Hapugastenne Plantations PLC
Interim Unaudited Financial Statements Twelve months ended 31st March 2026
2 HAPUGASTENNE PLANTATIONS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUPThree months ended Twelve months ended
RS. '000 | 31.03.2026 Unaudited | 31.03.2025 Change Unaudited % | 31.03.2026 Unaudited | 31.03.2025 Change Audited % | ||
Revenue | 935,381 | 1,011,568 | (8) | 4,485,463 | 4,966,860 | (10) |
Cost of sales | (1,101,508) | (1,011,882) | 9 | (4,224,756) | (4,328,836) | (2) |
Gross profit/(loss) | (166,127) | (314) | 52,807 | 260,707 | 638,024 | (59) |
Other operating income | 28,599 | 42,680 | (33) | 219,259 | 198,097 | 11 |
Change in fair value of biological assets | 436,835 | 501,720 | (13) | 432,832 | 497,732 | (13) |
Administrative expenses | (153,424) | (117,250) | 31 | (519,677) | (418,689) | 24 |
Other operating expenses | (26,509) | (22,061) | 20 | (26,509) | (22,061) | 20 |
Results from operating activities | 119,374 | 404,775 | (71) | 366,612 | 893,103 | (59) |
Finance cost | (54,537) | (43,333) | 26 | (233,049) | (278,771) | (16) |
Finance income | 24,629 | 9,601 | 157 | 26,151 | 11,824 | 121 |
Profit before taxation | 89,466 | 371,043 | (76) | 159,714 | 626,156 | (74) |
Tax charge | 61,181 | (254,446) | (124) | 45,375 | (286,642) | (116) |
Profit for the period | 150,647 | 116,597 | 29 | 205,089 | 339,514 | (40) |
Other comprehensive income/(expense) | ||||||
Remeasurement of retirement benefit obligations | (81,871) | (100,651) | (19) | (81,871) | (100,651) | (19) |
Deferred tax on remeasurement of retirement benefit obligations | 24,561 | 30,195 | (19) | 24,561 | 30,195 | (19) |
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 | (57,310) | 343,516 | (117) | (57,310) | 343,516 | (117) |
Total comprehensive income for the period | 93,337 | 460,113 | (80) | 147,779 | 683,030 | (78) |
Profit/(loss) attributable to : | ||||||
Owners of the company | 147,879 | 112,654 | 31 | 204,124 | 337,467 | (40) |
Non-controlling interest | 2,768 | 3,943 | (30) | 965 | 2,047 | (53) |
Profit for the period | 150,647 | 116,597 | 29 | 205,089 | 339,514 | (40) |
Total comprehensive income/(expense) attributable to: | ||||||
Owners of the company | 90,569 | 456,500 | (80) | 146,814 | 681,313 | (78) |
Non-controlling interest | 2,768 | 3,613 | (23) | 965 | 1,717 | (44) |
Total comprehensive income for the period | 93,337 | 460,113 | (80) | 147,779 | 683,030 | (78) |
Basic earnings per share (Rs.) | 3.19 | 2.43 31 | 4.41 | 7.29 | (40) | |
HAPUGASTENNE PLANTATIONS PLC 3
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANYThree months ended Twelve months ended
RS. '000 | 31.03.2026 Unaudited | 31.03.2025 Change Unaudited % | 31.03.2026 Unaudited | 31.03.2025 Change Audited % | |||
Revenue | 935,381 | 1,011,568 | (8) | 4,485,463 | 4,965,219 | (10) | |
Cost of sales | (1,100,658) | (1,005,755) | 9 | (4,219,979) | (4,315,940) | (2) | |
Gross profit/(loss) | (165,277) | 5,813 | (2,943) | 265,484 | 649,279 | (59) | |
Other operating income | 22,728 | 22,070 | 3 | 213,370 | 177,172 | 20 | |
Change in fair value of biological assets | 436,835 | 501,720 | (13) | 432,832 | 497,732 | (13) | |
Administrative expenses | (153,074) | (117,250) | 31 | (519,327) | (417,272) | 24 | |
Other operating expenses | (26,509) | (22,061) | 20 | (26,509) | (22,061) | 20 | |
Results from operating activities | 114,703 | 390,292 | (71) | 365,850 | 884,850 | (59) | |
Finance cost | (54,537) | (42,403) | 29 | (233,049) | (277,841) | (16) | |
Finance income | 21,102 | 7,174 | 194 | 22,622 | 7,276 | 211 | |
Profit before taxation | 81,268 | 355,063 | (77) | 155,423 | 614,285 | (75) | |
Tax charge | 63,381 | (254,831) | (125) | 47,575 | (287,027) | (117) | |
Profit for the period | 144,649 | 100,232 | 44 | 202,998 | 327,258 | (38) | |
Other comprehensive income/(expense) | |||||||
Remeasurement of retirement benefit obligations | (81,871) | (99,628) | (18) | (81,871) | (99,628) | (18) | |
Deferred tax on remeasurement of retirement benefit obligations | 24,561 | 29,888 | (18) | 24,561 | 29,888 | (18) | |
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 | (57,310) | 344,232 | (117) | (57,310) | 344,232 | (117) | |
Total comprehensive income for the period | 87,339 | 444,464 | (80) | 145,688 | 671,490 | (78) | |
Basic earnings per share (Rs.) | 3.12 | 2.16 44 | 4.38 | 7.07 | (38) | ||
4 HAPUGASTENNE PLANTATIONS PLC
STATEMENT OF FINANCIAL POSITION
Rs.'000
GROUP
COMPANY
As at 31.03.2026 Unaudited | As at 31.03.2025 Audited | |
ASSETS | ||
Non current assets | ||
Right of use assets | 3,342,816 | 3,509,903 |
Immovable estate assets on finance lease (other than bare lands) | 4,318 | 8,588 |
Tangible assets other than biological assets | 812,452 | 843,234 |
Intangible assets | 1,595 | 2,670 |
Bearer biological assets | 1,747,631 | 1,695,592 |
Consumable biological assets | 3,144,046 | 2,780,229 |
Investment in subsidiaries | - | - |
Lease rental receivables | 11,988 | 11,988 |
Total non current assets | 9,064,846 | 8,852,204 |
Current Assets | ||
Non-harvested produce crop on bearer biological assets | 8,674 | 13,084 |
Inventories | 448,120 | 688,242 |
Lease rental receivables | 913 | 913 |
Trade and other receivables | 537,744 | 279,098 |
Amount due from related companies | 2,765 | 2,272 110,514 |
Cash and cash equivalents | 213,494 | |
Total current assets | 1,211,710 | 1,094,123 |
TOTAL ASSETS | 10,276,556 | 9,946,327 |
EQUITY & LIABILITIES | ||
Capital & Reserve | ||
Share capital | 550,000 | 550,000 |
(46,315,790 ordinary shares and a golden share ) | ||
Revaluation reserve | 2,556,570 | 2,556,570 |
Retained earnings | 1,150,668 | 1,003,854 |
Equity attributable to owners of the company | 4,257,238 | 4,110,424 |
Non-controlling interest | 37,298 | 36,333 |
Total equity | 4,294,536 | 4,146,757 |
Non Current Liabilities | ||
Interest bearing borrowings | 616,675 | 166,671 |
Deferred tax liabilities | 1,901,863 | 1,973,659 |
Deferred income | 174,662 | 182,354 |
Retirement benefit obligations | 990,615 | 910,158 |
Lease liabilities | 799,867 | 808,363 |
Total non current liabilities | 4,483,682 | 4,041,205 |
Current Liabilities | ||
Interest bearing borrowings | 249,996 | 99,996 |
Lease liabilities | 24,190 | 20,791 |
Trade and other payables | 541,849 | 563,711 |
Amounts due to related companies | 143,720 | 602,163 |
Bank overdraft | 538,583 | 471,704 |
Total current liabilities | 1,498,338 | 1,758,365 |
Total liabilities | 5,982,020 | 5,799,570 |
TOTAL EQUITY AND LIABILITIES | 10,276,556 | 9,946,327 |
Net assets per share Rs. | 91.92 | 88.75 |
As at 31.03.2026 Unaudited | As at 31.03.2025 Audited |
3,342,816 | 3,509,903 |
4,318 | 8,588 |
792,986 | 820,602 |
1,595 | 2,670 |
1,747,631 | 1,695,592 |
3,144,046 | 2,780,229 |
35,003 | 35,003 |
11,988 | 11,988 |
9,080,383 | 8,864,575 |
8,674 | 13,084 |
447,490 | 687,287 |
913 | 913 |
522,582 | 260,682 |
19,349 | 18,159 |
125,513 | 28,913 |
1,124,521 | 1,009,038 |
10,204,904 | 9,873,613 |
550,000 | 550,000 |
2,556,570 | 2,556,570 |
1,127,343 | 981,655 |
4,233,913 | 4,088,225 |
- | - |
4,233,913 | 4,088,225 |
616,675 | 166,671 |
1,896,730 | 1,968,866 |
173,965 | 181,693 |
990,615 | 906,422 |
799,867 | 808,363 |
4,477,852 | 4,032,015 |
249,996 | 99,996 |
24,190 | 20,791 |
536,650 | 558,719 |
143,720 | 602,163 |
538,583 | 471,704 |
1,493,139 | 1,753,373 |
5,970,991 | 5,785,388 |
10,204,904 | 9,873,613 |
91.41 | 88.27 |
It is certified that the financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Sgd.
Sisira Pushpakumara
Head of Finance
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 S H Uluwaduge Anusha S Perera
Chairman Executive Director
Colombo
27th May 2026
5 HAPUGASTENNE PLANTATIONS PLC
STATEMENT OF CHANGES IN EQUITY - GROUPRs.'000 | Stated Capital | Revaluation Reserve | Retained Earnings | Total | Non Controlling Interest | Total Equity |
As at 01st April 2024 | 550,000 | 2,142,598 | 736,513 | 3,429,111 | 34,616 | 3,463,727 |
Profit for the period | - | - | 337,467 | 337,467 | 2,047 | 339,514 |
Other comprehensive expense, net of tax | - | 413,972 | (70,126) | 343,846 | (330) | 343,516 |
Total comprehensive income/(expense) for the period | - | 413,972 | 267,341 | 681,313 | 1,717 | 683,030 |
As at 31st March 2025 | 550,000 | 2,556,570 | 1,003,854 | 4,110,424 | 36,333 | 4,146,757 |
As at 01st April 2025 | 550,000 | 2,556,570 | 1,003,854 | 4,110,424 | 36,333 | 4,146,757 |
Profit for the period | - | - | 204,124 | 204,124 | 965 | 205,089 |
Other comprehensive income/(expense), net of tax | - | - | (57,310) | (57,310) | - | (57,310) |
Total comprehensive income/(expense) for the period | - | - | 146,814 | 146,814 | 965 | 147,779 |
As at 31st March 2026 | 550,000 | 2,556,570 | 1,150,668 | 4,257,238 | 37,298 | 4,294,536 |
STATEMENT OF CHANGES IN EQUITY - COMPANY | ||||
Rs.'000 | Stated Capital | Revaluation Reserve | Retained Earnings | Total |
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 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 |
As at 01st April 2025 | 550,000 | 2,556,570 | 981,655 | 4,088,225 |
Profit for the period | - | - | 202,998 | 202,998 |
Other comprehensive income/(expense), net of tax | - | - | (57,310) | (57,310) |
Total comprehensive income for the period | - | - | 145,688 | 145,688 |
As at 31st March2026 | 550,000 | 2,556,570 | 1,127,343 | 4,233,913 |
HAPUGASTENNE PLANTATIONS PLC 6
STATEMENT OF CASH FLOWSRs.'000
GROUP COMPANY
Twelve months ended Twelve months ended
31.03.2026 Unaudited | 31.03.2025 Audited | 31.03.2026 Unaudited | 31.03.2025 Audited | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Profit before taxation | 159,714 | 626,156 | 155,423 | 614,285 |
Adjustments for | ||||
Finance costs | 233,049 | 278,703 | 233,049 | 277,841 |
Exchange gain | (17,693) | (7,048) | (18,398) | (7,116) |
Finance income | (8,458) | (4,708) | (4,224) | (160) |
Provision for retirement benefit obligations | 157,804 | 150,412 | 157,464 | 149,891 |
Amortisation of grant | (10,538) | (10,953) | (10,466) | (10,881) |
Depreciation and amortisation | 380,994 | 380,620 | 377,825 | 376,956 |
Gain on fair valuation of biological assets | (432,832) | (497,732) | (432,832) | (497,732) |
Provision for impairment of trade and other receivables | 1,982 | 1,837 | 1,975 | 1,837 |
Provision for slow -moving and obsolete inventories | 6,740 | 4,128 | 6,415 | 4,128 |
Net impairment of bearer biological assets | 26,509 | 22,061 | 26,509 | 22,061 |
Impairment of consumable biological assets | - | 1,830 | - | 1,830 |
Profit on disposal of property, plant and equipment | (5,818) | (24,785) | - | (4,193) |
Operating profit before working capital changes | 491,453 | 920,521 | 492,740 | 928,747 |
Changes in Inventories | 246,862 | (106,625) | 246,212 | (111,210) |
Changes in Trade and other receivables | (256,664) | 101,744 | (259,925) | 101,301 |
Changes in Amounts due from related companies | (493) | (2,272) | (1,190) | 14,585 |
Changes in Trade and other payables | (19,365) | (64,783) | (22,267) | (66,129) |
Changes in Amounts due to related companies | (458,443) | (673,600) | (458,443) | (673,600) |
Cash (used in)/generated from operations | 3,350 | 174,985 | (2,873) | 193,694 |
Retirement benefit obligation paid | (159,219) | (104,076) | (155,142) | (103,508) |
Interest paid | (233,049) | (181,463) | (233,049) | (181,463) |
Net cash flows used in from operating activities | (388,918) | (110,554) | (391,064) | (91,277) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Interest received | 8,458 | 4,708 | 4,224 | 160 |
Proceeds from sale of property, plant & equipment | - | 10,200 | - | 7,000 |
Field development expenditure incurred on bearer biological assets | (161,178) | (155,649) | (161,178) | (155,649) |
Field development expenditure incurred on consumable biological assets | (17,852) | (16,569) | (17,852) | (16,569) |
Purchase of property, plant and equipment | (79,554) | (87,690) | (79,554) | (87,690) |
Lease rental received | 2,080 | 2,080 | 2,080 | 2,080 |
Proceeds from sales of timber | 91,277 | 21,511 | 91,277 | 21,511 |
Net cash used in investing activities | (156,769) | (221,409) | (161,003) | (229,157) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Payment of lease liabilities | (20,690) | (17,049) | (20,690) | (17,049) |
Government grants received | 2,474 | 6,828 | 2,474 | 6,828 |
Proceeds from interest bearing borrowings | 750,000 | 300,000 | 750,000 | 300,000 |
Repayment of interest bearing borrowings | (149,996) | (54,179) | (149,996) | (54,179) |
Net cash generated in financing activities | 581,788 | 235,600 | 581,788 | 235,600 |
Net decrease in cash and cash equivalents | 36,101 | (96,363) | 29,721 | (84,834) |
Cash and cash equivalents at the beginning of the period | (361,190) | (264,827) | (442,791) | (357,957) |
Cash and cash equivalents at the end of the period - Note A | (325,089) | (361,190) | (413,070) | (442,791) |
NOTE A | ||||
Cash and cash equivalents | 213,494 | 110,514 | 125,513 | 28,913 |
Bank overdraft | (538,583) | (471,704) | (538,583) | (471,704) |
Cash and cash equivalents at the end of the period | (325,089) | (361,190) | (413,070) | (442,791) |
HAPUGASTENNE PLANTATIONS PLC 7
NOTES TO THE FINANCIAL STATEMENTSSEGMENTAL INFORMATION
GROUP
Twelve months ended 31st March 2026 Tea Rubber Others Total
31.03.2026
Rs.'000
31.03.2025
Rs.'000
31.03.2026
Rs.'000
31.03.2025
Rs.'000
31.03.2026
Rs.'000
31.03.2025
Rs.'000
31.03.2026
Rs.'000
31.03.2025
Rs.'000
Revenue
3,920,153
4,324,394
513,150
597,071
52,160
45,395
4,485,463
4,966,860
Cost of sales
(3,656,324)
(3,781,330)
(506,177)
(477,245)
(62,255)
(70,261)
(4,224,756)
(4,328,836)
Gross profit/(loss)
263,829
543,064
6,973
119,826
(10,095)
(24,866)
260,707
219,259
638,024
198,097
Other operating income
Change in fair value of biological assets
432,832
497,732
Administrative expenses
(519,677)
(418,689)
Other operating expenses
(26,509)
(22,061)
Results from operating activities
366,612
893,103
Net finance cost
(206,898)
(266,947)
Profit before taxation
159,714
626,156
COMPANY
Twelve months ended 31st March 2026 Tea Rubber Others Total
31.03.2026
Rs.'000
31.03.2025
Rs.'000
31.03.2026
Rs.'000
31.03.2025
Rs.'000
31.03.2026
Rs.'000
31.03.2025
Rs.'000
31.03.2026
Rs.'000
31.03.2025
Rs.'000
Revenue
3,920,153
4,322,753
513,150
597,071
52,160
45,395
4,485,463
4,965,219
Cost of sales
(3,651,547)
(3,768,434)
(506,177)
(477,245)
(62,255)
(70,261)
(4,219,979)
(4,315,940)
Gross profit/(loss)
268,606
554,319
6,973
119,826
(10,095)
(24,866)
265,484
213,370
649,279
177,172
Other operating income
Change in fair value of biological assets
432,832
497,732
Administrative expenses
(519,327)
(417,272)
Other operating expenses
(26,509)
(22,061)
Results from operating activities
365,850
884,850
Net finance cost
(210,427)
(270,565)
Profit before taxation
155,423
614,285
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 27th May 2026.
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 2025.
Contingent liabilities
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 2025.
Comparative information
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.
Events after the reporting period
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 INFORMATIONShare prices | Quarter ended 31.03.2026 | Quarter ended 31.03.2025 |
Highest price Rs. | 64.50 | 57.00 |
Lowest price Rs. | 48.20 | 39.10 |
Last traded price Rs. | 54.50 | 44.90 |
Directors' shareholding | As At 31.03.2026 | As At 31.03.2025 | |
Dr. P S H Uluwaduge (Chairman) | NIL | NIL | |
Mr. D S K Amarasekara | NIL | NIL | |
Mr. N. Nanayakkara (appointed w.e.f. 02.04.2026) | NIL | NIL | |
Mrs. S S Kotakadeniya | NIL | NIL | |
Mr. Anusha S Perera | NIL | NIL | |
Mr. D J Ratwatte (resigned w.e.f. 31.03.2026) | 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 2026
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 | People's Leasing & Finance/Mr. F.B.R.D. Silva | 71,000 | 0.15 |
4 | Mr. B.A. Gunasinghe | 70,432 | 0.15 |
5 | Mr. A. Sithampalam | 38,000 | 0.08 |
6 | People's Leasing and Finance PLC/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 | 31,000 | 0.07 |
9 | Hatton National Bank PLC/Anuja Chamila Jayasinghe | 28,226 | 0.06 |
10 | Mr. K. Mohamed Rihan | 25,901 | 0.06 |
11 | Mr. A. Priyantha Kumara | 23,127 | 0.05 |
12 | People's Leasing and Finance PLC/N.Anoshan | 20,001 | 0.04 |
13 | Mr. S.R.P. Wanigasuriya | 20,000 | 0.04 |
14 | Mr. L.K.R.D. Kulawardena | 18,087 | 0.04 |
15 | Mr. H.U. Shasanka | 16,021 | 0.03 |
16 | Hatton National Bank Plc/Ravindra Erle Rambukwelle | 15,000 | 0.03 |
16 | Merchant Bank Of Sri Lanka & Finance Plc 01 | 15,000 | 0.03 |
18 | Assetline Finance Plc/M.S.Hiripitiya | 13,346 | 0.03 |
19 | Dr. A.A.M. Dharmadasa | 12,602 | 0.03 |
20 | Miss S.E. Satarasinghe | 12,300 | 0.03 |
Total | 43,464,734 | 93.83 | |
Other shareholders | 2,851,056 | 6.17 | |
Issued no of shares | 46,315,790 | 100.00 |
Minimum public holding | As At 31.03.2026 | As At 31.03.2025 |
Float adjusted market capitalisation (Rs.) | 252,134,549 | 207,708,348 |
Public holding% of the stated capital | 9.989% | 9.988% |
Number of public shareholders | 21,263 | 21,292 |