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Annual Report 2018/19

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Annual Report 2018/19 LOLC FINANCE PLC | Annual Report 2018/19 ANNUAL REPORT 2018/19 Powerful partnerships for future value This year, LOLC Finance is pleased to announce that we have successfully completed our acquisition of the LOLC Group’s micro credit company, LOLC Micro Credit Ltd. - a strategic move that transformed LOLC Finance into Sri Lanka’s largest Non-Bank Financial Institution with a total asset base of over Rs. 200 billion. We believe that the power and reach of the new company will be virtually limitless, as it now possesses an even more diverse product and service offering and a depth of talent and technology which combines with the vast resources of the LOLC Group and its numerous funding partners to give LOLC Finance a position of unmatched strength and stability in a very competitive industry sector. Your company has always believed in the importance of strategic alliances and purposeful collaborations and this corporate merger sees us synergised, energised and revitalised, as we forge a multiplicity of new and powerful partnerships designed to deliver growing and sustainable value now and into the future. 1 LOLC FINANCE PLC | SYNERGISED. ENERGISED. ABOUT THIS REPORT Report Profile Forward-Looking Statements This is the first Integrated Report As part of its narrative, the report refers prepared by LOLC Finance PLC. The to plans for the future which reflect 7 Report seeks to demonstrate the the Company’s position and beliefs commitment made by the Company as at the time of writing. However, we About us to be transparent in the disclosure of recognise that we operate in a changing Review our credentials and all its business activities and provide a environment and hence, there are meet our leadership teams balanced view of how value is created for uncertainties or new developments that shareholders and other stakeholders of could cause actual results or actions LOLC Finance PLC. to differ from those stated in these forward-looking statements. Therefore, Scope and Boundary forward-looking statements should not be The report covers the activities of LOLC interpreted as a guarantee of results or of 25 Finance PLC for the financial year ended the course of action that will be taken. 31st March 2019 and includes balanced Executive Reviews and objective disclosures about the Assurance Hear from our leaders Company’s financial performance, risks All information, data and statistics and opportunities and future prospects. contained herein have been thoroughly The data presented in the report is based reviewed by the Management and the on information provided by the Company’s Board of Directors LOLC Finance PLC, to senior management and various business confirm the accuracy and completeness 33 units. of information and verify the adherence to Company policies. Management Reporting Framework Discussion & Analysis In the interest of greater transparency, Feedback and Queries Explore the different we have also strived to align with the To help us improve our reporting dimensions of our International Integrated Reporting frameworks and ensure transparency, we business Council (IIRC) reporting framework as welcome feedback and questions on this much as possible. The progress made report. Any such feedback and queries in this regard is illustrated in the Capital should be directed to: Management Reports on page 44 through [email protected] 58 of this report. 59 Stewardship Understand how we safeguard our business in the interest of our stakeholders 105 Financial Reports See our outstanding results Scan the QR Code with your smart device to view this report online www.lolcfinance.com 2 ANNUAL REPORT 2018/19 About us | Executive Reviews | Management Discussion & Analysis | Stewardship | Financial Statements Contents About this Report .......................................... 2 Report of the Nomination Key Highlights of the year ............................. 4 Committee ................................................ 101 Operational Highlights .................................. 5 Deputy Chairman/Chief Executive pg26 Officer’s and Head of Finance’s About Us Responsibility Statement ......................... 102 Chairman’s Review Overview - Vision/Mission/Corporate Directors’ Responsibility for Values ............................................................ 8 Financial Reporting .................................. 103 An Outstanding Profile .................................. 9 Financial Statements Milestones ................................................... 10 Financial Calendar .................................... 106 Branch Network .......................................... 14 Independent Auditor’s Report .................. 107 Board of Directors ....................................... 16 Statement of Financial Position ................ 111 Corporate Management .............................. 19 Statement of Profit or Loss and other pg28 Operational Management Team ................. 21 Comprehensive Income ............................ 112 Statement of Changes in Equity .............. 114 Deputy Chairman/CEO Executive Reviews Statement of Cash Flows ......................... 116 Review Chairman’s Review ..................................... 26 Notes to the Financial Statements .......... 117 Deputy Chairman/CEO Review ................... 28 Supplementary Financial Information - Management Discussion & Analysis Financial Social and Islamic Business Unit Capital Relationship Business Model .......................................... 34 Capital Statement of Financial Position ............... 185 Stakeholder Engagement ........................... 36 Statement of Profit or Loss and Other Materiality ................................................... 38 Comprehensive Income............................. 186 Operating Environment .............................. 39 Cash Flow Statement ................................ 187 Review of Operations .................................. 40 Notes to the Supplementary Finance Capital Management Reports .................... 44 Information ................................................ 188 Human Intellectual Stewardship Financial Information for Last Ten Years Capital Capital Corporate Governance ................................ 60 Statement of Financial Position ............... 199 Enterprise Risk Management .................... 89 Statement of Profit or Loss ...................... 200 Report of the Board of Directors ................ 91 Quarterly Statement of Profit or Loss Directors’ Statement on Internal and Other Comprehensive Income .......... 201 Control Over Financial Reporting .............. 95 Quarterly Statement of Financial Independent Assurance Report ................. 96 Position ...................................................... 202 Report of the Audit Committee ................... 97 Natural Manufactured Investor Information ................................. 203 Report of the Integrated Risk Capital Capital Other Disclosures ..................................... 206 Management Committee ........................... 98 Branch Network ........................................ 210 Report of the Remuneration Committee ................................................... 99 Notice of Meeting ...................................... 212 Report of the Related Party Notes ......................................................... 213 Transaction Review Committee ............... 100 Form of Proxy ............................................ 215 Corporate Information .............................. IBC 3 LOLC FINANCE PLC | SYNERGISED. ENERGISED. KEY HIGHLIGHTS OF THE YEAR 2019 2018 New Executions Rs. million 87,172 71,354 Net Interest Income Rs. million 21,772 9,916 Profit Before Tax Rs. million 7,108 2,085 Profit After Tax Rs. million 5,963 2,201 Net Assets Rs. million 22,767 17,106 Total Value Added Rs. million 11,827 3,978 Market Capitalisation Rs. million 13,020 16,380 Value Added Per Employee Rs. million 4.55 1.66 Financial Highlights Per Share Market Value Rs. 3.10 3.90 Net Assets Rs. 5.42 5.98 Earnings Rs. 1.42 0.77 Total Staff Number 2,461 2,165 Total Training Investment Rs. million 17 32 Total Training Hours Hours 49,125 35,660 Number of Female Employees Number 421 347 Social Highlights New Recruits Number 615 404 Rs.21.7Bn Rs.7.1Bn Rs.22.7Bn Net Interest Income Profit Before Tax Net Assets Rs.17Mn 2,461 49,125 Total Training Investment Total Staff Total Training Hours 4 ANNUAL REPORT 2018/19 About us | Executive Reviews | Management Discussion & Analysis | Stewardship | Financial Statements OPERATIONAL HIGHLIGHTS Total Assets Customer Deopsits Portfolio Rs. Mn Rs. Mn Rs. Mn 250,000 120,000 160,000 140,000 100,000 200,000 120,000 80,000 150,000 100,000 60,000 80,000 100,000 60,000 40,000 40,000 50,000 20,000 20,000 0 0 0 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 Rs.211Bn Rs.115Bn Rs.136Bn New Executions Revenue Profit After Tax Rs. Mn Rs. Mn Rs. Mn 100,000 50,000 7,000 6,000 80,000 40,000 5,000 60,000 30,000 4,000 40,000 20,000 3,000 2,000 20,000 10,000 1,000 0 0 0 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 Rs.87.1Bn Rs.46.6Bn Rs.5.9Bn 5 LOLC FINANCE PLC | SYNERGISED. ENERGISED. 6 ANNUAL REPORT 2018/19 Personalised. Organised. About Us Overview - Vision/Mission/Corporate Values ............................................................ 8 An Outstanding Profile .................................. 9 Milestones ................................................... 10 Branch Network .......................................... 14 Board of Directors ....................................... 16 Corporate
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