Prime Lands Residencies : Interim Financial Statements for the Quarter ended 31st March 2024.

INTERIM FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

PRIME LANDS RESIDENCIES PLC, NO 75, D.S SENANAYAKE MAWATHA, COLOMBO 08, SRI LANKA.

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PRIME LANDS RESIDENCIES PLC
STATEMENT OF COMPREHENSIVE INCOME
INTERIM FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024	Page 1

Revenue

Cost of sales

Gross profit

Other income

Gain on fair valuation of investment property

Distribution expenses

Administrative expenses

Operating profit

Finance income

Finance expenses

Profit before taxation

Tax expenses

Profit for the period

Other comprehensive income

Items that will not be re-classified to profit or loss Actuarial (loss)/gain on retirement benefit obligation Tax on other comprehensive income

Other comprehensive income for the year, net of tax

For the three months ended

31.03.2024	31.03.2023		Variance
Unaudited		Unaudited	%
Rs.		Rs.
1,755,687,801	2,659,780,873	-34%
(1,221,414,416)	(2,145,135,838)	43%
534,273,385	514,645,035	4%
9,936,836	7,383,941	35%
31,000,000	10,000,000	210%
(50,719,088)	(56,598,840)	10%
(108,369,803)	(104,565,705)	-4%
416,121,331	370,864,431	12%
99,056,451	61,351,148	61%
(101,575,700)	(353,902,664)	71%
413,602,082	78,312,914	428%
(176,079,966)	(49,237,772)	-258%
237,522,116	29,075,142	717%

(4,366,979)	(1,239,494)	-252%
1,310,094		371,848		-252%
(3,056,885)	(867,646)	-252%

For the twelve months ended

31.03.2024	31.03.2023		Variance
Unaudited		Audited	%
Rs.		Rs.
8,090,379,095	19,798,684,442	-59%
(5,865,399,938)	(14,377,688,836)	59%
2,224,979,157	5,420,995,606	-59%
58,395,791	53,908,040	8%
31,000,000	10,000,000	210%
(189,581,128)	(272,937,870)	31%
(389,547,711)	(452,600,296)	14%
1,735,246,109	4,759,365,480	-64%
546,336,159	432,978,171	26%
(690,988,983)	(1,213,027,231)	43%
1,590,593,285	3,979,316,420	-60%
(461,591,585)	(628,084,657)	27%
1,129,001,700	3,351,231,763	-66%

(4,366,979)	(1,239,494)	-252%
1,310,094	371,848	-252%
(3,056,885)	(867,646)	-252%

Total comprehensive income for the year

234,465,231	28,207,496	731%

1,125,944,815 3,350,364,117 -66%

Earnings per share

0.250.03

1.203.57

Figures in brackets indicate deductions.

PRIME LANDS RESIDENCIES PLC					Page 3
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024
	Stated		Retained
		Total
	capital		earnings
	Rs.		Rs.		Rs.
Balance as at 01st April 2022	3,450,000,000	3,242,182,544		6,692,182,544
Profit for the year	-	3,351,231,763		3,351,231,763
Other comprehensive income for the year, net of tax	-	(867,646)		(867,646)
Dividend paid	-	(656,250,000)		(656,250,000)
Balance as at 31st March 2023	3,450,000,000		5,936,296,661		9,386,296,661
Profit for the year	-	1,129,001,700		1,129,001,700
Other comprehensive income for the year, net of tax	-	(3,056,885)		(3,056,885)
Dividend paid	-	(937,500,000)		(937,500,000)
Balance as at 31st March 2024	3,450,000,000	6,124,741,476		9,574,741,476
Figures in brackets indicate deductions.

Colombo

29th May 2024

PRIME LANDS RESIDENCIES PLC

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST MARCH 2024

Cash flows from operating activities

Profit before taxation

Adjustment for

Depreciation

Amortisation

Provision on retirement benefit obligation

Overdraft interest

Lease interest

Loan interest

Interest on debentures

Fair value (gain)/loss on share investment

Exchange gain on investment in debenture

Fair value gain on investment property

Operating cash flows before change in working capital

Changes in working capital Decrease in inventory properties (Increase)/Decrease in contractor advances

Decrease/(Increase) in advances, deposits and other receivables Decrease in trade and other payables

Decrease increase in amounts due to related parties Increase/(Decrease) in customer advance collection

Cash generated from operations

Income tax paid

Interest paid

Gratuity paid

Net cash generated from operating activities

Cash flows from investing activities

Interest received from debentures

Acquisition of property, plant and equipment

Net cash generated from investing activities

Cash flows from financing activities

Lease installments paid

Dividends paid

Proceeds from interest bearing borrowings

Repayment of interest bearing borrowings

Loan interest paid

Net cash used in financing activities

Net increase in cash and cash equivalents during the year

Cash and cash equivalents at the beginning of the year (Note A) Cash and cash equivalents at the end of the year (Note B)

Cash and cash equivalents at the beginning of the year

Short-term deposit

Cash in hand

Cash at bank

Bank overdraft

Cash and cash equivalents at the end of the year

Short-term deposit

Cash in hand

Cash at bank

Bank overdrafts

Figures in brackets indicate deductions.

Colombo

29th May 2024

For the

year ended 31.03.2024 Rs.

1,590,593,285

5,955,303

57,087

6,825,688

389,423,860

2,968,666

210,606,148

(24,036,001)

(1,500)

58,812,065

(31,000,000)

619,611,316

2,210,204,601

2,368,908,271

(142,074,719)

190,695,216

(531,045,494)

(2,555,884)

1,159,846,227

5,253,978,218

(670,470,689)

(389,423,860)

(1,100,250)

4,192,983,419

76,883,944

(9,364,253)

67,519,691

(21,571,040)

(937,500,000)

250,000,000

(769,370,714)

(210,606,148)

(1,689,047,902)

2,571,455,208

574,334,135

3,145,789,343

3,013,414,074

79,301,773

97,939,946

(2,616,321,658)

574,334,135

3,811,550,110

60,599,887

80,183,512

(806,544,166)

3,145,789,343

Page 4

For the

year ended 31.03.2023 Rs.

3,979,316,420

36,968,161

57,244

6,055,255

469,018,130

6,858,340

611,906,099

(27,444,831)

(13,500)

(13,632,008)

(10,000,000)

1,079,772,890

5,059,089,310

2,763,813,594

518,638,407

(216,391,403)

(11,619,599)

(242,850)

(2,220,740,725)

5,892,546,734

(242,316,509)

(469,018,130)

(1,674,550)

5,179,537,545

46,784,390

-

46,784,390

(21,835,980)

(655,025,370)

754,111,808

(2,746,473,934)

(611,906,099)

(3,281,129,575)

1,945,192,360

(1,370,858,225)

574,334,135

Note A

710,897,962

475,100,177

249,093,998

(2,805,950,362)

(1,370,858,225)

Note B

3,013,414,074

79,301,773

97,939,946

(2,616,321,658)

574,334,135

PRIME LANDS RESIDENCIES PLC	Page 5
NOTES TO THE FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

1. The interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34, Interim Financial Reporting. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2023, including the changes to accounting policies as a result of convergence to revised Sri Lanka Accounting Standards (SLFRSs/LKASs). Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements.
2. There were no significant changes in the nature of contingent liabilities as at the reporting date.
3. The interim financial statements of the Company for the year ended 31st March 2024, were authorized for issue by the Board of Directors on 29th May 2024.
4. Investor Information

4.1 Directors' Shareholding as at 31st March 2024

The number of shares held by the Board of Directors are as follows;

Name of the director		No. of shares	( % )
Mr. B Premalal		1,200,015	0.13%
Ms. H K Sandamini R Perera	15	0.00%
Mr. N M Weerakkody		Nil	N/A
Mr. H M N U Kumara		Nil	N/A
Ms. S S A P Brahmanage		Nil	N/A
Mr. Pathirage Anura W Perera		Nil	N/A
Mr. M Perera		Nil	N/A
Mr. D Kalapuge		Nil	N/A
Mr. S Bandara		Nil	N/A
Mr. D Sooriyaarachchi		Nil	N/A
Mr. N L S Joseph	100,000	0.01%

4.2 Twenty largest shareholders as at 31st March 2024

	Name of the shareholder		No. of shares	( % )
1	Prime Lands (Pvt) Ltd		749,999,970	80.00%
2	Seylan Bank PLC/Phantom Investments (Private) Limited	11,351,697	1.21%
3	Mr. H.P.D.W.N. Gunasekara	7,300,000	0.78%
4	Ceylinco General Insurance Limited	6,700,000	0.71%
5	Mr. H.K.C.P. Perera	5,000,000	0.53%
6	DFCC Bank PLC/Maskeliya Tea Exports (Pvt) Ltd	3,499,176	0.37%
7	Odyssey Capital Partners (Pvt) Ltd	3,381,702	0.36%
8	Mr. A.I. Ramachandra	3,175,000	0.34%
9	Hatton National Bank PLC A/C No. 4 (HNB Retirement Pension Fund)	3,035,184	0.32%
10	Mr. D.N.P. Rathnayake	2,873,529	0.31%
11	Mr. N.A.S. Brahmanage	2,500,000	0.27%
12	Mr. B.M.D.S. Thaaruna	2,500,000	0.27%
13	Mr. M.A. Jafferjee	2,000,000	0.21%
14	Katunayake Garments Limited.	1,923,000	0.21%
15	Mr. A.A.M.P. Amarasinghe	1,775,000	0.19%
16	Mr. D G Wirasekara	1,500,000	0.16%
17	Mr. D S Aruma Thanthrige	1,311,260	0.14%
18	Mr. R Udalagama	1,300,000	0.14%
19	Mr. D.D.D. Navarathna	1,240,100	0.13%
20	Mr. B Premalal		1,200,015	0.13%
		813,565,633	86.78%
	Others		123,934,367	13.22%
		937,500,000	100.00%

4.3 Public Shareholding as at 31st March 2024
Percentage of Public Holding (Minimum Requirement - 10%)	19.86%
Number of Shares held by Public Shareholders	186,200,000
Number of Public Shareholders (Minimum Requirement - 200 Shareholders)	5,964
Number of Public and Non-Public Shareholders	5,968
Market Capitalization as at 31st March 2024	7,875,000,000
Float Adjusted Market Capitalization as at 31st March 2024	1,564,080,000

The Company is Compliant with option 2 of the Rule 7.13.1 (b) of the Listing Rules of the Colombo Stock Exchange.

PRIME LANDS RESIDENCIES PLC				Page 6
NOTES TO THE FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
4.3.1 Computation of Public Share Holding as at 31st March 2024
			No. of shares	( % )
	Parent, subsidiary or associate entities or any subsidiary or
	associates of its Parent Entity
	Prime Lands (Pvt) Ltd	749,999,970	80.00%
	Directors of the entity, their spouses and children
	under 18 years of age
	Mr. B Premalal	1,200,015	0.13%
	Ms. H K Sandamini R Perera	15	0.00%
	Mr. N L S Joseph	100,000	0.01%
	Key Management personnel and their close family members		Nil	N/A
	Other related entities/ parties		Nil	N/A
	Total non-public share holding	751,300,000	80.14%
	Public Share Holding		186,200,000	19.86%
	Total Issued Share Capital		937,500,000	100.00%

5.1 Stated Capital

Stated Capital is represented by number of shares in issue as given below:

	No of Shares as at
	31-Mar-24	31-Dec-23
Ordinary Shares	937,500,000	937,500,000

5.2 Earning per share

Earning per share has been calculated, for all periods, based on the number of shares in issue as at 31st March 2024

5.3 Market value per share for the quarter ended	31-Mar-24	31-Dec-23
	Rs.	Rs.
Highest Price	8.70	8.00
Lowest Price	6.30	6.40
Last Traded	8.40	6.50

1. Events occurring after Balance Sheet date
   No circumstances have arisen since the reporting date, which would require adjustments or disclosures in the financial statements except below:
   Authorization of interim dividend
   The Board of Directors of the Company has authorised an interim dividend of sixty cents (Rs. 0.60) per ordinary share amounting to Rs. 562,500,000/- on 29th May 2024.
2. Comparative figures
   Comparative period's figures have been presented without any amendment.
3. RELATED PARTY DISCLOSURES

Transactions with Related Parties		Quarter Ended
		31-Mar-24
Items in Statement of Financial Position	Reported under	Rs.
Assets
Consultancy Fee for NJ Consultants	Inventory properties	7,396,933
Construction Management Fee for Prime Constructions (Pvt) Ltd	Inventory properties	35,550,000
Liability
Loans obtain from HNB Finance PLC	Interest bearing borrowings	4,302,921
Lease obtain from HNB Finance PLC	Lease liabilities	3,720,166
Items in Statement of Comprehensive Income
Income
Rent income from HNB Finance PLC	Other Income	5,100,000
Expenses
Shared service fee to Prime Lands (Pvt) Ltd	Administrative expenses	7,500,000
Rent expenses to Prime Lands (Pvt) Ltd	Administrative expenses	1,500,000
Secretary fee to PELE Consulting (Pvt) Ltd	Administrative expenses	71,184
Interest Paid to the HNB Finance PLC	Finance expenses	354,771
Regent Caterers (Pvt) Ltd	Marketing expenses	2,435,038

PRIME LANDS RESIDENCIES PLC		Page 7
NOTES TO THE FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
CORPORATE INFORMATION
	Company	Prime Lands Residencies PLC
	Registered Office	75, D S Senanayake Mawatha
		Colombo 08, Sri Lanka
		Tel: [phone]
		Fax: [phone]
	Date, Place and Authority of	A Limited Liability Company Incorporated in Sri Lanka on May 16, 2005 under the Companies Act No. 17
	Incorporation	of 1982 and re-registered on September 15, 2008 under the Companies Act No. 07 of 2007. The Company
		was converted to a Public Company on February 12, 2021 and listed on the Colombo Stock Exchange 08
		June 2021.
	Company Registration Number	PQ00234680
	(as a Public Company)
	Company Secretary	SSP Corporate Services (Private) Limited
		101, Inner Flower Road,
		Colombo 03, Sri Lanka
		Tel: [phone]
	Auditors of the Company	Messrs. BDO Partners (Chartered Accountants)
		65/2, "Charter House", Sir Chittampalam A Gardiner Mawatha
		Colombo 02, Sri Lanka
		Tel: [phone]
		Fax: [phone]
	Board of Directors	Ms. H K Sandamini R Perera	- Chairperson/Non-Independent Executive Director
		Mr. B Premalal	- Non-Independent Executive Director
		Mr. N M Weerakkody	- Managing Director/ Non-Independent Executive Director
		Mr. H M N U Kumara	- Director-CorporateAffairs/Non-Independent Executive Director
		Ms. S S A P Brahmanage	- Non-Independent Executive Director
		Mr. Pathirage Anura W Perera - Non-Independent Executive Director
		Mr. M Perera	- Independent Non-Executive Director
		Mr. D Kalapuge	- Independent Non-Executive Director
		Mr. S M S S Bandara	- Independent Non-Executive Director
		Mr. D Sooriyaarachchi	- Senior Independent Director/Independent Non-Executive Director
		Mr. N L S Joseph	- Independent Non-Executive Director
	Lawyers of the Company	Sharm Fernando Associates
		35/10, Wijayakumaratunga Mawatha Colombo 05, Sri Lanka
		Tel: [phone]
	Bankers of the Company	DFCC Bank PLC
		Seylan Bank PLC
		Nations Trust Bank PLC
		People's Bank
		Commercial Bank PLC
		Sampath Bank PLC
		Hatton National Bank PLC
		National Development Bank PLC
		Bank of Ceylon