Keells Food Products : Interim Financial Statements as @ 31st March 2022

Keells Food Products PLC - PQ3
117, Sir Chittampalam A. Gardiner Mawatha
Colombo 2.
CONSOLIDATED INCOME STATEMENT						1
			Quarter ended 31st March	Year ended 31st March
		Note	2022			2021	Change %	2022	2021	Change %
Continuing operations
Goods transferred at a point in time			1,311,794			1,042,876	26	4,601,230	3,651,241	26
Revenue from contracts with customers			1,311,794			1,042,876	26	4,601,230	3,651,241	26
Cost of sales			(997,707)			(774,218)	29	(3,459,894)	(2,646,053)	31
Gross profit			314,087			268,658	17	1,141,336	1,005,188	14
Other operating income			26,950			961	2,704	28,314	2,381	1,089
Selling and distribution expenses			(86,575)			(116,863)	(26)	(447,018)	(441,215)	1
Administrative expenses			(50,988)			(50,930)	0	(222,002)	(189,961)	17
Other operating expenses			(53,139)			(16,807)	216	(105,734)	(47,089)	125
Results from operating activities			150,335			85,019	77	394,896	329,304	20
Finance cost		6	(2,709)			(2,916)	(7)	(12,376)	(12,581)	(2)
Finance income		6	2,303			2,169	6	7,245	9,518	(24)
Profit before tax			149,929			84,272	78	389,765	326,241	19
Tax (expense)/ credit		7	(24,967)			38,274	(165)	(60,192)	(5,261)	1,044
Profit for the period			124,962			122,546	2	329,573	320,980	3
Attributable to:
Equity holders of the Parent			124,962			122,546	2	329,573	320,980	3
			124,962			122,546	2	329,573	320,980	3
			LKR.			LKR.		LKR.		LKR.
Earnings per share
Basic			4.90			4.81		12.92	12.59
Diluted			4.90			4.81		12.92	12.59
Dividend per share			7.00			7.00		9.50	7.00

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
		Quarter ended 31st March		Year ended 31st March
		2022		2021	2022	2021
	Profit for the period	124,962		122,546		329,573	320,980
	Other comprehensive income
	Other comprehensive income to be reclassified to income
	statement in subsequent periods
	Currency translation of foreign operations	692		(520)		713	(68)
	Net other comprehensive income /(expense) to be reclassified to	692		(520)		713	(68)
	income statement in subsequent periods
	Other comprehensive income not to be reclassified to income	statement
	in subsequent periods
	Revaluation gain on land and buildings	40,022		32,460		40,022	32,460
	Re-measurement loss on defined benefit plans	(8,186)		(6,418)		(8,186)	(6,418)
	Net other comprehensive income not to be reclassified to income	31,836		26,042		31,836	26,042
	statement in subsequent periods
	Income tax on other comprehensive income	(5,730)		29,357		(5,730)	29,357
	Other comprehensive income for the year, net of tax	26,798		54,879		26,819	55,331
	Total comprehensive income for the period, net of tax	151,760		177,425		356,392	376,311
	Attributable to:
	Equity holders of the Parent	151,760		177,425		356,392	376,311

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	31.03.2022	31.03.2021
		ASSETS
		Non-current assets
		Property, plant and equipment		1,502,851	1,546,009
		Right of use assets		7,437	8,898
		Intangible assets		247,621	244,678
		Non-current financial assets		51,284	45,140
		Other non-current assets		8,421	9,120
				1,817,614	1,853,845
		Current assets
		Inventories		585,727	543,139
		Trade and other receivables		621,526	463,473
		Amounts due from related parties		196,158	162,819
		Other current assets		108,608	14,865
		Short-term investments		-	514
		Cash in hand and at bank		109,901	29,979
				1,621,920	1,214,789
		Total assets		3,439,534	3,068,634
		EQUITY AND LIABILITIES
		Equity attributable to equity holders of the parent
		Stated capital		1,294,815	1,294,815
		Revenue reserves		503,344	422,733
		Other components of equity		394,472	358,834
		Total equity		2,192,631	2,076,382
		Non-current liabilities
		Interest-bearing loans and borrowings		42,213	85,668
		Lease liabilities		7,448	8,720
		Deferred tax liabilities		150,551	158,007
		Employee benefit liabilities		144,120	121,361
				344,332	373,756
		Current liabilities
		Trade and other payables		527,166	366,811
		Amounts due to related parties		21,856	9,279
		Income tax liabilities		40,153	19,273
		Interest-bearing loans and borrowings		43,455	43,455
		Lease liabilities		1,243	1,041
		Other current liabilities		23,437	17,857
		Bank overdrafts		245,261	160,780
				902,571	618,496
		Total equity and liabilities		3,439,534	3,068,634
				LKR		LKR
		Net assets per share		85.99	81.43
		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

20th May 2022

Keells Food Products PLC - PQ3

117, Sir Chittampalam A. Gardiner Mawatha

Colombo 2.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31st March

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax

Adjustments for:

Finance income

Finance cost

Depreciation of property, plant and equipment

Amortisation of right of use assets

Amortisation of intangible assets

Loss on sale of property, plant and equipment

Employees benefit provisions and related costs

Provision for slow moving inventory

Impairment of plant and Machinery

Impairment of trade receivables

Share-based payment expense

Profit before working capital changes

(Increase) / Decrease in inventories

(Increase) / Decrease in trade and other receivables

(Increase) / Decrease in amounts due from related parties

(Increase) / Decrease in other current assets Increase / (Decrease) in trade and other payables Increase / (Decrease) in amounts due to related parties Increase / (Decrease) in other current liabilities Cash generated from operations

Finance income received

Finance cost paid

Tax paid

Gratuity paid/transfers

Net cash flow from operating activities

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Purchase and construction of property, plant and equipment Purchase of intangible assets

Proceeds from sale of property, plant and equipment

Net cash flow used in investing activities

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES Dividend paid

Repayment of long-term interest bearing loans and borrowings Payment of lease liabilities

Net cash flow used in financing activities

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT THE BEGINNING Effect of exchange rate changes

CASH AND CASH EQUIVALENTS AT THE END

ANALYSIS OF CASH AND CASH EQUIVALENTS

Favorable balances

Short-term investments

Cash in hand and at bank

Unfavorable balances

Bank overdrafts

Total cash and cash equivalents

	4
2022	2021
389,765	326,241
(7,245)	(9,518)
12,376	12,581
174,733	156,832
1,461	1,387
402	40
376	678
21,583	21,428
3,678	5,994
31,397	-

1. 2
   2,1072,581

630,632518,246

(46,266)	(149,919)
(159,979)	(61,379)
(33,339)	(35,219)
(93,743)	8,469
160,355	81,178
12,577	(4,111)
5,580	11,549
475,817	368,814
3,727	5,388
(11,322)	(11,440)
(52,498)	(42,063)
(7,010)	(9,251)
408,714	311,448

(123,486)(87,694)

(3,345)(2,410)

160154

(126,671)(89,950)

(242,250)	(178,500)
(43,455)	(36,213)
(2,124)	(2,093)
(287,829)	(216,806)
(5,786)	4,692
(130,287)	(134,911)
713	(68)
(135,360)	(130,287)

• 514
  109,90129,979

(245,261) (160,780)

(135,360) (130,287)

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.						5
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
		Attributable to equity holders of Parent
	Stated	Revaluation	Foreign	Other	Revenue	Total
	capital	reserve	currency	capital	reserves	Equity
			translation	reserve
			reserve
As at 1st April 2020	1,294,815	244,466	(5,254)	56,119	285,844	1,875,990
Profit for the period	-	-	-	-	320,980	320,980
Other comprehensive gain/ (loss)	-	60,990	(68)	-	(5,591)	55,331
Total comprehensive gain/ (loss)	-	60,990	(68)	-	315,389	376,311
Share based payments	-	-	-	2,581	-	2,581
Interim dividend paid -2020/21	-	-	-	-	(178,500)	(178,500)
As at 31st March 2021	1,294,815	305,456	(5,322)	58,700	422,733	2,076,382
As at 1st April 2021	1,294,815	305,456	(5,322)	58,700	422,733	2,076,382
		.
Profit for the period	-	-	-	-	329,573	329,573
Other comprehensive gain/ (loss)	-	32,818	713	-	(6,712)	26,819
Total comprehensive gain	-	32,818	713	-	322,861	356,392
Share based payments	-	-	-	2,107	-	2,107
Final dividend paid - 2020/21	-	-	-	-	(63,750)	(63,750)
Interim dividend paid -2021/22	-	-	-	-	(178,500)	(178,500)
As at 31st March 2022	1,294,815	338,274	(4,609)	60,807	503,344	2,192,631

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

The above figures are not audited.