INTERIM FINANCIAL
STATEMENTS
For the three months ended
30th June 2022
LOLC FINANCE PLC
LOLC Finance PLC
CONTENTS
As at 30th June 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 | 11 |
8 | Top 20 Shareholders | 12 |
LOLC Finance PLC
STATEMENT OF FINANCIAL POSITION
As at 30th June 2022
As at 30.06.2022 | As at 31.03.2022 | |
(Unaudited) | (Audited) | |
Rs. '000 | Rs. '000 | |
ASSETS | ||
Cash and bank balances | 38,709,760 | 12,282,960 |
Deposits with banks and other financial institutions | 6,537,261 | 8,885,611 |
Investment in government securities and others | 37,509,907 | 23,841,483 |
Derivative assets | 3,305,509 | 3,450,266 |
Financial assets at amortized cost : | ||
Rentals receivable on leased assets | 54,419,983 | 56,960,215 |
Loans and advances | 142,439,726 | 149,849,871 |
Investment securities | 902,523 | 6,288,566 |
Investment in associates | 3,985,013 | 1,833,661 |
Other receivables | 3,516,472 | 47,382 |
Amount due from related companies | 256,403 | 1,084,330 |
Inventories | 224,997 | 428,032 |
Investment properties | 40,127,704 | 38,287,958 |
Property plant and equipment | 8,167,252 | 8,326,735 |
Total assets | 340,102,511 | 311,567,068 |
LIABILITIES | ||
Bank overdraft | 6,058,033 | 5,675,768 |
Interest bearing borrowings | 39,464,920 | 44,309,903 |
Deposits from customers | 185,466,601 | 159,252,382 |
Trade payables | 525,340 | 1,141,928 |
Accruals and other payables | 16,343,791 | 7,835,593 |
Derivative liabilities | 22,221 | 13,176 |
Amount due to related companies | 1,155,495 | 3,719,368 |
Current tax payable | 2,583,225 | 2,525,556 |
Deferred tax liability | 2,974,781 | 2,974,781 |
Defined benefit obligations | 576,744 | 565,709 |
Total liabilities | 255,171,152 | 228,014,165 |
EQUITY | ||
Stated capital | 211,581,448 | 211,581,448 |
Statutory reserve | 4,444,108 | 4,444,108 |
Revaluation reserve | 1,505,632 | 1,505,632 |
Cash flow hedge reserve | (83,702) | (83,702) |
Fair Value Reserve | 135,162 | 140,753 |
Merger Reserve | (169,284,517) | (169,284,517) |
Retained earnings | 36,633,227 | 35,249,180 |
Total equity | 84,931,359 | 83,552,903 |
Total liabilities and equity | 340,102,511 | 311,567,068 |
Net asset value per share (Rs.) | 4.41 | 4.34 |
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.) P.A. Wijeratne - Independent Director | (Mr.) K Sundararaj - Independent Director |
10th Aug 2022 | |
Rajagiriya (Greater Colombo) |
1
LOLC Finance PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the three months ended 30th June 2022
For the period ended | |||
30.06.2022 | 30.06.2021 | Variance | |
(Unaudited) | (Unaudited) | ||
Rs '000 | Rs '000 | % | |
Interest income | 13,096,097 | 7,450,421 | 76% |
Interest expense | (6,343,758) | (2,296,303) | -176% |
Net interest income | 6,752,339 | 5,154,117 | 31% |
Net other operating income | 1,068,418 | 748,487 | 43% |
Total income | 7,820,757 | 5,902,605 | 32% |
Operating expenses | |||
Direct expenses excluding interest cost | (122,170) | (150,728) | 19% |
Allowance for impairment & write-offs | (2,101,488) | (2,549,489) | 18% |
Personnel expenses | (1,381,930) | (829,991) | -66% |
Depreciation | (166,124) | (9,293) | -1688% |
General & administration expenses | (2,176,276) | (1,396,485) | -56% |
Profit from operations before VAT on financial services | 1,872,769 | 966,619 | 94% |
Value added tax on financial services | (452,067) | (289,787) | -56% |
Profit from operating activities | 1,420,702 | 676,832 | 110% |
Share of profit of equity accounted investee, net of tax | 21,014 | - | - |
Profit before income tax expense | 1,441,716 | 676,832 | 113% |
Income tax expense | (57,669) | (161,539) | 64% |
Profit for the period | 1,384,047 | 515,293 | 169% |
Other comprehensive income | |||
Items that are or may be reclassified to profit or loss | |||
Movement in fair value through OCI reserve | (5,591) | - | - |
Movement in hedge reserves | - | (3,754) | -100% |
Total of items that are or may be reclassified to profit or loss | (5,591) | (3,754) | 49% |
Total comprehensive income, net of tax | (5,591) | (3,754) | 49% |
Total comprehensive income for the period | 1,378,456 | 511,539 | 169% |
Basic earnings per share (Rs.) | 0.07 | 0.10 |
Figures in brackets indicate deductions.
2
LOLC Finance PLC
STATEMENT OF CHANGES IN EQUITY
For the three months ended 30th June 2022
Stated Capital | Statutory | Revaluation | Cash flow | Fair Value | Merger | Retained | Total Equity | |
Reserve | Reserve | Hedge Reserve | Reserve | Reserve | Earnings | |||
Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | |
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 | - | - | - | - | - | - | 515,293 | 515,293 |
Other comprehensive income, net of income tax | ||||||||
Net movement of cashflow hedges | - | - | - | (3,754) | - | - | - | (3,754) |
Total other comprehensive income for the period | - | - | - | (3,754) | - | - | - | (3,754) |
Total comprehensive income for the period | - | - | - | (3,754) | - | - | 515,293 | 511,539 |
Balance as at 30 June 2021 | 12,762,500 | 3,596,579 | 328,838 | 23,853 | 45,446 | - | 19,642,857 | 36,400,073 |
Balance as at 01 July 2021 | 12,762,500 | 3,596,579 | 328,838 | 23,853 | 45,446 | - | 19,642,857 | 36,400,073 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | - | - | - | 16,435,292 | 16,435,292 |
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 | - | - | - | (107,555) | - | - | - | (107,555) |
Total other comprehensive income for the period | - | - | 1,176,794 | (107,555) | 95,307 | - | 18,561 | 1,183,107 |
Total comprehensive income for the period | - | - | 1,176,794 | (107,555) | 95,307 | - | 16,453,853 | 17,618,399 |
Transactions recorded directly in equity | ||||||||
Shares issued during the year | 198,818,948 | - | - | - | - | - | - | 198,818,948 |
Transfer to Statutory Reserve Fund | - | 847,529 | - | - | - | - | (847,529) | - |
Excess of the investment and other adjustments on merger with subsidiary | - | - | - | - | - | (169,284,517) | - | (169,284,517) |
Total transactions recorded directly in equity | 198,818,948 | 847,529 | - | - | - | (169,284,517) | (847,529) | 29,534,431 |
Balance as at 31 March 2022 | 211,581,448 | 4,444,108 | 1,505,632 | (83,702) | 140,753 | (169,284,517) | 35,249,180 | 83,552,903 |
Balance as at 01 April 2022 | 211,581,448 | 4,444,108 | 1,505,632 | (83,702) | 140,753 | (169,284,517) | 35,249,180 | 83,552,903 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | - | - | - | 1,384,047 | 1,384,047 |
Other comprehensive income, net of income tax | ||||||||
Movement in fair value through OCI reserve | - | - | - | - | (5,591) | - | - | (5,591) |
Total other comprehensive income for the period | - | - | - | - | (5,591) | - | - | (5,591) |
Total comprehensive income for the period | - | - | - | - | (5,591) | - | 1,384,047 | 1,378,456 |
Balance as at 30 June 2022 | 211,581,448 | 4,444,108 | 1,505,632 | (83,702) | 135,162 | (169,284,517) | 36,633,227 | 84,931,359 |
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