R I L PROPERTY PLC INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31 DECEMBER 2022
R I L PROPERTY PLC
INTERIM CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the nine months ended 31st December, | |||||||||||
Group | Company | ||||||||||
Quarter ended | Nine months ended | Quarter ended | Nine months ended | ||||||||
31 Dec 2022 | 31 Dec 2021 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2022 | 31 Dec 2021 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | ||||
LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | LKR'000 | ||||
Continuing operations | |||||||||||
Revenue | 2,497,491 | 3,919,016 | 9,757,874 | 11,775,791 | 291,624 | 212,846 | 842,430 | 641,722 | |||
Cost of sales | (1,441,493) | (2,587,054) | (6,336,156) | (8,631,624) | (26,745) | (17,489) | (64,228) | (50,028) | |||
Gross profit | 1,055,998 | 1,331,962 | 3,421,718 | 3,144,167 | 264,879 | 195,357 | 778,202 | 591,694 | |||
Other income and gains | 28,473 | 22,090 | 76,957 | 322,807 | 4,015 | 3,802 | 36,915 | 72,232 | |||
Marketing and Promotional expenses | (107,289) | (108,973) | (270,429) | (270,491) | (349) | (109) | (3,229) | (121) | |||
Administrative expenses | (1,032,505) | (574,099) | (2,497,781) | (1,650,564) | (89,498) | (60,024) | (238,638) | (208,609) | |||
Profit from operating activities | (55,323) | 670,980 | 730,465 | 1,545,919 | 179,047 | 139,026 | 573,250 | 455,196 | |||
Finance expenses | (614,220) | (129,209) | (1,510,360) | (346,410) | (290,053) | (99,112) | (739,868) | (222,764) | |||
Finance income | 17,000 | 66,464 | 310,145 | 184,225 | 4,501 | 16,081 | 65,123 | 58,020 | |||
Net finance income/(expense) | (597,220) | (62,745) | (1,200,215) | (162,185) | (285,552) | (83,031) | (674,745) | (164,744) | |||
Share of profit of equity accounted investees,net of tax | 141 | 340 | 939 | 934 | - | - | - | - | |||
Profit/(loss) before tax from continuing operations | (652,402) | 608,575 | (468,811) | 1,384,668 | (106,505) | 55,995 | (101,495) | 290,452 | |||
Income tax reversal/(expense) | (103,906) | (97,851) | (208,487) | (201,433) | (325,402) | - | (325,402) | (2,649) | |||
Profit/(loss) for the period from continuing operations | (756,308) | 510,724 | (677,298) | 1,183,235 | (431,907) | 55,995 | (426,897) | 287,803 | |||
Discontinued operation | |||||||||||
Loss after tax for the year from discontinued operation | - | - | - | (12,926) | - | - | - | - | |||
Profit after tax of gain on disposal of joint venture | - | - | - | 16,250 | - | - | - | - | |||
Profit/(loss) for the period | (756,308) | 510,724 | (677,298) | 1,186,559 | (431,907) | 55,995 | (426,897) | 287,803 | |||
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 | (12,557) | 19,662 | (19,445) | 29,230 | - | - | - | - | |||
- | |||||||||||
Tax effects on other comprehensive income | (570,769) | - | (570,768) | - | - | - | - | - | |||
Items that will be reclassified profit or loss in subsequent periods | |||||||||||
Other comprehensive income/(expense) for the period, net of tax | (583,326) | 19,662 | (590,213) | 29,230 | - | - | - | - | |||
Total comprehensive income/(expense) for the period, net of tax | (1,339,634) | 530,386 | (1,267,511) | 1,215,789 | (431,907) | 55,995 | (426,897) | 287,803 | |||
Profit/(loss) for the period attributable to: | |||||||||||
Owners of the parent | (617,795) | 309,130 | (593,918) | 842,945 | (431,907) | 55,995 | (426,897) | 287,803 | |||
Non-controlling interest | (138,513) | 201,594 | (83,380) | 343,614 | - | - | - | - | |||
(756,308) | 510,724 | (677,298) | 1,186,559 | (431,907) | 55,995 | (426,897) | 287,803 | ||||
Total comprehensive income/(expense) for the period attributable to: | |||||||||||
Owners of the parent | (982,025) | 319,158 | (961,661) | 857,852 | (431,907) | 55,995 | (426,897) | 287,803 | |||
Non-controlling interest | (357,609) | 211,228 | (305,850) | 357,937 | - | - | - | - | |||
(1,339,634) | 530,386 | (1,267,511) | 1,215,789 | (431,907) | 55,995 | (426,897) | 287,803 | ||||
Earnings Per share attributable for continuing operations LKR | (0.77) | 0.39 | (0.74) | 1.05 | (0.54) | 0.07 | (0.53) | 0.36 | |||
Earnings Per share/(loss per share) attributable for discontinued operation LKR | - | - | - | 0.00 | - | - | - | - | |||
(Figures in brackets indicate deductions) |
R I L PROPERTY PLC
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
ASSETS
Non-Current Assets
Property, plant and equipment Investment property Intangible assets Right-of-use assets Investments in subsidiaries Investment in Preference shares Investment in Joint ventures
Financial assets at fair value through other comprehensive income Reimbursable right
Investment in debentures Deferred tax assets
Straight line adjustment on lease rentals receivable Advance paid for investments
Total non-current assets
Current Assets
Inventories
Trade and other receivables
Income tax receivable
Financial assets at fair value through profit or loss
Cash and bank
Total current assets
Total Assets
EQUITY AND LIABILITIES
Equity
Stated capital
Revaluation reserve
Other components of equity
Retained earnings
Total equity attributable to equity holders of the Company
Non controlling interests
Total equity
Non-current liabilities
Interest bearing loans and borrowings
Employee benefits
Lease liabilities
Deferred tax liabilities
Rent received in advance
Customer deposits
Total non-current liabilities
Current liabilities
Trade and other payables
Interest bearing loans and borrowings
Lease liabilities
Income tax payable
Bank overdrafts
Total current liabilities
Group | Company | |||||
31 Dec 2022 | 31 March 2022 | 31 Dec 2022 | 31 March 2022 | |||
Unaudited | Audited | Unaudited | Audited | |||
LKR'000 | LKR'000 | LKR'000 | LKR'000 | |||
13,114,761 | 13,392,680 | 365,193 | 390,395 | |||
15,330,270 | 15,329,037 | 15,330,270 | 15,329,037 | |||
257,344 | 278,391 | 1,590 | 2,496 | |||
285,514 | 345,566 | - | - | |||
- | - | 6,004,190 | 6,004,190 | |||
11,077 | 13,915 | - | - | |||
15,087 | 15,399 | - | - | |||
90,448 | 140,562 | - | - | |||
34,834 | 34,833 | - | - | |||
200,000 | 200,000 | 200,000 | 200,000 | |||
1,002,771 | 542,539 | - | - | |||
55,696 | 65,678 | 55,696 | 65,678 | |||
5,115 | 5,115 | - | - | |||
30,402,917 | 30,363,715 | 21,956,939 | 21,991,796 | |||
5,571,464 | 6,282,170 | 20,722 | 8,128 | |||
3,462,631 | 3,809,704 | 157,996 | 239,187 | |||
18,757 | 29,796 | - | - | |||
430,211 | 1,810,107 | 206,665 | 680,263 | |||
1,079,675 | 692,205 | 95,398 | 44,201 | |||
10,562,738 | 12,623,982 | 480,781 | 971,779 | |||
40,965,655 | 42,987,697 | 22,437,720 | 22,963,575 | |||
7,360,000 | 7,360,000 | 7,360,000 | 7,360,000 | |||
948,177 | 1,305,892 | 261,262 | 261,262 | |||
(34,879) | (21,885) | - | - | |||
10,179,175 | 10,930,127 | 8,429,374 | 9,016,271 | |||
18,452,473 | 19,574,134 | 16,050,636 | 16,637,533 | |||
7,038,383 | 7,368,953 | - | - | |||
25,490,856 | 26,943,087 | 16,050,636 | 16,637,533 | |||
5,124,788 | 5,612,462 | 3,674,502 | 4,257,231 | |||
279,891 | 243,822 | 13,835 | 13,075 | |||
172,724 | 259,723 | - | - | |||
3,572,738 | 2,547,279 | 1,417,190 | 1,091,788 | |||
168,669 | 98,695 | 168,669 | 98,695 | |||
228,322 | 204,794 | 228,322 | 204,794 | |||
9,547,132 | 8,966,775 | 5,502,518 | 5,665,583 | |||
1,604,866 | 3,930,657 | 354,851 | 254,840 | |||
3,731,312 | 2,721,403 | 514,115 | 388,760 | |||
120,514 | 97,057 | - | - | |||
151,930 | 109,440 | 12,171 | 12,171 | |||
319,045 | 219,278 | 3,429 | 4,688 | |||
5,927,667 | 7,077,835 | 884,566 | 660,459 |
Total equity and liabilities
40,965,655
42,987,697
22,437,720
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 |
13 February 2023 | |
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 | - | - | - | - | 842,945 | 842,945 | 343,614 | 1,186,559 | ||
Other comprehensive income | ||||||||||
Changes in fair value of other investments at fair value through other | ||||||||||
comprehensive income | - | - | 14,907 | - | - | 14,907 | 14,323 | 29,230 | ||
Net gain on disposal of equity investments at fair value through other | ||||||||||
comprehensive income | - | - | (1,179) | - | 1,179 | - | - | - | ||
Discontinued operation | - | - | - | (91,277) | 91,277 | - | - | - | ||
Total comprehensive income for the period | - | - | 13,728 | (91,277) | 935,401 | 857,852 | 357,937 | 1,215,789 | ||
Dividends to equity holders | - | - | - | - | (120,000) | (120,000) | (64,741) | (184,741) | ||
Non controlling interest on acquisition of subsidiary | - | - | - | - | - | - | 1,024,448 | 1,024,448 | ||
Adjustment on changes to non controlling interest in subsidiaries | - | - | - | - | (46,420) | (46,420) | (286,424) | (332,844) | ||
Balance as at 31 December 2021 | ||||||||||
7,360,000 | 838,391 | (17,882) | - | 11,052,833 | 19,233,342 | 7,370,323 | 26,603,665 | |||
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/(Loss) for the Period | ||||||||||
- | - | - | - | (593,918) | (593,918) | (83,380) | (677,298) | |||
Other comprehensive income | ||||||||||
Changes in fair value of other investments at fair value through other | ||||||||||
comprehensive income | - | - | (9,917) | - | - | (9,917) | (9,528) | (19,445) | ||
Net gain on disposal of equity investments at fair value through other | ||||||||||
comprehensive income | - | - | (3,077) | - | 3,077 | - | - | - | ||
Tax effects on other comprehensive income | - | (357,715) | - | - | (111) | (357,826) | (212,942) | (570,768) | ||
Total comprehensive income for the period | ||||||||||
- | (357,715) | (12,994) | - | (590,952) | (961,661) | (305,850) | (1,267,511) | |||
Dividends for equity holders | - | - | - | - | (160,000) | (160,000) | (24,720) | (184,720) | ||
Balance as at 31 December 2022 | ||||||||||
7,360,000 | 948,177 | (34,879) | - | 10,179,175 | 18,452,473 | 7,038,383 | 25,490,856 | |||
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 | - | - | 287,803 | 287,803 | ||||||
Dividends to equity holders | - | - | (120,000) | (120,000) | ||||||
Balance as at 31 December 2021 | ||||||||||
7,360,000 | 230,939 | 8,533,312 | 16,124,251 | |||||||
Balance as at 1 April 2022 | ||||||||||
7,360,000 | 261,262 | 9,016,271 | 16,637,533 | |||||||
Profit/(loss) for the Period | ||||||||||
- | - | (426,897) | (426,897) | |||||||
Dividends to equity holders | - | - | (160,000) | (160,000) | ||||||
Balance as at 31 December 2022 | ||||||||||
7,360,000 | 261,262 | 8,429,374 | 16,050,636 | |||||||
(Figures in brackets indicate deductions)
R I L PROPERTY PLC
INTERIM CONDENSED STATEMENT OF CASH FLOWS
Group | Company | ||||
31 Dec 2022 | 31 Dec 2021 | 31 Dec 2022 | 31 Dec 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 | (468,811) | 1,384,668 | (101,495) | 290,452 | |
Profit/(loss) before tax from discontinued operation | - | 3,324 | - | - | |
Adjustments for | |||||
Depreciation, amortisation | 336,329 | 300,061 | 26,506 | 23,492 | |
(Gain) on disposal of property, plant and equipment | (19,693) | (62,989) | - | (11,111) | |
(Gain) on fair value of financial assets at FVTPL | 13,627 | (26,330) | (1,396) | 505 | |
Loss on fair value of financial assets at FVTPL | (269) | - | (269) | - | |
Provision for slow moving/obsolete inventories | 27,294 | - | - | - | |
Impairment of trade receivables and bad debt written off | 35,077 | 6,331 | (201) | 7,301 | |
Amortisation of right-of-use assets | 125,655 | 112,380 | - | - | |
Finance cost | 1,510,629 | 346,410 | 740,137 | 208,696 | |
Finance income | (303,992) | (146,953) | (59,517) | (52,639) | |
Dividend income from FVOCI investments | - | (10,942) | - | - | |
Dividend income from subsidiaries | - | - | (25,730) | (51,459) | |
Dividend income from FVTPL investments | (19,780) | (5,886) | (5,606) | (5,886) | |
Share of results of equity accounted investees | (939) | (934) | - | - | |
Gain on disposal of joint venture | - | (16,250) | - | - | |
Gain on bargain purchase of subsidiary | - | (201,790) | - | - | |
Provision for defined benefit obligations | 37,728 | 31,543 | 1,575 | 1,575 | |
Operating profit/(loss) before working capital changes | 1,272,855 | 1,712,643 | 574,004 | 410,926 | |
(Increase)/decrease in inventories | 683,412 | (1,026,060) | (12,594) | (1,447) | |
(Increase)/decrease in trade and other receivables | 332,858 | (819,900) | (24,000) | 106,118 | |
Increase/(decrease) customer deposits | 76,850 | 21,034 | 26,025 | 37,835 | |
Increase/(decrease) in trade and other payables | (2,293,365) | 305,989 | 150,836 | (77,052) | |
Cash generated from operations | 72,610 | 193,706 | 714,271 | 476,380 | |
Finance cost Paid | (1,203,211) | (332,342) | (587,575) | (208,696) | |
Income tax Paid | (171,381) | (176,167) | - | (5,526) | |
Gratuity paid | (1,659) | (949) | (815) | (882) | |
Net cash from/(used in) operating activities | (1,303,641) | (315,752) | 125,881 | 261,276 | |
Cash flows from/(used in) investing activities | |||||
Acquisition of property, plant & equipment | (38,829) | (222,530) | (399) | (21,104) | |
Acquisition of intangible assets | (5,019) | (680) | - | (522) | |
Proceeds from sale of property, plant & equipment | 26,179 | 73,636 | 1 | 11,111 | |
Expenditure incurred on investment property | (1,233) | (12,255) | (1,233) | (12,255) | |
Redemption of investments in preference shares | 2,838 | - | - | - | |
(Net investment in) / proceeds from other financial assets and unit trust | 1,366,538 | 2,130,093 | 475,263 | (63,222) | |
(Investment in) / proceeds from financial assets designated at fair value | |||||
through other comprehensive income | 30,669 | 13,217 | - | - | |
Investment in treasury bill | 5,404 | - | 5,404 | - | |
Net investment in call deposits | 5,474 | 195,181 | - | - | |
Dividend income from FVTPL Investments | 19,780 | 5,886 | 28,405 | 5,886 | |
Dividend Income from Subsidiaries | - | - | 118,305 | 51,459 | |
Dividend income from Joint ventures | 1,251 | - | - | - | |
Dividend income from FVOCI investments | - | 10,942 | - | - | |
Finance income | 298,588 | 146,953 | 54,113 | 52,639 | |
Acquisition of subsidiary | - | (1,846,289) | - | (1,990,363) | |
Proceeds from disposal of joint venture | - | 25,576 | - | - | |
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 | 1,711,640 | 570,670 | 679,859 | (1,921,371) | |
Cash flows from/(used in) financing activities | |||||
Proceeds from interest bearing loans & borrowings | 4,163,465 | 8,255,650 | - | 2,809,908 | |
Repayment of interest bearing loans & borrowings | (3,931,996) | (8,147,530) | (593,284) | (1,051,527) | |
Principal element of lease payments | (129,146) | (129,783) | - | - | |
Dividend paid to equity holders of the parent | (160,000) | (184,741) | (160,000) | (120,000) | |
Dividend paid to non-controlling interest | (57,145) | - | - | - | |
Net cash flows from/(used in) financing activities | (114,822) | (206,404) | (753,284) | 1,638,381 | |
Net increase/(decrease) in cash and cash equivalents | 293,177 | 48,514 | 52,456 | (21,714) | |
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 | 739,825 | 642,618 | 91,969 | 20,365 | |
(Figures in brackets indicate deductions)
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RIL Property plc published this content on 13 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2023 10:15:08 UTC.
