Browns
Investments
Browns Investments PLC
Quarter ended 31st December 2024
Reg. No. PV 66136PB/PQ
Browns Investments PLC
Statement of Profit or Loss and Other Comprehensive Income
Group | |
Quarter ended 31st December | Period ended 31st December |
Revenue/ Income
Cost of sales
Gross profit
Other income
Selling & distribution expenses
Administrative expenses
Other expenses
Finance income
Finance cost
Change in fair value of biological assets
Share of profit of equity accounted investees (Net of tax) Results on acquisition and divestment of Group Investments
Profit/(loss) before taxation
Taxation
Profit/(loss) for the period
Profit/(loss) attributable to
2024
(Un Audited)
Rs.000
18,774,438
(15,670,185)
3,104,253
529,846
(278,848)
(6,358,250)
(160,713)
87,142
(9,883,509)
(20,530)
1,198,957
12,893,200
1,111,548
464,313
1,575,861
2023 % Change
(Un Audited)
Rs.000
9,019,391 >100%
(7,251,407) >100%
1,767,984 76%
477,193 11%
(412,184) 32%
(3,625,093) -75%
(295,710) 46%
1,039,026 -92%
(7,284,798) -36%
-
>100%
39,046 >100%
29,512,588 -56%
21,218,052
(145,029) >100%
21,073,023
2024
(Un Audited)
Rs.000
44,991,412
(35,740,242)
9,251,170
9,031,308
(1,374,971)
(14,270,367)
(520,799)
1,233,220
(26,838,955)
(30,138)
4,079,265
63,695,658
44,255,391
6,468
44,261,859
2023 % Change
(Un Audited)
Rs.000
31,573,387 42%
(24,490,771) -46%
7,082,616 31%
13,091,930 -31%
(751,267) 83%
(8,365,804) -71%
(356,040) 46%
3,407,173 -64%
(25,418,413) -6% - >100%
2,055,036 99%
29,470,385 46%
20,215,616
(242,433) >100%
19,973,183
Equity holders of the Company
Non -controlling interest
Earnings/(loss) per Share - Rs.
Other comprehensive income
Net change in revaluation surplus of property, plant and equipment
Deferred tax (charge)/reversal on revaluation surplus
Net change in fair value on investments in equity
Net gain/(loss) on equity instruments at fair value through OCI
Defined benefit plan actuarial gains / (losses)
Actuarial gains/(losses) on defined benefit obligations
Change in fair value on investments in debt instruments at fair value through other comprehensive income
Fair value gains/(losses) that arose during the year
Foreign currency translation differences for foreign operations
Exchange gain/(loss) from translation of foreign operation
Share of other comprehensive income of equity accounted investees
Share of other comprehensive income of equity accounted investees
Total other comprehensive income
Total comprehensive income for the period
Total Comprehensive Income attributable to
Equity holders of the Company
Non-controlling interest
4,345,116 | 22,080,093 | |
(2,769,255) | (1,007,070) | |
1,575,861 | 21,073,023 | |
0.30 | 1.54 |
- (1,112) >100%
- (31) >100%
(56,677) | - | >100% |
(8,661) | - | >100% |
(7,756,383) | 2,912,826 | >100% |
(9,563) | (740) | >100% |
(7,831,420) | 2,910,943 | |
(6,255,559) | 23,983,966 | |
(809,737) | 23,528,764 | |
(5,445,822) | 455,202 | |
(6,255,559) | 23,983,966 |
47,578,462 | 21,983,366 | ||
(3,316,603) | (2,010,183) | ||
44,261,859 | 19,973,183 | ||
3.31 | 1.53 | ||
- | (67,290) | - |
- (106) >100%
(56,677) | - | >100% |
(8,661) | - | >100% |
(5,517,890) | 1,116,634 | >100% |
(12,143) | (4,747) | >100% |
(5,595,371) | 1,044,491 | |
38,666,488 | 21,017,674 | |
43,857,291 | 22,974,996 | |
(5,190,803) | (1,957,322) | |
38,666,488 | 21,017,674 |
Browns Investments PLC
Statement of Profit or Loss and Other Comprehensive Income
Company
Quarter ended 31st December
Period ended 31st December
Revenue/Income
Cost of sales
Gross margin
Other income/( Expenses)
Administrative expenses
Finance income
Finance cost
Results on disposal of group investments
Share of profit of equity accounted investees (Net of tax)
Profit/(loss) before taxation
Taxation
Profit/(loss) for the period
Other comprehensive income
Net change in fair value on investments in equity
2024
(Un Audited)
Rs.000
84,592
-
84,592
(3,279)
(77,484)
2,321,783
(5,249,260)
-
7,268,764
4,345,116
-
4,345,116
2023 % Change (Restated)
Rs.000
14,468 >100%
-
0%
14,468
(32,950) -90%
(231,846) -67%
1,700,547 37%
(4,371,244) 20%
544,460 -100%
24,477,923 -70%
22,101,358
(21,265) >100%
22,080,093
2024
(Un Audited)
Rs.000
104,511
-
104,511
11,286
(264,776)
7,367,424
(15,285,005)
-
55,645,022
47,578,462
-
47,578,462
2023 % Change (Restated)
Rs.000
123,066 | -15% |
- | 0% |
123,066 | |
(3,119) | >100% |
(823,570) | 68% |
7,264,991 | 1% |
(16,868,381) | 9% |
544,460 | >100% |
31,767,184 | -70% |
22,004,631 | |
(21,265) | >100% |
- | |
21,983,366 |
Net gain/(loss) on equity instruments at fair value through OCI
Item that are or may be reclassified to profit or loss in subsequent period
Share of other comprehensive income of equity accounted investeesShare of other comprehensive income of equity accounted investees
Total other comprehensive income
Total comprehensive income for the period
22
(5,154,875)
(5,154,853)
(809,737)
- >100%
1,448,702 >100%
1,448,671
23,528,764
158
(3,721,329)
(3,721,171)
43,857,291
- >100%
991,736 >100%
991,630
22,974,996
Earnings/ (loss) per Share - Rs. | 0.30 | 1.54 | 3.31 | 1.53 |
Browns Investments PLC Statement of Financial Position
Group
Company
ASSETS
Non-Current Assets
Property, plant and equipment Investment property Intangible assets
Right of use assets Bearer biological assets Consumable biological assets Investments in subsidiaries
Investments in equity accounted investees Other financial assets
Deferred tax assets
Current Assets
Inventories
Trade and other receivables Loans to related parties Amounts due from related parties Income tax recoverable
Other financial assets Cash and cash equivalents
Total Assets
EQUITY AND LIABILITIES
Capital and Reserves
As at
31/12/2024 (Un Audited)
Rs.000
209,805,926
107,016,737
1,864,821
98,452,046
22,013,299
15,199,107
-
43,839,225
291,925
1,994,374
500,477,460
19,243,998
58,949,087
1,137,568
944,300
1,366,605
2,321,186
8,455,893
92,418,637
592,896,097
As at
31/03/2024
(Audited)
Rs.000
188,636,512
102,311,438
2,018,848
65,226,533
12,298,224
10,599,662
-
39,718,864
229,072
1,567,006
422,606,159
13,960,687
50,825,932
507,959
866,132
184,244
2,795,441
5,585,870
74,726,265
497,332,424
As at
31/12/2024 (Un Audited)
Rs.000
78,766
2,637,715
1,095
-
-
-
190,359,298
41,589,737
505
-
234,667,116
-
30,239,071
8,253,967
31,000,068
-
886,370
131,502
70,510,978
305,178,094
As at
31/03/2024
(Audited)
Rs.000
86,810
2,637,715
2,301
-
-
-
142,384,866
37,510,472
346
-
182,622,510
-
23,078,044
8,125,761
31,067,810
-
1,142,805
211,655
63,626,075
246,248,585
Stated capital
Capital reserves
Retained earnings
Equity Attributable to Equity holders of the Company
Non- controlling interest
Total Equity
Non-Current Liabilities
Interest bearing loans and borrowings
Lease liability
Retirement benefit obligations
Deferred tax liabilities
Deferred income
Loans from related parties
Current Liabilities
Trade and other payable
Interest bearing loans and borrowings
Lease liability
Loans from related parties
Amounts due to related parties
Income tax payable
Other short term borrowings
Bank overdrafts
Total Equity and Liabilities
Net Assets per Share (Rs.)
31,004,439 | 31,004,439 | |
46,790,368 | 50,454,862 | |
95,664,039 | 48,142,254 | |
173,458,846 | 129,601,555 | |
50,206,336 | 54,077,127 | |
223,665,182 | 183,678,682 | |
22,944,295 | 22,399,220 | |
13,931,269 | 13,955,080 | |
4,270,383 | 3,496,124 | |
27,239,543 | 27,509,864 | |
341,497 | 352,221 | |
671,733 | 7,660,157 | |
69,398,720 | 75,372,666 | |
83,841,687 | 95,977,345 | |
5,844,725 | 7,436,270 | |
640,243 | 413,102 | |
2,254,710 | 3,124,263 | |
184,776,496 | 116,635,421 | |
332,617 | 368,138 | |
18,230,899 | 13,907,173 | |
3,910,818 | 419,364 | |
299,832,195 | 238,281,076 | |
592,896,097 | 497,332,424 | |
12.079.02
31,004,439 | 31,004,439 | |
46,790,368 | 50,454,862 | |
95,664,039 | 48,142,254 | |
173,458,846 | 129,601,555 | |
- | - | |
173,458,846 | 129,601,555 | |
1,500,000 | 2,000,000 | |
- | - | |
5,194 | 5,194 | |
358,237 | 358,239 | |
- | - | |
- | - | |
1,863,431 | 2,363,433 | |
47,246,685 | 33,118,397 | |
1,000,000 | 1,000,000 | |
- | - | |
5,012,321 | 5,012,322 | |
66,400,072 | 68,222,848 | |
125,053 | 125,053 | |
10,071,686 | 6,804,311 |
- 666
129,855,817 114,283,597
305,178,094 246,248,585
12.07 9.02
The Statement of Financial Position as at 31st December 2024 and related Statements of Comprehensive Income, Changes in Equity and Cash Flow for the period ended 31st December 2024 are drawn up from the unaudited Financial Statements of the Company, its Subsidiaries and Associates, and they provide the information required by the Colombo Stock Exchange.
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. The Chief Financial Officer, LOLC Group certifies that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Sgd.
Sunjeevani Kotakadeniya
Chief Financial Officer, LOLC Group
Signed for and on behalf of the Board.
Sgd. | Sgd. |
Kamantha Amarasekera | Kapila Jayawardena |
Director | Director |
Colombo |
14th February 2025
Browns Investments PLC
Statement of Changes in Equity
Group | ||||||||
Attributable to Equity holders of the Company | ||||||||
Stated | Revaluation | Fair valuation | Foreign currency | Revenue | Total | Non- controlling | Total | |
capital | reserve | reserve | translation Reserve | reserves | interest | equity | ||
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | |
Balance as at 1st April 2023 | 31,004,439 | 23,110,976 | 2,430,697 | 20,672,154 | 36,394,949 | 113,613,215 | 58,297,498 | 171,910,713 |
Total comprehensive income for the period | ||||||||
Profit/(loss) for the period | - | - | - | - | 21,983,366 | 21,983,366 | (2,010,183) | 19,973,183 |
Other comprehensive income | - | (69,224) | (106) | 1,059,026 | 1,934 | 991,630 | 52,861 | 1,044,491 |
Total comprehensive income for the period | - | (69,224) | (106) | 1,059,026 | 21,985,300 | 22,974,996 | (1,957,322) | 21,017,674 |
Contributions by and distributions to owners | ||||||||
Share Issues by Subsidiaries to Non Controlling Interests | 359,280 | 359,280 | ||||||
On acquisition of Subsidiary | 7,131,627 | 7,131,627 | ||||||
On disposal of subsidiaries | (3,163,135) | (3,163,135) | ||||||
Changes in group holdings | - | - | - | - | 2,030,862 | 2,030,862 | (2,030,862) | - |
Total changes in ownership interests | - | - | - | - | 2,030,862 | 2,030,862 | 2,296,910 | 4,327,772 |
Balance as at 31st December 2023 | 31,004,439 | 23,041,752 | 2,430,591 | 21,731,180 | 60,411,111 | 138,619,073 | 58,637,086 | 197,256,159 |
Balance as at 1st April 2024 | 31,004,439 | 23,853,454 | 3,526,369 | 23,075,039 | 48,142,254 | 129,601,555 | 54,077,127 |
Total comprehensive income for the period | |||||||
Profit/(loss) for the period | - | - | - | - | 47,578,462 | 47,578,462 | (3,316,603) |
Other comprehensive income | - | - | (8,567) | (3,655,927) | (56,677) | (3,721,171) | (1,874,200) |
Total comprehensive income for the period | - | - | (8,567) | (3,655,927) | 47,521,785 | 43,857,291 | (5,190,803) |
Transactions due to changes in group holdings | |||||||
On acquisition of Subsidiaries | - | - | - | - | - | - | 1,320,012 |
Total changes in ownership interests | - | - | - | - | - | - | 1,320,012 |
Balance as at 31st December 2024 | 31,004,439 | 23,853,454 | 3,517,802 | 19,419,112 | 95,664,039 | 173,458,846 | 50,206,336 |
183,678,682
44,261,859
(5,595,371)
38,666,488
1,320,012
1,320,012
223,665,182
Company | ||||||
Stated | Revaluation | Fair valuation | Foreign Currency | Revenue | Total | |
capital | reserve | reserve | Translation Reserve | reserves | ||
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | |
Balance as at 1st April 2023 | 31,004,439 | 23,110,976 | 2,430,697 | 20,672,154 | 36,394,949 | 113,613,215 |
Total comprehensive income for the period | ||||||
Profit/(loss) for the period | - | - | - | 21,983,366 | 21,983,366 | |
Other comprehensive income | - | (69,224) | (106) | 1,059,026 | 1,934 | 991,630 |
Other equity adjustments of equity accounted investees | - | - | - | - | 2,030,862 | 2,030,862 |
Total comprehensive income for the period | - | (69,224) | (106) | 1,059,026 | 24,016,162 | 25,005,858 |
Balance as at 31st December 2023 | 31,004,439 | 23,041,752 | 2,430,591 | 21,731,180 | 60,411,111 | 138,619,073 |
Balance as at 1st April 2024 | 31,004,439 | 23,853,454 | 3,526,369 | 23,075,039 | 48,142,254 |
Total comprehensive income for the period | |||||
Profit/(loss) for the period | - | - | - | 47,578,462 | |
Other comprehensive income | - | - | (8,567) | (3,655,927) | (56,677) |
Total comprehensive income for the period | - | - | (8,567) | (3,655,927) | 47,521,785 |
Balance as at 31st December 2024 | 31,004,439 | 23,853,454 | 3,517,802 | 19,419,112 | 95,664,039 |
129,601,555
47,578,462
(3,721,171)
43,857,291
173,458,846
Browns Investments PLC
Cash Flow Statements
Cash flows from operating activities
Profit/(loss) before taxation
Adjustments for :
Net change in fair value of investment properties Provision for retirement benefit obligations
Net change in fair value of consumable biological assets Depreciation/amortization
Amortization of deferred income
Share of profit/(loss) of equity accounted investees (Net of tax) Gain on bargain purchase
Finance cost Interest income
(Gain)/loss from change in fair value of investments (Gain)/loss on disposal of property, plant and equipment
(Gain)/loss on disposal of quoted and non-quoted shares/government securities (Gain)/loss on disposal of subsidiary
Operating profit before working capital changes
Working capital changes
(Increase)/decrease in inventories (Increase)/decrease in trade and other receivables (Increase)/decrease in amounts due from related parties Increase/(decrease) in trade and other payables Increase/(decrease) in amounts due to related parties
Cash generated from/(used in) operations
Retiring gratuity paid
Interest paid
Income tax/ESC paid
Net cash generated from/(used in) operating activities
Cash flows from investing activities
Net investment in subsidiaries Acquisition of Subsidiaries On disposal of subsidiaries Investments in Intangible assets
Net receipts/(Investment) in long term financial assets
Acquisition and construction of property, plant and equipment/ Investment properties Net (investment)/ proceeds from bearer/ consumable biological assets
Net investment in consumable biological assets Interest income received
Proceeds from sale of property, plant and equipment Net receipts/(investments) in other financial assets Loans granted to related parties
Loan settlements by related parties Acquisition of investment properties Deferred Income received
Net cash generated/(used in) investment activities
Cash flows from financing activities
Net proceeds/ (repayments) of interest bearing borrowings/ Lease rentals Net proceeds/ (repayments) of other short term interest bearing liabilities Net proceeds from/ loans from related Parties
Share issue by subsidiaries to non- controlling interests Net cash flows generated from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
Note A : Cash and cash equivalents at end of the period
Cash in hand and at banks
Bank overdrafts
Group | Company | |||||
Period ended 31st December | Period ended 31st December | |||||
2024 | 2023 | 2024 | 2023 | |||
Rs.000 | Rs.000 | Rs.000 | Rs.000 | |||
(Un Audited) | (Un Audited) | (Un Audited) | (Restated) | |||
44,255,391 | 20,215,616 | 47,578,462 | 22,004,631 | |||
(4,705,299) | (11,160,406) | - | - | |||
238,391 | 27,538 | - | - | |||
30,138 | (496,618) | - | - | |||
6,069,905 | 3,203,007 | 9,536 | 15,590 | |||
(10,724) | (12,191) | - | - | |||
(4,079,265) | (2,055,036) | (55,645,022) | (31,767,184) | |||
(63,695,658) | (29,569,620) | - | - | |||
26,838,955 | 25,418,413 | 15,285,005 | 16,868,381 | |||
(1,233,220) | (3,407,173) | (7,367,424) | (7,264,991) | |||
(5,541) | 5,590 | (4,116) | 5,515 | |||
4,046 | (25,004) | - | - | |||
- | (75,387) | (25,479) | - | |||
- | 99,235 | - | (544,460) | |||
3,707,119 | 2,167,964 | (169,038) | (682,518) | |||
(110,177) | (578,873) | - | - | |||
(161,392) | (3,269,947) | (7,161,027) | (417,396) | |||
142,885 | (4,838,841) | 7,376,054 | 8,183,192 | |||
(35,034,213) | 22,990,256 | 2,329 | 15,026,235 | |||
49,740,506 | 7,028,768 | (1,822,776) | (22,139,453) | |||
18,284,727 | 23,499,328 | (1,774,458) | (29,940) | |||
(281,935) | (325,044) | - | - | |||
(8,438,386) | (25,648,997) | (1,159,046) | (1,213,997) | |||
(470,830) | (588,344) | - | (21,264) | |||
9,093,576 | (3,063,057) | (2,933,504) | (1,265,201) | |||
- | (3,380,353) | (130,008) | - | |||
(3,198,119) | - | - | ||||
- | 3,607,239 | - | 1,005,133 | |||
- | (5,000) | - | - | |||
188,554 | 484,215 | - | ||||
(4,107,393) | (6,033,918) | (284) | (35,225) | |||
681,518 | (370,499) | - | - | |||
- | (53,732) | - | - | |||
1,233,220 | 3,407,173 | 59,112 | 140,716 | |||
128,847 | 81,494 | - | - | |||
479,796 | 2,037,907 | 286,030 | (67,090) | |||
- | (1,655,025) | (128,206) | 678,400 | |||
(629,609) | - | - | - | |||
- | (2,422) | - | (2,422) | |||
- | 4,158 | - | - | |||
(5,223,186) | (1,878,763) | 86,644 | 1,719,512 | |||
(957,573) | 4,680,150 | (500,000) | (1,000,000) | |||
4,323,726 | 726,632 | 3,267,373 | 588,388 | |||
(7,857,974) | 1,763,771 | - | - | |||
- | 359,280 | - | - | |||
(4,491,821) | 7,529,833 | 2,767,373 | (411,612) | |||
(621,431) | 2,588,013 | (79,487) | 42,699 | |||
5,166,506 | 3,524,153 | 210,989 | 48,477 | |||
4,545,075 | 6,112,166 | 131,502 | 91,176 | |||
8,455,893 | 6,555,324 | 131,502 | 150,963 | |||
(3,910,818) | (443,158) | - | (59,787) |
4,545,075
6,112,166
131,502
91,176
Browns Investments PLC
Notes to the Financial Statements
-
Corporate Information
Browns Investments PLC ("Company") is a public limited company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The registered office of the
Company is located at 481, T B Jayah Mawatha, Colombo 10.
The Business Office of the Company is located at No.100/1, Sri Jayewardenapura Mawatha, Rajagiriya.
The Interim Financial Statements of the Group and the Company for the period ended 31st December 2024 was authorised for issue by the Board of Directors on 14th February 2025. - Basis of Preparation
The Interim condensed Financial Statements of the Company & Group have been prepared in accordance with the Sri Lanka Accounting Standards (SLFRS/LKAS) which complies with the Sri Lanka Accounting Standard - LKAS 34, Interim Financial Reporting.
The presentation and classification of the Financial Statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current period. There were no changes to the accounting policies and methods of computation since the publication of the Annual Report for the year ended 31st March 2024.
Application of Equity Accounting for Investment in Subsidiaries, Associates and joint Ventures in Separate Financial Statements
The Company has voluntarily changed the accounting policy on accounting for Investment in Subsidiaries, Associates and Joint Ventures from cost model to Equity Accounting model in compliance to LKAS 27 - "Separate Financial Statements" with effect from 1st April 2023. This policy change was done to provide more reliable and relevant information on the Financial position and financial performance of the Company to the economic decision-making needs of users.
Equity method prescribed in LKAS 28, enables the recognition of the investment initially at cost and is adjusted thereafter for the post acquisition change in the investor's share of the investee's net assets. This will represent the investor's share of the investee's profit / loss and is recognised in the investor's financial statements thereby enabling a fair value of the investment.
Accordingly, the Statement of Profit or Loss and Comprehensive Income for the quarter ended 31st December 2023 has been restated, and the total impact on equity has been disclosed in the Annual Report for the year ended 31st March 2024. - Stated Capital
Stated Capital is represented by number of shares in issue as given below: | 31-Dec-24 31-Dec-23 |
Ordinary Shares (Nos.000) | 14,369,717 14,369,717 |
- Contingent Liabilities
There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Financial Statements for the year ended 31st March 2024. - Events occurring after the reporting date
No circumstances have arisen since the reporting date which would require adjustments or disclosures in the Interim Financial Statements. - Earnings per Share
The computation of the Basic Earnings per Ordinary Share has been done based on net profit attributable to ordinary shareholders for the period, divided by weighted average number of ordinary shares in issue as at the balance sheet date and calculated as follows.
For the period
Net Profit / (loss) attributable to ordinary shareholders (Rs.000)
Weighted average number of ordinary shares
Issued ordinary shares at the beginning of the period (Nos.000) Weighted average number of ordinary shares (Nos 000)
Basic/diluted earnings per ordinary share (Rs.)
For the quarter
GroupCompany
31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23
47,578,462 21,983,366 47,578,462 21,983,366
14,369,717 14,369,717 14,369,717 14,369,717
14,369,717 14,369,717 14,369,717 14,369,717
3.31 | 1.53 | 3.31 | 1.53 |
GroupCompany
31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23
Net Profit / (loss) attributable to ordinary shareholders (Rs.000) | 4,345,116 | 22,080,093 | 4,345,116 | 22,080,093 |
Weighted average number of ordinary shares | ||||
Issued ordinary shares at the beginning of the year (Nos.000) | 14,369,717 | 14,369,717 | 14,369,717 | 14,369,717 |
Weighted average number of ordinary shares (Nos 000) | 14,369,717 | 14,369,717 | 14,369,717 | 14,369,717 |
Basic/diluted earnings per ordinary share (Rs.) | 0.30 | 1.54 | 0.30 | 1.54 |
Browns Investments PLC
Notes to the Financial Statements
7 Valuation of financial assets and liabilities
Financial assets at | Financial assets at fair | Fair Value through | Financial liabilities | Fair value measurement | ||
As at 31st December 2024 - Group | value through profit or | Other comprehensive | measured at amortised | Total Fair Value | ||
amortised cost | level | |||||
loss (FVTPL) | income (FVOCI) | cost | ||||
Financial instruments in non-current assets | ||||||
Other financial assets | - | - | 291,925 | - | 291,925 | Level 1 and Level 3 |
Financial instruments in current assets | ||||||
Trade and other receivables | 58,949,087 | - | - | - | 58,949,087 | Level 3 |
Loans to related parties | 1,137,568 | - | - | - | 1,137,568 | Level 3 |
Amounts due from related parties | 944,300 | - | - | - | 944,300 | Level 3 |
Other current financial assets | 1,676,023 | 645,163 | - | - | 2,321,186 | Level 1 and Level 3 |
Cash at bank | 8,455,893 | - | - | - | 8,455,893 | Level 3 |
Total financial assets | 71,162,871 | 645,163 | 291,925 | - | 72,099,959 | |
Financial instruments in non-current liabilities | ||||||
Loans and Borrowings | 22,944,295 | 22,370,688 | Level 3 | |||
Loans from Related parties | 671,733 | 663,000 | Level 3 | |||
Financial instruments in current liabilities | ||||||
Trade and other payables | - | - | - | 83,841,687 | 82,751,745 | Level 3 |
Loans and Borrowings | - | - | - | 5,844,725 | 5,768,744 | Level 3 |
Loan from Related parties | - | - | - | 2,254,710 | 2,254,710 | Level 3 |
Amounts due to related parties | - | - | - | 184,776,496 | 182,374,402 | Level 3 |
Current financial liabilities | - | - | - | 332,617 | 332,617 | Level 3 |
Other short term borrowings | - | - | - | 18,230,899 | 18,230,899 | Level 3 |
Bank overdrafts | - | - | - | 3,910,818 | 3,910,818 | Level 3 |
Total financial liabilities | - | - | - | 322,807,980 | 318,657,622 | |
Financial assets at | Financial assets at fair | Fair Value through | Financial liabilities | Fair value measurement | ||
As at 31st March 2024 - Group | value through profit or | Other comprehensive | measured at amortised | Total Fair Value | ||
amortised cost | level | |||||
loss (FVTPL) | income (FVOCI) | cost | ||||
Financial instruments in non-current assets | ||||||
Other financial assets | - | 229,072 | - | 229,072 | Level 1 and Level 3 | |
Financial instruments in current assets | ||||||
Trade and other receivables | 50,825,932 | - | - | - | 50,825,932 | Level 3 |
Loans to related parties | 507,959 | - | - | - | 507,959 | Level 3 |
Amounts due from related parties | 866,132 | - | - | - | 866,132 | Level 3 |
Other current financial assets | 1,832,201 | 963,240 | - | - | 2,795,441 | Level 1 and Level 3 |
Cash at bank | 5,585,870 | - | - | - | 5,585,870 | Level 3 |
Total financial assets | 59,618,094 | 963,240 | 229,072 | - | 60,810,406 | |
Financial instruments in non-current liabilities | ||||||
Loans and Borrowings | 22,399,220 | 29,312,568 | Level 3 | |||
Loans from Related parties | 7,660,157 | 3,748,503 | Level 3 | |||
Financial instruments in current liabilities | ||||||
Trade and other payables | - | - | - | 95,977,345 | 57,304,370 | Level 3 |
Loans and Borrowings | - | - | - | 7,436,270 | 3,344,519 | Level 3 |
Loan from Related parties | - | - | - | 3,124,263 | 3,124,263 | Level 3 |
Amounts due to related parties | - | - | - | 116,635,421 | 103,252,654 | Level 3 |
Current financial liabilities | - | - | - | 368,138 | 368,138 | Level 3 |
Other short term borrowings | - | - | - | 13,907,173 | 13,907,173 | Level 3 |
Bank overdrafts | - | - | - | 419,364 | 419,364 | Level 3 |
Total financial liabilities | - | - | - | 267,927,351 | 214,781,552 |
Browns Investments PLC
Notes to the Financial Statements
8 Results on acquisition and divestment of Group Investments
B Commodities ME FZE, incorporated in United Arab Emirates, a subsidiary of Browns Investments PLC acquired below mentioned companies during the period.
Country of | Percentage of | |||
Company Name | Note | Incorporation | acquired | Date of Acquisition |
Lipton Teas and Infusions Kenya Plc | 8.1.1. | Kenya | 98.94% | 30th July 2024 |
Limuru Tea Plc * | 8.1.2. | Kenya | 51.99% | 30th July 2024 |
Lipton Teas and Infusions Rwanda Ltd | 8.1.3. | Rwanda | 100.00% | 30th July 2024 |
James Finaly Guizhou Company Ltd | 8.1.4. | China | 100.00% | 31st July 2024 |
Lipton Teas and Infusions Tanzania Ltd | 8.1.5. | Tanzania | 100.00% | 20th December 2024 |
* The 51.99% of Limuru Tea Plc is held by Lipton Teas and Infusions Kenya Plc.
The provisional fair values of the identifiable assets and liabilities of the acquiree as at the date of acquisition were; | ||||||
Note 8.1.1. | Note 8.1.2. | Note 8.1.3. | Note 8.1.4. | Note 8.1.5. | ||
Lipton Teas | Limuru Tea Plc | Lipton Teas and | James Finaly | |||
and Infusions | Infusions Rwanda | Guizhou Company | Lipton Teas and | |||
Kenya Plc | Ltd | Ltd | Infusions Tanzania Ltd | Total | ||
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | |
Assets | ||||||
Property, plant and equipment | 12,604,082 | 8,777 | 4,811,276 | 629,978 | 7,365,802 | 25,419,915 |
Right-of-use assets ( Land) | 35,242,093 | 980,250 | - | - | 656,739 | 36,879,082 |
Investment in Subsidiaries | 56,499 | - | - | - | - | 56,499 |
Bearer biological assets | 6,757,632 | 184,552 | 1,220,116 | - | 3,756,566 | 11,918,866 |
Consumable biological assets | 3,042,582 | 23,192 | 41,536 | - | - | 3,107,310 |
Other current assets | 260,068 | - | - | - | - | 260,068 |
Deferred tax assets | - | 29,836 | - | - | - | 29,836 |
Inventories | 2,941,392 | 11,531 | 306,075 | 446,679 | 1,467,457 | 5,173,134 |
Trade and other receivables | 5,964,901 | 19,100 | 859,299 | 154,139 | 964,324 | 7,961,763 |
Amount due from related parties | - | 221,053 | - | - | - | 221,053 |
Current Tax Assets | - | 6,059 | - | 859,250 | 10,665 | 875,974 |
Cash and cash equivalents | 647,168 | 16,340 | 81,853 | 80,277 | 541,068 | 1,366,706 |
67,516,417 | 1,500,690 | 7,320,155 | 2,170,323 | 14,762,621 | 93,270,206 | |
Liabilities | ||||||
Retirement benefit obligations | 165,314 | 48,844 | 5,846 | - | 400,222 | 620,226 |
Loan and Borrowings | - | - | - | 104,525 | 9,908 | 114,433 |
Trade and other Payables | 6,716,234 | 41,334 | 733,350 | 334,082 | 1,545,776 | 9,370,776 |
6,881,548 | 90,178 | 739,196 | 438,607 | 1,955,906 | 10,105,435 | |
Fair value of identifiable net assets acquired | 60,634,869 | 1,410,512 | 6,580,959 | 1,731,716 | 12,806,715 | 83,164,771 |
Results of the above acquisition is as follows; | ||||||
Fair value of identifiable net assets acquired | 60,634,869 | 1,410,512 | 6,580,959 | 1,731,716 | 12,806,715 | 83,164,771 |
Less: Fair value of consideration | 15,767,137 | - | 2,233,684 | - | 91,783 | 18,092,604 |
Less- Transaction cost | - | - | - | - | - | - |
Non-controlling interests arising from the acquisition | 642,952 | 677,060 | - | - | - | 1,320,012 |
Intra Group Investment | 56,497 | - | - | - | - | 56,497 |
Gain on bargain purchase | 44,168,283 | 733,452 | 4,347,275 | 1,731,716 | 12,714,932 | 63,695,658 |
Net cash used in acquisition | ||||||
Purchase consideration | 15,767,137 | - | 2,233,684 | - | 91,783 | 18,092,604 |
Consideration to be paid | 11,820,807 | - | 1,615,189 | - | 91,783 | 13,527,779 |
Consideration paid | 3,946,330 | - | 618,495 | - | - | 4,564,825 |
Consideration paid | 3,946,330 | - | 618,495 | - | - | 4,564,825 |
Less: Cash & cash equivalents acquired | (647,168) | (16,340) | (81,853) | (80,277) | (541,068) | (1,366,706) |
Net cash outflow | 3,299,162 | (16,340) | 536,642 | (80,277) | (541,068) | 3,198,119 |
Browns Investments PLC
Notes to the Financial Statements
9 Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. All operating segments operating results are reviewed regularly by Group Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available.
Segment Information - Group | ||||||||||||||
Construction/ | ||||||||||||||
Investments | Leisure & Travel | Manufacturing & trading | Plantation | Real estate | Adjustments | Total | ||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | |
Revenue/income | 104,511 | 58,197 | 8,537,755 | 6,665,031 | 6,581,080 | 7,305,547 | 29,452,752 | 17,388,909 | 419,884 | 393,066 | (104,570) | (237,363) | 44,991,412 | 31,573,387 |
Cost of sales | - | - | (3,142,289) | (2,255,802) | (5,750,962) | (6,504,160) | (26,810,037) | (15,655,788) | (36,954) | (75,020) | - | (35,740,242) | (24,490,771) | |
Gross profit | 104,511 | 58,197 | 5,395,466 | 4,409,229 | 830,118 | 801,387 | 2,642,715 | 1,733,121 | 382,930 | 318,046 | (104,570) | (237,363) | 9,251,170 | 7,082,616 |
Other income | 1,288,167 | 168,544 | 1,053,013 | 671,494 | 44,825 | 416,027 | 6,664,877 | 1,137,250 | 340,866 | 11,161,166 | (360,439) | (462,549) | 9,031,308 | 13,091,930 |
Net change in fair value of | ||||||||||||||
biological assets | - | - | - | (30,138) | - | (30,138) | - | |||||||
Results on acquisition and | ||||||||||||||
disposal of group investments | 63,695,658 | 31,895,109 | - | - | - | - | (36,000) | - | - | - | (2,388,723) | 63,695,658 | 29,470,386 | |
Share of profit/ (loss) of equity | - | - | - | - | - | - | - | - | - | - | 4,079,265 | 2,055,036 | 4,079,265 | 2,055,036 |
accounted investees | ||||||||||||||
Expenses | (14,998,827) | (12,811,888) | (12,278,149) | (11,302,923) | (3,140,873) | (2,103,857) | (10,205,056) | (5,384,174) | (569,302) | (320,580) | (579,664) | 439,074 | (41,771,872) | (31,484,352) |
Profit before taxation | 50,089,509 | 19,309,962 | (5,829,671) | (6,222,200) | (2,265,931) | (886,443) | (927,602) | (2,549,803) | 154,494 | 11,158,632 | 3,034,591 | (594,525) | 44,255,391 | 20,215,616 |
Taxation | (538) | (21,265) | - | 99,331 | - | (2,417) | 32,215 | (277,610) | (25,210) | (40,473) | - | - | 6,468 | (242,433) |
Profit after taxation | 50,088,971 | 19,288,697 | (5,829,670) | (6,122,869) | (2,265,931) | (888,860) | (895,386) | (2,827,413) | 129,285 | 11,118,159 | 3,034,591 | (594,525) | 44,261,859 | 19,973,183 |
Segment assets | ||||||||||||||
Non-current Assets | 196,530,817 | 178,411,982 | 103,077,806 | 108,144,994 | 9,905,276 | 11,002,064 | 235,476,932 | 162,354,558 | 99,203,272 | 98,850,765 | (143,716,645) | (141,668,992) | 500,477,460 | 417,095,371 |
Current assets | 92,673,009 | 70,845,017 | 19,670,859 | 20,217,801 | 38,739,757 | 35,079,328 | 45,995,502 | 25,236,252 | 14,630,953 | 15,584,944 | (119,291,444) | (85,926,172) | 92,418,637 | 81,037,170 |
289,203,826 | 249,256,999 | 122,748,666 | 128,362,795 | 48,645,033 | 46,081,392 | 281,472,434 | 187,590,810 | 113,834,225 | 114,435,709 | (263,008,089) | (227,595,164) | 592,896,097 | 498,132,541 | |
Segment Liabilities | ||||||||||||||
Non-current Liabilities | 18,970,851 | 21,251,958 | 20,455,445 | 25,442,956 | 9,416,930 | 9,370,375 | 33,088,607 | 20,021,899 | 2,534,481 | 6,414,744 | (15,067,594) | (4,460,917) | 69,398,720 | 78,041,015 |
Current liabilities | 231,353,387 | 170,378,804 | 59,569,350 | 45,090,719 | 33,776,607 | 26,567,200 | 52,891,941 | 40,052,920 | 27,705,586 | 25,911,563 | (105,464,677) | (85,165,840) | 299,832,195 | 222,835,366 |
250,324,238 | 191,630,762 | 80,024,795 | 70,533,675 | 43,193,538 | 35,937,575 | 85,980,548 | 60,074,819 | 30,240,066 | 32,326,307 | (120,532,271) | (89,626,757) | 369,230,915 | 300,876,381 |
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