Cargills (Ceylon) PLC Condensed Interim Financial Statements for the six months ended 30 September 2018.
Contents Management Review 01 Statement of Profit or Loss and Other Comprehensive Income 02 Statement of Financial Position 04 Statement of Changes in Equity - Group 05 Statement of Changes in Equity - Company 06 Statement of Cash Flows 07 Segment Information 09 Explanatory Notes 10 Investor Relations Supplement 11 Corporate Information Inner Back Cover
Management Review Cargills (Ceylon) PLC, a CT Holdings Company, is pleased to report its financial results for the period ended 30th September 2018. Macroeconomic challenges and exigencies, both domestically and internationally, continued to place pressure on the domestic consumption environment. This, in turn, impacted performance vis-à-vis the previous year. Nevertheless, the company sustained its investments, buoyed by an unwavering belief in the business and what it stands for. The Group reported a profit after tax of Rs. 1,265 Mn for 1H 2018/19. Revenue grew 5% YoY to Rs. 47,730 Mn; however, pressure on margins resulted in a decline in gross profit to Rs. 5,204 Mn. Operating profit, adjusted for non-recurring gains, declined 17% YoY to Rs. 2,565 Mn. The Retail sector recorded a growth of 4.9% YoY to Rs. 37,619 Mn for the period. This resulted in an operating profit of Rs. 859 Mn, down 47% YoY. As at the end of the period, the number of stores had risen to 363. Despite an increase in footfall, the de-growth in basket value in real terms weighed down the performance of the sector. Nevertheless, the sector has partially cushioned this negative impact through operational efficiencies. Recognizing that fluctuations in consumption are an inherent part of the business cycle, the sector remains true to its long-term commitment to stakeholders with continued investment towards growing the business. The FMCG sector recorded a growth of 5.7% YoY to Rs. 8,239 Mn for the period. This resulted in an operating profit growth of 13% YoY to Rs. 1,353 Mn. We are particularly proud to have taken market leadership in the dairy ice cream category, where, every day, we support dairy farmers through the purchase of local fresh milk. Our success has been driven by a commitment to innovation and quality at our worldclass production facilities. During the year under review, the sector has launched a number of nutritious and innovative products, and will seek to continue to grow the market and market share. The Restaurants sector reported a marginal growth in revenue to Rs. 1,871 Mn, resulting in an operating profit of Rs. 200 Mn for the period, a decline of 8.5% YoY. While the subdued consumer environment had a bearing on same-store performance, the freshly-prepared offering of KFC continues to garner a strong following. This has been reflected in the encouraging performance of newly opened outlets. The Company remains excited about the promise and potential of its business units. Recognizing the importance of refining focus in order to narrow gaps in performance, the Company commits to maintaining its thrust towards investing in growing the businesses. Through this, the Company aspires not only to grow market share, but to emerge as a key contributor to the food economy in the country. 01
Statement of Profit or Loss and Other Comprehensive Income Group For the three months ended 30 September For the six months ended 30 September 2018 2017 Variance 2018 2017 Variance Rs. 000 Rs. 000 % Rs. 000 Rs. 000 % Revenue 23,264,925 22,624,817 2.83 47,729,904 45,506,186 4.89 Cost of sales (20,845,328) (19,903,645) (4.73) (42,525,596) (40,005,231) (6.30) Gross profit 2,419,597 2,721,172 (11.08) 5,204,308 5,500,955 (5.39) Other income 500,716 1,544,436 (67.58) 988,846 2,005,103 (50.68) Distribution expenses (605,252) (611,078) 0.95 (1,230,662) (1,206,734) (1.98) Administrative expenses (1,114,437) (1,027,180) (8.49) (2,161,204) (1,955,756) (10.50) Other expenses (117,955) (120,789) 2.35 (235,835) (241,416) 2.31 Results from operating activities 1,082,669 2,506,561 (56.81) 2,565,453 4,102,152 (37.46) Net finance costs (344,812) (384,580) 10.34 (662,476) (751,662) 11.87 Share of profit of equity accounted investees, net of tax 17,464 2,251 675.83 21,266 16,355 30.03 Profit before tax 755,321 2,124,232 (64.44) 1,924,243 3,366,845 (42.85) Income tax expense (275,117) (549,171) 49.90 (658,998) (996,899) 33.90 Profit for the period 480,204 1,575,061 (69.51) 1,265,245 2,369,946 (46.61) Other comprehensive income (OCI) Items that will not be reclassified to profit or loss Share of other comprehensive income in equity accounted investee, net of tax 1,425 6,413 (8,105) 3,276 Items that are or may be reclassified subsequently to profit or loss Net change in fair value of available -for-sale financial assets (3,281) (2,925) (2,482) 415 Other comprehensive income for the period, net of tax (1,856) 3,488 (10,587) 3,691 Total comprehensive income for the period 478,348 1,578,549 1,254,658 2,373,637 Profit attributable to : Equity holders of the parent 475,954 1,535,252 1,231,917 2,286,278 Non-controlling interest 4,250 39,809 33,328 83,668 Profit for the period 480,204 1,575,061 1,265,245 2,369,946 Total comprehensive income attributable to: Equity holders of the parent 474,098 1,538,740 1,221,330 2,289,969 Non-controlling interest 4,250 39,809 33,328 83,668 Total comprehensive income for the period 478,348 1,578,549 1,254,658 2,373,637 Basic (Rs.) 1.98 6.85 5.14 10.21 Diluted (Rs.) 1.98 6.85 5.13 10.21 Explanatory notes are given on page 10 02
Company For the three months ended 30 September For the six months ended 30 September 2018 2017 Variance 2018 2017 Variance Rs. 000 Rs. 000 % Rs. 000 Rs. 000 % Revenue 235 329 (28.57) 2,754 2,755 (0.04) Cost of sales (544) 57 (1,054.39) (3,627) (2,441) (48.59) Gross profit (309) 386 (180.05) (873) 314 (378.03) Other income 252,524 1,034,969 (75.60) 493,489 1,241,206 (60.24) Distribution expenses (4,045) (4,068) 0.57 (8,017) (8,416) 4.74 Administrative expenses (174,052) (191,317) 9.02 (326,751) (328,184) 0.44 Other expenses (20,730) (30,772) 32.63 (41,413) (61,037) 32.15 Results from operating activities 53,388 809,198 (93.40) 116,435 843,883 (86.20) Net finance costs (86,614) (224,758) 61.46 (160,293) (431,347) 62.84 Profit before tax (33,226) 584,440 (105.69) (43,858) 412,536 (110.63) Income tax expense (24,810) (17,056) (45.46) (56,994) (34,646) (64.50) Profit for the period (58,036) 567,384 (110.23) (100,852) 377,890 (126.69) Other comprehensive income (OCI) Items that are or may be reclassified subsequently to profit or loss Net change in fair value of available -for-sale financial assets (3,281) (2,919) (2,482) 413 Other comprehensive income for the period, net of tax (3,281) (2,919) (2,482) 413 Total comprehensive income for the period (61,317) 564,465 (103,334) 378,303 Basic (Rs.) (0.24) 2.53 (0.42) 1.69 Diluted (Rs.) (0.24) 2.53 (0.42) 1.69 Explanatory notes are given on page 10 03
Statement of Financial Position Group Company 30 Sep 31 March 30 Sep 31 March As at 2018 2018 2018 2018 Rs. 000 Rs. 000 Rs. 000 Rs. 000 (Audited) (Audited) Assets Non-current assets Property, plant and equipment 26,284,948 25,076,817 2,775,050 2,772,004 Investment property 1,726,552 1,726,552 3,360,564 3,207,009 Intangible assets 1,303,215 1,311,686 39,426 54,845 Investment in subsidiaries - - 2,935,680 2,907,772 Investment in equity accounted investees 5,379,922 5,366,761 5,121,439 5,121,439 Other financial assets 17,186 19,668 17,095 19,577 Prepayment on leasehold land and buildings 164,446 166,810 142,134 144,060 Deferred tax assets 8,705 8,413 - - Total non-current assets 34,884,974 33,676,707 14,391,388 14,226,706 Current assets Inventories 8,513,825 9,545,785 2,208 5,369 Trade and other receivables 5,752,090 5,752,193 512,113 635,515 Amount due from related companies 893,312 843,869 1,105,437 924,502 Other financial assets 931,101 973,439 - - Cash and cash equivalents 2,210,021 2,000,288 48,982 12,594 Total current assets 18,300,349 19,115,574 1,668,740 1,577,980 Total assets 53,185,323 52,792,281 16,060,128 15,804,686 Equity Stated capital 6,530,709 6,530,709 6,530,709 6,530,709 Other equity (3,268,259) (3,089,325) - - Reserves 5,089,618 5,043,825 211,202 165,409 Retained earnings 9,066,995 7,843,183 4,713,408 4,814,260 Total equity attributable to equity holders of the parent 17,419,063 16,328,392 11,455,319 11,510,378 Non-controlling interest 525,247 491,919 - - Total equity 17,944,310 16,820,311 11,455,319 11,510,378 Liabilities Non-current liabilities Interest bearing loans and borrowings 991 1,546 - - Deferred tax liabilities 1,329,133 1,352,650 184,149 180,324 Capital grants 56,159 61,901 - - Employee benefits 1,018,199 942,633 408,272 397,146 Put liability 3,268,259 3,089,325 - - Total non-current liabilities 5,672,741 5,448,055 592,421 577,470 Current liabilities Trade and other payables 11,640,018 13,220,686 339,516 420,186 Current tax liabilities 2,762,897 2,594,237 97,301 168,787 Amount due to related companies 60,482 3,175 56,023 21,242 Dividend payable 62,154 68,229 60,199 63,836 Interest bearing loans and borrowings 15,042,721 14,637,588 3,459,349 3,042,787 Total current liabilities 29,568,272 30,523,915 4,012,388 3,716,838 Total liabilities 35,241,013 35,971,970 4,604,809 4,294,308 Total equity and liabilities 53,185,323 52,792,281 16,060,128 15,804,686 Net Assets value per share (Rs.) 68.04 63.78 44.75 44.96 Explanatory notes are given on page 10 I certify that the 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. Signed on behalf of the Board (Signed.) Ranjit Page (Deputy Chairman / CEO) 14th November 2018 Colombo (Signed.) Imtiaz Abdul Wahid (Managing Director / Deputy CEO) 04
Statement of Changes in Equity - Group Stated Capital Revaluation General Available for Other Employee share Retained Non controlling Total Group capital reserve reserve reserve sale reserve equity option reserve earnings 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 2017 130,723 7,928 7,908,678 485,500 (29,742) (2,761,159) - 8,214,904 415,091 14,371,923 Profit for the period - - - - - - - 2,286,278 83,668 2,369,946 Other comprehensive income - - - - 415 - - 3,276-3,691 Total comprehensive income - - - - 415 - - 2,289,554 83,668 2,373,637 Transactions with owners of the company, recognized directly in equity Put option over NCI - - - - - (159,927) - - - (159,927) Transfer of revaluation reserve on disposal - - (522,601) - - - - 522,601 - - Equity-settled share-based payment - - - - - - 49,254 - - 49,254 Dividends - - - - - - - (425,600) - (425,600) Balance as at 30 September 2017 130,723 7,928 7,386,077 485,500 (29,327) (2,921,086) 49,254 10,601,459 498,759 16,209,287 Balance as at 1 April 2018 6,530,709 7,928 4,884,927 - - (3,089,325) 150,970 7,843,183 491,919 16,820,311 Profit for the period - - - - - - - 1,231,917 33,328 1,265,245 Other comprehensive income - - - - (2,482) - - (8,105) - (10,587) Total comprehensive income - - - - (2,482) - - 1,223,812 33,328 1,254,658 Transactions with owners of the company, recognized directly in equity Put option over NCI - - - - - (178,934) - - - (178,934) Equity-settled share-based payment - - - - - - 48,275 - - 48,275 Balance as at 30 September 2018 6,530,709 7,928 4,884,927 - (2,482) (3,268,259) 199,245 9,066,995 525,247 17,944,310 05
Statement of Changes in Equity - Company Stated Revaluation General Available for Employee share Retained Total Company capital reserve reserve sale reserve option reserve earnings Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Balance as at 1 April 2017 130,723 3,204,729 485,500 (29,737) - 5,714,490 9,505,705 Profit for the period - - - - - 377,890 377,890 Other comprehensive income - - - 413 - - 413 Total comprehensive income - - - 413-377,890 378,303 Transactions with owners of the company, recognized directly in equity Equity-settled share-based payment - - - - 49,254-49,254 Dividends - - - - - (425,600) (425,600) Balance as at 30 September 2017 130,723 3,204,729 485,500 (29,324) 49,254 5,666,780 9,507,662 Balance as at 1 April 2018 6,530,709 14,439 - - 150,970 4,814,260 11,510,378 Profit for the period - - - - - (100,852) (100,852) Other comprehensive income - - - (2,482) - - (2,482) Total comprehensive income - - - (2,482) - (100,852) (103,334) Transactions with owners of the company, recognized directly in equity Equity-settled share-based payment - - - - 48,275-48,275 Balance as at 30 September 2018 6,530,709 14,439 - (2,482) 199,245 4,713,408 11,455,319 06
Statement of Cash Flows Group Company For the six months ended 30 September 2018 2017 2018 2017 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Cash flows from operating activities Profit before taxation 1,924,243 3,366,845 (43,858) 412,536 Adjustments for: Depreciation on property, plant and equipment 1,199,352 1,049,611 24,180 20,786 Employee benefits 114,059 112,771 25,910 34,566 Amortisation of intangible assets 39,034 61,107 17,233 40,855 Amortisation of prepayment on leasehold land and building 2,364 2,362 1,926 1,924 Amortisation of deferred income (5,742) (5,741) - - Gain on disposal of property, plant and equipment (4,780) (475) - - Gain on disposal of investment property - (1,012,178) - - Dividend income (663) (692) (663) (822,082) Provision for impairment of inventories 9,000 9,699 - - Impairment of/ (reversal of impairment) for trade receivables 8,743 7,768 - - Net finance costs 662,476 751,662 160,293 431,347 Equity settled share based payment transactions 46,314 49,254 18,405 49,254 Share of (profit)/loss on equity accounted investees, net of tax (21,266) (16,355) - - Operating profit before working capital changes 3,973,134 4,375,638 203,426 169,186 Changes in working capital - (Increase) / decrease in inventories 1,022,960 693,419 3,161 2,195 - (Increase) / decrease in trade and other receivables (8,640) (317,714) 123,404 133,617 - (Increase) / decrease in related company receivables (47,482) (44,222) (178,974) (201,584) - Increase / (decrease) in trade and other payables (1,580,667) (284,545) (80,670) 39,124 - Increase / (decrease) in related company payables 57,307-34,781 (2,215) Cash generated from operations 3,416,612 4,422,576 105,128 140,323 Income taxes paid (514,147) (501,629) (124,655) (70,761) Interest paid (790,755) (893,264) (220,094) (475,658) Retiring gratuity paid (38,493) (37,131) (14,785) (24,580) Net cash generated from/(used in) operating activities 2,073,217 2,990,552 (254,406) (430,676) 07
Statement of Cash Flows contd. Group Company For the six months ended 30 September 2018 2017 2018 2017 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Cash flows from investing activities Acquisition and construction of property, plant and equipment (2,407,486) (2,140,542) (27,226) (61,631) Acquisition and construction of investment property - - (153,555) (8,915) Acquisition of intangible assets (30,563) (3,437) (1,814) - Interest income received 128,279 141,602 59,801 44,311 Proceeds from disposal of investment property - 4,156,758 - - Dividend received 663 692 663 822,082 Proceeds from disposal of property, plant and equipment 4,783 726 - - (Addition) / disposal to other financial assets 42,337 (643,534) - 4,691 Net cash generated from/(used in) investing activities (2,261,987) 1,512,265 (122,131) 800,538 Cash flows from financing activities Net proceeds from/(repayment of ) short term borrowings (869,438) 457,548 120,000 792,800 Net proceeds from/(repayment of ) long term borrowings (555) (475) - - Dividend paid (6,075) (349,960) (3,637) (348,067) Net cash generated from/(used in) financing activities (876,068) 107,113 116,363 444,733 Increase / (decrease) in cash and cash equivalents (1,064,838) 4,609,930 (260,174) 814,595 Movement in cash and cash equivalents At the beginning of the period (769,240) (1,659,450) (35,193) (755,482) Movement during the period (1,064,838) 4,609,930 (260,174) 814,595 At the end of the period (1,834,078) 2,950,480 (295,367) 59,113 Explanatory notes are given on page 10. 08
Segment Information For the six months ended 30 September Retail Fast Moving Consumer Restaurant Others Group Goods 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Revenue 37,870,970 36,093,082 11,677,923 10,944,746 1,871,421 1,835,190 2,754 2,755 51,423,068 48,875,773 Intra segment revenue - - (99,189) (89,671) - - - - (99,189) (89,671) Inter segment revenue (251,694) (215,292) (3,339,527) (3,061,869) - - (2,754) (2,755) (3,593,975) (3,279,916) 37,619,276 35,877,790 8,239,207 7,793,206 1,871,421 1,835,190 - - 47,729,904 45,506,186 Segment operating profit 859,643 1,613,442 1,353,302 1,197,701 200,153 218,851 152,355 1,072,158 2,565,453 4,102,152 Explanatory notes are given on page 10. 09
Explanatory Notes 1. The result for the period ended 30 September 2018 and the Statement of Financial Position as at 30 September 2018 are provisional and subject to audit. 2. The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Group s annual financial statements for the year ended 31 March 2018, except for the adoption of new standards effective as of 1 April 2018. The Group has not adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The Group applies, for the first time, SLFRS 15 Revenue from Contracts with Customers and SLFRS 9 Financial Instruments. Based on the assessment performed, the Group concluded that SLFRS 15 and SLFRS 9 does not have a material impact on Group s Financial Statements. 3. The cost of Share Based Payments accounted in the Group s Financial Statements for the period amounted to Rs. 46Mn. 4. During the period ended 30th September 2017 the subsidiary Dawson Office Complex (Pvt) Ltd disposed of its freehold properties situated in Colombo at a value of Rs. 4,204 Mn. The profit recognized on this disposal amounted to Rs. 1,012 Mn. 5. Where appropriate, the previous year s figures have been reclassified to conform to the current classification. 6. 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 2018. 10
Investor Relations Supplement 1. General Stated capital Rs. 6,530,708,400 Issued shares 255,999,927 Class of shares Ordinary shares Voting rights One vote per ordinary share 2. Stock Exchange Listing The issued ordinary shares of Cargills (Ceylon) PLC are listed in the Colombo Stock Exchange. 3. Share Valuation The market price per share recorded during the quarter ended 30 September 2018 2017 Rs Rs Highest 209.00 210.00 Lowest 192.00 190.20 Last traded price 199.00 192.00 4. Top 20 Shareholders The holdings of the top 20 shareholders as at 30 September 2018 30 September 2017 Number of Number of Shares % Shares % C T Holdings PLC 179,713,417 70.20 157,249,240 70.20 Mr. V R Page 17,335,169 6.77 15,000,093 6.70 Employees Provident Fund 8,407,333 3.28 7,356,416 3.28 Odeon Holdings (Ceylon) (Private) Limited 5,511,909 2.15 4,822,920 2.15 Ms. M M Page 5,191,023 2.03 4,321,803 1.93 Ceylon Guardian Investment Trust PLC - A/C No.1 4,772,229 1.86 4,175,700 1.86 BNYMSANV RE-LF Ruffer Investment Funds : LF Ruffer Pacific And Emerging Markets Fund 3,970,920 1.55 3,474,555 1.55 CITI Bank New York S/A Norges A/C No. 2 3,466,151 1.35 - - Seb Ab - Tundra Frontier Opportunities Fund 2,609,579 1.02 - - BNYMSANV RE-Butterfield Trust (Bermuda) Limited 1,551,429 0.61 1,375,500 0.61 Mellon Bank N.A. - Florida Retirement System 1,487,771 0.58 1,301,800 0.58 Bank of Ceylon - A/C No. 1 1,484,129 0.58 1,298,613 0.58 Deutsche Bank AG as Trustee for JB Vantage Value Equity Fund 1,031,737 0.40 902,770 0.40 GF Capital Global Limited 1,016,000 0.40 889,000 0.40 The Associated Newspapers of Ceylon Limited 914,103 0.36 799,840 0.36 11
Investor Relations Supplement contd. 4. Top 20 Shareholders (Contd.) The holdings of the top 20 shareholders as at 30 September 2018 30 September 2017 Number of Number of Shares % Shares % Ceylon Investment PLC A/C No.2 720,502 0.28 350,250 0.16 Sir Chittampalam A Gardiner Trust 643,474 0.25 563,040 0.25 Ceylon Guardian Investment Trust PLC - A/C No.2 521,771 0.20 456,550 0.20 Mr. J C Page 520,000 0.20 455,000 0.20 Mr. P.E. Muttukumaru 480,000 0.19 420,000 0.19 241,348,646 94.28 205,213,090 91.61 5. Public Holding The percentage of shares held by the public and number of public shareholders as at 30 September 2018 is 20.28%. (2017-20.26%) and 1,811 (2017-1,832) respectively. The total number of shares in issue is 255,999,927, of which Public Holding represents 51,911,056 shares. The float adjusted market capitalisation amounts to Rs. 10.3Bn. Accordingly, the Company complies with the Minimum Public Holding requirement of the Main Board as per Option 1 of Section 7.13.1 (a) of the CSE Listing Rules 6. Directors Shareholdings The Directors shareholdings in the Company were as follows as at 30 September: 2018 2017 Mr. Louis Page 42,011 36,760 Mr. Ranjit Page 17,335,169 15,000,093 Mr. Imtiaz Abdul Wahid 4,571 4,000 Mr. Sidath Kodikara 141,714 124,000 Mr. Prabhu Mathavan 571 500 Mr. Priya Edirisinghe 57,143 50,000 Mr. Sanjeev Gardiner 22,857 20,000 Mr. Sunil Mendis 22,857 20,000 Mr. Joseph Page 520,000 455,000 Mr. Errol Perera 11,429 10,000 Mr. Deva Rodrigo - - 12
Corporate Information Name of Company Cargills (Ceylon) PLC Company Registration No. PQ 130 Legal Form Quoted public company with limited liability, incorporated in Sri Lanka on 1 March 1946. Board of Directors Louis Page (Chairman) Ranjit Page (Deputy Chairman/CEO) Imtiaz Abdul Wahid (Managing Director/Deputy CEO) Sidath Kodikara Prabhu Mathavan Priya Edirisinghe Sanjeev Gardiner Sunil Mendis Anthony A Page* Joseph Page Errol Perera Deva Rodrigo Company Secretary Sarath Dissanayake Remuneration Committee Sunil Mendis (Chairman) Priya Edirisinghe Deva Rodrigo Audit Committee Priya Edirisinghe (Chairman) Sunil Mendis Errol Perera Deva Rodrigo Related Party Transactions Review Committee Priya Edirisinghe (Chairman) Sunil Mendis Errol Perera Deva Rodrigo Stock Exchange Listing Colombo Stock Exchange Registered Office 40, York Street, Colombo 1, Sri Lanka Telephone : +94 (0) 11 242 7777 Facsimile : +94 (0) 11 233 8704 E-mail : ccl@cargillsceylon.com Auditors KPMG Chartered Accountants Bankers Bank of Ceylon Cargills Bank Commercial Bank of Ceylon Deutsche Bank DFCC Bank Habib Bank HNB Bank HSBC Bank ICICI Bank MCB Bank NDB Bank Nations Trust Bank Pan Asia Bank People s Bank Sampath Bank Seylan Bank Standard Chartered Bank State Bank of India Subsidiary Companies Cargills Agrifoods Limited Cargills Agro Development Company (Private) Limited Cargills Distributors (Private) Limited Cargills Enterprise Solutions (Private) Limited Cargills Food Processors (Private) Limited Cargills Food Services (Private) Limited Cargills Foods Company (Private) Limited Cargills Frozen Products (Private) Limited Cargills Quality Confectioneries (Private) Limited Cargills Quality Dairies (Private) Limited Cargills Quality Foods Limited C P C Lanka Limited Dawson Office Complex (Private) Limited Frederick North Hotel Company Limited Kotmale Dairy Products (Private) Limited Kotmale Holdings PLC Kotmale Milk Foods Limited Kotmale Milk Products Limited Kotmale Products Limited Millers Limited The Empire Investments Company (Private) Limited Associate Companies C T Properties Limited Cargills Bank Limited Postal Address P.O. Box 23, Colombo 1 * Mr. Anthony A Page - ceased to be a Director at the conclusion of the AGM held on 27 Aug 2018 on having attained 70 years of age on 21 March 2018 and not seeking re-election.
www.cargillsceylon.com Cargills (Ceylon) PLC No. 40, York Street, Colombo 1