MADULSIMA PLANTATIONS PLC
833, Sirimavo Bandaranaike Mawatha - Colombo -14
Company Reg. No : PQ 184
INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED 31ST MARCH 2024
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Three Months Ended 31st March 2024
CORPORATE INFORMATION | |||
Company | : | Madulsima Plantations PLC | |
Legal Form | : | Public Listed Company | |
Date of Incorporation | : | 22nd June 1992 | |
Company Registration No | : P Q 184 | ||
Registered Office | : 833, Sirimavo Bandaranaike Mawatha , Colombo 14 | ||
Board of Directors | : Mr. D H S Jayawardena | Chairman | |
Mr. C R Jansz | Non Executive Director | ||
Mr. M N S Perera | Executive Director | ||
Mr. D Hasitha S Jayawardena | Non Executive Director | ||
Mr. K Dayaparan | Non Executive Director | ||
Dr. A Shakthevale | Independent Director | ||
Mr. D S K Amarasekera | Independent Director | ||
Secretary | : | Mr. P A Jayatunga | |
833, Sirimavo Bandaranaike Mawatha | |||
Colombo 14. | |||
Registrars | : Central Depository Systems (Pvt) Limited | ||
Ground Floor, M&M Center 341/5 | |||
Kotte Road | |||
Rajagiriya. | |||
Auditors | : Messrs. KPMG (Chartered Accountants) | ||
32A, Sir Mohamad Macan Markar Mawatha. | |||
Colombo 03. | |||
Bankers | : Hatton National Bank PLC, | ||
City Office, | |||
16, Janadhipathi Mawatha, | |||
Colombo 01. | |||
Managing Agent | : Melstacorp PLC | ||
110, Norris Canal Road, | |||
Colombo 10 |
Page No 01
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Three Months Ended 31st March 2024
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
03 Months | 03 Months | Variance | |
Ended | Ended | ||
31/03/2024 | 31/03/2023 | % | |
Rs.'000 | Rs.'000 | ||
Revenue | 1,068,717 | 977,037 | 9 |
Cost of sales | (903,093) | (918,844) | 2 |
Gross profit | 165,625 | 58,193 | 185 |
Other operating income | 38,019 | 33,785 | 13 |
Gain on change in fair value of biological assets | 73,247 | 74,786 | (2) |
Administrative expenses | (20,305) | (20,238) | (0) |
Profit from operating activities | 256,586 | 146,526 | 75 |
Net finance cost | (163,056) | (251,820) | 35 |
Profit or loss before income tax | 93,530 | (105,294) | 189 |
Income tax (Charge)/Reversal | (44,776) | - | |
Profit / (Loss) for the period | 48,754 | (105,294) | 146 |
Other comprehensive income /(expenses) for the period | |||
Total Comprehensive income /(expense) for the period | - | - | |
- | - | - | |
Total Comprehensive income /(expense) | 48,754 | (105,294) | 146 |
Basic earnings/(loss) per share (Rs.) | 0.29 | (0.62) | 146 |
Figures in brackets indicate deductions.
The above figures are not audited
Page No 02
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Three Months Ended 31st March 2024
STATEMENT OF CHANGES IN EQUITY
Stated | Available For | Timber | Accumulated | Revaluation | Total | |
Capital | Sales Reserves | Reserve | Losses | Reserve | Equity | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 1st January 2023 | 1,624,760 | 2,780 | 4,178,968 | (5,385,486) | 1,349,935 | 1,770,957 |
Transferred to timber reserve | - | - | 74,786 | (74,786) | - | - |
Profit/(Loss) for the period | - | - | - | (105,293) | - | (105,293) |
Other comprehensive income / (expense) | - | - | - | - | - | |
Balance as at 31st March 2023 | 1,624,760 | 2,780 | 4,253,754 | (5,565,565) | 1,349,935 | 1,665,664 |
Balance as at 1st January 2024 | 1,624,760 | 3,036 | 4,690,955 | (7,047,040) | 1,055,815 | 327,526 |
Transferred to timber reserve | 73,247 | (73,247) | - | |||
Profit/(Loss) for the period | 48,754 | 48,754 | ||||
Other comprehensive income / (expense) | - | - | ||||
Balance as at 31st March 2024 | 1,624,760 | 3,036 | 4,764,202 | (7,071,533) | 1,055,815 | 376,280 |
Figures in brackets indicate deductions.
The above figures are not audited
Page No 03
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Three Months Ended 31st March 2024
STATEMENT OF FINANCIAL POSITION | ||
Unaudited | Unaudited | |
As At | 31/03/2024 | 31/12/2023 |
Rs.'000 | Rs.'000 | |
Assets | ||
Non-current assets | ||
Right to use of land | 100,505 | 147,638 |
Immovable estate assets on finance lease (other than bare Land) | 293,854 | 301,239 |
Tangible assets other than biological assets | 1,259,084 | 1,282,859 |
Bearer biological assets | 1,125,533 | 1,109,682 |
Consumable biological assets | 5,059,523 | 4,979,627 |
Investment in Equity Securities-FVOCI | 4,253 | 4,253 |
Total non-current assets | 7,842,751 | 7,825,298 |
Current Assets | ||
Produce bearer biological assets | 8,020 | 7,811 |
Inventories | 567,622 | 548,959 |
Trade and other receivables | 255,590 | 138,098 |
Amounts due from related companies | 11,231 | 2,983 |
Cash and cash equivalents | 39,020 | 10,831 |
Total current assets | 881,481 | 708,682 |
TOTAL ASSETS | 8,724,233 | 8,533,980 |
EQUITY AND LIABILITIES | ||
Capital and reserves | ||
Stated capital | 1,624,760 | 1,624,760 |
Timber reserve | 4,764,202 | 4,691,163 |
Revaluation reserve | 1,055,815 | 1,055,815 |
Fair value through OCI reserve | 3,036 | 3,036 |
Accumulated losses | (7,071,533) | (7,041,687) |
Total equity | 376,280 | 333,087 |
Non-current liabilities | ||
Interest bearing borrowings | 4,351,733 | 4,201,285 |
Retirement benefit obligations | 1,278,584 | 1,287,755 |
Deferred tax liability | 1,106,072 | 1,061,295 |
Deferred income and capital grants | 119,452 | 117,956 |
Lease liability to-SLSPC and JEDB | 90,353 | 139,663 |
Total non-current liabilities | 6,946,194 | 6,807,954 |
Current liabilities | ||
Trade and other payable | 562,660 | 457,522 |
Lease liability to-SLSPC and JEDB | 12,639 | 12,639 |
Amounts due to related companies | 122,011 | 119,854 |
Interest bearing borrowings | 599,852 | 600,000 |
Bank overdraft | 104,598 | 202,924 |
Total current liabilities | 1,401,759 | 1,392,939 |
Total liabilities | 8,347,953 | 8,200,893 |
TOTAL EQUITY AND LIABILITIES | 8,724,233 | 8,533,980 |
Net Assets per share | 2.22 | (0.86) |
It is certified that these interim financial statements have been prepared in accordance with the requirements of the Companies Act No 07 of 2007.
- Signed -
D S Heenatigalage
General Manager - Finance
The Board of Directors is responsible for the preparation and presentation of these interim financial statements. Approved and signed for and behalf of the Board of Directors of Madulsima Plantations PLC.
- Signed - | - Signed - |
C R Jansz | M A N S Perera |
Director | Director |
Colombo, 13th May 2024 | |
Page No 04 |
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Three Months Ended 31st March 2024
STATEMENT OF CASH FLOWS | ||
03 Months | 03 Months | |
Ended | Ended | |
31/03/2024 | 31/03/2023 | |
Rs.'000 | Rs.'000 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net Profit/(Loss) before taxation | 93,530 | (105,293) |
Adjustments for: | ||
Depreciation | 38,140 | 51,493 |
Interest income | (47) | (54) |
Interest expenses | 163,056 | 251,820 |
Provision for retirement benefit obligations | 30,020 | 13,663 |
Gain on fair valuation of timber plantations | (73,247) | (74,786) |
Amortization of capital grants | (885) | (1,316) |
Operating profit /(loss) before working capital changes | 250,566 | 135,527 |
(Increase)/decrease in inventories | (18,664) | (65,876) |
(Increase)/decrease in trade and other receivables | (117,491) | (349,992) |
(Increase)/decrease in amounts due from related companies | (8,248) | 253 |
Increase/(decrease) in trade and other payable | 105,137 | 244,507 |
Increase/(decrease) in amount due to related companies | 2,156 | (26,579) |
Cash generated from operating activities | 213,457 | (62,160) |
Finance cost paid | (8,000) | (13,929) |
Retirement benefit obligation paid | (40,934) | (21,932) |
Net cash flows from operating activities | 164,523 | (98,021) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of property, plant and equipment | (3,000) | (1,531) |
Investments in immature plantations | (22,752) | (19,249) |
Investments in timber plantations | (6,648) | (7,860) |
Interest received | 47 | 54 |
Net cash flows from investing activities | (32,353) | (28,586) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment of government lease rentals | (5,657) | (7,083) |
Loans repayment | - | (50,000) |
Net cash flows from financing activities | (5,657) | (57,083) |
Net increase/(decrease) in cash and cash equivalents | 126,514 | (183,688) |
Cash and cash equivalents at the beginning of the period | (192,092) | 22,472 |
Cash and cash equivalents at the end of the period - Note A | (65,579) | (161,218) |
Note A | ||
Cash and cash equivalents | 39,020 | 8,977 |
Bank overdraft | (104,598) | (170,197) |
(65,579) | (161,220) |
Figures in brackets indicate deductions.
The above figures are not audited
Page No 05
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Nine Months Ended 31st March 2024
NOTES TO THE INTERIM FINANCIAL STATEMENTS
SEGMENTAL INFORMATION
Geographical segment | Madulsima Region | Bogawantalawa Region | TOTAL | ||||||
Uva High | Uva Medium | Western High | |||||||
For the 03 months ended | 31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
(a) Segment revenue | |||||||||
Revenue | 321,414 | 300,660 | 203,188 | 198,802 | 544,116 | 477,575 | 1,068,717 | 977,037 | |
Cost of sales | (279,801) | (321,755) | (183,736) | (205,898) | (439,556) | (383,057) | (903,093) | (918,844) | |
Gross profit | 41,614 | (21,095) | 19,452 | (7,096) | 104,559 | 94,518 | 165,625 | 58,193 | |
Unallocated | |||||||||
Other operating income | 38,019 | 33,785 | |||||||
Administrative expenses | (20,305) | (20,238) | |||||||
Profit from operating activities | 183,339 | 71,740 | |||||||
Gain on change in fair value of biological assets | 73,247 | 74,786 | |||||||
Finance cost | (163,056) | (251,820) | |||||||
Profit or loss before income tax | 93,530 | (105,294) | |||||||
Income tax (Charge)/Reversal | (44,776) | - | |||||||
Profit/(Loss) for the period | 48,754 | (105,294) | |||||||
(b) Segment assets | |||||||||
As at | 31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | 31/03/2024 | 31/03/2023 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Non-current assets | 118,545 | 101,061 | 52,380 | 58,738 | 278,941 | 212,103 | 449,866 | 371,902 | |
Current assets | 528,200 | 334,905 | 163,984 | 172,758 | 278,414 | 334,490 | 970,598 | 842,153 | |
646,745 | 435,966 | 216,363 | 231,496 | 557,355 | 546,593 | 1,420,463 | 1,214,055 | ||
Unallocated | |||||||||
Non-current assets | 7,176,019 | 7,018,981 | |||||||
Current assets | 127,750 | 275,927 | |||||||
Total assets | 8,724,233 | 8,508,963 | |||||||
(c) Segment liabilities | |||||||||
Non-current liabilities | 477,309 | 491,500 | 282,402 | 273,923 | 567,817 | 571,510 | 1,327,528 | 1,336,933 | |
Current liabilities | 360,860 | 314,693 | 109,684 | 103,846 | 172,471 | 210,157 | 643,015 | 628,696 | |
838,169 | 806,193 | 392,085 | 377,769 | 740,288 | 781,667 | 1,970,542 | 1,965,629 | ||
Unallocated | |||||||||
Non-current liabilities | 5,618,666 | 4,021,967 | |||||||
Current liabilities | 758,745 | 855,703 | |||||||
Total liabilities | 8,347,953 | 6,843,299 | |||||||
Capital expenditure - Allocated | 8,638 | 8,448 | 3,568 | 6,559 | 18,560 | 13,581 | 30,766 | 28,588 | |
- Unallocated | 458 | 52 | |||||||
31,225 | 28,640 | ||||||||
Depreciation | - Allocated | 13,259 | 10,962 | 8,305 | 6,595 | 12,823 | 10,076 | 34,386 | 27,633 |
- Unallocated | 3,709 | 23,859 | |||||||
38,095 | 51,492 |
Figures in brackets indicate deductions.
The above figures are not audited
Page No 06
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Nine Months Ended 31st March 2024
NOTES TO THE INTERIM FINANCIAL STATEMENTS
01. Approval of the financial statement
These interim financial statements of the Company for the period ended 31st March 2024 were approved by the Board of Directors on 13th May 2024.
02. Basis of preparation
The Interim Financial Statements have been prepared in accordance with the Accounting Policies set out in the most recent Annual Report of the Company and are in compliance with Sri Lanka Accounting Standards LKAS 34 - Interim financial reporting.
03. There has not been a significant change in the nature of contingent liabilities which were disclosed in the Annual Report for the year ended 31 December 2022.
04. No circumstances have arisen since the Statement of Financial Position date, which would require adjustment to or disclosure in the Interim Financial Statements.
05. The aggregate value of the non-current related party balance of the loans obtained from the parent company Melstacorp PLC has exceeded 10% of the equity.
06. The presentation and classification of the Financial Statements of the previous periods have been amended, where relevant, for better presentation and to be comparable with those of the current period.
INVESTOR INFORMATION | ||
01. Market Price Per Share | Quarter ended | Quarter ended |
31/03/2024 | 31/03/2023 | |
Highest during the period Rs. | 11.50 | 12.50 |
Lowest during the period Rs. | 9.50 | 10.40 |
Closing price Rs. | 9.90 | 11.20 |
02. Directors' Shareholding | ||
Name | As at 31/03/2024 | As at 31/03/2023 |
Mr. D H S Jayawardena - Chairman | Nil | Nil |
Mr. C R Jansz -Non Executive Director | Nil | Nil |
Mr. M A N Sampath Perera -Executive Director | Nil | Nil |
Mr. D Hasitha S Jayawardena - Non Executive Director | Nil | Nil |
Mr. K Dayaparan - Non Executive Director | Nil | Nil |
Dr. A Shakthevale -Independent Director | Nil | Nil |
Mr. D S K Amarasekara - Independent Director | Nil | Nil |
Chief Executive Officer's holding in shares | ||
Mr. M A Fernando | Nil | Nil |
Page No 07
MADULSIMA PLANTATIONS PLC
Interim Financial Statement for the Nine Months Ended 31st March 2024
INVESTOR INFORMATION
03. Twenty (20) Largest Shareholders as at 31st March 2024
No | Name of Shareholder |
- MELSTACORP PLC
-
STASSEN EXPORTS (PVT) LIMITED
3 SECRETARY TO THE TREASURY
4 PEOPLE'S LEASING & FINANCE PLC /MRS. C.M. DISSANAYAKE
5 MR. M.H. NASSIM HUSSAIN
6 DR. A.A.M. DHARMADASA
7 ALLIED SECURITY SERVICES (PVT) LTD
8 MR. T.D.P. MADURANGA
- DEUTSCHE BANK AG SINGAPORE A/C 2 (DCS CLT ACC FOR DEUTSCHE BANK AG SINGAPORE- PWM WM CLIENT)
- PEOPLE'S LEASING & FINANCE PLC/MR.W.M.D.I.P. ABEYRATHNE
- MR. L.C. PIETERSZ
- SEYLAN BANK PLC/SENTHILVERL HOLDINGS (PVT) LTD
- MR. V. JAYAPRAGASAM
- MR. A.V.R. DE SILVA JAYATILLEKE
- MR. T. LOGANATHAN
- PMF FINANCE PLC/ H.A.U. CHAMINDA
- CEYLON CAPITAL MARKET ADVISORS LIMITED
- SAMPATH BANK PLC/HI-LINE TRADING (PRIVATE) LIMITED
- MR. M.R. LAFFIR
-
DR. G.S. PERERA
Sub Total
Other Shareholders Grand Total
Percentage of shares held by the public
Number of Shareholders representing public shareholdings Float adjusted market capitalization
No. of Shares | % of issued |
capital | |
94,429,833 | 55.71 |
62,685,831 | 36.98 |
3,800,000 | 2.24 |
428,364 | 0.25 |
215,147 | 0.13 |
205,778 | 0.12 |
200,299 | 0.12 |
187,732 | 0.11 |
149,090 | 0.12 |
138,950 | 0.08 |
118,200 | 0.07 |
117,772 | 0.07 |
100,001 | 0.06 |
100,000 | 0.06 |
99,639 | 0.06 |
94,000 | 0.06 |
87,682 | 0.05 |
85,000 | 0.05 |
73,289 | 0.04 |
70,743 | 0.04 |
- | |
163,387,350 | 96.39 |
6,113,747 | 3.61 |
169,501,097 | 100.00 |
31/03/2024 | 31/03/2023 |
7.31% | 7.25% |
19,049 | 19,131 |
122,666,249 | 137,580,923 |
Minimum public holding requirement
The float adjusted Market Capitalization of the company falls under Option 05 of Rule 7.13.1 (a) of the Listing Rules of the Colombo Stock Exchange and the company has not compiled with the minimum public holding percentage requirement applicable under the said option.
Page No 08
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Madulsima Plantations plc published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 03:07:05 UTC.