C W Mackie : Quarterly Financial Report as of 31 03 2024

C. W. MACKIE PLC

INTERIM REPORT

YEAR ENDED 31st MARCH 2024

21st May 2024

C. W. Mackie PLC

Statement of Profit or Loss and Other Comprehensive Income

Group

For the

Three months ended 31st March

Year ended 31st March

Revenue

Cost of sales

Gross profit

Other operating income

Distribution expenses

Administrative expenses

Results from operating activities

Finance income

Finance costs

Net financing costs

Share of joint venture's profit/(loss)

Profit before taxation

Income tax expense

Profit for the year

Other comprehensive income, net of income tax

Actuarial gain/(loss) on defined benefit plans Share of other comprehensive expense of equity accounted investee

Related taxes on other comprehensive income

Other comprehensive income for the year, net of tax

Total comprehensive income for the year

Profit attributable to:

Equity holders of the parent company

Non-controlling interests

Profit for the year

Total comprehensive income attributable to: Equity holders of the parent company Non-controllinginterests

Total comprehensive income for the year

2024

Rs. 000's (Unaudited)

5,007,662

(4,288,268)

719,394

47,377

(205,850)

(261,336)

299,585

7,076

(142,845)

(135,769)

(23,872)

139,944

38,907

178,851

(74,658)

(1,839)

(16,999)

(93,496)

85,355

182,458

(3,607)

178,851

93,839

(8,484)

85,355

2023	Variance	2024
Rs. 000's	%		Rs. 000's
(Restated)			(Unaudited)
5,208,445	(3.85)	19,387,928
(4,318,596)	(0.70)	(16,631,837)
889,849	(19.16)	2,756,091
56,662	(16.39)	207,049
(208,931)	(1.47)	(935,830)
(354,622)	(26.31)	(1,004,125)
382,958	(21.77)	1,023,185
(38,400)	(118)	21,363
(204,067)	(30.00)	(543,385)
(242,467)	(44.01)	(522,022)
53,163	(144.90)	1,002
193,654	(27.74)	502,165
(42,681)	(191.16)	(83,128)
150,973	18.47	419,037
1,858		(74,658)
1,866		(1,839)
(73,969)			(16,999)
(72,111)			(93,496)
78,862		325,541
155,870		416,062
(4,897)		2,975
150,973		419,037
84,632		327,443
(5,770)		(1,902)
78,862		325,541

2023 Variance

Rs. 000's % (Restated)

19,207,748 0.94

(15,347,619)8.37

3,860,129 (28.60)

226,837 (8.72)

(888,492) 5.33

(1,051,509) (4.51)

2,146,965 (52.34)

13,454 58.79

(668,856) (18.76)

(655,402) (20.35)

(165,413) 100.61

1,326,150 (62.13)

(332,123) (74.97)

994,027 (57.84)

1,858

1,866

(73,969)

(70,245)

923,782

969,934

24,093

994,027

900,562

23,220

923,782

Basic earnings per share (Rupees) Dividend per share (Rupees)

Figures in brackets indicate deductions.

5.07	4.33	11.56	26.95
-	-	12.00	10.00

1

C. W. Mackie PLC

Statement of Profit or Loss and Other Comprehensive Income

Company

For the

Three months ended 31st March

Year ended 31st March

Revenue

Cost of sales

Gross profit

Other operating income

Distribution expenses

Administrative expenses

Results from operating activities

Finance income

Finance costs

Net financing costs

Share of joint venture's profit/(loss)

Profit before taxation

Income tax expense

Profit for the year

Other comprehensive income, net of income tax

Actuarial gain/(loss) on defined benefit plans Share of other comprehensive expense of equity accounted investee

Related taxes on other comprehensive income

Other comprehensive income for the year, net of tax

Total comprehensive income for the year

Profit attributable to:

Equity holders of the parent company

Non-controlling interests

Profit for the year

Total comprehensive income attributable to: Equity holders of the parent company

Total comprehensive income for the year

2024

Rs. 000's (Unaudited)

4,526,784

(3,853,858)

672,926

43,492

(195,481)

(228,032)

292,905

6,795

(124,918)

(118,123)

(23,872)

150,910

28,699

179,609

(58,138)

(1,839)

(17,441)

(77,418)

102,191

179,609

-

179,609

102,191

102,191

2023	Variance	2024
Rs. 000's	%		Rs. 000's
(Restated)			(Unaudited)
4,759,525	(4.89)	17,949,440
(3,954,999)	(2.56)	(15,369,777)
804,526	(16.36)	2,579,663
39,590	9.86	255,540
(197,569)	(1.06)	(894,619)
(340,184)	(32.97)	(893,405)
306,363	(4.39)	1,047,179
5,044	34.71	15,047
(209,056)	(40.25)	(482,555)
(204,012)	(42.10)	(467,508)
53,163	(144.90)	1,002
155,514	(2.96)	580,673
1,332	2054.58	(80,001)
156,846	14.51	500,672
(387)		(58,138)
1,866		(1,839)
(17,510)			(17,441)
(16,031)			(77,418)
140,815		423,254
156,846		500,672
-		-
156,846		500,672
140,815		423,254
140,815		423,254

2023 Variance

Rs. 000's % (Restated)

17,478,659 2.69

(14,048,327)9.41

3,430,332 (24.80)

203,617 25.50

(845,941) 5.75

(967,848) (7.69)

1,820,160 (42.47)

44,001 (65.80)

(615,454) (21.59)

(571,453) (18.19)

(165,413) 100.61

1,083,294 (46.40)

(273,468) (70.75)

809,826 (38.18)

(387)

1,866

(17,510)

(16,031)

793,795

809,826

-

809,826

793,795

793,795

Basic earnings per share (Rupees) Dividend per share (Rupees)

4.99	4.36	13.91	22.50
-	-	12.00	10.00

Figures in brackets indicate deductions.

2

C. W. Mackie PLC

Statement of Financial Position

As at

Assets

Non-current assets

Property, plant and equipment

Right of use assets

Investment property

Intangible assets

Investments in subsidiaries

Investment in joint venture

Deferred tax asset

Total non-current assets

Current assets

Inventories

Trade and other receivables Related party receivables

Interest bearing short term loan to related parties Cash and cash equivalents

Total assets

Equity and liabilities

Equity

Stated capital

Capital reserves

Revaluation reserve

Revenue reserves

Equity attributable to equity holders of the Company

Non-controlling interests

Total equity

Liabilities

Non-current liabilities

Interest bearing long term borrowings

Lease payable after one year

Retirement benefit obligation

Deferred income

Deferred tax liability

Total non-current liabilities

Current liabilities

Deferred income

Current portion of long term borrowings

Lease payable within one year

Interest bearing short term borrowings

Income tax payable

Trade and other payables

Related party payables

Bank overdrafts

Total current liabilities

Total Liabilities

Total equity and liabilities

Net asset value per share (Rs.)

Note : The above figures are subject to audit.

31st March

2024

Rs.000's

(Unaudited)

1,800,326

101,478

637,612

9,477

-

293,163

11,265

2,853,321

2,909,913

4,320,573

24,505

-

38,819

7,293,810

10,147,131

507,047

8,734

664,149

2,639,683

3,819,613

348,863

4,168,476

122,610

70,805

124,188

18,551

278,292

614,446

7,934

57,660

31,941

2,888,673

47,664

1,465,280

630,524

234,533

5,364,209

5,978,655

10,147,131

106.13

Group
31st March		1st April
2023	2022
Rs.000's		Rs.000's
(Restated)		(Restated)

1,816,921 1,757,724

97,856 74,979

659,293 766,995

8,481 10,735

--

• 163,547
  9,3959,395

2,591,946 2,783,375

2,874,190 2,080,664

3,438,779 3,231,376

234,112 15,120

• 111,302
  197,856 181,752

6,744,937 5,620,214

9,336,883 8,403,589

507,047 507,047

8,7348,734

664,149 738,118

2,744,103 2,129,458

3,924,033 3,383,357

351,742 328,522

4,275,775 3,711,879

188,905 239,995

63,815 52,154

50,335 50,233

417706

298,968 263,594

602,440 606,682

288338

52,548 65,769

30,400 24,232

2,152,140 2,066,793

194,659 107,672

1,254,615 1,235,965

556,209 388,613

217,809 195,646

4,458,668 4,085,028

5,061,108 4,691,710

9,336,883 8,403,589

109.0494.01

31st March

2024

Rs.000's

(Unaudited)

658,923

101,478

-

9,432

921,518

293,163

1,870

1,986,384

2,663,003

3,883,054

216,334

-

8,881

6,771,272

8,757,656

507,047

14,909

191,911

2,907,805

3,621,672

-

3,621,672

22,408

70,805

75,334

18,398

-

186,945

7,670

28,752

31,941

2,648,673

54,254

1,267,625

732,510

177,614

4,949,039

5,135,984

8,757,656

100.63

Company
31st March		1st April
2023	2022
Rs.000's		Rs.000's
(Restated)		(Restated)

679,502 666,353

97,856 74,692

4,7839,582

8,408 10,634

921,518 931,518

• 163,547
• -
  1,712,067 1,856,326

2,615,700 1,851,311

3,153,966 2,946,267

264,008 133,150

• 111,302
  161,722 132,940

6,195,396 5,174,970

7,907,463 7,031,296

507,047	507,047
14,909	14,909
191,911	209,305
2,916,414		2,465,111
3,630,281	3,196,372
-		-
3,630,281		3,196,372
59,824	78,454
63,815	52,154
21,301	22,100
-	-
12,026		58,135
156,966		210,843
-	-
20,088	21,546
30,400	24,026
2,022,140	1,920,793
164,695	108,000
1,082,370	1,056,268
640,530	331,888
159,993		161,560
4,120,216		3,624,081
4,277,182		3,834,924
7,907,463	7,031,296

97.3597.35

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

Signed

L. Yatiwella

Chief Financial Officer

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
21st May 2024

3

C. W. Mackie PLC

Statement of Changes in Equity - Group

For the year ended 31st March 2024

			Attributable to equity holders of the Parent Company				Non-		Total
Group	Stated		Capital		Revaluation		General		Retained		Total		controlling
	capital		reserve		reserve		reserve		earnings				interests
	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 31st March 2022	507,047	8,734	738,118	7,000	2,049,321	3,310,220	328,522	3,638,742
Restatement due to error correction
Omission of temporary differences when calculating deferred tax	-	-	-	-	73,137	73,137	-	73,137
Balance as at 1st April 2022
507,047		8,734		738,118		7,000		2,122,458		3,383,357		328,522		3,711,879
Balance as at 1st April 2022 - Restated
507,047	8,734	738,118	7,000	2,122,458	3,383,357	328,522	3,711,879
Total comprehensive income/(expense) for the year
Profit/(loss) for the year	-	-	-	-	969,934	969,934	24,093	994,027
Other comprehensive income, net of tax	-	-	(73,969)	-	4,597	(69,372)	(873)		(70,245)
Total comprehensive income/(expense) for the year	-	-	(73,969)	-	974,531	900,562	23,220	923,782
Contributions by and distributions to equity holders
Dividend	-		-		-		-		(359,886)		(359,886)		-		(359,886)
Total distributions to equity holders	-	-	-	-	(359,886)	(359,886)	-	(359,886)
Balance as at 31st March 2023
507,047		8,734		664,149		7,000		2,737,103		3,924,033		351,742		4,275,775
Balance as at 1st April 2023
507,047	8,734	664,149	7,000	2,737,103	3,924,033	351,742	4,275,775
Total comprehensive income/(expense) for the year
Profit/(loss) for the year	-	-	-	-	416,062	416,062	2,975	419,037
Other comprehensive income/(expense), net of tax	-		-		-		-		(88,619)		(88,619)		(4,877)		(93,496)
Total comprehensive income/(expense) for the year	-	-	-	-	327,443	327,443	(1,902)	325,541
Contributions by and distributions to equity holders
Dividends	-		-		-		-		(431,863)		(431,863)		(977)		(432,840)
Total distributions to equity holders	-	-	-	-	(431,863)	(431,863)	(977)	(432,840)
Balance as at 31st March 2024
507,047	8,734	664,149	7,000	2,632,683	3,819,613	348,863	4,168,476

Figures in brackets indicate deductions.

4

				C. W. Mackie PLC
		Statement of Changes in Equity - Company
For the year ended 31st March 2024
	Company	Stated		Capital		Revaluation		General		Retained		Total
		capital		reserve		reserve		reserve		earnings
		Rs.000's		Rs.000's		Rs.000's		Rs.000's		Rs.000's		Rs.000's
	Balance as at 31st March 2022	507,047	14,909	209,305	7,000	2,384,974	3,123,235
	Restatement due to error correction
	Omission of temporary differences when calculating deferred tax	-	-	-	-	73,137	73,137
	Balance as at 1st April 2022
507,047		14,909		209,305		7,000		2,458,111		3,196,372
	Balance as at 1st April 2022 - Restated
	507,047	14,909	209,305	7,000	2,458,111	3,196,372
	Total comprehensive income for the year
	Profit for the year	-	-	-	-	809,826	809,826
	Other comprehensive expense, net of tax	-		-		(17,394)		-		1,363		(16,031)
	Total comprehensive income for the year	-	-	(17,394)	-	811,189	793,795
	Contributions by and distributions to equity holders
	Dividend	-		-		-		-		(359,886)		(359,886)
	Total distributions to equity holders	-	-	-	-	(359,886)	(359,886)
	Balance as at 31st March 2023
507,047		14,909		191,911		7,000		2,909,414		3,630,281
	Balance as at 1st April 2023
	507,047	14,909	191,911	7,000	2,909,414	3,630,281
	Total comprehensive income/(expense) for the year
	Profit for the year	-	-	-	-	500,672	500,672
	Other comprehensive income/(expense), net of tax	-		-		-		-		(77,418)		(77,418)
	Total comprehensive income/(expense) for the year	-	-	-	-	423,254	423,254
	Contributions by and distributions to equity holders
	Dividends	-		-		-		-		(431,863)		(431,863)
	Total distributions to equity holders	-	-	-	-	(431,863)	(431,863)
	Balance as at 31st March 2024
507,047	14,909	191,911	7,000	2,900,805	3,621,672

Figures in brackets indicate deductions.

5

C. W. Mackie PLC

Cash Flow Statement

Group

Company

For the year ended 31 March

Cash flows from operating activities

Profit before taxation

Adjustments for:

Depreciation and amortisation of investment property, intangible assets and property, plant and equipment

Profit on disposal of property, plant and equipment

Share of joint venture's (profit)/loss

Deferred income/revenue on government grant

Provision for retirement benefit obligation

Finance income

Finance costs

Dividend received

Unrealised (profit)/loss on inventory Provision for slow moving inventories Reversal of provision for market returns Provision/(reversal) for impairment of trade receivables Provision for impairment of investment in subsidiary Provision/(reversal) for impairment of receivables from related parties

Operating profit before working capital changes

Changes in working capital

Change in inventories

Change in trade and other receivables

Change in interest bearing short-term loans to related parties Change in trade and other payables

Cash generated from operating activities

Interest paid

Payments to gratuity fund

Income tax paid

Net cash flows from/(used in) operating activities

Cash flows from investing activities Purchase of property, plant and equipment

Proceeds from disposal of property, plant and equipment Proceeds from disposal of investment properties Investment in joint ventures

Dividend received

Net cash flows used in investing activities

Cash flows from financing activities

Repayments of long term borrowings

Short-term borrowings obtained/(repayments)

Lease rental paid

Government grant received

Interest received

Dividend paid

Net cash flows (used in)/from financing activities

Net changes in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at the end of the year

2024

Rs. 000's

502,165

168,218

(3,016)

(1,002)

(15,327)

23,205

(21,363)

507,848

-

1,587

47,161

(2,365)

(22,373)

-

(30,896)

1,153,842

(84,471)

(618,918)

-

287,345

737,798

(480,407)

(23,152)

(270,526)

(36,287)

(91,736)

6,195

-

(294,000)

-

(379,541)

(61,183)

736,533

(64,913)

41,107

21,363

(432,840)

240,067

(175,761)

(19,953)

(195,714)

2023

Rs. 000's

1,326,150

147,863

(12,662)

165,413

(339)

14,846

(13,454)

644,372

-

(1,042)

134,564

(12,400)

16,442

-

30,896

2,440,649

(925,465)

(473,732)

111,302

197,062

1,349,816

(636,220)

(12,886)

(283,731)

416,979

(160,834)

14,017

89,758

-

-

(57,059)

(64,311)

81,002

(36,238)

-

13,454

(359,886)

(365,979)

(6,059)

(13,894)

(19,953)

2024	2023
Rs. 000's	Rs. 000's
580,673	1,083,294
127,019	113,281
(2,973)	(12,534)
(1,002)	165,413
(15,039)	-
15,695	8,708
(15,047)	(44,001)
450,035	556,680
(64,232)	-
-	-
42,688	133,064
(2,365)	(12,400)
(18,768)	16,048

• 10,000
  (30,896) 30,896

1,065,788	2,048,449
(89,991)	(895,870)
(631,753)	(385,500)

• 111,302
  279,600 345,560
  623,644 1,223,941

(422,594)	(548,538)
(19,800)	(9,894)
(221,776)		(280,392)
(40,526)	385,117
(62,991)	(93,664)
5,664	13,889
-	-
(294,000)	-
64,232		-
(287,095)	(79,775)
(28,752)	(20,088)
626,533	97,002
(64,913)	(36,022)
41,107	-
15,047	44,001
(431,863)		(359,886)
157,159	(274,993)
(170,462)	30,349
1,729		(28,620)
(168,733)	1,729

Figures in brackets indicate deductions.

6

C. W. Mackie PLC

Notes to the Interim Financial Statements

1. Segmental Information - Group

Revenue

Segmental Profit

For the year ended 31st March

Commodity trading

Rubber based products manufacturing Industrial products

Consumer goods

Other operating income

Operating overheads

Share of joint venture's profit/(loss)

Finance income

Finance costs

Income tax expense

Profit for the period

2. Basis of Preparation

2024	2023
Rs.000's		Rs.000's
7,086,376	7,198,094
1,280,675	1,682,526
2,946,146	2,805,156
8,074,731		7,521,972
19,387,928	19,207,748

2024

Rs.000's

442,018

105,157

916,181

1,292,735

2,756,091

207,049

(1,939,955)

1,002

21,363

(543,385)

(83,128)

419,037

2023

Rs.000's

958,443

349,722

1,140,446

1,411,518

3,860,129

226,837

(1,940,001)

(165,413)

13,454

(668,856)

(332,123)

994,027

The interim financial statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting and provide the information required by the Listing Rules of the Colombo Stock Exchange.

The interim financial statements for the year ended 31st March 2024, includes "the Company" referring to C. W. Mackie PLC, as the holding Company and "the Group" referring to the companies whose accounts have been consolidated therein.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31st March 2023.

The presentation and classification of the interim financial statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period.

1. Contingent Liabilities and Capital Commitments
   There is no significant change neither in the nature of the contingent liabilities nor in the capital commitments, which were disclosed in the Annual Report for the year ended 31st March 2023.
2. Events After the Reporting Date
   Subsequent to the date of the reporting, no circumstances have arisen that would require adjustment to or disclosure in the interim financial statements.
3. Dividend
   First and final dividend of Rs.12/- per ordinary share amounting to Rs.431,862,672/- for the financial year ended 31st March 2023 authorised for distribution by the Directors was approved by the shareholders of the Company at the Annual General Meeting held on 27th July 2023 and fully paid to the Shareholders on 18th August 2023.
4. Prior year restatements Omission of temporary differences
   Additional provisions were taken into consideration when assessing the deferred tax liability/asset, as a result retained earnings has changed as follows;

	31st March 2023		31st March 2022
	Group		Company		Group		Company
	Rs.000's		Rs.000's		Rs.000's		Rs.000's
Decrease in deferred tax liability	(53,809)		(53,809)		(73,137)		(73,137)
Net increase in retained earnings	53,809	53,809	73,137	73,137

7

C. W. Mackie PLC

Notes to the Interim Financial Statements (Contd.)

7 Share Information

7.1 Twenty Largest Shareholders as at 31st March 2024

		No. of Ordinary
	Name of Shareholder	Shares	%
		(Voting)
1	Lankem Ceylon PLC	16,006,441	44.48
2	Seylan Bank PLC/Senthilverl Holdings (Private) Limited	8,769,422	24.37
3	Union Bank of Colombo PLC/Lankem Ceylon PLC	2,137,526	5.94
4	Sampath Bank PLC / Dr. T. Senthilverl	1,782,575	4.95
5	Pan Asia Banking Corporation PLC /Lankem Ceylon PLC	1,379,285	3.83
6	Acuity Partners (Private) Limited/Union Investments (Private) Limited	950,000	2.64
7	Corporate Holdings (Private) Limited Account No. 1	307,982	0.86
8	Colombo Fort Investments PLC	252,285	0.70
9	Colombo Investment Trust PLC	224,060	0.62
10	Mr. D. N. P. Rathnayake	221,727	0.62
11	Mr. P. P. Anandarajah	155,100	0.43
12	Mr. M. A. Lukmanjee	155,000	0.43
13	Oakley Investments (Private) Limited	153,239	0.43
14	Mr. H. A. R. Pieris	125,000	0.35
15	Mr. A. S. Ratnayake	111,900	0.31
16	Ms. N. Harnam	100,000	0.28
17	Sir F. I. Raheemtoola	90,000	0.25
18	Financial Trust Limited	83,005	0.23
19	The Colombo Fort Land and Building PLC	60,500	0.17
20	Mr. Z. G. Carimjee	60,200	0.17

7.2 Public Holding

Percentage of public holding Number of public shareholders

As at

31st March 2024

11.53%

2,739

1. The float adjusted market capitalisation of the Company as at 31st March 2024 is Rs. 358,643,954/82.
2. The Float adjusted market capitalization of the Company falls under Option 2 of Rule 7.13.1(b) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.
3. Directors' Holding in Shares

	No. of Shares	No. of Shares
Name of Director	As at	As at
	31st March 2024	31st March 2023
H. D. S. Amarasuriya (Chairman/CEO)	500	500
Ms. C. R. Ranasinghe	100	100
A. M. de S. Jayaratne	Nil	Nil
Anushman Rajaratnam	Nil	Nil
S. D. R. Arudpragasam	Nil	Nil
Dr. T. Senthilverl	1,812,840	1,782,575
K. T. A. Mangala Perera	Nil	Nil
Sanjeev Rajaratnam	Nil	Nil
A. Hettiarachchy	Nil	Nil
E. A. A. K. Edirisinghe	Nil	19
C. P. R. Perera	Nil	Nil
H. M. A. Jayesinghe (from 1 February 2024)	Nil	Nil

7.6 Share Price

	3 months to	3 months to
	31st March 2024	31st March 2023
	Rs.	Rs.
Highest Price
98.00	92.00
Lowest Price	83.50	75.00
Last Traded Price	95.00	81.90

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C. W. Mackie PLC

Notes to the Interim Financial Statements (Contd.)

7 Share Information (Cont'd…)

7.7 Stated Capital of the Company represents 35,988,556 ordinary shares.

Signed	Signed
H. D. S Amarasuriya	C. R. Ranasinghe
Chairman/Chief Executive Officer	Director/Company Secretary

Colombo,21st May 2024

REGISTERED OFFICE

36, D. R. Wijewardena Mawatha, Colombo 10.

Telephone : [phone] - 62 Fax: [phone]

E-mail : [e-mail]

website : www.cwmackie.com

DIRECTORS

H. D. S. Amarasuriya, Ms. C. R. Ranasinghe, A. M. de S. Jayaratne

Anushman Rajaratnam, S. D. R. Arudpragasam, Dr. T. Senthilverl, K. T. A. Mangala Perera

Sanjeev Rajaratnam, A. Hettiarachchy, E. A. A. K. Edirisinghe, C. P. R. Perera, H. M. A. Jayesinghe

9