CIC HOLDINGS PLC Quarterly Report 31.12.2022
Corporate Information
NAME OF THE COMPANY
CIC Holdings PLC
COMPANY REGISTRATION NO.
PQ 88
LEGAL FORM
A Public Quoted Company with limited liability incorporated in Sri Lanka in 1964.
DIRECTORS
S H Amarasekera- Chairman
R S Captain
S M Enderby
J R Gunaratne
M P Jayawardena
D T S H Mudalige
P R Saldin
K D Senewiratne (appointed w.e.f. 01 January 2023 )
SECRETARY
P W Corporate Secretarial (Pvt) Ltd
3/17, Kynsey Road,
Colombo 08.
T.P 011 4640360
AUDITORS
KPMG
Chartered Accountants
32A, Sir Mohamed Macan Markar Mawatha
Colombo 03.
LEGAL ADVISERS
Julius & Creasy
Attorneys - at - Law
371, R A De Mel Mawatha, Colombo 03
Heritage Partners
Attorneys - at - Law
04, Malasekera Pedesa,
Colombo 07.
Nithya Partners
Attorneys - at -Law
97A, Galle Road, Colombo 03.
REGISTERED OFFICE
CIC House
199, Kew Road
Colombo 02.
CIC Holdings PLC 01
Company Statements of Comprehensive Income
Three | Three | Variance | Nine months | Nine months | Variance | |
months to | months to | % | to | to | % | |
31 December | 2022 | 2021 | 2022 | 2021 | ||
(In Rs.Mns) | ||||||
Revenue | 5,179.35 | 2,700.58 | 91.79 | 11,868.37 | 7,606.83 | 56.02 |
Cost of sales | (3,038.43) | (1,907.05) | 59.33 | (7,005.77) | (5,449.33) | 28.56 |
Gross profit | 2,140.92 | 793.53 | 169.80 | 4,862.60 | 2,157.50 | 125.38 |
Other income | 224.87 | 311.82 | (27.88) | 568.89 | 573.17 | (0.75) |
Distribution expenses | (577.05) | (357.41) | 61.45 | (1,373.71) | (892.36) | 53.94 |
Impairment reversal/(loss) on trade receivables | 7.18 | 46.18 | (84.45) | (15.51) | 29.46 | (152.65) |
Administrative expenses | (221.12) | (104.50) | 111.60 | (560.93) | (314.87) | 78.15 |
Results from operating activities | 1,574.80 | 689.62 | 128.36 | 3,481.34 | 1,552.90 | 124.18 |
Finance income | 35.02 | 12.48 | 180.61 | 86.73 | 37.03 | 134.22 |
Finance costs | (516.16) | (49.70) | 938.55 | (1,269.79) | (173.30) | 632.71 |
Finance cost (net) | (481.14) | (37.22) | 1,192.69 | (1,183.06) | (136.27) | 768.17 |
Profit before tax | 1,093.66 | 652.40 | 67.64 | 2,298.28 | 1,416.63 | 62.24 |
Tax expense | (347.46) | (133.18) | 160.90 | (653.90) | (325.61) | 100.82 |
Profit from continuing operations | 746.20 | 519.22 | 43.72 | 1,644.38 | 1,091.02 | 50.72 |
(Loss)/profit from discontinued operations (net of tax) | (0.01) | 0.67 | (101.49) | (0.33) | 0.40 | (182.50) |
Profit for the period | 746.19 | 519.89 | 43.53 | 1,644.05 | 1,091.42 | 50.63 |
Other comprehensive income | ||||||
Items that will never be reclassified to profit or loss | ||||||
Net (losses)/gain on fair value change in financial assets | (68.44) | (0.65) | 10,429.23 | (82.78) | 5.27 | (1,670.78) |
Deferred tax impact on revaluation reserve due to rate change | (76.61) | - | 100.00 | (76.61) | - | 100.00 |
Other comprehensive income for the period (net of tax) | (145.05) | (0.65) | 22,215.38 | (159.39) | 5.27 | (3,124.48) |
Total comprehensive income for the period (net of tax) | 601.14 | 519.24 | 15.77 | 1,484.66 | 1,096.69 | 35.38 |
Profit attributable to : | ||||||
Equity holders of the company | 746.19 | 519.89 | 43.53 | 1,644.05 | 1,091.42 | 50.63 |
746.19 | 519.89 | 43.53 | 1,644.05 | 1,091.42 | 50.63 | |
The other comprehensive income attributable to : | ||||||
Equity holders of the company | (145.05) | (0.65) | 22,215.38 | (159.39) | 5.27 | (3,124.48) |
(145.05) | (0.65) | 22,215.38 | (159.39) | 5.27 | (3,124.48) | |
Earnings per share | ||||||
Basic/diluted earnings per share (Rs.) | 1.97 | 1.37 | 43.53 | 4.34 | 2.88 | 50.63 |
Earnings per share-continuing operation | ||||||
Basic/diluted earnings per share (Rs.) | 1.97 | 1.37 | 43.72 | 4.34 | 2.88 | 50.72 |
The above figures are provisional and unaudited
Figures in brackets indicate deductions
CIC Holdings PLC 02
Consolidated Statements of Comprehensive Income
Three | Three months | Variance | Nine months | Nine months | Variance | |
months to | to | % | to | to | % | |
31 December | 2022 | 2021 | 2022 | 2021 | ||
(In Rs.Mns) | ||||||
Revenue | 19,453.14 | 11,325.75 | 71.76 | 52,594.11 | 29,914.28 | 75.82 |
Cost of sales | (12,500.25) | (8,258.04) | 51.37 | (31,956.79) | (21,972.49) | 45.44 |
Gross profit | 6,952.89 | 3,067.71 | 126.65 | 20,637.32 | 7,941.79 | 159.86 |
Other income | 220.55 | 63.01 | 250.02 | 374.15 | 192.96 | 93.90 |
Distribution expenses | (1,506.83) | (824.16) | 82.83 | (3,408.57) | (2,160.11) | 57.80 |
Administrative expenses | (772.79) | (473.32) | 63.27 | (2,085.95) | (1,352.80) | 54.20 |
Impairment reversal/(loss) on trade receivables | (20.85) | 35.57 | (158.62) | (134.63) | (16.74) | 704.24 |
Other expenses | - | (19.45) | (100.00) | (0.50) | (19.49) | (97.43) |
Results from operating activities | 4,872.97 | 1,849.36 | 163.49 | 15,381.82 | 4,585.61 | 235.44 |
Finance income | 32.58 | 40.50 | (19.56) | 221.57 | 94.87 | 133.55 |
Finance cost | (1,076.21) | (238.40) | 351.43 | (4,104.66) | (715.96) | 473.31 |
Finance cost (net) | (1,043.63) | (197.90) | 427.35 | (3,883.09) | (621.09) | 525.21 |
Share of profit of equity accounted investees | 80.40 | 159.40 | (49.56) | 372.47 | 286.07 | 30.20 |
Profit before tax | 3,909.74 | 1,810.86 | 115.91 | 11,871.20 | 4,250.59 | 179.28 |
Tax expense | (1,437.26) | (401.57) | 257.91 | (3,430.16) | (981.08) | 249.63 |
Profit from continuing operations | 2,472.48 | 1,409.29 | 75.44 | 8,441.04 | 3,269.51 | 158.17 |
Discontinued operations | ||||||
Loss from discontinued operations (net of tax) | (0.76) | (10.80) | (92.96) | (86.60) | (36.87) | 134.88 |
Profit for the period | 2,471.72 | 1,398.49 | 76.74 | 8,354.44 | 3,232.64 | 158.44 |
Other comprehensive income | ||||||
Net gain/(loss) on fair value change in financial assets | (101.19) | (6.90) | 1,366.52 | (248.54) | 83.95 | (396.06) |
Deferred tax impact on revaluation reserve due to rate change | (292.03) | - | 100.00 | (292.03) | - | 100.00 |
Equity-accounted investees- share of OCI | 0.82 | - | 100.00 | 0.82 | - | 100.00 |
Other comprehensive income for the period (net of tax) | (392.40) | (6.90) | 5,586.96 | (539.75) | 83.95 | (742.94) |
Total comprehensive income for the period (net of tax) | 2,079.32 | 1,391.59 | 49.42 | 7,814.69 | 3,316.59 | 135.62 |
Profit Attributable to : | ||||||
Equity holders of the Company | 2,093.05 | 1,150.34 | 81.95 | 6,553.21 | 2,637.73 | 148.44 |
Non-controlling interest | 378.67 | 248.15 | 52.60 | 1,801.23 | 594.91 | 202.77 |
Profit for the period | 2,471.72 | 1,398.49 | 76.74 | 8,354.44 | 3,232.64 | 158.44 |
Equity holders of the Company | (339.19) | (3.92) | 8,552.81 | (423.53) | 46.59 | (1,009.06) |
Non-controlling interest | (53.21) | (2.98) | 1,685.57 | (116.22) | 37.36 | (411.08) |
Other comprehensive income for the period | (392.40) | (6.90) | 5,586.96 | (539.75) | 83.95 | (742.94) |
Earnings per share | ||||||
Basic/diluted earnings per share (Rs.) | 5.52 | 3.03 | 81.95 | 17.29 | 6.96 | 148.44 |
Earnings per share-continuing operation | ||||||
Basic/diluted earnings per share (Rs.) | 5.53 | 3.05 | 81.28 | 17.42 | 7.02 | 148.14 |
The above figures are provisional and unaudited
Figures in brackets indicate deductions
CIC Holdings PLC03
Statements of Financial Position
Company | Group | |||||
31st | 31st | 31st | ||||
31st December | December | 31st March | December | December | 31st March | |
As at | 2022 | 2021 | 2022 | 2022 | 2021 | 2022 |
(In Rs.Mns) | ||||||
ASSETS | ||||||
Non- current assets | ||||||
Property, plant & equipment | 2,316.50 | 2,157.36 | 2,372.77 | 12,190.29 | 12,122.86 | 12,376.40 |
Investment property | - | - | - | 2.40 | 2.40 | 2.40 |
Capital work-in-progress | - | - | - | 110.70 | 56.52 | 107.95 |
Biological assets | - | - | - | 339.98 | 290.24 | 311.61 |
Intangible assets | 41.55 | 46.88 | 45.02 | 532.07 | 378.93 | 373.18 |
Deferred tax assets | - | - | - | 12.12 | 17.29 | 10.85 |
Right of use asset | 59.83 | - | 63.97 | 391.60 | - | 373.37 |
Investment in subsidiaries | 3,152.24 | 1,619.54 | 1,619.54 | - | - | - |
Investment in equity accounted investees | 36.00 | 36.00 | 36.00 | 1,249.20 | 1,000.61 | 1,185.41 |
Equity investment at fair value through OCI | 3,180.06 | 257.42 | 1,228.13 | 3,177.88 | 266.07 | 1,236.50 |
Deposits with bank | - | - | - | 200.29 | - | 316.19 |
8,786.18 | 4,117.20 | 5,365.43 | 18,206.53 | 14,134.92 | 16,293.86 | |
Current assets | ||||||
Inventories | 4,621.27 | 1,425.95 | 1,967.11 | 17,414.97 | 7,546.54 | 9,542.02 |
Biological assets | - | - | - | 364.90 | 226.62 | 266.97 |
Income tax receivables | - | - | - | 0.23 | 23.17 | 0.30 |
Trade receivables | 2,612.05 | 2,259.94 | 2,588.21 | 5,932.05 | 4,435.81 | 4,739.00 |
Contract assets | 70.54 | 67.39 | 70.54 | 90.22 | 97.41 | 101.06 |
Other receivables | 1,533.68 | 336.91 | 758.18 | 5,959.09 | 7,296.25 | 7,614.67 |
Equity investment at fair value through OCI | 18.02 | 29.24 | 23.55 | 1,830.31 | 2,034.34 | 1,996.81 |
Deposits with bank | 1,691.59 | 878.63 | 1,290.92 | 2,135.03 | 1,976.53 | 1,812.18 |
Cash in hand and at bank | 352.35 | 204.00 | 374.68 | 1,429.24 | 2,083.88 | 2,277.00 |
10,899.50 | 5,202.06 | 7,073.19 | 35,156.04 | 25,720.55 | 28,350.01 | |
Assets classified as held for sale | 1,050.06 | 1,050.06 | 1,050.06 | 1,436.58 | 1,212.09 | 1,434.34 |
Assets classified as held for distribution | 0.20 | 0.20 | 0.20 | 61.37 | 36.16 | 48.96 |
11,949.76 | 6,252.32 | 8,123.45 | 36,653.99 | 26,968.80 | 29,833.31 | |
Total assets | 20,735.94 | 10,369.52 | 13,488.88 | 54,860.52 | 41,103.72 | 46,127.17 |
EQUITY AND LIABILITIES | ||||||
Equity attributable to equity holders of the company | ||||||
Stated capital | 1,008.45 | 1,008.45 | 1,008.45 | 1,008.45 | 1,008.45 | 1,008.45 |
Capital reserves | 1,716.06 | 1,554.20 | 1,792.67 | 3,181.95 | 2,818.53 | 3,368.50 |
Revenue reserves | 4,414.64 | 2,645.28 | 3,232.45 | 17,392.32 | 11,221.06 | 12,133.71 |
7,139.15 | 5,207.93 | 6,033.57 | 21,582.72 | 15,048.04 | 16,510.66 | |
Non-controlling interests | - | - | - | 4,422.34 | 3,628.59 | 3,603.44 |
Total equity | 7,139.15 | 5,207.93 | 6,033.57 | 26,005.06 | 18,676.63 | 20,114.10 |
Non-current liabilities | ||||||
Loans and borrowings | 76.71 | 79.16 | 75.96 | 352.60 | 369.45 | 338.07 |
Retirement benefit obligations | 184.67 | 184.34 | 155.62 | 853.10 | 859.12 | 820.07 |
Grants | - | - | - | 6.83 | 7.38 | 7.24 |
Deferred tax liabilities | 505.01 | 347.26 | 407.85 | 2,044.62 | 1,477.10 | 1,530.37 |
766.39 | 610.76 | 639.43 | 3,257.15 | 2,713.05 | 2,695.75 | |
Current liabilities | ||||||
Trade payables | 2,411.94 | 1,273.28 | 2,457.43 | 5,392.08 | 5,449.91 | 9,335.56 |
Contract liabilities | 96.14 | 91.45 | 96.14 | 128.93 | 110.18 | 156.29 |
Income tax payable | 525.83 | 241.65 | 198.05 | 2,265.61 | 538.93 | 418.05 |
Accruals and other payables | 2,012.33 | 399.20 | 719.50 | 4,007.71 | 1,728.05 | 1,891.44 |
Contigent consideration payable | - | - | - | 123.31 | - | - |
Loans and borrowings | 7,784.16 | 2,545.25 | 3,344.76 | 13,014.46 | 11,572.96 | 10,951.44 |
12,830.40 | 4,550.83 | 6,815.88 | 24,932.10 | 19,400.03 | 22,752.78 | |
Liabilities classified as held for sale | - | - | - | 664.42 | 312.84 | 562.67 |
Liabilities classified as held for distribution | - | - | - | 1.79 | 1.17 | 1.87 |
12,830.40 | 4,550.83 | 6,815.88 | 25,598.31 | 19,714.04 | 23,317.32 | |
Total liabilities | 13,596.79 | 5,161.59 | 7,455.31 | 28,855.46 | 22,427.09 | 26,013.07 |
Total equity and liabilities | 20,735.94 | 10,369.52 | 13,488.88 | 54,860.52 | 41,103.72 | 46,127.17 |
Net assets per share | 18.83 | 13.74 | 15.92 | 56.93 | 39.70 | 43.55 |
The above figures are provisional and unaudited.
I certify that the Financial Statements have been prepared in accordance with the requirements of the Companies Act No.07 of 2007.
(Sgd. ) Erandi Wickramaarachchi
Group Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
(Sgd.) S H Amarasekera | (Sgd.) P R Saldin |
Chairman | Director |
20th January 2023 | |
Colombo | CIC Holdings PLC 04 |
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