Hapugastenne Plantations PlcCSELK: HAPU.N0000

Interim Financial Statements as of 31/03/2025

· Issued by Hapugastenne Plantations Plc

Hapugastenne Plantations PLC

Interim Unaudited Financial Statements Twelve months ended 31st March 2025

2 HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP

Three

months ende

d

Twelv

e months ende

d

RS. '000

31.03.2025

31.03.2024

Change

31.03.2025

31.03.2024

Change

Unaudited

Unaudited

%

Unaudited

Audited

%

Revenue

1,011,568

1,329,780

(24)

4,966,860

4,905,298

1

Cost of sales

(1,011,882)

(1,178,202)

14

(4,328,836)

(4,432,275)

2

Gross profit/(loss)

(314)

151,578

(100)

638,024

473,023

35

Other operating income

42,680

5,666

653

198,097

186,141

6

Change in fair value of biological assets

501,720

680,693

(26)

497,732

675,790

(26)

Administrative expenses

(117,250)

(154,121)

24

(418,689)

(426,506)

2

Other operating expenses

(22,061)

(565)

(3,805)

(22,061)

(565)

(3,805)

Results from operating activities

404,775

683,251

(41)

893,103

907,883

(2)

Finance cost

(42,403)

(152,285)

72

(277,841)

(406,508)

32

Exchange gain

7,723

2,123

264

7,048

24,908

(72)

Finance income

1,810

6,946

(74)

4,708

8,103

(42)

Proft before taxation

371,905

540,035

(31)

627,018

534,386

17

Tax charge

(254,273)

(362,145)

30

(286,469)

(462,282)

38

Profit for the period

117,632

177,890

(34)

340,549

72,104

372

Other comprehensive income/(expense)

Remeasurement of retirement benefit obligations

(100,651)

(97,691)

(3)

(100,651)

(97,691)

(3)

Deferred tax on remeasurement of retirement benefit obligations

30,195

29,307

3

30,195

29,307

3

Gain on revaluation of lease hold right of land

303,592

-

100

303,592

-

100

Deferred tax charged on revaluation of lease hold right of land

(91,077)

-

(100)

(91,077)

-

(100)

Gain on revaluation of Motor Vehicles

287,796

-

100

287,796

-

100

Deferred tax charged on revaluation of Motor vehicles

(86,339)

-

(100)

(86,339)

-

(100)

Other comprehensive income/(expense) for the period, net of tax

343,516

(68,384)

602

343,516

(68,384)

602

Total comprehensive income for the period

461,148

109,506

321

684,065

3,720

18,289

Profit/(loss) attributable to :

Owners of the company

113,688

182,647

(38)

338,502

79,567

325

Non-controlling interest

3,944

(4,757)

183

2,047

(7,463)

127

Profit for the period

117,632

177,890

(34)

340,549

72,104

372

Total comprehensive income/(expense) attributable to:

Owners of the company

457,535

114,289

300

682,348

11,209

5,988

Non-controlling interest

3,613

(4,783)

176

1,717

(7,489)

123

Total comprehensive income for the period

461,148

109,506

321

684,065

3,720

18,289

Basic earnings per share (Rs.)

2.45

3.94

(38)

7.31

1.72

325

HAPUGASTENNE PLANTATIONS PLC 3

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY

Three months ended Twelve months ended

RS. '000

31.03.2025

31.03.2024

Change

31.03.2025

31.03.2024

Change

Unaudited

Unaudited

%

Unaudited

Audited

%

Revenue

1,011,568

1,314,074

(23)

4,965,219

4,816,942

3

Cost of sales

(1,005,755)

(1,157,935)

13

(4,315,940)

(4,337,273)

0

Gross profit

5,813

156,139

(96)

649,279

479,669

35

Other operating income

22,070

7,356

200

177,172

190,991

(7)

Change in fair value of biological assets

501,720

680,693

(26)

497,732

675,790

(26)

Administrative expenses

(117,250)

(153,581)

24

(417,272)

(424,519)

2

Other operating expenses

(22,061)

(565)

(3,805)

(22,061)

(565)

(3,805)

Results from operating activities

390,292

690,042

(43)

884,850

921,366

(4)

Finance cost

(42,403)

(145,890)

71

(277,841)

(399,863)

31

Exchange gain

7,025

4,221

66

7,116

27,006

(74)

Finance income

149

1,416

(89)

160

1,495

(89)

Proft before taxation

355,063

549,789

(35)

614,285

550,004

12

Tax charge

(254,831)

(362,371)

30

(287,027)

(462,508)

38

Profit for the period

100,232

187,418

(47)

327,258

87,496

274

Other comprehensive income/(expense)

Remeasurement of retirement benefit obligations

(99,628)

(97,611)

(2)

(99,628)

(97,611)

(2)

Deferred tax on remeasurement of retirement benefit obligations

29,888

29,283

2

29,888

29,283

2

Gain on revaluation of lease hold right of land

303,592

-

100

303,592

-

100

Deferred tax charged on revaluation of lease hold right of land

(91,077)

-

(100)

(91,077)

-

(100)

Gain on revaluation of Motor Vehicles

287,796

-

100

287,796

-

100

Deferred tax charged on revaluation of Motor vehicles

(86,339)

-

(100)

(86,339)

-

(100)

Other comprehensive income/(expense) for the period, net of tax

344,232

(68,328)

604

344,232

(68,328)

604

Total comprehensive income for the period

444,464

119,090

273

671,490

19,168

3,403

Basic earnings per share (Rs.)

2.16

4.05

(47)

7.07

1.89

274

4 HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF FINANCIAL POSITION

Rs.'000

GR

OUP

COM

PANY

As at

As at

As at

As at

31.03.2025

31.03.2024

31.03.2025

31.03.2024

Unaudited

Audited

Unaudited

Audited

ASSETS

Non current assets

Right of use assets

3,509,903

3,252,569

3,509,903

3,252,569

Immovable estate assets on finance lease (other than bare lands)

8,588

14,936

8,588

14,936

Tangible assets other than biological assets

843,237

595,977

820,602

569,138

Intangible assets

2,670

3,886

2,670

3,886

Bearer biological assets

1,695,592

1,643,607

1,695,592

1,643,607

Consumable biological assets

2,780,229

2,290,995

2,780,229

2,290,995

Investment in subsidiaries

-

-

35,003

35,003

Lease rental receivables

11,988

12,901

11,988

12,901

Total non current assets

8,852,207

7,814,871

8,864,575

7,823,035

Current Assets

Non-harvested produce crop on bearer biological assets

13,084

10,622

13,084

10,622

Lease rental receivables

913

949

913

949

Inventories

688,241

582,222

687,287

576,682

Trade and other receivables

278,714

359,086

260,682

358,162

Amount due from related companies

2,272

-

18,159

32,744

Cash and cash equivalents

110,514

114,266

28,913

21,136

Total current assets

1,093,738

1,067,145

1,009,038

1,000,295

TOTAL ASSETS

9,945,945

8,882,016

9,873,613

8,823,330

EQUITY & LIABILITIES

Capital & Reserve

Share capital

550,000

550,000

550,000

550,000

(46,315,790 ordinary shares and a golden share )

Revaluation reserve

2,556,570

2,142,598

2,556,570

2,142,598

Retained earnings

1,004,941

736,565

981,655

724,137

Equity attributable to owners of the company

4,111,511

3,429,163

4,088,225

3,416,735

Non-controlling interest

36,281

34,564

-

-

Total equity

4,147,792

3,463,727

4,088,225

3,416,735

Non Current Liabilities

Interest bearing borrowings

166,671

-

166,671

-

Deferred tax liabilities

1,971,799

1,539,796

1,968,866

1,534,311

Deferred income

182,354

186,479

181,693

185,746

Retirement benefit obligations

910,158

763,171

906,422

760,411

Lease liabilities

806,976

702,970

806,976

702,970

Total non current liabilities

4,037,958

3,192,416

4,030,628

3,183,438

Current Liabilities

Interest bearing borrowings

99,996

20,846

99,996

20,846

Lease liabilities

22,178

22,178

22,178

22,178

Trade and other payables

670,307

627,564

664,872

624,848

Amounts due to related companies

496,010

1,176,192

496,010

1,176,192

Bank overdraft

471,704

379,093

471,704

379,093

Total current liabilities

1,760,195

2,225,873

1,754,760

2,223,157

Total liabilities

5,798,153

5,418,289

5,785,388

5,406,595

TOTAL EQUITY AND LIABILITIES

9,945,945

8,882,016

9,873,613

8,823,330

Net assets per share Rs.

88.77

74.04

88.27

73.77

It is certified that the financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Sgd.

S S Kotakadeniya

Director / CFO LOLC Group

The Board of Directors is responsible for the preparation and fair presentation of these interim Financial Statements. Approved and signed for and on behalf of the Board of Directors;

Sgd. Sgd.

Dr. P H S Uluwaduge Anusha S Perera

Chairman Executive Director

Colombo

26th May 2025

5

HAPUGASTENNE PLANTATIONS PLC

STATEMENT OF CHANGES IN EQUITY - GROUP

Rs.'000

Stated Capital

Revaluation Reserve

Retained Earnings

Total

Non

Controlling Interest

Total Equity

As at 01st April 2023

550,000

2,142,598

725,356

3,417,954

42,053

3,460,007

Profit for the period

-

-

79,567

79,567

(7,463)

72,104

Other comprehensive expense, net of tax

-

-

(68,358)

(68,358)

(26)

(68,384)

Total comprehensive income/(expense) for the period

-

-

11,209

11,209

(7,489)

3,720

As at 31st March 2024

550,000

2,142,598

736,565

3,429,163

34,564

3,463,727

As at 01st April 2024

550,000

2,142,598

736,565

3,429,163

34,564

3,463,727

Profit for the period

-

-

338,502

338,502

2,047

340,549

Other comprehensive income/(expense), net of tax

-

413,972

(70,126)

343,846

(330)

343,516

Total comprehensive income/(expense) for the period

-

413,972

268,376

682,348

1,717

684,065

As at 31st March 2025

550,000

2,556,570

1,004,941

4,111,511

36,281

4,147,792

STATEMENT OF CHANGES IN EQUITY - COMPANY

Rs.'000

Stated

Capital

Revaluation

Reserve

Retained

Earnings

Total

As at 01st April 2023

550,000

2,142,598

704,969

3,397,567

Profit for the period

-

-

87,496

87,496

Other comprehensive expense, net of tax

-

-

(68,328)

(68,328)

Total comprehensive income for the period

-

-

19,168

19,168

As at 31st March 2024

550,000

2,142,598

724,137

3,416,735

As at 01st April 2024

550,000

2,142,598

724,137

3,416,735

Profit for the period

-

-

327,258

327,258

Other comprehensive income/(expense), net of tax

-

413,972

(69,740)

344,232

Total comprehensive income for the period

-

413,972

257,518

671,490

As at 31st March 2025

550,000

2,556,570

981,655

4,088,225

HAPUGASTENNE PLANTATIONS PLC 6

STATEMENT OF CASH FLOWS

Rs.'000

GROUP COMPANY

Twelve months ended Twelve months ended

31.03.2025

31.03.2024

31.03.2025

31.03.2024

Unaudited

Audited

Unaudited

Audited

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

627,018

534,386

614,285

550,004

Adjustments for

Finance costs

277,841

406,508

277,841

399,863

Exchange gain

(7,048)

(24,908)

(7,116)

(27,006)

Finance income

(4,708)

(8,103)

(160)

(1,495)

Provision for retirement benefit obligations

150,413

154,208

149,891

153,730

Amortisation of grant

(10,953)

(10,255)

(10,881)

(10,184)

Depreciation and amortisation

380,496

378,269

376,956

374,587

Gain on fair valuation of consumable biological assets

(497,732)

(675,790)

(497,732)

(675,790)

Provision/(reversal of) for impairment of trade and other receivables

1,837

(1,569)

1,837

(1,569)

Provision for slow -moving and obsolete inventories

4,128

700

4,128

700

Net impairment of bearer biological assets

22,061

565

22,061

565

Impairment of consumable biological assets

1,830

-

1,830

-

Profit on disposal of property, plant and equipment

(24,785)

-

(4,193)

-

Operating profit before working capital changes

920,398

754,011

928,747

763,405

(Increase)/decrease in inventories

(106,019)

47,476

(110,605)

24,530

Decrease/(increase) in trade and other receivables

98,307

(185,229)

97,480

(187,913)

(Increase)/decrease in amounts due from related companies

(2,272)

14,585

(15,074)

Increase in trade and other payables

43,290

18,972

40,047

34,625

(Decrease)/increase in amounts due to related companies

(680,182)

467,819

(680,182)

467,819

Cash generated from operations

273,522

1,103,049

290,072

1,087,392

Retirement benefit obligation paid

(103,508)

(258,286)

(103,508)

(258,160)

Interest paid

(165,912)

(277,654)

(165,912)

(277,654)

Net cash flows generated from operating activities

4,102

567,109

20,652

551,578

CASH FLOWS FROM INVESTING ACTIVITIES

Interest received

1,981

8,103

160

1,495

Proceeds from sale of property, plant & equipment

10,200

-

7,000

-

Field development expenditure

(172,218)

(134,007)

(172,218)

(134,007)

Purchase of intangible assets

-

(1,509)

-

(1,509)

Purchase of property, plant and equipment

(87,690)

(49,829)

(87,690)

(49,829)

Lease rental received

2,080

2,080

2,080

2,080

Proceeds from sales of timber

21,511

45,807

21,511

45,807

Net cash used in investing activities

(224,136)

(129,355)

(229,157)

(135,963)

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of lease liabilities

(128,978)

(108,281)

(128,978)

(108,281)

Government grants received

6,828

6,285

6,828

6,285

Proceeds from interest bearing borrowings

300,000

-

300,000

-

Repayment of interest bearing borrowings

(54,179)

(420,988)

(54,179)

(420,988)

Net cash used in financing activities

123,671

(522,984)

123,671

(522,984)

Net decrease in cash and cash equivalents

(96,363)

(85,230)

(84,834)

(107,369)

Cash and cash equivalents at the beginning of the period

(264,827)

(179,597)

(357,957)

(250,588)

Cash and cash equivalents at the end of the period - Note A

(361,190)

(264,827)

(442,791)

(357,957)

NOTE A

Cash and cash equivalents

110,514

114,266

28,913

21,136

Bank overdraft

(471,704)

(379,093)

(471,704)

(379,093)

Cash and cash equivalents at the end of the period

(361,190)

(264,827)

(442,791)

(357,957)

HAPUGASTENNE PLANTATIONS PLC 7

NOTES TO THE FINANCIAL STATEMENTS
  1. SEGMENTAL INFORMATION

    GROUP

    Twelve months ended 31st March 2025

    Tea Rubber Others

    Total

    31.03.2025

    31.03.2024

    31.03.2025

    31.03.2024

    31.03.2025

    31.03.2024

    31.03.2025

    31.03.2024

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Revenue

    4,324,394

    4,345,660

    597,071

    520,441

    45,395

    39,197

    4,966,860

    4,905,298

    Cost of sales

    (3,781,330)

    (3,885,754)

    (477,245)

    (472,357)

    (70,261)

    (74,164)

    (4,328,836)

    (4,432,275)

    Gross profit/(loss)

    543,064

    459,906

    119,826

    48,084

    (24,866)

    (34,967)

    638,024

    473,023

    Other operating income

    198,097

    186,141

    Change in fair value of biological assets

    497,732

    675,790

    Administrative expenses

    (418,689)

    (426,506)

    Other operating expenses

    (22,061)

    (565)

    Results from operating activities

    893,103

    907,883

    Net finance cost

    (266,085)

    (373,497)

    Profit before taxation

    627,018

    534,386

    COMPANY

    Twelve months ended 31st March 2025 Tea Rubber Others Total

    31.03.2025

    31.03.2024

    31.03.2025

    31.03.2024

    31.03.2025

    31.03.2024

    31.03.2025

    31.03.2024

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Rs.'000

    Revenue

    4,322,753

    4,257,304

    597,071

    520,441

    45,395

    39,197

    4,965,219

    4,816,942

    Cost of sales

    (3,768,434)

    (3,790,752)

    (477,245)

    (472,357)

    (70,261)

    (74,164)

    (4,315,940)

    (4,337,273)

    Gross profit/(loss)

    554,319

    466,552

    119,826

    48,084

    (24,866)

    (34,967)

    649,279

    479,669

    Other operating income

    177,172

    190,991

    Change in fair value of biological assets

    497,732

    675,790

    Administrative expenses

    (417,272)

    (424,519)

    Other operating expenses

    (22,061)

    (565)

    Results from operating activities

    884,850

    921,366

    Net finance cost

    (270,565)

    (371,362)

    Profit before taxation

    614,285

    550,004

  2. General information

    Hapugastenne Plantations PLC is a public limited liability company incorporated and domiciled in Sri Lanka. The address of its registered office is at Level 11, Browns Capital Building, No 19, Dudley Senanayake Mawatha, Colombo 8.

    These financial statements have been approved for issue by the Board of Directors on 26th May 2025.

  3. Basis of preparation

    The Interim Condensed Consolidated Financial Statements have been prepared in compliance with the Sri Lanka Accounting Standard (SLAS) LKAS 34, Interim Financial Reporting and in accordance with the accounting policies set out in the Annual Report for the period ended 31st March 2024.

  4. No circumstances have arisen since the date of Statement of Financial Position which would require adjustment to or disclosure in the Financial Statements.

  5. There is no significant change in the nature of the contingent liabilities which were disclosed in the Annual Report for the period ended 31st March 2024.

  6. The presentation and classification of the Financial Statements of the previous period have been amended,where relevant for better presentation and to be comparable with those of the current period.

  7. There have been no other material events after the reporting date that require adjustments or disclosure in the Financial Statements.

8

HAPUGASTENNE PLANTATIONS PLC

INVESTOR INFORMATION

Share prices

Quarter ended

Quarter ended

31.03.2025

31.03.2024

Highest price Rs.

57.00

37.30

Lowest price Rs.

39.10

28.00

Last traded price Rs.

44.90

32.90

Directors' shareholding

As At

As At

31.03.2025

31.03.2024

Dr. P S H Uluwaduge (Chairman)

NIL

NIL

Mr. D S K Amarasekara

NIL

NIL

Mrs. S S Kotakadeniya

NIL

NIL

Mr. Anusha S Perera

NIL

NIL

Mr. D J Ratwatte

100

100

Mr. T Dharmarajah

NIL

NIL

Mr. U H E Silva

NIL

NIL

Mr. G D V Perera

NIL

NIL

Mr. K M Mohothi

NIL

NIL

Mr. M S Gunawardena

NIL

NIL

Major shareholders as at 31st March 2025

Name of shareholder

No. of shares

%

1

LOLC FINANCE PLC/BROWNS POWER HOLDINGS (PRIVATE) LIMITED

41,680,942

89.99

2

BETA HOLDINGS LIMITED

1,286,700

2.78

3

MR. B.A. GUNASINGHE

70,432

0.15

4

SEYLAN BANK PLC/JAYANTHA DEWAGE

40,000

0.09

5

MR. A. SITHAMPALAM

38,000

0.08

6

PEOPLE'S LEASING & FINANCE PLC/MR.L.K.N.K.KULAWARDENA

33,925

0.07

7

HATTON NATIONAL BANK PLC/RUWAN PRASSANA SUGATHADASA

33,124

0.07

8

COCOSHELL ACTIVATED CARBON COMPANY (PRIVATE) LIMITED

31,380

0.07

9

HATTON NATIONAL BANK PLC/ANUJA CHAMILA JAYASINGHE

29,312

0.06

10

MR. H.A. NASAR

26,379

0.06

11

ALLIED SECURITY SERVICES (PVT) LTD

24,265

0.05

12

MR. A. PRIYANTHA KUMARA

23,127

0.05

13

MR. S.R.P. WANIGASURIYA

20,000

0.04

14

MR. P. SOMADASA

19,447

0.04

15

HATTON NATIONAL BANK PLC/RAVINDRA ERLE RAMBUKWELLE

19,000

0.04

16

MR. L.K.R.D. KULAWARDENA

18,087

0.04

17

MR. M.I. ABDUL HAMEED

17,400

0.04

18

DIALOG FINANCE PLC/M.C.S.K.MEDIWATHTHA

16,046

0.03

19

MERCHANT BANK OF SRI LANKA & FINANCE PLC/G.M.G. GUNAWARDHANA AND W.K.N.

14,133

0.03

20

MR. H.L. PRIYANTHA

13,952

0.03

Total

43,455,651

93.81

Other shareholders

2,860,139

6.19

Issued no of shares

46,315,790

100.00

Minimum public holding

As At

As At

31.03.2025

31.03.2024

Float adjusted market capitalisation (Rs.)

207,708,348

152,196,094

Public holding% of the stated capital

9.988%

9.988%

Number of public shareholders

21,292

21,376

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