Bairaha Farms : Interim Financial Statements as at 31.03.2024

Bairaha Farms PLC
Statement of Financial Position
As at 31st March 2024
	Group		Company
	Unaudited	Audited		Unaudited	Audited
	as at	as at		as at	as at
	31.03.2024	31.03.2023	31.03.2024	31.03.2023
	Rs	Rs		Rs	Rs
ASSETS
Non-Current Assets
Property, Plant & Equipment	3,746,279,289	3,455,905,537	1,236,524,362	1,282,393,726
Right of use Assets	28,591,404	4,430,142	42,123,770	7,071,254
Investment Property	-	-	47,301,889	49,617,329
Intangible Assets	30,830,097	36,108,953	30,767,098	36,031,953
Investments in Subsidiaries	-	-	388,532,820	381,532,820
Investments in Joint Ventures	1,934,137,117	1,433,281,759	711,922,000	711,922,000
Other Investments	788,900	891,800	788,900	891,800
Biological Assets- Bearer	105,440,301	51,145,198		105,440,301	51,145,198
	5,846,067,108	4,981,763,389	2,563,401,140	2,520,606,080
Current Assets
Inventories	607,375,241	986,210,193	456,093,212	668,029,955
Biological Assets- Consumable	531,719,626	392,708,325	531,719,626	259,628,108
Biological Assets- Bearer	925,574,400	938,049,602	925,574,400	490,158,169
Trade and Other Receivables	1,210,625,755	926,009,934	1,334,192,101	1,081,318,489
Income Tax Receivable	17,911,805	4,998,544	8,919,275	-
Other Investments	25,563,201	25,555,014	63,201	55,014
Amounts Due from Related Parties	9,460,716	21,004,226	443,675,033	65,824,243
Cash and Bank Balances	295,597,270	239,287,491		242,273,420	178,327,765
	3,623,828,014	3,533,823,329		3,942,510,268	2,743,341,743
Total Assets	9,469,895,122	8,515,586,718	6,505,911,408	5,263,947,823
EQUITY AND LIABILITIES
Equity
Stated Capital	536,305,197	536,305,197	536,305,197	536,305,197
Revaluation Surplus	1,105,419,247	816,534,724	288,119,507	288,119,507
Fair Value Reserve	(1,357,107)	(1,254,207)	(1,357,107)	(1,254,207)
Actuarial Gain on Defined Benefit Plans	(7,299,464)	(11,661,179)	(7,299,464)	(11,661,179)
Retained Earnings	4,175,426,889	3,868,125,120		477,969,141	609,204,910
Total Equity	5,808,494,762	5,208,049,655	1,293,737,274	1,420,714,228
Non-Current Liabilities
Financing & Lease (Ijara) Payable	344,442,800	363,961,061	177,192,775	107,310,416
Deferred Tax Liabilities	470,783,967	488,560,755	163,834,713	173,601,670
Retirement Benefit Liability	151,016,179	122,048,635		133,123,209	109,700,980
	966,242,946	974,570,451	474,150,697	390,613,066
Current Liabilities
Trade and Other Payables	568,827,974	693,151,496	2,377,146,855	1,263,957,591
Dividends Payable	8,262,175	6,380,367	8,262,175	6,380,367
Amounts Due to Related Parties	-	-	331,063,820	657,658,747
Income Tax Payable	-	-	-	3,477,596
Financing & Lease (Ijara) Payable	2,118,067,265	1,633,434,749		2,021,550,587	1,521,146,228
	2,695,157,414	2,332,966,612		4,738,023,437	3,452,620,529
Total Equity and Liabilities	9,469,895,122	8,515,586,718	6,505,911,408	5,263,947,823

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
28-May-2024

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Group

For the Year ended 31st March 2024

		Unaudited	Audited	Unaudited	Unaudited
		for the year	for the year	for the quarter	for the quarter	Group
		ended	ended	ended	ended	Change
	31.03.2024	31.03.2023	31.03.2024	31.03.2023	%
		Rs	Rs	Rs	Rs	+/(-)
Revenue	13,291,267,709	11,867,910,943	3,207,754,533	3,146,671,832	12
Cost of Sales		(11,135,129,013)	(10,266,576,869)	(2,570,455,693)	(2,976,819,309)	8
Gross Profit	2,156,138,696	1,601,334,074	637,298,840	169,852,523	35
Other Operating Income	54,734,777	63,520,716	52,220,400	-	(14)
Distribution Costs	(948,129,884)	(817,540,065)	(222,066,079)	(238,267,838)	16
Administrative Expenses	(695,901,132)	(477,924,540)	(404,917,793)	(127,209,740)	46
Other Operating Expenses	(8,443,983)	(1,941,776)	(6,701,166)	-	335
Finance Cost		(390,706,885)	(229,419,288)	(73,291,096)	(105,673,334)	70
Profit before Tax	167,691,589	138,029,121	(17,456,894)	(301,298,389)	21
Share of Profit from Joint Venture Companies	261,970,835	330,318,680	58,405,187	148,553,240	(21)
Income Tax Expense	6,119,345	(185,200,172)	10,866,431	(170,761,113)	(103)
Profit for the Period		435,781,769	283,147,629	51,814,725	(323,506,262)	54
Other Comprehensive Income not to be Reclassified to Profit
or Loss in Subsequent Periods:
Fair Value Gain / (Losses) - Other Investments	(102,900)	-	(102,900)	-
Actuarial Gain on Defined Benefit Plans	6,231,021	(10,990,194)	6,231,021	(10,990,194)
Deferred Tax Impact on Defined Benefit Plans	(1,869,306)	3,297,058	(1,869,306)	3,297,058
Revaluation of Property, Plant and Equipment	-	371,792,260	-	371,792,260
Deferred Tax Impact on Revaluation	-	(154,320,320)	-	(154,320,320)
Share of Other Comprehensive Income net of tax	Equity
Accounted Investees		288,884,523	26,232,740	288,884,523	26,232,740
Other Comprehensive Income	293,143,338	236,011,543	293,143,338	236,011,544
Total Comprehensive Income		728,925,107	519,159,172	344,958,062	(87,494,718)
Earnings per Share - Basic	24.76	16.09	2.94	(18.38)	54
The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen

Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
28-May-2024

Bairaha Farms PLC.

Statement of Profit or Loss and Other Comprehensive Income - Company

For the Year ended 31st March 2024

		Unaudited for	Audited	Unaudited	Unaudited
		for the year	for the quarter
		the year ended	for the quarter
		ended	ended	Group
	31.03.2024	ended 31.03.2023
	31.03.2023	31.03.2024	Change
						%
		Rs	Rs	Rs	Rs	+/(-)
Revenue	11,373,504,313	9,832,787,960	3,143,966,372	2,767,688,249	16
Cost of Sales		(9,861,468,240)	(9,131,199,606)	(2,454,015,525)	(2,896,072,786)	8
Gross Profit	1,512,036,073	701,588,354	689,950,846	(128,384,537)	116
Other Operating Income	160,669,297	311,033,228	1,833,849	-	(48)
Distribution Costs	(753,576,141)	(674,681,203)	(179,511,378)	(163,450,514)	12
Administrative Expenses	(581,476,602)	(426,100,169)	(303,127,144)	(117,221,521)	36
Other Operating Expenses	(8,428,044)	(1,001,792)	(6,685,227)	-	741
Finance Cost		(333,451,366)	(177,105,535)	(71,437,966)	(87,911,887)	88
Profit before Tax	(4,226,783)	(266,267,118)	131,022,980	(496,968,459)	98
Income Tax Expense	1,471,015	(75,315,625)	4,571,465	(61,315,625)	(102)
Profit for the Period		(2,755,768)	(341,582,743)	135,594,445	(558,284,084)	(99)
Other Comprehensive Income not to be Reclassified to
Profit or Loss in Subsequent Periods:
Fair Value Gain / (Losses) - Other Investments	(102,900)	-	(102,900)	-
Actuarial Gain on Defined Benefit Plans	6,231,021	(10,990,194)	6,231,021	(10,990,194)
Deferred Tax Impact on Defined Benefit Plans	(1,869,306)	3,297,058	(1,869,306)	3,297,058
Revaluation of Property, Plant and Equipment	-	166,552,959	-	166,552,959
Deferred Tax Impact on Revaluation	-	(62,390,044)	-	(62,390,044)
Share of Other Comprehensive Income net of tax	Equity
Accounted Investees		-	-	-	-
Other Comprehensive Income	4,258,815	96,469,779	4,258,815	96,469,779
Total Comprehensive Income		1,503,047	(245,112,964)	139,853,260	(461,814,305)
Earnings per Share - Basic	(0.16)	(19.41)	7.70	(31.72)	(99)

The above figures are provisional and subject to audit.

I certify that the above Financial Statements have been prepared in compliance with the reqirements of the Companies Act No. 07 of 2007.

Sgd: Mr. Shafraz Hussaindeen	-
Financial Controller

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Sgd: Mr. Yakooth Naleem	Sgd: Mr. Riyal Yakoob
Managing Director	Executive Director
28-May-2024

Bairaha Farms PLC.

Statement of Changes in Equity For the Year ended 31st March 2024

Group

Balance as at 1st April 2022

Profit for the year ended 31st March 2023 Other comprehensive income (Net) Bonus Issue of Shares

Dividends

Balance as at 31st March 2023

Company

Balance as at 1st April 2022

Loss for the year ended 31st March 2023 Other comprehensive income (Net) Bonus Issue of Shares

Dividends

Balance as at 31st March 2023

Group

Balance as at 1st April 2023

Profit for the year ended 31st March 2024 Other comprehensive income (Net) Dividends

Balance as at 31st March 2024

Company

Balance as at 1st April 2023

Loss for the year ended 31st March 2024 Other comprehensive income (Net) Dividends

Balance as at 31st March 2024

			Actuarial Gain
	Revaluation	Fair Value	on Defined
Stated Capital	Surplus	Reserve	Benefit Plans	Retained Earnings	Total
Rs	Rs	Rs	Rs	Rs	Rs
256,305,197	572,830,044	(1,254,207)	(3,968,043)	3,960,977,491	4,784,890,483
-	-	-	-	283,147,629	283,147,629
-	243,704,680	-	(7,693,136)	-	236,011,543
280,000,000	-	-	-	(280,000,000)	-
-	-	-	-	(96,000,000)	(96,000,000)
536,305,197	816,534,724	(1,254,207)	(11,661,179)	3,868,125,120	5,208,049,655
256,305,197	183,956,592	(1,254,207)	(3,968,043)	1,326,787,653	1,761,827,192
-	-	-	-	(341,582,743)	(341,582,743)
-	104,162,915	-	(7,693,136)	-	96,469,779
280,000,000	-	-	-	(280,000,000)	-
-	-	-	-	(96,000,000)	(96,000,000)
536,305,197	288,119,507	(1,254,207)	(11,661,179)	609,204,910	1,420,714,228
536,305,197	816,534,724	(1,254,207)	(11,661,179)	3,868,125,120	5,208,049,655
-	-	-	-	435,781,769	435,781,769
-	288,884,523	(102,900)	4,361,715	-	293,143,338
-	-	-	-	(128,480,000)	(128,480,000)
536,305,197	1,105,419,247	(1,357,107)	(7,299,464)	4,175,426,889	5,808,494,762
536,305,197	288,119,507	(1,254,207)	(11,661,179)	609,204,910	1,420,714,228
-	-	-	-	(2,755,768)	(2,755,768)
-	-	(102,900)	4,361,715	-	4,258,815
-	-	-	-	(128,480,000)	(128,480,000)
536,305,197	288,119,507	(1,357,107)	(7,299,464)	477,969,141	1,293,737,274

Bairaha Farms PLC.
Cash Flow Statement
For the Year ended 31st March 2024
	Group	Company
	Unaudited	Audited	Unaudited	Audited
	for the year	for the year	for the year	for the year
	ended	ended	ended	ended
	31.03.2024	31.03.2023	31.03.2024	31.03.2023
	Rs	Rs	Rs	Rs
Cash Flows From/(Used in) Operating Activities
Net Profit before Income Tax Expense	429,662,424	468,347,801	(4,226,783)	(266,267,118)
Adjustments for
Allowance for Weight Loss	107,080,713	74,607,407	107,080,713	74,607,407
Depreciation	309,073,394	244,562,785	156,549,224	126,602,896
Right of use Asset Depreciation	4,430,147	4,430,147	7,071,254	7,071,256
Transferred to Cost of Sales and Fair Value Gain	1,594,329,318	1,128,526,615	915,465,732	334,424,400
Share of Profit/ (Loss) from Joint Venture Companies (Net of Tax)	(261,970,835)	(330,318,680)	-	-
Fair Value Gain on Quoted Investments	(8,185)	6,140	(8,185)	6,140
Intangible Assets Amortization	5,278,855	3,880,297	5,264,855	3,866,297
Income from Investments	(186)	(966)	(50,000,186)	(100,000,966)
Profit on Disposal of Property, Plant & Equipment	-	357	-	357
Finance Cost	390,706,885	229,419,288	333,451,366	177,105,535
Provision for Defined Benefit Plans	40,993,815	20,026,124	33,198,250	18,557,652
Allowance for Bad & Doubtful Debts	16,142,307	12,578,021	16,142,308	12,000,000
Operating Profit before Working Capital Changes	2,635,718,652	1,856,065,337	1,519,988,548	387,973,856
(Increase)/ Decrease in Inventories	271,754,239	(698,793,412)	104,856,030	(522,708,887)
(Increase)/ Decrease in Biological Assets	(139,011,301)	(181,053,440)	(272,091,518)	(97,938,836)
(Increase)/ Decrease in Trade and Other Receivables	(300,758,128)	(244,326,669)	(269,015,920)	(382,816,399)
Increase/ (Decrease) in Related Company Balances (Net)	11,543,510	29,505,007	(704,445,719)	402,541,855
Increase/ (Decrease) in Trade and Other Payables	(124,323,526)	98,475,456	1,113,189,264	(161,402,600)
Cash Generated from Operations	2,354,923,446	859,872,278	1,492,480,685	(374,351,011)
Finance Costs Paid	(390,706,885)	(229,419,288)	(333,451,366)	(177,105,535)
Defined Benefit Plan Costs Paid	(5,795,250)	(3,830,700)	(3,545,000)	(2,865,700)
Income Tax Paid	(26,440,009)	(6,068,340)	(22,562,119)	(4,475,696)
Net Cash Flows From Operating Activities	1,931,981,300	620,553,950	1,132,922,200	(558,797,944)
Cash Flows from /(Used in) Investing Activities
Acquisition of Property, Plant & Equipment	(599,447,147)	(827,994,725)	(108,364,421)	(306,412,159)
Acquisition of Biological Assets	(1,636,149,219)	(1,573,964,662)	(1,405,177,066)	(565,888,554)
Investment in Wakala Investment	-	20,574,516	-	-
Investment in Subsidiary Companies	-	-	(7,000,000)	-
Proceeds from Sale of Property, Plant & Equipment	-	13,393	-	13,393
Dividend Received	50,000,186	100,000,966	50,000,186	100,000,966
Net Cash Flows Used in Investing Activities	(2,185,596,180)	(2,281,370,512)	(1,470,541,301)	(772,286,354)
Cash Flows from (Used in) Financing Activities
Dividend Paid	(126,598,192)	(106,165,570)	(126,598,192)	(106,165,570)
Proceeds From Financing and Lease (Ijara)	2,789,736,800	2,167,372,063	2,777,000,000	1,980,500,000
Repayment of Financing Payable	(2,364,815,980)	(804,113,616)	(2,260,439,083)	(768,321,257)
Net Cash Flows From Financing Activities	298,322,628	1,257,092,877	389,962,725	1,106,013,172
Net Increase/(Decrease) in Cash and Cash Equivalents	44,707,748	(403,723,685)	52,343,624	(225,071,125)
Cash and Cash Equivalents at the Beginning of the Period	53,580,346	457,304,031	(7,379,380)	217,691,745
Cash and Cash Equivalents at the End of the Period	98,288,094	53,580,346	44,964,244	(7,379,380)
Breakup of Cash and Cash Equivalents at the End of the Period
Cash and Bank Balances	295,597,270	239,287,491	242,273,420	178,327,765
Express Cash Funding (Bank Overdraft)	(197,309,176)	(185,707,145)	(197,309,176)	(185,707,145)
	98,288,094	53,580,346	44,964,244	(7,379,380)

Bairaha Farms PLC.

Notes to the Financial Statements

For the Year ended 31st March 2024

1 Accounting Policies

The Consolidated Financial Statements were prepared using the same accounting policies and methods of computation that were applied to prepare the Audited Consolidated Financial Statements for the year ended

31 March 2024 and are in compliance with Sri Lanka Accounting Standard (LKAS) 34 - Interim Financial Reporting.

		As at	As at
2	Net Asset Value per Share (Rs.)	31.03.2024	31.03.2023
		330.03	295.91
		Quarter	Quarter
		01.01.2024 to	01.01.2023 to
3	Market Value per share during the Quarter ( Rs.)	31.03.2024	31.03.2023
	Highest	185.00	169.75
	Lowest	160.00	136.25
	Closing	173.00	145.00
		As at	As at
4	Ordinary Shares ( No's )	31.03.2024	31.03.2023
	Fully paid ordinary shares	17,600,000	17,600,000

1. There are no events / circumstances that have arisen since the reporting date which would require adjustments to or disclosure in the financial statements.
2. There have been no material changes to the contingent assets or contingent liabilities since the last annual reporting date.
3. A final dividend of Rs 4 per share was declared and paid on 16.08.2023 for the year 2022/23 .
   An interim dividend of Rs 3.30 per share was declared and paid on 17.11.2023 for the year 2023/24.

Bairaha Farms PLC.

Additional Notes to the Financial Statements

For the Year ended 31st March 2024

1 Thirty Major Shareholders as at 31st March 2024

	Name	No. of Shares	%
1	Mr. M.N.M. Yakooth	1,872,053	10.64%
2	Mr. M.N.M. Mubarak	1,826,998	10.38%
3	Mr. M.N.M. Kamil	1,764,316	10.02%
4	Mrs. F.S. Imran	992,251	5.64%
5	Employees Trust Fund Board	949,812	5.40%
6	Mr. M.Y.M. Riyal	906,735	5.15%
7	Mr. M.E.N. Mohamed Ilyas	590,059	3.35%
8	Mr. M.I. Ilyas Naleem	590,035	3.35%
9	Deutsche Bank Ag-National Equity Fund	550,428	3.13%
10	Amana Bank Plc/Hi-Line Trading Pvt Ltd	385,076	2.19%
11	Mrs. F.F. Ilyas Naleem	295,016	1.68%
12	M.T.A. Furkhan Foundation	263,505	1.50%
13	Kalin Holdings (Pvt) Ltd	222,776	1.27%
14	Mrs. F.I. Mohamed Rauff (Deceased)	210,727	1.20%
15	Sandwave Limited	200,030	1.14%
16	Hatton National Bank Plc-Senfin Growth Fund	143,000	0.81%
17	People'S Leasing & Finance Plc/Hi Line Trading (Pvt) Ltd	130,540	0.74%
18	Deutsche Bank Ag-Namal Growth Fund	110,000	0.63%
19	Mrs. S. Vasudevan & Mr.S.Vasudevan	110,000	0.63%
20	Mr. R. Pestonjee	108,938	0.62%
21	Mr. V.C. Mahtani & Mrs.M.V.Mahtani	106,458	0.60%
22	Monad (Private) Limited	100,000	0.57%
23	Mr. S. Prabagar	80,000	0.45%
24	People'S Leasing & Finance Plc/Hi Line Towers (Pvt) Ltd	77,550	0.44%
25	Mercantile Fortunes (Private) Limited	74,050	0.42%
26	Macksons Holdings ( Pvt ) Ltd	69,800	0.40%
27	Confifi Management Services (Private) Ltd	61,320	0.35%
28	Mrs. W.N.S. De Silva	59,845	0.34%
29	Mr. A.W.M. Nowfer	57,310	0.33%
30	Mr. S.C. Abul Cassim	55,500	0.32%
		12,964,128	73.66%
	Others	4,635,872	26.34%
		17,600,000	100.00%
2	Directors' and Chief Executive Officer's holding in shares as at 31st March 2024
	Directors Name		No. of Shares	%
1	Mr. Reyaz Mihular	Chairman	7,114	0.04%
2	Mr. M.N.M. Yakooth	Managing Director / CEO	1,872,053	10.64%
3	Prof. H. Abeygunawardena	Non Executive Director	-	0.00%
4	Mr. M.Y.M. Riyal	Executive Director	906,735	5.15%
5	Mr. M.N.M. Kamil	Executive Director	1,764,316	10.02%
6	Mr. M.N.M. Mubarak	Executive Director	1,826,998	10.38%
7	Mr. M.I Wahid	Director Operations	2,200	0.01%
8	Mr. Olga Ashley Herath	Non Executive Director	-	0.00%
9	Ms. Radhika Rathnayake	Non Executive Director	-	0.00%
			6,379,416	36.25%
	Others		11,220,584	63.75%
			17,600,000	100.00%

3 Public Holding

The percentage of shares held by the public as at 31st March 2024 is 63.75% comprising of 3,957 shareholders. The float adjusted market capitalization as at 31st March 2024 is Rs. 1,941,060,519/-.

The Company complies with option 05 of the Listing Rules 7.13.1.i (a).

CORPORATE INFORMATION

Directors:			Auditors:
Mr. Reyaz Mihular	- Chairman	Messrs. Ernst & Young
Mr. M.N.M. Yakooth	- Managing Director/Chief Executive Officer	Chartered Accountants
Prof. H. Abeygunawardena	- Non Executive Director	Rotunda Towers
Mr. M.Y.M. Riyal	- Executive Director	No.109
Mr. M.N.M. Kamil	- Executive Director	Galle Road
Mr. M.N.M. Mubarak	- Executive Director	Colombo 03
Mr. M.I Wahid	- Executive Director/ Operations
Mr. Olga Ashley Herath	- Non-Executive Director	Secretaries :
Ms. Radhika Rathnayake	- Non-Executive Director	P & W Corporate Secretarial (Pvt) Limited
			3/17, Kynsey Road,
Registered Office:		Colombo 08.
No.407, 2nd Floor,
Galle Road, Colombo 03.		Registrars:
			Central Depository Systems (Pvt) Ltd
Telephone : [phone] ( Hunting )	Ground Floor,
Facsimile : 011-2575256		M&M Center,
E-mail	: [e-mail]	341/5, Kotte Road,
Web	: www.bairaha.com	Rajagiriya.

Main Bankers:

Amana Bank Plc,

No. 365, Galle Road,

Colombo 03.

Seylan Bank Plc

Seylan Towers

No. 90, Galle Road

Colombo 03.

Hatton National Bank Plc

No. 502/ 1A, Colpetty Road,

Marine Drive,

Colombo-03.

Bank of Ceylon,

Corporate Branch,

No. 4, Bank of Ceylon Mawatha

Colombo 01.