Agalawatte Plantations PLC
Transcript of Agalawatte Plantations PLC
Company Reg No PQ 214
InterimFinancial
StatementsFor the Quarter Ended 31st December 2020
Agalawatte Plantations PLC
AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-GROUP
2020 2019 Change 2020 2019 Change
Unaudited Unaudited Unaudited Audited
Restated Restated
Rs. 000 Rs. 000 % Rs. 000 Rs. 000 %
Revenue 785,026 748,678 4.85 2,934,611 2,848,905 3.01
Cost of sales (645,935) (698,412) (7.51) (2,651,387) (2,890,182) (8.26)
Gross Profit/ (Loss) 139,091 50,266 176.71 283,224 (41,277) (786.15)
Other income 147,285 16,945 769.19 282,639 117,444 140.66
Gain on changes in fair value of biological assets 45,946 63,361 -27% 45,946 63,361 0.00
Selling and distribution expenses (1,621) (4,038) (59.86) (5,184) (6,218) (16.63)
Administration expenses (17,941) (53,179) (66.26) (76,041) (138,311) (45.02)
Other Expesnes (665) (27,583) (97.59) (3,630) (27,583) (86.84)
Results from Operating Activities 312,095 45,772 581.85 526,954 (32,584) (1717.22)
Finance income - - - - - -
Finance costs (20,922) (42,827) (51.15) (137,000) (186,018) (26.35)
Net finance costs (20,922) (42,827) (51.15) (137,000) (186,018) (26.35)
Share of profit/(loss) in jointly controlled entity 15,814 14,911 6.06 116,503 58,725 98.39
Profit/(Loss) Before Taxation 306,987 17,856 1,619.24 506,458 (159,877) (416.78)
Income tax (expense)/reversal - (19,758) (100.00) - (19,758) (100.00)
Profit/(Loss) for the Period 306,987 (1,902) (16,240.24) 506,458 (179,635) (381.94)
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation (22,826) (10,942) - (22,826) (10,942) -
Equity Investment measured at FVOCI - net change in fair Value - 344 - 344 -
Tax on other comprehensive income 3,196 1,501 - 3,196 1,501 -
Other comprehensive income for the period, net of taxes (19,631) (9,097) - (19,631) (9,097) -
Total comprehensive income/(expense) for the period287,357 (10,999)
(2,712.57) 486,827 (188,732)
(357.95)
Profit/(Loss) attributable to:
Equity holders of the company 306,987 (1,902) (16,240.24) 506,458 (179,635) (381.94)
Non controlling interests - - - - - -
Profit/(Loss) for the period 306,987 (1,902) (16,240.24) 506,458 (179,635) (381.94)
Total comprehensive income/(expense) attributable to:
Equity holders of the company 287,357 (10,999) (2,712.57) 486,827 (188,732) (357.95)
Non controlling interests - - - - - -
Total comprehensive income/(expense) for the period 287,357 (10,999) (2,712.57)
486,827 (188,732) (357.95)
Basic profit/(loss) per share (Rs.) 2.21 (0.07) (3,064.09) 3.64 (7.03) (151.78)
Figures in brackets indicate deductions
Quarters ended 31st December Twelve months ended 31st December
Group Group
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME-COMPANY
2020 2019 Change 2020 2019 ChangeUnaudited Unaudited Unaudited Audited
Restated Restated
Rs. 000 Rs. 000 % Rs. 000 Rs. 000 %
Revenue 768,290 708,490 8.44 2,832,330 2,703,102 4.78
Cost of sales (622,102) (648,774) (4.11) (2,556,072) (2,753,410) (7.17)
Gross Profit/ (Loss) 146,188 59,716 144.81 276,258 (50,308) (649.13)
Other income 150,931 14,870 915.00 354,268 115,208 207.50
45,946 63,361 - 45,946 63,361 (27.48)
Selling and distribution expenses (24) (177) (86.62) (61) (186) (67.37)
Administration expenses (20,079) (58,267) (65.54) (67,541) (127,753) (47.13)
Other Expenses (665) (27,583) (3,630) (27,583) (86.84)
Results from Operating Activities 322,298 51,920 520.76 605,241 (27,261) (2320.17)
Finance income - - - - - -
Finance costs (20,361) (42,300) (51.87) (132,521) (183,357) (27.73)
Net finance costs (20,361) (42,300) (51.87) (132,521) (183,357) (27.73)
-
Profit/(Loss) Before Taxation 301,937 9,620 3038.64 472,720 (210,618) (324.44)
Income tax (expense)/reversal - (13,496) - - (13,496) -
Profit/(Loss) for the Period 301,937 (3,876) (7889.91) 472,720 (224,114) (310.93)
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation (22,826) (11,162) - (22,826) (11,162) -
Equity Investment measured at FVOCI - net change in fair Value - 344 - 344
Tax on other comprehensive income 3,196 1,563 - 3,196 1,563 -
Other comprehensive income for the period, net of taxes (19,631) (9,255) - (19,631) (9,255) -
Total comprehensive income/(expense) for the period 282,306 (13,131) (2249.92) 453,089 (233,369) (294.15)
Profit/(Loss) attributable to:
Equity holders of the company 301,937 (3,876) (7889.91) 472,720 (224,114) (310.93)
Non controlling interests - - - - - -
Profit/(Loss) for the period 301,937 (3,876) (7889.91) 472,720 (224,114) (310.93)
Total comprehensive income/(expense) attributable to:
Equity holders of the company 282,306 (13,131) (2249.92) 453,089 (233,369) (294.15)
Non controlling interests - - - - - - Total comprehensive income/(expense) for the period 282,306 (13,131) (2249.92) 453,089 (233,369) (294.15)
Basic profit/(loss) per share (Rs.) 2.17 (0.15) (1530.59) 3.40 (8.77) (138.74)Figures in brackets indicate deductions
Quarters ended 31st December Twelve months ended 31st December
Gain on changes in fair value of biological assets
Company Company
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
STATEMENT OF FINANCIAL POSITION
Group Company
Unaudited Audited Unaudited Audited Audited Audited
AS AT 31.12.2020 31.12.2019 31.12.2020 31.12.2019 31.12.2019 31.12.2019
Restated Restated
Rs. 000 Rs. 000Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000
ASSETS
Non-current assets
Rights to Assets 445,353 440,214 445,353 438,672 440,214 438,672
Property, plant and equipment 751,270 821,531 751,270 792,431 821,531 792,431
Bearer biological assets 2,160,374 2,068,262 2,160,374 2,068,262 2,068,262 2,068,262
Consumable biological assets 702,080 656,958 702,080 656,958 656,958 656,958
Investment in subsidiary - - - 12,500 - 12,500
Investment in jointly controlled entity 224,769 178,168 6,990 6,990 178,168 6,990
Deffered tax asset - - - - - -
4,283,847 4,165,133 4,066,068 3,975,813 4,165,132 3,975,813
Current assets
Produce on bearer biological assets 8,972 6,549 8,972 6,549 6,549 6,549
Inventories 295,513 292,152 295,513 248,158 292,152 248,158
Trade and other receivables 135,753 161,678 135,753 145,042 161,678 145,042
Amount due from related parties 11,166 34,919 11,166 55,465 34,919 55,465
Income Tax Receivable - - - - -
Cash and cash equivalents 858 13,559 858 9,392 13,559 9,392
Total current assets 452,262 508,856 452,262 464,606 508,856 464,606
Total Assets 4,736,109 4,673,990 4,518,330 4,440,419 4,673,989 4,440,419
EQUITY AND LIABILITIES
Stated capital and reserves
Stated capital 2,258,125 250,000 2,258,125 250,000 250,000 250,000
General reserves - - -
FVOCI/AF Reserve - - - - - -
Accumulated Losses (1,662,312) (2,149,139) (1,880,091) (2,333,180) (2,149,139) (2,333,180)
Non controlling interests - - - -
Equity attributable to owners of the Company 595,813 (1,899,139) 378,034 (2,083,180) (1,899,139) (2,083,180)
Non-current liabilities
Loans and borrowings 13,542 292,490 13,542 287,702 292,490 287,702
Lease liability 478,776 450,649 478,776 450,104 450,649 450,104
Deferred tax liabilities 305,733 308,928 305,733 308,928 308,928 308,928
Retirement benefit obligations 610,329 566,502 610,329 557,469 566,502 557,469
Deferred income 95,933 93,134 95,933 93,134 93,134 93,134
Total non current liabilities 1,504,313 1,711,703 1,504,313 1,697,336 1,711,703 1,697,336
Current liabilities
Trade and other payables 428,224 750,661 428,224 737,322 750,661 737,322
Amounts due to related parties 2,160,543 3,702,879 2,160,543 3,699,603 3,702,879 3,699,603
Loans and borrowings 11,458 179,440 11,458 176,439 179,440 176,439
Lease liability 1,212 3,741 1,212 2,631 3,740 2,631
Income tax payable - - - - - -
Bank overdrafts 34,545 224,706 34,545 210,267 224,706 210,267
Total current liabilities 2,635,983 4,861,426 2,635,983 4,826,262 4,861,425 4,826,262
Total Liabilities 4,140,295 6,573,129 4,140,295 6,523,599 6,573,128 6,523,599
Total Equity and Liabilities 4,736,108 4,673,990 4,518,330 4,440,419 4,673,989 4,440,419
Net asset/(liability) value per share 3.81 (75.97) 2.42 (83.33) (75.97) (83.33)
Figures in brackets indicate deductions
Group Company
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
STATEMENT OF CHANGES IN EQUITY
Stated
Capital
FVOCI/AFS
Reserve
General
Reserve
Non
Controlling
Interests
Group Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000
Balance as at 1st January 2019 250,000 (73,323) 515,000 (2,481,404) - (1,789,727)
Adjustment on initial application of SLFRS - 16 - 79,320 79,320
Adjusted Balance as at 1st January 2019 250,000 (73,323) 515,000 (2,402,084) - (1,710,407)
Total comprehensive expense for the period
Restated Profit/(Loss) for the period - - - (179,635) - (179,635) Other comprehensive income/(expense)for the period, net of
taxes 344 (9,441) (9,097) Transfer of general reserve to retained earnings (515,000) 515,000 Transfer of FVOCI reserve to Accumulated loss 72,979 (72,979)
- 73,323 (515,000) 252,945 - (188,732)
Balance as at 31st December 2019 250,000 - - (2,149,139) - (1,899,139)
Balance as at 1st
January 2020 250,000 - - (2,149,139) - (1,899,139)
Total comprehensive income/(expense) for the period
Profit/(Loss) for the period - - - 506,458 - 506,458
- - - (19,631) - (19,631)
Rights Issue 2,008,125 - 2,008,125
- - -
- 2,008,125 - - 486,827 - 2,494,952
Balance as at 31st December 2020 2,258,125 - - (1,662,312) - 595,813
Figures in brackets indicate deductions
Accumulated
LossesTotal
Other comprehensive income/(expense)for the period, net of
taxes
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
STATEMENT OF CHANGES IN EQUITY
Stated FVOCI/AFS General
Capital Reserve Reserve
Company Rs. 000 Rs.000 Rs. 000 Rs. 000 Rs. 000
Balance as at 1st January 2019 250,000 (73,323) 515,000 (2,620,808) (1,929,131)
Adjustment on initial application of SLFRS - 16 - 79,320 79,320
Adjusted Balance as at 1st January 2019 250,000 (73,323) 515,000 (2,541,488) (1,849,811)
Total comprehensive expense for the period
Restated Profit/(Loss) for the period - - - (224,114) (224,114)
Other comprehensive income/(expense) for the period, net of taxes 344 (9,599) (9,255)
Transfer of general reserve to retained earnings (515,000) 515,000 - Transfer of FVOCI reserve to Accumulated loss 72,979 (72,979)
- 73,323 (515,000) 208,308 (233,369)
Balance as at 31st December 2019 250,000 - - (2,333,180) (2,083,180)
Balance as at 1st January 2020 250,000 - - (2,333,180) (2,083,180)
Total comprehensive income/(expense) for the period
Profit/(Loss) for the period - - - 472,720 472,720
Other comprehensive income/(expense) for the period, net of taxes - - - (19,631) (19,631)
Rights Issue 2,008,125 - - - 2,008,125
- - - -
2,008,125 - - 453,089 2,461,214
Balance as at 31st December 2020 2,258,125 - - (1,880,091) 378,034
Figures in brackets indicate deductions
Accumulated
LossesTotal
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AGALAWATTE PLANTATIONS PLC (0) (0)
Company Reg No PQ 214
STATEMENT OF CASH FLOWS
For the Twelve months ended 31.12.2020 31.12.2019 31.12.2020 31.12.2019
Restated Restated
Rs. 000 Rs. 000 Rs. 000 Rs. 000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) before taxation 506,458 (159,877) 472,720 (210,618)
Adjustments for :
Share of profit of equity accounted investee (116,503) (58,725) - -
Gain on Changes in fair Value of bialogical assets (45,946) (63,361) (45,946) (63,361)
Depreciation and amortization 201,775 221,043 200,299 216,961
Provision of retirement benefit obligation 99,695 94,403 97,743 92,944
Over Provision of gratuity payable 2,066 15,148 2,066 15,148
Provision for/(Reversal of) obsolete and slow moving inventories - (6,698) - (6,698) Gain on Settlement of litigation - (18,501) - (18,501)
Gain From Disposal of Investment (81,158) - (87,500) -
Write off of bearer biological assets - 16,056 - 16,056
Write off of unuseful nursuries - 4,356 - 4,356
Write off of obsolete Inventries - 706 - 706
Write off of other receivables - 1,265 - 1,265
Divident Income - - (69,903) -
Gain on disposal of rubber/firewood trees (167,762) (50,790) (167,762) (50,790)
Gain on disposal of Property, Plant and Equipment - (17,365) - (17,365)
Gain on Sale of Consumable Biological Assets 4,558 - 4,558 -
Net interest expenses 137,000 186,018 132,521 183,357
Amortization of government grants (4,172) (2,726) (4,172) (2,726)
Operating profit / (loss) before working capital changes 536,009 160,952 534,623 160,734
Working capital changes
(Increase) / decrease in inventories (5,784) 52,019 (49,778) 53,834
(Increase) / decrease in trade and other receivables 25,925 15,745 9,289 7,906
(Increase) / decrease in amounts due from related parties 23,753 (33,871) 44,299 (38,362)
Increase/(decrease) in trade and other payables (322,437) 136,827 (309,098) 140,026
Increase / (decrease) in amounts due to related parties (1,472,433) 242,070 (1,539,060) 242,420
Cash generated from operations (1,214,967) 573,742 (1,309,725) 566,558
Interest paid (78,039) (131,103) (73,560) (128,785)
Gratuity paid (72,143) (78,494) (69,775) (77,927) Net cash generated from / (used in) operating activities (1,365,149) 364,144 (1,453,060) 359,846
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in bearer biological assets (201,393) (178,149) (201,393) (178,149)
Investment in consumable biological assets 824 (2,560) 824 (2,560)
Purchase of property, plant and equipment (34,174) (77,076) (34,230) (75,594)
Proceeds from disposal of property, plant and equipment - 18,172 - 18,172
Proceed from disposal of rubber/firewood trees 167,762 51,341 167,762 51,341
Proceeds from sale of timber trees 4,558 5,469 4,558 5,469
Proceeds from disposal of investment 100,000 - 100,000 -
Proceeds from disposal of FVOCI Investment - 8,480 - 8,480
Capital Grant Received 2,799 6,180 2,799 6,180
Net cash from /(used in) investing activities 40,375 (168,143) 40,319 (166,661)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long term borrowings (479,292) (213,795) (464,141) (211,944)
Proceeds From Term loan borrowings 25,000 15,035 25,000 15,035
Proceeds from Rights Issue 2,008,125 - 2,008,125 -
Divident Received - - 69,903 -
Lease rentals paid (58,961) (58,876) (58,961) (57,406)
Net cash generated from /(used in) financing activities 1,502,234 (257,636) 1,579,926 (254,315)
Net increase in cash and cash equivalents 177,461 (61,635) 167,185 (61,130)
Cash and cash equivalents at beginning of the year (211,147) (149,512) (200,875) (139,744) Cash and cash equivalents at end of the period (a) (33,686) (211,147) (33,686) (200,875)
(a) Analysis of cash and cash equivalents at end of the periodCash in hand and at bank 858 13,559 858 9,392
Bank overdrafts (34,545) (224,706) (34,545) (210,267) (33,686) (211,147) (33,686) (200,875)
Figures in brackets indicate deductions -
Group Company
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
SEGMENTAL ANALYSIS - COMPANY
31.03.2019 35,791
Change 240,467
For the Twelve months ended 31.12.2020 31.12.2019 31.12.2020 31.12.2019 31.12.2020 31.12.2019 31.12.2020 31.12.2019 31.12.2020 31.12.2019
Restated Restated Restated Restated Restated
Rs. 000 Rs.000 Rs. 000 Rs.000 Rs. 000 Rs.000 Rs.000 Rs.000 Rs. 000 Rs.000
Segmental Revenue and Costs
Revenue 1,414,424 1,248,493 813,758 588,472 473,020 455,812 131,129 410,325 2,832,330 2,703,102
Cost of Sales (1,332,984) (1,378,146) (889,577) (866,505) (226,609) (224,313) (106,902) (284,446) (2,556,072) (2,753,410)
Gross Profit/ (Loss) 81,440 (129,653) (75,820) (278,033) 246,410 231,499 24,227 125,879 276,258 (50,308)
Other Income - - 167,762 50,790 - - 167,762 50,790
Segment Result 81,440 (129,653) 91,942 (227,243) 246,410 231,499 24,227 125,879 444,020 482
Other Income - 186,506 64,418
Gain on changes in fair value of biological assets 45,946 63,361
Selling and distribution expenses (61) (186)
Administration expenses (67,541) (127,753)
Other expenses (3,630) (27,583)
Results from Operating Activities 605,241 (27,261)
Finance Income - -
Finance Cost (132,521) (183,357)
Net Finance Costs (132,521) (183,357)
Profit / (Loss) before Taxation 472,720 (210,618)
Tea Rubber Oil Palm TotalOther
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
SEGMENTAL ANALYSIS - GROUP
For the Twelve months ended 31.12.2020 31.12.2019 31.12.2020 31.12.2019 31.12.2020 31.12.2019 31.12.2020 31.12.2019 31.12.2020 31.12.2019
Restated Restated Restated Restated Restated
Rs.000 Rs.000 Rs.000 Rs.000 Rs.000 Rs.000 Rs.000 Rs.000 Rs.000 Rs.000
Revenue 1,414,424 1,248,493 813,758 588,472 473,020 455,812 233,410 556,128 2,934,611 2,848,905
Cost of Sales (1,332,984) (1,378,146) (889,577) (866,505) (226,609) (224,313) (202,217) (421,218) (2,651,387) (2,890,182)
Gross Profit/ (Loss) 81,440 (129,653) (75,820) (278,033) 246,410 231,499 31,193 134,910 283,224 (41,277)
Other Income - 167,762 50,790 - - 4,615 172,377 50,790
Segment Result 81,440 (129,653) 91,942 (227,243) 246,410 231,499 35,808 134,910 455,601 9,513
Other Income - 110,262 66,654
Gain on Changes in Fair Value of Biological Assets 45,946 63,361
Selling and distribution expenses (5,184) (6,218)
Administration expenses (76,041) (138,311)
Other expenses (3,630) (27,583)
Results from Operating Activities 526,954 (32,584)
Finance Income - -
Finance Cost (137,000) (186,018)
Net Finance Costs (137,000) (186,018)
Share of profit/(loss) in jointly controlled entity 116,503 58,725
Profit / (Loss) before Taxation 506,458 (159,877)
Tea Rubber Oil Palm Other Total
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTD.)
06. Directors' Responsibility
07. Events Occurring Subsequent to the Financial Year Ended 31st December 2019
Rights Issue
08. Contingent Liabilities and Assets since End of 31st December 2019
There were no changes in the nature of the contingent liabilities since the publication of Audited Financial Statements for the year
ended 31st December 2019.
The Directors of Agalawatte Plantations PLC acknowledged that they are responsible to prepare Financial Statements and maintain
proper Books of account , under the Sections 150(1), 151, 152(1) and 153 of the Companies Act No. 7 of 2007. The Directors also
ensure that these financial statements have been prepared on the going concern basis.
The Interim Financial Statements of the Company for the period ended 31st December 2020 included in this Report, have been
prepared and presented in accordance with the Sri Lanka Accounting Standards and they provide the information as required by the
Companies Act No. 7 of 2007, Sri Lanka Accounting Standards and the Listing Rules of the Colombo Stock Exchange. The Directors
confirmed that suitable accounting policies have been used and applied consistently, and that all applicable accounting standards
have been followed in the preparation of the Financial Statements. The judgments and estimates made in the preparation of these
Financial Statements are reasonable and prudent.
The Company issued 131,250,000 ordinary shares by way of a rights issue at a price of Rs 15.3 per share to the shareholders as at
the end of trading on 24th January 2020 ,in the proportion of twenty one(21) new ordinary voting shares for every four (04)
ordinary voting shares. Total Consideration received is Rs 2,008,125,000/-. Accordingly the issued share capital of the company has
increased to Rs. 2,258,125,000/- and the total number of shares as at 31st December 2020 is 156,250,000 shares. (Please refer
Note -09 for settlement details.)
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
NOTES TO THE INTERIM FINANCIAL STATEMENTS
01. Domicile and Legal form
02. Interim Consolidated Financial Statements
03. Authorization of Interim Financial Statements
04. Principal Activities
4.1 Joint Venture
4.2 Loss of Control
Rs
Non Current Assets 27,303,686
Current Assets 62,252,110
Total Assets 89,555,796
Non Current Liabilities 9,178,081
Current Liabilities 61,536,036
Total Liabilities 89,555,797
Net Equity 18,841,679
Group Company
Rs. Rs.
Sale Proceed from disposal 100,000,000 100,000,000
(18,841,679)
(12,500,000)
81,158,321 87,500,000
05. Basis of Preparation
Name of the Company Relationship
Agalawatte Plantations PLC is a limited liability Company incorporated and domiciled in Sri Lanka, under the Companies Act No.
17 of 1982 (re-registered under the Companies Act No. 7 of 2007) in terms of the provisions of the Conversion of Public
Corporation and Government Owned Business Undertaking into Public Companies Act No. 23 of 1987. The registered office of
the Company is located at No. 361, Kandy Road, Nittambuwa and the Plantations are situated in Nuwara Eliya, Rathnapura and
Kalutara districts.
The consolidated financial statements of the Group as at and for the quarter ended 31st December 2020 comprise the Company
and its subsidiary (together referred to as the “Group” and individually as “Group entities”).
The Interim Financial Statements of the Group and the Company for the period ended 31st December 2020 were authorized for
issue by the Board of Directors on 17th February 2021.
During the year the principal activities of Agalawatte Plantations PLC consist of cultivation, production, processing and sale of
tea, rubber and oil palm.
All the Companies in the Group have a common financial year ended on 31st March other than Agalawatte Plantations PLC which
prepares financial statements for the year ended 31st December
Principal business activities
Processing and selling of palm oil
Carrying amount of investment
The gain resulting on the financial statements of the Group and the Company is as follows
Net Assets of Mackply at the date of disposal
The Group disposed its fully owned subsidiary, Mackply Industries (Private) Limited during the period. The effective date of the
disposal was 20th November 2020. The Group accounted this disposal in accordance with the requirements of SLFRS 10, and
the resulting gain has been recognized in the profit for the 3 months period ended 31st December 2020.
Summary of the financial position of Mackply Industries (Pvt) Ltd as at the effective date of disposal is as follows,
AEN Palm Oil Processing (Private)
Limited
Joint Venture
These Interim Financial Statements of the Company and the Group have been prepared in accordance with Sri Lanka Accounting
Standards (SLFRS/LKAS) and provisions of the Companies Act No. 07 of 2007. There were no changes to the Accounting Policies
and methods of computation since the publication of the financial statements for the period ended 31st December 2019.
Further, these Interim Financial Statements have been prepared in compliance with the requirements of the Sri Lanka
Accounting Standard - LKAS 34 on ‘Interim Financial Reporting’. Previous year figures and phrases have been re-arranged
wherever necessary to conform to the current presentation.
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AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTD.)
NOTE 9
UTILISATION OF PROCEEDS OF THE RIGHTS ISSUE
Disclosure regarding status of utilisation of Rights Issue Proceeds as at 31st December 2020
1
Settlement of
temparary advance
obtained from related
Parties
Rs 2,008,125,000
Immediately upon the
conculsion of Rights
issue
Rs 2,008,125,000 100% Rs 2,008,125,000 100% -
Amounts Utilised
(Rs ) (B)
% of Utilication
against
Allocation (B/A)
Clarification if not
fullly Utilised
inculding Where the
fund are invested
Objective
Number
Objective as per
Circuler
Amounts Allocated
As per Circular (RS
)
Proposed Date of
Utilisation as per
Circurlar
Amounts Allocated from
Proceeds ( Rs ) (A)
% of Total
Proceeds
12
AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
SHARE TRADING INFORMATION
01. Public share holdingsAs at
31.12.2020
As at
31.12.2019
The percentage of shares held by the public (%) 6.21 38.78
Number of public shareholders 11,392 11,311
Number of shares 9,709,396 9,694,078
Minimum public holding requirement
Float adjusted market capitalisation as at 31.12.2020 (Rs.) 272,834,028
02. Directors’ share holdings
The number of shares held by the Board of Directors are as follows:As at
31.12.2020
Mr. A.S. Amarasuriya Nil
Mr. R.K.A. Ranaweera Nil
Mr. G.P.N.A.G. Gunathilake Nil
Mr. R.P.L. Ramanayake Nil
Mr. W.A.A. Asanga Nil
Mr. L.R.W.S. Rajasekara Nil
03. TWENTY (20) LARGEST SHAREHOLDERS
No of Shares
held
% of the
holding
D.R. INVESTMENT (PVT )LTD 146,540,604 93.79
MISS. SONIA WIN-YEN NG 3,570,100 2.28
DR. THIRUGNANASAMBANDAR SENTHILVERL 2,599,329 1.66
SSBT-DEUSTCHE BANK AG SINGAPORE A/C 01 290,000 0.19
HARNAM HOLDINGS SDN BHD 107,293 0.07
MRS. MARIA STEPHANIE ELISABETH VERA EUGENIE ATHENAIS URSULA VON STUMM 100,000 0.06
MR. MOHAMED IMTIZAM ABDUL HAMEED 88,200 0.06
MOULDEX LIMITED 75,206 0.05
MR. PATWANT SINGH NIRANJAN SINGH /MR. H.S.S. SINGH 61,525 0.04
MR. ROMESH ROCH GOMEZ 40,000 0.03
MRS. JASBINDERJIT KAUR PIARA SINGH 37,986 0.02
BANK OF CEYLON NO. 1 ACCOUNT 37,588 0.02
MR .ALLAN JAGATH MONESH JINADASA 35,000 0.02
MRS. ASHANI NIMALI KIRIDENA 30,000 0.02
MISS. HEENADEERAGE NIRANJI SANJIKA SENEVIRATHNE 30,000 0.02
MR. KADIRAPPULIGE LANKA PRIYADHARSHANA FERNANDO 30,000 0.02
POBRAN INVESTMENTS (PVT) LTD. 25,000 0.02
DR. CHANDRASEKARA ALWISHEWA 20,000 0.01
MR. SARAVANAMUTHTHU SUBRAMANIAM THANGARAJAH 18,000 0.01
MR. KOSALA MUNASINGHE DISSANAYAKE 17,300 0.01
153,753,131 98.40
Balance held by 11,392 shareholders 2,496,869 1.60
156,250,000 100
As at 31.12.2020
The Company is not in compliance with the minimum public holding requrements as per the CSE Listing Rule No 7.13.1 with the
Completion of the Rights Issue of Shares on March 02,2020
13
AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
SHARE TRADING INFORMATION (CONTD.)
04. Stated Capital
Stated capital is represented by shares in issue as given below:
As at
31.12.2020
As at
31.12.2019
Ordinary Shares 156,250,000 25,000,000
Golden Share 1 1
156,250,001 25,000,001
05. Market Price per ShareAs at
31.12.2020
As at
31.12.2019
Highest during the period 30.00 17.00
Lowest during the period 16.00 12.50
Closing price 28.10 15.10
14
AGALAWATTE PLANTATIONS PLCCompany Reg No PQ 214
CORPORATE INFORMATION
Name of the Company
Agalawatte Plantations PLC
Legal Form
Registration No
PQ 214
Accounting Year
31 December
Directors
Mr. A.S. Amarasuriya -Chairman
Mr. R.K.A. Ranaweera
Mr. G.P.N.A.G. Gunathilake
Mr. R.P.L. Ramanayake
Mr. W.A.A. Asanga
Registered Office
No. 361
Kandy Road, Nittambuwa.
Tel : 033 4 679 200/ 033 2 299 000
Fax: 033 2 285 681
Email: [email protected]
Secretaries
Nexia Corporate Consultants (Private) Limited
No: 181 ,Nawala Road, Colombo 05.
Tel - 0114-510709 / 0112-368154
Fax -0112-368621
Auditors
KPMG
No: 32A, Sir Mohamed Macan Markar Mawatha,
P. O. Box 186, Colombo 03.
Tel : +94 115 426426
Bankers
Hatton National Bank PLC
Sampath Bank PLC
People's Bank
NDB Bank
Commercial Bank of Ceylon PLC
Bank of Ceylon
Nations Trust Bank
A Public Quoted Company With Limited Liability Incorporated in Sri Lanka on 22nd June 1992
Mr. L.R.W.S. Rajasekara
15