CONDENSED
INTERIM
FINANCIAL STATEMENTS
For the period ended 30th June 2024 | PMF FINANCE PLC |
Contents
Interim Financial Information
Condensed Statement of Financial Position | 03 |
Condensed Statement of Profit or Loss - Company | 04 |
Statement of Profit or Loss - Group | 05 |
Condensed Statement of Comprehensive Income - Company | 06 |
Condensed Statement of Comprehensive Income - Group | 07 |
Condensed Statement of Changes in Equity - Company | 08 |
Condensed Statement of Changes in Equity - Group | 09 |
Condensed Statement of Cash Flows | 10 |
Segmental Analysis | 11 |
Explanatory Note | 12 |
Corporate Information | 18 |
Page 2
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION
Company | Group | ||||||
As at, | 30.06.2024 | 31.03.2024 | 30.06.2024 | 31.03.2024 | |||
Notes | Unaudited | Audited | Change % | Unaudited | Audited | Change % | |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
Assets | |||||||
Cash and cash equivalents | 11.1 | 434,326 | 673,411 | (35.5) | 434,326 | 673,411 | (35.5) |
Placements with banks and financial institutions | 11.1 | 1,167,786 | 1,455,435 | (19.8) | 1,167,786 | 1,455,435 | (19.8) |
Financial assets measured at fair value | 11.1 | 2,475,252 | 1,730,481 | 43.0 | 2,475,252 | 1,730,481 | 43.0 |
Financial assets measured at amortised cost - Loans and | 11.1 | 12,469,078 | 11,242,525 | 10.9 | 12,469,078 | 11,242,525 | 10.9 |
advances | |||||||
Real estate inventories | 57,846 | 56,905 | 1.7 | 57,846 | 56,905 | 1.7 | |
Property, plant and equipment | 287,654 | 268,886 | 7.0 | 287,654 | 268,886 | 7.0 | |
Intangible assets | 58,992 | 60,285 | (2.1) | 58,992 | 60,285 | (2.1) | |
Right of use assets | 176,030 | 168,098 | 4.7 | 176,030 | 168,098 | 4.7 | |
Deferred tax assets | 122,345 | 122,345 | - | 122,345 | 122,345 | - | |
Other Assets | 773,365 | 538,830 | 43.5 | 773,365 | 538,830 | 43.5 | |
Total Assets | 18,022,673 | 16,317,201 | 10.5 | 18,022,673 | 16,317,201 | 10.5 | |
Liabilities | |||||||
Due to banks | 11.1 | 1,882,596 | 1,741,718 | 8.1 | 1,882,596 | 1,741,718 | 8.1 |
Financial liabilities at amortised cost - due to depositors | 11.1 | 12,590,724 | 11,238,015 | 12.0 | 12,590,724 | 11,238,015 | 12.0 |
Debt securities issued | 11.1 | 18,550 | 18,400 | 0.8 | 18,550 | 18,400 | 0.8 |
Lease liabilities | 11.2 | 180,586 | 170,393 | 6.0 | 180,586 | 170,393 | 6.0 |
Employee benefit obligation | 17,922 | 16,205 | 10.6 | 17,922 | 16,205 | 10.6 | |
Other liabilities | 568,298 | 409,117 | 38.9 | 568,298 | 409,117 | 38.9 | |
Total Liabilities | 15,258,676 | 13,593,849 | 12.2 | 15,258,676 | 13,593,849 | 12.2 | |
Equity | |||||||
Stated capital | 3,762,054 | 3,762,054 | (0.0) | 3,762,054 | 3,762,054 | (0.0) | |
Statutory reserve fund | 21,202 | 21,202 | (0.0) | 21,202 | 21,202 | (0.0) | |
Regulatory loss allowances reserve | 54,173 | 54,173 | 0.00 | 54,173 | 54,173 | 0.00 | |
Accumulated losses | (1,073,432) | (1,114,077) | 3.6 | (1,073,432) | (1,114,077) | 3.6 | |
Total Equity | 2,763,997 | 2,723,352 | 1.5 | 2,763,997 | 2,723,352 | 1.5 | |
Total Liabilities & Equity | 18,022,673 | 16,317,201 | 10.5 | 18,022,673 | 16,317,201 | 10.5 | |
Contingent liabilities and commitments | 76,424 | 44,042 | 73.5 | 76,424 | 44,042 | 73.5 | |
Net assets value per ordinary share (Rs.) | 6.82 | 6.72 | 1.5 | 6.82 | 6.72 | 1.5 | |
(0) | (0) | (0) | (0) | (0) | |||
CERTIFICATION |
We certify that the above interim financial statements are in compliance with the requirement of the Companies Act No 07 of 2007.
Sgd. | Sgd. |
Achan Chandula | Ajith Medis |
Chief Manager-Finance | Designated Chief Executive Officer |
The Board of Directors is responsible for the preparation and presentation of these Interim Financial Statements. | |
Approved and signed for and on behalf of the Board of Directors. | |
Sgd. | Sgd. |
Chandula Abeywickrema | Rangana Koralage |
Chairman | Director |
14th August 2024
Colombo
Page 3
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF PROFIT OR LOSS-COMPANY
For the three months ended | For the quarter ended | |||||
As at, | 30.06.2024 | 30.06.2023 | Change | 30.06.2024 | 30.06.2023 | Change |
Unaudited | Unaudited | Unaudited | Unaudited | |||
% | % | |||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Gross Income | 988,081 | 749,604 | 31.8 | 988,081 | 749,604 | 31.8 |
Interest income | 921,168 | 691,815 | 33.2 | 921,168 | 691,815 | 33.2 |
Less: Interest expense | 503,942 | 502,334 | (0.3) | 503,942 | 502,334 | (0.3) |
Net interest income | 417,226 | 189,481 | 120.2 | 417,226 | 189,481 | 120.2 |
Fee and commission income | 13,953 | 9,890 | 41.1 | 13,953 | 9,890 | 41.1 |
Net fair value gain from financial assets at FVTPL | 25,340 | 39,855 | (36.4) | 25,340 | 39,855 | (36.4) |
Other operating income | 27,620 | 8,044 | 243.4 | 27,620 | 8,044 | 243.4 |
Total operating income | 484,139 | 247,270 | 95.8 | 484,139 | 247,270 | 95.8 |
Less: Impairment charges for loans and receivables and other | 98,792 | 62,704 | (57.6) | 98,792 | 62,704 | (57.6) |
losses | ||||||
Net operating income | 385,347 | 184,566 | 108.8 | 385,347 | 184,566 | 108.8 |
Less: Personnel Expenses | 122,994 | 96,409 | (27.6) | 122,994 | 96,409 | (27.6) |
Depreciation of property, plant and equipment | 14,617 | 10,713 | (36.4) | 14,617 | 10,713 | (36.4) |
Amortisation of intangible assets | 1,292 | (68) | 1,989.8 | 1,292 | (68) | 1989.8 |
Amortisation of right of use assets | 15,524 | 12,824 | (21.1) | 15,524 | 12,824 | (21.1) |
Other expenses | 170,457 | 111,584 | (52.8) | 170,457 | 111,584 | (52.8) |
Operating profit / (loss) before tax on financial services | 60,463 | (46,896) | 228.9 | 60,463 | (46,896) | 228.9 |
Less : Tax on financial services | 19,817 | 7,186 | (175.8) | 19,817 | 7,186 | (175.8) |
Profit /(loss) before income tax | 40,646 | (54,082) | 175.2 | 40,646 | (54,082) | 175.2 |
(Less)/Add: Income tax (expense)/reversal | - | - | - | - | - | |
Profit/(loss) for the period | 40,646 | (54,082) | 175.2 | 40,646 | (54,082) | 175.2 |
Basic earnings/(loss) per share - (Rs) | 0.10 | (0.13) | 175.2 | 0.10 | (0.13) | 175.2 |
Page 4
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF PROFIT OR LOSS-GROUP
For the three months ended | For the quarter ended | |||||
As at, | 30.06.2024 | 30.06.2023 | 30.06.2024 | 30.06.2023 | Change | |
Unaudited | Unaudited | Change % | Unaudited | Unaudited | ||
% | ||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Gross Income | 988,081 | 749,604 | 31.8 | 988,081 | 749,604 | 31.8 |
Interest income | 921,168 | 691,815 | 33.2 | 921,168 | 691,815 | 33.2 |
Less: Interest expense | 503,942 | 502,334 | (0.3) | 503,942 | 502,334 | (0.3) |
Net interest income | 417,226 | 189,481 | 120.2 | 417,226 | 189,481 | 120.2 |
Fee and commission income | 13,953 | 9,890 | 41.1 | 13,953 | 9,890 | 41.1 |
Net fair value gain/(loss) from financial assets at FVTPL | 25,340 | 39,855 | (36.4) | 25,340 | 39,855 | (36.4) |
Other operating income | 27,620 | 8,044 | 243.4 | 27,620 | 8,044 | 243.4 |
Total operating income | 484,139 | 247,270 | 95.8 | 484,139 | 247,270 | 95.8 |
Less: Net impairment charges/ (reversal) on financial assets | 98,792 | 62,704 | (57.6) | 98,792 | 62,704 | (57.6) |
Net operating income | 385,347 | 184,566 | 108.8 | 385,347 | 184,566 | 108.8 |
Less: Personnel Expenses | 122,994 | 96,409 | (27.6) | 122,994 | 96,409 | (27.6) |
Depreciation of property, plant and equipment | 14,617 | 10,713 | (36.4) | 14,617 | 10,713 | (36.4) |
Amortisation of intangible assets | 1,292 | (68) | (1,989.8) | 1,292 | (68) | (1,989.8) |
Amortisation of right of use assets | 15,524 | 12,824 | (21.1) | 15,524 | 12,824 | (21.1) |
Other expenses | 170,457 | 111,584 | (52.8) | 170,457 | 111,584 | (52.8) |
Operating profit/(loss) before tax on financial services | 60,463 | (46,896) | 228.9 | 60,463 | (46,897) | 228.9 |
Less : Tax on financial services | 19,817 | 7,186 | (175.8) | 19,817 | 7,186 | (175.8) |
Profit/(loss) before income tax | 40,646 | (54,082) | 175.2 | 40,646 | (54,083) | 175.2 |
(Less)/Add: Income tax (expense)/reversal | - | - | - | - | - | - |
Profit/(loss) for the period | 40,646 | (54,082) | 175.2 | 40,646 | (54,082) | 175.2 |
Basic earnings/(loss) per share - (Rs) | 0.10 | (0.39) | 125.7 | 0.10 | (0.17) | 160.6 |
Page 5
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY
For the three months ended | For the quarter ended | ||||||
As at, | 30.06.2024 | 30.06.2023 | Change | 30.06.2024 | 30.06.2023 | Change | |
Unaudited | Unaudited | Unaudited | Unaudited | ||||
% | % | ||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
Profit / (loss) for the period | 40,646 | (54,082) | 175.2 | 40,646 | (54,082) | 175.2 | |
FINANCIAL | |||||||
Items that will not be reclassified to profit or loss | |||||||
Actuarial loss on defined benefit plans | - | - | - | - | - | - | |
Deferred tax effect on actuarial loss | - | - | - | - | - | - | |
Other comprehensive income for the period | - | - | - | - | - | - | |
Total comprehensive income/(loss) for the period | 40,646 | (54,082) | 175.2 | 40,646 | (54,082) | 175.2 |
Figures in brackets indicate deductions.
Page 6
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP
For the three months ended | For the quarter ended | ||||||
As at, | 30.06.2024 | 30.06.2023 | Change | 30.06.2024 | 30.06.2023 | ||
Unaudited | Unaudited | Unaudited | Unaudited | Change % | |||
% | |||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
Profit / (loss) for the period | 40,646 | (54,082) | 175.2 | 40,646 | (54,082) | 175.2 | |
FINANCIAL | |||||||
Items that will not be reclassified to profit or loss | |||||||
Actuarial loss on defined benefit plans | - | - | - | - | - | - | |
Deferred tax effect on actuarial loss | - | - | - | - | - | - | |
Other comprehensive income for the period | - | - | - | - | - | - | |
Total comprehensive income/(loss) for the period | 40,646 | (54,082) | 175.2 | 40,646 | (54,082) | 175.2 |
Figures in brackets indicate deductions.
Page 7
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY - COMPANY
Company | Ordinary share | Reserve fund | Regulatory | Retained earnings | Total equity |
capital | loss | ||||
In thousands of rupees | allowances | ||||
reserve | |||||
Balance as at 01st April 2023 | 3,762,054 | 20,239 | (1,072,884) | 2,709,409 | |
Loss for the period ended 30th June 2023 | - | - | (54,082) | (54,082) | |
Other comprehensive income | |||||
Total comprehensive income | - | - | (54,082) | (54,082) | |
Balance as at 30th June 2023 | 3,762,054 | 20,239 | (1,126,966) | 2,655,327 | |
Balance as at 01st April 2024 | 3,762,054 | 21,202 | 54,173 | (1,114,078) | 2,723,351 |
Profit/(loss) for the year ended 30th June 2024 | - | - | 40,646 | 40,646 | |
Other comprehensive income | |||||
Total other comprehensive income | - | - | - | - | |
Total comprehensive income /(loss) | - | - | 40,646 | 40,646 | |
Total transactions with owners of the Company | - | - | - | - | |
Balance as at 30th June 2024 | 3,762,054 | 21,202 | 54,173 | (1,073,432) | 2,763,997 |
Figures in brackets indicate deductions.
-
Page 8
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY - GROUP
Group | Regulatory | ||||
Stated capital | Reserve fund | loss allowances | Retained earnings | Total equity | |
In thousands of rupees | reserve | ||||
Balance as at 01st April 2023 | 3,762,054 | 20,239 | (1,072,884) | 2,709,409 | |
Loss for the period ended 30th June 2023 | - | - | (54,082) | (54,082) | |
Total other comprehensive income | - | - | - | - | |
Total comprehensive income | - | - | (54,082) | (54,082) | |
Total contribution and distribution | - | - | - | - | |
Total transactions with owners of the Company | - | - | - | - | |
Balance as at 30th June 2023 | 3,762,054 | 20,239 | (1,126,966) | 2,655,327 | |
Balance as at 01st April 2024 | 3,762,054 | 21,202 | 54,173 | (1,114,078) | 2,723,351 |
Profit/(loss) for the year ended 30th June 2024 | - | - | 40,646 | 40,646 | |
Total other comprehensive income/(loss) | - | - | - | - | |
Total comprehensive income | - | - | 40,646 | 40,646 | |
Total transactions with owners of the Company | - | - | - | - | |
Balance as at 30th June 2024 | 3,762,054 | 21,202 | 54,173 | (1,073,432) | 2,763,997 |
Figures in brackets indicate deductions.
Page 9
CONDENSED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS
COMPANY | GROUP | |||
As at, | 30.06.2024 | 30.06.2023 | 30.06.2024 | 30.06.2023 |
Unaudited | Unaudited | Unaudited | Unaudited | |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Cash flows from operating activities | ||||
Profit/(Loss) before tax | 40,646 | (54,082) | 40,646 | (54,313) |
Adjustment for: | ||||
- Depreciation and amortisation | 15,909 | 23,469 | 15,909 | 23,469 |
- Profit on real estate sales | - | - | - | - |
- Gain on derecognition of right-of-use assets | - | - | - | - |
- Net gain on investment securities at FVPTL | (29,235) | (39,855) | (29,235) | (39,855) |
- Net impairment loss on loans and advances | 98,792 | 62,704 | 98,792 | 62,704 |
- Interest expense on preference shares | 150 | 150 | 150 | 150 |
- Interest expense due to banks | - | - | ||
- Interest expense on leases | 30,181 | 8,106 | 30,181 | 8,106 |
- Dividend on equity securities at FVPTL | - | - | - | - |
- Interest income | (96,288) | (108,863) | (96,288) | (108,863) |
- Provision for retirement benefit obligation | 3,849 | 579 | 3,849 | 579 |
- Loss / (Gain) on disposal of property, plant and equipment | (7) | (7) | (7) | (7) |
- | ||||
Net cash used in operating activities | 63,997 | (107,799) | 63,997 | (108,030) |
Changes in | ||||
Financial assets measured at amortised cost - Loans and advances | (1,325,345) | (383,308) | (1,325,644) | (383,308) |
Other assets | (242,466) | 7,933 | (242,466) | 7,933 |
Due to customers | 1,352,708 | 1,852,455 | 1,352,708 | 1,852,455 |
Other liabilities | 164,805 | 69,689 | 165,104 | 69,735 |
13,699 | 1,438,970 | 13,699 | 1,438,786 | |
Retiring gratuity paid | - | - | - | - |
Income tax paid | - | - | - | - |
Net cash generated from / (used in) operating activities | 13,699 | 1,438,970 | 13,699 | 1,438,786 |
Cash flows from investing activities | ||||
Interest income on short term investment | 96,288 | 108,863 | 96,288 | 108,863 |
Net proceeds from investments in fixed deposits | 287,649 | (235,248) | 287,649 | (235,248) |
Net proceeds from investments in securities | (715,536) | (510,000) | (715,536) | (510,000) |
Acquisition of property, plant and equipment | (27,091) | (91,753) | (27,091) | (91,753) |
Purchase of intangible assets | - | (564) | - | (564) |
Proceeds from disposal of property, plant and equipment | - | - | - | - |
Dividends received from investments | - | - | - | - |
Net cash generated from / (used in) investing activities | (358,690) | (728,702) | (358,690) | (728,702) |
Cash flows from financing activities | ||||
Net proceeds from rights issue of shares | - | - | - | - |
Net proceeds from Borrowing from due to banks | 140,878 | (116,795) | 140,878 | (116,795) |
Lease rental payments | (34,972) | (29,621) | (34,972) | (29,621) |
Net cash generated from / (used in) financing activities | 105,905 | (146,416) | 105,905 | (146,416) |
Net increase in cash and cash equivalents | (239,085) | 563,855 | (239,085) | 563,855 |
Cash and cash equivalents at beginning of the year | 673,411 | 561,607 | 673,411 | 561,607 |
Cash and cash equivalents at the end of the year | 434,326 | 1,125,462 | 434,326 | 1,125,462 |
Cash and cash equivalents at the end of the year | ||||
Cash and cash equivalents | 434,326 | 1,125,463 | 434,326 | 1,125,463 |
Bank overdraft | - | - | - | - |
434,326 | 1,125,463 | 434,326 | 1,125,463 | |
(0) | (1) | (0) | (1) | |
Figures in brackets indicate deductions. |
Page 10
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