Ceylon Cold Stores PLC

Interim Financial Statements

31st March 2024
CEYLON COLD STORES PLC (PQ 4) 1
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT
Quarter ended 31 March Year ended 31 March
Notes 2024 2023 Change % 2024 2023 Change %

Continuing Operations
Goods transferred at a point in time 36,172,674 32,181,792 12 139,624,941 126,149,112 11
Total Revenue from contracts with customers 36,172,674 32,181,792 12 139,624,941 126,149,112 11

Cost of sales (30,971,024) (29,035,512) 7 (122,127,480) (113,400,247) 8

Gross profit 5,201,650 3,146,280 65 17,497,461 12,748,865 37

Other operating income 1,086,500 936,047 16 2,953,720 2,598,920 14
Selling and distribution expenses (1,249,752) (1,023,507) 22 (4,965,306) (3,992,756) 24
Administrative expenses (1,239,609) (866,234) 43 (4,879,953) (3,830,270) 27
Other operating expenses (702,111) (706,278) (1) (2,450,526) (1,339,755) 83
Results from operating activities 3,096,678 1,486,308 108 8,155,396 6,185,004 32

Finance cost 7 (744,311) (1,124,069) (34) (3,354,385) (4,100,973) (18)

Finance income 7 23,055 35,036 (34) 108,010 134,290 (20)
Net Finance cost (721,256) (1,089,033) (34) (3,246,375) (3,966,683) (18)

Change in fair value of investment property 21,869 21,063 4 21,869 21,063 4

Profit before tax 2,397,291 418,338 473 4,930,890 2,239,384 120

Tax (expense) / reversal 6 (780,201) 1,054,109 (174) (1,504,038) 273,284 (650)
Profit for the period 1,617,090 1,472,447 10 3,426,852 2,512,668 36

Attributable to:
Equity holders of the parent 1,617,090 1,472,447 10 3,426,852 2,512,668 36

LKR LKR LKR LKR

Earnings per share

Basic/Diluted 1.70 1.55 3.61 2.64

Dividend per share 1.43 0.86 1.87 1.19

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 (PQ 4)

No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarter ended 31 March Year ended 31 March

2024 2023 2024 2023

Profit for the period 1,617,090 1,472,447 3,426,852 2,512,668

Other comprehensive income

Other comprehensive income not to be reclassified to income
statement in subsequent periods
Re-measurement gain / (loss) on defined benefit plans (163,698) 111,278 (163,698) 111,278
Revaluation of land and buildings 436,393 785,965 436,393 785,965
Loss on equity instruments at fair value through other comprehensive income (345,413) (337,943) (542,599) (928,132)
Net other comprehensive income not to be reclassified to income (72,718) 559,300 (269,904) (30,889)
statement in subsequent periods

Tax charge on other comprehensive income (83,014) (167,659) (83,014) (114,822)

Tax charge on other comprehensive income - Tax rate change - - - (79,661)
Tax charge on other comprehensive income including tax rate change (83,014) (167,659) (83,014) (194,483)
Other comprehensive income for the period, net of tax (155,732) 391,641 (352,918) (225,372)

Total comprehensive income for the period, net of tax 1,461,358 1,864,088 3,073,934 2,287,296

Attributable to:
Equity holders of the parent 1,461,358 1,864,088 3,073,934 2,287,296
1,461,358 1,864,088 3,073,934 2,287,296

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 (PQ 4) 3
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31.03.2024 31.03.2023

ASSETS
Non-current assets
Property, plant and equipment 27,745,731 27,250,176
Right-of-use-asset 10,016,369 9,771,877
Investment property 667,741 645,872
Intangible assets 4,484,659 3,601,044
Deferred tax assets - 272,497
Non-current financial assets 6,270,914 6,672,817
Other non-current assets 1,129,605 1,086,005
50,315,019 49,300,288

Current assets
Inventories 12,559,344 14,490,380
Trade and other receivables 7,224,371 5,089,001
Amounts due from related parties 160,215 28,048
Income tax recoverable 123,304 117,922
Other current assets 1,200,329 1,207,598
Short-term investments - 243,742
Cash in hand and at bank 2,161,159 1,253,061
23,428,722 22,429,752
Total assets 73,743,741 71,730,040

EQUITY AND LIABILITIES

Equity attributable to equity holders of the parent
Stated capital 918,200 918,200
Revenue reserves 16,066,477 14,531,921
Other components of equity 3,466,020 3,627,342
Total equity 20,450,697 19,077,463

Non-current liabilities
Interest-bearing loans and borrowings 3,163,570 6,850,410
Lease liabilities 10,689,948 9,963,144
Deferred tax liabilities 2,826,606 1,929,186
Employee benefit liabilities 1,087,876 754,113
Other non-current liabilities 111,259 104,035
17,879,259 19,600,888

Current liabilities
Trade and other payables 17,451,342 14,326,303
Amounts due to related parties 1,323,624 1,010,338
Income tax liabilities 256,327 105,582
Short-term borrowings 900,000 1,185,340
Interest-bearing loans and borrowings 4,503,050 2,170,096
Lease liabilities 690,721 652,711
Other current liabilities 2,019,824 1,291,062
Bank overdrafts 8,268,897 12,310,257
35,413,785 33,051,689
Total equity and liabilities 73,743,741 71,730,040

LKR LKR
Net assets per share 21.52 20.07

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
20th May 2024
Colombo
CEYLON COLD STORES PLC (PQ 4) 4
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 March Note 2024 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before working capital changes A 12,859,885 10,280,939

(Increase) / Decrease in inventories 1,872,946 (5,437,657)

(Increase) / Decrease in trade and other receivables (2,363,835) (1,069,825)
(Increase) / Decrease in amounts due from related parties (132,167) (25,020)
(Increase) / Decrease in other current assets (1,969) 300,326
Increase / (Decrease) in trade and other payables 3,125,039 1,971,631
Increase / (Decrease) in amounts due to related parties 313,286 306,269
Increase / (Decrease) in other current liabilities 728,241 259,154
Increase / (Decrease) in other non-current liabilities 7,224 7,852
Cash generated from operations 16,408,650 6,593,669

Finance income received* 77,679 99,190

Finance costs paid** (2,177,765) (2,955,213)
Tax paid (262,534) (296,848)
Surcharge Tax paid - (248,978)
Employee benefit (Gratuity) paid (82,380) (66,860)
Net cash flow from operating activities 13,963,650 3,124,960

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment (2,151,033) (3,700,188)
Purchase of intangible assets (1,198,359) (1,232,476)
Acquisition of a PET bottling and can manufacturing facility (749,044) -
Proceeds from sale of property, plant and equipment 38,012 133,121
Net cash flow used in investing activities (4,060,424) (4,799,543)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Dividend paid to equity holders of parent (1,776,487) (1,128,314)
Dividend paid to preference shareholders (14) (14)
Proceeds from interest-bearing loans and borrowings 758,212 708,754
Repayment of interest-bearing loans and borrowings (2,112,098) (2,175,269)
Repayment of lease liability (1,781,783) (1,649,299)
Repayment of short term borrowings (net) (285,340) (814,660)
Net cash flow used in financing activities (5,197,510) (5,058,802)

NET INCREASE IN CASH AND CASH EQUIVALENTS 4,705,716 (6,733,385)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (10,813,454) (4,080,069)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (6,107,738) (10,813,454)

ANALYSIS OF CASH AND CASH EQUIVALENTS

Favourable balances
Short-term investments - 243,742
Cash in hand and at bank 2,161,159 1,253,061
Unfavourable balances
Bank overdrafts (8,268,897) (12,310,257)
Total Cash and cash equivalents (6,107,738) (10,813,454)
* Excludes interest adjustment on staff loan rate difference
** Excludes interest expense on lease liabilities
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 (PQ 4) 5
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2024 2023

A. Profit before working capital changes

Profit before tax 4,930,890 2,239,384
Adjustments for:
Finance income (108,010) (134,290)
Finance cost 3,354,385 4,100,973
Share based payment expense 75,801 60,319
Change in fair value of investment property (21,869) (21,063)
Depreciation of property, plant and equipment 2,551,453 2,376,723
Amortisation of intangible assets 550,451 413,668
Loss on sale of property, plant and equipment 16,699 39,576
Amortisation of right-of-use assets 1,192,456 1,152,850
Provision for slow moving inventory 58,090 22,158
Impairment of trade and other receivables 22,071 (10,558)
Foreign exchange loss on lease liability (14,542) 11,854
Employee benefit provisions and related costs 252,010 29,345
12,859,885 10,280,939

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 (PQ 4) 6
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to equity holders of Parent

Stated Revaluation Other capital Fair value Revenue Total
capital reserve reserves reserve of reserves equity
financial
assets at
FVOCI*
As at 1 April 2022 918,200 1,492,170 576,488 1,808,000 13,063,318 17,858,176

Profit for the period - - - - 2,512,668 2,512,668

Other comprehensive income - 550,174 - (773,912) 78,027 (145,711)
Tax impact on rate change - (200,220) - 114,323 6,236 (79,661)
Total comprehensive income - 349,954 - (659,589) 2,596,931 2,287,296
Share based payment transactions - - 60,319 - - 60,319
Preference share dividend paid - 2021/22 - - - - (14) (14)
Final dividend paid - 2021/22 - - - - (314,012) (314,012)
Interim dividend paid - 2022/23 - - - - (814,302) (814,302)
As at 31 March 2023 918,200 1,842,124 636,807 1,148,411 14,531,921 19,077,463

As at 1 April 2023 918,200 1,842,124 636,807 1,148,411 14,531,921 19,077,463

Profit for the period - - - - 3,426,852 3,426,852
Other comprehensive income - 305,476 - (542,599) (115,795) (352,918)
Total comprehensive income - 305,476 - (542,599) 3,311,057 3,073,934
Share based payment transactions - - 75,801 - - 75,801
Preference share dividend paid - 2022/23 - - - - (14) (14)
Final dividend paid - 2022/23 - - - - (421,217) (421,217)
Interim dividend paid - 2023/24 - - - - (1,355,270) (1,355,270)
As at 31 March 2024 918,200 2,147,600 712,608 605,812 16,066,477 20,450,697

* FVOCI - Fair value through other comprehensive income

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

Figures in brackets indicate deductions.
The above figures are not audited.
 7
CEYLON COLD STORES PLC (PQ 4)
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY INCOME STATEMENT
Quarter ended 31 March Year ended 31 March
Notes 2024 2023 Change % 2024 2023 Change %

Continuing Operations
Goods transferred at a point in time 6,368,089 4,816,454 32 21,504,015 19,006,937 13
Total Revenue from contracts with customers 6,368,089 4,816,454 21,504,015 19,006,937 13

Cost of sales (4,102,482) (3,819,367) 7 (14,660,516) (14,935,067) (2)

Gross profit 2,265,607 997,087 127 6,843,499 4,071,870 68

Dividend income 975,287 644,637 51 1,119,787 814,637 37

Other operating income 265,856 190,239 40 813,411 792,098 3
Selling and distribution expenses (849,616) (676,913) 26 (3,264,629) (2,647,215) 23
Administrative expenses (310,714) (160,433) 94 (1,260,595) (901,209) 40
Other operating expenses (233,443) (252,920) (8) (708,847) (465,423) 52
Results from operating activities 2,112,977 741,697 185 3,542,626 1,664,758 113

Finance cost 7 (104,428) (170,011) (39) (431,735) (475,372) (9)

Finance income 7 9,845 11,916 (17) 46,113 54,481 (15)
Net finance income (94,583) (158,095) (40) (385,622) (420,891) (8)

Change in fair value of investment property 16,955 24,148 (30) 16,955 24,148 (30)

Profit before tax 2,035,349 607,750 235 3,173,959 1,268,015 150

Tax (expense) / reversal 6 (198,910) 146,938 (235) (512,076) (118,545) 332
Profit for the period 1,836,439 754,688 143 2,661,883 1,149,470 132

LKR LKR LKR LKR

Dividend per share 1.43 0.86 1.87 1.19

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 (PQ 4) 8
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY STATEMENT OF COMPREHENSIVE INCOME

Quarter ended 31 March Year ended 31 March

2024 2023 2024 2023

Profit for the period 1,836,439 754,688 2,661,883 1,149,470

Other comprehensive income

Other comprehensive income not to be reclassified to income statement
in subsequent periods
Re-measurement gain / (loss) on defined benefit plans (104,841) 97,099 (104,841) 97,099
Revaluation of land and buildings 122,674 443,207 122,674 443,207
Loss on equity instruments at fair value through other comprehensive income (345,413) (337,943) (542,599) (928,132)
Net other comprehensive income not to be reclassified to income (327,580) 202,363 (524,766) (387,826)
statement in subsequent periods

Tax charge on other comprehensive income (5,350) (60,709) (5,350) (7,872)

Tax charge on other comprehensive income - Tax rate change - - - (45,952)
Tax charge on other comprehensive income including tax rate change (5,350) (60,709) (5,350) (53,824)

Other comprehensive income for the period, net of tax (332,930) 141,654 (530,116) (441,650)

Total comprehensive income for the period, net of tax 1,503,509 896,342 2,131,767 707,820

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 (PQ 4) 9
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY STATEMENT OF FINANCIAL POSITION
As at 31.03.2024 31.03.2023

ASSETS
Non-current assets
Property, plant and equipment 5,668,027 5,357,019
Right-of-use-asset 44,198 45,800
Investment property 358,353 341,398
Intangible assets 1,542,106 918,149
Investments in subsidiaries 2,968,410 2,968,410
Non-current financial assets 6,035,916 6,473,957
Other non-current assets 39,714 113,656
16,656,724 16,218,389

Current assets
Inventories 2,714,839 3,236,540
Trade and other receivables 3,251,448 2,421,496
Amounts due from related parties 257,672 243,885
Other current assets 486,732 120,031
Cash in hand and at bank 555,177 338,100
7,265,868 6,360,052
Total assets 23,922,592 22,578,441

EQUITY AND LIABILITIES

Stated capital 918,200 918,200
Revenue reserves 11,671,714 10,859,721
Other components of equity 2,378,181 2,800,033
Total equity 14,968,095 14,577,954

Non-current liabilities
Interest-bearing loans and borrowings 746,614 227,802
Lease liabilities 2,375 2,415
Deferred tax liabilities 1,151,330 800,371
Employee benefit liabilities 575,183 398,975
Other non-current liabilities 111,259 104,035
2,586,761 1,533,598

Current liabilities
Trade and other payables 2,272,030 2,080,873
Amounts due to related parties 450,220 451,641
Income tax liabilities 197,886 105,582
Short term borrowings 500,000 237,178
Interest-bearing loans and borrowings 243,050 101,400
Lease liabilities 40 38
Other current liabilities 665,895 349,885
Bank overdrafts 2,038,615 3,140,292
6,367,736 6,466,889
Total equity and liabilities 23,922,592 22,578,441

LKR LKR
Net assets per share 15.75 15.34

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
20th May 2024
Colombo
CEYLON COLD STORES PLC (PQ 4) 10
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY STATEMENT OF CASH FLOWS
For the year ended 31 March 2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 3,173,959 1,268,015
Adjustments for:
Finance income (46,113) (54,481)
Finance cost 431,735 475,372
Dividend income (1,119,787) (814,637)
Change in fair value of investment property (16,955) (24,148)
Depreciation of property, plant and equipment 644,641 607,537
Amortization of intangible assets 122,910 51,590
Loss/(profit) on sale of property, plant and equipment (854) (310)
Amortisation of right-of-use assets 1,602 1,602
Share based payment expenses 34,875 27,286
Provision for slow moving inventory 71,290 (3,589)
Impairment of trade and other receivables (859) (10,390)
Employee benefit provisions and related costs 112,007 (9,700)
Profit before working capital changes 3,408,451 1,514,147

(Increase) / Decrease in inventories 450,411 (1,041,210)

(Increase) / Decrease in trade and other receivables (830,281) (266,994)
(Increase) / Decrease in amounts due from related parties (13,787) (36,642)
(Increase) / Decrease in other current assets (375,939) 147,715
Increase / (Decrease) in trade and other payables 191,157 (635,619)
Increase / (Decrease) in amounts due to related parties (1,421) 401,508
Increase / (Decrease) in other current liabilities 315,489 (49,169)
Increase / (Decrease) in other non-current liabilities 7,224 7,852
Cash generated from operations 3,151,304 41,588

Finance income received* 16,685 16,019

Finance expenses paid** (431,597) (475,220)
Tax paid (64,925) (108,578)
Surcharge Tax paid - (248,978)
Employee benefit (Gratuity) paid (41,075) (49,500)
Net cash flow from operating activities 2,630,392 (824,669)

CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment (324,906) (643,491)
Purchase of intangible assets (511,160) (551,655)
Acquisition of a PET bottling and can manufacturing facility (749,044) -
Proceeds from sale of property, plant and equipment 7,078 393
Dividend income received 1,119,787 814,637
Net cash flow used in investing activities (458,245) (380,116)

CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES

Proceeds from interest-bearing loans and borrowings 758,212 8,754
Dividend paid to equity holders (1,776,487) (1,128,314)
Dividend paid to preference shareholders (14) (14)
Repayment of interest-bearing loans and borrowings (97,750) (51,850)
Repayment of lease liability (176) (176)
Proceeds from short term borrowings (net) 262,822 237,178
Net cash flow used in financing activities (853,393) (934,422)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 1,318,754 (2,139,207)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (2,802,192) (662,985)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (1,483,438) (2,802,192)

ANALYSIS OF CASH AND CASH EQUIVALENTS

Favourable balances
Cash in hand and at bank 555,177 338,100
Unfavourable balances
Bank overdrafts (2,038,615) (3,140,292)
Total cash and cash equivalents (1,483,438) (2,802,192)

* Excludes interest adjustment on staff loan rate difference

** Excludes interest expense on lease liabilities
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 (PQ 4) 11
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

COMPANY STATEMENT OF CHANGES IN EQUITY

Stated Revaluation Other capital Fair value Revenue Total

capital reserve reserve reserve of reserves equity
financial
assets at
FVOCI*
As at 1 April 2022 918,200 1,133,252 346,680 1,808,000 10,765,044 14,971,176

Profit for the period - - - - 1,149,470 1,149,470

Other comprehensive income - 310,245 - (773,912) 67,969 (395,698)
Tax impact on rate change (165,841) - 114,323 5,566 (45,952)
Total comprehensive income - 144,404 - (659,589) 1,223,005 707,820
Share based payment transactions - - 27,286 - - 27,286
Final dividend paid - 2021/22 - - - - (314,012) (314,012)
Preference share dividend paid - 2021/22 - - - - (14) (14)
Interim dividend paid - 2022/23 (814,302) (814,302)
As at 31 March 2023 918,200 1,277,656 373,966 1,148,411 10,859,721 14,577,954

As at 1 April 2023 918,200 1,277,656 373,966 1,148,411 10,859,721 14,577,954

Profit for the period - - - - 2,661,883 2,661,883
Other comprehensive income - 85,872 - (542,599) (73,389) (530,116)
Total comprehensive income - 85,872 - (542,599) 2,588,494 2,131,767
Share based payment transactions - - 34,875 - - 34,875
Final dividend paid - 2022/23 - - - - (421,217) (421,217)
Preference share dividend paid - 2022/23 - - - - (14) (14)
Interim dividend paid - 2023/24 - - - - (1,355,270) (1,355,270)
As at 31 March 2024 918,200 1,363,528 408,841 605,812 11,671,714 14,968,095

* FVOCI - Fair value through other comprehensive income

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

Figures in brackets indicate deductions.
The above figures are not audited.
 12

CEYLON COLD STORES PLC (PQ 4)

No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

OPERATING SEGMENT INFORMATION
Business segments
The following table present revenue, profit information and other disclosures regarding the Group's business segments.

Manufacturing Supermarkets Group Total

For the Quarter ended 31 March 2024 2023 2024 2023 2024 2023

Goods transferred at a point in time- External revenue 8,792,027 6,980,258 27,380,647 25,201,534 36,172,674 32,181,792
- Inter segment revenue 372,863 306,617 476,712 488,624 849,575 795,241
Total revenue from contracts with customers 9,164,890 7,286,875 27,857,359 25,690,158 37,022,249 32,977,033
Eliminations (849,575) (795,241)
Net revenue from contracts with customers 9,164,890 7,286,875 27,857,359 25,690,158 36,172,674 32,181,792

Segment result 2,745,627 1,004,138 1,330,845 1,260,776 4,076,472 2,264,914

Finance cost (127,309) (257,361) (617,002) (866,708) (744,311) (1,124,069)

Finance income 9,761 12,550 13,294 22,486 23,055 35,036
Change in fair value of investment property 16,955 24,148 4,914 (3,085) 21,869 21,063
Eliminations / adjustments (979,794) (778,606)
Profit before tax 2,645,034 783,475 732,051 413,469 2,397,291 418,338
Tax (expense)/ reversal* (370,634) 1,199,087 (409,567) (144,978) (780,201) 1,054,109
Profit for the period 2,274,400 1,982,562 322,484 268,491 1,617,090 1,472,447

Purchase and construction of Property, Plant and Equipment 175,700 326,991 457,599 930,615 633,299 1,257,606
Addition to Intangible Assets 127,613 422,722 345,306 185,370 472,919 608,092
Depreciation of Property, Plant and Equipment 227,496 220,725 425,403 410,266 652,899 630,991
Amortisation of Intangible Assets 36,305 16,449 115,155 99,049 151,460 115,498
Amortisation of Right of Use Assets 1,723 1,722 295,247 296,200 296,970 297,922
Employee benefit provisions and related costs 33,330 (83,078) 65,970 (30,256) 99,300 (113,334)

Inter-segment revenue and inter-company balances are eliminated on consolidation

* Supermarket segment tax expense includes tax on consolidation adjustments
Note : All values are in LKR '000s, unless otherwise stated.
Figures in brackets indicate deductions.
The above figures are not audited.
 13

CEYLON COLD STORES PLC (PQ 4)

No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

OPERATING SEGMENT INFORMATION
Business segments
The following table presents revenue, profit information and other disclosures regarding the Group's business segments.

Manufacturing Supermarkets Group Total

For the year ended 31 March 2024 2023 2024 2023 2024 2023

Goods transferred at a point in time

- External revenue 28,591,336 26,376,329 111,033,605 99,772,783 139,624,941 126,149,112
- Inter segment revenue 1,529,975 1,322,490 2,030,222 1,950,248 3,560,197 3,272,738
Total revenue from contracts with customers 30,121,311 27,698,819 113,063,827 101,723,031 143,185,138 129,421,850
Eliminations (3,560,197) (3,272,738)
Net revenue from contracts with customers 30,121,311 27,698,819 113,063,827 101,723,031 139,624,941 126,149,112

Segment result 4,879,884 2,642,017 4,384,140 4,492,958 9,264,024 7,134,975

Finance cost (588,060) (783,393) (2,766,325) (3,317,580) (3,354,385) (4,100,973)

Finance income 47,839 54,545 60,171 79,745 108,010 134,290
Change in fair value of investment property 16,955 24,148 4,914 (3,085) 21,869 21,063
Eliminations / adjustments (1,108,628) (949,971)
Profit before tax 4,356,618 1,937,317 1,682,900 1,252,038 4,930,890 2,239,384
Tax (expense)/ reversal*** (871,800) 636,088 (632,238) (362,804) (1,504,038) 273,284
Profit for the period 3,484,818 2,573,405 1,050,662 889,234 3,426,852 2,512,668

Reportable Segment Assets* 27,565,978 26,237,284 46,548,972 45,848,481 73,743,741 71,730,040

Purchase and construction of Property, Plant and Equipment**** 514,652 737,090 1,636,381 2,963,098 2,151,033 3,700,188
Addition to Intangible Assets 511,160 552,745 687,199 679,731 1,198,359 1,232,476
Reportable Segment Liabilities** 10,885,313 10,337,866 42,858,179 42,738,668 53,293,044 52,652,577
Depreciation of Property, Plant and Equipment 879,861 831,202 1,671,592 1,545,521 2,551,453 2,376,723
Amortisation of Intangible Assets 126,385 54,979 424,066 358,689 550,451 413,668
Amortisation of Right -of- Use Assets 6,893 6,627 1,185,563 1,146,223 1,192,456 1,152,850
Employee benefit provisions and related costs 116,101 (7,620) 135,909 36,965 252,010 29,345

Inter-segment revenue and inter-company balances are eliminated on consolidation

*Segment Assets include Investment Property, Unquoted Equity Investments and Right of Use Assets
** Segment Liabilities include Lease Liabilities
*** Supermarket segment tax expense includes tax on consolidation adjustments
**** Excludes the acquisition of a PET Bottling and Can Manufacturing Facility

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 (PQ 4) 14
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

NOTES TO INTERIM CONDENSED FINANCIAL STATEMENTS
1 CORPORATE INFORMATION
Ceylon Cold Stores PLC is a Public Limited Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. Ordinary shares of the
Company are listed on the Colombo Stock Exchange.

2 INTERIM CONDENSED FINANCIAL STATEMENTS

The Consolidated Financial Statements for the period ended 31st March 2024, comprise “the Company” referring to Ceylon Cold Stores PLC as the Holding Company
and “the Group” referring to the companies whose accounts have been consolidated therein.

3 APPROVAL OF FINANCIAL STATEMENTS

The Interim Condensed Financial Statements of the Group and the Company for the period ended 31st March 2024 were authorized for issue by the Board of
Directors on 20th May 2024.

4 BASIS OF PREPARATION AND CHANGES TO THE GROUP'S ACCOUNTING POLICIES

4.1 Basis of Preparation

The Interim Condensed Consolidated Financial Statements for the year ended 31st March 2024 have been prepared in accordance with LKAS 34 Interim Financial
Reporting.

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 2024.

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

The Interim Condensed Financial Statements are presented in Sri Lankan Rupees (LKR) and all values are rounded to the nearest thousand except when
otherwise indicated.

4.2 Fair value measurement and related fair value disclosures

The fair values of all the financial assets and financial liabilities recognised 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
and there were no purchases and/or disposals during the period.

Fair valuation was done as of 31st March 2024 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 of the inputs were changed.

5 OPERATING SEGMENTS
For management purposes, the Group is organized into business units based on their products and services and has two reportable operating segments of
manufacturing and supermarkets.
 CEYLON COLD STORES PLC (PQ 4) 15
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

6 TAX EXPENSE Group Company

For the year ended 31 March 2024 2023 2024 2023
In LKR'000s
Income statement
Current income tax 417,135 21,350 166,467 -
Deferred tax charge /(reversal) 1,086,903 (294,634) 345,609 118,545
1,504,038 (273,284) 512,076 118,545

Other comprehensive Income

Deferred tax charge /(reversal) 83,014 194,483 5,350 53,824
83,014 194,483 5,350 53,824

Income tax and Deferred tax have been provided as per the Inland Revenue Act No. 24 of 2017 and any subsequent amendments thereto, including any
amendments legislated by Inland Revenue (Amendment) Act No. 45 of 2022.

7 NET FINANCE INCOME/(COST) Group Company

For the year ended 31 March 2024 2023 2024 2023
In LKR'000s

Finance income
Interest income - staff loans 93,893 73,186 44,983 48,116
Interest income - short-term investments 14,117 61,104 1,130 3,004
Interest income - financial guarantee given to the Subsidiary* - - - 3,361
Total finance income 108,010 134,290 46,113 54,481

Finance costs
Interest expense on lease liabilities (1,196,185) (1,145,761) (138) (152)
Interest expense on borrowings - Long-term (960,304) (1,234,330) (67,520) (28,319)
Interest expense on borrowings - Short-term (1,197,896) (1,720,882) (364,077) (446,901)
Total finance cost (3,354,385) (4,100,973) (431,735) (475,372)
Net finance (cost) / income (3,246,375) (3,966,683) (385,622) (420,891)

*Represents the notional guarantee fee recognized in the books of the Company on account of the corporate guarantee given to its Subsidiary, The Colombo Ice
Company (Pvt) Ltd to obtain a term loan from a commercial bank. Corporate Guarantee was released on February 2023 due to fulfilling of the loan obligation.
CEYLON COLD STORES PLC (PQ 4) 16
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

8 RELATED PARTY TRANSACTIONS Group Company

For the year ended 31 March 2024 2023 2024 2023
In LKR '000s

Transactions with related parties

Entity including its affiliated entities with significant influence over parent
Sales of goods 4,015 - - -
Purchase of goods 1,759,263 - 990,258 -
Rendering of services 57,745 - - -

Ultimate Parent
Sale of goods 943 2,393 - -
Receiving of services 867,662 481,942 363,575 121,349
Purchase of intangible assets 644,904 325,523 469,032 117,023

Subsidiaries
Sale of goods - - 1,186,967 1,515,195
Purchase of goods - - 412,443 434,111
Rendering of services - - 262,975 211,083
Receiving of services - - 87,061 44,551
Guarantee income - - - 3,361
Royalty income - - 344,687 304,216
Dividend received - - 1,119,787 814,637

Companies under common control

Sale of goods 383,605 132,944 43,027 11,806
Purchase of goods 1,425,459 1,763,159 795 -
Purchase of property plant & equipment / intangible assets 73,514 170,058 - -
Rendering of services 74,002 52,333 45,150 37,521
Receiving of Services 801,377 1,451,924 92,669 164,456
Franchise income received 17,934 20,608 17,934 20,608

Key Management personnel (KMP)

Sale of goods - - - -

Close family members of KMP

Sale of goods - - - -

Post employment benefit plan

Contributions to the provident fund 164,714 141,578 145,519 127,033

Compensation of key management personnel

Short-term employee benefits 214,661 166,627 107,637 85,169
Post employee benefits 4,430 3,505 2,144 1,691
Share based payment 39,853 34,920 19,294 16,883

Transactions with related parties - equity accounted

investees of Ultimate Parent
Sale of goods 10,866 7,844 - -
Rendering of services 21 - - -
Receiving of Services 114,364 77,338 85,531 17,946
Interest received /(paid) (95,103) (260,363) (23,017) (44,185)
Rent received 14,985 8,810 - -

9 Share information
9.1 Stated capital
Stated capital is represented by number of shares in issue as given below;

As at 31-03-2024 31-12-2023

Ordinary shares 950,400,000 950,400,000

Preference shares 25,000 25,000

9.2 Net assets per share

Net assets per share has been calculated, for all periods, based on the number of shares in issue as at 31 March 2024.

9.3 Market price per share

For the quarter ended 31 March 2024 2023

LKR LKR

Highest 57.50 46.00

Lowest 40.90 32.00
Last traded 53.90 40.00

9.4 Public share holdings

Percentage of shares held by the public and the number of public shareholders is given below:
As at 31-03-2024 31-12-2023
Public share holding (%) 18.55% 18.55%
Public share holders 3,496 3,368
Compliant under option 01 - Float adjusted market capitalization (LKR Mn) 9,503 7,052

The Company is compliant under option 01 of the minimum threshold requirements for the Main Board of CSE , as per section 7.6 of the listing rules of CSE.
CEYLON COLD STORES PLC (PQ 4) 17
No. 117, Sir Chittampalam A Gardiner Mawatha
Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

9.5 Directors' share holdings

The number of shares held by the Board of Directors (including their spouses) are as follows;

As at 31-03-2024 31-12-2023

Mr. K.N.J. Balendra - Chairman 819,040 819,040

Mr. J.G.A.Cooray Nil Nil
Mr. D. P. Gamlath Nil Nil
Mr. M. Hamza 11,000 11,000
Dr. R.S.W. Wijeratnam Nil Nil
Ms. S.T. Ratwatte 26,780 26,780
Mr. K.C. Subasinghe 45,000 45,000
Ms. P.N. Fernando Nil Nil

9.6 Twenty largest shareholders of the Company are as follows:

As at 31-03-2024 31-12-2023
Number of Number of
% %
shares shares

1 John Keells Holdings PLC 671,558,120 70.66% 671,558,120 70.66%

2 Whittall Boustead (Pvt) Ltd 101,653,920 10.70% 101,653,920 10.70%
3 GF Capital Global Ltd 21,592,410 2.27% 21,592,410 2.27%
4 BBH Lux fidelity Funds-Pacific Fund 17,686,730 1.86% 17,686,730 1.86%
5 JPMCB NA- Fidelity Asian Values PLC 7,726,110 0.81% 7,726,110 0.81%
6 CITI Bank New York S/A Norges Bank Account 2 7,054,923 0.74% 8,293,894 0.87%
7 BBH-Redwheel Frontier Markets Equity Master Fund Limited 6,213,331 0.65% 6,213,331 0.65%
8 CACEIS Bank, Luxembourg Branch-NEF 3,285,284 0.35% 3,285,284 0.35%
9 Sisira Investors Ltd 2,591,320 0.27% 2,591,320 0.27%
10 BNPP SIN/2S-BNP Paribas as trustee for Harvest Funds Series 2,454,500 0.26% 2,454,500 0.26%
11 DCS CLT ACC for Deutsche Bank AG Singapore - PWM WM Client 1,980,623 0.21% 2,209,870 0.23%
12 J.B. Cocoshell (Pvt) Ltd 1,950,379 0.21% 1,679,033 0.18%
13 Life Insurance Corporation (Lanka) Ltd 1,944,120 0.20% 1,944,120 0.20%
14 Est. of Late M Radhakrishnan (Deceased) 1,692,560 0.18% 1,692,560 0.18%
15 Mrs. J R Printer (Deceased) 1,679,360 0.18% 1,679,360 0.18%
16 Hatton National Bank PLC-Senfin Growth Fund 1,627,050 0.17% 1,627,050 0.17%
17 Merrill J Fernando & Sons (Pvt) Ltd 1,508,480 0.16% 1,508,480 0.16%
18 Deutsche Bank AG As Trustee For JB Vantage Value Equity Fund 1,411,390 0.15% 1,411,390 0.15%
19 Mr. M V Theagarajah 1,335,480 0.14% 1,335,480 0.14%
20 Ceylon Guardian Investment Trust PLC A/C 02 1,325,463 0.14% 1,325,463 0.14%

10 Dividends paid
For the year ended 31 March 2024 2023
In LKR '000s
Final dividend for 2022/23 LKR 0.44 (2021/22 LKR 0.33) 421,217 314,012
Interim dividend for 2023/24 LKR 1.43 (2022/23 LKR 0.86) 1,355,270 814,302

11 Contingencies, capital and other commitments

The Contingent liability of the Company as at 31 March 2024, relates to the following
Assessments were raised by the IRD in November 2014, November 2015 and May 2016 assessing the income from write back of deposits on returnable containers and crates
amounting to Rs. 202Mn, Rs. 43Mn and Rs. 41Mn respectively. The Company has lodged valid appeals against the assessments raised and is contesting these under the appellate
procedure. Having discussed with independent legal and tax experts and based on the information available, the contingent liability as at 31 March 2024 is estimated at Rs.36.5
Mn (2023 - Rs.36.5Mn).
The Group and the Company had capital commitments of Rs. 2.8 Bn (2022/23 - Rs. 1.7 Bn) and Rs. 896 Mn (2022/23 - Rs. 25 Mn) respectively as at 31st March 2024.
Other than the above there were no other contingent liabilities or other commitments of the Group at the end of the reporting period.

12 Events after the reporting period

There were no material events occuring after reporting period that require adjustment to or disclosure to the Financial Statements other than following.
The Board of directors has approved the payment of a final dividend of Rs 0.89 per share to be paid on or before 11th June 2024.
As required by section 56 (2) of the Companies Act, No. 07 of 2007, the Board of Directors has confirmed that the Company satisfies the solvency test in accordance with Section
57 of the Companies Act, No. 07 of 2007, and has obtained a certificate from the auditors, prior to approving the final dividend.
 Ceylon Cold Stores PLC
No. 117, Sir Chittampalam A. Gardiner Mawatha,
Colombo 02.
Tel: +94 112 318798
Fax : +94 11 2447422
E-mail : [email protected]
Web : www.elephanthouse.lk