MULTI FINANCE PLC. 17 Charles Drive, Colombo 03. ( Company Registration No: PB 891 PQ ) Interim Financial Statements

Transcription

1 17 Charles Drive, Colombo 03 ( Company Registration No: PB 891 PQ ) Interim Financial Statements For the period ended 31st March 2017

2 STATEMENT OF COMPREHENSIVE INCOME For the Quarter Ended 31 March For the Period Ended 31 March Variance Variance Unaudited Unaudited Fav/(Adverse) Unaudited Audited Fav/(Adverse) Rs. '000 Rs. '000 % Rs. '000 Rs. '000 % Income 36,335 48,029 (24) 159, ,618 (19.73) Interest income 30,090 41,779 (28) 131, ,078 (22.01) Interest expenses (12,585) (16,368) 23 (53,240) (64,693) Net interest income 17,506 25,411 (31) 77, ,385 (24.71) Other operating income 5,401 6,105 (12) 22,336 21, Net income from operations 22,907 31,516 (27) 100, ,286 (20.04) - Operating expenses Personnel costs (13,410) (16,303) 18 (52,705) (50,243) (4.90) Net impairment of AFS Investments (525) (913) - (462) (29) (1,505.99) Provision for retiring gratuity (230) (230) - (918) (1,238) Depreciation of property, plant and equipment (1,173) (1,923) 39 (4,271) (10,244) Other operating expenses (13,513) (18,281) 26 (62,698) (74,077) (28,851) (37,650) 23 (121,054) (135,830) Profit/ (Loss) before other income (5,945) (6,134) 3 (20,875) (10,545) (97.96) Other income ,014 8,639 (30.39) Profit/ (Loss) before provisions (5,101) (5,989) (15) (14,861) (1,905) Impairment charge for loans and other lossess (5,018) (1,978) 154 (11,342) (1,982) (472.28) Profit/ (Loss) before taxation and value added tax (10,119) (7,967) (27) (26,203) (3,887) Value Added Tax on Financial Services (500) (2,614) - (2,615) (4,511) Profit/ (Loss) before Taxation (10,619) (10,581) (0) (28,818) (8,398) Income tax expenses (525) - (1,050) (11,464) (90.84) Net Profit/(Loss) for the period (11,144) (10,581) (5) (29,868) (19,863) Other comprehensive income/(expenses) Net change in fair value of available for sale financial assets (286) (210.01) Remeasurement of retirement benefit obligation 529 (100.00) Tax on remeasurement on retirement benefits obligation (148) (100.00) Other comprehensive income/(expenses) for the period, net of income tax Total comprehensive income/(expense) for the year (11,144) (10,581) (5) (29,552) (19,768) Basic/ Diluted Earning per Share (Rs.) - Annualized (0.70) (1.88) (0.47) (0.88) The interim financial statements for the period ended 31st March 2017 are provisional and subject to audit Page 01

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4 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST MARCH 2017 Stated Capital Statutory Reserve Fund General Reserve Available For Sale Reserve Retained Earnings Total Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 1st April ,990 5,389 11,266 2,252 (33,313) 332,584 Profit/(Loss) for the Period (19,863) (19,863) Other Comprehensive Income for The Period, Net of Tax (286) Balance as at 31 March ,990 5,389 11,266 1,966 (52,795) 312,816 Balance as at 1st April ,990 5,389 11,266 1,966 (52,795) 312,816 Profit/(Loss) for the Period (29,868) (29,868) Share Allotment 551, ,385 Other Comprehensive Income for The Period, Net of Tax Balance as at 31st March ,375 5,389 11,266 2,281 (82,663) 834,649 The interim financial statements for the period ended 31st March 2017 are provisional and subject to audit Page 03

5 CASH FLOW STATEMENT FOR THE PERIOD ENDED March March Rs.'000 Rs.'000 Unaudited Audited Profit /(Loss) Before Taxation (28,818) (8,398) Adjustments for : Provision for Retirement Benefit Plans 918 1,238 Depreciation on Property,Plant and Equipment 3,726 7,157 Interest Expenses 53,240 64,693 Amortisation of Intangible Assets 545 3,087 Profit on Disposal of Property, Plant & Equipment (264) (231) Impairment Charge/(Reversal) for Loan and Other Advances 11,342 1,982 Profit from Sale of Dealing Securities - (101) Provision/(Reversal) for Diminution in Share Value Profit on Pawning Auction (94) 61 Loss on Repossessed Stock 1,842 Impairment of AFS Investment (462) (29) Provision for Other Receivables - - Interest Income on Government Securities (701) (1,906) Interest Income on Reverse Repurchase Agreement (5,848) (5,600) Gain on Sale of Long Term Government Securities - (1,341) 35,517 60,794 Changes in : (Increase)/Decrease in Investment in Hire Purchase,Lease and Other Loans 167,990 (41,848) (Increase)/Decrease in Trade & Other Receivables 7,817 6,880 (Increase)/ Decrease in Amounts Due from Related Party (57) (65) Increase/ (Decrease) in Deposits from Customers (171,925) 98,412 Increase / (Decrease) in Amounts Due to Related Party (26,861) (31,147) Increase/ (Decrease) in Other Borrowings - - Increase/ (Decrease) in Trade & Other Payables (12,319) (38) Cash Generated from Operating Activities ,987 Gratuity Paid (561) - Interest Paid (53,240) (64,693) Income Tax Paid (3,026) (4,721) (56,665) 23,573 Cash flows from Investing Activities Purchase of Property, Plant and Equipment (7,104) (1,304) Proceeds from Sale of Property, Plant & Equipment Investment in Dealing Securities - - Proceeds from Pawning Auction 6,823 11,697 Proceeds from Disposal of Investment Securities Proceeds from Disposal of Dealing Securities - 2,655 Purchase of Intangible Assets - (1,300) Investment in Investment Securities - - Interest Receipt on Government Securities 701 1,906 Interest Receipt on Reverse Purchase Agreement 5,848 5,600 Proceeds from Disposal of Government Securities - 31,476 Investment in Long Term Government Securities - - Net Cash Generated from Investing Activities 6,603 52,025. Cash Flow from Financing Activities New Share Issue 551,385 - Loans Obtained During the Year - - Loans Repayments During the Year (44,147) (55,422) Net Cash Used in Financing Activities 507,238 (55,422) Net Increase/(Decrease) in Cash and Cash Equivalents 457,177 20,176 Cash & Cash Equivalents at the Beginning of the Period 138, ,696 Cash & Cash Equivalents at the End of the Period 596, ,872 Analysis of Cash & Cash Equivalents Cash in Hand and at Banks 601, ,097 Bank overdraft (5,175) (28,225) 596, ,872 The interim financial statements for the period ended 31st March 2017 are provisional and subject to audit Page 04

6 EXPLANATORY NOTES FOR THE PERIOD ENDED 31 MARCH The above figures are provisional and subject to audit 2 There are no changes in the accounting policies and methods of computation since the publication of Annual Report for the financial year ended 31st March Impairment charge for loan & advances has been measured as per the CBSL guidelines and not in line with LKAS/SLFRS 4 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 31st March All regulatory requirements including bad debt provisioning as per Central Bank of Sri Lanka and Colombo Stock Exchange listing rules have been complied with 6 No circumstances have arisen since the Balance Sheet date, which would require adjustments to or disclosure in these financial statements. 7 Stated Capital is represented by number of shares in issue as given below : 8 The significant increase in cash and cash equivalent in the period ended 31/03/2017 in compared to the audited period ended 31/03/2016 is due to the capital infusion of Rs. 551,385, made from new share issue. As at 31/03/2017 As at 31/03/2016 Ordinary shares 63,610,181 22,462,039 9 Market price per share for the quarter ended Rs. Rs. Highest Lowest Last traded The number of shares held by individual directors are as follows: As at 31/03/2017 Mr. E. K. De Zoysa - Prof. H. Dissabandara - Ms. C. J. Atapattu 20,575 Mr. H. S. S. Fernando - Mr. P. Jayasundera - 11 Twenty largest shareholders of the company are as follows: As at 31/03/2017 Number of % shares Hattonnationalbankplc/Fairwayholdings(Pvt)Ltd 41,110, % Entrustholdingslimited 19,037, % Miss.Rassamanukulawarnakuladiyakurukulasuriyasamadhieferdinando 353, % Entrustlimited 186, % Laugfsgaslimited 184, % Seylanbankplc/Ms.Primelands(Pvt)Ltd 125, % Mr.Migaramunasinghedissanayake 115, % Mr.Shermalhemakajayasuriya 96, % Nationlankacapitalltd/Rasikakalyaniruwanpathiranage 85, % Mr.Wijithanandaabeysuriya 76, % Serendibengineering&Agencies(Pvt)Ltd 75, % Mr.Thilakamunianthonydharshandesilva 68, % Mrs.Sarojanigunasinghe 58, % Miss.Divminisachinthanasenarathne 50, % Mr.Pangirasariyaratnamrajanikanth 43, % Merchantbankofsrilankaplc/W.A.S.P.Abesiriwardana 40, % Mr.Pallewatthagamaralalagewijayanandasirisena 38, % Lbfinanceplc/N.A.Gayanudayakumarawickramarathne 36, % Mr.Kosalamunasinghedissanayake 32, % Merchantbankofsrilankaplc/Smpathiranage 32, % 61,846, % Other shareholders 1,763, % 63,610, % The percentage of public share holdings and no of public shareholders as at 31st March 2017 was 5.12% and 884 respectively 12 Related party transactions The Company had the following significant transactions with Parent company and its Subsidiaries in the ordinary course of the business. As at 31/03/2017 As at 31/03/2016 Unaudited Unaudited Rs.'000 Rs.'000 Amount due from Related parties Trade and other receivables Amount due to Related parties Loan and Advances ,847 Trade and other payables 27,724 40,738 27,724 54,585 Page 05

7 EXPLANATORY NOTES ( Contd. ) FOR THE PERIOD ENDED 31ST MARCH ( Rs.'000 ) 11. SEGMENTAL ANALYSIS Lease & Hire Purchase Loans Pawning Other Total Revenue Interest Income 36,561 68,124 64,183 69,276 23,789 23,172 6,549 7, , ,078 Fee Based Income & Others 6,706 12,483 13,552 10, (61) 7,128 7,910 28,350 30,540 Total Revenue 43,267 80,607 77,735 79,483 24,754 23,112 13,677 15, , ,618 Unallocated Expenses (188,251) (207,016) Profit / (Loss) Before Tax (28,818) (8,398) Income Tax (1,050) (11,464) Net Profit / (Loss) for the period (29,868) (19,863) Segment Assets 155, , , ,567 99, ,308 52, , ,117 Unallocated Assets 609, ,905 Total Assets 155, , , ,567 99, ,308 52,445-1,275,935 1,034,022 Unallocated Liabilities 1,275,935 1,034,022 Total Liabilities 1,275,935 1,034,022 The interim financial statements for the period ended 31st March 2017 are provisional and subject to audit Page 06