Bogawantalawa Tea Estates PlcCSELK: BOPL.N0000

Interim Financial Statements for the Quarter ended 31st December 2024

Feb 13, 2025 at 9:36 AM UTC · Issued by Bogawantalawa Tea Estates PLC

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF FINANCIAL POSITION

Audited

COMPANY

31.03.2024

		ASSETS
		Non-current assets
	1,457,167	Right to use of land
	16,358	Immovable estate assets on finance lease (other than land)
	498,653	Tangible assets other than bearer biological assets
	2,455,558	Bearer biological assets
	1,435,290	Consumable biological assets
	12,725	Capital work-in-progress
	65,295	Investments in equity shares
	5,941,045	Total non-current assets
		Current assets
	22,447	Produce on bearer biological asset
	543,958	Inventories
	432,721	Trade and other receivables
	2,947	Amount due from related parties
	785,131	Short term investment
	165,518	Cash and cash equivalents
	1,952,722	Total current assets
	7,893,767	Total assets
		EQUITY AND LIABILITIES
	586,250	Stated capital
	2,677,224	Retained earnings
	50,295	Equity investment reserve
	3,313,769	Total equity
		Non-current liabilities
	439,251	Debenture
	47,789	Interest bearing borrowings
	1,071,753	Retirement benefit obligations
	57,450	Grants and subsidies
	197,008	Deferred income
	1,863,450	Lease liabilities
	204,279	Deferred tax liability
	3,880,981	Total non-current liabilities
	365,622	Trade and other payables
	788	Amounts due to related parties
	8,519	Dividend payable
	-	Income tax liability
	81,814	Current portion of interest bearing borrowings

Current portion of liability to make lease payments
242,277 Redeemable debentures - current maturity
Bank overdrafts

699,020	Total current liabilities
7,893,767	Total equity and liabilities

Unaudited	Unaudited
COMPANY

31.12.2024	31.12.2023

1,416,630		1,176,723

8,458		19,880
468,204		478,515
2,499,021		2,377,071
1,462,473		1,383,651
12,146		13,302
65,295		61,097
5,932,226		5,510,239
25,035		17,232

765,131		584,008
351,234		567,661
5,040		1,403
1,165,889		580,699
199,293		124,624
2,511,622		1,875,626
8,443,848		7,385,866
586,250		586,250

3,376,024		2,313,381
50,295		46,097
4,012,569		2,945,728

222,330		675,470
31,326		57,389
1,210,895		903,878
48,073		55,988
189,972		199,353
1,903,292		1,562,325
204,279		313,778
3,810,166		3,768,181
316,815		447,273
1,128		82
2,247		8,519
62,922		-
22,169		100,549
-		54
215,831		-

115,478
621,113 671,956

8,443,848

7,385,866

39.57

Net assets per share

47.91

35.17

It is certified that the financial statements have been prepared in compliance with the requirements

Sgd

Nuwan Bogahalanda

Financial Controller

The Board of Directors is responsible for the preparation of these financial statements.

Approved and signed for and on behalf of the Board of Directors of Bogawantalawa Tea Estates PLC.

Sgd	Sgd
Mr. L. J. Ambani	Mr.L. H. Munasinghe
Co-Chairman	Executive Director

13th Feb 2025

Note: All values are in Rupees thousands, unless otherwise stated. The above figures are not subject to audit.

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF COMPREHENSIVE INCOME

Audited			Unaudited			Unaudited
	Three Months Period		Nine Months Period

31.03.2024		31.12.2024	31.12.2023	Change %	31.12.2024	31.12.2023	n	Change %
4,970,425	Revenue	1,227,737	1,038,805	18	3,844,904	3,513,710		9
(4,417,762)	Cost of sales	(1,111,576)	(953,163)	(17)	(3,027,664)	(3,205,790)		6
552,663	Gross profit	116,161	85,643	36	817,240	307,920		165

86,000	Gain on fair value of consumable biological assets	9,000		9,000		-		27,000		27,000		-

219,185	Other income	62,598		62,668		(0)		207,318		155,662		33
857,848		187,759		157,311		19		1,051,558		490,582		114
(150,504)	Administration expenses	(30,498)			39		(83,438)		(129,007)		35
	(50,387)
(111,333)	Management fee expenses	(11,250)		(27,833)		60		(33,750)		(83,500)		60
(112,503)	Net finance expenses	(59,970)		5,331		(1,225)		(172,648)		(90,048)		(92)
483,509	Profit before taxation	86,041			2		761,722		188,026		305
	84,421
109,499	Income tax expenses	-			-		(62,922)		-		(100)
	-

593,008	Profit for the period	86,041		84,421		2		698,800	188,026	272
			-
	Attributable to:		-
593,008	Equity holders of the parent	86,041		84,421		2		698,800		188,026		272
			-
7.08	Basic earnings per share	1.03		1.01		2		8.34		2.25		272
1.50	Dividend per share	-		-				-		-		-
	Other comprehensive income/(expenses)
(41,139)	Actuarial gain/(loss) on retirement benefit obligation	-		-				-		-		-
	Tax relating to items that will not be re-classified
4,197	Valuation of gains on fair value through other	-		-				-		-		-
	comprehensive income equity investment
(36,942)	Other comprehensive income/(expenses) for the period			-					-

556,066	Total comprehensive income for the period	86,041		84,421		2		698,800	188,026	272
	Attributable to :
556,066	Equity holders of the parent	86,041		84,421		2		698,800		188,026		272

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF CASH FLOWS

Audited		Unaudited	Unaudited

COMPANY		COMPANY

31.03.2024		31.12.2024	31.12.2023

	CASH FLOWS FROM OPERATING ACTIVITIES
483,509	Net profit before taxation	761,722	188,026
	Adjustments for:
207,708	Depreciation/amortization	159,464	159,555
(9,780)	Gain on Assets re-classification	-	-
(176,955)	Interest income	(92,388)	(54,121)
298	Lease interest	-	298
126,167	Interest expense	61,124	62,842
163,291	Lease interest to JEDB/SLSPC	203,913	81,327
256,997	Provision for retirement benefit obligations	306,410	67,758
(9,087)	Amortization of grants and subsidies	(9,377)	(10,549)
(72,715)	Gain on fair value of consumable biological assets	(27,183)	(21,075)
(9,381)	Amortization of net income from operating rights given to LRL	(7,036)	(7,036)
960,051	Operating income before working capital changes	1,356,649	467,024
58,092	(Increase)/Decrease in inventories	(223,761)	23,258

(88,022)	(Increase)/Decrease in trade and other receivables	81,486	(223,678)
1,048	Increase/(Decrease) in due from related companies	(2,092)	2,592
444,774	Increase/(Decrease) in trade and other payables	149,124	184,457
777	Increase/(Decrease) in due to related companies	340	71
1,376,721	Cash generated from operations	1,361,745	453,724
(112,503)	Interest paid	(172,648)	(90,048)

(237,875)	Gratuity paid	(167,268)	(175,372)
584	Grants received	-	584
(125,625)	Dividend paid	-	(125,625)
901,302	Net cash flow from operating activities	1,021,829	63,263
	CASH FLOWS FROM INVESTING ACTIVITIES
(233,723)	Investment in bearer biological assets - immature plantations	(114,655)	(127,904)
(58,881)	Acquisition of property, plant and equipment and capital expenditure incurred	(9,383)	(35,767)
9,780	Proceeds from disposal of assets	-	-
410	(Increase) / Decrease in capital work in progress	579	(168)
(295,143)	(Increase)/ Decrease In leasehold right to bare land of JEDP/SLSPC estates	-	-
(577,558)	Net cash used in investing activities	(123,459)	(163,839)
	CASH FLOW FROM FINANCING ACTIVITIES
(3,619)	Payments of finance lease rentals	-	(3,565)
(140,322)	Payments made to lessor of JEDB/SLSPC estates	(164,361)	(105,242)
(125,086)	Payments of long term borrowings	(76,108)	(96,704)
	Payment of debentures	(243,367)	-
(269,028)	Net cash used in financing activities	(483,836)	(205,510)
54,716	Net increase/(decrease) in cash and cash equivalents	414,533	(306,086)
895,933	Cash and cash equivalents at the beginning of the period	950,649	895,930
950,649	Cash and cash equivalents at the end of the period	1,365,183	589,845
	Cash and cash equivalents at the end of the period
165,518	Cash and bank balances	199,293	124,624
785,131	Short term investments	1,165,889	580,699
-	Bank overdrafts	-	(115,478)
950,649		1,365,183	589,845

BOGAWANTALAWA TEA ESTATES PLC

STATEMENT OF CHANGES IN EQUITY

COMPANY

Balance as at 01st April 2023

Dividend paid during the period

Profit for the period

Other comprehensive income

Balance as at 31st December 2023

Balance as at 01st April 2024

Dividend paid during the period

Profit for the period

Other comprehensive income

Balance as at 31st December 2024

Stated Capital

586,250

Equity

Investment

Reserve

46,097

50,295

Retained

Earning

2,250,980

(125,625)

188,026

2,313,381

2,677,224

698,800

3,376,024

Total Equity

2,883,327

(125,625)

188,026

2,945,729

3,313,769

698,800

4,012,569

BOGAWANTALAWA TEA ESTATES PLC

NOTES TO THE INTERIM FINANCIAL STATEMENT

01.Corporate Information

Bogawantalawa Tea Estates PLC (BTE PLC) is a public quoted liability company, listed in the Colombo Stock Exchange, incorporated and domiciled in Sri Lanka. The registered office of the Company is located at No.153, Nawala Road,Narahenpita,Colombo-05 and plantations are situated in the planting regions of Bogawantalawa and Deraniyagala.

Interim Financial Statements have been prepared in compliance with the requirements of the Sri Lanka Accounting Standard - LKAS 34 on 'Interim Financial Reporting'. Previous year figures and phrases have been rearranged wherever necessary to conform to the current presentation. They also comply with the accounting policies and methods set out in the Annual Report for the year ended 31st March 2024.

02.Principal business activities and nature

of operations of the company and its subsidiaries company

During the year, the principal activities of the company were the cultivation, manufacture and sale of tea, rubber, palm oil and forestry.

03.Parent company

The company's parent undertaking and controlling party is Metropolitan Resource Holdings Limited, which holds 78.45 % of the shares, and is incorporated in Sri Lanka.

04.Date of authorization for issue

The Interim Financial Statements of the Company for the period ended 31st December 2024 were authorised for issue by the Board of Directors on 13th February 2025.

05.Basis of Preparation

06.Events After the balance sheet date

There have been no other events subsequent to the balance sheet date, which require disclosure in the interim financial statements.

07.Net asset per share

Net Assets per share have been calculated, for all periods,

based on the Number of Shares in Issue as at 31st December 2024.

08.Contingent liabilities

There have been no significant changes in the nature of the Contingent Liabilities as at 31st December 2024.

09.All amounts expressed are in Sri Lankan Rupees (LKR.) thousands unless otherwise stated.

10.The Interim Financial Statements are not audited.

The financial 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 Alternative Treatment (SoAT), relevant interpretations of the Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations Committee (IFRIC) which are collectively referred to as SLASs and in compliance with the requirements of the Companies Act No.07 of 2007 and amendments thereto, and provide appropriate disclosures as required by the Listing Rules of the Colombo Stock Exchange.

11.Gazette Notifications.

The Secretary to the Ministry of Labour and Foreign Employment has declared, by Notice published in the Gazette Extraordinary No. 2401/24 dated 12 September 2024, that with effect from 10 September 2024, the minimum rate of daily wages for time work in the Tea Growing and Manufacturing Trade and the Rubber Cultivation and Raw Rubber Processing Trade has been increased from Rs. 1,000/- to Rs. 1,350/-.

BOGAWANTALAWA TEA ESTATES PLC

DEBENTURE ISSUE PROCEEDS UTILIZATION AS AT 31.12.2024

		As per prospectus
Objecti			Amount	Proposed date of
ve No	Objective		allocated
		utilization
			in LKR - Mn

Amount

allocated

from

proceeds in LKR -Mn (A)

of total proceeds

Amount		% of Utilized
utilized in		against allocation
LKR (B)		(B/A)

Clarification if not

fully utilized including

where the funds are

invested

Initial Contribution to Sinking Fund

Settlement of high costing debt

Field development activities

Factory development

Early settlement

Total

300

200

850

Immediately

Within 3 months

Rs 100 mn 2019/20, Rs 200 mn in 2020/21 & 2021/22

2 years to 3 years

300

200

850

35%

24%

100%

50		100%

300	100%

199.463%

9.65%

291

850100%

Information related Listed debts as at 31st December 2024.

1	Debt/ Equity ratio	0.07
2	Quick Asset ratio	2.77
3	Interest cover	5.61
4	Interest yield as at date of last trade - For Debentures
	Type A	12.5%
	Type B	13.3%
	Type C	13.5%
5	Yield to maturity For Debentures
	Type A	12.8%
	Type B	13.3%
	Type C	13.4%

Interest Rate of comparable government security 8.96% for 364 days (CBSL 2024-12-26) , 11.79% for 3 years (CBSL 2024-10-16)
The Market price For Debenture

Highest	Nil
Lowest	Nil
Last traded price	Nil

BOGAWANTALAWA TEA ESTATES PLC

SEGMENTAL ANALYSIS

Revenue

Cost of sales

Gross profit

Gain on fair value of consumable biological assets

Other income

Administration expenses

Management fee expenses

Net finance expenses

Profit/(loss) before taxation

Income tax expenses

Profit/(loss) for the period

Segment Assets

Non-current assets

Current assets

Segment Liabilities

Non-current liabilities

Current liabilities

Tea

31.12.2024	31.12.2023
3,735,467	3,380,147
(2,933,196)	(3,128,210)
802,271	251,937
93,627	95,120

895,898 347,057

Tea

31.12.2024

31.12.2023

3,113,192 2,555,426

982,936 740,473

4,096,128 3,295,899

1,153,686 865,376

276,716 390,251

1,430,402 1,255,627

Agriculture

Oil Palm

31.12.2024	31.12.2023
109,437	133,562
(94,468)	(77,580)
14,969	55,983

14,969 55,983

Agriculture

Oil Palm

31.12.2024	31.12.2023

459,490 465,387

5,001 3,052

464,492 468,439

-	-
-	-

Rubber

Nine Months Period Ended

31.12.2024 31.12.2023

Rubber

31.12.2024 31.12.2023

693,032	620,139
-	-
693,032	620,139
-	-
-	-

Unallocated

31.12.2024	31.12.2023

27,00027,000

113,69160,542

(83,438) (129,007)

(33,750) (83,500)

(172,648) (90,048)

(149,145) (215,014)

(62,922)-

(212,066) (215,014)

Unallocated

31.12.2024	31.12.2023

1,666,512 1,869,287

1,523,684 1,132,102

3,190,196 3,001,389

2,656,480 2,902,805

344,397 281,705

3,000,876 3,184,510

Total

31.12.2024		31.12.2023
3,844,904		3,513,710
(3,027,664)		(3,205,790)
817,240		307,920
27,000		27,000
207,318		155,662
(83,438)		(129,007)
(33,750)		(83,500)
(172,648)		(90,048)
761,722		188,026
(62,922)		-
698,800		188,026

Total
31.12.2024		31.12.2023


5,932,226		5,510,239
2,511,622		1,875,626
8,443,848		7,385,866
3,810,166		3,768,181
621,113		671,956
4,431,279		4,440,137

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

BOGAWANTALAWA TEA ESTATES PLC

INVESTOR INFORMATION

01.Stated Capital

Stated capital is represented by shares in issue as given below

Ordinary shares

Golden Shares

Value

02.Public share holdings

The percentage of shares held by the public

Number of shareholders representing public share holdings

As at

31.12.2024

83,750,000

586,250,010

As at

31.12.2024

10.13%

18,311

As at

31.12.2023

83,750,000

586,250,010

As at

31.12.2023

9.98%

18,354

03.Market price per share	As at
		31.12.2024
Highest	02/12/2024	60.00
Lowest	03/10/2024	34.70
Last Traded	31/12/2024	56.90

04.The Float adjusted market capitalization as at 31st December 2024 - Rs. 479,512,957.50/-

As at

31.12.2023

45.00

33.00

38.90

The Float adjusted market capitalization of the Company falls under Option 2 of Rule 7.13.1(i) (b) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.

05.The securities of the Company have been transferred out from the Second Board of the CSE with effect from 17th December 2024 due to Compliance with minimum public holding requirement in terms of Rule 7.13.1 (i) of the CSE Listing Rules.

06.Directors Shareholding

Name of Director

Mr. Dinesh Jamnadas Ambani

Mr. Carl Micheal Oscarsson Haglind

Mr. Don Ariyaseela De Silva Wickramanayake

Mr. Lalithkumar Jamnadas Ambani

Mr. Sudath Ajith Samaradiwakara Jayasundara (Resigned w.e.f.31.12.2024)

Mr. Lalith Hemantha Munasinghe

Ms. Subhashini Harshi Munasinghe

Mr. Kuda Vidanage Niranjan De Silva (Appointed w.e.f.01.01.2025)

No of shares

9,485,580

11.33

07.Chief Executive Officer's Shareholding Mr. M F Majeed

08.Thirty (30) Major shareholders as at 31/12/2024.

Name

Metropolitan Resource Holdings Limited
Commercial Bank Of Ceylon PLC/Metropolitan Resource Holdings PLC
Mr. D.A.De.S. Wickramanayake
Sandwave Limited
Mrs. F.F. Haniffa
Dr. R.D. Bandaranaike & Mrs. A.D.Bandaranaike
Mr. M.F. Shabdeen
Senkadagala Finance PLC/A.V.R.De Silva Jayatilleke
Mrs. K.G.M. Pieris
Mrs. H.M.A.R.K. Kaluhendiwela
J.B. Cocoshell (Pvt) Ltd
Mr. A.N. Handunpathirana
Sampath Bank PLC/Hi-Line Trading (Private) Limited
Seylan Bank PLC/Mohamed Mushtaq Fuad
Mr. D.S.A. Jayatileke
Seylan Bank PLC/Jayantha Dewage
Seylan Bank PLC/Anuja Chamila Jayasinghe
Commercial Bank Of Ceylon PLC/Metrocorp (Pvt) Ltd
Mr. A.V.R. De Silva Jayatilleke
Hatton National Bank PLC/Mushtaq Mohamed Fuad
Kelmarsh Investments Limited
Mr. M.H.M. Zarook
Katunayake Garments Limited
Mr. K.P.A. Premalal
Thread Capital (Private) Limited
Mr. M.M. Fuad
Dialog Finance PLC/W.Jinadasa
Mrs. R.A. Wahab
Mr. M.M. Sugathapala
Mr. R.E. Rambukwelle Others

118

No of shares

53,889,067

11,812,500

9,485,580

436,906

314,753

196,909

129,000

101,954

100,000

85,000

80,000

78,369

71,448

70,000

65,000

63,750

59,338

58,558

57,831

57,157

56,575

55,475

54,937

50,500

50,116

50,000

47,500

77,828,223

5,921,777

83,750,000

64.35

14.10

11.33

0.52

0.38

0.24

0.15

0.12

0.10

0.09

0.08

0.07

0.06

92.96

7.04

100.00

BOGAWANTALAWA TEA ESTATES PLC

Name of the Company

Bogawantalawa Tea Estates PLC

Date of incorporation 22nd June 1992

Company Registration No

PQ 124

Legal Form

Quoted Public Company

Stock Exchange Listing

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

Directors

Mr. D J Ambani (Co Chairman)

Mr. L J Ambani (Co Chairman)

Mr. C M O Haglind

Mr. D A de Silva Wickramanayake

Mr. S A S Jayasundara (Resigned w.e.f.31.12.2024)

Mr. L H Munasinghe

Ms. S H Munasinghe

Mr. K V N de Silva (Appointed w.e.f.01.01.2025)

Secretaries and registrars

W Corporate Secretarial (Pvt) Ltd No 3/17, Kynsey Road, Colombo 08. Telephone : 4 897 711 / 4 897 722 Fax : 4 740 588 E mail : pwcs@pwcs.lk

Registered Office :

No 153, Nawala Road ,

Narahenpita

Colombo-05, Sri Lanka

Telephone : 2 510 100

Fax 2 510 178 E mail : info@bpl.lk

Auditors

Messers, BDO Partners

Chartered Accountants

65/2, Sir Chittampalam A Gardiner Mawatha

Colombo 2.

Telephone : 2 421 878

Bankers

Commercial Bank of Ceylon PLC

Seylan Bank

Sampath Bank

Bank of Ceylon

National Development Bank

Nations Trust Bank

Hatton National Bank

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