First Capital Holdings PLC
PROVISIONAL FINANCIAL STATEMENTS
Quarter ended 31 March 2024
REVIEW OF OPERATIONS
First Capital Holdings PLC (the Group) recorded a Total Comprehensive Income of Rs. 10.1Bn for the year ended 31 March 2024 compared to Rs. 2.7Bn in the previous year.
The contribution made by the Group's Primary Dealer division resulted in a significant increase in the Group's trading income for the year 2023/24 compared to the previous year. During the period under review, a considerable decline in interest rates was witnessed which resulted in creating a favourable market position.
The Primary Dealer division reported a Profit after Tax of Rs. 11.1Bn for the year ended 31 March 2024 (2022/23 - Profit after Tax of Rs. 2.9Bn). The results include trading gains on government securities portfolio amounting to Rs. 15.8Bn and net interest income of Rs. 3.2Bn (2022/23 - Trading gains on government securities portfolio of Rs. 2.4Bn and net interest income of Rs. 3.6Bn were reported).
The Corporate Dealing Securities division reported a Profit after Tax of Rs. 215Mn for the year ended 31 March 2024 (2022/23 - Profit after Tax of Rs. 40Mn).
The Wealth Management division reported a Profit after Tax of Rs. 6.3Mn for the year ended 31 March 2024 (2022/23 - Loss after Tax of Rs. 0.4Mn). The assets under management of the division stood at Rs. 93.9Bn as of 31 March 2024 (31 March 2023 - Rs. 40.5Bn).
The Stock Brokering division recorded a Profit after Tax of Rs. 8Mn for the year ended 31 March 2024 (2022/23 - Profit after tax of Rs. 109Mn).
In March 2024, the Board of Directors of the Company declared 2nd interim dividend of Rs. 5.00 per share amounting to Rs. 2Bn for the year 2023/24. Accordingly, the total dividend per share declared for the year is Rs. 17.25 with an aggregate dividend payment of Rs. 7Bn.
The Credit Ratings of First Capital Holdings PLC and First Capital Treasuries PLC were reaffirmed by Lanka Credit Rating Agency Limited (LRA) at "A" changing the outlook from stable to positive in May 2024.
(Sgd.)
Dilshan Wirasekara Managing Director/ CEO
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC |
Quarter ended 31 March 2024 | 1 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | |||||
For the period | Notes | January ~ March | April ~ March | ||
2024 | 2023 | 2024 | 2023 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
Income | 5,833,177 | 4,336,393 | 29,563,657 | 14,296,944 | |
Direct income | 5,830,391 | 4,329,633 | 29,558,233 | 14,279,729 | |
Direct expenses | (2,336,236) | (2,852,721) | (9,926,864) | (9,587,212) | |
Net trading income | 3,494,155 | 1,476,912 | 19,631,369 | 4,692,517 | |
Other income | 1 | 2,786 | 6,760 | 5,424 | 17,215 |
Gain / (Loss) on fair valuation of financial assets recognised through profit or | (1,191,517) | 758,925 | 568,548 | 921,234 | |
loss measured at fair value | |||||
2,305,424 | 2,242,597 | 20,205,341 | 5,630,966 | ||
Operating expenses | |||||
Administrative expenses | (504,012) | (531,653) | (3,312,936) | (1,026,256) | |
Sales and distribution expenses | (73,721) | (29,253) | (123,406) | (41,237) | |
Other operating expenses | (78,727) | (165,138) | (560,329) | (617,254) | |
(Provision)/ Reversal for impairment of financial assets at amortised cost | 62,978 | (96,266) | 100,624 | (120,443) | |
(593,482) | (822,310) | (3,896,047) | (1,805,190) | ||
Profit before tax | 1,711,942 | 1,420,287 | 16,309,294 | 3,825,776 | |
Income tax expense | 2 | (911,444) | (434,454) | (6,152,959) | (1,178,512) |
Profit for the period | 800,498 | 985,833 | 10,156,335 | 2,647,264 | |
Other comprehensive income | |||||
Items that will never be reclassified to profit or loss |
Actuarial loss on defined benefit plans
Gain / (Loss) on financial assets fair value through other comprehensive income
Tax effect on other comprehensive income
Other comprehensive income / (loss) for the period
Total comprehensive income for the period
Profit attributable to:
Equity holders of the parent
Non - controlling interest
(18,814) | (15,348) | (18,814) | (15,348) | ||||
(26,125) | 82,138 | (36,182) | 82,138 | ||||
5,644 | 4,604 | 5,644 | 4,604 | ||||
(39,295) | 71,394 | (49,352) | 71,394 | ||||
761,203 | 1,057,227 | 10,106,983 | 2,718,658 | ||||
685,508 | 881,865 | 8,970,513 | 2,341,528 | ||||
114,990 | 103,968 | 1,185,822 | 305,736 | ||||
800,498 | 985,833 | 10,156,335 | 2,647,264 | ||||
Total comprehensive income attributable to: | ||||||
Equity holders of the parent | 646,388 | 953,521 | 8,921,336 | 2,413,184 | ||
Non - controlling interest | 114,815 | 103,706 | 1,185,647 | 305,474 | ||
761,203 | 1,057,227 | 10,106,983 | 2,718,658 | |||
Basic earnings per share (Rs.) | 3 | 1.69 | 2.18 | 22.15 | 5.78 | |
Figures in bracket indicate deductions. | ||||||
Note: All values are in Rupees '000 unless otherwise stated. | ||||||
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC | |||||
Quarter ended 31 March 2024 | 2 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Company | |||||
For the period | Notes | January ~ March | April ~ March | ||
2024 | 2023 | 2024 | 2023 | ||
(Unaudited) (Unaudited) | (Unaudited) | (Audited) | |||
Income | 333,123 | 1,037,132 | 2,077,271 | 3,741,216 | |
Direct income | 333,122 | 1,037,132 | 2,077,268 | 3,741,216 | |
Direct expenses | (365,685) | (791,559) | (1,887,035) | (2,928,094) | |
Net trading income / (expenses) | (32,563) | 245,573 | 190,233 | 813,122 | |
Other income | 1 | 1 | - | 3 | - |
Gain/ (loss) on fair valuation of financial assets recognised through profit or loss | 135,954 | 22,200 | 428,202 | (181,697) | |
measured at fair value | |||||
103,392 | 267,773 | 618,438 | 631,425 | ||
Operating expenses | |||||
Administrative expenses | (71,451) | (48,505) | (426,675) | (102,075) | |
Sales and distribution expenses | (34,964) | (4,166) | (39,540) | (5,917) | |
Other operating expenses / (reversal) | 16,272 | (28,811) | (4,146) | (112,596) | |
(Provision)/ reversal for impairment of financial assets at amortised cost | 30,297 | (52,812) | 43,796 | (51,850) | |
(59,846) | (134,294) | (426,565) | (272,438) | ||
Operating profit | 43,546 | 133,479 | 191,873 | 358,987 | |
Share of profit from equity accounted investee (net of tax) | 646,561 | 791,265 | 8,832,996 | 2,120,081 | |
Profit before tax | 690,107 | 924,744 | 9,024,869 | 2,479,068 | |
Income tax expense | 2 | (4,599) | (38,817) | (54,356) | (127,324) |
Profit for the period | 685,508 | 885,927 | 8,970,513 | 2,351,744 | |
Other comprehensive income | |||||
Items that will never be reclassified to profit or loss | |||||
Actuarial loss on defined benefit plans | (3,983) | - | (3,983) | - | |
Tax effect on other comprehensive income | 1,195 | - | 1,195 | - | |
Share of other comprehensive income/ (loss) from equity accounted investees | (36,332) | 71,656 | (46,389) | 71,656 | |
Other comprehensive income / (loss) for the period | (39,120) | 71,656 | (49,177) | 71,656 | |
Total comprehensive income for the period | 646,388 | 957,583 | 8,921,336 | 2,423,400 | |
Basic earnings per share (Rs.) | 3 | 1.69 | 2.19 | 22.15 | 5.81 |
Figures in bracket indicate deductions. | |||||
Note: All values are in Rupees '000 unless otherwise stated. |
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC |
Quarter ended 31 March 2024 | 3 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Group | Company | ||||
As at | 31 March 2024 | 31 March 2023 | 31 March 2024 | 31 March 2023 | |
(Unaudited) | (Audited) | (Unaudited) | (Audited) | ||
ASSETS | |||||
Cash at banks and in hand | 178,382 | 110,372 | 76,453 | 18,321 | |
Derivative financial instruments | 51,933 | 51,194 | - | - | |
Financial assets recognised through profit or loss -measured at fair value | 62,529,964 | 53,726,232 | 4,199,601 | 1,735,025 | |
Financial assets - fair value through other comprehensive income | 83,350 | 116,773 | 5,000 | - | |
Financial assets at amortised cost | 11,170,905 | 11,225,039 | 6,658,126 | 9,397,239 | |
Amounts due from related companies | - | 66 | 49,896 | 20,309 | |
Trade and other receivables | 3,686,573 | 1,026,095 | 2,045,044 | 923,598 | |
Non - current assets held for sale | 42,416 | 42,416 | - | - | |
Taxes receivable | 133,206 | 36,415 | 46,029 | - | |
Investment in subsidiary | - | - | 6,998,827 | 4,412,989 | |
Deferred tax asset | 151,457 | 125,182 | 9,216 | 16,848 | |
Property, plant and equipment and right of use assets | 518,957 | 43,860 | 27,151 | 19,770 | |
Intangible assets | 123,441 | 122,545 | 4,228 | 2,960 | |
TOTAL ASSETS | 78,670,584 | 66,626,189 | 20,119,571 | 16,547,059 | |
LIABILITIES | |||||
Bank overdrafts | 1,533,643 | 448,194 | 1,280,713 | 192,627 | |
Derivative financial instruments | 71,742 | 153,586 | - | - | |
Securities sold under re-purchase agreements | 50,051,368 | 46,330,589 | - | - | |
Short term borrowings | 5,488,529 | 7,080,975 | 5,646,043 | 7,215,752 | |
Amounts due to related companies | 2,375 | 4,652 | 13,579 | 945 | |
Trade and other payables | 6,069,759 | 1,450,376 | 2,410,319 | 77,999 | |
Taxes payable | 3,033,571 | 746,012 | - | 34,905 | |
Deferred tax liability | 17,503 | - | - | - | |
Long term borrowings | 1,602,001 | 902,217 | 1,602,001 | 902,217 | |
Retirement benefit obligations | 84,466 | 53,063 | 19,365 | - | |
Borrowings on debentures | 2,775,148 | 2,775,692 | 2,028,553 | 2,027,452 | |
TOTAL LIABILITIES | 70,730,105 | 59,945,356 | 13,000,573 | 10,451,897 | |
EQUITY | |||||
Stated capital | 227,500 | 227,500 | 227,500 | 227,500 | |
Risk reserve | 2,492,889 | 1,497,150 | 2,492,889 | 1,497,150 | |
Retained earnings | 4,436,368 | 4,586,330 | 4,436,368 | 4,586,330 | |
Fair valuation reserve | (37,759) | (215,818) | (37,759) | (215,818) | |
Equity attributable to the equity holders of the parent | 7,118,998 | 6,095,162 | 7,118,998 | 6,095,162 | |
Non- controlling interest | 821,481 | 585,671 | - | - | |
TOTAL EQUITY | 7,940,479 | 6,680,833 | 7,118,998 | 6,095,162 | |
TOTAL EQUITY AND LIABILITIES | 78,670,584 | 66,626,189 | 20,119,571 | 16,547,059 | |
Net asset per share (Rs.) | 17.58 | 15.05 | 17.58 | 15.05 | |
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 | Nishan Fernando |
Managing Director/ CEO | Chairman |
30 May 2024 | |
Colombo. | |
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC |
Quarter ended 31 March 2024 | 4 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2024 | Attributable to equity holders of the parent | Non- | Total | ||||||
Stated | Risk | Retained | Fair Valuation | Total | controlling | Equity | |||
Capital | Reserve | Earnings | Reserve | Interest | |||||
Group | |||||||||
Balance as at 1 April 2022 (Audited) | 227,500 | 1,239,478 | 2,881,654 | (297,957) | 4,050,675 | 414,597 | 4,465,272 | ||
Impact on surcharge tax | - | - | (378,913) | - | (378,913) | (39,149) | (418,062) | ||
Adjusted balance as at 1 April 2022 | 227,500 | 1,239,478 | 2,502,741 | (297,957) | 3,671,762 | 375,448 | 4,047,210 | ||
Total comprehensive income for the year | |||||||||
Profit for the year | - | - | 2,341,528 | - | 2,341,528 | 305,736 | 2,647,264 | ||
Other comprehensive income / (loss) for the year | - | - | (10,482) | 82,138 | 71,656 | (262) | 71,394 | ||
Total comprehensive income | - | - | 2,331,046 | 82,138 | 2,413,184 | 305,474 | 2,718,658 | ||
Transactions with equity holders | |||||||||
Dividend paid to shareholders with NCI* | - | - | - | - | - | (99,659) | (99,659) | ||
Adjustment due to change in share ownership | - | (1,326) | 11,541 | 1 | 10,216 | 4,408 | 14,624 | ||
Total distribution to equity holders | - | (1,326) | 11,541 | 1 | 10,216 | (95,251) | (85,035) | ||
Transfers to risk reserve | - | 258,998 | (258,998) | - | - | - | - | ||
Balance as at 31 March 2023 (Audited) | 227,500 | 1,497,150 | 4,586,330 | (215,818) | 6,095,162 | 585,671 | 6,680,833 | ||
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 / (loss) | - | - | 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) | ||
nd | Interim - 2023/24) | - | - | (2,025,000) | - | (2,025,000) | - | (2,025,000) | |
Dividend declared (2 | |||||||||
st | - | - | - | - | - | (655,060) | (655,060) | ||
Dividend paid to shareholders with NCI* (1 Interim - 2023/24) | |||||||||
nd | Interim - 2023/24) | - | - | - | - | - | (294,777) | (294,777) | |
Dividend declared to shareholders with NCI* (2 | |||||||||
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 (Unaudited) | 227,500 | 2,492,889 | 4,436,368 | (37,759) | 7,118,998 | 821,481 | 7,940,479 | ||
* Non controlling interest |
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC |
Quarter ended 31 March 2024 | 5 |
STATEMENT OF CHANGES IN EQUITY
Fair | ||||||||
For the year ended 31 March 2024 | Stated | Risk | Retained | Valuation | Total | |||
Capital | Reserve | Earnings | Reserve | Equity | ||||
Company | ||||||||
Balance as at 1 April 2022 (Audited) | 227,500 | 1,239,478 | 2,881,654 | (297,957) | 4,050,675 | |||
Impact on surcharge tax | - | - | (378,913) | - | (378,913) | |||
Adjusted balance as at 1 April 2022 | 227,500 | 1,239,478 | 2,502,741 | (297,957) | 3,671,762 | |||
Total comprehensive income for the year | ||||||||
Profit for the year | - | - | 2,351,744 | - | 2,351,744 | |||
Other comprehensive income / (loss) for the year | - | - | (10,482) | 82,138 | 71,656 | |||
Total comprehensive income | - | - | 2,341,262 | 82,138 | 2,423,400 | |||
Transactions with equity holders | ||||||||
Adjustment due to change in share ownership | - | (1,326) | 1,325 | 1 | - | |||
Total distribution to equity holders | - | (1,326) | 1,325 | 1 | - | |||
Transfer to risk reserve | - | 258,998 | (258,998) | - | - | |||
Balance as at 31 March 2023 (Audited) | 227,500 | 1,497,150 | 4,586,330 | (215,818) | 6,095,162 | |||
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 / (loss) | - | - | 8,957,518 | (36,182) | 8,921,336 | |||
Transactions with equity holders | ||||||||
Dividend paid (Interim - 2022/23) | - | - | (911,250) | - | (911,250) | |||
st | - | - | (4,961,250) | - | (4,961,250) | |||
Dividend paid (1 Interim - 2023/24) | ||||||||
nd | Interim - 2023/24) | - | - | (2,025,000) | - | (2,025,000) | ||
Dividend declared (2 | ||||||||
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 (Unaudited) | 227,500 | 2,492,889 | 4,436,368 | (37,759) | 7,118,998 | |||
Figures in bracket indicate deductions. | ||||||||
Note: All values are in Rupees '000 unless otherwise stated. |
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC |
Quarter ended 31 March 2024 | 6 |
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period
Cash flows from operating activities
Interest receipts and gains realised
Interest payments and other direct cost
Other receipts
Cash payments to employees and suppliers
Operating profit before changes in operating assets and liabilities
(Increase)/ Decrease in financial assets recognised through profit or loss - measured at fair value
(Increase)/ Decrease in financial assets at amortised cost (Increase)/ Decrease in trade and other receivables (Increase)/ Decrease in group balances receivable Increase/ (Decrease) in trade and other payables Increase/ (Decrease) in group balances payable Decrease in other short term borrowings
Increase in borrowings against re-purchase agreements
Cash generated from/ (used in) operations
Tax paid
Gratuity paid
Net cash flow generated from/ (used in) operating activities
Cash flow from investing activities
Purchase of property, plant, equipment and intangible assets Proceeds from disposal of property plant and equipment Dividend receipts
Investment in financial assets - fair value through other comprehensive income Proceeds from disposal of financial assets - fair value through other comprehensive income
Net disposal proceeds from equity stake in subsidiary
Net cash flow generated from/ (used in) investing activities
Cash flow from financing activities
Dividend paid (Interim - 2022/23)
Dividend paid (1st Interim - 2023/24)
Dividend paid to shareholders with NCI
Repayment of long term borrowings
Proceeds from long term borrowings
Net cash flow generated from /(used in) financing activities
Net cash inflow/ (outflow) for the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year (Note A)
Note A
Cash at bank and hand
Bank overdraft
Figures in bracket indicate deductions.
Note: All values are in Rupees '000 unless otherwise stated.
Group | Company | ||
April ~ March | April ~ March | ||
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Audited) | (Unaudited) | (Audited) |
29,214,940 | 13,990,965 | 2,066,610 | 3,733,111 |
(8,645,084) | (9,301,365) | (1,869,403) | (2,917,673) |
5,103 | 17,215 | 3 | - |
(741,680) | (1,806,249) | (125,207) | (208,435) |
19,833,279 | 2,900,566 | 72,003 | 607,003 |
(8,317,766) | (22,633,310) | (2,036,375) | 1,303,721 |
455,951 | (2,044,819) | 2,793,567 | (656,126) |
(2,660,478) | 397,075 | (1,121,446) | (2,007) |
66 | 683 | (99,418) | (11,836) |
(2,093,064) | 491,105 | 19,357 | 30,455 |
(2,277) | (919) | 12,634 | (1,151) |
(1,608,786) | (1,070,219) | (1,586,454) | (1,045,712) |
2,454,580 | 22,251,012 | - | - |
8,061,505 | 291,174 | (1,946,132) | 224,347 |
(2,651,963) | (728,686) | (80,433) | (80,210) |
(4,200) | (11,948) | - | - |
5,405,342 | (449,460) | (2,026,565) | 144,137 |
(340,107) | (32,093) | (26,658) | (12,164) |
321 | 144 | - | - |
42,101 | 47,376 | 6,200,769 | - |
(5,000) | - | (5,000) | - |
2,241 | - | - | - |
- | 14,624 | - | - |
(300,444) | 30,051 | 6,169,111 | (12,164) |
(911,250) | - | (911,250) | - |
(4,961,250) | - | (4,961,250) | - |
(949,837) | (99,659) | - | - |
(300,000) | (100,000) | (300,000) | (100,000) |
1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
(6,122,337) | 800,341 | (5,172,500) | 900,000 |
(1,017,439) | 380,932 | (1,029,954) | 1,031,973 |
(337,822) | (718,754) | (174,306) | (1,206,279) |
(1,355,261) | (337,822) | (1,204,260) | (174,306) |
178,382 | 110,372 | 76,453 | 18,321 |
(1,533,643) | (448,194) | (1,280,713) | (192,627) |
(1,355,261) | (337,822) | (1,204,260) | (174,306) |
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC |
Quarter ended 31 March 2024 | 7 |
NOTES TO THE FINANCIAL STATEMENTS
1 | Other income | ||||
For the period - Group | January ~ March | April ~ March | |||
2024 | 2023 | 2024 | 2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Exchange gain/(loss) | (9) | (15) | (38) | 38 | |
Profit on sale of property, plant and equipment | 18 | 142 | 339 | 142 | |
Miscellaneous income | 2,777 | 6,633 | 5,123 | 17,035 | |
2,786 | 6,760 | 5,424 | 17,215 | ||
For the period - Company | January ~ March | April ~ March | |||
2024 | 2023 | 2024 | 2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Miscellaneous income | 1 | - | 3 | - | |
1 | - | 3 | - | ||
2 | Income tax expenses | ||||
For the period - Group | January ~ March | April ~ March | |||
2024 | 2023 | 2024 | 2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Current tax expenses | (522,146) | (299,250) | (5,011,143) | (971,222) | |
(Under) / Over provision for taxes | 66,510 | (42,993) | 66,510 | (42,993) | |
Deferred tax recognised/ (reversals) | (69,495) | 70,167 | 3,128 | (1,919) | |
Tax on dividend | (386,313) | (162,378) | (1,211,454) | (162,378) | |
(911,444) | (434,454) | (6,152,959) | (1,178,512) | ||
For the period - Company | January ~ March | April ~ March | |||
2024 | 2023 | 2024 | 2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Current tax expenses | (3,033) | (54,412) | (48,249) | (143,186) | |
Under provision for taxes | 2,720 | - | 2,720 | - | |
Deferred tax (expenses)/ reversal | (4,286) | 15,595 | (8,827) | 15,862 | |
(4,599) | (38,817) | (54,356) | (127,324) |
- 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. - These Provisional Financial Statements for the quarter ended 31 March 2024 have been prepared in accordance with
Sri Lanka Accounting Standard (LKAS 34) "Interim Financial Reporting".
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC |
Quarter ended 31 March 2024 | 8 |
NOTES TO THE FINANCIAL STATEMENTS
5 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 - 1
Financial 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 - 2
Financial 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 - 3
Valuation 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.
5.1 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 | As at 31.03.2024 | As at 31.03.2023 | ||||
Carrying | Carrying | |||||
Amount | Fair Value | Amount | Fair Value | |||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Financial assets measured at fair value | ||||||
Derivative financial instruments | 51,933 | 51,933 | 51,194 | 51,194 | ||
Financial assets recognised through profit or loss - measured at | 62,529,964 | 62,529,964 | 53,726,232 | 53,726,232 | ||
fair value | ||||||
Financial assets - fair value through other comprehensive | 83,350 | 83,350 | 116,773 | 116,773 | ||
income | ||||||
62,665,247 | 62,665,247 | 53,894,199 | 53,894,199 | |||
Financial assets not measured at fair value | ||||||
Cash at banks and in hand | 178,382 | 178,382 | 110,372 | 110,372 | ||
Financial assets at amortised cost | 11,170,905 | 11,170,905 | 11,225,039 | 11,225,039 | ||
Amounts due from related companies | - | - | 66 | 66 | ||
Trade receivables | 3,072,282 | 3,072,282 | 560,150 | 560,150 | ||
14,421,569 | 14,421,569 | 11,895,627 | 11,895,627 | |||
Total financial assets | 77,086,816 | 77,086,816 | 65,789,826 | 65,789,826 | ||
Financial liabilities measured at fair value | ||||||
Derivative financial instruments | 71,742 | 71,742 | 153,586 | 153,586 | ||
71,742 | 71,742 | 153,586 | 153,586 | |||
Financial liabilities not measured at fair value | ||||||
Bank overdrafts | 1,533,643 | 1,533,643 | 448,194 | 448,194 | ||
Amounts due to related companies | 2,375 | 2,375 | 4,652 | 4,652 | ||
Trade and other payables | 5,728,347 | 5,728,347 | 1,090,977 | 1,090,977 | ||
Securities sold under re-purchase agreements | 50,051,368 | 50,260,785 | 46,330,589 | 46,314,954 | ||
Short term borrowings | 5,488,529 | 5,488,529 | 7,080,975 | 7,080,975 | ||
Long term borrowings | 1,602,001 | 1,602,001 | 902,217 | 902,217 | ||
Borrowings on debentures | 2,775,148 | 2,689,061 | 2,775,692 | 1,915,259 | ||
67,181,411 | 67,304,741 | 58,633,296 | 57,757,228 | |||
Total financial liabilities | 67,253,153 | 67,376,483 | 58,786,882 | 57,910,814 | ||
Provisional Financial Statements | FIRST CAPITAL HOLDINGS PLC | |||||
Quarter ended 31 March 2024 | 9 |
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