NAMUNUKULA PLANTATIONS PLC Namunukula Plantations PLCInterim Financial Statements
STATEMENT OF FINANCIAL POSITION
31.12.2022 | 31.12.2021 | 31.03.2022 | |
As at, | Rs. '000 | Rs. '000 | Rs. '000 |
ASSETS | |||
Non Current Assets | |||
Right of Use Assets | 396,537 | 411,662 | 416,338 |
Freehold Property, Plant & Equipment | 315,324 | 286,587 | 278,469 |
Bearer Biological Assets | 3,198,165 | 3,046,597 | 3,077,094 |
Consumable Biological Assets | 253,951 | 225,584 | 251,179 |
Investment in Joint Venture | 427,354 | 297,502 | 336,484 |
Financial Assets | 200,000 | 200,000 | 200,000 |
Intangible Assets | 305,915 | 305,915 | 305,915 |
Total Non Current Assets | 5,097,246 | 4,773,847 | 4,865,479 |
Current Assets | |||
Produce on Bearer Biological Assets | 38,499 | 21,558 | 38,499 |
Inventories | 457,859 | 293,265 | 217,518 |
Trade and Other Receivables | 160,516 | 208,893 | 152,178 |
Amounts Due from Related Companies | 298,846 | 265,846 | 247,516 |
ESC Recoverable | 5,114 | 16,319 | 5,114 |
Income Tax Receivable | 13,361 | 11,028 | 11,028 |
Cash and Cash Equivalents | 4,221,070 | 1,592,265 | 2,032,016 |
Total Current Assets | 5,195,264 | 2,409,174 | 2,703,869 |
TOTAL ASSETS | 10,292,509 | 7,183,020 | 7,569,348 |
EQUITY AND LIABILITIES | |||
Capital and Reserves | |||
Stated Capital | 350,000 | 350,000 | 350,000 |
Timber Reserve | 131,192 | 106,712 | 131,192 |
Retained Earnings | 7,208,350 | 4,748,567 | 4,956,274 |
Total Equity | 7,689,542 | 5,205,279 | 5,437,466 |
Non Current Liabilities | |||
Interest Bearing Loans & Borrowings | - | - | - |
Retirement Benefit Obligations | 394,321 | 481,267 | 474,022 |
Deferred Tax Liabilty | 640,825 | 274,871 | 318,681 |
Deferred Income | 121,823 | 129,140 | 127,404 |
Lease liability | 419,250 | 412,755 | 422,444 |
Total Non Current Liabilities | 1,576,220 | 1,298,033 | 1,342,551 |
Current Liabilities | |||
Dividend Payable | - | - | 237,500 |
Trade and Other Payables | 695,208 | 551,882 | 462,085 |
Lease liability | 5,309 | 2,968 | 5,309 |
Interest Bearing Loans & Borrowings | 106,608 | 28,977 | 25,137 |
Amounts Due to Related Companies | 90,518 | 28,977 | 24,634 |
Income Tax Liabilities | 129,105 | 66,905 | 34,667 |
Total Current Liabilities | 1,026,748 | 679,708 | 789,331 |
TOTAL LIABILITIES | 2,602,968 | 1,977,741 | 2,131,882 |
TOTAL EQUITY AND LIABILITIES | 10,292,509 | 7,183,020 | 7,569,348 |
NET ASSETS PER SHARE (RS.) | 323.77 | 219.17 | 228.95 |
* The above figures are subject to audit. |
These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
Sudheera Epitakumbura
Deputy Group Chief Financial Officer
The board of directors are responsible for the preparation and presentation of these Financial Statements. Approved & Signed for and on behalf of the board of Directors of Namunukula Plantations PLC by,
N C Peiris | J L A Fernando |
Director | Director |
Colombo,
14 February 2023
Page 1 | Q-3 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
STATEMENT OF COMPREHENSIVE INCOME
Quarter Ended | Quarter Ended | Increase / | Period Ended | Period Ended | Increase / | Year Ended | |
31.12.2022 | 31.12.2021 | (Decrease) | 31.12.2022 | 31.12.2021 | (Decrease) | 31.03.2022 | |
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | Rs. '000 | |
Revenue | 1,268,517 | 963,303 | 32% | 4,206,159 | 2,955,615 | 42% | 3,888,486 |
Cost of Sales | (523,072) | (422,530) | 24% | (1,913,136) | (1,493,616) | 28% | (1,990,412) |
Gross Profit | 745,445 | 540,773 | 38% | 2,293,023 | 1,461,999 | 57% | 1,898,074 |
Other Income | 315,515 | 78,534 | 302% | 695,696 | 205,032 | 239% | 284,899 |
Change in fair value of Biological Assets | - | - | -- | - | - | -- | 41,421 |
Administrative Expenses | (30,464) | (14,542) | 109% | (70,818) | (41,931) | 69% | (63,346) |
Management Fee | (118,360) | (90,251) | 31% | (368,950) | (249,437) | 48% | (322,517) |
Finance Cost | (15,606) | (14,530) | 7% | (47,964) | (42,689) | 12% | (57,776) |
Impairment of Goodwill | - | - | -- | - | - | -- | - |
Share of Profit from the Joint Venture | 47,786 | 53,228 | -10% | 191,530 | 185,609 | 3% | 224,590 |
Profit Before Taxation | 944,316 | 553,212 | 71% | 2,692,517 | 1,518,582 | 77% | 2,005,345 |
Tax (Expense) / Reversal | (372,402) | (23,200) | 1505% | (440,441) | (55,700) | 691% | (68,013) |
Net Profit for the Year | 571,914 | 530,012 | 8% | 2,252,076 | 1,462,882 | 54% | 1,937,332 |
Other comprehensive income | |||||||
Actuarial gain/(loss) on defined benefit plans | - | - | -- | - | - | -- | 8,033 |
Tax effect | - | - | -- | - | - | -- | (1,125) |
Other comprehensive income for the period | - | - | -- | - | - | -- | 6,908 |
Total comprehensive income for the period | 571,914 | 530,012 | 8% | 2,252,076 | 1,462,882 | 54% | 1,944,240 |
Basic Earnings per Share (Rs.) | 24.08 | 22.32 | 94.82 | 61.60 | 81.57 |
* The above figures are subject to audit.
Page 2 | Q-3 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
STATEMENT OF CHANGES IN EQUITY
Stated | Retained | Timber | Total | |
Capital | Earnings | Reserves | ||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Balance as at 1 April 2021 | 350,000 | 3,285,685 | 106,712 | 3,742,397 |
Net Profit for the period | - | 1,462,882 | - | 1,462,882 |
Other Comprehensive Income/(Loss) | - | - | - | - |
Balance as at 31 December 2021 | 350,000 | 4,748,567 | 106,712 | 5,205,279 |
Balance as at 1 April 2022 | 350,000 | 4,956,274 | 131,192 | 5,437,466 |
Net Profit for the period | - | 2,252,076 | - | 2,252,076 |
Other Comprehensive Income/(Loss) | - | - | - | - |
Balance as at 31 December 2022 | 350,000 | 7,208,350 | 131,192 | 7,689,542 |
The Timber Reserve relates to change in fair value of managed trees which includes commercial timber plantations cultivated on estates.
* The above figures are subject to audit.
Page 3 | Q-3 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
STATEMENT OF CASH FLOWS | ||
Period ended, | 31.12.2022 | 31.12.2021 |
Rs. '000 | Rs. '000 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Profit before Taxation | 2,692,517 | 1,518,582 |
ADJUSTMENTS FOR | ||
Depreciation | 166,319 | 155,075 |
Finance Cost | 47,964 | 42,689 |
Provision for Defined Benefit Plan Cost | 32,733 | 34,783 |
Profit on Disposal of Property, Plant & Equipment | (2,000) | (102) |
Amortization of Grants | (5,290) | (4,836) |
Share of Profit of Joint Venture | (191,530) | (185,609) |
Operating profit before working capital changes | 2,740,714 | 1,560,583 |
(Increase)/Decrease in Inventories | (240,341) | (116,823) |
(Increase)/Decrease in Trade and other Receivables | (8,338) | (119,441) |
(Increase)/Decrease in Amounts due from Related Companies | (51,330) | (111,066) |
Increase/(Decrease) in Trade and Other Payables | 233,124 | 108,311 |
Increase/(Decrease) in Amounts due to Related Companies | 65,885 | 18,875 |
Cash Generated from Operating Activities | 2,739,713 | 1,340,440 |
Finance Cost Paid | (3,475) | (1,116) |
Defined Benefit Plan Cost Paid | (112,434) | (66,258) |
Tax (Paid) / Refund | (26,191) | - |
Net Cash Flow From Operating Activities | 2,597,613 | 1,273,066 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of Property, Plant & Equipment | (59,680) | (2,907) |
Term Loan given to RPC Finance Ltd | - | - |
Dividend Received | 100,660 | 100,660 |
Investments in Immature plantation | (244,764) | (190,606) |
Expenditure on Timber Cultivation | (2,771) | (7,044) |
Proceeds from Disposal of Property, Plant & Equipment | 2,000 | 9,500 |
Grants Received | (291) | 4,849 |
Net Cash Flow From Investing Activities | (204,847) | (85,549) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment of Government Lease rentals | (47,683) | (44,192) |
Proceeds from loans & borrowings | 50,000 | - |
Repayment of loans & borrowings | (6,667) | (13,333) |
Settlement of finance lease | - | - |
Dividend Paid | (237,500) | (201,875) |
Net Cash Flow From Financing Activities | (241,850) | (259,400) |
Net Increase/(Decrease) in Cash and Cash Equivalents | 2,150,916 | 928,117 |
A. Cash & Cash Equivalents at the Beginning of the Year | 2,013,546 | 646,838 |
B. Cash & Cash Equivalents at the End of the Year | 4,164,462 | 1,574,955 |
NOTE A : Cash & Cash Equivalents at the Beginning of the Period | ||
Cash & Bank Balances | 2,032,016 | 661,744 |
Bank Overdrafts | (18,471) | (14,906) |
2,013,546 | 646,838 | |
NOTE B : Cash & Cash Equivalents at the End of the Period | ||
Cash & Bank Balances | 4,221,070 | 1,592,265 |
Bank Overdrafts | (56,608) | (17,311) |
4,164,462 | 1,574,955 |
* The above figures are subject to audit.
Page 4 | Q-3 Financial Statements |
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Namunukula Plantations plc published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2023 11:04:08 UTC.
