Commercial Leasing & Finance : Interim Financial Statements as of 12/31/2021

COMMERCIAL LEASING & FINANCE PLC

INTERIM

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31 DECEMBER 2021

COMMERCIAL LEASING & FINANCE PLC

CONTENTS

As at 31st December 2021

		Page
1	Statement of Financial Position	1
2	Statement of Profit or Loss and Other Comprehensive Income	2
3	Statement of Changes in Equity	3
4	Statement of Cash Flows	4
5	Segment Information	5
6	Notes to Interim Financial Statements	6

7 Statement of Directors' holding and Chief Executive Officer's holding in shares of the Entity & Top 20

Shareholders

10

COMMERCIAL LEASING & FINANCE PLC

Statement of Financial Position

31-Mar-21		2021	2020
(Audited)	As at 31st December	Unaudited		Unaudited
Rs. '000		Rs. '000		Rs. '000
	Assets
1,793,965	Cash & cash equivalents	2,450,363	2,369,915
1,960,602	Financial assets recognised through profit or loss (FVTPL)	914,377	1,853,891
5,261,968	Investment securities - Other investments	4,700,973	5,829,738
13,597,166	Financial assets at amortised cost/ Finance lease receivables and hire purchases	14,932,364	13,001,661
46,201,903	Financial assets at amortised cost/ loans, advances receivables	59,596,164	41,618,154
939,789	Factoring receivables	1,216,061	898,730
336,985	Other current assets	115,851	175,114
1,663,062	Investment in equity accounted investee	1,749,102	1,605,221
3,238,364	Investment properties	5,405,613	3,121,364
19	Intangible assets	16	19
1,377,984	Property, plant & equipment	1,355,534	1,329,407
468,825	Right to Use Asset	562,029		484,889
76,840,632	Total Assets	92,998,446	72,288,102
	Liabilities and Equity
	Liabilities
921,755	Bank overdrafts	1,295,445	883,362
-	Derivative liabilities held for risk management	33,713	47,276
32,829,887	Financial Liabilities at Amortised Cost	34,064,836	29,750,756
16,185,522	Interest bearing loans & borrowings	25,152,814	16,125,217
475,283	Lease Liability	573,510	478,591
805,123	Current tax liabilities	1,356,698	738,359
290,315	Amounts due to related companies	1,131,443	100,559
3,592,927	Trade and other payables	3,290,662	2,761,598
129,462	Deferred tax liabilities	138,007	177,734
188,146	Retirement benefit obligations	203,042		211,818
55,418,420	Total Liabilities	67,240,171	51,275,270
	Equity
1,425,947	Stated capital	1,425,947	1,425,947
2,362,558	Reserves	2,383,807	2,221,493
17,633,707	Retained earnings	21,948,521		17,365,392
21,422,212 Equity attributable to shareholders of the Company	25,758,275	21,012,832
	Total Liabilities and Equity
76,840,632	92,998,446		72,288,102
3.36	Net assets value per share	4.04	3.29

I certify that these Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of 2007.

Sgd.

Deshangi Ranasinghe

Head of Finance

The Board of Directors is responsible for the preparation and the presentation of these Financial Statements. Approved and signed for and on behalf of the Board;

Sgd.	Sgd.
T Dharmarajah	D.M.D.K.Thilakarathne
Director	Director / CEO
10th February 2022
Colombo

COMMERCIAL LEASING & FINANCE PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHANSIVE INCOME

	For the nine months ended	For the three months ended
	31.12.2021	31.12.2020	Variance	31.12.2021	31.12.2020	Variance
	Unaudited		Unaudited		Unaudited		Unaudited
	Rs. ' 000		Rs. ' 000	%	Rs. ' 000		Rs. ' 000	%
Interest income	10,714,945	9,417,687	14%	3,857,136	3,279,017	18%
Interest expense	(3,282,421)		(3,677,097)	11%	(1,181,743)		(1,107,711)	7%
Net interest income	7,432,524	5,740,590	29%	2,675,393	2,171,306	23%
Net income from other financial instruments at FVTPL	9,669	354,586	(97%)	(439)	184,116	(100%)
Other operating income	2,069,917	1,441,737	44%	1,068,660	802,342	33%
Expenses
Direct expenses excluding finance costs	(229,509)	(187,983)	(22%)	(57,419)	(87,960)	35%
Personnel Expenses	(1,328,672)	(1,068,377)	(24%)	(465,187)	(416,668)	(12%)
Premises, equipment & establishment expenses	(241,662)	(237,377)	(2%)	(108,810)	(83,955)	(30%)
Depreciation & amortization	(218,895)	(216,463)	(1%)	(78,131)	(74,390)	(5%)
Allowance for impairement & write off	310,199	(1,910,253)	116%	1,108,141	325,785	240%
Other operating expenses	(1,480,130)	(1,212,133)	(22%)	(555,310)	(449,663)	(23%)
Results from operating activities before value added tax on
financial services	6,323,443	2,704,327	134%	3,586,899	2,370,913	51%
Value added tax on financial services	(921,013)		(463,389)	(99%)	(543,050)		(357,845)	(52%)
Results from operating activities	5,402,430	2,240,938	141%	3,043,849	2,013,067	51%
Share of profit of equity accounted investee (net of tax)	86,039		107,763	(20%)	42,526		86,553	(51%)
Profit before income tax	5,488,469	2,348,701	134%	3,086,374	2,099,620	47%
Income tax expense	(1,179,463)		(426,380)	(177%)	(613,404)		(366,601)	(67%)
Profit for the period	4,309,006	1,922,321	124%	2,472,971	1,733,019	43%
Other comprehensive income
Items that will not be reclassified to profit or loss
Revaluation of property, plant and equipment	-	165,962	-	-	165,962	-
Effective portion of changes in fair value of cash flow hedges	27,057	60,433	(55%)	-	(28,773)	-
Actuarial losses on defined benefit plan	-	(6,950)	-	-	(6,950)	-
Deffered tax impact on other comprehensive income	-	(29,012)	-	-	(29,012)	-
Items that are or may be reclassified subsequently to profit or loss
Net Change in fair value of financial assets measured at FVTOCI	-	(19,931)	-	-	(16,078)	-
Share of other comprehensive income from equity accounted
investee	-	1,029	-	-	1,029	-
Deffered tax impact on other comprehensive income	-	(5,581)	-	-	(5,581)	-
Other comprehensive income/ (expense) for the period, net of tax	27,057	165,950	(84%)	-	80,597	-
Total comprehensive income for the period	4,336,063		2,088,271	108%	2,472,971		1,813,616	36%
Earnings per share Rs.	0.68	0.30		0.39	0.27

Figures in brackets indicate deductions

COMMERCIAL LEASING & FINANCE PLC

Statement of changes in equity

For the nine months ended 31st December 2021
	Stated Capital		Revaluation	Hedging reserve	Fair Value	General Reserve	Statutory	Retained Earnings	Total
		Reserves	Reserve on AFS	Reserves
	Rs. 000		Rs. 000	Rs. 000	Rs. 000	Rs. 000	Rs. 000	Rs. 000	Rs. 000
Balance as at 1st April 2020	1,425,947	944,502	(69,145)	52	288,080	873,383	15,461,744	18,924,561
Total comprehensive income for the period
Profit for the period	-	-	-	-	-	-	1,922,321	1,922,321
Other comprehensive income	-	-	60,433	(6,950)	-	-	(19,931)	33,552
Revaluation of property, plant and equipment	-	165,962	-	-	-	-		165,962
Share of other comprehensive income from equity
accounted investee	-	-	-	-	-	-	1,029	1,029
Tax on Other comprehensive income	-		(14,037)	(16,921)	1,946	-	-	(5,581)	(34,593)
Total comprehensive income for the period	-	151,925	43,512	(5,004)	-	-	(24,483)	165,950
Transferred to/(from) during the period	-	(5,810)	-	-	-	-	5,810	-
Balance as at 31st December 2020	1,425,947	1,090,617	(25,633)	(4,952)	288,080	873,383	17,365,392	21,012,832
Total comprehensive income for the period
Profit for the period	-	-	-	-	-	-	293,732	293,732

Other comprehensive income for the period

Other comprehensive income

Share of other comprehensive income from equity accounted investee

Revaluation of property, plant and equipment from equity accounted investees

Tax on other comprehensive income

	82,484	0.00	6,877	-	-	34,943	124,303
-	-	-	-	-	-	85,810	85,810
-	-	-	-	-	-	(90,270)	(90,270)
-	4,922	(1,424)	(1,925)	-	-	(5,769)	(4,197)

Total comprehensive income for the period	-	87,406	(1,424)	4,952	-	-	318,445	409,380
Transferred to/(from) during the period							44,321	(44,321)	-
Balance as at 31st March 2021	1,425,947	1,178,023	(27,058)	(0)	288,080	917,704	17,639,516	21,422,212
Total comprehensive income for the period
Profit for the period	-	-	-	-	-	-	4,309,006	4,309,006
Share of other comprehensive income from equity
accounted investee	-	-	-	-	-	-	-	-
Actuarial losses on defined benefit plan	-	-	-	-	-	-	-	-
Other comprehensive income	-		-	27,057	-	-	-	-	27,057
Total comprehensive income for the period	-	-	27,057	-	-	-	-	27,057
Transferred to/(from) during the period	-	-	-	-	-	-	-	-
Balance as at 31st December 2021	1,425,947	1,178,023	-	-	288,080	917,704	21,948,521	25,758,274