Tess Agro PlcCSELK: TESS.N0000

Interim Financial Statements as at 30th Sep 2024

Oct 30, 2024 at 3:28 AM UTC · Issued by Tess Agro Plc

INTERIM

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30th SEPTEMBER 2024

TESS AGRO PLC

87, New Nuge Road, Kelaniya

Balance Sheet

As At 30th September 2024

		Un-Audited	Un-Audited	Audited
		Period Ended	Period Ended	Period Ended
		30th Sep. 2024	30th Sep. 2023	31st Mar. 2024
		Rs.	Rs.	Rs.
ASSETS
NON CURRENT ASSETS
	Property , Plant & Equipment Net	377,330,795	325,893,593	358,675,269
	Investment Property	90,763,619	90,763,619	90,763,619
	Right of Use Assets	129,281,143	129,281,143	124,719,950
	Intangible Assets	24,398	131,583	24,398
	Differed Tax Assets	20,129	20,129	20,129
	Biological Assets	2,194,289	2,194,289	2,194,289
	Other Non Current Financial Assets	457,023	435,918	457,023
		600,071,397	548,720,274	576,854,677
CURRENT ASSETS
	Trade and Other Receivables Net	1,937,426	2,102,960	1,287,160
	Other Current Assets	34,834,194	30,869,991	52,566,099
	Raw Material Inventory	46,324,443	-	32,578,782
	Cash in Hand at Bank	27,248,713	3,160,340	28,200,672
		110,344,776	36,133,291	114,632,713
TOTAL ASSETS	710,416,173	584,853,565	691,487,390
EQUITY & LIABILITIES
EQUITY
	Stated Capital	670,517,907	491,805,529	670,517,908
	Retained Earnings	(424,991,006)	(396,310,196)	(423,452,732)
	Reserves	49,549,154	50,169,001	49,549,154
	Deffered Revenue Expenditure	(1,387,001)	-	(1,387,001)
		-	-	-
Total Equity	293,689,054	145,664,334	295,227,329
NON CURRENT LIABILITIES
	Deferred Tax Liability	46,449,435	39,711,463	46,449,435
	Interest Bearing Loans & Borrowings	218,867,537	-
	Deposit-Rent	9,349,000	2,290,000	2,290,000
	Employee Benefit Obligations	381,426		74,550
		275,047,398	42,001,463	48,813,985
CURRENT LIABILIITES
	Trade and Other Payables	13,867,529	29,030,778	1,550,655
	Current Portion of Borrowings	38,600,000	269,584,249	250,464,251
	Amount Due To Related Parties	50,000	1,029,006
	Short Term Borrowings	30,930,602	32,883,044	32,883,044
	Other Current Liabilities	5,330,654	3,463,370	-
	Bank Overdrafts	52,900,936	61,197,320	62,548,126
		141,679,720	397,187,767	347,446,076
TOTAL EQUITY & LIABILITIES	710,416,173	584,853,565	691,487,391
No of Ordinary Voting & Non Voting Shares	743,729,716	557,797,287	743,729,716
Net assets value per share	0.39	0.35	0.40
Market value per share Voting - Qtr.- Highest	1.20	1.20	1.10
	- Lowest	1.00	0.80	0.90
	- Closing	1.00	1.10	1.00
Market value per share Non Voting - Qtr.- Highe	0.80	0.90	0.70
	- Lowest	0.50	0.60	0.50
	- Closing	0.80	0.70	0.60
The above figures are provisional and subject to audit
D.Fernando	Ms. S.D. Fernando
Chairman/CEO	Director
Date	29.10.2024
Figures in the brackets indicate deductions.

Income Statement

For the Period Ended 30th September 2024

	Un-audited	Un-audited	Un-audited	Un-audited	Audited
	Three Months	Three Months	Six Months	Six Months		Change
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended

	30th Sep. 2024	30th Sep. 2023	30th Sep. 2024	30th Sep. 2023	31st Mar. 2024
	Rs.	Rs.	Rs.	Rs.	Rs.	%
Turnover	9,086,864	2,795,742	14,254,178	9,083,998	10,761,014
Cost of Sales	(1,865,534)		(4,536,606)	-	(2,842,885)	-
Gross Profit	7,221,330	2,795,742	9,717,572	9,083,998	7,918,129
Other Operating Income	-	-	-	-	4,455,800
Selling & Distribution Expenses	-	(209,085)	-	(624,198)	(1,019,277)
Administrative Expenses	(5,900,038)	(4,602,080)	(10,044,398)	(7,719,942)	(33,449,686)	(28)
Other Operating Expenses				-	-	-
Profit from Operations	1,321,292	(2,015,423)	(326,826)	739,858	(22,095,034)	(166)
Dividend Income	13,608	-	27,054	-	15,380
Profit before Interest	1,334,900	(2,015,423)	(299,772)	739,858	(22,079,654)	(166)
Finance Income	370,327	-	532,535	-	5,196,267	100
Finance Expenses	(631,560)	(1,779,373)	(1,379,970)	(2,906,629)	(4,392,620)
Other Expenses			-		(584,460)
Profit /(Loss) before Tax	1,073,668	(3,794,796)	(1,147,207)	(2,166,771)	(21,860,467)	128
Income Tax Expense	-	-	-	-	245,028	-
Net Profit/(Loss) after Tax	1,073,668	(3,794,796)	(1,147,207)	(2,166,771)	(21,615,439)	128
Profit available for Appropriation	1,073,668	(3,794,796)	(1,147,207)	(2,166,771)	(21,615,439)	128
Earnings Per Share	0.00	(0.01)	(0.00)	(0.00)	(0.04)	23

Figures in the brackets indicate deductions.

Statement of Comprehensive Income
For the Period Ended 30th September 2024
	Un-audited	Un-audited	Un-audited	Un-audited	Audited
	Three Months	Three Months	Six Months	Six Months		Change
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended

	30th Sep.2024	30th Sep.2023	30th Sep.2024	30th Sep.2023	31st Mar. 2024
	Rs.	Rs.	Rs.	Rs.	Rs.	%
Profit / Loss for the Peroid / Year	1,073,668	(3,794,796)	(1,147,207)	(2,166,770)	(21,615,439)	128
Other Comprehensive Income	-	-	-	-	-	-
	1,073,668	(3,794,796)	(1,147,207)	(2,166,770)	(21,615,439)	128
Items that will not be reclassified to Profit or Loss
Deffered Tax on Revaluation Gains					(640,952)
Next Change in Fair Value of	-	-	-	-	-	-
Available for sale Financial Assets					21,104
Other Comprehensive Income for the year net of tax	-	-	-	-	(619,847)
Other Comprehensive Income for the Period /Year	1,073,668	(3,794,796)	(1,147,207)	(2,166,770)	(22,855,134)	128

Figures in the brackets indicate deductions.

Cash Flow Statement
For the Period Ended 30th September 2024
		Company
	Un-Audited	Un-Audited
	Six Months	Six Months	Audited
	Period Ended	Period Ended	Period Ended
	30th Sep. 2024	30th Sep. 2023	31st Mar. 2024
	Rs.	Rs.
Cash Flow from Operating Activities
Cash Receipt from Customers	8,031,521	-	1,894,314
Raw Material Purchase	(18,396,725)
Packing Material Purchase	(245,226)
Shares Issued
Cash Paid to Suppliers & Employees	(23,691,381)	(9,259,468)	(91,442,752)
Exchange Gain/(Loss) on transactions			4,328,800
Prior Year Adjustments			(880,000)
Cash Generated from Operations	(34,301,810)	(9,259,468)	(86,099,638)
Gratuity Paid	-
Interest Paid
Income Tax Paid	-
VAT Paid	(3,913,451)	(11,421,311)
WHT Paid	-	(492,054)
Net Cash flow from Operating Activities	(38,215,261)	(21,172,833)	(86,099,638)
Cash flow from Investing Activities
Acquisition of Property, Plant & Equipment	-	(80,837,681)	(121,343,980)
Purchase of Intangible assets
Acquisition of Biological Assets		-
Realization of Fixed Deposits	-	43,720,951	-
Interest Received	532,535	4,032,528	5,196,267
Dividend Received	27,054	3,931	15,380
Short Term Investment			9,073,216
Proceeds from Disposal of Property Plant and Equipment
Rent Deposit Received	7,059,000		-
Rent Received	5,876,950	4,920,540	10,291,080
Net Cash Flows Used in Investing Activities	13,495,539	(28,159,731)	(96,768,037)
Cash flow from Financing Activities
Repayment of Interest Bearing Borrowings		-	(20,000,000)
Short Term Finance
Proceeds from Right Issue		-	179,265,763
Interest Paid	(877,327)	(2,904,879)	(4,392,620)
Right Issue Expenses			(553,384)
Net Cash flow from Financing Activities	(877,327)	(2,904,879)	154,319,759
Net Increase/(Decrease) in Cash & Cash Equivalents	(25,597,049)	(52,237,443)	(28,547,916)
Cash & Cash Equivalents at the Beginning of the Year/Peroid	(5,799,537)	(5,799,537)	(5,799,538)
Cash & Cash Equivalents at the End of the Period	(31,396,586)	(58,036,980)	(34,347,454)

Statement of Changes in Equity

For the Period Ended 30th September 2024

		Attributable to equity holders of the Company			Total
	Stated	Revaluation	Capital	Fair Value Reserve	Retained	Defered
				of Financial assets at		Revenue
	Capital	Surplus	Reserves	FVOCI	Earnings	Expenditure
	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.
Balance as at 31st March, 2023	491,805,528	48,421,558	1,747,443	-	(394,143,524)		147,831,005
Total Comprehensive Income	491,805,528	48,421,558	1,747,443	-	(394,143,524)		147,831,005
Private Placement
Net Profit/(Loss) for the period					1,670,374		1,670,374
issue of shares							-
Other Comprehensive Income	-		-				-
Balance as at 30th June 2023	491,805,528	48,421,558	1,747,443	-	(392,473,150)	-	149,501,379
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	-	(396,267,946)	-	145,706,583
Net Profit/(Loss) for the period	-	-	-		(6,934,107)		(6,934,107)
Other Comprehensive Income		-			-
Acturial gains (losses) on Employee benefit liabilities
Balance as at 31st December 2023	491,805,528	48,421,558	1,747,443	-	(403,202,053)	-	138,772,476
Net Profit/(Loss) for the period
Right Issue	179,265,763				-		179,265,763
Prior Year Adjustments - Liabilities understated					(880,000)		(880,000)
- Adjustment to Provision					(471,722)		(471,722)
Right Issue Expenses	(553,384)			-			(553,384)
Electricity Connection						(2,080,501)	(2,080,501)
Electricity Connection Depreciation						693,500	693,500
Other Comprehensive Income				(619,847)	(6,342,047)		(6,961,894)
Total Comprehensive Income for the Year	178,712,379	-	-	(619,847)	(29,309,207)	(1,387,001)	147,396,324
Balance as at 31st March 2024	670,517,907	48,421,558	1,747,443	(619,847)	(423,452,733)	(1,387,001)	295,227,327
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	(619,847)	(426,064,674)	(1,387,001)	292,615,386
Net Profit/(Loss) for the period
Other Comprehensive Income	-	-	-				-
Balance as at 30th September, 2024	670,517,907	48,421,558	1,747,443	(619,847)	(424,991,006)	(1,387,001)	293,689,054

Rights Issue Utilization

Objective
Number	Objectives per Circular
(d )	Operation Expenses
( e )	Import of Raw materials
	Creating a working capital
	buffer to finance regular

f ) business Total

					% of	Calrification if not fully
					Utilizatio	utilize including where the
	Poposed date of	Amount Allocated			n against	funds are invested
Ammount Allocated	Utilization as per	from Proceeds in	% of Total	Amounts Utilized	Allocatio	(eg:wheather lent to
as per Circuler	Circular	LKR (A)	Proceeds	in LKR	n (B)/(A)	related party/s etc)
44,500,000.00	Q1 2023/2024	44,500,000.00	25%	44,500,000.00	100%
						The funds unutilized has
72,000,000.00	Q4 2023/2024	72,000,000.00	40%	66,652,146.00	93%	been placed as TB's and
overnight repos with

						companys custodian banks
62,765,762.00	Q4 2023/2024	62,765,762.00	35%	41,831,695.00	67%
179,265,762.00		179,265,762.00		152,983,841.00

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 conform to the year /Interim financial 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

Investor Information

1 Directors' Shareholdings - Voting
1	Mr.Dilshan Fernando	110,514,034	0.14%
2	Ms Seraiah Druvinka Fernando	Nil	0.12%
3	Mr Srdan Veselinovic	Nil	0.19%
4	Prof. Arthur H. DE O. Bamunuarachchi	Nil
5	Mr. A.M.A Cader	Nil

2	Shares held by Public	47.72%
3	Number of Public Shareholders	5,475
4	The Float Adjusted Market Capitalization as at 20th September 2024	Rs. 321,606,653

The Float Adjusted Market Capitalization of the company falls under option 2 of Rule 7.13.1 (b) of the Listing Rules of the Colombo Stock Exchange and the Company has Complied with the minimum public holding requirement applicable under said option.

Major Shareholders	No. of Shares	%
1	IPEK SA LTD	203,080,000	30.13%
2	SILVER EDGE INVESTMENTS LTD	168,408,423	24.99%
2	FERNANDO D	110,514,034	16.40%
3	FERNANDO S.A MRS.	24,303,719	3.61%
4	TRANZ DOMINION,L.L.C.	6,000,060	0.89%
6	EGLOBAL SERVICES (PVT) LTD	5,000,000	0.74%
7	FERNANDO A.S.A. MR.	5,000,000	0.74%
8	FORBES & WALKER LIMITED A/C NO 4 (EXECUTIVE & STAF	5,000,000	0.74%
9	FERNANDO S. MR.	4,431,402	0.66%
10	SENARATHNE K.M.V.J. MR.	4,235,593	0.63%
11	RAMBUKWELLE R.E. MR.	3,950,000	0.59%
12	ANANDAWANSA W.L.T (DECEASED)	3,200,000	0.47%
13	DE SILVA WIJEYERATNE D.J.MR	2,967,169	0.44%
14	GULAMHUSEIN S.H.A. EST.	2,781,774	0.41%
15	MERCHANT BANK OF SRI LANKA & FINANCE PLC/N.S.A. SE	2,367,391	0.35%
16	ABEYGUNAWARDENA A.S. DR	2,205,209	0.33%
17	PEIRIS T.A. MR.	2,162,475	0.32%
18	HARADASA L.H.L.T.D. MR.	2,000,000	0.30%
19	SENKADAGALA FINANCE PLC/P.A.WIJERATNE	1,978,373	0.29%
20	SUNANDA RAJA D.A.C. MR.	1,902,018	0.28%

Investor Information

1 Directors' Shareholdings - Non Voting
1	Mr.Dilshan Fernando	3,491,097	0.11%
2	Ms Seraiah Druvinka Fernando	Nil	0.07%
3	Mr Srdan Veselinovic	Nil	0.13%
4	Prof. Arthur H. DE O. Bamunuarachchi	Nil
5	Mr. A.M.A Cader	Nil

2 Shares held by Public	82.28%
3 Number of Public Shareholders	1209
Major Shareholders	No. of Shares	%
1	FERNANDO S.A.	8,314,108	12.48%
2	ANANDAWANSA W.L.T MR. (DECEASED)	3,805,267	5.71%
3	FERNANDO D.	3,491,097	5.24%
4	MERCHANT BANK OF SRI LANKA & FINACE PLC	2,260,137	3.39%
5	MUHUNTHAN	2,100,000	3.15%
6	MAHINDA N.G.	1,734,192	2.60%
7	NETHITHIKUMARA N.A.L.A.	1,726,150	2.59%
8	DAMUNUPOLA U.K.B.	1,354,978	2.03%
9	PEOPLE'S LEASING & FINANCE PLC/MR.A.B.K. WEERAMAN	1,312,500	1.97%
10	SENKADAGALA FINANCE PLC/P.A.WIJERATNE	1,210,655	1.82%
11	SHAMSUDEEN M.S.R.	1,164,285	1.75%
12	METHTHASENA K.A.D.A.	1,040,420	1.56%
13	GUNAWARDANA M.S.H.	1,000,000	1.50%
14	PERERA S.S.L.	1,000,000	1.50%
15	QUVYLIDH M.M.S.	998,353	1.50%
16	KAMIL M.H.A.	992,587	1.49%
17	RAMBUKWELLE R.E.	950,010	1.43%
18	SHAYANTHA K.A.D.R.	904,009	1.36%
19	TRANZ DOMINION,L.L.C.	866,666	1.30%
20	CITIZENS DEVELOPMENT BUSINESS FINANCE PLC/KULAPPU	800,581	1.20%

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