C. W. MACKIE PLC
INTERIM REPORT
SIX MONTHS ENDED 30th SEPTEMBER 2024
29th October 2024
C. W. Mackie PLC
Statement of Profit or Loss and Other Comprehensive Income
Group
For the
Three months ended 30th September
Six months ended 30th September
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/(loss)
Profit before taxation
Income tax expense
Profit for the period
Other comprehensive income, net of income tax
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-controllinginterests
Total comprehensive income for the period
2024
Rs. 000's (Unaudited)
6,274,635
(5,479,679)
794,956
13,884
(304,562)
(298,726)
205,552
(2,319)
(98,624)
(100,943)
5,935
110,544
(42,500)
68,044
69,887
(1,843)
68,044
69,887
(1,843)
68,044
2023 Variance
Rs. 000's % (Unaudited)
5,213,484 20.4
(4,528,121) 21.0
685,363 16.0
47,089 (70.5)
(249,479) 22.1
(261,249) 14.3
221,724 (7.3)
4,779 (148.5)
(106,726) (7.6)
(101,947) (1.0)
(26,984) 122.0
92,793 19.1
(51,435) (17.4)
41,358 64.5
30,211
11,147
41,358
30,211
11,147
41,358
2024
Rs. 000's (Unaudited)
12,001,021
(10,515,998)
1,485,023
60,807
(594,579)
(570,514)
380,737
9,368
(194,859)
(185,491)
34,370
229,616
(72,800)
156,816
159,431
(2,615)
156,816
159,431
(2,615)
156,816
2023 Variance
Rs. 000's % (Unaudited)
9,479,248 26.6
(8,144,682)29.1
1,334,566 11.3
101,892 (40.3)
(466,893) 27.3
(489,859) 16.5
479,706 (20.6)
7,898 18.6
(284,123) (31.4)
(276,225) (32.8)
12,613 172.5
216,094 6.3
(74,335) (2.1)
141,759 10.6
138,517
3,242
141,759
138,517
3,242
141,759
Basic earnings per share (Rupees) Dividend per share (Rupees)
1.94 0.84
- 12.00
4.43 3.85
8.00 12.00
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 30th September | Six months ended 30th September |
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/(loss)
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)
5,818,693
(5,057,751)
760,942
10,498
(288,975)
(273,238)
209,227
881
(82,861)
(81,980)
5,935
133,182
(42,500)
90,682
90,682
90,682
90,682
90,682
90,682
2023 | Variance | 2024 | |
Rs. 000's | % | Rs. 000's | |
(Unaudited) | (Unaudited) | ||
4,857,431 | 19.8 | 11,179,462 | |
(4,219,425) | 19.9 | (9,763,353) | |
638,006 | 19.3 | 1,416,109 | |
107,001 | (90.2) | 54,360 | |
(238,715) | 21.1 | (563,096) | |
(235,680) | 15.9 | (513,805) | |
270,612 | (22.7) | 393,568 | |
2,203 | (60.0) | 13,027 | |
(91,473) | (9.4) | (168,291) | |
(89,270) | (8.2) | (155,264) | |
(26,984) | (122.0) | 34,370 | |
154,358 | (13.7) | 272,674 | |
(40,100) | 6.0 | (72,800) | |
114,258 | (20.6) | 199,874 | |
114,258 | 199,874 | ||
114,258 | 199,874 | ||
114,258 | 199,874 | ||
114,258 | 199,874 | ||
114,258 | 199,874 | ||
2023 Variance
Rs. 000's % (Unaudited)
8,847,945 26.4
(7,602,057)28.4
1,245,888 13.7
158,171 (65.6)
(446,626) 26.1
(438,899) 17.1
518,534 (24.1)
4,999 160.6
(254,528) (33.9)
(249,529) (37.8)
12,613 172.5
281,618 (3.2)
(61,500) 18.4
220,118 (9.2)
220,118
220,118
220,118
220,118
220,118
Basic earnings per share (Rupees) Dividend per share (Rupees)
2.52 | 3.17 | 5.55 | 6.12 | |||
- | 12.00 | 8.00 | 12.00 | |||
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
Interest bearing short term loan to subsidiaries 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
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 September
2024
Rs.000's
(Unaudited)
1,841,667
80,286
645,709
7,826
-
327,533
11,265
2,914,286
2,904,956
4,563,717
52,272
-
253,768
7,774,713
10,688,999
507,047
8,734
664,149
2,511,206
3,691,136
346,248
4,037,384
98,520
55,481
122,263
16,679
278,294
571,237
6,578
52,890
30,400
3,644,732
47,954
1,689,576
349,220
259,028
6,080,378
6,651,615
10,688,999
102.56
31st March
2023
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 September
2024
Rs.000's
(Unaudited)
701,699
80,286
-
7,795
921,518
327,533
1,870
2,040,701
2,680,518
4,058,261
204,915
136,000
95,247
7,174,941
9,215,642
507,047
14,909
191,911
2,819,771
3,533,638
-
3,533,638
16,696
55,481
73,166
16,682
-
162,025
6,290
20,088
30,400
3,325,259
54,609
1,520,973
345,994
216,366
5,519,979
5,682,004
9,215,642
98.19
31st March
2023
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
121,734
94,600
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
97.35
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 | A. M. de S. Jayaratne |
Director | Director |
29th October 2024 |
3
C. W. Mackie PLC
Statement of Changes in Equity - Group
For the period ended 30th September 2024 | 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 | |
Balance as at 1st April 2023 | 507,047 | 8,734 | 664,149 | 7,000 | 2,737,103 | 3,924,033 | 351,742 | 4,275,775 |
Total comprehensive income for the period | ||||||||
Net profit/(loss) for the period | - | - | - | - | 159,431 | 159,431 | (2,615) | 156,816 |
Other comprehensive income, net of tax | - | - | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 159,431 | 159,431 | (2,615) | 156,816 |
Balance as at 30th September 2023 | ||||||||
507,047 | 8,734 | 664,149 | 7,000 | 2,896,534 | 4,083,464 | 349,127 | 4,432,591 | |
Total comprehensive income for the period | ||||||||
Net profit/(loss) for six months | - | - | - | - | 256,631 | 256,631 | 5,590 | 262,221 |
Other comprehensive income, net of tax | - | - | - | - | (88,619) | (88,619) | (4,877) | (93,496) |
Total comprehensive income for the period | - | - | - | - | 168,012 | 168,012 | 713 | 168,725 |
Contributions by and distributions to equity holders | ||||||||
Dividends | - | - | - | - | (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 | - | - | - | - | 159,431 | 159,431 | (2,615) | 156,816 |
Other comprehensive income, net of tax | - | - | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 159,431 | 159,431 | (2,615) | 156,816 |
Contributions by and distributions to equity holders | ||||||||
Dividends | - | - | - | - | (287,908) | (287,908) | - | (287,908) |
Total distributions to equity holders | - | - | - | - | (287,908) | (287,908) | - | (287,908) |
Balance as at 30th September 2024 | ||||||||
507,047 | 8,734 | 664,149 | 7,000 | 2,504,206 | 3,691,136 | 346,248 | 4,037,384 | |
Figures in brackets indicate deductions.
4
C. W. Mackie PLC
Statement of Changes in Equity - Company
For the period ended 30th September 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 | 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 | - | - | - | - | 220,118 | 220,118 |
Other comprehensive income, net of tax | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 220,118 | 220,118 |
Contributions by and distributions to equity holders | ||||||
Dividends | - | - | - | - | (431,863) | (431,863) |
Total distributions to equity holders | - | - | - | - | (431,863) | (431,863) |
Balance as at 30th September 2023 | ||||||
507,047 | 14,909 | 191,911 | 7,000 | 2,697,669 | 3,418,536 | |
Total comprehensive income for the period | ||||||
Net profit/(loss) for six months | - | - | - | 280,554 | 280,554 | |
Other comprehensive income, net of tax | - | - | - | - | (77,418) | (77,418) |
Total comprehensive income for the period | - | - | - | - | 203,136 | 203,136 |
Contributions by and distributions to equity holders | ||||||
Dividends | - | - | - | - | - | - |
Total distributions to equity holders | - | - | - | - | - | - |
Balance as at 31st March 2023 | ||||||
507,047 | 14,909 | 191,911 | 7,000 | 2,900,805 | 3,621,672 | |
Balance as at 1st April 2023 | ||||||
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 | - | - | - | - | 199,874 | 199,874 |
Other comprehensive income, net of tax | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 199,874 | 199,874 |
Contributions by and distributions to equity holders | ||||||
Dividends | - | - | - | - | (287,908) | (287,908) |
Total distributions to equity holders | - | - | - | - | (287,908) | (287,908) |
Balance as at 30th September 2024 | ||||||
507,047 | 14,909 | 191,911 | 7,000 | 2,812,771 | 3,533,638 | |
Figures in brackets indicate deductions.
5
C. W. Mackie PLC
Cash Flow Statement
Group
Company
For the period ended 30 th September
Cash flows from operating activities
Profit before taxation
Adjustments for : Depreciation and amortisation
Profit on disposal of property, plant and equipment Write-off of fixed assets
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 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/gratuity paid
Income tax paid
Net cash flows from/(used in) 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
Short term borrowings obtained
Repayment of long term borrowings
Lease rental paid
Interest received
Dividend paid
Net cash flows from/(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
2024
Rs. 000's
229,616
81,422
-
135
12,806
(3,227)
(8,226)
194,859
1,381
(34,370)
26,674
7,167
508,237
(23,098)
(250,311)
(27,767)
224,296
(281,304)
150,053
(183,433)
(14,731)
(79,551)
(127,662)
(101,110)
-
(101,110)
756,059
(28,860)
(28,291)
8,226
(287,908)
419,226
190,454
(195,714)
(5,260)
253,768
(259,028)
(5,260)
2023
Rs. 000's
216,094
80,104
(2,841)
-
12,271
(157)
(7,898)
267,736
214
(12,613)
(3,243)
(5,016)
544,651
210,151
(9,974)
(259,892)
518,158
(529,215)
473,879
(258,800)
(387)
(222,559)
(7,867)
(34,934)
3,428
(31,506)
366,720
(32,317)
(24,631)
7,898
(432,840)
(115,170)
(154,543)
(19,953)
(174,496)
124,634
(299,130)
(174,496)
2024 | 2023 |
Rs. 000's | Rs. 000's |
272,674 | 281,618 |
60,246 | 59,526 |
- | (2,799) |
135-
8,578 8,123
(3,095) | - | |
(13,027) | (4,999) | |
168,291 | 238,411 | |
- | - | |
(34,370) | (12,613) | |
27,374 | (940) | |
7,167 | (5,016) | |
493,973 | 561,311 | |
(44,889) | 169,828 | |
(178,045) | 25,976 | |
(124,581) | (261,743) | |
253,345 | 542,120 | |
(386,516) | (607,030) | |
13,287 | 430,462 | |
(156,865) | (229,475) | |
(10,745) | - | |
(72,445) | (177,863) | |
(226,768) | 23,124 | |
(84,656) | (20,317) |
- 2,899
(84,656) (17,418)
676,586 | 312,720 | |
(14,376) | (14,376) | |
(28,291) | (24,631) | |
13,027 | 4,999 | |
(287,908) | (431,863) | |
359,038 | (153,151) | |
47,614 | (147,445) | |
(168,733) | 1,729 | |
(121,119) | (145,716) | |
95,247 | 105,027 | |
(216,366) | (250,743) | |
(121,119) | (145,716) | |
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 September
Commodity trading
Rubber based products manufacturing Industrial products
Consumer goods
Other operating income
Operating overheads
Share of joint venture's profit/(loss)
Finance income
Finance costs
Income tax expense
Profit for the period
2. Basis of Preparation
Revenue
2024 | 2023 | |
Rs.000's | Rs.000's | |
5,621,934 | 3,883,494 | |
756,889 | 584,855 | |
1,542,630 | 1,375,895 | |
4,079,568 | 3,635,004 | |
12,001,021 | 9,479,248 | |
Segmental Profit
2024 | 2023 | |
Rs.000's | Rs.000's | |
202,183 | 224,487 | |
39,021 | 61,427 | |
474,396 | 446,041 | |
769,423 | 602,611 | |
1,485,023 | 1,334,566 | |
60,807 | 101,892 | |
(1,165,093) | (956,752) | |
34,370 | 12,613 | |
9,368 | 7,898 | |
(194,859) | (284,123) | |
(72,800) | (74,335) | |
156,816 | 141,759 | |
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 September 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 therein.
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 pursuing a renewal of the lease with the relevant authorities.
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 September 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 | 1,765,006 | 4.90 |
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 | Mr. D. N. P. Rathnayake | 288,352 | 0.80 |
8 | Colombo Fort Investments PLC | 252,285 | 0.70 |
9 | Colombo Investment Trust PLC | 235,270 | 0.65 |
10 | Mr. P. P. Andararaja | 155,100 | 0.43 |
11 | Mr. M. A. Lukmanjee | 155,000 | 0.43 |
12 | Oakley Investments (Private) Limited | 153,239 | 0.43 |
13 | Mr. J.D. Bandaranayake & Dr. (Mrs) V. Banadaranayake | 125,000 | 0.35 |
13 | Mr. J.D. Bandaranayake & Ms. N. Bandaranayake | 125,000 | 0.35 |
13 | Mr. H. A. R. Pieris | 125,000 | 0.35 |
14 | Mr. A. S. Ratnayake | 107,900 | 0.30 |
15 | Ms. N. Harnam & Mrs. J. K. P. Singh | 100,000 | 0.28 |
16 | Sir F. I. Raheemtoola | 90,000 | 0.25 |
17 | Financial Trust Limited | 83,005 | 0.23 |
18 | Ms. N. W. B. R. N. Asangika | 71,478 | 0.20 |
19 | Mr. R. S. A. Silva | 61,076 | 0.17 |
20 | The Colombo Fort Land and Building PLC | 60,500 | 0.17 |
6.2 Public Holding
As at | |
30th September 2024 | |
Percentage of public holding | |
10.59% | |
Number of public shareholders | 2,707 |
- The float adjusted market capitalisation of the Company as at 30th September 2024 is Rs.359,776,154/79.
- 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 September 2024 | 30th September 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 | 1,765,006 | 1,887,424 |
K. T. A. Mangala Perera | Nil | Nil |
Sanjeev Rajaratnam | Nil | Nil |
A. Hettiarachchy | Nil | Nil |
E. A. A. K. Edirisinghe | 1,000 | 19 |
C. P. R. Perera | Nil | Nil |
H. M. A. Jayesinghe | Nil | N/A |
6.6 Share Price
3 months to | 3 months to | |
30th September 2024 | 30th September 2023 | |
Rs. | Rs. | |
Highest Price | ||
100.25 | 116.75 | |
Lowest Price | 86.00 | 87.00 |
Last Traded Price | 94.40 | 93.50 |
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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 Secretary |
Colombo,29th October 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