Sarvodaya Development Finance : Interim Financial Statement for the six months ended 30th September 2022

Sarvodaya Development Finance PLC

Interim Financial Statements

For the Six Months Ended 30th September 2022

Contents

Statement of Profit or Loss and Other Comprehensive Income	1
Statement of Financial Position	2
Statement of Changes in Equity	3
Statement of Cash Flows	4
Analysis of Financial Instruments by Measurement Basis	5
Fair Value Measurement Hierarchy	6
Financial Reporting By Segment	7
Information on Ordinary Shares of the Company	8
Shareholders' Information	8-9
Explanatory Notes	10
Corporate Information	11

Sarvodaya Development Finance PLC

Statement of Profit or Loss and Other Comprehensive Income

	For the six months ended
	30th Sep 2022	30th Sep 2021	Variance
	Un-Audited	Un-Audited
	LKR	LKR	%
Income	1,177,998,090	813,255,917	44.8%
Interest Income	1,110,200,285	785,814,864	41.3%
Interest Expenses	(535,841,110)	(271,721,292)	97.2%
Net Interest Income	574,359,176	514,093,573	11.7%
Net Fee and Commission Income	55,136,405	18,841,062	192.6%
Other Operating Income	12,661,400	8,599,991	47.2%
Total Operating Income	642,156,980	541,534,626	18.6%
Impairment Charges for Loans and Other Losses	(68,635,626)	(75,076,885)	-8.6%
Net Operating Income	573,521,354	466,457,741	23.0%
Operating Expenses
Personnel Expenses	(230,771,221)	(197,045,480)	17.1%
Depreciation of Property, Plant and Equipment	(14,395,071)	(18,178,830)	-20.8%
Amortisation of Right of Use Assets	(35,002,227)	(32,010,561)	9.3%
Amortisation of Intangible Assets	(658,431)	(1,642,674)	-59.9%
Other Operating Expenses	(138,428,305)	(119,291,138)	16.0%
Operating Profit Before VAT on Financial Services	154,266,098	98,289,057	57.0%
Value Added Tax on Financial Services	(57,806,018)	(37,914,935)	52.5%
Profit/(Loss) Before Taxation	96,460,080	60,374,122	59.8%
Income Tax Expenses	(23,508,036)	(9,341,271)	151.7%
Profit/(Loss) for the Period	72,952,044	51,032,850	43.0%
Total Comprehensive Income/(Expenses) for the Period	72,952,044	51,032,850	43.0%

For the three months ended
30th Sep 2022	30th Sep 2021	Variance
Un-Audited	Un-Audited
LKR	LKR	%
618,156,482	415,919,133	48.6%
585,026,207	398,727,789	46.7%
(315,150,195)	(138,703,266)	127.2%
269,876,012	260,024,524	3.8%
26,495,128	16,404,077	61.5%
6,635,148	787,266	742.8%
303,006,287	277,215,867	9.3%
(18,310,230)	(46,410,111)	-60.5%
284,696,058	230,805,756	23.3%
(110,955,551)	(90,835,929)	22.1%
(7,291,180)	(8,945,319)	-18.5%
(17,666,068)	(13,272,034)	33.1%
(310,447)	(793,895)	-60.9%
(68,828,160)	(66,570,303)	3.4%
79,644,653	50,388,277	58.1%
(28,487,479)	(18,371,499)	55.1%
51,157,174	32,016,778	59.8%
(12,032,780)	3,282,163	-466.6%
39,124,394	35,298,941	10.8%
39,124,394	35,298,941	10.8%

Basic /Diluted Earnings Per Share *

0.98

0.98

-0.5%

* Calculated based on profit/(loss) for the period

Sarvodaya Development Finance PLC

Statement of Financial Position

As at	30th Sep 2022	31st March 2022	Variance
	Un-Audited	Audited
	LKR	LKR	%
Assets
Cash and Cash Equivalents	232,923,771	92,132,395	152.8%
Financial Investments	526,057,927	532,667,038	-1.2%
Other Financial Assets	202,523,736	814,391	24768.1%
Financial Assets at Amortised Cost - Loans and Receivables	5,026,367,384	5,110,595,093	-1.6%
Financial Assets at Amortised Cost - Lease Rentals Receivables	4,373,146,172	4,768,166,996	-8.3%
Other Non Financial Assets	123,962,677	162,122,502	-23.5%
Investment Property	234,257,500	234,257,500	-
Property, Plant and Equipment	135,004,939	139,267,592	-3.1%
Right-of-use Lease Assets	117,119,360	129,533,191	-9.6%
Intangible Assets	4,269,356	4,927,786	-13.4%
Total Assets	10,975,632,823	11,174,484,484	-1.8%
Liabilities
Due to Banks and Other Institutions	1,840,945,895	2,320,184,829	-20.7%
Financial Liabilities at Amortised Cost - Due to Customers	5,420,118,448	4,729,097,119	14.6%
Lease Liabilities	134,635,720	149,951,692	-10.2%
Other Non Financial Liabilities	135,095,718	596,809,388	-77.4%
Current Tax Liabilities	11,664,021	21,170,445	-44.9%
Post Employment Benefit Liability	35,785,908	32,066,158	11.6%
Deferred Tax Liabilities	19,639,953	20,409,737	-3.8%
Total Liabilities	7,597,885,662	7,869,689,368	-3.5%
Shareholders' Funds
Stated Capital	2,696,113,032	2,696,113,032	-
Retained Earnings	510,268,579	437,316,534	16.7%
Reserves	171,365,548	171,365,549	(0.00)
Total Shareholders' Funds	3,377,747,161	3,304,795,115	2.2%
Total Liabilities and Shareholders' Funds	10,975,632,823	11,174,484,484	-1.8%
Commitments and Contingencies	4,290,100	4,290,100	-
Net Assets Value per Share	22.58	22.09	2.21%

Certification

We 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 the preparation and presentation of these Financial Statements.

Signed for and on behalf of the Board of Directors by;

Channa de Silva	Dammika Ganegama
Chairman	Senior Director
08th November 2022
Colombo

Sarvodaya Development Finance PLC

Statement Of Changes In Equity

For the six months ended 30th September

	Stated Capital	Statutory	Revaluation	Retained	Total Equity
	Capital	Reserves	Reserves	Earnings
	LKR	LKR	LKR	LKR	LKR
Balances as at 01 April 2021 (Audited)	1,694,137,046	104,077,473	56,514,761	326,655,944	2,181,385,226
Comprehensive Income for the Period
Profit for the Period	-	-	-	51,032,850	51,032,850
Other Comprehensive Income	-	-	-	-	-
Total Comprehensive Income for the period	-	-	-	51,032,850	51,032,850
Transactions with Equity Holders, Recognised Directly in Equity
Transfer to Statutory Reserves Fund	-	-	-	-	-
Share Issue	-	-	-	-	-
Expenses related to the Share Issue	-	-	-	-	-
Total transaction with equity holders	-	-	-	-	-
Balances as at 30 Sep 2021 (Un-Audited)	1,694,137,046	104,077,473	56,514,761	377,688,795	2,232,418,077
Balances as at 01 April 2022 (Audited)	2,696,113,032	114,850,787	56,514,761	437,316,534	3,304,795,115
Comprehensive Income for the Period
Profit for the Period	-	-	-	72,952,044	72,952,044
Other Comprehensive Income	-	-	-	-	-
Total Comprehensive Income for the period	-	-	-	72,952,044	72,952,044
Transactions with Equity Holders, Recognised Directly in Equity
Transfer to Statutory Reserves Fund	-	-	-	-	-
Share Issue	-	-	-	-	-
Expenses related to the Share Issue	-	-	-	-	-
Interim Dividend	-	-	-	-	-
Total transaction with equity holders	-	-	-	-	-
Balances as at 30 Sep 2022 (Un-Audited)	2,696,113,032	114,850,787	56,514,761	510,268,579	3,377,747,161