Colombo Dockyard PLC
"…An Odyssey of Excellence…"
Interim Financial Report
For the Twelve Months Period Ended 31 December 2024
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarter ended 31 December | Year Ended 31 st December | |||||
2024 | 2023 | Variance % | 2024 | 2023 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 6,711,810 | 7,029,283 | -4.52% | 25,554,381 | 36,167,621 | -29.34% |
Cost of Sales | (5,367,511) | (11,173,828) | 51.96% | (24,631,543) | (42,491,260) | 42.03% |
Gross Profit | 1,344,299 | (4,144,545) | 132.44% | 922,838 | (6,323,639) | 114.59% |
Other Income | (326,033) | 1,644,725 | -119.82% | 643,289 | 478,425 | 34.46% |
Distribution Expenses | (13,477) | (27,971) | 51.82% | (94,734) | (84,854) | -11.64% |
Administrative Expenses | (1,112,711) | (1,253,080) | 11.20% | (3,840,162) | (3,899,855) | 1.53% |
Other Operating Income / (Expenses) | 18,170 | 635,730 | -97.14% | 16,273 | (1,204,740) | 101.35% |
Net Finance Income / (Expenses) | (723,471) | (549,787) | -31.59% | (2,171,994) | (2,385,146) | 8.94% |
Profit / (Loss) before Tax | (813,223) | (3,694,928) | 77.99% | (4,524,490) | (13,419,809) | 66.28% |
Income Tax Expense | (47,161) | 2,461,800 | -101.92% | 2,034,929 | 2,413,382 | -15.68% |
Profit / (Loss) for the period | (860,384) | (1,233,128) | 30.23% | (2,489,561) | (11,006,427) | 77.38% |
Other Comprehensive Income | ||||||
Revaluation of free hold land/ Dry Dock and Machinery | 49,631 | 19,549.00 | 6,989,930 | 8,719,549 | ||
Fair Value Change of instruments valued at FVOCI | 26,951 | (309) | (994) | (309) | ||
Foreign Currency Translation Differences - Foreign Operations | (21,359) | 14,515 | (49,304) | (41,327) | ||
Defined benefit plan actuarial gains / (losses) | (50,605) | 160,010 | (50,605) | 160,010 | ||
Differed Tax on Other Comprehensive Income / (Expenses) | 292 | (2,663,868) | (2,081,798) | (2,663,868) | ||
Other Comprehensive Income For The Period - Net of Taxes | 4,910 | (2,470,103) | 4,807,229 | 6,174,055 | ||
Total Comprehensive Income for The Period | (855,474) | (3,703,231) | 2,317,668 | (4,832,372) | ||
Profits Attributable to : | ||||||
Owners of The Company | (859,271) | (1,233,301) | (2,488,303) | (11,023,635) | ||
Non - Controlling Interest | (1,113) | 173 | (1,258) | 17,208 | ||
Profit for the period | (860,384) | (1,233,128) | (2,489,561) | (11,006,427) | ||
Total Comprehensive Income Attributable to : | ||||||
Equity holders of the parent | (871,534) | (3,710,212) | 2,343,085 | (4,829,533) | ||
Non - Controlling Interest | (11,885) | 6,981 | (25,417) | (2,839) | ||
Total Comprehensive Income for The Period | (883,419) | (3,703,231) | 2,317,668 | (4,832,372) | ||
Earnings per share (Rs) | (11.96) | (17.16) | (34.63) | (153.41) | ||
Note : Figures in brackets indicate deductions | ||||||
The above figures are subject to audit |
01. Colombo Dockyard PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31st December | 2024 | 2023 |
ASSETS | Rs,'000 | Rs,'000 |
Non-Current Assets | 20,772,357 | |
Property, Plant and Equipment | 13,955,597 | |
Intangible Assets | 2,945 | 17,224 |
Right - of - Use asset | 229,306 | 244,962 |
Investments Classified as Fair Value through OCI | 21,574 | 22,568 |
Differed Tax Assets | 15,014 | 15,014 |
Other Financial Assets Including Derivatives | 499,711 | 420,474 |
Total Non-Current Assets | 21,540,907 | 14,675,839 |
Current Assets | 3,589,274 | |
Inventories | 3,716,313 | |
Trade and Other Receivables | 11,813,507 | 16,304,826 |
Other Financial Assets Including Derivatives | 205,529 | 197,623 |
Cash and Cash Equivalents | 6,743,729 | 4,430,580 |
Total Current Assets | 22,352,039 | 24,649,342 |
Total Assets | 43,892,946 | 39,325,181 |
EQUITY AND LIABILITIES | 714,396 | |
Stated Capital | 714,396 | |
Exchange Equalisation Reserve | 75,922 | 101,067 |
Fair Value through OCI Reserve | 20,844 | 21,838 |
Retained Earnings | (6,378,556) | (3,854,830) |
Revaluation Reserves | 10,996,634 | 6,103,684 |
Equity Attributable to Equity Holders of the Parent | 5,429,240 | 3,086,155 |
Non Controlling Interest | 179,206 | 204,623 |
Total Equity | 5,608,446 | 3,290,778 |
Non-Current Liabilities | 7,457,850 | |
Interest Bearing Borrowings | 3,000,000 | |
Differed Tax Liability | 211,018 | 211,018 |
Lease liability | 192,906 | 160,967 |
Employee Benefits | 1,374,002 | 1,308,865 |
Total Non-Current Liabilities | 9,235,776 | 4,680,850 |
Current Liabilities | ||
Interest Bearing Borrowings | 21,210,067 | 20,850,998 |
Trade and Other Payables | 6,289,452 | 8,572,386 |
Lease liability | 83,010 | 41,376 |
Income Tax Payable | 95,939 | 67,648 |
Dividends Payable | 10,484 | 10,487 |
Bank Overdrafts | 1,359,772 | 1,810,658 |
Total current Liabilities | 29,048,724 | 31,353,553 |
Total Equity and Liabilities | 43,892,946 | 39,325,181 |
Net Assets per share (Rs) | 75.55 | 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.) G A D L H Ganlath | (Sgd,) Thimira. S Godakumbura |
Chairman | Managing Director / CEO |
March 06, 2025 Colombo |
02. Colombo Dockyard PLC
STATEMENT OF CHANGES IN EQUITY - GROUP
For the year 31st December | Retained | Fair Value | Exchange | Revaluation | Non | |||
Stated Capital | Through OCI | fluctuation | Total | Controlling | Total Equity | |||
earnings | Reserve | |||||||
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 | - | (2,488,303) | - | - | - | (2,488,303) | (1,258) | (2,489,561) |
Other Comprehensive Income | - | (50,605) | (994) | (25,145) | 6,989,930 | 6,913,186 | (24,159) | 6,889,027 |
Differed Tax on Other Comprehensive Income/(Expense) | - | 15,182 | - | - | (2,096,980) | (2,081,798) | - | (2,081,798) |
Dividend Paid | - | - | - | - | - | - | - | - |
As at 31 December 2024 | 714,396 | (6,378,556) | 20,844 | 75,922 | 10,996,634 | 5,429,240 | 179,206 | 5,608,446 |
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 | - | (11,023,635) | - | - | - | (11,023,635) | 17,208 | (11,006,427) |
Other Comprehensive Income | - | 112,007 | (309) | (21,280) | - | 90,418 | (20,047) | 70,371 |
Revaluation Reserves | - | - | - | - | 8,719,549 | 8,719,549 | - | 8,719,549 |
Differed Tax on Land Re-Valuation | - | - | - | - | (2,615,865) | (2,615,865) | - | (2,615,865) |
Dividends Paid | - | - | - | - | - | - | - | - |
As at 31December 2023 | 714,396 | (3,854,830) | 21,838 | 101,067 | 6,103,684 | 3,086,155 | 204,623 | 3,290,778 |
03. Colombo Dockyard PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31st December | 2024 | 2023 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | (4,524,490) | |
Net Profit Before Tax | (13,419,809) | |
Adjustment for ; | 728,600 | |
Depreciation of Property, Plant & Equipment | 552,683 | |
Amortisation of Revalution Reserve | (178,402) | - |
Amortisation of Intangible Assets | 14,329 | 17,463 |
Provision for Retirement Benefit Obligations | 218,600 | 312,258 |
Provision / (reversal) for Bad and Doubtful Debts | (28,115) | 5,801 |
Bad Debts Written-off | - | 133,422 |
Provision / (reversal) for Obsolete Stocks | (16,318) | 98,627 |
(Profit) / Loss on Disposal of Property, Plant and Equipment | (7,395) | (4,389) |
Provision for /(Reversal) of Warranty Provision | (11,028) | 46,119 |
Foreign Exchange (Gain) / Loss (Unrealized) | - | 16,991 |
Net Change in Fair Value of Financial Instruments | (993) | (311) |
Interest expense on lease | 38,855 | 29,216 |
Amortization of right -of-use assets | 65,340 | 95,985 |
Amortization of prepaid staff benefits | 39,825 | 31,939 |
Interest Income | (328,101) | (254,401) |
Dividend Income | (24) | - |
Interest Expense | 2,808,539 | 2,649,774 |
Operating Profit Before Working Capital Changes | (1,180,778) | (9,688,632) |
(Increase) / Decrease in Inventories | 143,357 | 1,726,516 |
(Increase) / Decrease in Trade and Other Receivables | 4,437,986 | 4,517,994 |
Increase / (Decrease) in Trade and Other Payables | (2,183,400) | (4,103,706) |
Increase / (Decrease) in Amounts Due to Related Parties | - | (2,738,537) |
(10,286,365) | ||
Interest Paid | (2,719,356) | (2,649,774) |
Gratuity Paid | (210,076) | (78,035) |
Income tax / ESC Set-Off | (13,805) | (18,320) |
Net Cash Generated from / (used in) Operating Activities | (1,726,072) | (13,032,494) |
Cash Flow from Investing Activities | (439,367) | |
Purchase of Property Plant and Equipment | (435,519) | |
Proceeds From Disposal of Property Plant and Equipment | 7,633 | 4,749 |
Interest Received | 269,478 | 314,246 |
Staff loans granted during the year | (325,463) | (316,095) |
Staff loans Recovered during the year | 238,320 | 213,132 |
Net Proceeds on Maturity of FVTPL Financial Assets | - | 65,770 |
Dividends Received | 24 | - |
Cash Flow from Financing Activities | (113,333) | |
Long terms loans Obtained (Repay) during The Period | 3,000,000 | |
Payment of Lease Liability | (77,434) | (65,773) |
Short terms loans Obtained (Repay) during The Period | 4,930,252 | (2,371,967) |
Dividends Paid | (3) | (28) |
Net Cash Generated from / (used in) Financing Activities | 4,739,482 | 562,232 |
Net Increase / (Decrease) in Cash and Cash Equivalents | 2,764,035 | (12,623,979) |
Cash and Cash Equivalent at the Beginning of the period | 2,619,922 | 15,243,901 |
Analysis of Cash and Cash Equivalents | 6,743,729 | |
Cash in Hand and Bank / Short Term Investments | 4,430,580 | |
Bank Overdrafts | (1,359,772) | (1,810,658) |
5,383,957 | 2,619,922 |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
04. Colombo Dockyard PLC
STATEMENT OF COMPREHENSIVE INCOME - COMPANY
Quarter ended 31 December | Year Ended 31 st December | |||||
2024 | 2023 | Variance % | 2024 | 2023 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 6,140,463 | 6,544,749 | -6.18% | 23,695,589 | 33,068,504 | -28.34% |
Cost of Sales | (5,148,315) | (10,791,901) | 52.29% | (23,416,592) | (40,030,522) | 41.50% |
Gross Profit | 992,148 | (4,247,152) | 123.36% | 278,997 | (6,962,018) | 104.01% |
Other Income | (312,720) | 1,649,219 | -118.96% | 630,356 | 479,700 | 31.41% |
Distribution Expenses | (15,094) | (32,042) | 52.89% | (85,269) | (80,047) | -6.52% |
Administrative Expenses | (937,878) | (1,144,860) | 18.08% | (3,296,330) | (3,421,186) | 3.65% |
Other Operating Income / (Expenses) | 18,170 | 636,268 | -97.14% | 16,273 | (1,204,202) | 101.35% |
Net Finance Income / (Expenses) | (726,119) | (544,218) | -33.42% | (2,173,465) | (2,390,474) | 9.08% |
Profit / (Loss) before Tax | (981,493) | (3,682,785) | 73.35% | (4,629,438) | (13,578,227) | 65.91% |
Income Tax (Expense) / Reversal | (292) | 2,451,136 | -100.01% | 2,081,798 | 2,451,136 | -15.07% |
Profit / (Loss) for the period | (981,785) | (1,231,649) | 20.29% | (2,547,640) | (11,127,091) | 77.10% |
Other Comprehensive Income | ||||||
Revaluation of free hold land/ Dry Dock and Machinery | 49,631 | (684,786) | 6,989,930 | 8,015,214 | ||
Fair Value Change of instruments valued at FVOCI | (994) | 311 | (994) | 311 | ||
Defined benefit plan actuarial gains / (losses) | (50,605) | 155,238 | (50,605) | 155,238 | ||
Differed Tax on Other Comprehensive Income / (Expenses) | 292 | (2,451,136) | (2,081,798) | (2,451,136) | ||
Other Comprehensive Income For the Period - Net of Taxes | (1,676) | (2,980,373) | 4,856,533 | 5,719,627 | ||
Total Comprehensive Income for The Period | (983,461) | (4,212,022) | 2,308,893 | (5,407,464) | ||
Earnings per share (Rs) | (13.66) | (17.14) | (35.45) | (154.85) |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
05. Colombo Dockyard PLC
STATEMENT OF FINANCIAL POSITION - COMPANY
As at 31st December | 2024 | 2023 |
Rs,'000 | Rs,'000 | |
ASSETS | ||
Non-Current Assets | 19,443,770 | |
Property, Plant and Equipment | 12,626,310 | |
Investment Property | 2,865 | 2,865 |
Intangible Assets | 2,530 | 16,278 |
Right - of - Use asset | 240,356 | 242,270 |
Investments In Subsidiaries | 14,658 | 13,652 |
Investments Classified as Fair Value through OCI | 21,574 | 22,568 |
Other Financial Assets Including Derivatives | 493,657 | 412,226 |
13,336,169 | ||
Current Assets | 3,054,545 | |
Inventories | 3,243,803 | |
Trade and Other Receivables | 10,071,456 | 14,036,585 |
Other Financial Assets Including Derivatives | 201,759 | 192,750 |
Amounts Due from Related Parties | 167,874 | 935,269 |
Cash and Cash Equivalents | 6,149,478 | 4,304,315 |
Total Current Assets | 19,645,112 | 22,712,722 |
Total Assets | 39,864,522 | 36,048,891 |
EQUITY AND LIABILITIES | 714,396 | |
Stated Capital | 714,396 | |
Fair Value through OCI Reserve | 21,464 | 22,458 |
Retained Earnings | (8,457,125) | (5,874,062) |
Revaluation Reserves | 10,503,600 | 5,610,650 |
Total Equity | 2,782,335 | 473,442 |
Non-Current Liabilities | 7,457,850 | |
Interest Bearing Borrowings | 3,000,000 | |
Lease liability | 127,508 | 160,052 |
Employee Benefits | 1,330,333 | 1,272,743 |
Current Liabilities | 21,210,067 | |
Interest Bearing Borrowings | 20,850,998 | |
Trade and Other Payables | 5,201,001 | 6,848,307 |
Lease liability | 83,010 | 31,728 |
Other Financial Liabilities Including Derivatives | 1,006 | 1,751 |
Amounts due to Related Parties | 301,156 | 1,688,741 |
Dividends Payable | 10,484 | 10,487 |
Bank Overdrafts | 1,359,772 | 1,710,642 |
Total current Liabilities | 28,166,496 | 31,142,654 |
Total Equity and Liabilities | 39,864,522 | 36,048,891 |
Net Assets per share (RS) | 38.72 | 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.) G A D L H Ganlath | (Sgd,) Thimira. S Godakumbura |
Chairman | Managing Director / CEO |
March 06, 2025 Colombo |
06. Colombo Dockyard PLC
STATEMENT OF CHANGES IN EQUITY - COMPANY
Stated Capital | Retained Earnings | Fair Value Through | Revaluation | Total | |
For the year 31st December | OCI Reserves | Reserve | |||
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 | - | (2,547,640) | - | - | (2,547,640) |
Other Comprehensive Income | - | (50,605) | (994) | 6,989,930 | 6,938,331 |
Differed Tax on Other Comprehensive Income/(Expense) | - | 15,182 | - | (2,096,980) | (2,081,798) |
Dividends Paid | - | - | - | - | - |
As at 31 December 2024 | 714,396 | (8,457,125) | 21,464 | 10,503,600 | 2,782,335 |
As at 1 January 2023 | 714,396 | 5,144,363 | 22,147 | - | 5,880,906 |
Net Profit / (Loss) for the Period | - | (11,127,091) | - | - | (11,127,091) |
Other Comprehensive Income | - | 108,666 | 311 | - | 108,977 |
Revaluation Reserves | - | - | - | 8,015,214 | 8,015,214 |
Differed Tax on Land Re-Valuation | - | - | - | (2,404,564) | (2,404,564) |
Dividends Paid | - | - | - | - | - |
As at 31December 2023 | 714,396 | (5,874,062) | 22,458 | 5,610,650 | 473,442 |
07. Colombo Dockyard PLC
COMPANY CASH FLOW STATEMENT
For the year ended 31st December | 2024 | 2023 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | (4,629,438) | |
Net Profit Before Tax | (13,578,227) | |
Adjustment for ; | 653,688 | |
Depreciation of Property, Plant & Equipment | 471,891 | |
Amortisation of Revalution Reserve | (178,402) | - |
Amortisation of Intangible Assets | 13,749 | 16,737 |
Provision for Retirement Benefit Obligations | 216,932 | 301,006 |
Provision / (reversal) for Bad and Doubtful Debts | (28,331) | (6,573) |
Bad Debts Written-off | - | 133,422 |
Provision / (reversal) for Obsolete Stocks | (16,318) | 105,449 |
Provision for /(Reversal) of Warranty Provision | (11,028) | 52,948 |
Net Change in Fair Value of Financial Instruments | (993) | (1,750) |
Amortization of Corporate Guarantees | (745) | (2,795) |
Interest expense on lease | 27,810 | 24,301 |
Amortization of right -of-use assets | 53,588 | 52,414 |
Amortization of prepaid staff benefits | 39,825 | 30,758 |
Interest Income | (319,558) | (245,151) |
Dividend Income | (24) | - |
Interest Expense | 2,807,638 | 2,642,082 |
Operating Profit Before Working Capital Changes | (1,371,607) | (10,003,488) |
(Increase) / Decrease in Inventories | 205,576 | 1,790,749 |
(Increase) / Decrease in Trade and Other Receivables | 4,006,074 | 4,896,585 |
(Increase) / Decrease in Amounts Due From Related Parties | 767,395 | (503,910) |
Increase / (Decrease) in Trade and Other Payables | (1,675,514) | (4,111,298) |
Increase / (Decrease) in Amounts Due to Related Parties | (1,387,585) | (2,171,077) |
Cash Generated from / (used in) Operating Activities | 544,339 | (10,102,439) |
Interest Paid | (2,718,455) | (2,642,082) |
Gratuity Paid | (209,947) | (73,626) |
Net Cash Generated from / (used in) Operating Activities | (2,384,063) | (12,818,147) |
Cash Flow from Investing Activities | (349,313) | |
Purchase of Property Plant and Equipment | (412,922) | |
Interest Received | 260,935 | 304,996 |
Staff loans granted during the year | (325,358) | (313,795) |
Staff loans Recovered during the year | 234,918 | 209,332 |
Dividends Received | 24 | - |
Net Cash Generated from / (used in) Investing Activities | (178,794) | (212,389) |
Cash Flow from Financing Activities | (113,333) | |
Long terms loans Obtained (Repay) during The Period | 3,000,000 | |
Short terms loans Obtained (Repay) during The Period | 4,930,252 | (2,371,967) |
Payment of Lease Liability | (58,026) | (54,134) |
Dividends Paid | (3) | (28) |
Net Cash Generated from / (used in) Financing Activities | 4,758,890 | 573,871 |
Net Increase / (Decrease) in Cash and Cash Equivalents | 2,196,033 | (12,456,665) |
Cash and Cash Equivalent at the Beginning of the period | 2,593,673 | 15,050,338 |
Cash and Cash Equivalent at the end of the period | 4,789,706 | 2,593,673 |
Analysis of Cash and Cash Equivalents | 6,149,478 | |
Cash in Hand and Bank / Short Term Investments | 4,304,315 | |
Bank Overdrafts | (1,359,772) | (1,710,642) |
4,789,706 | 2,593,673 |
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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