Millennium Housing Developers : Interim Financial Statements for the period ended 31st December 2023

INTERIM FINANCIAL STATEMENTS

FOR THE 3RD QUARTER ENDED

31ST DECEMBER 2023

MILLENNIUM HOUSING DEVELOPERS PLC

STATEMENT OF FINANCIAL POSITION

		Group
AS AT	31-Dec-23	31-Dec-22	31-Mar-23
	Unaudited	Unaudited	Audited
	Rs. '000	Rs. '000	Rs. '000
ASSETS
Non-current assets
Property, plant and equipment	21,769	28,516	25,544
Investment property	172,500	135,000	172,500
Intangible assets	31	137	67
Right of use assets	-	23,703	22,076
Financial assets - FVOCI	6,902	7,936	6,902
Total Non-current assets	201,203	195,292	227,089
Current assets
Inventories	1,672,760	1,789,549	1,664,614
Trade and other receivables	90,977	140,221	145,943
Amounts due from related companies	26,277	12,488	11,727
Cash at bank and in hand	12,846	15,747	25,083
Total Current assets	1,802,859	1,958,006	1,847,367
Total assets	2,004,062	2,153,298	2,074,456
EQUITY AND LIABILITIES
Equity
Stated capital	293,802	293,802	293,802
Capital Redemption Reserve	13,953	14,987	13,953
Retained earnings	417,296	567,964	526,543
Equity attributable to owners of the Company	725,051	876,753	834,299
Total equity	725,051	876,753	834,299
Non-current liabilities
Interest bearing borrowings	236,427	410,667	163,587
Lease Liabilities			19,001
Deferred tax liability	12,898	8,880	12,898
Retirement benefit obligation	7,772	8,864	9,294
Total Non-current liabilities	257,098	428,411	204,780
Current liabilities
Trade and other payables	385,750	324,900	444,919
Advances received from customers	94,690	220,594	-
Interest bearing borrowings	422,311	237,116	525,890
Lease Liabilities	-		5,874
Amounts due to related companies	62,327	7,179	4,911
Income tax payable	1,443	1,539	1,401
Bank overdraft	55,392	56,806	52,382
Total Current liabilities	1,021,913	848,134	1,035,377
Total liabilities	1,279,011	1,276,545	1,240,158
Total equity and liabilities	2,004,062	2,153,298	2,074,456
Net Asset Per Share	5.38	6.51	6.19

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Signed

Upul Kumarasinghe

Finance Manager

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of the Board ;

Signed	Signed
U.H. Dharmadasa	K.C.C. Perera
Chairman	Director
01st March 2024

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MILLENNIUM HOUSING DEVELOPERS PLC

STATEMENT OF FINANCIAL POSITION

		Company
AS AT	31-Dec-23	31-Dec-22	31-Mar-23
	Unaudited	Unaudited	Audited
	Rs. '000	Rs. '000	Rs. '000
ASSETS
Non-current assets
Property, plant and equipment	18,871	25,226	22,008
Intangible assets	11	78	19
Investment in subsidiaries	278,629	279,533	278,629
Right of use assets	-	23,703	22,076
Financial assets - FVOCI	6,902	7,936	6,902
Deferred tax asset	1,987	812	1,987
Total Non-current assets	306,400	337,288	331,621
Current assets
Inventories	378,972	454,533	379,191
Trade and other receivables	40,207	66,326	59,898
Amounts due from related companies	14,943	-	5,800
Cash at bank and in hand	11,575	14,202	23,458
Total Current assets	445,696	535,061	468,348
Total assets	752,096	872,350	799,968
EQUITY AND LIABILITIES
Equity
Stated capital	293,802	293,802	293,802
Capital Redemption Reserve	13,953	14,987	13,953
Retained earnings	(84,530)	55,044	10,016
Equity attributable to owners of the Company	223,225	363,833	317,771
Total equity	223,225	363,833	317,771
Non-current liabilities
Interest bearing borrowings	163,587	119,303	182,588
Retirement benefit obligation	6,788	6,244	7,078
Total Non-current liabilities	170,375	125,547	189,666
Current liabilities
Trade and other payables	144,459	54,745	145,109
Advances received from customers	59,967	121,699	-
Interest bearing borrowings	81,304	96,766	91,304
Lease Liabilities	-		5,874
Amounts due to related companies	55,295	104,758	32,965
Income tax payable	19	44	-
Bank overdraft	17,452	4,958	17,278
Total Current liabilities	358,497	382,971	292,531
Total liabilities	528,872	508,518	482,197
Total equity and liabilities	752,096	872,350	799,968
Net Asset Per Share	1.66	2.70	2.36

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

-

Singed

Upul Kumarasinghe

Finance Manager

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Approved and signed for and on behalf of the Board ;

Singed	Singed
U.H. Dharmadasa	K.C.C. Perera
Chairman	Director

01st March 2024

Page-03

MILLENNIUM HOUSING DEVELOPERS PLC

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

	Quarter ended	Nine Months
	31st December	31st December
	2023	2022	2023	2022
	Unaudited	Unaudited	Unaudited	Unaudited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue	-	79,000	87,700	398,585
Cost of sales	-	(56,987)	(62,523)	(285,968)
Gross profit	-	22,013	25,177	112,617
Other operating income	11,209	11,952	93,843	24,590
Administration expenses	(34,592)	(53,290)	(122,253)	(163,804)
Selling and marketing expenses	-	(1,038)	(976)	(12,083)
Results from operating activities	(23,383)	(20,363)	(4,209)	(38,680)
Finance income	212	597	729	1,785
Finance costs	(30,950)	(43,705)	(105,730)	(105,603)
Net finance income	(30,739)	(43,108)	(105,001)	(103,818)
Profit/(Loss) before income tax	(54,122)	(63,471)	(109,210)	(142,498)
Income tax expense	-	(35)	(37)	(14,865)
Profit/(Loss) for the period
(54,122)	(63,506)	(109,247)	(157,363)
Other comprehensive income
Other comprehensive income net of taxes	-	-	-	-
Total comprehensive income for the period	(54,122)	(63,506)	(109,247)	(157,363)
Profit/(Loss) attributable to :
Owners of the Company	(54,122)	(63,506)	(109,247)	(157,363)
Non-controlling interests	-	-	-	-
Profit/(Loss) for the period	(54,122)	(63,506)	(109,247)	(157,363)
Total comprehensive income attributable to
Owners of the Company	(54,122)	(63,506)	(109,247)	(157,363)
Non-controlling interest	-	-	-	-
Total comprehensive income for the period	(54,122)	(63,506)	(109,247)	(157,363)
Earnings per share	(0.40)	(0.71)	(0.81)	(1.17)

Figures in brackets indicates deductions.

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	Quarter ended	Nine Months
	31st December	31st December
	2023	2022	2023	2022
	Unaudited	Unaudited	Unaudited	Unaudited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue	-	46,000	87,700	138,394
Cost of sales	-	(35,347)	(62,523)	(102,158)
Gross profit	-	10,653	25,177	36,236
Other operating income	875	4,574	6,813	7,359
Administration expenses	(23,757)	(28,688)	(85,191)	(77,292)
Selling and marketing expenses	-	(914)	(862)	(11,146)
Results from operating activities	(22,882)	(14,375)	(54,064)	(44,843)
Finance income	198	531	648	1,112
Finance costs	(10,359)	(12,430)	(41,118)	(28,794)
Net finance income	(10,160)	(11,899)	(40,469)	(27,682)
Profit/(Loss) before income tax	(33,042)	(26,274)	(94,533)	(72,525)
Income tax expense	4	(16)	(13)	(1,964)
Profit/(Loss) for the period	(33,039)	(26,289)	(94,546)	(74,488)
Other comprehensive income
Other comprehensive income Net of taxes	-	-	-	-
Total comprehensive income of the period	(33,039)	(26,289)	(94,546)	(74,488)
Profit/(Loss) attributable to ;
Owners of the Company	(33,039)	(26,289)	(94,546)	(74,488)
Non-controlling interest
Profit/(Loss) for the Period	(33,039)	(26,289)	(94,546)	(74,488)
Total comprehensive income attributable to:
Owners of the Company	(33,039)	(26,289)	(94,546)	(74,488)
Non-controlling interests
Total comprehensive income for the period	(33,039)	(26,289)	(94,546)	(74,488)
Earnings per share	(0.25)	(0.25)	(0.70)	(0.55)

Figures in brackets indicates deductions.

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MILLENNIUM HOUSING DEVELOPERS PLC

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31ST DECEMBER 2023
Group		Attributable to owners of the Company
		Stated	Capital	Available	Retained	Total
		capital	redemption	for sale	earnings
			reserve	FVOCI
		Rs. '000	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Balance as at 1st April 2022	293,802	25,000	(10,013)	725,327	1,034,116
Profit for the period	-	-	-	(157,363)	(157,363)
Other Comprehensive Income(Net of tax)		-	-	-	-	-
Total comprehensive income for the period		-	-	-	(157,363)	(157,363)
Balance as at 31st December 2022		293,802	25,000	(10,013)	567,964	876,753
Balance as at 1st April 2023	293,802	25,000	(11,047)	526,543	834,298
Profit for the period	-	-	-	(109,247)	(109,247)
Other Comprehensive Income(Net of tax)		-	-	-	-	-
Total comprehensive income for the period		-	-	-	(109,247)	(109,247)
Balance as at 31st December 2023		293,802	25,000	(11,047)	417,296	725,051

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MILLENNIUM HOUSING DEVELOPERS PLC

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31ST DECEMBER 2023
Company	Stated		Capital		Available		Retained		Total
		Capital		Redemption		for sale		Earnings		Equity
				Reserve		FVOCI
		Rs. ' 000		Rs. ' 000		Rs. ' 000		Rs. ' 000		Rs. ' 000
									-
Balance as at 1st April 2022	293,802	25,000	(10,013)	129,533	438,322
Profit for the period	-	-	-	(74,488)	(74,488)
Other Comprehensive Income(Net of tax)		-		-		-		-		-
Total Comprehensive income for the period		-		-		-		(74,488)		(74,488)
										-
Balance as at 31st December 2022		293,802		25,000		(10,013)		55,044		363,833
Balance as at 1st April 2023	293,802	25,000	(11,047)	10,016	317,771
Profit for the period	-	-	-	(94,546)	(94,546)
Other Comprehensive Income(Net of tax)		-		-		-		-		-
Total Comprehensive income for the period		-		-		-		(94,546)		(94,546)
										-
Balance as at 31st December 2023		293,802		25,000		(11,047)		(84,530)		223,225

Figures in brackets indicates deductions.

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MILLENNIUM HOUSING DEVELOPERS PLC
CASH FLOW STATEMENT
	Group	Company
AS AT	31-Dec-23	31-Dec-22	31-Dec-23	31-Dec-22
	Unaudited	Unaudited	Unaudited	Unaudited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Cash Flows from Operating Activities
Profit before Tax	(109,210)	(142,498)	(94,533)	(72,524)
Adjustments for:
Depreciation on Property, Plant and Equipments	4,225	5,575	3,190	4,259
Fair value gain on investment property	-	4,834		4,834
Amortization on Intangible Assets	3	37	8	3
Interest Expense	105,730	105,603	41,118	28,794
Provision for Retirement benefit obligation	1,315	1,500	1,374	1,374
Gain on disposal of right-of-use assets	(2,812)	-	(2,812)	-
Write-off Debentures		(3,250)		(3,250)
Interest Income	(729)	(1,785)	(648)	(1,112)
Operating Profit before Working Capital Changes	(1,478)	(29,984)	(52,304)	(37,622)
(Increase)/Decrease in Inventories	(8,146)	64,661	220	(27,755)
(Increase)/Decrease in Trade and Other Receivables	54,966	120,466	19,691	51,478
(Increase)/Decrease in Amounts Due from Related Companies	(14,549)	(2,844)	(9,143)	883
Increase/(Decrease) in Trade and Other Payables	35,555	29,076	59,336	49,777
Increase/(Decrease) in Amounts Due to Related Companies	57,416	6,347	22,330	12,104
Cash Generated from/(Used in) Operations	123,763	187,722	40,129	48,865
Income Tax Paid	-	(12,685)	-	(12,563)
Gratuity Paid	(2,851)	(6,767)	(1,664)	(5,405)
Interest Paid	(105,730)	(105,603)	(41,118)	(28,794)
Net Cash flow Generated from/(Used in) Operating Activitie	15,182	62,667	(2,653)	2,103
Cash Flows from Investing Activities
Purchase of Property, Plant and Equipment	(418)	(11,125)	(52)	(11,125)
Interest Received	729	1,785	648	1,112
Cash Generated from/(Used in) Investing Activities	310	(9,340)	596	(10,013)
Cash Flows from Financing Activities
Loans Obtained	-	50,000	-	50,000
Repayment of Loans	(30,740)	(97,850)	(10,000)	(30,109)
Lease rental paid		(3,540)		(3,540)
Cash Generated from/(Used in) Financing Activities	(30,740)	(51,390)	(10,000)	16,351
Net Increase/(Decrease) in Cash and Cash Equivalents	(15,247)	1,937	(12,057)	8,441
Cash and Cash Equivalents at the beginning of the year	(27,299)	(42,996)	6,180	803
Cash and Cash Equivalents at the end of the year	(42,546)	(41,059)	(5,878)	9,243

Figures in brackets indicates deductions.

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MILLENNIUM HOUSING DEVELOPERS PLC

NOTES TO FINANCIAL STATEMENTS

1. Reporting Entity
   Millennium Housing Developers PLC is a public quoted company (Quoted on 19th February 2014) incorporated in Sri Lanka on 28th July 1998 . These consolidated interim financial statement for the third quarter ended 31st December 2023.
2. Basis of Preparation
   The Financial Statements of the company and the Group have been prepared as per the Most Recent Audited Financial Statements and are in compliance with Sri Lanka Accounting Standards - LKAS 34 - Interim Financial Reporting
3. Accounting Policies
   The accounting policies have been consistently applied by the Group and are consistent with those used in the previous year. Comparative figures have been restated where ever necessary to confirm to the current period's presentation.
4. Contingent Liabilities
   There were no material contingent liabilities or assets as at reporting date which would require adjustment to or disclosers in the Financial Statements.
5. Events after the reporting Date
   No events have occurred after the reporting date which require adjustments to or disclosure in the financial statements.
6. There were no liabilities for management fees or any other similar expenditure not

provided for in the interim financial statements.

7)	Stated Capital
31-Dec-23	31-Dec-22
	Number of shares represented by the share capital	134,681,320	134,681,320
	(30-09-2020 - 134,681,320)
	Percentage of shares held by public	20.02%	20.02%
	Float adjusted market capitalization (LKR Mn)	81	78
	Total no of Public Shareholders	1525	1503
8)	Shares Traded
31-Dec-23	31-Dec-22
	Market Price Per Share - Last Traded - Rs.	3.00	2.90
	Market Price Per Share - Highest - Rs.	2.90	3.90
	Market Price Per Share - Lowest - Rs.	2.90	2.50

Page - 09

MILLENNIUM HOUSING DEVELOPERS PLC

NOTES TO FINANCIAL STATEMENTS

1. Share Holding of Directors
   Number of shares held by the Board of Directors as at 31st December are as follows;

No	Name of the Director	As at 31st December 2023	As at 31st December 2022
		No of Shares	Percentage	No of Shares	Percentage
1	Mr. U. Harshith Dharmadasa - Chairman	29,384,672	21.82%	29,384,672	21.82%
2	Mr. V.R.Ramanan - Director	37,969,373	28.19%	37,969,373	28.19%
3	Mr. K.C.C.Perera - Director	1,300,000	0.97%	1,300,000	0.97%
4	Mr. U.H. Palihakkara - Director	971,429	0.72%	130,000	0.10%
5	Mr. Gihan De Zoysa - Director	-	-	-	-
6	Mr. A.S. Samarasinghe	-	-	-	-

1. Substantial Share Holding
   The twenty largest shareholders as at 31st December , are as follows;

No	Name of Shareholder	As at 31st December 2023	As at 31st December 2022
		No of Shares	Percentage	No of Shares	Percentage
1	Ceyoka (Pvt) Limited	38,090,670	28.28%	38,090,670	28.28%
2	Mr. V.R.Ramanan	37,969,373	28.19%	37,969,373	28.19%
3	DFCC Bank PLC/Mr. U. H. Dharmadasa	29,384,672	21.82%	29,384,672	21.82%
4	Richard Pieris Financial Services (Pvt) Ltd / Mr.H.J.C.Perera	4,665,760	3.46%	4,665,760	3.46%
Mr. H.J.C.Perera	1,000,000	0.74%	1,000,000	0.74%
5	J.B. Cocoshell (Pvt) Ltd	1,542,772	1.15%	447,570	0.33%
6	Mr. K.C.C.Perera	1,300,000	0.97%	1,300,000	0.97%
7	The Finance Company PLC A/C No 1	1,200,000	0.89%	1,200,000	0.89%
8	MR. A.S.A. FERNANDO	1,000,000	0.74%	-	0.00%
9	Trading Partners (Pvt) Ltd	993,508	0.74%	1,353,508	1.00%
10	Mr. U.H.Palihakkara	971,429	0.72%	841,429	0.62%
11	Sampah Bank PLC/ Mr. V. Gajanayake	800,095	0.59%	500,000	0.37%
12	Just In Time Holdings (Pvt) Ltd	701,000	0.52%	701,000	0.52%
13	Mr. M. V. Rudra	644,856	0.48%	644,856	0.48%
14	Mr. M.W.M.D. Weerarathne	600,000	0.45%	-	-
15	Merchant Bank of Sri Lanka & Finance PLC/K V W S Maddumage	400,000	0.30%	400,000	0.30%
16	Hatton National Bank PLC/ Ms. R.E. Rabukwella,	390,000	0.29%	-	-
Mr. R.E. Rabukwella	125,000	0.09%	-	-
17	Hatton National Bank PLC/Chamila Jayasinghe	350,521	0.26%	-	-
18	Dr. C.Alwishewa	346,406	0.26%	-	-
19	Golden Key Company Limited	300,000	0.22%	300,000	0.22%
20	The Finance and Gurarantee Company Ltd	300,000	0.22%	300,000	0.22%

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