Hapugastenne Plantations : Interim Financial Statement period ended 30th June 2022

Hapugastenne Plantations PLC

Interim Unaudited Financial Statements

Six months ended 30th June 2022

2| HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-GROUP

		Three months ended
RS. '000	30.06.2022	30.06.2021		Change
		Unaudited	Unaudited	%
Revenue	1,527,275	1,018,338		50
Cost of sales	(1,015,280)	(987,596)		(3)
Gross profit	511,995	30,742		1,565
Other operating income	28,294	41,772		(32)
Change in fair value of biological assets	(23,895)	(4,560)		(424)

Six months ended

30.06.2022	30.06.2021	Change
Unaudited	Unaudited	%
2,451,397	1,951,826	26
(1,841,020)	(1,853,976)	1
610,377	97,850	524
49,487	79,977	(38)
61,286	(714)	8,683
-

Administrative expenses	(63,494)	(51,951)	(22)
Results from operating activities	452,900	16,003	2,730
Finance cost	(57,619)	(39,499)	(46)
Exchange loss	(123,740)	(4,123)	(2,901)
Finance income	657	14	4,593
Proft/(loss) before taxation	272,198	(27,605)	1,086
Income tax	71,861	1,570	4,477
Profit/(loss) for the period	344,059	(26,035)	1,422

Other comprehensive income/(expense)

(127,789)	(113,253)	(13)
-
593,361	63,860	829
(89,985)	(80,186)	(12)
(178,188)	(68,942)	(158)
1,277	1,123	14
326,465	(84,145)	488
(2,644)	8,273	(132)
323,821	(75,872)	527

Remeasurement of retirement benefit obligations	166,045	-	-	166,045	-	-
Deferred tax on remeasurement of retirement benefit obligations	(17,435)	-	-	(17,435)	-	-
(Loss)/ gain on revaluation of lease hold right of land		(4,000)	-	-	2,819,696	-	-
Deferred tax charged on revaluation of lease hold right of land	357	-	-	(296,068)	-	-
(Loss)/gain on revaluation of Motor Vehicles	(7,372)	-	-	241,157	-	-
Deferred tax charged on revaluation of Motor vehicles	775	-	-	(25,321)	-	-
Other comprehensive income for the period, net of tax	138,370	-	-	2,888,074	-	-
Total comprehensive income/(expenses) for the period	482,429	(26,035)	1,953	3,211,895	(75,872)	4,333
Profit/(loss) attributable to :
Owners of the company	346,106	(28,167)	1,329	329,874	(75,590)	536
Non-controlling interest	(2,047)	2,132	(196)	(6,053)	(282)	(2,046)
	344,059	(26,035)	1,422	323,821	(75,872)	527
Total comprehensive income/(expense) attributable to:
Owners of the company	484,476	(28,167)	1,820	3,217,948	(75,590)	4,357
Non-controlling interest	(2,047)	2,132	(196)	(6,053)	(282)	(2,046)
	482,429	(26,035)	(1,953)	3,211,895	(75,872)	4,333
Earning/(loss) per share - Rs.	7.47	(0.61)	1,329	7.12	(1.63)	536

HAPUGASTENNE PLANTATIONS PLC |3

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY

		Three months ended
RS. '000	30.06.2022	30.06.2021	Change
		Unaudited		Unaudited	%
Revenue	1,522,289	979,365	55
Cost of sales	(1,006,980)	(954,249)	(6)
Gross profit	515,309	25,116	1,952
Other operating income	29,442	41,748	(29)
Change in fair value of biological assets	(23,895)	(4,560)	(424)
Administrative expenses	(62,914)	(51,489)	(22)
Results from operating activities	457,942	10,815	4,134
Finance cost	(57,655)	(38,761)	(49)
Exchange loss	(123,740)	(4,751)	(2,505)
Finance income	86	48	79
Proft/(loss) before taxation	276,633	(32,649)	947
Income tax	71,861	1,996	3,500
Profit/(loss) for the period	348,494	(30,653)	1,237
Other comprehensive income/expense
Remeasurement of retirement benefit obligations	166,045	-	-
Deferred tax on remeasurement of retirement benefit obligations	(17,435)	-	-
(Loss)/ gain on revaluation of lease hold right of land	(4,000)	-	-
Deferred tax charged on revaluation of lease hold right of land	357	-	-
(Loss)/ gain on revaluation of Motor Vehicles		(7,372)		-	-
Deferred tax on revaluation of Motor vehicles	775	-	-
Other comprehensive income for the period, net of tax	138,370	-	-
Total comprehensive income/(expense) for the period	486,864	(30,653)	1,688

Six months ended

30.06.2022	30.06.2021	Change
Unaudited	Unaudited	%
2,421,721	1,884,567	29
(1,800,924)	(1,788,789)	(1)
620,797	95,778	548
51,731	79,953	(35)
61,286	(714)	8,683
(126,205)	(111,858)	(13)
607,609	63,159	862
(89,977)	(78,542)	(15)
(178,188)	(69,570)	(156)
137	48	100
339,581	(84,905)	500
(2,644)	9,645	(127)
336,937	(75,260)	548
166,045	-	-
(17,435)	-	-
2,819,696	-	-
(296,068)	-	-
241,157	-	-
(25,321)	-	-
2,888,074	-	-
3,225,011	(75,260)	4,385

Earnings /(loss) per share - Rs.

7.52

(0.66)

1,237

7.27

(1.62)

548

4| HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
Rs.'000	As at	As at		As at	As at
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
	Unaudited	Audited		Unaudited	Audited
ASSETS
Non current assets
Right of use assets	3,300,531	473,207		3,300,531	473,207
Immovable estate assets on finance lease (other than bare lands)	30,249	35,643		30,249	35,643
Tangible assets other than biological assets	696,952	540,102		669,138	509,669
Intangible assets	5,022	6,184		4,984	6,114
Bearer biological assets	1,596,474	1,618,884		1,596,474	1,618,884
Consumable biological assets	1,419,660	1,366,045		1,419,660	1,366,045
Investment in subsidiaries	-	-	35,003	35,003
Lease rental receivables	13,810	14,837		13,810	14,837
Total non current assets	7,062,698	4,054,902	7,069,849	4,059,402
Current Assets
Non-harvested produce crop on bearer biological assets	9,854	2,398		9,854	2,398
Lease rental receivables	1,027	1,027		1,027	1,027
Inventories	469,424	329,683		467,385	312,130
Derivative assets	180,663	21,402		180,663	21,402
Trade & other receivables	169,057	105,276		168,788	103,011
Amount due from related companies	-	-		-	108
Cash & cash equivalents	112,249	156,363		51,050	90,759
Total current assets	942,274	616,149		878,767	530,835
TOTAL ASSETS	8,004,972	4,671,051	7,948,616	4,590,237
EQUITY & LIABILITIES
Capital & Reserve
Share capital	550,000	550,000	550,000	550,000
(46,315,789 ordinary shares and a golden share )
Revaluation reserve	2,739,464	-		2,739,464	-
Retained earnings	627,751	149,267		612,621	127,074
Equity attributable to owners of the company	3,917,215	699,267		3,902,085	677,074
Non -controlling interest	37,546	43,599		-	-
Total equity	3,954,761	742,866	3,902,085	677,074
Non Current Liabilities
Interest bearing borrowings	39,592	58,662		39,592	58,662
Deferred tax liabilities	539,151	198,340		535,490	194,021
Deferred income	201,303	199,236		200,445	198,343
Retirement benefit obligations	591,367	822,061		588,527	819,487
Lease liabilities	433,681	439,205		433,681	439,205
Total non current liabilities	1,805,094	1,717,504	1,797,735	1,709,718

Current Liabilities

Interest bearing borrowings	108,914	190,627
Lease liabilities	8,515	8,891
Trade & other payables	1,406,383	1,507,939
Tax payable	19,036	21,253
Amounts due to related companies	416,669	65,731
Bank overdraft	285,600	416,240
Total current liabilities	2,245,117	2,210,681
Total liabilities	4,050,211	3,928,185
TOTAL EQUITY AND LIABILITIES	8,004,972	4,671,051
Net assets per share Rs.	84.58	15.10

108,914 190,627

8,515 8,891

1,401,613 1,500,703

19,036 21,253

425,118 65,731

285,600 416,240

2,248,796 2,203,445

4,046,531 3,913,163

7,948,616 4,590,237

84.25 14.62

It is certified that the financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of 2007.

Sgd.

S S Kotakadeniya

Director / CFO LOLC Group

The Board of Directors is responsible for the preparation and presentation of these interim financial statements. Approved and signed for and on behalf of the Board of Directors;

Sgd.	Sgd.
Dr. P S H Uluwaduge	Anusha S Perera
Chairman	Executive Director
Colombo
10th August 2022

HAPUGASTENNE PLANTATIONS PLC |5

STATEMENT OF CASH FLOWS

GROUP

Six months ended

	2022	2021
Rs.'000	Unaudited	Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss ) before taxation	326,465	(84,145)
Adjustments for
Finance costs	89,985	80,186
Exchange loss	178,188	68,942
Retirement benefit obligations	43,605	47,672
Amortisation of grant	(3,983)	(3,948)
Depreciation	132,458	93,815
Interest Income	(1,277)	(1,123)
Provision for impairment of property, plant and equipment	-	842
(Gain)/loss on fair valuation of consumable biological assets	(61,286)	714
Operating profit before working capital changes	704,155	202,955
(Increase)/decrease in inventories	(139,741)	62,976
Increase in trade and other receivables	(63,781)	(94,071)
(Increase)/decrease in amounts due from related companies	108	(2,467)
Decrease in trade & other payables	(436,900)	(130,673)
Increase in amounts due to related companies	350,938	67,494
Cash generated from operations	414,779	106,214
Retirement benefit obligations payment	(119,451)	(38,015)
Interest paid	(37,217)	(25,836)
Income tax paid	(2,217)	-
Net cash from operating activities	255,894	42,363
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income	1,277	1,123
Field development expenditure	(20,985)	(25,953)
Purchase of property, plant & equipment	(50,054)	(1,863)
Net cash used in investing activities	(69,762)	(26,693)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment to lessor for leasehold rights	(5,900)	(5,965)
Government grants received	6,050	5,093
Lease rental received	1,027	-
Repayment of interest bearing borrowings	(100,783)	(89,598)
Net cash used in financing activities	(99,606)	(90,470)
Net increase/(decrease) in cash & cash equivalents	86,526	(74,800)
Cash & cash equivalents at the beginning of the period	(259,877)	(200,525)
Cash & cash equivalents at the end of the period - Note A	(173,351)	(275,325)
NOTE A
Cash and cash equivalents	112,249	101,722
Bank overdraft	(285,600)	(377,047)
Cash & cash equivalents at the end of the period	(173,351)	(275,325)

COMPANY

Six months ended

2022 2021

Unaudited Unaudited

339,581 (84,905)

89,977 78,542

178,188 69,570

43,226 47,456

(3,948) (3,948)

128,454 91,010

1. (48)
   -842

(61,286) 714

714,055 199,233

(155,255) 59,441

(65,777) (94,223)

108 5,439

(434,411) (138,464)

359,387 72,059

418,107 103,485

(119,451) (38,015)

(37,217) (25,836)

(2,217)-

261,439 39,634

13748

(20,985) (25,953)

(50,054) (1,863)

(70,902) (27,768)

(5,900)	(5,965)
6,050	4,158
1,027	-
(100,783)	(89,598)
(99,606)	(91,405)
90,931	(79,539)
(325,481)	(260,885)
(234,550)	(340,424)
51,050	36,623
(285,600)	(377,047)
(234,550)	(340,424)