Tess Agro PlcCSELK: TESS.N0000

Interim Financial Statements for the Quarter ended 30th September 2025

· Issued by Tess Agro Plc


INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30thSEPTEMBER 2025

TESS AGRO PLC # 87, New Nuge Road, Kelaniya

Balance Sheet



As At 30thSeptember 2025

Un-Audited

Un-Audited

Audited

Period Ended

Period Ended

Period Ended

30thSep. 2025

30thSep. 2024

31stMar. 2025

Rs.

Rs.

Rs.

ASSETS

NON CURRENT ASSETS

Property , Plant & Equipment Net

366,113,553

377,330,795

360,999,594

Investment Property

122,800,000

90,763,619

122,800,000

Capital Work-in-Progress

93,724,497

29,229,726

Right of Use Assets

120,158,819

129,281,143

120,158,819

Intangible Assets

-

24,398

-

Differed Tax Assets

76,950

20,129

76,950

Biological Assets

2,194,289

2,194,289

2,194,289

Other Non Current Financial Assets

1,052,343

457,023

1,052,343

CURRENT ASSETS

706,120,451

600,071,397

636,511,721

Trade and Other Receivables Net

14,354,763

1,937,426

12,191,246

Other Current Assets

33,670,813

34,834,194

36,697,606

Inventories

58,643,876

46,324,443

55,111,429

Investments in Margin Trading

17,321,425

17,321,425

Cash in Hand at Bank

54,093,891

27,248,713

177,003,320

178,084,768

110,344,776

298,325,026

TOTAL ASSETS

884,205,219

710,416,172

934,836,747

EQUITY & LIABILITIES

EQUITY

Stated Capital

671,071,291

670,517,907

671,071,291

Retained Earnings

(441,889,565)

(424,991,006)

(461,631,703)

Reserves

50,144,474

49,549,154

50,144,475

Deffered Revenue Expenditure

-

-

(1,387,001)

-

-

-

Total Equity

279,326,200

293,689,054

259,584,063

NON CURRENT LIABILITIES

Deferred Tax Liability

50,733,227

46,449,435

50,733,227

Interest Bearing Borrowings

378,288,631

218,867,537

451,968,699

Deposit-Rent

7,826,150

9,349,000

7,826,150

Employee Benefit Obligations

256,500

381,426

256,500

CURRENT LIABILIITES

437,104,508

275,047,398

510,784,576

Trade and Other Payables

15,363,059

13,867,529

11,140,760

Current Portion of Borrowings

100,401,414

38,600,000

99,500,821

Amount Due To Related Parties

-

50,000

2,812,011

Short Term Borrowings

50,274,564

30,930,602

50,274,564

Other Current Liabilities

-

5,330,654

-

Bank Overdrafts

1,735,474

52,900,936

739,953

167,774,511

141,679,720

164,468,109

TOTAL EQUITY & LIABILITIES

884,205,219

710,416,172

934,836,748

No of Ordinary Voting & Non Voting Shares

743,729,716

557,797,287

743,729,716

Net assets value per share

0.38

0.35

0.35

Market value per share Voting - Qtr.- Highest

1.80

1.20

1.10

- Lowest

1.10

0.80

0.90

- Closing

1.60

1.10

1.00

Market value per share Non Voting - Qtr.- Highe

1.30

0.90

0.70

- Lowest

0.70

0.60

0.50

- Closing

1.10

0.70

0.60

The above figures are provisional and subject to audit



D.Fernando Ms. S.D. Fernando

Chairman/CEO Director

Date 31.10.2025

Figures in the brackets indicate deductions.

Income Statement



For the Period Ended 30thSeptember 2025

Un-audited

Three Months Period Ended 30thSep. 2025

Rs.

Un-audited

Three Months Period Ended 30thSep. 2024

Rs.

Un-audited

Six Months Period Ended 30thSep. 2025

Rs.

Un-audited

Six Months Period Ended 30thSep. 2024

Rs.

Audited

Period Ended

31stMar. 2025 Rs.

Turnover

6,744,034

9,086,864

14,587,183

14,254,178

41,380,438

Cost of Sales

(4,423,204)

(1,865,534)

(8,829,052)

(4,536,606)

(20,771,514)

Gross Profit

2,320,830

7,221,330

5,758,131

9,717,572

20,608,924

Other Operating Income

425,352

847,559

13,963,881

Fair Value Gain from Investment Property

32,036,381

-

32,036,381

-

32,036,381

Selling & Distribution Expenses

(916,320)

-

(1,224,626)

-

(140,910)

Administrative Expenses

(9,249,970)

(5,900,038)

(19,693,321)

(10,044,398)

(45,698,307)

Profit from Operations

24,616,273

1,321,292

17,724,124

(326,826)

20,769,969

Dividend Income

7,691

13,608

24,303

27,054

37,518

Profit before Interest

24,623,964

1,334,900

17,748,427

(299,772)

20,807,487

Finance Income

453,999

370,327

1,239,312

532,535

8,996,158

Finance Expenses

(550,839)

(631,560)

(1,214,793)

(1,379,970)

(11,550,375)

Other Expenses

-

-

-

Profit /(Loss) before Tax

24,527,125

1,073,668

17,772,946

(1,147,207)

18,253,270

Income Tax Expense

-

-

-

-

(4,226,971)

Net Profit/(Loss) after Tax

24,527,125

1,073,668

17,772,946

(1,147,207)

14,026,299

Profit available for Appropriation

24,527,125

1,073,668

17,772,946

(1,147,207)

14,026,299

Earnings Per Share

0.04

0.00

0.03

(0.00)

0.03

Figures in the brackets indicate deductions.

Statement of Comprehensive Income



For the Period Ended 30thSeptember 2024

Un-audited

Three Months Period Ended 30thSep.2025

Rs.

Un-audited

Three Months Period Ended 30thSep.2024

Rs.

Un-audited

Six Months Period Ended 30thSep.2025

Rs.

Un-audited

Six Months Period Ended 30thSep.2024

Rs.

Audited

Period Ended

31stMar. 2025 Rs.

Profit / Loss for the Peroid / Year

24,527,125

1,073,668

17,772,946

(1,147,207)

14,026,299

Other Comprehensive Income

-

-

-

-

-

24,527,125

1,073,668

17,772,946

(1,147,207)

14,026,299

Items that will not be reclassified to Profit or Loss

Deffered Tax on Revaluation Gains

-

Net Change in Fair Value of Assets recognised

-

-

-

-

-

through Other Comprehensive Income

595,321

Other Comprehensive Income for the year net of tax

-

-

-

-

-

Other Comprehensive Income for the Period /Year

24,527,125

1,073,668

17,772,946

(1,147,207)

14,621,620

Cash Flow Statement



For the Period Ended 30thSeptember 2025

Company

Un-Audited

Six Months Period Ended 30thSep. 2025

Rs.

Un-Audited

Six Months Period Ended 30thSep. 2024

Rs.

Audited Period Ended 31stMar. 2025

Cash Flow from Operating Activities

Cash Receipt from Customers

7,661,121

8,031,521

45,745,833

Raw Material Purchase

(6,507,095)

(18,396,725)

Packing Material Purchase

(186,200)

(245,226)

Shares Issued

Capital WIP - Solar Project Kerwalapitiya and Wattalla

(25,905,851)

Capital WIP - Agro Warehouse Packing Centre

(43,858,078)

Cash Paid to Suppliers & Employees

(14,446,366)

(23,691,381)

(80,591,922)

Exchange Gain/(Loss) on transactions

(1,554,430)

Prior Year Adjustments

-

Cash Generated from Operations

(83,242,468)

(34,301,810)

(36,400,519)

Gratuity Paid

-

-

Interest Paid

Income Tax Paid

-

-

VAT Paid

-

(3,913,451)

WHT Paid

-

-

Net Cash flow from Operating Activities

(83,242,468)

(38,215,261)

(36,400,519)

Cash flow from Investing Activities

Acquisition of Property, Plant & Equipment

(11,781,189)

-

(43,501,510)

Purchase of Intangible assets

Acquisition of Biological Assets

Realization of Fixed Deposits

-

-

-

Interest Income Received

1,239,312

532,535

1,731,168

Dividend Received

24,303

27,054

37,518

Short Term Investment

22,500,000

Proceeds from Disposal of Property Plant and Equipment

Rent Deposit Received

-

7,059,000

7,059,000

Rent Income Received

8,317,825

5,876,950

14,285,950

Investment - ECBA Loan

Net Cash Flows Used in Investing Activities

(2,199,749)

13,495,539

2,112,126

Cash flow from Financing Activities

Repayment of Interest Bearing Borrowings

(37,828,122)

(76,000,000)

Short Term Finance

55,106,403

Loan Proceeds from BRIS Holdings Limited

267,500,000

Proceeds from Right Issue

-

Interest Paid

(793,258)

(877,327)

(1,707,189)

Right Issue Expenses

-

Net Cash flow from Financing Activities

(38,621,380)

(877,327)

244,899,214

Net Increase/(Decrease) in Cash & Cash Equivalents

(124,063,597)

(25,597,049)

210,610,821

Cash & Cash Equivalents at the Beginning of the Year/Peroid

176,263,367

(5,799,537)

(34,347,454)

Cash & Cash Equivalents at the End of the Period

52,199,770

(31,396,586)

176,263,367



Statement of Changes in Equity

For the Period Ended 30thSeptember 2025

Balance as at 31stMarch, 2023 (Audited)

Restatement Adjustment in 2024

Balance as at 31st March 2023 ( As Restated in 2024)

Restatement Adjustment in 2025

Balance as at 31st March 2023 (As Restated in 2025)

Net Loss for the Year Right Issue

Right Issue Expenses

Other Comprehensive Income for the year

Attributable to equity holders of the Company

Total

Stated

Capital Rs.

Revaluation

Surplus Rs.

Capital

Reserves Rs.

Fair Value Reserve

of Financial assets at FVOCI

Rs.

Retained

Earnings Rs.

Defered

Revenue Expenditure

Rs.

Rs.

491,805,528

48,421,558

1,747,443

-

(394,143,524)

(1,351,722)

147,831,005

(1,351,722)

491,805,528

48,421,558

1,747,443

1,747,443

(1,747,443)

-

(395,495,246)

(51,313,065)

146,479,283

(51,313,065)

491,805,528

179,265,763

50,169,001

(640,952)

-

-

21,104

(446,808,311)

(28,296,307)

(553,384)

-

95,166,218

(28,296,307)

179,265,763

(553,384)

(619,848)

Balance as at 31st March 2024

671,071,291

49,528,049

-

21,104

(475,658,002)

-

244,962,442

Private Placement

-

-

Net Profit/(Loss) for the period

(2,611,941)

(2,611,941)

issue of shares

-

Other Comprehensive Income

-

-

-

-

Balance as at 30th June 2024

671,071,291

49,528,049

-

21,104

(478,269,943)

-

242,350,501

Net Profit/(Loss) for the period

-

-

-

1,073,668

1,073,668

Other Comprehensive Income

-

-

-

-

Balance as at 30th September 2024

671,071,291

49,528,049

-

21,104

(477,196,275)

-

243,424,169

Net Profit/(Loss) for the period

-

-

-

1,042,286

1,042,286

Other Comprehensive Income

-

-

Acturial gains (losses) on Employee benefit liabilities

Balance as at 31st December 2024

671,071,291

49,528,049

-

21,104

(476,153,989)

-

244,466,455

Net Profit/(Loss) for the period

14,026,299

14,026,299

Right Issue

-

-

-

Prior Year Adjustments - Liabilities understated

-

-

- Adjustment to Provision

-

-

Right Issue Expenses

-

-

-

Electricity Connection

-

-

Electricity Connection Depreciation

-

-

Other Comprehensive Income

595,321

-

595,321

Balance as at 31st March 2025

671,071,291

49,528,049

-

616,425

(462,127,690)

-

259,088,075

Private Placement

-

Net Profit/(Loss) for the period

-

-

-

(4,289,000)

(4,289,000)

Other Comprehensive Income

-

-

-

-

Balance as at 30thJune, 2025

671,071,291

49,528,049

-

616,425

(466,416,690)

-

254,799,075

Net Profit/(Loss) for the period

-

-

-

24,527,125

24,527,125

Other Comprehensive Income

-

-

-

-

Balance as at 30thSeptember, 2025

671,071,291

49,528,049

-

616,425

(441,889,565)

-

279,326,200

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 stJanuary 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 stMarch 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

    2. Ms Seraiah Druvinka Fernando Nil

    3. Mr Srdan Veselinovic Nil

    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 2025 Rs. 524,329,450

  5. 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

29.99%

2 SILVER EDGE INVESTMENTS LTD

168,408,423

24.87%

2 FERNANDO D

110,514,034

16.32%

3 FERNANDO S.A MRS.

24,303,719

3.59%

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

0.65%

10 SENARATHNE K.M.V.J. MR.

4,235,593

0.63%

11 RAMBUKWELLE R.E. MR.

3,950,000

0.58%

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

    2. Ms Seraiah Druvinka Fernando Nil

    3. Mr Srdan Veselinovic Nil

    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

12.47%

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%

Corporate Information


NAME OF COMPNAY : TESS AGRO PLC

REGISTERED OFFICE : 87, New Nuge Road,

Kelaniya

TELEPHONE NO : 117555859

FAX NO : 2910615

E-MAIL ADDRESS : info@tess.lk

WEB ADDRESS : https://www.tess.lk

DATE, PLACE AND THE AUTHOR: 20 May 1992, Colombo

OF INCORPORATION Companies Act No.17 of 1982 Companies Act No.07 of 2007 PB 689 PQ

BOARD OF DIRECTORS : Mr Dilshan Fernando

Ms. Seraiah D Fernando Mr Srdjan Veselinovic

Prof. Arthur H. DE O. Bamunuarachchi Mr. A.M.A Cader

SECRETARIES TO THE COMPAN : Prestige Secretaries & Consultants (Pvt) Ltd

No. 20 D, Guilford Crescent, Colombo 07.

AUDITORS : Sarma & Co., Chartered Accountants

365/2 Groge R De Silva Mawatha Colombo 13.

LAWYERS : F J & G De Saram Corporate Law Office 210 De Saram Road Colombo 10.

BANKERS TO THE COMPANY : Commercial Bank of Ceylon PLC.

National Development Bank PLC. Pan Asia Banking Corperaion PLC Hatton National Bank PLC.

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