Asia Siyaka Commodities : Interim Financial Statement for the Quarter ended 30th September 2022

CEYLON TEA BROKERS PLC

PB 1280 PQ

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

						CEYLON TEA BROKERS PLC
		Statement of Profit or Loss and Other Comprehensive Income for the Period Ended 30th September
				GROUP					COMPANY
	For the Quarter Ended	Variance			For the Six months ended	Variance	For the Quarter Ended	Variance	For the Six months ended	Variance
	30.09.2022	30.09.2021	%			30.09.2022	30.09.2021	%	30.09.2022	30.09.2021	%		30.09.2022	30.09.2021	%
	Rs.	Rs.				Rs.	Rs.		Rs.	Rs.			Rs.	Rs.
Revenue		216,276,882	103%				407,709,669	104.19%		141,814,391	112%			287,422,433	92.61%
438,668,578	832,516,794	300,466,968	553,616,780
Operating Expenses	(150,550,541)	(79,769,004)	89%			(292,541,830)	(136,540,065)	114.25%	(35,263,755)	(17,765,368)	98%		(61,389,750)	(30,890,065)	98.74%
Gross Profit			111%					99.13%			114%				91.88%
288,118,037	136,507,878			539,974,964	271,169,604	265,203,213	124,049,023	492,227,030	256,532,369
Marketing Expenses	(25,522,433)	(13,975,659)	83%			(58,172,697)	(26,823,326)	116.87%	(24,331,468)	(12,607,682)	93%		(55,105,420)	(24,368,620)	126.13%
Administration Expenses	(102,946,941)	(75,613,781)	36%			(200,336,322)	(148,688,037)	34.74%	(83,759,206)	(60,794,139)	38%		(160,836,905)	(120,775,290)	33.17%
Net Finance Expenses	(55,976,546)	(28,917,734)	94%			(104,412,582)	(58,793,344)	77.59%	(41,567,515)	(14,000,442)	197%		(74,528,894)	(30,499,198)	144.36%
Profit Before Taxation			476%					380.28%			215%				149.42%
103,672,117	18,000,704			177,053,363	36,864,898	115,545,024	36,646,760	201,755,811	80,889,261
Taxation	(39,285,308)	(10,994,028)	257%			(67,848,235)	(24,041,779)	182.21%	(39,285,308)	(10,994,028)	257%		(67,848,235)	(24,041,779)	182.21%
Profit After Taxation	64,386,809	7,006,676	819%			109,205,128	12,823,119	752%	76,259,716	25,652,732	197%		133,907,576	56,847,482	135.56%
Other Comprehensive Income/(Loss)	-	-				-	-		-	-			-	-
Profit for the Period			-819%					-752%			197%				135.56%
64,386,809	7,006,676			109,205,128	12,823,119	76,259,716	25,652,732	133,907,576	56,847,482
Basic Earnings Per Share	0.35	0.04				0.60	0.07		0.42	0.14			0.73	0.31

figures in brackets indicate deductions.

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CEYLON TEA BROKERS PLC

Statement of Financial Position

	GROUP			COMPANY
	Unaudited		Audited		Unaudited	Audited
As at	30.09.2022			31.03.2022		30.09.2022		31.03.2022
ASSETS	Rs.		Rs.		Rs.	Rs.
Non-Current Assets
Property, Plant & Equipment	898,757,613			922,447,846		9,752,332		9,758,683
Right of Use Asset	197,375,889			219,964,231		14,435,744		24,059,578
Intangible Assets	67,625,037			72,667,410		3,333,891		4,220,085
Defferred Tax Asset	-			-		14,561,932		14,561,932
Loans & Advances to Tea Suppliers	4,207,374			34,592,759		4,207,374		34,592,759
Refundable Deposit on Lease Permises	14,770,238			4,472,279		4,711,838		4,472,279
	1,182,736,151			1,254,144,525		51,003,110		91,665,316
Investment in Logicare (Pvt) Ltd	-			-		633,000,000		633,000,000
Current Assets
Trade and Other Receivables	936,027,356			861,953,667		820,998,384		763,465,364
Loans & Advances to Tea Suppliers	1,129,342,797			724,903,358		1,129,342,797		724,903,358
Investment in Unit trusts	100,091,446			-		100,091,446		-
Cash and Cash Equivalents	145,079,070			67,854,077		134,139,242		63,781,601
	2,310,540,669			1,654,711,102		2,184,571,869		1,552,150,323
Total Assets
3,493,276,820			2,908,855,627	2,868,574,979		2,276,815,639
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	333,200,000			333,200,000		333,200,000		333,200,000
Retained Earnings	90,932,207			47,391,079		410,047,597		341,804,020
Revaluation Reserve	129,759,524			129,759,524		-		-
Total Equity	553,891,731			510,350,603		743,247,597		675,004,020
Non-Current Liabilities
Defferred Tax Liability	26,414,760			26,414,761
Interest Bearing Borrowings	906,746,508			977,514,966		248,540,460		345,890,742
Lease Payables	2,123,795			15,487,821		-		5,804,378
Retirement Benefit Obligation	46,372,804			43,520,681		38,077,538		35,445,540
Current Liabilities	981,657,866			1,062,938,229		286,617,998		387,140,660
Trade and Other Payables	1,029,605,981			653,455,741		963,476,246		618,166,672
Lease Payables	34,958,639			42,242,071		16,926,567		21,752,648
Interest Bearing Borrowings	660,656,132			556,658,318		655,256,132		496,775,949
Amount due to Related Party	-			-		515,459		-
Tax Payable	58,068,565			13,470,268		58,068,565		13,470,268
Bank Overdrafts	174,437,906			69,740,397		144,466,416		64,505,422
	1,957,727,223			1,335,566,795		1,838,709,385		1,214,670,959
Total Liabilities	2,939,385,089			2,398,505,024		2,125,327,382		1,601,811,619
Total Equity and Liabilities
3,493,276,820			2,908,855,627	2,868,574,979		2,276,815,639
Net Asset Value Per Share	3.04			2.80		4.07		3.70

I certify that the above financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.

…………......………

Financial Controller

The Board of Directors are responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the board by:

………..…...………………	……...…..……………
Director	Director
10th November 2022
Colombo

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CEYLON TEA BROKERS PLC

Statement of Changes in Equity

For the Period Ended 30th September

	Stated	Revaluation		Retained			Total
	Capital	Reserve		Earnings
GROUP	Rs.	Rs.		Rs.			Rs.
Balance as at 01.04.2021	333,200,000	-	97,824,452	431,024,452
Profit for the period ended 30.09.2021	-	-	12,823,119	12,823,119
Other Comprehensive Income	-	-	-	-
Dividend Paid	-	-	(63,840,000)	(63,840,000)
Balance as at 30.09.2021	333,200,000	-	46,807,571		380,007,571
Balance as at 01.04.2022	333,200,000	129,759,524	47,391,079	510,350,603
Profit for the period ended 30.09.2022	-	-	109,205,128	109,205,128
Other Comprehensive Income	-	-	-	-
Dividend Paid	-	-	(65,664,000)	(65,664,000)
Balance as at 30.09.2022	333,200,000	129,759,524		90,932,207			553,891,731

	Stated		Retained		Total
	Capital		Earnings
COMPANY	Rs.		Rs.		Rs.
Balance as at 01.04.2021	333,200,000	300,243,668		633,443,668
Profit for the period ended 30.09.2021	-	56,847,482		56,847,482
Other Comprehensive Income	-	-		-
Dividend Paid	-	(63,840,000)		(63,840,000)
Balance as at 30.09.2021	333,200,000	293,251,150			626,451,150
Balance as at 01.04.2022	333,200,000	341,804,020		675,004,020
Profit for the period ended 30.09.2022	-	133,907,576		133,907,576
Other Comprehensive Income	-	-		-
Dividend Paid	-	(65,664,000)		(65,664,000)
Balance as at 30.09.2022	333,200,000		410,047,597			743,247,597

figures in brackets indicate deductions.

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CEYLON TEA BROKERS PLC

Statement of Cash Flows

For the Period Ended 30th September 2022

	GROUP			COMPANY
	30.09.2022		30.09.2021		30.09.2022	30.09.2021
Cash Flow From Operating Activities	Rs.		Rs.		Rs.	Rs.
Profit Before Taxation	177,053,363		36,864,898		201,755,811	80,889,261
Adjustments for ;
Depreciation	32,526,597		23,230,757		3,142,135	3,259,997
Amortization	21,680,553		18,212,822		9,623,835	8,250,995
Interest/Investment Income	(31,723,474)		(1,985,426)		(31,723,474)	(1,688,602)
Interest Expense	111,402,599		64,120,025		106,252,369	34,233,006
Provision for Retirement Benefit Obligation	3,600,000		3,600,000		3,000,000	3,000,000
Provision for Bad and Doubtful Debt	9,350,000		12,500,000		9,000,000	12,500,000
Disposal (Profit)/Loss on Property,Plant and Equipment	(42,120)		-		(42,120)	-
Operating Profit Before Working Capital Changes	323,847,516		156,543,076		301,008,554	140,444,657
Increase/Decrease in Working Capital
(Increase)/ Decrease in Trade and Other Receivables	(74,073,892)		123,281,831		(57,533,020)	140,237,415
Loans (Disburstments)/Recoveries From (To) Tea Suppliers	(383,404,054)		72,827,022		(383,054,054)	72,827,023
Increase/(Decrease) in Trade and Other Payables	376,150,240		(95,042,186)		345,309,574	(81,302,429)
(Increase)/Decrease in Related Party Receivable	-		-		515,459	(70,901,036)
Cash Generated from Operating Activities	242,519,811		257,609,743		206,246,514	201,305,630
Tax Paid	(23,249,937)		(30,586,132)		(23,249,937)	(30,586,132)
Gratuity Paid	(747,875)		(120,375)		(368,000)	(120,375)
Net Generated from Operating Activities	218,521,999		226,903,236		182,628,576	170,599,123
Cash Flow From Investing Activities
Interest Received	31,392,469		1,643,028		31,392,469	1,472,783
Proceeds from sale of Assets	42,120		389,721		42,120	99,341
Refundable Deposit	(10,058,400)		(10,000,000)		-	-
Disposal of Commercial Papers	-		-		-	-
Investment made during the year	(600,000,000)		-		(600,000,000)	-
Investment redeemed during the year	500,000,000		-		500,000,000	-
Purchase of Property, Plant & Equipment	(2,886,000)		(91,153,540)		(2,249,600)	(2,157,699)
Net cash flow from ( Used in) Investing Activities	(81,509,811)		(99,120,791)		(70,815,011)	(585,575)
Cash Flow From Financing Activities
Interest Paid	(109,323,634)		(59,513,994)		(105,036,298)	(32,187,799)
Payment of Lease Liabilities	(22,726,425)		(18,929,788)		(11,846,530)	(10,867,689)
Dividend Paid	(65,664,000)		(63,840,000)		(65,664,000)	(63,840,000)
Movement in Interest Bearing Borrowings
Loan repayment made during the period	(861,770,645)		(1,866,478,323)		(833,870,091)	(1,745,791,183)
Loan obtained during the period	545,000,000		1,846,071,008		545,000,000	1,643,571,011
Commercial papers issued	350,000,000		-		350,000,000	-
Net cash flow from Financing Activities	(164,484,704)		(162,691,097)		(121,416,919)	(209,115,660)
Net Increase/ (Decrease) in Cash and Cash Equivalents	(27,472,516)		(34,908,653)		(9,603,353)	(39,102,112)
Cash and Cash Equivalents at the Beginning of the Period	(1,886,320)		20,968,907		(723,821)	57,776,716
Cash and Cash Equivalents at the End of the Period
(29,358,836)		(13,939,746)	(10,327,174)	18,674,604

figures in brackets indicate deductions.

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