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.
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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.