INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 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 STATEMENT OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED

30.09.2022 30.09.2021 Variance Favourable/

(Unaudited) (Unaudited) (Adverse)

Rs.Rs.%

FOR THE SIX MONTHS ENDED

30.09.2022 30.09.2021 Variance Favourable/

(Unaudited) (Unaudited) (Adverse)

Rs.Rs.%

Income

32,744,619

30,025,210

9

56,913,846

58,905,458

(3)

Interest Income

29,120,465

24,430,993

19

51,868,292

50,167,490

3

Interest Expenses

(12,064,480)

(6,524,804)

(85)

(19,764,717)

(13,507,718)

(46)

Net Interest Income

17,055,985

17,906,189

(5)

32,103,575

36,659,772

(12)

Fee and Commission Income

2,935,619

2,968,674

(1)

3,288,429

4,841,161

(32)

Other Operating Income

688,535

2,625,543

(74)

1,757,125

3,896,807

(55)

Total Operating Income

20,680,139

23,500,406

(12)

37,149,129

45,397,740

(18)

Impairment (Charge)/Reversal for Loans and Other Losses

2,580,382

(3,829,946)

>100

7,632,539

(8,477,614)

>100

Net Operating Income

23,260,521

19,670,460

18

44,781,668

36,920,126

21

Operating Expenses

Personnel Expenses

(12,605,868)

(18,378,570)

31

(26,921,487)

(37,108,535)

27

Depreciation of Property, Plant and Equipments

(3,349,534)

(6,059,514)

45

(7,832,144)

(12,168,611)

36

Amortisation of Intangible Assets

(105,661)

(147,180)

28

(201,262)

(307,242)

34

Other Operating Expenses

(10,208,076)

(8,937,343)

(14)

(18,776,323)

(18,889,426)

1

Total Operating Expenses

(26,269,139)

(33,522,607)

22

(53,731,216)

(68,473,814)

22

Operating Profit/(Loss) before Tax on Financial Services

(3,008,618)

(13,852,147)

78

(8,949,548)

(31,553,688)

72

Tax on Financial Services

(1,344,176)

(407,214)

>(100)

(2,665,064)

(607,214)

>(100)

Profit/(Loss) before Taxation

(4,352,794)

(14,259,361)

69

(11,614,612)

(32,160,902)

64

Income Tax Expense

-

-

-

-

-

-

Profit/(Loss) for the Period

(4,352,794)

(14,259,361)

69

(11,614,612)

(32,160,902)

64

Earnings/(Loss) per Share: Basic/Diluted (Rs.)

(0.07)

(0.22)

(0.18)

(0.51)

Other Comprehensive Income

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 never be Reclassified to Income Statement

Other Comprehensive Income for the Period, Net of Tax

-

(50,308)

100

-

(50,308)

100

-

-

-

-

-

-

-

-

-

-

-

-

-

(50,308)

100

-

(50,308)

100

100

100

-

(50,308)

-

(50,308)

Total Comprehensive Income for the Period, Net of Tax

(4,352,794) (14,309,669)

70

(11,614,612) (32,211,209)

64

Figures in brackets indicate deductions.

1

MULTI FINANCE PLC

INTERIM FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION

As at 30.09.2022

As at 31.03.2022

Rs.

Rs.

(Unaudited)

(Audited)

ASSETS

Cash and Cash Equivalents

25,421,625

13,693,690

Financial Assets at Amortised Cost - Loans and Receivables

209,798,200

254,667,027

Financial Assets at Amortised Cost - Lease Rentals Receivable and Stock out on Hire

68,166,212

82,196,194

Financial Assets Measured at Fair Value Through Other Comprehensive Income

2,500

2,500

Other Financial Assets

178,338,164

135,469,843

Other Non Financial Assets

22,299,254

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

24,385,221

16,576,715

Intangible Assets

966,249

1,007,511

TOTAL ASSETS

605,755,056

617,525,680

LIABILITIES

Due to Banks

4,221,119

3,208,335

Financial Liabilities at Amortised Cost - Due to Depositors

252,454,195

253,824,754

Other Financial Liabilities

43,907,361

37,025,793

Other Non Financial Liabilities

14,419,136

17,796,298

Post Employment Benefit Liability

3,556,933

6,859,576

TOTAL LIABILITIES

318,558,744

318,714,756

EQUITY

Stated Capital

898,375,289

898,375,289

Reserves

16,655,272

16,655,272

Retained Earnings/(Accumulated Losses)

(627,834,249)

(616,219,637)

TOTAL EQUITY

287,196,312

298,810,924

TOTAL LIABILITIES AND EQUITY

605,755,056

617,525,680

Commitments and Contingencies

-

-

Net Assets Value per Share (Rs.)

4.51

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.07 of 2007.

Sgd.

Sgd.

Ruwan Karuppaiah

P. Jayasundera

Accountant

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

B D A Perera

Director

Director

17th October 2022

Colombo

2

MULTI FINANCE PLC

INTERIM FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER

Stated

Retained Earnings/

General

Statutory

Fair Value

Total Equity

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

-

(32,211,209)

-

-

-

(32,211,209)

Balance as at 30th September 2021

898,375,289

(453,440,089)

11,266,050

5,389,222

50,308

461,640,780

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

-

(11,614,612)

-

-

-

(11,614,612)

Balance as at 30th September 2022

898,375,289

(627,834,249)

11,266,050

5,389,222

-

287,196,312

Figures in brackets indicate deductions.

3

MULTI FINANCE PLC

INTERIM FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER

2022

2021

Unaudited

Unaudited

Rs.

Rs.

Profit/(Loss) and Other Comprehensive Income before Taxation

(11,614,612)

(32,211,209)

Adjustments for :

Depreciation on Property, Plant and Equipment

7,832,144

12,168,611

Amortisation of Intangible Assets

201,262

307,242

Impairment Charge/(Reversal) for Loans and Other Losses

(7,632,539)

8,477,614

(Profit)/Loss on Disposal of Property, Plant & Equipment

-

(338,037)

Provision/(Reversal) for Defined Benefit Plans

459,198

459,198

(Profit)/Loss on Disposal of Repossessed Stock

-

9,399

Net Change/(Loss) in Fair Value of Financial Assets Measured at Fair Value Through Other

-

50,308

Comprehensive Income

Operating Profit before Working Capital Changes

(10,754,547)

(11,076,874)

(Increase)/Decrease in Operating Assets

(Increase)/Decrease in Financial Assets at Amortised Cost-Loans and Receivables

51,354,378

63,716,903

(Increase)/Decrease in Financial Assets at Amortised Cost-Lease Rentals Receivable and Stock out

15,176,970

(230,185)

on Hire

(Increase)/Decrease in Other Financial Assets

(42,868,321)

(23,668,724)

(Increase)/Decrease in Other Non Financial Assets

176,493

-

23,839,520

39,817,994

Increase/(Decrease) in Operating Liabilities

Increase/(Decrease) in Financial Liabilities at Amortised Cost - Due to Depositors

(1,370,559)

4,090,268

Increase/(Decrease) in Other Financial Liabilities

12,557,518

(25,959,154)

Increase/(Decrease) in Other Non Financial Liabilities

(3,377,162)

(1,052,879)

7,809,797

(22,921,765)

Cash Generated From Operations

20,894,770

5,819,356

Retirement Benefit Liabilities Paid

(3,761,841)

-

Income Tax Paid

-

-

Net Cash From/(Used in) Operating Activities

17,132,929

5,819,356

Cash Flows From/(Used in) Investing Activities

Acquisition of Property, Plant and Equipment and Right-of-Use Assets

(581,828)

(32,400)

Acquisition of Intangible Assets

(160,000)

-

Proceeds from Sale of Property, Plant and Equipment

-

514,500

Net Cash Flows From/(Used in) Investing Activities

(741,828)

482,100

Cash Flows From/(Used in) Financing Activities

Payment of Lease Liabilities

(5,675,950)

(8,796,598)

Net cash generated From/(Used in) Financing Activities

(5,675,950)

(8,796,598)

Net Increase/(Decrease) in Cash and Cash Equivalents

10,715,151

(2,495,143)

Cash and Cash Equivalents at the Beginning of the Period

10,485,355

20,067,178

Cash and Cash Equivalents at the end of the Period

21,200,506

17,572,035

Analysis of Cash and Cash Equivalents

Balances with Banks

11,530,564

16,270,330

Notes and Coins Held

13,891,061

8,087,289

Bank Overdrafts

(4,221,119)

(6,785,584)

Net Cash and Cash Equivalents

21,200,506

17,572,035

Figures in brackets indicate deductions.

4

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Multi Finance plc published this content on 21 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2022 11:19:08 UTC.