Sarvodaya Development Finance PLC
Amended Interim Financial Statements
For the Nine Months Ended 31 December 2021
Sarvodaya Development Finance PLC
Statement of Profit or Loss and Other Comprehensive Income
9 Months to | 9 Months to | Variance | |
Nine Months Period Ended | 31 Dec 2021 | 31 Dec 2020 | |
Unaudited | Unaudited | ||
Rs. | Rs. | % | |
Income | 1,282,010,481 | 1,227,632,526 | 4.4% |
Interest Income | 1,227,805,454 | 1,174,434,023 | 4.5% |
Interest Expenses | (413,089,813) | (479,065,355) | -13.8% |
Net Interest Income | 814,715,641 | 695,368,668 | 17.2% |
Net Fee and Commission Income | 37,564,500 | 27,090,700 | 38.7% |
Other Operating Income | 16,640,526 | 26,107,803 | -36.3% |
Total Operating Income | 868,920,668 | 748,567,171 | 16.1% |
Impairment Charges for Loans and Other Losses | (105,704,670) | (52,457,808) | 101.5% |
Net Operating Income | 763,215,997 | 696,109,363 | 9.6% |
Operating Expenses | |||
Personnel Expenses | (301,025,290) | (263,781,306) | 14.1% |
Depreciation of Property, Plant and Equipment | (26,151,982) | (27,937,754) | -6.4% |
Amortisation of Intangible Assets | (2,303,866) | (7,735,212) | -70.2% |
Other Operating Expenses | (230,184,152) | (207,729,503) | 10.8% |
Operating Profit before Tax on Financial Services | 203,550,708 | 188,925,587 | 7.7% |
Tax on Financial Services | (64,560,793) | (59,514,138) | 8.5% |
Profit/(Loss) before Taxation | 138,989,915 | 129,411,449 | 7.4% |
Income Tax Expenses | (20,967,767) | (49,680,859) | -57.8% |
Profit/(Loss) for the Period | 118,022,148 | 79,730,590 | 48.0% |
Total Comprehensive Income/(Expenses) for the Period** | 118,022,148 | 79,730,590 | 48.0% |
Basic Earnings Per Share (Rs) | |||
Earning per Share - Basic * | 1.09 | 1.17 | -6.8% |
* Calculated based on profit/(loss) for the period
** There are no other comprehensive income and expenses for the reporting period
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Sarvodaya Development Finance PLC
Statement of Profit or Loss and Other Comprehensive Income
3 Months to | 3 Months to | Variance | |
Three Months Period Ended | 31 Dec 2021 | 31 Dec 2020 | |
Unaudited | Unaudited | ||
Rs. | Rs. | % | |
Income | 468,754,563 | 435,971,376 | 7.5% |
Interest Income | 441,990,590 | 419,196,574 | 5.4% |
Interest Expenses | (141,368,521) | (141,676,442) | -0.2% |
Net Interest Income | 300,622,069 | 277,520,132 | 8.3% |
Net Fee and Commission Income | 18,723,439 | 8,210,869 | 128.0% |
Other Operating Income | 8,040,535 | 8,563,932 | -6.1% |
Total Operating Income | 327,386,042 | 294,294,934 | 11.2% |
Impairment Charges for Loans and Other Losses | (30,627,786) | (4,055,342) | 655.2% |
Net Operating Income | - | - | 2.2% |
296,758,256 | 290,239,592 | ||
Operating Expenses | |||
Personnel Expenses | (103,979,809) | (95,756,785) | 8.6% |
Depreciation of Property, Plant and Equipment | (7,973,151) | (9,279,070) | -14.1% |
Amortisation of Intangible Assets | (661,192) | (2,392,966) | -72.4% |
Other Operating Expenses | (78,882,452) | (75,110,421) | 5.0% |
Operating Profit before Tax on Financial Services | 105,261,651 | 107,700,351 | -2.3% |
Tax on Financial Services | (26,645,858) | (27,586,373) | -3.4% |
Profit/(Loss) before Taxation | 78,615,793 | 80,113,978 | -1.9% |
Income Tax Expenses | (11,626,496) | (27,151,678) | -57.2% |
Profit/(Loss) for the Period | 66,989,298 | 52,962,300 | 26.5% |
Total Comprehensive Income/(Expenses) for the Period** | 66,989,298 | 52,962,300 | 26.5% |
** There are no other comprehensive income and expenses for the reporting period
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Sarvodaya Development Finance PLC
Statement of Financial Position
Unaudited | Audited | Variance | |
Nine Months Period Ended | 31 Dec 2021 | 31 Mar 2021 | |
Rs. | Rs. | % | |
Assets | |||
Cash and Cash Equivalents | 443,975,110 | 130,870,989 | 239.2% |
Loans and Receivables | 4,938,051,474 | 4,954,331,169 | -0.3% |
Lease Rentals Receivables | 4,023,149,953 | 2,952,368,025 | 36.3% |
Financial Investments | 516,872,992 | 374,591,188 | 38.0% |
Other Financial Assets | 809,492 | 779,506 | 3.8% |
Other Non Financial Assets | 117,928,803 | 99,226,178 | 18.8% |
Intangible Assets | 5,571,421 | 5,055,287 | 10.2% |
Investment Property | 215,678,750 | 215,678,750 | 0.0% |
Property, Plant and Equipment | 146,495,343 | 160,884,369 | -8.9% |
Right-of-use Lease Assets | 131,240,211 | 142,812,343 | -8.1% |
Total Assets | 10,539,773,549 | 9,036,597,804 | 16.6% |
Liabilities | |||
Due to Banks and Other Institutions | 2,144,469,402 | 1,729,624,109 | 24.0% |
Due to Customers | 4,543,089,574 | 4,551,945,183 | -0.2% |
Other Non Financial Liabilities | 383,043,902 | 282,552,100 | 35.6% |
Post Employment Benefit Liability | 56,734,613 | 55,828,613 | 1.6% |
Current Tax Liabilities / (Refund) | (3,952,683) | 53,665,325 | -107.4% |
Lease Creditor | 152,339,485 | 161,198,954 | -5.5% |
Deferred Tax Liabilities | 12,936,905 | 20,398,293 | -36.6% |
Total Liabilities | 7,288,661,198 | 6,855,212,577 | 6.3% |
Shareholders' Funds | |||
Stated Capital | 2,645,842,023 | 1,694,137,046 | 56.2% |
Retained Earnings | 444,678,092 | 326,655,945 | 36.1% |
Reserves | 160,592,235 | 160,592,235 | 0.0% |
Total Shareholders' Funds | 3,251,112,351 | 2,181,385,227 | 49.0% |
Total Liabilities and Shareholders' Funds | 10,539,773,549 | 9,036,597,804 | 16.6% |
Net Assets Value per Share | 21.73 | 20.95 | 3.72% |
I 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 these Financial Statements. Signed for and on behalf of the Board of Directors by;
Channa de Silva | Chamindha Rajakaruna |
Chairman | Director |
26th January 2022 | |
Colombo |
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Sarvodaya Development Finance PLC
Cashflow Statement
9 Months to | 9 Months to | |
Nine Months Period Ended | 31 Dec 2021 | 31 Dec 2020 |
Rs. | Rs. | |
Cash Flows From / (Used in) Operating Activities | ||
Profit before Income Tax Expense | 138,989,915 | 129,411,449 |
Adjustments for | ||
Impairment Provision | 105,704,670 | 52,457,808 |
Loss/(Profit) on Disposal of Property, Plant and Equipment | (93,052) | (123,672) |
Provision for Defined Benefit Plans | 6,300,000 | 5,350,000 |
Depreciation of Property, Plant and Equipment | 26,151,982 | 27,937,754 |
Amortisation of Intangible Assets | 2,303,866 | 7,735,212 |
Amortisation of Right to Use Assets | 45,478,253 | 46,258,690 |
Interest Expenses on Lease Creditor | 14,096,312 | 15,426,891 |
Operating Profit before Working Capital Changes | 338,931,946 | 284,454,132 |
(Increase)/Decrease in Loans and Receivables | (54,127,016) | 257,519,010 |
(Increase)/Decrease in Lease Rentals Receivable | (1,099,538,808) | (899,590,060) |
(Increase)/Decrease in Other Financial Assets | (29,986) | 163,761,338 |
(Increase)/Decrease in Other Non Financial Assets | (18,702,626) | 20,564,351 |
Increase/(Decrease) in Amounts Due to Customers | (8,855,609) | (84,839,274) |
Increase/(Decrease) in Other Non Financial Liabilities | 100,572,776 | 109,647,798 |
Cash Generated from Operations | (741,749,323) | (148,482,705) |
Retirement Benefit Liabilities Paid | (5,394,000) | (7,137,721) |
Net Collection of LRAB Fund | (80,974) | 59,562 |
Income Tax Paid | (86,047,163) | (6,824,685) |
Repayment of Lease Creditor | (63,183,684) | (77,621,630) |
Net Cash From/(Used in) Operating Activities | (896,455,144) | (240,007,179) |
Cash Flows from / (Used in) Investing Activities | ||
Sales of Property, Plant and Equipment | 0 | 134,214 |
Acquisition of Property, Plant and Equipment | (11,889,203) | (31,272,860) |
Acquisition of Intangible Assets | (2,820,000) | 0 |
Financial Investments | (142,281,804) | 67,020,814 |
Net Cash Flows from/(Used in) Investing Activities | (156,991,007) | 35,882,168 |
Cash Flows from / (Used in) Financing Activities | ||
Funds received from bank and other institutional barrowings | 1,387,750,000 | 322,658,000 |
Repayment of bank and other institutional barrowings | (794,319,517) | (139,305,361) |
Share Issue | 951,704,977 | 11,440,000 |
Net Cash Flows from/(Used in) Financing Activities | 1,545,135,460 | 194,792,639 |
Net Increase in Cash and Cash Equivalents | 491,689,310 | (9,332,374) |
Cash and Cash Equivalents at the beginning of the year | (96,338,146) | (135,354,147) |
Cash and Cash Equivalents at the end of the year (A) | 395,351,165 | (144,686,521) |
Cash and Cash Equivalents at the end of the year (A) | ||
Favourable Cash & Cash Equivalents | 443,975,110 | 92,418,072 |
Unfavourable Cash & Cash Equivalents | (48,623,944) | (237,104,593) |
Total Cash and Cash Equivalents at the end of the year | 395,351,165 | (144,686,521) |
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Sarvodaya Development Finance Ltd. published this content on 09 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2022 10:28:04 UTC.