Singer Finance Lanka : Interim Financial Statements as at 30.09.2022

SINGER FINANCE (LANKA) PLC

INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022

Interim Financial Statements for the Six Months Ended 30th September 2022

STATEMENT OF FINANCIAL POSITION

As At	30-September-2022	30-September-2021	31-Mar-2022
			(Audited)
	Rs.'000	Rs.'000	Rs.'000
ASSETS
Cash and Cash Equivalents	468,333	361,248	837,562
Placement with Banks	2,020,621	120,747	177,450
Financial assets at amortised cost-Hire Purchase Receivables	-	218	-
Financial assets at amortised cost-Finance Lease Receivables	10,932,009	13,419,654	12,954,049
Financial assets at amortised cost-Loans and Advances	15,055,912	9,913,485	13,395,955
Financial assets measured at fair value through other comprehensive income	41	41	41
Financial assets at amortised cost-Debt and other financial instruments	1,794,355	1,840,143	1,412,979
Due from Related Companies	47,518	516,636	-
Other Debtors, and Prepayments	240,823	255,456	246,507
Deferred Tax Assets	127,661	9,060	78,675
Intangible Assets	80,286	74,275	69,459
Property, Plant & Equipment	570,521	365,784	444,453
Right-of-use assets / Lease assets	694,246	542,221	645,887
Total Assets	32,032,326	27,418,968	30,263,017
LIABILITIES
Financial liabilities at amortised cost-Due to Customers	16,131,528	12,337,007	12,295,391
Financial liabilities at amortised cost-Interest Bearing Loans & Borrowings	8,863,560	7,667,892	10,777,766
Lease Liabilities	765,461	592,793	721,891
Trade & Other Payables	416,218	668,803	712,132
Due to Related Companies	7,223	316,996	72,461
Bank Overdraft	906,190	1,318,933	599,909
Current Tax Liabilities	88,273	86,961	260,378
Retirement Benefit Obligations	113,491	92,977	101,458
Total Liabilities	27,294,814	23,082,362	25,541,386
SHAREHOLDERS' FUND
Stated Capital	1,996,444	1,996,444	1,996,444
Reserve Fund	234,112	203,055	234,112
Retained Earnings	2,506,956	2,137,107	2,491,075
Total Equity	4,737,512	4,336,606	4,721,631
Total Liabilities & Equity	32,032,326	27,418,968	30,263,017
Net Assets per share (Rs)	23.44	21.46	23.37

I certify that the financial statements of the Company comply with the requirements of the companies Act 07 of 2007

(Sgd.)

Eraj Fernando

Head of Finance

The above figures are provisional and subject to audit unless specified.

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Signed for and on behalf of the Board by,

(Sgd.)	(Sgd.)
A.Perera	Thushan Amarasuriya
Chairman	Director/Chief Executive Officer
Colombo
31st October 2022

SINGER FINANCE (LANKA) PLC | 2

Interim Financial Statements for the Quarter Ended 30th September 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the quarter ended 30th September	2022	2021	Variance
	Rs.'000	Rs.'000	Rs.'000	%
Gross Income	1,868,403	1,322,197	546,206	41%
Interest Income	1,764,340	1,244,284	520,056	42%
Less: Interest Expense	1,219,649	476,236	(743,413)	(156%)
Net Interest Income	544,691	768,048	(223,357)	(29%)
Net Fee and Commission Income	94,816	72,266	22,550	31%
Trading Income	94	30	64	213%
Other Operating Income	9,153	5,617	3,536	63%
Total Operating Income	648,754	845,961	(197,207)	(23%)
Less: Impairment charges and Other Credit Losses on Financial Assets	(34,232)	143,873	178,105	124%
Net Operating Income	682,986	702,088	(19,102)	(3%)
Less:- Expenses
Personnel Cost	215,020	182,351	(32,669)	(18%)
Administration & Selling Expenses	263,477	233,860	(29,617)	(13%)
Operating Profit Before VAT on Financial Services	204,489	285,877	(81,388)	(28%)
Less: VAT on Financial Services	66,130	61,996	(4,134)	(7%)
Profit Before Income Tax	138,359	223,881	(85,522)	(38%)
Less: Income Tax Expense	52,555	76,794	24,239	32%
Net profit for the Period	85,804	147,087	(61,283)	(42%)
Other Comprehensive Income
Acturial Loss on Retirement Benefit Obligation	-	-	-	0%
Add: Deferred Tax on Actuarial Losses on Defined Benefit Obligation	-	-	-	0%
Other Comprehensive Income for the Period, Net of Tax	-	-	-	0%
Total Comprehensive Income for the Period	85,804	147,087	(61,283)	(42%)
Basic Earnings per Share (Rs)	0.42	0.73

SINGER FINANCE (LANKA) PLC | 3

Interim Financial Statements for the Six Months Ended 30th September 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Six Months ended 30th September	2022	2021	Variance
	Rs.'000	Rs.'000	Rs.'000	%
Gross Income	3,483,213	2,502,186	981,027	39%
Interest Income	3,275,067	2,368,950	906,117	38%
Less: Interest Expense	2,102,930	919,675	(1,183,255)	(129%)
Net Interest Income	1,172,137	1,449,275	(277,138)	(19%)
Net Fee and Commission Income	171,875	120,587	51,288	43%
Trading Income	249	31	218	703%
Other Operating Income	36,022	12,618	23,404	185%
Total Operating Income	1,380,283	1,582,511	(202,228)	(13%)
Less: Impairment charges and Other Credit Losses on Financial Assets	30,813	303,387	272,574	90%
Net Operating Income	1,349,470	1,279,124	70,346	5%
Less:- Expenses
Personnel Cost	427,364	354,043	(73,321)	(21%)
Administration & Selling Expenses	519,349	458,524	(60,825)	(13%)
Operating Profit Before VAT on Financial Services	402,757	466,557	(63,800)	(14%)
Less: VAT on Financial Services	122,112	110,634	(11,478)	(10%)
Profit Before Income Tax	280,645	355,923	(75,278)	(21%)
Less: Income Tax Expense	103,105	123,110	20,005	16%
Profit for the Period	177,540	232,813	(55,273)	(24%)
Other Comprehensive Income
Acturial (Loss)/Gain on Retirment Benefit Obligaion	-	-	-	0%
Deferred Tax on Actuarial Losses on Defined Benefit Obligation	-	-	-	0%
Other Comprehensive Income for the Period, Net of Tax	-	-	-	0%
Total Comprehensive Income for the Period	177,540	232,813	(55,273)	(24%)
Basic Earnings per Share (Rs)	0.88	1.15

SINGER FINANCE (LANKA) PLC | 4

Interim Financial Statements for the Six Months Ended 30th September 2022

STATEMENT OF CHANGES IN EQUITY

For the Six Months ended 30th September

		Attributable to Equity Holders of the Company
	Stated	Reserve		Retained	Total
	Capital	Fund		Earnings
	Rs.'000	Rs.'000		Rs.'000	Rs.'000
Balance as at 31st March 2021	1,996,444	203,055		2,118,969	4,318,468
Surcharge Tax- Note no.08	-	-		(53,016)	(53,016)
Balance as at 01st April 2021	1,996,444	203,055		2,065,953	4,265,452
Total Comprehensive Income
Profit for the Period	-	-		232,813	232,813
Total Comprehensive Income for the Period	-	-		232,813	232,813
Transactions with Owners, Recorded Directly in
Equity
Dividends	-	-		(161,659)	(161,659)
Total Transactions with Equity Owners	-	-		(161,659)	(161,659)
Balance as at 30th September 2021	1,996,444	203,055		2,137,107	4,336,606
Total Comprehensive Income
Profit for the Period	-	-		388,328	388,328
Other Comprehensive Income
Employee Benefit Plan Actuarial Loss				(4,346)	(4,346)
Tax on Other Comprehensive Income				1,043	1,043
Total Other Comprehensive Income for the Period	-	-		(3,303)	(3,303)
Total Comprehensive Income for the Period	-	-		385,025	385,025
Transactions with Owners, Recorded Directly in
Equity
Transferred to/(from) during the Period	-	31,057		(31,057)	-
Total Transactions with Equity Owners	-	31,057		(31,057)	-
Balance as at 31st March 2022	1,996,444	234,112		2,491,075	4,721,631
Total Comprehensive Income
Profit for the Period	-	-		177,540	177,540
Total Comprehensive Income for the Period	-	-		177,540	177,540
Transactions with Owners, Recorded Directly in
Equity
Dividends	-	-		(161,659)	(161,659)
Total Transactions with Equity Owners	-	-	-	161,659	(161,659)
Balance as at 30th September 2022	1,996,444	234,112		2,506,956	4,737,512

SINGER FINANCE (LANKA) PLC | 5