CIC : Interim Financial Statement for the period ended 31st December 2022

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