CT Land Development : Interim Financial Statements as at 31-12-2021

C T LAND DEVELOPMENT PLC

INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2021

C T LAND DEVELOPMENT PLC

CONTENTS
Description	Page No.
Statement of Profit or Loss and Other Comprehensive Income	3
Statement of Changes in Equity	3
Statement of Financial Position	4
Statement of Cashflows	5
Explanatory Notes	6-7
Corporate Information	8

C T LAND DEVELOPMENT PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

			Entity and Investee
	Three Months ended 31st December	Nine Months ended 31st December
	2021	2020		2021	2020
	Rs. '000		Rs. '000	%	Rs. '000		Rs. '000	%
Revenue	59,366	69,445	(15)	159,089	174,513	(9)
Other Operating Income	9,441	8,136	16	23,706	32,163	(26)
Personnel Costs	(20,647)	(18,149)	14	(61,332)	(54,169)	13
Depreciation	(5,786)	(6,125)	(6)	(17,877)	(14,350)	25
Other Operating Costs	(40,761)		(36,702)	11	(101,407)		(104,805)	(3)
Profit from Operations	1,613	16,605	(90)	2,179	33,352	(93)
Finance Cost	(4,584)	(3,545)	29	(12,511)	(12,242)	2
Share of Impairment-CT	(681)	-	-	(681)	-	-
Prop./CTPL Investments
Share of Profit of Equity	(17,327)	(11,554)	50	(41,848)	(43,965)	(5)
Accounted Investee
Profit/(Loss) before Taxation	(20,980)	1,506	(1,493)	(52,861)	(22,855)	131
Taxation	(3,147)		2,254	(240)	5,780		-	-
Net Profit/(Loss) for the Period	(24,126)	3,760	(742)	(47,081)	(22,855)	106
Other Comprehensive Income,	-	-	-	-	-	-
net of Income Tax, for the period
Total Comprehensive Income for
(24,126)	3,760	(742)	(47,081)	(22,855)	106
the period
Earnings/ (Loss) Per Share ( Rs. )	(0.30)		0.05		(0.58)		(0.28)

STATEMENT OF CHANGES IN EQUITY

Entity and Investee

	Stated		Retained		AFS		Shareholders'
	Capital		Earnings		Reserve		Funds
	Rs. '000		Rs. '000		Rs. '000		Rs. '000
ENTITY AND INVESTEE
Balance as at 1st April 2020	1,982,500	1,952,772	6,415	3,941,687
Net Profit for the period		(22,855)	-	(22,855)
Dividends			(60,938)		-		(60,938)
Balance as at 31st December 2020	1,982,500	1,868,979	6,415	3,857,894
Balance as at 01st April 2021	1,982,500		2,018,117		3,476		4,004,093
Net Profit for the period			(47,081)		-		(47,081)
Dividends					-		-
Balance as at 31st December 2021	1,982,500		1,971,036		3,476		3,957,012

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C T LAND DEVELOPMENT PLC

STATEMENT OF FINANCIAL POSITION

		Entity and Investee
As at	31st December		31st December	31st March
	2021	2020		2021
	Rs. '000		Rs.'000	Rs.'000
ASSETS
Non Current Assets
Property, Plant & Equipment	282,400	366,377		280,297
Right of Use Leased Assets	43,757	46,361		45,666
Intangible Assets	3,800	4,606		4,385
Investment Properties	4,307,468	4,173,000		4,307,468
Equity Accounted Investee	-	71,391		41,848
Investments-AFS	-		79,151		76,212
	4,637,425	4,740,886		4,755,874
Current Assets
Trade and Other Receivables	160,510	150,314		179,950
Income Tax Receivable	1,612	-		-
Short Term Investments	99,715	26,005		26,359
Cash in Hand and at Bank	143		86		86
	261,980		176,405		206,396
Total Assets	4,899,405	4,917,291		4,962,270
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	1,982,500	1,982,500		1,982,500
Retained Earnings	1,971,036	1,868,979		2,018,117
AFS Reserve	3,476		6,415		3,476
	3,957,012	3,857,894		4,004,093
Non Current Liabilities
Deferred Employee Benefits	60,307	50,322		57,435
Right of Use Lease Liabilities	55,008	55,243		55,326
Deferred Taxation	379,257	460,558		379,257
Security Deposits	194,851	179,057		175,173
Deferred Interest	7,903		32,952		31,926
	697,325	778,132		699,117
Current Liabilities
Trade and Other Payables	19,331	19,000		18,452
Income Tax Payable	-	-		6,027
Dividends Payable	10,580	10,585		10,580
Interest bearing Loans	203,624	170,875		169,062
Bank Overdraft/(Secured)	11,531		80,805		54,940
	245,067		281,265		259,060
Total Equity and Liabilities	4,899,405		4,917,291		4,962,270
Net Assets per Share (Rs.)	48.70		47.48		49.28

These Financial Statements have been prepared in accordance with the requirements of the Companies Act No.07 of

Ms. W A Y P Wijesinghe

Finance Manager

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

J.C. Page	A.T.P. Edirisinghe
Deputy Chairman/ Managing Director	Director

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C T LAND DEVELOPMENT PLC

STATEMENT OF CASHFLOWS

		Entity and Investee
Period ended	31st December		31st December	31st March
	2021	2020		2021
	Rs. '000		Rs.'000	Rs.'000
CASH FLOW FROM OPERATING ACTIVITIES
Cash Generated from Operations
Profit from Operating Activities	(52,861)	(22,855)		63,220
Adjustments for :
Depreciation & Amortisation	17,877	14,350		19,106
Provision for Defined Benefit Obligation	2,872	-		7,605
Provision for Impairment of Trade Receivables	-	-		1,021
Finance Cost	12,511	12,242		6,618
Share of Profit of Equity Accounted Investee	41,848	43,965		72,681
Change in Fair Value of Financial Instruments	(1,355)	(1,824)		(2,179)
Change in Fair Value of Investment Properties	-	-		(43,213)
Loss on Disposal of Long Term Investment	681
Interest Expenses on Leases	4,820		4,960		16,100
Operating Profit before Working Capital Changes	26,393	50,838		140,958
Adjustment for Working Capital Changes
(Increase)/Decrease in Trade and Other Receivables	19,441	10,742		(30,411)
Increase/(Decrease) in Trade and Other Payables	880	(1,568)		(2,116)
Increase/(Decrease) in Security Deposits	(4,346)		(21,055)		(25,965)
Cash Generated from Operations	42,367	38,957		82,467
Interest Paid	(12,511)	(12,242)		(16,100)
Income Tax Paid	-	(584)		(645)
Gratuity Paid	(1,859)		(80)		(1,399)
Net Cash inflow from Operating Activities	27,997	26,051		64,322
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of Property, Plant & Equipment	(415)	(2,394)		(2,394)
Expenses incurred on Capital WIP	(17,072)	(53,190)		(62,204)
Sales proceeds from disposal of Long term Investment	75,530	-		-
Investments - Financial Instruments	(72,000)		20,000		20,000
Net Cash used in Investing Activities	(13,956)	(35,584)		(44,598)
CASH FLOWS FROM FINANCING ACTIVITIES
Term Loan Received	40,000	174,500		174,500
Repayment of Interest Bearing Borrowings	(5,438)	(3,625)		(5,438)
Payment of Lease Liabilities	(5,138)	(4,725)		(6,300)
Dividends Paid	-		(58,809)		(58,814)
Net Cash used in Financing Activities	29,425		107,341		103,948
Net Increase/(Decrease) in Cash and Cash Equivalents	43,465	97,808		123,673
Cash and Cash Equivalents as at 1st April	(54,854)		(178,527)		(178,527)
Cash and Cash Equivalents as at the end (Note A)	(11,388)	(80,719)		(54,854)
NOTE - A
Analysis of Cash and Cash Equivalents
Cash in Hand and at Bank	143	86		86
Bank Overdraft	(11,531)		(80,805)		(54,940)
	(11,388)		(80,719)		(54,854)

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