Udapussellawa Plantations : Interim Financial Statement for the quarter ended 31st December 2022

Udapussellawa Plantations PLC

Interim Unaudited Financial Statements Twelve months ended 31st December 2022

2

UDAPUSSELLAWA PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

			Three months ended			Twelve months ended
			31.12.2022	31.12.2021			Change		31.12.2022	31.12.2021			Change
			Unaudited		Audited	%		Unaudited		Audited	%
			RS. '000		RS. '000					RS. '000		RS. '000
	Revenue		872,534		456,367			91		3,377,832		2,081,171			62
	Cost of sales		(613,119)		(511,564)			(20)		(2,233,686)		(2,058,728)			(8)
	Gross profit/(loss)	259,415	(55,197)			570		1,144,146	22,443			4,998
	Other operating income		45,974		369,127			(88)		86,822		421,202			(79)
	Change in fair value of biological assets		(10,669)		(34,158)			69		7,716		(36,924)			121
	Administrative expenses		(53,565)		(39,190)			(37)		(165,824)		(160,152)			(4)
	Other operating expenses		-		(6,311)			100		-		(6,311)			100
	Results from operating activities	241,155	234,271			3		1,072,860	240,258			347
	Finance cost		(5,328)		(17,689)			70		(34,664)		(53,028)			35
	Exchange gain/(loss)		4,865		(4,511)			208		(92,797)		(19,272)			(382)
	Finance income		33,586		4,900			585		52,432		5,031			942
	Profit before taxation		274,278		216,971			26		997,831		172,989			477
	Tax reversal		65,052		61,080			7		50,969		68,292			(25)
	Profit for the period		339,330		278,051			22		1,048,800		241,281			335
	Other comprehensive income/(expenses)
	Gain on revaluation of lease hold right of land		-		-			-		930,682		-			100
	Deferred tax charged on revaluation of lease hold right of land		(181,483)		-			(100)		(279,205)		-			(100)
	Gain on revaluation of motor vehicles		-		-			-		126,638		-			100
	Deferred tax charged on revaluation of motor vehicles		(24,695)		-			(100)		(37,992)		-			(100)
	Remeasurement of retirement benefit obligations		-		(56,191)			100		165,334		(56,191)			394
	Deferred tax on remeasurement of retirement benefit obligations		(32,240)		5,900			(646)		(49,600)		5,900			(941)
	Other comprehensive income/(expenses) for the period, net of taxes		(238,418)		(50,291)			(374)		855,857		(50,291)			1,802
	Total comprehensive income/(expenses) for the period		100,912		227,760			(56)		1,904,657		190,990			897
	Earnings per share - Rs.	17.49	14.33			22		54.06	12.44			335

UDAPUSSELLAWA PLANTATIONS PLC

3

STATEMENT OF FINANCIAL POSITION

		As at		As at
		31.12.2022	31.12.2021
		Unaudited		Audited
		RS. '000		RS. '000
ASSETS
Non current assets
Right-of-use assets		1,195,629		282,814
Immovable estate assets on finance lease (other than bare land)		13,650		17,962
Tangible assets other than biological assets		377,722		340,158
Intangible assets		4,891		6,783
Bearer biological assets		478,522		445,055
Consumable biological assets		1,047,871		1,027,172
Total non-current assets		3,118,285		2,119,944
Current assets
Produce on bearer plants		8,751		3,091
Inventories		469,342		181,381
Trade & other receivables		73,935		49,023
Amounts due from related companies		327,284		63,622
Other financials assets		190,986		-
Cash & cash equivalents		119,049		16,524
Total current assets		1,189,347		313,641
Total assets		4,307,632		2,433,585
EQUITY & LIABILITIES
Capital & Reserves
Stated capital		340,000		340,000
(19,398,851 Ordinary shares and a Golden share )
Revaluation reserve		740,123		-
Retained earnings		1,501,744		337,210
Total equity		2,581,867		677,210
Non-current liabilities
Interest bearing borrowings - payable after one year		13,530		28,465
Deferred tax liabilities		400,183		105,882
Deferred income		90,333		93,026
Retirement benefit obligations		477,612		718,024
Lease liabilities - payable after one year		10,809		17,405
Total non-current liabilities		992,467		962,802
Current liabilities
Interest bearing borrowings - payable within one year		230,828		50,389
Lease liabilities - payable within one year		6,595		8,441
Amounts due to related companies		81,553		-
Tax payables		28,085		12,049
Trade and other payables		357,101		460,468
Bank overdraft		29,136		262,226
Total current liabilities		733,298		793,573
Total liabilities		1,725,765		1,756,375
Total equity and liabilities		4,307,632		2,433,585
Net assets per share Rs.		133.09		34.91

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007.

Sgd.

S S Kotakadeniya

Director / CFO LOLC Group

The Board of Directors is responsible for the preparation and presentation of these interim financial statements. Approved and signed for and on behalf of the Board of Directors;

Sgd.	Sgd.
Dr. P S H Uluwaduge	A S Perera
Chairman	Executive Director
Colombo

10th February 2023

4

UDAPUSSELLAWA PLANTATIONS PLC

STATEMENT OF CASH FLOWS

			Twelve months ended
			31.12.2022	31.12.2021
			Unaudited			Audited
			RS. '000			RS. '000
	CASH FLOWS FROM OPERATING ACTIVITIES
	Profit before taxation		997,831		172,989
	Adjustments for :
	Finance income		(52,432)		(5,031)
	Finance cost		34,664		53,028
	Exchange loss		92,797		19,272
	Retirement benefit obligations provision		96,570		93,454
	Depreciation and amortisation		136,697		76,892
	Provision for impairment of immature bearer biological assets		-		6,311
	Amortisation of capital grants		(4,058)		(4,059)
	Profit on disposal of property, plant and equipment		-		(1,897)
	Loss / (gain) on fair valuation of biological assets		(7,716)		36,924
	Loss on property, plant and equipments written off		-		29
	Loans written back		-		(248,634)
	Payables written back		-		(110,823)
	Provision for impairment of trade and other receivables		-		3,332
	Provision for impairment of related party receivable		-		244
	Reversal of provision for slow-moving and obsolete stocks		(1,509)		(393)
	Operating profit before working capital changes		1,292,844		91,638
	(Increase)/decrease in inventories		(286,452)		39,102
	(Increase)/decrease in trade and other receivables		(23,101)		28,530
	Increase in amounts due from related companies		(214,027)		(4,142)
	Increase in trade & other payables		12,439		30,066
	Increase in amounts due to related companies		81,553		23,719
	Cash flows generated from operations		863,256		208,913
	Income tax paid		(12,049)		-
	Retirement benefit obligations payments		(164,975)		(42,144)
	Finance costs paid		(27,370)		(35,372)
	Net cash flows generated from operating activities		658,862		131,397
	CASH FLOWS FROM INVESTING ACTIVITIES
	Proceeds from disposal of property, plant & equipment		-		1,897
	Field development expenditure incurred		(70,194)		(15,465)
	Purchase of property, plant & equipment		(5,586)		(15,419)
	Interest income received		986		652
	Investment on other financial assets		(190,986)		-
	Net cash flows used in investing activities		(265,780)		(28,335)
	CASH FLOWS FROM FINANCING ACTIVITIES
	Proceeds from interest bearing borrowings		48,982		-
	Repayment of interest bearing borrowings		(99,371)		(115,917)
	Repayment of leases		(8,443)		(6,191)
	Government grants received		1,365		539
	Net cash flows generated from / (used in) financing activities		(57,467)		(121,569)
	Net increase/(decrease) in cash & cash equivalents		335,615		(18,507)
	Cash & cash equivalents at the beginning of the period		(245,702)			(227,195)
	Cash and cash equivalents at the end of the period - Note A		89,913		(245,702)
	NOTE A
	Cash and cash equivalents		119,049		16,524
	Bank overdraft		(29,136)		(262,226)
	Cash and cash equivalents at the end of the period	89,913			(245,702)

UDAPUSSELLAWA PLANTATIONS PLC

5

STATEMENT OF CHANGES IN EQUITY

	Rs. '000		Stated		Revaluation		Retained		Total
			Capital		Reserve		Earnings
	As at 01st January 2021		340,000		-		146,220		486,220
	Profit for the period		-		-		241,281		241,281
	Other comprehensive expense, net of tax		-		-		(50,291)		(50,291)
	As at 31st December 2021		340,000		-		337,210		677,210
	As at 01st January 2022		340,000		-		337,210		677,210
	Profit for the period		-		-		1,048,800		1,048,800
	Other comprehensive income, net of taxes		-		740,123		115,734		855,857
	As at 31st December 2022	340,000	740,123	1,501,744		2,581,867