Brown and : Interim Financial Statements as at 31/12/2021

Interim Report

Period ended 31st December 2021

BROWN & COMPANY PLC
STATEMENT OF FINANCIAL POSITION
		Group			Company
		As at			As at		As at		As at
		31.12.2021			31.03.2021		31.12.2021		31.03.2021
		(Un-Audited)			(Audited)		(Un-Audited)		(Audited)
ASSETS
Non-Current Assets
Property, Plant and Equipment		105,987,588			105,513,324		2,490,275		2,488,075
Right-of-use Assets		23,438,150			19,575,908		357,014		397,359
Investment Properties		23,916,338			23,896,929		12,554,185		12,534,776
Intangible Assets		1,720,834			1,687,392		32,695		3,226
Bearer Biological Assets		4,450,557			2,423,961		-		-
Consumable Biological Assets		6,738,536			4,007,383		-		-
Investments in Subsidiaries		-			-		23,358,633		23,358,633
Investments in Equity Accounted Investees	6,349,275			6,396,386		1,227,958		1,227,958
Other Financial Assets		669,931			1,609,585		55,000		55,000
Deferred Tax Assets		48,718			48,691		-		-
		173,319,927			165,159,559		40,075,759		40,065,027
Current Assets
Inventories		14,298,682			8,960,060		4,465,515		2,268,847
Trade and Other Receivables		46,756,884			13,050,310		3,060,649		3,253,431
Loans to Related Parties		2,260,453			1,985,921		6,402,631		6,026,783
Amounts due from Related Parties	1,067,572			285,133		2,573,773		1,017,733
Income Tax Recoverable		40,393			150,391		20,623		115,106
Other Financial Assets		15,192,767			3,191,482		1,650,657		1,814,175
Cash and Cash Equivalents		5,847,499			2,978,887		1,970,212		172,471
		85,464,250			30,602,185		20,144,061		14,668,547
Total Assets		258,784,177			195,761,744		60,219,820		54,733,574
EQUITY AND LIABILITIES
Equity
Stated Capital		9,093,101			9,093,101		9,093,101		9,093,101
Capital Reserves		17,195,420			17,809,193		3,173,841		3,173,841
Revenue Reserve		20,001,767			19,985,456		19,011,908		18,011,324
Equity Attributable to Equity	holders of Parent	46,290,287			46,887,750		31,278,850		30,278,266
Non-controlling Interests		49,759,717			50,180,938		-		-
Total Equity		96,050,005			97,068,688		31,278,850		30,278,266
Non-Current Liabilities
Loans and Borrowings		22,688,528			17,597,510		3,214,917		2,394,972
Lease Liabilities		7,559,621			6,786,368		337,599		376,251
Retirement Benefit Obligations		2,041,493			973,087		115,700		112,515
Deferred Tax Liabilities		5,584,454			4,981,695		710,410		710,410
Deferred Income		440,332			143,176		34,595		14,080
Loans from Related Parties		4,850,303			4,837,781		-		-
		43,164,731			35,319,617		4,413,222		3,608,228
Current Liabilities
Trade and Other Payables		22,855,217			14,284,748		4,035,921		3,434,539
Loans and Borrowings		6,016,257			3,053,794		3,900,840		2,872,585
Lease Liabilities		381,209			296,842		84,814		65,587
Loans from Related Parties		21,335,578			16,130,932		1,566,484		1,956,904
Amounts due to Related Parties		49,084,183			14,730,241		350,603		843,875
Income Tax Payable		394,084			258,948		62,559		-
Dividend Payable		10,743			10,818		5,839		5,912
Short Term Borrowings		18,608,652			14,299,903		13,995,908		11,567,041
Bank Overdrafts		883,516			307,213		524,780		100,637
		119,569,441			63,373,439		24,527,749		20,847,080
		258,784,177			195,761,744		60,219,820		54,733,574
Net Assets per Share (Rs.)		217.71			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 December 2021 and related Income Statement, Statements of Other Comprehensive Income, Changes in Equity and Cash Flows for the period ended 31st December 2021 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

15th February 2022

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BROWN & COMPANY PLC

INCOME STATEMENT

Group Income Statement

		Quarter ended 31st December		Nine months ended 31st December
		2021			2020	% Change		2021		2020		% Change
		(Un-Audited)			(Un-Audited)			(Un-Audited)		(Un-Audited)
Revenue		12,019,215			6,779,794	77.28		32,650,645		19,402,420	68.28
Cost of Sales		(9,620,917)			(5,086,133)	(89.16)		(25,770,686)		(14,169,411)	(81.88)
Gross profit		2,398,298			1,693,661	41.60		6,879,959		5,233,009	31.47
Other Income/ (Expenses)		(698,447)			221,420	(>100)		710,712		982,124	(27.64)
Distribution Expenses		(174,107)			(134,897)	(29.07)		(511,718)		(628,834)	18.62
Administrative Expenses		(1,750,948)			(1,565,245)	(11.86)		(4,926,594)		(4,492,648)	(9.66)
Finance Income						51.38					35.48
	208,927			138,013		543,378		401,087
Finance Cost		(3,177,424)			(1,173,314)	(>100)		(7,321,541)		(3,998,660)	(83.10)
Net Finance Cost		(2,968,496)			(1,035,300)	(>100)		(6,778,163)		(3,597,574)	(88.41)
Share of Profit/(Loss) of Equity Accounted Investees (Net of Taxation)		107,641			(12,257)	(>100)		(75,560)		(165,397)	54.32
Gain on Bargain purchase		1,627,888			99,947	(>100)		1,627,888		99,947	(>100)
Proft/ (Loss) before Taxation		(1,458,171)			(732,673)	(99.02)		(3,073,477)		(2,569,373)	(19.62)
Income tax Expense		(152,702)			(28,519)	(>100)		(372,372)		(17,202)	(>100)
Proft/ (Loss) for the Period		(1,610,872)			(761,192)	(>100)		(3,445,849)		(2,586,575)	(33.22)
Attributable to :
Equity holders of the Company		(157,611)			179,623	(>100)		(1,010,896)		14,885	(>100)
Non-controlling interests		(1,453,261)			(940,816)	(54.47)		(2,434,953)		(2,601,461)	6.40
		(1,610,872)			(761,192)	(>100)		(3,445,849)		(2,586,575)	(33.22)
Basic Earnings/ (loss) per share - Rs.		(0.74)			0.84			(4.75)		0.07
Diluted Earnings/ (loss) per share - Rs.		(0.74)			0.84			(4.75)		0.07
	Company Income Statement
		Quarter ended 31st December		Nine months ended 31st December
		2021		2020	% Change		2021		2020		% Change
		(Un-Audited)			(Un-Audited)			(Un-Audited)		(Un-Audited)
Revenue		5,925,163		4,068,278	45.64		16,050,463		11,015,532	45.71
Cost of Sales		(4,652,794)		(3,159,790)	(47.25)		(12,787,695)		(8,503,257)	(50.39)
Gross Profit		1,272,369		908,488	40.05		3,262,768		2,512,275	29.87
Other Income/ (Expenses)		3,928		206,655	(98.10)		(107,711)		218,894	(>100)
Distribution Expenses		(110,042)		(121,437)	9.38		(326,261)		(282,156)	(15.63)
Administrative Expenses		(357,284)		(207,896)	(71.86)		(790,062)		(695,347)	(13.62)
Finance Income						40.10				-	(29.92)
	205,017		146,338		522,995		746,284
Finance Cost		(505,559)		(423,875)	(19.27)		(1,383,895)		(1,360,095)	(1.75)
Net Finance Cost		(300,542)		(277,537)	(8.29)		(860,900)		(613,811)	(40.25)
Profit before Taxation		508,429		508,273	0.03		1,177,834		1,139,855	3.33
Income tax Expense		(74,250)		(10,460)	(>100)		(177,250)		18,314	(>100)
Proft/ (Loss) for the Period		434,179		497,814	(12.78)		1,000,584		1,158,169	(13.61)
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 December		Nine months ended 31st December
	2021		2020	% Change		2021		2020	% Change
	(Un-Audited)		(Un-Audited)			(Un-Audited)		(Un-Audited)
Proft/ (Loss) for the Period	(1,610,872)		(761,192)	(>100)		(3,445,849)		(2,586,575)	(33.22)
Other comprehensive income
Revaluation surplus on property, plant and equipment (Net of Tax)	-		466,289	(>100)		-		15,972,228	(100)
Share of other comprehensive income of equity accounted investees (Net of Tax)	9,137		146,252	(93.75)		28,450		90,905	(68.70)
Items that are or may be Reclassified to Profit or Loss
Exchange gain from translation of foreign operations	(1,053,858)		2,206,917	(>100)		(1,175,431)		3,542,150	(>100)
Net change in fair value of FVOCI financial assets	220,334		44,520	>100		1,141,010		258,184	>100
Other comprehensive income for the period, net of tax	(824,387)		2,863,978	(>100)		(5,972)		19,863,467	(100.03)
Total comprehensive income for the period	(2,435,259)		2,102,786	(>100)		(3,451,821)		17,276,892	(>100)
Total comprehensive income Attributable to :
Equity holders of the Company	(325,413)		992,881	(>100)		(597,462)		5,858,088	(>100)
Non-controlling interests	(2,109,846)		1,109,905	(>100)		(2,854,358)		11,418,804	(>100)
	(2,435,259)		2,102,786	(>100)		(3,451,821)		17,276,892	(>100)

Company - Statement of Other Comprehensive Income

	Quarter ended 31st December		Nine months ended 31st December
	2021		2020	% Change		2021		2020	% Change
	(Un-Audited)		(Un-Audited)			(Un-Audited)		(Un-Audited)
Profit for the period	434,179		497,814	(12.78)		1,000,584		1,158,169	(13.61)
Other comprehensive income
Items that will never be Reclassified to Profit or Loss
Other comprehensive income for the period, net of tax	-		-			-		-
Total comprehensive income for the period	434,179		497,814	(12.78)		1,000,584		1,158,169	(13.61)

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	-	-	-	-	14,885		14,885	(2,601,461)		(2,586,575)
Other Comprehensive income	-	4,940,254	118,920	784,029	-		5,843,203	14,020,265		19,863,468
Change in effective holding								3,700		3,700				3,700
Adjustments due to change in group holdings and other adjustments	-	-	-	-	8,756,851		8,756,851	(8,756,851)		-
On acquisition of subsidiaries	-	-	-	-	-		-	1,826,174		1,826,174
Share issue by subsidiaries to non-controlling interest	-		-		-		-			-		-		9,378,545		9,378,545
Balance as at 31st December 2020	9,093,101		8,544,444		(144,031)		2,086,654			25,291,842		44,872,010		60,364,323		105,236,333
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
Loss for the period	-	-	-	-	(1,010,896)		(1,010,896)	(2,434,953)		(3,445,849)
Other Comprehensive income	-	-	(272,592)	(341,182)	1,027,208		413,434	(419,406)		(5,972)
On acquisition of subsidiaries	-	-	-	-	-		-	1,433,134		1,433,134
Share issue by subsidiaries to non-controling interest	-		-		-		-			-		-		1,000,000		1,000,000
Balance as at 31st December 2021	9,093,101	14,414,874	(94,158)	2,874,703	20,001,767		46,290,287	49,759,717		96,050,005

Note :

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

Figures in brackets indicate deductions.

4