Ceylon
Investment PLC
A Carson Cumberbatch Company
Interim report for the three months ended 30th June 2022
CEYLON INVESTMENT PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (All figures are in Sri Lankan Rupees Thousands)
Three months ended | |||
30th June | |||
2022 | 2021 | Change % | |
Revenue | 19,590 | 47,085 | (58) |
Net change in fair value through profit or loss financial assets | (311,116) | 118,251 | (363) |
Profit / (loss) on investment activities | (291,526) | 165,336 | (276) |
Administrative and other operating expenses | (16,726) | (15,028) | 11 |
Profit / (loss) from operations | (308,252) | 150,308 | (305) |
Finance expense | (2,543) | (52) | 4,790 |
Profit / (loss) from operations after finance expense | (310,795) | 150,256 | (307) |
Share of profit / (loss) of equity accounted investees, net of tax | (203,811) | 42,622 | (578) |
Profit / (loss) before taxation | (514,606) | 192,878 | (367) |
Income tax expense | (10,623) | (3,039) | 250 |
Profit / (loss) for the period | (525,229) | 189,839 | (377) |
Other comprehensive income | |||
Items that are or may be reclassified to profit or loss | |||
Share of other comprehensive expense of equity | |||
accounted investees, net of tax | (509,870) | (410,126) | 24 |
Other comprehensive expense for the period | (509,870) | (410,126) | 24 |
Total comprehensive expense for the period | (1,035,099) | (220,287) | 370 |
Earnings / (loss) per share (Rs.) | (5.23) | 1.89 | |
Dividend per share (Rs.)* | - | - |
* Dividend per share is based on the proposed / interim dividends.
Figures in brackets indicate deductions.
Page 1
CEYLON INVESTMENT PLC
STATEMENT OF FINANCIAL POSITION
(All figures are in Sri Lankan Rupees Thousands)
As at | As at | |
30.06.2022 | 31.03.2022 | |
(Unaudited) | (Adjusted) | |
ASSETS | ||
Non-current assets | ||
Investment in equity accounted investees | 5,226,059 | 5,967,379 |
Investment in fixed deposits | 227,115 | - |
Total non-current assets | 5,453,174 | 5,967,379 |
Current assets | ||
Trade and other receivables | 102,828 | 35,280 |
Fair value through profit or loss financial assets | 1,735,831 | 2,274,233 |
Investment in unit trusts | 79,235 | 98,540 |
Investment in fixed deposits | 392,294 | 280,346 |
Cash and cash equivalents | 611,874 | 736,108 |
Total current assets | 2,922,062 | 3,424,507 |
Total assets | 8,375,236 | 9,391,886 |
EQUITY AND LIABILITIES | - | |
Equity | ||
Stated capital | 838,033 | 838,033 |
Capital reserves | 187,141 | 187,141 |
Revenue reserves | 7,093,573 | 8,203,930 |
Total equity | 8,118,747 | 9,229,104 |
Current liabilities | - | |
Trade and other payables | 30,140 | 124,591 |
Current tax payable | 24,257 | 38,191 |
Short term borrowings | 202,092 | - |
Total current liabilities | 256,489 | 162,782 |
Total liabilities | 256,489 | 162,782 |
Total equity and liabilities | 8,375,236 | 9,391,886 |
- | - | |
Net assets value per share (Rs.) | 80.91 | 91.07 |
The Statement of Financial Position as at 30th June 2022 and the related Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows for the period then ended as disclosed in pages 1 to 4 have been drawn up from unaudited accounts.
I certify that these Financial Statements comply with the requirements of the Companies Act No. 07 of 2007.
(Sgd).
V.R. Wijesinghe
Director - Finance
Carsons Management Services (Private) Limited
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved and Signed on behalf of the Investment Managers, | Approved and Signed on behalf of the Board, | |
(Sgd). | (Sgd). | (Sgd). |
K. Selvanathan | M.A.R.C. Cooray (Mrs.) | D.C.R. Gunawardena |
Director | Chairperson | Director |
Guardian Fund Management Limited |
10th August 2022
Colombo
Page 2
CEYLON INVESTMENT PLC
STATEMENT OF CHANGES IN EQUITY
(All figures are in Sri Lankan Rupees Thousands)
Stated | Capital | Revenue | Total | |
capital | reserves | reserves | equity | |
Balance as at 1st April 2022 (Adjusted) | - | |||
838,033 | 187,141 | 8,203,930 | 9,229,104 | |
Loss for the period | - | - | (525,229) | (525,229) |
Other comprehensive expense for the period | - | - | (509,870) | (509,870) |
Total comprehensive expense for the period | - | - | (1,035,099) | (1,035,099) |
Dividend | - | - | (75,258) | (75,258) |
Balance as at as at 30 June 2022 (Unaudited) | 838,033 | 187,141 | 7,093,573 | 8,118,747 |
As at 31 March 2021 | 838,033 | 187,141 | 8,384,740 | |
9,409,914 | ||||
Surcharge Tax for the year of assessment 2020/21* | - | - | (48,531) | (48,531) |
As at 1 April 2021 (Adjusted) | 838,033 | 187,141 | 8,336,209 | 9,361,383 |
Profit for the period | - | - | 189,839 | 189,839 |
Other comprehensive expense for the period | - | - | (410,126) | (410,126) |
Total comprehensive expense for the period | - | - | (220,287) | (220,287) |
Balance as at 30 June 2021 (Adjusted) | 838,033 | 187,141 | 8,115,922 | 9,141,096 |
*As per the provisions of Surcharge Tax Act No. 14 of 2022, although the Company did not become liable to pay surcharge tax as a stand-alone entity, the Company is liable for surcharge tax on the basis that the Company is part of the Carson Cumberbatch PLC group, of which the aggregate taxable income exceeded the threshold as stipulated in the aforesaid Act.
Accordingly, the Company was liable for a surcharge tax of Rs. 32,974,304/- out of the taxable income of Rs. 131,897,216/- pertaining to the year of assessment 2020/21. Also, an associate Company of Ceylon Investment PLC was liable for a surcharge tax of Rs. 31,144,734/- out of the taxable income of Rs. 124,578,935/- . The surcharge tax liability was paid in two equal installments on 18th April 2022 and 18th July 2022.
According to the Act, the surcharge tax shall be deemed to be an expenditure in the financial statements relating to the year of assessment which commenced on 1st April 2020. The expense of surcharge tax is accounted in accordance with 'Statement of Alternative Treatment on Accounting for Surcharge Tax levied under the Surcharge Tax Act No. 14 of 2022' issued by the Institute of Chartered Accountants of Sri Lanka on 22nd April 2022.
Page 3
CEYLON INVESTMENT PLC
STATEMENT OF CASH FLOWS
(All figures are in Sri Lankan Rupees Thousands)
For the three months ended 30th June | 2022 | 2021 |
Cash flows from operating activities | ||
Profit/(loss) before taxation | (514,606) | 192,878 |
Adjustments for: | ||
Net change in fair value through profit or loss financial assets | 311,116 | (118,251) |
Finance expense | 2,543 | 52 |
Share of profit / (loss) of equity accounted investees, net of tax | 203,811 | (42,622) |
Operating profit before changes in working capital | 2,864 | 32,057 |
Increase in trade and other receivables | (67,548) | (48,345) |
Decrease / (increase) in investments | 246,591 | (74,748) |
Decrease / (increase) in fixed deposits | (339,063) | 63,027 |
Decrease in trade and other payables | (101,437) | (4,868) |
Cash used in operations | (258,593) | (32,877) |
Current tax paid | (8,070) | (6,540) |
Surcharge tax paid | (16,487) | - |
Net cash used in operating activities | (283,150) | (39,417) |
Cash flows from investing activities | ||
Investments in equity accounted investees | - | (1,900) |
Dividend received from equity accounted investees | 27,639 | - |
Net cash generated from / (used in) investing activities | 27,639 | (1,900) |
Cash flows from financing activities | ||
Finance expense paid | (451) | (52) |
Short term borrowings (net movement) | 200,000 | - |
Dividend paid | (68,272) | (2) |
Net cash generated from (used in) financing activities | 131,277 | (54) |
Net decrease in cash and cash equivalents during the period | (124,234) | (41,371) |
Cash and cash equivalents at the beginning of the period | 736,108 | 456,498 |
Cash and cash equivalents at the end of the period | 611,874 | 415,127 |
Statement of cash and cash equivalents | - | - |
Placements with banking institutions | 100,602 | 279,588 |
Securities purchased under resale agreements | 100,630 | 12,281 |
Cash at bank | 410,642 | 123,258 |
Cash and cash equivalents for the cash flow statement purposes | 611,874 | 415,127 |
-
Figures in brackets indicate deductions.
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Ceylon Investment plc published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 11:44:12 UTC.