Colombo Fort Investments : Quarterly Financial Report as of 30/06/2022

Colombo Fort Investments PLC

Company No PQ 100

Interim Financial Statements for the Quarter Ended

30th June, 2022

01

COLOMBO FORT INVESTMENTS PLC

Company No PQ 100

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Audited		Unaudited	Unaudited
Year		Quarter	Quarter
ended		ended	ended	Variance
31.03.2022		30.06.2022	30.06.2021	%
Rs.'000		Rs.'000	Rs.'000
41,227	Revenue	3,669	3,406	+8
1,024	Other Income	-	-	-
42,251		3,669	3,406	+8
(3,782)	Administrative Expenses	(1,007)	(891)	-13
17,956	Fair Value changes on Financial Assets	(67,368)	84,018	-180
(276)	Other Expenses	(34)	(3)	-1,033
56,149	Profit / (Loss) from Operating Activities	(64,740)	86,530	-175
(1,618)	Finance Costs	(746)	(498)	-50
54,531	Profit / (Loss) Before Income Tax Expense	(65,486)	86,032	-176
(3,675)	Income Tax Expense	(315)	(284)	-11
50,856	Profit / (Loss) for the period	(65,801)	85,748	-177
	Other Comprehensive Income
	Items that will not to be reclassified to Profit or Loss
	- Profit / (Loss) on changes in Fair Value on Financial Assets
(255,925) at Fair Value through Other Comprehensive Income	(93,019)	(33,434)	-178
	- Reserve movement due to conversion of Warrants
	- Transfer of realised gains on disposal of Financial Assets
58	at Fair Value through Other Comprehensive Income	-	-	-
	- Profit / (Loss) on diposal of Financial Assets at Fair Value
(39)	through Other Comprehensive Income	-	-	-
	Total Other Comprehensive Income /
(255,906)	(Expense) for the period	(93,019)	(33,434)	-178
	Total Comprehensive Income /
(205,050)	(Expense) for the period	(158,820)	52,314	-404
6.06	Earnings / (Loss) per share (Rs.)	(9.33)	12.22
1.20	Dividend proposed per share	-	-

02

COLOMBO FORT INVESTMENTS PLC

Company No PQ 100

STATEMENT OF FINANCIAL POSITION

	Audited			Unaudited	Unaudited
	As at			As at	As at
31.03.2022			30.06.2022			30.06.2021
	Rs.'000			Rs.'000	Rs.'000
			ASSETS
			Non-current Assets
			Financial Assets at Fair Value through Other
	842,380		Comprehensive Income		753,968			1,061,197
842,380		Total Non Current Assets	753,968			1,061,197
			Current Assets
286,357		Financial Assets at Fair Value through Profit or Loss	222,073			333,738
6,274		Receivables	1,840			1,721
81		Prepayments	54			54
1,482		Amounts Due From Related Party	1,482			1,771
	7,230		Cash & Cash Equivalents		74,205			1,892
	301,424		Total Current Assets		299,654			339,176
1,143,804		Total Assets	1,053,622			1,400,373
			EQUITY & LIABILITIES
			Equity
222,132		Stated Capital	293,311			213,840
16,500		General Reserve	16,500			16,500
550,151		Fair Value Reserve of Financial Assets at FVOCI	457,132			772,584
	334,587		Retainted Earnings		268,786			377,816
1,123,370		Total Equity	1,035,729			1,380,740
			Non - Current Liabilities
	-		Interest Bearing Borrowing		-			-
-		Total Non- Current Liabilities	-			-
			Current Liabilities
17,756		Trade & Other Payables	17,542			19,261
36		Dividends Payable	36			88
	2,642		Income Tax Liability		315			284
	20,434		Total Current Liabilities		17,893			19,633
20,434		Total Liabilities	17,893			19,633
	1,143,804		Total Equity & Liabilities		1,053,622			1,400,373
133.92		Net Asset per Share (Rs.)	123.47			164.60
For and on behalf of the Board
(Sgd.) S.D.R.Arudpragasam	(Sgd.) S. Shanmugalingam
	Director			Director
04th August, 2022

									03
COLOMBO FORT INVESTMENTS PLC
	Company No. PQ 100
STATEMENT OF CHANGES IN EQUITY
	Stated		General	Fair Value		Retained		Total
	Capital		Reserve	Reserve of		Earnings		Equity
						Financial Assets
						at FVOCI
	Rs.'000		Rs.'000	Rs.'000		Rs.'000		Rs.'000
Balance as at 01.04.2021	213,840	16,500			806,018	292,068	1,328,426
Profit / (Loss) for the period	-	-			-	85,748	85,748
Other Comprehensive Income / (Expense)	-	-			(33,434)	-	(33,434)
	213,840	16,500			772,584	377,816	1,380,740
Transactions with owners of the Company
recognised directly in equity	-	-			-	-	-
Balance as at 30.06.2021	213,840		16,500			772,584		377,816		1,380,740
Balance as at 01.04.2022	222,132	16,500			550,151	334,587	1,123,370
Profit / (Loss) for the period	-	-			-	(65,801)	(65,801)
Other Comprehensive Income / (Expense)	-	-			(93,019)	-	(93,019)
	222,132	16,500			457,132	268,786	964,550
Transactions with owners of the Company
recognised directly in equity	-	-			-	-	-
Rights Issue of Ordinary Shares	71,179	-			-	-	71,179
Balance as at 30.06.2022	293,311	16,500			457,132	268,786	1,035,729

					04
		COLOMBO FORT INVESTMENTS PLC
			Company No : PQ 100
			STATEMENT OF CASH FLOWS
Audited				Unaudited		Unaudited
As at				Quarter		Quarter
31.03.2022				ended		ended
Rs.'000				30.06.2022	30.06.2021
				Rs.'000		Rs.'000
		CASH FLOW FROM OPERATING ACTIVITIES
56,149	Profit / (Loss) before Interest and Tax	(64,740)	86,530
		Adjustments for ;
(17,956)	Fair Value changes on Financial Assets	67,367	(84,018)
(1,009)	Profit / (Loss) on Disposal of Financial Assests	-	-
(4,107)	Dividend received as Scrip Dividend	(2,462)	(1,582)
(15)		Provision for Impairment of Amounts due from Related Party	-		-
33,062		Profit before Working Capital Changes	165	930
		Changes in Working Capital
(895)	(Increase) / Decrease in	Receivables	4,434	3,659
-		(Increase) / Decrease in	Prepayments	27	27
304		(Increase) / Decrease in Amounts Due from Related Party	-	-
(1,883)		Increase / (Decrease) in Trade & Other Payables	(214)		(379)
30,588		Cash generated from / (Used in) Operating Activities	4,412	4,237
(2,154)	Tax paid		(2,642)	(1,121)
(1,618)		Interest Paid		(746)		(498)
26,816		Net Cash Flows from / (used in) Operating Activities	1,024	2,618
		CASH FLOWS FROM INVESTING ACTIVITIES
(31,718)	Acquisition of Financial Assets	(5,228)	(3,402)
9,456		Proceeds from Disposal of Financial Assets	-		-
(22,262)	Net Cash Flows from / (used in) Investing Activities	(5,228)	(3,402)
		CASH FLOWS FROM FINANCING ACTIVITIES
		Proceeds from Rights Issue	71,179		-
-		Net cash Flows from / (used in) Financing Activities	71,179		-
4,554		Net Increase/[Decrease] in Cash & Cash Equivalents	66,975	(784)
2,676		Cash & Cash Equivalents at the beginning of the year	7,230		2,676
7,230		Cash & Cash Equivalents at the end of year [Note A]	74,205	1,892
		Note A: Cash & Cash Equivalents
7,230		Cash at bank		74,205		1,892
				74,205	1,892