Renuka Agri Foods : Interim Financial Statements 30.09.2022

RENUKA AGRI FOODS PLC

INTERIM FINANCIAL STATEMENTS - FOR THE PERIOD ENDED

30th SEPTEMBER 2022

CONTENT: Operational Review-2 Statements of Profit or Loss and Other Comprehensive Income - 3

Statements of Financial Position - 4

Statements of Changes in Equity - 5 Statements of Cash Flows - 6 Segment Information - 7 Notes to the Financial Statements - 8-9 20 Top Shareholders - 10 Corporate Information - 11

Operational Review

Interim Financial Statements for the Period Ended 30th September 2022

Analysis on Statement of Financial Position

Total Assets

Total Assets of the Group have increased by Rs. 945 Mn from Rs. 7,249 Mn as at 31st March 2022 to Rs. 8,194 Mn as at 30th September 2022. Total Non Current Assets were Rs. 4,367 Mn and Total Current Assets were Rs. 3,827 Mn as at 30th September 2022.

Equity Attributable to Owners of the Company

Equity attributable to Owners of the Company increased by Rs. 447 Mn from Rs. 3,687 Mn as at 31st March 2022 to Rs. 4,134 Mn as at 30th September 2022.

Net Asset Value Per Share (NAVPS)

The NAVPS increased to Rs. 7.36 as at 30th September 2022 compared with Rs. 6.56 per share recorded as at 31st March 2022.

Analysis on Statement of Profit or Loss and Other Comprehensive Income

Revenue | Expenses |Profit / (Loss) After Tax

Group revenue increased by 47% to Rs. 2,017 Mn for the quarter ended 30th September 2022 compared with Rs. 1,373 Mn in the corresponding quarter of the previous year. The composition of the Group Revenue for the quarter is 87.5% from export revenue and 12.5% from local revenue.

Total direct and other operational expenses have increased by 51% to Rs. 1,772 Mn for the quarter ended 30th September 2022 compared with Rs. 1,174 Mn in the comparable period in the previous year.

Earnings Before Interest, Tax and Depreciation

The Group reported Earnings Before Interest, Tax and Depreciation for the period amounting to Rs. 354 Mn for the quarter ended 30th September 2022 compared with the Rs. 298 Mn reported in the corresponding quarter of the previous year

Profit / (Loss) After Tax

The Group reported a profit for the period amounting to Rs. 117 Mn for the quarter ended 30th September 2022 compared with the Profit of Rs. 168 Mn reported in the corresponding quarter of the previous year.

Earnings / (Loss) Per Share

Earnings per Share was Rs. 0.17 for the quarter ended 30th September 2022, compared with earnings per Share of Rs. 0.28 in the corresponding quarter of the previous year.

Page 2 of 11

INTERIM FINANCIAL STATEMENTS

RENUKA AGRI FOODS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period ended 30th September		GROUP
	Rs.'000'		Rs.'000'
	QUARTER ENDED	PERIOD ENDED
	30.09.22	30.09.21	30.09.22	30.09.21
	UNAUDIT ED UNAUDIT ED UNAUDITED UNAUDIT ED
Revenue	2,016,880	1,373,348	4,302,137	2,370,030
Cost of Sales	(1,676,884)	(1,100,976)	(3,442,007)	(1,989,191)
Gross Profit	339,996	272,372	860,130	380,839
Other Operating Income	3,461	7,517	7,755	11,903
Administration Expenses	(78,433)	(64,128)	(191,912)	(136,663)
Selling and Distribution Expenses	(17,285)	(8,805)	(30,217)	(26,216)
Profit from Operations	247,739	206,956	645,756	229,863

Finance Income	370,152	1,350	716,089	1,257
Finance Cost	(487,643)	(13,561)	(561,708)	(40,237)
Net Finance Cost	(117,491)	(12,211)	154,381	(38,980)
Share of Profit / (Loss) of Equity Accounted Investees	11,352	3,891	26,887	(3,470)
Profit before Tax	141,600	198,636	827,024	187,413
Taxation	(24,713)	(30,412)	(152,337)	(30,412)
Profit for the period	116,887	168,224	674,687	157,001
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income for the period	116,887	168,224	674,687	157,001
Profit Attributable to :
Equity Holders of the Company	93,045	155,816	559,236	151,713
Non Controlling Interest	23,842	12,408	115,451	5,288
Profit for the period	116,887	168,224	674,687	157,001
Total Comprehensive Income attributable to :
Equity Holders of the Company	93,045	155,816	559,236	151,713
Non Controlling Interest	23,842	12,408	115,451	5,288
Total Comprehensive Income for the period	116,887	168,224	674,687	157,001
Earnings Per Share (Rs.)	0.17	0.28	1.00	0.27
Dividend Per Share (Rs.)	0.20	-	0.20	-
1 The above figures are provisional and subject to audit.
2 Figures in brackets indicate deductions

3 The Notes set out on page 08 to 09 form an integral part of these Financial Statements.

	COMPANY
Rs.'000'	Rs.'000'
QUARTER ENDED	PERIOD ENDED
30.09.22	30.09.21	30.09.22	30.09.21
UNAUDIT ED	UNAUDITED	UNAUDIT ED	UNAUDIT ED
1,602,382	1,092,419	3,371,730	1,909,603
(1,366,416)	(866,181)	(2,857,862)	(1,578,795)
235,966	226,238	513,868	330,808
3,184	6,858	6,603	10,623
(60,871)	(51,930)	(158,138)	(113,775)
(11,079)	(5,593)	(22,022)	(21,244)
167,200	175,573	340,311	206,412
288,319	1,033	571,845	955
(407,358)	(10,756)	(467,325)	(32,539)
(119,039)	(9,723)	104,520	(31,584)
-	-	-	-
48,161	165,850	444,831	174,828
(7,422)	(28,299)	(96,076)	(28,299)
40,739	137,551	348,755	146,529
-	-	-	-
40,739	137,551	348,755	146,529
40,739	137,551	348,755	146,529
-	-	-	-
40,739	137,551	348,755	146,529
40,739	137,551	348,755	146,529
-	-	-	-
40,739	137,551	348,755	146,529
0.07	0.24	0.62	0.26
0.20	-	0.20	-

Page 3 of 11

INTERIM FINANCIAL STATEMENTS

RENUKA AGRI FOODS PLC

ST ATEMENT OF FINANCIAL POSIT ION

			GROUP		COMPANY
	AS AT		30.09.2022	31.03.2022		30.09.2022	31.03.2022
			Rs.'000'	Rs.'000'		Rs.'000'	Rs.'000'
			Unaudited	Audited		Unaudited	Audited
	Assets
	Non-Current Assets
	Property , Plant and Equipment		2,483,861	2,538,408		1,685,955	1,720,579
	Biological Assets		128,223	120,940		-	-
	Intangible Assets		571,237	571,237		-	-
	Right of U se Assets		148,544	148,544		78,460	78,460
	Inv estment in Subsidiaries		-	-		2,005,204	2,005,204
	Inv estment in Equity Accounted Inv estees		1,034,936	1,008,049		-	-
	T otal Non Current Assets		4,366,801	4,387,178		3,769,619	3,804,243
	Current Assets
	Inv entories		1,784,889	1,221,622		1,390,081	901,405
	Trade and Other Receiv ables		982,274	1,183,903		763,547	1,045,444
	Tax Recov erable		4,791	4,096		1,516	687
	Amounts Due from Related C ompanies		211,459	77,488		236,979	59,966
	Cash and Cash Equiv alents		839,002	370,322		626,749	277,734
	Assets Held for Sale		4,699	4,699		-	-
	T otal Current Assets		3,827,114	2,862,130		3,018,872	2,285,236
	T otal Assets		8,193,915	7,249,308		6,788,491	6,089,479
	Equity and Liabilities
	Equity
	Stated C apital		1,194,453	1,194,453		1,194,453	1,194,453
	Rev aluation Reserv e		266,925	266,925		119,254	119,254
	Retained Earnings		2,672,536	2,225,650		2,250,582	2,014,177
	Equity attributable to Owners of the C ompany		4,133,914	3,687,028		3,564,289	3,327,884
	Non Controlling Interest		346,800	231,349		-	-
	T otal Equity		4,480,714	3,918,377		3,564,289	3,327,884
	Non-Current Liabilities
	Retirement Benefit Obligations		61,779	61,103		52,578	52,150
	Loans and Borrow ings		449,059	449,059		440,278	440,278
	Lease Obligation		157,174	157,174		79,752	79,752
	Deferred Tax Liability		138,223	138,223		105,250	105,250
	T otal Non Current Liabilities		806,235	805,559		677,858	677,430
	Current Liabilities
	Loans and Borrow ings		1,545,721	1,647,130		1,382,722	1,328,936
	Lease Obligation		30,236	30,236		16,578	16,578
	Trade and Other Pay ables		973,240	762,673		838,585	667,777
	Amounts Due to Related C ompanies		199,998	1,275		211,537	4,778
	Div idend Pay able		19,962	5,354		18,611	4,003
	Income Tax Pay able		135,093	75,913		78,311	62,093
	Bank Ov erdrafts		2,716	2,791		-	-
	T otal Current Liabilities		2,906,966	2,525,372		2,546,344	2,084,165
	T otal Liabilities		3,713,201	3,330,931		3,224,202	2,761,595
	T otal Equity & Liabilities		8,193,915	7,249,308		6,788,491	6,089,479
	Net Assets per Share (Rs.)		7.36	6.56		6.34	5.92
	The above figures are provisional and subject to audit.
	The Notes set out on page 08 to 09 form an integral part of these Financial Statements.
	I certify that the Interim Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.
	S gd.
	Dilshan Perera
	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 of the Board of Directors of Renuka Agri Foods PLC.
	Sgd.				Sgd.
	S .V. Rajiyah				B.V. S elvanayagam
	Director				Director
	14th November 2022

Page 4 of 11

INTERIM FINANCIAL STATEMENTS

RENUKA AGRI FOODS PLC

ST AT EMENT OF CHANGES IN EQUIT Y

For the Period Ended		Equity Attributable to Owners		Non Controlling	Total
	Stated	Revaluation	Retained	T otal	Interest	Equity
	Capital	Reserve	Earnings
	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000
COMPANY
Balance as at 1st April 2021	1,194,453	119,254	1,579,146	2,892,853	-	2,892,853
Loss for the period	-	-	146,529	146,529	-	146,529
Other C omprehensiv e Income / (Ex pense)	-	-	-	-	-	-
Total Comprehensive Income / (Expense)	-	-	146,529	146,529	-	146,529
Balance as at 30th September 2021	1,194,453	119,254	1,725,675	3,039,382	-	3,039,382
Balance as at 1st April 2022	1,194,453	119,254	2,014,177	3,327,884	-	3,327,884
Profit for the period	-	-	348,755	348,755	-	348,755
Other C omprehensiv e Income / (Ex pense)	-	-	-	-	-	-
Total Comprehensive Income / (Expense)	-	-	348,755	348,755	-	348,755
Div idend Paid	-	-	(112,350)	(112,350)	-	(112,350)
Total T ransactions with Owners of the Company	-	-	(112,350)	(112,350)	-	(112,350)
Balance as at 30th September 2022	1,194,453	119,254	2,250,582	3,564,289	-	3,564,289
GROUP
Balance as at 1st April 2021	1,194,453	256,851	1,610,033	3,061,337	200,075	3,261,412
Profit / (Loss) for the period	-	-	151,713	151,713	5,288	157,001
Other C omprehensiv e Income / (Ex pense)	-			-	-	-
Total Comprehensive Income / (Expense)	-	-	151,713	151,713	5,288	157,001
Transactions with Owners of the Company,
Recognized directly in Equity
Effect of changes in percentage holding in subsidiaries	-	-	(92,861)	(92,861)	191	(92,670)
Total T ransactions with Owners of the Company	-	-	(92,861)	(92,861)	191	(92,670)
Balance as at 30th September 2021	1,194,453	256,851	1,668,885	3,120,189	205,554	3,325,743
Balance as at 1st April 2022	1,194,453	266,925	2,225,650	3,687,028	231,349	3,918,377
Profit for the period	-	-	559,236	559,236	115,451	674,687
Other C omprehensiv e Income	-	-	-	-	-	-
Total Comprehensive Expenses	-	-	559,236	559,236	115,451	674,687
Transactions with Owners of the Company,
Recognized directly in Equity
Div idend Paid	-	-	(112,350)	(112,350)	-	(112,350)
Total T ransactions with Owners of the Company	-	-	(112,350)	(112,350)	-	(112,350)
Balance as at 30th September 2022	1,194,453	266,925	2,672,536	4,133,914	346,800	4,480,714
1 The abov e figures are prov isional and subject to audit.
2 Figures in brackets indicates deductions
3 The N otes set out on page 08 to 09 form an integral part of these Financial Statements.

Page 5 of 11

INTERIM FINANCIAL STATEMENTS