Interim Financial Statements
For the Nine Months Ended 31st December 2022
SARVODAYA DEVELOPMENT FINANCE PLC
CONTENTS
Statement of Profit or Loss and Other Comprehensive Income | 1 |
Statement of Financial Position | 2 |
Statement of Changes in Equity | 3 |
Statement of Cash Flows | 4 |
Notes to the Interim Financial Statements | |
1. Analysis of Financial Instruments by Measurement Basis | 5 |
2. Fair Value Measurement Hierarchy | 6 |
3. Financial Reporting By Segment | 7 |
4. Share Information | 8 |
5. Directors' and Chief Executive Officer's holding in Shares of the Company | 8 |
6. Top 20 Shareholders | 8 |
7. Public Shareholding and Float adjusted Market Capitalisation | 8 |
8. Stated Capital | 9 |
9. IPO Fund Utilisation | 9 |
10. Explanatory Notes | 10 |
Corporate Information | 11 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the nine months ended | For the three months ended | ||||||
31st | 31st | 31st | 31st | ||||
Dec 2022 | Dec 2021 | Dec 2022 | Dec 2021 | ||||
Un-Audited | Un-Audited | Variance | Un-Audited | Un-Audited | Variance | ||
LKR | LKR | % | LKR | LKR | % | ||
Income | 1,850,816,610 | 1,282,010,481 | 44.4% | 672,818,520 | 468,754,564 | 43.5% | |
Interest Income | 1,751,363,522 | 1,227,805,454 | 42.6% | 641,163,237 | 441,990,590 | 45.1% | |
Interest Expenses | (869,207,645) | (413,089,813) | 110.4% | (333,366,535) | (141,368,521) | 135.8% | |
Net Interest Income | 882,155,878 | 814,715,641 | 8.3% | 307,796,702 | 300,622,068 | 2.4% | |
Net Fee and Commission Income | 77,087,206 | 37,564,500 | 105.2% | 21,950,801 | 18,723,438 | 17.2% | |
Other Operating Income | 22,365,881 | 16,640,526 | 34.4% | 9,704,482 | 8,040,535 | 20.7% | |
Total Operating Income | 981,608,965 | 868,920,668 | 13.0% | 339,451,985 | 327,386,042 | 3.7% | |
Impairment Charges for Loans | |||||||
and Other Losses | (63,104,542) | (105,704,670) | -40.3% | 5,531,084 | (30,627,785) | -118.1% | |
Net Operating Income | 918,504,423 | 763,215,997 | 20.3% | 344,983,069 | 296,758,256 | 16.3% | |
Operating Expenses | |||||||
Personnel Expenses | (348,034,196) | (301,025,290) | 15.6% | (117,262,975) | (103,979,810) | 12.8% | |
Depreciation of Property, | |||||||
Plant and Equipment | (21,823,231) | (26,151,982) | -16.6% | (7,428,160) | (7,973,152) | -6.8% | |
Amortisation of Right of Use Assets | (52,407,150) | (47,293,577) | 10.8% | (17,404,923) | (15,283,016) | 13.9% | |
Amortisation of Intangible Assets | (947,590) | (2,303,866) | -58.9% | (289,159) | (661,192) | -56.3% | |
Other Operating Expenses | (216,581,139) | (182,890,575) | 18.4% | (78,152,834) | (63,599,437) | 22.9% | |
Operating Profit Before Tax on | |||||||
Financial Services | 278,711,117 | 203,550,708 | 36.9% | 124,445,019 | 105,261,651 | 18.2% | |
Tax on Financial Services | (98,338,752) | (64,560,793) | 52.3% | (40,532,734) | (26,645,858) | 52.1% | |
Profit Before Taxation | 180,372,365 | 138,989,915 | 29.8% | 83,912,285 | 78,615,793 | 6.7% | |
Income Tax Expenses | (39,961,105) | (20,967,767) | 90.6% | (16,453,069) | (11,626,496) | 41.5% | |
Profit for the Period | 140,411,260 | 118,022,148 | 19.0% | 67,459,216 | 66,989,298 | 0.7% | |
Total Comprehensive Income/ | |||||||
(Expenses) for the Period | 140,411,260 | 118,022,148 | 19.0% | 67,459,216 | 66,989,298 | 0.7% | |
Basic Earnings Per Share * | 0.94 | 1.13 | -17.2% |
0.45 | 0.64 | -29.9% |
* Calculated based on profit/(loss) for the period
Sarvodaya Development Finance PLC | Interim Financial Statements | 1 | |
STATEMENT OF
FINANCIAL POSITION
As at | 31st | 31st | |
Dec 2022 | March 2021 | ||
Un-Audited | Audited | Variance | |
LKR | LKR | % | |
Assets | |||
Cash and Cash Equivalents | 416,604,072 | 92,132,395 | 352.2% |
Financial Investments | 530,463,052 | 532,667,038 | -0.4% |
Other Financial Assets | 863,905 | 814,391 | 6.1% |
Financial Assets at Amortised Cost - Loans and Receivables | 5,113,227,149 | 5,110,595,093 | 0.1% |
Financial Assets at Amortised Cost - Lease Rentals Receivables | 4,358,896,078 | 4,768,166,996 | -8.6% |
Other Non Financial Assets | 138,650,464 | 162,122,502 | -14.5% |
Investment Property | 234,257,500 | 234,257,500 | - |
Property, Plant and Equipment | 132,850,855 | 139,267,592 | -4.6% |
Right-of-use Lease Assets | 102,447,899 | 129,533,191 | -20.9% |
Intangible Assets | 3,980,196 | 4,927,786 | -19.2% |
Total Assets | 11,032,241,170 | 11,174,484,484 | -1.3% |
Liabilities | |||
Due to Banks and Other Institutions | 1,644,615,991 | 2,320,184,829 | -29.1% |
Financial Liabilities at Amortised Cost - Due to Customers | 5,596,975,313 | 4,729,097,119 | 18.4% |
Lease Liabilities | 118,142,340 | 149,951,692 | -21.2% |
Other Non Financial Liabilities | 224,744,008 | 596,809,388 | -62.3% |
Current Tax Liabilities | 4,594,028 | 21,170,445 | -78.3% |
Post Employment Benefit Liability | 36,938,408 | 32,066,158 | 15.2% |
Deferred Tax Liabilities | 35,822,731 | 20,409,737 | 75.5% |
Total Liabilities | 7,661,832,819 | 7,869,689,368 | -2.6% |
Shareholders' Funds | |||
Stated Capital | 2,696,113,032 | 2,696,113,032 | - |
Retained Earnings | 502,929,769 | 437,316,534 | 15.0% |
Reserves | 171,365,548 | 171,365,549 | (0.00) |
Total Shareholders' Funds | 3,370,408,351 | 3,304,795,115 | 2.0% |
Total Liabilities and Shareholders' Funds | 11,032,241,170 | 11,174,484,484 | -1.3% |
Commitments and Contingencies | 4,290,100 | 4,290,100 | - |
Net Assets Value per Share | 22.53 | 22.09 | 1.99% |
Certification
We certify that these Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
Sgd | Sgd |
Mahesh Jayasanka | Nilantha Jayanetti |
Chief Manager-Finance | Chief Executive Officer |
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board of Directors by;
Sgd | Sgd |
Channa de Silva | Dammika Ganegama |
Chairman | Senior Director |
9th February 2023 | |
Colombo |
2 | Sarvodaya Development Finance PLC Interim Financial Statements |
STATEMENT OF
CHANGES IN EQUITY
For the nine months ended 31st December
Stated | Statutory | Revaluation | Retained | Total | |
Capital | Reserves | Reserves | Earnings | Equity | |
LKR | LKR | LKR | LKR | LKR | |
Balances as at 01 April 2021 (Audited) | 1,694,137,046 | 104,077,473 | 56,514,761 | 326,655,944 | 2,181,385,226 |
Comprehensive Income for the Period | |||||
Profit for the Period | - | - | - | 118,022,148 | 118,022,148 |
Other Comprehensive Income | - | - | - | - | - |
Total Comprehensive Income for the period | - | - | - | 118,022,148 | 118,022,148 |
Transactions with Equity Holders, | |||||
Recognised Directly in Equity | |||||
Transfer to Statutory Reserves Fund | - | - | - | - | - |
Share Issue | 951,704,977 | - | - | - | - |
Expenses related to the Share Issue | - | - | - | - | - |
Total transaction with equity holders | 951,704,977 | - | - | - | - |
Balances as at 31 Dec 2021 (Un-Audited) | 2,645,842,023 | 104,077,473 | 56,514,761 | 444,678,092 | 3,251,112,351 |
Balances as at 01 April 2022 (Audited) | 2,696,113,032 | 114,850,787 | 56,514,761 | 437,316,534 | 3,304,795,115 |
Comprehensive Income for the Period | |||||
Profit for the Period | - | - | - | 140,411,260 | 140,411,260 |
Other Comprehensive Income | - | - | - | - | - |
Total Comprehensive Income for the period | - | - | - | 140,411,260 | 140,411,260 |
Transactions with Equity Holders, | |||||
Recognised Directly in Equity | |||||
Transfer to Statutory Reserves Fund | - | - | - | - | - |
Share Issue | - | - | - | - | - |
Expenses related to the Share Issue | - | - | - | - | - |
Interim Dividend | - | - | - | (74,798,026) | (74,798,026) |
Total transaction with equity holders | - | - | - | (74,798,026) | (74,798,026) |
Balances as at 31 Dec 2022 (Un-Audited) | 2,696,113,032 | 114,850,787 | 56,514,761 | 502,929,768 | 3,370,408,351 |
Sarvodaya Development Finance PLC | Interim Financial Statements | 3 | |
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