LOLC Development Finance : Interim Financial Statements as at 30/09/22

LOLC DEVELOPMENT FINANCE PLC

Interim Financial Statements

For the six months ended 30 September 2022

LOLC Development Finance PLC

INTERIM FINANCIAL STATEMENTS

Content…..

	Description	Page No.
1.	Statement of Financial Position…………………………………………………………………….	01
2.	Statement of Profit or Loss and Other Comprehensive Income……………………………………	02
3.	Statement of Changes in Equity……………………………………………………………………	03
4.	Statement of Cash Flows……………………………………………………………………………	04
5.	Notes to the Interim Financial Statements……………………………………………………………	05 - 08
6.	Segmental Information ………………………………………………………………………………	09
7.	Shareholder Information……………………………………………………………………………	10

LOLC Development Finance PLC

Statement of Financial Position

	As at 30		As at 31
	September 2022		March 2022
	(Unaudited)		(Audited)
	Rs.'000		Rs.'000
ASSETS
Cash and cash equivalents	525,914	252,360
Securities purchased under resale agreements	543,111	401,036
Financial assets measured at fair value through other comprehensive income	1,045,769	734,585
Financial assets at amortised cost/ lease rental receivables and hire purchases	13,269,633	11,637,826
Financial assets at amortised cost/ loans and receivables	6,407,954	7,692,920
Amount due from related companies	7,549	8,096
Other receivables	859,103	809,888
Inventory	4,078	10,532
Deferred tax assets	43,342	43,342
Right of use assets	172,925	200,335
Investment properties	40,000	40,000
Property, plant and equipment	84,274		91,983
Total assets	23,003,651	21,922,901
LIABILITIES & EQUITY
Liabilities
Due to banks	41,454	212,412
Financial liabilities at amortised cost/ deposits from depositors	8,943,296	7,028,728
Interest bearing loans and borrowings	8,896,573	10,193,174
Current tax liabilities	309,915	227,723
Amount due to related companies	41,336	425,782
Obiligation on lease liability	209,038	231,894
Accrued charges and other payables	34,305	393,054
Employee benefits	58,588	54,003
Total liabilities	18,534,506		18,766,770
Equity
Stated capital	3,069,714	1,493,088
Reserves	(44,119)	88,373
Revenue reserves	1,443,550	1,574,670
Total equity	4,469,145		3,156,131
Total liabilities & equity	23,003,651		21,922,901
Net assets per share (Rs.)	12.52		13.26

Certification :

These financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

sgd.

……………………………..

Mr. Gayan Herath

Senior Manager - 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. Rohana Kumara	Mr. T. Sanakan
Director/Chief Executive Officer	Director
Date: 15th November 2022
Rajagiriya (Greater Colombo)

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LOLC Development Finance PLC

Statement of Profit or Loss & Other Comprehensive Income

	For the six months ended 30
		September			For the quarter ended 30 September
	2022	2021	Variance		2022	2021	Variance
	Rs.'000	Rs.'000	%		Rs.'000	Rs.'000	%
	(Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)
Interest income	3,048,563	2,249,487	36%		1,624,249	1,158,321	40%
Interest expenses	(1,501,565)	(663,100)	(126%)		(873,458)	(332,678)	(163%)
Net interest income	1,546,998	1,586,387	(2%)		750,790	825,642	(9%)
Net fees and commission income	183,759	118,505	55%		85,704	67,606	27%
Other operating income	32,688	16,764	95%		13,640	9,657	41%
Total operating income	1,763,445	1,721,656	2%		850,134	902,905	(6%)
Impairment charges and other losses	(590,591)	(478,331)	(23%)		(330,266)	(205,133)	(61%)
Net operating income	1,172,854	1,243,325	(6%)		519,868	697,772	(25%)
Operating expenses
Personnel expenses	(444,426)	(384,351)	(16%)		(231,054)	(189,619)	(22%)
Depreciation on property, plant and
equipment	(46,654)	(49,310)	5%		(21,883)	(24,935)	12%
Other operating expenses	(645,906)	(442,238)	(46%)		(331,137)	(244,279)	(36%)
Operating profit/(loss) before taxes on
financial services	35,869	367,426	(90%)		(64,206)	238,940	(127%)
Taxes on financial services	(69,073)	(74,741)	8%		(25,275)	(32,986)	23%
Profit/(loss) before income tax expense
(33,204)	292,685	(111%)		(89,480)	205,954	(143%)
Income tax expense	-	(86,268)	100%		13,506	(61,983)	122%
Profit/(loss) for the period	(33,204)	206,417	(116%)		(75,973)	143,971	(153%)
Other comprehensive income
Items that are or may be reclassified to
profit or loss
Net gains/(losses) on investments in financial
assets at fair value through other
comprehensive income	(125,014)	(18,621)	(571%)		(31,889)	(16,273)	(96%)
Defined benefit plan actuarial gains (losses)
for the year
Income tax recognised in other comprehensive
income
Total other comprehensive income, net of tax	(125,014)	(18,621)	(571%)		(31,889)	(16,273)	(96%)
Total comprehensive income	(158,218)	187,795	(184%)		(107,862)	127,698	(184%)
Basic earnings per share (Rs.)	(0.09)	0.87	(111%)		(0.21)	0.61	(135%)
Figures in brackets indicate deductions.

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LOLC Development Finance PLC

Statement of Changes in Equity

For the period ended 30 September 2022,			Capital Reserves	Revenue Reserves
			Reserve		Fair Value	Revaluation		Retained
	Stated Capital			Reserve on		Total Equity
		Fund		Reserve		Earnings
				FVOCI
	Rs.'000		Rs.'000		Rs.'000	Rs.'000		Rs.'000	Rs.'000
Balance as at 1 April 2021	1,493,088	116,964	(4,590)		-	1,208,367		2,813,829
Profit for the Period	-	-	-		-	206,416		206,416
Other comprehensive income/ (Expense)
Net gains/(losses) on investments in financial assets at fair
value through other comprehensive income	-	-	(18,621)		-	-		(18,621)
Total comprehensive income for the period	-		-		(18,621)		-		-		(18,621)
-		-		(18,621)		-		206,416		187,795
Balance as at 30 September 2021
1,493,088	116,964	(23,211)		-	1,414,783		3,001,624
Balance as at 1 October 2021	1,493,088	116,964	(23,211)			1,414,783		3,001,624
Profit for the Period	-	-	-		-	181,975		181,975
Other comprehensive income/ (Expense)
Actuarial gains on defined benefit obligation	-	-	-		-	(3,511)		(3,511)
Deferred Tax effect on defined benefit obligation	-	-	-		-	843		843
Net gains/(losses) on investments in financial assets at fair
value through other comprehensive income	-	-	(32,278)		-	-		(32,278)
Revaluation surplus	-	-	-		9,838	-		9,838
Deferred tax charge/(reversal) on revaluation surplus	-	-	-		(2,361)	-		(2,361)
Total comprehensive income for the year	-		-		(32,278)		7,477		(2,668)		(27,470)
-		-		(32,278)		7,477		179,307		154,506
											-
Other Movements in Equity
Transferred to Statutory Reserve Fund	-		19,420		-		-		(19,420)		-
Total transactions recorded directly in equity	-		19,420		-		-		(19,420)		-
Balance as at 31 March 2022
1,493,088		136,384	(55,489)		7,477	1,574,670		3,156,131
Balance as at 1 April 2022	1,493,088	136,384	(55,489)		7,477	1,574,670		3,156,131
Adjustment relating to surchrge tax	-		-		-		-		(105,393)		(105,393)
Adjusted opening balance	1,493,088	136,384	(55,489)		7,477	1,469,277		3,050,738
Profit for the period	-	-	-		-	(33,204)		(33,204)
Right Issue	1,576,626	-	-		-	-		1,576,626
Other comprehensive income, net of income tax
Net gains/(losses) on investments in financial assets at fair
value through other comprehensive income	-	-	(125,014)		-	-		(125,014)
	-	-	(125,014)		-	-		(125,014)
Total comprehensive income for the period	1,576,626		-		(125,014)		-		(33,204)		1,418,407
Balance as at 30 September 2022
3,069,714		136,384		(180,503)		7,477		1,436,073		4,469,145

Figures in brackets indicate deductions.

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