Ceylon Cold Stores PlcCSELK: CCS.N0000

Interim Financial Statements as @ 31st December 2024

· Issued by Ceylon Cold Stores Plc

Ceylon Cold Stores PLC

Interim Financial Statements

31st December 2024

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 December

Nine months ended 31 December

Notes

2024

2023

Change %

2024

2023

Change %

Continuing operations

Goods transferred at a point in time

39,522,983

34,575,595

14

115,843,441

103,452,267

12

Total revenue from contracts with customers

39,522,983

34,575,595

14

115,843,441

103,452,267

12

Cost of sales

(34,057,920)

(30,561,826)

11

(99,298,138)

(91,156,456)

9

Gross profit

5,465,063

4,013,769

36

16,545,303

12,295,811

35

Other operating income

859,540

791,981

9

1,981,046

1,867,220

6

Selling and distribution expenses

(1,630,710)

(1,160,354)

41

(4,802,285)

(3,715,554)

29

Administrative expenses

(1,498,604)

(1,302,703)

15

(4,428,356)

(3,640,344)

22

Other operating expenses

(655,674)

(587,976)

12

(1,979,739)

(1,748,415)

13

Results from operating activities

2,539,615

1,754,717

45

7,315,969

5,058,718

45

Finance cost

8

(526,615)

(795,499)

(34)

(1,743,390)

(2,610,074)

(33)

Finance income

8

22,883

23,688

(3)

70,046

84,955

(18)

Net Finance cost

(503,732)

(771,811)

(35)

(1,673,344)

(2,525,119)

(34)

Change in fair value of investment property

7

23,385

-

100

23,385

-

100

Profit before tax

2,059,268

982,906

110

5,666,010

2,533,599

124

Tax expense

6

(675,967)

(281,997)

140

(1,853,856)

(723,837)

156

Profit for the period

1,383,301

700,909

97

3,812,154

1,809,762

111

Attributable to:

Equity holders of the parent

1,383,301

700,909

97

3,812,154

1,809,762

111

LKR

LKR

LKR

LKR

Earnings per share

1.45

0.73

4.01

1.90

Basic/Diluted

Dividend per share

1.16

-

2.79

0.44

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

2

CEYLON COLD STORES PLC (PQ4)

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarter ended 31 December

Nine months ended 31 December

Notes

2024

2023

2024

2023

Profit for the period

1,383,301

700,909

3,812,154

1,809,762

Other comprehensive income

Other comprehensive income not to be reclassified to income statement in

subsequent periods

Revaluation of land and buildings

7

549,286

-

549,286

-

Net gain/(loss) on equity instruments at fair value through other comprehensive income

216,476

170,077

1,330,387

(197,186)

Net other comprehensive income not to be reclassified to income

765,762

170,077

1,879,673

(197,186)

statement in subsequent periods

Tax charge on other comprehensive income

(422,243)

-

(422,243)

-

Other comprehensive income for the period, net of tax

343,519

170,077

1,457,430

(197,186)

Total comprehensive income for the period, net of tax

1,726,820

870,986

5,269,584

1,612,576

Attributable to:

Equity holders of the parent

1,726,820

870,986

5,269,584

1,612,576

1,726,820

870,986

5,269,584

1,612,576

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

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

31.12.2024

31.03.2024

ASSETS

Non-current assets

Property, plant and equipment

29,116,756

27,745,731

Right-of-use-assets

10,403,134

10,016,369

Investment property

691,126

667,741

Intangible assets

4,459,068

4,484,659

Non-current financial assets

7,578,681

6,270,914

Other non-current assets

1,203,631

1,129,605

53,452,396

50,315,019

Current assets

Inventories

13,034,651

12,559,344

Trade and other receivables

6,432,556

7,224,371

Amounts due from related parties

106,932

160,215

Income tax recoverable

124,926

123,304

Other current assets

1,994,849

1,200,329

Cash in hand and at bank

1,089,111

2,161,159

22,783,025

23,428,722

Total assets

76,235,421

73,743,741

EQUITY AND LIABILITIES

Equity attributable to equity holders of the parent

Stated capital

918,200

918,200

Revenue reserves

17,231,767

16,066,477

Other components of equity

4,990,469

3,466,020

Total equity

23,140,436

20,450,697

Non-current liabilities

Interest-bearing loans and borrowings

3,574,913

3,163,570

Lease liabilities

11,264,564

10,689,948

Deferred tax liabilities

3,597,890

2,826,606

Employee benefit liabilities

1,196,461

1,087,876

Other no

n-current liabilities

124,599

111,259

19,758,427

17,879,259

Current liabilities

Trade and other payables

19,788,938

17,451,342

Amounts due to related parties

871,594

1,323,624

Income tax liabilities

493,577

256,327

Short-term borrowings

2,466,500

900,000

Interest-bearing loans and borrowings

2,702,400

4,503,050

Lease liabilities

690,527

690,721

Other current liabilities

2,323,520

2,019,824

Bank overdrafts

3,999,502

8,268,897

33,336,558

35,413,785

Total equity and liabilities

76,235,421

73,743,741

LKR

LKR

Net assets per share

24.35

21.52

Note : All values are in LKR '000s, unless otherwise stated.

The above figures are not audited.

I certify that the Financial Statements comply with the requirements of the Companies Act No.07 of 2007.

P N Fernando

Chief Financial Officer / Director

The Board of Directors is responsible for these Financial Statements.

D P Gamlath

J G A Cooray

Director

Director

03 February 2025

Colombo

CEYLON COLD STORES PLC (PQ4)

4

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to equity holders of Parent

Stated

Revaluation

Other capital

Fair value

Revenue

Total

capital

reserve

reserves

reserve of

reserves

Equity

financial

assets at

FVOCI*

As at 1 April 2023

918,200

1,842,124

636,807

1,148,411

14,531,921

19,077,463

Profit for the period

-

-

-

-

1,809,762

1,809,762

Other comprehensive income

-

-

-

(197,186)

-

(197,186)

Total comprehensive income

-

-

-

(197,186)

1,809,762

1,612,576

Share based payment transactions

-

-

52,795

-

-

52,795

Final dividend paid - 2022/23

-

-

-

-

(421,217)

(421,217)

Preference share dividend paid - 2022/23

-

-

-

-

(14)

(14)

As at 31 December 2023

918,200

1,842,124

689,602

951,225

15,920,452

20,321,603

As at 1 April 2024

918,200

2,147,600

712,608

605,812

16,066,477

20,450,697

Profit for the period

-

-

-

-

3,812,154

3,812,154

Other comprehensive income

-

405,299

-

1,052,131

-

1,457,430

Total comprehensive income

-

405,299

-

1,052,131

3,812,154

5,269,584

Share based payment transactions

-

-

67,019

-

-

67,019

Final dividend paid - 2023/24

-

-

-

-

(845,842)

(845,842)

Preference share dividend paid - 2023/24

-

-

-

-

(14)

(14)

1st interim dividend paid - 2024/25

-

-

-

-

(701,395)

(701,395)

2nd interim dividend paid - 2024/25

-

-

-

-

(1,099,613)

(1,099,613)

As at 31 December 2024

918,200

2,552,899

779,627

1,657,943

17,231,767

23,140,436

* FVOCI - Fair value through other comprehensive income

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

CEYLON COLD STORES PLC (PQ4)

5

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS

For the nine months ended 31 December

Note

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before working capital changes

A

11,098,862

8,637,671

(Increase) / Decrease in inventories

(589,007)

1,842,037

(Increase) / Decrease in trade and other receivables

703,638

(1,129,464)

(Increase) / Decrease in amounts due from related parties

53,283

(7,991)

(Increase) / Decrease in other current assets

(842,766)

(650,220)

Increase / (Decrease) in trade and other payables

2,337,597

2,866,676

Increase / (Decrease) in amounts due to related parties

(452,030)

(444,086)

Increase / (Decrease) in other current liabilities

60,909

641,857

Increase / (Decrease) in other non-current liabilities

13,340

5,935

Cash generated from operations

12,383,825

11,762,415

Finance income received

53,575

84,955

Finance costs paid*

(824,252)

(1,754,206)

Tax paid

(978,156)

(35,506)

Employee benefit (Gratuity) paid

(63,279)

(61,312)

Net cash flow from operating activities

10,571,713

9,996,346

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment

(2,843,764)

(1,517,734)

Purchase of intangible assets

(477,603)

(725,441)

Acquisition of a PET bottling and can manufacturing facility

-

(749,044)

Proceeds from sale of property, plant and equipment

8,143

5,382

Net cash flow used in investing activities

(3,313,224)

(2,986,836)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Dividend paid to equity holders of parent

(2,646,850)

(421,217)

Dividend paid to preference shareholders

(14)

(14)

Proceeds from interest-bearing loans and borrowings

2,511,391

758,212

Repayment of interest-bearing loans and borrowings

(3,900,700)

(1,650,398)

Repayment of lease liability

(1,591,469)

(1,313,125)

Proceeds from/ (repayment of) short term borrowings (net)

1,566,500

(185,340)

Net cash flow used in financing activities

(4,061,142)

(2,811,882)

NET INCREASE IN CASH AND CASH EQUIVALENTS

3,197,347

4,197,628

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

(6,107,738)

(10,813,454)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

(2,910,391)

(6,615,826)

ANALYSIS OF CASH AND CASH EQUIVALENTS

Favourable balances

Cash in hand and at bank

1,089,111

1,676,929

Unfavourable balances

Bank overdrafts

(3,999,502)

(8,292,755)

Total Cash and cash equivalents

(2,910,391)

(6,615,826)

* Finance cost paid represents the finance cost incurred excluding interest on lease liabilities

Note : All values are in LKR '000s, unless otherwise stated. Figures in brackets indicate deductions.

The above figures are not audited.

CEYLON COLD STORES PLC (PQ4)

6

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS

For the nine months ended 31 December

2024

2023

A. Profit before working capital changes

Profit before tax

5,666,010

2,533,599

Adjustments for:

Finance income*

(70,046)

(84,955)

Finance cost

1,743,390

2,610,074

Share-based payment expense

67,019

52,795

Change in fair value of investment property

(23,385)

-

Depreciation of property, plant and equipment

2,014,615

1,898,554

Amortisation of intangible assets

503,175

398,991

(Profit)/ loss on sale of property, plant and equipment

(714)

5,822

Amortisation of right of use assets

924,338

895,486

Charge of provision for slow moving inventory

113,699

157,720

Impairment of trade and other receivables

(8,434)

19,351

Foreign exchange gain on lease liability

(2,683)

(2,476)

Employee benefit provisions and related costs

171,877

152,709

11,098,862

8,637,671

* Finance income includes, notional interest pertaining to loans granted to executive staff, and has been adjusted in the cash flows

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

7

CEYLON COLD STORES PLC (PQ4)

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY INCOME STATEMENT

Quarter ended 31 December

Nine months ended 31 December

Notes

2024

2023

Change %

2024

2023

Change %

Continuing operations

Goods transferred at a point in time

5,463,623

4,426,237

23

17,317,599

15,135,926

14

Total revenue from contracts with customers

5,463,623

4,426,237

23

17,317,599

15,135,926

14

Cost of sales

(3,695,015)

(3,005,037)

23

(11,316,433)

(10,558,034)

7

Gross profit

1,768,608

1,421,200

24

6,001,166

4,577,892

31

Dividend income

667,124

-

100

1,375,791

144,500

852

Other operating income

296,321

169,003

75

708,125

547,555

29

Selling and distribution expenses

(1,026,656)

(718,732)

43

(3,137,913)

(2,415,013)

30

Administrative expenses

(433,993)

(333,742)

30

(1,275,112)

(949,881)

34

Other operating expenses

(171,520)

(155,187)

11

(578,354)

(475,404)

22

Results from operating activities

1,099,884

382,542

188

3,093,703

1,429,649

116

Finance cost

8

(63,051)

(108,059)

(42)

(172,560)

(327,307)

(47)

Finance income

8

8,812

9,962

(12)

28,825

36,268

(21)

Net finance cost

(54,239)

(98,097)

(45)

(143,735)

(291,039)

(51)

Change in fair value of investment property

7

18,751

-

100

18,751

-

100

Profit before tax

1,064,396

284,445

274

2,968,719

1,138,610

161

Tax expense

6

(94,082)

(86,066)

9

(457,764)

(313,166)

46

Profit for the period

970,314

198,379

389

2,510,955

825,444

204

LKR

LKR

LKR

LKR

Dividend per share

1.16

-

2.79

0.44

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

CEYLON COLD STORES PLC (PQ4)

8

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY STATEMENT OF COMPREHENSIVE INCOME

Quarter ended 31 December

Nine months ended 31 December

Notes

2024

2023

2024

2023

Profit for the period

970,314

198,379

2,510,955

825,444

Other comprehensive income

Other comprehensive income not to be reclassified to income statement in

subsequent periods

Revaluation of land and buildings

7

116,343

-

116,343

-

Net gain/ (loss) on equity instruments at fair value through other comprehensive income

216,476

170,077

1,330,387

(197,186)

Net other comprehensive income not to be reclassified to income

216,476

170,077

1,446,730

(197,186)

statement in subsequent periods

Tax charge on other comprehensive income

(313,159)

-

(313,159)

-

Other comprehensive income for the period, net of tax

(96,683)

170,077

1,133,571

(197,186)

Total comprehensive income for the period, net of tax

873,631

368,456

3,644,526

628,258

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

CEYLON COLD STORES PLC (PQ4)

9

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY STATEMENT OF FINANCIAL POSITION

As at

31.12.2024

31.03.2024

ASSETS

Non-current assets

Property, plant and equipment

6,314,777

5,668,027

Right-of-use-assets

496,041

44,198

Investment property

377,104

358,353

Intangible assets

1,478,152

1,542,106

Investments in subsidiaries

2,968,410

2,968,410

Non-current financial assets

7,328,524

6,035,916

Other non-current assets

60,383

39,714

19,023,391

16,656,724

Current assets

Inventories

2,654,041

2,714,839

Trade and other receivables

2,827,501

3,251,448

Amounts due from related parties

212,284

257,672

Other current assets

1,002,886

486,732

Cash in hand and at bank

136,528

555,177

6,833,240

7,265,868

Total assets

25,856,631

23,922,592

EQUITY AND LIABILITIES

Stated capital

918,200

918,200

Revenue reserves

11,535,805

11,671,714

Other components of equity

3,542,771

2,378,181

Total equity

15,996,776

14,968,095

Non-current liabilities

Interest-bearing loans and borrowings

667,956

746,614

Lease liabilities

434,594

2,375

Deferred tax liabilities

1,417,763

1,151,330

Employee benefit liabilities

623,876

575,183

Other non-current liabilities

124,599

111,259

3,268,788

2,586,761

Current liabilities

Trade and other payables

2,868,966

2,272,030

Amounts due to related parties

271,932

450,220

Income tax liabilities

100,542

197,886

Short term borrowings

800,000

500,000

Interest-bearing loans and borrowings

377,400

243,050

Lease liabilities

16,492

40

Other current liabilities

435,932

665,895

Bank overdrafts

1,719,803

2,038,615

6,591,067

6,367,736

Total equity and liabilities

25,856,631

23,922,592

LKR

LKR

Net assets per share

16.83

15.75

Note : All values are in LKR '000s, unless otherwise stated.

The above figures are not audited.

I certify that the Financial Statements comply with the requirements of the Companies Act No.07 of 2007.

P N Fernando

Chief Financial Officer / Director

The Board of Directors is responsible for these Financial Statements.

D P Gamlath

J G A Cooray

Director

Director

03 February 2025

Colombo

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