INTERIM CONDENSED FINANCIAL STATEMENTS
Quarter ended 31 March, 2025
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Management Review
Dear Shareholder,
Watawala Plantations PLC (CSE: WATA)
Watawala Plantations PLC posted a revenue of LKR 7,944 million at group level for the year ending 3lst March 2025 (FV 24/25), down 4.5% VoV due to a 1.6% VoV decrease in revenue in the oil palm business and a 18.6% YoY decrease in revenue in the dairy business.
Profit after tax (PAT) at group level was LKR 1,885 million during FV 24/25, down 19.6% VoV. The decrease in net profit was due to the increase in tax expenditure arising from the change in rate of tax and an impairment due to change in fair value of biological assets. The net assets per share at group level decreased to LKR 3.51 as of 31st March 2025 from LKR 6.29 as of 31st March 2025. During the year, WATA paid dividends totalling LKR 4,465 million.
Watawala Plantations PLC subdivided the ordinary share capital on the basis of 5 shares for every 1 share in 4Q FV24/25 to improve liquidity and accessibility to investors. Accordingly, the total number of shares post-subdivision is 1,016,543,166.
Oil Palm
Revenue was LKR 6,760 million in FV 24/25, down 1.6% YoV due to the drop in volume despite a marginal increase in price compared to last year. Volumes were lower than last year primarily due to weather impact and industrial action owing to the wage negotiations that were ongoing during the second quarter, and a lower volume of crop processed in the third and fourth quarters. Cost of sales decreased 15.9% VoY primarily due to the lower fertilizer cost.
Dairy
Revenue was LKR 1,184 million in FV 24/25, down 18.6% VoV due to a drop in both volume and price. Cost of sales reduced 26.2% YoY due to the reduction in cost of feed. The impairment on fair valuation of livestock of LKR 287 million impacted the results.
Watawala Dairy Limited changed its name to Lonach Dairy Limited effective from l3th February 2025 to align the name of the Company with the estate on which the farm is located.
Cinnamon and other crops
The new cinnamon processing centre operated through the year with harvests improved from the over 100 hectares of cinnamon cultivated by the company. A net income of LKR 15 million was generated in FV 24/25 by other crops which includes cinnamon, tea, rubber, and coconut.
Outlook
Global palm oil prices remained strong in 4Q FY24/25 due to lower production in Indonesia and Malaysia, and reduced export of palm oil from Indonesia. Meanwhile, the domestic palm oil price which increased in 4Q FV24/25 is expected to continue into the next quarter. However, the impact from the increase in price is expected to be marginally offset by a dip in production due to the volatile weather conditions.
We expect 1H FV25/26 to be challenging for the dairy sector due to a drop in milk quantity, despite main-
taining strong milk yield.
003WATAWALA PLANTATIONS PLC)
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Consolidated Income Statement
(all amountsin Sri Lankan Rupeesthousands)
Quarter ended 31 March 12 months ended 31 March
2025 2024 )Change%
2025
2024) Change%
Revenue | 1,91 | 1,B37,567 | 4' o | 7,944,2 | B,32O,9O3 | -5' o |
Cost of sales | (l,l | (l,42S,574) | -24% | (4,1 | (5,166,312) | -19% |
Gross profit | 7 | 411,993 | 92% | 3,rs ,s | 3, s<,ss | s°x |
Other Income | 62, | (26,776) | -335% | 13 | 61,OOO | 129% |
Gain/(loss) on changes in fair value of biological assets | (6 | 5Z,629 | n/m | (321 | 39,989 | n/m |
Administrative expenses | (161 | (69,540) | 133% | (55 | (444,l94) | 24% |
Selling and distribution expenses (SSCL) | (35, | (32,184) | 11% | (145,324) | (150,672) | -4% |
Operating profits | 5B8, | 74% | 2,873,943 | 2,G6 | 8'o | |
Finance Income | 63,398 | -64% | lsl,348 | l | -18% | |
Finance Costs | (22,849) | 139% | 126,769) | (7 | 61% | |
Net Finance Income/(Costs) | (31, | 40,549 | -178% | 24579 | l | -77% |
Profit before income tax | ss | 377,671 | 47% | 2,89 | 2,7 | 5% |
Income tax expenses (1 (236,231 | -Z9% | (l, | 141% | ||||||||
Profit for the period 141,440 | 192% | 1,8 | -20% | ||||||||
Profit is attributable to: | |||||||||||
Equity holders of the parent 4l 155,71 | 169% | 1, | 2,3S | 19% | |||||||
Non-controlling interests | 14,291) | -54% | (l | 13S% | |||||||
141,AAO | 192% | 1,BB4,9O9 | -20% | ||||||||
Basic Earning per share (LKR) | 0.41 | OJ5 | T89 | ||||||||
Consolidated Statement of other Comprehensive In- come | |||||||||||
Profit for the period | 412,351 | 141,440 | 192% | 1,884,909 | -20% | ||||||
Other comprehensive income for the period (net of tax) | (69,88O) | (10,70O) | 5S3% | (69,880) | 553% | ||||||
Total comprehensive income for the period | 342,471 | 13O,74O | 162% | 1,615,029 | -22% | ||||||
Total comprehensive income attributable to | |||||||||||
Equity holders of the parent | 349.099 | 145,031 | 141% | 1,847,981 | 2,34 | -21% | |||||
Non-controlling interests | (6,628) | (14,291) | -54% | (32,962) | (1 | 132% | |||||
Total comprehensive income for the period | 342,471 | 130,740 | 162% | 1,815,029 | 2,334, | -22% | |||||
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Company Income Statement
Quarter ended 31 March
12 months ended 31 March
2025
2024)
Change
2025
2024)
Change
(all amounts in Sri Lankan Rupees thousands)
Revenue | 1651 | l 472128 | 6,867,145 | |||||||||
Cost of sales | (80 | (1,054,759) | (3,627,334) | |||||||||
Gross profit | 842,42O | 4Z7,389 | 93% | 3,7O8, | 3,239,811 | 14% | ||||||
Other Income/ (Expense) | ll,S6S | IO6,S33) | lll°/ | 91 | 155,528) | IS9°% | ||||||
Gain/(loss) on changes in fair value of biological assets | (35,605) | (9,464) | n/m | (34,357) | (S,2S9) | 125% | ||||||
Administrative expenses | (lSl,Sl8) | (71,706) | lll% | (523,915) | (431149) | 22% | ||||||
Selling and distribution expenses (SSCL) | (35,644) | (32d84) | 0% | 145,324) | (50,672) | -4% | ||||||
Impairment of investment in subsidiary | (554,621) | - | n/m | (693,677) | - | n/m | ||||||
Operating profits | 76,597 | 217,502 | -65% | 2,402,4 | 2,487,203 | -3% | ||||||
Finance Income | 25,25 | 68,52 | -63% | 162, | 219,828 | -26% | ||||||
Finance Costs | (51,696 | 17,218) | 200% | (14,306) | (61,962) | 84% | ||||||
Net Finance Income/(Costs) | (26445 | SO, | 152% | 48,6OS | 157,8 | -69% | ||||||
Profit before income tax | S0,151 | 268,436 | -8I"A | 2,451,071 | 2,645,069 | -7°A | ||||||
Income tax expenses | (126,668) | (65,331) | 94% | (932,802) | (24l,2lS) | 287% | ||||||
Profit/(Loss) for the period | (76,517) | 203,105 | -138°4 | 1,518,270 | 2,403, | -37°A | ||||||
Profit is attributable to: | ||||||||||||
Equity holders of the parent | (76,517) | 203,105 | -138% | 1,518,270 | 2,403, | -37% | ||||||
Basic Earning per share (LKR) | (0.08) | 0.20 | 1.49 | 2.36 | ||||||||
Statement of other Comprehensive Income | ||||||||||||
Profit/(Loss) for the period | (76,57) | 2O]JOS | IZ8% | IS8,27O | 2,404 | -37% | ||||||
Other comprehensive income for the period (net of tax) | (61,676) | (9,128) | 576°A | (61 | 576°A | |||||||
Total comprehensive income for the period | (138,193) | 193,977 | -171% | 1,456,5 | 2,3 | -39% | ||||||
Total comprehensive income attributable to | ||||||||||||
Equity holders of the parent | (138,193) | 203,105 | -168"A | 1,456,5 | -39"A | |||||||
Total comprehensive income for the period | (138,193) | 203,105 | -168% | 1,456,5 | 2,3 | -39% | ||||||
WATAWALA PLANTATIONS PLC)
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Statement of Financial Position
Group | Company | |||
31.03.2025 | 31.03.2024 | 31.03.2025 | 31.03.2024 | |
Assets | ||||
Non-current assets | ||||||
Right to use of assets | )) | 409,805)) | 359,850)) | 414,082)) | 363,888 | |
Property, plant and equipment | 2,549,027) | 2,555,913) | 1,252,412) | 1,212,638 | ||
Intangible assets | )) | 47,052)) | 48,l43)) | 44,458)) | 48,009 | |
Bearer biological assets | 2,280,631 | 2,422,977) | 2,234,015) | 2,374,488 | ||
Biological assets-Consumable | 149,506 | 70,086 | ||||
Biological assets -Livestock | 887,43S | jJ6S,S89 | - | |||
Investment fund | 5127 | 51,393 | 5127 | 51,393 | ||
Investment in subsidiaries - 1,437,540 | 2131,217 | |||||
Total non-current assets 6,328,5B2 6,673,952 5,387,633 | 6,1B1,633 | |||||
Current assets Inventories
Biological assets-produce on bearer plants Current tax assets
Trade and other receivables Loan given to related Company
Amount due from related Companies Short term investments
Cash and cash equivalents Total current assets
Total assets
Equity and liabilities Capital and reserves Stated capital Retained earnings
Equity attributable to equity holders of the company Non controlling interests
Total equity
326,357
366,853
883,479
2,384,566
8,713,149
31,747
959,322
762,130
2,757,364
9,431,316
559,8IZ
70,867
38,752
3Z4,734
5S3,572
363,500
880,648
2,298,960
7,686,593
242JO6
70,867
38,752
234,758 l7O,OOO 289145
958,461
739,183
2,743,270
8,924,903
511,848
3,060,569
3,572,418
174,821
3,747,239
SJl,848
5,676,862
6,188,710
208,61a
6,397,321
511,848
2,986,588
3,498,436
51,848
S,99SlO4 6,SO6,9S2
3,49B,436
6,506,952
2Ol,68l]
36,SlO Z8,752 224,297
381,264a]
36,SlO
38,752
351,352
Liabilities
Non-current liabilities )t )t )t
Interest bearing borrowings )) 519,734)) 39,090)) 514,l78))
Lease Liabilities )) 467,192)) 401,592)) 476,492))
Retirement benefit obligations 487,763) 370,065) 423,072)
Deferred income and capital grants 34,173) 36,726) 34,173)
Deferred tax liability )) 983,076)) 978,449)) 641,823))
Total non-current liabilities 2,491,937) 1,B25,922) 2,089,737)
Current liabilities )) )) )) ))
Interest bearing borrowings )) 378,333)) 89,511)) 345,000))
Lease Liabilities )) 4,784)) 3,170)) 4,514)) Trade and other payables 1193,414 916,493 l,O96,Sll Amount due to related Companies - 9,669 -
411,296
322,284
36,726
715,956
1,486,262
2,810
8lO,62O
9,669
Current tax liabilities | )t | 582,509 )] | 100,590 | 582,509 )] | lO8,S9O |
Bank overdrafts | 3l4,933 | 80,640 | 69,885 | ||
Total current liabilities | 2,473,973) | 1,2OB,O73) | 2,O9B,42O) | 931,6B9 | |
Total liabilities | 4,965,91O) | 3,O33,996) | 4,1BB,1567) | 2,417,949 | |
Total equity and liabilities | 8,713,149) | 9,431,316) | 7,GB6,593) | B,924,9O3 | |
Net Assets Per Share | 3.51 | 6.29 | 3.44 | 6.4O |
It is certified that these financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.
Dhammika Laksiri
Sector Financial
The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of Directors of Watawala Plantations PLC.
S.G Sathasivam
Director
27 May 2025
M R Mihular
006WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Statement of changes in equity - Group
Stated Retain capital earnin
Total Non c
tr
Equ
(all amounts in Sri Lankan Rupees thousands)
inter | ||||||||||||
Balance at 1 April 2o23 | 511,848 | 5,768,337 | 6,280,1 | 222,8 | 6,5 | |||||||
Profit for the period | 2,358,770 | 2,35 | (I4, | |||||||||
Actuarial loss on retirement benefit obligations | (14,807) | 14,8 | (1 | (15,005) | ||||||||
Deferred tax on actuarial loss on retirement benefit obligations | - | 4,2 | 4,2 | 4,3O5 | ||||||||
at comprehensive income for the year | - | 2,34 | 2,34 | {4 4 | 2,334, | |||||||
- | (2,439,704) | (2,439,704) | - | (2,43 | ||||||||
at transactions with owners | - | (2,439,704) | (2,439,704) | (2,43 | ||||||||
)) | 511,848) | 5,676,8 | 6,188,710) | 208,611) | 6,3 | |||||||
511,848 | 5,676, | 6J88,7lO | 2O8,6ll | 6,3 | ||||||||
1,848, | 1,848,817 | (33,789) | 1,815, | |||||||||
at comprehensive income for the period | (33,789)) | 1,815, | ||||||||||
- | (4,465,llO) | |||||||||||
- | (4,465,10 | (4,4 | - | (4,4 | ||||||||
511848 | 4060570 | 174, | ||||||||||
WATAWALA PLANTATIONS PLC)
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Statement of changes in equity - Company
(all amountsin Sri Lankan Rupeesthousands)
Stated capital | Retain | Total | |||||
Balance at 1 April 2023 | 511,848 | 6,040,0 | 6,551,930 | ||||
Profit for the period | 2,403, | 2,403, | |||||
Deferred tax on actuarial loss on retirement benefit obligations | |||||||
- | 2,3 | 2,3 | |||||
2,3 | 2,3 | ||||||
-) | (2,43 | (2,43 | |||||
511,848 | 5,995,1 | 6,506, | |||||
511,848 | S,99SJ | 6,SO | |||||
otal Comprehensive Income | |||||||
1,518,270 | 1,518,270 | ||||||
otal other comprehensive income for the period | (61,676) | (61,676) | |||||
(4,465,110) | (4,465,110) | ||||||
2,9B6,588 | 3,49 | ||||||
(4,46S,llO) | |||||||
- | (4,465,11O) | (4,'4 | |||||
511,B4B | 2,9BG,SBB | 3,49 | |||||
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Condensed Consolidated Statement of cash flows
amounts in Sri Lankan Rupees thousands) | gQ | up | Company | ||||||
For the period ended 31 March | 2 | 2 | 2 | ||||||
Cash flows from operating activities | |||||||||
Profit before taxation | 2,898,522) | 2,765, | 2,4Sl,O7I 2,64S,O69 |
Adjustments for: | |||||||
Depreciation and amortisation | 4Il,6O1 | 411,943 | 331,788) | 333,799 | |||
Provision for retirement benefit obligations | 82,210 | 66,005) | 71,4 | ||||
Loss /(Profit) on disposal of property, plant and equipment | 13,839 | (40,661) | 13, | ||||
Im pairment on investment in subsidiary | 693,677) | 80,125 | |||||
Gain on fair valuation of consumable biological assets | (79,420) | (25,817) | |||||
Gain on fair valuation of produce on bearer plants | 34,557 | 15,259 | 34,357 | 15259 | |||
Loss on fair valuation of livestock | 566,285 | (29,431) | |||||
Income from investment fund | (3,734) | (7110) | (3,734) | (7,10) | |||
Provision for Doubtful Receivables | 6,853 | - | 2,012 | ||||
Provision for slow moving Inventory | 68,742 | (00,894) | - | ||||
Amortisation of capital grants | (2,553) | (2,358) | (2,553 | (2,558) | |||
Unrealized Exchange Gain | (1,642)a | (3145) | (1,642) | (5145) | |||
Net finance costs | (24,S79) | (lO5I32) | (48,605 | 157,866) | |||
Profit before working capital changes | 3,712,4 | 3,015,210 | 3 4 | 2,989,0 | |||
Changes in working capital | |||||||
- Inventories | 178,549 | 415,708 | 4O,425 | 89,3 | |||
- Trade and other receivables | (23,471) | 162,71 | 8,450 | 206,1 | |||
- Amount due from related companies | (294,610) | 117,4OO | (264,429) | 80,312 | |||
- Amount due to related companies | (9,669) | 8,851 | (9,669) | 8,851 | |||
- Trade and other payables | 276,920 | 108,31 | 285,890 | 105,91 | |||
Cash generated from operations | 3,84 | 3,828,199 | Z,542,3 | 3,4Y9, | |||
paid received
Income Tax paid
Retirement benefit obligations paid
Net cash generated from operating activities
Cash flows from investing activities dditions to property, plant and equipment ddition to Intangible assets
151,348
(499,817)
(56,301)
(417,295)
3,422,
(9,325)
(16,957)
183,771
(144,806)
(64,539)
(42,531) 3,7B5,6
(28
(12,517)
163,823
(499,817)
(53,324)
(309,497) 3,152,B
(169,754)
(6,51)
219,828 (144,O29)
(58,194)
17,2
3,496,971
(216,675)
(12,517)
dditions to Bearer biological assets
Proceeds from disposal of biological assets (Livestock) Proceeds from sale of property, plant and equipment Investment made through short/long term investments
(Addition)/Withdrawals made throug h short/long term investments
dditions/ Disposal to livestock
n paid from related companies Net cash used in investing activities Cash flows from financing activities
(34,077)
98,682
46,5Z1
592,469
5O,0OO (186,813)
283,7
(36,177)
63,122
-(1,454,452) 5O9,0OO (306,209)
(1,526,795)
(54,077) (56, 77)
-| -
4,lO2 -
594,961 (1,453,591)
so,ooo so9,ooo
-| -
170,000 100,000
648,721) (1,109,960)
Dividends paid
Loans obtained during the year Repayment of borrowings
payment of lease liabilities
cash used in financing activities
Increase / (Decrease) in cash and cash equivalents Movement in cash and cash equivalents
At the beginning of period Increase /(Decrease) for the period
(4,472,790) (2,439,704)
845,000) 1S4,9OO
(117,220) (28,8O7)
(74,528) (61,317)
(3,819,538) (2,374,928)
{11z,9wj| gJs, ssj
(4,472,790) 2,479,]O4j
84S,OOO) (28,986)
(73,251) (61,317)
(3,73O,O27) (2,5O1,O21)
71,580) (114,010)
739,183) 853,193
71,580) (114,010)
At end of period
Cash and cash equivalents
Bank overdrafts At end of period
56 681,489
810,7
880,648
(69,885)
810,7
739,1
739,183
739,1
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Segmental Analysis - Group
(all amounts in Sri Lankan Rupees thousands)
Pamoil Dairy Others lntersegment Total | |||||||||||||||||||||
2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||
6,760,119) | 6,8 | 1,184,O | 1,453,9 | (2Z4) | 7 944 2 | 8,320,903 | |||||||||||||||
3,708, | 2,7 | t1A6, | 40,1 | 61,621 | 3,751,5 | 3,154,591 | |||||||||||||||
CXheropeatinginc‹vnl(expenses) | (21,448) | 71,530 | 198,373) | 78,21 | (242,317) | (4O,184) | 17,3 | (181,789) | 100,989 | ||||||||||||
Adnniniibiveexpenses | (523,915) | (43lJ49) | (26,610) | 1,2 | (5SO,525) | (444194) | |||||||||||||||
Selling and distribution expenses(SSCL) | (139,38d) | (146,332) | - | - | (5,939) | (4,340) | (145,324) | (150,672) | |||||||||||||
Impairmentofgoodvvill on acquisition ofsubsidiary - | - | - | - | (693,677) | 693,677 | ||||||||||||||||
Ope+agng profid'§oosj | 3,O2Z,8 | 2,733,8 | (222,201) | 93,3 | (621,400) | (246,657}) | 693, | 2,B73, | 2,66 | ||||||||||||
Netfinance Incom4(experses) | 48, | 157,8 | (24,026 | - | |||||||||||||||||
3,072,471 | 2,8 | (246,227)) | 40, | (621,400) | (246,657) | 693, | 8 | 2,89 | 2,765, | ||||||||||||
Tax expenses | (1,119,222) | (80,811) | (17 | 186,420 | (4,368) | (421 | |||||||||||||||
1, | 2,654, | (327,038)) | (139,24Z) | (4Z4,98O) | (251,025) | 693, | 1,B84,9 | ||||||||||||||
OtherCbmprehenslueIncome | |||||||||||||||||||||
Actuarial gain/(loss) on retirement benefitobligation | (88,108) | (13,040) | (10,256) | (1,965) | (98,364) | (15,005) | |||||||||||||||
Tax on actuarial gain/(loss) on retirement benefit obligation | 2,051 | 393 | 28,4 | ||||||||||||||||||
Tolal othermmptetiersiveiricorruf(expense) | ( | ( | (8,2O4) | (1,572) | (69, | (1 | |||||||||||||||
Totalmiiprebensiveirxx›rrie/(expense)krthe r | 1,8 | 2,645,751 | (335,242) | ‹ | fw4,seoj | ‹zsz,ozsj | ssz, | e | ,e s, | 2,334, | |||||||||||
(all amounts in Sri Lankan Rupees thousands)
Segmental Analysis - Group
Palm Oil | Dairy | Other | Inter Segment | Total | |||||||||||||||||
2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||
Revenue | 1,651, | 1,472,128) | 267,342 | 365,502) | - | (63a | l,9l9J | 1,837,567 | |||||||||||||
437,3€l9) | (I1,116) | (64,911)) | |||||||||||||||||||
Other operating income/(expenses) | (31,12O) | 15,561) | (274,903) | 102,54O) | (131,558)) | 39,427) | 4O,Z10 | (258,272) | 26,853 | ||||||||||||
Adm inistrative expenses | (151,518) | (71,706) | (10,208) | 1,8 | -) | -) | 300 | (161,726) | (69,540) | ||||||||||||
Selling and distribution expend(S5CL) | (34,866) | (31,255) | 251,8 | (778) | (929)) | -) | 216,160 | (32,184) | |||||||||||||
Impairmentofgoodwill on acquisition ofsubsidialy | 13 | (693,677) | -) | 554,621) | |||||||||||||||||
Opeiating proFit/(Iossj | 763, | 349,989 | 39,4 | (686,13O) | t132,' 8 ')) 594, | 627,4 | |||||||||||||||
Netfinance lncome/(expenses) | (26,445) | 5O, | (5,184) | (10,385) | -) | - | (31,629) | 40,549 | |||||||||||||
TOO, | (49,6O0)) 29,11O) | (686,13O)) | (132,487) | 594, | 8 | 595, | 377,671 | ||||||||||||||
Taxexpenses | (332,507) | (68,955) | (17,Z97)) (170,900) | 205,839) | (144,O65) | (236,231) | |||||||||||||||
Netproflt/{K›ssj | aos,o2o | 3z1,s | (s7,oosj) rl 1,ysoj) (aao,zs1)) g2 | 594, | 4Sl77l | 141,440 | |||||||||||||||
OtherComprehensi/elncorne | |||||||||||||||||||||
Actuarial gain/(loss) on retirement benefitobligation | (88,108) | (13,040) | (10,256)) (1,965) | (98,364) | 15,005) | ||||||||||||||||
Ta onactuarialgain/(loss) on retirement benefitobliga- I | 2 | 3, | 2,051) Z9Z) | -) | 28,483) | 4,3O5 | |||||||||||||||
ToBlothercomprehensi e incomq/(expense) | (9,128)) | (8,204)) (1,572)) | -) | -) | -) | (69,880) | (0,700) | ||||||||||||||
Totaloamprehensiueir›oame/(e›‹pense)fortheyear | 322,840) | (75,210)) (143,362)) | (480,291)) | (128,863)) | (128,863)) | 8 | (132,032) | 13O,74O | |||||||||||||
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Segmental Analysis - Company
(all amounts in Sri Lan kan Ru pees thousands)
Palm Oil | Others | Total | |||||||||||
2 | 2 | 2 | 2 | 2 | 2 | ||||||||
Revenue | 6,760,119) | 6,867,145) | 6,76OJl9 | 6,867J45 | |||||||||
Gross profit | 3,7OB, | 3,2Z9,011) | -| | Zh7O8, | 32Z9,811 | ||||||||
Other operating income/(expenses) | 12,909 | 71,530) | 78,21 | (242,317)) | 91,125 | (170,787) | |||||||
Gain/(loss) on changes in fair value of biological assets | (34,357) | -) | -) | (34,357) | |||||||||
Administrativeexpenses | (523,915) | (431,149)) | -) | (523,915) | (431,149) | ||||||||
Selling and distribution expenses/(SSCL) | (139,385)) | (146,332)) | (5,939) | (4,340)) | (145,324)) | (50,672) | |||||||
Impairment on investment in subsidiary | (693,677) | (693,677)) | |||||||||||
Operagngproflt/#oos} | 3,023,8 | 2,733,859) | (621,400) | (246,657)) | 2,402,4 | 2,487,2 | |||||||
Netfinancelnamq/(expenses) | 48,605 | 157,866) | 48,605 | 157,866 | |||||||||
Profit/(lcessj before tax | 5,OY2,4Y | 2,B | {621, 00} | (246,657} | 2,451,071 | 2,645,068 | |||||||
Tax (expense) / Reversal | (1,119,222) | (236,847) | 186,420 | (4,368) | (932,802) | (241,25) | |||||||
Net profit/{kit} | 1,953,249 | 2,654,878 | (AZ4,9BO) | (251,O25) | 1,518,270 | 2,aoz,esz | |||||||
Segmental Analysis - Company
(all amounts in Sri Lankan Rupees thousands)
Palm Oil | Others | Total | ||||||||||||
2 | 2 | 2 | 2 | 2 | ||||||||||
Revenue 1,651, | 1,472,128) | -| | -| | 1,651, | 1,472,128 | |||||||||
Gross profit/(loss) | 842420 | 437,Z£I9) | -| | -| | 842420 437,Ze9 | |||||||||
Other income/(expense) | 15,561 | (131,558) | 11,562 (15,997) | |||||||||||
Gain/(loss) on changes in fair value of biological assets (34,357) | (34,357) | |||||||||||||
Administrative expenses (152,767) | (71,706) | (152,767) (71,706) | ||||||||||||
Selling and distribution expenses (Z4,866) | (31,255) | (778) | (929) | (35,644) (32J84) | ||||||||||
Impairment of investment in subsidiary | (554,621) | (554,621 | ||||||||||||
W 623,667 | Z49,988 | {S47›O44j | (132,487) | 217,502 | ||||||||||
Netfinance Iname/(expenses) | (26,445) | 5 | (26,445) SO, | |||||||||||
Profit/(Loss) before tax s | 400, | 50,148) 26 | ||||||||||||
Tax (expense) / Reversal (290,790) | (68,955) | 164,122) | (126,668) (65,331) | |||||||||||
Net profit / (loss) 3O6,M1 | 331,967 | (302,952)) | 2 | (76,521)) 203,105 | ||||||||||
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Notes to the Condensed Interim Financial Statements06. Net assets per share
Watawala Plantations PLC (the Company) is a public limited liability company incorporated and domiciled in Sri Lanka.
Net assets per share has been calculated, for all periods, based on the number of shares in issue as at the Statement of Financial Position date.
Mawatha, Colombo 3.
No circumstance has arisen since the reporting date which would require adjustment to or disclosure in the interim
tinued to be cultivation, manufacture and sale of crude palm oil and Dairy farming.
08.
quarter end as compared to 31 March 2025.
the Watawala Plantations PLC as at and for the period ended 31 Mar 2025 comprised the Company and subsidiary Lonach Dairy Ltd..
and the Company for the period ended 31 March 2025 were authorised to be published by the Board of Directors on 30 May 2025.
and the Group have been prepared in accordance with
09. Fair value adjustments are done bi-annually as per the policy of the Company. Hence, Condensed Interim Financial State-
making the measurements.
Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.
Level 2: Valuation techniques based on observable inputs, either directly – i.e. as prices or indirectly – i.e. derived from
been considered in preparing these Condensed Interim Fi-
-
quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other
ing Policies and methods of computation since the publica-
Interim Financial Statements have been prepared in compli-
necessary to conform to the current presentation.
Watawala Plantations PLC has subdivided the ordinary shares
-
-
-
Shares”) on the basis of one (01) Pre-Subdivision share held by
directly or indirectly observable from market data.
the valuation technique includes inputs not based on observable data and the unobservable inputs have a
based on quoted prices for similar instruments where
2025 | 2024 (Restated) | 2025 Rs’000 | 2024 Rs’000 | |||||
Balance as at 31st 1,016,543,166 | 1,016,543,166 | 511,848 | 511,848 | |||||
March |
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
(all amounts in Sri Lankan Rupees thousands)
Group - As at 31 March 2025 Rs.’000 | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Total carrying amount | Level 1 | Level 2 | Level 3 | Total Fair value |
Financial assets measured at fair value
Investment fund 5,127
5527
Financial assets not measured at fair value
- - 5527
S,427
- 5527
5127
- 5,127
Trade and Other receivables - 3l3,9OO
- 313,900
- 313,900
- 313,900
)Amounts due from related companies -)) 326,357)) -)) 326,357))
)Short term investments -)) 366,853)) -)) 366,853))
Cash at banks and in hand - 883,479 - 883,479
- 1,890,588 - 1,890,588
-)) 326,357)) - 326,357)
-)) 366,853)) - 366,853)
- 88Z,479 - 883,479
- 1,890,588 - 1,890,588
Total financial assets
)Amount due to related companies | 579,387 | 579,387 | ||||||
Bank overdrafts | 9,668 | 9,668 | 9,668 | - | 9,668 | |||
l,2O3,OS8 | 1,203,058 | 1,203,058 | - | l,2O3,OS8 | ||||
Total financial liabilities | I2OAO58 | 1,203,058 | 1,203,058 | - | 1203058 | |||
Financial liabilities not measured at fair value
5,127 1,890,588 - 1,890,588
- 1,890,588 - 1,890,588
Interest bearing borrowings Trade and other payables Lease Liabilities
Bank overdrafts
- 1,370,043
- 1,370,043
-
478,206
-
478,206
- 1,370,043
- 314,933
- 478,206
- 2163182 - 2,163,182 - 2163182 - 2,163,182
Total financial liabilities - 2163182 - 2,163,182 - 2163,182 - 2,163,182
Group - As at 31 March 2024 | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Total carry- ing amount | Level 1 | Level 2 | Level 3 | Total Fair value |
Financial assets measured at fair value | |||||||||||||||
Investment fund | 51,393 | - | - | 51,393 | - 51,393 | - | 51,393 | ||||||||
51,393 | - | - | 51,393 | - 51,393 | - | 51,393 | |||||||||
Financial assets not measured at fair value | |||||||||||||||
Trade and Other receivables | - | 273,666 | - | 273,666 | - 273,666 | 334,734 | 273,666 | ||||||||
Amounts due from related company | - | 31,747 | - 31,747 | 31,747 | 31,747 | ||||||||||
Short term investments | - | 924,030 | - 924,030 | - | 924,030 | ||||||||||
Cash at banks and in hand | - | 797,421 | - | 797,421 | - 797,421 | - | 797,421 | ||||||||
2,087,932 | - | 2,026,864 | - 2,026,864 | 366,48 | 2,026,864 | ||||||||||
Total financial assets | 51,393 | 2,087,932 | - | 2,026,864 | - 2,026,864 | 366,481 | 2,026,864 | ||||||||
Financial liabilities not measured at fair value | |||||||||||||||
Interest bearing borrowings | - | 533,363 | - S33,363 | ||||||||||||
)Trade and other payables | - | 80,640 | - 80,640 | ||||||||||||
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
(all amounts in Sri Lankan Rupees thousands)
Company - As at 31 March 2025 Rs.’OOO | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Total carrying amount | Level 1 | Level 2 | Level 3 | Total Fair value |
Financial assets measured at fair value
Investment fund
-
5127
5J27
-
5127
5527
5,427
5,127
)Trade and Other receivables | - | 186,845 | - | 186,845 | 186,84S | ||||
Loan given to related company | -| | ||||||||
)Amounts due from related companies | - 553,572 | - 553,572 | - | 553,572) | |||||
)Short term investments | - 363,5OO | - 363,500 | - | 363,500) | |||||
Cash at banks and in hand | 880,648 | 880,648 | 880,648 | ||||||
- 1,9B4,564 | - 1,9B4,564 | -) | 1,9B4,564 | ||||||
Total financial assets | - 1,984 564 | - 1,9B4,564 | -) | 1,9B4,564 | |||||
Financial liabilities not measured at fair | |||||||||
Interest bearing borrowings | - 1,340,184 | - 1,340,184 | - | 1,340184 | |||||
Lease Liabilities | - 69,885 | - 69,805 | 69,885 | ||||||
Trade and other payables | Z93,55O | - 393,550 | - | 593,550 | |||||
Financial assets not measured at fair value
Financial assets measured at fair value
Investment fund
51,393
-
S1,393
-
51,393
-
51,393
value
Total financial liabilities | - 1,803,620 - 1,803,620 | 1,803,620 |
Company - As at 31 March 2024 Rs.’OOO | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Total carrying amount | Level 1 | Level 2 | Level 3 | Total Fair value |
Financial assets not measured at fair value
51,393
- - 51,393
- 51,393
- 51,393
Trade and Other receivables - I 74,050
Loan given to related Company -)) 170,000))
)Amounts due from related companies -)) 209,143))
)Short term investments -)) 923,169))
Cash at banks and in hand - 774,475
- 2,4O6JlS
- l74,OSO
- l7O,OOO
774,47S
2,330,837
- 174,050
- l7O,OOO
289J43
- 923J69
- 774,475
- 2,330,837
- l74,OSO
- j7O,OOO
- 289,143)
- 923,169)
- 774,475
-) 2,330,837
Financial liabilities not measured at fair value
Total financial assets
51,393 2,406,115
- 233O,837
- 2,330,837
-) 2,330,837
Lease Liabilities | - 4l4lO7 | |||||||||||
Trade and other payables | -| | |||||||||||
Amount due to related Company | 491,475 | 491,475 | 491,475 | |||||||||
9,660 | 9,668 | 9,668 | ||||||||||
Total financial liabilities | 915,250 | 915,250 | 9IS,2SO | |||||||||
10. All amounts expressed are in Sri Lankan Rupees (LKR.) thousands unless otherwise stated. IN. The Condensed Interim Financial Statements are not audited.
0014WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Shareholder details for the period ending 31 March 2025
Public Shareholdings
The percentage of shares held by the public
As at 31.03.2025, As at 31.03.2024,
23.17 23.16
Number of Shareholders representing public shareholding
I9,O9I
18,325
Requirement by CSE
As at
31 Mar 2025
Requirement by CSE
As at
31 March 2024
Option (Listing Rule 7.l3.J (i) (a))
4
4
4
4
at adjusted market capitalization
Above LKR 2.5Bn
LKR 6.S7Bn
Above LKR 2.SBn
LKR 4.l8Bn
percentage of shares held by the public
lO%
23.17%
lO%
23.16%
N
berofshareholdersrepresenting public
0
19,091
500
18,325
Directors' Shareholding as at 31 March 2025
The number of Shares held by the Board of Directors are as follows
As at 31.03.2025
As at 31.03.2024
M R Mihular (Chairman) (Appointed w.e.f. 29 May 2O24)
Nil
Nil
S G Wijesinha (Chairman) (Resigned w.e.f 29 May 2024)
n/a
1
V Govindasamy
Nil
Nil
M S Mawzoon
Nil
Nil
H D Abeywickrama
Nil
Nil
M R Rao
Nil
Nil
A R Rasiah (Resigned w.e.f 29 May 2024)
n/a
iO,OOO
S G Sathasivam
Nil
Nil
A Herath
Nil
Nil
M T Siddique
Nil
Nil
D A Cabraal (Appointed w.e.f. 18 June 2O24)
Nil
n/a
Chief Operating Officers' Shareholding as at 31 March 2025
Bandula Pelpola (Appointed w.e.f. IZ June 2024)
Nil
As at 31.03.2024
n/a
As at 31.03.2025
0015WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Twenty (20) largest shareholders as at31 March 2025
Name
No of
Shares Held
% of the
holding
SUNSHINE WILMAR (PRIVATE) LIMITED
78l,O35,2l5
76.83
EST.OF LAT KANGASU CHELVADURAI VIGNARA3AH
33,927,060
4.17
SRI LANKA INSURANCE CORPORATION LTD-LIFE FUND
ll,O9l,475
1.09
VY3AYANTHI & COM PANY LIMITED
S,OS8,37O
0.SO
M R. TALIB TAWFIQ TALIB AL-NAKIB (DECEASED)
3,50O,OOO
0.34
M R. 3AYAM PATHI DIVALE BANDARANAYAKE, MISS N. B.BANDARANAYAKE
3,266,475
0.32
M R. 3AYAM PATHI DIVALE BANDARANAYAKE, MISS I BANDARANAYAKE
Z,263,78O
0.Z2
M RS. NANDINI MUL3IE
2,796,770
0.28
DEUTSCHE BANK AG SINGAPORE A/C 2 (DCS CLT ACC FOR DEUTSCHE BANK AG SINGAPORE-PWM WM CLIENT)
2,467,400
0.24
M R. SUBRAMANIAM VASUDEVAN
2,251130
0.22
RANAVAV HOLDINGS (PVT) LTD
2,OOO,OOO
0.20
M R. SUGATH WE ERARATN E
l,87S,OOO
018
M R. HANIF VUSOOF
1,865,503
0J8
M R. MOHAM ED IMTIZAM ABDU L HAMEED
1,770,425
OJ7
MALSHIP CEYLON LTD
1,684,555
0.17
ASSETLIN E FINANCE LIMITED/3.A.S.PRIYANTHA
l,675,OOO
016
1.B. COCOSH ELL (PVT) LTD
1,609,56
0J6
M R. MOHAM ED MACKY HASHIM
l,S9O,OOO
016
PERERA AND SONS BAKERS PVT LIMITED
l,25O,OOO
0.12
UN ION INVESTMENTS PRIVATE LTD
1,104,405
01
Sub Total
843,OB2,O79
82.94
Other Shareholders
173,4G1,OB7
17.06
Grand Total
1,016,543,166
100.00
Stated Capital
Stated capital is represented by share in issue as given below
As at 31.03.2025
As at 31.03.2024
Ordinary Shares 1,016,543,166 2O3,308,633
Golden Share 1 l
Total Shares 1,016,543,167 203,308,634
Market Price & Trading Informations
As at | 31.03.2025 | As at 31.03.2024 | |
Highest during the period (LKR) | 160.00 | 94.50 | |
Lowest during the period (LKR) | 28.00 | 72.00 | |
Last Traded price (LKR) | 28.00 | 88.70 | |
Quarter ended 31 March 2025 | Quarter ended 31 March 2024 | |
No. of Transactions | 16,326 | 5,736 |
No. of Shares traded | 22176,473 | 4,558,818 |
Value of Shares Traded (LKR) | 1,408,079,241 | 381,894,769 |
WATAWALA PLANTATIONS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
Corporate Information
NameoftheCompany AatavvaaPlantationsPLC
Legal form
A public Company with limited liability registered under Companies Act No.17 of 1982 and re-registered under the Companies Act No.07 of 2007 and quoted on the Colombo Stock Exchange.
Date of incorporation I8 3une 1992
Registration No PQ 65
Accounting Year 31 March
Directors
M R Mihular (Chairman)
S G Wijesinha (Chairman) (Resigned w.e.f 29 May 2024) V Govindasamy
M S Mawzoon
H D Abeyvvickrama M R Rao
A R Rasia h (Resig ned w.e.f 29 May 2024) S G Sathasivam
A Herath
M T Siddique
D A Cabraal (Appointed w. e. f 19 3une 2024)
Chief Operating Officer
Bandula Pelpola
Secretaries & Registrars Corporate Services (Pvt) Ltd.
216, De Saram Place, Colombo lO.
Auditors
KPMG (Chartered Accountants)
No: 32A, Sir Mohomad Macan Markar Maratha, Colombo 03.
Bankers
Standard Chartered Bank Ltd Hatton National Bank PLC Commercial Bank of Ceylon PLC DFCC Bank PLC
People's Bank
National Development Bank PLC
Lawyers
F3 & G de Saram
(Attorneys-at-Law)
No 2J6, de Saram Place, Colombo 10
Nithya Partners
(Attorneys-at-Law)
97/A Galle Rd, Colombo 03
Registered Office
60, Dharmapala Maratha, Colombo 03,
Sri Lanka Tel:+94ll47024OO
E-mail: watawala@sunshineholdinps.lk
Web: https://www.watawaIapIantations.lk