Shalimar (Malay) PLC

Summarised Financial Report

for the Nine months ended

31st December 2022

SHALIMAR (MALAY) PLC

Review of operations for the period ended 31st December 2022

The minority equity investments the Company holds in Shalimar Developments Sdn. Bhd. (SDSB) is the main business of the Company. SDSB's investee company carries out palm oil plantation operations in Indonesia.

With the investee company's plantations having now exceeded its prime age, it faces new challenges in maintaining the property along with input cost escalations including that of fertilizer and fuel prices. The adverse weather conditions that prevailed also continues to impact operations. The company monitors the crude palm oil market price movements to ensure these operating and cost challenges are mitigated. The Crude Palm Oil (CPO) prices in the quarter under review compared to that of the previous year has seen a downward trend. The investee Company accordingly is focused in managing the plantation such that the long term value of the investment to its stakeholders is preserved.

The only source of income for the period is the interest income earned from the Company's short-term deposits in Sri Lanka. Accordingly, the Company recorded an after tax Loss of Rs. 0.4 Mn from its operations during the period under review; compared to a profit of Rs. 20.1 Mn recorded in the corresponding period of the previous financial year.

Minimum Public Holding

As previously informed, the Company is not in compliance with Rule 7.14.1 (a) of the Listing Rules of the Colombo Stock Exchange (CSE) relating to the minimum public holding requirements applicable to a company listed on the Main Board of the CSE. The Company was transferred to the 'Watch List' of the CSE on 2nd July 2018 in terms of Rule 7.14.2 (b) of the previous Listing Rules.

However, the CSE via Circular No. 03/2019 dated 3rd October 2019 amended the Listing Rules on enforcement actions applicable for non-compliance with minimum public holding requirements, which were effective from 12th September 2019. Accordingly, in terms of Rule 7.14.2 of the amended Listing Rules of the CSE, the Company was transferred to the Second Board with effect from 15th November 2019.

We wish to highlight that the objective of the voluntary offer made to all shareholders on 17th March 2011 was to acquire the entire minority shareholding as a step towards the consolidation of the oil palm plantation business. The offer documents also mentioned that upon completion of the voluntary offer, the rationale for remaining listed will be evaluated. Since the voluntary offer did not result in the acquisition of the entire minority shareholding, the Company continued to remain listed.

Taking into consideration that a voluntary offer had been made and also considering that there is no requirement for additional capital infusion to the Company and resultantly, there being no plans for issuing of new shares nor a dilution by the majority shareholder and as previously communicated to shareholders through market disclosures and Annual Reports and in terms of the revised Listing Rules, we will report the proposed course of action.

Agro Harapan Lestari (Pvt) Ltd

Managers

07th February 2023

-1-

SHALIMAR (MALAY) PLC

Statement of Profit or Loss

Quarter ended

Nine Months ended

(All figures in Sri Lankan Rupees '000)

31st December

Change

31st December

Change

2022

2021

2022

2021

%

%

Dividend income

-

-

-

-

21,356

-100%

Interest income

480

124

287%

1,028

186

453%

Administrative expenses

(446)

(374)

19%

(1,413)

(1,424)

-1%

Profit / (loss) before tax for the period

34

(250)

-114%

(385)

20,118

-102%

Income tax expense

-

-

-

-

-

-

Profit / (loss) for the period

34

(250)

-114%

(385)

20,118

-102%

Earnings Per Share (Rs.)

0.01

(0.05)

(0.07)

3.73

Statement of comprehensive income

Quarter ended

Nine Months ended

31st December

Change

31st December

Change

2022

2021

2022

2021

%

%

Profit/ (Loss) for the period

34

(250)

-114%

(385)

20,118

-102%

Other Comprehensive Income for the period, net of

-

-

-

-

-

-

tax

Total Comprehensive Income/ (Expenses) for the

34

(250)

-114%

(385)

20,118

-102%

period, net of tax

Changes represent the percentage change in current period's results compared to corresponding period of last year. Figures in brackets indicate deductions/negative changes.

The above figures are subject to audit.

-2-

SHALIMAR (MALAY) PLC

Statement of financial position

(All figures in Sri Lankan Rupees '000)

As at

As at

31.12.2022

31.03.2022

Notes

ASSETS

Non-Current Assets

Property, Plant and Equipment

174

311

Non-current financial assets

(Note 3 )

10,486,435

10,486,435

Total Non- Current Assets

10,486,609

10,486,746

Current Assets

Advances and Prepayments

732

438

Income tax receivable

764

764

Short term investments

-

8,286

Cash and cash equivalents

10,719

3,000

Total Current Assets

12,215

12,488

Total Assets

10,498,824

10,499,234

EQUITY AND LIABILITIES

Equity

Stated capital

(Note 6)

69,401

69,401

Retained earnings

34,507

34,892

Other reserves

10,394,601

10,394,601

Total Shareholders' Funds

10,498,509

10,498,894

Current Liabilities

Provisions and Accrued Expenses

299

324

Unclaimed dividend

16

16

Total Current Liabilities

315

340

Total Liabilities

315

340

Total Equity and Liabilities

10,498,824

10,499,234

Net Asset per share (Rs.)

1,944.95

1,945.02

I certify that these financial statements are in compliance with the requirements of the Companies Act No. 7 of 2007.

(Sgd.)

Aneesh Dudeja

President / Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved & signed for and on behalf of the Managers,

Approved & signed for and on behalf of the Board,

(Sgd.)

(Sgd.)

(Sgd.)

Rushdi Azeez

H. Selvanathan

D.C.R Gunawardena

Director

Chairman

Director

Agro Harapan Lestari (Pvt) Ltd

07th February 2023

The above figures are subject to audit.

-3-

SHALIMAR (MALAY) PLC Statement of Changes in Equity (All figures in Sri Lankan Rupees '000)

Balance as at 1st April 2021

Profit for the year

Other comprehensive income for the year

Total comprehensive income for the year

Interim Dividend -2021/22

Balance as at 31st March 2022

Balance as at 1st April 2021 Profit for the period

Other comprehensive income for the period Total comprehensive income for the period Interim Dividend -2021/22

Balance as at 31st December 2021

Balance as at 1st April 2022 Loss for the period

Other comprehensive income for the period Total comprehensive income for the period Balance as at 31st December 2022

Figures in brackets indicate deductions/negative changes

The above figures are subject to audit.

Fair Value

Retained

Total

Stated Capital

Shareholders'

Reserve

Earnings

Funds

69,401

6,804,301

63,289

6,936,991

-

-

19,644

19,644

-

3,590,300

-

3,590,300

-

3,590,300

19,644

3,609,944

-

-

(48,041)

(48,041)

69,401

10,394,601

34,892

10,498,894

Fair Value

Retained

Total

Stated Capital

Shareholders'

Reserve

Earnings

Funds

69,401

6,804,301

63,289

6,936,991

-

-

20,118

20,118

-

-

-

-

-

-

20,118

20,118

-

-

(48,041)

(48,041)

69,401

6,804,301

35,366

6,909,068

Stated

Fair Value

Retained

Total

Shareholders

Capital

Reserve

Earnings

' Funds

69,401

10,394,601

34,892

10,498,894

-

-

(385)

(385)

-

-

-

-

-

-

(385)

(385)

69,401

10,394,601

34,507

10,498,509

-4-

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Shalimar Estates published this content on 08 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2023 04:03:10 UTC.