Ceylon Tea Brokers : CTB-Interim Financial Statements as at 31-12-2021

CEYLON TEA BROKERS PLC

PB 1280 PQ

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31ST DECEMBER 2021

					CEYLON TEA BROKERS PLC
		Statement of Profit or Loss and Other Comprehensive Income for the Period Ended 31st December
			GROUP						COMPANY
	For the Quarter Ended	Variance	For the Nine months ended	Variance	For the Quarter Ended	Variance	For the Nine months ended	Variance
	31.12.2021	31.12.2020	%		31.12.2021	31.12.2020	%	31.12.2021	31.12.2020	%		31.12.2021	31.12.2020	%
	Rs.	Rs.			Rs.	Rs.		Rs.	Rs.			Rs.	Rs.
Revenue	210,432,215	175,674,203	20%		618,141,884	499,396,771	24%	130,816,079	125,541,754	4%		418,238,512	376,565,860	11%
Operating Expenses	(82,622,026)	(53,530,033)	54%		(217,637,397)	(133,166,375)	63%	(21,515,126)	(5,135,806)	319%		(52,405,190)	(14,307,394)	266%
Gross Profit			5%				9%			-9%				1%
127,810,189	122,144,171		400,504,487	366,230,396	109,300,953	120,405,949	365,833,322	362,258,466
Marketing Expenses	(13,724,443)	(15,794,065)	-13%		(33,047,769)	(50,815,082)	-35%	(12,671,874)	(14,823,977)	-15%		(29,540,495)	(48,390,750)	-39%
Administration Expenses	(78,754,372)	(79,058,214)	0%		(236,467,102)	(193,434,587)	22%	(63,626,257)	(64,653,141)	-2%		(191,901,547)	(157,463,736)	22%
Net Finance Expenses	(32,432,019)	(26,492,278)	22%		(91,225,363)	(103,633,125)	-12%	(14,346,121)	(13,818,057)	4%		(44,845,318)	(60,437,947)	-26%
Profit Before Taxation			263%				117%			-31%				4%
2,899,355	799,614		39,764,253	18,347,602	18,656,701	27,110,774	99,545,962	95,966,033
Taxation	(5,597,010)	(8,133,232)	-31%		(29,638,789)	(28,883,131)	3%	(5,597,010)	(8,133,232)	-31%		(29,638,789)	(28,883,131)	3%
Profit / (Loss) After Taxation	(2,697,655)	(7,333,618)	-63%		10,125,464	(10,535,529)	-196%	13,059,691	18,977,542	-31%		69,907,173	67,082,902	4%
Other Comprehensive Income/(Loss)	-	-			-	-		-	-			-	-
Profit /(Loss) for the Period			-63%				-196%			-31%				4%
(2,697,655)	(7,333,618)		10,125,464	(10,535,529)	13,059,691	18,977,542	69,907,173	67,082,902
Basic Earnings /(Loss) Per Share	(0.01)	(0.04)			0.06	(0.06)		0.07	0.10			0.38	0.37

figures in brackets indicate deductions.

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CEYLON TEA BROKERS PLC

Statement of Financial Position

	GROUP			COMPANY
	Unaudited	Audited		Unaudited		Audited
As at	31.12.2021			31.03.2021		31.12.2021	31.03.2021
	Rs.	Rs.		Rs.		Rs.
ASSETS
Non-Current Assets
Property, Plant & Equipment	763,380,460			696,397,472		10,894,495	12,258,902
Right of Use Asset	225,906,608			217,717,669		24,752,984	37,129,476
Intangible Assets	75,211,276			79,976,594		4,685,863	3,216,916
Loans to Tea Suppliers	80,922,607			49,925,879		80,922,607	49,925,879
Refundable Deposit on Lease Permises	4,357,106			4,029,080		4,357,106	4,029,080
Deferred Tax Asset	13,520,432			13,520,432		13,520,432	13,520,432
	1,163,298,489			1,061,567,126		139,133,487		120,080,685
Investment in Logicare (Pvt) Ltd	-			-		433,000,000	433,000,000
Current Assets
Trade and Other Receivables	156,404,267			652,207,762		53,410,005	586,543,180
Loans and Advance to Tea Suppliers	862,076,258			764,540,540		862,076,258	764,540,540
Receivable from Related Party	-			-		82,616,163	-
Cash and Cash Equivalents	33,366,997			68,891,097		27,072,051	64,011,892
	1,051,847,523			1,485,639,399		1,025,174,477		1,415,095,612
Total Assets
2,215,146,012			2,547,206,525	1,597,307,964	1,968,176,297
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	333,200,000			333,200,000		333,200,000	333,200,000
Reserves	44,109,916			97,824,452		306,310,842	300,243,668
Total Equity	377,309,916			431,024,452		639,510,842		633,443,668
Non-Current Liabilities
Interest Bearing Borrowings	763,291,352			643,248,895		73,732,568	130,388,895
Lease Payable	24,847,876			28,722,183		9,952,197	23,979,180
Retirement Benefit Obligation	34,715,467			29,675,844		28,943,341	22,068,653
Current Liabilities	822,854,695			701,646,922		112,628,106		176,436,728
Trade and Other Payables	94,390,053			506,968,296		51,550,673	461,077,499
Lease Payable	38,680,140			23,212,957		18,772,770	18,177,077
Interest Bearing Borrowings	677,013,263			813,525,103		601,513,263	649,848,272
Amount due to Related Party	-			-		-	51,272
Tax Payable	14,459,262			22,906,605		14,459,262	22,906,605
Bank Overdrafts	190,438,683			47,922,190		158,873,048	6,235,176
	1,014,981,401			1,414,535,151		845,169,016		1,158,295,901
Total Liabilities
1,837,836,096			2,116,182,073	957,797,122	1,334,732,629
Total Equity and Liabilities
2,215,146,012			2,547,206,525	1,597,307,964	1,968,176,297
Net Asset Value Per Share	2.07			2.36		3.51	3.47

I certify that the above financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.

…………sgd.......………

Financial Controller

The Board of Directors are responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the board by:

………..…....sgd..………………	…...…….sgd.………
Director	Director
10th February 2022
Colombo

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CEYLON TEA BROKERS PLC

Statement of Changes in Equity

For the Period Ended 31st December

	Stated		Retained				Total
	Capital		Earnings
GROUP	Rs.		Rs.				Rs.
Balance as at 01.04.2020	333,200,000	116,248,589	449,448,589
Profit for the period ended 31.12.2020	-	(10,535,529)	(10,535,529)
Dividend Paid	-	(14,592,000)	(14,592,000)
Balance as at 31.12.2020	333,200,000	91,121,060		424,321,060
Balance as at 01.04.2021	333,200,000	97,824,452	431,024,452
Profit for the period ended 31.12.2021	-	10,125,464	10,125,464
Dividend Paid	-	(63,840,000)	(63,840,000)
Balance as at 31.12.2021	333,200,000		44,109,916			377,309,916
COMPANY
Balance as at 01.04.2020	333,200,000	208,784,229	541,984,229
Profit for the period ended 31.12.2020	-	67,082,902	67,082,902
Dividend Paid	-	(14,592,000)	(14,592,000)
Balance as at 31.12.2020	333,200,000	261,275,131			594,475,131
Balance as at 01.04.2021	333,200,000	300,243,668	633,443,668
Profit for the period ended 31.12.2021	-	69,907,173	69,907,173
Dividend Paid	-	(63,840,000)	(63,840,000)
Balance as at 31.12.2021	333,200,000		306,310,842			639,510,842

figures in brackets indicate deductions.

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CEYLON TEA BROKERS PLC

Statement of Cash Flows

For the Period Ended 31st December 2021

	GROUP			COMPANY
	31.12.2021		31.12.2020		31.12.2021	31.12.2020
Cash Flow From Operating Activities	Rs.		Rs.		Rs.	Rs.
Profit Before Taxation	39,764,253		18,347,602		99,545,962	95,966,033
Adjustments for ;
Depreciation/Amortisation	66,169,275		61,793,293		17,136,805	18,648,749
Interest /Investment Income	(3,221,164)		(10,327,693)		(2,901,133)	(10,327,693)
Interest Expense	91,275,748		113,946,529		47,746,451	70,765,640
Provision for Retirement Benefit Obligation	5,400,000		5,400,000		4,500,000	4,500,000
Provision for Bad and Doubtful Debt	20,000,000		31,000,000		20,000,000	31,000,000
Writtenoff Balances	-		92,682		-	78,394
Profit on PPE Disposal	(38,705)		-		-	-
Operating Profit Before Working Capital Changes	219,349,407		220,252,413		186,028,085	210,631,123
Increase/Decrease in Working Capital
(Increase)/ Decrease in Trade and Other Receivables	495,803,495		2,228,179		533,133,175	39,413,728
Loans (Disburstments)/Recoveries From (To) Tea Suppliers	(148,532,446)		(74,511,352)		(148,532,446)	(74,511,352)
Increase/(Decrease) in Trade and Other Payables	(412,578,257)		44,361,620		(409,578,110)	35,523,097
(Increase)/Decrease in Related Party Receivable	-		-		(79,881,098)	(93,641,686)
Cash Generated from/ (Used in) Operating Activities	154,042,199		192,330,860		81,169,606	117,414,910
Tax Paid	(38,086,132)		(10,211,076)		(38,086,132)	(10,211,076)
Gratuity Paid	(360,375)		(1,452,275)		(360,375)	(628,775)
Net Cash Generated / (Used in) from Operating Activities	115,595,692		180,667,509		42,723,099	106,575,059
Cash Flow From Investing Activities
Interest Received	2,893,138		2,590,278		2,573,107	2,590,278
Investment of Unit Trusts	-		(450,000,000)		-	(450,000,000)
Proceeds from Disposal of PPE	835,897		-		397,635	-
Acquisition of Intangible Assets	(2,754,571)		-		(2,754,571)	-
Payment of Lease Liabilities	(29,981,002)		(34,819,869)		(16,428,420)	(16,428,420)
Purchase of Property, Plant & Equipment	(97,793,770)		(38,784,593)		(2,507,904)	(1,706,487)
Net cash flow from / (Used in) Investing Activities	(126,800,308)		(521,014,184)		(18,720,153)	(465,544,629)
Cash Flow From Financing Activities
Interest Paid	(86,526,592)		(107,935,459)		(44,749,321)	(66,284,587)
Dividend Paid	(63,840,000)		(14,592,000)		(63,840,000)	(14,592,000)
Movement in Interest Bearing Borrowings
Loan repayment made during the period	(2,673,431,026)		(3,488,974,801)		(2,494,652,979)	(3,484,446,153)
Loan obtained during the period	2,656,961,642		3,942,716,762		2,389,661,642	3,917,716,762
Net cash flow from /(Used in) Financing Activities	(166,835,976)		331,214,502		(213,580,658)	352,394,022
Net Increase in Cash and Cash Equivalents	(178,040,592)		(9,132,175)		(189,577,712)	(6,575,549)
Cash and Cash Equivalents at the Beginning of the Period	20,968,907		18,690,819		57,776,716	45,714,922
Cash and Cash Equivalents at the End of the Period
(157,071,685)		9,558,644	(131,800,996)	39,139,373

figures in brackets indicate deductions.

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