Kelani Tyres : Interim Financial Statements 30.06.2022

KELANI TYRES PLC

(Reg: No. PQ 123)

INTERIM FINANCIAL STATEMENTS FOR THREE MONTHS ENDED JUNE 30, 2022

Corporate Office

203, Union Place

Colombo 02.

KELANI TYRES PLC AND ITS GROUP

CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

(all amounts in Sri Lankan Rupees thousands)

	Group			Company
	Apr. -Jun.			Apr. - Jun.
	2022	2021	2022	2021
	(Un audited)	(Audited)		(Un audited)	(Audited)
Revenue
212	47,247	-	47,043
Direct costs	(219)	(44,184)	-	(43,965)
Gross margin
(6)	3,063	-	3,078
Other operating income	1,695	1,741	1,695	1,741
Administrative costs	(6,929)	(5,437)	(6,923)	(5,431)
Management Expenses	(10,536)	(10,220)	(10,536)	(10,220)
Depriciation	(4,375)	(4,360)	(4,375)	(4,360)
Operating profit
(20,152)	(15,212)	(20,139)	(15,192)
Finance Income	9,306	5,759	9,306	5,759
Finance costs	(4,588)	(1,546)	(4,588)	(1,546)
Profit/(Loss) before tax
(15,433)	(10,999)	(15,421)	(10,979)
Tax	-	-	-	-
Profit/(Loss) after tax
(15,433)	(10,999)	(15,421)	(10,979)
Share of results of JV	313,430	194,697	-	-
Profit/(Loss) for the period
297,996	183,698	(15,421)	(10,979)
Other comprehensive income:	-	-	-	-
Items that will not be reclasified
to profit or (loss)
Share of other comprehensive -	(2,977)	(638)	-	-
-Income/expenses from Joint Venture
Total comprehensive income -
-for the period, net of tax	295,020	183,060	(15,421)	(10,979)
Earning per share (for the period)	3.71	2.28	(0.19)	(0.14)

KELANI TYRES PLC AND ITS GROUP

CONSOLIDATED STATEMENT OF FINANCIAL POSSITION

(all amounts in Sri Lankan Rupees thousands)
	Group			Company
	30-06-2022	31-03-2022		30-06-2022	31-03-2022
ASSETS	(un-audited)	(Un-audited)		(un-audited)	(Un-audited)
Non-current assets
Property, plant and equipment	35,709	38,118		38,201	40,391
Investment Property	559,500	559,500		559,500	559,500
Investments in subsidiaries	-	-		10	10
Investment in JV	5,601,658	5,291,205		139,607	139,607
	6,196,867	5,888,823		737,318	739,508
Current assets
Trade and other receivables	370,915	432,962		370,703	432,763
Income Tax Refund	4,315	4,315		3,712	3,712
Financial assets at fair value through profit or loss	242,402	242,402		242,402	242,402
Cash and cash equivalents	67,390	99,065		63,920	95,787
	685,022	778,744		680,737	774,665
Total assets	6,881,889	6,667,567		1,418,055	1,514,173
EQUITY AND LIABILITIES
Equity attributable to equity holders
Stated capital	402,000	402,000		402,000	402,000
Revaluation reserves	24,691	24,691		24,691	24,691
Other reserves	801,127	801,127		-	-
Retained earnings	5,476,456	5,181,436		813,866	829,286
Total equity	6,704,275	6,409,255		1,240,557	1,255,977
Non - current liabilities
Borrowings	833	833		833	833
Retirement benefit obligations	7,265	7,265		7,265	7,265
	8,098	8,098	8,098	8,098
Current liabilities
Trade and other payables	68,558	152,611		68,441	152,495
Borrowings	7,500	10,000		7,500	10,000
Bank Overdraft	93,459	87,603		93,459	87,603
	169,516	250,214	169,400	250,098
Total liabilities
177,615	258,312	177,498	258,196
Total equity and liabilities	6,881,889	6,667,567		1,418,055	1,514,173
Net Asset Value Per share	83.39	79.72		15.43	15.62

I certify that these financial statements have been prepared in compliance with requirements of the Companies Act, No. 07 of 2007.

Sgd

P. R. Mann

Finance Officer

The Board of Directors is responsible for the preparation and presentation of these Financial statements.

Sgd	Sgd
Rohan T. Fernando	(Mrs). S. S Jayatilaka
Managing Director	Director
29th July 2022

KELANI TYRES PL AND ITS GROUP

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(all amounts in Sri Lanka Rupees Thousands)
Company
		Stated	Revaluation	Other	Retained
		capital	Reserve	Reserve	Earnings	Total
Balance at 1 April 2021 (audited)	402,000	24,691	-	666,072	1,092,763
Profit for the Period	-	-	-	(10,979)	(10,979)
Balance at 30th Jun. 2021 (audited)		402,000	24,691	-	655,093	1,081,784
Balance at 1 April 2022 (Un-audited)	402,000	24,691	-	829,286	1,255,977
Profit for the Period	-	-­‐	-­‐	(15,421)	(15,421)
Balance at 30th Jun. 2022 (Un-audited)		402,000	24,691	-	813,866	1,240,557
KELANI TYRES PL AND ITS GROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(all amounts in Sri Lanka Rupees Thousands)
Group
		Stated	Revaluation	Other	Retained
		capital	Reserve	Reserve	Earnings	Total
Balance at 1 April 2021 (audited)	402,000	24,691	801,127	4,762,087	5,989,905
Profit for the Period	-	-	-	183,698	183,698
Other comprehensive income	-	-	-	(638)	(638)
Balance at 30th Jun. 2021 (audited)		402,000	24,691	801,127	4,945,147	6,172,965
Balance at 1 April 2022 (Un-audited)	402,000	24,691	801,127	5,181,436	6,409,255
Profit for the Period	-	-		297,996	297,996
Other comprehensive income	-	-	-	(2,977)	(2,977)
Balance at 30th Jun. 2022 (Un-audited)		402,000	24,691	801,127	5,476,456	6,704,275

Cash flow statement

(all amounts in Sri Lankan Rupees thousands)

Cash flows from operating activities

Cash generated from (used in) operations

Interest received

Interest paid

Gratuity paid

Net cash generated from (used in) operating activities

Cash flows from investing activities

Three months ended	Three months ended
30th Jun. 2022	30th Jun. 2021
Group	Company	Group	Company
(37,565)	(37,757)	(7,671)	(7,734)
9,306	9,306	5,759	5,759
(4,588)	(4,588)	(1,546)	(1,546)
-	-	(404)	(404)
(32,846)	(33,039)	(3,862)	(3,925)

Purchases of property, plant and equipment	(2,185)	(2,185)	-	-
Net cash (used in)/generated from investing activities	(2,185)	(2,185)	-	-
Cash flows from financing activities
Change in Bank borrowings	(2,500)	(2,500)	(2,500)	(2,500)
Net cash (used in)generated from financing activities	(2,500)	(2,500)	(2,500)	(2,500)
Net (decrease)/increase in cash and cash equivalents	(37,531)	(37,724)	(6,362)	(6,425)
Movement in cash and cash equivalents
At the start of period	11,462	8,185	337,814	334,836
(Decrease)/increase	(37,531)	(37,724)	(6,362)	(6,425)
At the end of period
(26,069)	(29,539)	331,452	328,411