ORIENT FINANCE PLC
Interim Financial Statements
For the Period Ended 31st March 2024
0
ORIENT FINANCE PLC | Page 01 | ||||||
STATEMENT OF COMPREHENSIVE INCOME | |||||||
For the | Quarter Ended 31st March | Year Ended 31st March | |||||
2024 | 2023 | 2024 | 2023 | ||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | ||||
Unaudited | Audited | Unaudited | Audited | ||||
Income | 1,289,005 | 1,059,211 | 4,868,268 | 3,820,227 | |||
Interest income | 1,189,229 | 980,938 | 4,601,527 | 3,593,059 | |||
Interest expenses | (603,649) | (767,352) | (2,807,119) | (2,600,023) | |||
Net interest income | 585,580 | 213,586 | 1,794,408 | 993,036 | |||
Fee and commission income | 60,068 | 32,441 | 162,374 | 105,892 | |||
Other operating income | 39,708 | 45,832 | 104,367 | 121,277 | |||
Total operating income | 685,356 | 291,859 | 2,061,149 | 1,220,205 | |||
Impairment charges for loans and receivables to customers | 5,460 | 14,234 | (140,179) | (103,024) | |||
Net operating income | 690,816 | 306,093 | 1,920,970 | 1,117,181 | |||
Operating expenses | |||||||
Personnel expenses | (162,408) | (162,259) | (666,360) | (620,552) | |||
Depreciation and amortization | 2,929 | (43,474) | (83,286) | (117,865) | |||
Other operating expenses | (206,368) | (108,499) | (621,593) | (401,718) | |||
Operating profit/(loss) before Value Added Tax | 324,969 | (8,139) | 549,731 | (22,954) | |||
Tax on financial services | (73,058) | (11,915) | (200,219) | (46,611) | |||
Profit /(loss) before income tax | 251,911 | (20,054) | 349,512 | (69,565) | |||
Income tax expense | (1,747) | 2,693 | (1,747) | (2,480) | |||
Profit/(loss) for the year | 250,164 | (17,361) | 347,765 | (72,045) | |||
Other comprehensive income/(expenses) | |||||||
Other comprehensive income to be reclassified to profit | |||||||
or loss in subsequent periods | |||||||
Fair value gain / (loss) on investment | |||||||
in treasury bonds /quoted shares | (79,997) | 23,514 | (17,701) | 19,194 | |||
Other comprehensive income not to be reclassified to | |||||||
profit or loss in subsequent periods | |||||||
Actuarial gain on retirement benefit plan | (6,848) | 1,743 | (6,848) | 1,522 | |||
Deferred tax effect on above | (2,054) | (523) | (2,054) | 457 | |||
Total comprehensive income/(expenses) for the year | |||||||
net of tax | 161,265 | 7,373 | 321,162 | (50,873) | |||
Basic earnings per share (Rs.) | 1.19 | (0.08) | 1.65 | (0.34) | |||
0.76392492 | |||||||
Figures in brackets indicate deductions. |
Colombo
29th May 2024
ORIENT FINANCE PLC | Page 02 | ||
STATEMENT OF FINANCIAL POSITION | |||
As At 31st March | 2024 | 2023 | |
Rs. '000 | Rs. '000 | ||
ASSETS | Unaudited | Audited | |
Cash and cash equivalents | 420,293 | 307,894 | |
Financial assets - fair value through other comprehensive income | 932,992 | 1,262,914 | |
Loans and receivables to customers | 15,658,739 | 12,941,011 | |
Investments with banks and other financial institutions | 342,773 | 236,013 | |
Other assets | 940,365 | 657,441 | |
Real estate stock | 10,968 | 10,657 | |
Deferred tax asset | 365,776 | 369,577 | |
Goodwill | 564,546 | 564,546 | |
Brand value | 235,880 | 235,880 | |
Intangible assets | 12,686 | 25,098 | |
Property, plant and equipment | 143,654 | 70,733 | |
Right of use assets | 126,494 | 96,793 | |
Investment properties | 721,430 | 690,316 | |
Total assets | 20,476,596 | 17,468,873 | |
LIABILITIES | |||
Due to banks - bank overdrafts | 233,791 | 240,846 | |
Deposits from customers | 13,556,431 | 10,759,499 | |
Interest bearing borrowings | 2,115,120 | 2,606,632 | |
Lease Liability -right-of-use assets | 60,455 | 46,223 | |
Other liabilities | 843,359 | 482,217 | |
Retirement benefit obligation | 65,271 | 52,449 | |
Total liabilities | 16,874,427 | 14,187,866 | |
EQUITY | |||
Stated capital | 2,431,879 | 2,431,879 | |
Statutory reserve fund | 393,125 | 375,737 | |
Revaluation reserve | 141,121 | 141,121 | |
Retained earnings | 636,044 | 332,270 | |
Total equity | 3,602,169 | 3,281,007 | |
Total equity and liabilities | 20,476,596 | 17,468,873 | |
Net assets per share | 17.06 | 15.54 |
Figures in brackets indicate deductions.
The financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.
Sgd | Sgd |
M A M Arashath | 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 |
Rajendra Theagarajah | Prakash Schaffter |
Chairman | Director |
Colombo | |
29th May 2024 |
ORIENT FINANCE PLC | Page 03 | ||||||||
STATEMENT OF CHANGES IN EQUITY | |||||||||
For the year ended 31st March | |||||||||
Retained | |||||||||
earnings/ | |||||||||
Statutory reserve | Revaluation | (accumulated | |||||||
Stated Capital | fund | reserve | losses) | Total | |||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||||
Balance as at 01st April, 2022 (Audited) | 2,431,879 | 375,737 | 141,121 | 383,143 | 3,331,880 | ||||
Profit/(Loss) for the year | - | - | - | (72,046) | (72,046) | ||||
Other comprehensive income/ (expense) net of taxes | - | - | - | 21,173 | 21,173 | ||||
Balance as at 31st March 2023 | 2,431,879 | 375,737 | 141,121 | 332,270 | 3,281,007 | ||||
Balance as at 01st April, 2023 (Audited) | 2,431,879 | 375,737 | 141,121 | 332,270 | 3,281,007 | ||||
Profit/(Loss) for the year | - | - | - | 347,765 | 347,765 | ||||
Transfer to statutory reserve | 17,388 | (17,388) | - | ||||||
Other comprehensive income/ (expense) net of taxes | - | - | - | (26,603) | (26,603) | ||||
Balance as at 31st March 2024 | 2,431,879 | 393,125 | 141,121 | 636,044 | 3,602,169 | ||||
Figures in brackets indicate deductions.
Colombo
29th May 2024
ORIENT FINANCE PLC | Page 04 | ||
STATEMENT OF CASH FLOWS | |||
For the year ended 31st March | 2024 | 2023 | |
Rs. '000 | Rs. '000 | ||
Unaudited | Audited | ||
Cash flows from operating activities | |||
Profit/(loss) before income tax | 349,512 | (69,566) | |
Adjustment for: | |||
Depreciation/amortization | 83,286 | 117,865 | |
(Profit)/ loss on disposal of property, plant and equipment | - | (1) | |
Impairment charges for loans and receivables to customers | 140,179 | 103,024 | |
Finance expenses | 2,807,119 | 2,600,023 | |
Fair value gain on investment properties | (31,114) | (41,250) | |
Investment income | (692,272) | (218,411) | |
Provision for gratuity | 16,621 | 14,355 | |
Operating profit/(loss) before working capital changes | 2,673,331 | 2,506,039 | |
Change in loans and receivables to customers | (2,857,907) | 1,081,777 | |
Change in other assets | (282,924) | (402,029) | |
Change in deposits from customers | 2,691,130 | 1,215,291 | |
Change in other liabilities | 388,546 | (32,690) | |
2,612,176 | 4,368,388 | ||
Rent Paid | (92,511) | (79,099) | |
Interest paid | (2,259,330) | (1,337,431) | |
Gratuity paid | (10,647) | (4,489) | |
Net cash from/(used in) operating activities | 249,688 | 2,947,369 | |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment and intangible assets | (94,156) | (50,527) | |
Proceeds from sale of property, plant and equipment | - | 113 | |
Proceeds from sale of investment property | - | 21,500 | |
Expenses incurred for real estate stock | (312) | (1,319) | |
Net change in financial assets - FVTOCI | 304,872 | (518,015) | |
Net change in investments with bank and other financial institutions | (111,284) | 7,177 | |
Investment income received | 704,145 | 15,738 | |
Net cash generated from/(used in) investing activities | 803,265 | (525,333) | |
Cash flows from financing activities | 682,935 | ||
Interest bearing borrowings obtained | 5,346,000 | ||
Repayment of interest bearing borrowings | (5,831,476) | (1,826,049) | |
Interest paid on borrowings | (448,023) | (827,742) | |
Net cash generated from/(used in) financing activities | (933,499) | (1,970,856) | |
Net change in cash and cash equivalents | 119,454 | 451,180 | |
Cash and cash equivalents at the beginning of the year | 67,048 | (384,132) | |
Cash and cash equivalents at the end of the year (Note A) | 186,502 | 67,048 | |
Note A | |||
Analysis of cash and cash equivalents at the end of the year | |||
Cash in hand | 350,987 | 222,628 | |
Cash at bank | 69,306 | 85,266 | |
Bank overdrafts - secured | (233,791) | (240,846) | |
186,502 | 67,048 |
Figures in brackets indicate deductions.
Colombo
29th May 2024
ORIENT FINANCE PLC
NOTES TO THE FINANCIAL STATEMENTS
FINANCIAL REPORTING BY SEGMENTS
Page 05
The company has five reportable segments, as described below, which are the company's strategic divisions. The strategic divisions offer different products and services, which are managed separately because they require different technology and marketing strategies. For each of the strategic divisions, the company's management reviews internal management reports on at least a monthly basis. The following summary describes the operations in each of the company's reportable segments.
- Hire purchase, finance leasing- Provision of hire purchase and leasing facilities to customers
- Loans - Provision of Loan facilities to customers
- Factoring - Debt factoring
- Gold Loan - Provision of loans against gold
- Others
Finance lease & Hire purchases | Loans | Factoring | Pawning | Others | Total | |||||||||||||||||||||||
For the year ended 31st March | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||||||||||||||||
Interest income | 2,421,088 | 1,965,896 | 115,270 | 142,673 | 4,528 | 4,315 | 1,368,369 | 1,261,763 | 692,272 | 218,412 | 4,601,527 | 3,593,059 | ||||||||||||||||
Fee and commission income | 149,867 | 80,217 | 2,702 | 2,308 | 46 | 717 | 5,460 | - | 4,299 | 22,650 | 162,374 | 105,892 | ||||||||||||||||
Other income | 19,244 | 32,283 | 1,751 | 12,135 | - | - | - | - | 83,372 | 76,858 | 104,367 | 121,276 | ||||||||||||||||
Total segmental income | 2,590,199 | 2,078,396 | 119,723 | 157,116 | 4,574 | 5,032 | 1,373,829 | 1,261,763 | 779,943 | 317,920 | 4,868,268 | 3,820,227 | ||||||||||||||||
Less: Interest expense | (1,676,962) | (1,414,543) | (100,175) | (106,932) | (8,019) | (3,425) | (810,487) | (858,748) | (211,476) | (216,374) | (2,807,119) | (2,600,022) | ||||||||||||||||
Segmental results | 913,237 | 663,853 | 19,548 | 50,184 | (3,445) | 1,607 | 563,342 | 403,015 | 568,467 | 101,546 | 2,061,149 | 1,220,205 | ||||||||||||||||
Depreciation and amortization | (44,313) | (64,125) | (2,048) | (4,847) | (78) | (155) | (23,503) | (38,929) | (13,344) | (9,809) | (83,286) | (117,865) | ||||||||||||||||
Impairment charge | (189,792) | (68,334) | 35,425 | (30,613) | 17,886 | (6,331) | (3,698) | 3,841 | - | (1,587) | (140,179) | (103,024) | ||||||||||||||||
Other expenses | (685,265) | (556,167) | (31,674) | (42,043) | (1,210) | (1,347) | (363,461) | (337,640) | (206,343) | (85,073) | (1,287,953) | (1,022,270) | ||||||||||||||||
Tax on Financial Services and Income tax | (120,654) | (26,708) | (7,207) | (2,019) | (577) | (65) | (58,313) | (16,214) | (15,215) | (4,085) | (201,966) | (49,091) | ||||||||||||||||
Profit/(loss) after tax | (126,787) | (51,481) | 14,044 | (29,338) | 12,576 | (6,291) | 114,367 | 14,073 | 333,565 | 992 | 347,765 | (72,045) | ||||||||||||||||
Segmental assets | 12,232,640 | 7,857,567 | 730,731 | 605,754 | 58,497 | 31,621 | 5,912,118 | 4,483,270 | 1,542,610 | 4,490,661 | 20,476,596 | 17,468,873 | ||||||||||||||||
Segmental liabilities | 10,080,718 | 6,381,758 | 602,183 | 491,981 | 48,207 | 25,682 | 4,872,080 | 3,641,222 | 1,271,239 | 3,647,223 | 16,874,427 | 14,187,866 | ||||||||||||||||
Page 06
NOTES TO THE FINANCIAL STATEMENTS
- These Interim Financial Statements of the Company have been prepared based on the Sri Lanka Accounting Standards that came into effect from January 01, 2012 (SLFRS/LKAS). There were no changes to the Accounting Policies and methods of computation since the publication of the Audited Financial Statements for the Year Ended 31 March 2023. Further, these Interim Financial Statements have been prepared in compliance with the requirements of the Sri Lanka Accounting Standard 34 (LKAS 34) on Interim Financial Reporting.
- There are no material events that took place after the reporting date that require adjustments to or disclosure in the Financial Statements.
- All known expenses have been provided for in these Financial Statements.
- There are no significant changes in the nature of the Contingent Assets or Contingent Liabilities which were disclosed in the Audited Financial Statements for the year ended 31st March 2023.
Ordinary Share Information
The Company's Ordinary Shares are listed on the Second Board of the Colombo Stock Exchange (CSE).
Stated Capital | 31-Mar-24 | 31-Mar-23 | |||
Value of Ordinary Shares (Rs.) | 2,431,879,000 | 2,431,879,039 | |||
No. of Ordinary Shares | 211,101,155 | 211,101,155 | |||
Share Price During the Period | For the Quarter Ended | ||||
31-Mar-24 | 31-Mar-23 | ||||
Highest | (Rs) | 9.30 | 9.20 | ||
Lowest | (Rs) | 7.00 | 7.10 | ||
Closing | (Rs) | 8.40 | 8.90 |
ORIENT FINANCE PLC INTERIM ACCOUNTS
ORIENT FINANCE PLC | Page 07 | |||
NOTES TO THE FINANCIAL STATEMENTS | ||||
Shareholders as at 31st March 2024 | ||||
Name | No. of Shares | % | ||
1 | Janashakthi Ltd | 93,644,438 | 44.36 | |
2 | Seylan Bank PLC/Janashakthi Limited (collateral) | 90,000,000 | 42.63 | |
3 | Seylan Bank PLC/Janashakthi Capital Limited | 11,810,999 | 5.59 | |
4 | First Capital Limited | 2,138,299 | 1.01 | |
5 | DFCC Bank PLC/G.A.C. De Silva | 1,536,550 | 0.73 | |
6 | Peoples Leasing and Finance PLC/ Suhada Gas Distributors (Pvt) Ltd | 888,100 | 0.42 | |
7 | Commercial Bank of Ceylon PLC /D. Ramachandran | 859,222 | 0.41 | |
8 | Commercial Bank of Ceylon PLC /Janashakthi Limited | 555,057 | 0.26 | |
9 | Mr. R.A.B.K. Kumara | 500,000 | 0.24 | |
10 | Mr. A. Rajaratnam | 413,983 | 0.20 | |
11 | Mrs. I.P.I.L. Gunathilaka | 406,750 | 0.19 | |
12 | Mr. L.P.Mendis | 358,695 | 0.17 | |
13 | Mr. P.C. Priyanjitha | 302,000 | 0.14 | |
14 | Peoples Leasing & Finance PLC/ Mr. A. Rajaratnam | 300,000 | 0.14 | |
15 | Mr. S.M.P.B. Samarapperuma | 270,692 | 0.13 | |
16 | Seylan Bank PLC/ Haloluwa Gedara Nilupul Gamini Haloluwa | 246,886 | 0.12 | |
17 | Mr. M.K. De livera | 207,629 | 0.10 | |
18 | Mrs. A.S. De Alwis | 204,428 | 0.10 | |
19 | Mr. L.L.P.D.E.S. Karunasekera | 192,028 | 0.09 | |
20 | MR. W.M.W.P.B. Weerakoon | 171,520 | 0.08 | |
21 | Hatton National Bank PLC/ Koralagodage Don Sahan Rachitra Kulatunga & Mrs. Oshadhini Upulika | 169,450 | 0.08 | |
Kumari Jayasundara | ||||
22 | MR. S. Senthimaaran | 150,000 | 0.07 | |
23 | MR. G.P.P. Abeywickrama | 144,950 | 0.07 | |
24 | MR. D. Ramachandran | 144,350 | 0.07 | |
25 | Assetline Finance Limited/ Suhada Gas Distributors (Pvt) Ltd | 143,810 | 0.07 | |
Others | 5,341,319 | 2.53 | ||
Total | 211,101,155 | 100 | ||
Directors' Shareholding as at 31st March 2024 | ||||
Name of the Director | No. of Shares | % | ||
1 | Mr. Prakash Anand Schaffter | 10 | - | |
2 | Mr. Rajendra Thegarajah | - | - | |
3 | Ms. M.D.A. Perera | - | - | |
4 | Ms. N.I. Goonesekara | - | - | |
5 | Mr. N.S.S. Cooray | - | - | |
6 | Mr. K.M.M. Jabir | - | - | |
7 | Mr. R.M.D.J. Ratnayake | - | - | |
8 | Mr. Nalin Karunaratne | - | - | |
9 | Ms. Manohari Abeysekera | - | - | |
10 | Ms. Samdamali Chandrasekara | - | - | |
Total | 10 | |||
CEO's Shareholding as at 31st March 2024 | ||||
Mr. K.M.M. Jabir | - | - | ||
Public Holding as at 31st March 2024 | 12,952,342 | |||
Number of Public Shareholders | 903 | |||
Public Shareholding Percentage | 6.14% | |||
Float Adjusted market capitalization (Rs.) | 108,799,673 | |||
The CSE granted an extension in terms of section 7.13.3 (iii) of the Listing Rules to comply with the minimum public holding requirement until 04th March 2021. Due to the above non-compliance, currently the securities of the Company have been transferred to the Second Board with effect from 12th March 2021 at the expiration of extensions granted. Entities that are not compliant only with the minimum public holding requirement are listed on the Second Board.
ORIENT FINANCE PLC INTERIM ACCOUNTS
ORIENT FINANCE PLC
CORPORATE INFORMATION
NAME OF THE COMPANY | HEAD OFFICE |
Orient Finance PLC | 61, Dharmapala Mawatha, Colombo 07. |
+94 117 577 577 |
LEGAL FORM
A public limited liability company incorporated on 24th July 1981 under the Companies Ordinance No. 51 of 1938 and was re-registered in terms of the Companies Act No. 07 of 2007 on 27th July 2009.
The Company is registered under the Finance Leasing Act No. 56 of 2000 and Finance Business Act No. 42 of 2011.
+94 117 577 511 www.orientfinance.lk orientfinance@orient.lk
CORPORATE OFFICE
19, Railway Avenue, Nugegoda. +94 117 577 577 +94 117 577 511
COMPANY REGISTRATION NUMBER | COMPANY SECRETARY |
PB 1079 PQ (previous PVS/PBS 7651) | Janashakthi Corporate Services Limited |
No. 02, Deal Place, Colombo 03. | |
TAX PAYER IDENTIFICATION NUMBER | +94 112 145 031 |
104076513 | secretaries@jcsl.lk |
BOARD OF DIRECTORS | EXTERNAL AUDITORS |
Mr. Prakash Anand Schaffter | BDO Partners, Chartered Accountants, |
Mr. Rajendra Thegarajah | "Charter House", |
Ms. M.D.A. Perera | 65/2, Sir Chittampalam A Gardiner Mawatha, Colombo 02. |
Ms. N.I. Goonesekara | +94 112 421 878 |
Mr. N.S.S. Cooray | +94 112 336 064 |
Mr. K.M.M. Jabir | |
Mr. R.M.D.J. Ratnayake | BANKERS |
Mr. Nalin Karunaratne | Commercial Bank of Ceylon PLC |
Ms. Manohari Abeysekera | Bank of Ceylon |
Ms. Samdamali Chandrasekara | NDB Bank PLC |
Seylan Bank PLC | |
STOCK EXCHANGE LISTING | Sampath Bank PLC |
The Company is listed on the Second Board of the Colombo Stock | People's Bank |
Exchange of Sri Lanka. | Nations Trust Bank PLC |
Pan Asia Bank PLC | |
REGISTERED OFFICE | DFCC Bank PLC |
No. 02, Deal Place, Colombo 03. | |
+94 112 639 878 | CREDIT RATING AGENCY |
+94 112 639 868 | Lanka Rating Aqency Limited (LRA) |
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Orient Finance plc published this content on 30 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2024 11:06:38 UTC.