INTERIM FINANCIAL
STATEMENTS
For the six months ended
30th September 2022
LOLC FINANCE PLC
LOLC Finance PLC
CONTENTS
As at 30th September 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 September 2022
As at 30.09.2022 | As at 31.03.2022 | |
(Unaudited) | (Audited) | |
Rs. '000 | Rs. '000 | |
ASSETS | ||
Cash and bank balances | 25,874,685 | 12,282,960 |
Deposits with banks and other financial institutions | 2,057,644 | 8,885,611 |
Investment in government securities and others | 28,662,953 | 23,841,483 |
Derivative assets | 479,046 | 3,450,266 |
Financial assets at amortized cost : | ||
Rentals receivable on leased assets | 53,506,388 | 56,960,215 |
Loans and advances | 161,617,867 | 149,849,871 |
Investment securities | 890,425 | 6,288,566 |
Investment in associates | 3,878,574 | 1,833,661 |
Other receivables | 7,997,164 | 47,382 |
Amount due from related companies | 116,738 | 1,084,330 |
Inventories | 146,020 | 428,032 |
Investment properties | 40,222,957 | 38,287,958 |
Property plant and equipment | 8,037,503 | 8,326,735 |
Total assets | 333,487,966 | 311,567,068 |
LIABILITIES | ||
Bank overdraft | 6,378,145 | 5,675,768 |
Interest bearing borrowings | 36,977,308 | 44,309,903 |
Deposits from customers | 180,786,133 | 159,252,382 |
Trade payables | 427,780 | 1,141,928 |
Accruals and other payables | 8,954,353 | 7,835,593 |
Derivative liabilities | 59,723 | 13,176 |
Amount due to related companies | 6,945,071 | 3,719,368 |
Current tax payable | 2,658,268 | 2,525,556 |
Deferred tax liability | 2,974,781 | 2,974,781 |
Defined benefit obligations | 595,318 | 565,709 |
Total liabilities | 246,756,881 | 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 | 131,984 | 140,753 |
Merger Reserve | (169,284,517) | (169,284,517) |
Retained earnings | 38,436,131 | 35,249,180 |
Total equity | 86,731,085 | 83,552,903 |
Total liabilities and equity | 333,487,966 | 311,567,068 |
Net asset value per share (Rs.) | 4.51 | 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.) Krishan Thilakaratne - Director / CEO | (Mr.) Conrad Dias - Chairman / Non Executive Director |
11th November 2022 | |
Rajagiriya (Greater Colombo) |
1
LOLC Finance PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30th September 2022
For the period ended | For the quarter ended | ||||||
30.09.2022 | 30.09.2021 | Variance | 30.09.2022 | 30.09.2021 | Variance | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | ||
Interest income | 30,492,238 | 14,992,037 | 103% | 17,396,141 | 7,541,616 | 131% | |
Interest expense | (15,585,129) | (4,465,572) | -249% | (9,241,371) | (2,169,269) | -326% | |
Net interest income | 14,907,109 | 10,526,465 | 42% | 8,154,769 | 5,372,347 | 52% | |
Net other operating income | 3,139,719 | 1,612,148 | 95% | 2,071,301 | 863,661 | 140% | |
Total income | 18,046,827 | 12,138,613 | 49% | 10,226,070 | 6,236,008 | 64% | |
Operating expenses | |||||||
Direct expenses excluding interest cost | (282,712) | (344,765) | 18% | (160,542) | (194,037) | 17% | |
Allowance for impairment & write-offs | (5,211,364) | (2,825,089) | -84% | (3,109,877) | (275,601) | -1028% | |
Personnel expenses | (2,646,401) | (1,574,739) | -68% | (1,264,471) | (744,749) | -70% | |
Depreciation | (329,046) | (87,831) | -275% | (162,922) | (78,538) | -107% | |
General & administration expenses | (5,045,712) | (2,739,640) | -84% | (2,869,436) | (1,343,154) | -114% | |
Profit from operations before VAT on financial services | 4,531,591 | 4,566,548 | -1% | 2,658,823 | 3,599,929 | 26% | |
Value added tax on financial services | (1,126,503) | (654,488) | -72% | (674,436) | (364,701) | -85% | |
Profit from operating activities | 3,405,088 | 3,912,060 | -13% | 1,984,387 | 3,235,228 | -39% | |
Share of profit of equity accounted investee, net of tax | (85,425) | - | - | (106,439) | - | - | |
Profit before income tax expense | 3,319,663 | 3,912,060 | -15% | 1,877,947 | 3,235,228 | -42% | |
Income tax expense | (132,712) | (698,901) | 81% | (75,044) | (537,362) | 86% | |
Profit for the period | 3,186,951 | 3,213,159 | -1% | 1,802,904 | 2,697,866 | -33% | |
Other comprehensive income | |||||||
Items that are or may be reclassified to profit or loss | |||||||
Movement in fair value through OCI reserve | (8,769) | - | - | (3,178) | - | - | |
Movement in hedge reserves | - | (3,754) | -100% | - | - | - | |
Total of items that are or may be reclassified to profit or loss | (8,769) | (3,754) | 134% | (3,178) | - | - | |
Total comprehensive income, net of tax | (8,769) | (3,754) | 134% | (3,178) | - | - | |
Total comprehensive income for the period | 3,178,183 | 3,209,405 | -1% | 1,799,726 | 2,697,866 | -33% | |
Basic earnings per share (Rs.) | 0.17 | 0.61 | 0.09 | 0.51 |
Figures in brackets indicate deductions.
2
LOLC Finance PLC
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30th September 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 | - | - | - | - | - | - | 3,213,159 | 3,213,159 |
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) | - | - | 3,213,159 | 3,209,405 |
Balance as at 30 September 2021 | 12,762,500 | 3,596,579 | 328,838 | 23,853 | 45,446 | - | 22,340,722 | 39,097,938 |
Balance as at 01 October 2021 | 12,762,500 | 3,596,579 | 328,838 | 23,853 | 45,446 | - | 22,340,722 | 39,097,938 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | - | - | - | 13,737,426 | 13,737,426 |
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 | - | 13,755,987 | 14,920,534 |
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 | - | - | - | - | - | - | 3,186,951 | 3,186,951 |
Other comprehensive income, net of income tax | ||||||||
Movement in fair value through OCI reserve | - | - | - | - | (8,769) | - | - | (8,769) |
Total other comprehensive income for the period | - | - | - | - | (8,769) | - | - | (8,769) |
Total comprehensive income for the period | - | - | - | - | (8,769) | - | 3,186,951 | 3,178,183 |
Balance as at 30 September 2022 | 211,581,448 | 4,444,108 | 1,505,632 | (83,702) | 131,984 | (169,284,517) | 38,436,131 | 86,731,085 |
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