Keells Food Products : Interim Financial Statements as @ 30th June 2022

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED INCOME STATEMENT					1
For the three months ended 30th June	Notes	2022	2021	Change %
Continuing operations
Goods transferred at a point in time		1,602,443	887,450	81
Revenue from contracts with customers		1,602,443		887,450	81
Cost of sales		(1,218,783)	(673,871)	81
Gross profit				383,660	213,579	80
Other operating income		1,568	613	156
Selling and distribution expenses		(157,970)	(119,868)	32
Administrative expenses		(66,192)	(55,350)	20
Other operating expenses		(24,903)	(16,761)	49
Results from operating activities				136,163	22,213	513
Finance cost		6	(11,772)	(3,539)	233
Finance income		6	2,481	1,727	44
Profit before tax		126,872	20,401	522
Tax (expense) / reversal			7	(21,772)	85	(25,714)
Profit for the period			105,100	20,486	413
Attributable to:
Equity holders of the Parent		105,100	20,486	413
				105,100	20,486	413
				LKR.		LKR.
Earnings per share
Basic		4.12	0.80
Diluted		4.12	0.80
Dividend per share		0.50	2.50

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	2
	For the three months ended 30th June	2022	2021
	Profit for the period	105,100		20,486
	Other comprehensive income
	Other comprehensive income to be reclassified to income statement
	in subsequent periods
	Currency translation of foreign operations	(546)	(3)
	Net other comprehensive income /(expense) to be reclassified to income	(546)	(3)
	statement in subsequent periods
	Other comprehensive income/(expense) for the period, net of tax	(546)	(3)
	Total comprehensive income for the period, net of tax	104,554	20,483
	Attributable to:
	Equity holders of the Parent	104,554	20,483

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

	CONSOLIDATED STATEMENT OF FINANCIAL POSITION			3
	As at	30.06.2022	31.03.2022
				(Adjusted)
	ASSETS
	Non-current assets
	Property, plant and equipment	1,478,661	1,502,851
	Right of use assets	7,071	7,437
	Intangible assets	247,382	247,621
	Non-current financial assets	54,950	51,284
	Other non-current assets	10,997	8,421
		1,799,061	1,817,614
	Current assets
	Inventories	901,654	585,727
	Trade and other receivables	717,069	621,526
	Amounts due from related parties	225,636	196,158
	Other current assets	109,701	108,608
	Cash in hand and at bank	65,292	109,901
		2,020,217	1,621,920
	Total assets	3,819,278	3,439,534
	EQUITY AND LIABILITIES
	Equity attributable to equity holders of the parent
	Stated capital	1,294,815	1,294,815
	Revenue reserves	499,771	407,421
	Other components of equity	394,443	394,472
	Total equity	2,189,029	2,096,708
	Non-current liabilities
	Interest bearing borrowings	31,350	42,213
	Lease liabilities	7,180	7,448
	Deferred tax liabilities	147,884	150,551
	Employee benefit liabilities	151,744	144,120
		338,158	344,332
	Current liabilities
	Trade and other payables	798,648	527,166
	Amounts due to related parties	17,711	21,856
	Income tax liabilities	72,418	136,076
	Interest-bearing loans and borrowings	43,455	43,455
	Lease liability	1,300	1,243
	Other current liabilities	22,182	23,437
	Bank overdrafts	336,377	245,261
		1,292,091	998,494
	Total equity and liabilities	3,819,278	3,439,534
			-
			LKR	LKR
	Net assets per share		85.84	82.22
			-	-
	Note : All values are in LKR '000s, unless otherwise stated.
	The above figures are not audited.
	I certify that the Financial Statements comply with the requirements of the Companies Act No.07 of 2007.
	P N Fernando
	Chief Financial Officer / Director
	The Board of Directors is responsible for these Financial Statements.
	D P Gamlath	J G A Cooray
	Director	Director

14th of July 2022

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

		CONSOLIDATED STATEMENT OF CASH FLOWS		4
		For the three months ended 30th June	2022	2021
		CASH FLOWS FROM OPERATING ACTIVITIES
		Profit before tax	126,872	20,401
		Adjustments for:
			Finance income	(2,481)	(1,727)
			Finance cost	11,772	3,539
			Share-based payment expense	517	555
			Depreciation of property, plant and equipment	44,826	42,212
			Amortisation of right of use assets	366	366
			Amortisation of intangible assets	240	100
			Provision made on slow moving inventory	2,832	(5,020)
			Provision for impairment of trade receivable	(1)	(10)
			Employee benefit provision and related costs	6,043	4,948
		Profit before working capital changes	190,986	65,364
		(Increase) / Decrease in inventories	(318,759)	(53,907)
		(Increase) / Decrease in trade and other receivables	(100,782)	39,048
		(Increase) / Decrease in amounts due from related parties	(29,478)	8,912
		(Increase) / Decrease in other current assets	(1,093)	(6,766)
		Increase / (Decrease) in trade and other payables	271,482	84,910
		Increase / (Decrease) in amounts due to related parties	(4,145)	10,940
		Increase / (Decrease) in other current liabilities	(1,256)	(11,222)
		Cash generated from operations	6,955	137,279
		Finance income received	1,479	809
		Finance cost paid	(11,531)	(3,267)
		Tax paid	(40,137)	(19,453)
		Surcharge Tax paid	(47,961)	-
		Gratuity paid net of transfers	1,580	(1,839)
		Net cash flow from operating activities	(89,615)	113,529
		CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
		Purchase and construction of property, plant and equipment	(20,635)	(29,310)
		Proceeds from sale of property, plant and equipment	-	140
		Net cash flow (used in) investing activities	(20,635)	(29,170)
		CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
		Dividend paid	(12,750)	(63,750)
		Repayment of interest bearing loans and borrowings	(10,863)	(10,863)
		Payment of lease liability	(451)	(427)
		Net cash flow used in financing activities	(24,064)	(75,040)
		NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(134,314)	9,319
		CASH AND CASH EQUIVALENTS AT THE BEGINNING	(135,360)			(130,287)
		Effect	of exchange rate changes		(546)	(3)
		CASH AND CASH EQUIVALENTS AT THE END	(270,220)	(120,971)
		ANALYSIS OF CASH AND CASH EQUIVALENTS
		Favorable balances
		Short-term investments	865	516
		Cash in hand and at bank	65,292	49,285
		Unfavorable balances
		Bank overdrafts	(336,377)	(170,772)
		Total cash and cash equivalents	(270,220)	(120,971)

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY				5
		Attributable to equity holders of parent
	Stated	Revaluation	Foreign	Other capital	Revenue	Total
	capital	reserve	currency	reserve	reserves	Equity
			translation
			reserve
As at 1st April 2021	1,294,815	305,456	(5,322)	58,700	422,733	2,076,382
Charge relating to Surcharge Tax					(95,923)	(95,923)
As at 1 April 2021 (Adjusted)	1,294,815	305,456	(5,322)	58,700	326,810	1,980,459
Profit for the period	-	-	-	-	20,486	20,486
Other comprehensive income	-	-	(3)	-	-	(3)
Total comprehensive income	-	-	(3)	-	20,486	20,483
Share based payments	-	-		555		555
Final dividend paid - 2020/21					(63,750)	(63,750)
As at 30th June 2021 (Adjusted)	1,294,815	305,456	(5,325)	59,255	283,546	1,937,747
As at 1st April 2022 (Adjusted)	1,294,815	338,274	(4,609)	60,807	407,421	2,096,708
		.
Profit for the period	-	-	-	-	105,100	105,100
Other comprehensive income	-	-	(546)			(546)
Total comprehensive income	-	-	(546)	-	105,100	104,554
Share based payments	-	-		517	-	517
Final dividend paid - 2021/22	-	-		-	(12,750)	(12,750)
As at 30th June 2022	1,294,815	338,274	(5,155)	61,324	499,771	2,189,029

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.