C W Mackie : Quarterly Financial Report as of 31-03-2022

C. W. MACKIE PLC

INTERIM REPORT

YEAR ENDED 31ST MARCH 2022

20th May 2022

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
	2022	2021	Variance	2022	2021	Variance
	Rs. 000's		Rs. 000's	%	Rs. 000's		Rs. 000's	%
	(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
Revenue	3,889,490	3,455,046	12.57	13,167,679	10,927,486	20.50
Cost of sales	(3,182,531)	(2,988,647)	6.49	(11,202,967)	(9,446,724)	18.59
Gross profit	706,959	466,399	51.58	1,964,712	1,480,762	32.68
Other operating income	53,601	52,225	2.63	185,123	164,157	12.77
Distribution expenses	(199,824)	(107,354)	86.14	(580,979)	(465,900)	24.70
Administrative expenses	(255,144)		(197,030)	29.50	(751,481)		(636,160)	18.13
Results from operating activities	305,592	214,240	42.64	817,375	542,859	50.57
Finance income	213,156	7,474	2751.97	232,495	22,741	922.36
Finance costs	(59,302)		(24,817)	138.96	(177,413)		(137,914)	28.64
Net financing costs	153,854		(17,343)	(987.12)	55,082		(115,173)	(147.83)
Share of joint venture's loss	(106,147)	(2,171)	4789.31	(127,808)	(50,516)	153.00
Profit before taxation	353,299	194,726	81.43	744,649	377,170	97.43
Income tax expense	(91,033)		(58,325)	56.08	(192,928)		(121,499)	58.79
Profit for the year	262,266	136,401	92.28	551,721	255,671	115.79
Other comprehensive income, net of income tax
Revaluation of land	534,711	-		534,711	-
Actuarial gain/(loss) on defined benefit plans	76,783	(31,349)		76,783	(31,349)
Share of other comprehensive expense of equity
accounted investee	209	(103)		209	(103)
Related taxes on other comprehensive income	(150,079)		(5,943)		(150,079)		(5,943)
Other comprehensive income for the period, net of tax	461,624		(37,292)		461,624		(37,395)
Total comprehensive income for the year	723,890	99,109		1,013,345	218,276
Profit attributable to:
Equity holders of the parent company	277,848	139,240		564,039	264,684
Non-controlling interests	(15,582)	(2,839)		(12,318)	(9,013)
Profit for the year	262,266		136,401		551,721		255,671
Total comprehensive income attributable to:
Equity holders of the parent company	736,981	101,948		1,023,172	227,937
Non-controlling interests	(13,091)	(2,839)		(9,827)	(9,661)
Total comprehensive income for the year	723,890		99,109		1,013,345		218,276
Basic earnings per share (Rupees)	7.72		3.87		15.67		7.35
Dividend per share (Rupees)	-	-		7.00	-

Figures in brackets indicate deductions.

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C. W. Mackie PLC

Statement of Profit or Loss and Other Comprehensive Income

Company

For the	Three months ended 31st March	Year ended 31st March
	2022	2021	Variance	2022	2021	Variance
	Rs. 000's		Rs. 000's	%	Rs. 000's		Rs. 000's	%
	(Unaudited)	(Unaudited)		(Unaudited)		(Audited)
Revenue	3,643,886	3,099,754	17.55	12,083,069	9,989,462	20.96
Cost of sales	(2,990,376)	(2,681,660)	11.51	(10,263,536)	(8,640,954)	18.78
Gross profit	653,510	418,094	56.31	1,819,533	1,348,508	34.93
Other operating income	50,194	59,091	(15.06)	173,978	186,714	(6.82)
Distribution expenses	(184,601)	(100,153)	84.32	(544,507)	(433,784)	25.52
Administrative expenses	(234,241)		(175,540)	33.44	(668,627)		(565,015)	18.34
Results from operating activities	284,862	201,492	41.38	780,377	536,423	45.48
Finance income	229,253	16,525	1287.31	252,643	36,275	596.47
Finance costs	(49,465)		(23,076)	114.36	(144,976)		(116,853)	24.07
Net financing costs	179,788		(6,551)	(2844.44)	107,667		(80,578)	(233.62)
Share of joint venture's loss	(106,147)	(2,171)	4789.31	(127,808)	(50,516)	153.00
Profit before taxation	358,503	192,770	85.97	760,236	405,329	87.56
Income tax expense	(85,277)	(57,656)	47.91	(187,172)		(120,830)	54.91
Profit for the year	273,226	135,114	102.22	573,064	284,499	101.43
Other comprehensive income, net of income tax
Revaluation of land	191,851	-		191,851	-
Actuarial gain/(loss) on defined benefit plans	50,250	(22,058)		50,250	(22,058)
Share of other comprehensive expense of equity	209	(103)		209	(103)
Related taxes on other comprehensive income	(46,044)		3,922		(46,044)		3,922
Other comprehensive income for the year, net of tax	196,266		(18,239)		196,266		(18,239)
Total comprehensive income for the year	469,492	116,875		769,330	266,260
Profit attributable to:
Equity holders of the parent company	273,226	135,114		573,064	284,499
Profit for the year	273,226		135,114		573,064		284,499
Total comprehensive income attributable to:
Equity holders of the parent company	469,492	116,875		769,330	266,260
Total comprehensive income for the year	469,492		116,875		769,330		266,260
Basic earnings per share (Rupees)	7.59		3.75		15.92		7.91
Dividend per share (Rupees)	-	-		7.00	-

Figures in brackets indicate deductions.

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C. W. Mackie PLC

Statement of Financial Position

	Group			Company
				31st March				31st March
As at	31st March			31st March
	2022			2021		2022	2021
	Rs.000's		Rs.000's		Rs.000's		Rs.000's
	(Unaudited)		(Audited)		(Unaudited)		(Audited)
Assets
Non-current assets
Property, plant and equipment	1,750,600			1,659,019		659,229	367,026
Right of use assets	74,979			107,261		74,692	106,545
Investment property	766,995			188,258		9,582	14,382
Intangible assets	10,735			1,469		10,634	1,419
Investments in subsidiaries	-			-		931,518	931,518
Investment in joint venture	163,547			291,146		163,547	291,146
Deferred tax asset	9,395			9,395		-		-
Total non-current assets	2,776,251			2,256,548		1,849,202	1,712,036
Current assets
Inventories	2,061,829			1,924,202		1,832,476	1,772,889
Trade and other receivables	2,854,818			2,792,268		2,565,116	2,424,443
Related party receivables	15,120			14,119		133,150	152,512
Interest bearing short term loan to related parties	111,302			200,000		111,302	200,000
Cash and cash equivalents	181,752			64,296		132,940		54,751
	5,224,821			4,994,885		4,774,984		4,604,595
Total assets	8,001,072			7,251,433		6,624,186	6,316,631
Equity and liabilities
Equity
Stated capital	507,047			507,047		507,047	507,047
Capital reserves	8,734			8,734		14,909	14,909
Revaluation reserve	738,117			353,485		209,305	63,498
Revenue reserves	2,117,193			1,730,573		2,441,875		2,070,272
Equity attributable to equity holders of the Company	3,371,091			2,599,839		3,173,136	2,655,726
Non-controlling interests	323,963			333,790		-		-
Total equity	3,695,054			2,933,629		3,173,136	2,655,726
Liabilities
Non-current liabilities
Interest bearing long term borrowings	238,504			31,478		71,248	-
Lease payable after one year	206			76,386		-	76,180
Retirement benefit obligation	50,241			116,560		22,071	67,004
Deferred income	969			1,680		-	-
Deferred tax liability	287,623			131,788		84,679		38,635
Total non-current liabilities	577,543			357,892		177,998	181,819
Current liabilities
Deferred income	75			75		-	-
Current portion of long term borrowings	67,260			106,657		28,752	91,750
Lease payable within one year	76,648			27,420		76,648	27,104
Interest bearing short term borrowings	2,066,793			1,295,064		1,920,794	1,161,064
Income tax payable	109,374			73,551		109,702	73,879
Trade and other payables	824,066			1,794,846		643,708	1,644,306
Related party payables	388,613			468,983		331,888	312,687
Bank overdrafts	195,646			193,316		161,560		168,296
Total current liabilities	3,728,475			3,959,912		3,273,052		3,479,086
Total Liabilities	4,306,018			4,317,804		3,451,050		3,660,905
Total equity and liabilities	8,001,072			7,251,433		6,624,186	6,316,631
Net asset value per share (Rs.)	93.67			72.24		88.17	73.79
Note : The above figures are subject to audit.

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

Signed

C. Welengoda

General Manager - Group Finance

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

Signed	Signed
W. T. Ellawala	A. M. de S. Jayaratne
Director	Director
20th May 2022

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C. W. Mackie PLC

Statement of Changes in Equity - Group

For the year ended 31st March 2022		Attributable to equity holders of the parent company
	Stated	Capital	Revaluation	General	Retained	Total	Non-controlling	Total
	capital	reserves	reserve	reserve	earnings		interests	equity
	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's	Rs.000's
Balance as at 1st April 2020	507,047	8,734	359,428	7,000	1,489,693	2,371,902	343,451	2,715,353
Total comprehensive income for the year
Net profit/(loss) for the year	-	-	-	-	264,684	264,684	(9,013)	255,671
Other comprehensive income, net of tax	-	-	(5,943)	-	(30,804)	(36,747)	(648)	(37,395)
Total comprehensive income for the year	-	-	(5,943)	-	233,880	227,937	(9,661)	218,276
Balance as at 31st March 2021
507,047	8,734	353,485	7,000	1,723,573	2,599,839	333,790	2,933,629
Balance as at 1st April 2021	507,047	8,734	353,485	7,000	1,723,573	2,599,839	333,790	2,933,629
Total comprehensive income for the year
Net profit for the period	-	-	-	-	564,039	564,039	(12,318)	551,721
Other comprehensive income, net of tax	-	-	384,632	-	74,501	459,133	2,491	461,624
Total comprehensive income for the year	-	-	384,632	-	638,540	1,023,172	(9,827)	1,013,345
Contributions by and distributions to equity holders
First and final dividend 2020/21	-	-	-	-	(251,920)	(251,920)	-	(251,920)
Total distributions to equity holders	-	-	-	-	(251,920)	(251,920)	-	(251,920)
Balance as at 31st March 2022
507,047	8,734	738,117	7,000	2,110,193	3,371,091	323,963	3,695,054

Figures in brackets indicate deductions.

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