Tess Agro PlcCSELK: TESS.N0000

Intermin Financial Statements as at 31st Dec 2024

Feb 17, 2025 at 11:05 AM UTC · Issued by Tess Agro Plc

INTERIM

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31st DECEMBER 2024

TESS AGRO PLC

87, New Nuge Road, Kelaniya

Balance Sheet

As At 31st December 2024

		Un-Audited	Un-Audited	Audited
		Period Ended	Period Ended	Period Ended
		31st Dec. 2024	31st Dec. 2023	31st Mar. 2024
		Rs.	Rs.	Rs.
ASSETS
NON CURRENT ASSETS
	Property , Plant & Equipment Net	370,670,237	337,641,388	358,675,269
	Investment Property	90,763,619	90,763,619	90,763,619
	Right of Use Assets	124,719,950	129,281,143	124,719,950
	Intangible Assets	24,398	367,769	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
		588,849,645	560,704,255	576,854,677
CURRENT ASSETS
	Trade and Other Receivables Net	27,208,923	3,804,669	1,287,160
	Other Current Assets	17,563,168	32,080,487	52,566,099
	Inventory	50,354,159	31,899,138	32,578,782
	Cash in Hand at Bank	238,946,631	21,619,946	28,200,672
		334,072,882	89,404,240	114,632,713
TOTAL ASSETS	922,922,527	650,108,495	691,487,390
EQUITY & LIABILITIES
EQUITY
	Stated Capital	670,517,907	491,805,529	670,517,908
	Retained Earnings	(423,948,720)	(403,202,052)	(423,452,732)
	Reserves	49,549,154	50,169,001	49,549,154
	Deffered Revenue Expenditure	(1,387,001)	-	(1,387,001)
		-	-	-
Total Equity	294,731,340	138,772,478	295,227,329
NON CURRENT LIABILITIES
	Deferred Tax Liability	46,449,435	39,711,463	46,449,435
	Interest Bearing Loans & Borrowings	-	-
	Deposit-Rent	7,576,150	2,290,000	2,290,000
	Employee Benefit Obligations	381,426		74,550
		54,407,011	42,001,463	48,813,985
CURRENT LIABILIITES
	Trade and Other Payables	6,777,729	14,573,229	1,550,655
	Current Portion of Borrowings	236,367,183	269,584,251	250,464,251
	Amount Due To Related Parties	291,759,860	15,750,000
	Short Term Borrowings	30,930,602	153,131,991	32,883,044
	Other Current Liabilities	7,658,711	1,630,165	-
	Bank Overdrafts	290,091	14,664,917	62,548,126
		573,784,176	469,334,553	347,446,076
TOTAL EQUITY & LIABILITIES	922,922,527	650,108,495	691,487,391
No of Ordinary Voting & Non Voting Shares	743,729,716	557,797,287	743,729,716
Net assets value per share	0.40	0.35	0.40
Market value per share Voting - Qtr.- Highest	1.20	1.10	1.10
	- Lowest	1.00	1.00	0.90
	- Closing	1.20	1.10	1.00
Market value per share Non Voting - Qtr.- Highes	0.90	0.90	0.70
	- Lowest	0.60	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	15.02.2025
Figures in the brackets indicate deductions.

Income Statement

For the Period Ended 31st December 2024

	Un-audited	Un-audited	Un-audited	Un-audited	Audited
	Nine Months	Nine Months	Three Months	Three Months
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended
	31st Dec. 2024	31st Dec. 2023	31st Dec. 2024	31st Dec. 2023	31st Mar. 2024
	Rs.	Rs.	Rs.	Rs.	Rs.
Turnover	29,114,390	-	15,137,232	-	10,761,014
Cost of Sales	(17,154,223)		(9,841,813)	-	(2,842,885)
Gross Profit	11,960,167	-	5,295,418	-	7,918,129
Other Operating Income	13,580,192	12,072,921	159,803	2,978,368	4,455,800
Selling & Distribution Expenses	(84,470)	(692,195)	(7,610)	(67,997)	(1,019,277)
Administrative Expenses	(21,456,925)	(14,137,864)	(9,270,885)	(6,194,094)	(33,449,686)
Other Operating Expenses	(1,731,985)	(18,355)	(688,667)	(18,355)	-
Profit from Operations	2,266,979	(2,775,493)	(4,511,941)	(3,302,078)	(22,095,034)
Dividend Income	27,054	-	-	-	15,380
Profit before Interest	2,294,033	(2,775,493)	(4,511,941)	(3,302,078)	(22,079,654)
Finance Income	665,060	-	132,524	-	5,196,267
Finance Expenses	(1,916,807)	(4,158,615)	(536,837)	(1,251,378)	(4,392,620)
Other Expenses			-		(584,460)
Profit /(Loss) before Tax	1,042,286	(6,934,108)	(4,916,254)	(4,553,456)	(21,860,467)
Income Tax Expense	-	-	-	-	245,028
Net Profit/(Loss) after Tax	1,042,286	(6,934,108)	(4,916,254)	(4,553,456)	(21,615,439)
Profit available for Appropriation	1,042,286	(6,934,108)	(4,916,254)	(4,553,456)	(21,615,439)
Earnings Per Share	0.00	(0.01)	(0.01)	(0.01)	(0.04)

Figures in the brackets indicate deductions.

Change

(52)

(182)

(183)

100

115

Statement of Comprehensive Income
For the Period Ended 31st December 2024
	Un-audited	Un-audited	Un-audited	Un-audited	Audited
	Nine Months	Nine Months	Three Months	Three Months		Change
	Period Ended	Period Ended	Period Ended	Period Ended	Period Ended

	31st Dec.2024	31st Dec.2023	31st Dec.2024	31st Dec.2023	31st Mar. 2024
	Rs.	Rs.	Rs.	Rs.	Rs.	%
Profit / Loss for the Peroid / Year	1,042,286	(6,934,108)	(4,916,254)	(4,553,455)	(21,615,439)	115
Other Comprehensive Income	-	-	-	-	-	-
Items that will not be reclassified to Profit or Loss	1,042,286	(6,934,108)	(4,916,254)	(4,553,455)	(21,615,439)	115

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	1,042,286	(6,934,108)	(4,916,254)	(4,553,455)	(22,855,134)	115

Figures in the brackets indicate deductions.

Cash Flow Statement
For the Period Ended 31st December 2024
		Company
	Un-Audited	Un-Audited
	Nine Months	Nine Months	Audited
	Period Ended	Period Ended	Period Ended
	31st Dec. 2024	31st Dec. 2023	31st Mar. 2024
	Rs.	Rs.
Cash Flow from Operating Activities
Cash Receipt from Customers	18,014,958	-	1,894,314
Raw Material Purchase	(31,458,820)	(31,899,138)
Packing Material Purchase	(519,336)
Shares Issued
Capital WIP - Kerawalapitiya Solar Project	(11,222,472)
Cash Paid to Suppliers & Employees	(16,119,814)	(4,771,258)	(91,442,752)
Exchange Gain/(Loss) on transactions			4,328,800
Prior Year Adjustments			(880,000)
Cash Generated from Operations	(41,305,483)	(36,670,396)	(86,099,638)
Gratuity Paid	-
Interest Paid
Income Tax Paid	-
VAT Paid	(3,913,451)	(13,944,581)
WHT Paid	-	(738,081)
Net Cash flow from Operating Activities	(45,218,934)	(51,353,058)	(86,099,638)
Cash flow from Investing Activities
Acquisition of Property, Plant & Equipment	(910,068)	(75,750,018)	(121,343,980)
Purchase of Intangible assets
Acquisition of Biological Assets		-
Realization of Fixed Deposits	-	-	-
Interest Received	665,060	-	5,196,267
Dividend Received	27,054	-	15,380
Short Term Investment	22,500,000		9,073,216
Proceeds from Disposal of Property Plant and Equipment
Rent Deposit Received	7,059,000		-
Rent Received	9,706,450	12,072,921	10,291,080
Investment - ECBA Loan	267,500,000
Net Cash Flows Used in Investing Activities	306,547,496	(63,677,097)	(96,768,037)
Cash flow from Financing Activities
Repayment of Interest Bearing Borrowings	47,301,061	-	(20,000,000)
Short Term Finance		114,457,816
Proceeds from Right Issue		-	179,265,763
Interest Paid	(1,286,995)	-	(4,392,620)
Right Issue Expenses			(553,384)
Net Cash flow from Financing Activities	46,014,066	114,457,816	154,319,759
Net Increase/(Decrease) in Cash & Cash Equivalents	307,342,628	(572,339)	(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	301,543,091	(6,371,876)	(34,347,454)

Statement of Changes in Equity

For the Period Ended 31st December 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, 2024	670,517,907	48,421,558	1,747,443	(619,847)	(423,452,733)	(1,387,001)	295,227,327
Total Comprehensive Income	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)
issue of shares							-
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
Net Profit/(Loss) for the period
Other Comprehensive Income		-			-
Balance as at 31st December 2024	670,517,907	48,421,558	1,747,443	(619,847)	(423,948,720)	(1,387,001)	294,731,340

	Rights Issue Utilization
							% of
							Utilizatio
			Poposed date of	Amount Allocated			n against
Objective		Ammount Allocated	Utilization as per	from Proceeds in	% of Total	Amounts Utilized	Allocation
Number	Objectives per Circular	as per Circuler	Circular	LKR (A)	Proceeds	in LKR	(B)/(A)
(d )	Operation Expenses	44,500,000.00	Q1 2023/2024	44,500,000.00	25%	44,500,000.00	100%
( e )	Import of Raw materials	72,000,000.00	Q4 2023/2024	72,000,000.00	40%	72,000,000.00	100%
	Creating a working capital
	buffer to finance regular
( f )	business	62,765,762.00	Q4 2023/2024	62,765,762.00	35%	62,765,725.00	100%
	Total	179,265,762.00		179,265,762.00		179,265,725.00

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 30th December 2024	385,927,984

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	30.17%
2	SILVER EDGE INVESTMENTS LTD	168,628,423	25.05%
2	FERNANDO D	110,514,034	16.42%
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	0.48%
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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