SOFTLOGIC FINANCE PLC

INTERIM FINANCIAL STATEMENTS

For the Quarter ended

31st March 2022

( Company Registration No: PB641PQ )

No 13, De Fonseka Place, Colombo 04

SOFTLOGIC FINANCE PLC

Page 2

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED

Rs.

Quarter ended 31st March

Year ended 31st March

2022

2021

2022

2021

Unaudited

Unaudited

Unaudited

Audited

Income

943,771,919

704,881,799

3,204,277,461

2,587,277,924

Interest income

867,484,142

650,878,386

2,945,415,506

2,443,391,179

Interest expenses

(441,516,453)

(385,744,045)

(1,593,117,271)

(1,894,556,639)

Net interest income

425,967,690

265,134,340

1,352,298,236

548,834,540

Fee and commission income

30,333,808

10,216,765

149,649,072

78,473,105

Other operating income

45,953,969

43,786,649

109,212,883

65,413,640

Total operating income

502,255,466

319,137,754

1,611,160,190

692,721,285

Impairment (charge)/ reversal for loans and other losses

(847,664,995)

(77,186,141)

(1,001,961,229)

(491,731,598)

Net Operating Income

(345,409,529)

241,951,613

609,198,961

200,989,687

Operating expenses

Personnel costs

(107,573,427)

(99,237,405)

(444,276,508)

(401,291,015)

Depreciation of property, plant and equipment

(10,640,676)

(11,998,800)

(44,764,060)

(49,284,402)

Amortization of intangible assets

(8,309,285)

(11,672,360)

(33,237,142)

(31,058,252)

Other operating expenses

(282,904,604)

(176,070,019)

(813,913,918)

(731,464,197)

Operating profit / (Loss) before Value Added Tax on financial services

(754,837,520)

(57,026,971)

(726,992,666)

(1,012,108,179)

VAT on financial services

54,809,327

-

-

-

Profit / (Loss) before income tax

(700,028,193)

(57,026,971)

(726,992,666)

(1,012,108,179)

Income tax Reversal/ (expense)

-

(0)

-

109,257,073

Profit / (Loss) for the period

(700,028,193)

(57,026,972)

(726,992,666)

(902,851,106)

Other comprehensive income/ (expenses)

Other comprehensive income to be reclassified to profit or loss

Net gain / (loss) on equity instruments at fair value through other compreh

-

85,242,933

3,209,272

(20,566,657)

Other comprehensive income not to be reclassified to profit or loss

Actuarial gain/(loss) on post employment benefit obligations (Net)

6,762,424

(3,532,168)

6,762,424

(3,532,168)

Deffered tax on Capital gain arising on revaluation of land & building

(6,832,800)

-

(6,832,800)

-

Gain/(Loss) arising on revaluation of land and building

28,470,000

15,600,000

28,470,000

15,600,000

-

Other comprehensive income for the Period , net of tax

28,399,624

97,310,765

31,608,896

(8,498,825)

Total comprehensive income/(expenses) for the Period

(671,628,569)

40,283,793

(695,383,770)

(911,349,931)

Basic earnings per Share(Rs.) - Annualised

(5.68)

(0.85)

(1.48)

(5.95)

SOFTLOGIC FINANCE PLC

Page 3

STATEMENT OF FINANCIAL POSITION

AS AT 31ST MARCH 2022

Rs.

31/03/2022

31/03/2021

Unaudited

Audited

ASSETS

Cash and Cash Equivalents

438,875,701

628,089,791

Securities purchased under repurchase agreements

1,457,460,165

1,001,933,146

Placements with banks & other finance companies

-

204,377,303

Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)

-

300,809,707

Investment in Dealing Securities

30,600

37,460,367

Financial Assets at Amortised Cost - Lease Rental and Hire Purchase Receivables

11,183,896,096

5,262,704,090

Financial Assets at Amortised Cost - Loans and Receivables

9,611,113,679

11,269,788,739

Right of Use Assets

142,349,982

111,012,736

Deferred tax asset

436,374,872

445,343,174

Intangible Assets

123,430,341

156,667,481

Property, Plant & Equipment

485,859,402

472,580,374

Investment Property

103,237,000

-

Other Assets

1,605,723,054

979,241,099

TOTAL ASSETS

25,588,350,891

20,870,008,008

LIABILITIES

Bank Overdraft

51,911,762

45,987,503

Financial Liabilities at Amortised Cost - Interest bearing Borrowings to Banks

552,913,327

653,504,470

Financial Liabilities at Amortised Cost - Deposits due to Customers

15,600,218,759

14,598,143,536

Financial Liabilities at Amortised Cost - Other Borrowed Funds

4,239,620,521

1,939,529,631

Other Liabilities

390,390,554

425,981,011

Lease Liability

134,662,864

121,564,039

Retirement Benefit Obligations

46,459,268

57,407,951

TOTAL LIABILITIES

21,016,177,055

17,842,118,143

SHARE HOLDERS' FUNDS

Stated Capital

6,746,427,723

4,506,759,983

Statutory Reserve Fund

260,448,732

260,448,732

Retained Earnings

(2,594,845,501)

(1,875,236,009)

Revaluation Reserve

160,142,882

138,505,682

Available For Sale Reserve

-

(2,588,523)

TOTAL SHAREHOLDERS' FUNDS

4,572,173,836

3,027,889,865

TOTAL LIABILITIES AND SHARE HOLDERS' FUNDS

25,588,350,891

20,870,008,008

Net Assets Value Per Share

9.28

11.27

The information contained in these statements have been extracted from the unaudited Financial Statements of the Company unless indicated as "Audited"

CERTIFICATION:

These Financial Statements are in compliance with the requirements of the Companies Act No 07 of 2007.

………Sgd………………….

Ms. Ivon Brohier

Chief Financial Officer

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

Signed for and on behalf of Board of Directors by;

………Sgd………………………

……………Sgd……………………

A. Russell - Davison

Priyantha Wijesekera

Chairman

CEO/Director

Date : 30/05/2022

SOFTLOGIC FINANCE PLC

Page 4

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31ST MARCH 2022

Rs.

Stated

Statutory Reserve

Revaluation Reserve

Available for Sale

Retained Earnings

Total

Capital

Fund

Reserve

Balance as at 01 April 2020

2,604,765,231

260,448,732

126,649,682

(95,187,607)

(855,686,994)

2,040,989,044

Profit for the period

-

-

-

-

(902,851,106)

(902,851,106)

Other comprehensive income,net of tax

-

-

11,856,000

(20,566,657)

(3,532,168)

(12,242,825)

Rights Issue shares

1,901,994,752

1,901,994,752

Gain / (Loss) on share valuation

113,165,741

(113,165,741.00)

Transfer to Statutory Reserve Fund

-

-

-

-

-

-

Balance as at 31 March 2021

4,506,759,983

260,448,732

138,505,682

(2,588,523)

(1,875,236,009)

3,027,889,865

Balance as at 1 April 2021

4,506,759,983

260,448,732

138,505,682

(2,588,523)

(1,875,236,009)

3,027,889,865

Profit for the year

-

-

-

-

(726,992,666)

(726,992,666)

Rights Issue shares

2,239,667,740

-

-

-

-

2,239,667,740

Gain / (Loss) on share valuation

-

-

-

-

-

-

Other comprehensive income,net of tax

-

-

21,637,200

2,588,523

7,383,174

31,608,897

Transfer to Statutory Reserve Fund

-

-

-

-

-

-

Balance as at 31 March 2022

6,746,427,723

260,448,732

160,142,882

-

(2,594,845,501)

4,572,173,836

SOFTLOGIC FINANCE PLC

Page 5

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED

Rs.

31/03/2022

31/03/2021

Unaudited

Audited

Cash flows from operating activities

Net profit/(Loss) before taxation

(726,992,666)

(1,012,108,179)

Adjustments for ,

Depreciation

44,764,060

49,284,402

Amortization of intangible assets

33,237,142

31,058,252

Profit on disposal of property, plant and equipment

-

(244,334)

(Gain)/loss from disposal of available for sale investments

-

-

Impairment charge on bad and doubtful debts

1,001,961,229

491,731,598

Provision for defined benefit plans

7,852,274

21,176,245

Interest expenses

1,593,117,271

1,894,556,639

Operating profit before working capital changes

1,953,939,309

1,475,454,622

(Increase)/Decrease in Financial Assets at Amortised Cost - Lease & HP rental Receivables

(6,032,247,283)

(3,157,694,928)

(Increase)/Decrease in Financial Assets at Amortised Cost - Loans and Receivables

767,769,108

2,845,853,827

(Increase)/Decrease in Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)

300,809,707

(50,809,707)

(Increase)/Decrease in Placements with Banks and Other Finance Companies

(251,149,716)

959,285,132

(Increase)/Decrease in financial investments - Financial assets measured at FVTOCI

40,639,039

185,598,019

(Increase)/Decrease in other assets

(655,683,698)

(118,305,699)

(Decrease)/Increase in amounts due to customers

1,002,075,222

(2,465,252,615)

Increase/(Decrease) in other payables

(22,491,632)

131,409,898

Cash generated from operations

(2,896,339,944)

(194,461,450)

Interest paid

(1,593,117,271)

(1,894,556,639)

Defined benefit plan costs paid

(12,038,533)

(10,813,670)

Net cash generated from operating activities

(4,501,495,748)

(2,099,831,759)

Cash flows from investing activities

Purchase of property, plant and equipment & Intangible Assets

(25,456,351)

(24,048,866)

Purchase of investment property

(103,237,000)

-

Proceeds from disposal of property, plant and equipment

(4,116,737)

383,165

Net cash used in investing activities

(132,810,088)

(23,665,701)

Cash flows from financing activities

Proceed from long term borrowings-Bank Loan

3,440,066,773

3,200,000,000

Repayment of long term borrowings- Bank Loan

(2,988,564,916)

(2,926,992,978)

Rights issue of shares

2,239,667,740

1,901,994,752

Repayment commercial papers

(508,151,976)

-

Proceeds from commercial papers

2,256,149,865

206,077,301

Net cash (used in) / generated from financing activities

4,439,167,487

2,381,079,076

Net Increase/ (decrease) in cash and cash equivalents

(195,138,349)

257,581,616

Cash and cash equivalents at the beginning of the year

582,102,288

324,520,672

Cash and cash equivalents at the end of the period

386,963,939

582,102,288

Reconciliation of cash and cash equivalents

Cash, bank balance and short term investments

438,875,701

628,089,791

Bank overdrafts

(51,911,762)

(45,987,503)

Cash and cash equivalents at the end of the period

386,963,939

582,102,288

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Softlogic Finance PLC published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 12:10:02 UTC.