COLOMBO LAND AND

DEVELOPMENT COMPANY PLC

INTERIM
FINANCIAL
STATEMENTS
FOR THE THREE MONTHS ENDED 31ST MARCH 2024
CEO MESSAGE

Dear Shareholders,

It is a great pleasure that I share with you the interim financial statements of Colombo Land and
Development Company PLC for the quarter ended 31st March 2024. Overall, the Group recorded a
Revenue of Rs. 106 Mn (YoY 22%), a Gross Profit of Rs. 65 Mn (YoY 21%) and a loss before tax of
Rs. 13 Mn (reduction of YoY 74%) for the quarter ended 31st March 2024.

Rental Income

Overall rental income increased by 28% compared to the corresponding quarter. The occupancy
during this period stood at 86% compared to 76% in 2023.

Car park income

The revenue from Car Parks during this period increased by 12% when compared to the corresponing
quarter. The average monthly revenue of the Gas Land car park increased by 18%, People's Park car
park by 1% and Liberty Plaza car park by 9% during the quarter under review.

Finance Expenses

We saw an 36% decrease in the finance cost due to the decrease in lending rates for the quarter under
review. The company has already taken several steps in this regard to reduce the interest costs.

Future Outlook

We expect retail activity to further increase due to the strengthening of LKR thereby, reducing the
cost of imported products which will drive consumer demand. The expected higher business genera-
tion by our tenants will enable us to increase rentals and drive higher occupancy in the coming
months. Our objective is to continue cutting our financial expenses by securing more favourable
terms from banks. Furthermore, we plan to deploy diverse strategies to lessen the capital portion of
our loans, thereby bolstering our business.

P.S. Weerasekera
Director/ Group CEO

01
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
STATEMENT OF FINANCIAL POSITION

Group Company
Unaudited Audited Unaudited Audited
As at As at As at As at
31.03.24 31.12.23 31.03.24 31.12.23
LKR LKR LKR LKR
ASSETS
Non - current assets
Property,Plant and Equipment 174,327,038 175,237,981 5,895,075 6,189,170
Biological Assets 74,547,933 74,440,000 - -
Investment Proper�es 13,439,352,082 13,434,219,501 7,958,249,000 7,958,249,000
Investment in Subsidiaries - - 2,820,575,560 2,820,575,560
13,688,227,052 13,683,897,482 10,784,719,635 10,785,013,730
Current assets
Inventories 1,155,730 1,155,730 - -
Trade and Other Receivables 126,041,424 110,057,187 99,514,885 87,342,754
Financial Assets 23,520 23,520 23,520 23,520
Other Investments 226,684 9,053,498 150,001 70,474
Cash and Cash Equivalents 3,963,611 12,684,830 2,975,943 4,082,712
131,410,968 132,974,764 102,664,348 91,519,459

Total assets 13,819,638,020 13,816,872,246 10,887,383,983 10,876,533,189

EQUITY AND LIABILITIES

Equity
Stated Capital 341,602,342 341,602,342 341,602,342 341,602,342
Revalua�on Reserve 108,400,805 108,400,805 - -
Retained Earnings 7,853,510,082 7,866,671,093 6,733,174,060 6,723,832,909
Equity A�ributable to Equity Holders of the Parent 8,303,513,229 8,316,674,241 7,074,776,402 7,065,435,251
Non-Controlling Interests (2,492,523) (2,492,523) - -
Total equity 8,301,020,706 8,314,181,718 7,074,776,402 7,065,435,251
Non-Current Liabili�es
Interest Bearing Loans and Borrowings 1,351,000,000 1,435,450,455 1,351,000,000 1,435,450,455
Deferred Tax Liabili�es 3,813,196,358 3,813,196,358 2,301,880,112 2,301,880,112
Defined Benefit Obliga�ons 7,162,155 6,705,094 6,276,215 5,841,215
5,171,358,513 5,255,351,907 3,659,156,327 3,743,171,782
Current Liabili�es
Trade and Other Payables 72,447,626 60,483,771 29,247,425 27,888,161
Income Tax Liabili�es 36,526,310 36,526,310 9,600,684 9,600,684
Interest Bearing Loans and Borrowings 84,450,455 - 84,450,455 -
Tenant Deposits 131,767,480 126,997,391 18,499,812 18,348,572
Bank Overdra� 22,066,931 23,331,151 11,652,878 12,088,739
347,258,801 247,338,622 153,451,254 67,926,156
Total liabili�es 5,518,617,314 5,502,690,529 3,812,607,581 3,811,097,938
Total equity and liabili�es 13,819,638,020 13,816,872,246 10,887,383,983 10,876,533,189
Net Assets per Share (Rs.) 41.53 41.60 35.39 35.35

The notes form an integral part of these Financial Statements.

Figures in brackets indicate deduc�ons

The figures are provisional and subject to Audit

The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007.

These financial statements have been prepared in compliance with the Rule 7.4 of the CSE Lis�ng Rules and Sri Lanka Accoun�ng Standard
LKAS 34-Interrim Financial Repor�ng.

……………………….
Accountant
Signed for and on behalf of the Board of Directors of Colombo Land & Development Company PLC

………………………. ………………………..
Director Director
May 15th 2024
02
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

Group
Group
Unaudited
Quarter ended Quarter ended Year ended
March '24 March '23 December '23
LKR LKR LKR

Revenue 105,917,334 86,509,340 376,776,106

Direct expenses (40,539,346) (32,612,725) (156,336,773)
Net Rental income 65,377,988 53,896,615 220,439,333

Other Income and Gains 260,854 2,531,232 34,778,356

Change in value of Investment Proper�es - - 582,847,200

Fair Valua�on of Biological Assets - - 4,772,658

Selling and Distribu�on Costs (277,500) (231,724) (14,191,140)

Administra�ve Expenses (25,277,111) (23,254,120) (93,828,159)

Finance Cost (53,245,243) (82,903,453) (305,780,389)

Profit / (loss) before tax (13,161,012) (49,961,450) 429,037,859

Income Tax Expense - - (108,253,285)

Profit / (loss) for the period (13,161,012) (49,961,450) 320,784,574

A�ributable to:

Equity Holders of the Parent (13,161,012) (49,961,450) 320,793,574

Non-Controlling interests - - (9,000)

Earnings Per Share - Restated (0.07) (0.25) 1.60

Profit / (Loss) for the period (13,161,012) (49,961,450) 320,784,574

Other Comprehensive Income

Other Comprehensive Income not to be classified to profit
or loss in subsequent periods
Actuarial Gain/(Loss) on Defined Benefit Plans - - (1,459,944)
Net Gain/(Loss) on Financial Assets classified under FVOCI - - (1,680)
Deferred Tax a�ributable to actuarial gains/(Loss) on defined
benefit obliga�ons - - (435,200)
Revalua�on Gain/(Loss) of the Property Plant and Equipment's - - 5,077,800
Tax effects on Revalua�on of Building - - -
Deferred Tax impact on deprecia�on of revalued assets - - (1,523,340)
Total of Other Comprehensive Income - (49,961,450) 1,657,636

Total Comprehensive income for the period ,net of tax (13,161,012) (49,961,450) 322,442,210

A�ributable to:
Equity Holders of the Parent (13,161,012) (49,961,450) 322,451,210
Non-Controlling Interests (9,000)

The notes form an integral part of these financial statements.

Figures in brackets indicate deductions
The figures are provisional and subject to Audit

03
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

Company
Unaudited
Quarter ended Quarter ended Year ended
March '24 March '23 December '23
LKR LKR LKR

Revenue 44,933,895 40,272,391 168,216,894

Direct expenses (14,940,813) (12,749,913) (55,464,811)
Net Rental income 29,993,083 27,522,478 112,752,083

Other Income and Gains 823,082 3,241,127 8,547,610

Change in value of Investment Proper�es - - 122,911,500

Fair Valua�on of Biological Assets - - -

Selling and Distribu�on Costs (80,000) (60,000) (1,546,940)

Administra�ve Expenses (21,400,826) (19,596,252) (80,952,692)

Finance Cost 5,812 (288,878) (563,566)

Profit / (loss) before tax 9,341,151 10,818,476 161,147,996

Income Tax Expense - - (70,200,392)

Profit / (loss) for the period 9,341,151 10,818,476 90,947,604

A�ributable to:

Equity Holders of the Parent 9,341,151 10,818,476 90,947,604

Non-Controlling interests - - -

Earnings Per Share - Restated 0.05 0.05 0.46

Profit / (Loss) for the period 9,341,151 10,818,476 90,947,604

Other Comprehensive Income

Other Comprehensive Income not to be classified to profit
or loss in subsequent periods
Actuarial Gain/(Loss) on Defined Benefit Plans - - (1,343,374)
Net Gain/(Loss) on Financial Assets classified under FVOCI - - (1,680)
Deferred Tax a�ributable to actuarial gains/(Loss) on defined
benefit obliga�ons - - (403,012)
Revalua�on Gain/(Loss) of the Property Plant and Equipment's - - -
Tax effects on Revalua�on of Building - - -
Deferred Tax impact on deprecia�on of revalued assets - -
Total of Other Comprehensive Income - 10,818,476 (1,748,066)

Total Comprehensive income for the period ,net of tax 9,341,151 10,818,476 89,199,538

A�ributable to:
Equity Holders of the Parent 9,341,151 10,818,476 89,199,538
Non-Controlling Interests -

The notes form an integral part of these financial statements.

Figures in brackets indicate deductions
The figures are provisional and subject to Audit

04
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Stated Revalua�on Retained Non-Controlling Total

Capital Reserve Earnings Interest
Group LKR LKR LKR LKR LKR

As at 31 January 2023 341,602,342 104,846,345 7,591,080,680 (2,483,523) 8,035,045,844

Net Profit / (Loss) for the Year - - (49,961,450) - (49,961,450)

As at 31st March 2023 341,602,342 104,846,345 7,541,119,230 (2,483,523) 7,985,084,394

As at 01st January 2024 341,602,342 108,400,805 7,866,671,094 (2,492,523) 8,314,181,718

Net Profit / (Loss) for the Year - - (13,161,012) - (13,161,012)

As at 31st March 2024 341,602,342 108,400,805 7,853,510,082 (2,492,523) 8,301,020,706

Company

As at 31 January 2023 341,602,342 - 6,634,633,371 - 6,976,235,713

Net Profit / (Loss) for the Year - - 10,818,476 - 10,818,476

As at 31st March 2023 341,602,342 - 6,645,451,847 - 6,987,054,189

As at 1st January 2024 341,602,342 - 6,723,832,909 - 7,065,435,250

Net Profit / (Loss) for the Year - - 9,341,151 - 9,341,151

As at 31st March 2024 341,602,342 - 6,733,174,060 - 7,074,776,401

The notes form an integral part of these financial statements.

Figures in brackets indicate deductions
The figures are provisional and subject to Audit

05
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
STATEMENT OF CASH FLOWS

Group Company

31st March 31st March 31st March 31st March

2024 2023 2024 2023
LKR LKR LKR LKR
Cash Flows From / (Used in) Opera�ng Ac�vi�es
Profit/(Loss) before Tax (13,161,012) (49,961,450) 9,341,151 10,818,476
Adjustments for
Deprecia�on 1,125,941 1,226,478 509,095 556,981
Dividend Income from Investments - - (743,548) (743,548)
Finance Costs 53,245,243 82,903,453 (5,812) 288,878
Allowance for Doub�ul Debts 240,000 210,000 60,000 60,000
Provision for Defined Benefit Plans 457,061 308,921 435,000 288,060
Opera�ng Profit before Working Capital Changes 41,907,233 34,687,402 9,595,886 11,268,847

(Increase) / Decrease in Trade and Other Receivables (16,224,236) (18,674,560) (12,232,131) (23,392,248)
Increase / (Decrease) in Tenant Deposits 4,770,088 1,900,970 151,240 (70,000)
Increase /(Decrease) in Trade and Other Payables 11,963,856 54,204,714 1,359,264 8,205,296
Cash Generated from Opera�ons 42,416,941 72,118,527 (1,125,741) (3,988,104)
Finance Cost Paid (53,245,243) (82,903,453) 5,812 (288,878)
Defined Benefit Plan Costs Paid - (1,107,563) - (1,107,563)
Net Cash From/(Used in) Opera�ng Ac�vi�es (10,828,302) (11,892,489) (1,119,929) (5,384,544)

Cash Flows from/(Used in) Inves�ng Ac�vi�es

Acquisi�on of Property , Plant & Equipment (215,000) (69,000) (215,000) -
Improvement of Biological Assets (107,933) (123,728) - -
Subsequent expenditure on Investment Property (5,132,581) (217,800) - -
Investment in Unit Trust 8,826,814 (40,482) (79,527) (40,482)
Dividend received on Investment - - 743,548 743,548
Net Cash Flows from/(Used in) Inves�ng Ac�vi�es 3,371,301 (451,009) 449,021 703,066

Net Increase / (Decrease) in Cash and Cash Equivalents (7,457,001) (12,343,498) (670,908) (4,681,479)

Cash and Cash Equivalents at the beginning of the Year (10,646,322) 4,542,646 (8,006,027) 3,756,977
Cash and Cash Equivalents at the end of Year (18,103,323) (7,800,852) (8,676,935) (924,502)

The notes form an integral part of these financial statements.

Figures in brackets indicate deductions
The figures are provisional and subject to Audit

06
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
NOTES TO THE FINANCIAL STATEMENTS

1. Market Value per Share

The Highest, Lowest and the Last Traded prices recorded during the quarter are as follows

31.03.2024 31.03.2023
LKR LKR

The Highest Market Price 19.80 25.00

The Lowest Market Price 16.60 15.20

The Last Traded Price 17.50 20.10

2. Accoun�ng Policies

These financial statements have been prepared in accordance with the accoun�ng policies set
out in the annual report for the year ended 31st December 2022 and are in compliance with
Sri Lanka Accoun�ng Standard (LKAS) 34, Interim Financial Repor�ng.

3. Event Occurring A�er the Balance Sheet Date

No circumstances have arisen since the balance sheet date which would require adjustment
to or disclosure in the interim Financial Statements, Other than those disclosures in
the Annual Report for the year ended 31st December 2022. (If any)

4. Con�ngent Liabili�es

There has been no change to the con�ngent liabili�es as disclosed in the Financial Statements
for the year ended 31st December 2022.(If any)

5. Compara�ve Figures

Compara�ve figures have been re-stated wherever necessary to conform to the current period's
presenta�on.

6. Stated Capital
The number of shares represented by stated capital as at 31st March 2024 is 199,881,008

07
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
OPERATING SEGMENT INFORMATION

Group Total Property Leasing & Services Planta�on

31st March 31st March 31st March 31st March 31st March 31st March
2024 2023 2024 2023 2024 2023
LKR LKR LKR LKR LKR LKR

External Revenue 105,917,334 86,509,340 105,917,334 86,509,340 - -

Inter Segment Revenue
Segment Revenue 105,917,334 86,509,340 105,917,334 86,509,340 - -
Elimina�on of Inter Segment Revenue
Net Revenue 105,917,334 86,509,340 105,917,334 86,509,340 - -

Segment Opera�ng Profit /(Loss) 40,084,231 32,942,003 40,863,998 33,897,939 (779,767) (955,936)
Finance Cost (53,245,243) (82,903,453) (53,245,243) (82,903,453) - -
Profit / (Loss) Before Tax (13,161,012) (49,961,450) (12,381,245) (49,005,514) (779,767) (955,936)

08
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
SHARE INFORMATION

LIST OF 20 MAJOR SHAREHOLDERS BASED ON THEIR SHAREHOLDINGS AS AT 31ST MARCH 2024

No. Name No. of Shares %

1 MR E.G. NG 47,390,516 23.71

2 HIKKADUWA BEACH RESORT PLC 40,413,200 20.22
3 URBAN DEVELOPMENT AUTHORITY OF SRI LANKA 34,872,675 17.45
4 BANK OF CEYLON A/C CEYBANK UNIT TRUST 18,895,734 9.45
5 MR Y.T. NG 6,006,876 3.01
6 MR E.S. NG 4,945,716 2.47
7 MR Y.C. NG 4,715,502 2.36
8 SEYLAN BANK PLC./ NALAKA HARSHAJEEVA GODAHEWA 2,509,511 1.26
9 MES K.P. HONG (DECEASED) 2,251,625 1.13
10 MR K.V. HEWAVITARNE 2,000,000 1.00
11 MR Y.H. NG 1,920,000 0.96
12 MR Y.K.D. NG 1,605,600 0.80
13 AMANA BANK PLC/MR. M.Z. MOHAMED GHOUSE 1,536,000 0.77
14 MR T.G. THORADENIYA 1,454,190 0.73
15 SANDWAVE LIMITED 1,122,198 0.56
16 SEYLAN BANK PLC/PHANTOM INVESTMENTS (PVT) LTD 1,100,000 0.55
17 ALLNATT INVESTMENTS (PRIVATE) LIMITED 1,099,661 0.55
18 CAP W. BAPTISTA 824,231 0.41
19 MR C.W. VANDORT 806,864 0.40
20 MR A. LUKMANJEE 762,509 0.38
176,232,608 88.16
OTHERS 23,648,400 11.84
TOTAL 199,881,008 100.00

Director 's holding in shares as at 31st March 2024

Name No. of Shares %

Mr.P S Weerasekera
Shares held in following manner
Ha�on Na�onal Bank PLC/P S Weerasekera 80,342 0.040%
Mr.M D S Goona�lleke Nil Nil
Mr.Ng Yao Xing, Eugene Nil Nil
Mr.S A Ameresekere Nil Nil
Mr.M D A Weerasooriya Nil Nil
Mr.H A N D Herath Nil Nil
Mr.N P K Ranaweera Nil Nil
Mr.P S Perera Nil Nil
Mr.Ng Heng Chye Clement Nil Nil
(Alternate Director to Mr.Ng Yao Xing,Eugene)

Public Holding
Public Holding percentage as at 31st March 2024 - 38.59%
Number of shareholders represen�ng the above Percentage - 2,695

The Float adjusted market capitaliza�on as at 31st March 2024 - Rs.1,365,099,667.50

The Float adjusted market capitaliza�on of the Company falls under Op�on 5 of Rule 7.13.1 (i) (a) of the
Lis�ng Rules of the Colombo Stock Exchange and the Company has complied with the minimum
public holding requirement applicable under the said op�on.

09
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
CORPORATE INFORMATION

NAME OF THE COMPANY AUDITORS

Colombo Land and Development Company PLC Ernst & Young Chartered Accountants
201, De Saram Place, Colombo 10.

REGISTERED OFFICE
BANKERS
3rd Floor, Liberty Plaza,
People’s Bank
250, R. A. De Mel Mawatha,
Nations Trust Bank PLC
Colombo 03.
Sampath Bank PLC
Tel No. 011-2575935-7 Fax: 011-2573111
Commercial Bank of Ceylon PLC
E-mail: info@colomboland.com
Bank of Ceylon
National Development Bank PLC
BOARD OF DIRECTORS
Mr. Mangala Goonatilleke
Mr. Ng Yao Xing, Eugene
(Alternate Director - Mr N H C Clement)
Mr. Sarva Ameresekere
Mr. Asoka Weerasooriya
Mr. P.S. Weerasekara
Mr. H.A.N.D. Herath
Mr. N.P.K. Ranaweera
Mr. Shakya Perera

SECRETARIES
P W Corporate Secretarial (Pvt) Ltd
3/17, Kynsey Road, Colombo 08. Tel: 0114640360

LAWYERS
Capital Law Chambers & Corporate
Attorneys-at-law & Notaries public
11, Arcadia Gardens, Rosmead Place,
Colombo 07.

10
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
 COLOMBO LAND AND DEVELOPMENT COMPANY PLC
250-3/8, Liberty Plaza, R A De Mel Mawatha, Colombo 03.
E- Mail: info@colomboland.com
Phone: +94 2575935 - 37