WATAWALA PLANTATIONS PLC WATAWALA PLANTATIONS PLC 001
INTERIM CONDENSED FINANCIAL STATEMENTS
Watawala Plantations PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Quarter ended 31 December, 2022
002
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Chairman's Message
Dear Shareholder,
Watawala Plantations PLC (CSE: WATA)
Watawala Plantations PLC posted a revenue of LKR 6.6 billion at group level for the nine months ending 31st December 2022 (9M FY 22/23), up 32.1% YoY. The Palm Oil sector revenue was LKR 5.8 billion, up 27.4% YoY driven by a higher price during the period.
Profit after tax (PAT) at group level was LKR 2.6 billion during 9M FY22/23, 2.8% below the same period last year due to the low performance in the dairy segment.
The net assets per share decreased to LKR 32.45 as at 31st December 2022 from LKR 33.73 as at 31st March 2022 due to a decrease in retained earnings due to the final dividend for FY 21/22 of LKR 8.00 per share paid during 1Q FY 22/23, and an interim dividend of LKR 6.00 per share paid during 3Q FY 22/23.
Watawala Dairy Limited (WDL)
Revenue was LKR 885.1 million for the period ending 31st December 2022 (9M FY 22/23), up 73.2% YoY due to increase in milk prices. However, there was a contraction in the gross margin during the period due to the increase in feed cost and lower milk yield. Consequently, WDL recorded a loss of LKR 63.4 million compared to a profit of LKR 38.0 million in the same period the previous year.
The Company divested the downstream dairy business under the brand 'Pride of Lonach' in September 2022 to focus on the core farm operations. Watawala Plantations PLC invested a further LKR 365 Mn in WDL in September 2022.
Outlook
Palm oil prices are expected to remain volatile in the upcoming quarter mainly due to demand fluctuations resulting from the economic situation in the country. Whilst fertilizer price has decreased from its highest level witnessed after removal of the ban on chemical fertilizer,
the price remains significantly higher compared to before the ban. The sound organic and chemical fertilizer application program during the past nine months is expected to maintain healthy growth and yields.
WDL has increased feed stock holding to a comfortable level following the several initiatives to procure the required volume of feed. The management is investing significant time and effort to increase productivity to turnaround operations. Meanwhile, milk prices are expected to dip in the upcoming quarter due to lower consumer demand for end products resulting from the economic downturn.
The management is continuously monitoring all macro-economic developments and continuing to take all possible measures to ensure uninterrupted and profitable operations despite the economic volatility.
Sunil G Wijesinha
Chairman
13 February 2023
WATAWALA PLANTATIONS PLC INTERIM CONDENSED FINANCIAL STATEMENTS
003
Condensed Consolidated Income Statement
(all amounts in Sri Lankan Rupees thousands)
Revenue
Cost of sales
Gross profit
Other Income
Gain/(loss) on changes in fair value of biological assets Administrative expenses
Selling and distribution expenses
Impairment of Goodwill on acquisition of subsidiary
Operating profits
Finance Income
Finance Costs
Net Finance Income/(Costs)
Profit before income tax
Income tax expenses
Profit for the period
Profit is attributable to:
Equity holders of the parent
Non-controlling interests
Basic earning per share (LKR)
Consolidated Statement of other Comprehensive Income
Profit for the period
Other comprehensive income
Total comprehensive income for the period
Total comprehensive income attributable to
Equity holders of the parent
Non-controlling interests
Total comprehensive income for the period
Quarter ended 31 December | Nine months ended 31 December | ||||
2022 | 2021 | Change % | 2022 | 2021 | Change % |
2,070,424 | 1,627,287 | 27% | 6,649,162 | 5,033,465 | 32% |
(1,229,625) | (779,076) | 58% | (3,647,098) | (2,072,000) | 76% |
840,799 | 848,211 | -1% | 3,002,064 | 2,961,465 | 1% |
10,982 | 33,093 | -67% | 51,078 | 71,259 | -28% |
- | - | n/a | 17,363 | 11,193 | 55% |
(89,006) | (77,287) | 15% | (274,982) | (219,754) | 25% |
(38,618) | - | n/a | (38,618) | - | n/a |
(30,000) | - | n/a | (60,000) | - | n/a |
694,157 | 804,017 | -14% | 2,696,905 | 2,824,163 | -5% |
42,946 | 20,016 | 115% | 103,882 | 35,829 | 190% |
(37,869) | (16,714) | 127% | (82,271) | (51,305) | 60% |
5,077 | 3,302 | 54% | 21,611 | (15,476) | n/a |
699,234 | 807,319 | -13% | 2,718,516 | 2,808,687 | -3% |
(38,412) | (25,820) | 49% | (124,006) | (138,500) | -10% |
660,822 | 781,499 | -15% | 2,594,510 | 2,670,187 | -3% |
663,041 | 780,874 | 2,601,334 | 2,666,910 | ||
(2,219) | 625 | (6,824) | 3,277 | ||
660,822 | 781,499 | 2,594,510 | 2,670,187 | ||
3.26 | 3.84 | 12.79 | 13.11 | ||
660,822 | 781,499 | -15% | 2,594,510 | 2,670,187 | -3% |
- | - | - | - | ||
660,822 | 781,499 | -15% | 2,594,510 | 2,670,187 | -3% |
663,041 | 780,874 | 2,601,334 | 2,666,910 | ||
(2,219) | 625 | (6,824) | 3,277 | ||
660,822 | 781,499 | 2,594,510 | 2,670,187 |
004
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Company Income Statement
(all amounts in Sri Lankan Rupees thousands)
Quarter ended 31 December | Nine months ended 31 December |
Revenue
Cost of sales
Gross profit
Other Income
Gain/(loss) on changes in fair value of biological assets Administrative expenses
Selling and distribution expenses
Impairment on investment in subsidiary
Operating profits
Finance Income
Finance Costs
Net Finance Income/(Costs)
Profit before income tax
Income tax expenses
Profit for the period
Basic earning per share (LKR)
Consolidated Statement of other Comprehensive Income
Profit for the period
Other comprehensive income
Total comprehensive income for the period
Total comprehensive income attributable to
Equity holders of the parent
Total comprehensive income for the period
2022
1,724,038
(881,611)
842,427
8,017
-
(87,097)
(38,618)
(30,000)
694,729
34,823
(10,743)
24,080
718,809
(35,974)
682,835
3.36
682,835
-
682,835
682,835
682,835
2021
1,451,194
(611,223)
839,971
22,045
-
(74,266)
-
-
787,750
19,773
(10,158)
9,615
797,365
(21,499)
775,866
3.82
775,866
-
775,866
775,866
775,866
Change %
19%
44%
0%
-64%
-
17%
n/a
n/a
-12%
76%
6%
150%
-10%
67%
-12%
-12%
-12%
2022 | 2021 | Change % | ||
5,764,617 | 4,523,533 | 27% | ||
(2,738,754) | (1,607,560) | 70% | ||
3,025,863 | 2,915,973 | 4% | ||
41,665 | 34,310 | 21% | ||
11,982 | 20,542 | -42% | ||
(264,175) | (211,356) | 25% | ||
(38,618) | - | n/a | ||
(60,000) | - | n/a | ||
2,716,717 | 2,759,469 | -2% | ||
92,665 | 36,407 | 155% | ||
(33,284) | (32,461) | 3% | ||
59,381 | 3,946 | 1405% | ||
2,776,098 | 2,763,415 | 0% | ||
(118,109) | (131,179) | -10% | ||
2,657,989 | 2,632,236 | 1% | ||
13.07 | 12.95 | |||
2,657,989 | 2,632,236 | 1% | ||
- | - | |||
2,657,989 | 2,632,236 | 1% | ||
2,657,989 | 2,632,236 | |||
2,657,989 | 2,632,236 |
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Statement of Financial Position
(all amounts in Sri Lankan Rupees thousands)
005
As at
Assets
Non-current assets
Right to use of assets
Property, plant and equipment
Intangible assets
Biological Assets -Bearer
Biological Assets-Consumable
Biological Assets -livestock
Investment fund
Investment in subsidiaries
Goodwill on acquisition
Total non-current assets
Current assets
Inventories
Biological assets-produce on bearer plants Current tax assets
Trade and other receivables
Amount due from related parties
Short term investment
Cash and cash equivalents
Total current assets
Total assets
Equity and Liabilities
Capital and Reserves
Stated capital
Retained earnings
Equity attributable to owners of the Company Non controlling interests
Total equity
Liabilities
Non-current liabilities
Interest bearing borrowings
Lease Liabilities
Retirement benefit obligations Deferred income and capital grants Deferred tax liability
Total non-current liabilities
Current liabilities
Interest bearing borrowings
Lease Liabilities
Trade and other payables
Amount due to related parties
Current tax liabilities
Bank overdrafts
Total current liabilities
Total liabilities
Total equity and liabilities
Net assets per share
Group
31.12.2022 | 31.03.2022 | |
246,478 | 235,995 |
2,491,270 | 2,342,362 |
35,787 | 28,276 |
2,623,872 | 2,698,963 |
33,783 | 33,783 |
1,015,940 | 943,200 |
54,568 | 72,313 |
- | - |
28,671 | - |
6,530,369 | 6,354,892 |
828,596 | 245,923 |
83,654 | 71,671 |
20,679 | 20,679 |
463,118 | 256,348 |
68,732 | 255 |
4,563 | 514,914 |
853,265 | 1,427,013 |
2,322,607 | 2,536,803 |
8,852,976 | 8,891,695 |
511,848 | 511,848 |
6,086,171 | 6,345,936 |
6,598,019 | 6,857,784 |
249,841 | 241,887 |
6,847,860 | 7,099,671 |
257,479 | 227,505 |
272,849 | 254,050 |
206,264 | 212,629 |
39,674 | 41,442 |
341,710 | 316,938 |
1,117,976 | 1,052,564 |
96,277 | 145,070 |
1,554 | 2,363 |
732,288 | 559,994 |
- | 31,259 |
42,986 | 774 |
14,035 | - |
887,140 | 739,460 |
2,005,116 | 1,792,024 |
8,852,976 | 8,891,695 |
32.45 | 33.73 |
Company
31.12.2022 | 31.03.2022 |
250,217 | 238,645 |
1,154,695 | 943,491 |
33,818 | 25,307 |
2,571,230 | 2,631,545 |
- | - |
- | - |
54,568 | 72,313 |
2,557,061 | 2,163,390 |
- | - |
6,621,589 | 6,074,691 |
358,575 | 193,065 |
83,654 | 71,671 |
20,679 | 20,679 |
377,043 | 229,617 |
241,652 | 4,101 |
4,563 | 482,811 |
723,881 | 1,412,534 |
1,810,047 | 2,414,478 |
8,431,636 | 8,489,169 |
511,848 | 511,848 |
6,431,784 | 6,620,116 |
6,943,632 | 7,131,964 |
- | - |
6,943,632 | 7,131,964 |
- | - |
282,149 | 263,351 |
181,777 | 186,682 |
39,674 | 41,442 |
280,970 | 261,658 |
784,570 | 753,133 |
- | 45,500 |
1,637 | 1,399 |
655,504 | 520,112 |
3,307 | 37,061 |
42,986 | - |
- | - |
703,434 | 604,072 |
1,488,004 | 1,357,205 |
8,431,636 | 8,489,169 |
34.15 | 35.08 |
It is certified that these financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.
Eranda Kapukotuwa
Senior Manager-Finance
The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of Directors of Watawala Plantations PLC.
V Govindasamy | Sunil G Wijesinha |
Director | Chairman |
13 February 2023 Colombo
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Watawala Plantations plc published this content on 13 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2023 11:27:06 UTC.
