INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31ST DECEMBER 2021
MULTI FINANCE PLC
( Company Registration No: PB 891 PQ )
The Fairways, No.100, Buthgamuwa road, Rajagiriya.
MULTI FINANCE PLC
INTERIM FINANCIAL STATEMENTS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED | FOR THE NINE MONTHS ENDED | ||||||||
31.12.2021 | 31.12.2020 | Variance | 31.12.2021 | 31.12.2020 | Variance | ||||
Fav/ | Fav/ | ||||||||
(Unaudited) | (Unaudited) | (Adverse) | (Unaudited) | (Unaudited) | (Adverse) | ||||
Rs. | Rs. | % | Rs. | Rs. | % | ||||
Income | 29,965,845 | 34,977,027 | (14) | 88,871,303 | 100,862,758 | (12) | |||
Interest income | 23,985,587 | 30,300,132 | (21) | 74,153,077 | 86,858,633 | (15) | |||
Interest expenses | (5,906,940) | (9,462,875) | 38 | (19,414,658) | (34,496,034) | 44 | |||
Net interest income | 18,078,647 | 20,837,257 | (13) | 54,738,419 | 52,362,600 | 5 | |||
Fee and commission income | 3,120,226 | 1,107,648 | 182 | 7,961,387 | 5,897,603 | 35 | |||
Other income | 2,860,033 | 3,569,246 | (20) | 6,756,839 | 8,106,522 | (17) | |||
Net income from operations | 24,058,905 | 25,514,151 | (6) | 69,456,645 | 66,366,725 | 5 | |||
Operating expenses | |||||||||
Personnel cost | (17,929,135) | (21,031,974) | 15 | (55,037,670) | (61,386,873) | 10 | |||
Depreciation of Property Plant & Equipments and amortisation | of | (2,219,372) | (2,561,192) | 13 | (6,939,552) | (8,192,340) | 15 | ||
Intangible Assets | |||||||||
Amortization of Leased Assets | (3,877,837) | (3,584,087) | (8) | (11,633,510) | (10,803,764) | (8) | |||
Other operating expenses | (9,184,739) | (9,699,460) | 5 | (28,074,165) | (28,153,421) | 0.3 | |||
Total operating expenses | (33,211,083) | (36,876,713) | 10 | (101,684,897) | (108,536,398) | 6 | |||
Profit/(Loss) before impairment and taxation | (9,152,177) | (11,362,561) | 19 | (32,228,252) | (42,169,674) | 24 | |||
Impairment (charge)/reversal for loans and other losses | 2,268,042 | (1,874,665) | 221 | (6,209,572) | 3,363,748 | (285) | |||
Profit/(Loss) before taxation and VAT on Financial Services | (6,884,135) | (13,237,227) | 48 | (38,437,824) | (38,805,925) | 1 | |||
Tax on Financial Services | (1,756,501) | (1,423,291) | (23) | (2,363,715) | (1,423,291) | (66) | |||
Profit/(Loss) before taxation | (8,640,636) | (14,660,518) | 41 | (40,801,539) | (40,229,217) | (1) | |||
Income Tax (Expense)/Reversal | - | - | - | - | - | - | |||
Profit/(Loss) for the period | (8,640,636) | (14,660,518) | 41 | (40,801,539) | (40,229,217) | (1) | |||
Other comprehensive income | |||||||||
Items that will not be reclassified to profit or loss | |||||||||
Remeasurement of retirement benefit obligation | - | - | - | - | - | - | |||
Tax on actuarial gain | - | - | - | - | - | - | |||
- | - | - | - | - | - | ||||
Items that are or may be reclassified subsequently to profit or loss | |||||||||
Reclassification of Fair Value Through Other comprehensive income to | - | - | - | (50,308) | - | (100) | |||
Profit or Loss | |||||||||
Net change/(Loss) in fair value of financial assets measured at Fair Value | - | - | - | - | - | - | |||
Through Other Comprehensive Income | |||||||||
- | - | - | (50,308) | - | (100) | ||||
Other comprehensive income for the period, net of tax | - | - | - | (50,308) | - | (100) | |||
Total comprehensive income / (expense) for the period | (8,640,636) | (14,660,518) | 41 | (40,851,847) | (40,229,217) | (2) | |||
Earnings/(Loss) per share (Rs.) | (0.14) | (0.23) | (0.64) | (0.63) |
Figures in brackets indicate deductions.
1
MULTI FINANCE PLC
INTERIM FINANCIAL STATEMENTS | |||
STATEMENT OF FINANCIAL POSITION | As at 31.12.2021 | As at 31.03.2021 | |
Rs. | Rs. | ||
(Unaudited) | (Audited) | ||
Rs. | Rs. | ||
ASSETS | |||
Cash and cash equivalents | 16,287,355 | 23,195,923 | |
Placements with Banks and other financial institutions | 115,422,057 | 119,229,696 | |
Rental receivable on Lease | 85,859,365 | 155,459,039 | |
Rental receivable on Hire Purchase | 110,400 | 151,434 | |
Advances and Other Loans | 408,528,619 | 400,621,794 | |
Other receivables | 52,280,143 | 53,372,287 | |
Repossessed Stock | - | 4,090,270 | |
Income tax receivables | 5,227,629 | 5,227,631 | |
Financial Assets Measured at Fair Value Through Other | 2,500 | 535,489 | |
Comprehensive Income | |||
Investment Property | 68,333,000 | 68,333,000 | |
Property, plant & equipment | 5,380,671 | 11,999,774 | |
Right of use Assets | 15,706,057 | 27,402,094 | |
Intangible assets | 83,349 | 524,860 | |
TOTAL ASSETS | 773,221,145 | 870,143,291 | |
LIABILITIES | |||
Due to banks and financial institutions | 2,065,315 | 3,128,745 | |
Deposits due to customers | 253,339,217 | 294,272,187 | |
Other payables | 38,418,786 | 41,641,352 | |
Lease Liability | 17,343,978 | 28,746,608 | |
Retirement benefit obligation | 9,053,707 | 8,502,410 | |
TOTAL LIABILITIES | 320,221,003 | 376,291,302 | |
EQUITY | |||
Stated capital | 898,375,289 | 898,375,289 | |
Statutory Reserve Fund | 5,389,222 | 5,389,222 | |
General Reserve | 11,266,050 | 11,266,050 | |
Fair Value Reserve | - | 50,308 | |
Retained Earnings / (Accumulated Lossess) | (462,030,419) | (421,228,880) | |
TOTAL EQUITY | 453,000,142 | 493,851,989 | |
TOTAL LIABILITIES AND EQUITY | 773,221,145 | 870,143,291 | |
Net Assets Value Per Share (Rs.) | 7.12 | 7.76 |
Figures in brackets indicate deductions.
It is certified that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.
Sgd.
Mr. A. M. Galbadaarachchi
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board of Directors of Multi Finance PLC
Sgd. | Sgd. |
Mr. P. Jayasundera | Imal Fonseka |
Director / Chief Executive Officer | Chairman |
26th Jan 2022 | |
Colombo |
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MULTI FINANCE PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS ENDED 31ST DEC 2021
Stated | Statutory | General | Fair Value | Retained | Total | ||||||
Capital | Reserve Fund | Reserve | Reserve | Earnings/ | |||||||
(Accumulated | |||||||||||
Losses) | |||||||||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||
Balance as at 01st April 2020 | 898,375,289 | 5,389,222 | 11,266,050 | 247,199 | (338,127,145) | 577,150,615 | |||||
Loss for the Period | - | - | - | - | (40,229,217) | (40,229,217) |
Other comprehensive income net of tax for the year
Reclassification of Fair Value Through Other comprehensive income to Profit or Loss
Balance as at 31st Dec 2020
Balance as at 01st April 2021
Loss for the Period
Other comprehensive income net of tax for the year
Reclassification of Fair Value Through Other comprehensive income to Profit or Loss
- | - | - | - | - | - | |||||
898,375,289 | 5,389,222 | 11,266,050 | 247,199 | (378,356,362) | 536,921,399 | |||||
898,375,289 | 5,389,222 | 11,266,050 | 50,308 | (421,228,880) | 493,851,989 | |||||
- | - | - | - | (40,801,539) | (40,801,539) | |||||
- | - | - | (50,308) | - | (50,308) |
Balance as at 31st Dec 2021 | 898,375,289 | 5,389,222 | 11,266,050 | - | (462,030,419) | 453,000,142 | |||||
Figures in brackets indicate deductions.
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MULTI FINANCE PLC
INTERIM FINANCIAL STATEMENTS | |||
STATEMENT OF CASH FLOWS | |||
FOR THE NINE MONTHS ENDED 31ST DECEMBER | 2021 | 2020 | |
(Unaudited) | (Unaudited) | ||
Rs. | Rs. | ||
Profit /(Loss) Before Taxation | (40,801,539) | (40,229,217) | |
Adjustments for : | |||
Provision for Retirement Benefit Plans | 688,797 | 688,797 | |
Depreciation on Property, Plant and Equipment | 6,498,040 | 7,373,721 | |
Amortization of Leased Assets | 11,633,510 | 10,803,764 | |
Amortisation of Intangible Assets | 441,511 | 818,620 | |
(Profit)/Loss on Disposal of Property, Plant & Equipment | (338,037) | - | |
Impairment charge/(reversal) for loan and other advances | 6,209,572 | (3,363,748) | |
(Profit)/Loss on pawning auction | (23,456) | (22,299) | |
(Profit)/Loss on disposal of Repossessed Stock | 175,173 | 1,498,433 | |
Dividend Income | (60,000) | (80,000) | |
Interest expense on Lease Liability | 1,895,693 | 2,138,969 | |
Interest Accrued on Fixed Deposit Investments | (1,459,865) | (2,426,910) | |
Interest Accrued on Reverse Repurchase Agreements | (2,739,531) | (2,582,255) | |
Notional tax credit on interest on Treasury Bonds | - | 8,256 | |
Operating Profit before Working Capital Changes | (17,880,132) | (25,373,870) | |
Changes in working capital : | |||
(Increase)/Decrease in Investment in Hire purchase, Lease and Other Loans | 53,432,595 | 274,286,639 | |
(Increase)/Decrease in Other Receivables | 1,092,724 | 1,788,373 | |
(Increase)/Decrease in Repossessed Stock | 4,090,270 | 3,780,000 | |
Increase/ (Decrease) in Deposits from Customers | (40,932,970) | (175,928,056) | |
Increase / (Decrease) in Amounts Due to Related Party | (629,943) | (1,191,971) | |
Increase/ (Decrease) in Other Payables | (2,592,623) | (6,034,206) | |
Cash generated from / (Used in) Operating Activities | (3,420,079) | 71,326,908 | |
Income Tax Paid | - | - | |
Gratuity Paid | (137,500) | (229,625) | |
Net cash generated from / (used in) Operating Activities | (3,557,579) | 71,097,283 | |
Cash flows from / (Used in) Investing Activities | |||
Purchase of Property, Plant and Equipment | (55,400) | (30,886) | |
Proceeds from sale of Property, Plant & Equipment | 514,500 | - | |
Net Investment in Reverse Repurchase Agreements | (10,000,000) | - | |
Net Investment in Fixed Deposits | 15,136,618 | (5,000,000) | |
Cash Received from Pawning Auction | 1,940,000 | 2,627,000 | |
Dividend income Receipt | 60,000 | 80,000 | |
Interest Received on Fixed Deposit Investments | 1,212,499 | 2,309,247 | |
Interest Received on Reverse Repurchase Agreements | 2,140,020 | 2,064,560 | |
Net cash generated from / (used in) Investing Activities | 10,948,237 | 2,049,921 | |
Cash flow from / (Used in) Financing Activities | |||
Payment of Lease liabilities | (13,235,798) | (12,648,998) | |
Net cash generated from / (used in) Financing Activities | (13,235,798) | (12,648,998) | |
Net Increase/(Decrease) in Cash and Cash Equivalents | (5,845,139) | 60,498,207 | |
Cash & Cash Equivalents at the Beginning of the period | 20,067,178 | (11,010,623) | |
Cash & Cash Equivalents at the end of the period | 14,222,040 | 49,487,583 | |
Analysis of Cash & Cash Equivalents | |||
Favourable balance | |||
Cash at Bank | 10,125,875 | 44,304,011 | |
Cash in Hand | 6,161,480 | 7,693,530 | |
16,287,355 | 51,997,541 | ||
Unfavourable balance | |||
Bank Overdrafts | (2,065,315) | (2,509,958) | |
(2,065,315) | (2,509,958) | ||
14,222,040 | 49,487,583 | ||
Figures in brackets indicate deductions. |
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Multi Finance plc published this content on 08 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 10:41:06 UTC.