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Interim Financial Statements for the Quarter Ended 31St

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Interim Financial Statements for the Quarter Ended 31St INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 ST MARCH 2017 SWARNAMAHAL FINANCIAL SERVICES PLC No 5, R.A. De Mel Mawatha, Colombo 04. SWARNAMAHAL FINANCIAL SERVICES PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the quarter ended For the year ended Growth 31st March 31st March 2017 2016 2017 2016 (Unaudited) (Unaudited) (Unaudited) (Audited) Rs. Rs. Rs. Rs. % Income 234,574,693 170,947,097 765,680,156 630,818,948 21% Interest income 190,950,132 173,705,081 716,641,826 621,949,578 15% Interest expenses (113,596,953) (111,385,739) (437,414,836) (430,229,365) 2% Net interest income 77,353,179 62,319,342 279,226,990 191,720,213 46% Net gain/(loss) from financial instruments at fair value through profit or loss 26,175 (485,293) 44,814 (403,598) 111% Other income 43,598,386 (2,272,691) 48,993,516 9,272,968 428% Operating income 120,977,740 59,561,358 328,265,319 200,589,583 64% Operating expenses Personnel expenses (23,811,388) (20,403,628) (93,351,041) (76,814,865) 22% Other expenses (35,099,908) (33,686,131) (139,353,515) (126,193,913) 10% Impairment (charges)/reversal & fair value adjustment for loans and advances (1,027,141) 24,881,278 (18,745,059) 54,299,282 -135% Operating profit before value added tax 61,039,304 30,352,876 76,815,704 51,880,087 48% Value added tax on financial services (10,473,733) (9,060,977) (18,123,733) (22,530,863) -20% Profit /(Loss) from operation before taxation 50,565,570 21,291,899 58,691,970 29,349,224 100% Income tax expense 2,147,004 (7,336,734) (4,003,562) (13,278,736) -70% Profit/(Loss) for the period 52,712,575 13,955,165 54,688,409 16,070,488 240% Actuarial gain and (loss) on Employee Benefit (1,606,961) (1,291,307) (1,606,961) (1,291,307) 24% Deferred tax on actuarial gain/(loss) on Employee Benefit 449,949 361,566 449,949 361,566 24% Net change in fair value on available-for-sale financial assets reclassified to profit or loss - 172,377 - (2,357,203) -100% - Total Comprehensive Income for the Period 51,555,563 13,197,800 53,531,397 12,783,544 319% Basic Loss per Share 0.105 0.028 0.109 0.032 SWARNAMAHAL FINANCIAL SERVICES PLC Interim Financial Statements for the quarter ended 31.03.2017 1 .h.fo]s*htrthl(L.duNglPre6tdh$ (1001 (, ro) SWARNAMAHAL FINANCIAL SERVICES PLC STATEMENT OF CHANGES IN EQUITY Statutory Available for sale Retained Stated Capital Reserve reserve Earnings Total Rs. Rs. Rs. Rs. Rs. Balance as at 01.04.2015 250,000,070 105,972,056 2,357,203 (1,423,467,681) (1,065,138,352) Net Profit / (Loss) for the Period - - - 16,070,488 16,070,488 Other Comprehensive income/(Expense) Net Change in Fair value of Available for sale Financial Assets - - (2,357,203) - (2,357,203) Actuarial gain / (loss) - - - (929,741) (929,741) Total Comprehensive income/(Expense) - - (2,357,203) 15,140,747 12,783,544 Transfers (from) / to retained earnings 8,035,244 (8,035,244) Balance as at 31.03.2016 250,000,070 114,007,300 - (1,416,362,178) (1,052,354,808) Balance as at 01.04.2016 250,000,070 114,007,300 - (1,416,362,178) (1,052,354,808) Net Profit / (Loss) for the Period - - - 54,688,409 54,688,409 Other Comprehensive income/(Expense) Net Change in Fair value of Available for sale Financial Assets - - - - - Actuarial gain / (loss) (1,157,012) (1,157,012) Total Comprehensive income/(Expense) - - - 53,531,397 53,531,397 Transfers (from) / to retained earnings 27,344,204 (27,344,204) Balance as at 31.03.2017 250,000,070 141,351,504 - (1,390,174,985) (998,823,411) SWARNAMAHAL FINANCIAL SERVICES PLC Interim Financial Statements for the quarter ended 31.03.2017 3 SWARNAMAHAL FINANCIAL SERVICES PLC CASH FLOW STATEMENT For the year ended 31st March 2017 2016 Rs. Rs. Profit (Loss) before taxation 58,691,970 29,349,224 Adjustment for; Depreciation 14,272,872 15,495,031 Impairment charge / (reversal) for loan losses 51,296,923 (12,606,693) Impairment reversal for gold stock - - Profit from disposal of property, plant and equipment - Other provisions reversal - - Fair value gain on investment property (43,000,000) (7,600,000) Provision for gratuity 2,742,507 2,295,750 Loss on change in carrying value of loans & receivable - Unwinding of interest (33,037,365) (34,284,014) Fair value Change in available for sale - - Profit from disposal of property, plant and equipment - (375,378) Fair value Change in available for sale (2,357,203) Fair value loss / (gain) on investments (44,814) 403,598 50,922,094 (9,679,686) Changes in; - loans and advances to customers 157,652,169 16,941,720 - other assets (13,221,961) 27,403,926 - deposit from customers (243,427,663) (153,158,291) - other liabilities 19,972,603 3,491,812 Cash generated from / (Used in) operating activities (28,102,758) (115,000,518) Tax paid (2,580,509) (4,317,660) Employee benefit paid (757,750) (1,834,488) Net cash from operating activities (31,441,017) (121,152,666) Cash flows from / (used in) investment activities Investment inj government securities (26,794,442) (277,883,704) Withdrawal of Investment in government securities 630,581,251 Proceeds from disposal of property, plant and equipment - 845,000 Additions to Property Plant and Equipment (14,334,602) (19,137,197) Net Proceeds from disposal of equity share investment - 2,811,015 Net cash flow from (used in) investment activities (41,129,044) 337,216,365 Cash flow from / (used in) financing activities Net proceeds / (repayments) of borrowings - - Net cash used in / (used in) financing activities - - (72,570,061) 216,063,699 Cash and cash equivalents at the beginning of the year 301,140,546 85,076,847 Cash and cash equivalent at the end of the year 228,570,485 301,140,546 Reconciliation of cash and cash equivalents Cash in hand and bank balances 238,437,501 304,659,520 Bank overdrafts (9,867,015) (3,518,974) 228,570,485 301,140,546 SWARNAMAHAL FINANCIAL SERVICES PLC Interim Financial Statements for the quarter ended 31.03.2017 4 SWARNAMAHAL FINANCIAL SERVICES PLC SEGMENTAL INFORMATION Gold Loan Term Loan Others Total Rs. Rs. Rs. Rs. For the year ended 31st March 2017 Income Interest Income 501,767,440 154,917,539 59,956,847 716,641,826 Other Income - - 49,038,330 49,038,330 Total Income 501,767,440 154,917,539 108,995,177 765,680,156 Percentage 70.02% 21.62% 8.37% 100.00% Less : Interest (306,262,508) (94,556,622) (36,595,707) (437,414,836) Other Expenses (175,621,160) (54,221,928) (20,985,202) (250,828,290) Impairment (charges)/reversal - (18,892,103) 147,044 (18,745,059) Total Expenses (481,883,668) (167,670,652) (57,433,865) (706,988,186) Profit Before Taxation 19,883,772 (12,753,113) 51,561,312 58,691,970 Less : Income Tax (2,803,153) (865,456) (334,952) (4,003,562) Profit After Taxation 17,080,619 (13,618,569) 51,226,359 54,688,409 Segment Assets 1,284,070,107 730,134,420 848,702,602 2,862,907,130 Percentage 45% 25.50% 29.64% 100.00% Segment Liabilities 1,732,062,034.93 984,866,872 1,144,801,634 3,861,730,541 For the year ended 31st March 2016 Income Interest Income 454,059,675 110,076,644 57,813,259 621,949,578 Other Income (9,020,405) - 17,889,775 8,869,370 Total Income 445,039,270 110,076,644 75,703,034 630,818,948 Percentage 73.01% 17.70% 9.30% 100.00% Less : Interest (314,092,674) (76,144,765) (39,991,926) (430,229,365) Other Expenses (164,657,168) (39,917,459) (20,965,014) (225,539,641) Impairment (charges)/reversal 22,067,791 24,735,616 7,495,876 54,299,282 Total Expenses (456,682,051) (91,326,608) (53,461,064) (601,469,724) Profit Before Taxation (11,642,781) 18,750,036 22,241,969 29,349,224 Less : Income Tax (9,694,256) (2,350,156) (1,234,324) (13,278,736) Profit After Taxation (21,337,037) 16,399,879 21,007,646 16,070,488 Segment Assets 1,519,369,530 637,183,666 866,787,786 3,023,340,982 Percentage 50.25% 21.08% 28.67% 100.00% Segment Liabilities 2,048,226,791 858,972,508 1,168,496,491 4,075,695,790 Note: Segment expenses were apportioned based on interest income SWARNAMAHAL FINANCIAL SERVICES PLC Interim Financial Statements for the quarter ended 31.03.2017 5 SWARNAMAHAL FINANCIAL SERVICES PLC NOTES TO THE FINANCIAL STATEMENTS 1. The figures given in the Financial Statements for the quarter ended 31 st March 2017 are provisional and subject to audit. 2. The Accounting policies and methods of computation disclosed in the financial statements for the year ended 31 st March 2016 were consistently followed during the said period. 3. The Financial Statements for the period have been presented in the same format adopted in the audited & published accounts as at 31 st March 2016, and are in accordance with the Sri Lanka Accounting Standards, LKAS 34 interim Financial Reporting.
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