Associated Motor Finance : Interim Financial Statement as at 30th September 2022

ASSOCIATED MOTOR FINANCE COMPANY PLC

FINANCIAL STATEMENTS

For the Quarter ended 30th September 2022

No. 89, Hyde Park Corner

Colombo 02

Tel: [phone], Fax: [phone]

E-mail : [e-mail], Web : www.amf.lk

ASSOCIATED MOTOR FINANCE COMPANY PLC STATEMENT OF COMPREHENSIVE INCOME

Quarter ended 30th September

2022	2021	Changes
Unaudited	Unaudited
Rs.	Rs.	%

Six months ended 30th September

2022

2021

Changes

Unaudited Unaudited

Rs.Rs. %

Interest Income	935,216,425	521,289,811	79	1,689,987,118	1,065,827,402	59
Less : Interest Expenses	(580,019,250)	(370,243,132)	57	(986,038,821)	(781,130,499)	26
Net Interest Income	355,197,175	151,046,679	135	703,948,297	284,696,904	147
Fee and commission income	24,706,692	14,806,312	67	52,137,636	28,817,786	81
Net trading income/(expense)	9,176,455	8,532,108	8	4,432,931	12,750,209	(65)
Other operating income (net)	25,040,321	65,495,736	(62)	42,611,833	82,382,318	(48)
Total operating income	414,120,643	239,880,835	73	803,130,698	408,647,217	97
Less : Impairment charges on financial assets & other losses	(132,825,931)	149,398,496	(189)	(231,371,942)	33,423,182	(792)
Net operating income	281,294,711	389,279,331	(28)	571,758,756	442,070,399	29
Less : Operating Expenses
Personnel Expenses	(140,271,093)	(119,109,026)	18	(278,023,113)	(251,936,665)	10
Depreciation of property, equipment & amortisation of Right of
Use Assets	(22,005,726)	(18,790,848)	17	(43,889,719)	(38,126,703)	15
Amortisation of intangible assets	(1,009,162)	(1,365,650)	(26)	(2,255,177)	(2,745,316)	(18)
Other operating expenses	(59,380,715)	(81,830,948)	(27)	(128,106,477)	(148,427,097)	(14)
Profit before taxes on financial services	58,628,016	168,182,859	(65)	119,484,269	834,619	14,216
Less : Tax on financial services	(22,564,378)	(28,055,269)	(20)	(46,076,321)	(30,293,435)	52
Profit before taxation	36,063,638	140,127,590	(74)	73,407,948	(29,458,817)	349
Less : Income tax (expense)/reversals	(7,518,770)	803,830	(1,035)	(12,680,772)	-	100
Profit/(Loss) for the period
28,544,868	140,931,419	(80)	60,727,176	(29,458,817)	306
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	1,203,355	2,478,114	(51)	(2,805,929)	5,236,653	(154)
Retirement benefit obligations - actuarial gain / (loss)	-	-		-	-	-
Items that will not be reclassified to profit or loss	-	-		-	-	-
Total other comprehensive income /(expense) for the period, net
of taxes	1,203,355	2,478,114	(51)	(2,805,929)	5,236,653	(154)
Total comprehensive income for the period
29,748,223	143,409,533	(79)	57,921,248	(24,222,164)	(339)
Earnings per share (Rs.) *
0.25	1.80		0.54	(0.38)

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 Current tax 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.

30.09.2022 31.03.2022

(Unaudited) (Audited)

Rs.Rs.

271,840,531 504,107,920

3,284,129,173 4,009,763,997

24,725,734 20,292,803

9,599,620,303 8,777,307,386

30,870,958 33,676,887

3,353,296 22,328,270

91,850,000 91,850,000

131,585,109 108,751,142

9,837,765-

1,092,101,698 1,118,194,852

5,351,856 7,607,033

81,491,673 81,491,673

385,244,360 385,244,360

15,012,002,456 15,160,616,322

102,013,344 765,497,212

11,699,380,731 11,173,182,495

391,945,222 432,560,220

• 32,995,738
  61,308,843 56,947,593

12,254,648,141 12,461,183,257

611,273,941 611,273,941

1,999,539,814 1,938,812,636

146,540,560 149,346,488

2,757,354,314 2,699,433,065

15,012,002,456 15,160,616,322

24.3323.82

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
02nd November 2022	03

Balance as at 01st April 2021

Issue of new shares due to the amalagamation with Arpico Finance Co PLC

Net Profit/ (Loss) for the year

Rights Issue of ordinary shares

Other comprehensive income net of tax

Balance as at 30th September 2021

Balance as at 01st April 2022

Net Profit /(Loss) for the year

Other comprehensive income net of tax

Balance as at 30th September 2022

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.
56,086,280	17,930	1,029,052	88,613,706	978,472	1,688,206,627	1,834,932,067
55,008,696	-	-	-	-	-	55,008,696
-	-	-	-	-	(29,458,817)	(29,458,817)
500,178,965	-	-	-	-	-	500,178,965
-	-	-	-	5,236,653	-	5,236,653
611,273,941	17,930	1,029,052	88,613,706	6,215,125	1,658,747,810	2,365,897,564
611,273,941	32,864,774	1,029,052	103,587,154	11,865,508	1,938,812,636	2,699,433,065
-	-	-	-	-	60,727,176	60,727,176
-	-	-	-	(2,805,929)	-	(2,805,929)
611,273,941	32,864,774	1,029,052	103,587,154	9,059,579	1,999,539,812	2,757,354,314

04

ASSOCIATED MOTOR FINANCE COMPANY PLC

STATEMENT OF CASH FLOW

	For the Period	For the Period
	ended 30th	ended 30th
	September 2022	September 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

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

73,407,948	(29,458,817)
46,144,896	40,872,019
(1,661,228)	1,389,661
231,371,942	(33,423,182)
6,000,000	3,000,000
23,723,669	96,374,839
(1,229,015)	(1,204,493)
377,758,212	77,550,027
721,201,893	(849,199,618)
(1,053,684,858)	2,118,425,901
(22,833,964)	(14,798,763)
18,974,974	(85,415,738)
526,198,237	(752,518,879)
(40,614,997)	16,102,301
149,241,284	432,595,204
526,999,496	510,145,231
(55,514,275)	-
(1,638,750)	(1,367,105)
(75,273,461)	(83,086,394)
394,573,011	425,691,732

Dividends received	1,229,015	1,204,493
Purchase of property and equipment, intangible assets	(16,135,337)	(15,369,581)
Net cash flow from investing activities	(14,906,323)	(14,165,088)
Cash flow from Financing activities
Repayment of borrowings	(603,502,624)	(951,156,670)
Proceed from cash Right Issue	-	500,178,965
Net Cash Inflow/(Outflow) from Financing Activities	(603,502,624)	(450,977,705)
Net increase/(decrease) in cash and cash equivalents	(223,835,934)	(39,451,061)
Cash & cash equivalents at the beginning of the period	475,611,250	770,078,055
Cash & Cash Equivalents at the end of the period	251,775,315	730,626,993
Cash and Cash Equivalents Comprises
Cash and bank balances	271,840,531	751,951,077
Bank overdraft	(20,065,217)	(21,324,084)
Cash & Cash Equivalent at the end of the period	251,775,315	730,626,993

05