Tess Agro : Interim Financial Statements as at 31st March 2022

INTERIM

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31st MARCH 2022

TESS AGRO PLC

• 87, New Nuge Road, Kelaniya

Balance Sheet

As At 31st March 2022

		Un-Audited	Audited
		Period Ended	Period Ended
		31st Mar. 2022	31st Mar. 2021
		Rs.	Rs.
ASSETS
NON CURRENT ASSETS
	Property , Plant & Equipment	341,904,270	337,623,972
	Intangible Assets	575,648	575,648
	Differed Tax Assets	8,820	8,820
	Biological Assets	2,194,289	2,194,289
	Right of Use Assets	138,403,531	138,403,531
	Other Non Current Financial Assets	9,373,081	9,373,081
		492,459,639	488,179,341
CURRENT ASSETS
	Trade and Other Receivables Net	8,396,670	12,615,306
	Other Current Assets	17,874,906	17,609,906
	Cash & Cash Equivalents	5,675,727	5,415,597
		31,947,303	35,640,809
TOTAL ASSETS	524,406,941	523,820,150
EQUITY & LIABILITIES
	Stated Capital	407,805,528	407,805,528
	Retained Earnings	(347,984,056)	(386,776,257)
	Reserves	49,826,807	49,826,808
Total Equity	109,648,279	70,856,079
NON CURRENT LIABILITIES
	Interest Bearing Borrowings	67,414,562	67,414,563
	Deferred Tax Liability	26,830,516	26,830,516
	Deposit-Rent	2,290,000	2,290,000
	Retirement Benefit Obligations	23,375	63,000
		96,558,453	96,598,079
CURRENT LIABILIITES
	Trade and Other Payables	21,228,414	26,215,206
	Interest Bearing Borrowings	222,259,842	222,259,842
	Amount Due To Related Parties	24,616,505	23,165,295
	Short Term Borrowings	20,206,249	20,206,249
	Other Current Liabilities	2,018,768	3,254,698
	Bank Overdrafts	27,870,431	61,264,703
		318,200,210	356,365,993
TOTAL EQUITY & LIABILITIES	524,406,941	523,820,150
No of Ordinary Shares	389,797,287	389,797,287
Net assets value per share	0.28	0.18
Market value per share Voting - Qtr. - Highest	1.00	0.60
	- Lowest	0.50	0.30
	- Closing	0.50	0.40
Market value per share Non Voting - Qtr. - Highest	0.90	0.50
	- Lowest	0.40	0.30
	- Closing	0.40	0.40
The above figures are provisional and subject to audit
S.F. Fernando	D.Fernando
Chairperson	Director / CEO
Date	06.06.2022
Figures in the brackets indicate deductions.

Income Statement

For the Period Ended 31st March 2022

	Un-audited	Un-audited	Un-audited	Audited
	Three Months	Three Months
	Period Ended	Period Ended	Period Ended	Period Ended
	31st Mar. 2022	31st Mar. 2021	31st Mar.2022	31st Mar.2021
	Rs.	Rs.	Rs.	Rs.
Turnover	2,288,625	3,601,597	13,875,570	4,991,900
Cost of Sales	(229,925)	(3,025,341)	(2,377,921)	3,217,030
Gross Profit	2,058,700	576,256	11,497,649	1,774,870
Other Operating Income	45,790,926	66	45,790,926	4,257,420
Selling & Distribution Expenses	(103,372)	(18,355)	(403,721)	(12,380,944)
Administrative Expenses	(884,346)	(1,108,843)	(6,314,394)	(14,190,323)
Other Operating Expenses				(17,491,786)
Profit from Operations	46,861,908	(550,876)	50,570,460	(38,030,763)
Dividend Income			34,957
Profit before Interest	46,861,908	(550,876)	50,605,417	(38,030,763)
Finance Income				264
Finance Expenses	(736,274)	(751,164)	(3,338,753)	(2,618,598)
Profit /(Loss) before Tax	46,125,634	(1,302,040)	47,266,664	(40,649,097)
Provision for Taxation	-	-	-	(265,297)	-
Net Profit/(Loss) after Tax	46,125,634	(1,302,040)	47,266,664	(40,914,394)
Profit available for Appropriation	46,125,634	(1,302,040)	47,266,664	(40,914,394)
Earnings Per Share	0.12	(0.00)	0.12	(0.10)
Figures in the brackets indicate deductions.

Change

%

(36)

(92)

257

100

(20)

(8,607)

(8,607)

(2)

(3,643)

(3,643)

(3,643)

(3,643)

Statement of Comprehensive Income

For the Period Ended 31st March 2022
	Un-audited	Un-audited	Un-audited	Audited
	Three Months	Three Months
	Period Ended	Period Ended	Period Ended	Period Ended
	31st Mar. 2022	31st Mar. 2021	31st Mar. 2022	31st Mar. 2021
	Rs.	Rs.	Rs.	Rs.
Profit / Loss for the Peroid / Year	46,125,634	(1,302,040)	47,266,664	(40,914,394)
Other Comprehensive Income
Revaluation of Property, Plant & Equipment	-	-	-
Net Change in Fair value of Available for sale Financial Assets	-	-	-	156,160
Net Change in Fair value of Financial Assets in Tropic Fishery (Pvt) Ltd			(1,577,146)
Acturial gains / (losses) on Employee benefit liabilities	-	-	-	142,340
Other Comprehensive income for the year, net of tax	-	-	-	(1,278,646)
Total Comprehensive Income for the Period /Year	46,125,634	(1,302,040)	47,266,664	(42,193,040)

Figures in the brackets indicate deductions.

Change

%

(3,643)

-

-

-

(3,643)

Cash Flow Statement

For the Period Ended 31st March 2022

			Company
	Un-Audited	Un-Audited
	Three Months	Three Months	Un-Audited	Audited
	Period Ended	Period Ended	Period Ended	Period Ended
	31st Mar. 2022	31st Mar. 2021	31st Mar. 2022	31st Mar. 2021
	Rs.	Rs.
Cash Flow from Operating Activities
Cash Receipts from Customers	44,554,996	12,150,300	46,276,066	4,592,548
Cash Paid to Suppliers & Employees	(1,531,846)	(11,213,353)	(12,597,796)	(2,385,130)
Prior Adjustments
Cash Generated from Operations	43,023,150	936,947	33,678,270	2,207,418
Gratuity Paid	(37,625)	-	(37,625)
Interest Paid
Income Tax Paid	(1,235,930)	-	(1,235,930)
ESC Paid	-	-	-
Net Cash flow from Operating Activities	41,749,595	936,947	32,404,715	2,207,418
Cash flow from Investing Activities
Acquisition of Property, Plant & Equipment	(25,000)	(10,828,749)	(4,280,298)	(11,555,661)
Disposal of Property,Plant & Equipment				45,000
Interest Received				264
Rent Deposit Received				2,290,000
Rent Received	2,288,625		9,154,500	3,814,375
Dividend Received			34,957
Short Term Investment	-		-	-
Exchange Gain / (Loss)				-
Investment made during the year	-	-	-
Net Cash flow from Investing Activities	2,263,625	(10,828,749)	4,909,159	(5,406,022)
Cash flow from Financing Activities
Repayment of Interest Bearing Borrowings
Interest Paid	(730,312)	-	(3,261,428)	(2,618,598)
Proceeds from Interest Bearing Borrowings
Dividend Paid	-	-	-	-
Net Cash flow from Financing Activities	(730,312)	-	(3,261,428)	(2,618,598)
Net Increase/(Decrease) in Cash & Cash Equivalents	43,282,909	(9,891,802)	34,052,446	(5,817,202)
Cash & Cash Equivalents at the Beginning of the Year /Pero	(66,621,813)	(50,429,948)	(56,247,150)	(50,429,948)
Cash & Cash Equivalents at the End of the Period	(23,338,904)	(60,321,750)	(22,194,705)	(56,247,150)