Tess Agro PlcCSELK: TESS.N0000

Interim Financial Statements as at 30th June 2024

Aug 22, 2024 at 11:51 AM UTC · Issued by Tess Agro Plc

INTERIM

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30th JUNE 2024

TESS AGRO PLC

87, New Nuge Road, Kelaniya

Balance Sheet
As At 30th June 2024
		Un-Audited	Un-Audited	Audited
		Period Ended	Period Ended	Period Ended
		30th June. 2024	31st Mar. 2024	31st Mar. 2023
		Rs.	Rs.	Rs.
ASSETS
NON CURRENT ASSETS
Property , Plant & Equipment		458,391,999	449,592,630	337,505,115
Intangible Assets		24,398	24,398	208,148
Differed Tax Assets		20,129	20,129	20,129
Biological Assets		2,194,289	2,194,289	2,194,289
Right of Use Assets		124,719,949	124,719,949	129,281,144
Other Non Current Financial Assets	457,023	457,023	435,918
		585,807,787	577,008,417	469,644,743
CURRENT ASSETS
Trade and Other Receivables Net	1,538,662	1,292,635	1,831,580
Other Current Assets		38,607,724	52,889,609	61,580,857
Raw Material Inventory		48,116,881	32,672,392
Cash in Hand at Bank		32,886,570	30,519,748	21,506,534
		121,149,837	117,374,384	84,918,971
TOTAL ASSETS		706,957,624	694,382,801	554,563,712
EQUITY & LIABILITIES
Stated Capital		670,517,907	670,517,907	491,805,529
Retained Earnings		(424,245,294)	(421,633,252)	(394,143,523)
Reserves		50,169,001	50,169,001	50,169,001
Deffered Revenue Expenditure			(1,387,004)
Total Equity		296,441,614	297,666,653	147,831,007
NON CURRENT LIABILITIES
Interest Bearing Borrowings		-	-
Deferred Tax Liability		40,639,289	40,639,289	39,711,464
Deposit-Rent		2,290,000	2,290,000	2,290,000
Retirement Benefit Obligations		381,426	74,550	74,550
		43,310,715	43,003,839	42,076,014
CURRENT LIABILIITES
Trade and Other Payables		40,571,580	35,722,319	31,628,627
Current Portion of Borrowings		240,397,349	250,464,251	269,584,251
Amount Due To Related Parties		94,426	94,426	-
Short Term Borrowings		48,021,339	32,883,044	32,883,044
Other Current Liabilities		3,573,335	-	3,254,698
Bank Overdrafts		34,547,266	34,548,266	27,306,072
		367,205,295	353,712,306	364,656,692
TOTAL EQUITY & LIABILITIES		706,957,624	694,382,801	554,563,713
No of Ordinary Shares		743,729,716	743,729,716	557,797,287
Net assets value per share		0.40	0.40	0.27
Market value per share Voting - Qtr.	- Highest	1.40	1.20	1.00
	- Lowest	0.90	1.00	0.50
	- Closing	1,00	1.10	0.50
Market value per share Non Voting - Qtr.	- Highest	0.90	1.00	0.90
	- Lowest	0.50	0.80	0.40
	- Closing	0.60	0.80	0.40
		0.80
D Fernando			Ms S. D.Fernando
Chairnan/CEO			Director
22.08.2024
Date
Figures in the brackets indicate deductions.

Income Statement

For the Period Ended 30th June 2024

	Un-audited	Un-audited	Audited
	Three Months	Three Months
	Period Ended	Period Ended	Period Ended
	30 th June 2024	31st Mar. 2024	31st Mar.2023
	Rs.	Rs.	Rs.
Turnover	2,660,898	431,714	11,621,298
Cost of Sales	(852,052)	(133,778)	(8,084,751)
Gross Profit	1,808,846	297,936	3,536,547
Dividend Income	13,446		22,859
Other Operating Income	2,766,487	3,556,806	20,116,197
Selling & Distribution Expenses		(7,333)	(708,267)
Administrative Expenses	(6,888,027)	(9,637,222)	(18,024,953)
Other Operating Expenses	-	(303,585)	(299,324)
Result from Operating Activities	(2,299,249)	(6,093,398)	4,643,059
Finance Income	162,208		4,496,975
Finance Expenses	(474,900)	(1,278,731)	(4,222,258)
Net Finance Cost	(312,692)	-	274,717
Other Expenses			(7,632,312)
Profit /(Loss) before Tax	(2,611,941)	(7,372,129)	(2,714,536)
Income Tax Expenses		-	(4,199,276)
Net Profit/(Loss) after Tax	(2,611,941)	(7,372,129)	(6,913,812)
Profit available for Appropriation	(2,611,941)	(7,372,129)	(6,913,812)
Earnings Per Share	(0.004)	(0.01)	(0.02)
Figures in the brackets indicate deductions.
	706,957,624	694,382,801	389,787,287

Statement of Comprehensive Income

For the Period Ended 30th June 2024
	Un-audited	Un-audited	Un-audited	Audited
	Three Months	Three Months	Three Months
	Period Ended	Period Ended	Period Ended	Period Ended
	30th Jun. 2024	31st Mar. 2024	31st Mar. 2023	31st Mar. 2023
	Rs.	Rs.	Rs.	Rs.
Profit / Loss for the Peroid / Year	(2,611,941)	(7,372,129)	2,720,508	(6,913,812)
Other Comprehensive Income
Revaluation of Property, Plant & Equipment	-	-	-
Net Change in Fair value of Available for sale Financial Assets	-	-	-	(23,108)
Net Change in Fair value of Financial Assets in Tropic Fishery (Pvt) Ltd	-	-	-
Acturial gains / (losses) on Employee benefit liabilities	-	-	-
Other Comprehensive income for the year, net of tax	-	-	-	(23,108)
Total Comprehensive Income for the Period /Year	(2,611,941)	(7,372,129)	2,720,508	(6,936,920)
Figures in the brackets indicate deductions.

Change

(371)

Cash Flow Statement

For the Period Ended 30th June 2024

			Company
	Un-Audited	Un-Audited	Un-Audited
	Three Months	Three Months	Three Months	Un-Audited	Audited
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended
	30th Jun. 2024	30th Jun. 2023	31st Mar. 2023	31st Mar. 2024	31st Mar. 2023
	Rs.	Rs.	Rs.
Cash Flow from Operating Activities
Cash Receipts from Customers	2,660,898	-	27,035,895	431,714	23,463,174
Raw Material Purchase	(16,169,027)			(31,925,570)
Shares issued		-
Cash Paid to Suppliers & Employees	(3,145,447)	(5,319,868)	(7,680,247)	(6,911,258)	(15,434,051)
Exchange Gain/(Loss) on Transaction					(299,324)
Prior Adjustments					(521,943)
Cash Generated from Operations	(16,653,576)	(5,319,868)	19,355,648	(38,405,114)	7,207,856
Gratuity Paid	-	(49,000)	(49,000)	-
Interest Paid	(273,510)
Income Tax Paid			-
VAT Paid	(786,453)	-	-	(14,566,819)	-
WHT Paid	(246,027)	-	-	(984,108)
Net Cash flow generated from Operating Activities	(17,959,566)	(5,368,868)	19,306,648	(53,956,041)	7,207,856
Cash flow from Investing Activities
Interest Received	162,207	3,690,204	2,417,610	-	-
Dividend Received	13,445	3,931			22,859
Acquisition of Property Plant & Equipment	-	(18,827,911)	(381,438)	(77,519,018)	(2,492,081)
Disposal of Property Plant & Equipment					-
Rent Deposit Received	-	-	-	-	(250,000)
Rent Received		2,460,270	2,460,270	14,983,191	9,555,005
Short Term Investment	14,281,885	-	(14,061,211)	(34,647,735)	(43,720,951)
Realization of Eixed Deposit		-
Proceeds from disposal of Property Plant Equipment		-
Exchange Gain/(Loss)
Investment made during the year	-	18,707,250		-
Net Cash flow from Investing Activities	14,457,537	6,033,744	(9,564,769)	(97,183,562)	(36,885,168)
Cash flow from Financing Activities
Repayment of Interest Bearing Borrowings		-		-	(25,270,000)
Short Term Finance				9,073,216
Interest Paid	(273,510)	(1,123,406)	(1,044,396)	-	(4,222,258)
Proceeds from Interest Bearing Borrowing				-
Preceed from share Issue	-	-	-	179,265,762	84,000,000
Dividend Paid	-	-	-	-	-
Net Cash flow from Financing Activities	(273,510)	(1,123,406)	(1,044,396)	188,338,978	54,507,742
Net Increase/(Decrease) in Cash & Cash Equivalents	(3,775,539)	(458,530)	8,697,483	37,199,375	24,830,430
Cash & Cash Equivalents at the Beginning of the Year /Peroid	(6,972,597)	(6,972,597)	(15,553,653)	(5,799,537)	(30,629,967)
Cash & Cash Equivalents at the End of the Period	(10,748,136)	(7,431,127)	(6,856,170)	31,399,838	(5,799,537)

Statement of Changes in Equity

For the Period Ended 30th June 2024

		Attributable to equity holders of the Company			Total
						Defered Revenue
	Stated	Revaluation	Capital	Fair Value	Retained	Expenditure
	Capital	Surplus	Reserves	Reserve of	Earnings
				Financial Assets
				at FVOCI
	Rs.	Rs.	Rs.	Rs.	Rs.		Rs.
Balance as at 31st March, 2022	407,805,528	48,421,558	1,747,443	(312,560)	(382,430,220)		75,231,749
Net Profit/(Loss) for the year
Private Placement	84,000,000						84,000,000
Prior year Adjustments - Expenses understated	`				(622,102)		(622,102)
Expenses Overstated					321,019		321,019
Deferred Tax Liabilities Understated					(4,164,978)		(4,164,978)
Deferred Tax Assets Understated					2,237		2,237
Transfer				335,668	(335,668)		-
Other Comprehensive Income for the year				(23,108)			(23,108)
Balance as at 31st March ,2023	491,805,528	48,421,558	1,747,443	-	(394,143,525)		147,831,004
Net Profit/(Loss) for the period
Private Placement	-						-
Balance as at 30th June, 2023	491,805,528	48,421,558	1,747,443	-	(392,473,151)		149,501,378
Net Profit/(Loss) for the period	-	-	-	-	(3,794,796)		(3,794,796)
Other Comprehensive Income	-	-	-		-		-
Balance as at 30th September, 2023	491,805,528	48,421,558	1,747,443	-	(396,267,947)		145,706,582
Net Profit/(Loss) for the period	-	-	-	-	(6,934,107)		(6,934,107)
Other Comprehensive Income	-	-	-		-		-
Balance as at 30th December, 2023	491,805,528	48,421,558	1,747,443	-	(403,202,054)		138,772,475
Net Profit/(Loss) for the period	-	-	-	-	(25,553,646)		(25,553,646)
Rights Issue	178,712,379						178,712,379
Prior year Adjustments - Assets Overstated					(14,816,818)		(14,816,818)
Liabilities Understated					(1,351,722)		(1,351,722)
Liabilities Overstated					14,232,358		14,232,358
Rights Issue Expenses	(553,384)						(553,384)
Electricity Connection						(2,080,501)	(2,080,501)
Electricity Connection Depreciation						693,500	693,500
Total Comprehensive Income for the year	-	-	-		(27,489,828)	(1,387,001)	149,282,166
Balance as at 31st March, 2024	670,517,907	48,421,558	1,747,443	-	(421,633,353)	(1,387,001)	297,666,554
Private Placement
Net Profit/(Loss) for the period	-	-	-	-	(2,611,941)		(2,611,941)
Other Comprehensive Income	-	-	-		-		-
Balance as at 30th June, 2024	670,517,907	48,421,558	1,747,443	-	(424,245,294)		295,054,613

Rights Issue Utilization

							% of
							Utilization
		Ammount	Poposed date of	Amount Allocated			against
Objective		Allocated as per	Utilization as per	from Proceeds in	% of Total	Amounts Utilized	Allocation
Number	Objectives per Circular	Circuler	Circular	LKR (A)	Proceeds	in LKR	(B)/(A)
(d )	Operation Expenses	44,500,000.00	Q1 2023/2024	44,500,000.00	25%	30,661,019.00	69%
( e )	Import of Raw materials	72,000,000.00	Q4 2023/2024	72,000,000.00	40%	48,010,196.00	66%
	Creating a working capital
	buffer to finance regular
( f )	business	62,765,762.00	Q4 2023/2024	62,765,762.00	35%	31,979,295.00	50%
	Total	179,265,762.00		179,265,762.00		110,650,510.00

Calrification if not fully utilize including where the funds are invested (eg:wheather lent to related party/s etc)

The funds unutilized has been placed as TB's and overnight repos with companys custodian banks

Notes

Notes to the Financial Statements

1.Basis of Preparation

The interim financial statements of Tess Agro PLC have been prepared in accordance with Sri Lanka Accounting Standards (SLFRS/LKAS) with effect from 1 st January 2012.

2.Comparative Information

The accounting policies applied by the company are unless otherwise stated, consistent with those used in the previous year/Interim Financial Statements, Previous interim Financial statements figures and pharases have been rearranged, wherever necessary, to to conform to the year .Intererim statements to provide a better presentation.

3.Stated Capital

The stated capital of the company consists of 507797287 ordinary voting shares and 50,000,000 non voting shares as at 31st March 2023 a further issue of shares by way of a rights issue was carried out on the 16th feb 2024 which consits of 169,265,762 ordinary voting shares and 16,666,667 non voting shares, making the total issue of voting shares to 677,063,049 and 66,666,667 non voting shares.

4.Contingent Liabilities

There is no change in the nature of contingent assets ot liabilities as at 30th June 2024

as compared to the contingent liabilities and assets which were disclosed in the accounts for the year ended 31 st March 2024

5.Event Subsequent to the Interim Period

The company was able to come to a settlement with its lenders and have dislosed the same in the interim accounts

There have been no other event subsequent to the interim period,which require to discloser in the provisional Financial Statements

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