Interim Financial Statements For the Quarter Ended 31 st December 2016

Transcription

1 TRADE FINANCE (Company Reg: No. PQ-445) Interim Financial Statements 39 TRADE FINANCE & INVESTMENTS PLC Subsidiary of COMMERCIAL CREDIT & FINANCE PLC 459, Union Place, Colombo (0) / +94 (0) (0) info@tfil.lk

2 STATEMENT OF COMPREHENSIVE INCOME For the Quarter Ended For the Nine Months Ended 31/12/ /12/2015 Change 31/12/ /12/2015 Change Rs. Rs. % Rs. Rs. % "Unaudited" "Unaudited" "Unaudited" "Unaudited" Income 245,960, ,657,389 21% 647,532, ,740,539 17% Interest Income 222,874, ,849,086 19% 596,732, ,085,777 20% Less : Interest Expense (46,471,232) (41,548,341) 12% (121,675,959) (103,730,506) 17% Net Interest Income 176,402, ,300,745 21% 475,056, ,355,271 20% Other Opera ng Income 23,086,469 15,808,303 46% 50,799,570 55,654,762-9% Total opera ng income 199,489, ,109,048 24% 525,856, ,010,033 17% Less : Impairment Charge for Loans and Receivables (9,592,301) (9,583,645) 0% (12,848,997) (28,336,502) -55% Net Opera ng Income 189,896, ,525,403 25% 513,007, ,673,531 21% Less : Opera ng Expenses Personnel Costs (22,760,081) (20,134,349) 13% (73,151,915) (61,785,725) 18% General and Administra ve Expenses (30,937,214) (23,898,130) 29% (81,311,699) (58,217,299) 40% Opera ng Profit Before Value Added Tax on Financial Services 136,199, ,492,924 27% 358,543, ,670,507 18% Less : Value Added Tax & NBT on Financial Services (19,338,636) (5,139,748) 276% (46,707,249) (18,693,477) 150% Profit Before Taxa on 116,861, ,353,176 14% 311,836, ,977,030 10% Less : Income Tax Expense (39,070,787) (27,429,228) 42% (86,768,648) (76,744,850) 13% Profit for the Period 77,790,280 74,923,948 4% 225,067, ,232,180 9% Other comprehensive income Fair Value Gain/(Loss) on Available for Sale Investments (461,559) (1,111,515) -58% 772,629 (132,669) 682% (461,559) (1,111,515) -58% 772,629 (132,669) 682% Total Comprehensive Income 77,328,721 73,812,433 5% 225,840, ,099,511 9% Basic Earnings Per Share % % Figures in brackets indicate deduc ons.

3 STATEMENT OF FINANCIAL POSITION As at 31/12/ /03/2016 Rs. Rs. " Unaudited" "Audited" ASSETS Cash and Cash Equivalents 44,312,662 13,067,260 Placements with Banks and other Finance Companies 270,743, ,353,272 Loans and Receivables 3,028,239,280 2,203,124,768 Available for Sale Investments 106,779, ,806,363 Property and Equipment 36,306,341 27,291,568 Intangible Assets 17,482, ,531 Other Assets 33,677,933 11,517,568 Deffered Tax Asset 12,545,442 38,472,028 Total Assets 3,550,087,365 2,647,306,358 LIABILITIES Due to banks 134,947, ,571,311 Due to customers 947,289,076 1,084,050,612 Long Term Loan 816,107, ,594,300 Other liabili es 374,793,020 41,560,265 Provision for re ring gratuity 11,864,629 9,272,629 Current tax liability 59,820,178 74,230,917 Total Liabili es 2,344,821,625 1,554,280,034 EQUITY Stated capital 247,001, ,001,000 Statutory reserve fund 109,121,800 97,868,421 Other reserves 600,707 2,363,078 Retained earnings 848,542, ,793,825 Total Equity 1,205,265,740 1,093,026,324 Total Equity and Liabili es 3,550,087,365 2,647,306,358 I cer fy that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of R. D. R. U. Wijesinghe Accountant The Board of Directors is responsible for the prepara on and presenta on of these Financial Statements. Approved and signed for and on behalf of the Board. L.G.S.Perera Director L.A.J.F. Morais Managing Director Colombo. 14 th February 2017

4 STATEMENT OF CHANGES IN EQUITY For Nine Months ended 31 st December 2016 Stated Capital Statutory Reserve Fund Loan Redemp on Reserve Fund Interim Financial Statements Available for Sale Reserve Retained Earnings Rs. Rs. Rs. Rs. Rs. Rs. Total Balance as at 1 st April 2015 (Audited) 247,001,000 84,060,920 2,535,000 7,508, ,371, ,477,105 Comprehensive Income for the Period Profit for the Period ,232, ,232,180 Other Comprehensive Income (132,669) - (132,669) Total Comprehensive Income for the Period (132,669) 207,232, ,099,511 Transac ons with Equity Holders Dividend paid (113,600,800) (113,600,800) Transferred to Statutory Reserve Fund - 10,361, (10,361,609) - Realized Gain on Disposal of Available for Sale Investments (5,353,029) - (5,353,029) Total Transac ons with Equity Holders - 10,361,609 - (5,353,029) (123,962,409) (118,953,829) Balance as at 31 st December 2015 (Unaudited) 247,001,000 94,422,529 2,535,000 2,023, ,641,166 1,018,622,787 Balance as at 1 st April 2016 (Audited) 247,001,000 97,868,421 2,535,000 (171,922) 745,793,825 1,093,026,324 Comprehensive Income for the Period Profit for the Period ,067, ,067,587 Other Comprehensive Income , ,629 Total Comprehensive Income for the Period , ,067, ,840,216 Transac ons with Equity Holders Dividend paid (113,600,800) (113,600,800) Transferred to Statutory Reserve Fund - 11,253, (11,253,379) - Transferred from Loan Redemp on reserve to Ratained earnings - - (2,535,000) 2,535,000 - Total transac ons with equity holders - 11,253,379 (2,535,000) - (122,319,179) (113,600,800) Balance as at 31 st December 2016 (Unaudited) 247,001, ,121, , ,542,233 1,205,265,740 Figures in brackets indicate deduc ons.

5 CASH FLOW STATEMENT For the Nine Months Ended 31 st December "Unaudited" "Unaudited" Cash Flows from Opera ng Ac vi es Interest Received 591,730, ,141,459 Interest Payments (123,696,513) (127,809,409) Fees, Commission and Other Income Received 49,222,653 54,907,271 Employees Related Payments (70,559,915) (59,193,725) Payment of Other Opera ng Expenses (68,115,499) (51,395,642) Net Cash Inflows Before Changes In Opera ng Assets 378,581, ,649,954 Decrease/(Increase) in Opera ng Assets Net Fund Advanced to Customers (834,423,079) (749,843,736) Other Receivables 4,794,094 (12,850,189) (829,628,985) (762,693,925) Increase/(Decrease) in Opera ng Liabili es Net Deposit From Customers (134,740,982) 152,176,200 Other Short Term Liabili es 333,232,755 14,790, ,491, ,966,771 Net Cash used for Opera on Ac vi es (252,555,993) (306,077,200) Income Tax Paid (113,051,297) (48,585,296) Payment of VAT on Financial Services (46,707,249) (13,114,081) Net Cash Inflow / (Ou low) from Opera ng Ac vi es (412,314,539) (367,776,577) Cash Flows from Inves ng Ac vi es Net Investment in Property and Equipment (26,408,615) (24,473,539) Net Investment in Banks and Other Financial Ins tu on (87,928,885) 166,812,816 Net Investment in Available for Sale Investments 65,799,301 (34,798,737) Dividend Received 418, ,066 Net Cash Inflow / (Ou low) from Inves ng Ac vi es (48,119,624) 107,996,606 Cash Flows from Financing Ac vi es Financial Expenses (608,745) (327,054) Net Movement of Long Term Loan 651,512, ,090,200 Dividend Paid (113,600,800) (113,600,800) Net Cash Inflow from Financing Ac vi es 537,303,396 63,162,346 Net Cash Inflow from Inves ng and Financing Ac vi es 489,183, ,158,953 Increase/ (Decrease) in Cash and Cash Equivalents 76,869,233 (196,617,624) Cash and Cash Equivalents at the Beginning of the Period (167,504,051) (43,602,096) Cash and Cash Equivalents at the End of the Period (90,634,818) (240,219,720) Cash and Cash Equivalents Cash in Hand and at Bank 44,312,662 16,045,067 Bank Overdra (134,947,480) (256,264,787) (90,634,818) (240,219,720) Figures in brackets indicate deduc ons.

6 SEGMENT ANALYSIS SEGMENT ANALYSIS For Nine Months ended 31 st December Finance Lease Hire Purchase, Micro Finance, RBL and other Loans Investments Unallocated Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Total Interest 570,462, ,678,015 8,630,937 17,097,586 17,639,209 24,310, ,732, ,085,777 Other Opera ng Income 46,813,542 49,974, , , ,575 5,002,118 2,747, ,791 50,799,570 55,654,762 Total Revenue 617,275, ,652,614 9,450,564 17,199,840 18,057,784 29,312,294 2,747, , ,532, ,740,539 Profit Before Tax 297,265, ,872,267 4,551,170 8,804,764 8,696,205 15,005,246 1,323, , ,836, ,977,030 Income Tax Expense (86,768,648) (76,744,850) Profit A er Tax ,067, ,232,180 Other Comprehensive Inco ,629 (132,669) ,629 (132,669) Total Comprehensive Incom ,840, ,099,511 Segment Assets 2,945,973,017 2,243,341,656 82,266,263 79,179, ,523, ,131, ,324,675 92,009,064 3,550,087,365 2,787,661,945 Segment Liabili es 1,945,805,984 1,423,615,673 54,336,610 50,246, ,353, ,788,006 95,325,997 58,388,585 2,344,821,625 1,769,039,159 Figures in brackets indicate deduc ons.

7 INFORMATION ON ORDINARY SHARES OF THE COMPANY 1 Market Prices of Shares Recorded During the Period Quarter Ended 31 st Nine Months Ended 31 st Year Ended December December 31 st March Highest Price (Rs.) N/A** N/A** N/A** N/A** N/A** Lowest Price (Rs.) N/A** N/A** N/A** N/A** N/A** Closing Price (Rs.) N/A** N/A** N/A** N/A** N/A** ** There was no trading of shares in the above men oned periods. 2 Stated Capital Stated Capital as at 31 st December 2016 was represented by the number of shares in issue as given below; Number Ordinary Shares 56,800, ,001,000 Rs. 3 Directors' and Chief Execu ve Officer's Holding in Shares as at 31 st December 2016 Name of the Director Number of Shares % Holding 4 Mr. R.S. Egodage % Mr. L.G.S. Perera % Mr. I.G.S.K. Gunaratne % Mr.D.A.Rodrigo % Mr.L.A.J.F.Morais (Chief Execu ve Officer) % Net Assets Value per Share as at 31 st December 2016 is Rs (As at 31 st December 2015 was Rs ) 5 Top 20 Shareholder as at 31 st December 2016 Name of the Shareholder Number of Shares % Holding Commercial Credit & Finance PLC 56,620, % K.S.D.Senaweera 100, % H.W.M.Woodward 25, % S.Govinthadas 20, % R.S. Fernando 10, % K.H.B.Haputhanthri 5, % R.Pritamadas 2, % M.S.Fernando 2, % S.Muhunthan 2, % A.Wickramatunge 2, % M.P.D.Jaya laka 1, % P.P.U.Anabdasiri 1, % W.M.D.Fernando 1, % W.R.C.Fernando 1, %

8 5 Top 20 Shareholder as at 31 st December 2016 (Con nued) Name of the Shareholder Number of Shares % Holding K.Sivothy 1, % V.Sivothi 1, % S.Velupillai 1, % S.Ponnadurai % S.G.N.Herath % G.A.D.L.Nayanapriya % Percentage of Public Holding as at 31st December 2016 was 0.32%. Number of Public Share Holders as at 31st December 2016 was EXPLANATORY NOTES Statement of Financial Posi on, Statement of Comprehensive Income, Statement of Changes in Equity and Cash Flow Statement of the Company for the Period ended 31st December 2016 are drawn up from unaudited accounts of the Company. Company provides informa on as required by the Colombo Stock Exchange and LKAS 34 - 'Interim Financial Repor ng'. Further, provision of the Companies Act No. 7 of 2007 has been considered in preparing the said financial statements of the Company. The profit and income of the Company are liable for taxa on at the rate of 28%. Prior period figures have been reclassified wherever necessary to conform current period presenta on. There were no changes to the Accoun ng Policies and methods of computa on since the publica on of the Audited Financial Statements for the year ended 31 st March During the period there were no material changes in composi on of assets, liabili es and con ngent liabili es other than those required by LKASs/SLFRSs. The Company declared and paid a dividend of two rupees per Ordinary Share aggrega ng to a sum of Rs. 113,600,800 as the interim dividend for the financial year ending 31 st March 2017 out of the profit of the year ended 31 st March There have been no material events occurring a er the repor ng date that require adjustments to or disclosure in the Financial Statements.