THREE ACRE FARMS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2022
QUARTERLY REVIEW for the second quarter ended 30 June 2022
The Group's revenue for the second quarter of 2022 was Rs.1,818.0 Mn compared to Rs.779.0 Mn during the same quarter of 2021, representing an increase of Rs.1,039.0 Mn or 133%. The Group's revenue for the first half of 2022 was Rs.3,417.6 Mn compared to Rs.1,595.3 Mn during the first half of 2021, representing an increase of Rs.1,822.3 Mn or 114%.
The Group reported a total comprehensive income of Rs.168.1 Mn for the second quarter of 2022 compared to Rs.127.1 Mn during the same quarter of 2021, representing an increase of Rs.41.0 Mn or 32%. The Group reported a total comprehensive income of Rs.378.8 Mn for the first half of 2022 compared to Rs.419.5 Mn during the first half of 2021, representing a decrease of Rs.40.7 Mn or 10%.
The Group reported a growth in revenue mainly due to the higher prices for Broiler Day Old Chicks (DOCs) and Live Broiler Birds. However, the demand for Layer DOCs continued to be affected by the farmers' discontinuation of their operations to cut losses due to the unavailability of feed at affordable prices. The hyperinflationary environment in the country increased the production and overhead costs for the Group, which caused the decline in the profits for the first six months of the year. In light of the prevailing economic uncertainties and fuel crisis, the demand for DOCs is expected to further weaken affecting sales and profitability of the Breeder operations.
The Company and the Group have adhered to the Sri Lanka Financial Reporting Standards in the preparation of the interim financial statements for the period ended 30 June 2022.
There have been no other events subsequent to the interim period which require disclosure in the interim financial statements.
(Sgd.) Wickrema Senaka Weerasooria
Non-Executive Independent Chairman
(Sgd.) S S P Corporate Services (Private) Limited
Secretaries
Interim Financial Statements
Three Acre Farms PLC | 2
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
All amounts in Sri Lankan Rupees thousands
Group | Group | Company | |||||||||||
For the three months ended 30 June | 2022 | 2021 | Change | 2022 | 2021 | ||||||||
Revenue | 1,817,985 | 778,954 | 133% | 1,663,432 | 632,424 | ||||||||
Cost of sales | (549,277) | 199% | |||||||||||
(1,641,142) | (1,527,616) | (451,923) | |||||||||||
Gross profit | 176,843 | 229,677 | (23%) | 135,816 | 180,501 | ||||||||
Other operating expenses | (26,328) | (21,947) | 20% | (16,367) | (16,981) | ||||||||
Selling and distribution expenses | (3,921) | (3,611) | 9% | (3,921) | (3,611) | ||||||||
Administrative expenses | (8,807) | (9,186) | (4%) | (6,786) | (7,231) | ||||||||
Operating profit | 137,787 | 194,933 | (29%) | 108,742 | 152,678 | ||||||||
Interest income | 45,052 | 36,303 | 24% | 50,730 | 30,247 | ||||||||
Net finance (costs) / income | (3,950) | 3,813 | NM | (4,106) | 3,582 | ||||||||
Profit before tax | 178,889 | 235,049 | (24%) | 155,366 | 186,507 | ||||||||
Taxation | (10,813) | (107,975) | (90%) | (10,900) | (110,840) | ||||||||
Profit for the period | 168,076 | 127,074 | 32% | 144,466 | 75,667 | ||||||||
Other comprehensive income for the period, | |||||
net of tax | - | - | - | - | - |
Total comprehensive income for the period | 168,076 | 127,074 | 32% | 144,466 | 75,667 |
Profit attributable to : | |||||
Equity holders of the parent | 168,076 | 127,074 | - | 144,466 | 75,667 |
168,076 | 127,074 | - | 144,466 | 75,667 | |
Total comprehensive income attributable to : | |||||
Equity holders of the parent | 168,076 | 127,074 | - | 144,466 | 75,667 |
168,076 | 127,074 | - | 144,466 | 75,667 | |
Basic earnings per share (Rs.) | 7.14 | 5.40 | 6.14 | 3.21 |
Interim Financial Statements
Three Acre Farms PLC | 3
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
All amounts in Sri Lankan Rupees thousands
Group | Group | Company | ||||||||
For the six months ended 30 June | 2022 | 2021 | Change | 2022 | 2021 | |||||
Revenue | 3,417,583 | 1,595,325 | 114% | 3,094,282 | 1,298,350 | |||||
Cost of sales | (2,924,112) | (1,059,926) | 176% | (2,727,186) | (856,979) | |||||
Gross profit | 493,471 | 535,399 | (8%) | 367,096 | 441,371 | |||||
Other operating expenses | (174,257) | (27,455) | 535% | (4,207) | ||||||
(134,296) | ||||||||||
Selling and distribution expenses | (7,369) | (5,512) | 34% | (7,369) | (5,512) | |||||
Administrative expenses | (18,380) | (17,763) | 3% | (14,337) | (14,356) | |||||
Operating profit | 293,465 | 484,669 | (39%) | 211,094 | 417,296 | |||||
Interest income | 116,886 | 74,194 | 58% | 107,782 | 61,422 | |||||
Net finance (costs) / income | (3,603) | 19,132 | NM | (3,934) | 18,655 | |||||
Profit before tax | 406,748 | 577,995 | (30%) | 314,942 | 497,373 | |||||
Taxation | (27,940) | (158,514) | (82%) | (24,487) | (156,380) | |||||
Profit for the period | 378,808 | 419,481 | (10%) | 290,455 | 340,993 | |||||
Other comprehensive income for the period, | |||||
net of tax | - | - | - | - | - |
Total comprehensive income for the period | 378,808 | 419,481 | (10%) | 290,455 | 340,993 |
Profit attributable to : | |||||
Equity holders of the parent | 378,808 | 419,481 | - | 290,455 | 340,993 |
378,808 | 419,481 | 290,455 | 340,993 | ||
Total comprehensive income attributable to : | |||||
Equity holders of the parent | 378,808 | 419,481 | - | 290,455 | 340,993 |
378,808 | 419,481 | - | 290,455 | 340,993 |
Basic earnings per share (Rs.) | 16.09 | 17.82 | 12.34 | 14.48 |
Interim Financial Statements
Three Acre Farms PLC | 4
STATEMENT OF FINANCIAL POSITION
All amounts in Sri Lankan Rupees thousands | |||||
Group | Company | ||||
As at | 30.06.2022 | 31.12.2021 | 30.06.2022 | 31.12.2021 | |
Assets | |||||
Non-current assets | |||||
Property, plant and equipment | 1,267,594 | 1,217,550 | 1,006,960 | 949,327 | |
Right-of-use assets | 3,572 | 4,763 | 6,697 | 8,931 | |
Investment in subsidiary companies | - | - | - | - | |
Biological assets | 469,831 | 540,229 | 371,612 | 435,920 | |
Total non-current assets | 1,740,997 | 1,762,542 | 1,385,269 | 1,394,178 | |
Current assets | |||||
Biological assets | 36,103 | 17,143 | 31,866 | 13,706 | |
Inventories | 485,519 | 169,766 | 465,954 | 147,871 | |
Trade and other receivables | 112,102 | 60,387 | 99,262 | 50,445 | |
Amount due from related companies | 2,005,335 | 211,368 | 1,242,377 | 450,733 | |
Cash and cash equivalents | 2,139,809 | 4,056,173 | 2,133,520 | 3,144,612 | |
Total current assets | 4,778,868 | 4,514,837 | 3,972,979 | 3,807,367 | |
Total assets | 6,519,865 | 6,277,379 | 5,358,248 | 5,201,545 | |
Equity | |||||
Stated capital | 623,604 | 623,604 | 623,604 | 623,604 | |
Retained earnings | 4,900,459 | 4,757,101 | 3,971,237 | 3,916,232 | |
Total equity | 5,524,063 | 5,380,705 | 4,594,841 | 4,539,836 | |
Liabilities | |||||
Non-current liabilities | |||||
Deferred tax liabilities | 165,840 | 165,840 | 128,029 | 128,029 | |
Lease liabilities | 964 | 2,067 | 1,808 | 3,876 | |
Employee benefits | 31,727 | 30,107 | 29,893 | 28,393 | |
Total non-current liabilities | 198,531 | 198,014 | 159,730 | 160,298 | |
Current liabilities | |||||
Trade and other payables | 775,838 | 679,070 | 581,750 | 481,151 | |
Lease liabilities | 3,540 | 3,738 | 6,637 | 7,010 | |
Amount due to related companies | 17,893 | 15,852 | 15,290 | 13,250 | |
Total current liabilities | 797,271 | 698,660 | 603,677 | 501,411 | |
Total liabilities | 995,802 | 896,674 | 763,407 | 661,709 | |
Total equity and liabilities | 6,519,865 | 6,277,379 | 5,358,248 | 5,201,545 | |
Net asset per share (Rs.) | 234.62 | 228.53 | 195.15 | 192.82 |
(Sgd.) K.A.R.S.Perera | |
General Manager | |
(Sgd.) Wickrema Senaka Weerasooria | (Sgd.) Dr. Prathap Ramanujam |
Non-Executive Independent Chairman | Non-Executive Independent Director |
Interim Financial Statements
Three Acre Farms PLC | 5
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Three Acre Farms plc published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 10:07:41 UTC.