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)


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

1


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)


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

2


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)


Group Company

3


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


Accumulated

LossesTotal

Other comprehensive income/(expense)for the period, net of

taxes

5


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


Accumulated

LossesTotal

6

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

7


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

8


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

9


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.)

11


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.

10


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


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


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


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

agalawatte plantations plc

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