ASSOCIATED MOTOR FINANCE COMPANY PLC STATEMENT OF COMPREHENSIVE INCOME
Interest Income
Less : Interest Expenses
Net Interest Income
Fee and commission income
Net trading income/(expense)
Other operating income (net)
Total operating income
Less : Impairment charges on financial assets & other losses
Net operating income
Less : Operating Expenses
Quarter ended 31st March
2024 | 2023 | Changes |
Unaudited | Unaudited | |
Rs. | Rs. | % |
1,356,843,232 | 1,143,513,928 | 19 |
(686,000,966) | (621,801,206) | 10 |
670,842,267 | 521,712,722 | 29 |
2,542,918 | 18,715,315 | (86) |
3,880,125 | 2,824,729 | 37 |
28,457,402 | (6,711,621) | (524) |
705,722,712 | 536,541,144 | 32 |
(130,469,296) | (133,371,172) | (2) |
575,253,416 | 403,169,972 | 43 |
Personnel Expenses
Depreciation of property, equipment & amortisation of Right of Use Assets
Amortisation of intangible assets Other operating expenses
Profit before taxes on financial services
Less : Tax on financial services
Profit before taxation
Less : Income tax (expense)/reversals
Profit/(Loss) for the period
Other comprehensive income / (expense), net of tax
Items that may be subsequently reclassified to profit or loss Financial assets measured at Fair Value through Other Comprehensive Income
Net change in fair value during the period
Items that will not be reclassified to profit or loss
Gain on -revaluation of land & building Retirement benefit obligations - actuarial gain (loss)
Total other comprehensive income /(expense) for the period, net of taxes
(162,388,807) | (148,225,302) | 10 |
(16,789,881) | (19,602,601) | (14) |
(924,373) | (752,214) | 23 |
(62,539,512) | (36,541,042) | 71 |
332,610,843 | 198,048,813 | 68 |
(67,604,277) | (48,344,328) | 40 |
265,006,566 | 149,704,485 | 77 |
(118,500,783) | (91,447,082) | 30 |
146,505,783 | 58,257,402 | 151 |
4,321,946 | 4,698,547 | (8) |
- | - | |
- | 31,982,185 | (100) |
(12,846,790) | 1,180,882 | (1,188) |
(8,524,844) | 37,861,614 | (123) |
Year ended 31st March
2024 | 2023 | Changes |
Unaudited | Audited | |
Rs. | Rs. | % |
4,966,228,032 | 3,880,860,398 | 28 |
(2,816,229,848) | (2,187,630,642) | 29 |
2,149,998,184 | 1,693,229,756 | 27 |
54,114,954 | 65,976,670 | (18) |
6,293,206 | 349,361 | 1,701 |
44,399,746 | 39,312,129 | 13 |
2,254,806,090 | 1,798,867,916 | 25 |
(463,621,687) | (414,444,606) | 12 |
1,791,184,403 | 1,384,423,310 | 29 |
(675,037,914) | (565,055,907) | 19 |
(69,250,261) | (84,387,310) | (18) |
(2,707,093) | (3,899,480) | (31) |
(250,818,711) | (224,210,726) | 11.9 |
793,370,424 | 506,869,887 | 57 |
(193,262,567) | (139,454,116) | 39 |
600,107,857 | 367,415,771 | 63 |
(286,558,839) | (166,952,732) | 72 |
313,549,018 | 200,463,039 | 56 |
2,154,410 | 1,722,521 | 25 |
- | - | |
- | 31,982,185 | (100) |
(12,846,790) | 1,180,882 | (1,188) |
(10,692,380) | 34,885,588 | (131) |
Total comprehensive income for the period | 137,980,939 | 96,119,017 | 44 |
Earnings per share (Rs.) | 1.29 | 0.51 |
302,856,639 | 235,348,627 | 29 |
2.77 | 1.77 |
02
ASSOCIATED MOTOR FINANCE COMPANY PLC
STATEMENT OF FINANCIAL POSITION
AS AT
ASSETS
Cash and cash equivalents Financial assets - amortised cost
Financial assets - measured at fair value through profit or loss Financial assets at amortized cost / loans and lease receivables
Financial assets - measured at fair value through other comprehensive income Inventories
Investment properties Other assets Current tax assets
Property, Equipment and Right of Use Assets Intangible assets
Deferred tax assets Good will
Total Assets
LIABILITIES
Due to banks and financial institutions
Deposits from customers
Trade and other payables
Current tax Liability
Retirement Benefit Obligations
Deferred tax liability
Total Liabilities
EQUITY
Stated capital
Revenue Reserves
Other Reserves
Total equity
Total Liabilities and Shareholders' Equity
Net Asset value per Share (Rs.)
The above figures are subject to the audit and appropriations.
31.03.2024 31.03.2023
(Unaudited) (Audited)
Rs.Rs.
192,932,203 161,388,335
6,270,936,008 3,893,786,671
26,534,372 20,642,164
11,034,239,394 10,109,178,417
37,099,434 35,810,964
2,004,892 2,104,892
150,000,000 113,000,000
67,095,746 94,927,042
--
1,120,205,526 1,146,971,047
14,595,724 3,707,554
-
56,474,473
385,244,360 385,244,360
19,300,887,660 16,023,235,919
723,726,558 28,221,643
14,552,850,301 12,442,822,754
516,220,879 411,780,303
103,871,413 138,954,930
93,567,035 66,674,596
73,013,141-
16,063,249,328 13,088,454,226
611,273,941 611,273,941
2,303,686,942 2,018,644,749
322,677,448 304,863,002
3,237,638,331 2,934,781,693
19,300,887,660 16,023,235,919
28.5725.90
The financial statements have been prepared in compliance with the requirements of the Companies Act No 7 of 2007.
sgd
T. M. A. Sallay
Director/Chief Executive Officer
The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the board.
sgd | sgd |
J. P. I. N. Dayawansa | J. P. I. S. Dayawansa |
Executive Director | Executive Director |
06th May 2024 | 03 |
ASSOCIATED MOTOR FINANCE COMPANY PLC
STATEMENT OF CHANGES IN EQUITY
Capital | Revaluation | General | Regulatory Loss | ||||||
Stated Capital | Statutory | Fair Value | Allowance | ||||||
reserves | Reserve | reserves | |||||||
Reserve Fund | Reserve | Reserve | Retained Earnings | Total | |||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |
Balance as at 01st April 2022 | 611,273,941 | 32,864,774 | - | 1,029,052 | 103,587,154 | 11,865,508 | - | 1,938,812,636 | 2,699,433,065 |
Net Profit/ (Loss) for the year | - | - | - | - | - | - | - | 200,463,038 | 200,463,038 |
Other comprehensive income net of tax | - | - | 31,982,185 | - | - | 1,722,521 | - | 1,180,882 | 34,885,588 |
Transfers to / (from) during the year | 10,023,152 | 111,788,655 | (121,811,807) | - | |||||
Balance as at 31st March 2023 | 611,273,941 | 32,864,774 | 31,982,185 | 1,029,052 | 113,610,306 | 13,588,029 | 111,788,655 | 2,018,644,749 | 2,934,781,693 |
Balance as at 01st April 2023 | 611,273,941 | 32,864,774 | 31,982,185 | 1,029,052 | 113,610,306 | 13,588,029 | 111,788,655 | 2,018,644,749 | 2,934,781,693 |
Net Profit /(Loss) for the year | - | - | - | - | - | - | - | 313,549,018 | 313,549,018 |
Other comprehensive income net of tax | - | - | - | - | - | 2,154,410 | (12,846,790) | (10,692,380) | |
Transfer during the year | - | - | - | - | - | 15,660,036 | (15,660,036) | - | |
Balance as at 31st March 2024 | 611,273,941 | 32,864,774 | 31,982,185 | 1,029,052 | 113,610,306 | 15,742,439 | 127,448,691 | 2,303,686,941 | 3,237,638,331 |
04
ASSOCIATED MOTOR FINANCE COMPANY PLC
STATEMENT OF CASH FLOW
Cash flow from operating activities
Net profit/(loss)before taxation
Adjustments for;
Depreciation of property and equipment and amortisation of right of use assets and intangible assets
Profit on disposals of property and equipment Fair value gain on investment property Provision for bad and doubtful debts Provision for gratuity
Interest on borrowing Dividend receipt
Loans and advances written off
Operating profit before working capital changes
(Increase)/ decrease in financial investments (Increase)/decrease in loans and advances (Increase)/ decrease in other assets (Increase) / decrease in inventories Increase/(decrease) in public deposits Increase/ (decrease) in trade and other payables
Cash generated from operations
Income Tax paid
Retirement benefits liabilities paid
Interest paid
Net cash flow from operating activities
Cash flow from investment activities
Dividends received
Purchase of property and equipment, intangible assets & ROU Asset Proceeds from disposal of Property and Equipment
Net cash flow from investing activities
Cash flow from Financing activities
Proceeds on borrowings
Repayment of borrowings
Net Cash Inflow/(Outflow) from Financing Activities
Net increase/(decrease) in cash and cash equivalents
Cash & cash equivalents at the beginning of the period
Cash & Cash Equivalents at the end of the year
Cash and Cash Equivalents Comprises
Cash and bank balances
Bank overdraft
Cash & Cash Equivalent at the end of the year
For the Period | For the Period |
ended 31st March ended 31st March
20242023
(Unaudited) (Audited)
Rs.Rs.
600,107,857 367,415,771
71,957,354 88,286,789
(1,738,086) (2,047,478)
(37,000,000) (21,150,000)
463,621,687 414,444,607
19,864,293 15,292,727
122,675,556 105,714,337
(1,505,341) (2,103,415)
(325,171,408) (36,501,725)
912,811,912 929,351,614
(2,382,175,605) 115,502,964
(1,063,511,257) (1,709,813,913)
27,831,296 13,824,100
100,000 20,223,378
2,110,027,548 1,269,640,259
104,440,576 (20,779,917)
(1,203,287,442) (311,403,128)
(290,475,530) 617,948,485
(194,253,446) (99,160,880)
(2,854,000) (3,878,750)
-
(167,970,412)
(487,582,976) 346,938,443
1,505,341 | 2,103,415 |
(56,212,334) | (19,826,950) |
1,870,417 | 3,085,002 |
(52,836,576) | (14,638,534) |
601,051,002 | - |
(865,938) | (674,744,467) |
600,185,064 | (674,744,467) |
59,765,511 | (342,444,558) |
133,166,692 | 475,611,250 |
192,932,203 | 133,166,692 |
192,932,203 161,388,335
-
(28,221,643)
192,932,203 133,166,692
05
ASSOCIATED MOTOR FINANCE COMPANY PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
-
The accounting policies followed in preparing these Interim Financial Statements are the same as those disclosed in our Audited financial statement for the year ended 31 March 2023.
Further, these interim financial statements have been prepared in compliance with the requirements of Sri Lanka Accounting Standards - LKAS 34 -"Interim Financial Reporting". - All known expenses have been provided for in these financial statements.
-
Segment Information
The company does not have any operating segment that engages in business activities from which it may earn revenues, and on which expenses incurred whose operating results are regularly reviewed by the entity's management to determine the resources to be allocated to the segment and assess its performance for which discrete financial information is available. - Contingent Liabilities and Commitments
During the period there were no material changes in the composition of assets, liabilities and contingent liabilities and there is no seasonality and cyclicality affecting the interim operation. - Events after the reporting date
There are no other material events subsequent to the reporting date, which require adjustments to or disclosures in the interim financial statements. - The Stated Capital consists of 113,327,268 Ordinery Shares.
06
7. Classification of financial assets and liabilities
The following table analyses the carrying amounts of the financial instruments by category as defined in Sri Lanka Accounting Standard -SLFRS 9 Financial Instruments.
Analysis of financial assets and liabilities by measurement basis:
As at 31.03.2024 | As at 31.03.2023 | ||||||||
FV | FV | ||||||||
Description | Fair value | Amortised cost | Total | measurement | Fair value | Amortised cost | Total | measuremen | |
level | t level | ||||||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||
Cash in hand at bank | - | 192,932,203 | 192,932,203 | - | 161,388,335 | 161,388,335 | |||
Financial assets - amortised cost | - | 6,270,936,008 | 6,270,936,008 | - | 3,893,786,671 | 3,893,786,671 | |||
Financial assets - measured at FVTPL | |||||||||
Quoted Shares | 26,534,372 | - | 26,534,372 | Level 1 | 20,642,164 | - | 20,642,164 | Level 1 | |
Loans and Lease receivables | - | 11,034,239,394 | 11,034,239,394 | - | 10,109,178,417 | 10,109,178,417 | |||
Financial assets - measured at FVOCI | |||||||||
Quoted Shares | 27,061,949 | - | 27,061,949 | Level 1 | 26,503,163 | - | 26,503,163 | Level 1 | |
Unquoted Shares | 10,037,485 | - | 10,037,485 | Level 3 | 9,307,801 | - | 9,307,801 | Level 3 | |
Total financial assets | 63,633,807 | 17,498,107,605 | 17,561,741,412 | 56,453,128 | 14,164,353,423 | 14,220,806,551 | |||
Due to banks and financial institutions | - | 723,726,558 | 723,726,558 | - | 28,221,643 | 28,221,643 | |||
Deposits from customers | - | 14,552,850,301 | 14,552,850,301 | - | 12,442,822,754 | 12,442,822,754 | |||
Trade and other payables | - | 297,460,026 | 297,460,026 | - | 200,639,795 | 200,639,795 | |||
Total financial liabilities | - | 15,574,036,886 | 15,574,036,886 | - | 12,671,684,191 | 12,671,684,191 |
Level 1 : Inputs include quoted prices for identical instruments and the most observable.
Level 2 : Inputs include quoted prices for similar instruments and observable inputs such as interest rates, currency exchange rates and yield curves.
Level 3 : Inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments.
FVTPL : Fair Value Through Profit or Loss
FVOCI: Fair Value Through Other Comprehensive Income
07
8.
A) Market Value per Share for the quarter ended | 31.03.2024 | 31.03.2023 |
Rs. | Rs. | |
Highest | 26.70 | 8.40 |
Lowest | 17.30 | 7.10 |
Last traded price | 24.80 | 8.20 |
- Twenty Largest holders of Shares as at 31 March 2024
Name | No. of Shares | % | |
1 | Mr. John Paulu Irugalbandarage Nalatha Dayawansa | 45,273,864 | 39.95 |
2 | Imperial Import & Export Co. (Pvt) Ltd | 29,067,696 | 25.65 |
3 | Mr. John Paulu Irugalbandarage Nelaka Dayawansa | 2,478,795 | 2.19 |
4 | Mr. John Paulu Irugalbandarage Nadishka Dayawansa | 2,001,312 | 1.77 |
5 | Mrs. Ayanthi Shammalka Dayawansa | 1,884,144 | 1.66 |
6 | Mr. Akurana Wattage Prajith Perera | 1,783,056 | 1.57 |
7 | Mr. John Paulu Irugalbandarage Shanil Dayawansa | 1,762,212 | 1.55 |
8 | Miss. Akuranawattage Shiyonika Perera | 1,715,292 | 1.51 |
9 | Mrs.Ayoma Shyamali Perera | 1,452,408 | 1.28 |
10 | Mrs. C. Dissanayake | 1,380,000 | 1.22 |
11 | Mr. Oshan Senanayake | 1,021,835 | 0.90 |
12 | Seylan Bank Plc/Eagle Crest (Pvt) Ltd | 757,500 | 0.67 |
13 | Miss Nishma Ruhi Fonseka | 755,000 | 0.67 |
14 | Bansei Securities Capital (Pvt) Ltd/J.P.N.P.K. Jayasekara | 731,682 | 0.65 |
15 | Senkadagala Finance Plc/L.A.J.F.Morais | 713,236 | 0.63 |
16 | Mr. S.D. Widanagama | 710,000 | 0.63 |
17 | Sampath Bank Plc/Mr. Llewellyn Alphonsus Joseph Fiedelis Morais | 652,448 | 0.58 |
18 | J.B. Cocoshell (Pvt) Ltd | 619,337 | 0.55 |
19 | Kottawa Industries & Tours Ltd | 618,720 | 0.55 |
20 | Mr. C. Dissanayake | 582,000 | 0.51 |
95,960,537 | 84.69 |
- Directors Shareholding as at 31 March 2024
Name | No. of Shares | ||
Mr. J. P. I. N. Dayawansa | 45,273,864 | ||
Mrs. A. S. Dayawansa | 1,884,144 | ||
Mr. J. P. I. S. Dayawansa | 1,762,212 | ||
Mr. T.M.A. Sallay | 6,204 | ||
Mr. P.S. Goonewardene | 912 | ||
Mr. N.M. Pieris | 2,400 | ||
Mr K.D.U.S Nanayakkara | - | ||
Mr. T.G. Kandamby | - | ||
Mr. Ranil Wijegunawardena | - | ||
48,929,736 | |||
D) Public Holding | |||
31.03.2024 | 31.03.2023 | ||
No of Share Holders | 1,715 | 2,042 | |
No of Shares - public holding | 35,324,524 | 35,280,024 | |
% of Public Holding | 31.17% | 31.13% | |
Float Adjusted Market Capitalization( Rs.) | 876,037,914 | 289,285,984 | |
The Float adjusted Market Capitalization as of 31 March 2024 - LKR 876,037,914/- .The Float adjusted market capitalization of the Company falls under Option 2 of Rule 7.14.1.(i) (b), of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.
08
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Associated Motor Finance Company plc published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 11:14:15 UTC.