COLOMBO DOCKYARD PLC Colombo Dockyard PLC
"…An Odyssey of Excellence…"
Interim Financial Report
For the Twelve Months Period Ended 31 December 2023
This page kept blank Intentionally
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarter ended 31 December | Year Ended 31 st December | |||||
2023 | 2022 | Variance % | 2023 | 2022 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 7,014,055 | 8,466,583 | -17.16% | 36,152,393 | 27,291,727 | 32.47% |
Cost of Sales | (9,296,201) | (7,565,377) | -22.88% | (42,454,093) | (24,691,895) | -71.94% |
Gross Profit | (2,282,146) | 901,206 | -353.23% | (6,301,700) | 2,599,832 | -342.39% |
Other Income | 202,260 | 1,706,639 | -88.15% | 489,409 | 4,425,940 | -88.94% |
Distribution Expenses | (27,971) | (27,425) | -1.99% | (84,854) | (74,851) | -13.36% |
Administrative Expenses | (1,256,002) | (981,731) | -27.94% | (3,902,777) | (3,233,314) | -20.71% |
Other Operating Expenses | 282,938 | (705,574) | 140.10% | (1,170,521) | (1,907,546) | 38.64% |
Net Finance Income / (Expenses) | (530,900) | (588,048) | 9.72% | (2,366,259) | (1,028,019) | -130.18% |
Profit / (Loss) before Tax | (3,611,821) | 305,067 | -1283.94% | (13,336,702) | 782,042 | -1805.37% |
Income Tax Expense | 2,457,112 | (14,731) | 16779.87% | 2,408,694 | (94,110) | 2659.45% |
Profit / (Loss) for the period | (1,154,709) | 290,336 | -497.71% | (10,928,008) | 687,932 | -1688.53% |
Other Comprehensive Income | ||||||
Revaluation of free hold land | (627,586) | - | 8,072,414 | - | ||
Fair Value Change of instruments valued at FVOCI | 311 | - | 311 | 4,794 | ||
Foreign Currency Translation Differences - Foreign Operations | 12,950 | 22,227 | (42,892) | 180,686 | ||
Defined benefit plan actuarial gains / (losses) | 159,415 | 2,233 | 159,415 | (110,724) | ||
Tax on other comprehensive income | (2,469,548) | 17,403 | (2,469,548) | 33,217 | ||
Other Comprehensive Income For The Period - Net of Taxes | (2,924,458) | 41,863 | 5,719,700 | 107,973 | ||
Total Comprehensive Income for The Period | (4,079,167) | 332,199 | (5,208,308) | 795,905 | ||
Profits Attributable to : | ||||||
Owners of The Company | (1,155,047) | 285,145 | (10,945,381) | 673,718 | ||
Non - Controlling Interest | 338 | 5,191 | 17,373 | 14,214 | ||
Profit for the period | (1,154,709) | 290,336 | (10,928,008) | 687,932 | ||
Total Comprehensive Income Attributable to : | ||||||
Equity holders of the parent | (4,086,153) | 218,719 | (5,205,474) | 691,789 | ||
Non - Controlling Interest | 6,986 | 21,131 | (2,834) | 104,116 | ||
Total Comprehensive Income for The Period | (4,079,167) | 239,850 | (5,208,308) | 795,905 | ||
Earnings per share (Rs) | (16.07) | 3.97 | (152.32) | 9.38 | ||
Note : Figures in brackets indicate deductions | ||||||
The above figures are subject to audit |
01. Colombo Dockyard PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31st December | 2023 | 2022 |
Rs,'000 | Rs,'000 | |
ASSETS | ||
Non-Current Assets | ||
Property, Plant and Equipment | 13,308,424 | 5,356,999 |
Intangible Assets | 17,226 | 31,261 |
Right - of - Use asset | 242,270 | 176,543 |
Investments Classified as Fair Value through OCI | 22,568 | 22,257 |
Differed Tax Assets | - | 17,044 |
Other Financial Assets Including Derivatives | 413,561 | 333,304 |
Total Non-Current Assets | 14,004,049 | 5,937,408 |
Current Assets | ||
Inventories | 3,716,351 | 5,541,456 |
Trade and Other Receivables | 16,195,218 | 21,283,040 |
Other Financial Assets Including Derivatives | 193,167 | 182,352 |
Investments classified as Fair value Through Profit or Loss | - | 65,770 |
Cash and Cash Equivalents | 4,465,534 | 18,369,828 |
Total Current Assets | 24,570,270 | 45,442,446 |
Total Assets | 38,574,319 | 51,379,854 |
EQUITY AND LIABILITIES | ||
Stated Capital | 714,396 | 714,396 |
Exchange Equalisation Reserve | 99,662 | 122,347 |
Fair Value through OCI Reserve | 22,458 | 22,147 |
Retained Earnings | (3,776,992) | 7,056,798 |
Revaluation Reserves | 5,650,690 | - |
Equity Attributable to Equity Holders of the Parent | 2,710,214 | 7,915,688 |
Non Controlling Interest | 204,628 | 207,462 |
Total Equity | 2,914,842 | 8,123,150 |
Non-Current Liabilities | ||
Interest Bearing Borrowings | 3,000,000 | - |
Differed Tax Liability | 16,877 | - |
Lease liability | 192,749 | 134,792 |
Employee Benefits | 1,308,865 | 1,234,651 |
Total Non-Current Liabilities | 4,518,491 | 1,369,443 |
Current Liabilities | ||
Interest Bearing Borrowings | 20,850,998 | 24,038,588 |
Trade and Other Payables | 8,566,640 | 12,702,622 |
Other Financial Liabilities Including Derivatives | 1,751 | - |
Lease liability | 468 | 34,659 |
Amounts due to Related Parties | - | 2,738,537 |
Income Tax Payable | - | 52,036 |
Dividends Payable | 10,487 | 10,515 |
Bank Overdrafts | 1,710,642 | 2,310,304 |
Total current Liabilities | 31,140,986 | 41,887,261 |
Total Equity and Liabilities | 38,574,319 | 51,379,854 |
Net Assets per share (Rs) | 37.72 | 110.16 |
Note :The above figures are subject to audit |
These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007
(Sgd.) P D Gihan Ravinatha
General Manager (Finance) / CFO
(Sgd.) J Furukawa | (Sgd,) Thimira. S Godakumbura |
Director | Managing Director / CEO |
March 04, 2024 Colombo |
02. Colombo Dockyard PLC
STATEMENT OF CHANGES IN EQUITY - GROUP
Retained | Fair Value | Exchange | Revaluation | Non | ||||
For the year 31st December | Stated Capital | Through OCI | fluctuation | Total | Controlling | Total Equity | ||
earnings | Reserve | |||||||
Reserves | Reserve | Interest | ||||||
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |
As at 1 January 2023 | 714,396 | 7,056,798 | 22,147 | 122,347 | - | 7,915,688 | 207,462 | 8,123,150 |
Net Profit for the Period | - | (10,945,381) | - | - | - | (10,945,381) | 17,373 | (10,928,008) |
Other Comprehensive Income | - | 111,591 | 311 | (22,685) | 8,072,414 | 8,161,631 | (20,207) | 8,141,424 |
Differed Tax on Land Re-Valuation | - | - | - | - | (2,421,724) | (2,421,724) | - | (2,421,724) |
Dividend Paid | - | - | - | - | - | - | - | - |
As at 31 December 2023 | 714,396 | (3,776,992) | 22,458 | 99,662 | 5,650,690 | 2,710,214 | 204,628 | 2,914,842 |
As at 1 January 2022 | 714,396 | 6,532,445 | 17,353 | 31,563 | - | 7,295,757 | 103,346 | 7,399,103 |
Net Profit / (Loss) for the Period | - | 673,718 | - | - | - | 673,718 | 14,214 | 687,932 |
Other Comprehensive Income | - | (77,507) | 4,794 | 90,784 | - | 18,071 | 89,902 | 107,973 |
Dividends Paid | - | (71,858) | - | - | - | (71,858) | - | (71,858) |
As at 31December 2022 | 714,396 | 7,056,798 | 22,147 | 122,347 | - | 7,915,688 | 207,462 | 8,123,150 |
03. Colombo Dockyard PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31st December | 2023 | 2022 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | ||
Net Profit Before Tax | (13,336,702) | 782,042 |
Adjustment for ; | ||
Depreciation of Property, Plant & Equipment | 552,321 | 548,326 |
Amortisation of Intangible Assets | 17,463 | 17,414 |
Provision for Retirement Benefit Obligations | 310,781 | 187,368 |
Provision / (reversal) for Bad and Doubtful Debts | 42,157 | 123,409 |
Provision / (reversal) for Obsolete Stocks | 98,627 | 30,933 |
(Profit) / Loss on Disposal of Property, Plant and Equipment | (4,389) | (1,602) |
Provision for /(Reversal) of Warranty Provision | 86,410 | 18,632 |
Foreign Exchange (Gain) / Loss (Unrealized) | - | (53,600) |
Net Change in Fair Value of Financial Instruments | - | 154,167 |
Interest expense on lease | 24,874 | 20,784 |
Amortization of right -of-use assets | 59,490 | 63,160 |
Amortization of prepaid staff benefits | 30,758 | 18,348 |
Interest Income | (255,821) | (221,662) |
Dividend Income | - | (111) |
Interest Expense | 2,630,842 | 1,377,326 |
Operating Profit Before Working Capital Changes | (9,743,189) | 3,023,366 |
(Increase) / Decrease in Inventories | 1,726,478 | (3,309,920) |
(Increase) / Decrease in Trade and Other Receivables | 4,881,553 | (9,813,567) |
(Increase) / Decrease in Other Financial Assets | (91,072) | - |
Increase / (Decrease) in Trade and Other Payables | (6,963,202) | 5,307,241 |
Increase / (Decrease) Other Financial Liabilities | 1,751 | 2,738,537 |
Cash Generated from / (used in) Operating Activities | (10,187,681) | (2,054,343) |
Interest Paid | (2,628,569) | (1,377,326) |
Gratuity Paid | (78,036) | (19,025) |
Income tax / ESC Set-Off | (18,320) | (15,509) |
Net Cash Generated from / (used in) Operating Activities | (12,912,606) | (3,466,202) |
Cash Flow from Investing Activities | ||
Purchase of Property Plant and Equipment | (434,801) | (500,820) |
Proceeds From Disposal of Property Plant and Equipment | 4,460 | 2,232 |
Interest Received | 315,666 | 162,075 |
Staff loans (granted) / Recovered during the year | (102,963) | 138,735 |
Net Proceeds on Maturity of FVTPL Financial Assets | 73,274 | (65,770) |
Dividends Received | - | 111 |
Net Cash Generated from / (used in) Investing Activities | (144,364) | (263,437) |
Cash Flow from Financing Activities | ||
Payment of Lease Liability | (60,044) | (59,237) |
Loans Obtained / (Paid) During The Period | (187,590) | 13,013,438 |
Dividends Paid | (28) | (71,212) |
Net Cash Generated from / (used in) Financing Activities | (247,662) | 12,882,989 |
Net Increase / (Decrease) in Cash and Cash Equivalents | (13,304,632) | 9,153,350 |
Cash and Cash Equivalent at the Beginning of the period | 16,059,524 | 6,906,174 |
Cash and Cash Equivalent at the end of the period | 2,754,892 | 16,059,524 |
Analysis of Cash and Cash Equivalents | ||
Cash in Hand and Bank / Short Term Investments | 4,465,534 | 18,369,828 |
Bank Overdrafts | (1,710,642) | (2,310,304) |
2,754,892 | 16,059,524 |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
04. Colombo Dockyard PLC
STATEMENT OF COMPREHENSIVE INCOME - COMPANY
Quarter ended 31 December | Year Ended 31 st December | |||||
2023 | 2022 | Variance % | 2023 | 2022 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 6,525,675 | 7,977,766 | -18.20% | 33,049,430 | 24,533,068 | 34.71% |
Cost of Sales | (8,936,342) | (7,272,879) | -22.87% | (40,015,423) | (22,478,192) | -78.02% |
Gross Profit | (2,410,667) | 704,887 | -441.99% | (6,965,993) | 2,054,876 | -439.00% |
Other Income | 184,980 | 1,720,144 | -89.25% | 468,910 | 4,428,628 | -89.41% |
Distribution Expenses | (32,042) | (29,101) | -10.11% | (80,047) | (72,075) | -11.06% |
Administrative Expenses | (1,105,335) | (886,797) | -24.64% | (3,381,661) | (2,877,431) | -17.52% |
Other Operating Income / (Expenses) | 282,938 | (720,395) | 139.28% | (1,170,521) | (1,922,367) | 39.11% |
Net Finance Income / (Expenses) | (519,916) | (575,537) | 9.66% | (2,366,172) | (1,024,312) | -131.00% |
Profit / (Loss) before Tax | (3,600,042) | 213,201 | -1788.57% | (13,495,484) | 587,319 | -2397.81% |
Income Tax (Expense) / Reversal | 2,451,135 | (16,829) | 14664.95% | 2,451,135 | (70,795) | 3562.30% |
Profit / (Loss) for the period | (1,148,907) | 196,372 | -685.07% | (11,044,349) | 516,524 | -2238.21% |
Other Comprehensive Income | ||||||
Revaluation of free hold land | (684,786) | - | 8,015,214 | - | ||
Fair Value Change of instruments valued at FVOCI | 311 | 4,794 | 311 | 4,794 | ||
Defined benefit plan actuarial gains / (losses) | 155,238 | (112,957) | 155,238 | (112,957) | ||
Tax on other comprehensive income | (2,451,135) | 33,887 | (2,451,135) | 33,887 | ||
Other Comprehensive Income For the Period - Net of Taxes | (2,980,372) | (74,276) | 5,719,628 | (74,276) | ||
Total Comprehensive Income for The Period | (4,129,279) | 122,096 | (5,324,721) | 442,248 | ||
Earnings per share (Rs) | (15.99) | 2.73 | (153.69) | 7.19 |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
05. Colombo Dockyard PLC
STATEMENT OF FINANCIAL POSITION - COMPANY
As at 31st December | 2023 | 2022 |
Rs,'000 | Rs,'000 | |
ASSETS | ||
Non-Current Assets | ||
Property, Plant and Equipment | 12,626,310 | 4,673,492 |
Investment Property | 2,865 | 2,865 |
Intangible Assets | 16,279 | 29,588 |
Right - of - Use asset | 242,270 | 176,543 |
Investments In Subsidiaries | 13,652 | 11,901 |
Investments Classified as Fair Value through OCI | 22,568 | 22,257 |
Other Financial Assets Including Derivatives | 413,561 | 323,333 |
Total Non-Current Assets | 13,337,505 | 5,239,979 |
Current Assets | ||
Inventories | 3,243,803 | 5,140,001 |
Trade and Other Receivables | 14,109,726 | 19,268,764 |
Other Financial Assets Including Derivatives | 191,416 | 177,180 |
Amounts Due from Related Parties | 379,227 | 431,359 |
Cash and Cash Equivalents | 4,304,315 | 18,164,909 |
Total Current Assets | 22,228,487 | 43,182,213 |
Total Assets | 35,565,992 | 48,422,192 |
EQUITY AND LIABILITIES | ||
Stated Capital | 714,396 | 714,396 |
Fair Value through OCI Reserve | 22,458 | 22,147 |
Retained Earnings | (5,791,319) | 5,144,363 |
Revaluation Reserves | 5,610,650 | - |
Total Equity | 556,185 | 5,880,906 |
Non-Current Liabilities | ||
Interest Bearing Borrowings | 3,000,000 | - |
Lease liability | 187,301 | 134,792 |
Employee Benefits | 1,272,743 | 1,200,602 |
Total Non-Current Liabilities | 4,460,044 | 1,335,394 |
Current Liabilities | ||
Interest Bearing Borrowings | 20,850,998 | 24,038,588 |
Trade and Other Payables | 7,122,521 | 10,961,091 |
Lease liability | 5,915 | 34,659 |
Other Financial Liabilities Including Derivatives | 1,751 | 2,273 |
Amounts due to Related Parties | 847,449 | 3,859,818 |
Dividends Payable | 10,487 | 10,515 |
Bank Overdrafts | 1,710,642 | 2,298,948 |
Total current Liabilities | 30,549,763 | 41,205,892 |
Total Equity and Liabilities | 35,565,992 | 48,422,192 |
Net Assets per share (RS) | 7.74 | 81.84 |
Note :The above figures are subject to audit |
These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007
(Sgd.) P D Gihan Ravinatha
General Manager (Finance) / CFO
(Sgd.) J Furukawa | (Sgd,) Thimira. S Godakumbura |
Director | Managing Director / CEO |
March 04, 2024 Colombo |
06. Colombo Dockyard PLC
STATEMENT OF CHANGES IN EQUITY - COMPANY
Stated Capital | Retained Earnings | Fair Value Through | Revaluation | Total | |
For the year 31st December | OCI Reserves | Reserve | |||
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |
As at 1 January 2023 | 714,396 | 5,144,363 | 22,147 | - | 5,880,906 |
Net Profit / (Loss) for the Period | - | (11,044,349) | - | - | (11,044,349) |
Other Comprehensive Income | - | 108,667 | 311 | 8,015,214 | 8,124,192 |
Differed Tax on Land Re-Valuation | - | - | - | (2,404,564) | (2,404,564) |
Dividends Paid | - | - | - | - | - |
As at 31 December 2023 | 714,396 | (5,791,319) | 22,458 | 5,610,650 | 556,185 |
As at 1 January 2022 | 714,396 | 4,778,767 | 17,353 | - | 5,510,516 |
Net Profit / (Loss) for the Period | - | 516,524 | - | - | 516,524 |
Other Comprehensive Income | - | (79,070) | 4,794 | - | (74,276) |
Dividends Paid | - | (71,858) | - | - | (71,858) |
As at 31December 2022 | 714,396 | 5,144,363 | 22,147 | - | 5,880,906 |
07. Colombo Dockyard PLC
COMPANY CASH FLOW STATEMENT
For the year ended 31st December | 2023 | 2022 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | ||
Net Profit Before Tax | (13,495,484) | 587,319 |
Adjustment for ; | ||
Depreciation of Property, Plant & Equipment | 471,891 | 463,640 |
Amortisation of Intangible Assets | 16,737 | 16,713 |
Provision for Retirement Benefit Obligations | 301,006 | 178,531 |
Provision / (reversal) for Bad and Doubtful Debts | 29,783 | 149,804 |
Provision / (reversal) for Obsolete Stocks | 105,449 | 27,248 |
Provision for /(Reversal) of Warranty Provision | 86,410 | 26,889 |
Foreign Exchange (Gain) / Loss (Unrealized) | - | (53,600) |
Net Change in Fair Value of Financial Instruments | - | 154,167 |
Amortization of Corporate Guarantees | (2,273) | (1,596) |
Interest expense on lease | 24,301 | 20,784 |
Amortization of right -of-use assets | 52,414 | 55,926 |
Amortization of prepaid staff benefits | 30,758 | 17,523 |
Interest Income | (245,151) | (219,735) |
Dividend Income | - | (111) |
Interest Expense | 2,621,320 | 1,368,917 |
Operating Profit Before Working Capital Changes | (10,002,839) | 2,792,419 |
(Increase) / Decrease in Inventories | 1,790,749 | (3,473,699) |
(Increase) / Decrease in Trade and Other Receivables | 4,970,920 | (9,764,647) |
(Increase) / Decrease in Amounts Due From Related Parties | 52,132 | (184,270) |
Increase / (Decrease) in Trade and Other Payables | (3,923,229) | 5,042,701 |
Increase / (Decrease) in Amounts Due to Related Parties | (3,012,369) | 3,478,667 |
Cash Generated from / (used in) Operating Activities | (10,124,636) | (2,108,829) |
Interest Paid | (2,621,320) | (1,368,917) |
Gratuity Paid | (73,627) | (18,796) |
Net Cash Generated from / (used in) Operating Activities | (12,819,583) | (3,496,542) |
Cash Flow from Investing Activities | ||
Purchase of Property Plant and Equipment | (412,923) | (470,973) |
Interest Received | 304,996 | 156,518 |
Staff loans (granted) / Recovered during the year | (104,463) | 138,316 |
Dividends Received | - | 111 |
Net Cash Generated from / (used in) Investing Activities | (212,390) | (176,028) |
Cash Flow from Financing Activities | ||
Loans Obtained / (Paid) During The Period | (187,590) | 13,013,438 |
Payment of Lease Liability | (52,697) | (51,863) |
Dividends Paid | (28) | (71,212) |
Net Cash Generated from / (used in) Financing Activities | (240,315) | 12,890,363 |
Net Increase / (Decrease) in Cash and Cash Equivalents | (13,272,288) | 9,217,793 |
Cash and Cash Equivalent at the Beginning of the period | 15,865,961 | 6,648,168 |
Cash and Cash Equivalent at the end of the period | 2,593,673 | 15,865,961 |
Analysis of Cash and Cash Equivalents | ||
Cash in Hand and Bank / Short Term Investments | 4,304,315 | 18,164,909 |
Bank Overdrafts | (1,710,642) | (2,298,948) |
2,593,673 | 15,865,961 |
Note : All values in Rupees '000s, unless otherwise stated Figures in brackets indicate deductions
The above figures are subject to audit
08. Colombo Dockyard PLC
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Colombo Dockyard plc published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 11:32:07 UTC.
