CIC HOLDINGS PLC
QUARTERLY REPORT 30.09.2022
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
Company Statements of Comprehensive Income
Three | Three | Variance | Six months | Six months to | Variance | |
months to | months to | % | to | % | ||
30 September | 2022 | 2021 | 2022 | 2021 | ||
(In Rs.Mns) | ||||||
Revenue | 3,429.61 | 2,420.97 | 41.66 | 6,689.02 | 4,906.25 | 36.34 |
Cost of sales | (2,073.79) | (1,729.85) | 19.88 | (3,967.34) | (3,542.28) | 12.00 |
Gross profit | 1,355.82 | 691.12 | 96.18 | 2,721.68 | 1,363.97 | 99.54 |
Other income | 204.55 | 54.75 | 273.61 | 344.02 | 261.35 | 31.63 |
Distribution expenses | (461.11) | (258.31) | 78.51 | (796.66) | (534.95) | 48.92 |
Impairment loss on trade receivables | (29.88) | (34.76) | (14.04) | (22.69) | (16.72) | 35.71 |
Administrative expenses | (203.88) | (117.54) | 73.46 | (339.81) | (210.37) | 61.53 |
Results from operating activities | 865.50 | 335.26 | 158.16 | 1,906.54 | 863.28 | 120.85 |
Finance income | 34.19 | 12.78 | 167.53 | 51.71 | 24.55 | 110.63 |
Finance costs | (467.19) | (77.05) | 506.35 | (753.63) | (123.60) | 509.73 |
Finance cost (net) | (433.00) | (64.27) | 573.72 | (701.92) | (99.05) | 608.65 |
Profit before tax | 432.50 | 270.99 | 59.60 | 1,204.62 | 764.23 | 57.63 |
Tax expense | (105.59) | (81.50) | 29.56 | (306.44) | (192.43) | 59.25 |
Profit from continuing operations | 326.91 | 189.49 | 72.52 | 898.18 | 571.80 | 57.08 |
Loss from discontinued operations (net of tax) | (0.30) | (0.14) | 114.29 | (0.32) | (0.27) | 18.52 |
Profit for the period | 326.61 | 189.35 | 72.49 | 897.86 | 571.53 | 57.10 |
Other comprehensive income | ||||||
Items that will never be reclassified to profit or loss | ||||||
Net (losses)/gain on fair value change in financial assets | 195.21 | 27.01 | 622.73 | (14.34) | 5.92 | (342.23) |
Other comprehensive income for the period (net of tax) | 195.21 | 27.01 | 622.73 | (14.34) | 5.92 | (342.23) |
Total comprehensive income for the period (net of tax) | 521.82 | 216.36 | 141.18 | 883.52 | 577.45 | 53.00 |
Profit attributable to : | ||||||
Equity holders of the company | 326.61 | 189.35 | 72.49 | 897.86 | 571.53 | 57.10 |
326.61 | 189.35 | 72.49 | 897.86 | 571.53 | 57.10 | |
The other comprehensive income attributable to : | ||||||
Equity holders of the company | 195.21 | 27.01 | 622.73 | (14.34) | 5.92 | (342.23) |
195.21 | 27.01 | 622.73 | (14.34) | 5.92 | (342.23) | |
Earnings per share | ||||||
Basic/diluted earnings per share (Rs.) | 0.86 | 0.50 | 72.49 | 2.37 | 1.51 | 57.10 |
Earnings per share-continuing operation | ||||||
Basic/diluted earnings per share (Rs.) | 0.86 | 0.50 | 72.52 | 2.37 | 1.51 | 57.08 |
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 | Six months to | Six months to | Variance | |
months to | to | % | % | |||
30 September | 2022 | 2021 | 2022 | 2021 | ||
(In Rs.Mns) | ||||||
Revenue | 17,830.36 | 9,538.92 | 86.92 | 33,140.97 | 18,588.53 | 78.29 |
Cost of sales | (10,951.51) | (6,963.05) | 57.28 | (19,456.54) | (13,714.45) | 41.87 |
Gross profit | 6,878.85 | 2,575.87 | 167.05 | 13,684.43 | 4,874.08 | 180.76 |
Other income | 23.63 | 62.47 | (62.17) | 153.60 | 129.95 | 18.20 |
Distribution expenses | (1,054.33) | (676.51) | 55.85 | (1,901.74) | (1,335.95) | 42.35 |
Administrative expenses | (732.87) | (460.34) | 59.20 | (1,313.16) | (879.48) | 49.31 |
Impairment loss on trade receivables | (68.29) | (52.54) | 29.98 | (113.78) | (52.31) | 117.51 |
Other expenses | (0.35) | - | 100.00 | (0.50) | (0.04) | 1,150.00 |
Results from operating activities | 5,046.64 | 1,448.95 | 248.30 | 10,508.85 | 2,736.25 | 284.06 |
Finance income | 99.52 | 1.28 | 7,675.00 | 188.99 | 54.37 | 247.60 |
Finance cost | (1,035.19) | (312.23) | 231.55 | (3,028.45) | (477.56) | 534.15 |
Finance cost (net) | (935.67) | (310.95) | 200.91 | (2,839.46) | (423.19) | 570.97 |
Share of profit of equity accounted investees | 185.00 | 80.85 | 128.82 | 292.07 | 126.67 | 130.58 |
Profit before tax | 4,295.97 | 1,218.85 | 252.46 | 7,961.46 | 2,439.73 | 226.33 |
Tax expense | (1,101.11) | (270.52) | 307.03 | (1,992.90) | (579.51) | 243.89 |
Profit from continuing operations | 3,194.86 | 948.33 | 236.89 | 5,968.56 | 1,860.22 | 220.85 |
Discontinued operations | ||||||
Loss from discontinued operations (net of tax) | (2.46) | (10.96) | (77.55) | (85.84) | (26.07) | 229.27 |
Profit for the period | 3,192.40 | 937.37 | 240.57 | 5,882.72 | 1,834.15 | 220.73 |
Other comprehensive income | ||||||
Net gain/(loss) on fair value change in financial assets | 395.30 | 225.15 | 75.57 | (147.35) | 90.85 | (262.19) |
Other comprehensive income for the period (net of tax) | 395.30 | 225.15 | 75.57 | (147.35) | 90.85 | (262.19) |
Total comprehensive income for the period (net of tax) | 3,587.70 | 1,162.52 | 208.61 | 5,735.37 | 1,925.00 | 197.94 |
Profit Attributable to : | ||||||
Equity holders of the Company | 2,343.31 | 751.39 | 211.86 | 4,460.16 | 1,487.39 | 199.86 |
Non-controlling interest | 849.09 | 185.98 | 356.55 | 1,422.56 | 346.76 | 310.24 |
Profit for the period | 3,192.40 | 937.37 | 240.57 | 5,882.72 | 1,834.15 | 220.73 |
Equity holders of the Company | 300.61 | 131.36 | 128.84 | (84.34) | 50.51 | (266.98) |
Non-controlling interest | 94.69 | 93.79 | 0.96 | (63.01) | 40.34 | (256.20) |
Other comprehensive income for the period | 395.30 | 225.15 | 75.57 | (147.35) | 90.85 | (262.19) |
Earnings per share | ||||||
Basic/diluted earnings per share (Rs.) | 6.18 | 1.98 | 211.86 | 11.77 | 3.92 | 199.86 |
Earnings per share-continuing operation | ||||||
Basic/diluted earnings per share (Rs.) | 6.18 | 2.01 | 207.52 | 11.89 | 3.97 | 199.53 |
The above figures are provisional and unaudited
Figures in brackets indicate deductions
CIC Holdings PLC03
Statements of Financial Position
Company | Group | |||||
30th | 30th | 30th | 30th | |||
September | September | 31st March | September | September | 31st March | |
As at | 2022 | 2021 | 2022 | 2022 | 2021 | 2022 |
(In Rs.Mns) | ||||||
ASSETS | ||||||
Non- current assets | ||||||
Property, plant & equipment | 2,402.55 | 2,201.13 | 2,436.74 | 12,630.69 | 12,029.36 | 12,749.77 |
Investment property | - | - | - | 2.40 | 2.40 | 2.40 |
Capital work-in-progress | - | - | - | 155.50 | 41.05 | 107.95 |
Biological assets | - | - | - | 338.80 | 272.78 | 311.61 |
Intangible assets | 43.53 | 48.74 | 45.02 | 538.23 | 377.76 | 373.18 |
Deferred tax assets | - | - | - | 10.85 | 21.42 | 10.85 |
Investment in subsidiaries | 1,927.13 | 1,619.54 | 1,619.54 | - | - | - |
Investment in equity accounted investees | 36.00 | 36.00 | 36.00 | 1,283.98 | 1,096.81 | 1,185.41 |
Equity investment at fair value through OCI | 2,079.89 | 256.99 | 1,228.13 | 2,087.83 | 265.63 | 1,236.50 |
Deposits with bank | - | - | - | 200.29 | - | 316.19 |
6,489.10 | 4,162.40 | 5,365.43 | 17,248.57 | 14,107.21 | 16,293.86 | |
Current assets | ||||||
Inventories | 3,688.70 | 1,741.36 | 1,967.11 | 15,324.26 | 6,853.52 | 9,542.02 |
Biological assets | - | - | - | 419.69 | 220.28 | 266.97 |
Income tax receivables | - | - | - | 0.26 | 48.52 | 0.30 |
Trade receivables | 2,636.46 | 2,416.31 | 2,588.21 | 5,610.07 | 4,832.52 | 4,739.00 |
Contract assets | 70.54 | 64.42 | 70.54 | 70.54 | 44.52 | 101.06 |
Other receivables | 2,111.38 | 274.30 | 758.18 | 7,395.47 | 7,285.80 | 7,614.67 |
Equity investment at fair value through OCI | 19.44 | 30.32 | 23.55 | 1,864.11 | 1,985.28 | 1,996.81 |
Deposits with bank | 1,653.01 | 836.67 | 1,290.92 | 1,783.01 | 1,728.21 | 1,812.18 |
Cash in hand and at bank | 388.61 | 191.03 | 374.68 | 1,707.11 | 1,371.88 | 2,277.00 |
10,568.14 | 5,554.41 | 7,073.19 | 34,174.52 | 24,370.53 | 28,350.01 | |
Assets classified as held for sale | 1,050.06 | 1,050.06 | 1,050.06 | 1,435.38 | 2,082.75 | 1,434.34 |
Assets classified as held for distribution | 0.20 | 0.20 | 0.20 | 60.21 | 36.63 | 48.96 |
11,618.40 | 6,604.67 | 8,123.45 | 35,670.11 | 26,489.91 | 29,833.31 | |
Total assets | 18,107.50 | 10,767.07 | 13,488.88 | 52,918.68 | 40,597.12 | 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 | 1,554.20 | 1,792.67 | 3,368.50 | 2,818.35 | 3,368.50 |
Revenue reserves | 3,736.89 | 2,505.12 | 3,232.45 | 15,998.05 | 10,461.55 | 12,133.71 |
6,538.01 | 5,067.77 | 6,033.57 | 20,375.00 | 14,288.35 | 16,510.66 | |
Non-controlling interests | - | - | - | 4,815.86 | 3,420.82 | 3,603.44 |
Total equity | 6,538.01 | 5,067.77 | 6,033.57 | 25,190.86 | 17,709.17 | 20,114.10 |
Non-current liabilities | ||||||
Loans and borrowings | 74.70 | 79.58 | 75.96 | 322.94 | 287.88 | 338.07 |
Retirement benefit obligations | 174.04 | 176.64 | 155.62 | 884.81 | 830.82 | 820.07 |
Grants | - | - | - | 6.97 | 7.53 | 7.24 |
Deferred tax liabilities | 420.64 | 352.65 | 407.85 | 1,574.23 | 1,450.17 | 1,530.37 |
669.38 | 608.87 | 639.43 | 2,788.95 | 2,576.40 | 2,695.75 | |
Current liabilities | ||||||
Trade payables | 1,289.36 | 1,197.29 | 2,457.43 | 3,767.68 | 4,234.39 | 9,335.56 |
Contract liabilities | 96.15 | 87.74 | 96.14 | 96.14 | 104.79 | 156.29 |
Income tax payable | 232.26 | 135.66 | 198.05 | 1,522.70 | 306.15 | 418.05 |
Accruals and other payables | 1,329.93 | 372.79 | 719.50 | 3,357.04 | 1,633.52 | 1,891.44 |
Contigent consideration payable | - | - | - | 122.31 | - | - |
Loans and borrowings | 7,952.41 | 3,296.95 | 3,344.76 | 15,409.98 | 12,857.05 | 10,951.44 |
10,900.11 | 5,090.43 | 6,815.88 | 24,275.85 | 19,135.90 | 22,752.78 | |
Liabilities classified as held for sale | - | - | - | 661.20 | 1,172.55 | 562.67 |
Liabilities classified as held for distribution | - | - | - | 1.82 | 3.10 | 1.87 |
10,900.11 | 5,090.43 | 6,815.88 | 24,938.87 | 20,311.55 | 23,317.32 | |
Total liabilities | 11,569.49 | 5,699.30 | 7,455.31 | 27,727.82 | 22,887.95 | 26,013.07 |
Total equity and liabilities | 18,107.50 | 10,767.07 | 13,488.88 | 52,918.68 | 40,597.12 | 46,127.17 |
Net assets per share | 17.25 | 13.37 | 15.92 | 53.75 | 37.69 | 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 |
21st October 2022
Colombo
CIC Holdings PLC 04
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