Ceylon Tobacco Company PLC
Interim Financial Statements - 3 months ended 31 March 2024
Ceylon Tobacco Company PLC
Summary of Performance for the 3 months ended 31st March 2024
The Company's sales volume during the three months ended 31st March 2024 was lower in comparison to the same period last year, mainly due to the tax led price increases in line with the Government's revenue proposals.
The cost base of the Company is impacted by the increase in raw material cost driven through inflation and the appreciation in foreign currency. The Company's profit before income tax for the three months ended 31st March 2024 stood at Rs. 11.7bn, while the Company's profit after tax for the same period was Rs. 6.8bn.
Dividends
The Directors recommend a first interim dividend of Rs.32.70 per share to be paid by the 31st May 2024.
CEYLON TOBACCO COMPANY PLC
Statement of Profit or Loss and Other Comprehensive Income
(all amounts in Sri Lanka Rupees millions)
03 months ended 31 March | |||||
2024 | 2023 | ||||
Un-audited | Un-audited | ||||
Turnover | 45,851 | 46,935 | |||
Government Levies | (31,701) | (34,226) | |||
Revenue | 14,150 | 12,709 | |||
Other operating income | 2 | - | |||
Raw material used | (1,085) | (893) | |||
Employee benefit expense | (627) | (582) | |||
Depreciation & amortisation expense | (149) | (103) | |||
Other operating expenses | (968) | (1,505) | |||
Net finance income | 357 | 492 | |||
Profit before income tax | 11,680 | 10,118 | |||
Income tax expenses | (4,875) | (4,119) | |||
Profit for the period | 6,805 | 5,999 | |||
Other Comprehensive Income | |||||
Re-measurement of defined benefit obligation | (8) | 6 | |||
Total other comprehensive income for the year | (8) | 6 | |||
Total comprehensive income | 6,797 | 6,005 | |||
Earnings Per Share (basic and diluted) | 36.33 | 32.02 | |||
The Notes form an integral part of these Interim Financial Statements. |
………………………………………
Towhid Akbar
Finance Director
Date : 13th May 2024
CEYLON TOBACCO COMPANY PLC
Statement of Financial Position
(all amounts in Sri Lanka Rupees millions)
31-Mar | 31-Dec | |
2024 | 2023 | |
Assets | Un-audited | Audited |
Non-current assets | ||
Property, plant and equipment | 6,053 | 5,885 |
Intangible assets | - | - |
Employee benefit asset | 70 | 89 |
Other receivables | 256 | 219 |
Total non-current assets | 6,379 | 6,193 |
Current assets | ||
Inventories | 7,383 | 6,611 |
Trade and other receivables | 6,917 | 5,603 |
Cash and cash equivalents | 23,305 | 24,538 |
Total current assets | 37,605 | 36,752 |
Total assets | 43,984 | 42,945 |
Equity and Liabilities | ||
Equity | ||
Stated capital | 1,873 | 1,873 |
Retained earnings | 10,881 | 9,891 |
Total equity attributable to equity holders | 12,754 | 11,765 |
Non-current liabilities | ||
Unfunded retirement benefit obligation | - | - |
Deferred tax liabilities | 556 | 574 |
Lease liabilities | 18 | 32 |
Long term borrowings | 300 | 324 |
Total non-current liabilities | 874 | 930 |
Current liabilities | ||
Trade and other payables | 18,869 | 19,221 |
Lease liabilities | 192 | 243 |
Current taxation | 10,880 | 10,397 |
Dividends payable | - | - |
Unclaimed dividends | 415 | 389 |
Total current liabilities | 30,356 | 30,251 |
Total liabilities | 31,230 | 31,181 |
Total equity and liabilities | 43,984 | 42,945 |
Net Asset Per Share | 68.09 | 62.81 |
The Notes form an integral part of these Interim Financial Statements.
I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act, No. 07 of 2007.
Towhid Akbar
Finance Director
Date : 13th May 2024
The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board of Directors:
Harin De Silva Wijeyeratne | Towhid Akbar | ||||
Chairman Audit Committee | Finance Director | ||||
Date : | 13th May 2024 | Date : 13th May 2024 |
CEYLON TOBACCO COMPANY PLC
Statement of Changes in Equity (all amounts in Sri Lanka Rupees millions)
Stated | Retained | Total | ||
capital | earnings | |||
Balance at 1 January 2023 | 1,873 | 15,620 | 17,493 | |
Profit for the period | 5,999 | 5,999 | ||
Other comprehensive income | - | 6 | 6 | |
Total comprehensive income for the period | - | 6,005 | 6,005 | |
Transactions with owners of the Company, recognised directly in | ||||
equity | ||||
Write back of unclaimed dividends | - | - | - | |
Dividends | - | - | ||
Total transactions with shareholders | - | - | - | |
Balance at 31 Mar 2023 (Un-audited) | ||||
1,873 | 21,625 | 23,498 | ||
Profit for the period | - | 21,657 | 21,657 | |
Other comprehensive income | - | (52) | (52) | |
Total comprehensive income for the period | - | 21,604 | 21,604 | |
Transactions with owners of the Company, recognised directly in | ||||
equity | ||||
Write back of unclaimed dividends | - | 24 | 24 | |
Dividends | - | (33,362) | (33,362) | |
Total transactions with shareholders | - | (33,338) | (33,338) | |
Balance at 31 December 2023 (Audited) | 1,873 | 9,891 | 11,765 | |
Balance at 1 January 2024 | 1,873 | 9,891 | 11,765 | |
Profit for the period | - | 6,805 | 6,805 | |
Other comprehensive income | - | (8) | (8) | |
Total comprehensive income for the period | - | 6,797 | 6,797 | |
Transactions with owners of the Company, recognised directly in | ||||
equity | ||||
Write back of unclaimed dividends | - | - | - | |
Dividends | - | (5,807) | (5,807) | |
Total transactions with shareholders | - | (5,807) | (5,807) | |
Balance at 31 March 2024 (Un-audited) | 1,873 | 10,881 | 12,755 |
CEYLON TOBACCO COMPANY PLC
Statement of Cash Flows
(all amounts in Sri Lanka Rupees millions)
03 months ended 31 March | |||
2024 | 2023 | ||
Un-audited | Un-audited | ||
Cash flows from operating activities | |||
Profit before Tax | 11,680 | 10,118 | |
Adjustments for: | |||
Depreciation & amortisation expense | 149 | 103 | |
Interest expense | 7 | 7 | |
Interest income | (340) | (458) | |
Write off of property, plant & equipment | - | - | |
Net interest on retirement benefit obligations | 11 | 6 | |
Provision for obsolete inventories and doubtful Debts | 179 | 20 | |
Exchange gain from long term borrowings | (24) | (41) | |
Operating profit before working capital changes | 11,662 | 9,755 | |
Changes in working capital | |||
Inventories | (955) | (727) | |
Trade & other receivables | (1,348) | 1,286 | |
Trade & other payables | (352) | 10,166 | |
Cash generated from operations | 9,007 | 20,480 | |
Interest received | 340 | 458 | |
Interest paid | (7) | (7) | |
Gratuity paid - unfunded scheme | - | - | |
Income tax paid | (4,402) | (2,512) | |
WHT paid | (635) | (1,931) | |
Net cash generated from operating activities | 4,303 | 16,488 | |
Cash flows from investing activities | |||
Purchase and construction of property, plant & equipment | (317) | (27) | |
Purchase of intangible assets | - | - | |
Net cash used in investing activities | (317) | (27) | |
Cash flows from financing activities | |||
Proceeds from long term borrowings | - | - | |
Dividends paid | (5,154) | (16,416) | |
Unclaimed dividends paid | - | - | |
Payment of finance lease liabilities | (66) | (38) | |
Net cash outflow from financing activities | (5,220) | (16,454) | |
Net increase/ (decrease) in cash & cash equivalents | (1,234) | 7 | |
Cash & cash equivalents at the beginning of year | 24,538 | 24,217 | |
Increase/ (Decrease) in cash | (1,234) | 7 | |
Cash & cash equivalents at the end of the period | 23,304 | 24,224 | |
Analysis of cash & cash equivalents at the end of the period | |||
Cash in hand & bank balances | 17,050 | 17,530 | |
Short term investments | 6,254 | 6,694 | |
Total cash & cash equivalents | 23,304 | 24,224 | |
CEYLON TOBACCO COMPANY PLC
Notes to the interim financial statements
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General information
Ceylon Tobacco Company PLC is a public limited liability Company domiciled in Sri Lanka. The principal operations of the Company are manufacturing, marketing and selling cigarettes. The registered office of business is 178, Srimath Ramanathan Mawatha, Colombo 15. The ultimate holding company of Ceylon Tobacco Company PLC is British American Tobacco PLC through British American Tobacco International Holdings BV. - Basis of preparation
The condensed interim financial statements of Ceylon Tobacco Company PLC are for the twelve months ended 31 March 2024. They have been prepared in accordance with LKAS 34 - Interim Financial Reporting. These interim financial statements have been prepared in accordance with the SLFRS standards and IFRIC interpretations issued and effective as at the time of preparing these statements. The condensed interim financial statements do not include all of the information required for full annual financial statements and have not been audited. - Comparatives
Comparatives are provided for the same period last year and for the statement of financial position at the date 31 March 2023. Where necessary comparative figures have been reclassified to conform with the current year's presentation. - Contingent Liabilities
There have been no material changes to the contingent assets or contingent liabilities since the last annual reporting period. - Events occurring after the reporting period
No material events have occurred since the end of the reporting date which would require adjustments to, or disclosure in the financial statements.
The directors recommend a first interim dividend of Rs. 32.70 per share for 2024 and will be payable on 31st May 2024. - Market Price Per share
For the 3 months ending 31 March, | 2024 | 2023 |
Rs | Rs | |
Highest | 1,235.00 | 708.25 |
Lowest | 955.00 | 598.00 |
Last Traded | 1,228.25 | 680.75 |
7 20 Largest Shareholders of the Company
Name of Shareholder | No. of Shares | % Holding |
British American Tobacco International Holdings B.V. Philip Morris Brand SARL
CB NY S/A Allan Gray Frontier Markets Equity Fund Limited J.B.Cocoshell (Pvt) Ltd
Hatton National Bank PLC - Capital Alliance Quantitative Equity Fund Rubber Investment Trust LTD A/C No 01
Mrs J.K.P. Singh Mr.S.P. Jayawardena Miss N. Harnam
Invenco Capital Private Limited Deutsche Bank AG Singapore A/C 02 Odyssey Capital Partners (Private) Limited Harnam Holdings SDN BHD
Deutsche Bank AG AS Trustee For JB vantage Value Equity Fund Bank of Ceylon No 1 Account
BNYM RE- GHI Holdings Mauritius Mr. J.D. Bandaranayake
Mr. J.D. Bandaranayake
Union Assurance PLC - Universal Life Fund
Galle Face Capital Partners PLC
Sub Total
Others
Total Shares
8 Computation of % of Public Shareholding
Parent Company
British American Tobacco International (Holdings) BV
Directors shareholding (including spouses & children)Mr. S.K. Shah
Ms. M. Abraham Mr. S.R. Kidd Ms. R. Rahman Mr. K.D'Alwis Mr.T.Akbar
Mr.H.De Silva Wijeyeratne Mr. U. Zahur
Parent Company
Subsidiaries or Associate Companies of Parent Subsidiaries or Associate Companies
10% or more holding
Directors shareholding (including spouses & children) Public Holding
Public Holding as a % of Issued Share Capital
Number of shareholders holding the Public Holding
Market Capitalisation of Public Holding (Rs. Million)
31 March 2024 | |
157,590,931 | 84.13 |
15,585,910 | 8.32 |
3,267,374 | 1.74 |
844,387 | 0.45 |
375,961 | 0.20 |
327,698 | 0.17 |
306,256 | 0.16 |
215,111 | 0.11 |
211,030 | 0.11 |
209,635 | 0.11 |
175,600 | 0.09 |
149,883 | 0.08 |
145,000 | 0.08 |
142,883 | 0.08 |
141,887 | 0.08 |
129,687 | 0.07 |
118,412 | 0.06 |
112,450 | 0.06 |
107,307 | 0.06 |
105,000 | 0.06 |
180,262,402 | 96.23 |
7,061,349 | 3.77 |
187,323,751 100.00
31 March 2024
No of Shares
157,590,931
157,590,931
-
-
-
-
-
-
-
-
-
157,590,931
-
-
-
-
29,732,820
187,323,751
15.87%
4,503
36,519
The Company complies with option 1 of the Listing Rules 7.14.1(a) - Float Adjusted Market Capitalisation of Rs. 10.0Bn which requires no minimum public holding percentage.
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Ceylon Tobacco Company plc published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 10:35:02 UTC.