C. W. MACKIE PLC
INTERIM REPORT
PERIOD ENDED 30th JUNE 2024
7th August 2024
C. W. Mackie PLC
Statement of Profit or Loss and Other Comprehensive Income
Group
For the
Three months ended 30thJune
Revenue
Cost of sales
Gross profit
Other operating income
Distribution expenses
Administrative expenses
Results from operating activities
Finance income
Finance costs
Net financing costs
Share of joint venture's profit
Profit before taxation
Income tax expense
Profit for the period
Total comprehensive income for the period
Profit attributable to:
Equity holders of the parent company Non-controlling interests
Profit for the period
Total comprehensive income attributable to:
Equity holders of the parent company Non-controlling interests
Total comprehensive income for the period
2024
Rs. 000's (Unaudited)
5,726,386
(5,036,319)
690,067
46,923
(290,017)
(271,788)
175,185
11,687
(96,235)
(84,548)
28,435
119,072
(30,300)
88,772
88,772
89,544
(772)
88,772
89,544
(772)
88,772
2023 | Variance |
Rs. 000's | % |
(Unaudited) | |
4,265,764 | 34.24 |
(3,616,561) | 39.26 |
649,203 | 6.29 |
54,803 | (14.38) |
(217,414) | 33.39 |
(228,610) | 18.89 |
257,982 | (32.09) |
3,119 | 274.70 |
(177,397) | (45.75) |
(174,278) | (51.49) |
39,597 | 28.19 |
123,301 | (3.43) |
(22,900) | 32.31 |
100,401 | (11.58) |
100,401 | |
108,306
(7,905)
100,401
108,306
(7,905)
100,401
Basic earnings per share (Rupees) Dividend per share (Rupees)
2.493.01
8.00 | - |
Figures in brackets indicate deductions.
1
C. W. Mackie PLC
Statement of Profit or Loss and Other Comprehensive Income
Company
For the
Three months ended 30thJune
Revenue
Cost of sales
Gross profit
Other operating income
Distribution expenses
Administrative expenses
Results from operating activities
Finance income
Finance costs
Net financing costs
Share of joint venture's profit
Profit before taxation
Income tax expense
Profit for the period
Total comprehensive income for the period
Profit attributable to:
Equity holders of the parent company
Profit for the period
Total comprehensive income attributable to: Equity holders of the parent company
Total comprehensive income for the period
2024
Rs. 000's (Unaudited)
5,360,769
(4,705,602)
655,167
43,862
(274,121)
(240,567)
184,341
12,146
(85,430)
(73,284)
28,435
139,492
(30,300)
109,192
109,192
109,192
109,192
109,192
109,192
2023 | Variance |
Rs. 000's | % |
(Unudited) | |
3,990,514 | 34.34 |
(3,382,632) | 39.11 |
607,882 | 7.78 |
51,170 | (14.28) |
(207,911) | 31.85 |
(203,219) | 18.38 |
247,922 | (25.65) |
2,796 | 334.41 |
(163,055) | (47.61) |
(160,259) | (54.27) |
39,597 | 28.19 |
127,260 | 9.61 |
(21,400) | 41.59 |
105,860 | 3.15 |
105,860 | |
105,860
105,860
105,860
105,860
Basic earnings per share (Rupees) Dividend per share (Rupees)
3.032.94
8.00 | - |
Figures in brackets indicate deductions.
2
C. W. Mackie PLC
Statement of Financial Position
Group
Company
As at
Assets
Non-current assets
Property, plant and equipment
Right of use assets
Investment property
Intangible assets
Investments in subsidiaries
Investment in joint venture
Deferred tax asset
Total non-current assets
Current assets
Inventories
Trade and other receivables
Related party receivables
Cash and cash equivalents
Total assets
Equity and liabilities
Equity
Stated capital
Capital reserves
Revaluation reserve
Revenue reserves
Equity attributable to equity holders of the Company
Non-controlling interests
Total equity
Liabilities
Non-current liabilities
Interest bearing long term borrowings
Lease payable after one year
Retirement benefit obligation
Deferred income
Deferred tax liability
Total non-current liabilities
Current liabilities
Deferred income
Current portion of long term borrowings
Lease payable within one year
Interest bearing short term borrowings
Income tax payable
Trade and other payables
Related party payables
Dividend payable
Bank overdrafts
Total current liabilities
Total liabilities
Total equity and liabilities
Net asset value per share (Rs.)
Note : The above figures are subject to audit.
30th June
2024
Rs.000's
(Unaudited)
1,803,096
90,882
633,021
8,651
-
321,598
11,265
2,868,513
2,541,726
4,155,612
24,248
218,095
6,939,681
9,808,194
507,047
8,734
664,149
2,441,319
3,621,249
348,091
3,969,340
113,306
63,683
130,591
18,298
278,292
604,170
6,578
52,548
29,639
2,768,605
55,947
1,396,878
205,258
287,908
431,323
5,234,684
5,838,854
9,808,194
100.62
31st March
2024
Rs.000's
(Audited)
1,800,326
101,478
637,612
9,477
-
293,163
11,265
2,853,321
2,909,913
4,320,573
24,505
38,819
7,293,810
10,147,131
507,047
8,734
664,149
2,639,683
3,819,613
348,863
4,168,476
122,610
70,805
124,188
18,551
278,292
614,446
7,934
57,660
31,941
2,888,673
47,664
1,465,280
630,524
-
234,533
5,364,209
5,978,655
10,147,131
106.13
30th June
2024
Rs.000's
(Unaudited)
645,748
90,882
-
8,613
921,518
321,598
1,870
1,990,229
2,334,380
3,689,305
214,942
68,706
6,307,333
8,297,562
507,047
14,909
191,911
2,729,089
3,442,956
-
3,442,956
23,884
63,683
79,623
18,235
-
185,425
6,290
20,088
29,639
2,443,605
62,537
1,260,944
194,229
287,908
363,941
4,669,181
4,854,606
8,297,562
95.67
31st March
2024
Rs.000's
(Audited)
658,923
101,478
-
9,432
921,518
293,163
1,870
1,986,384
2,663,003
3,883,057
216,334
8,881
6,771,275
8,757,659
507,047
14,909
191,911
2,907,805
3,621,672
-
3,621,672
22,408
70,805
75,334
18,398
-
186,945
7,670
28,752
31,941
2,648,673
54,254
1,267,628
732,510
-
177,614
4,949,042
5,135,987
8,757,659
100.63
I certify that the financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Signed
L. Yatiwella
Chief Financial Officer
The Board of Directors are responsible for preparation and presentation of these financial statements.
Signed | Signed |
H. D. S Amarasuriya | Anushman Rajaratnam |
Director | Director |
7th August 2024 |
3
C. W. Mackie PLC
Statement of Changes in Equity - Group
For the period ended 30th June 2024
Balance as at 1st April 2023 - Restated Total comprehensive income for the period
Attributable to equity holders of the parent company | |||||||
Stated | Capital | Revaluation | General | Retained | Total | Non-controlling | Total |
capital | reserves | reserve | reserve | earnings | interests | equity | |
Rs.000's | Rs.000's | Rs.000's | Rs.000's | Rs.000's | Rs.000's | Rs.000's | Rs.000's |
507,047 | 8,734 | 664,149 | 7,000 | 2,737,103 | 3,924,033 | 351,742 | 4,275,775 |
Net profit/(loss) for the period | - | - | - | - | 108,306 | 108,306 | (7,905) | 100,401 |
Other comprehensive income, net of tax | - | - | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 108,306 | 108,306 | (7,905) | 100,401 |
Balance as at 30th June 2023 | ||||||||
507,047 | 8,734 | 664,149 | 7,000 | 2,845,409 | 4,032,339 | 343,837 | 4,376,176 | |
Total comprehensive income for the period | ||||||||
Net profit for the period | - | - | - | - | 307,756 | 307,756 | 10,880 | 318,636 |
Other comprehensive income, net of tax | - | - | - | - | (88,619) | (88,619) | (4,877) | (93,496) |
Total comprehensive income for the period | - | - | - | - | 219,137 | 219,137 | 6,003 | 225,140 |
Contributions by and distributions to equity holders | ||||||||
First and final dividend 2022/23 | - | - | - | - | (431,863) | (431,863) | (977) | (432,840) |
Total distributions to equity holders | - | - | - | - | (431,863) | (431,863) | (977) | (432,840) |
Balance as at 31st March 2024 | ||||||||
507,047 | 8,734 | 664,149 | 7,000 | 2,632,683 | 3,819,613 | 348,863 | 4,168,476 | |
Balance as at 1st April 2024 | ||||||||
507,047 | 8,734 | 664,149 | 7,000 | 2,632,683 | 3,819,613 | 348,863 | 4,168,476 | |
Total comprehensive income for the period | ||||||||
Net profit for the period | - | - | - | - | 89,544 | 89,544 | (772) | 88,772 |
Other comprehensive income, net of tax | - | - | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 89,544 | 89,544 | (772) | 88,772 |
Contributions by and distributions to equity holders | ||||||||
First and final dividend payable 2023/24 | - | - | - | - | (287,908) | (287,908) | - | (287,908) |
Total distributions to equity holders | - | - | - | - | (287,908) | (287,908) | - | (287,908) |
Balance as at 30th June 2024 | ||||||||
507,047 | 8,734 | 664,149 | 7,000 | 2,434,319 | 3,621,249 | 348,091 | 3,969,340 | |
Figures in brackets indicate deductions.
4
C. W. Mackie PLC
Statement of Changes in Equity - Company
For the period ended 30th June 2024 | ||||||
Stated | Capital | Revaluation | General | Retained | Total | |
capital | reserves | reserve | reserve | earnings | equity | |
Rs.000's | Rs.000's | Rs.000's | Rs.000's | Rs.000's | Rs.000's | |
Balance as at 1st April 2023 - Restated | 507,047 | 14,909 | 191,911 | 7,000 | 2,909,414 | 3,630,281 |
Total comprehensive income for the period | ||||||
Net profit for the period | - | - | - | - | 105,860 | 105,860 |
Other comprehensive income, net of tax | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 105,860 | 105,860 |
Balance as at 30th June 2023 | ||||||
507,047 | 14,909 | 191,911 | 7,000 | 3,015,274 | 3,736,141 | |
Total comprehensive income for the period | ||||||
Net profit for the period | - | - | - | 394,812 | 394,812 | |
Other comprehensive income, net of tax | - | - | - | - | (77,418) | (77,418) |
Total comprehensive income for the period | - | - | - | - | 317,394 | 317,394 |
Contributions by and distributions to equity holders | ||||||
First and final dividend 2022/23 | - | - | - | - | (431,863) | (431,863) |
Total distributions to equity holders | - | - | - | - | (431,863) | (431,863) |
Balance as at 31st March 2024 | ||||||
507,047 | 14,909 | 191,911 | 7,000 | 2,900,805 | 3,621,672 | |
Balance as at 1st April 2024 | ||||||
507,047 | 14,909 | 191,911 | 7,000 | 2,900,805 | 3,621,672 | |
Total comprehensive income for the period | ||||||
Net profit for the period | - | - | - | - | 109,192 | 109,192 |
Other comprehensive income, net of tax | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 109,192 | 109,192 |
Contributions by and distributions to equity holders | ||||||
First and final dividend payable 2023/24 | - | - | - | - | (287,908) | (287,908) |
Total distributions to equity holders | - | - | - | - | (287,908) | (287,908) |
Balance as at 30th June 2024 | ||||||
507,047 | 14,909 | 191,911 | 7,000 | 2,722,089 | 3,442,956 | |
Figures in brackets indicate deductions.
5
C. W. Mackie PLC
Cash Flow Statement
For the period ended 30 th June
Cash flows from operating activities
Profit before taxation
Adjustments for : Depreciation and amortisation
Profit on disposal of property, plant and equipment Provision for retirement benefit obligation Amortisation of deferred income
Finance income Finance costs Unrealised loss on inventory Share of joint venture's profit Provision for slow moving inventories
Reversal of provision for impairment of non trade related party receivables Provision for impairment of trade receivables
Operating profit before working capital changes
Changes in working capital
Change in inventories
Change in trade and other receivables
Change in related party receivables
Change in trade and other payables
Change in related party payables
Cash generated from operations
Interest paid
Payments to gratuity fund
Income tax paid
Net cash flows from operating activities
Cash flows from/(used in) investing activities
Purchase of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Net cash flows used in investing activities
Cash flows from/(used) in financing activities
Obtained/(repayment) of short term borrowings
Repayment of long term borrowings
Lease rental paid
Interest received
Net cash flows used in financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period (Note A)
Note A
Cash and cash equivalents
Bank overdrafts
Group
2024 | 2023 |
Rs. 000's | Rs. 000's |
119,072 | 123,301 |
40,634 | 39,811 |
- (2,784)
6,403 6,135
(1,609) | (85) |
(3,429) | (3,119) |
96,235 | 144,935 |
48971
(28,435) (39,597)
8,594 | (3,953) |
- (17,000)
4,830 5,703
242,784 | 253,418 |
359,104 | (67,152) |
160,131 | 424,842 |
257 (87,568)
(68,402) 158,410
(425,266) | (495,117) | |
268,608 | 186,833 | |
(90,344) | (140,325) |
- (387)
(28,559) (125,016)
149,705 (78,895)
(20,848) | (19,710) |
- 2,884
(20,848) (16,826)
(120,068) | 15,001 | |
(14,416) | (16,994) | |
(15,316) | (12,316) | |
3,429 | 3,119 | |
(146,371) | (11,190) | |
(17,514) | (106,911) | |
(195,714) | (19,953) | |
(213,228) | (126,864) | |
218,095 | 100,743 | |
(431,323) | (227,607) | |
(213,228) | (126,864) | |
Company
2024 | 2023 |
Rs. 000's | Rs. 000's |
139,492 | 127,260 |
30,207 | 29,674 |
- (2,775)
4,289 4,062
(1,543) | - |
(4,524) | (2,796) |
85,430 | 131,203 |
- | - |
(28,435) | (39,597) |
9,294 | (3,953) |
- (17,000)
4,830 5,703
239,040 | 231,781 | |
319,329 | (115,171) | |
188,922 | 306,585 | |
1,392 | (131,463) | |
(6,684) | 265,040 | |
(538,281) | (461,688) | |
203,718 | 95,084 | |
(79,539) | (126,593) |
- (4,266)
(22,022) (105,588)
102,157 (141,363)
(5,611) | (11,808) |
- 2,875
(5,611) (8,933)
(205,068) | 30,001 | |
(7,188) | (7,188) | |
(15,316) | (12,316) | |
4,524 | 2,796 | |
(223,048) | 13,293 | |
(126,502) | (137,003) | |
(168,733) | 1,729 | |
(295,235) | (135,274) | |
68,706 | 40,435 | |
(363,941) | (175,709) | |
(295,235) | (135,274) | |
Figures in brackets indicate deductions.
6
C. W. Mackie PLC
Notes to the Interim Financial Statements
1. Segmental Information - Group
For the period ended 30th June
Commodity trading
Rubber based products manufacturing Industrial products
Consumer goods
Other operating income
Operating overheads
Share of joint venture's profit
Finance income
Finance costs
Income tax expense
Profit for the period
2. Basis of Preparation
Revenue
2024 | 2023 | |
Rs.000's | Rs.000's | |
2,632,844 | 1,553,675 | |
328,686 | 258,079 | |
767,046 | 645,199 | |
1,997,810 | 1,808,811 | |
5,726,386 | 4,265,764 | |
Segmental Profit
2024 | 2023 | |
Rs.000's | Rs.000's | |
78,809 | 103,439 | |
18,122 | 31,481 | |
230,147 | 212,710 | |
362,989 | 301,573 | |
690,067 | 649,203 | |
46,923 | 54,803 | |
(561,805) | (446,024) | |
28,435 | 39,597 | |
11,687 | 3,119 | |
(96,235) | (177,397) | |
(30,300) | (22,900) | |
88,772 | 100,401 | |
The interim financial statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting and provide the information required by the Listing Rules of the Colombo Stock Exchange.
The interim financial statements for the period ended 30th June 2024, includes "the Company" referring to C. W. Mackie PLC, as the holding Company and "the Group" referring to the companies whose accounts have been consolidated
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31st March 2024.
The presentation and classification of the interim financial statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period.
-
Contingent Liabilities and Capital Commitments
There is no significant change neither in the nature of the contingent liabilities nor in the capital commitments, which were disclosed in the Annual Report for the year ended 31st March 2024. - Events After the Reporting Date
The Crown Lease Agreement in respect of the Company's Head Office premises at Nos. 34 and 36, D. R. Wijewardena Mawatha, Colombo 10 expired on 10th June 2024 and the Company is in the process of negotiation.
Subsequent to the date of the reporting, no circumstances have arisen that would require adjustment to or disclosure in the interim financial statements other than disclosed above. - Dividend
First and final dividend of Rs.8/- per ordinary share amounting to Rs.287,908,448/- for the financial year ended 31st March 2024 authorised for distribution by the Directors was approved by the shareholders of the Company at the Annual General Meeting held on 28th June 2024 and paid to the Shareholders by 18th July 2024.
7
C. W. Mackie PLC
Notes to the Interim Financial Statements (Contd.)
6 Share Information
6.1 Twenty Largest Shareholders as at 30th June 2024
No. of Ordinary | |||
Name of Shareholder | Shares | % | |
(Voting) | |||
1 | Lankem Ceylon PLC | 16,006,441 | 44.48 |
2 | Seylan Bank PLC/Senthilverl Holdings (Private) Limited | 8,769,422 | 24.37 |
3 | Union Bank of Colombo PLC/Lankem Ceylon PLC | 2,137,526 | 5.94 |
4 | Sampath Bank PLC / Dr. T. Senthilverl | 1,782,575 | 4.95 |
5 | Pan Asia Banking Corporation PLC /Lankem Ceylon PLC | 1,379,285 | 3.83 |
6 | Acuity Partners (Private) Limited/Union Investment (Private) Limited | 950,000 | 2.64 |
7 | Corporate Holdings (Private) Limited Account No. 1 | 307,982 | 0.86 |
8 | Colombo Fort Investments PLC | 252,285 | 0.70 |
9 | Colombo Investment Trust PLC | 234,560 | 0.65 |
10 | Mr. D. N. P. Rathnayake | 221,727 | 0.62 |
11 | Mr. P. P. Andararaja | 155,100 | 0.43 |
12 | Mr. M. A. Lukmanjee | 155,000 | 0.43 |
13 | Oakley Investments (Private) Limited | 153,239 | 0.43 |
14 | Mr. H. A. R. Pieris | 125,000 | 0.35 |
15 | Mr. A. S. Ratnayake | 107,900 | 0.30 |
16 | Mr. J.D. Bandaranayake & Dr. (Mrs) V. Banadaranayake | 100,000 | 0.28 |
17 | Mr. J.D. Bandaranayake & Ms. N. Bandaranayake | 100,000 | 0.28 |
18 | Ms. N. Harnam & Mrs. J. K. P. Singh | 100,000 | 0.28 |
19 | Sir F. I. Raheemtoola | 90,000 | 0.25 |
20 | Financial Trust Limited | 83,005 | 0.23 |
6.2 Public Holding
Percentage of public holding Number of public shareholders
As at
30th June 2024
10.46%
2,727
- The float adjusted market capitalisation of the Company as at 30th June 2024 is Rs.394,474,987/25.
- The Float adjusted market capitalization of the Company falls under Option 2 of Rule 7.13.1(b) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.
- Directors' Holding in Shares
No. of Shares | No. of Shares | ||
Name of Director | As at | As at | |
30th June 2024 | 30th June 2023 | ||
H. D. S. Amarasuriya (Chairman/CEO) | 500 | 500 | |
Ms. C. R. Ranasinghe | 100 | 100 | |
A. M. de S. Jayaratne | Nil | Nil | |
Anushman Rajaratnam | Nil | Nil | |
S. D. R. Arudpragasam | Nil | Nil | |
Dr. T. Senthilverl | 1,812,840 | 1,782,575 | |
K. T. A. Mangala Perera | Nil | Nil | |
Sanjeev Rajaratnam | Nil | Nil | |
A. Hettiarachchy | Nil | Nil | |
E. A. A. K. Edirisinghe | Nil | 19 | |
C. P. R. Perera | Nil | N/A | |
H. M. A. Jayesinghe (from 1 February 2024) | Nil | N/A | |
6.6 Share Price |
3 months to | 3 months to | |
30th June 2024 | 30th June 2023 | |
Rs. | Rs. | |
Highest Price | 106.00 | 101.00 |
Lowest Price | 93.70 | 79.50 |
Last Traded Price | 104.75 | 95.00 |
8
C. W. Mackie PLC
Notes to the Interim Financial Statements (Contd.)
6 Share Information (Cont'd…)
6.7 Stated Capital of the Company represents 35,988,556 ordinary shares.
Signed | Signed |
H. D. S Amarasuriya | C. R. Ranasinghe |
Chairman/Chief Executive Officer | Director/Company Secreta |
Colombo,7th August 2024 | |
REGISTERED OFFICE |
36, D. R. Wijewardena Mawatha, Colombo 10.
Telephone : 2423554 - 62 Fax: 2440228
E-mail : info@cwmackie.com
website : www.cwmackie.com
DIRECTORS
H. D. S. Amarasuriya, Ms. C. R. Ranasinghe, A. M. de S. Jayaratne
Anushman Rajaratnam, S. D. R. Arudpragasam, Dr. T. Senthilverl, K. T. A. Mangala Perera
Sanjeev Rajaratnam, A. Hettiarachchy, E. A. A. K. Edirisinghe, C. P. R. Perera, H. M. A. Jayesinghe
9