C W Mackie : Quarterly Financial Report as of 30-06-2022

C. W. MACKIE PLC

INTERIM REPORT

PERIOD ENDED 30th JUNE 2022

9th August 2022

C. W. Mackie PLC

Statement of Profit or Loss and Other Comprehensive Income

Group

For the	Three months ended 30thJune
	2022	2021	Variance
	Rs. 000's			Rs. 000's	%
	(Unaudited)			(Unaudited)
Revenue	4,386,727	2,808,667	56.19
Cost of sales	(3,384,578)		(2,421,673)	39.76
Gross profit	1,002,149	386,994	158.96
Other operating income	58,363	48,180	21.14
Distribution expenses	(225,623)	(137,339)	64.28
Administrative expenses	(220,002)		(160,312)	37.23
Results from operating activities	614,887	137,523	347.12
Finance income	12,117	4,733	156.01
Finance costs	(107,838)		(30,255)	256.43
Net financing costs	(95,721)		(25,522)	275.05
Share of joint venture's loss	(50,203)	(20,688)	142.67
Profit before taxation	468,963	91,313	413.58
Income tax expense	(84,800)		(23,900)	254.81
Profit for the period	384,163	67,413	469.86
Total comprehensive income for the period	384,163	67,413
Profit attributable to:
Equity holders of the parent company	385,071	65,008
Non-controlling interests	(908)	2,405
Profit for the period	384,163		67,413
Total comprehensive income/(expense) attributable to:
Equity holders of the parent company	385,071	65,008
Non-controlling interests	(908)	2,405
Total comprehensive income/(expense) for the period	384,163		67,413
Basic earnings per share (Rupees)	10.70	1.81

Figures in brackets indicate deductions.

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C. W. Mackie PLC

Statement of Profit or Loss and Other Comprehensive Income

Company

For the	Three months ended 30thJune
	2022	2021	Variance
	Rs. 000's		Rs. 000's	%
	(Unaudited)		(Unudited)
Revenue	4,004,731	2,536,064	57.91
Cost of sales	(3,100,103)		(2,193,970)	41.30
Gross profit	904,628	342,094	164.44
Other operating income	57,091	40,825	39.84
Distribution expenses	(217,379)	(130,768)	66.23
Administrative expenses	(196,490)		(134,707)	45.86
Results from operating activities	547,850	117,444	366.48
Finance income	23,146	8,008	189.04
Finance costs	(91,818)		(24,815)	270.01
Net financing costs	(68,672)		(16,807)	308.59
Share of joint venture's loss	(50,203)	(20,688)	142.67
Profit before taxation	428,975	79,949	436.56
Income tax expense	(84,800)		(23,900)	254.81
Profit for the period	344,175	56,049	514.06
Total comprehensive income for the period	344,175	56,049
Profit attributable to:
Equity holders of the parent company	344,175	56,049
Profit for the period	344,175		56,049
Total comprehensive income attributable to:
Equity holders of the parent company	344,175	56,049
Total comprehensive income for the period	344,175		56,049
Basic earnings per share (Rupees)	9.56	1.56

Figures in brackets indicate deductions.

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C. W. Mackie PLC

Statement of Financial Position

	Group			Company
				31st March				31st March
As at	30th June			30th June
	2022			2022		2022	2022
	Rs.000's		Rs.000's		Rs.000's		Rs.000's
	(Unaudited)		(Audited)		(Unaudited)		(Audited)
Assets
Non-current assets
Property, plant and equipment	1,753,062			1,757,724		659,596	666,353
Right of use assets	66,909			74,979		66,729	74,692
Investment property	761,805			766,995		8,386	9,582
Intangible assets	10,053			10,735		9,959	10,634
Investments in subsidiaries	-			-		931,518	931,518
Investment in joint venture	113,344			163,547		113,344	163,547
Deferred tax asset	9,395			9,395		-		-
Total non-current assets	2,714,568			2,783,375		1,789,532	1,856,326
Current assets
Inventories	3,034,297			2,080,664		2,777,876	1,851,311
Trade and other receivables	3,108,476			3,231,376		2,752,634	2,946,267
Related party receivables	50,123			15,120		177,346	133,150
Interest bearing short term loan to related parties	116,206			111,302		116,206	111,302
Cash and cash equivalents	101,934			181,752		59,112		132,940
	6,411,036			5,620,214		5,883,174		5,174,970
Total assets	9,125,604			8,403,589		7,672,706	7,031,296
Equity and liabilities
Equity
Stated capital	507,047			507,047		507,047	507,047
Capital reserves	8,734			8,734		14,909	14,909
Revaluation reserve	738,118			738,118		209,305	209,305
Revenue reserves	2,441,392			2,056,321		2,736,149		2,391,974
Equity attributable to equity holders of the Company	3,695,291			3,310,220		3,467,410	3,123,235
Non-controlling interests	327,614			328,522		-		-
Total equity	4,022,905			3,638,742		3,467,410	3,123,235
Liabilities
Non-current liabilities
Interest bearing long term borrowings	203,646			239,995		78,454	78,454
Lease payable after one year	47,981			52,154		45,840	52,154
Retirement benefit obligation	51,309			50,233		21,400	22,100
Deferred income	621			706		-	-
Deferred tax liability	335,607			336,731		131,271		131,272
Total non-current liabilities	639,164			679,819		276,965	283,980
Current liabilities
Deferred income	338			338		-	-
Current portion of long term borrowings	87,315			65,769		21,546	21,546
Lease payable within one year	24,026			24,232		24,026	24,026
Interest bearing short term borrowings	2,072,553			2,066,793		1,948,553	1,920,793
Income tax payable	116,774			107,672		117,304	108,000
Trade and other payables	1,855,875			1,235,965		1,629,282	1,056,268
Related party payables	125,527			388,613		68,816	331,888
Bank overdrafts	181,127			195,646		118,804		161,560
Total current liabilities	4,463,535			4,085,028		3,928,331		3,624,081
Total Liabilities	5,102,699			4,764,847		4,205,296		3,908,061
Total equity and liabilities	9,125,604			8,403,589		7,672,706	7,031,296
Net asset value per share (Rs.)	102.68			91.98		96.35	86.78
Note : The above figures are subject to audit.

I certify that the financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Signed

C. Welengoda

General Manager - Group Finance

The Board of Directors are responsible for preparation and presentation of these financial statements.

Signed	Signed
H. D. S Amarasuriya	A. M. de S. Jayaratne
Director	Director
9th August 2022

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C. W. Mackie PLC

Statement of Changes in Equity - Group

For the period ended 30th June 2022		Attributable to equity holders of the parent company
	Stated	Capital	Revaluation	General	Retained	Total	Non-controlling	Total
	capital	reserves	reserve	reserve	earnings		interests	equity
	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's
Balance as at 1st April 2021	507,047	8,734	353,485	7,000	1,723,573	2,599,839	333,790	2,933,629
Total comprehensive income for the period
Net profit/(loss) for the period	-	-	-	-	65,008	65,008	2,405	67,413
Other comprehensive income, net of tax	-	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	-	65,008	65,008	2,405	67,413
Balance as at 30th June 2021
507,047	8,734	353,485	7,000	1,788,581	2,664,847	336,195	3,001,042
Balance as at 1st April 2021	507,047	8,734	738,118	7,000	2,049,321	3,310,220	328,522	3,638,742
Total comprehensive income for the period
Net profit for the period	-	-	-	-	385,071	385,071	(908)	384,163
Other comprehensive income, net of tax	-	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	-	385,071	385,071	(908)	384,163
Balance as at 30th June 2022	507,047	8,734	738,118	7,000	2,434,392	3,695,291	327,614	4,022,905

Figures in brackets indicate deductions.

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