C M HOLDINGS PLC

CONSOLIDATED FINANCIAL STATEMENTS

For The Period Ended

31st March 2024
C M HOLDINGS PLC
Provisional Financial Statements for the Period ended 31.03.2024

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 6-7

C M Holdings PLC
Provisional Financial Statements for the Period ended 31.03.2024

STATEMENT OF COMPREHENSIVE INCOME

Group Group
Unaudited Unaudited Unaudited Audited

Quarter Quarter Twelve months Twelve months

ended ended ended ended
31.03.2024 31.03.2023 Variance 31.03.2024 31.03.2023 Variance

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

Revenue 86,535 65,543 32% 305,686 276,430 11%

Cost of sales (26,046) (23,503) -11% (98,750) (102,712) 4%

Gross profit 60,489 42,040 44% 206,936 173,718 19%

Other Operating Income /(Expense) 47,448 17,706 168% 122,690 72,278 70%

Net impairment losses on financial assets - - - - (2,004) 100%

Other gains/(losses) 86,299 44,168 95% 165,077 8,510 1840%

Administrative Expenses (42,374) (40,479) -5% (166,478) (157,822) -5%

Distribution Cost (251) (123) -104% (982) (544) -81%

Operating profit /(loss) 151,612 63,311 139% 327,244 94,135 248%

Financial income/ (cost) (44,223) 10,318 -529% (60,546) 13,613 -545%

Profit/(Loss) before Tax 107,389 73,629 46% 266,698 107,748 148%

Tax (2,434) (5,451) 55% (23,157) (58,001) 60%

Net profit / (loss) 104,956 68,178 54% 243,541 49,747 390%

Other comprehensive income

Change in value of Financial Assets at FVOCI 70,315 (44,495) 258% 107,761 183,618 -41%
Remeasurements of post employment benefit obligations - - - - 387 -100%

Total comprehensive income for the year 175,271 23,683 640% 351,302 233,752 50%

Profit Attributable to ;
Equity holders of the company 104,947 68,178 54% 243,276 49,744 389%
Non controlling interest 9 - - 265 4 6530%
104,956 68,178 54% 243,541 49,748 390%

Total Comprehensive Income Attributable to

Equity holders of the company 175,125 24,063 628% 351,167 232,503 51%
Non controlling interest 145 (379) 138% 135 1,250 -89%
175,270 23,684 640% 351,302 233,753 50%

Basic earning/(deficit) per share (Rs.) 6.90 4.49 16.00 3.27

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C M Holdings PLC
Provisional Financial Statements for the period ended 31.03.2024

STATEMENT OF COMPREHENSIVE INCOME-COMPANY

Company Company

Unaudited Unaudited Unaudited Audited

Quarter Quarter Twelve months Twelve months
ended ended ended ended
31.03.2024 31.03.2023 Variance 31.03.2024 31.03.2023 Variance

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

Income 25,340 17,224 47% 82,997 62,889 32%

Other Operating Income /(Expense) 66,007 60,622 9% 95,626 73,669 30%

Other gains/(losses) 7,100 4,854 46% 12,916 1,019 1167%

Administrative Expenses (9,950) (9,764) -2% (40,603) (38,847) -5%

Operating profit /(loss) 88,497 72,936 21% 150,936 98,730 53%

Financial income/ (cost) 5,726 32,290 -82% 60,921 117,055 -48%

Profit/(Loss) before Tax 94,223 105,225 -10% 211,857 215,785 -2%

Tax (2,434) (4,551) 47% (23,157) (54,039) 57%

Net profit / (loss) 91,789 100,674 -9% 188,700 161,746 17%

Other comprehensive income

Change in value of Financial Assets at FVOCI 49,460 (10,773) 559% 33,344 28,285 18%

Total comprehensive income for the period 141,250 89,901 57% 222,044 190,031 17%

Basic earning per share (Rs.) 6.04 6.62 12.41 10.64

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 C M Holdings PLC
Provisional Financial Statements for the Period ended 31.03.2024

STATEMENT OF FINANCIAL POSITION

Group Company Group Company
Audited Audited Unaudited Unaudited
As at As at As at As at
31.03.2023 31.03.2023 Assets 31.03.2024 31.03.2024
Rs. '000 Rs. '000 Non-current assets Rs.'000 Rs.'000

395,435 1,784 Property, plant and equipment 386,690 1,431

- - Capital Work in progress 13,087 13,087
1,057,936 1,057,936 Investment property 1,051,276 1,051,276
52,527 Right of use assets 36,769
4,871 - Intangible assets 4,871 -
- 14,000 Investment in subsidiaries - 14,000
1,163,446 470,019 Financial assets at FVOCI 1,796,230 995,967
2,674,215 1,543,739 3,288,923 2,075,761

Current assets
152,024 - Inventories 148,698 -
581,998 604,949 Trade and other receivables 174,981 194,007
954,149 75,084 Financial assets at fair value through profit or loss 1,106,268 88,540
290 - Income tax receivable 1,111 -
45,653 26,499 Cash and cash equivalents 19,765 7,582
1,734,113 706,532 1,450,823 290,128
4,408,329 2,250,271 Total Assets 4,739,746 2,365,889

Equity
288,387 288,387 Stated capital 288,387 288,387
3,072,137 1,875,775 Retained earnings & reserves 3,350,762 2,025,277
3,360,524 2,164,162 3,639,149 2,313,664
2,546 - Non controlling interest 2,681 -
3,363,070 2,164,162 Total Equity 3,641,830 2,313,664

Liabilities
Non - current liabilities
11,259 11,259 Deferred income tax liabilities 9,969 9,969
9,796 9,796 Rent in advance 283 283
7,964 - Defined benefit obligations 6,502 -
30,271 Lease liability 31,989 -
39,838 Borrowings 26,433
99,128 21,055 75,176 10,253

Current liabilities
139,728 33,179 Trade and other payables 235,139 33,926
31,875 31,875 Income tax liability 8,047 8,047
774,528 - Borrowings & leases 779,554 -
946,131 65,054 1,022,740 41,973
4,408,329 2,250,271 Total Equity & Liabilities 4,739,746 2,365,889

221 142 Net asset value per share (Rs.) 239 152
The Board of Directors are responsible for the preparation and presentation of these financial
statements.
Approved and signed for and on behalf of the Board of Directors:

(Sgd) (Sgd)
S.D.R.Arudpragasam Sanjeev Rajaratnam
(Chairman) (Director)

Date: 20th May 2024

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C M Holdings PLC
Provisional Financial Statements for the Period ended 31.03.2024

Statement of changes in equity

In Rs'000s
Stated Retained Other Non Controlling Total
Capital Earnings Reserves Interest

Group

Balance at 1st April 2022 288,387 2,223,505 685,369 1,296 3,198,557

Total comprehensive income - 50,131 182,372 1,250 233,753

Reversal of unclaimed dividends - 6,761 - 6,761

Transfer of gain on disposal of equity investments at

FVOCI to retained earnings - 26,523 (26,523) -

Dividend - (76,000) - (76,000)

Balance at 31st March 2023 288,387 2,230,920 841,218 2,546 3,363,070

Balance at 1st April 2023 288,387 2,230,920 841,218 2,546 3,363,070

Total comprehensive income - 243,276 107,891 135 351,302

Reversal of unclaimed dividends 3,457 3,457

-
Dividend - (76,000) - (76,000)

Balance at 31st March 2024 288,387 2,401,653 949,109 2,681 3,641,829

Company

Balance at 1st April 2022 288,387 1,626,169 128,813 - 2,043,369

Total comprehensive income - 161,747 28,285 - 190,032

Reversal of unclaimed dividends - 6,761 - 6,761

Dividend - (76,000) - (76,000)

Balance at 31st March 2023 288,387 1,718,677 157,098 - 2,164,162

Balance at 1st April 2023 288,387 1,718,677 157,098 - 2,164,162

Total comprehensive income - 188,700 33,344 - 222,044

Reversal of unclaimed dividends 3,458 3,458

Dividend - (76,000) - (76,000)

Balance at 31st March 2024 288,387 1,834,835 190,442 - 2,313,664

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C M Holdings PLC
Provisional Financial Statements for the Period ended 31.03.2024

Statement of cash flow

In Rs'000s Group Company
Unaudited Audited Unaudited Audited
31.03.2024 31.03.2023 31.03.2024 31.03.2023
Profit /(Loss) before tax 266,698 107,749 211,857 215,786
Adjustment for:
Depreciation & Amortization 32,329 32,786 7,039 7,001
Dividend income (113,360) (67,954) (94,841) (73,267)
Interest expenses/ [income] 60,546 (13,613) (60,921) (117,055)
(Profit) / Loss on sale of investments (7,780) (619) - (4)
Net Impairment losses on financial assets - 2,004 - -
Provision for Defined benefit obligations - 2,170 - -
Changes in fair value of financial assets at FVTPL (165,077) (8,088) (12,916) (1,019)
Changes in working capital
- trade and other receivables 406,938 (75,114) 410,942 (88,912)
- inventories 3,326 33,443 - -
- trade and other payables 89,356 14,180 (13,735) (4,239)
Cash generated from / (used in) operations 572,975 26,944 447,425 (61,710)

Cash flows from Operating activities

Cash generated from / (used in) operations 572,975 26,944 447,425 (61,710)
Net Interest paid (115,922) (95,546) - -
Defined benefit obligations paid (1,462) (1,111) - -
Income tax paid (49,096) (25,892) (39,847) (18,188)
Net cash (used in)/generated from operating activities 406,495 (95,605) 407,578 (79,898)

Cash flows from Investing activities

(Purchase) / Sale of property, plant and equipment & IP (14,253) (5,580) (13,113) (3,877)
(Purchase) /Sale of investments (504,204) (42,116) (493,145) (35,417)
Interest received 60,174 114,724 60,921 117,055
Dividends received 113,360 67,954 94,841 20,266
Net cash generated from/[used in] investing activities (344,923) 134,981 (350,496) 98,027

Cash flows from financing activities

Net proceeds from / (repayment) of borrowings & leases (23,016) (39,036) - -
Dividends paid (76,000) (31,780) (76,000) (31,780)
Net cash generated from /(used in) financing activities (99,016) (70,816) (76,000) (31,780)

Increase / [Decrease] in cash and cash equivalents (37,444) (31,440) (18,918) (13,651)

Movement in cash and cash equivalents

At 1 April (58,992) (27,552) 26,500 40,150
Increase / [Decrease] (37,444) (31,440) (18,918) (13,651)
At 31st March (96,436) (58,992) 7,582 26,499

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 NOTES TO THE FINANCIAL STATEMENTS
For the Period ended 31.03.2024

1 Current Previous
period period
Rs. Cts. Rs. Cts.
Highest price per share for the quarter 95.00 80.00
Lowest price per share for the quarter 75.10 60.00
Last traded price 80.30 65.70

2 The figures are provisional and subject to audit.

3 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 2023 and also in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting.

4 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.

5 Fair value measurements :-

The fair values of all the financial assets and financial liabilities recognised during the period were not materially different from the transaction prices
at the date of initial recognition other than the quoted shares categorized under level 1 as per the fair value hierarchy disclosed in the Annual Report
2022/2023 which were fair valued as at 31st March, 2024. There were no transfers between Level 1 and Level 2 and no transfers into or out of
Level 3 categories as per the fair value hierarchy, during the period as disclosed in the annual report 2022/2023. The fair value changes have been
recorded in the Statement of Comprehensive Income for the period.

6 No circumstances have arisen since the reporting period that require adjustments to or disclosures in the financial statements.

7 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 2023.

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

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 NOTES TO THE FINANCIAL STATEMENTS
For the Period ended 31.03.2024

9 Segmental information
Revenue Inter segment Group net revenue
2024 2023 2024 2023 2024 2023
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000

Motor trade & Related services 222,689 213,541 - - 222,689 213,541

Property Holding & Investment 82,997 62,889 - - 82,997 62,889
305,686 276,430 - - 305,686 276,430

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

2024 2023 2024 2023 2024 2023
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000

Motor trade & Related services (977) (5,695) (120,720) (99,703) (121,697) (105,398)
Property Holding & Investment 328,221 99,831 60,174 113,316 388,395 213,147
327,244 94,135 (60,546) 13,613 266,698 107,748

10 Directors direct shareholdings as at 31st March 2024

Name of Director No. of Shares

Mr.S.D.R.Arudpragasam 500
Mr.A.M.de S.Jayaratne 467
Dr.J.M.Swaminathan 561
Mr.R.M.M.J. Ratnayake 185

11 The percentage of Shares held by the public as at 31.03.2024 was 28.89%.

12 The number of public Shareholders as at 31.03.2024 were 1,021.

13 The applicable option under Colombo Stock Exchange Rule 7.14.1(i)(a) on Minimum Public Holding is Option 5 and the Float Adjusted Market
Capitalization as at 31.03.2024 was Rs. 353,058,912/-.

14 The major Shareholders as at 31st March 2024 were as follows :

No. of
Name of Shareholder Shares %
1 The Colombo Fort Land and 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 331,547 2.18%
5 Colombo Investment Trust PLC 330,976 2.18%
6 People's Leasing & Finance PLC/MR.H.M.Abdulhussein 183,481 1.21%
7 People's Leasing & Finance PLC/DR.H.S.D.Soysa & Mrs.G.Soysa 133,615 0.88%
8 Trust Holdings & Investments (Pvt) Ltd 132,142 0.87%
9 Colombo Fort Investments PLC 131,458 0.86%
10 Miss.Rukaiya Husseinally Abdulhussein 119,951 0.79%
11 Mr.Yusuf Husseinally Abdulhussein 119,902 0.79%
12 Glenford Investments (Private) Ltd 117,014 0.77%
13 E.B.Creasy Ceylon (Private) Limited 95,640 0.63%
14 Dr.Sena Yaddehige 90,000 0.59%
15 Mr.Jawaharlal Vijaya Srikumaradas Corea 88,328 0.58%
16 Mr. Sidath Vivendra Kodikara 82,934 0.55%
17 Commercial Bank of Ceylon PLC/N.H.Dawoodbhoy and Company (Pvt) Ltd 81,500 0.54%
18 Dr.Niranjan Deepal Gunawardena 76,433 0.50%
19 Mr.Weerahennedige Sohan Raminal Fernando 75,565 0.50%
20 York Arcade Holdings PLC 71,707 0.47%
12,679,097 83.42%

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