Vallibel One : INTERIM FINANCIAL STATEMENTS 31.03.2024

VALLIBEL ONE PLC

INTERIM FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

	VALLIBEL ONE PLC
STATEMENT OF FINANCIAL POSITION
		Company
As at		31.03.2024		31.03.2023
		Rs.'000		Rs.'000
ASSETS
Cash and cash equivalent		1,919,648		1,366,913
Financial assets measured at fair value through profit or loss		41,888		55,313
Loans and Receivable		-		-
Equity instruments measured at fair value through OCI		14,028,221		8,983,647
Other financial assets		800,000		-
Trade and other debtors and deposits		1,092,035		1,055,928
Contract asset		-		-
Other non-financial assets		5,038		5,811
Investments in subsidiaries		24,617,324		23,234,324
Investment in associate		413,068		413,068
Deferred tax assets		-		-
Income tax recoverable		-		-
Inventories		10,110		8,580
Right of Use Lease Assets		73,672		108,755
Intangible assets		-		-
Investment property		-		-
Property, plant and equipment		59,723		21,185
Assets held for sale		-		-
Total Assets		43,060,727		35,253,524
LIABILITIES
Due to banks		1,590		490
Due to customers		-		-
Interest-bearing loans and borrowings		79,868		115,502
Trade and other payables		19,133		45,157
Other non-financial liabilities		-		-
Contract liabilities		-		-
Dividend payable		14,082		11,113
Employee benefit liabilities		34,028		25,274
Income tax liabilities		14,913		33,650
Deferred tax liabilities		-		-
Liabilities directly associated with the assets classified as held for
sale		-		-
Total Liabilities		163,615		231,186
Shareholders' Funds
Equity Attributable to Equity Holders of the Parent
Stated capital		29,337,103		29,337,103
Reserves		11,011,973		8,014,504
Other components of equity		2,548,037		(2,329,269)
		42,897,113		35,022,338
Non Controlling Interest		-		-
Total Equity		42,897,113		35,022,338
Total Equity and Liabilities		43,060,727		35,253,524
Net Asset Per Share (Rs.)	37.66		30.75

These Financial Statements are in Compliance with the requirements of Companies Act No. 07 of 2007.

Sgd.

Chief Financial Officer

Group

31.03.2024	31.03.2023
Rs.'000	Rs.'000
15,170,845	10,042,529
103,898	244,464
162,521,733	146,371,596
14,044,942	9,004,200
21,308,052	21,792,561
12,340,148	10,493,206
30,033	32,343
1,107,536	4,774,098
-	-
640,417	593,932
1,227,053	966,225
37,578	3,038
30,437,448	27,398,634
2,674,321	2,544,947
12,800,901	12,931,130
2,140,503	2,074,213
69,971,173	60,336,193
36,056	42,861
346,592,637	309,646,170
24,291,390	23,661,702
123,034,547	114,248,253
30,815,073	24,216,840
11,176,255	10,004,071
2,112,629	1,919,070
1,338,017	2,831,092
257,535	516,111
2,081,344	1,659,197
4,165,976	3,557,745
8,084,991	7,449,283

195200,657

207,357,952 190,264,021

29,337,103	29,337,103
41,915,450	33,720,011
20,786,630	13,867,502
92,039,183	76,924,616
47,195,502	42,457,533
139,234,685	119,382,149
346,592,637	309,646,170

80.8167.54

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

Sgd.	Sgd.
Director	Director
30/05/2024

		VALLIBEL ONE PLC
		STATEMENT OF INCOME
			Company
For the year ended 31st March	2024	2023	2024	2023	Variance
	Quarter	Quarter	Cumulative	Cumulative	%
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue
Revenue from contract with customers	-	-	-	-	-
Interest income	-	-	-	-	-
Total revenue	-	-	-	-	-
Cost of sales	-	-	-	-	-
Gross profit	-	-	-	-	-
Dividend income	2,549,889	2,053,827	4,078,503	3,092,306	32
Other operating income	131,890	114,109	481,357	433,783	11
Administrative expenses	(129,216)	(94,609)	(451,156)	(391,964)	(15)
Distribution expenses	-	-	-	-	-
Other operating expenses	(5,127)	-	(13,508)	-	(100)
Result from operating activities	2,547,436	2,073,327	4,095,196	3,134,125	31
Finance cost	1,352	(9,085)	(23,405)	(19,764)	(18)
Finance income	24,856	1,765	110,650	71,801	54
Net finance income/ (cost)	26,208	(7,320)	87,245	52,037	68
Share of results of equity accounted investees	-	-	-	-	-
Profit before tax on financial services	2,573,644	2,066,007	4,182,441	3,186,162	31
Tax on financial services	-	-	-	-	-
Profit before tax	2,573,644	2,066,007	4,182,441	3,186,162	31
Income tax expense	(17,806)	(4,967)	(45,124)	(132,806)	66
Profit for the period from continuing operation	2,555,837	2,061,040	4,137,316	3,053,356	36
Discontinued Operation
Profit/(Loss)After tax for the period from discontinued operations	-	-	-	-
Net profit for the year	2,555,837	2,061,040	4,137,316	3,053,356	36
Attributable to :
Equity holders of the parent	2,555,837	2,061,040	4,137,316	3,053,356	36
Non - controlling interests	-	-	-	-
	2,555,837	2,061,040	4,137,316	3,053,356	36
Earnings Per Share (Rs.)	2.24	1.81	3.63	2.68

Group

2024	2023	2024	2023	Variance
Quarter	Quarter	Cumulative	Cumulative	%
Rs.'000	Rs.'000	Rs.'000	Rs.'000
19,146,905	21,829,021	76,090,400	76,881,129	(1)
8,637,920	9,458,561	46,239,187	39,973,555	16
27,784,825	31,287,582	122,329,587	116,854,684	5
(15,188,689)	(18,167,904)	(67,930,171)	(66,202,342)	(3)
12,596,136	13,119,678	54,399,416	50,652,342	7
877,181	564,554	880,744	568,540	55
670,246	(372,025)	975,741	768,141	27
(3,313,815)	(3,256,632)	(13,233,534)	(11,231,203)	(18)
(2,395,943)	(2,537,134)	(9,865,314)	(9,358,517)	(5)
113,273	375,657	(649,766)	(721,656)	10
8,547,078	7,894,098	32,507,287	30,677,647	6
(588,664)	(1,170,981)	(2,855,021)	(4,159,420)	31
(159,413)	68,222	482,960	1,242,069	(61)
(748,077)	(1,102,759)	(2,372,061)	(2,917,351)	19
31,285	6,121	47,870	(4,473)	1170
7,830,286	6,797,460	30,183,096	27,755,823	9
(938,249)	(768,271)	(3,630,243)	(2,677,605)	(36)
6,892,037	6,029,189	26,552,853	25,078,218	6
(2,338,221)	(1,531,736)	(9,286,436)	(7,645,506)	(21)
4,553,816	4,497,453	17,266,417	17,432,712	(1)
183,734	274,126	177,410	375,988	(53)
4,737,550	4,771,579	17,443,827	17,808,700	(2)
3,041,998	2,975,853	9,893,816	9,524,006	4
1,695,552	1,795,727	7,550,011	8,284,694	(9)
4,737,550	4,771,579	17,443,827	17,808,700	(2)
2.67	2.61	8.69	8.36

VALLIBEL ONE PLC

STATEMENT OF COMPREHENSIVE INCOME

				Company						Group
	For the year ended 31st March	2024	2023	2024	2023	Variance		2024	2023	2024	2023	Variance
		Quarter	Quarter	Cumulative	Cumulative	%		Quarter	Quarter	Cumulative	Cumulative	%
		Rs.'000	Rs.'000	Rs.'000	Rs.'000			Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Profit for the year	2,555,837	2,061,040	4,137,316	3,053,356	36		4,737,550	4,771,579	17,443,827	17,808,700	(2)
	Other comprehensive income
	Other comprehensive income to be reclassified to income statement in
	subsequent periods
	Exchange difference on translation of foreign operations	-	-	-	-	-		(76,360)	(67,444)	(92,301)	(62,996)	(47)
	Other comprehensive income not to be reclassified to income statement
	in subsequent periods
	Net gain/(loss) on equity instruments measured at fair value through OCI	1,665,851	3,131,442	4,877,307	1,146,484	325		1,665,969	3,124,371	4,873,359	1,143,466	326
	Revaluation of land and building - net of tax	-	-	-	-	-		2,422,017	844,342	2,416,256	(43,090)	5707
	Acturial gain/(loss) on retirement benefit obligation - net of tax	(931)	4,697	(931)	4,697	(120)		(154,037)	21,581	(154,037)	21,428	(819)
	Share of other comprehensive income	-	-	-	-	-		(1,385)	72	(1,385)	72	(2024)
	Net other comprehensive Expense from Discontinued Operation	-	-	-	-	-		-	(36,231)	-	(36,231)	100
	Other comprehensive income for the year, net of tax	1,664,920	3,136,139	4,876,376	1,151,181	324		3,856,204	3,886,691	7,041,892	1,022,649	589
	Total comprehensive income for the year, net of tax	4,220,757	5,197,180	9,013,692	4,204,537	114		8,593,754	8,658,269	24,485,719	18,831,349	30
	Total comprehensive income attributable to:
	Equity holders of the parent	4,220,757	5,197,180	9,013,692	4,204,537	114		6,193,879	6,628,187	16,241,407	10,701,509	52
	Non-controlling interests	-	-	-	-	-		2,399,875	2,030,084	8,244,312	8,129,840	1
		4,220,757	5,197,180	9,013,692	4,204,537	114		8,593,754	8,658,269	24,485,719	18,831,349	30
		-	-	-	-	-		-	-	-	-

`

VALLIBEL ONE PLC

STATEMENT OF CHANGES IN EQUITY- COMPANY

For the year ended 31st March	Stated Capital		Fair value		Retained	Total
			Reserve		Earnings
	Rs.'000		Rs.'000		Rs.'000	Rs.'000
Balance as at 01st April 2022	29,337,102	(3,475,753)	5,245,087		31,106,435
Surchage tax	-	-	(288,636)		(288,636)
Adjusted Balance as at 01st April 2022	29,337,102	(3,475,753)	4,956,451		30,817,800
Profit for the year	-	-	3,053,356		3,053,356
Other comprehensive income	-	1,146,484	4,697		1,151,181
Balance as at 31st March 2023	29,337,102		(2,329,269)		8,014,504		35,022,338
Balance as at 01st April 2023	29,337,103	(2,329,269)	8,014,504		35,022,338
Profit for the year	-	-	4,137,316		4,137,316
Other comprehensive income	-	4,877,307	(931)		4,876,376
Dividend Paid	-	-	(1,138,916)		(1,138,916)
Balance as at 31st March 2024	29,337,103		2,548,037		11,011,973		42,897,113

VALLIBEL ONE PLC

STATEMENT OF CHANGES IN EQUITY- GROUP

For the year ended 31st March 2024	Stated	Treasury	Statutary	Other Component of Equity		Revenue Reserve	Shareholder's	Non	Total
	Capital	Shares	Reserve	Fair Value	Foreign	Revaluation		General	Retained	Fund	Controlling	Equity
				Reserve	Currency	Reserve		Reserve	Earnings		Interest
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 01st April 2022	29,337,103	(44,112)	6,585,938	(3,547,525)	146,252	8,563,034	578,449	28,346,306	69,965,445	38,487,604	108,453,049
Surchage Tax	-	-	-	-	-	-	-	(3,745,312)	(3,745,312)	(223,424)	(3,968,736)
Adjusted balance as at 01st April 2022	29,337,103	(44,112)	6,585,938	(3,547,525)	146,252	8,563,034	578,449	24,600,994	66,220,133	38,264,180	104,484,313
Profit for the year	-	-	-	-	-	-	-	9,524,006	9,524,006	8,284,694	17,808,700
Other Comprehensive Income, Net of Tax	-	-	-	1,144,482	(42,582)	60,540	-	15,063	1,177,503	(154,855)	1,022,648
Total Comprehensive Income	-	-	-	1,144,482	(42,582)	60,540	-	9,539,069	10,701,509	8,129,840	18,831,348
Transfers	-	-	423,016	10	-	-	-	(423,026)	-	-	-
Write Back of Unclaimed Dividends	-	-	-	-	-	-	-	11,207	11,207	393	11,600
Acquition of Non controlling In terest	-	-	-	-	-	-	-	-	-	(388)	(388)
Dividend Paid	-	-	-	-	-	-	-	(39)	(39)	-	(39)
Subsidiary Dividend to Minority Shareholders	-	-	-	-	-	-	-	-	-	(3,669,593)	(3,669,593)
Change in Non controlling Interest with disposal of a subsidiary	-	-	-	-	-	-	-	-	-	(455,677)	(455,677)
Change inownership without change in control	-	-	-	-	-	-	-	(8,194)	(8,194)	188,779	180,585
Balance as at 31st March 2023	29,337,103	(44,112)	7,008,954	(2,403,033)	103,670	8,623,574	578,449	33,720,011	76,924,616	42,457,533	119,382,149
Balance as at 01st April 2023	29,337,103	(44,112)	7,008,954	(2,403,033)	103,670	8,623,574	578,449	33,720,011	76,924,616	42,457,533	119,382,149
Profit for the year	-	-	-	-	-	-	-	9,893,816	9,893,816	7,550,011	17,443,827
Other Comprehensive Income, Net of Tax	-	-	-	4,874,688	(59,240)	1,625,498	-	(93,356)	6,347,590	694,301	7,041,892
Total Comprehensive Income	-	-	-	4,874,688	(59,240)	1,625,498	-	9,800,460	16,241,407	8,244,312	24,485,719
Transfers	-	-	478,182	-	-	-	-	(478,182)	-	-	-
Dividend write back of uncliamed dividend	-	-	-	-	-	-	-	18,114	18,114	6,299	24,413
Change in Non controlling Interest with Aquisition of a subsidiary	-	-	-	-	-	-	-	-	-	(43,297)	(43,297)
Interim dividend in the form of issue and allotment of new shares	-	-	-	-	-	-	-	(6,964)	(6,964)	6,964	-
Acquisition of NCI	-	-	-	-	-	-	-	(1,137,989)	(1,137,989)	-	(1,137,989)
Subsidiary Dividends to Minority Shareholders	-	-	-	-	-	-	-	-	-	(3,294,964)	(3,294,964)
Change in Non controling Interest with disposal of a subsidiary	-	-	-	-	-	-	-	-	-	(239,352)	(239,352)
Change in ownership without change in control	-	-	-	-	-	-	-	-	-	58,007	58,007
Balance as at 31st March 2024	29,337,103	(44,112)	7,487,136	2,471,655	44,430	10,249,072	578,449	41,915,450	92,039,184	47,195,502	139,234,685

VALLIBEL ONE PLC

CASH FLOW STATEMENT

For the year ended

CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit/ (Loss) before taxation

Profit/ (Loss) Before tax from discontinued operations

ADJUSTMENTS FOR

Profit/(loss) on sale of property, plant and equipment Depreciation

Provision/(reversal) for change in market value of the investments FVTPL assets Change in fair value of biological assets

Change in fair value of investment property Impairment of loans

Impairment provision/(reversal) of trade and other debtors, deposits and prepayments Amortisation intangible assets

Amortisation of biological assets Withholding Tax Attributed to Fixed Deposits Depreciation of Right of Use Assets Capital grant amortisation

Share of results of equity accounted investees Provision for employee benefit liabilities Provision for inventory

Dividend income Finance cost Finance income

Operating profit before working capital changes

(Increase)/decrease in loans and advances

(Increase)/decrease in trade and other debtors, deposits and prepayments (Increase)/decrease in other financial assets

(Increase)/decrease in other non-financial assets (Increase)/decrease in Consumable Biological Assets Increase/(decrease) in due to banks

Increase/(decrease) in due to customers Increase/(decrease) in trade and other payables (Increase)/decrease in other non-financial liabilities (Increase)/decrease in inventories Increase/(decrease) in asset held for sale

Cash generated from operations

Retirement benefits liabilities paid

Finance cost paid

Interest received

Surcharge Tax paid

Taxes paid

Net Cash from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment

Proceeds from sale of property, plant and equipment

Acquisition of Consumable Biological Assets

Increase the stake of subsidiaries

Purchase of intangible assets

Cost on biological assets

Purchase of investment property

Net change available for sale financial assets

Net change FVTPL assets

Proceeds from leasehold right on mining

Acquisition of Right of Use Assets

Dividend received

Net Cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES Net change in interest-bearingloans and borrowings +CF!B92

Capital grant received Dividend paid

Net cash from/ (used in) financing activities

Net increase / (decrease) in cash & cash equivalents

Net Unrealised Exchage (Gains)/Losses

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

Company

31.03.2024	31.03.2023
Rs.'000	Rs.'000
4,182,441	3,186,162
-	-
(24,000)	-
11,738	11,220
13,425	(6,705)
-	-
-	-
-	-
-	-
-	-
-	-
35,082	38,023
-	-
-	-
8,798	7,879
-	-
(4,078,503)	(3,092,306)
23,405	19,763
(110,650)	(71,801)
61,736	92,235
-	-
(36,107)	(17,060)
(800,000)	-
775	(249)
-	-
-	-
-	-
(25,578)	(8,818)
-	-
-	-
-	-
(799,174)	66,108
(1,822)	-
(23,405)	(19,763)
110,650	71,801
-	(288,636)
(64,992)	(477,841)
(778,743)	(648,331)
(50,276)	(6,235)
24,000	-
-	-
(1,383,000)	(1,935,000)
-	-
-	-
-	-
(167,267)	-
-	-
-	-
-	(124,874)
4,078,503	3,092,306
2,501,960	1,026,197
(35,634)	86,243
-	-
-	-
(1,135,947)	(2,259)
(1,171,581)	83,984
551,636	461,850
-	-
1,366,422	904,572
1,918,058	1,366,422

Group

31.03.2024	31.03.2023
Rs.'000	Rs.'000
26,552,853	25,078,218
177,410	863,018
(93,347)	(16,385)
2,655,312	2,449,114
(3,409)	(7,024)

• 14,224
  (66,290)(22,672)

(542,380)	345,404
83,002	102,780
104,583	91,279
-	121,966
-	33,792
630,884	628,302

• (7,670)
  (47,870)4,473
  455,715480,311
  262,014276,682

(880,744)	(568,540)
2,855,021	4,159,420
(482,960)	(1,248,782)
31,659,794	32,777,910
(15,607,757)	(11,179,599)
(1,929,944)	138,251
484,509	(16,100,798)
3,478,468	(1,805,217)

• (10,129)
  2,055,781 (6,245,479)
  8,786,294 24,769,747

(4,136,931)	(2,599,308)
(1,299,516)	(2,382,576)
(3,300,828)	(13,127,959)
(112,409)	26,417
20,077,461	4,261,260
(241,893)	(284,485)
(2,893,909)	(4,123,017)
482,960	1,248,782

• (3,968,736)
  (8,960,880) (8,275,204)
  8,463,739 (11,141,400)

(9,100,103)	(7,389,770)
5,485,546	921,665
-	(278,515)
-	-
(82,600)	(207,325)

• 67,000
• (2,337)
  (167,383)(41)
  143,975 (143,401)
  108,0984,949
  (830,321) (758,634)
  880,744568,541

(3,562,044)	(7,217,868)
6,678,114	(389,306)
(224,642)	(275,480)

• 821
  (4,667,116) (3,287,074)
  1,786,356 (3,951,039)

6,688,051	(22,310,307)
(91,282)	(62,730)
5,200,153	27,573,191
11,796,922	5,200,154

VALLIBEL ONE PLC

NOTES TO THE FINANCIAL STATEMENTS

1. Financial year of the company ends on 31st March.
2. The above figures are provisional & subject to audit.
3. Number of fully paid ordinary shares as at 31st March 2024 is 1,138,915,644 (31st March 2023- 1,138,915,644).
4. There has not been a significant change in the nature of the contingent liabilities which were disclosed in the annual report for the year ended 31st March 2023
5. The consolidated financial statements of the company for the year ended 31st March 2024 comprise of the company , its subsidiaries and associates. The details of subsidiaries and associates are as follows:

Subsidiary Companies

Royal Ceramics Lanka PLC

L B Finance PLC

Greener Water Ltd

Delmege Limited

Associate Companies

The Fortress Resorts PLC

1. Basis of Preparation
   The consolidated and separate financial statements have been prepared in accordance with sri lanka accounting standards comprising SLFRS and LKAS as issued by the Institute of Chartered Accountants of Sri Lanka.Further these interim financial statements have been prepared in compliance with the requirements of LKAS 34 on 'Interim Financial Reporting'.
2. Significant Accounting Policies
   The changes to accounting policies which have been disclosed in the company's annual report 2022/23,have been applied consistently to all periods presented in these Interim Financial Statements.
   The presentation and classification of the financial statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period.
3. Related Party Transactions

For the year ended 31st March	2024	2023
	Rs.'000	Rs.'000
Subsidiaries
Technical Fee - Income Recognized	457,357	411,115
Net Investment Through Equity Shares	1,383,000	1,935,000
Dividend Income	3,201,304	2,526,541
Purchase of Goods and Services	934	3,824
Key management personnel (KMP)
Directors Remuneration	12,560	9,551
Key Management Compensation	52,523	23,269
Companies controlled / jointly controlled / significantly
Influenced by KMP and their close family members
Investment in Fixed Deposits	2,630,667	3,395,000
Withdrawal of Fixed Deposits	-	2,974,000
Interest Income	110,263	47,846
Technical Fee - Income Recognized	-	15,964
Purchase of Goods & Services	3,247	16,285

VALLIBEL ONE PLC

NOTES TO THE FINANCIAL STATEMENTS

9 Discontinued Operations

Ever Paint and Chemical Industries (Private) Limited ("EPCI")

During the year 2016/17, the Board of Directors of Royal Ceramics Lanka PLC took a decision to cease the operations of Ever Paint and Chemical Industries (Private) Limited ("EPCI") and to dispose of the assets thereof. EPCI is a fully owned subsidiary of Royal Ceramics Lanka PLC and it was engaged in the business of manufacturing and marketing of paints and allied products.

Rocell Pty Ltd ("RPTY")

On 31st January 2021, the Board of Directors of Royal Ceramics Lanka PLC decided to cease the operations of Rocell Pty Ltd ("RPTY") and to dispose of the assets thereof. RPTY is a fully owned subsidiary of Royal Ceramics Lanka PLC and it was engaged in the business of wholesale and retailing of floor tiles and wall tiles in Australia. With RPTY being classified as discontinued operations, its figures are no longer taken to lifestyle segment.

Horana Plantation PLC

On 28th March 2023, the group decided to dispose Horana Plantations PLC, which carried out all the group's plantation operations. The disposal was effected in order to generate cash flows for the expansion of group's other businesses. The disposal was completed on 29 March 2023, on which date control of the Horana Plantation PLC passed to the Hayles Plantation Management Services (Pvt) Ltd (the acquirer).

Management has reassessed the recoverability of the remaining assets and liabilities as at the reporting date. Management is continued to take steps to dispose the remaining assets of the Company. The results of discontinued operations for the period ended is presented below:

	Ever Paint and	Rocell Pty Ltd	Total		Ever Paint and	Rocell Pty Ltd	Horana	Total
	Chemical Industries				Chemical Industries		Plantation
	(Private) Limited				(Private) Limited		PLC
	31.03.2024	31.03.2024	31.03.2024	31.03.2023	31.03.2023	31.03.2023	31.03.2023
	Rs.000's	Rs.000's	Rs.000's		Rs.000's	Rs.000's	Rs.000's	Rs.000's
Net Revenue	-	-	-	-	-	3,794,035	3,794,035
Cost of Sales	-	-	-		-	-	(2,559,346)	(2,559,346)
Operating Income	-	-	-	-	-	1,234,689	1,234,689
Other Operating Income	-	173,332	173,332	-	-	3,404	3,404
Distribution Expenses	-	-	-	-	(235)	-	(235)
Administrative Expenses	(2,487)	89	(2,398)	(2,462)	(36)	(251,588)	(254,086)
Finance Expenses	-	6,476	6,476	-	(7,303)	(334,515)	(341,818)
Finance Income	-	-	-	-	8	5,097	5,105
Gain on disposal of Subsidiary	-	-	-	-	-	215,959	215,959
Tax Expense	-	-	-		-	-	(487,030)	(487,030)
Loss for the year from discontinued operations	(2,487)	179,897	177,410		(2,462)	(7,566)	386,016	375,988
The major classes of assets and liabilities of discontinued operations are being classified as held for sale as at the end of the period:
	Ever Paint and	Rocell Pty Ltd	Total		Ever Paint and	Rocell Pty Ltd	Total
	Chemical Industries				Chemical Industries
	(Private) Limited				(Private) Limited
	31.03.2024	31.03.2024	31.03.2024	31.03.2023	31.03.2023	31.03.2023
Assets	Rs.000's	Rs.000's	Rs.000's		Rs.000's	Rs.000's	Rs.000's
Property, Plant & Equipment	36,000	-	36,000.00	36,000	-	36,000.00
Cash and Cash Equivalents	56	-	56.00		172	6,689	6,861.00
Assets held for sale	36,056	-	36,056	36,172	6,689	42,861
Liabilities
Trade and Other Payables	(195)	-	(195)	(214)	(17,678)	(17,892)
Interest Bearing Loans & Borrowings	-	-	-		-	(182,765)	(182,765)
Liabilities directly associated with the assets held for sale	(195)	-	(195)		(214)	(200,443)	(200,657)
Net Assets directly associated with disposal group	35,861	-	35,861		35,958	(193,754)	(157,796)

The net cash flows incurred by each company for the period ended is as follows:

	Ever Paint and	Rocell Pty Ltd	Total		Ever Paint and	Rocell Pty Ltd	Horana	Total
	Chemical Industries				Chemical Industries		Plantation
	(Private) Limited				(Private) Limited		PLC
	31.03.2024	31.03.2024	31.03.2024	31.03.2023	31.03.2023	31.12.2023	31.03.2023
	Rs.000's	Rs.000's	Rs.000's		Rs.000's	Rs.000's	Rs.000's	Rs.000's
Operating	(115)	6,605	6,490	(658)	(11,643)	681,562	669,261
Investing	-	-	-	-	10,498	(430,106)	(419,608)
Financing	-	75,303	75,303		-	4,299	(227,186)	(222,887)
Net cash (outflow)/inflow	(115)	81,908	81,793	(658)	3,154	24,270	26,766

VALLIBEL ONE PLC

NOTES TO THE FINANCIAL STATEMENTS

10 Greener Water Hotel Project

• The soft launch of the Hotel previously scheduled for the 4th quarter of 2021 is now likely to be delayed. When certainty is reached, a further disclosure will be made in this regard

• Utilization of IPO funds via Investing on Greener Water Hotel shares

Detail	Objective	Amount raise	Amount	% of Total	Amount	% of
		as per	allocated	Proceeds	Utilized Rs.	Utilization
		Prospectus	from the		mn	againts
Initial	To fund the Balance Capital	532.8	532.8	100%	532.8	100%
Public Offer	Requirement of Greenerwater Ltd
in June
2011

11 Events occuring After the Reporting Date

Other than above there have been no material events occuring after the balance sheet date that require adjustments or disclosures in the financial statements.