Lanka Ashok Leyland : Interim Financial Statments for the Quarter Ended 30.09.2022

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30TH SEPTEMBER 2022

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2022

STATEMENT OF FINANCIAL POSITION

31-Mar-22	As at	30-Sep-22		30-Sep-21
Rs.		Rs.		Rs.
Audited	ASSETS
	Non Current Assets
647,642,072	Property, Plant & Equipment	661,302,382	540,065,677
42,894,834	Right-of-Use Asset	43,410,776	49,471,794
3,054,331	Intangible Assets	2,438,844	4,718,667
11,550,475	Financial Investments	10,835,358	10,775,012
864,856,471	Rental Receivable from Trade Debtors	604,478,130	1,094,497,151
213,558,928	Deferred Tax Asset	232,329,357		201,529,064
1,783,557,111	Total Non Current Assets	1,554,794,847	1,901,057,365
	Current Assets
2,952,421,165	Inventories	2,595,967,242	3,615,656,800
217,401,901	Trade and Other Receivables	258,345,160	265,193,369
514,945,517	Rental Receivable from Trade Debtors	473,918,162	519,278,107
107,435,055	Deposits and Prepayments	94,100,801	107,166,059
2,067,069,039	Cash & Cash Equivalents	223,372,197		44,089,950
5,859,272,677	Total Current Assets	3,645,703,562	4,551,384,285
7,642,829,788	Total Assets	5,200,498,409	6,452,441,650
	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	2,726,753,640		2,539,497,539
3,696,644,686	Equity Attributable to Owners of the Company	3,663,476,290	3,476,220,189
	Non Current Liabilities
96,937,072	Employee Benefit	103,341,572	100,035,769
44,740,501	Lease Liability	40,293,928		41,615,101
141,677,573	Total Non Current Liabilities	143,635,500	141,650,870
	Current Liabilities
1,143,611,311	Trade & Other Payables	511,545,418	1,066,906,520
2,146,013,053	Amounts due to Related Party	782,682,968	1,432,927,546
39,528,436	Current Tax Liabilities	5,513,568	69,997,379
3,479,532	Provision for Warranty	1,586,475	1,680,137
378,205,767	Short Term Borrowings	-	135,550,000
23,232,000	Lease Liability	26,832,000	23,232,000
70,437,430	Bank Overdraft	65,226,190	104,277,009
3,804,507,529	Total Current Liabilities	1,393,386,619		2,834,570,591
	Total Liabilities
3,946,185,102	1,537,022,119		2,976,221,461
7,642,829,788	Total Equity & Liabilities	5,200,498,409	6,452,441,650
1,020.93	Net Assets per Share	1,011.77	960.06

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
14th November 2022

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the	For the Period Ended 30 th September	2022/23	2021/22		2022/23	2021/22
Year Ended		Interim Periord		Interim Periord		Quarter 02		Quarter 02
31-Mar-22		06 Months		06 Months
			Rs.		Rs.
Rs.		Rs.		Rs.
Audited
	Revenue
6,329,561,251	New Vehicle Sales	1,938,901,190	1,981,849,915	-2%	954,682,762	1,576,638,700	-39%
62,408,676	Diesel Generator Set Sales	56,847,086	27,764,333	105%	10,026,739	16,245,519	-38%
171,144,000	Vehicle Repair Income	105,985,445	63,297,969	67%	60,499,617	34,543,938	75%
211,063,613	Spare Parts Sales	104,774,801	95,225,906	10%	56,403,194	50,888,460	11%
86,785,449	Vehicle Hiring Income & Local Agency Commission	151,658,077		32,632,004	365%	111,989,775		10,943,258	923%
6,860,962,989	Total Revenue	2,358,166,599	2,200,770,127	7%	1,193,602,087	1,689,259,875	-29%
(6,046,697,333)	Cost of Sales	(2,152,016,551)	(1,893,949,297)	14%	(825,990,329)	(1,458,350,121)	-43%
814,265,656	Gross Profit	206,150,048	306,820,830	-33%	367,611,758	230,909,754	59%
367,472,452	Other Income	159,914,747		188,930,040	-15%	69,691,798		95,690,665	-27%
1,181,738,108		366,064,795	495,750,870		437,303,556	326,600,419
	Less :
27,844,602	Selling and Distribution Expenses	8,852,488	9,622,209	-8%	4,691,075	6,808,924	-31%
467,084,284	Administrative Expenses	295,131,005	216,565,870	36%	143,164,866	108,413,470	32%
146,571,496	Impairment Charge on Trade Receivables	48,813,599	44,412,099	10%	17,769,784	38,982,003	-54%
88,619,802	Other Operating Expenses	57,879,785		33,922,497	71%	34,029,019		16,978,421	100%
451,617,924	Profit / (Loss) before Interest and Tax	(44,612,082)	191,228,195	-123%	237,648,812	155,417,601	53%
21,059,478	Finance Income	52,970,737	2,412,456	2096%	32,070,141	6,180,189	419%
(24,029,140)	Finance Cost	(17,849,483)		(7,038,698)	154%	(12,694,919)		(1,674,446)	658%
(2,969,662)	Net Finance Income / (Cost)	35,121,254		(4,626,242)	859%	19,375,222		4,505,743	330%
448,648,262	Profit / (Loss) before Tax	(9,490,828)	186,601,953	-105%	257,024,034	159,923,344	61%
(105,673,247)	Income Tax Reversal / (Expense)	13,004,862		(59,008,783)	122%	2,447,419		(55,609,832)	104%
342,975,015	Profit for the Period	3,514,034	127,593,170	-97%	259,471,453	104,313,512	149%
	Other Comprehensive Income
	Items that will Never be Reclassified to Profit and Loss
4,121,909	Defined Benefit Plan - Actuarial Gain	(600,000)	(600,000)	0%	(300,000)	(300,000)	0%
(865,601)	Deferred Tax Charge on Defined Benefit Plan	126,000		126,000	0%	63,000		54,000	17%
3,256,308		(474,000)		(474,000)		(237,000)		(246,000)
3,256,308	Total Other Comprehensive Income, net of Tax	(474,000)		(474,000)	0%	(237,000)		(246,000)	-4%
346,231,323	Total Comprehensive Income for the period	3,040,034		127,119,170	-98%	259,234,453		104,067,512	149%
94.72	Basic and Diluted Earnings per Share	0.97	35.24		71.66	28.81

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 SEPTEMBER 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	-	-	127,593,170	127,593,170
Other Comprehensive Income, net of Tax	-	-	(474,000)	(474,000)
Total Comprehencive Income	-	-	127,119,170	127,119,170
Transactions with owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed			-	-
Dividends	-	-	(7,241,686)	(7,241,686)
Total Transactions with Owners of the Company	-	-	(7,241,686)	(7,241,686)
Balance as at 30th September 2021
49,375,150	887,347,500	2,539,497,539	3,476,220,189
Balance as at 01st April 2022
49,375,150	887,347,500	2,759,922,036	3,696,644,686
Total Comprehencive Income
Profit for the period	-	-	3,514,034	3,514,034
Other Comprehensive Income, net of Tax	-	-	(474,000)	(474,000)
Total Comprehencive Income	-	-	3,040,034	3,040,034
Transactions with Owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed	-	-	-	-
Dividends	-	-	(36,208,430)	(36,208,430)
Total Transactions with Owners of the Company	-	-	(36,208,430)	(36,208,430)
Balance as at 30th September 2022
49,375,150	887,347,500	2,726,753,640	3,663,476,290
Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2022

STATEMENT OF C STATEMENT OF CASH FLOWS

For the	For the Period Ended 30 th September	2022	2021
Year Ended
31-Mar-22
Rs.		Rs.		Rs.
Audited	Cash flows from Operating Activities
448,648,262	Profit / (Loss) before Tax	(9,490,828)	186,601,953
	Adjustment For :
97,535,233	Depreciation of Property, Plant and Equipment	52,665,769	48,745,494
13,190,065	Amortization of Intangible Assets	1,719,612	1,673,481
3,337,817	Depreciation of Right-of-Use Assets	6,393,124	6,613,101
9,438,039	Provision for Employee Benefits	6,000,000	7,200,000
146,571,496	Impairment Provision of Trade & Other Receivables	48,813,599	44,412,099
171,132,955	Charge for Provision for Inventory	41,591,475	158,915,116
24,023,115	Finance Costs	17,849,483	6,991,382
(15,719,713)	Interest Income	(52,915,867)	(2,412,456)
(336,923,951)	Lease Interest Income	(136,982,662)	(178,236,454)
(4,007,019)	Gain on Sale of Property, Plant and Equipment	-	(1,850,135)
4,150,600	Charge / (Reversal) for Provision for Free Service	(707,696)	2,447,333
2,827,697	Charge / (Reversal) for Provision for Warranty	(1,893,057)	1,028,302
6,025	Fair Value Gain on Equity Investments	(54,870)		13,220
115,562,359		(17,521,090)	95,540,483
564,210,621	Operating Profit / (Loss) before Working Capital Changes	(27,011,918)	282,142,436
	Working Capital Changes in
1,201,011,322	Inventories	306,406,736	584,616,079
34,313,696	Trade and Other Receivables	15,852,131	21,870,458
177,335,083	Amounts due from Related Party	209,130,961	10,441,976
204,726,134	Trade and Other Payables	(631,358,196)	122,120,033
319,328,207	Amounts due to Related Party	(1,363,330,085)		(393,757,300)
1,936,714,442		(1,463,298,453)	345,291,246
2,500,925,063	Cash Generated from / (Used in) Operations	(1,490,310,371)	627,433,682
(19,308,006)	Interest Paid	(13,165,263)	(5,401,673)
(4,495,867)	Employee Benefit paid	(195,500)	(3,881,040)
(113,178,219)	Payments of Income Taxes	(39,654,436)		(23,023,347)
(136,982,092)		(53,015,199)	(32,306,060)
2,363,942,971	Net Cash Generated from / (Used in) Operating Activities	(1,543,325,570)	595,127,622
	Cash flows from Investing Activities
352,645,267	Interest Received	190,668,516	181,418,780
8,201,712	Proceeds from Sale of Property, Plant and Equipment	-	2,381,111
(179,569,538)	Acquisition of Property, Plant & Equipment	(58,974,488)		(54,162,236)
181,277,441	Net Cash Flows Generated from Investing Activities	131,694,028	129,637,655
	Cash Flows from Financing Activities
2,002,630,837	Short Term Loans obtained during the period	222,848,000	657,396,000
(2,488,149,228)	Short Term Loans repaid during the period	(601,053,767)	(1,385,570,158)
(19,172,790)	Payment of Lease Liability	(12,439,863)	(19,172,790)
(7,241,686)	Dividend Paid	(36,208,430)		(949,452)
(511,932,867)	Net Cash Flows Used in Financing Activities	(426,854,060)	(748,296,400)
2,033,287,545	Net Increase in Cash & Cash Equivalents	(1,838,485,602)	(23,531,123)
(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	158,146,007	(60,187,059)
	Analysis of Cash & Cash Equivalents at the end of the period
2,067,069,039	Cash & Cash Equivalents	223,372,197	44,089,950
(70,437,430)	Bank Overdraft	(65,226,190)		(104,277,009)
1,996,631,609		158,146,007	(60,187,059)

Figures in brackets indicate deductions.