INTERIM FINANCIAL
STATEMENTS
For the nine months ended
31st December 2022
LOLC FINANCE PLC
LOLC Finance PLC
CONTENTS
As at 31st December 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 31st December 2022
As at 31.12.2022 | As at 31.03.2022 | |
(Unaudited) | (Audited) | |
Rs. '000 | Rs. '000 | |
ASSETS | ||
Cash and bank balances | 3,761,876 | 12,282,960 |
Deposits with banks and other financial institutions | 2,767,389 | 8,885,611 |
Investment in government securities and others | 33,091,243 | 23,841,483 |
Derivative assets | 662,114 | 3,450,266 |
Financial assets at amortized cost : | ||
Rentals receivable on leased assets | 51,537,265 | 56,960,215 |
Loans and advances | 183,481,128 | 149,849,871 |
Investment securities | 430,893 | 6,288,566 |
Investment in associates | 3,700,677 | 1,833,661 |
Other receivables | 8,169,854 | 47,382 |
Amount due from related companies | 146,062 | 1,084,330 |
Inventories | 147,445 | 428,032 |
Investment properties | 41,763,950 | 38,287,958 |
Property plant and equipment | 10,509,766 | 8,326,735 |
Total assets | 340,169,664 | 311,567,068 |
LIABILITIES | ||
Bank overdraft | 10,337,430 | 5,675,768 |
Interest bearing borrowings | 35,698,738 | 44,309,903 |
Deposits from customers | 185,064,811 | 159,252,382 |
Trade payables | 332,094 | 1,141,928 |
Accruals and other payables | 5,544,030 | 7,835,593 |
Derivative liabilities | 10,698 | 13,176 |
Amount due to related companies | 2,357,802 | 3,719,368 |
Current tax payable | 2,807,164 | 2,525,556 |
Deferred tax liability | 3,184,283 | 2,974,781 |
Defined benefit obligations | 616,318 | 565,709 |
Total liabilities | 245,953,368 | 228,014,165 |
EQUITY | ||
Stated capital | 211,581,448 | 211,581,448 |
Statutory reserve | 4,444,108 | 4,444,108 |
Revaluation reserve | 1,318,935 | 1,505,632 |
Cash flow hedge reserve | (114,881) | (83,702) |
Fair Value Reserve | 129,454 | 140,753 |
Merger Reserve | (169,284,517) | (169,284,517) |
Retained earnings | 46,141,749 | 35,249,180 |
Total equity | 94,216,296 | 83,552,903 |
Total liabilities and equity | 340,169,664 | 311,567,068 |
Net asset value per share (Rs.) | 4.89 | 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 | (Mrs.) K.U. Amarasinghe - Executive Director |
14th February 2023 | |
Rajagiriya (Greater Colombo) |
1
LOLC Finance PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the nine months ended 31st December 2022
For the period ended | For the quarter ended | ||||||
31.12.2022 | 31.12.2021 | Variance | 31.12.2022 | 31.12.2021 | Variance | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | ||
Interest income | 48,685,520 | 22,921,427 | 112% | 18,193,282 | 7,929,390 | 129% | |
Interest expense | (25,337,891) | (6,626,802) | -282% | (9,752,762) | (2,161,230) | -351% | |
Net interest income | 23,347,629 | 16,294,625 | 43% | 8,440,520 | 5,768,160 | 46% | |
Net other operating income | 9,301,794 | 6,386,896 | 46% | 6,162,075 | 4,774,748 | 29% | |
Total income | 32,649,423 | 22,681,521 | 44% | 14,602,596 | 10,542,908 | 39% | |
Operating expenses | |||||||
Direct expenses excluding interest cost | (537,582) | (591,035) | 9% | (254,869) | (246,270) | -3% | |
Allowance for impairment & write-offs | (6,269,930) | (845,930) | -641% | (1,058,565) | 1,979,159 | 153% | |
Personnel expenses | (3,925,851) | (2,412,939) | -63% | (1,279,450) | (838,200) | -53% | |
Depreciation | (481,221) | (148,405) | -224% | (152,175) | (60,573) | -151% | |
General & administration expenses | (7,962,672) | (4,251,474) | -87% | (2,916,960) | (1,511,834) | -93% | |
Profit from operations before VAT on financial services | 13,472,168 | 14,431,737 | -7% | 8,940,576 | 9,865,189 | 9% | |
Value added tax on financial services | (2,043,798) | (1,901,816) | -7% | (917,295) | (1,247,328) | 26% | |
Profit from operating activities | 11,428,369 | 12,529,921 | -9% | 8,023,281 | 8,617,861 | -7% | |
Share of profit of equity accounted investee | (263,322) | - | - | (177,897) | - | - | |
Profit before income tax expense | 11,165,047 | 12,529,921 | -11% | 7,845,384 | 8,617,861 | -9% | |
Income tax expense | (281,608) | (379,888) | 26% | (148,896) | 319,013 | 147% | |
Profit for the period | 10,883,439 | 12,150,033 | -10% | 7,696,488 | 8,936,874 | -14% | |
Other comprehensive income | |||||||
Items that will never be reclassified to profit or loss | |||||||
Related tax on remeasurements of defined benefit liability | 9,129 | - | - | 9,129 | - | - | |
Related tax on revaluation of property, plant and equipment | (186,697) | - | - | (186,697) | - | - | |
Total of items that will never be reclassified to profit or loss | (177,568) | - | - | (177,568) | - | - | |
Items that are or may be reclassified to profit or loss | |||||||
Movement in fair value through OCI reserve | (10,545) | - | - | (1,776) | - | - | |
Related tax | (755) | - | - | (755) | - | ||
(11,299) | - | - | (2,531) | - | - | ||
Movement in hedge reserves | - | (3,754) | -100% | - | - | - | |
Related tax on movement in hedge reserves | (31,179) | - | - | (31,179) | - | - | |
(31,179) | (3,754) | 730% | (31,179) | - | - | ||
Total of items that are or may be reclassified to profit or loss | (42,478) | (3,754) | 1031% | (33,710) | - | - | |
Total other comprehensive income, net of tax | (220,046) | (3,754) | 5761% | (211,277) | - | - | |
Total comprehensive income for the period | 10,663,393 | 12,146,278 | -12% | 7,485,211 | 8,936,874 | -16% | |
Basic earnings per share (Rs.) | 0.57 | 2.31 | 0.40 | 1.70 |
Figures in brackets indicate deductions.
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LOLC Finance PLC
STATEMENT OF CHANGES IN EQUITY
For the nine months ended 31st December 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 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 | - | - | - | - | - | - | 12,150,033 | 12,150,033 |
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) | - | - | 12,150,033 | 12,146,278 |
Balance as at 31 December 2021 | 12,762,500 | 3,596,579 | 328,838 | 23,853 | 45,446 | - | 31,277,596 | 48,034,812 |
Balance as at 01 January 2022 | 12,762,500 | 3,596,579 | 328,838 | 23,853 | 45,446 | - | 31,277,596 | 48,034,812 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | - | - | - | 4,800,553 | 4,800,553 |
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 | - | 4,819,114 | 5,983,660 |
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 | - | - | - | - | - | - | 10,883,439 | 10,883,439 |
Other comprehensive income, net of income tax | ||||||||
Remeasurements of defined benefit liability - gain / (loss) | - | - | - | - | - | - | 9,129 | 9,129 |
Revaluation gain on property, plant and equipment | - | - | (186,697) | - | - | - | - | (186,697) |
Movement in fair value through OCI reserve | - | - | - | - | (11,299) | - | - | (11,299) |
Net movement of cashflow hedges | - | - | - | (31,179) | - | - | - | (31,179) |
Total other comprehensive income for the period | - | - | (186,697) | (31,179) | (11,299) | - | 9,129 | (220,046) |
Total comprehensive income for the period | - | - | (186,697) | (31,179) | (11,299) | - | 10,892,569 | 10,663,393 |
Balance as at 31 December 2022 | 211,581,448 | 4,444,108 | 1,318,935 | (114,881) | 129,454 | (169,284,517) | 46,141,749 | 94,216,296 |
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