60 years of
Nurturing Life C I C Ho l d i n g s PLC
Q u a r t e r l y R e p o r t 3 0 . 0 6 . 2 0 2 4
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
K D Senewiratne
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, Malalasekera 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 | 2024 | 2023 | 2024 | 2023 | ||
(In Rs.Mns) | ||||||
Revenue | 5,098.53 | 4,128.58 | 23.49 | 19,804.93 | 17,068.93 | 16.03 |
Cost of sales | (3,555.68) | (2,884.99) | 23.25 | (14,707.54) | (12,435.82) | 18.27 |
Gross profit | 1,542.85 | 1,243.59 | 24.06 | 5,097.39 | 4,633.11 | 10.02 |
Other income | 172.52 | 1,410.70 | (87.77) | 44.17 | 101.58 | (56.52) |
Distribution expenses | (686.63) | (460.00) | 49.27 | (1,702.64) | (1,365.29) | 24.71 |
Impairment loss on trade receivables | (2.08) | (98.38) | (97.89) | (12.76) | (116.25) | (89.02) |
Administrative expenses | (231.17) | (218.10) | 5.99 | (885.67) | (795.44) | 11.34 |
Other expenses | - | - | - | (0.02) | - | (100.00) |
Finance income | 71.93 | 53.32 | 34.90 | 197.25 | 196.48 | 0.39 |
Finance cost | (439.99) | (582.37) | (24.45) | (582.35) | (948.97) | (38.63) |
Financing costs (net) | (368.06) | (529.05) | (30.43) | (385.10) | (752.49) | (48.82) |
Gain on bargain purchase | - | - | - | 13.43 | - | 100.00 |
Loss on dilution of investment in associate | - | - | - | (19.61) | - | (100.00) |
Share of profit of equity accounted investees | - | - | - | 21.52 | 60.68 | (64.54) |
Profit before tax | 427.43 | 1,348.76 | (68.31) | 2,170.71 | 1,765.90 | 22.92 |
Tax expense | (105.73) | (192.00) | (44.93) | (669.69) | (982.89) | (31.87) |
Profit from continuing operation | 321.70 | 1,156.76 | (72.19) | 1,501.02 | 783.01 | 91.70 |
Discontinued operations | ||||||
Profit/(loss) from discontinued operations (net of tax) | (0.05) | (0.03) | 53.33 | (4.19) | 25.61 | (116.36) |
Profit for the year | 321.65 | 1,156.73 | (72.19) | 1,496.83 | 808.62 | 85.11 |
Other comprehensive income | ||||||
Items that are or may be reclassified to profit or loss | ||||||
Net gain on fair value change in financial assets | 4.63 | 552.72 | (99.16) | 37.79 | 705.97 | (94.65) |
Equity-accounted investees- share of OCI | - | - | - | 52.73 | - | 100.00 |
Other comprehensive income for the period (net of tax) | 4.63 | 552.72 | (99.16) | 90.52 | 705.97 | (87.18) |
Total comprehensive income for the period (net of tax) | 326.28 | 1,709.45 | (80.91) | 1,587.35 | 1,514.59 | 4.80 |
Profit attributable to : | ||||||
Equity holders of the company | 321.65 | 1,156.73 | (72.19) | 1,246.81 | 518.73 | 140.36 |
Non controlling interests | - | - | - | 250.02 | 289.89 | (13.75) |
321.65 | 1,156.73 | (72.19) | 1,496.83 | 808.62 | 85.11 | |
The other comprehensive income attributable to : | ||||||
Equity holders of the company | 4.63 | 552.72 | (99.16) | 71.00 | 633.40 | (88.79) |
Non controlling interest | - | - | - | 19.52 | 72.57 | (73.10) |
4.63 | 552.72 | (99.16) | 90.52 | 705.97 | (87.18) | |
Earnings per share | ||||||
Basic/diluted earnings per share (Rs.) | 0.85 | 3.05 | (72.14) | 3.29 | 1.37 | 140.43 |
Earnings per share continuing operation | ||||||
Basic/diluted earnings per share (Rs.) | 0.85 | 3.05 | (72.14) | 3.30 | 1.33 | 148.12 |
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 | 2024 | 2023 | 2024 | 2024 | 2023 | 2024 |
(In Rs.Mn) | ||||||
ASSETS | ||||||
Non- current assets | ||||||
Property, plant & equipment | 2,318.07 | 2,355.91 | 2,337.74 | 12,545.04 | 12,544.44 | 12,608.28 |
Investment property | - | - | - | 2.40 | 2.40 | 2.40 |
Capital work-in-progress | - | - | - | 51.42 | 78.85 | 94.56 |
Biological assets | - | - | - | 458.26 | 444.17 | 504.36 |
Intangible assets | 29.70 | 37.60 | 31.68 | 618.40 | 639.92 | 625.21 |
Deferred tax assets | - | - | - | 8.56 | 7.96 | 251.31 |
Investment in subsidiaries | 3,734.96 | 3,593.21 | 3,734.96 | - | - | - |
Investment in equity accounted investees | 16,380.34 | 36.00 | 16,312.02 | 25,162.92 | 1,205.00 | 25,206.12 |
Equity investment at fair value through OCI | - | 8,223.52 | - | 0.15 | 8,232.17 | 0.15 |
Deposits with bank | - | - | - | 0.29 | 200.29 | 0.29 |
22,463.07 | 14,246.24 | 22,416.39 | 38,847.44 | 23,355.20 | 39,292.68 | |
Current assets | ||||||
Inventories | 4,228.36 | 4,198.91 | 5,184.72 | 15,710.89 | 17,290.00 | 18,449.04 |
Biological assets | - | - | - | 349.35 | 360.45 | 299.77 |
Income tax receivables | - | - | - | 0.29 | 0.28 | 0.71 |
Trade receivables | 3,954.30 | 2,601.19 | 3,422.28 | 10,409.45 | 6,594.44 | 9,237.53 |
Contract assets | 104.48 | 89.24 | 104.48 | 157.33 | 131.66 | 156.93 |
Other receivables | 988.19 | 1,083.87 | 1,010.59 | 3,562.18 | 3,475.86 | 3,318.30 |
Equity investment at fair value through OCI | 44.69 | 29.98 | 40.06 | 328.95 | 2,330.49 | 287.27 |
Deposits with bank | 1,644.47 | 1,520.47 | 1,611.24 | 1,936.48 | 1,962.21 | 1,618.71 |
Cash in hand and at bank | 899.79 | 948.05 | 590.36 | 5,175.42 | 1,897.96 | 5,416.04 |
11,864.28 | 10,471.71 | 11,963.73 | 37,630.34 | 34,043.35 | 38,784.30 | |
Assets classified as held for sale | 146.27 | 1,050.06 | 146.27 | 352.02 | 1,249.48 | 350.96 |
Assets classified as held for distribution | 0.20 | 0.20 | 0.20 | 61.64 | 56.21 | 59.32 |
12,010.75 | 11,521.97 | 12,110.20 | 38,044.00 | 35,349.04 | 39,194.57 | |
Total assets | 34,473.82 | 25,768.21 | 34,526.59 | 76,891.44 | 58,704.24 | 78,487.26 |
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 | 950.24 | 1,716.06 | 950.24 | 2,412.46 | 3,176.04 | 2,412.47 |
Revenue reserves | 10,256.71 | 6,381.02 | 9,930.44 | 32,793.39 | 19,902.51 | 31,472.23 |
12,215.40 | 9,105.53 | 11,889.13 | 36,214.31 | 24,087.00 | 34,893.14 | |
Non-controlling interests | - | - | - | 5,371.53 | 4,377.56 | 5,101.74 |
Total equity | 12,215.40 | 9,105.53 | 11,889.13 | 41,585.84 | 28,464.56 | 39,994.88 |
Non-current liabilities | ||||||
Loans and borrowings | 72.51 | 75.39 | 70.13 | 418.76 | 332.17 | 399.98 |
Retirement benefit obligations | 363.72 | 241.24 | 339.73 | 1,364.24 | 938.53 | 1,300.69 |
Grants | - | - | - | 1.33 | 1.50 | 1.37 |
Deferred tax liabilities | 128.16 | 268.61 | 91.44 | 1,642.55 | 1,906.17 | 1,850.25 |
564.39 | 585.24 | 501.30 | 3,426.88 | 3,178.37 | 3,552.30 | |
Current liabilities | ||||||
Trade payables | 1,779.08 | 1,693.60 | 2,318.96 | 3,173.20 | 4,008.82 | 4,763.85 |
Contract liabilities | 148.41 | 130.99 | 148.41 | 203.56 | 221.00 | 246.53 |
Income tax payable | 122.68 | 317.09 | 82.17 | 1,189.81 | 1,110.01 | 1,020.46 |
Accruals and other payables | 1,302.26 | 1,149.04 | 1,241.32 | 3,439.33 | 3,117.22 | 3,332.73 |
Contigent consideration payable | 108.05 | 145.65 | 138.05 | 108.05 | 145.65 | 138.05 |
Loans and borrowings | 18,233.55 | 12,641.07 | 18,207.25 | 23,345.17 | 18,021.02 | 25,025.62 |
21,694.03 | 16,077.44 | 22,136.16 | 31,459.12 | 26,623.72 | 34,527.24 | |
Liabilities classified as held for sale | - | - | - | 417.74 | 435.70 | 411.01 |
Liabilities classified as held for distribution | - | - | - | 1.86 | 1.89 | 1.83 |
21,694.03 | 16,077.44 | 22,136.16 | 31,878.72 | 27,061.31 | 34,940.09 | |
Total liabilities | 22,258.42 | 16,662.68 | 22,637.46 | 35,305.60 | 30,239.68 | 38,492.38 |
Total equity and liabilities | 34,473.82 | 25,768.21 | 34,526.59 | 76,891.44 | 58,704.24 | 78,487.26 |
Net assets per share (Rs.) | 32.22 | 24.02 | 31.36 | 95.53 | 63.54 | 92.05 |
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 |
05th August 2024
Colombo
CIC Holdings PLC 03
Statement of Changes In Equity
For the period ended 30 June | ||||||||
Company | ||||||||
Stated Capital | Revaluation | General Reserves | Fair Value | Retained | Total | |||
Reserve | Reserve | Earnings | ||||||
(In Rs. Mns) | ||||||||
As at 01 April 2024 | 1,008.45 | 950.24 | 782.60 | (3.14) | 9,150.97 | 11,889.12 | ||
Profit for the period | - | - | - | - | 321.65 | 321.65 | ||
Other comprehensive income | - | - | - | 4.63 | - | 4.63 | ||
As at 30 June 2024 | 1,008.45 | 950.24 | 782.60 | 1.49 | 9,472.62 | 12,215.40 | ||
As at 01 April 2023 | 1,008.45 | 1,716.06 | 782.60 | (103.70) | 3,992.67 | 7,396.08 | ||
Profit for the period | 1,156.73 | 1,156.73 | ||||||
Other comprehensive income | - | - | - | 552.72 | - | 552.72 | ||
As at 30 June 2023 | 1,008.45 | 1,716.06 | 782.60 | 449.02 | 5,149.40 | 9,105.53 | ||
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 2024 | 1,008.45 | 2,412.46 | 720.31 | (33.74) | 30,785.66 | 34,893.14 | 5,101.73 | 39,994.87 |
Profit for the period | - | - | - | - | 1,246.81 | 1,246.81 | 250.02 | 1,496.83 |
Other comprehensive income | - | - | - | 22.03 | 48.97 | 71.00 | 19.52 | 90.52 |
Adjustment due to change in equity accounted investee | - | - | - | - | 3.36 | 3.36 | 0.26 | 3.62 |
As at 30 June 2024 | 1,008.45 | 2,412.46 | 720.31 | (11.71) | 32,084.80 | 36,214.31 | 5,371.53 | 41,585.84 |
As at 01 April 2023 | 1,008.45 | 3,165.11 | 720.31 | (225.58) | 18,327.73 | 22,996.02 | 4,832.99 | 27,829.01 |
Profit for the period | - | - | - | - | 518.73 | 518.73 | 289.89 | 808.62 |
Other comprehensive income | - | - | - | 633.40 | - | 633.40 | 72.57 | 705.97 |
Adjustment due to change in holding | - | 10.93 | (72.08) | (61.15) | (138.85) | (200.00) | ||
Adjustment on non-controlling interest | - | - | (679.04) | (679.04) | ||||
As at 30 June 2023 | 1,008.45 | 3,176.04 | 720.31 | 407.82 | 18,774.38 | 24,087.00 | 4,377.56 | 28,464.56 |
CIC Holdings PLC 04
Cash Flow Statements
Company | Group | |||
For the period ended 30 June | 2024 | 2023 | 2024 | 2023 |
(In Rs. MN's) | ||||
Cash flow from operating activities | ||||
Cash generated from operations (Note A) | 628.89 | (336.24) | 2,769.13 | 2,322.31 |
Interest paid | (438.01) | (556.21) | (573.06) | (881.32) |
Retirement benefit costs paid | - | (0.25) | (4.02) | (9.22) |
Income tax paid | (28.50) | (135.81) | (464.87) | (1,072.17) |
Net cash inflow/(outflow) from operating activities | 162.38 | (1,028.51) | 1,727.18 | 359.60 |
Cash flow from investing activities | ||||
Addition to property, plant & equipment and CWIP | (16.06) | (27.94) | (144.20) | (124.18) |
Addition to biological assets | - | - | (145.37) | (164.39) |
Addition to intangible assets | - | 0.97 | - | - |
Proceeds from disposal of property, plant & equipment | - | - | 0.46 | 5.13 |
Dividend received from subsidiaries | - | 1,259.48 | - | - |
Dividend received from equity accounted investees | - | 101.99 | 194.42 | 101.99 |
Dividend received from other financial assets | 166.03 | 20.45 | 10.30 | 27.27 |
Interest income received | 71.93 | 29.22 | 197.25 | 139.14 |
Further investment in subsidiary | - | (200.00) | - | (200.00) |
Further investment in associate | (68.32) | - | (79.54) | - |
Other long-term investments | - | (2,527.35) | (4.67) | (2,527.35) |
Other short-term investments | - | - | (0.74) | (142.77) |
Subsidiary dividends to non-controlling interest | - | - | - | (679.04) |
investments in banks | (33.23) | 119.32 | (317.77) | 110.09 |
Net cash inflow/(outflow) from investing activities | 120.35 | (1,223.86) | (289.86) | (3,454.11) |
Net Cash inflow/(outflow) before financing activities | 282.73 | (2,252.37) | 1,437.32 | (3,094.51) |
Cash flow from financing activities | ||||
Net Long term loan received/(settled) | (2.73) | (2.73) | (20.27) | (26.57) |
Net cash outflow from financing activities | (2.73) | (2.73) | (20.27) | (26.57) |
Net increase / (decrease) in cash & cash | ||||
equivalents during the period | 280.00 | (2,255.10) | 1,417.05 | (3,121.08) |
Cash & cash equivalents at the beginning of the period | (17,613.76) | (9,437.92) | (19,498.47) | (12,875.98) |
Cash & cash equivalents at the end of the period (Note B) | (17,333.76) | (11,693.02) | (18,081.42) | (15,997.06) |
Note A - Cash generated from operations | ||||
Profit before tax from continuing operations | 427.43 | 1,348.76 | 2,176.89 | 1,765.90 |
Profit/(Loss) before interest and tax from discontinued operations | (0.05) | (0.03) | (4.19) | 25.66 |
Adjustments for: | ||||
Depreciation on property, plant & equipment | 34.35 | 37.53 | 225.14 | 217.90 |
Amortization of Intangible assets | 1.97 | 1.98 | 6.81 | 6.57 |
Amortization of right use asset | 1.38 | 1.38 | 25.37 | 18.09 |
Gain on disposal of property, plant & equipment | - | (0.72) | (0.44) | (3.52) |
Provision for retirement benefit | 23.99 | 14.88 | 67.57 | 50.40 |
Amortization of biological assets and change due to harvest | - | - | 191.48 | 113.53 |
Grants amortised | - | - | (0.04) | (0.05) |
Write off of property, plant and equipment | - | - | 0.05 | - |
Interest income | (71.93) | (29.22) | (197.25) | (139.14) |
Interest expense | 439.99 | 558.27 | 586.46 | 865.91 |
Share of profit of equity accounted investees | - | - | (21.52) | (60.68) |
Dividend income | (166.03) | (1,381.92) | (10.30) | (27.27) |
Operating profit before working capital changes | 691.10 | 550.91 | 3,046.03 | 2,833.30 |
Increase in trade and other receivables | (509.62) | (186.07) | (1,416.26) | (401.41) |
Decrease in inventories | 956.36 | 435.21 | 2,688.57 | 564.71 |
Decrease in trade and other payables | (508.95) | (1,136.29) | (1,549.21) | (674.29) |
Cash generated from operations | 628.89 | (336.24) | 2,769.13 | 2,322.31 |
Note B - Analysis of cash & cash equivalents | ||||
at the end of the period | ||||
Cash in hand and at bank | 899.79 | 948.05 | 5,241.02 | 1,952.78 |
Interest bearing short-term borrowings | (18,233.55) | (12,641.07) | (23,322.44) | (17,949.84) |
(17,333.76) | (11,693.02) | (18,081.42) | (15,997.06) |
CIC Holdings PLC 05
CIC Holdings PLC
Segmental Information
For the period ended 30th June | 2024 | 2023 |
(In Rs. Mns)
Operating Segments
The Following table presents revenue, profit information regarding the Group's operating segments.
(a) | Segmental Revenue | ||
Crop Solutions | 8,398.10 | 6,873.24 | |
Agri Produce | 1,400.50 | 1,188.94 | |
Livestock Solutions | 4,265.74 | 3,853.03 | |
Industrial Solutions | 1,990.08 | 1,690.35 | |
Health & Personal Care | 4,216.99 | 3,663.09 | |
Total Revenue | 20,271.41 | 17,268.65 | |
Intra-group sales | (466.48) | (199.72) | |
Net Revenue | 19,804.93 | 17,068.93 | |
(b) | Segmental Results | ||
Crop Solutions | 1,085.28 | 1,169.53 | |
Agri Produce | 150.00 | 57.61 | |
Lives stock Solutions | 497.94 | 443.18 | |
Industrial Solutions | 376.64 | 311.89 | |
Health & Personal Care | 419.86 | 379.39 | |
Net Segmental Results | 2,529.72 | 2,361.60 | |
Unallocated expenses | (33.41) | (5.47) | |
Other income | 44.17 | 101.58 | |
Financing costs | (385.11) | (752.49) | |
Gain on Bargain Purchase | 13.43 | - | |
Loss on dilution of investment in associate | (19.61) | - | |
Share of profit from equity accounted investees | 21.52 | 60.68 | |
Tax expense | (669.69) | (982.89) | |
Profit from continuing operations | 1,501.02 | 783.01 | |
Profit/(Loss) from discontinued operations (net of tax) | (4.19) | 25.61 | |
Profit for the period | 1,496.83 | 808.62 | |
Attributable to: | |||
Equity holders of the Company | 1,246.81 | 518.73 | |
Non- controlling interest | 250.02 | 289.89 | |
Profit for the period | 1,496.83 | 808.62 | |
Note : | |||
The above figures are provisional and unaudited. | |||
Figures in brackets indicate deductions. |
CIC Holdings PLC 06
Notes to the Financial Statements
Company | Group | |||||
For the period ended 30 June | 2024 | 2023 | 2024 | 2023 | ||
(In Rs. Mns) | ||||||
1 Other Income | ||||||
Rent income | 6.49 | 6.30 | 4.19 | 2.94 | ||
Divided income | 166.03 | 1,381.92 | 10.30 | 27.27 | ||
Gain on disposal of property, plant and equipment | - | 0.72 | 0.46 | 3.52 | ||
Direct sales commission | - | 21.29 | 5.91 | 32.92 | ||
Grants amortised | - | - | 0.04 | 0.04 | ||
Sundry income | - | 0.47 | 23.27 | 34.89 | ||
172.52 | 1,410.70 | 44.17 | 101.58 | |||
2 Financing Cost (Net) | ||||||
Finance cost | ||||||
Interest on loans | 438.01 | 580.31 | 567.91 | 938.45 | ||
Interest on leases | 1.98 | 2.06 | 14.45 | 10.52 | ||
439.99 | 582.37 | 582.35 | 948.97 | |||
Finance income | ||||||
Exchange gain | 45.60 | 24.10 | 85.19 | 57.34 | ||
Interest income | 26.33 | 29.22 | 112.06 | 139.14 | ||
71.93 | 53.32 | 197.25 | 196.48 | |||
Net financing cost | 368.06 | 529.05 | 385.10 | 752.49 | ||
3 Market Value of Shares | ||||||
For the Three months ended 30 June | 2024 | 2023 | ||||
Voting | Non-Voting | Voting | Non-Voting | |||
Rs. | Rs. | Rs. | Rs. | |||
Highest | 84.40 | 61.30 | 87.40 | 56.00 | ||
Lowest | 70.50 | 51.50 | 69.90 | 39.20 | ||
Period end | 75.90 | 57.90 | 71.20 | 55.10 | ||
4 Market Capitalisation | ||||||
Type | No.of Shares | Share price | Capitalisation | |||
Rs. | Rs. | |||||
Ordinary Shares | 291,600,000 | 75.90 | 22,132,440,000 | |||
Non-Voting (Class X) | 87,480,000 | 57.90 | 5,065,092,000 | |||
5 Float Adjusted Market Capitalisation | ||||||
Type | No.of Shares | Share price | Capitalisation | |||
Rs. | Rs. | |||||
Ordinary Shares | 136,150,684 | 75.90 | 10,333,836,916 | |||
Non-Voting (Class X) | 84,420,173 | 57.90 | 4,887,928,017 | |||
15,221,764,932 | ||||||
As the float adjusted market capitalisation is above 10Bn, CIC Holdings PLC complies under option 1 with the minimum public holding | ||||||
requirement. | ||||||
6 Number of Shares | ||||||
As at end of 30 June | 2024 | 2023 | ||||
Ordinary Shares | 291,600,000 | 291,600,000 | ||||
Non-Voting (Class X) | 87,480,000 | 87,480,000 | ||||
Total | 379,080,000 | 379,080,000 |
- Dividend Paid
No devidend was paid by the company during the three months ended 30th June 2024 and 30th June 2023 - Employee Share Option Scheme 2016, proposed by the Board of Directors was approved by the shareholders at the Annual General Meeting held on 30th June 2016. The shares under the scheme will be granted to the eligible employees starting from the financial year 2017/18 as it will be based on the results achieved in financial year 2016/17. During the year no options were granted/exercised under ESOS.
- There have not been any significant changes in the nature of the Contingent Liabilities which were disclosed in the Annual Report for the year ended 31 March 2024.
CIC Holdings PLC 07
Notes to the Financial Statements (Cont..)
- These Interim Financial Statements have been prepared in accordance with the accounting policies set out in the annual report for the year ended 31 March 2024 and unless otherwise stated are consistent with those followed in the preparation of Financial Statements for the year ended 31 March 2024 and are in compliance with Sri Lanka Accounting Standards 34- Interim Financial Reporting. Presentation and classification of figures for the corresponding period of the previous period have been amended, where relevant to be comparable with those for the current year.
-
Fair value measurement hierarchy
Assets measured at fair value are categorised within level 01 and level 03 of the fair value hierarchy.
Group | ||||
Level 01 | Level 03 | |||
As at 30 June | 2024 | 2023 | 2024 | 2023 |
Recurring fair value measurements- | ||||
Freehold land | 4,657.29 | 4,657.29 | ||
Biological assets | 807.60 | 804.13 | ||
Equity investments | 329.10 | 287.42 | ||
329.10 | 287.42 | 5,464.89 | 5,461.42 | |
Non-recurring fair value measurements | ||||
Net assets classified as held for distribution | (5.93) | (2.57) |
- Basic/diluted earnings per share is calculated by dividing the net profit for the period attributable to shareholders by the weighted average number of shares outstanding during the period as required by LKAS - 33, Earning Per Share.
-
CIC applied equity accounting only in respect of CIC and its subsidiaries' holding in JKH, from the quarter ending 31st December 2023.
Below table summarizes the impact of share purchases and dilution due to employee share based payment and exercise of share option during the quarter ended 30th June 2024.
Other | Net assets | |||
components of | attributable to the | |||
Rs.Mn | Stated capital | Revenue reserves | equity | parent |
As at 30 June 2024 | 91,240.26 | 128,887.45 | 137,560.21 | 357,687.92 |
Net assets attributable to CIC Group - 30 June 2024 | 23.71 | 33.50 | 35.75 | 92.96 |
Net assets attributable | 92.96 | |||
Cost of the investment | 79.54 | |||
Gain on bargain purchase | 13.43 | |||
Loss on dilution of investment in John Keells Holdings PLC
John Keells Holdings PLC has exercised its share option scheme and executed share based payments. According to that, listing of new ordinary shares of 3,742,500, CIC Holdings Group share holding percentage got diluted. Accordingly a loss of dilution of Rs.19.61 Mn was charged to the Income Statement.
Rs.Mn | |
Net assets applicable to CIC Group before dilution | 23,950.29 |
Net assets applicable to CIC Group after dilution | 23,930.69 |
Loss on dilution of investment in John Keells Holdings PLC | (19.61) |
14 Other than the above, there were no material events took place since the reporting date which require adjustment to or disclosure in these Financial Statements.
CIC Holdings PLC 08
CIC HOLDINGS PLC
SHAREHOLDER & INVESTOR INFORMATION
As At 30th June 2024
1 Twenty Largest Shareholders
VOTING (ORDINARY) SHARES
Name | No. of Shares | Percentage % | ||
1 | Paints & General Industries Limited | 155,441,396 | 53.31 | |
2 | Employee's Provident Fund | 26,417,892 | 9.06 | |
3 | Sampath Bank PLC/ Chacra Capital Holdings (Private) Limited | 13,104,960 | 4.49 | |
4 | Citibank Newyork S/A Norges Bank Account 2 | 9,975,561 | 3.42 | |
5 | Employees Trust Fund Board | 4,799,271 | 1.65 | |
6 | Sri Lanka Insurance Corporation Limited - Life Fund | 3,104,855 | 1.06 | |
7 | Mr. E.D. Pieris | 3,000,022 | 1.03 | |
8 | Deutsche Bank AG as Trustee to Assetline Income Plus Growth Fund | 2,500,000 | 0.86 | |
9 | Asia Securities (Private) Limited - Trading Account | 2,251,425 | 0.77 | |
10 | Sri Lanka Insurance Corporation Limited - General Fund | 2,205,898 | 0.76 | |
11 | Mrs. J. Ambani | 2,122,966 | 0.73 | |
12 | Dr. H.R. Wickremesinghe & Mr. V.K. Wickremasinghe | 1,752,242 | 0.60 | |
13 | National Savings Bank | 1,652,451 | 0.57 | |
14 | S.K. Wickremesinghe Trust (Gurantee) Limited | 1,360,000 | 0.47 | |
15 | Colombo Fort Investments PLC | 1,245,000 | 0.43 | |
16 | Mrs. L.K. Goonewardena | 1,205,120 | 0.41 | |
17 | Miss. N.K.R.H. De Silva | 1,135,700 | 0.39 | |
18 | Seylan Bank PLC/ Andaradeniya Estate (Private) Limited | 1,088,300 | 0.37 | |
19 | J. B. Cocoshell (Private) Limited | 923,548 | 0.32 | |
20 | Mrs. A.K. Wikramanayake | 850,000 | 0.29 | |
236,136,607 | 80.98 | |||
Total Number of Shares Issued - 291,600,000 Ordinary Shares | ||||
CIC HOLDINGS PLC | ||||
Twenty Largest Shareholders.Cont… | ||||
2 | NON-VOTING (CLASS 'X') SHARES | |||
Name | No. of Shares | Percentage % | ||
1 | Employee's Provident Fund | 11,113,696 | 12.70 | |
2 | Sampath Bank PLC/ Chacra Capital Holdings (Private) Limited | 6,184,280 | 7.07 | |
3 | Paints & General Industries Limited | 2,905,204 | 3.32 | |
4 | Mrs. J. Ambani | 2,890,000 | 3.30 | |
5 | DFCC Bank A/C No.01 | 1,630,000 | 1.86 | |
6 | Mrs. M.S.E.V.E.A.U. Von Stumm | 1,236,224 | 1.41 | |
7 | Asia Securities (Private) Limited - Trading Account | 1,000,000 | 1.14 | |
8 | Mr. E.D. Pieris | 1,000,000 | 1.14 | |
9 | Hotel International (Private) Limited | 891,942 | 1.02 | |
10 | Employee's Trust Fund Board | 827,801 | 0.95 | |
11 | Amana Bank PLC/ Mr. M.N. Deen | 792,307 | 0.91 | |
12 | Mr. A.K. Kumarasena | 750,000 | 0.86 | |
13 | Seylan Bank PLC/ Mr. A.C. Senanka | 722,470 | 0.83 | |
14 | Mr. M.N. Deen | 656,500 | 0.75 | |
15 | Mr. D. Pathmanathan & Mrs. R.S. Pathmanathan | 618,154 | 0.71 | |
16 | Mr. M.Z.H Hashim & Mr. N.R.M. Hashim | 598,774 | 0.68 | |
17 | Malship Ceylon Limited | 534,528 | 0.61 | |
18 | Seylan Bank PLC/ Mr. W.G.U.I. Ranaweera | 508,420 | 0.58 | |
19 | Mrs. S. Vasudevan & Mr. S. Vasudevan | 500,000 | 0.57 | |
20 | Sakuvi Investment Trust (Private) Limited | 484,200 | 0.55 | |
35,844,500 | 40.97 | |||
Number of Shares issued - 87,480,000 Non-Voting(Class-'X') Shares | CIC Holdings PLC 09 | |||
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