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SANASA DEVELOPMENT BANK PLC FINANCIAL STATEMENTS 31 DECEMBER 2017 -2- SANASA Development Bank PLC STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December 2017 Note 2017 2016 Rs. Rs. Interest income 10,829,333,073 8,177,186,889 Interest expenses (6,941,840,502) (4,846,840,351) Net interest income 3 3,887,492,571 3,330,346,538 Fee and commission income 278,769,564 212,540,050 Fee and commission expenses (3,511,099) (9,596,114) Net fee and commission income 4 275,258,465 202,943,936 Net gain/(loss) from financial instruments at fair value through profit or loss 5 211,759,394 17,351,017 Other operating income (net) 6 50,845,398 40,045,507 Total operating income 4,425,355,828 3,590,686,997 Impairment for loans and other losses 7 (293,536,909) (125,043,863) Net operating income 4,131,818,919 3,465,643,134 Personnel expenses 8 (1,474,145,865) (1,266,115,183) Other expenses 9 (1,555,628,153) (1,289,848,347) Operating profit before value added tax (VAT) 1,102,044,901 909,679,605 Value added tax (VAT) on financial services & NBT (349,443,792) (292,254,188) Operating profit after value added tax (VAT) 752,601,109 617,425,417 Profit before tax 752,601,109 617,425,417 Tax expenses 10 (244,777,577) (213,703,773) Profit for the year 507,823,532 403,721,644 Other Comprehensive Income Other Comprehensive Income/(Expenses) not to be reclassified to profit or loss Actuarial losses on defined benefit plans 28.1.3 2,885,075 (49,638,943) Deferred tax relating to defined benefit plans (807,821) 13,898,904 Other Comprehensive Income to be reclassified to profit or loss Loss arising on re-measuring available for sale financial assets - (12,453,979) Other Comprehensive Income for the year net of tax 2,077,254 (48,194,018) Total Comprehensive Income for the year 509,900,786 355,527,626 Earnings per share on profit Basic earnings per share - (Rs). 11 10.18 9.60 Diluted earning per share- (Rs). 11 9.90 - The Accounting Policies and Notes on pages 07 through 53 from an integral part of the Financial Statements. -3- SANASA Development Bank PLC STATEMENT OF FINANCIAL POSITION As at 31 December 2017 2017 2016 Note Rs. Rs. Assets Cash and cash equivalents 12 1,190,389,606 1,044,725,493 Placements with banks 13 6,014,703,836 6,919,027,281 Financial assets fair value through profit or loss 14 4,473,805,573 244,911,140 Other financial asset classified under loans and receivable 15 1,479,949,628 1,503,539,374 Loans and receivables to other customers 16 66,687,415,593 53,632,538,822 Financial investments - Available-for-sale 17 63,536,159 566,935,476 Financial investments - Held-to-maturity 18 599,551,021 492,267,661 Asset classified as Held for sale 19 37,175,411 37,175,411 Property, plant and equipment 20 726,472,629 637,263,173 Investment properties 21 23,390,660 24,446,690 Intangible assets 22 8,148,340 16,938,244 Other assets 23 1,070,174,846 913,030,314 Total assets 82,374,713,302 66,032,799,079 Liabilities Due to other customers 24 59,904,734,365 45,691,758,092 Other borrowings 25 8,827,609,604 9,482,950,010 Debt securities issued 26 4,189,812,218 4,182,653,234 Subordinated term debts 27 1,004,354,742 - Current tax liabilities 32,152,742 23,110,292 Deferred tax liabilities 10.2 58,000,392 46,629,257 Other liabilities 28 1,026,889,208 1,086,418,546 Total liabilities 75,043,553,271 60,513,519,431 Equity Stated capital 29 5,758,689,211 4,062,961,714 Statutory reserve fund 30 197,763,963 172,372,786 Retained earnings 31 1,340,503,863 1,249,742,154 Other reserves 32 34,202,994 34,202,994 Total equity 7,331,160,031 5,519,279,648 Total equity and liabilities 82,374,713,302 66,032,799,079 Contingent liabilities and commitments 33 166,260,031 148,030,175 Certification I certify these Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007. …………………………. Terrance Kumara AGM - Finance The Board of Directors is responsible for these Financial Statements. Signed for and on behalf of the Board by; …………………………. …………………………. …………………………. …………………….. M.S.Kiriwandeniya Lakshman Abeysekera Nimal C Hapuarachchi Tamarika Rodrigo Chairperson Senior Director General Manager/CEO Company Secretary The Accounting Policies and Notes on pages 07 through 53 from an integral part of the Financial Statements. 26 February 2018 Colombo -4- SANASA Development Bank PLC STATEMENT OF CHANGES IN EQUITY Year ended 31 December 2017 Bank Stated Capital Reserves Ordinary Statutory Retained Available For General Total Voting Shares Reserve Earnings Sale Reserve Reserves Equity Rs. Rs. Rs. Rs. Rs. Balance as at 01 January 2016 3,794,094,725 154,596,405 1,302,002,771 - 46,656,973 5,297,350,874 Profit for the year - - 403,721,644 - - 403,721,644 Other comprehensive income (net of tax) - - (35,740,039) (12,453,979) - (48,194,018) Total comprehensive income for the year - - 367,981,605 (12,453,979) - 355,527,626 Transactions with equity holders, recognised directly in equity Scrip Dividend 268,866,989 - (293,303,439) - - (24,436,450) Transfer to Statutory Reserve fund - 17,776,381 (17,776,381) - - - Dividends to equity holders - - (109,162,402) - - (109,162,402) Total transactions with equity holders 268,866,989 17,776,381 (420,242,222) - - (133,598,852) Balance as at 31 December 2016 4,062,961,714 172,372,786 1,249,742,154 (12,453,979) 46,656,973 5,519,279,648 1,635,429,514 107,302,319 0 0 1,730,277,854 Balance as at 1 January 2017 4,062,961,714 172,372,786 1,249,742,154 (12,453,979) 46,656,973 5,519,279,648 Profit for the year - - 507,823,532 - - 507,823,532 Other comprehensive income (net of tax) - - 2,077,254 - - 2,077,254 Total comprehensive income for the year - - 509,900,786 - - 509,900,786 Transactions with equity holders, recognised directly in equity Share issue/increase of assigned capital 1,461,340,020 - - - - 1,461,340,020 Scrip Dividend 234,387,477 - (262,498,600) - - (28,111,123) Transfer to Statutory Reserve fund - 25,391,177 (25,391,177) - - - Dividends to equity holders - - (131,249,300) - - (131,249,300) Total transactions with equity holders 1,695,727,497 25,391,177 (419,139,077) - - 1,301,979,597 Balance as at 31 December 2017 5,758,689,211 197,763,963 1,340,503,863 (12,453,979) 46,656,973 7,331,160,031 Statutory Reserve Fund Every Licensed Specialised Bank has to make a Provision not less than 5% out of profit after tax to the Statutory Reserve Fund. Such provision should be made annually as stipulated by the Banking Act No. 30 of 1988 as amended by Banking (Amendment) Act No. 33 of 1995 until the said Reserve Fund is equal to 50% of the Equity Capital of the Bank. Thereafter, the Bank has to make a provision not less than 2% out of profit after tax to the Statutory Reserve Fund until the said Fund is equal to the Equity Capital of the Bank. General Reserve The General Reserve is created after provisioning for a Statutory Reserve Fund and Interim Dividend payments for the respective share holders, this reserve will be used by the Bank for the Future Capitalisation purposes of the Bank. Available For Sale Reserve The available for sale reserve is consist of fair value adjustment made to unquoted equity investment. The Accounting Policies and Notes on pages 07 through 53 from an integral part of the Financial Statements. -5- SANASA Development Bank PLC STATEMENT OF CASH FLOWS Year ended 31 December 2017 Note 2017 2016 Rs. Rs. Cash Flows From / (Used in) Operating Activities Interest Received 10,627,484,784 8,177,186,889 Fee and Commission Received 274,824,879 212,540,050 Receipts from other Operating Activities 63,788,378 101,752,074 Interest Payment (6,073,127,221) (4,846,840,351) Cash Payment to Employees (1,371,766,033) (1,386,214,260) Payments to Suppliers and Other Operating Activities (2,729,403,858) (1,552,399,590) Fee and Commission Expenses (3,511,098) (9,596,114) Operating Profit before Changes in Operating Assets 788,289,831 696,428,698 (Increase)/Decrease in Operating Assets Funds Advanced to Customers (13,348,413,681) (7,927,083,794) Other Short Term Securities 134,290,035 516,458,126 Increase/(Decrease) in Operating Liabilities Deposits from Customers 14,212,976,273 2,668,365,273 Net Cash from Operating Activities Before Income Tax 1,787,142,456 (4,045,831,697) Income Tax Paid (236,542,946) (437,427,735) Net Cash from Operating Activities 1,550,599,510 (4,483,259,431) Cash Flows from / (Used in) Investing Activities Dividend Received 6,929,443 1,759,173 (Increase)/ Decrease in Non Dealing Securities 503,399,317 (499,710,818) (Increase)/ Decrease in Dealing Securities (4,017,135,040) (227,560,123) (Increase)/ Decrease in Treasury Bonds and other Investments (1,438,102,869) 700,172,712 Proceeds from sale of Property, Plant and Equipment 10,747,244 10,311,927 Purchase of Property, Plant and Equipment 20 (272,786,130) (236,556,367) Net Cash from/ (used in) Investing Activities (5,206,948,034) (251,583,496) Cash Flows from (Used in) Financing Activities Proceeds from Issuance/Allotment of Shares 1,461,340,018 - Dividend Paid (131,249,300) (109,162,402) Net Increase/(Decrease) in Borrowing 376,047,727 3,086,154,080 Funds Received/(Utilized) During the period (28,568,474) 354,219 Net Cash Flow from/ (used in) Financing Activities 1,677,569,970 2,977,345,897 Net Increase/ (Decrease) in Cash and Cash Equivalents (1,978,778,554) (1,757,497,030) Cash and Cash Equivalent at the beginning of the year 12 8,565,674,376 10,323,171,406 Cash and Cash Equivalents at the end of the year 12 6,586,895,822 8,565,674,376 The Accounting Policies and Notes on pages 07 through 53 from an integral part of the Financial Statements.
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