HAYLEYS PLC
Interim Report
FOURTH QUARTER
Year ended 31st March, 2025
Notes | Consolidated | Consolidated | |||||
Unaudited 12 months to 31.03.25 | Audited 12 months to 31.03.24 | Change | Unaudited 3 months to 31.03.25 | Unaudited 3 months to 31.03.24 | Change | ||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||
Revenue 4 | 492,201,092 | 436,732,127 | 13 | 128,660,861 | 112,235,627 | 15 | |
Cost of sales | (369,711,417) | (322,427,055) | 15 | (95,589,587) | (79,392,082) | 20 | |
Direct interest cost | (4,177,595) | (4,792,620) | (13) | (1,173,583) | (1,117,107) | 5 | |
Gross profit | 118,312,080 | 109,512,452 | 8 | 31,897,691 | 31,726,438 | 1 | |
Other income | 5,063,926 | 3,495,439 | 45 | 1,175,787 | 1,172,348 | 0 | |
Distribution expenses | (17,925,158) | (15,564,415) | 15 | (3,924,226) | (3,680,575) | 7 | |
Administrative expenses | (56,613,478) | (54,651,133) | 4 | (14,138,785) | (14,664,916) | (4) | |
Other expenses | (1,070,435) | (69,483) | >1000 | 172,245 | 100,379 | 72 | |
Results from operating activities | 47,766,935 | 42,722,860 | 12 | 15,182,712 | 14,653,674 | 4 | |
Finance income | 6,962,801 | 9,907,736 | (30) | 2,185,272 | 2,396,003 | (9) | |
Finance cost | (19,106,258) | (27,150,052) | (30) | (4,560,008) | (6,448,836) | (29) | |
Net finance cost | (12,143,457) | (17,242,316) | (30) | (2,374,736) | (4,052,833) | (41) | |
Change in fair value of investment properties | 112,999 | 92,813 | 22 | 112,999 | 92,813 | 22 | |
Share of profit of equity accounted investees (net of tax) | 237,074 | 159,205 | 49 | 66,057 | 12,800 | 416 | |
Value added tax on financial services | (600,530) | (396,855) | 51 | (137,785) | (124,026) | 11 | |
Profit before tax for the period 5 | 35,373,021 | 25,335,707 | 40 | 12,849,247 | 10,582,428 | 21 | |
Tax expense | (12,860,429) | (10,488,984) | 23 | (4,219,565) | (2,885,878) | 46 | |
Profit for the period | 22,512,592 | 14,846,723 | 52 | 8,629,682 | 7,696,550 | 12 | |
Profit for the period attributable to: | |||||||
Owners of the parent | 13,449,129 | 6,888,770 | 95 | 5,875,794 | 4,708,433 | 25 | |
Non-controlling interest | 9,063,463 | 7,957,953 | 14 | 2,753,888 | 2,988,117 | (8) | |
Profit for the period | 22,512,592 | 14,846,723 | 52 | 8,629,682 | 7,696,550 | 12 | |
Earnings per share | |||||||
Basic (Rs.) | 17.93 | 9.19 | 7.83 | 6.28 | |||
Diluted (Rs.) | 17.93 | 9.19 | 7.83 | 6.28 | |||
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
Company | Company | |||||
Unaudited | Audited | Unaudited | Unaudited | |||
12 months to | 12 months to | 3 months to | 3 months to | |||
31.03.25 | 31.03.24 | Change | 31.03.25 | 31.03.24 | Change | |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |
Revenue | 637,020 | 619,987 | 3 | 153,446 | 153,175 | 0 |
Cost of sales | (576,521) | (559,029) | 3 | (134,469) | (137,965) | (3) |
Gross profit | 60,499 | 60,958 | (1) | 18,977 | 15,210 | 25 |
Group dividend | 5,749,182 | 5,398,957 | 6 | 2,163,317 | 1,893,638 | 14 |
Other income | 846 | 640 | 32 | - | 634 | (100) |
Administrative expenses | 1,662,769 | 770,121 | 116 | 844,082 | 203,482 | 315 |
Other expenses | - | (365) | (100) | - | (1) | - |
Results from operating activities | 7,473,296 | 6,230,311 | 20 | 3,026,376 | 2,112,963 | 43 |
Finance income | 124,169 | 119,362 | 4 | 61,231 | 14,375 | 326 |
Finance cost | (3,288,357) | (4,738,806) | (31) | (799,484) | (902,812) | (11) |
Net finance cost | (3,164,188) | (4,619,444) | (32) | (738,253) | (888,437) | (17) |
Change in fair value of investment properties | 550 | 3,700 | (85) | 550 | 3,700 | (85) |
Profit before tax for the period | 4,309,658 | 1,614,567 | 167 | 2,288,673 | 1,228,226 | 86 |
Tax expense | (318,098) | (280,662) | 13 | 6,733 | (238,283) | (103) |
Profit for the period | 3,991,560 | 1,333,905 | 199 | 2,295,406 | 989,943 | 132 |
Earnings per share | ||||||
Basic (Rs.) | 5.32 | 1.78 | 3.06 | 1.32 | ||
Diluted (Rs.) | 5.32 | 1.78 | 3.06 | 1.32 |
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
Consolidated | Consolidated | ||||
Unaudited | Audited | Unaudited | Unaudited | ||
12 months to | 12 months to | 3 months to | 3 months to | ||
31.03.25 | 31.03.24 | Change | 31.03.25 | 31.03.24 | Change |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % |
Profit for the period | 22,512,592 | 14,846,723 | 52 | 8,629,682 | 7,696,550 | 12 |
Other Comprehensive income | ||||||
Items that will not be reclassified subsequently to Statement of | ||||||
Profit or Loss | ||||||
Revaluation of land | 6,524,296 | - | >100 | 6,524,296 | - | >100 |
Actuarial gain/(loss) on employee benefit obligations | (574,599) | (1,087,193) | 47 | 277,438 | (1,087,193) | 126 |
Net change on equity instruments designated at fair value through other comprehensive income | 1,567 | 152 | 931 | 1,572 | 238 | 561 |
Tax on other comprehensive income | (1,876,526) | 313,539 | (698) | (2,122,150) | 313,539 | (777) |
Items that will be reclassified subsequently to Statement of | ||||||
Profit or Loss | ||||||
Net exchange differences on translation of foreign operations | (255,922) | (3,881,649) | 93 | 390,147 | (3,034,022) | 113 |
Net gain on cash flow hedges | 618,242 | 1,141,742 | (46) | 98,992 | 425,179 | (77) |
Share of other comprehensive income of equity accounted investees | 21,213 | (377,797) | 106 | (20,318) | (377,190) | 95 |
Total other comprehensive income for the period, net of tax | 4,458,271 | (3,891,206) | 215 | 5,149,977 | (3,759,449) | 237 |
Total comprehensive income for the period, net of tax | 26,970,863 | 10,955,517 | 146 | 13,779,659 | 3,937,101 | 250 |
Total comprehensive income for the period attributable to : | ||||||
Owners of the parent | 17,536,514 | 4,920,051 | 256 | 10,177,491 | 2,657,840 | 283 |
Non-controlling interest | 9,434,349 | 6,035,466 | 56 | 3,602,168 | 1,279,261 | 182 |
26,970,863 | 10,955,517 | 146 | 13,779,659 | 3,937,101 | 250 |
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
Profit for the period
1,333,905 199
989,943 132
Other Comprehensive income
Items that will not be reclassified subsequently to Statement of Profit or Loss
Actuarial loss on employee benefit obligations
Tax on other comprehensive income
Total other comprehensive income for the period, net of tax
Total comprehensive income for the period, net of tax
(13,933) 1,127
627 1,127
1,320,599
190
(13,933) 1,127
627 1,127
(13,306) 1,127
976,637 118
2,132,180
3,828,334
(163,226)
(13,306) 1,127
(163,226)
(170,917)
7,691
2,295,406
(170,917)
7,691
3,991,560
%
Rs.'000
Rs.'000
%
Rs.'000
Rs.'000
Change
Unaudited 3 months to
31.03.24
Unaudited 3 months to
31.03.25
Change
Audited 12 months to
31.03.24
Unaudited 12 months to
31.03.25
Company
Company
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
STATEMENT OF FINANCIAL POSITION
Consolidated | Company | |||
Unaudited as at 31.03.25 | Audited as at 31.03.24 | Unaudited as at 31.03.25 | Audited as at 31.03.24 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
ASSETS | ||||
Non - current assets | ||||
Property, plant & equipment | 153,768,783 | 133,789,861 | 912,325 | 572,936 |
Right-of-use assets | 15,147,537 | 11,733,876 | - | 63,832 |
Investment Properties | 2,192,662 | 2,041,561 | 99,000 | 98,450 |
Biological assets | 1,651,025 | 1,506,271 | - | - |
Intangible assets | 16,219,878 | 16,165,508 | 69,306 | 56,108 |
Investments in subsidiaries | - | - | 41,379,421 | 39,743,166 |
Investments in equity accounted investees | 2,747,620 | 2,718,502 | 1,504,863 | 1,504,863 |
Other non-current financial assets | 462,204 | 395,960 | 42,000 | 42,000 |
Non-current trade and other receivables | 19,288,757 | 12,052,092 | 1,283,847 | 808,000 |
Other non-current assets | 1,042,556 | 952,191 | - | - |
Deferred tax assets | 4,037,389 | 3,362,617 | 21,497 | 66,335 |
Total non-current assets | 216,558,411 | 184,718,439 | 45,312,259 | 42,955,690 |
Current assets | ||||
Inventories | 91,940,308 | 85,202,934 | 32,756 | 36,423 |
Amounts due from subsidiaries | - | - | 4,778,305 | 5,379,688 |
Amounts due from equity accounted investees | 147,999 | 169,803 | 43,596 | 7,585 |
Trade and other receivables | 139,429,685 | 112,832,350 | 61,757 | 55,038 |
Other current assets | 8,125,669 | 6,269,054 | 35,790 | 70,297 |
Income tax recoverable | 1,336,907 | 1,144,362 | - | - |
Other current financial assets | 1,502,311 | 2,176,135 | 26,152 | 19,960 |
Short-term deposits | 27,358,471 | 21,356,037 | 1,864,684 | 505,529 |
Cash in hand and at bank | 24,292,764 | 28,175,378 | 1,115,433 | 328,528 |
Total current assets | 294,134,114 | 257,326,053 | 7,958,473 | 6,403,048 |
Total assets | 510,692,525 | 442,044,492 | 53,270,732 | 49,358,738 |
EQUITY AND LIABILITIES | ||||
Stated capital | 1,575,000 | 1,575,000 | 1,575,000 | 1,575,000 |
Capital reserves | 975,906 | 870,062 | 13,226 | 13,226 |
Other components of equity | 34,166,542 | 29,821,606 | - | - |
Revenue reserves | 56,424,777 | 47,896,325 | 9,546,882 | 10,179,300 |
Total equity attributable to equity holders of the company | 93,142,225 | 80,162,993 | 11,135,108 | 11,767,526 |
Non- controlling interest | 50,950,117 | 45,367,092 | - | - |
Total Equity | 144,092,342 | 125,530,085 | 11,135,108 | 11,767,526 |
Non - current liabilities | ||||
Interest bearing borrowings | 71,659,099 | 56,654,168 | 19,313,833 | 14,375,000 |
Grants | 874,113 | 913,021 | - | - |
Deferred tax liabilities | 14,079,676 | 11,458,489 | - | - |
Security deposits | 1,894,630 | 1,560,728 | - | - |
Other non-current Liabilities | 1,705,052 | 1,750,010 | - | - |
Other non-current financial liabilities | 6,406,999 | 3,252,235 | - | - |
Employee benefit obligations | 16,103,974 | 15,262,465 | 1,222,509 | 1,896,112 |
Total non-current liabilities | 112,723,543 | 90,851,116 | 20,536,342 | 16,271,112 |
Current liabilities | ||||
Trade and other payables | 84,357,278 | 76,689,226 | 4,810,007 | 4,877,641 |
Other current liabilities | 7,815,062 | 7,128,127 | 85,680 | 89,090 |
Other current financial liabilities | 21,907,141 | 18,927,276 | - | - |
Amounts due to subsidiaries | - | - | 619,622 | 388,352 |
Amounts due to equity accounted investees | 21,068 | 465 | - | 385 |
Deferred revenue | 2,122,739 | 3,625,769 | - | - |
Income tax payable | 4,902,222 | 4,063,743 | 113,218 | 112,102 |
Current portion of long term interest bearing borrowings | 30,924,584 | 27,160,079 | 6,899,333 | 10,005,604 |
Short-term interest bearing borrowings | 101,826,546 | 88,068,606 | 9,071,422 | 5,846,926 |
Total current liabilities | 253,876,640 | 225,663,291 | 21,599,282 | 21,320,100 |
Total liabilities | 366,600,183 | 316,514,407 | 42,135,624 | 37,591,212 |
Total equity and liabilities | 510,692,525 | 442,044,492 | 53,270,732 | 49,358,738 |
The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007.
sgd.
Milinda Hewagama
Group Chief Financial Officer
The Directors are responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board.
sgd. sgd.
Mohan Pandithage Sarath Ganegoda
Chairman & Chief Executive Director
19th May 2025
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
HAYLEYS PLC | Page 6
For the period ended 31st March | Attributable to equity holders of the company | |||||||||||||
Capital Reserves | Other Components of Equity | Revenue Reserves | ||||||||||||
Consolidated | Stated capital Rs. '000 | Reserve on scrip issue Rs.'000 | Other capital reserve Rs.'000 | Revaluation reserve Rs.'000 | Fair value reserve of financial assets at FVOCI Rs.'000 | Cashflow hedge reserve Rs.'000 | Foreign currency translation reserve Rs.'000 | General reserve Rs.'000 | Timber reserve Rs.'000 | Bearer Biological reserve Rs.'000 | Retained earnings Rs.'000 | Shareholders' Funds Rs.'000 | Non-controlling interest Rs.'000 | Total Equity Rs.'000 |
Balance as at 1st April 2024 | 1,575,000 | 175,688 | 694,374 | 22,841,994 | 27,881 | (1,310,768) | 8,262,499 | 2,289,353 | 212,827 | 14,544 | 45,379,601 | 80,162,993 | 45,367,092 | 125,530,085 |
Profit for the period | - | - | - | - | - | - | - | - | 33,529 | 3,637 | 13,411,963 | 13,449,129 | 9,063,463 | 22,512,592 |
Other Comprehensive income | ||||||||||||||
Net exchange differences on translation of foreign | ||||||||||||||
operations | - | - | - | - | - | - | (332,281) | - | - | - | - | (332,281) | 76,359 | (255,922) |
Share of other comprehensive income of equity accounted investees | - | - | - | - | - | - | 21,472 | - | - | - | (260) | 21,212 | 1 | 21,213 |
Net gain on cash flow hedges | - | - | - | - | - | 565,182 | - | - | - | - | - | 565,182 | 53,060 | 618,242 |
Net change on equity instruments designated at fair value through other comprehensive income | - | - | - | - | 1,681 | - | - | - | - | - | - | 1,681 | (114) | 1,567 |
Realised gain on timber | - | - | - | - | - | - | - | - | (6,615) | - | 6,615 | - | - | - |
Revaluation of land | - | - | - | 5,840,420 | - | - | - | - | - | - | - | 5,840,420 | 683,876 | 6,524,296 |
Actuarial loss on defined benefit obligations | - | - | - | - | - | - | - | - | - | - | (248,863) | (248,863) | (325,736) | (574,599) |
Deferred tax on other comprehensive income | - | - | - | (1,754,011) | (504) | - | - | - | - | - | (5,451) | (1,759,966) | (116,560) | (1,876,526) |
Total other comprehensive income | - | - | - | 4,086,409 | 1,177 | 565,182 | (310,809) | - | (6,615) | - | (247,959) | 4,087,385 | 370,886 | 4,458,271 |
Total Comprehensive income for the period | - | - | - | 4,086,409 | 1,177 | 565,182 | (310,809) | - | 26,914 | 3,637 | 13,164,004 | 17,536,514 | 9,434,349 | 26,970,863 |
Transactions with owners, recorded directly in equity | ||||||||||||||
Dividends to equity holders | - | - | - | - | - | - | - | - | - | - | (4,500,000) | (4,500,000) | (4,207,056) | (8,707,056) |
Write-back of unclaimed dividend | - | - | - | - | - | - | - | - | - | 79,450 | 79,450 | 9,096 | 88,546 | |
Transfers | - | 2,475 | 119,251 | - | - | - | - | (1,502) | - | - | (120,224) | - | - | - |
Total contributions by and distributions to owners | - | 2,475 | 119,251 | - | - | - | - | (1,502) | - | - | (4,540,774) | (4,420,550) | (4,197,960) | (8,618,510) |
Changes in ownership interests in subsidiaries | ||||||||||||||
Adjustment on changes to non-controlling interest in | ||||||||||||||
subsidiaries | - | 223 | (16,105) | 9,517 | (923) | (7,842) | 2,225 | 2,746 | - | - | (126,573) | (136,732) | (8,792) | (145,524) |
Acqusition of/investment in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | 355,428 | 355,428 |
Total changes in ownership interests in subsidiaries | - | 223 | (16,105) | 9,517 | (923) | (7,842) | 2,225 | 2,746 | - | - | (126,573) | (136,732) | 346,636 | 209,904 |
Total transactions with owners | - | 2,698 | 103,146 | 9,517 | (923) | (7,842) | 2,225 | 1,244 | - | - | (4,667,347) | (4,557,282) | (3,851,324) | (8,408,606) |
Balance as at 31st March 2025 | 1,575,000 | 178,386 | 797,520 | 26,937,920 | 28,135 | (753,428) | 7,953,915 | 2,290,597 | 239,741 | 18,181 | 53,876,258 | 93,142,225 | 50,950,117 | 144,092,342 |
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
For the period ended 31st March | Attributable to equity holders of the company | ||||
Capital Reserves | Other Components of Equity | Revenue Reserves | |||
Consolidated Stated Reserve Other Revaluation Fair value reserve Cashflow Foreign currency General Timber Bearer Retained Shareholders' Non-controlling Total capital on scrip capital reserve of financial assets hedge translation reserve reserve Biological earnings Funds interest Equity issue reserve at FVOCI reserve reserve reserve Rs. '000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 | |||||
1,575,000 | 175,688 | 584,656 | 22,996,507 | 30,951 | (2,347,147) | 10,784,202 | 2,292,160 | 161,651 | 17,951 | 42,658,685 | 78,930,304 | 43,776,353 | 122,706,657 |
- | - | - | - | - | - | - | - | 53,041 | (3,407) | 6,839,136 | 6,888,770 | 7,957,953 | 14,846,723 |
- | - | - | - | - | - | (2,141,522) | - | - | - | - | (2,141,522) | (1,740,127) | (3,881,649) |
- | - | - | - | - | - | (377,335) | - | - | - | (474) | (377,809) | 12 | (377,797) |
- | - | - | - | - | 1,025,707 | - | - | - | - | - | 1,025,707 | 116,035 | 1,141,742 |
- | - | - | - | 241 | - | - | - | - | - | - | 241 | (89) | 152 |
- | - | - | - | - | - | - | - | (1,865) | - | 1,865 | - | - | - |
- | - | - | - | - | - | - | - | - | - | - | - | - | - |
- | - | - | - | - | - | - | - | - | - | (659,665) | (659,665) | (427,528) | (1,087,193) |
- | - | - | - | - | - | - | - | - | - | 184,329 | 184,329 | 129,210 | 313,539 |
- | - | - | - | 241 | 1,025,707 | (2,518,857) | - | (1,865) | - | (473,945) | (1,968,719) | (1,922,487) | (3,891,206) |
- | - | - | - | 241 | 1,025,707 | (2,518,857) | - | 51,176 | (3,407) | 6,365,191 | 4,920,051 | 6,035,466 | 10,955,517 |
Balance as at 1st April 2023
Profit for the period
Other Comprehensive income
Net exchange differences on translation of foreign operations Share of other comprehensive income of equity accounted investees
Net loss on cash flow hedges
Net change on equity instruments designated at fair value through other comprehensive income
Realised gain on timber Revaluation of land
Actuarial loss on defined benefit obligations
Income tax on other comprehensive income
Total other comprehensive income
Total Comprehensive income for the period
Transactions with owners, recorded directly in equity | ||||||||||||||
Dividends to equity holders | - | - | - | - | - | - | - | - | - | - | (4,012,500) (4,012,500) (4,218,460) (8,230,960) | |||
Transfers | - | - | 113,838 | - | (3,035) | - | - | - | - | (110,803) | - | - | - | |
Total contributions by and distributions to owners | - | - | 113,838 | - | (3,035) | - | - | - | - | - | (4,123,303) | (4,012,500) | (4,218,460) | (8,230,960) |
Changes in ownership interests in subsidiaries Adjustment on changes to non-controlling interest in | ||||||||||||||
subsidiaries | - | - | (4,120) | (154,513) | (276) | 10,672 | (2,846) | (2,807) | - | - | 479,028 | 325,138 | (372,000) | (46,862) |
Acquisition of / Investment in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | 145,733 | 145,733 |
Total changes in ownership interests in subsidiaries | - | - | (4,120) | (154,513) | (276) | 10,672 | (2,846) | (2,807) | - | - | 479,028 | 325,138 | (226,267) | 98,871 |
Total transactions with owners | - | - | 109,718 | (154,513) | (3,311) | 10,672 | (2,846) | (2,807) | - | - | (3,644,275) | (3,687,362) | (4,444,727) | (8,132,089) |
Balance as at 31st March 2024 | 1,575,000 | 175,688 | 694,374 | 22,841,994 | 27,881 | (1,310,768) | 8,262,499 | 2,289,353 | 212,827 | 14,544 | 45,379,601 | 80,162,993 | 45,367,092 | 125,530,085 |
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
STATEMENT OF CHANGES IN EQUITYFor the period ended 31st March | Capital Reserve | Revenue Reserves | |||
Company | Stated capital Rs. '000 | Other capital reserve Rs.'000 | General reserve Rs.'000 | Retained earnings Rs.'000 | Total Equity Rs.'000 |
Balance as at 1st April 2024 | 1,575,000 | 13,226 | 382,087 | 9,797,213 | 11,767,526 |
Profit for the period | - | - | - | 3,991,560 | 3,991,560 |
Other Comprehensive income | |||||
Actuarial losses on Employee benefit obligations | - | - | - | (170,917) | (170,917) |
Income tax on other comprehensive income | - | - | - | 7,691 | 7,691 |
Total other comprehensive income | - | - | - | (163,226) | (163,226) |
Total Comprehensive income for the period | - | - | - | 3,828,334 | 3,828,334 |
Transactions with owners, recorded directly in equity | |||||
Write-back of unclaimed dividend | - | - | - | 39,248 | 39,248 |
Dividends to equity holders | - | - | - | (4,500,000) | (4,500,000) |
Total contributions by and distributions to owners | - | - | - | (4,460,752) | (4,460,752) |
Total transactions with owners | - | - | - | (4,460,752) | (4,460,752) |
Balance as at 31st March 2025 | 1,575,000 | 13,226 | 382,087 | 9,164,795 | 11,135,108 |
Balance as at 1st April 2023 | 1,575,000 | 13,226 | 382,087 | 12,489,114 | 14,459,427 |
Profit for the period | - | - | - | 1,333,905 | 1,333,905 |
Other Comprehensive income Actuarial losses on Employee benefit obligations | - | - | - | (13,933) | (13,933) |
Income tax on other comprehensive income | 627 | 627 | |||
Total other comprehensive income | - | - | - | (13,306) | (13,306) |
Total Comprehensive income for the period | - | - | - | 1,320,599 | 1,320,599 |
Transactions with owners, recorded directly in equity | |||||
Dividends to equity holders | - | - | - | (4,012,500) | (4,012,500) |
Total contributions by and distributions to owners | - | - | - | (4,012,500) | (4,012,500) |
Total transactions with owners | - | - | - | (4,012,500) | (4,012,500) |
Balance as at 31st March 2024 | 1,575,000 | 13,226 | 382,087 | 9,797,213 | 11,767,526 |
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
STATEMENT OF CASH FLOWS
Consolidated | Company | |||
Unaudited 12 months to 31.03.25 | Audited 12 months to 31.03.24 | Unaudited 12 months to 31.03.25 | Audited 12 months to 31.03.24 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Cash flows from operating activities Cash generated from operations (Note A) Employee benefits paid Income tax paid | 25,306,064 (2,499,011) (10,951,263) | 44,133,786 (1,698,780) (12,008,482) | 6,726,395 (1,073,441) (264,453) | 5,648,296 (29,351) (283,741) |
Net cash inflow from operating activities | 11,855,790 | 30,426,524 | 5,388,501 | 5,335,204 |
Cash flows from investing activities Purchase and construction of property, plant & equipment Purchase of intangible assets Investments in other non-current assets Investments in other current financial assets Investments in other non -current financial assets Investment in equity accounted investees Decrease due to harvest/(Development of biological assets) Grants received - capital Improvements to investment property Proceeds from disposal of property, plant & equipment Proceeds from insurance claims Proceeds from disposal of intangible assets Proceeds from disposal of current financial assets Proceeds from disposal of non-current financial assets Long term investments in group companies and others Interest received Net movement in deferred revenue Dividends received from equity accounted investees Dividends received from non-group companies | (20,774,250) (364,979) (363,521) (3,291,340) (51,757) -22,452 24,715 (38,102) 489,296 450,000 1,483 4,086,599 74,669 (1,158,351) 2,492,960 (1,503,030) 225,568 5,199 | (19,919,469) (380,026) (265,708) (6,345,368) -(182,175) 8,707 36,551 (422) 1,085,564 500,991 2,523 5,263,812 651,527 76,302 4,722,907 2,671,459 610,402 1,888 | (430,848) (26,221) - - - - - - -846 - - - -(753,255) 71,971 - -322 | (420,888) (3,086) - - - - - - -806 - - - -(920,628) 103,805 - -227 |
Net cash used in investing activities | (19,672,389) | (11,460,535) | (1,137,185) | (1,239,764) |
Net cash inflow/(outflow) before financing | (7,816,599) | 18,965,989 | 4,251,316 | 4,095,440 |
Cash flows from financing activities Payment on lease Interest paid (including interest capitalized) Dividend paid to non-controlling interest Debenture Redemption Proceeds from interest-bearing borrowings Repayment of interest-bearing borrowings Net movement in financial liabilities Net movement in security deposits Acquisition of non-controlling interest Dividends paid to equity holders of parent | (3,389,638) (13,919,883) (4,207,056) (3,093,661) 43,830,495 (25,390,562) 6,134,629 333,902 (145,524) (3,974,223) | (1,574,914) (20,762,565) (4,218,460) (4,747,644) 24,208,036 (24,441,873) 2,979,601 92,336 (46,862) (3,984,600) | (86,166) (3,182,530) -(3,000,000) 12,713,167 (7,800,000) - - -(3,974,223) | (86,166) (4,682,688) -(3,521,507) 11,600,000 (5,900,000) - - -(3,984,600) |
Net cash outflow from financing activities | (3,821,521) | (32,496,945) | (5,329,752) | (6,574,961) |
Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year/period | (11,638,120) (38,537,191) | (13,530,956) (25,006,235) | (1,078,436) (5,012,869) | (2,479,521) (2,533,348) |
Cash and cash equivalents at end of the year/period (Note B) | (50,175,311) | (38,537,191) | (6,091,305) | (5,012,869) |
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
STATEMENT OF CASH FLOWSConsolidated | Company | |||
Unaudited 12 months to 31.03.25 | Audited 12 months to 31.03.24 | Unaudited 12 months to 31.03.25 | Audited 12 months to 31.03.24 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
A. Cash generated from operations | ||||
Profit before tax | 35,373,021 | 25,335,707 | 4,309,658 | 1,614,567 |
Adjustments for: | ||||
Net finance costs | 12,143,457 | 17,242,316 | 3,164,188 | 4,619,444 |
Share of profits from equity accounted investees | (237,074) | (159,205) | - | - |
Depreciation on property, plant & equipment | 9,577,696 | 8,531,775 | 90,731 | 50,303 |
Impairment of property, plant & equipment | 9,180 | 22,832 | - | - |
Amortisation of right of use assets | 2,345,527 | 1,858,575 | 63,832 | 63,832 |
Change in fair value of investment properties | (112,999) | (92,813) | (550) | (3,700) |
Change in fair value of agri produce on bearer biological assets | (26,418) | (3,376) | - | - |
Change in fair value of biological assets | (142,455) | (206,128) | - | - |
Gain on the disposal of property, plant & equipment | (21,832) | (275,287) | (118) | (275) |
Insurance claims on fire damages | (1,542,912) | (500,991) | - | - |
Loss on fire damages | 947,308 | - | - | - |
Amortisation of intangible assets | 328,467 | 393,279 | 13,024 | 12,223 |
Write-off of property, plant and equipment | - | 612 | - | - |
Loss on the disposal of Intangible assets | - | 123 | - | - |
Net loss on translation of foreign currency | (374,689) | (3,151,685) | (54,579) | (15,870) |
Reversal of impairment of investments in subsidiaries | - | - | (75,000) | - |
Impairment of trade & other receivables | 90,598 | 379,381 | - | - |
Provision for unrealised profit and write-down of inventories | 904,019 | 388,726 | - | - |
Write-back of trade creditors | (135,817) | - | - | - |
Gain on bargain purchase | (370,271) | (13,629) | - | - |
Impairment/amortisation of other non -current assets | 278,536 | 34,078 | - | - |
Provision for post employee benefit obligations | 2,734,169 | 3,153,900 | 228,920 | 349,809 |
Grants amortised | (63,623) | (47,668) | - | - |
61,703,888 | 52,890,522 | 7,740,106 | 6,690,333 | |
(Increase)/decrease in trade and other receivables and other | (34,671,666) | (19,847,258) | (690,687) | (1,154,730) |
current assets | ||||
(Increase)/decrease in inventories | (7,755,956) | 1,914,040 | 3,668 | 112 |
Increase/(decrease) in trade and other payables | 6,029,798 | 9,176,482 | (326,692) | 112,581 |
25,306,064 | 44,133,786 | 6,726,395 | 5,648,296 | |
Note B - Analysis of cash and cash equivalents | ||||
Cash in hand and at bank | 24,292,764 | 28,175,378 | 1,115,433 | 328,528 |
Short - term deposits | 27,358,471 | 21,356,037 | 1,864,684 | 505,529 |
51,651,235 | 49,531,415 | 2,980,117 | 834,057 | |
Short-term interest bearing borrowings | (101,826,546) | (88,068,606) | (9,071,422) | (5,846,926) |
Cash and cash equivalents | (50,175,311) | (38,537,191) | (6,091,305) | (5,012,869) |
The Notes on pages 12 to 14 form an integral part of these Financial Statements. Figures in brackets indicate deductions.
The Interim Condensed Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These Interim Condensed Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31st March 2024.
The Interim Condensed Financial Statements have been prepared on a historical cost basis, except for, land, biological assets and financial instruments.
These Statements also provide information required by the Colombo Stock Exchange.
There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31st March 2024. The presentation and classification of the Financial Statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year.
Other than what is mentioned below, no other circumstances have arisen since the reporting date, which would require adjustments to, or disclosure in the Financial Statements
Issue of Listed Rated Unsecured Senior Redeemable Debentures
On 5th May 2025, Hayleys PLC issued Fifty Million (50,000,000) listed rated unsecured senior redeemable debentures ("Debentures"), at the par value of Rs. 100/- each, to raise Sri Lankan Rupees Five Billion (Rs. 5,000,000,000/-) with an option to issue up to a further Twenty Million (20,000,000) of the said debentures at the discretion of the company, in the event of an oversubscription of the initial issue to raise up to a maximum of Sri Lankan Rupees Seven Billion (Rs. 7,000,000,000/-). The issue was oversubscribed and 70,000,000 debentures as captioned above were allocated to investors.
INDUSTRY SEGMENT REVENUE
Consolidated
Total
Intra-group
External
Unaudited
12 months to
31.03.25
Audited
12 months to
31.03.24
Rs.'000
Rs.'000
Rs.'000
Rs.'000
Eco Solutions Hand Protection
Purification Products Textiles
Construction Materials Agriculture Plantations
Transportation & Logistics Consumer & Retail Industry Inputs
Power & Energy Leisure
Projects & Engineering Tea Exports
Others
14,994,386
46,396,483
43,201,785
44,603,227
14,338,260
38,167,820
19,612,427
108,702,292
108,849,078
10,057,232
1,570,388
10,352,894
28,900,932
13,603,578
2,240,668
2,147,654
46,224
367,270
1,141,870
1,230,231
657,593
430,093
1,858,539
367,744
525,596
-701,926
2,277,871
444,642
1,193,105
12,846,732
46,350,259
42,834,515
43,461,357
13,108,029
37,510,227
19,182,334
106,843,753
108,481,334
9,531,636
1,570,388
9,650,968
26,623,061
13,158,936
1,047,563
13,846,458
43,024,820
42,743,944
49,167,087
9,936,623
34,878,891
18,100,621
91,352,918
81,496,662
8,416,925
1,315,100
9,018,855
19,796,041
12,198,509
1,438,673
505,591,450
13,390,358
492,201,092
436,732,127
Consolidated
Unaudited 12 months to
31.03.25
Audited 12 months to
31.03.24
Rs.'000
Rs.'000
(333,213)
384,362
3,813,748
3,786,112
5,753,601
6,521,097
4,178,908
5,660,334
1,910,935
1,052,636
3,372,771
3,936,649
2,702,483
3,052,678
8,596,776
6,805,899
8,728,184
3,486,525
1,445,070
1,368,494
752,494
584,977
543,823
(427,003)
3,666,731
4,512,848
608,677
829,465
7,987,583
6,728,269
53,728,571
48,283,342
(5,961,636)
(5,560,482)
47,766,935
42,722,860
(12,143,457)
(17,242,316)
112,999
92,813
237,074
159,205
(600,530)
(396,855)
35,373,021
25,335,707
INDUSTRY SEGMENT RESULTS
Eco Solutions Hand Protection
Purification Products Textiles
Construction Materials Agriculture Plantations
Transportation & Logistics Consumer & Retail Industry Inputs
Power & Energy Leisure
Projects & Engineering Tea Exports
Others
Segment results
Non - segment income/(expenses)
Operating profit
Net finance cost
Change in fair value of investment properties Share of profits from equity accounted investees Value added tax on financial services
Profit before tax
STATED CAPITAL
Company
Unaudited
as at 31.03.25
Audited
as at 31.03.24
Rs.'000
Rs.'000
Issued and fully paid
750,000,000 (750,000,000 - 31.03.2024) Ordinary Shares 1,575,000 1,575,000
NOTES TO THE FINANCIAL STATEMENTSACQUISITION OF SUBSIDIARIES
In the financial year ended March 31, 2024, Advantis Singapore Pte Ltd (a subsidiary of Hayleys Advantis Limited) invested 29% in the share capital of Advantis Leo (Thailand) Limited, a partnership with Leo Global Logistics of Thailand. Subsequently, in the current financial year, Advantis Singapore Pte Ltd invested in a further share, totaling to a majority stake of 50% of the company, thereby obtaining control over the investee.
In December 2024, Dipped Products (Thailand) Ltd acquired the entire stake in Hi-Care Thai Gloves Co. Ltd for a total consideration of Rs. 1.58 bn. The fair values of assets acquired and liabilities assumed through these business combinations are given below.
Advantis Leo (Thailand) Limited | Hi-Care Thai Gloves Co. Ltd | Total |
Rs.'000 | Rs.'000 | Rs.'000 |
13,640 | 3,598,237 | 3,611,877 |
- | 3,670 | 3,670 |
1,258 | - | 1,258 |
- | 87,158 | 87,158 |
32,151 | 117,870 | 150,021 |
- | (1,624,511) | (1,624,511) |
- | (21,613) | (21,613) |
(96,047) | (235,437) | (331,484) |
(14,151) | - | (14,151) |
(63,149) | 1,925,374 | 1,862,226 |
(55,428) | - | (55,428) |
25,428 | - | 25,428 |
- | (370,271) | (370,271) |
(93,149) | 1,555,103 | 1,461,955 |
Property, plant & equipment Right-of-use assets Intangible Assets Inventories
Trade and other receivables Interest bearing borrowings Retirement benefit obligations Trade and other payables Other current liabilities
Net identifiable assets and liabilities
Non-controlling interests Goodwill
Gain on bargain purchase
(77,233) | (1,582,150) | (1,659,383) |
(3,601) | - | (3,601) |
173,983 | 27,047 | 201,030 |
93,149 | (1,555,103) | (1,461,954) |
Satisfied by:
Cash consideration
Fair value of the existing stake Cash in hand and bank acquired
MARKET VALUE OF SHARES The market value of an ordinary share of Hayleys PLC was as follows: | ||
31.03.25 Rs. | 31.03.24 Rs. | |
Last traded price | 137.00 | 82.00 |
Highest price recorded for the three months ending | 149.25 | 86.50 |
Lowest price recorded for the three months ending | 122.25 | 71.60 |
Market capitalisation (Rs. Mn.) | 102,750 | 61,575 |
RATIOS | ||
Net assets per share | 124.19 | 106.88 |
Price earnings ratio (times) | 7.64 | 8.94 |
SHARE TRADING FROM 1ST APRIL, 2024 TO 31ST MARCH, 2025 No. of transactions 62,097 No. of shares traded 154,141,309 Value of shares traded (Rs.) 16,356,554,569.35 | ||
RATIOS | 31.03.25 | 31.03.24 |
Debt/ equity ratio | 3.17 | 2.57 |
Quick asset ratio | 0.37 | 0.30 |
Interest cover | 2.34 | 1.32 |
FIRST TWENTY SHAREHOLDERS AS AT 31ST MARCH, 2025
Name of the Shareholder | No. of Shares | % |
1 Mr. K.D.D. Perera | 382,596,970 | 51.01 |
2 Trustees of the D.S. Jayasundera Trust | 86,980,170 | 11.60 |
3 Seylan Bank PLC/Phantom Investments (Pvt) Ltd | 38,556,077 | 5.14 |
4 McLarens Holdings Ltd | 14,103,946 | 1.88 |
5 Hayleys Group Services (Pvt) Ltd No. 02 A/C | 11,170,900 | 1.49 |
6 Mrs. R.N. Ponnambalam | 6,144,380 | 0.82 |
7 GF Capital Global Limited | 5,804,000 | 0.77 |
8 Mrs. R.M. Spittel | 5,646,970 | 0.75 |
9 Mr. J.M. Spittel | 4,655,610 | 0.62 |
10 Mrs. S.D. Wickremasinghe | 4,492,980 | 0.60 |
11 Mrs. P.M. Godamunne | 4,434,470 | 0.59 |
12 Mrs. A.K. Wikramanayake | 4,384,490 | 0.58 |
13 Mr. S. Rameshan | 4,007,620 | 0.53 |
14 Hatton National Bank PLC - Capital Alliance Quantitative Equity Fund | 3,952,536 | 0.53 |
15 Renuka Hotels PLC | 3,315,000 | 0.44 |
16 Mrs. S.R.D. Wikramanayake | 3,239,320 | 0.43 |
17 Mrs. G.V. De Silva | 2,850,830 | 0.38 |
18 Miss S.H. De Silva | 2,850,830 | 0.38 |
19 Miss N.K.R.H. De Silva | 2,834,010 | 0.38 |
20 Dr. D. Jayanntha | 2,580,000 | 0.34 |
Total | 594,601,109 | 79.28 |
There were no non voting shares as at 31st March, 2025. | ||
PUBLIC HOLDING Percentage of public holding as at 31st March, 2025. | 37.09% | |
Total number of Shareholders representing the Public Holding | 13,075 | |
Float - adjusted market capitalization (Rs.) | 38,112,112,200 | |
The Company complies with option 1 of the Listing Rules 7.13.1 (i) (a) which requires no minimum public holding percentage.
DIRECTORS' SHAREHOLDINGS AS AT 31ST March, 2025.
Directors' holdings of ordinary shares in the Company were as follows
Name of the Director | No.of Shares |
Mr. A.M. Pandithage | 1,253,570 |
Mr. K.D.D. Perera | 382,613,630 * |
Mr. S.C. Ganegoda | 250,000 |
Mr. H.S.R. Kariyawasan | 94,270 |
Mr. L.R.V. Waidyaratne | 379,300 |
Ms. J. Dharmasena | 210,950 |
Dr. H. Cabral, PC -
Mr. M.Y.A. Perera -
Mr. R.J. Karunarajah -
Mr. K.D.G. Gunaratne -
Mr. T.A.B. Speldewinde 5,000
Mr. P.Y.S. Perera 2,500
Mr. A.J. Alles -
* Inclusive of indirect holding through other companies in which he owns controlling interest.
NAME OF COMPANY AUDIT COMMITTEE
Hayleys PLC M Y A Perera - Chairman
(A public limited company, incorporated in Sri Lanka in 1952)
Dr H Cabral, PC K D G Gunaratne
T A B Speldewinde (appointed to the committee on 16.10.2024) P Y S Perera (appointed to the committee on 16.10.2024)
COMPANY NUMBER A J Alles (appointed to the committee on 16.10.2024)
PQ 22 M H Jamaldeen (resigned w.e.f. 14.11.2024)
STOCK EXCHANGE LISTING
The ordinary shares of the Company are listed with the Colombo Stock Exchange of Sri Lanka
REGISTERED OFFICE
Hayleys Building,
REMUNERATION COMMITTEE
M Y A Perera - Chairman (appointed as the Chairman of the committee on 23.12.2024)
Dr. H Cabral, PC (stepped down as the Chairman of the committee on 23.12.2024)
P.O. Box 70, 400, Deans Road, K D G Gunaratne
Colombo 10, Sri Lanka T A B Speldewinde (appointed to the committee on 17.05.2024)
Telephone: (94-11)2627000 P Y S Perera (appointed to the committee on 23.12.2024)
Facsimile: (94-11)2699299 M H Jamaldeen (resigned w.e.f. 14.11.2024) Website: https://http://www.hayleys.com
NOMINATIONS AND GOVERNANCE COMMITTEE
DIRECTORS M Y A Perera - Chairman
A M Pandithage - Chairman & Chief Executive Dr H Cabral, PC
K D D Perera - Co-Chairman (appointed on 01.10.2024)
S C Ganegoda
H S R Kariyawasan
Dr. H Cabral, PC (ceased to be the Senior Independent Director on 23.12.2024)
L R V Waidyaratne
M Y A Perera (appointed as the Senior Independent Director on 23.12.2024)
Ms. J Dharmasena
K D G Gunaratne
T A B Speldewinde (appointed to the committee on 17.05.2024) P Y S Perera (appointed to the committee on 23.12.2024)
RELATED PARTY TRANSACTIONS REVIEW COMMITTEE
P Y S Perera - Chairman (appointed as the Chairman of the committee on 23.12.2024)
Dr. H Cabral, PC (stepped down as the Chairman of the committee on 23.12.2024)
R J Karunarajah M Y A Perera
K D G Gunaratne T A B Speldewinde (appointed to the committee on 17.05.2024)
T A B Speldewinde K D G Gunaratne (appointed to the committee on 23.12.2024)
P Y S Perera (appointed on 01.04.2024) A J Alles (appointed on 01.10.2024)
M H Jamaldeen (resigned w.e.f. 14.11.2024)
S C Ganegoda (stepped down as a member of the committee on 23.12.2024)
SECRETARIES
Hayleys Group Services (Private) Limited
GROUP MANAGEMENT COMMITTEE 400, Deans Road, Colombo 10, Sri Lanka
A M Pandithage - Chairman & Chief Executive Telephone: (94-11)2627650
S C Ganegoda E-mail: info.sec@hayleys.com
H S R Kariyawasan Please direct any queries about the
L R V Waidyaratne administration of shareholdings to the Company Secretaries Ms. J Dharmasena
Dr. W G R Rajadurai
E R P Goonethileke INVESTOR RELATIONS
Ms. D Talpahewa Please contact Strategic Business Development Unit
N R Ranatunge Telephone: (94-11)2627662
D W P N Dediwela E-mail: info@cau.hayleys.com
H Prematillake
M H Wijewardene R J Karunarajah
J A W M Jayasekara
M M A R P Goonetileke R H P Janadheera
T M Hewagama