Associated Motor Finance : Interim Financial Statement as at 31st March 2024

ASSOCIATED MOTOR FINANCE COMPANY PLC STATEMENT OF COMPREHENSIVE INCOME

Interest Income

Less : Interest Expenses

Net Interest Income

Fee and commission income

Net trading income/(expense)

Other operating income (net)

Total operating income

Less : Impairment charges on financial assets & other losses

Net operating income

Less : Operating Expenses

Quarter ended 31st March

2024	2023	Changes
Unaudited	Unaudited
Rs.	Rs.	%
1,356,843,232	1,143,513,928	19
(686,000,966)	(621,801,206)	10
670,842,267	521,712,722	29
2,542,918	18,715,315	(86)
3,880,125	2,824,729	37
28,457,402	(6,711,621)	(524)
705,722,712	536,541,144	32
(130,469,296)	(133,371,172)	(2)
575,253,416	403,169,972	43

Personnel Expenses

Depreciation of property, equipment & amortisation of Right of Use Assets

Amortisation of intangible assets Other operating expenses

Profit before taxes on financial services

Less : Tax on financial services

Profit before taxation

Less : Income tax (expense)/reversals

Profit/(Loss) for the period

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

Items that will not be reclassified to profit or loss

Gain on -revaluation of land & building Retirement benefit obligations - actuarial gain (loss)

Total other comprehensive income /(expense) for the period, net of taxes

(162,388,807)	(148,225,302)	10
(16,789,881)	(19,602,601)	(14)
(924,373)	(752,214)	23
(62,539,512)	(36,541,042)	71
332,610,843	198,048,813	68
(67,604,277)	(48,344,328)	40
265,006,566	149,704,485	77
(118,500,783)	(91,447,082)	30
146,505,783	58,257,402	151

4,321,946	4,698,547	(8)
-	-
-	31,982,185	(100)
(12,846,790)	1,180,882	(1,188)
(8,524,844)	37,861,614	(123)

Year ended 31st March

2024	2023	Changes
Unaudited	Audited
Rs.	Rs.	%
4,966,228,032	3,880,860,398	28
(2,816,229,848)	(2,187,630,642)	29
2,149,998,184	1,693,229,756	27
54,114,954	65,976,670	(18)
6,293,206	349,361	1,701
44,399,746	39,312,129	13
2,254,806,090	1,798,867,916	25
(463,621,687)	(414,444,606)	12
1,791,184,403	1,384,423,310	29
(675,037,914)	(565,055,907)	19
(69,250,261)	(84,387,310)	(18)
(2,707,093)	(3,899,480)	(31)
(250,818,711)	(224,210,726)	11.9
793,370,424	506,869,887	57
(193,262,567)	(139,454,116)	39
600,107,857	367,415,771	63
(286,558,839)	(166,952,732)	72
313,549,018	200,463,039	56

2,154,410	1,722,521	25
-	-
-	31,982,185	(100)
(12,846,790)	1,180,882	(1,188)
(10,692,380)	34,885,588	(131)

Total comprehensive income for the period	137,980,939	96,119,017	44
Earnings per share (Rs.)	1.29	0.51

302,856,639	235,348,627	29
2.77	1.77

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

Deferred tax liability

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.

31.03.2024 31.03.2023

(Unaudited) (Audited)

Rs.Rs.

192,932,203 161,388,335

6,270,936,008 3,893,786,671

26,534,372 20,642,164

11,034,239,394 10,109,178,417

37,099,434 35,810,964

2,004,892 2,104,892

150,000,000 113,000,000

67,095,746 94,927,042

--

1,120,205,526 1,146,971,047

14,595,724 3,707,554

• 56,474,473
  385,244,360 385,244,360

19,300,887,660 16,023,235,919

723,726,558 28,221,643

14,552,850,301 12,442,822,754

516,220,879 411,780,303

103,871,413 138,954,930

93,567,035 66,674,596

73,013,141-

16,063,249,328 13,088,454,226

611,273,941 611,273,941

2,303,686,942 2,018,644,749

322,677,448 304,863,002

3,237,638,331 2,934,781,693

19,300,887,660 16,023,235,919

28.5725.90

The financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of 2007.

sgd

T. M. A. Sallay

Director/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. N. Dayawansa	J. P. I. S. Dayawansa
Executive Director	Executive Director
06th May 2024	03

ASSOCIATED MOTOR FINANCE COMPANY PLC

STATEMENT OF CHANGES IN EQUITY

		Capital	Revaluation	General			Regulatory Loss
	Stated Capital	Statutory	Fair Value	Allowance
	reserves	Reserve	reserves
		Reserve Fund	Reserve	Reserve	Retained Earnings	Total
	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.	Rs.
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	-	-	-	-	-	-	-	200,463,038	200,463,038
Other comprehensive income net of tax	-	-	31,982,185	-	-	1,722,521	-	1,180,882	34,885,588
Transfers to / (from) during the year					10,023,152		111,788,655	(121,811,807)	-
Balance as at 31st March 2023	611,273,941	32,864,774	31,982,185	1,029,052	113,610,306	13,588,029	111,788,655	2,018,644,749	2,934,781,693
Balance as at 01st April 2023	611,273,941	32,864,774	31,982,185	1,029,052	113,610,306	13,588,029	111,788,655	2,018,644,749	2,934,781,693
Net Profit /(Loss) for the year	-	-	-	-	-	-	-	313,549,018	313,549,018
Other comprehensive income net of tax	-	-	-	-	-	2,154,410		(12,846,790)	(10,692,380)
Transfer during the year	-	-		-	-	-	15,660,036	(15,660,036)	-
Balance as at 31st March 2024	611,273,941	32,864,774	31,982,185	1,029,052	113,610,306	15,742,439	127,448,691	2,303,686,941	3,237,638,331

04

ASSOCIATED MOTOR FINANCE COMPANY PLC

STATEMENT OF CASH FLOW

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 on disposals of property and equipment Fair value gain on investment property 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

Dividends received

Purchase of property and equipment, intangible assets & ROU Asset Proceeds from disposal of Property and Equipment

Net cash flow from investing activities

Cash flow from Financing activities

Proceeds on borrowings

Repayment of borrowings

Net Cash Inflow/(Outflow) from Financing Activities

Net increase/(decrease) in cash and cash equivalents

Cash & cash equivalents at the beginning of the period

Cash & Cash Equivalents at the end of the year

Cash and Cash Equivalents Comprises

Cash and bank balances

Bank overdraft

Cash & Cash Equivalent at the end of the year

For the Period

For the Period

ended 31st March ended 31st March

20242023

(Unaudited) (Audited)

Rs.Rs.

600,107,857 367,415,771

71,957,354 88,286,789

(1,738,086) (2,047,478)

(37,000,000) (21,150,000)

463,621,687 414,444,607

19,864,293 15,292,727

122,675,556 105,714,337

(1,505,341) (2,103,415)

(325,171,408) (36,501,725)

912,811,912 929,351,614

(2,382,175,605) 115,502,964

(1,063,511,257) (1,709,813,913)

27,831,296 13,824,100

100,000 20,223,378

2,110,027,548 1,269,640,259

104,440,576 (20,779,917)

(1,203,287,442) (311,403,128)

(290,475,530) 617,948,485

(194,253,446) (99,160,880)

(2,854,000) (3,878,750)

• (167,970,412)
  (487,582,976) 346,938,443

1,505,341	2,103,415
(56,212,334)	(19,826,950)
1,870,417	3,085,002
(52,836,576)	(14,638,534)
601,051,002	-
(865,938)	(674,744,467)
600,185,064	(674,744,467)
59,765,511	(342,444,558)
133,166,692	475,611,250
192,932,203	133,166,692

192,932,203 161,388,335

• (28,221,643)
  192,932,203 133,166,692

05

ASSOCIATED MOTOR FINANCE COMPANY PLC

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. The accounting policies followed in preparing these Interim Financial Statements are the same as those disclosed in our Audited financial statement for the year ended 31 March 2023.
   Further, these interim financial statements have been prepared in compliance with the requirements of Sri Lanka Accounting Standards - LKAS 34 -"Interim Financial Reporting".
2. All known expenses have been provided for in these financial statements.
3. Segment Information
   The company does not have any operating segment that engages in business activities from which it may earn revenues, and on which expenses incurred whose operating results are regularly reviewed by the entity's management to determine the resources to be allocated to the segment and assess its performance for which discrete financial information is available.
4. Contingent Liabilities and Commitments
   During the period there were no material changes in the composition of assets, liabilities and contingent liabilities and there is no seasonality and cyclicality affecting the interim operation.
5. Events after the reporting date
   There are no other material events subsequent to the reporting date, which require adjustments to or disclosures in the interim financial statements.
6. The Stated Capital consists of 113,327,268 Ordinery Shares.

06

7. Classification of financial assets and liabilities

The following table analyses the carrying amounts of the financial instruments by category as defined in Sri Lanka Accounting Standard -SLFRS 9 Financial Instruments.

Analysis of financial assets and liabilities by measurement basis:

		As at 31.03.2024				As at 31.03.2023
				FV					FV
Description	Fair value	Amortised cost	Total	measurement		Fair value	Amortised cost	Total	measuremen
				level					t level
	Rs.	Rs.	Rs.			Rs.	Rs.	Rs.
Cash in hand at bank	-	192,932,203	192,932,203			-	161,388,335	161,388,335
Financial assets - amortised cost	-	6,270,936,008	6,270,936,008			-	3,893,786,671	3,893,786,671
Financial assets - measured at FVTPL
Quoted Shares	26,534,372	-	26,534,372	Level 1		20,642,164	-	20,642,164	Level 1
Loans and Lease receivables	-	11,034,239,394	11,034,239,394			-	10,109,178,417	10,109,178,417
Financial assets - measured at FVOCI
Quoted Shares	27,061,949	-	27,061,949	Level 1		26,503,163	-	26,503,163	Level 1
Unquoted Shares	10,037,485	-	10,037,485	Level 3		9,307,801	-	9,307,801	Level 3
Total financial assets	63,633,807	17,498,107,605	17,561,741,412			56,453,128	14,164,353,423	14,220,806,551
Due to banks and financial institutions	-	723,726,558	723,726,558			-	28,221,643	28,221,643
Deposits from customers	-	14,552,850,301	14,552,850,301			-	12,442,822,754	12,442,822,754
Trade and other payables	-	297,460,026	297,460,026			-	200,639,795	200,639,795
Total financial liabilities	-	15,574,036,886	15,574,036,886			-	12,671,684,191	12,671,684,191

Level 1 : Inputs include quoted prices for identical instruments and the most observable.

Level 2 : Inputs include quoted prices for similar instruments and observable inputs such as interest rates, currency exchange rates and yield curves.

Level 3 : Inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments.

FVTPL : Fair Value Through Profit or Loss

FVOCI: Fair Value Through Other Comprehensive Income

07

8.

A) Market Value per Share for the quarter ended	31.03.2024	31.03.2023
	Rs.	Rs.
Highest	26.70	8.40
Lowest	17.30	7.10
Last traded price	24.80	8.20

1. Twenty Largest holders of Shares as at 31 March 2024

	Name	No. of Shares	%
1	Mr. John Paulu Irugalbandarage Nalatha Dayawansa	45,273,864	39.95
2	Imperial Import & Export Co. (Pvt) Ltd	29,067,696	25.65
3	Mr. John Paulu Irugalbandarage Nelaka Dayawansa	2,478,795	2.19
4	Mr. John Paulu Irugalbandarage Nadishka Dayawansa	2,001,312	1.77
5	Mrs. Ayanthi Shammalka Dayawansa	1,884,144	1.66
6	Mr. Akurana Wattage Prajith Perera	1,783,056	1.57
7	Mr. John Paulu Irugalbandarage Shanil Dayawansa	1,762,212	1.55
8	Miss. Akuranawattage Shiyonika Perera	1,715,292	1.51
9	Mrs.Ayoma Shyamali Perera	1,452,408	1.28
10	Mrs. C. Dissanayake	1,380,000	1.22
11	Mr. Oshan Senanayake	1,021,835	0.90
12	Seylan Bank Plc/Eagle Crest (Pvt) Ltd	757,500	0.67
13	Miss Nishma Ruhi Fonseka	755,000	0.67
14	Bansei Securities Capital (Pvt) Ltd/J.P.N.P.K. Jayasekara	731,682	0.65
15	Senkadagala Finance Plc/L.A.J.F.Morais	713,236	0.63
16	Mr. S.D. Widanagama	710,000	0.63
17	Sampath Bank Plc/Mr. Llewellyn Alphonsus Joseph Fiedelis Morais	652,448	0.58
18	J.B. Cocoshell (Pvt) Ltd	619,337	0.55
19	Kottawa Industries & Tours Ltd	618,720	0.55
20	Mr. C. Dissanayake	582,000	0.51
		95,960,537	84.69

1. Directors Shareholding as at 31 March 2024

	Name	No. of Shares
	Mr. J. P. I. N. Dayawansa	45,273,864
	Mrs. A. S. Dayawansa	1,884,144
	Mr. J. P. I. S. Dayawansa	1,762,212
	Mr. T.M.A. Sallay	6,204
	Mr. P.S. Goonewardene	912
	Mr. N.M. Pieris	2,400
	Mr K.D.U.S Nanayakkara	-
	Mr. T.G. Kandamby	-
	Mr. Ranil Wijegunawardena	-
		48,929,736
D) Public Holding
		31.03.2024	31.03.2023
	No of Share Holders	1,715	2,042
	No of Shares - public holding	35,324,524	35,280,024
	% of Public Holding	31.17%	31.13%
	Float Adjusted Market Capitalization( Rs.)	876,037,914	289,285,984

The Float adjusted Market Capitalization as of 31 March 2024 - LKR 876,037,914/- .The Float adjusted market capitalization of the Company falls under Option 2 of Rule 7.14.1.(i) (b), of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.

08