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For The Period Ended 31st March 2017 CM HOLDINGS PLC CONSOLIDATED FINANCIAL STATEMENTS

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Page 1: CM HOLDINGS PLC - Colombo Stock Exchange · CM HOLDINGS PLC CONSOLIDATED FINANCIAL STATEMENTS. CM HOLDINGS PLC ... Capital Work in progress . 235,544 116,913 - 4,000 Investment property

For The Period Ended31st March 2017

CM HOLDINGS PLC

CONSOLIDATED FINANCIAL STATEMENTS

Page 2: CM HOLDINGS PLC - Colombo Stock Exchange · CM HOLDINGS PLC CONSOLIDATED FINANCIAL STATEMENTS. CM HOLDINGS PLC ... Capital Work in progress . 235,544 116,913 - 4,000 Investment property

CM HOLDINGS PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31.03.2017

Table of Contents

Statement of Comprehensive Income - Group 1

Statement of Comprehensive Income - Company 2

Statement of Financial Position 3

Statement of Changes in Equity 4

Statement of Cash Flows 5

Notes to the Financial Statements 6

Page 3: CM HOLDINGS PLC - Colombo Stock Exchange · CM HOLDINGS PLC CONSOLIDATED FINANCIAL STATEMENTS. CM HOLDINGS PLC ... Capital Work in progress . 235,544 116,913 - 4,000 Investment property

Page 1

CM Holdings PLC Provisional Financial Statements for the period ended 31.03.2017

(Unaudited) (Unaudited) (Unaudited) (Audited)

Quarter Quarter Year Yearended ended ended ended

31.03.2017 31.03.2016 Variance 31.03.2017 31.03.2016 Variance

Rs.'000 Rs.'000 % Rs. ' 000 Rs. ' 000 %

Revenue 853,785 684,829 25% 4,404,728 1,920,494 129%

Cost of sales (772,428) (526,344) 47% (3,860,187) (1,434,962) 169%

Gross profit 81,357 158,485 -49% 544,541 485,532 12%

Other Operating Income /(Expense) 28,843 59,348 -51% 61,822 208,300 -70%

Other gains/(losses) (26,745) (131,533) 80% 22,508 (121,090) 119%

Administrative Expenses (255,603) (220,545) -16% (618,302) (508,944) -21%

Distribution Cost (12,289) (20,098) 39% (74,873) (84,002) 11%

Operating profit /(loss) (184,436) (154,343) -19% (64,303) (20,204) -218%

Financial income/ (cost) (28,193) (15,028) -88% (85,879) (31,328) -174%

Profit/(Loss) before Tax (212,629) (169,371) -26% (150,182) (51,532) -191%

Tax 6,726 (35,026) 119% (9,916) (50,816) 80%

Net profit / (loss) (205,904) (204,397) -1% (160,099) (102,348) -56%

Other comprehensive income

Change in value of available for sale financial assets 41,367 46,974 -12% 20,256 46,327 -56%

Remeasurment On Defined Benefit Obligations (1,906) (1,982) 4% (1,906) (1,982) 4%

Total comprehensive income for the period (166,443) (159,406) -4% (141,749) (58,003) -144%

Profit Attributable to ;

Equity holders of the company (194,023) (198,817) 2% (150,816) (98,416) -53%Minority interest (11,880) (5,581) -113% (9,282) (3,932) -136%

(205,904) (204,397) -1% (160,099) (102,348) -56%

Total Comprehensive Income Attributable toEquity holders of the company (154,201) (152,985) -1% (132,109) (53,231) -148%Minority interest (12,242) (6,421) -91% (9,640) (4,772) -102%

(166,443) (159,406) -4% (141,749) (58,003) -144%

Basic earning/(deficit) per share (Rs.) (12.76) (13.08) (9.92) (6.47)

STATEMENT OF COMPREHENSIVE INCOME

Group Group

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Page 2

CM Holdings PLC Provisional Financial Statements for the period ended 31.03.2017

(Unaudited) (Unaudited) (Unaudited) (Audited)

Quarter Quarter Year Year

ended ended ended ended31.03.2017 31.03.2016 Variance 31.03.2017 31.03.2016 Variance

Rs. ' 000 Rs. ' 000 % Rs. ' 000 Rs. ' 000 %

Income 12,439 10,456 19% 49,353 42,527 16%

Other Operating Income /(Expense) 43,731 76,001 -42% 63,990 203,369 -69%

Other gains/(losses) (1,360) (8,300) 84% 2,212 (7,557) 129%

Impairment of Investments (178,450) (6,453) -2665% (178,450) (6,453) -2665%

Administrative Expenses (18,854) (4,575) -312% (36,253) (19,393) -87%

Operating profit /(loss) (142,494) 67,129 -312% (99,148) 212,493 -147%

Financial income/ (cost) - (237) 100% (751) (2,464) 70%

Profit/(Loss) before Tax (142,494) 66,892 -313% (99,899) 210,029 -148%

Tax 127 (4,396) 103% (5,636) (11,029) 49%

Net profit / (loss) (142,367) 62,497 -328% (105,535) 199,001 -153%

Other comprehensive income

Change in value of available for sale financial assets 15,995 19,667 -19% 6,103 19,525 -69%

Total comprehensive income for the period (126,373) 82,164 -254% (99,433) 218,526 -146%

Company Company

STATEMENT OF COMPREHENSIVE INCOME-COMPANY

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CM Holdings PLC Provisional Financial Statements for the period ended 31.03.2017

STATEMENT OF FINANCIAL POSITION

(Unaudited) (Audited) (Unaudited) (Audited)As at As at As at As at

Assets 31.03.2017 31.03.2016 31.03.2017 31.03.2016Rs.'000 Rs.'000 Rs.'000 Rs.'000

Non current assetsProperty, plant and equipment 1,563,602 1,556,160 4,766 6,580 Capital Work in progress 235,544 116,913 - 4,000 Investment property 27,845 25,643 786,077 785,560 Deferred tax assets 8,936 4,753 - - Trade and other receivables - 105,000 - - Intangible Assets 12,433 14,020 - - Investment in subsidiaries - - 215,695 264,310 Available for sale financial assets 835,829 911,722 408,636 532,368

2,684,189 2,734,212 1,415,174 1,592,819

Current assetsInventories 831,312 1,321,231 - - Receivables & pre payments 395,967 406,140 204,632 234,617 Financial assets at fair value through profit or loss 663,977 619,187 61,555 58,890 Income tax receivable 35,659 20,188 - - Cash and cash equivalents 274,540 225,421 12,764 7,818

2,201,455 2,592,167 278,951 301,325 Total Assets 4,885,644 5,326,379 1,694,125 1,894,144

Equity and LiabilitiesCapital and reservesStated Capital 288,387 288,387 288,387 288,387 Retained earnings 3,073,473 3,296,782 1,363,052 1,553,685

3,361,860 3,585,169 1,651,439 1,842,072 Minority Interest 359,972 388,142 - Total Equity 3,721,832 3,973,311 1,651,439 1,842,072

Non current liabilitiesDeferred income tax liabilities 16,834 21,805 10,878 10,877 Property liability 11,200 4,480 - - Rent in Advance 8,293 8,293 8,293 8,293 Defined benefit obligations 28,897 25,951 - - Long term borrowings 89,574 101,797 - 6,400

154,798 162,326 19,171 25,570

Current liabilitiesTrade and other payables 223,274 192,130 23,515 22,192 Income Tax Liability 3,325 9,287 - 710 Borrowings 782,416 989,325 3,600

1,009,015 1,190,742 23,515 26,502 Total Equity & Liabilities 4,885,644 5,326,379 1,694,125 1,894,144

Net asset value per share (Rs.) 221 236 109 121

(Sgd.)S.D.R. Arudpragasam Anushman Rajaratnam

Director DirectorDate: 26 May 2017 Date: 26 May 2017

Group Company

(Sgd.)

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CM Holdings PLC

Statement of changes in equity 31.03.2017

In Rs'000sStated Retained Minority TotalCapital Earnings Interest

Group

Balance at 1st April 2015 288,387 3,441,213 446,944 4,176,544

Total comprehensive income - (53,231) (4,772) (58,003)

Dividend - (91,200) (54,030) (145,230)

Balance at 31st March 2016 288,387 3,296,782 388,142 3,973,311

Balance at 1st April 2016 288,387 3,296,782 388,142 3,973,311

Total comprehensive income - (132,109) (9,640) (141,749)

Dividend - (91,200) (18,530) (109,730)

Balance at 31st March 2017 288,387 3,073,473 359,972 3,721,832

Company

Balance at 1st April 2015 288,387 1,426,359 - 1,714,746

Total comprehensive income - 218,526 - 218,526

Dividend - (91,200) - (91,200)

Balance at 31st March 2016 288,387 1,553,685 - 1,842,072

Balance at 1st April 2016 288,387 1,553,685 - 1,842,072

Total comprehensive income - (99,433) - (99,433)

Dividend - (91,200) - (91,200)

Balance at 31st March 2017 288,387 1,363,052 - 1,651,439

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CM Holdings PLC

Cash Flow Statements for the period ended 31.03.2017In Rs'000s Company

(Unaudited) (Audited) (Unaudited) (Audited)31.03.2017 31.03.2016 31.03.2017 31.03.2016

(Loss) / Profit before tax (150,182) (51,532) (99,899) 210,029 Adjustment for:Depreciation 68,485 55,913 6,945 3,916 Amortisation of intangible assets 4,127 3,835 - - Dividend income (44,720) (33,833) (63,470) (200,568)Interest [income] / expenses 85,879 31,328 231 2,464 Profit on sale of property, plant and equipment (5,369) (11,464) - - (Profit) / loss on sale of investments 122 - - - Provision/ (Reversal of provision) for bad anddoubtful debts 12,564 3,306 12,626 - PPE write off 106 - - - Impairmrnt of Investment 150,379 33,982 178,450 6,453

Other (gain)/losses (21,212) 129,454 (2,212) 7,557 Exchange (gain)/ loss (1,296) (8,364) - - Defined benefit obligations 7,159 6,519 - -

Changes in working capital- trade and other receivables 102,609 489,856 269 28,172 - inventories 489,920 (942,685) - - - trade and other payables 37,863 3,643 (2,307) (2,743)Cash generated from / (used in) operations 736,434 (290,042) 30,633 55,280

Operating activitiesCash generated from / (used in) operations 736,434 (290,042) 30,633 55,280 Interest paid (88,557) (59,456) (232) (2,464)Retirement benefit obligations paid (5,985) (1,871) - - Income tax paid (36,879) (76,116) (6,346) (15,882)Net cash (used in)/generated from operating activities 605,013 (427,485) 24,055 36,934

Investing activitiesPurchase of property, plant and equipment (77,905) (189,772) (5) (4,022) Purchase of intangible assets (2,539) (2,736) - - Proceeds from sales of property, plant and equipment 10,683 16,091 - - Purchase of capital work-in-progress (124,274) (67,299) (1,643) (8,000) (Purchase)/Sale of investments (77,930) (5,476) - (1,090)Dividends received 44,720 33,833 16,409 3,720 Net cash generated from/[used in] investing activities (227,245) (215,359) 14,761 (9,392)

Financing activitiesProceeds from short term/long term loans 2,459,305 3,103,053 10,000 Proceeds from right issues - - - - Repayment loans (2,669,032) (2,492,755) (4,660) - Dividends paid (109,730) (145,230) (29,210) (32,106)

Net cash generated from /(used in) financing activities

(319,457) 465,068 (33,870) (22,106)

Increase / [Decrease] in cash and cash equivalents 58,311 (177,776) 4,946 5,436

Movement in cash and cash equivalentsAt 1 April 115,082 292,858 7,818 2,383 Increase / [Decrease] 58,311 (177,776) 4,946 5,436 At 31st March 173,393 115,082 12,764 7,818

Group

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NOTES TO THE FINANCIAL STATEMENTSFor the period ended 31.03.2017

1

Rs. Cts. Rs. Cts.Highest price per share for the quarter 93.50 110.30 Lowest price per share for the quarter 69.00 82.60 Closing price 74.90 90.00

2 The figures are provisional and subject to audit.3

4

5

6

7

8 The Stated Capital of the Company is Rs.288,386,885.00 represented by 15,200,000 Ordinary Shares.

9 Segmental information

2017 2016 2017 2016 2017 2016Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000

Motor trade 4,715,868 2,149,167 (339,637) (244,818) 4,376,231 1,904,349 Property Holding & Investment 55,353 48,527 (26,856) (32,383) 28,497 16,145

4,771,221 2,197,694 (366,493) (277,200) 4,404,728 1,920,494

2017 2016 2017 2016 2017 2016Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000

Motor trade & Related 13,332 183,355 (83,964) (32,773) (70,632) 150,582 Property Holding & Investment (77,635) (203,559) (1,915) 1,445 (79,550) (202,114)

(64,303) (20,204) (85,879) (31,328) (150,182) (51,532)

10 Directors direct shareholdings as at 31st March 2017

Name of Director No. of SharesMr.S.D.R.Arudpragasam 50,500 Mr.A.M.de S.Jayaratne 467 Mr.S.Rajaratnam 18,500 Mr.J.M.Swaminathan 561

11 The percentage of Shares held by the public as at 31.03.2017 was 29.62%

12 The number of public Shareholders as at 31.03.2017 were 889.

13 The major Shareholders as at 31st March 2017 were as follows

Name of Shareholder No. of Shares %1 The Colombo Fort Land & Building PLC 9,649,850 63.49%2 Sri Lanka Insurance Corporation Ltd - Life Fund 392,076 2.58%3 Mrs.Agnes E. De Vos (Deceased) 374,978 2.47%4 Pan Asia Banking Corporation PLC / Lankem Ceylon PLC 338,547 2.23%5 Colombo Investment Trust PLC 281,857 1.85%6 Mubasher Financial Services BSC 223,917 1.47%7 Trust Holdings & Investments (Pvt) Limited 127,142 0.84%8 Waldock Mackenzie Ltd / Mr. H.M. Abdulhussein 116,876 0.77%9 Glenford Investments (Pvt) Ltd 115,714 0.76%

10 Colombo Fort Investments PLC 102,790 0.68%11 Dee Sanda Holdings (Private) Limited 100,763 0.66%12 Dr.Sena Yaddehige 100,000 0.66%13 First Capital Markets Limited / Mr.L.K.N.K.Kulawardena 96,611 0.64%14 Mr.Ginige Cyril Walter De Silva (Deceased) 96,007 0.63%15 Island Consumer Supplies (Pvt) Ltd 95,640 0.63%16 Mr.Sidath Vivendra Kodikara 95,550 0.63%17 Mr.Jawaharlal Vijaya Srikumaradas Corea 88,328 0.58%18 MAS Capital (Pvt) Ltd 88,124 0.58%19 Mr.Hans Anton Van Starrex 87,869 0.58%20 Waldock Mackenzie Ltd / Mrs.G.Soysa 78,571 0.52%

12,651,210 83.23%

Colonial Motors (Ceylon) Limited a fully owned subsidiary of C M Holdings PLC has been appointed as the Authorized Importer and Distributor for Vespa and Aprilia 2 wheelers in Srilanka in terms of the distribution agreement entered into between Piaggio Vehicles Pvt Ltd., India and Colonial Motors (Ceylon) Ltd. , on 18th April 2017.

Operating profit/(loss) Net finance cost Profit/(loss) before tax

There has been no significant change in the nature of the contingent liabilities which were disclosed in the audited financial statement for the year ended 31st March 2016.

Revenue Inter Segment Group Net revenue

Current period

Previous period

The Financial Statements have been prepared in accordance with the accounting policies set out in the audited financial statements for the year ended 31st March 2016, and also in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting.

The presentation and classification of the financial statements of the previous period, have been amended, where relevant, for better presentation and to be comparable with those of the current period.The consolidated Financial Statements have been prepared on an accrual basis and under the historical cost convention unless stated otherwise.

No circumstances have arisen since the reporting period other than those disclosed below, that require adjustments to or disclosures in the financial statements.