INTERIM FINANCIAL STATEMENT FOR THE TWELVE MONTHS ENDED MARCH 31, LB Finance PLC

Transcription

1 INTERIM FINANCIAL STATEMENT FOR THE TWELVE MONTHS ENDED MARCH 31, 2010 LB Finance PLC

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3 LB FINANCE PLC INCOME STATEMENT FOR 3 MONTHS ENDED FOR 12 MONTHS ENDED Audited Audited Variance Variance % % Income 1,580,776 1,548, ,130,993 3,580, Interest Income 1,073, , ,953,032 3,431, Interest Expenses 506, , ,249,805 2,238,847 (0) Net Interest Income 567, , ,703,227 1,193, Other Operating Income 51,772 12, , , , , ,877,512 1,315, Less: Operating Expenses Staff Costs 77,108 79, , ,884 (15) Provision for Staff Retirement Benefits (642) (8,895) 93 5,969 (1,663) (459) General & Administration Expenses 75,345 79, , ,591 (10) Provision for fall in value of Investments, Bad and doubtful loans and write offs 12,431 41, ,421 79,749 (144) Profits from operations 454, , ,038, , Value Added Tax on Financial Services 62,858 21,187 (197) 159, ,552 (42) Profits before Tax 391, , , , Provisions for Taxation 178,179 17,553 (915) 378, ,707 (93) Net Profit for the Period 213, , , , Earnings per share STATEMENT OF CHANGES IN EQUITY FOR THE TWELVE MONTHS ENDED 31ST MARCH 2010 Stated Reserve Accumulated Total Capital Fund Profit Balance as at 1 April , , ,704 1,350,097 Net Profit for the Period 500, ,161 Appropriation of Bad Debts 10,060 10,060 Dividends for 2008/ (103,886) (103,886) Transfers to/(from) during the period 100,032 (100,032) Balance as at 31 March , , ,008 1,756,433 Balance as at 1 April , , , ,019 Ordinary Shares issued 73,586 73,586 Net Profit for the Period 359, ,608 Appropriation of Bad Debts 10,059 10,059 Dividends for 2007/2008 (68,175) (68,175) Transfers to/(from) during the period 71,922 (71,922) Balance as at 31 March 491, , ,703 1,350,097

4 LB FINANCE PLC CASH FLOW STATEMENT FOR 12 MONTHS ENDED Audited Audited Cash Flows From / (Used in) Operating Activities Profits before Tax 878, ,315 Adjustments for Depreciation 53,452 40,869 Amortization of computer software 3,189 2,942 Interest cost on Finance Leases 1,463 1,469 Provisions for doubtful debts 194,421 79,749 Provision for Defined Benefit Plan Costs 5,969 (1,663) Notional Tax credit on Interest on Treasury Bills (13,108) (14,853) WHT attributable for Fixed Deposits & prof. Fees (13,693) (8,898) Loss from sale of Investments (Loss)/Profit on sale of Property, Plant & Equipment (8) 9 Dividends Received (250) (299) 1,109, ,775 Operating Profit/(Loss) before Working Capital Changes (Increase)/ Decrease in Real Estate Stock (21,007) 6,957 (Increase)/ Decrease in Lease Rentals Receivable and Stock out on hire (1,615,161) (1,842,807) (Increase) /Decrease in Government of Sri Lanka Treasury Bills (117,309) (164,346) (Increase)/ Decrease in Loans and Advances (1,360,951) (1,005,083) (Increase) /Decrease in Other Debtors, Deposits & Prepayments 37, (Increase) /Decrease in advance for Vehicle stocks (114,563) 76,747 (Increase)/ Decrease in Placements with Banks 185,579 (134,579) Increase / (Decrease) in Deposits from Non Bank Customers 2,931,419 2,249,269 Increase / (Decrease) in Borrowings (122,564) (162,426) Increase / (Decrease) in Accrued Charges 69, ,870 Cash Generated from Operations 982,363 (18,672) Retirement Benefit Liabilities Paid (273) (3,550) Net Cash from/(used in) Operating Activities 982,091 (22,222) Taxes paid (129,322) (38,624) Net Cash from/(used in) Operating Activities 852,769 (60,846) Cash Flows from / (Used in) Investing Activities Acquisition of Property, Plant & Equipment (102,356) (96,145) Proceeds from Sale of Property, Plant & Equipment 8 8 Proceeds from Sale of Other investments 863 1,629 Dividends Received Net Cash Used in Investing Activities (101,236) (94,209) Cash Flows from / (Used in) Financing Activities Principal Payment under Finance Lease Liability (3,041) (4,397) Proceeds from issuance of Ordinary Shares 73,586 Dividends paid (103,886) (68,175) Redemption of Debentures (100,000) Proceeds from issuance of Debentures 450,000 Net Cash from / (Used) in Financing Activities (106,927) 351,014 Net Increase/(Decrease) in Cash and Cash Equivalents 644, ,958 Cash and Cash Equivalents at the beginning of the period (165,003) (360,961) Cash and Cash Equivalents at the end of the period 479,603 (165,003)

5 EXPLANATORY NOTES Notes to the Financial Statements The accounting policies and methods of computation followed in preparing the above financial statements are the same as those disclosed in our Annual Report for the year ended 31st March. These Financial Statements are presented in accordance with Sri Lanka Accounting Standard No.35 Interim Financial Reporting. There have been no material events occurring after the balance sheet date that require adjustments to or disclosure in the Financial Statements except the Board of Directors has declared an interim dividend of Rs.5 per share totalling to Rs.173 Million on 18th May INFORMATION ON ORDINARY SHARES Share Trading values For the quarter ended Share prices during the Quarter Highest(Rs) Lowest(Rs.) Closing (Rs.) Number of Ordinary Shares issued as at Mar 31, 34,628,571 34,628,571 Information on Listed Debentures Debt Equity Ratio 71% 102% Liquid Asset Ratio 13.72% 14.92% Interest Cover Interest Rate of Comparable Government Securities 9.70% 16.92% Market Price During Six Months Not traded * Not traded * Interest Yeild As At Trade of Last Trade Not Traded * Not Traded * Yield To Maturity of Trade done Not Traded * Not Traded * SELECTED PERFORMANCE INDICATORS As At As At Capital Adequacy Core Capital to Risk Weighted Asset Ratio % % Total Capital to Risk Weighted Assets Ratio % % Capital Funds to Total Deposit Liabilities Ratio 14.06% 14.12% Profitability Return on Equity % 30.93% Return on Asset (After Tax) 3.21 % 2.91 % Asset Quality (Rs.'Mn s) NonPerforming Accomodation (Net of Interest in Suspense) Total Accomodations (Net of Interest in Suspense) 11,942 10,225 Net Total Accomodations (Net of Provision for Bad & Doubtfull Debts & Interest in Suspense) 11,498 9,955 Liquidity (Rs.' Mns) Required Minimum Amount of Liquid Asset 1,250 1,436 Available Amount of Liquid Asset 1,804 1,569 Required Minimum Amount of Government Securities Available Amount of Government Securities 1, CASH AND CASH EQUIVALENTS IN THE CASH FLOW STATEMENT Cash & Bank Balances 277, ,641 RePurchase Agreements ( less than 3 months) 465, ,739 Bank Overdrafts (263,369) (600,383) Total Cash and Cash Equivalents 479,603 (165,003) * Not Traded during last six months period.

6 Interest Real Estate Fee Based Income & other Total Revenue Segmental Result Unallocated Expenses Profits from operations Income Tax expenses Net profit for the period Segment Asset Unallocated Assets Total Assets Segment Liabilities Unallocated Liabilities Total Liabilities rs Lease & Stock out on Hire ,788,689 2,520, ,523 45, ,847,212 2,566, , , ,671,677 9,244, ,408 1,096,4 459 Term Loans , ,637 9, , ,563 53,245 48,176 1,087, ,890 64,753 74,531 Real Estate ,100 3,825 4,797 39,350 7,897 43,175 (30,183) (23,553) 213, ,105 12,804 20,264 Pawning , , ,500 49, , , , ,728 3,163 63,918 1,918, , ,104 others , ,462 13, , , ,045 (113,84 846) 14,061 1,536, ,356, , ,000 Total ,953,032 3,431,950 4, , , ,873 4,130, ,580,173 1,124, , , , , ,315 (378,129) (195,707) 500, ,608 16,672, ,687, , ,104 17,185,264 14,009,462 1,351,350 1,780,358 14,077, ,879,006 15,428,830 12,659,364

7 L B Finance PLC Interim Financial Statements for the three months ended 31st March 2010 Additional Notes Twenty Largest holders of Shares as at 31st March 2010 Name No. of Shares (%) 1 Mr. K D D Perera 22,001, Commercial Bank of Ceylon PLC/Royal Ceramics Lanka PLC 3,194, SBL/ Mr. K A D D Perera 2,698, Esna Holdings (Pvt) Ltd 2,582, Mr. Nimal Perera 408, Mr. D F G Dalpethado 195, Royal Ceramics Lanka PLC 169, J B Cocoshell (Pvt) Ltd 165, Mr. H A M P Algama 100, Mr. A M Weerasinghe 74, Waldock Mackenzie Ltd / Mrs. G Soysa 63, Mr. P Somadasa 61, Mrs.P C Cooray 61, Mr. R H Keerthipala 60, Mr. S Prabagar 60, Mr. W J D Benedict 50, Mr. M J D Peiris 49, Mr. V T De Zoysa 40, Mr. T Jeremiah 38, Mr. K Karunanayake & Miss. P N Karunanayake 37, ,112, Others 2,515, ,628,

8 L B Finance PLC Interim Financial Statements for the three months ended 31st March 2010 Additional Notes (Contd ) Directors' and Chief Executive Officer's holding in shares as at 31st March 2010 Name No. of shares % Mr. B M Amarasekera & 100 Mr. S H Amarasekera Mr. K D D Perera 24,699, SBL/Mr. K A D D Perera Mr. J A S S Adhihetty (Managing Director) 26, Mr. Nimal Perera 408, Mr. A M Weerasinghe 74, Mr. K D A Perera Mr. N Udage 2, Mr. B D St A Perera Mr. M D S Goonatilleke 45 Mrs. K Fernando 800 Mr. L N de S Wijeyeratne Public Holding The percentage of shares held by the public as at 31st March 2010 is 27.17%