Sarvodaya Development Finance : ERRATA TO THE FINANCIAL STATEMENT

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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