Property Development : Quarterly Financial Report as at 31 December 2021

PROPERTY DEVELOPMENT PLC

INTERIM REPORT

FOR THE 12 MONTHS ENDED

31 DECEMBER 2021

PROPERTY DEVELOPMENT PLC

STATEMENT OF FINANCIAL POSITION

	Group			Company
As at	31.12.2021			31.12.2020	31.12.2021	31.12.2020
				(Audited)				(Audited)
	Rs.	Rs.		Rs.		Rs.
Assets
Non-current assets
Investment property	679,782,264			679,839,023	679,782,264	679,839,023
Property, plant and equipment	28,789,359			120,809,641	28,789,359	33,820,400
Right of use assets	24,547,484			24,968,858	24,547,484	24,968,858
Intangible assets	1,811,928			3,037,508	1,811,928	3,037,508
Investment in subsidiary	-			-	-	170,813,387
Other financial assets	1,172,541,631			1,140,502,486	1,172,541,631	1,140,502,486
Refundable deposit	21,000,000			21,000,000		21,000,000		21,000,000
Total non-current assets	1,928,472,666			1,990,157,516	1,928,472,666	2,073,981,662
Current assets
Inventories	34,608,923			32,708,848	34,608,923	31,184,372
Trade and other receivables	20,077,590			182,665,991	20,077,590	166,245,239
Advances and prepayments	7,432,661			10,322,355	7,432,661	10,024,896
Other financial assets	3,341,397,151			2,704,398,373	3,341,397,151	2,637,496,587
Cash and bank balances	7,773,725			17,267,009		7,773,725		15,425,415
Total current assets	3,411,290,050			2,947,362,576		3,411,290,050		2,860,376,509
Total assets	5,339,762,716			4,937,520,092	5,339,762,716	4,934,358,171
Equity and liabilities
Equity
Stated capital	660,000,000			660,000,000	660,000,000	660,000,000
Reserves	335,000,000			335,000,000	335,000,000	335,000,000
Retained earnings	2,656,596,803			2,212,345,528	2,656,596,803	2,232,396,177
Fair value reserve of financial assets at FVOCI	957,733,924			925,733,781		957,733,924		925,733,781
Total equity	4,609,330,727			4,133,079,309	4,609,330,727	4,153,129,958
Non-current liabilities
Refundable deposits	446,132,724			446,132,724	446,132,724	446,132,724
Defined benefit liabilities	30,211,720			35,025,501	30,211,720	34,130,622
Lease liability	1,599			1,599	1,599	1,599
Deferred tax liabilities	89,253,381			123,482,192		89,253,381		105,961,012
Total non-current liabilities	565,599,424			604,642,016	565,599,424	586,225,957
Current liabilities
Trade and other payables	48,462,191			41,882,433	48,462,191	39,973,395
Dividends payable	16,692,834			16,008,173	16,692,834	16,008,173
Lease liability	260			260	260	260
Income tax payable	99,677,280			141,907,901		99,677,280		139,020,428
Total current liabilities	164,832,565			199,798,767		164,832,565		195,002,256
Total liabilities	730,431,989			804,440,783		730,431,989		781,228,213
Total equity and liabilities	5,339,762,716			4,937,520,092	5,339,762,716	4,934,358,171

I certify that the Financial Statements are in compliance with the requirements of the Companies Act, No 07 of 2007.

(Sgd) Manoji Dissanayake

For Head of Finance

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by,

(Sgd) K Ratwatte	(Sgd) W P R P H Fonseka	(Sgd) G C Rajapaksha
Chairman	Director	Chief Executive Officer

23 February 2022

Colombo

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PROPERTY DEVELOPMENT PLC

STATEMENT OF COMPREHENSIVE INCOME

QUARTER ENDED 31 DECEMBER 2021

Group	QUARTER ENDED 31 DECEMBER		TWELVE MONTHS ENDED 31 DECEMBER
	2021	2020		Variance	2021	2020		Variance
	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Continuing Operations
Revenue	230,565,951	227,556,911	3,009,040	913,770,747	919,154,021	(5,383,274)
Less: Discount	-		-		-		-		96,944,202		96,944,202
	230,565,951	227,556,911	3,009,040	913,770,747	822,209,819	91,560,928
Other operating income	2,600,924	2,792,989	(192,065)	38,056,390	10,510,342	27,546,048
	233,166,875	230,349,900	2,816,975	951,827,137	832,720,161	119,106,976
Less: Expenses
Direct expenses	43,271,217	34,693,725	(8,577,492)	146,478,559	137,960,465	(8,518,094)
Employee benefits expense	38,125,213	32,095,608	(6,029,605)	152,855,671	150,527,795	(2,327,876)
Depreciation and amortisation expenses	11,282,108	11,587,179	305,071	45,754,273	45,963,033	208,760
Administrative and other operating expenses	9,640,639	5,805,570	(3,835,069)	28,914,270	21,016,031	(7,898,239)
Profit from operations	130,847,698	146,167,818	(15,320,120)	577,824,364	477,252,837	100,571,527
Finance income	48,726,243	35,742,528	12,983,715	203,667,901	172,819,412	30,848,489
Less : Finance expenses	65	65	-	260	260	-
Net finance income	48,726,178	35,742,463	12,983,715	203,667,641	172,819,152	30,848,489
Profit before Tax from Continuing Operations	179,573,876	181,910,281	(2,336,405)	781,492,005	650,071,989	131,420,016
Less : Income tax expense	43,372,283	101,950,688	58,578,405	137,700,564	216,289,595	78,589,031
Profit for the year from Continuing Operations	136,201,593	79,959,593	56,242,000	643,791,441	433,782,394	210,009,047
Discontinued Operations
Profit/(Loss) after Tax from Discontinued Operations for the period	-	(85,538,627)	85,538,627	26,237,047	(76,655,810)	102,892,857
Profit for the year	136,201,593	(5,579,034)	141,780,627	670,028,488	357,126,584	312,901,904
Other Comprehensive Income
Equity investments at FVOCI - net change in fair value	34,132,422	200,494,258			32,000,143	270,933,481
Actuarial gain/(loss) on defined benefit plans	5,495,884	2,614,104			5,118,064	(666,143)
Tax on actuarial gain/(loss) on defined benefit plans	(1,319,013)	(614,352)			(1,228,335)	173,530
Other Comprehensive Income for the year
38,309,293		202,494,010				35,889,872		270,440,868
Total Comprehensive Income for the year
174,510,886		196,914,976				705,918,360		627,567,452
Profit attributable to :	136,201,593		(5,579,034)				670,028,488		357,126,584
Equity holders of the parent	136,201,593		(5,579,034)				670,028,488		357,126,584
Total comprehensive income attributable to :	174,510,886		196,914,976				705,918,360		627,567,452
Equity holders of the parent	174,510,886	196,914,976			705,918,360	627,567,452
Basic and diluted earnings per share	2.06	(0.08)			10.15	5.41
Basic and diluted earnings per share from continuing operations	2.06	1.21			9.75	6.57

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PROPERTY DEVELOPMENT PLC

STATEMENT OF COMPREHENSIVE INCOME

QUARTER ENDED 31 DECEMBER 2021

Company	QUARTER ENDED 31 DECEMBER		TWELVE MONTHS ENDED 31 DECEMBER
	2021	2020		Variance	2021	2020		Variance
	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Continuing Operations
Revenue	230,565,951	227,556,911	3,009,040	913,770,747	919,154,021	(5,383,274)
Less: Discount	-		-		-		-		96,944,202		96,944,202
	230,565,951	227,556,911	3,009,040	913,770,747	822,209,819	91,560,928
Other operating income	2,600,924	2,792,989	(192,065)	38,056,390	10,510,342	27,546,048
	233,166,875	230,349,900	2,816,975	951,827,137	832,720,161	119,106,976
Less: Expenses
Direct expenses	43,271,217	34,693,725	(8,577,492)	146,478,559	137,960,465	(8,518,094)
Employee benefits expense	38,125,213	32,095,608	(6,029,605)	152,855,671	150,527,795	(2,327,876)
Depreciation and amortisation expenses	11,282,108	11,587,179	305,071	45,754,273	45,963,033	208,760
Administrative and other operating expenses	9,640,639	5,805,570	(3,835,069)	28,914,270	21,016,031	(7,898,239)
Profit from operations	130,847,698	146,167,818	(15,320,120)	577,824,364	477,252,837	100,571,527
Finance income	48,726,243	35,742,528	12,983,715	203,667,901	172,819,412	30,848,489
Less : Finance expenses	65	65	-	260	260	-
Net finance income	48,726,178	35,742,463	12,983,715	203,667,641	172,819,152	30,848,489
Profit before Tax from Continuing Operations	179,573,876	181,910,281	(2,336,405)	781,492,005	650,071,989	131,420,016
Less : Income tax expense	43,372,283	101,950,688	58,578,405	137,700,564	216,289,595	78,589,031
Profit for the year from Continuing Operations	136,201,593	79,959,593	56,242,000	643,791,441	433,782,394	210,009,047
Discontinued Operations
Profit/(Loss) after Tax from Discontinued Operations for the period	-	40,594,497	(40,594,497)	6,186,398	40,594,497	(34,408,099)
Profit for the year	136,201,593	120,554,090	15,647,503	649,977,839	474,376,891	175,600,948
Other Comprehensive Income
Other comprehensive income not to be reclassified to profit or loss
in subsequent periods (net of tax)
Equity investments at FVOCI - net change in fair value	34,132,422	200,494,258			32,000,143	270,933,481
Actuarial gain/(loss) on defined benefit plans	5,495,884	2,792,050			5,118,064	(503,750)
Tax on actuarial gain/(loss) on defined benefit plans	(1,319,013)	(649,942)			(1,228,335)	141,050
Other Comprehensive Income for the year
38,309,293		202,636,366				35,889,872		270,570,781
Total Comprehensive Income for the year
174,510,886		323,190,456				685,867,711		744,947,672
Profit attributable to :	136,201,593		120,554,090				649,977,839		474,376,891
Equity holders of the parent	136,201,593		120,554,090				649,977,839		474,376,891
Total comprehensive income attributable to :	174,510,886		323,190,456				685,867,711		744,947,672
Equity holders of the parent	174,510,886		323,190,456				685,867,711		744,947,672
Basic and diluted earnings per share	2.06	1.83			9.85	7.19
Basic and diluted earnings per share from continuing operations	2.06	1.21			9.75	6.57

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PROPERTY DEVELOPMENT PLC

STATEMENT OF CHANGES IN EQUITY

QUARTER ENDED 31 DECEMBER 2021

Group									2021											2020
									Reserves										Reserves
				Stated	Capital		General			Fair Value		Retained		Total		Stated		Capital		General		Fair Value		Retained		Total
				Capital	Replacement		Reserves			Reserve of		Earnings				Capital		Replacement		Reserves		Reserve of		Earnings
						Reserve					financial assts								Reserve				financial assts
											at FVOCI												at FVOCI
				Rs.	Rs.		Rs.			Rs.		Rs.		Rs.		Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 01 January	660,000,000		240,000,000	95,000,000	925,733,781	2,212,345,528	4,133,079,309	660,000,000	240,000,000	95,000,000	654,800,300	2,184,602,930	3,834,403,230
Profit for the year		-		-	-	-	670,028,488	670,028,488	-	-	-	-	357,126,584	357,126,584
Other Comprehensive Income	-		-	-	32,000,143	3,889,729	35,889,872	-	-	-	270,933,481	(492,613)	270,440,868
Total comprehensive income for
the year			660,000,000		240,000,000	95,000,000	957,733,924	2,886,263,745	4,838,997,669	660,000,000	240,000,000	95,000,000	925,733,781	2,541,236,901	4,461,970,682
Unclaimed	Dividend	Reversal	-
Over Six Years Statutory Retention
Period - Year 2014 (Year - 2013)	-		-	-	-	1,333,058	1,333,058	-	-	-	-	1,108,627	1,108,627
Dividends	- First and Final	-		-	-	-	(231,000,000)	(231,000,000)	-	-	-	-	(330,000,000)	(330,000,000)
Balance as at 31 December	660,000,000		240,000,000	95,000,000	957,733,924	2,656,596,803	4,609,330,727	660,000,000	240,000,000	95,000,000	925,733,781	2,212,345,528	4,133,079,309
Company
								2021											2020
									Reserves										Reserves
				Stated	Capital		General			Fair Value		Retained		Total		Stated		Capital		General		Fair Value		Retained		Total
				Capital	Replacement		Reserves			Reserve of		Earnings				Capital		Replacement		Reserves		Reserve of		Earnings
						Reserve					financial assts								Reserve				financial assts
											at FVOCI												at FVOCI
				Rs.	Rs.		Rs.			Rs.		Rs.		Rs.		Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 01 January	660,000,000		240,000,000	95,000,000	925,733,781	2,232,396,177	4,153,129,958	660,000,000	240,000,000	95,000,000	654,800,300	2,087,273,359	3,737,073,659
Profit for the year		-		-	-	-	649,977,839	649,977,839	-	-	-	-	474,376,891	474,376,891
Other Comprehensive Income	-		-	-	32,000,143	3,889,729	35,889,872	-	-	-	270,933,481	(362,700)	270,570,781
Total comprehensive income for
the year			660,000,000		240,000,000	95,000,000	957,733,924	2,886,263,745	4,838,997,669	660,000,000	240,000,000	95,000,000	925,733,781	2,561,287,550	4,482,021,331
Unclaimed	Dividend	Reversal	-
Over Six Years Statutory Retention
Period - Year 2014 (Year - 2013)	-		-	-	-	1,333,058	1,333,058	-	-	-	-	1,108,627	1,108,627
Dividends	- First and Final	-		-	-	-	(231,000,000)	(231,000,000)	-	-	-	-	(330,000,000)	(330,000,000)
Balance as at 31 December	660,000,000		240,000,000	95,000,000	957,733,924	2,656,596,803	4,609,330,727	660,000,000	240,000,000	95,000,000	925,733,781	2,232,396,177	4,153,129,958

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