Central Finance : Interim financial statements for the period ended 31st March 2024

Central Finance Company PLC

INTERIM FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2024

CENTRAL FINANCE COMPANY PLC
INCOME STATEMENT
		Group		Company
For the year ended 31st March	2024	2023		2024	2023
	Unaudited	Audited	Increase	Unaudited	Audited	Increase
			(decrease)			(decrease)
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Income	26,868,940	24,473,972	10	21,796,256	19,571,547	11
Interest income	19,500,264	17,911,950	9	19,039,764	17,511,736	9
Interest expenses	(6,372,075)	(4,828,502)	32	(6,452,630)	(4,876,421)	32
Net interest income	13,128,189	13,083,448	0	12,587,134	12,635,315	(0)
Net income from financial instruments at FVTPL	350,244	67,093	422	242,783	55,902	334
Net other revenue	1,377,648	1,909,638	(28)	-	-
Operating lease income	1,186,002	1,026,926	15	1,197,530	1,032,832	16
Other income	1,065,331	719,079	48	1,316,179	971,077	36
Total operating income	17,107,414	16,806,184	2	15,343,626	14,695,126	4
Impairment and other credit losses	(53,041)	(843,425)	(94)	(162,647)	(696,644)	(77)
Net Operating Income	17,054,373	15,962,759	7	15,180,979	13,998,482	8
Operating expenses
Personnel expenses	(3,305,050)	(2,851,023)	16	(2,887,703)	(2,477,206)	17
Premises, equipment, establishment and other expenses	(3,108,238)	(3,007,143)	3	(2,857,842)	(2,449,070)	17
	(6,413,288)	(5,858,166)	9	(5,745,545)	(4,926,276)	17
Operating profits before share of profit of equity accounted investees	10,641,085	10,104,593	5	9,435,434	9,072,206	4
Share of profit of equity accounted investees, net of tax	2,664,448	1,886,915	41	-	-
Operating profit before taxes on financial services	13,305,533	11,991,508	11	9,435,434	9,072,206	4
Taxes on financial services	(1,879,274)	(1,679,690)	12	(1,879,274)	(1,679,690)	12
Profit before tax	11,426,259	10,311,818	11	7,556,160	7,392,516	2
Income tax expense	(3,239,319)	(2,752,818)	18	(2,765,727)	(2,427,449)	14
Profit for the year	8,186,940	7,559,000	8	4,790,433	4,965,067	(4)
Profit attributable to :
Equity holders of the parent	7,842,275	7,226,880	9	4,790,433	4,965,067	(4)
Non-controlling interest	344,665	332,120	4	-	-
Profit for the year	8,186,940	7,559,000	8	4,790,433	4,965,067	(4)
Basic and diluted earnings per share -Rs.	34.49	31.79
The annexed notes form an integral part of these interim financial statements.
CENTRAL FINANCE COMPANY PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
		Group		Company
For the year ended 31st March	2024	2023		2024	2023
	Unaudited	Audited	Increase	Unaudited	Audited	Increase
			(decrease)			(decrease)
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Profit for the year	8,186,940	7,559,000	8	4,790,433	4,965,067	(4)
Other comprehensive income/(expense) to be reclassified to income statement
Fair value gain on debt securities at fair value through other
comprehensive income
Share of equity accounted investee, net of tax	952,982	498,520	91	-	-	-
Total other comprehensive income/(expense) to be reclassified to income statement	952,982	498,520	91	-	-	-
Other comprehensive income/(expense) not to be reclassified to income statement
Actuarial losses on defined benefit plans	(145,752)	(45,247)	222	(135,342)	(52,660)	157
Deferred tax impact on actuarial losses	43,752	13,573	222	40,603	15,798	157
	(102,000)	(31,674)	222	(94,739)	(36,862)	157
Share of equity accounted investee, net of tax	(24,722)	(8,111)	205	-	-	-
Revaluation of land & buildings
Gain on revaluation of land & buildings	1,184,820	-	-	941,777	-	-
Deferred tax impact on revaluation reserve	(306,506)	-	-	(282,533)	-	-
	878,314	-	-	659,244	-	-
Share of equity accounted investee, net of tax	14,661	66,546	-	-	-	-
Deferred tax impact on revaluation reserve due to change of income tax rate	-	(453,286)	-	-	(278,959)	-
Deferred tax impact on revaluation reserve due to change of income tax rate-Share of equity
accounted investee	-	(42,718)	-	-	-	-
Total other comprehensive income/(expense) not to be reclassified to income statement	766,253	(469,243)	263	564,505	(315,821)	279
Other comprehensive income/(expense) for the year(net of tax)	1,719,235	29,277	5,772	564,505	(315,821)	279
Total comprehensive income for the year	9,906,175	7,588,277	31	5,354,938	4,649,246	15
Total comprehensive income Attributable to:
Equity holders of the parent	9,466,177	7,314,015	29	5,354,938	4,649,246	15
Non-controlling interest	439,998	274,262	60	-	-	-
Total comprehensive income for the year	9,906,175	7,588,277	31	5,354,938	4,649,246	15

The annexed notes form an integral part of these interim financial statements.

CENTRAL FINANCE COMPANY PLC
INCOME STATEMENT
	Group		Company
For the three months ended 31st March	2024	2023		2024	2023
	Unaudited	Unaudited	Increase	Unaudited	Unaudited	Increase
			(decrease)			(decrease)
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Income	6,621,383	6,553,905	1	5,383,666	5,452,406	(1)
Interest income	4,650,729	4,870,696	(5)	4,530,017	4,778,438	(5)
Interest expenses	(1,547,484)	(1,411,825)	10	(1,563,981)	(1,428,914)	9
Net interest income	3,103,245	3,458,871	(10)	2,966,036	3,349,524	(11)
Net income from financial instruments at FVTPL	107,807	88,907	21	83,227	72,646	15
Net other revenue	373,392	338,969	10	-	-	-
Operating lease income	314,006	260,128	21	317,057	262,268	21
Other income	290,149	178,985	62	453,365	339,054	34
Total operating income	4,188,599	4,325,860	(3)	3,819,685	4,023,492	(5)
						-
Impairment (charge)/reversal and other credit losses	27,967	(30,769)	(191)	40,256	(30,539)	(232)
Net Operating Income	4,216,566	4,295,091	(2)	3,859,941	3,992,953	(3)
Operating expenses						-
Personnel expenses	(870,544)	(792,588)	10	(753,936)	(686,414)	10
Premises, equipment, establishment and other expenses	(831,222)	(787,957)	5	(802,017)	(748,917)	7
	(1,701,766)	(1,580,545)	8	(1,555,953)	(1,435,331)	8
Operating profits before share of profit of equity accounted investees	2,514,800	2,714,546	(7)	2,303,988	2,557,622	(10)
Share of profit of equity accounted investees, net of tax	818,833	600,422	36	-	-
Operating profit before taxes on financial services	3,333,633	3,314,968	1	2,303,988	2,557,622	(10)
Taxes on financial services	(462,266)	(496,938)	(7)	(462,266)	(496,938)	(7)
Profit before tax	2,871,367	2,818,030	2	1,841,722	2,060,684	(11)
Income tax expense	(858,008)	(770,091)	11	(676,405)	(628,482)	8
Profit for the period	2,013,359	2,047,939	(2)	1,165,317	1,432,202	(19)
Profit attributable to :
Equity holders of the parent	1,935,106	1,981,178	(2)	1,165,317	1,432,202	(19)
Non-controlling interest	78,253	66,761	17	-	-
Profit for the period	2,013,359	2,047,939	(2)	1,165,317	1,432,202	(19)
Basic and diluted earnings per share -Rs.	8.51	8.71
The annexed notes form an integral part of these interim financial statements.
CENTRAL FINANCE COMPANY PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
	Group		Company
For the three months ended 31st March	2024	2023		2024	2023
	Unaudited	Unudited	Increase	Unaudited	Unaudited	Increase
			(decrease)			(decrease)
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Profit for the period	2,013,359	2,047,939	(2)	1,165,317	1,432,202	(19)
Other comprehensive income/(expense) to be reclassified to income statement
Fair value gain on debt securities at fair value through other comprehensive income
Share of equity accounted investee, net of tax	219,349	101,942	115	-	-	-
Total other comprehensive income/(expense) to be reclassified to income statement	219,349	101,942	115	-	-	-
Other comprehensive income/(expense) not to be reclassified to income statement
Actuarial gains losses on defined benefit plans	(145,752)	(45,247)	222	(135,342)	(52,660)	157
Deferred tax impact on actuarial losses	43,752	13,573	222	40,603	15,798	157
	(102,000)	(31,674)	222	(94,739)	(36,862)	157
Share of equity accounted investee, net of tax	(528)	1,504	-	-	-
Revaluation of land & buildings
Gain on revaluation of land & buildings	1,184,820	-	-	941,777	-	-
Deferred tax impact on revaluation reserve	(306,506)	-	-	(282,533)	-	-
	878,314			659,244	-	-
Share of equity accounted investee, net of tax	14,661	26,551	-	-	-	-
Deferred tax impact on revaluation reserve due to change of income tax rate	-	(1,045)	-	-	-	-
Deferred tax impact on revaluation reserve due to change of income tax rate-Share of equity
accounted investee	-	(20,788)	-
Total other comprehensive income/(expense) not to be reclassified to income statement	790,447	(25,452)	3,206	564,505	(36,862)	1,631
Other comprehensive income/(expense) for the period (net of tax)	1,009,796	76,490	1,220	564,505	(36,862)	1,631
Total comprehensive income for the period	3,023,155	2,124,429	42	1,729,822	1,395,340	24
Total comprehensive income Attributable to:
Equity holders of the parent	2,849,569	2,057,609	38	1,729,822	1,395,340	24
Non-controlling interest	173,586	66,820	160	-	-
Total comprehensive income for the period	3,023,155	2,124,429	42	1,729,822	1,395,340	24

The annexed notes form an integral part of these interim financial statements.

CENTRAL FINANCE COMPANY PLC

STATEMENT OF FINANCIAL POSITION

	Group	Company
As at	31.03.2024	31.03.2023	31.03.2024	31.03.2023
	Unaudited	Audited	Unaudited	Audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
ASSETS
Cash and cash equivalents	905,389	992,061	755,076	528,494
Fair value through profit or loss financial assets	3,908,515	649,071	3,029,889	377,996
Securities bought under repurchase agreements	6,200,535	3,409,480	6,090,306	3,409,480
Financial assets at amortised cost- Debt and other financial instruments	28,971,594	28,039,980	26,599,900	26,332,972
Financial assets at amortised cost- Loans and receivables from customers	5,958,437	5,263,446	5,944,936	5,263,546
Financial assets at amortised cost- Net investment in leases and hire purchase	44,203,016	41,064,140	44,203,016	41,064,140
Trade receivables	1,000,140	1,074,527	-	-
Investments in subsidiaries	-	-	407,979	381,614
Investments in equity accounted investees	14,532,496	11,121,423	1,731,672	1,654,509
Inventories and other stocks	1,064,686	1,386,916	89,814	79,202
Investment properties	66,611	78,800	66,611	78,800
Property, plant and equipment	13,228,686	12,246,039	10,566,848	9,840,721
Right of use assets	468,191	429,616	502,090	497,414
Intangible assets	274,693	314,727	270,266	314,024
Current tax assets	43	34	-	-
Deferred tax assets	24,072	20,269	-	-
Other assets	722,641	633,201	483,992	388,155
Real estates held for sale	4,368	5,155	4,368	5,155
Total assets	121,534,113	106,728,885	100,746,763	90,216,222
LIABILITIES
Bank overdrafts	464,254	225,173	414,157	170,584
Financial liabilities at amortised cost -Deposits	43,737,485	38,228,102	44,200,604	38,532,558
Financial liabilities at amortised cost -Interest bearing borrowings	18,024	74,226	-	38,922
Lease liabilities	472,351	416,352	517,267	501,736
Employee benefit obligations	2,533,524	2,072,381	2,365,673	1,922,762
Current tax liabilities	776,389	1,517,316	567,804	1,284,886
Deferred tax liabilities	1,626,370	1,400,623	1,125,451	937,912
Other liabilities	1,559,915	1,348,992	1,237,195	904,182
Total liabilities	51,188,312	45,283,165	50,428,151	44,293,542
EQUITY
Stated capital	2,230,286	2,230,286	2,230,286	2,230,286
Statutory reserve fund	3,204,000	2,964,000	3,204,000	2,964,000
Revaluation reserve	5,384,232	4,597,308	3,953,451	3,299,945
Fair value reserve	1,053,010	100,028	-	-
Loan loss reserve	920,000	920,000	920,000	920,000
General reserve	23,402,957	23,402,957	23,391,776	23,391,776
Retained earnings	31,857,928	25,330,663	16,619,099	13,116,673
Total equity, excluding non-controlling interest	68,052,413	59,545,242	50,318,612	45,922,680
Non-controlling interest	2,293,388	1,900,478	-	-
Total equity	70,345,801	61,445,720	50,318,612	45,922,680
Total liabilities and equity	121,534,113	106,728,885	100,746,763	90,216,222
Net asset value per share - Rs.	299.32	261.90	221.32	201.99
These financial statements have been prepared in compliance with the requirements of the Companies Act No.07 of 2007.
			-
W.M.T.W.Weerasinghe				-
Chief Financial 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.
E. H. Wijenaike			A.K. Gunaratne
Managing Director			Deputy Managing Director

20th May 2024

Colombo

	CENTRAL FINANCE COMPANY PLC
	STATEMENT OF CHANGES IN EQUITY
	For the year ended 31st March 2024
				Attributable to equity holders of the company			Non-	Total
	Group									controlling
	Stated capital Statutory reserve	Revaluation	Fair value	Loan loss	General	Retained	Total
	interest
			fund	reserve	reserve	reserve	reserves	earnings
		Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Balance as at 1st April 2022	2,230,286	2,715,000	4,976,248	(398,492)	920,000	23,402,957	21,989,452	55,835,451	1,634,702	57,470,153
	Charge relating to Surcharge Tax	-	-	-	-	-	-	(2,587,313)	(2,587,313)	(2,031)	(2,589,344)
	Balance as at 1st April 2022 (Adjusted)	2,230,286	2,715,000	4,976,248	(398,492)	920,000	23,402,957	19,402,139	53,248,138	1,632,671	54,880,809
	Total comprehensive income
	Profit for the year	-	-	-	-	-	-	7,226,880	7,226,880	332,120	7,559,000
	Other comprehensive income	-	-	(371,082)	498,520	-	-	(40,303)	87,135	(57,858)	29,277
	Total comprehensive income	-	-	(371,082)	498,520	-	-	7,186,577	7,314,015	274,262	7,588,277
	Transactions with equity holders of the Company and
	other transfers , recognised directly in equity
	Depreciation on revaluation surplus	-	-	(7,858)	-	-	-	7,858	-	-	-
	Unclaimed dividends written back	-	-	-	-	-	-	6,186	6,186	393	6,579
	Payment of forfeited dividends	-	-	-	-	-	-	(1)	(1)	-	(1)
	Transfers during the year	-	249,000	-	-	-	-	(249,000)	-	-	-
	Dividends - Scrip/cash	-	-	-	-	-	-	(1,023,096)	(1,023,096)	(6,848)	(1,029,944)
	Total contributions from and distribution to equity
	holders and other transfers	-	249,000	(7,858)	-	-	-	(1,258,053)	(1,016,911)	(6,455)	(1,023,366)
	Balance as at 31st March 2023	2,230,286	2,964,000	4,597,308	100,028	920,000	23,402,957	25,330,663	59,545,242	1,900,478	61,445,720
	Balance as at 01st April 2023	2,230,286	2,964,000	4,597,308	100,028	920,000	23,402,957	25,330,663	59,545,242	1,900,478	61,445,720
	Total comprehensive income
	Profit for the year	-	-	-	-	-	-	7,842,275	7,842,275	344,665	8,186,940
	Other comprehensive income	-	-	794,535	952,982	-	-	(123,615)	1,623,902	95,333	1,719,235
	Total comprehensive income	-	-	794,535	952,982	-	-	7,718,660	9,466,177	439,998	9,906,175
	Transactions with equity holders of the Company and
	other transfers , recognised directly in equity
	Depreciation on revaluation surplus	-	-	(7,611)	-	-	-	7,611	-	-	-
	Unclaimed dividends written back	-	-	-	-	-	-	7,276	7,276	-	7,276
	Payment of forfeited dividends	-	-	-	-	-	-	(26)	(26)	-	(26)
	Transfers during the year	-	240,000	-	-	-	-	(240,000)	-	-	-
	Dividends - Scrip/ Cash	-	-	-	-	-	-	(966,256)	(966,256)	(47,088)	(1,013,344)
	Total contributions from and distribution to equity
	holders and other transfers	-	240,000	(7,611)	-	-	-	(1,191,395)	(959,006)	(47,088)	(1,006,094)
	Balance as at 31st March 2024	2,230,286	3,204,000	5,384,232	1,053,010	920,000	23,402,957	31,857,928	68,052,413	2,293,388	70,345,801

The annexed notes form an integral part of these interim financial statements.

Figures in brackets indicate deductions.

CENTRAL FINANCE COMPANY PLC

STATEMENT OF CHANGES IN EQUITY

For the year ended 31st March 2024

Company	Stated	Statutory	Revaluation	Loan loss	General	Retained	Total
	capital	reserve fund	reserve	reserve	reserve	earnings
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 01st April 2022	2,230,286	2,715,000	3,584,888	920,000	23,391,776	11,624,231	44,466,181
Charge relating to Surcharge Tax	-	-	-	-	-	(2,175,436)	(2,175,436)
Balance as at 1st April 2022 (Adjusted)	2,230,286	2,715,000	3,584,888	920,000	23,391,776	9,448,795	42,290,745
Total comprehensive income
Profit for the year	-	-	-	-	-	4,965,067	4,965,067
Other comprehensive income	-	-	(278,959)	-	-	(36,862)	(315,821)
Total comprehensive income	-	-	(278,959)	-	-	4,928,205	4,649,246
Transactions with equity holders of the Company and other transfers ,
recognised directly in equity
Depreciation on revaluation surplus	-	-	(5,984)	-	-	5,984	-
Unclaimed dividends written back	-	-	-	-	-	5,786	5,786
Transfers during the year	-	249,000	-	-	-	(249,000)	-
Payment of forfeited dividends	-	-	-	-	-	(1)	(1)
Dividends - Cash	-	-	-	-	-	(1,023,096)	(1,023,096)
Total contributions from and distribution to equity holders and other
transfers	-	249,000	(5,984)	-	-	(1,260,327)	(1,017,311)
Balance as at 31st March 2023	2,230,286	2,964,000	3,299,945	920,000	23,391,776	13,116,673	45,922,680
Balance as at 01st April 2023	2,230,286	2,964,000	3,299,945	920,000	23,391,776	13,116,673	45,922,680
Total comprehensive income							-
Profit for the year	-	-	-	-	-	4,790,433	4,790,433
Other comprehensive income	-	-	659,244	-	-	(94,739)	564,505
Total comprehensive income	-	-	659,244	-	-	4,695,694	5,354,938
Transactions with equity holders of the Company and other transfers ,
recognised directly in equity
Depreciation on revaluation surplus	-	-	(5,738)	-	-	5,738	-
Unclaimed dividends written back	-	-	-	-	-	7,276	7,276
Transfers during the year	-	240,000	-	-	-	(240,000)	-
Payment of forfeited dividends	-	-	-	-	-	(26)	(26)
Dividends - Cash	-	-	-	-	-	(966,256)	(966,256)
Total contributions from and distribution to equity holders and other
transfers	-	240,000	(5,738)	-	-	(1,193,268)	(959,006)
Balance as at 31st March 2024	2,230,286	3,204,000	3,953,451	920,000	23,391,776	16,619,099	50,318,612

The annexed notes form an integral part of these interim financial statements.

Figures in brackets indicate deductions.

CENTRAL FINANCE COMPANY PLC

STATEMENT OF CASH FLOW

	Group	Company
For the year ended 31st March	2024	2023	2024	2023
	Unaudited	Audited	Unaudited	Audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Cash flows from operating activities
Interest receipts	17,930,754	15,503,748	17,735,403	15,266,207
Interest payments	(2,583,958)	(2,301,236)	(2,598,149)	(2,333,129)
Recoveries on bad debts previously written off	334,971	344,757	334,971	344,757
Receipts from other operating activities	6,927,489	6,904,101	1,330,830	1,162,126
Cash payments to employees and suppliers	(9,105,105)	(9,297,416)	(4,752,490)	(4,130,336)
Operating profit before changes in operating assets	13,504,151	11,153,954	12,050,565	10,309,625
(Increase) / decrease in operating assets:
Securities with bank and non-bank financial institutions	(5,047,576)	(1,565,164)	(5,047,576)	(1,565,164)
Loans to customers	(32,071,006)	(15,943,315)	(32,403,992)	(16,818,085)
Customer repayments	29,357,409	27,606,464	29,696,873	28,489,586
Others	(840,626)	(218,585)	(813,772)	(37,946)
Increase / (decrease) in operating liabilities:
Net cash effect on deposits	2,736,778	(11,771,180)	2,839,964	(11,790,101)
Net cash from operating activities before taxes on financial	7,639,130	9,262,174	6,322,062	8,587,915
services
Taxes on financial services	(1,819,677)	(1,666,097)	(1,819,677)	(1,666,097)
Net cash on operating activities before income tax	5,819,453	7,596,077	4,502,385	6,921,818
Income tax paid	(3,740,727)	(3,692,632)	(3,307,729)	(3,427,809)
Surcharge tax paid	-	(2,185,438)	-	(2,175,436)
Net cash generated from operating activities	2,078,726	1,718,007	1,194,656	1,318,573
Cash flows from investing activities
Dividends received from subsidiaries	-	-	47,832	26,724
Dividends received from equity accounted investees	122,063	47,652	77,164	45,718
Dividends received from other companies	18,973	30,344	12,852	25,045
Acquisition of financial investments	(6,565,690)	(5,506,600)	-	-
Disposal of investment property	23,971	-	23,971	-
Proceeds from sale of financial investments	5,529,813	5,723,460	51,721	-
Purchase of property, plant and equipment	(608,770)	(598,739)	(510,338)	(475,306)
Disposal of property, plant and equipment	152,005	168,331	151,983	168,121
Net cash used in investing activities	(1,327,635)	(135,552)	(144,815)	(209,698)
Cash flows from financing activities
Proceeds from borrowings	1,250,000	279,340	1,250,000	-
Repayment of borrowings	(1,304,780)	(926,297)	(1,287,500)	(62,125)
Lease installment settlement	(116,685)	(115,129)	(159,439)	(147,505)
Dividends paid to equity holders of the parent	(869,876)	(1,023,095)	(869,876)	(1,023,095)
Dividends paid to non-controlling interest	(35,483)	(5,661)	-	-
Net cash used in financing activities	(1,076,824)	(1,790,842)	(1,066,815)	(1,232,725)
Net increase/(decrease) in cash and cash equivalents	(325,733)	(208,387)	(16,974)	(123,850)
Cash and cash equivalents at the beginning of the year	767,102	975,489	358,121	481,971
Cash and cash equivalents at the end of the year	441,369	767,102	341,147	358,121
Cash and cash equivalents	905,389	992,061	755,076	528,494
Bank overdrafts	(464,254)	(225,173)	(414,157)	(170,584)
Impairment provision for cash equivalents	234	214	228	211
Cash and cash equivalents at the end of the year	441,369	767,102	341,147	358,121

Figures in brackets indicate outflows.

The annexed notes form an integral part of these interim financial statements.

CENTRAL FINANCE COMPANY PLC

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. The interim financial statements of the Company and the Group have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31st March 2023 and provide the information as required by the Colombo Stock Exchange and LKAS 34- Interim Financial Reporting.
2. The presentation and classification of the previous periods have been amended where relevant for better presentation and to be comparable with those of the current period.
3. Stated capital is represented by number of shares in issue as given below:

		As at 31.03.2024		As at 31.12.2023
	Ordinary shares	227,354,462		227,354,462
		227,354,462		227,354,462
4	Market price per share
Quarter ended		Quarter ended
		31.03.2024		31.12.2023
		Rs.		Rs.
	Highest	113.50		120.25
	Lowest	96.30		98.00
	Last traded	106.75		105.25
5	Number of shares held by individual Directors are as follows:	As at		As at
		31.03.2024		31.12.2023
	A.D.B. Talwatte	Nil		Nil
	E.H. Wijenaike	35,039,742		35,039,742
	A.K. Gunaratne	1,810,661		1,810,661
	D.P. de Silva	225,117		225,117
	Dr. (Mrs.) A.D.N. de Zoysa	Nil		Nil
	A.R. Fernando	Nil		Nil
	C.K. Hettiarachchi	134,399		134,399
	K.B. Herath	Nil		Nil
	M.H.de Silva	Nil		Nil
	C.S.Hettiarachchi	27,093		27,093
6	Twenty largest shareholders of the Company are as follows:	As at 31.03.2024	*As at 31.12.2023
		Number of	%	Number of shares	%
1	Corporate Services (Pvt) Ltd. A/C No.01	36,625,096	16.11	36,625,096		16.11
2	E.H. Wijenaike	35,039,742	15.41	35,039,742		15.41
3	Employees Provident Fund	24,419,181	10.74	24,419,181		10.74
4	Thurston Investments Limited	13,624,392	5.99	13,624,392		5.99
5	Hallsville Trading Group INC	13,083,136	5.75	13,083,136		5.75
6	E.W. Balasuriya & Co.(Pvt) Ltd.	8,909,789	3.92	8,909,789		3.92
7	A.J. Wijenaike	7,091,476	3.12	7,091,476		3.12
8	Ceylon Investment PLC A/C No.02	6,804,536	2.99	6,804,536		2.99
9	Ceylon Guardian Investment Trust PLC A/C No.02	5,570,801	2.45	5,570,801		2.45
10	C.R. Dunuwille	2,923,384	1.29	2,923,384		1.29
11	N.M. Gunawardana	2,818,820	1.24	2,818,820		1.24
12	P.R. Munasinha	2,659,783	1.17	2,659,783		1.17
13	S.K. Wedande	1,847,633	0.81	1,847,633		0.81
14	A.K. Gunaratne	1,810,661	0.80	1,810,661		0.80
15	J.B. Cocoshell (Pvt) Ltd.	1,793,746	0.79	1,734,378		0.76
16	Rubber Investment Trust PLC A/C No.02	1,776,231	0.78	1,526,913		0.67
17	P.M. Wijenaike (Deceased)	1,683,206	0.74	1,683,206		0.74
18	N.M.Wahab	1,626,448	0.72	1,626,448		0.72
19	Hatton National Bank PLC-Capital Alliance Quantitative Equity Fund.	1,488,489	0.65	1,433,489		0.63
20	Shalfar Pty Ltd.	1,458,834	0.64	1,458,834		0.64
		173,055,384	76.12	172,691,698		75.96
	Others	54,299,078	23.88	54,662,764		24.04
	Total	227,354,462	100.00	227,354,462		100.00

*Comparative shareholdings as at 31.12.2023 held by the twenty largest shareholders as at 31.03.2024.

CENTRAL FINANCE COMPANY PLC

NOTES TO THE INTERIM FINANCIAL STATEMENTS

7 Public holding

The company qualifies under option one of the minimum public holding requirement No.7.13.1 of the Listing Rules of the Colombo Stock Exchange as of 31.03.2024 and relevant information is given below.

As at 31.03.2024

Float adjusted market capitalization		Public holding percentage (%)	Number of public shareholders
Minimum requirement	Available	Minimum	Available	Minimum	Available
	amount	requirement		requirement
Rs.10 Bn	Rs.15.43 Bn	10%	63.59%	500	3,942
As at 31.12.2023
Float adjusted market capitalization		Public holding percentage (%)	Number of public shareholders
Minimum requirement	Available	Minimum	Available	Minimum	Available
	amount	requirement		requirement
Rs.10 Bn	Rs.15.22 Bn	5%	63.59%	500	3,989

1. Commitments and Contingencies
   The Commitments (unutilised credit facilities) and Contingencies (fully secured guarantees issued on behalf of depositors) as at 31st March 2024 amounted to Rs. 137.65 Mn. (As at 31st December 2023 - Rs. 79.2 Mn)
   Tax assessments - Company and the Group
   The outstanding tax assessments related to the Company amounted to Rs.1,864.38 Mn which have been duly appealed as of 31.03.2024. The outstanding tax assessments related to Group Companies amounted to Rs. 68.66 Mn in CF Insurance Brokers (Pvt) Ltd., Rs. 40.50 Mn in Hedges Court Residencies (Pvt) Ltd, Rs. 2.3 Mn in Central Transport & Travels Ltd , Rs. 0.3 Mn in Expanded Plastic Products (Private) Limited and Rs. 1 Mn in Central Homes Private Limited which have been duly appealed as of 31.03.2024.
   Capital commitments
   Capital expenditure approved by the board of directors for which provision has not been made in the financial statements amounts to approximately Rs.44.8 million for the Company and Rs.48.2 million for the Group.
2. Finance cost of the Group including interest expense and foreign exchange loss other than the parent are categorised under premises, equipment, establishment and other expenses.

10 Classification of financial assets and liabilities - Group

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

Financial assets and financial liabilities measured at fair value - fair value hierarchy Fair value through profit or loss financial assets - Group

31.03.2024	Level 1	Level 02	Level 03	Total
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Investments in quoted securities	436,982	-	-	436,982
Unquoted equities	-	-	120,303	120,303
Investments in units	-	3,351,230	-	3,351,230
	436,982	3,351,230	120,303	3,908,515
Fair value through profit or loss financial assets - Group
31.03.2023	Level 1	Level 02	Level 03	Total
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Investments in quoted securities	413,870	-	-	413,870
Unquoted equities	-	-	111,156	111,156
Investments in units	-	124,045	-	124,045
	413,870	124,045	111,156	649,071
Fair value through profit or loss financial assets - Company
31.03.2024	Level 1	Level 02	Level 03	Total
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Investments in quoted securities	325,285	-	-	325,285
Unquoted equities	-	-	118,390	118,390
Investments in units	-	2,586,214	-	2,586,214
	325,285	2,586,214	118,390	3,029,889
Fair value through profit or loss financial assets - Company
31.03.2023	Level 1	Level 02	Level 03	Total
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Investments in quoted securities	269,154	-	-	269,154
Unquoted equities	-	-	108,845	108,845
	269,154	-	108,845	377,999

Level 3 - fair value measurement

The following table shows a reconciliation from the beginning balance to the ending balance for fair value measurement in level 3 of the fair value hierarchy.

	Group		Company
As at	31.03.2024	31.03.2023	31.03.2024	31.03.2023
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance at the beginning of the year	111,156	104,794	108,845	102,817
Changes in fair value during the year	9,147	6,362	9,545	6,028
Balance at the end of the year	120,303	111,156	118,390	108,845

Level 01 valuations are based on market prices published by the Colombo Stock Exchange for shares quoted on the Colombo Stock Exchange and Level 2 valuations for units are based on the prices published by fund managers for respective funds.

Level 03 valuations have been determined using valuation techniques which approximate the fair value. There have been no transfers among levels 01, 02 and 03.