INTERIM FINANCIAL STATEMENTS SIX MONTHS ENDED 30TH SEPTEMBER 2017

Transcription

1 BIMPUTH FINANCE PLC INTERIM FINANCIAL STATEMENTS SIX MONTHS ENDED 30TH SEPTEMBER 2017 If undelivered please return to: BIMPUTH FINANCE PLC No-362,Colombo Road, Pepiliyana, Borelesgamuwa

2 STATEMENT OF COMPREHENSIVE INCOME SIX MONTHS ENDED 30TH SEPTEMBER QUARTER ENDED 30TH SEPTEMBER Interest income 1,489,503,791 1,451,281, ,410, ,395,029 Interest expense (625,717,147) (446,423,248) (338,458,164) (240,160,755) Net interest income 863,786,643 1,004,858, ,952, ,234,274 - Fee and commission income 76,515, ,772,858 42,201,710 72,093,858 Other income 15,034,006 9,017,435 9,916,702 1,395, ,336,039 1,126,648, ,070, ,723,917 Less : Operating Expenses Impairment loss on financial assets (241,919,229) (34,055,390) (193,690,032) (17,722,606) Net loss from financial instruments at FVTPL 32,732,448 (127,989,132) 14,687,032 (69,674,311) Personnel costs (173,354,329) (138,242,007) (78,499,191) (65,795,726) Administration expenses (351,017,939) (286,293,024) (180,924,680) (154,338,702) Finance expenses (37,922,361) (40,111,624) (31,003,733) (40,175,046) Profit before VAT on financial services and income tax 183,854, ,957,166 18,639, ,017,526 VAT on financial services (14,051,180) (55,911,611) (1,431,857) (14,483,471) Profit before income tax 169,803, ,045,556 17,208, ,534,054 - Income tax expense (25,195,219) (124,517,918) (1,358,721) (56,133,994) Profit for the period 144,608, ,527,638 15,849, ,400,060 Other comprehensive income, net of income tax Actuarial losses on defined benefit plans - - Deferred tax on actuarial loss on retirement benefit - Total comprehensive income for the period 144,608, ,527,638 15,849, ,400,060 Profit attributable to: Equity holders of the company 144,608, ,527,638 15,849, ,400,060 Earnings per share-basic/diluted Note: All values are in rupees The above figures are subject to audit Figures in brackets indicate deductions

3 STATEMENT OF FINANCIAL POSITION 30TH SEPTEMBER TH SEPTEMBER ST MARCH 2017 Assets Audited Cash in hand and at bank 342,343, ,157, ,345,472 Placements with bank and other financial institutions 616,114, ,112, ,057,255 Financial investments - fair value through profit or loss 224,098, ,121, ,148,547 Financial investments - Loans and receivables 224,827, ,303, ,411,900 Financial investments -held to maturity 37,711,584 1,980,301 37,711,584 Financial investments - available for sale 193, , ,900 Loans and advances 7,597,524,078 7,038,308,437 9,309,190,146 Other receivables 172,019, ,405, ,534,958 Inventories 6,850,114 3,194,643 8,862,942 Investment properties 206,019, ,019, ,019,000 Property and equipment 317,662, ,456, ,930,245 Intangible assets 26,176,898 16,756,972 17,150,571 Total assets 9,771,541,611 8,806,010,895 11,733,556,520 Liabilities Borrowings 5,219,598,576 5,004,588,929 6,859,189,720 Due to customers 2,755,705,801 2,115,628,337 2,935,990,877 Other payables 31,352,998 67,269,321 96,754,311 Tax payable (40,798,498) 51,310,523 72,883,629 Retirement benefit obligations 12,091,656 8,627,738 12,091,656 Deferred tax liability 11,529,328 9,727,541 11,529,328 Total liabilities 7,989,479,860 7,257,152,389 9,988,439,522 Equity Stated capital 616,100, ,100, ,100,061 Statutory reserve 64,500,301 38,689,439 64,500,303 Retained earnings 1,101,461, ,069,006 1,064,516,635 1,782,061,751 1,548,858,506 1,745,116,998 Total liabilities and equity 9,771,541,611 8,806,010,895 11,733,556,520 Net Assets per share Note: All values are in rupees The above figures are subject to audit Figures in brackets indicate deductions I certify that the financial statements comply with the requirements of the Companies Act No.7 of Sgd Chief Financial Officer W. M. Eranda Weerasinghe The Board of Directors is responsible for the preparation and presentation of these financial statements. Sgd Director/Deputy Chairman C.K.Gamage Sgd Director Asoka Hemachandra

4 STATEMENT OF CHANGES IN EQUITY Capital Statutory Retained Total reserve earnings Rs Rs Rs Rs Balance as at 1st April ,100,061 64,500,301 1,064,516,635 1,745,116,997 Dividend Payment 2016/ (107,663,476) (107,663,476) Profit for the year ,608, ,608,230 Other comprehensive income, net of tax Transfers during the year Balance as at 30th September ,100,061 64,500,301 1,101,461,389 1,782,061,751 Balance as at 1st April ,100,061 38,689, ,685,630 1,390,475,130 Dividend Payment 2015/ (161,144,262) (161,144,262) Profit for the year ,527, ,527,638 Other comprehensive income, net of tax Transfers during the year Balance as at 30th September ,100,061 38,689, ,069,006 1,548,858,506 Note: All values are in rupees The above figures are subject to audit Figures in brackets indicate deductions

5 STATEMENT OF CASH FLOW 30TH SEPTEMBER TH SEPTEMBER ST MARCH 2017 Cash flow from operating activities Audited Interest receipts 1,457,910,649 1,426,577,523 2,892,915,046 Interest payments (621,499,214) (428,597,678) (935,708,515) Receipt from other operating activities 91,549, ,790, ,394,253 Cash payments to employees & suppliers (558,579,668) (505,010,504) (1,135,045,850) Operating profit before changes in operating assets 369,381, ,759,635 1,150,554,934 (Increase) / decrease in operating assets Placement with banks and finance institutions 346,942, ,441,259 (397,503,245) Financial investments -held to maturity (0) - (35,731,282) Financial investments - loans and receivables 87,584, ,576, ,467,908 Loan and advances 1,711,666,068 (271,327,256) (2,542,208,965) Other receivable (20,484,384) (33,056,094) (71,185,116) Trading stocks 2,012,828 (1,379,375) (7,047,675) Net cash inflow/(outflow) from operating assets 2,127,721, ,254,904 (2,892,208,374) Increase /( decrease) in operating liabilities Due to customers (219,967,195) (110,591,667) 797,547,803 Other payables (65,401,314) (35,846,006) (6,361,023) Net cash inflow/(outflow) from operating liabilities (285,368,508) (146,437,673) 791,186,780 Net cash inflow/(outflow) from operating activities 2,211,733, ,576,866 (950,466,661) Income tax paid (195,284,606) (272,661,255) (386,700,830) Grativity paid - - Net cash inflow/(outflow) from operating activities 2,016,449, ,915,611 (1,337,167,491) Cash flows from investing activities Purchase of property & equipment (102,981,601) (16,413,701) (46,116,003) Purchase of intangible assets (10,915,612) (3,182,973) (5,221,497) Disposal during the year Investment in associate Financial investment - fair value through profit or loss (39,299,738) (107,981,147) (4,970,515) Net cash from investing activities (153,196,951) (127,577,821) (56,308,015) Cash inflow/(outflow)from financing activities Divident paid (107,663,476) - (161,600,016) Net borrowings (1,778,970,664) (352,110,740) 1,323,313,369 Net cash inflow/(outflow) from financing activities (1,886,634,140) (352,110,740) 1,161,713,353 Net increase / (decrease) in cash & cash equivalent (23,381,942) (78,772,950) (231,762,153) Cash and cash equivalent at the beginning of the year 37,692, ,454, ,454,429 Cash and cash equivalent at the end of the year 14,310, ,681,479 37,692,276 Analysis of cash and cash equivalents Cash in hand and at bank 342,343, ,157, ,345,473 Bank over drafts (328,032,715) (9,476,513) (188,653,197) Cash and cash equivalent at the end of the year 14,310, ,681,479 37,692,276 Note: All values are in rupees The above figures are subject to audit Figures in brackets indicate deductions

6 BIMPUTH FINANCE PLC NOTES TO THE INTERIM FINANCIAL STATEMENTS 1 Corporate Information Bimputh Finance PLC, (the Company) is a quoted public limited liability company, incorporated and domiciled in Sri Lanka. The Company was incorporated in Sri Lanka on 27th July 2007 under the Companies Act No 07 of Principal Activities The Company engages in the business of micro finance activities. The Company provides micro finance for persons engaged in the cultivation of cash crops and other crops, micro enterprises, self employed persons and other individuals and groups. 3 Date of Authorization for Issue The financial statements of the Company for the quarter ended 30th September 2017 were authorized for issue by the directors on 1st November Basis of Preparation The interim financial statements of the Company have been presented on the basis of the same accounting policies and methods applied for the year ended 31st March 2017 and are in compliance with Sri Lanka Financial Reporting Standards (SLFRS/LKAS) 34 - Interim Financial Reporting 5 Public share holdings The percentage of shares held by public as at 30th September 2017 was 5.88% (30 September 2016 was 5.88%). 30th September th September 2016 No of public shareholders as at Director's share holding Share holding by the Board of Directors As at 30th September 2017 No of Shares Mr. Kingsley Bernard First Capital Markets Limited/Mr. C.K. Gamage 5,184,000 Mr. C.K. Gamage 2,967,200 Mr. S. A. S.Jayasundara Mrs. S.A. Godamunne Mr.Asoka Hemachandra Ms. P.M.K.Gamage 8,151,200 Mr.K.P.C.S. Piyatillake

7 BIMPUTH FINANCE PLC NOTES TO THE INTERIM FINANCIAL STATEMENTS 5.2 Share holders of the Company As at 30th September 2017 No of Shares % 1 OLYMPUS CONSTRUCTION (PRIVATE) LIMITED 19,957, DAYA GROUP (PRIVATE) LIMITED 17,825, DAYA APPAREL EXPORT (PVT) LTD 13,590, MRS. A. GAMAGE 13,093, MR. D.K. GAMAGE 13,093, MISS. P.M.K. GAMAGE 8,151, FIRST CAPITAL MARKETS LIMITED/MR. C.K. GAMAGE 5,184, COMMERCIAL BANK OF CEYLON PLC/DAYA APPAREL EXPORT (PVT) LTD 5,000, SEYLAN BANK PLC./JANASHAKTHI PLC 3,200, MR. C.K. GAMAGE 2,967, FIRST CAPITAL MARKETS LIMITED/DAYA GROUP (PVT) LIMITED 2,542, COMMERCIAL BANK OF CEYLON PLC/JANASHAKTHI LIMITED 1,511, MR. R.E. RAMBUKWELLE 94, MRS. P.M.K. DEHIDENIYA 63, MR. J.P. KARUNARATNE 59, MBSL/N K C J DE SILVA 58, MR. B. HEMACHANDRA 53, MR. C. HEMACHANDRA 53, MRS.G.S.M. PERERA 50, MR.V.R. JAYASINGHE 48, Shares hold by others 1,136, ,733, Stated Capital Stated Capital is represented by number of shares in issue as given below: No of Shares as at 30-Sep Sep-16 Ordinary Shares (@ Rs.5/-) 107,733, ,733, Earnings per share Earning per share has been calculated, for all periods, based on the number of shares in issue as at 30 September Market price per share 30-Sep Sep-16 Highest Lowest Last traded Events occuring after the Balance Sheet Date Subsequent to the Balance Sheet date, no circumstances have been arisen which require adjustments to the interim Financial Statements. 7 Comparative Figures Previous period's figures and phrases have been re-arranged wherever necessary to conform to the current year presentation. 8 Segment Reporting As per the SLFRS 8, 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. 9 Contingencies, Capital and other commitments There has been no significant changes in the nature of the capital commitments, which were disclosed in the audited accounts for the year ended 31 March 2017

8 BIMPUTH FINANCE PLC CORPORATE INFORMATION Name of the Company Bimputh Finance PLC Legal Form Public Quoted Limited Liability Company Incorpotated in Sri Lanka on 27th July 2007 Stock Exchange Listing Banks Bank Of Ceylon Commercial Bank NDB Bank People's Bank Sampath Bank Seylan Bank Head Office & Registered Office of the Company The issued shares of Bimputh Finance PLC No-362, Colombo Road are listed on the Colombo Stock Exchange Pepiliyana Borelesgamuwa Company Registration No Telephone - (94) Facsimile - (94) PB 3259 PQ - headoffice@bimputhfinance.com Central Bank Registration Licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Companies Act No, 42 of 2011 and Finance Leasing Act No. 56 of Registration No RFC- 033 Company Secretary Mrs. Kashmi Kapuwella No - 362, Colombo Road, Pepiliyana Borelesgamuwa. Company Registrars Directors S.S.P Corporate Services (Private) Limited No - 101, Inner Flower Road, Mr. Kingsley Bernard Colombo - 03 Mr. Chamindra Gamage Mr. S. A. S.Jayasundara Auditors Mrs. S.A. Godamunne Mr.Asoka Hemachandra SJMS Associates Ms. P.M.K.Gamage No- 11, Castle Lane, Mr.K.P.C.S. Piyatillake Colombo-04