AMW CAPITAL LEASING AND FINANCE PLC

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2018

2 STATEMENT OF FINANCIAL POSITION As at As at Rs. Rs. (Unaudited) (Audited) ASSETS Cash and Bank 297,498, ,656,733 Other Financial Assets 53,529,553 69,050,060 Other Non Financial Assets 14,269,315 13,696,999 Rentals Receivable on Lease and Hire Purchase Assets 6,049,242,667 6,624,785,785 Loans and Advances 5,029,880,075 4,179,474,841 Financial Investments - Available for Sale 80,400 80,400 Financial Investments - Held-to-Maturity 512,587, ,094,094 Plant & Equipment 27,166,242 35,384,715 Intangible Assets 6,183,425 10,065,754 Total Assets 11,990,437,387 11,497,289,381 EQUITY AND LIABILITIES Liabilities Bank Overdraft 224,444,630 54,322,705 Trade & Other Payables 658,049, ,284,229 Time Deposits 2,409,567,238 2,708,767,163 Amounts due to Related Parties 3,233,667,046 1,407,323,388 Interest Bearing Borrowings 2,807,500,000 4,341,045,635 Provision for Income Tax 214,325, ,142,494 Deferred Taxation 155,618, ,054,253 Retirement Benefit Obligation 24,478,164 21,957,287 Total Liabilities 9,727,650,596 9,491,897,154 Equity Stated Capital 200,000, ,000,000 Retained Profit 1,958,325,486 1,707,820,822 Statutory Reserve Fund 104,461,305 97,571,405 Total Equity and Liabilities 11,990,437,387 11,497,289,381 I certify that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of Dimuthu Tillekeratne Head of Finance The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by:.. Brandon Morris Director/CEO Anil Lakhani Director 02nd November 2018 Colombo 14th May

3 STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended For the Nine Months Ended Variance Variance Rs. Rs. % Rs. Rs. % (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income 612,629, ,375,928 8% 1,816,219,361 1,658,665,524 9% Interest Income 515,582, ,260,743 8% 1,518,483,331 1,400,762,026 8% Interest Expense (270,996,899) (274,345,521) -1% (799,284,114) (775,819,653) 3% Net Interest Income 244,585, ,915,222 21% 719,199, ,942,373 15% Other Operating Income 97,046,297 92,115,185 5% 297,736, ,903,498 15% Profit Before Operating Expenses 341,632, ,030,407 16% 1,016,935, ,845,871 15% Operating Expenses General Administration Costs (73,182,405) (66,835,832) 9% (214,743,529) (192,781,890) 11% Staff Cost (63,236,915) (53,078,897) 19% (178,067,541) (160,222,303) 11% Provision for Impairment Losses (13,676,368) (3,709,867) 269% (37,676,368) (5,731,279) 557% Profit from Operations 191,536, ,405,811 12% 586,447, ,110,399 12% Value Added Tax on Financial Services (34,189,425) (26,285,198) 30% (97,696,620) (79,185,730) 23% Profit Before Tax 157,347, ,120,613 9% 488,751, ,924,669 10% Taxation (70,806,212) (66,019,985) 7% (231,356,623) (179,790,864) 29% Net Profit for the Period 86,540,932 78,100,628 11% 257,394, ,133,805-3% Other Comprehensive Income Net of Tax Total Comprehensive Income Net of Tax 86,540,932 78,100,628 11% 257,394, ,133,805-3% Earning Per Share Figures in brackets indicate deductions. The above figures are subject to audit. 3

4 STATEMENT OF CHANGES IN EQUITY Statutory Stated Retained Reserve Capital Profit Fund Total Equity Rs. Rs. Rs. Rs. Balance as at 1 January 2017 (Audited) 200,000,000 1,376,641,506 78,412,490 1,655,053,996 Profit for the Period - 265,133, ,133,805 Other Comprehensive Income Dividend Paid - (33,000,000) - (33,000,000) Transfers - (6,570,182) 6,570,182 - Balance as at 30 September 2017 (Unaudited) 200,000,000 1,602,205,129 84,982,672 1,887,187,801 Profit for the Period - 118,044, ,044,501 Other Comprehensive Income - 159, ,924 Dividend Paid Transfers - (12,588,733) 12,588,733 - Balance as at 31 December 2017 (Audited) 200,000,000 1,707,820,822 97,571,405 2,005,392,226 Profit for the Period - 257,394, ,394,566 Other Comprehensive Income Dividend Paid Transfers - (6,889,901) 6,889,901 - Balance as at 30 September 2018 (Unaudited) 200,000,000 1,958,325, ,461,306 2,262,786,792 Figures in brackets indicate deductions. 4

5 CASH FLOW STATEMENT For the Nine Months Ended Rs. Rs. (Unaudited) (Unaudited) CASH FLOWS FROM / (USED IN) OPERATING ACTIVITIES Net Profit before Income Tax 488,751, ,924,669 Adjustments for : Interest Income on Held to Maturity Investments (35,838,688) (46,135,231) Dividend Income (240,000) (200,000) Retiring Gratuity - Charge for the year 4,050,000 5,040,000 Gain on disposal of Fixed assets (2,812,500) (2,428,572) Loss on disposal of Fixed assets - Depreciation & Amortization 15,416,114 17,764,065 Operating Profit Before Changes in Working Capital 469,326, ,964,931 Increase / (Decrease) in Trade & Other Payables (63,149,948) 45,868,962 (Increase) / Decrease in Other Financial Assets & Non Financial Assets 24,254,795 (17,058,231) Net Investment in Lease, Hire Purchase and Loans and Advances (274,862,063) (369,235,378) Net Cash Generated from Operations 155,568,899 78,540,284 Gratuity Paid (1,529,123) (3,799,063) Income Tax Paid (208,672,040) (161,781,028) WHT Paid 160,429 (4,633,533) ESC Paid (16,097,977) (20,716,159) Net Cash from/ (used in) Operating Activities (70,569,812) (112,389,499) CASH FLOW FROM / (USED IN) INVESTING ACTIVITIES Dividend Income 240, ,000 Proceeds from Motor Vehicle Disposal 2,812,500 - Acquisition of Plant, Equipment and Intangible Assets (3,315,311) (3,426,505) Investments made during the period (95,221,817) 109,843,138 Interest Received from Held to Maturity Investments 35,838,688 46,135,231 Proceeds from disposal of Fixed Assets 2,428,572 Net Cash from/ (used in) Investing Activities (59,645,940) 155,180,436 CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES Dividends Paid - (33,000,000) Increase / (Decrease) in Related Party Payables 1,674,090,036 (1,503,106,200) Net of Loans Obtained / Settled (1,371,666,521) 652,599,667 Net Deposits obtained / Refunded (184,487,989) 761,176,318 Net Cash from/ (used in) Financing Activities 117,935,526 (122,330,215) Net Increase / (Decrease) in Cash & Cash Equivalents (12,280,226) (79,539,278) Cash & Cash Equivalents at the Beginning of the period 85,334,028 86,947,799 Cash & Cash Equivalents at the End of the period 73,053,802 7,408,521 Figures in brackets indicate deductions. 5

6 NOTES TO THE FINANCIAL STATEMENTS SEGMENTAL ANALYSIS Finance Lease Hire Purchase Term Loans Operating Lease Unallocated Total Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Interest Income 284,703, ,235, ,740 2,828, ,393, ,534, ,873,925 12,662, ,582, ,260,743 Other Operating Income 43,753,668 45,664,263 1,290,749 3,658,152 40,273,831 26,899, ,728,048 15,040,533 97,046,297 91,262,322 Rental Income , ,863 Total Revenue 328,456, ,899,770 1,902,489 6,486, ,667, ,433, ,863 23,601,974 27,703, ,629, ,375,928 Unallocated Expenses (455,282,013) (424,255,315) Profit Before Tax 157,347, ,120,613 Taxation (70,806,212) (66,019,985) Profit After Tax 86,540,932 78,100,628 Segment Assets 6,045,731,245 6,893,791,317 9,363,852 48,035,679 5,024,027,597 4,031,961, ,095 11,079,122,694 10,974,650,677 Unallocated Assets 911,314, ,838, ,314, ,838,896 Total Assets 6,045,731,245 6,893,791,317 9,363,852 48,035,679 5,024,027,597 4,031,961, , ,314, ,838,896 11,990,437,387 11,778,489,573 Segment Liabilities 6,529,914,160 6,542,943,218 6,695,211 48,577,767 2,694,136,761 2,814,529,074-9,230,746,132 9,406,050,059 Unallocated Liabilities 496,904, ,251, ,904, ,251,713 Total Liabilities 6,529,914,160 6,542,943,218 6,695,211 48,577,767 2,694,136,761 2,814,529, ,904, ,251,713 9,727,650,596 9,891,301,772 Figures in brackets indicate deductions. The above figures are subject to audit. 6

7 Notes to the Financial Statements 1 The Interim Financial Statements of the Company are prepared in compliance with the Sri Lanka Accounting Standard- LKAS 34, Interim Financial Reporting. These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31 December Information on Ordinary Shares (i) Market Price Per Share For the year ended Highest Rs *Not Traded *Not Traded Lowest Rs *Not Traded *Not Traded Last Traded Rs *Not Traded *Not Traded (ii) Directors' Share Holdings as at 30 September NIL (iii) Top Share Holders as at 30 September 2018 No. of Shares % Associated Motorways (Private) Limited 18,000, Trading Enterprises Company LLC 1,999, A A De Silva (iv) Net Assets per Share (Rs.) (v) The Public Shareholding as at 30 September 2018 is 10% (vi) Number of shares representing the Entity s Stated Capital as of 30 September 2018 is 20,000, The Company has completed the initial assessment of the impact on its Financial Statements for the year ended December 31, 2017, resulting from the application of SLFRS 9 with the assistance of an external consultant. Based on the assessments undertaken to date which is yet to be audited, the total estimated additional loan loss provision on the Financial Statements as at December 31, 2017 on adoption of SLFRS 9 is expected to be in the range of 17%-22% of the total impairment provision as per the previously applicable LKAS No circumstances have arisen subsequent to the Statement of Financial Position Date that require disclosure. 7

8 Selected Performance Indicators Regulatory Capital Adequacy Core Capital (Tier 1 Capital) Rs.'000 2,104,212 1,714,479 Total Capital Base Rs.'000 2,135,106 1,714,479 Core Capital Adequacy Ratio, as % of Risk Weighted Assets (Minimum 5%) 16.15% 15.51% Total Capital Adequacy Ratio, as % of Risk Weighted Assets (Minimum 10%) 16.39% 15.51% Capital Funds to Deposit Liabilities Ratio (Minimum 10%) 87% 71% Profitability (%) Interest Margin ( Annualized ) 8.27% 7.36% Return on Assets (before tax) ( Annualized ) 5.43% 5.04% Return on Equity ( Annualized ) 15.17% 18.73% Regulatory Liquidity (Rs.'000) Required Minimum Amount of Liquid Assets 580, ,454 Available Amount of Liquid Assets 778, ,270 Required Minimum Amount of Government Securities 336, ,972 Available Amount of Government Securities 449, ,000 8