Harischandra Mills : Interim Financial Statements as of 30.06.2022

HARISCHANDRA MILLS PLC.

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 30 JUNE 2022

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2022

	CORPORATE INFORMATION
Legal form	Subsidiary company
A Public Company with Limited Liability	Harischandra Mills (Distributors) Limited
incorporated in Sri Lanka, whose shares	(wholly owned) incorporated in Sri Lanka
are Listed in the Colombo Stock Exchange.
Registration No.	Board of Directors
PQ 225	Bastiansz M.A. (Chairman)
	Samarasinghe S.N. (Managing Director)
Date of incorporation	De Silva G.S.V.
9th January 1953	De Silva M.P. (Mrs.)
	Bandaranayake T.K.
Registered office	Jayasundara S. A S.
No. 11, C.A.Harischandra Mawatha, Matara.	Samarasinghe R.K (Mrs.)
Secretaries	Remuneration Committee
Corporate Services (Pvt) Limited.	Bastiansz M.A. (Chairman)
216, De Saram Place,	Jayasundara S. A S.
Colombo 10
Auditors	Audit Committee
KPMG	Bandaranayake T.K. (Chairman)
(Chartered Accountants)	Jayasundara S. A S.
32A, Sir Mohamed Macan Markar Mawatha,
Colombo 3.
Internal auditors	Related Party Transactions Review
Ernst & Young	Committee
(Chartered Accountants)	Bastiansz M.A. (Chairman)
201, De Saram Place,	Jayasundara S. A S.
Colombo 10	Samarasinghe S.N.
Legal advisors
F J & G De Saram
Attorneys - at - Law
216, De Saram Place,
Colombo 10

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HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2022

INCOME STATEMENT				Group							Company
							For the year						For the year
							ended 31st						ended 31st
							March						March
Quarter ended 30 June		2022	2021		VARIANCE	2022		2022	2021	VARIANCE	2022
		Rs. '000		Rs. '000	%	Rs. '000		Rs. '000		Rs. '000	%	Rs. '000
Revenue		1,509,211	958,390	57	4,581,110		1,509,211	958,390	57	4,581,110
Cost of sales		(1,313,539)		(769,729)	71	(3,742,676)		(1,313,539)		(769,729)	71	(3,742,676)
Gross profit		195,672	188,661	4	838,434		195,672	188,661	4	838,434
		13%	20%
Other income		3,676	2,253	63	17,870		3,676	2,253	63	17,870
		199,348	190,914	4	856,304		199,348	190,914	4	856,304
Administrative expenses		(89,834)	(84,711)	6	(324,594)		(89,821)	(84,638)	6	(324,299)
Selling & distribution expenses		(75,230)	(55,757)	35	(269,899)		(75,230)	(55,757)	35	(269,899)
Result from operating activities		34,284	50,446	(32)	261,811		34,297	50,519	(32)	262,106
Finance income		9,282	3,103	199	9,379		9,282	3,103	199	9,379
Finance expenses		(1,396)		(3,180)	(56)	(9,361)		(1,396)		(3,180)	(56)	(9,361)
Net finance income/(expenses)		7,886		(77)	(10,342)	18		7,886		(77)	(10,342)	18
Profit from ordinary activities before tax		42,170	50,369	(16)	261,829		42,183	50,442	(16)	262,124
Income tax expenses		(7,591)	(9,066)	(16)	(52,407)		(7,593)	(9,080)	(16)	(52,407)
Profit after taxation attributable to shareholders	of
Harischandra Mills PLC		34,579	41,303	(16)	209,422		34,590	41,362	(16)	209,717
		Rs.		Rs.			Rs.		Rs.		Rs.		Rs.
Basic Earnings per Share		18.01	21.52			109.10		18.02	21.55		109.25

Notes :

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.

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HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2022

STATEMENT OF COMPREHENSIVE INCOME
			Group						Company
						For the year							For the year
						ended 31st							ended 31st
						March							March
For the quarter ended 30 June	2022	2021		VARIANCE	2022		2022	2021		VARIANCE	2022
	Rs. '000		Rs. '000	%	Rs. '000		Rs. '000		Rs. '000	%	Rs. '000
Profit for the period	34,579	41,303		(16)	209,422		34,590	41,362	(16)	209,717
Other comprehensive income will not be reclassified to income
statement in subsequent periods
Re- measurement of employee benefit obligation	-	-		-	18,576		-	-	-	18,576
Related Tax	-	-		-	(3,344)		-	-	-	(3,344)
Other comprehensive income for the period	-	-		-	15,232		-	-			15,232
Total comprehensive income for the period	34,579	41,303		(16)	224,654		34,590	41,362	(16)	224,949

Notes :

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.

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HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2022

STATEMENT OF FINANCIAL POSITION
			GROUP				COMPANY
						For the year				For the year
						ended 31st				ended 31st
						March				March
	As at		As at	As at		As at	As at	As at
	30.06.2022	30.06.2021			31.03.2022		30.06.2022	30.06.2021	31.03.2022
	Rs. '000		Rs. '000	Rs. '000		Rs. '000	Rs. '000	Rs. '000
ASSETS
Non-current assets
Property, plant & equipment	832,429	908,497			851,256		832,429	908,497	851,256
Intangible assets	1,266	789			1,387		1,266	789	1,387
Right of use asset	45,742		60,577			49,451		45,742	60,577	49,451
Total non-current assets	879,437	969,863			902,094		879,437	969,863	902,094
Current assets
Inventories	561,279	458,544			445,331		561,279	458,544	445,331
Trade and other receivables	531,588	503,257			501,092		531,588	503,257	501,092
Tax Receivable		3,498			-			902	-
Investment in unit trusts	6,143	7,002			6,798		6,143	7,002	6,798
Short term deposits	317,861	226,253			252,422		317,861	226,253	252,422
Cash & bank balances	57,036		26,635			183,080		56,668	26,017	182,697
Total current assets	1,473,907	1,225,189			1,388,723		1,473,539	1,221,975	1,388,340
Total assets	2,353,344		2,195,052			2,290,817		2,352,976	2,191,838	2,290,434
EQUITY & LIABILITIES
Equity
Stated capital	105,578	105,578			105,578		105,578	105,578	105,578
Other capital reserves	7,011	7,011			7,011		11	11	11
General Reserve	12,841	12,841			12,841		12,841	12,841	12,841
Retained earnings	1,468,730	1,358,790			1,482,141		1,472,945	1,362,759	1,486,345
Total equity attributable to equity holders of the company	1,594,160		1,484,220			1,607,571		1,591,375	1,481,189	1,604,775
Non Current Liabilities
Deferred liabilities	176,217		212,755			177,027		176,217	212,755	177,027
Total non current liabilities	176,217	212,755			177,027		176,217	212,755	177,027
Current Liabilities
Trade and other payables	510,601	368,918			400,283		510,417	368,735	400,099
Provision for taxation	2,663	-			8,073		5,264	-	10,669
Bank overdraft	69,703		129,159			97,863		69,703	129,159	97,863
Total current liabilities	582,966		498,077			506,219		585,384	497,894	508,631
Total liabilities	759,183	710,832			683,246		761,601	710,649	685,658
Total equity & liabilities	2,353,344		2,195,052			2,290,817		2,352,976	2,191,838	2,290,433
	Rs.		Rs.	Rs.		Rs.	Rs.	Rs.
Net Assets Value Per Share	830.46	773.19			837.45		829.01	771.61	835.99
Notes:
The above figures are provisional and subject to audit.
All values are in Rs.'000, unless otherwise stated.
I certify that these Financial Statements comply with the requirements of the Companies Act No.07 of 2007.
Sgd.
…………………………………..
C.T. Gajanayake - Chief Financial Officer
Signed for and on behalf of the Board,
Sgd.			Sgd.
…………………………………			……………………………….
S.N.Samarasinghe			G.S.V.De Silva
Managing Director			Director
05 August 2022

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