Orient Finance : PROVISIONAL FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31ST DECEMBER 2021

ORIENT FINANCE PLC

Unaudited Interim Financial Statements

For the Nine Months Ended 31 December 2021

ORIENT FINANCE PLC

INCOME STATEMENT

For the	03 Months Ended 31st		09 Months Ended 31st December
December
	2021	2020	2021	2020
	Rs.	Rs.		Rs.		Rs.
	Unaudited	Unaudited		Unaudited		Unaudited
Income	813,157,244	729,954,983		2,153,431,566		1,913,350,394
Interest income	696,838,763	675,806,511	1,950,168,290	1,775,426,732
Interest expenses	(290,244,559)	(316,305,218)	(825,930,632)	(1,029,348,358)
Net interest income	406,594,204	359,501,293		1,124,237,658		746,078,375
Fee and commission income	14,503,441	31,611,146	63,344,849	90,402,371
Other operating income	49,157,403	22,537,327	139,918,427	47,521,291
Total operating income	470,255,048	413,649,765		1,327,500,934		884,002,036
Impairment charges for loans and receivables to	(4,744,714)	(67,887,182)	(84,548,209)
customers	(132,650,293)
Net operating income	465,510,334	345,762,583		1,242,952,725		751,351,744
Operating expenses	(124,828,454)		(353,520,633)
Personnel expenses	(103,768,783)	(310,557,280)
Depreciation and amortization	(15,055,609)	(8,852,435)	(42,641,480)	(26,114,252)
Other operating expenses	(144,684,758)	(131,733,249)	(412,248,215)	(329,170,074)
Operating profit/(loss) before Value Added	180,941,513	101,408,117		434,542,397		85,510,137
Value Added Tax and NBT on financial services	(42,010,251)	(30,709,121)	(87,918,085)	(35,588,125)
Profit /(loss) before income tax	138,931,262	70,698,996		346,624,312		49,922,012
Income tax expense	(10,153,095)	(4,779,797)	(17,245,296)	(4,779,797)
Profit/(loss) for the period	128,778,167	65,919,198		329,379,016	45,142,215
Other comprehensive income/(expenses)
Change in fair value of financial assets at fair	1,881,224		9,914,375
value through other comprehenisve income	0	0
Total comprehensive income/(expenses) for
130,659,391	65,919,198	339,293,391	45,142,215
the period net of tax
Weighted Average Earnings Per Share (Rs.)	0.61	0.32	1.56	0.22
Diluted earnings per share (Rs.)	0.61	0.32	1.56	0.22

Figures in brackets indicate deductions.

Colombo

15th February 2022

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ORIENT FINANCE PLC

STATEMENT OF FINANCIAL POSITION

As At	31st December		31st March
	2021	2021
	Rs.		Rs.
	Unaudited		Audited
ASSETS
Cash and cash equivalents	302,508,434	225,161,509
Financial assets - fair value through other comprehensive income	987,334,390	849,632,814
Loans and receivables to customers	13,259,692,118	11,447,030,340
Investments with banks and other financial institutions	306,399,816	31,684,600
Other assets	247,057,002	269,749,720
Real estate stock	5,337,141	24,764,518
Deferred tax asset	370,832,054	370,832,054
Goodwill	564,545,746	564,545,746
Brand value	235,880,000	235,880,000
Intangible assets	40,306,397	50,664,120
Property, plant and equipment	75,085,675	61,805,370
Right of use assets	129,167,820	129,167,820
Investment properties	628,000,002	628,000,002
Total assets	17,152,146,595		14,888,918,620
LIABILITIES
Due to banks - bank overdrafts	207,154,247	79,180,458
Deposits from customers	9,239,608,173	8,692,940,933
Interest bearing borrowings	3,564,612,571	2,650,800,328
Right-of-use of Liability	104,375,186	104,375,186
Other liabilities	756,061,949	434,886,967
Retirement benefit obligations	54,111,068	39,804,738
Total liabilities	13,925,923,193		12,041,793,348
EQUITY
Stated capital	2,431,879,039	2,431,879,039
Statutory reserve fund	330,437,030	330,437,030
Revaluation reserve	141,120,773	141,120,773
Retained earnings/(accumulated losses)	322,786,559	(16,506,832)
Total equity	3,226,223,402		2,886,930,010
Total equity and liabilities	17,152,146,595		14,888,918,620
Net assets per share	15.28	13.68
Figures in brackets indicate deductions.

The financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.

Sgd.	Sgd.
Sanjeeva Jayasinghe	K.M.M.Jabir
Head of Finance	Chief Executive Officer/Director

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved and signed for and on behalf of the Board.

Sgd.	Sgd.
Mr.Anil Tittawella	Mr. Prakash Schaffter
Chairman	Director
Colombo
15th February 2022

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ORIENT FINANCE PLC

STATEMENT OF CHANGES IN EQUITY

For the period ended 31st December 2021
	Stated Capital		Statutory reserve		Revaluation		Retained earnings		Total
		fund		reserve
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 01st April, 2020	2,431,879,039	311,080,742	141,120,773	(173,870,945)	2,710,209,609
Profit/(Loss) for the nine months	-	-	-	45,142,215	45,142,215
Other comprehensive income (expense) net of taxes	-	-	-	-	-
Balance as at 31st December 2020
2,431,879,039	311,080,742	141,120,773	(128,728,730)	2,755,351,824
Balance as at 01st April, 2021	2,431,879,039	330,437,030	141,120,773	(16,506,832)	2,886,930,010
Profit/(Loss) for the nine months	-	-	-	329,379,016	329,379,016
Other comprehensive income (expense) net of taxes						9,914,375	9,914,375
Balance as at 31st December 2021
2,431,879,039		330,437,030		141,120,773		322,786,559	3,226,223,402

Figures in brackets indicate deductions.

Colombo

15th February 2022

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ORIENT FINANCE PLC	`
STATEMENT OF CASH FLOWS
For the period ended 31st December	2021	2020
(Unaudited)		(Unaudited)
	Rs.		Rs.
Cash flows from operating activities
Profit/(loss) before income tax expense	346,624,312	49,922,012
Adjustment for:
Depreciation/amortization	42,641,480	26,114,252
Profit on disposal of property, plant and equipment	(481,188)	(162,451)
Impairment charges for loans and receivables to customers	86,977,902	132,650,293
Finance expenses	802,017,205	1,029,348,358
Investment income	(47,473,557)	(36,094,860)
Provision for gratuity	15,165,000		12,879,000
Operating profit/(Loss) before working capital changes	1,245,471,154	1,214,656,604
Change in loans and receivables to customers	(1,007,371,946)	358,126,872
Change in other assets	(72,551,028)	(60,430,497)
Change in deposits from customers	254,231,740	(208,431,805)
Change in other liabilities	371,066,526	(130,262,667)
	790,846,447		1,173,658,507
Rent Paid	(49,963,732)	(49,963,732)
Interest paid	(797,901,515)	(754,635,470)
Income tax Paid	(17,245,296)	-
Gratuity paid	(12,154,123)	(9,148,833)
Net cash from/(used in) operating activities	(86,418,219)		359,910,472
Cash flows from investing activities
Acquisition of property, plant and equipment and intangible assets	(40,211,274)	2,941,625
Proceeds from sale of property, plant and equipment		-
Net change in available for sale financial assets	(40,392,071)	370,504,342
Net change in investments with bank and other financial instituitions	(156,734,811)	51,852,772
Investment income received	8,091,000	36,094,860
Net cash generated from/(used in) investing activities
(229,247,156)		461,393,598
Cash flows from financing activities
Interest bearing borrowings obtained	3,103,000,000	2,935,690,602
Repayment of interest bearing borrowings	(2,127,169,424)	(3,363,810,618)
Interest Paid on Borrowings	(253,721,863)	(253,721,863)
Net cash generated from/(used in) financing activities	722,108,713		(681,841,879)
	-
Net change in cash and cash equivalents	406,443,338	139,462,191
Cash and cash equivalents at the beginning of the period	(194,895,886)		(194,895,886)
Cash and cash equivalents at the end of the period (Note A)	211,547,452	(55,433,695)
Analysis of cash and cash equivalents at the end of the period
Cash in hand	193,700,925	106,247,735
Cash at bank	108,807,509	176,089,204
Bank overdrafts - secured	(90,960,981)	(337,770,633)
	211,547,452		(55,433,695)

Figures in brackets indicate deductions.

Colombo

15th February 2022

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