Maskeliya Plantations PLC
Interim Financial Statements
For the six months ended
30 September 2022
INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC
STATEMENT OF FINANCIAL POSITION
As at | As at | As at | ||||
30/09/22 | 30/09/21 | 31/03/22 | ||||
ASSETS | Rs. ' 000 | Rs. ' 000 | Rs. ' 000 | |||
NON CURRENT ASSETS | ||||||
Right-of-use Assets | 313,566 | 326,912 | 324,456 | |||
Freehold Property, plant & equipment | 608,584 | 477,375 | 538,227 | |||
Bearer Biological Assets | 2,196,798 | 2,250,901 | 2,225,695 | |||
Consumable Biological Assets | 1,007,847 | 922,609 | 1,007,847 | |||
ACT Recoverable | 47,926 | 47,926 | 47,926 | |||
4,174,721 | 4,025,723 | 4,144,151 | ||||
CURRENT ASSETS | ||||||
Produce on Bearer Biological Assets | 11,549 | 11,435 | 11,549 | |||
Inventories | 774,495 | 433,767 | 544,143 | |||
Tax Recoverable | 9,050 | 26,162 | 16,217 | |||
Trade and other Receivables | 275,725 | 354,705 | 299,936 | |||
Amount due from Related Parties | 19,303 | 38,522 | 9,906 | |||
Cash and Bank balances | 57,806 | 45,883 | 31,603 | |||
1,147,928 | 910,474 | 913,354 | ||||
TOTAL ASSETS | 5,322,649 | 4,936,197 | 5,057,505 | |||
EQUITY AND LIABILITIES | ||||||
CAPITAL AND RESERVES | ||||||
Stated Capital - Note 03 | 673,721 | 673,721 | 673,721 | |||
General Reserve | 540,000 | 540,000 | 540,000 | |||
Timber Reserves | 969,232 | 879,857 | 969,232 | |||
Retained Earnings | (509,578) | (1,426,964) | (1,173,586) | |||
TOTAL EQUITY | 1,673,375 | 666,614 | 1,009,367 | |||
NON CURRENT LIABILITIES & DEFERRED INCOME | ||||||
Interest Bearing Loans & Borrowings | 340,458 | 614,915 | 448,524 | |||
Retiring Benefit Obligations | 805,277 | 1,059,868 | 904,839 | |||
Deferred Tax Liability | 73,473 | 35,180 | 73,473 | |||
Deferred Income | 159,509 | 171,427 | 163,894 | |||
Liability to make Lease Payment after one year | 323,667 | 316,252 | 324,881 | |||
1,702,384 | 2,197,642 | 1,915,611 | ||||
CURRENT LIABILITIES | ||||||
Trade & Other payables | 529,072 | 504,128 | 542,871 | |||
Dividend payable | 2,008 | 2,008 | 2,008 | |||
Amount due to Related parties | 836,682 | 738,176 | 790,677 | |||
Interest Bearing Loans & Borrowings | 574,535 | 825,297 | 792,378 | |||
Liability to make Lease Payment within one year | 4,593 | 2,332 | 4,593 | |||
1,946,890 | 2,071,941 | 2,132,527 | ||||
TOTAL EQUITY AND LIABILITIES | 5,322,649 | 4,936,197 | 5,057,505 | |||
- | - | - | ||||
Rs. | Rs. | Rs. | ||||
Net Assets Per Share | 31.02 | 12.36 | 18.71 | |||
The above figures are subject to audit |
These Financial Statements are in Compliance with the requirements of the Companies Act No. 07 of 2007.
Ajith Ranasinghe
Acting Financial Controller
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Approved and signed for and on behalf of the Board of Directors of Maskeliya Plantations PLC.
J L A Fernando | K.A.S Lasantha |
Director | Director |
14 November 2022 |
(02) | Maskeliya Plantations PLC - 2022/23 -Q2 |
INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC
STATEMENT OF PROFIT OR LOSS
Quarter Ended | Six Months Ended | Year | ||||||
September | September | Ended | ||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | 31/03/2022 | ||
Rs. ' 000 | Rs. ' 000 | +/(-) | Rs. ' 000 | Rs. ' 000 | +/(-) | Rs. ' 000 | ||
% | % | |||||||
Revenue | 1,423,890 | 893,404 | 59 | 3,073,519 | 1,980,107 | 55 | 4,005,924 | |
Cost of Sales | (1,006,524) | (915,540) | (10) | (2,120,260) | (1,915,267) | (11) | (3,644,822) | |
Gross Profit / (Loss) | 417,366 | (22,136) | 1,985 | 953,259 | 64,840 | 1,370 | 361,102 | |
Other Income | 1,371 | 8,140 | (83) | 2,406 | 10,043 | (76) | 8,924 | |
Change in Fair Value of Biological Assets | - | - | - | - | - | - | 89,488 | |
Administration Expenses | (17,201) | (13,452) | (28) | (28,892) | (25,155) | (15) | (53,428) | |
Management Fee | (58,226) | 662 | 8,895 | (135,043) | (9,000) | (1,400) | (30,477) | |
Finance Cost | (59,715) | (38,904) | (53) | (120,555) | (76,669) | (57) | (169,330) | |
Profit /(Loss) before Taxation | 283,595 | (65,690) | 532 | 671,175 | (35,941) | 1,967 | 206,279 | |
Income Tax Expense | (3,624) | (5,500) | 34 | (7,167) | (11,000) | - | (43,617) | |
Net Profit/(Loss) for the period | 279,971 | (71,190) | 493 | 664,008 | (46,941) | 1,515 | 162,662 | |
Rs. | Rs. | Rs. | Rs. | Rs. | ||||
Basic Earnings Per Share | 5.19 | (1.32) | 12.31 | (0.87) | 3.01 | |||
The above figures are subject to audit |
( 3) | Maskeliya Plantations PLC - 2022/23 -Q2 |
INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC
STATEMENT OF COMPREHENSIVE INCOME
Quarter Ended | Six Months Ended | Year | ||||||
September | September | Ended | ||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | 31/03/2022 | ||
Rs. ' 000 | Rs. ' 000 | +/(-) | Rs. ' 000 | Rs. ' 000 | +/(-) | Rs. ' 000 | ||
Profit/ (Loss) for the period | 279,971 | (71,190) | 493 | 664,008 | (46,941) | 1,515 | 162,662 | |
Other Comprehensive Income | ||||||||
Remeasurement gains/ (Losses) on defined benefit plan | - | - | - | 148,769 | ||||
Income tax effect | - | - | - | (15,621) | ||||
Other Comprehensive Income for the period, net of tax | - | - | - | 133,148 | ||||
Total Comprehensive Income for the period, net of tax | 279,971 | (71,190) | 493 | 664,008 | (46,941) | 1,515 | 295,810 |
The above figures are subject to audit
(4) | Maskeliya Plantations PLC - 2022/23 - Q2 |
INTERIM FINANCIAL STATEMENTS - MASKELIYA PLANTATIONS PLC
STATEMENT OF CASH FLOW
For the Six Months Ended September | 30/09/2022 | 30/09/2021 | 31/03/2022 | ||||
Rs. ' 000 | Rs. ' 000 | Rs.'000 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net Profit before Taxation | 671,175 | (35,941) | 206,279 | ||||
ADJUSTMENTS FOR | |||||||
Depreciation/Amortization | 66,755 | 66,125 | 132,262 | ||||
Provision for Defined Benefit Plan Cost | 73,458 | 86,176 | 134,432 | ||||
Amortisation of Grants | (4,800) | (4,800) | (13,760) | ||||
Gain/(Loss) on change in fair value Timber plantations Net of Harvesting | - | - | (85,238) | ||||
Gain/(Loss) on change in fair value Green Leaf | - | - | (114) | ||||
Finance Costs | 120,555 | 76,669 | 169,330 | ||||
Operating Profit before Working Capital changes | 927,143 | 188,229 | 543,191 | ||||
(Increase)/Decrease in Trade and other receivables | 24,211 | (82,704) | (16,936) | ||||
(Increase)/Decrease in Inventories | (230,352) | 25,624 | (84,751) | ||||
Increase/(Decrease) in Trade and other payables | 32,032 | 774 | 40,838 | ||||
Increase/(Decrease) in amounts due to Related Parties | 46,005 | 55,979 | 108,479 | ||||
(Increase)/Decrease in amounts due from Related Parties | (9,397) | (18,176) | 10,440 | ||||
Cash Generated from Operations | 789,642 | 169,726 | 601,261 | ||||
Finance Costs Paid | (99,104) | (56,003) | (126,086) | ||||
Defined Benefit Plan Costs paid | (173,021) | (30,241) | (84,756) | ||||
Tax Paid | - | - | - | ||||
Net Cash from Operating Activities | 517,517 | 83,482 | 390,419 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Grants Received | 415 | 8,393 | 9,821 | ||||
Field Development Expenditure | (13,525) | (20,816) | (33,177) | ||||
Purchase of Property, Plant & Equipment | (83,802) | (18,906) | (95,019) | ||||
Net Cash used in Investing Activities | (96,912) | (31,330) | (118,375) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Dividends Paid | - | - | - | ||||
Payment of Government lease rentals | (68,494) | (10,720) | (45,582) | ||||
Proceeds from loans | - | - | - | ||||
Payment of loans | (138,109) | (91,353) | (226,398) | ||||
Net Cash from Financing Activities | (206,603) | (102,073) | (271,980) | ||||
Net Increase/(Decrease) in Cash & Cash Equivalents | 214,002 | (49,921) | 64 | ||||
A. Cash & Cash Equivalents at the beginning of the period | (504,513) | (504,577) | (504,577) | ||||
B. Cash & Cash Equivalents at the end of the period | (290,511) | (554,498) | (504,513) | ||||
NOTE A | |||||||
Cash & Cash Equivalents at the beginning of the period | |||||||
Cash & Bank Balances | 31,602 | 43,285 | 43,285 | ||||
Bank Overdrafts | (537,681) | (547,862) | (547,862) | ||||
(506,079) | (504,577) | (504,577) | |||||
NOTE B | |||||||
Cash & Cash Equivalents at the end of the period | |||||||
Cash & Bank Balances | 57,806 | 45,883 | 31,603 | ||||
Bank Overdrafts | (348,317) | (600,381) | (536,116) | ||||
(290,511) | (554,498) | (504,513) | |||||
The above figures are subject to audit | |||||||
0 | - | - | |||||
(5 ) | Maskeliya Plantations PLC - 2022/23 - Q2 |
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Maskeliya Plantations plc published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 10:51:02 UTC.