Kelani Cables : Quarterly Financial Report as of 30/09/2022

KELANI CABLES PLC

Company Reg. No. PQ 117

INTERIM FINANCIAL STATEMENTS

FOR THE 06 MONTHS PERIOD ENDED SEPTEMBER 30, 2022

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 30 SEPTEMBER 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	COMPANY AND INVESTEE	COMPANY
For the quarter ended 30 September	2022	2021	2022		2021
	Rs.	Rs.	Rs.	Rs.
Revenue	2,517,922,570	3,968,563,544	2,517,922,570		3,968,563,544
Cost of sales	(1,599,356,813)	(3,235,772,424)	(1,599,356,813)		(3,235,772,424)
Gross profit	918,565,757	732,791,120	918,565,757		732,791,120
Other income	14,522,040	9,210,401	14,522,040		9,210,401
Distribution expenses	(130,697,628)	(120,996,768)	(130,697,628)		(120,996,768)
Administrative expenses	(114,574,072)	(98,392,586)	(114,574,072)		(98,392,586)
Profit from operations	687,816,097	522,612,167	687,816,097		522,612,167
Finance income	99,878,941	13,306,496	99,878,941		13,306,496
Finance expenses	(11,603,539)	(95,121,234)	(11,603,539)		(95,121,234)
Net finance income/(expenses)	88,275,402	(81,814,738)	88,275,402		(81,814,738)
Share of (loss)/profit on equity accounted
investee, net of tax	(625,824)	(625,293)	-		-
Profit before tax	775,465,675	440,172,136	776,091,499		440,797,429
Income tax expense	(139,696,470)	(79,337,399)	(139,696,470)		(79,337,399)
Profit for the quarter	635,769,205	360,834,737	636,395,029		361,460,030
Other comprehensive income
Items that will not be reclassified to profit or loss	-	-	-		-
Other comprehensive income , net of tax	-	-	-		-
Total comprehensive income for the quarter	635,769,205	360,834,737	636,395,029		361,460,030
Earnings per share -Rs.	29.16	16.55	29.19		16.58
Market value per share
Highest price-Rs.			458.00		151.75
Lowest price-Rs.			160.00		123.25
Last traded price-Rs.			434.50		130.00
Number of shares representing the stated capital			21,800,000		21,800,000

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 30 SEPTEMBER 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	COMPANY AND INVESTEE	COMPANY
For the period ended 30 September	2022	2021	2022		2021
	Rs.	Rs.	Rs.	Rs.
Revenue	6,038,487,270	6,660,055,358	6,038,487,270		6,660,055,358
Cost of sales	(4,046,712,486)	(5,559,108,214)	(4,046,712,486)		(5,559,108,214)
Gross profit	1,991,774,784	1,100,947,144	1,991,774,784		1,100,947,144
Other income	19,127,777	11,159,731	19,127,777		11,159,731
Distribution expenses	(282,889,066)	(228,769,450)	(282,889,066)		(228,769,450)
Administrative expenses	(197,134,627)	(199,039,192)	(197,134,627)		(199,039,192)
Profit from operations	1,530,878,868	684,298,233	1,530,878,868		684,298,233
Finance income	536,121,131	24,227,298	536,121,131		24,227,298
Finance expenses	(19,071,096)	(115,891,733)	(19,071,096)		(115,891,733)
Net finance income/(expenses)	517,050,035	(91,664,435)	517,050,035		(91,664,435)
Share of loss on equity accounted
investee, net of tax	(1,199,891)	(1,219,950)	-		-
Profit before tax	2,046,729,012	591,413,848	2,047,928,903		592,633,798
Income tax expense	(368,627,203)	(106,668,798)	(368,627,203)		(106,668,798)
Profit for the period	1,678,101,809	484,745,050	1,679,301,700		485,965,000
Other comprehensive income
Items that will not be reclassified to profit or loss	-	-	-		-
Other comprehensive income, net of tax	-	-	-		-
Total comprehensive income for the period	1,678,101,809	484,745,050	1,679,301,700		485,965,000
Earnings per share -Rs.	76.98	22.24	77.03		22.29
Market value per share
Highest price-Rs.			458.00		159.25
Lowest price-Rs.			98.10		110.25
Last traded price-Rs.			434.50		130.00
Number of shares representing the stated capital			21,800,000		21,800,000

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 30 SEPTEMBER 2022

STATEMENT OF FINANCIAL POSITION

		COMPANY & INVESTEE		COMPANY
	As at 30 September	As at 31 March	As at 30 September	As at 31 March
	2022		2022	2022		2022
		Rs.	Rs.		Rs.	Rs.
ASSETS
NON CURRENT ASSETS
Property, plant and equipment		1,146,818,858		1,155,167,933		1,146,818,858		1,155,167,933
Intangible assets		-		-		-		-
Investment property		690,000,000		690,000,000		690,000,000		690,000,000
Right-of-use assets		2,678,784		3,125,240		2,678,784		3,125,240
Investment in equity accounted investee		73,932,843		75,132,734		51,200,000		51,200,000
		1,913,430,485		1,923,425,907		1,890,697,642		1,899,493,173
CURRENT ASSETS
Inventories		2,385,750,241		2,340,191,863		2,385,750,241		2,340,191,863
Trade and other receivables		1,476,634,857		2,057,136,180		1,476,634,857		2,057,136,180
Amount due from related companies		603,388,851		547,202,345		603,388,851		547,202,345
Value added tax recoverable		772,072,161		747,211,164		772,072,161		747,211,164
Deposits and prepayments		23,250,008		23,077,783		23,250,008		23,077,783
Investment in fixed deposits		2,070,336,407		1,336,800,383		2,070,336,407		1,336,800,383
Cash and cash equivalents		1,140,888,612		2,529,130,311		1,140,888,612		2,529,130,311
		8,472,321,137		9,580,750,029		8,472,321,137		9,580,750,029
TOTAL ASSETS		10,385,751,622		11,504,175,936		10,363,018,779		11,480,243,202
EQUITY AND LIABILITIES
EQUITY
Stated capital		218,000,000		218,000,000		218,000,000		218,000,000
Capital reserves		592,491,173		592,491,173		522,620,414		522,620,414
General reserves		431,136,000		431,136,000		431,136,000		431,136,000
Retained earnings		7,015,428,494		5,479,026,685		7,062,566,410		5,524,964,710
		8,257,055,667		6,720,653,858		8,234,322,824		6,696,721,124
NON-CURRENT LIABILITIES
Employee benefits		133,966,519		122,806,774		133,966,519		122,806,774
Deferred taxation		45,834,383		45,834,383		45,834,383		45,834,383
Interest bearing borrowings		161,561,157		239,274,647		161,561,157		239,274,647
		341,362,059		407,915,804		341,362,059		407,915,804
CURRENT LIABILITIES
Trade and other payables		422,926,783		3,005,971,638		422,926,783		3,005,971,638
Amount due to related companies		228,160,201		511,344,422		228,160,201		511,344,422
Current tax payables		918,370,709		660,744,216		918,370,709		660,744,216
Unclaimed dividends		18,173,303		12,301,374		18,173,303		12,301,374
Interest bearing borrowings		156,423,432		157,983,330		156,423,432		157,983,330
Bank overdrafts		43,279,468		27,261,294		43,279,468		27,261,294
		1,787,333,896		4,375,606,274		1,787,333,896		4,375,606,274
TOTAL LIABILITIES		2,128,695,955		4,783,522,078		2,128,695,955		4,783,522,078
TOTAL EQUITY AND LIABILITIES		10,385,751,622		11,504,175,936		10,363,018,779		11,480,243,202
Net asset per share (Rs.)	378.76		308.29	377.72		307.19

These Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

(Sgd.)

Ms. Hemamala Karunasekara Chief Financial Officer

(Sgd.)	(Sgd.)
Mahinda Saranapala	U. G. Madanayake
Director/Chief Executive Officer	Chairman
November 14, 2022
Colombo

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 30 SEPTEMBER 2022

STATEMENT OF CHANGES IN EQUITY

COMPANY AND INVESTEE

	Stated		Capital		General		Retained		Total
	Capital		Reserves		Reserves		Earnings
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1 April 2021	218,000,000	592,491,173	431,136,000	3,408,195,883	4,649,823,056
Comprehensive income for the period
Profit for the period						484,745,050	484,745,050
Other comprehensive income	-	-	-	-	-
Total comprehensive income	-	-	-	484,745,050	484,745,050
Transactions with owners of the Company
Interim dividend	-	-	-	(98,100,000)	(98,100,000)
Balance as at 30 September 2021	218,000,000	592,491,173	431,136,000	3,794,840,933	5,036,468,106
Balance as at 1 April 2022	218,000,000	592,491,173	431,136,000	5,479,026,685	6,720,653,858
Comprehensive income for the period
Profit for the period	-	-	-	1,678,101,809	1,678,101,809
Other comprehensive income	-	-	-	-	-
Total comprehensive income
-	-	-	1,678,101,809	1,678,101,809
Transactions with owners of the Company
Interim Dividend	-	-	-	(141,700,000)	(141,700,000)
Balance as at 30 September 2022	218,000,000	592,491,173	431,136,000	7,015,428,494	8,257,055,667
	-
COMPANY
	Stated		Capital		General		Retained		Total
	Capital		Reserves		Reserves		Earnings
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1 April 2021	218,000,000	522,620,414	431,136,000	3,455,811,558	4,627,567,972
Comprehensive income for the period
Profit for the period	-	-	-	485,965,000	485,965,000
Other comprehensive income	-	-	-	-	-
Total comprehensive income	-	-	-	485,965,000	485,965,000
Transactions with owners of the Company
Interim dividend	-	-	-	(98,100,000)	(98,100,000)
Balance as at 30 September 2021	218,000,000	522,620,414	431,136,000	3,843,676,558	5,015,432,972
Balance as at 1 April 2022	218,000,000	522,620,414	431,136,000	5,524,964,710	6,696,721,124
Comprehensive income for the period
Profit for the period	-	-	-	1,679,301,700	1,679,301,700
Other comprehensive income	-	-	-	-	-
Total comprehensive income
-	-	-	1,679,301,700	1,679,301,700
Transactions with owners of the Company
Interim dividend	-	-	-	(141,700,000)	(141,700,000)
Balance as at 30 September 2022	218,000,000	522,620,414	431,136,000	7,062,566,410	8,234,322,824