CONDENSED
INTERIM
FINANCIAL
STATEMENTS
PEOPLE'S MERCHANT FINANCE PLC
For the period ended 30th June 2022
Contents
Interim Financial Information
Condensed Statement of Financial Position | 03 |
Condensed Statement of Profit or Loss | 04 |
Condensed Statement of Comprehensive Income - Company | 05 |
Condensed Statement of Comprehensive Income - Group | 06 |
Condensed Statement of Changes in Equity - Company | 07 |
Condensed Statement of Changes in Equity - Group | 08 |
Condensed Statement of Cash Flows | 09 |
Explanatory Notes | 10 |
Segmental Analysis | 15 |
Corporate Information | 16 |
CONDENSED INTERIM FINANCIAL STATEMENTS
CONDENSED STATEMENT OF FINANCIAL POSITION
Company | Group | ||||||
As at, | 30.06.22 | 31.03.22 | Change | 30.06.22 | 31.03.22 | Change | |
Notes | Unaudited | Audited | Unaudited | Audited | |||
% | % | ||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
Assets | |||||||
Cash and cash equivalents | 11.1 | 556,608 | 660,873 | (15.8) | 556,851 | 661,116 | (15.8) |
Placements with banks and financial institutions | 11.1 | 799,947 | 410,942 | 94.7 | 799,947 | 410,942 | 94.7 |
Financial assets measured at fair value | 11.1 | 7,114 | 9,245 | (23.0) | 7,114 | 9,245 | (23.0) |
Financial assets measured at amortised cost - Loans and advances | 11.1 | 7,093,420 | 6,676,608 | 6.2 | 7,093,420 | 6,676,608 | 6.2 |
Property, plant and equipment | 95,490 | 82,027 | 16.4 | 95,490 | 82,027 | 16.4 | |
Intangible assets | 9,939 | 9,760 | 1.8 | 9,939 | 9,760 | 1.8 | |
Right of use assets | 132,819 | 123,822 | 7.3 | 132,819 | 123,822 | 7.3 | |
Deferred tax assets | 48,599 | 50,722 | (4.2) | 48,599 | 50,722 | (4.2) | |
Other Assets | 234,149 | 255,817 | (8.5) | 234,149 | 255,817 | (8.5) | |
Total Assets | 8,978,085 | 8,279,816 | 8.4 | 8,978,328 | 8,280,059 | 8.4 | |
Liabilities | |||||||
Due to banks | 11.1 | 1,633,604 | 1,842,767 | 100.0 | 1,633,604 | 1,842,767 | 100.0 |
Financial liabilities at amortised cost - due to depositors | 11.1 | 4,255,615 | 3,228,866 | 31.8 | 4,255,615 | 3,228,866 | 31.8 |
Debt securities issued | 11.1 | 17,350 | 17,200 | 0.9 | 17,350 | 17,200 | 0.9 |
Lease liabilities | 11.2 | 147,407 | 136,450 | 8.0 | 147,407 | 136,450 | 8.0 |
Employee benefit obligation | 13,666 | 13,378 | 2.2 | 13,666 | 13,378 | 2.2 | |
Other liabilities | 143,559 | 207,460 | (30.8) | 144,159 | 208,062 | (30.7) | |
Total Liabilities | 6,211,201 | 5,446,121 | 14.0 | 6,211,801 | 5,446,723 | 14.0 | |
Equity | |||||||
Stated capital | 3,762,054 | 3,762,054 | - | 3,762,054 | 3,762,054 | - | |
Statutory reserve fund | 20,239 | 20,239 | - | 20,239 | 20,239 | - | |
Accumulated losses | (1,015,409) | (948,598) | (7.0) | (1,015,766) | (948,957) | (7.0) | |
Total Equity | 2,766,884 | 2,833,695 | (2.4) | 2,766,527 | 2,833,336 | (2.4) | |
Total Liabilities & Equity | 8,978,085 | 8,279,816 | 8.4 | 8,978,328 | 8,280,059 | 8.4 | |
Contingent liabilities and commitments | 119,890 | 131,700 | (9.0) | 119,890 | 131,700 | (9.0) | |
Net assets value per ordinary share (Rs.) | 6.83 | 6.99 | (2.4) | 6.83 | 6.99 | (2.4) | |
CERTIFICATION | |||||||
We certify that the above interim financial statements are in compliance with the requirement of the Companies Act No 07 of 2007. | |||||||
(Signed) | (Signed) | ||||||
Tharindu Samarakone | Nalin Wijekoon | ||||||
Manager-Finance | 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. | |||||||
(Signed) | (Signed) | ||||||
Chandula Abeywickrema | Rangana Koralage | ||||||
Chairman | Director |
15th August 2022
Colombo
Figures in brackets indicate deductions.
3
CONDENSED INTERIM FINANCIAL STATEMENTS
CONDENSED STATEMENT OF PROFIT OR LOSS - COMPANY
For the three months ended | Company | Group | |||||
30.06.2022 | 30.06.2021 | Change | 30.06.2022 | 30.06.2021 | Change | ||
Unaudited | Reviewed | Unaudited | Reviewed | ||||
% | % | ||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
Gross Income | 368,637 | 183,559 | 100.8 | 368,637 | 183,559 | 100.8 | |
Interest income | 357,434 | 135,568 | 163.7 | 357,434 | 135,568 | 163.7 | |
Less: Interest expense | 193,310 | 52,674 | 267.0 | 193,310 | 52,674 | 267.0 | |
Net interest income | 164,124 | 82,894 | 98.0 | 164,124 | 82,894 | 98.0 | |
Fee and commission income | 5,314 | 2,281 | 133.0 | 5,314 | 2,281 | 133.0 | |
Net fair value gain from financial assets at FVTPL | (2,131) | 15,436 | 113.8 | (2,131) | 15,436 | 113.8 | |
Other operating income | 8,020 | 30,274 | (73.5) | 8,020 | 30,274 | (73.5) | |
Total operating income | 175,327 | 130,885 | 34.0 | 175,327 | 130,885 | 34.0 | |
Less: Impairment charges for loans and receivables and other | 67,517 | 16,753 | 303.0 | 67,517 | 16,753 | 303.0 | |
losses | |||||||
Net operating income | 107,810 | 114,132 | (5.5) | 107,810 | 114,132 | (5.5) | |
Less: Personnel Expenses | 82,137 | 64,421 | 27.5 | 82,137 | 64,421 | 27.5 | |
Depreciation of property, plant and equipment | 4,498 | 1,524 | 195.2 | 4,498 | 1,524 | 195.2 | |
Amortisation of intangible assets | 132 | 109 | 21.5 | 132 | 109 | 21.5 | |
Amortisation of right of use assets | 9,159 | 10,699 | (14.4) | 9,159 | 10,699 | (14.4) | |
Other expenses | 72,532 | 31,054 | 133.6 | 72,532 | 31,054 | 133.6 | |
Operating profit / (loss) before tax on financial services | (60,648) | 6,325 | 1,058.9 | (60,648) | 6,325 | 1,058.9 | |
Less : Tax on financial services | 4,038 | 9,272 | (56.5) | 4,038 | 9,272 | (56.5) | |
Profit / (loss) before income tax | (64,686) | (2,947) | (2,095.0) | (64,686) | (2,947) | (2,095.0) | |
Less: Income tax expense | 2,123 | - | - | 2,123 | - | - | |
Profit for the period | (66,809) | (2,947) | (2,167.0) | (66,809) | (2,947) | (2,167.0) | |
Basic earnings per share - (Rs) | (0.16) | (0.01) | (1,775.9) | (0.16) | (0.01) | (1,775.9) |
Figures in brackets indicate deductions.
4
CONDENSED INTERIM FINANCIAL STATEMENTS
CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME - COMPANY
Company | Group | |||||
For the three months ended | 30.06.2022 | 30.06.2021 | Change | 30.06.2022 | 30.06.2021 | Change |
Unaudited | Reviewed | Unaudited | Reviewed | |||
% | % | |||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Profit / (loss) for the period | (66,809) | (2,947) | (2,167.0) | (66,809) | (2,947) | (2,167.0) |
Other comprehensive income | ||||||
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 for the period | ||||||
(66,809) | (2,947) | (2,167.0) | (66,809) | (2,947) | (2,167.0) |
Figures in brackets indicate deductions.
5
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