C. W. Mackie PlcCSELK: CWM.N0000

Quarterly Financial Report as of 31 12 2024

· Issued by C. W. Mackie PLC

C. W. MACKIE PLC

INTERIM REPORT

NINE MONTHS ENDED 31ST DECEMBER 2024

11th February 2025

C. W. Mackie PLC

Statement of Profit or Loss and Other Comprehensive Income

Group

For the

Three months ended 31st December

Nine months ended 31st December

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

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)

6,103,273

(5,286,181)

817,092

19,005

(308,990)

(303,157)

223,950

1,496

(122,269)

(120,773)

31,450

134,627

(38,200)

96,427

99,732

(3,305)

96,427

99,732

(3,305)

96,427

2023

Variance

2024

Rs. 000's

%

Rs. 000's

(Unaudited)

(Unaudited)

4,901,018

24.5

18,104,294

(4,198,887)

25.9

(15,802,179)

702,131

16.4

2,302,115

57,780

(67.1)

79,812

(263,087)

17.4

(903,569)

(252,930)

19.9

(873,671)

243,894

(8.2)

604,687

6,389

(76.6)

10,864

(116,417)

5.0

(317,128)

(110,028)

9.8

(306,264)

12,261

156.5

65,820

146,127

(7.9)

364,243

(47,700)

(19.9)

(111,000)

98,427

(2.0)

253,243

95,087

259,163

3,340

(5,920)

98,427

253,243

95,087

259,163

3,340

(5,920)

98,427

253,243

2023 Variance

Rs. 000's % (Unaudited)

14,380,266 25.9

(12,343,569)28.0

2,036,697 13.0

159,672 (50.0)

(729,980) 23.8

(742,789) 17.6

723,600 (16.4)

14,287 (24.0)

(400,540) (20.8)

(386,253) (20.7)

24,874 164.6

362,221 0.6

(122,035) (9.0)

240,186 5.4

233,604

6,582

240,186

233,604

6,582

240,186

Basic earnings per share (Rupees) Dividend per share (Rupees)

2.77

2.64

7.20

6.49

-

-

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 31st December

Nine months ended 31st December

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)

5,712,050

(4,933,208)

778,842

15,526

(294,559)

(275,940)

223,869

7,727

(106,293)

(98,566)

31,450

156,753

(38,200)

118,553

118,553

118,553

118,553

118,553

118,553

2023 Variance

Rs. 000's % (Unaudited)

4,574,711 24.9

(3,913,862)26.0

660,849 17.9

53,877 (71.2)

(252,512) 16.7

(226,474) 21.8

235,740 (5.0)

3,253 137.5

(103,109) 3.1

(99,856) (1.3)

12,261 156.5

148,145 5.8

(47,200) (19.1)

100,945 17.4

100,945

100,945

100,945

100,945

100,945

2024

Rs. 000's (Unaudited)

16,891,512

(14,696,561)

2,194,951

69,886

(857,655)

(789,745)

617,437

20,754

(274,584)

(253,830)

65,820

429,427

(111,000)

318,427

318,427

318,427

318,427

318,427

318,427

2023

Variance

Rs. 000's

%

(Unaudited)

13,422,656

25.8

(11,515,919)

27.6

1,906,737

15.1

212,048

(67.0)

(699,138)

22.7

(665,373)

18.7

754,274

(18.1)

8,252

151.5

(357,637)

(23.2)

(349,385)

(27.3)

24,874

164.6

429,763

(0.1)

(108,700)

2.1

321,063

(0.8)

321,063

321,063

321,063

321,063

321,063

Basic earnings per share (Rupees) Dividend per share (Rupees)

3.29 2.80

-

-

8.85 8.92

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.

31st December

2024

Rs.000's

(Unaudited)

1,842,012

70,655

642,717

7,083

-

358,982

17,765

2,939,214

3,599,219

4,406,590

88,400

-

39,554

8,133,763

11,072,977

507,047

8,734

664,149

2,610,938

3,790,868

342,943

4,133,811

84,189

47,949

128,108

17,875

278,294

556,415

6,578

52,805

30,400

4,060,632

50,603

1,603,625

311,007

267,101

6,382,751

6,939,166

11,072,977

105.34

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

31st December

2024

Rs.000's

(Unaudited)

702,561

70,655

-

7,058

921,518

358,982

8,370

2,069,144

3,186,179

3,969,656

299,982

136,600

23,606

7,616,023

9,685,167

507,047

14,909

191,911

2,938,324

3,652,191

-

3,652,191

9,508

47,949

77,455

17,944

-

152,856

6,290

20,088

30,400

3,845,632

57,258

1,289,580

426,714

204,158

5,880,120

6,032,976

9,685,167

101.48

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

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

K. T. A. Mangala Perera

Director

Director

11th February 2025

3

C. W. Mackie PLC

Statement of Changes in Equity - Group

For the period ended 31st December 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 for the period

-

-

-

-

233,604

233,604

6,582

240,186

Other comprehensive income, net of tax

-

-

-

-

-

-

-

-

Total comprehensive income for the period

-

-

-

-

233,604

233,604

6,582

240,186

Balance as at 31st December 2023

507,047

8,734

664,149

7,000

2,970,707

4,157,637

358,324

4,515,961

Total comprehensive income for the period

Net profit for three months

-

-

-

-

182,458

182,458

(3,607)

178,851

Other comprehensive income, net of tax

-

-

-

-

(88,619)

(88,619)

(4,877)

(93,496)

Total comprehensive income for the period

-

-

-

-

93,839

93,839

(8,484)

85,355

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/(loss) for the period

-

-

-

-

259,163

259,163

(5,920)

253,243

Other comprehensive income, net of tax

-

-

-

-

-

-

-

-

Total comprehensive income for the period

-

-

-

-

259,163

259,163

(5,920)

253,243

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 31st December 2024

507,047

8,734

664,149

7,000

2,603,938

3,790,868

342,943

4,133,811

Figures in brackets indicate deductions.

4

C. W. Mackie PLC

Statement of Changes in Equity - Company

For the period ended 31st December 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

-

-

-

-

321,063

321,063

Other comprehensive income, net of tax

-

-

-

-

-

-

Total comprehensive income for the period

-

-

-

-

321,063

321,063

Contributions by and distributions to equity holders

Dividends

-

-

-

-

(431,863)

(431,863)

Total distributions to equity holders

-

-

-

-

(431,863)

(431,863)

Balance as at 31st December 2023

507,047

14,909

191,911

7,000

2,798,614

3,519,481

Total comprehensive income for the period

Net profit for three months

-

-

-

179,609

179,609

Other comprehensive income, net of tax

-

-

-

-

(77,418)

(77,418)

Total comprehensive income for the period

-

-

-

-

102,191

102,191

Contributions by and distributions to equity holders

Dividends

-

-

-

-

-

-

Total distributions to equity holders

-

-

-

-

-

-

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

-

-

-

-

318,427

318,427

Other comprehensive income, net of tax

-

-

-

-

-

-

Total comprehensive income for the period

-

-

-

-

318,427

318,427

Contributions by and distributions to equity holders

Dividends

-

-

-

-

(287,908)

(287,908)

Total distributions to equity holders

-

-

-

-

(287,908)

(287,908)

Balance as at 31st December 2024

507,047

14,909

191,911

7,000

2,931,324

3,652,191

Figures in brackets indicate deductions.

5

C. W. Mackie PLC

Cash Flow Statement

Group

Company

For the period ended 31 st December

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 (profit)/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 Investment in joint venture

Dividend received

Net cash flows used in investing activities Cash flows from/(used) in financing activities

Government grant received

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

364,243

122,227

-

135

19,208

(6,599)

(10,864)

307,599

4,763

(65,820)

36,112

10,490

781,494

(730,181)

(96,507)

(63,895)

138,345

(319,517)

(290,261)

(290,976)

(15,288)

(121,602)

(718,127)

(128,891)

-

-

-

(128,891)

4,567

1,171,959

(43,276)

(41,021)

10,864

(287,908)

815,185

(31,833)

(195,714)

(227,547)

39,554

(267,101)

(227,547)

2023

Rs. 000's

362,221

119,701

(2,841)

-

17,881

(13,723)

(14,287)

384,500

(266)

(24,874)

5,345

(12,541)

821,116

96,904

(232,997)

213,085

224,077

(310,925)

811,260

(371,536)

(15,877)

(265,581)

158,266

(62,551)

3,428

(294,000)

-

(353,123)

41,107

323,669

(46,796)

(37,076)

14,287

(432,840)

(137,649)

(332,506)

(19,953)

(352,459)

50,952

(403,411)

(352,459)

2024

2023

Rs. 000's

Rs. 000's

429,427

429,763

90,121

88,738

-

(2,799)

135

(64,232)

12,867

12,185

(6,401)

(13,501)

(20,754)

(8,252)

266,863

341,590

-

-

(65,820)

(24,874)

36,812

8,154

10,490

(16,777)

753,740

749,995

(559,988)

42,916

(97,089)

(235,190)

(220,250)

99,108

21,952

302,363

(305,796)

(296,846)

(407,431)

662,346

(250,240)

(328,626)

(10,745)

(12,138)

(114,496)

(218,407)

(782,912)

103,175

(100,694)

(40,972)

  • 2,899
  • (294,000)
  • 64,232
    (100,694) (267,841)

4,567

41,107

1,196,959

284,669

(21,564)

(21,564)

(41,021)

(37,076)

20,754

8,252

(287,908)

(431,863)

871,787

(156,475)

(11,819)

(321,141)

(168,733)

1,729

(180,552)

(319,412)

23,606

20,923

(204,158)

(340,335)

(180,552)

(319,412)

Figures in brackets indicate deductions.

6

C. W. Mackie PLC

Notes to the Interim Financial Statements

1. Segmental Information - Group

Revenue

Segmental Profit

For the period ended 31st December

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

2024

2023

Rs.000's

Rs.000's

8,357,094

5,654,315

1,110,099

874,514

2,363,858

2,103,424

6,273,243

5,748,013

18,104,294

14,380,266

2024

Rs.000's

311,854

52,083

745,824

1,192,354

2,302,115

79,812

(1,777,240)

65,820

10,864

(317,128)

(111,000)

253,243

2023

Rs.000's

354,730

80,144

662,785

939,038

2,036,697

159,672

(1,472,769)

24,874

14,287

(400,540)

(122,035)

240,186

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 31st December 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.

  1. 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.
  2. 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.
  3. 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 31st December 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

8,713,265

24.21

3

Union Bank of Colombo PLC/Lankem Ceylon PLC

2,137,526

5.94

4

Pan Asia Banking Corporation PLC /Lankem Ceylon PLC

1,379,285

3.83

5

Deutsche Bank AG Trustee to Lynear Wealth Dynamic Opportunities Fund

1,000,000

2.78

6

Acuity Partners (Private) Limited/Union Investment (Private) Limited

950,000

2.64

7

Seylan Bank PLC/Phantom Investments (Private) Limited

765,485

2.13

8

Corporate Holdings (Private) Limited Account No. 1

312,212

0.87

9

Mr. D. N. P. Rathnayake

288,352

0.80

10

Colombo Fort Investments PLC

255,000

0.71

11

Colombo Investment Trust PLC

240,000

0.67

12

Mr. J.D. Bandaranayake & Ms. N. Bandaranayake

236,217

0.66

13

Mr. J.D. Bandaranayake & Dr. (Mrs) V. Banadaranayake

230,130

0.64

14

Mr. P. P. Andararaja

155,100

0.43

15

Mr. M. A. Lukmanjee

155,000

0.43

16

Oakley Investments (Private) Limited

153,239

0.43

17

Mr. H. A. R. Pieris

120,000

0.33

18

Mr. A. S. Ratnayake

107,900

0.30

19

Ms. N. Harnam & Mrs. J. K. P. Singh

100,000

0.28

20

Sir F. I. Raheemtoola

90,000

0.25

6.2 Public Holding

Percentage of public holding Number of public shareholders

As at

31st December 2024

15.62%

2,651

  1. The float adjusted market capitalisation of the Company as at 31st December 2024 is Rs.594,464,366/30.
  2. 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.
  3. Directors' Holding in Shares

No. of Shares

No. of Shares

Name of Director

As at

As at

31st December 2024

31st December 2023

Hemaka Amarasuriya (Chairman/CEO)

500

500

Ms. C. R. Ranasinghe

100

100

A. M. de S. Jayaratne (upto 30th December 2024)

N/A

Nil

Anushman Rajaratnam

Nil

Nil

S. D. R. Arudpragasam

Nil

Nil

Dr. T. Senthilverl

Nil

1,812,840

K. T. A. Mangala Perera

Nil

Nil

Sanjeev Rajaratnam (upto 30th December 2024)

N/A

Nil

A. Hettiarachchy (upto 30th December 2024)

N/A

Nil

E. A. A. K. Edirisinghe

1,000

Nil

C. P. R. Perera (upto 30th December 2024)

N/A

Nil

H. Manil A. Jayesinghe

Nil

N/A

Indrajit A. Wickramasinghe (from 30th December 2024)

Nil

N/A

Shrihan B. Perera (from 30th December 2024)

Nil

N/A

6.6 Share Price

3 months to

3 months to

31st December 2024

31st December 2023

Rs.

Rs.

Highest Price

109.00

95.00

Lowest Price

90.00

83.30

Last Traded Price

105.75

83.50

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 Secretary

Colombo,11th February 2025

REGISTERED OFFICE

36, D. R. Wijewardena Mawatha, Colombo 10.

Telephone : 2423554 - 62 Fax: 2440228

E-mail : info@cwmackie.com

website : www.cwmackie.com

DIRECTORS

Hemaka Amarasuriya, Ms. C. R. Ranasinghe, A. M. de S. Jayaratne (upto 30 th December 2024) , Anushman Rajaratnam

S. D. R. Arudpragasam, Dr. T. Senthilverl, K. T. A. Mangala Perera, Sanjeev Rajaratnam (upto 30 th December 2024) E. A. A. K. Edirisinghe

H. Manil A. Jayesinghe, A. Hettiarachchy (upto 30th December 2024), C. P. R. Perera (upto 30th December 2024),

Indrajit A. Wickramasinghe (from 30 th December 2024) , Shrihan B. Perera (from 30 December 2024) .

9

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