INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED 30TH JUNE 2022
MULTI FINANCE PLC
( Company Registration No: PB 891 PQ )
No. 275/75, Prof. Stanley Wijesundara Mawatha, Colombo 07.
MULTI FINANCE PLC
INTERIM FINANCIAL STATEMENTS
INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED | ||||
30.06.2022 | 30.06.2021 | Variance | ||
Favourable/ | ||||
(Unaudited) | (Unaudited) | (Adverse) | ||
Rs. | Rs. | % | ||
Income | 24,169,227 | 28,880,248 | (16) | |
Interest Income | 22,747,827 | 25,736,497 | (12) | |
Interest Expenses | (7,700,237) | (6,982,914) | (10) | |
Net Interest Income | 15,047,590 | 18,753,583 | (20) | |
Fee and Commission Income | 352,810 | 1,872,487 | (81) | |
Other Operating Income | 1,068,590 | 1,271,264 | (16) | |
Total Operating Income | 16,468,990 | 21,897,334 | (25) | |
Impairment (Charge)/Reversal for Loans and Other Losses | 5,052,157 | (4,647,669) | 209 | |
Net Operating Income | 21,521,147 | 17,249,665 | 25 | |
Operating Expenses | ||||
Personnel Expenses | (14,315,619) | (18,729,965) | 24 | |
Depreciation of Property Plant & Equipments | (4,482,610) | (6,109,097) | 27 | |
Amortisation of Intangible Assets | (95,601) | (160,062) | 40 | |
Other Operating Expenses | (8,568,247) | (9,952,083) | 14 | |
Total Operating Expenses | (27,462,077) | (34,951,207) | 21 | |
Operating Loss before Tax on Financial Services | (5,940,930) | (17,701,542) | 66 | |
Tax on Financial Services | (1,320,888) | (200,000) | (560) | |
Loss before taxation | (7,261,818) | (17,901,542) | 59 | |
Income Tax Expense | - | - | - | |
Loss for the period | (7,261,818) | (17,901,542) | 59 | |
Earnings/(Loss) per Share: Basic/Diluted (Rs.) | (0.11) | (0.28) | ||
Other Comprehensive Income that will be Reclassified to Income Statement |
Reclassification of Fair Value Through Other comprehensive income to Profit or Loss Net change/(Loss) in fair value of financial assets measured at Fair Value Through Other Comprehensive Income
Less: Deferred Tax Charge/(Reversal) on above Items
Net Other Comprehensive Income that will be Reclassified to Income Statement
Other Comprehensive Income that will never be Reclassified to Income Statement
- | - | - | |
- | - | - | |
- | - | - | |
- | - | - |
Actuarial Gains/(Losses) on Defined Benefit Plans | - | - | - | |
Less: Deferred Tax Charge/(Reversal) on Actuarial Gains and Losses | - | - | - | |
Net Actuarial Gains/(Losses) on Defined Benefit Plans | - | - | - | |
Net Other Comprehensive Income that will never be Reclassified to Income | - | - | - | |
Statement | ||||
Other Comprehensive Income for the Period, Net of Tax | - | - | - | |
Total Comprehensive Income for the Period, Net of Tax | (7,261,818) | (17,901,542) | 59 | |
Figures in brackets indicate deductions.
1
MULTI FINANCE PLC
INTERIM FINANCIAL STATEMENTS | |||
STATEMENT OF FINANCIAL POSITION | As at 30.06.2022 | As at 31.03.2022 | |
Rs. | Rs. | ||
(Unaudited) | (Audited) | ||
Rs. | Rs. | ||
ASSETS | |||
Cash and cash equivalents | 40,167,413 | 13,693,690 | |
Financial Assets at Amortised Cost - Loans and Receivables | 202,744,051 | 254,667,027 | |
Financial Assets at Amortised Cost - Lease Rentals Receivable and Stock out on Hire | 74,420,577 | 82,196,194 | |
Financial Assets Measured at Fair Value Through Other Comprehensive Income | 2,500 | 2,500 | |
Other Financial Assets | 178,191,332 | 135,469,843 | |
Other Non Financial Assets | 29,505,246 | 37,534,569 | |
Income Tax Receivable | 5,227,631 | 5,227,631 | |
Investment Property | 71,150,000 | 71,150,000 | |
Property, Plant and Equipment and Right-of-Use Assets | 12,682,809 | 16,576,715 | |
Intangible assets | 1,071,911 | 1,007,511 | |
TOTAL ASSETS | 615,163,470 | 617,525,680 | |
LIABILITIES | |||
Due to banks | 5,035,735 | 3,208,335 | |
Financial Liabilities at Amortised Cost - Due to Depositors | 263,644,456 | 253,824,754 | |
Other Financial Liabilities | 34,306,785 | 37,025,793 | |
Other Non Financial Liabilities | 16,527,554 | 17,796,298 | |
Post Employment Benefit Liability | 4,099,834 | 6,859,576 | |
TOTAL LIABILITIES | 323,614,364 | 318,714,756 | |
EQUITY | |||
Stated capital | 898,375,289 | 898,375,289 | |
Reserves | 16,655,272 | 16,655,272 | |
Retained Earnings / (Accumulated Losses) | (623,481,455) | (616,219,637) | |
TOTAL EQUITY | 291,549,106 | 298,810,924 | |
TOTAL LIABILITIES AND EQUITY | 615,163,470 | 617,525,680 | |
Commitments and Contingencies | - | - | |
Net Assets Value Per Share (Rs.) | 4.58 | 4.70 |
Figures in brackets indicate deductions.
It is certified that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.
Sgd. | Sgd. |
Nuwan Ediriweera | P. Jayasundera |
Manager - Finance | Chief Executive Officer |
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board of Directors of Multi Finance PLC
Sgd. | Sgd. |
Niroshan Udage | Ravindra Yatawara |
Director | Director |
18th July 2022 | |
Colombo |
2
MULTI FINANCE PLC
INTERIM FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED 30TH JUNE
Stated | Retained Earnings/ | General | Statutory | Fair Value | Total | ||||||
Capital | (Accumulated | Reserve | Reserve Fund | Reserve | |||||||
Losses) | |||||||||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||
Balance as at 01st April 2021 | 898,375,289 | (421,228,880) | 11,266,050 | 5,389,222 | 50,308 | 493,851,989 | |||||
Loss for the Period | - | (17,901,542) | - | - | - | (17,901,542) | |||||
Balance as at 30th June 2021 | 898,375,289 | (439,130,422) | 11,266,050 | 5,389,222 | 50,308 | 475,950,447 | |||||
Balance as at 01st April 2022 | 898,375,289 | (616,219,637) | 11,266,050 | 5,389,222 | - | 298,810,924 | |||||
Loss for the Period | - | (7,261,818) | - | - | - | (7,261,818) | |||||
Balance as at 30th June 2022 | |||||||||||
898,375,289 | (623,481,455) | 11,266,050 | 5,389,222 | - | 291,549,106 | ||||||
Figures in brackets indicate deductions.
3
MULTI FINANCE PLC
INTERIM FINANCIAL STATEMENTS | |||
STATEMENT OF CASH FLOWS | |||
FOR THE THREE MONTHS ENDED 30TH JUNE | 2022 | 2021 | |
Unaudited | Unaudited | ||
Rs. | Rs. | ||
Profit and Other Comprehensive Income before Taxation | (7,261,818) | (17,901,542) | |
Adjustments for : | |||
Depreciation on Property, Plant and Equipment | 4,482,610 | 6,109,098 | |
Amortisation of Intangible Assets | 95,601 | 160,062 | |
Impairment charge/(reversal) for loan and other advances | (5,052,157) | 4,647,669 | |
Provision/(Reversal) for Defined Benefit Plans | 229,599 | 229,599 | |
Interest expense on Lease Liability | 366,855 | 730,365 | |
Operating Profit before Working Capital Changes | (7,139,310) | (6,024,750) | |
(Increase)/Decrease in Operating Assets | |||
(Increase)/Decrease in Financial Assets at Amortised Cost-Loans and Receivables | 56,322,960 | 6,193,225 | |
(Increase)/Decrease in Financial Assets at Amortised Cost-Lease Rentals Receivable and | 8,427,793 | 23,501,937 | |
Stock out on Hire | |||
(Increase) / Decrease Repossessed Stock | - | 366,486 | |
(Increase)/Decrease in Other Financial Assets | (42,721,489) | (538,780) | |
(Increase)/Decrease in Other Non Financial Assets | 8,029,323 | (1,092,229) | |
30,058,587 | 28,430,640 | ||
Increase/(Decrease) in Operating Liabilities | |||
Increase/(Decrease) in Financial Liabilities at Amortised Cost - Due to Depositors | 9,819,702 | (13,001,173) | |
Increase/(Decrease) in Other Financial Liabilities | (270,063) | (667,973) | |
Increase/(Decrease) in Other Non Financial Liabilities | (1,268,744) | 3,069,981 | |
8,280,895 | (10,599,165) | ||
Cash Generated From Operations | 31,200,172 | 11,806,725 | |
Retirement Benefit Liabilities Paid | (2,989,341) | - | |
Income Tax Paid | - | - | |
Net Cash From/(Used in) Operating Activities | 28,210,831 | 11,806,725 | |
Cash flows from / (Used in) Investing Activities | |||
Acquisition of Property, Plant and Equipment and Right-of-Use Assets | (48,708) | (32,400) | |
Acquisition of Intangible Assets | (160,000) | - | |
Net Cash Flows From/(Used in) Investing Activities | (208,708) | (32,400) | |
Cash Flows From/(Used in) Financing Activities | |||
Payment of Lease liabilities | (3,355,800) | (4,369,949) | |
Net cash generated from / (used in) Financing Activities | (3,355,800) | (4,369,949) | |
Net Increase/(Decrease) in Cash and Cash Equivalents | 24,646,323 | 7,404,376 | |
Cash & Cash Equivalents at the Beginning of the period | 10,485,355 | 20,067,178 | |
Cash & Cash Equivalents at the end of the period | 35,131,678 | 27,471,554 | |
Analysis of Cash & Cash Equivalents | |||
Favourable balance | |||
Cash at Bank | 27,694,162 | 26,034,265 | |
Cash in Hand | 12,473,251 | 7,808,307 | |
40,167,413 | 33,842,572 | ||
Unfavourable balance | |||
Bank Overdrafts | (5,035,735) | (6,371,018) | |
(5,035,735) | (6,371,018) | ||
35,131,678 | 27,471,554 | ||
Figures in brackets indicate deductions. |
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Multi Finance plc published this content on 20 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2022 11:03:02 UTC.