Renuka Foods : Interim Financial Statements 30.09.2022

RENUKA FOODS PLC

INTERIM FINANCIAL STATEMENTS - FOR THE PERIOD ENDED

30TH September 2022

CONTENT: Operational Review-2 Statement of Profit or Loss and Other Comprehensive Income-3

Statement of Financial Position -4

Statement of Changes in Equity-5 Statement of Cash Flow-6 Segment Analysis-7

Notes to the Financial Statements-8-9 20 Top Shareholders- 10 Corporate Information-11

Operational Review

Interim Financial Statements for the Period Ended 30th September 2022

Analysis on Statement of Financial Position

Total Assets

Total Assets of the Group have increased by Rs. 2,578 Mn from Rs. 10,858 Mn as at 31st March 2022 to Rs. 13,436 Mn as at 30th September 2022. Total Non Current Assets were Rs. 6,540 Mn and Total Current Assets were Rs. 6,896 Mn as at 30th September 2022.

Equity Attributable to Parent Company's Shareholders

Equity attributable to Parent Company's Shareholders increased by Rs. 627 Mn from Rs. 4,595 Mn as at 31st March 2022 to Rs. 5,222 Mn as at 30th September 2022.

Net Asset Value Per Share (NAVPS)

The NAVPS increased to Rs. 42.55 as at 30th September 2022 compared with Rs. 37.44 per share recorded as at 31st March 2022.

Analysis on Statement of Profit or Loss and Other Comprehensive Income

Revenue | Expenses |Profit / (Loss) After Tax

Group revenue increased by 89% to Rs. 4,579 Mn for the quarter ended 30th September 2022 compared with Rs. 2,422 Mn in the corresponding quarter of the previous year. The composition of the Group Revenue for the quarter is 38.5% from export revenue and 61.5% from local revenue.

Total direct and other operational expenses have increased by 90% to Rs. 4,168 Mn for the quarter ended 30th September 2022 compared with Rs. 2,194 Mn in the comparable period in the previous year.

Earnings Before Interest, Tax and Depreciation

The Group reported Earnings Before Interest, Tax and Depreciation for the period amounting to Rs. 585 Mn for the quarter ended 30th September 2022 compared with the Rs. 414 Mn reported in the corresponding quarter of the previous year

Profit / (Loss) After Tax

The Group reported a profit for the period amounting to Rs. 171 Mn for the quarter ended 30th September 2022 compared with the profit of Rs. 181 Mn reported in the corresponding quarter of the previous year.

Earnings / (Loss) Per Share

Earnings per Share was Rs. 1.13 for the quarter ended 30th September 2022, compared with earnings per Share of Rs. 1.03 in the corresponding quarter of the previous year.

Page 2 of 11

INTERIM FINANCIAL STATEMENTS

RENUKA FOODS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period ended 30th September		GROUP				COMPANY
	Rs.'000'	Rs.'000'		Rs.'000'	Rs.'000'
	QUARTER ENDED	PERIOD ENDED		QUARTER ENDED	PERIOD ENDED
	30.09.2022	30.09.2021	30.09.2022	30.09.2021		30.09.2022	30.09.2021	30.09.2022	30.09.2021
	UNAUDITED	UNAUDITED	UNAUDITED	UNAUDITED		UNAUDIT ED	UNAUDITED	UNAUDITED	UNAUDITED
Revenue	4,578,757	2,422,208	8,921,822	4,274,975		73,160	129,753	73,160	129,753
Cost of Sales	(3,701,361)	(1,907,825)	(7,012,787)	(3,467,707)		-	-	-	-
Gross Profit	877,396	514,383	1,909,035	807,268		73,160	129,753	73,160	129,753
Other Income	12,083	29,054	25,867	40,717		-	-	-	-
Administrative Expenses	(141,457)	(120,055)	(306,806)	(253,147)		(2,105)	(2,726)	(4,228)	(3,938)
Selling & Distribution Expenses	(325,067)	(166,415)	(594,199)	(335,114)		-	-	-	-
Operating Profit	422,955	256,967	1,033,897	259,724		71,055	127,027	68,932	125,815
Finance Income	367,892	4,109	714,098	1,503		6	116	9	132
Finance Costs	(573,392)	(23,321)	(673,138)	(53,805)		(564)	(3,047)	(761)	(3,837)
Net Finance Income / (Cost)	(205,499)	(19,212)	40,961	(52,302)		(558)	(2,931)	(752)	(3,705)
Profit before Tax	217,455	237,755	1,074,857	207,422		70,497	124,096	68,180	122,110
Taxation	(46,434)	(57,135)	(201,595)	(57,135)		(10,137)	(19,346)	(10,137)	(19,346)
Profit for the period	171,021	180,620	873,262	150,287		60,360	104,750	58,043	102,764
Other Comprehensive Income / (Expense)	-	-	-	-		-	-	-	-
Total Comprehensive Income / (Expense) for the period	171,021	180,620	873,262	150,287		60,360	104,750	58,043	102,764
Profit Attributable to :
Owners of the Company	138,227	126,121	677,319	99,031		60,360	104,750	58,043	102,764
Non Controlling Interest	32,794	54,499	195,943	51,256		-	-	-	-
Profit for the period	171,021	180,620	873,262	150,287		60,360	104,750	58,043	102,764
Total Comprehensive Income / (Expense) attributable to :
Owners of the Company	138,227	126,121	677,319	99,031		60,360	104,750	58,043	102,764
Non Controlling Interest	32,794	54,499	195,943	51,256		-	-	-	-
Total Comprehensive Income / (Expense) for the period	171,021	180,620	873,262	150,287		60,360	104,750	58,043	102,764
Earnings Per Share (Rs.)	1.13	1.03	5.52	0.81		0.49	0.85	0.47	0.84
Dividend Per Share (Rs.)	0.41	-	0.41	-		0.41	-	0.41	-

1 The above figures are provisional and subject to audit. 2 Figures in brackets indicate deductions

3 The Notes set out on page 08 to 09 form an integral part of these Financial Statements.

Page 3 of 11

INTERIM FINANCIAL STATEMENTS

	RENUKA FOODS PLC
	ST AT EMENT OF FINANCIAL POSIT ION
		GROUP			COMPANY
AS AT		30.09.2022	31.03.2022		30.09.2022	31.03.2022
		Rs.'000'	Rs.'000'		Rs.'000'	Rs.'000'
		Unaudited	Audited		Unaudited	Audited
Assets
Non-Current Assets
Property , Plant and Equipment		4,612,073	4,672,435		-	-
Right of U se Assets		124,533	124,533		-	-
Inv estment Property		320,758	320,758		-	-
Biological Assets		128,232	120,940		-	-
Inv estment in Subsidiaries		-	-		3,293,149	3,293,149
Inv estment in FVTOC I		1,140,675	1,140,675		-	-
Intangible Assets and Goodw ill		213,419	216,108		-	-
T otal Non-Current Assets		6,539,690	6,595,449		3,293,149	3,293,149
Current Assets
Inv entories		3,824,077	1,912,174		-	-
Trade and Other Receiv ables		2,054,865	1,855,027		250	332
C urrent Tax Assets		6,647	4,086		-	-
Amounts Due from Related C ompanies		30,271	10,397		-	-
C ash and C ash Equiv alents		975,631	476,256		34,556	6,024
Assets H eld for Sale		4,699	4,699		-	-
T otal Current Assets		6,896,190	4,262,639		34,806	6,356
T otal Assets		13,435,880	10,858,088		3,327,955	3,299,505
Equity and Liabilities
Equity
Stated C apital		2,241,842	2,241,842		2,241,842	2,241,842
Rev aluation Reserv e		737,310	737,310		-	-
Retained Earnings		2,243,234	1,616,235		1,051,742	1,044,019
Equity attributable to Ow ners of the C ompany		5,222,386	4,595,387		3,293,584	3,285,861
N on C ontrolling Interest		1,466,214	1,309,461		-	-
T otal Equity		6,688,600	5,904,848		3,293,584	3,285,861
Non-Current Liabilities
Deferred Tax Liability		468,453	470,301		-	-
Interest Bearing Borrow ings		457,392	457,392		-	-
Lease Liabilities		139,097	139,097		-	-
Retirement Benefit Obligation		118,373	101,919		-	-
T otal Non-Current Liabilities		1,183,315	1,168,709		-	-
Current Liabilities
Trade and Other Pay ables		1,463,812	1,432,457		1,273	2,326
Amounts Due to Related C ompanies		1,284,087	37		9,723	-
Div idend Pay able		31,793	12,109		11,833	5,088
C urrent Portion of Interest Bearing Borrow ings		2,365,462	2,079,486		-	-
Lease Liabilities		23,109	23,109		-	-
C urrent Tax Pay able		226,236	87,677		11,542	6,145
Bank Ov erdraft		169,466	149,656		-	85
T otal Current Liabilities		5,563,965	3,784,531		34,371	13,644
T otal Liabilities		6,747,280	4,953,240		34,371	13,644
T otal Equity & Liabilities		13,435,880	10,858,088		3,327,955	3,299,505
Net Assets per share (Rs.)		42.55	37.44		26.84	26.77
The abov e figures are prov isional and subject to audit.
The N otes set out on page 08 to 09 form an integral part of these Financial Statements.
I certify that the Interim Financial Statements hav e been prepared in compliance w ith the requirements of the C ompanies Act N o.7 of 2007.
Sgd.
Dilshan Perera
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
These Financial Statements w ere approv ed and signed for and on behalf of of the Board of Directors of Renuka Foods PLC .
Sgd.					Sgd.
S .V. Rajiyah					M.S . Dominic
Director					Director
14th November 2022

Page 4 of 11

INTERIM FINANCIAL STATEMENTS

RENUKA FOODS PLC

ST ATEMENT OF CHANGES IN EQUITY

For the period ended		Equity Attributable to Owners of the Company	Non Controlling	T otal
		Stated	Revaluation	Retained	Total	Interest	Equity
		Capital	Reserve	Earnings
		Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000
COMPANY
Balance as at 1st April 2021		2,241,842	-	943,710	3,185,552	-	3,185,552
Profit for the period		-	-	102,764	102,764	-	102,764
Other C omprehensiv e Income, net of Tax		-	-	-	-	-	-
T otal Comprehensive Income for the period		-	-	102,764	102,764	-	102,764
Balance as at 30th September 2021		2,241,842	-	1,046,474	3,288,316	-	3,288,316
Balance as at 1st April 2022		2,241,842	-	1,044,019	3,285,861	-	3,285,861
Profit for the period		-	-	58,043	58,043	-	58,043
Other C omprehensiv e Income, net of Tax		-	-	-	-	-	-
T otal Comprehensive Income for the period		-	-	58,043	58,043	-	58,043
Div idend Paid		-	-	(50,320)	(50,320)	-	(50,320)
T otal T ransactions with the owners		-	-	(50,320)	(50,320)	-	(50,320)
Balance as at 30th September 2022		2,241,842	-	1,051,742	3,293,584	-	3,293,584
GROUP
Balance as at 1st April 2021		2,241,842	755,457	1,229,183	4,226,482	788,053	5,014,535
Profit for the period		-	-	99,031	99,031	51,256	150,287
Other C omprehensiv e Income, net of Tax		-	-	-	-	-	-
T otal Comprehensive Income for the period		-	-	99,031	99,031	51,256	150,287
Disposal of Subsidiaries		-	(138,245)	138,245	-	59,617	59,617
C hanges in ow nership interest that do not result in loss of control		-		(283,782)	(283,782)	283,782	-
Balance as at 30th September 2021		2,241,842	617,212	1,182,677	4,041,731	1,182,708	5,224,439
Balance as at 1st April 2022		2,241,842	737,310	1,616,235	4,595,387	1,309,461	5,904,848
Profit for the period		-	-	677,319	677,319	195,943	873,262
Other C omprehensiv e Income, net of Tax		-	-	-	-	-	-
T otal Comprehensive Income for the period		-	-	677,319	677,319	195,943	873,262
T ransactions with the owners
Div idend Paid		-	-	(50,320)	(50,320)	(39,190)	(89,510)
T otal T ransactions with the owners		-	-	(50,320)	(50,320)	(39,190)	(89,510)
Balance as at 30th September 2022		2,241,842	737,310	2,243,234	5,222,386	1,466,214	6,688,600
1 The abov e figures are prov isional and subject to audit.
2 Figures in brackets indicates deductions
3 The N otes set out on page 08 to 09 form an integral part of these Financial Statements.

Page 5 of 11

INTERIM FINANCIAL STATEMENTS