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.