NAMUNUKULA PLANTATIONS PLC NAMUNUKULA PLANTATIONS PLC
Company Reg. No. - PQ 136
Interim Financial Statements
2023/24
FOR THE TWELVE MONTHS ENDED 31ST MARCH 2024
Namunukula Plantations PLCInterim Financial Statements
STATEMENT OF FINANCIAL POSITION
31.03.2024 | 31.03.2023 | |
As at, | Rs. '000 | Rs. '000 |
ASSETS | ||
Non Current Assets | ||
Right of Use Assets | 610,582 | 424,238 |
Freehold Property, Plant & Equipment | 480,048 | 481,506 |
Bearer Biological Assets | 3,405,549 | 3,268,429 |
Consumable Biological Assets | 273,160 | 267,330 |
Investment in Joint Venture | 458,129 | 423,365 |
Financial Assets | 200,000 | 200,000 |
Intangible Assets | 305,915 | 305,915 |
Total Non Current Assets | 5,733,383 | 5,370,782 |
Current Assets | ||
Produce on Bearer Biological Assets | 30,556 | 33,966 |
Inventories | 367,804 | 424,180 |
Trade and Other Receivables | 184,074 | 150,208 |
Amounts Due from Related Companies | 1,022,205 | 755,236 |
Income Tax Receivable | 15,693 | 15,693 |
Cash and Cash Equivalents | 5,294,402 | 3,673,011 |
Total Current Assets | 6,914,735 | 5,052,294 |
TOTAL ASSETS | 12,648,118 | 10,423,076 |
EQUITY AND LIABILITIES | ||
Capital and Reserves | ||
Stated Capital | 350,000 | 350,000 |
Timber Reserve | 149,471 | 143,894 |
Retained Earnings | 8,966,874 | 7,383,969 |
Total Equity | 9,466,345 | 7,877,863 |
Non Current Liabilities | ||
Retirement Benefit Obligations | 476,060 | 477,796 |
Deferred Tax Liabilty | 1,035,944 | 954,239 |
Deferred Income | 120,410 | 121,570 |
Lease liability | 666,570 | 453,438 |
Total Non Current Liabilities | 2,298,984 | 2,007,043 |
Current Liabilities | ||
Dividend Payable | 196,798 | - |
Trade and Other Payables | 541,097 | 433,089 |
Lease liability | 8,988 | 6,039 |
Amounts Due to Related Companies | 56,047 | 37,825 |
Income Tax Liabilities | 79,857 | 61,217 |
Total Current Liabilities | 882,788 | 538,170 |
TOTAL LIABILITIES | 3,181,773 | 2,545,214 |
TOTAL EQUITY AND LIABILITIES | 12,648,118 | 10,423,076 |
NET ASSETS PER SHARE (RS.) | 398.58 | 331.70 |
* The above figures are subject to audit. |
These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
Head Of Finance
The board of directors are responsible for the preparation and presentation of these Financial Statements. Approved & Signed for and on behalf of the board of Directors of Namunukula Plantations PLC by,
N C Peiris | Gerard Amerasinghe |
Director | Director |
Colombo,
30th May 2024
Page 1 | Q-4 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Quarter Ended | Quarter Ended | Increase / | Period Ended | Period Ended | Increase / | |
31.03.2024 | 31.03.2023 | (Decrease) | 31.03.2024 | 31.03.2023 | (Decrease) | |
Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |
Revenue | 957,556 | 1,154,666 | -17% | 4,517,433 | 5,360,825 | -16% |
Cost of Sales | (517,884) | (441,872) | 17% | (2,709,286) | (2,355,008) | 15% |
Gross Profit | 439,672 | 712,794 | -38% | 1,808,147 | 3,005,818 | -40% |
Other Income | 35,383 | 42,867 | -17% | 196,923 | 161,705 | 22% |
Change in fair value of Biological Assets | 2,168 | 8,169 | -73% | 2,168 | 8,169 | -73% |
Administrative Expenses | (69,727) | (47,022) | 48% | (188,122) | (117,840) | 60% |
Management Fee | (72,271) | (129,861) | -44% | (337,392) | (498,811) | -32% |
Finance Cost | (22,925) | (15,886) | 44% | (90,159) | (63,850) | 41% |
Finance Income | 153,954 | 267,857 | -43% | 735,460 | 844,714 | -13% |
Share of Profit from the Joint Venture | 5,329 | 46,337 | -89% | 93,976 | 237,867 | -60% |
Profit Before Taxation | 471,583 | 885,255 | -47% | 2,221,001 | 3,577,772 | -38% |
Tax (Expense) / Reversal | (119,490) | (323,514) | -63% | (298,168) | (763,955) | -61% |
Net Profit for the Year | 352,093 | 561,741 | -37% | 1,922,833 | 2,813,817 | -32% |
Other comprehensive income | ||||||
Actuarial gain/(loss) on defined benefit plans | (36,572) | (58,458) | 37% | (36,572) | (58,458) | 37% |
Tax effect | 10,972 | 17,537 | -37% | 10,972 | 17,537 | -37% |
Other comprehensive income for the period | (25,600) | (40,921) | 37% | (25,600) | (40,921) | 37% |
Total comprehensive income for the period | 326,492 | 520,821 | -37% | 1,897,232 | 2,772,897 | -32% |
Basic Earnings per Share (Rs.) | 14.82 | 23.65 | 80.96 | 118.48 |
* The above figures are subject to audit.
Page 2 | Q-4 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
STATEMENT OF CHANGES IN EQUITY
Stated | Retained | Timber | Total | |
Capital | Earnings | Reserves | ||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Balance as at 1 April 2022 | 350,000 | 4,956,274 | 131,192 | 5,437,466 |
Net Profit for the period | - | 2,813,817 | - | 2,813,817 |
Other Comprehensive Income/(Loss) | - | (40,921) | - | (40,921) |
Transferred to Timber Reserve | - | (12,702) | 12,702 | - |
Dividends | - | (332,500) | - | (332,500) |
Balance as at 31 March 2023 | 350,000 | 7,383,969 | 143,894 | 7,877,863 |
Balance as at 1 April 2023 | 350,000 | 7,383,969 | 143,894 | 7,877,863 |
Net Profit for the period | - | 1,922,833 | - | 1,922,833 |
Other Comprehensive Income/(Loss) | - | (25,600) | - | (25,600) |
Transferred to Timber Reserve | - | (5,578) | 5,578 | - |
Dividends | - | (308,750) | - | (308,750) |
Balance as at 31 March 2024 | 350,000 | 8,966,874 | 149,471 | 9,466,345 |
The Timber Reserve relates to change in fair value of managed trees which includes commercial timber plantations cultivated on estates.
* The above figures are subject to audit.
Page 3 | Q-4 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
STATEMENT OF CASH FLOWS | ||
Period ended, | 31.03.2024 | 31.03.2023 |
Rs. '000 | Rs. '000 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Profit before Taxation | 2,221,001 | 3,577,772 |
ADJUSTMENTS FOR | ||
Depreciation | 277,770 | 232,252 |
Finance Cost | 90,159 | 63,850 |
Provision for Defined Benefit Plan Cost | 105,789 | 98,470 |
Profit on Disposal of Property, Plant & Equipment | (700) | (2,000) |
Amortization of Grants | (6,202) | (6,330) |
Gain on change in fair value of biological assets | (2,168) | (8,169) |
Share of Profit of Joint Venture | (93,976) | (237,867) |
Operating profit before working capital changes | 2,591,673 | 3,717,978 |
(Increase)/Decrease in Inventories | 56,376 | (206,662) |
(Increase)/Decrease in Trade and other Receivables | (33,866) | 1,751 |
(Increase)/Decrease in Amounts due from Related Companies | (266,969) | (507,501) |
Increase/(Decrease) in Trade and Other Payables | 108,008 | (28,694) |
Increase/(Decrease) in Amounts due to Related Companies | 18,222 | 12,890 |
Cash Generated from Operating Activities | 2,473,445 | 2,989,762 |
Finance Cost Paid | (90,159) | (63,850) |
Defined Benefit Plan Cost Paid | (144,097) | (153,154) |
Tax (Paid) / Refund | (186,852) | (83,861) |
Net Cash Flow From Operating Activities | 2,052,336 | 2,688,897 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of Property, Plant & Equipment | (57,348) | (238,379) |
Dividend Received | 59,211 | 150,986 |
Investments in Immature plantation | (318,194) | (358,831) |
Expenditure on Timber Cultivation | (252) | (3,449) |
Proceeds from Disposal of Property, Plant & Equipment | 700 | 2,000 |
Grants Received | 5,042 | 497 |
Net Cash Flow From Investing Activities | (310,841) | (447,177) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment of Government Lease rentals | (8,153) | (5,589) |
Repayment of loans & borrowings | - | (6,667) |
Dividend Paid | (111,952) | (570,000) |
Net Cash Flow From Financing Activities | (120,104) | (582,255) |
Net Increase/(Decrease) in Cash and Cash Equivalents | 1,621,391 | 1,659,465 |
A. Cash & Cash Equivalents at the Beginning of the Year | 3,673,011 | 2,013,546 |
B. Cash & Cash Equivalents at the End of the Year | 5,294,402 | 3,673,011 |
NOTE A : Cash & Cash Equivalents at the Beginning of the Period | ||
Cash & Bank Balances | 3,673,011 | 2,032,016 |
Bank Overdrafts | - | (18,471) |
3,673,011 | 2,013,546 | |
NOTE B : Cash & Cash Equivalents at the End of the Period | ||
Cash & Bank Balances | 5,294,402 | 3,673,011 |
Bank Overdrafts | - | - |
5,294,402 | 3,673,011 |
* The above figures are subject to audit.
Page 4 | Q-4 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
NOTES TO THE FINANCIAL STATEMENTS | ||
1. Market Price per Share | ||
Period Ended | Period Ended | |
31.03.2024 | 31.03.2023 | |
Rs. | Rs. | |
Last traded price | 354.50 | 362.75 |
Highest | 399.00 | 599.75 |
Lowest | 337.50 | 195.00 |
2. Market Capitalization & Ratios | As at | As at |
31.03.2024 | 31.03.2023 | |
Market Capitalization (Rs. '000) | 8,419,375 | 8,615,313 |
Float adjusted Market Capitalization (Rs. '000) | 2,695,955 | 2,761,730 |
Price Earning Ratio (times) | 4.38 | 4.48 |
The company complies with option 05 of the listing rules 7.13.1 (a) - Less than Rs. 2.5 Bn. float adjusted market capitalization.
- Stated Capital of Namunukula Plantations PLC amounts to Rs. 350,000,010 represented by 23,750,000 ordinary shares and a Golden Share which has special rights held by the Secretary to the Treasury.
- The Interim Financial Statements of the Company are unaudited and have been prepared in accordance with Sri Lanka Accounting Standards (SLFRS/LKAS) and are in compliance with Sri Lanka Accounting Standard 34 - Interim Financial Reporting. Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the Interim Financial Statements of the Company.
- The Interim Financial Statements of the Company have been prepared on the basis of the same accounting policies and methods applied for the previous year.
- The presentation and classification of figures for the corresponding period of the previous year have been re-arranged, where relevant, for better presentation and to be comparable with those of the current period.
- These interim financial statements does not include the Gain/(Loss) arising from the valuation of biological assets and Actuarial Gain/(Loss) on defined benefit plan costs arising since the valuation is done at the year end.
Further management is assessed that, the fair values of financial assets & financial liabilities are approximate to their carrying values of these instruments. - There has been no any other significant change in the nature of contingent liabilities, which were disclosed in the latest Annual Report of the company.
- There have been no material events occurring after the reporting date that require adjustments or disclosure in the financial statements.
- Mr. Pradeep Dissanayake, who was in the Directorate of Namunukula Plantations PLC as the Treasury Representative, ceased to be a Director of the Company with effect from May 15, 2023, following the appointment of Ms. Subhashini Welikala as the Representative of the Ministry of Finance/Treasury to the Board.
- The Interim Financial Statements of the company for the period ended 31st March 2024 were authorized for issue by the Board of Directors on 30th May 2024.
Page 5 | Q-4 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
NOTES TO THE FINANCIAL STATEMENTS | |||||
13. Twenty largest shareholders of the company (Voting shares), | As at 31.03.2024 | As at 31.03.2023 | |||
No. of | % of | No. of | % of | ||
shares held | Holding | shares held | Holding | ||
1 | RPC Plantation Management Services (Pvt) Ltd | 16,145,050 | 67.98% | 16,136,686 | 67.94% |
2 | The Secretary to the Treasury | 3,763,300 | 15.85% | 3,763,300 | 15.85% |
3 | Mr. T.T.T Al Nakib | 667,100 | 2.81% | 667,100 | 2.81% |
4 | SAKUVI INVESTMENT TRUST (PRIVATE) LIMITED | 298,996 | 1.26% | 298,996 | 1.26% |
5 | MR.H.A.A.H.ALGHARABALLY | 71,573 | 0.30% | 71,573 | 0.30% |
6 | MR.K.C.VIGNARAJAH | 68,974 | 0.29% | 70,849 | 0.30% |
7 | N P CAPITAL LTD | 63,500 | 0.27% | 0.00% | |
8 | MR.Z.G.CARIMJEE | 43,200 | 0.18% | 43,200 | 0.18% |
9 | TSTTT-SATHE SECRETARY TO THE TREASURY - SUNDRY | 38,298 | 0.16% | 38,298 | 0.16% |
10 | MR.A.H.MUSTHAKEEM | 26,000 | 0.11% | 30,000 | 0.13% |
11 | SEYLAN BANK PLC/KARAGODA LOKU GAMAGE | 21,833 | 0.09% | 21,833 | 0.09% |
12 | MRS.Z.M.ADAMALLY | 21,600 | 0.09% | 21,600 | 0.09% |
13 | MR.N.A.WITHANA | 21,111 | 0.09% | 21,111 | 0.09% |
14 | COCOSHELL ACTIVATED CARBON COMPANY (PRIVATE) LTD | 20,700 | 0.09% | 20,700 | 0.09% |
15 | MR.C.P.G.PUNCHIHEWA | 16,543 | 0.07% | 10,055 | 0.04% |
16 | MR.H.A.R.PIERIS | 15,000 | 0.06% | 0.00% | |
17 | MRS.S.VIGNARAJAH | 14,514 | 0.06% | 14,514 | 0.06% |
18 | PEOPLES LEASING & FINANCE PLC/K.L.UDAYANANDA | 14,386 | 0.06% | 14,386 | 0.06% |
19 | MR.T.P.AMBAGAHAKUMBURAGE | 13,330 | 0.06% | 0.00% | |
20 | MR.R.G.DE LIVERA | 13,072 | 0.06% | 11,089 | 0.05% |
21 | MR.S.GOWRISANGAR | 10,500 | 0.04% | 10,500 | 0.04% |
22 | DR.R.S.HULUGALLE | 10,000 | 0.04% | 10,000 | 0.04% |
23 | JAFFERJEE BROTHERS (EXPORTS) LIMITED | 10,000 | 0.04% | 10,000 | 0.04% |
Sub Total | 21,388,580 | 90.06% | |||
Balance held by 12,195 (2022/23 - 12,318) shareholders | 2,361,421 | 9.94% | 2,392,872 | 10.08% | |
Total No. of Shares | 23,750,001 | 100.00% | 23,750,001 | 100.00% |
- There were no non voting shares as at 31 March 2024.
The Percentage of shares held as at ,
As at 31.03.2024 | As at 31.03.2023 | |||||
No. of | No. of | No. of | No. of | |||
Shareholders | shares held | % | Shareholders | shares held | % | |
Public Holding | 12,214 | 7,604,951 | 32.02% | 12,337 | 7,613,315 | 32.06% |
Other Holding | 1 | 16,145,050 | 67.98% | 1 | 16,136,686 | 67.94% |
Total No. of Shares | 12,215 | 23,750,001 | 100.00% | 12,338 | 23,750,001 | 100.00% |
14. Directors' & CEO's Shareholding
The Directors and CEO of the Company hold shares in the Company as follows.
As at | As at | |
31.03.2024 | 31.03.2023 | |
No. of Shares | No. of Shares | |
Dr. S Yaddehige - Chairman | Nil | Nil |
Mr. N C Peiris | Nil | Nil |
Mr. Shaminda Yaddehige | Nil | Nil |
Mr. Shirley Gerard Devinda Amerasinghe | Nil | Nil |
Mr. J L A Fernando | Nil | Nil |
Mr. Pradeep Dissanayake (Resigned on 15th May 2023) | Nil | Nil |
Ms. Subhashini Welikala (Appointed w.e.f. 15th May 2023) | Nil | Nil |
Mr. P De S A Gunasekara - CEO | 74 | 74 |
Page 6 | Q-4 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
SEGMENT INFORMATIONS | ||||||||||||
REVENUE | 2024 | 2023 | ||||||||||
Summary | Rs. '000 | Rs. '000 | ||||||||||
Sale of Goods | ||||||||||||
Tea | 1,708,442 | 1,755,010 | ||||||||||
Rubber | 176,526 | 277,177 | ||||||||||
Oil Palm | 2,583,318 | 3,268,127 | ||||||||||
Coconut | 38,882 | 42,594 | ||||||||||
Cinnamon | 10,266 | 17,917 | ||||||||||
4,517,433 | 5,360,825 | |||||||||||
Tea | Rubber | Oil Palm | Coconut | Cinnamon | Total | |||||||
For the period ended 31 March, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Revenue | 1,708,442 | 1,755,010 | 176,526 | 277,177 | 2,583,318 | 3,268,127 | 38,882 | 42,594 | 10,266 | 17,917 | 4,517,433 | 5,360,825 |
Revenue Expenditure | (1,555,709) | (1,273,550) | (134,121) | (133,686) | (589,626) | (596,816) | (14,761) | (21,023) | (7,283) | (10,708) | (2,301,500) | (2,035,783) |
Depreciation / Amortization | (35,540) | (31,321) | (55,349) | (55,181) | (146,108) | (120,286) | (9,934) | (10,081) | (6,182) | (6,285) | (253,113) | (223,154) |
Gratuity | (128,283) | (55,026) | (5,879) | (10,975) | (19,686) | (28,800) | (767) | (1,111) | (57) | (158) | (154,672) | (96,070) |
Gross Profit/(Loss) | (11,091) | 395,113 | (18,823) | 77,335 | 1,827,897 | 2,522,224 | 13,420 | 10,379 | (3,256) | 766 | 1,808,147 | 3,005,818 |
Other Income | 196,923 | 161,705 | ||||||||||
Gain on change in fair value of biological assets | 2,168 | 8,169 | ||||||||||
Administrative Expenses | (188,122) | (117,840) | ||||||||||
Management Fees | (337,392) | (498,811) | ||||||||||
Finance Cost | (90,159) | (63,850) | ||||||||||
Finance Income | 735,460 | 844,714 | ||||||||||
Share of Profit from the Joint Venture | 93,976 | 237,867 | ||||||||||
Profit before Taxation | 2,221,001 | 3,577,772 | ||||||||||
Income Tax (Expense)/Reversal | (298,168) | (763,955) | ||||||||||
Net Profit for the period | 1,922,833 | 2,813,817 |
* The above figures are subject to audit.
Page 7 | Q-4 Financial Statements |
Namunukula Plantations PLC | Interim Financial Statements |
CORPORATE INFORMATIONS
Name of Company
Namunukula Plantations PLC.
Legal Form
A Quoted Public Limited Liability Company Incorporated in Sri Lanka.
Date of Incorporation
22 June 1992
Company Registration No.
P Q 136
Tax Identification No. 294001395
Principal Business Activities
Cultivation, Manufacture & Sale of Tea, Rubber, Oil palm, Coconut & Cinnamon Plantations.
Ultimate Parent Enterprise
Richard Pieris & Company PLC.
Board of Directors
Dr. S Yaddehige - Chairman
Mr. N C Peiris
Mr. Shaminda Yaddehige
Mr. Gerard Amerasinghe
Mr. J L A Fernando
Mr. Pradeep dissanayake (Resigned on 15th May 2023)
Ms. D.N.S.Welikala (Appointed w.e.f. 15th May 2023)
Stock Exchange Listings
The Ordinary shares of the Company are listed with the Colombo Stock Exchange of Sri Lanka.
Registered / Head Office
No: 310, High Level Road, Nawinna, Maharagama, Sri Lanka.
Auditors
Messrs. Ernst & Young, Chartered Accountants,
No: 201, De Saram Place, P.O. Box 101, Colombo 10, Sri Lanka.
Company Secretaries
Richard Pieris Group Services (Pvt) Ltd,
Secretaries,
No: 310, High Level Road, Nawinna, Maharagama, Sri Lanka.
Telephone: + (94) 11 4310564
Bankers | Contact Details | |
Bank of Ceylon - Corporate Branch & Regional Branches | Telephone | : + (94) 11 4310500 |
People's Bank - Pelawatta Branch | Fax | : + (94) 11 2801400 |
Hatton National Bank PLC - City Branch | Website | : www.arpico.com |
Sampath Bank PLC - Head Office Branch | : npl.rpk@arpico.com | |
National Development Bank PLC | ||
Indian Overseas Bank / Indian Bank | ||
Nations Trust Bank PLC |
Page 8 | Q-4 Financial Statements |
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Namunukula Plantations plc published this content on 31 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2024 11:44:08 UTC.
