for the year ended 31st March 2025
CONSOLIDATED INCOME STATEMENTS
Quarter ended | Year ended | ||||||
31st March | 31st March | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Revenue | 31,394,987 | 31,064,941 | 95,094,844 | 97,486,253 | |||
Revenue taxes | (547,630) | (339,784) | (1,463,065) | (1,237,416) | |||
Net revenue | 30,847,357 | 30,725,157 | 93,631,779 | 96,248,837 | |||
Other operating income | 294,360 | (2,022,041) | (362,409) | (2,306,742) | |||
Changes in inventories of finished goods and work-in-progress | (63,879) | (83,690) | (98,717) | (507,640) | |||
Raw materials and consumables used | (1,229,990) | (1,037,428) | (4,201,441) | (3,850,351) | |||
Employee benefits expense | (4,638,008) | (4,017,154) | (17,296,261) | (15,263,948) | |||
Depreciation and amortisation | (1,862,268) | (1,835,459) | (7,173,756) | (7,071,137) | |||
Other operating expenses-direct | (11,216,601) | (11,195,167) | (34,525,390) | (37,548,423) | |||
Other operating expenses-indirect | (4,454,323) | (4,483,682) | (15,194,464) | (16,474,387) | |||
Profit from operations | 7,676,648 | 6,050,536 | 14,779,341 | 13,226,209 | |||
Finance income | 478,780 | 608,386 | 1,920,330 | 2,908,844 | |||
Finance expenses | (1,711,935) | (2,187,371) | (7,450,560) | (10,728,441) | |||
Net finance expense | (1,233,155) | (1,578,985) | (5,530,230) | (7,819,597) | |||
Share of profit of equity-accounted investees (net of tax) | 115,560 | 344,480 | 1,577,204 | 1,317,988 | |||
Profit before tax | 6,559,053 | 4,816,031 | 10,826,315 | 6,724,600 | |||
Income tax expense | (1,738,211) | (563,786) | (3,647,189) | (2,272,850) | |||
Profit for the period | 4,820,842 | 4,252,245 | 7,179,126 | 4,451,750 | |||
Attributable to: | |||||||
Equity holders of the company | 3,038,851 | 2,536,592 | 5,330,919 | 2,928,185 | |||
Non-controlling interests | 1,781,991 | 1,715,653 | 1,848,207 | 1,523,565 | |||
Profit for the period | 4,820,842 | 4,252,245 | 7,179,126 | 4,451,750 | |||
Earnings per share | |||||||
Basic/Diluted (Rs.) | 7.48 | 6.25 | 13.13 | 7.21 | |||
The above figures are subject to audit.
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEQuarter ended | Year ended | ||||||
31st March | 31st March | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Profit for the period | 4,820,842 | 4,252,245 | 7,179,126 | 4,451,750 | |||
Other comprehensive income / (loss) | |||||||
Items that will not be reclassified to profit or loss | |||||||
Revaluation of property, plant and equipment | - | 4,761 | - | 4,761 | |||
Acturial losses on defined benefit obligations | (70,326) | (196,399) | (70,326) | (196,399) | |||
Equity investments at FVOCI - net change in fair value | 1,942 | (3,004) | (3,325) | (4,406) | |||
Share of other comprehensive income of equity-accounted investees (net of tax) | (6,993) | (47,506) | (6,993) | (47,506) | |||
Income tax on other comprehensive income | 5,265 | 59,476 | 5,265 | 39,302 | |||
(70,112) | (182,672) | (75,379) | (204,248) | ||||
Items that are or may be reclassified to profit or loss | |||||||
Exchange differences on translation of foreign operations | 430,360 | (2,573,161) | (636,979) | (3,056,207) | |||
Net movement on cash flow hedges | (160,760) | 1,113,616 | 679,261 | 1,501,550 | |||
Share of other comprehensive income of equity-accounted investees (net of tax) | 74,014 | (410,458) | (120,155) | (505,310) | |||
343,614 | (1,870,003) | (77,873) | (2,059,967) | ||||
Other comprehensive income / (loss) for the period, (net of tax) | 273,502 | (2,052,675) | (153,252) | (2,264,215) | |||
Total comprehensive income for the period | 5,094,344 | 2,199,570 | 7,025,874 | 2,187,535 | |||
Attributable to: | |||||||
Equity holders of the company | 3,281,672 | 707,514 | 4,992,098 | 823,152 | |||
Non-controlling interests | 1,812,672 | 1,492,056 | 2,033,776 | 1,364,383 | |||
Total comprehensive income for the period | 5,094,344 | 2,199,570 | 7,025,874 | 2,187,535 | |||
The above figures are subject to audit.
COMPANY INCOME STATEMENTSQuarter ended 31st March | Year ended 31st March | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Revenue | 375,965 | 299,694 | 1,579,190 | 1,265,626 | |||
Revenue tax | (7,599) | (6,122) | (30,887) | (22,624) | |||
Net revenue | 368,366 | 293,572 | 1,548,303 | 1,243,002 | |||
Other operating income | 1,344,233 | 2,164 | 2,602,274 | 1,052,168 | |||
Employee benefits expense | (432,841) | (336,828) | (1,348,735) | (1,099,598) | |||
Depreciation and amortisation | (38,981) | (15,072) | (77,096) | (57,555) | |||
Other operating expenses-indirect | (213,062) | (187,847) | (747,674) | (780,885) | |||
Profit from operations | 1,027,715 | (244,011) | 1,977,072 | 357,132 | |||
Finance income | 474,977 | 638,292 | 1,895,966 | 3,216,860 | |||
Finance expenses | (585,320) | (640,673) | (2,208,861) | (3,590,296) | |||
Net finance expense | (110,343) | (2,381) | (312,895) | (373,436) | |||
Profit / (loss) before tax | 917,372 | (246,392) | 1,664,177 | (16,304) | |||
Income tax expenses | (7,665) | (13,161) | (17,722) | (27,566) | |||
Profit / (loss) for the period | 909,707 | (259,553) | 1,646,455 | (43,870) | |||
Earnings / (loss) per share | |||||||
Basic/Diluted (Rs.) | 2.24 | (0.64) | 4.06 | (0.11) | |||
The above figures are subject to audit. | |||||||
Quarter ended 31st March | Year ended 31st March | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Profit / (loss) for the period | 909,707 | (259,553) | 1,646,455 | (43,870) | |||
Other comprehensive income / (loss) | |||||||
Items that will not be reclassified to profit or loss | |||||||
Acturial losses on defined benefit obligations | (15,480) | - | (15,480) | (29,903) | |||
Equity investments at FVOCI - net change in fair value | 818 | (492) | (2,667) | (4,086) | |||
Income tax on other comprehensive income | 3,107 | - | 3,107 | 12,534 | |||
Other comprehensive loss for the period, (net of tax) | (11,555) | (492) | (15,040) | (21,455) | |||
Total comprehensive income / (loss) for the period | 898,152 | (260,045) | 1,631,415 | (65,325) | |||
The above figures are subject to audit. | |||||||
Group | Company | |||||
As at | 31.03.2025 | 31.03.2024 | 31.03.2025 | 31.03.2024 | ||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
ASSETS | ||||||
Non-current assets | ||||||
Property, plant & equipment | 98,015,886 | 101,028,695 | 97,134 | 84,109 | ||
Investment properties | 1,651,793 | 1,631,258 | 3,434,288 | 3,415,573 | ||
Intangible assets | 1,542,567 | 1,640,049 | 26,251 | 46,323 | ||
Biological assets | 67,104 | 64,455 | - | - | ||
Right-of-use assets | 14,672,688 | 16,364,381 | - | - | ||
Investments in subsidiaries | - | - | 14,211,447 | 14,206,073 | ||
Investments in equity-accounted investees | 10,928,868 | 9,946,837 | 2,657,955 | 2,657,955 | ||
Deferred tax assets | 1,619,108 | 1,974,566 | 643,565 | 643,565 | ||
Other financial assets | 994,672 | 1,018,979 | 5,126 | 25,344 | ||
129,492,686 | 133,669,220 | 21,075,766 | 21,078,942 | |||
Current assets | ||||||
Inventories | 4,441,154 | 4,159,673 | 6,043 | 7,781 | ||
Trade and other receivables | 19,169,392 | 19,854,130 | 7,612,761 | 6,384,623 | ||
Current tax receivable | 332,871 | 226,379 | 212,679 | 154,483 | ||
Deposits and prepayments | 4,329,242 | 5,670,574 | 177,535 | 165,388 | ||
Other current assets | 26,738,648 | 25,374,849 | 19,771,072 | 18,238,376 | ||
Cash and short-term deposits | 16,600,685 | 12,132,534 | 5,223,529 | 3,023,392 | ||
71,611,992 | 67,418,139 | 33,003,619 | 27,974,043 | |||
Assets classified as held for sale | 922,243 | 169,423 | 72,237 | 72,237 | ||
Total Assets | 202,026,921 | 201,256,782 | 54,151,622 | 49,125,222 | ||
EQUITY AND LIABILITIES | ||||||
Equity | ||||||
Stated capital | 2,135,140 | 2,135,140 | 2,135,140 | 2,135,140 | ||
Reserves | 38,598,848 | 38,957,795 | 17,364,959 | 17,445,084 | ||
Retained earnings | 36,499,839 | 32,743,186 | 6,747,432 | 6,761,375 | ||
Total equity attributable to equity holders of the company | 77,233,827 | 73,836,121 | 26,247,531 | 26,341,599 | ||
Non-controlling interests | 12,655,284 | 11,883,848 | - | - | ||
Total Equity | 89,889,111 | 85,719,969 | 26,247,531 | 26,341,599 | ||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 33,907,662 | 38,464,247 | 5,926,400 | 1,200,773 | ||
Lease liabilities | 11,215,519 | 12,846,666 | - | - | ||
Deferred tax liabilities | 6,058,178 | 5,701,185 | - | - | ||
Employee benefits | 1,899,009 | 1,668,797 | 200,886 | 164,243 | ||
Other liabilities | 179,589 | 277,865 | - | - | ||
53,259,957 | 58,958,760 | 6,127,286 | 1,365,016 | |||
Current liabilities | ||||||
Interest-bearing loans and borrowings | 11,621,372 | 9,196,934 | 1,211,029 | 1,244,161 | ||
Lease liabilities | 1,534,497 | 1,780,313 | - | - | ||
Provisions | - | - | - | - | ||
Trade and other payables | 24,724,519 | 25,261,523 | 12,374,323 | 11,611,482 | ||
Current tax payable | 1,102,504 | 950,542 | - | - | ||
Bank overdrafts and other short-term borrowings | 19,894,961 | 19,388,741 | 8,191,453 | 8,562,964 | ||
58,877,853 | 56,578,053 | 21,776,805 | 21,418,607 | |||
Total Equity and Liabilities | 202,026,921 | 201,256,782 | 54,151,622 | 49,125,222 | ||
Net assets per share (Rs.) | 190.23 | 181.86 | 64.65 | 64.88 | ||
The above figures are subject to audit.
The Chief Financial Officer certifies that the financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
sgd.
Ms. N. Sivapragasam
Chief Financial Officer
For and on behalf of the Board:
sgd. sgd.
Ms. D.S.T. Jayawardena Dr. M. P. Dissanayake
Chairperson Deputy Chairman/
Managing Director
Colombo,
29th May 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the year ended 31st March 2025 | |||||||||||
..................................... Attributable to equity holders of the company ............................ | |||||||||||
Stated capital | Other capital reserves | General reserves | Revaluation reserve | Exchange fluctuation reserve | Fair value reserve | Cash flow hedge reserve | Retained earnings | Total | Non controlling interests | Total equity | |
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 2024 | 2,135,140 | 148,440 | 17,502,119 | 11,531,294 | 11,435,146 | (14,293) | (1,644,911) | 32,743,186 | 73,836,121 | 11,883,848 | 85,719,969 |
Profit for the period | - | - | - | - | - | - | - | 5,330,919 | 5,330,919 | 1,848,207 | 7,179,126 |
Other comprehensive income / (loss) for the period | - | - | - | - | (581,950) | (4,665) | 303,589 | (55,795) | (338,821) | 185,569 | (153,252) |
Total comprehensive income / (loss) for the period | - | - | - | - | (581,950) | (4,665) | 303,589 | 5,275,124 | 4,992,098 | 2,033,776 | 7,025,874 |
Share of net assets of equity-accounted investees | - | - | - | - | - | - | - | 131,533 | 131,533 | - | 131,533 |
Acquisition and changes in non-controlling interest | - | - | - | - | - | - | - | 1,584 | 1,584 | ||
Direct cost on share issue | - | - | - | - | - | - | - | (442) | (442) | - | (442) |
Transfer to reserves | - | - | (75,921) | - | - | - | - | 75,921 | - | - | - |
Final dividends for 2023/2024 | - | - | - | - | - | - | - | (1,725,483) | (1,725,483) | - | (1,725,483) |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | (1,263,924) | (1,263,924) |
Total contributions and distributions, recognised directly in equity | - | - | (75,921) | - | - | - | - | (1,518,471) | (1,594,392) | (1,262,340) | (2,856,732) |
Balance as at 31st March 2025 | 2,135,140 | 148,440 | 17,426,198 | 11,531,294 | 10,853,196 | (18,958) | (1,341,322) | 36,499,839 | 77,233,827 | 12,655,284 | 89,889,111 |
For the year ended 31st March 2024 | |||||||||||
..................................... Attributable to equity holders of the company ............................ | |||||||||||
Stated capital | Other capital reserves | General reserves | Revaluation reserve | Exchange fluctuation reserve | Fair value reserve | Cash flow hedge reserve | Retained earnings | Total | Non controlling interests | Total equity | |
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 2023 | 2,135,140 | 148,440 | 19,126,103 | 11,547,699 | 14,033,122 | (13,546) | (2,316,014) | 29,743,417 | 74,404,361 | 11,811,656 | 86,216,017 |
Profit for the period | - | - | - | - | - | - | - | 2,928,185 | 2,928,185 | 1,523,565 | 4,451,750 |
Other comprehensive income / (loss) for the period | - | - | - | (16,405) | (2,597,976) | (747) | 671,103 | (161,008) | (2,105,033) | (159,182) | (2,264,215) |
Total comprehensive income / (loss) for the period | - | - | - | (16,405) | (2,597,976) | (747) | 671,103 | 2,767,177 | 823,152 | 1,364,383 | 2,187,535 |
Share of net assets of equity-accounted investees | - | - | - | - | - | - | - | 232,592 | 232,592 | - | 232,592 |
Transfer to reserves | - | - | (1,623,984) | - | - | - | - | 1,623,984 | - | - | - |
Final dividends for 2022/2023 | - | - | - | - | - | - | - | (1,623,984) | (1,623,984) | - | (1,623,984) |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | (1,292,191) | (1,292,191) |
Total contributions and distributions, recognised directly in equity | - | - | (1,623,984) | - | - | - | - | 232,592 | (1,391,392) | (1,292,191) | (2,683,583) |
Balance as at 31st March 2024 | 2,135,140 | 148,440 | 17,502,119 | 11,531,294 | 11,435,146 | (14,293) | (1,644,911) | 32,743,186 | 73,836,121 | 11,883,848 | 85,719,969 |
For the year ended 31st March 2025 | |||||
Stated capital | General reserve | Fair value reserve | Retained earnings | Total | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 01st April 2024 | 2,135,140 | 17,472,455 | (27,371) | 6,761,375 | 26,341,599 |
Profit for the period | - | - | - | 1,646,455 | 1,646,455 |
Other comprehensive loss for the period | - | - | (4,204) | (10,836) | (15,040) |
Total comprehensive profit/(loss) for the period | - | - | (4,204) | 1,635,619 | 1,631,415 |
Transfer to general reserve | - | (75,921) | - | 75,921 | - |
Final dividends for 2023/2024 | - | - | - | (1,725,483) | (1,725,483) |
Balance as at 31st March 2025 | 2,135,140 | 17,396,534 | (31,575) | 6,747,432 | 26,247,531 |
For the year ended 31st March 2024 | |||||
Stated capital | General reserve | Fair value reserve | Retained earnings | Total | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 01st April 2023 | 2,135,140 | 19,096,439 | (26,848) | 6,826,177 | 28,030,908 |
Loss for the period | - | - | - | (43,870) | (43,870) |
Other comprehensive loss for the period | - | - | (523) | (20,932) | (21,455) |
Total comprehensive loss for the period | - | - | (523) | (64,802) | (65,325) |
Transfer to general reserve | - | (1,623,984) | - | 1,623,984 | - |
Final dividends for 2022/2023 | - | - | - | (1,623,984) | (1,623,984) |
Balance as at 31st March 2024 | 2,135,140 | 17,472,455 | (27,371) | 6,761,375 | 26,341,599 |
Group | Company | ||||||
For the year ended 31st March | 2025 Rs.'000 | 2024 Rs.'000 | 2025 Rs.'000 | 2024 Rs.'000 | |||
Cash flow from operating activities | |||||||
Profit / (loss) before taxation | 10,826,315 | 6,724,600 | 1,664,177 | (16,304) | |||
Adjustments for | |||||||
Depreciation and amortisation | 6,979,388 | 6,966,859 | 52,104 | 55,583 | |||
Impairment of intangible assets | 81,816 | - | - | - | |||
Impairment of biological assets | - | 10,261 | - | - | |||
Interest expense | 7,009,985 | 10,323,468 | 2,199,038 | 3,584,769 | |||
(Gain) / loss on disposal of property plant and equipment | (13,037) | (26,468) | (12,573) | (409) | |||
Gain on derecognition of right-of-use assets and liabilities | (2,392) | (1,066) | - | - | |||
Gain on disposal of equity securities - at FVTPL | (158) | - | (158) | - | |||
Interest income | (1,920,330) | (2,908,844) | (1,895,966) | (3,216,860) | |||
Share of profit of equity-accounted investees (net of tax) | (1,577,204) | (1,317,988) | - | - | |||
Impairment losses / (reversals) of investments in subsidiaries and equity-accounted investees | - | - | 25,000 | 2,000 | |||
Impairment losses / (reversals) of inventories | 112,552 | 94,017 | (8) | (28) | |||
Impairment losses / (reversals) and write offs of trade & other receivables | (775,901) | 465,733 | (1,903) | 11,910 | |||
Movement in assets held for sale | (36,112) | - | - | - | |||
Net foreign exchange (gain) / loss | 908,806 | 2,058,987 | 693,984 | 1,904,541 | |||
Provision for retirement benefit obligations | 336,745 | 351,604 | 37,879 | 33,935 | |||
11,104,158 | 16,016,563 | 1,097,397 | 2,375,441 | ||||
Operating profit before working capital changes | 21,930,473 | 22,741,163 | 2,761,574 | 2,359,137 | |||
(Increase)/decrease in trade and other receivables | 1,428,923 | 923,666 | (1,226,235) | (640,409) | |||
(Increase)/decrease in inventories | (570,531) | 1,020,502 | 1,746 | (925) | |||
(Increase)/ decrease in deposits & prepayments | 1,338,620 | (1,405,123) | (12,147) | (121,354) | |||
Increase/(decrease) in trade and other payables | (421,131) | 2,483,059 | 750,973 | 3,592,373 | |||
Increase/(decrease) in other liabilities | (98,276) | (140,628) | - | - | |||
1,677,605 | 2,881,476 | (485,663) | 2,829,685 | ||||
Cash generated from / (used in) operations | 23,608,078 | 25,622,639 | 2,275,911 | 5,188,822 | |||
Interest paid | (7,322,385) | (10,767,291) | (2,214,485) | (3,594,768) | |||
Income tax paid | (2,875,476) | (2,785,337) | (72,811) | (106,063) | |||
Retirement benefit obligations paid | (184,634) | (153,598) | (16,716) | (6,162) | |||
(10,382,495) | (13,706,226) | (2,304,012) | (3,706,993) | ||||
Net cash flow from operating activities | 13,225,583 | 11,916,413 | (28,101) | 1,481,829 | |||
Cash flow from investing activities | |||||||
Interest received from deposits | 1,875,121 | 2,897,114 | 1,876,939 | 3,205,468 | |||
Investment in subsidiaries | - | - | (30,374) | (58,561) | |||
Investment in equity-accounted investees | (15,295) | (162,819) | - | - | |||
Investment in equity and debt securities | (3,260) | (110,191) | (2,447) | (110,191) | |||
Disposal of subsidiary (Note B) | (56,219) | - | - | - | |||
Purchase of property, plant and equipment | (3,288,913) | (5,465,665) | (43,917) | (35,773) | |||
Purchase of intangible assets | (38,245) | (19,618) | - | (5,491) | |||
Purchase of investment property | (22,282) | - | (22,282) | - | |||
Purchase of biological assets | (6,862) | (4,257) | - | - | |||
Operating leases pre-paid | (7,128) | (103,128) | - | - | |||
Proceeds from disposal of property, plant and equipment | 58,241 | 79,096 | 15,000 | 409 | |||
Proceeds from sale of equity and debt securities | 42,279 | 111,642 | 42,279 | 53,308 | |||
Proceeds / (purchase) of other financial assets and liabilities (net) | (2,471,125) | (430,536) | (2,165,178) | 325,516 | |||
Dividends paid to non-controlling interests | (1,263,924) | (1,292,191) | - | - | |||
Dividends received from equity-accounted investees | 614,853 | 451,839 | - | - | |||
Net cash flow from investing activities | (4,582,759) | (4,048,714) | (329,980) | 3,374,685 | |||
Group | Company | ||||||
For the year ended 31st March | 2025 Rs.'000 | 2024 Rs.'000 | 2025 Rs.'000 | 2024 Rs.'000 | |||
Cash flow from financing activities | |||||||
Proceeds from interest-bearing loans and borrowings | 20,683,883 | 2,405,744 | 5,882,600 | - | |||
Repayment of interest-bearing loans and borrowings | (22,025,548) | (7,480,527) | (1,198,620) | (1,259,900) | |||
Payment of lease liabilities | (1,790,460) | (1,799,005) | - | - | |||
Issue of shares by subsidiary companies | 8,120 | - | - | - | |||
Transaction costs on subsidiary share issue. | (442) | - | - | - | |||
Dividends paid to equity holders of the parent | (1,713,615) | (1,614,166) | (1,713,615) | (1,614,166) | |||
Net cash flow from financing activities | (4,838,062) | (8,487,954) | 2,970,365 | (2,874,066) | |||
Net increase/(decrease) in cash and cash equivalents | 3,804,762 | (620,255) | 2,612,284 | 1,982,448 | |||
Cash and cash equivalents at the beginning of the period (Note A) | (7,099,038) | (6,635,952) | (5,580,208) | (7,522,020) | |||
Cash and cash equivalents at the end of the period | (3,294,276) | (7,256,207) | (2,967,924) | (5,539,572) | |||
Cash and cash equivalents at the end of the period | |||||||
Cash at bank and in hand & deposits | 16,600,685 | 12,132,534 | 5,223,529 | 3,023,392 | |||
Short-term bank borrowings | (19,894,961) | (19,388,741) | (8,191,453) | (8,562,964) | |||
Cash and cash equivalent at the end of the period | (3,294,276) | (7,256,207) | (2,967,924) | (5,539,572) | |||
Note A | |||||||
Cash and cash equivalents at the beginning of the period | |||||||
Cash at bank and in hand & deposits | 12,132,534 | 16,215,515 | 3,023,392 | 3,028,386 | |||
Short-term bank borrowings | (19,388,741) | (22,791,252) | (8,562,964) | (10,406,913) | |||
Cash and cash equivalent as previously reported | (7,256,207) | (6,575,737) | (5,539,572) | (7,378,527) | |||
Effect of exchange rate changes | 157,169 | (60,215) | (40,636) | (143,493) | |||
Cash and cash equivalent as restated | (7,099,038) | (6,635,952) | (5,580,208) | (7,522,020) | |||
Note B | |||||||
Disposal of subsidiary | |||||||
During the period under review the Group relinquished its control over Spence Maldives Pvt Ltd, due to changes in the Foreign Direct Investment policy in Maldives for the freight sector companies. The fair values of assets and liabilities thus divested by the group are as follows. The divestment did not result in an additional gain or loss to the income statement. | |||||||
Rs. '000 | |||||||
Non-current assets | 2,444 | ||||||
Current assets | 141,636 | ||||||
Current liabilities | (127,741) | ||||||
Total identifiable net assets disposed | 16,339 | ||||||
Non-controlling interest disposed | (6,536) | ||||||
Purchase consideration received | 9,803 | ||||||
Cash and cash equivalents disposed | (66,022) | ||||||
Net cash outflow on disposal of the company | (56,219) | ||||||
1. Segment analysis | ||||||||||
1.1 Segment analysis of Group revenue and profit | ||||||||||
Tourism sector | Maritime & logistics sector | Strategic investments | Services sector | Total | ||||||
For the year ended 31st March | 2025 Rs.'000 | 2024 Rs.'000 | 2025 Rs.'000 | 2024 Rs.'000 | 2025 Rs.'000 | 2024 Rs.'000 | 2025 Rs.'000 | 2024 Rs.'000 | 2025 Rs.'000 | 2024 Rs.'000 |
Total revenue generated | 70,998,526 | 72,475,909 | 30,420,476 | 24,358,510 | 16,493,025 | 18,261,978 | 3,594,154 | 2,246,653 | 121,506,181 | 117,343,050 |
Less: Inter-segmental revenue | 81,360 | 54,122 | 161,286 | 197,086 | 905,658 | 807,464 | 320,487 | 306,211 | 1,468,791 | 1,364,883 |
Less: Intra-segmental revenue | 5,116,356 | 5,065,726 | 801,896 | 710,088 | 1,221,158 | 1,104,235 | 95,658 | 80,352 | 7,235,068 | 6,960,401 |
Total revenue with equity-accounted investees | 65,800,810 | 67,356,061 | 29,457,294 | 23,451,336 | 14,366,209 | 16,350,279 | 3,178,009 | 1,860,090 | 112,802,322 | 109,017,766 |
Share of equity-accounted investees revenue | (617,659) | (534,084) | (12,258,878) | (8,086,870) | (3,395,359) | (2,908,559) | (1,435,582) | (2,000) | (17,707,478) | (11,531,513) |
Revenue from external customers | 65,183,151 | 66,821,977 | 17,198,416 | 15,364,466 | 10,970,850 | 13,441,720 | 1,742,427 | 1,858,090 | 95,094,844 | 97,486,253 |
Profit/(loss) from operations | 10,121,946 | 9,202,393 | 3,705,874 | 3,666,416 | 727,110 | (258,268) | 224,411 | 615,668 | 14,779,341 | 13,226,209 |
Finance income | 823,408 | 1,151,544 | 247,564 | 516,537 | 780,932 | 1,147,769 | 68,426 | 92,994 | 1,920,330 | 2,908,844 |
Finance expenses | (4,978,367) | (6,592,417) | (387,404) | (239,951) | (1,917,787) | (3,717,481) | (167,002) | (178,592) | (7,450,560) | (10,728,441) |
Share of profit / (loss) of equity-accounted investees (net of tax) | - | (19,960) | 1,002,385 | 977,660 | 373,721 | 367,558 | 201,098 | (7,270) | 1,577,204 | 1,317,988 |
Profit / (loss) before tax | 5,966,987 | 3,741,560 | 4,568,419 | 4,920,662 | (36,024) | (2,460,422) | 326,933 | 522,800 | 10,826,315 | 6,724,600 |
Income tax expense | (1,632,870) | (1,488,146) | (1,040,455) | (764,052) | (884,598) | 201,914 | (89,266) | (222,566) | (3,647,189) | (2,272,850) |
Profit / (loss) for the period | 4,334,117 | 2,253,414 | 3,527,964 | 4,156,610 | (920,622) | (2,258,508) | 237,667 | 300,234 | 7,179,126 | 4,451,750 |
1.2 Segment analysis of Group assets | ||||||||||
Tourism sector | Maritime & logistics sector | Strategic investments | Services sector | Total | ||||||
As at | 31.03.2025 Rs.'000 | 31.03.2024 Rs.'000 | 31.03.2025 Rs.'000 | 31.03.2024 Rs.'000 | 31.03.2025 Rs.'000 | 31.03.2024 Rs.'000 | 31.03.2025 Rs.'000 | 31.03.2024 Rs.'000 | 31.03.2025 Rs.'000 | 31.03.2024 Rs.'000 |
Segment assets | 108,339,046 | 110,951,753 | 22,196,984 | 22,587,993 | 63,109,190 | 60,951,875 | 7,657,678 | 6,885,187 | 201,302,898 | 201,376,808 |
Investments in equity-accounted investees | - | - | 7,789,131 | 7,398,234 | 2,896,562 | 2,522,428 | 243,175 | 26,175 | 10,928,868 | 9,946,837 |
Goodwill on consolidation | - | - | - | - | - | - | - | - | 1,468,433 | 1,562,355 |
Assets classified as held for sale | - | - | - | - | - | - | - | - | 922,243 | 169,423 |
Eliminations / adjustments | - | - | - | - | - | - | - | - | (12,595,521) | (11,798,641) |
Total assets | 108,339,046 | 110,951,753 | 29,986,115 | 29,986,227 | 66,005,752 | 63,474,303 | 7,900,853 | 6,911,362 | 202,026,921 | 201,256,782 |
Basis of preparation
The Financial Statements of the company and those consolidated with such for the interim period have been prepared on the same basis as the most recent audited financial statements and are in compliance with the Sri Lanka Accounting Standards - LKAS 34 - Interim Financial Reporting.
The accounting policies have been consistently applied by the Group and are consistent with those used in the previous financial year. The presentation and classification of the financial statements of the previous period have been adjusted where relevant, for better presentation and to be comparable with current reporting.
Dividends paid
The final ordinary dividend of Rs. 4.25 per share for the year ended 31st March 2024 was paid in accordance with the listing rules of the Colombo Stock Exchange after it was approved at the Annual General Meeting on the 06th August 2024. Total dividend paid was Rs. 1,725,483,191.25.
Fair value measurement and related fair value disclosures
As at reporting date there were no significant differences in the comparison made between the fair value and carrying value of financial assets and liabilities, from that which was disclosed in the annual report for the year ending 31st March 2024. There were no transfers between different levels of fair value hierarchy or changes to assets classes classified on recurring and non-recurring basis. Valuation techniques or significant unobservable inputs used for measuring level 2 and level 3 fair values remains unchanged from 31st March 2024.
During the period under review there were no transfers in and out of level 3 financial instrument measurement and any change in fair values are captured in the statement of other comprehensive income.
Unquoted equity shares that are subjected to level 3 of fair value measurement hierarchy, were revalued as at the reporting date. Fair value would not significantly vary if one or more unobservable inputs used for valuation were changed.
Contingencies, capital and other commitments
There were no liabilities for management fees or any other similar expenditure not provided for in the interim financial statements.
During the period under review there were no material change in the nature of contingencies and other commitments, which were disclosed in the annual report for the year ended 31st March 2024.
Assets classified as held for sale
Consequent to the expiry of the short-term power purchase agreement (PPA) signed between Ace Power Embilipitiya (Pvt) Ltd., a subsidiary company and the Ceylon Electricity Board (CEB) on 04th March 2024, and the subsequent intimation by the Ceylon Electricity Board that they have not identified the requirement of purchasing electricity through the Company, Board of Directors of Aitken Spence PLC approved to dispose of the power generating assets belonging to Ace Power Embilipitiya (Pvt) Ltd. Accordingly, the plant and machinery and spare parts inventory of the company have been classified under assets held for sale.
Further, during the period under review, the fair values of the Group's investment in Aitken Spence Technologies (Pvt) Ltd and Ace Resorts Pvt Ltd are also treated under assets classified as held for sale upon the decision made to liquidate these companies. The liquidation of these companies are not yet concluded.
Events after the reporting period
There were no material events that occurred after the reporting date that require adjustments to or disclosure in the financial statements.
NON FINANCIAL INFORMATION | |
1. Stated Capital | 31.03.2025 |
Number of shares represented by the stated capital (31.03.2024 - 405,996,045) | 405,996,045 |
Number of public shareholders | 4,628 |
Percentage of shares held by the public | 47.52% |
Floated adjusted market capitalisation - Rs.'000 | 24,644,241 |
As the floated adjusted market capitalisation is over 10.0 billion, Aitken Spence PLC complies under option 1 with the minimum public holding requirement.
2. Shares Traded | |
Market Price per Share - Last traded (Rs.) | 127.50 |
Market Price per Share - Highest (Rs.) | 162.75 |
Market Price per Share - Lowest (Rs.) | 126.25 |
3. Shareholding of Directors | |
The number of shares held by the Board of Directors are as follows ; |
Name of Director | Position | 31.03.2025 | 31.03.2024 | |
1 | Ms. D.S.T. Jayawardena | Chairperson | 27,839 | 27,839 |
2 | Dr. M.P. Dissanayake | Deputy Chairman and Managing Director | Nil | Nil |
3 | Dr. R.M. Fernando | Director | Nil | Nil |
4 (a) | Mr. J.M.S. Brito | Director | 64,126 | 174,126 |
4 (b) | People's Leasing & Finance PLC / Mr. J.M.S. Brito and Mrs. B.S. Brito | Director | 310,000 | 200,000 |
5 | Mr. N. J. de S. Deva Aditya | Director | Nil | Nil |
6 | Mr. R.N. Asirwatham | Director | 1,000 | 1,000 |
7 | Mr. C.R. Jansz | Director | Nil | Nil |
8 | Mr. M.R. Mihular | Director | Nil | N/A |
9 | Dr. R.A. Fernando | Director | Nil | N/A |
10 | Mr. P. Englisch | Director | Nil | N/A |
11 | Mr. C.J. Sevilla | Director | Nil | N/A |
12 | Mr. C.H. Gomez (Appointed w.e.f. 01.04.2025) | Director | Nil | Nil |
4. Substantial Shareholdings
The twenty largest shareholding as at 31st March 2025 are as follows :
Name of the Share Holder | Shareholding | % | |
1 | Melstacorp PLC | 208,410,213 | 51.33 |
2 | Rubicond Enterprises Limited | 65,990,145 | 16.25 |
3 | Employees' Provident Fund | 20,590,978 | 5.07 |
4 | Citibank Hong Kong S/A Hostplus Pooled Superannuation Trust | 13,308,044 | 3.28 |
5 | Citibank New York S/A Norges Bank Account 2 | 10,779,412 | 2.66 |
6 | SSBT-Sunsuper Pty. Ltd. as Trustee for Sunsuper Superannuation Fund | 9,524,947 | 2.35 |
7 | Mrs. K. Fernando | 5,571,150 | 1.37 |
8 | Placidrange Holdings Limited | 5,521,500 | 1.36 |
9 | Mrs. A.T. Wickremasinghe | 5,490,909 | 1.35 |
10 | Northern Trust Company S/A Hosking Global Fund PLC | 4,813,946 | 1.19 |
11 | Mr. G.Wickremasinghe | 3,973,197 | 0.98 |
12 | Hatton National Bank PLC - Capital Alliance Quantitative Equity Fund | 2,783,848 | 0.69 |
13 | Milford Exports (Ceylon) (Private) Limited | 2,232,978 | 0.55 |
14 | Mr. M.A. Yaseen | 2,171,288 | 0.54 |
15 | Stassen Exports (Private) Limited | 2,029,980 | 0.50 |
16 | Employees Trust Fund Board | 1,895,591 | 0.47 |
17 | Mr. A.B. Rodrigo (Deceased) | 1,284,720 | 0.32 |
18 | Ranavav Holdings (Pvt) Ltd | 1,200,000 | 0.30 |
19 | Hatton National Bank PLC - Senfin Growth Fund | 1,064,676 | 0.26 |
20 | Dr. D.A. Sivaratnam | 1,000,350 | 0.25 |
CORPORATE INFORMATION
DIRECTORSDeshamanya D.H.S. Jayawardena - Chairman (Deceased on 03.02.2025)
Ms. D.S.T. Jayawardena - Chairperson (Appointed as the Chairperson of the Company w.e.f. 06.02.2025) Dr. M.P. Dissanayake - Deputy Chairman and Managing Director
Dr. R.M. Fernando Mr. J.M.S. Brito
Mr. N.J. de S. Deva Aditya Mr. R.N. Asirwatham
Mr. C.R. Jansz
Mr. M.R. Mihular (Appointed w.e.f. 02.12.2024) Dr. R. A. Fernando (Appointed w.e.f. 30.12.2024) Mr. Peter Englisch (Appointed w.e.f. 30.12.2024) Mr. C. J. Sevilla (Appointed w.e.f. 30.12.2024) Mr. M.A.N.S. Perera (Resigned w.e.f. 25.11.2024)
Mr. C.H. Gomez (Resigned w.e.f. 30.12.2024 and appointed w.e.f. 01.04.2025)
SECRETARIESAitken Spence Corporate Services (Private) Limited.
REGISTERED OFFICE315, Vauxhall Street,
Colombo 02. Sri Lanka