Richard Pieris Exports PLC
Interim Financial Statements
Twelve Months ended 31st March 2024
Consolidated Statement of Financial Position
As at 31st March | As at 31st March | |||||
2024 | 2023 | |||||
Rs. 000 | Rs. 000 | |||||
ASSETS | ||||||
Non-current Assets | ||||||
Property, Plant & Equipment | 3,028,459 | 2,465,756 | ||||
Investment in Associate | 336,045 | 386,700 | ||||
Investment Property - Right of use asset | 434,000 | 406,884 | ||||
Right of use asset | 127,343 | 130,441 | ||||
Advance Payment for Investment | 23,681 | 28,681 | ||||
Deferred Tax Asset | 28,184 | 1,266 | ||||
3,977,712 | 3,419,728 | |||||
Discontinued Operations | ||||||
Assets of Arpico Natural Latex Foams (Pvt ) Ltd | - | - | ||||
Current Assets | ||||||
Inventories | 1,491,335 | 1,225,805 | ||||
Trade & Other Receivables | 2,044,538 | 1,789,767 | ||||
Tax Receivable | 30,573 | - | ||||
Short Term Investment | 342,294 | 354,741 | ||||
Amounts Due from Related Parties | 144,261 | 176,762 | ||||
Cash and Bank Balances | 1,710,374 | 1,346,934 | ||||
5,763,375 | 4,894,009 | |||||
Total Assets | ||||||
9,741,087 | 8,313,737 | |||||
EQUITY AND LIABILITIES | ||||||
Stated Capital | 220,262 | 220,262 | ||||
Revenue Reserves | 3,205,775 | 3,298,080 | ||||
Foreign Currency Translation | 265,112 | 298,144 | ||||
Equity Attributable to Equity Holders of the Parent | ||||||
3,691,149 | 3,816,486 | |||||
Non Controlling Interest | 1,439,466 | 1,474,085 | ||||
Total Equity | ||||||
5,130,615 | 5,290,571 | |||||
Non-Current Liabilities | ||||||
Interest Bearning Loans and Borrowings | - | 50,000 | ||||
Deferred Tax Liabilities | 701 | 71,510 | ||||
Retirement Benefit Obligation | 138,266 | 107,657 | ||||
Lease Instalments Payable After One Year | 145,270 | 153,980 | ||||
Discontinued Operations | 284,237 | 383,147 | ||||
Liabilities of Arpico Natural Latex Foams (Pvt ) Ltd | 227,013 | 227,013 | ||||
Current Liabilities | ||||||
Trade and Other Payables | 1,205,586 | 754,732 | ||||
Income Tax Payable | - | 18,505 | ||||
Amounts Due to Related Parties | 602,650 | 508,530 | ||||
Lease Instalments Payable In the Ensuing Year | 23,601 | 16,828 | ||||
Interest Bearing Loans & Borrowings | 2,267,385 | 1,114,411 | ||||
4,099,222 | 2,413,006 | |||||
Total Liabilities | ||||||
4,610,472 | 3,023,166 | |||||
Total Equity and Liabilities | ||||||
9,741,087 | 8,313,737 | |||||
The above figures are subject to audit | ||||||
I certify that the above Financial Statements have been prepared in compliance with the requirments of the Companies Act No. 07 of 2007. | ||||||
………………………………………….. | ||||||
Charith Ariyarathna | ||||||
Finance Controller -Exports Sector | ||||||
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 on 30th May 2024 in Colombo. | |||||
………………………………. | ……………………………. | |||||
W.R.Abeysirigunawardena | W.J. Viville P. Perera | |||||
Director | Director | |||||
Company Statement of Financial Position
As at 31st March | As at 31st March | ||||
2024 | 2023 | ||||
Rs. 000 | Rs. 000 | ||||
ASSETS | |||||
Non-current Assets | |||||
Property, Plant & Equipment | 391,587 | 326,619 | |||
Long Term Investments | 463,023 | 463,023 | |||
Deferred Tax Asset | 13,384 | 1,266 | |||
867,994 | 790,908 | ||||
Current Assets | |||||
Inventories | 293,193 | 432,835 | |||
Trade & Other Receivables | 590,410 | 759,583 | |||
Other Current Financial Assets | 347,527 | ||||
334,131 | |||||
Income Tax Refund | 3,202 | 6,803 | |||
Amounts Due from Related Parties | 13,538 | 52,749 | |||
Cash and Bank Balances | 1,282,227 | 919,714 | |||
2,516,701 | 2,519,211 | ||||
Total Assets | |||||
3,384,695 | 3,310,119 | ||||
EQUITY AND LIABILITIES | |||||
Stated Capital | 220,262 | 220,262 | |||
Revenue Reserves | 2,720,507 | 2,769,760 | |||
Total Equity | |||||
2,940,769 | 2,990,022 | ||||
Non-Current Liabilities | |||||
Retirement Benefit Obligation | 109,013 | 76,294 | |||
Deferred Tax Liabilities | - | - | |||
109,013 | 76,294 | ||||
Current Liabilities | |||||
Trade and Other Payables | 226,890 | 220,105 | |||
Amounts Due to Related Parties | 108,023 | 23,698 | |||
334,913 | 243,803 | ||||
Total Liabilities | |||||
443,926 | 320,097 | ||||
Total Equity and Liabilities | |||||
3,384,695 | 3,310,119 |
The above figures are subject to audit
I certify that the above Financial Statements have been prepared in compliance with the requirments of the Companies Act No. 07 of 2007.
…………………………………………..
Charith Ariyarathna
Finance Controller -Exports Sector
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 on 30th May 2024 in Colombo.
……………………………… | ……………………………. | ||
W.R.Abeysirigunawardena | W.J. Viville P. Perera | ||
Director | Director | ||
Consolidated Income Statements
3 months ended 31st March | 12 months ended 31st March | |||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |||||||
Continuing Operations | ||||||||||||
Revenue | 1,486,128 | 1,702,720 | (13) | 7,120,443 | 9,040,796 | (21) | ||||||
Cost of Sales | (1,123,186) | (1,234,766) | (9) | (5,731,299) | (6,436,887) | (11) | ||||||
Gross Profit | 362,942 | 467,954 | (22) | 1,389,144 | 2,603,909 | (47) | ||||||
Other Operating Income | 10,240 | 7,967 | 29 | 40,565 | 27,663 | 47 | ||||||
Distribution Costs | (154,991) | (304,953) | (49) | (759,240) | (1,440,854) | (47) | ||||||
Administrative Expenses | (77,853) | (122,348) | (36) | (374,461) | (454,330) | (18) | ||||||
Other Operating Expenses | (5,258) | (28,681) | (82) | (5,258) | (28,681) | (82) | ||||||
Profit / (Loss)from Operations | 135,080 | 19,939 | 577 | 290,750 | 707,707 | (59) | ||||||
Finance Income | 26,301 | 57,287 | (54) | 112,502 | 200,132 | (44) | ||||||
Finance Cost | (25,610) | (23,469) | 9 | (63,131) | (24,182) | 161 | ||||||
Other Financial Items | (189,262) | (297,377) | (36) | (238,375) | 426,983 | (156) | ||||||
Share of Profit/ (Loss) of Associate | (4,595) | (4,260) | 8 | (17,115) | (23,323) | (27) | ||||||
Profit /( Loss) Before Tax | (58,086) | (247,880) | (77) | 84,631 | 1,287,317 | (93) | ||||||
Taxation | (11,522) | 471 | (2,546) | (50,495) | (240,260) | (79) | ||||||
Profit / (Loss) for the Period from Continuing Operations | (69,608) | (247,409) | (72) | 34,136 | 1,047,057 | (97) | ||||||
Discontinued Operations | ||||||||||||
Loss after tax for the period from discontinued operations | (32) | (24) | 33 | (77) | (69) | 12 | ||||||
Profit /(Loss) for the period | (69,640) | (247,433) | (72) | 34,059 | 1,046,988 | (97) | ||||||
Attributable to: | ||||||||||||
Equity Holders of the Parent | (77,437) | (218,662) | (65) | 64,050 | 978,907 | (93) | ||||||
Non Controlling Interest | 7,797 | (28,771) | (127) | (29,991) | 68,081 | (144) | ||||||
(69,640) | (247,433) | (72) | 34,059 | 1,046,988 | (97) | |||||||
Rs. | Rs. | Rs. | Rs. | |||||||||
Earnings Per Share | (6.94) | (19.59) | 5.74 | 87.69 | ||||||||
Earnings Per Share from Continuing Operations | (6.94) | (19.59) | 5.73 | 87.68 | ||||||||
Dividend per Share | 12.00 | 35.00 | 12.00 | 35.00 | ||||||||
Figures in brackets indicate deductions. | ||||||||||||
The above figures are subject to audit. | ||||||||||||
Company Income Statements
3 months ended 31st March | 12 months ended 31st March | ||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | ||||
Revenue | 451,891 | 516,552 | (13) | 1,945,498 | 3,141,325 | (38) | |||
Cost of Sales | (340,060) | (329,492) | 3 | (1,427,884) | (2,006,241) | (29) | |||
Gross Profit | 111,831 | 187,060 | (40) | 517,614 | 1,135,084 | (54) | |||
Other Operating Income | 63 | 359 | (82) | 1,178 | 1,749 | (33) | |||
Distribution Costs | (12,693) | (49,991) | (75) | (90,328) | (336,147) | (73) | |||
Administrative Expenses | (57,182) | (51,971) | 10 | (198,552) | (153,920) | 29 | |||
Profit from Operations | |||||||||
42,019 | 85,457 | (51) | 229,912 | 646,766 | (64) | ||||
Finance Income | 25,799 | 56,613 | (54) | 110,497 | 195,606 | (44) | |||
Finance Cost | (598) | (1,470) | (59) | (3,257) | (5,819) | (44) | |||
Other Financial Items | (87,039) | (152,696) | (43) | (102,138) | 231,590 | (144) | |||
Profit before Tax | (19,819) | (12,096) | 64 | 235,014 | 1,068,142 | (78) | |||
Taxation | (55,374) | 22,842 | (342) | (131,832) | (139,564) | (6) | |||
Profit Attributable to Ordinary Shareholders | (75,193) | 10,744 | (800) | 103,182 | 928,578 | (89) | |||
Rs. | Rs. | Rs. | Rs. | ||||||
Earnings Per Share | (6.74) | 0.96 | 9.24 | 83.18 | |||||
Dividend Per Share | 12.00 | 35.00 | 12.00 | 35.00 | |||||
Figures in brackets indicate deductions.
The above figures are subject to audit.
Statements of Comprehensive Income
3 months ended 31st March | 12 months ended 31st March | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Consolidated | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
Profit /( Loss) for the period | (69,640) | (247,433) | 34,059 | 1,046,988 | |||||
Other comprehensive income / (Expenses) not to be | |||||||||
reclassified to profit or loss in subsequent periods | |||||||||
Actuarial gains/ ( losses) on defined benefit plans | (38,052) | 18,383 | (38,052) | 18,383 | |||||
Deferred Tax effect on actuarial gains /(losses) on defined benefit plans | 11,416 | (5,516) | 11,416 | (5,516) | |||||
Change in fair value on other investment at fair value through other | |||||||||
comprehensive income | - | - | - | - | |||||
Other Comprehensive Income / (Expenses) to be reclassified to | |||||||||
profit or loss in subsequent periods | |||||||||
Share of Other Comprehensive Income of Associate | |||||||||
Acturial gains/(losses) on defined benefit plans | (382) | 532 | (382) | 532 | |||||
Translation of Associate using foreign functional currency | (25,056) | (49,389) | (33,032) | 42,806 | |||||
Other comprehensive income/ (Expenses) for the period | (52,074) | (35,989) | (60,050) | 56,206 | |||||
Total comprehensive income /(Expenses) for the period | (121,714) | (283,422) | (25,991) | 1,103,194 | |||||
Attributable to | |||||||||
Equity Holder of the Parent Company | (124,883) | (256,947) | 8,628 | 1,032,817 | |||||
Non Controlling Interest | 3,169 | (26,475) | (34,619) | 70,377 | |||||
(121,714) | (283,422) | (25,991) | 1,103,194 | ||||||
3 months ended 31st March | 12 months ended 31st March | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Company | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
Profit for the period | (75,193) | 10,744 | 103,182 | 928,578 | |||
Other comprehensive income / (Expenses) not to be | |||||||
reclassified to profit or loss in subsequent periods | |||||||
Actuarial gains/ ( losses) on defined benefit plans | (26,386) | 12,538 | (26,386) | 12,538 | |||
Deferred Tax effect on actuarial gains /(losses) on defined benefit plans | 7,916 | (3,761) | 7,916 | (3,761) | |||
Change in fair value on other investment at fair value through other | |||||||
comprehensive income | - | - | - | - | |||
Other comprehensive income / (Expenses) to be reclassified to | |||||||
profit or loss in subsequent periods | - | - | - | ||||
Other comprehensive income for the period | (18,470) | 8,777 | (18,470) | 8,777 | |||
Total comprehensive income for the period | (93,663) | 19,521 | 84,712 | 937,354 | |||
Figures in brackets indicate deductions.
Statement of Changes in Equity
Revenue Reserves | |||||||||||||
Stated | Foreign Currency | Non Controlling | Total | ||||||||||
General | Accumulated | ||||||||||||
Capital | Reserves | Profit | Translation | Interest | |||||||||
Consolidated | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||||||
Balance as at 31st March 2022 | 220,262 | 219,250 | 2,679,957 | 255,338 | 1,529,830 | 4,904,637 | |||||||
Prior period adjustment for Surcharge Tax | - | - | (200,406) | - | (126,123) | (326,529) | |||||||
Adjusted Balance as at 31st March 2022 | 220,262 | 219,250 | 2,479,551 | 255,338 | 1,403,707 | 4,578,108 | |||||||
Profit for the period | - | - | 978,907 | - | 68,081 | 1,046,988 | |||||||
Other Comprehensive Income | - | - | 11,103 | 42,806 | 2,297 | 56,206 | |||||||
Total Comprehensive Income | - | - | 990,010 | 42,806 | 70,378 | 1,103,194 | |||||||
Interim dividend | |||||||||||||
(390,731) | (390,731) | ||||||||||||
Balance as at 31st March 2023 | 220,262 | 219,250 | 3,078,830 | 298,144 | 1,474,085 | 5,290,571 | |||||||
Balance as at 31st March 2023 | 220,262 | 219,250 | |||||||||||
3,078,830 | 298,144 | 1,474,085 | 5,290,571 | ||||||||||
Profit for the period | - | - | 64,050 | - | (29,991) | 34,059 | |||||||
Other Comprehensive Income | - | - | (22,390) | (33,032) | (4,628) | (60,050) | |||||||
Total Comprehensive Income | - | - | 41,660 | (33,032) | (34,619) | (25,991) | |||||||
Interim dividend | |||||||||||||
- | - | (133,965) | - | - | (133,965) | ||||||||
Balance as at 31st March 2024 | 220,262 | 219,250 | 2,986,525 | 265,112 | 1,439,466 | 5,130,615 | |||||||
Revenue Reserves | |||||||||||||
Stated | Total | ||||||||||||
General | Accumulated | ||||||||||||
Capital | Reserves | Profit | |||||||||||
Company | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||||||||
Balance as at 31st March 2022 | |||||||||||||
220,262 | 219,250 | 2,108,539 | 2,548,051 | ||||||||||
Prior period adjustment for Surcharge Tax | - | - | (104,652) | (104,652) | |||||||||
Adjusted Balance as at 31st March 2022 | |||||||||||||
220,262 | 219,250 | 2,003,887 | 2,443,399 | ||||||||||
Profit for the period | - | - | 928,577 | 928,577 | |||||||||
Other Comprehensive Income | - | - | 8,777 | 8,777 | |||||||||
Total Comprehensive Income | |||||||||||||
- | - | 937,354 | 937,354 | ||||||||||
Interim dividend | |||||||||||||
(390,731) | (390,731) | ||||||||||||
Balance as at 31st March 2023 | |||||||||||||
220,262 | 219,250 | 2,550,510 | 2,990,022 | ||||||||||
Balance as at 31st March 2023 | 220,262 | 219,250 | 2,550,510 | 2,990,022 | |||||||||
Profit for the period | - | - | 103,182 | 103,182 | |||||||||
Other Comprehensive Income | - | - | (18,470) | (18,470) | |||||||||
Total Comprehensive Income | |||||||||||||
- | - | 84,712 | 84,712 | ||||||||||
Interim Dividend | |||||||||||||
- | - | (133,965) | (133,965) | ||||||||||
Balance as at 31st March 2024 | |||||||||||||
220,262 | 219,250 | 2,501,257 | 2,940,769 | ||||||||||
Cash Flow Statements
Cash Flows from Operating Activities
Group Profit before Tax and Non-Controlling Interest From Continuing Operations
Loss from discontinued Operations
Adjustment to reconcile profit before tax to net cash flows
Operating profit before working capital changes
Changes in Working Capital adjustments
Cash generated from / (used in) operations
Interest Paid
Income Tax Paid
Defined Benefit plan costs paid
Net cash flows from / (used in) Operating activities Net cashflows from / (used in) investing activities Net cash inflow / (Out flow) before financing
Net cash flows from / (used in) financing activities Net Increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Analysis of Cash and Cash Equivalents
Cash at Bank & in Hand
From Continuing operations
From Discontinuing operations
Bank Overdraft
Figures in brackets indicate deductions.
The above figures are subject to audit.
Consolidated | Company | ||
For the 12 months period ended | For the 12 months period ended | ||
31st Mar 2024 | 31st Mar 2023 | 31st Mar 2024 | 31st Mar 2023 |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 |
84,631 | 1,287,317 | 235,014 | 1,068,142 |
(77) | (69) | - | - |
79,066 | 79,488 | (75,703) | (166,635) |
163,620 | 1,366,736 | 159,311 | 901,507 |
59,656 | (183,668) | 438,876 | (300,637) |
223,276 | 1,183,068 | 598,187 | 600,870 |
(42,696) | (24,182) | (3,257) | (5,819) |
(185,756) | (678,335) | (132,433) | (331,842) |
(35,156) | (11,691) | (12,986) | (3,267) |
(40,332) | 468,860 | 449,511 | 259,942 |
(557,208) | (573,794) | 46,967 | 56,555 |
(597,540) | (104,934) | 496,478 | 316,497 |
663,806 | (512,940) | (133,965) | (390,731) |
66,266 | (617,874) | 362,513 | (74,234) |
332,353 | 950,227 | 919,714 | 993,948 |
398,619 | 332,353 | 1,282,227 | 919,714 |
1,710,374 | 1,346,934 | 1,282,227 | 919,714 |
- | - | - | - |
1,710,374 | 1,346,934 | 1,282,227 | 919,714 |
(1,311,755) | (1,014,581) | - | - |
398,619 | 332,353 | 1,282,227 | 919,714 |
Consolidated Segmental Information
Turnover | Profit / (Loss) before Tax | Total Assets | Total Liabilities | ||||||||
For the 12 months period ended | For the 12 months period ended | As at 31st March | As at 31st March | As at 31st March | As at 31st March | ||||||
2024 | 2023 | 2024 | 2023 | ||||||||
31st March 2024 | 31st March 2023 | 31st March 2024 | 31st March 2023 | ||||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
Mineral Segment | 63,399 | 68,093 | 2,047 | 5,282 | 74,290 | 61,785 | 34,680 | 23,525 | |||
Latex Based Segment | 5,145,445 | 5,869,667 | (135,685) | 237,394 | 6,439,993 | 5,056,940 | 4,162,779 | 2,718,035 | |||
Hard Rubber Segment | 1,945,498 | 3,141,325 | 235,014 | 1,068,141 | 3,384,695 | 3,303,316 | 443,926 | 313,294 | |||
7,154,342 | 9,079,085 | 101,376 | 1,310,817 | 9,898,978 | 8,422,041 | 4,641,385 | 3,054,854 | ||||
Adjustment for Inter Group Transactions | (33,899) | (38,289) | (16,744) | (23,500) | (157,891) | (108,304) | (30,913) | (31,688) | |||
7,120,443 | 9,040,796 | 84,631 | 1,287,317 | 9,741,087 | 8,313,737 | 4,610,472 | 3,023,166 | ||||
Figures in brackets indicate deductions.
The above figures are subject to audit.
Notes to the Financial Statements
-
The figures given above for the twelve months ended 31st March 2024 and 31st March 2023 are subject to audit.
The Interim Financial Statements of Richard Pieris Exports PLC for the twelve months ended 31st March 2024 have been prepared in accordance with LKAS 34, Interim Financial Reporting.
These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31st March 2023.
The accounting policies adopted in the preparation of the Interim Financial Statements are consistent with those followed in the preparation of the Annual Financial Statements for the year ended 31st March 2023.
The provisions of the Companies Act No.7 of 2007 have been considered in preparing the interim financial statements of the Company and of the Group. - Figures for the corresponding period have been re-arranged where ever necessary to confirm to the current presentation.The figures in brackets indicate deductions.
-
Stated Capital
Issued & fully paid Number of shares (Ordinary Shares)
Stated Capital (Rs) - Market Capitalization
As at 31.03.2024 | As at 31.03.2023 |
11,163,745 | 11,163,745 |
Rs. | Rs. |
220,262,000 | 220,262,000 |
As at 31.03.2024 | As at 31.03.2023 |
Market Capitalization ( Rs '000") | 4,889,720 | 6,223,788 | |
Float adjusted Market Capialization ( Rs '000') | 775,999 | - | 987,715 |
Price Earnings Ratio ( times) | 76.34 | 6.36 |
The company complies with option 02 of the listing rules 7.13.1(b) - Less than Rs 1 Bn float adjusted market capitalization.
- There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the annual report for the year ended 31st March 2023
- There have been no events subsequent to the interim period, which require disclosure in the Interim Financial Statements.
- There are no material capital commitments which have been approved as at 31.03.2024
- Discontinued operations Comprise the results of Subsidiaries of the Group whose Commercial operations have been discontinued.
9 Net asset value per Share | 31st March 2024 | 31st March 2023 | ||
Rs. | Rs. | |||
Consolidated ( in Rs. ) | 330.64 | 341.86 | ||
Company ( in Rs. ) | 263.42 | 267.83 | ||
Rs | Rs | |||
Highest for the Quarter / Year (in Rs.) | 610.00 | 660.00 | ||
Lowest for the Quarter / Year(in Rs.) | 430.00 | 547.00 | ||
Last Traded Price for the Quarter / Year (in Rs.) | 438.00 | 557.50 | ||
10 All values included in this financial statements, are in Rupees 000's unless otherwise stated.
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Richard Pieris Exports plc published this content on 31 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2024 14:16:09 UTC.