KELANI TYRES PLC KELANI TYRES PLC
(Reg: No. PQ 123)
INTERIM FINANCIAL STATEMENTS
FOR SIX MONTHS ENDED SEPTEMBER 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 | Group | Company | ||||||||
Apr. -Sep | Apr. - Sep. | July. -Sep. | July. - Sep. | ||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||
(Un audited) | (Audited) | (Un audited) | (Audited) | ||||||||
Revenue | |||||||||||
427 | 191,621 | - | 191,215 | 215 | 144,374 | - | 144,172 | ||||
Direct costs | (292) | (179,143) | - | (178,706) | (73) | (134,959) | - | (134,741) | |||
Gross margin | |||||||||||
136 | 12,478 | - | 12,509 | 142 | 9,415 | - | 9,431 | ||||
Other operating income | 3,413 | 3,640 | 863,413 | 433,640 | 1,717 | 1,899 | 861,718 | 431,899 | |||
Administrative costs | (59,132) | (49,620) | (59,121) | (49,608) | (52,203) | (44,184) | (52,199) | (44,177) | |||
Management Expenses | (23,356) | (20,513) | (23,356) | (20,513) | (12,819) | (10,294) | (12,819) | (10,293) | |||
Depriciation | (8,853) | (8,720) | (8,853) | (8,720) | (4,478) | (4,360) | (4,478) | (4,360) | |||
Operating profit | |||||||||||
(87,792) | (62,736) | 772,082 | 367,308 | (67,641) | (47,524) | 792,222 | 382,500 | ||||
Finance Income | 27,733 | 11,947 | 27,733 | 11,947 | 18,427 | 6,188 | 18,427 | 6,188 | |||
Finance costs | (9,853) | (3,263) | (9,853) | (3,263) | (5,265) | (1,717) | (5,265) | (1,717) | |||
Profit/(Loss) before tax | |||||||||||
(69,912) | (54,051) | 789,963 | 375,992 | (54,479) | (43,052) | 805,384 | 386,971 | ||||
Tax | - | - | - | - | - | - | - | - | |||
Profit/(Loss) after tax | |||||||||||
(69,912) | (54,051) | 789,963 | 375,992 | (54,479) | (43,052) | 805,384 | 386,971 | ||||
Share of results of JV | 346,514 | 352,852 | - | - | 33,084 | 158,155 | - | - | |||
Profit/(Loss) for the period | |||||||||||
276,602 | 298,801 | 789,963 | 375,992 | (21,395) | 115,103 | 805,384 | 386,971 | ||||
Other comprehensive income: | - | - | - | - | - | - | - | - | |||
Share of other comprehensive - | (6,197) | (1,332) | - | - | (3,220) | (694) | - | - | |||
-Income/expenses from Joint Venture | |||||||||||
Total comprehensive income - | |||||||||||
-for the period, net of tax | 270,405 | 297,469 | 789,963 | 375,992 | (24,615) | 114,409 | 805,384 | 386,971 | |||
Earning per share (for the period) | 3.44 | 3.72 | 9.83 | 4.68 | (0.27) | 1.43 | 10.02 | 4.81 | |||
KELANI TYRES PLC AND ITS GROUP
CONSOLIDATED STATEMENT OF FINANCIAL POSSITION
(all amounts in Sri Lankan Rupees thousands) | |||||
Group | Company | ||||
30-09-2022 | 31-03-2022 | 30-09-2022 | 31-03-2022 | ||
ASSETS | (un-audited) | (audited) | (un-audited) | (audited) | |
Non-current assets | |||||
Property, plant and equipment | 34,796 | 38,118 | 37,361 | 40,391 | |
Investment Property | 559,500 | 559,500 | 559,500 | 559,500 | |
Investments in subsidiaries | - | - | 10 | 10 | |
Investment in JV | 4,771,522 | 5,291,205 | 139,607 | 139,607 | |
5,365,818 | 5,888,822 | 736,478 | 739,508 | ||
Current assets | |||||
Trade and other receivables | 238,822 | 430,615 | 238,607 | 430,416 | |
Income Tax Refund | 4,315 | 4,315 | 3,712 | 3,712 | |
Financial assets at fair value through profit or loss | 242,875 | 242,875 | 242,875 | 242,875 | |
Cash and cash equivalents | 567,423 | 101,412 | 563,745 | 98,134 | |
1,053,435 | 779,217 | 1,048,939 | 775,137 | ||
Total assets | 6,419,254 | 6,668,038 | 1,785,418 | 1,514,645 | |
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 | 5,050,312 | 5,181,907 | 1,217,722 | 829,759 | |
Total equity | 6,278,131 | 6,409,726 | 1,644,413 | 1,256,450 | |
Non - current liabilities | |||||
Borrowings | 833 | 833 | 833 | 833 | |
Retirement benefit obligations | 7,122 | 7,265 | 7,122 | 7,265 | |
7,955 | 8,098 | 7,955 | 8,098 | ||
Current liabilities | |||||
Trade and other payables | 56,106 | 152,611 | 55,988 | 152,495 | |
Borrowings | 5,000 | 10,000 | 5,000 | 10,000 | |
Bank Overdraft | 72,062 | 87,603 | 72,062 | 87,603 | |
133,168 | 250,214 | 133,050 | 250,098 | ||
Total liabilities | 141,123 | 258,312 | 141,005 | 258,196 | |
Total equity and liabilities | 6,419,254 | 6,668,038 | 1,785,418 | 1,514,645 | |
Net Asset Value Per share | 78.09 | 79.72 | 20.45 | 15.63 |
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 | (Mrs). S. S Jayatilaka |
Managing Director | Director |
28th October 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 | - | - | - | 375,992 | 375,992 | |
Other comprehensive income | - | - | - | - | - | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 30th Sep. 2021 (audited) | 402,000 | 24,691 | - | 640,064 | 1,066,755 | |
Balance at 1 April 2022 (audited) | 402,000 | 24,691 | - | 829,759 | 1,256,450 | |
Profit for the Period | - | -‐ | -‐ | 789,963 | 789,963 | |
Other comprehensive income | -‐ | - | - | |||
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 30th Sep. 2022 (Un-audited) | 402,000 | 24,691 | - | 1,217,722 | 1,644,413 | |
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 | 4,762,085 | 5,989,904 | |
Profit for the Period | - | - | - | 298,801 | 298,801 | |
Other comprehensive income | - | - | - | (1,332) | (1,332) | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 30th Sep. 2021 (audited) | 402,000 | 24,691 | 801,127 | 4,657,554 | 5,885,373 | |
Balance at 1 April 2022 (audited) | 402,000 | 24,691 | 801,127 | 5,181,907 | 6,409,726 | |
Profit for the Period | - | - | 276,602 | 276,602 | ||
Other comprehensive income | - | - | - | (6,197) | (6,197) | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 30th Sep. 2022 (Un-audited) | 402,000 | 24,691 | 801,127 | 5,050,312 | 6,278,131 |
KELANI TYRES PLC AND ITS GROUP
Cash flow statement
(all amounts in Sri Lankan Rupees thousands)
Six months ended | Six months ended | |||
30th Sep. 2022 | 30th Sep. 2021 | |||
Group | Company | Group | Company | |
Cash flows from operating activities | ||||
Cash generated from (used in) operations | 16,638 | 16,238 | (120,882) | (121,211) |
Interest received | 27,733 | 27,733 | 11,947 | 11,947 |
Interest paid | (9,853) | (9,853) | (3,263) | (3,263) |
Gratuity paid | (143) | (143) | (404) | (404) |
Net cash generated from (used in) operating activities | 34,375 | 33,975 | (112,602) | (112,931) |
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (5,823) | (5,823) | - | - |
Dividend received | 860,000 | 860,000 | 430,000 | 430,000 |
Net cash (used in)/generated from investing activities | 854,177 | 854,177 | 430,000 | 430,000 |
Cash flows from financing activities | ||||
Dividend payment | (402,000) | (402,000) | (402,000) | (402,000) |
Change in Bank borrowings | (5,000) | (5,000) | (5,000) | (5,000) |
Net cash (used in)generated from financing activities | (407,000) | (407,000) | (407,000) | (407,000) |
Net (decrease)/increase in cash and cash equivalents | 481,552 | 481,151 | (89,602) | (89,931) |
Movement in cash and cash equivalents | ||||
At the start of period | 13,809 | 10,532 | 339,217 | 336,239 |
(Decrease)/increase | 481,552 | 481,151 | (89,602) | (89,931) |
At the end of period | ||||
495,361 | 491,683 | 249,614 | 246,307 |
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Kelani Tyres plc published this content on 03 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2022 09:34:03 UTC.
