2021 2020 Change 2021 2020 Change(Rs.Mns) Un Audited Un Audited Un Audited Un AuditedContinuing operationsRevenue 1,020.28 229.76 344% 3,611.15 1,734.84 108%Cost of sales (800.50) (139.04) -476% (2,606.94) (1,011.58) -158%Gross profit 219.78 90.72 142% 1,004.21 723.26 39%Other income 11.20 9.22 21% 25.51 31.99 -20%Distribution expenses (39.01) (18.14) -115% (128.73) (117.72) -9%Administration expenses (91.71) (77.12) -19% (289.66) (286.32) -1%Other expenses - (10.76) 100% - (91.38) 100%Net finance income/(costs) 26.71 (14.94) 279% (34.88) (54.33) 36%Profit/(loss) before tax 126.97 (21.02) 704% 576.45 205.50 181%Income tax expense (charge)/reversal 33.95 (10.33) 429% (84.07) (63.98) -31%Profit/(loss) from continuing operations 160.92 (31.35) 613% 492.38 141.52 248%

Discontinued operationsProfit/(loss) from discontinued operations (net of tax) (16.22) (1.67) -871% (17.24) (3.53) -388%Profit/(loss) for the period 144.70 (33.02) 538% 475.14 137.99 244%

Other comprehensive income:Items that will never be reclassified to profit or lossRevaluation gain on property,plant and equipment 54.31 91.48 -41% 89.79 91.48 -2%

54.74 (25.61) 314% 54.74 (25.61) 314%Actuarial loss on defined benefit obligations 0.58 (0.21) 376% 0.58 (0.21) 376%Deferred tax impact on actuarial loss (0.11) 0.06 -283% (0.11) 0.06 -283%Other comprehensive income, net of tax 109.52 65.72 67% 145.00 65.72 121%

254.22 32.70 677% 620.14 203.71 204%

Profit attributable to :Owners of the parent 145.83 (33.02) 542% 476.27 137.99 245%Non-controlling interests (1.13) - -100% (1.13) - -100%

144.70 (33.02) 538% 475.14 137.99 244%

Total comprehensive income attributable to :Owners of the parent 255.35 32.70 681% 621.27 203.71 205%Non-controlling interests (1.13) - -100% (1.13) - -100%

254.22 32.70 677% 620.14 203.71 204%

Basic earnings/(loss) per share (Rs.) 0.45 (0.10) 542% 1.47 0.42 245%

The above figures are provisional and subject to audit.Figures in brackets indicate deductions.

Deferred tax impact on revaluation of assets

Total comprehensive income

AgStar PLC

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Three months ended 31st March Twelve months ended 31st March

2021 2020 Change 2021 2020 Change(Rs.Mns) Un Audited Un Audited Un Audited Un Audited

Revenue 928.27 183.54 406% 2,894.57 1,268.00 128%Cost of sales (741.20) (117.86) -529% (2,141.37) (726.33) -195%Gross profit 187.07 65.68 185% 753.20 541.67 39%Other income 71.37 72.44 -1% 89.57 83.17 8%Distribution expenses (28.61) (18.04) -59% (88.14) (84.17) -5%Administration expenses (70.65) (61.13) -16% (216.25) (218.13) 1%Other expenses (7.80) (8.04) 3% (7.80) (8.04) 3%Net finance income/(costs) 30.06 (14.64) 305% (27.06) (53.27) 49%Profit/(loss) before tax 181.44 36.27 400% 503.52 261.23 93%Income tax expense (charge)/reversal 48.98 (8.02) 711% (48.27) (67.91) 29%Profit/(loss) for the period 230.42 28.25 716% 455.25 193.32 135%

Other comprehensive income:Items that will never be reclassified to profit or lossRevaluation gain on property,plant and equipment 41.86 34.01 23% 77.34 34.01 127%

56.98 (9.52) 699% 56.98 (9.52) 699%Actuarial loss on defined benefit obligations 0.59 (0.18) 428% 0.59 (0.18) 428%Deferred tax impact on actuarial loss (0.11) 0.05 -320% (0.11) 0.05 -320%Other comprehensive income, net of tax 99.32 24.36 308% 134.80 24.36 453%

329.74 52.61 527% 590.05 217.68 171%

Profit attributable to :Owners of the parent 230.42 28.25 716% 455.25 193.32 135%Non-controlling interests - - - -

230.42 28.25 716% 455.25 193.32 135%

Total comprehensive income attributable to :Owners of the parent 329.74 52.61 527% 590.05 217.68 171%Non-controlling interests - - - -

329.74 52.61 527% 590.05 217.68 171%

Basic earnings/(loss) per share (Rs.) 0.71 0.09 716% 1.40 0.59 135%

The above figures are provisional and subject to audit.Figures in brackets indicate deductions.

AgStar PLC

Company Profit or Loss and Other Comprehensive Income

Three months ended 31st March

Deferred tax impact on revaluation of assets

Total comprehensive income

Twelve months ended 31st March

As at As at As at As at 31/03/2021 31/03/2020 31/03/2021 31/03/2020(Rs.Mns) Un Audited Audited Un Audited Audited

ASSETSNon-current assetsProperty, plant and equipment 2,403.08 1,650.87 2,142.65 398.78 Right of use asset 7.18 3.52 1.83 17.89 Intangible assets and goodwill 111.34 62.41 4.59 0.42 Investment property - - 165.33 - Investments in subsidiaries - - 184.78 491.58 Deferred tax assets 8.43 13.67 - -

2,530.03 1,730.47 2,499.18 908.67 Current assetsInventories 892.59 362.69 379.49 207.24 Trade and other receivables 4,416.58 3,211.62 4,252.35 3,057.02 Amount due from related companies - - 456.98 605.07 Current tax receivable 1.69 7.90 1.69 7.58 Cash and cash equivalents 428.14 83.64 343.91 45.41

5,739.00 3,665.85 5,434.42 3,922.32 Assets classified as held for sale 180.74 513.05 - 260.83 Total current assets 5,919.74 4,178.90 5,434.42 4,183.15 Total assets 8,449.77 5,909.37 7,933.60 5,091.82

EQUITY AND LIABILITIESEquityStated capital 1,204.09 1,204.09 1,204.09 1,204.09 Revaluation reserve 818.98 674.45 331.03 196.71 Retained earnings 1,622.85 1,146.11 2,090.16 1,123.80 Equity attributable to owners of the parent 3,645.92 3,024.65 3,625.28 2,524.60 Non-controlling interests 42.70 - - - Total equity 3,688.62 3,024.65 3,625.28 2,524.60 Non-current liabilitiesEmployee benefits 33.85 29.82 33.80 29.69 Deferred tax liabilities 346.43 345.39 312.21 120.52 Deferred income 0.66 2.15 0.66 2.15

3.96 - - - Lease liability 6.60 2.01 1.98 2.01

391.50 379.37 348.65 154.37 Current liabilitiesTrade and other payables 3,563.52 990.32 3,265.03 953.02

771.45 1,474.60 692.82 1,434.59 Lease liability 0.08 0.78 0.02 0.22 Current tax liabilities 10.01 5.54 - -

24.10 31.89 1.80 25.02 4,369.16 2,503.13 3,959.67 2,412.85

Liabilities classified as held for sale 0.49 2.22 - - Total current liabilities 4,369.65 2,505.35 3,959.67 2,412.85 Total liabilities 4,761.15 2,884.72 4,308.32 2,567.22 Total equity and liabilities 8,449.77 5,909.37 7,933.60 5,091.82

8,449.77 5,909.37 7,933.60 5,091.82 Net assets per share (Rs.) 11.22 9.31 11.15 7.77

The above figures are provisional and subject to audit.Figures in brackets indicate deductions.

Sgd.M R M RiznyAccountant

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Sgd. Sgd.D N N Lokuge A P Weerasekera

Chairman Managing Director

June 02, 2021

AgStar PLCStatements of Financial Position

Group Company

Loans and borrowings

Bank overdrafts

I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

Loans and borrowings

(Rs.Mns)

Balance as at 1st April 2019 1,204.09 661.14 1,020.71 2,885.94 - 2,885.94

Profit for the year - - 137.99 137.99 - 137.99 Other comprehensive income for the year - 65.87 (0.15) 65.72 - 65.72 Total comprehensive income for the year - 65.87 137.84 203.71 - 203.71

Transfer of revaluation reserve on buildings - (52.56) 52.56 - -

Dividend paid - - (65.00) (65.00) (65.00)

Balance as at 31st March 2020 1,204.09 674.45 1,146.11 3,024.65 - 3,024.65

Balance as at 1st April 2020 1,204.09 674.45 1,146.11 3,024.65 - 3,024.65

On acquisition of subsidiaries - - - - 43.83 43.83 Profit for the year - - 476.27 476.27 (1.13) 475.14 Other comprehensive income for the year - 144.53 0.47 145.00 - 145.00 Total comprehensive income for the year - 144.53 476.74 621.27 42.70 663.97

Dividend paid - - - - - -

Balance as at 31st March 2021 1,204.09 818.98 1,622.85 3,645.92 42.70 3,688.62

Balance as at 1st April 2019 1,204.09 172.22 995.61 2,371.92

Profit for the year - - 193.32 193.32 Other comprehensive income for the year - 24.49 (0.13) 24.36 Total comprehensive income for the year - 24.49 193.19 217.68

Dividend paid - - (65.00) (65.00)

Balance as at 31st March 2020 1,204.09 196.71 1,123.80 2,524.60

Balance as at 1st April 2020 1,204.09 196.71 1,123.80 2,524.60

Profit for the year - - 455.25 455.25 Other comprehensive income for the year - 134.32 0.48 134.80 Excess of the investment merger with subsidiary (Note 08) - - 510.63 510.63 Total comprehensive income for the year - 134.32 966.36 1,100.68

Dividend paid - - - -

Balance as at 31st March 2021 1,204.09 331.03 2,090.16 3,625.28

The above figures are provisional and subject to audit.Figures in brackets indicate deductions.

Revaluation reserve

Retained earnings

Total controlling interests

Total equity

Company

Stated capital

Revaluation reserve

Retained earnings

Total equity

AgStar PLC

Statement of Changes in Equity

Group

Equity attributable to owners of the parentStated capital

For the period ended 31st March, 2021 2020 2021 2020(Rs.Mns) Un Audited Un Audited Un Audited Un Audited

Cash flow from operating activitiesProfit before tax from continuing operations 576.45 205.50 503.52 261.23 Profit/(loss) before tax from discontinued operations (16.27) (1.41) - -

Adjustment for:Depreciation 48.07 50.55 37.57 33.37 Amortization on intangible assets 1.40 1.06 0.75 0.01 Amortization on right-of-use asset 1.29 1.08 16.06 48.06 Interest income (5.58) (10.63) (4.42) (7.69) Interest expenses 73.37 105.30 66.67 95.39 (Reversal)/provision of impairment of investments in subsidiaries - - 7.80 1.25 Impairment of property,plant and equipments 9.85 1.90 - - Trade debtors write off 13.74 34.39 7.25 29.81 Buildings demolished - 80.62 - - Change in fair value of investment property - - (6.35) - Amortisation of deferred income (1.49) (1.49) (1.49) (1.49) Dividend income - - (50.00) (65.00) Subsidy write off - 9.12 - 9.12 Impairment/(reversal) of other receivables - 3.98 - - Impairment of trade receivables 3.20 (16.09) (4.16) (19.43) Impairment loss/(reversal) on inventory 2.55 1.05 - - Provision for retirement gratuity 6.63 6.55 6.62 6.51 Operating profit before working capital changes 713.21 471.48 579.82 391.14

Changes in: Decrease/ (increase) in inventories (530.45) 168.41 (172.25) 101.42 Decrease/ (increase) in trade and other receivables (70.70) 108.99 (15.70) 164.38 (Increase)/decrease in subsidy receivable (1,147.86) (895.32) (1,147.86) (895.32) Decrease in amounts due from related companie - - (65.35) 106.11 (Decrease)/ increase in trade and other payables 2,576.18 (186.96) 2,298.01 (150.12) Increase/(decrease) in amounts due to related companies - - - (3.16) Cash (used in)/ generated from operating activities 1,540.38 (333.40) 1,476.67 (285.55)

Interest expense paid (75.50) (101.94) (68.88) (92.62) Income tax paid (11.75) (2.29) - - Employee benefit paid (2.02) (7.43) (1.91) (7.43) Net cash flow (used in)/ generated from operating activities 1,451.11 (445.06) 1,405.88 (385.60)

Cash flows from investing activitiesInterest income received 6.27 11.61 5.10 4.74 Dividend income received - - 50.00 65.00 Acquisition of subsidiary - - (51.00) - Fund transferred for capital work-in-progress - - (72.00) (181.21) Acquisition of property, plant and equipment (139.83) (8.25) (13.74) (6.53) Addition to work in progress (214.40) (154.93) (243.82) (0.73) Acquisition of intangible assets (50.00) (6.85) - (0.43) Cash and cash equivalents from the amalgamated subsidiary - - (16.42) - Net cash used in investing activities (397.96) (158.42) (341.88) (119.16)

Cash flows from financing activitiesProceeds from loans and borrowings 3,007.11 2,865.76 2,707.55 2,541.00 Repayment of loans and borrowings (3,706.30) (2,374.48) (3,449.33) (2,059.45) Repayment of lease liabilities (1.66) (2.44) (0.50) - Dividend paid - (65.00) - (65.00) Net cash from / (used in) financing activities (700.85) 423.84 (742.28) 416.55

Net cash increase/(decrease) in cash and cash equivalents 352.30 (179.64) 321.72 (88.21) Cash and cash equivalents at the beginning of the year 52.82 232.46 20.39 108.60 Cash and cash equivalents at 31st March 405.12 52.82 342.11 20.39

Analysis of cash and cash equivalent at the end of the periodCash at bank and in hand 364.68 26.23 299.06 4.87 Short term deposits 63.46 57.40 44.85 40.54 Bank overdrafts (24.10) (31.89) (1.80) (25.02) Cash and cash equivalents classified as held for sale 1.08 1.08 - - 405.12 52.82 342.11 20.39

The above figures are provisional and subject to audit.Figures in brackets indicate deductions.

CompanyGroup

Statement of Cashflows

AgStar PLC

1 Basis of Preparation

2 Segment information

Trading - Items which are directly imported and sold without further processing are categorised under this.Non-trading - This segment includes the items which are further processed before sold.

Rs. MnsTrading Non-trading Total Trading Non-trading Total

Revenue 1,662.26 1,948.89 3,611.15 452.50 1,282.34 1,734.84 Cost of sales (1,303.33) (1,303.61) (2,606.94) (307.54) (704.04) (1,011.58) Gross profit 1,004.21 723.26 Unallocated expensesDistribution expenses (128.73) (117.72) Administrative expenses (289.66) (286.32) Other income 25.51 31.99 Other Expenses - (91.38) Operating profit 611.33 259.83 Net finance income/(cost) (34.88) (54.33) Profit before tax 576.45 205.50 Tax expense (84.07) (63.98) Profit for the period from continuing operations 492.38 141.52

3 Stated CapitalNumber of

sharesValue of

ordinary sharesRs.

As at 31st March 2021 - voting 307,526,310 1,186,251,558 - non-voting 17,473,690 17,842,120

325,000,000 1,204,093,678

As at 31st March 2020 - voting 307,526,310 1,186,251,558 - non-voting 17,473,690 17,842,120

325,000,000 1,204,093,678

4 Events after the reporting date

5 Commitments

AgStar PLC

6 Contingent liabilities

Corporate guarantee issued by AgStar PLC

The board has approved to construct an additional 83,000sq.ft. of warehousing space and 10,880 sq.ft new admin building in Ekala. The developmentcosts of Rs. 383.9 Mn has been estimated and approved by the Board.

There are no any material contingent liabilities outstanding as at the reporting date that require adjustments in the financial statements.

The guarantees given to local suppliers amounting to Rs.13.2 Mn.

Management has determined the operating segments based on the reports reviewed by the Executive Board that are used to make strategic decisions.

The guarantees given to banks on behalf of AgStar Seeds (Pvt) Limited, AgStar Cropcare (Pvt) Limited, AgStar Grains (Pvt) Limited and Mahaweli AgroTrading (Pvt) Limited amounting to Rs.212 Mn, Rs.129 Mn, Rs.860 Mn and Rs.150 Mn respectively.

The interim condensed financial statements have been prepared in compliance with Sri Lanka Accounting Standards LKAS 34 - Interim FinancialReporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31stMarch 2020.

There were no material events occurred after the reporting date that require adjustments to, or disclosure in the financial statements.

There are no material capital or financial commitments outstanding as at the date of the statement of financial position, which require adjustment to ordisclosure in the financial statements other than those mentioned below

Since the information on expenses, profit before tax, total assets and liabilities for each reportable segment are not provided to the Executive Board onregular basis, the segmented assets and liabilities are not provided in this report.

AgStar PLC

Notes to the Financial Statements

The presentation and classification of the financial statements of the previous year have been amended, where relevant, for better presentation and to becomparable with those of the current year.

The interim condensed financial statements are presented in Sri Lankan Rupees and all values are in Millions, unless otherwise stated.

Period ended 31/03/2021 Period ended 31/03/2020

7 Amalgamation of AgStar Properties (Pvt) Ltd

(Rs.Mns)Un Audited

Property, plant and equipment 257.48 Intangible assets 4.92 Investment properties 1,087.20 Deposits and prepayments 21.11 Other taxes recoverable 14.44 Cash and cash equivalents -

1,385.15

Deferred tax liabilities 200.29 Current tax liabilities 5.89 Bank over draft 16.42 Amount due to AgStar PLC 285.45 Accruals and other payables 16.47

524.52 Carrying amount of identifiable net assets 860.63

Investments (350.00)

Retained earnings /Resulting excess 510.63

AgStar PLC

Notes to the Financial Statements

The carrying amount of the identifiable assets and liabilities are as follows;

Since this business combination is within the group, no goodwill is recognised and upon the merger, the excess was recognisedin the equity of the Company.

The Board of Directors of AgStar PLC at its meeting held on 30th July 2020 resolved to amalgamate AgStar PLC with its fullyowned subsidiary, AgStar Properties (Pvt) Ltd, in terms of Section 242(1) of the Companies Act No. 07 of 2007 (the Act)whereby AgStar PLC will remain and AgStar Properties (Pvt) Ltd ceased to exist. The effective date of the Amalgamation was12th October 2020.

8

Name of shareholders Number of shares

Holding % Number of shares

Holding %

Sierra Holdings (Pvt) Ltd 97,514,400 31.71% 97,514,400 31.71%Lanka Orix Leasing Company PLC 60,213,500 19.58% 60,213,500 19.58%Browns Investments PLC 40,520,061 13.18% 40,520,061 13.18%Sierra Construction (Pvt) Ltd 37,025,290 12.04% 37,025,290 12.04%P & K Investments (Pvt) Ltd 20,500,000 6.67% 20,500,000 6.67%Sampath Bank PLC/Dr.T.Senthilverl 10,627,982 3.46% 10,627,982 3.46%Mr. N.G R.Karunaratne 8,229,310 2.68% 8,229,310 2.68%Mr. A.P Weerasekera 7,327,800 2.38% 7,295,800 2.37%FLMC Plantations (Pvt) Ltd 3,150,000 1.02% 3,150,000 1.02%Mr. D.N.N Lokuge 3,125,000 1.02% 3,125,000 1.02%Mr. W.A.P Perera 3,120,000 1.01% 3,120,000 1.01%Mrs. A.C.P Irugalbandara -Joint with Mrs. J M A Irugalbandara 1,500,000 0.49% 1,500,000 0.49%Mr. S Karunarathna 1,250,000 0.41% 1,250,000 0.41%Mrs. G.S.M Irugalbandara 1,000,000 0.33% 1,000,000 0.33%Mrs. A.C.P Irugalbandara 1,000,000 0.33% 1,000,000 0.33%Sierra Engineering And Construction (Private) Limited 843,589 0.27% 1,021,607 0.33%Mr. M.S.S Ghazaly 745,000 0.24% 1,000,000 0.33%Hatton National Bank PLC/Mr.Gerad Shamil Niranjan Peris 500,000 0.16% - 0.00%Mr. F N W Irugalbandara 499,967 0.16% - 0.00%Mrs. S H Sardakhan 499,000 0.16% - 0.00%Total 299,190,899 97.30% 298,092,950 96.93%

9 Share holding -Non-voting shares

Name of shareholdersNumber of

sharesHolding % Number of

sharesHolding %

Sierra Holdings (Pvt) Ltd 11,648,140 66.66% 11,648,140 66.66%Mr.A.P.Weerasekera 5,824,550 33.33% 5,824,550 33.33%Mr.A.B.Weerasekera 1,000 0.01% 1,000 0.01%

17,473,690 100.00% 17,473,690 100.00%

10 Directors' share holdings As at 31/03/2021 As at 31/03/2020Number of

sharesNumber of

sharesMr.D.N.N.Lokuge (Chairman) 3,125,000 3,125,000 Mr.A.P.Weerasekera (Managing Director) -Voting Shares 7,327,800 7,295,800

-Non-Voting Shares 5,824,550 5,824,550 Mr.W.A.P.Perera 3,120,000 3,120,000 Mr.D.S.K.Amarasekara - - Ms.S.Wickramasinghe - - Mr.R.K.A. Ranaweera - - Dr. (Mrs) A.D.N. de Zoysa - -

11 Public holding

-Voting Shares 18.81% 1,195-Non-Voting Shares 0.01% 1

12 Market pricesRs.

Highest during the period 9.50Lowest during the period 6.00As at 31st March 2021 7.00

Market prices for the non-voting shares are not available since no trading occurred for the period

As at 31/03/2020

Public holding %No of

Shareholders

The float adjusted market capitlisation as at 31st March 2021 is Rs. 428.16 Mn and minimum public holding requirement is compliant with option-2 as per Sec7.13.1 (b) of the Listing Rule of CSE.

AgStar PLC

Notes to the Financial Statements

As at 31/03/2021 As at 31/03/2020

The percentage of public holding in voting and non-voting shares as at 31st March 2021 were,

Twenty Major Share holders -Voting sharesAs at 31/03/2021

The Company SubsidiariesAgStar PLC AgStar Seeds (Pvt) Limited

AgStar Cropcare (Pvt) LimitedLegal Form AgStar Grains (Pvt) LimitedA public Quoted Company incorporated Mahaweli Agro Trading (Pvt) Limitedin Sri Lanka on 25th June 2002 AgStar Exports (Pvt) Limited

Prith Seeds (Pvt) LimitedCompany Registration No. Royal Seeds Pvt) LimitedPV1618 PB/PQ Euro Asia Tea (Pvt) Limited

Registered Office SecretariesAgStar PLC P R Secretarial Services (Pvt) Ltd09, Bawa Place, Colombo 08 59, Gregory's Road, Colombo 07Tel: +94 11 4812424, +94 11 7708040-3Fax: +94 11 4810706 RegistrarsE-mail: info@agstaragri.com SSP Corporate Services (Private) LimitedWebsite: www.agstaragri.lk 101, Inner Flower Road, Colombo 03

Board of Directors AuditorsMr D.N.N.Lokuge KPMG- Chairman/ Non Executive Director P O Box 186Mr A.P.Weerasekera 32A, Sir Mohamed Macan Markar Mawatha, - Managing Director Colombo 03Mr D.S.K.Amarasekera- Non Executive Director BankersMr W.A.P.Perera Bank of Ceylon- Non Executive Director Commercial Bank of Ceylon PLCMr R.K.Athula Ranaweera DFCC Vardhana Bank PLC- Independent Non Executive Director Hatton National Bank PLCDr (Mrs) A.D.N.de Zoysa MCB Bank Limited- Independent Non Executive Director Nation Trust Bank PLCMs S.Wickramasinghe NDB Bank PLC- Independent Non Executive Director Peoples' Bank

Public BankAudit Committee Sampath Bank PLCMr R.K.Athula Ranaweera (Chairman) Seylan Bank PLCDr (Mrs) A.D.N.de ZoysaMs S.Wickramasinghe Legal Consultants

Paul Ratnayake AssociatesRemuneration Committee 59, Gregory's Road, Colombo 07Mr D.N.N.Lokuge (Chairman)Mr R.K.Athula Ranaweera Sudath Perera AssociatesMs S.Wickramasinghe 5, 9th Lane, Nawala Road, Nawala

Related Party Transactions Review CommitteeMs S.Wickramasinghe (Chairperson)Dr (Mrs) A.D.N.de ZoysaMr R.K.Athula Ranaweera

AgStar PLC

Corporate Information