Note | 2025 Unaudited | 2024 Unaudited | Change % | |
Revenue from Contracts with Customers | 731,119 | 651,403 | 12 | |
Cost of Sales | (700,296) | (632,688) | 11 | |
Gross Profit / (Loss) | 30,823 | 18,715 | 65 | |
Other Income | 40,105 | 44,598 | (10) | |
Administrative Expenses | (25,951) | (38,978) | (33) | |
Management Fees | (9,195) | (4,842) | 90 | |
Results From Operating Activities | 35,781 | 19,493 | 84 | |
Finance Expense | (3,769) | (2,230) | 69 | |
Finance Income | 1,253 | 1,724 | (27) | |
Net Finance Income / (Expense) | 5 | (2,515) | (506) | 397 |
Profit / (Loss) Before Tax | 33,265 | 18,987 | 75 | |
Tax (Expense) / Reversal | 6 | (8,456) | (6,503) | 30 |
Profit / (Loss) for the period | 24,811 | 12,484 | 99 | |
Rs. | Rs. | |||
Earnings per share - Basic | 0.83 | 0.42 ` | ||
Earnings per share - Diluted | 0.83 | 0.42 | ||
Dividend per Share | - | - | ||
Note : All values are in Rupees '000s, unless otherwise stated. | ||||
TEA SMALLHOLDER FACTORIES PLC
No. 19, Dudley Senanayake Mawatha, Colombo 08.
13-Aug-2025
INCOME STATEMENT
For the three months ended 30th June
Figures in brackets indicate deductions.
Tea Smallholder Factories PLC - Interim Financial Statements
2025 Unaudited | 2024 Unaudited | Change % |
24,811 - | 12,484 - | 99 - |
- | - | - |
24,811 | 12,484 | 99 |
TEA SMALLHOLDER FACTORIES PLC
No. 19, Dudley Senanayake Mawatha, Colombo 08.
13-Aug-2025
STATEMENT OF COMPREHENSIVE INCOME
For the three months ended 30th June
Profit / (Loss) for the Period
Other Comprehensive Income
Other comprehensive income not to be reclassified to income statement in subsequent periods
Total Other Comprehensive Income for the period, net of tax Total Comprehensive Income for the period, net of tax
Note : All values are in Rupees '000s, unless otherwise stated.
Figures in brackets indicate deductions.
Tea Smallholder Factories PLC - Interim Financial Statements
TEA SMALLHOLDER FACTORIES PLC
No. 19, Dudley Senanayake Mawatha, Colombo 08.
2025 Unauidted |
962,618 |
1,932 |
813,202 |
7,303 |
805 |
74 |
1,785,935 |
489,447 |
103,981 |
10,604 |
6,096 |
2,246 |
612,375 |
2,398,310 |
150,000 |
700,214 |
887,432 |
1,737,646 |
332,670 |
46,163 |
382 |
379,215 |
202,294 |
9,195 |
4,214 |
65,746 |
281,449 |
2,398,310 |
2024 Unaudited |
968,168 |
2,021 |
785,472 |
7,503 |
9,063 |
4,709 |
1,776,936 |
425,928 |
79,334 |
21,779 |
6,096 |
3,469 |
536,606 |
2,313,542 |
150,000 |
680,334 |
855,482 |
1,685,816 |
310,018 |
42,798 |
402 |
353,218 |
214,429 |
5,536 |
6,882 |
47,661 |
274,508 |
2,313,542 |
STATEMENT OF FINANCIAL POSITION
As at 30th June ASSETS
Non-Current Assets Property, Plant and Equipment Right of Use Assets Investment Property Intangible Assets
Non-Current Financial Assets Other Non-Current Assets
Current Assets
Inventories
Trade and Other Receivables Other Current Assets Income Tax Recoverable Cash in Hand and at Bank
Total Assets
EQUITY AND LIABILITIES
Capital and Reserves Stated Capital Revaluation Reserve Retained Earnings Total Equity
Non-Current Liabilities Deferred Tax Liabilities Employee Benefit Liabilities Deferred Grants and Subsidies
Current Liabilities
Trade and Other Payables Amounts due to Related Parties Other Current Liabilities
Bank Overdraft
Total Equity and Liabilities
13-Aug-2025
As at |
31st March 2025 Audited |
976,458 |
1,954 |
813,202 |
7,303 |
5,553 |
3,205 |
1,807,675 |
410,065 |
74,138 |
11,152 |
6,096 |
4,641 |
506,091 |
2,313,766 |
150,000 |
700,214 |
862,622 |
1,712,836 |
324,214 |
38,911 |
387 |
363,513 |
205,883 |
6,106 |
4,816 |
20,612 |
237,417 |
2,313,766 |
57.09
56.19
57.92
Net Assets Per Share (Rs.)
Note : All values are in Rupees '000s, unless otherwise stated.
I certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007.
sgd. |
Sisira Pushpakumara |
Head of Finance |
The Board of Directors is responsible for these financial statements. |
sgd. |
P. H. S. Uluwaduge |
Chairman |
sgd. |
Anusha S. Perera |
Executive Director |
Tea Smallholder Factories PLC - Interim Financial Statements
TEA SMALLHOLDER FACTORIES PLC CASH FLOW STATEMENT
2025 | 2024 |
Unaudited | Unaudited |
33,265 | 18,987 |
(1,253) | (1,724) |
16,430 | 16,856 |
22 | 21 |
- | 100 |
3,917 | 1,199 |
(5) | (5) |
3,769 | 2,230 |
- | (9,566) |
56,145 | 28,098 |
(79,383) | (87,068) |
(30,976) | (3,221) |
547 | (14,661) |
(5,298) | 50,741 |
3,090 | (163) |
(601) | 464 |
(56,476) | (25,810) |
1,253 | 1,262 |
(2,413) | (2,230) |
(454) | (1,532) |
3,788 | - |
7,529 | - |
(46,773) | (28,310) |
(756) | (15,800) |
- | 10,148 |
(756) | (5,652) |
(47,529) | (33,962) |
(15,971) | (10,230) |
(63,499) | (44,192) |
4,641 | 14,026 |
(20,612) | (24,256) |
(15,971) | (10,230) |
2,246 | 3,469 |
(65,746) | (47,661) |
(63,499) | (44,192) |
For the Three months ended 30th June OPERATING ACTIVITIES
Profit/ (Loss) Before Tax
ADJUSTMENTS FOR :
Finance Income
Depreciation of Property, Plant and Equipment Amortisation of Right of Use Assets Amortisation of Intangible Assets
Gratuity Charge and Related Cost Amortisation of Grants
Finance Expense
Profit on disposal of Property, Plant and Equipment
Operating Profit before Working Capital changes
(Increase) / Decrease in Inventories
(Increase) / Decrease in Trade and Other Receivables (Increase) / Decrease in Other Current Assets Increase / (Decrease) in Trade and Other Payables
Increase / (Decrease) in Amount due to Related Parties Increase / (Decrease) in Other Current Liabilities
Cash Generated from Operations
Finance Income Received Finance Cost Paid Gratuity Paid
Gratuity Transfer
Settlement of the Staff MV Loan
Net Cash Flow from Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment
Proceeds from Sale of Property, Plant and Equipment
Net Cash Flow from / (used) in Investing Activities
Net Increase / (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning Note A
Cash and Cash Equivalents at the end Note B
NOTES
Cash and Cash Equivalents at the beginning
Cash and Bank Balances Bank Overdraft
Cash and Cash Equivalents at the end
Cash and Bank Balances Bank Overdraft
STATEMENT OF CHANGES IN EQUITY
Stated Capital | Revaluation Reserve | Retained Earnings | Total | |
As at 1st April 2024 | 150,000 | 680,334 | 842,998 | 1,673,332 |
Profit/ (Loss) for the period | - | - | 12,484 | 12,484 |
Other comprehensive income | - | - | - | - |
Total comprehensive income | - | - | 12,484 | 12,484 |
As at 30th June 2024 | 150,000 | 680,334 | 855,482 | 1,685,816 |
As at 1stApril 2025 | 150,000 | 700,214 | 862,622 | 1,712,836 |
Profit/ (Loss) for the period | - | - | 24,811 | 24,811 |
Other comprehensive income | - | - | - | - |
Total comprehensive income | - | - | 24,811 | 24,811 |
As at 30thJune 2025 | 150,000 | 700,214 | 887,433 | 1,737,647 |
Note : All values are in Rupees '000s, unless otherwise stated. |
Figures in brackets indicate deductions.
Tea Smallholder Factories PLC - Interim Financial Statements
TEA SMALLHOLDER FACTORIES PLC |
OPERATING SEGMENT INFORMATION Geographical Segment Galle Rathnapura N'Eliya Total For the Three months ended 30th June 2025 2024 2025 2024 2025 2024 2025 2024 Segment Revenue Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Revenue from contracts with customers 492,124 409,675 - 532 238,996 241,196 731,119 651,403 731,119 651,403 Segment Results Revenue Expenditure (465,725) (397,472) - (247) (215,803) (217,903) (681,528) (615,622) Depreciation of Property, Plant and Equipment (11,732) (12,549) - - (3,748) (3,501) (15,481) (16,050) Amortisation of Intangible Assets - (58) - - - (14) - (72) Gratuity Charge and Related Costs (2,328) (636) - - (960) (308) (3,288) (944) Segment Gross Profit/ (Loss) 12,339 (1,040) - 285 18,484 19,470 30,823 18,715 Other Income 40,105 44,598 Finance Expense (3,769) (2,230) Finance Income 1,253 1,724 Unallocated Expenses (25,951) (38,978) Management Fees (9,195) (4,842) Profit / (Loss) Before Tax 33,265 18,987 Segment Assets Allocated Assets Non - Current Assets Property, Plant & Equipment 938,912 903,726 - - 269,659 254,906 1,208,571 1,158,632 Accumulated Depreciation (201,758) (172,246) - - (66,409) (57,452) (268,167) (229,698) Intangible Assets 1,000 1,000 - - 250 250 1,250 1,250 Accumulated Amortisation (1,000) (938) - - (250) (235) (1,250) (1,173) Current Assets 357,867 345,180 - - 157,570 164,057 515,437 509,237 1,095,021 1,076,722 - - 360,819 361,526 1,455,840 1,438,248 Unallocated Assets Non - Current Assets Cost 880,316 887,770 Depreciation and Amortisation (34,785) (39,845) Current Assets 96,938 27,369 Total Assets 2,398,310 2,313,542 Segment Liabilities Allocated Liabilities Non Current Liabilities 19,456 15,920 - - 13,736 12,413 33,192 28,333 Current Liabilities 120,001 112,946 - - 51,371 57,222 171,372 170,168 139,457 128,866 - - 65,107 69,635 204,564 198,501 Unallocated Liabilities Non Current Liabilities 337,567 324,885 Current Liabilities 118,532 104,340 456,100 429,226 Total Liabilities 660,664 627,727 Segment Capital Expenditure Allocated Capital Expenditure 480 5,716 - - 276 10,084 756 15,800 Unallocated Capital Expenditure - - 756 15,800 Note : All values are in Rupees '000s, unless otherwise stated. Figures in brackets indicate deductions. |
TEA SMALLHOLDER FACTORIES PLC |
NOTES TO THE INTERIM FINANCIAL STATEMENTS |
1 | Corporate Information |
Tea Smallholder Factories PLC is a public limited Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. |
2 | Approval of Financial Statements |
The interim condensed financial statements of the Company for the three months ended 30th June 2025 were authorised for issue by the Board of Directors on 13th August 2025.
3 | Basis of Preparation |
The interim condensed financial statements for the three months ended 30th June 2025 have been prepared in accordance with LKAS 34 Interim Financial Reporting.
The interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual financial statements for the year ended 31st March 2025. |
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. |
The interim condensed financial statements are presented in Sri Lankan Rupee and all values are rounded to the nearest thousand except when otherwise indicated.
4 | Operating Segments |
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenue and expenses that relate to transactions with any of the Company's other components. The segments are determined based on the Company's geographical spread of operations. All operating segments' operating results are reviewed regularly by the Executive Director to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available.
Segment results that are reported to the Executive Director include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company's head office), head office expenses, and income tax liabilities/ recoverable.
5 | Net Finance Income / (Expense) |
For the three months ended 30th June | |
Finance income | |
Interest income |
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment.
2025 |
Rs. |
2024 |
Rs. |
Finance Expense |
Interest expense on borrowings |
1,253 1,724
(3,769) (2,230)
Net Finance Income / (Expense) (2,515) (506)
TEA SMALLHOLDER FACTORIES PLC |
NOTES TO THE INTERIM FINANCIAL STATEMENTS |
2025 |
Rs. |
2024 |
Rs. |
6 | Tax (Expense) / Reversal |
For the three months ended 30th June | |
Current Income Tax | |
Current tax charge | |
Deferred Income Tax | |
Relating to origination and reversal of temporary differences |
- -
(8,456) (6,503)
7 | Related Party Transactions |
For the three months ended 30th June | |
Parent Company | |
Receiving of services |
Total Tax (Expense) / Reversal (8,456) (6,503)
2025 |
Rs. |
2024 |
Rs. |
(9,195) (1,711)
Companies under common control of the parent company |
Purchase of goods |
Receiving of services |
Rent paid |
- |
- |
- |
(483) |
(13,254) |
(833) |
Transactions with equity accounted investments of the parent |
Receiving of services |
- (1,804)
7.1 | Transactions with Key Management Personnel of the Company |
The Company has paid Rs. 1.6Mn to their Directors as fees during period ended 30th June 2025 (30th June 2024 - Rs.2.10 Mn). There are no non cash benefits for Key Management Personnel. Other than that, there are no transactions, arrangements and agreements with close family members of Key Management Personnel or with Companies controlled / jointly controlled / significantly influenced by Key Management Personnel and their close family members. |
7.2 | Terms and Conditions of Transactions with Related Parties |
Transaction with related parties are carried out in the ordinary course of business. Outstanding current account balances at the period end are unsecured, interest free and settlement occurs in cash. The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm's length transactions. |
7.3 | Management Fee |
The management fee to managing agents, Browns Power Holding (Private) Limited was accrued at contractual price. |
8 | Share Information |
8.1 | Float adjusted market capitalization and Public share holdings |
As at 30th June 2025
As at 31st March 2025
Number of public shareholders |
Public holding percentage |
Compliant under option 5 - Float adjusted market capitalization (Rs.'000s) |
1,639 |
24.73 |
308,618 |
1,485 |
33.09 |
397,612 |
The Company has complied with the Rule 7.13.1 (a) of the Listing Rules of the Colombo Stock Exchange governing the minimum public holding requirement of listed entities for continuous listing requirements. As at 30th June 2025, the public holding of the Company stood at 24.73 percent surpassing the minimum requirement of 20 percent, under the option 5.
TEA SMALLHOLDER FACTORIES PLC |
NOTES TO THE INTERIM FINANCIAL STATEMENTS |
8.2 | The number of shares held by the Board of Directors are as follows: |
Names |
MR. P.S.H. ULUWADUGE |
MR. D.S.K. AMARASEKARA |
MR. A.S. PERERA |
MR. T. DHARMARAJAH |
MR. U.H.E. SILVA |
MR. G.D.V. PERERA |
MR. P.P. EDIRISINGHE |
MS. A. GOONETILLEKE |
As at 30th June 2025 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
As at 31st March 2025 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
8.3 | Twenty largest shareholders of the Company are as follows: |
As at 30th June 2025 | |||
Seq.No. | Name | No. of Shares | % Holdings |
1 | UDAPUSSELLAWA PLANTATIONS PLC | 22,581,313 | 75.27 |
2 | AKBAR BROTHERS PVT LTD A/C NO 1 | 3,000,000 | 10.00 |
3 | MR. M.S.M. ALI MOHAMED SIDDEEK MOHAMED | 275,500 | 0.92 |
4 | SEYLAN BANK PLC/EAGLE CREST (PVT) LTD | 208,878 | 0.70 |
5 | SAMPATH BANK PLC/MR. S.M. DISSANAYAKE | 200,000 | 0.67 |
6 | WINSLAND REALITY (PVT) LTD | 136,944 | 0.46 |
7 | MR. D. RAMACHANDRAN | 178,000 | 0.59 |
8 | MR. C.R. NARANGODA | 129,002 | 0.43 |
9 | T R L HOLDINGS (PVT) LIMITED | 122,500 | 0.41 |
10 | MR. N.D. KURUKULASURIYA | 62,400 | 0.21 |
11 | MR. A.K.S. MENDIS | 59,716 | 0.20 |
12 | MRS. S. VASUDEVAN | 53,496 | 0.18 |
13 | DR. D.S.A. SAMARAWEERA | 53,000 | 0.18 |
14 | MR. L.T.R.S.L. JAYAWARDHANA | 50,000 | 0.17 |
15 | MR. W.A.P. KUMARA | 50,000 | 0.17 |
16 | MERCHANT BANK OF SRI LANKA & FINANCE PLC 01 | 46,821 | 0.16 |
17 | MR. A.K.S. MENDIS | 45,706 | 0.15 |
18 | MR. K.P.R.L. WIJESINGHA | 44,500 | 0.15 |
19 | PEOPLE S LEASING AND FINANCE PLC/N.ANOSHAN | 44,000 | 0.15 |
20 | MR. C.N. PAKIANATHAN | 37,613 | 0.13 |
Total | 27,379,389 | 91.30 | |
As at 31st March 2025 | |
No. of Shares | % Holdings |
- | - |
7,318,000 | 24.39 |
- | - |
208,878 | 0.70 |
- | - |
- | - |
175,777 | 0.59 |
- | - |
104,306 | 0.35 |
62,400 | 0.21 |
- | - |
53,496 | 0.18 |
53,000 | 0.18 |
- | - |
- | - |
- | - |
- | - |
- | - |
44,000 | 0.15 |
37,613 | 0.13 |
8,057,470 | 26.88 |
9 | Change in Majority Shareholding |
On 3 April 2025, Udapussellawa Plantations PLC acquired 11,276,839 ordinary voting shares of Tea Smallholder Factories PLC, representing approximately 37.59% of the Company's total issued ordinary shares, at a consideration of Rs. 35.00 per share. Subsequently, during the same quarter, Udapussellawa Plantations PLC acquired a further 11,304,474 ordinary voting shares through the mandatory offer process, in accordance with the Takeovers and Mergers Code of Sri Lanka. Following these acquisitions, Udapussellawa Plantations PLC's aggregate shareholding in the Company increased to 75.27% of the total issued ordinary shares, thereby obtaining control and becoming the majority shareholder of the Company. |
10 | Capital Commitments |
The value of contractual commitments for acquisition of property, plant and equipment as at 30th June 2025 is Rs. 5.9Mn. |
11 | Contingencies |
There are no Contingent Liabilities as at 30th June 2025. |
12 | Events After the Reporting Period |
There have been no events subsequent to the reporting date, which require disclosure in the interim condensed financial statements. |
8.4 | Stated Capital is represented by number of shares in issue as given below: |
As at 30th June 2025 |
30,000 |
As at 31st March 2025 |
30,000 |
Ordinary Shares (in thousands) | |
8.5 | Net Assets per share |
Net assets per share have been calculated, for all periods, based on the number of shares in issue as at 30th June 2025. |
8.6 | Market Price per share |
For the quarter ended 30th June |
2025 |
Rs. |
43.90 |
35.00 |
41.60 |
2024 |
Rs. |
42.90 |
40.00 |
41.40 |
Highest |
Lowest |
Last Traded |