ELPITIYA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31ST DECEMBER 2024
CONSOLIDATED INCOME STATEMENT
Audited | Three months ended | Nine months ended | |||||
Year ended | Unaudited | Unaudited | Change | Unaudited | Unaudited | Change | |
31.03.2024 | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
7,204,027 | Revenue | 1,998,158 | 1,627,209 | 23% | 5,649,719 | 5,230,263 | 8% |
(5,006,836) | Cost of sales | (1,485,921) | (954,907) | 56% | (3,700,714) | (3,383,473) | 9% |
Gross Profit | -24% | 6% | |||||
2,197,191 | 512,237 | 672,302 | 1,949,005 | 1,846,790 | |||
247,207 | Gain on fair value of biological assets | - | - | 0% | - | - | 0% |
176,774 | Other income | 49,859 | 10,861 | 359% | 131,459 | 79,273 | 66% |
(850,798) | Administration expenses | (219,025) | (165,537) | 32% | (685,547) | (558,075) | 23% |
(158,025) | Management overheads and employees incentives | (38,286) | (46,394) | -17% | (134,338) | (142,567) | -6% |
(82,485) | Finance costs | (20,286) | (9,308) | 118% | (62,129) | (35,908) | 73% |
380,707 | Finance income | 49,355 | 108,907 | -55% | 167,368 | 325,390 | -49% |
77,183 | Share of profit/(loss) from joint ventures | 15,261 | 568 | 2587% | 71,493 | 73,536 | -3% |
Profit before taxation | -39% | -10% | |||||
1,987,754 | 349,115 | 571,399 | 1,437,311 | 1,588,439 | |||
(421,793) | Tax expense | (135,478) | (96,017) | 41% | (412,500) | (317,033) | 30% |
Profit for the period | -55% | -19% | |||||
1,565,961 | 213,637 | 475,382 | 1,024,811 | 1,271,406 | |||
Attributable to | |||||||
1,566,106 | Equity holders of the parent | 213,693 | 475,410 | -55% | 1,024,964 | 1,271,491 | -19% |
(145) | Non-controlling interest | (56) | (28) | 100% | (153) | (85) | 80% |
Profit for the period | -55% | -19% | |||||
1,565,961 | 213,637 | 475,382 | 1,024,811 | 1,271,406 | |||
21.49 | Earnings per share (Rs.) | 2.93 | 6.52 | 14.06 | 17.45 |
*Figures in brackets indicate deductions. The above figures are subject to audit
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 1 - |
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
Audited | Three months ended | Nine months ended | |||
Year ended | Unaudited | Unaudited | Unaudited | Unaudited | |
31.03.2024 | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
1,565,961 | Profit for the period | 213,637 | 475,382 | 1,024,811 | 1,271,406 |
Other comprehensive income/(loss) not to be reclassified to | |||||
(228,619) | profit or loss in subsequent periods (net of tax) | - | - | ||
Actuarial gain on defined benefit plans | - | - | |||
68,586 | Tax effect | - | - | - | - |
Other comprehensive income for the period, net of tax | |||||
(160,033) | - | - | - | - | |
Total comprehensive income for the period, net of tax | |||||
1,405,928 | 213,637 | 475,382 | 1,024,811 | 1,271,406 | |
Attributable to | |||||
1,407,841 | Equity holders of the parent | 213,693 | 475,410 | 1,024,964 | 1,271,491 |
(145) | Non-controlling interest | (56) | (28) | (153) | (85) |
Total comprehensive income for the period, net of tax | |||||
1,405,928 | 213,637 | 475,382 | 1,024,811 | 1,271,406 |
*Figures in brackets indicate deductions. The above figures are subject to audit
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 2 - |
COMPANY INCOME STATEMENT
Audited | Three months ended | Nine months ended | ||||||
Year ended | Unaudited | Unaudited | Change | Unaudited | Unaudited | Change | ||
31.03.2024 | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
7,191,741 | Revenue | 1,993,630 | 1,619,048 | 23% | 5,641,018 | 5,218,690 | 8% | |
(4,993,333) | Cost of sales | (1,481,020) | (952,360) | 56% | (3,689,679) | (3,373,844) | 9% | |
Gross profit | -23% | 6% | ||||||
2,198,408 | 512,610 | 666,688 | 1,951,339 | 1,844,846 | ||||
247,207 | Gain on fair value of biological assets | - | - | 0% | - | - | 0% | |
219,311 | Other income | 43,239 | 10,903 | 297% | 124,774 | 79,266 | 57% | |
(847,126) | Administration expenses | (219,139) | (164,612) | 33% | (682,906) | (555,722) | 23% | |
(158,025) | Management overheads and employees incentives | (38,286) | (46,394) | -17% | (134,338) | (142,567) | -6% | |
(82,485) | Finance cost | (20,286) | (9,308) | 118% | (62,129) | (35,908) | 73% | |
380,554 | Finance income | 55,994 | 108,803 | -49% | 167,263 | 325,286 | -49% | |
Profit before taxation | -41% | -10% | ||||||
1,957,844 | 334,132 | 566,080 | 1,364,003 | 1,515,201 | ||||
(412,156) | Tax expenses | (137,499) | (96,000) | 43% | (412,498) | (317,000) | 30% | |
Profit for the period | -58% | -21% | ||||||
1,545,688 | 196,633 | 470,080 | 951,505 | 1,198,201 | ||||
Other comprehensive income/(loss) not to be reclassified to | ||||||||
profit or loss in subsequent periods (net of tax) | ||||||||
- | Other comprehensive income for the period, net of tax | - | - | - | - | |||
Total comprehensive income for the period, net of tax | -58% | -21% | ||||||
1,545,688 | 196,633 | 470,080 | 951,505 | 1,198,201 | ||||
Earnings per share (Rs.) | ||||||||
21.21 | 2.70 | 6.45 | 13.06 | 16.44 |
*Figures in brackets indicate deductions. The above figures are subject to audit
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 3 - |
STATEMENTS OF FINANCIAL POSITION
m | ||||||||||
Group | Company | Group | Company | |||||||
Audited | Audited | Unaudited | Unaudited | Unaudited | Unaudited | |||||
As at | As at | As at | As at | As at | As at | |||||
31.03.2024 | 31.03.2024 | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||||
ASSETS | ||||||||||
Non current assets | ||||||||||
482,774 | 482,774 | Leasehold | property plant and equipment | 521,592 | 352,287 | 521,592 | 352,287 | |||
2,016,203 | 1,848,853 | Freehold | property plant and equipment | 1,988,506 | 1,929,368 | 1,826,909 | 1,759,940 | |||
4,090,006 | 4,090,006 | Bearer biological assets | 4,137,998 | 4,113,736 | 4,137,998 | 4,113,736 | ||||
1,414,898 | 1,414,898 | Consumable biological assets | 1,433,278 | 1,156,980 | 1,433,278 | 1,156,980 | ||||
48,140 | 48,140 | Other non current asset | 49,284 | 47,478 | 49,284 | 47,478 | ||||
12,046 | 12,046 | Other financial asset | 12,046 | 12,046 | 12,046 | 12,046 | ||||
509,981 | 299,290 | Investments | 596,474 | 556,664 | 314,490 | 299,290 | ||||
8,574,048 | 8,196,007 | 8,739,178 | 8,168,559 | 8,295,597 | 7,741,757 | |||||
Current assets | ||||||||||
29,053 | 29,053 | Produce on bearer biological assets | 29,053 | 40,222 | 29,053 | 40,222 | ||||
583,487 | 583,430 | Inventories | 1,062,147 | 992,312 | 1,062,091 | 992,256 | ||||
661,209 | 660,832 | Trade and other receivables | 705,590 | 536,438 | 699,903 | 526,146 | ||||
148,170 | 186,612 | Amounts due from related companies | 157,781 | 183,429 | 192,376 | 235,220 | ||||
2,346,501 | 2,346,501 | Short term investments | 2,481,187 | 1,753,985 | 2,481,187 | 1,753,985 | ||||
103,920 | 100,009 | Cash and bank balances | 405,495 | 147,551 | 403,126 | 136,939 | ||||
3,872,340 | 3,906,437 | 4,841,253 | 3,653,937 | 4,867,736 | 3,684,768 | |||||
12,446,388 | 12,102,444 | TOTAL ASSETS | 13,580,431 | 11,822,496 | 13,163,333 | 11,426,525 | ||||
EQUITY AND LIABILITIES | ||||||||||
Capital and reserves | ||||||||||
694,236 | 694,236 | Stated capital | 694,236 | 694,236 | 694,236 | 694,236 | ||||
1,054,282 | 1,054,282 | Timber reserve | 1,054,282 | 805,597 | 1,054,282 | 805,597 | ||||
6,790,173 | 6,449,287 | Retained earnings | 7,450,805 | 6,904,275 | 7,036,460 | 6,510,518 | ||||
8,538,691 | 8,197,805 | Total equity attributable to the equity holders | 9,199,323 | 8,404,108 | 8,784,978 | 8,010,351 | ||||
(5,196) | - | Non-controlling interest | (5,349) | (5,136) | - | - | ||||
8,533,495 | 8,197,805 | Total equity | 9,193,974 | 8,398,972 | 8,784,978 | 8,010,351 | ||||
Non current liabilities | ||||||||||
- | - | Interest bearing borrowings | - | 1,329 | - | 1,329 | ||||
519,614 | 519,614 | Net liability to the lessor payable | 581,084 | 369,375 | 581,084 | 369,375 | ||||
870,759 | 870,407 | Retirement benefit obligations | 937,339 | 617,135 | 936,951 | 616,851 | ||||
133,948 | 133,948 | Deferred income | 128,093 | 139,545 | 128,093 | 139,545 | ||||
1,589,155 | 1,582,496 | Deferred tax liability | 1,772,280 | 1,643,948 | 1,765,621 | 1,639,551 | ||||
3,113,476 | 3,106,465 | 3,418,796 | 2,771,332 | 3,411,749 | 2,766,651 | |||||
Current liabilities | ||||||||||
72,216 | 72,216 | Interest bearing borrowings | 1,330 | 118,907 | 1,330 | 118,907 | ||||
5,681 | 5,681 | Net liability to the lessor payable | 8,149 | 4,327 | 8,149 | 4,327 | ||||
694,019 | 692,776 | Trade and other payables | 898,116 | 499,209 | 896,961 | 496,538 | ||||
27,501 | 27,501 | Amounts due to related companies | 60,066 | 29,749 | 60,166 | 29,751 | ||||
799,417 | 798,174 | 967,661 | 652,192 | 966,606 | 649,523 | |||||
12,446,388 | 12,102,444 | TOTAL EQUITY AND LIABILITIES | 13,580,431 | 11,822,496 | 13,163,333 | 11,426,525 | ||||
Net assets per share | ||||||||||
117.11 | 112.50 | 126.25 | 115.34 | 120.56 | 109.93 |
*Figures in brackets indicate deductions. The above figures are subject to audit
I certify that the financial statements comply with the requirements of the Companies Act, No. 7 of 2007
Sgd.
Mr. Ruwan Nissanka
Chief Operating Officer -Finance
The Board of Directors is responsible for these financial statements. Signed on behalf of the Board of Directors of Elpitiya Plantations PLC
Sgd. | Sgd. | |
Dr. M. P. Dissanayake | Dr. Rohan M. Fernando | |
Chairman | Managing Director | |
11.02.2025 |
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 4 - |
STATEMENTS OF CHANGES IN EQUITY
GROUP | Attributable to the equity holders of the parent | Non- controlling | ||||
Stated capital | Retained | Timber reserve | Total | interest | Total equity | |
earnings | ||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.000 | Rs.000 | |
Balance as at 01.04.2023 | 694,236 | 7,017,246 | 805,597 | 8,517,079 | (5,051) | 8,512,028 |
Profit for the period | - | 1,271,491 | - | 1,271,491 | (85) | 1,271,406 |
Dividends paid | - | (1,384,462) | - | (1,384,462) | - | (1,384,462) |
Balance as at 31.12.2023 | ||||||
694,236 | 6,904,275 | 805,597 | 8,404,108 | (5,136) | 8,398,972 | |
Balance as at 01.04.2024 | 694,236 | 6,790,173 | 1,054,282 | 8,538,691 | (5,196) | 8,533,495 |
Profit for the period | - | 1,024,964 | - | 1,024,964 | (153) | 1,024,811 |
- | ||||||
Dividends paid | - | (364,332) | - | (364,332) | - | (364,332) |
Balance as at 31.12.2024 | ||||||
694,236 | 7,450,805 | 1,054,282 | 9,199,323 | (5,349) | 9,193,974 | |
COMPANY | ||||||
Stated capital | Retained | Timber reserve | Total equity | |||
earnings | ||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.000 | |||
Balance as at 01.04.2023 | 694,236 | 6,696,779 | 805,597 | 8,196,612 | ||
Profit for the period | - | 1,198,201 | - | 1,198,201 | ||
Dividends paid | - | (1,384,462) | - | (1,384,462) | ||
Balance as at 31.12.2023 | ||||||
694,236 | 6,510,518 | 805,597 | 8,010,351 | |||
Balance as at 01.04.2024 | 694,236 | 6,449,287 | 1,054,282 | 8,197,805 | ||
Profit for the period | - | 951,505 | - | 951,505 | ||
Dividends paid | - | (364,332) | - | (364,332) | ||
Balance as at 31.12.2024 | ||||||
694,236 | 7,036,460 | 1,054,282 | 8,784,978 |
*Figures in brackets indicate deductions. The above figures are subject to audit
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 5 - |
STATEMENTS OF CASH FLOWS
Group | Company | |||||
Unaudited | Unaudited | Unaudited | Unaudited | |||
For the nine months ended | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Profit before taxation | 1,437,311 | 1,588,439 | 1,364,003 | 1,515,201 | ||
Adjustments for | 256,700 | |||||
Depreciation and amortisation | 362,053 | 263,577 | 355,056 | |||
Provision for defined benefit plans | 159,211 | 120,391 | 159,175 | 120,391 | ||
Share of profit/(loss) from joint ventures | (71,493) | (73,536) | - | - | ||
Amortisation of subleases income | (5,582) | (2,648) | (5,582) | (2,648) | ||
Amortisation of deferred income | (4,109) | (3,653) | (4,109) | (3,653) | ||
Amortisation of deferred grant | (1,653) | (4,327) | (1,653) | (4,327) | ||
Finance cost | 62,129 | 35,908 | 62,129 | 35,908 | ||
Finance income | (167,368) | (325,390) | (167,263) | (325,286) | ||
Profit of sale of property, plant and equipment | - | (302) | - | (302) | ||
Operating profit before working capital changes | 1,770,499 | 1,598,459 | 1,761,756 | 1,591,984 | ||
(Increase)/decrease in inventories | (478,661) | (241,209) | (478,661) | (241,208) | ||
(Increase)/decrease in trade and other receivables | (59,578) | (80,349) | (54,266) | (84,519) | ||
(Increase)/decrease in amounts due from related parties | (9,611) | (47,872) | (5,864) | (43,305) | ||
Increase/(decrease) in trade and other payables | 133,558 | (223,261) | 133,645 | (224,376) | ||
Increase/ (decrease) in amount due to related parties | 32,565 | 4,866 | 32,565 | 4,868 | ||
Cash generated from operations | 1,388,772 | 1,010,634 | 1,389,175 | 1,003,444 | ||
Cash received from sublease of land | 18,950 | 2,204 | 18,950 | 2,204 | ||
Finance cost paid | (1,950) | (12,515) | (1,950) | (12,515) | ||
Finance income received | 166,224 | 325,390 | 166,119 | 325,286 | ||
Retirement benefit obligations paid | (92,631) | (110,460) | (92,631) | (110,460) | ||
Tax paid | (159,353) | (162,760) | (159,353) | (162,740) | ||
Grants received | 2,252 | 954 | 2,252 | 954 | ||
Net cash from operating activities | 1,322,264 | 1,053,447 | 1,322,562 | 1,046,173 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Field development expenditure | (251,373) | (282,936) | (251,373) | (282,936) | ||
Purchase of property, plant and equipment | (119,228) | (180,196) | (117,984) | (180,196) | ||
Proceeds from sale of property, plant and equipment | - | 302 | - | 302 | ||
Net proceed from investment in short-term deposit | (134,686) | 717,599 | (134,686) | 717,599 | ||
Investment in subsidiary/joint venture | (15,000) | (60,000) | (15,000) | (60,000) | ||
Net cash used in investing activities | (520,287) | 194,769 | (519,043) | 194,769 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceed from loans | - | 58,161 | - | 58,161 | ||
Settlement of loans | (70,886) | (123,549) | (70,886) | (123,549) | ||
Payment of Government lease rentals | (65,184) | (36,985) | (65,184) | (36,985) | ||
Dividend paid | (364,332) | (1,384,462) | (364,332) | (1,384,462) | ||
Net cash flow used in financing activities | (500,402) | (1,486,835) | (500,402) | (1,486,835) | ||
Net increase/decrease in Cash & Cash Equivalents | 301,575 | (238,619) | 303,117 | (245,893) | ||
A. Cash & Cash Equivalents at the beginning of the period | 103,920 | 386,170 | 100,009 | 382,832 | ||
B. Cash & Cash Equivalents at the end of the period | 405,495 | 147,551 | 403,126 | 136,939 | ||
NOTE A | ||||||
Cash & Cash Equivalents at the beginning of the period | ||||||
Cash and Bank | 103,920 | 386,170 | 100,009 | 382,832 | ||
103,920 | 386,170 | 100,009 | 382,832 | |||
NOTE B | ||||||
Cash & Cash Equivalents at the end of the period | ||||||
Cash and Bank | 405,495 | 147,551 | 403,126 | 136,939 | ||
405,495 | 147,551 | 403,126 | 136,939 |
*Figures in brackets indicate deductions.
The above figures are subject to audit | |
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 6 - |
NOTES TO THE FINANCIAL STATEMENTS
FINANCIAL INFORMATION
1 | Segmental Information | ||||||
Group | Company | ||||||
For the nine months ended | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Tea | |||||||
Revenue | 3,551,048 | 3,319,633 | 3,551,048 | 3,319,633 | |||
Revenue expenditure | (2,389,868) | (2,077,298) | (2,389,868) | (2,077,298) | |||
Segment Result-Gross Profit/(Loss) | 1,161,180 | 1,242,335 | 1,161,180 | 1,242,335 | |||
Rubber | |||||||
Revenue | 150,638 | 115,775 | 150,638 | 115,775 | |||
Revenue expenditure | (197,799) | (154,067) | (197,799) | (154,067) | |||
Segment Result-Gross Profit/(Loss) | (47,161) | (38,292) | (47,161) | (38,292) | |||
Oil Palm | |||||||
Revenue | 1,617,368 | 1,556,629 | 1,617,368 | 1,556,629 | |||
Revenue expenditure | (876,268) | (675,898) | (876,268) | (675,898) | |||
Segment Result-Gross Profit/(Loss) | 741,100 | 880,731 | 741,100 | 880,731 | |||
Others | |||||||
Revenue | 330,665 | 238,226 | 321,964 | 226,653 | |||
Revenue expenditure | (236,779) | (476,210) | (225,744) | (466,581) | |||
Segment Result-Gross Profit/(Loss) | 93,886 | (237,984) | 96,220 | (239,928) | |||
All Segments | |||||||
Revenue | 5,649,719 | 5,230,263 | 5,641,018 | 5,218,690 | |||
Revenue expenditure | (3,700,714) | (3,383,473) | (3,689,679) | (3,373,844) | |||
Segment Result-Gross Profit/(Loss) | 1,949,005 | 1,846,790 | 1,951,339 | 1,844,846 | |||
Other income | 131,459 | 79,273 | 124,774 | 79,266 | |||
Administration expenses | (685,547) | (558,075) | (682,906) | (555,722) | |||
Management overheads and employees incentives | (134,338) | (142,567) | (134,338) | (142,567) | |||
Finance cost | (62,129) | (35,908) | (62,129) | (35,908) | |||
Finance income | 167,368 | 325,390 | 167,263 | 325,286 | |||
Share of profit from joint ventures | 71,493 | 73,536 | - | - | |||
Profit before taxation | 1,437,311 | 1,588,439 | 1,364,003 | 1,515,201 | |||
Group | Company | ||||||
For the three months ended | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||
Tea | |||||||
Revenue | 1,263,174 | 1,046,636 | 1,263,174 | 1,046,636 | |||
Revenue expenditure | (966,082) | (329,814) | (966,082) | (329,814) | |||
Segment Result-Gross Profit/(Loss) | 297,092 | 716,822 | 297,092 | 716,822 | |||
Rubber | |||||||
Revenue | 68,683 | 36,489 | 68,683 | 36,489 | |||
Revenue expenditure | (81,752) | (37,634) | (81,752) | (37,634) | |||
Segment Result-Gross Profit/(Loss) | (13,069) | (1,145) | (13,069) | (1,145) | |||
Oil Palm | |||||||
Revenue | 507,084 | 423,559 | 507,084 | 423,559 | |||
Revenue expenditure | (354,295) | (206,497) | (354,295) | (206,497) | |||
Segment Result-Gross Profit/(Loss) | 152,789 | 217,062 | 152,789 | 217,062 | |||
Others | |||||||
Revenue | 159,217 | 120,526 | 154,689 | 112,364 | |||
Revenue expenditure | (83,792) | (380,963) | (78,891) | (378,417) | |||
Segment Result-Gross Profit/(Loss) | 75,425 | (260,437) | 75,798 | (266,053) | |||
All Segments | |||||||
Revenue | 1,998,158 | 1,627,210 | 1,993,630 | 1,619,049 | |||
Revenue expenditure | (1,485,921) | (954,908) | (1,481,020) | (952,361) | |||
Segment Result-Gross Profit/(Loss) | 512,237 | 672,302 | 512,610 | 666,688 | |||
Other income | 49,859 | 10,861 | 43,239 | 10,903 | |||
Administration expenses | (219,025) | (165,537) | (219,139) | (164,612) | |||
Management overheads and employees incentives | (38,286) | (46,394) | (38,286) | (46,394) | |||
Finance cost | (20,286) | (9,308) | (20,286) | (9,308) | |||
Finance income | 49,355 | 108,907 | 55,994 | 108,803 | |||
Share of profit from joint ventures | 15,261 | 568 | - | - | |||
Profit before taxation | 349,115 | 571,399 | 334,132 | 566,080 | |||
*Figures in brackets indicate deductions. | |||||||
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 7 - |
NOTES TO THE FINANCIAL STATEMENTS - CONTD.
FINANCIAL INFORMATION - CONTD.
- Corporate Information
Elpitiya Plantations PLC was incorporated on 22 June 1992 under the Companies Act. No. 17 of 1982 (The Company was re-registered under the Companies Act No. 07 of 2007) in terms of the provisions of the Conversion of Public Corporation and Government Owned Business Undertakings into Public Companies Act No. 23 of 1987. The registered office of the Company is located at No. 315, Vauxhall Street, Colombo 02, and Plantations are situated in the planting districts of Nuwara Eliya and Galle. The Ordinary shares of the company are listed on the Colombo Stock Exchange. - Interim Financial Statements
Interim financial statements for the period ended 31st December 2024, includes "the Company" referring to Elpitiya Plantations PLC., as the holding company and "the Group" referring to the companies whose accounts have been consolidated therein. - Approval of Financial Statements
The interim condensed financial statements of the Group and the Company for the nine months ended 31 December 2024 were authorised for issue by the Board of Directors on 11 February 2025. - Basis of preparation and changes to the accounting policies
Interim Financial Statements of the company and the group have been prepared based on the Sri Lanka Accounting Standards that came into effect from January 01,2012 (SLFRS/LKAS).There were no changes to the Accounting Policies and methods of computation since the publication of the annual report 2023/2024. Further these Interim Financial Statements have been prepared in compliance with the requirement of the Sri Lanka Accounting Standard-LKAS 34 on 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. - Retirement benefit obligation
The Secretary to the Ministry of Labour and Foreign Employment issued a notice, by an Extraordinary Gazette No. 2401/24 dated 12th September 2024, raising the minimum daily wage for time work in both the Tea Growing and Manufacturing Trade and the Rubber Cultivation and Raw Rubber Processing Trade from Rs. 1,000 to Rs. 1,350, effective from 10th September 2024.
Consequently, the management has estimated and provided for the increased liability on the retirement benefit obligation as of 31st December 2024. The actuarial valuation adjustments and any other adjustments as required will be reflected at the end of the financial year. - Net assets per share
Net assets per share have been calculated for all periods based on the number of shares in issue, as at 31 December 2024. - 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. - Events after the reporting period
No other circumstances have arisen since the Statement of Financial Position date which would require adjustments/disclosures to the Interim Financial statements.
NON FINANCIAL INFORMATION
1 | Top 20 Shareholders as at 31.12.2024 | ||||
Name of the Shareholder | Shareholding | % | |||
1 | Aitken Spence Plantation Managements PLC | 44,917,354 | 61.64 | ||
2 | Secretary to the Treasury | 15,613,092 | 21.43 | ||
3 | Melbourne Rolling Mill (Pvt) Ltd | 640,257 | 0.88 | ||
4 | Mr. T. T. T. Al-Nakib(Deceased) | 500,000 | 0.69 | ||
5 | Tranz Dominion, L.L.C | 315,000 | 0.43 | ||
6 | Dr. R. D. Bandaranaike / Mrs. A. D. Bandaranaike | 210,696 | 0.29 | ||
7 | Mr. K. C. Vignarajah | 205,428 | 0.28 | ||
8 | Melbourne Metal (Pvt) Ltd | 126,235 | 0.17 | ||
9 | Mr. D. A. Cabraal | 125,000 | 0.17 | ||
10 | Mr. G. D. M. Ranasinghe / Mrs. O. R. K. Ranasinghe | 120,000 | 0.16 | ||
11 | Mr. V. C. Mahtani / Mrs. M. V. Mahtani | 97,000 | 0.16 | ||
12 | Mr. S. Malalasekera | 77,400 | 0.11 | ||
13 | Mr. E. J. Gnanam | 75,000 | 0.10 | ||
14 | Mr. U. D. Wickremesooriya / Mrs. S. F. Wickremesooriya | 72,229 | 0.10 | ||
15 | Mrs. J. Thiruvathavoorar | 71,930 | 0.10 | ||
16 | Mr. J. D. Bandaranayake / Miss N. Bandaranayake /Dr. V. Bandaranayake | 70,000 | 0.10 | ||
17 | Mr. J.D. Bandaranayake / Dr. V. Bandaranayake / Miss I. Bandaranayake | 70,000 | 0.10 | ||
18 | Mr. K. R. E. M. D. M. B. Jayasundara | 70,000 | 0.10 | ||
19 | Mr. D. P. Marasinghe | 69,850 | 0.10 | ||
20 | Senkadagala Finance PLC / Prempra Capital (Pvt) Ltd | 69,000 | 0.09 | ||
Total No. of Shares | 63,515,471 | 87.17 | |||
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 8 - |
NOTES TO THE FINANCIAL STATEMENTS - CONTD.
NON FINANCIAL INFORMATION - CONTD.
2 Shareholding as at 31.12.2024
Shareholder | No of Shares | % |
Aitken Spence Plantation Managements PLC. | 44,917,354 | 61.64 |
Secretary to the Treasury | 15,613,092 | 21.43 |
Public Holding | 12,335,984 | 16.93 |
3 | Public Shareholding | |
31.12.2024 | ||
Number of shares represented by the stated capital | 72,866,430 | |
Number of shares held by the public shareholders | 12,335,984 | |
Percentage of shares held by the public | 16.93% | |
Number of public shareholders | 12,021 | |
Float adjusted market capitalisation (in Rs.) | 1,471,066,092 |
As the float adjusted market capitalisation is more than Rs. 1 billion with more than 7.5% public holding , Elpitiya Plantations PLC complies under option 1 in terms of rule 7.13.1 (b) (for Diri Savi Board companies) of the Listing Rules of the Colombo Stock Exchange.
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Directors' Shareholdings
No shares were held by the Board of Directors (including their spouses) as at 31.12.2024 (As at 31.03.2024 - Nil). - Shares traded
31.12.2024 | 31.12.2023 | |
Rs. | Rs. | |
Highest price recorded for the nine months ending | 125.00 | 102.00 |
Lowest price recorded for the nine months ending | 90.00 | 69.50 |
Last traded price | 119.25 | 85.00 |
Highest price recorded for the three months ending | 121.00 | 92.00 |
Lowest price recorded for the three months ending | 98.60 | 81.00 |
Elpitiya Plantations PLC - Interim Condensed Financial Statements for nine months ended 31st December 2024 | - 9 - |
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