KOTAGALA PLANTATIONS PLC
Interim Financial Statements
For the period ended 30th June 2022
Kotagala Plantations PLC
STATEMENT OF COMPREHENSIVE INCOME
Group | Company | |||||||||||
Notes | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||
03 Months | 03 Months | 03 Months | 03 Months | |||||||||
ended | ended | Variance | ended | ended | Variance | |||||||
30.06.2022 | 30.06.2021 | % | 30.06.2022 | 30.06.2021 | % | |||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||||||
Revenue | 1,028,634 | 919,737 | 1,023,762 | 912,757 | + | 12 | ||||||
Cost of Sales | (747,267) | (789,763) | (743,965) | (783,840) | ||||||||
Gross Profit | 281,366 | 129,974 | + | 116 | 279,796 | 128,917 | + | 117 | ||||
Fair value gain on Bilogical Assets | ||||||||||||
Other Income | 1 | 49,542 | 25,665 | 48,757 | 25,231 | + | 93 | |||||
Administration Expenses | 2 | (42,825) | (40,841) | (39,343) | (38,489) | - | 2 | |||||
Net Finance Cost | 3 | (73,510) | (77,323) | (73,510) | (77,323) | + | 5 | |||||
Share of Loss of equity accounted investee | ||||||||||||
Profit before Tax Expense | 214,573 | 37,475 | + | 473 | 215,700 | 38,336 | + | 463 | ||||
Tax Expense | ||||||||||||
Profit / (Loss) for the period | 214,573 | 37,475 | + | 473 | 215,700 | 38,336 | + | 463 | ||||
Other Comprehensive Income | ||||||||||||
Actuarial Gain/ (Loss) on Retirement Benefit Obligation | ||||||||||||
Tax effect on Actuarial (Gain) / Loss on Retirement Benefit Obligation | ||||||||||||
Fair value through OCI Investments | - Net Change in Fair Value | |||||||||||
Share of other comprehensive income of equity accounted investees | ||||||||||||
Revaluation Gain | ||||||||||||
Foreign Currency Translation Loss | ||||||||||||
Total Comprehensive Income For The Period | 214,573 | 37,475 | + | 473 | 215,700 | 38,336 | + | 463 | ||||
Earnings per Share (Rs.) | 0.63 | 0.50 | 0.64 | 0.51 |
Kotagala Plantations PLC
Statement of Financial Position
Group | Company | Group | Company | ||||||
As at | As at | Notes | As at | As at | As at | As at | |||
31.03.2022 | 31.03.2022 | Notes | 30.06.2022 | 30.06.2021 | 30.06.2022 | 30.06.2021 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Audited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | ||||
ASSETS | |||||||||
1,263,126 | 1,235,939 | Tangible Assets (Other than Mature /Immature Plantations) | 1,251,266 | 1,293,471 | 1,220,766 | 1,290,068 | |||
4,886,239 | 4,886,239 | Biological Assets | 4,877,716 | 4,882,641 | 4,877,716 | 4,882,641 | |||
623,056 | 623,056 | Leasehold Properties | 614,408 | 627,655 | 614,408 | 627,655 | |||
- | 29,030 | Investments in Subsidiaries | 4.1 | 4.1 | - | - | 29,030 | - | |
91,484 | 91,442 | Investment in Associates | 4.2 | 4.2 | 91,484 | 101,246 | 91,443 | 101,214 | |
327,442 | 327,442 | Fair value through OCI Investments | 4.3 | 4.3 | 327,442 | 305,538 | 327,442 | 305,538 | |
7,191,347 | 7,193,148 | Total Non - Current Assets | 7,162,316 | 7,210,551 | 7,160,804 | 7,207,117 | |||
295,610 | 290,874 | Inventories | 291,388 | 347,587 | 290,275 | 341,362 | |||
320,509 | 308,630 | Trade and Other Receivables | 279,722 | 250,280 | 272,191 | 259,286 | |||
7,841 | 7,841 | Fair value of growing produce of bearer biological assets | 7,841 | 6,526 | 7,841 | 6,526 | |||
40,879 | 55,338 | Amounts due from Related Parties | 5 | 5 | 59,536 | 21,446 | 75,223 | 29,375 | |
132,731 | 131,854 | Cash and Cash Equivalents | 165,868 | 100,096 | 157,826 | 96,341 | |||
797,570 | 794,537 | Total Current Assets | 804,354 | 725,935 | 803,356 | 732,890 | |||
7,988,917 | 7,987,685 | Total Assets | 7,966,670 | 7,936,487 | 7,964,160 | 7,940,006 | |||
EQUITY | |||||||||
1,571,361 | 1,571,361 | Stated Capital | 1,571,361 | 781,500 | 1,571,361 | 781,500 | |||
240,000 | 240,000 | General Reserves | 240,000 | 240,000 | 240,000 | 240,000 | |||
670,833 | 594,443 | Revaluation Reserve | 670,832 | 589,678 | 594,442 | 594,442 | |||
(11,377) | - | Foreign Exchange Translation Reserve | (11,377) | (10,799) | - | - | |||
48,456 | 51,370 | Fair Value through Other Comprehensive Income Reserve | 48,456 | 46,834 | 51,371 | 46,584 | |||
(887,456) | (821,981) | Retained Earnings | (672,883) | (1,228,619) | (606,281) | (1,231,666) | |||
1,631,817 | 1,635,193 | Total Equity | 1,846,390 | 418,594 | 1,850,894 | 430,860 | |||
LIABILITIES | |||||||||
954,413 | 954,413 | Interest bearing Borrowings | 880,012 | 1,003,862 | 880,012 | 1,003,862 | |||
328,132 | 328,132 | Deferred Income - Capital Grant | 325,399 | 324,752 | 325,399 | 324,752 | |||
358,102 | 358,102 | Deferred Tax Liabilities | 358,102 | 419,209 | 358,102 | 419,209 | |||
672,689 | 672,689 | Net Obligation to Lessor of JEDB/SLSPC | 672,689 | 654,594 | 672,689 | 654,594 | |||
659,181 | 658,471 | Retirement Benefit Obligations | 666,708 | 912,365 | 661,835 | 907,534 | |||
2,972,517 | 2,971,807 | Total Non - Current Liabilities | 2,902,909 | 3,314,782 | 2,898,036 | 3,309,951 | |||
602,796 | 602,796 | Interest bearing Borrowings | 602,796 | 756,620 | 602,796 | 756,620 | |||
2,096,136 | 2,092,238 | Trade & Other Payables | 1,920,460 | 2,203,256 | 1,918,318 | 2,199,341 | |||
70,348 | 70,348 | Amounts due to Related Parties | 6 | 6 | 51,628 | 666,467 | 51,628 | 666,467 | |
615,303 | 615,303 | Bank Overdraft | 642,488 | 576,768 | 642,488 | 576,768 | |||
3,384,583 | 3,380,685 | Total Current Liabilities | 3,217,372 | 4,203,111 | 3,215,230 | 4,199,195 | |||
6,357,100 | 6,352,492 | Total Liabilities | 6,120,281 | 7,517,893 | 6,113,266 | 7,509,146 | |||
7,988,917 | 7,987,685 | Total Equity and Liabilities | 7,966,670 | 7,936,487 | 7,964,160 | 7,940,006 | |||
21.69 | 21.74 | Net Assets per Share (Rs.) | 5.45 | 5.56 | 5.47 | 5.73 | |||
- | - | 1 | (0) | 0 | (0) |
I certify that the financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007
Sgd.
M Kowdu
Chief Financial Officer
-
Signed on behalf of the Board of Directors of Kotagala Plantations PLC
Sgd. | Sgd. |
S S Poholiyadde | M Madugalle |
Director | Director |
12th August 2022 | |
Colombo |
Kotagala Plantations PLC | |||||||
COMPANY | STATEMENT OF CHANGES IN EQUITY | ||||||
Attributable to Owners of the Company | |||||||
Stated | Revaluation | Available for Sale | General | Retained | Total | ||
Capital | Reserve | Reserves | Reserves | Profit / (Loss) | |||
Rs. '000 | Rs.000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||
Balance as at 01.04.2021 | 781,500 | 594,443 | 46,583 | 240,000 | (1,270,002) | 392,525 | |
Profit for the Period | 38,336 | 38,336 | |||||
Other Comprehensive Income for the Period | - | - | - | - | - | - | |
Balance as at 30.06.2021 | 781,500 | 594,443 | 46,584 | 240,000 | (1,231,666) | 430,860 | |
Balance as at 01.04.2022 | 1,571,361 | 594,443 | 51,371 | 240,000 | (821,981) | 1,635,195 | |
Right Issue | - | - | |||||
Profit for the Period | - | - | - | - | 215,700 | 215,700 | |
Other Comprehensive Income for the Period | - | - | - | - | - | - | |
Balance as at 30.06.2022 | 1,571,361 | 594,443 | 51,371 | 240,000 | (606,281) | 1,850,894 | |
- |
STATEMENT OF CHANGES IN EQUITY
Group | Attributable to Owners of the Company | |||||||
Stated | Revaluation | Available for Sale | Foreign Currency | General | Retained | Total | ||
Capital | Reserve | Reserves | translation reserve | Reserves | Profit / (Loss) | |||
Rs. '000 | Rs.000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Balance as at 01.04.2021 | 781,500 | 589,678 | 46,834 | (10,799) | 240,000 | (1,266,094) | 381,119 | |
Profit for the Period | 37,475 | 37,475 | ||||||
Other Comprehensive Income for the Period | - | - | - | - | - | - | - | |
- | ||||||||
Balance as at 30.06.2021 | 781,500 | 589,678 | 46,834 | (10,799) | 240,000 | (1,228,619) | 418,594 | |
Balance as at 01.04.2022 | 1,571,361 | 670,833 | 48,456 | (11,377) | 240,000 | (887,456) | 1,631,817 | |
Revaluation | - | |||||||
Profit for the Period | 214,573 | 214,573 | ||||||
Other Comprehensive Income for the Period | - | - | - | - | - | - | - | |
Balance as at 30.06.2022 | 1,571,361 | 670,832 | 48,456 | (11,377) | 240,000 | (672,883) | 1,846,390 |
Kotagala Plantations PLC
CASH FLOW STATEMENT
Group | Company | |||
For the period ended 30th June | 2022 | 2021 | 2022 | 2021 |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Cash Flows from Operating Activities | ||||
Profit before Taxation | 214,573 | 37,475 | 215,700 | 38,336 |
Adjustments for : |
Depreciation /Amortization
Fair value gain of biological assets
Profit on disposal of property, plant & equipment Provision for impairment of investments Provision/(Reversal) for impairment of trade & other receivables Interest Expenses
Interest Income Exchange (gain)/loss
Provision/(Reversal) for impairment of amounts due from related parties Provision for impairment of invenstment in associates
Defined Benefit Plan Cost - Retiring Gratuity Share of profit equity accounted investee Amortization of Deferred Income
Operating Profit before Working Capital Changes
(Increase)/Decrease in Inventories (Increase)/Decrease in Trade & other Receivables (Increase)/Decrease in Amounts due from Related Parties Increase/(Decrease) in Trade & Other Payables Increase/(Decrease) in Amounts due to Related Parties
Cash Flow from Operating Activities
Income Tax Paid
Interest Income
Interest Paid
Retiring Gratuity Paid
Net Cash Flow from Operating Activities
Cash Flows from Investing Activities
73,605 | 72,522 | 72,032 | 72,255 |
- | - | - | |
- | - | - | |
- | - | - | |
- | - | - | |
75,468 | 77,334 | 75,468 | 77,334 |
(1,957) | (11) | (1,957) | (11) |
- | - | - | |
- | - | - | |
- | - | - | |
26,789 | 24,450 | 26,742 | 24,450 |
- | - | - | |
(3,294) | (3,294) | (3,294) | (3,294) |
385,184 | 208,476 | 384,691 | 209,070 |
4,222 | (86,772) | 599 | (86,271) |
40,787 | 20,184 | 36,439 | 25,412 |
(18,657) | 1,514 | (19,885) | (3,312) |
(175,395) | (6,782) | (172,867) | (6,854) |
(18,720) | 12,057 | (18,720) | 12,057 |
217,422 | 148,677 | 210,257 | 150,102 |
- | - | - | |
1,957 | 11 | 1,957 | 11 |
(64,235) | (69,547) | (64,235) | (69,547) |
(23,378) | (3,529) | (23,378) | (3,529) |
131,766 | 75,611 | 124,601 | 77,036 |
Purchase & Construction of Property, Plant & Equipment Investment in immature plantations
Proceeds from disposal of property, plant & equipment Investment
Right Issue
Net Cash generated from/(used in) Investing Activities
Cash Flows from Financing Activities
Payment of finance lease rentals
Payment of JEDB lease rentals
Capital Grants Received
Repayment of Debenture
Proceeds from Long Term Loans
Repayment of Long Term Loans
Net Cash generated from/(used in) Financing Activities
Net Increase in Cash & Cash Equivalents
Cash & Cash Equivalents at the beginning of the year Effect of Exchange Rate Changes
Cash & Cash Equivalents at the end of the period
Analysis of Cash & Cash Equivalents at the end of the Period
Cash in Hand & Bank
Bank & Other Borrowings
(5,346) | (7,327) | (5,346) | (7,327) |
(21,860) | (13,836) | (21,860) | (13,836) |
- | - | - | - |
- | - | - | - |
- | - | - | - |
(27,205) | (21,164) | (27,205) | (21,164) |
- | (7,012) | - | (7,012) |
(24,767) | - | (24,767) | - |
560 | 4,643 | 560 | 4,643 |
(8,091) | (8,090) | (8,091) | (8,090) |
- | 7,500 | - | 7,500 |
(66,310) | (34,466) | (66,310) | (34,466) |
(98,608) | (37,425) | (98,608) | (37,425) |
5,952 | 17,023 | (1,213) | 18,448 |
(482,572) | (493,695) | (483,449) | (498,875) |
- | |||
(476,620) | (476,672) | (484,662) | (480,427) |
165,868 | 100,096 | 157,826 | 96,341 |
(642,488) | (576,768) | (642,488) | (576,768) |
(476,620) | (476,672) | (484,662) | (480,427) |
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Kotagala Plantations plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 11:42:10 UTC.