Sarvodaya Development Finance PLC |
Interim Financial Statements |
For the Six Months Ended 30th September 2022 |
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 |
Analysis of Financial Instruments by Measurement Basis | 5 |
Fair Value Measurement Hierarchy | 6 |
Financial Reporting By Segment | 7 |
Information on Ordinary Shares of the Company | 8 |
Shareholders' Information | 8-9 |
Explanatory Notes | 10 |
Corporate Information | 11 |
Sarvodaya Development Finance PLC
Statement of Profit or Loss and Other Comprehensive Income
For the six months ended | |||
30th Sep 2022 | 30th Sep 2021 | Variance | |
Un-Audited | Un-Audited | ||
LKR | LKR | % | |
Income | 1,177,998,090 | 813,255,917 | 44.8% |
Interest Income | 1,110,200,285 | 785,814,864 | 41.3% |
Interest Expenses | (535,841,110) | (271,721,292) | 97.2% |
Net Interest Income | 574,359,176 | 514,093,573 | 11.7% |
Net Fee and Commission Income | 55,136,405 | 18,841,062 | 192.6% |
Other Operating Income | 12,661,400 | 8,599,991 | 47.2% |
Total Operating Income | 642,156,980 | 541,534,626 | 18.6% |
Impairment Charges for Loans and Other Losses | (68,635,626) | (75,076,885) | -8.6% |
Net Operating Income | 573,521,354 | 466,457,741 | 23.0% |
Operating Expenses | |||
Personnel Expenses | (230,771,221) | (197,045,480) | 17.1% |
Depreciation of Property, Plant and Equipment | (14,395,071) | (18,178,830) | -20.8% |
Amortisation of Right of Use Assets | (35,002,227) | (32,010,561) | 9.3% |
Amortisation of Intangible Assets | (658,431) | (1,642,674) | -59.9% |
Other Operating Expenses | (138,428,305) | (119,291,138) | 16.0% |
Operating Profit Before VAT on Financial Services | 154,266,098 | 98,289,057 | 57.0% |
Value Added Tax on Financial Services | (57,806,018) | (37,914,935) | 52.5% |
Profit/(Loss) Before Taxation | 96,460,080 | 60,374,122 | 59.8% |
Income Tax Expenses | (23,508,036) | (9,341,271) | 151.7% |
Profit/(Loss) for the Period | 72,952,044 | 51,032,850 | 43.0% |
Total Comprehensive Income/(Expenses) for the Period | 72,952,044 | 51,032,850 | 43.0% |
For the three months ended | ||
30th Sep 2022 | 30th Sep 2021 | Variance |
Un-Audited | Un-Audited | |
LKR | LKR | % |
618,156,482 | 415,919,133 | 48.6% |
585,026,207 | 398,727,789 | 46.7% |
(315,150,195) | (138,703,266) | 127.2% |
269,876,012 | 260,024,524 | 3.8% |
26,495,128 | 16,404,077 | 61.5% |
6,635,148 | 787,266 | 742.8% |
303,006,287 | 277,215,867 | 9.3% |
(18,310,230) | (46,410,111) | -60.5% |
284,696,058 | 230,805,756 | 23.3% |
(110,955,551) | (90,835,929) | 22.1% |
(7,291,180) | (8,945,319) | -18.5% |
(17,666,068) | (13,272,034) | 33.1% |
(310,447) | (793,895) | -60.9% |
(68,828,160) | (66,570,303) | 3.4% |
79,644,653 | 50,388,277 | 58.1% |
(28,487,479) | (18,371,499) | 55.1% |
51,157,174 | 32,016,778 | 59.8% |
(12,032,780) | 3,282,163 | -466.6% |
39,124,394 | 35,298,941 | 10.8% |
39,124,394 | 35,298,941 | 10.8% |
Basic /Diluted Earnings Per Share * | 0.98 | 0.98 | -0.5% |
* Calculated based on profit/(loss) for the period
Sarvodaya Development Finance PLC
Statement of Financial Position
As at | 30th Sep 2022 | 31st March 2022 | Variance |
Un-Audited | Audited | ||
LKR | LKR | % | |
Assets | |||
Cash and Cash Equivalents | 232,923,771 | 92,132,395 | 152.8% |
Financial Investments | 526,057,927 | 532,667,038 | -1.2% |
Other Financial Assets | 202,523,736 | 814,391 | 24768.1% |
Financial Assets at Amortised Cost - Loans and Receivables | 5,026,367,384 | 5,110,595,093 | -1.6% |
Financial Assets at Amortised Cost - Lease Rentals Receivables | 4,373,146,172 | 4,768,166,996 | -8.3% |
Other Non Financial Assets | 123,962,677 | 162,122,502 | -23.5% |
Investment Property | 234,257,500 | 234,257,500 | - |
Property, Plant and Equipment | 135,004,939 | 139,267,592 | -3.1% |
Right-of-use Lease Assets | 117,119,360 | 129,533,191 | -9.6% |
Intangible Assets | 4,269,356 | 4,927,786 | -13.4% |
Total Assets | 10,975,632,823 | 11,174,484,484 | -1.8% |
Liabilities | |||
Due to Banks and Other Institutions | 1,840,945,895 | 2,320,184,829 | -20.7% |
Financial Liabilities at Amortised Cost - Due to Customers | 5,420,118,448 | 4,729,097,119 | 14.6% |
Lease Liabilities | 134,635,720 | 149,951,692 | -10.2% |
Other Non Financial Liabilities | 135,095,718 | 596,809,388 | -77.4% |
Current Tax Liabilities | 11,664,021 | 21,170,445 | -44.9% |
Post Employment Benefit Liability | 35,785,908 | 32,066,158 | 11.6% |
Deferred Tax Liabilities | 19,639,953 | 20,409,737 | -3.8% |
Total Liabilities | 7,597,885,662 | 7,869,689,368 | -3.5% |
Shareholders' Funds | |||
Stated Capital | 2,696,113,032 | 2,696,113,032 | - |
Retained Earnings | 510,268,579 | 437,316,534 | 16.7% |
Reserves | 171,365,548 | 171,365,549 | (0.00) |
Total Shareholders' Funds | 3,377,747,161 | 3,304,795,115 | 2.2% |
Total Liabilities and Shareholders' Funds | 10,975,632,823 | 11,174,484,484 | -1.8% |
Commitments and Contingencies | 4,290,100 | 4,290,100 | - |
Net Assets Value per Share | 22.58 | 22.09 | 2.21% |
Certification
We certify that these Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
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;
Channa de Silva | Dammika Ganegama |
Chairman | Senior Director |
08th November 2022 | |
Colombo |
Sarvodaya Development Finance PLC
Statement Of Changes In Equity
For the six months ended 30th September
Stated Capital | Statutory | Revaluation | Retained | Total Equity | |
Capital | Reserves | Reserves | Earnings | ||
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 | - | - | - | 51,032,850 | 51,032,850 |
Other Comprehensive Income | - | - | - | - | - |
Total Comprehensive Income for the period | - | - | - | 51,032,850 | 51,032,850 |
Transactions with Equity Holders, Recognised Directly in Equity | |||||
Transfer to Statutory Reserves Fund | - | - | - | - | - |
Share Issue | - | - | - | - | - |
Expenses related to the Share Issue | - | - | - | - | - |
Total transaction with equity holders | - | - | - | - | - |
Balances as at 30 Sep 2021 (Un-Audited) | 1,694,137,046 | 104,077,473 | 56,514,761 | 377,688,795 | 2,232,418,077 |
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 | - | - | - | 72,952,044 | 72,952,044 |
Other Comprehensive Income | - | - | - | - | - |
Total Comprehensive Income for the period | - | - | - | 72,952,044 | 72,952,044 |
Transactions with Equity Holders, Recognised Directly in Equity | |||||
Transfer to Statutory Reserves Fund | - | - | - | - | - |
Share Issue | - | - | - | - | - |
Expenses related to the Share Issue | - | - | - | - | - |
Interim Dividend | - | - | - | - | - |
Total transaction with equity holders | - | - | - | - | - |
Balances as at 30 Sep 2022 (Un-Audited) | 2,696,113,032 | 114,850,787 | 56,514,761 | 510,268,579 | 3,377,747,161 |
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