People’s Leasing & Finance PLC

Annual Report 2018/19

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Financial reports

Statement of Cash Flows

Accounting policy

The Statement of Cash Flows has been prepared by using the “Indirect Method” of preparing cash flows in accordance with the Sri Lanka Accounting Standard – LKAS 7 on “Statement of Cash Flows”, whereby operating activities, investing activities and financing activities are separately recognised. Cash and Cash Equivalents comprise of short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents as referred to in the Statement of Cash Flows are comprised of those items as explained in Note 49 to 51.

Company Group
For the year ended 31 March Note 2019
Rs. ’000
2018
Rs. ’000
2019
Rs. ’000
2018
Rs. ’000
Cash flows from operating activities
Profit before income tax 6,585,257 5,769,672 7,587,305 6,662,332
Adjustment for:
Non-cash items included in profits before income tax 49 2,358,912 1,702,807 2,411,109 1,535,280
Change in operating assets 50 (16,346,695) (11,688,531) (19,792,535) (13,308,245)
Change in operating liabilities 51 17,586,705 25,946,052 19,674,400 26,197,830
Share of loss in associate (net of tax) 33,234 52,942
Dividend income from investments 10 (388,945) (444,503) (16,569) (26,610)
Interest expense on due to banks 6.2 4,569,420 5,047,798 4,857,611 5,236,146
Interest expense on debt securities issued 6.2 2,394,127 2,492,085 2,378,916 2,475,434
Net unrealised gains/(losses) arising from translating
the Financial Statements of foreign subsidiary
259,151 2,828
Benefits paid on retirement benefit obligation 43.1 (9,107) (19,555) (9,242) (21,612)
Income tax paid 17.8 (805,705) (1,113,050) (907,945) (1,174,927)
Net cash from/(used in) operating activities 15,943,969 27,692,775 16,475,435 27,631,398
Cash flows from investing activities
Purchase of property, plant and equipment 32 (147,667) (170,350) (257,371) (412,263)
Proceeds from the sale of property, plant and equipment 69,903 99,468 102,629 121,980
Purchase of intangible assets 33 (8,624) (36,747) (12,195) (36,745)
Investment in subsidiaries (1,138,788)
Proceeds from the sale of investment property 141,380 141,380
Net cash and cash equivalents on acquisition of subsidiary (1,107,456)
Dividends received from investments 246,920 444,503 16,569 26,610
Net cash from/(used in) investing activities 301,912 (801,914) (8,988) (1,407,874)
Cash flows from financing activities
Proceeds from due to banks 36.1 59,966,000 56,180,000 59,966,000 56,550,481
Repayment of due to banks 36.1 (77,536,350) (74,128,659) (77,456,806) (74,354,816)
Proceeds from issue of debt securities issued 38.1 6,000,000 5,874,220
Redemption of debt securities issued 38.1 (1,164,060) (6,067,727) (1,164,060) (5,967,727)
Interest paid on debt securities issued 38.1 (1,738,538) (2,724,827) (1,738,538) (2,704,161)
Dividend paid to shareholders (1,979,340) (1,977,071) (1,979,340) (1,977,071)
Dividend paid to non-controlling interest (92,500) (112,500)
Net cash from/(used in) financing activates (16,452,288) (28,718,284) (16,591,024) (28,565,794)
Net increase/(decrease) in cash and cash equivalents (206,407) (1,827,423) (124,577) (2,342,270)
Cash and cash equivalents at 1 April 3,147,388 4,974,811 3,161,045 5,503,315
Cash and cash equivalents at 31 March 2,940,981 3,147,388 3,036,468 3,161,045
Cash and cash equivalents 22 3,294,055 4,412,683 4,310,595 4,765,518
Overdraft 36 (353,074) (1,265,295) (1,274,127) (1,604,473)
Cash and cash equivalents at 31 March 2,940,981 3,147,388 3,036,468 3,161,045

The Notes appearing on this Annual Report form an integral part of these Financial Statements.

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