CEYLON INVESTMENT PLC
A Carson Cumberbatch Company
Condensed Interim Financial Statements
For the year ended 31st March 2024
Ceylon Investment PLC
Statement of Profit or Loss and Other Comprehensive Income
(All figures are in Sri Lankan Rupees Thousands)
Three months ended | Year ended | |||||
31st March | 31st March | |||||
2024 | 2023 | Change % | 2024 | 2023 | Change % | |
Revenue | 134,242 | 134,457 | (0) | 653,887 | 314,925 | 108 |
Net change in fair value through profit or loss | ||||||
financial assets | 140,452 | 275,536 | (49) | 535,063 | 255,740 | 109 |
Profit on investment activities | 274,694 | 409,993 | (33) | 1,188,950 | 570,665 | 108 |
Administrative and other operating expenses | (28,232) | (22,220) | 27 | (114,447) | (73,699) | 55 |
Profit from operations | 246,462 | 387,773 | (36) | 1,074,503 | 496,966 | 116 |
Finance expense | (13,821) | (17,191) | (20) | (33,781) | (50,114) | (33) |
Profit from operations after finance expense | 232,641 | 370,582 | (37) | 1,040,722 | 446,852 | 133 |
Share of profit of equity accounted investees, net | ||||||
of tax | 189,531 | 236,841 | (20) | 650,474 | 256,416 | 154 |
Profit before taxation | 422,172 | 607,423 | (30) | 1,691,196 | 703,268 | 140 |
Income tax expense | (20,884) | (14,311) | 46 | (85,013) | (46,466) | 83 |
Profit for the period / year | 401,288 | 593,112 | (32) | 1,606,183 | 656,802 | 145 |
Other comprehensive income | ||||||
Items that are or may be reclassified to profit | ||||||
or loss | ||||||
Share of other comprehensive income/(expense) | ||||||
of equity accounted investees, net of tax | 174,002 | 1,319,536 | (87) | (285,006) | 758,823 | (138) |
Other comprehensive income/(expense) for | ||||||
the period / year | 174,002 | 1,319,536 | (87) | (285,006) | 758,823 | (138) |
Total comprehensive income for the period / | ||||||
year | 575,290 | 1,912,648 | (70) | 1,321,177 | 1,415,625 | (7) |
Earnings per share (Rs.) | 4.04 | 5.97 | 16.17 | 6.61 | ||
Dividend per share (Rs.)* | - | - | - | 0.55 |
* 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 | 31.03.2023 | |
31.03.2024 | (Audited) | |
ASSETS | ||
Non-current assets | ||
Investment in equity accounted investees | 7,268,851 | 6,958,402 |
Investment in fixed deposits | 1,530,120 | 1,255,827 |
Total non-current assets | 8,798,971 | 8,214,229 |
Current assets | ||
Trade and other receivables | 6,322 | 6,369 |
Investments in equity securities | 2,327,766 | 2,215,818 |
Investment in unit trusts | 61,907 | 21,248 |
Investment in fixed deposits | 417,242 | 347,097 |
Cash and cash equivalents | 818,469 | 53,604 |
Total current assets | 3,631,706 | 2,644,136 |
Total assets | 12,430,677 | 10,858,365 |
- | ||
EQUITY AND LIABILITIES | ||
Equity | ||
Stated capital | 838,033 | 838,033 |
Capital reserves | 187,141 | 187,141 |
Revenue reserves | 10,713,008 | 9,547,033 |
Total equity | 11,738,182 | 10,572,207 |
- | ||
Current liabilities | ||
Trade and other payables | 21,167 | 22,668 |
Current tax payable | 18,175 | 11,861 |
Short term borrowings | 653,153 | 251,629 |
Total current liabilities | 692,495 | 286,158 |
Total liabilities | 692,495 | 286,158 |
Total equity and liabilities | 12,430,677 | 10,858,365 |
- | - | |
Net assets value per share (Rs.) | 118.14 | 105.36 |
The Statement of Financial Position as at 31st March 2024 and the related Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows for the year 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).
P.C. Ekanayake
Senior Vice President -Finance
Guardian Fund Management Limited
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved and signed on behalf of the Managers, | Approved and Signed on behalf of the Board, | |
(Sgd). | (Sgd). | (Sgd). |
K. Selvanathan | M.A.R.C. Cooray (Mrs.) | A. P. Weeratunge |
Director | Chairperson | Director |
Carsons Management Services (Private) Limited
29th May 2024
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 2023 | 838,033 | 187,141 | 9,547,033 | 10,572,207 |
Profit for the year | - | - | 1,606,183 | 1,606,183 |
Other comprehensive expense for the year | - | - | (285,006) | (285,006) |
Total comprehensive income for the year | - | - | 1,321,177 | 1,321,177 |
Forfeiture of unclaimed dividends | - | - | 3,637 | 3,637 |
Re-purchase of shares | - | - | (103,650) | (103,650) |
Dividend | - | - | (55,189) | (55,189) |
Balance as at 31st March 2024 | 838,033 | 187,141 | 10,713,008 | 11,738,182 |
Balance as at 1st April 2022 | 838,033 | 187,141 | 8,252,461 | 9,277,635 |
Surcharge Tax for the year of assessment 2020/21 | - | - | (48,531) | (48,531) |
Balance as at 1st April 2022 (Adjusted) | 838,033 | 187,141 | 8,203,930 | 9,229,104 |
Profit for the year | - | - | 656,802 | 656,802 |
Other comprehensive income for the year | - | - | 758,823 | 758,823 |
Total comprehensive income for the year | - | - | 1,415,625 | 1,415,625 |
Forfeiture of unclaimed dividends | - | - | 2,736 | 2,736 |
Dividend | - | - | (75,258) | (75,258) |
Balance as at 31st March 2023 | 838,033 | 187,141 | 9,547,033 | 10,572,207 |
Figures in brackets indicate deductions.
Page 3
Ceylon Investment PLC
Statement of Cash Flows
(All figures are in Sri Lankan Rupees Thousands)
For the year ended 31st March | 2024 | 2023 |
Cash flows from operating activities | ||
Profit before taxation | 1,691,196 | 703,268 |
Adjustments for: | ||
Net change in fair value through profit or loss financial assets | (535,063) | (255,740) |
Finance expense | 33,781 | 50,114 |
Share of profit of equity accounted investees, net of tax | (650,474) | (256,416) |
Operating profit before changes in working capital | 539,440 | 241,226 |
Decrease in trade and other receivables | 47 | 28,911 |
Decrease in investments | 382,456 | 391,447 |
Increase in fixed deposits | (344,438) | (1,322,578) |
Increase / (decrease) in trade and other payables | 923 | (101,270) |
Cash generated from / (used in) operations | 578,428 | (762,264) |
Income tax paid | (78,699) | (39,822) |
Surcharge tax paid | - | (32,974) |
Net cash generated from / (used in) operating activities | 499,729 | (835,060) |
Cash flows from investing activities | ||
Investments in equity accounted investees | (66,200) | (3,423) |
Dividend received from equity accounted investees | 121,219 | 27,639 |
Net cash generated from investing activities | 55,019 | 24,216 |
Cash flows from financing activities | ||
Finance expense paid | (32,257) | (48,485) |
Short term borrowings (net movement) | 400,000 | 250,000 |
Dividend paid | (53,976) | (73,175) |
Re-purchase of shares | (103,650) | - |
Net cash generated from financing activities | 210,117 | 128,340 |
Net increase / (decrease) in cash and cash equivalents during the year | 764,865 | (682,504) |
Cash and cash equivalents at the beginning of the year | 53,604 | 736,108 |
Cash and cash equivalents at the end of the year | 818,469 | 53,604 |
Statement of cash and cash equivalents | ||
Placements with banking and financial institutions | 713,236 | - |
Cash at bank | 105,233 | 53,604 |
Cash and cash equivalents for the cash flow statement purposes | 818,469 | 53,604 |
-
Figures in brackets indicate deductions.
Page 4
Ceylon Investment PLC
Notes to the Interim Financial Statements
(All figures are in Sri Lankan Rupees Thousands unless otherwise stated)
-
BASIS OF PREPARATION OF INTERIM FINANCIAL STATEMENTS
The Interim Financial Statements of the Company have been prepared based on the same accounting policies and methods applied to the audited financial statements for the year ended 31st March 2023 and are in compliance with Sri Lanka Accounting Standard LKAS 34 - "Interim Financial Reporting". The provisions of the Companies Act, No. 7 of 2007 have been considered in preparing these Interim Financial Statements.
2 VALUATION OF INVESTMENT PORTFOLIO | |||
Carrying value as at | |||
31.03.2024 | 31.03.2023 | ||
Non-current assets | (Audited) | ||
Strategic investments - Investment in equity accounted investees | 7,268,851 | 6,958,402 | |
7,268,851 | 6,958,402 | ||
Fair value as at | |||
Fair value | 31.03.2024 | 31.03.2023 | |
Current assets | hierarchy | (Audited) | |
Investment in equity securities- Fair value through profit or loss-Quoted | Level 1 | 2,327,606 | 2,215,808 |
Investment in equity securities- Fair value through profit or loss-Unquoted | Level 3 | 160 | 10 |
Investment in unit trusts | Level 2 | 61,907 | 21,248 |
2,389,673 | 2,237,066 | ||
- | - | - |
- EVENTS AFTER THE REPORTING PERIOD
Subsequent to the reporting period, no circumstances have arisen which would require adjustments to or disclosures in the financial statements, other than those disclosed in note 7.1
- COMMITMENTS AND CONTINGENCIES
4.1 Capital expenditure commitments
There were no material capital commitments exist as at the reporting date.
4.2 Contingencies
There were no material contingent liabilities as at the reporting date.
-
COMPARATIVE FIGURES
Comparative figures have been rearranged where necessary to conform to the classification and presentation as at 31st March 2024.
- LIABILITIES FOR EXPENDITURE
Management fees and other similar expenses for the quarter have been accounted for in full in the interim financial statements.
- STATED CAPITAL
The Stated Capital of the Company as at 31st March 2024 was Rs.838,032,311/66 comprising of 99,360,760 Ordinary Shares.
7.1 SHARE REPURCHASE
On 22nd May 2024, the Company announced a share repurchase of one ordinary share for every 46 ordinary shares held. Accordingly, the Company would repurchase a maximum of 2,160,017 ordinary shares from the Shareholders at a price of Rs.118/14 per share, and the total value of the share repurchase transaction amount would be Rs.255.2 Mn.
-
GOING CONCERN
Based on currently available information, the directors are satisfied that the Company will continue its operations in the foreseeable future.
9 RELATED PARTY TRANSACTIONS | ||
For the year ended 31st March | 2024 | 2023 |
Transactions with the parent company | ||
Dividends paid | 36,392 | 49,625 |
Share repurchase | 68,347 | - |
Transactions with associate company | ||
Dividends received | 121,219 | 27,639 |
Transactions with affiliated companies | ||
Receiving of services | 82,752 | 56,688 |
Page 5
Ceylon Investment PLC
Notes to the Interim Financial Statements
(All figures are in Sri Lankan Rupees Thousands unless otherwise stated)
10 | TWENTY MAJOR SHAREHOLDERS AS AT 31ST MARCH 2024 | ||
Name of Shareholder | No. of Shares | % | |
1 | Ceylon Guardian Investment Trust PLC A/C No.03 | 65,518,370 | 65.94 |
2 | Mr. K.C. Vignarajah | 1,470,921 | 1.48 |
Commercial Bank of Ceylon Ltd/K.C.Vignarajah | 510,352 | 0.51 | |
3 | Associated Electrical Corporation Ltd | 1,395,358 | 1.40 |
4 | Mrs. M.L. De Silva | 1,342,757 | 1.35 |
5 | Miss G.I.A. De Silva | 1,314,088 | 1.32 |
6 | Mr. Y.H. Abdulhussein | 903,636 | 0.91 |
7 | Mr. G.J.W. De Silva | 883,194 | 0.89 |
8 | Thurston Investments Limited | 878,377 | 0.88 |
9 | Miss R.H. Abdulhussein | 844,517 | 0.85 |
10 | Oakley Investments (Private) Limited | 810,398 | 0.82 |
11 | People's Leasing & Finance PLC/Mr.M.A.N.Yoosufali | 600,000 | 0.60 |
12 | Miss N.K.R.H. De Silva | 562,721 | 0.57 |
13 | Bank of Ceylon No. 1 Account | 538,124 | 0.54 |
14 | J.B. Cocoshell (Pvt) Ltd | 477,739 | 0.48 |
15 | Mr. H.M. Abdulhussein | 420,819 | 0.42 |
16 | Mercantile Bank (Agency) Private Limited | 412,939 | 0.42 |
17 | Mr. L.H. Abeysundera | 388,225 | 0.39 |
18 | Miss G.N.A. De Silva | 384,178 | 0.39 |
19 | Miss J.B. Aymer | 347,135 | 0.35 |
20 | Union Investments Private Ltd | 310,175 | 0.31 |
11 PUBLIC HOLDING
The Company is in compliance with the Minimum Public Holding requirements for Companies listed on the Main Board as per Rule 7.13.1 i(a) of the Listing Rules of the Colombo Stock Exchange, under Option 5, i.e. Float-Adjusted Market Capitalization of less than Rs.2.5 Billion with 500 Public Shareholders and a Public Holding percentage of 20%.
The Company's Public Holding as at 31st March 2024: | |
Float Adjusted Market Capitalization | Rs.1,600,739,600.69 |
Percentage of ordinary shares held by the public | 34.06% |
Number of public shareholders | 2,925 |
12 DIRECTORS SHAREHOLDING AS AT 31ST MARCH 2024 | No. of shares |
Mrs. M.A.R.C. Cooray (Chairperson) | - |
Mr. D. C. R. Gunawardena (Resigned w.e.f. 31/03/2024) | 2,157 |
Mr. A.P. Weeratunge | - |
Mr. V.M. Fernando | - |
Mr. K. Selvanathan | - |
Mr. S. M. Perera | - |
13 INVESTOR INFORMATION
Market Performance - Ordinary Shares
As at/ for the three months ended | 31.03.2024 | |
Last traded price per share (Rs.) | 47.30 | |
Highest price per share | (Rs.) | 49.00 |
Lowest price per share | (Rs.) | 39.00 |
Market capitalization (in rupees thousands) | 4,699,764 |
Page 6
Corporate Information
NAME OF COMPANY | Ceylon Investment PLC |
(A Carson Cumberbatch Company) | |
DOMICILE AND LEGAL FORM | Ceylon Investment PLC is a Public Quoted Company with limited liability |
domiciled in Sri Lanka. The Company was incorporated in Sri Lanka in | |
1919. |
COMPANY REGISTRATION NO.
PRINCIPAL ACTIVITY AND NATURE OF OPERATIONS
PARENT ENTERPRISE AND ULTIMATE
PARENT ENTERPRISE
PQ 68
During the period, the principal activity of the Company was holding and managing of an investment portfolio.
Ceylon Guardian Investment Trust PLC is the immediate Parent Company of Ceylon Investment PLC. Carson Cumberbatch PLC is the Parent Company of Ceylon Guardian Investment Trust PLC and Bukit Darah PLC is the Ultimate Parent and Controlling Entity of Ceylon Guardian Investment Trust PLC.
DIRECTORS | Mrs. M.A.R.C. Cooray (Chairperson) |
Mr. D. C. R. Gunawardena (Resigned w.e.f. 31/03/2024) | |
Mr. A.P. Weeratunge | |
Mr. V.M. Fernando | |
Mr. K. Selvanathan | |
Mr. S. M. Perera | |
NUMBER OF EMPLOYEES | The Company did not have its own employees during the period under |
review. | |
BANKERS | Standard Chartered Bank |
Commercial Bank of Ceylon PLC | |
Deutsche Bank AG Colombo | |
Hatton National Bank PLC | |
National Development Bank PLC | |
Sampath Bank PLC | |
DFCC Bank PLC | |
SBI Sri Lanka | |
Nations Trust Bank PLC | |
AUDITORS | Messrs. KPMG |
Chartered Accountants, | |
No. 32A, Sir Mohamed Macan Markar Mawatha, | |
Colombo 3. | |
INVESTMENT MANAGERS | Guardian Fund Management Limited |
No. 61, Janadhipathi Mawatha, | |
Colombo 1. | |
Tele: +94-11-2039200 | |
Fax: +94-11-2039385 | |
MANAGERS & SECRETARIES | Carsons Management Services (Private) Limited |
No. 61, Janadhipathi Mawatha, | |
Colombo 1. | |
Tele: +94-11-2039200 | |
Fax: +94-11-2039300 | |
REGISTERED OFFICE AND PRINCIPAL | No. 61, Janadhipathi Mawatha, |
PLACE OF BUSINESS | Colombo 1. |
Tele: +94-11-2039200 | |
Fax: +94-11-2039300 | |
CORPORATE WEBSITE | www.carsoncumberbatch.com |
Page 7
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Ceylon Investment plc published this content on 31 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2024 10:22:26 UTC.