HNB FINANCE PLC INTERIM FINANCIAL STATEMENTS
HNB FINANCE PLC
(for the period ended March 31, 2022)
HNB FINANCE PLC
STATEMENT OF FINANCIAL POSITION
Company | Group | ||
Unaudited 31/03/2022 | Audited 31/03/2021 | Unaudited 31/03/2022 | |
As at | LKR | LKR | LKR |
Assets | |||
Cash and Cash Equivalents | 802,799,680 | 645,635,660 | 1,282,750,567 |
Financial assets measured at Fair value through profit or loss | - | 16,704,000 | - |
Financial Assets at Amortised Cost - Loans and Receivables | 20,755,928,511 | 18,075,473,229 | 24,169,835,230 |
Financial Assets at Amortised Cost - Lease Rentals Receivable and Stock out | |||
on Hire | 11,014,298,708 | 10,296,416,174 | 13,174,904,077 |
Financial assets at amortised cost - Loans and advances to others | 295,201,210 | 405,765,402 | 295,201,210 |
Financial Assets Measured at Fair Value Through Other Comprehensive | |||
Income | 2,655,810 | 2,655,810 | 2,712,110 |
Financial assets at amortised cost - Debt and other instruments | 3,028,183,719 | 3,482,764,544 | 3,332,608,450 |
Investment in Subsidiaries | 2,376,921,302 | - | - |
Other Financial Assets | 64,252,417 | 113,445,880 | 71,864,928 |
Other Non Financial Assets | 240,362,469 | 347,382,879 | 411,113,119 |
Inventories - Real Estate Stock | - | - | - |
Investment properties | 1,136,000,000 | 1,105,000,000 | 1,136,000,000 |
Property, Plant and Equipment | 1,913,913,679 | 1,590,028,807 | 1,929,115,714 |
Intangible Assets | 229,399,955 | 254,263,673 | 291,674,447 |
Right -of-use assets | 217,456,128 | 257,470,889 | 237,080,673 |
Deferred Tax Assets | 169,231,151 | 153,987,656 | 222,142,957 |
Total Assets | 42,246,604,739 | 36,746,994,603 | 46,557,003,483 |
Liabilities | |||
Bank Overdraft | 648,139,767 | - | 1,011,726,138 |
Financial Liabilities at Amortised Cost - Due to Depositors | 31,593,426,528 | 28,046,962,308 | 34,703,070,381 |
Debt Instruments Issued and Other Borrowed Funds | 2,905,685,927 | 2,636,572,519 | 3,255,330,464 |
Other Financial Liabilities | 1,153,513,555 | 784,449,489 | 1,251,667,473 |
Other Non Financial Liabilities | 67,684,744 | 50,483,702 | 189,884,748 |
Current Tax Liabilities | 115,755,331 | 52,762,389 | 227,210,753 |
Post Employment Benefit Liability | 289,517,799 | 280,857,939 | 298,801,625 |
Total Liabilities | 36,773,723,651 | 31,852,088,346 | 40,937,691,582 |
Equity | |||
Stated Capital | 223,545,481 | 223,545,481 | 223,545,481 |
Reserves | 1,926,788,866 | 1,774,735,243 | 1,926,788,866 |
Retained Earnings | 3,322,546,741 | 2,896,625,533 | 3,413,877,931 |
Non Contolling Interest | - | - | 55,099,623 |
Total Equity Attributable to Equity Holders of the Company | 5,472,881,088 | 4,894,906,257 | 5,619,311,901 |
Non Controlling Interest | |||
Total Equity | 5,472,881,088 | 4,894,906,257 | 5,619,311,901 |
Total Liabilities and Equity | 42,246,604,739 | 36,746,994,603 | 46,557,003,483 |
Net Asset Value per Share (Rs.) | 3.18 | 2.85 | 3.27 |
Commitments and Contingencies | - | - | - |
CERTIFICATION:
I certify that the above financial statements are in compliance with the requirements of the Companies Act No. 7 of 2007 and give a true and fair view of the state of affairs of HNB Finance PLC and the Group as at 31st March 2022 and its profit for the three months ended 31st March 2022.
Sgd
W S P Arangala
Chief Operating Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board of Directors by,
Sgd | Sgd |
B M D C Prabhath | P L P Withana |
Managing Director/CEO | Director |
31-May-22 | 31-May-22 |
HNB FINANCE PLC
STATEMENT OF COMPREHENSIVE INCOME | Company | Company | Group | Group | ||||||||
FOR THE 3 MONTH ENDED | FOR THE YEAR ENDED | FOR THE 3 MONTH | FOR THE YEAR ENDED | |||||||||
ENDED | ||||||||||||
Variance | 31/03/2022 | 31/03/2021 | Variance | |||||||||
31/03/2022 | LKR | 31/03/2021 | LKR | % | LKR | LKR | % | 31/03/2022 | LKR | 31/03/2022 | LKR | |
Income | 2,067,035,248 | 1,729,531,667 | 19.51 | 7,278,292,976 | 7,070,907,754 | 2.93 | 2,448,162,895 | 7,659,420,622 | ||||
Interest Income | 1,638,688,179 | 1,590,122,190 | 3.05 | 6,342,351,585 | 6,478,389,314 | (2.10) | 1,929,684,731 | 6,633,348,136 | ||||
Interest Expenses | (748,581,592) | (757,145,116) | 1.13 | (2,652,931,302) | (3,521,400,330) | (24.66) | (824,263,110) | (2,729,475,639) | ||||
Net Interest Income | 890,106,588 | 832,977,074 | 6.86 | 3,689,420,283 | 2,956,988,984 | 24.77 | 1,105,421,621 | 3,903,872,497 | ||||
Net Fee and Commission Income | 130,316,361 | 90,737,718 | 43.62 | 427,686,659 | 406,512,159 | 5.21 | 130,316,361 | 435,308,958 | ||||
Net Trading Income | - | |||||||||||
Other Operating Income | 298,030,707 | 48,671,759 | 512.33 | 508,254,732 | 186,006,281 | 173.25 | 388,161,803 | 590,763,528 | ||||
Total Operating Income | 1,318,453,656 | 972,386,551 | 35.59 | 4,625,361,674 | 3,549,507,424 | 30.31 | 1,623,899,785 | 4,929,944,983 | ||||
Impairment Charges and Other Losses | (392,121,292) | (238,727,919) | (64.25) | (898,832,267) | (1,045,177,165) | (14.00) | (482,067,514) | (988,778,495) | ||||
Net Operating Income | 926,332,365 | 733,658,632 | 26.26 | 3,726,529,407 | 2,504,330,259 | 48.80 | 1,141,832,271 | 3,941,166,488 | ||||
Operating Expenses | ||||||||||||
Personnel Expenses | (321,504,064) | (299,784,199) | 7.25 | (1,348,662,348) | (1,123,140,907) | 20.08 | (368,076,409) | (1,398,421,716) | ||||
Depreciation of Property, Plant and Equipment | (35,991,293) | (10,069,244) | 257.44 | (133,338,845) | (142,261,636) | (6.27) | (38,090,081) | (135,437,633) | ||||
Amortisation of Intangible Assets | (19,514,132) | (15,759,408) | 23.83 | (78,244,131) | (71,514,522) | 9.41 | (19,717,300) | (78,447,299) | ||||
Other Operating Expenses | (413,470,162) | (245,412,192) | 68.48 | (1,383,307,075) | (1,241,663,307) | 11.41 | (467,861,862) | (1,433,660,424) | ||||
Operating Profit before Tax on Financial Services | 135,852,714 | 162,633,589 | (16.47) | 782,977,008 | (74,250,113) | 1,154.51 | 248,086,619 | 895,199,416 | ||||
Tax on Financial Services | (63,556,032) | (30,443,971) | 108.76 | (273,795,558) | (122,057,199) | 124.32 | (69,046,307) | (279,285,833) | ||||
Profit before Taxation | 72,296,681 | 132,189,618 | (45.31) | 509,181,450 | (196,307,312) | 359.38 | 179,040,312 | 615,913,583 | ||||
Income Tax Expense | 63,909,416 | - | 100 | (91,387,424) | 72,694,187 | 225.71 | 55,000,689 | (100,296,152) | ||||
Profit/(Loss) for the Period | 136,206,097 | 132,189,618 | 3.04 | 417,794,026 | (123,613,125) | 437.99 | 234,041,001 | 515,617,431 | ||||
Basic Earnings Per Share (Rs.) | 0.08 | 0.08 | 3.04 | 0.24 | (0.07) | 442.86 | 0.14 | 0.30 | ||||
Other Comprehensive Income | ||||||||||||
Other Comprehensive Income to be reclassified to Profit or Loss | - | (9,774,473) | ||||||||||
Net Gains/(Losses) on Investment in Equity Instruments - Fair Value Through Other | ||||||||||||
Comprehensive Income | - | (9,774,473) | ||||||||||
Other Comprehensive Income that will never be Reclassified to Income Statement | - | 38,961,200 | 160,180,805 | 28,571,936 | - | 161,969,081 | ||||||
Actuarial gain/(losses) on defined benefit plans | - | 19,547,058 | 8,127,182 | 19,547,058 | - | 9,915,458 | ||||||
Net Gains/(Losses) on Investment in Equity Instruments - Fair Value Through Other | ||||||||||||
Comprehensive Income | - | 2,421,810 | - | - | - | - | ||||||
Revaluation Reserve of free hold lands and buildings-Net of tax | - | 16,992,332 | 152,053,623 | 9,024,878 | - | 152,053,623 | ||||||
Other Comprehensive Income for the Period, Net of Tax | - | 38,961,200 | 160,180,805 | 18,797,463 | - | 161,969,081 | ||||||
Total Comprehensive Income for the Period, Net of Tax | 136,206,097 | 171,150,818 | (20.42) | 577,974,831 | (104,815,662) | 651.42 | 234,041,001 | 677,586,512 | ||||
Attributable to: | ||||||||||||
Equity Holders of the Company | 136,206,097 | 171,150,818 | (20.42) | 577,974,831 | (104,815,662) | 651.42 | 221,588,081 | 665,133,592 | ||||
Non-Controlling Interest | - | - | - | - | 12,452,920 | 12,452,920 | ||||||
Total Comprehensive Income for the Period, Net of Tax | 136,206,097 | 171,150,818 | (20.42) | 577,974,831 | (104,815,662) | 651.42 | 234,041,001 | 677,586,512 | ||||
HNB FINANCE PLC | Company | Group | |||||||
CASH FLOW STATEMENT | |||||||||
Period ended | 31/03/2022 | LKR | 31/03/2021 | LKR | 31/03/2022 | LKR | 31/03/2021 | LKR | |
Cash Flows from/(Used in) Operating Activities | |||||||||
Profit and Other Comprehensive Income/(Expenses) before Taxation | 509,181,450 | (196,307,312) | 615,913,575 | (196,307,312) | |||||
Adjustments for | - | ||||||||
Interest expenses on borrowings | 32,085,957 | 114,984,475 | 32,085,957 | 114,984,475 | |||||
Interest expenses on debentures | 195,422,306 | 190,844,594 | 195,422,306 | 190,844,594 | |||||
Depreciation of Property, Plant and Equipment | 133,338,846 | 142,261,636 | 135,449,136 | 142,261,636 | |||||
Amortisation of Intangible Assets | 78,244,131 | 71,514,522 | 78,447,299 | 71,514,522 | |||||
Impairment Charges and Other Losses | 898,832,267 | 1,045,177,165 | 988,778,496 | 1,045,177,165 | |||||
Loss/(Profit) on Disposal of Property, Plant and Equipment | (1,018,740) | (122,294) | (1,033,740) | (122,294) | |||||
Provision/(Reversal) for Defined Benefit Plans | 48,061,520 | 56,149,981 | 48,477,493 | 56,149,981 | |||||
Ammortization of Right of use assets | 76,666,318 | 72,192,148 | 80,500,980 | 72,192,148 | |||||
Interest Expenses from lease Liability | 30,091,838 | 31,882,993 | 30,954,656 | 31,882,993 | |||||
Dividend Received | (240,000) | (320,000) | (240,000) | (320,000) | |||||
Interest Income on Investing Activities | (172,405,393) | (311,383,358) | (172,405,393) | (311,383,358) | |||||
Provision for value added tax | 273,795,558 | 131,029,620 | 273,795,558 | 131,029,620 | |||||
Crop insurance levy | - | (1,145,747) | 1,008,763 | (1,145,747) | |||||
Provision for nation building tax | - | (8,972,421) | - | (8,972,421) | |||||
Provision for amount payable under Sip Saviya Scheme | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | |||||
Change in fair value of financial assets measured at FVTPL | - | (391,472) | - | (391,472) | |||||
Fair Value gain on Investment Property | (112,500,000) | (27,200,000) | (112,500,000) | (27,200,000) | |||||
Operating Profit before Working Capital Changes | 1,990,656,058 | 1,311,294,530 | 2,195,755,085 | 1,311,294,530 | |||||
(Increase)/Decrease in Loans and Receivables | (3,612,409,428) | (794,496,116) | (3,972,461,867) | (794,496,116) | |||||
(Increase)/Decrease in Lease Rentals Receivable and Stock out on Hire | (567,949,437) | (740,031,655) | (1,216,925,423) | (740,031,655) | |||||
(Increase)/Decrease in Real State Stock | - | - | 811,813,564 | - | |||||
(Increase)/Decrease in Other Financial Assets | 49,193,459 | 50,058,168 | 48,308,198 | 50,058,168 | |||||
(Increase)/Decrease in Other Non Financial Assets | 107,020,412 | (89,790,106) | 52,457,372 | (89,790,106) | |||||
Increase/(Decrease) in Amounts Due to Customers | 3,546,464,220 | 507,602,548 | 3,414,040,112 | 507,602,548 | |||||
Increase/(Decrease) in Other Financial Liabilities | 392,754,158 | (287,889,436) | 395,570,545 | (287,889,436) | |||||
Increase/(Decrease) in Other Non Financial Liabilities | 17,201,041 | (28,023,532) | (135,122,546) | (28,023,532) | |||||
Cash Generated from Operations | 1,922,930,483 | (71,275,599) | 1,593,435,041 | (71,275,599) | |||||
Retirement Benefit Liabilities Paid | (28,708,000) | (10,090,750) | (29,716,959) | (10,090,750) | |||||
Value added tax Paid | (309,350,370) | (128,937,146) | (309,350,370) | (128,937,146) | |||||
Crop insurance levy Paid | (2,815,881) | (799,606) | (3,161,248) | (799,606) | |||||
Income Tax Paid | (58,666,576) | (53,197,448) | (63,895,713) | (53,197,448) | |||||
ESC Paid | - | - | - | - | |||||
Net Cash from/(Used in) Operating | 1,523,389,656 | (264,300,549) | 1,187,310,752 | (264,300,549) | |||||
Cash Flows from/(Used in) Investing Activities | |||||||||
Acquisition of Property, Plant and Equipment | (184,980,505) | (53,390,773) | (185,701,093) | (53,390,773) | |||||
Acquisition of Intangible Assets | (53,380,413) | (27,064,818) | (56,725,242) | (27,064,818) | |||||
Proceeds from Sale of Property, Plant and Equipment | 1,018,703 | 221,531 | 1,033,703 | 221,531 | |||||
Net of investment in Financial assets at amortised cost - government security | (1,535,479,448) | 608,771,551 | (1,487,818,573) | 608,771,551 | |||||
Net investment in Financial assets at amortised cost - fixed deposits | 1,990,060,273 | (25,000,000) | 1,990,060,273 | (25,000,000) | |||||
Proceeds from Debenture Investment | 150,000,000 | - | 150,000,000 | ||||||
Financial Assets at amortised cost-debenture interest received | - | 16,875,000 | - | 16,875,000 | |||||
Investment in Subsidiaries | (2,376,921,302) | - | (2,376,921,302) | - | |||||
Interest Received | 193,905,630 | 290,815,708 | 193,905,630 | 290,815,708 | |||||
Dividend Received | 240,000 | (320,000) | 240,000 | (320,000) | |||||
Net Cash Flows from/(Used in) Investing Activities | (1,965,537,062) | 960,908,199 | (1,921,926,604) | 960,908,199 | |||||
Cash Flows from/(Used in) Financing Activities | |||||||||
Net Cash Flow from Syndicated Loans and Other Bank Facilities | 300,000,000 | (1,150,814,366) | 158,822,754 | (1,150,814,366) | |||||
Net Cash Flow from Debt Issued and Other Borrowings | (29,372,094) | (33,250,000) | (29,372,094) | (33,250,000) | |||||
Lease Rental Payments | (90,433,486) | (62,445,446) | (95,289,547) | (62,445,446) | |||||
(195,772,761) | (192,250,762) | (195,772,761) | (192,250,762) | ||||||
Interest payments on borrowings | (33,250,000) | (114,984,475) | (33,250,000) | (114,984,475) | |||||
Net Cash Flows from/(Used in) Financing Activities | (48,828,341) | (1,553,745,049) | (194,861,648) | (1,553,745,049) | |||||
Net Increase in Cash and Cash Equivalents | (490,975,747) | (857,137,399) | (929,477,501) | (857,137,399) | |||||
Cash and Cash Equivalents at the Beginning of the Period | 645,635,660 | 1,502,773,059 | 1,251,105,500 | 1,502,773,059 | |||||
Cash and Cash Equivalents at the End of the Period | 154,659,913 | 645,635,660 | 321,627,999 | 645,635,660 | |||||
CASH AND CASH EQUIVALENTS IN THE CASH FLOW STATEMENT | |||||||||
Notes and Coins Held | 227,509,030 | - | 239,570,241 | - | |||||
Balances with Banks | 575,290,650 | 645,635,660 | 1,093,783,895 | 645,635,660 | |||||
Treasury Bills Repurchase Agreements | - | - | - | - | |||||
Bank Overdrafts | (648,139,767) | - | (1,011,726,138) | - | |||||
Net Cash and Cash Equivalents | 154,659,913 | 645,635,660 | 321,627,999 | 645,635,660 |
HNB FINANCE PLC | |||||||
STATEMENT OF CHANGES IN EQUITY-COMPANY | |||||||
Stated Capital | Retained Earnings | Statutory Reserve | Fair Value Reserve | Total Equity | |||
Rs. | Rs. | Rs. | Rs. | Rs. | |||
Balance as at 01 April 2020 | 223,545,481 | 3,010,466,073 | 1,091,098,380 | 674,611,986 | 5,044,577,055 | ||
Net profit for the Period | - | (123,613,125) | - | - | (123,613,125) | ||
Other Comprehensive Income, net of Tax | - | 9,772,585 | - | - | 9,772,585 | ||
Transfers During the Period | - | - | - | - | - | ||
Balance as at 31 March 2021 | 223,545,481 | 2,896,625,533 | 1,091,098,380 | 674,611,986 | 4,885,881,380 | ||
Balance as at 01 April 2021 | 223,545,481 | 2,896,625,533 | 1,091,098,380 | 683,636,863 | 4,894,906,257 | ||
Net profit for the Period | - | 417,794,026 | - | 417,794,026 | |||
Other Comprehensive Income, net of Tax | - | 8,127,182 | - | 152,053,623 | 160,180,805 | ||
Transfers During the Period | - | - | - | - | - | ||
Balance as at 31 March 2022 | 223,545,481 | 3,322,546,741 | 1,091,098,380 | 835,690,486 | 5,472,881,088 | ||
HNB FINANCE PLC | |||||||
STATEMENT OF CHANGES IN EQUITY-GROUP | |||||||
Non Controling | |||||||
Stated Capital | Retained Earnings | Statutory Reserve | Fair Value Reserve | Interest | Total Equity | ||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||
Balance as at 01 April 2020 | 223,545,481 | 3,010,466,073 | 1,091,098,380 | 674,611,986 | - | 5,044,577,055 | |
Net profit for the Period | - | (123,613,125) | - | - | - | (123,613,125) | |
Other Comprehensive Income, net of Tax | - | 9,772,585 | - | - | - | 9,772,585 | |
Transfers During the Period | - | - | - | - | - | - | |
Balance as at 31 March 2021 | 223,545,481 | 2,896,625,533 | 1,091,098,380 | 674,611,986 | - | 4,885,881,380 | |
Balance as at 01 April 2021 | 223,545,481 | 2,896,625,533 | 1,091,098,380 | 683,636,863 | - | 4,894,906,257 | |
Net profit for the Period | - | 503,164,511 | - | 12,452,920 | 503,164,511 | ||
Non Controlling Interest-31/12/2021 | 301,135,189 | ||||||
Other Comprehensive Income, net of Tax | - | 9,915,458 | - | 152,053,623 | 161,969,081 | ||
Non-controlling interest movement | (258,488,486) | ||||||
Gain/(Loss) on NCI movement | 4,172,429 | ||||||
Transfers During the Period | - | - | - | - | - | ||
Balance as at 31 December 2021 | 223,545,481 | 3,413,877,931 | 1,091,098,380 | 835,690,486 | 55,099,623 | 5,560,039,849 |
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HNB Finance plc published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 09:19:07 UTC.
