INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31stMARCH 2025
TESS AGRO PLC # 87, New Nuge Road, KelaniyaBalance Sheet
As At 31st March 2025
Un-Audited | Audited | |
Period Ended | Period Ended | |
31stMar. 2025 | 31stMar. 2024 | |
Rs. | Rs. | |
ASSETS | ||
NON CURRENT ASSETS | ||
Property , Plant & Equipment | 390,445,550 | 358,675,269 |
Investment Property | 90,763,619 | 90,763,619 |
Intangible Assets | 24,398 | 24,398 |
Differed Tax Assets | 20,129 | 20,129 |
Biological Assets | 2,194,289 | 2,194,289 |
Right of Use Assets | 124,719,950 | 124,719,950 |
Other Non Current Financial Assets | 457,023 | 457,023 |
CURRENT ASSETS | 608,624,958 | 576,854,677 |
Inventories | 55,119,475 | 32,578,782 |
Trade and Other Receivables Net | 42,548,585 | 1,287,160 |
Other Current Assets | 36,082,827 | 52,566,099 |
Cash & Cash Equivalents | 259,647,285 | 28,200,672 |
393,398,171 | 114,632,713 | |
TOTAL ASSETS | 1,002,023,128 | 691,487,390 |
EQUITY & LIABILITIES | ||
Equity | ||
Stated Capital | 670,517,907 | 670,517,908 |
Retained Earnings | (423,156,219) | (423,452,732) |
Reserves | 49,549,154 | 49,549,154 |
Deffered Revenue Expenditure | (1,387,001) | (1,387,001) |
Total Equity | 295,523,841 | 295,227,329 |
NON CURRENT LIABILITIES | ||
Interest Bearing Loans & Borrowings | - | |
Deferred Tax Liability | 46,449,434 | 46,449,435 |
Deposit-Rent | 7,576,150 | 2,290,000 |
Retirement Benefit Obligations | 381,426 | 74,550 |
CURRENT LIABILIITES | 54,407,010 | 48,813,985 |
Trade and Other Payables | 12,699,508 | 1,550,655 |
Current Portion of Borrowings | 220,300,281 | 250,464,251 |
Amount Due To Related Parties | 290,050,000 | - |
Short Term Borrowings | 30,930,602 | 32,883,044 |
Other Current Liabilities | - | - |
Bank Overdrafts | 933,590 | 62,548,126 |
554,913,981 | 347,446,076 | |
TOTAL EQUITY & LIABILITIES | 904,844,832 | 691,487,390 |
No of Ordinary Shares | 743,729,716 | 557,797,287 | |
Net assets value per share | 0.40 | 0.53 | |
Market value per share Voting - Qtr. | - Highest | 1.30 | 1.20 |
- Lowest | 1.00 | 1.00 | |
- Closing | 1.10 | 1.10 | |
Market value per share Non Voting - Qtr. | - Highest | 0.90 | 1.00 |
- Lowest | 0.70 | 0.80 | |
- Closing | 0.80 | 0.80 |
The above figures are provisional and subject to audit
D.Fernando Ms. S.D. Fernando
Chairman/CEO Director
Date 28.05.2025
Figures in the brackets indicate deductions.
Income Statement
For the Period Ended 31stMarch 2025
Un-audited Three Months Period Ended 31stMar. 2025 Rs. | Un-audited Three Months Period Ended 31stMar. 2024 Rs. | Un-audited Period Ended 31stMar.2025 Rs. | Audited Period Ended 31stMar.2024 Rs. | Change % | |
Turnover | 7,879,555 | 431,714 | 27,094,488 | 10,761,014 | 1,725.18 |
Cost of Sales | (4,714,377) | (133,778) | (17,398,548) | (2,842,885) | 3,424.03 |
Gross Profit | 3,165,178 | 297,936 | 9,695,940 | 7,918,129 | 962 |
Dividend Income | 1,890 | 28,944 | 15,380 | ||
Other Operating Income | 4,573,500 | 3,556,806 | 28,310,142 | 4,455,800 | 100 |
Selling & Distribution Expenses | (83,310) | (7,333) | (140,910) | (1,019,277) | |
Administrative Expenses | (9,931,414) | (9,637,222) | (35,803,650) | (33,449,686) | 3 |
Other Operating Expenses | (149,806) | (303,585) | (785,256) | - | |
Result from operating Activities | (2,423,962) | (6,093,398) | 1,305,209 | (22,079,654) | (60) |
- | - | ||||
- | - | - | - | 0 | |
Finance Income | 1,066,108 | 1,731,168 | 5,196,267 | ||
Finance Expenses | (327,070) | (1,278,731) | (2,243,877) | (4,392,620) | (74) |
Net Finance Cost | 739,038 | (512,709) | 803,647 | ||
Other Expenses | - | (584,460) | |||
Profit /(Loss) before Tax | (1,684,924) | (7,372,129) | 792,500 | (21,860,467) | (77) |
Income Tax Expense | - | - | - | 245,028 | - |
Net Profit/(Loss) after Tax | (1,684,924) | (7,372,129) | 792,500 | (21,615,439) | (77) |
Profit available for Appropriation | (1,684,924) | (7,372,129) | 792,500 | (21,615,439) | (77) |
Earnings Per Share | (0.00) | (0.02) | 0.00 | (0.06) | (77) |
Figures in the brackets indicate deductions.
Statement of Comprehensive Income
For the Period Ended 31stMarch 2025
Un-audited Three Months Period Ended 31stMar. 2025 Rs. | Un-audited Three Months Period Ended 31stMar. 2024 Rs. | Un-audited Period Ended 31st Mar. 2025 Rs. | Audited Period Ended 31stMar. 2024 Rs. | Change % | |
Profit / Loss for the Peroid / Year | (1,684,924) | (7,372,129) | 792,500 | (21,615,439) | (77) |
Other Comprehensive Income Items that will not be reclassified to Profit or Loss Defered Tax on Revaluation Gains Net Change in Fair Value of Available for Sale Financial Assets | - - | - - | - - | (640,952) 21,104 | - - |
- | - | - | - | ||
Other Comprehensive income for the year, net of tax | - | - | - | (619,848) | |
Total Comprehensive Income for the Period /Year | (1,684,924) | (7,372,129) | 792,500 | (22,235,287) | (77) |
Figures in the brackets indicate deductions.
Cash Flow Statement
For the Period Ended 31stMarch 2025
Company | ||||
Un-Audited Three Months Period Ended 31stMar. 2025 Rs. | Un-Audited Three Months Period Ended 31stMar. 2024 Rs. | |||
Un-Audited Period Ended 31stMar. 2025 | Audited Period Ended 31stMar. 2024 | |||
Cash Flow from Operating Activities | ||||
Cash Receipts from Customers | 14,652,033 | 431,714 | 36,348,174 | 1,894,314 |
Raw Material Purchase | (1,790,210) | (26,431) | (22,678,066) | |
Packing Material Purchase | (186,200) | (705,536) | ||
Share Issued | - | - | ||
Capital WIP - Kerawalapitiya Solar Project | (20,118,461) | (27,823,481) | ||
Cash Paid to Suppliers & Employees | (6,460,457) | (2,140,000) | (22,498,002) | (91,442,752) |
Exchange Gain /(Loss) on Transaction | 4,328,800 | |||
Prior Adjustments | - | (880,000) | ||
Cash Generated from Operations | (13,903,295) | (1,734,717) | (37,356,910) | (86,099,638) |
Gratuity Paid | - | - | - | |
Interest Paid | ||||
Income Tax Paid | - | |||
VAT Paid | - | (622,238) | - | |
WHT Paid | - | (246,027) | - | |
Net Cash flow from Operating Activities | (13,903,295) | (2,602,982) | (37,356,910) | (86,099,638) |
Cash flow from Investing Activities | ||||
Interest Income Received | 1,066,108 | - | 1,731,168 | 5,196,267 |
Dividend Received | 1,890 | 28,944 | 15,380 | |
Purchase of Intangible Assets | ||||
Acquisition of Property, Plant & Equipment | (2,688,281) | (1,769,000) | (3,598,349) | (121,343,980) |
Disposal of Property,Plant & Equipment | ||||
Rent Deposit Received | 7,059,000 | - | ||
Rent Received | 4,129,500 | 2,910,270 | 14,285,950 | 10,291,080 |
Short Term Investment | - | (34,647,735) | 22,500,000 | 9,073,216 |
Realization of Fixed Deposits | ||||
Proceeds from Disposal of Property Plant and Equipment | ||||
Acquisition of Biological Assets | - | |||
Investment - ECBA Loan | - | - | 267,500,000 | |
Net Cash flow from Investing Activities | 1,441,219 | (33,506,465) | 309,506,713 | (96,768,037) |
Cash flow from Financing Activities | ||||
Repayment of Interest Bearing Borrowings | - | (20,000,000) | ||
Short Term Finance | 15,203,242 | (105,384,600) | 15,203,242 | |
Interest Paid | (260,253) | - | (1,707,189) | (4,392,620) |
Proceeds from Interest Bearing Borrowings | ||||
Proceeds from Rights Issue | - | 179,265,762 | - | 179,265,763 |
Rights Issue Expenses | - | - | - | (553,384) |
Net Cash flow from Financing Activities | 14,942,989 | 73,881,162 | 13,496,053 | 154,319,759 |
Net Increase/(Decrease) in Cash & Cash Equivalents | 2,480,913 | 37,771,715 | 285,645,856 | (28,547,916) |
Cash & Cash Equivalents at the Beginning of the Year /Peroid | (15,654,312) | (15,654,312) | (34,347,454) | (5,799,538) |
Cash & Cash Equivalents at the End of the Period | (13,173,399) | 22,117,403 | 251,298,402 | (34,347,454) |
Statement of Changes in Equity
For the Period Ended 31stMarch 2025
Balance as at 31stMarch, 2023 | Attributable to equity holders of the Company | Total Rs. | |||||
Stated Capital Rs. | Revaluation Surplus Rs. | Capital Reserves Rs. | Fair Value Reserve of Financial Assets at FVOCI Rs. | Retained Earnings Rs. | Deferred Revenue | ||
491,805,528 | 48,421,558 | 1,747,443 | - | (394,143,524) | - | 147,831,005 | |
Net Profit/(Loss) for the year | - | - | - | (21,615,439) | - | (21,615,439) | |
Rights Issue Expenses | (553,384) | - | (553,384) | ||||
Rights Issue | 179,265,763 | - | - | 179,265,763 | |||
Prior Year Adjustment - Liabilities Understated | (880,000) | - | (880,000) | ||||
Prior Year Adjustment - Adjustment to Provision | (471,722) | - | (471,722) | ||||
Cost of Electricity Connection Deferred | - | (2,080,501) | (2,080,501) | ||||
Amortisation - Deferred Revenue Expenditure | - | - | 693,500 | 693,500 | |||
Other Comprehensive Income for the year | (619,847) | (6,342,047) | - | (6,961,894) | |||
Total Comprehensive Income for the year | 178,712,379 | - | - | (619,847) | (29,309,208) | (1,387,001) | 147,396,323 |
Balance as at 31st March ,2024 | |||||||
670,517,907 | 48,421,558 | 1,747,443 | (619,847) | (423,452,732) | (1,387,001) | 295,227,328 | |
Net Profit/(Loss) for the period Private Placement Balance as at 30thJune, 2024 | - | (2,611,941) | (2,611,941) - | ||||
670,517,907 | 48,421,558 | 1,747,443 | (619,847) | (426,064,673) | (1,387,001) | 292,615,387 | |
Net Profit/(Loss) for the period | - | - | - | 1,073,668 | 1,073,668 | ||
Other Comprehensive Income | - | - | - | - | - | ||
Balance as at 30thSeptember, 2024 | 670,517,907 | 48,421,558 | 1,747,443 | (619,847) | (424,991,005) | (1,387,001) | 293,689,055 |
Net Profit/(Loss) for the period | - | - | - | 1,042,286 | 1,042,286 | ||
Other Comprehensive Income | - | - | - | - | - | ||
Balance as at 30thDecember, 2024 | 670,517,907 | 48,421,558 | 1,747,443 | (619,847) | (423,948,719) | (1,387,001) | 294,731,341 |
Net Profit/(Loss) for the period | - | - | - | 792,500 | 792,500 | ||
Other Comprehensive Income | - | - | - | - | - | ||
Balance as at 31stMarch, 2025 | 670,517,907 | 48,421,558 | 1,747,443 | (619,847) | (423,156,219) | (1,387,001) | 295,523,841 |
Notes to the Financial Statements
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.
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 nec
, to conform to the year /Interim financial statements to provide a better presentation.
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 677,063,0
66,666
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
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 State
Investor Information
Directors' Shareholdings - Voting
Mr.Dilshan Fernando 110,514,034
Ms Seraiah Druvinka Fernando Nil
Mr Srdan Veselinovic Nil
Prof. Arthur H. DE O. Bamunuarachchi Nil
Mr. A.M.A Cader Nil
Shares held by Public 47.72%
Number of Public Shareholders 5,475
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 publi 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
Directors' Shareholdings - Non Voting
Mr.Dilshan Fernando 3,491,097
Ms Seraiah Druvinka Fernando Nil
Mr Srdan Veselinovic Nil
Prof. Arthur H. DE O. Bamunuarachchi Nil
Mr. A.M.A Cader Nil
Shares held by Public 82.28%
Number of Public Shareholders 1209
Major Shareholders No. of Shares %
1 FERNANDO S.A. | 8,314,108 | 49.88% | |
2 ANANDAWANSA W.L.T | MR. (DECEASED) | 3,805,267 | 22.83% |
3 FERNANDO D. | 3,491,097 | 20.95% | |
4 MERCHANT BANK OF SRI LANKA & FINACE PLC | 2,260,137 | 13.56% | |
5 MUHUNTHAN | 2,100,000 | 12.60% | |
6 MAHINDA N.G. | 1,734,192 | 10.41% | |
7 NETHITHIKUMARA N.A.L.A. | 1,726,150 | 10.36% | |
8 DAMUNUPOLA U.K.B. | 1,354,978 | 8.13% | |
9 PEOPLE'S LEASING & FINANCE PLC/MR.A.B.K. WEERAMAN | 1,312,500 | 7.87% | |
10 SENKADAGALA FINANCE PLC/P.A.WIJERATNE | 1,210,655 | 7.26% | |
11 SHAMSUDEEN M.S.R. | 1,164,285 | 6.99% | |
12 METHTHASENA K.A.D.A. | 1,040,420 | 6.24% | |
13 GUNAWARDANA M.S.H. | 1,000,000 | 6.00% | |
14 PERERA S.S.L. | 1,000,000 | 6.00% | |
15 QUVYLIDH M.M.S. | 998,353 | 5.99% | |
16 KAMIL M.H.A. | 992,587 | 5.96% | |
17 RAMBUKWELLE R.E. | 950,010 | 5.70% | |
18 SHAYANTHA K.A.D.R. | 904,009 | 5.42% | |
19 TRANZ DOMINION,L.L.C. | 866,666 | 5.20% | |
20 CITIZENS DEVELOPMENT BUSINESS FINANCE PLC/KULAPPU | 800,581 | 4.80% | |
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 COMPANY: 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.