Interim Financial Statements as of 30th September 2024

Continuing operations

7,724,871

Revenue

3,634,137

3,808,572

-5%

1,942,740

1,738,925

12%

(6,576,677)

Cost of sales

(2,873,107)

(3,513,834)

-18%

(1,629,716)

(1,483,456)

10%

1,148,194

Gross profit/(Loss)

761,030

294,738

>100%

313,024

255,469

23%

120,578

Other income

80,029

37,921

>100%

61,943

14,590

>100%

187,314

Gain on change in fair value of biological assets

-

-

-

-

-

(287,701)

Administrative expenses

(152,730)

(111,612)

37%

(77,909)

(67,934)

15%

1,168,385

Operating profit/(Loss)

688,329

221,047

>100%

297,058

202,125

47%

126,109

Finance income

49,659

68,891

-28%

26,961

27,481

-2%

(77,852)

Finance expenses

(10,667)

(46,056)

-77%

(4,308)

(23,287)

-82%

(85,833)

Interest paid to government and other on lease

(51,895)

(42,442)

22%

(25,896)

(21,200)

22%

(37,576)

Net finance costs

(12,903)

(19,607)

-34%

(3,243)

(17,006)

-81%

1,130,809

Profit/(Loss) before income tax

675,426

201,440

>100%

293,815

185,119

59%

(236,180)

Income tax expenses

(228,300)

(28,819)

>100%

(129,456)

(20,091)

>100%

894,629

Profit/(Loss) for the period

447,126

172,621

>100%

164,359

165,028

0%

Profit is attributable to:

893,488

Equity holders of the parent

445,272

172,022

163,443

164,633

1,141

Non-controlling interest

1,854

599

916

395

894,629

447,126

172,621

164,359

165,028

Profit per share for profit attributable to

the ordinary equity holders of the parent

(expressed in LKR per share)

3.78

Basic earning per share

1.88

0.73

0.69

0.70

894,629

Profit for the period

447,126

172,621

> 100%

164,359

165,028

0%

Other comprehensive income:

Items that will not be reclassified to profit or loss

8,975

- Changes in the fair value of Equity

-

-

-

-

Investments at Fair Value Through

Comprehensive Income

(58,710)

- Remeasurements of Post-employment

(313,326)

-

(313,326)

-

Benefit Obligations

17,613

- Income tax relating to these items

93,998

-

93,998

-

(32,122)

Total Other comprehensive income for the period

(219,328)

-

(219,328)

-

862,507

Total comprehensive income for the period

227,798

172,621

32%

(54,969)

165,028

->100%

Total comprehensive income attributable to:

861,361

Equity holders of the parent

225,944

172,022

(55,885)

164,633

1,146

Non- controlling interest

1,854

599

916

395

862,507

227,798

172,621

32%

(54,969)

165,028

->100%

1,198,829 Operating profit/(Loss)

660,339

238,133

>100%

296,368

225,533

31%

1,159,111

Profit before income tax

644,090

218,250

>100%

291,811

208,316

40%

(148,943)

Income tax expenses

(206,181)

(23,202)

> 100%

(116,146)

(16,391)

>100%

Profit per share for profit attributable to

the ordinary equity holders of the Company

(expressed in LKR per share)

4.27 Basic earning per share

1.85

0.82

0.74

0.81

1,067,674 Total comprehensive income for the period

218,581

195,048

12%

(43,663)

191,925

->100%

ASSETS

Non-current assets

318,420

318,420

Right-of-use assets

385,853

322,444

385,853

322,444

10,297

10,297

Immovable estate assets

8,168

12,852

8,168

12,852

1,455,215

1,105,382

Property, plant and equipment other than bearer plants

1,454,649

1,451,629

1,117,103

1,089,829

1,360,012

1,360,012

Bearer plants

1,460,962

1,238,744

1,460,962

1,238,744

2,250,472

2,250,472

Biological assets - consumable

2,254,178

2,053,226

2,254,178

2,053,226

-

556,141

Investment in subsidiary

-

-

556,141

466,405

27,403

27,403

Equity investments at fair value through other comprehensive income

27,403

18,428

27,403

18,428

5,421,819

5,628,127

Total non-current assets

5,591,213

5,097,323

5,809,808

5,201,928

Current assets

20,038

20,038

Biological assets - produce crops on bearer plants

20,038

23,656

20,038

23,656

632,889

631,718

Inventories

702,997

814,728

701,826

813,557

244,663

239,837

Trade and other receivables

339,185

285,616

314,874

218,139

957

957

Amounts due from related companies

640

247,081

640

247,081

600,489

600,489

Short term investment in financial assets

1,078,221

561,452

1,078,221

561,452

504,453

447,339

Cash and cash equivalents

351,075

189,022

292,934

179,930

2,003,489

1,940,378

Total current assets

2,492,156

2,121,555

2,408,533

2,043,815

7,425,308

7,568,505

Total assets

8,083,369

7,218,878

8,218,341

7,245,743

EQUITY AND LIABILITIES

Capital and reserves

1,803,400

1,803,400

Stated capital

1,803,400

1,803,400

1,803,400

1,803,400

16,640

113,845

Reserve on equity investments at FVOCI

16,640

7,665

113,845

15,134

2,838,275

3,026,904

Retained earnings

3,064,219

2,631,245

3,245,485

2,726,322

4,658,315

4,944,149

Equity attributable to equity holders of the parent

4,884,259

4,442,310

5,162,730

4,544,856

16,082

-

Non-controlling interests

16,434

17,435

-

-

4,674,397

4,944,149

Total equity

4,900,693

4,459,745

5,162,730

4,544,856

Non-current liabilities

115,762

115,762

Borrowings

90,038

141,486

90,037

141,486

364,097

364,097

Lease liability

442,167

361,969

442,166

361,969

884,131

876,592

Retirement benefit obligation

1,205,121

767,591

1,197,401

760,916

102,490

102,490

Deferred capital grants

99,239

107,503

99,239

107,503

518,721

416,392

Deferred tax liability

474,335

346,637

375,659

305,751

1,985,201

1,875,333

Total non-current liabilities

2,310,900

1,725,186

2,204,502

1,677,625

Current liabilities

59,631

59,631

Borrowings

51,449

96,553

51,449

96,553

4,424

4,424

Lease liability

3,653

2,353

3,653

2,353

658,458

656,903

Trade and other payables

600,672

516,969

599,005

512,165

-

Amount due to related companies

-

-

-

2,352

43,197

28,065

Current income tax liability

160,007

38,856

141,007

30,623

-

-

Bank overdrafts

55,995

379,216

55,995

379,216

765,710

749,023

Total current liabilities

871,776

1,033,947

851,109

1,023,262

2,750,911

2,624,356

Total liabilities

3,182,676

2,759,133

3,055,611

2,700,887

7,425,308

7,568,505

Total equity and liabilities

8,083,369

7,218,878

8,218,341

7,245,743

19.68

20.89

Net assets per share (LKR)

20.64

18.77

21.81

19.20

Managing Director/CEO

Director

Dividend

-

-

(473,333)

(473,333)

(1,900)

(475,233)

-

-

(473,333)

(473,333)

(1,900)

(475,233)

Balance at 1 April 2024

1,803,400

16,640 2,838,275 4,658,315

16,082

4,674,397

CASH FLOWS FROM OPERATING ACTIVITIES

1,130,809

1,159,111

Profit before tax

675,426

201,440

644,090

218,250

Adjusments for :

170,552

146,289

Depreciation charge

86,013

85,989

73,682

73,767

-

-

Profit on sale of property, plant and equipment

(9,500)

-

(9,500)

-

(20,478)

(20,478)

Profit on sale of trees

(8,341)

(2,764)

(8,341)

(2,764)

(190,932)

(190,932)

Timber fair valuation gain

-

-

-

-

3,618

3,618

Biological assets-produce crop valuation loss

-

-

-

-

183,168

182,003

Provision for retirement benefit obligations

84,541

39,953

84,361

39,806

18,017

18,017

Amortisation of leasehold right to assets

10,708

8,399

10,708

8,399

(8,674)

(8,674)

Amortisation of capital grants

(3,251)

(3,135)

(3,251)

(3,135)

(3,047)

(67,010)

Dividend income

(2,132)

-

(28,783)

(35,535)

(126,109)

(123,967)

Finance income

(49,659)

(68,891)

(46,313)

(68,615)

77,852

77,852

Finance expenses

10,667

46,051

10,667

46,053

85,833

85,833

Government and other lease Interest

51,895

42,445

51,895

42,445

1,320,609

1,261,662

Profit before working capital changes

846,367

349,487

779,215

318,671

Changes in working capital

199,635

199,635

- Inventories

(70,108)

17,796

(70,108)

17,796

436,999

353,042

- Trade and other receivables

(94,205)

149,922

(74,720)

128,616

65,277

65,720

- Trade and other payables

(57,786)

(76,202)

(57,898)

(76,667)

2,022,520

1,880,059

Cash generated from operations

624,268

441,003

576,489

388,416

Cash flows from operating activities

(83,711)

(83,711)

Finance expenses paid

(10,617)

(51,077)

(10,617)

(51,077)

(44,415)

(22,281)

Payment of income tax

(61,876)

(31,093)

(39,974)

(22,282)

(182,656)

(182,656)

Retirement benefit obligations paid

(76,878)

(97,271)

(76,878)

(97,271)

70,113

67,971

Interest received

17,396

44,269

14,048

43,993

1,781,851

1,659,382

Net cash generated from operating activities

492,293

305,831

463,068

261,779

Cash flows from investing activities

(248,701)

(248,701)

Additions to bearer plants

(115,140)

(112,332)

(115,140)

(112,332)

(11,853)

(11,853)

Additions and transfer to consumable biological assets

(3,706)

(5,545)

(3,706)

(5,539)

(103,647)

(103,575)

Additions to property, plant and equipment

(69,128)

(35,580)

(69,083)

(35,580)

-

-

Proceeds from sale of property, plant and equipment

9,500

-

9,500

-

20,478

20,478

Proceeds from sale of consumable biological assets

8,341

2,764

8,341

2,764

3,047

67,010

Dividends received from subsidiary and associate

2,132

-

28,783

35,535

-

-

Additions to long term investments

279,530

179,846

279,530

179,846

290,155

290,155

Proceeds from the short term investments

-

(253,290)

-

(253,290)

(371,260)

(371,260)

Additions to the short term investments

(725,000)

-

(725,000)

-

(421,781)

(357,746)

Net cash used in investing activities

(613,471)

(224,136)

(586,775)

(188,595)

Financing activities

(710,000)

(710,000)

Dividends paid to company's shareholders

-

(236,667)

-

(236,667)

(3,600)

-

Dividends paid to non-controlling interests in subsidiary

(1,502)

(1,700)

-

-

-

-

Proceeds from borrowings

-

-

-

-

(133,944)

(133,944)

Repayment of borrowings

(33,906)

(71,296)

(33,906)

(71,297)

(84,467)

(84,467)

Payment of government lease rentals

(49,627)

(42,230)

(49,627)

(42,230)

(5,754)

(5,754)

Payment of other lease rentals

(3,160)

(1,617)

(3,160)

(1,617)

526

526

Grant received

-

-

-

-

(937,239)

(933,639)

Net cash generated from/(used in) financing activities

(88,195)

(353,510)

(86,693)

(351,811)

422,831

367,997

Net (decrease) / increase in cash & cash equivalent

(209,373)

(271,816)

(210,400)

(278,628)

Movement in cash and cash equivalents

81,622

79,342

At the beginning of period

504,453

81,622

447,339

79,342

422,831

367,997

(Decrease) / increase for the period

(209,373)

(271,816)

(210,400)

(278,628)

504,453

447,339

At end of the period

295,080

(190,194)

236,939

(199,286)

504,453

447,339

Cash in hand and bank

351,075

189,022

292,934

179,930

-

-

Bank overdrafts

(55,995)

(379,216)

(55,995)

(379,216)

504,453

447,339

At end of the period

295,080

(190,194)

236,939

(199,286)

Tea

3,549,409

3,763,088

3,549,409

3,763,088

Mini Hydro Power

84,728

45,484

-

-

Total

3,634,137

3,808,572

3,549,409

3,763,088

Revenue expenditure

Tea

2,691,527

3,373,433

2,691,532

3,373,438

Mini Hydro Power

11,025

14,458

-

-

Total

2,702,552

3,387,891

2,691,532

3,373,438

Depreciation

Tea

73,682

73,767

73,682

73,767

Mini Hydro Power

12,332

12,223

-

-

Total

86,014

85,990

73,682

73,767

Other non cash expenditure

Tea

84,361

39,806

84,361

39,806

Mini Hydro Power

180

147

-

-

Total

84,541

39,953

84,361

39,806

Segment Results

Tea

699,839

276,082

699,834

276,077

Mini Hydro Power

61,191

18,656

-

-

Total

761,030

294,738

699,834

276,077

Other income

80,029

37,921

106,295

73,276

Administrative expenses

(152,730)

(111,612)

(145,790)

(111,220)

Finance income

49,659

68,891

46,313

68,615

Finance expenses

(10,667)

(46,056)

(10,667)

(46,053)

Interest paid to government and other on lease

(51,895)

(42,442)

(51,895)

(42,445)

Profit before income tax

675,426

201,440

644,090

218,250