PUBLIC
CENTRAL FINANCE COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED
30TH JUNE 2024
PUBLIC | ||||||
CENTRAL FINANCE COMPANY PLC | ||||||
INCOME STATEMENT | ||||||
Group | Company | |||||
For the three months ended 30th June | 2024 | 2023 | 2024 | 2023 | ||
Unaudited | Unaudited | Increase | Unaudited | Unaudited | Increase | |
(decrease) | (decrease) | |||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |
Income | 6,299,697 | 6,585,153 | (4) | 4,902,774 | 5,328,025 | (8) |
Interest income | 4,311,049 | 4,986,723 | (14) | 4,221,155 | 4,828,384 | (13) |
Interest expenses | (1,368,800) | (1,542,479) | (11) | (1,381,560) | (1,559,151) | (11) |
Net interest income | 2,942,249 | 3,444,244 | (15) | 2,839,595 | 3,269,233 | (13) |
Net income from financial instruments at FVTPL | 132,901 | 25,733 | 416 | 94,802 | 18,239 | 420 |
Net other revenue | 320,157 | 290,542 | 10 | - | - | - |
Operating lease income | 334,529 | 286,884 | 17 | 337,480 | 289,270 | 17 |
Other income | 240,094 | 185,526 | 29 | 249,337 | 192,132 | 30 |
Total operating income | 3,969,930 | 4,232,929 | (6) | 3,521,214 | 3,768,874 | (7) |
Impairment and other credit losses | 285,855 | (231,398) | (224) | 280,974 | (235,458) | (219) |
Net Operating Income | 4,255,785 | 4,001,531 | 6 | 3,802,188 | 3,533,416 | 8 |
Operating expenses | ||||||
Personnel expenses | (882,083) | (808,439) | 9 | (774,301) | (707,913) | 9 |
Premises, equipment, establishment and other expenses | (782,141) | (685,072) | 14 | (735,933) | (645,192) | 14 |
(1,664,224) | (1,493,511) | 11 | (1,510,234) | (1,353,105) | 12 | |
Operating profit before share of profit of equity accounted investees | 2,591,561 | 2,508,020 | 3 | 2,291,954 | 2,180,311 | 5 |
Share of profit of equity accounted investees, net of tax | 912,250 | 696,372 | 31 | - | - | - |
Operating profit before taxes on financial services | 3,503,811 | 3,204,392 | 9 | 2,291,954 | 2,180,311 | 5 |
Taxes on financial services | (466,073) | (445,501) | 5 | (466,073) | (445,501) | 5 |
Profit before tax | 3,037,738 | 2,758,891 | 10 | 1,825,881 | 1,734,810 | 5 |
Income tax expense | (758,216) | (751,099) | 1 | (670,535) | (654,094) | 3 |
Profit for the period | 2,279,522 | 2,007,792 | 14 | 1,155,346 | 1,080,716 | 7 |
Profit attributable to : | ||||||
Equity holders of the parent | 2,218,762 | 1,940,701 | 14 | 1,155,346 | 1,080,716 | 7 |
Non-controlling interest | 60,760 | 67,091 | (9) | - | - | - |
Profit for the period | 2,279,522 | 2,007,792 | 14 | 1,155,346 | 1,080,716 | 7 |
Basic and Diluted Earnings Per Share(Rs.) | 9.76 | 8.54 | ||||
The annexed notes form an integral part of these interim financial statements. | ||||||
CENTRAL FINANCE COMPANY PLC | ||||||
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||
Group | Company | |||||
For the three months ended 30th June | 2024 | 2023 | 2024 | 2023 | ||
Unaudited | Unaudited | Increase | Unaudited | Unaudited | Increase | |
(decrease) | (decrease) | |||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |
Profit for the period | 2,279,522 | 2,007,792 | 14 | 1,155,346 | 1,080,716 | 7 |
Other comprehensive income/(expense) to be reclassified to income statement | ||||||
Fair value gain on debt securities at fair value through other | ||||||
comprehensive income | ||||||
Share of equity accounted investee, net of tax | (47,016) | 219,186 | (121) | - | - | - |
Total other comprehensive income/(expense) to be reclassified to income | ||||||
statement | (47,016) | 219,186 | (121) | - | - | - |
Other comprehensive income/(expense) for the period(net of tax) | (47,016) | 219,186 | (121) | - | - | - |
Total comprehensive income for the period | 2,232,506 | 2,226,978 | - | 1,155,346 | 1,080,716 | 7 |
Total comprehensive income Attributable to: | ||||||
Equity holders of the parent | 2,171,746 | 2,159,887 | 1 | 1,155,346 | 1,080,716 | 7 |
Non-controlling interest | 60,760 | 67,091 | (9) | - | - | |
Total comprehensive income for the period | 2,232,506 | 2,226,978 | - | 1,155,346 | 1,080,716 | 7 |
The annexed notes form an integral part of these interim financial statements.
PUBLIC | ||||
CENTRAL FINANCE COMPANY PLC | ||||
STATEMENT OF FINANCIAL POSITION | ||||
Group | Company | |||
As at | 30.06.2024 | 31.03.2024 | 30.06.2024 | 31.03.2024 |
Unaudited | Audited | Unaudited | Audited | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
ASSETS | ||||
Cash and cash equivalents | 1,290,076 | 905,389 | 604,746 | 755,076 |
Fair value through profit or loss financial assets | 3,986,598 | 3,908,515 | 3,156,192 | 3,029,889 |
Securities bought under repurchase agreements | 8,546,091 | 6,200,535 | 8,433,041 | 6,090,306 |
Financial assets at amortised cost- Debt and other financial instruments | 24,828,167 | 28,971,594 | 22,428,691 | 26,599,900 |
Financial assets at amortised cost- Loans and receivables from customers | 6,311,731 | 5,958,437 | 6,300,388 | 5,944,936 |
Financial assets at amortised cost- Net investment in leases and hire purchase | 45,555,786 | 44,203,016 | 45,555,786 | 44,203,016 |
Trade receivables | 1,147,308 | 1,000,140 | - | - |
Investments in subsidiaries | - | - | 407,979 | 407,979 |
Investments in equity accounted investees | 15,397,730 | 14,532,496 | 1,731,672 | 1,731,672 |
Inventories and other stocks | 1,268,795 | 1,064,686 | 71,972 | 89,814 |
Investment properties | 66,611 | 66,611 | 66,611 | 66,611 |
Property, plant and equipment | 13,357,453 | 13,228,686 | 10,706,049 | 10,566,848 |
Right of use assets | 450,811 | 468,191 | 476,235 | 502,090 |
Intangible assets | 255,055 | 274,693 | 250,900 | 270,266 |
Current tax assets | 28 | 43 | - | - |
Deferred tax assets | 24,072 | 24,072 | - | - |
Other assets | 635,229 | 722,641 | 501,372 | 483,992 |
Real estates held for sale | 4,368 | 4,368 | 4,368 | 4,368 |
Total assets | 123,125,909 | 121,534,113 | 100,696,002 | 100,746,763 |
LIABILITIES | ||||
Bank overdrafts | 238,903 | 464,254 | 203,397 | 414,157 |
Financial liabilities at amortised cost -Deposits | 42,636,076 | 43,737,485 | 43,042,540 | 44,200,604 |
Financial liabilities at amortised cost -Interest bearing borrowings | 513,704 | 18,024 | - | - |
Lease liabilities | 470,809 | 472,351 | 504,931 | 517,267 |
Employee benefit obligations | 2,584,726 | 2,533,524 | 2,413,817 | 2,365,673 |
Current tax liabilities | 813,633 | 776,389 | 574,598 | 567,804 |
Deferred tax liabilities | 1,802,338 | 1,626,370 | 1,299,394 | 1,125,451 |
Other liabilities | 1,942,158 | 1,559,915 | 1,638,112 | 1,237,195 |
Total liabilities | 51,002,347 | 51,188,312 | 49,676,789 | 50,428,151 |
EQUITY | ||||
Stated capital | 2,230,286 | 2,230,286 | 2,230,286 | 2,230,286 |
Statutory reserve fund | 3,204,000 | 3,204,000 | 3,204,000 | 3,204,000 |
Revaluation reserve | 5,381,199 | 5,384,232 | 3,951,076 | 3,953,451 |
Fair value reserve | 1,005,994 | 1,053,010 | - | - |
Loan loss reserve | 920,000 | 920,000 | 920,000 | 920,000 |
General reserve | 23,402,957 | 23,402,957 | 23,391,776 | 23,391,776 |
Retained earnings | 33,624,978 | 31,857,928 | 17,322,075 | 16,619,099 |
Total equity, excluding non-controlling interest | 69,769,414 | 68,052,413 | 51,019,213 | 50,318,612 |
Non-controlling interest | 2,354,148 | 2,293,388 | - | - |
Total equity | 72,123,562 | 70,345,801 | 51,019,213 | 50,318,612 |
Total liabilities and equity | 123,125,909 | 121,534,113 | 100,696,002 | 100,746,763 |
Net asset value per share - Rs. | 306.88 | 299.32 | 224.40 | 221.32 |
These financial statements have been prepared in compliance with the requirements of the Companies Act No.07 of 2007. | ||||
W.M.T.W.Weerasinghe | ||||
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. | ||||
A.K. Gunaratne | C.K. Hettiarachchi | |||
Managing Director | Executive Director |
09th August 2024
Colombo
PUBLIC
CENTRAL FINANCE COMPANY PLC | |||||||||||
STATEMENT OF CHANGES IN EQUITY | |||||||||||
For the three months ended 30th June 2024 | |||||||||||
Attributable to equity holders of the company | Non- | Total | |||||||||
controlling | |||||||||||
Group | Stated capital | Statutory | Revaluation | Fair value | Loan loss | General | Retained | Total | |||
interest | |||||||||||
reserve fund | reserve | reserve | reserve | reserves | earnings | ||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Balance as at 1st April 2023 | 2,230,286 | 2,964,000 | 4,597,308 | 100,028 | 920,000 | 23,402,957 | 25,330,663 | 59,545,242 | 1,900,478 | 61,445,720 | |
Total comprehensive income | |||||||||||
Profit for the period | - | - | - | - | - | - | 1,940,701 | 1,940,701 | 67,091 | 2,007,792 | |
Other comprehensive income | - | - | 219,186 | - | - | - | 219,186 | - | 219,186 | ||
Total comprehensive income | - | - | - | 219,186 | - | - | 1,940,701 | 2,159,887 | 67,091 | 2,226,978 | |
Transactions with equity holders of the Company and other | |||||||||||
transfers , recognised directly in equity | |||||||||||
Depreciation on revaluation surplus | - | - | (1,902) | - | - | - | 1,902 | - | - | - | |
Dividends - cash | - | - | - | - | - | - | (397,870) | (397,870) | - | (397,870) | |
Total contributions from and distribution to equity holders and | |||||||||||
other transfers | - | - | (1,902) | - | - | - | (395,968) | (397,870) | - | (397,870) | |
Balance as at 30th June 2023 | 2,230,286 | 2,964,000 | 4,595,406 | 319,214 | 920,000 | 23,402,957 | 26,875,396 | 61,307,259 | 1,967,569 | 63,274,828 | |
Balance as at 01st April 2024 | 2,230,286 | 3,204,000 | 5,384,232 | 1,053,010 | 920,000 | 23,402,957 | 31,857,928 | 68,052,413 | 2,293,388 | 70,345,801 | |
Total comprehensive income | |||||||||||
Profit for the period | - | - | - | - | - | - | 2,218,762 | 2,218,762 | 60,760 | 2,279,522 | |
Other comprehensive income | - | - | - | (47,016) | - | - | - | (47,016) | - | (47,016) | |
Total comprehensive income | - | - | - | (47,016) | - | - | 2,218,762 | 2,171,746 | 60,760 | 2,232,506 | |
Transactions with equity holders of the Company and other | |||||||||||
transfers , recognised directly in equity | |||||||||||
Depreciation on revaluation surplus | - | - | (3,033) | - | - | - | 3,033 | - | - | - | |
Payment of forfeited dividends | (36) | (36) | - | (36) | |||||||
Dividends -Cash | - | - | - | - | - | - | (454,709) | (454,709) | - | (454,709) | |
Total contributions from and distribution to equity holders and | |||||||||||
other transfers | - | - | (3,033) | - | - | - | (451,712) | (454,745) | - | (454,745) | |
Balance as at 30th June 2024 | 2,230,286 | 3,204,000 | 5,381,199 | 1,005,994 | 920,000 | 23,402,957 | 33,624,978 | 69,769,414 | 2,354,148 | 72,123,562 |
The annexed notes form an integral part of these interim financial statements.
Figures in brackets indicate deductions.
PUBLIC | |||||||
CENTRAL FINANCE COMPANY PLC | |||||||
STATEMENT OF CHANGES IN EQUITY | |||||||
For the three months ended 30th June 2024 | |||||||
Company | Stated capital | Statutory | Revaluation | Loan loss | General | Retained | Total |
reserve fund | reserve | reserve | reserve | earnings | |||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 01st April 2023 | 2,230,286 | 2,964,000 | 3,299,945 | 920,000 | 23,391,776 | 13,116,673 | 45,922,680 |
Total comprehensive income | |||||||
Profit for the period | - | - | - | - | - | 1,080,716 | 1,080,716 |
Other comprehensive income | - | - | - | - | - | - | - |
Total comprehensive income | - | - | - | - | - | 1,080,716 | 1,080,716 |
Transactions with equity holders of the Company and other transfers , recognised | |||||||
directly in equity | |||||||
Depreciation on revaluation surplus | - | - | (1,434) | - | - | 1,434 | - |
Dividends - Cash | - | - | - | - | - | (397,870) | (397,870) |
Total contributions from and distribution to equity holders and other transfers | - | - | (1,434) | - | - | (396,436) | (397,870) |
Balance as at 30th June 2023 | 2,230,286 | 2,964,000 | 3,298,511 | 920,000 | 23,391,776 | 13,800,953 | 46,605,526 |
Balance as at 01st April 2024 | 2,230,286 | 3,204,000 | 3,953,451 | 920,000 | 23,391,776 | 16,619,099 | 50,318,612 |
Total comprehensive income | |||||||
Profit for the period | - | - | - | - | - | 1,155,346 | 1,155,346 |
Other comprehensive income | - | - | - | - | - | - | - |
Total comprehensive income | - | - | - | - | - | 1,155,346 | 1,155,346 |
Transactions with equity holders of the Company and other transfers , recognised | |||||||
directly in equity | |||||||
Depreciation on revaluation surplus | - | - | (2,375) | - | - | 2,375 | - |
Payment of forfeited dividends | - | - | - | - | - | (36) | (36) |
Dividends -Cash | - | - | - | - | - | (454,709) | (454,709) |
Total contributions from and distribution to equity holders and other transfers | - | - | (2,375) | - | - | (452,370) | (454,745) |
Balance as at 30th June 2024 | 2,230,286 | 3,204,000 | 3,951,076 | 920,000 | 23,391,776 | 17,322,075 | 51,019,213 |
The annexed notes form an integral part of these interim financial statements.
Figures in brackets indicate deductions.
PUBLIC | ||||
CENTRAL FINANCE COMPANY PLC | ||||
STATEMENT OF CASH FLOWS | ||||
Group | Company | |||
For the three months ended 30th June | 2024 | 2023 | 2024 | 2023 |
Unaudited | Unaudited | Unaudited | Unaudited | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Cash flows from operating activities | ||||
Interest receipts | 4,551,318 | 4,549,982 | 4,440,486 | 4,406,066 |
Interest payments | (692,462) | (703,645) | (697,957) | (704,767) |
Recoveries on bad debts previously written off | 100,779 | 59,313 | 100,779 | 59,313 |
Receipts from other operating activities | 1,818,771 | 1,604,505 | 378,025 | 319,798 |
Cash payments to employees and suppliers | (2,667,576) | (2,119,064) | (1,301,273) | (1,145,027) |
Operating profit before changes in operating assets | 3,110,830 | 3,391,091 | 2,920,060 | 2,935,383 |
(Increase) / decrease in operating assets: | ||||
Securities with bank and non-bank financial institutions | 1,307,136 | (3,483,640) | 1,307,136 | (3,483,640) |
Loans to customers | (8,953,372) | (5,402,640) | (8,950,271) | (5,748,940) |
Customer repayments | 7,950,974 | 6,517,000 | 7,947,954 | 6,863,178 |
Others | (449,076) | (131,887) | (440,347) | (123,556) |
Increase / (decrease) in operating liabilities: | ||||
Net cash effect on deposits | (1,477,051) | 1,368,238 | (1,539,229) | 1,399,853 |
1,489,441 | 2,258,162 | 1,245,303 | 1,842,278 | |
Net cash from operating activities before taxes on financial services | ||||
Taxes on financial services | (472,730) | (446,459) | (472,730) | (446,459) |
Net cash on operating activities before income tax | 1,016,711 | 1,811,703 | 772,573 | 1,395,819 |
Income tax paid | (504,090) | (1,058,022) | (449,986) | (1,009,585) |
Net cash generated from operating activities | 512,621 | 753,681 | 322,587 | 386,234 |
Cash flows from investing activities | ||||
Dividends received from equity accounted investees | 34,167 | 10,963 | - | - |
Dividends received from other companies | 8,042 | 2,763 | 7,258 | 1,583 |
Acquisition of financial investments | (744,797) | (515,897) | - | - |
Proceeds from sale of financial investments | 569,005 | 677,140 | - | - |
Investment in unquoted shares | (37,786) | - | (37,786) | - |
Purchase of property, plant and equipment | (203,808) | (124,764) | (191,294) | (115,074) |
Disposal of property, plant and equipment | 12,160 | 48,610 | 5,600 | 48,608 |
Net cash generated from/ (used in) investing activities | (363,017) | 98,815 | (216,222) | (64,883) |
Cash flows from financing activities | ||||
Proceeds from borrowings | 500,000 | - | - | - |
Repayment of borrowings | (4,320) | (19,012) | - | (14,692) |
Lease installment settlement | (35,241) | (38,745) | (45,930) | (49,434) |
Net cash generated from/(used in) financing activities | 460,439 | (57,757) | (45,930) | (64,126) |
Net increase in cash and cash equivalents | 610,043 | 794,739 | 60,435 | 257,225 |
Cash and cash equivalents at the beginning of the period | 441,369 | 767,102 | 341,147 | 358,121 |
Cash and cash equivalents at the end of the period | 1,051,412 | 1,561,841 | 401,582 | 615,346 |
Cash and cash equivalents | 1,290,076 | 1,960,942 | 604,746 | 975,740 |
Bank overdrafts | (238,903) | (399,361) | (203,397) | (360,649) |
Impairment provision for cash equivalents | 239 | 260 | 233 | 255 |
Cash and cash equivalents at the end of the period | 1,051,412 | 1,561,841 | 401,582 | 615,346 |
Figures in brackets indicate outflows.
The annexed notes form an integral part of these interim financial statements.
PUBLIC
CENTRAL FINANCE COMPANY PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
- The interim financial statements of the Company and the Group have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31st March 2024 and provide the information as required by the Colombo Stock Exchange and LKAS 34-Interim Financial Reporting.
- The presentation and classification of the previous periods have been amended where relevant for better presentation and to be comparable with those of the current period.
- Stated capital is represented by number of shares in issue as given below:
As at 30.06.2024 | As at 31.03.2024 | ||||
Ordinary shares | 227,354,462 | 227,354,462 | |||
227,354,462 | 227,354,462 | ||||
4 | Market price per share | ||||
Quarter ended | Quarter ended | ||||
30.06.2024 | 31.03.2024 | ||||
Rs. | Rs. | ||||
Highest | 132.00 | 113.50 | |||
Lowest | 107.00 | 96.30 | |||
Last traded | 119.50 | 106.75 | |||
5 | Number of shares held by individual Directors are as follows: | As at | As at | ||
30.06.2024 | 31.03.2024 | ||||
A.D.B. Talwatte | Nil | Nil | |||
E.H. Wijenaike | 35,039,742 | 35,039,742 | |||
A.K. Gunaratne | 1,810,661 | 1,810,661 | |||
D.P. de Silva | 225,117 | 225,117 | |||
Dr. (Mrs.) A.D.N. de Zoysa | Nil | Nil | |||
A.R. Fernando | Nil | Nil | |||
C.K. Hettiarachchi | 134,399 | 134,399 | |||
K.B. Herath | Nil | Nil | |||
M.H.de Silva | Nil | Nil | |||
C.S.Hettiarachchi | 27,093 | 27,093 | |||
6 | Twenty largest shareholders of the Company are as follows: | As at 30.06.2024 | *As at 31.03.2024 | ||
Number of shares | % | Number of shares | % | ||
1 | Corporate Services (Pvt) Ltd. A/C No.01 | 36,625,096 | 16.11 | 36,625,096 | 16.11 |
2 | E.H. Wijenaike | 35,039,742 | 15.41 | 35,039,742 | 15.41 |
3 | Employees Provident Fund | 24,419,181 | 10.74 | 24,419,181 | 10.74 |
4 | Thurston Investments Limited | 13,624,392 | 5.99 | 13,624,392 | 5.99 |
5 | Hallsville Frontier Equities Limited | 13,083,136 | 5.75 | 13,083,136 | 5.75 |
6 | E.W. Balasuriya & Co.(Pvt) Ltd. A/C No.01 | 8,909,789 | 3.92 | 8,909,789 | 3.92 |
7 | A.J. Wijenaike | 7,091,476 | 3.12 | 7,091,476 | 3.12 |
8 | Ceylon Investment PLC A/C No.02 | 6,804,536 | 2.99 | 6,804,536 | 2.99 |
9 | Ceylon Guardian Investment Trust PLC A/C No.02 | 5,570,801 | 2.45 | 5,570,801 | 2.45 |
10 | C.R. Dunuwille | 2,923,384 | 1.29 | 2,923,384 | 1.29 |
11 | N.M. Gunawardana | 2,818,820 | 1.24 | 2,818,820 | 1.24 |
12 | P.R. Munasinha | 2,659,783 | 1.17 | 2,659,783 | 1.17 |
13 | S.K. Wedande | 1,847,633 | 0.81 | 1,847,633 | 0.81 |
14 | A.K.Gunaratne | 1,810,661 | 0.80 | 1,810,661 | 0.80 |
15 | J.B.Cocoshell (Pvt) Ltd. | 1,756,155 | 0.77 | 1,793,746 | 0.79 |
16 | P.M.Wijenaike (Deceased) | 1,683,206 | 0.74 | 1,683,206 | 0.74 |
17 | N.M.Wahab | 1,526,448 | 0.67 | 1,626,448 | 0.72 |
18 | Shalfar Pty Ltd | 1,458,834 | 0.64 | 1,458,834 | 0.64 |
19 | Seylan Bank PLC /J.N.Lanka Holdings Company (Pvt) Ltd. | 1,353,079 | 0.60 | 120,001 | 0.05 |
20 | C.H.M.S.Wanduragala | 1,210,232 | 0.53 | 1,230,232 | 0.54 |
172,216,384 | 75.75 | 171,140,897 | 75.27 | ||
Others | 55,138,078 | 24.25 | 56,213,565 | 24.73 | |
Total | 227,354,462 | 100.00 | 227,354,462 | 100.00 |
*Comparative shareholdings as at 31.03.2024 held by the twenty largest shareholders as at 30.06.2024.
PUBLIC
CENTRAL FINANCE COMPANY PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
7 Public holding
The company qualifies under option one of the minimum public holding requirement No.7.13.1 of the Listing Rules of the Colombo Stock Exchange as of 30.06.2024 and relevant information is given below.
As at 30.06.2024
Float adjusted market capitalization | Public holding percentage (%) | Number of public shareholders | |||
Minimum requirement | Available | Minimum | Available | Minimum | Available |
amount | requirement | requirement | |||
Rs.10 Bn | Rs.17.27 Bn | no minimum % | 63.59% | 500 | 3,937 |
required | |||||
As at 31.03.2024 | |||||
Float adjusted market capitalization | Public holding percentage (%) | Number of public shareholders | |||
Minimum requirement | Available | Minimum | Available | Minimum | Available |
amount | requirement | requirement | |||
Rs.10 Bn | Rs.15.43 Bn | no minimum % | 63.59% | 500 | 3,942 |
required |
8 Commitments and Contingencies
The Commitments (unutilised credit facilities) and Contingencies (fully secured guarantees issued on behalf of depositors) as at 30th June 2024 amounted to Rs. 111.91 Mn. (As at 31st March 2024 - Rs. 137.65 Mn)
Company and the group
The outstanding tax assessments related to the Company amounted to Rs.1,957.39 Mn which have been duly appealed as of 30.06.2024. The outstanding tax assessments related to Group Companies amounted to Rs. 69.4 Mn in CF Insurance Brokers (Pvt) Ltd., Rs. 40.50 Mn in Hedges Court Residencies (Pvt) Ltd, Rs.
2.3 Mn in Central Transport & Travels Ltd , Rs. 0.3 Mn in Expanded Plastic Products (Private) Limited and Rs. 1 Mn in Central Homes Private Limited which have been duly appealed as of 30.06.2024.
Capital commitments
Capital expenditure approved by the board of directors for which provision has not been made in the financial statements amounts to approximately Rs 34 Mn. (As at 31st March 2024 -Rs.44.8 Mn) for the Company and Rs.37.5 Mn (As at 31st March 2024 -Rs. 48.2 Mn) for the Group
9 Finance cost of the Group including interest expense and foreign exchange loss other than the parent are categorised under "Premises, Equipment, Establishment and Other Expenses".
PUBLIC
CENTRAL FINANCE COMPANY PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
10 Classification of financial assets and liabilities - Group
The following table analyses the carrying amounts of the financial instruments by category as defined in Sri Lanka Accounting Standard - SLFRS 9 Financial Instruments.
Financial assets and financial liabilities measured at fair value - fair value hierarchy Fair value through profit or loss financial assets - Group
30.06.2024 | Level 1 | Level 2 | Level 3 | Total |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Investments in quoted securities | 448,703 | - | - | 448,703 |
Unquoted equities | - | - | 162,524 | 162,524 |
Investments in units | - | 3,375,371 | - | 3,375,371 |
448,703 | 3,375,371 | 162,524 | 3,986,598 | |
Fair value through profit or loss financial assets - Group | ||||
31.03.2024 | Level 1 | Level 2 | Level 3 | Total |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Investments in quoted securities | 436,982 | - | - | 436,982 |
Unquoted equities | - | - | 120,303 | 120,303 |
Investments in units | - | 3,351,230 | - | 3,351,230 |
436,982 | 3,351,230 | 120,303 | 3,908,515 | |
Fair value through profit or loss financial assets - Company | ||||
30.06.2024 | Level 1 | Level 2 | Level 3 | Total |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Investments in quoted securities | 341,078 | - | - | 341,078 |
Unquoted equities | - | - | 160,611 | 160,611 |
Investments in units | - | 2,654,503 | - | 2,654,503 |
341,078 | 2,654,503 | 160,611 | 3,156,192 | |
Fair value through profit or loss financial assets - Company | ||||
31.03.2024 | Level 1 | Level 2 | Level 3 | Total |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Investments in quoted securities | 325,285 | - | - | 325,285 |
Unquoted equities | - | - | 118,390 | 118,390 |
Investments in units | - | 2,586,214 | - | 2,586,214 |
325,285 | 2,586,214 | 118,390 | 3,029,889 |
Level 3 - fair value measurement
The following table shows a reconciliation from the beginning balance to the ending balance for fair value measurement in level 3 of the fair value hierarchy.
Group | Company | |||
As at | 30.06.2024 | 31.03.2024 | 30.06.2024 | 31.03.2024 |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance at the beginning of the period | 120,303 | 111,156 | 118,390 | 108,845 |
Additions during the period | 37,786 | - | 37,786 | - |
Changes in fair value during the period | 4,435 | 9,147 | 4,435 | 9,545 |
Balance at the end of the period | 162,524 | 120,303 | 160,611 | 118,390 |
Level 01 valuations are based on market prices published by the Colombo Stock Exchange for shares quoted on the Colombo Stock Exchange and Level 02 valuations for units are based on the prices published by fund managers for respective funds.
Level 03 valuations have been determined using valuation techniques which approximate the fair value. There have been no transfers among levels 01, 02 and 03.
PUBLIC
CENTRAL FINANCE COMPANY PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
10 Analysis of financial assets and liabilities by measurement basis - Group
As at 30.06.2024
Amortised cost | Fair value | ||||
Total | |||||
Level 1 | Level 2 | Level 3 | |||
Description | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 |
Cash and cash equivalents | 1,290,076 | - | 1,290,076 | - | 1,290,076 |
Securities bought under repurchase agreements | 8,546,091 | - | 8,546,420 | - | 8,546,420 |
Financial assets at amortised cost- Debt and other financial instruments | 24,828,167 | - | 24,966,641 | - | 24,966,641 |
Financial assets at amortised cost- Loans and receivables from customers | 6,311,731 | - | 6,508,764 | - | 6,508,764 |
Financial assets at amortised cost- Net investment in leases and hire purchase | 45,555,786 | - | 45,555,786 | - | 45,555,786 |
Trade receivables | 1,147,308 | - | 1,147,308 | - | 1,147,308 |
Other financial assets | 56,313 | - | 56,313 | - | 56,313 |
Total financial assets | 87,735,472 | - | 88,071,308 | - | 88,071,308 |
Bank overdrafts | 238,903 | - | 238,903 | - | 238,903 |
Financial liabilities at amortised cost -Deposits | 42,636,076 | - | 44,358,759 | - | 44,358,759 |
Financial liabilities at amortised cost -Interest bearing borrowings | 513,704 | - | 513,704 | - | 513,704 |
Lease liabilities | 470,809 | - | 490,329 | - | 490,329 |
Other financial liabilities | 1,195,042 | - | 1,195,042 | - | 1,195,042 |
Total financial liabilities | 45,054,534 | - | 46,796,737 | - | 46,796,737 |
Analysis of financial assets and liabilities by measurement basis - Group | |||||
As at 31.03.2024 | |||||
Amortised cost | Fair value | ||||
Total | |||||
Level 1 | Level 2 | Level 3 | |||
Description | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 |
Cash and cash equivalents | 905,389 | - | 905,389 | - | 905,389 |
Securities bought under repurchase agreements | 6,200,535 | - | 6,201,905 | - | 6,201,905 |
Financial assets at amortised cost- Debt and other financial instruments | 28,971,594 | - | 29,091,758 | - | 29,091,758 |
Financial assets at amortised cost- Loans and receivables from customers | 5,958,437 | - | 6,288,272 | - | 6,288,272 |
Financial assets at amortised cost- Net investment in leases and hire purchase | 44,203,016 | - | 44,203,016 | - | 44,203,016 |
Trade receivables | 1,000,140 | - | 1,000,140 | - | 1,000,140 |
Other financial assets | 88,076 | - | 88,076 | - | 88,076 |
Total financial assets | 87,327,187 | - | 87,778,556 | - | 87,778,557 |
Bank overdrafts | 464,254 | - | 464,254 | - | 464,254 |
Financial liabilities at amortised cost -Deposits | 43,737,485 | - | 45,962,731 | - | 45,962,731 |
Financial liabilities at amortised cost -Interest bearing borrowings | 18,024 | - | 17,671 | - | 17,671 |
Lease liabilities | 472,351 | - | 469,663 | - | 469,663 |
Other financial liabilities | 821,287 | - | 821,287 | - | 821,287 |
Total financial liabilities | 45,513,401 | - | 47,735,606 | - | 47,735,606 |
Analysis of financial assets and liabilities by measurement basis - Company | |||||
As at 30.06.2024 | |||||
Amortised cost | Fair value | Total | |||
Level 1 | Level 2 | Level 3 | |||
Description | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Cash and cash equivalents | 604,746 | - | 604,746 | - | 604,746 |
Securities bought under repurchase agreements | 8,433,041 | - | 8,433,370 | - | 8,433,370 |
Financial assets at amortised cost- Debt and other financial instruments | 22,428,691 | - | 22,314,213 | - | 22,314,213 |
Financial assets at amortised cost- Loans and receivables from customers | 6,300,388 | - | 6,497,421 | - | 6,497,421 |
Financial assets at amortised cost- Net investment in leases and hire purchase | 45,555,786 | - | 45,555,786 | - | 45,555,786 |
Other financial assets | 58,466 | - | 58,466 | - | 58,466 |
Total financial assets | 83,381,118 | - | 83,464,002 | - | 83,464,002 |
Bank overdrafts | 203,397 | - | 203,397 | - | 203,397 |
Financial liabilities at amortised cost -Deposits | 43,042,540 | - | 44,765,223 | - | 44,765,223 |
Lease liabilities | 504,931 | - | 524,451 | - | 524,451 |
Other financial liabilities | 1,027,806 | - | 1,027,806 | - | 1,027,806 |
Total financial liabilities | 44,778,674 | - | 46,520,877 | - | 46,520,877 |
Analysis of financial assets and liabilities by measurement basis - Company | |||||
As at 31.03.2024 | |||||
Amortised cost | Fair value | Total | |||
Level 1 | Level 2 | Level 3 | |||
Description | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Cash and cash equivalents | 755,076 | - | 755,076 | - | 755,076 |
Securities bought under repurchase agreements | 6,090,306 | - | 6,091,676 | - | 6,091,676 |
Financial assets at amortised cost- Debt and other financial instruments | 26,599,900 | - | 26,595,901 | - | 26,595,901 |
Financial assets at amortised cost- Loans and receivables from customers | 5,944,936 | - | 6,274,771 | - | 6,274,771 |
Financial assets at amortised cost- Net investment in leases and hire purchase | 44,203,016 | - | 44,203,016 | - | 44,203,016 |
Other financial assets | 58,464 | - | 58,464 | - | 58,464 |
Total financial assets | 83,651,698 | - | 83,978,904 | - | 83,978,904 |
Bank overdrafts | 414,157 | - | 414,157 | - | 414,157 |
Financial liabilities at amortised cost -Deposits | 44,200,604 | - | 46,425,850 | - | 46,425,850 |
Lease liabilities | 517,267 | - | 514,292 | - | 514,292 |
Other financial liabilities | 697,121 | - | 697,121 | - | 697,121 |
Total financial liabilities | 45,829,149 | - | 48,051,420 | - | 48,051,420 |
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