Hapugastenne Plantations PLC
Interim Unaudited Financial Statements
Year ended 31st December 2021
2 HAPUGASTENNE PLANTATIONS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-GROUP
Three months ended | Year ended | |||||||
RS. '000 | 31.12.2021 | 31.12.2020 | Change | 31.12.2021 | 31.12.2020 | Change | ||
Unaudited | Audited | % | Unaudited | Audited | % | |||
Revenue | 799,745 | 843,714 | (5) | 3,710,664 | 3,235,690 | 15 | ||
Cost of sales | (842,858) | (761,625) | (11) | (3,633,476) | (3,074,681) | (18) | ||
Gross profit /(Loss) | (43,113) | 82,089 | (153) | 77,188 | 161,009 | (52) | ||
Other operating income | 254,718 | 55,147 | 362 | 419,064 | 158,083 | 165 | ||
Other operating expenses | (122,206) | - | (100) | (122,206) | - | (100) | ||
Change in fair value of biological assets | (62,097) | 151,104 | (141) | (62,626) | 154,775 | (140) | ||
Administrative expenses | (69,132) | (72,047) | 4 | (240,781) | (258,267) | 7 | ||
Results from operating activities | (41,830) | 216,293 | 119 | 70,639 | 215,600 | (67) | ||
Finance cost | (47,149) | (51,655) | 9 | (166,388) | (187,785) | 11 | ||
Exchange loss | (78) | (16,100) | 100 | (66,925) | (31,459) | (113) | ||
Finance income | 1,640 | 485 | 238 | 3,318 | 2,548 | 30 | ||
Proft/(loss) before taxation | (87,417) | 149,023 | 159 | (159,356) | (1,096) | (14,440) | ||
Income tax | 156,447 | (147,679) | 206 | 172,137 | (126,774) | 236 | ||
Profit/(loss) for the period | 69,030 | 1,344 | 5,036 | 12,781 | (127,870) | 110 | ||
Other comprehensive income/(expense) | ||||||||
Remeasurement of retirement benefit obligations | 178,905 | 83,944 | 113 | 178,905 | 83,944 | 113 | ||
Deferred tax on remeasurement of retirement benefit obligations | (18,907) | (11,752) | (61) | (18,907) | (11,752) | (61) | ||
Other comprehensive income for the year, net of income tax | 159,998 | 72,192 | 122 | 159,998 | 72,192 | 122 | ||
Total comprehensive income/(expenses) for the period | 229,028 | 73,536 | 211 | 172,779 | (55,678) | 410 | ||
Profit/(loss) attributable to : | ||||||||
Owners of the company | 68,721 | 4,189 | 1,541 | 12,505 | (119,613) | 110 | ||
Non-controlling interest | 309 | (2,845) | 111 | 276 | (8,257) | 103 | ||
69,030 | 1,344 | 5,036 | 12,781 | (127,870) | 110 | |||
Total comprehensive income/(expense) attributable to: | ||||||||
Owners of the company | 228,678 | 76,381 | 199 | 172,462 | (47,421) | 464 | ||
Non-controlling interest | 350 | (2,845) | 112 | 317 | (8,257) | 104 | ||
229,028 | 73,536 | 211 | 172,779 | (55,678) | 410 | |||
Profit/(loss) per share - Rs. | 1.48 | 0.09 | 1,541 | 0.27 | (2.58) | 110 | ||
HAPUGASTENNE PLANTATIONS PLC 3
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY
Three months ended | Year ended | |||||||
RS. '000 | 31.12.2021 | 31.12.2020 | Change | 31.12.2021 | 31.12.2020 | Change | ||
Unaudited | Audited | % | Unaudited | Audited | % | |||
Revenue | 772,596 | 812,970 | (5) | 3,581,592 | 3,162,949 | 13 | ||
Cost of sales | (816,094) | (733,241) | (11) | (3,508,023) | (2,986,787) | (17) | ||
Gross profit /(loss) | (43,498) | 79,729 | (155) | 73,569 | 176,162 | (58) | ||
Other operating income | 259,395 | 55,781 | 365 | 423,699 | 157,752 | 169 | ||
Other operating expenses | (122,206) | - | (100) | (122,206) | - | (100) | ||
Change in fair value of biological assets | (62,097) | 151,104 | (141) | (62,626) | 154,775 | (140) | ||
Administrative expenses | (67,732) | (71,561) | 5 | (237,513) | (255,147) | 7 | ||
Results from operating activities | (36,138) | 215,053 | 117 | 74,923 | 233,542 | (68) | ||
Finance cost | (48,869) | (48,382) | (1) | (166,381) | (184,514) | 10 | ||
Exchange loss | (2,074) | (16,076) | 87 | (68,921) | (31,435) | (119) | ||
Finance income | 1,144 | 116 | 886 | 1,202 | 160 | 651 | ||
Proft/(loss)before taxation | (85,937) | 150,711 | 157 | (159,177) | 17,753 | 997 | ||
Income tax | 154,298 | (143,202) | 208 | 171,360 | (127,732) | 234 | ||
Profit/(loss) for the period | 68,361 | 7,509 | 810 | 12,183 | (109,979) | 111 | ||
Other comprehensive income/expense | ||||||||
Remeasurement of retirement benefit obligations | 178,002 | 83,944 | 112 | 178,002 | 83,944 | 112 | ||
Deferred tax on remeasurement of retirement benefit obligations | (18,690) | (11,752) | (59) | (18,690) | (11,752) | (59) | ||
Other comprehensive income for the year, net of income tax | 159,312 | 72,192 | 121 | 159,312 | 72,192 | 121 | ||
Total comprehensive income/(expense) for the period | 227,673 | 79,701 | 186 | 171,495 | (37,787) | 554 | ||
Earnings /(loss) per share - Rs. | 1.48 | 0.16 | 810 | 0.26 | (2.37) | 111 | ||
4 HAPUGASTENNE PLANTATIONS PLC
STATEMENT OF FINANCIAL POSITION
GROUP | COMPANY | ||||
Rs.'000 | As at | As at | As at | As at | |
31.12.2021 | 31.12.2020 | 31.12.2021 | 31.12.2020 | ||
Unaudited | Audited | Unaudited | Audited | ||
ASSETS | |||||
Non current assets | |||||
Right to use of assets | 476,166 | 484,706 | 476,166 | 484,706 | |
Immovable estate assets on finance lease (other than bare lands) | 35,643 | 46,642 | 35,643 | 46,642 | |
Tangible assets other than biological assets | 540,103 | 577,352 | 509,669 | 541,247 | |
Intangible assets | 6,183 | 13,111 | 6,114 | 12,723 | |
Bearer biological assets | 1,618,885 | 1,756,274 | 1,618,885 | 1,756,274 | |
Consumable biological assets | 1,366,046 | 1,426,514 | 1,366,046 | 1,426,514 | |
Investment in subsidiaries | - | - | 35,003 | 35,003 | |
Lease rental receivables | 14,837 | 15,864 | 14,837 | 15,864 | |
Total non current assets | 4,057,863 | 4,320,463 | 4,062,363 | 4,318,973 |
Current Assets
Non-harvested produce crop on bearer biological assets | 2,398 | 3,930 |
Lease rental receivables | 1,027 | 1,068 |
Inventories | 329,683 | 365,698 |
Derivative assets | 21,402 | 4,981 |
Trade & other receivables | 105,275 | 95,692 |
Amount due from related companies | - | 32,926 |
Income tax receivables | 4,165 | 4,120 |
Cash & cash equivalents | 156,363 | 135,929 |
Total current assets | 620,313 | 644,344 |
TOTAL ASSETS | 4,678,176 | 4,964,807 |
2,398 3,930
1,027 1,068
312,130 347,895
21,402 4,981
103,010 89,700
108 40,832
--
90,759 75,569
530,834 563,975
4,593,197 4,882,948
EQUITY & LIABILITIES
Capital & Reserve
Share capital | 550,000 | 550,000 |
(46,315,789 ordinary shares and a golden share ) | ||
Retained earnings | 195,425 | 21,886 |
Equity attributable to owners of the company | 745,425 | 571,886 |
Non -controlling interest | 47,210 | 47,079 |
Total equity | 792,635 | 618,965 |
Non Current Liabilities | ||
Interest bearing borrowings | 8,670 | 166,659 |
Deferred tax liabilities | 241,210 | 411,112 |
Deferred income | 199,236 | 195,838 |
Retirement benefit obligations | 591,187 | 717,498 |
Lease liabilities | 438,949 | 431,282 |
Total non current liabilities | 1,479,252 | 1,922,389 |
Current Liabilities
550,000 550,000
172,583 1,088
722,583 551,088
--
722,583 551,088
8,670 166,659
236,860 405,955
198,343 195,838
588,741 714,557
438,949 431,282
1,471,563 1,914,291
Interest bearing borrowings | 240,619 | 185,842 | 240,619 | 185,842 | |||
Lease liabilities | 12,453 | 12,453 | 12,453 | 12,453 | |||
Trade & other payables | 1,649,324 | 526,934 | 1,642,152 | 521,050 | |||
Tax Payable | 21,319 | - | 21,253 | - | |||
Amounts due to related companies | 66,134 | 1,361,570 | 66,134 | 1,361,570 | |||
Dividend payable | 200 | 200 | 200 | 200 | |||
Bank overdraft | 416,240 | 336,454 | 416,240 | 336,454 | |||
Total current liabilities | 2,406,289 | 2,423,453 | 2,399,051 | 2,417,569 | |||
Total liabilities | 3,885,541 | 4,345,842 | 3,870,614 | 4,331,860 | |||
TOTAL EQUITY AND LIABILITIES | 4,678,176 | 4,964,807 | 4,593,197 | 4,882,948 | |||
Net assets per share Rs. | 16.09 | 12.35 | 15.60 | 11.90 | |||
It is certified that the financial statements have been prepared in compliance with the requirements of the Company Act | |||||||
No 7 of 2007. | |||||||
Sgd | |||||||
S S Kotakadeniya | |||||||
Chief Financial Officer-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 | ||||||
A S perera | D J Ratwatte | ||||||
Chairman | Director/CEO |
Colombo
28th February 2022
HAPUGASTENNE PLANTATIONS PLC 5
STATEMENT OF CASH FLOWS
GROUP | COMPANY | |||||||
Year ended | Year ended | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Rs.'000 | Unaudited | Audited | Unaudited | Audited | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Loss before taxation | (159,356) | (1,096) | (159,177) | 17,753 | ||||
Adjustments for | ||||||||
Finance costs | 166,388 | 187,785 | 166,381 | 184,514 | ||||
Exchange loss | 66,925 | 31,459 | 68,921 | 31,435 | ||||
Retirement benefit obligations | 100,454 | 129,626 | 99,919 | 128,418 | ||||
Amortisation of grant | (11,184) | (10,736) | (11,124) | (10,736) | ||||
Depreciation | 178,648 | 172,861 | 175,593 | 166,844 | ||||
Interest Income | (3,318) | (2,548) | (1,202) | (160) | ||||
Provision/(reversal) for impairment of trade and other receivables | (12,506) | 1,057 | (12,506) | 1,057 | ||||
Provision for slow -moving and obsolete inventories | 1,354 | 1,498 | 1,354 | 1,001 | ||||
Impairment of bearer biological assets | 122,206 | 771 | 122,206 | 771 | ||||
Impairment of consumable biological assets | - | 1,912 | - | 1,912 | ||||
Loans written back | (277,188) | - | (277,188) | - | ||||
(Gain)/loss on fair valuation of consumable biological assets | 62,626 | (154,775) | 62,626 | (154,775) | ||||
Profit on sale of property, plant and equipment | (268) | - | (268) | 0 | ||||
Operating profit before working capital changes | 234,781 | 357,814 | 235,535 | 368,034 | ||||
(Increase)/decrease in inventories | 34,661 | (97,984) | 34,411 | (105,078) | ||||
(Increase)/decrease in trade and other receivables | 2,923 | 15,148 | (804) | 16,613 | ||||
(Increase)/decrease in amounts due from related companies | 32,926 | (3,125) | 40,724 | (11,031) | ||||
Increase/(decrease) in trade & other payables | (54,087) | 23,553 | (61,995) | 21,841 | ||||
Increase/(decrease) in amounts due to related companies | 17,377 | 36,239 | 17,377 | 20,726 | ||||
Cash generated from operations | 268,581 | 331,645 | 265,248 | 311,105 | ||||
Retirement benefit obligations payment | (47,861) | (75,011) | (47,734) | (74,756) | ||||
Interest paid | (52,890) | (67,716) | (52,776) | (64,422) | ||||
Income tax paid | (813) | (6,532) | - | (4,011) | ||||
Net cash from operating activities | 167,017 | 182,386 | 164,738 | 167,916 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Interest income | 3,318 | 1,579 | 1,202 | 160 | ||||
Proceeds from sale of property, plant & equipment | 441 | - | 441 | - | ||||
Field development expenditure | (61,089) | (86,185) | (61,089) | (86,185) | ||||
Purchase of intangible assets | (886) | (38) | (886) | (38) | ||||
Purchase of property, plant & equipment | (29,106) | (20,948) | (29,002) | (20,948) | ||||
Lease assets improvements | - | (799) | - | (799) | ||||
Net cash from /(used in) investing activities | (87,322) | (106,391) | (89,334) | (107,810) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payment to lessor for leasehold rights | (51,485) | (66,810) | (51,485) | (66,810) | ||||
Government grants received | 14,582 | 7,395 | 13,629 | 7,395 | ||||
Lease rental received | 1,068 | 2,080 | 1,068 | 2,080 | ||||
Proceeds from interest bearing borrowings | 100,000 | 225,000 | 100,000 | 225,000 | ||||
Repayment of interest bearing borrowings | (203,212) | (96,186) | (203,212) | (96,186) | ||||
Net cash used in financing activities | (139,047) | 71,479 | (140,000) | 71,479 | ||||
Net increase in cash & cash equivalents | (59,352) | 147,474 | (64,596) | 131,585 | ||||
Cash & cash equivalents at the beginning of the period | (200,525) | (347,999) | (260,885) | (392,470) | ||||
Cash & cash equivalents at the end of the period - Note A | (259,877) | (200,525) | (325,481) | (260,885) | ||||
NOTE A | ||||||||
Cash and cash equivalents | 156,363 | 135,929 | 90,759 | 75,569 | ||||
Bank overdraft | (416,240) | (336,454) | (416,240) | (336,454) | ||||
Cash & cash equivalents at the end of the period | (259,877) | (200,525) | (325,481) | (260,885) | ||||
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Hapugastenne Plantations plc published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 11:34:10 UTC.