Lanka Walltiles : Interim Financial Statements as of 31-03-2022

Lanka WallTiles PLC

Provisional Financial Statements

For the year ended 31st March 2022

Lanka Walltiles PLC

Provisional Financial Statements

For the year ended 31st March 2022

Statement of Financial Position

As at

ASSETS

Non-current assets

Property, plant & equipment

Consumable biological assets

Investment properties

Intangible assets

Investments in subsidiaries

Investments in associates

Right of use assets

Total non-current assets

Current assets

Inventories

Trade and other receivables Contract assets

Amounts due from related parties Income tax receivable

Short term investments Cash and cash equivalents Total current assets

Total assets

EQUITY AND LIABILITIES

Stated capital

Reserves

Retained earnings

Shareholders' funds

Non controlling interest

Total equity

Non-current liabilities

Interest bearing liabilities Deferred tax liabilities Retirement benefit liability Deferred income & capital grants Total non-current liabilities

Current liabilities

Trade and other payables Contract liability Income tax liabilities Amounts due to related parties

Current portion of interest bearing liabilities Total current liabilities

Total equity and liabilities

GROUP	COMPANY
31.03.2022	31.03.2021	31.03.2022	31.03.2021
(Unaudited)	(Audited)	(Unaudited)	(Audited)
Rs.'000	Rs.'000	Rs.'000	Rs.'000
18,973,756	17,798,601	4,950,952	4,603,885
595,643	630,578	-	-
813,619	813,619	-	-
57,721	35,814	-	-
-	-	1,562,096	1,276,096
177,920	170,000	-	-
309,434	338,971	45,657	33,785
20,928,093	19,787,583	6,558,705	5,913,766
8,388,235	6,484,986	1,479,948	1,410,768
6,767,705	4,246,624	792,408	792,031
29,342	40,164	-	-
52,533	63,324	119,378	70,690
17,586	49,231	-	-
4,008	3,877	4,008	3,877
7,346,071	3,034,216	1,029,771	279,697
22,605,480	13,922,422	3,425,513	2,557,063
43,533,573	33,710,005	9,984,218	8,470,829
787,765	787,765	787,765	787,765
3,536,479	3,541,400	2,057,891	2,057,891
13,492,885	10,242,050	4,620,515	3,645,057
17,817,129	14,571,215	7,466,171	6,490,713
5,633,586	4,823,606	-	-
23,450,715	19,394,821	7,466,171	6,490,713
2,363,591	2,572,712	6,586	39,922
1,996,380	1,879,638	628,462	623,783
912,379	1,071,475	123,618	173,041
113,324	118,995	-	-
5,385,674	5,642,820	758,666	836,746
5,526,697	4,034,728	1,094,959	635,763
113,660	85,407	19,591	30,350
778,671	497,320	338,038	201,192
121,365	85,957	20,783	79,878
8,156,791	3,968,952	286,009	196,187
14,697,184	8,672,364	1,759,380	1,143,370
43,533,573	33,710,005	9,984,218	8,470,829

Net Assets Value Per Share ( Rs.)

65.26

53.37

27.35

23.78

The notes to the financial statements on page 05 form an integral part of the financial statements. The figures in brackets indicate deductions

It is certified that the interim financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

sdg

General Manager- Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by

sdg	sdg
Director	Director
May 20, 2022
	Page-01

Lanka Walltiles PLC

Provisional Financial Statements

For the year ended 31st March 2022

Statement of Comprehensive Income

			GROUP					COMPANY
	Quarter		Year		Quarter		Year
Period ended	31.03.2022	31.03.2021	31.03.2022	31.03.2021	Variance	31.03.2022	31.03.2021	31.03.2022	31.03.2021	Variance
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%
Revenue	12,107,812	9,242,435	39,857,514	29,423,381	35.5	2,588,127	1,920,362	8,058,545	5,988,521	34.6
Cost of sales	(8,150,885)	(5,962,122)	(26,449,632)	(20,187,348)	(31.0)	(1,460,175)	(1,184,767)	(4,772,898)	(3,922,084)	(21.7)
Gross profit	3,956,927	3,280,313	13,407,882	9,236,033	45.2	1,127,952	735,595	3,285,647	2,066,437	59.0
Other income	521,494	162,135	642,308	231,906	177.0	547,027	603,949	1,690,071	823,986	105.1
Change in fair value of investment property	-	(3,186)	-	(3,186)	-	-	-	-	-
Other operating expenses	-	31,471	-	(100,951)	-	-	-	-	(40,989)	-
Distribution cost	(956,595)	(775,183)	(3,358,056)	(2,700,250)	(24.4)	(304,590)	(212,224)	(998,889)	(751,723)	(32.9)
Administrative expenses	(452,176)	(456,309)	(1,684,349)	(1,332,036)	(26.4)	(79,062)	(69,421)	(289,316)	(211,242)	(37.0)
Finance income	79,679	15,885	189,292	20,814	809.4	3,162	(484)	5,594	-
Finance cost	(43,132)	(132,941)	(473,901)	(769,888)	38.4	2,935	(31,637)	(22,629)	(130,938)	82.7
Share of net profit of associate	2,156	-	3,720	-	-	-	-	-		-
Profit/(Loss) before tax	3,108,353	2,122,184	8,726,896	4,582,442	90.4	1,297,423	1,025,778	3,670,478	1,755,531	109.1
Income tax expense	(586,230)	761	(1,844,815)	(569,022)	(224.2)	(218,455)	(31,310)	(587,498)	(138,013)	(325.7)
Profit/(Loss) for the period	2,522,123	2,122,945	6,882,081	4,013,420	71.5	1,078,969	994,468	3,082,980	1,617,518	90.6
Other comprehensive income/(loss)
Revaluation of Land and Building	-	706,394	-	706,394			49,811	-	49,811
Actuarial Gain/ (Loss) on retirement benefit liability	126,407	(25,658)	126,407	(29,951)		56,485	(10,305)	56,485	(10,305)
Deferred tax release on components of other comprehensive income	(22,878)	233,930	(22,878)	234,531		(10,337)	197,882	(10,337)	197,882
Foreign currency translation differences of foreign operations	2,905	329	3,523	618		-	-	-	-
Share of other Comprehensive Income of associate	4,200	-	4,200	-		-	-	-	-
Total comprehensive income/(loss) for the period	2,632,756	3,037,940	6,993,333	4,925,012	42.0	1,125,117	1,231,857	3,129,128	1,854,906	68.7
Profit/(Loss) attributable to:
Equity holders of Lanka Walltiles PLC	1,978,089	1,541,492	5,140,630	2,960,211	73.7	1,078,969	994,468	3,082,980	1,617,518	90.6
Non controlling interest	544,034	581,453	1,741,451	1,053,209	65.3	-	-	-	-	-
Profit/(Loss) for the period	2,522,123	2,122,945	6,882,081	4,013,420	71.5	1,078,969	994,468	3,082,980	1,617,518	90.6
Total comprehensive income/(loss) attributable to:
Equity holders of Lanka Walltiles PLC	2,071,302	2,211,240	5,234,058	3,628,176	44.3	1,125,117	1,231,857	3,129,128	1,854,906	68.7
Non controlling interest	561,454	826,700	1,759,275	1,296,836	35.7	-	-	-	-	-
Total comprehensive income/(loss) for the period	2,632,756	3,037,940	6,993,333	4,925,012	42.0	1,125,117	1,231,857	3,129,128	1,854,906	68.7
Earnings Per Share - Basic (Rs.)	7.25	5.65	18.83	10.84		3.95	3.64	11.29	5.92
Segmental Information
	GROUP			COMPANY
Period ended	31.03.2022	31.03.2021	Variance	31.03.2022	31.03.2021	Variance
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Revenue
Tiles & associated items	23,752,747	19,329,845	22.9	8,058,545	5,988,521	34.6
Plantation products	2,563,636	2,125,306	20.6	-	-	-
Packing materials	6,578,274	4,253,726	54.6	-	-	-
Aluminium products	7,314,749	3,893,821	87.9	-	-	-
Inter segment sales	(351,891)	(179,317)	(96.2)	-	-	-
Consolidated revenue	39,857,514	29,423,381	35.5	8,058,545	5,988,521	34.6
Profit/(Loss) before tax
Tiles & associated items	7,396,672	3,857,221	91.8	3,670,478	1,755,531	109.1
Plantation products	66,617	(80,615)	182.6	-	-	-
Packing materials	713,069	357,007	99.7	-	-	-
Aluminium products	550,538	448,829	22.7	-	-	-
Consolidated profit/(loss) before tax	8,726,896	4,582,442	90.4	3,670,478	1,755,531	109.1

The notes to the financial statements on page 05 form an integral part of the financial statements.

The figures in brackets indicate deductions

Page-02

Lanka Walltiles PLC

Provisional Financial Statements

For the year ended 31st March 2022

Statement of Changes in Equity

	Attributable to equity holders of the parent
	Stated	Reserves	Retained	Total	Non controlling	Total
	capital		profit		Interest	Equity
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
GROUP
Balance as at 1st April 2020	787,765	2,850,974	7,982,331	11,621,070	3,936,582	15,557,652
Profit/(Loss) for the period	-	-	2,960,211	2,960,211	1,053,209	4,013,420
Other comprehensive income /(loss)	-	690,426	(22,461)	667,965	243,627	911,592
Write back of unclaimed dividends			9,487	9,487	1,603	11,090
Dividend paid	-	-	(742,560)	(742,560)	-	(742,560)
Dividend to non controlling interest	-	-	55,042	55,042	(411,415)	(356,373)
Balance as at 31st March 2021	787,765	3,541,400	10,242,050	14,571,215	4,823,606	19,394,821
Balance as at 1st April 2021	787,765	3,541,400	10,242,050	14,571,215	4,823,606	19,394,821
Profit/(Loss) for the period	-	-	5,140,630	5,140,630	1,741,451	6,882,081
Other comprehensive income /(loss)	-	-	93,428	93,428	17,824	111,252
Transfer from revaluation reserve on disposal of land	-	(4,921)	4,921	-	-	-
Write back of unclaimed dividends	-	-	3,030	3,030	-	3,030
Dividend paid	-	-	(2,156,700)	(2,156,700)	-	(2,156,700)
Dividend to non controlling interest	-	-	165,526	165,526	(949,295)	(783,769)
Balance as at 31st March 2022	787,765	3,536,479	13,492,885	17,817,129	5,633,586	23,450,715
COMPANY
Balance as at 1st April 2020	787,765	1,812,082	2,770,701	5,370,548	-	5,370,548
Profit/(Loss) for the period	-	-	1,617,518	1,617,518	-	1,617,518
Other comprehensive income	-	245,809	(8,421)	237,388	-	237,388
Write back of unclaimed dividends			7,819	7,819		7,819
Dividend paid	-	-	(742,560)	(742,560)	-	(742,560)
Balance as at 31st March 2021	787,765	2,057,891	3,645,057	6,490,713	-	6,490,713
Balance as at 1st April 2021	787,765	2,057,891	3,645,057	6,490,713	-	6,490,713
Profit/(Loss) for the period	-	-	3,082,980	3,082,980	-	3,082,980
Other comprehensive income	-	-	46,148	46,148	-	46,148
Write back of unclaimed dividends	-	-	3,030	3,030	-	3,030
Dividend paid	-	-	(2,156,700)	(2,156,700)	-	(2,156,700)
Balance as at 31st March 2022	787,765	2,057,891	4,620,515	7,466,171	-	7,466,171

The notes to the financial statements on page 05 form an integral part of the financial statements.

The figures in brackets indicate deductions

Page -03

Lanka Walltiles PLC

Provisional Financial Statements

For the year ended 31st March 2022

Cash Flow Statement

Period ended

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(Loss) before income tax

Adjustments for; Depreciation & amortisation Amortisation of Right of use Lease Assets Income from investments

(Profit)/Loss on sale of property, plant & equipment Interest income

Finance costs

Provision for retirement benefit obligations Capital expenditure written off

Allowance/ (reversal) for obsolete and slow moving inventories Allowance for impairment of trade receivable

Deferred income / capital grants amortisation Changing in Fair Value of Biological Assets Fair value in investment property

Foreign exchange (gain)/ loss Inventory Written off/(Write back) Share of net profit of associate

Operating profit before working capital changes

(Increase)/ decrease in inventories

(Increase)/ decrease in trade and other receivables (Increase) /decrease in due from related parties Increase/ (decrease) in due to related parties Increase /(decrease) in trade and other payables Increase/ (decrease) in investments

Cash generated/ (used in) from operations

Interest received

Finance costs paid

Retirement benefit costs paid

Income tax paid

Net cash from/ (used in) operating activities

CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES

Acquisition of property, plant & equipment Acquisition of Intangible assets Acquisition of plantation assets (Acquisition) / disposal of investments

Proceeds from sale of property, plant & equipment Income from investments

Net cash flows from / (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Interest bearing borrowings obtained

Repayment of interest bearing borrowings

Repayment of lease liability

Dividend paid - on ordinary shares

Dividend paid to non controlling interest

Dividend write back

Capital grants received

Net cash flows from/(used in) financing activities

Net increase / (decrease) in cash and cash equivalents

MOVEMENT IN CASH & CASH EQUIVALENTS

Foreign currency translation differences of foreign operations

Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

GROUP	COMPANY
31.03.2022	31.03.2021	31.03.2022	31.03.2021
Rs.'000	Rs.'000	Rs.'000	Rs.'000
8,726,896	4,582,442	3,670,478	1,755,531
1,086,545	1,010,341	213,275	184,107
71,692	93,354	20,633	24,100
-	-	(1,477,277)	(747,572)
32,349	(7,668)	40	(763)
(189,292)	(20,814)	(5,594)	-
473,901	769,888	22,629	130,938
119,404	177,947	8,906	26,551
19,595	43,145	-	-
87,830	72,134	23,278	8,100
19,709	47,319	3,400	5,000
(7,564)	(7,386)	-	-
36,713	(75)	-	-
-	3,186	-	-
(213,629)	(17,960)	-	-
(81,874)	(21,542)	(70,935)	(5,368)
(3,720)	-	-	-
10,178,554	6,724,311	2,408,832	1,380,624
(1,909,075)	3,695,479	(21,523)	1,349,084
(2,316,339)	(420,842)	(3,775)	(123,275)
10,791	(14,874)	(48,688)	(5,709)
35,408	(4,946)	(59,095)	(66,164)
1,505,654	1,317,232	448,438	182,846
(65)	(123)	(132)	(123)
7,504,928	11,296,237	2,724,057	2,717,283
189,292	20,814	5,594	-
(473,901)	(753,037)	(22,628)	(130,938)
(135,809)	(113,724)	(1,845)	(6,717)
(1,437,955)	(406,035)	(456,311)	(95,882)
5,646,556	10,044,255	2,248,868	2,483,746
(2,195,982)	(1,149,262)	(562,255)	(219,239)
(22,326)	(1,527)	-
(181,793)	(123,101)	-	-
-	(170,000)	(286,000)	-
59,361	14,995	1,878	5,822
-	-	1,477,277	747,572
(2,340,740)	(1,428,895)	630,900	534,155
25,934,440	14,048,935	1,835,922	1,871,175
(22,926,584)	(16,848,633)	(1,970,263)	(3,138,018)
(47,916)	(66,543)	(20,974)	(23,508)
(2,156,700)	(742,560)	(2,156,700)	(742,560)
(783,769)	(356,373)	-	-
3,030	11,090	3,030	7,819
1,894	3,550	-	-
24,395	(3,950,534)	(2,308,985)	(2,025,092)
3,330,211	4,664,826	570,782	992,809
3,523	618	-	-
2,270,477	(2,394,967)	223,511	(769,298)
5,604,211	2,270,477	794,293	223,511

The notes to the financial statements on page 05 form an integral part of the financial statements. The figures in brackets indicate deductions

Page-04