Cargills (Ceylon) PLC - Colombo Stock Exchange · Cargills (Ceylon) PLC Condensed Interim Financial Statements December 2017 01 Management Review Cargills (Ceylon) PLC, a CT Holdings

iCargills (Ceylon) PLC Condensed Interim Financial Statements December 2017

Cargills (Ceylon) PLCCondensed Interim Financial StatementsNine months ended 31 December 2017

Building on our foundation of over 170 Years

ContentsManagement Review 01 Statement of Profit or Loss and Other Comprehensive Income 02Statement of Financial Position 04 Statement of Changes in Equity 05 Statement of Cash Flows 07Segment Information 09 Explanatory Notes 10 Investor Relations Supplement 11Corporate Information IBC

01Cargills (Ceylon) PLC Condensed Interim Financial Statements December 2017

Management Review

Cargills (Ceylon) PLC, a CT Holdings Company, is pleased to report its financial results for the period ended 31st December 2017.

In what has been a challenging consumption environment on account of the inclement weather affecting buying power in key Agriculture regions of the Country, the Group’s thrust to grow its categories and maintain market leadership while investing in back-end efficiencies and developing the operational teams has resulted in steady performance across all sectors.

Cargills Food City, the leader in Retail Trade, continued to invest in its strategy to drive same store sales growth in parallel to enhancing its presence, opening its 338th store during the quarter. The Retail sector reported a turnover of Rs.54,277Mn for the period ended 31st December 2017, a growth of 6.8% YoY, while operating profit was Rs.2,328Mn, a marginal growth over the corresponding period.

Our FMCG business continued to grow its market position towards achieving its goal to lead in all categories that we operate in with innovation and distribution across all channels. The Sector recorded a turnover of Rs.11,583Mn for the period, a growth of 6.9% YoY, and operating profit of Rs.1,782Mn, a growth of 4.0% over the same period last year. Our Restaurant sector maintained its strong performance, recording turnover of Rs.2,811Mn for the period, a growth of 14.3% YoY, and operating profit rose 67.7% to Rs.350Mn.

Group revenue for the period ended 31st December 2017 grew 7.1% YoY to Rs.68,671Mn, while operating profit grew 28.5% YoY to Rs.5,485Mn. Profit before tax rose 35.7% YoY to Rs.4,664Mn for the period, while profit after tax rose 57.5% YoY to Rs.3,228Mn. Adjusted for the non-recurring items during the period, the Group posted an operating profit of Rs.4,475Mn, up 4.8% YoY, resulting in a profit before tax of Rs.3,463Mn and profit after tax of Rs.2,027Mn, both broadly unchanged YoY.

The Group is confident of maintaining this momentum and surpassing its performance of the previous financial year, whilst actively participating in the transformation of regional economies through enhanced markets and thousands of direct and indirect livelihood opportunities.

02 Cargills (Ceylon) PLC Condensed Interim Financial Statements December 2017

Statement of Profit or Loss and Other Comprehensive Income Group

For the three months ended 31 December For the nine months ended 31 December

2017 2016 Variance 2017 2016 Variance Rs.’ 000 Rs.’ 000 % Rs.’ 000 Rs.’ 000 %

Revenue 23,164,347 22,006,078 5.26 68,670,533 64,094,861 7.14Cost of sales (20,459,321) (19,359,932) (5.68) (60,464,552) (56,294,196) (7.41)Gross profit 2,705,026 2,646,146 2.23 8,205,981 7,800,665 5.20Other income 487,330 423,910 14.96 2,492,433 1,251,753 99.12Distribution expenses (645,072) (583,916) (10.47) (1,851,806) (1,695,487) (9.22)Administrative expenses (1,039,853) (973,481) (6.82) (2,995,609) (2,801,860) (6.92)Other expenses (124,699) (105,321) (18.40) (366,115) (286,199) (27.92)Operating profit 1,382,732 1,407,338 (1.75) 5,484,884 4,268,872 28.49Net finance costs (267,959) (312,129) 14.15 (1,019,621) (801,581) (27.20)Share of profit/(loss) of equity accounted investees 182,262 (7,190) 2,634.94 198,617 (30,138) 759.03Profit before taxation 1,297,035 1,088,019 19.21 4,663,880 3,437,153 35.69Income tax expense (438,714) (414,732) (5.78) (1,435,613) (1,387,418) (3.47)Profit for the period 858,321 673,287 27.48 3,228,267 2,049,735 57.50

Other comprehensive income (OCI)Net gain/(loss) on available-for-sale investments (1,054) (2,144) (639) (2,333)Equity accounted investee share of OCI 3,504 - 6,780 3,058Other comprehensive income for the period , net of tax 2,450 (2,144) 6,141 725Total comprehensive income for the period 860,771 671,143 3,234,408 2,050,460

Profit attributable to :Equity shareholders of the parent 826,965 636,841 3,113,243 1,935,503Non controlling interest 31,356 36,446 115,024 114,232Profit for the period 858,321 673,287 3,228,267 2,049,735

Total comprehensive income attributable to:Equity shareholders of the parent 829,415 634,697 3,119,384 1,936,228Non controlling interest 31,356 36,446 115,024 114,232Total comprehensive income for the period 860,771 671,143 3,234,408 2,050,460

Earnings per share (Rs.) 3.69 2.84 13.90 8.64

Explanatory notes are given on page 10


Statement of Profit or Loss and Other Comprehensive Income

Company

For the three months ended 31 December For the nine months ended 31 December

2017 2016 Variance % 2017 2016 Variance % Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000

Revenue 24,119 26,776 (9.92) 26,874 37,777 (28.86)Cost of sales (22,403) (26,129) 14.26 (24,844) (35,475) 29.97Gross profit 1,716 647 165.22 2,030 2,302 (11.82)Other income 220,056 384,234 (42.73) 1,461,262 1,399,434 4.42Distribution expenses 221 (3,821) 105.78 (8,195) (11,413) 28.20Administrative expenses (183,026) (133,326) (37.28) (511,210) (400,362) (27.69)Other expenses (31,635) (22,970) (37.72) (92,672) (39,886) (132.34)Operating profit 7,332 224,764 (96.74) 851,215 950,075 (10.41)Net finance costs (165,107) (191,494) 13.78 (596,454) (477,479) (24.92)Profit before taxation (157,775) 33,270 (574.23) 254,761 472,596 (46.09)Income tax expense (25,949) (15,325) (69.32) (60,595) (58,395) (3.77)Profit for the period (183,724) 17,945 (1,123.82) 194,166 414,201 (53.12)

Other comprehensive income (OCI)Net gain/(loss) on available-for-sale investments (1,046) (2,140) (633) (2,350)Other comprehensive income for the period, net of tax (1,046) (2,140) (633) (2,350)Total comprehensive income for the period (184,770) 15,805 193,533 411,851

Earnings per share (Rs.) (0.82) 0.08 0.87 1.85



Statement of Financial Position Group CompanyAs at 31 December 31 March 31 December 31 March 2017 2017 2017 2017 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 (Audited) (Audited)

ASSETSNon-current assetsProperty, plant and equipment 23,794,041 21,875,935 2,748,270 2,707,562Investment property 1,628,684 4,777,192 3,277,398 3,274,803Intangible assets 1,301,266 1,325,507 55,017 116,299Investment in subsidiaries - - 5,108,990 5,108,990Investment in associates 5,348,626 5,143,229 5,121,439 5,121,439Prepayment on leasehold land and buildings 167,991 171,534 145,022 147,909Deferred tax assets 30,247 56,680 - -Total non-current assets 32,270,855 33,350,077 16,456,136 16,477,002

Current assetsInventories 9,440,789 8,336,609 9,012 4,740Trade and other receivables 5,335,194 4,500,808 521,593 650,915Amount due from related companies 822,392 747,847 989,128 766,706Other financial assets 1,475,065 609,790 20,230 25,554Cash and cash equivalents 2,617,232 1,570,868 16,005 53,142Total current assets 19,690,672 15,765,922 1,555,968 1,501,057Total assets 51,961,527 49,115,999 18,012,104 17,978,059

EQUITYStated capital 130,723 130,723 130,723 130,723Other equity (3,004,952) (2,761,159) - -Reserves 7,947,631 8,372,364 3,758,366 3,660,492Retained earnings 11,431,928 8,214,904 5,483,056 5,714,490Total equity attributable to equity holders of the company 16,505,330 13,956,832 9,372,145 9,505,705Non controlling interest 530,115 415,091 - -Total equity 17,035,445 14,371,923 9,372,145 9,505,705

LIABILITIESNon-current liabilitiesBorrowings 1,820 2,570 - -Deferred tax liability 1,047,698 1,039,963 119,408 136,731Deferred income 64,771 73,382 - -Employee benefits 873,230 779,767 344,769 338,695Put liability 3,004,952 2,761,159 - -Total non-current liability 4,992,471 4,656,841 464,177 475,426

Current liabilitiesTrade and other payables 13,927,529 12,074,704 389,616 441,809Current tax liability 2,616,534 2,132,378 174,896 167,736Amount due to related companies 1,285 196 3,971,416 14,170Dividend payable 50,763 69,409 49,636 66,389Borrowings 13,337,500 15,810,548 3,590,218 7,306,824Total current liability 29,933,611 30,087,235 8,175,782 7,996,928Total liabilities 34,926,082 34,744,076 8,639,959 8,472,354Total equity and liabilities 51,961,527 49,115,999 18,012,104 17,978,059

Net Assets value per share (Rs.) 73.68 62.31 41.84 42.44


I certify that these condensed interim financial statements have been prepared in accordance with the requirements of the Companies Act No. 7 of 2007.

(Signed.) Dilantha Jayawardhana (Group Chief Financial Officer)

The Board of Directors is responsible for the preparation and presentation of these financial statements.These financial statements have been approved by the Board on 14 February 2018.

Signed on behalf of the Board

(Signed.) (Signed.)Ranjit Page Imtiaz Abdul Wahid (Deputy Chairman / CEO) (Managing Director / Deputy CEO)


Statement of Changes in Equity

Stated Capital Revaluation General Available Other Employee Retained Non TotalGroup capital reserve reserve reserve for sale equity share option earnings controlling reserve reserve interest Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000

Balance as at 1 April 2016 130,723 7,928 7,908,678 485,500 (24,418) (2,251,743) - 7,864,611 383,539 14,504,818Net profit / (loss) for the period - - - - - - - 1,935,503 114,232 2,049,735Other comprehensive income - - - - (2,333) - - 3,058 - 725Total comprehensive income - - - - (2,333) - - 1,938,561 114,232 2,050,460

Transactions with owners of the company,recognized directly in equityPut option over NCI - - - - - (233,817) - - - (233,817)Adjustment resulted in decrease of subsidiary shareholding - - - - - - - 3,510 6,066 9,576Movement due to change in shareholding of equity accounted investee - - - - - - - (1,751) - (1,751)

Expense on right issue of equity accounted investee - - - - - - - (145) - (145)Dividends - - - - - - - (504,000) (59,344) (563,344)Balance as at 31 December 2016 130,723 7,928 7,908,678 485,500 (26,751) (2,485,560) - 9,300,786 444,493 15,765,797

Balance as at 1 April 2017 130,723 7,928 7,908,678 485,500 (29,742) (2,761,159) - 8,214,904 415,091 14,371,923Net profit for the period - - - - - - - 3,113,243 115,024 3,228,267Other comprehensive income - - - - (639) - - 6,780 - 6,141Total comprehensive income - - - - (639) - - 3,120,023 115,024 3,234,408

Transactions with owners of the company,recognized directly in equityPut option over NCI - - - - - (243,793) - - - (243,793)Transfer of revalaution reserve to retained earnings - - (522,601) - - - - 522,601 - -Share based payments - - - - - - 98,507 - - 98,507Dividends - - - - - - - (425,600) - (425,600)Balance as at 31 December 2017 130,723 7,928 7,386,077 485,500 (30,381) (3,004,952) 98,507 11,431,928 530,115 17,035,445



Statement of Changes in Equity

Stated Revaluation General Available Employee Retained TotalCompany capital reserve reserve for sale share option earnings reserve reserve Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000

Balance as at 1 April 2016 130,723 3,385,912 485,500 (24,410) - 5,427,045 9,404,770

Net profit for the period - - - - - 414,201 414,201

Other comprehensive income - - - (2,350) - - (2,350)

Total comprehensive income - - - (2,350) - 414,201 411,851

Transactions with owners of the company,

recognized directly in equity

Dividends - - - - - (504,000) (504,000)

Balance as at 31 December 2016 130,723 3,385,912 485,500 (26,760) - 5,337,246 9,312,621

Balance as at 1 April 2017 130,723 3,204,729 485,500 (29,737) - 5,714,490 9,505,705

Net profit for the period - - - - - 194,166 194,166

Other comprehensive income - - - (633) - - (633)

Total comprehensive income - - - (633) - 194,166 193,533

Transactions with owners of the company,

recognized directly in equity

Share based payments - - - - 98,507 - 98,507

Dividends - - - - - (425,600) (425,600)

Balance as at 31 December 2017 130,723 3,204,729 485,500 (30,370) 98,507 5,483,056 9,372,145



Statement of Cash Flows

Group CompanyFor the nine months ended 31 December 2017 2016 2017 2016 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000

Cash flows from operating activitiesProfit before taxation 4,663,880 3,437,153 254,761 472,596 Adjustments for:Depreciation 1,582,345 1,328,598 31,481 26,283 Employee benefits 157,995 157,206 45,524 65,281 Amortisation of intangible assets 92,286 41,262 61,282 13,618 Amortisation of prepayment on leasehold land and building 3,543 1,298 2,887 642 Amortisation of deferred income (8,611) (8,611) - - Profit on sale of property, plant and equipment (1,413) (28,866) (350) (2,000)Profit on sale of investment property (1,010,440) - - - Dividend income (692) (626) (822,082) (800,696)Provision for/(reversal of provision for) inventories 14,499 76,953 - - Provision for/(reversal of provision for) doubtful debtors 9,453 2,906 (2,380) - Net finance costs 1,019,621 801,581 596,454 477,479 Loss on disposal of subsidiary shares - - - 11 Share based payment expenses 98,507 - 98,507 - Share of profit and loss of equity accounted investees (198,617) 30,138 - - Operating profit before working capital changes 6,422,356 5,838,992 266,084 253,214 Changes in working capital -(Increase) / decrease in inventories (1,118,679) (1,672,213) (4,272) 6,445 -(Increase) / decrease in trade and other receivables (843,839) (818,592) 131,702 (60,902) -(Increase) / decrease in related company receivables (74,545) (53,263) (222,422) (174,596) -Increase / (decrease) in trade and other payables 1,852,827 2,349,370 (52,191) 68,057 -Increase / (decrease) in related company payables 1,089 25,798 3,957,246 (20,998)

Cash generated from operations 6,239,209 5,670,092 4,076,147 71,220 Taxes paid (917,291) (513,000) (70,760) (4,902)Interest paid (1,224,280) (994,487) (659,385) (566,311)Gratuity paid (64,532) (42,070) (39,450) (16,563)Net cash generated from/(used in) operating activities 4,033,106 4,120,535 3,306,553 (516,556)


Statement of Cash Flows (Contd.)

Group CompanyFor the nine months ended 31 December 2017 2016 2017 2016 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000

Cash flows from investing activitiesAddition to property, plant and equipment (3,502,109) (2,938,271) (72,189) (67,555)Addition to investment property (4,606) - (2,595) - Addition to intangible assets (68,045) (160,835) - (150,345)Addition prepayment on leasehold land and buildings - (153,349) - (153,349)Addition to investment in associate - (2,533,105) - (2,533,105)Finance income received 204,659 192,906 62,931 88,832 Proceeds from disposal of investment property 4,163,554 - - - Dividend received 692 626 822,082 800,696 Proceeds from disposal of property, plant and equipment 3,071 31,857 350 2,000 Proceed from disposal of subsidiary shares - 9,576 - 9,576 Acqusition of subsidiary (net of cash and cash equivalent) - (133,089) - - Addition / (Disposal) to other financial assets (865,914) (16,635) 4,691 26,613 Net cash generated from/(used in) investing activities (68,698) (5,700,319) 815,270 (1,976,637)

Cash flows from financing activitiesNet proceeds from/(repayment of) short term borrowings (2,240,205) 3,391,341 (2,993,200) 3,809,300 Net proceeds from/(repayment of) long term borrowings (750) (198,259) - - Dividend paid (444,246) (560,675) (442,353) (501,331)Net cash generated from/(used in) financing activities (2,685,201) 2,632,407 (3,435,553) 3,307,969 Increase / (decrease) in cash and cash equivalents 1,279,207 1,052,623 686,270 814,776

Movement in cash and cash equivalentsAt the beginning of the year (1,659,450) (1,116,906) (755,482) (1,499,508)Movement during the year 1,279,207 1,052,623 686,270 814,776 At the end of the period (380,243) (64,283) (69,212) (684,732)


Segment Information

Retail Fast Moving Consumer Goods Restaurant Others GroupFor the nine months ended 31 December 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000 Rs.’ 000

Revenue 54,755,531 50,966,708 16,568,236 15,289,964 2,810,948 2,459,369 - - 74,134,715 68,716,041Intra segment revenue (26,874) (38,235) (143,300) (173,645) - - - - (170,174) (211,880)Inter segment revenue (452,096) (125,544) (4,841,912) (4,283,756) - - - - (5,294,008) (4,409,300) 54,276,561 50,802,929 11,583,024 10,832,563 2,810,948 2,459,369 - - 68,670,533 64,094,861

Segment operating profit 2,328,454 2,322,583 1,781,577 1,713,268 349,847 208,669 1,025,006 24,352 5,484,884 4,268,872


Explanatory Notes

1. The result for the nine months ended 31 December 2017 and the Statement of Financial Position as at 31 December 2017 are provisional and subject to audit.

2. The Condensed Interim Financial Statements of the Group and the Company have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These Condensed Interim Financial Statements should be read in conjunction with the annual financial statements for the year ended 31 March 2017.

3. “Employee Share Option Scheme An Employee Share Option Scheme (ESOS) proposed by the Directors of the Company was approved by the shareholders

at an Extra Ordinary General Meeting held on 29th June 2017.

Under the terms of the ESOS, which are in compliance with the Listing Rules of the Colombo Stock Exchange, a maximum number of six million seven hundred and twenty thousand (6,720,000) ordinary voting shares could be issued which is equivalent to 3.0% of the issued capital of the Company. The share options would be granted in three tranches which would constitute –

(a) a first tranche of 3,360,000 options constituting 1.50% of the issued shares of the Company; (b) a second tranche of 1,680,000 options constituting 0.75% of the issued shares of the Company; (c) a third tranche of 1,680,000 options constituting 0.75% of the issued shares of the Company;

Each of the aforesaid tranches would be subdivided in to sub tranches with different vesting periods and exercise periods. Share options would be issued to employees who are eligible for the award of the share options for a consideration that is equivalent to the volume weighted average price during the period of thirty (30) market days immediately prior to the respective grant dates for each tranche. The first tranche would be issued in three equal sub tranches commencing from 30th September 2017 at a value of Rs 211.40 per share.The cost of Share Based Payments accounted in the Group’s Financial Statements for the period amounts to Rs 98.5 Mn

4. During the period the subsidiary Dawson Office Complex (Pvt) Ltd disposed of its freehold property situated in Colombo at a value of Rs 4,204 Mn. The profit recognized on this disposal amounted to Rs 1,010 Mn.

5. During the 9 month ended 31 December 2017 the share of associate profit was recorded at Rs 199 Mn. The significant increase in associate profit is due to Rs 481 Mn gain received by Cargills Bank from disposing its subsidiary, Colombo Trust Finance PLC.

6. Capitalization of Reserves On 1st February 2018, the Board of Directors of the Company resolved to issue Thirty Two Million (32,000,000) shares in

the Company (the “said Shares”), credited as fully paid by capitalizing a sum of Sri Lanka Rupees Six Billion Four Hundred Million (LKR 6,400,000,000) lying in the reserves of the Company in the proportion of One (01) share for every Seven (07) shares held as at the Entitlement Date, at a consideration of Sri Lanka Rupees Two Hundred (LKR 200.00) per share. The new shares, upon allotment, will rank Pari Passu in all respects with the existing issued ordinary shares of the Company, including the right to participate in any dividend declared after the date of allotment. The said Shares would be issued subsequent to obtaining in principle approval from the Colombo Stock Exchange and approval from the Shareholders at an Extra Ordinary General Meeting.

7. Where appropriate, the previous year’s figures have been reclassified to conform to the current classification.

8. There have been no significant change in the nature and the value of the contingencies and commitments which were disclosed in the annual report for the year ended 31 March 2017.

9. An interim dividend of Rs. 1.90 per share for the financial year ended 31 March 2018 was paid on 28 September 2017.

No events other than above have occurred since the reporting date which would require any adjustment to, or disclosure in, the financial statements.


Investor Relations Supplement

GeneralStated capital Rs. 130,723,000Issued shares 224,000,000Class of shares Ordinary sharesVoting rights One vote per ordinary share

Stock exchange listingThe issued ordinary shares of Cargills (Ceylon) PLC are listed in the Colombo Stock Exchange.

Share valuation

The market price per share recorded during the quarter ended 31 December 2017 2016

Rs. Rs.

Highest 211.00 195.00Lowest 192.00 165.10Last traded price 199.90 194.40

Top 20 shareholders

The holdings of the top 20 shareholders as at 31 December 2017 31 December 2016 Number of Number of Shares % Shares %

C T Holdings PLC 157,249,240 70.20 157,249,240 70.20Mr. V R Page 15,000,093 6.70 15,000,093 6.70Employees’ Provident Fund 7,356,416 3.28 7,356,416 3.28Odeon Holdings (Ceylon) (Private) Limited 4,822,920 2.15 4,822,920 2.15Ms M M Page 4,386,203 1.96 4,112,803 1.84Ceylon Guardian Investment Trust PLC - A/C No.1 4,175,700 1.86 4,632,250 2.07BNYMSANV RE-CF Ruffer Investment Funds : CF Ruffer Pacific Fund 3,474,555 1.55 3,208,024 1.43BNYMSANV- First State Investments ICVC - Stewart Investors Indian Subcontinent Fund 2,664,100 1.19 3,927,600 1.75BNYMSANV RE-Butterfield Trust (Bermuda) Limited 1,357,500 0.61 1,297,500 0.58Mellon Bank N.A. - Florida Retirement System 1,301,800 0.58 1,301,800 0.58Bank of Ceylon - A/C No. 1 1,298,613 0.58 1,303,613 0.58Deutsche Bank AG as Trustee for JB Vantage Value Equity Fund 902,770 0.40 902,770 0.40GF Capital Global Limited 889,000 0.40 889,000 0.40Seb Ab - Tundra Frontier Opportunities Fund 864,500 0.39 105,000 0.05The Associated Newspapers of Ceylon Limited 799,840 0.36 799,840 0.36J.B. Cocoshell (Pvt) Ltd 654,414 0.29 803,858 0.36The Ceylon Investment - A/C No.2 630,439 0.28 337,250 0.15Sir Chittampalam A Gardiner Trust 563,040 0.25 563,040 0.25Pictet and CIE (Europe) S.A. S/A Lloyd George Indian Ocean Master Fund 516,740 0.23 - -The Ceylon Guardian Investment Trust PLC - A/C No.2 456,550 0.20 456,550 0.20 209,364,433 93.46 209,069,567 93.33


Investor Relations Supplement

Public holdingThe percentage of shares held by the public and number of public shareholders as at 31 December 2017 is 20.38% and 1,846 (31 December 2016 - 20.64% and 1,846) respectively.

Directors’ shareholdings

The Directors’ shareholdings in the Company were as follows as at 31 December: 2017 2016

Mr. Louis Page 36,760 36,760Mr. Ranjit Page 15,000,093 15,000,093Mr. Imtiaz Abdul Wahid 4,000 4,000Mr. Sidath Kodikara 124,000 124,000Mr. Prabhu Mathavan 500 500Mr. Priya Edirisinghe 50,000 50,000Mr. Sanjeev Gardiner 20,000 20,000Mr. Sunil Mendis 20,000 20,000Mr. Anthony A Page 276,157 276,157Mr. Joseph Page 455,000 455,000Mr. Errol Perera 10,000 10,000Mr. Deva Rodrigo - -

Name of CompanyCargills (Ceylon) PLC

Company Registration No.PQ 130

Legal FormQuoted public company with limited liability, incorporated in Sri Lanka on 1 March 1946.

Board of DirectorsLouis Page (Chairman)Ranjit Page (Deputy Chairman/CEO)Imtiaz Abdul Wahid (Managing Director/Deputy CEO)Sidath KodikaraPrabhu MathavanPriya EdirisingheSanjeev GardinerSunil MendisAnthony A PageJoseph PageErrol PereraDeva Rodrigo (w.e.f. 1 July 2016)

Company SecretarySarath Dissanayake

Remuneration CommitteeSunil Mendis (Chairman)Priya EdirisingheDeva Rodrigo (w.e.f. 2 March 2017)

Audit CommitteePriya Edirisinghe (Chairman)Sunil MendisErrol PereraDeva Rodrigo (w.e.f. 1 July 2016)

Related Party Transactions Review CommitteePriya Edirisinghe (Chairman)Sunil MendisErrol PereraDeva Rodrigo (w.e.f. 1 July 2016)

Stock Exchange ListingColombo Stock Exchange

Registered Office40, York Street, Colombo 1, Sri LankaTelephone : +94 (0) 11 242 7777Facsimile : +94 (0) 11 233 8704E-mail : [email protected]

Postal AddressP.O. Box 23, Colombo 1

AuditorsKPMGChartered Accountants

Legal ConsultantsDissanayake Amaratunga Associates

BankersBank of CeylonCargills BankCommercial Bank of CeylonDeutsche BankDFCC BankHabib BankHNB BankHSBC BankICICI BankMCB BankNDB BankNations Trust BankPan Asia BankPeople’s BankSampath BankSeylan BankStandard Chartered BankState Bank of India

Subsidiary CompaniesCargills Agrifoods LimitedCargills Distributors (Private) LimitedCargills Food Processors (Private) LimitedCargills Food Services (Private) LimitedCargills Foods Company (Private) LimitedCargills Frozen Products (Private) LimitedCargills Quality Confectioneries (Private) LimitedCargills Quality Dairies (Private) LimitedCargills Quality Foods LimitedCargills Enterprise Solutions (Private) LimitedCeylon Agro Development Company (Private) LimitedC P C Lanka LimitedDawson Office Complex (Private) LimitedFrederick North Hotel Company LimitedKotmale Dairy Products (Private) LimitedKotmale Holdings PLCKotmale Marketing (Private) LimitedKotmale Milk Foods LimitedKotmale Milk Products LimitedKotmale Products LimitedMillers LimitedThe Empire Investments Company (Private) Limited

Associate CompaniesC T Properties LimitedCargills Bank Limited

Corporate Information

Cargills (Ceylon) PLC No. 40, York Street, Colombo 01.

www.cargillsceylon.com

Documents

Cargills (Ceylon) PLC - Colombo Stock Exchange · Cargills (Ceylon) PLC Condensed Interim Financial Statements December 2017 01 Management Review Cargills (Ceylon) PLC, a CT Holdings