Cargills Ceylon : Interim Financial Statements as at 30 June 2022

FOR THE THREE MONTHS ENDED

30 June 2022

Contents

Statement of Profit or Loss and Other Comprehensive Income	01
Statement of Financial Position	02
Statement of Changes in Equity	03
Statement of Cash Flows	04
Segment Information	05
Explanatory Notes	06
Investor Relations Supplement	07
Corporate Information	IBC

01

Statement of Profit or Loss and

Other Comprehensive Income

CARGILLS (CEYLON) PLC

Condensed Interim Financial Statements 30 June 2022

		Group			Company
	For the three months ended 30 June	For the three months ended 30 June
	2022	2021	Change	2022	2021	Change
	Rs.' 000	Rs.' 000	%	Rs.' 000	Rs.' 000	%
Revenue	47,974,504	29,439,346	62.96	11,147	387	2,780.36
Cost of sales	(42,744,275)	(26,530,111)	(61.12)	(10,903)	(615)	(1,672.85)
Gross profit	5,230,229	2,909,235	79.78	244	(228)	207.02
Other income	551,255	490,874	12.30	418,096	1,562,281	(73.24)
Distribution expenses	(1,348,832)	(747,583)	(80.43)	-	-	-
Administrative expenses	(1,426,034)	(1,053,437)	(35.37)	(372,111)	(330,149)	(12.71)
Results from operating activities	3,006,618	1,599,089	88.02	46,229	1,231,904	(96.25)
Finance income	278,680	43,320	543.31	141,019	10,142	1,290.45
Finance cost	(1,178,084)	(683,027)	(72.48)	(269,516)	(86,092)	(213.06)
Net finance costs	(899,404)	(639,707)	(40.60)	(128,497)	(75,950)	(69.19)
Share of profit / (loss) of
equity accounted investees, net of tax	(23,154)	(68,457)	66.18	-	-	-
Profit before taxation	2,084,060	890,925	133.92	(82,268)	1,155,954	(107.12)
Deferred & current income tax expense	(532,954)	(206,110)	(158.58)	25,388	(15,015)	269.08
Profit after tax before dividend tax expense	1,551,106	684,815	126.50	(56,880)	1,140,939	(104.99)
Tax effect of dividends paid to equity holders	-	(176,437)	100.00	-	(52,523)	100.00
Profit/(loss) for the period	1,551,106	508,378	205.11	(56,880)	1,088,416	(105.23)
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	(26,300)	(16,225)		-	-
Net Change in fair value of equity investments
at fair value through other comprehensive income	10,388	400		10,388	400
Other comprehensive income for the
period, net of tax	(15,912)	(15,825)		10,388	400
Total comprehensive income for the period	1,535,194	492,553		(46,492)	1,088,816
Profit attributable to :
Equity shareholders of the parent	1,555,705	508,188		(56,880)	1,088,416
Non controlling interest	(4,599)	190		-	-
Profit for the period	1,551,106	508,378		(56,880)	1,088,416
Total comprehensive income attributable to:
Equity shareholders of the parent	1,539,793	492,363		(46,492)	1,088,816
Non controlling interest	(4,599)	190		-	-
Total comprehensive income for the period	1,535,194	492,553		(46,492)	1,088,816
Basic Earnings per share (Rs.)	6.04	1.97		(0.22)	4.22
Diluted Earnings per share (Rs.)	6.04	1.97		(0.22)	4.22

Explanatory notes are given on page 6.

02

Statement of Financial Position

	Group		Company
	30 June	31 Mar	30 June	31 Mar
As at	2022	2022	2022	2022
	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000
		(Audited)		(Audited)
Assets
Non-current assets
Property, plant and equipment	41,467,329	40,012,205	3,454,347	3,459,660
Right of use asset	18,486,089	16,825,758	1,069,281	1,089,171
Investment property	7,039,884	7,039,884	3,171,894	3,170,928
Intangible assets	1,510,641	1,439,415	159,007	62,171
Investment in subsidiaries	-	-	6,132,690	6,132,690
Investment in equity accounted investees	4,157,774	4,207,228	4,717,843	4,717,843
Other financial assets	1,536,604	1,526,215	1,536,330	1,525,941
Prepayment on leasehold land and buildings	200,912	200,912	-	-
Deferred tax assets	14,543	14,070	-	-
Total non-current assets	74,413,776	71,265,687	20,241,392	20,158,404
Current assets
Inventories	18,901,480	14,802,284	2,516	13,162
Trade and other receivables	9,023,831	7,438,085	934,314	503,808
Amount due from related companies	343,802	377,065	2,594,282	2,333,277
Other financial assets	252,760	1,016,556	-	-
Cash and cash equivalents	5,291,603	3,544,099	1,025,887	73,504
Total current assets	33,813,476	27,178,089	4,556,999	2,923,751
Total assets	108,227,252	98,443,776	24,798,391	23,082,155
Equity
Stated capital	6,841,068	6,841,068	6,841,068	6,841,068
Reserves	7,111,782	7,101,394	509,665	499,277
Retained earnings	12,013,667	11,552,781	5,204,515	5,261,395
Total equity attributable to equity holders of the company	25,966,517	25,495,243	12,555,248	12,601,740
Non-controlling interest	3,621,673	3,626,272	-	-
Total equity	29,588,190	29,121,515	12,555,248	12,601,740
Liabilities
Non-current liabilities
Interest bearing loans and borrowings	6,725,152	7,523,412	3,998,447	4,395,893
Lease liability	20,443,706	18,502,079	996,922	1,002,703
Deferred tax liabilities	623,018	729,805	261,762	287,150
Capital grants	13,104	15,975	-	-
Employee benefit liabilities	1,657,500	1,549,184	649,479	594,973
Total non-current liabilities	29,462,480	28,320,455	5,906,610	6,280,719
Current liabilities
Trade and other payables	23,313,222	23,109,018	395,484	603,905
Current tax liabilities	5,144,162	4,194,322	204,799	238,414
Amount due to related companies	1,250	4,572	8,346	15,338
Dividend payable	72,212	72,295	72,212	72,295
Interest bearing loans and borrowings	19,593,402	12,482,221	5,632,430	3,246,919
Lease liability	1,052,334	1,139,378	23,262	22,825
Total current liabilities	49,176,582	41,001,806	6,336,533	4,199,696
Total liabilities	78,639,062	69,322,261	12,243,143	10,480,415
Total equity and liabilities	108,227,252	98,443,776	24,798,391	23,082,155
Net Assets value per share (Rs.)	100.77	98.94	48.72	48.91

Explanatory notes are given on page 6.

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 CEO)	( Group Managing Director / Deputy CEO)
09th August 2022
Colombo

CARGILLS (CEYLON) PLC

Condensed Interim Financial Statements 30 June 2022

CARGILLS (CEYLON) PLC

Condensed Interim Financial Statements 30 June 2022

03

Statement of Changes in Equity

	Stated	Capital	Revaluation	FVOCI	Other	Employee	Retained	Non	Total
	capital	reserve	reserve	reserve	equity	share	earnings	controlling	equity
						option		interest
						reserve
Group	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000
Balance as at 1 April 2021	6,773,878	7,928	7,017,804	654	-	152,853	9,000,732	6,874	22,960,723
Profit for the period	-	-	-	-	-	-	508,188	190	508,378
Other comprehensive income	-	-	-	400	-	-	(16,225)	-	(15,825)
Total comprehensive income	-		-	400	-	-	491,963	190	492,553
Transactions with owners of the company,
recognized directly in equity
Exercise of share options	67,190	-	-	-	-	-	-	-	67,190
Equity - settled share - based payment	-	-	-	-	-	2,144	-	-	2,144
Dividends	-	-	-	-	-	-	(1,056,479)	-	(1,056,479)
Balance as at 30 June 2021	6,841,068	7,928	7,017,804	1,054	-	154,997	8,436,216	7,064	22,466,131
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
Charge relating to Surcharge Tax	-	-	-	-	-	-	(1,068,519)	-	(1,068,519)
Adjusted balance as at 1 April 2022	6,841,068	7,928	7,013,019	7,965	-	72,482	10,484,262	3,626,272	28,052,996
Profit for the period	-	-	-	-	-	-	1,555,705	(4,599)	1,551,106
Other comprehensive income	-	-	-	10,388	-	-	(26,300)	-	(15,912)
Total comprehensive income	-	-	-	10,388	-	-	1,529,405	(4,599)	1,535,194
Transactions with owners of the company,
recognized directly in equity
Dividends	-	-	-	-	-	-	-	-	-
Balance as at 30 June 2022	6,841,068	7,928	7,013,019	18,353	-	72,482	12,013,667	3,621,673	29,588,190
				Stated	Revaluation	FVOCI	Employee	Retained	Total
				capital	reserve	reserve	share	earnings	equity
							option
							reserve
Company				Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000
Balance as at 1 April 2021				6,773,878	420,431	(875)	152,853	5,087,199	12,433,486
Profit for the period				-	-	-	-	1,088,416	1,088,416
Other comprehensive income				-	-	400	-	-	400
Total comprehensive income				-	-	400	-	1,088,416	1,088,816
Transactions with owners of the company,
recognized directly in equity
Exercise of share options				67,190	-	-	-	-	67,190
Equity - settled share - based payment				-	-	-	2,144	-	2,144
Dividends				-	-	-	-	(1,056,479)	(1,056,479)
Balance as at 30 June 2021				6,841,068	420,431	(475)	154,997	5,119,136	12,535,157
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				-	-	-	-	(56,880)	(56,880)
Other comprehensive income				-	-	10,388	-	-	10,388
Total comprehensive income				-	-	10,388	-	(56,880)	(46,492)
Transactions with owners of the company,
recognized directly in equity
Dividends				-	-	-	-	-	-
Balance as at 30 June 2022				6,841,068	420,431	16,752	72,482	5,204,515	12,555,248