AMW CAPITAL LEASING AND FINANCE PLC

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 31 MARCH 2018

2 STATEMENT OF FINANCIAL POSITION As at As at Rs. Rs. (Unaudited) (Audited) ASSETS Cash and Bank 142,301, ,656,733 Other Financial Assets 95,380,919 69,050,060 Other Non Financial Assets 14,612,491 13,696,999 Rentals Receivable on Lease and Hire Purchase Assets 6,363,237,649 6,624,785,785 Loans and Advances 4,551,300,540 4,179,474,841 Financial Investments - Available for Sale 80,400 80,400 Financial Investments - Held-to-Maturity 481,436, ,094,094 Plant & Equipment 31,433,177 35,384,715 Intangible Assets 8,785,865 10,065,754 Total Assets 11,688,569,595 11,497,289,381 EQUITY AND LIABILITIES Liabilities Bank Overdraft 82,290,708 54,322,705 Trade & Other Payables 604,403, ,284,229 Time Deposits 2,605,639,119 2,708,767,163 Amounts Due to Related Parties 2,267,178,763 1,407,323,388 Interest Bearing Borrowings 3,619,166,667 4,341,045,635 Provision for Income Tax 238,608, ,142,494 Deferred Taxation 155,618, ,054,254 Retirement Benefit Obligation 22,267,289 21,957,287 Total Liabilities 9,595,173,307 9,491,897,155 Equity Stated Capital 200,000, ,000,000 Retained Profit 1,795,824,883 1,707,820,821 Statutory Reserve Fund 97,571,405 97,571,405 Total Equity 2,093,396,288 2,005,392,226 Total Equity and Liabilities 11,688,569,595 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 Senior Accountant 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 Colombo 14th May 2018

3 STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended Variance Rs. Rs. % (Unaudited) (Unaudited) Income 589,430, ,013,381 10% Interest Income 492,237, ,116,509 8% Interest Expense (262,259,395) (246,420,242) 6% Net Interest Income 229,978, ,696,267 11% Other Operating Income 97,192,692 80,896,872 20% Profit Before Operating Expenses 327,171, ,593,139 13% Operating Expenses General Administration Costs (71,068,475) (61,128,276) 16% Staff Cost (54,399,526) (59,608,635) -9% Provision for Impairment Losses (10,835,311) 2,553, % Profit from Operations 190,867, ,410,226 12% Value Added Tax on Financial Services (30,860,423) (26,625,042) 16% Profit Before Tax 160,007, ,785,184 11% Taxation (72,003,323) (47,918,625) 50% Net Profit for the Period 88,004,062 95,866,559-8% Other Comprehensive Income Net of Tax - - Total Comprehensive Income Net of Tax 88,004,062 95,866,559-8% Earning Per Share Figures in brackets indicate deductions.

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 - 95,866,559-95,866,559 Other Comprehensive Income Dividend Paid - (33,000,000) - (33,000,000) Transfers Balance as at 31 March 2017 (Unaudited) 200,000,000 1,439,508,065 78,412,490 1,717,920,555 Profit for the Period - 287,311, ,311,747 Other Comprehensive Income - 159, ,924 Dividend Paid Transfers - (19,158,915) 19,158,915 - Balance as at 31 December 2017 (Audited) 200,000,000 1,707,820,821 97,571,405 2,005,392,226 Profit for the Period - 88,004,062-88,004,062 Other Comprehensive Income Dividend Paid Transfers Balance as at 31 March 2018 (Unaudited) 200,000,000 1,795,824,883 97,571,405 2,093,396,288 Figures in brackets indicate deductions.

5 CASH FLOW STATEMENT For the Three Months Ended Rs. Rs. (Unaudited) (Unaudited) CASH FLOWS FROM / (USED IN) OPERATING ACTIVITIES Net Profit before Income Tax 160,007, ,785,184 Adjustments for : Interest Income on Held to Maturity Investments (11,804,081) (15,727,289) Retiring Gratuity - Charge for the year 1,350,000 1,680,000 Gain on disposal of Fixed assets - (2,428,572) Depreciation & Amortization 5,647,736 6,138,301 Operating Profit Before Changes in Working Capital 155,201, ,447,624 Increase / (Decrease) in Trade & Other Payables (116,796,055) (43,021,681) (Increase) / Decrease in Other Financial Assets & Non Financial Assets (17,939,747) (16,781,819) Net Investment in Lease, Hire Purchase and Loans and Advances (110,277,558) (162,256,861) Net Cash Generated from Operations (89,812,320) (88,612,737) Gratuity Paid (1,039,998) (1,863,220) Income Tax Paid (39,792,276) (15,915,041) WHT Paid (1,180,407) (1,572,729) Net Cash from/ (used in) Operating Activities (131,825,001) (107,963,727) CASH FLOW FROM / (USED IN) INVESTING ACTIVITIES Acquisition of Plant, Equipment and Intangible Assets (416,535.00) (627,142) Disposal of Plant and Equipment - 2,428,572 Investments made during the period (64,071,313) (54,536,332) Interest Received from Held to Maturity Investments 11,804,082 15,727,289 Net Cash from/ (used in) Investing Activities (52,683,766) (37,007,613) CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES Dividends Paid - (33,000,000) Increase / (Decrease) in Related Party Payables 707,601, ,402,853 Loans Obtained - - Loan Settlements made (559,999,833) (417,233,665) Net Deposits obtained / Refunded 11,583,892 60,518,544 Net Cash from/ (used in) Financing Activities 159,185,811 9,687,732 Net Increase / (Decrease) in Cash & Cash Equivalents (25,322,956) (135,283,608) Cash & Cash Equivalents at the Beginning of the period 85,334,028 86,947,799 Cash & Cash Equivalents at the End of the period 60,011,072 (48,335,809) Figures in brackets indicate deductions.

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 287,363, ,181,296 1,425,137 5,130, ,645, ,077,711-11,804,082 15,727, ,237, ,116,509 Other Operating Income 47,829,885 35,831,618 1,566,645 3,787,592 32,049,959 24,313,479 1,089,351-14,506,851 16,111,320 97,042,692 80,044,009 Rental Income , , , ,863 Total Revenue 335,193, ,012,914 2,991,782 8,917, ,695, ,391,190 1,089, ,863 26,460,933 31,838, ,430, ,013,381 Unallocated Expenses (429,423,130) (391,228,197) Profit Before Tax 160,007, ,785,184 Taxation (72,003,323) (47,918,625) Profit After Tax 88,004,062 95,866,559 Segment Assets 6,342,456,524 7,315,036,025 20,781,126 90,321,153 4,551,300,540 3,369,432,097 1,593, ,914,538,190 10,776,383,208 Unallocated Assets ,031, ,144, ,031, ,144,261 Total Assets 6,342,456,524 7,315,036,025 20,781,126 90,321,153 4,551,300,540 3,369,432,097-1,593, ,031, ,144,261 11,688,569,595 11,546,527,469 Segment Liabilities 6,258,311,790 7,547,758,701 16,226,262 66,737,566 2,830,695,678 1,786,369, ,105,233,730 9,400,865,853 Unallocated Liabilities ,939, ,741, ,939, ,741,060 Total Liabilities 6,258,311,790 7,547,758,701 16,226,262 66,737,566 2,830,695,678 1,786,369, ,939, ,741,060 9,595,173,307 9,828,606,913 Figures in brackets indicate deductions. The above figures are subject to audit.

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 31 March NIL (iii) Top Share Holders as at 31 March 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 31 March 2018 is 10% (vi) Number of shares representing the Entity s Stated Capital as of 31 March 2018 is 20,000, The Company has completed the initial assessment of the impact on its Financial Statements for the year ended December 31, 2016, 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, 2016 on adoption of SLFRS 9 is expected to be in the range of 10%-15% of the total impairment provision as per the previously applicable LKAS As of 31 March 2018, the Company had a contingent liability amounting to Rs.17,816,062/- on account of a possible Income Tax payable for the year of assessment 2014/2015, which is yet to be concluded. No circumstances have arisen subsequent to the Statement of Financial Position Date that require disclosure.

8 Selected Performance Indicators Regulatory Capital Adequacy Core Capital (Tier 1 Capital) Rs.'000 1,727,068 1,467,752 Total Capital Base Rs.'000 1,727,068 1,467,752 Core Capital Adequacy Ratio, as % of Risk Weighted Assets (Minimum 5%) 15.67% 16.00% Total Capital Adequacy Ratio, as % of Risk Weighted Assets (Minimum 10%) 15.67% 16.00% Capital Funds to Deposit Liabilities Ratio (Minimum 10%) 66% 75% Profitability (%) Interest Margin ( Annualized ) 8.07% 8.84% Return on Assets (before tax) ( Annualized ) 5.48% 5.98% Return on Equity ( Annualized ) 16.82% 26.32% Regulatory Liquidity (Rs.'000) Required Minimum Amount of Liquid Assets 533, ,940 Available Amount of Liquid Assets 568, ,444 Required Minimum Amount of Government Securities 331, ,908 Available Amount of Government Securities 420, ,492