Bairaha Farms : BFL Interim Financial Statements 31/03/22

BAIRAHA FARMS PLC.

FINANCIAL STATEMENTS

31ST MARCH 2022

Bairaha Farms PLC
Statement of Financial Position
As at 31st March 2022
	Group		Company
	Unaudited	Audited		Unaudited	Audited
	as at	as at		as at	as at
	31.03.2022	31.03.2021	31.03.2022	31.03.2021
	Rs	Rs		Rs	Rs
ASSETS
Non-Current Assets
Property, Plant & Equipment	2,500,695,088	2,349,860,724	933,729,816	869,539,497
Right of use Assets	8,860,289	13,290,436	14,142,510	21,213,766
Investment Property	-	-	51,932,769	54,252,615
Intangible Assets	39,989,250	38,724,829	39,898,250	38,619,829
Investments in Subsidiaries	-	-	381,532,820	381,532,820
Investments in Joint Ventures	1,176,730,340	1,104,730,371	711,922,000	711,922,000
Other Investments	891,800	1,131,900	891,800	1,131,900
Biological Assets- Bearer	105,002,246	32,828,331		52,608,411	28,023,793
	3,832,169,013	3,540,566,591	2,186,658,376	2,106,236,221
Current Assets
Inventories	362,024,188	245,063,033	219,928,475	163,807,155
Biological Assets- Consumable	211,654,885	202,504,633	161,689,272	115,167,091
Biological Assets- Bearer	438,754,507	476,157,350	257,230,802	115,699,747
Trade and Other Receivables	694,261,283	497,271,748	710,502,107	399,587,268
Income Tax Receivable	24,265,487	44,930,802	13,061,539	27,705,507
Other Investments	46,135,670	46,212,932	61,154	77,596
Amounts Due from Related Parties	50,509,233	509,233	117,290,757	26,466,326
Cash and Bank Balances	541,691,393	237,120,218		302,079,107	178,180,090
	2,369,296,646	1,749,769,949		1,781,843,213	1,026,690,779
Total Assets	6,201,465,659	5,290,336,540	3,968,501,589	3,132,927,000
EQUITY AND LIABILITIES
Equity
Stated Capital	256,305,197	256,305,197	256,305,197	256,305,197
Revaluation Surplus	572,830,044	580,246,801	183,956,592	183,956,592
Fair Value Reserve	(1,254,207)	(1,014,107)	(1,254,207)	(1,014,107)
Actuarial Gain on Defined Benefit Plans	(3,968,043)	(5,557,842)	(3,968,043)	(5,557,842)
Retained Earnings	3,960,977,491	3,284,213,706		1,326,787,653	1,059,983,299
Total Equity	4,784,890,482	4,114,193,755	1,761,827,192	1,493,673,139
Non-Current Liabilities
Financing & Lease (Ijara) Payable	257,660,284	141,629,432	106,558,148	94,079,389
Deferred Tax Liabilities	177,672,605	180,137,125	60,207,891	56,229,716
Retirement Benefit Liability	94,863,017	95,929,438		83,018,834	82,774,701
	530,195,906	417,695,995	249,784,873	233,083,806
Current Liabilities
Trade and Other Payables	594,676,038	374,350,382	1,425,360,210	898,019,890
Dividends Payable	16,545,937	14,820,660	16,545,937	14,820,660
Amounts Due to Related Parties	-	-	306,583,406	214,034,760
Financing & Lease (Ijara) Payable	275,157,296	369,275,748		208,399,971	279,294,745
	886,379,271	758,446,790		1,956,889,524	1,406,170,055
Total Equity and Liabilities	6,201,465,659	5,290,336,540		3,968,501,589	3,132,927,000

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Finance Manager

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
30-May-2022

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Group

For the Year ended 31st March 2022

		Unaudited	Audited	Unaudited
		for the year	for the quarter	Audited for	Group
		for the year
		ended	ended	the quarter	Change
		ended 31.03.2021
	31.03.2022	31.03.2022	ended 31.03.2021	%
		Rs	Rs	Rs	Rs	+/(-)
Revenue	6,742,246,571	5,056,659,628	2,325,436,982	1,421,473,670	33
Cost of Sales		(5,405,754,779)	(4,237,275,266)	(1,892,848,410)	(1,038,888,558)	28
Gross Profit	1,336,491,792	819,384,362	432,588,572	382,585,112	63
Other Operating Income	29,526,545	31,435,121	9,409,256	8,725,181	(6)
Distribution Costs	(416,445,166)	(319,830,025)	(113,904,405)	(102,425,752)	30
Administrative Expenses	(285,995,464)	(274,880,037)	(60,177,623)	(71,976,326)	4
Other Operating Expenses	(626,660)	(558,236)	(230,975)	-	12
Finance Cost		(41,173,807)	(63,417,106)	(12,641,103)	(14,833,923)	(35)
Profit before Tax	621,777,240	192,134,079	255,043,722	202,074,292	224
Share of Profit from Joint Venture Companies	171,999,969	166,838,282	33,606,144	52,153,296	3
Income Tax Expense	(28,430,180)	(11,764,422)	(10,500,185)	(17,027,238)	142
Profit for the Period		765,347,029	347,207,939	278,149,681	237,200,350	120
Other Comprehensive Income not to be Reclassified to Profit
or Loss in Subsequent Periods:
Fair Value Gain / (Losses) - Other Investments	(240,100)	480,200	(240,100)	480,200
Actuarial Gain on Defined Benefit Plans	1,848,603	(4,733,350)	1,848,603	(4,733,350)
Deferred Tax Impact on Defined Benefit Plans	(258,804)	662,669	(258,804)	662,669
Revaluation of Property, Plant and Equipment	-	76,122,009	-	76,122,009
Deferred Tax Impact on Revaluation	-	(10,669,391)	-	(10,669,391)
Share of Other Comprehensive Income net of tax	Equity
Accounted Investees		-	7,204,539	-	7,204,539
Other Comprehensive Income for the year	1,349,699	69,066,676	1,349,699.00	69,066,676
Total Comprehensive Income		766,696,728	416,274,615	279,499,380	306,267,026
Earnings per Share - Basic	47.83	21.70	17.38	14.83	120
The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Finance Manager

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
30-May-2022

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Company

For the Year ended 31st March 2022

	Unaudited	Audited	Unaudited	Audited
	for the quarter	for the quarter
	for the year	for the year
	ended	ended	Group
	ended 31.03.2022	ended 31.03.2021
	31.03.2022	31.03.2021	Change
					%
	Rs	Rs	Rs	Rs	+/(-)
Revenue	5,270,821,362	3,797,825,065	1,919,216,067	1,051,389,676	39
Cost of Sales	(4,578,063,169)	(3,543,429,780)	(1,586,271,337)	(915,546,589)	29
Gross Profit	692,758,193	254,395,285	332,944,730	135,843,087	172
Other Operating Income	305,613,948	129,609,423	97,878,486	26,136,015	136
Distribution Costs	(332,404,799)	(256,422,299)	(89,468,684)	(85,795,973)	30
Administrative Expenses	(245,634,857)	(239,090,685)	(62,164,498)	(71,301,061)	3
Other Operating Expenses	(588,555)	(391,936)	(192,870)	-	50
Finance Cost	(26,676,236)	(49,104,993)	(9,139,520)	(13,228,896)	(46)
Profit before Tax	393,067,694	(161,005,205)	269,857,644	(8,346,828)	344
Income Tax Expense	(30,263,340)	(8,422,066)	(15,579,829)	(8,422,066)	259
Profit for the Period	362,804,354	(169,427,271)	254,277,815	(16,768,894)	314

Other Comprehensive Income not to be Reclassified to Profit or Loss in Subsequent Periods:

Fair Value Gain / (Losses) - Other Investments Actuarial Gain on Defined Benefit Plans Deferred Tax Impact on Defined Benefit Plans Revaluation of Property, Plant and Equipment Deferred Tax Impact on Revaluation

Share of Other Comprehensive Income net of tax Equity Accounted Investees

Other Comprehensive Income for the year

(240,100)	480,200	(240,100)	480,200
1,848,603	(4,733,350)	1,848,603	(4,733,350)
(258,804)	662,669	(258,804)	662,669
-	39,689,676	-	39,689,676
-	(5,556,555)	-	(5,556,555)
-	-	-	-
1,349,699	30,542,640	1,349,699.00	30,542,640

Total Comprehensive Income	364,154,053	(138,884,631)	255,627,514	13,773,746
Earnings per Share - Basic	22.68	(10.59)	15.89	(1.05)	314
The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen	-
Finance Manager

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
30-May-2022

Bairaha Farms PLC.

Statement of Changes in Equity

For the Year ended 31st March 2022

Group

Balance as at 1st April 2020

Profit for the year ended 31st March 2021

Other comprehensive income (Net)

Dividends

Balance as at 31st March 2021

Company

Balance as at 1st April 2020

Profit for the year ended 31st March 2021

Other comprehensive income (Net)

Dividends

Balance as at 31st March 2021

Group

Balance as at 1st April 2021

Profit for the year ended 31st March 2022

Other Comprehensive Income (Net)

Surplus on Revaluation of Property, Plant & Equipment Dividends

Balance as at 31st March 2022

Company

Balance as at 1st April 2021

Profit for the year ended 31st March 2022

Other Comprehensive Income (Net)

Dividends

Balance as at 31st March 2022

			Actuarial Gain
Stated	Revaluation	Fair Value	on Defined
Capital	Surplus	Reserve	Benefit Plans	Retained Earnings	Total
Rs	Rs	Rs	Rs	Rs	Rs
256,305,197	507,589,644	(1,494,307)	(1,487,161)	2,937,005,767	3,697,919,140
-	-	-	-	347,207,939	347,207,939
-	72,657,157	480,200	(4,070,681)	-	69,066,676
-	-	-	-	-	-
256,305,197	580,246,801	(1,014,107)	(5,557,842)	3,284,213,706	4,114,193,755
256,305,197	149,823,471	(1,494,307)	(1,487,161)	1,229,410,570	1,632,557,770
-	-	-	-	(169,427,271)	(169,427,271)
-	34,133,121.00	480,200.00	(4,070,681.00)	-	30,542,640.00
-	-	-	-	-	-
256,305,197	183,956,592	(1,014,107)	(5,557,842)	1,059,983,300	1,493,673,139
256,305,197	580,246,801	(1,014,107)	(5,557,842)	3,284,213,706	4,114,193,755
-	-	-	-	765,347,029	765,347,029
-	-	(240,100)	1,589,799	-	1,349,699
-	(7,416,758)	-	-	7,416,758.00	-
-	-	-	-	(96,000,000)	(96,000,000)
256,305,197	572,830,043	(1,254,207)	(3,968,043)	3,960,977,492	4,784,890,482
256,305,197	183,956,592	(1,014,107)	(5,557,842)	1,059,983,299	1,493,673,139
-	-	-	-	362,804,354	362,804,354
-	-	(240,100)	1,589,799	-	1,349,699
-	-	-	-	(96,000,000)	(96,000,000)
256,305,197	183,956,592	(1,254,207)	(3,968,043)	1,326,787,653	1,761,827,192