Ceylon Guardian Investment Trust PLC
Statement of Profit or Loss and Other Comprehensive Income - Group
(All figures are in Sri Lankan Rupees thousands)
Three months ended | Nine months ended | ||||||
31st December | 31st December | ||||||
2022 | 2021 | Change % | 2022 | 2021 | Change % | ||
Continuing operations | |||||||
Revenue | 310,021 | 335,640 | (8) | 667,381 | 783,071 | (15) | |
Net change in fair value through profit or loss | |||||||
financial assets | (657,732) | 826,174 | (180) | (35,184) | 455,655 | (108) | |
Profit/(loss) on investment activities | (347,711) | 1,161,814 | (130) | 632,197 | 1,238,726 | (49) | |
Administrative and other operating expenses | (72,126) | (53,072) | 36 | (202,245) | (152,340) | 33 | |
Profit/(loss) from operations | (419,837) | 1,108,742 | (138) | 429,952 | 1,086,386 | (60) | |
Profit/ (loss) from disposal of investment in | |||||||
subsidiary | - | (156,021) | (100) | - | (156,021) | (100) | |
Net finance expense | (43,766) | (1,170) | 3,641 | (91,491) | (4,982) | 1,736 | |
Profit/(loss) before taxation | (463,603) | 951,551 | (149) | 338,461 | 925,383 | (63) | |
Income tax expense | (45,216) | (13,715) | 230 | (106,111) | (39,334) | 170 | |
Profit/(loss) for the period from continuing | |||||||
operations | (508,819) | 937,836 | (154) | 232,350 | 886,049 | (74) | |
Discontinued operations | |||||||
Profit after tax for the period from discontinued | |||||||
operations | (484) | 1,192 | (141) | (3,464) | 10,102 | (134) | |
Profit/(loss) for the period | (509,303) | 939,028 | (154) | 228,886 | 896,151 | (74) | |
Other comprehensive income | 228,886 | ||||||
Items that will never be reclassified to profit or | |||||||
loss | |||||||
Net change in fair value through other | |||||||
comprehensive income financial assets | (270,807) | 1,885,429 | (114) | (1,430,677) | 1,486,883 | (196) | |
Items that are or maybe reclassified to profit or | |||||||
loss | |||||||
Net exchange difference on translation of foreign | |||||||
operations | 7,619 | 38 | 19,950 | 317,721 | 4,010 | 7,823 | |
Other comprehensive income / (expense) for the | |||||||
period | (263,188) | 1,885,467 | (114) | (1,112,956) | 1,490,893 | (175) | |
Total comprehensive income / (expense) for the | |||||||
period | (772,491) | 2,824,495 | (127) | (884,070) | 2,387,044 | (137) | |
Profit/(loss) attributable to: | |||||||
Equity holders of the parent | (426,601) | 827,164 | (152) | 208,864 | 777,478 | (73) | |
Non controlling interest | (82,702) | 111,864 | (174) | 20,022 | 118,673 | (83) | |
(509,303) | 939,028 | (154) | 228,886 | 896,151 | (74) | ||
Total comprehensive income/ (expense) | - | - | - | - | |||
attributable to: | |||||||
Equity holders of the parent | (644,983) | 2,391,638 | (127) | (714,637) | 2,014,553 | (135) | |
Non controlling interest | (127,508) | 432,857 | (129) | (169,433) | 372,491 | (145) | |
(772,491) | 2,824,495 | (127) | (884,070) | 2,387,044 | (137) | ||
- | - | - | - | ||||
Earnings per share (Rs.) | (4.83) | 9.37 | 2.37 | 8.81 | |||
Dividend per share (Rs.)* | - | - | - | - |
Change % represents the percentage change in the current period's results compared to the corresponding period of previous year.
- Dividend per share is based on the proposed/ interim dividends. Figures in brackets indicate deductions.
1
Ceylon Guardian Investment Trust PLC
Statement of Profit or Loss and Other Comprehensive Income - Company
(All figures are in Sri Lankan Rupees thousands)
Three months ended | Nine months ended | ||||||
31st December | 31st December | ||||||
2022 | 2021 | Change % | 2022 | 2021 | Change % | ||
Revenue | 92,645 | 64,414 | 44 | 298,497 | 289,737 | 3 | |
Net change in fair value through profit or loss | |||||||
financial assets | (181,890) | 603,851 | (130) | 101,194 | 462,098 | (78) | |
Profit/(loss) on investment activities | (89,245) | 668,265 | (113) | 399,691 | 751,835 | (47) | |
Administrative and other operating expenses | (28,064) | (26,690) | 5 | (77,707) | (61,840) | 26 | |
Profit/(loss) from operations | (117,309) | 641,575 | (118) | 321,984 | 689,995 | (53) | |
Profit from disposal of investment in subsidiary | - | 37,218 | (100) | - | 37,218 | (100) | |
Net finance expense | (20,426) | (1,037) | 1,870 | (44,264) | (4,347) | 918 | |
Profit/(loss) before taxation | (137,735) | 677,756 | (120) | 277,720 | 722,866 | (62) | |
Income tax expense | (19,265) | (3,032) | 535 | (45,919) | (11,392) | 303 | |
Profit/(loss) for the period | (157,000) | 674,724 | (123) | 231,801 | 711,474 | (67) | |
- | |||||||
Other comprehensive income | |||||||
Other comprehensive income for the period | - | - | - | - | - | - | |
Total comprehensive income / (expense) for the | |||||||
period | (157,000) | 674,724 | (123) | 231,801 | 711,474 | (67) | |
Earnings per share (Rs.) | (1.78) | 7.64 | 2.63 | 8.06 | |||
Dividend per share (Rs.)* | - | - | - | - |
Change % represents the percentage change in the current period's results compared to the corresponding period of previous year.
* Dividends per share is based on the proposed/ interim dividends.
Figures in brackets indicate deductions.
2
Ceylon Guardian Investment Trust PLC
Statement of Financial Position
(All figures are in Sri Lankan Rupees thousands)
Group | Company | ||||
31.12.2022 | 31.03.2022 | 31.12.2022 | 31.03.2022 | ||
As at | (Audited) | (Audited) | |||
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | 2,752 | 2,747 | - | - | |
Intangible assets | - | 2,594 | - | - | |
Right of use assets | 1,926 | 7,703 | - | - | |
Investment in subsidiaries | - | - | 1,785,546 | 1,785,546 | |
Investment in fair value through other comprehensive income | 5,962,861 | 7,393,538 | - | - | |
Deferred tax asset | 2,800 | 1,360 | - | - | |
Investments in fixed deposits | 3,365,569 | - | 1,689,372 | - | |
Total non-current assets | 9,335,908 | 7,407,942 | 3,474,918 | 1,785,546 | |
Current assets | 174,034 | 4,733 | 102,841 | ||
Trade and other receivables | 16,127 | ||||
Investments in equity and debt securities | 7,449,999 | 8,194,740 | 2,268,517 | 2,812,613 | |
Investments in unit trusts | 267,313 | 363,961 | 106,797 | 162,908 | |
Investments in fixed deposits | 1,061,857 | 982,954 | 330,391 | 360,028 | |
Cash and cash equivalents | 992,107 | 2,771,255 | 219,681 | 1,006,130 | |
Total current assets | 9,787,403 | 12,486,944 | 2,930,119 | 4,444,520 | |
Asset-held-for sale | 46,570 | 50,034 | 35,000 | 35,000 | |
Total assets | 19,169,881 | 19,944,920 | 6,440,037 | 6,265,066 | |
EQUITY AND LIABILITIES | - | - | |||
Equity | 1,128,726 | 1,128,726 | 1,128,726 | ||
Stated capital | 1,128,726 | ||||
Capital reserves | 324,836 | 324,836 | 208,660 | 208,660 | |
Revenue reserves | 14,083,363 | 15,047,768 | 4,786,989 | 4,757,371 | |
Total equity attributable to equity holders of the parent | 15,536,925 | 16,501,330 | 6,124,375 | 6,094,757 | |
Non controlling interest | 2,937,132 | 3,148,737 | - | - | |
Total equity | 18,474,057 | 19,650,067 | 6,124,375 | 6,094,757 | |
Non-current liabilities | 8,382 | - | - | ||
Employee benefits | 9,557 | ||||
Total non-current liabilities | 9,557 | 8,382 | - | - | |
Current liabilities | 187,739 | 40,279 | 98,896 | ||
Trade and other payables | 81,495 | ||||
Lease liabilities | 2,057 | 7,998 | - | - | |
Current tax liabilities | 40,182 | 32,205 | 15,040 | 12,884 | |
Short term borrowings | 562,533 | 58,529 | 260,343 | 58,529 | |
Total current liabilities | 686,267 | 286,471 | 315,662 | 170,309 | |
Total liabilities | 695,824 | 294,853 | 315,662 | 170,309 | |
Total equity and liabilities | 19,169,881 | 19,944,920 | 6,440,037 | 6,265,066 | |
- | - | - | - | ||
Net assets per ordinary/ deferred share (Rs.) | 175.98 | 185.87 | 69.37 | 68.65 |
The Statement of Financial Position as at 31st December 2022 and the related Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows for the period ended as disclosed in pages 1 to 5 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 & Signed on behalf of the Investment Managers, | Approved & 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 | ||
Colombo | ||
10th February 2023 |
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Ceylon Guardian Investment Trust PLC
Statement of Changes in Equity
(All figures are in Sri Lankan Rupees thousands)
GROUP | Attributable | |||||
to equity | Non | |||||
Stated | Capital | Revenue | holders of | controlling | Total | |
capital | reserves | reserves | the parent | interest | equity | |
Balance as at 1st April 2022 | 1,128,726 | 324,836 | 15,047,768 | 16,501,330 | 3,148,737 | 19,650,067 |
Surcharge tax for the year of assessment | ||||||
2020/21* | - | - | (73,194) | (73,194) | (16,533) | (89,727) |
Balance as at 1st April 2022 (adjusted) | 1,128,726 | 324,836 | 14,974,574 | 16,428,136 | 3,132,204 | 19,560,340 |
Profit/(loss) for the period | - | - | 208,864 | 208,864 | 20,022 | 228,886 |
Other comprehensive income / (expense) | ||||||
for the period | - | - | (923,501) | (923,501) | (189,455) | (1,112,956) |
Total comprehensive income / (expense) | ||||||
for the period | - | - | (714,637) | (714,637) | (169,433) | (884,070) |
Cash dividend | - | - | (176,574) | (176,574) | (25,639) | (202,213) |
Balance as at 31st December 2022 | 1,128,726 | 324,836 | 14,083,363 | 15,536,925 | 2,937,132 | 18,474,057 |
- | ||||||
Balance as at 1st April 2021 | 1,128,726 | 324,709 | 15,288,695 | 16,742,130 | 3,319,563 | 20,061,693 |
Profit/(loss) for the period | - | - | 777,478 | 777,478 | 118,673 | 896,151 |
Other comprehensive income /(expense) | ||||||
for the period | - | - | 1,237,075 | 1,237,075 | 253,818 | 1,490,893 |
Total comprehensive income/ (expense) | ||||||
for the period | - | - | 2,014,553 | 2,014,553 | 372,491 | 2,387,044 |
Cash dividend | - | - | (142,049) | (142,049) | (24,171) | (166,220) |
Elimination of Non controlling interest on | ||||||
disposal of Sri Lanka Fund | - | - | - | - | (127,598) | (127,598) |
Balance as at 31st December 2021 | 1,128,726 | 324,709 | 17,161,199 | 18,614,634 | 3,540,285 | 22,154,919 |
COMPANY | Stated | Capital | Revenue | Total | ||
capital | reserves | reserves | equity | |||
Balance as at 1st April 2022 | 1,128,726 | 208,660 | 4,757,371 | 6,094,757 | ||
Surcharge tax for the year of assessment 2020/21* | - | - | (25,609) | (25,609) | ||
Balance as at 1st April 2022 (adjusted) | 1,128,726 | 208,660 | 4,731,762 | 6,069,148 | ||
Profit/(loss) for the period | - | - | 231,801 | 231,801 | ||
Other comprehensive income / (expense) for the period | - | - | - | - | ||
Total comprehensive income / (expense) for the period | - | - | 231,801 | 231,801 | ||
Cash dividend | - | - | (176,574) | (176,574) | ||
Balance as at 31st December 2022 | 1,128,726 | 208,660 | 4,786,989 | 6,124,375 | ||
Balance as at 1st April 2021 | 1,128,726 | 208,660 | 5,059,992 | 6,397,378 | ||
Profit/(loss) for the period | - | - | 711,474 | 711,474 | ||
Other comprehensive income /(expense) for the period | - | - | - | - | ||
Total comprehensive income/ (expense) for the period | - | - | 711,474 | 711,474 | ||
Cash dividend | - | - | (142,049) | (142,049) | ||
Balance as at 31st December 2021 | 1,128,726 | 208,660 | 5,629,417 | 6,966,803 |
Figures in brackets indicate deductions.
- As per the provisions of Surcharge Tax Act No. 14 of 2022, although the Group / Company did not become liable to pay surcharge tax as a stand-alone entity, the Company and the Group were liable for surcharge tax on the basis that the Company and the Group were 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. 25,608,612/- out of the taxable income of Rs. 102,434,449/- pertaining to the year of assessment 2020/21 and the Group was liable for a surcharge tax of Rs. 89,727,650/- out of the taxable income of Rs. 358,910,600/-.The Company/ Group paid the surcharge tax liability in two equal installments on 18th April 2022 and 10th July 2022.
The expense of surcharge tax is accounted in accordance with the "Addendum to 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 10th August 2022.
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Ceylon Guardian Investment Trust plc published this content on 14 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2023 10:29:02 UTC.