CEYLON COLD STORES PLC (PQ4) No. 117, Sir Chittampalam A … · 2018. 1. 22. · CEYLON COLD STORES PLC (PQ4) 3 No. 117, Sir Chittampalam A Gardiner Mawatha Colombo 02 INTERIM CONDENSED

CEYLON COLD STORES PLC (PQ4)

No. 117, Sir Chittampalam A Gardiner Mawatha 1

Colombo 02

INTERIM CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

2017 2016 Change % 2017 2016 Change %

Continuing operations

Sale of goods 12,828,933 11,279,297 14 37,655,669 32,439,216 16

Revenue 12,828,933 11,279,297 14 37,655,669 32,439,216 16

Cost of sales (11,490,263) (9,628,381) 19 (32,947,234) (27,001,856) 22

Gross profit 1,338,670 1,650,916 (19) 4,708,435 5,437,360 (13)

Other operating income 442,477 341,365 30 1,120,992 917,310 22

Selling and distribution expenses (439,128) (393,136) 12 (1,373,929) (1,183,186) 16

Administrative expenses (385,135) (317,968) 21 (1,116,841) (904,532) 23

Other operating expenses (182,197) (168,765) 8 (553,745) (545,738) 1

Results from operating activities 774,687 1,112,412 (30) 2,784,912 3,721,214 (25)

Finance cost (8,109) (1,594) 409 (11,699) (5,204) 125

Finance income 35,058 62,615 (44) 96,217 180,331 (47)

Net Finance income 26,949 61,021 (56) 84,518 175,127 (52)

Share of results of equity accounted investees (2,129) (3,397) (37) (9,949) (13,161) (24)

Profit before tax 799,507 1,170,036 (32) 2,859,481 3,883,180 (26)

Tax expense 6 (236,319) (346,332) (32) (869,495) (1,153,893) (25)

Profit for the period 563,188 823,704 (32) 1,989,986 2,729,287 (27)

Attributable to:

Equity holders of the parent 563,188 823,704 (32) 1,989,986 2,729,287 (27)

LKR LKR LKR LKR

Earnings per share

Basic 5.93 8.67 20.94 28.72

Dividend per share - 8.00 8.00 18.00

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

Figures in brackets indicate deductions.

The above figures are not audited.

Quarter ended 31 December Nine months ended 31 December



Colombo 02


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Nine months ended 31 December

2017 2016 2017 2016

Profit for the period 563,188 823,704 1,989,986 2,729,287

Other comprehensive income

Other comprehensive income to be reclassified to income statement

in subsequent periods

Share of other comprehensive income/(expense) of equity-accounted investees 6,517 264,992 45,035 195,557

Net other comprehensive income to be reclassified to income 6,517 264,992 45,035 195,557

Total comprehensive income for the period, net of tax 569,705 1,088,696 2,035,021 2,924,844

Attributable to:

Equity holders of the parent 569,705 1,088,696 2,035,021 2,924,844

569,705 1,088,696 2,035,021 2,924,844



Quarter ended 31 December


CEYLON COLD STORES PLC (PQ4) 3

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02


CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 31.12.2017 31.03.2017

ASSETS

Non-current assets

Property, plant and equipment 11,415,785 8,107,133

Lease rentals paid in advance 147,019 174,701

Investment property 207,042 207,042

Intangible assets 155,865 151,156

Investment in equity accounted investees 5,960,761 6,029,201

Non-current financial assets 205,857 170,263

Other non-current assets 727,978 554,337

18,820,307 15,393,833

Current assets

Inventories 3,844,012 3,540,542

Trade and other receivables 2,199,259 2,227,914

Amounts due from related parties 4,540 5,570

Other current assets 995,675 668,250

Short term investments 1,059,723 415,660

Cash in hand and at bank 596,477 203,236

8,699,686 7,061,172

Total assets 27,519,993 22,455,005

EQUITY AND LIABILITIES

Equity attributable to equity holders of the parent

Stated capital 918,200 918,200

Revenue reserves 11,215,148 10,102,361

Other components of equity 2,284,823 2,168,837

Total equity 14,418,171 13,189,398

Non-current liabilities

Interest-bearing loans and borrowings 1,462,522 129,525

Deferred tax liabilities 1,087,577 992,308

Employee benefit liabilities 527,360 471,353

Other non-current liabilities 174,789 193,465

Other deferred liabilities 44,734 55,489

3,296,982 1,842,140

Current liabilities

Trade and other payables 6,355,754 4,804,967

Amounts due to related parties 195,536 155,142

Income tax liabilities 220,330 589,168

Interest-bearing loans and borrowings 416,670 141,667

Other current liabilities 1,177,317 1,005,919

Bank overdrafts 1,439,233 726,604

9,804,840 7,423,467

Total equity and liabilities 27,519,993 22,455,005

LKR LKR

Net assets per share 151.71 138.78



I certify that the financial statements comply with the requirements of the Companies Act, No.7 of 2007.

S R Jayaweera

Chief Financial Officer

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

J R Gunaratne J G A Cooray

Director Director

19th January 2018



Colombo 02


CONSOLIDATED STATEMENT OF CASH FLOWS

For the nine months ended 31 December Note 2017 2016

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before working capital changes A 3,602,757 4,381,968

(Increase) / Decrease in inventories (303,470) (797,033)

(Increase) / Decrease in trade and other receivables 28,655 (253,923)

(Increase) / Decrease in amounts due from related parties 1,030 68

(Increase) / Decrease in other current assets (301,669) (210,076)

(Increase) / Decrease in non-current financial assets (35,594) (26,288)

(Increase) / Decrease in other non-current assets (173,641) (123,195)

Increase / (Decrease) in trade and other payables 1,550,787 987,860

Increase / (Decrease) in amounts due to related parties 40,394 59,077

Increase / (Decrease) in other current liabilities 171,398 254,082

Increase / (Decrease) in deferred liabilities (10,755) 31,892

Increase / (Decrease) in other non-current liabilities (18,676) 35,001

Cash generated from operations 4,551,216 4,339,433

Finance income received 96,217 180,331

Finance costs paid (11,699) (5,204)

Tax paid (1,143,064) (1,128,978)

Gratuity paid (32,986) (34,379)

Net cash flow from operating activities 3,459,684 3,351,203

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment (3,984,523) (1,718,899)

Purchase of intangible assets (14,052) -

Purchase of lease rights - (177,062)

Proceeds from sale of property, plant and equipment and intangible assets 15,900 5,001

Net cash flow used in investing activities (3,982,675) (1,890,960)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Dividend paid to equity holders of parent (760,320) (1,710,720)

Dividend paid to preference shareholders (14) (14)

Proceeds from/(repayment of) borrowings (net) 1,608,000 - (61,573)

Net cash flow used in financing activities 847,666 (1,772,307)

NET INCREASE IN CASH AND CASH EQUIVALENTS 324,675 (312,064)

CASH AND CASH EQUIVALENTS AT THE BEGINNING (107,708) 1,705,258

CASH AND CASH EQUIVALENTS AT THE END 216,967 1,393,194

ANALYSIS OF CASH AND CASH EQUIVALENTS

Favorable balances

Short term investments 1,059,723 1,790,782


Unfavorable balances

Bank overdrafts (1,439,233) (841,076)

Total Cash and cash equivalents 216,967 1,393,194






Colombo 02


CONSOLIDATED STATEMENT OF CASH FLOWS

For the nine months ended 31 December 2017 2016

A. Profit before working capital changes

Profit before tax 2,859,481 3,883,180

Adjustments for:

Finance income (96,217) (180,331)

Finance cost 11,699 5,204

Share-based payment expense 70,951 67,371

Share of results of equity accounted investees 9,949 13,161

Gain on Lease rights forgone (13,339) (16,562)

Depreciation of property, plant and equipment 665,025 527,493

(Gain)/loss on sale of property, plant and equipment and intangible assets (5,054) 972

Amortization of lease rentals paid in advance 1,926 1,475

Amortization of intangible assets 9,343 8,162

Gratuity provision and related costs 88,993 71,843

3,602,757 4,381,968






Colombo 02


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Stated ESOP Revaluation Foreign Cash flow Revenue Total

capital reserve reserve currency hedge reserves Equity

translation reserve

reserve

As at 1 April 2016 918,200 179,232 806,716 696,693 - 9,744,890 12,345,731

Profit for the period - - - - - 2,729,287 2,729,287

Other comprehensive income - - - 100,242 95,315 - 195,557

Total comprehensive income - - - 100,242 95,315 2,729,287 2,924,844

Share based payments - 67,371 - - - - 67,371

Final dividend paid - 2015/16 - - - - - (950,400) (950,400)

Interim dividend paid - 2016/17 (760,320) (760,320)

Preference dividend paid - 2015/16 - - - - - (14) (14)

Changes of holding in associate - - - - - (90,982) (90,982)

As at 31 December 2016 918,200 246,603 806,716 796,935 95,315 10,672,461 13,536,230

As at 1 April 2017 918,200 270,721 947,588 867,703 82,825 10,102,361 13,189,398

Profit for the period - - - - - 1,989,986 1,989,986

Other comprehensive income - - - 23,309 21,726 - 45,035

Total comprehensive income - - - 23,309 21,726 1,989,986 2,035,021

Share based payments - 70,951 - - - - 70,951

Final dividend paid - 2016/17 - - - - - (760,320) (760,320)

Preference dividend paid - 2016/17 - - - - - (14) (14)

Changes of holding in associate - - - - - (116,865) (116,865)

As at 31 December 2017 918,200 341,672 947,588 891,012 104,551 11,215,148 14,418,171




Attributable to equity holders of parent

CEYLON COLD STORES PLC (PQ4) 7

No. 117, Sir Chittampalam A Gardiner Mawatha

Colombo 02


COMPANY INCOME STATEMENT

2017 2016 Change % 2017 2016 Change %

Continuing operations

Sale of goods 3,035,073 3,243,294 (6) 9,975,473 10,581,796 (6)

Revenue 3,035,073 3,243,294 (6) 9,975,473 10,581,796 (6)

Cost of sales (2,137,528) (2,080,524) 3 (6,635,883) (6,460,113) 3

Gross profit 897,545 1,162,770 (23) 3,339,590 4,121,683 (19)

Dividend income - - - 291,023 291,023 0

Other operating income 23,007 15,635 47 45,711 100,999 (55)

Selling and distribution expenses (339,339) (321,473) 6 (1,110,028) (998,584) 11

Administrative expenses (162,140) (146,771) 10 (492,127) (420,296) 17

Other operating expenses (65,950) (73,527) (10) (225,255) (292,974) (23)

Results from operating activities 353,123 636,634 (45) 1,848,914 2,801,851 (34)

Finance cost (32) (1,059) (97) (667) (4,373) (85)

Finance income 31,018 40,226 (23) 69,768 113,297 (38)

Net finance income 30,986 39,167 (21) 69,101 108,924 (37)

Profit before tax 384,109 675,801 (43) 1,918,015 2,910,775 (34)

Tax expense 6 (111,489) (197,486) (44) (464,150) (749,267) (38)

Profit for the period 272,620 478,315 (43) 1,453,865 2,161,508 (33)

LKR LKR LKR LKR

Dividend per share - 8.00 8.00 18.00







Colombo 02


COMPANY STATEMENT OF COMPREHENSIVE INCOME

2017 2016 2017 2016

Profit for the period 272,620 478,315 1,453,865 2,161,508

Other comprehensive income for the period - - - -

Total comprehensive income for the period, net of tax 272,620 478,315 1,453,865 2,161,508







Colombo 02


COMPANY STATEMENT OF FINANCIAL POSITIONAs at 31.12.2017 31.03.2017

ASSETS

Non-current assets

Property, plant and equipment 4,075,427 4,122,304

Investment property 207,042 207,042

Intangible assets 6,557 8,727

Investments in subsidiaries 1,542,892 1,492,892

Investment in equity accounted investees 5,392,863 5,392,863

Non-current financial assets 128,355 91,078

Other non-current assets 35,066 20,585

11,388,202 11,335,491

Current assets

Inventories 936,859 1,192,696

Trade and other receivables 1,350,115 1,720,333

Amounts due from related parties 53,995 38,882

Other current assets 307,294 155,501



3,854,828 3,542,917

Total assets 15,243,030 14,878,408

EQUITY AND LIABILITIES

Stated capital 918,200 918,200

Revenue reserves 10,170,886 9,477,355

Other components of equity 1,113,420 1,063,107

Total equity 12,202,506 11,458,662

Non-current liabilities

Deferred tax liabilities 621,222 611,326

Employee benefit liabilities 405,584 363,698

Other non-current liabilities 174,789 193,465

1,201,595 1,168,489

Current liabilities

Trade and other payables 1,028,277 1,007,558

Amounts due to related parties 13,786 3,276

Income tax payable 107,338 421,821

Interest-bearing loans and borrowings - 15,000

Other current liabilities 485,451 575,216

Bank overdrafts 204,077 228,386

1,838,929 2,251,257

Total equity and liabilities 15,243,030 14,878,408

LKR LKR

Net assets per share 128.39 120.57



I certify that the financial statements comply with the requirements of the Companies Act, No.7 of 2007.

S R Jayaweera

Chief Financial Officer

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

J R Gunaratne J G A Cooray

Director Director

19th January 2018



Colombo 02


COMPANY STATEMENT OF CASH FLOWSFor the nine months ended 31 December 2017 2016

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 1,918,015 2,910,775

Adjustments for:

Finance income (69,768) (113,297)

Dividend income (291,023) (291,023)

Finance cost 667 4,373

Depreciation of property, plant and equipment 352,930 303,483

Loss on sale of property, plant and equipment 2,593 568

Amortization of intangible assets 2,556 2,748

Share based payment expenses 50,313 39,571

Gratuity provision and related costs 58,205 48,557

Profit before working capital changes 2,024,488 2,905,755

(Increase) / Decrease in inventories 255,837 (138,792)

(Increase) / Decrease in trade and other receivables 370,218 (11,969)

(Increase) / Decrease in amounts due from related parties (15,113) (12,718)

(Increase) / Decrease in other current assets (151,793) (109,643)

(Increase) / Decrease in non-current financial assets (37,277) (371)

(Increase) / Decrease in other non-current assets (14,481) (2,358)

Increase / (Decrease) in trade and other payables 20,719 (107,697)

Increase / (Decrease) in amounts due to related parties 10,510 19,592

Increase / (Decrease) in other current liabilities (89,765) 2,772

Increase / (Decrease) in other non-current liabilities (18,676) 35,001

Cash generated from operations 2,354,667 2,579,572

Finance income received 69,768 113,297

Finance expenses paid (667) (4,373)

Tax paid (768,737) (834,863)

Gratuity paid (16,319) (25,731)

Net cash flow from operating activities 1,638,712 1,827,902

CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment (308,839) (529,851)

Purchase of intangible assets (386) -

Increase in investment in subsidiary (50,000) (270,000)

Dividend income received 291,023 291,023

Proceeds from sale of property, plant and equipment 193 778

Net cash flow used in investing activities (68,009) (508,050)

CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES

Dividend paid to equity holders (760,320) (1,710,720)

Dividend paid to preference shareholders (14) (14)

Repayment of long term borrowings (net) (15,000) (61,573)

Net cash flow used in financing activities (775,334) (1,772,307)

NET INCREASE IN CASH AND CASH EQUIVALENTS 795,369 (452,455)

CASH AND CASH EQUIVALENTS AT THE BEGINNING 207,119 1,239,789

CASH AND CASH EQUIVALENTS AT THE END 1,002,488 787,334

ANALYSIS OF CASH & CASH EQUIVALENTS

Favorable balances



Unfavorable balances

Bank overdrafts (204,077) (190,079)

Total cash and cash equivalents 1,002,488 787,334






Colombo 02


COMPANY STATEMENT OF CHANGES IN EQUITY

Stated ESOP Revaluation Revenue Total

capital reserve reserve reserves Equity

As at 1 April 2016 918,200 106,283 797,364 9,363,562 11,185,409

Profit for the period - - - 2,161,508 2,161,508

Total comprehensive income - - - 2,161,508 2,161,508

Share based payments - 39,571 - - 39,571

Final dividend paid - 2015/16 - - - (950,400) (950,400)

Interim dividend paid - 2016/17 - - - (760,320) (760,320)

Preference dividend paid - 2015/16 - - - (14) (14)

As at 31 December 2016 918,200 145,854 797,364 9,814,336 11,675,754

As at 1 April 2017 918,200 160,065 903,042 9,477,355 11,458,662

Profit for the period - - - 1,453,865 1,453,865

Total comprehensive income - - - 1,453,865 1,453,865

Share based payments - 50,313 - - 50,313

Final dividend paid - 2016/17 - - - (760,320) (760,320)

Preference dividend paid - 2016/17 - - - (14) (14)

As at 31 December 2017 918,200 210,378 903,042 10,170,886 12,202,506






Colombo 02


OPERATING SEGMENT INFORMATION

Business segmentsThe following tables present revenue, profit information and other disclosures regarding Group's business segments.

For the Quarter ended 31 December 2017 2016 2017 2016 2017 2016

External revenue 2,965,757 3,172,626 9,863,176 8,106,671 12,828,933 11,279,297

Inter segment revenue 69,316 70,668 - 72 69,316 70,740

Total Segment revenue 3,035,073 3,243,294 9,863,176 8,106,743 12,898,249 11,350,037

Eliminations of inter segment revenue (69,316) (70,740)

Net revenue 12,828,933 11,279,297

Segment result 341,869 635,595 431,666 473,225 773,535 1,108,820

Finance cost (32) (1,080) (8,077) (514) (8,109) (1,594)

Finance income 31,646 41,805 3,412 20,810 35,058 62,615

Share of results of equity accounted investees - - - (2,129) (3,397)

Eliminations / adjustments - - - - 1,152 3,592

Profit before tax 373,483 676,320 427,001 493,521 799,507 1,170,036

Tax expense (111,665) (197,486) (124,654) * (148,846) * (236,319) (346,332)

Profit for the period 261,818 478,834 302,345 344,675 563,188 823,704

Reportable Segment Assets 10,349,169 7,969,888 10,934,263 8,497,983 21,237,184 16,427,242

Capital Expenditure 1,722,482 266,162 576,718 352,074 2,299,200 618,236

Reportable Segment Liabilities 4,984,043 3,021,211 8,152,153 6,125,534 13,101,822 9,112,077

Depreciation of Property, Plant and Equipment 118,092 107,676 114,331 83,269 232,423 190,945

Amortization of Intangible Assets 860 916 195 1,794 1,055 2,710

Amortization of lease rentals paid in advance 756 885 - - 756 885

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

Segment Asset do not include Goodwill, Investment Property, Investment in Subsidiaries and Investment in Associate

* Retail segment tax expense includes tax on consolidation adjustments




Manufacturing Retail Group Total



Colombo 02


OPERATING SEGMENT INFORMATION

Business segmentsThe following tables present revenue, profit information and other disclosures regarding Group's business segments.

For the Nine months ended 31 December 2017 2016 2017 2016 2017 2016

External revenue 9,753,033 10,375,677 27,902,636 22,063,539 37,655,669 32,439,216

Inter segment revenue 222,440 206,119 - 597 222,440 206,716

Total Segment revenue 9,975,473 10,581,796 27,902,636 22,064,136 37,878,109 32,645,932

Eliminations of inter segment revenue (222,440) (206,716)

Net revenue 37,655,669 32,439,216

Segment result 1,833,531 2,799,975 1,235,315 1,195,700 3,068,846 3,995,675

Finance cost (674) (4,394) (11,025) (810) (11,699) (5,204)

Finance income 72,534 115,276 23,683 65,055 96,217 180,331

Share of results of equity accounted investees - - - - (9,949) (13,161)

Eliminations / adjustments - - - - (283,934) (274,461)

Profit before tax 1,905,391 2,910,857 1,247,973 1,259,945 2,859,481 3,883,180

Tax expense (464,925) (749,267) (404,570) * (404,626) * (869,495) (1,153,893)

Profit for the period 1,440,466 2,161,590 843,403 855,319 1,989,986 2,729,287

Reportable Segment Assets 10,349,169 7,969,888 10,934,263 8,497,983 21,237,184 16,427,242

Capital Expenditure 2,214,629 706,913 1,783,946 1,189,048 3,998,575 1,895,961

Reportable Segment Liabilities 4,984,043 3,021,211 8,152,153 6,125,534 13,101,822 9,112,077

Depreciation of Property, Plant and Equipment 352,976 303,483 312,049 224,010 665,025 527,493

Amortization of Intangible Assets 2,556 2,748 6,787 5,414 9,343 8,162

Amortization of lease rentals paid in advance 1,926 1,475 - - 1,926 1,475

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

Segment asset do not include Goodwill, Investment Property, Investment in Subsidiaries and Investment in Associate

* Retail segment tax expense includes tax on consolidation adjustments




Manufacturing Retail Group Total



Colombo 02


NOTES TO INTERIM CONDENSED FINANCIAL STATEMENTS

1 CORPORATE INFORMATION

2 INTERIM CONDENSED FINANCIAL STATEMENTS

3 APPROVAL OF FINANCIAL STATEMENTS

4 BASIS OF PREPARATION

5 OPERATING SEGMENTS

Manufacturing

Retail

6 TAX

For the nine months ended 31 December 2017 2016 2017 2016

In LKR'000s

Income statement

Current income tax 774,226 1,003,437 454,255 719,586

Deferred tax charge 95,269 150,456 9,895 29,681

869,495 1,153,893 464,150 749,267

Group Company

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.

The Consolidated Financial Statements for the period ended 31 December 2017, 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.

The interim condensed financial statements of the Group and the Company for the 9 months ended 31 December 2017 were authorized for

issue by the Board of Directors on 19th January 2018.

The interim condensed financial statements have been prepared in compliance with Sri Lanka Accounting Standard (SLAS) LKAS 34 - Interim

Financial Reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the

year ended 31 March 2017.

The interim condensed financial statements are presented in Sri Lankan Rupees and all values are rounded to the nearest thousand except

when otherwise indicated.

For management purposes, the Group is organized into business units based on their products and services and has two reportable

operating segments as follows:



Colombo 02



7 RELATED PARTY TRANSACTIONS

For the nine months ended 31 December 2017 2016 2017 2016

In LKR '000s

Transactions with related parties

Ultimate parent

Sale of goods 629 1,181 - -

Receiving of services (133,268) (94,038) (51,915) (40,006)

Subsidiaries

Sale of goods - - 222,440 206,119

Receiving of services - - (15,364) (15,273)

Dividends received - - 291,023 291,023

Investments in stated capital - - (50,000) (270,000)

Companies under common control

Sale of goods 6,908 19,849 3,128 17,943

Purchase of goods (602,357) (505,620) (4,261) (2,821)

Rendering of services 24,341 11,482 17,117 11,482

Receiving Services (517,511) (351,874) (50,335) (19,494)

Key Management personnel (KMP)

Sale of goods - - - -

Close family members of KMP

Sale of goods - - - -

Post employment benefit plan

Contributions to the provident fund (76,666) (81,387) (71,440) (74,245)

Interest received 1,485 1,100 406 267

8 Share information

8.1 Stated capital

Stated capital is represented by number of shares in issue as given below:

As at 31-12-2017 30-09-2017

Ordinary shares 95,040,000 95,040,000

Preference shares 25,000 25,000

8.2 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 December 2017.

8.3 Market price per share

For the quarter ended 31 December 2017 2016

Rs. Rs.

Highest 1,029.00 865.00

Lowest 823.00 613.00

Last traded 949.90 750.40

8.4 Public share holdings

The percentage of shares held by the public as at 31 December 2017 was 18.60% (30 September 2017 – 18.60%).

The number of public shareholders as at 31 December 2017 was 1,849 (30 September 2017- 1,957).

Transactions with related parties - equity accounted

investees of Ultimate Parent

Group Company



Colombo 02



8.5 Directors' share holdings

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

As at 31-12-2017 30-09-2017

Mr. S.C. Ratnayake (Chairman) 3,344 3,344

Mr.A.D Gunewardene (Resigned on 31 December 2017) 30,800 30,800

Mr.J.R.F Peiris (Resigned on 31 December 2017) 668 668

Mr.J.R Gunaratne (CEO) 5,080 5,080

Mr. D. P. Gamlath (Appointed on 01 November 2017) Nil Nil

Mr. M. Hamza 1,000 1,000

Dr.R.S.W Wjeratnam Nil Nil

Ms.S.T. Ratwatte Nil Nil

Note :-

* Mr.K.N.J. Balendra held 81,904 shares as at 31 December 2017 ( Appointed on 01 January 2018)

* Mr. J.G.A.Cooray held no shares as at 31 December 2017 ( Appointed on 01 January 2018)

8.6 Twenty largest shareholders of the company are as follows:

As at Number of

shares %

Number of

shares %

1 John Keells Holdings Plc 67,109,128 70.61% 67,109,128 70.61%

2 Whittal Boustead (Pvt) Ltd 10,165,392 10.70% 10,165,392 10.70%

3 Gf Capital Global Limited 2,074,241 2.18% 2,074,241 2.18%

4 Hsbc Intl Nom Ltd-Bbh-Matthews Emerging Asia Fund 1,364,787 1.44% 1,350,000 1.42%

5 Hsbc Intl Nominees Ltd-Jpmlu-T Rowe Price Funds Sicav 1,050,835 1.11% 949,165 1.00%

6 Hsbc Intl Nominees Ltd-Bbh Luxfidelity Funds-Pacific F 891,443 0.94% 313,535 0.33%

7 Standard Chartered Bank Mauritius S/A Chambers Street Global Fund , Lp 464,676 0.49% 604,676 0.64%

8 Cb London S/A Verdipapirfondet Holberg Rurik 425,956 0.45% 425,956 0.45%

9 Hsbc Intl Nom Ltd - Bbh - Fidelity Funds 398,433 0.42% 398,433 0.42%

10 Hsbc Intl Nom Ltd-Jpmcb Na-Fidelity Asian Values Plc 285,174 0.30% 285,174 0.30%

11 Life Insurance Corporation Of India 272,912 0.29% 272,912 0.29%

12 Hsbc International Nominees Ltd-Ssbt-Deutsche Bank Ag Singapore A/C 01 262,153 0.28% 272,153 0.29%

13 Sisira Investors Limited 259,132 0.27% 259,132 0.27%

14 Global Sea Foods (Pvt) Ltd 234,956 0.25% - -

15 Deutsche Bank Ag Singapore Branch 175,000 0.18% 175,000 0.18%

16 Est Of Late M. Radhakrishnan (Deceased) 169,256 0.18% 169,256 0.18%

17 Mrs J.R. Printer (Deceased) 167,936 0.18% 167,936 0.18%

18 Seylan Bank Plc/Channa Nalin Rajahmoney 165,132 0.17% 190,000 0.20%

19 Merrill J Fernando & Sons (Pvt) Limited 150,848 0.16% 150,848 0.16%

20 Hsbc Intl Nom Ltd-Jpmcb-T.Rowe Price Institutional Frontier Markets Equity Fund 139,577 0.15% 144,465 0.15%

9 Dividends paid

Final dividend of Rs 8.00 per share for the financial year ending 31 March 2017 was paid on 01 June 2017.

10 Comparative Information

11 Contingencies, capital and other commitments

12 Resignation and appointment of Directors

Mr. D. P. Gamlath was appointed to the Board of Ceylon Cold Stores PLC as an Executive Director with effect from 01st November 2017.

13 Events after the reporting period

There have been no other events subsequent to the reporting date, which require disclose in the interim condensed financial statement other than above.

Mr A.R.Rasiah came up for re-election in terms of section 84 of the Articles of Association at the Annual General Meeting of the Company held on the 07 of

June 2017. Having served the Board for over 12 years, he informed us that he would not be seeking re-election and resigned with effect from 07 June

2017.

The presentation and classification of the financial statements of the previous year have been amended, where relevant for better presentation and to be

comparable with those of the current year.

There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual report for the year

ended 31 March 2017.

31-12-2017 30-09-2017

Mr. A.D.Gunewardena and Mr. J.R.F. Peiris Non- Executive Non-Independent Directors resigned from the Board of Ceylon Cold Stores PLC with effect from

31 December 2017 upon their retirement from employment at John Keells Holdings PLC.

Mr. K.N.J. Balendra and Mr. J.G.A. Cooray were appointed to the Board of Ceylon Cold Stores PLC as Non-Executive Non-Independent Directors with effect

from 01st January 2018.

Documents

CEYLON COLD STORES PLC (PQ4) No. 117, Sir Chittampalam A … · 2018. 1. 22. · CEYLON COLD STORES PLC (PQ4) 3 No. 117, Sir Chittampalam A Gardiner Mawatha Colombo 02 INTERIM CONDENSED