KELANI TYRES PLC KELANI TYRES PLC
(Reg: No. PQ 123)
INTERIM FINANCIAL STATEMENTS
FOR NINE MONTHS ENDED DECEMBER 31, 2021
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. -Dec | Apr. - Dec. | Oct. -Dec. | Oct. - Dec. | ||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||
(Un audited) | (Audited) | (Un audited) | (Audited) | ||||||||
Revenue | |||||||||||
197,987 | 60,126 | 197,380 | 59,438 | 6,366 | 217 | 6,165 | - | ||||
Direct costs | (184,968) | (54,204) | (184,312) | (53,548) | (5,825) | (218) | (5,606) | - | |||
Gross margin | |||||||||||
13,019 | 5,922 | 13,068 | 5,890 | 541 | (2) | 559 | - | ||||
Other operating income | 5,350 | 5,596 | 585,850 | 156,096 | 1,710 | 1,873 | 152,210 | 1,873 | |||
Administrative costs | (58,002) | (38,623) | (57,897) | (38,550) | (8,381) | (7,704) | (8,289) | (7,654) | |||
Management Expenses | (36,589) | (32,048) | (36,589) | (32,048) | (16,076) | (14,346) | (16,076) | (14,345) | |||
Depriciation | (13,083) | (6,202) | (13,083) | (6,202) | (4,362) | (2,068) | (4,362) | (2,067) | |||
Operating profit | |||||||||||
(89,305) | (65,356) | 491,349 | 85,186 | (26,569) | (22,246) | 124,042 | (22,193) | ||||
Finance Income | 17,236 | 28,713 | 17,236 | 28,713 | 5,289 | 21,089 | 5,289 | 21,088 | |||
Finance costs | (5,073) | (6,388) | (5,073) | (6,388) | (1,810) | (1,260) | (1,810) | (1,260) | |||
Profit/(Loss) before tax | |||||||||||
(77,142) | (43,031) | 503,512 | 107,511 | (23,091) | (2,418) | 127,520 | (2,365) | ||||
Tax | - | - | - | - | - | - | - | - | |||
Profit/(Loss) after tax | |||||||||||
(77,142) | (43,031) | 503,512 | 107,511 | (23,091) | (2,418) | 127,520 | (2,365) | ||||
Share of results of JV | 606,227 | 740,093 | - | - | 253,375 | 302,268 | - | - | |||
Profit/(Loss) for the period | |||||||||||
529,085 | 697,062 | 503,512 | 107,511 | 230,284 | 299,851 | 127,520 | (2,365) | ||||
Other comprehensive income: | - | - | - | - | - | - | - | - | |||
Share of other comprehensive - | (2,032) | (1,571) | - | - | (700) | (536) | - | - | |||
-Income/expenses from Joint Venture | |||||||||||
Total comprehensive income - | |||||||||||
-for the period, net of tax | 527,054 | 695,491 | 503,512 | 107,511 | 229,585 | 299,315 | 127,520 | (2,365) | |||
Earning per share (for the period) | 6.58 | 8.67 | 6.26 | 1.34 | 2.86 | 3.73 | 1.59 | (0.03) | |||
KELANI TYRES PLC AND ITS GROUP
CONSOLIDATED STATEMENT OF FINANCIAL POSSITION
(all amounts in Sri Lankan Rupees thousands) | |||||
Group | Company | ||||
31-12-2021 | 31-03-2021 | 31-12-2021 | 31-03-2021 | ||
ASSETS | (un-audited) | (Audited) | (un-audited) | Audited) | |
Non-current assets | |||||
Property, plant and equipment | 42,567 | 55,987 | 44,622 | 57,386 | |
Investment Property | 488,100 | 488,100 | 488,100 | 488,100 | |
Investments in subsidiaries | - | - | 10 | 10 | |
Investment in JV | 5,058,311 | 5,034,615 | 139,607 | 139,607 | |
5,588,978 | 5,578,702 | 672,339 | 685,103 | ||
Current assets | |||||
Trade and other receivables | 288,522 | 139,833 | 288,321 | 139,764 | |
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 | 141,861 | 156,973 | 138,513 | 153,995 | |
677,100 | 543,523 | 672,947 | 539,874 | ||
Total assets | 6,266,077 | 6,122,225 | 1,345,286 | 1,224,976 | |
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 | 4,887,139 | 4,762,085 | 767,584 | 666,072 | |
Total equity | 6,114,957 | 5,989,904 | 1,194,275 | 1,092,763 | |
Non - current liabilities | |||||
Borrowings | 3,333 | 10,833 | 3,333 | 10,833 | |
Retirement benefit obligations | 6,804 | 7,208 | 6,804 | 7,208 | |
10,137 | 18,041 | 10,137 | 18,041 | ||
Current liabilities | |||||
Trade and other payables | 54,941 | 44,122 | 54,832 | 44,014 | |
Borrowings | 10,000 | 10,000 | 10,000 | 10,000 | |
Bank Overdraft | 76,042 | 60,158 | 76,042 | 60,158 | |
140,983 | 114,280 | 140,874 | 114,172 | ||
Total liabilities | |||||
151,120 | 132,321 | 151,011 | 132,213 | ||
Total equity and liabilities | 6,266,077 | 6,122,225 | 1,345,286 | 1,224,976 | |
Net Asset Value Per share | 76.06 | 74.50 | 14.85 | 13.59 |
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 |
27th January 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 2020 (audited) | 402,000 | 971 | - | 925,857 | 1,328,828 | |
Profit for the Period | - | - | - | 107,511 | 107,511 | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Dec. 2020 (audited) | 402,000 | 971 | - | 631,368 | 1,034,339 | |
Balance at 1 April 2021 (audited) | 402,000 | 24,691 | - | 666,072 | 1,092,763 | |
Profit for the Period | - | -‐ | -‐ | 503,512 | 503,512 | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Dec. 2021 (Un-audited) | 402,000 | 24,691 | - | 767,584 | 1,194,275 | |
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 2020 (audited) | 402,000 | 971 | 486,636 | 4,200,675 | 5,090,282 | |
Profit for the Period | - | - | - | 697,062 | 697,062 | |
Other comprehensive income | - | - | - | (1,571) | (1,571) | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Dec. 2020 (audited) | 402,000 | 971 | 486,636 | 4,494,166 | 5,383,773 | |
Balance at 1 April 2021 (audited) | 402,000 | 24,691 | 801,127 | 4,762,085 | 5,989,904 | |
Profit for the Period | - | - | 529,085 | 529,085 | ||
Other comprehensive income | - | - | - | (2,032) | (2,032) | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Dec. 2021 (Un-audited) | 402,000 | 24,691 | 801,127 | 4,887,139 | 6,114,957 |
KELANI TYRES PLC AND ITS GROUP
Cash flow statement
(all amounts in Sri Lankan Rupees thousands)
Nine months ended | Nine months ended | |||
31st Dec. 2021 | 31st Dec. 2020 | |||
Group | Company | Group | Company | |
Cash flows from operating activities | ||||
Cash generated from (used in) operations | (213,411) | (213,781) | 468,938 | 468,153 |
Interest received | 17,236 | 17,236 | 28,713 | 28,713 |
Interest paid | (5,073) | (5,073) | (6,388) | (6,388) |
Gratuity paid | (404) | (404) | - | - |
Net cash generated from (used in) operating activities | (201,652) | (202,023) | 491,263 | 490,479 |
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (343) | (343) | (210) | (210) |
Purchases of intangible asset | - | - | - | - |
Capital Working Progress | - | - | - | - |
Dividend received | 580,500 | 580,500 | 150,500 | 150,500 |
Change in current receivables from subsidiary | ||||
Purchases of intangible assets | - | - | - | - |
Proceeds from sale of property, plant and equipment | - | - | - | - |
Net cash (used in)/generated from investing activities | 580,157 | 580,157 | 150,290 | 150,290 |
Cash flows from financing activities | ||||
Dividend payment | (402,000) | (402,000) | (402,000) | (402,000) |
Change in Bank borrowings | (7,500) | (7,500) | (7,500) | (7,500) |
Net cash (used in)generated from financing activities | (409,500) | (409,500) | (409,500) | (409,500) |
Net (decrease)/increase in cash and cash equivalents | (30,995) | (31,366) | 232,053 | 231,269 |
Movement in cash and cash equivalents | ||||
At the start of period | 339,217 | 336,239 | 121,567 | 119,610 |
(Decrease)/increase | (30,995) | (31,366) | 232,053 | 231,269 |
At the end of period | ||||
308,221 | 304,873 | 353,620 | 350,879 |
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Kelani Tyres plc published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 10:27:04 UTC.
