Ceylon Cold Stores : Interim Financial Statements as @ 31st March 2022

CEYLON COLD STORES PLC (PQ4)

1

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

Quarter ended 31 March

Year ended 31 March

Notes

2022

2021

Change %

2022

2021

Change %

Continuing Operations

Goods transferred at a point in time

25,764,818

18,963,573

36

84,543,205

68,766,324

23

Total Revenue from contracts with customers

25,764,818

18,963,573

36

84,543,205

68,766,324

23

Cost of sales

(22,403,383)

(16,321,475)

37

(75,407,351)

(61,115,358)

23

Gross profit

3,361,435

2,642,098

27

9,135,854

7,650,966

19

Other operating income

659,516

427,229

54

1,830,959

1,576,453

16

Selling and distribution expenses

(898,111)

(681,903)

32

(3,148,677)

(2,694,845)

17

Administrative expenses

(614,840)

(510,518)

20

(2,837,022)

(2,215,358)

28

Other operating expenses

(81,636)

(4,354)

1,775

(236,829)

(204,738)

16

Results from operating activities

2,426,364

1,872,552

30

4,744,285

4,112,478

15

Finance cost

7

(543,791)

(425,769)

28

(2,041,375)

(1,796,462)

14

Finance income

7

13,572

13,053

4

61,911

54,644

13

Net Finance cost

(530,219)

(412,716)

28

(1,979,464)

(1,741,818)

14

Change in fair value of investment property

16,955

3,873

338

16,955

3,873

338

Profit before tax

1,913,100

1,463,709

31

2,781,776

2,374,533

17

Tax expense

6

(694,689)

(103,034)

574

(713,728)

(36,278)

1,867

Profit for the period

1,218,411

1,360,675

(10)

2,068,048

2,338,255

(12)

Attributable to:

Equity holders of the Parent

1,218,411

1,360,675

(10)

2,068,048

2,338,255

(12)

LKR

LKR

LKR

LKR

Earnings per share

Basic/Diluted

1.28

1.43

2.18

2.46

Dividend per share

0.80

0.85

1.20

1.70

Quarter ended 31 March

Year ended 31 March

2022

2021

2022

2021

Profit for the period

1,218,411

1,360,675

2,068,048

2,338,255

Other comprehensive income

Other comprehensive income not to be reclassified to income

statement in subsequent periods

Re-measurement gain / (loss) on defined benefit plans

27,322

(52,870)

27,322

(52,870)

Revaluation of land and buildings

238,870

226,450

238,870

226,450

Gain on equity instruments at fair value through other comprehensive

income

408,912

394,681

157,821

5,678

Net other comprehensive income not to be reclassified to income

675,104

568,261

424,013

179,258

statement in subsequent periods

Tax (charge) / credit on other comprehensive income

(93,413)

4,273

(68,303)

43,173

Other comprehensive income for the period, net of tax

581,691

572,534

355,710

222,431

Total comprehensive income for the period, net of tax

1,800,102

1,933,209

2,423,758

2,560,686

Attributable to:

Equity holders of the parent

1,800,102

1,933,209

2,423,758

2,560,686

1,800,102

1,933,209

2,423,758

2,560,686

CEYLON COLD STORES PLC (PQ4)

3

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at

31.03.2022

31.03.2021

ASSETS

Non-current assets

Property, plant and equipment

25,579,561

22,289,230

Right-of-use-asset

10,103,030

9,567,318

Investment property

317,250

300,295

Intangible assets

2,822,191

1,941,128

Non-current financial assets

7,503,034

7,296,046

Other non-current assets

1,006,726

1,054,856

47,331,792

42,448,873

Current assets

Inventories

9,074,881

7,108,717

Trade and other receivables

4,269,588

3,357,686

Amounts due from related parties

3,028

3,372

Other current assets

1,510,721

970,586

Short-term investments

-

523,534

Cash in hand and at bank

1,345,397

562,104

16,203,615

12,525,999

Total assets

63,535,407

54,974,872

EQUITY AND LIABILITIES

Equity attributable to equity holders of the parent

Stated capital

918,200

918,200

Revenue reserves

13,312,296

12,362,751

Other components of equity

3,876,658

3,501,719

Total equity

18,107,154

16,782,670

Non-current liabilities

Interest-bearing loans and borrowings

8,307,738

5,141,667

Lease liabilities

9,927,569

8,827,562

Deferred tax liabilities

1,756,840

1,457,883

Employee benefit liabilities

902,906

807,769

Other non-current liabilities

96,183

101,054

20,991,236

16,335,935

Current liabilities

Trade and other payables

12,353,187

9,823,845

Amounts due to related parties

704,069

619,345

Income tax liabilities

265,955

222,898

Short-term borrowings

2,000,000

3,071,103

Interest-bearing loans and borrowings

2,179,283

1,700,000

Lease liabilities

477,149

337,991

Other current liabilities

1,031,908

676,625

Bank overdrafts

5,425,466

5,404,460

24,437,017

21,856,267

Total equity and liabilities

63,535,407

54,974,872

LKR

LKR

Net assets per share*

19.05

17.66

D P Gamlath

J G A Cooray

Director

Director

20 May 2022

Colombo

CEYLON COLD STORES PLC (PQ4)

4

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 March

Note

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before working capital changes

A

8,465,115

7,042,256

(Increase) / Decrease in inventories

(2,043,752)

(1,349,990)

(Increase) / Decrease in trade and other receivables

(1,068,854)

(431,465)

(Increase) / Decrease in amounts due from related parties

344

(14,910)

(Increase) / Decrease in other current assets

(730,928)

354,114

Increase / (Decrease) in trade and other payables

2,529,342

1,824,283

Increase / (Decrease) in amounts due to related parties

84,724

222,409

Increase / (Decrease) in other current liabilities

355,283

(10,343)

Increase / (Decrease) in other non-current liabilities

(4,871)

(16,886)

Cash generated from operations

7,586,403

7,619,468

Finance income received

48,329

35,722

Finance costs paid

(975,735)

(745,454)

Tax paid

(230,531)

(357,057)

Employee benefit (Gratuity) paid

(51,168)

(57,684)

Net cash flow from operating activities

6,377,298

6,494,995

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment

(4,996,701)

(2,606,182)

Purchase of intangible assets

(1,053,599)

(1,408,159)

Proceeds from sale of right of use assets

-

2,626

Acquisition of subsidiary, net of cash acquired

-

(1,705,891)

Acquisition of water plant

(149,558)

-

Proceeds from sale of property, plant and equipment

3,092

5,944

Proceeds from sale of intangible assets

472

-

Net cash flow used in investing activities

(6,196,294)

(5,711,662)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Dividend paid to equity holders of parent

(1,140,480)

(1,615,680)

Dividend paid to preference shareholders

(14)

-

Proceeds from interest-bearing loans and borrowings

5,352,298

6,000,000

Repayment of interest-bearing loans and borrowings

(1,706,944)

(616,666)

Repayment of lease liability

(1,376,008)

(1,276,343)

Proceeds from (repayment of) other financial liabilities (net)

(1,071,103)

1,530,036

Net cash flow from financing activities

57,749

4,021,347

NET INCREASE IN CASH AND CASH EQUIVALENTS

238,753

4,804,680

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

(4,318,822)

(9,123,502)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

(4,080,069)

(4,318,822)

ANALYSIS OF CASH AND CASH EQUIVALENTS

Favourable balances

Short-term investments

-

523,534

Cash in hand and at bank

1,345,397

562,104

Unfavourable balances

Bank overdrafts

(5,425,466)

(5,404,460)

Total Cash and cash equivalents

(4,080,069)

(4,318,822)