Central Finance Company PLC
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED
30TH SEPTEMBER 2022
CENTRAL FINANCE COMPANY PLC | ||||||
INCOME STATEMENT | ||||||
Group | Company | |||||
For the six months ended 30th September | 2022 | 2021 | 2022 | 2021 | ||
Unaudited | Unaudited | Increase | Unaudited | Unaudited Increase | ||
(decrease) | (decrease) | |||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |
Income | 11,516,349 | 11,556,966 | (0.35) | 9,058,792 | 8,237,942 | 9.96 |
Interest income | 8,286,048 | 6,640,852 | 24.77 | 8,078,247 | 6,613,848 | 22.14 |
Interest expenses | (2,126,241) | (1,962,026) | 8.37 | (2,144,929) | (1,980,948) | 8.28 |
Net interest income | 6,159,807 | 4,678,826 | 31.65 | 5,933,318 | 4,632,900 | 28.07 |
Net income from financial instruments at FVTPL | 19,660 | 484,374 | (95.94) | 1,811 | 418,688 | (99.57) |
Net other revenue | 1,092,428 | 708,334 | 54.22 | - | - | - |
Operating lease income | 515,129 | 519,518 | (0.84) | 516,974 | 521,670 | (0.90) |
Other income | 377,452 | 612,360 | (38.36) | 461,760 | 683,736 | (32.47) |
Total operating income | 8,164,476 | 7,003,412 | 16.58 | 6,913,863 | 6,256,994 | 10.50 |
Impairment and other credit losses | (438,735) | (1,565,976) | (71.98) | (306,821) | (1,565,735) | (80.40) |
Net Operating Income | 7,725,741 | 5,437,436 | 42.08 | 6,607,042 | 4,691,259 | 40.84 |
Operating expenses | ||||||
Personnel expenses | (1,338,298) | (1,247,932) | 7.24 | (1,161,088) | (1,077,439) | 7.76 |
Premises, equipment, establishment and other expenses | (1,554,093) | (1,078,279) | 44.13 | (1,105,080) | (972,262) | 13.66 |
(2,892,391) | (2,326,211) | 24.34 | (2,266,168) | (2,049,701) | 10.56 | |
Operating profits before share of profit of equity accounted investees | 4,833,350 | 3,111,225 | 55.35 | 4,340,874 | 2,641,558 | 64.33 |
Share of profit of equity accounted investees, net of tax | 883,049 | 679,620 | 29.93 | - | - | - |
Operating profit before taxes on financial services | 5,716,399 | 3,790,845 | 50.79 | 4,340,874 | 2,641,558 | 64.33 |
Taxes on financial services | (754,118) | (415,708) | 81.41 | (754,118) | (415,708) | 81.41 |
Profit before tax | 4,962,281 | 3,375,137 | 47.02 | 3,586,756 | 2,225,850 | 61.14 |
Income tax expense | (1,123,217) | (793,105) | 41.62 | (1,051,108) | (682,456) | 54.02 |
Profit for the period | 3,839,064 | 2,582,032 | 48.68 | 2,535,648 | 1,543,394 | 64.29 |
Profit attributable to : | ||||||
Equity holders of the parent | 3,679,399 | 2,417,352 | 52.21 | 2,535,648 | 1,543,394 | 64.29 |
Non-controlling interest | 159,665 | 164,680 | (3.05) | - | - | - |
Profit for the period | 3,839,064 | 2,582,032 | 48.68 | 2,535,648 | 1,543,394 | 64.29 |
Basic and diluted earnings per share -Rs. | 16.18 | 10.63 | 52.21 | |||
The annexed notes form an integral part of these interim financial statements. | ||||||
CENTRAL FINANCE COMPANY PLC | ||||||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||
Group | Company | |||||
For the six months ended 30th September | 2022 | 2021 | 2022 | 2021 | ||
Increase | Increase | |||||
Unaudited | Unaudited | (decrease) | Unaudited | Unaudited | (decrease) | |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |
Profit for the period | 3,839,064 | 2,582,032 | 48.68 | 2,535,648 | 1,543,394 | 64.29 |
Other comprehensive income/(expense) to be reclassified to income statement | ||||||
Fair value gain/(loss) on debt securities at fair value through other comprehensive income | ||||||
Share of equity accounted investees, net of tax | 326,127 | (117,565) | 377.40 | - | - | - |
Total other comprehensive income/(expense) to be reclassified to income statement | 326,127 | (117,565) | 377.40 | - | - | - |
Other comprehensive income/(expense) not to be reclassified to income statement | ||||||
Actuarial gains / (losses) on defined benefit plans | ||||||
Share of equity accounted investees, net of tax | - | 11,290 | - | - | - | - |
Total other comprehensive income/(expense) not to be reclassified to income statement | - | 11,290 | - | - | - | - |
Other comprehensive income/(expense) for the period (net of tax) | 326,127 | (106,275) | 406.87 | - | - | - |
Total comprehensive income for the period | 4,165,191 | 2,475,757 | 68.24 | 2,535,648 | 1,543,394 | 64.29 |
Total comprehensive income Attributable to: | ||||||
Equity holders of the parent | 4,005,526 | 2,311,077 | 73.32 | 2,535,648 | 1,543,394 | 64.29 |
Non-controlling interest | 159,665 | 164,680 | (3.05) | - | - | |
Total comprehensive income for the period | 4,165,191 | 2,475,757 | 68.24 | 2,535,648 | 1,543,394 | 64.29 |
The annexed notes form an integral part of these interim financial statements.
CENTRAL FINANCE COMPANY PLC | ||||||
INCOME STATEMENT | ||||||
Group | Company | |||||
For the three months ended 30th September | 2022 | 2021 | 2022 | 2021 | ||
Unaudited | Unaudited | Increase | Unaudited | Unaudited Increase | ||
(decrease) | (decrease) | |||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |
Income | 6,041,654 | 6,220,326 | (2.87) | 4,801,435 | 4,282,933 | 12.11 |
Interest income | 4,347,643 | 3,321,005 | 30.91 | 4,221,663 | 3,299,636 | 27.94 |
Interest expenses | (1,233,850) | (916,148) | 34.68 | (1,242,713) | (925,657) | 34.25 |
Net interest income | 3,113,793 | 2,404,857 | 29.48 | 2,978,950 | 2,373,979 | 25.48 |
Net income from financial instruments at FVTPL | 108,316 | 227,481 | (52.38) | 54,172 | 201,464 | (73.11) |
Net other revenue | 539,985 | 422,454 | 27.82 | - | - | - |
Operating lease income | 252,101 | 263,072 | (4.17) | 253,024 | 264,302 | (4.27) |
Other income | 146,663 | 451,230 | (67.50) | 272,576 | 517,531 | (47.33) |
Total operating income | 4,160,858 | 3,769,094 | 10.39 | 3,558,722 | 3,357,276 | 6.00 |
Impairment and other credit losses | 104,977 | (202,896) | (151.74) | 229,579 | (202,581) | (213.33) |
Net Operating Income | 4,265,835 | 3,566,198 | 19.62 | 3,788,301 | 3,154,695 | 20.08 |
Operating expenses | ||||||
Personnel expenses | (687,350) | (624,477) | 10.07 | (595,346) | (535,159) | 11.25 |
Premises, equipment, establishment and other expenses | (598,936) | (554,347) | 8.04 | (565,800) | (500,874) | 12.96 |
(1,286,286) | (1,178,824) | 9.12 | (1,161,146) | (1,036,033) | 12.08 | |
Operating profits before share of profit of equity accounted investees | 2,979,549 | 2,387,374 | 24.80 | 2,627,155 | 2,118,662 | 24.00 |
Share of profit of equity accounted investee, net of tax | 589,303 | 356,979 | 65.08 | - | - | - |
Operating profit before taxes on financial services | 3,568,852 | 2,744,353 | 30.04 | 2,627,155 | 2,118,662 | 24.00 |
Taxes on financial services | (445,814) | (303,783) | 46.75 | (445,814) | (303,783) | 46.75 |
Profit before tax | 3,123,038 | 2,440,570 | 27.96 | 2,181,341 | 1,814,879 | 20.19 |
Income tax expense | (621,341) | (586,228) | 5.99 | (611,048) | (512,935) | 19.13 |
Profit for the period | 2,501,697 | 1,854,342 | 34.91 | 1,570,293 | 1,301,944 | 20.61 |
Profit attributable to : | ||||||
Equity holders of the parent | 2,361,816 | 1,744,053 | 35.42 | 1,570,293 | 1,301,944 | 20.61 |
Non-controlling interest | 139,881 | 110,289 | 26.83 | - | - | - |
Profit for the period | 2,501,697 | 1,854,342 | 34.91 | 1,570,293 | 1,301,944 | 20.61 |
Basic and diluted earnings per share -Rs. | 10.39 | 7.67 | 35.42 | |||
The annexed notes form an integral part of these interim financial statements. | ||||||
CENTRAL FINANCE COMPANY PLC | ||||||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||
Group | Company | |||||
For the three months ended 30th September | 2022 | 2021 | 2022 | 2021 | ||
Increase | Increase | |||||
Unaudited | Unaudited | (decrease) | Unaudited | Unaudited | (decrease) | |
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |
Profit for the period | 2,501,697 | 1,854,342 | 34.91 | 1,570,293 | 1,301,944 | 20.61 |
Other comprehensive income/(expense) to be reclassified to income statement | ||||||
Fair value gain/(loss) on debt securities at fair value through other comprehensive income | ||||||
Share of equity accounted investees, net of tax | 10,071 | (86,993) | 111.58 | - | - | - |
Total other comprehensive income/(expense) to be reclassified to income statement | 10,071 | (86,993) | 111.58 | - | - | - |
Other comprehensive income/(expense) not to be reclassified to income statement | ||||||
Actuarial gains / (losses) on defined benefit plans | ||||||
Share of equity accounted investees, net of tax | - | 11,290 | - | - | - | - |
Total other comprehensive income/(expense) not to be reclassified to income statement | - | 11,290 | ||||
Other comprehensive income/(expense) for the period (net of tax) | 10,071 | (75,703) | 113.30 | - | - | - |
Total comprehensive income for the period | 2,511,768 | 1,778,639 | 41.22 | 1,570,293 | 1,301,944 | 20.61 |
Total comprehensive income Attributable to: | ||||||
Equity holders of the parent | 2,371,887 | 1,668,350 | 42.17 | 1,570,293 | 1,301,944 | 20.61 |
Non-controlling interest | 139,881 | 110,289 | 26.83 | - | - | |
Total comprehensive income for the period | 2,511,768 | 1,778,639 | 41.22 | 1,570,293 | 1,301,944 | 20.61 |
The annexed notes form an integral part of these interim financial statements.
CENTRAL FINANCE COMPANY PLC
STATEMENT OF FINANCIAL POSITION
Group | Company | |||
As at | 30.09.2022 | 31.03.2022 | 30.09.2022 | 31.03.2022 |
Unaudited | Audited | Unaudited | Audited | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
ASSETS | ||||
Cash and cash equivalents | 1,036,997 | 1,199,681 | 675,270 | 697,234 |
Fair value through profit or loss financial assets | 668,106 | 1,655,884 | 343,001 | 968,093 |
Securities bought under repurchase agreements | 2,331,148 | 5,201,821 | 2,331,148 | 5,201,821 |
Financial assets at amortised cost- Debt and other financial instruments | 23,800,522 | 22,310,336 | 22,152,634 | 20,933,341 |
Financial assets at amortised cost- Loans and receivables from customers | 4,917,636 | 4,724,669 | 4,918,824 | 4,727,838 |
Financial assets at amortised cost- Net investment in leases and hire purchase | 46,359,898 | 53,901,589 | 46,359,898 | 53,901,589 |
Trade receivables | 856,644 | 1,589,992 | - | - |
Investments in subsidiaries | - | - | 381,614 | 333,614 |
Investments in equity accounted investees | 10,026,607 | 9,221,337 | 1,538,020 | 1,538,020 |
Inventories and other stocks | 2,006,219 | 1,626,322 | 79,835 | 54,436 |
Investment properties | 78,800 | 78,800 | 78,800 | 78,800 |
Property, plant and equipment | 12,265,192 | 12,433,609 | 9,892,369 | 10,082,958 |
Right of use assets | 427,638 | 457,818 | 512,386 | 559,516 |
Intangible assets | 79,376 | 85,792 | 78,534 | 84,809 |
Current tax assets | 27 | 1,127 | - | - |
Deferred tax asset | 15,196 | 15,196 | - | - |
Other assets | 1,060,770 | 1,096,721 | 1,005,352 | 873,135 |
Real estates held for sale | 5,155 | 5,155 | 5,155 | 5,155 |
Assets held for sale | 132 | 100 | - | - |
Total assets | 105,936,063 | 115,605,949 | 90,352,840 | 100,040,359 |
LIABILITIES | ||||
Bank overdrafts | 164,201 | 224,369 | 126,255 | 215,438 |
Financial liabilities at amortised cost -Deposits | 40,434,075 | 48,715,464 | 40,712,404 | 49,024,182 |
Financial liabilities at amortised cost -Interest bearing borrowings | 549,789 | 708,465 | 64,760 | 88,329 |
Lease liabilities | 408,648 | 425,001 | 510,641 | 542,760 |
Employee benefit obligations | 1,839,813 | 1,778,128 | 1,690,557 | 1,632,666 |
Current tax liabilities | 957,938 | 1,773,149 | 867,024 | 1,597,150 |
Deferred tax liability | 1,537,059 | 1,765,957 | 1,235,979 | 1,438,012 |
Other liabilities | 1,458,187 | 2,744,039 | 773,537 | 1,035,641 |
Liabilities directly associated with the assets held for sale | 1,142 | 1,224 | - | - |
Total liabilities | 47,350,852 | 58,135,796 | 45,981,157 | 55,574,178 |
EQUITY | ||||
Stated capital | 2,230,286 | 2,230,286 | 2,230,286 | 2,230,286 |
Statutory Reserve fund | 2,715,000 | 2,715,000 | 2,715,000 | 2,715,000 |
Revaluation reserve | 4,972,196 | 4,976,248 | 3,581,773 | 3,584,888 |
Fair value reserve | (72,365) | (398,492) | - | - |
Loan loss reserve | 920,000 | 920,000 | 920,000 | 920,000 |
General reserve | 23,402,957 | 23,402,957 | 23,391,776 | 23,391,776 |
Retained earnings | 22,631,264 | 21,989,452 | 11,532,848 | 11,624,231 |
Total equity, excluding non-controlling interest | 56,799,338 | 55,835,451 | 44,371,683 | 44,466,181 |
Non-controlling interest | 1,785,873 | 1,634,702 | - | - |
Total equity | 58,585,211 | 57,470,153 | 44,371,683 | 44,466,181 |
Total liabilities and equity | 105,936,063 | 115,605,949 | 90,352,840 | 100,040,359 |
Net asset value per share - Rs. | 249.83 | 245.59 | 195.17 | 195.58 |
These financial statements have been prepared in compliance with the requirements of the Companies Act No.07 of 2007. | ||||
W.M.T.W.Weerasinghe | ||||
Chief Financial Officer | ||||
The Board of directors is responsible for the preparation and presentation of these financial statements. | ||||
Approved and signed for and on behalf of the board. | ||||
E. H. Wijenaike | A.K. Gunaratne | |||
Managing Director | Deputy Managing Director / Deputy | |||
Chief Executive Officer |
14'th November 2022 Colombo
The annexed notes form an integral part of these interim financial statements.
CENTRAL FINANCE COMPANY PLC | ||||||||||
STATEMENT OF CHANGES IN EQUITY | ||||||||||
For the six months ended 30th September 2022 | ||||||||||
Attributable to equity holders of the company | Non- | Total | ||||||||
controlling | ||||||||||
Group | Stated | Statutory | Revaluation | Fair value | Loan loss | General | Retained | Total | ||
capital | reserve fund | reserve | reserve | reserve | reserves | earnings | interest | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 1st April 2021 | 1,961,597 | 2,371,000 | 5,102,431 | 27,538 | 920,000 | 23,402,957 | 16,266,493 | 50,052,016 | 1,453,433 | 51,505,449 |
Total comprehensive income | ||||||||||
Profit for the six months ended 30th September 2021 | - | - | - | - | - | - | 2,417,352 | 2,417,352 | 164,680 | 2,582,032 |
Other comprehensive income | - | - | - | (117,565) | - | - | 11,290 | (106,275) | - | (106,275) |
Total comprehensive income | - | - | - | (117,565) | - | - | 2,428,642 | 2,311,077 | 164,680 | 2,475,757 |
Transactions with equity holders of the Company and other transfers , recognised directly in equity | ||||||||||
Depreciation on revaluation surplus | - | - | (4,051) | - | - | - | 4,051 | - | - | - |
Unclaimed dividends written back | - | - | - | - | - | - | 18,848 | 18,848 | 262 | 19,110 |
Dividends - scrip/cash | 268,689 | - | - | - | - | - | (784,087) | (515,398) | (27,234) | (542,632) |
Divestment of a subsidiary company | - | - | - | - | - | - | - | - | (68,062) | (68,062) |
Total contributions from and distribution to equity holders and other transfers | 268,689 | - | (4,051) | - | - | - | (761,188) | (496,550) | (95,034) | (591,584) |
Balance as at 30th September 2021 | 2,230,286 | 2,371,000 | 5,098,380 | (90,027) | 920,000 | 23,402,957 | 17,933,947 | 51,866,543 | 1,523,079 | 53,389,622 |
Balance as at 1st April 2022 | 2,230,286 | 2,715,000 | 4,976,248 | (398,492) | 920,000 | 23,402,957 | 21,989,452 | 55,835,451 | 1,634,702 | 57,470,153 |
Charge relating to Surcharge Tax | - | - | - | - | - | - | (2,587,313) | (2,587,313) | (2,031) | (2,589,344) |
Balance as at 1st April 2022 (Adjusted) | 2,230,286 | 2,715,000 | 4,976,248 | (398,492) | 920,000 | 23,402,957 | 19,402,139 | 53,248,138 | 1,632,671 | 54,880,809 |
Total comprehensive income | ||||||||||
Profit for the six months ended 30th September 2022 | - | - | - | - | - | - | 3,679,399 | 3,679,399 | 159,665 | 3,839,064 |
Other comprehensive income | - | - | - | 326,127 | - | - | - | 326,127 | - | 326,127 |
Total comprehensive income | - | - | - | 326,127 | - | - | 3,679,399 | 4,005,526 | 159,665 | 4,165,191 |
Transactions with equity holders of the Company and other transfers , recognised directly in equity | ||||||||||
Depreciation on revaluation surplus | - | - | (4,052) | - | - | - | 4,052 | - | - | - |
Unclaimed dividends written back | - | - | - | - | - | - | 384 | 384 | 385 | 769 |
Payment of forfeited dividends | - | - | - | - | - | - | (1) | (1) | - | (1) |
Dividends - Cash | - | - | - | - | - | - | (454,709) | (454,709) | (6,848) | (461,557) |
Total contributions from and distribution to equity holders and other transfers | - | - | (4,052) | - | - | - | (450,274) | (454,326) | (6,463) | (460,789) |
Balance as at 30th September 2022 | 2,230,286 | 2,715,000 | 4,972,196 | (72,365) | 920,000 | 23,402,957 | 22,631,264 | 56,799,338 | 1,785,873 | 58,585,211 |
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Central Finance Company plc published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 10:50:10 UTC.