INTERIM REPORT THREE MONTHS ENDED 30TH JUNE2020SIX MONTHS ENDED 30TH SEP-TEMBER 2020

CEO Message

Dear Shareholder,

I am pleased to share with you the Interim Financial statements for the Quarter ended 30th June 2020. The Financial year commenced with much uncertainty surrounding our business operations globally. Most of our key locations and offices around the world witnessed strict lockdown measures which resulted in an unprecedented disruptions to global supply chains. We took quick measures to adopt to the new normal ensuring that our customers and business partners are serviced in the most efficient and effective manner. I am pleased to note that as a testament to our continued focus on the core business and following an agile business strategy, your company was able to deliver impressive results during the quarter under review.

The group was able to generate a Revenue of Rs. 36.2BN (+58% YoY) as a result of the strong performance of the logistics operations, enabling the group to generate a Gross Profit of Rs. 6.2BN (+36% YoY). The growth in Gross profits coupled with short term cost saving measures propelled the group to deliver a Profit After Tax of Rs. 1.7BN (+486% YoY).

Logistics Sector

Servicing a diversified portfolio of customers, the sector delivered a Revenue of Rs. 35.6BN (+64% YoY). Although overall volumes across all verticals remained subdued due to low demand from regular operations, we were able to optimize on opportunities servicing the requirements of both existing & new customers. One of the key opportunities that was presented was the need to provide logistics solutions for Personal Protective Equipment (PPE) and related shipments. Optimizing our strengths through our origins and our long-standing relationship with our carrier partners, EFL was able to ensure that all PPE shipments were delivered to our customers on time without any disruptions to the operations of our customers. We also expanded our verticals offering logistic support to Tech and Pharma customers. With the gradual opening up of economies from May, we have seen the return of regular business from our customers. By meeting customer requirements during this period, we have been able to further entrench ourselves with our existing customers as well as secure & solidify new relationships with a range of new customers.

During this time, most Ports and Airports were not operating at usual levels or were shut down leading to reduced capacity for Freight. This resulted in an extraordinary Airfreight market which resulted in significantly higher Air Freight rates in particular during the period. The above coupled with dynamic procurement strategies enabled EFL to secure relatively higher yields across all its operations.

Our US Trade Lane operations was the most active during the period as we continued to make inroads into expanding our initiatives in the market. The Intra Asia and Europe Trade Lanes remained stable, operating at muted levels.

Your company also expedited several other initiatives on the Digital front in particular with a focus to enhance the efficiency and productivity of our overall operations. The company will continue to explore further avenues in optimizing its Investments in Technology to derive optimum efficiency and also enhance visibility, connectivity and integration with our customers and business partners.

Leisure Sector

The performance of the sector was significantly impaired during the quarter as a result of global travel restriction. Given that it was not possible to effectively operate the business during the quarter, the focus of the sector remained in identifying avenues to reduce cost. The sector was able to implement a robust restructure program enabling the organization to become more lean and efficient with renewed focus on its core operations, the corporate travel business. Taking a long term view & strengthening its core operations, the sector will now look to optimize performance of its overall operations once Travel restrictions are eased.

The Contract Logistics business also rose up to the challenging environment during the quarter. The momentum in stability and growth that was maintained in the previous years continued during the quarter under review as well.

Investment Sector

The sector remained stable during the quarter generating a Revenue of Rs. 549MN, with the largest contribution derived from the export operations. We were once again faced with international markets remaining closed during the reporting period and export operations being fairly muted.

Although most economies are now opening up and operating at varying levels, I would like to caution that the business environment continues to remain very dynamic and uncertain. As an organization, we will endeavour to remain close to our customers & business partners and will continue to manage our operations proactively.

In conclusion, I take this opportunity to thank you, our shareholders for your unwavering support, confidence and trust that you have shown us during these uncertain times and assure you of our continued drive to create value.

Hanif YusoofGroup CEO

12 August 2020

Dear Shareholder,

I am pleased to share Expolanka Holdings PLC’s Interim Financial statements for the quarter ended 30th September 2020. Your company was able to continue its exceptional performance in the quarter under review, largely as a result of a focused and consistent strategy along with the ability to stay agile and optimize the opportunities presented in this dynamic operating environment.

The group delivered a Revenue of Rs. 49.1BN with a gross profit of Rs10.5BN and a Profit after Tax of Rs. 4.5BN for the quarter ended 30th September 2020.The above has resulted in the group generating a Revenue of Rs 85.3BN and a Profit after Tax of Rs 6.3BN for the first half of the financial year.

Logistics Sector

Your company’s long term strategy to expand customer base, diversify service portfolio, strengthen origin performance, consolidate procurement function and invest in technology has been the pillars of our strong performance in these uncertain times.

EFL continued servicing surging demand for emergency supplies such as Personal Protective Equipment (PPE) particularly in the first half of the quarter under review. With economies opening up, we witnessed the gradual return of regular business whilst PPE orders appeared to be gradually easing.

With reduced airfreight capacity as a result of global supply chain disruptions, the market remained aggressive with strong freight rates visible throughout the quarter. Backed by a proactive procurement strategy, EFL continued generating strong yields during the quarter. An unrelenting collaborative effort by the Sales, Procurement and Origin functions together with the relationships EFL has built over several years enabled the company to secure capacity in challenging times, ensuring customer orders were delivered and mitigating disruptions to their respective supply chains.

From a product perspective, the main growth in business was visible on the Air Freight portfolio, with significant yield improvement during the quarter.The key North America trade lane remained the largest contributor of business whilst the Europe & Intra Asia trade lanes were sluggish during the quarter under review.

All origins have performed exceptionally well and supported the initiatives undertaken by the company in the face of dynamic market conditions. The Indian sub-continent market saw a resilient turnaround during the quarter, whilst the Far East markets continued to grow.The Contract Logistics business sustained stable growth during the quarter under review.

A renewed focus on EFL’s tech capabilities, namely its ERP platform and automation initiatives, drove further efficiencies. The sector implemented both short and long term cost reduction measures, which enabled an improvement in overall Net Margins.

The above resulted in the sector, delivering a Year to date Revenue of Rs. 84BN, a Gross Profit of Rs. 16.5BN and a Profit after Tax of Rs 6.7BN.

The impressive growth in the Air Freight market which was witnessed during the first half of the financial year is returning to normalcy and the company is mindful that yields are likely to taper off as market conditions stabilise in the coming months.

Leisure Sector

As a result of the prolonged airport closure, the performance of the sector was significantly impaired during the quarter. The sector focused on restructuring its business operations with a view to optimize opportunities when normalcy returns. From a portfolio perspective, the company has identified the need to focus its operations on innovative solutions and experiential travel requirements.

The robust cost restructure initiative has enabled the sector to operate in a lean and efficient manner whilst safeguarding the Brand.

Investment Sector

The sector remained stable during the quarter generating a Revenue of Rs. 635MN, with the largest contribution coming in from export operations. The pandemic situation in Sri Lanka continued to impact the performance of the company. The export segment commenced an internal restructure to adapt itself to the operating environment. The technology servicing arm of the sector demonstrated strong progress by expanding its customer portfolio and market presence within the Sri Lankan market.

We remain vigilant towards uncertainties in the business environment. As an organization, we will follow through on our long term strategy and endeavour to remain close to our cus-tomers and business partners whilst managing our operations proactively.

Hanif YusoofGroup CEO

9 November 2020

In conclusion, I take this opportunity to thank you, our shareholders for your unwavering support, confidence and trust that you have shown us during these uncertain times, and assure you of our commitment to creating value.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

01/

As at Un Audited Audited 30.06.2020 31.03.2020

…………………………………Mushtaq Ahamed

Director - Group Finance

12th August 2020

The Board of Directors is responsible for the preparation and presentation of these �nancial statements. Signed for and on behalf of the Board by,

These �nancial statements are in compliance with the requirements of the Companies Act No. 7 of 2007.

…………………………………Hanif Yusoof

DirectorSanjay Kulatunga

Director

…………………………………

ASSETSNon-current AssetsProperty, plant and equipment 3,283,205,476 3,405,360,820 Right-of-use assets 2,733,952,658 3,022,912,860 Intangible assets 644,687,977 676,970,822 Investment in an associate 192,436,866 164,272,697 Other financial assets 11,327,502 2,621,551 Deferred income tax assets 159,380,429 146,784,043 Prepayments and other assets 556,962,966 308,972,775

7,581,953,874 7,727,895,568 Current AssetsInventories 147,434,530 152,464,734 Trade and other receivables 33,300,022,765 18,400,000,094 Amounts due from related parties 14,469,175 16,014,688 Prepayments and other assets 1,967,426,617 1,677,888,069 Other financial assets 151,307,756 159,645,640 Income tax recoverable 290,732,946 457,994,406 Cash and cash equivalents 4,827,101,378 7,156,046,860

40,698,495,167 28,020,054,491 Assets held for sale 274,883,413 274,883,413

40,973,378,580 28,294,937,904 Total Assets 48,555,332,454 36,022,833,472

EQUITY AND LIABILITIESStated capital 4,097,985,000 4,097,985,000 Reserves 897,582,496 940,585,702 Retained earnings 13,880,225,600 7,600,459,258 Equity attributable to equity holders of parent 18,875,793,096 12,639,029,960 Non-controlling interest 198,044,211 191,512,037 Total equity 19,073,837,307 12,830,541,997

Non-current liabilitiesFinancing and lease payables 4,834,292,395 5,468,961,993 Deferred income tax liabilities 3,394,007 728,696 Retirement benefit obligation 611,653,808 616,995,166

5,449,340,210 6,086,685,855 Current liabilities Financing and lease payables 10,669,745,872 6,726,988,712 Trade and other payables 12,030,259,307 10,183,970,969 Amounts due to related parties 11,553,303 12,544,909 Income tax liabilities 1,320,596,455 182,101,030

24,032,154,937 17,105,605,620 Total Equity and liabilities 48,555,332,454 36,022,833,472 Net asset per share 9.66 6.47

30.09.2020

9th November 2020

[SIGNED]

[SIGNED] [SIGNED]

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CONSOLIDATED STATEMENT OF CASH FLOWS

04/

For the three months ended 30th June Un Audited 2020 Un Audited 2019

Cash Flows From / (Used in) Operating Activities Profit/(loss) before tax 7,774,482,989 (131,560,192) Adjustments for, Depreciation of PPE and right-of-use assets 894,116,436 780,896,975 Amortisation of intangible asset 34,508,288 27,550,344 Amortization of prepayment and other assets 95,935,144 51,647,486 Investment income (16,730,112) (1,347,121) Profit on sale of property, plant and equipment (6,020,191) (1,013,340) Loss on sale of subsidiaries - 8,195,545 Dividend income (3,342,873) (331,711) Finance cost 197,803,443 226,383,104 Share of results of equity accounted investees (31,848,344) (28,478,129) Allowances for expected credit losses 622,241,942 66,313,566 Provision for defined benefit plans 58,031,728 81,169,869 Operating Profit / (Loss) before Working Capital Changes 9,619,178,450 1,079,426,396

(Increase)/Decrease in Inventories 5,030,204 (64,540,638) (Increase)/Decrease in Trade and Other Receivables (15,506,860,579) (3,396,860,117) (Increase)/Decrease in Prepayments (385,473,692) (399,833,407) Increase/ (Decrease) in Trade and Other Payables 1,934,799,003 2,358,653,880 Cash generated from (used in) operations (4,333,326,613) (423,153,886)

Finance Cost paid (138,657,621) (215,244,565) Income Tax Paid (179,494,457) (729,199,033) Defined Benefit Plan Costs paid (60,278,121) (57,944,497) Net Cash From / (Used in) Operating Activities (4,711,756,812) (1,425,541,981)

Cash Flows From / (Used in) Investing Activities Investment income received 16,730,112 1,347,121 Acquisition of property, plant and equipment (197,884,035) (187,862,264) Acquisition of intangible assets (2,971,350) (41,597,401) Proceeds from sale of property, plant and equipment 50,205,582 17,959,909 Other current investments (net) 8,337,884 (19,702,641) Other non current investments (net) (8,733,259) - Sales proceeds from disposal of equity investment - 103,931,082 Net acquisition of subsidiaries, net of cash aquired - (15,174,909) Dividend received 7,027,049 7,155,193 Additions to prepayment and other asset (247,990,191) (115,535,913) Additions to prepayment and other asset - 11,472,644 Net Cash Used in Investing Activities (375,278,208) (238,007,179)

Net Cash Flows Used in Financing Activities Proceeds from financing and lease 5,773,562,498 1,780,214,287 Repayment of financing and lease (4,066,990,283) (996,658,318) Dividends paid to minority share holders (9,878,434) (7,512,973) Net Cash From / (Used in) Financing Activities 1,696,693,781 776,042,996

Effect of Exchange Rate Changes (219,256,649) 267,200,460

Net Increase / (Decrease) in Cash and Cash Equivalents (3,609,597,888) (620,305,704)

Cash and Cash Equivalents at the beginning of the year 6,654,066,324 4,216,366,784 Cash and Cash Equivalents at the end of the year 3,044,468,436 3,596,061,080

For the six months ended 30th Sep

CONSOLIDATED STATEMENT OF CASH FLOWS

04/

For the three months ended 30th June Un Audited 2020 Un Audited 2019

05/

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3

COMPANY STATEMENT OF FINANCIAL POSITION

06/

As at Un Audited Audited 30.06.2020 31.03.2020

12th August 2020

The Board of Directors is responsible for the preparation and presentation of these �nancial statements. Signed for and on behalf of the Board by,

…………………………………Hanif Yusoof

DirectorSanjay Kulatunga

Director

…………………………………

4,648,357,851 4,656,829,429

Current assets

Trade and other receivables 2,642,461 2,618,161

Amounts due from related parties 613,788,334 304,653,517

Prepayments and other assets 20,946,708 16,570,397

Other financial assets 590,921 402,647

Cash and cash equivalents 27,312,171 22,470,893

665,280,595 346,715,615

Total Assets 5,313,638,446 5,003,545,044

EQUITY AND LIABILITIES

Stated capital 4,097,985,000 4,097,985,000

Retained earnings (1,001,126) 52,641,452

Equity attributable to equity holders of parent 4,096,983,874 4,150,626,452

Non-current liabilities

Financing and lease payables 653,757,416 752,762,369

Retirement benefit obligation 29,176,990 26,994,225

682,934,406 779,756,594

Current liabilities

Financing and lease payables 16,715,059 12,278,314

Trade and other payables 22,607,588 30,560,604

Amounts Due to Related Parties 494,397,519 30,323,080

533,720,166 73,161,998

Total equity and liabilities 5,313,638,446 5,003,545,044

Net asset per share 2.10 2.12

30.09.2020

9th November 2020

ASSETS

Non-current assets

Property, plant and equipment 29,571,663 35,060,497

Right-of-use assets 18,371,794 20,101,659

Intangible assets 3,727,801 4,980,680

Investment in subsidiaries 4,552,696,593 4,552,696,593

Investment in an associate 43,990,000 43,990,000

…………………………………Mushtaq Ahamed

Director - Group Finance

[SIGNED]

These �nancial statements are in compliance with the requirements of the Companies Act No. 7 of 2007.

[SIGNED] [SIGNED]

COMPANY INCOME STATEMENT

07/

Un-Audited 2020

Rs.Rs.

Un-Audited 2019

Change %

Three months ended 30th JuneThree months ended 30th September Six months ended 30th September

Un-Audited Un-Audited % Un-Audited Un-Audited %

2020 2019 2020 2019

Revenue from contracts with customers 31,260,000 31,260,000 - 62,445,000 62,520,000 (0.12)

Other operating income and gains - 8,233,787 (100.00) 827,400 8,231,603 (89.95)

Administrative expenses (65,188,270) (68,604,882) (4.98) (111,301,154) (128,127,524) (13.13)

Income tax expense - (7,854,610) (100.00) - (7,854,610) (100.00)

Loss for the period (38,822,949) (44,273,775) (12.31) (53,642,575) (75,404,027) (28.86)

Basic earnings per share (0.02) (0.02) (0.03) (0.04)

Dividend per share - - - -

Loss before tax (38,822,949) (36,419,165) 6.60 (53,642,575) (67,549,417) (20.59)

Finance cost (3,280,952) (5,533,774) (40.71) (7,032,662) (8,297,487) (15.24)

Selling and distribution expenses (1,618,859) (6,207,273) (73.92) (2,276,527) (8,715,304) (73.88)

Finance income 5,132 4,432,977 (99.88) 3,695,368 6,839,295 (45.97)

08/

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COMPANY STATEMENT OF CASH FLOWS

09/

For the three months ended 30th June

Un Audited 2020 Un Audited 2019

CASH FLOWS FROM / (USED IN) OPERATING ACTIVITIES

Loss before income tax expenses (53,642,575) (67,549,417)

Adjustments for,

Depreciation of PPE and right-of-use assets 11,550,416 11,724,350

Amortisation of intangible asset 527,679 392,500

Investment income (11,191) (15,813)

Loss on sale of investments - 1,300,236

Dividend income (3,684,176) (6,823,482)

Finance cost 7,032,662 8,297,487

Provision for defined benefit plans 2,182,765 1,078,850

Operating profit / (loss) before working capital changes (36,044,420) (51,595,289)

(Increase)/Decrease in trade and other receivables (309,159,117) (141,747,051)

(Increase)/Decrease in Prepayments (3,651,111) (2,276,358)

Increase/(Decrease) in trade and other payables 456,121,420 455,413,220

Cash generated from / (used in) operations 107,266,772 259,794,522

Finance Cost paid (5,739,346) (8,297,487)

Income tax paid - (7,854,610)

Defined benefit plan costs paid - (1,069,200)

Net cash from / (used in) operating activities 101,527,426 242,573,225

CASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES

Investment income received 11,191 15,813

Acquisition of property, plant and equipment (223,491) (432,119)

Acquisition of intangible assets - (1,081,430)

Other current investments (net) (188,274) (136,560)

Net acquisition of subsidiaries, net of cash aquired - (100,000)

Sales proceeds from disposal of equity investment - 103,931,082

Dividend received 3,684,176 6,823,482

Net cash flows from / (used in) investing activities 3,283,602 109,020,268

CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES

Repayment of financing and lease (99,969,751) (244,081,492)

Net cash flows from / (used in) financing activities (99,969,751) (244,081,492)

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 4,841,277 107,512,001

CASH AND CASH EQUIVALENTS AT THE BEGINNING 22,470,893 155,779,974

CASH AND CASH EQUIVALENTS AT THE END 27,312,170 263,291,975

For the six months ended 30th Sep

COMPANY STATEMENT OF CHANGES IN EQUITY

10/

Stated

Capital

Rs.

Fair Value ReserveOf Financial Assets

at FVOCIRs.

Retained

Earnings

Rs.Total

Rs.

As at 1 April 2020 4,097,985,000 - 52,641,449 4,150,626,449

Profit for the period - - (53,642,575) (53,642,575)

Other comprehensive income - - - -

Total comprehensive income - - (53,642,575) (53,642,575)

As at 30th September 2020 4,097,985,000 - (1,001,126) 4,096,983,874

As at 1 April 2019 4,097,985,000 (11,864,435) 238,138,521 4,324,259,086

Profit for the period - - (44,273,775) (44,273,775)

Other comprehensive income - - - -

Total comprehensive income - - (44,273,775) (44,273,775)

As at 30th September 2019 4,097,985,000 (11,864,435) 193,864,746 4,279,985,311

SEGMENT ANALYSIS OF REVENUE AND PROFIT / (LOSS)

11/

LogisticsFor the three months ended 30th June Un-Audited 2020 Un-Audited 2019

Un-Audited 2019

Un-Audited 2019

Change %RevenueEarnings Before �nance cost and TaxPro�t / (Loss) before taxPro�t / (Loss) for the period

InvestmentFor the three months ended 30th June Un-Audited 2020 Change %RevenueLoss Before �nance cost and TaxLoss before taxLoss for the period

LeisureFor the three months ended 30th June Un-Audited 2020 Change %

RevenueEarnings Before �nance cost and TaxPro�t before taxPro�t for the period

35,613,666,238 21,781,391,475 64 2,616,527,042 589,589,963 344 2,531,130,041 513,604,642 393 1,962,049,457 370,133,246 430

548,889,563 792,333,857 (31) (117,737,479) (93,167,317) 26 (135,352,281) (112,526,169) 20 (135,352,281) (112,526,169) 20

27,802,167 291,744,186 (71,315,304) 71,595,973 (200)

(90)

(72,542,915) 59,635,946 (222) (72,542,915) 41,635,946 (274)

COMPANY STATEMENT OF CHANGES IN EQUITY

10/

Stated

Capital

Rs.

Fair Value ReserveOf Financial Assets

at FVOCIRs.

Retained

Earnings

Rs.Total

Rs.

SEGMENT ANALYSIS OF REVENUE AND PROFIT / (LOSS)

11/

LogisticsFor the three months ended 30th June Un-Audited 2020 Un-Audited 2019

Un-Audited 2019

Un-Audited 2019

Change %RevenueEarnings Before �nance cost and TaxPro�t / (Loss) before taxPro�t / (Loss) for the period

InvestmentFor the three months ended 30th June Un-Audited 2020 Change %RevenueLoss Before �nance cost and TaxLoss before taxLoss for the period

LeisureFor the three months ended 30th June Un-Audited 2020 Change %

RevenueEarnings Before �nance cost and TaxPro�t before taxPro�t for the period

35,613,666,238 21,781,391,475 64 2,616,527,042 589,589,963 344 2,531,130,041 513,604,642 393 1,962,049,457 370,133,246 430

548,889,563 792,333,857 (31) (117,737,479) (93,167,317) 26 (135,352,281) (112,526,169) 20 (135,352,281) (112,526,169) 20

27,802,167 291,744,186 (71,315,304) 71,595,973 (200)

(90)

(72,542,915) 59,635,946 (222) (72,542,915) 41,635,946 (274)

Logistics Sector Un-Audited Un-Audited Change %For the six months ended 30th September 2020 2019Revenue from contracts with customers 84,049,982,241 49,369,490,766 70

Earnings before finance cost and tax 8,338,643,102 144,816,733 5,658

Profit before tax 8,178,846,493 (19,191,534) (42,717)

Profit for the period 6,704,395,240 (363,454,969) (1,945)

Leisure Sector Un-Audited Un-Audited Change %For the six months ended 30th September 2020 2019Revenue from contracts with customers 107,380,380 651,547,406 (84)

Earnings/(loss) before finance cost and tax (81,736,174) 145,517,549 (156)

Profit/(loss) before tax (85,253,237) 124,180,603 (169)

Profit/(loss) for the period (85,253,237) 103,595,650 (182)

Investment Sector Un-Audited Un-Audited Change %For the six months ended 30th September 2020 2019Revenue from contracts with customers 1,183,834,469 1,629,409,863 (27)

Loss before finance cost and tax (284,620,496) (195,511,370) 46

Loss before tax (319,110,267) (236,549,261) 35

Loss for the period (319,979,281) (248,221,607) 29

NOTES TO THE FINANCIAL STATEMENTS

12/

1. Corporate Information

Expolanka Holdings PLC is a public limited Company incorporated and domiciled in Sri Lanka and ordinary shares of the Company are listed on the Colombo Stock Exchange. The interim financial statements of the Group and the Company for the three months ended 30th September 2020 were authorized for issue by the Board of Directors on 9th of November 2020.

2. Basis for preparation

The interim condensed financial statements of Expolanka Holdings PLC have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 – Interim Financial Reporting. These interim condensed financial state-ments should be read in conjunction with the annual financial statement for the year ended 31st March 2020.

The presentation and classification of the financial statements of the previous period have been amended. Where relevant, for better presentation and to be comparable with those of the current period.

The interim condensed financial statements are presented in Sri Lankan Rupees (LKR).

3. Comparative Information

Comparative information including quantitative, narrative and descriptive information as relevant is disclosed in respect of previous period in the Financial Statements. The presentation and classification of the Financial Statement of the previous year are amended, where relevant for better presentation and to be comparable with those of the current year.

The Group applied SLFRS 16 with effect from 1 April 2019. Due to the transition method chosen in applying these standards, comparative information throughout these financial statements have not been restated to reflect the requirements of the new standards.

NOTES TO THE FINANCIAL STATEMENTS

12/

Logistics Sector

Servicing a diversified portfolio of customers, the sector delivered a Revenue of Rs. 35.6BN (+64% YoY). Although overall volumes across all verticals remained subdued due to low demand from regular operations, we were able to optimize on opportunities servicing the requirements of both existing & new customers. One of the key opportunities that was presented was the need to provide logistics solutions for Personal Protective Equipment (PPE) and related shipments. Optimizing our strengths through our origins and our long-standing relationship with our carrier partners, EFL was able to ensure that all PPE shipments were delivered to our customers on time without any disruptions to the operations of our customers. We also expanded our verticals offering logistic support to Tech and Pharma customers. With the gradual opening up of economies from May, we have seen the return of regular business from our customers. By meeting customer requirements during this period, we have been able to further entrench ourselves with our existing customers as well as secure & solidify new relationships with a range of new customers.

During this time, most Ports and Airports were not operating at usual levels or were shut down leading to reduced capacity for Freight. This resulted in an extraordinary Airfreight market which resulted in significantly higher Air Freight rates in particular during the period. The above coupled with dynamic procurement strategies enabled EFL to secure relatively higher yields across all its operations.

Our US Trade Lane operations was the most active during the period as we continued to make inroads into expanding our initiatives in the market. The Intra Asia and Europe Trade Lanes remained stable, operating at muted levels.

Your company also expedited several other initiatives on the Digital front in particular with a focus to enhance the efficiency and productivity of our overall operations. The company will continue to explore further avenues in optimizing its Investments in Technology to derive optimum efficiency and also enhance visibility, connectivity and integration with our customers and business partners.

NOTES TO THE FINANCIAL STATEMENTS

13/

4. Share Information

4.1 Public share holding

The percentage of shares held by the public as at 30th of September 2020 was 16.29%

Issued Share Capital as at 30th September 2020 1,954,915,000

Less

Parent Company 1,478,251,204

Subsidiaries or Associate Companies of Parent 0

Subsidiaries or Associate Companies 0

Directors shareholding 147,021,464

Key Management Personnel 11,093,422

Spouses & Children under 18 of Directors 0

Chief Executive Officer’s Shareholding (included in Directors shareholding) 0

CEO’s Spouse & Children (included in Spouses & Children under 18 of Directors) 0

Public Holding 318,548,910

Public Holding as a % of Issued Share Capital 16.29%

Total No. of Shareholders representing the Public Holding as at 30th of September 2020 7,647

4.2 Directors share holdings

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

30.09.2020 30.06.2020

No of Shares No of Shares

Hitoshi Kanahori * Nil Not Applicable

Hanif Yusoof 147,021,464 147,021,464

Ha Yo* Nil Nil

Sanjay Kulatunga Nil Nil

Harsha Amarasekera Nil Nil

Akira Oyama* Nil Not Applicable

* Mr.Hitoshi Kanahori, Mr. Ha Yo and Mr. Akira Oyama were appointed as Directors to the Board of Expolanka Holdings PLC with effect from 01.07.2020

NOTES TO THE FINANCIAL STATEMENTS

14/

4.3 Twenty largest shareholders of the Company are as follows;

Name of the Share Holder

Quarterly Comparison

As at 30 Sep 20 % As at 31 June 20 %

1 SG HOLDINGS GLOBAL PTE.LTD 1,478,251,204 75.62% 1,478,251,204 75.62%2 MR. H. YUSOOF 147,021,464 7.52% 147,021,464 7.52%3 MR. F. KASSIM 22,375,349 1.14% 23,560,811 1.21%

4 MR. KANDIAH BALENDRA & MRS. S BALEN-DRA 20,000,000 1.02% 20,000,000 1.02%

5 DFCC BANK PLC/I.K. DE SILVA 16,500,000 0.84% 23,500,000 1.20%6 MR. S. SENTHILNATHAN 11,026,922 0.56% 22,000,000 1.13%7 SEYLAN BANK PLC/ARRC CAPITAL (PVT) LTD 9,675,118 0.49% - -

8 SRI LANKA INSURANCE CORPORATION LTD-LIFE FUND 9,499,000 0.49% 9,499,000 0.49%

9 MR. S.N.P. PALIHENA & MRS. A. S. PALIHENA 6,000,000 0.31% - -10 MR. P. MURALITHARAN 5,700,000 0.29% - -11 JN LANKA HOLDINGS COMPANY (PVT) LTD 4,750,010 0.24% 1,500,000 0.08%12 MR. K.U.D. SILVA 4,736,041 0.24% - -13 MR. S.J. AMARASEKERA 4,250,000 0.22% - -

14 HATTON NATIONAL BANK PLC- ASTRUE ALPHA FUND 3,700,000 0.19% 2,770,354 0.14%

15 PEOPLE’S LEASING & FINANCE PLC/HI LINE TRADING (PVT) LTD 3,700,000 0.19% 100,000 0.01%

16 MRS. N.K. SAMARAWEERA 3,685,000 0.19% - -17 MRS. K.J.A.N. SANGAKKARA 3,500,000 0.18% - -18 EMPLOYEES TRUST FUND BOARD 3,486,700 0.18% 3,486,700 0.18%19 HOTEL INTERNATIONAL (PRIVATE) LIMITED 3,411,528 0.17% - -20 MR. V. SUNILGAVASKER 3,000,000 0.15% - -

NOTES TO THE FINANCIAL STATEMENTS

14/

NOTES TO THE FINANCIAL STATEMENTS

15/

4.4. Stated capital

Stated capital is represented by the number of shares in issue as given below;

As at 30th September 2020 30th June 2020

Ordinary Shares 1,954,915,000 1,954,915,000

4.5. Earnings per share

Earnings per share have been calculated for all periods based on the number of shares in issue as at the end of each period.

4.6. Market price per share

For the three months ended 30 September 2020

RS

2019

RS

Highest 11.60 6.30

Lowest 2.90 4.90

Last Traded 11.50 5.20

4.7. Float Adjusted Market Capitalization

As at 30.09.2020 30.06.2020

Public shareholding (%) 16.29% 15.71%

Public shareholders 7,647 7,723

Float adjusted market capitalization 3,662,240,015 982,774,869

Expolanka Holdings PLC complies with the Minimum Public Holding requirement under option 3 as listed out in section 7B (a) of CSE Listing Rules.

5. Assets Held for Sale

Further to the disclosures made in the Annual Report pertaining to the acquisition of minority shares in subsidiaries namely, Expolanka Freight (Vietnam) Ltd, Expolanka Freight (Cambodia) Ltd, Expo Freight Ltd (Myanmar) & Union Cargo (Pvt.) Ltd (Pakistan) and the disposal of shares in the subsidiary in Bangladesh namely Expo Freight Ltd. The Transaction was origi-nally expected to be completed by 31st July 2020. However due to further negotiation with the parties to the transaction, the completion of the transaction has been further extended.

The above Investments will continue to be classified as Assets held for sale until Completion.

6. Contingencies, capital and other commitments

There has been no significant change in the nature of the contingencies, capital and other commitments, which were dis-closed in the Annual Report for the year ended 31 March 2020.

7. Events after the reporting period

There have been no events subsequent to the reporting period, which require disclosure in the interim condensed financial statements.

NOTES TO THE FINANCIAL STATEMENTS

16/

Name of Company Expolanka Holdings PLC

Legal Form The Company is a Public Limited Liability Company. Incorporated in Sri Lanka on 05th March 2003 as a Private Limited Liability Company under the Companies Act No. 17 of 1982 and re-registered on 11th November 2008 as a Public Limited Liability Company under the Companies Act No 07 of 2007. Currently ordinary shares have been listed on the Colombo Stock Exchange.

Company Registration NumberP B 744

Registered office of the Company 10, Milepost Avenue, Colombo 03Sri Lanka

Board of Directors

Hitoshi Kanahori - Chairman

Hanif Yusoof - Chief Executive Officer

Ha Yo

Akira Oyama

Harsha Amarasekera

Sanjay Kulatunga

Audit CommitteeSanjay Kulatunga - ChairmanHarsha Amarasekera

Related Party Transaction Review CommitteeSanjay Kulatunga - ChairmanHarsha Amarasekera

NOTES TO THE FINANCIAL STATEMENTS

16/

NOTES TO THE FINANCIAL STATEMENTS

17/

Remuneration Committee

Sanjay Kulatunga

Contact Details

P. O. Box 1162

10, Milepost Avenue

Colombo 03

Sri Lanka

Telephone : +94 11 4659500

Facsimile : +94 11 4659565

Internet : www.expolanka.com

Contact for Media

Marketing, Corporate Communications & CSR

Expolanka Holdings PLC

15 A, Clifford Avenue

Colombo 03

Sri Lanka

Telephone : +94 11 4659500

Facsimile : +94 11 4659565

Web : www.expolanka.com

Investor Relations

Expolanka Holdings PLC

15 A, Clifford Avenue

Colombo 03

Sri Lanka

Telephone : +94 11 4659500

Facsimile : +94 11 4659565

Web : www.expolanka.com

E mail : investor@expolanka.com

Harsha Amarasekera - Chairman

NOTES TO THE FINANCIAL STATEMENTS

18/

Bankers Amana Bank

Bank of Ceylon

Commercial Bank

Habib Bank

Hatton National Bank

Hong Kong and Shanghai Banking Corporation

ICICI Bank Limited

Muslim Commercial Bank

National Development Bank

Nations Trust Bank

Pan Asia Bank Corporation

Peoples Bank

People’s Leasing Finance PLC

Sampath Bank

Seylan Bank

Standard Chartered Bank

Company Secretaries

SSP Corporate Services (Private) Limited 

P V 931

101, Inner Flower Road

Colombo 03

Sri Lanka

Telephone : +94 11 2573894, +94 11 2576871

Facsimile : +94 11 2573609

Company Auditors

Ernst and Young

Chartered Accountants

201, De Seram Place

P. O. Box 101

Colombo 10

Sri Lanka

NOTES TO THE FINANCIAL STATEMENTS

18/

www.expolanka.com