Brown and : Interim Financial Statements as at 31/03/2022

Interim Report

Period ended 31st March 2022

BROWN & COMPANY PLC
STATEMENT OF FINANCIAL POSITION
		Group			Company
		As at			As at		As at		As at
		31.03.2022			31.03.2021		31.03.2022		31.03.2021
		(Un-Audited)			(Audited)		(Un-Audited)		(Audited)
ASSETS
Non-Current Assets
Property, Plant and Equipment		160,763,756			105,513,324		3,267,021		2,488,075
Right-of-use Assets		31,671,268			19,575,908		343,101		397,359
Investment Properties		92,399,413			23,896,929		14,678,650		12,534,776
Intangible Assets		1,897,196			1,687,392		29,618		3,226
Bearer Biological Assets		4,528,197			2,423,961		-		-
Consumable Biological Assets		7,087,007			4,007,383		-		-
Investments in Subsidiaries		-			-		27,858,633		23,358,633
Investments in Equity Accounted Investees	36,519,679			6,396,386		1,227,958		1,227,958
Other Financial Assets		496,087			1,609,585		55,000		55,000
Deferred Tax Assets		456,211			48,691		-		-
		335,818,815			165,159,559		47,459,981		40,065,027
Current Assets
Inventories		20,293,864			8,960,060		4,334,355		2,268,847
Trade and Other Receivables		44,739,148			13,050,310		2,757,875		3,253,431
Loans to Related Parties		2,019,242			1,985,921		2,357,880		6,026,783
Amounts due from Related Parties	537,067			285,133		2,398,338		1,017,733
Income Tax Recoverable		95,672			150,391		11,764		115,106
Other Financial Assets		4,689,634			3,191,482		1,237,840		1,814,175
Cash and Cash Equivalents		5,937,123			2,978,887		2,292,363		172,471
		78,311,750			30,602,185		15,390,416		14,668,547
Total Assets		414,130,566			195,761,744		62,850,397		54,733,574
EQUITY AND LIABILITIES
Equity
Stated Capital		9,093,101			9,093,101		9,093,101		9,093,101
Capital Reserves		33,126,281			17,809,193		3,770,992		3,173,841
Revenue Reserve		41,970,900			19,985,456		19,815,140		18,011,324
Equity Attributable to Equity	holders of Parent	84,190,282			46,887,750		32,679,233		30,278,266
Non-controlling Interests		97,515,610			50,180,938		-		-
Total Equity		181,705,893			97,068,688		32,679,233		30,278,266
Non-Current Liabilities
Loans and Borrowings		33,321,959			17,597,510		2,921,363		2,394,972
Debentures		2,000,000			-		2,000,000		-
Lease Liabilities		16,928,640			6,786,368		324,456		376,251
Retirement Benefit Obligations		2,180,142			973,087		103,825		112,515
Deferred Tax Liabilities		9,168,353			4,981,695		1,176,028		710,410
Deferred Income		432,885			143,176		31,049		14,080
Loans from Related Parties		3,003,663			4,837,781		-		-
		67,035,640			35,319,617		6,556,721		3,608,228
Current Liabilities
Trade and Other Payables		54,141,332			14,284,748		4,325,058		3,434,539
Loans and Borrowings		8,623,352			3,053,794		4,122,748		2,872,585
Lease Liabilities		374,388			296,842		90,987		65,587
Loans from Related Parties		23,484,986			16,130,932		2,055,678		1,956,904
Amounts due to Related Parties		52,209,911			14,730,241		899,626		843,875
Income Tax Payable		503,097			258,948		7,514		-
Dividend Payable		10,222			10,818		5,839		5,912
Short Term Borrowings		24,935,430			14,299,903		12,004,866		11,567,041
Bank Overdrafts		1,106,313			307,213		102,128		100,637
		165,389,032			63,373,439		23,614,444		20,847,080
		414,130,566			195,761,744		62,850,397		54,733,574
Net Assets per Share (Rs.)		395.96			220.52
Note : All values are in Rupees	'000s, unless otherwise stated.
Figures in brackets indicate deductions.

The Statement of Financial Position as at 31st March 2022 and related Income Statement, Statements of Other Comprehensive Income, Changes in Equity and Cash Flows for the period ended 31st March 2022 are drawn up from the unaudited Financial Statements of the Company, its Subsidiaries, Associates, and Joint Ventures, and they provide the information required by the Colombo Stock Exchange.

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. The Group Chief Financial Officer certifies that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Sgd : Group Chief Financial Officer

Signed for and on behalf of the Board.

Sgd : Director

Sgd : Director

31st May 2022

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BROWN & COMPANY PLC

INCOME STATEMENT

Group Income Statement

		Quarter ended 31st March				Twelve months ended 31st March
		2022		2021		% Change		2022		2021	% Change
		(Un-Audited)		(Un-Audited)					(Un-Audited)		(Audited)
Revenue		17,803,809		9,988,616		78.24		50,454,454		29,391,036	71.67
Cost of Sales		(12,864,974)		(7,922,049)		(62.39)			(38,635,660)		(22,091,460)	(74.89)
Gross profit		4,938,836		2,066,567		>100		11,818,794		7,299,576	61.91
Other Income/ (Expenses)		(2,194,135)		(423,521)		(>100)		(1,483,423)		558,602	(>100)
Distribution Expenses		(1,188,881)		(355,686)		(>100)		(1,700,599)		(984,520)	(72.73)
Administrative Expenses		(3,254,449)		(1,434,424)		(>100)		(8,181,043)		(5,927,072)	(38.03)
Finance Income						(>100)					42.81
	231,989		141,837				775,366		542,923
Finance Cost		(6,059,126)		(1,583,865)		(>100)			(13,380,668)		(5,582,525)	(>100)
Net Finance Cost		(5,827,138)		(1,442,028)		(>100)		(12,605,301)		(5,039,602)	(>100)
Change in Fair Value of Investment Properties		16,172,417		706,916		>100		16,172,417		706,916	>100
				-
Change in Fair Value of Consumable Biological Assets		689,627		560,453		23		689,627		560,453	23.05
Change in fair Value of bearer biological assets		67,616		-		100		67,616		-	100
				-
Gain on Disposal of Group Investments		819,409		-		100		819,409		-	100
Share of Profit/(Loss) of Equity Accounted Investees (Net of Taxation)		799,943		42,800		(>100)		724,383		(122,597)	>100
Gain on Bargain purchase		20,538,066		65,207		>100			22,165,955		165,154	(>100)
Proft/ (Loss) before Taxation		31,561,311		(213,716)		>100		28,487,833		(2,783,090)	(>100)
Income tax Expense		(205,704)		(544,132)		>100			(578,076)		(561,334)	2.98
Proft/ (Loss) for the Period		31,355,608		(757,849)		>100		27,909,757		(3,344,424)	(>100)
Attributable to :
Equity holders of the Company		21,425,739		(30,931)		>100		20,414,843		(16,046)	>100
Non-controlling interests		9,929,867		(726,917)		>100			7,494,914		(3,328,378)	>100
		31,355,608		(757,849)		>100			27,909,757		(3,344,424)	>100
Basic Earnings/ (loss) per share - Rs.		100.77		(0.15)				96.01		(0.08)
Diluted Earnings/ (loss) per share - Rs.		100.77		(0.15)				96.01		(0.08)
	Company Income Statement
		Quarter ended 31st March				Twelve months ended 31st March
		2022		2021		% Change		2022		2021	% Change
		(Un-Audited)		(Un-Audited)					(Un-Audited)		(Audited)
Revenue		5,992,965		5,435,804		10.25		22,043,428		16,451,336	33.99
Cost of Sales		(4,717,384)		(4,328,120)		(8.99)			(17,505,079)		(12,831,377)	(36.42)
Gross Profit		1,275,581		1,107,684		15.16		4,538,349		3,619,959	25.37
Other Income/ (Expenses)		(726,535)		243,320		>100		(834,246)		462,214	(>100)
Distribution Expenses		(339,086)		(287,527)		(17.93)		(665,347)		(569,683)	(16.79)
Administrative Expenses		(496,328)		(238,438)		(>100)		(1,286,390)		(933,785)	(37.76)
											-
Finance Income		(129,581)		139,264		>100		393,414		885,548	(55.57)
Finance Cost		(657,608)		(486,367)		(35.21)			(2,041,503)		(1,846,463)	(10.56)
Net Finance Cost		(787,189)		(347,103)		>100		(1,648,089)		(960,915)	(71.51)
Change in Fair Value of Investment Properties		2,067,712		453,809		100		2,067,712		453,809	>100
Profit before Taxation		994,155		931,744		6.70		2,171,989		2,071,599	4.85
Income tax Expense		(203,226)		(328,946)		(38.22)			(380,476)		(310,631)	(22.48)
Proft for the Period		790,929		602,798		31.21		1,791,513		1,760,968	1.73
Note :

All values are in Rupees '000s, unless otherwise stated.
Figures in brackets indicate deductions.	2

BROWN & COMPANY PLC

STATEMENT OF OTHER COMPREHENSIVE INCOME

Group - Statement of Other Comprehensive Income

	Quarter ended 31st March		Twelve months ended 31st March
	2022		2021	% Change		2022		2021	% Change
	(Un-Audited)		(Un-Audited)			(Un-Audited)		(Audited)
Proft/ (Loss) for the Period	31,355,608		(757,849)	(>100)		27,909,757		(3,344,424)	>100
Other comprehensive income
Revaluation surplus on property, plant and equipment (Net of Tax)	9,032,105		6,905,136	30.80		9,032,105		22,877,364	(61)
Actuarial Gain/ (Loss) on defined benefit obligation, (Net of Tax)	383,722		58,387	>100		383,722		58,387	>100
Share of other comprehensive income of equity accounted investees (Net of Tax)	1,964,795		198,316	>100		1,993,245		289,221	>100
Items that are or may be Reclassified to Profit or Loss
Exchange gain from translation of foreign operations	26,714,927		1,732,198	(>100)		25,539,496		5,274,348	>100
Net change in fair value of FVOCI financial assets	(102,853)		420,087	(>100)		1,038,157		678,271	>100
Other comprehensive income for the period, net of tax	37,992,696		9,314,124	>100		37,986,725		29,177,591	30.19
Total comprehensive income for the period	69,348,304		8,556,276	>100		65,896,482		25,833,167	>100
Total comprehensive income Attributable to :
Equity holders of the Company	37,899,456		7,304,109	>100		37,301,993		13,162,197	>100
Non-controlling interests	31,448,848		1,252,166	>100		28,594,489		12,670,970	>100
	69,348,304		8,556,276	>100		65,896,482		25,833,167	>100

Company - Statement of Other Comprehensive Income

	Quarter ended 31st March		Twelve months ended 31st March
	2022		2021	% Change		2022		2021	% Change
	(Un-Audited)		(Un-Audited)			(Un-Audited)		(Audited)
Profit for the period	790,929		602,798	31.21		1,791,513		1,760,968	1.73
Other comprehensive income
Items that will never be Reclassified to Profit or Loss
Revaluation surplus on property, plant and equipment (Net of Tax)	597,151		515,301	15.88		597,151		515,301	15.88
Actuarial Gain/ (Loss) on defined benefit obligation, (Net of Tax)	12,303		(7,471)	>100		12,303		(7,471)	>100
Other comprehensive income for the period, net of tax	609,454		507,830			609,454		507,830
Total comprehensive income for the period	1,400,383		1,110,628	>100		2,400,967		2,268,798	5.83

Note :

All values are in Rupees '000s, unless otherwise stated.

Figures in brackets indicate deductions.

3

BROWN & COMPANY PLC

STATEMENT OF CHANGES IN EQUITY

								Group
			Equity Attributable to Equity holders of the Company
	Stated Capital		Revaluation		Fair Value		Foreign			Retained			Non-controlling
						Total			Total Equity
			Reserve		through Other		Currency			Earnings			Interests
					comprehensive		Translation
					income		Reserve
Balance as at 1st April 2020	9,093,101	3,604,190	(262,951)	1,302,625	16,520,106		30,257,070	46,497,651		76,754,721
Profit/(Loss) for the period	-	-	-	-	(16,046)		(16,046)	(3,328,378)		(3,344,424)
Other Comprehensive income	-	10,810,684	441,384	1,913,260	12,913		13,178,241	15,999,350		29,177,591
Adjustments due to change in group holdings and other adjustments	-	-	-	-	3,450,884		3,450,884	(20,457,608)		(17,006,724)
On acquisition of subsidiaries	-	-	-	-	-		-	2,091,380		2,091,380
Share issue by subsidiaries to non-controlling interest	-	-	-	-	-		-	9,378,545		9,378,545
Forfeited Dividend	-		-		-		-			17,600		17,600		-		17,600
Balance as at 31st March 2021	9,093,101		14,414,874		178,433		3,215,885			19,985,456		46,887,750		50,180,938		97,068,688
Balance as at 1st April 2021	9,093,101	14,414,874	178,434	3,215,885	19,985,456		46,887,750	50,180,938		97,068,688
Profit for the period	-	-	-	-	20,414,843		20,414,843	7,494,914		27,909,757
Other Comprehensive income	-	4,894,338	(463,246)	10,885,996	1,570,062		16,887,150	21,099,575		37,986,725
Other comprehensive income for the period, net of tax
On acquisition of subsidiaries	-											-	4,616,901		4,616,901
Share issue by subsidiaries to non-controling interest	-	-	-	-	-		-	14,123,279		14,123,279
Forfeited Dividend	-		-		-		-			539		539		-		539
Balance as at 31st March 2022	9,093,101	19,309,212	(284,812)	14,101,881	41,970,900		84,190,282	97,515,610		181,705,893

Note :

All values are in Rupees '000s, unless otherwise stated.

Figures in brackets indicate deductions.

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