Multi Finance : Interim Financial Statements as of 30/06/2022

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