Bogawantalawa Tea Estates PlcCSELK: BOPL.N0000

Interim Financial Statements for the Quarter ended 30th June 2024

Aug 13, 2024 at 3:16 AM UTC · Issued by Bogawantalawa Tea Estates PLC

BOGAWANTALAWA

THE GOLOETil'ILLEY OF CEYLON TEA

BOGAWANTALAWA TEA ESTATES PLG

lnterim Financial Statements

Quader Ended 30th June 20.24

BOGAWA'{TALAWATEA ESTATES PLC

STATEMENT OF FINANGIAL POSITION

tlnaudited	Unaudited	unaudited
COMPANY	COMPANY

31.O3.7074

ASSETS

Non-currentassets

1,163,876 Right to use of land

17,481 lmmovabte estate assets on finance lease (other than tand)

481 ,222 Tangibte assets other than bearer biologicat assets 2,472,907 Bearer biologicat assets

1,394,286 Consumabte biotogicaI assets

17,725 Capital work- in-progress

61 ,O97 lnvestments

5,553,595 Total non-currentassets

Current assets

70,397 Produce on Bearer Bio[oqicaI Asset

570,497 lnventories

494,262 Trade and other receivabtes

2,527 Amount due from related parties

785,1 31 Short Term lnvestment

154,441 Cash and cash equivalents

1,977,254 Total current assets

7 ,530,849 Total assets

EQUITY AND LIABILITIES

30.06.2024	30.06.2023
1,443,197	1,702,418
13,719	24,826
490,835	487,O70
1,456,006	2,325,699
1,444,385	1,373,680
12,758	1 3,1 63
61 ,497	61 ,097
s,9?.2,597	5,487,953
20,333	11,070
567,388	652,275
581 ,01 9	428,795
1,891	3,132
1,060,499	724,857
1 S7 558	rA7 ?11
2.428.688	1.987.362
8.351.285	7 .475 .3't4

	Equity
586,250	Stated capital	586,250	586,250
7,655,647	Retained earnings	2,970,424	2,340,685
46,097	Equitv I nvestment Reserve	4A Og7	77.941
3,287 ,995	Equity attributabte to owners of the parent	3,602,772	2,954,876
	Non-contro[[inointerest
3.287.995	Total e{uitv	3,602,772	2,954,876
	Non-currentliabilitiet

681,528 Debenture

39,1 60 I nterest bearing borrowings

868,758 Retirement benefit obtigations

52,472 Grants aM subsidies

1 97,008 Deferred income

1,568,308 Net tiabitity to lessor of JEDB/SLSPC estates

313,778 Deferred Tax Liabitity

3,721 ,O11 Total non-currentllabilitie!

Current liabilitles

357,641 Trade and other payables

1,006 Amounts due to retated parties

8,519 Dividend payabte

50,096 lncome tax tiabitity

91,435 Current portion of interest bearing borrowings

54 Current portion of tiabitity to make lease payments 1 3,092 Bank overdrafts

521 ,844 Total current liabllities 7,530,849 Total equity and liabilities

39,76 Net assets per share

Nuwan Bogahalanda

Financial Controller

Co-Chairman

1 2th August 2024

Note: All values are in Rupees thousands, unless otherwise stated.

697,918	663,1 01
70,364	37,517
1,O22,007	970,670
53,934	63,021
194,662	2M,044
1,880,404	1,550,845
3 1 3,778	98,174
4,183,067	3,s87,372
345,401	548,1	1 5
	439	792
8,519	1 0,93?_
50,096	126,O95
81 ,814	1 80,663
		1,468
79	174	A4 594
565,446	933,066
8,351,285	7,475,314
43.O2	35.28

Executive Director

The above figures are not subiect to audit.

BOGAWANTALAYYA TEA ESTATES PLG

GOMPREHENSIVE INGOTTIE STATEMENT.GOMPANY

Unaudited		Unaudited
Three Months Period

31.O3.2024	30.46.2024	30.06.2023	Chanqe %

4,970,425	Revenue		1,437,346	1,444,235	2
H,294.201	Cost of sales		(952,955)	(1,223,212)	22
676,224	Gross profiU(toss)		484,391	181 ,023	168
36,000	Gain on fair vatue of consumable biotogicat assets	9,000	9,000
208,331	Other income		49,590	38,888	28
920,556			542,981	228,911	137
(114,4841	Administration expenses		(24,814)	(33,166)	25
(1 1 1,333)	Management fee expenses		(11,250)	(43,375)	74
(114,352)	Net finance income/ (expenses)		(54,1241	(44,659)	(21)
580,386	Profit/ (toss) before taxation		452,793	1O7,710	320
(50,096)	lncome tax expenses
530,290	Profit/(loss) for the vear		452,793	107,710	320
	Attributable to:
530,290	Equity hotders of the parent		452,7_93	1O7,7-1O	320
	Non-controttinginterest
6.33	Basic earnings/(toss) per share		5.41	1.29	320
	Dividend per share
	Other comprehensive income/(expenses)
	Actuarial gain/(toss) on retirement benefit obtigation
	Tax retating to items that witl not be re-ctassified
	Vatuation of gains on fair value through other	L
	comprehensive income equity investment	l
	Other comprehensive income/(expenses) for the year
530,290	Total comprehensive income/(expenses) for the period	452,793	107,710	320
	Attributable to :
53O,290	Equity hotders of the parent		452,793	1O7,710	320
	Non-controttinqinterest

Note: All values are in Rupees thousands, unless otherwise stated.

BOGAWANTALAWA TEA ESTATES PLG

STATEMENT OF GHANGES IN EQUITY

as at 01st Aprit 2023

(Loss) for the Period

Batance as at 30th June 2023

Balance as at 01st Aprit 202a

Dividend paid durring the period

Profit/(Loss) for the Period

Balance as at 30th June 2024

Note: All values are in Rupees thousands, unless otherwise stated.

2,359,600 7,972,791

{.175,675) (125,625)

107,710 107,710

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF GASH FLOWS

COMPANY

31.O3.2024

CASH FLOWS FROM OPERATING ACTIVITIES

580,386 Net profit/(loss) before taxation

Adjustments for:

217,733 Depreciation / amortization

?98 Lease interest

87,146 lnterest expense

81,327 Lease interest to JEDB/SLSPC

90,2BB Provision for retirement benefit obligations (14,066) Amortization of grants and subsidies

(31,711) Gain on fair vatue of consumabte biotogicat assets

(9.381) Amortization of net income from operatine riehts eiven to LRL 947,900 Operatins income before working capital changes

83,603 (lncrease)/ Decrease n inventories

(15O,278 (lncrease)/ Decrease n trade and other receivabtes 1,469 lncrease/ (Decrease) n due from related companies

141,949 lncrease/ (Decrease) n trade and other payabtes

995 lncrease/ (Decrease) n due to retated companies

1,025,637 Cash generated from operations

114,3571 lnterest paid (233,0721 Gratuity paid

584 Grants received

(1?5,625 Dividend paid

553,277 Net Cash flow from Operating Activities

CASH FLOWS FROM INVEST]NG ACTIVITIES

(196,285) lnvestment in bearer biotogical assets - immature ptantations

(58,881) Acquisition of property, ptant and equipment and capital expenditur

414 (lncrease) / Decrease in Capital Work in Proqress

(254.7561 Net cash used in investing activities

CASH FLOW FROM FINANCING ACTIVITIES

(3,565) Payments of finance lease rentats

(140,322) Payments made to lessor of JEDB/SLSPC estates

(124,O28) Payments of lonq term borrowinqs

(267,915 Net cash from/(used in) financing activities

30,550 Net increase/(decrease) in cash and cash equivatents

895,930 Cash and cash equivalents at the besinninn of the vear 926,480 Cash and cash equivalents at the end of the year (Note A)

Cash and cash equivalents at the end of the year

154,441 Cash and bank batances

785,131 Short term lnvestments

l'13,092)Bank overdrafts

926,48O

Unaudited Unaudited

COMPANY

30.06.2074 30.06.2023

452,793	107,710
52,5_72	51,424
	87
54,124	44,659
	40,586
20,023	22,530
(3,516)	(3,516)
(9,095)	(1 1,104)
Q.3451	(2,345)
564,555	250,030
(21,316)	(38,848)
(148,298)	(84,81 1)
1,056	864
48,816	167,607
(3s0)	781
444,464	295,623
(54,124)	(44,659
(69,7681	(63,352)
	584
	fizs,625
320,571	62,571

(24,192) (31,905)

(4,997) (11,459

(28)
(29,222) i43,392

	(1,940)
(35,693)	(49,563 )
(27.425	(41.394
(63,1 19)	(92,897
228,23O	73	718
950.649	900,813
1 .178.880	827,O97
197,558	167,233
1,060,499	724,857
(79,1781	(64,9941
1 ,17g,ggo	827,097

BOGAWAI{TALAWA TEA EATATES PLC

NOTES TO THE IiITERIM FINANCIAL STATEMENT

Ol.Gorporate !nformation

Bogawantalawa Tea Estates PLC (BTE PLC) is a pubtic

timited tiabitity company, tisted in the Cotombo Stock

Exchange, incorporated and domicited in Sri Lanka. The

'?qlsteredoffice of the Company is [ocated at No.153, Nawata Road,Narahenpita,Cotombo-05and ptantations

are situated in the planting regions of Bogawantatawa and Deraniyagala.

lnterim Financia[ Statements have been prepared in comptiance with the requirements of the Sri Lanka Accounting Standard - LKAS 34 on 'lnterimFinancial Reporting'.Previous year figures and phrases have been re-arrangedwherever necessary to conform to the current presentation. They also compty with the accounting poticies and methods set out in the Annuat Report for the year ended 31st March 2023.

O2.Principal business actavaties and nature

of operations of the company and its subsidiaries company

During the year, the principat activities of the company

were the cuttivation, manufacture and sate of tea, rubber, patm oit and forestry.

O3.Parent company

The companys parent undertaking and controtling party is Metropotitan Resource Hotdings Limited, which hotds 78,45 % of the shares, and is incorporated in Sri Lanka.

O4.Date of authorization for issue

The lnterim Financial Statements of the Company for the period ended 30th June 2024 were authorised for issue by the Board of Directors on 12th August 2024.

O6.Events After the balance sheet date

There have been no other events subsequent to the batance

sheet date, which require disctosure in the interim financial statements.

Ordinary Voting Shares of the Company have been transferred from the Diri Savi Board to Secund Board, with effect from 7th August 2024.

O7.Net asset per share

Net Assets per share have been catcutated, for atl periods,

based on the Number of Shares in lssue as at 30th June 2024.

OS.Gontingent liabilities

There have been no significant changes in the nature of the Contingent Liabitities as at 30th June 2024.

O5.Basis of Preparation

The financia[ statements of the company has been prepared and presented in accordance with Sri Lanka Accounting Standards, which comprise Sri Lanka Accounting Standards (LKASs/SLFRs),

Statement of Atternative Treatment (SoAT), retevant interpretations of the Standing lnterpretations Committee (SlC) and lnternationat

Financia[ Reporting lnterpretations Committee (lFRIC) which are cottectivety referred to as SLASs and in compliance with the requirements of the Companies Act No.07 of 2007 and amendments thereto, and provide appropriate disctosures as required by the

Listing Rutes of the Cotombo Stock Exchange.

09. AII amounts expressed are in Sri Lankan Rupeas (Ll(R.) thousands unless otherwise stated.

lO-Tha lniarim Financial Striamanlc are not audilad-

l.Gazette Notificataons.

The government gazette no7385114 issued on 31st May 2024 by the Secretary, Ministry of Labour and Foreign Emptoyment decision on the minimum daity payment in respect of the workers engaged in Tea Growing and Manufacturing Trade and Rubber Growing and Raw Rubber Manufacturing Trade under section 33(2) of the Wages Boards Ordinance has been revoked by the Gazette No. 2392139 issued on 10

July 2024.

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AOGAWAI{TALAWA TEA ESTATEa PLC

INVESTOR INFORMATION

01.Stated Capital

Stated capitat is representd by shares in issue as given b€tow

Ordinary shares		11750,000 83,750,000
		586.250.010	586,250,01.250.0100
02. Pubtic share hotdings	mm9.98t/._ 10.15%

			18,142
03.Market price per share	mm38.00 50.00
Highest	614t2024
Lowest	412612024	35-00	37j0
			43lo

o,l.The Ftoat adjusted market capitalization a3 at 30th June 2024 - Rs. 315,094,903.50

The Ftoat adjusted market capitatization of the Company fatls under option 2 of Rute 7.1 3.1. {i) (b) of the Listing Rutes of the Cotombo Stock Exchange. The Company is not in compliance with the minimum pubtic holding requirement applicable under the said option

05.Ordinary VotinS Shares of the Company have been transferred from the Main Board to Diri Savi Board, Mth effect from 02nd July 2018.

06.

.Dinsh Jamnadas Ambani

.Cart Micheat Oscarsson Hagtind

. Don Ariyaseeta De Sitva Wckmmanayake

. Latithkumar Jamnadas Ambani

. Sudath Ajith Samaradiwakara Jayasundara

. Latith Hemantha Munasinghe

07.Chief Executive Officer'sSharehotding	--------f------rralf---0.00 I
	lur. m r maieeo
08.Thirty (30) Major shareholders as at 3010612024,
	Rsource Holdinqs Limited	53,889,067	64.35
2	Bank Of Ceylon Ptc/Metropotitan Resource Hotdings Ptc	't1,812,50O	14.10
3	. D.A.De.S. Wckramanayake	9,61 4,580	11.48
4	Limited	499,292	0.60
5	Limited	490,995	0.59
6	H.M.A.R.K, Katuhendiwela	260,000	0.31
7	R.D. Eandaranaike E Mrs A.D. Bandaranaike	1 96,909	0.24
8	Hotdings(Pvt)ttd	1M,10O	0.20
9	Finance Plc/A.V.R.De Sitva Jayatitteke	1 06,031	0.13
10	Bank Ptc/Mohamed Mushtaq Fuad	1 00,000	0.12
11	K.G.M. Pieris	1 00,000	0.12
't2	. A.N. Handunpatiirana	85,000	0. t0
13	. D.S.A. Jayatiteke	71 ,448	0.09
14	Bank Ptc/Jayantha Dewage	70,000	0.08
15	Bank Of Ceylon Plc/Metrocorp (Pvt) Ltd	63,750	0.08
16	nstand Reatity (Pvt) ltd	60,744	0.07
17	. A.V.R. De Sitva Jayatitteke	59,338	0.07
18	lnvestments Limited	57,831	o.o7
19	Garments Limited,	56,575	0.07
20	. K.P.A. Premalal	55,475	0.o7
21	opte'sLeasing & Finance Ptc/Mr. F.B.R.D. Sitva	53,550	0.06
1)	. R.E. Rambukwelte	52,s00	0.06
23	. M.H.M. Zarmk	50,157	0.06
24	Finance Ptc/W. Jinadasa	50,1 16	0.06
25	Bank Ptc/Hi.[ine Trading (Private) Limited	45,000	0.05
26	Bank Ptc/Rizmy Ahamed Rishard	31,256	0.04
27	5.D. Fernando	28,600	0.03
28	NationaI Bank Ptc/Ravindm Erle Rambukwette	28,500	0.03
29	. H.A.S. Madanayake	25,2'11	0.03
30	P.U.E. Fernando & Mrs H.K.D. Fernando	25,000	0.03
		78,203,5?5	93.39
	Others	5,546,475	6.61
		___qll:92q90	100.00

BOGAWANTALAWA TEA ESTATES PLC

Name of the Company

Bogawantatawa Tea Estates PLC

Date of incorporation

22nd June 1992

Company Registration No

PQ124

Legal Form

Quoted Pubtic Company

Stock Exchange Listing

The ordinary shares of the company are tisted on the Stock Exchange in Sri Lanka

Directors

Mr. D J Ambani (Co Chairman)

Mr. L J Ambani (Co Chairman)

Mr.CMOHagtind

Mr. D A de Sitva Wickramanayake

Mr.SASJayasundara

Mr. L H Munasinghe

ls.SHrMaunasinghe

Secretaries and registrars

P W Corporate Secretariat (Pvt) Ltd

No 3/17, Kynsey Road, Cotombo 08.

Tetephone :4897 711 I 4897 722

Fax: 4 740 588 E mait : pwcs@pwcs.tk

Registered Office :

No 153, Nawala Road ,

Narahenpita

Colombo-O5, Sri Lanka

Tetephone:2510100

Fax 2 510 178 E mait : info@bpt.tk

Auditors

A essers, BDO Partners

Chartered Accountants

6512, Sir Chittampalam A Gardiner Mawatha

Cotombo 2.

Tetephone :2 421 878

Bankers

Commerciat Bank of Ceyton PLC

Seytan Bank

Sampath Bank

Bank of Ceyton

National Development Bank

Nations Trust Bank

Hatton National Bank

Earlier from Bogawantalawa Tea Estates

Bogawantalawa Tea Estates: Interim Financial Statements for the Quarter Ended 30th September 2022Nov 14, 2022

All Bogawantalawa Tea Estates news releases