Cargo Boat Development : Quarterly Financial Report as of 31-03-2022

CARGO BOAT DEVELOPMENT COMPANY PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME													STATEMENT OF FINANCIAL POSITION					STATEMENT OF CASH FLOWS
								Quarter Ended					12 Months To	Audited						As At	Audited		FOR THE 12 MONTHS ENDED
	(All Amounts in Sri Lanka Rupees)			31/03/22			31/03/21		Change		31/03/22		31/03/21	Change			(All Amounts in Sri Lanka Rupees)	31/03/22		31/03/21		(All Amounts in Sri Lanka Rupees)	31/03/22	31/03/21
								Rs.'000			Rs.'000	%				Rs.'000	Rs.'000	%			ASSETS	Rs.'000	Rs.'000		Operating activities			Rs.'000	Rs.'000
	Revenue							11,710			3,192	267					20,573		6,777	204			Non Current Assets					Profit before taxation			47,017	138,642
																													Adjustments for :-
	Direct Expenses					(9,417)			(8,960)	5					(34,845)		(35,433)	-2			Property, Plant and Equipment	23,864		29,463		Depreciation			28,205	28,186
	Gross Profit							2,293			(5,768)	-140					(14,272)		(28,657)	-50			Investment Property	534,524		557,131		Provision for retirement benefit obligation	-	1,180
	Other Income					23,823			28,966	-18					119,867		190,015	-37			Financial Assets - fair value through other comprehensive	1,135,395		987,341		Interest Income			(32,651)	(54,249)
	Administration Expenses				(36,455)			(4,801)	659					(58,578)		(22,717)	158			income					Dividend Income			(83,731)	(57,179)
																									Financial Assets- amortized cost	30,000		193,000		Profit on Sale	of Shares			(2,771)	(78,385)
																									Total Non Current Assets	1,723,784		1,766,935		Profit on Disposal of Property Plant & Equipment	-	-
	Profit From Operations				(10,338)			18,397	-156					47,017		138,642	-66									Operating Profit before Working Capital Changes		(43,931)	(21,805)
	Income Tax Expenses				(1,000)			-	-					(4,000)		(6,596)	-39									Changes in working capital
	Profit For the Period					(11,338)			18,397	-162					43,017		132,046	-67			Current Assets					Increase/(Decrease)	in rental deposit	22,770	2,954
																									Trade and Other Receivables	64,243		63,737		Increase/(Decrease)	in Trade and other Receivable	(506)	(4,342)
																									Income tax receivable	4,786		8,717		Increase/(Decrease)	in Trade & Other Payables	41,199	(78,860)
																									Cash and Cash Equivalents	305,316		425,316		Cash generated from /(used) in operations		19,531	(102,053)
	Other Comprehensive Income																					Total Current Assets	374,345		497,770
	Items that will or may be reclassified to the																				TOTAL ASSETS	2,098,129		2,264,704
	statement of comprehensive income																										Income tax paid			-	(1,697)
	Net Gain/(Loss) on equity instruments at FVOCI	(333,434)			(83)	402,356					(273,819)		(33,543)	716									Net cash from/(used) in operating activities		19,531	(103,749)
	Realised Gain/(Loss) on sale of equity			(242)			(32,760)	-					(1,289)		(114,833)	0			EQUITY AND LIABILITIES
	instruments at FVOCI																						Equity
	Items that will not be reclassified to the statement of																		Stated Capital	471,439		471,439		Investing activities
	comprehensive income																					General Reserve	1,349,000		1,349,000		Acqusition of Property Plant & Equipment	0	(3,373)
	Remeasurement of retirement benefit obligation	-			-							-		1,465	-100			Fair value Reserve	(237,640)		37,468		Proceeds from Financial Assets- amortized cost	163,000	102,583
	Related tax on remeasurement of retirement benefit	-			-							-		(352)	-100			Retained Earnings	387,877		344,860		Proceeds from sale of Property Plant & Equipment	-
	obligation																								Total Equity	1,970,675		2,202,767		Interest Received			32,651	61,058
	Total Other Comprehensive Income			(333,676)			(32,843)	-916					(275,108)		(147,262)	87			Non-Current Liabilities					Withdrawal of fixed deposit		80,500
	Total Comprehensive Income/(Expense)			(345,014)			(14,446)	-2,288					(232,092)		(15,216)	1,425			Retirement Benefit Obligations	7,378		7,378		Investment in Fixed Deposits	-	(100,000)
																									Rental Deposits	29,098		2,954		Proceeds from Sale of Shares	3,339	92,195
	Earnings Per Share - Basic				(0.63)			1.02							2.39		7.32				Deferred Tax Liabilities	24,674		24,674		Purchase of shares			(408,996)	(2,189)
																									Rent income in Advance	51,451		-		Dividend received			68,998	38,783
														Stated Capital		General Reserve	Retained	Fair Value	Total	Total Non Current Liabilities	112,601		35,006		Net proceeds from/ Investment in fixed deposits
STATEMENT OF CHANGES IN EQUITY										Earnings	Reserve							Net cash (used)/ from in investing activities	(141,008)	269,557
Balance at 01st April 2020																						Current Liabilities					Financing activities
									471,439		1,349,000		211,700	185,844	2,217,982	Rental Deposits	-		3,374
Net (Loss) on equity instruments at FVTOCI								-					-		-	(33,542)	(33,542)	Trade and Other Payables	12,407		22,588		Proceeds from Share Issues	-	-
Realised Fair Value (Loss) on equity investments at FVTOCI															(114,833)	(114,833)							Net cash used in financing activities		-	-
Remeasurement of defined benefit obligation - net of tax														1,114		1,114	Bank Over Draft	2,446		969		(Decrase)/Increase in cash and cash equivalents		(121,477)	165,808
Net Profit													-					-		132,046	-	132,046	Total Current Liabilities	14,853		26,932
Balance at 31st March 2021								ok	471,439		1,349,000		344,860	37,469	2,202,767	Total Liabilities	127,454		61,938
Balance at 01st April 2021																						Total Equity & Liabilities					Movement in cash and cash equivalents
									471,439		1,349,000		344,860	37,468	2,202,767	2,098,129		2,264,704		At start of period			424,347	258,539
Net (Loss) on equity instruments at FVTOCI								-					-		-	(273,819)	(273,819)							Increase / (Decrease)			(121,477)	165,808
Realised Fair Value (Loss) on equity investments at FVTOCI															(1,289)	(1,289)	Net assets per share	109.29		122.16		Cash & Cash Equivalents at the end of period		302,870	424,347
Remeasurement of defined benefit obligation - net of tax												-			-	-
Net Profit												-					-		43,017	-	43,017			(0)								302,870	424,347
Balance at 31st March 2022										471,439		1,349,000		387,877	(237,640)	1,970,675	The attached notes form an integral part of these Financial Statements.								-
					Income														Profit After Taxation			The Head of Finance certifies that the financial statements have been prepared in						0
			( for the 12 months ended 31st March )										( for the 12 months ended 31st March )			compliance with the requirements of the Companies Act No.7 of 2007.
	Rs. In	80											150			142.8	113.9	132.0			For and on behalf of the Board.
	60		62.8								Rs In Mn.
	Mn.		41.2								100						69.9
	40					6.8	20.6																					ok
					0.3													43.0
										50
		20																				Ms.N.R.Thambiayah			Mrs.M.A.Jayawardena.
		0											0										Managing Director			Director
												18	19	20	21	22
			18	19	20		21	22
										Colombo, 30th May 2022

Notes to the financial statements

CARGO BOAT DEVELOPMENT COMPANY PLC

1) The financial statements are provisional and subject to audit.

The Company has followed the same Accounting Policies and methods of computation as disclosed in the Annual Report for the financial year

Name of Company

: Cargo Boat Development Company PLC

ended 31st March 2022.

These Interim Financial Statements have been prepared based on the Sri Lanka Accounting Standards that came into effect from January 01,

Reg No

: PQ 222

2012 (SLFRS/LKAS). Further, these Interim Financial Statements have been prepared in compliance with the requirements of the Sri Lanka

Accounting Standard - LKAS 34 on 'Interim Financial Reporting'. Previous year figures and phrases have been re-arranged wherever necessary to

Legal Form

: A Public Quoted Company with Limited Liability.

confirm to the current presentation.

Fair value measurement and related fair value disclosures

(Incorporated in Sri Lanka on 26th March 1980 )

Financial assets and liabilities with shorter maturities are considered having a reasonable approximation to its fair value. There were no transfers

Reg Office

: 328, Galle Road,Colombo - 3

between Level 1, Level 2 and/or Level 3 categories as per the fair value hierarchy, during the period. Financial assets classified as Available for

: Mr.R.B.Thambiayah - Chairman

Sale mainly consist of listed securities and are carried at fair value.

Directors

CARGO BOAT DEVELOPMENT COMPANY PLC

The fair value changes on financial instruments, where applicable, were properly recorded in the statement of other comprehensive income.

Mrs.N.A.Thambiayah - Deputy Chairman

Ms.N.R.Thambiayah-Managing Director

2) There were no contingent liabilities & contingent assets as at 31st March 2022.

Mr.M.J.Fernando

INTERIM FINANCIAL STATEMENTS

Mrs.M.A.Jayawardena

3)

There have been no other events subsequent to the interim Report Period which require disclosure in the provisional Financial

Ms.S.R Thambiayah

FOR THE 12 MONTHS ENDED 31ST MARCH 2022

Statements.

Ms.A.L.Thambiayah

Mr.R.S Tissanayagam

4) The stated capital is represented by 18,031,995 issued shares.

Mr.T. Dharmarrajah

5)

Investor Information

Secretary

: Mrs.M.A.Jayawardena

Market Price During the Quarter -

31/03/22

31/03/21

Rs.

Rs.

Auditors

: BDO Partners

Highest

79.80

80.00

Lowest

55.20

32.00

Chartered Accountants,

Last traded

56.10

60.00

65/2,Sir Chittampalam A.Gardiner Mawatha,

Colombo 2.

Bankers

:

Hatton National Bank

National Development Bank

Union Bank

Commercial Bank Of Ceylon

Cargo Boat Development Company PLC

DFCC Bank

(Company Reg : No : PQ 222)

Renuka Building, 41, Janadhipathi Mawatha, Colombo 1. Tel: [phone]

Registered Office: 328, Galle Road, Colombo 3, Sri Lanka.

TEL:[phone] FAX:[phone] E-mail: [e-mail]

	CARGO BOAT DEVELOPMENT COMPANY PLC										9)	Names and the Number of shares held by the 20 largest shareholders as at 31st March 2022.
	Notes to the financial statements (Continued)					Name of Shareholder	%	No of Shares
														1	Renuka Properties Limited	22.81	4,113,356
6) The Number of shares held by the Directors as at 31st March 2022				2	Lancaster Holdings Limited	22.67	4,087,048
														3	Renuka Consultants & Services Limited	15.39	2,775,248
							Number						4	Associated Electrical Corporation Limited	10.00	1,803,200
	Mr R.B.Thambiayah - Chairman/CEO			6,006							5	Hatton National Bank PLC/Kandaiah Kanapathipillai Shujeevan	4.96	893,607
	Mr Merril J Fernando			57,200							6	J.B.Cocoshell (Pvt) Limited	3.33	600,190
	Mrs.N.A.Thambiayah			3,334							7	Mr. Yusuf Husseinally Abdulhussein	2.07	372,689
	Mrs.M.A.Jayawardena			NIL						8	Merrill J.Fernando & Sons (Pvt) Ltd	1.89	339,996
	Ms.S.R.Thambiayah			NIL						9	People's Leasing & Finance PLC/Mr.H.M. Abdul Hussein	1.77	319,268
	Mr R.S.Tissanayagam			NIL						10	People's Leasing & Finance PLC/L.P.Hapangama	1.16	209,855
	Mr T.Dharmarajah			NIL						11	Miss.Rukaiya Husseinally Abdulhussein	1.12	202,388
	Ms.A.L.Thambiayah			228							12	People's Leasing & Finance PLC/Dr.H.S.D.Soysa & Mrs.G.Soysa	0.83	150,019
	Ms.N.R.Thambiayah			NIL						13	People's Leasing & Finance PLC/ L.H.L.M.P. Haradasa	0.58	103,939
														14	Mr.Gulamhussein Moshinally Abdulhussein	0.56	101,276
7) The Percentage of shares held by	the public as at 31st March 2022 :	36.88%			15	Tranz Dominion L.L.C	0.50	90,000
	Number of Public shareholders:		970									16	LOLC Finance PLC / Y.M.Ambani	0.48	87,000
														17	Cocoshell Activated Carbon Company (Pvt) Limited	0.35	64,000
8) Public Shareholdings											18	Mr. Muzaffer Hussain Yusuf Ibrahim Jafferjee	0.34	61,251
	Percentage of shares held by the public and the number of public shareholders is as given below :			19	Commercial Bank of Ceylon PLC/ H.M. Dawoodbhoy	0.33	60,000
	As at												31/03/22	20	Essajee Carimjee Insurance Brokers (Pvt) Limited	0.33	60,000
	Public Shareholding (%)									36.88%		TOTAL
	Public Shareholders									970			91.47	16,494,330
	Compliant under option 5 - Float adjusted market capitalization (LKR Mn)			373.08
18	62.8	142.8
19	41.2	113.9								16	107.20	41.90
20	0.3	69.9								17	99.60	46.50
21	6.8	132.0								18	49.55	-
22	20.6	43.0								19	123.17	3.58
											20