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Annual Report 2011-12.Pdf

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Annual Report 2011-12.Pdf www.lolc.com The FINANCIAL HIGHLIGHTS Diffeer nceer For the year ended 31 March 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 LOLC 2011/12 LOLC Group is... Performance Indicators (Rs. Mn) Profit before tax 290 402 572 709 998 1,183 1,247 2,841 8,282 10,327 Profit after tax 278 391 575 689 1,050 1,343 1,055 2,385 7,023 8,937 Total assets 7,038 8,987 10,706 16,227 24,484 32,994 46,287 75,371 111,813 145,288 LOLC 2011/12 New executions 3,189 4,740 5,591 10,064 13,340 14,320 14,906 21,963 47,392 58,233 REPORTS & ACCOUNTS REPORTS REPORTS & ACCOUNTS Gross portfolio (rentals receivable) 6,867 8,517 10,112 14,806 23,057 29,282 44,824 47,351 70,077 98,941 Deposits from customers – 197 716 1,194 1,746 3,340 5,229 10,095 16,348 25,197 Outstanding borrowings 4,615 5,952 6,634 10,475 17,001 22,887 31,764 38,235 50,813 66,075 Non-performing portfolio 815 883 865 113 137 526 1,933 1,431 1,159 1,702 Return on equity (%) 17 21 27 26 31 30 19 26 37 39 Key Indicators (Rs. per share) Net asset value per share (adjusted) 3.60 3.92 4.92 6.10 7.96 10.78 12.65 16.63 27.35 40.59 Earnings per share (adjusted) 0.57 0.85 1.21 1.44 2.19 2.82 2.22 3.88 8.08 13.17 CANOMP Y Performance Indicators (Rs. Mn) Profit before tax 256 418 562 677 910 841 582 491 1,898 4,423 Profit after tax 256 418 562 664 987 1,059 505 327 1,523 4,301 Total assets 5,981 7,617 8,747 13,298 20,889 28,996 31,335 29,738 31,153 36,662 New executions 3,189 4,427 4,972 8,858 12,068 12,127 12,170 4,569 5,036 3,926 Gross portfolio (rentals receivable) 6,757 8,082 9,144 12,858 19,851 25,056 25,185 17,958 11,897 7,704 Outstanding borrowings 4,113 5,396 6,025 9,824 16,250 22,273 24,850 23,087 22,379 23,894 Non-performing portfolio 815 883 865 113 137 443 538 769 545 500 Key Indicators (Rs. per share) Dividends per share 0.33 0.19 0.23 0.30 0.15 0.23 0.28 – – – Market price per share 7.35 6.00 8.50 10.10 10.75 11.78 6.95 16.50 119.60 54.00 No. 100/1 Sri Jayewardenepura Mawatha, Net asset value per share 3.53 3.88 4.86 6.00 7.77 10.02 10.74 11.42 15.67 24.73 Rajagiriya, Sri Lanka. (Times) Debt to equity ratio 2.45 2.93 2.61 3.45 4.40 4.66 4.87 4.25 3.00 2.03 Tel: +94 11 5880880 Interest cover 1.52 1.85 2.56 1.96 1.63 1.28 1.14 1.16 1.80 2.74 Fax: +94 11 2865612 / 2868648 Dividend cover 3.30 4.50 5.09 4.64 13.86 9.53 3.79 – – – FINANCIAL HIGHLIGHTS For the year ended 31 March 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 GROUP Performance Indicators (Rs. Mn) Profit before tax 290 402 572 709 998 1,183 1,247 2,841 8,282 10,327 Profit after tax 278 391 575 689 1,050 1,343 1,055 2,385 7,023 8,937 Total assets 7,038 8,987 10,706 16,227 24,484 32,994 46,287 75,371 111,813 145,288 New executions 3,189 4,740 5,591 10,064 13,340 14,320 14,906 21,963 47,392 58,233 Gross portfolio (rentals receivable) 6,867 8,517 10,112 14,806 23,057 29,282 44,824 47,351 70,077 98,941 Deposits from customers – 197 716 1,194 1,746 3,340 5,229 10,095 16,348 25,197 Outstanding borrowings 4,615 5,952 6,634 10,475 17,001 22,887 31,764 38,235 50,813 66,075 Non-performing portfolio 815 883 865 113 137 526 1,933 1,431 1,159 1,702 Return on equity (%) 17 21 27 26 31 30 19 26 37 39 Key Indicators (Rs. per share) Net asset value per share (adjusted) 3.60 3.92 4.92 6.10 7.96 10.78 12.65 16.63 27.35 40.59 Earnings per share (adjusted) 0.57 0.85 1.21 1.44 2.19 2.82 2.22 3.88 8.08 13.17 COMPANY Performance Indicators (Rs. Mn) Profit before tax 256 418 562 677 910 841 582 491 1,898 4,423 Profit after tax 256 418 562 664 987 1,059 505 327 1,523 4,301 Total assets 5,981 7,617 8,747 13,298 20,889 28,996 31,335 29,738 31,153 36,662 New executions 3,189 4,427 4,972 8,858 12,068 12,127 12,170 4,569 5,036 3,926 Gross portfolio (rentals receivable) 6,757 8,082 9,144 12,858 19,851 25,056 25,185 17,958 11,897 7,704 Outstanding borrowings 4,113 5,396 6,025 9,824 16,250 22,273 24,850 23,087 22,379 23,894 Non-performing portfolio 815 883 865 113 137 443 538 769 545 500 Key Indicators (Rs. per share) Dividends per share 0.33 0.19 0.23 0.30 0.15 0.23 0.28 – – – Market price per share 7.35 6.00 8.50 10.10 10.75 11.78 6.95 16.50 119.60 54.00 Net asset value per share 3.53 3.88 4.86 6.00 7.77 10.02 10.74 11.42 15.67 24.73 (Times) Debt to equity ratio 2.45 2.93 2.61 3.45 4.40 4.66 4.87 4.25 3.00 2.03 Interest cover 1.52 1.85 2.56 1.96 1.63 1.28 1.14 1.16 1.80 2.74 Dividend cover 3.30 4.50 5.09 4.64 13.86 9.53 3.79 – – – ABOUT THESE REPORTS AND ACCOUNTS LOLC IS A coNGloMERATE WITH A UNIQUE DIFFERENCE. IT HAS JUST TAKEN ON, THE FACE OF A PARENT, BY BEcoMING A HOLDING COMPANY. OF HUMBLE BEGINNINGS TO A LEASING coMPANY, IT HAS GROWN TO BEcoME THE locALLY DIVERSIFIED FINANCIAL coNGloMERATE OF TODAY. LOLC IS SIMPLY UNLIKE ANY OTHER. KEEPING WITH THE DIFFERENCE OF THE COMPANY, IS THE DISTINCTIVE STRUCTURE OF THESE REPORTS AND AccoUNTS. THE REPORTS SECTION HAS BEEN STRUCTURED TO SUBSTANTIATE THE DIFFERENCE THROUGH NARRATIVES. THE AccoUNTS SECTION FEATURES MORE THAN JUST THE FINANCIAL STATEMENTS. IT ALSO CARRIES AccoUNTS ON AREAS SUCH AS GOVERNANCE, RISK MANAGEMENT AND LEADERSHIP. IN ITS ENTIRETY THE REPORTS AND AccoUNTS IS THE STORY OF A TRIUMPHANT YEAR FOREGONE AND THE BRIGHT YEARS AHEAD WITH FULL OF PROMISE AND OPPORTUNITY. REPORTS Chairperson’s Statement 04 Deputy Chairman’s Message 08 Group Managing Director/CEO’s Review 16 Business Review 24 Financial Review 56 The ORIX Connection 70 Global Funding Partners 72 ACCOUNTS Board of Directors 76 Corporate Management Team 84 Operational Management Team 90 Annual Report of the Board of Directors on the Affairs of the Company 94 Corporate Governance 102 Report of the Remuneration Committee 107 Report of the Nomination Committee 107 Report of the Integrated Risk Management Committee 108 Corporate Governance Committee Report 109 Audit Committee Report 110 Risk Management with a Vision 111 Directors’ Responsibility for Financial Reporting 117 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement 118 Auditor’s Report 119 Financial Statements 120 ANNEXES Sustainability Report 208 Information on the Company’s Real Estate Portfolio and Listed Debentures 217 Ten Year Summary 218 Summarised Quarterly Statistics 220 Value Addition 221 Awards 223 Milestones 224 Group Companies/Directors 227 Share Information 231 Glossary 233 Notice of Meeting 235 Corporate Information 236 Form of Proxy Enclosed Financial Calendar Inner Back Cover REPORTS A Conglomerate Responsive to Market Needs 01.26 CHAIRPERSON’S STATEMENT It gives me great pleasure to present the report and accounts of LOLC for a financial year in which the Group maintained steadfast growth in performance through our proactive business model. It is noteworthy that such growth was in the face of many challenges, including a mixed and unsettled world and domestic economic situation in which both positive and negative developments were seen. THE GLOBAL ECONOMY The global economy remained fragile due to the slow growth of the US economy and the financial turmoil in the Eurozone. Large injections of liquidity by governments in developed economies, coupled with socio-political tensions in the Middle East and North Africa; caused oil prices to rise, increasing inflationary and fiscal pressures as well as driving volatility in the financial markets. However, the growth in Asia has remained better, with China and India continuing to grow strongly despite cautious measures by the Chinese Government to rein in an economy in danger of overheating. The global economic downturn had an impact on the Sri Lankan economy as well due to our dependence on exports to developed countries. More than 50% of our exports are to USA and Europe, regions which were impacted in the year under review.
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