Udapussellawa Plantations : Interim Financial Statement period ended 30th June 2022

Udapussellawa Plantations PLC

Interim Unaudited Financial Statements Six months ended 30th June 2022

2 UDAPUSSELLAWA PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

			Three months ended			Six months ended
			30.06.2022	30.06.2021			Change		30.06.2022	30.06.2021			Change
			Unaudited		Unaudited	%		Unaudited		Unaudited	%
			RS. '000		RS. '000					RS. '000		RS. '000
	Revenue		1,142,269		637,949			79		1,714,712		1,133,742			51
	Cost of sales		(651,665)		(563,870)			(16)		(1,083,043)		(1,029,569)			(5)
	Gross profit	490,604	74,079			562		631,669	104,173			506
	Other operating income		10,804		13,622			(21)		23,131		33,473			(31)
	Change in fair value of biological assets		(27,646)		(3,207)			(762)		5,716		(2,639)			317
	Administrative expenses		(36,132)		(42,950)			16		(74,315)		(82,686)			10
	Results from operating activities	437,630	41,544			953		586,201	52,321			1,020
	Finance cost		(8,112)		(13,243)			39		(15,696)		(25,522)			39
	Exchange loss		(39,576)		(1,499)			(2,540)		(95,326)		(15,841)			(502)
	Finance income		-		14			(100)		-		36			(100)
	Profit before taxation		389,942		26,816			1,354		475,179		10,994			4,222
	Income tax		30,547		2,461			1,141		4,663		4,244			10
	Profit for the period		420,489		29,277			1,336		479,842		15,238			3,049
	Other comprehensive income/(expenses)
	Gain on revaluation of lease hold right of land		-		-			-		930,682		-			-
	Deferred tax charged on revaluation of lease hold right of land		-		-			-		(97,722)		-			-
	Gain on revaluation of motor vehicles		19,318		-			-		126,638		-			-
	Deferred tax charged on revaluation of motor vehicles		(2,028)		-			-		(13,297)		-			-
	Remeasurement of retirement benefit obligations		165,334		-			-		165,334		-			-
	Deferred tax on remeasurement of retirement benefit obligations		(17,360)		-			-		(17,360)		-			-
	Other comprehensive income for the period, net of tax		165,264		-			-		1,094,275		-			-
	Total comprehensive income for the period		585,753		29,277			1,901		1,574,117		15,238			10,230
	Earnings per share - Rs.	21.68	1.51			1,336		24.74	0.79			3,049

UDAPUSSELLAWA PLANTATIONS PLC 3

STATEMENT OF FINANCIAL POSITION

		As at		As at
		30.06.2022	31.12.2021
		Unaudited		Audited
		RS. '000		RS. '000
ASSETS
Non current assets
Right of use assets		1,223,099		282,814
Immovable estate assets on finance lease (other than bare land)		15,791		17,962
Tangible assets other than biological assets		408,078		340,158
Intangible assets		5,805		6,783
Bearer biological assets		437,590		445,055
Consumable biological assets		1,029,227		1,027,172
Total non-current assets		3,119,590		2,119,944
Current assets
Produce on bearer plants		6,751		3,091
Inventories		278,908		181,381
Trade & other receivables		100,453		49,023
Amounts due from related companies		202,735		63,622
Cash & cash equivalents		40,845		16,524
Total current assets		629,692		313,641
Total assets		3,749,282		2,433,585
EQUITY & LIABILITIES
Capital & Reserves
Stated capital		340,000		340,000
(19,398,850 Ordinary shares and a Golden share )
Revaluation reserve		946,301		-
Retained earnings		965,026		337,210
Total equity		2,251,327		677,210
Non-current liabilities
Interest bearing borrowings - payable after one year		19,782		28,465
Deferred tax liabilities		229,598		105,882
Deferred income		90,996		93,026
Retirement benefit obligations		502,361		718,024
Lease liabilities - payable after one year		12,774		17,405
Total non-current liabilities		855,511		962,802
Current liabilities
Interest bearing borrowings - payable within one year		29,712		50,389
Lease liabilities - payable within one year		8,983		8,441
Amounts due to related companies		106,942		-
Tax payables		-		12,049
Trade and other payables		436,169		460,468
Bank overdraft		60,638		262,226
Total current liabilities		642,444		793,573
Total liabilities		1,497,955		1,756,375
Total equity and liabilities		3,749,282		2,433,585
Net assets per share Rs.		116.05		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	Anusha S Perera
Chairman	Executive Director
Colombo
10th August 2022

4 UDAPUSSELLAWA PLANTATIONS PLC

STATEMENT OF CASH FLOWS

			Six months ended
			30.06.2022	30.06.2021
			Unaudited			Unaudited
			RS. '000			RS. '000
	CASH FLOWS FROM OPERATING ACTIVITIES
	Profit before taxation		475,179		10,994
	Adjustments for :
	Finance income		-		(36)
	Finance cost		15,696		25,522
	Exchange loss		95,326		15,841
	Provision for Retirement benefit obligations		47,522		49,227
	Depreciation and amortisation		67,944		37,126
	Amortisation of grant		(2,029)		(2,029)
	Gain/(loss) on fair valuation of biological assets		(5,716)		2,639
	Profit on sale of property, plant and equipment		-		(556)
	Reversal of provision for slow-moving and obsolete stocks		(1,756)		-
	Provision for impairment of trade and other receivables		1,420		-
	Operating profit before working capital changes		693,586		138,728
	(Increase)/decrease in inventories		(95,771)		45,226
	Increase in trade and other receivables		(52,850)		(43,531)
	Decrease in trade & other payables		(119,625)		(13,374)
	Increase/(decrease) in amounts due to and due from related companies		(32,171)		12,340
	Cash generated from operations		393,169		139,389
	Income tax paid		(12,049)		-
	Retirement benefit obligations payment		(98,982)		(26,688)
	Interest paid		(15,696)		(18,829)
	Net cash from operating activities		266,442		93,872
	CASH FLOWS FROM INVESTING ACTIVITIES
	Proceeds from sale of property, plant & equipment		-		556
	Field development expenditure		(4,412)		(4,922)
	Purchase of property, plant & equipment		(2,666)		(6,587)
	Interest income received		-		36
	Net cash used in investing activities		(7,078)		(10,917)
	CASH FLOWS FROM FINANCING ACTIVITIES
	Lease obtained		-		14,586
	Repayment of interest bearing borrowings		(29,365)		(73,038)
	Repayment of leases		(4,090)		(2,627)
	Net cash used in financing activities		(33,455)		(61,079)
	Net increase in cash & cash equivalents		225,909		21,875
	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		(19,793)		(205,320)
	NOTE A
	Cash and cash equivalents		40,845		11,013
	Bank overdraft		(60,638)		(216,333)
	Cash and cash equivalents at the end of the period	(19,793)			(205,320)

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		-		-		15,238		15,238
	As at 30th June 2021		340,000		-		161,458		501,458
	As at 01st January 2022		340,000		-		337,210		677,210
	Profit for the period		-		-		479,842		479,842
	Other comprehensive income, net of tax		-		946,301		147,974		1,094,275
	As at 30th June 2022	340,000	946,301	965,026		2,251,327