Lanka Ashok Leyland : Interim Financial Statements for the Quarter Ended 31.03.2022

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31ST MARCH 2022

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

STATEMENT OF FINANCIAL POSITION

As at	31-Mar-22		31-Mar-21
	Rs.		Rs.
	Audited		Audited
ASSETS
Non Current Assets
Property, Plant & Equipment	647,642,072	508,332,209
Right-of-Use Asset	42,894,834	56,084,899
Intangible Assets	3,054,331	6,392,148
Financial Investments	11,550,475	11,558,103
Rental Receivable from Trade Debtors	864,856,471	1,300,605,035
Deferred Tax Asset	213,558,928		184,233,458
Total Non Current Assets	1,783,557,111	2,067,205,852
Current Assets
Inventories	2,952,421,165	4,386,035,693
Trade and Other Receivables	217,401,901	189,270,423
Rental Receivable from Trade Debtors	514,945,517	429,188,058
Deposits and Prepayments	107,435,055	143,795,703
Cash & Cash Equivalents	2,067,069,039		17,278,304
Total Current Assets	5,859,272,677	5,165,568,181
Total Assets	7,642,829,788	7,232,774,033
EQUITY & LIABILITIES
Equity
Stated Capital	49,375,150	49,375,150
General Reserve	887,347,500	887,347,500
Retained Earnings	2,759,922,036		2,419,620,055
Equity Attributable to Owners of the Company	3,696,644,686	3,356,342,705
Non Current Liabilities
Employee Benefit	96,937,072	96,116,809
Lease Liability	44,740,501		63,257,392
Total Non Current Liabilities	141,677,573	159,374,201
Current Liabilities
Trade & Other Payables	1,143,611,311	936,046,921
Amounts due to Related Party	2,146,013,053	1,826,684,846
Current Tax Liabilities	39,528,436	16,842,337
Provision for Warranty	3,479,532	651,835
Short Term Borrowings	378,205,767	863,724,158
Lease Liability	23,232,000	19,172,790
Bank Overdrafts	70,437,430	53,934,240
Total Current Liabilities	3,804,507,529		3,717,057,127
Total Liabilities
3,946,185,102		3,876,431,328
Total Equity & Liabilities	7,642,829,788	7,232,774,033
Net Assets per Share	1,020.93	926.95

The same Accounting Policies and methods of computation are followed in this Interim Financial Statements as compared with the most recent audited Financial Statements.

A R T Ranasinghe	U Gautam
Chief Financial Officer	Chief Executive Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of the Board of Directors of Lanka Ashok Leyland PLC;

A K S A Jayasena	D A Abeyawardene
Chairman	Director
Colombo
30th May 2022

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Year/ Period Ended 31 st March 2022	2022	2021		2021/22	2020/21
	Audited		Audited		Quarter 04		Quarter 04
	Rs.		Rs.		Rs.		Rs.
Revenue
New Vehicle Sales	6,329,561,251	2,518,517,907	151%	2,162,241,759	477,562,743	353%
Diesel Generator Set Sales	62,408,676	11,182,963	458%	29,709,722	1,388,889	2039%
Vehicle Repair Income	171,144,000	125,683,556	36%	59,742,543	44,598,870	34%
Spare Parts Sales	211,063,613	238,155,302	-11%	61,833,846	67,486,985	-8%
Vehicle Hiring Income	67,813,227	79,566,677	-15%	40,349,272	7,925,396	409%
Local Agency Commission	18,972,222		-	100%	-		1,038,515	-100%
Total Revenue	6,860,962,989	2,973,106,405	131%	2,353,877,142	600,001,398	292%
Cost of Sales	(6,046,697,333)	(2,731,596,475)	121%	(2,367,879,474)		(552,048,472)	329%
Gross Profit / (Loss)	814,265,656	241,509,930	237%	(14,002,332)	47,952,926	-129%
Other Income	367,472,452		435,406,681	-16%	88,375,168		99,713,004	-11%
	1,181,738,108	676,916,611		74,372,836	147,665,930
Less :
Selling and Distribution Expenses	27,844,602	32,473,676	-14%	9,041,064	4,431,541	104%
Administrative Expenses	467,084,284	391,395,182	19%	125,384,426	70,448,205	78%
Impairment Charge / (Reversal) on Trade Receivables	146,571,496	(3,329,318)	4502%	8,934,356	(3,767,025)	337%
Other Operating Expenses	88,619,802		62,668,142	41%	30,472,242		18,211,330	67%
Profit / (Loss) before Interest and Tax	451,617,924	193,708,929	133%	(99,459,252)	58,341,879	-270%
Finance Income	21,059,478	2,962,884	611%	17,351,102	571,346	2937%
Finance Cost	(24,029,140)		(177,596,091)	-86%	(1,772,729)		(14,703,035)	-88%
Net Finance Costs	(2,969,662)		(174,633,207)	-98%	15,578,373		(14,131,689)	210%
Profit / (Loss) before Tax	448,648,262	19,075,722	2252%	(83,880,879)	44,210,190	-290%
Income Tax Reversal / (Expense)	(105,673,247)		(14,570,419)	625%	19,911,592		1,080,245	1743%
Profit / (Loss) for the Period	342,975,015	4,505,303	7513%	(63,969,287)	45,290,435	-241%
Other Comprehensive Income
Items that will Never be Reclassified to Profit and Loss
Defined Benefit Plan - Actuarial Gain	4,121,909	1,065,586	287%	5,021,909	1,965,586	155%
Deferred Tax Charge on Defined Benefit Plan	(865,601)		(255,741)	238%	(1,054,601)		(471,741)	124%
	3,256,308		809,845		3,967,308		1,493,845
Total Other Comprehensive Income, net of Tax	3,256,308		809,845	302%	3,967,308		1,493,845	166%
Total Comprehensive Income for the period	346,231,323		5,315,148	6414%	(60,001,979)		46,784,280	-228%
Basic and Diluted Earnings / (Loss) per Share	94.72	1.24		(17.67)	12.51

Figures in brackets indicate deductions. The above annual figures are audited.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022

STATEMENT OF CHANGES IN EQUITY

	Stated	General	Retained	Total
	Capital	Reserve	Earnings	Equity
	Rs.	Rs.	Rs.	Rs.
Balance as at 01st April 2020	49,375,150	887,347,500	2,431,362,944	3,368,085,594
Total Comprehencive Income
Loss for the period	-	-	4,505,303	4,505,303
Other Comprehensive Income, net of Tax	-	-	809,845	809,845
Total Comprehencive Income	-	-	5,315,148	5,315,148
Transactions with owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed			1,046,178	1,046,178
Dividends	-	-	(18,104,215)	(18,104,215)
Total Transactions with Owners of the Company	-	-	(17,058,037)	(17,058,037)
Balance as at 31st March 2021
49,375,150	887,347,500	2,419,620,055	3,356,342,705
Balance as at 01st April 2021
49,375,150	887,347,500	2,419,620,055	3,356,342,705
Total Comprehencive Income
Profit for the period	-	-	342,975,015	342,975,015
Other Comprehensive Income, net of Tax	-	-	3,256,308	3,256,308
Total Comprehencive Income	-	-	346,231,323	346,231,323
Transactions with Owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed	-	-	1,312,344	1,312,344
Dividends	-	-	(7,241,686)	(7,241,686)
Total Transactions with Owners of the Company	-	-	(5,929,342)	(5,929,342)
Balance as at 31st March 2022
49,375,150	887,347,500	2,759,922,036	3,696,644,686
Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 STATEMENT OF CASH FLOWS

For the Year Ended 31 st March	2022	2021
	Rs.		Rs.
Cash flows from Operating Activities
Profit before Tax	448,648,262	19,075,722
Adjustment For :
Depreciation of Property, Plant and Equipment	97,535,233	117,518,042
Amortization of Intangible Assets	13,190,065	3,337,817
Depreciation of Right-of-Use Assets	3,337,817	15,547,736
Provision for Employee Benefits	9,438,039	13,982,157
Impairment Provision / (Reversal) of Trade & Other Receivables	146,571,496	(3,329,318)
Charge for Provision for Inventory	171,132,955	143,666,639
Finance Costs	24,023,115	177,596,091
Interest Income	(15,719,713)	(1,779,657)
Lease Interest Income	(336,923,951)	(407,986,130)
Gain on Sale of Property, Plant and Equipment	(4,007,019)	(5,779,656)
Charge / (Reversal) for Provision for Free Service	4,150,600	(189,838)
Charge / (Reversal) for Provision for Warranty	2,827,697	(2,008,524)
Fair Value Gain on Equity Investments	6,025	(69,441)
Reversal for Tax Assessment	-		(39,943,946)
	115,562,359	10,561,972
Operating Profit before Working Capital Changes	564,210,621	29,637,694
Working Capital Changes in
Inventories	1,201,011,322	(341,265,162)
Trade and Other Receivables	34,313,696	(10,505,025)
Amounts due from Related Party	177,335,083	436,880,867
Trade and Other Payables	204,726,134	478,677,046
Amounts due to Related Party	319,328,207		1,745,170,053
	1,936,714,442	2,308,957,779
Cash Generated from Operations	2,500,925,063	2,338,595,473
Interest Paid	(19,308,006)	(168,928,703)
Employee Benefit paid	(4,495,867)	(8,292,837)
Payments of Income Taxes	(113,178,219)		(14,831,327)
	(136,982,092)	(192,052,867)
Net Cash Generated from Operating Activities	2,363,942,971	2,146,542,606
Cash flows from Investing Activities
Interest Received	352,645,267	409,767,181
Proceeds from Sale of Property, Plant and Equipment	8,201,711	18,675,185
Acquisition of Property, Plant & Equipment	(179,569,537)		(24,782,287)
Net Cash Flows Generated from Investing Activities	181,277,441	403,660,079
Cash Flows from Financing Activities
Short Term Loans obtained during the year	2,002,630,836	551,240,493
Short Term Loans repaid during the year	(2,488,149,227)	(3,048,177,191)
Payment of Lease Liability	(19,172,790)	(23,631,161)
Dividend Paid	(7,241,686)		(18,104,215)
Net Cash Flows Used in Financing Activities	(511,932,867)	(2,538,672,074)
Net Increase in Cash & Cash Equivalents	2,033,287,545	11,530,611
Net Cash & Cash Equivalents at the Beginning of the year	(36,655,936)		(48,186,547)
Net Cash & Cash Equivalents at the End of the year	1,996,631,609	(36,655,936)
Analysis of Cash & Cash Equivalents at the end of the year
Cash & Cash Equivalents	2,067,069,039	17,278,304
Bank Overdraft	(70,437,430)		(53,934,240)
	1,996,631,609	(36,655,936)

Figures in brackets indicate deductions.