HORANA PLANTATIONS PLC
(Company Number : PQ 126)
INTERIM FINANCIAL STATEMENTS
For the Twelve (12) Months Ended
31-Mar-2024
Registered Office - No.400, Deans Road, P.O.Box 2042, Colombo 10, Sri Lanka
# Tel: 011 2627000 # Facsimile: 011 2627323 # E-mail: horanap@hplnet.com # Web: www.horanaplantations.com
Horana Plantations PLC
Interim Financial Statements
For the Twelve (12) Months Ended 31st March 2024
Contents
Page No.
- Statement of Profit or Loss and Other Comprehensive Income
- Statement of Financial Position
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to the Interim Financial Statements
- Notes to the Interim Financial Statements (Contd…)
Page 1
Horana Plantations PLC
Statement of Profit or Loss and Other Comprehensive Income
For the Twelve (12) Months Ended 31st March 2024
Tweleve (12) Months Ended | Three (03) Months Ended | |||||||||
31-Mar | 31-Mar | Change | 31-Mar | 31-Mar | ||||||
2024 | 2023 | 2024 | 2023 | |||||||
(Audited) | ||||||||||
Rs' 000 | Rs' 000 | % | Rs' 000 | Rs' 000 | ||||||
Revenue | 3,385,735 | 3,794,035 | (10.76) | 984,573 | 922,673 | |||||
Cost of Sales | (2,732,480) | (2,559,346) | (6.76) | (818,231) | (645,051) | |||||
Gross Profit | 653,255 | 1,234,689 | (47.09) | 166,342 | 277,622 | |||||
Other Operating Income | 7,903 | 7,782 | 1.56 | 2,063 | 1,918 | |||||
Change in Fair Value of Biological Assets | 34,320 | (4,377) | 884.01 | 24,818 | (14,061) | |||||
Administrative Expenses | (234,375) | (234,621) | 0.10 | (50,382) | (64,114) | |||||
Management Fees | - | (16,963) | 100.00 | - | (4,312) | |||||
Profit from Operations | 461,103 | 986,510 | (53.26) | 142,841 | 197,052 | |||||
Finance Income | 3,926 | 5,097 | (22.97) | 792 | 1,270 | |||||
Finance Expense | (238,546) | (334,515) | 28.69 | (47,366) | (84,280) | |||||
Profit before Taxation | 226,483 | 657,092 | (65.53) | 96,267 | 114,042 | |||||
Tax Expense | (121,978) | (487,030) | 74.95 | (77,238) | (53,522) | |||||
Profit for the period | 104,505 | 170,062 | (38.55) | 19,030 | 60,520 | |||||
Other Comprehensive Income:- | ||||||||||
Actuarial Loss on Retirement Benefit | (125,446) | (51,759) | (142.37) | (125,446) | (51,759) | |||||
Obligations | ||||||||||
Tax effect on Other Comprehensive Income | 37,634 | 15,527 | 142.37 | 37,634 | 15,527 | |||||
Other Comprehensive Loss for the period, | (87,812) | (36,232) | (142.36) | (87,812) | (36,232) | |||||
net of Tax | ||||||||||
Total Comprehensive Income/Expense for | 16,693 | 133,830 | (68,783) | 24,288 | ||||||
the period | (87.53) | |||||||||
Basic Earnings per Share (Rs.) | 4.18 | 6.80 | (38.55) | 0.76 | 2.42 | |||||
Dividend per Share (Rs.) | 2.65 | - | - | - | - | |||||
Page 2 | |||||||
Horana Plantations PLC | |||||||
Statement of Financial Position | |||||||
As at 31st March 2024 | |||||||
As at | |||||||
31-Mar | 31-Mar | ||||||
2024 | 2023 | ||||||
(Audited) | |||||||
Rs' 000 | Rs' 000 | ||||||
ASSETS | |||||||
Non-Current Assets | |||||||
Right of Use Assets | 248,883 | 184,743 | |||||
Bearer Biological Assets | 2,515,934 | 2,296,046 | |||||
Consumable Biological Assets | 594,745 | 591,546 | |||||
Property, Plant & Equipment | 579,843 | 552,281 | |||||
Total Non-Current Assets | 3,939,405 | 3,624,615 | |||||
Current Assets | |||||||
Non-Harvested Produce on Bearer Biological Assets | 9,651 | 9,847 | |||||
Inventories | 524,435 | 476,386 | |||||
Trade and Other Receivables | 178,057 | 197,560 | |||||
Related Company Receivables | 1,719 | 9,384 | |||||
Cash and Cash Equivalents | 47,122 | 37,379 | |||||
Total Current Assets | 760,984 | 730,556 | |||||
Total Assets | 4,700,389 | 4,355,171 | |||||
EQUITY & LIABILITIES | |||||||
Equity | |||||||
Stated Capital | 250,000 | 250,000 | |||||
Retained Earnings | 630,396 | 679,954 | |||||
Total Equity | 880,396 | 929,954 | |||||
Non-Current Liabilities | |||||||
Interest Bearing Loans & Borrowings | 1,098,862 | 745,939 | |||||
Lease Liabilities | 255,867 | 183,991 | |||||
Retirement Benefit Obligations | 562,419 | 458,833 | |||||
Deferred Income | 99,172 | 106,475 | |||||
Deferred Tax Liability | 667,370 | 583,027 | |||||
Total Non-Current Liabilities | 2,683,690 | 2,078,265 | |||||
Current Liabilities | |||||||
Trade and Other Payables | 328,552 | 361,677 | |||||
Related Companies Payables | 24,377 | 32,930 | |||||
Interest Bearing Loans & Borrowings | 447,077 | 444,875 | |||||
Lease Liabilities | 12,752 | 10,467 | |||||
Short Term Borrowings | 323,544 | 497,003 | |||||
Total Current Liabilities | 1,136,302 | 1,346,952 | |||||
Total Liabilities | 3,819,993 | 3,425,217 | |||||
Total Equity & Liabilities | 4,700,389 | 4,355,171 | |||||
Net Assets per Ordinary Share (Rs.) | 35.22 | 37.20 | |||||
The Statement of Financial Position as at 31st March 2024 and the Statement of Profit or Loss, Statement of Comprehensive
Income , the Statement of Changes in Equity and Cash Flow Statement for the period ended 31st March 2024 are drawn up from the unaudited Financial Statements of the Company, provide the information required by the Colombo Stock Exchange.
It is certified that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.
(Sgd) Ajith Nissanka
General Manager - Finance
Signed for and on behalf of the Board of Directors of Horana Plantations PLC:-
(Sgd) A.M.Pandithage | (Sgd.) Dr. Roshan Rajadurai |
Chairman | Managing Director |
13th May 2024 | |
Page 3
Horana Plantations PLC
Statement of Changes in Equity
For the Twelve (12) Months Ended 31st March 2024
(Stated Capital comprised - 25 Million Ordinary | Stated | Retained | Total |
Shares and 1 Golden Share) | Capital | Earnings | |
Rs'000 | Rs'000 | Rs'000 | |
Tweleve (12) Months Ended 31st March 2023:- | |||
Balance as at 1st April 2022 | 250,000 | 546,124 | 796,124 |
Comprehensive Income for the period | |||
Profit for the period | - | 170,062 | 170,062 |
Other Comprehensive Expense for the period | - | (36,232) | (36,232) |
Total Comprehensive Income for the period | - | 133,830 | 133,830 |
Balance as at 31st March 2023 | 250,000 | 679,954 | 929,954 |
Tweleve (12) Months Ended 31st March 2024:- | |||
Balance as at 1st April 2023 | 250,000 | 679,954 | 929,954 |
Comprehensive Income for the period | |||
Profit for the period | - | 104,505 | 104,505 |
Other Comprehensive Expense for the period | - | (87,812) | (87,812) |
Dividend | - | (66,250) | (66,250) |
Total Comprehensive Expense for the period | - | (49,557) | (49,557) |
Balance as at 31st March 2024 | 250,000 | 630,396 | 880,396 |
Page 4
Horana Plantations PLC
Statement of Cash Flows
For the Twelve (12) Months Ended 31st March 2024
Twelve (12) Months Ended | ||||||||
31-Mar | 31-Mar | |||||||
2024 | 2023 | |||||||
(Audited) | ||||||||
Rs' 000 | Rs' 000 | |||||||
Cash Flows from Operating Activities | ||||||||
Profit before Taxation | 226,483 | 657,092 | ||||||
Adjustments for non-cash items : | ||||||||
(15,908) | ||||||||
Change in Fair | Value of Biological Assets | 8,042 | ||||||
Depreciation and Amortization | 208,590 | 189,200 | ||||||
Provision for Retirement Benefit Obligations | 113,764 | 101,037 | ||||||
(Reversal)/Provision for Obsolete Inventories | (393) | 6,776 | ||||||
Provision for Impairment of Trade & Other Receivables | 601 | 4,959 | ||||||
Finance Expenses | 203,881 | 307,821 | ||||||
Finance Income | (3,926) | (5,097) | ||||||
Lease Interest | 34,666 | 26,787 | ||||||
Profit on Disposal of Property, Plant & Equipment | - | (111) | ||||||
Amortization of Capital Grants | (7,803) | (7,671) | ||||||
Field Development/ Other Capital Expenditure Written off | 5,385 | 23,707 | ||||||
Operating Profit before Working Capital Changes | 765,339 | 1,312,542 | ||||||
Increase in Inventories | (37,810) | (124,636) | ||||||
Decrease/(Increase) in Trade & Other Receivable | 19,047 | (64,885) | ||||||
Decrease/(Increase) in Related Companies Receivables | 7,665 | (3,214) | ||||||
Decrease in Related Companies Payables | (12,888) | (22,966) | ||||||
(Decrease)/Increase in Trade & Other Payables | (27,565) | 61,183 | ||||||
Cash Generated from Operations | 713,787 | 1,158,025 | ||||||
Interest paid | (207,378) | (302,742) | ||||||
Payments made for Retirement Benefit Obligations | (143,350) | (173,706) | ||||||
Payment of Tax | (145) | (14) | ||||||
Net Cash Inflow from Operating Activities | 362,914 | 681,563 | ||||||
Cash Flows from Investing Activities | ||||||||
Purchase/Construction of Property, Plant and Equipment | (93,128) | (153,658) | ||||||
Expenditure Incurred on Biological Assets | (341,533) | (282,555) | ||||||
Capital Grants and Subsidies received | 500 | 821 | ||||||
Proceeds on Disposal of Property, Plant & Equipment | - | 187 | ||||||
Finance Income | 3,926 | 5,097 | ||||||
Net Cash Outflow from Investing Activities | (430,235) | (430,107) | ||||||
Cash Flows from Financing Activities | ||||||||
Receipt of Project Loans | 800,000 | 275,000 | ||||||
Repayment of Project Loans | (386,534) | (373,859) | ||||||
Receipt of Other Term Loans | 150,000 | 198,303 | ||||||
Repayment of Other Term Loans | (208,341) | (289,063) | ||||||
Payment of Lease Rentals | (48,351) | (37,566) | ||||||
Payment of Dividend | (56,250) | - | ||||||
Net Cash Inflows/(used in) from Financing Activities | 250,523 | (227,186) | ||||||
Net Increase in Cash and Cash Equivalents during the period | 183,202 | 24,270 | ||||||
Cash and Cash Equivalents at the beginning of the period | (459,624) | (483,894) | ||||||
Cash and Cash Equivalents at the end of the period | (276,422) | (459,624) | ||||||
Page 5 | |||||||||
Horana Plantations PLC | |||||||||
Notes to the Interim Financial Statements | |||||||||
For the Twelve (12) Months Ended 31st March 2024 | |||||||||
1 Segmental Information | Tea | Rubber | Unallocated | Total | |||||
31-Mar | 31-Mar | 31-Mar | 31-Mar | 31-Mar | 31-Mar | 31-Mar | 31-Mar | ||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Rs' 000 | Rs' 000 | Rs' 000 | Rs' 000 | Rs' 000 | Rs' 000 | Rs' 000 | Rs' 000 | ||
Segmental Revenue:- | |||||||||
Main Sectors | 2,556,632 | 2,912,192 | 513,318 | 557,620 | - | - | 3,069,950 | 3,469,812 | |
Other Operating Revenue | - | - | - | - | 315,785 | 324,223 | 315,785 | 324,223 | |
Segmental Revenue | 2,556,632 | 2,912,192 | 513,318 557,620 315,785 324,223 3,385,735 | 3,794,035 | |||||
Cost of Sales | (2,095,199) | (1,931,535) | (439,523) (454,418) (197,758) (173,392) (2,732,480) (2,559,346) | ||||||
Segmental Gross Profit | 461,433 | 980,656 | 73,794 | 103,202 | 118,028 | 150,831 | 653,255 | 1,234,689 | |
Other Operating Income | 7,903 | 7,782 | 7,903 | 7,782 | |||||
Change in Fair Value of Biological Assets | 34,320 | (4,377) | 34,320 | (4,377) | |||||
Administrative Expenses | (234,375) | (234,621) | (234,375) | (234,621) | |||||
Management Fees | - | (16,963) | - | (16,963) | |||||
Profit from Operations | 461,103 | 986,510 | |||||||
Finance Income | 3,926 | 5,097 | 3,926 | 5,097 | |||||
Finance Expense | (238,546) | (334,515) | (238,546) | (334,515) | |||||
Profit before Taxation | 226,483 | 657,092 | |||||||
Tax Expense | (121,978) | (487,030) | (121,978) | (487,030) | |||||
Profit for the period | 104,505 | 170,062 | |||||||
Other Comprehensive Income/(Expense): | |||||||||
Actuarial Loss on Retirement Benefit Obligations | (125,446) | (51,759) | (125,446) | (51,759) | |||||
Tax expenses on Other Comprehensive Income | 37,634 | 15,527 | 37,634 | 15,527 | |||||
Other Comprehensive Expense for the period after tax | (87,812) | (36,232) | |||||||
Total Comprehensive Income for the period | 16,693 | 133,830 | |||||||
2 Market Prices (per Share) | |||||||||
Year Ended | Quarter Ended 31st March | ||||||||
31-Mar-23 | 2024 | 2023 | Variance | ||||||
Rs.Cts. | Rs.Cts. | Date | Rs.Cts. | Date | Rs.Cts. | ||||
71.90 | Highest | 43.00 | 12-Mar-24 | 71.90 | 10-Jan-22 | (28.90) | |||
48.00 | Lowest | 37.00 | 5-Mar-23 | 48.00 | 15-Mar-22 | (11.00) | |||
52.50 | Last Traded Price | 39.40 | 28-Mar-23 | 52.50 | 31-Mar-23 | (13.10) |
- Public holding percentage as at 31st March 2024 was 48.56 %
- Number of shareholders representing the above percentage was 10,565
- The float adjusted market capitalization as at 31st March 2024 was Rs.479,530,019.18
- The float adjusted market capitalization of the Company falls under "Option 5" of Section 7.14.1(a) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.
3 Basis of Preparation
3.1The interim financial statements are unaudited have been prepared in accordance with Sri Lanka Accounting Standards-LKAS 34 Interim Financial Reporting, and has applied the same accounting policies and methods of computation which have been adopted in the previous year.
3.2Comparative figures have been re-classified to conform with the current year's presentation.
3.3There are no changes in contingent liabilities of material nature since the last annual reporting date.
3.4No material events have occurred subsequent to the Reporting Period, which require adjustments to or disclosures in the Financial Statements.
Page 6 | ||||||||
Horana Plantations PLC | ||||||||
Notes to the Interim Financial Statements (Contd…..) | ||||||||
For the Twelve (12) Months Ended 31st March 2024 | ||||||||
Name | No. of Shares | Percentage | ||||||
(%) | ||||||||
4 | Twenty (20) Major Shareholders as at 31st March 2024 | |||||||
1 | Hayleys Plantation Services (Private) Limited | 12,750,000 | 51.000 | |||||
2 | Sri Lanka Insurance Corporation Ltd-Life Fund | 1,565,124 | 6.260 | |||||
3 | Sri Lanka Insurance Corporation Ltd-General Fund | 1,385,434 | 5.542 | |||||
4 | Hatton National Bank PLC/Almas Holdings (Pvt) Ltd | 472,901 | 1.892 | |||||
5 | Bank Of Ceylon No. 1 Account | 465,700 | 1.863 | |||||
6 | Commercial Bank of Ceylon PLC/Andaradeniya Estate (Pvt) Ltd | 450,813 | 1.803 | |||||
7 | Mr G.M. Weerakoon | 340,172 | 1.361 | |||||
8 | Hatton National Bank PLC/Mushtaq Mohamed Fuad | 301,061 | 1.204 | |||||
9 | Dr. Dilesh Jayanntha | 190,000 | 0.760 | |||||
10 | Mr K.C.Vignarajah | 186,255 | 0.745 | |||||
11 | Almas Holdings (Pvt) Ltd | 174,299 | 0.697 | |||||
12 | Sezeka Limited | 170,053 | 0.680 | |||||
13 | Mr A.J.M. Jinadasa | 135,000 | 0.540 | |||||
14 | People's Leasing & Finance PLC/Hi Line Towers (Pvt) Ltd | 131,979 | 0.528 | |||||
15 | Mr H.A.A.H. Algharabally | 131,500 | 0.526 | |||||
16 | Merchant Bank Of Sri Lanka Finanace PLC/D.S. Nakandala | 116,347 | 0.465 | |||||
17 | Hatton National Bank PLC/Mr.A.Rajaratnam | 110,108 | 0.440 | |||||
18 | Mr S.C.Gangegoda | 109,350 | 0.437 | |||||
19 | Mr P.F. Nandasiri | 103,165 | 0.413 | |||||
20 | Mr A.A.Page | 100,000 | 0.400 | |||||
Mr D.K.T. Pathirage | 100,000 | 0.400 | ||||||
Sub-Total | 19,489,261 | 77.957 | ||||||
Others | 5,510,740 | 22.043 | ||||||
Total | 25,000,001 | 100.000 | ||||||
5 Directors' Shareholdings as at 31st March 2024 | ||||||||
1 | Mr. A. M. Pandithage | - | - | |||||
2 | Dr. Roshan Rajadurai | 1,000 | 0.004 | |||||
3 | Mr. Johann A. Rodrigo | - | - | |||||
4 | Mr. A. N. Wickremasinghe | - | - | |||||
5 | Mr. S. C. Ganegoda | 109,350 | 0.437 | |||||
6 | Mr. K. D. G. Gunaratne | - | - | |||||
7 | Mr. S. M. Liyanage | - | - | |||||
8 | Mr. T. A. B. Speldewinde | - | - | |||||
9 | Mr. M.C.B. Talwatte (appointed on 03.01.2024) | - | - | |||||
Total | 110,350 | 0.441 | ||||||
6 Public Holding Percentage as at 31st March 2024 | ||||||||
Holding of 10% or more: | ||||||||
Hayleys Plantation Services (Private) Limited | 12,750,000 | 51.000 | ||||||
Directors' Shareholding: | ||||||||
Dr. Roshan Rajadurai | 1,000 | 0.004 | ||||||
Mr. S. C. Ganegoda | 109,350 | 0.437 | ||||||
Sub-Total | 12,860,350 | 51.441 | ||||||
No.of Shareholders | ||||||||
Public Holding | 10,565 | 12,139,651 | 48.559 | |||||
Total Stated Capital | 25,000,001 | 100.000 | ||||||
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Horana Plantations plc published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 10:27:01 UTC.