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CIC Holdings PLC Interim Report
For the Period Ended 30th September 2012
CIC Holdings PLC Interim Report
For the Period Ended 31st December 2012
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CIC HOLDINGS PLC
Corporate Information
NAME OF THE COMPANY
CIC Holdings PLC
COMPANY REGISTRATION NO.
PQ 88
LEGAL FORM
A Public Quoted Company with limitedliability incorporated in
Sri Lanka in 1964.
DIRECTORS
B R L Fernando - ChairmanS P S Ranatunga - Managing Director /
CEOS H AmarasekeraE F G AmerasingheR N AsirwathamR S CaptainM P
Jayawardena Prof. P W M B B Marambe
SECRETARY
P D S Ruwanpura
AUDITORS
KPMG Chartered Accountants32A, Sir Mohamed Macan Markar
MawathaColombo 03.
LEGAL ADVISERS
Julius & CreasyAttorneys - at - Law41, Janadhipathi Mawatha,
Colombo 01.
Nithya PartnersAttorneys - at -Law97A, Galle Road, Colombo
03.
REGISTERED OFFICE
CIC House199, Kew RoadColombo 02.
CIC Holdings PLC 01
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CIC Holdings PLC
Company Statements of Comprehensive Income
Three months to
Three months to
Variance %
Nine months to
Nine months to
Variance %
31st December 2012 2011 2012 2011 (In Rs.Mns)
Revenue 1,917.10 1,986.08 (3.47) 4,732.82 4,589.46 3.12 Cost of
sales (1,364.27) (1,459.14) (6.50) (3,496.56) (3,431.87) 1.88
Gross profit 552.83 526.94 4.91 1,236.26 1,157.59 6.80
Other income 75.95 30.21 151.40 250.81 191.33 31.09 Distribution
expenses (221.46) (185.25) 19.55 (530.80) (450.58) 17.80
Administrative expenses (245.26) (182.49) 34.40 (634.72) (512.27)
23.90 Financing costs (60.01) (39.72) 51.08 (155.17) (68.76)
125.67
Profit before tax 102.05 149.69 (31.83) 166.38 317.31
(47.57)
Tax expense (21.51) (45.68) (52.91) (26.00) (77.59) (66.49)
Profit for the period 80.54 104.01 (22.57) 140.38 239.72
(41.44)
Other comprehensive income
Net gain/(losses) on available for sale financial assets (2.70)
(6.88) (60.76) 0.04 (10.10) (100.40)
Other comprehensive income for the period (net of tax) (2.70)
(6.88) (60.76) 0.04 (10.10) (100.40)
Total comprehensive income for the period (net of tax) 77.84
97.13 (19.86) 140.42 229.62 (38.85)
Earnings per shareBasic/diluted earnings per share (Rs.) 0.85
1.10 (22.57) 1.48 2.53 (41.44)
The above figures are unaudited
Figures in brackets indicate deductions
CIC Holdings PLC 02
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CIC Holdings PLC
Consolidated Statements of Comprehensive Income
31st December 2012 2011 2012 2011 (Rs.Mns)
Revenue 6,852.82 6,345.07 8.00 17,755.81 16,799.38 5.69 Cost of
sales (4,956.71) (4,706.66) 5.31 (13,509.32) (12,657.41) 6.73
Gross profit 1,896.11 1,638.41 15.73 4,246.49 4,141.97 2.52
Other income 20.72 18.17 14.01 84.08 63.90 31.58 Distribution
expenses (682.35) (487.70) 39.91 (1,618.03) (1,305.36) 23.95
Administrative expenses (648.11) (485.96) 33.37 (1,714.45)
(1,430.93) 19.81 Other expenses (1.93) - - (1.93) - - Financing
costs (401.05) (241.53) 66.05 (893.32) (486.03) 83.80 Share of
profit of equity accounted investees 92.50 94.97 - 226.28 202.09
11.97
Profit before tax 275.89 536.36 (48.56) 329.12 1,185.64
(72.24)
Tax expense (80.32) (107.82) (25.51) (127.66) (281.67)
(54.68)
Profit for the period 195.57 428.54 (54.36) 201.46 903.97
(77.71)
Other comprehensive income
Net gain/(losses) on available for sale financial assets (2.78)
(6.70) (58.51) 0.04 (10.10) (100.40) Actuarial gain/(losses) 0.02 -
0.63 - - Net exchange diffrence on translating foreign entities
(1.91) - (1.51) - - Other comprehensive income for the period (net
of tax) (4.67) (6.70) (30.30) (0.84) (10.10) (91.68)
Total comprehensive income for the period (net of tax) 190.90
421.84 (54.75) 200.62 893.87 (77.56)
Profit Attributable to :
Equity holders of the Company 152.10 360.28 (57.78) 175.65
744.63 (76.41)
Non-controlling interest 43.46 68.26 (36.33) 25.81 159.34
(83.80)
195.56 428.54 (54.37) 201.46 903.97 (77.71)
Other comprehensive income attributable to:
Equity holders of the Company (3.88) (6.78) (42.77) (0.33)
(10.10) (96.73)
Non-controlling interest (0.79) 0.08 (1,087.50) (0.51) -
(4.67) (6.70) (30.30) (0.84) (10.10) (91.68)
Earnings per share
Basic/diluted earnings per share (Rs.) 1.60 3.80 (57.78) 1.85
7.86 (76.41)
The above figures are unaudited.Figures in brackets indicate
deductions
Variance %
Variance %
Three months to
Three months to
Nine Months to
Nine Months to
CIC Holdings PLC 03
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CIC Holdings PLC
Company Statements of Financial Position31st December 2012 2011
31.03.2012 01.04.2011(In Rs.Mns)
Assets
Non- current assetsProperty, plant & equipment 1,832.92
1,778.24 1,784.51 1,642.83 Capital work-in-progress 85.78 8.74
12.88 8.74 Investment in equity accounted investees 36.00 36.00
36.00 36.00 Investment in subsidiaries 614.63 611.64 614.13 605.33
Other non-current financial assets 143.59 117.58 115.54 87.41
2,712.92 2,552.20 2,563.06 2,380.31
Current assets
Inventories 1,857.72 1,454.88 1,450.22 1,084.88 Trade
receivables 2,079.75 2,050.18 2,075.98 1,610.90 Other receivables
376.51 310.48 320.08 189.39 Other current financial assets 24.33
24.22 24.29 1.32 Assets classified as held for sale 78.84 78.84
78.84 78.84 Cash and short term deposits 4.17 1.60 52.94 104.85
4,421.32 3,920.20 4,002.35 3,070.18 Total assets 7,134.24
6,472.40 6,565.41 5,450.49
Equity and liabilities
Stated capital 1,008.45 1,008.45 1,008.45 1,008.45 Capital
reserves 983.91 983.91 983.91 983.91 Revenue reserves 1,830.50
1,711.35 1,901.42 1,747.09
Total equity 3,822.86 3,703.71 3,893.78 3,739.45
Non-current liabilitiesInterest bearing borrowings 57.79 65.87
58.35 26.73 Retirement benefit obligations 162.57 142.10 143.41
126.08 Deferred tax liabilities 79.69 99.69 87.09 93.10
300.05 307.66 288.85 245.91 Current liabilitiesTrade payables
937.35 849.13 701.45 704.96 Income tax payable - 16.62 - 82.99
Accruals and other payables 333.78 201.21 178.72 222.54
Interest-bearing borrowings 1,740.20 1,394.07 1,502.61 454.64
3,011.33 2,461.03 2,382.78 1,465.13 Total equity and liabilities
7,134.24 6,472.40 6,565.41 5,450.49
Net assets per share 40.34 39.08 41.09 39.46
(Sgd) P D S RuwanpuraGroup Chief Financial Officer /
Secretary
The Board of Directors is responsible for the preparation and
presentation of these Financial Statements.
(Sgd) B R L Fernando (Sgd) S P S Ranatunga Chairman Managing
Director/CEO06th February 2013
Equity attributable to equity holders of the company
I certify that the Financial Statements have been prepared in
accordance with the requirements of the Companies Act No.07 of
2007.The above figures are unaudited.
CIC Holdings PLC 04
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CIC Holdings PLC Consolidated Statements of Financial
Position31st December 2012 2011 31.03.2012 01.04.2011(In
Rs.Mns)
AssetsNon- current assetsProperty, plant & equipment
7,846.81 6,852.57 7,502.79 6,402.59 Investment property 98.95 97.08
99.00 97.14 Capital work-in-progress 966.04 552.40 531.46 199.88
Deposit on leasehold property 17.27 13.75 13.68 13.96 Biological
assets 94.74 74.56 78.74 74.52 Intangible assets 161.38 137.37
159.02 95.26 Deferred tax assets 43.18 24.80 28.68 24.80 Investment
in equity accounted investees 718.39 729.66 708.18 627.11 Other
non-current financial assets 80.15 61.87 66.60 57.48
10,026.91 8,544.06 9,188.15 7,592.74 Current assetsInventories
5,866.61 5,348.34 4,963.88 4,082.52 Trade receivables 5,159.40
4,560.55 3,958.69 4,287.97 Other receivables 7,792.48 6,799.45
6,907.87 3,298.30 Other current financial assets 60.14 89.00 68.53
64.66 Assets classified as held for sale 118.38 78.84 78.84 78.84
Cash and short term deposits 726.45 642.82 655.51 666.69
19,723.46 17,519.00 16,633.32 12,478.98 Total assets 29,750.37
26,063.06 25,821.47 20,071.72
Equity and liabilities
Stated capital 1,008.45 1,008.45 1,008.45 1,008.45 Capital
reserves 1,642.84 1,600.43 1,643.74 1,602.39 Revenue reserves
4,639.25 4,630.75 4,708.98 4,139.58
7,290.54 7,239.63 7,361.17 6,750.42 Minority Interest 1,641.35
1,685.74 1,688.22 1,645.41 Total equity 8,931.89 8,925.37 9,049.39
8,395.83
Non-current liabilitiesInterest bearing borrowings 1,131.46
780.53 684.03 606.86 Retirement benefit obligations 428.17 353.59
376.33 309.79 Grants 33.15 4.90 22.77 6.13 Deferred tax liabilities
314.15 324.43 319.22 317.84
1,906.93 1,463.45 1,402.35 1,240.62
Current liabilitiesTrade payables 6,920.79 7,901.51 6,378.36
4,771.84 Income tax payable 60.83 101.28 76.59 157.63 Accruals and
other payables 733.52 653.81 624.29 627.47 Interest-bearing
borrowings 11,196.41 7,017.64 8,290.49 4,878.33
18,911.55 15,674.24 15,369.73 10,435.27 Total equity and
liabilities 29,750.37 26,063.06 25,821.47 20,071.72
Net assets per share 76.93 76.39 77.67 71.23
(Sgd) P D S RuwanpuraGroup Chief Financial Officer /
Secretary
The Board of Directors is responsible for the preparation and
presentation of these Financial Statements.
(Sgd) B R L Fernando (Sgd) S P S Ranatunga Chairman Managing
Director/CEO06th February 2013
The above figures are unaudited.I certify that the Financial
Statements have been prepared in accordance with the requirements
of the Companies Act No.07 of 2007.
Equity attributable to equity holders of the company
CIC Holdings PLC 05
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CIC Holdings PLC
Statement of Changes In EquityFor the period ended 31st December
2012
Company
(In Rs. Mns)
As at 1 April 2012 1,008.45 983.91 782.60 (9.19) 1,128.01
3,893.78
Profit for the period - - - - 140.38 140.38 Other comprehensive
income - - - 0.04 - 0.04 Dividends (211.34) (211.34)
As at 31 December 2012 1,008.45 983.91 782.60 (9.15) 1,057.05
3,822.86
As at 1 April 2011 1,008.45 983.91 782.60 0.84 963.65
3,739.45
Profit for the period - - - - 239.72 239.72 Other comprehensive
income - - - (10.10) - (10.10) Dividends (265.36) (265.36)
As at 31 December 2011 1,008.45 983.91 782.60 (9.26) 938.01
3,703.71
Group
(In Rs. Mns)
As at 1 April 2012 1,008.45 1,643.05 863.42 (8.91) 0.69 3,854.47
7,361.17 1,688.22 9,049.39
Profit for the period - - - - 175.65 175.65 25.81 201.46 Other
comprehensive income 0.04 (0.90) 0.53 (0.33) (0.51) (0.84)
Dividends (211.34) (211.34) - (211.34) Subsidiary dividends to
non-controlling interest (6.64) (6.64) Change in effective holding
(34.61) (34.61) (65.53) (100.14)
As at 31 December 2012 1,008.45 1,643.05 863.42 (8.87) (0.21)
3,784.70 7,290.54 1,641.35 8,931.89
As at 1 April 2011 1,008.45 1,602.39 863.42 1.31 - 3,274.85
6,750.42 1,645.41 8,395.83
Profit for the period - - - - - 744.63 744.63 159.34 903.97
Other comprehensive income (10.10) - - (10.10) - (10.10) Dividends
- - - - - (265.36) (265.36) - (265.36) Subsidiary dividends to
non-controlling interest - - - - - - (61.01) (61.01) Change in
effective holding - (1.96) - - - 22.00 20.04 (27.36) (7.32)
Acquistion of a susidiary - - - - - - - (30.64) (30.64)
As at 31 December 2011 1,008.45 1,600.43 863.42 (8.79) -
3,776.12 7,239.63 1,685.74 8,925.37
Note:Figures in brackets indicate deductions.The above figures
are audited.
Total Equity Non-
controlling interest
Total
Total
Retained Earnings
Attributable to the equity holders of the company
General Reserves
Revaluation Reserve
Stated Capital
Foreign currency
equalisation reserve
Available for sale Reserve
Available for sale Reserve
Capital Reserve Genral Reserve
Stated Capital
Retained Earnings
CIC Holdings PLC 06
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CIC Holdings PLC
For the period ended 31st December 2012 2011 2012 2011(In
Rs.Mns)Cash flow from operating activities
Cash generated from operations (Note A) 165.75 (487.35) (890.05)
11.05 Net interest paid (155.17) (68.76) (893.32) (486.03)
Retirement benefit costs paid (6.30) (2.47) (14.11) (10.76) Income
tax paid (52.12) (137.37) (111.95) (328.65)
Net cash inflow/(outflow) from operating activities (47.84)
(695.95) (1,909.43) (814.39)
Cash flow from investing activities
Addition to property, plant & equipment (185.72) (156.64)
(1,290.27) (1,108.82) Addition to biological assets - - (91.00)
(7.46) Acquisition of leasehold property - - (3.80) 90.34 Proceeds
from disposal of property, plant & equipment 16.53 10.76 81.99
- Proceeds from disposal of investments - 6.00 0.46 3.41 Proceeds
from sale of biological assets - - 46.06 7.42 Grants received - -
14.75 0.25 Dividend received from subsidiaries 7.40 55.61 - -
Dividend received from equity accounted investees 207.36 108.00
208.66 108.86 Dividend received from other companies 0.44 0.25 2.28
1.76 Increase in intangible assets - - - (23.22) Investment in
subsidiaries and equity accounted investees (0.50) (11.21) (16.13)
(40.51) Other investments (30.00) (63.00) (2.19) (8.64) Subsidiary
dividends to non-controlling interest - - (6.64) (61.01)
Net cash inflow/(outflow) from investing activities 15.51
(50.23) (1,055.83) (1,037.62)
Net Cash inflow/(outflow) before financing activities (32.33)
(746.18) (2,965.26) (1,852.01)
Cash flow from financing activities
Dividends paid (211.34) (265.36) (211.34) (265.36) Net Staff
loans repaid 1.95 - (1.46) (72.51) Long-term loan
received/(settled) (39.26) (14.99) 35.05 (452.26)
Net cash inflow/(outflow) from financing activities (248.65)
(280.35) (177.75) (790.13)
Net increase / (decrease) in cash & cash equivalents during
the period (280.98) (1,026.53) (3,143.01) (2,642.14)
Cash & cash equivalents at the beginning of the period
(1,420.91) (338.04) (7,128.45) (3,732.68) -
Cash & cash equivalents at the end of the period (Note B)
(1,701.89) (1,364.57) (10,271.46) (6,374.82)
Note A - Cash generated from / (used for) operations
Profit before interest and tax 321.55 386.07 996.16 1,469.58
Adjustments for:Depreciation on property, plant & equipment
102.66 85.79 521.08 433.38 Depreciation on investment property - -
0.05 - (Gain) /loss on disposal of property, plant & equipment
(10.70) (5.05) (26.59) (32.13) (Gain) /loss on disposal of
subsidiary and equity accounted investees - (1.10) - - (Gain) /loss
on disposal of long term investments - - - (2.33) Provision for
retirement benefit 25.46 18.49 66.58 52.10 Amotisation of surplus
on acquision - - - (5.42) Amortisation of deposit paid for
leasehold property - 0.21 0.21 Provison for fall in value of
investments - - (1.93) - Exchange difference on translating foreign
entity - (1.51) - Grants amortised - - (4.37) (1.48) Dividend
income (215.20) (163.86) (2.28) (1.76)
Operating profit before working capital changes 223.77 320.34
1,547.40 1,912.15
(Increase)/decrease in trade and other receivables (41.48)
(560.53) (2,186.38) (3,751.67) (Increase)/decrease in inventories
(407.50) (370.00) (902.73) (1,254.12) Increase/(decrease) in trade
and other payables 390.96 122.84 651.66 3,104.69
Cash generated from / (used for) operations 165.75 (487.35)
(890.05) 11.05
Note B - Analysis of cash & cash equivalents at the end of
the periodCash in hand and at bank 4.17 1.60 726.45 642.82
Short-term interest bearing borrowings (1,706.06) (1,366.17)
(10,997.91) (7,017.64)
(1,701.89) (1,364.57) (10,271.46) (6,374.82)
Cash Flow StatementsGroupCompany
CIC Holdings PLC 07
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CIC Holdings PLCSegmental Information
For the Nine months ended 31st December 2012 2011(In Rs.
Mns)
Operating SegmentsThe Following table presents revenue, profit
information regarding the Group's operating segments.
(a) Segmental Revenue
Construction Industry 476.83 620.36Agricultural & Livestock
Industry 11,721.53 11,502.52Industrial Raw Material 1,191.46
757.00Packaging Industry 596.25 502.77Consumer & Pharmaceutical
3,854.48 3,425.49Others 2.57 58.88Total Revenue 17,843.12
16,867.02
Intra-group sales (87.31) (67.64)
Net Revenue 17,755.81 16,799.38
(b) Segmental Results
Construction Industry 49.65 36.99Agricultural & Livestock
Industry 796.58 1,118.89Industrial Raw Material 12.89
31.29Packaging Industry 98.35 108.23Consumer & Pharmaceutical
125.45 180.08Others (0.29) (3.43)Net Segmental Results 1,082.63
1,472.05
Unallocated expenses (170.55) (66.37)Other income 84.08
63.90Financing costs (893.32) (486.03)Share of profit of equity
accounted investees 226.28 202.09Tax expense (127.66)
(281.67)Profit for the period 201.46 903.97
Attributable to:
Equity holders of the Company 175.65 744.63Non- controlling
interest 25.81 159.34
Profit for the period 201.46 903.97
Note :The above figures are provisional and unaudited.Figures in
brackets indicate deductions.
CIC Holdings PLC 08
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CIC Holdings PLC 9
Notes to the interim condensed financial statements 1 Corporate
information CIC Holdings PLC is a public limited company
incorporated and domiciled in Sri Lanka and listed on the Colombo
Stock Exchange. The address of the company’s registered office and
the principle place of business is No 199, Kew Road, Colombo. 2
Interim condensed financial statements The financial statements for
the period ended 31 December 2012, includes “the Company” referring
to CIC Holdings PLC, as the holding company and “the Group”
referring to the companies whose accounts have been consolidated
therein. 3 Approvals of financial statements The interim condensed
financial statements of the Group and the Company for the 9 months
ended 31 December 2012 were authorized for issue by the Board of
Directors on 06th February 2013. 4 Basis of preparation The interim
condensed financial statements have been prepared in compliance
with Sri Lanka Accounting Standard LKAS 34 - Interim Financial
Reporting. These interim condensed financial statements should be
read in conjunction with the annual financial statements for the
year ended 31 March 2012, and changes to the accounting policies as
given in Note 6 to these financial statements. For all periods up
to and including the year ended 31 March 2012, the Group prepared
its financial statements in accordance with SLAS which were
effective up to 31 March 2012. The financial statements for the
quarter ended 30 September 2012 are the first financial statements
prepared and presented in accordance with Sri Lanka Accounting
Standards (SLFRS/LKAS) immediately effective from 1 April 2012.
These SLFRS/LKASs have materially converged with the International
Financial Reporting Standards as issued by the International
Accounting Standards Board (IASB). The effect of the transition to
SLFRS/LKAS on previously reported financial positions and financial
performances of the Group and the Company is given in
Reconciliations to the financial statements. The interim condensed
financial statements have been prepared on a historical cost basis,
except for biological assets, land & buildings and financial
instruments. The interim condensed financial statements are
presented in Sri Lankan Rupees and all values are rounded to the
nearest million except when otherwise indicated. 5 Basis of
consolidation The interim condensed consolidated financial
statements comprise the financial statements of the Company and its
subsidiaries as at each reporting date. Effective from 1st April
2012 the basis of consolidation will include the following changes;
5.1 A change in the ownership interest of a subsidiary, without a
loss of control, is accounted for as an equity transaction. 5.2 If
the Group loses control over a subsidiary, it: Derecognizes the
assets (including goodwill) and liabilities of the subsidiary.
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CIC Holdings PLC 10
Derecognizes the carrying amount of any non-controlling
interest. Derecognizes the cumulative translation differences,
recorded in equity. Recognizes the fair value of the consideration
received. Recognizes the fair value of any investment retained.
Recognizes any surplus or deficit in profit or loss. Reclassifies
the parent’s share of components previously recognized in other
comprehensive income to profit or loss or retained earnings, as
appropriate. 5.3 The Group measures goodwill at the acquisition
date as the fair value of the consideration transferred including
the recognized amount of any non-controlling interests in the
acquire, less the net recognized amount (generally fair value) of
the identifiable assets acquired and liabilities assumed, all
measured as of the acquisition date. When the excess is negative, a
bargain purchase gain is recognized immediately in profit or loss.
The Group elects on a transaction-by-transaction basis whether to
measure non-controlling interests at fair value, or at their
proportionate share of the recognized amount of the identifiable
net assets, at the acquisition date. Transaction costs, other than
those associated with the issue of debt or equity securities, that
the Group incurs in connection with a business combination are
expensed as incurred. 5.4 In a business combination achieved in
stages, the Group remeasures its previously held equity interest at
fair value in the acquiree at each acquisition-date and recognizes
the resulting gain or loss, if any, in profit or loss. 5.5 Upon
loss of joint control the Group measures and recognizes its
remaining investment at its fair value. Any difference between the
carrying amount of the former joint controlled entity upon loss of
joint control and the fair value of the remaining investment and
proceeds from disposal is recognized in profit or loss. When the
remaining investment constitutes significant influence, it is
accounted for as investment in an associate. 5.6 Upon loss of
significant influence over the associate, the Group measures and
recognizes any retaining investment at its fair value. Any
difference between the carrying amount of the associate upon loss
of significant influence and the fair value of the retaining
investment and proceeds from disposal is recognized in profit or
loss. 6 Significant accounting policies The changes to accounting
policies set out below have been applied consistently to all
periods presented in these interim condensed financial statements
and in preparing the opening SLFRS/LKAS statement of financial
position as at 1 April 2011 for the purpose of the transition to
SLFRS/LKAS, unless otherwise indicated. The presentation and
classification of the financial statements of the previous year
have been amended, where relevant, for better presentation and to
be comparable with those of the current year. 6.1 Financial assets
Initial recognition and measurement Financial assets within the
scope of LKAS 39 are classified as financial assets at fair value
through profit or loss, loans and receivables, held-to-maturity
investments and available-for-sale financial assets, as appropriate
and determine the classification of its financial assets at initial
recognition.
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CIC Holdings PLC 11
All financial assets are recognized initially at fair value
plus, in the case of investments not at fair value through profit
or loss, directly attributable transaction costs. The Group account
for the fair value changes between trade date and settlement date.
The financial assets include cash and short-term deposits, trade
and other receivables, loans and other receivables, quoted and
unquoted financial instruments. Subsequent measurement The
subsequent measurement of financial assets depends on their
classification as follows: Financial assets at fair value through
profit or loss Financial assets at fair value through profit or
loss include financial assets held for trading and financial assets
designated upon initial recognition at fair value through profit or
loss. Financial assets are classified as held for trading if they
are acquired for the purpose of selling or repurchasing in the near
term. Financial assets at fair value through profit and loss are
carried in the statement of financial position at fair value with
changes in fair value recognized in the income statement. Loans and
receivables Loans and receivables are non-derivative financial
assets with fixed or determinable payments that are not quoted in
an active market. After initial measurement, such financial assets
are subsequently measured at amortized cost, less impairment. The
losses arising from impairment are recognized in the income
statement. Held-to-maturity investments Non-derivative financial
assets with fixed or determinable payments and fixed maturities are
classified as held to-maturity when the Group has the positive
intention and ability to hold it to maturity. After initial
measurement, held-to-maturity investments are measured at amortized
cost using the effective interest method, less impairment. The
losses arising from impairment are recognized as finance cost in
the income statement. Available-for-sale financial investments
Available-for-sale financial investments include equity and debt
securities. Equity investments classified as available for-sale are
those, which are neither classified as held for trading nor
designated at fair value through profit or loss. Debt securities in
this category are those which are intended to be held for an
indefinite period of time and which may be sold in response to
needs for liquidity or in response to changes in the market
conditions. After initial measurement, available-for-sale financial
investments are subsequently measured at fair value with unrealized
gains or losses recognized as other comprehensive income in the
available-for-sale reserve until the investment is derecognized, at
which time the cumulative gain or loss is recognized in other
operating income, or determined to be impaired, at which time the
cumulative loss is reclassified to the income statement in finance
costs and removed from the available-for-sale reserve.
Derecognition A financial asset (or, where applicable a part of a
financial asset or part of a group of similar financial assets) is
derecognized when the rights to receive cash flows from the asset
have expired.
-
CIC Holdings PLC 12
The Group has transferred its rights to receive cash flows from
the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party under a
‘pass-through’ arrangement; and either
(a) The Group has transferred substantially all the risks and
rewards of the asset, or (b) The Group has neither transferred nor
retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
When the Group has transferred its rights to receive cash flows
from an asset or has entered into a pass-through arrangement, and
has neither transferred nor retained substantially all of the risks
and rewards of the asset nor transferred control of it, the asset
is recognized to the extent of the Group’s continuing involvement
in it. In that case, the Group also recognizes an associated
liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that
the Group has retained. Continuing involvement that takes the form
of a guarantee over the transferred asset is measured at the lower
of the original carrying amount of the asset and the maximum amount
of consideration that the Group could be required to repay.
Impairment of financial assets The Group assesses at each reporting
date whether there is any objective evidence that a financial asset
or a group of financial assets is impaired. A financial asset or a
group of financial assets is deemed to be impaired if, and only if,
there is objective evidence of impairment as a result of one or
more events that has occurred after the initial recognition of the
asset and that loss event has an impact on the estimated future
cash flows of the financial asset or the group of financial assets
that can be reliably estimated. Evidence of impairment may include
indications that the debtors or a group of debtors is experiencing
significant financial difficulty, default or delinquency in
interest or principal payments, the probability that they will
enter bankruptcy or other financial reorganization and where
observable data indicate that there is a measurable decrease in the
estimated future cash flows, such as changes in arrears or economic
conditions that correlate with defaults. 6.2 Financial liabilities
Initial recognition and measurement Financial liabilities within
the scope of LKAS 39 are classified as financial liabilities at
fair value through profit or loss, loans and borrowings as
appropriate and determine the classification of its financial
liabilities at initial recognition. All financial liabilities are
recognized initially at fair value and in the case of loans and
borrowings, plus directly attributable transaction costs. The
financial liabilities include trade and other payables, bank
overdrafts and loans and borrowings. Subsequent measurement The
subsequent measurement of financial liabilities depends on their
classification. Borrowings After initial recognition, interest
bearing loans and borrowings are subsequently measured at amortized
cost using the effective interest rate method. Gains and losses are
recognized in the income statement when the liabilities are
derecognized as well as through the effective interest rate method
(EIR) amortization process.
-
CIC Holdings PLC 13
Amortized cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortization is included in finance costs
in the income statement. Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net
amount reported in the consolidated statement of financial position
if, and only if, there is a currently enforceable legal right to
offset the recognized amounts and there is an intention to settle
on a net basis, or to realize the assets and settle the liabilities
simultaneously. Fair value of financial instruments The fair value
of financial instruments that are traded in active markets at each
reporting date is determined by reference to quoted market prices
or dealer price quotations, without any deduction for transaction
costs. Derecognition A financial liability is derecognized when the
obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by
another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the
original liability and the recognition of a new liability, and the
difference in the respective carrying amounts is recognized in the
income statement. 6.3 Operating Segment An operating segment is a
component of the Group that engages in business activities from
which it may earn revenues and incur expenses, including revenues
and expenses that relate to transactions with any of the Group’s
other components. All operating segments’ operating results are
reviewed regularly by the Group’s CEO to make decisions about
resources to be allocated to the segment and to assess its
performance, and for which discrete financial information is
available. Segment results that are reported to the CEO include
items directly attributable to a segment as well as those that can
be allocated on a reasonable basis. Unallocated items comprise
mainly corporate assets, head office expenses, and income tax
assets and liabilities. 7 Standards issued but not yet effective
Standards issued but not yet effective up to the date of issuance
of the Group’s interim financial statements are listed below. This
listing of standards issued is those that the Group reasonably
expects to have an impact on disclosures, financial position or
performance when applied at a future date. The Group intends to
adopt these standards when they become effective. 7.1 SLFRS
10-Consolidated Financial Statements SLFRS 10 replaces the portion
of LKAS 27 Consolidated and Separate Financial Statements that
addresses the accounting for consolidated financial statements. It
also includes the issues raised in Standard Interpretation
Committee - SIC-12 Consolidation - Special Purpose Entities. SLFRS
10 establishes a single control model that applies to all entities
including special purpose entities. The changes introduced by SLFRS
10 will require management to exercise significant
-
CIC Holdings PLC 14
judgment to determine which entities are controlled, and
therefore, are required to be consolidated by a parent, compared
with the requirements that were in LKAS 27. This standard becomes
effective for annual periods beginning on or after 1 January 2013.
7.2 SLFRS 11-Joint Arrangements SLFRS 11 replaces LKAS 31 Interests
in Joint Ventures and SIC-13 Jointly-controlled Entities -
Non-monetary Contributions by Ventures. SLFRS 11 removes the option
to account for jointly controlled entities (JCEs) using
proportionate consolidation. Instead, JCEs that meet the definition
of a joint venture must be accounted for using the equity method.
The application of this new standard will impact the financial
position of the Group. This is due to the cessation of
proportionate consolidating of joint ventures being changed to
equity accounting. This standard becomes effective for annual
periods beginning on or after 1 January 2013. 7.3 SLFRS
12-Disclosure of Interests in other entities SLFRS 12 includes all
of the disclosures that were previously in LKAS 27 related to
consolidated financial statements, as well as all of the
disclosures that were previously included in LKAS 31 and LKAS 28.
These disclosures relate to an entity’s interests in subsidiaries,
joint arrangements, associates and structured entities. A number of
new disclosures are also required. This standard becomes effective
for annual periods beginning on or after 1 January 2013. 7.4 SLFRS
13-Fair Value Measurement SLFRS 13 establishes a single source of
guidance under SLFRS for all fair value measurements. SLFRS 13 does
not state when an entity is required to use fair value, but rather
provides guidance on how to measure fair value under SLFRS when
fair value is required or permitted. The Group is currently
assessing the impact that this standard will have on the financial
position and performance. This standard becomes effective for
annual periods beginning on or after 1 January 2013. 8 First time
adoption of SLFRS/LKAS The interim condensed financial statements,
for the period ended 30 September 2012, are the first financial
statements prepared in accordance with SLFRS/LKAS. Previously for
periods up to and including the year ended 31 March 2012, the Group
and Company prepared its financial statements in accordance with
Sri Lanka Accounting Standards which were effective up to 31 March
2012. In preparing these financial statements, the opening
statement of financial position was prepared as at 1 April 2011,
the date of transition to SLFRS/LKAS. This note summarizes and
explains the principal adjustments made in restating its SLAS
statement of financial position as at 1 April 2011, 31 March 2012
and its previously published SLAS financial statements as at and
for the period ended 31 December 2011. Exemptions applied SLFRS 1
First-Time Adoption of Sri Lanka Financial Reporting Standards
allows first-time adopters certain exemptions from the
retrospective application of certain SLFRS/LKAS.
-
CIC Holdings PLC 15
8.1 The Group has applied the following optional exemptions:
SLFRS 3 Business Combinations has not been applied to acquisitions
of subsidiaries, which are considered businesses for SLFRS/LKAS, or
of interests in associates and joint ventures that occurred before
1 April 2011. Use of this exemption means that the SLAS carrying
amounts of assets and liabilities, which are required to be
recognized under SLFRS/LKAS, are stated at their deemed cost at the
date of the acquisition. After the date of the acquisition,
measurement is in accordance with SLFRS/LKAS. Assets and
liabilities that do not qualify for recognition under SLFRS are
excluded from the opening SLFRS statement of financial position.
SLFRS 1 also requires that the SLAS carrying amount of goodwill
must be used in the opening SLFRS statement of financial position
(apart from adjustments for goodwill impairment and recognition or
derecognition of intangible assets). In accordance with SLFRS 1,
the Group has tested goodwill for impairment at the date of
transition to SLFRS/LKAS. Fully depreciated assets have been
revalued on the basis of valuations performed on1 April 2011. The
Group has elected to regard those values as deemed cost at the date
of transition to SLFRS’s/LKAS. Unquoted equity instruments The
Group has designated unquoted equity instruments held as at 1 April
2011 as available-for-sale investments. 8.2 The Group has applied
the following mandatory exceptions: Significant accounting
judgment, estimates and assumptions Significant accounting
judgment, estimates and assumptions at 1 April 2011 and at 31 March
2012 are consistent with those made for the same dates in
accordance with SLAS. (After adjustments to reflect any differences
in accounting policies). The estimates used by the Group to present
these amounts in accordance with SLFRS/LKAS effective from 1 April
2012 reflect conditions at 1 April 2011, the date of transition to
SLFRS/LKAS and as of March 31, 2012. 9 Explanations for transition
to SLFRS/LKASs In preparing SLFRS/LKAS statement of financial
position for previously reported financial periods, required
adjustments have been made in accordance with the respective
SLFRS/LKASs. The effect of the transition from SLASs to SLFRS/LKASs
has been presented in the reconciliation statements.
-
Reconcilation - Statements of Comprehensive Income
For the period ended 31st December 2011 As per SLAS
Remeasure
ments
As per
SLFRS/LKAS As per SLAS
Remeasurem
ents
As per
SLFRS/LKAS
(Rs.Mns)
Revenue 4,589.46 - 4,589.46 16,797.85 1.53 16,799.38 Cost of
sales (3,430.01) (1.86) (3,431.87) (12,646.56) (10.85) (12,657.41)
Gross profit 1,159.45 (1.86) 1,157.59 4,151.29 (9.32) 4,141.97
Other income 193.07 (1.74) 191.33 91.59 (27.69) 63.90
Distribution expenses (448.57) (2.01) (450.58) (1,291.15) (14.21)
(1,305.36) Administrative expenses (511.25) (1.02) (512.27)
(1,433.46) 2.53 (1,430.93) Other expenses (13.71) 13.71 - (79.65)
79.65 - Financing costs (59.49) (9.27) (68.76) (434.69) (51.34)
(486.03) Share of profit of equity accounted investees - - - 202.09
- 202.09
Profit before tax 319.50 (2.19) 317.31 1,206.02 (20.38)
1,185.64
Tax expense (71.00) (6.59) (77.59) (284.25) 2.58 (281.67)
Profit for the period 248.50 (8.78) 239.72 921.77 (17.80)
903.97
Other Comprehensive Income
Net gain/(losses) on available for sale financial assets -
(10.10) (10.10) - (10.10) (10.10)
Other Comprehensive Income for the period (net of tax) - (10.10)
(10.10) - (10.10) (10.10)
Total Comprehensive Income for the period (net of tax) 248.50
(18.88) 229.62 921.77 (27.90) 893.87
Profit Attributable to :
Equity holders of the Company 760.86 (16.23) 744.63
Non-controlling interest 160.91 (1.57) 159.34 921.77 (17.80)
903.97
The other comprehensive income attributable to:
Equity holders of the Company - (10.10) (10.10)
Non-controlling interest - - - - (10.10) (10.10)
Group Company
CIC Holdings PLC 16
-
CIC Holdings PLCReconciliation - Consolidated Statements of
Financial Position
As per SLAS
Remeasur
ement
As per
SLFRS/LKAS As per SLAS
Remeasure
ment
As per
SLFRS/LKAS As per SLAS
Remeasur
ement
As per
SLFRS/LKAS
(In Rs.Mns)
Assets
Non- current assets
Property, plant & equipment 6,796.78 55.79 6,852.57 7,454.81
47.98 7,502.79 6,346.35 56.24 6,402.59 Investment property 97.08 -
97.08 99.00 - 99.00 97.14 - 97.14 Capital work-in-progress 552.40 -
552.40 531.46 - 531.46 199.88 - 199.88 Deposit on leasehold
property 13.75 - 13.75 13.68 - 13.68 13.96 - 13.96 Biological
assets 74.56 - 74.56 78.74 - 78.74 74.52 - 74.52 Intangible assets
137.37 - 137.37 159.02 - 159.02 95.26 - 95.26 Deferred tax assets
24.80 - 24.80 28.68 - 28.68 24.80 - 24.80 Investment in equity
accounted investees 729.66 - 729.66 708.18 - 708.18 627.11 - 627.11
Other non-current financial assets 41.81 20.06 61.87 6.35 60.25
66.60 3.82 53.66 57.48
8,468.21 75.85 8,544.06 9,079.92 108.23 9,188.15 7,482.84 109.90
7,592.74 Current assetsInventories 5,305.89 42.45 5,348.34 4,889.70
74.18 4,963.88 4,031.33 51.19 4,082.52 Trade receivables 4,630.44
(69.89) 4,560.55 4,399.24 (440.55) 3,958.69 4,352.95 (64.98)
4,287.97 Other receivables 6,818.02 (18.57) 6,799.45 6,929.88
(22.01) 6,907.87 3,320.36 (22.06) 3,298.30 Other current financial
assets 69.88 19.12 89.00 68.53 - 68.53 68.44 (3.78) 64.66 Assets
classified as held for sale 78.84 - 78.84 78.84 - 78.84 78.84 -
78.84 Cash and short term deposits 642.82 - 642.82 655.51 - 655.51
666.69 - 666.69
17,545.89 (26.89) 17,519.00 17,021.70 (388.38) 16,633.32
12,518.61 (39.63) 12,478.98 Total assets 26,014.10 48.96 26,063.06
26,101.62 (280.15) 25,821.47 20,001.45 70.27 20,071.72
Equity and liabilities
Stated capital 1,008.45 - 1,008.45 1,008.45 - 1,008.45 1,008.45
- 1,008.45 Capital reserves 1,557.51 42.92 1,600.43 1,599.18 44.56
1,643.74 1,559.47 42.92 1,602.39 Revenue reserves 4,666.81 (36.06)
4,630.75 4,738.80 (29.82) 4,708.98 4,149.31 (9.73) 4,139.58
7,232.77 6.86 7,239.63 7,346.43 14.74 7,361.17 6,717.23 33.19
6,750.42 Minority interest 1,670.47 15.27 1,685.74 1,703.37 (15.15)
1,688.22 1,628.57 16.84 1,645.41 Total equity 8,903.24 22.13
8,925.37 9,049.80 (0.41) 9,049.39 8,345.80 50.03 8,395.83
Non-current liabilitiesInterest bearing borrowings 780.53 -
780.53 684.03 - 684.03 606.86 - 606.86 Retirement benefit
obligations 353.59 - 353.59 376.33 - 376.33 309.79 - 309.79 Grants
4.90 - 4.90 22.77 - 22.77 6.13 - 6.13 Deferred tax liabilities
310.34 14.09 324.43 312.22 7.00 319.22 310.34 7.50 317.84
1,449.36 14.09 1,463.45 1,395.35 7.00 1,402.35 1,233.12 7.50
1,240.62
Current liabilitiesTrade payables 7,888.54 12.97 7,901.51
6,665.28 (286.92) 6,378.36 4,758.87 12.97 4,771.84 Income tax
payable 101.51 (0.23) 101.28 76.41 0.18 76.59 157.86 (0.23)
157.63
Accruals and other payables 653.81 - 653.81 624.29 - 624.29
627.47 - 627.47 Interest-bearing borrowings 7,017.64 - 7,017.64
8,290.49 - 8,290.49 4,878.33 - 4,878.33
15,661.50 12.74 15,674.24 15,656.47 (286.74) 15,369.73 10,422.53
12.74 10,435.27 Total equity and liabilities 26,014.10 48.96
26,063.06 26,101.62 (280.15) 25,821.47 20,001.45 70.27
20,071.72
As at 31st December 2011 As at 31st March 2012 As at 01st April
2011
Equity attributable to equity holders of the company
CIC Holdings PLC 17
-
CIC Holdings PLCReconciliation - Company Statements of Financial
Position
(In Rs.Mns)
Assets As per SLAS
Remeasur
ement
As per SLFRS/LKAS
As per SLAS
Remeasurement
As per SLFRS/LKAS
As per SLAS
Remeasurement
As per SLFRS/LKAS
Non- current assets
Property, plant & equipment 1,767.11 11.13 1,778.24 1,772.93
11.58 1,784.51 1,631.25 11.58 1,642.83
Capital work-in-progress 8.74 - 8.74 12.88 - 12.88 8.74 -
8.74
Investment in equity accounted investees 36.00 - 36.00 36.00 -
36.00 36.00 - 36.00
Investment in subsidiaries 611.64 - 611.64 614.13 - 614.13
605.33 - 605.33
Other non-current financial assets 130.07 (12.49) 117.58 96.60
18.94 115.54 67.07 20.34 87.41
2,553.56 (1.36) 2,552.20 2,532.54 30.52 2,563.06 2,348.39 31.92
2,380.31
Current assets
Inventories 1,454.88 - 1,454.88 1,450.22 - 1,450.22 1,084.88 -
1,084.88
Trade receivables 2,066.35 (16.17) 2,050.18 2,064.40 11.58
2,075.98 1,625.07 (14.17) 1,610.90
Other receivables 331.20 (20.72) 310.48 338.86 (18.78) 320.08
210.21 (20.82) 189.39
Other current financial assets - 24.22 24.22 24.29 - 24.29 1.32
1.32
Assets classified as held for sale 78.84 - 78.84 78.84 - 78.84
78.84 - 78.84
Cash and short term deposits 1.60 - 1.60 52.94 - 52.94 104.85 -
104.85
3,932.87 (12.67) 3,920.20 4,009.55 (7.20) 4,002.35 3,103.85
(33.67) 3,070.18
Total assets 6,486.43 (14.03) 6,472.40 6,542.09 23.32 6,565.41
5,452.24 (1.75) 5,450.49
Equity and liabilities
Stated capital 1,008.45 - 1,008.45 1,008.45 - 1,008.45 1,008.45
- 1,008.45
Capital reserves 975.57 8.34 983.91 975.57 8.34 983.91 975.57
8.34 983.91
Revenue reserves 1,743.55 (32.20) 1,711.35 1,889.68 11.74
1,901.42 1,760.42 (13.33) 1,747.09
3,727.57 (23.86) 3,703.71 3,873.70 20.08 3,893.78 3,744.44
(4.99) 3,739.45
Non-current liabilities
Interest bearing borrowings 65.87 - 65.87 58.35 - 58.35 26.73 -
26.73
Retirement benefit obligations 142.10 - 142.10 143.41 - 143.41
126.08 - 126.08
Deferred tax liabilities 89.86 9.83 99.69 83.85 3.24 87.09 89.86
3.24 93.10
297.83 9.83 307.66 285.61 3.24 288.85 242.67 3.24 245.91
Current liabilities
Trade payables 849.13 - 849.13 701.45 - 701.45 704.96 -
704.96
Income tax payable 16.62 - 16.62 - - - 82.99 - 82.99
Accruals and other payables 201.21 - 201.21 178.72 - 178.72
222.54 - 222.54
Interest-bearing borrowings 1,394.07 - 1,394.07 1,502.61 -
1,502.61 454.64 - 454.64
2,461.03 - 2,461.03 2,382.78 - 2,382.78 1,465.13 - 1,465.13
Total equity and liabilities 6,486.43 (14.03) 6,472.40 6,542.09
23.32 6,565.41 5,452.24 (1.75) 5,450.49
As at 31st December 2011 As at 31st March 2012 As at 1st April
2011
Equity attributable to equity holders of the company
CIC Holdings PLC 18
-
CIC Holdings PLC
Notes to the Financial Statements
For the period ended 31st December 2012 2011 2012 2011 (In
Rs.Mns)
10 Other IncomeRent income 22.00 19.89 21.34 19.57 Divided
income 215.20 163.86 2.28 1.76 Net gain on disposal of Investments
- 1.10 - 2.33 Net gain on disposal of property, plant and equipment
7.58 5.05 26.60 32.13 Negative good will amortized - - - 5.42
Grants amortized - - 0.75 0.75 Sundry income 6.03 1.43 33.11
1.94
250.81 191.33 84.08 63.90
11 Net Finance CostInterest on loans 180.33 52.34 1046.09
407.91Interest on finance leases 10.49 7.15 35.87 26.78Exchange
loss 8.71 13.71 - 79.65Total interest expense 199.53 73.20 1,081.96
514.34
Finance incomeExchange gain 44.30 4.39 157.56 - Interest income
0.06 0.05 31.08 28.31
44.36 4.44 188.64 28.31 Net finance costs 155.17 68.76 893.32
486.03
12 Market value of sharesFor the three months ended 31st
December
Voting Non-Voting Voting Non-VotingRs. Rs. Rs. Rs.
Highest 86.50 66.00 135.00 88.80Lowest 61.90 53.00 100.10
70.30Period end 64.30 55.20 111.50 77.00
13 Number of SharesAs at end of 31st December 2012 2011
Ordinary Shares 72,900,000 72,900,000 Non-Voting (Class X)
21,870,000 21,870,000 Total 94,770,000 94,770,000
14 Dividend paidVoting Non-Voting Voting Non-Voting
Rs. Rs. Rs. Rs.
Interim 1.60 1.60 0.75 0.75Final 1.60 1.60 2.00 2.00Total 3.20
3.20 2.75 2.75
An Interim dividend of Rs. .63 per share for the financial year
ended 31st March 2013 was paid on 26th December 2012
15
16
17 There were no other events subsequent to the balance sheet
date, which require disclosure in the interim financial
statements.
2011
Company Group
Shareholders of the Company resolved on 29th December 2010, the
issue of Three Hundred and Seventy Nine Thousand and Eighty
(379,080) Voting and One Million, Five
Hundred and Sixteen Thousand, Three Hundred and Twenty
(1,516,320) Non- Voting (Class X), Ordinary Shares (constituting
approximately 2% of the issued shares as at 18th
November 2010) to the eligible employees of the company under an
Employee Share Option Scheme (ESOS). The shares under ESOS was
priced at the average of volume
weighted average market price of the Company’s shares for the
ten (10) market days immediately prior to the date of offer. The
shares were priced as follows.
Ordinary Shares - Rs. 136.12
Non- Voting (Class X) Shares -Rs. 95.19
There will be no financial assistance granted to employees with
regard to the ESOS. No options ware exercised as at the 06th
February 2013.
There has not been any significant changes in the nature of the
Contingent Liabilities which were disclosed in the Annual Report
for the year ended 31st March 2012.
2011/2012 2010/2011
2012
CIC Holdings PLC 19
-
CIC HOLDINGS PLC
As At 31st December 2012
1 Twenty Largest Shareholders
Voting (ordinary) shares Name No. of Shares %
01. Paints & General Industries Limited 38,860,349 53.3102.
Employees Provident Fund 3,851,336 5.2803. Sri Lanka Insurance
Corporation Ltd - Life Fund 3,409,594 4.6804. Employees Trust Fund
Board 2,763,891 3.7905. Associated Electrical Corporation Limited
2,753,657 3.7806. Mr. S.K. Wickremesinghe 1,498,022 2.0507. Bank of
Ceylon No. 1 Account 600,100 0.8208. Sri Lanka Insurance
Corporation Ltd - General Fund 439,300 0.6009. Mrs. K.J.M. De Silva
377,850 0.5210. Bank of Ceylon A/C Ceybank Century Growth Fund
354,086 0.4911. HSBC International Nom Ltd-SSBT-Russell
Institutional 352,900 0.4812. Mrs. L.K. Goonewardena 327,303
0.4513. Waldock Mackanzie Ltd / Hi-Line Trading (Pvt) Limited
327,000 0.4514. Colombo Fort Investments PLC 315,000 0.4315. HSBC
International Nom Ltd-SSBT-Russell Trust Company 311,400 0.4316.
Dr. H.R. & Mr. V.K.Wickremasinghe Custodian
Trustees Martin Wickremasinghe Trust Fund 310,491 0.4317. Mr. M.
Radhakrishnan 303,750 0.4218. Mr. G.N. Wikramanayake 265,625
0.3619. Miss. N.K.R.H. De Silva 249,150 0.3420. DFCC Bank A/C 1
247,900 0.34
57,918,704 79.45
Number of Shares Issued - 72,900,000 Ordinary Shares
Non-voting (class 'X') Shares Name No. of Shares %
01. Employees Provident Fund 2,437,089 11.1402. Paints &
General Industries Limited 726,301 3.3203. E.W. Balasuriya &
Co. (Pvt) Ltd 632,600 2.8904. Employees Trust Fund Board 479,477
2.1905. DFCC Bank A/C No.01 389,400 1.7806. Mrs. M.S.E.V.E.A.U. Von
Stumm 379,283 1.7307. Deutsche Bank AG as trustee for JB Vantage
value E 325,330 1.4808. Nuwara Eliya Property Developers (Pvt) Ltd
304,000 1.3909. Ceylinco Insurance PLC A/C No.1 (Life Fund) 240,000
1.1010. Mrs. K.J.M. De Silva 238,710 1.0911. Mrs. C. Jayawardene
231,763 1.0612. Mr. K.C. Vignarajah 218,225 1.0013. Mas Capital
(Pvt) Limited 200,000 0.9114. Genesiis Software (Pvt) Ltd 191,200
0.8715. Aruna Equity Care (Pvt) Ltd 188,942 0.8616. National
Savings Bank 183,700 0.8417. Mr. W.R.H. Perera 172,284 0.7918. Mr.
M.J. Fernando 163,500 0.7519. Commercial Bank of Ceylon PLC A/C No.
04 161,400 0.7420. Singalanka Standard Chemicals PLC 155,900
0.71
8,019,104 36.66
Number of Shares issued - 21,870,000 Non-Voting (Class-'X')
Shares
Shareholder & investor information
CIC Holdings PLC 20
-
CIC HOLDINGS PLC
As At 31st December 2012
2 Shares held by Public
Type No.of Shares %
Ordinary Shares 33,801,629 46.37Non Voting (Class - X) Shares
18,627,556 85.18
* Employee Provident Fund held 11.14% of Non- Voting shares
3 Shares held by Director's together with the members of their
families
Type No.of Shares %
Ordinary Shares 238,022 0.33Non Voting (Class - X) Shares 79,054
0.36
4 Shares held by the Parent Company
Type No.of Shares %
Ordinary Shares 38,860,349 53.31Non Voting (Class - X) Shares
726,301 3.32
5 Directors' shareholding together with the members of their
families
As at 31.12.2012 31.03.2012 31.12.2012 31.03.2012
B R L Fernando - Chairman 237,942 237,942 39,765 39,765 S P S
Ranatunga - Managing Director / CEO - - 22,950 22,950 S H
Amarasekera - - - - E F G Amerasinghe - - - - R N Asirwatham - - -
- R S Captain 80 80 139 139 M P Jayawardena - - 16,200 16,200 Prof.
PWM B B Marambe - - - -
238,022 238,022 79,054 79,054
6 Share TradingFor the Quarter ended
Ordinary shares Non-Voting
(Class X)Ordinary shares
Non-Voting
(Class X)
No of shares traded 544,684 401,745 672,100 530,200 No. of
transactions 704 460 411 489 Value of shares traded (Rs.)
41,033,374 23,582,391 77,773,180 41,839,430
Shareholder & investor information Cont…
Ordinary shares Non-Voting (Class X)
31st December 2012 31st December 2011
CIC Holdings PLC 21
Interim Report 31 12 2012.pdfFinal Accounting Policies.pdfatfer
segmentl.pdf
