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

ASSOCIATED MOTOR FINANCE COMPANY PLC

FINANCIAL STATEMENTS

For the Quarter ended 30th June 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 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.

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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

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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

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