ELPITIYA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30TH JUNE 2024
GROUP CONSOLIDATED INCOME STATEMENT
Audited | ||||
Year ended | Unaudited | Unaudited | Change | |
31.03.2024 | 30.06.2024 | 30.06.2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | ||
7,204,027 | Revenue | 1,662,858 | 1,677,726 | -1% |
(5,006,836) | Cost of sales | (1,037,386) | (1,114,226) | -7% |
2,197,191 | Gross Profit | 625,472 | 563,500 | 11% |
247,207 | Gain on fair value of biological assets | - | - | 0% |
176,774 | Other income | 33,411 | 25,996 | 29% |
(850,798) | Administration expenses | (183,835) | (244,715) | -25% |
(158,025) | Management overheads and employees incentives | (45,847) | (47,491) | -3% |
(82,485) | Finance costs | (18,191) | (14,445) | 26% |
380,707 | Finance income | 55,403 | 126,263 | -56% |
77,183 | Share of profit/(loss) from joint ventures | 9,895 | 18,879 | -48% |
1,987,754 | Profit before taxation | 476,308 | 427,987 | 11% |
(421,793) | Tax expense | (137,504) | (106,042) | 30% |
1,565,961 | Profit for the period | 338,804 | 321,945 | 5% |
Attributable to | ||||
1,566,106 | Equity holders of the parent | 338,837 | 321,973 | 5% |
(145) | Non-controlling interest | (33) | (28) | 18% |
1,565,961 | Profit for the period | 338,804 | 321,945 | 5% |
21.49 | Earnings per share (Rs.) | 4.65 | 4.42 |
*Figures in brackets indicate deductions.
-1-
GROUP CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Audited | |||
Year ended | Unaudited | Unaudited | |
31.03.2024 | 30.06.2024 | 30.06.2023 | |
Rs.'000 | Rs.'000 | Rs.'000 | |
1,565,961 | Profit for the period | 338,804 | 321,945 |
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 | - | - |
(160,033) | Other comprehensive income for the period, net of tax | - | - |
1,405,928 | Total comprehensive income for the period, net of tax | 338,804 | 321,945 |
1,407,841 | Attributable to | ||
Equity holders of the parent | 338,837 | 321,973 | |
(145) | Non-controlling interest | (33) | (28) |
1,405,928 | Total comprehensive income for the period, net of tax | 338,804 | 321,945 |
*Figures in brackets indicate deductions.
- 2 -
COMPANY INCOME STATEMENT
Audited | ||||
Year ended | Unaudited | Unaudited | Change | |
31.03.2024 | 30.06.2024 | 30.06.2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | ||
7,191,741 | Revenue | 1,661,920 | 1,676,654 | -1% |
(4,993,333) | Cost of sales | (1,034,128) | (1,110,838) | -7% |
2,198,408 | Gross profit | 627,792 | 565,816 | 11% |
247,207 | Gain on fair value of biological assets | - | - | - |
219,311 | Other income | 33,411 | 26,049 | 28% |
(847,126) | Administration expenses | (181,666) | (243,857) | -26% |
(158,025) | Management overheads and employees incentives | (45,847) | (47,491) | -3% |
(82,485) | Finance cost | (18,191) | (14,445) | 26% |
380,554 | Finance income | 55,389 | 126,254 | -56% |
1,957,844 | Profit before taxation | 470,888 | 412,326 | 14% |
(412,156) | Tax expenses | (137,500) | (106,042) | 30% |
1,545,688 | Profit for the period | 333,388 | 306,284 | 9% |
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 | - | - | |
1,545,688 | Total comprehensive income for the period, net of tax | 333,388 | 306,284 | 9% |
21.21 | Earnings per share (Rs.) | 4.58 | 4.20 |
*Figures in brackets indicate deductions.
- 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 | 30.06.2024 | 30.06.2023 | 30.06.2024 | 30.06.2023 | |
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 | 475,923 | 359,799 | 475,923 | 359,799 |
2,016,203 | 1,848,853 | Freehold property plant and equipment | 1,982,375 | 1,830,024 | 1,817,246 | 1,656,035 |
4,090,006 | 4,090,006 | Bearer biological assets | 4,092,821 | 3,990,842 | 4,092,821 | 3,990,842 |
1,414,898 | 1,414,898 | Consumable biological assets | 1,419,268 | 1,142,757 | 1,419,268 | 1,142,757 |
48,140 | 48,140 | Other non current asset | 48,140 | 46,967 | 48,140 | 46,967 |
12,046 | 12,046 | Other financial asset | 12,046 | 12,046 | 12,046 | 12,046 |
509,981 | 299,290 | Investments | 519,876 | 502,007 | 299,290 | 299,290 |
8,574,048 | 8,196,007 | 8,550,449 | 7,884,442 | 8,164,734 | 7,507,736 | |
Current assets | ||||||
29,053 | 29,053 | Produce on bearer biological assets | 29,053 | 40,222 | 29,053 | 40,222 |
583,487 | 583,430 | Inventories | 680,641 | 1,024,649 | 680,586 | 1,024,593 |
661,209 | 660,832 | Trade and other receivables | 814,858 | 388,482 | 813,789 | 373,819 |
148,170 | 186,612 | Amounts due from related companies | 274,618 | 195,971 | 316,329 | 254,744 |
2,346,501 | 2,346,501 | Short term investments | 2,518,207 | 1,380,681 | 2,518,207 | 1,380,681 |
103,920 | 100,009 | Cash and bank balances | 120,774 | 276,873 | 116,598 | 271,582 |
3,872,340 | 3,906,437 | 4,438,151 | 3,306,878 | 4,474,562 | 3,345,641 | |
12,446,388 | 12,102,444 | TOTAL ASSETS | 12,988,600 | 11,191,320 | 12,639,296 | 10,853,377 |
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 | 6,764,678 | 5,954,757 | 6,418,343 | 5,618,601 |
8,538,691 | 8,197,805 | Total equity attributable to the equity holders | 8,513,196 | 7,454,590 | 8,166,861 | 7,118,434 |
(5,196) | - | Non-controlling interest | (5,229) | (5,079) | - | - |
8,533,495 | 8,197,805 | Total equity | 8,507,967 | 7,449,511 | 8,166,861 | 7,118,434 |
Non current liabilities | ||||||
- | - | Interest bearing borrowings | - | 35,721 | - | 35,721 |
519,614 | 519,614 | Net liability to the lessor payable | 516,377 | 371,023 | 516,377 | 371,023 |
870,759 | 870,407 | Retirement benefit obligations | 853,046 | 652,045 | 852,694 | 651,761 |
133,948 | 133,948 | Deferred income | 142,479 | 141,596 | 142,479 | 141,596 |
1,589,155 | 1,582,496 | Deferred tax liability | 1,650,197 | 1,492,513 | 1,643,538 | 1,488,116 |
3,113,476 | 3,106,465 | 3,162,099 | 2,692,898 | 3,155,088 | 2,688,217 | |
Current liabilities | ||||||
72,216 | 72,216 | Interest bearing borrowings | 43,958 | 122,454 | 43,958 | 122,454 |
5,681 | 5,681 | Net liability to the lessor payable | 4,261 | 4,154 | 4,261 | 4,154 |
694,019 | 692,776 | Trade and other payables | 884,945 | 820,586 | 883,758 | 818,401 |
27,501 | 27,501 | Amounts due to related companies | 21,038 | 101,717 | 21,038 | 101,717 |
- | - | Dividends declared | 364,332 | - | 364,332 | - |
799,417 | 798,174 | 1,318,534 | 1,048,911 | 1,317,347 | 1,046,726 | |
12,446,388 | 12,102,444 TOTAL EQUITY AND LIABILITIES | 12,988,600 | 11,191,320 | 12,639,296 | 10,853,377 | |
117.11 | 112.50 Net assets per share | 116.83 | 102.30 | 112.08 | 97.69 |
*Figures in brackets indicate deductions.
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 |
09.08.2024 |
- 4 -
STATEMENTS OF CHANGES IN EQUITY
GROUP | Attributable to the equity holders of the parent | Non- | ||||
Stated capital | Total | controlling | Total equity | |||
earnings | reserve | interest | ||||
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 | - | 321,973 | - | 321,973 | (28) | 321,945 |
Dividends paid | - | (1,384,462) | - | (1,384,462) | - | (1,384,462) |
Balance as at 30.06.2023 | 694,236 | 5,954,757 | 805,597 | 7,454,590 | (5,079) | 7,449,511 |
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 | - | 338,837 | - | 338,837 | (33) | 338,804 |
- | ||||||
Final dividend for the year 2023/2024 | - | (364,332) | - | (364,332) | - | (364,332) |
Balance as at 30.06.2024 | 694,236 | 6,764,678 | 1,054,282 | 8,513,196 | (5,229) | 8,507,967 |
COMPANY | ||||||
Stated capital | Retained | Timber | Total equity | |||
earnings | reserve | |||||
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 | - | 306,284 | - | 306,284 | ||
Dividends paid | - | (1,384,462) | - | (1,384,462) | ||
Balance as at 30.06.2023 | 694,236 | 5,618,601 | 805,597 | 7,118,434 | ||
Balance as at 01.04.2024 | 694,236 | 6,449,287 | 1,054,282 | 8,197,805 | ||
Profit for the period | - | 333,388 | - | 333,388 | ||
Final dividend for the year 2023/2024 | - | (364,332) | - | (364,332) | ||
Balance as at 30.06.2024 | 694,236 | 6,418,343 | 1,054,282 | 8,166,861 |
*Figures in brackets indicate deductions.
- 5 -
STATEMENTS OF CASH FLOWS
Group | Company | |||
Unaudited | Unaudited | Unaudited | Unaudited | |
For the three months ended | 30.06.2024 | 30.06.2023 | 30.06.2024 | 30.06.2023 |
CASH FLOWS FROM OPERATING ACTIVITIES | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 |
470,888 | ||||
Profit before taxation | 476,308 | 427,987 | 412,326 | |
Adjustments for | 79,809 | |||
Depreciation and amortisation | 117,381 | 82,124 | 115,160 | |
Provision for defined benefit plans | 15,910 | 1,708 | 15,910 | 1,708 |
Share of profit/(loss) from joint ventures | (9,895) | (18,879) | - | - |
Amortisation of subleases income | (1,972) | (1,748) | (1,972) | (1,748) |
Amortisation of deferred income | (1,370) | (1,820) | (1,370) | (1,820) |
Amortisation of deferred grant | (3,341) | (3,847) | (3,341) | (3,847) |
Finance cost | 18,191 | 14,445 | 18,191 | 14,445 |
Items written off | 63 | - | 63 | - |
Finance income | (55,403) | (126,263) | (55,389) | (126,254) |
Operating profit before working capital changes | 555,872 | 373,707 | 558,140 | 374,619 |
(Increase)/decrease in inventories | (97,219) | (273,545) | (97,219) | (273,545) |
(Increase)/decrease in trade and other receivables | (196,425) | 107,119 | (195,737) | 107,028 |
(Increase)/decrease in amounts due from related parties | (126,448) | (60,413) | (129,717) | (62,829) |
Increase/(decrease) in trade and other payables | 109,162 | (1,386) | 109,224 | (1,745) |
Increase/ (decrease) in amount due to related parties | (6,463) | 76,834 | (6,463) | 76,834 |
Cash generated from operations | 238,479 | 222,316 | 238,228 | 220,362 |
Cash received from sublease of land | 15,214 | - | 15,214 | - |
Finance cost paid | (1,119) | (5,148) | (1,119) | (5,148) |
Finance income received | 55,403 | 5,125 | 55,389 | 5,125 |
Retirement benefit obligations paid | (33,623) | (16,015) | (33,623) | (16,015) |
Tax paid | (16,429) | (38,532) | (16,429) | (38,532) |
Net cash from operating activities | 257,925 | 167,746 | 257,660 | 165,792 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Field development expenditure | (68,852) | (65,688) | (68,852) | (65,688) |
Purchase of property, plant and equipment | (15,035) | (38,015) | (15,035) | (38,015) |
Dividends received | 42,780 | - | 42,780 | - |
Net proceed from investment in short-term deposit | (171,706) | 1,090,903 | (171,706) | 1,090,903 |
Investment in subsidiary/joint venture | - | (60,000) | - | (60,000) |
Net cash used in investing activities | (212,813) | 927,200 | (212,813) | 927,200 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Settlement of loans | (28,258) | (27,450) | (28,258) | (27,450) |
Dividend paid | - | (1,176,793) | - | (1,176,793) |
Net cash flow used in financing activities | (28,258) | (1,204,243) | (28,258) | (1,204,243) |
Net increase/decrease in Cash & Cash Equivalents | 16,854 | (109,297) | 16,589 | (111,251) |
A. Cash & Cash Equivalents at the beginning of the period | 103,920 | 386,170 | 100,009 | 382,833 |
B. Cash & Cash Equivalents at the end of the period | 120,774 | 276,873 | 116,598 | 271,582 |
NOTE A | ||||
Cash & Cash Equivalents at the beginning of the period | ||||
Cash and Bank | 103,920 | 386,170 | 100,009 | 382,833 |
103,920 | 386,170 | 100,009 | 382,833 | |
NOTE B | ||||
Cash & Cash Equivalents at the end of the period | 120,774 | 276,873 | 116,598 | 271,582 |
Cash and Bank | ||||
120,774 | 276,873 | 116,598 | 271,582 |
*Figures in brackets indicate deductions. | - 6 - |
NOTES TO THE FINANCIAL STATEMENTS
1 | Segmental Information | Group | Company | ||
For the three months ended | 30.06.2024 | 30.06.2023 | 30.06.2024 | 30.06.2023 | |
Tea | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Revenue | 1,045,203 | 1,055,957 | 1,045,203 | 1,055,957 | |
Revenue expenditure | (654,839) | (749,944) | (654,839) | (749,944) | |
Segment Result-Gross Profit/(Loss) | 390,364 | 306,013 | 390,364 | 306,013 | |
Rubber | |||||
Revenue | 33,080 | 34,935 | 33,080 | 34,935 | |
Revenue expenditure | (54,823) | (60,841) | (54,823) | (60,841) | |
Segment Result-Gross Profit/(Loss) | (21,743) | (25,906) | (21,743) | (25,906) | |
Oil Palm | |||||
Revenue | 503,577 | 566,762 | 503,577 | 566,762 | |
Revenue expenditure | (262,125) | (271,759) | (262,125) | (271,759) | |
Segment Result-Gross Profit/(Loss) | 241,452 | 295,003 | 241,452 | 295,003 | |
Others | |||||
Revenue | 80,998 | 20,072 | 80,060 | 19,000 | |
Revenue expenditure | (65,599) | (31,682) | (62,341) | (28,294) | |
Segment Result-Gross Profit/(Loss) | 15,399 | (11,610) | 17,719 | (9,294) | |
All Segments | |||||
Revenue | 1,662,858 | 1,677,726 | 1,661,920 | 1,676,654 | |
Revenue expenditure | (1,037,386) | (1,114,226) | (1,034,128) | (1,110,838) | |
Segment Result-Gross Profit/(Loss) | 625,472 | 563,500 | 627,792 | 565,816 | |
Other income | 33,411 | 25,996 | 33,411 | 26,049 | |
Administration expenses | (183,835) | (244,715) | (181,666) | (243,857) | |
Management overheads and employees incentives | (45,847) | (47,491) | (45,847) | (47,491) | |
Finance cost | (18,191) | (14,445) | (18,191) | (14,445) | |
Finance income | 55,403 | 126,263 | 55,389 | 126,254 | |
Share of profit from joint ventures | 9,895 | 18,879 | - | - | |
Profit before taxation | 476,308 | 427,987 | 470,888 | 412,326 | |
*Figures in brackets indicate deductions. |
- 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.
All liabilities to Management fee and other similar expenditures have been provided.
- Contingencies, capital and other commitments
During the period under review there were no significant changes in the nature of the contingent liabilities, capital and other commitments.
- Events after the reporting period
The government gazette no 2385/14 issued on 21 May 2024 by the Secretary, Ministry of Labour and Foreign Employment decision on the minimum daily payment in respect of the workers engaged in Tea Growing and Manufacturing Trade and Rubber Growing and Raw Rubber Manufacturing Trade under section 33(2) of the Wages Boards Ordinance has been revoked by the
Gazette No. 2392/39 issued on 10th July 2024. | |
No other circumstances have arisen since the Statement of Financial Position date which would require adjustments/disclosures | |
to the Interim Financial statements. | - 7 - |
NOTES TO THE FINANCIAL STATEMENTS
- Top 20 Shareholders as at 30.06.2024
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. R. S. A. Silva | 119,920 | 0.16 |
12 | Mr. V.C. Mahtani / Mrs. M.V. Mahtani | 117,016 | 0.16 |
13 | Mr. D. N. P. Rathnayake | 78,460 | 0.11 |
14 | Mr. S. Malalasekera | 77,400 | 0.11 |
15 | Mrs. J. Thiruvathavoorar | 71,930 | 0.10 |
16 | Miss. M. P. Radhakrishnan | 65,177 | 0.09 |
17 | Mr. B. P. Singhage | 65,000 | 0.09 |
18 | Merrill J Fernando & Sons (Pvt) Ltd | 64,925 | 0.09 |
19 | Hatton National Bank PLC / Ravindra Erle Rambukwelle | 64,500 | 0.09 |
20 | Mr. S. Weeraratne | 62,525 | 0.09 |
Total No. of Shares | 63,559,915 | 87.23 | |
6 | Shareholding as at 30.06.2024 | ||
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 | |
7 | Public Shareholding | ||
30.06.2024 | |||
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 | 12,239 | ||
Float adjusted market capitalisation (in Rs.) | 1,292,194,324 |
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.
-
Directors' Shareholdings
No shares were held by the Board of Directors (including their spouses) as at 30.06.2024 (As at 31.03.2024 - Nil).
9 | Shares traded | ||
30.06.2024 | 30.06.2023 | ||
Rs. | Rs. | ||
Highest price recorded for the three months ending | 125.00 | 102.00 | |
Lowest price recorded for the three months ending | 103.00 | 69.50 | |
Last traded price | 104.75 | 83.90 |
- 8 -
CORPORATE AND GROUP INFORMATION
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. B Bulumulla - Joint Managing .Director /CEO
Mr. Malik J Fernando
Dr. S A B Ekanayaka
Mr. S C Ratwatte
Mr. D A De S Wickramanayake
Mr. D C Fernando
Ms. D A S Dahanayake (ceased w.e.f. 31.05.2024)
Ms. M K G Peiris (appointed w.e.f. 31.05.2024)
GROUP COMPANIES
Escape Parks Ceylon (Private) Limited*
Water Villas (Private ) Limited *
EPP Hydro Power (Private) Limited
Note - *Commercial operations have not been commenced.
JOINT VENTURE COMPANIES
AEN Palm Oil Processing (Private) Limited
Elpitiya Dianhong Jin Ya Tea Company (Private) Limited
Elpitiya Lifestyle Solutions (Private) Limited
Ceylon Agro Food Technologies (Private) Limited
- 9 -