Ceylon Cold Stores : Interim Financial Statements as @ 30th September 2022

Ceylon Cold Stores PLC

Interim Financial Statements

30th September 2022

		CEYLON COLD STORES PLC (PQ4)										1
		No. 117, Sir Chittampalam A Gardiner Mawatha
		Colombo 02
		INTERIM CONDENSED FINANCIAL STATEMENTS
		CONSOLIDATED INCOME STATEMENT
					Quarter ended 30 September	Six months ended 30 September
				Notes	2022	2021	Change %	2022	2021	Change %
		Continuing Operations
		Goods transferred at a point in time			31,910,906		17,735,439	80	62,224,468		35,882,335	73
		Total Revenue from contracts with customers			31,910,906		17,735,439	80	62,224,468		35,882,335	73
		Cost of sales			(28,920,372)		(16,216,849)	78	(55,857,067)		(32,773,157)	70
		Gross profit			2,990,534		1,518,590	97	6,367,401		3,109,178	105
		Other operating income			498,332	294,029	69	1,007,296	738,086	36
		Selling and distribution expenses			(914,756)	(765,602)	19	(1,901,724)	(1,485,725)	28
		Administrative expenses			(1,012,666)	(750,067)	35	(1,914,987)	(1,476,432)	30
		Other operating expenses			(40,991)	(42,664)	(4)	(141,798)	(79,591)	78
		Results from operating activities			1,520,453		254,286	498	3,416,188		805,516	324
		Finance cost		7	(1,082,425)		(515,241)	110	(1,776,480)		(973,987)	82
		Finance income		7	35,136		17,544	100	49,793		33,719	48
		Net Finance cost			(1,047,289)	(497,697)	110	(1,726,687)	(940,268)	84
		Profit/(loss) before tax			473,164	(243,411)	(294)	1,689,501	(134,752)	(1,354)
		Tax (expense) / credit	6	(36,603)	166,331	(122)	(333,663)	168,908	(298)
		Profit/(loss) for the period			436,561	(77,080)	(666)	1,355,838	34,156	3,870
		Attributable to:
		Equity holders of the parent			436,561	(77,080)	(666)	1,355,838	34,156	3,870
					LKR		LKR		LKR		LKR
		Earnings per share
					0.46	(0.08)		1.43	0.04
		Basic/Diluted
		Dividend per share			-	-		0.33	0.40

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

2

CEYLON COLD STORES PLC (PQ4)

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Quarter ended 30 September	Six months ended 30 September
		2022	2021			2022	2021
	Profit/ (loss) for the period	436,561	(77,080)			1,355,838	34,156
	Other comprehensive income
	Other comprehensive income not to be reclassified to income
	statement in subsequent periods
	Net gain/(loss) on equity instruments at fair value through other
	comprehensive income	1,109,054		93,135			(621,099)		220,245
	Net other comprehensive income not to be reclassified to income	1,109,054	93,135			(621,099)	220,245
	statement in subsequent periods
	Tax (charge)/credit on other comprehensive income	(110,905)	(9,313)			62,110	(22,024)
	Other comprehensive income/ (loss) for the period, net of tax	998,149	83,822			(558,989)	198,221
	Total comprehensive income for the period, net of tax	1,434,710	6,742			796,849	232,377
	Attributable to:
	Equity holders of the parent	1,434,710	6,742			796,849	232,377
		1,434,710	6,742			796,849	232,377

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

CEYLON COLD STORES PLC (PQ4)		3
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02
INTERIM CONDENSED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at	30.09.2022	31.03.2022
ASSETS
Non-current assets
Property, plant and equipment	25,997,625		25,579,561
Right-of-use-asset	10,359,664		10,103,030
Investment property	317,250		317,250
Intangible assets	2,759,998		2,822,191
Non-current financial assets	7,000,294		7,503,034
Other non-current assets	1,026,610		1,006,726
		47,461,441		47,331,792
Current assets
Inventories	13,382,677		9,074,881
Trade and other receivables	4,401,613		4,269,588
Amounts due from related parties	11,442		3,028
Other current assets	4,407,166		1,510,721
Short-term investments	962,448		-
Cash in hand and at bank	869,795		1,345,397
		24,035,141		16,203,615
Total assets	71,496,582		63,535,407
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Stated capital	918,200		918,200
Revenue reserves	14,105,130		13,312,296
Other components of equity	3,344,333		3,876,658
Total equity	18,367,663		18,107,154
Non-current liabilities
Interest-bearing loans and borrowings	7,985,235		8,307,738
Lease liabilities	10,312,695		9,927,569
Deferred tax liabilities	1,829,521		1,756,840
Employee benefit liabilities	975,254		902,906
Other no	n-current liabilities	92,628		96,183
		21,195,333		20,991,236
Current liabilities
Trade and other payables	14,108,051		12,353,187
Amounts due to related parties	317,145		704,069
Income tax liabilities	298,289		265,955
Short-term borrowings	3,221,820		2,000,000
Interest-bearing loans and borrowings	2,312,618		2,179,283
Lease liabilities	625,650		477,149
Other current liabilities	1,191,779		1,031,908
Bank overdrafts	9,858,234		5,425,466
		31,933,586		24,437,017
Total equity and liabilities	71,496,582		63,535,407
		LKR		LKR
Net assets per share	19.33	19.05

Note : All values are in LKR '000s, unless otherwise stated.

The above figures are not audited.

I certify that the Financial Statements comply with the requirements of the Companies Act No.07 of 2007.

P N Fernando

Chief Financial Officer / Director

The Board of Directors is responsible for these Financial Statements.

D P Gamlath	J G A Cooray
Director	Director
02 November 2022
Colombo

		CEYLON COLD STORES PLC (PQ4)			4
		No. 117, Sir Chittampalam A Gardiner Mawatha
		Colombo 02
		INTERIM CONDENSED FINANCIAL STATEMENTS
		CONSOLIDATED STATEMENT OF CASH FLOWS
		For the six months ended 30 September	Notes	2022	2021
		CASH FLOWS FROM OPERATING ACTIVITIES
		Profit before working capital changes	A	5,436,222			2,557,454
		(Increase) / Decrease in inventories		(4,272,339)			(269,726)
		(Increase) / Decrease in trade and other receivables		(338,457)			739,461
		(Increase) / Decrease in amounts due from related parties		(8,414)			(91,732)
		(Increase) / Decrease in other current assets		(2,837,590)			(371,925)
		Increase / (Decrease) in trade and other payables		1,754,864			(885,387)
		Increase / (Decrease) in amounts due to related parties		(386,924)			162,301
		Increase / (Decrease) in other current liabilities		159,871			(48,210)
		Increase / (Decrease) in other non-current liabilities		(3,555)			(7,227)
		Cash generated from/(used in) operations		(496,322)			1,785,009
		Finance income received		28,320			27,312
		Finance expenses paid		(1,201,336)			(423,279)
		Income tax paid		(166,540)			(187,622)
		Surcharge tax paid*		(248,978)			-
		Employee benefit (Gratuity) paid		(23,688)			(23,394)
		Net cash flow from/(used in) operating activities		(2,108,544)			1,178,026
		CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
		Purchase and construction of property, plant and equipment		(1,590,073)			(2,139,637)
		Purchase of intangible assets		(173,962)			(524,755)
		Proceeds from sale of property, plant and equipment		1,615			2,345
		Net cash flow used in investing activities		(1,762,420)			(2,662,047)
		CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
		Dividend paid to equity holders of parent		(314,012)			(380,160)
		Dividend paid to preference shareholders		(14)			(14)
		Proceeds from interest-bearing loans and borrowings		708,755			1,823,364
		Repayment of interest-bearing loans and borrowings		(897,923)			(850,000)
		Repayment of lease liability		(793,584)			(686,489)
		Proceeds from other financial liabilities (net)		1,221,820			928,897
		Net cash flow from/(used in) financing activities		(74,958)			835,598
		NET DECREASE IN CASH AND CASH EQUIVALENTS		(3,945,922)			(648,423)
		CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD		(4,080,069)			(4,318,822)
		CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		(8,025,991)			(4,967,245)
		ANALYSIS OF CASH AND CASH EQUIVALENTS
		Favourable balances
		Short-term investments		962,448			300,000
		Cash in hand and at bank		869,795			1,122,620
		Unfavourable balances
		Bank overdrafts		(9,858,234)			(6,389,865)
		Total Cash and cash equivalents		(8,025,991)			(4,967,245)

*Actual payments made in 20th April and 20th July 2022

Note : All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.