ASSOCIATED MOTOR FINANCE COMPANY PLC
FINANCIAL STATEMENTS
For the Quarter ended 30th June 2022
No. 89, Hyde Park Corner
Colombo 02
Tel: 011 2687158, Fax: 011 2688760
E-mail : info@amf.lk, Web : www.amf.lk
ASSOCIATED MOTOR FINANCE COMPANY PLC STATEMENT OF COMPREHENSIVE INCOME
Quarter ended 30th June
2022 | 2021 | Changes |
Unaudited | Unaudited | |
Rs. | Rs. | % |
Year ended 31st March
2022 | 2021 * | Changes |
Audited | Audited | |
Rs. | Rs. | % |
Interest Income | 754,770,693 | 544,537,591 | 39 | 2,300,643,365 | 1,068,727,956 | 115 |
Less : Interest Expenses | (406,019,571) | (410,887,366) | (1) | (1,519,247,143) | (696,194,819) | 118 |
Net Interest Income | 348,751,122 | 133,650,225 | 161 | 781,396,223 | 372,533,137 | 110 |
Fee and commission income | 27,430,945 | 14,011,474 | 96 | 86,553,564 | 25,067,815 | 245 |
Net trading income/(expense) | (4,743,524) | 4,218,101 | (212) | 63,931,042 | 38,085,656 | 68 |
Other operating income (net) | 17,571,513 | 16,886,582 | 4 | 198,721,610 | 27,017,212 | 636 |
Total operating income | 389,010,055 | 168,766,382 | 131 | 1,130,602,438 | 462,703,821 | 144 |
Less : Impairment charges on financial assets & other losses | (98,546,010) | (115,975,314) | (15) | 353,547,750 | (45,437,332) | (878) |
Net operating income | 290,464,045 | 52,791,068 | 450 | 1,484,150,188 | 417,266,488 | 256 |
Less : Operating Expenses | ||||||
Personnel Expenses | (137,752,021) | (132,827,639) | 4 | (500,294,845) | (237,206,096) | 111 |
Depreciation of property, equipment & amortisation of Right of | ||||||
Use Assets | (21,883,993) | (19,335,855) | 13 | (76,979,481) | (32,474,870) | 137 |
Amortisation of intangible assets | (1,246,016) | (1,379,665) | (10) | (5,337,001) | (543,113) | 883 |
Other operating expenses | (68,725,762) | (66,596,148) | 3 | (311,585,945) | (120,105,920) | 159 |
Profit before taxes on financial services | 60,856,253 | (167,348,240) | (136) | 589,952,917 | 26,936,490 | 2,090 |
Less : Tax on financial services | (23,511,943) | (2,238,166) | 951 | (97,624,405) | (36,353,026) | 169 |
Profit before taxation | 37,344,310 | (169,586,406) | (122) | 492,328,512 | (9,416,536) | 5,328 |
Less : Income tax (expense)/reversals | (5,162,001) | (803,830) | 542 | (192,859,554) | 3,284,222 | (5,972) |
Profit/(Loss) for the period | ||||||
32,182,309 | (170,390,236) | (119) | 299,468,958 | (6,132,314) | 4,983 | |
Other comprehensive income / (expense), net of tax | ||||||
Items that may be subsequently reclassified to profit or loss | ||||||
Financial assets measured at Fair Value through Other | ||||||
Comprehensive Income | ||||||
Net change in fair value during the period | (4,009,284) | 2,758,539 | (245) | 10,887,036 | - | 100 |
Retirement benefit obligations - actuarial gain / (loss) | - | - | (1,042,657) | 2,821,122 | (137) | |
Items that will not be reclassified to profit or loss | - | - | - | - | ||
Total other comprehensive income /(expense) for the period, net | ||||||
of taxes | (4,009,284) | 2,758,539 | (245) | 9,844,379 | 2,821,122 | 249 |
Total comprehensive income for the period | ||||||
28,173,025 | (167,631,697) | (117) | 309,313,337 | (3,311,192) | (9,441) | |
Earnings per share (Rs.) | ||||||
0.28 | (2.18) | 2.86 | (1.09) | |||
The above figures are subject to audit and appropriations. |
Associated Motor Finance Company PLC was amalgamated with its subsidiary -Arpico Finance Company PLC (AFC) on 1st April 2021 and with effect from that day AFC ceased to exit and Associated Motor Finance Company PLC continues as the remaining entity .
*Figures shown are the results of Associated Motor Finance Company PLC only.
02
ASSOCIATED MOTOR FINANCE COMPANY PLC
STATEMENT OF FINANCIAL POSITION
AS AT
ASSETS
Cash and cash equivalents Financial assets - amortised cost
Financial assets - measured at fair value through profit or loss Financial assets at amortized cost / loans and lease receivables
Financial assets - measured at fair value through other comprehensive income Inventories
Investment properties Other assets
Property, Equipment and Right of Use Assets Intangible assets
Deferred tax assets Good will
Total Assets
LIABILITIES
Due to banks and financial institutions
Deposits from customers
Trade and other payables
Current tax Liability
Retirement Benefit Obligations
Total Liabilities
EQUITY
Stated capital
Revenue Reserves
Other Reserves
Total equity
Total Liabilities and Shareholders' Equity
Net Asset value per Share (Rs.)
The above figures are subject to the audit and appropriations.
30.06.2022 31.03.2022
(Unaudited) (Audited)
Rs.Rs.
397,969,369 504,107,920
3,590,931,539 4,009,763,997
15,549,279 20,292,803
9,253,730,318 8,777,307,386
29,667,603 33,676,887
15,471,898 22,328,270
91,850,000 91,850,000
142,548,465 108,751,142
1,111,042,938 1,118,194,852
6,361,018 7,607,033
81,491,673 81,491,673
385,244,360 385,244,360
15,121,858,458 15,160,616,322
345,988,559 765,497,212
11,606,080,200 11,173,182,495
373,776,784 432,560,220
9,766,731 32,995,738
58,640,093 56,947,593
12,394,252,367 12,461,183,257
611,273,941 611,273,941
1,970,994,946 1,938,812,636
145,337,205 149,346,488
2,727,606,092 2,699,433,065
15,121,858,458 15,160,616,322
24.07 23.82
The financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of 2007.
Sgd
T. M. A. Sallay
Chief Executive 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.
Sgd | Sgd |
J. P. I. S. Dayawansa | A. S. Dayawansa |
Executive Director | Executive Director |
09th August 2022 | 03 |
ASSOCIATED MOTOR FINANCE COMPANY PLC
STATEMENT OF CHANGES IN EQUITY
Stated Capital | Capital | General | Statutory | Fair Value | |||
reserves | reserves | ||||||
Reserve Fund | Reserve | Retained Earnings | Total | ||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |
Balance as at 01st April 2021 | 111,094,976 | 17,930 | 1,029,052 | 88,613,706 | 978,472 | 1,688,206,627 | 1,889,940,763 |
Net Profit/ (Loss) for the year | - | - | - | - | - | (170,390,236) | (170,390,236) |
Other comprehensive income net of tax | - | - | - | - | 2,758,539 | - | 2,758,539 |
Balance as at 30th June 2021 | 111,094,976 | 17,930 | 1,029,052 | 88,613,706 | 3,737,011 | 1,517,816,391 | 1,722,309,065 |
Balance as at 01st April 2022 | 611,273,941 | 32,864,774 | 1,029,052 | 103,587,154 | 11,865,508 | 1,938,812,636 | 2,699,433,065 |
Net Profit /(Loss) for the year | - | - | - | - | - | 32,182,309 | 32,182,309 |
Other comprehensive income net of tax | - | - | - | - | (4,009,284) | - | (4,009,284) |
Balance as at 30th June 2022 | 611,273,941 | 32,864,774 | 1,029,052 | 103,587,154 | 7,856,224 | 1,970,994,945 | 2,727,606,092 |
04
ASSOCIATED MOTOR FINANCE COMPANY PLC
STATEMENT OF CASH FLOW
For the Period | For the Period | |
ended 30th June | ended 30th June | |
2022 | 2021 | |
(Unaudited) | (Unaudited) | |
Rs. | Rs. | |
Cash flow from operating activities |
Net profit/(loss)before taxation
Adjustments for;
Depreciation of property and equipment and amortisation of right of use assets and intangible assets
(Profit)/loss on disposals of Property and Equipment Provision for bad and doubtful debts
Provision for gratuity Interest on borrowing Dividend receipt
Loans and advances written off
Operating profit before working capital changes
(Increase)/ decrease in financial investments (Increase)/decrease in loans and advances (Increase)/ decrease in other assets (Increase) / decrease in inventories Increase/(decrease) in public deposits Increase/ (decrease) in trade and other payables
Cash generated from operations
Income Tax paid
Retirement benefits liabilities paid
Interest paid
Net cash flow from operating activities
Cash flow from investment activities
37,344,310 | (169,586,406) |
23,130,009 | 20,715,520 |
25,894 | - |
98,546,010 | 115,975,314 |
3,000,000 | 1,500,000 |
18,851,893 | 52,764,275 |
(677,207) | (64,025) |
(3,594,903) | - |
176,626,007 | 21,304,678 |
423,575,982 | (368,163,788) |
(571,374,040) | 1,022,331,510 |
(33,797,320) | (54,173,835) |
6,856,372 | - |
432,897,705 | (255,894,738) |
(58,783,436) | (6,078,342) |
199,375,263 | 338,020,808 |
376,001,270 | 359,325,486 |
(28,391,008) | - |
(1,307,500) | (758,855) |
(48,344,967) | (48,088,311) |
297,957,796 | 310,478,320 |
Dividends received | 677,207 | 64,025 |
Purchase of property and equipment, intangible assets | (14,757,973) | (13,660,156) |
Net cash flow from investing activities | (14,080,767) | (13,596,131) |
Cash flow from Financing activities | ||
Repayment of borrowings | (403,437,871) | (498,335,521) |
Net Cash Inflow/(Outflow) from Financing Activities | (403,437,871) | (498,335,521) |
Net increase/(decrease) in cash and cash equivalents | (119,560,840) | (201,453,332) |
Cash & cash equivalents at the beginning of the period | 475,611,250 | 770,078,055 |
Cash & Cash Equivalents at the end of the period | 356,050,409 | 568,624,722 |
Cash and Cash Equivalents Comprises | ||
Cash and bank balances | 397,969,369 | 712,238,272 |
Bank overdraft | (41,918,961) | (143,613,550) |
Cash & Cash Equivalent at the end of the period | 356,050,409 | 568,624,722 |
05
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Associated Motor Finance Company plc published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 11:49:04 UTC.