R I L PROPERTY PLC INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED 30 JUNE 2022
R I L PROPERTY PLC
INTERIM CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the three months ended 30th June, | ||||||
Group | Company | |||||
Three months ended | Three months ended | |||||
30 June 2022 | 30 June 2021 | 30 June 2022 | 30 June 2021 | |||
Unaudited | Unaudited | Unaudited | Unaudited | |||
LKR'000 | LKR'000 | LKR'000 | LKR'000 | |||
Continuing operations | ||||||
Revenue | 3,570,321 | 3,631,528 | 246,551 | 215,696 | ||
Cost of sales | (2,400,916) | (2,886,311) | (19,055) | (15,624) | ||
Gross profit | 1,169,405 | 745,217 | 227,496 | 200,072 | ||
Other income and gains | 19,999 | 22,836 | 29,803 | 3,276 | ||
Marketing and Promotional expenses | (92,507) | (71,970) | (2,281) | (5) | ||
Administrative expenses | (721,638) | (509,554) | (74,983) | (67,819) | ||
Profit from operating activities | 375,259 | 186,529 | 180,035 | 135,524 | ||
Finance expenses | (664,100) | (79,152) | (225,010) | (49,753) | ||
Finance income | 159,698 | 77,984 | 23,862 | 43,071 | ||
Net finance income/(expense) | (504,402) | (1,168) | (201,148) | (6,682) | ||
Share of profit of equity accounted investees,net of tax | 346 | - | - | - | ||
Profit/(loss) before tax from continuing operations | (128,797) | 185,361 | (21,113) | 128,842 | ||
Income tax reversal/(expense) | (14,004) | (35,340) | - | (1,184) | ||
Profit/(loss) for the period from continuing operations | (142,801) | 150,021 | (21,113) | 127,658 | ||
Discontinued operation | ||||||
Loss after tax for the year from discontinued operation | - | (12,926) | - | - | ||
Profit/(loss) for the period | (142,801) | 137,095 | (21,113) | 127,658 | ||
Other comprehensive income | ||||||
Items that will not be reclassified to the profit or loss in subsequent periods : | ||||||
Changes in fair value of other investments at fair value through other comprehensive | ||||||
income | (30,674) | 5,846 | - | - | ||
Other comprehensive income/(expense) for the period, net of tax | (30,674) | 5,846 | - | - | ||
Total comprehensive income/(expense) for the period, net of tax | (173,475) | 142,941 | (21,113) | 127,658 | ||
Profit/(loss) for the period attributable to: | ||||||
Owners of the parent | (88,870) | 131,761 | (21,113) | 127,658 | ||
Non-controlling interest | (53,931) | 5,334 | - | - | ||
(142,801) | 137,095 | (21,113) | 127,658 | |||
Total comprehensive income/(expense) for the period attributable to: | ||||||
Owners of the parent | (104,514) | 134,743 | (21,113) | 127,658 | ||
Non-controlling interest | (68,961) | 8,198 | - | - | ||
(173,475) | 142,941 | (21,113) | 127,658 | |||
Earnings Per share attributable for continuing operations LKR | (0.11) | 0.18 | (0.03) | 0.16 | ||
Earnings Per share/(loss per share) attributable for discontinued operation LKR | - | (0.02) | - | - | ||
Figures in brackets indicate deductions |
R I L PROPERTY PLC
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
Group | Company | ||||
30 June 2022 | 31 March 2022 | 30 June 2022 | 31 March 2022 | ||
Unaudited | Audited | Unaudited | Audited | ||
LKR'000 | LKR'000 | LKR'000 | LKR'000 | ||
ASSETS | |||||
Non-Current Assets | |||||
Property, plant and equipment | 13,303,481 | 13,392,680 | 381,980 | 390,395 | |
Investment property | 15,329,081 | 15,329,037 | 15,329,081 | 15,329,037 | |
Intangible assets | 269,794 | 278,391 | 2,172 | 2,496 | |
Right-of-use assets | 334,863 | 345,566 | - | - | |
Investments in subsidiaries | - | - | 6,004,190 | 6,004,190 | |
Investment in Preference shares | 13,915 | 13,915 | - | - | |
Investment in Joint ventures | 15,745 | 15,399 | - | - | |
Financial assets at fair value through other comprehensive income | 109,887 | 140,562 | - | - | |
Reimbursable right | 34,833 | 34,833 | - | - | |
Investment in debentures | 200,000 | 200,000 | 200,000 | 200,000 | |
Deferred tax assets | 569,744 | 542,539 | - | - | |
Lease rentals receivable on straight line adjustment | 62,891 | 65,678 | 62,891 | 65,678 | |
Advance paid for investments | 5,115 | 5,115 | - | - | |
Total non-current assets | 30,249,349 | 30,363,715 | 21,980,314 | 21,991,796 | |
Current Assets | |||||
Inventories | 6,527,868 | 6,282,170 | 13,793 | 8,128 | |
Trade and other receivables | 3,892,714 | 3,809,704 | 172,095 | 239,187 | |
Income tax receivable | 26,915 | 29,796 | - | - | |
Financial assets at fair value through profit or loss | 769,746 | 1,810,107 | 408,083 | 680,263 | |
Investment in financial assets | 97,446 | - | 97,446 | - | |
Cash and bank | 872,938 | 692,205 | 58,855 | 44,201 | |
Total current assets | 12,187,627 | 12,623,982 | 750,272 | 971,779 | |
Total Assets | 42,436,976 | 42,987,697 | 22,730,586 | 22,963,575 | |
EQUITY AND LIABILITIES | |||||
Equity | |||||
Stated capital | 7,360,000 | 7,360,000 | 7,360,000 | 7,360,000 | |
Revaluation reserve | 1,305,892 | 1,305,892 | 261,262 | 261,262 | |
Other components of equity | (37,529) | (21,885) | - | - | |
Retained earnings | 10,681,257 | 10,930,127 | 8,835,158 | 9,016,271 | |
Total equity attributable to equity holders of the Company | 19,309,620 | 19,574,134 | 16,456,420 | 16,637,533 | |
Non controlling interests | 7,275,272 | 7,368,953 | - | - | |
Total equity | 26,584,892 | 26,943,087 | 16,456,420 | 16,637,533 | |
Non-current liabilities | |||||
Interest bearing loans and borrowings | 5,253,913 | 5,612,462 | 3,926,750 | 4,257,231 | |
Employee benefits | 255,523 | 243,822 | 13,246 | 13,075 | |
Lease liabilities | 234,135 | 259,723 | - | - | |
Deferred tax liabilities | 2,538,923 | 2,547,279 | 1,091,788 | 1,091,788 | |
Rent received in advance | 161,097 | 98,695 | 161,097 | 98,695 | |
Customer deposits | 269,049 | 204,794 | 269,049 | 204,794 | |
Total non-current liabilities | 8,712,640 | 8,966,775 | 5,461,930 | 5,665,583 | |
Current liabilities | |||||
Trade and other payables | 3,173,752 | 3,930,657 | 400,078 | 254,840 | |
Interest bearing loans and borrowings | 3,438,842 | 2,721,403 | 393,367 | 388,760 | |
Lease liabilities | 114,553 | 97,057 | - | - | |
Income tax payable | 116,189 | 109,440 | 12,171 | 12,171 | |
Bank overdrafts | 296,108 | 219,278 | 6,620 | 4,688 | |
Total current liabilities | 7,139,444 | 7,077,835 | 812,236 | 660,459 | |
Total equity and liabilities | 42,436,976 | 42,987,697 | 22,730,586 | 22,963,575 | |
These Interim Condensed Financial Statements are in compliance with the requirements of the Companies Act No.7 of 2007.
…………………………………..
Chief Finance Officer
The Board of Directors is responsible for these Financial Statements, Signed for and on behalf of the Board by,
………………………….. | …………………………………………………………………… |
Chairman | Chief Executive Officer/Executive Director |
12 August 2022 | |
Colombo |
R I L PROPERTY PLC
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
Group | Stated | Revaluation | FVOCI Reserve | Reserve of | Retained | Shareholder's | Non-Controlling | Total Equity | ||
Capital | Reserve | Disposal | Earnings | Funds | Interest | |||||
Group Held for | ||||||||||
Sale | ||||||||||
LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | |||
Balance as at 1 April 2021 | ||||||||||
7,360,000 | 838,391 | (31,610) | 91,277 | 10,283,852 | 18,541,910 | 6,339,103 | 24,881,013 | |||
Profit for the Period | - | - | - | - | 131,761 | 131,761 | 5,334 | 137,095 | ||
Other comprehensive income | ||||||||||
Changes in fair value of other investments at fair value through other | ||||||||||
comprehensive income | - | - | 2,981 | - | - | 2,981 | 2,865 | 5,846 | ||
Net gain on disposal of equity investments at fair value through other | ||||||||||
comprehensive income | - | - | (7) | - | 7 | - | - | - | ||
Discontinued operation | - | - | - | (91,277) | 91,277 | - | - | - | ||
Total comprehensive income for the period | - | - | 2,974 | (91,277) | 223,045 | 134,742 | 8,199 | 142,941 | ||
Balance as at 30 June 2021 | ||||||||||
7,360,000 | 838,391 | (28,636) | - | 10,506,897 | 18,676,652 | 6,347,302 | 25,023,954 | |||
Balance as at 1 April 2022 | 7,360,000 | 1,305,892 | (21,885) | - | 10,930,127 | 19,574,134 | 7,368,953 | 26,943,087 | ||
Profit for the Period | ||||||||||
- | - | - | - | (88,870) | (88,870) | (53,931) | (142,801) | |||
Other comprehensive income | ||||||||||
Changes in fair value of other investments at fair value through other | ||||||||||
comprehensive income | - | - | (15,644) | - | - | (15,644) | (15,030) | (30,674) | ||
Total comprehensive income for the period | - | - | (15,644) | - | (88,870) | (104,514) | (68,961) | (173,475) | ||
Dividend paid | - | - | - | - | (160,000) | (160,000) | (24,720) | (184,720) | ||
Balance as at 30 June 2022 | ||||||||||
7,360,000 | 1,305,892 | (37,529) | - | 10,681,257 | 19,309,620 | 7,275,272 | 26,584,892 | |||
Company | ||||||||||
Stated | Revaluation | Retained | Total Equity | |||||||
Capital | Reserve | Earnings | ||||||||
LKR'000 | LKR'000 | LKR'000 | LKR'000 | |||||||
Balance as at 1 April 2021 | 7,360,000 | 230,939 | 8,365,509 | 15,956,448 | ||||||
Profit for the Period | - | - | 127,658 | 127,658 | ||||||
Balance as at 30 June 2021 | ||||||||||
7,360,000 | 230,939 | 8,493,167 | 16,084,106 | |||||||
Balance as at 1 April 2022 | ||||||||||
7,360,000 | 261,262 | 9,016,271 | 16,637,533 | |||||||
Profit for the Period | ||||||||||
- | - | (21,113) | (21,113) | |||||||
Dividend paid | - | - | (160,000) | (160,000) | ||||||
Balance as at 30 June 2022 | ||||||||||
7,360,000 | 261,262 | 8,835,158 | 16,456,420 | |||||||
Figures in brackets indicate deductions
R I L PROPERTY PLC
INTERIM CONDENSED STATEMENT OF CASH FLOWS
Group | Company | ||||
30 June 2022 | 30 June 2021 | 30 June 2022 | 30 June 2021 | ||
Unaudited | Unaudited | Unaudited | Unaudited | ||
LKR'000 | LKR'000 | LKR'000 | LKR'000 | ||
Cash flows from/(used in) operating activities | |||||
Profit/(loss) before tax from continuing operations | (128,797) | 185,361 | (21,113) | 128,842 | |
Profit/(loss) before tax from discontinued operation | - | (12,926) | - | - | |
Adjustments for | |||||
Depreciation, amortisation | 112,540 | 69,456 | 8,815 | 7,583 | |
(Gain) on disposal of property, plant and equipment | (469) | (286) | - | - | |
(Gain) on fair value of financial assets at FVTPL | (1,527) | (31,958) | - | (29,846) | |
Loss on fair value of financial assets at FVTPL | 67,381 | - | 20,762 | - | |
Provision for slow moving/obsolete inventories | 3,712 | - | - | - | |
Impairment of trade receivables and bad debt written off | (4,296) | 27,497 | (844) | 5,568 | |
Amortisation of right-of-use assets | 45,336 | 33,516 | - | - | |
Adjustment for rent concessions | - | (958) | - | - | |
Finance cost | 596,719 | 79,152 | 204,248 | 49,753 | |
Finance income | (156,252) | (39,300) | (23,729) | (11,194) | |
Dividend income from FVOCI investments | - | (4,695) | - | - | |
Dividend income from subsidiaries | - | - | (25,730) | - | |
Dividend income from FVTPL investments | (1,919) | (2,031) | (133) | (2,031) | |
Share of results of equity accounted investees | (346) | - | - | - | |
Provision for defined benefit obligations | 12,337 | 10,314 | 525 | 325 | |
Operating profit/(loss) before working capital changes | 544,419 | 313,142 | 162,801 | 149,000 | |
(Increase)/decrease in inventories | (249,410) | 140,383 | (5,665) | (229) | |
(Increase)/decrease in trade and other receivables | (75,927) | (501,948) | (18,921) | 73,467 | |
Increase/(decrease) customer deposits | 122,109 | 15,554 | 41,169 | (371) | |
Increase/(decrease) in trade and other payables | (793,384) | 22,914 | 66,176 | (68,935) | |
Cash generated from operations | (452,193) | (9,955) | 245,560 | 152,932 | |
Finance cost Paid | (659,552) | (74,054) | (199,700) | (44,655) | |
Income tax Paid | (39,937) | (49,730) | - | (4,000) | |
Gratuity paid | (636) | - | (354) | - | |
Net cash from/(used in) operating activities | (1,152,318) | (133,739) | 45,506 | 104,277 | |
Cash flows from/(used in) investing activities | |||||
Acquisition of property, plant & equipment | (23,547) | (5,380) | (76) | (408) | |
Proceeds from sale of property, plant & equipment | 9,272 | 1,875 | - | - | |
Expenditure incurred on investment property | (44) | (2,896) | (44) | (2,896) | |
(Net investment in) / proceeds from other financial assets and unit trust | 1,041,888 | 1,621,135 | 251,418 | (195,384) | |
(Investment in) / proceeds from financial assets designated at fair value | |||||
through other comprehensive income | - | 16 | - | - | |
Investment in treasury bill | (94,596) | - | (94,596) | - | |
Net investment in call deposits | 11,918 | 214,590 | - | - | |
Dividend income from FVTPL Investments | 1,919 | 2,031 | 22,932 | 2,031 | |
Dividend Income from Subsidiaries | - | - | 92,575 | - | |
Dividend income from FVOCI investments | - | 4,695 | - | - | |
Finance income | 153,402 | 39,300 | 20,879 | 11,194 | |
Sale proceed on disposal of subsidiary investment | - | 250,940 | - | 245,000 | |
Investment in debentures | - | (200,000) | - | (200,000) | |
Net cash flows from/(used in) investing activities | 1,100,212 | 1,926,306 | 293,088 | (140,463) | |
Cash flows from/(used in) financing activities | |||||
Proceeds from interest bearing loans & borrowings | 2,284,293 | 1,709,565 | - | 100,000 | |
Repayment of interest bearing loans & borrowings | (2,016,496) | (3,652,551) | (325,874) | (111,820) | |
Principal element of lease payments | (42,725) | (18,125) | - | - | |
Dividend paid to non-controlling interest | (57,145) | - | - | - | |
Net cash flows from/(used in) financing activities | 167,927 | (1,961,111) | (325,874) | (11,820) | |
Net increase/(decrease) in cash and cash equivalents | 115,821 | (168,544) | 12,720 | (48,006) | |
Cash and cash equivalents at the beginning of the period | 446,648 | 594,104 | 39,513 | 42,079 | |
Cash and cash equivalents at the end of the period | 562,469 | 425,560 | 52,233 | (5,927) | |
Figures in brackets indicate deductions
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RIL Property plc published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 11:44:08 UTC.
