Aitken Spence : Fourth Quarter 2022-2023

Interim Statements

for the year ended 31st March 2023

CONSOLIDATED INCOME STATEMENTS

	Quarter ended		Year ended
	31st March		31st March
	2023		2022			2023		2022
	Rs.'000	Rs.'000		Rs.'000	Rs.'000
Revenue	30,299,949		21,129,490	98,104,323		54,696,051
Revenue taxes	(357,551)		(157,054)			(1,115,329)	(543,819)
Net revenue	29,942,398		20,972,436		96,988,994		54,152,232
Other operating income	(3,545,465)		6,832,802	2,022,132		7,379,831
Changes in inventories of finished goods and work-in-progress	(149,653)		167,871			333,119	354,787
Raw materials and consumables used	(1,427,464)		(1,726,064)		(8,060,012)		(4,047,780)
Employee benefits expense	(4,286,930)		(2,922,134)	(15,132,571)		(9,761,301)
Depreciation and amortisation	(1,768,219)		(1,302,055)		(7,182,160)		(4,882,112)
Other operating expenses-direct	(11,378,984)		(8,478,758)			(35,543,193)		(20,495,269)
Other operating expenses-indirect	(3,878,822)		(1,965,570)			(14,442,470)		(6,313,116)
Profit from operations	3,506,861		11,578,528			18,983,839		16,387,272
Finance income	773,886		339,962	2,884,357		1,160,931
Finance expenses	(3,431,093)		(1,063,394)		(11,736,887)		(4,006,254)
Net finance expense	(2,657,207)		(723,432)		(8,852,530)		(2,845,323)
Share of profit of equity-accounted investees (net of tax)	91,339	98,325		1,070,137		682,231
Profit before tax	940,993		10,953,421	11,201,446		14,224,180
Income tax expense	(179,083)		(1,061,746)		(3,125,077)		(2,068,363)
Profit for the period	761,910		9,891,675		8,076,369		12,155,817
Attributable to:
Equity holders of the company	(518,761)		8,466,722		6,644,027		10,539,592
Non-controlling interests	1,280,671		1,424,953		1,432,342		1,616,225
Profit for the period	761,910		9,891,675		8,076,369		12,155,817
Earnings / (loss) per share
Basic/Diluted (Rs.)	(1.28)		20.85		16.36	25.96

The above figures are subject to audit.

- 1 -

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Quarter ended		Year ended
	31st March		31st March
	2023		2022	2023		2022
	Rs.'000	Rs.'000		Rs.'000	Rs.'000
Profit for the period	761,910	9,891,675	8,076,369		12,155,817
Other comprehensive income / (loss)
Items that will not be reclassified to profit or loss
Revaluation of property, plant and equipment	3,566,785		950,470	3,566,785		950,470
Actuarial gains / (losses) on defined benefit obligations	(51,294)	287,573	(51,294)		287,573
Equity investments at FVOCI - net change in fair value	848		(3,428)	(1,179)	(5,512)
Share of other comprehensive income of equity-accounted investees
(net of tax)	52,301		13,032	52,301		18,287
Income tax on other comprehensive income	(1,859,207)		(48,231)	(1,859,207)		(48,231)
	1,709,433	1,199,416	1,707,406		1,202,587
Items that are or may be reclassified to profit or loss
Exchange differences on translation of foreign operations	(3,479,944)		7,940,386	2,770,806		7,949,214
Net movement on cash flow hedges	1,103,867	(2,922,112)	(417,788)		(2,715,462)
Share of other comprehensive income of equity-accounted investees	(405,304)			168,399
(net of tax)		1,104,815		1,057,476
	(2,781,381)	6,123,089	2,521,417		6,291,228
Other comprehensive income / (loss) for the period,
(net of tax)	(1,071,948)	7,322,505	4,228,823		7,493,815
Total comprehensive income / (loss) for the period	(310,038)	17,214,180	12,305,192		19,649,632
Attributable to:
Equity holders of the company	(1,109,981)	14,592,371	10,249,996		16,719,329
Non-controlling interests	799,943	2,621,809	2,055,196		2,930,303
Total comprehensive income / (loss) for the period	(310,038)	17,214,180	12,305,192		19,649,632

The above figures are subject to audit.

- 2 -

STATEMENTS OF FINANCIAL POSITION

As at	Group			Company
31.03.2023		31.03.2022		31.03.2023	31.03.2022
ASSETS	Rs. '000	Rs. '000	Rs. '000		Rs. '000
Non-current assets	105,499,126					83,927
Property, plant & equipment			95,810,136		91,384
Investment properties	1,631,581			1,631,904		3,417,456	3,419,339
Intangible assets	1,739,817			1,358,973		58,941	77,044
Biological assets	71,334			69,669		-	-
Right-of-use assets	19,136,841			18,844,699		-	-
Investments in subsidiaries	-			-		14,147,512	13,040,491
Investments in equity-accounted investees	9,238,093			8,564,101		2,659,955	2,659,955
Deferred tax assets	1,619,314			1,336,394		640,002	647,131
Other financial assets	1,028,075			314,359		11,879	14,236
Current assets	139,964,181			127,930,235		21,019,672		19,949,580
5,274,192					6,828
Inventories			3,858,694		6,955
Trade and other receivables	21,243,529			21,135,828		5,756,124	4,615,363
Current tax receivable	132,307			111,239		67,015	39,677
Deposits and prepayments	4,265,451			2,086,513		44,034	104,960
Other current assets	27,073,092			25,128,390		20,546,443	19,524,210
Cash and short-term deposits	16,215,515			15,343,546		3,028,386	3,730,842
	74,204,086			67,664,210		29,448,830		28,022,007
Assets classified as held for sale	169,423			1,751,094		72,237		72,237
Total Assets	214,337,690			197,345,539		50,540,739		48,043,824
EQUITY AND LIABILITIES
Equity	2,135,140					2,135,140
Stated capital			2,135,140		2,135,140
Reserves	42,525,804			36,649,102		19,069,591	16,825,160
Retained earnings	29,743,417			27,164,516		6,826,177	7,105,888
Total equity attributable to equity holders of the company	74,404,361			65,948,758		28,030,908		26,066,188
Non-controlling interests	11,811,656			11,496,921		-	-
Total Equity	86,216,017			77,445,679		28,030,908		26,066,188
Non-current liabilities	46,948,858					2,613,456
Interest-bearing loans and borrowings			49,274,764		3,518,534
Lease liabilities	15,713,625			15,835,194		-	-
Deferred tax liabilities	5,581,239			3,176,142		-	-
Employee benefits	1,306,358			1,102,308		106,567	87,629
Other liabilities	418,493			481,452		-	-
Current liabilities	69,968,573			69,869,860		2,720,023		3,606,163
9,618,620					1,373,604
Interest-bearing loans and borrowings			8,677,206		1,666,706
Lease liabilities	1,831,047			1,570,210		-	-
Trade and other payables	22,768,646			29,507,402		8,009,291	13,823,465
Current tax payable	1,143,535			658,179		-	-
Bank overdrafts and other short-term borrowings	22,791,252			9,617,003		10,406,913	2,881,302
Total Equity and Liabilities	58,153,100			50,030,000		19,789,808		18,371,473
214,337,690			197,345,539		50,540,739		48,043,824
Net assets per share (Rs.)	183.26
		162.44		69.04	64.20

The above figures are subject to audit.

I certify that the financial statements for the year ended 31st March 2023 are in compliance with the requirements of the Companies Act No. 7 of 2007.

sgd.

Ms. N. Sivapragasam Chief Financial Officer

For and on behalf of the Board:

sgd.	sgd.	sgd.
Deshamanya D.H.S. Jayawardena	Ms. D.S.T. Jayawardena	Dr. M. P. Dissanayake
Chairman	Director	Deputy Chairman and
		Managing Director
Colombo,
25th May 2023

- 3 -

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31st March 2023

.....................................		Attributable to equity holders of the company	............................
Stated	Other	General	Revaluation Exchange Fair value Cash flow	Retained	Total
capital	capital	reserves	reserve	fluctuation	reserve	hedge	earnings
	reserves			reserve		reserve
Rs '000	Rs '000	Rs '000	Rs '000	Rs '000	Rs '000	Rs '000	Rs '000	Rs '000

Non Total equity controlling

interests

Rs '000

Rs '000

Balance as at 01st April 2022

Adjustment on Surcharge tax levied under Surcharge Act

Balance as at 01st April 2022 (Adjusted) Profit for the period

Other comprehensive income / (loss) for the period

Total comprehensive income / (loss) for the period

Share of net assets of equity-accounted investees

Transfer to reserves

Interim dividends for 2021/2022 Dividends paid to non-controlling interests

Total contributions and distributions, recognised directly in equity

Balance as at 31st March 2023

2,135,140

-

2,135,140

-

-

-

-

-

-

-

-

2,135,140

148,440	16,882,827	9,828,214	11,934,302
-	-	-	-
148,440	16,882,827	9,828,214	11,934,302
-	-	-	-
-	-	1,719,485	2,098,820
-	-	1,719,485	2,098,820
-	-	-	-
-	2,243,276	-	-
-	-	-	-
-	-	-	-
-	2,243,276	-	-
148,440	19,126,103	11,547,699	14,033,122

(15,393)	(2,129,288)	27,164,516	65,948,758
-	-	(364,951)	(364,951)
(15,393)	(2,129,288)	26,799,565	65,583,807
-	-	6,644,027	6,644,027
1,847	(186,726)	(27,457)	3,605,969
1,847	(186,726)	6,616,570	10,249,996
-	-	194,542	194,542
-	-	(2,243,276)	-
-	-	(1,623,984)	(1,623,984)
-	-	-	-
-	-	(3,672,718)	(1,429,442)
(13,546)	(2,316,014)	29,743,417	74,404,361

11,496,921	77,445,679
(66,820)	(431,771)
11,430,101	77,013,908
1,432,342	8,076,369
622,854	4,228,823

2,055,196 12,305,192

1. 194,449

- -

• (1,623,984)
  (1,673,548) (1,673,548)

(1,673,641)	(3,103,083)
11,811,656	86,216,017

For the year ended 31st March 2022

Balance as at 01st April 2021

Profit for the period

Other comprehensive income / (loss) for the period

Total comprehensive income / (loss) for the period

Share of net assets of equity-accounted investees

Acquisition and changes in non-controlling interest

Transfer to reserves

Final dividends for 2020/2021

Dividends paid to non-controlling interests

Total contributions and distributions,

recognised directly in equity Balance as at 31st March 2022

.....................................			Attributable to equity holders of the company
Stated		Other		General	Revaluation Exchange Fair value Cash flow		Retained		Total		Non	Total equity
capital		capital		reserves		reserve	fluctuation	reserve		hedge		earnings				controlling
		reserves						reserve			reserve						interests
Rs '000		Rs '000		Rs '000		Rs '000		Rs '000	Rs '000		Rs '000		Rs '000		Rs '000		Rs '000		Rs '000
2,135,140	148,440	14,227,074	9,019,561	5,545,133		(10,432)	(915,640)	19,340,780	49,490,056	9,702,142	59,192,198
-	-	-	-	-		-	-	10,539,592	10,539,592	1,616,225	12,155,817
-	-	-	808,653	6,389,169		(4,961)	(1,213,648)	200,524	6,179,737	1,314,078	7,493,815
-	-	-	808,653	6,389,169		(4,961)	(1,213,648)	10,740,116	16,719,329	2,930,303	19,649,632
-	-	-	-	-		-	-	141,856	141,856	7,479	149,335
-	-	-	-	-		-	-	3,513	3,513	(3,513)	-
-	-	2,655,753	-	-		-	-	(2,655,753)	-	-	-
-	-	-	-	-		-	-	(405,996)	(405,996)	-	(405,996)
-	-	-	-	-		-	-	-	-	(1,139,490)	(1,139,490)
-	-	2,655,753	-	-		-	-	(2,916,380)	(260,627)	(1,135,524)	(1,396,151)
2,135,140	148,440	16,882,827	9,828,214	11,934,302		(15,393)	(2,129,288)	27,164,516	65,948,758	11,496,921	77,445,679

- 4 -