Lanka Ashok Leyland : Interim Financial Statments for the Quarter Ended 30.06.2022

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30TH JUNE 2022

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022

STATEMENT OF FINANCIAL POSITION

31-Mar-22	As at	30-Jun-22		30-Jun-21
Rs.		Rs.		Rs.
Audited	ASSETS
	Non Current Assets
647,642,072	Property, Plant & Equipment	650,882,628	556,304,014
42,894,834	Right-of-Use Asset	39,606,347	52,796,413
3,054,331	Intangible Assets	2,222,163	5,559,980
11,550,475	Financial Investments	10,374,552	10,417,278
864,856,471	Rental Receivable from Trade Debtors	738,267,893	1,199,165,609
213,558,928	Deferred Tax Asset	224,179,370		194,682,641
1,783,557,111	Total Non Current Assets	1,665,532,953	2,018,925,935
	Current Assets
2,952,421,165	Inventories	3,130,447,760	4,204,596,035
217,401,901	Trade and Other Receivables	196,144,226	167,051,666
514,945,517	Rental Receivable from Trade Debtors	486,980,518	530,313,134
-	Current Tax Asset	126,000	-
107,435,055	Deposits and Prepayments	99,404,304	87,157,021
2,067,069,039	Cash & Cash Equivalents	1,022,310,930		41,728,120
5,859,272,677	Total Current Assets	4,935,413,738	5,030,845,976
7,642,829,788	Total Assets	6,600,946,691	7,049,771,911
	EQUITY & LIABILITIES
	Equity
49,375,150	Stated Capital	49,375,150	49,375,150
887,347,500	General Reserve	887,347,500	887,347,500
2,759,922,036	Retained Earnings	2,503,727,617		2,442,671,713
3,696,644,686	Equity Attributable to Owners of the Company	3,440,450,267	3,379,394,363
	Non Current Liabilities
96,937,072	Employee Benefit	100,237,072	96,135,769
44,740,501	Lease Liability	46,359,243		63,257,392
141,677,573	Total Non Current Liabilities	146,596,315	159,393,161
	Current Liabilities
1,143,611,311	Trade & Other Payables	682,627,639	1,049,205,319
2,146,013,053	Amounts due to Related Party	1,808,256,448	1,833,996,520
39,528,436	Current Tax Liabilities	-	13,775,123
3,479,532	Provision for Warranty	2,610,879	702,381
378,205,767	Short Term Borrowings	-	540,900,000
23,232,000	Lease Liability	23,232,000	21,135,836
70,437,430	Bank Overdrafts	497,173,143	51,269,208
3,804,507,529	Total Current Liabilities	3,013,900,109		3,510,984,387
	Total Liabilities
3,946,185,102	3,160,496,424		3,670,377,548
7,642,829,788	Total Equity & Liabilities	6,600,946,691	7,049,771,911
1,020.93	Net Assets per Share	950.18	933.32

The above figures are provisional and subject to audit.

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
10th August 2022

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the	For the Period Ended 30 th June 2022	2022/23	2021/22
Year Ended		Quarter 01		Quarter 01
31-Mar-22		Rs.		Rs.
Audited
	Revenue
6,329,561,251	New Vehicle Sales	984,218,428	405,211,215	143%
62,408,676	Diesel Generator Set Sales	46,820,348	11,518,815	306%
171,144,000	Vehicle Repair Income	45,485,828	28,754,031	58%
211,063,613	Spare Parts Sales	48,371,606	44,337,446	9%
67,813,227	Vehicle Hiring Income	39,668,302	21,688,746	83%
18,972,222	Local Agency Commission	-		-	-
6,860,962,989	Total Revenue	1,164,564,512	511,510,253	128%
(6,046,697,333)	Cost of Sales	(1,326,026,223)		(435,599,176)	204%
814,265,656	Gross Profit / (Loss)	(161,461,711)	75,911,077	-313%
367,472,452	Other Income	90,222,949		93,239,374	-3%
1,181,738,108		(71,238,762)	169,150,451
	Less :
27,844,602	Selling and Distribution Expenses	4,161,413	2,813,285	48%
467,084,284	Administrative Expenses	151,861,139	108,047,400	41%
146,571,496	Impairment Charge on Trade Receivables	31,043,815	5,430,096	472%
88,619,802	Other Operating Expenses	23,955,766		17,049,076	41%
451,617,924	Profit / (Loss) before Interest and Tax	(282,260,895)	35,810,594	-888%
21,059,478	Finance Income	22,700,922	393,279	5672%
(24,029,140)	Finance Cost	(6,954,889)		(9,525,264)	-27%
(2,969,662)	Net Finance Income / (Cost)	15,746,033		(9,131,985)	272%
448,648,262	Profit / (Loss) before Tax	(266,514,862)	26,678,609	-1099%
(105,673,247)	Income Tax Reversal / (Expense)	10,557,443		(3,398,951)	411%
342,975,015	Profit / (Loss) for the Period	(255,957,419)	23,279,658	-1199%
	Other Comprehensive Income
	Items that will Never be Reclassified to Profit and Loss
4,121,909	Defined Benefit Plan - Actuarial Gain	(300,000)	(300,000)	0%
(865,601)	Deferred Tax Charge on Defined Benefit Plan	63,000		72,000	-13%
3,256,308		(237,000)	(228,000)
3,256,308	Total Other Comprehensive Income, net of Tax	(237,000)	(228,000)	4%
346,231,323	Total Comprehensive Income for the period	(256,194,419)	23,051,658	-1211%
94.72	Basic and Diluted Earnings / (Losses) per Share	(70.69)	6.43

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

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022

STATEMENT OF CHANGES IN EQUITY

	Stated	General	Retained	Total
	Capital	Reserve	Earnings	Equity
	Rs.	Rs.	Rs.	Rs.
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	-	-	23,279,658	23,279,658
Other Comprehensive Income, net of Tax	-	-	(228,000)	(228,000)
Total Comprehencive Income	-	-	23,051,658	23,051,658
Transactions with owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed			-	-
Dividends	-	-	-	-
Total Transactions with Owners of the Company	-	-	-	-
Balance as at 30th June 2021
49,375,150	887,347,500	2,442,671,713	3,379,394,363
Balance as at 01st April 2022
49,375,150	887,347,500	2,759,922,036	3,696,644,686
Total Comprehencive Income
Loss for the period	-	-	(255,957,419)	(255,957,419)
Other Comprehensive Income, net of Tax	-	-	(237,000)	(237,000)
Total Comprehencive Income	-	-	(256,194,419)	(256,194,419)
Transactions with Owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed	-	-	-	-
Dividends	-	-	-	-
Total Transactions with Owners of the Company	-	-	-	-
Balance as at 30th June 2022
49,375,150	887,347,500	2,503,727,617	3,440,450,267
Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022

STATEMENT OF C STATEMENT OF CASH FLOWS

For the	For the Period Ended 30 th June	2022	2021
Year Ended
31-Mar-22
Rs.		Rs.		Rs.
Audited	Cash flows from Operating Activities
448,648,262	Profit / (Loss) before Tax	(266,514,862)	26,678,609
	Adjustment For :
97,535,233	Depreciation of Property, Plant and Equipment	26,261,374	23,827,743
13,190,065	Amortization of Intangible Assets	832,168	832,168
3,337,817	Depreciation of Right-of-Use Assets	3,288,483	3,288,482
9,438,039	Provision for Employee Benefits	3,000,000	3,600,000
146,571,496	Impairment Provision of Trade & Other Receivables	31,043,815	5,430,096
171,132,955	Charge for Provision for Inventory	13,136,127	35,186,114
24,023,115	Finance Costs	6,917,368	7,898,568
(15,719,713)	Interest Income	(22,700,922)	(393,279)
(336,923,951)	Lease Interest Income	71,311,638	(91,505,036)
(4,007,019)	Gain on Sale of Property, Plant and Equipment	-	-
4,150,600	Charge / (Reversal) for Provision for Free Service	(3,169,412)	179,604
2,827,697	Charge / (Reversal) for Provision for Warranty	(868,653)	50,546
6,025	Fair Value Gain on Equity Investments	37,522		2,480
115,562,359		129,089,508	(11,602,514)
564,210,621	Operating Profit / (Loss) before Working Capital Changes	(137,425,354)	15,076,095
	Working Capital Changes in
1,201,011,322	Inventories	(194,545,427)	119,405,846
34,313,696	Trade and Other Receivables	33,776,391	69,769,085
177,335,083	Amounts due from Related Party	119,021,797	3,972,608
204,726,134	Trade and Other Payables	(457,814,260)	112,978,795
319,328,207	Amounts due to Related Party	(337,756,605)		7,311,674
1,936,714,442		(837,318,104)	313,438,008
2,500,925,063	Cash Generated from / (Used in) Operations	(974,743,458)	328,514,103
(19,308,006)	Interest Paid	(5,298,626)	(5,935,522)
(4,495,867)	Employee Benefit paid	-	(3,881,040)
(113,178,219)	Payments of Income Taxes	(39,654,436)		(16,843,348)
(136,982,092)		(44,953,062)	(26,659,910)
2,363,942,971	Net Cash Generated from / (Used in) Operating Activities	(1,019,696,520)	301,854,193
	Cash flows from Investing Activities
352,645,267	Interest Received	(47,472,315)	93,036,659
8,201,712	Proceeds from Sale of Property, Plant and Equipment	-	-
(179,569,538)	Acquisition of Property, Plant & Equipment	(26,119,220)		(44,951,846)
181,277,441	Net Cash Flows Generated from / (Used in) Investing Activities	(73,591,535)	48,084,813
	Cash Flows from Financing Activities
2,002,630,837	Short Term Loans obtained during the period	-	60,296,000
(2,488,149,228)	Short Term Loans repaid during the period	(378,205,767)	(383,120,158)
(19,172,790)	Payment of Lease Liability	-	-
(7,241,686)	Dividend Paid	-		-
(511,932,867)	Net Cash Flows Used in Financing Activities	(378,205,767)	(322,824,158)
2,033,287,545	Net Increase in Cash & Cash Equivalents	(1,471,493,822)	27,114,848
(36,655,936)	Net Cash & Cash Equivalents at the Beginning of the period	1,996,631,609		(36,655,936)
1,996,631,609	Net Cash & Cash Equivalents at the End of the period	525,137,787	(9,541,088)
	Analysis of Cash & Cash Equivalents at the end of the year
2,067,069,039	Cash & Cash Equivalents	1,022,310,930	41,728,120
(70,437,430)	Bank Overdraft	(497,173,143)		(51,269,208)
1,996,631,609		525,137,787	(9,541,088)

Figures in brackets indicate deductions.