CARGILLS (CEYLON) PLC
Condensed Interim Financial Statements
For the Six Months Ended
30th September 2023
CONTENTS
Management Review | 01 |
Statement of Profit or Loss and Other Comprehensive Income - Group | 02 |
Statement of Profit or Loss and Other Comprehensive Income - Company | 03 |
Statement of Financial Position | 04 |
Statement of Changes in Equity | 05 |
Statement of Cash Flows | 06 |
Segment Information | 07 |
Explanatory Notes | 08 |
Investor Relations Supplement | 09 |
Corporate Information | IBC |
Management Review
Period ending 30th September 2023
Cargills (Ceylon) PLC is pleased to announce the consolidated financial results for the six months ended 30 September 2023. The Group recorded revenue of Rs. 112,333 Mn (increase of 16% YoY), an operating profit of Rs. 7,667 Mn (increase of 17% YoY) and a Profit Before Tax of Rs. 4,927 Mn (increase of 24% YoY) for the six months ended 30 September 2023. For the three months ended 30 September 2023, the Group recorded a revenue of Rs. 55,580 Mn (increase of 13% YoY), an operating profit of Rs. 3,755 Mn (increase of 7% YoY) and a Profit Before Tax of Rs. 2,431 Mn (increase of 28% YoY).
The period under review saw a noticeable decline in prices of goods and services due to improved local and global supply chain conditions, stability in the exchange rate, and relaxed import restrictions. Inflation has now reached low to mid-single digits, partly a result of the higher statistical base effect from the previous year. Despite a decline in prices, demand has been sluggish and the pickup in volumes have not been significant, indicating the persisting impacts of higher taxes and higher utility and energy prices faced by consumers. Though the easing of monetary policy should support a pickup in consumption, we expect the demand recovery to take further time as prices are expected to see an uptick in the coming months due to planned upward adjustments to the electricity tariffs and the proposed increase of the Value Added Tax (VAT) to 18% from the current 15%. Furthermore, some products which were previously exempt from VAT will be subject to VAT from 1st of January 2024. While some of these steps are necessary to bridge the deficit in the Government's fiscal position, it will pose further challenges to consumers and industry in the coming months. Another revision to electricity prices, which have been revised upwards twice over the last 12 months, will impact the cost of production across industries and add pressure on consumer prices.
The Management took a strategic decision at the start of the Financial Year 2023/24 to withhold any cost increases to the consumer. As a consequence, we have reduced prices of key SKUs and kept prices constant for the remaining SKUs in our FMCG portfolio. This decision has supported a recovery in volumes during Q1 and Q2 across most of the categories in our FMCG brands. Dairy, Food & Beverages, and Processed Meats have seen a pickup in volumes, though Confectionery still lags behind, showing a slow recovery from the steep price increases taken in 2022. Similarly, we have seen transactions grow in our restaurant business, driven by value for money offerings to customers. We are pleased to note that KFC has maintained its position as the most affordable brand within the Quick Service Restaurant sector in Sri Lanka. The Retail sector saw broad-based volume growth across categories during Q2, even though Q1 recorded a volume contraction compared to the previous year.
The Management has focused on driving productivity improvements across the company to mitigate the impacts of rising cost and to pass cost savings to customers. We are pleased to have supported our customers during this challenging period by restricting price increases and remain committed to bringing further improvements to operations to drive efficiency gains, reduce cost, and pass the benefits to the consumer, while improving profitability of the Group.
We have taken a cautiously optimistic approach to expansion during the period under review, due to uncertainty in the operating environment, high borrowing costs, and rising cost pressures. We opened 2 new KFC restaurants during the last six months and plan to add a further 8 more within the Financial Year. KFC currently has 64 restaurants across the country. In Retail, we added 11 new stores during the last six months, including the 2nd Cargills Foodhall at the Havelock City mall to provide customers with a unique gourmet shopping experience. The Cargills Square shopping and entertainment malls in Katubedda and Bandarawela were opened in May and August, respectively, offering new entertainment options for the youth in these regions. The expansions to the cheese plant in Hatton and the smallgoods processing facility in Ja-ela to introduce a new halaal range of products will be commissioned in the coming months, further supporting the growth of our FMCG business. The Group will continue to make selective investments which will strengthen the community, drive value and convenience for consumers, and provide better returns for shareholders.
01
Cargills (Ceylon) PLC
Condensed
Interim
Financial
Statements 30
September
2023
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the three months ended 30 September | For the six months ended 30 September | |||||
Group | Rs. '000 2023 | Rs. '000 2022 | Change % | Rs. '000 2023 | Rs. '000 2022 | Change % |
Revenue | 55,579,889 | 49,206,388 | 12.95 | 112,333,357 | 97,180,892 | 15.59 |
Cost of sales | (49,100,871) | (43,618,025) | (12.57) | (99,304,950) | (86,362,300) | (14.99) |
Gross profit | 6,479,018 | 5,588,363 | 15.94 | 13,028,407 | 10,818,592 | 20.43 |
Other income | 579,229 | 667,812 | (13.26) | 1,126,975 | 1,219,067 | (7.55) |
Distribution expenses | (1,782,841) | (1,630,100) | (9.37) | (3,476,822) | (2,983,503) | (16.53) |
Administrative expenses | (1,520,635) | (1,105,344) | (37.57) | (3,011,668) | (2,526,807) | (19.19) |
Results from operating activities | 3,754,771 | 3,520,731 | 6.65 | 7,666,892 | 6,527,349 | 17.46 |
Finance income | 414,455 | 188,628 | 119.72 | 692,971 | 467,308 | 48.29 |
Finance cost | (1,796,636) | (1,751,900) | (2.55) | (3,533,755) | (2,929,984) | (20.61) |
Net finance costs | (1,382,181) | (1,563,272) | 11.58 | (2,840,784) | (2,462,676) | (15.35) |
Share of profit / (loss) of | ||||||
equity accounted investees, net of tax | 58,386 | (54,320) | 207.49 | 100,664 | (77,474) | 229.93 |
Profit/(loss) before taxation | 2,430,976 | 1,903,139 | 27.74 | 4,926,772 | 3,987,199 | 23.56 |
Income tax expense | (857,139) | (507,549) | (68.88) | (1,656,346) | (1,040,503) | (59.19) |
Profit/(loss) after tax before dividend tax expense | 1,573,837 | 1,395,590 | 12.77 | 3,270,426 | 2,946,696 | 10.99 |
Tax effect of dividends paid to equity holders | - | (210,044) | 100.00 | (386,517) | (210,044) | (84.02) |
Profit/(loss) for the period | 1,573,837 | 1,185,546 | 32.75 | 2,883,909 | 2,736,652 | 5.38 |
Other comprehensive income (OCI) | ||||||
Items that will not be reclassified to profit or loss | ||||||
Share of other comprehensive income | ||||||
in equity accounted investee, net of tax | 123,654 | 1,812 | 185,724 | (24,488) | ||
Net change in fair value of FVOCI financial assets | 1,744 | 57,671 | (8,843) | 68,059 | ||
Other comprehensive income for the | ||||||
period, net of tax | 125,398 | 59,483 | 176,881 | 43,571 | ||
Total comprehensive income for the period | 1,699,235 | 1,245,029 | 3,060,790 | 2,780,223 | ||
Profit attributable to : | ||||||
Equity shareholders of the parent | 1,607,522 | 1,192,586 | 2,930,959 | 2,748,291 | ||
Non controlling interest | (33,685) | (7,040) | (47,050) | (11,639) | ||
Profit/(loss) for the period | 1,573,837 | 1,185,546 | 2,883,909 | 2,736,652 | ||
Total comprehensive income attributable to: | ||||||
Equity shareholders of the parent | 1,732,920 | 1,252,069 | 3,107,840 | 2,791,862 | ||
Non controlling interest | (33,685) | (7,040) | (47,050) | (11,639) | ||
Total comprehensive income for the period | 1,699,235 | 1,245,029 | 3,060,790 | 2,780,223 | ||
Basic Earnings per share (Rs.) | 6.24 | 4.63 | 11.37 | 10.67 | ||
Diluted Earnings per share (Rs.) | 6.24 | 4.63 | 11.37 | 10.67 | ||
Explanatory notes are given on page 8.
02
Cargills (Ceylon)
PLC
Condensed
Interim Financial
Statements 30
September 2023
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the three months ended 30 September | For the six months ended 30 September | |||||
Company | Rs. '000 2023 | Rs. '000 2022 | Change % | Rs. '000 2023 | Rs. '000 2022 | Change % |
Revenue | - | 161 | (100.00) | 8,194 | 11,308 | (27.54) |
Cost of sales | (261) | (408) | 36.03 | (8,244) | (11,311) | 27.12 |
Gross profit | (261) | (247) | (5.67) | (50) | (3) | (1,566.67) |
Other income | 636,994 | 1,970,653 | (67.68) | 3,458,093 | 2,388,749 | 44.77 |
Administrative expenses | (515,381) | (420,194) | (22.65) | (1,034,273) | (792,305) | (30.54) |
Results from operating activities | 121,352 | 1,550,212 | (92.17) | 2,423,770 | 1,596,441 | 51.82 |
Finance income | 417,385 | 207,934 | 100.73 | 699,975 | 348,953 | 100.59 |
Finance cost | (555,346) | (412,426) | (34.65) | (1,015,228) | (681,942) | (48.87) |
Net finance costs | (137,961) | (204,492) | 32.53 | (315,253) | (332,989) | 5.33 |
Profit/(loss) before taxation | (16,609) | 1,345,720 | (101.23) | 2,108,517 | 1,263,452 | 66.89 |
Income tax expense | (65,804) | (59,820) | (10.00) | (62,199) | (34,432) | (80.64) |
Profit/(loss) after tax before dividend tax expense | (82,413) | 1,285,900 | (106.41) | 2,046,318 | 1,229,020 | 66.50 |
Tax effect of dividends paid to equity holders | - | (175,034) | 100.00 | - | (175,034) | 100.00 |
Profit/(loss) for the period | (82,413) | 1,110,866 | (107.42) | 2,046,318 | 1,053,986 | 94.15 |
Other comprehensive income (OCI) | ||||||
Items that will not be reclassified to profit or loss | ||||||
Net change in fair value of FVOCI financial assets | 1,744 | 57,671 | (8,843) | 68,059 | ||
Other comprehensive income for the |
03
Cargills (Ceylon)
PLC
Condensed
Interim Financial
Statements 30
September 2023
period, net of tax | 1,744 | 57,671 | (8,843) | 68,059 |
Total comprehensive income for the period | (80,669) | 1,168,537 | 2,037,475 | 1,122,045 |
Basic Earnings per share (Rs.) | (0.32) | 4.31 | 7.94 | 4.09 |
Diluted Earnings per share (Rs.) | (0.32) | 4.31 | 7.94 | 4.09 |
Explanatory notes are given on page 8.
STATEMENT OF
FINANCIAL
POSITION
Explanatory notes are given on page 8.
I certify that the financial statements have been prepared in accordance with the requirements of the Companies Act No. 7 of 2007.
(Signed.)
Dilantha Jayawardhana
Executive Director
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Signed on behalf of the Board
(Signed.) | (Signed.) |
Ranjit Page | Imtiaz Abdul Wahid |
Deputy Chairman / Group Managing
Group CEO
Director / Deputy CEO
01 November 2023
Colombo
GROUP | COMPANY | |||
As at | 30 September 2023 | 31 March 2023 | 30 September 2023 | 31 March 2023 |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Assets | ||||
Non-current assets | ||||
Property, plant and equipment | 45,713,818 | 46,922,982 | 3,434,867 | 3,461,947 |
Right of use asset | 21,456,044 | 20,641,258 | 977,354 | 1,016,611 |
Investment property | 9,906,433 | 7,342,566 | 3,297,596 | 3,293,903 |
Intangible assets | 1,546,097 | 1,582,713 | 127,116 | 145,907 |
Investment in subsidiaries | - | - | 5,975,269 | 5,960,269 |
Investment in equity accounted investees | 4,650,649 | 4,364,261 | 4,717,843 | 4,717,843 |
Other financial assets | 1,561,100 | 1,569,942 | 1,560,619 | 1,569,461 |
Prepayment on leasehold land and buildings | - | 200,912 | - | - |
Biological assets | 23,789 | 23,873 | - | - |
Deferred tax assets | 36,521 | 27,829 | - | - |
Total non-current assets | 84,894,451 | 82,676,336 | 20,090,664 | 20,165,941 |
Current assets | ||||
Inventories | 21,144,230 | 22,872,826 | - | 7,646 |
Biological assets | 71,771 | 33,681 | - | - |
Trade and other receivables | 12,285,811 | 9,851,088 | 1,113,285 | 683,722 |
Amounts due from related companies | 420,875 | 391,668 | 5,344,244 | 4,007,984 |
Other financial assets | 128,304 | 119,667 | - | - |
Cash and cash equivalents | 8,795,468 | 4,841,416 | 570,648 | 7,933 |
Total current assets | 42,846,459 | 38,110,346 | 7,028,177 | 4,707,285 |
Total assets | 127,740,910 | 120,786,682 | 27,118,841 | 24,873,226 |
Equity | ||||
Stated capital | 6,841,068 | 6,841,068 | 6,841,068 | 6,841,068 |
Reserves | 6,700,112 | 6,708,955 | 359,470 | 368,313 |
Retained earnings | 14,453,593 | 13,527,172 | 4,527,531 | 4,671,475 |
Total equity attributable to equity holders of the company | 27,994,773 | 27,077,195 | 11,728,069 | 11,880,856 |
Non-controlling interest | 3,793,562 | 3,840,612 | - | - |
Total equity | 31,788,335 | 30,917,807 | 11,728,069 | 11,880,856 |
Liabilities | ||||
Non-current liabilities | ||||
Interest bearing loans and borrowings | 2,822,611 | 4,114,873 | 1,814,569 | 2,789,844 |
Lease liability | 23,299,527 | 22,921,256 | 932,438 | 962,697 |
Deferred tax liability | 1,125,897 | 1,337,651 | 475,528 | 484,151 |
Capital grants | - | 4,493 | - | - |
Employee benefit liabilities | 1,981,519 | 1,833,667 | 788,257 | 726,702 |
Total non-current liabilities | 29,229,554 | 30,211,940 | 4,010,792 | 4,963,394 |
Current liabilities | ||||
Trade and other payables | 25,079,427 | 27,936,283 | 408,810 | 564,587 |
Current tax liabilities | 6,258,354 | 5,954,905 | 352,017 | 417,017 |
Amounts due to related companies | 77,738 | 6,407 | 73,415 | 1,286 |
Dividend payable | 101,278 | 78,673 | 101,278 | 78,673 |
Interest bearing loans and borrowings | 33,807,936 | 24,342,847 | 10,396,969 | 6,932,669 |
Lease liability | 1,398,288 | 1,337,820 | 47,491 | 34,744 |
Total current liabilities | 66,723,021 | 59,656,935 | 11,379,980 | 8,028,976 |
Total liabilities | 95,952,575 | 89,868,875 | 15,390,772 | 12,992,370 |
Total equity and liabilities | 127,740,910 | 120,786,682 | 27,118,841 | 24,873,226 |
Net Assets value per share (Rs.) | 108.64 | 105.08 | 45.51 | 46.11 |
04
Cargills (Ceylon) PLC
Condensed
Interim
Financial
Statements 30
September
2023
STATEMENT OF CHANGES IN EQUITY
Group | Stated | Capital | Revaluation | FVOCI | Employee | Retained | Non- | Total |
Capital | Reserve | Reserve | Reserve | Share Option | Earnings | Controlling | ||
Rs. '000 | Rs. '000 | Reserve | Interest | |||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Balance as at 1 April 2022 | 6,841,068 | 7,928 | 7,013,019 | 7,965 | 72,482 | 11,552,781 | 3,626,272 | 29,121,515 |
Charges relating to surcharge tax | - | - | - | - | (1,067,152) | (1,367) | (1,068,519) | |
Adjusted balance as at 1 April 2022 | 6,841,068 | 7,928 | 7,013,019 | 7,965 | 72,482 | 10,485,629 | 3,624,905 | 28,052,996 |
Profit for the period | - | - | - | - | - | 2,748,291 | (11,639) | 2,736,652 |
Other comprehensive income | - | - | - | 68,059 | - | (24,488) | - | 43,571 |
Total comprehensive income | - | - | - | 68,059 | - | 2,723,803 | (11,639) | 2,780,223 |
Transactions with owners of the company, recognised directly in equity | ||||||||
Dividends | - | - | - | - | - | (1,288,389) | - | (1,288,389) |
Balance as at 30 September 2022 | 6,841,068 | 7,928 | 7,013,019 | 76,024 | 72,482 | 11,921,043 | 3,613,266 | 29,544,830 |
Balance as at 1 April 2023 | 6,841,068 | 7,928 | 6,649,336 | 51,691 | - | 13,527,172 | 3,840,612 | 30,917,807 |
Profit for the period | - | - | - | - | - | 2,930,959 | (47,050) | 2,883,909 |
Other comprehensive income | - | - | - | (8,843) | - | 185,724 | - | 176,881 |
Total comprehensive income | - | - | - | (8,843) | - | 3,116,683 | (47,050) | 3,060,790 |
Transactions with owners of the company, recognised directly in equity | ||||||||
Dividends | - | - | - | - | - | (2,190,262) | - | (2,190,262) |
Balance as at 30 September 2023 | 6,841,068 | 7,928 | 6,649,336 | 42,848 | - | 14,453,593 | 3,793,562 | 31,788,335 |
Company | Stated | Revaluation | FVOCI | Employee | Retained | Total | ||
Capital | Reserve | Reserve | Share Option | Earnings | ||||
Rs. '000 | Rs. '000 | Reserve | ||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||||
Balance as at 1 April 2022 | 6,841,068 | 420,431 | 6,364 | 72,482 | 5,261,395 | 12,601,740 | ||
Profit for the period | - | - | - | - | 1,053,986 | 1,053,986 | ||
Other comprehensive income | - | - | 68,059 | - | - | 68,059 | ||
Total comprehensive income | - | - | 68,059 | - | 1,053,986 | 1,122,045 | ||
Transactions with owners of the company, recognised directly in equity | ||||||||
Dividends | - | - | - | - | (1,288,389) | (1,288,389) | ||
Balance as at 30 September 2022 | 6,841,068 | 420,431 | 74,423 | 72,482 | 5,026,992 | 12,435,396 | ||
Balance as at 1 April 2023 | 6,841,068 | 318,430 | 49,883 | - | 4,671,475 | 11,880,856 | ||
Profit for the period | - | - | - | - | 2,046,318 | 2,046,318 | ||
Other comprehensive income | - | - | (8,843) | - | - | (8,843) | ||
Total comprehensive income | - | - | (8,843) | - | 2,046,318 | 2,037,475 | ||
Transactions with owners of the company, recognised directly in equity | ||||||||
Dividends | - | - | - | - | (2,190,262) | (2,190,262) | ||
Balance as at 30 September 2023 | 6,841,068 | 318,430 | 41,040 | - | 4,527,531 | 11,728,069 |
05
Cargills (Ceylon) PLC
Condensed
Interim
Financial
Statements 30
September
2023
STATEMENT OF CASH FLOWS
GROUP | COMPANY | |||
For the six months ended 30 September | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 |
Cash flows from operating activities | ||||
Profit before taxation | 4,926,772 | 3,987,199 | 2,108,517 | 1,263,452 |
Adjustments for: | ||||
Depreciation on property, plant and equipment | 2,259,634 | 1,891,514 | 35,033 | 33,252 |
Employee benefits | 191,662 | 198,464 | 89,169 | 82,720 |
Amortisation of intangible assets | 70,687 | 54,936 | 21,429 | 2,081 |
Amortisation of right of use assets | 998,735 | 1,031,052 | 39,257 | 39,781 |
Amortisation of deferred income | (4,493) | (5,741) | - | - |
Gain on sale of property, plant and equipment | (844) | (916) | - | (488) |
Dividend income | (1,750) | (1,070) | (2,192,012) | (1,466,375) |
Impairment of inventories | 13,985 | 10,162 | - | - |
Impairment of trade receivables | 11,193 | 11,370 | - | - |
Net finance costs | 2,840,784 | 2,462,676 | 315,253 | 332,989 |
Share of (profit) / loss on equity accounted investees, net of tax | (100,664) | 77,474 | - | - |
Operating profit before working capital changes | 11,205,701 | 9,717,120 | 416,646 | 287,412 |
Changes in working capital | ||||
- (Increase) / decrease in inventories | 1,714,611 | (7,952,856) | 7,646 | 10,796 |
- (Increase) / decrease in trade and other receivables | (2,445,916) | (1,793,071) | (429,563) | (266,765) |
- (Increase) / decrease in related company receivables | (29,207) | (28,882) | (1,336,260) | (1,305,175) |
- Increase / (decrease) in trade and other payables | (2,837,625) | (575,794) | (155,779) | (223,600) |
- Increase / (decrease) in related company payables | 71,331 | (1,659) | 72,129 | (15,338) |
Cash generated from/(used in) operations | 7,678,895 | (635,142) | (1,425,181) | (1,512,670) |
Income taxes paid | (1,959,863) | (476,173) | (135,822) | (33,639) |
Surcharge tax paid | - | (1,068,519) | - | - |
Interest paid | (2,526,905) | (1,964,598) | (987,392) | (654,306) |
Retiring gratuity paid | (43,810) | (37,840) | (27,614) | (13,420) |
Net cash generated from/(used in) operating activities | 3,148,317 | (4,182,272) | (2,576,009) | (2,214,035) |
Cash flows from investing activities | ||||
Acquisition and construction of property, plant and equipment | (2,201,074) | (4,540,854) | (7,953) | (63,404) |
Acquisition and construction of investment property | (1,212,379) | (348,186) | (3,693) | (1,131) |
Acquisition of intangible assets | (34,071) | (139,808) | (2,638) | (118,095) |
Interest income received | 692,014 | 467,308 | 699,975 | 277,508 |
Dividend received | 1,750 | 1,070 | 2,192,012 | 1,466,375 |
Investment in subsidiaries | - | - | (15,000) | - |
Proceeds from disposal of property, plant and equipment | 872 | 6,272 | - | 5,806 |
Purchase of biological assets | (38,006) | - | - | - |
(Addition) / disposal to other financial assets | (8,637) | 892,400 | - | - |
Net cash generated from/(used in) investing activities | (2,799,531) | (3,661,798) | 2,862,703 | 1,567,059 |
Cash flows from financing activities | ||||
Net proceeds from/(repayment of) short term borrowings | 8,342,167 | 8,998,675 | 3,580,000 | 2,740,000 |
Net proceeds from/(repayment of) long term borrowings | (2,281,451) | (2,044,818) | (975,546) | (975,000) |
Lease payments | (2,399,904) | (1,622,932) | (45,347) | (38,393) |
Dividend paid | (2,167,657) | (1,274,132) | (2,167,657) | (1,274,132) |
Net cash generated from financing activities | 1,493,155 | 4,056,793 | 391,450 | 452,475 |
Increase / (decrease) in cash and cash equivalents | 1,841,941 | (3,787,277) | 678,144 | (194,501) |
Movement in cash and cash equivalents | ||||
At the beginning of the period | 2,331,470 | 1,842,049 | (151,781) | (22,160) |
Movement during the period | 1,841,941 | (3,787,277) | 678,144 | (194,501) |
At the end of the period | 4,173,411 | (1,945,228) | 526,363 | (216,661) |
06
Cargills (Ceylon) PLC
Condensed
Interim
Financial
Statements 30
September 2023
SEGMENT INFORMATION
Food Retailing | Food and Beverage | Restaurant | Real Estate | Others | Group | ||||||||
Manufacturing and | |||||||||||||
Distribution | |||||||||||||
For the quarter ended 30 September | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | |
Revenue | 40,821,366 | 35,526,110 | 16,438,331 | 15,381,903 | 2,773,216 | 2,177,779 | - | - | - | 161 | 60,032,913 | 53,085,953 | |
Intra segment revenue | - | - | (649,571) | (297,784) | - | - | - | - | - | - | (649,571) | (297,784) | |
Inter segment revenue | (51,880) | (45,708) | (3,751,573) | (3,535,912) | - | - | - | - | - | (161) | (3,803,453) | (3,581,781) | |
40,769,486 | 35,480,402 | 12,037,187 | 11,548,207 | 2,773,216 | 2,177,779 | - | - | - | - | 55,579,889 | 49,206,388 | ||
Segment operating profit | 1,427,313 | 1,762,869 | 1,738,693 | 1,403,623 | 489,228 | 310,872 | (9,392) | (4,850) | 108,929 | 48,217 | 3,754,771 | 3,520,731 | |
Net finance cost | (936,386) | (861,347) | (211,743) | (370,944) | 55,437 | 6,847 | (82,375) | 1,070 | (207,114) | (338,898) | (1,382,181) | (1,563,272) | |
Share of equity accounted investees results | - | - | - | - | - | - | - | - | 58,386 | (54,320) | 58,386 | (54,320) | |
Profit before taxation | 490,927 | 901,522 | 1,526,950 | 1,032,679 | 544,665 | 317,719 | (91,767) | (3,780) | (39,799) | (345,001) | 2,430,976 | 1,903,139 | |
Food Retailing | Food and Beverage | Restaurant | Real Estate | Others | Group | ||||||||
Manufacturing and | |||||||||||||
Distribution | |||||||||||||
For the six months ended 30 September | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | Rs. '000 2023 | Rs. '000 2022 | |
Revenue | 82,951,232 | 72,215,599 | 33,555,306 | 28,422,328 | 5,334,661 | 4,214,687 | - | - | 8,194 | 11,308 | 121,849,393 | 104,863,922 | |
Intra segment revenue | - | - | (1,235,621) | (421,969) | - | - | - | - | - | - | (1,235,621) | (421,969) | |
Inter segment revenue | (100,349) | (84,149) | (8,171,872) | (7,165,604) | - | - | - | - | (8,194) | (11,308) | (8,280,415) | (7,261,061) | |
82,850,883 | 72,131,450 | 24,147,813 | 20,834,755 | 5,334,661 | 4,214,687 | - | - | - | - | 112,333,357 | 97,180,892 | ||
Segment operating profit | 3,117,441 | 3,306,445 | 3,433,107 | 2,541,398 | 924,935 | 575,541 | (15,123) | (13,166) | 206,532 | 117,131 | 7,666,892 | 6,527,349 | |
Net finance cost | (1,828,589) | (1,480,360) | (499,953) | (464,600) | 97,623 | 4,053 | (118,084) | 1,562 | (491,781) | (523,331) | (2,840,784) | (2,462,676) | |
Share of equity accounted investees results | - | - | - | - | - | - | - | - | 100,664 | (77,474) | 100,664 | (77,474) | |
Profit before taxation | 1,288,852 | 1,826,085 | 2,933,154 | 2,076,798 | 1,022,558 | 579,594 | (133,207) | (11,604) | (184,585) | (483,674) | 4,926,772 | 3,987,199 | |
Reportable Segment Assets * | 67,881,497 | 66,306,651 | 25,326,202 | 23,014,372 | 6,107,793 | 5,269,953 | 9,707,963 | 8,520,672 | 18,717,455 | 17,675,034 | 127,740,910 | 120,786,682 | |
Reportable Segment Liabilities ** | 59,390,050 | 57,449,006 | 15,648,288 | 14,682,871 | 4,909,466 | 4,283,860 | 572,102 | 354,077 | 15,432,669 | 13,099,061 | 95,952,575 | 89,868,875 |
- Segment Assets include Investment Property and Right of Use Assets
- Segment Liabilities include Lease Liabilities
07
Cargills (Ceylon) PLC
Condensed
Interim
Financial
Statements 30
September
2023
EXPLANATORY NOTES
1. Basis of preparation
The results for the six months ended 30 September 2023 and the Statement of Financial Position as at 30 September 2023 are provisional and subject to audit.
4. Dividend
The board of directors proposed an interim dividend of Rs. 4.50 per share at the meeting held on 27 October 2023.
The Condensed Interim Financial Statements of the Group and the Company have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These Condensed Interim Financial Statements should be read in conjunction with the annual financial statements for the year ended 31 March 2023.
Freehold Land and Investment Property are respectively shown at the values in existence as at the last date of valuation. Other investments are reflected at values in existence as at the reporting date.
-
Fair value measurement and related fair value disclosures
The fair values of all the financial assets and financial liabilities recognized during the period were not materially different from the transaction prices at the date of initial recognition. There were no transfers between Level 1 and Level 2 and no transfers into or out of Level 3 categories as per the fair value hierarchy, during the period. The fair value changes on financial instruments in Level 3 category was properly recorded in the statement of other comprehensive income.
Fair valuation has been carried out as at 30 September 2023 for all unquoted equity shares classified as Level 3 within the fair value hierarchy according to fair valuation methodology, Fair value would not significantly vary if one or more inputs were changed. - Contingent liabilities
There have been no significant change in the nature and value of the contingencies and commitments which were disclosed in the annual report for the year ended 31 March 2023.
- Events after the reporting period
No events have occurred since the reporting date which would require any adjustment to, or disclosure in, the financial statements. - Comparative figures
Where appropriate, the previous year's figures have been reclassified to conform to the current classification. All per share details have been calculated, for all periods, based on the number of shares in issue as at 31 March 2023.
08
Cargills (Ceylon) PLC
Condensed
Interim
Financial
Statements 30
September 2023
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Cargills (Ceylon) plc published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 09:50:51 UTC.