COMMERCIAL LEASING & FINANCE PLC
INTERIM
INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 31 DECEMBER 2021
COMMERCIAL LEASING & FINANCE PLC
CONTENTS
As at 31st December 2021
Page | ||
1 | Statement of Financial Position | 1 |
2 | Statement of Profit or Loss and Other Comprehensive Income | 2 |
3 | Statement of Changes in Equity | 3 |
4 | Statement of Cash Flows | 4 |
5 | Segment Information | 5 |
6 | Notes to Interim Financial Statements | 6 |
7 Statement of Directors' holding and Chief Executive Officer's holding in shares of the Entity & Top 20
Shareholders | 10 |
COMMERCIAL LEASING & FINANCE PLC
Statement of Financial Position
31-Mar-21 | 2021 | 2020 | ||
(Audited) | As at 31st December | Unaudited | Unaudited | |
Rs. '000 | Rs. '000 | Rs. '000 | ||
Assets | ||||
1,793,965 | Cash & cash equivalents | 2,450,363 | 2,369,915 | |
1,960,602 | Financial assets recognised through profit or loss (FVTPL) | 914,377 | 1,853,891 | |
5,261,968 | Investment securities - Other investments | 4,700,973 | 5,829,738 | |
13,597,166 | Financial assets at amortised cost/ Finance lease receivables and hire purchases | 14,932,364 | 13,001,661 | |
46,201,903 | Financial assets at amortised cost/ loans, advances receivables | 59,596,164 | 41,618,154 | |
939,789 | Factoring receivables | 1,216,061 | 898,730 | |
336,985 | Other current assets | 115,851 | 175,114 | |
1,663,062 | Investment in equity accounted investee | 1,749,102 | 1,605,221 | |
3,238,364 | Investment properties | 5,405,613 | 3,121,364 | |
19 | Intangible assets | 16 | 19 | |
1,377,984 | Property, plant & equipment | 1,355,534 | 1,329,407 | |
468,825 | Right to Use Asset | 562,029 | 484,889 | |
76,840,632 | Total Assets | 92,998,446 | 72,288,102 | |
Liabilities and Equity | ||||
Liabilities | ||||
921,755 | Bank overdrafts | 1,295,445 | 883,362 | |
- | Derivative liabilities held for risk management | 33,713 | 47,276 | |
32,829,887 | Financial Liabilities at Amortised Cost | 34,064,836 | 29,750,756 | |
16,185,522 | Interest bearing loans & borrowings | 25,152,814 | 16,125,217 | |
475,283 | Lease Liability | 573,510 | 478,591 | |
805,123 | Current tax liabilities | 1,356,698 | 738,359 | |
290,315 | Amounts due to related companies | 1,131,443 | 100,559 | |
3,592,927 | Trade and other payables | 3,290,662 | 2,761,598 | |
129,462 | Deferred tax liabilities | 138,007 | 177,734 | |
188,146 | Retirement benefit obligations | 203,042 | 211,818 | |
55,418,420 | Total Liabilities | 67,240,171 | 51,275,270 | |
Equity | ||||
1,425,947 | Stated capital | 1,425,947 | 1,425,947 | |
2,362,558 | Reserves | 2,383,807 | 2,221,493 | |
17,633,707 | Retained earnings | 21,948,521 | 17,365,392 | |
21,422,212 Equity attributable to shareholders of the Company | 25,758,275 | 21,012,832 | ||
Total Liabilities and Equity | ||||
76,840,632 | 92,998,446 | 72,288,102 | ||
3.36 | Net assets value per share | 4.04 | 3.29 |
I certify that these Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of 2007.
Sgd.
Deshangi Ranasinghe
Head of Finance
The Board of Directors is responsible for the preparation and the presentation of these Financial Statements. Approved and signed for and on behalf of the Board;
Sgd. | Sgd. |
T Dharmarajah | D.M.D.K.Thilakarathne |
Director | Director / CEO |
10th February 2022 | |
Colombo |
COMMERCIAL LEASING & FINANCE PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHANSIVE INCOME
For the nine months ended | For the three months ended | |||||||
31.12.2021 | 31.12.2020 | Variance | 31.12.2021 | 31.12.2020 | Variance | |||
Unaudited | Unaudited | Unaudited | Unaudited | |||||
Rs. ' 000 | Rs. ' 000 | % | Rs. ' 000 | Rs. ' 000 | % | |||
Interest income | 10,714,945 | 9,417,687 | 14% | 3,857,136 | 3,279,017 | 18% | ||
Interest expense | (3,282,421) | (3,677,097) | 11% | (1,181,743) | (1,107,711) | 7% | ||
Net interest income | 7,432,524 | 5,740,590 | 29% | 2,675,393 | 2,171,306 | 23% | ||
Net income from other financial instruments at FVTPL | 9,669 | 354,586 | (97%) | (439) | 184,116 | (100%) | ||
Other operating income | 2,069,917 | 1,441,737 | 44% | 1,068,660 | 802,342 | 33% | ||
Expenses | ||||||||
Direct expenses excluding finance costs | (229,509) | (187,983) | (22%) | (57,419) | (87,960) | 35% | ||
Personnel Expenses | (1,328,672) | (1,068,377) | (24%) | (465,187) | (416,668) | (12%) | ||
Premises, equipment & establishment expenses | (241,662) | (237,377) | (2%) | (108,810) | (83,955) | (30%) | ||
Depreciation & amortization | (218,895) | (216,463) | (1%) | (78,131) | (74,390) | (5%) | ||
Allowance for impairement & write off | 310,199 | (1,910,253) | 116% | 1,108,141 | 325,785 | 240% | ||
Other operating expenses | (1,480,130) | (1,212,133) | (22%) | (555,310) | (449,663) | (23%) | ||
Results from operating activities before value added tax on | ||||||||
financial services | 6,323,443 | 2,704,327 | 134% | 3,586,899 | 2,370,913 | 51% | ||
Value added tax on financial services | (921,013) | (463,389) | (99%) | (543,050) | (357,845) | (52%) | ||
Results from operating activities | 5,402,430 | 2,240,938 | 141% | 3,043,849 | 2,013,067 | 51% | ||
Share of profit of equity accounted investee (net of tax) | 86,039 | 107,763 | (20%) | 42,526 | 86,553 | (51%) | ||
Profit before income tax | 5,488,469 | 2,348,701 | 134% | 3,086,374 | 2,099,620 | 47% | ||
Income tax expense | (1,179,463) | (426,380) | (177%) | (613,404) | (366,601) | (67%) | ||
Profit for the period | 4,309,006 | 1,922,321 | 124% | 2,472,971 | 1,733,019 | 43% | ||
Other comprehensive income | ||||||||
Items that will not be reclassified to profit or loss | ||||||||
Revaluation of property, plant and equipment | - | 165,962 | - | - | 165,962 | - | ||
Effective portion of changes in fair value of cash flow hedges | 27,057 | 60,433 | (55%) | - | (28,773) | - | ||
Actuarial losses on defined benefit plan | - | (6,950) | - | - | (6,950) | - | ||
Deffered tax impact on other comprehensive income | - | (29,012) | - | - | (29,012) | - | ||
Items that are or may be reclassified subsequently to profit or loss | ||||||||
Net Change in fair value of financial assets measured at FVTOCI | - | (19,931) | - | - | (16,078) | - | ||
Share of other comprehensive income from equity accounted | ||||||||
investee | - | 1,029 | - | - | 1,029 | - | ||
Deffered tax impact on other comprehensive income | - | (5,581) | - | - | (5,581) | - | ||
Other comprehensive income/ (expense) for the period, net of tax | 27,057 | 165,950 | (84%) | - | 80,597 | - | ||
Total comprehensive income for the period | 4,336,063 | 2,088,271 | 108% | 2,472,971 | 1,813,616 | 36% | ||
Earnings per share Rs. | 0.68 | 0.30 | 0.39 | 0.27 |
Figures in brackets indicate deductions
COMMERCIAL LEASING & FINANCE PLC
Statement of changes in equity
For the nine months ended 31st December 2021 | |||||||||
Stated Capital | Revaluation | Hedging reserve | Fair Value | General Reserve | Statutory | Retained Earnings | Total | ||
Reserves | Reserve on AFS | Reserves | |||||||
Rs. 000 | Rs. 000 | Rs. 000 | Rs. 000 | Rs. 000 | Rs. 000 | Rs. 000 | Rs. 000 | ||
Balance as at 1st April 2020 | 1,425,947 | 944,502 | (69,145) | 52 | 288,080 | 873,383 | 15,461,744 | 18,924,561 | |
Total comprehensive income for the period | |||||||||
Profit for the period | - | - | - | - | - | - | 1,922,321 | 1,922,321 | |
Other comprehensive income | - | - | 60,433 | (6,950) | - | - | (19,931) | 33,552 | |
Revaluation of property, plant and equipment | - | 165,962 | - | - | - | - | 165,962 | ||
Share of other comprehensive income from equity | |||||||||
accounted investee | - | - | - | - | - | - | 1,029 | 1,029 | |
Tax on Other comprehensive income | - | (14,037) | (16,921) | 1,946 | - | - | (5,581) | (34,593) | |
Total comprehensive income for the period | - | 151,925 | 43,512 | (5,004) | - | - | (24,483) | 165,950 | |
Transferred to/(from) during the period | - | (5,810) | - | - | - | - | 5,810 | - | |
Balance as at 31st December 2020 | 1,425,947 | 1,090,617 | (25,633) | (4,952) | 288,080 | 873,383 | 17,365,392 | 21,012,832 | |
Total comprehensive income for the period | |||||||||
Profit for the period | - | - | - | - | - | - | 293,732 | 293,732 |
Other comprehensive income for the period
Other comprehensive income
Share of other comprehensive income from equity accounted investee
Revaluation of property, plant and equipment from equity accounted investees
Tax on other comprehensive income
82,484 | 0.00 | 6,877 | - | - | 34,943 | 124,303 | |
- | - | - | - | - | - | 85,810 | 85,810 |
- | - | - | - | - | - | (90,270) | (90,270) |
- | 4,922 | (1,424) | (1,925) | - | - | (5,769) | (4,197) |
Total comprehensive income for the period | - | 87,406 | (1,424) | 4,952 | - | - | 318,445 | 409,380 | |
Transferred to/(from) during the period | 44,321 | (44,321) | - | ||||||
Balance as at 31st March 2021 | 1,425,947 | 1,178,023 | (27,058) | (0) | 288,080 | 917,704 | 17,639,516 | 21,422,212 | |
Total comprehensive income for the period | |||||||||
Profit for the period | - | - | - | - | - | - | 4,309,006 | 4,309,006 | |
Share of other comprehensive income from equity | |||||||||
accounted investee | - | - | - | - | - | - | - | - | |
Actuarial losses on defined benefit plan | - | - | - | - | - | - | - | - | |
Other comprehensive income | - | - | 27,057 | - | - | - | - | 27,057 | |
Total comprehensive income for the period | - | - | 27,057 | - | - | - | - | 27,057 | |
Transferred to/(from) during the period | - | - | - | - | - | - | - | - | |
Balance as at 31st December 2021 | 1,425,947 | 1,178,023 | - | - | 288,080 | 917,704 | 21,948,521 | 25,758,274 |
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Commercial Leasing and Finance plc published this content on 11 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2022 10:37:05 UTC.