Multi Finance : Interim Financial Statement for the nine months ended 31st December 2022

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31ST DECEMBER 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		FOR THE NINE MONTHS ENDED
	31.12.2022	31.12.2021	Variance		31.12.2022	31.12.2021	Variance
			Favourable/				Favourable/
	(Unaudited)	(Unaudited)	(Adverse)		(Unaudited)	(Unaudited)	(Adverse)
	Rs.	Rs.	%		Rs.	Rs.	%
Income	37,632,656	29,965,845	26	94,546,502	88,871,303	6
Interest Income	29,371,798	23,985,587	22	81,240,090	74,153,077	10
Interest Expenses	(7,991,204)	(5,906,940)	(35)		(27,755,921)	(19,414,658)	(43)
Net Interest Income	21,380,594	18,078,647	18	53,484,169	54,738,419	(2)
Fee and Commission Income	2,205,649	3,120,225	(29)	5,494,078	7,961,387	(31)
Other Operating Income	6,055,209	2,860,033	>100		7,812,334	6,756,839	16
Total Operating Income	29,641,452	24,058,905	23	66,790,581	69,456,645	(4)
Impairment (Charge)/Reversal for Loans and Other Losses	(6,388,443)	2,268,042	>(100)		1,244,096	(6,209,572)	>100
Net Operating Income	23,253,009	26,326,947	(12)	68,034,677	63,247,073	8
Operating Expenses
Personnel Expenses	(10,901,537)	(17,929,135)	39	(37,823,024)	(55,037,670)	31
Depreciation of Property, Plant and Equipments	(2,679,239)	(5,937,146)	55	(10,511,383)	(18,131,551)	42
Amortisation of Intangible Assets	(105,661)	(160,062)	34	(306,923)	(441,511)	30
Other Operating Expenses	(8,844,724)	(9,184,739)	4		(27,621,047)	(28,074,165)	2
Total Operating Expenses	(22,531,161)	(33,211,082)	32		(76,262,377)	(101,684,897)	25
Operating Profit/(Loss) before Tax on Financial Services	721,848	(6,884,135)	>100	(8,227,700)	(38,437,824)	79
Tax on Financial Services	(1,414,535)	(1,756,501)	19		(4,079,599)	(2,363,715)	>(100)
Profit/(Loss) before Taxation	(692,687)	(8,640,636)	92	(12,307,299)	(40,801,539)	70
Income Tax Expense	-	-	-	-	-	-
Profit/(Loss) for the Period	(692,687)	(8,640,636)	92	(12,307,299)	(40,801,539)	70
Earnings/(Loss) per Share: Basic/Diluted (Rs.)	(0.01)	(0.14)	92	(0.19)	(0.64)	70
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

Less: Deferred Tax Charge/(Reversal) on above Items

Net Other Comprehensive Income that will be Reclassified to Income Statement

Other Comprehensive Income for the Period, Net of Tax Total Comprehensive Income for the Period, Net of Tax

-	-	-		-	(50,308)	100
-	-	-		-	-	-
-	-	-		-	(50,308)	100
		-				100
-	-		-	(50,308)
(692,687)	(8,640,636)		92	(12,307,299)	(40,851,847)	70

Figures in brackets indicate deductions.

1

MULTI FINANCE PLC

INTERIM FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION	As at 31.12.2022		As at 31.03.2022
	Rs.		Rs.
	(Unaudited)		(Audited)
ASSETS
Cash and Cash Equivalents	38,462,132	13,693,690
Financial Assets at Amortised Cost - Loans and Receivables	276,710,011	254,667,027
Financial Assets at Amortised Cost - Lease Rentals Receivable and Stock out on Hire	52,746,690	82,196,194
Financial Assets Measured at Fair Value Through Other Comprehensive Income	2,500	2,500
Other Financial Assets	106,032,121	135,469,843
Other Non Financial Assets	16,954,111	37,534,569
Income Tax Receivable	5,227,631	5,227,631
Investment Property	4,150,000	71,150,000
Property, Plant and Equipment and Right-of-Use Assets	22,519,407	16,576,715
Intangible Assets	860,588		1,007,511
TOTAL ASSETS	523,665,191	617,525,680
LIABILITIES
Due to Banks	3,715,927	3,208,335
Financial Liabilities at Amortised Cost - Due to Depositors	171,247,837	253,824,754
Other Financial Liabilities	43,486,899	37,025,793
Other Non Financial Liabilities	17,465,985	17,796,298
Post Employment Benefit Liability	1,244,918		6,859,576
TOTAL LIABILITIES	237,161,566	318,714,756
EQUITY
Stated Capital	898,375,289	898,375,289
Reserves	16,655,272	16,655,272
Retained Earnings/(Accumulated Losses)	(628,526,936)		(616,219,637)
TOTAL EQUITY	286,503,625	298,810,924
TOTAL LIABILITIES AND EQUITY	523,665,191		617,525,680
Commitments and Contingencies	54,131	-
Net Assets Value per Share (Rs.)	4.50	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	Ravindra Yatawara
Accountant	Director

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
19th January 2023
Colombo

2

MULTI FINANCE PLC

INTERIM FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 31ST DECEMBER

	Stated		Retained Earnings/		General Reserve		Statutory Reserve		Fair Value		Total Equity
	Capital		(Accumulated				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
Profit/(Loss) for the Period	-	(40,801,539)	-	-	-	(40,801,539)
Other Comprehensive Income for the Period, Net of Tax	-	-	-	-	(50,308)	(40,851,847)
Balance as at 31st December 2021	898,375,289	(421,228,880)	11,266,050	5,389,222	-	453,000,142
Balance as at 01st April 2022	898,375,289		(616,219,637)		11,266,050		5,389,222		-		298,810,924
Profit/(Loss) for the Period	-		(12,307,299)		-		-		-		(12,307,299)
Other Comprehensive Income for the Period, Net of Tax	-		-		-		-		-		-
Balance as at 31st December 2022
898,375,289		(628,526,936)		11,266,050		5,389,222		-		286,503,625

Figures in brackets indicate deductions.

3

MULTI FINANCE PLC

INTERIM FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED 31ST DECEMBER	2022		2021
	Unaudited		Unaudited
	Rs.		Rs.
Profit/(Loss) and Other Comprehensive Income before Taxation	(12,307,299)	(40,851,847)
Adjustments for :
Depreciation on Property, Plant and Equipment	10,511,383	18,131,551
Amortisation of Intangible Assets	306,923	441,511
Impairment Charge/(Reversal) for Loans and Other Losses	(1,244,096)	6,209,572
(Profit)/Loss on Disposal of Property, Plant and Equipment	-	(338,037)
(Profit)/Loss on Disposal of Investment Property	(1,894,250)	-
Provision/(Reversal) for Defined Benefit Plans	688,797		688,797
Operating Profit before Working Capital Changes	(3,938,542)	(15,718,453)
(Increase)/Decrease in Operating Assets
(Increase)/Decrease in Financial Assets at Amortised Cost - Loans and Receivables	(14,198,833)	(11,545,772)
(Increase)/Decrease in Financial Assets at Amortised Cost - Lease Rentals Receivable and Stock	22,849,449	67,070,086
out on Hire
(Increase)/Decrease in Other Financial Assets	29,437,722	4,340,628
(Increase)/Decrease in Other Non Financial Assets	4,746,936		1,092,144
	42,835,274	65,047,356
Increase/(Decrease) in Operating Liabilities
Increase/(Decrease) in Financial Liabilities at Amortised Cost - Due to Depositors	(82,576,917)	(40,932,970)
Increase/(Decrease) in Other Financial Liabilities	14,120,506	1,895,693
Increase/(Decrease) in Other Non Financial Liabilities	(330,313)		(3,222,566)
	(68,786,724)	(42,259,843)
Cash Generated From Operations	(29,889,992)	7,069,060
Retirement Benefit Liabilities Paid	(6,303,455)	(137,500)
Income Tax Paid	-		-
Net Cash From/(Used in) Operating Activities	(36,193,447)	6,931,560
Cash Flows From/(Used in) Investing Activities
Acquisition of Property, Plant and Equipment and Right-of-Use Assets	(620,553)	(55,400)
Acquisition of Intangible Assets	(160,000)	-
Proceeds from Sale of Investment Property	68,894,250	-
Proceeds from Sale of Property, Plant and Equipment	-		514,500
Net Cash From/(Used in) Investing Activities	68,113,697	459,100
Cash Flows From/(Used in) Financing Activities
Payment of Lease Liabilities	(7,659,400)		(13,235,798)
Net Cash From/(Used in) Financing Activities	(7,659,400)	(13,235,798)
Net Increase/(Decrease) in Cash and Cash Equivalents	24,260,850	(5,845,138)
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	34,746,205		14,222,040
Analysis of Cash and Cash Equivalents
Balances with Banks	26,192,522	10,125,875
Notes and Coins Held	12,269,610	6,161,480
Bank Overdrafts	(3,715,927)		(2,065,315)
Net Cash and Cash Equivalents	34,746,205		14,222,040

Figures in brackets indicate deductions.

4