Orient Finance : Unaudited Interim Financial Statements for the Six months ended 30th September 2022

ORIENT FINANCE PLC

Unaudited Interim Financial Statements

For the Six Months Ended 30 September 2022

ORIENT FINANCE PLC
STATEMENT OF COMPREHENSIVE INCOME
For the					06 Months Ended 30th September
	03 Months Ended 30th September
	2022	2021	2022	2021
	Rs.		Rs.		Rs.		Rs.
	Unaudited		Unaudited		Unaudited		Unaudited
Income	950,381,667		701,766,070		1,760,190,711		1,340,274,322
Interest income	909,548,542	656,899,221	1,681,378,856	1,253,329,527
Interest expenses	(657,921,667)	(268,805,299)	(1,081,066,365)	(535,686,073)
Net interest income	251,626,875		388,093,922		600,312,491		717,643,454
Fee and commission income	26,957,373	27,315,368	44,511,711	48,841,408
Other operating income	13,875,751	70,209,118	34,300,144	90,761,024
Total operating income	292,460,000		485,618,408		679,124,346		857,245,886
Impairment charges for loans and receivables to		(44,593,607)
customers	(72,493,859)	(87,537,793)	(79,803,495)
Net operating income	219,966,141		441,024,801		591,586,553		777,442,391
Operating expenses
Personnel expenses	(178,719,016)	(116,089,654)	(330,017,348)	(228,692,179)
Depreciation and amortization	(30,530,480)	(14,089,201)	(46,940,367)	(27,585,871)
Other operating expenses	(52,160,260)	(134,292,595)	(168,103,068)	(267,563,457)
Operating profit/(loss) before tax on financial	(41,443,615)		176,553,350		46,525,770		253,600,884
services
Tax on financial services	0	(28,739,001)	(21,559,905)	(45,907,834)
Profit /(loss) before income tax	(41,443,615)		147,814,349		24,965,865		207,693,050
Income tax expense	(4,650,157)	(7,092,201)	(4,650,157)	(7,092,201)
Profit/(loss) for the period	(46,093,772)		140,722,148		20,315,708	200,600,849

Other comprehensive income/(expenses)

Other comprehensive income to be re - classified to profit or loss in subsequent periods

Fair value gain/(loss) on investment in quoted shares

Total comprehensive income/(expenses) for the period net of tax

8,952,419		4,120,744		(1,887,714)		8,033,151
(37,141,353)	144,842,892	18,427,994	208,634,000

Earnings Per Share (Rs.)

(0.22)

0.69

0.10

0.99

Figures in brackets indicate deductions.

Colombo

14th November 2022

ORIENT FINANCE PLC

STATEMENT OF FINANCIAL POSITION

As At	30th September		31st March
	2022	2022
	Rs.		Rs.
ASSETS	Unaudited		Audited
Cash and cash equivalents	219,795,621	296,439,735
Financial assets - fair value through other comprehensive income	746,713,326	725,704,749
Loans and receivables to customers	13,388,035,048	14,125,811,999
Investments with banks and other financial institutions	90,263,073	242,460,738
Other assets	463,319,903	255,411,953
Real estate stock	10,271,618	9,338,093
Deferred tax asset	371,600,809	371,600,809
Goodwill	564,545,746	564,545,746
Brand value	235,880,000	235,880,000
Intangible assets	34,093,848	37,899,935
Property, plant and equipment	81,407,492	84,505,805
Right of use assets	162,515,746	115,496,075
Investment properties	670,716,463	662,150,002
Total assets	17,039,158,693		17,727,245,639
LIABILITIES
Due to banks - bank overdrafts	720,590,001	680,571,641
Deposits from customers	9,457,864,815	9,204,263,013
Interest bearing borrowings	3,177,487,651	3,874,859,251
Right-of-use Liability	116,801,121	76,660,167
Other liabilities	161,908,908	514,908,252
Retirement benefit obligations	54,198,867	44,103,980
Total liability	13,688,851,363		14,395,366,304
EQUITY
Stated capital	2,431,879,039	2,431,879,039
Statutory reserve fund	375,736,747	375,736,747
Revaluation reserve	141,120,773	141,120,773
Retained earnings/(accumulated losses)	401,570,770	383,142,776
Total equity	3,350,307,330		3,331,879,335
Total equity and liabilities	17,039,158,693		17,727,245,639
Net assets per share	15.87	15.78
Figures in brackets indicate deductions.

The financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.

Sgd	Sgd
Mr. Manjula Tennakoon	Mr. K.M.M.Jabir
Chief Financial Officer	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
Mr. Rajendra Theagarajah	Mr. Prakash Schaffter
Chairman	Director
Colombo
14th November 2022

ORIENT FINANCE PLC

STATEMENT OF CHANGES IN EQUITY

			Statutory		Revaluation		Retained
	Stated Capital		reserve fund		reserve		earnings		Total
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 01st April, 2021	2,431,879,039	330,437,030	141,120,773	(16,506,832)	2,886,930,010
Profit/(Loss) for the six months	-	-	-	200,600,849	200,600,849
Other comprehensive income (expense) net of taxes						8,033,151	8,033,151
Balance as at 30th September 2021
2,431,879,039	330,437,030	141,120,773	192,127,168	3,095,564,010
Balance as at 01st April, 2022	2,431,879,039	375,736,747	141,120,773	383,142,776	3,331,879,335
Profit/(Loss) for the six months	-	-	-	20,315,708	20,315,708
Other comprehensive income (expense) net of taxes						(1,887,714)	(1,887,714)
Balance as at 30th September 2022
2,431,879,039		375,736,747		141,120,773	401,570,770	3,350,307,330

Figures in brackets indicate deductions.

Colombo

14th November 2022

ORIENT FINANCE PLC

STATEMENT OF CASH FLOWS

For the period ended 30th September	2022	2021
	Rs.		Rs.
Cash flows from operating activities	Unaudited		Unaudited
Profit/(loss) before income tax expense	24,965,865	207,693,050
Adjustment for:		27,585,871
Depreciation/amortization	46,940,367
Loss on disposal of property, plant and equipment	(113,350)	(157,188)
Impairment charges for loans and receivables to customers	87,537,793	27,145,858
Finance expenses	1,081,066,365	535,686,073
Investment income	(68,491,306)	(30,453,610)
Provision for gratuity	10,775,967	10,110,000
Operating profit/(Loss) before working capital changes	1,182,681,701		777,610,053
Change in loans and receivables to customers	650,239,158	(618,239,917)
Change in other assets	(207,907,950)	(99,287,680)
Change in deposits from customers	174,253,908	119,063,918
Change in other liabilities	(353,768,099)	143,442,264
	1,445,498,718		322,588,637
Rent Paid	(39,802,489)	(42,216,224)
Interest paid	(619,150,396)	(401,294,495)
Gratuity paid	(681,080)	(788,471)
Net cash from/(used in) operating activities	785,864,753		(121,710,553)
Cash flows from investing activities
Acquisition of property, plant and equipment and intangible assets	(25,675,821)	3,029,150
Proceeds from sale of property, plant and equipment	113,350	0
Expenses incurred for real estate stock	(933,525)	0
Net change in available for sale financial assets	(22,896,291)	(30,588,771)
Net change in investments with bank and other financial instituitions	149,772,432	(206,588,662)
Investment income received	18,703,615	30,453,610
Net cash generated from/(used in) investing activities	119,083,760		(203,694,674)
Cash flows from financing activities		2,315,000,000
Interest bearing borrowings obtained	823,133,332
Repayment of interest bearing borrowings	(1,425,206,454)	(2,222,831,543)
Interest Paid on Borrowings	(419,537,865)	(145,168,125)
Net cash generated from/(used in) financing activities	(1,021,610,987)		(52,999,668)
Net change in cash and cash equivalents	(116,662,474)	(378,404,894)
Cash and cash equivalents at the beginning of the Period	(384,131,906)	145,981,051
Cash and cash equivalents at the end of the Period (Note A)	(500,794,380)		(232,423,844)
Note A
Analysis of cash and cash equivalents at the end of the Period
Cash in hand	154,502,458	246,789,890
Cash at bank	65,293,163	149,451,543
Bank overdrafts - secured	(720,590,001)	(628,665,277)
	(500,794,380)		(232,423,844)

Figures in brackets indicate deductions.

Colombo

14th November 2022