Colombo Dockyard PLC
"…An Odyssey of Excellence…"
Interim Financial Report
For the Nine Months Period Ended 30 September 2024
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarter ended 30 September | Nine months ended 30 September | |||||
2024 | 2023 | Variance % | 2024 | 2023 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 5,146,676 | 7,918,571 | -35.00% | 18,842,571 | 29,138,338 | -35.33% |
Cost of Sales | (5,713,252) | (10,591,309) | 46.06% | (19,264,032) | (31,317,432) | 38.49% |
Gross Profit | (566,576) | (2,672,738) | 78.80% | (421,461) | (2,179,094) | 80.66% |
Other Income | 449,051 | (470,367) | 195.47% | 969,322 | (1,166,300) | 183.11% |
Distribution Expenses | (18,686) | (19,344) | 3.40% | (81,257) | (56,883) | -42.85% |
Administrative Expenses | (933,959) | (979,997) | 4.70% | (2,727,451) | (2,646,775) | -3.05% |
Other Operating Expenses | (101,852) | (1,820,459) | 94.41% | (1,897) | (1,840,470) | 99.90% |
Net Finance Income / (Expenses) | (420,781) | (728,373) | 42.23% | (1,448,523) | (1,835,359) | 21.08% |
Profit / (Loss) before Tax | (1,592,803) | (6,691,278) | 76.20% | (3,711,267) | (9,724,881) | 61.84% |
Income Tax Expense | 236,041 | (22,514) | 2,082,090 | (48,418) | ||
Profit / (Loss) for the period | (1,356,762) | (6,713,792) | 79.79% | (1,629,177) | (9,773,299) | 83.33% |
Other Comprehensive Income | ||||||
Revaluation of free hold lands/ Dry Dock and machinery | - | 8,700,000 | 6,940,299 | 8,700,000 | ||
Cash Flow Hedge - Effective portion of changes in fair value | - | - | - | - | ||
Fair Value Change of Available-for-sale Financial Assets | - | - | - | - | ||
Deferred Tax on Asset Revaluation | - | - | (2,082,090) | - | ||
Foreign Currency Translation Differences - Foreign Operations | 10,943 | 34,699 | (27,945) | (55,842) | ||
Other Comprehensive Income For The Period - Net of Taxes | 10,943 | 8,734,699 | 4,830,264 | 8,644,158 | ||
Total Comprehensive Income for The Period | (1,345,819) | 2,020,907 | 3,201,087 | (1,129,141) | ||
Profits / (Loss) Attributable to : | ||||||
Owners of The Company | (1,354,702) | (6,718,728) | (1,629,032) | (9,790,334) | ||
Non - Controlling Interest | (2,060) | 4,936 | (145) | 17,035 | ||
Profit / (Loss) for the period | (1,356,762) | (6,713,792) | (1,629,177) | (9,773,299) | ||
Total Comprehensive Income / (Expense) Attributable to : | ||||||
Equity holders of the parent | (1,349,122) | 1,998,968 | 3,214,619 | (1,119,321) | ||
Non - Controlling Interest | 3,303 | 21,939 | (13,532) | (9,820) | ||
Total Comprehensive Income / (Expense) for The Period | (1,345,819) | 2,020,907 | 3,201,087 | (1,129,141) | ||
Earnings per share (Rs) | (18.85) | (93.50) | (22.67) | (136.24) | ||
Note : Figures in brackets indicate deductions | ||||||
The above figures are subject to audit |
01. Colombo Dockyard PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30th September | 2024 | 2023 | As at 31.12.2023 |
ASSETS | Rs,'000 | Rs,'000 | Rs,'000 |
Non-Current Assets | 20,824,871 | ||
Property, Plant and Equipment | 13,934,332 | 13,955,597 | |
Intangible Assets | 3,556 | 18,199 | 17,224 |
Right - of Use asset | 204,044 | 136,707 | 244,962 |
Investments Classified as Fair Value through OCI | 22,568 | 22,257 | 22,568 |
Differed Tax Assets | - | 17,488 | 15,014 |
Other Financial Assets Including Derivatives | 524,690 | 407,050 | 420,474 |
14,536,033 | 14,675,839 | ||
Current Assets | 3,006,422 | ||
Inventories | 5,399,494 | 3,716,313 | |
Trade and Other Receivables | 12,494,707 | 16,849,080 | 16,304,826 |
Other Financial Assets Including Derivatives | 192,460 | 149,823 | 197,623 |
Investments classified as Fair value Through Profit or Loss | - | 112,452 | - |
Cash and Cash Equivalents | 9,280,597 | 6,072,036 | 4,430,580 |
Total Current Assets | 24,974,186 | 28,582,885 | 24,649,342 |
Total Assets | 46,553,915 | 43,118,918 | 39,325,181 |
EQUITY AND LIABILITIES | 714,396 | ||
Stated Capital | 714,396 | 714,396 | |
Exchange Equalisation Reserve | 86,509 | 93,360 | 101,067 |
Fair Value through OCI Reserve | 21,838 | 22,147 | 21,838 |
Retained Earnings | (5,483,862) | (2,733,536) | (3,854,830) |
Revaluation reserves | 10,961,893 | 8,700,000 | 6,103,684 |
Equity Attributable to Equity Holders of the Parent | 6,300,774 | 6,796,367 | 3,086,155 |
Non Controlling Interest | 191,091 | 197,642 | 204,623 |
Total Equity | 6,491,865 | 6,994,009 | 3,290,778 |
Non-Current Liabilities | 7,677,500 | ||
Interest Bearing Borrowings | - | 3,000,000 | |
Differed Tax Liability | 16,877 | - | 211,018 |
Lease Liability | 135,437 | 102,942 | 160,967 |
Employee Benefits | 1,240,266 | 1,254,097 | 1,308,865 |
Total Non-Current Liabilities | 9,070,080 | 1,357,039 | 4,680,850 |
Current Liabilities | 20,445,895 | ||
Interest Bearing Borrowings | 22,207,509 | 20,850,998 | |
Trade and Other Payables | 8,467,801 | 10,781,577 | 8,572,386 |
Lease liability | 33,603 | 37,101 | 41,376 |
Income Tax Payable | 49,617 | 2,323 | 67,648 |
Dividends Payable | 10,487 | 10,515 | 10,487 |
Bank Overdrafts | 1,984,567 | 1,728,845 | 1,810,658 |
Total current Liabilities | 30,991,970 | 34,767,870 | 31,353,553 |
Total Equity and Liabilities | 46,553,915 | 43,118,918 | 39,325,181 |
Net Assets per share (Rs) | 87.68 | 94.58 | 42.95 |
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 |
November 18, 2024 Colombo |
02. Colombo Dockyard PLC
STATEMENT OF CHANGES IN EQUITY - GROUP
For the nine months ended 30th September | Retained | Fair Value | Exchange | Revaluation | Non | |||
Stated Capital | Through OCI | fluctuation | Total | Controlling | Total Equity | |||
earnings | Reserves | |||||||
Reserves | Reserve | Interest | ||||||
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |
As at 1 January 2024 | 714,396 | (3,854,830) | 21,838 | 101,067 | 6,103,684 | 3,086,155 | 204,623 | 3,290,778 |
Net Profit for the Period | - | (1,629,032) | - | - | - | (1,629,032) | (145) | (1,629,177) |
Other Comprehensive Income | - | - | - | (14,558) | 6,940,299 | 6,925,741 | (13,387) | 6,912,354 |
Differed Tax on Asset Re-Valuation | - | - | - | - | (2,082,090) | (2,082,090) | - | (2,082,090) |
Dividend Paid | - | - | - | - | - | - | - | - |
As at 30 September 2024 | 714,396 | (5,483,862) | 21,838 | 86,509 | 10,961,893 | 6,300,774 | 191,091 | 6,491,865 |
As at 1 January 2023 | 714,396 | 7,056,798 | 22,147 | 122,347 | - | 7,915,688 | 207,462 | 8,123,150 |
Net Profit / (Loss) for the Period | - | (9,790,334) | - | - | - | (9,790,334) | 17,035 | (9,773,299) |
Other Comprehensive Income | - | - | - | (28,987) | 8,700,000 | 8,671,013 | (26,855) | 8,644,158 |
Dividends Paid | - | - | - | - | - | - | - | - |
As at 30 September 2023 | 714,396 | (2,733,536) | 22,147 | 93,360 | 8,700,000 | 6,796,367 | 197,642 | 6,994,009 |
03. Colombo Dockyard PLC
CONSOLIDATED CASH FLOW STATEMENT
For the nine months ended 30th September | 2024 | 2023 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | (3,711,267) | |
Net Profit Before Tax | (9,724,881) | |
Adjustment for ; | 379,463 | |
Depreciation of Property, Plant & Equipment | 421,354 | |
Amortisation of Intangible Assets | 13,571 | 12,897 |
Provision for Retirement Benefit Obligations | 91,205 | 45,869 |
Provision / (reversal) for Bad and Doubtful Debts | (14,295) | 12,685 |
Provision / (reversal) for Obsolete Stocks | 1,897 | - |
(Profit) / Loss on Disposal of Property, Plant and Equipment | (7,388) | (2,710) |
Foreign Exchange (Gain) / Loss (Unrealised) | - | (55,842) |
Provision for Future Lossess | - | 1,840,460 |
Interest Income | (233,288) | (192,348) |
Interest Expense | 1,697,974 | 2,056,678 |
(Increase) / Decrease in Inventories | 707,994 | 141,962 |
(Increase) / Decrease in Trade and Other Receivables | 3,650,414 | 4,361,641 |
(Increase) / Decrease in Other Financial Assets | (99,052) | (41,217) |
Increase / (Decrease) in Trade and Other Payables | (137,888) | (3,876,278) |
Increase / (Decrease) in Amounts Due to Related Parties | - | (2,738,537) |
Increase / (Decrease) Other Financial Liabilities | - | 2,442 |
Interest Paid | (1,697,974) | (2,056,678) |
Gratuity Paid | (159,804) | (26,423) |
Income tax / ESC Write off | (12,509) | (15,652) |
Cash Flow from Investing Activities | (308,341) | |
Purchase of Property Plant and Equipment | (295,812) | |
Proceeds From Disposal of Property Plant and Equipment | 7,388 | - |
Interest Received | 235,611 | 291,818 |
Short Term Investments | - | (46,682) |
Cash Flow from Financing Activities | 4,272,397 | |
Loans Obtained / (Paid) During The Period | (1,831,079) | |
Net Increase / (Decrease) in Cash and Cash Equivalents | 4,676,108 | (11,716,333) |
Cash and Cash Equivalent at the Beginning of the period | 2,619,922 | 16,059,524 |
Analysis of Cash and Cash Equivalents | 9,280,597 | |
Cash in Hand and Bank / Short Term Investments | 6,072,036 | |
Bank Overdrafts | (1,984,567) | (1,728,845) |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
04. Colombo Dockyard PLC
STATEMENT OF COMPREHENSIVE INCOME - COMPANY
Quarter ended 30 September | Nine months ended 30 September | |||||
2024 | 2023 | Variance % | 2024 | 2023 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 4,678,657 | 6,839,175 | -31.59% | 17,555,126 | 26,523,755 | -33.81% |
Cost of Sales | (5,342,527) | (9,721,919) | 45.05% | (18,268,277) | (29,238,621) | 37.52% |
Gross Profit / (Loss) | (663,870) | (2,882,744) | 76.97% | (713,151) | (2,714,866) | 73.73% |
Other Income | 434,007 | (473,976) | 191.57% | 943,076 | (1,169,519) | 180.64% |
Distribution Expenses | (15,215) | (16,507) | 7.83% | (70,175) | (48,005) | -46.18% |
Administrative Expenses | (803,848) | (845,812) | 4.96% | (2,358,452) | (2,276,326) | -3.61% |
Other Operating Expenses | (101,852) | (1,820,459) | 94.41% | (1,897) | (1,840,470) | 99.90% |
Net Finance Income / (Expenses) | (421,531) | (732,784) | 42.48% | (1,447,346) | (1,846,256) | 21.61% |
Profit / (Loss) before Tax | (1,572,309) | (6,772,282) | 76.78% | (3,647,945) | (9,895,442) | 63.14% |
Income Tax (Expense) / Reversal | 236,041 | - | 2,082,090 | - | ||
Profit / (Loss) for the period | (1,336,268) | (6,772,282) | 80.27% | (1,565,855) | (9,895,442) | 84.18% |
Other Comprehensive Income | ||||||
Revaluation of free hold lands/ Dry Dock and machinery | - | 8,700,000 | 6,940,299 | 8,700,000 | ||
Deferred Tax on Asset Revaluation | - | - | (2,082,090) | - | ||
Other Comprehensive Income For the Period - Net of Taxes | - | 8,700,000 | 4,858,209 | 8,700,000 | ||
Total Comprehensive Income / (Expense) for The Period | (1,336,268) | 1,927,718 | 3,292,354 | (1,195,442) | ||
Earnings per share (Rs) | (18.60) | (94.24) | (21.79) | (137.71) |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
05. Colombo Dockyard PLC
STATEMENT OF FINANCIAL POSITION - COMPANY
As at 30th September | 2024 | 2023 | As at 31.12.2023 |
Rs,'000 | Rs,'000 | Rs,'000 | |
ASSETS | |||
Non-Current Assets | 19,496,204 | ||
Property, Plant and Equipment | 13,294,337 | 12,626,310 | |
Investment Property | 2,865 | 2,865 | 2,865 |
Intangible Assets | 2,943 | 17,070 | 16,278 |
Right - of Use asset | 203,156 | 136,707 | 242,270 |
Investments In Subsidiaries | 13,652 | 11,901 | 13,652 |
Investments Classified as Fair Value through OCI | 22,568 | 22,257 | 22,568 |
Other Financial Assets Including Derivatives | 517,390 | 397,918 | 412,226 |
Total Non-Current Assets | 20,258,778 | 13,883,055 | 13,336,169 |
Current Assets | 2,437,502 | ||
Inventories | 5,048,252 | 3,243,803 | |
Trade and Other Receivables | 10,313,929 | 14,333,409 | 14,036,585 |
Other Financial Assets Including Derivatives | 181,786 | 139,809 | 192,750 |
Amounts Due from Related Parties | 160,058 | 346,743 | 935,269 |
Cash and Cash Equivalents | 8,914,962 | 6,003,139 | 4,304,315 |
Total Assets | 42,267,015 | 39,754,407 | 36,048,891 |
EQUITY AND LIABILITIES | 714,396 | ||
Stated Capital | 714,396 | 714,396 | |
Fair Value through OCI Reserve | 22,458 | 22,147 | 22,458 |
Retained Earnings | (7,439,917) | (4,751,079) | (5,874,062) |
Revaluation Reserves | 10,468,859 | 8,700,000 | 5,610,650 |
Total Equity | 3,765,796 | 4,685,464 | 473,442 |
Non-Current Liabilities | 7,677,500 | ||
Interest Bearing Borrowings | - | 3,000,000 | |
Lease liability | 129,074 | 102,942 | 160,052 |
Employee Benefits | 1,203,689 | 1,217,799 | 1,272,743 |
Total Non-Current Liabilities | 9,010,263 | 1,320,741 | 4,432,795 |
Current Liabilities | 20,445,895 | ||
Interest Bearing Borrowings | 22,207,509 | 20,850,998 | |
Trade and Other Payables | 6,673,470 | 8,973,592 | 6,848,307 |
Other Financial Liabilities Including Derivatives | 1,751 | 2,273 | 1,751 |
Lease liability | 36,724 | 37,101 | 31,728 |
Amounts due to Related Parties | 338,062 | 788,367 | 1,688,741 |
Dividends Payable | 10,487 | 10,515 | 10,487 |
Bank Overdrafts | 1,984,567 | 1,728,845 | 1,710,642 |
Total current Liabilities | 29,490,956 | 33,748,202 | 31,142,654 |
Total Equity and Liabilities | 42,267,015 | 39,754,407 | 36,048,891 |
Net Assets per share (RS) | 52.41 | 65.20 | 6.59 |
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 |
November 18, 2024 Colombo | |
06. Colombo Dockyard PLC |
STATEMENT OF CHANGES IN EQUITY - COMPANY
Stated Capital | Retained Earnings | Fair Value Through | Revaluation | Total | |
For the nine months ended 30th September | OCI Reserves | Reserves | |||
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |
As at 1 January 2024 | 714,396 | (5,874,062) | 22,458 | 5,610,650 | 473,442 |
Net Profit / (Loss) for the Period | - | (1,565,855) | - | - | (1,565,855) |
Other Comprehensive Income | - | - | - | 6,940,299 | 6,940,299 |
Differed Tax on Asset Re-Valuation | - | - | - | (2,082,090) | (2,082,090) |
Dividends Paid | - | - | - | - | - |
As at 30 September 2024 | 714,396 | (7,439,917) | 22,458 | 10,468,859 | 3,765,796 |
As at 1 January 2023 | 714,396 | 5,144,363 | 22,147 | - | 5,880,906 |
Net Profit / (Loss) for the Period | - | (9,895,442) | - | - | (9,895,442) |
Other Comprehensive Income | - | - | - | 8,700,000 | 8,700,000 |
Dividends Paid | - | - | - | - | - |
As at 30 September 2023 | 714,396 | (4,751,079) | 22,147 | 8,700,000 | 4,685,464 |
07. Colombo Dockyard PLC
COMPANY CASH FLOW STATEMENT
For the nine months ended 30th September | 2024 | 2023 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | (3,647,945) | |
Net Profit Before Tax | (9,895,442) | |
Adjustment for ; | 318,917 | |
Depreciation of Property, Plant & Equipment | 352,862 | |
Amortisation of Intangible Assets | 13,335 | 12,519 |
Provision for Retirement Benefit Obligations | 90,000 | 45,000 |
Provision / (reversal) for Bad and Doubtful Debts | (14,280) | - |
Provision / (reversal) for Obsolete Stocks | 1,897 | - |
(Profit) / Loss on Disposal of Property, Plant and Equipment | - | 1,455 |
Provision for Future Lossess | - | 1,840,460 |
Interest Income | (226,748) | (184,032) |
Interest Expense | 1,697,162 | 2,056,349 |
(5,770,829) | ||
(Increase) / Decrease in Inventories | 804,404 | 91,749 |
(Increase) / Decrease in Trade and Other Receivables | 3,734,612 | 4,875,959 |
(Increase) / Decrease in Amounts Due From Related Parties | 775,211 | 84,616 |
(Increase) / Decrease in Other Financial Assets | (55,085) | (37,214) |
Increase / (Decrease) in Trade and Other Payables | (200,819) | (3,857,367) |
Increase / (Decrease) in Amounts Due to Related Parties | (1,350,679) | (3,071,451) |
Interest Paid | (1,697,162) | (2,056,349) |
Gratuity Paid | (159,054) | (27,803) |
Cash Flow from Investing Activities | (248,512) | |
Purchase of Property Plant and Equipment | (275,163) | |
Interest Received | 229,071 | 283,264 |
Cash Flow from Financing Activities | 4,272,397 | |
Loans Obtained / (Paid) During The Period (Net) | (1,831,079) | |
Net Increase / (Decrease) in Cash and Cash Equivalents | 4,336,722 | (11,591,667) |
Cash and Cash Equivalent at the Beginning of the period | 2,593,673 | 15,865,961 |
Cash and Cash Equivalent at the end of the period | 6,930,395 | 4,274,294 |
Analysis of Cash and Cash Equivalents | 8,914,962 | |
Cash in Hand and Bank / Short Term Investments | 6,003,139 | |
Bank Overdrafts | (1,984,567) | (1,728,845) |
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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