INTERIM FINANCIAL STATEMENTS FOR THE

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30TH JUNE 2017 ASSOCIATED MOTOR FINANCE COMPANY PLC No 89, Hyde Park Corner, Colombo 2. Tel : Tel : Fax : info@amf.lk Web : Trustees of your trust...

2 CONSOLIDATED INCOME STATEMENT 30Jun17 30Jun16 Variance 30Jun17 30Jun16 Variance (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest and similar income 958,259, ,467,552 49% 360,849, ,937,003 37% Interest expense and similar charges (518,745,065) (311,196,138) 67% (191,497,173) (138,179,267) 39% Net interest income 439,514, ,271,414 33% 169,352, ,757,735 36% Fee and commission income 24,796,441 11,208, % Net fee and commission income 24,796,441 11,208, % Net gain/(loss) from trading 1,952, , % Other operating income (net) 12,069,252 20,908,671 42% 6,493,035 13,211,240 51% Total operating income 478,332, ,106,655 31% 175,845, ,968,975 27% Impairment losses on loans & other losses (87,452,121) (75,526,853) 16% (39,598,396) (23,848,382) 66% Net operating income 390,880, ,579,802 35% 136,246, ,120,593 19% Less: Operating Expenses Personnel costs (97,374,674) (74,802,647) 30% (39,472,326) (32,778,718) 20% Depreciation of property & equipment (10,676,973) (9,829,341) 9% (5,496,848) (5,976,832) 8% Amortisation of intangible assets (1,271,995) (1,166,651) 9% (203,585) (203,585) 0% Administration establishment and other operating expenses (124,281,299) (87,619,360) 42% (31,982,017) (32,968,378) 3% (233,604,940) (173,417,998) 35% (77,154,776) (71,927,514) 7% Profit before value added tax on financial services 157,275, ,161,804 37% 59,092,058 42,193,079 40% Less: VAT on financial services (30,558,494) (13,704,605) 123% (10,972,858) (3,450,903) 218% Profit before taxation 126,716, ,457,199 25% 48,119,200 38,742,176 24% Less: Income tax expense (6,438,951) (3,874,218) 66% (4,811,920) (3,874,218) 24% Profit for the Period 120,277,964 97,582,981 23% 43,307,280 34,867,959 24% Attributable to equity holder of the parent 115,675,117 93,832,623 23% Attributable to Non controling interest 4,602,847 3,750,358 23% Net profit for the Period 120,277,964 97,582,981 23% 43,307,280 34,867,959 24% Basic/diluted earnings per share % %

3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 30Jun17 30Jun16 30Jun17 30Jun16 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Profit for the Period 120,277,964 97,582,981 43,307,280 34,867,959 Gains and losses on availableforsale financial assets 1,168,259 1,013,000 Gain on revaluation of land & building Acturial gains or losses on Employee benefits. Total comprehensive income / (expense) for the period 121,446,223 98,595,981 43,307,280 34,867,959 Attributable to equity holder of the parent 116,773,515 94,785,045 Attributable to Non controling interest 4,672,709 3,810,936 Total comprehensive income / (expense) for 121,446,223 98,595,981 43,307,280 34,867,959 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 30Jun17 30Jun16 30Jun17 30Jun16 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Profit for the Period 120,277,964 97,582,981 43,307,280 34,867,959 Gains and losses on availableforsale financial assets 1,865,437 1,013,000 Gain on revaluation of land & building Acturial gains or losses on Employee benefits. Total comprehensive income / (expense) for the period 122,143,401 98,595,981 43,307,280 34,867,959 Attributable to equity holder of the parent 116,773,515 94,785,045 Attributable to Non controling interest 4,672,709 3,810,936 Total comprehensive income / (expense) for the period 122,143,401 98,595,981 43,307,280 34,867,959

4 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30Jun17 31Mar17 30Jun17 31Mar17 Unaudited (Audited) Unaudited (Audited) Assets Cash and cash equivalents 730,954, ,986,829 91,062, ,986,417 Placement with banks & Other financial institutions 551,506, ,543, ,289, ,541,717 Loans & advances to customers 15,705,718,807 13,985,366,770 4,438,125,992 4,207,429,517 Financial investments held for trading 14,598,006 12,662,497 Financial investments available for sale 545,579, ,491, , ,471 Financial investments held to maturity 214,825, ,963, ,825, ,963,843 Financial investments loans and receivables 298,914, ,517, ,914, ,517,252 Other financial assets 51,713,784 Inventories 90,216,529 78,985,211 90,216,529 78,273,465 Investment properties 107,497, ,497, ,497, ,497,955 Property and equipment 436,542, ,892,100 53,959,158 59,332,731 Intangible assets 10,983,816 12,255,811 3,097,183 3,300,768 Current tax asset 56,686,355 60,134,941 19,902,521 21,851,667 Deferred tax assets 214,818, ,818, ,700, ,700,590 Other assets 25,543,836 79,678,307 25,543,835 32,983,369 Investment in subsidiary 1,160,387,961 1,160,387,961 Good will 385,244, ,244,360 Total assets 19,441,345,027 17,518,039,446 7,215,151, ,181,395, Liabilities Due to financial institutions 5,750,113,734 4,528,625,480 1,163,964,737 1,325,998,737 Deposits from customers 10,333,976,284 9,892,094,437 4,510,742,452 4,340,492,204 Debentures 358,468, ,064,562 Other liabilities 926,412, ,612, ,636, ,215,142 Retirement benefit obligations 80,610,294 78,325,295 28,130,161 28,318,661 Total liabilities 17,449,581,250 15,647,721,894 5,959,473,546 5,969,024,745 Equity Stated capital 56,086,280 56,086,280 56,086,280 56,086,280 Other reserves 201,547, ,449,501 76,195,608 76,195,608 Retained earnings 1,646,943,079 1,531,267,959 1,123,396,372 1,080,089,091 Funds attributable to equity holders of the parent 1,904,577,257 1,787,803,740 1,255,678,260 1,212,370,979 Noncontrolling interests 87,186,521 82,513,812 Total equity 1,991,763,778 1,870,317,552 1,255,678,260 1,212,370,979 Total liabilities and equity 19,441,345,027 17,518,039,446 7,215,151,805 7,181,395,724 Net Assets per share Rs I certify that the above financial statements are in compliance with the requirements of the Companies Act No. 7 of 2007 and give a true and fair view of the state of affairs of the company as at 30th June 2017 and its profit for the Three months ended 30th June 2017 T. M. A. Sallay Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these interim financial statements. Approved and signed for and on behalf of the Board. J. P. I. S. Dayawansa Mr. L. C. W.Edirisooriya Director Director Date:

5 STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED 30TH JUNE 2016 Capital Revaluation General Statutory Investment Available for Retained Non Stated capital Total reserves Reserve reserves reserve fund Fund sale Reserve earnings controling interest Balance as at 1st April ,086,280 17,930 1,029, ,372,675 1,046,258 1,234,898,225 72,027,212 1,505,477,631 3 Months ended 30th June ,832,623 3,750,358 97,582,981 Other Comprehensive income net of taxes 952,423 60,577 1,013,000 Dividends Paid Transfer to reserve fund 03Month Ended 30th June ,086,280 17,930 1,029, ,372,675 1,046,258 1,329,683,270 75,838,148 1,604,073,612 Capital reserves CONSOLIDATED STATEMENT OF CHANGES IN EQUITY General reserves Statutory reserve fund Investment Fund Available for sale Reserve Retained earnings Non controling Interest Stated capital Revaluation Total Rs. Rs. Reserve Rs. Rs. Balance as at 1st April ,086,280 17,930 33,546,713 1,029, ,746,277 3,109,529 1,531,267,961 82,513,812 1,870,317, Months Ended 30th June ,675,117 4,602, ,277,964 Other comprehensive income net of tax 1,098,397 69,862 1,168,259 Dividends Paid Available for sale Reserve 03 Month Ended 30th June ,086,280 17,930 33,546,713 1,029, ,746,277 4,207,926 1,646,943,079 87,186,521 1,991,763,778

6 STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED 30TH JUNE 2016 Capital Revaluation General Statutory Investment Available for Retained Non Stated capital Total reserves Reserve reserves reserve fund Fund sale Reserve earnings controling interest Balance as at 1st April ,086,280 17,930 1,029,052 63,598, ,317,975 1,076,049,686 3 Months ended 30th June ,867,959 34,867,959 Dividends Paid Transfer to reserve fund Other comprehensive income net of tax Transfer to statutory reserve fund 03Month Ended 30th June ,086,280 17,930 1,029,052 63,598, ,185,933 1,110,917,645 STATEMENT OF CHANGES IN EQUITY Capital General Statutory Investment Available for Retained Non Stated capital Revaluation Total reserves reserves reserve fund Fund sale Reserve earnings controling Reserve interest Balance as at 1st April ,086,280 17,930 1,029,052 74,639, , ,080,089,092 1,212,370, Months Ended 30th June ,307,280 43,307,280 Dividends Paid Other comprehensive income net of tax Transfer to reserve fund 03 Month Ended 30th June ,086,280 17,930 1,029,052 74,639, ,877 1,123,396,372 1,255,678,260 The interim financial statements for then Three months ended 30th June 2017 are provisional and subject to audit.

7 CONSOLIDATED CASH FLOW STATEMENT 30Jun17 30Jun16 30Jun17 30Jun16 Unaudited d Unaudited d Unaudited d Unaudited d Cash flow from operating activities Net profit before taxation 126,716, ,457,199 48,119,200 38,742,176 Adjustments for; Depreciation 11,948,967 10,995,991 5,700,433 6,180,418 (Gain)/Loss on disposal of property and equipment (598,976) (52,556) (521,739) (52,556) Provision for bad and doubtful debts 80,703,501 57,988,721 32,849,776 6,310,250 Provision for gratuity 2,700,000, 2,700,000, Interest on borrowing 164,552,293 29,105,793 37,792,329 15,730,855 Lease interest 117,492 87, ,492 87,801 Dividend income (85,024) (97,561) (19,608) (19,608) Net amount tran to P&L from AFS reserve on Associate (2,986,301) Operating profit before working capital changes 386,055, ,199, ,037,883 66,979,336 (Increase)/ decrease in financial investments 180,754, ,284, ,993,762 (87,396,434) (Increase)/ decrease in other assets 2,426, (7,581,444) 7,445, ,594 (Increase)/decrease in loans and advances (1,801,061,551) (658,874,541) (263,552,262) (205,733,554) (Increase)/ decrease in inventories (11,943,065) 22,052,510 (11,943,065) 22,115,188 Increase/(decrease) in public deposits 441,881,847 (191,109,972) 170,250,248 47,354,321 (Increase)/ decrease in trade and other payables 136,164,933 23,493,811 (17,214,320) 5,139,892 Increase/(decrease) in Debentures 403, , (1,051,372,227) (327,466,549) 85,979,908 (218,477,992) Cash generated from operations (665,317,058) (128,267,461) 210,017,791 (151,498,656) Tax paid (2,990,364) (128,778) (2,862,773) (128,778) Gratuity paid (415,000) (463,000) (188,500) Interest paid (160,699,215) (18,261,856) (37,792,329) (15,730,855) Net cash flow from operating activities (829,421,638) (147,121,095) 169,174,189 (167,358,289) Cash flow from investment activities Proceeds from disposal of property and equipment 649, , , ,097 Acquisition of subsidiary Dividends received 85,024 97,561 19,608 19,608 Proceeds from disposal of associate Purchases of Investment property, Intangible Assets & Property & Equipment (14,709,930) (12,838,232) (123,275) (637,232) Net cash flow from investing activities (13,975,166) (12,351,575) 418,072 (228,528)

8 30Jun17 30Jun16 30Jun17 30Jun16 Unaudited Unaudited Unaudited Unaudited Cash flow from financing activities Dividends paid Increase/(decrease) in Borrowings 1,146,574,472 (110,734,000) (162,034,000) (74,734,000) Repayment of lease creditor (482,119) (1,261,594) (482,119) (1,261,594) Net cash flow from financing activities 1,146,092,353 (111,995,594) (162,516,119) (75,995,594) Net increase / (decrease) in cash and cash equivalents 302,695,549 (271,468,264) 7,076,142 (243,582,411) Cash and cash equivalent at the beginning of the year 116,177, ,132,663 83,986, ,556,306 Cash and cash equivalent at the end of the year 418,873, ,664,399 91,062,560 66,973,895 Cash and cash equivalents Cash in hand and at bank 730,954, ,534,589 91,062,560 66,973,895 Bank overdrafts (312,080,999) (44,870,190) 0 418,873, ,664,399 91,062,560 66,973,895 The interim financial statements for the Three months ended 30th June 2017 are provisional and subject to audit. Figures in brackets indicate deductions. The annexed notes form an integral part of these interim financial statements. 1 2 The Statement of Financial Position, Statement of Comprehensive income, Statement of Changes in equity and Cash Flow Statement, have been prepared in accordance with Sri Lanka Accounting Standards comprising of Sri Lanka Financial Reporting Standards & Lanka Accounting Standards (Hereafter referred as "SLFRS"),laid down by the Institute of Charted Accountants of Sri Lanka and these SLFRS effective from April 1, 2012 and comparative (year 2012) too are reclassified and remeasured There were no changes in the accounting policies and methods of computation since the last audited financial statements. 3 There were no material events that took place since 30th June 2017 that require disclosure in these financial statements. 4 There e are no material a changes in composition o of assets, liabilities, contingent t liabilities. 5 All known expenses have been provided for in these financial statements. 6 The Stated Capital consists of 5,608,355 Ordinery Shares. 7 Proposed Consolidation of Finance and Leasing Companies Associated Motor Finance PLC hold 6,992,610 shares 94.02% of Arpico Finance PLC

9 A) Market Value per Share for the quarter ended 30Jun17 30Jun16 Rs. Rs. Highest Lowest Closing B) Twenty Largest holders of Shares as at 30th June 2017 Name No. of Shares % 1 Imperial Import & Export Co. (Pvt) Ltd 2,422, Mr. John Paulu Irugalbandarage Nalatha Dayawansa 2,397, Mrs. Ayanthi Shammalka Dayawansa 98, Mr. John Paulu Irugalbandarage Shanil Dayawansa 92, Mr. John Paulu Irugalbandarage Nadishka Dayawansa 92, Miss. Akuranawattage Shiyonika Perera 90, Mr. Akuranawattage Prajith Perera 90, Mrs. Ayoma Shyamali Perera 89, Mr. John Paulu Irugalbandarage Nelaka Dayawansa 81, Kottawa Industries & Tours Ltd. 51, Mrs. John Paulu Irugalbandarage g Pushparani 44, Mrs. Podinona Perera 16, Mr. John Paulu Irugalbandarage Vajira Priyantha 7, Imperial Tours 5, Mr. Puvendran Gajendra 1, Imperial Motor Finance Co. Ltd. 1, Nanayakkara Management Service (Pvt) Ltd 1, Mrs. Sannasliyanarachchge Dona Mary Beatrice 1, Mrs. Jayanthi Mala Gunaratne 1, Mr. John Paulu Irugalbandarage Kamal Kithsiri Mr Udayathilaka Indrapala Suriyabandara Mrs.Imiya Pathirannehalage Indrani Lalitha Gunathilaka Mr Daniel Saloman Nadarajan Mr.Siri Gamini Nissanka Herath C) Directors Shareholding as at 30th June ,590, Name No. of Shares Dr. L. R. Karynaratne Mr. J. P. I. N. Dayawansa 2,397,868 Mrs. A. S. Dayawansa 98,784 Mr. J. P. I. S. Dayawansa 92,386 Mr. K. D. U.S Nanayakkara Mr. L. C. W. Edirisooriya D) Public Holding Public Holding as at 30th June 2017 is 9.83% Number of Public shares holders 373