ARPICO FINANCE COMPANY PLC

Transcription

1 Company Reg. No : PQ 92 ARPICO FINANCE COMPANY PLC FINANCIAL STATEMENTS For the Year ended 31 st March 2018 No. 146, Havelock Road Colombo 05 Tel: , Fax: info@arpicofinance.com, Web :

2 STATEMENT OF COMPREHENSIVE INCOME Quarter ended 31 st March Year ended 31 st March Change Change Unaudited Unaudited Audited Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % Interest Income 940, , ,045,101 1,778, Interest Expenses (521,306) (275,038) 90 (1,725,589) (851,024) 103 Net Interest Income 418, , ,319, , Fee and commission income 56,700 22, ,304 67, Net fee and commission income 56,700 22, ,304 67, Net gain from financial investments 567 (1,194) (147) 1,988 (123) (1,720) Other operating income (net) 20,256 3, ,165 25, Total operating income 496, , ,515,969 1,020, Impairment on financial assets & other losses (83,864) (29,407) 185 (291,026) (157,679) 85 Net operating income 412, , ,224, , Operating Expenses Personnel costs (44,264) (47,128) (6) (223,222) (187,219) 19 Depreciation of property & equipment (7,118) (4,568) 56 (24,195) (16,617) 46 Amortisation of intangible assets (992) (1,075) (8) (4,122) (4,047) 2 Other operating expenses (128,363) (103,164) 24 (431,108) (294,687) 46 Profits from Operations 231, , , , Value added tax on financial services (48,949) (20,411) 140 (107,839) (52,042) 107 Profit before income tax 182, , , , Income tax expense (59,513) (97,034) (39) (72,748) (81,330) (11) Profit for the Period 123,389 5,619 2, , , 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 3, ,489 5,363 (622) (962) Net amount transferred to profit or loss (7) 2,275 (100) (7) 2,275 (100) Items that will not be reclassified to profit or loss Gain on -revaluation of land & building (28,513) 35,314 (181) (28,513) 35,314 (181) Retirement benefit obligations - actuarial loss 2,226 (1,930) (215) (2,558) (1,930) 33 Total other comprehensive expense for the period, net of taxes (22,852) 35,734 (164) (25,715) 35,037 (173) Total comprehensive income for the period 100,537 41, , , Earnings per share The above figures are subject to audit and appropriations. sgd sgd Chandrin Fernando J P I S Dayawansa Chief Executive Officer Managing Director sgd N.M.Pieris Chairman-Audit Committee 28th May

3 STATEMENT OF FINANCIAL POSITION Unaudited Audited AS AT 31/03/ /03/2017 Rs.'000 Rs.'000 ASSETS Cash & Cash Equivalents 977, ,000 Placement with banks & other financial institutions 54,866 97,002 Financial investments - Held for trading 14,650 12,662 Loans and advances 2,863,247 1,433,245 Lease rental receivable from customers 13,081,009 8,344,693 Financial Investments - Available for sale 553, ,863 Other assets 141,920 47,407 Property & Equipment 658, ,559 Intangible assets 11,268 8,955 Current tax assets 53,512 38,283 Deferred tax assets - 4,118 Total Assets 18,409,301 11,111,787 LIABILITIES Due to banks and financial institutions 7,087,984 3,202,627 Deposits from customers 8,566,293 5,551,602 Debentures 359, ,064 Trade and other payables 543, ,397 Retirement Benefit Obligations 58,521 50,007 Deferred tax liability 63,658 - Total Liabilities 16,679,527 9,678,697 SHAREHOLDERS' EQUITY Stated capital 245, ,063 Revenue Reserves 1,048, ,893 Other Reserves 436, ,134 Shareholders' Equity 1,729,774 1,433,090 Total Liabilities and Shareholders' Equity 18,409,301 11,111,787 Net Asset value per Share (Rs.) sgd sgd Chandrin Fernando J P I S Dayawansa Chief Executive Officer Managing Director sgd N.M.Pieris Chairman-Audit Committee 28th May

4 Arpico Finance Company PLC STATEMENT OF CASH FLOW For the year ended 31 st March Unaudited Audited Rs.'000 Rs.'000 Cash flow from operating activities Net profit before taxation 434, ,976 Adjustments for; Depreciation & amortisation 28,317 20,664 (Gains)/loss on disposals of property and equipment (290) 113 Provision for bad and doubtful debts 291, ,679 Provision for gratuity 12,646 10,105 Net amount transfer to P&L from AFS reserve (8) 2,275 Interest on borrowing 656, ,816 Dividend receipt (1,310) (994) Loans and advances written off (112,618) (176,710) Operating profit before working capital changes 1,308, ,924 (Increase)/ decrease in financial investments (27,584) 566,239 (Increase)/decrease in loans and advances (6,344,726) (3,832,981) (Increase)/ decrease in other assets (94,513) (6,078) Increase/(decrease) in public deposits 3,014, ,391 (Increase)/ decrease in debentures 1,740 1,569 (Increase)/ decrease in trade and other payables 26, ,342 (3,423,524) (2,723,518) Cash generated from operations (2,114,740) (2,218,594) Tax paid (46,864) (29,602) Gratuity paid (7,684) (2,535) Interest paid (520,747) (132,119) Net cash flow from operating activities (2,690,035) (2,382,850) Cash flow from investment activities Dividends received 1, Purchase of property, plant and equipment (364,996) (107,985) Proceeds from disposal of property and equipment 49,622 1,115 Net cash flow from investing activities (314,064) (105,876) Cash flow from Financing activities Proceeds on borrowings 4,755,188 2,610,243 Repayment of borrowings (1,251,556) (206,392) Dividends paid (39,310) (33,509) Net Cash Inflow/(Outflow) from Financing Activities 3,464,322 2,370,342 Net increase/(decrease) in cash and cash equivalents 460,223 (118,384) Cash & cash equivalents at the beginning of the period 32, ,576 Cash & Cash Equivalents at the end of the period 492,415 32,191 Cash and Cash Equivalents Comprises Cash and bank balances 977, ,000 Bank overdraft (485,258) (238,808) Cash & Cash Equivalent at the end of the Period 492,415 32,191 04

5 Arpico Finance Company PLC STATEMENT OF CHANGES IN EQUITY For the year ended 31 st March 2018 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 , ,392 22, ,629 2, ,789 1,204,572 Net Profit (Loss) for the Period , ,646 Other comprehensive income - 35, ,653 (1,930) 35,037 Tarnsfer during the period ,332 - (11,332) - Final dividend for 2015/16 - Ordinary shares (33,469) (33,469) Irredeemable cumulative preference shares (40) (40) Transfer of additional depreciation on revaluation - (1,230) ,230 - Deferred tax relating to addition depreciation Balance as at (Audited) 245, ,820 22, ,961 4, ,894 1,433,090 Balance as at , ,820 22, ,962 4, ,894 1,433,090 Net Profit (Loss) for the Period , ,709 Other comprehensive income - (28,513) - - 5,355 (2,557) (25,715) Tarnsfer during the year ,554 - (81,554) - Interime dividend for 2017/ Ordinary shares (39,270) (39,270) Irredeemable cumulative preference shares (40) (40) - Balance as at (Unaudited) 245, ,307 22, ,516 9,671 1,048,182 1,729,774 05

6 1. Market Price per share - Rs. 2017/ /2017 Market Price - Highest (for the Quarter) Market Price - Lowest (for the Quarter) Market Price as at 31st March These Interim Financial Statements of the company have been prepared based on the Sri Lanka Accounting Standards (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 st March 2018 Debt / equity ratio 9.26 Interest Cover 1.25 Liquid Assets Ratio 15.98% 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 Debentures other information (Rs.) Type Coupon rate Current yeild Years % p.a payable monthly 16.67% NT Years % p.a payable quartely 16.75% Yield of comparable government securities (%) 5 Years treasury bond 31st March % * 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 TWENTY MAJOR SHAREHOLDERS AS AT 31 st MARCH 2018 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, 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, Mr.K S D Senaweera 5, Mrs.S. Thaha (Deceased) 5, DIRECTORS' SHAREHOLDING 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 444, Number of Shareholders 609 Secretary Company : Alliance Management Services (Pvt) Ltd Tel : , Fax :