Colombo Dockyard PlcCSELK: DOCK.N0000

Interim Financial Report as at 31-03-2025

· Issued by Colombo Dockyard Plc
Colombo Dockyard PLC

"…An Odyssey of Excellence…"

Interim Financial Report

For the Three Months Period Ended 31 March 2025



This page kept blank Intentionally

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME

For the three months ended 31st March

2025

2024

Variance %

Rs,'000 Rs,'000

Year ended 31.12.2024

Rs,'000

Revenue

7,073,838

7,405,489

(4.48)

25,554,381

Cost of sales

(6,346,041)

(6,982,844)

9.12

(24,631,543)

Gross profit

727,797

422,645

72.20

922,838

Other income

79,312

573,409

(86.17)

643,289

Distribution expenses

(22,698)

(36,410)

37.66

(94,734)

Administrative expenses

(848,683)

(918,725)

7.62

(3,840,162)

Other operating income / (expenses)

4,276

99,955

(95.72)

16,273

Net finance income / (expenses)

(565,997)

(493,578)

(14.67)

(2,171,994)

Profit / (Loss) before tax

(625,993)

(352,704)

(77.48)

(4,524,490)

Income tax expense

(9,518)

(1,287)

(639.55)

2,034,929

Profit / (Loss) for the period

(635,511)

(353,991)

(79.53)

(2,489,561)

Other comprehensive income

Revaluation of free hold land/ Dry Dock and Machinery

-

786,803

6,989,930

Fair value Change of instruments valued at FVOCI

-

-

(994)

Foreign currency translation differences - foreign operations

4,041

(30,585)

(49,304)

Defined benefit plan actuarial gains / (losses)

-

-

(50,605)

Tax on Revaluation Reserves

-

(236,041)

(2,081,798)

Other comprehensive income for the period - net of taxes

4,041

520,177

4,807,229

Total comprehensive income for the period

(631,470)

166,186

2,317,668

Profits / (Losses) attributable to :

Owners of the company

(634,416)

(356,560)

(2,488,303)

Non - controlling interest

(1,095)

2,569

(1,258)

Profit / Loss for the period

(635,511)

(353,991)

(2,489,561)

Total comprehensive income attributable to :

Equity holders of the parent

(632,355)

176,513

2,343,085

Non - Controlling interest 885 (10,327) (25,417)

Total comprehensive income for the period (631,470) 166,186 2,317,668

Earnings per share (Rs) (8.83) (4.96) (34.63) Note : Figures in brackets indicate deductions

The above figures are subject to audit

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31st March

2025

2024

As at 31.12.2024

Rs,'000

Rs,'000

Rs,'000

ASSETS

Non-current assets

Property, plant and equipment

20,845,478

14,093,549

20,772,357

Intangible assets

2,508

12,843

2,945

Right - of Use asset

222,860

231,924

229,306

Investments Classified as Fair Value through OCI

21,574

22,568

21,574

Differed Tax assets

15,014

-

15,014

Other financial assets Including Derivatives

491,010

424,036

499,711

Total non-current assets

21,598,444

14,784,920

21,540,907

Current assets

Inventories

3,567,366

3,780,131

3,589,274

Trade and other receivables

13,660,500

14,568,487

11,813,507

Other financial assets including derivatives

200,885

228,327

205,529

Cash and cash equivalents

5,616,124

5,394,044

6,743,729

Total current assets

23,044,875

23,970,989

22,352,039

Total assets

44,643,319

38,755,909

43,892,946

EQUITY AND LIABILITIES

Stated capital

714,396

714,396

714,396

Exchange equalization Reserve

77,983

81,973

75,922

Fair Value through OCI Reserve

20,844

22,458

20,844

Revaluation Reserves

10,952,619

6,201,451

10,996,634

Retained Earnings

(6,968,957)

(4,133,551)

(6,378,556)

Equity attributable to equity holders of the parent

4,796,885

2,886,727

5,429,240

Non-controlling interest

180,091

194,301

179,206

Total equity

4,976,976

3,081,028

5,608,446

Non-current liabilities

Interest bearing borrowings

7,257,750

7,715,000

7,457,850

Deferred Taxation

212,199

252,918

211,018

Lease liability

162,062

158,288

192,906

Employee benefits

1,418,769

1,284,159

1,374,002

Total non-current liabilities

9,050,780

9,410,365

9,235,776

Current liabilities

Interest bearing borrowings

22,967,611

16,424,165

21,210,067

Trade and other payables

5,883,038

8,979,287

6,289,452

Lease liability

82,589

32,918

83,010

Income tax payable

35,706

-

95,939

Dividends payable

10,484

10,487

10,484

Bank overdrafts

1,636,135

817,659

1,359,772

Total current liabilities

30,615,563

26,264,516

29,048,724

Total equity and liabilities

44,643,319

38,755,909

43,892,946

Net assets per share (RS)

66.75

40.17

75.55

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.) G A D L H Ganlath (Sgd.) Thimira S Godakumbura

Chairman Managing Director / CEO

May 16, 2025 Colombo

STATEMENT OF CHANGES IN EQUITY - GROUP

For the three months ended 31st March

Stated capital

Retained earnings

Fair Value Through OCI Reserves

Exchange equalization reserve

Revaluation Reserve

Total

Non controlling interest

Total equity

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

As at 1 January 2025

714,396

(6,378,556)

20,844

75,922

10,996,634

5,429,240

179,206

5,608,446

Net Profit / (Loss) for the period

-

(634,416)

-

-

-

(634,416)

(1,095)

(635,511)

Other comprehensive income

-

-

-

2,061

-

2,061

1,980

4,041

Realisation of Revaluation Reserve

-

44,015

-

-

(44,015)

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

As at 31 March 2025

714,396

(6,968,957)

20,844

77,983

10,952,619

4,796,885

180,091

4,976,976

As at 1 January 2024

714,396

(3,776,992)

22,458

99,662

5,650,690

2,710,214

204,628

2,914,842

Net Profit / (Loss) for the period

-

(356,560)

-

-

-

(356,560)

2,569

(353,991)

Other comprehensive income

-

-

-

(17,689)

786,802

769,113

(12,896)

756,217

Differed Tax on Asset Re-Valuation

-

-

-

-

(236,041)

(236,041)

-

(236,041)

Dividends paid

-

-

-

-

-

-

-

-

As at 31 March 2024

714,396

(4,133,552)

22,458

81,973

6,201,451

2,886,726

194,301

3,081,027

CONSOLIDATED CASH FLOW STATEMENT

For the three months ended 31st March

2025

Rs,'000

2024

Rs,'000

Cash flow from operating activities

Net profit before tax

(625,993)

(352,704)

Adjustment for ;

Depreciation of property, plant & equipment

165,674

142,488

Amortization of intangible assets

426

4,895

Provision for retirement benefit obligations

58,150

30,333

Provision / (reversal) for obsolete stocks

-

(99,956)

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

(99)

(1,996)

Interest income

(65,592)

(77,244)

Interest expense

709,302

647,643

Operating profit before working capital changes

241,868

293,459

(Increase) / Decrease in inventories

21,908

36,176

(Increase) / Decrease in trade and other receivables

(1,897,787)

1,700,003

(Increase) / Decrease in other financial assets

13,345

(45,635)

Increase / (Decrease) in trade and other payables

(500,965)

379,695

Cash generated from / (used in) operating activities

(2,121,631)

2,363,698

Interest paid

(709,302)

(647,643)

Gratuity paid

(13,383)

(55,039)

Income tax / ESC paid

(1,243)

(2,682)

Net cash generated from / (used in) operating activities

(2,845,559)

1,658,334

Cash Flow from investing activities

Purchase of property plant and equipment

(238,820)

(141,384)

Proceeds from disposal of property plant and equipment

135

2,057

Interest received

122,832

14,319

Net cash generated from / (used in) investing activities

(115,853)

(125,008)

Cash flow from financing activities

Repayment of long term loans

(200,100)

-

Loans obtained / (paid) during the period (Net)

1,757,544

288,167

Net cash generated from / (used in) financing activities

1,557,444

288,167

Net Increase / (Decrease) in cash and cash equivalents

(1,403,968)

1,821,493

Cash and cash equivalent at the beginning of the period

5,383,957

2,754,892

Cash and cash equivalent at the end of the period

3,979,989

4,576,385

Analysis of cash and cash equivalents

Cash in hand and bank / short term investments

5,616,124

5,394,044

Bank overdrafts

(1,636,135)

(817,659)

3,979,989

4,576,385

Note : All values in Rupees '000s, unless otherwise stated

Figures in brackets indicate deductions The above figures are subject to audit

STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME

2025

2024

For the three months ended 31st March

Variance %

Rs,'000 Rs,'000

Year ended 31.12.2024

Rs,'000

Revenue

6,537,728

6,941,525

-6%

23,695,589

Cost of sales

(5,953,996)

(6,648,862)

10%

(23,416,592)

Gross Profit

583,732

292,663

99%

278,997

Other income

86,394

568,192

-85%

630,356

Distribution expenses

(18,806)

(32,758)

43%

(85,269)

Administrative expenses

(721,558)

(794,819)

9%

(3,296,330)

Other operating Income / (expenses)

-

99,955

100%

16,273

Net finance income / (expenses)

(571,688)

(491,391)

-16%

(2,173,465)

Profit / (Loss) before tax

(641,926)

(358,158)

-79%

(4,629,438)

Income tax expense

-

-

2,081,798

Profit / (Loss) for the period

(641,926)

(358,158)

-79%

(2,547,640)

Other comprehensive income

Revaluation of free hold land/ Dry Dock and Machinery

-

786,803

6,989,930

Fair value change of instruments valued at FVOCI

-

-

(994)

Defined benefit plan actuarial gains / (losses)

-

-

(50,605)

Tax on Revaluation Reserves

-

(236,041)

(2,081,798)

Other comprehensive income for the period - net of taxes

-

550,762

4,856,533

Total comprehensive income for the period

(641,926)

192,604

2,308,893

Earnings per share (Rs)

(8.93)

(4.98)

(35.45)

Note : Figures in brackets indicate deductions The above figures are subject to audit

STATEMENT OF FINANCIAL POSITION - COMPANY

As at 31st March 2025

Rs,'000

2024

Rs,'000

As at 31.12.2024 Rs,'000

ASSETS

Non-current assets

Property, plant and equipment

19,505,516

13,388,219

19,443,770

Investment property

2,865

2,865

2,865

Intangible assets

2,192

11,822

2,530

Right - of Use asset

219,605

229,232

240,356

Investments In subsidiaries

14,658

13,652

14,658

Investments Classified as Fair Value through OCI

21,574

22,568

21,574

Other financial assets including derivatives

482,015

424,036

493,657

Total non-current assets

20,248,425

14,092,394

20,219,410

Current assets

Inventories

3,032,039

3,335,475

3,054,545

Trade and other receivables

11,325,457

11,956,386

10,071,456

Other financial assets including derivatives

196,880

228,327

201,759

Amounts due from related parties

473,882

508,958

167,874

Cash and cash equivalents

5,436,117

5,108,152

6,149,478

Total current assets

20,464,375

21,137,298

19,645,112

Total assets

40,712,800

35,229,692

39,864,522

EQUITY AND LIABILITIES

Stated capital

714,396

714,396

714,396

Fair Value through OCI Reserve

21,464

22,458

21,464

Retained earnings

(9,055,036)

(6,149,476)

(8,457,125)

Revaluation Reserves

10,459,585

6,161,411

10,503,600

Total equity

2,140,409

748,789

2,782,335

Non-current liabilities

Interest bearing borrowings

7,257,750

7,715,000

7,457,850

Lease Liability

116,032

155,046

127,508

Deferred Taxation

-

236,041

-

Employee benefits

1,371,406

1,251,573

1,330,333

Total non-current liabilities

8,745,188

9,357,660

8,915,691

Current liabilities

Interest bearing borrowings

22,967,611

16,424,165

21,210,067

Trade and other payables

4,489,518

7,320,025

5,201,001

Other financial liabilities including derivatives

1,006

1,751

1,006

Lease liability

62,258

32,918

83,010

Amounts due to related parties

661,005

516,238

301,156

Dividends payable

10,484

10,487

10,484

Bank overdrafts

1,635,321

817,659

1,359,772

Total current liabilities

29,827,203

25,123,243

28,166,496

Total equity and liabilities

40,712,800

35,229,692

39,864,522

Net assets per share (RS)

29.79

10.42

38.72

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.) G A D L H Ganlath (Sgd.) Thimira S Godakumbura

Chairman Managing Director / CEO

May 16, 2025 Colombo

STATEMENT OF CHANGES IN EQUITY - COMPANY

For the three months ended 31st March

Stated capital

Retained earnings

Fair Value Through OCI Reserves

Revaluation Reserve

Total

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

As at 1 January 2025

714,396

(8,457,125)

21,464

10,503,600

2,782,335

Net Profit / (Loss) for the period

-

(641,926)

-

-

(641,926)

Other comprehensive income

-

-

-

-

-

Realisation of Revaluation Reserve

-

44,015

-

(44,015)

-

Dividends paid

-

-

-

-

-

As at 31 March 2025

714,396

(9,055,036)

21,464

10,459,585

2,140,409

As at 1 January 2024

714,396

(5,791,319)

22,458

5,610,650

556,185

Net Profit / (Loss) for the period

-

(358,158)

-

-

(358,158)

Other comprehensive income

-

-

-

786,803

786,803

Differed Tax on Asset Re-Valuation

-

-

-

(236,041)

(236,041)

Dividends paid

-

-

-

-

-

As at 31 March 2024

714,396

(6,149,477)

22,458

6,161,412

748,789

COMPANY CASH FLOW STATEMENT

For the three months ended 31st March

2025

Rs,'000

2024

Rs,'000

Cash flow from operating activities

Net profit before tax

(641,926)

(358,158)

Adjustment for ;

Depreciation of property, plant & equipment

144,856

123,110

Amortization of intangible assets

337

4,457

Provision for retirement benefit obligations

54,000

30,000

Provision / (reversal) for obsolete stocks

-

(99,956)

Interest income

(59,606)

(75,906)

Interest expense

709,161

646,848

Operating profit before working capital changes

206,822

270,395

(Increase) / Decrease in inventories

22,506

8,284

(Increase) / Decrease in trade and other receivables

(1,290,460)

2,229,304

(Increase) / Decrease in amounts due from related parties

(306,008)

(129,731)

(Increase) / Decrease in other financial assets

16,521

(47,386)

Increase / (Decrease) in trade and other payables

(743,712)

192,252

Increase / (Decrease) in amounts due to related parties

359,849

(331,211)

Cash generated from / (used in) operating activities

(1,734,482)

2,191,907

Interest paid

(709,161)

(646,848)

Gratuity paid

(12,927)

(51,170)

Net cash generated from / (used in) operating activities

(2,456,570)

1,493,889

Cash Flow from investing activities

Purchase of property plant and equipment

(206,601)

(98,217)

Interest received

116,817

12,981

Net cash generated from / (used in) investing activities

(89,784)

(85,236)

Cash flow from financing activities

Repayment of long term loans

(200,100)

-

Loans obtained / (paid) during the period (Net)

1,757,544

288,167

Net cash generated from / (used in) financing activities

1,557,444

288,167

Net Increase / (Decrease) in cash and cash equivalents

(988,910)

1,696,820

Cash and cash equivalent at the beginning of the period

4,789,706

2,593,673

Cash and cash equivalent at the end of the period

3,800,796

4,290,493

Analysis of cash and cash equivalents

Cash in hand and bank / short term investments

5,436,117

5,108,152

Bank overdrafts

(1,635,321)

(817,659)

3,800,796

4,290,493

Note : All values in Rupees '000s, unless otherwise stated

Figures in brackets indicate deductions The above figures are subject to audit

NOTES TO THE FINANCIAL STATEMENTS
  1. Corporate Information

    Colombo Dockyard PLC, is a public limited company incorporated and domiciled in Sri Lanka and listed in Colombo Stock Exchange.

    Company Subsidiaries are :

    Dockyard General Engineering Services (Pvt) Ltd - Sri Lanka Dockyard Total Solutions(Pvt) Ltd

    Ceylon Shipping Agency (Pte) Ltd - Singapore

    The interim financial statements of the Group and the Company for the three months period ended 31 March 2025 were authorized for issue by the board of directors on May 16, 2025

  2. Basis Of Preparation

    The condensed consolidated interim financial statements have been prepared in accordance with Sri Lanka Accounting Standards - LKAS 34 Interim Financial reporting.

    Certain comparative figures have been re-classified to conform with the current year's presentation

  3. Borrowing Cost, contingencies, capital and other commitments

    As per the LKAS 23 (Borrowing cost) interest costs amounting to Rs 87.82 Mn (2024 1 Q - Rs 71.86 Mn) which was related to shipbuilding projects (qualifying assets) were charged to the cost of sales.

  4. Contingencies, capital and other commitments

    Detailed disclosure has been made in the annual audited Financial Statement, Which will be published in due course

  5. Post balance sheet events

    There have been no events subsequent to the Balance Sheet date, which require disclosures in or adjustment to Financial Statements , other than information related to item No 06

  6. Current Status of the Company

Latest update on the current status of the Company has been publish via a public announcement made through Colombo Stock Exchange on 5th May 2025.

NOTES TO THE FINANCIAL STATEMENTS Cont.,

  1. Share Information

    1. MARKET PRICES RECORDED DURING THE QUARTER ENDED 31 MARCH

      2025 2024

      RS. Rs.

      Highest market price per share 83.30 59.90

      Lowest market price per share 61.10 48.00

      Last traded price 79.70 48.10

      Closing market price per share 79.20 48.60

    2. DERECTORS SHAREHOLDING AS AT 31 MARCH 2025

      No

      NAME OF DIRECTOR

      NO. OF SHARES

      1

      Mr. G A D L H Ganlath

      578

      2

      Mr. C Sarath W De Costa

      Nil

      3

      Mr. T S Godakumbura

      Nil

      4

      Mr. V G L A Jayawardane

      Nil

      5

      Mr. D L Nihal (resigned w.e.f 24.02.2025)

      Nil

      6

      Mr. C.C Wickramathilake

      1000

      7

      Mr. C A M Jayamaha

      Nil

    3. TOTAL NUMBER OF SHARES

As at 31.03.2025

71,858,924

As at 31.03.2024

71,858,924

06.4 PUBLIC SHAREHOLDING PRECENTAGE AS AT 31.03.2025

48.94%

Compliant with CSE Listing Rule 7.13.1 (¡) under option 1 - Float adjusted market capitalization

2,785,497,185

06.5 NUMBER OF PUBLIC SHAREHOLDERS AS AT 31.03.2025

5,054

06.6 TWENTY (20) MAJOR SHAREHOLDERS AS AT 31.03.2025

NO

NAME

NO. OF SHARES

%

1

ONOMICHI DOCKYARD COMPANY LIMITED

36,648,051

51.00

2

EMPLOYEE'S PROVIDENT FUND

11,744,009

16.34

3

SRI LANKA INSURANCE CORPORATION LTD-GENERAL FUND

3,592,998

5.00

4

SRI LANKA INSURANCE CORPORATION LTD-LIFE FUND

3,536,548

4.92

5

SRI LANKA PORTS AUTHORITY

2,186,191

3.04

6

EMPLOYEES TRUST FUND BOARD

1,736,660

2.42

7

MR. R.C.D. DE SILVA

906,443

1.26

8

BANK OF CEYLON NO. 1 ACCOUNT

797,625

1.11

9

MR. D.G. WIJEMANNA

779,315

1.09

10

FINCO HOLDINGS (PRIVATE) LIMITED

523,661

0.73

11

MRS. T.T.A. DE SILVA WEERASOORIA

508,194

0.71

12

SEYLAN BANK PLC/KARAGODA LOKU GAMAGE UDAYANANDA

377,884

0.53

13

MR. B.T. DE S WEERASOORIA

285,836

0.40

14

SEYLAN BANK PLC/ANUJA CHAMILA JAYASINGHE

222,787

0.31

15

LANKA MILK FOODS (CWE) LIMITED

219,948

0.31

16

BANK OF CEYLON-NO2 A/C (BOC PTF)

200,000

0.28

17

MR. V.K. SANGAKKARA

181,534

0.25

18

SAMPATH BANK PLC / ARUMAPURAGE PETER LASANTHA FERNANDO

180,000

0.25

19

HARNAM HOLDINGS SDN BHD

160,000

0.22

20

E.W. BALASURIYA & CO. (PVT) LTD ACC NO 01

159,123

0.22

NOTES TO THE FINANCIAL STATEMENTS

Cont.,

07. SEGMENTAL INFORMATION

07.1 Segment revenue

For the three months ended 31st March

2025

2024

Group

Company

Group

Company

Shipbuilding

2,652,086

2,652,086

2,796,356

2,796,356

Ship repairing

3,488,595

3,488,595

4,140,353

4,140,353

Heavy engineering

792,034

397,047

309,712

4,816

Material sales and other services

141,123

-

159,068

-

Total

7,073,838

6,537,728

7,405,489

6,941,525

07.2 Segment results

For the three months ended 31st March

2025

2024

Group

Company

Group

Company

Shipbuilding

(628,352)

(721,095)

(863,312)

(879,637)

Ship repairing

1,187,027

1,177,820

1,188,253

1,169,789

Heavy engineering

126,659

127,007

44,422

2,511

Material sales and other services

42,463

-

53,282

-

Total

727,797

583,732

422,645

292,663

* Segment results have been stated up to

the Gross Profit Level

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