CORPORATE INFORMATION
Company : Madulsima Plantations PLC
Legal Form : Public Listed Company
Date of Incorporation : 22nd June 1992 Company Registration No : P Q 184
Registered Office : 833, Sirimavo Bandaranaike Mawatha , Colombo 14
Board of Directors : Mr. D Hasitha S Jayawardena Chairman / Executive Director
Mr. C R Jansz Non Executive Director
Mr. M A N S Perera Executive Director
Mr. K Dayaparan Non Executive Director
Mr. M R Mihular Senior Independent Director
Dr. R A Fernando Independent Non-Executive Director
Mr. P A Jayatunga Executive Director
Secretary : Mr. P A Jayatunga
833, Sirimavo Bandaranaike Mawatha Colombo 14.
Registrars : Central Depository Systems (Pvt) Limited Ground Floor, M&M Center 341/5
Kotte Road Rajagiriya.
Auditors : Messrs. KPMG (Chartered Accountants) 32A, Sir Mohamad Macan Markar Mawatha. Colombo 03.
Bankers : Hatton National Bank PLC, City Office,
16, Janadhipathi Mawatha,
Colombo 01.
Managing Agent : Melstacorp PLC
110, Norris Canal Road, Colombo 10
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||
Unaudited | Unaudited | |||
For the Three Months Period Ended | 31/03/2025 | 31/03/2024 | Variance | |
Rs. 000 | Rs. 000 | % | ||
Revenue | 912,341 | 1,068,717 | (15) | |
Cost of sales | (907,304) | (903,093) | (0) | |
Gross profit | 5,037 | 165,624 | (97) | |
Other operating income | 31,763 | 31,319 | 1 | |
Gain on change in fair value of biological assets | 84,622 | 73,247 | 16 | |
Administrative expenses | (23,197) | (20,305) | (14) | |
Profit from operating activities | 98,225 | 249,885 | (61) | |
Finance Income | 4,170 | - | 100 | |
Finance Cost | (123,278) | (163,056) | 24 | |
Net Finance Cost | (119,108) | (163,056) | 27 | |
Profit / (Loss) before income tax | (20,883) | 86,829 | 124 | |
Income tax expense | (22,814) | (44,775) | 49 | |
Profit / (Loss) for the period | (43,697) | 42,054 | 204 | |
Other comprehensive income /(expenses) for the period | - | - | - | |
Total Comprehensive income /(expense) for the period | - | - | - | |
Total Comprehensive income /(expense) for the period | (43,697) | 42,054 | 204 | |
Basic earnings/(loss) per share (Rs.) | (0.26) | 0.29 | (189) | |
Figures in brackets indicate deductions. The above figures are not audited
STATEMENT OF CHANGES IN EQUITY
Stated Capital | Revaluation Reserve | FVOCI Reserve | Timber Reserve | Accumulated Losses | Total Equity | |||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Balance as at 1st January 2024 | 1,624,761 | 1,055,815 | 3,037 | 4,691,956 | (7,762,789) | (387,220) | ||
Transferred to timber reserve | - | - | - | 73,247 | (73,247) | - | ||
Profit/(Loss) for the period | - | - | - | - | 48,754 | 48,754 | ||
Other comprehensive income / (expense) | - | - | - | - | - | |||
Balance as at 31st March 2024 | 1,624,761 1,055,815 3,037 4,765,203 | (7,787,282) | (338,466) | |||||
1,624,761 | 1,055,815 | 3,365 | 5,082,482 |
- | - | - | 84,622 |
- | - | - | - |
e) | - | - | - |
1,624,761 | 1,055,815 | 3,365 | 5,167,104 |
(7,899,063) | (132,640) |
(84,622) | - |
(43,697) | (43,697) |
- | - |
(8,027,382) | (176,338) |
Transferred to timber reserve Profit/(Loss) for the period
Other comprehensive income / (expens
Balance as at 31st March 2025Figures in brackets indicate deductions. The above figures are not audited
STATEMENT OF FINANCIAL POSITION | |||
Unaudited | Unaudited | ||
As At | 31/03/2025 | 31/12/2024 | |
Rs. 000 | Rs. 000 | ||
Assets | |||
Non-current assets | |||
Right to use of land | 145,939 | 164,050 | |
Immovable estate assets on finance lease (other than bare Land) | 270,476 | 272,417 | |
Tangible assets other than biological assets | 1,121,526 | 1,148,891 | |
Bearer biological assets | 1,213,694 | 1,200,196 | |
Consumable biological assets | 5,479,043 | 5,399,810 | |
Investment in Equity Securities-FVOCI | 4,253 | 4,581 | |
Total non-current assets | 8,234,931 | 8,189,945 | |
Current Assets | |||
Produce bearer biological assets | 17,079 | 5,993 | |
Inventories | 695,423 | 500,862 | |
Trade and other receivables | 285,996 | 176,349 | |
Amounts due from related companies | 9,233 | 9,704 | |
Cash and cash equivalents | 226,630 | 420,026 | |
Total current assets | 1,234,361 | 1,112,935 | |
TOTAL ASSETS | 9,469,292 | 9,302,880 | |
EQUITY AND LIABILITIES | |||
Capital and reserves | |||
Stated capital | 1,624,761 | 1,624,761 | |
Revaluation reserve | 1,055,815 | 1,055,815 | |
Fair value through OCI reserve | 3,365 | 3,365 | |
Timber reserve | 5,167,104 | 5,082,482 | |
Accumulated losses | (8,027,382) | (7,899,063) | |
Total equity | (176,338) | (132,640) | |
Non-current liabilities | |||
Interest bearing borrowings | 5,049,935 | 4,959,657 | |
Retirement benefit obligations | 1,357,477 | 1,322,848 | |
Deferred tax liability | 1,966,495 | 1,943,681 | |
Deferred income and capital grants | 107,484 | 109,566 | |
Lease liability to-SLSPC and JEDB | 135,919 | 162,101 | |
Total non-current liabilities | 8,617,311 | 8,497,852 | |
Current liabilities | |||
Trade and other payable | 649,417 | 562,654 | |
Lease liability to-SLSPC and JEDB | 18,577 | 12,639 | |
Amounts due to related companies | 60,326 | 55,029 | |
Interest bearing borrowings | 300,000 | 300,000 | |
Bank overdraft | - | 7,347 | |
Total current liabilities | 1,028,319 | 937,668 | |
Total liabilities | 9,645,630 | 9,435,521 | |
TOTAL EQUITY AND LIABILITIES | 9,469,292 | 9,302,880 | |
Net Assets per share | (1.04) | (0.41) | |
It is certified that these interim financial statements have been prepared in accordance with the requirements of the Companies Act No 07 of 2007.
- Signed -
D S Heenatigalage General Manager - FinanceThe Board of Directors is responsible for the preparation and presentation of these interim financial statements. Approved and signed for and behalf of the Board of Directors of Madulsima Plantations PLC.
- Signed - - Signed -
C R Jansz M A N S PereraDirector Director
Colombo, 14th May 2025
STATEMENT OF CASH FLOWS
03 Months Ended | 03 Months Ended | |
31/03/2025 | 31/03/2024 | |
Rs. 000 | Rs. 000 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Profit/(Loss) before taxation | (20,883) | 93,530 |
Adjustments for: | ||
Depreciation | 38,702 | 38,140 |
Interest income | (4,170) | (47) |
Interest expense | 123,279 | 163,056 |
Provision for retirement benefit obligations | 56,997 | 30,020 |
Gain on fair valuation of timber plantations | (84,622) | (73,247) |
Amortization of capital grants | (1,252) | (885) |
Operating profit /(loss) before working capital changes | 108,051 | 250,566 |
(Increase)/decrease in inventories | (190,640) | (18,664) |
(Increase)/decrease in trade and other receivables | (109,646) | (117,491) |
(Increase)/decrease in amounts due from related companies | 471 | (8,248) |
Increase/(decrease) in trade and other payable | 86,763 | 105,137 |
Increase/(decrease) in amount due to related companies | 5,297 | 2,156 |
Cash generated from operating activities | (99,704) | 213,457 |
Interest paid | - | (8,000) |
Retirement benefit obligation paid | (23,279) | (40,934) |
Net cash flows from operating activities | (122,984) | 164,523 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of property, plant and equipment | (1,139) | (3,000) |
Investments in immature plantations | (29,695) | (22,750) |
Investments in timber plantations | (3,916) | (6,648) |
Interest received | 4,170 | 47 |
Net cash flows from investing activities | (30,579) | (32,351) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment of government lease rentals | (6,192) | (5,657) |
Loans repayment | (26,333) | - |
Net cash flows from financing activities | (32,526) | (5,657) |
Net increase/(decrease) in cash and cash equivalents | (186,088) | 126,516 |
Cash and cash equivalents at the beginning of the period | 412,719 | (192,092) |
Cash and cash equivalents at the end of the period - Note A | 226,630 | (65,579) |
Note A | ||
Cash and cash equivalents | 226,630 | 39,020 |
Bank overdraft | - | (104,599) |
226,630 | (65,579) | |
Figures in brackets indicate deductions. | ||
The above figures are not audited |
01. SEGMENTAL INFORMATION | ||||||||
Geographical segment | ||||||||
For the 03 months ended | 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 | |
(a) Segment revenue | ||||||||
Revenue | 300,334 | 321,414 | 121,469 | 203,188 | 490,538 | 544,116 | 912,341 | 1,068,717 |
Cost of sales | (301,762) | (279,801) | (157,982) | (183,736) | (447,560) | (439,556) | (907,304) | (903,093) |
Gross profit | (1,428) | 41,613 | (36,513) | 19,452 | 42,978 | 104,560 | 5,037 | 165,624 |
Unallocated | ||||||||
Other operating income | 31,763 | 31,319 | ||||||
Administrative expenses | (23,197) | (20,305) | ||||||
Gain on change in fair value of biological assets | 84,622 | 73,247 | ||||||
Profit from operating activities | 98,225 | 249,885 | ||||||
Net Finance cost | (119,108) | (163,056) | ||||||
Profit or loss before income tax | (20,883) | 86,829 | ||||||
Income tax expense | (22,814) | (44,775) | ||||||
Profit/(Loss) for the period | (43,697) | 42,054 | ||||||
(b) Segment assets | ||||||||
As at | 31/03/2025 | 31/12/2024 | 31/03/2025 | 31/12/2024 | 31/03/2025 | 31/12/2024 | 31/03/2025 | 31/12/2024 |
Non-current assets | 96,195 | 102,372 | 52,503 | 51,360 | 246,566 | 232,334 | 395,264 | 386,067 |
Current assets | 304,119 | 231,402 | 136,182 | 106,838 | 330,856 | 273,323 | 771,158 | 611,563 |
400,314 | 333,774 | 188,685 | 158,198 | 577,422 | 505,657 | 1,166,421 | 997,630 | |
Unallocated | ||||||||
Non-current assets | 7,839,667 | 7,803,878 | ||||||
Current assets | 463,203 | 501,372 | ||||||
Total assets | 9,469,292 | 9,302,880 | ||||||
(c) Segment liabilities | ||||||||
Non-current liabilities | 556,768 | 559,683 | 337,269 | 321,212 | 684,550 | 685,230 | 1,578,586 | 1,566,125 |
Current liabilities | 209,739 | 172,389 | 127,035 | 96,490 | 186,705 | 191,686 | 523,479 | 460,565 |
766,506 | 732,072 | 464,304 | 417,702 | 871,255 | 876,916 | 2,102,065 | 2,026,690 | |
Unallocated Non-current liabilities | 7,038,724 | 6,931,727 | ||||||
Current liabilities | 504,840 | 477,103 | ||||||
Total liabilities | 9,645,630 | 9,435,521 | ||||||
Capital expenditure | ||||||||
As at | 31/03/2025 | 31/03/2024 | 31/03/2025 | 31/03/2024 | 31/03/2025 | 31/03/2024 | 31/03/2025 | 31/03/2024 |
- Allocated | 4,292 | 8,638 | 2,665 | 3,568 | 27,792 | 18,560 | 34,749 | 30,766 |
- Unallocated | - | 458 | ||||||
34,749 | 31,224 | |||||||
Depreciation | ||||||||
- Allocated | 15,284 | 13,259 | 7,764 | 8,305 | 11,911 | 12,823 | 34,959 | 34,387 |
- Unallocated | 3,743 | 3,709 | ||||||
38,702 | 38,096 | |||||||
Figures in brackets indicate deductions | . | |||||||
The above figures are not audited | ||||||||
Madulsima Region | Bogawantalawa Region | TOTAL | |
Uva High | Uva Medium | Western High | |
-
Approval of the financial statement
These interim financial statements of the Company for the period ended 31st March 2025 were approved by the Board of Directors on 14th May 2025.
-
Basis of preparation
The Interim Financial Statements have been prepared in accordance with the Accounting Policies set out in the most recent Annual Report of the Company and are in compliance with Sri Lanka Accounting Standards LKAS 34 - Interim financial reporting.
There has not been a significant change in the nature of contingent liabilities which were disclosed in the Annual Report for the year ended 31 December 2023.
No circumstances have arisen since the Statement of Financial Position date, which would require adjustment to or disclosure in the Interim Financial Statements.
The aggregate value of the non-current related party balance of the loans obtained from the parent company Melstacorp PLC has exceeded 10% of the equity.
The presentation and classification of the Financial Statements of the previous periods have been amended, where relevant, for better presentation and to be comparable with those of the current period.
Quarter ended 31/03/2025
16.90
9.10
12.20
INVESTOR INFORMATION
-
Market Price Per Share
Quarter ended 31/03/2024
Highest during the period Rs. Lowest during the period Rs. Last traded price Rs.
11.50
9.50
9.90
-
Directors' Shareholding
Name
As at 31/03/2025
As at 31/03/2024
Mr. D Hasitha S Jayawardena - Chairman /Executive Director
Nil
Nil
Mr. M N S Perera - Executive Director
Nil
Nil
Mr. C R Jansz - Non Executive Director
Nil
Nil
Mr. K Dayaparan - Non Executive Director
Nil
Nil
Mr.M R Mihular - Senior Independnat Director
Nil
Nil
Dr.R A Fernando - Independnat Non Executive Director
Nil
Nil
Mr.P A Jayatunga - Executive Director
Nil
Nil
Chief Executive Officer's holding in shares Mr. M A Fernando
Nil
Nil
- Twenty (20) Largest Shareholders as at 31st March 2025
No | Name of the Shareholder | No. of Shares | % of issued capital |
1 | MELSTACORP PLC | 94,429,833 | 55.71 |
2 | STASSEN EXPORTS (PVT) LIMITED | 61,416,448 | 36.23 |
3 | SECRETARY TO THE TREASURY | 3,800,000 | 2.24 |
4 | MR.S.PALIHAWADANA & MRS.R.S.DALUWATTA | 367,677 | 0.22 |
5 | THREAD CAPITAL (PRIVATE) LIMITED | 315,000 | 0.19 |
6 | DR. A.A.M. DHARMADASA | 308,223 | 0.18 |
7 | MR.M.A.ASLAM | 298,773 | 0.18 |
8 | PEOPLE'S LEASING & FINANCE PLC/MRS.C.M.DISSANAYAKE | 206,067 | 0.12 |
9 | COMMERCIAL BANK OF CEYLON PLC/N.S.T.PREMATHIRATNE & P.N.PREMATHIRATNE | 200,000 | 0.12 |
10 | SEYLAN BANK PLC/ANJULA CHAMILA JAYASINGHE | 150,158 | 0.09 |
11 | PEOPLE'S LEASING & FINANCE PLC/W.M.D.I.P.ABEYRATHNE | 138,950 | 0.08 |
12 | SEYLAN BANK PLC/SENTHILVERL HOLDINGS (PVT) LTD | 117,772 | 0.07 |
13 | MR.M.R.LAFFIR | 115,000 | 0.07 |
14 | MR. A.V.R. DE SILVA JAYATILLEKE | 100,000 | 0.06 |
15 | MR. M.M.M.MUFRAZ | 99,630 | 0.06 |
16 | MR.T.LOGANATHAN | 99,189 | 0.06 |
17 | DEUTSCHE BANK AG SINGAPORE A/C 2 (DCS CLT ACC FOR DEUTSCHE BANK AGSINGAPORE -PWM WM CLIENT) | 99,090 | 0.06 |
18 | MR.L.H.R.PERERA | 96,700 | 0.06 |
19 | PMF FINANCE /H.A.U.CHAMINDA | 94,000 | 0.06 |
20 | MR.W.L.SUBASINGHE | 79,018 | 0.05 |
Sub Total | 162,531,528 | 95.89 | |
Other Shareholders | 6,969,569 | 4.11 | |
Grand Total | 169,501,097 | 100.00 |
31/03/2025 | 31/3/2024 | |
Percentage of shares held by the public | 8.06% | 7.31% |
Number of Shareholders representing public shareholdings | 19,095 | 19,049 |
Float adjusted market capitalization (Rs '000) | 166,674 | 122,666 |
The float adjusted Market Capitalization of the company falls under Option 05 of Rule 7.13.1 (a) of the Listing Rules of the Colombo Stock Exchange and the company has not compiled with the minimum public holding percentage requirement applicable under the said option.