Interim Financial Statements as of 31st December 2024

Continuing operations

7,724,871

Revenue

5,545,642

5,327,765

4%

1,911,505

1,519,193

26%

(6,576,677)

Cost of sales

(4,513,560)

(4,766,254)

-5%

(1,640,453)

(1,252,420)

31%

1,148,194

Gross profit/(Loss)

1,032,082

561,511

84%

271,052

266,773

2%

120,578

Other income

117,657

78,778

49%

37,628

40,857

-8%

187,314

Gain on change in fair value of biological assets

-

-

-

-

(287,701)

Administrative expenses

(243,868)

(186,686)

31%

(91,138)

(75,074)

21%

1,168,385

Operating profit/(Loss)

905,871

453,603

100%

217,542

232,556

-6%

126,109

Finance income

81,620

102,583

-20%

31,961

33,692

-5%

(77,852)

Finance expenses

(15,190)

(64,903)

-77%

(4,523)

(18,847)

-76%

(85,833)

Interest paid to government and other on lease

(74,952)

(64,477)

16%

(23,057)

(22,035)

5%

(37,576)

Net finance costs

(8,522)

(26,797)

-68%

4,381

(7,190)

>100%

1,130,809

Profit/(Loss) before income tax

897,349

426,806

>100%

221,923

225,366

-2%

(236,180)

Income tax expenses

(296,210)

(100,030)

>100%

(67,910)

(71,211)

-5%

894,629

Profit/(Loss) for the period

601,139

326,776

84%

154,013

154,155

-0.1%

Profit is attributable to:

893,488

Equity holders of the parent

598,859

325,474

84%

153,587

153,452

1,141

Non-controlling interest

2,280

1,302

426

703

894,629

601,139

326,776

84%

154,013

154,155

-0.1%

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

2.53

1.38

0.65

0.65

894,629

Profit for the period

601,139

326,776

84%

154,013

154,155

-0.1%

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)

-

-

-

Benefit Obligations

17,613

- Income tax relating to these items

93,998

-

-

-

(32,122)

Total Other comprehensive income for the period

(219,328)

-

-

-

862,507

Total comprehensive income for the period

381,811

326,776

17%

154,013

154,155

-0.1%

Total comprehensive income attributable to:

861,361

Equity holders of the parent

379,531

325,474

153,587

153,452

1,146

Non- controlling interest

2,280

1,302

426

703

862,507

381,811

326,776

17%

154,013

154,155

-0.1%

Continuing operations

7,633,209

Revenue

5,430,732

5,245,229

4%

1,881,323

1,482,141

27%

(6,529,625)

Cost of sales

(4,475,265)

(4,723,589)

-5%

(1,625,690)

(1,236,578)

31%

1,103,584

Gross profit/(Loss)

955,467

521,640

83%

255,633

245,563

4%

1,198,829 Operating profit/(Loss)

894,087

489,141

83%

233,748

251,008

-7%

1,159,111

Profit before income tax

881,141

461,354

91%

237,051

243,104

-2%

(148,943)

Income tax expenses

(265,097)

(87,806)

> 100%

(58,916)

(64,604)

-9%

1,010,168

Profit/(Loss) for the period

616,044

373,548

65%

178,135

178,500

-0.2%

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

2.60

1.58

0.75

0.75

1,067,674 Total comprehensive income for the period

396,716

373,548

6%

178,135

178,500

-0.2%

ASSETS

Non-current assets

318,420

318,420

Right-of-use assets

364,589

322,924

364,589

322,924

10,297

10,297

Immovable estate assets

6,465

11,576

6,465

11,576

1,455,215

1,105,382

Property, plant and equipment other than bearer plants

1,421,087

1,434,101

1,089,581

1,078,386

1,360,012

1,360,012

Bearer plants

1,517,712

1,316,239

1,517,712

1,316,239

2,250,472

2,250,472

Biological assets - consumable

2,256,880

2,055,710

2,256,880

2,055,710

-

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

5,594,136

5,158,978

5,818,771

5,269,668

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

742,033

842,872

740,862

841,701

244,663

239,837

Trade and other receivables

253,639

290,253

227,762

274,301

957

957

Amounts due from related companies

332

279,844

332

251,862

600,489

600,489

Short term investment in financial assets

1,101,139

585,920

1,101,139

585,920

504,453

447,339

Cash and cash equivalents

532,115

149,225

487,827

129,957

2,003,489

1,940,378

Total current assets

2,649,296

2,171,770

2,577,960

2,107,397

7,425,308

7,568,505

Total assets

8,243,432

7,330,748

8,396,731

7,377,065

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

3,217,806

2,784,695

3,423,620

2,904,822

4,658,315

4,944,149

Equity attributable to equity holders of the parent

5,037,846

4,595,760

5,340,865

4,723,356

16,082

-

Non-controlling interests

15,259

16,238

-

-

4,674,397

4,944,149

Total equity

5,053,105

4,611,998

5,340,865

4,723,356

Non-current liabilities

115,762

115,762

Borrowings

77,175

128,624

77,175

128,624

364,097

364,097

Lease liability

423,563

366,256

423,563

366,256

884,131

876,592

Retirement benefit obligation

1,183,463

747,116

1,175,653

740,351

102,490

102,490

Deferred capital grants

97,614

106,161

97,614

106,161

518,721

416,392

Deferred tax liability

485,958

389,813

389,121

350,751

1,985,201

1,875,333

Total non-current liabilities

2,267,773

1,737,970

2,163,126

1,692,143

Current liabilities

59,631

59,631

Borrowings

51,449

73,767

51,449

73,767

4,424

4,424

Lease liability

3,518

3,697

3,518

3,697

658,458

656,903

Trade and other payables

689,730

553,991

682,683

550,432

43,197

28,065

Current income tax liability

177,857

65,882

155,090

50,227

-

-

Bank overdrafts

-

283,443

-

283,443

765,710

749,023

Total current liabilities

922,554

980,780

892,740

961,566

2,750,911

2,624,356

Total liabilities

3,190,327

2,718,750

3,055,866

2,653,709

7,425,308

7,568,505

Total equity and liabilities

8,243,432

7,330,748

8,396,731

7,377,065

19.68

20.89

Net assets per share (LKR)

21.29

19.42

22.57

19.96

Managing Director/CEO

Director

CASH FLOWS FROM OPERATING ACTIVITIES

1,130,809

1,159,111

Profit before tax

897,349

426,806

881,141

461,354

Adjusments for :

170,552

146,289

Depreciation charge

129,704

125,192

111,217

106,848

-

-

Profit on sale of property, plant and equipment

(9,500)

-

(9,500)

-

(20,478)

(20,478)

Profit on sale of trees

(11,940)

(4,822)

(11,940)

(4,822)

(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

86,857

61,854

86,587

61,617

18,017

18,017

Amortisation of leasehold right to assets

15,724

13,513

15,724

13,513

(8,674)

(8,674)

Amortisation of capital grants

(4,876)

(4,703)

(4,876)

(4,703)

(3,047)

(67,010)

Dividend income

(2,132)

(1,076)

(57,211)

(76,327)

(126,109)

(123,967)

Finance income

(81,620)

(102,583)

(77,196)

(101,593)

77,852

77,852

Finance expenses

15,190

64,899

15,190

64,899

85,833

85,833

Government and other lease Interest

74,952

64,481

74,952

64,481

1,320,609

1,261,662

Profit before working capital changes

1,109,708

643,561

1,024,088

585,267

Changes in working capital

199,635

199,635

- Inventories

(109,144)

(10,348)

(109,144)

(10,348)

436,999

353,042

- Trade and other receivables

(8,351)

112,522

12,700

67,673

65,277

65,720

- Trade and other payables

31,269

(39,193)

25,780

(40,755)

2,022,520

1,880,059

Cash generated from operations

1,023,482

706,542

953,424

601,837

Cash flows from operating activities

(83,711)

(83,711)

Finance expenses paid

(15,138)

(70,720)

(15,138)

(70,720)

(44,415)

(22,281)

Payment of income tax

(100,314)

(32,102)

(71,346)

(22,282)

(182,656)

(182,656)

Retirement benefit obligations paid

(100,852)

(139,647)

(100,852)

(139,647)

70,113

67,971

Interest received

26,445

61,154

22,018

60,164

1,781,851

1,659,382

Net cash generated from operating activities

833,623

525,227

788,106

429,352

Cash flows from investing activities

(248,701)

(248,701)

Additions to bearer plants

(183,051)

(194,831)

(183,051)

(194,831)

(11,853)

(11,853)

Additions and transfer to consumable biological assets

(6,409)

(8,023)

(6,409)

(8,023)

(103,647)

(103,575)

Additions to property, plant and equipment

(66,393)

(48,677)

(66,232)

(48,641)

-

-

Proceeds from sale of property, plant and equipment

9,500

-

9,500

-

20,478

20,478

Proceeds from sale of consumable biological assets

11,940

4,822

11,940

4,822

3,047

67,010

Dividends received from subsidiary and associate

2,132

1,076

57,211

76,327

290,155

290,155

Proceeds from the short term investments

279,529

290,155

279,529

290,155

(371,260)

(371,260)

Additions to the short term investments

(725,000)

(371,260)

(725,000)

(371,260)

(421,781)

(357,746)

Net cash used in investing activities

(677,751)

(326,739)

(622,512)

(251,452)

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

(3,104)

(3,600)

-

-

(133,944)

(133,944)

Repayment of borrowings

(46,769)

(106,946)

(46,769)

(106,946)

(84,467)

(84,467)

Payment of government lease rentals

(74,441)

(63,345)

(74,441)

(63,345)

(5,754)

(5,754)

Payment of other lease rentals

(3,896)

(3,996)

(3,896)

(3,996)

526

526

Grant received

-

226

-

226

(937,239)

(933,639)

Net cash generated from/(used in) financing activities

(128,210)

(414,328)

(125,106)

(410,728)

422,831

367,997

Net (decrease) / increase in cash & cash equivalent

27,662

(215,840)

40,488

(232,828)

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

27,662

(215,840)

40,488

(232,828)

504,453

447,339

At end of the period

532,115

(134,218)

487,827

(153,486)

504,453

447,339

Cash in hand and bank

532,115

149,225

487,827

129,957

-

-

Bank overdrafts

-

(283,443)

-

(283,443)

504,453

447,339

At end of the period

532,115

(134,218)

487,827

(153,486)

Tea

5,430,732

5,245,229

5,430,732

5,245,229

Mini Hydro Power

114,910

82,536

-

-

Total

5,545,642

5,327,765

5,430,732

5,245,229

Revenue expenditure

Tea

4,277,454

4,555,119

4,277,461

4,555,124

Mini Hydro Power

19,543

24,090

-

-

Total

4,296,997

4,579,209

4,277,461

4,555,124

Depreciation

Tea

111,217

106,848

111,217

106,848

Mini Hydro Power

18,489

18,343

-

-

Total

129,706

125,191

111,217

106,848

Other non cash expenditure

Tea

86,587

61,617

86,587

61,617

Mini Hydro Power

270

237

-

-

Total

86,857

61,854

86,587

61,617

Segment Results

Tea

955,474

521,645

955,467

521,640

Mini Hydro Power

76,608

39,866

-

-

Total

1,032,082

561,511

955,467

521,640

Other income

117,657

78,778

172,296

153,644

Administrative expenses

(243,868)

(186,686)

(233,676)

(186,143)

Finance income

81,620

102,583

77,196

101,593

Finance expenses

(15,190)

(64,903)

(15,190)

(64,899)

Interest paid to government and other on lease

(74,952)

(64,477)

(74,952)

(64,481)

Profit before income tax

897,349

426,806

881,141

461,354