First Capital Holdings PLC
PROVISIONAL FINANCIAL STATEMENTS
Quarter ended 30 June 2024
REVIEW OF OPERATIONS
First Capital Holdings PLC (the Group) recorded a Total Comprehensive Income of Rs. 5.0Bn for the year ended 31 March 2025 compared to Rs. 10.1Bn in the previous year.
The Group's Net Trading Income before Operating Expenses for the year 2024/25 was Rs. 9.3Bn compared to Rs. 20.2Bn in the previous year. The significant variance is due to the extraordinary gains realised in the previous year resulting from a substantial decline in interest rates, and post-domestic debt optimisation along with reduction in policy interest rates.
During the latter part of the year 2024/25, a moderate decline in interest rates was witnessed which resulted in creating a favourable market position for debt securities as well as equity securities with the stabilisation of political outlook of the country. Accordingly, the Group's Primary Dealer division as well as the Corporate Dealing Securities and Advisory division significantly contributed to the Group's net trading income for the year 2024/25 compared to the previous year.
The Primary Dealer division reported a Profit after Tax of Rs. 3.0Bn for the year ended 31 March 2025 (2023/24 - Profit after Tax of Rs. 11.1Bn). The results include trading gains on sale of government securities portfolio amounting to Rs. 3.1Bn and net interest income of Rs. 1.6Bn (2023/24 - Trading gains on government securities portfolio of Rs. 15.8Bn and net interest income of Rs. 3.2Bn were reported).
The Corporate Dealing Securities and Advisory division reported a Profit after Tax of Rs. 2.2Bn for the year ended 31 March 2025 (2023/24 - Profit after Tax of Rs. 215Mn). Equity portfolio significantly contributed to the division's bottom line.
The Wealth Management division reported a Profit after Tax of Rs. 106Mn for the year ended 31 March 2024 (2023/24 - Profit after Tax of Rs. 6Mn). The assets under management of the division stood at Rs. 112Bn as of 31 March 2025 (31 March 2024 - Rs. 94Bn).
The Stock Brokering division recorded a Profit after Tax of Rs. 70Mn for the year ended 31 March 2025 (2023/24 - Profit after tax of Rs. 8Mn).
In March 2025, the Board of Directors of the Company declared an interim dividend of Rs. 7.50 per share amounting to Rs. 3Bn for the year 2024/25.
(Sgd.)
Dilshan WirasekaraManaging Director/CEO
Provisional Financial Statements
Quarter ended 31 March 2025 1
FIRST CAPITAL HOLDINGS PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the period | Notes | Group | |||
January ~ March | April ~ March | ||||
2025 | 2024 | 2025 | 2024 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
Income | 1 1 2 | 3,344,150 | 5,833,177 | 14,068,795 | 29,563,657 |
Direct income | 3,307,336 | 5,830,391 | 14,011,457 | 29,558,233 | |
Direct expenses | (1,681,361) | (2,336,236) | (7,587,743) | (9,926,864) | |
Net trading income | 1,625,975 | 3,494,155 | 6,423,714 | 19,631,369 | |
Other income | 36,814 | 2,786 | 57,338 | 5,424 | |
Gain / (Loss) on fair valuation of financial assets recognised through profit or | (74,806) | (1,191,517) | 2,795,620 | 568,548 | |
loss measured at fair value | |||||
Operating expenses | 1,587,983 | 2,305,424 | 9,276,672 | 20,205,341 | |
Administrative expenses | (558,378) | (504,012) | (2,149,900) | (3,312,936) | |
Sales and distribution expenses | (42,010) | (73,721) | (55,181) | (123,406) | |
Other operating expenses | (82,134) | (78,727) | (438,321) | (560,329) | |
Reversal of provision for impairment of financial assets at amortised cost | 82,242 | 62,978 | 51,984 | 100,624 | |
(600,280) | (593,482) | (2,591,418) | (3,896,047) | ||
Profit before tax | 987,703 | 1,711,942 | 6,685,254 | 16,309,294 | |
Income tax expense | (496,716) | (911,444) | (1,668,619) | (6,152,959) | |
Profit for the period | 490,987 | 800,498 | 5,016,635 | 10,156,335 | |
Other comprehensive income | |||||
Items that will never be reclassified to profit or loss | |||||
Actuarial gain on defined benefit plans | (4,232) | (18,814) | (4,232) | (18,814) | |
Loss on fair valuation of financial assets- fair value through other | |||||
comprehensive income | (19,244) | (26,125) | (12,370) | (36,182) | |
Gain on Revaluation of motor vehicle | 35,000 | - | 35,000 | - | |
Tax effect on other comprehensive income | 1,270 | 5,644 | 1,270 | 5,644 | |
Other comprehensive income / (loss) for the period | 12,794 | (39,295) | 19,668 | (49,352) | |
Total comprehensive income for the period | 503,781 | 761,203 | 5,036,303 | 10,106,983 | |
Profit attributable to: | |||||
Equity holders of the parent | 428,081 | 685,058 | 4,691,524 | 8,970,513 | |
Non - controlling interest | 62,906 | 114,990 | 325,111 | 1,185,822 | |
490,987 | 800,498 | 5,016,635 | 10,156,335 | ||
Total comprehensive income attributable to: | |||||
Equity holders of the parent | 440,874 | 646,388 | 4,711,191 | 8,921,336 | |
Non - controlling interest | 62,907 | 114,815 | 325,112 | 1,185,647 | |
503,781 | 761,203 | 5,036,303 | 10,106,983 | ||
Basic earnings per share (Rs.) | 1.06 | 1.69 | 11.58 | 22.15 | |
Figures in bracket indicate deductions.
Note: All values are in Rupees '000 unless otherwise stated.
1
Provisional Financial Statements Quarter ended 31 March 2025
2 FIRST CAPITAL HOLDINGS PLC
For the period | Notes | Company | |||
January ~ March | April ~ March | ||||
2025 | 2024 | 2025 | 2024 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
Income | 1 1 3 | 716,871 | 333,123 | 1,586,045 | 2,077,271 |
Direct income | 716,917 | 333,122 | 1,586,048 | 2,077,268 | |
Direct expenses | (325,064) | (365,685) | (1,220,898) | (1,887,035) | |
Net trading income / (expenses) | 391,853 | (32,563) | 365,150 | 190,233 | |
Other income/(expenses) | (46) | 1 | (3) | 3 | |
Gain/ (loss) on fair valuation of financial assets recognised through profit or loss | (304,516) | 135,954 | 1,706,438 | 428,202 | |
measured at fair value | |||||
Operating expenses | 87,291 | 103,392 | 2,071,585 | 618,438 | |
Administrative expenses | (303,580) | (71,451) | (532,404) | (426,675) | |
Sales and distribution expenses | (20,633) | (34,964) | (20,633) | (39,540) | |
Other operating expenses / (reversal) | (15,038) | 16,272 | (20,745) | (4,146) | |
Reversal of provision for impairment of financial assets at amortised cost | 5,930 | 30,297 | 14,223 | 43,796 | |
(333,321) | (59,846) | (559,559) | (426,565) | ||
Operating profit/(loss) | (246,030) | 43,546 | 1,512,026 | 191,873 | |
Share of profit from equity accounted investee (net of tax) | 628,530 | 646,561 | 3,159,264 | 8,832,996 | |
Profit before tax | 382,500 | 690,107 | 4,671,290 | 9,024,869 | |
Income tax (expense)/ reversal | 45,581 | (4,599) | 20,234 | (54,356) | |
Profit for the period | 428,081 | 685,508 | 4,691,524 | 8,970,513 | |
Other comprehensive income | |||||
Items that will never be reclassified to profit or loss | |||||
Actuarial gain on defined benefit plans | (5,537) | (3,983) | (5,537) | (3,983) | |
Tax effect on other comprehensive income | 1,661 | 1,195 | 1,661 | 1,195 | |
Gain on Revaluation of motor vehicle | 35,000 | - | 35,000 | - | |
Share of other comprehensive loss from equity accounted investees | (18,332) | (36,332) | (11,457) | (46,389) | |
Other comprehensive income / (loss) for the period | 12,792 | (39,120) | 19,667 | (49,177) | |
Total comprehensive income for the period | 440,873 | 646,388 | 4,711,191 | 8,921,336 | |
Basic earnings per share (Rs.) | 1.06 | 1.69 | 11.58 | 22.15 | |
Figures in bracket indicate deductions.
2
Note: All values are in Rupees '000 unless otherwise stated.
As at | Group | Company | ||
31 March 2025 (Unaudited) | 31 March 2024 (Audited) | 31 March 2025 (Unaudited) | 31 March 2024 (Audited) | |
ASSETS | ||||
Cash at banks and in hand | 1,143,144 | 178,382 | 693,270 | 76,453 |
Derivative financial instruments | 2,815 | 51,933 | - | - |
Financial | 86,777,811 | 62,529,964 | 7,395,142 | 4,199,601 |
Financial | 37,467 | 83,350 | 7,500 | 5,000 |
Financial assets at amortised cost | 7,565,314 | 11,170,905 | 4,229,645 | 6,658,126 |
Amounts due from related companies | 32 | - | 24,366 | 49,896 |
Trade and other receivables | 2,063,649 | 3,686,573 | 214,055 | 2,045,044 |
Non - current assets held for sale | 42,416 | 42,416 | - | - |
Taxes receivable | 136,376 | 133,206 | 34,951 | 46,029 |
Investment in subsidiary | - | - | 9,294,289 | 6,998,827 |
Deferred tax asset | 515,896 | 151,457 | 86,435 | 9,216 |
Property, plant and equipment and right of use assets | 908,315 | 518,957 | 64,643 | 27,151 |
Intangible assets | 141,800 | 123,441 | 12,061 | 4,228 |
TOTAL ASSETS | 99,335,035 | 78,670,584 | 22,056,357 | 20,119,571 |
LIABILITIES | ||||
Bank overdrafts | 226,379 | 1,533,643 | 86,764 | 1,280,713 |
Derivative financial instruments | 768 | 71,742 | - | - |
Securities sold under re-purchase agreements | 73,109,134 | 50,051,368 | - | - |
Short term borrowings | 8,009,985 | 5,488,529 | 8,509,733 | 5,646,043 |
Amounts due to related companies | 34,004 | 2,375 | 10,203 | 13,579 |
Trade and other payables | 3,929,782 | 6,069,759 | 1,394,990 | 2,410,319 |
Taxes payable | 909,158 | 3,033,571 | - | - |
Deferred tax liability | - | 17,503 | - | - |
Long term borrowings | 1,201,241 | 1,602,001 | 1,201,241 | 1,602,001 |
Retirement benefit obligations | 116,289 | 84,466 | 33,390 | 19,365 |
Borrowings on debentures | 2,029,328 | 2,775,148 | 2,027,346 | 2,028,553 |
TOTAL LIABILITIES | 89,566,068 | 70,730,105 | 13,263,667 | 13,000,573 |
EQUITY | ||||
Stated capital | 227,500 | 227,500 | 227,500 | 227,500 |
Risk reserve | 2,764,757 | 2,492,889 | 2,764,757 | 2,492,889 |
Retained earnings | 5,802,842 | 4,436,368 | 5,802,842 | 4,436,368 |
Fair valuation reserve | (37,409) | (37,759) | (37,409) | (37,759) |
Revaluation reserve | 35,000 | - | 35,000 | - |
Equity attributable to the equity holders of the parent | 8,792,690 | 7,118,998 | 8,792,690 | 7,118,998 |
Non- controlling interest | 976,277 | 821,481 | - | - |
TOTAL EQUITY | 9,768,967 | 7,940,479 | 8,792,690 | 7,118,998 |
TOTAL EQUITY AND LIABILITIES | 99,335,035 | 78,670,584 | 22,056,357 | 20,119,571 |
Net asset per share (Rs.) | 21.71 | 17.58 | 21.71 | 17.58 |
Note: All values are in Rupees '000 unless otherwise stated.
These consolidated financial statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
Mangala Jayashantha
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these consolidated financial statements.
Dilshan Wirasekara Rajendra Theagarajah
Managing Director/ CEO Chairman
26 May 2025
Colombo.
4
For the year ended 31 March 2025
Attributable to equity holders of the parent
Non- Total
Stated Capital | Risk Reserve | Retained Earnings | Fair Valuation Reserve | Revaluation Reserve | Total | controlling Interest | Equity | |
Group | ||||||||
Balance as at 1 April 2023 (Audited) | 227,500 | 1,497,150 | 4,586,330 | (215,818) | - | 6,095,162 | 585,671 | 6,680,833 |
Total comprehensive income for the year | ||||||||
Profit for the year | - | - | 8,970,513 | - | - | 8,970,513 | 1,185,822 | 10,156,335 |
Other comprehensive loss for the year | - | - | (12,995) | (36,182) | - | (49,177) | (175) | (49,352) |
Total comprehensive income | - | - | 8,957,518 | (36,182) | - | 8,921,336 | 1,185,647 | 10,106,983 |
Transactions with equity holders Dividend paid (Interim 2022/23) | - | - | (911,250) | - | - | (911,250) | - | (911,250) |
Dividend paid (Interim - 2023/24) | - | - | (4,961,250) | - | - | (4,961,250) | - | (4,961,250) |
Dividend declared (2ndInterim - 2023/24) | - | - | (2,025,000) | - | - | (2,025,000) | - | (2,025,000) |
Dividend paid to shareholders with NCI* (1stInterim - 2023/24) | - | - | - | - | - | - | (655,060) | (655,060) |
Dividend declared to shareholders with NCI* (2ndInterim - 2023/24) | - | - | - | - | - | - | (294,777) | (294,777) |
Adjustment due to amalgamation (FVTOCI) | - | - | (214,030) | 214,030 | - | - | - | - |
Loss on sale of FVTOCI Investments | - | - | (211) | 211 | - | - | - | - |
Total distribution to equity holders | - | - | (8,111,741) | 214,241 | - | (7,897,500) | (949,837) | (8,847,337) |
Transfers to risk reserve | - | 995,739 | (995,739) | - | - | - | - | |
Balance as at 31 March 2024 (Audited) | 227,500 | 2,492,889 | 4,436,368 | (37,759) | - | 7,118,998 | 821,481 | 7,940,479 |
Balance as at 1 April 2024 (Audited) | 227,500 | 2,492,889 | 4,436,368 | (37,759) | - | 7,118,998 | 821,481 | 7,940,479 |
Total comprehensive income for the year | ||||||||
Profit for the year | - | - | 4,691,524 | - | - | 4,691,524 | 325,111 | 5,016,635 |
Other comprehensive income/(loss) for the year | - | - | (2,962) | (12,370) | 35,000 | 19,668 | 1 | 19,669 |
Total comprehensive income / (loss) | - | - | 4,688,562 | (12,370) | 35,000 | 4,711,192 | 325,112 | 5,036,304 |
Transactions with equity holders Dividend paid (Interim - 2024/25) | - | - | (3,037,500) | - | - | (3,037,500) | - | (3,037,500) |
Dividend paid to shareholders with NCI* | (170,316) | (170,316) | ||||||
Loss on sale of FVTOCI Investments | - | - | (12,720) | 12,720 | - | - | - | - |
Total distribution to equity holders | - | - | (3,050,220) | 12,720 | - | (3,037,500) | (170,316) | (3,207,816) |
Transfers to risk reserve | - | 271,868 | (271,868) | - | - | - | - | |
Balance as at 31 March 2025 (Unaudited) | 227,500 | 2,764,757 | 5,802,842 | (37,409) | 35,000 | 8,792,690 | 976,277 | 9,768,967 |
* Non controlling interest |
For the year ended 31 March 2025 | Stated Capital | Risk Reserve | Retained Earnings | Fair Valuation Reserve | Revaluation Reserve | Total Equity |
Company Balance as at 1 April 2023 (Audited) | 227,500 | 1,497,150 | 4,586,330 | (215,818) | - | 6,095,162 |
Total comprehensive income for the year Profit for the year | - | - | 8,970,513 | - | - | 8,970,513 |
Other comprehensive loss for the year | - | - | (12,995) | (36,182) | - | (49,177) |
Total comprehensive income | - | - | 8,957,518 | (36,182) | - | 8,921,336 |
Transactions with equity holders | ||||||
Dividend paid (Interim - 2022/23) | - | - | (911,250) | - | - | (911,250) |
Dividend paid (1stInterim - 2023/24) | - | - | (4,961,250) | - | - | (4,961,250) |
Dividend declared (2ndInterim - 2023/24) | - | - | (2,025,000) | - | - | (2,025,000) |
Adjustment due to amalgamation (FVTOCI) | - | - | (214,030) | 214,030 | - | - |
Loss on sale of FVTOCI Investments | - | - | (211) | 211 | - | - |
Total distribution to equity holders | - | - | (8,111,741) | 214,241 | - | (7,897,500) |
Transfer to risk reserve | - | 995,739 | (995,739) | - | - | - |
Balance as at 31 March 2024 (Audited) | 227,500 | 2,492,889 | 4,436,368 | (37,759) | - | 7,118,998 |
Balance as at 1 April 2024 (Audited) | 227,500 | 2,492,889 | 4,436,368 | (37,759) | - | 7,118,998 |
Total comprehensive income for the year Profit for the year | - | - | 4,691,524 | - | - | 4,691,524 |
Other comprehensive income/(loss) for the year | - | - | (2,962) | (12,370) | 35,000 | 19,668 |
Total comprehensive income / (loss) | - | - | 4,688,562 | (12,370) | 35,000 | 4,711,192 |
Transactions with equity holders Dividend paid (2ndInterim - 2024/25) | - | - | (3,037,500) | - | - | (3,037,500) |
Loss on sale of FVTOCI Investments | - | - | (12,720) | 12,720 | - | - |
Total distribution to equity holders | - | - | (3,050,220) | 12,720 | - | (3,037,500) |
Transfer to risk reserve | - | 271,868 | (271,868) | - | - | - |
Balance as at 31 March 2025 (Unaudited) | 227,500 | 2,764,757 | 5,802,842 | (37,409) | 35,000 | 8,792,690 |
Figures in bracket indicate deductions. Note: All values are in Rupees '000 unless otherwise stated. |
5
For the year ended 31 March | Group | Company | ||
2025 | 2024 | 2025 | 2024 | |
(Unaudited) | (Audited) | (Unaudited) | (Audited) | |
Cash flows from operating activities | ||||
Interest receipts and gains realised | 13,763,771 | 29,214,940 | 1,581,931 | 2,066,610 |
Interest payments and other direct cost | (6,143,505) | (8,645,084) | (1,207,274) | (1,869,403) |
Other receipts | 55,472 | 5,103 | - | 3 |
Cash payments to employees and suppliers | (2,478,513) | (741,680) | (548,928) | (125,207) |
Operating profit before changes in operating assets and liabilities | 5,197,225 | 19,833,279 | (174,271) | 72,004 |
Increase in financial assets recognised through profit or loss -measured at fair value | (21,474,090) | (8,317,766) | (1,489,104) | (2,036,375) |
Decrease in financial assets at amortised cost | 3,750,791 | 455,951 | 2,446,820 | 2,793,567 |
(Increase)/ Decrease in trade and other receivables | 1,392,924 | (2,660,478) | 1,830,988 | (1,121,446) |
(Increase)/ Decrease in group balances receivable | (32) | 66 | 25,531 | (99,418) |
Increase/ (Decrease) in trade and other payables | (114,967) | (1,176,387) | 1,006,800 | 19,357 |
Increase/ (Decrease) in group balances payable | 31,629 | (2,277) | (3,376) | 12,634 |
Increase/(Decrease) in other short term borrowings | 2,503,278 | (1,608,786) | 2,848,099 | (1,586,454) |
Increase in borrowings against re-purchase agreements | 21,612,656 | 2,454,580 | - | - |
Cash generated from/ (used in) operations | 12,899,414 | 8,978,182 | 6,491,487 | (1,946,132) |
Tax paid | (3,962,127) | (2,651,963) | (44,246) | (80,433) |
Gratuity paid | (1,653) | (4,200) | (1,653) | - |
Net cash flow generated from/ (used in) operating activities | 8,935,634 | 6,322,019 | 6,445,588 | (2,026,565) |
Cash flow from investing activities | ||||
Purchase of property, plant, equipment and intangible assets | (278,651) | (340,107) | (22,230) | (26,658) |
Proceeds from disposal of property plant and equipment | 1,950 | 321 | 63 | - |
Dividend receipts | 154,470 | 42,101 | 852,345 | 6,200,769 |
Investment in financial assets - fair value through other comprehensive income | (2,500) | (5,000) | (2,500) | (5,000) |
Proceeds from disposal of financial assets - fair value through other comprehensive | 36,010 | 2,241 | - | - |
income | ||||
Net cash flow generated from/ (used in) investing activities | (88,721) | (300,444) | 827,678 | 6,169,111 |
Cash flow from financing activities | ||||
Dividend paid | (5,062,500) | (5,872,500) | (5,062,500) | (5,872,500) |
Dividend paid to shareholders with NCI | (170,316) | (655,060) | - | - |
Payment of Dividend tax attributable to parent | (214,537) | (1,211,454) | - | - |
Proceeds from long term borrowings | - | 1,000,000 | - | 1,000,000 |
Redemption of listed debentures | (727,530) | - | - | - |
Repayment of long term borrowings | (400,000) | (300,000) | (400,000) | (300,000) |
Net cash flow generated from /(used in) financing activities | (6,574,883) | (7,039,014) | (5,462,500) | (5,172,500) |
Net cash inflow/ (outflow) for the year | 2,272,030 | (1,017,439) | 1,810,766 | (1,029,954) |
Cash and cash equivalents at the beginning of the year | (1,355,261) | (337,822) | (1,204,260) | (174,306) |
Cash and cash equivalents at the end of the year (Note A) | 916,769 | (1,355,261) | 606,506 | (1,204,260) |
Note A | ||||
Cash at bank and hand | 1,143,148 | 178,382 | 693,270 | 76,453 |
Bank overdraft | (226,379) | (1,533,643) | (86,764) | (1,280,713) |
916,769 | (1,355,261) | 606,506 | (1,204,260) | |
Figures in bracket indicate deductions.
6
Note: All values are in Rupees '000 unless otherwise stated.
January ~ March 2025 2024 Rs.'000 Rs.'000 | April ~ March 2025 2024 Rs.'000 Rs.'000 | ||
(188,174) | (522,146) | (1,545,596) | (5,011,143) |
- | 66,510 | (289,182) | 66,510 |
(94,005) | (69,495) | 380,696 | 3,128 |
(214,537) | (386,313) | (214,537) | (1,211,454) |
(496,716) | (911,444) | (1,668,619) | (6,152,959) |
1,270 | 5,644 | 1,270 | 5,644 |
(495,446) | (905,800) | (1,667,349) | (6,147,315) |
-
Income tax expenses For the period - Group
Recognised in Profit or Loss
Current tax expenses
(Under) / Over provision for taxes Deferred tax assets recognised/ (reversals) Tax on dividend
Recognised in Other Comprehensive IncomeDeferred tax assets recognised during the year
For the period - Company Recognised in Profit or LossJanuary ~ March 2025 2024
Rs.'000 Rs.'000
April ~ March
2025 2024
Rs.'000 Rs.'000
25,220
(3,033)
(12,980)
(48,249)
-
2,720
(42,345)
2,720
20,361
(4,286)
75,559
(8,827)
45,581
(4,599)
20,234
(54,356)
1,661
1,195
1,661
1,195
47,242
(3,404)
21,895
(53,161)
Current tax expenses
(Under) / Over provision for taxes Deferred tax (expenses)/ reversal
Recognised in Other Comprehensive IncomeDeferred tax assets recognised during the year
-
Basic earnings per share (EPS)
Earnings per share has been calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
7
These Provisional Financial Statements for the quarter ended 31 March 2025 have been prepared in accordance with Sri Lanka Accounting Standard (LKAS 34) "Interim Financial Reporting".
-
Financial instruments- Fair Value Measurement
The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements in accordance with SLFRS 13.
Level - 1Financial instruments that are measured in whole or in part by reference to published quotes in an active market. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange and those prices represent actual and regularly occurring market transactions on an arm's length basis.
Level - 2Financial instruments that are measured at fair value on a recurring basis. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined using relevant information generated by market transactions involving comparable securities.
Level - 3Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.
-
Fair values versus the Carrying amounts
The fair values of financial assets and liabilities, together with the carrying amounts shown in the Statement of Financial Position are as follows;
Group Financial assets measured at fair valueAs at 31.03.2025
As at 31.03.2024
Carrying Amount
Rs. '000
Fair Value Rs. '000
Carrying Amount Rs. '000
Fair Value Rs. '000
2,820
2,820
51,933
51,933
86,777,813
86,777,813
62,529,964
62,529,964
37,467
37,467
83,350
83,350
86,818,100
86,818,100
62,665,247
62,665,247
1,143,148
1,143,148
178,382
178,382
7,565,314
7,565,314
11,170,905
11,170,905
32
32
-
-
616,821
616,821
537,457
537,457
9,325,315
9,325,315
11,886,744
11,886,744
96,143,415
96,143,415
74,551,991
74,551,991
768
768
71,742
71,742
768
768
71,742
71,742
226,379
226,379
1,533,643
1,533,643
34,004
34,004
2,375
2,375
3,929,792
3,929,792
5,728,347
5,728,347
73,109,134
73,307,931
50,051,368
50,260,785
8,009,985
8,009,985
5,488,529
5,488,529
1,201,241
1,201,241
1,602,001
1,602,001
2,029,328
1,997,624
2,775,148
2,689,061
88,539,863
88,706,956
67,181,411
67,304,741
88,540,631
88,707,724
67,253,153
67,376,483
Derivative financial instruments
Financial assets recognised through profit or loss - measured at fair value
Financial assets - fair value through other comprehensive income
Financial assets not measured at fair valueCash at banks and in hand Financial assets at amortised cost
Amounts due from related companies Trade receivables
Total financial assets Financial liabilities measured at fair valueDerivative financial instruments
Financial liabilities not measured at fair valueBank overdrafts
Amounts due to related companies Trade and other payables
Securities sold under re-purchase agreements Short term borrowings
Long term borrowings Borrowings on debentures
8
Total financial liabilities4.1 Fair values versus the Carrying amounts (Contd.) Company Financial assets measured at fair valueAs at 31.03.2025
As at 31.03.2024
Carrying Amount
Rs. '000
Fair Value Rs. '000
Carrying Amount
Rs. '000
Fair Value Rs. '000
7,395,142
7,500
7,395,142
7,500
4,199,601
5,000
4,199,601
5,000
7,402,642
7,402,642
4,204,601
4,204,601
693,270
693,270
76,453
76,453
24,365
24,365
49,896
49,896
4,229,645
4,229,645
6,658,126
6,658,126
4,947,280
4,947,280
6,784,475
6,784,475
12,349,922
12,349,922
10,989,076
10,989,076
-
-
-
-
86,764
86,764
1,280,713
1,280,713
10,203
10,203
13,579
13,579
1,394,987
1,394,987
2,454,479
2,454,479
8,509,733
8,509,733
5,646,043
5,646,043
1,201,241
1,201,241
1,602,001
1,602,001
2,027,346
1,997,624
2,028,553
1,951,871
13,230,274
13,200,552
13,025,368
12,948,686
13,230,274
13,200,552
13,025,368
12,948,686
Financial assets recognised through profit or loss - measured at fair value
Financial assets - fair value through other comprehensive income
Financial assets not measured at fair valueCash at banks and in hand
Amounts due from related companies Financial assets at amortised cost
Total financial assets Financial liabilities measured at fair value Financial liabilities not measured at fair valueBank overdrafts
Amounts due to related companies Trade and other payables
Short term borrowings Long term borrowings Borrowings on debentures
9
Total financial liabilities Financial instruments- Fair Value
The following tables show an analysis of financial instruments at fair value and by level of fair value hierarchy.
Carrying
Value Rs.'000
2,814
1
Level 1 Rs.'000
2,814
1
Level 2 Rs.'000
-
-
Level 3 Rs.'000
-
-
Total Fair
Value Rs.'000
2,814
1
2,820
2,815
-
-
2,815
78,107,519
78,107,519
-
-
78,107,519
1,666,519
1,071,748
594,771
-
1,666,519
178,858
-
178,858
-
178,858
6,824,915
6,824,915
-
-
6,824,915
86,777,811
86,004,182
773,629
-
86,777,811
-
-
29,967
29,967
-
-
29,967
7,500
-
-
7,500
7,500
86,818,098
86,036,964
773,629
7,500
86,818,093
1,143,148
-
-
1,143,148
1,143,148
7,565,314
-
-
7,565,314
7,565,314
32
-
-
32
32
616,821
-
-
616,821
616,821
9,325,345
-
-
9,325,345
9,325,345
96,143,443
86,036,964
773,629
9,332,845
96,143,438
768
768
-
-
768
-
-
-
-
-
768
768
-
-
768
226,379
-
-
226,379
226,379
34,004
-
-
34,004
34,004
3,929,792
-
-
3,929,792
3,929,792
73,109,134
-
-
73,307,931
73,307,931
8,009,985
-
-
8,009,985
8,009,985
1,201,241
-
-
1,201,241
1,201,241
2,029,328
-
1,997,624
-
1,997,624
88,539,863
-
1,997,624
86,709,332
88,706,956
88,540,631
768
1,997,624
86,709,332
88,707,724
Group - As at 31 March 2025
Financial assets measured at fair value Derivative financial instruments Forward purchase contracts
Forward sale contracts
Financial assets recognised through profit or loss - measured at fair value
Investment in government securities Investment in debentures Investment in unit trust
Investment in listed shares
Financial assets - fair value through other comprehensive income
Investment in Listed shares Investment in Unlisted shares
Financial assets not measured at fair value
Cash at banks and in hand Financial assets at amortised cost
Amounts due from related companies Trade receivables
Total financial assets
Financial liabilities measured at fair value
Derivative financial instruments Forward purchase contracts Forward sale contracts
Financial liabilities not measured at fair value
Bank overdrafts
Amounts due to related companies Trade and other payables
Securities sold under re-purchase agreements Short term borrowings
Long term borrowings Borrowings on debentures
10
Total financial liabilities
Carrying
Value
Rs.'000
Level 1 Rs.'000
Level 2 Rs.'000
Level 3 Rs.'000
Total Fair
Value
Rs.'000
49,989
1,944
49,989
1,944
-
-
-
-
49,989
1,944
51,933
51,933
-
-
51,933
57,193,661
57,193,661
-
-
57,193,661
1,018,254
-
1,018,254
-
1,018,254
3,585,997
-
3,585,997
-
3,585,997
732,052
732,052
-
-
732,052
62,529,964
57,925,713
4,604,251
-
62,529,964
-
78,350
-
-
78,350
78,350
5,000
-
-
5,000
5,000
62,665,247
57,977,646
4,604,251
83,350
62,665,247
178,382
-
-
178,382
178,382
11,170,905
-
-
11,170,905
11,170,905
537,457
-
-
537,457
537,457
11,886,744
-
-
11,886,744
11,886,744
74,551,991
57,977,646
4,604,251
11,970,094
74,551,991
202
202
-
-
202
71,540
71,540
-
-
71,540
71,742
71,742
-
-
71,742
1,533,643
-
-
1,533,643
1,533,643
2,375
-
-
2,375
2,375
5,728,347
-
-
5,728,347
5,728,347
50,051,368
-
-
50,260,785
50,260,785
5,488,529
-
-
5,488,529
5,488,529
1,602,001
-
-
1,602,001
1,602,001
2,775,148
-
2,689,061
-
2,689,061
67,181,411
-
2,689,061
64,615,680
67,304,741
67,253,153
71,742
2,689,061
64,615,680
67,376,483
Financial instruments- Fair Value (Contd.) Group - As at 31 March 2024
Financial assets measured at fair value Derivative financial instruments Forward purchase contracts
Forward sale contracts
Financial assets recognised through profit or loss - measured at fair value
Investment in government securities Investment in debentures Investment in unit trust
Investment in listed shares
Financial assets - fair value through other comprehensive income
Investment in listed shares Investment in unlisted shares
Financial assets not measured at fair value
Cash at banks and in hand Financial assets at amortised cost Trade receivables
Total financial assets
Financial liabilities measured at fair value
Derivative financial instruments Forward purchase contracts Forward sale contracts
Financial liabilities not measured at fair value
Bank overdrafts
Amounts due to related companies Trade and other payables
Securities sold under re-purchase agreements Short term borrowings
Long term borrowings Borrowings on debentures
Total financial liabilities
Total Carrying
Value
Level 1
Level 2
Level 3
Total Fair
Value
Rs.'000
Rs.'000
Rs.'000
Rs.'000
Rs.'000
5,728,623
5,728,623
-
-
5,728,623
1,666,519
1,071,748
594,771
-
1,666,519
7,395,142
6,800,371
594,771
-
7,395,142
7,500
-
-
7,500
7,500
7,402,642
6,800,371
594,771
7,500
7,402,642
693,270
-
-
693,270
693,270
24,365
-
-
24,365
24,365
4,229,645
-
-
4,229,645
4,229,645
4,947,280
-
-
4,947,280
4,947,280
12,349,922
6,800,371
594,771
4,954,780
12,349,922
-
-
-
-
-
86,764
-
-
86,764
86,764
10,203
-
-
10,203
10,203
1,394,987
-
-
1,394,987
1,394,987
8,509,733
-
-
8,509,733
8,509,733
1,201,241
-
-
1,201,241
1,201,241
2,027,346
-
1,997,624
-
1,997,624
13,230,274
-
1,997,624
11,202,928
13,200,552
13,230,274
-
1,997,624
11,202,928
13,200,552
Financial instruments- Fair Value (Contd.) Company - As at 31 March 2025
Financial assets measured at fair value
Financial assets recognised through profit or loss - measured at fair value
Investment in listed shares Investment in debentures
Financial assets - fair value through other comprehensive income
Investment in unlisted shares
Financial assets not measured at fair value
Cash at banks and in hand
Amounts due from related companies Financial assets at amortised cost
Total financial assets
Financial liabilities measured at fair value Financial liabilities not measured at fair value
Bank overdrafts
Amounts due to related companies Trade and other payables
Short term borrowings Long term borrowings Borrowings on debentures
12
Total financial liabilities
Total Carrying
Value
Level 1
Level 2
Level 3
Total Fair
Value
Rs.'000
Rs.'000
Rs.'000
Rs.'000
Rs.'000
713,320
-
713,320
-
713,320
3,486,281
-
3,486,281
-
3,486,281
4,199,601
5,000
-
-
4,199,601
-
5,000
4,199,601
5,000
4,204,601
-
4,199,601
5,000
4,204,601
76,453
-
-
76,453
76,453
49,896
-
-
49,896
49,896
6,658,126
-
-
6,658,126
6,658,126
6,784,475
-
-
6,784,475
6,784,475
10,984,076
-
4,199,601
6,784,475
10,984,076
-
-
-
-
-
1,280,713
-
-
1,280,713
1,280,713
13,579
-
-
13,579
13,579
2,454,479
-
-
2,454,479
2,454,479
5,646,043
-
-
5,646,043
5,646,043
1,602,001
-
-
1,602,001
1,602,001
2,028,553
-
1,951,871
-
1,951,871
13,025,368
-
1,951,871
10,996,815
12,948,686
13,025,368
-
1,951,871
10,996,815
12,948,686
Company - As at 31 March 2024
Financial assets measured at fair value
Financial assets recognised through profit or loss -measured at fair value
Investment in debentures Investment in unit trust
Financial assets - fair value through other comprehensive income
Financial assets not measured at fair value
Cash at banks and in hand
Amounts due from related companies Financial assets at amortised cost
Total financial assets
Financial liabilities measured at fair value Financial liabilities not measured at fair value
Bank overdrafts
Amounts due to related companies Trade and other payables
Short term borrowings Long term borrowings Borrowings on debentures
Total financial liabilities
Measurement of fair values
4.3 (a) Valuation techniques and significant unobservable inputs
The following table shows the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant
14
Financial instruments measured at fair value
Type
Debentures
Unit Trusts
Equity Securities (Financial assets - fair value through other comprehensive income)
Valuation Technique
Significant Unobservable Inputs
Inter-relationship between Significant Unobservable Inputs and Fair Value
Measurement
The valuation model is based on Yield Curve of the Government Securities. Yields relating to Government Securities based on the remaining maturities of the respective debentures is interpolated in the valuation considering the investee companies' risk premiums.
Risk premium of the investee companies (lies between 1.65%
and 4.33%)
The estimated fair value would increase/decrease if risk premium of the investee company is lower or higher
The fair values are based on the Net Asset Values published by the respective unit trusts.
Not applicable
Not applicable
The fair values are based on the price to book value approch (PBV 1 times).
Discounting factor used to arrive the unlisted price
The estimated fair value would increase/decrease if the discounting factor used by investor company is lower or
higher
-
Measurement of fair values
-
(b) Fair Values - Level 2 and Level 3
Reconciliation of level 2 and level 3 fair values (Group)
Debentures
Unit Trust
Equity Securities (Financial assets-
FVTOCI)
Total
Rs.'000
Rs.'000
Rs.'000
Rs.'000
1,018,254
3,585,997
83,350
4,687,601
(397,599)
-
(29,967)
(427,566)
1,119,000
5,657,934
2,500
6,779,434
(1,173,934)
(9,112,531)
(48,730)
(10,335,195)
22,583
-
-
22,583
6,467
47,458
347
54,272
594,771
178,858
7,500
781,129
The following table shows a reconciliation from the opening balance to the closing balances for Level 2 and Level 3 fair values.
Balance as at 1 April 2024 Transferred to level 1 Purchase
Sales/ Matured
Interest accrued (net of coupon receipt)
Gain on fair valuation of financial investments
Balance as at 31 March 2025-
(c) Reconciliation of level 2 and level 3 fair values (Company)
Debentures
Unit Trust
Equity Securities (Financial assets-
FVTOCI)
Total
Rs.'000
Rs.'000
Rs.'000
Rs.'000
713,320
3,486,281
5,000
4,204,601
(397,599)
-
-
(397,599)
250,000
2,663,832
2,500
2,916,332
-
(6,173,696)
-
(6,173,696)
21,494
-
-
21,494
7,556
23,583
-
31,139
594,771
-
7,500
602,271
The following table shows a reconciliation from the opening balance to the closing balances for Level 2 and Level 3 fair values.
Balance as at 1 April 2024 Transferred to level 1 Purchase
Sales/ Matured Interest accrued
Gain/ (loss) on fair valuation of financial investments
Balance as at 31 March 2025 - Sensitivity analysis
-
(c) Reconciliation of level 2 and level 3 fair values (Company)
- (a) Sensitivity analysis on Listed/ Unlisted Debentures (Group/ Company)
(-) 100bps
Decrease
(-) 200bps
Decrease
(+) 100bps
Increase
(+) 200bps
Increase
Rs.'000
Rs.'000
Rs.'000
Rs.'000
1,139
2,286
(1,131)
(2,253)
20,027
41,220
(18,939)
(36,858)
8,298
16,966
(7,947)
(15,560)
19,391
39,713
(18,512)
(36,192)
48,855
100,185
(46,529)
(90,863)
Sensitivity of the Market Yield (Effect on Statement of profit or loss and other comprehensive income) is as follows.
Asia Asset Finance PLC LOLC Holdings PLC Siyapatha Finance PLC Vallibel Finance PLC
-
(b) Fair Values - Level 2 and Level 3
Reconciliation of level 2 and level 3 fair values (Group)
- (b) Sensitivity analysis on Unit Trust (Group)
(-) 100bps
(-) 200bps
(+) 100bps
(+) 200bps
Decrease
Decrease
Increase
Increase
Rs.'000
Rs.'000
Rs.'000
Rs.'000
(1,409)
(2,818)
1,409
2,818
(380)
(760)
380
760
(1,789)
(3,578)
1,789
3,578
Sensitivity of the Unit Price (Effect on Statement of profit or loss and other comprehensive income is as follows.
First Capital Money Market Fund First Capital Equity Fund
Financial assets -FVTPL
Financial assets/ liabilities at amortised cost
Financial assets -FVTOCI
Total carrying
amount
Fair value
Rs. '000
Rs. '000
Rs. '000
Rs. '000
Rs. '000
86,777,813
-
-
86,777,813
86,777,813
2,820
-
-
2,820
2,820
-
-
37,467
37,467
37,467
86,780,633
-
37,467
86,818,100
86,818,100
-
1,143,148
-
1,143,148
1,143,148
-
32
-
32
32
-
7,565,314
-
7,565,314
7,565,314
-
616,821
-
616,821
616,821
-
9,325,315
-
9,325,315
9,325,315
86,780,633
9,325,315
37,467
96,143,415
96,143,415
768
-
-
768
768
768
-
-
768
768
-
226,379
-
226,379
226,379
-
34,004
-
34,004
34,004
-
3,929,792
-
3,929,792
3,929,792
-
73,109,134
-
73,109,134
73,307,931
-
8,009,985
-
8,009,985
8,009,985
-
1,201,241
-
1,201,241
1,201,241
-
2,029,328
-
2,029,328
1,997,624
-
88,539,863
-
88,539,863
88,706,956
768
88,539,863
-
88,540,631
88,707,724
-
Measurement of fair values
-
Fair values versus the Carrying amounts
Financial instruments - Accounting clasifications Group - As at 31 March 2025
Financial assets measured at fair value
Financial assets - FVTPL Derivative Financial Instruments Financial assets - FVTOCI
Financial assets not measured at fair value
Cash at banks and in hand
Amounts due from related companies Financial assets at amortised cost Trade receivables
Total financial assets
Financial liabilities measured at fair value
Derivative Financial Instruments
Financial liabilities not measured at fair value
Bank overdrafts
Group balances payable Trade and other payables
Securities sold under re-purchase agreements Short term borrowings
Long term borrowings Borrowings on debentures
16
Total Financial Liabilities
Financial assets -FVTPL | Financial assets/ liabilities at amortised cost | Financial assets -FVTOCI | Total carrying amount | Fair value |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 |
62,529,964 | - | - | 62,529,964 | 62,529,964 |
51,933 | - | - | 51,933 | 51,933 |
- | - | 83,350 | 83,350 | 83,350 |
62,581,897 | - | 83,350 | 62,665,247 | 62,665,247 |
- | 178,382 | - | 178,382 | 178,382 |
- | - | - | - | - |
- | 11,170,905 | - | 11,170,905 | 11,170,905 |
- | 3,072,282 | - | 537,457 | 537,457 |
- | 14,421,569 | - | 11,886,744 | 11,886,744 |
62,581,897 | 14,421,569 | 83,350 | 74,551,991 | 74,551,991 |
71,742 | - | - | 71,742 | 71,742 |
71,742 | - | - | 71,742 | 71,742 |
- | 1,533,643 | - | 1,533,643 | 1,533,643 |
- | 2,375 | - | 2,375 | 2,375 |
- | 5,728,347 | - | 5,728,347 | 5,728,347 |
- | 50,051,368 | - | 50,051,368 | 50,260,785 |
- | 5,488,529 | - | 5,488,529 | 5,488,529 |
- | 1,602,001 | - | 1,602,001 | 1,602,001 |
- | 2,775,148 | - | 2,775,148 | 2,689,061 |
- | 67,181,411 | - | 67,181,411 | 67,304,741 |
71,742 | 67,181,411 | - | 67,253,153 | 67,376,483 |
Financial assets - FVTPL Derivative Financial Instruments Financial assets - FVTOCI
Financial assets not measured at fair valueCash at banks and in hand
Amounts due from related companies Financial assets at amortised cost Trade receivables
Total financial assets Financial liabilities measured at fair valueDerivative financial instruments
Financial liabilities not measured at fair valueBank overdrafts
Amounts due to related companies Trade and other payables
Securities sold under re-purchase agreements Short term borrowings
Long term borrowings
Borrowings on debentures
17
Total Financial LiabilitiesFinancial assets -FVTPL | Financial assets/ liabilities at amortised cost | Financial assets -FVTOCI | Total carrying amount | Fair value |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 |
7,395,142 | - | - | 7,395,142 | 7,395,142 |
- | - | 7,500 | 7,500 | 7,500 |
7,395,142 | - | 7,500 | 7,402,642 | 7,402,642 |
- | 693,270 | - | 693,270 | 693,270 |
- | 24,365 | - | 24,365 | 24,365 |
- | 4,229,645 | - | 4,229,645 | 4,229,645 |
- | 4,947,280 | - | 4,947,280 | 4,947,280 |
7,395,142 | 4,947,280 | 7,500 | 12,349,922 | 12,349,922 |
- | 86,764 | - | 86,764 | 86,764 |
- | 10,203 | - | 10,203 | 10,203 |
- | 1,394,987 | - | 1,394,987 | 1,394,987 |
- | 8,509,733 | - | 8,509,733 | 8,509,733 |
- | 1,201,241 | - | 1,201,241 | 1,201,241 |
- | 2,027,346 | - | 2,027,346 | 1,997,624 |
- | 13,230,274 | - | 13,230,274 | 13,200,552 |
- | 13,230,274 | - | 13,230,274 | 13,200,552 |
Financial instruments - Accounting clasifications (Contd.) Company - As at 31 March 2025
Financial assets measured at fair value
Financial assets - FVTPL Financial assets - FVTOCI
Financial assets not measured at fair value
Cash at banks and in hand
Amounts due from related companies Financial assets at amortised cost
Total financial assets
Financial liabilities not measured at fair value
Bank overdrafts
Amounts due to related companies Trade and other payables
Short term borrowings Long term borrowings Borrowings on debentures
Financial assets -FVTPL | Financial assets/ liabilities at amortised cost | Financial assets -FVTOCI | Total carrying amount | Fair value |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 |
4,199,601 | - | - | 4,199,601 | 4,199,601 |
- | - | 5,000 | 5,000 | 5,000 |
4,199,601 | - | 5,000 | 4,204,601 | 4,204,601 |
- | 76,453 | - | 76,453 | 76,453 |
- | 49,896 | - | 49,896 | 49,896 |
- | 6,658,126 | - | 6,658,126 | 6,658,126 |
- | 6,784,475 | - | 6,784,475 | 6,784,475 |
4,199,601 | 6,784,475 | 5,000 | 10,989,076 | 10,989,076 |
- | 1,280,713 | - | 1,280,713 | 1,280,713 |
- | 13,579 | - | 13,579 | 13,579 |
- | 2,454,479 | - | 2,454,479 | 2,454,479 |
- | 5,646,043 | - | 5,646,043 | 5,646,043 |
- | 1,602,001 | - | 1,602,001 | 1,602,001 |
- | 2,028,553 | - | 2,028,553 | 1,951,871 |
- | 13,025,368 | - | 13,025,368 | 12,948,686 |
- | 13,025,368 | - | 13,025,368 | 12,948,686 |
Total financial liabilities Company - As at 31 March 2024
Financial assets measured at fair value
Financial assets - FVTPL Financial assets - FVTOCI
Financial assets not measured at fair value
Cash at banks and in hand
Amounts due from related companies Financial assets at amortised cost
Total financial assets
Financial liabilities not measured at fair value
Bank overdrafts
Amounts due to related companies Trade and other payables
Short term borrowings Long term borrowing Borrowings on debentures
18
Total financial liabilities
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