INTERIM FINANCIAL
STATEMENTS
For the year ended
31st March 2022
LOLC FINANCE PLC
LOLC Finance PLC
CONTENTS
As at 31st March 2022
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 | Operating Segments | 5 |
6 | Notes to the Interim Financial Statements | 6 |
7 | Statement of Directors' and Chief Executive Officer's holding in Shares of the Entity | 12 |
8 | Top 20 Shareholders | 13 |
LOLC Finance PLC
STATEMENT OF FINANCIAL POSITION
As at 31st March 2022
As at 31.03.2022 | As at 31.03.2021 | |
(Unaudited) | (Audited) | |
Rs. '000 | Rs. '000 | |
ASSETS | ||
Cash and bank balances | 12,282,960 | 13,422,690 |
Deposits with banks and other financial institutions | 8,855,769 | 7,203,306 |
Investment in government securities and others | 23,841,483 | 15,838,455 |
Derivative assets | 2,487,385 | 325,029 |
Financial assets at amortized cost : | ||
Rentals receivable on leased assets | 57,388,553 | 43,098,407 |
Loans and advances | 149,443,804 | 61,550,510 |
Investment securities | 8,122,227 | 5,498,000 |
Other receivables | 2,093,253 | 731,692 |
Amount due from related companies | 49,031 | 33,222 |
Inventories | 425,582 | 271,727 |
Investment properties | 38,287,958 | 21,088,740 |
Property plant and equipment | 8,326,735 | 1,163,218 |
Total assets | 311,604,738 | 170,224,996 |
LIABILITIES | ||
Bank overdraft | 5,675,768 | 1,861,003 |
Interest bearing borrowings | 44,309,903 | 16,437,442 |
Deposits from customers | 159,222,296 | 107,791,136 |
Trade payables | 596,257 | 144,788 |
Accruals and other payables | 8,447,372 | 4,557,547 |
Derivative liabilities | 13,176 | - |
Amount due to related companies | 2,071,997 | 620,862 |
Current tax payable | 2,520,990 | 857,903 |
Deferred tax liability | 2,974,781 | 1,733,249 |
Defined benefit obligations | 565,709 | 332,532 |
Total liabilities | 226,398,250 | 134,336,462 |
EQUITY | ||
Stated capital | 211,581,448 | 12,762,500 |
Statutory reserve | 3,596,579 | 3,596,579 |
Revaluation reserve | 1,505,632 | 328,838 |
Cash flow hedge reserve | (83,702) | 27,608 |
Fair Value Reserve | 140,753 | 45,446 |
Merger Reserve | (167,630,931) | - |
Retained earnings | 36,096,710 | 19,127,563 |
Total equity | 85,206,489 | 35,888,534 |
Total liabilities and equity | 311,604,738 | 170,224,996 |
Net asset value per share (Rs.) | 4.43 | 6.84 |
Certification :
These financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.
Sgd. | |
…………………………….. | |
Mr Buddhika Weeratunga | |
Head of Finance | |
The Board of Directors is responsible for the preparation and presentation of these financial statements. | |
Signed for and on behalf of the Board | |
Sgd. | Sgd. |
…………………………….. | ………………………………... |
Mr Krishan Thilakarathne - Director / CEO | Mr Conrad Dias - Chairman / Non Executive Director |
27th May 2022
Rajagiriya (Greater Colombo)
1
LOLC Finance PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31st March 2022
For the period ended | For the quarter ended | |||||
31.03.2022 | 31.03.2021 | Variance | 31.03.2022 | 31.03.2021 | Variance | |
(Unaudited) | (Audited) | (Unaudited) | (Audited) | |||
Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | |
Interest income | 30,859,274 | 33,920,373 | -9% | 7,937,847 | 8,427,642 | -6% |
Interest expense | (8,979,992) | (12,446,790) | 28% | (2,353,190) | (2,572,490) | 9% |
Net interest income | 21,879,282 | 21,473,583 | 2% | 5,584,658 | 5,855,153 | -5% |
Net other operating income | 11,219,986 | 10,139,599 | 11% | 4,845,965 | 1,204,335 | 302% |
Total income | 33,099,269 | 31,613,182 | 5% | 10,430,623 | 7,059,488 | 48% |
Operating expenses | ||||||
Direct expenses excluding interest cost | (863,534) | (950,855) | 9% | (272,499) | (250,385) | -9% |
Allowance for impairment & write-offs | (2,991,760) | (16,341,362) | 82% | (2,145,830) | (4,679,803) | 54% |
Personnel expenses | (3,564,803) | (3,156,955) | -13% | (1,151,863) | (735,735) | -57% |
Depreciation | (207,248) | (131,854) | -57% | (58,843) | (21,837) | -169% |
General & administration expenses | (5,891,790) | (5,979,228) | 1% | (1,653,190) | (1,597,439) | -3% |
Profit from operations | 19,580,135 | 5,052,929 | 288% | 5,148,397 | (225,710) | 2381% |
Value added tax on financial services | (1,837,501) | (556,146) | -230% | 64,315 | 329,214 | 80% |
Profit before income tax expense | 17,742,634 | 4,496,783 | 295% | 5,212,713 | 103,504 | 4936% |
Income tax expense | (792,048) | (130,845) | -505% | (412,160) | 127,602 | 423% |
Profit for the period | 16,950,585 | 4,365,939 | 288% | 4,800,553 | 231,105 | 1977% |
Other comprehensive income | ||||||
Items that will never be reclassified to profit or loss | ||||||
Remeasurements of defined benefit liability - gain / (loss) | 24,422 | 19,845 | 23% | 24,422 | 64,523 | -62% |
Related tax | (5,861) | (12,620) | -54% | (5,861) | (25,130) | -77% |
18,561 | 7,225 | 157% | 18,561 | 39,394 | -53% | |
Revaluation of property, plant and equipment | 1,495,420 | 96,208 | 1454% | 1,495,420 | - | - |
Related tax | (318,626) | (8,897) | 3481% | (318,626) | - | - |
1,176,794 | 87,311 | 1248% | 1,176,794 | - | - | |
Movement in fair value - equity investments at FVOCI | 95,307 | 10,711 | 790% | 95,307 | 10,711 | 790% |
Related tax | - | 3,473 | -100% | - | 3,473 | -100% |
95,307 | 14,185 | 572% | 95,307 | 14,185 | 572% | |
Total of items that will never be reclassified to profit or loss | 1,290,662 | 108,721 | 1087% | 1,290,662 | 53,578 | 2309% |
Items that are or may be reclassified to profit or loss | ||||||
Movement in fair value through OCI reserve | - | 19,305 | -100% | - | - | - |
Movement in hedge reserves | (189,254) | 130,493 | -245% | (185,500) | 76,713 | -342% |
Related tax | 77,945 | (25,575) | -405% | 77,945 | (10,517) | -841% |
(111,309) | 104,917 | -206% | (107,555) | 66,196 | -262% | |
Total of items that are or may be reclassified to profit or loss | (111,309) | 124,222 | -190% | (107,555) | 66,196 | -262% |
Total comprehensive income, net of tax | 1,179,352 | 232,942 | 406% | 1,183,107 | 119,775 | 888% |
Total comprehensive income for the period | 18,129,938 | 4,598,881 | 294% | 5,983,660 | 350,880 | 1605% |
Basic earnings per share (Rs.) | 3.23 | 0.83 | 0.91 | 0.04 |
Figures in brackets indicate deductions.
2
LOLC Finance PLC
STATEMENT OF CHANGES IN EQUITY
For the year ended 31st March 2022
Stated Capital | Statutory | Revaluation | Cash flow | Fair Value | Merger Reserve | Retained | Total Equity | |
Reserve | Reserve | Hedge Reserve | Reserve | Earnings | ||||
Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | |
Balance as at 01 April 2020 | 12,762,500 | 3,378,282 | 241,528 | (77,310) | 11,957 | - | 14,972,696 | 31,289,653 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | - | - | - | 4,365,939 | 4,365,939 |
Other comprehensive income, net of income tax | ||||||||
Remeasurements of defined benefit liability - gain / (loss) | - | - | - | - | - | - | 7,225 | 7,225 |
Revaluation gain on property, plant and equipment | - | - | 87,311 | - | - | - | - | 87,311 |
Revaluation gain on fair value through OCI investments | - | - | - | - | 14,185 | - | - | 14,185 |
Movement in fair value through OCI reserve | - | - | - | - | 19,305 | - | - | 19,305 |
Net movement of cashflow hedges | - | - | - | 104,917 | - | - | - | 104,917 |
Total other comprehensive income for the period | - | - | 87,311 | 104,917 | 33,489 | - | 7,225 | 232,942 |
Total comprehensive income for the period | - | - | 87,311 | 104,917 | 33,489 | - | 4,373,164 | 4,598,881 |
Transactions recorded directly in equity | ||||||||
Transfer to Statutory Reserve Fund | - | 218,297 | - | - | - | - | (218,297) | - |
Total transactions recorded directly in equity | - | 218,297 | - | - | - | - | (218,297) | - |
Balance as at 31 March 2021 | 12,762,500 | 3,596,579 | 328,838 | 27,608 | 45,446 | - | 19,127,563 | 35,888,534 |
Balance as at 01 April 2021 | 12,762,500 | 3,596,579 | 328,838 | 27,608 | 45,446 | - | 19,127,563 | 35,888,534 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | - | - | - | 16,950,585 | 16,950,585 |
Other comprehensive income, net of income tax | ||||||||
Remeasurements of defined benefit liability - gain / (loss) | - | - | - | - | - | - | 18,561 | 18,561 |
Revaluation gain on property, plant and equipment | - | - | 1,176,794 | - | - | - | - | 1,176,794 |
Revaluation gain on fair value through OCI investments | - | - | - | - | 95,307 | - | - | 95,307 |
Net movement of cashflow hedges | - | - | - | (111,309) | - | - | - | (111,309) |
Total other comprehensive income for the period | - | - | 1,176,794 | (111,309) | 95,307 | - | 18,561 | 1,179,352 |
Total comprehensive income for the period | - | - | 1,176,794 | (111,309) | 95,307 | - | 16,969,146 | 18,129,938 |
Transactions recorded directly in equity | ||||||||
Shares issued during the year | 198,818,948 | - | - | - | - | - | - | 198,818,948 |
Excess of the investment and other adjustments on merger with subsidiary | - | - | - | - | - | (167,630,931) | (167,630,931) | |
Total transactions recorded directly in equity | 198,818,948 | - | - | - | - | (167,630,931) | - | 31,188,017 |
Balance as at 31 March 2022 | 211,581,448 | 3,596,579 | 1,505,632 | (83,702) | 140,753 | (167,630,931) | 36,096,709 | 85,206,488 |
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