CAPITAL ALLIANCE FINANCE PLC. INTERIM FINANCIAL STATEMENTS For the quarter ended 30th September 2015

Transcription

1 INTERIM FINANCIAL STATEMENTS For the quarter ended 30th September 2015

2 Statement of Comprehensive Income For the period ended For the Six month ended (Unaudited) Variance For the quarter ended (Unaudited) Variance 30Sep15 30Sep14 % 30Sep15 30Sep14 % Interest Income 80,653,339 93,080,767 (13) 39,686,520 44,842,918 (11) Interest Expense (35,635,444) (50,429,108) (29) (17,749,324) (22,795,952) (22) Net Interest Income 45,017,895 42,651, ,937,196 22,046,966 (0) Fee and commission income 1,567,475 1,134, , ,767 (6) Fee and commission expenses (172,966) (361,898) (52) (45,180) (243,298) (81) Net fee and commission income 1,394, , , , Net gains/(losses) from Trading 169,485 2,346,048 (93) 44,284 2,083,243 (98) Other operating income 5,100,343 7,988,210 (36) 1,858,410 5,073,583 (63) Impairment expenses for loans and advances and other losses (8,356,585) (18,127,457) (54) (3,847,993) (10,721,311) (64) Net operating income 43,325,646 35,631, ,754,041 19,093,951 9 Operating Expenses Personnel Cost (20,028,274) (18,668,524) 7 (11,060,151) (10,177,695) 9 Depreciation and amortization (2,097,034) (2,390,255) (12) (1,102,135) (1,211,506) (9) General and Administrative Expenses (16,194,086) (18,150,112) (11) (8,845,522) (9,628,646) (8) Operating profit before VAT on financial services and Income Tax 5,006,253 (3,577,696) 240 (253,768) (1,923,895) (87) Value added tax (VAT) on financial services (1,606,567) (561,623) 186 (815,000) (394,394) 107 Profit/(Loss) before Tax for the Period 3,399,686 (4,139,319) 182 (1,068,768) (2,318,290) (54) Income tax expenses 3,498,180 (100) 3,498,180 (100) Profit/(Loss) for the Period 3,399,686 (641,140) 630 (1,068,768) 1,179,890 (191) Other Comprehensive Income Revaluation surplus 3,500,000 (100) 3,500,000 (100) Actuarial gains/(losses) on defined benefit plans Total Comprehensive Income for the Period 3,399,686 2,858, (1,068,768) 4,679,890 (123) Earnings/(loss) per share (Annualized) 0.18 (0.03) (0.11) 0.12 Figures in brackets indicate deductions.

3 STATEMENT OF FINANCIAL POSITION AS AT th September 31st March (Unaudited) (Audited) ASSETS Cash and Cash Equivalents 38,054,155 14,744,068 Investment In Repurchase Agreement 45,208,940 57,373,525 Financial assets at fair value through profit or loss 2,244,447 2,074,962 Loans and receivablesleases 282,097, ,263,375 Loans and receivableshire purchase 158,424, ,214,791 Loans and receivablesother 552,585, ,140,091 Financial investments Availableforsale 345, ,775 Financial investments Held To Maturity 41,698,143 40,565,220 Property, Plant & Equipment 48,714,224 49,888,588 Other assets 28,699,091 27,479,744 Intangible assets 9,574,457 10,448,352 Deferred tax assets 5,063,014 4,478,232 Total Assets 1,212,709,751 1,151,016,723 LIABILITIES Due to customers 693,730, ,438,675 Other borrowings 163,469, ,990,538 Retirement Benefit Obligations 3,514,915 3,066,225 Trade & Other Payables 19,069,719 32,995,749 Total Liabilities 879,784, ,491,187 CAPITAL AND RESERVES Stated Capital 193,590, ,590,566 Statutory Reserve Fund 11,123,465 11,123,465 Retained Earnings 54,023,691 50,624,005 Other reserves 74,187,500 74,187,500 Total Capital and Reserves 332,925, ,525,536 Total Equity and Liabilities 1,212,709,751 1,151,016,723 Net Asset Per Share Figures in brackets indicate deductions. It is certified that the financial statements have been prepared in compliance with the requirements of the Companies Act No. 07 of K.M.U.Koswatta ManagerFinance (Sgd).. W.L.S Fonseka Chief Executive Officer (Sgd) The Board of Directors is responsible for the preparation of these Financial Statements. Approved and signed for on behalf of the Board:.... Director (Sgd) 14Oct15 Colombo.. Director (Sgd)

4 STATEMENT OF CHANGES IN EQUITY For the Period ended For the six month ended(unaudited) Stated Capital Retained Statutory Investment Revaluation General Total Earnings Reserve Fund Reserve Fund Reserve Reserve Balance as at 01st April 2015 (Closing balance) 193,590,566 50,624,005 11,123,465 14,187,500 60,000, ,525,536 Profit for the Period 3,399,686 3,399,686 Other comprehensive income Transferred to Investment Fund Transferred to Statutory Reserve Fund Balance as at 30th September 2015 (Closing balance) 193,590,566 54,023,691 11,123,465 14,187,500 60,000, ,925,222 Balance as at 01st April 2014 (Closing balance) 193,590,566 40,744,880 10,685,144 1,463,751 10,687,500 60,000, ,171,842 Profit for the period (641,140) (641,140) Other comprehensive income Transferred to Investment Fund Transferred to Statutory Reserve Fund Balance as at 30th September 2014 (Closing balance) 193,590,566 40,103,740 10,685,144 1,463,751 10,687,500 60,000, ,530,702

5 STATEMENT OF CASH FLOWS For the Period Ended September September For the six month period Ended (Unaudited) (Unaudited) Cash Flow From Operating Activities Profit Before Income Tax 3,399,686 (641,140) Adjustment For, Depreciation 2,097,034 2,390,255 Profit on disposal of Property Plant & Equipment (4,847) Investment Income (2,785,292) (11,067,296) Provision for retirement benefits obligation 448, ,570 Net gain/(loss) from financial instruments at fair value through profit or loss (169,485) (2,346,048) Adjustment of non cash item 552,000 Impairment on loans and advances 8,356,585 18,127,457 Operating Profit Before Working Capital Changes 11,899,217 6,749,951 (Increase)/ Decrease in Loans and Advances (22,170,016) (70,494,585) (Increase) / Decrease in Margin Trading Receivable (35,675,818) (34,334,197) (Increase)/ Decrease in Inventories (2,569,505) 1,113,120 (Increase) / Decrease in Other Assets 1,350,157 (1,654,354) Increase / (Decrease) in deposits from Customers 13,292, ,143,276 Increase / (Decrease) in Trade and Other Liabilities (14,510,811) (27,983,046) Cash Generated from Operations (48,384,622) (18,459,836) Payment of retirement gratuity Income Tax Paid Net Cash Flows from Operating Activities (48,384,622) (18,459,836) Cash Flows from Investing Activities Acquisition of Property Plant & Equipment (600,776) (1,201,303) Disposal of Property Plant & Equipment 15,000 Investment in Treasury Bills (1,132,922) 13,170,647 Investment Income Received 2,785,292 11,067,296 Net investment in Government Security 12,164,585 29,074,443 Net investment in commercial Papers 143,996,877 Other Financial Assets 80,000,000 Net Cash Flows from Investing Activities 13,216, ,122,962 Cash Flows from Financing Activities Cash Received from Borrowings (243,585,521) Net Cash Flows from Financing Activities (243,585,521) Net Increase/(Decrease) in Cash and Cash Equivalents (35,168,442) 14,077,604 Cash and Cash Equivalents at the Beginning of the Period 14,744,068 24,562,713 Bank Overdraft at the Beginning of the period (104,990,538) Cash and cash equivalents at the end of the period (125,414,912) 38,640,317 Analysis of cash and cash equivalents at the end of the Period Cash and Bank Balances 38,054,155 38,640,317 Bank Overdraft (163,469,066) (125,414,912) 38,640,317 Figures in brackets indicate deductions.

6 FINANCIAL REPORTING BY SEGMENT For the Period ended FINANCIAL REPORTING BY SEGMENT For the six month ended 30th September Factoring,Cheque discounting Lease & Hire Purchase Loans & Advances Investments Margin Trading Unallocated Total and Revolving loan External Operations Interest 39,145,373 47,344,326 9,538,369 12,396,774 2,697,777 13,300,948 9,046,345 10,425,129 20,225,475 11,959,639 80,653,339 95,426,815 Fee Base Income & Others 645, ,981 26, , , , , ,677 1,567,475 1,134,632 Capital gains Dividends 87, ,396 87, ,396 Other 2,980,648 4,595, , , ,485 1,703,929 2,975,244 5,182,313 7,875,814 Total Revenue 42,771,666 52,423,006 9,892,638 12,940,618 2,954,777 13,413,344 9,046,345 10,425,129 20,845,298 12,081,639 1,979,918 3,265,921 87,490, ,549,657 Profit before tax 3,399,686 (641,140) Taxation (expense)/reversal Profit after tax 3,399,686 (641,140) Other Information As at 30th September Segment assets 440,522, ,820, ,944, ,206,721 89,497, ,791, ,756, ,632, ,884, ,326, ,104, ,995,731 1,212,709,751 1,091,774,037 36% 40% 10% 12% 7% 11% 15% 12% 21% 13% 11% 12% 100% 100% Segment Liabilities 319,585, ,189,511 91,368,847 90,625,605 64,927,609 81,849, ,956,955 95,168, ,558, ,019,998 94,387,230 91,890, ,784, ,743,335

7 NOTES TO THE FINANCIAL STATEMENTS INFORMATION ON ORDINARY SHARES OF THE COMPANY Market Price Per Share Market Prices per ordinary share for the quarter ended 30th September 2015 were as follows; Highest Price Lowest Price Last Traded Price SHAREHOLDERS' INFORMATION Twenty Largest Shareholders as at No of Shares % of Holding 1 Cargills Bank Limited 29,660, % 2 Pan Asia Banking Corporation PLC/ Lankem Ceylon PLC 3,376, % 3 Pan Asia Banking Corporation PLC/ Divasa Equity (Pvt) Ltd 1,119, % 4 Seylan Bank PLC/ HVA Lanka Exports (Pvt) Ltd. 929, % 5 Seylan Bank PLC/ Divasa Equity (Pvt) Ltd. 687, % 6 South Asian Investment (Pvt) Ltd 307, % 7 Mr. A R H Fernando 246, % 8 Mrs. S G De Silva 181, % 9 Mr De W A S P Saram 152, % 10 Navara Capital Limited 75, % 11 People's Leasing & Finance PLC/Mr M.A.U Gunathilake 71, % 12 Mr Y J Perera 56, % 13 Lankem Ceylon PLC 56, % 14 Sampath Bank PLC/Mr D B N Samaratunge 52, % 15 Mr M G A R Cooray 50, % 16 Mr A N William 50, % 17 Lankem Developments PLC 47, % 18 Mrs P Reichberger 41, % 19 First Capital Markets Ltd/Mr D B N Samaratunge 39, % 20 First Capital Markets Ltd/Bimputh Finance PLC 38, % 37,237, % Others 1,528, % Total 38,766, %

8 NOTES TO THE FINANCIAL STATEMENTS Directors'/ CEO's Holding in Shares as at 30th September 2015 Mr. W.A.T.Fernando Mr.E.R.G.C.G. Hemachandra Mr. P.S. Mathavan Mr.E.M.M Boyagoda Mrs.S.M.G Dunuwille Mr.W.L.S Fonseka Public shareholding percentage was 14.78% and number of shareholders representing the public holding was 730 as at 30th Septmber 2015 EXPLANATORY NOTES 1 Events after the reporting period There have been no material events occurring after the balance sheet date that require adjustments to or disclosure in the Financial Statements. 2 There were no material contingent liabilities as at the reporting date which require adjustments to/ or disclosures in the Financial Statements. 3 The company has adopted the revaluation model for land with effect from quarter ended December These Interim Financial Statements of the Company have been prepared based on the Sri Lanka Accounting Standards that came into effect from 01st April 2012 (SLFRS/LKAS). There were no changes to the Accounting Policies and methods of computation since the publication of the Audited Financial Statements for the year ended 31st March 2015 Further, these Interim Financial Statements have been prepared in compliance with the requirements of Sri Lanka Accounting Standard LKAS 34 on 'Interim Financial Reporting.