Kelani Cables : Quarterly Financial Report as of 31/12/2021

KELANI CABLES PLC

Company Reg. No. PQ 117

INTERIM FINANCIAL STATEMENTS

FOR THE 09 MONTHS PERIOD ENDED DECEMBER 31, 2021

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 31ST DECEMBER 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		COMPANY AND INVESTEE	COMPANY
For the quarter ended 31 December	2021	2020	2021		2020
		Rs.	Rs.	Rs.	Rs.
Revenue		4,329,626,004	2,464,872,508	4,329,626,004		2,464,872,508
Cost of sales		(3,193,477,649)	(2,194,328,397)	(3,193,477,649)		(2,194,328,397)
Gross profit		1,136,148,355	270,544,111	1,136,148,355		270,544,111
Other income		3,813,083	2,322,031	3,813,083		2,322,031
Change in fair value of investment property		-	-	-		-
Distribution expenses		(140,454,556)	(124,531,929)	(140,454,556)		(124,531,929)
Administrative expenses		(84,278,743)	(87,662,723)	(84,278,743)		(87,662,723)
Profit from operations		915,228,139	60,671,490	915,228,139		60,671,490
Finance income		17,102,340	9,552,629	17,102,340		9,552,629
Finance expenses		(30,166,978)	(16,693,931)	(30,166,978)		(16,693,931)
Net finance expenses		(13,064,638)	(7,141,302)	(13,064,638)		(7,141,302)
Share of (loss)/profit on equity accounted
investee, net of tax		(605,781)	(521,856)	-		-
Profit before tax		901,557,720	53,008,332	902,163,501		53,530,188
Income tax expense		(162,389,430)	(9,635,434)	(162,389,430)		(9,635,434)
Profit for the quarter		739,168,290	43,372,898	739,774,071		43,894,754
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial (loss)/gain on defined benefit obligations		-	(180,330)	-		(180,330)
Related tax		-	32,460	-		32,460
Other comprehensive income , net of tax		-	(147,870)	-		(147,870)
Total comprehensive income for the quarter		739,168,290	43,225,028	739,774,071		43,746,884
Earnings per share -Rs.		33.91	1.99	33.93		2.01
Market value per share
Highest price-Rs.			550.00		100.00
Lowest price-Rs.			129.00		89.00
Last traded price-Rs.			489.75		116.50
Number of shares representing the stated capital (Nos.)			21,800,000		21,800,000

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 31ST DECEMBER 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	COMPANY AND INVESTEE	COMPANY
For the period ended 31 December	2021	2020	2021		2020
	Rs.	Rs.	Rs.	Rs.
Revenue	10,989,681,362	6,290,704,156	10,989,681,362		6,290,704,156
Cost of sales	(8,752,585,863)	(5,548,697,480)	(8,752,585,863)		(5,548,697,480)
Gross profit	2,237,095,499	742,006,676	2,237,095,499		742,006,676
Other income	14,972,814	7,159,564	14,972,814		7,159,564
Distribution expenses	(369,224,006)	(315,815,002)	(369,224,006)		(315,815,002)
Administrative expenses	(283,317,935)	(238,725,116)	(283,317,935)		(238,725,116)
Profit from operations	1,599,526,372	194,626,122	1,599,526,372		194,626,122
Finance income	41,329,638	26,206,572	41,329,638		26,206,572
Finance expenses	(146,058,711)	(77,064,718)	(146,058,711)		(77,064,718)
Net finance expenses	(104,729,073)	(50,858,146)	(104,729,073)		(50,858,146)
Share of loss on equity accounted
investee, net of tax	(1,825,731)	(1,591,080)	-		-
Profit before tax	1,492,971,568	142,176,896	1,494,797,299		143,767,976
Income tax expense	(269,058,228)	(25,878,236)	(269,058,228)		(25,878,236)
Profit for the period	1,223,913,340	116,298,660	1,225,739,071		117,889,740
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial (loss)/gain on defined benefit obligations	-	(517,620)	-		(517,620)
Related tax	-	93,172	-		93,172
Other comprehensive income, net of tax	-	(424,448)	-		(424,448)
Total comprehensive income for the period	1,223,913,340	115,874,212	1,225,739,071		117,465,292
Earnings per share -Rs.	56.14	5.33	56.23		5.41
Market value per share
Highest price-Rs.			550.00		120.10
Lowest price-Rs.			110.25		50.00
Last traded price-Rs.			489.75		116.50
Number of shares representing the stated capital			21,800,000		21,800,000

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 31ST DECEMBER 2021

STATEMENT OF FINANCIAL POSITION

	COMPANY & INVESTEE		COMPANY
	As at 31 December	As at 31 March	As at 31 December	As at 31 March
	2021		2021	2021		2021
	Rs.	Rs.		Rs.	Rs.
ASSETS
NON CURRENT ASSETS
Property, plant and equipment	1,171,795,581		1,009,006,175		1,171,795,581		1,009,006,175
Intangible assets	1,628,957		6,825,088		1,628,957		6,825,088
Investment property	650,500,000		650,500,000		650,500,000		650,500,000
Right-of-use assets	3,348,474		4,018,166		3,348,474		4,018,166
Investment in equity accounted investee	71,629,353		73,455,084		51,200,000		51,200,000
	1,898,902,365		1,743,804,513		1,878,473,012		1,721,549,429
CURRENT ASSETS
Inventories	2,071,108,313		2,227,972,407		2,071,108,313		2,227,972,407
Trade and other receivables	2,554,390,039		2,981,195,149		2,554,390,039		2,981,195,149
Amount due from related companies	43,713,589		224,294		43,713,589		224,294
Value added tax recoverable	753,600,991		743,686,739		753,600,991		743,686,739
Deposits and prepayments	15,662,654		15,345,296		15,662,654		15,345,296
Cash and cash equivalents	2,044,416,067		924,789,700		2,044,416,067		924,789,700
	7,482,891,653		6,893,213,585		7,482,891,653		6,893,213,585
TOTAL ASSETS	9,381,794,018		8,637,018,098		9,361,364,665		8,614,763,014
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	4,534,009,223		3,408,195,883		4,583,450,629		3,455,811,558
	5,775,636,396		4,649,823,056		5,755,207,043		4,627,567,972
NON-CURRENT LIABILITIES
Employee benefits	174,316,837		160,740,911		174,316,837		160,740,911
Deferred taxation	41,408,240		41,408,240		41,408,240		41,408,240
Interest bearing borrowings	278,313,802		5,553,380		278,313,802		5,553,380
	494,038,879		207,702,531		494,038,879		207,702,531
CURRENT LIABILITIES
Trade and other payables	1,869,198,374		1,960,727,534		1,869,198,374		1,960,727,534
Amount due to related companies	485,682,808		600,636,824		485,682,808		600,636,824
Current taxation	484,200,094		306,620,053		484,200,094		306,620,053
Unclaimed dividends	12,333,522		17,212,429		12,333,522		17,212,429
Interest bearing borrowings	258,571,006		803,428,116		258,571,006		803,428,116
Bank overdrafts	2,132,939		90,867,555		2,132,939		90,867,555
	3,112,118,743		3,779,492,511		3,112,118,743		3,779,492,511
TOTAL LIABILITIES	3,606,157,622		3,987,195,042		3,606,157,622		3,987,195,042
TOTAL EQUITY AND LIABILITIES	9,381,794,018		8,637,018,098		9,361,364,665		8,614,763,014
Net asset per share (Rs.)	264.94		213.29	264.00		212.27

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

Ms. Hemamala Karunasekara

Chief Financial Officer

Mahinda Saranapala	U. G. Madanayake
Director/Chief Executive Officer	Chairman

February 2, 2022

Colombo

KELANI CABLES PLC

INTERIM FINANCIAL STATEMENTS - 31ST DECEMBER 2021

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 2020	218,000,000	404,949,947	431,136,000	2,908,360,870	3,962,446,817
Comprehensive income for the period
Profit for the period						116,298,660	116,298,660
Other comprehensive income	-	-	-	(424,448)	(424,448)
Total comprehensive income	-	-	-	115,874,212	115,874,212
Transactions with owners of the Company
Interim dividend	-	-	-	(76,300,000)	(76,300,000)
Balance as at 31 December 2020	218,000,000	404,949,947	431,136,000	2,947,935,082	4,002,021,029
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	-	-	-	1,223,913,340	1,223,913,340
Other comprehensive income	-	-	-	-	-
Total comprehensive income
-	-	-	1,223,913,340	1,223,913,340
Transactions with owners of the Company
Interim Dividend	-	-	-	(98,100,000)	(98,100,000)
Balance as at 31 December 2021	218,000,000	592,491,173	431,136,000	4,534,009,223	5,775,636,396
	-
COMPANY
	Stated		Capital		General		Retained		Total
	Capital		Reserves		Reserves		Earnings
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1 April 2020	218,000,000	353,276,640	431,136,000	2,956,492,157	3,958,904,797
Comprehensive income for the period
Profit for the period	-	-	-	117,889,740	117,889,740
Other comprehensive income	-	-	-	(424,448)	(424,448)
Total comprehensive income	-	-	-	117,465,292	117,465,292
Transactions with owners of the Company
Interim dividend	-	-	-	(76,300,000)	(76,300,000)
Balance as at 31 December 2020	218,000,000	353,276,640	431,136,000	2,997,657,449	4,000,070,089
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	-	-	-	1,225,739,071	1,225,739,071
Other comprehensive income	-	-	-	-	-
Total comprehensive income
-	-	-	1,225,739,071	1,225,739,071
Transactions with owners of the Company
Interim dividend	-	-	-	(98,100,000)	(98,100,000)
Balance as at 31 December 2021	218,000,000	522,620,414	431,136,000	4,583,450,629	5,755,207,043