the finance company plc - Colombo Stock Exchange

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the finance company plc - Colombo Stock Exchange
THE FINANCE COMPANY PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 st of March 2017.
The Finance Company PLC
Statement of Comprehensive Income
For the 3 Months Ended
2016
For the Year Ended
Variance
Gross Income
2017
Unaudited
Rs.
863,809,172
Unaudited
Rs.
874,500,165
Interest Income
Interest Expenses
Net Interest Expense
809,685,192
(956,022,157)
(146,336,965)
857,032,474
-6%
(861,467,974) -11%
(4,435,499) -3199%
For the Period ended 31st March
%
-1%
2017
Unaudited
Rs.
3,631,027,972
Variance
2016
Audited
Rs.
3,807,476,389
%
-5%
3,405,853,756
(3,676,594,302)
(270,740,546)
3,596,195,462 -5%
(3,681,088,008) 0%
(84,892,546) -219%
Fees and Commission Income
Fees and Commission Expense
Net Fees and Commission Income
20,826,492
(3,648,244)
17,178,248
28,743,396 -28%
(46,937,364) 92%
(18,193,968) 194%
87,490,522
(13,374,017)
74,116,506
122,964,981 -29%
(69,207,372) 81%
53,757,608 38%
Net Trading Income
Other Operating Income
(7,318,090)
40,615,578
(58,408,792)
47,133,087
2,935,390
134,748,303
(18,775,262) 116%
107,091,208 26%
Total Operating Income
(33,905,172) -183%
(58,940,347)
(618,294,714) 102%
(298,064,136)
(968,365,992) 69%
(86,205,078)
(652,199,886)
87%
(357,004,483)
(911,184,984) 61%
Personnel Expenses
Other Operating Expenses
Total Operating Expenses
(163,418,402)
(45,509,857)
(208,928,259)
(366,289,823)
(225,546,357)
(591,836,180)
55%
80%
65%
(687,144,143)
(449,564,153)
(1,136,708,296)
(891,662,738) 23%
(614,843,780) 27%
(1,506,506,518) 25%
Operating Loss before Value Added Tax on Financial Services
(295,133,337) (1,244,036,066)
76%
(1,493,712,780)
(2,417,691,502) 38%
Impairment Charge/(Reversal) for Loans & Other losses
Net Operating Expense
Value Added Tax on Financial Services
Loss before Income Tax
Income Tax Reversal
Loss for the Period
(95,861,229)
87%
-14%
9,656,152
-
-
(295,133,337) (1,244,036,066)
-
(295,133,337) (1,244,036,066)
-
154,187,851
(31,348,100)
Other Comprehensive Income for the Period Net of Tax
-
122,839,751
Basic / Diluted Loss per Share
Dividend per Share
76%
-
Other Comprehensive Income
Revaluation on Land and Buildings
Actuarial Gains on Retirement Benefit Obligations
Net Gains on Re-measuring Available-for-Sale Financial Investments
Total Comprehensive Income for the Period
-
(295,133,337) (1,121,196,315)
(1.84)
(7.75)
-
-
(1,493,712,780)
-
76%
-100%
74%
(1,493,712,780)
57,181,008 -203%
(2,417,691,502) 38%
(2,417,691,502) 38%
-
154,187,851
(31,348,100)
-
122,839,751 -100%
(1,493,712,780)
(9.31)
-
(2,294,851,751) 35%
(15.07)
-
The Finance Company PLC
Statement of Financial Position
As at
(0)
(0)
31.03.2017
31.03.2016
UnAudited
Audited
Rs.
Rs.
Variance
%
Assets
Cash and Cash Equivalents
Financial Investment - Held for Trading
Loans and Receivables - Hire Purchases
Loans and Receivables - Leases
Loans and Receivables - Others
Financial Investment - Loans and Receivables
Financial Investment - Held to Maturity
Financial Investment - Available-for-Sale
Investments in Real Estate
Other Assets
Investment Properties
Property, Plant and Equipment
Total Assets
354,211,496
85,778,913
5,112,035,686
986,294,286
3,824,493,822
10,617,635
4,863,471,236
1,197,899,450
899,540,316
207,961,837
1,628,627,587
2,300,889,969
21,471,822,233
353,870,461
199,990,380
6,450,541,150
1,055,850,734
4,343,557,177
210,903,590
4,887,002,918
682,985,898
1,385,433,067
169,093,131
1,692,280,650
2,447,314,728
23,878,823,884
0%
-57%
-21%
-7%
-12%
-95%
0%
75%
-35%
23%
-4%
-6%
-10%
Liabilities and Equity
Liabilities
Financial Liabilities due to Customers
Interest bearing Borrowings
Deferred Revenue
Other Payables
Current Tax Liabilities
Total Liabilities
28,563,101,555
4,964,205,487
1,427,943,590
1,012,722,597
35,967,973,229
29,466,391,057
4,796,441,992
1,685,258,990
933,170,061
36,881,262,100
3%
-3%
15%
-9%
4,010,180,756
659,910,000
1,433,192,031
(20,599,433,783)
(14,496,150,996)
21,471,822,233
(0)
(90.36)
42,650,000
4,010,180,756
659,910,000
1,462,327,019
(19,134,855,991)
(13,002,438,216)
23,878,823,884
(0)
(81.05)
36,050,000
0%
0%
-2%
-8%
-11%
-10%
Equity
Stated Capital
Statutory Reserve Fund
Other Reserves
Accumulated Loss
Total Equity
Total Liabilities and Equity
Net Asset Value per Share
Commitments and Contingent Liabilities
……Signed………………………
Kokila Perera
Chief Financial 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.
………Signed……………………
Nimal J. B. Mamaduwa
Executive Director
Colombo.
23rd May 2017
……………Signed………………
B.A.W.Kumarasiri
Chairman/Non Executive Director
2%
The Finance Company PLC
Statement of Changes in Equity
Period ended 31st March
Stated Capital
Balance as at 01st April 2015
Total Comprehensive Income
Loss for the period
Other Comprehensive Income for the period
Rs.
4,010,180,756
-
Statutory
Reserve
Fund
Rs.
659,910,000
-
Accumulated Loss
Other Reserves
Revaluation
Reserve
Rs.
1,343,737,920
-
Available for
Sale Reserve
Rs.
145,125,003
(31,348,100)
General
Reserve
Rs.
4,812,195
-
Total
Rs.
Rs.
(16,871,352,340) (10,707,586,466)
(2,417,691,502)
154,187,851
(2,417,691,502)
122,839,751
Balance as at 31st March 2016
4,010,180,756
659,910,000
1,343,737,920
113,776,903
4,812,195
(19,134,855,991) (13,002,438,216)
Balance as at 01st April 2016
4,010,180,756
659,910,000
1,343,737,920
113,776,903
4,812,195
(19,134,855,991) (13,002,438,216)
Total Comprehensive Income
Loss for the period
Transfer of realized Reserves
Other Comprehensive Income for the period
Balance as at 31st March 2017
-
-
-
-
4,010,180,756
659,910,000
(29,134,987)
1,314,602,933
-
-
-
-
113,776,903
4,812,195
(1,493,712,780)
29,134,987
-
(1,493,712,780)
-
(20,599,433,783) (14,496,150,996)
The Finance Company PLC
Segmental Reporting
Period ended 31st March 2017
49. Segment Reporting
Segment Income
Interest Income
Real Estate Income
Fees and Commission Income
Income from Held-for-Trading Instruments
Dividend Income from Available for Sale Investments
Change in Fair Value of Investment Property
Amortisation of Deferred revenue (note 35)
Recovery of Loans Written Off
Rent Income
Total Segment Income
Non Segment Income
Gain on Disposal of Property, Plant and Equipment
Other income
Total Non Segment Income
Total Gross Income
Segment Expense
Fees and Commission Expense
Impairment for Loans & Receivables
Other Operating Exp.
Total Segment Expense
Non Segment Expense
Impairment for Loans & Receivables
Impairment Reversal of Property,Plant & Equipment
Interest Expense
Personnel Expenses
Other Operating Expenses
Total Non Segment Expense
Total Gross Expense
Profit / (Loss) for the Period
As at 31st March
Segment Assets
Non-Segment Assets
Total Assets
Segment Liability
Non-Segment Liability
Total Liability
Financial
31-03-2017
31-03-2016
Rs.
Rs.
2,909,827,532
87,490,522
12,622,124
5,813,367
3,015,753,546
3,143,827,629
122,964,981
11,148,373
7,996,630
3,285,937,612
24,117,193
24,117,193
3,039,870,739
(13,374,017)
(298,064,136)
(311,438,153)
2,728,432,586
2017
Rs.
63,332,593
63,332,593
3,285,937,612
63,332,593
-
-
2016
Rs.
63,332,593
2017
Rs.
Investment Properties
31-03-2017
31-03-2016
Rs.
Rs.
6,020,000
6,020,000
46,712,422
(1,784,458)
(490,610,425)
(492,394,882)
-
(436,913,155)
2,849,024,458
46,712,422
46,712,422
-
(67,422,915)
(369,490,240)
(436,913,155)
(311,438,153)
Real Estate
31-03-2017
31-03-2016
Rs.
Rs.
6,000,000
6,000,000
6,020,000
-
6,000,000
-
(1,768,284)
(1,279,102)
(445,682,461)
4,251,716
4,720,898
9,922,823,794
9,922,823,794
11,849,949,061
11,849,949,061
899,540,316
899,540,316
1,385,433,067
1,385,433,067
40,052,206
40,052,206
49,752,834
49,752,834
181,289,156
181,289,156
112,428,556
112,428,556
2016
Rs.
2017
Rs.
1,628,627,587
1,628,627,587
-
496,026,224
(1,279,102)
(1,279,102)
-
-
Investment in Shares
31-03-2017
31-03-2016
Rs.
Rs.
2,935,390
10,600,000
13,535,390
452,367,833
(18,775,262)
8,236,800
(10,538,462)
13,535,390
(10,538,462)
Total
31-03-2017
Rs.
31-03-2016
Rs.
3,405,853,756
63,332,593
87,490,522
2,935,390
10,600,000
12,622,124
11,833,367
3,594,667,753
3,596,195,462
46,712,422
122,964,981
(18,775,262)
8,236,800
11,148,373
13,996,630
3,780,479,405
24,117,193
12,243,025
36,360,219
(20,830)
27,017,814
26,996,984
3,631,027,972
-
-
-
-
-
-
-
-
-
-
-
(70,996,331)
(37,268,996)
(3,676,594,302) (3,681,088,008)
(687,144,143)
(891,662,738)
(447,795,869)
(613,564,678)
(4,811,534,315) (5,294,580,751)
-
(5,124,740,752) (6,225,167,891)
496,026,224
452,367,833
2016
Rs.
6,298,300,117
6,298,300,117
6,006,863,168
6,006,863,168
6,392,149,077
6,392,149,077
6,481,700,982
6,481,700,982
13,535,390
(10,538,462)
2016
Rs.
2017
Rs.
213,678,613
213,678,613
-
(13,374,017)
(298,064,136)
(1,768,284)
(313,206,437)
3,807,476,389
-
2017
Rs.
1,692,280,650
1,692,280,650
452,367,833
452,367,833
-
-
(492,394,882)
2016
Rs.
496,026,224
496,026,224
-
(1,768,284)
(1,768,284)
Treasury
31-03-2017
31-03-2016
Rs.
Rs.
(1,493,712,780) (2,417,691,502)
2017
Rs.
327,890,079
327,890,079
-
(69,207,372)
(860,100,664)
(1,279,102)
(930,587,139)
2016
Rs.
18,962,970,428
2,508,851,806
21,471,822,233
21,262,416,025
2,616,407,859
23,878,823,884
6,613,490,439
29,354,482,790
35,967,973,229
6,643,882,372
30,237,379,728
36,881,262,100
The Finance Company PLC
Statement of Cash Flows
For the Period ended
Cash Flows from Operating Activities
Loss for the Period
31.03.2017
31.03.2016
Rs.
Rs.
(1,493,712,780)
(2,263,503,651)
137,694,684
2,243,310,489
(824,341,809)
(15,952,794)
46,997,790
852,442,052
(1,414,582,239)
1,850,807,710
(14,368,639)
(989,204,767)
Cash Flows from Investing Activities
Acquisition of Property, Plant and Equipment
Proceeds from Sale of Property, Plant and Equipment
Proceeds from / (Investment in) Loans and Receivable Investments
Proceeds from (Investment in) Financial Investment - Held to Maturity
Proceeds from / (Investment in) Financial Investment - Available-for-Sale
Proceeds from / (Investment in ) Investment Properties
Dividends Received
Net Cash Flows from/(used) in Investing Activities
(4,254,431)
122,288,581
200,285,955
398,506,689
(514,913,552)
(796,937)
15,952,794
217,069,099
(44,693,893)
50,900
(183,930,143)
398,506,689
1,245,116,214
(569,777)
14,368,639
1,428,848,627
Cash Flows from Financing Activities
Proceeds from Long Term Borrowings
Settlement of Long Term Borrowings
Proceeds from Short Term Borrowings
Settlement of Short Term Borrowings
Proceeds from Other Borrowings
Settlement of Other Borrowings
Net Cash Flows used in Financing Activities
Net Increase/ ( Decrease) in Cash and Cash Equivalents
(280,795,449)
(7,803,716)
(288,599,164)
(24,532,275)
(91,727,374)
(95,997,845)
(187,725,219)
251,918,641
109,457,206
84,924,931
(142,461,434)
109,457,206
Adjustments for:
Non Cash Items included in Loss Before Tax
Change in Operating Assets
Change in Operating Liabilities
Dividends Received
Income Taxes Paid
Net Cash Flows from/(used) in Operating Activities
Cash and Cash Equivalents and Bank Overdrafts at Beginning of the Period
Cash and Cash Equivalents and Bank Overdrafts at End of the Period
NOTES TO THE FINANCIAL STATEMENTS
1
These Financial Statements are in compliance with LKAS 34 & Sri Lanka Financial Reporting Standards.
2
The Company has adopted consistent accounting policies as disclosed in the Annual Report for the year ended
31st March 2016.
3
Subsequent to the Balance Sheet date, no circumstances has arisen that would require adjustments to or disclosure
in the Financial Statements.
4
Stated capital is represented by number of shares in issue as follows.
31-03-2017
31-03-2016
157,966,232
157,966,232
Ordinary shares
2,453,133
2,453,133
Workers shares
160,419,365
160,419,365
Voting shares
Non voting shares
5
31-03-2017
60,419,365
100,000,000
160,419,365
Market Value of Shares
during the Quarter Ended
Highest traded price
Lowest traded price
Last traded price
31-03-2016
60,419,365
100,000,000
160,419,365
31-03-2017
31-03-2016
Voting
Non Voting
Voting
Non Voting
Ordinary Shares Ordinary Shares Ordinary Shares Ordinary Shares
Rs.
7.00
3.00
13.50
4.50
Rs.
4.60
1.80
5.90
2.10
Rs.
4.70
2.20
8.00
3.00
6
Comparative information has been reclassified where ever applicable for better presentation
7
The Board of Directors were re-constituted by Central Bank w.e.f. 1st of January 2017 and the names
of newly appointed directors are stated under Corporate Information.
8
8.1
st
Major Shareholders - Voting Ordinary Shares - as at 31 March 2017
Name of the Shareholder
% on Total
Voting
No. of Shares
Ordinary
Shares
1
SAMPATH BANK PLC/ DR.T.SENTHILVERL
7,124,900
11.79
2
CEYLINCO INVESTMENT CO LTD
6,670,230
11.04
3
SEYLAN BANK PLC/THIRUGNANASAMBANDAR SENTHILVERL
5,948,480
9.85
4
BANK OF CEYLON A/C CEYBANK UNIT TRUST
5,706,601
9.45
5
EMPLOYEES PROVIDENT FUND
5,091,200
8.43
6
SEYLAN BANK PLC. - A/C NO. 3
3,131,080
5.18
7
ALLNATT INVESTMENTS (PRIVATE) LIMITED
2,906,570
4.80
8
PEOPLES BANK
2,080,400
3.44
9
CEYLINCO INSURANCE PLC A/C NO 2 (GENERAL FUND)
1,875,000
3.10
10
SEYLAN BANK PLC/K.L.G.UDAYANANDA
1,740,791
2.88
11
MR. M.M.C.J. FERNANDOPULLE
925,000
1.53
12
MR. N. PERERA
889,270
1.47
13
MRS. R.A.D.R.P. KUMARI
680,860
1.13
14
MR J.L.B. KOTELAWALA
526,427
0.87
15
MR Y J S PERERA
396,203
0.66
16
SEYLAN BANK LIMITED/RUWAN PRASANNA SUGATHADASA
240,930
0.40
17
MR A SITHAMPALAM
228,492
0.38
18
MR P G PIYASIRI
205,114
0.34
19
MR. A.P. LEKAMGE
200,000
0.33
20
MR G S PADUMADASA
183,000
0.3
46,750,548
77.37
Total
8.2
Major Shareholders - Non Voting Ordinary Shares - as at 31st March 2017
Name of the Shareholder
No. of Shares
% on Total
Non- Voting
Ordinary
Shares
1
THE BISHOP OF GALLE
2,103,300
2.10
2
MRS. R.A.D.R.P. KUMARI
2,062,008
2.06
3
BANK OF CEYLON A/C CEYBANK UNIT TRUST
1,494,345
1.49
4
SEYLAN BANK PLC/K.L.G. UDAYANANDA
1,463,906
1.46
5
MR. K.A.S.R. NISSANKA
1,351,244
1.35
6
MRS. A. KUNDANMAL
1,250,000
1.25
7
MRS. P.S.A.V. PERERA
945,200
0.95
8
MR Y L FAROOK
801,895
0.80
9
MR. M. GUNADASA
718,545
0.72
10
MR. I.H. JAFFERJEE
645,400
0.65
645,182
0.65
11
ANDARADENIYA ESTATE PRIVATE LIMITED
12
MR. M. DE SARAM
638,392
0.64
13
MR Y J S P ERERA
630,865
0.63
14
MR. W.N.K. WADUGE
617,600
0.62
15
MR RAJESWARAN
588,800
0.59
16
PEOPLES LEASING & FINANCE PLC/ MR W M S BANDA
582,447
0.58
17
MR S RANAWEERA
579,800
0.58
18
H R FRANCIS
568,500
0.57
19
MR C SILUVAITHASAN
537,500
0.54
20
MR A GALLAGE
523,000
0.52
18,747,929
18.75
Total
8.3
Directors Shareholding as at 31st March 2017
Name
1
2
3
4
5
Mr B A W Kumarasiri
Mr N J B Mamaduwa
Mr M K D W Amarasinghe
Mr W G Karunadasa
Mr R Siriwardena
Voting
Ordinary
Shares
Nil
Nil
Nil
4,620
Nil
Worker
Shares
Nil
Nil
Nil
Nil
Nil
Non Voting
Ordinary
Shares
Nil
Nil
Nil
Nil
Nil
Voting Non- Voting
Ordinary
Ordinary
Shares
Shares
8.4
Public Holding %
No of Shareholders
63.40%
9,781
100.00%
5,608
CORPORATE INFORMATION
NAME OF COMPANY
The Finance Company PLC
COMPANY REGISTRATION NUMBER PQ - 1
LEGAL STATUS
* Incorporated under the Companies Ordinance No 51 of 1938
and re-registered under the Companies Act.No 7 of 2007
* Date of Incorporation - 30th May 1940
* Registered under the Finance Companies Act No 42 of 2011
* Approved Credit Agency under the Mortgage Act No 6 of 1949
and Inland Trust Receipts Act No 14 of 1990
* Registered under the Finance Leasing Act No 56 of 2000
* Public Company Listed on the Colombo Stock Exchange
BOARD OF DIRECTORS
Mr. B.A.W.Kumarasiri
Mr. Nimal J B Mamaduwa
Mr. R.Siriwardhana
Mr.W.G.Karunadasa
Mr. M.K.D.W.Amarasinghe
Chairman/ Non Executive Director
Executive Director/CEO
Non Executive Director
Non Executive Director
Non Executive Director
REGISTERED OFFICE
No.97, Hyde Park Corner,Colombo 2
Tel.No.2682745
HEAD OFFICE
The Finance House
No.55,(Lauries Place)
R.A.de Mel Mawatha
Colombo 4
Tel. Nos -2597613/2580210
Web:www.thefinance.lk
BANKERS
Seylan Bank PLC
People's Bank
Commercial Bank of Ceylon PLC
Hatton National Bank PLC
Bank of Ceylon
Deutsche Bank
Pan Asia Bank PLC
Union Bank PLC
AUDITORS
SJMS Associates
Chartered Accountants
COMPANY SECRETARY
Ms. H.L.I.Liyanage
LAWYER
Mr.A.Karunathilake
Attorney-at-Law & NP

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