Interim Financial Statements for the three months ended 30.06.2025

INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2025

Audited

Three months ended

Year ended

31.03.2025

Unaudited

30.06.2025

Unaudited

30.06.2024

Change

Rs.'000

Rs.'000

Rs.'000

7,692,249

Revenue

2,157,985

1,662,858

30%

(5,308,571)

Cost of sales

(1,369,390)

(1,037,386)

32%

2,383,678

Gross Profit

788,595

625,472

26%

400,966

Gains on change in fair value of biological assets

-

-

-

153,401

Other income and gains

27,256

33,411

-18%

(1,131,943)

Administrative expenses

(191,998)

(183,835)

4%

(127,913)

Management overheads and employee incentives

(44,490)

(45,847)

-3%

(83,916)

Finance expenses

(20,370)

(18,191)

12%

233,761

Finance income

63,537

55,403

15%

106,966

Share of profit from joint ventures

50,663

9,895

412%

1,935,000

Profit before taxation

673,193

476,308

41%

(605,930)

Tax expense

(145,049)

(137,504)

5%

1,329,070

Profit for the period

528,144

338,804

56%

Attributable to

1,329,268

Equity holders of the parent

528,192

338,837

56%

(198)

Non-controlling interest

(48)

(33)

45%

1,329,070

Profit for the period

528,144

338,804

56%

Audited

Three months ended

Year ended

31.03.2025

Unaudited

30.06.2025

Unaudited

30.06.2024

Change

Rs.'000

Rs.'000

Rs.'000

1,329,070

Profit for the period

528,144

338,804

56%

Other comprehensive income/(loss) not to be

reclassified to profit or loss in subsequent periods (net

of tax)

2,461

Actuarial gain/(loss) on retirement benefit obligations

-

-

-

(738)

Tax effect

-

-

-

1,723

Other comprehensive income for the period, net of tax

-

-

-

1,330,793

Total comprehensive income for the period, net of tax

528,144

338,804

56%

1,330,991

Attributable to

Equity holders of the parent

528,192

338,837

56%

(198)

Non-controlling interest

(48)

(33)

45%

1,330,793

Total comprehensive income for the period, net of tax

528,144

338,804

56%

Audited

Three months ended

Year ended

31.03.2025

Unaudited

30.06.2025

Unaudited

30.06.2024

Change

Rs.'000

Rs.'000

Rs.'000

7,682,543

Revenue

2,152,979

1,661,920

30%

(5,294,015)

Cost of sales

(1,365,809)

(1,034,128)

32%

2,388,528

Gross profit

787,170

627,792

25%

400,966

Gain on change in fair value of biological assets

-

-

-

189,496

Other income and gains

70,037

33,411

110%

(1,126,948)

Administrative expenses

(189,581)

(181,666)

4%

(127,913)

Management overheads and employee incentives

(44,490)

(45,847)

-3%

(83,916)

Finance expenses

(20,370)

(18,191)

12%

233,644

Finance income

63,537

55,389

15%

1,873,857

Profit before taxation

666,303

470,888

41%

(594,068)

Tax expenses

(137,499)

(137,500)

0%

1,279,789

Profit for the period

528,804

333,388

59%

Audited

Three months ended

Year ended

31.03.2025

Unaudited

30.06.2025

Unaudited

30.06.2024

Change

Rs.'000

Rs.'000

Rs.'000

1,279,789

Profit for the period

528,804

333,388

59%

Other comprehensive income/(loss) not to be

reclassified to profit or loss in subsequent periods (net

of tax)

2,461

Actuarial gain/(loss) on retirement benefit obligations

-

-

-

(738)

Tax effect

-

-

-

1,723

Other comprehensive income for the period, net of tax

-

-

-

1,281,512

Total comprehensive income for the period, net of tax

528,804

333,388

59%

Group

Company

Group

Company

Audited

As at 31.03.2025 Rs.'000

Audited

As at 31.03.2025 Rs.'000

Unaudited

As at 30.06.2025 Rs.'000

Unaudited

As at 30.06.2024 Rs.'000

Unaudited

As at 30.06.2025 Rs.'000

Unaudited

As at 30.06.2024 Rs.'000

ASSETS

Non current assets

535,059

535,059

Right-of-use asset

533,671

475,923

533,671

475,923

2,054,611

1,898,416

Freehold property plant and equipment

2,079,294

1,965,682

1,925,335

1,803,157

44,311

41,707

Intangible assets

41,511

16,693

38,907

14,089

4,184,401

4,184,401

Bearer biological assets

4,203,322

4,092,821

4,203,322

4,092,821

1,837,819

1,837,819

Consumable biological assets

1,843,104

1,419,268

1,843,104

1,419,268

49,666

49,666

Other non current asset

50,048

48,140

50,048

48,140

12,046

12,046

Other financial asset

12,046

12,046

12,046

12,046

581,617

314,490

Investments

581,950

519,876

314,490

299,290

9,299,530

8,873,604

9,344,946

8,550,449

8,920,923

8,164,734

Current assets

28,720

28,720

Produce on bearer biological assets

28,720

29,053

28,720

29,053

664,121

664,065

Inventories

821,478

680,641

821,422

680,586

630,357

629,134

Trade and other receivables

591,717

814,858

584,842

813,789

182,952

215,160

Amounts due from related parties

184,620

274,618

221,754

316,329

2,998,747

2,998,747

Short term investments

3,017,676

2,518,207

3,017,676

2,518,207

258,425

255,360

Cash and cash equivalents

396,367

120,774

393,038

116,598

4,763,322

4,791,186

5,040,578

4,438,151

5,067,452

4,474,562

14,062,852

13,664,790

TOTAL ASSETS

14,385,524

12,988,600

13,988,375

12,639,296

EQUITY AND LIABILITIES

Capital and reserves

694,236

694,236

Stated capital

694,236

694,236

694,236

694,236

1,444,855

1,444,855

Timber reserve

1,444,855

1,054,282

1,444,855

1,054,282

7,366,259

6,975,894

Retained earnings

7,493,686

6,764,678

7,103,933

6,418,343

9,505,350

9,114,985

Total equity attributable to the equity holders

9,632,777

8,513,196

9,243,024

8,166,861

(5,394)

-

Non-controlling interest

(5,442)

(5,229)

-

-

9,499,956

9,114,985

Total equity

9,627,335

8,507,967

9,243,024

8,166,861

Non current liabilities

603,004

603,004

Lease liabilities

608,517

516,377

608,517

516,377

914,582

914,154

Retirement benefit obligations

968,290

853,046

967,861

852,694

129,320

129,320

Deferred income

127,477

142,479

127,477

142,479

1,755,930

1,746,956

Deferred tax liability

1,816,972

1,650,197

1,807,997

1,643,538

3,402,836

3,393,434

3,521,256

3,162,099

3,511,852

3,155,088

Current liabilities

-

-

Interest bearing borrowings

-

43,958

-

43,958

7,543

7,543

Lease liabilities

5,872

4,261

5,872

4,261

1,108,280

1,104,591

Trade and other payables

1,208,921

1,249,277

1,205,755

1,248,090

44,237

44,237

Amounts due to related parties

22,140

21,038

21,872

21,038

1,160,060

1,156,371

1,236,933

1,318,534

1,233,499

1,317,347

14,062,852

13,664,790

TOTAL EQUITY AND LIABILITIES

14,385,524

12,988,600

13,988,375

12,639,296

132.20

116.83

126.85

112.08

GROUP

Attributable to the equity holders of the parent

Non-

controlling

interest Rs.000

Total equity Rs.000

Balance as at 01.04.2024

Total comprehensive income for the year Interim & final dividend

Balance as at 30.06.2024 Balance as at 01.04.2025

Total comprehensive income for the year Interim & final dividend

Balance as at 30.06.2025

Stated capital

Rs.'000

Retained

earnings Rs.'000

Timber

reserve Rs.'000

Total

Rs.'000

694,236

-

-

6,790,173

338,837

(364,332)

1,054,282

-

-

8,538,691

338,837

(364,332)

(5,196)

(33)

-

8,533,495

338,804

(364,332)

694,236

6,764,678

1,054,282

8,513,196

(5,229)

8,507,967

694,236

-

-

7,366,259

528,192

(400,765)

1,444,855

-

-

9,505,350

528,192

(400,765)

(5,394)

(48)

-

9,499,956

528,144

-(400,765)

694,236

7,493,686

1,444,855

9,632,777

(5,442)

9,627,335

Balance as at 01.04.2024

Total comprehensive income for the year Interim & final dividend

Balance as at 30.06.2024 Balance as at 01.04.2025

Total comprehensive income for the year Interim & final dividend

Balance as at 30.06.2025

Stated capital Rs.'000

Retained

earnings Rs.'000

Timber

reserve Rs.'000

Total equity Rs.000

694,236

-

-

6,449,287

333,388

(364,332)

1,054,282

-

-

8,197,805

333,388

(364,332)

694,236

6,418,343

1,054,282

8,166,861

694,236

-

-

6,975,894

528,804

(400,765)

1,444,855

-

-

9,114,985

528,804

(400,765)

694,236

7,103,933

1,444,855

9,243,024

Group

Company

For the three months ended

Unaudited

30.06.2025

Rs.'000

Unaudited

30.06.2024

Rs.'000

Unaudited

30.06.2025

Rs.'000

Unaudited

30.06.2024

Rs.'000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

673,193

476,308

666,303

470,888

Adjustments for

Depreciation and amortisation

134,925

117,381

132,689

115,160

Provision for defined benefit plans

20,516

15,910

20,516

15,910

Items Written off

694

63

694

63

Amortisation of grants

(561)

(3,341)

(561)

(3,341)

Finance expenses

20,097

18,191

20,097

18,191

Finance income

(63,266)

(55,403)

(63,264)

(55,389)

Amortisation of sublease income

(4,964)

(1,972)

(4,964)

(1,972)

Profit on sale of other trees

(215)

-

(215)

-

Profit from sale of timber trees

(245)

-

(245)

-

Amortisation of deferred income

(1,751)

(1,370)

(1,751)

(1,370)

Share of profit from joint ventures

(50,663)

(9,895)

-

-

Dividend income

-

-

(42,780)

-

Operating profit before working capital changes

727,760

555,872

726,519

558,140

(Increase)/decrease in inventories

(158,052)

(97,219)

(158,052)

(97,219)

(Increase)/decrease in trade and other receivables

38,639

(196,425)

44,292

(195,737)

(Increase)/decrease in amounts due from related parties

(1,668)

(126,448)

(6,594)

(129,717)

Increase/(decrease) in trade and other payables

(145,534)

109,162

(145,282)

109,224

Increase/ (decrease) in amount due to related parties

(22,366)

(6,463)

(22,366)

(6,463)

Cash generated from operations

438,779

238,479

438,517

238,228

Cash received from sublease of land

4,148

15,214

4,148

15,214

Cash received from sale of trees

460

-

460

-

Finance cost paid

(127)

(1,119)

(127)

(1,119)

Finance income received

63,266

55,403

63,264

55,389

Retirement benefit obligations paid

(49,225)

(33,623)

(49,225)

(33,623)

Income tax paid

(170,289)

(16,429)

(170,289)

(16,429)

Grants received

904

-

904

-

Net cash from operating activities

287,916

257,925

287,652

257,660

CASH FLOWS FROM INVESTING ACTIVITIES

Field development expenditure

(96,928)

(68,852)

(96,928)

(68,852)

Purchase of property, plant and equipment

(76,897)

(15,035)

(76,897)

(15,035)

Dividend received

42,780

42,780

42,780

42,780

Net proceed from investment in short term deposit

(18,929)

(171,706)

(18,929)

(171,706)

Net cash used in investing activities

(149,974)

(212,813)

(149,974)

(212,813)

CASH FLOWS FROM FINANCING ACTIVITIES

Settlement of loans

-

(28,258)

-

(28,258)

Net cash flow used in financing activities

-

(28,258)

-

(28,258)

Net increase/decrease in cash & cash equivalents

137,942

16,854

137,678

16,589

A. Cash & cash equivalents at the beginning of the period

258,425

103,920

255,360

100,009

B. Cash & cash equivalents at the end of the period

396,367

120,774

393,038

116,598

258,425

103,920

255,360

100,009

258,425

103,920

255,360

100,009

396,367

120,774

393,038

116,598

396,367

120,774

393,038

116,598

For the three months ended Tea

Revenue

Revenue expenditure

Segment Result-Gross Profit/(Loss)

Rubber

Revenue

Revenue expenditure

Segment Result-Gross Profit/(Loss)

Oil Palm

Revenue

Revenue expenditure

Segment Result-Gross Profit/(Loss)

Others

Revenue

Revenue expenditure

Segment Result-Gross Profit/(Loss)

All Segments

Revenue

Revenue expenditure

Segment Result-Gross Profit/(Loss)

Other income and gains Administrative expenses

Management overheads and employee incentives Finance expenses

Finance income

Share of profit from joint ventures

Profit before taxation

Group

Company

30.06.2025

Rs.'000

30.06.2024

Rs.'000

30.06.2025

Rs.'000

30.06.2024

Rs.'000

1,265,271

(911,269)

1,045,203

(654,839)

1,265,271

(911,269)

1,045,203

(654,839)

354,002

390,364

354,002

390,364

30,070

(50,698)

33,080

(54,823)

30,070

(50,698)

33,080

(54,823)

(20,628)

(21,743)

(20,628)

(21,743)

728,108

(284,004)

503,577

(262,125)

728,108

(284,004)

503,577

(262,125)

444,104

241,452

444,104

241,452

134,536

(123,419)

80,998

(65,599)

129,529

(119,837)

80,060

(62,341)

11,117

15,399

9,692

17,719

2,157,985

(1,369,390)

1,662,858

(1,037,386)

2,152,978

(1,365,808)

1,661,920

(1,034,128)

788,595

27,256

(191,998)

(44,490)

(20,370)

63,537

50,663

625,472

33,411

(183,835)

(45,847)

(18,191)

55,403

9,895

787,170

70,037

(189,581)

(44,490)

(20,370)

63,537

-

627,792

33,411

(181,666)

(45,847)

(18,191)

55,389

-

673,193

476,308

666,303

470,888

NOTES TO THE FINANCIAL STATEMENTS

FINANCIAL INFORMATION - CONTD.

2

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.

3

Interim Financial Statements

Interim financial statements for the period ended 30.06.2025, 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.

4

Approval of Financial Statements

The interim condensed financial statements of the Group and the Company for the Three months ended 30 June 2025 were authorised for issue by the Board of Directors on 11.08.2025.

5

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 2024/2025. 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.

6

Net assets per share

Net assets per share have been calculated for all periods based on the number of shares in issue, as at 30 June 2025.

7

Contingencies, capital and other commitments

As at 30th June 2025, all liabilities in respect of management fees or other similar expenditure have been fully 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 2025.

8

Events after the reporting period

No circumstances have arisen since the Statement of Financial Position date which would require

adjustments/disclosures to the Interim Financial statements.

1

Top 20 Shareholders as at 30.06.2025

As at 30.06.2025

As at 31.03.2025

Name of the Shareholder

No. of shares

%

No. of shares

%

1

Aitken Spence Plantation Managements Ltd

44,917,354

61.64%

44,917,354

61.64%

2

Secretary to the Treasury

15,613,092

21.43%

15,613,092

21.43%

3

Melbourne Rolling Mill Private Limited

640,257

0.88%

640,257

0.88%

4

Mr. T.T.T. Al-Nakib (Deceased)

500,000

0.69%

500,000

0.69%

5

Tranz Dominion, L.L.C.

315,000

0.43%

315,000

0.43%

6

Mr. K.R.E.M.D.M.B. Jayasundara

259,463

0.36%

259,463

0.36%

7

Dr. R.D. Bandaranaike (Joint with Mrs. A.D. Bandaranaike)

210,696

0.29%

210,696

0.29%

8

Est. of Late K.C. Vignarajah

205,428

0.28%

205,428

0.28%

9

Mr. D.A. Cabraal

150,000

0.21%

125,000

0.17%

9

Mr. G.D.M. Ranasinghe (Joint with Mrs. O.R.K. Ranasinghe)

150,000

0.21%

141,041

0.19%

11

Melbourne Metal (Pvt) Ltd

126,235

0.17%

126,235

0.17%

12

Mr. S. Weeraratne (Joint with Mr. P.N. Weeraratne)

105,000

0.14%

80,504

0.11%

13

Senkadagala Finance PLC/Prempra Capital (Pvt) Ltd

84,000

0.12%

84,000

0.12%

14

Mr. E.J. Gnanam

77,500

0.11%

75,000

0.10%

15

Mr. S. Malalasekera

77,400

0.11%

77,400

0.11%

16

Mr. U.D. Wickremesooriya (Joint with Mrs. S.F. Wickremesooriya)

75,000

0.10%

75,000

0.10%

17

Mrs. J. Thiruvathavoorar

71,930

0.10%

71,930

0.10%

18

Mr. J.D. Bandaranayake (Joint with Miss N. Bandaranayake and Dr. V. Bandaranayake)

70,000

0.10%

70,000

0.10%

18

Mr. J.D. Bandaranayake (Joint with Dr. V. Bandaranayake and Miss I. Bandaranayake)

70,000

0.10%

70,000

0.10%

20

Mr. V.C. Mahtani (Joint with Mrs. M.V. Mahtani)

69,293

0.10%

81,061

0.11%

Total No. of Shares

63,787,648

87.57%

63,738,461

87.48%

2

Shareholding

As at 30.06.2025

As at 31.03.2025

Shareholder

No of Shares

%

No of Shares

%

Aitken Spence Plantation Managements PLC.

44,917,354

61.64%

44,917,354

61.64%

Secretary to the Treasury

15,613,092

21.43%

15,613,092

21.43%

Public Holding

12,335,984

16.93%

12,335,984

16.93%

Total No. of Shares issued

72,866,430

100.00%

72,866,430

100.00%

3

Public Shareholding

Number of shares represented by the stated capital

Number of shares held by the public shareholders

Percentage of shares held by the public

Number of public shareholders

Float adjusted market capitalisation (in Rs.)

30.06.2025

31.03.2025

72,866,430

72,866,430

12,335,984

12,335,984

16.93%

16.93%

11,933

11,974

1,603,677,920

1,452,562,116

4

Directors' Shareholdings

No shares were held by the Board of Directors (including their spouses) as at 30.06.2025 (As at 30.06.2024 - Nil). The number of shares held

by the Chief Executive Officer is as follows ;

Name

Position

No of Shares

30.06.2025

31.03.2025

MR. A. G. G. K. Dayananda

(appointed w.e.f. 2nd April 2025)

Chief Executive Officer

190

N/A

5

Shares traded

Highest price recorded for the three months ended

Closing Price

Last traded price

30.06.2025

30.06.2024

Rs.

Rs.

133.00

125.00

128.25

104.75

130.00

105.00

NAME

ELPITIYA PLANTATIONS PLC

LEGAL FORM

A Public Quoted Company with Limited Liability, incorporated in Sri Lanka on 22nd June 1992.

COMPANY REGISTRATION NO

PQ 171

REGISTERED OFFICE

315, Vauxhall Street, Colombo 02, Sri Lanka

BUSINESS ADDRESS

No. 305, Vauxhall Street, Colombo 02, Sri Lanka.

DIRECTORS

Dr. M P Dissanayake - Chairman

Dr. R M Fernando - Managing Director

Mr. Malik J Fernando

Mr. D A De S Wickramanayake

Ms. M D A Perera

Prof. A S Dharmasiri

Mr. M J S Rajakariar

Dr. R A Fernando

Ms. M K D N Madampe

GROUP COMPANIES

Escape Parks Ceylon (Private) Limited*

Water Villas (Private ) Limited *

EPP Hydro Power (Private) Limited

Harrow House (Private) Limited *

The Dunsinane Valley Company (Private) Limited*

JOINT VENTURE COMPANIES

AEN Palm Oil Processing (Private) Limited

Elpitiya Harrow Tea Company (Private) Limited

Elpitiya Lifestyle Solutions (Private) Limited

Ceylon Agro Food Technologies (Private) Limited