RENUKA FOODS PLC

INTERIM FINANCIAL STATEMENTS – FOR THE PERIOD ENDED

31ST DECEMBER 2021

CONTENT:
Operational Review-2
Statement of Profit or Loss and Other Comprehensive Income-3
Statement of Financial Position -4
Statement of Changes in Equity-5
Statement of Cash Flow-6
Segment Analysis-7
Notes to the Financial Statements-8-9
20 Top Shareholders- 10
Corporate Information-11
 Operational Review

Interim Financial Statements for the Period Ended 31st December 2021

Analysis on Statement of Financial Position

Total Assets

Total Assets of the Group have increased by Rs. 1,435 Mn from Rs. 9,060 Mn as at 31st March 2021
to Rs. 10,495 Mn as at 31st December 2021. Total Non Current Assets were Rs. 6,003 Mn and Total
Current Assets were Rs. 4,492 Mn as at 31st December 2021. n the real estate sector that took place
on the

Equity Attributable to Parent Company’s Shareholders

Equity attributable to Parent Company’s Shareholders increased by Rs. 57 Mn from Rs. 4,226 Mn as
at 31st March 2021 to Rs. 4,283 Mn as at 31st December 2021.

Net Asset Value Per Share (NAVPS)

The NAVPS increased to Rs. 34.89 as at 31st December 2021 compared with Rs. 34.44 per share
recorded as at 31st March 2021.

Analysis on Statement of Profit or Loss and Other Comprehensive Income

Revenue | Expenses |Profit / (Loss) After Tax

Group revenue increased by 49.4% to Rs. 3,199 Mn for the quarter ended 31st December 2021
compared with Rs. 2,140 Mn in the corresponding quarter of the previous year. The composition of
the Group Revenue for the quarter is 47.8% from export revenue and 52.2% from local revenue.

Total direct and other operational expenses have increased by 31.3% to Rs. 2,883 Mn for the quarter
ended 31st December 2021 compared with Rs. 2,198 Mn in the comparable period in the previous
year.

Profit / (Loss) After Tax

The Group reported a profit for the period amounting to Rs. 306 Mn for the quarter ended 31st
December 2021 compared with the loss of Rs. 104 Mn reported in the corresponding quarter of the
previous year.

Earnings / (Loss) Per Share

Earnings per Share was Rs. 1.96 for the quarter ended 31st December 2021, compared with loss per
Share of Rs. 0.56 in the corresponding quarter of the previous year.

Page 2 of 11 INTERIM FINANCIAL STATEMENTS

 RENUKA FOODS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period ended 31st December GROUP COMPANY

Rs.'000' Rs.'000' Rs.'000' Rs.'000'
QUARTER ENDED PERIOD ENDED QUARTER ENDED PERIOD ENDED
31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED
Revenue 3,198,583 2,140,342 7,473,558 6,294,493 30 - 129,783 47,208
Cost of Sales (2,526,809) (1,906,584) (5,994,516) (5,331,873) - - - -
Gross Profit 671,774 233,758 1,479,042 962,620 30 - 129,783 47,208

Other Income 78,372 20,179 119,089 59,295 - - - -

Administrative Expenses (140,053) (135,229) (393,200) (379,378) (1,326) (1,567) (5,264) (4,709)
Selling & Distribution Expenses (216,108) (156,425) (551,222) (463,425) - - - -
Loss on Disposal of Investment In Equity Accounted Investees - (74,681) - (74,681)
Operating Profit / (Loss) 393,985 (112,398) 653,709 104,431 (1,296) (1,567) 124,519 42,499

Finance Income 135 12,273 1,638 20,550 68 7 200 21

Finance Costs (46,629) (33,024) (100,434) (102,628) (1,792) (11) (5,629) (11)
Net Finance Costs (46,494) (20,751) (98,796) (82,078) (1,724) (4) (5,429) 10
Share of Profit of Equity Accounted Investees - 22,768 - 45,172 - - - -
Profit / (Loss) before Tax 347,491 (110,381) 554,913 67,525 (3,020) (1,571) 119,090 42,509
Taxation (41,142) 6,719 (98,277) (17,527) - - (19,346) (5,249)
Profit / (Loss) for the period 306,349 (103,662) 456,636 49,998 (3,020) (1,571) 99,744 37,260

Other Comprehensive Income - - - - - - - -

Total Comprehensive Income / (Expense) for the period 306,349 (103,662) 456,636 49,998 (3,020) (1,571) 99,744 37,260

Profit / (Loss) Attributable to :

Owners of the Company 240,876 (68,272) 339,907 57,415 (3,020) (1,571) 99,744 37,260
Non Controlling Interest 65,473 (35,390) 116,729 (7,417) - - - -
Profit / (Loss) for the period 306,349 (103,662) 456,636 49,998 (3,020) (1,571) 99,744 37,260

Total Comprehensive Income / (Expense) attributable to :

Owners of the Company 240,876 (68,272) 339,907 57,415 (3,020) (1,571) 99,744 37,260
Non Controlling Interest 65,473 (35,390) 116,729 (7,417) - - - -
Total Comprehensive Income / (Expense) for the period 306,349 (103,662) 456,636 49,998 (3,020) (1,571) 99,744 37,260

Earnings / (Loss) Per Share (Rs.) 1.96 (0.56) 2.77 0.47 (0.02) (0.01) 0.81 0.30
Dividend Per Share (Rs.) - 0.35 - 0.35 - 0.35 - 0.35

1 The above figures are provisional and subject to audit.

2 Figures in brackets indicate deductions

Page 3 of 11 INTERIM FINANCIAL STATEMENTS

Page 4 of 11 INTERIM FINANCIAL STATEMENTS
 RENUKA FOODS PLC
ST AT EMENT OF CHANGES IN EQUIT Y

For the period ended Equity Attributable to Owners of the Company Non Controlling Total
Stated Revaluation Available for Retained T otal Interest Equity
Capital Reserve Sale Reserve Earnings
Rs.000 Rs.000 Rs.000 Rs.000 Rs.000 Rs.000 Rs.000
COMPANY
Balance as at 1st April 2020 2,241,842 - - 924,585 3,166,427 - 3,166,427

Profit for the period - - - 37,260 37,260 - 37,260

Other Comprehensive Income, net of Tax - - - - - - -
Total Comprehensive Expenses for the period - - - 37,260 37,260 - 37,260

Transactions with the owners

Div idend Paid - - - (42,957) (42,957) - (42,957)
Total T ransactions with the owners - - - (42,957) (42,957) - (42,957)

Balance as at 31st December 2020 2,241,842 - - 918,888 3,160,730 - 3,160,730

Balance as at 1st April 2021 2,241,842 - - 943,710 3,185,552 - 3,185,552

Profit for the period - - - 99,744 99,744 - 99,744

Other Comprehensive Income, net of Tax - - - - - - -
Total Comprehensive Expenses for the period - - - 99,744 99,744 - 99,744

Transactions with the owners

Div idend Paid - - - - - - -
Total T ransactions with the owners - - - - - - -

Balance as at 31st December 2021 2,241,842 - - 1,043,454 3,285,296 - 3,285,296

GROUP
Balance as at 1st April 2020 2,241,842 712,168 (2,180) 1,660,162 4,611,992 1,194,362 5,806,354

Profit for the period - - - 57,415 57,415 (7,417) 49,998

Other Comprehensive Income, net of Tax - - - - - - -
Total Comprehensive Income for the period - - - 57,415 57,415 (7,417) 49,998

Transactions with the owners

Div idend Paid - - - (42,957) (42,957) (20,202) (63,159)
Changes in ow nership interest that do not result in loss of control - - - 117,347 117,347 (829,593) (712,246)
Total T ransactions with the owners - - - 74,390 74,390 (849,795) (775,405)

Balance as at 31st December 2020 2,241,842 712,168 (2,180) 1,791,967 4,743,797 337,150 5,080,947

Balance as at 1st April 2021 2,241,842 755,457 - 1,229,183 4,226,482 788,053 5,014,535

Profit for the period - - - 339,907 339,907 116,729 456,636

Other Comprehensive Ex penses, net of Tax - - - - - - -
Total Comprehensive Expenses for the period - - - 339,907 339,907 116,729 456,636

Disposal of Subsidiaries - (138,245) - 138,245 - 59,617 59,617

Transactions with the owners

Div idend Paid - - - - - - -
Changes in ow nership interest that do not result in loss of control - - - (283,782) (283,782) 283,782 -
Total T ransactions with the owners - - - (283,782) (283,782) 283,782 -

Balance as at 31st December 2021 2,241,842 617,212 - 1,423,553 4,282,607 1,248,181 5,530,788

1 The above figures are prov isional and subject to audit.

2 Figures in brackets indicates deductions

Page 5 of 11 INTERIM FINANCIAL STATEMENTS

 RENUKA FOODS PLC
STATEMENT OF CASH FLOW

GROUP COMPANY
FOR THE PERIOD ENDED 31ST DECEMBER 2021 2020 2021 2020
Rs.'000 Rs.'000 Rs.'000 Rs.'000
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
Cash Flow from Operating Activities
Profit Before Tax 554,913 67,525 119,090 42,509
Adjustments for
Depreciation of Property, Plant & Equipment 237,396 233,635 - -
Amortization of Intangible asset 2,565 512 - -
Amortization of Right of Use Assets - (4,445) - -
Profit on Disposal of Subsidiaries (26,318) - (117,783) -
Profit on Disposal of Property, Plant and Equipment - (6,150) - -
Share of Profit of Equity Accounted Investee - (45,172) - -
Provision for Retirement Benefit Obligation 22,347 12,353 - -
(Reversal) / Provision for Obsolete Inventories 21,890 (1,619) - -
Interest Expenses 134,138 112,866 5,629 11
Interest Income (8,788) (20,550) (200) (21)
Operating Profit Before Working Capital Changes 938,143 348,955 6,736 42,499

Working Capital Changes

(Increase)/Decrease in Inventories (593,721) (380,762) - -
(Increase)/Decrease in Trade and Other Receivables (691,520) (147,593) 70 58
(Increase)/Decrease in Dues from Related Parties (6,640) (1,571) - -
Increase/(Decrease) in Trade and Other Payable 434,748 (14,054) (16,376) 6,927
Increase/(Decrease) in Dues to Related Parties (479) 195 47,230 7,500
Cash Generated from / (Used in) Operations 80,531 (194,830) 37,660 56,984
Interest Paid (134,138) (112,866) (5,629) (11)
Taxation (1,964) (21,287) (4) (5,249)
Payment of Retirement Benefit Obligation (8,761) (8,147) - -
Net Cash Flows Generated from / (Used in) Operating Activities (64,332) (337,130) 32,027 51,724

Cash Flows from Investing Activities

Acquisition of Property, Plant and Equipment / Investment Properties (191,443) (86,911) - -
Additions of Biological Assets (8,010) (4,841) - -
Additions of Investment in Subsidiary, EAI (486,829) 132,649 (331,500) -
Disposal of Subsidiaries, Net of cash 306,393 - 295,837 -
Proceeds from Disposal of Property, Plant & Equipment - 6,150 - -
Interest Received 8,788 20,550 200 21

Net Cash Generated from / (Used in) Investing Activities (371,101) 67,597 (35,463) 21

Repayment of Lease Obligations - 20,854 - -

Loans and Borrowings obtained /(repayments) during the period 605,565 660,016 - -
Dividend Paid - (63,159) (42,957)
Net Cash Used in Financing Activities 605,565 617,711 - (42,957)

Net Increase/ (Decrease) in Cash and Cash Equivalents 170,132 348,178 (3,436) 8,788
Cash and Cash Equivalents at the beginning of the period 281,624 106,198 9,918 (26,282)
Cash and Cash Equivalents at the End of the period 451,756 454,376 6,482 (17,494)

1 The above figures are provisional and subject to audit.

2 Figures in brackets indicate deductions

Page 6 of 11 INTERIM FINANCIAL STATEMENTS

 RENUKA FOODS PLC
SEGMENT ANALYSIS
Amounts in Rs'000
AGRI FOOD EXPORTS CONSUMER BRANDS GROUP TOTAL
FOR THE PERIOD ENDED 31ST DECEMBER 2021 2020 2021 2020 2021 2020

Revenue 4,263,535 3,407,424 3,705,603 3,133,971 7,969,138 6,541,395

Intra Segment Revenue (487,134) (238,198) (8,446) (8,704) (495,580) (246,902)
Segment Revenue 3,776,401 3,169,226 3,697,157 3,125,267 7,473,558 6,294,493
Segment Results 403,890 19,057 52,746 (14,231) 456,636 4,826
Share of Profit of Equity Accounted Investees - - - 45,172 - 45,172
Profit / (Loss) for the period after tax 403,890 19,057 52,746 30,941 456,636 49,998

Amounts in Rs'000
AS AT 31.12.21 31.03.21 31.12.21 31.03.21 31.12.21 31.03.21

Segment Assets 5,691,568 4,369,224 4,803,281 4,690,976 10,494,849 9,060,200

Segment Liabilities 3,569,897 2,752,279 1,394,164 1,293,386 4,964,061 4,045,665

1 The above figures are provisional and subject to audit.
2 Figures in brackets indicates deductions

Page 7 of 11 INTERIM FINANCIAL STATEMENTS

 Notes to the Financial Statements

1. Basis of preparation
The interim financial statements of Renuka Foods PLC have been prepared in compliance with Sri Lanka
Accounting Standard LKAS 34 -Interim Financial Reporting. These interim financial statements are to be read in
conjunction with the annual financial statements for the year ended 31st March 2021.
2. Comparative figures
The presentation and classification of figures for the corresponding period of the previous year have been
rearranged where relevant, to be comparable with those for the current period.

For management purposes, the Group is organized in to business units based on their products and services and
performance reported under two segments (i.e. Agri Food Exports and Consumer Brands) during the period under
review.

3. Stated Capital
The stated capital of the company consists of 117,960,106 (31st March 2021 – 117,960,106) ordinary voting shares
& 4,773,346 (31st March 2021 – 4,773,346) ordinary non-voting shares as at 31st December 2021.

4. Market price per share

The market prices for the quarter ended,

31st December 2021 31st December 2020

Voting Non-Voting Voting Non-Voting
Highest 21.80 14.70 20.00 15.90
Lowest 12.50 10.30 14.00 11.00
Last Traded 20.50 14.00 17.80 13.90

5. Public shareholding
The percentage of shares held by the public as at 31st December 2021 amounted to 25.99% (30th September 2021 –
26.75%) Voting Shareholders and 68.89% (30th September 2021 – 68.89%) Non-voting Shareholders of the
Company. The number of shareholders representing the public holding was 3,833 Voting (30th September 2021 –
3,990) and 727 Non-Voting (30th September 2021 – 750) as at 30th December 2021. The float adjusted market
capitalization was Rs 674.4 Mn as at 31st December 2021. The Company has over 20% public shareholding and
over 500 public shareholders meeting the minimum thresholds for compliance on minimum public holding, under
option 5 as per the section 7.13.1 (a) of the continuing listing requirement of Colombo Stock Exchange

Page 8 of 11 INTERIM FINANCIAL STATEMENTS

6. Directors’ shareholding
The directors’ shareholdings are as follows:
As at 31st December 2021 As at 30th September 2021
Directors Name
Voting Non-Voting Voting Non-Voting
DR. S. R. RAJIYAH 3,720 - 3,720 -
MRS. I.R. RAJIYAH 674 - 674 -
DR. S. R. RAJIYAH & MRS. I.R. RAJIYAH (JT) 11,798,563 - 11,798,563 -
MR. S.V. RAJIYAH 940,000 - 40,000 -
MR. M.S.DOMINIC - - - -
MR. T.K BANDARANAYAKE - - - -
MS. A.L. RAJIYAH - - - -
MR. V. SANMUGAN - - - -
DR. J.A.S.FELIX - - - -
MR. P . GUNATHILAKE (ALTERNATE DIRECTOR
- - - -
TO MS. A.L. RAJIYAH)
Total 12,742,957 - 11,842,957 -

Mrs. J.J.B.A Rajiyah, spouse of Mr. S V Rajiyah holds 400,000 Ordinary Voting shares

7. Contingent liabilities
There is no change in the nature of the contingent liabilities as at 31st December 2021 as compared to the
contingent liabilities which were disclosed in the accounts for the year ended 31st March 2021.
8. Earnings per Share
Earnings per share have been calculated by dividing profit attributable to equity holders (excluding non-controlling
interest) by the number of ordinary shares as given in the LKAS 33.
9. Significant Events & Transactions
There were no significant events and transactions occurred during the period which require disclosure to the
Interim Financial Report.
10. Event Occurring After the Reporting Date
There have been no material events that have taken place subsequent to 31st December 2021 which require
disclosure or adjustments to the financial statements.

Page 9 of 11 INTERIM FINANCIAL STATEMENTS

 RENUKA FOODS PLC - TOP 20 MAJOR SHAREHOLDERS

No Name Voting as at 31.12.2021 Voting as at 30.09.2021

No of Shares % No of Shares %
1 RENUKA AGRO EXPORTS LTD 59,358,578 50.32% 59,358,578 50.32%
2 CJ PATEL & COMPANY LIMITED 14,803,147 12.55% 14,803,147 12.55%
3 EAGLE VIEW MANAGEMENT LIMITED 13,385,159 11.35% 13,385,159 11.35%
4 DR.S.R RAJIYAH & Mrs I.R RAJIYAH (JT) 11,798,563 10.00% 11,798,563 10.00%
5 MR. K.C VIGNARAJAH 1,592,061 1.35% 1,592,061 1.35%
6 MRS. S. VIGNARAJAH 1,467,068 1.24% 1,467,068 1.24%
7 RENUKA HOTELS PLC 1,203,062 1.02% 1,203,062 1.02%
8 MR. S.V. RAJIYAH 940,000 0.80% - 0.00%
9 HATTON NATIONAL BANK PLC/MUSHTAQ MOHAMED FUAD 875,000 0.74% - 0.00%
10 PEOPLE'S LEASING & FINANCE PLC/MR D.M.P DISANAYAKE 626,191 0.53% 608,375 0.52%
11 MRS. N. MULJIE 480,208 0.41% 480,208 0.41%
12 UNITED MOTORS LANKA PLC 457,001 0.39% 457,001 0.39%
13 MRS. J.J.B.A RAJIYAH 400,000 0.34% 400,000 0.34%
14 UNIMO ENTERPRISES LTD 388,211 0.33% 388,211 0.33%
15 HATTON NATIONAL BANK PLC/ A. P. L. FERNANDO 300,000 0.25% 300,000 0.25%
16 RENUKA CONSULTANTS & SERVICES LIMITED. 280,000 0.24% 280,000 0.24%
17 AMINA INVESTMENT LIMITED 270,914 0.23% 485,980 0.41%
18 TRANZ DOMINION L.L.C 220,000 0.19% 220,000 0.19%
19 CRESCENT LAUNDERERS AND DRY CLEANERS PVT LIMITED 195,428 0.17% 195,428 0.17%
20 BANSEI SECUTITIES CAPITAL (PVT) LTD/D.A.M.A.D.C DEEGAHAWATURA175,719 0.15% 170,930 0.14%
109,216,310 92.60% 107,593,771 91.22%

No Name Non-Voting as at 31.12.2021 Non-Voting as at 30.09.2021

No of Shares % No of Shares %
1 RENUKA GROUP LIMITED 762,583 15.98% 762,583 15.98%
2 MR. K.C VIGNARAJAH 722,284 15.13% 722,284 15.13%
3 BEST REAL INVEST CO SERVICES (PRIVATE) LIMITED 295,086 6.18% 295,086 6.18%
4 AMANA BANK PLC/MR. ABDUL MAJEED MOHAMMADU RISVI 172,328 3.61% 172,328 3.61%
5 MRS. S.VIGNARAJAH 141,109 2.96% 141,109 2.96%
6 MISS. N HARNAM & MRS. J.K.P SINGH (JT) 138,450 2.90% 138,450 2.90%
7 MR. M.D.S.GOONATHILLEKE 131,007 2.74% - 0.00%
8 TRANZ DOMINION,L.L.C. 115,000 2.41% 115,000 2.41%
9 MRS. J.K.P SINGH 104,600 2.19% 104,600 2.19%
10 MR. H U S WICKRAMARATNE 85,000 1.78% 85,000 1.78%
11 PEOPLE'S LEASING & FINANCE PLC/MR.T.S. GABBALAGE 76,810 1.61% - 0.00%
12 MR.Y.H ABDULHUSSEIN 76,498 1.60% 76,498 1.60%
13 MR. R. GAUTAM 72,500 1.52% 66,000 1.38%
14 MR. V.T.H. VITHARANA 60,991 1.28% - 0.00%
15 MR. S. U. ABEYSOORIYA & T.B.M DE SILVA (JT) 57,074 1.20% 52,000 1.09%
16 DIALOG FINANCE PLC/E.M.S.T. EKANAYAKE 55,000 1.15% - 0.00%
17 ASKOLD (PRIVATE) LIMITED 51,230 1.07% 51,230 1.07%
18 MRS. S. UMESHWARY 50,922 1.07% 50,922 1.07%
19 MR. S. P. JAYAKUMAR 49,640 1.04% 49,640 1.04%
20 HATTON NATIONAL BANK PLC / V L M S DE MEL 49,399 1.03% 61,799 1.29%
3,267,511 68.45% 2,944,529 61.68%

Page 10 of 11 INTERIM FINANCIAL STATEMENTS

CORPORATE INFORMATION
Name of Company
Renuka Foods PLC
Remuneration Committee *
Registration No. Mr. M.S.Dominic - Chairman
PQ 216 Mr. T.K.Bandaranayake
Dr. J.M.Swaminathan
Postal Address
P.O.Box 1403, Colombo Nomination Committee *
Mr. M.S.Dominic – Chairman
Legal Form
Quoted Public Company With Limited Liability
Mr. T.K.Bandaranayake
Mrs. J.J.B.A Rajiyah
Direct Subsidiaries
Renuka Agri Foods PLC Ultimate Parent Company
Renuka Agri Organics Ltd Renuka Holdings PLC
Richlife Dairies Ltd
Shaw Wallace Ceylon Ltd Registered Office
“Renuka House”
Indirect Subsidiaries 69 Sri Jinaratana Road,
Renuka Developments (Pvt) Ltd Colombo 2
Ceylon Forestry (Pvt) Ltd Telephone: 00941-11-2314750-5
Coco Lanka (Pvt) Ltd Fax: 00941 11-2445549
Kandy Plantations Ltd Email: info@renukagroup.com
Shaw Wallace Properties (Pvt) Ltd

Activity Stock Exchange Listing

Colombo Stock Exchange
It is the holding company for subsidiaries engaged in the business of
Agri Food Exports and Consumer Brands.
Company Secretaries
Renuka Enterprises (Pvt) Ltd
Board Of Directors
No.69 Sri Jinaratana Road,
Dr. S.R.Rajiyah - Chairman Colombo 2
Mrs. I.R.Rajiyah
Mr. S.V.Rajiyah Registrars
Mr. T.K.Bandaranayake
S S P Corporate Services (Pvt) Ltd
Mr. V.Sanmugam 546 Galle Road,
Dr. J.A.S.Felix Colombo 3.
Mr. M.S.Dominic
Mrs. A.L.Rajiyah
External Auditors
Mr. P. Gunathilake – Alternate Director for Ms. A.L. Rajiyah KPMG Chartered Accountants
Audit Committee
Mr. T.K.Bandaranayake - Chairman
Legal Consultant
Dr. J.A.S.Felix Nithya Partners- Attorneys at Law
Mr. M.S.Dominic
Bankers
Related Party Transaction Review Committee * Hatton National Bank PLC
Mr. T.K.Bandaranayake - Chairman National Development Bank PLC
Dr. J.M.Swaminathan
Mr. M.S.Dominic

*Related Party Transaction Review Committee, Remuneration Committee & Nomination Committee are represented by Parent
Company Directors.

Page 11 of 11 INTERIM FINANCIAL STATEMENTS