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.