CONVENIENCE FOODS
(LANKA) PLC
INTERIM REPORT
FOR THE 4TH QUARTER ENDED, 31ST MARCH 2025
Interim Report
CORPORATE INFORMATION
NAME OF THE COMPANY
Convenience Foods (Lanka) PLC
COMPANY NUMBER PQ 164
LEGAL FORM
A Public Limited Company listcd on the Colombo Stock Exchange.
INCORPORATION
27th March 1991 in Sri Lanka
REGISTERED OFFICE
No. 555, High Level Road, Makiimhiira, Pannipitiya, Sri Lanka.
BUSINESS ACTIVITY
Manufacturing and Marketing of Textured Vegetable Protein (TVP), Culinary and Other Food Products.
DIRECTORS OF THE COMPANY
Mr. R.S.A. Wickramasingha - Chairman Mr. M.C. Dahanayake - Managing Director Ms. D.S. Wickramasingha - Director
Ms. N.K. Wickramasingha - Director Mr. L.J.M. De Silva - Director
Ms. S. Ratwatte - Director Mr. I. S. Fonseka - Director
Mr. M. Wickremesinghe - Director
AUDITORS
Ernst & Young Sri Lanka, Chartered Accountants,
Rotunda Towers, No. 109, Galle Road, Colombo 03, Sri Lanka.
SECRETARIES
P W Corporate Secretarial (Pvt) Ltd, No.3/17, Kynsey Road,
Colombo 08.
Convenience Foods (Lanka) PLC
REGISTRARS
S S P Corporate Services (Pvt) Ltd, No.101,lnner Flower Road, Colombo 03.
BANKERS
Sampath Bank PLC Nations Trust Bank PLC People's Bank
Commercial Bank of Ceylon PLC Hatton National Bank PLC
State Bank of India
DFCC Bank PLC
Bcnk of Ceylon
National Development Bank PLC Standard Chartered Bank
AUDIT COMMITTEE
Ms. S.T. Ratwatte - Chairperson Mr. I. S. Fonseka
Mr. M.E. Wickremesinghe
REMUNERATION COMMITTEE
Mr. M.E. Wickremesinghe - Chairperson Ms. S.T. Ratwatte
Ms. N.K. Wickramasingha
RELATED PARTY TRANSACTIONS REVIEW COMMITTEE
Mr. I. S. Fonseka - Chairperson Ms. S.T. Ratwatte
Mr. M.E. Wickremesinghe
NOMINATIONS AND GOVERNANCE COMMITTEE
Mr. M.E. Wickremesinghe - Chairperson Ms. S.T. Ratwatte
Ms. N.K. Wickramasingha
INVESTOR RELATIONS OFFICER
Mr. Randika Gamhewage Manager - Financial Reporting Email: randikag.cfZcbllk.com
+94 11 500 3000 Ext. 3062
Interim Report | Convenience Foods (Lanka) PLC
CONVENIENCE FOODS (LANKA) PLC STATEMENT OF COMPREHENSIVE INCOME
For the 03 Months Endcd 31st March
2025 2024 Variance
Rs.
Rs. OO
Revenue | 1,7' J,J27,78 1 | 1,623,167,107 | 10.5 |
Cost of Sales | (1,188,245,950) | (1,092,929,364) | 8.7 |
Gross Profit | rns,os ‹,831 | 530, 237,743 | 14.1 |
Selling and Distribution Expenses | (311,328, 083) | (218,208,374) | 42.7 |
Administrative Expenses | (175,903, 669) | (135,906,026) | 29.4 |
Other Income/ (Expenses) | (4,849,943) | 11,067,573 | -143.8 |
Other Operating Expenses | (7,837) | (59,686, 114) | -100.0 |
Results from Operating Activities | 117.,992,299 | 127,504,80Z | -11.4 |
Finance Income | 42,674,168 | 21,253,123 | 100.8 |
Finance Cost | (7,204,196) | (2,407,691) | 199.2 |
Net Finance Income/ (Cost) | 35,469,972 | 18,845,432 | 88.2 |
Profit Before Tax | 148,462,271 | 146,350, 234 | 1.4 |
Income Tax Expenses | (49, 569,339) | (37,297,982) | 32.9 |
Profit for the Period | 98,892, 932 | 109,052, 252 | -9.3 |
Other Comprehensive Income | |||
Items that w jll not be reclassified subsequently to Profit or | |||
Loss | |||
Actuarial Gain/(Loss) on Retirement Benefit Obligations | (32,868,751) | (7,850,507) | |
Tax on Other Comprehensive Income | 9,860,625 | 2,355,152 | |
Other Comprehensive Income for the Period | (23,008,126) | (5,495,355) | |
Total Comprehensive Income for the Period | 75,884;806"""" | 103,556,897 | "-26,y |
Basic and Diluted Earnings Per Share | 35 96 | 39.66 | |
Figures in brackets indicate deductions. | |||
The above figures are not audited. |
Interim Report | Convenience Foods (Lanka) PLC
CONVENIENCE FOODS (LANKA) PLC STATEMENT OF CO tPREHENSlVE INCOME
For the 12 Months Ended 31st March
2025
2024 Variance
Rs. Rs. %
Revenue | 6,832,724,237 | 6,298,075,059 | 8.5 |
Cost of Sales | (4,451,056, 105) | (4,696,794,797) | -5.2 |
Gross Profit | 2,381,668,132 | 1,601, 280,262 | 48.7 |
Selling and Distribution Expenses | (1,126,395,469) | (841,892,775) | 33.8 |
Administrative Expenses | (464, 156,081) | (327,246,462) | 41.8 |
Other Income/ (Expenses) | 30,163,857 | 29,815,990 | 1.2 |
Other Operating Expenses | (7,837) | (64,477,316) | -100.0 |
Results from Operating Activities | 821,272,602 | 397,479,699 | 106.6 |
Finance Income | 142,263,459 | 40,342,710 | 252.6 |
Finance Cost | (13, 622,9fi4) | (69,fi33,778) | -80. 4 |
Net Finance Income/ (Cost) | 1 28, 640, 505 | (29,191,068) | 540. 7 |
Profit Before Tax | 949,913, 107 | 368,288,631 | 157.9 |
Income Tax Expenses | (303,513,419) | (141,624,421 ) | 114.3 |
Profit for the Period | 646,399, 688 | 226,664,2 J 0 | 185. 2 |
Other Comprehensive Income | |||
Items that will not be reclassified subsequently to Profit or LOSs | |||
Actr›arial Gain/(Loss) on Retirement Benefit Obligations | (32,868,751) | (7,850,507) | |
Tax on Other Comprehensive Income | 9,860,625 | 2,355,152 | |
Other Comprehensive Income for the Period | (23,008, 126) | (5,495,355) | |
Total Comprehensive Income for the Period | 623,391,562 | 221, J 68,855 | 18d.q |
Basic and Diluted Earnings Per Share | 235.05 | 82.42 | |
Figures in brackets indicate deductions. | |||
The above |1gures are not oudited. |
Interim Report | Convenience Foods (Lanka) PLC
CONVENIENCE FOODS (LANKA) PLC STATEMENT OF FINANCIAL POSITION
As at 31.03.2025 Rs. | 31.03.2024 Rs. | ||
A•.sct•. Non Current Assets Property, Plant and Equipment 564,125,018 | 609,256,990 | ||
Right of Use Assets 228,043,909 | 106,115,513 | ||
Intangible Assets 6,650,792 | 5,186,433 | ||
Deferred Tax Asset 1,203,385 | |||
Total Non Current Assets 800,023,104 | 720,558,936 | ||
Current Assets Inventories 634,034,074 | 885,042,049 | ||
Trade and Other Receivables 1,008, 611,884 | 846,fi53,160 | ||
Amounts due from Related Companies 34,960,048 | 25,641,653 | ||
Short Term Fixed Deposits +.027,882,981 | 963,880,860 | ||
Cash and Cash Equivalents 203,984,145 | 128,788,816 | ||
Total Current Assets 3,909,473,13 2 | 2,8 50,306,538 | ||
Total Assets 4,709,496, 236 | 3,570,865,474 | ||
EquiLy aiid LiahiliLie» Equity | |||
Stated Capital | 52,521,178 | 52,521,178 | |
Other Reserves | 41,613,945 | 41,613,945 | |
Retained Earnings | 3,164,905,121 | 2,554,438,559 | |
Total Equity | 3,259,040.244 | 2,648,573,682 | |
Llablltles | |||
Non Current Liabilities | |||
Deferred Tax Liability | 9,870,928 | ||
Lease Liabilities | 227,273,975 | 113,408,973 | |
Retirement Benefit Obligation | 106,978,251 | 91,606,581 | |
Total Non Current Liabilities | 334,252, 226 | 214,886,482 | |
Current Liabilities | |||
Trade and Other Payables | 927,645,604 | 521,349,190 | |
Lease Liabilities | 24,764,361 | 11,756,853 | |
Current Tax Liabilities | 100,889,028 | 66,087,731 | |
Amount due to Related Companies | 62,904,773 | 108,211,536 | |
Total Current Liabilities | 1,116,203,766 | 707,405,3 10 | |
Total Liabilities | I ,450,455,992 | 922,291,792 | |
Total Equity and Liabilities | 4,709,496,236 | 3,570,865,474 | |
Net assets value per share | 1,18 5. 11 | 963.12 | |
It is certified t he Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of
2007.
S. enarathne
Gen al Manager - Finance
he Board of Dir tors is responsibl f r these financial statements. Approve nd signed for and on behalf of the Board;
D. . ic rama ingha Director
Z6th May 2025
The above figures are not audited.
a a ke Managing Director
Interim Report | Convenience Foods (Lanka) PLC
CONVENIENCE FOODS (LANKA) PLC STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST MARCH 2025 | |||||
Stated Capital Rs. | Other ResaI v+•s Rs. | Retained Fri wings Rs. | Total rq«ity Rs. | ||
Balance as at 1st April 2023 | 52,521,179 | 11,613,945 | 2,346,194,704 | 2,440,329,827 | |
Profit for the period | 226,664,210 | 226, 664, 210 | |||
Other Comprehensive income for the year | (5,495,355) | 5,495,355 | |||
Dividend paid for the year 2022/23 | (12,925,000) | (12,925,000) | |||
Balance as at 31st March 2024 | 52,521, 178 | 41,613,945 | 2,554,438,559 | 2, 648,573, 682 | |
Balance as at 1st April 2U24 | b2,b21,176 | 41,613,945 | 2,554,438, 559 | 2,648,573, 682 | |
Profit for the period | 646,399, 688 | 646,399,688 | |||
Uther Comprehensive income tor the ycar | (2J,UUd, 1Z6) | (ZJ,U0d, 1Z5) | |||
Dividend paid for the year 2023/24 | (12,925,000) | (12,925,000) | |||
Balance as at 31st March 2025 | 52,521,178 | 41,613,945 | 3,164,905,121 | 3,259,04O/244 | |
The above figures are not audited.
Interim Repnrt | Ann/enience Foorls (I anka) PLC
CONVENIENCE FOODS (LANKA) PLC STATEJi ENT OF CASH FLOWS
For the 12 JYonths Ended 31st March
2025
Rs.
2024
Rs.
Cash Fluws fi um Opui aLiiig Activirle» | ||
Prufit Before Tax | 949,913,107 | 168,288,631 |
Adjustments for: | ||
Depreciation of Property, Plant and Equipment | 92,779,916 | 93,194,319 |
Amortization of Intangible Assets | 1,657,114 | 1,650,495 |
Depreciation of Right of Use Assets | 25,616,598 | 13,638,273 |
Losses from Disposal of Property, Plant and Equipment | 7,837 | 4,768,806 |
Finance Income | (142,263,459) | (40,342,710) |
Finance Costs | 13,622,954 | 69,533,778 |
(Reversal) / Provision for Impairment of Trade Receivables | (3,889,424) | (2,525,088) |
Provision for Retirement Benefit Obligation | 21,204,652 | 21,237,940 |
Operating Profit before Working Capital Changes | 958,649,295 | 5Z9,444,445 |
Changes in Working Capital | ||
(Increase)/Decrease in Inventories | 251,007,975 | 1,450,578, 143 |
(Increasc)/Deci vase iiJ TiaJe uiiJ Orliei Receivables | (157,769,300) | 738,675,857 |
(Increase)/Decrease in Amount due from Related Companies | (9,318,395) | 18,756,184 |
Ir1cr'ease/(decrease) ›n Amount due to related Companies | {45,306,763) | t23,847,fifi1) |
Increase/(Decrease) in Trade and Other Payables | 406,296,414 | (316,271,398) |
Cash Generated from Operations | 1,403,559, 226 | 2,39 F,335, 236 |
Gratuity Paid | (38,701,733) | (6,664,712) |
Interest Paid | (13,622,954) | (69,533,778) |
Income Tax Paid | (269,92fi,810) | (92,878,560) |
Net Cash Flows from Operating Activities | 1,081,308,729 | 2,228,258,186 |
Cash Flows from Investing Activities | ||
Purchase of Property, Plant and Equipment | (47,655,782) | (87,710,471) |
Purchase of Intangible Assets | (3,121,473) | |
Sales of Property, Plant and Equipments | 96,146 | |
Interest Received | 142,263,459 | 40,342,710 |
Withdrawal of / (Investment in) Fixed Deposits | (1,064,002,121) | (963,880,860) |
Net Cash Flows Used Tn Investing Activities | (972,515,917) | (1,011,152,475) |
Cash Flows from Financing Activities | ||
Dividend Paid | (12,925,000) | (12,925,000) |
Repayment of Lease | (20,672,485) | (7,090,277) |
Repayment of Borrowings | (1,040,000,000) | |
Net Cash Flows Used in Financing Activities | (33,597,485) | (1,060,015,277) |
Net Increase in Cash and Cash Equivalents | 75,195,3 27 | 157,090,434 |
Cash and Cash Equivalents at the Beginning of the Period | 128,788,816 | (28,301,618) |
Cash and Cash Equivalents at the End of the Period | 203,984,143 | 1Z8,788,816 |
Cash in Hand and at Bank | 203,984,145 | 128,788,816 |
Cash and Cash Equivalents at the End of the Period | 203,984,145 | 128,788,816 |
Figures in brackets indicate deductions. The above figures are not audited.
Interim Repon | Convenience Foods (Lankaj PLC
CONVENIENCE FOODS (LANKA) PLC
NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS
The Interim Condensed Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 -Interim Financial Reporting, using the same accounting policies .u methods outlined in the Annual Audited Financial Statements for the year ended 31st March 2024. These Interim Condensed Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31st March 2024. Accordingly, the Interim Report contains notes, comprising significant accounting policies and explanatory information.
These Statements also provide information required by the Colombo Stock Exchange.
Corporate Information
Convemence Foods(Lanka)PLC fthe Companygisengagedinthe manufacturing and marketingofTextured VegetaMe Protein
(TVP), Culinary and other food products.
Convenience Foods (Lanka) PLC is a public limited company incorporated and dui hailed in Sri Lanka and listed in the Colombo Stock Exchange.
Approval of Financial Statements
The interim condensed financial statements of the company for the twelve months period ended 31st March 2025 were authorised for issue by the Board of Directors on 26th May 2025.
Segmental Information
Segmental information is not presented since the company does not have distinguishable components to be identified as a segment as all operations are treated as one segment.
Certain reclassifications have been made to the comparative figures to improve the comparability and fair presentation of these financial statements. These reclassifications have not resulted in Changes to the profit for the quarter or total net assets previously reported as at 31st March 2024.
Significant Unusual Items Affecting Assets, Liabilities, Equity, Net Income or Cash Flows
There were no unusual items affecting the assets, liabilities, equity, net income or cash flows due to their nature, size or incidence for the period ended 31st March 2025.
Events After the Reporting Period
There were no significant events after the reporting period that would require adjustments to or disclosures in these interim financial statements for the period ended 31st March 2025.
Commitments on account of Letters of credit as at 31st March 2025 was Rs. 265,774,074 (31st March 2024: R. 274,555,318.11).Shipping Guarantees as at 31st March 2025 was Nil (3 I st March ?u24: Rs. 91,264,000.00). Imports Bills as at 31st March 2025 was Rs. 20,733,000 (31st March 2024: Nil).
Capital Commitments
There were no significant capital commitments as at reporting date.
Contingencies - Pending Litigations
There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31st March 2024. The presentation and classification of the FinanCial Statements of the previous year have been amended, where relevant, for better presentation and to be comparable wiCh those of the current financial year.
No additional funds were raised by the Entity during the quarter through an Initial Public Offering or the issuance of further securities.
Interim Report | Convenience Foods (Lanka) PLC
CONVENIENCE FOODS (MNM) PLC ADDITIONAL NOTES
12 Mooths Eiidud 31>t 12 ñtuittfts Ended 3 lst ñarch 1uy5 March 2024
Rs. Rs.
Highest price recorded | 1,400.00 | 969.75 | |
Lowest proce recorded | 010.00 | 855.00 | |
Last traded price | 1,278.25 | 920.00 | |
Market capitalisation (Rs. Mn.) | 3.!i15.19 | 2,510.00 | |
2 Names and the Number of Shares held by the 25 Major Shareholders | |||
As At 31st March t025 | |||
No of Shares | % of Holding | ||
1 CBL INVESTMENTS LIMITED | 1,962,977 | 71.38g | |
207,636 | 7.SSL | ||
192,807 | 7.01g | ||
18,570 | 0.688 | ||
14,730 | 0.54g | ||
11,4fIfI | 0.41S | ||
11,111 | 0.40& | ||
10,000 | 0.36& | ||
'/,45J | 0.J4# | ||
10 MR L.H.S. PEIRIS | 9,261 | 0.34g | |
11 MR ru.W. AMARATUNGA | 8,677 | 0.32 | |
12 MR E.D.K. WEERASURIYA {I MR S. WEERASURIYA | 8,169 | 0.IIIA | |
JI AS*ETLINE FINANCE LIMITED/I.S.GURUSINC›IIE | 7,494 | 0.27# | |
14 MR R.J.S. JAYAMAHA | 7,000 | 0.25& | |
J5 MRS. D.R. COSTA | u,P10 | 0.258 | |
16 MR Z.G. CARIMJEE | 6,867 | 0.258 | |
17 MR A.J. RUMY | 6,400 | 0.23& | |
18 MRS M.M. UDESHI | 6,000 | 0.2ZS | |
19 MR. M.D.C.P.K. GUNATHILAKE/MRS. R.B.J. TIRANAGAMA | 5,000 | 0.185 | |
20 MR. M.M.N. KUMAR | 4,866 | 0. T8¥ | |
21 DR S. YAODEHIGE | 4,798 | 0. JZS | |
22 DAWI INVESTMENT TRUST (PVT) LTD | 4,329 | 0.16g | |
23 MR U.C. BANDARANAYAKE 6 MRS L. BANDARANAYAKE LAKMALI | 4,023 | 0.15g | |
24 MR. N.K. FLEMMING | 4,000 | 0.15g | |
25 PEOPLE'S LEASING ft FINANCE PLC/MR. IRESH SRIDAS GURUSINGHE | 3,888 | 0.14g | |
Sub total | 2,536,384 | 92.23% | |
Others | 213,616 | 7.77% | |
Issued Capital | 2.750,000 | 100.00% | |
There were no non voting shares as at 31st March 2025. | |||
Mr. R.S.A. Wickramasingha - Chairman | Nil | ||
Mr. M.C. Dahanayake - Managing Oirector | I'di! | ||
Ms. D.S. Wickramasingha - Director | Nil | ||
Ms. N.K. Wickramasingha - Director | Nil | ||
//r. L.J.M. De Silva - Director | Nil | ||
Ms. S.T. Ratwatte - Director | Nil | ||
Mr. I. S. Fonseka - Director | Nil | ||
fifir. ñt.E. Wickremesinghe - Director | Nil |
4 PUblic holding percentage as at 31st March 2025 was 28.62% and comprised of 1,75J Shareholders.
6 The Float adjusted market capTtalzation of the company falls under Option 5 of Rule 7.13.1 (i) (a) of the Listing rules of the COlombo Stock Exchange and the company has complied with the minimum public holding requirement applicable under said option.