ARPICO FINANCE COMPANY PLC

Transcription

1 Company Reg. No : PQ 92 ARPICO FINANCE COMPANY PLC FINANCIAL STATEMENTS For the Six months ended 30 th September 2017 No. 146, Havelock Road Colombo 05 Tel: , Fax: info@arpicofinance.com, Web :

2 ARPICO FINANCE COMPANY PLC STATEMENT OF COMPREHENSIVE INCOME Quarter ended 30 th September Six months ended 30th September Change Change Unaudited Unaudited Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % Interest Income 701, , ,298, , Interest Expenses (406,123) (184,363) 120 (733,371) (357,380) 105 Net Interest Income 295, , , , Fee and commission income 34,539 14, ,336 25, Net fee and commission income 34,539 14, ,336 25, Net gain from financial investments (581) 1,702 (134) 1,371 2,420 (43) Other operating income (net) 6,899 8,232 (16) 12,475 15,929 (22) Total operating income 336, , , , Impairment on financial assets & other losses (59,146) (34,497) 71 (107,000) (86,175) 24 Net operating income 277, , , , Operating Expenses Personnel costs (55,110) (42,298) 30 (113,012) (84,322) 34 Depreciation of property & equipment (5,457) (4,120) 32 (10,637) (7,973) 33 Amortisation of intangible assets (1,081) (983) 10 (2,149) (1,946) 10 Administration establishment and other operating expenses (103,564) (65,746) 58 (195,863) (120,397) 63 Profits from Operations 111,791 95, , , Value added tax on financial services (36,681) (9,956) 268 (56,267) (20,210) 178 Profit before income tax 75,109 85,222 (12) 153, ,937 4 Income tax expense (2,256) (4,438) (49) (3,883) (4,438) (13) Profit for the Period 72,853 80,784 (10) 149, ,499 4 Other comprehensive income / (expense), net of tax Items that may be subsequently reclassified to profit or loss Available -for-sale financial assets : Net change in fair value during the period (367) (308) Total other comprehensive Income/ (expense) for the period, net of taxes (367) (308) Total comprehensive income / (expense) for the period 72,486 80,476 (10) 150, ,204 4 Earnings per share The above figures are subject to audit and appropriations. Chandrin Fernando Chief Executive Officer J P I S Dayawansa Managing Director N.M.Pieris Chairman-Audit Committee 06th November

3 ARPICO FINANCE COMPANY PLC STATEMENT OF FINANCIAL POSITION Unaudited Audited AS AT 30/09/ /03/2017 Rs.'000 Rs.'000 ASSETS Cash & Cash Equivalents 552, ,000 Placement with banks & other financial institutions 52,729 97,002 Financial investments - held for trading 14,034 12,662 Loans and advances 2,296,822 1,433,245 Lease rental receivable from customers 10,684,209 8,344,693 Financial Investments - available for sale 548, ,863 Other assets 54,185 47,407 Current tax assets 42,471 38,283 Property & Equipment 396, ,559 Intangible assets 12,031 8,955 Deferred tax assets 4,118 4,118 Total Assets 14,658,187 11,111,787 LIABILITIES Due to banks and financial institutions 4,555,990 3,202,627 Deposits from customers 7,533,384 5,551,602 Debentures 358, ,064 Trade and other payables 615, ,397 Retirement Benefit Obligations 50,070 50,007 Total Liabilities 13,113,782 9,678,697 SHAREHOLDERS' EQUITY Stated capital 245, ,063 Revenue Reserves 920, ,893 Other Reserves 378, ,134 Shareholders' Equity 1,544,405 1,433,090 Total Liabilities and Shareholders' Equity 14,658,187 11,111,787 Net Asset value per Share (Rs.) Chandrin Fernando Chief Executive Officer J P I S Dayawansa Managing Director N.M.Pieris Chairman-Audit Committee 06th November

4 Arpico Finance Company PLC CASH FLOW STATEMENT For the six months ended 30th September Unaudited Unaudited Rs.'000 Rs.'000 Cash flow from operating activities Net profit before taxation 153, ,937 Adjustments for; Depreciation & amortisation 12,786 9,918 (Gains)/loss on disposals of property and equipment (36) - Provision for bad and doubtful debts 107,000 86,175 Provision for gratuity 5,400 5,598 Interest on borrowing 298,894 30,611 Dividend receipt (976) (595) Operating profit before working capital changes 576, ,644 (Increase)/ decrease in financial investments (24,274) 603,080 (Increase)/decrease in loans and advances (3,310,093) (1,562,254) (Increase)/ decrease in other assets (7,490) (49,734) Increase/(decrease) in public deposits 1,981, ,376 (Increase)/ decrease in debentures (Increase)/ decrease in trade and other payables 99, ,240 (1,260,199) (623,741) Cash generated from operations (683,424) (344,097) Tax paid (8,071) (2,147) Gratuity paid (5,336) (463) Interest paid (65,196) (9,055) Net cash flow from operating activities (762,027) (355,762) Cash flow from investment activities Dividends received Purchase of property, plant and equipment (37,775) (18,208) Proceeds from disposal of property and equipment Net cash flow from investing activities (36,649) (17,613) Cash flow from Financing activities Proceeds on borrowings 3,069, ,000 Repayment of borrowings (2,064,198) (82,100) Dividends paid (39,310) (33,510) Net Cash Inflow/(Outflow) from Financing Activities 966, ,390 Net increase/(decrease) in cash and cash equivalents 167,809 (163,985) Cash & cash equivalents at the beginning of the period 32, ,576 Cash & Cash Equivalents at the end of the period 200,000 (13,408) Cash and Cash Equivalents Comprises Cash and bank balances 552, ,970 Bank overdraft (352,678) (168,378) Cash & Cash Equivalent at the end of the Period 200,000 (13,408) 04

5 Arpico Finance Company PLC STATEMENT OF CHANGES IN EQUITY For the six months ended 30 th September 2017 Stated Revaluation General Statutory Reserve Available for sale Retained Capital Reserve Reserve Fund reserve Earnings Total Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at , ,391 22, ,630 2, ,789 1,204,572 Net Profit (Loss) for the Period , ,499 Other comprehensive income net of tax Final dividend for 2015/16 Ordinary shares (33,470) (33,470) Irredeemable cumulative preference shares (40) (40) Balance as at , ,391 22, ,630 3, ,778 1,315,266 Balance as at , ,820 22, ,962 4, ,893 1,433,090 Net Profit (Loss) for the Period , ,824 Interime dividend for 2017/2018 Ordinary shares (39,270) (39,270) Irredeemable cumulative preference shares (40) (40) Other comprehensive income Balance as at , ,820 22, ,962 5, ,407 1,544,405 05

6 ARPICO FINANCE COMPANY PLC 1. Market Price per share - Rs. 2017/ /2017 Market Price - Highest (for the Quarter) Market Price - Lowest (for the Quarter) Market Price as at 30 September These Interim Financial Statements of the company have been prepared based on the Sri Lanka Accounting Standards that came into effect from 01 st April 2012 (SLFRS/LKAS). 3. 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 31 st March The Financial Statements for the Period have been presented in the same format adopted in the audited published accounts as at 31 st March 2017 and provide the information required by the Colombo Stock Exchange. 5. The presentation and classification of figures for the corresponding period of the previous year have been amended where necessary to be comparable with those for the current year. 6. There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31 st March There have been no events subsequent to the Balance Sheet date, which require disclosure in the interim financial statements. 8. The Stated Capital consists of 7,437,500 Ordinary Shares & 50,000 Irredeemable Cumulative Preference Shares. 9. Segment information The company does not have any operating segment that engages in business activities from which it may earn revenues, and on which expenses incurred whose operating results are regularly reviewed by the entity's management to determine the resources to be allocated to the segment and assess its performance for which discrete financial information is available th September 2017 Debt / equity ratio 8.06 Interest Cover 1.18 Liquid Assets Ratio 13.88% 11 Information on Debentures Debentures - Market Price (Rs.) Lowest Highest Last Traded Years % p.a payable monthly NT NT NT Years % p.a payable quartely NT NT NT Debentures other information (Rs.) Type Coupon rate Current yeild Years % p.a payable monthly 16.67% NT Years % p.a payable quartely 16.75% NT Yield of comparable government securities (%) 5 Years treasury bond 30th September % * NT : Has not been traded during the period 12 Associated Motor Finance Company PLC has a stake of 94.02% of the issued share capital of Arpico Finance Company PLC as at

7 No. Name of Shareholder No. of % Shares 1 Associated Motor Finance Co. PLC 6,992, Mr.G.C.W. de Silva 47, Mrs.S.R.L. Marcelline 24, Miss N.R. Fonseka 19, Mr.G.C. Goonetilleke 14, Mrs.R.M.V. de Fonseka 10, Mr.J.G. De Mel 9, WML/Mr.S.P. Perera 9, Mrs.S. Thaha (Deceased) 8, Nanayakkara Management Services (Pvt) Ltd. 8, Mr.D.N.L. Wickremasinghe 8, Bansei Securities (Pvt) Ltd.,/Dawi Investment Trust (Pvt) Ltd. 7, Mr.E.B. Dassanyake 7, Mrs.D.S. de Mel 7, Mr.S. Ruwanpathirana & Mrs.V. Ruwanpathirana 7, Mr.K.L.C. Deepal 7, Dr.M. Coomaraswamy 7, Mrs.Y. Sivagnanasundaram 6, Mr.W.A.S. Perera 6, Miss S.N. Dias 5, DIRECTORS' SHAREHOLDING ARPICO FINANCE COMPANY PLC TWENTY MAJOR SHAREHOLDERS AS AT 30 th September 2017 Name of Director No. of % Shares 1 Dr L.R. Karunarathne Mr.J.P.I.S. Dayawansa Mr.J.P.I.N. Dayawansa Mr.T.M.A. Sallay Mr.L.D. Peiris Mr.N.M. Pieris PUBLIC SHAREHOLDING Public Holding 435, Number of Shareholders 619 Secretary Company : Alliance Management Services (Pvt) Ltd Tel : , Fax :