CIC HOLDINGS PLC QUARTERLY REPORT 30.06.2022
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
-
H Amarasekera- Chairman R S Captain
S M Enderby J R Gunaratne
M P Jayawardena D T S H Mudalige P R Saldin
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
Statements of Comprehensive Income
Company | Variance | Group | Variance | |||
% | % | |||||
30th June | 2022 | 2021 | 2022 | 2021 | ||
(In Rs.Mns) | ||||||
Revenue | 3,259.41 | 2,485.28 | 31.15 | 15,310.61 | 9,049.61 | 69.19 |
Cost of sales | (1,893.55) | (1,812.43) | 4.48 | (8,505.03) | (6,751.40) | 25.97 |
Gross profit | 1,365.86 | 672.85 | 103.00 | 6,805.58 | 2,298.21 | 196.13 |
Other income | 139.47 | 206.60 | (32.49) | 129.97 | 67.48 | 92.61 |
Distribution expenses | (335.55) | (276.64) | 21.29 | (847.41) | (659.44) | 28.50 |
Impairment loss on trade receivables | 7.19 | 18.04 | (60.14) | (45.49) | 0.23 | (19,878.26) |
Administrative expenses | (135.93) | (92.83) | 46.43 | (580.29) | (419.14) | 38.45 |
Other expenses | - | - | - | (0.15) | (0.04) | 275.00 |
Finance income | 17.52 | 11.77 | 48.85 | 89.47 | 53.09 | 68.53 |
Finance cost | (286.44) | (46.55) | 515.34 | (1,993.26) | (165.33) | 1,105.63 |
Financing costs (net) | (268.92) | (34.78) | 673.20 | (1,903.79) | (112.24) | 1,596.18 |
Share of profit of equity accounted investees | - | - | - | 107.07 | 45.82 | 133.68 |
Profit before tax | 772.12 | 493.24 | 56.54 | 3,665.49 | 1,220.88 | 200.23 |
Tax expense | (200.85) | (110.93) | 81.06 | (891.79) | (308.99) | 188.61 |
Profit from continuing operation | 571.27 | 382.31 | 49.43 | 2,773.70 | 911.89 | 204.17 |
Discontinued operations | ||||||
Loss from discontinued operations (net of tax) | (0.02) | (0.13) | (84.62) | (83.38) | (15.11) | 451.82 |
Profit for the year | 571.25 | 382.18 | 49.47 | 2,690.32 | 896.78 | 200.00 |
Other comprehensive income | ||||||
Items that are or may be reclassified to profit or loss | ||||||
Net losses on fair value change in financial assets | (209.55) | (21.09) | 893.60 | (542.65) | (134.30) | 304.06 |
Other comprehensive income for the period (net of tax) | (209.55) | (21.09) | 893.60 | (542.65) | (134.30) | 304.06 |
Total comprehensive income for the period (net of tax) | 361.70 | 361.09 | 0.17 | 2,147.67 | 762.48 | 181.67 |
Profit attributable to : | ||||||
Equity holders of the company | 571.25 | 382.18 | 49.47 | 2,116.85 | 736.00 | 187.62 |
Non controlling interests | - | - | - | 573.47 | 160.78 | 256.68 |
571.25 | 382.18 | 49.47 | 2,690.32 | 896.78 | 200.00 | |
The other comprehensive income attributable to : | ||||||
Equity holders of the company | (209.55) | (21.09) | 893.60 | (384.95) | (80.85) | 376.13 |
Non controlling interest | - | - | (157.70) | (53.45) | 195.04 | |
(209.55) | (21.09) | 893.60 | (542.65) | (134.30) | 304.06 | |
Earnings per share | ||||||
Basic/diluted earnings per share (Rs.) | 1.51 | 1.01 | 49.47 | 5.58 | 1.94 | 187.62 |
Earnings per share continuing operation | ||||||
Basic/diluted earnings per share (Rs.) | 1.51 | 1.01 | 49.43 | 5.71 | 1.96 | 191.11 |
The above figures are provisional and unaudited
Figures in brackets indicate deductions
CIC Holdings PLC 02
Statements of Financial Position
Company | Group | |||||
30th June | 30th June | 31st March | 30th June | 30th June | 31st March | |
As at | 2022 | 2021 | 2022 | 2022 | 2021 | 2022 |
(In Rs.Mns) | ||||||
ASSETS | ||||||
Non- current assets | ||||||
Property, plant & equipment | 2,346.42 | 2,046.99 | 2,372.77 | 12,307.90 | 11,844.82 | 12,376.40 |
Investment property | - | - | - | 2.40 | 2.40 | 2.40 |
Capital work-in-progress | - | - | - | 91.67 | 21.76 | 107.95 |
Biological assets | - | - | - | 329.54 | 246.26 | 311.61 |
Intangible assets | 43.16 | 50.60 | 45.02 | 366.86 | 384.10 | 373.18 |
Deferred tax assets | - | - | - | 10.85 | 21.42 | 10.85 |
Right of use asset | 62.59 | 68.11 | 63.97 | 375.12 | 200.90 | 373.37 |
Investment in subsidiaries | 1,809.14 | 1,619.54 | 1,619.54 | - | - | - |
Investment in equity accounted investees | 36.00 | 36.00 | 36.00 | 1,206.08 | 1,044.76 | 1,185.41 |
Equity investment at fair value through OCI | 1,266.60 | 232.10 | 1,228.13 | 1,273.67 | 239.92 | 1,236.50 |
Deposits with bank | - | - | 378.16 | - | 316.19 | |
5,563.91 | 4,053.34 | 5,365.43 | 16,342.25 | 14,006.34 | 16,293.86 | |
Current assets | ||||||
Inventories | 2,500.37 | 2,119.55 | 1,967.11 | 12,003.32 | 7,534.38 | 9,542.02 |
Biological assets | - | - | - | 310.67 | 103.08 | 266.97 |
Income tax receivables | - | - | 0.29 | 76.55 | 0.30 | |
Trade receivables | 2,878.82 | 2,368.44 | 2,588.21 | 5,209.33 | 4,639.78 | 4,739.00 |
Contract assets | 70.54 | 54.61 | 70.54 | 91.20 | 82.56 | 101.06 |
Other receivables | 1,938.88 | 260.54 | 758.18 | 8,870.92 | 7,480.92 | 7,614.67 |
Equity investment at fair value through OCI | 17.83 | 27.50 | 23.55 | 1,663.50 | 1,827.65 | 1,996.81 |
Deposits with bank | 1,585.31 | 740.10 | 1,290.92 | 1,708.26 | 1,143.72 | 1,812.18 |
Cash in hand and at bank | 131.11 | 293.92 | 374.68 | 1,936.97 | 1,559.35 | 2,277.00 |
9,122.86 | 5,864.66 | 7,073.19 | 31,794.46 | 24,447.99 | 28,350.01 | |
Assets classified as held for sale | 1,050.06 | 1,050.06 | 1,050.06 | 1,435.11 | 2,083.11 | 1,434.34 |
Assets classified as held for distribution | 0.20 | 0.20 | 0.20 | 58.72 | 35.82 | 48.96 |
10,173.12 | 6,914.92 | 8,123.45 | 33,288.29 | 26,566.92 | 29,833.31 | |
Total assets | 15,737.03 | 10,968.26 | 13,488.88 | 49,630.54 | 40,573.26 | 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 | 1,792.67 | 1,682.72 | 1,792.67 | 3,368.50 | 2,818.35 | 3,368.50 |
Revenue reserves | 3,594.15 | 2,634.09 | 3,232.45 | 13,733.21 | 10,052.65 | 12,133.71 |
6,395.27 | 5,325.26 | 6,033.57 | 18,110.16 | 13,879.45 | 16,510.66 | |
Non-controlling interests | - | - | - | 3,962.01 | 3,148.52 | 3,603.44 |
Total equity | 6,395.27 | 5,325.26 | 6,033.57 | 22,072.17 | 17,027.97 | 20,114.10 |
Non-current liabilities | ||||||
Loans and borrowings | 77.97 | 79.69 | 75.96 | 327.88 | 317.65 | 338.07 |
Retirement benefit obligations | 163.73 | 170.39 | 155.62 | 852.71 | 801.67 | 820.07 |
Grants | - | - | - | 7.10 | 7.68 | 7.24 |
Deferred tax liabilities | 411.25 | 334.34 | 407.85 | 1,544.95 | 1,392.76 | 1,530.37 |
652.95 | 584.42 | 639.43 | 2,732.64 | 2,519.76 | 2,695.75 | |
Current liabilities | ||||||
Trade payables | 1,366.49 | 1,071.41 | 2,457.43 | 5,304.37 | 6,143.51 | 9,335.56 |
Contract liabilities | 96.15 | 75.93 | 96.14 | 127.41 | 93.51 | 156.29 |
Income tax payable | 266.21 | 141.70 | 198.05 | 986.52 | 337.72 | 418.05 |
Accruals and other payables | 585.63 | 540.71 | 719.50 | 2,107.47 | 1,847.84 | 1,891.44 |
Loans and borrowings | 6,374.33 | 3,228.83 | 3,344.76 | 15,640.64 | 11,433.68 | 10,951.44 |
8,688.81 | 5,058.58 | 6,815.88 | 24,166.41 | 19,856.26 | 22,752.78 | |
Liabilities classified as held for sale | - | - | - | 657.43 | 1,166.11 | 562.67 |
Liabilities classified as held for distribution | - | - | - | 1.89 | 3.16 | 1.87 |
8,688.81 | 5,058.58 | 6,815.88 | 24,825.73 | 21,025.53 | 23,317.32 | |
Total liabilities | 9,341.76 | 5,643.00 | 7,455.31 | 27,558.37 | 23,545.29 | 26,013.07 |
Total equity and liabilities | 15,737.03 | 10,968.26 | 13,488.88 | 49,630.54 | 40,573.26 | 46,127.17 |
Net assets per share | 16.87 | 14.05 | 15.92 | 47.77 | 36.61 | 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 |
22nd July 2022
Colombo
CIC Holdings PLC 03
Statement of Changes In Equity
For the period ended 30 June | |||||||||
Company | |||||||||
Stated Capital | Revaluation | General | Fair Value | Retained | Total | ||||
Reserve | Reserves | Reserve | Earnings | ||||||
(In Rs. Mns) | |||||||||
As at 01 April 2022 | 1,008.45 | 1,792.67 | 782.60 | (119.04) | 2,568.89 | 6,033.57 | |||
Profit for the period | - | - | - | - | 571.25 | 571.25 | |||
Other comprehensive income | - | - | - | (209.55) | - | (209.55) | |||
As at 30 June 2022 | 1,008.450 | 1,792.670 | 782.600 | (328.590) | 3,140.140 | 6,395.27 | |||
As at 01 April 2021 | 1,008.45 | 1,682.72 | 782.60 | (36.77) | 1,527.17 | 4,964.17 | |||
Profit for the period | - | - | - | - | 382.18 | 382.18 | |||
Other comprehensive income | - | - | - | (21.09) | - | (21.09) | |||
As at 30 June 2021 | 1,008.45 | 1,682.72 | 782.60 | (57.86) | 1,909.35 | 5,325.26 | |||
Group | |||||||||
Attributable to the equity holders of the company | Non- | ||||||||
Stated Capital | Capital Reserve | General Reserve | Fair Value | Retained | Total | controlling | Total Equity | ||
Reserve | Earnings | interest | |||||||
(In Rs. Mn's) | |||||||||
As at 01 April 2022 | 1,008.45 | 3,368.50 | 720.31 | (223.86) | 11,637.26 | 16,510.66 | 3,603.44 | 20,114.10 | |
Profit for the period | - | - | - | - | 2,116.85 | 2,116.85 | 573.47 | 2,690.32 | |
Other comprehensive income | - | - | - | (384.95) | - | (384.95) | (157.70) | (542.65) | |
Adjustment due to change in holding | - | - | - | - | (132.40) | (132.40) | (57.20) | (189.60) | |
As at 30 June 2022 | 1,008.45 | 3,368.50 | 720.31 | (608.81) | 13,621.71 | 18,110.16 | 3,962.01 | 22,072.17 | |
As at 01 April 2021 | 1,008.45 | 2,818.35 | 743.32 | (77.14) | 8,731.32 | 13,224.30 | 3,078.69 | 16,302.99 | |
Profit for the period | - | - | - | - | 736.00 | 736.00 | 160.78 | 896.78 | |
De-recognition of financial assets due to disposal | - | - | - | (12.58) | 12.58 | - | - | - | |
Other comprehensive income | - | - | - | (80.85) | - | (80.85) | (53.45) | (134.30) | |
Transfer between the general reserve and retained earnings | - | - | (23.01) | - | 23.01 | - | - | - | |
Subsidiary dividend paid to non-controlling interest | - | - | - | - | - | - | (37.50) | (37.50) | |
As at 30 June 2021 | 1,008.45 | 2,818.35 | 720.31 | (170.57) | 9,502.91 | 13,879.45 | 3,148.52 | 17,027.97 |
CIC Holdings PLC 04
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