Nestle Lanka : Q2/2022, pdf

Quarter Performance (Unaudited)

For the Period Ended 30 June

Q2 2021

Q2 2022

%

2021

2022

%

Rs.'000s

Rs.'000s

Change

Rs.'000s

Rs.'000s

Change

Revenue

10,108,516

18,039,660

78.5

21,563,383

33,091,284

53.5

Cost of Sales

(7,065,373)

(11,658,288)

65.0

(14,441,594)

(21,358,250)

47.9

Gross Profit

3,043,143

6,381,372

109.7

7,121,789

11,733,034

64.7

Other Operating Income/ (Expenses)

95,865

952,366

893.4

(46,458)

(599,931)

1191.3

Marketing, Selling and Distribution Expenses

(1,304,468)

(1,628,092)

24.8

(2,902,033)

(3,318,769)

14.4

Administrative Expenses

(645,262)

(860,205)

33.3

(1,263,050)

(1,536,403)

21.6

Results from Operating Activities

1,189,278

4,845,441

307.4

2,910,248

6,277,931

115.7

Net Finance Expense

(189,743)

(3,508,632)

1749.1

(94,178)

(4,020,048)

4168.6

Profit before Taxation

999,535

1,336,809

33.7

2,816,070

2,257,883

-19.8

Income Tax Expense

(155,283)

(206,917)

33.3

(230,146)

(302,867)

31.6

Profit for the Period

844,252

1,129,892

33.8

2,585,924

1,955,016

-24.4

Other Comprehensive Income - Net of Tax

Actuarial Gain/ (Loss) on Retirement Benefit

(9,100)

-

-100.0

(9,100)

-

-100.0

Obligations

Gain/ (Loss) on Cash Flow Hedges

-

-

-

1,054

-

-100.0

Total Comprehensive Income - Net of Tax

835,152

1,129,892

35.3

2,577,878

1,955,016

-24.2

Basic Earnings Per Share (EPS.) Rs.

15.71

21.03

48.13

36.39

....................................

....................................

Joselito Avancena

Kumudu Dias

Managing Director

Director Finance & Control

29 July 2022

As at :

31.12.2021

30.06.2022

Rs.'000s

Rs.'000s

Audited

Unaudited

ASSETS

Non-Current Assets

Property, Plant and Equipment

7,850,323

7,895,222

Capital Work-In-Progress

716,060

384,624

Other Non-Current Assets

321,761

298,945

8,888,144

8,578,791

Current Assets

Inventories

6,154,678

11,434,798

Trade and Other Receivables

2,187,972

4,583,013

Amount Due from Related Parties

873,080

1,088,245

Cash and Cash Equivalents

7,011,873

13,779,926

16,227,603

30,885,982

Total Assets

25,115,747

39,464,773

EQUITY AND LIABILITIES

Equity

Stated Capital

537,255

537,255

Retained Earnings and Reserves

7,897,398

5,923,715

8,434,653

6,460,970

Non-Current Liabilities

Retirement Benefit Obligations

194,530

225,194

Deferred Tax Liabilities

724,596

262,090

Non-Current Provisions

1,023,596

996,257

Non-Current Financial Liabilities

5,417,887

9,582,678

7,360,609

11,066,219

Current Liabilities

Trade and Other Payables

6,417,646

11,606,845

Amount Due to Related Parties

1,988,465

6,404,138

Current Tax Payable

728,365

973,739

Dividend Payable

84,753

2,793,212

Current Financial Liabilities

101,256

159,650

9,320,485

21,937,584

Total Liabilities

16,681,094

33,003,803

Total Equity and Liabilities

25,115,747

39,464,773

As at (Rs.) :

31.03.2020

31.12.2021

30.06.2022

Net asset value per share

Rs. 86.29

157.00

120.26

Market value per share during the quarter

- Highest

1,300.00

1,330.00

1,097.25

- Lowest

1,001.50

1,200.00

900.00

- Last traded price (Date 31/12/2021, 30/06/2022)

1,011.30

1,215.50

919.00

......................................

....................................

Joselito Avancena

Kumudu Dias

Managing Director

Director Finance & Control

For the Period Ended 30 June

2021

2022

Rs.'000s

Rs.'000s

Cash Flows from Operating Activities

Profit before Taxation

2,816,070

2,257,883

Adjustments for :

Depreciation of Property, Plant and Equipment

485,063

443,594

Loss/ (Gain) on sale of Property, Plant and Equipment

(13,666)

(50)

Imputed Interest cost of Staff Loan

14,332

13,641

Unrealised Loss/ (Gain) on Foreign Exchange

(135,324)

2,348,232

Interest Expense

114,046

144,905

Interest Income

(19,868)

(185,019)

Movement of Retirement Benefit Obligation (Excluding Actuarial Gain/ Loss)

50,485

38,605

Operating Profit before Working Capital Changes

3,311,138

5,061,791

Working Capital Changes

(Increase)/ Decrease in Inventories

(1,912,794)

(5,280,120)

(Increase)/ Decrease in Trade and Other Receivables

(206,563)

(2,369,872)

(Increase)/ Decrease in Amount due from Related Parties

91,100

(215,165)

Increase/ (Decrease) in Trade and Other Payables

283,380

5,103,069

Increase/ (Decrease) in Amount due to Related Parties

1,164,191

4,376,489

Cash Generated from Operations

2,730,452

6,676,192

Income Tax Paid

(424,000)

(547,339)

Surcharge Tax Paid

-

(494,347)

Retirement Benefit Obligations Paid

(8,161)

(129,061)

Net Cash Flows generated from Operating Activities

2,298,291

5,505,445

Cash Flow from Investing Activities

Investment in Property, Plant and Equipment

(403,428)

(434,562)

Proceeds from Sale of Property, Plant and Equipment

4,561

50

Movement of Other Non-Current Financial Assets

15,108

22,816

Net Cash Flows used in Investing Activities

(383,759)

(411,696)

Cash Flow from Financing Activities

Repayment of Loans Obtained from Related Parties

(1,893,000)

-

Payment of Lease Liabilities

(35,299)

(39,333)

Dividend Paid

(2,949,475)

(231,546)

Interest Paid

(136,000)

(106,576)

Interest Received

5,563

146,209

Net Cash Flows used in Financing Activities

(5,008,211)

(231,246)

Net Increase in Cash and Cash Equivalents

(3,093,679)

4,862,503

Effect of Exchange Rate changes on Cash and Cash Equivalents

135,324

1,841,268

Cash and Cash Equivalents at the Beginning of the Period

2,418,114

6,975,584

Cash and Cash Equivalents at the End of the Period

(540,241)

13,679,355

Analysis of Cash and Cash Equivalents at the End of the Period

Cash and Cash Equivalents in the Statement of Financial Position

2,827,346

13,779,926

Current Financial Liabilities for the purpose of the Statement of Cash Flows

(3,367,587)

(100,571)

[Excluding Short Term Lease Liabilities of Rs . 59,079 (2021 - Short Term Lease Liabilities Rs. 66,149)]

Cash and Cash Equivalents in the Statement of Cash Flows

(540,241)

13,679,355

Stated Capital

Retained

Other Equity

Total

Earnings

Reserves *

Rs.'000s

Rs.'000s

Rs.'000s

Rs.'000s

Balance as at 1 January 2021 (Audited)

537,255

5,434,999

(38,471)

5,933,783

Surcharge Tax levied under Surcharge Tax Act

-

(988,694)

-

(988,694)

Total Comprehensive Income for 6 months ended

30 June 2021

Profit for the Period

-

2,585,924

-

2,585,924

Other Comprehensive Income/ (Expenses)

-

-

(8,046)

(8,046)

Transactions with Owners of the Company

Recognised Directly in Equity

Unclaimed Dividend Written Back

-

17,053

-

17,053

Interim Dividend

-

(1,880,391)

-

(1,880,391)

Final Dividend

-

(1,074,509)

-

(1,074,509)

Balance as at 30 June 2021 (Unaudited)

537,255

4,094,382

(46,517)

4,585,120

Total Comprehensive Income for 6 months ended

31 December 2021

Profit for the Period

-

2,743,226

-

2,743,226

Other Comprehensive Income/ (Expenses)

-

-

117,613

117,613

Transactions with Owners of the Company

Recognised Directly in Equity

Unclaimed Dividend Written Back

-

-

-

-

Interim Dividend

-

-

-

-

Final Dividend

-

-

-

-

Balance as at 31 December 2021 (Audited)

537,255

6,837,608

71,096

7,445,959

Balance as at 1 January 2022

537,255

6,837,608

71,096

7,445,959

Total Comprehensive Income for 6 months ended

30 June 2022

Profit for the Period

-

1,955,016

-

1,955,016

Other Comprehensive Income/ (Expenses)

-

-

-

-

Transactions with Owners of the Company

Recognised Directly in Equity

Unclaimed Dividend Written Back

-

14,895

-

14,895

Interim Dividend

-

(1,074,509)

-

(1,074,509)

Final Dividend

-

(1,880,391)

-

(1,880,391)

Balance as at 30 June 2022 (Unaudited)

537,255

5,852,619

71,096

6,460,970