CENTRAL INDUSTRIES PLC
(Company Reg.No. PQ 121)
INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED
30TH JUNE 2024
(UNAUDITED)
CENTRAL INDUSTRIES PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | Company | |||||||||||
FOR THE THREE MONTHS ENDED | 30/06/24 | 30/06/23 | Change | 30/06/24 | 30/06/23 | Change | ||||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |||||||
Revenue | 1,159,309 | 993,155 | 17 | 1,159,309 | 993,155 | 17 | ||||||
Cost of Sales | (939,030) | (787,606) | (19) | (939,030) | (787,606) | (19) | ||||||
Gross Profit | 220,279 | 205,549 | 7 | 220,279 | 205,549 | 7 | ||||||
Other Income | 748 | 2,062 | (64) | 748 | 2,062 | (64) | ||||||
Selling and Distribution Expenses | (52,825) | (50,344) | (5) | (52,825) | (50,344) | (5) | ||||||
Administrative Expenses | (43,491) | (40,845) | (6) | (43,491) | (40,810) | (7) | ||||||
Operating Profit | 124,711 | 116,422 | 7 | 124,711 | 116,457 | 7 | ||||||
Finance Income | 37,289 | 65,350 | (43) | 36,313 | 65,754 | (45) | ||||||
Finance Cost | (1,977) | (2,728) | 28 | (1,032) | (3,173) | 67 | ||||||
Net Finance Income/ (Cost) | 35,312 | 62,622 | (44) | 35,282 | 62,581 | (44) | ||||||
Profit Before Taxation | 160,023 | 179,044 | (11) | 159,992 | 179,038 | (11) | ||||||
Income Tax Expenses | (48,140) | (53,408) | 10 | (48,140) | (53,408) | 10 | ||||||
Profit for the Period | 111,882 | 125,636 | (11) | 111,852 | 125,630 | (11) | ||||||
Profit attributable to | ||||||||||||
Owners of the Company | 111,882 | 125,636 | 111,852 | 125,630 | ||||||||
Non - Controlling Interests | - | - | - | - | ||||||||
Total Comprehensive Income attributable to | ||||||||||||
Owners of the Company | 111,882 | 125,636 | 111,852 | 125,630 | ||||||||
Non - Controlling Interests | - | - | ||||||||||
Basic and diluted Earnings per share (Rs.) | 4.62 | 5.35 | 4.62 | 5.35 |
CENTRAL INDUSTRIES PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30TH JUNE 2024
GROUP
Stated | Revaluation | General | Retained | Total | ||||||
Capital | Reserve | Reserve | Earnings | Equity | ||||||
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | ||||||
Balance as at 1st April 2023 | 393,785 | 341,265 | 100,814 | 2,402,494 | 3,238,358 | |||||
Comprehensive Income for the Period | ||||||||||
Profit for the Period | - | - | - | 125,636 | 125,636 | |||||
Total Comprehensive Income for the Period | - | - | - | 125,636 | 125,636 | |||||
Depreciation on Revaluation Surplus | - | (656) | - | 656 | - | |||||
Deferred Tax on Revaluation Surplus | - | 164 | - | (164) | - | |||||
Balance as at 30th June 2023 | 393,785 | 340,773 | 100,814 | 2,528,622 | 3,363,994 | |||||
Balance as at 1st April 2024 | 453,539 | 518,147 | 100,814 | 2,907,425 | 3,979,925 | |||||
Comprehensive Income for the Period | ||||||||||
Profit for the Period | - | - | - | 111,882 | 111,882 | |||||
Other Comprehensive Income for the Period | - | - | - | - | - | |||||
Total Comprehensive Income for the Period | - | - | - | 111,882 | 111,882 | |||||
Depreciation on Revaluation Surplus | - | (1,395) | - | 1,395 | - | |||||
Deferred Tax on Revaluation Surplus | - | 471 | - | (471) | - | |||||
Balance as at 30th June 2024 | 453,539 | 517,223 | 100,814 | 3,020,231 | 4,091,807 |
CENTRAL INDUSTRIES PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30TH JUNE 2024
COMPANY
Stated | Revaluation | General | Retained | Total | ||||||
Capital | Reserve | Reserve | Earnings | Equity | ||||||
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | ||||||
Balance as at 1st April 2023 | 393,785 | 341,265 | 100,814 | 2,402,345 | 3,238,209 | |||||
Comprehensive Income for the Period | ||||||||||
Profit for the Period | - | - | - | 125,630 | 125,630 | |||||
Total Comprehensive Income for the Period | - | - | - | 125,630 | 125,630 | |||||
Depreciation on Revaluation Surplus | - | (656) | - | 656 | - | |||||
Deferred Tax on Revaluation Surplus | - | 164 | - | (164) | - | |||||
Balance as at 30th June 2023 | 393,785 | 340,773 | 100,814 | 2,528,467 | 3,363,839 | |||||
Balance as at 1st April 2024 | 453,539 | 518,147 | 100,814 | 2,907,221 | 3,979,721 | |||||
Comprehensive Income for the Period | ||||||||||
Profit for the Period | - | - | - | 111,852 | 111,852 | |||||
Other Comprehensive Income for the Period | - | - | - | - | - | |||||
Total Comprehensive Income for the Period | - | - | - | 111,852 | 111,852 | |||||
Depreciation on Revaluation Surplus | - | (1,395) | - | 1,395 | - | |||||
Deferred Tax on Revaluation Surplus | - | 471 | - | (471) | - | |||||
Balance as at 30th June 2024 | 453,539 | 517,223 | 100,814 | 3,019,997 | 4,091,573 | |||||
CENTRAL INDUSTRIES PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30TH JUNE 2024
GROUP | COMPANY | ||||||||||||||||
30/06/24 | 30/06/23 | 30/06/24 | 30/06/23 | ||||||||||||||
(Rs.'000) | (Rs.'000) | (Rs.'000) | (Rs.'000) | ||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Profit Before taxation | 160,023 | 179,044 | 159,992 | 179,038 | |||||||||||||
Adjustments for : | |||||||||||||||||
Depreciation, Impairment and Amortization | 19,769 | 14,257 | 19,769 | 14,257 | |||||||||||||
Loss on Investment valued at Fair Value Through Profit and Loss | (973) | 404 | (973) | 404 | |||||||||||||
Disposal Gain on Redemption of Unit Trust Investments | (9,569) | (2,071) | (9,569) | (2,071) | |||||||||||||
Provision for Employee Benefits | 4,243 | 4,447 | 4,243 | 4,447 | |||||||||||||
Write-Off of Inventories | - | 954 | - | 954 | |||||||||||||
Provision for Slow Moving Inventories | (8,123) | 23,427 | (8,123) | 23,427 | |||||||||||||
Provision / (Reversal) for Impairment of Trade Debtors | (5,000) | (97) | (5,000) | (97) | |||||||||||||
Interest Expenses | 1,977 | 2,728 | 2,007 | 2,770 | |||||||||||||
Interest Received | (26,425) | (61,539) | (26,425) | (61,539) | |||||||||||||
Dividend Income | - | - | - | - | |||||||||||||
Operating Profit before Working Capital changes | 135,921 | 161,554 | 135,920 | 161,590 | |||||||||||||
Adjustments for Working Capital Changes | |||||||||||||||||
Decrease/ (Increase) in inventories | (213,460) | 149,796 | (213,460) | 149,796 | |||||||||||||
Decrease in Trade and Other Receivables | (38,495) | 89,862 | (38,495) | 89,862 | |||||||||||||
Increase/ (Decrease) in Amounts due to Related parties | - | (401) | - | (401) | |||||||||||||
Decrease in Amounts due to Subsidiaries | - | - | - | 4 | |||||||||||||
Decrease in Trade and Other Payables | (17,951) | (108,740) | (17,922) | (108,738) | |||||||||||||
Cash Generated in Operating Activities | (133,986) | 292,071 | (133,957) | 292,113 | |||||||||||||
Gratuity Paid | (452) | (4,945) | (452) | (4,945) | |||||||||||||
Interest Paid | (1,977) | (2,728) | (2,007) | (2,770) | |||||||||||||
Tax Paid | (30,213) | (9,836) | (30,213) | (9,835) | |||||||||||||
Net Cash Generated from / (Used in ) Operating Activities | (166,629) | 274,562 | (166,629) | 274,563 | |||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Acquisition of Property, Plant and Equipment and Intangible Assets | (9,987) | (9,650) | (9,987) | (9,650) | |||||||||||||
Proceeds on Disposal / (Purchase) of Financial Instrument | 205,222 | (5,000) | 205,222 | (5,000) | |||||||||||||
Interest Received | 11,796 | 61,539 | 11,796 | 61,539 | |||||||||||||
Dividend Income | - | - | - | - | |||||||||||||
Net Cash Generated from/ (Used in) Investing Activities | 207,031 | 46,889 | 207,031 | 46,889 | |||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Short Term and Long Term Loans obtained | 500,000 | - | 500,000 | - | |||||||||||||
Repayment of Short Term and Long Term Loans | (4,320) | (4,320) | (4,320) | (4,320) | |||||||||||||
Net Cash Generated from / (Used in) Financing Activities | 495,680 | (4,320) | 495,680 | (4,320) | |||||||||||||
Net Increase in Cash and Cash Equivalents | 536,081 | 317,131 | 536,081 | 317,132 | |||||||||||||
Cash and Cash Equivalents at the beginning of the year | 33,729 | 408,167 | 33,604 | 408,042 | |||||||||||||
Cash and Cash Equivalents at the end of the year | 569,810 | 725,298 | 569,685 | 725,174 | |||||||||||||
Analysis of Cash and Cash Equivalents at end of the period | |||||||||||||||||
Cash in Hand and Cash at Bank | 587,250 | 750,086 | 587,126 | 749,962 | |||||||||||||
Bank Overdraft | (17,440) | (24,788) | (17,440) | (24,788) | |||||||||||||
569,810 | 725,298 | 569,686 | 725,174 |
CENTRAL INDUSTRIES PLC
NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PREPARATION
The interim condensed financial statements for the period ended 30th June 2024 are drawn from the unaudited accounts of the Company and its Subsidiary of Polymer Technologies (PVT) LTD.
These interim financial statements have been prepared on the basis of the same accounting policies and methods set out in the Annual Report for the year ended 31st March 2024 and are in compliance with LKAS 34 - Interim Financial Reporting. The presentation and classification of comparative information relating to previous years have been amended where relevant.
2. SEGMENT INFORMATION (GROUP)
SEGMENT RESULTS | |||||||
FOR THE PERIOD ENDED | 30/06/24 | 30/06/23 | |||||
(Rs.'000) | (Rs.'000) | ||||||
Revenue | |||||||
Water Management Products | 1,054,072 | 901,845 | |||||
Electrical Products | 105,237 | 91,310 | |||||
1,159,309 | 993,155 | ||||||
Profit Before Taxation | |||||||
Water Management Products | 158,269 | 188,083 | |||||
Electrical Products | 1,754 | (9,038) | |||||
160,023 | 179,045 | ||||||
SEGMENT ASSETS AND LIABILITIES | |||||||
As at | As at | ||||||
30/06/24 | 30/06/23 | ||||||
(Rs.'000) | (Rs.'000) | ||||||
Total Assets | |||||||
Water Management Products | 4,919,302 | 3,659,131 | |||||
Electrical Products | 369,319 | 442,433 | |||||
5,288,621 | 4,101,564 | ||||||
Total Liabilities | |||||||
Water Management Products | 1,177,176 | 707,529 | |||||
Electrical Products | 19,638 | 30,041 | |||||
1,196,814 | 737,570 |
- EVENTS AFTER THE REPORTING PERIOD
No circumstances have arisen since the end of the reporting period of these financial statements, which would require adjustment to or disclosure in the financial statements. - CONTINGENCIES
The Company has provided bank guarantees to the value of Rs. 63,156,201/- as at 30th June 2024.
CENTRAL INDUSTRIES PLC
NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (Unaudited)
5. CAPITAL EXPENDITURE
The group invested Rs. 7. 16 million in Property, Plant and Equipment and Capital Work - in - Progress during the period.
6. CAPITAL COMMITMENTS
The Board of Directors had approved to purchase capital assets totaling Rs. 12.1 million of which Rs. 8.6 million has been paid as an advance. The Company had no other capital commitments as at 30th June 2024.
7. SEASONALITY OF OPERATIONS
There is no seasonality / cyclical impact on the operations of the Company which need be disclosed.
-
RECOGNITION OF A LOSS FROM THE IMPAIRMENT OF FINANCIAL ASSETS, PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS
There were no material losses from the impairment of financial assets, property plant and equipment and Intangible assets. - FINANCIAL ASSETS AT AMORTISED COST
Financial Assets at amortised cost represents Treasury Bonds received in lieu of outstanding receivables from the National Water Supply and Drainage Board of Sri Lanka for the value of Rs. 189 Mn. The financial assets are measured at amortised cost. - First and final ordinary dividend of Rs. 6/- per ordinary share as cash for the year 2023/24 and total dividend amounting to Rs. 145,171,158/-, which was approved by the shareholders at the Annual General Meeting held on 27th June 2024, was paid on 04th July 2024
- TRANSACTIONS WITH RELATED PARTIES
Transaction Value | ||||
For the Period | ||||
ended | For the Period | |||
Name of Related Parties | Nature of Relationship | Nature of Transactions | 30/06/2024 | ended 30/06/2023 |
(Rs.'000) | (Rs.'000) | |||
Central Finance Co. PLC | Parent company | Deposited in savings account | 638 | 601 |
Interest earned from savings account | 10 | 9 | ||
CF Insurance Brokers (PVT) LTD | Fellow Subsidiary | Entitled to brokerage commission on premia | ||
paid to insurance Companies | ||||
Value of insurance premia paid | 1,272 | 45 | ||
Nations Trust Bank PLC | An associate of the parent | Banking facilities in the normal course of the business. | ||
company | Limit of facilities | 500,000 | 500,000 | |
Balance at Bank on saving and current account | 21,150 | 5,792 | ||
Trade finance | - | - | ||
Interest Received on saving account | 278 | 79 | ||
Interest & Charges paid | 638 | 331 | ||
Tivoli Plastics (PVT) LTD | An enterprise controlled | Subcontract manufacture of PVC pipe fittings | ||
by a director. | - Processing charges on PVC Pipe & fittings | 6,129 | 3,354 | |
- Amounts Payable as at 30th June | 1,039 | 3 | ||
Amano Construction (PVT) LTD | An enterprise controlled by a | |||
director. | ||||
Advance payment for construct Boundry Wall at Yakkala | 3,501 | |||
(Total cost for project is Rs.7 Mn) | - | |||
Advance and Final payment for construct factory stores building at yakkala | - | 7,103 | ||
(Total cost for the project is Rs.111.7 Mn) | ||||
Polymer Technologies (PVT) LTD. | A wholly owned subsidiary | Funds advanced to the Company | 1,195 | 1,074 |
Interest paid on funds advanced | 30 | 42 | ||
12. SHARE INFORMATION | ||||
12.1 Number of Shares Representing the Entity's Stated Capital | As at 30/06/24 | As at 30/06/23 | ||
Ordinary Shares | 24,195,193 | 23,466,490 |
CENTRAL INDUSTRIES PLC
NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (Unaudited)
12. SHARE INFORMATION - Contd .
12.2 Twenty Largest Shareholders as at 30th June 2024 | ||||||
Name | No. of Shares | % | ||||
1 | Central Finance Company Plc A/C No 03 | 10,660,944 | 44.06 | |||
2 | CF Insurance Brokers (Pvt) Ltd | 1,382,285 | 5.71 | |||
3 | Employees Trust Fund Board | 846,421 | 3.50 | |||
4 | Tivoli Lanka Limited | 752,101 | 3.11 | |||
5 | Seylan Bank Plc/ARRC Capital (Pvt) Ltd | 544,510 | 2.25 | |||
6 | Mrs. Saraswathy Vasudevan | 500,000 | 2.07 | |||
7 | Mr. Oshan Senanayake | 439,042 | 1.81 | |||
8 | Mr. Suranjan Praveen Perera | 296,853 | 1.23 | |||
9 | Seylan Bank PLC /F.J.P.Raj | 293,577 | 1.21 | |||
10 | Mr. Vigneswaramoorthy Sunilgavasker | 274,737 | 1.14 | |||
11 | Mr. Varatharajah Sivakumar | 217,754 | 0.90 | |||
12 | Mrs. Kuruppu Achchi Appuhamilage Yvonne Marian Silvya Perera | 176,616 | 0.73 | |||
13 | Mr. Prashantha Wanigasuriya | 175,286 | 0.72 | |||
14 | Mrs. Lilani Irandathie Perera | 143,257 | 0.59 | |||
15 | Hatton National Bank PLC/Ruwan Prassana Sugathadasa | 132,665 | 0.55 | |||
16 | Seylan Bank Plc/Emile Joseph Gunesekera & Michelle Geneieve Martha Gunasekera | 120,873 | 0.50 | |||
17 | Citizens Development Business Finance PLC/F.H.T.C.Silva | 116,012 | 0.48 | |||
18 | Mr. Hennasy Geeth Balasuriya | 115,000 | 0.48 | |||
19 | Mr. Jerome Hasitha Leanage | 114,577 | 0.47 | |||
20 | Hatton National Bank PLC/ Wijesinghe Jayaweera Mudiyanselage Punsith Rashmin Lokubandara | 105,500 | 0.44 | |||
17,408,010 | 71.95 | |||||
12.3 Public Holding of Shares | As at 30-06-2024 | As at 30-06-2023 | ||||
Shares held by the public | 46.72% | 46.72% | ||||
Total Number of shareholders comprising the Public Holding Percentage | 2,338 | 2,463 | ||||
Float Adjusted Market Capitalization | Rs.1,299,959,329 | Rs. 1,013,031,477 | ||||
Total Number of shareholders | 2,345 | 2,471 |
In terms of the rule 7.14.1(a) as per the Listing Rules of the Colombo Stock Exchange, the Company Qualifies under option five of the minimum public holding requirement.
12.4 Directors' and Chief Executive Officer's Holdings In Shares | ||
No. of Shares held | ||
Directors | as at 30-06-24 | |
Mr.E.H.Wijenaike | 44,081 | |
Mr.G.S.N.Peiris | 6 | |
Mr.C.S.W.De Costa | - | |
Mr. A.K. Gunaratne | - | |
Mrs. I.S. Jayasinghe | - | |
Mr. A. Hettiarachchy | - | |
Mr. C.S. Hettiarachchi | - | |
Mr.D.T.R de Silva | - | |
Mr.I.M.P.Rupatunge ( CEO) | - | |
12.5 Market Value of Ordinary Shares | ||
Three Month Ended | ||
30-06-24 | 30-06-23 | |
Highest Price recorded during the period (Rs.) | 141.00 | 94.70 |
Lowest Price recorded during the period (Rs.) | 109.25 | 75.00 |
Last Traded Price recorded during the period (Rs.) | 115.00 | 92.40 |