Richard Pieris and : Interim Financial Statement Second Quater -2022 -RPC

Richard Pieris and Company PLC

Interim Financial Statements

Six months ended 30th September 2022

Corporate Information

Legal Form

A quoted public Com pany with limited liability, incorporated in Sri Lanka under the Com panies Ordinance No. 51 of 1938 on 11th M ay 1940. The Com pany registration num ber is PQ 138.

Stock Exchange Listing

The Ordinary shares of the Com pany are listed in the Colom bo Stock Exchange of Sri Lanka.

Board of Directors

Dr. Sena Yaddehige - Chairman/ M anaging Director/ CEO

M r. W . J. Viville P. Perera - Director

M r. Sham inda Yaddehige - Director/COO

Dr. Jayatissa De Costa P.C. - Director

M r. Prasanna Fernando - Director

M r. Joseph Felix Fernandopulle - Director

M r. Shiron Gooneratne - Director

M r. W asantha Rukm al Abeysirigunawardena - Director

Registered Office

No. 310, High Level Road,

Nawinna, M aharagam a,

Sri Lanka.
Telephone	: + (94) 114310500
Fax	: + (94) 114310777
W ebsite	: www.arpico.com
E-m ail	: [e-mail]

Secretaries

Richard Pieris Group Services (Private) Lim ited

No. 310, High Level Road,

Nawinna, M aharagam a,

Sri Lanka.

Auditors

Ernst & Young

Chartered Accountants

No. 201, De Saram Place,

Colom bo 10,

Sri Lanka.

Consolidated Statement of Financial Position

	Unaudited			Audited
	As at			As at
	30th September			31st March
	2022	2022
As at				(Adjusted)
	Rs. '000			Rs. '000
Assets
Non-current assets
Property, plant and equipment	24,806,434	24,080,131
Leasehold properties	-	-
Investment properties	321,333	322,010
Right-of-use Assets	3,451,200	3,744,356
Intangible assets	1,143,864	1,143,970
Consumable Biological assets	1,451,095	1,449,731
Investments in subsidiaries	-	-
Investment in associates	394,845	351,442
Other non-current financial assets	4,591,359	4,176,443
Deferred tax assets	424,073		458,154
	36,584,203	35,726,247
Current assets
Inventories	17,136,683	12,338,422
Trade and other receivables	13,566,382	10,967,465
Produce on bearer biological assets	57,833	57,833
Loans and advances	12,199,375	13,389,724
Tax receivables	199,092	193,976
Other current financial assets	1,170,164	2,032,650
Cash and short-term deposits	9,603,611		10,231,658
	53,933,140		49,211,728
Total assets	90,517,343	84,937,975
Equity and liabilities
Equity
Stated capital	1,972,829	1,972,829
Revenue reserves	24,861,388	19,825,052
Statutory reserve fund	88,438	89,282
Other components of equity	(747,716)		(426,584)
Equity attributable to equity holders of the parent	26,174,939		21,460,579
Non-controlling interests	5,329,340		4,300,291
Total equity	31,504,279	25,760,870
Non-current liabilities
Interest - bearing loans and borrowings	3,048,196	4,291,740
Lease liabilities on Right-of-use Assets	2,846,686	3,483,170
Insurance provision	2,060,498	1,960,776
Provisions	167,423	161,776
Government grants	498,677	502,484
Employee benefit liabilities	2,388,317	2,494,781
Deferred tax liabilities	1,004,007		992,828
	12,013,804	13,887,555
Current liabilities
Trade and other payables	14,510,619	13,795,439
Public Deposits	7,751,713	9,909,830
Interest - bearing loans and borrowings	3,694,141	3,477,218
Lease liabilities on Right of use assets	1,184,262	759,704
Income tax payable	897,111	2,553,369
Short term borrowings	18,961,414		14,793,990
	46,999,260		45,289,550
Total liabilities	59,013,064		59,177,105
Total equity and liabilities	90,517,343		84,937,975
Net Assets Per Share (Rs.)	12.86	10.55
I certify that the financial statements comply with the requirements of the Companies Act No. 7 of 2007
Sudheera Epitakumbura
Deputy Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Wasantha .R. Abeysirigunawardena	W J V P Perera
Director	Director

14 November 2022

Colombo

Company Statement of Financial Position

	Unaudited			Audited
	As at			As at
	30th September			31st March
	2022	2022
As at				(Adjusted)
	Rs. '000			Rs. '000
Assets
Non-current assets
Property, plant and equipment	300,369	287,355
Investment properties	2,699,883	2,668,247
Right-of-use Assets	234,409	260,654
Investment in subsidiaries	4,487,432	4,487,432
Other non-current financial assets	789,223	1,249,479
Deferred tax assets	10,984		10,984
	8,522,300	8,964,151
Current assets
Inventory	6,004	7,701
Trade and other receivables	303,793	286,918
Amounts due from subsidiaries	6,151,347	4,582,315
Cash and short-term deposits	470,011		1,011,831
	6,931,155		5,888,765
Total assets	15,453,455	14,852,917
Equity and liabilities
Equity
Stated capital	1,972,829	1,972,829
Revenue reserves	3,780,915	2,463,458
Other components of equity	(1,035,366)		(670,434)
Total equity	4,718,378	3,765,853
Non-current liabilities
Lease liabilities on Right-of-use Assets	333,427	364,611
Deferred tax liability	-	-
Employee benefit liabilities	57,408		63,871
	390,835	428,482
Current liabilities
Trade and other payables	566,930	394,507
Lease liabilities on Right-of-use Assets	62,708	49,149
Amounts due to subsidiaries	224,803	118,952
Income tax payable	142,231	538,052
Short term borrowings	9,347,570		9,557,922
	10,344,242		10,658,582
Total liabilities	10,735,077		11,087,064
Total equity and liabilities	15,453,455		14,852,917
Net Assets Per Share (Rs.)	2.32	1.85
I certify that the financial statements comply with the requirements of the Companies Act No. 7 of 2007
Sudheera Epitakumbura
Deputy Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Wasantha .R. Abeysirigunawardena	W J V P Perera
Director	Director

14 November 2022

Colombo

Consolidated Statement of Profit or Loss

	Unaudited			Unaudited
	03 months ended		03 months ended			06 months ended		06 months ended
	30th September		30th September	Variance	30th September		30th September	Variance
	2022	2021			2022	2021
	Rs. '000		Rs. '000	%		Rs. '000		Rs. '000	%
Continuing operations
Revenue from contracts with customers	18,442,589	14,406,315	28%		39,186,968	27,304,455	44%
Revenue from insurance contracts	564,539	495,691	14%		1,074,353	947,656	13%
Interest Revenue	607,164		553,878	10%		1,126,589		1,108,377	2%
Total Revenue	19,614,292	15,455,884			41,387,911	29,360,488
Cost of sales	(13,791,488)		(11,245,913)	23%		(28,181,940)		(21,603,886)	30%
Gross profit	5,822,805	4,209,971	38%		13,205,971	7,756,602	70%
Other operating income	496,334	266,974	86%		1,731,888	589,645	194%
Selling and distribution expenses	(965,283)	(778,007)	24%		(2,169,313)	(1,438,860)	51%
Administrative expenses	(2,148,528)	(1,578,441)	36%		(4,210,950)	(3,119,864)	35%
Other operating expenses	(14,401)		(4,044)	256%		(150,479)		(8,146)	1747%
Operating profit	3,190,926	2,116,453	51%		8,407,118	3,779,377	122%
Finance costs	(1,349,367)	(354,677)	280%		(2,668,757)	(699,881)	281%
Finance Income	686,225	145,601	371%		1,318,323	266,268	395%
Share of profit of an associate	112,612		89,582	26%		168,515		155,876	8%
Profit before tax from continuing operations	2,640,396	1,996,959	32%		7,225,199	3,501,640	106%
Income tax expense	(666,537)		(274,829)	143%		(1,151,444)		(538,727)	114%
Profit for the period from continuing operations	1,973,859	1,722,130	15%		6,073,755	2,962,913	105%
Discontinued operations
Profit/Loss after tax for the period from discontinued	(491)		979	-150%		(1,001)		(646)	55%
Profit for the period	1,973,368	1,723,109	15%		6,072,754	2,962,267	105%
Attributable to:
Equity holders of the parent	1,480,336	1,479,909	0%		5,054,735	2,548,936	98%
Non-controlling interests	493,032		243,200	103%		1,018,018		413,331	146%
	1,973,368	1,723,109			6,072,754	2,962,267
Earnings per share
Basic (Rs.)	0.73	0.73			2.48	1.25
Diluted (Rs.)	0.73	0.73			2.48	1.25

Figures in brackets indicate deductions.

The above figures are subject to audit