LOLC : Interim Financials as of 12/31/2021

LOLC HOLDINGS PLC

INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 31 DECEMBER 2021

LOLC Holdings PLC

Interim Condensed Financial Statements

For the nine months ended 31 December 2021

Content

1. Statement of Financial Position
2. Statement of Profit or Loss
3. Statement of Other Comprehensive Income
4. Statement of Changes in Equity
5. Statement of Cash Flows

6 - 7 Notes to the Interim Financial Statements

1. Operating Segments
2. Valuation of Financial Assets and Liabilities
3. Statement of Directors' Holding and Chief Executive Officer's holding in Shares of the Entity
4. Top 20 Shareholders
5. Information on Listed Debentures

Page 2 of 22

LOLC Holdings PLC

Interim Condensed Financial Statements

Statement of Financial Position

Group		Company				Group			Company
31-Mar-21		31-Mar-21	As at	Note	31-Dec-21	31-Dec-20		31-Dec-21	31-Dec-20	1-Apr-20
Rs'000		Rs'000			Rs'000	Rs'000		Rs'000	Rs'000	Rs'000
Audited		Audited			Un-audited	Un-audited		Un-audited	Un-audited	Un-audited
									Restated	Restated

Assets

58,233,361	1,698,848	Cash and cash equivalents
54,009,659	4,898,917	Financial assets recognised through profit or loss
67,241,121	17,497,242	Investment securities
4,794	-	Assets directly associated with the assets held for sale and discontinued
operations
60,832,278	2,381	Financial assets at amortised cost/ Finance lease receivables, hire purchases
and operating leases
362,954,556	9,215,716	Financial assets at amortised cost/ Advances and other loans
1,521,396	-	Premium receivables
9,569,013	280,255	Inventories
1,750,335	229,275	Current tax assets
24,596,286	32,820,828	Trade and other current assets
22,232,060	574,131	Right-of-use assets
46,202,228	1,064,850	Investment properties
		Biological assets;
4,007,383	-	Consumable biological assets
2,423,963	-	Bearer biological assets
		Investments in group of companies;

• 92,504,806 Subsidiary companies

23,766,575	4,666,193	Equity Accounted Investees
1,635,625	-	Deferred tax assets
4,145,330	336,810	Intangible assets
129,817,565		5,320,318	Property, plant and equipment
874,943,528	171,110,570
			Liabilities and equity
			Liabilities
4,130,481	587,043	Bank overdrafts

• - Trading liabilities

-	-	Liabilities directly associated with the assets held for sale and discontinued
operations
263,592,537	-	Financial Liabilities at Amortised Cost/ Deposits liabilities
315,609,582	105,175,386	Financial Liabilities at Amortised Cost/ Interest bearing borrowings
5,423,423	-	Insurance provision - life
4,737,157	-	Insurance provision - general
7,240,881	694,370	Current tax payables
29,127,290	7,023,207	Trade and other payables
7,650,172	711,023	Deferred tax liabilities
143,175	-	Deferred income
2,020,562		304,986	Retirement benefit obligations
639,675,260	114,496,016	Total liabilities

	65,608,279	71,784,582	5,538,891	966,068	1,611,459
	22,956,349	5,293,716	2,501,020	145	263,429
	90,612,506	95,436,101	14,305,047	8,480,686	3,261,861
7	10,734	62,435	-	-	-
	68,208,828	64,836,197	1,507	2,284	2,440
	396,714,321	332,495,872	8,715,806	3,213,185	5,510,840
	1,499,815	1,539,526	-	-	-
	14,711,846	8,378,554	305,195	505,659	380,379
	1,872,804	1,799,091	188,013	206,023	198,824
	84,655,326	27,156,058	74,268,593	50,262,040	32,995,285
	26,247,553	18,359,270	-	607,326	642,362
	52,142,661	44,602,591	1,913,881	1,017,250	1,017,250
	6,738,536	3,919,322	-	-	-
	4,450,557	2,223,213	-	-	-
	-	-	179,474,561	130,972,578	122,230,192
	25,105,765	23,450,091	23,767,976	20,254,676	18,440,493
	1,622,337	932,953	-	-	-
	4,689,763	1,508,691	270,686	356,571	413,539
	131,005,014		116,178,250		4,286,924		4,726,839	4,772,437
	998,852,994		819,956,513		315,538,100		221,571,330	191,740,790
	5,188,634	5,720,713	433,066	434,802	1,039,522
	209,965	1,599,115	44,402	1,493,536	-
7	56	2,433	-	-	-
	272,989,147	239,077,197	-	-	-
	366,540,123	284,171,295	144,756,341	104,030,223	95,412,795
	6,269,606	5,221,855	-	-	-
	5,575,362	4,318,643	-	-	-
	12,109,721	8,346,108	720,429	655,243	660,323
	71,208,729	39,356,436	10,861,307	2,073,654	1,390,052
	8,266,665	4,877,959	711,024	385,000	384,999
	467,910	150,859	-	-	-
	3,146,578		2,072,294		318,758		336,222	320,392
	751,972,496	594,914,907	157,845,327	109,408,680	99,208,083

			Equity
475,200	475,200	Stated capital (475,200,000 shares)	475,200	475,200	475,200	475,200	475,200
40,593,434	11,439,802	Reserves	45,539,638	29,437,393	45,539,638	29,437,393	28,790,432
97,388,049		44,699,552	Retained earnings	111,677,935		82,250,057		111,677,935		82,250,057	63,267,075
138,456,683	56,614,554	Equity attributable to shareholders of the Company	157,692,773	112,162,650	157,692,773	112,162,650	92,532,707
96,811,585		-	Non-controlling interests	89,187,725		112,878,956		-		-	-
235,268,268		56,614,554	Total equity	246,880,498		225,041,606		157,692,773		112,162,650	92,532,707
874,943,528		171,110,570	Total liabilities & equity	998,852,994		819,956,513		315,538,100		221,571,330	191,740,790
291.37	119.14	Net assets per share (Rs.)	331.85	236.03	331.85	236.03	194.72

I certify that these Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of 2007.

Sgd

Mrs. S.S. Kotakadeniya

Chief Financial Officer - LOLC Group

The board of directors is responsible for the preparation and the fair presentation of these Financial Statements.

Approved and signed for and on behalf of the Board;

Sgd	Sgd
Mr. W.D.K. Jayawardena	Mrs. K U Amarasinghe
Group Managing Director/CEO	Director

15th February 2022

Rajagiriya (Greater Colombo)

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LOLC Holdings PLC
Interim Condensed Financial Statements
Statement of Profit or Loss						Group
		Three Months Ended					Nine Months Ended
	Note	31-Dec-21		31-Dec-20		Variance	31-Dec-21		31-Dec-20		Variance
		Rs'000		Rs'000	%			Rs'000		Rs'000	%
		Un-audited		Un-audited					Un-audited		Un-audited
Continuing operations
Gross income		47,363,255	40,342,288	17			138,331,533	112,579,840	23
Interest income		25,581,774	21,658,288	18			72,716,754	64,951,096	12
Interest expense		(13,143,260)		(11,555,475)		(14)			(38,568,602)		(37,330,341)		(3)
Net interest income/(Expense)		12,438,514	10,102,813	23			34,148,152	27,620,755	24
Revenue		13,641,745	7,657,752	78			36,591,924	21,986,468	66
Cost of sales		(9,388,289)		(5,267,243)		(78)			(26,134,940)		(14,771,985)		(77)
Gross profit		4,253,456	2,390,509	78			10,456,984	7,214,483	45
Income		5,668,891	4,668,848	21			14,478,857	15,286,200	(5)
Other income/(expenses)		2,470,845		6,357,400		(61)			14,543,998		10,356,076		40
Profit/(Loss) before operating expenses		24,831,706	23,519,570	6			73,627,991	60,477,514	22
Operating expenses
Direct expenses excluding finance costs		(4,028,409)	(2,409,348)	(67)			(8,460,242)	(5,457,242)	(55)
Personnel Expenses		(6,111,815)	(4,772,429)	(28)			(16,873,916)	(13,592,235)	(24)
Net impairment (loss) / reversal on financial assets		1,091,771	(6,482,276)	117			(5,606,021)	(22,894,167)	76
Depreciation and amortization		(1,819,824)	(1,438,863)	(26)			(4,288,981)	(3,755,675)	(14)
Other operating expenses		(5,036,438)		(3,587,444)		(40)			(12,500,338)		(10,372,042)		(21)
Results from operating activities		8,926,991	4,829,210	85			25,898,493	4,406,153	488
Share of profits of equity accounted investees, net of tax		961,822	365,042	163			1,666,043	767,072	117
Results on acquisition and divestment of Group investments		1,408,879		91,456		1,440			1,809,753		42,996,098		(96)
Profit/ (loss) before tax from continuing operations		11,297,692	5,285,708	114			29,374,289	48,169,323	(39)
Income tax expense		(1,584,756)		(1,238,973)		(28)			(5,019,865)		(2,844,420)		(76)
Profit/ (loss) for the period from continuing operations		9,712,936	4,046,735	140			24,354,424	45,324,903	(46)
Discontinued operations
Profit/(loss) after tax for the year from discontinued operations and assets held for sale	6.8	5,849	(31)	18,968			5,750	671	757
Profit for the period		9,718,785	4,046,704	140			24,360,174	45,325,574	(46)
Profit/ (loss) attributable to; (Continuing operations)
Equity holders of the company		9,196,255	3,420,120	169			21,965,874	20,805,301	6
Non-controlling interests		516,681		626,615		(18)			2,388,550		24,519,602		(90)
		9,712,936	4,046,735	140			24,354,424	45,324,903	(46)
Profit/ (loss) attributable to; (Discontinued operations operations)
Equity holders of the Company		3,499	(16)	21,969			3,440	339	915
Non-controlling interests		2,350		(15)		15,767			2,310		332		596
		5,849	(31)	18,968			5,750	671	757
Profit attributable to;
Equity holders of the Company		9,199,753	3,420,105	169			21,969,313	20,805,641	6
Non-controlling interests		519,032		626,599		(17)			2,390,861		24,519,933		(90)
		9,718,785		4,046,704		140			24,360,174		45,325,574		(46)

Figures in brackets indicate deductions.

The above figures are not audited

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LOLC Holdings PLC
Interim Condensed Financial Statements
Statement of Other Comprehensive Income					Group
	Three Months Ended					Nine Months Ended
	31-Dec-21		31-Dec-20		Variance	31-Dec-21		31-Dec-20		Variance
	Rs'000		Rs'000	%			Rs'000		Rs'000	%
	Un-audited		Un-audited					Un-audited		Un-audited
Profit for the period	9,718,785	4,046,704	140			24,360,174	45,325,574	(46)
Other comprehensive income
Net other comprehensive income that will never be reclassified to profit or loss in
subsequent periods:
Revaluation surplus of property, plant and equipment
Revaluation of property, plant and equipment	862,348	1,058,498	(19)			862,348	16,564,438	(95)
Related tax	-	(13,476)	100			-	(13,476)	100
Defined benefit plan actuarial gains / (losses)
Re-measurement of defined benefit liabilities	7,591	(65,421)	112			7,569	(65,421)	112
Related tax	(58)	(37,774)	100			(58)	(37,774)	100
Change in fair value on investments in equity instruments at fair value through other
comprehensive income
Fair value gains/(losses) that arose during the period	208,917	11,748	1,678			(116,510)	150,261	(178)
Share of equity accounted investees	364,452	372,002	(2)			556,935	372,002	50
Net other comprehensive income not to be reclassified to income statement in
subsequent periods	1,443,250	1,325,577	9			1,310,284	16,970,030	(92)
Net other comprehensive income that are or may be reclassified to profit or loss in
subsequent periods :
Change in fair value on investments in debt instruments at fair value through other
comprehensive income
Fair value gains/(losses) that arose during the period	(347,544)	(43,681)	(696)			(626,344)	68,583	(1,013)
Related tax	-	1,946	(100)			-	1,946	(100)

Foreign currency translation differences for foreign operations

Net exchange gains/(losses) arising from translating the Financial Statements of foreign operations (*)

Transfer of translation reserve on disposed foreign subsidiary

Fair value differences on cash flow hedges

291,815	3,786,490	(92)	(1,326,636)	1,682,072	(179)
-	-	-	-	(4,623,648)	100

Gain/(loss) on effective portion of changes in fair value of cash flow hedge	-	(28,765)	100	23,303	60,442	(61)
Net change in costs of hedging	-	(2,785)	100	-	53,779	(100)
Related tax	-	(16,921)	100	-	(16,921)	100
Share of equity accounted investees	(805,516)	354,028	(328)	(1,588,583)	349,650	(554)
Net other comprehensive income to be reclassified to income statement in subsequent
periods	(861,245)	4,050,312	(121)	(3,518,260)	(2,424,097)	(45)
Total other comprehensive income/ (expense) for the period, net of tax
582,005		5,375,889		(89)		(2,207,976)		14,545,933		(115)
Total comprehensive income for the period, net of tax	10,300,790	9,422,593	9	22,152,198	59,871,507	(63)
Total comprehensive income attributable to;
Equity holders of the company	10,201,768	6,255,952	63	20,543,580	21,134,270	(3)
Non-controlling interests	99,022		3,166,641		(97)		1,608,618		38,737,237		(96)
	10,300,790	9,422,593	9	22,152,198	59,871,507	(63)
Earnings per share
Basic, profit for the year attributable to ordinary equity holders of the parent	19.36	7.20	169	46.23	43.78	6
Diluted, profit for the year attributable to ordinary equity holders of the parent	19.36	7.20	169	46.23	43.78	6
	-
Earnings per share for continuing operations
Basic, profit/ (loss) from continuing operations attributable to ordinary equity holders of
the parent	19.35	7.20	169	46.22	43.78	6
Diluted, profit/ (loss) from continuing operations attributable to ordinary equity holders of
the parent	19.35	7.20	169	46.22	43.78	6

Figures in brackets indicate deductions.

The above figures are not audited

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