Ceylon Tea Brokers PLC
Interim Financial Statement for the Quarter Ended 30th September 2024
CEYLON TEA BROKERS PLC | ||||||||||||
Statement of Profit or Loss and Other Comprehensive Income for the Period Ended 30th September | ||||||||||||
GROUP | COMPANY | |||||||||||
For the Quarter Ended | Variance | For the Six months ended | Variance | For the Quarter Ended | Variance | For the Six months ended | Variance | |||||
30.09.2024 | 30.09.2023 | % | 30.09.2024 | 30.09.2023 | % | 30.09.2024 | 30.09.2023 | % | 30.09.2024 | 30.09.2023 | % | |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||
Revenue | 387,460,541 | 457,515,328 | -15% | 754,260,099 | 874,383,608 | -13.74% | 254,153,920 | 289,488,632 | -12% | 499,911,909 | 581,023,078 | -13.96% |
Operating Expenses | (162,366,096) | (175,709,133) | -8% | (316,474,679) | (312,525,617) | 1.26% | (48,703,563) | (42,934,736) | 13% | (95,635,694) | (81,612,247) | 17.18% |
Gross Profit | 225,094,445 | 281,806,195 | -20% | 437,785,420 | 561,857,991 | -22.08% | 205,450,357 | 246,553,896 | -17% | 404,276,215 | 499,410,831 | -19.05% |
Marketing Expenses | (15,769,373) | (26,806,882) | -41% | (30,791,310) | (48,611,622) | -36.66% | (13,323,347) | (23,917,326) | -44% | (26,150,839) | (43,703,946) | -40.16% |
Administration Expenses | (135,907,241) | (118,070,525) | 15% | (263,769,053) | (234,752,173) | 12.36% | (107,346,464) | (94,131,150) | 14% | (208,549,718) | (189,489,751) | 10.06% |
Net Finance Expenses | (42,249,314) | (81,544,568) | -48% | (94,117,648) | (175,850,841) | -46.48% | (23,918,844) | (63,609,088) | -62% | (58,664,995) | (140,102,680) | -58.13% |
Profit Before Taxation | 31,168,517 | 55,384,220 | -44% | 49,107,409 | 102,643,356 | -52.16% | 60,861,702 | 64,896,332 | -6% | 110,910,663 | 126,114,455 | -12.06% |
Taxation | (20,856,621) | (22,064,753) | -5% | (37,873,267) | (42,878,915) | -11.67% | (20,856,621) | (22,064,753) | -5% | (37,873,267) | (42,878,915) | -11.67% |
Profit After Taxation | 10,311,896 | 33,319,467 | -69% | 11,234,142 | 59,764,441 | -81% | 40,005,081 | 42,831,579 | -7% | 73,037,396 | 83,235,540 | -12.25% |
Other Comprehensive Income/(Loss) | - | - | - | - | - | - | - | - | ||||
Profit for the Period | 10,311,896 | 33,319,467 | -69% | 11,234,142 | 59,764,441 | -81% | 40,005,081 | 42,831,579 | -7% | 73,037,396 | 83,235,540 | -12.25% |
Basic Earnings Per Share | 0.06 | 0.18 | 0.06 | 0.33 | 0.22 | 0.23 | 0.40 | 0.46 | ||||
figures in brackets indicate deductions. |
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CEYLON TEA BROKERS PLC
Statement of Changes in Equity
For the Period Ended 30th September
Stated | Revaluation | Retained | Total | |
Capital | Reserve | Earnings | ||
GROUP | Rs. | Rs. | Rs. | Rs. |
Balance as at 01.04.2023 | 333,200,000 | 119,515,351 | 167,398,638 | 620,113,989 |
Profit for the period ended 30.09.2023 | - | - | 59,764,441 | 59,764,441 |
Other Comprehensive Income | - | - | - | - |
Dividend Paid | - | - | (124,032,000) | (124,032,000) |
Balance as at 30.09.2023 | 333,200,000 | - | 103,131,079 | 555,846,430 |
Balance as at 01.04.2024 | 333,200,000 | 210,726,204 | 110,360,285 | 654,286,489 |
Profit for the period ended 30.09.2024 | - | - | 11,234,142 | 11,234,142 |
Other Comprehensive Income | - | - | - | - |
Dividend Paid | - | - | (80,256,000) | (80,256,000) |
Balance as at 30.09.2024 | 333,200,000 | 210,726,204 | 41,338,427 | 585,264,631 |
Stated | Retained | Total | ||
Capital | Earnings | |||
Rs. | Rs. | Rs. | ||
COMPANY | ||||
Balance as at 01.04.2023 | 333,200,000 | 516,886,453 | 850,086,453 | |
Profit for the period ended 30.09.2023 | - | 83,235,540 | 83,235,540 | |
Other Comprehensive Income | - | - | - | |
Dividend Paid | - | (124,032,000) | (124,032,000) | |
Balance as at 30.09.2023 | 333,200,000 | 476,089,993 | 809,289,993 | |
Balance as at 01.04.2024 | 333,200,000 | 532,808,992 | 866,008,992 | |
Profit for the period ended 30.09.2024 | - | 73,037,396 | 73,037,396 | |
Other Comprehensive Income | - | - | - | |
Dividend Paid | - | (80,256,000) | (80,256,000) | |
Balance as at 30.09.2024 | 333,200,000 | 525,590,389 | 858,790,388 |
figures in brackets indicate deductions.
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CEYLON TEA BROKERS PLC
Statement of Cash Flows
For the Period Ended 30th September 2024
GROUP | COMPANY | |||
30.09.2024 | 30.09.2023 | 30.09.2024 | 30.09.2023 | |
Rs. | Rs. | Rs. | Rs. | |
Cash Flow From Operating Activities | ||||
Profit Before Taxation | 49,107,409 | 102,643,356 | 110,910,663 | 126,114,455 |
Adjustments for ; | ||||
Depreciation | 34,968,235 | 33,078,905 | 3,403,718 | 4,031,767 |
Amortization | 16,838,497 | 19,067,750 | - | 4,811,909 |
Interest/Investment Income | (44,147,500) | (25,362,090) | (44,147,500) | (24,724,001) |
Interest Expense | 138,265,148 | 199,659,803 | 102,812,495 | 164,695,460 |
Provision for Retirement Benefit Obligation | 3,600,000 | 3,600,000 | 3,000,000 | 3,000,000 |
Provision for Bad and Doubtful Debt | 9,600,000 | 9,350,000 | 9,000,000 | 9,000,000 |
Disposal (Profit)/Loss on Property,Plant and Equipment | (539,595) | (9,871,900) | (539,595) | (9,871,900) |
Operating Profit Before Working Capital Changes | 207,692,194 | 332,165,824 | 184,439,781 | 277,057,690 |
Increase/Decrease in Working Capital | ||||
(Increase)/ Decrease in Trade and Other Receivables | (27,580,097) | (22,720,622) | (57,127,905) | 27,726,262 |
(Increase)/ Decrease in Inventories | 1,187,229 | - | - | - |
Loans (Disburstments)/Recoveries From (To) Tea Suppliers | 188,893,587 | 169,969,685 | 188,893,587 | 170,319,685 |
Increase/(Decrease) in Trade and Other Payables | 44,763,170 | (14,093,576) | 70,974,986 | (48,989,489) |
(Increase)/Decrease in Related Party Receivable | - | - | (59,904,951) | (16,339,606) |
Cash Generated from Operating Activities | 414,956,083 | 465,321,311 | 327,275,499 | 409,774,542 |
Tax Paid | (40,895,340) | (81,602,300) | (40,895,340) | (81,602,300) |
Gratuity Paid | - | (4,756,250) | - | (11,305,000) |
Net Generated from Operating Activities | 374,060,743 | 378,962,761 | 286,380,159 | 316,867,242 |
Cash Flow From Investing Activities | ||||
Interest Received | 9,434,502 | 3,068,897 | 9,434,502 | 2,430,808 |
Proceeds from sale of Assets | 1,315,500 | 12,706,857 | 1,315,500 | 12,706,857 |
Refundable Deposit | - | (5,671,426) | - | (1,500,210) |
Investment made during the year | (800,000,000) | (400,000,000) | (800,000,000) | (400,000,000) |
Investment redeemed during the year | 100,000,000 | - | 100,000,000 | - |
Purchase of Property, Plant & Equipment | (4,092,848) | (23,049,869) | (1,150,285) | (14,141,835) |
Net cash flow from ( Used in) Investing Activities | (693,342,846) | (412,945,542) | (690,400,283) | (400,504,381) |
Cash Flow From Financing Activities | ||||
Interest Paid | (136,042,823) | (198,353,788) | (102,812,495) | (164,640,013) |
Payment of Lease Liabilities | (15,201,448) | (18,031,353) | - | (5,859,823) |
Dividend Paid | (80,256,000) | (124,032,000) | (80,256,000) | (124,032,000) |
Movement in Interest Bearing Borrowings | ||||
Loan repayment made during the period | (5,943,978,963) | (2,522,774,378) | (5,912,739,802) | (2,461,192,744) |
Loan obtained during the period | 6,450,000,000 | 2,935,000,000 | 6,440,000,000 | 2,890,000,000 |
Commercial papers issued | 100,000,000 | 113,175,342 | 100,000,000 | 113,175,342 |
Net cash flow from Financing Activities | 374,520,766 | 184,983,823 | 444,191,703 | 247,450,762 |
Net Increase/ (Decrease) in Cash and Cash Equivalents | 55,238,664 | 151,001,043 | 40,171,579 | 163,813,623 |
Cash and Cash Equivalents at the Beginning of the Period | (234,371,269) | (265,713,326) | (159,398,279) | (242,922,340) |
Cash and Cash Equivalents at the End of the Period | (179,132,605) | (114,712,283) | (119,226,700) | (79,108,717) |
figures in brackets indicate deductions.
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Notes to the Financial Statements:
- Figures for the period ended as at 30th September 2024 are unaudited.
- The Company is required to prepare Interim Financial Statements in accordance with LKAS 34 - Interim Financial Reporting issued by the Institute of Chartered Accountants of Sri Lanka.
- Significant Accounting Policies
-The same accounting policies and methods of computation are followed in the interim financial statements as compared with audited annual financial statements as at 31st March 2024.
-Staff loans granted have been recognised at fair value at the time of granting and resultant adjustments were accounted as prepaid staff cost and amortised over the tenure of the loan on a straight line basis. Interest income was recognised using effective interest rate method.
-Loans granted to customers were recognised at fair value plus directly attributable transaction costs and fee income, initially. Subsequent measurement of loans were recognised at amortised cost using effective interest rate.
-Storage & Storage Related Income were recognised on accrual basis for the period of service provided by the group instead of the date of auction.
- The nature of related party transactions in the current period is similar to those reported in the Audited Financial Statements - 2023/2024.
- There were no significant events that occurred subsequent to the end of the interim period which require disclosure or adjustments in the interim financial statements.
- There were no contingent liabilities identified in the foreseeable future which require disclosure in the financial statements.
- To facilitate comparison and where relevant, balances pertaining to the previous period have been reclassified.
-
Ceylon Tea Brokers Group consists of Logicare (Pvt) Ltd which is a fully owned subsidiary of Ceylon Tea Brokers PLC.
Tea handling operations were transferred back to Logicare (Pvt) Ltd from Ceylon Tea Brokers PLC w.e.f 1st September 2023. The relevant income and expenses were recognized accordingly.
Logicare (Pvt) Ltd has commenced it's commercial operations during the Quarter ended 30th June 2019.
Logicare (Pvt) Ltd has entered into a 39 year lease agreement commencing 29/07/2016 with the Sri Lanka Land Reclamation and Development Corporation to lease a land in Muthurajawela.
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Notes to the Financial Statements:
9. SEGMENTAL INFORMATION As at 30th September 2024
The group has the following two strategic business segments , which are its reportable segments. These two segments offer different services to the customers and separate financial information are available.These two segments are managed separately because they require different technology and marketing strategy.
Information related to each reportable segment is set out below. Segment profit (loss) before tax is used to measure performance. The management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries.
Segments | |||
Tea Brokering | Warehousing | Total | |
2024/25 | 2024/25 | 2024/25 | |
Segment Revenue | |||
External Sales | 499,911,909 | 254,348,190 | 754,260,099 |
Total Segment Revenue | 499,911,909 | 254,348,190 | 754,260,099 |
Segment Profit/ (Loss) Before Tax | 110,910,663 | (61,803,254) | 49,107,409 |
Depreciation and Amortization | 3,403,718 | 48,403,014 | 51,806,732 |
Interest Expense | 102,812,495 | 35,452,653 | 138,265,148 |
Impairment/Write off on Financial Assets | - | - | - |
Segmental Assets | 2,967,269,911 | 1,210,502,982 | 4,177,772,893 |
Unallocated Assets | 43,533,355 | ||
Total Segmental Asset | 4,221,306,248 | ||
Segmental Liabilities | 2,741,479,522 | 894,562,095 | 3,636,041,617 |
10. Market prices recorded during the period ended 30th September 2024 | |||||||
2024/25 -2nd Quarter | 2023/24 -2nd Quarter | ||||||
Highest | Rs.5.30 | Date: | 27.08.2024 | Highest | Rs.6.00 | Date: | 31.07.2023 |
Lowest | Rs.4.30 | Date: | 11.09.2024 | Lowest | Rs.4.50 | Date: | 22.08.2023 |
Closing | Rs.5.00 | Date: | 30.09.2024 | Closing | Rs.4.80 | Date: | 27.09.2023 |
Last Traded | Rs.5.00 | Date: | 30.09.2024 | Last Traded | Rs.4.80 | Date: | 27.09.2023 |
- The float adjusted market capitalization as at 30th September 2024 - Rs. 140,790,410.00
- Precentage of public holding as at 30th September 2024 was 15.4375% comprising 2841 shareholders.
- The float adjusted market capitalization of the company falls under option 2 of Rule 7.13.1 (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.
- Directors' holding in shares as at 30th September 2024
Director's Name | Shareholding | % |
(No. of Shares) | ||
Mr. R J N De Mel (Chairman) | 80,000 | 0.044% |
Mr. W A T Fernando (Managing Director) | 48,837,837 | 26.775% |
Mr. D.G.W De Silva (Director/Chief Executive Officer) | - | - |
Mr. K A D Fernando (Director/Chief Operating Officer) | - | - |
Mr. C P R Perera(Mr C.P.R.Perera & Mrs.D.Perera) | 3,500,000 | 1.919% |
Ms. N T M S Cooray | 10,908,751 | 5.981% |
Ms. H M S Perera (Seylan Bank PLC/Ms.H.M.S.Perera) | 1,390,492 | 0.762% |
Mr. Z Mohamed | - | - |
Mr. H T D Nonis | 10,000 | 0.005% |
Mr. K.B.G.B.R.Kulapala | - | - |
Ms.M De Zoysa | - | - |
Ms.A.Akbar | - | - |
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Notes to the Financial Statements (Continued):
15. | 30 major shareholders as at 30th September 2024 | ||
Shareholder's Name | As At 30th September 2024 | ||
No. of Shares | % | ||
1 | ASHTHI HOLDINGS (PRIVATE) LIMITED | 55,434,267 | 30.392% |
2 | MR. W.A.T. FERNANDO | 48,837,837 | 26.775% |
3 | JETWING TRAVELS (PVT) LTD | 34,080,571 | 18.685% |
4 | MISS N.T.M.S. COORAY | 10,908,751 | 5.981% |
5 | MR C.P.R. PERERA & MRS D. PERERA | 3,500,000 | 1.919% |
6 | MR. A.D. EDUSSURIYA | 2,000,000 | 1.096% |
7 | MR. S. YUSOOF | 1,900,000 | 1.042% |
8 | HATTON NATIONAL BANK PLC/KANDAIAH KANAPATHIPILLAI SHUJEEVAN | 1,560,166 | 0.855% |
9 | SEYLAN BANK PLC/H.M.S.PERERA | 1,390,392 | 0.762% |
10 | LOLC FINANCE PLC/C.B.R. FERNANDO | 1,160,000 | 0.636% |
11 | MR. W.D.N.H. PERERA | 1,000,000 | 0.548% |
12 | MR. Y.L. NANDASENA | 646,591 | 0.354% |
13 | MR K.T. KARUNANAYAKE & MRS D.U. KOKU HANNEDIGE | 632,550 | 0.347% |
14 | MR. P.G. PIYASIRI | 613,000 | 0.336% |
15 | PEOPLE'S LEASING & FINANCE PLC/MR.M.I.SAMSUDEEN | 495,820 | 0.272% |
16 | MR. G.G.M.A.A. JAMEEL | 493,154 | 0.270% |
17 | ACUITY PARTNERS (PVT) LTD/MR. HENRY ANTHONY ROHAN PIERIS | 355,000 | 0.195% |
18 | MR. M.H.A. KAMIL | 342,062 | 0.188% |
19 | DIALOG FINANCE PLC/A.S.M.SHIYAM | 300,000 | 0.164% |
20 | MR. V.R.A. PERERA | 265,000 | 0.145% |
21 | MR. S. NEERAJAN | 252,000 | 0.138% |
22 | MR. D.M.A.J. WEERASINGHE | 247,534 | 0.136% |
23 | DR. A.A.M. DHARMADASA | 235,457 | 0.129% |
24 | DR. A.R. MOHAMED | 227,578 | 0.125% |
25 | MISS S.V.T. FERNANDO | 225,000 | 0.123% |
26 | ASSETLINE FINANCE LIMITED/J.A.S.PRIYANTHA | 221,000 | 0.121% |
27 | CITIZENS DEVELOPMENT BUSINESS FINANCE PLC/A.M.A.P.K. DISSANAYAKE | 220,575 | 0.121% |
28 | MR. W.A.S CHATHUMADHURA | 212,518 | 0.117% |
29 | PEOPLE'S LEASING & FINANCE PLC/DR.H.S.D.SOYSA & MRS.G.SOYSA | 210,400 | 0.115% |
30 | MR. N.A. WITHANA | 208,000 | 0.114% |
168,175,223 | 92.201% | ||
Others | 14,224,777 | 7.799% | |
182,400,000 | 100.00% |
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