E. B. Creasy & Company PLC (PQ 182)
INTERIM FINANCIAL STATEMENTS
For the Three Months ended 30th June 2022
First Three Months Performance Review - Financial Year 2022-23
The Sri Lankan economy is facing an unprecedented crisis caused by the serious depletion of foreign exchange reserves, hyperinflation, and rising local interest rates to combat the inflation. This has led to greater challenges to everyday life of both individuals and businesses with a scarcity of daily essentials.
Despite numerous challenges encountered in the macroeconomic and social settings, the Group, once again, placed on record a resilient performance in the first three months of the 2022-23 financial year, driven by outstanding results in its core segments, Homecare, Personalcare, Healthcare and Foods. The Group continues to execute its strategies to minimize disruptions to supply chains with persistent focus on working capital efficiencies and cost rationalization measures. Against a challenging operating environment, we are encouraged by the progress we have made in the first quarter.
The Group revenue and profit before tax for the Q1-FY2022-23 stood at Rs.5.4 billion and Rs.547 million respectively, both reporting an increase of 56% per cent and 146% per cent respectively over the previous year. The Company recorded a quarter-on-quarter increase of 69% and 47% in revenue and profit before tax. The performances were impacted by a significant exchange loss on its foreign currency denominated import liabilities and the increased finance cost due to high interest rates applied on the Group's borrowings, resulting a sharp rise in Group's net finance cost compared to the previous year.
The present business climate has presented a set of unprecedented challenges to our teams, which demands innovation, agility and a sense of urgency to respond swiftly to shifts and changes in the external environment. Even under a hostile business climate, the Group remains determined to fulfill its aspiration of delivering sustainable and profitable growth to maintain acceptable levels of return on capital employed, while ensuring our commitment towards our valued stakeholders.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME COMPANY
For the quarter ended 30th June | 2022 | 2021 | Variance | |
Rs. '000 | Rs. '000 | % | ||
Revenue | 1,987,715 | 1,174,205 | 69% | |
Cost of Sales | (1,429,699) | (853,872) | 67% | |
Gross Profit | 558,016 | 320,333 | 74% | |
Other Income | 7,374 | 4,261 | 73% | |
Selling and Distribution Expenses | (63,848) | (47,035) | 36% | |
Administrative Expenses | (165,847) | (126,313) | 31% | |
Net Finance Expenses | (125,219) | (8,200) | 1427% | |
Profit before Tax | 210,476 | 143,046 | 47% | |
Income Tax Expense | (37,886) | (25,748) | 47% | |
Profit for the Period | 172,590 | 117,298 | 47% | |
Other Comprehensive Income/(Expense) | ||||
Items that will not be reclassified to Profit or Loss | ||||
Remeasurement of Retirement Benefit Obligation (net of tax) | (2,411) | (2,411) | 0% | |
Equity Investments at FVOCI - Net Changes in Fair Value | (106,926) | (16,636) | 543% | |
Other Comprehensive Expense for the period, net of tax | (109,337) | (19,047) | 474% | |
Total Comprehensive Income for the period | 63,253 | 98,251 | -36% | |
Basic Earnings per Share (Rs.) | 0.68 | 0.46 | ||
Dividend per Share (Rs.) | - | - |
Figures in brackets indicate deductions.
The above figures are provisional and subject to audit.
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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME CONSOLIDATED
For the quarter ended 30th June | 2022 | 2021 | Variance | |
Rs. '000 | Rs. '000 | % | ||
Revenue | 5,406,650 | 3,458,944 | 56% | |
Cost of Sales | (3,530,352) | (2,494,212) | 42% | |
Gross Profit | 1,876,298 | 964,732 | 94% | |
Other Income | 48,827 | 12,515 | 290% | |
Selling and Distribution Expenses | (546,992) | (301,568) | 81% | |
Administrative Expenses | (454,213) | (355,729) | 28% | |
Net Finance Expenses | (377,166) | (87,177) | 333% | |
Share of Results of Equity Accounted Investees | - | (10,099) | -100% | |
Profit before Tax | 546,754 | 222,674 | 146% | |
Income Tax Expense | (67,582) | (42,592) | 59% | |
166% | ||||
Profit for the period | 479,172 | 180,082 | ||
Other Comprehensive Income/(Expense) | ||||
Items that will not be reclassified to Profit or Loss | ||||
Remeasurement of Retirement Benefit Obligation (net of tax) | (4,256) | (4,256) | 0% | |
Equity Investment at FVOCI - Net Changes in Fair Value | (127,634) | (17,420) | 633% | |
508% | ||||
Other Comprehensive Expense for the period, net of tax | (131,890) | (21,676) | ||
119% | ||||
Total Comprehensive Income for the period | 347,282 | 158,406 | ||
Profit/(Loss) Attributable to: | ||||
Equity Holders of the Parent | 497,574 | 172,096 | ||
Non-Controlling Interest | (18,402) | 7,986 | ||
Profit for the period | 479,172 | 180,082 | ||
Total Comprehensive Income/(Expense) attributable to: | ||||
Equity Holders of the Parent | 366,045 | 150,561 | ||
Non-Controlling Interest | (18,763) | 7,845 | ||
Total Comprehensive Income for the period | 347,282 | 158,406 | ||
Basic Earnings per Share (Rs.) | 1.96 | 0.68 | ||
Dividend per Share (Rs.) | - | - |
Figures in brackets indicate deductions.
The above figures are provisional and subject to audit.
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STATEMENT OF FINANCIAL POSITION
GROUP | COMPANY | ||||||
As at | 30.06.2022 | 31.03.2022 | 30.06.2022 | 31.03.2022 | |||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
ASSETS | |||||||
Non-Current Assets | |||||||
Property, Plant & Equipment | 6,695,654 | 6,288,800 | 4,686,097 | 4,657,896 | |||
Investment Property | 2,800 | 2,800 | - | - | |||
Intangible Assets | 202,134 | 208,081 | 8,002 | 13,063 | |||
Right of Use Asset | 141,944 | 148,489 | 247,067 | 251,248 | |||
Investments in Subsidiaries | - | - | 2,070,397 | 2,070,397 | |||
Other Financial Assets measured at Fair Value through OCI | 1,021,925 | 1,149,562 | 389,717 | 496,645 | |||
Deferred Tax Asset | 210,181 | 210,181 | - | - | |||
Total Non-Current Assets | 8,274,638 | 8,007,913 | 7,401,280 | 7,489,249 | |||
Current Assets | |||||||
Inventories | 4,134,354 | 3,416,708 | 1,766,225 | 1,385,536 | |||
Trade and Other Receivables | 3,432,229 | 3,141,471 | 118,642 | 105,642 | |||
Amount Due from Related Companies - Trade | - | 1,488 | 1,604,818 | 1,652,122 | |||
Amount Due from Related Companies - Non - trade | 80,216 | 66,789 | 246,959 | 336,638 | |||
Loans due from Related Parties | 209,673 | 208,173 | 160,173 | 158,673 | |||
Income Tax Recoverable | - | 2,538 | - | - | |||
Short term Investments | 58,714 | - | - | - | |||
Cash and Cash Equivalents | 1,193,725 | 1,674,250 | 247,925 | 584,125 | |||
Total Current Assets | 9,108,911 | 8,511,417 | 4,144,742 | 4,222,736 | |||
Total Assets | 17,383,549 | 16,519,330 | 11,546,022 | 11,711,985 | |||
EQUITY AND LIABILITIES | |||||||
Equity | |||||||
Stated Capital | 25,731 | 25,731 | 25,731 | 25,731 | |||
General Reserves | 9,548 | 9,548 | 9,548 | 9,548 | |||
Revaluation Reserve | 2,627,234 | 2,627,234 | 2,283,584 | 2,283,584 | |||
Retained Earnings | 2,684,698 | 2,318,653 | 2,455,729 | 2,392,476 | |||
Equity Attributable to Equity Holders of the Company | 5,347,211 | 4,981,166 | 4,774,592 | 4,711,339 | |||
Non-Controlling Interest | 310,417 | 329,180 | - | - | |||
Total Equity | 5,657,628 | 5,310,346 | 4,774,592 | 4,711,339 | |||
Non-Current Liabilities | |||||||
Loans and Borrowings | 1,515,562 | 1,325,723 | 1,221,568 | 1,232,096 | |||
Lease Liabilities | 206,701 | 208,035 | 265,039 | 269,251 | |||
Deferred Income and Capital Grants | 3,943 | 4,008 | 3,943 | 4,008 | |||
Deferred Tax Liability | 666,771 | 666,771 | 519,473 | 519,473 | |||
Retirement Benefit Obligations | 850,423 | 817,952 | 617,399 | 594,093 | |||
Total Non-Current Liabilities | 3,243,400 | 3,022,489 | 2,627,422 | 2,618,921 | |||
Current Liabilities | |||||||
Loans and Borrowings | 5,001,984 | 3,895,641 | 2,898,433 | 2,848,189 | |||
Lease Liabilities | 33,678 | 30,965 | 22,562 | 22,276 | |||
Current Taxation Payable | 142,023 | 89,700 | 62,700 | 28,510 | |||
Trade and Other Payables | 2,500,286 | 3,441,202 | 404,546 | 692,676 | |||
Amount Due to Related Companies | 47,691 | 88,131 | 375,729 | 427,483 | |||
Bank Overdrafts | 756,859 | 640,856 | 380,038 | 362,591 | |||
Total Current Liabilities | 8,482,521 | 8,186,495 | 4,144,008 | 4,381,725 | |||
Total Equity and Liabilities | 17,383,549 | 16,519,330 | 11,546,022 | 11,711,985 | |||
Net Assets Value Per Share Rs. | 21.09 | 19.65 | 18.83 | 18.58 |
The above figures are provisional and subject to audit.
I certify that these Financial Statements are prepared in compliance with the requirements of the Companies Act No.7 of 2007.
-
SGD
Ravi Rathnasekara Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
These Financial Statements were approved and signed for and on behalf of the Board of Directors of E. B. Creasy & Company PLC.
SGD | SGD |
R.C.A.Welikala | S.W.Gunawardena |
Director | Director |
12th August 2022 |
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EB Creasy and Company plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 11:22:24 UTC.