Malwatte Valley Plantations : Provisional financial statements for the year ended 31 December 2022

MALWATTE VALLEY PLANTATIONS PLC
PROVISIONAL FINANCIAL STATEMENTS
FOR THE 12 MONTH ENDED 31ST DECEMBER 2022
INCOME STATEMENT
	Group (Unaudited)		Company (Unaudited)		Audited
	3 Months	03 months		12 months	3 months	03 months		12 months	Group	Company
	Ended	ended		ended	ended	ended		ended
	31.12.2022	31.12.2021		31.12.2022	31.12.2022	31.12.2021		31.12.2022	31.12.2021	31.12.2021
	(Rs.'000)	(Rs.'000)		(Rs.'000)	(Rs.'000)	(Rs.'000)		(Rs.'000)	(Rs.'000)	(Rs.'000)
Turnover	3,195,267	1,047,559		9,467,247	3,135,419	1,031,491		9,208,664	4,791,648	4,712,945
Cost Of Sales	(2,901,231)	(998,317)		(7,240,423)	(2,845,609)	(982,181)		(7,044,630)	(4,308,955)	(4,266,697)
Gross Profit	294,036	49,242		2,226,824	289,810	49,310		2,164,034	482,693	446,248
Gain/(Loss) On Change In Fair Value Of Timber Stock	187,888	96,096		187,888	187,888	96,096		187,888	94,433	94,433
Other Income	52,007	29,893		665,869	52,007	29,921		665,869	183,025	182,750
Finance Income	12,643	37,723		37,884	12,643	37,723		37,884	40,716	40,716
Adminstrative Expenses	(152,536)	(89,936)		(411,600)	(147,890)	(83,534)		(394,210)	(294,248)	(286,221)
Selling & Distribution Expenses	(11,764)	-		(21,824)	-	-		-	(11,930)	-
Interest Paid To Government On Finance Lease	(12,139)	(8,772)		(39,114)	(12,139)	(8,772)		(39,114)	(35,571)	(35,571)
Finance Cost	(24,148)	(18,265)		(110,439)	(24,117)	(18,104)		(110,116)	(71,821)	(70,972)
Profit/(Loss) Before Taxation	345,987	95,981		2,535,488	358,202	102,640		2,512,235	387,297	371,383
Income Tax Expense									(88,628)	(88,628)
Profit/(Loss) For The Period	345,987	95,981		2,535,488	358,202	301,204		2,512,235	298,669	282,755
Earnings per share				11.37					1.34
Net assets per share				27.05					15.67
Market value of shares - Voting
Highest price				74.80					32
Lowest price				55					17.60
Last traded price				71.80					28
Market value of shares - Non Voting
Highest price				49.50					19.90
Lowest price				38					8.60
Last traded price				44.90					18.20
Markert Capitalization ('000)
Voting				14,560,489					5,678,185
Non Voting				909,255					368,562
Price Earning Ratio (times)				6					21
Float adjusted market Capitalization ('000)
Voting				4,799,137					1,871,530
Non Voting				909,255					368,562
Price Earning Ratio (times)				4					14

The company complies with Section 7.14.1 (a) of the listing rules - Float adjusted market capitalization is 4.7 Bn

MALWATTE VALLEY PLANTATIONS PLC

STATEMENT OF CHANGES IN EQUITY

Group

	Stated Capital	Timber Reserve	Revaluation reserve	Retained Earning	Total Equity
	(Rs.'000)	(Rs.'000)	(Rs.'000)	(Rs.'000)	(Rs.'000)
Balance as at 01.01.2021	373,000	1,280,117	860,357	876,979	3,390,453
Net Profit / (Loss) for the period	-	-	-	298,666	298,666
Total Other Comprehensive Income				(172,406)	(172,406)
Transferred to the Timber Reserve		96,091		(96,091)	-
Realised gain on Harvested Timber Trees		(1,557)		1,557	-
Dividend	-	-	-	(22,300)	(22,300)
Balance as at 31.12.2021	373,000	1,374,651	860,357	886,405	3,494,413
Balance as at 01.01.2022	373,000	1,374,651	860,357	886,405	3,494,413
Net Profit / (Loss) for the period				2,535,488	2,535,488
Total Other Comprehensive Income				344,293	344,293
Transferred to the Timber Reserve		187,888		(187,888)	-
Realised gain on Harvested Timber Trees					-
Dividend				(26,765)	(26,765)
Balance as at 31.12.2022	373,000	1,562,539	860,357	3,551,533	6,347,429
MALWATTE VALLEY PLANTATIONS PLC
STATEMENT OF CHANGES IN EQUITY
Company
	Stated Capital	Timber Reserve	Revaluation reserve	Retained Earning	Total Equity
	(Rs.'000)	(Rs.'000)	(Rs.'000)	(Rs.'000)	(Rs.'000)
Balance as at 01.01.2021	373,000	1,280,117	860,357	906,466	3,419,940
Net Profit / (Loss) for the period	-	-	-	282,754	282,754
Total Other Comprehensive Income				(172,406)	(172,406)
Transferred to the Timber Reserve		96,091		(96,091)	-
Realised gain on Harvested Timber Trees		(1,557)		1,557	-
Dividend	-	-	-	(22,300)	(22,300)
Balance as at 31.12.2021	373,000	1,374,651	860,357	899,980	3,507,988
Balance as at 01.01.2022	373,000	1,374,651	860,357	899,980	3,507,988
Net Profit / (Loss) for the period				2,512,235	2,512,235
Total Other Comprehensive Income				344,293	344,293
Transferred to the Timber Reserve		187,888		(187,888)	-
Realised gain on Harvested Timber Trees					-
Dividend				(26,765)	(26,765)
Balance as at 31.12.2022	373,000	1,562,539	860,357	3,541,855	6,337,752

MALWATTE VALLEY PLANTATIONS PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE 12 MONTH ENDED 31ST DECEMBER 2022 STATEMENT OF COMPREHENSIVE INCOME

Profit for the Year

Gain/(Loss) on financial assets at fair value Gain/(Loss) on acturial Valuation of Retiring Gratuity Tax Effect

Revaluation of Land & Buildings Tax Effect

Group 31.12.2022 Rs.'000

2,535,488

(41)

344,334

-

-

-

Company 31.12.2022 Rs.'000

2,512,235

(41)

344,334

-

-

-

Audited Group

31.12.2021

Rs.'000

298,669

127

(200,620)

28,087

-

-

Audited Company

31.12.2021

Rs.'000

282,755

127

(200,620)

28,087

-

-

Comprehensive Income For the Peroid

2,879,781

2,856,528

126,263

110,349

MALWATTE VALLEY PLANTATIONS PLC

PROVISIONAL FINANCIAL STATEMENTS

AS AT 31ST DECEMBER 2022

STATEMENT OF FINANCIAL POSITION

NON CURRENT ASSETS

Lease Hold Property, Plant & Equipment

Freehold Property, Plant & Equipment

Timber Stock

Bearer Biological Assets

Other Non Current Financial Assets

Investment In Subsidiary

Good Will

Total Non-current Assets

CURRENT ASSETS

Produce On Bearer Biological Assets

Inventories

Withholding Tax Recoverable

Economic Sevice Charges Recoverable

Income Tax Refund Due

Trade And Other Receivable

Amounts Due From Related Parties

Short Term Investments

Cash And Bank Balances

Total Current Assets

TOTAL ASSETS

EQUITY & LIABILITIES

CAPITAL & RESERVES

Stated Capital

Timber Reserve

Revaluation Reserve

Retained Earning

Total Equity

NON CURRENT LIABILITIES & DEFFERED INCOME

Interest Bearing Loans And Borrowings

Deferred Income

Deferred Tax Liability

Retirement Benefit Obligations

Liability To Make Lease Payments After One Year

CURRENT LIABILITEIS

Trade And Other Payable

Interest Bearing Loans And Borrowings

Dividend Payable

Liability To Make Lease Payments Within One Year Year

Bank Overdraft

Total Current Liabilities

Total Liabilities

TOTAL EQUITY AND LIABILITIES

Unaudited	Audited
Group	Company	Group		Company
31/12/2022	31/12/2022	31/12/2021		31/12/2021
(Rs.'000)	(Rs.'000)	(Rs.'000)		(Rs.'000)
251,474	251,474	350,191		350,191
2,061,318	2,060,486	2,079,517		2,078,521
1,667,352	1,667,352	1,479,464		1,479,464
1,596,076	1,596,076	1,352,045		1,352,045
205	205	246		246
-	22,166	-		22,166
22,166	-	22,166		-
5,598,591	5,597,759	5,283,629		5,282,633
2,010	2,010	2,010		2,010
1,019,071	919,503	460,620		422,386
4,710	4,710	4,710		4,710
-	-	42,048		42,048
34,573	34,573	34,573		34,573
2,387,068	2,343,786	672,287		653,790
848	137,191	828		62,216
284,183	284,183	413,688		413,688
386,277	381,547	179,591		175,582
4,118,740	4,107,503	1,810,355		1,811,003
9,717,331	9,705,263	7,093,985		7,093,637
373,000	373,000	373,000		373,000
1,562,539	1,562,539	1,374,651		1,374,651
860,357	860,357	860,357		860,357
3,551,533	3,541,856	886,405		899,980
6,347,429	6,337,752	3,494,413		3,507,988
2,019	2,019	4,500		4,500
126,376	126,376	128,699		128,699
368,287	368,287	368,287		368,287
679,437	679,437	1,071,539		1,071,539
191,838	191,838	302,746		302,746
1,367,957	1,367,957	1,875,771		1,875,771
749,162	746,770	716,375		714,952
1,203,615	1,203,615	635,053		622,553
4,866	4,866	3,962		3,962
39,896	39,896	20,084		20,084
4,406	4,406	348,327		348,327
2,001,945	1,999,553	1,723,801		1,709,878
3,369,902	3,367,510	3,599,572		3,585,649
9,717,331	9,705,263	7,093,985		7,093,637

Approved and signed for and on behalf of the Board of Directors of Malwatte Valley Plantations PLC

Lucas Bogtstra	K.G.M. Piyaratne
Managing Director	Director Finance

MALWATTE VALLEY PLANTATIONS PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE 12 MONTH ENDED 31ST DECEMBER 2022 CASH FLOW STATEMENT

CASH FLOW FROM OPERATING ACTIVITIES

Profit before Tax

Adjustments for

Dividend Income

Interest Income Depreciation/Amortisation Provision for Defined Benefit Plan Amortisation of Grants Finance Cost

Profit on disposal of Property,Plant & Equipments Change in fair value of Timber Stock

Provision for Inventories Profit from sale of timber trees Write off of opening balance Write Back of Long Outstandings

Write off of Economic Service Chgarges

Operating profit before working capital changes

(Increase) / Decrease in Trade & other receivables

(Increase) / Decrease in Inventories

Increse / (Decrease) in trade & other payables

(Increse) / Decrease in amounts due from related parties

Cash generated from operations

Finance cost paid

Tax Paid

Defined Benefit Plan cost paid

Net cash from operating activities

CASH FLOW FROM INVESTMENT ACTIVITIES

Investment in / disposal of Short - term Investments Dividend Income received

Grant Received

Proceeds from sale of Property, Plant & Equipments Field development expenditure

Cash received on harvested timber Purchase of Property, Plant & Equipments Interest Income

Net cash used in investment activities

CASH FLOW FROM FINANCE ACTIVITIES

Dividends paid

Payment of Governemnt Lease Rental

Proceeds from loans

Repayment of Loans

Net cash used in financing activities

Net increases / ( Decreases) in cash & cash equivalents

Cash & cash equivalents at beginning of the period - Note - A Cash & cash equivalents at the end of the period - Note - B

NOTE A

Cash& Cash Equivalents at the beginning of the period

Cash & Bank Balances

Bank Overdrafts

NOTE B

Cash and cash equivalents at the end of the period

Cash & Bank Balances

Bank Overdrafts

Unaudited		Audited
Group	Company		Group	Company
31.12.2022	31.12.2022		31.12.2021	31.12.2021
(Rs.'000)	(Rs.'000)		(Rs.'000)	(Rs.'000)
2,535,488	2,512,235		387,295	371,382
(20)	(20)		(13)	(13)
(37,884)	(37,884)		(40,716)	(40,716)
145,396	145,187		155,149	154,975
174,638	174,638		116,374	116,374
(9,426)	(9,426)		(8,548)	(8,548)
149,553	149,230		107,393	106,544
-	-		(18,132)	(18,132)
(187,888)	(187,888)		(94,433)	(94,433)
-	-		656	656
-	-		(39,505)	(39,505)
-	-		275	-
-	-	-	247	-
42,048	42,048		-	-
2,811,905	2,788,120		565,548	548,584
(1,751,332)	(1,689,996)		12,636	20,927
(521,902)	(497,116)		(399,992)	(395,618)
2,183	1,214		(38,182)	(32,901)
(19)	(74,975)		-	12,074
540,835	527,247		140,010	153,066
(110,439)	(110,116)		(66,833)	(65,983)
-	-		-	-
(209,676)	(209,676)		(121,263)	(121,263)
220,720	207,455		(48,086)	(34,180)
129,504	129,504		286,581	286,581
20	20		13	13
7,103	7,103		11,741	11,741
-	-		18,132	18,132
(305,080)	(305,080)		(162,965)	(162,965)
-	-		41,062	41,062
(39,747)	(39,702)		(43,592)	(43,030)
37,884	37,884		40,716	40,716
(170,316)	(170,271)		191,688	192,250
			-	-
(26,765)	(26,765)		-	-
(39,114)	(39,114)		(68,781)	(68,781)
2,980,632	2,980,632		1,928,747	1,928,747
(2,414,549)	(2,402,049)		(1,821,204)	(1,808,704)
500,204	512,704		38,762	51,262
550,608	549,888		182,364	209,332
(168,736)	(172,745)		(351,099)	(382,076)
381,872	377,142		(168,736)	(172,745)
179,591	175,582		139,083	108,105
(348,327)	(348,327)		(490,182)	(490,182)
(168,736)	(172,745)		(351,099)	(382,077)
386,277	381,547		179,591	175,582
(4,406)	(4,406)		(348,327)	(348,327)
381,872	377,142		(168,736)	(172,745)