First Capital Securities : Trransmission of Quarterly Report for the Period Ended 2022-03-31

FIRST CAPITAL SECURITIES CORPORATION LIMITED

CONDENSED UN CONSOLIDATED

FINANCIAL STATEMENTS AS AT MARCH 31, 2022

STATEMENT OF FINANCIAL POSITION STATEMENT OF PROFIT OR LOSS STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF CASH FLOWS STATEMENT OF CHANGES IN EQUITY NOTES TO THE FINANCIAL STATEMENTS

First Capital Securities Corporation LimitedBoard of Directors

Shehrbano Taseer (Chairman)Aamna Taseer Shahbaz Ali Taseer Shehryar Ali Taseer Naeem Akhtar

(CEO)Mustafa Mujeeb Chaudhry Umair Fakhar Alam

Company Information

Non-Executive Executive Non-Executive Non-Executive Non-Executive Independent Independent

Chief Financial Officer

Saeed Iqbal

Audit CommitteeHuman Resource and Remuneration (HR&R) Committee

Company Secretary

Umair Fakhar Alam (Chairman)

Shehrbano Taseer (Member)

Naeem Akhtar (Member)Umair Fakhar Alam (Chairman)

Aamna Taseer (Member)

Shehrbano Taseer (Member)Sajjad Ahmad

Auditors

Nasir Javaid Maqsood Imran Chartered Accountants

Legal AdvisersBankersRegistrar and Shares Transfer OfficeRegistered Office

M/s. Ibrahim and Ibrahim

Barristers and Corporate Consultants Lahore

Allied Bank Limited Bank Alfalah Limited Faysal Bank Limited MCB Bank Limited

Standard Chartered Bank (Pakistan) Limited Soneri Bank Limited

Corplink (Pvt.) Limited Wings Arcade, 1-K Commercial Model Town Lahore

Tel: [phone]

First Capital House

96-B/1, Lower Ground Floor M.M. Alam Road, Gulberg-III Lahore, Pakistan

Tele: + 92-42-35778217-18

DIRECTORS' REVIEW

We, on behalf of the Board of Directors of First Capital Securities Corporation Limited (the "Company" or "FCSC") are pleased to present the auditors' reviewed condensed interim financial statements of the Company for the nine months ended 31 March 2022.

Operational Results

The operating results of the Company are summarized as follows:

Financial Overview

31 December 2022

31 March 2021

Revenue

Rupees (51,811,166)

Rupees

85,755,018

Unrealized (loss)/gain on short term investments Operating expenses

1LL7,050,6371 5,232,8L0

84,507,376

7,226,358

Operating (loss)/profit 157,044,4761

78,528,660

Finance and other costs 235,831,540

145,132,549 .

Loss after taxation 1292,894,3051

(58,117,801)Loss per share (basic and diluted)

(0.e3)

(0.18)

The Company reported after tax loss of Rs. 292.89 million as compared to Rs. 58.12 million in the corresponding period of last year primarily due to an unrealized loss of Rs. 117.05 million on investments. Operating expenses incurred at Rs.5.23 million in comparison with Rs. 7.23 million in same period of last year. On net basis, per share loss of the Company has arrived at Rs.0.93 in comparison with Rs. 0.18 in the same period of last year.

The financial results of subsidiaries of "FCSC" during the period under review are given hereunder:

First Capital Equities Limited ('FCEL') has reported a loss of Rs 68.31 mittion in 3QFY22 as compare to profit of Rs. 40.64 million in 3QFY21. During the period due to discontinuation of operations, the brokerage income of your Company is NIL in both periods. Further, the company recorded capital gain /(loss) of Rs NIL against Rs. NIL last year. The Un-realized loss on re-measurement of investment is recorded at Rs. 67.31 million. Operating expenses decreased 67% during the period under review.

Lanka Securities (Pvt.) Limited ("LSL") generated a total revenue LKR. 623.43 million, and net profit of LKR. 250.44 million in nine monfhs period which translates into an EPS of LKR. 14.33.

First Capital tnvestments Limited ("FClL") reported loss after taxation of Rs. tL.Iz million (LPS: 0.53) as compared to profit of Rs. 13.1,4 million (EPS:0.63) in the corresponding period last year. The Loss aftertax is mainly attributed to unrealized loss on re-measurement of investments amounting of Rs, 15.06 million, due to a significant loss of t7.52% generated by First Capital Mutual Fund during the period under review. Share of Profit from associates recorded at nil during the period under review as compared to profit of Rs. 4.59 million in same period last year. Asset Management Fee has been recorded at Rs. 1.73 million as compared to ns. 1.80 million in corresponding period last year.

Evergreen Water Valley (Pvt.) Limited ("EGWV') generated a total revenue PKR. 253,623,3L7 and a net loss aftertaxationof.Rs.49,TSS,2OZandlosspershareduringtheperiodunderreviewisrecordedatRs.(69.59).

Outlook

The Company in order to strengthen itself remained completely focused on maintaining its growth momentum. The management is monitoring its resources and making earnest efforts to reap the maximum benefits from them for its shareholders. This involves optimizing revenue generation from core operations, treasury management whilst at the same time rationalizing the cost base.

The Board of Directors also wishes to express its gratefulness to the shareholders for their continued support and to all their employees for their origoing dedication and commitment to the Company.

Acknowledgement

Directors of the company place on record their sincere appreciation for the assistance and co-operation provided by financial institutions, government authorities and other stake holders in attaining such commendable performance. The directors also appreciate the committed services of the employees of the Company.

For and on behalf of the Board of Directors

,,f{o.r**.Ia^nAD,.r

"' 'Chief Executive Officer

Director

Lahore

26 April2022

ITIRS'I' CAI'ITAL SECURITIES CORPORATION LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31,2022

March3l,2022 June30,2021 ------------Rupees------------

Un-Audited

Audited

Note

NON.CUITREN'T ASSETS

Property, plant and equiplnent Investment properties

Long term investments l,ong term deposits

CURIU]NT ASSETS 'l'rade debts - unsecured, considered good

Loans, advances, prepayments and other receivables Short term investments

6 7

B

37,500 4,026,613,477 4,107,351,296

132,576,629 732,743,163 2,L52,6L8,664 2,752,6L8,664 1,74L,380,678 1,,821,,951.,969

37,500

5O3,784

503,784

s2,lo5,llL 33,544,229

38,748,215 75,227,561

Acivance tax 7,547,537

Cash arrd bank balances

CUIIIIENT I,IABILITIES

'l'rade and other payables

Current portion of long term loan Current portion of accrued markup l'rUvision [0r taxationNON-CUI{REN'I LIABILITIES

10

IL

L2

Long term loan 1L

'?

L37,537,352 716,897,505

61,308,909 65,599,872

245,454,545

10 0,0 00,000

677,556,800 331,429,552

L4,4LO

986,334,664 497,029,424

3,L77,8L6,159

1,532,605,455

3,727,2t9,377

1,678,060,000

Accrued markup 12 111,377,020

Staff retirerncnt beneflts payable

Deferred tax liability 13

Contingencies and commitments 74

NET ASSETS

REPITISEN'TED BY

", t_

IJQUITY

SIIAIIE CAPI'I'AL AND RISERVES

Authorized share capital: 3 2 0,0 00,000 (June 202L: 3 20,000,000) ordinary shares of Rs. L0 each

lssued, subscribed and paid-up capital ILetained earnings

The annexed notes 1 to 20 form an integral part ofthese financial statements.

-'-'.elrr$'qotfro^',

v

Chief Executive Officer

2,616,073 2,293,427

00 1,550,22L,628

7,627,594,531

3,200,000,000

_1&LE2!l31_ ____1,929A5333b_

3,L66,101,120 [1,s38,s06,s89)

1

1

L,B06,730,541

1,,920,488,836

3,200,000,000

3,766,101,1,20 (7,245,612,284)

+

I

Director