CEYLON TEA BROKERS PLC
PB 1280 PQ
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH SEPTEMBER 2022
CEYLON TEA BROKERS PLC | |||||||||||||||
Statement of Profit or Loss and Other Comprehensive Income for the Period Ended 30th September | |||||||||||||||
GROUP | COMPANY | ||||||||||||||
For the Quarter Ended | Variance | For the Six months ended | Variance | For the Quarter Ended | Variance | For the Six months ended | Variance | ||||||||
30.09.2022 | 30.09.2021 | % | 30.09.2022 | 30.09.2021 | % | 30.09.2022 | 30.09.2021 | % | 30.09.2022 | 30.09.2021 | % | ||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||
Revenue | 216,276,882 | 103% | 407,709,669 | 104.19% | 141,814,391 | 112% | 287,422,433 | 92.61% | |||||||
438,668,578 | 832,516,794 | 300,466,968 | 553,616,780 | ||||||||||||
Operating Expenses | (150,550,541) | (79,769,004) | 89% | (292,541,830) | (136,540,065) | 114.25% | (35,263,755) | (17,765,368) | 98% | (61,389,750) | (30,890,065) | 98.74% | |||
Gross Profit | 111% | 99.13% | 114% | 91.88% | |||||||||||
288,118,037 | 136,507,878 | 539,974,964 | 271,169,604 | 265,203,213 | 124,049,023 | 492,227,030 | 256,532,369 | ||||||||
Marketing Expenses | (25,522,433) | (13,975,659) | 83% | (58,172,697) | (26,823,326) | 116.87% | (24,331,468) | (12,607,682) | 93% | (55,105,420) | (24,368,620) | 126.13% | |||
Administration Expenses | (102,946,941) | (75,613,781) | 36% | (200,336,322) | (148,688,037) | 34.74% | (83,759,206) | (60,794,139) | 38% | (160,836,905) | (120,775,290) | 33.17% | |||
Net Finance Expenses | (55,976,546) | (28,917,734) | 94% | (104,412,582) | (58,793,344) | 77.59% | (41,567,515) | (14,000,442) | 197% | (74,528,894) | (30,499,198) | 144.36% | |||
Profit Before Taxation | 476% | 380.28% | 215% | 149.42% | |||||||||||
103,672,117 | 18,000,704 | 177,053,363 | 36,864,898 | 115,545,024 | 36,646,760 | 201,755,811 | 80,889,261 | ||||||||
Taxation | (39,285,308) | (10,994,028) | 257% | (67,848,235) | (24,041,779) | 182.21% | (39,285,308) | (10,994,028) | 257% | (67,848,235) | (24,041,779) | 182.21% | |||
Profit After Taxation | 64,386,809 | 7,006,676 | 819% | 109,205,128 | 12,823,119 | 752% | 76,259,716 | 25,652,732 | 197% | 133,907,576 | 56,847,482 | 135.56% | |||
Other Comprehensive Income/(Loss) | - | - | - | - | - | - | - | - | |||||||
Profit for the Period | -819% | -752% | 197% | 135.56% | |||||||||||
64,386,809 | 7,006,676 | 109,205,128 | 12,823,119 | 76,259,716 | 25,652,732 | 133,907,576 | 56,847,482 | ||||||||
Basic Earnings Per Share | 0.35 | 0.04 | 0.60 | 0.07 | 0.42 | 0.14 | 0.73 | 0.31 | |||||||
figures in brackets indicate deductions.
1
CEYLON TEA BROKERS PLC
Statement of Financial Position
GROUP | COMPANY | |||||||
Unaudited | Audited | Unaudited | Audited | |||||
As at | 30.09.2022 | 31.03.2022 | 30.09.2022 | 31.03.2022 | ||||
ASSETS | Rs. | Rs. | Rs. | Rs. | ||||
Non-Current Assets | ||||||||
Property, Plant & Equipment | 898,757,613 | 922,447,846 | 9,752,332 | 9,758,683 | ||||
Right of Use Asset | 197,375,889 | 219,964,231 | 14,435,744 | 24,059,578 | ||||
Intangible Assets | 67,625,037 | 72,667,410 | 3,333,891 | 4,220,085 | ||||
Defferred Tax Asset | - | - | 14,561,932 | 14,561,932 | ||||
Loans & Advances to Tea Suppliers | 4,207,374 | 34,592,759 | 4,207,374 | 34,592,759 | ||||
Refundable Deposit on Lease Permises | 14,770,238 | 4,472,279 | 4,711,838 | 4,472,279 | ||||
1,182,736,151 | 1,254,144,525 | 51,003,110 | 91,665,316 | |||||
Investment in Logicare (Pvt) Ltd | - | - | 633,000,000 | 633,000,000 | ||||
Current Assets | ||||||||
Trade and Other Receivables | 936,027,356 | 861,953,667 | 820,998,384 | 763,465,364 | ||||
Loans & Advances to Tea Suppliers | 1,129,342,797 | 724,903,358 | 1,129,342,797 | 724,903,358 | ||||
Investment in Unit trusts | 100,091,446 | - | 100,091,446 | - | ||||
Cash and Cash Equivalents | 145,079,070 | 67,854,077 | 134,139,242 | 63,781,601 | ||||
2,310,540,669 | 1,654,711,102 | 2,184,571,869 | 1,552,150,323 | |||||
Total Assets | ||||||||
3,493,276,820 | 2,908,855,627 | 2,868,574,979 | 2,276,815,639 | |||||
EQUITY AND LIABILITIES | ||||||||
Capital and Reserves | ||||||||
Stated Capital | 333,200,000 | 333,200,000 | 333,200,000 | 333,200,000 | ||||
Retained Earnings | 90,932,207 | 47,391,079 | 410,047,597 | 341,804,020 | ||||
Revaluation Reserve | 129,759,524 | 129,759,524 | - | - | ||||
Total Equity | 553,891,731 | 510,350,603 | 743,247,597 | 675,004,020 | ||||
Non-Current Liabilities | ||||||||
Defferred Tax Liability | 26,414,760 | 26,414,761 | ||||||
Interest Bearing Borrowings | 906,746,508 | 977,514,966 | 248,540,460 | 345,890,742 | ||||
Lease Payables | 2,123,795 | 15,487,821 | - | 5,804,378 | ||||
Retirement Benefit Obligation | 46,372,804 | 43,520,681 | 38,077,538 | 35,445,540 | ||||
Current Liabilities | 981,657,866 | 1,062,938,229 | 286,617,998 | 387,140,660 | ||||
Trade and Other Payables | 1,029,605,981 | 653,455,741 | 963,476,246 | 618,166,672 | ||||
Lease Payables | 34,958,639 | 42,242,071 | 16,926,567 | 21,752,648 | ||||
Interest Bearing Borrowings | 660,656,132 | 556,658,318 | 655,256,132 | 496,775,949 | ||||
Amount due to Related Party | - | - | 515,459 | - | ||||
Tax Payable | 58,068,565 | 13,470,268 | 58,068,565 | 13,470,268 | ||||
Bank Overdrafts | 174,437,906 | 69,740,397 | 144,466,416 | 64,505,422 | ||||
1,957,727,223 | 1,335,566,795 | 1,838,709,385 | 1,214,670,959 | |||||
Total Liabilities | 2,939,385,089 | 2,398,505,024 | 2,125,327,382 | 1,601,811,619 | ||||
Total Equity and Liabilities | ||||||||
3,493,276,820 | 2,908,855,627 | 2,868,574,979 | 2,276,815,639 | |||||
Net Asset Value Per Share | 3.04 | 2.80 | 4.07 | 3.70 |
I certify that the above financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.
…………......………
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:
………..…...……………… | ……...…..…………… |
Director | Director |
10th November 2022 | |
Colombo |
2
CEYLON TEA BROKERS PLC
Statement of Changes in Equity
For the Period Ended 30th September
Stated | Revaluation | Retained | Total | ||||
Capital | Reserve | Earnings | |||||
GROUP | Rs. | Rs. | Rs. | Rs. | |||
Balance as at 01.04.2021 | 333,200,000 | - | 97,824,452 | 431,024,452 | |||
Profit for the period ended 30.09.2021 | - | - | 12,823,119 | 12,823,119 | |||
Other Comprehensive Income | - | - | - | - | |||
Dividend Paid | - | - | (63,840,000) | (63,840,000) | |||
Balance as at 30.09.2021 | 333,200,000 | - | 46,807,571 | 380,007,571 | |||
Balance as at 01.04.2022 | 333,200,000 | 129,759,524 | 47,391,079 | 510,350,603 | |||
Profit for the period ended 30.09.2022 | - | - | 109,205,128 | 109,205,128 | |||
Other Comprehensive Income | - | - | - | - | |||
Dividend Paid | - | - | (65,664,000) | (65,664,000) | |||
Balance as at 30.09.2022 | 333,200,000 | 129,759,524 | 90,932,207 | 553,891,731 |
Stated | Retained | Total | ||||
Capital | Earnings | |||||
COMPANY | Rs. | Rs. | Rs. | |||
Balance as at 01.04.2021 | 333,200,000 | 300,243,668 | 633,443,668 | |||
Profit for the period ended 30.09.2021 | - | 56,847,482 | 56,847,482 | |||
Other Comprehensive Income | - | - | - | |||
Dividend Paid | - | (63,840,000) | (63,840,000) | |||
Balance as at 30.09.2021 | 333,200,000 | 293,251,150 | 626,451,150 | |||
Balance as at 01.04.2022 | 333,200,000 | 341,804,020 | 675,004,020 | |||
Profit for the period ended 30.09.2022 | - | 133,907,576 | 133,907,576 | |||
Other Comprehensive Income | - | - | - | |||
Dividend Paid | - | (65,664,000) | (65,664,000) | |||
Balance as at 30.09.2022 | 333,200,000 | 410,047,597 | 743,247,597 | |||
figures in brackets indicate deductions.
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CEYLON TEA BROKERS PLC
Statement of Cash Flows
For the Period Ended 30th September 2022
GROUP | COMPANY | ||||||
30.09.2022 | 30.09.2021 | 30.09.2022 | 30.09.2021 | ||||
Cash Flow From Operating Activities | Rs. | Rs. | Rs. | Rs. | |||
Profit Before Taxation | 177,053,363 | 36,864,898 | 201,755,811 | 80,889,261 | |||
Adjustments for ; | |||||||
Depreciation | 32,526,597 | 23,230,757 | 3,142,135 | 3,259,997 | |||
Amortization | 21,680,553 | 18,212,822 | 9,623,835 | 8,250,995 | |||
Interest/Investment Income | (31,723,474) | (1,985,426) | (31,723,474) | (1,688,602) | |||
Interest Expense | 111,402,599 | 64,120,025 | 106,252,369 | 34,233,006 | |||
Provision for Retirement Benefit Obligation | 3,600,000 | 3,600,000 | 3,000,000 | 3,000,000 | |||
Provision for Bad and Doubtful Debt | 9,350,000 | 12,500,000 | 9,000,000 | 12,500,000 | |||
Disposal (Profit)/Loss on Property,Plant and Equipment | (42,120) | - | (42,120) | - | |||
Operating Profit Before Working Capital Changes | 323,847,516 | 156,543,076 | 301,008,554 | 140,444,657 | |||
Increase/Decrease in Working Capital | |||||||
(Increase)/ Decrease in Trade and Other Receivables | (74,073,892) | 123,281,831 | (57,533,020) | 140,237,415 | |||
Loans (Disburstments)/Recoveries From (To) Tea Suppliers | (383,404,054) | 72,827,022 | (383,054,054) | 72,827,023 | |||
Increase/(Decrease) in Trade and Other Payables | 376,150,240 | (95,042,186) | 345,309,574 | (81,302,429) | |||
(Increase)/Decrease in Related Party Receivable | - | - | 515,459 | (70,901,036) | |||
Cash Generated from Operating Activities | 242,519,811 | 257,609,743 | 206,246,514 | 201,305,630 | |||
Tax Paid | (23,249,937) | (30,586,132) | (23,249,937) | (30,586,132) | |||
Gratuity Paid | (747,875) | (120,375) | (368,000) | (120,375) | |||
Net Generated from Operating Activities | 218,521,999 | 226,903,236 | 182,628,576 | 170,599,123 | |||
Cash Flow From Investing Activities | |||||||
Interest Received | 31,392,469 | 1,643,028 | 31,392,469 | 1,472,783 | |||
Proceeds from sale of Assets | 42,120 | 389,721 | 42,120 | 99,341 | |||
Refundable Deposit | (10,058,400) | (10,000,000) | - | - | |||
Disposal of Commercial Papers | - | - | - | - | |||
Investment made during the year | (600,000,000) | - | (600,000,000) | - | |||
Investment redeemed during the year | 500,000,000 | - | 500,000,000 | - | |||
Purchase of Property, Plant & Equipment | (2,886,000) | (91,153,540) | (2,249,600) | (2,157,699) | |||
Net cash flow from ( Used in) Investing Activities | (81,509,811) | (99,120,791) | (70,815,011) | (585,575) | |||
Cash Flow From Financing Activities | |||||||
Interest Paid | (109,323,634) | (59,513,994) | (105,036,298) | (32,187,799) | |||
Payment of Lease Liabilities | (22,726,425) | (18,929,788) | (11,846,530) | (10,867,689) | |||
Dividend Paid | (65,664,000) | (63,840,000) | (65,664,000) | (63,840,000) | |||
Movement in Interest Bearing Borrowings | |||||||
Loan repayment made during the period | (861,770,645) | (1,866,478,323) | (833,870,091) | (1,745,791,183) | |||
Loan obtained during the period | 545,000,000 | 1,846,071,008 | 545,000,000 | 1,643,571,011 | |||
Commercial papers issued | 350,000,000 | - | 350,000,000 | - | |||
Net cash flow from Financing Activities | (164,484,704) | (162,691,097) | (121,416,919) | (209,115,660) | |||
Net Increase/ (Decrease) in Cash and Cash Equivalents | (27,472,516) | (34,908,653) | (9,603,353) | (39,102,112) | |||
Cash and Cash Equivalents at the Beginning of the Period | (1,886,320) | 20,968,907 | (723,821) | 57,776,716 | |||
Cash and Cash Equivalents at the End of the Period | |||||||
(29,358,836) | (13,939,746) | (10,327,174) | 18,674,604 | ||||
figures in brackets indicate deductions.
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Ceylon Tea Brokers plc published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 10:11:01 UTC.