period

-

-

-

-

198,434

198,434

Other comprehensive income

-

-

452

-

-

452

Total comprehensive income

-

-

452

-

198,434

198,886

Share based payments

-

-

-

2,026

-

2,026

As at 31st December 2020

1,294,815

244,466

(4,802)

58,145

484,278

2,076,902

As at 1st April 2021

1,294,815

305,456

(5,322)

58,700

422,733

2,076,382

.

Profit for the period

-

-

-

-

204,611

204,611

Other comprehensive income

-

-

21

-

-

21

Total comprehensive income

-

-

21

-

204,611

204,632

Share based payments

-

-

-

1,757

-

1,757

Final dividend paid - 2020/21

-

-

-

-

(63,750)

(63,750)

As at 31st December 2021

1,294,815

305,456

(5,301)

60,457

563,594

2,219,021

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.

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Keells Food Products plc published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 04:40:08 UTC.