Property Development : Quarterly Financial Report as at 31 March 2022

PROPERTY DEVELOPMENT PLC

INTERIM REPORT

FOR THE 3 MONTHS ENDED

31 MARCH 2022

PROPERTY DEVELOPMENT PLC STATEMENT OF FINANCIAL POSITION

As at	31.03.2022	31.12.2021
(Audited)
Rs.	Rs.
Assets
Non-current assets
Investment property	672,583,467	679,782,264
Property, plant and equipment	28,043,278	28,789,359
Right of use assets	24,443,583	24,547,484
Intangible assets	1,509,730	1,811,928
Other financial assets	1,071,960,293	1,172,541,631
Refundable deposit	21,000,000	21,000,000
Total non-current assets	1,819,540,351	1,928,472,666
Current assets
Inventories	34,569,756	34,608,923
Trade and other receivables	25,125,988	20,077,590
Advances and prepayments	43,300,636	7,432,661
Other financial assets	3,472,510,002	3,341,397,151
Cash and bank balances	15,627,248	7,773,725
Total current assets	3,591,133,630	3,411,290,050
Total assets	5,410,673,981	5,339,762,716
Equity and liabilities
Equity
Stated capital	660,000,000	660,000,000
Reserves	335,000,000	335,000,000
Retained earnings	2,822,719,196	2,656,596,803
Fair value reserve of financial assets at FVOCI	857,488,617	957,733,924
Total equity	4,675,207,813	4,609,330,727
Non-current liabilities
Refundable deposits	446,132,724	446,132,724
Defined benefit liabilities	29,348,507	30,211,720
Lease liability	1,403	1,599
Deferred tax liabilities	88,973,072	89,253,381
Total non-current liabilities	564,455,706	565,599,424
Current liabilities
Trade and other payables	56,892,702	48,462,191
Dividends payable	16,660,825	16,692,834
Lease liability	260	260
Income tax payable	97,456,675	99,677,280
Total current liabilities	171,010,462	164,832,565
Total liabilities	735,466,168	730,431,989
Total equity and liabilities	5,410,673,981	5,339,762,716

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,

28 April 2022 Colombo

(Sgd) K Ratwatte	(Sgd) W P R P H Fonseka	(Sgd) G C Rajapaksha
Chairman	Director	Chief Executive Officer
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PROPERTY DEVELOPMENT PLC STATEMENT OF COMPREHENSIVE INCOME

QUARTER ENDED 31 MARCH 2022

QUARTER ENDED 31 MARCH

THREE MONTHS ENDED 31 MARCH

2022	2021	Variance	2022	2021	Variance
Rs.	Rs.	Rs.	Rs.	Rs.	Rs.
Revenue	232,257,314	228,801,682	3,455,632	232,257,314	228,801,682	3,455,632
Other operating income	2,302,286	8,625,601	(6,323,315)	2,302,286	8,625,601	(6,323,315)
234,559,600	237,427,283	(2,867,683)	234,559,600	237,427,283	(2,867,683)
Less: Expenses
Direct expenses	35,965,450	32,432,113	(3,533,337)	35,965,450	32,432,113	(3,533,337)
Employee benefits expense	51,591,103	44,704,712	(6,886,391)	51,591,103	44,704,712	(6,886,391)
Depreciation and amortisation expenses	10,967,578	11,498,899	531,321	10,967,578	11,498,899	531,321
Administrative and other operating expenses	8,261,314	5,269,448	(2,991,866)	8,261,314	5,269,448	(2,991,866)
Profit from operations	127,774,155	143,522,111	(15,747,956)	127,774,155	143,522,111	(15,747,956)
Finance income	84,406,513	52,916,242	31,490,271	84,406,513	52,916,242	31,490,271
Less : Finance expenses	65	65	-	65	65	-
Net finance income	84,406,448	52,916,177	31,490,271	84,406,448	52,916,177	31,490,271
Profit before Tax	212,180,603	196,438,288	15,742,315	212,180,603	196,438,288	15,742,315
Less : Income tax expense	47,030,642	39,964,504	(7,066,138)	47,030,642	39,964,504	(7,066,138)
Profit for the period	165,149,961	156,473,784	8,676,177	165,149,961	156,473,784	8,676,177
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	(100,245,307)	(211,155,053)	(100,245,307)	(211,155,053)
Actuarial gain/(loss) on defined benefit plans	1,279,516	(125,940)	1,279,516	(125,940)
Tax on actuarial gain/(loss) on defined benefit plans	(307,084)	30,226	(307,084)	30,226
Other Comprehensive Income for the period	(99,272,875)	(211,250,767)	(99,272,875)	(211,250,767)
Total Comprehensive Income for the period	65,877,086	(54,776,983)	65,877,086	(54,776,983)
Basic and diluted earnings per share	2.50	2.37	2.50	2.37

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PROPERTY DEVELOPMENT PLC STATEMENT OF CHANGES IN EQUITY

QUARTER ENDED 31 MARCH 2022

2022 Reserves

2021 Reserves

Stated	Capital	General	Retained	Total	Stated	Capital	General	Retained	Total
Capital	Replacement	Reserves	Earnings	Capital	Replacement	Reserves	Earnings
Reserve	Reserve
Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.
Balance as at 01 January	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
Profit for the period	-	-	-	-	165,149,961	165,149,961	-	-	-	-	156,473,784	156,473,784
Other Comprehensive Income	-	-	-	(100,245,307)	972,432	(99,272,875)	-	-	-	(211,155,053)	(95,714)	(211,250,767)
Total comprehensive income
for the period	660,000,000	240,000,000	95,000,000	857,488,617	2,822,719,196	4,675,207,813	660,000,000	240,000,000	95,000,000	714,578,728	2,388,774,247	4,098,352,975
Balance as at 31 March	660,000,000	240,000,000	95,000,000	857,488,617	2,822,719,196	4,675,207,813	660,000,000	240,000,000	95,000,000	714,578,728	2,388,774,247	4,098,352,975

Fair Value

Fair Value

Reserve of financial assts at FVOCI

Rs.

Reserve of financial assts at FVOCI

Rs.

4

PROPERTY DEVELOPMENT PLC STATEMENT OF CASH FLOWS

QUARTER ENDED 31 MARCH 2022

2021
Cash flows from operating activities	Rs.
Profit before tax	196,438,288
Adjustments for
Depreciation and amortisation	11,498,899
Interest income	(36,823,278)
Dividend income	(15,996,750)
Provision for defined benefit plans	1,429,800
Inventory write off	3,617
(Profit)/loss on sale of property, plant and equipment	234,414
Lease interest expenses	65
Gain on disposal of subsidiary - Koladeniya Hydropower (Private) Limited	-	(6,186,398)
Operating profit before working capital changes	140,218,555	150,598,657
Decreas/(increase) in inventories	(9,356)	(1,111,515)
Decrease/(increase) in trade and other receivables	(20,235,995)	144,932,229
Decrease/(increase) in advances and prepayments	(35,867,975)	(36,272,198)
(Decrease)/increase in trade and other payables	10,699,825	3,790,935
Cash generated from operations	94,805,054	261,938,108
Gratuity paid	(1,881,310)	(650,900)
Income tax paid	(49,838,640)	(52,436,804)
Net cash flows from operating activities	43,085,104	208,850,404
Cash flows from investing activities
Acquisition of investment property	(3,965,302)	(10,041,211)
Acquisition of property, plant and equipment	(51,300)	(30,000)
Proceeds from sale of property, plant and equipment	-	509,259
Proceeds from fixed deposits over 3 months	1,738,896,487	1,960,900,000
Investments in fixed deposit over 3 months	-	(2,204,800,000)
Interest received on repurchase agreements	8,912,015	744,275
Interest received on fixed deposits	69,831,738	56,574,215
Dividends received	21,329,000	-
Proceeds from sale on subsidiary - Koladeniya Hydropower (Private) Limited	-	180,550,000
Net cash used in investing activities	1,834,952,638	(15,593,462)
Cash flows from financing activities
Dividends paid	(32,008)	(15,495)
Payment of lease liabilities	(260)	(260)
Net cash used in financing activities	(32,268)	(15,755)
Net Increase/(decrease) in cash and cash equivalents	1,878,005,474	193,241,187
Cash and cash equivalents at the beginning of the year	1,608,445,664	113,994,779
Cash and cash equivalents at the end of the period	3,486,451,138	307,235,966

2022 Rs.

212,180,603

10,967,578

(63,077,513)

(21,329,000)

1,428,300

48,522 -

65

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