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To God be the glory /// for the things He has done

CEYLON GRAIN ELEVATORS PLC


Name of Shareholder

Registration No : PQ 161

61

INTERIM FINANCIAL STATEMENTS


FOR THE
If undelivered, please return to

Ceylon Grain Elevators PLC


P O Box 2054 15, Rock House Lane Colombo 15

THREE MONTHS ENDED 31st MARCH 2011

ORPORATE INFORMATION

S
Sales to outsiders

EGMENTAL INFORMATION

for the Three months ended 31st March 2011


Business segment Feed milling & broiler operation Rs.`000 Poultry breeder farming Rs.`000 202,891 128,573 331,464 49,510 (431) 49,079 (7,821) 41,258 Shrimp farming Poultry Silo and equipment warehouse complex Rs.`000 10,742 18,418 29,160 6,495 (87) 6,408 (2,010) 4,398 Rs.`000 2,632 11,397 14,029 6,749 (3) 6,746 (1,267) 5,479 Elimination/ Consolidated adjustment

Company Name Registration Number Stated Capital Number of shares Date of Incorporation Registered Address

Ceylon Grain Elevators PLC PQ 161

Rs.`000 (2,068) 767 (1,301) (1,301)

Rs.`000 (343,100) (343,100) 2,057 (2,057) -

Rs.`000 2,292,303 2,292,303 140,272 (4,191) 3,614 139,695 (27,709) 111,986

2,076,038 184,712 2,260,750 77,529 (3,670) 4,904 78,763 (16,611) 62,152

Rs.

1,017,996,000
Inter segmental sales Total revenue Segment results

60,000,000 19th November 1982 No. 15, Rock House Lane Colombo 15 Sri Lanka Tel : +94-(11) - 2522556 Fax : +94-(11) - 2524163 +94-(11) - 5351192 e-mail : info.cge@prima.com.lk Web: www.prima.com.lk

Finance expenses Other operating income Share of results of associate Profit / (loss) before tax Tax expenses Net profit / (loss)

Bankers

National Development Bank PLC Sampath Bank PLC Nations Trust Bank PLC Hatton National Bank PLC Bank of Ceylon Union Bank of Colombo PLC Commercial Bank of Ceylon PLC

for the Three months ended 31st March 2010


Business segment Feed milling & broiler operation Rs.`000 Sales to outsiders Inter segmental sales Total revenue Segment results Finance expenses Other operating income Share of results of associate Profit / (loss) before tax Tax expenses Net profit / (loss) 1,671,343 123,567 1,794,910 71,985 (14,755) 4,161 61,391 (6,652) 54,739 Poultry breeder farming Rs.`000 134,655 105,778 240,433 511 (65) 76 522 522 Shrimp farming Poultry equipment Silo and warehouse complex Rs.`000 10,392 10,392 3,806 (5) 3,784 7,585 7,585 Elimination/ Consolidated adjustment

Rs.`000 Rs.`000 (6,495) 768 (5,727) (5,727) 7,950 17,956 25,906 750 (174) 576 (150) 426

Rs.`000 (257,693) (257,693) 2,058 (2,058) 200 200 200

Rs.`000 1,813,948 1,813,948 72,615 (14,999) 6,731 200 64,547 (6,802) 57,745

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

11

NVESTOR INFORMATION
Market Value of Shares as at 31.03.2011 Rs. 31.03.2010 Rs.

C
19.75 12.75 17.00 77.90

ORPORATE SUMMARY

Name of Directors Highest Market Value Lowest Market Value Closing Value 265.00

Mr. Cheng Chih Kwong, Primus Mr. Tan Beng Chuan Mr. Cheng Chih Cheng, Robert Mr. Cheng Chih Hui, Peter Dr. Wickrema Sena Weerasooria

Chairman & CEO Executive Director & GGM Non Executive Director Non Executive Director Independent Non Executive Director Independent Non Executive Director

168.10

The percentage of shares held by the public as at 31.03.2011 44.46% The percentage of shares held by the public as at 31.03.2010 44.46%

Mr. Sunil Karunanayake

Directors Shareholding

Mr. Cheng Chih Kwong, Primus Mr. Cheng Chih Cheng, Robert Mr. Cheng Chih Hui, Peter Mr. Tan Beng Chuan Dr. Wickrema Sena Weerasooria Mr. Sunil Karunanayake

397 Shares 397 Shares 397 Shares Nil Nil Nil

Auditors

KPMG Ford, Rhodes, Thornton & Co.

Company Secretary

S S P Corporate Services (Pvt) Limited No. 101, Inner Flower Road Colombo 3 Tel : 2573485

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

10

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

NCOME STATEMENT

Q
Group
Change

UARTERLY REVIEW

for the Three months ended 31st March


Group 2011 2010 Rs. 000 Rs. 000 Company 2011 2010 Rs. 000 Rs. 000
2,260,750 (2,109,433) 151,317 4,904 (26,994) (46,794) 82,433 (3,670) 1,794,910 (1,657,639) 137,271 4,161 (25,944) (39,342) 76,146 (14,755) -

FIRST QUARTER ENDED 31st MARCH 2011

Revenue Cost of Sales Gross Profit Other Operating Loss Other Operating Income Selling & Distribution Expenses Administrative Expenses Operating Profit Finance expenses Share of Result of Associate

2,292,303 (2,071,565) 220,738 (3,531) 3,614 (27,662) (49,273) 143,886 (4,191) -

1,813,948 (1,670,204) 143,744 (2,902) 6,731 (26,015) (42,212) 79,346 (14,999) 200

26% 24% 54% 22% (46%) 6% 17% 81% (72%) NM

Group net turnover for the 1st quarter 2011 was Rs.2,292.3Mn as compared to Rs.1,813.9Mn during the 1st quarter of 2010, an increase of Rs.478.4Mn or 26%. Group has reported a net profit of Rs.94.3Mn for the 1st quarter 2011 as compared to the net profit of Rs.57.5Mn reported during the same period of 2010. As the local maize production was badly affected by the unfavorable weather conditions early this year and the Government restriction on importation of maize still continues, the sourcing of the main raw material has become a major challenge for the poultry industry. In spite of high raw material prices, the company was able to make a profit during the period under review mainly due to its cost effective feed formulation & efficient operations. The Company and the Group have followed the same accounting policies and methods of computation as disclosed in the Annual Report for financial year ended 31st December 2010. There have been no other events subsequent to the interim period which require disclosure in the Interim Financial Statements.

Profit Before Tax Tax Expense Profit for the Period Minority Interest Equity Holders of the Parent Retained Profits B/F
Retained Profits C/F

139,695 (27,709) 111,986 (17,654) 94,332 654,811 749,143

64,547 (6,802) 57,745 (223) 57,522 200,410 257,932

116% 307% 94% NM 64%

78,763 (16,611) 62,152 62,152 535,255 597,407

61,391 (6,652) 54,739 54,739 315,413 370,152

Basic Earnings per Share

1.57

0.96

1.04

0.91

(Sgd.)Cheng Chih Kwong, Primus Chairman & CEO

(Sgd.)SSP Corporate Services (Private) Ltd Secretaries

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

S
Group

TATEMENT OF CHANGES IN EQUITY

C
as at
Gr

ONSOLIDATED BALANCE SHEET

Group
31.03.2011 31.12.2010

Company
31.03.2011 31.12.2010

for the Three months ended 31st March


Stated Capital Subsidiaries Rs`000 Rs`000 Rs`000 Rs`000 Rs`000 Rs`000 Share Premium of Reserve Revaluation Retained Earnings Minority Interest Total Equity

Rs. 000 Assets Non Current Assets Property, Plant & Equipment Intangible Assets Investment in Associate Companies Investment in Subsidiary Companies Livestock Amount due from Affiliated Companies Total Non-Current Assets Current Assets Inventories Trade and other Receivables Current Tax Receivables Cash and Cash Equivalents Total Assets Equity Stated Capital Share Premium of Subsidiaries Revaluation Reserve Retained Earnings Total Equity Attributable to Equity holders of the Parent Minority Interest Liabilities Non-Current Liabilities Deferred Tax Liabilities Employee Benefits Amount due to Affiliated Companies Current Liabilities Trade & Other Payables Amount due to Affiliated Companies Interest Bearing Borrowings Total Liabilities Total Equity and Liabilities Net Asset per Share

Rs. 000

Rs. 000

Rs. 000

Balance as at 01.01.2010 Revaluation Surplus Depreciation Transfer Net Profit For Three Months Balance as at 31.03.2010

1,017,996 1,017,996

213,133 213,133

346,207 346,207

200,410 57,522 257,932

(35,140) 223 (34,917)

1,742,606 57,745 1,800,351

2,290,908 85,470 230,064 328,378 2,934,820 1,308,610 448,522 28,919 67,079 1,853,130 4,787,950

2,302,335 87,912 230,064 355,087 2,975,398 1,206,253 452,327 34,322 47,462 1,740,364 4,715,762

318,369 85,470 128,484 361,625 1,275,207 2,169,155 1,203,069 397,419 1,906 48,579 1,650,973 3,820,128

323,136 87,912 128,484 361,625 1,339,622 2,240,779 1,112,117 400,267 1,906 30,229 1,544,519 3,785,298

Balance as at 01.01.2011 Depreciation Surplus Net Profit For Three Months Balance as at 31.03.2011

1,017,996 1,017,996

213,133 213,133

231,142 231,142

654,811 94,332 749,143

178,062 17,654 195,716

2,295,144 111,986 2,407,130

1,017,996 213,133 231,142 749,143 2,211,414 195,716

1,017,996 213,133 231,142 654,811 2,117,082 178,062

1,017,996 37,579 597,407 1,652,982 -

1,017,996 37,579 535,255 1,590,830 -

Company

Stated Capital Rs`000

Revaluation Reserve Rs`000 37,469 37,469

Retained Earnings Rs`000 315,413 54,739 370,152

Total Equity Rs`000 1,370,878 54,739 1,425,617

81,403 26,811 1,065,116 1,173,330 372,368 645,196 189,926 1,207,490 2,380,820 4,787,950 36.86

78,350 28,052 1,065,944 1,172,346 394,343 407,454 446,475 1,248,272 2,420,618 4,715,762 35.28

20 18,544 1,065,116 1,083,680 259,434 642,397 181,635 1,083,466 2,167,146 3,820,128 27.55

20 19,654 1,065,944 1,085,618 267,792 405,876 435,182 1,108,850 2,194,468 3,785,298 26.51

Balance as at 01.01.2010 Depreciation Transfer Revaluation Surplus Net profit For Three Months Balance as at 31.03.2010

1,017,996 1,017,996

Balance as at 01.01.2011 Depreciation Transfer Net Profit For Three Months Balance as at 31.03.2011

1,017,996 1,017,996

37,579 37,579

535,255 62,152 597,407

1,590,830 62,152 1,652,982

(Sgd.)K.A.R.S. Perera Financial Controller (Sgd.)Cheng Chih Kwong, Primus Chairman & CEO (Sgd.)Tan Beng Chuan Executive Director & GGM

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC

OTES TO THE ACCOUNTS

C
Depreciation

ASH FLOW STATEMENT

for the Three months ended 31st March

Group 2011 2010 Rs.000


64,547

Company 2011 Rs.000


78,763

1.

Comparative figures have been restated to be in line with published Audited Accounts as at 31st December 2010. The interim financial statements for Three months ended 31st March 2011 are unaudited. The interim financial statements of the Company and of the Group have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st December 2010 and are in compliance with Sri Lanka Accounting Standard 35 - Interim Financial Reporting. There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31st December 2010. The interim financial statements were approved by the Board on 28th April 2011. NM change in percentage term is Not Meaningful.

2010 Rs.000
61,391

Cash generated from operations Profit before tax Adjustment for:

Rs.000
139,695

29,427 4,073 2,442 98,599 (2,447) (675) 7,313 -

25,471 4,073 450 67,447 67 (465) (233) 15,697 (200)

7,071 946 2,442 (2,775) (570) 7,015

6,191 946 67 (544) (150) 15,449 -

Amortization of leasehold right

2.

Revaluation deficit Amortization of intangible assets Amortization of livestock investment (Profit)/Loss on disposal of property, plant and equipment

3.

(Profit)/Loss on disposal of other investment Exchange (Gain)/Loss Interest received Interest expenses Share of result of associate Changes in working capital Trade and other receivables Inventories Trade and other payables

1,387 (102,357) 198,104 1,426 376,987

3,338 287,712 (120,968) 1,784 348,720

67,263 (90,952) 210,724 1,216 281,143

38,339 239,725 (119,729) 1,289 242,974

4.

Employee benefits Cash generated from operations Operating activities Cash generated from operations Exchange (Gain)/Loss Interest received Interest paid

376,987 2,447 675 (7,313) (2,667) 370,129

348,720 465 233 (15,697) (1,232) (150) 332,339

281,143 2,775 570 (7,015) (2,326) 275,147

242,974 544 150 (15,449) (786) 227,433

5.

Employee benefits paid Tax paid Net cash generated from operating activities Investing activities Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Purchase of livestock Proceeds from disposal of other investment Net cash used in investing activities Financing activities Net borrowing Net cash used in financing activities Increase in cash and cash equivalents Movement in cash & cash equivalents At start of year Increase for Three months period ended Balance at the end of the period

6.

(22,073) (71,890) (93,963)

(7,235) (105,031) (112,266)

(3,250) (3,250)

(3,379) (3,379)

(256,549) (256,549) 19,617

(116,494) (116,494) 103,579

(253,547) (253,547) 18,350

(122,338) (122,338) 101,716

47,462 19,617 67,079

34,173 103,579 137,752

30,229 18,350 48,579

22,147 101,716 123,863

INTERIM FINANCIAL STATEMENTS for the Three months ended 31st March 2011

Ceylon Grain Elevators PLC

INTERIM FINANCIAL STATEMENTS for the Three months ended 31 st March 2011

Ceylon Grain Elevators PLC