SMB Leasing : Financial statements as at 31st December 2021

INTERIM FINANCIAL STATEMENTS QUARTER ENDED DECEMBER 31, 2021

SMB LEASING PLC

No: 282/1,CBS Building, Galle Road, Colombo 03

SMB Leasing PLC

Statement of Profit or Loss and Other Comprehensive Income

For the period ended December 31, 2021 (LKR 000)

CompanyQuarter QuarterYTD YTD

ended ended

	December	December	Variance	December	December	Variance
	31, 2021	31, 2020		31, 2021	31, 2020
	Unaudited	Unaudited		Unaudited	Restated
Interest income	49,479	36,045	37%	170,424	154,250	10%
Interest expenses	(8,906)	(17,363)	-49%	(51,819)	(59,755)	-13%
Net interest income	40,573	18,682	117%	118,605	94,495	26%
Fee and commission income	4,134	561	637%	13,985	4,637	202%
Net interest, fee and commission income	44,707	19,243	132%	132,590	99,131	34%
Other operating income (net)	85,969	9,956	763%	117,530	21,276	452%
Total operating income	130,676	29,199	348%	250,120	120,407	108%
Impairment charge for the period	(81,331)	(58,360)	39%	(28,119)	(78,717)	64%
Net operating income	49,345	(29,161)	269%	222,001	41,690	433%
Personnel expenses	(18,698)	(3,407)	449%	(69,724)	(52,960)	32%
Premises, equipment & establishment expenses	(1,872)	7,790	124%	(18,573)	(19,804)	-6%
Depreciation and amortization	(4,848)	(13,486)	-64%	(19,200)	(18,536)	4%
Other expenses	(5,455)	(7,573)	-28%	(18,071)	(19,610)	-8%
Operating profit / (loss) before taxes on
financial services	18,472	(45,837)	140%	96,432	(69,220)	239%
Taxes on financial services	(5,351)	-	100%	(10,754)	(3,099)	247%
Profit /(Loss) after taxes on financial services	13,121	(45,837)	129%	85,678	(72,319)	218%
Share of loss of associate company	417	2,307	-82%	233	2,307	-90%
Profit /(Loss) before income tax	13,538	(43,530)	131%	85,911	(70,012)	223%
Income tax expenses	-	-	0%	(2,409)	-	100%
Profit /(Loss) for the period	13,538	(43,530)	131%	83,501	(70,012)	219%
Basic earnings/(loss) per share	0.00	(0.01)	115%	0.01	(0.04)	122%
Company	Quarter	Quarter		YTD	YTD
	ended	ended
	December	December	Variance	December	December	Variance
	31, 2021	31, 2020		31, 2021	31, 2020
	Unaudited	Unaudited		Unaudited	Restated
Profit / (Loss) for the period	13,538	(43,530)	131%	83,501	(70,012)	219%
Other comprehensive income
Actuarial loss on defined benefit plans	-	(407)	-100%	-	(407)	-100%
Equity investments at FVOCI - Net change in fair value	-	(11,669)	-100%	-	(11,669)	-100%
Tax on other comprehensive income	-	-	-	-	-	-
Other comprehensive expense for the period
(net of tax)	-	(12,076)	-100%	-	(12,076)	-100%
Total comprehensive income / (expense) for the
period	13,538	(55,606)	124%	83,501	(82,088)	202%
				.	.
Colombo
February 25, 2022

SMB Leasing PLC

Statement of Profit or Loss and Other Comprehensive Income

For the period ended December 31, 2021 (LKR 000)

Group	Quarter	Quarter		YTD	YTD
	ended	ended
	December	December	Variance	December	December 31,	Variance
	31, 2021	31, 2020	31, 2021	2020
	Unaudited	Unaudited		Unaudited	Restated
Interest income	49,874	36,045	38%	172,127	154,250	12%
Interest expenses	(8,856)	(17,778)	-50%	(52,036)	(60,370)	-14%
Net interest income	41,019	18,267	125%	120,091	93,880	28%
Fee and commission income	4,134	561	637%	13,985	4,637	202%
Net interest,fee and commission income	45,153	18,828	140%	134,076	98,517	36%
Other operating income (net)	97,283	36,594	166%	168,835	114,094	48%
Total operating income	142,436	55,422	157%	302,911	212,611	42%
Impairment (charge)/ reversal for the period	(81,331)	(58,360)	39%	(28,119)	(78,717)	-64%
Net operating income	61,105	(2,938)	-2180%	274,792	133,894	105%
Personnel expenses	(29,329)	(7,623)	285%	(118,056)	(105,755)	12%
Premises, equipment & establishment expenses	(2,027)	5,059	140%	(19,005)	(22,905)	-17%
Depreciation and amortizations	(5,963)	(14,558)	-59%	(23,535)	(22,839)	3%
Other expenses	(8,050)	(19,290)	-58%	(28,233)	(39,130)	-28%
Operating profit / (loss) before taxes on financial
services	15,736	(39,350)	140%	85,963	(56,735)	252%
Taxes on financial services	(5,351)	-	100%	(10,754)	(3,099)	247%
Profit / (Loss) after taxes on financial services	10,385	(39,350)	126%	75,210	(59,834)	226%
Share of loss of associate company	417	2,307	-82%	233	2,307	-90%
Profit / (Loss) before income tax	10,802	(37,043)	129%	75,443	(57,527)	231%
Income tax expenses	-	(1,291)	-100%	(2,409)	(3,591)	-33%
Profit / (Loss) for the period	10,802	(38,334)	128%	73,034	(61,118)	-219%
Profit/(Loss) attributable to :
Owners of the parent	12,144	(40,880)	130%	78,163	(65,477)	219%
Non-controlling interest	(1,341)	2,548	-153%	(5,129)	4,358	-218%
Profit / (Loss) for the period	10,802	(38,332)	128%	73,034	(61,118)	219%
Basic earnings/(loss) per share	0.00	(0.01)	112%	0.01	(0.04)	119%
Group	Quarter	Quarter		YTD	YTD
	ended	ended
	December	December	Variance	December	December 31,	Variance
	31, 2021	31, 2020		31, 2021	2020
	Unaudited	Unaudited		Unaudited	Restated
Profit / (Loss) for the period	10,802	(38,332)	128%	73,034	(61,118)	219%
Other comprehensive income
Actuarial loss on defined benefit plans	-	(4,867)	-100%	-	(4,867)	-100%
Equity investments at FVOCI - Net change in fair value	-	(11,669)	-100%	-	(11,669)	-100%
Tax on other comprehensive income	-	1,249	-100%	-	1,249	-100%
Other comprehensive expense for the period (net of
tax)	-	(15,287)	-100%	-	(15,288)	-100%
Total comprehensive income / (expense) for the
period	10,802	(53,619)	120%	73,034	(76,406)	196%
Total comprehensive income / (expense) attributable
to:
Owners of the parent	12,144	(54,593)	122%	78,163	(79,190)	199%
Non-controlling interest	(1,341)	974	-238%	(5,129)	2,784	-284%
Total comprehensive income / (expense) for the
period	10,802	(53,619)	120%	73,034	(76,406)	196%

Colombo

February 25, 2022

SMB Leasing PLC

Statement of Financial Position (LKR 000)

		Company			Group
	December	December	December	December	December	December
As at	31, 2021	31, 2020	31, 2019	31, 2021	31, 2020	31, 2019
	Unaudited	Restated	Restated	Unaudited	Restated	Restated
Assets
Cash and cash equivalents	103,559	232,216	25,125	105,179	236,021	31,350
Placements with banks	2,405,234	206,255	146,885	2,407,034	232,442	161,910
Loans and receivables	1,151,011	1,070,958	1,204,255	1,151,011	1,070,058	1,203,115
Financial investments	60,735	60,657	72,249	93,713	78,744	86,154
Investments in associate	41,914	41,682	39,375	41,914	41,682	39,375
Investments in subsidiary	12,750	12,750	12,750	-	-	-
Investment properties	142,778	96,225	96,225	159,436	112,657	106,982
Property, plant & equipment	7,306	12,180	12,838	11,853	18,030	20,309
Right of use Asset	23,266	35,904	30,037	24,196	38,427	31,032
Intangible assets	5,615	5,928	5,042	5,672	6,492	6,175
Deferred tax assets	-	-	-	3,506	3,506	2,598
Other assets	53,393	48,688	52,937	66,272	60,840	68,640
Total Assets	4,007,561	1,823,443	1,697,718	4,069,786	1,898,899	1,757,640
Liabilities
Due to financial institutions	526,274	599,523	415,217	526,274	599,523	415,217
Due to other customers	122,276	117,784	113,561	122,276	117,783	113,561
Leased Liabilities	15,649	21,108	21,402	16,706	23,787	22,452
Other liabilities	83,966	47,761	28,182	108,815	73,751	45,948
Total Liabilities	748,165	786,175	578,362	774,071	814,844	597,178
Equity
Stated capital	3,062,682	919,064	919,064	3,062,682	919,064	919,064
Statutory reserves	35,081	35,081	35,081	35,081	35,081	35,081
Fair Value reserves	8,251	8,251	19,920	8,251	8,251	19,920
Retained earnings	153,382	74,872	145,291	165,744	92,572	160,093
Total equity attributable to equity
holders of the Company	3,259,396	1,037,268	1,119,356	3,271,758	1,054,968	1,134,158
Non- controlling interests	-	-	-	23,957	29,087	26,303
Total Equity	3,259,396	1,037,268	1,119,356	3,295,715	1,084,055	1,160,461
Total Equity and Liabilities	4,007,561	1,823,443	1,697,718	4,069,786	1,898,899	1,757,640

Figures in brackets indicate deductions

The Notes form an integral part of these Interim Financial Statements.

These Financial Statements comply with the requirements of the Companies Act No. 7 of 2007.

Signed

1. Wimalasiri Finance Manager

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

Approved and signed on behalf of the Board by,

Signed	Signed
A.T.S.Sosa	M.S.A.Wadood
Director	Director
Colombo
February 25, 2022

SMB Leasing PLC

Statement of Changes in Equity

For the period ended December 31, 2021 (LKR 000)

	Stated Capital	Statutory	Fair Value	Retained
Company
Ordinary -	Ordinary - Non	Reserve	Total
Reserve	Earnings
	Voting Shares	Voting Shares	Fund
Balance as at December 31, 2019 as previously stated	708,446	210,618	35,081	19,920	82,376	1,056,441
Change in fair value of investment property - Note 017 Impact due to accounting
policy change	-	-	-	-	62,915	62,915
Restated balance as at December 31, 2019	708,446	210,618	35,081	19,920	145,291	1,119,356
Rerstated balance as at January 1, 2020	708,446	210,618	35,081	19,920	145,291	1,119,356
Loss for the period	-	-	-	-	(70,012)	(70,012)
Other comprehensive expense (net of tax)	-	-	-	(11,669)	(407)	(12,076)
Total comprehensive expense for the period	-	-	-	(11,669)	(70,419)	(82,088)
Transfer to statutory reserve	-	-	-	-	-	-
Dividend paid	-	-	-		-	-
Total transactions with equity holders	-	-	-	-	-	-
Rerstated balance as at December 31, 2020	708,446	210,618	35,081	8,251	74,872	1,037,268
Rerstated balance as at January 1, 2021	708,446	210,618	35,081	8,251	74,872	1,037,268
Profit for the period	-	-	-	-	83,501	83,501
Other comprehensive income/(expense) (net of tax)	-	-	-	-	-	-
Rights issue during the period	1,847,513	296,105	-	-	-	2,143,617
Direct cost of rights issue	-	-	-	-	(4,991)	(4,991)
Total comprehensive income for the period	1,847,513	296,105	-	-	78,510	2,222,127
Transfer to statutory reserve	-	-	-	-	-	-
Dividend paid	-	-	-	-	-	-
Total transactions with equity holders	-	-	-	-	-	-
Balance as at December 31, 2021	2,555,959	506,723	35,081	8,251	153,382	3,259,396

Colombo

February 25, 2022